全錄公司 (XRX) 2025 Q1 法說會逐字稿

Welcome to the Xerox Holdings Corporation first-quarter 2025 earnings release conference call. (Operator Instructions)

歡迎參加施樂控股公司 2025 年第一季財報發布電話會議。（操作員指示）

At this time, I would like to turn the meeting over to Mr. David Beckel, Vice President and Head of Investor Relations.

現在，我想將會議交給副總裁兼投資者關係主管 David Beckel 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 2025 earnings release conference call hosted by Steve Bandrowczak, Chief Executive Officer. He's joined by John Bruno, President and Chief Operating Officer; and Mirlanda Gecaj, 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戴維‧貝克爾。歡迎參加由執行長史蒂夫班德羅扎克 (Steve Bandrowczak) 主持的施樂控股公司 2025 年第一季收益發布電話會議。與他一同出席的還有總裁兼營運長 John Bruno 和財務長 Mirlanda Gecaj。

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/investor and will make comments that contain forward-looking statements, which, by their nature, address matters that are in the future and are uncertain. Actual future financial results may be materially different than those expressed herein.

應施樂控股公司的要求，今天的電話會議正在錄音。未經施樂公司明確許可，禁止本次通話進行錄音和/或轉播。在此次電話會議中，施樂公司高層將參考網站 www.xerox.com/investor 上提供的幻燈片，並發表包含前瞻性陳述的評論，這些前瞻性陳述本質上是針對未來的、不確定的問題。實際的未來財務結果可能與本文所表達的結果有重大差異。

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

現在，我想將會議交給 Bandrowczak 先生。

Good morning and thank you for joining our Q1 2025 earnings conference call. In the first quarter, balanced execution, the benefits of last year's reinvention, related organizational changes, and ongoing reinvention initiatives resulted in an improved revenue trajectory and another quarter of double-digit declines in operating expenses, excluding one-time cost and ITsavvy.

早安，感謝您參加我們的 2025 年第一季財報電話會議。在第一季度，平衡的執行、去年重塑的效益、相關的組織變革以及正在進行的重塑計劃帶來了收入軌蹟的改善，並且運營費用（不包括一次性成本和 IT 精明）又一個季度實現了兩位數的下降。

Sales activity has normalized, and the ITsavvy integration and reinvention-related cost reduction programs are running ahead of plan, placing us firmly on a path for near-term revenue stabilization and growth in adjusted operating income. Amid an increasingly uncertain and unprecedented operating environment, we remain focused on what we can control, delivering industry-leading document workflow and IT Solutions to our more than 200,000 clients and the successful execution of our reinvention.

銷售活動已恢復正常，IT精明整合和重塑相關的成本削減計劃正在提前進行，使我們堅定地走在短期收入穩定和調整後營業收入增長的道路上。在日益不確定和前所未有的營運環境中，我們仍然專注於我們能夠控制的事情，為我們的 200,000 多名客戶提供行業領先的文件工作流程和 IT 解決方案，並成功執行我們的重塑。

I commend our team, who are working tirelessly to navigate the nearly daily developments and trade policies to ensure we continue providing the workplace technologies our clients need most and do so profitably, all while implementing over 100 reinvention initiatives designed to further improve our core operations and drive additional operating efficiencies.

我讚揚我們的團隊，他們不知疲倦地工作，應對幾乎每天的發展和貿易政策，以確保我們繼續提供客戶最需要的工作場所技術，並實現盈利，同時實施 100 多項重塑計劃，旨在進一步改善我們的核心業務並提高運營效率。

Summarizing results for the quarter, revenue of around $1.5 billion decreased 3% in actual currency and 1.1% in constant currency, inclusive of ITsavvy. Adjusted operating income margin of 1.5% was lower year over year by 70 basis points. Free cash flow, in what is our seasonally lowest quarter of the year, was the use of cash of $109 million compared to a use of $89 million in the prior year. And adjusted loss per share was $0.06, $0.12 lower year over year.

總結本季的業績，包括 ITsavvy 在內的營收約為 15 億美元，以實際貨幣計算下降 3%，以固定貨幣計算下降 1.1%。調整後的營業收入利潤率為 1.5%，較去年同期下降 70 個基點。在本季度，我們的自由現金流為 1.09 億美元，而去年同期為 8,900 萬美元，是我們本季最低的季度。調整後每股虧損為 0.06 美元，年減 0.12 美元。

This quarter's year-over-year decline in revenue on a constant currency basis and the decline in adjusted operating income margin primarily reflects the mix of IT solution products and services build in Q1 as well as higher-than-expected costs associated with the recent trade and macroeconomic related disruptions. While the near-term operating environment has been clouded by tariff and trade-related uncertainty, it is increasingly clear that the benefits of our last year's organizational changes and the reinvention actions taken to date are delivering the intended improvements in Xerox' operating results.

本季以固定匯率計算的營收年減以及調整後營業收入利潤率的下降主要反映了第一季度 IT 解決方案產品和服務組合的構建，以及與近期貿易和宏觀經濟相關中斷相關的成本高於預期。儘管近期的經營環境受到關稅和貿易相關不確定性的影響，但越來越明顯的是，我們去年的組織變革和迄今為止採取的重塑行動所帶來的好處正在為施樂的經營業績帶來預期的改善。

This quarter, we saw improvements across a range of important operating metrics. Equipment revenue adjusted for currency, backlog fluctuation, and reinvention effects declined approximately 1%, a 500-basis-point improvement from the pace of decline in 2024.

本季度，我們看到一系列重要營運指標有所改善。經貨幣、積壓訂單波動和重塑效應調整後的設備收入下降了約 1%，比 2024 年的下降速度提高了 500 個基點。

Equipment installation grew 24%, the third consecutive quarter of double-digit growth driven by initiatives to grow share in A4 and with channel partners as well as the successful global launch of our new PrimeLink product. Service and renewal rates for large client contracts were at a multi-year high. And in the first full quarter following the acquisition of ITsavvy, synergy realization, IT Solutions, order volumes and the cross-sale opportunities between the print and IT Solutions businesses are already ahead of plan. These improvements reflect the culmination of intentional, often difficult, decisions taken over the past two years to reengineer Xerox, positioning the company to take advantage of favorable secular trends in and adjacent to print and IT services with a streamlined and agile operating structure.

設備安裝量成長了 24%，這是連續第三個季度實現兩位數成長，這得益於 A4 市佔率成長計畫和通路合作夥伴的努力，以及我們新的 PrimeLink 產品在全球的成功推出。大客戶合約的服務和續約率達到多年來的最高水準。在收購 ITsavvy 後的第一個完整季度中，協同效應的實現、IT 解決方案、訂單量以及印刷和 IT 解決方案業務之間的交叉銷售機會均已超出計劃。這些改進體現了過去兩年來對施樂進行重組的刻意而往往艱難的決策的結果，使公司能夠利用精簡而靈活的運營結構，充分利用印刷和 IT 服務及其周邊領域的長期有利趨勢。

In Q1, we made progress across each of our three strategic priorities for the year, starting with the execution of reinvention initiatives. In Q1, sales force productivity advanced 13% year over year. A key contributor to this quarter's improved equipment revenue trajectory.

在第一季度，我們在今年的三個策略重點上都取得了進展，首先是實施重塑計畫。第一季度，銷售人員生產力年增13%。本季設備收入走勢改善的關鍵因素。

Sales productivity improvements reflect a reduced administrative burden on our sales force enabled by a host of simplification and optimization initiatives recently put in place. These initiatives include standardized bidding, ordering and post-signature processes, and AI-enabled pricing tools, which helps our sales team optimize sales opportunities. We also implemented a refined approach to client segmentation, providing our sales organization with greater focus when serving clients and developing bids.

銷售效率的提高反映了我們最近實施的一系列簡化和優化措施減輕了銷售人員的管理負擔。這些舉措包括標準化的投標、訂購和簽名後流程以及支援人工智慧的定價工具，這有助於我們的銷售團隊優化銷售機會。我們也實施了完善的客戶細分方法，使我們的銷售組織在服務客戶和製定投標時能夠更加專注。

An example of refined client segmentation is the expansion of our inside sales organization to support small and medium businesses in the US. In Q1, we refined our coverage model for 35,000 smaller client accounts by adding support capacity through our centralized inside sales team. This team will focus on proactive customer support, upsell and cross-sell opportunities and the retention of clients with lower levels of existing revenue, allowing our field sales team to focus on providing improved service quality to large clients and the development of new businesses and new logo opportunities.

