全錄公司 (XRX) 2024 Q1 法說會逐字稿

Thank you for standing by, and welcome to the Xerox Holdings Corporation's First Quarter 2024 Earnings Conference. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的耐心等待，並歡迎參加施樂控股公司 2024 年第一季財報會議。 （操作員指示）提醒一下，今天的節目正在錄製中。

And now I'd like to introduce your host for today's program, Mr. David Beckel, Vice President, Investor Relations. Please go ahead, sir.

現在我想介紹一下今天節目的主持人，投資者關係副總裁 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 First Quarter 2024 Earnings Release Conference Call hosted by Steve Bandrowczak, Chief Executive Officer. He's joined by John Bruno, President and Chief Operating Officer; and 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人關係主管大衛‧貝克爾。歡迎參加由執行長 Steve Bandrowczak 主持的施樂控股公司 2024 年第一季收益發布電話會議。總裁兼營運長 John Bruno 也加入了他的行列；以及執行副總裁兼財務長 Xavier Heiss。

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。未經施樂明確許可，禁止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/investor. 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.

在這次電話會議中，施樂高層將參考 www.xerox.com/investor 網站上提供的幻燈片。我們將發表包含前瞻性陳述的評論，這些陳述本質上解決的是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結果有重大差異。

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

現在，我想把會議交給 Bandrowczak 先生。

Good morning, and thank you for joining our Q1 2024 earnings call. This past quarter, our organization implemented one of its most intense periods of structural change in recent history. As part of reinvention, we redesigned and restructured our organization from top to bottom, letting a lot of good people go in the process.

早安，感謝您參加我們的 2024 年第一季財報電話會議。上個季度，我們的組織實施了近代史上最激烈的結構變革時期之一。作為重塑的一部分，我們從上到下重新設計和重組了我們的組織，在這個過程中讓許多優秀的人才離開。

This work was hard, but necessary to position Xerox for long-term success as we navigate the secular challenges associated with print and repositioning our business for long-term sustainable growth.

這項工作很艱苦，但對於使施樂取得長期成功是必要的，因為我們應對與印刷相關的長期挑戰，並重新定位我們的業務以實現長期可持續增長。

Summarizing results for the quarter. Revenue of $1.5 billion decreased 12.4% in actual currency and 13.2% in constant currency. Excluding the impact of backlog reductions in the prior year quarter and the intentional de-emphasis of certain nonstrategic businesses, revenue declined mid-single digits. Adjusted EPS was $0.06, $0.43 lower year-over-year. Free cash flow was a use of $89 million, a decrease of $159 million compared to Q1 of last year, and adjusted operating margin of 2.2% was lower year-over-year by 470 basis points.

總結本季的結果。營收為 15 億美元，以實際貨幣計算下降 12.4%，以固定匯率計算下降 13.2%。排除上一季積壓訂單減少和有意淡化某些非策略性業務的影響，收入下降了中個位數。調整後每股收益為 0.06 美元，年減 0.43 美元。自由現金流使用8,900萬美元，較去年第一季減少1.59億美元，調整後營業利潤率為2.2%，年減470個基點。

Q1 results were below our expectations and are not representative of the operating improvements already observed following the organizational redesign. We experienced a short period of disruption associated with the reorganization, particularly as it relates to sales of equipment, but momentum in equipment orders and continued strength in services signings activity, along with enhanced operating visibility and speed of decisioning, suggests the structural changes implemented this quarter can deliver the improved in-year revenue trajectory, operating margins and free cash flow required to achieve our full year guidance.

第一季的結果低於我們的預期，並不代表組織重新設計後已經觀察到的營運改善。我們經歷了與重組相關的短暫中斷，特別是與設備銷售相關的中斷，但設備訂單的勢頭和服務簽約活動的持續強勁，以及營運可視性和決策速度的提高，表明本次實施的結構性變革該季度可以改善年內收入軌跡、營業利潤率和自由現金流，以實現我們的全年指導。

This past quarter, the employees of Xerox demonstrated the resilience and dedication required to enable a successful multiyear strategic repositioning of the company. I have more confidence than ever that we have the right team and the right strategy in place to execute Xerox reinvention and deliver our 3-year adjusted operating income improvement target. We will continue to build on early momentum following the reorganization guided by a clear focus on the strategic priorities we established to start the year.

上個季度，施樂員工展現了成功實現公司多年策略重新定位所需的韌性和奉獻精神。我比以往任何時候都更有信心，我們擁有合適的團隊和正確的策略來執行施樂重塑並實現我們的 3 年調整後營業收入改善目標。我們將繼續鞏固重組後的早期勢頭，明確地專注於我們為年初制定的戰略重點。

Starting with a stronger core, a strong, stable print business provides the financial foundation for investments in new digital and IT services capabilities and the strategic platform from which new services can be deployed. This quarter, we took important steps to strengthen our core business by deploying a business unit rather than geographic-led operating model. This new model more closely aligns operations with the economic buyer of our products and services, which is critical as we navigate the risk and opportunities presented by an evolving hybrid workplace.

從更強大的核心開始，強大、穩定的印刷業務為新的數位和 IT 服務能力的投資提供了財務基礎，並為部署新服務提供了策略平台。本季度，我們採取了重要步驟，透過部署業務部門而不是地域主導的營運模式來加強我們的核心業務。這種新模式使營運與我們產品和服務的經濟買家更加緊密地結合起來，這對於我們應對不斷發展的混合工作場所帶來的風險和機會至關重要。

As part of the realignment, we integrated go-to-market marketing, service delivery, product development and engineering teams to ensure client feedback is quickly and accurately incorporated into key product and marketing decisions. We elevated a broader set of go-to-market leaders, representing key customer types to improve accountability and visibility into the effectiveness of our sales strategies. And we tasked one of the most senior sales leaders to establish a global partner ecosystem improving indirect channel sales reach and ensuring broader access to Xerox products globally.

作為重組的一部分，我們整合了行銷、服務交付、產品開發和工程團隊，以確保客戶回饋快速且準確地納入關鍵產品和行銷決策中。我們提拔了更廣泛的市場領導者，代表關鍵客戶類型，以提高我們銷售策略有效性的責任感和可見性。我們委託一位最資深的銷售領導者建立一個全球合作夥伴生態系統，擴大間接通路銷售範圍，並確保在全球範圍內更廣泛地獲得施樂產品。

These organizational changes improve speed of product and marketing decisions and enhance opportunities to expand client wallet by enabling greater coordination in the sales of digital and IT services to print clients. We expect the new operating model will provide incremental tailwinds to the momentum currently observed in our services business.

這些組織變革提高了產品和行銷決策的速度，並透過更好地協調向印刷客戶銷售數位和 IT 服務來增加擴大客戶錢包的機會。我們預計新的營運模式將為我們服務業務目前的勢頭提供增量動力。

Print and digital services signings grew double digits again this quarter, and the revenue renewal rate among large clients remained above 100% on a trailing 12-month basis, driven by the cross-sell of digital services into existing print clients and vice versa. Our portfolio of digital services provide stability to our core print business and drives opportunities for growth as clients seek both digital and physical solutions to address their most important document workflow needs.

本季度印刷和數位服務簽約量再次實現兩位數增長，在向現有印刷客戶交叉銷售數位服務以及向現有印刷客戶交叉銷售的推動下，大客戶的收入續訂率在過去12 個月內保持在100% 以上。我們的數位服務組合為我們的核心印刷業務提供了穩定性，並隨著客戶尋求數位和實體解決方案來滿足其最重要的文件工作流程需求而推動成長機會。

I'll share an example of the digital service signings we completed this quarter with a large print client in the medical devices space. At this client, we leveraged our print relationship to design a comprehensive intelligent document process solution that streamlines and automates critical document workflow processes, resulting in expansion in annual contract value of 35%.

我將分享一個我們本季與醫療設備領域的大型印刷客戶完成的數位服務簽約的範例。在該客戶中，我們利用我們的印刷關係設計了全面的智慧文件處理解決方案，可簡化和自動化關鍵文件工作流程，從而使年度合約價值擴大了 35%。

The solution utilizes AI and RPA to digitize and classify and extract data for automatic integration with important client workflows, including the classification of device-related records, manuals, clinical records and office documents. The solution also improves data and process accuracy while lowering the clients' labor costs. This is one of the many case studies at Xerox that illustrate our ability to provide digital and print solutions that grow our share of wallet through improved client outcomes.

該解決方案利用人工智慧和 RPA 對資料進行數位化、分類和提取，以便與重要的客戶工作流程自動集成，包括設備相關記錄、手冊、臨床記錄和辦公室文件的分類。該解決方案還提高了數據和流程的準確性，同時降低了客戶的勞動力成本。這是施樂的眾多案例研究之一，這些案例表明我們有能力提供數位和列印解決方案，透過改善客戶成果來增加我們的錢包份額。

Moving to structural cost improvements. This quarter, we took significant steps to improve our cost structure, most notably through the implementation of reorganization that is expected to result in a 15% reduction of our employee base. Difficult decisions were made across the organization, but a streamlined employee base and simplified operating model positions us better to respond to market opportunities and provide incremental financial capacity to reinvest in our growth businesses.

轉向結構性成本改進。本季度，我們採取了重大措施來改善我們的成本結構，最顯著的是透過實施重組，預計將導致我們的員工人數減少 15%。整個組織做出了艱難的決定，但精簡的員工基礎和簡化的營運模式使我們能夠更好地應對市場機會，並提供增量財務能力以再投資於我們的成長型業務。

The financial benefit of these headcount reductions will build throughout the year, with carryover benefits expected in 2025.

