全錄公司 (XRX) 2025 Q2 法說會逐字稿

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

歡迎參加施樂控股公司2025年第二季財報電話會議。 （操作說明）

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

此時，我謹將會議交給副總裁兼投資人關係主管大衛‧貝克爾先生。

Good morning, everyone. I'm David Beckel, Vice President and Head of Investor Relations at Xerox Holdings Corporation. Welcome to the Xerox Holdings Corporation, second 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. At the request of Xerox Holdings Corporation today's conference call is being recorded.

各位早安。我是施樂控股公司副總裁兼投資人關係主管大衛‧貝克爾。歡迎參加施樂控股公司2025年第二季財報電話會議，本次會議由執行長史蒂夫·班德羅扎克主持。與他一同出席的還有總裁兼營運長約翰·布魯諾和財務長米蘭達·格卡伊。應施樂控股公司的要求，本次電話會議將進行錄音。

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 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.

未經施樂公司明確許可，禁止本次電話會議進行任何其他形式的錄音和/或轉播。在本次電話會議中，施樂公司高層將參考可在www.xerox.com/investor網站上查閱的投影片，並發表包含前瞻性陳述的評論。這些前瞻性陳述本質上涉及未來且具有不確定性的事項。實際的未來財務表現可能與本文所述內容有重大差異。

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

現在，我想把會議交給班德羅札克先生。

Good morning, and thank you for joining our Q2 2025 earnings conference call. The closing of the Lexmark acquisition in early July marked an important milestone in Xerox's reinvention. With this transaction, we unite two industry leaders with complementary sets of operations, offering strengths and market reach. Xerox and the Lexmark offering will be combined and optimized to enhance client value, providing the foundation from which we can expand the penetration of our IT solutions and digital services businesses as we help our clients navigate the increasingly digital nature of document workflows and processes.

早安，感謝您參加我們2025年第二季財報電話會議。 7月初完成Lexmark的收購，標誌著施樂轉型歷程中的重要里程碑。透過此次交易，我們將兩家業務互補的行業領導者強強聯合，從而增強彼此的優勢和市場覆蓋範圍。施樂和Lexmark的產品和服務將進行整合和優化，以提升客戶價值，並以此為基礎，拓展我們的IT解決方案和數位服務業務，幫助客戶應對日益數位化的文件工作流程和流程。

I'd like to commend both the Xerox and Lexmark teams who this quarter navigated a challenging operating environment while preparing for an accelerated transaction close and integration timeline. Summarizing results for the quarter, revenue of around $1.58 billion was roughly flat with the prior year in actual currency and declined 1.1% in constant currency, inclusive of ITsavvy.

我要表揚施樂和利盟的團隊，他們在本季克服了充滿挑戰的營運環境，同時也為加速完成交易和整合做好了準備。本季業績總結如下：以實際匯率計算，營收約15.8億美元，與上年同期基本持平；以固定匯率計算（包括ITsavvy的營收），營收下降1.1%。

Adjusted operating income margin of 3.7% was lower year over year by 170 basis points. Free cash flow was a use of cash of $30 million reflecting in part a delay in the sale of large portfolio of finance receivables. An adjusted loss per share of $0.64 declined $0.93 year over year due in large part to an unfavorable tax rate. This quarter demonstrated the improved resiliency of revenue and adjusted operating income afforded by our reinvention.

經調整後的營業利益率為3.7%，較去年同期下降170個基點。自由現金流為3000萬美元，部分原因是因為出售大量應收帳款組合的延遲。調整後的每股虧損為0.64美元，較去年同期減少0.93美元，主要原因是稅率不利。本季業績表明，我們透過業務轉型，提高了收入和經調整後的營業利潤的韌性。

Specifically, the benefits of a more favorable mix of revenue from faster growing businesses and a more flexible and simplified operating structure. In the second quarter, strong demand for cloud enablement services at our IT solutions segment helped offset a brief period of softer demand for print equipment in April and May amid peak doge and tariff-driven uncertainty.

具體而言，成長更快的業務帶來的收入組成更加合理，營運結構也更加靈活簡化，這些都帶來了許多好處。第二季度，IT解決方案部門對雲端服務的強勁需求，有效抵消了4月和5月因道格幣尖峰和關稅不確定性導致的列印設備需求短暫疲軟的影響。

And our relentless focus on cost discipline helped preserve adjusting operating income, offsetting the effects of lower than expected sales of print equipment and higher tariff costs. The improved resiliency demonstrated in Q2 provides an affirmation of our strategic direction, the benefits which are expected to be further enhanced through the acquisition of Lexmark.

我們對成本控制的持續關注，幫助維持了調整後營業收入，抵消了列印設備銷售低於預期和關稅上漲的影響。第二季展現出的更強韌性，印證了我們策略方向的正確性，而收購 Lexmark 預計將進一步提升這些優勢。

Our strategic focus this year in anticipation of the close of Lexmark acquisition has been the continued execution of reinvention, ensuring the full realization of benefits from the ITsavvy and Lexmark acquisition, and preserving balance sheet strength. I'll provide a brief update on this quarter's progress in each of these areas.