精細化客戶細分的一個例子是擴大我們的內部銷售組織以支援美國的中小型企業。在第一季度，我們透過集中的內部銷售團隊增加了支援能力，完善了針對 35,000 個較小客戶帳戶的覆蓋模型。該團隊將專注於主動客戶支援、追加銷售和交叉銷售機會以及保留現有收入水平較低的客戶，使我們的現場銷售團隊能夠專注於為大客戶提供更優質的服務以及開發新業務和新標誌機會。

One month into the expansion, the inside sales team is seeing strong growth in pipeline and client engagement metrics. And sales activity in the regions where accounts were transferred is pacing 10% higher year over year. We expect initiatives like these and others planned to drive further productivity gains and contribute to our goal of growing equipment share in 2025 and beyond.

擴張一個月後，內部銷售團隊看到通路和客戶參與度指標強勁成長。帳戶轉移地區的銷售活動年增了 10%。我們期望這些舉措以及其他計劃中的舉措能夠進一步提高生產力，並有助於實現我們在 2025 年及以後提高設備份額的目標。

Moving to acquisition benefits. The integration of ITsavvy is running ahead of plan with our collective IT solution strategies aligned and ITsavvy's people and IT operations now fully integrated. Systems and process integration is expected to be complete by Q3. The vast majority of the expected run rate synergies totaling more than $15 million have been implemented and are expected to contribute to improved IT Solutions and total company profit in future periods.

轉向收購利益。ITsavvy 的整合正在提前進行，我們的集體 IT 解決方案策略已經協調一致，ITsavvy 的人員和 IT 營運現已完全整合。系統和流程整合預計將於第三季完成。預計運行率協同效應總額超過 1500 萬美元，其中絕大部分已實施，預計將在未來期間為改善 IT 解決方案和提高公司總利潤做出貢獻。

Through the design of ITsavvy integration, we also see early signs of success in the cross-sale of IT Solutions to existing print clients, a key tenet of our acquisition thesis and confirmation of the value we bring to clients when our industry-leading print and IT Solutions are combined. Mirlanda will provide additional color on early cross-sell success and its contribution to IT Solutions pipeline.

透過 ITsavvy 整合的設計，我們也看到了向現有印刷客戶交叉銷售 IT 解決方案的成功早期跡象，這是我們收購論點的一個關鍵原則，也是當我們將行業領先的印刷和 IT 解決方案結合起來時為客戶帶來的價值的確認。米蘭達 (Mirlanda) 將詳細介紹早期交叉銷售的成功及其對 IT 解決方案管道的貢獻。

Early integration planning for the Lexmark acquisition is well underway. With ITsavvy's integration expected to be complete by the time the Lexmark deal closes, we will focus our complete attention on the integration of Lexmark operations in the second half of this year.

利盟收購的早期整合規劃正在順利進行中。ITsavvy 的整合預計將在利盟交易完成時完成，我們將在今年下半年將全部注意力集中在利盟業務的整合上。

Finally, balance sheet strength. In Q1, when we excluded the impact of finance receivable benefits, improved working capital drove an increase in free cash flow. As a reminder, our top capital allocation priority is the repayment of debt.

最後，資產負債表實力。在第一季度，當我們排除財務應收款收益的影響時，營運資本的改善推動了自由現金流的增加。提醒一下，我們的首要資本配置重點是償還債務。

In Q1, Xerox's total debt balance decreased by around $100 million following the repayment of secured debt. In April, we issued $800 million of secured notes, a portion of which will be used to refinance existing debt and a portion of which will be used to fund the Lexmark acquisition. Following the repayment of our 2025 notes and prepayment of our current term loan, we have less than $200 million of debt obligations coming due until 2028. We will incur additional debt to fund the Lexmark acquisition but the level of acquired EBITDA is expected to result in a lower pro forma debt leverage level.

第一季度，在償還擔保債務後，施樂的總債務餘額減少了約 1 億美元。四月份，我們發行了 8 億美元的擔保票據，其中一部分將用於為現有債務進行再融資，一部分將用於為利盟收購提供資金。在償還 2025 年票據並提前償還當前定期貸款後，我們將在 2028 年之前到期的債務不到 2 億美元。我們將承擔額外的債務來資助利盟收購，但收購的 EBITDA 水準預計將導致較低的備考債務槓桿水準。

I will now hand the call over to John to discuss reinvention progress made in Q1 and provide an update on Lexmark acquisition.

現在我將把電話交給約翰，討論第一季的重塑進展，並提供有關利盟收購的最新進展。

Thank you, Steve. As Steve noted, we exhibited greater stability in our business this quarter. With sales activity normalized and execution more balanced, our reinvention efforts have turned to the execution of more than 100 tactical initiatives to drive further revenue stabilization and improve profitability.

謝謝你，史蒂夫。正如史蒂夫所說，本季我們的業務表現出了更大的穩定性。隨著銷售活動的正常化和執行更加平衡，我們的重塑工作已轉向執行 100 多項戰術舉措，以進一步推動收入穩定並提高獲利能力。

These initiatives are grouped across four categories: geographic simplification, operational simplification, commercial optimization and growth, and the realization of acquisition benefits. In this quarter, we made progress across each of these categories.

這些措施分為四類：地理簡化、營運簡化、商業優化和成長以及實現收購效益。本季度，我們在各個類別上都取得了進展。

The execution of our geographic simplification program is now largely complete, bringing the total number of countries to 18 where direct operations were transitioned to partners. Our focus in these countries now turns to maximizing profitability and the expansion of business with local and regional distribution partners.

我們的地理簡化計劃的實施現已基本完成，使直接運營轉變為合作夥伴運營的國家總數達到 18 個。我們在這些國家的重點現在轉向最大化盈利能力以及擴大與當地和區域分銷合作夥伴的業務。

Our operational simplification efforts this quarter were focused on building scalable service capabilities within the global business service organization that leverage technology to drive sustainable cost reductions throughout the organization.

本季度，我們的營運簡化工作重點是在全球業務服務組織內建立可擴展的服務能力，利用技術推動整個組織實現可持續的成本削減。

Examples this quarter included the creation of an enterprise-wide contract life cycle management platform and the absorption of ITsavvy's people and IT operations functions. Steve addressed some of the sales productivity initiatives driving commercial optimization and growth and the quick wins associated with realizing the expected benefits of the ITsavvy acquisition.

本季度的例子包括創建企業範圍的合約生命週期管理平台以及吸收 ITsavvy 的人員和 IT 營運職能。史蒂夫談到了一些推動商業優化和成長的銷售生產力舉措，以及與實現 ITsavvy 收購預期收益相關的快速勝利。

I'll spend a few minutes now providing an update on the pending acquisition of Lexmark. We continue to make progress towards the closing of this acquisition. We received several key regulatory approvals in the past few months, including clearance of HSR in the US, antitrust in UK and Canada and most major EU countries. Remaining approvals are expected by the end of June.

我現在將花幾分鐘時間提供即將進行的 Lexmark 收購的最新進展。我們正持續朝著完成此次收購的方向取得進展。過去幾個月，我們獲得了多項關鍵監管批准，包括美國 HSR 的批准、英國、加拿大和大多數歐盟主要國家的反壟斷批准。剩餘審批預計將於六月底完成。

Outside of country-specific approvals, the last significant condition to close is the Ninestar shareholder vote and Chinese securities exchange approval, both of which are expected to take place in the coming months. As previously disclosed, we secured 32% of the required shareholder vote as part of the acquisition agreement. We continue to expect over $1 share of accretion associated with the Lexmark transaction despite a slightly higher-than-expected cost of funding and the potential for incremental tariff expenses.

除了特定國家/地區的批准外，最後一個重要的成交條件是納思達股東投票和中國證券交易所的批准，預計這兩項條件都將在未來幾個月內進行。如前所述，作為收購協議的一部分，我們獲得了 32% 的必要股東投票權。儘管融資成本略高於預期，關稅費用可能增加，但我們仍預期利盟交易將帶來超過 1 美元的增值。

Importantly, based on US tariffs currently in place, we expect little to no product cost impact from tariffs on Lexmark's branded business within a few quarters of acquisition close. Lexmark has a large manufacturing facility in Juarez, Mexico that can support all expected imports of branded products into the US market on a USMCA compliant basis.