這些裁員帶來的財務效益將在全年內持續積累，並預計在 2025 年產生結轉效益。

Operating efficiency remains a focus throughout our reinvention. The newly formed Global Business Services organization will leverage advanced technologies like machine learning and AI to drive continuous improvement in productivity across the organization. Examples already in flight include the use of AI to optimize services pricing, reduce service technician resolution time and improve the timing and quality of customer service responses. The financial benefit of these and other productivity initiatives are expected to grow as our business is further simplified through geographic and offering optimization.

營運效率仍然是我們重塑過程中的重點。新成立的全球商業服務組織將利用機器學習和人工智慧等先進技術來推動整個組織生產力的持續提高。已經投入使用的例子包括使用人工智慧來優化服務定價、減少服務技術人員的解決時間以及提高客戶服務回應的時間和品質。隨著我們的業務透過地理和產品優化進一步簡化，這些和其他生產力計劃的財務效益預計將會成長。

Accordingly, we took initial actions this quarter to simplify our product offering and global routes to market. We are exploring strategic options for our production print manufacturing operations and sold or signed agreements to sell our direct operations in 4 Latin American countries. These and future simplification actions will be key to unlock operational savings throughout our reinvention journey. John will discuss these actions in more detail.

因此，我們本季採取了初步行動，以簡化我們的產品供應和全球市場路線。我們正在探索我們的生產印刷製造業務的戰略選擇，並出售或簽署協議出售我們在 4 個拉丁美洲國家的直接業務。這些和未來的簡化行動將是我們整個重塑之旅中釋放營運成本節約的關鍵。約翰將更詳細地討論這些行動。

Finally, balanced capital allocation. Capital allocation priorities for the year remained the payment of our dividend, reduction of debt and investment in projects and acquisitions with high rates of return on invested capital. This quarter, we executed a series of refinancing transactions that extend the maturity profile of our debt. Xavier will discuss these transactions in more detail.

最後，平衡資本配置。本年度的資本配置重點仍是支付股利、減少債務以及投資於高投資資本報酬率的項目和收購。本季度，我們執行了一系列再融資交易，延長了我們債務的期限。澤維爾將更詳細地討論這些交易。

When combined with free cash flow expected from a stronger, more operationally efficient print business, the refinancing enhances near-term flexibility to invest in growing our digital and IT services capabilities. I will now hand the call over to John to provide an update on reinvention.

與更強大、營運效率更高的印刷業務預期的自由現金流相結合，再融資增強了投資於發展我們的數位和 IT 服務能力的近期靈活性。我現在將把電話轉交給約翰，以提供有關重塑的最新資訊。

Thank you, Steve. As Steve mentioned, we implemented a comprehensive and complex organizational redesign this quarter focused on building a stronger, more stable business aligned to the evolving needs of our clients.

謝謝你，史蒂夫。正如史蒂夫所提到的，我們本季實施了全面而複雜的組織重新設計，重點是建立一個更強大、更穩定的業務，以滿足客戶不斷變化的需求。

I'll provide context behind some of these more impactful changes, but thematically, they're all designed to provide our sales and delivery organizations more time with clients, reduce organizational complexity, streamline decision rates and create investment capacity for future product development.

我將提供其中一些更具影響力的變化背後的背景，但從主題上講，它們都是為了讓我們的銷售和交付組織有更多時間與客戶相處，降低組織複雜性，簡化決策率並為未來產品開發創造投資能力。

The first change was the implementation of a business unit-led operating model, replacing our previous geographic focus. This solution-led model incorporates the voice of our clients and partners from initial engagement through service fulfillment, segmented by the economic buyer profile. To enable this alignment, we integrated all business groups responsible for the design, marketing, sales, development and delivery of our products and services into 1 organization. We simplified organizational spans, layers, administrative reporting and supporting infrastructure formerly needed to run the business.

第一個變化是實施由業務部門主導的營運模式，取代了我們先前的地理重點。這種以解決方案為主導的模式融合了我們的客戶和合作夥伴的聲音，從最初的參與到服務的履行，並按經濟買家概況進行細分。為了實現這種一致性，我們將負責產品和服務的設計、行銷、銷售、開發和交付的所有業務部門整合到一個組織中。我們簡化了先前營運業務所需的組織跨度、層級、管理報告和支援基礎設施。

Bulk changes of this magnitude designed to deliver global operating model simplification come with a high degree of disruption, and we were no exception. We experienced disruption across our organization this quarter as our team acclimated to the changes, which primarily impacted equipment sales. I make no excuses for that underperformance and was disappointed with our results as we did not meet our internal expectations.

旨在簡化全球營運模式的大規模變革會帶來高度的破壞，我們也不例外。本季度，我們的團隊經歷了整個組織的混亂，因為我們的團隊正在適應這些變化，這主要影響了設備銷售。我不會為表現不佳找任何藉口，並且對我們的結果感到失望，因為我們沒有達到我們的內在期望。

That said, I'm also proud of our team as they adapted to our new operational model, better than I expected and are driving the intended outcomes to recover from the self-initiated but necessary disruption. I'm pleased to report we are seeing early indications and positive results from our go-to-market teams and supporting functions as we improve client and partner engagement and drive sales productivity. After a slow start in January and early February, equipment orders were up double digits year-over-year in late February and March, growing at an expanded rate as we exited the quarter.

也就是說，我也為我們的團隊感到自豪，因為他們比我預期的更好地適應了我們的新營運模式，並且正在推動預期結果從自發性但必要的中斷中恢復。我很高興地向大家報告，隨著我們提高客戶和合作夥伴的參與度並提高銷售效率，我們的市場推廣團隊和支援職能部門正在看到早期跡象和積極成果。經過 1 月和 2 月初的緩慢開局後，設備訂單在 2 月底和 3 月同比增長了兩位數，並且隨著本季度末的增長速度加快。

The second major change this quarter was the establishment of Global Business Services, or GBS. GBS will drive continuous enterprise-wide efficiencies and productivity gains by essentially coordinating internal processes through shared capabilities and platforms. GBS was built to complement and support our business unit-led operating model and its success will be measured through growth enablement and enterprise operating efficiency. Among the more significant near-term savings opportunities identified by GBS is a reduction of the technological and administrative burden associated with the company with hundreds of legal entities, 20-plus ERP systems and more than 1,000 business applications.

本季的第二個重大變化是全球商業服務（GBS）的建立。 GBS 將透過共享功能和平台來協調內部流程，從而持續推動整個企業的效率和生產力提升。 GBS 的建立是為了補充和支持我們以業務部門為主導的營運模式，其成功將透過成長支援和企業營運效率來衡量。 GBS 發現的更重要的近期節省機會之一是減輕了與擁有數百個法人實體、20 多個 ERP 系統和 1,000 多個業務應用程式的公司相關的技術和管理負擔。

The savings opportunity associated with a modern tech stack and a more efficient financial reporting structure are substantial and will be key contributors to our net savings target over the next 3 years. GBS will also be a key enabler of savings associated with a geographic and offering simplification. We began the process this quarter to systematically optimize the profitability and reach of our geographic distribution and narrow product offerings to those where sufficient rates of return on invested capital can be generated.

與現代技術堆疊和更有效率的財務報告結構相關的節省機會是巨大的，並將成為我們未來 3 年淨節省目標的關鍵貢獻者。 GBS 也將成為與地理和產品簡化相關的節省的關鍵推動者。我們從本季開始系統性地優化獲利能力和地理分佈範圍，並將產品範圍縮小到那些能夠產生足夠投資資本回報率的領域。

Starting with geographic optimization in Q1, we sold or signed agreements to sell our direct operations in Argentina, Chile, Ecuador and Peru, shifting to a partner-led distribution model in each country. We are in negotiation to enact similar changes to our distribution model in parts of Europe. Collectively, these arrangements will allow us greater focus on improving the print and digital services capabilities we offer channel partners who are best positioned to serve our clients in these regions.

從第一季的地理優化開始，我們出售或簽署協議出售我們在阿根廷、智利、厄瓜多爾和秘魯的直接業務，轉向在每個國家由合作夥伴主導的分銷模式。我們正在談判對歐洲部分地區的分銷模式進行類似的改變。總的來說，這些安排將使我們能夠更加專注於提高我們為通路合作夥伴提供的印刷和數位服務能力，這些合作夥伴最有能力為這些地區的客戶提供服務。

As a reminder, geographic simplification will cause a slight reduction in revenue over time as businesses are transitioned to a partner-led model. However, these actions are expected to generate absolute improvements in operating profit as the removal of overhead costs in place to support these geographies more than outweighs the potential reductions in revenue and associated gross profit.

提醒一下，隨著企業轉向合作夥伴主導的模式，地理簡化將導致收入隨著時間的推移略有減少。然而，這些行動預計將帶來營業利潤的絕對改善，因為消除支持這些地區的間接費用將超過收入和相關毛利的潛在減少。

On offering simplification, this quarter, we decided to explore strategic options for our production print equipment manufacturing operations, including exiting manufacturing of certain product families. By more closely aligning the mix of production products and services with the need of our production clients, we will have greater capacity to offer value-added services such as automation, intelligence, assistance and personalization. Our dedication to the production print market remains unchanged, and we expect the rationalization of our offering to improve our differentiation and distinctiveness in this important market.