今年，為迎接 Lexmark 收購的完成，我們的策略重點是持續推動業務轉型，確保充分實現 ITsavvy 和 Lexmark 收購帶來的各項效益，並維持穩健的資產負債表。我將簡要報告本季在這些領域的進展。

Starting with the execution of reinvention. In the second quarter, we advanced a number of reinvention initiatives aimed at optimizing our commercial offering and simplifying operations, each of which will provide benefits well beyond the Lexmark integration. This quarter we expanded our inside sales program to cover new territories and product lines, further enabling our direct sales force to concentrate on larger client opportunities.

首先，我們著手進行業務重塑。第二季度，我們推進了一系列旨在優化商業產品和服務、簡化營運的重塑舉措，這些舉措帶來的益處將遠遠超出與 Lexmark 的整合。本季度，我們拓展了內部銷售計劃，涵蓋了新的地區和產品線，使我們的直銷團隊能夠更加專注於更大的客戶機會。

We also reduce the time it takes to process orders at our XPS business unit by four days, improving both time to revenue and client satisfaction. In IT solutions, we continue to build momentum in the cross sale of advanced IT offerings in Xerox print client base, an important contributor to this segment's recent strength. An ongoing operational simplification efforts leveraging technology-driven efficiencies enabled another double-digit percentage reduction in adjusted organic operating expenses.

我們也將XPS業務部門的訂單處理時間縮短了四天，從而提高了收入實現速度和客戶滿意度。在IT解決方案方面，我們持續加強向施樂印製客戶群交叉銷售先進IT產品的勢頭，這是該業務板塊近期表現強勁的重要因素。持續推進的營運簡化工作，以及利用技術驅動的效率提升，使得調整後的有機營運費用再次實現了兩位數的百分比降幅。

We will continue advancing reinvention initiatives currently in flight and those planned for the future as we progress the phasing of our reinvention to now include the integration of Lexmark. John will describe the evolution of our reinvention strategy to incorporate the Lexmark integration in more detail.

我們將繼續推進目前正在進行的和未來計劃中的各項重塑舉措，並逐步完成重塑計劃的調整，最終將整合 Lexmark。 John 將更詳細地介紹我們重塑策略的演變過程，包括如何整合 Lexmark。

Moving to acquisition benefits, the integration of ITsavvy is largely complete, and we are ahead of schedule in the realization of the planned strategic and financial benefits associated with that acquisition. The IT solutions team has embraced the spirit of reinvention and continuous improvement to find operating synergies beyond those originally contemplated.

就收購帶來的益處而言，ITsavvy 的整合工作已基本完成，我們在實現與此次收購相關的既定策略和財務效益方面也提前完成了目標。 IT 解決方案團隊秉持著創新和持續改善的精神，在最初設想的基礎上，挖掘出了更多營運綜效。

As an example, Xerox IT Solutions has consolidated the purchase of Xerox Corporation's IT assets, which were previously handled by an external partners. The insourcing of Xerox IT spend reduces the cost of Xerox Corporation's IT products and results in improved status with and higher rebates from IT Solutions OEM partners.

例如，施樂IT解決方案公司整合了施樂公司IT資產的採購，這些資產先前由外部合作夥伴管理。施樂IT支出內部化降低了施樂公司IT產品的成本，並提升了與IT解決方案OEM合作夥伴的關係，從而獲得了更高的回饋。

Moving to Lexmark, the integration of Lexmark is progressing well, aided by the addition of two seasoned Lexmark leaders to the Xerox executive Committee, Billy Spears, who will lead product development, manufacturing, and supply chain for the combined business, and Chuck Butler, who will run the combined Global Business Service organization. Detailed integration planning work had been conducted prior to the acquisition close and is now firmly in the execution phase.

萊克斯馬克（Lexmark）的整合進展順利，這得益於兩位經驗豐富的萊克斯馬克領導人加入施樂執行委員會：比利·斯皮爾斯（Billy Spears）將負責合併後業務的產品開發、製造和供應鏈，查克·巴特勒（Chuck Butler）將負責合併後的全球業務服務部門。詳細的整合規劃工作在收購完成前就已經完成，目前正穩定地推動執行階段。

As we have progressed this work, our confidence in realizing synergies has increased. Accordingly, we now expect cost synergies associated with the Lexmark acquisition to total more than $250 million from our original estimate of more than $200 million, all of which remains realizable within the next two years.

隨著這項工作的推進，我們對實現綜效的信心日益增強。因此，我們現在預計，與收購 Lexmark 相關的成本綜效總額將超過 2.5 億美元，高於我們最初估計的 2 億美元以上，所有這些協同效應都將在未來兩年內實現。

Finally, balance sheet strength. The Lexmark acquisition was funded primarily with debt, but results in lower gross debt leverage ratio after accounting for the nearly $300 million of Lexmark's acquired EBITDA. With the Lexmark acquisition now complete, our top capital allocation priority is the repayment of debt. Following the implementation of cost synergies which require an upfront cash investment, we expect improved free cash flow from core operations and more than $600 million of proceeds expected from the reduction of finance receivables between now and the end of 2027 to be deployed to repay debt.

最後，我們來談談資產負債表的穩健性。收購 Lexmark 主要透過債務融資，但在計入 Lexmark 近 3 億美元的 EBITDA 後，總債務槓桿率降低。隨著 Lexmark 收購的完成，我們目前的首要資本配置目標是償還債務。在實施成本協同效應（需要前期現金投資）後，我們預計核心業務的自由現金流將有所改善，並且預計到 2027 年底，透過減少應收帳款獲得的超過 6 億美元的收益將用於償還債務。

This year we reduced our dividend to place even greater focus on the repayment of debt. We will revaluate our dividend policies as Xerox's gross debt leverage ratio approaches our medium term target of 3 times trailing 12 months EBITDA.