重要的是，根據目前實施的美國關稅，我們預計在收購結束後的幾個季度內，關稅對利盟品牌業務的產品成本影響很小甚至沒有影響。利盟在墨西哥華雷斯擁有一家大型製造工廠，可以支持所有預期的符合 USMCA 標準的品牌產品進口到美國市場。

In 2024, Lexmark exhibited growth on the top and bottom lines, confirming our acquisition thesis. Revenue grew 9% through share gains in branded A3 and A4 and the expansion of its OEM business into the A3 category. Adjusted operating income grew nearly 40% in 2024, reflecting operating leverage and its own cost reduction and efficiency initiatives. We are actively engaged with the Lexmark team in integration planning and are excited to bring Lexmark's leading A4 platform under the Xerox umbrella and help expand its A3 OEM business.

2024 年，利盟的營收和淨利潤均實現成長，證實了我們的收購論點。透過品牌 A3 和 A4 份額的成長以及 OEM 業務向 A3 類別的擴展，營收成長了 9%。2024 年調整後營業收入成長近 40%，反映了營業槓桿以及自身的成本削減和效率措施。我們正積極與利盟團隊合作進行整合規劃，並很高興將利盟領先的 A4 平台納入施樂旗下，協助其拓展 A3 OEM 業務。

Before I hand the call to Mirlanda, I want to address Xerox's exposure to tariffs on products imported into the US market. Xerox's current exposure to purchase is subject to reciprocal tariffs in the US, excluding China, is less than 10% of total company cost of sales. Product purchases imported to the US that are subject to China tariffs are expected to be limited to a low-single-digit percentage of total company cost of sales by the end of 2025.

在我將電話交給米蘭達之前，我想先談談施樂公司對進口到美國市場的產品徵收關稅的影響。目前，施樂在美國（不包括中國）的採購成本受互惠關稅影響，不到公司總銷售成本的 10%。預計到 2025 年底，受中國關稅影響的進口到美國的產品採購量將限制在公司總銷售成本的個位數低百分比。

Plans are in place today to shift most China-produced goods to countries with lower tariffs. Our print services and financing business, which is more than 60% of the total print revenue has minimal reliance on imported products. In IT Solutions, tariff exposure varies by OEM partner, and we expect associated costs to be passed through to end users through price increases or surcharges.

目前已製定計劃將大部分中國生產的商品轉移到關稅較低的國家。我們的印刷服務和融資業務佔印刷總收入的60％以上，對進口產品的依賴程度極低。在 IT 解決方案中，關稅風險因 OEM 合作夥伴而異，我們預計相關成本將透過價格上漲或附加費轉嫁給最終用戶。

Given the fluid and uncertain nature of tariff policies and rate proposals, estimating Xerox's ultimate exposure to tariff-related costs remains difficult. That said, I'll provide some details to help frame our potential exposures in 2025.

鑑於關稅政策和費率方案的流動性和不確定性，估計施樂最終面臨的關稅相關成本仍然很困難。話雖如此，我將提供一些細節來幫助建立我們在 2025 年的潛在風險。

Based on tariffs in place on May 1, the expected reduction in operating income, net of price, and supply chain mitigation measures already in place or planned would be around $50 million in 2025. If China tariffs are reduced from 145% to 60%, we expect to be able to offset the impact of tariffs through a comprehensive set of price increases, surcharges, geographic rebalancing, and supply chain-related mitigation efforts as well as incremental reinvention related savings.

根據 5 月 1 日實施的關稅，預計 2025 年扣除價格和已經實施或計劃實施的供應鏈緩解措施後的營業收入將減少約 5,000 萬美元。如果中國關稅從 145% 降至 60%，我們預計能夠透過全面的提價、附加費、地理再平衡和供應鏈相關的緩解措施以及漸進式重塑相關的節省來抵消關稅的影響。

This is a very fluid environment and financial impacts are difficult to forecast. We will do our best to share further forecasted impacts and our mitigation plans as they evolve.

這是一個非常不穩定的環境，財務影響很難預測。我們將盡力分享進一步預測的影響以及我們的緩解計劃。

I'll now turn the call over to Mirlanda to discuss the financial results in more detail.

現在我將把電話轉給米蘭達，讓她更詳細地討論財務結果。

Thank you, John and good morning, everyone. As Steve noted, the cumulative effect of reinvention initiatives implemented to date resulted in an improved trajectory in revenue and another quarter of double-digit declines in operating expenses, adjusting for reinvention costs and the inclusion of ITsavvy.

謝謝你，約翰，大家早安。正如史蒂夫所指出的，迄今為止實施的重塑舉措的累積效應導致收入軌跡改善，並且營運費用又一個季度出現兩位數下降，調整了重塑成本並納入了 ITsavvy。

In Q1, revenue declined 3% in actual currency or 1.1% year over year in constant currency, including the benefit of a full quarter of ITsavvy. Organic core revenue, which excludes ITsavvy, the impact of backlog fluctuations, and reinvention actions, declined a little more than 2% in constant currency this quarter, an improvement over prior year's 4% pace of decline and in line with our expectations for core revenue declines for the year. The improved trajectory in core revenue primarily reflects lower declines in equipment sales and growth in legacy IT Solutions bookings.

第一季度，營收以實際貨幣計算下降 3%，以固定匯率計算年減 1.1%，其中包括整個季度 ITsavvy 帶來的收益。本季有機核心營收（不包括 ITsavvy、積壓波動的影響和重塑行動）以固定匯率計算下降略高於 2%，比去年同期 4% 的下降速度有所改善，符合我們對今年核心營收下降的預期。核心收入的改善軌跡主要反映了設備銷售額的下降和傳統 IT 解決方案訂單的成長。

Turning to profitability. Adjusted gross margins declined approximately 220 basis points year over year reflecting higher product costs, the inclusion of ITsavvy, lower print volumes and finance receivable-related fees and the initial impact of tariffs, partially offset by reinvention savings. First-quarter results do not include any benefits from tariff-related price increases, surcharges or supply chain modifications, which we expect will help offset tariff-related product cost increases in future periods.

轉向盈利能力。調整後的毛利率年減約 220 個基點，反映出產品成本上升、ITsavvy 的納入、印刷量下降和財務應收帳款相關費用以及關稅的初步影響，但被重塑節省的部分抵消。第一季的業績不包括與關稅相關的價格上漲、附加費或供應鏈修改帶來的任何好處，我們預計這些好處將有助於抵消未來時期與關稅相關的產品成本上漲。

Adjusted operating margin of 1.5% was 70 basis points lower year over year due to lower revenue and gross profit and higher advertising expense, partially offset by reinvention savings, lower bad debt expense and the inclusion of IT savvy, which carries a lower operating expense base than our print business. Our continued focus on cost reduction resulted in a decline in operating expenses of $26 million. Included in operating expenses are $9 million of reinvention-related costs and $12 million of ITsavvy operating expenses. Excluding these impacts, operating expenses declined $46 million, a reduction of 10% on a year-over-year basis.

調整後的營業利潤率為 1.5%，較上年同期下降 70 個基點，原因是收入和毛利潤下降以及廣告費用增加，但部分被重塑節省、壞賬費用降低以及 IT 精明的納入所抵消，IT 精明的運營費用基數低於我們的印刷業務。我們持續注重降低成本，導致營運費用減少了 2,600 萬美元。營運費用包括 900 萬美元的改造相關成本和 1,200 萬美元的 IT 營運費用。除去這些影響，營運費用下降了 4,600 萬美元，年減了 10%。

Adjusted other expenses net were $32 million, $8 million higher year over year due primarily to higher net interest expense. Adjusted tax rate of 60% compared to a negative 22% in the same quarter last year. The current year rate reflects lower benefits from certain current year losses and expenses whereas the prior year rate reflected tax benefits from the redetermination of certain unrecognized tax positions.

調整後其他支出淨額為 3,200 萬美元，較去年同期增加 800 萬美元，主要原因是淨利息支出增加。調整後的稅率為 60%，而去年同期為-22%。本年度稅率反映出某些本年度損失和費用帶來的較低收益，而上一年稅率則反映出重新確定某些未確認稅務狀況所帶來的稅務優惠。

Adjusted loss per share of $0.06 was $0.12 lower than prior year, reflecting lower adjusted operating income, higher interest expense, and unfavorable currency. GAAP loss per share of $0.75 improved $0.19 year over year and includes a charge to tax expense related to the establishment of $59 million in valuation allowances totaling $0.47 per share and after-tax financing-related charges associated with the recent debt offering of $14 million or $0.11 per share. The prior-year quarter included after-tax reinvention related charges of $100 million or $0.81 per share.