在提供簡化方面，本季度，我們決定探索生產列印設備製造業務的策略選擇，包括退出某些產品系列的製造。透過更緊密地調整生產產品和服務組合與生產客戶的需求，我們將有更大的能力提供自動化、智慧化、協助和個人化等加值服務。我們對生產印刷市場的奉獻精神保持不變，我們期望我們產品的合理化能提高我們在這個重要市場的差異化和獨特性。

Accordingly, we recently signed an agreement with a third-party provider of high-speed, continuous feed inkjet machines to offer their family of inkjet presses for the printing and graphic art industries to our clients.

因此，我們最近與一家高速連續進給噴墨機第三方供應商簽署了一項協議，向我們的客戶提供他們用於印刷和圖形藝術行業的噴墨印刷機系列。

In summary, Q1 was pivotal for our reinvention and the actions taken this quarter solidified the path to achieve our 3-year target of $300 million of adjusted operating income improvement above 2023 levels. Much of the expected improvement in 2024 is associated with the cost reduction actions already taken and improvement in sales productivity. Due to the timing of certain actions taken this year, a portion of the run rate benefits associated with 2024 actions will be realized in 2025, giving us visibility to another year of progress toward our 3-year target.

總之，第一季對於我們的重塑至關重要，本季採取的行動鞏固了實現我們 3 年目標（調整後營業收入在 2023 年水準之上改善 3 億美元）的道路。 2024 年的預期改善很大程度上與已經採取的成本削減行動和銷售生產力的提高有關。由於今年採取的某些行動的時間安排，與 2024 年行動相關的部分運行率效益將在 2025 年實現，使我們能夠看到另一年實現 3 年目標的進展。

I'll now hand the call over to Xavier.

我現在將把電話轉給澤維爾。

Thank you, John, and good morning, everyone. As Steve mentioned, revenue, profits and free cash flow declined year-over-year due mainly to a reduction of equipment backlog in the prior year quarter on the intentional reduction of nonstrategic revenue. Excluding these factors, revenue would have declined mid-single digit. Revenue on adjusted operating profit were below expectations due mainly to the effect of organizational change on our sales operations and constraining A4 device, which affected equipment revenue as well as a more measured implementation of workforce reduction actions within the quarter than originally anticipated.

謝謝約翰，大家早安。正如史蒂夫所提到的，收入、利潤和自由現金流同比下降，主要是由於有意減少非戰略收入而減少了去年同期的設備積壓。排除這些因素，收入將下降中個位數。調整後營業利潤收入低於預期，主要是由於組織變革對我們的銷售業務的影響以及 A4 設備的限制，這影響了設備收入，以及本季度裁員行動的實施比最初預期更加謹慎。

Turning to profitability. As part of our offering simplification efforts, we incurred $36 million of inventory charge associated with the exit of certain production print manufacturing operation. All profitability commentary to follow exclude this impact.

轉向盈利能力。作為我們產品簡化工作的一部分，我們因退出某些生產印刷製造業務而產生了 3,600 萬美元的庫存費用。接下來的所有盈利能力評論均排除了這種影響。

Adjusted gross margin declined 240 basis points year-over-year due to lower revenue, including the termination of Fuji royalty income on higher product on freight costs, partially offset by the benefit of structural cost reduction. Adjusted operating margin of 2.2% declined 470 basis points year-over-year due to lower gross profit and higher bad debt expense reflected in part a reserve released in the prior year period, partially offset by the benefit of structural cost reduction actions.

調整後的毛利率年減 240 個基點，原因是收入下降，包括終止富士產品因運費較高而獲得的特許權使用費收入，但結構性成本降低的好處部分抵消了這一影響。調整後營業利益率為 2.2%，年減 470 個基點，原因是毛利下降和壞帳費用增加（部分反映在上年期間釋放的準備金中），部分被結構性成本削減行動的好處所抵消。

Non-selling G&A, excluding bad debt expense, declined close to 10% in Q1, reflecting the partial quarter of headcount reductions and the benefit of cost actions implemented in the prior year.

第一季度的非銷售 G&A（不包括壞帳費用）下降了近 10%，反映了部分季度的員工人數削減以及上一年實施的成本行動的好處。

Adjusted other expenses net were $3 million higher year-over-year due to an increase in non-finance interest expense, partially offset by the reversal of previously accrued contingent consideration on favorable business tax settlement.

由於非財務利息支出增加，調整後的其他費用淨額年增 300 萬美元，部分被先前因優惠營業稅結算而應計的或有對價的沖銷所抵銷。

Adjusted tax rate is a 22.2% tax benefit as compared to 15.5% tax expense in the prior year period. The decrease in tax rates reflect additional tax benefit in the current quarter from the redetermination of certain unrecognized tax position and mix of earnings.

調整後的稅率為 22.2% 的稅收優惠，而上一年期間的稅收支出為 15.5%。稅率的下降反映了本季因重新確定某些未確認的稅務狀況和收益組合而獲得的額外稅收優惠。

Adjusted EPS of $0.06 in the first quarter was $0.43 lower than the prior year, driven by lower operating income and higher interest expense, partially offset by the benefit of a lower share count on tax rate.

第一季調整後每股收益為 0.06 美元，比去年同期低 0.43 美元，這是由於營業收入下降和利息支出增加所致，但部分被稅率較低的股份數量所帶來的好處所抵消。

GAAP loss per share of $0.94 was $1.37 lower than the prior year, reflecting lower revenue and gross profit, higher interest expense and nonservice retirement costs as well as roughly $100 million after tax or $0.80 per share of asset impairment on restructuring-related charge associated with the company reinvention, including activity relating to the exit of manufacturing for certain production equipment and the execution of geographic simplification initiative in Latin America.

GAAP 每股虧損0.94 美元，比前一年減少1.37 美元，反映出收入和毛利下降、利息支出和非服務退休成本增加，以及稅後約1 億美元或每股0.80 美元的與重組相關費用相關的資產減損。

Let me now review revenue and cash flow in more detail, starting with revenue. Equipment sales of $290 million in Q1 declined around 26% year-over-year in actual and constant currency. The prior year effect of backlog reduction on geographic simplification contributed around 16 percentage points of the year-over-year decline.

現在讓我從收入開始更詳細地回顧收入和現金流。第一季設備銷售額為 2.9 億美元，以實際匯率和固定匯率計算，年減約 26%。去年積壓訂單減少對地域簡化的影響導致了年減約 16 個百分點。

Equipment sales were also affected by the organizational changes implemented during this quarter, constraining A4 devices on accelerated buying of competitive Japanese product in advance of communicated price increases for our competitor. As Steve noted, despite a slower-than-anticipated start to the year, we are seeing the intended benefit of our organizational change on equipment order, with year-over-year growth in order accelerating throughout the quarter. Total equipment revenue outpaced installation activity due to favorable product mix.

設備銷售也受到本季實施的組織變革的影響，限制了 A4 設備在我們的競爭對手宣布漲價之前加速購買有競爭力的日本產品。正如史蒂夫指出的那樣，儘管今年開局慢於預期，但我們看到了設備訂單組織變革的預期效益，整個季度訂單同比增長加速。由於有利的產品組合，設備總收入超過了安裝活動。

Installation declined across all product due mainly to prior year backlog reductions and the effect of sales force organization changes, which are now complete.

所有產品的安裝量均有所下降，主要是由於去年積壓的減少以及現已完成的銷售人員組織變化的影響。

Our sales revenue of $1.2 billion declined 8.5% in actual currency year-over-year and 9.3% in constant currency. Excluding the effect of nonstrategic lower-margin paper on IT endpoint device placement, which we plan to continue to reduce over time as communicated in January, as well as the effect of geographic simplification, the termination of the Fuji royalty and the absence PARC revenue, post sales revenue declined modestly.

我們的銷售收入為 12 億美元，以實際貨幣計算年減 8.5%，以固定匯率計算年減 9.3%。不包括非策略性較低利潤文件對IT 端點設備佈局的影響（我們計劃隨著時間的推移繼續減少，正如1 月份所傳達的那樣），以及地理簡化、富士專利費終止和PARC 收入缺失的影響，售後收入小幅下降。

Consistent with last quarter, I will provide additional commentary to help clarify underlying trend in our core businesses, which excludes the effect of certain nonrecurring items. For Q1, the prior year reduction in equipment backlog contributed around 400 basis points to the year-over-year decline in total revenue. Lower sales of nonstrategic paper on IT endpoint device contributed around 200 basis points to the decline. The effect of no Fuji royalty revenue and strategic actions taken to simplify our business, including geographic simplification, contributed another 200 points of the decline.

與上個季度一致，我將提供額外的評論，以幫助澄清我們核心業務的基本趨勢，其中排除了某些非經常性項目的影響。第一季度，去年設備積壓的減少導致總收入年減約 400 個基點。 IT 端點裝置上的非策略紙張銷售下降導致下降約 200 個基點。沒有富士專利費收入以及為簡化業務（包括地理簡化）而採取的策略行動的影響，又導致了 200 個百分點的下降。

When this combined effect are removed, revenue from our core business declined mid-single-digit this quarter, mainly reflected the previously noted effect on equipment revenue and, to a lesser extent, decline in printed page volumes. For the remainder of the year, we expect revenue, excluding the effect of backlog reduction and decline in nonstrategic revenue to be slightly higher on a year-over-year basis.