今年我們降低了股息，以便更專注於償還債務。隨著施樂公司總負債槓桿比率接近我們設定的中期目標（即過去12個月EBITDA的3倍），我們將重新評估股利政策。

Before I hand the call to John, I'd like to put the Lexmark acquisition in context of our broader reinvention strategy and comment on the improved competitive profile of the combined Xerox and Lexmark businesses. In 2023 we implemented our reinvention strategy to ensure we are operationally and strategically best positioned to continuously address the evolving workplace needs of our clients. This required reducing or exiting activities and businesses that are not central to our legacy business or development of higher growth, value add adjacency such as IT solutions and digital services.

在將電話交給約翰之前，我想先談談收購利盟在我們更廣泛的重塑戰略背景下的意義，並談談合併後的施樂和利盟業務在競爭優勢方面取得的提升。 2023年，我們實施了重塑策略，以確保我們在營運和策略上都能處於最佳位置，並持續滿足客戶不斷變化的辦公室需求。這需要我們縮減或退出那些並非我們傳統業務核心或與高成長、高附加價值業務（例如IT解決方案和數位服務）相關的業務活動。

Last year, we simplified our business model to enable closer alignment between our businesses and evolving needs of our economic buyer of our workplace solutions. We also established the Global Business Service Organization or GBS to centralize key processes and drive continuous operating efficiencies throughout our reinvention and beyond.

去年，我們簡化了業務模式，以使我們的業務與辦公室解決方案的經濟買家不斷變化的需求更加緊密地結合起來。我們也成立了全球業務服務組織（GBS），以集中管理關鍵流程，並在我們轉型升級及未來發展過程中持續提升營運效率。

Greater strategic focus and a leaner more simplified business model freed up the resources and managerial bandwidth to execute and successfully integrate two transformative acquisitions that will contribute to our reinvention goals of revenue stabilization and a return to double-digit adjusted operating income margins. ITsavvy, which enhances our IT solutions offering and Lexmark, which will strengthen and diversify our print business.

更明確的策略重點和更精簡的業務模式釋放了資源和管理能力，使我們能夠成功執行並整合兩項變革性收購，從而助力我們實現收入穩定和調整後營業利潤率恢復到兩位數的目標。這兩項收購分別是：ITsavvy（增強了我們的IT解決方案產品）和Lexmark（加強並多元化了我們的印刷業務）。

The Lexmark acquisition enhances Xerox's position as the leading provider of services led software enabled hybrid workplace solutions. It creates a larger vertically integrated leader in print and managed print services. And Xerox's portfolio evaluated higher growth adjacencies in IT solutions and digital services provides an important point of competitive differentiation relative to our peers.

收購 Lexmark 進一步鞏固了 Xerox 作為領先的以服務為主導的軟體賦能混合辦公室解決方案提供商的地位。此次收購打造了規模更大、垂直整合程度更高的列印和列印管理服務領導者。此外，Xerox 在 IT 解決方案和數位服務領域經評估具有更高成長潛力的業務組合，也為其相對於同業提供了重要的競爭優勢。

Combined on a pro forma basis, Xerox generated $8.6 billion of revenue and more than $870 million of EBITDA in 2024. Around two-third of the revenue comes from recurring sources, and more than 10% of the revenue comes from a faster growing IT solutions and digital services businesses. Xerox is now a top 3 player in each major print category within its current market, with close to 50% of the print revenue generated from sales and services associated with A4 devices.

以備考基準計算，施樂公司2024年營收達86億美元，EBITDA超過8.7億美元。約三分之二的營收來自經常性收入，超過10%的營收來自快速成長的IT解決方案和數位服務業務。施樂目前在其現有市場的主要印刷類別中均位列前三，近50%的印刷收入來自A4設備的銷售和服務。

A4 is one of the most strategically advantaged parts of the print ecosystem as clients look to refresh their print fleets with smaller, more technology advanced machines. Reinvention is not complete, but the assets and operating model are now firmly in place to achieve our reinvention goals.

隨著客戶尋求以更小巧、技術更先進的設備更新其列印設備，A4 紙張已成為列印生態系統中最具戰略優勢的部分之一。轉型尚未完成，但實現轉型目標所需的資產和營運模式已穩固就位。

I will now hand over the call to John, who will provide additional context around the strategic advantages of the Lexmark acquisition and an update on reinvention and our near-term integration priorities.

現在我將把電話交給約翰，他將提供有關收購 Lexmark 的戰略優勢的更多背景信息，並介紹重塑計劃和我們近期整合重點的最新情況。

Thank you, Steve. We are very excited to have closed the Lexmark acquisition and are now in full execution mode with the integration of the two companies. Lexmark strengthens our print business by adding scale and exposure to faster growing parts of the market like A4 color. These advantages are expected to improve revenue and gross margin in print, as well as accelerate the growth of our IT and digital solutions businesses.