調整後每股虧損 0.06 美元，比前一年低 0.12 美元，反映出調整後營業收入下降、利息支出增加、貨幣不利。每股 0.75 美元的 GAAP 虧損較上年同期減少 0.19 美元，其中包括與設立 5,900 萬美元估值準備金相關的稅費，總計每股 0.47 美元，以及與近期發行 1,400 萬美元債務或每股 0.11 美元相關的稅後融資相關費用。去年同期包括 1 億美元或每股 0.81 美元的稅後重塑相關費用。

Let me now review segment results. We have updated our segment reporting to reflect changes in our organizational structure and strategic priorities following the successful acquisition of ITsavvy in November 2024.

現在讓我回顧一下細分結果。我們更新了分部報告，以反映 2024 年 11 月成功收購 ITsavvy 後組織結構和策略重點的變化。

Effective Q1 2025, we introduced a new operating segment, IT Solutions, to better reflect the contribution of IT Solutions to the long-term growth of Xerox. This new segment includes ITsavvy as well as IT-related products and services previously reported under the Print and Other segment. Our former XFS segment is now reported within Print and Other.

自 2025 年第一季起，我們引進了一個新的營運部門——IT 解決方案，以更好地反映 IT 解決方案對施樂長期成長的貢獻。這一新部門包括 ITsavvy 以及先前在印刷和其他部門下報告的 IT 相關產品和服務。我們以前的 XFS 部分現在在“印刷”和“其他”部分中報告。

Starting with Print and Other results, Q1 equipment sales of $284 million declined 2.1% in actual currency and 0.7% in constant currency. A reduction in backlog in the current period offset the effects of reinvention-related actions, resulting in a normalized or core equipment decline of around 1%, an improvement in trajectory over the prior year's core mid-single-digit pace of the client and better than what we believe is the underlying rate of decline in the industry.

從印刷和其他結果開始，第一季設備銷售額為 2.84 億美元，以實際貨幣計算下降 2.1%，以固定貨幣計算下降 0.7%。本期積壓訂單的減少抵消了與重塑相關行動的影響，導致正常化或核心設備下降約 1%，這一軌跡比客戶上一年核心中等個位數的增長速度有所改善，並且好於我們認為的行業潛在下降率。

For the third consecutive quarter, total equipment installations grew at a double-digit pace and exceeded equipment revenue declines. Entry installations grew about 33%, reflecting our efforts to gain share in the A4 category. Entry installations outpaced revenue growth due to a higher mix of low-end products and sales through indirect channels.

連續第三個季度，設備安裝總量以兩位數的速度成長，並且超過了設備收入的降幅。入門級安裝量增加了約 33%，這反映了我們為在 A4 類別中爭取份額所做的努力。由於低階產品和間接通路銷售的比例較高，入門級安裝量的成長超過了收入的成長。

Mid-range installations and constant currency equipment revenue, both grew mid-single digits, aided by the global launch of our PrimeLink C9200 series. As a reminder, improved entry and mid-range installations will support post sale trends in future periods.

由於我們 PrimeLink C9200 系列的全球發布，中檔安裝和恆定貨幣設備收入均實現了中等個位數成長。提醒一下，改進的入門級和中檔安裝將支援未來時期的售後趨勢。

High-end equipment installations and revenue both declined year over year reflecting the ongoing evolution of our production print portfolio and high-end offer simplification actions taken last year. Print post sale revenue of around $1 billion declined 11.2% in actual currency and 9.2% in constant currency.

高階設備安裝量和收入均較去年同期下降，反映了我們生產印刷產品組合的不斷發展以及去年採取的高端產品簡化措施。印刷售後收入約 10 億美元，以實際貨幣計算下降 11.2%，以固定貨幣計算下降 9.2%。

Excluding the effects of reinvention actions, core print posted sale revenue declined around 5% in constant currency, reflecting lower supplies and page volumes offset by growth in digital services. Print segment adjusted gross margin of 31.4% declined 140 basis points year over year, due to higher product costs, lower print volumes and finance receivable related fees and the impact of tariffs, partially offset by reinvention savings. Print segment margin of 3.2% declined 90 basis points due to lower revenue and gross profit, partially offset by reinvention savings.

排除重塑行動的影響，核心印刷品公佈銷售收入按固定匯率計算下降了約 5%，這反映了供應量和頁數的下降被數位服務的成長所抵消。印刷部門調整後毛利率為 31.4%，年減 140 個基點，原因是產品成本上升、印刷量下降、財務應收款相關費用以及關稅的影響，但被重塑節省的部分抵消。印刷部門利潤率為 3.2%，下降了 90 個基點，原因是收入和毛利下降，但被重塑節省的部分抵消。

Turning to IT Solutions. In Q1, IT Solutions revenue and gross profit increased more than 100% year over year reflecting the inclusion of ITsavvy in segment results. Pro forma for the acquisition of ITsavvy, IT Solutions gross billings, a useful metric for understanding the volume of our business activity, and a metric used internally to manage performance increased slightly year over year. The increase in pro forma gross billing reflects growth in infrastructure and networking products and associated advanced solutions offset by lower end points, reflecting the timing of large deals in the prior year.

轉向 IT 解決方案。第一季度，IT 解決方案收入和毛利年增超過 100%，這反映了 ITsavvy 被納入分部業績。收購 ITsavvy 的備考數據、IT 解決方案總營業額、了解我們業務活動量的有用指標以及內部用於管理績效的指標同比略有增加。總帳單的增加反映了基礎設施和網路產品以及相關先進解決方案的成長被較低終端點所抵消，反映了上一年大額交易的時機。

Despite an increasingly uncertain operating environment and elevated client caution observed at the end of the quarter, IT Solutions order activity in Q1 was strong. Pro forma gross bookings, a measure of signing activity, increased 30% year over year, with particular strength in infrastructure and networking, endpoints and advanced solutions.

儘管本季末觀察到經營環境越來越不確定且客戶謹慎程度上升，但第一季的 IT 解決方案訂單活動依然強勁。衡量簽約活動的預測總預訂量年增 30%，基礎設施和網路、端點和先進解決方案方面尤其強勁。

Total IT Solutions pipeline since the date of the acquisition increased 26%, reflecting the same trends. An important contributor of expected growth for the IT Solutions business is the ability to grow IT Solutions penetration of Xerox existing print client base, which is currently low single digits. Early cross-sales traction is encouraging.

自收購日起，IT 解決方案總量增加了 26%，反映了相同的趨勢。IT 解決方案業務預期成長的一個重要貢獻因素是能夠提高 IT 解決方案在施樂現有印刷客戶群中的滲透率，目前比例僅為個位數。早期的交叉銷售表現令人鼓舞。

In the first quarter, IT Solutions added more than 20 deals to its pipeline, sourced from existing print clients with a total signing value of over $20 million. IT Solutions profit grew $18 million and gross margin of 17.1% expanded 280 basis points year over year due primarily to the inclusion of ITsavvy which has a higher gross margin profile than the legacy IT Solutions business.

第一季度，IT Solutions 新增了 20 多筆交易，這些交易均來自現有印刷客戶，總簽約價值超過 2,000 萬美元。解決方案利潤成長了 1,800 萬美元，毛利率為 17.1%，比去年同期擴大了 280 個基點，這主要歸功於 ITsavvy 的加入，其毛利率高於傳統的 IT 解決方案業務。

Segment profit grew $6 million year over year due to the inclusion of ITsavvy. As Steve noted, the vast majority of run rate synergies expected from ITsavvy acquisition have been implemented. Accordingly, we expect IT Solutions segment profitability to expand throughout the remainder of the year.

由於 ITsavvy 的加入，該部門利潤同比增長 600 萬美元。正如史蒂夫所指出的，ITsavvy 收購預期產生的絕大多數運行率綜效已經實現。因此，我們預計 IT 解決方案部門的獲利能力將在今年剩餘時間內擴大。

Let's now review cash flow. Operating cash flow was a use of $89 million, $10 million higher than the prior-year quarter due to lower adjusted net income, partially offset by lower incentive compensation payments. Lower proceeds from finance receivables were largely offset by improvements in working capital.