當消除這種綜合影響後，本季我們核心業務的收入下降了中個位數，主要反映了先前提到的對設備收入的影響，以及在較小程度上反映了印刷頁數的下降。在今年剩餘時間裡，排除積壓訂單減少和非策略性收入下降的影響，我們預期收入將比去年同期略高。

Let's now review cash flow. Free cash flow was a use of $89 million in Q1, lower by $159 million year-over-year. Operating cash flow was a use of $79 million in Q1, a decline of $157 million versus the prior year quarter. The decline was mainly driven by lower operating profit, higher use of working capital, higher payment for incentive compensation accrued in the prior year, restructuring payment associated with reinvention and higher pension contribution, partially offset by higher net cash associated with the reduction in finance receivables.

現在讓我們回顧一下現金流。第一季自由現金流使用量為 8,900 萬美元，年減 1.59 億美元。第一季營運現金流使用 7,900 萬美元，比去年同期減少 1.57 億美元。下降的主要原因是營業利潤下降、營運資金使用增加、上一年應計激勵薪酬支付增加、與再造相關的重組支付以及養老金繳款增加，但部分被與財務應收賬款減少相關的淨現金增加所抵銷。

Finance assets were a source of cash this quarter of $188 million compared to a source of cash of $120 million in the prior year, reflecting the benefit of our forward flow program, which HPS on lower origination. Working capital was a use of cash of $135 million, resulting in a $69 million year-over-year decrease in cash, driven mainly by an increase in inventory related to a change in contractual term with a large OEM vendor.

金融資產是本季 1.88 億美元的現金來源，而上一年的現金來源為 1.2 億美元，反映了我們的遠期流動計畫的好處，該計畫的 HPS 來源較低。營運資金使用現金 1.35 億美元，導致現金年減 6,900 萬美元，主要原因是與大型 OEM 供應商的合約條款變更相關的庫存增加。

We expect inventory level to normalize throughout the year and working capital seasonality to improve during the next 3 quarters, in line with improvement in our operating profit trajectory. Investing activities were a use of cash of $17 million, consistent with the prior year quarter.

我們預計庫存水準將在全年正常化，營運資金季節性將在未來三個季度得到改善，這與我們營業利潤軌蹟的改善一致。投資活動使用現金 1,700 萬美元，與去年同期一致。

Financing activity were a source of cash of $261 million, reflecting the issuance of $900 million of senior unsecured and convertible notes, partially offset by around $450 million of cash used to repay outstanding note, purchase a cap call option and paid for deferred issuance costs along with $132 million of secured debt payment on dividend of $37 million.

融資活動的現金來源為2.61 億美元，反映出發行了9 億美元的優先無擔保和可轉換票據，部分被用於償還未償票據、購買上限認購選擇權和支付遞延發行成本的約4.5 億美元現金所抵銷。

Turning to segment. Xerox Financial Services, or XFS, origination volume declined 35% year-over-year, reflecting XFS change in strategy to return its focus towards captive-only financing solutions. XFS finance receivable balance declined 10% sequentially in actual currency due to the runoff of existing finance receivable on HPS funding of XFS origination. As previously highlighted, we expect our finance receivable balance to continue to decline and normalized closer to $1 billion by 2027.

轉向細分。施樂金融服務 (XFS) 的發起量年減 35%，反映出 XFS 策略的轉變，將重點重新轉向專屬自保融資解決方案。由於 XFS 發起的 HPS 融資的現有應收融資款的流失，XFS 融資應收款餘額以實際貨幣計算連續下降 10%。正如先前所強調的，我們預計我們的財務應收帳款餘額將繼續下降，並在 2027 年正常化至接近 10 億美元。

In Q1, XFS revenue was down 11% year-over-year, due to lower finance income and other fees associated with the decline in XFS finance receivable balance, partially offset by higher commissions from the sales of finance receivable asset.

第一季度，XFS 收入年減 11%，原因是財務收入和其他與 XFS 融資應收帳款餘額下降相關的費用減少，但部分被應收融資資產銷售佣金增加所抵銷。

Segment profit for XFS was $18 million lower year-over-year, mainly due to higher bad debt expense, reflecting a reserve release in the prior year period, which was partially offset by modestly higher gross profit and lower intercompany commissions.

XFS 的部門利潤年減 1,800 萬美元，主要是由於壞帳費用增加，反映了上一年期間準備金釋放，但毛利小幅上漲和公司間佣金下降部分抵消了壞帳費用增加。

Print and Other revenue fell 13% year-over-year in Q1 due to lower equipment and post sales revenue for the reasons previously mentioned. Print and Other segment profit declined $67 million versus the prior year quarter, driven by lower revenue, partially offset by structural cost efficiencies.

由於上述原因導致設備和售後收入下降，第一季印刷和其他收入較去年同期下降 13%。由於收入下降，印刷及其他部門的利潤較去年同期下降了 6,700 萬美元，但結構性成本效率部分抵消了這一影響。

Turning to capital structure. We ended Q1 with $772 million of cash, cash equivalent and restricted cash. Around $2.2 billion of the remaining $3.6 billion of our outstanding debt support our finance asset, with the remaining debt of around $1.4 billion attributable to the non-leasing business. Total debt consists of senior unsecured bonds, finance receivable secured borrowing, term loan debt on our new convertible note.

轉向資本結構。第一季結束時，我們擁有 7.72 億美元的現金、現金等價物和限制性現金。剩餘的 36 億美元未償債務中，約 22 億美元支持我們的金融資產，其中約 14 億美元的剩餘債務來自非租賃業務。總債務包括優先無抵押債券、應收融資擔保借款、新可轉換票據的定期貸款債務。

During the quarter, we took advantage of favorable market conditions to refinance our near-term debt maturities, which resulted in an extension of our maturity profile at a slightly higher interest rate. We raised $900 million of unsecured debt, comprised of $500 million in senior unsecured and $400 million in senior convertible note at the effective interest rate of 6.6%.

本季度，我們利用有利的市場條件為我們的近期債務到期再融資，從而以略高的利率延長了我們的到期期限。我們籌集了 9 億美元的無擔保債務，其中包括 5 億美元的優先無擔保債務和 4 億美元的優先可轉換票據，實際利率為 6.6%。

Proceeds were used to repay $83 million of outstanding 2024 notes and [$352 million] of outstanding 2025 note and for issuance costs, including the purchase of a cap call option to raise the effective price on the convertible note from $20.84 to $28.34. Unused profit from the debt issuance will be used to repay the outstanding 2024 notes in May and selectively repaid debt balance with higher rate of interest throughout the year.

所得款項用於償還8,300 萬美元未償還的2024 年票據和[3.52 億美元]未償還的2025 年票據以及發行成本，包括購買上限認購期權，以將可轉換票據的有效價格從20.84 美元提高到28.34美元。本次發債未使用的利潤將用於償還5月已發行的2024年票據，並選擇性地償還全年較高利率的債務餘額。

As a result of the refinancing transaction, we have no single maturity exceeding $400 million until 2028, greatly enhancing financial flexibility as we execute our reinvention and invest in our Digital and IT Services businesses.

由於再融資交易，我們在 2028 年之前沒有超過 4 億美元的單一期限，這大大增強了我們在執行重塑和投資數位和 IT 服務業務時的財務靈活性。

As a result of the cap call purchase on our election of net share settlement treatment for the convertible note, economic or non-GAAP EPS dilution does not begin until our share price exceeds $28.34.

由於我們選擇對可轉換票據進行淨股結算處理，因此進行了上限認購購買，在我們的股價超過 28.34 美元之前，經濟或非 GAAP 每股盈餘稀釋不會開始。

Finally, I will address guidance. For revenue, we continue to expect a decline of 3% to 5% in constant currency in 2024. As a reminder, Included in this guidance are around 400 basis points of effect from nonrecurring headwind associated with backlog reduction in the prior year, the strategic exit or de-emphasis of certain businesses, lower paper sales and other known strategic actions. Excluding the cumulative effect of these items, core business revenue is expected to be roughly flat year-over-year, reflecting stable print demand, growth in Digital and IT Services and neutral macroeconomic condition.

最後，我將談談指導。對於收入，我們繼續預期 2024 年以固定匯率計算將下降 3% 至 5%。重視某些業務、降低紙張銷售量和其他已知的策略行動。剔除這些項目的累積影響，核心業務收入預計將同比大致持平，反映出穩定的印刷需求、數位和 IT 服務的成長以及中性的宏觀經濟狀況。

The effect of geographic and offering simplification actions taken to date are not expected to be material to 2024 financial results.

迄今為止採取的地域和產品簡化措施的影響預計不會對 2024 年的財務業績產生重大影響。

As future strategic action involving product or geographic simplification are taken and become more material in the aggregate, we will update guidance accordingly.

隨著未來涉及產品或地理簡化的策略行動的採取，並且總體上變得更加重要，我們將相應地更新指導。

In terms of quarterly cadence, we expect sequential improvement in year-over-year revenue trajectory throughout the year. We continue to expect 2024 adjusted operating income margins to be at least 7.5%. A significant portion of the expected year-over-year improvement in adjusted operating income is associated with cost reduction already taken, including the reduction in workforce announced in January.

就季度節奏而言，我們預計全年營收軌跡將持續改善。我們繼續預期 2024 年調整後營業利潤率將至少為 7.5%。調整後營業收入的預期年比改善很大一部分與已經採取的成本削減措施有關，包括一月份宣布的裁員計劃。

Our pipeline of near-term operating efficiency initiative provide visibility to cost savings sufficient to achieve the full year adjusted operating income target of at least 7.5%.