謝謝史蒂夫。我們非常高興完成了對利盟的收購，目前正全力推動兩家公司的整合。利盟的加入將透過擴大規模和拓展A4彩色印刷等快速成長的市場領域，增強我們的印刷業務實力。這些優勢可望提升印刷業務的收入和毛利率，並加速我們IT和數位化解決方案業務的成長。

I'll expand on four specific ways in which the Lexmark acquisition directly benefits our near-term financial outlook on slide 7. Starting with the print market share gains, we expect to leverage the top 3 position we now hold in all major print categories to expand our share of print-related spends with existing and new clients.

我將在第 7 張投影片中詳細闡述 Lexmark 收購如何直接惠及我們近期的財務前景的四個具體方面。首先是印刷市場份額的成長，我們希望利用目前在所有主要印刷類別中佔據的前三名地位，擴大我們在現有客戶和新客戶中與印刷相關的支出份額。

The overlap between Xerox and Lexmark clients and partners is relatively small, enabling the combined companies to sell a broader set of offerings into a larger combined client base, including the 43 Lexmark A4 product configurations that were not previously offered to Xerox clients and partners. We also expect our combined engineering teams to advance the pace of innovation of Lexmark's leading A4 and recently launched A3 platforms.

施樂和利盟的客戶及合作夥伴重疊部分相對較小，這使得合併後的公司能夠向更廣泛的客戶群提供更廣泛的產品和服務，包括此前施樂客戶及合作夥伴未曾獲得的43種利盟A4產品配置。我們也期望合併後的工程團隊能夠加快利盟領先的A4平台以及近期推出的A3平台的創新步伐。

A more diverse and competitive offering is expected to improve win rates, a view that is supported by the positive feedback and excitement we are hearing from clients in just a month since the transaction closed. Market expansion opportunities and prints are expected to contribute to an improved revenue trajectory. We will leverage Lexmark's distribution footprint in the Asia Pacific region to begin selling Xerox's A3 and high-end products, as well as our suite of software and services where until now we've had no presence. We expect to grow Lexmark's recently launched A3 OEM platform which addresses a $12 billion print market.

更多元化、更具競爭力的產品組合有望提升成交率，這一觀點也得到了交易完成後短短一個月內客戶積極回饋和熱情響應的支持。市場擴張機會和列印量的成長預計將有助於提升營收。我們將利用利盟在亞太地區的經銷網絡，開始銷售施樂的A3及高階產品，以及我們先前尚未涉足的全套軟體和服務。我們期望能夠拓展利盟近期推出的A3 OEM平台，該平檯面向價值120億美元的列印市場。

The Lexmark acquisition also enhances service expansion opportunities. Our print, IT, and digital service businesses address stable or growing markets and provide differentiation in a competitive environment. An early focus of our integration efforts will be the standardization and evolution of managed print services. Xerox and Lexmark combined serve approximately 25% of this $14 billion market.

收購 Lexmark 也增強了服務拓展的機會。我們的列印、IT 和數位服務業務面向穩定或成長的市場，並在競爭激烈的環境中脫穎而出。我們整合工作的早期重點將是託管列印服務的標準化和演進。 Xerox 和 Lexmark 合併後，約佔這個價值 140 億美元市場 25% 的份額。

We expect the sharing of best practices and an optimization of our respective service models to result in a combined managed print offering that is more attractive to clients and more profitable to operate. Beyond print, we'll accelerate our efforts to promote the cross sale of IT and digital solutions to the combined Xerox and Lexmark client bases. These markets in total are more than 10 times the size of the print market.

我們期望透過分享最佳實務並優化各自的服務模式，打造出更具客戶吸引力、營運成本更低的整合式託管列印服務。除了印刷業務之外，我們還將加快向施樂和利盟合併後的客戶群推廣IT和數位化解決方案的交叉銷售。這些市場的總規模是列印市場的十倍以上。

Cross sales of IT solutions to legacy Xerox clients even prior to the acquisition of Lexmark are running ahead of our initial expectations. Year-to-date, we have generated an IT product and services pipeline of close to $50 million from more than 80 traditional Xerox print clients. We've barely scratched the surface of this opportunity with IT solutions penetration of the Xerox print client base currently in the low single digit range.

即使在收購 Lexmark 之前，我們向 Xerox 原有客戶交叉銷售 IT 解決方案的表現也超出了預期。今年迄今為止，我們已從 80 多家 Xerox 傳統列印客戶處獲得了近 5,000 萬美元的 IT 產品和服務銷售機會。目前，IT 解決方案在 Xerox 列印客戶群中的滲透率僅為個位數，我們僅僅觸及了這項機會的冰山一角。

Lexmark adds around 15,000 print clients for our IT solution business to target. Most importantly, the Lexmark acquisitions provides us with an opportunity to improve profitability with more than $250 million of identified cost synergies realizable within two years. Many of the expected synergies will address print product costs, enabling improvement in gross margin, key among the opportunities of the adoption of the Lexmark A3 platform, which reduces our landed product cost for this important segment.

Lexmark 為我們的 IT 解決方案業務新增了約 15,000 家列印客戶。更重要的是，收購 Lexmark 為我們提供了一個提升獲利能力的機會，預計兩年內可實現超過 2.5 億美元的成本綜效。許多預期協同效應將用於降低列印產品成本，從而提高毛利率。在採用 Lexmark A3 平台帶來的許多機會中，毛利率的提升尤其關鍵，因為該平台能夠降低我們在這重要細分市場的到岸產品成本。

We also expect product cost improvements from the transition of Lexmark toner to Xerox technology, which is 30% more cost effective. The integration of Lexmark's more efficient controller technology into Xerox machines and the utilization of Lexmark's Mexico facility to optimize global tariff exposure. I'll now provide an update on reinvention and its role driving these cost energies to realization.