現在讓我們回顧一下現金流。營運現金流為 8,900 萬美元，比去年同期高出 1,000 萬美元，原因是調整後的淨收入較低，但被激勵薪酬支付的減少部分抵銷。融資應收款收益的減少在很大程度上被營運資本的改善所抵銷。

Investing activity was a [source] of cash of $6 million compared to a use of cash of $17 million in the prior year, due primarily to higher proceeds from the sale of assets. Free cash flow was a use of $109 million compared to a use of $89 million in the prior year, reflecting the changes in operating cash flow previously noted and slightly higher capital expenditures.

投資活動產生的現金為 600 萬美元，而前一年的現金使用量為 1,700 萬美元，主要歸因於出售資產所得收益增加。自由現金流使用量為 1.09 億美元，而上年為 8,900 萬美元，反映了先前提到的經營現金流的變化以及略高的資本支出。

Q1 typically marks a seasonal loan free cash flow generation for Xerox. So it is not uncommon for free cash flow to be negative in the first quarter of the year. We expect seasonal improvements in operating income, continued working capital discipline and additional proceeds from finance receivables to deliver positive free cash flow in quarters two through four, with quarter four being our seasonally strongest quarter of free cash flow generation.

第一季通常標誌著施樂公司季節性貸款自由現金流的產生。因此，第一季自由現金流為負的情況並不少見。我們預計，營業收入的季節性改善、持續的營運資本紀律以及應收融資款的額外收益將在第二季至第四季帶來正的自由現金流，其中第四季是我們季節性自由現金流產生最強勁的季度。

Importantly, in Q1, free cash flow, excluding the benefits of finance receivables, improved more than $60 million year-over-year, reflecting working capital discipline, partially offset by the items previously mentioned. Financing activity consumed $159 million this quarter, reflecting $104 million of net debt repayments, dividends of $39 million and $16 million of other financing cash outflows.

重要的是，第一季度，不包括應收融資款收益的自由現金流同比增長了 6000 多萬美元，這反映了營運資本紀律，但被前面提到的項目部分抵消了。本季融資活動消​​耗了 1.59 億美元，其中包括 1.04 億美元的淨債務償還、3,900 萬美元的股息和 1,600 萬美元的其他融資現金流出。

Moving to capital structure. We ended Q1 with $390 million of cash, cash equivalents, and restricted cash. Total debt of $3.3 billion declined around $100 million from Q4 levels due to the repayment of secured debt. Around $1.7 billion of the remaining $3.3 billion of outstanding debt supports our finance assets with remaining core debt of $1.6 billion related to the non-financing business.

轉向資本結構。我們第一季結束時擁有 3.9 億美元的現金、現金等價物和受限現金。由於償還擔保債務，總債務為 33 億美元，較第四季水準下降了約 1 億美元。剩餘 33 億美元未償還債務中約有 17 億美元用於支持我們的金融資產，剩餘 16 億美元核心債務與非融資業務有關。

As Steve noted, we recently raised $800 million of debt to repay $95 million of our Term Loan B and the remaining portion of our 2025 notes due in August as well as fund a portion of the Lexmark purchase price. Following the repayment of the 2025 notes due in August and the prepayment of our term loan, we only have around $200 million of debt coming due until August 2028.

正如史蒂夫所說，我們最近籌集了 8 億美元的債務，以償還 9,500 萬美元的定期貸款 B 和 8 月到期的 2025 年票據的剩餘部分，並為 Lexmark 收購價格的一部分提供資金。在償還 8 月到期的 2025 年票據和提前償還定期貸款後，到 2028 年 8 月，我們僅剩約 2 億美元的債務到期。

I'll now provide an update on reinvention savings. During the first quarter, we implemented initiatives with an expected $50 million of incremental gross cost savings, increasing the amount of expected gross cost savings from actions currently in place to around $225 million, the full amount of which is expected to be realized by the end of 2026, in addition to a portion of the $175 million of savings from actions not yet implemented. We continue to expect more than $100 million of gross cost savings in 2025 and are regularly adding to our reinvention savings pipeline of more than $700 million.

我現在將提供有關重塑節省的最新資訊。在第一季度，我們實施了預期增量總成本節約 5000 萬美元的舉措，使當前實施的行動預計的總成本節約金額增加到約 2.25 億美元，預計全部金額將在 2026 年底實現，此外還有尚未實施的行動節省的 1.75 億美元中的一部分。我們預計 2025 年的總成本節省將超過 1 億美元，並且我們將繼續定期將超過 7 億美元的重塑成本節省計劃擴充到新的水平。

Finally, I will address guidance. Given the evolving and fluid nature of proposed tariff policies and the uncertain impact of future policy outcomes on macroeconomic conditions, we have not adjusted our full-year outlook. As such, our guidance excludes the potential adverse effects of tariffs and any associated impact on the economy. Guidance also excludes any impact from the pending acquisition of Lexmark.

最後，我將討論指導。鑑於擬議關稅政策的不斷變化和流動性，以及未來政策結果對宏觀經濟狀況的不確定影響，我們沒有調整全年展望。因此，我們的指導不包括關稅的潛在不利影響及其對經濟的任何相關影響。該指引也排除了即將進行的利盟收購所帶來的任何影響。

We see no discernible effect on demand from prevailing concerns about the economy or the initial implementation of tariff-related price increases. Therefore, we expect minimal tariff or macro-related impacts to our financial results in Q2.

我們認為，普遍存在的對經濟的擔憂或與關稅相關的價格上漲的初步實施不會對需求產生明顯的影響。因此，我們預期關稅或宏觀相關因素對第二季財務表現的影響將很小。

In the second quarter, we currently expect a revenue decline in constant currency, consistent with that of the first quarter due in large part to the mix of IT Solutions products and services expected to be built in Q2. Adjusted operating margin is expected to be between 4% and 4.5% lower than the prior-year quarter to account for the phasing of tariff-related price increases relative to costs incurred and the timing of reinvention savings.

在第二季度，我們目前預計收入將以固定匯率計算下降，與第一季的下降趨勢一致，這在很大程度上是由於預計將在第二季度建立的 IT 解決方案產品和服務組合。調整後的營業利潤率預計將比去年同期低 4% 至 4.5%，以考慮到與發生的成本相關的關稅相關價格上漲的階段性以及重塑節省的時間。

For purposes of modeling adjusted earnings per share in quarter two, we expect similar adjusted tax rate to that realized in Q1 due to lower allowed deductions of certain expenses but no change in our cash taxes. In the second quarter, non-finance and interest expense net is expected to be slightly higher quarter over quarter.

為了對第二季的每股調整收益進行建模，我們預計調整後的稅率與第一季的調整後稅率相似，因為某些費用的允許扣除額較低，但我們的現金稅沒有變動。第二季度，非金融及利息支出淨額預計將較上季略高。

It is important to remember our business is naturally hedged to short-term fluctuations in demand, as more than 60% of Xerox revenues are derived from long-term contracts. and our suite of productivity solutions are designed to provide clients with IT-related cost savings. Further, free cash flow tends to fluctuate less than adjusted operating income due to our ability to improve working capital and increase proceeds from finance receivables independently of operating results. We will provide updated 2025 guidance, including a more refined view of tariff-related impacts on full-year results following the transaction close.

重要的是要記住，我們的業務自然會受到短期需求波動的影響，因為施樂公司 60% 以上的收入來自長期合約。我們的生產力解決方案套件旨在為客戶提供與 IT 相關的成本節約。此外，由於我們有能力改善營運資本並增加融資應收帳款收益（與經營績效無關），因此自由現金流的波動往往小於調整後的經營收入。我們將提供更新的 2025 年指導，包括對交易結束後關稅相關對全年業績的影響的更細緻的觀察。

To recap, a fluid tariff and trade policy environment has resulted in an increased level of near-term operating uncertainty, particularly as it relates to product costs and the potential impact of higher product and services prices on demand. We are working actively with supplier partners to minimize tariff-related cost increases and will monitor client sentiment and demand in response to price increases and surcharges used to mitigate the potential financial impact of tariffs. We will manage through this period of uncertainty, leveraging the improved operating flexibility, predictability, and cost efficiencies afforded by our reinvention strategy.

總而言之，不穩定的關稅和貿易政策環境導致近期營運不確定性增加，特別是與產品成本以及更高的產品和服務價格對需求的潛在影響有關。我們正在積極與供應商合作夥伴合作，盡量減少與關稅相關的成本增加，並將監控客戶情緒和需求，以應對價格上漲和附加費，以減輕關稅的潛在財務影響。我們將利用重塑策略帶來的更好的營運彈性、可預測性和成本效率來度過這段不確定的時期。

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

我們現在開通問答熱線。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Ananda Baruah, Loop Capital.