我們的近期營運效率計畫管道提供了成本節約的可見性，足以實現至少 7.5% 的全年調整後營運收入目標。

Similar to revenue, we expect quarterly sequential improvement in adjusted operating income margin throughout the year. Free cash flow is expected to be at least $600 million in 2024, aided by the reduction in our finance receivable balance. Free cash flow guidance is inclusive of around $130 million of expected restructuring payment and $50 million of incremental pension payment.

與營收類似，我們預計全年調整後營業利潤率將按季度環比改善。由於我們的財務應收帳款餘額減少，預計 2024 年自由現金流將至少達到 6 億美元。自由現金流指引包括約 1.3 億美元的預期重組付款和 5,000 萬美元的增量退休金付款。

In summary, Q1 results were affected by difficult prior year compare on the effect of strategic actions taken to drive long-term improvements in our operation. We are encouraged by the momentum we see following the reorganization. An improved debt maturity profile on our capacity to generate substantial free cash flow position us well to fund the repositioning of our business toward opportunities with higher rate of underlying growth.

總之，第一季的業績受到去年困難的比較的影響，這對推動我們營運的長期改善所採取的策略行動的影響產生了影響。我們對重組後的勢頭感到鼓舞。我們產生大量自由現金流的能力的債務到期狀況得到改善，使我們能夠很好地為我們的業務重新定位提供資金，以尋求具有更高潛在成長率的機會。

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

我們現在將開通問答熱線。

(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。

I have a couple really, really be more clarification, if I could. But -- so selling of the South American -- some of the South American direct business entities. And I think you guys had mentioned that you're going to be doing something similar in Europe. All of this sounds like you're doing in the name of simplification. But can you just touch a little bit more on the breadth of which those initiatives could end up taking?

如果可以的話，我真的有一些需要澄清的地方。但是——所以出售南美——一些南美直接商業實體。我想你們已經提到你們將在歐洲做類似的事情。所有這些聽起來像是您以簡化的名義所做的。但您能否進一步談談這些舉措最終可能採取的範圍？

And it sounds like this is -- I want to just ask a couple of questions or a question about -- clarification about the print production business, strategic actions you guys said you (inaudible) as well. So is the taking of the direct -- and we were really sort of going to the indirect and South America (inaudible). Is that really the non-production business? So that's sort of the office business?

聽起來這就是──我只想問幾個問題或一個關於印刷製作業務的澄清，你們也說過你們（聽不清楚）的策略行動。採取直接航線也是如此——我們實際上是去間接航線和南美（聽不清楚）。這真的是非生產業務嗎？這就是辦公室業務嗎？

Yes. Ananda, if we take a step back, part of the reinvention we talked about geography simplification. And what we said was we look at country by country, each country has a different set of dynamics. Each country has a different set of partner capabilities and each country has a different set of client sets. So we look at each country and look at each opportunity and then determine what is the right economics between us being direct versus indirect versus going through a single partner or multiple partners. And that's what you saw in LatAm, right, where we were not going to provide the best client experience, the best capability and the coverage, and we felt that a partner in that particular country would better serve the region and better serve our clients.

是的。阿南達，如果我們退一步，我們談到了地理簡化的重塑部分。我們所說的是，我們逐一進行觀察，每個國家都有不同的動態。每個國家都有不同的合作夥伴能力，每個國家都有不同的客戶群。因此，我們會審視每個國家，審視每個機會，然後確定我們之間正確的經濟方式是直接、間接還是透過單一合作夥伴或多個合作夥伴。這就是您在拉丁美洲看到的情況，對吧，我們不會提供最好的客戶體驗、最好的能力和覆蓋範圍，我們認為該特定國家的合作夥伴可以更好地服務該地區並更好地服務我們的客戶。

It does 2 things for us. One, it gives us more reach and more expansion with a capable client -- partner in that region, but it also allows us to, as we talked about in geo simplification, focus on those growth areas that we can accelerate where we put all of our resources into like IT, digital services, driving more of the things that our clients need in core countries. So that's why we made the strategic change, and we'll continue to accelerate that through the balance of LatAm and looking at Europe as well.

它為我們做了兩件事。第一，它使我們能夠與該地區有能力的客戶合作夥伴一起實現更大的影響力和更大的擴張，但正如我們在地理簡化中談到的那樣，它也使我們能夠專注於那些我們可以加速的成長領域，我們把所有的資源投入 IT、數位服務等領域，推動核心國家的客戶提供更多所需的東西。這就是我們進行策略變革的原因，我們將繼續透過拉美的平衡和歐洲的發展來加速這項策略變革。

Ananda, this is John. I'll just add. It's the right question with regard to the way you're thinking about mix, right? Because we look at offer simplification more from production portfolio and geo simplification more around cost of sales, opportunities today and in the future and what is the partner in those particular countries? And can they take both our core offering as well as our future offerings? And can we get greater reach at a lower cost of sales?

阿難，這是約翰。我就補充一下。這是關於你思考混合的方式的正確問題，對吧？因為我們更專注於生產組合的產品簡化以及圍繞銷售成本、當前和未來的機會的地理簡化，以及這些特定國家的合作夥伴是什麼？他們可以同時接受我們的核心產品和未來的產品嗎？我們能否以更低的銷售成本獲得更大的影響力？

So we look at our transfer cost and prices, the enablement capabilities and how do you best serve clients because it all starts with what's the -- who's the economic buyer, what are they buying from us today, to your point, from office equipment or others. What do we expect that they will be buying with the mix shift if not only those products but other services that we sell? And who's best positioned to bring them to market at the best and most optimized cost to sell. That's how we do it.

因此，我們會關注我們的轉移成本和價格、支援能力以及如何最好地為客戶服務，因為這一切都始於誰是經濟買家，他們今天從我們這裡購買什麼，從辦公設備或其他的。如果不僅是我們銷售的這些產品，還有我們銷售的其他服務，我們預期他們會透過混合轉變購買什麼？誰最有能力以最佳和最優化的銷售成本將它們推向市場。我們就是這樣做的。

And to your point around scale and reach and development, you would expect it to be right along the lines of what you would think about the major geographies in which we are today with the highest penetration. And then as you (inaudible) those down just a simple return on invested capital and how we deploy them, we just have a [Mendoza] line, if you will, as to where it is that we want to ensure that we're above that line and we can continue to invest in those partners and not -- or I should say, and optimize our overall cost of sales in the region.

就您對規模、覆蓋範圍和發展的觀點而言，您會期望它與您對我們今天滲透率最高的主要地區的看法是正確的。然後，當你（聽不清楚）那些只是投資資本的簡單回報以及我們如何部署它們時，我們只有一條[門多薩]線，如果你願意的話，至於我們希望確保我們在哪裡這條線，我們可以繼續投資於這些合作夥伴，而不是——或者我應該說，優化我們在該地區的整體銷售成本。

I think I'm getting it. Okay. That's super helpful context, guys. And then just real quick on the production -- on the strategic actions around production print. Like can you just talk to breadth and depth and potential optionality? I mean, could you end up selling the entirety of the core production business? Is that included in that option set? I guess the answer is always yes, but some context there.

我想我明白了。好的。夥計們，這是非常有用的背景。然後快速進行生產——圍繞生產印刷採取策略行動。就像你能談談廣度、深度和潛在的選擇性嗎？我的意思是，你最終能賣掉整個核心生產業務嗎？該選項是否包含在該選項集中？我想答案總是肯定的，但有一些背景。

Of course, of course. Listen, we are committed to the production business full stop. I do not want to mislead or anything through these comments that they're somehow are concerned. You have to look at the product sets themselves. These are products that were invested, invented and have been deployed for many, many years in this space. The evolution of the technology and so forth and the changes, we're just looking at overall our manufacturing of certain of those platforms not our commitment to those platforms, both today and going into the future, right?

當然，當然。聽著，我們致力於生產業務的全面停止。我不想透過這些評論誤導或任何他們關心的事情。你必須看看產品本身。這些產品是在這個領域投資、發明並部署了很多年的。技術的發展等等以及變化，我們只是著眼於我們對某些平台的整體製造，而不是我們對這些平台的承諾，無論是現在還是未來，對吧？

So we're still committed to those platforms for long periods of time from a service and supplies perspective. It's just we're not going to continue to manufacture them at a pace in which we believe is not conducive to the market demand, just based on volumes, based on needs and based on the changes.

因此，從服務和供應的角度來看，我們仍然長期致力於這些平台。只是我們不會繼續以我們認為不利於市場需求的速度生產它們，僅僅基於數量、基於需求和基於變化。

We're also continuing to invest around the production platforms in areas that our customers are pushing, and you can see that in a very robust portfolio of service offerings, whether it's productivity assessment, our free flow core, you could see some of our graphics, XMPie, our store fronts. There's a lot of demand around the production hardware. We're specifically talking about what we're ceasing of doing in the manufacturing of those certain products.

我們也繼續圍繞著客戶推動的領域的生產平台進行投資，您可以看到，在非常強大的服務產品組合中，無論是生產力評估、我們的自由流程核心，還是我們的一些圖形，XMPie，我們的店面。圍繞生產硬體的需求很大。我們具體討論的是我們在某些​​產品的製造過程中停止做的事情。

To your question about potential M&A transactions, as with anything, we're always looking to optimize our portfolio and looking at strategic options and what's the best and right thing to do for the business. But it's really about growing within that segment, it's not about shrinking within that segment. That's not the design. It's about optimization. We can't be on a path about what we're doing around profit optimization, operation simplification if we're not willing to retire legacy parts of the manufacturing part of the business, which has a very higher cost to serve as the volumes come down without investing in the things that are the future ramp of growth moving forward.