我們也預期，隨著 Lexmark 碳粉過渡到 Xerox 技術（成本效益提高 30%），產品成本也將得到改善。此外，Lexmark 更有效率的控制器技術將整合到 Xerox 機器中，而 Lexmark 墨西哥工廠的利用也將優化全球關稅風險。接下來，我將介紹技術革新及其在推動成本節約方面所扮演的角色。

With the Lexmark acquisition complete, our reinvention will begin to incorporate the strategic priorities of the combined businesses. The directives of our reinvention remain in place, and the guiding principles of operating simplification, commercial optimization, and growth will continue to influence our approach to the integration of Lexmark.

隨著對 Lexmark 的收購完成，我們的重組計畫將開始融入合併後業務的策略重點。重組的既定方針保持不變，營運簡化、商業優化和成長的指導原則將繼續影響我們對 Lexmark 的整合方式。

Operational simplification efforts will focus near term on combining our operating capabilities, including our respective global business service functions, consolidating corporate organizations, optimizing labor spend, and standardizing technology platforms. Commercial optimization and initiatives address the value proposition cost to serve of managed print services, the expansion and the diversification of Xerox's print portfolio, and the continued optimization of our regional and channel distribution presence.

近期，營運簡化工作將著重於整合我們的營運能力，包括各自的全球業務服務職能，精簡公司組織架構，優化勞動力支出，以及實現技術平台的標準化。商業優化和相關措施則著重於提升託管列印服務的價值主張和成本，拓展並豐富施樂的印刷產品組合，並持續優化我們的區域和通路分銷佈局。

Product expansion and diversification will be driven by the adoption of Lexmark's A3 technology and the addition of new high-end OEM partnerships such as the partnership with Kyocera announced today. This partnership provides Xerox with the ability to offer Kyocera's leading cut sheet inkjet products to our production print clients, strengthening our suite of production print products while wrapping Xerox's software and solutions around a more diverse production print ecosystem.

產品線的拓展和多元化將得益於對 Lexmark A3 技術的應用以及新增高端 OEM 合作夥伴關係，例如今天宣布的與京瓷的合作。此次合作使施樂能夠向我們的生產型列印客戶提供京瓷領先的單張紙噴墨產品，從而增強我們的生產型列印產品組合，同時將施樂的軟體和解決方案融入到更加多元化的生產型列印生態系統中。

As noted in the previous slide. Growth initiatives will focus on expanding Xerox's presence in higher growth print markets such as APAC, A4 color, and cut sheet inkjet, as well as the continued expansion of Xerox IT and digital solutions into our client base. The financial objectives of reinvention also remain the same, revenue stabilization and return to double digit adjusted operating income margin.

如前頁所述，成長計畫將著重於擴大施樂在亞太地區、A4彩色列印和單張噴墨列印等高成長列印市場的份額，以及持續向客戶群推廣施樂的IT和數位化解決方案。財務目標維持不變，即穩定收入並恢復兩位數的調整後營業利益率。

Revenue stabilization will be driven by an improved trajectory in print, supported by stronger print business post Lexmark and an improved mix of revenue from higher growth businesses. IT services and digital solutions today comprise more than 10% of revenue on a pro forma basis. Over time we expect these businesses to comprise more than 20% of our revenue. Revenue stabilization will in turn allow more savings to fall to the bottom line. We continue to expect more than $700 million of gross cost savings and profit opportunities associated with the reinvention strategy.

營收企穩將得益於印刷業務的改善，這主要得益於收購 Lexmark 後​​印刷業務的強勁成長以及高成長業務收入結構的優化。目前，IT 服務和數位化解決方案的收入佔比已超過 10%（以備考基準計算）。我們預計，隨著時間的推移，這些業務的收入佔比將超過 20%。營收企穩反過來將使更多成本節約轉化為利潤。我們仍然預期，透過重塑策略，將實現超過 7 億美元的毛成本節約和利潤成長。

When combined with more than $265 million of Lexmark and ITsavvy acquisition related synergies, we expect around $1 billion of savings and profit improvement opportunities to be realized through our reinvention by 2028, with around half or $500 million which have yet to be realized.

加上 Lexmark 和 ITsavvy 收購帶來的超過 2.65 億美元的協同效應，我們預計到 2028 年，透過我們的重組，將實現約 10 億美元的節約和利潤提昇機會，其中約一半（即 5 億美元）尚未實現。

Focusing now on Lexmark synergies. The more than $250 million of gross cost energies are wide ranging, covering our shared services and global support functions, service delivery, engineering, manufacturing, and other organizations. In 2025, we expect to implement synergies with run rate savings of $100 million to $125 million which will result in an in-year cash investment of about $50 million to $75 million. These initial synergies will be focused on the elimination of duplicative shared service overheads and technology spend.