阿南達·巴魯阿（Ananda Baruah），Loop Capital。

Hey, guys. Yeah. Good morning, Appreciate the questions and all the helpful context, by the way. That was -- that's really -- that covers a lot upfront.

嘿，大家好。是的。早上好，順便說一句，感謝您的提問和所有有用的信息。這確實涵蓋了許多前期內容。

So let me just start with this. You're not seeing any discernible impact from macro yet. Are you getting -- I guess, sort of conversationally what is some of the communications and messaging that both your sort of large corporate customers you guys deal with directly are conveying to you and then whether the VAR is telling you about SMB right now? Some of the underlying context, and then I have a quick follow-up. .

那我就從這個開始吧。您尚未看到宏觀方面任何明顯的影響。您是否了解到—我想，從對話的角度來說，您直接打交道的大型企業客戶向您傳達了一些什麼樣的溝通和訊息，而增值轉播商 (VAR) 是否正在向您透露有關中小企業 (SMB) 的訊息？一些基本背景，然後我進行快速跟進。。

Sure. It's John. I'll kick it off, and I'm sure Steve will add some commentary as well as we spent a lot of time with our teams in the field and in front of our clients. It's a volatile environment. People are monitoring and looking at everything.

當然。是約翰。我將開始討論，我相信史蒂夫也會發表一些評論，因為我們與我們的團隊在現場和客戶面前花了很多時間。這是一個動盪的環境。人們正在監視和觀察一切。

You are correct. We have not seen and did not see real impact in Q1 other than kind of the tail off that Mirlanda mentioned with the fentanyl tariffs, before our price increases and so forth went out to mitigate them. Everyone is expecting similar type issues and everyone is in a similar boat.

你是對的。除了米蘭達提到的芬太尼關稅的下降（在我們採取提價等措施來緩解這些影響之前）之外，我們在第一季沒有看到任何真正的影響。每個人都預料到會有類似的問題，每個人都處於類似的情況。

I would say that it was more of an acute focus on some of the SMBs and others, if they were dependent on previously, I'd say, a month or so ago, DOGE and its related potential constant areas. If they were funded through government and other government-related areas, that has died down quite a bit from where it was.

我想說的是，如果它們之前依賴 DOGE 及其相關的潛在恆定區域，那麼我更關注的是一些 SMB 和其他公司，我想說，大約一個月前。如果它們的資金來自政府和其他政府相關領域的資助，那麼資助的數量已經比以前少了很多。

We just saw people wondering, am I going to be funded for certain upgrades and so forth and a little bit trepidation as to holding back as to whether or not they could move forward. But we've seen that begin to ease off a bit. It could heat up again, obviously, as these things are fluid and change.

我們只是看到人們在想，我是否會獲得資金用於某些升級等等，並且有點擔心他們是否能夠繼續前進。但我們已經看到這種情況開始有所緩解。顯然，由於這些事物是流動的、變化的，所以它可能會再次升溫。

But that's kind of run the gamut. And it's been very consistent between the reaction in SMB as well as in enterprise. There's not been a discernible difference.

但那有點太複雜了。中小企業和大型企業的反應非常一致。並沒有發現明顯的差異。

And I'll add a couple of things on the macro trends, right? As you think about just endpoints and PCs and the overall Windows 11 upgrade and AI PCs, there's going to be a lot of spend in driving and refreshing those endpoints for security reasons, for productivity reasons. We're seeing more input in the infrastructure inside of data centers that allow for the driving of AI implementation as customers are really trying to drive productivity.

我還會補充一些有關宏觀趨勢的內容，對嗎？當您考慮端點和 PC 以及整體 Windows 11 升級和 AI PC 時，出於安全原因和生產力原因，需要花費大量資金來驅動和更新這些端點。我們看到資料中心內部基礎設施的投入越來越多，這些投入可以推動人工智慧的實施，因為客戶確實在努力提高生產力。

So we will see spending where it drives productivity and drives overall bottom-line performance as well as we'll see spending in areas where customers have to upgrade because of end of life or because of next-generation Microsoft or next-generation endpoint devices.

因此，我們將看到在推動生產力和整體底線績效方面的支出，以及在客戶因使用壽命終止或下一代微軟或下一代端點設備而必須升級的領域的支出。

Yeah. And just one point to make here is what we've seen, Ananda, is, yes, there are some delays, and that's what we meant when we said the softening. But we have not seen cancellations as a result of what we are experiencing in the market right now.

是的。這裡要指出的一點是，阿南達，我們看到的是，是的，存在一些延遲，這就是我們所說的軟化的意思。但就目前市場情況而言，我們尚未看到訂單取消的情況。

Got it. That's all really great context. I appreciate that. I guess my quick follow-up, it sounds like -- the ITsavvy high-level metrics sounds really positive. Any, I guess, underlying context you can share about things that you did or that occurred as you continue to integrate ITsavvy into the broader corporate processes would be helpful.

知道了。這真是太棒了。我很感激。我想我的快速跟進聽起來像是——ITsavvy 的高級指標聽起來確實很積極。我想，當您繼續將 ITsavvy 融入更廣泛的企業流程時，如果您能分享您所做的事情或發生的事情的基本背景，那將會很有幫助。

Yeah, Ananda. We're very encouraged. And we talked a little bit about this; the total TAM or the wallet share that we can go acquire by bringing ITsavvy's products and services into the existing account base that we have.

是的，阿南達。我們非常受鼓舞。我們對此進行了一些討論；透過將 ITsavvy 的產品和服務引入我們現有的客戶群，我們可以獲得的總 TAM 或錢包份額。

Just to give you a data point, if we penetrate literally just 5% of our existing accounts today with ITsavvy and IT Solutions, we can double that business literally. That's the type of opportunity we have in front of us.

只給你一個數據點，如果我們今天透過 ITsavvy 和 IT 解決方案滲透到現有帳戶的 5%，那麼我們的業務量就能翻倍。這就是我們面前的機會。

We saw really good encouraging signs. We talked about the pipeline build in Q1. We talked about the bookings in Q1. But more importantly, we're seeing the adoption of the conversations across our entire print sales team now having the conversations with our clients around what ITsavvy can bring, what IT Solutions can bring in the future.

我們看到了確實令人鼓舞的好跡象。我們討論了第一季的管道建設。我們討論了第一季的預訂情況。但更重要的是，我們看到整個印刷銷售團隊正在與客戶討論 ITsavvy 可以帶來什麼，IT 解決方案在未來可以帶來什麼。

So we're excited about that penetration. We've got a big opportunity out there in terms of expanding our wallet share in existing accounts. By the way, we're seeing it on the other side as well, where we have ITsavvy having their clients now adopting and driving print initiatives. So clearly, the cross-sell is going to work. We got a long way to go to get full penetration, but the opportunity is very exciting. We're starting to see early shoots of that.

因此，我們對這種滲透感到非常興奮。在擴大現有帳戶的錢包份額方面，我們有很大的機會。順便說一句，我們也看到了另一方面的情況，ITsavvy 的客戶現在正在採用和推動印刷計劃。顯然，交叉銷售將會有效。要實現全面滲透，我們還有很長的路要走，但機會非常令人興奮。我們開始看到它的早期苗頭。

I will also indicate, during an integration, you normally see a slowdown and a pause of sales. We're actually seeing the opposite. We're seeing an acceleration of pipeline, and we're seeing acceleration of bookings. So we're very excited about what's going on right now.

我還要指出的是，在整合期間，你通常會看到銷售放緩和暫停。但實際上我們看到的卻恰恰相反。我們看到通路建設正在加速，預訂量也加速成長。所以我們對現在發生的事情感到非常興奮。

And I'll add the color to that as to why. We talked about this previously. We did a reverse in this business. We acquired an outstanding team. The Chief Revenue Officer, the Chief Financial Officer, the CEO of the company, the Head of Sales, the entire team has been incredibly effective, and we put our business into their business and we've seen great collaboration between, as Steve pointed out, our print sales force and theirs. So other than coming together, they've done a tremendous job and exceeded expectations with regard to the speed in which not only they executed the beginning parts of their synergy plans to control cost, but how collaboratively everyone is working to develop the pipeline.