對於您關於潛在併購交易的問題，與任何事情一樣，我們一直在尋求優化我們的投資組合，並研究策略選擇以及對企業最好、最正確的做法。但這實際上是在該細分市場內實現成長，而不是在該細分市場內縮小。設計不是這樣的。這是關於優化的。如果我們不願意淘汰業務製造部分的遺留部分，那麼我們就無法走上利潤優化、營運簡化的道路，隨著產量的增加，這些部分的服務成本會非常高不投資於未來成長的事物就下降了。

Ananda, the other thing I would add is think about -- we talked about the collision between the physical and the digital world, production, you're thinking about it just as print production. The reality is the world is colliding. And so what you see in both the physical and the digital, our production environment, our production offering includes more and more digital options. You take a look at what we do and go inspire. You take a look at what we do in XMPie, what we do with our large partners in terms of driving demand and web services into store fronts to drive print and vice versa? And we have a tremendous, tremendous growth opportunity in the physical and digital world in production. So let's just think about it as just output of being print.

阿南達，我要補充的另一件事是思考——我們討論了物理世界和數位世界之間的碰撞，生產，你將其視為印刷生產。現實是世界正在發生碰撞。因此，您在實體和數位方面看到的，我們的生產環境，我們的生產產品包括越來越多的數位選項。您看看我們所做的事情並從中獲得靈感。您看看我們在 XMPie 中做了什麼，我們與大型合作夥伴在推動需求和網路服務進入店面以推動列印方面做了什麼，反之亦然？我們在實體和數位世界的生產中擁有巨大的成長機會。因此，讓我們將其視為列印的輸出。

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

我們的下一個問題來自摩根大通的 Samik Chatterjee。

Maybe if we can start off with just the disruption that you saw in the quarter. You mentioned the disruption was primarily around the sales force restructuring that you did. How much of that was an impact on sort of shipping equipment out versus sort of what you saw in terms of your order pipeline? And maybe just help us also think about how -- what steps you're taking to ensure you don't have any more disruptions of that same kind? Because when you talk about like the opportunity with GPS identifying a lot of savings on the technology side as well as the back end and then the actions you're going to take in Europe, like all of that sounds much more in terms of you could have similar disruptions in the future.

也許我們可以從您在本季看到的中斷開始。您提到這次中斷主要是由於您所做的銷售團隊重組所造成的。與您在訂單管道方面看到的影響相比，這對運輸設備的影響有多大？也許只是幫助我們思考您正在採取哪些措施來確保不再發生類似的干擾？因為當你談論 GPS 的機會時，你會發現在技術方面和後端方面可以節省大量資金，然後你將在歐洲採取行動，所有這些聽起來更多的是你可以未來會有類似的干擾。

So how are you ensuring that you don't have similar disruptions? And then I have a quick follow-up.

那麼，如何確保不會出現類似的中斷呢？然後我會進行快速跟進。

Yes. Thanks. Let me start with -- first of all, we made significant organizational model changes to drive decision-making, to drive velocity and really improve our business over the long term. That org change had a tremendous impact on our sales go-to-market. As you look about the early part of the quarter, we had just tremendous changes. Several thousand new people were realigned to new organizations, aligned to new clients, aligned to new go-to-market. And as I've spent time on the road, a couple of things have happened. One, spend time with partners, spend time with clients, go-to-market leaders and sales leaders.

是的。謝謝。首先，我們進行了重大的組織模式變革，以推動決策、提高速度並真正改善我們的長期業務。這次組織變革對我們的銷售進入市場產生了巨大影響。當你回顧本季初期時，我們發生了巨大的變化。數千名新員工重新適應新組織、新客戶、新市場。當我在路上度過一段時間時，發生了一些事情。第一，花時間與合作夥伴、客戶、上市領導者和銷售領導者在一起。

As we got towards the middle of the quarter, you can see the stability, and what we see in terms of auto velocity. You can see stability in terms of activities, funnel building, the amount of calls we were making.

當我們接近本季度中期時，您可以看到穩定性以及我們在自動速度方面看到的情況。您可以看到活動、管道建設以及我們撥打的電話數量方面的穩定性。

And so the early part of the quarter clearly disrupted the organization from a sales motion standpoint. And then we started to get stability towards the middle of the quarter and then saw velocity in order, specifically year-over-year order volumes.

因此，從銷售動議的角度來看，本季初期明顯地擾亂了組織。然後我們開始在本季度中期趨於穩定，然後看到訂單速度，特別是同比訂單量。

On the shipping side, on the services side, we saw SLAs that were normal. We didn't see any disruption in the services side or disruption in installation or disruption in shipping. It really was on the sales activity, specifically early part of the quarter. John, why don't you (inaudible) what do you say?

在運輸方面、服務方面，我們看到 SLA 都是正常的。我們沒有看到服務方面出現任何中斷、安裝中斷或運輸中斷。這確實與銷售活動有關，特別是在本季初期。約翰，你為什麼不（聽不清楚）你說什麼？

Sure. And the only additional color I'd provide is that with any sales organization, you monitor things like your pipeline, which your pipeline is your leading indicator into what is orders that convert to revenue. And while our pipeline had a bit of aging, which you would expect because of the sluggishness in the first 2 months of the quarter, the sufficiency is holding. The quality of the pipeline is holding. And so we're starting to see that conversion to revenue, again, more slowly than we anticipated in the first 2 months of the quarter, but March has improvement over February and April to date improvement over March is giving us encouragement because of what Steve pointed out.

當然。我要提供的唯一額外的顏色是，對於任何銷售組織，您都會監控諸如管道之類的事情，您的管道是您將訂單轉化為收入的主要指標。儘管我們的產品線有些老化（這是您所預料到的，因為本季前 2 個月的經濟低迷），但充足性仍保持不變。管道品質保持穩定。因此，我們開始看到收入的轉換，再次比我們在本季度的前兩個月預期的要慢，但3 月份比2 月份有所改善，而4 月份迄今為止比3 月份的改善給了我們鼓勵，因為史蒂夫指出。

The engagement with clients is there, the partner engagement is there. The pipeline is sufficiently ordered and the backlog is there. This is about execution. And to Steve's point, when you rewire an organization with 6,000 people moving throughout organization, realignments and you're consolidating territories by 50%, things like that to streamline decision rates, we expected a level of disruption.

與客戶的互動就在那裡，合作夥伴的互動就在那裡。管道已足夠有序，積壓也存在。這是關於執行力的。就Steve 的觀點而言，當你對一個有6,000 名員工在整個組織中流動的組織進行重新佈線、重新調整以及將領土整合50% 之類的事情以簡化決策率時，我們預計會出現一定程度的混亂。

But let me (inaudible) what your question is. We have no other further actions for the remaining part of this year as substantial as what we did in Q1. Anything that we do from here is consistent with the geographic exits or the simplifications, which is much more closer to normal course and speed of change for Xerox, not the type of change that we did in Q1, and that's why we have the confidence that we do around what caused the disruption. It was anticipated. It's unacceptable. We understand that. We understand what we need to do to course correct it. We look for as much of the signs and the signals in our business, both current and moving forward to ensure that we have the confidence necessary that we can operationalize the change and continue to move through it.

但讓我（聽不清楚）你的問題是什麼。今年剩餘時間裡，我們沒有像第一季那樣採取其他重大行動。我們從這裡所做的任何事情都與地理退出或簡化一致，這更接近施樂的正常進程和變革速度，而不是我們在第一季度所做的變革類型，這就是為什麼我們有信心我們圍繞著造成中斷的原因採取行動。這是預料之中的。這是不可接受的。我們明白這一點。我們知道我們需要做什麼來糾正它。我們在業務中尋找盡可能多的跡象和訊號，無論是當前的還是未來的，以確保我們有必要的信心來實施變革並繼續推動變革。

And for a follow-up, maybe this is more for Xavier. The project reinvention, the target to get more than $100 million of savings in fiscal '24 itself. Can you give an update on sort of when we just look at 1Q, how much of that sort of benefit did you see in 1Q and sort of how to think about the linearity of the progress? I know you mentioned operating margins improved sequentially through the year. But even in terms of timing, is it more back-end loaded versus front-end loaded, just any thought's around that, but also what are you tracking to in 1Q itself?

對於後續行動，也許這更適合澤維爾。該項目進行了改造，目標是在 24 財年節省超過 1 億美元。當我們只看第一季時，您能否提供一些最新信息，您在第一季度中看到了多少此類好處，以及如何考慮進展的線性？我知道您提到營業利潤率全年持續改善。但即使就時間而言，後端加載與前端加載相比是否更多，只是圍繞這一點有任何想法，而且您在第一季本身跟踪什麼？

Yes, Samik. So reinvention is on track. So we have implemented the actions we plan to do here. The major announcement at the beginning of the year were on the 3rd of January we announced publicly the 15% headcount reduction. We started during quarter 1 to enact the (inaudible) Xerox, specifically in certain geographies where you have less limitation to implement this.