現在我們將重點放在利盟的協同效應。超過2.5億美元的總成本節約涵蓋範圍廣泛，包括我們的共享服務和全球支援職能、服務交付、工程、製造以及其他部門。我們預計，到2025年，綜效將帶來1億至1.25億美元的年度成本節約，屆時將產生約5,000萬至7,500萬美元的現金投資。這些初期協同效應將著重於消除重複的共享服務管理費用和技術支出。

In 2026, the focus of synergies will turn to the optimization of our supply chain, R&D, and certain cost and purchasing advantages afforded by a larger operating scale. We expect that most of the run rate synergies will be implemented by the end of 2026. In 2027, we will realize the benefits of a consolidated real estate footprint and IT infrastructure and continue to optimize our managed print delivery structure.

2026年，綜效的重點將轉向優化供應鏈、研發，以及利用更大規模營運帶來的成本和採購優勢。我們預計大部分日常營運綜效將在2026年底前實現。 2027年，我們將充分利用整合後的房地產佈局和IT基礎設施，並繼續優化我們的託管列印交付結構。

To summarize, the reinvention through integration has begun. The next phase is expected to strengthen our print business and drive improvements of revenue from higher growth businesses leading to revenue stabilization and a higher flow through of roughly $500 million of identified cost savings and profit opportunities yet to be realized.

總而言之，透過整合實現的轉型已經啟動。下一階段預計將加強我們的印刷業務，並推動高成長業務的收入成長，從而實現收入穩定，並提高已確定的約5億美元成本節約和尚未實現的利潤機會的轉換率。

I'll now turn the call over to Mirlanda to discuss this quarter's financial results.

現在我將把電話交給米蘭達，讓她來討論本季的財務表現。

Thank you, John, and good morning, everyone. Revenue this quarter was roughly flat year over year in actual currency, or 1.1% lower in constant currency. Organic core revenue which excludes ITsavvy and the effects of currency and reinvention actions declined around 5% this quarter. This space of decline was larger than our expectations, reflecting softer print equipment demand in April and May amid peak doge and tariff-related uncertainty and to a lesser extent delays in the sales of OEM supplies due to recently implemented tariffs.

謝謝約翰，大家早安。本季營收以實際匯率計算與去年同期基本持平，以固定匯率計算則下降了1.1%。剔除ITsavvy業務以及匯率和業務重組措施的影響後，本季有機核心營收下降了約5%。這項降幅超出預期，反映出4月和5月受道格匯率高峰和關稅相關不確定性的影響，印表機設備需求疲軟，以及近期實施的關稅導致OEM耗材銷售延遲（程度較輕）。

Despite these unexpected headwinds, revenue was in line with our guidance due to stronger than expected results at our IT solution segment, which benefited from an acceleration in demand and momentum in the cross sale of IT solutions to Xerox sprint clients.

儘管面臨這些意想不到的不利因素，但由於我們的 IT 解決方案部門績效強於預期，收入仍符合我們的預期。該部門受益於需求的加速成長以及向 Xerox sprint 客戶交叉銷售 IT 解決方案的勢頭。

Turning to profitability, adjusted gross margin of 29.3% declined around 420 basis points year over year. Around 300 basis points of the decline reflected lower financing and other fees associated with the intentional reduction of our finance receivable portfolio and higher product costs. Around 100 basis points of the year over year decline was due to the inclusion of ITsavvy. Which has a lower gross margin but similar operating margin profile as a print business.

就獲利能力而言，調整後的毛利率為29.3%，較去年同期下降約420個基點。其中約300個基點的下降反映了由於我們有意減少應收帳款組合而導致的融資和其他費用減少，以及產品成本上升。約100個基點的同比下降是由於併入了ITsavvy，該公司毛利率較低，但作為一家印刷企業，其營業利潤率與公司相似。

And nearly 100 basis points would decline reflected tariff charges, net of price-related mitigation actions, and adverse currency impacts. These effects were partially offset by reinvention-related and other cost reductions.

扣除價格相關緩解措施及不利匯率影響後，反映在內的關稅費用將下降近100個基點。這些影響部分被重組相關的成本削減和其他成本削減所抵銷。

Adjusted operating margin of 3.7% with 170 basis points lower year over year, reflecting lower gross profit and to a lesser extent higher bed debt expense, partially upset by reinvention savings and other cost reduction efforts, as well as the inclusion of ITsavvy, which carries a lower operating expense base than our print business.

經調整後的營業利潤率為 3.7%，年減 170 個基點，反映毛利潤下降，以及床位債務支出增加（程度較輕），部分原因是重組節省的成本和其他成本削減措施，以及 ITsavvy 的併入，ITsavvy 的運營費用基數低於我們的印刷業務。

Adjusted operating income of $59 million was $4 million below the low end of our Q2 guidance range. A continued focus on cost control drove operating expenses $32 million lower year every year. Included in operating expenses in the second quarter were $9 million of reinvention and transaction-related costs and $14 million of ITsavvy operating expenses.

經調整後的營業收入為5,900萬美元，比我們第二季預期範圍的下限低400萬美元。持續的成本控制使營業支出較去年同期減少了3,200萬美元。第二季的營業支出包括900萬美元的重組和交易相關成本，以及1,400萬美元的IT服務營運支出。

Excluding these costs, operating expenses declined $55 million a reduction to our operating expense base of around 12% year over year. Adjusted other expenses net were $41 million and $11 million higher year over year, due primarily to higher net interest expense. Excluded from adjusted other expenses, this quarter was $12 million of net interest expense associated with debt financing that was contingent upon the completion of the Lexmark acquisition.