我將對此進行詳細說明。我們之前討論過這個問題。我們在這個業務上做了逆轉。我們擁有一支優秀的團隊。首席營收長、財務長、公司執行長、銷售主管，整個團隊都非常高效，我們將我們的業務融入到他們的業務中，正如史蒂夫指出的那樣，我們看到了我們的印刷銷售團隊和他們的銷售團隊之間的良好合作。因此，除了齊心協力之外，他們還做了大量工作，不僅在執行協同計劃的初始​​部分以控製成本的速度方面超出了預期，而且每個人在開發管道方面也都通力合作。

Look, let's face it; print is not the sexiest thing to sell all the time to a CIO, as Steve pointed out many times over. We've been able to change the conversation and dialogue and really strengthen our digital services discussions, our print and document processing discussions, and now IT Solutions. So there's more relevance in the discussions, and there's excitement in the field to bring these teams together. And I'm very pleased with the alignment and the execution under that team in the reverse and the way we described it, it's working as planned.

瞧，讓我們面對現實吧；正如史蒂夫多次指出的那樣，印刷品並不是向 CIO 推銷的最有吸引力的東西。我們已經能夠改變對話和對話，並真正加強我們的數位服務討論、印刷和文件處理討論以及現在的 IT 解決方案。因此，討論更加有意義，並且現場也熱衷於將這些團隊聚集在一起。我對團隊的協調和執行感到非常滿意，正如我們所描述的，一切都按計劃進行。

Yeah. Now remember, we did a study when we talked about -- before we were going to get into this business, we went and we called all our existing clients' propensity to buy Xerox IT Solutions. Overwhelmingly, they said they trusted us, right? And we're seeing that play out. They trust us in this environment, and they like what we're bringing to them as offerings going forward.

是的。現在請記住，我們在進入這個行業之前做了一項研究，我們去調查了所有現有客戶購買施樂 IT 解決方案的傾向。他們絕大多數都表示信任我們，對嗎？我們正在見證這一幕的發生。他們信任我們在這個環境中的表現，並且喜歡我們未來為他們提供的產品。

Eric Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林。

Hey, good morning, guys. Thank you for taking my questions. Maybe the first one for you, Mirlanda. I was just -- I understand you haven't necessarily seen an impact to demand, and the tariff situation remains fluid. I'm just curious the thought process behind maintaining full-year guidance as we sit here today.

嘿，大家早安。感謝您回答我的問題。米蘭達，這對你來說可能是第一個。我只是——我知道你不一定看到需求受到影響，而且關稅情況仍然不穩定。我只是好奇我們今天坐在這裡維持全年指導背後的想法過程。

Just -- I think there's a perception that growth is slowing. I understand you have long-term contracts. But at the same time, you noted $50 million net of potential tariff costs that are not included in your guidance. And so just kind of given how your stock has performed, why not set the bar lower rather than potentially incur, what I would call, negative estimate revisions in the event or if policy doesn't change and/or demand slows? And then I have a follow-up, please. Thank you.

只是——我認為人們認為成長正在放緩。我知道你們有長期合約。但同時，您指出扣除潛在關稅成本後的 5,000 萬美元並未包含在您的預期中。因此，考慮到你的股票表現如何，為什麼不把標準設得低一些，而不是在政策沒有改變和/或需求放緩的情況下可能產生我所說的負面估計修正？然後我還有一個後續問題，請回答。謝謝。

Erik, thank you for the question. So our thoughts around guidance is that, as we mentioned, tariffs are not enacted; they're not final. They could change tomorrow. Our goal is to deliver and push for what we have put for ourselves to deliver for the year.

艾瑞克，謝謝你的提問。因此，我們對指導的想法是，正如我們所提到的，關稅尚未頒布；它們不是最終的。他們明天就可能改變。我們的目標是完成並努力實現我們今年所設定的目標。

So we maintained the guidance until the tariffs are final. We gave the impact, right? So the investors have an idea as to what that would be. We felt that a change in the guidance now, while tariffs are so fluid, it wasn't very helpful for the investors and also for us to keep ourselves accountable and be able to deliver what we have planned for 2025 and beyond.

因此，我們維持這項指導方針，直到關稅最終確定。我們產生了影響，對嗎？因此投資者對於那將會是什麼有一個想法。我們認為，現在的指導方針發生變化，而關稅卻如此不穩定，這對投資者以及我們保持責任感並實現 2025 年及以後的計劃都沒有多大幫助。

Okay. I appreciate that. And then my follow-up -- and it could be for Steve, John or you, Mirlanda -- I appreciate the new disclosures on IT Solutions. As we just think about the margin rates that we see for that business right now, realizing that you can gain benefits of scale, realizing that you should be able to -- perhaps your synergies, as you've mentioned, how do I think -- if I look one, two, three years out for this business, how do I think about the gross and operating margin rates for your IT Solutions business? Where can they go to as you sit here today and think about the initiatives and growth opportunities you have in place? Thanks so much.

好的。我很感激。然後我的後續問題——可能是針對史蒂夫、約翰或你，米蘭達——我很欣賞有關 IT 解決方案的新披露。當我們考慮目前該業務的利潤率時，意識到您可以獲得規模效益，意識到您應該能夠 - 也許是您的協同效應，正如您所提到的，我如何看待 - 如果我展望該業務一、二、三年後的情況，我如何看待您的 IT 解決方案業務的毛利率和營業利潤率？當您今天坐在這裡思考您所採取的舉措和發展機會時，他們可以去哪裡？非常感謝。

Yeah. Thank you, Erik. A couple of things there. We look at how do we drive productivity, and we can get to double-digit operating profit in that space, right, while it's got lower margins, it's got lower SG&A and lower cost. And so we're trying to drive that growth in that business and get to double-digit operating profit.

是的。謝謝你，埃里克。那裡有幾件事。我們研究如何提高生產力，我們可以在該領域實現兩位數的營業利潤，對吧，雖然利潤率較低，但銷售、一般及行政費用較低，成本也較低。因此，我們正努力推動該業務的成長並實現兩位數的營業利潤。

It has a lower SG&A. Remember, we'll be able to take that entire portfolio, run it through both our partner channel and our existing sales channel. So we'll be able to hold our SG&A flat as we go drive the revenue on that business.

它的銷售、一般及行政費用 (SG&A) 較低。請記住，我們將能夠利用整個產品組合，透過我們的合作夥伴管道和現有的銷售管道來運作它。因此，我們將能夠在推動該業務收入的同時保持銷售、一般及行政費用平穩。

And we've discussed this in previous calls. This is a business that you're absolutely correct, from a gross margin perspective, doesn't have the same type of ambition as we've had. But from an operating profit, it does because it's mix of services. And the company that we acquired, it's not a reseller; it's more a value-added reseller.

我們在之前的電話會議中討論過這個問題。您說得完全正確，從毛利率的角度來看，這項業務並不像我們一樣有雄心壯志。但從營業利潤來看，它確實如此，因為它是多種服務的組合。我們收購的公司並不是經銷商，更像是加值經銷商。

Endpoints although -- they're able to position and sell endpoints more profitably than Xerox has, which is part of the reverse part of this and deal with the full life cycle of those endpoints, including reclamation. They've been able to get good gross margins competitive with print in a commodity business in that space that runs aligned with the industry. And then on top of that, all the additional cloud-based services and all the trajectory that Microsoft AI-enabled PCs and security and all of that type of stuff, that has very healthy operating margins associated with the flow-through. And that's where the mix within that business is positive as well as the overall mix shift of IT Solutions to print.

儘管是端點——他們能夠比施樂公司更有利可圖地定位和銷售端點，這是相反的一部分，並處理這些端點的整個生命週期，包括回收。他們已經能夠獲得良好的毛利率，在與行業同步發展的商品業務領域中，與印刷業競爭。除此之外，所有額外的基於雲端的服務以及微軟支援人工智慧的 PC 和安全性等所有這類東西的發展軌跡，都與流通相關的非常健康的營業利潤率有關。這就是該業務內部組合的積極之處，也是 IT 解決方案轉向印刷業務整體組合的地方。

Erik, as said on margins from Q1 data, just you look at our growth in entry in A4, right, that has lower margins on the product sales. But as you look at future quarters, we pulled through supplies, which has higher margins, right? And that's a very strategic tactical thing for us to go grow that entry, which you saw a 33% growth in our entry, very strategic for us, and that will have higher margins in the future as we pull through supply [sales].