是的，薩米克。因此，重塑已步入正軌。所以我們已經實施了我們計劃在這裡採取的行動。年初的重大公告是1月3日我們公開宣布裁員15%。我們在第一季開始製定（聽不清楚）Xerox，特別是在某些地區，在這些地區實施此計畫的限制較少。

So the program is on track and has Steve on the journey (inaudible). They also mentioned the benefit will get not only from the cost reduction but also the implementation of the GBS. So this is a step-by-step approach to be our journey. We are enacting on the delivering the action on the activities as we were planning to do that there. So we always, in some cases, like timing differences on some small actions there, but we are not changing our guidance from an adjusting operating margin for this year on the $100 million year-over-year operating -- net operating income improvement.

因此，該計劃已步入正軌，史蒂夫也踏上了旅程（聽不清楚）。他們也提到，好處不僅來自成本降低，也來自 GBS 的實施。所以這是我們的旅程的一步一步的方法。我們正在按照我們計劃在那裡進行的活動制定行動。因此，在某些情況下，我們總是喜歡在一些小行動上出現時間差異，但我們不會改變今年調整營業利潤率的指導方針，即營業利潤同比增長 1 億美元。

And 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艾瑞克‧伍德林。

John, I was wondering if you could maybe just clarify the comment you just made to Samik about no further actions being taken for the remainder of the year. I just want to make sure I understand that. The actions when it comes to geographic simplification, offering simplification, model simplification, were you saying that those were -- for what you plan on doing in 2024, those were finalized or completed by the end of 1Q and there's nothing left to do for the remainder of the (inaudible). Do you mind just clarifying that? I'm sorry.

約翰，我想知道您是否可以澄清您剛剛向薩米克發表的關於今年剩餘時間內不會採取進一步行動的評論。我只是想確保我理解這一點。當涉及地理簡化、提供簡化、模型簡化時，您是說這些行動是 - 對於您計劃在 2024 年做的事情，這些行動已在第一季末完成或完成，並且沒有什麼可做的的其餘部分（聽不清楚）。你介意澄清一下嗎？對不起。

Sure. Sure. To be clear, what I said was to the extent and the size of the action is related to headcount, the disruption and the rewiring of our operating model that was done in Q1. the remaining parts of things that we might do with country exits and those types of things, they're more surgical interaction and they're targeted. What we did in Q1 was a top to bottom realignment of our organization, operating model alignment, we did a reduction in workforce, realignment of folks. That's very, very disruptive, as you can imagine.

當然。當然。需要明確的是，我所說的行動的程度和規模與第一季對我們的營運模式進行的人員數量、中斷和重新佈線有關。我們可能會在國家退出和此類事情上做的其餘部分，它們更像是外科手術式的互動，而且是有針對性的。我們在第一季所做的是對我們的組織進行自上而下的重組，調整營運模式，我們減少了勞動力，重新調整了人員。正如你可以想像的那樣，這是非常非常具有破壞性的。

And what I was saying is that the size, the majority of what we did was in Q1. The stuff that we will do for the remainder of the year, we'll continue to roll out just as you would expect in places in which you have, in certain geographies, workers' councils, et cetera, those things are timed as our exits in particular countries or if we do further things along our product lines. But that's more manageable within how we run our business consistently as opposed to an event-driven thing, which we did in Q1.

我想說的是，我們所做的大部分工作都是在第一季進行的。我們將在今年剩下的時間裡做的事情，我們將繼續推出，就像你所期望的那樣，在某些地區、工人委員會等地方，這些事情的時間安排在我們退出的時候在特定國家或我們是否在我們的產品線上做進一步的事情。但與我們在第一季所做的事件驅動的事情相比，在我們持續經營業務的方式中，這更容易管理。

Okay. No, very clear. And maybe just as a quick follow-up to that one. Again, your kind of qualitative comments are very clear. Is there any way that you could help us understand then if we're in a 9-inning game, how far along we are then, and the actions that you need to take? It seems like we must be pretty far given all the -- all of what you did the heavy lifting in 1Q, but how would you kind of clarify that with us?

好的。不，非常清楚。也許只是作為該事件的快速後續行動。再說一次，你的定性評論非常明確。您有什麼方法可以幫助我們了解，如果我們正在進行 9 局比賽，那麼我們已經走了多遠，以及您需要採取的行動？考慮到您在第一季所做的所有繁重工作，我們似乎已經走了很遠，但是您如何向我們澄清這一點？

Yes, Erik. It's Steve. So as we talked about coming into the quarter, we spent a lot of time from a reinvention standpoint, looking at the strategy, looking at the 3-year plan, and we gave guidance on what we're going to do over the next 3 years. I would say the actions that have been taken so far not result in the P&L, but still need to roll out. We probably implemented roughly half of the big strategic things that we needed to do. So we still got a ways to go in terms of things we need to implement. But as John said, more structural in terms of they are isolated and there are events that are isolated to individual units or individual countries as opposed to the significant change we made in Q1.

是的，埃里克。是史蒂夫。因此，當我們談論進入本季度時，我們從重塑的角度花了很多時間，研究策略，研究 3 年計劃，並就未來 3 年要做什麼提供了指導年。我想說的是，到目前為止所採取的行動並沒有產生損益表，但仍需要推出。我們可能實施了大約一半我們需要做的重大戰略事情。因此，就我們需要實施的事情而言，我們還有很長的路要走。但正如約翰所說，更多的結構性事件是孤立的，有些事件是孤立於單一單位或單一國家的，而不是我們在第一季所做的重大改變。

And if you think about the amount of change with an org model the, redesign amount of people that got -- we talk about [rewire], but really when I come in, who do I report to, what's my job, did my quota change, did my sales territory change, all those things were tremendous disruption in how to get settled down in the first couple of weeks of the quarter and all of that's behind us. So about 50% into what we're trying to implement. And obviously, over the next 18 to 24 months, we will implement the balance of the reinvention.

如果你考慮組織模型的變化量，重新設計的人員數量——我們談論[重新接線]，但實際上當我進來時，我向誰報告，我的工作是什麼，完成了我的配額變化，我的銷售區域是否發生變化，所有這些事情都對如何在本季度的前幾週安頓下來產生了巨大的干擾，而所有這些都已經過去了。所以大約 50% 是我們正在嘗試實施的。顯然，在接下來的 18 到 24 個月內，我們將實現重塑的平衡。

Got it. Okay. That is very clear. Maybe just switching gears. I think, Steve, maybe this is for you, but anyone feel free. The $49 million of R&D spend this year, I think, was the lowest quarterly total I've seen from you guys. And in your presentation, you obviously talked about investing in higher ROIC projects or acquisitions. But with such a pullback in R&D, like is there a risk that you're maybe taking (inaudible) kind of near-term approach to margins at the risk of not pulling forward investment to stabilize top line trends? Can you just help us understand how you think about the actions needed on the R&D and kind of innovation front to stabilize top line versus your prioritization of maybe taking some costs out of the model again to get that margin expansion? How do you think about balancing those?

知道了。好的。這是非常清楚的。也許只是切換齒輪。我想，史蒂夫，也許這適合你，但任何人都可以隨意。我認為，今年 4900 萬美元的研發支出是我從你們那裡看到的最低的季度總額。在您的演講中，您顯然談到了投資於更高投資回報率的項目或收購。但是，隨著研發的如此縮減，是否存在這樣的風險：您可能會採取（聽不清楚）近期的利潤方法，而冒著不拉動投資來穩定營收趨勢的風險？您能否幫助我們了解您如何看待在研發和創新方面需要採取的行動來穩定營收，以及您是否優先考慮再次從模型中剔除一些成本以實現利潤率擴張？您如何看待平衡這些？

Yes. Look, we -- when we talk about the reinvention, it's a balanced execution between what we're doing to drive operational efficiencies and investing in our growth businesses, whether it's organic or inorganic growth. The new Board coming in, you saw the names of the nominees, and we are all looking at how do we invest in the right areas of this business, whether it's organic or inorganically.

是的。聽著，當我們談論重塑時，這是我們為提高營運效率所做的努力和投資於我們的成長業務（無論是有機成長還是無機成長）之間的平衡執行。新董事會上任，你看到了被提名者的名字，我們都在研究如何在該業務的正確領域進行投資，無論是有機的還是無機的。

And we absolutely are investing for the long term in the business, and we'll accelerate that. As we free up more cash, as we free up more of the balance sheet and the actions that we've already taken and will take will absolutely drive more headroom that will allow us to take those dollars to reinvest back in our business.

我們絕對是在對業務進行長期投資，並且我們將加速這一進程。隨著我們釋放更多的現金，隨著我們釋放更多的資產負債表，我們已經採取和將要採取的行動絕對會帶來更多的空間，使我們能夠將這些美元重新投資回我們的業務。

I also think it's important to look at R&D as we normalize it because there's a lot in the R&D line year-over-year with some of the exits that we had in PARC and some of the divestitures and things like that, that have an impact on what you're viewing. But you are 100% correct that as you do a mix shift and a realignment of your R&D spend from the type of spend it is, we will continue to make investments in the areas in which we see profitable growth capabilities.

我還認為，在我們實現研發正常化的過程中，專注於研發也很重要，因為研發線同比有很多變化，包括我們在 PARC 的一些退出以及一些資產剝離之類的事情，這些都會產生影響關於您正在查看的內容。但你說得100%正確，當你對研發支出進行組合轉變和重新調整支出類型時，我們將繼續在我們看到獲利成長能力的領域進行投資。

We just have to do it responsibly, and we want to make sure that we can self-fund our innovation and capacity both organically and strengthen the balance sheet, as Xavier talked about, through our own capital structure enhancements to do it inorganically, but that's all part of our execution journey. So we're very mindful of that. We're not cutting our way to prosperity. We're trying to rebalance the company and reinvest in the right categories that we can grow and sustainably grow where our brand has a right to play, our field distribution has a right to deliver and we can be successful in those spaces. And that's why it's a rebalancing, and that's why it's an OD driven, not just the cost cutting.