剔除這些成本後，營運費用減少了5,500萬美元，年減約12%。經調整的其他費用淨額為4,100萬美元，較去年同期增加1,100萬美元，主要原因是淨利息支出增加。本季剔除經調整的其他費用後，有1,200萬美元的淨利息支出與債務融資有關，該融資取決於Lexmark收購的完成情況。

Adjusted tax rate of 528% compared to 25.5% in the same quarter last year. The current year rate reflects an inability to deduct certain losses and expenses, including interest. We continue to assess the impact of the Lexmark acquisition and recent tax law changes on our effective tax rate for the remainder of the year. We expect the Lexmark acquisition and tax law changes to contribute favorably to adjusted operating income and adjusted tax rate in future periods.

調整後稅率為528%，去年同期為25.5%。本年度稅率較高是由於無法扣除某些損失和費用，包括利息支出。我們將繼續評估收購Lexmark以及近期稅法變更對本年度剩餘時間實際稅率的影響。我們預計，收購Lexmark以及稅法變更將在未來期間對調整後營業收入和調整後稅率產生正面影響。

Adjusted loss per share of $0.64 was $0.93 lower than the prior year, primarily due to a higher adjusted tax rate, as well as lower adjusted operating income and higher interest expenses. GAAP loss per share of $0.87 was $0.98 lower year over year. The increasing GAAP loss reflects the higher tax expense, lower operating income, higher net interest, and one-time costs associated with the Lexmark transaction in the current year and insurance proceeds related to illegal settlement in the prior year.

調整後的每股虧損為0.64美元，較上年減少0.93美元，主要原因是經調整後的稅率較高，以及經調整後的營業收入減少和利息支出增加。以美國通用會計準則（GAAP）計算的每股虧損為0.87美元，較前一年減少0.98美元。 GAAP虧損增加反映了本年度較高的稅項支出、較低的營業收入、較高的淨利息支出，以及與本年度Lexmark交易相關的一次性成本和上年度與非法和解相關的保險賠償金。

Let me now review segment results. Due to equipment sales of $336 million declined 5.6% to actual currency and 6.7% in constant currency. Excluding the effects of reinvention-related actions, equipment sales declined around 3% compared to a decline of around 1% in Q1. The sequential slowdown reflected a period of softer equipment demand in April and May, which was partially offset by a recovery and return to normalized demand conditions in June.

現在我來回顧一下各業務板塊的表現。設備銷售額為3.36億美元，以實際匯率計算下降5.6%，以固定匯率計算下降6.7%。剔除重組相關措施的影響，設備銷售額下降約3%，而第一季的降幅約為1%。環比放緩反映了4月和5月設備需求疲軟的情況，但6月份需求回升並恢復正常，部分抵消了這一影響。

Total equipment installation declined 12%, due in part to the aforementioned period of demand weakness in the beginning of quarter two and the effects of prior years for invention actions, including geographic and offering simplification. Entry installations declined 14%, driven in part by a prior year reduction and current year build in backlog for mono devices.

設備總安裝量下降了12%，部分原因是第二季初需求疲軟，以及前幾年專利保護措施（包括地理和產品簡化）的影響。入門級設備安裝量下降了14%，部分原因是前一年的減少以及本年度單晶片設備訂單積壓。

Mid-range installations declined 6% as continued strength in sales of the recently launched Prime lick 9,200 series was partially offset by slower demand for other products. Entry and mid-range equipment revenue declined at a slower pace than installations due to a stronger mix of color devices and the benefits of tariff-related price actions.

中階設備安裝量下降了6%，因為近期推出的Prime lick 9200系列銷售持續強勁，但部分被其他產品需求放緩所抵消。入門級和中階設備收入的下降速度低於安裝量，這得益於彩色設備的佔比提高以及關稅相關價格政策的好處。

High-end equipment installations and revenue both decline year over year, reflecting in part the ongoing evolution of our production print portfolio and high-end offering simplification actions taken last year. Print post-sale revenue of around $1 billion, declined 9.5% in actual currency, and 10.5% in constant currency. Excluding the effect of reinvention actions, print post-sale revenue declined around 6% in constant currency. The declining core print post-sale revenue reflects lower supplies and page volumes of set by growth in digital services.

高階設備安裝量和收入均較去年同期下降，部分原因是由於我們生產型印刷產品組合的持續演變以及去年採取的高端產品簡化措施。印刷售後營收約10億美元，以實際匯率計算下降9.5%，以固定匯率計算下降10.5%。剔除重組措施的影響，印刷售後收入以固定匯率計算下降約6%。核心印刷售後收入的下降反映了耗材需求和印刷頁數的減少，而這些需求和頁數的減少是由數位服務的成長所致。

Print segment adjusted gross margin of 31.2% declined 330 basis points year over year due to higher product costs, including tariff expenses, lower financing fees, lower managed print volumes, and unfavorable equipment channel mix and currency effects partially offset by reinvention savings and other cost reduction efforts. Print segment margin of 4.8% declined 240 basis points year over year due to lower revenue and gross profit, partially offset by reinvention savings and other cost controls.

印刷業務調整後毛利率為31.2%，較去年同期下降330個基點，主要原因是產品成本上升（包括關稅支出）、融資費用下降、託管印刷量減少以及不利的設備管道組合和匯率影響，但部分被業務重組和其他成本削減措施所抵消。印刷業務毛利率為4.8%，較去年同期下降240個基點，主要原因是營收和毛利下降，但部分被業務重組和其他成本控制措施所抵銷。

Turning to IT solutions results, in Q2, IT solutions revenue and gross profit increased more than 150% year over year, reflecting the inclusion of ITsavvy in segment results and strong organic growth from the legacy ITsavvy business. Pro forma for the acquisition of ITsavvy.