艾瑞克，正如第一季數據的利潤率所示，只要看一下我們 A4 產品的銷售成長情況，就會發現該產品的銷售利潤率較低。但展望未來幾個季度，我們會透過供應來提高利潤率，對嗎？這對我們來說是一個非常具有戰略意義的戰術舉措，去擴大我們的產品線，你可以看到我們的產品線增長了 33%，這對我們來說非常具有戰略意義，而且隨著我們透過供應來提高利潤率，未來利潤率也會更高。[銷售量]。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Hi, good morning and thanks for taking my question. I guess for the first one, if I can ask on post sales and I'm looking at the Q1 performance there, where in constant currency, the decline was about 9%. And I know you don't really break out the impact of non-strategic revenue and other reinvention items to post sales specifically. But just looking directionally, it looks like a mid-single-digit decline at least.

大家好，早安，感謝您回答我的問題。我想先問一下售後情況，我正在看第一季的業績，以固定匯率計算，降幅約 9%。我知道您並沒有真正具體列出非策略性收入和其他重塑項目對銷售後的影響。但僅從方向上看，它至少看起來像是一個中等個位數的下降。

Maybe if you can talk about the drivers there in terms of what are you seeing in terms of the -- what's driving the decline on the -- an organic basis in that post-sale revenue, where do you expect to exit the year, and in relation to sort of stabilization trends, what you're seeing on that post-sale revenue, particularly given that you have (multiple speakers)

也許您可以談談其中的驅動因素，例如您認為導致售後收入有機下降的原因是什麼，您預計今年年底會是什麼樣子，以及相對於某種穩定趨勢，您認為售後收入會如何，特別是考慮到您已經（多位發言者）

You're 100% correct. Yeah. The decline in core print sale revenue does reflect lower supplies managed print volumes. And most of that has to do with just the number of machines because that is all derived by per page, number of pages printed number of machines in field. And as, of course, we normalize and rationalize that part of it out through the reinvention, that's exactly correct is what you saw is the 9.2% constant currency, 11.2% in actual currency.

你完全正確。是的。核心印刷銷售收入的下降確實反映了耗材管理印刷量的下降。其中大部分與機器數量有關，因為這一切都是根據每頁列印的頁數和現場機器數量得出的。當然，我們透過重塑將這部分內容正常化和合理化，這是完全正確的，您所看到的是 9.2％ 的恆定貨幣，11.2％ 的實際貨幣。

Though we expect that corporate post-sale trend to improve, they're going to improve following a lot of the extended period of installation growth that we've had. Steve just pointed out entry, mid, supplies typically lag about six to nine months and then the services mid follows after that. So that will stabilize and continue to improve.

儘管我們預計企業售後趨勢會有所改善，但隨著我們經歷了較長時間的安裝成長，這種趨勢將會有所改善。史蒂夫剛剛指出，進入中期，供應通常會滯後六到九個月，然後服務中期會隨之而來。這樣情況就會穩定下來並持續改善。

Yeah. And Samik, in relation to just Print and Other segment as it relates to post sale there and revenue. You asked about the one-off items. If you were to exclude the backlog reinvention and intentional reduction of non-strategic revenue that we took in 2024, that impact would be about 4% decline.

是的。Samik 只涉及印刷和其他部分，因為它與售後和收入有關。您詢問的是一次性物品。如果排除我們在 2024 年進行的積壓重塑和有意減少的非策略性收入，其影響將是下降約 4%。

So constant currency, 7.6%, excluding the impact, 4% decline. The trajectory is expected to improve and John mentioned all the reasons around supplies, around the installation base that has been growing double digit in the last three quarters and post sales usually follow six to nine months after those installations.

因此，以固定匯率計算，下降 7.6%，除去這些影響，下降 4%。預計發展軌跡將會改善，約翰提到了有關供應、安裝基數（過去三個季度一直以兩位數增長）以及售後服務通常在安裝後六到九個月內進行的所有原因。

Got it. And quickly for my follow-up, you mentioned in the prepared remarks that free cash flow is more resilient than the operating profit performance. And you mentioned sort of the -- sort of pulled the lever on finance receivables.

知道了。我要快速跟進一下，您在準備好的評論中提到，自由現金流比營業利潤表現更具彈性。您提到了某種程度上——某種程度上拉動了金融應收帳款的槓桿。

Can you just outline in terms of maintaining the free cash flow guide for the year? What are you seeing in terms of core cash flow from the business relative to what are the incremental changes you've been making on the finance receivables that's enabling to maintain the free cash flow guide? .

您能否簡單概述一下維持今年自由現金流指南的情況？就業務核心現金流而言，您看到了什麼，相對於您對財務應收款所做的增量變化，這些變化使得能夠維持自由現金流指南？。

Yeah. So as it relates to guidance, right, we maintained the outlook for -- and we're not including impacts of tariffs there -- but as it relates to the cash flow for 2025, when we guided, we said our free cash flow will be between $350 million and $400 million, and that would be lower than the prior year. And the reasons why that's lower is related to a reduction of finance receivable forward for NFS in 2025, which will be offset by improved adjusted operating income and working capital. We still expect those to be the same in 2025.

是的。因此，就指導而言，我們維持了預期——我們沒有將關稅的影響納入其中——但就 2025 年的現金流而言，當我們進行指導時，我們表示我們的自由現金流將在 3.5 億美元至 4 億美元之間，這將低於上一年。而較低的原因與 2025 年 NFS 遠期應收融資減少有關，但調整後的營業收入和營運資本的改善將抵銷此減少。我們仍然預計 2025 年的情況仍將如此。

Now beyond 2025, from a trend perspective, we expect our free cash flow to approach historical ranges of about 40% of adjusted operating income. And as that operating income improves and working capital headwinds and reinvention abate, you'll see those results improving as it relates to the free cash flow.

現在，從趨勢角度來看，2025 年以後，我們預期我們的自由現金流將接近調整後營業收入約 40% 的歷史範圍。隨著營業收入的提高以及營運資本阻力和重塑的減弱，您會看到與自由現金流相關的結果有所改善。

Lexmark acquisition, just wanted to put it out there and bring it to everybody's top of the inbox is expected to be accretive immediately as it relates to free cash flow with accretion of the 200 million of synergies that are realized within a two-year period.

收購利盟，只是想把它公之於眾，並把它帶到每個人的收件匣頂部，預計會立即產生增值效應，因為它與自由現金流有關，並在兩年內實現 2 億的協同效應。

Okay. Maybe if I can just sneak in a quick clarification here. So in terms of the finance receivables and the benefit from that to free cash flow, that's largely unchanged relative to your prior expectation for 2025?

好的。也許我可以在這裡偷偷地快速澄清一下。那麼，就財務應收款及其對自由現金流的益處而言，與您先前對 2025 年的預期相比，情況基本上沒有變化嗎？

That's correct. That's correct. The Q1 -- we start in Q1. It's slightly lower than expected, but full year, we expect to have the same benefit from finance receivables in 2025.

沒錯。沒錯。Q1－我們從 Q1 開始。這個數字略低於預期，但就全年而言，我們預計 2025 年應收融資款的收益將與去年相同。

Thank you. I would now like to turn the call back over to Steve Bandrowczak for any closing remarks.

謝謝。現在我想將電話轉回給史蒂夫·班德羅扎克 (Steve Bandrowczak)，請他做最後發言。

Recapping today's call, improved execution and cumulative benefits of reinvention actions taken to date drove stabilization in revenue and a double-digit reduction in operating expense for the quarter. Overall, revenue mix continues to improve, led by growth in A4 equipment and IT Solutions.

回顧今天的電話會議，迄今為止採取的重塑行動的執行力增強和累積效益推動了本季收入的穩定和營運費用的兩位數下降。整體而言，收入結構持續改善，主要由 A4 設備和 IT 解決方案的成長帶動。

As we progress through the remainder of the year, we will continue to focus on what we can control and adapt as needed to changes in tariff policies. The pending acquisition of Lexmark is expected to further strengthen the momentum we currently see in operating results and contribute to our target of sustainable growth in revenue and adjusted operating income and free cash flow.

隨著今年剩餘時間的推進，我們將繼續關注我們能夠控制的領域，並根據需要適應關稅政策的變化。即將進行的利盟收購預計將進一步增強我們目前在經營業績中看到的勢頭，並有助於實現我們收入、調整後營業收入和自由現金流的可持續成長目標。

I thank everybody for joining today's earnings call.

感謝大家參加今天的收益電話會議。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。