我們只需要負責任地做到這一點，我們希望確保我們能夠有機地為我們的創新和能力提供資金，並加強資產負債表，正如澤維爾所說，透過我們自己的資本結構增強來無機地做到這一點，但那就是我們執行之旅的所有部分。所以我們非常注意這一點。我們並沒有切斷通往繁榮的道路。我們正在努力重新平衡公司，並對我們可以發展和可持續發展的正確類別進行再投資，在這些類別中，我們的品牌有權發揮作用，我們的現場分銷有權提供服務，並且我們可以在這些領域取得成功。這就是為什麼這是一次重新平衡，這就是為什麼它是OD驅動的，而不僅僅是成本削減。

It's an organizational redesign of who we are, how we go to market and strengthen our core print and then invest in the adjacencies that can protect our core print business as much as grow within that same customer set.

這是對我們是誰的組織重新設計，我們如何進入市場並加強我們的核心印刷，然後投資於可以保護我們的核心印刷業務並在同一客戶群中發展的周邊地區。

Okay. Very clear. And then just 1 last clarification from my end, which just -- congrats on the kind of maturity extension that you guys talked about. As we think about capital allocation priorities this year, debt repayment was #2. What other actions do you anticipate taking for the rest of the year that we should be considering on the debt side?

好的。非常清楚。最後我要澄清一點，那就是──恭喜你們談到的那種成熟度擴展。當我們考慮今年的資本配置優先事項時，債務償還排名第二。您預計今年剩餘時間內我們應該在債務方面考慮採取哪些其他行動？

Yes. So Erik, you know the maturities that we have for this year is quite limited. So we are still -- so in May, we will pay down the remaining part of the $300 million debt that we have for this. So this is already in plan, and we already partially paid some of this year. We have as well our secured debt repayment, which is going as planned this quarter -- quarter-over-quarter. So we are more like $100 million of debt reduction on the secure side here.

是的。艾瑞克，你知道我們今年的到期期限非常有限。所以我們仍然——所以在五月份，我們將償還我們為此所欠的 3 億美元債務的剩餘部分。所以這已經在計劃中了，我們今年已經支付了部分費用。我們還有有擔保的債務償還，本季按計畫進行，逐季進行。因此，我們更像是在安全方面減少了 1 億美元的債務。

And we are also looking at our term loan B and how we can improve the condition of the deal currently here. Nothing material. The vast majority of what we are planning to do is in the line of what we have seen and what we have communicated here.

我們也在研究我們的定期貸款 B 以及如何改善目前的交易狀況。沒什麼實質的。我們計劃要做的絕大多數事情都符合我們所看到的東西以及我們在這裡所傳達的內容。

And our next question is a follow-up from the line of Ananda Baruah from Loop Capital.

我們的下一個問題是 Loop Capital 的 Ananda Baruah 的後續問題。

Just on GBS, it sounded like GBS is sort of putting its arms around a number of functions there. Could you just sort of go back through that and let us know what the [gist] goal of GBS is? It almost sounded to me like it was a coordination of all things kind of like back office administrative and sort of certain lower level business processes. But I guess, could you just go back and put some additional context around that?

就 GBS 而言，聽起來 GBS 正在大力支持那裡的許多職能。您能否回顧一下，讓我們知道 GBS 的[主要]目標是什麼？在我看來，這幾乎像是所有事情的協調，例如後台管理和某些較低層級的業務流程。但我想，你能回去補充一些額外的背景資訊嗎？

Sure. And whether you got 2 shots, 2 bites at the apple, I love it. So what GBS is called Global Business Services not shared services for a reason. It's a business service function is what our vision is. And both Steve and I have a long track record and history of implementing these types of organization in our previous lives, and we understand the potential for them. And we know we absolutely have the right leader and the right team across GBS to drive our vision for it. It is not a back office only function, but it absolutely will evolve from more of the core administrations in its first part.

當然。無論你喝了兩杯，咬了兩口蘋果，我都喜歡。因此，GBS 被稱為全球商業服務而不是共享服務是有原因的。這是一種商業服務功能，這就是我們的願景。史蒂夫和我在前世都擁有實施此類組織的悠久記錄和歷史，並且我們了解它們的潛力。我們知道，GBS 絕對擁有合適的領導者和合適的團隊來推動我們實現這一願景。它不僅僅是後台功能，但它絕對將從第一部分的更多核心管理中演變而來。

So you always start with the administrative activities around these key areas of record to report or order to cash, hire to retire, these administrative functions. But as we get consolidation of not only systems and platforms in both our tech stack and our BPO and business process operational stacks, we're going to continue to push that up into ways in which we can improve our go-to-market capabilities with more services and things that we can have better inside sales force type tools and enablement and we want to drive better platform things into our areas.

因此，您始終從圍繞這些關鍵記錄領域的行政活動開始，以報告或訂購現金、僱用退休人員以及這些行政職能。但是，隨著我們不僅在技術堆疊、BPO 和業務流程運營堆疊中整合系統和平台，我們將繼續推動這一點，以提高我們的上市能力：更多的服務和事物，我們可以擁有更好的內部銷售隊伍類型的工具和支持，我們希望將更好的平台事物引入我們的領域。

So we want our finance, our HR, our legal teams to really focus on policy and strategy initially and have GBS focus on the consolidated operations and platforms. And then we'll continue to do the same in cross order management and inventory controls and service management anywhere, where we can get tech stack efficiency and business process, operational efficiency through the, not necessarily centralization, but the central coordination of activities initially is what we're driving through this team.

因此，我們希望我們的財務、人力資源和法律團隊首先真正關注政策和策略，並讓 GBS 專注於整合的營運和平台。然後，我們將繼續在任何地方的交叉訂單管理、庫存控制和服務管理中做同樣的事情，我們可以透過不一定集中化的方式獲得技術堆疊效率和業務流程、營運效率，但活動的集中協調最初是我們透過這個團隊推動什麼。

So it does go broader than administratively, but we absolutely are starting initially in the areas where we would through the shared services functions in those G&A areas.

因此，它確實比行政管理更廣泛，但我們絕對是從我們將透過這些 G&A 領域的共享服務職能的領域開始的。

Ananda, this is Steve. I'll add one more thing. And that is as we simplify and get to single end-to-end processes, we then look at how do you apply technology to both elimination and driving more operational efficiencies, whether it's around RPA, whether it's around AI, whether it's around how do we think about ChatGPT going forward. So think of as we centralize and as we standardize on processes, we then have an enabling capabilities to drive more operational efficiencies through technology.

阿南達，這是史蒂夫。我還要補充一件事。也就是說，當我們簡化並實現單一的端到端流程時，我們會研究如何應用技術來消除和提高營運效率，無論是圍繞 RPA，無論是圍繞人工智慧，還是圍繞如何我們正在考慮ChatGPT 的未來。因此，想一想，當我們對流程進行集中化和標準化時，我們就有能力透過技術提高營運效率。

We've been talking about the journey of RPA for a long time here over the last couple of years. We've been talking about how we're implementing AI and investing more in AI into our processes. And so GBS will be the function that we look at to really drive leading-edge technology on our end-to-end processes. And some of those, we may actually take to market like we did with RPA like we're doing with some of the other functions that we're building internally.

在過去的幾年裡，我們很長一段時間以來一直在談論 RPA 的發展歷程。我們一直在討論如何實施人工智慧以及如何在流程中對人工智慧進行更多投資。因此，GBS 將成為我們希望在我們的端到端流程中真正推動領先技術的功能。其中一些，我們實際上可能會像我們對 RPA 所做的那樣推向市場，就像我們對我們內部構建的其他一些功能所做的那樣。

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.

今天節目的問答環節到此結束。我想將該程式交還給 Steve Bandrowczak，以供進一步評論。

On Earth Day, I'd be remiss not to mention our ongoing commitments to providing clients with sustainable products and services. I am proud to say we are recently named an Energy Star Partner of the Year in 2024. For a fourth year in a row, a Global 100 most sustainable corporation from Corporate Knights, and we are included in CDP's A List for climate change transparency and performance.

在世界地球日，如果我不提及我們為客戶提供永續產品和服務的持續承諾，那就太失職了。我很自豪地說，我們最近被評為2024 年年度能源之星合作夥伴。透明度和表現。

Recapping today's call. Q1 marked an important milestone in our ongoing reinvention with the implementation of comprehensive and strategic operating model changes that will closely align our businesses with the needs of our clients. The magnitude and speed of changes caused some disruption during the quarter, but the new operating model has already delivered intended results and as evidenced by momentum in equipment orders and continued strength in our service signings. We look forward to updating you on the reinvention progress in future quarters. Have a great day.

回顧一下今天的電話會議。第一季標誌著我們持續重塑的一個重要里程碑，實施了全面的策略性營運模式變革，使我們的業務與客戶的需求緊密結合。變化的幅度和速度在本季度造成了一些幹擾，但新的營運模式已經實現了預期的結果，設備訂單的勢頭和我們服務簽約的持續強勁就證明了這一點。我們期待在未來幾季向您通報重塑進展的最新情況。祝你有美好的一天。

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。這確實結束了該程式。您現在可以斷開連線。再會。