再來看IT解決方案業務的業績，第二季IT解決方案營收和毛利年增超過150%，這主要得益於將ITsavvy併入該業務板塊以及ITsavvy原有業務的強勁內生成長。以上業績已計入收購ITsavvy的影響。

IT solutions gross billings, a reflection of business activity, increased 8% year over year compared to an increase of 0.4% in Q1. The sequential improvements in billing growth reflects strong PC sale in part associated with the Windows 11 upgrade cycle and an acceleration in demand for infrastructure and networking products with particular strength in Microsoft cloud service provider implementations.

IT解決方案毛收入（反映業務活動）年增8%，高於第一季的0.4%。毛收入成長的環比改善反映了PC銷售的強勁勢頭（部分與Windows 11升級週期相關），以及對基礎設施和網路產品需求的加速成長，尤其是在微軟雲端服務供應商部署方面。

As Stephen John noted, we're seeing momentum in the cross sale of IT products and services to existing Xerox print clients, which helped contribute to another quarter of double-digit growth in gross bookings, a measure of forward billings. IT solutions gross profit grew $22 million year over year, and gross margin of 16.4% expanded 90 basis points compared to the prior year reflecting the inclusion of ITsavvy. Segment profit grew $9 million year over year due to the inclusion of ITsavvy. Segment profit now reflects the full run rate benefit of annualized synergies.

正如史蒂芬·約翰所指出的，我們看到向現有施樂印製客戶交叉銷售IT產品和服務的勢頭強勁，這助力毛訂單額（衡量未來賬單金額的指標）連續第二個季度實現兩位數增長。 IT解決方案毛利年增2,200萬美元，毛利率為16.4%，較上年同期成長90個基點，主要得益於ITsavvy的併入。由於ITsavvy的併入，該業務部門利潤年增900萬美元。目前，該業務部門利潤已充分反映了年度綜效帶來的收益。

Let's now review cash flow. Operating cash flow was the use of $11 million compared to a source of $123 million in the prior year quarter. The reduction in operating cash flow reflects lower pre-tax cash net income and lower proceeds from finance receivable, partially offset by ongoing improvements in working capital, lower restructuring payments, and lower cash taxes.

現在我們來看看現金流。經營活動產生的現金流為1,100萬美元，去年同期為1.23億美元。經營活動現金流的減少反映了稅前現金淨收入和融資應收款的減少，但部分被營運資本的持續改善、重組支出的減少以及現金稅款的減少所抵消。

Investing activity was the use of cash of $18 million compared to a use of $2 million in the prior year quarter due primarily to an increase in capital expenditures associated with the implementation of a new enterprise-wide technology platform and lower proceeds from the sale of assets. Financing activity resulted in a source of cash of more than $600 million compared to the use of cash in the per year of $336 million.

投資活動現金流出1800萬美元，而去年同期為200萬美元，主要原因是與實施新的企業級技術平台相關的資本支出增加，以及資產出售所得款項減少。融資活動現金流入超過6億美元，而去年同期現金流出為3.36億美元。

Current year financing activity included proceeds from the sale of first and second year notes partially offset by the early redemption of a portion of our 2025 notes, the prepayment of a portion of our term loan, and quarterly amortization of other secured debt. Prior year financing activity included the repayment of our 2024 senior unsecured notes and other secured debt payments.

本年度融資活動包括出售第一年和第二年期票據所得款項，部分被提前贖回部分2025年期票據、提前償還部分定期貸款以及其他擔保債務的季度攤銷所抵銷。上年度融資活動包括償還2024年期優先無擔保票據和其他擔保債務。

Free cash flow was the use of $30 million in the second quarter, $145 million lower year over year. The reduction in free cash flow reflects in part, fewer than expected proceeds from the sale of finance receivables due to a delay in the sale of roughly $100 million of European finance receivables not expected in quarter three.

第二季自由現金流3000萬美元，年減1.45億美元。自由現金流減少的部分原因是，由於原計劃在第三季完成的約1億美元歐洲應收帳款出售延遲，導致出售融資應收帳款所得款項低於預期。

In the second half of the year, we expect seasonal improvements in adjusted operating income, continued working capital discipline, and benefits from the reduction in finance receivables to drive positive free cash flow. As is typical, we anticipate quarter four to be our seasonally strongest quarter of free cash flow generation. However, as noted, free cash flow in quarter three is expected to benefit from a higher than normal level of finance receivable sales.

下半年，我們預計調整後營業收入的季節性改善、持續的營運資本控制以及應收帳款減少帶來的收益將推動自由現金流為正。通常情況下，我們預計第四季將是自由現金流季節性最強勁的季度。然而，如前所述，第三季的自由現金流預計將受益於高於正常水平的應收帳款銷售額。

Moving to capital structure, we ended Q2 with $985 million in cash equivalents and restricted cash, of which around $500 million reflects proceeds from the sale of second lean notes which were held in escrow to fund the Lexmark acquisition. Total debt of $3.9 billion at quarter end increased by more than $600 million from Q1 levels due primarily to financing activity associated with the Lexmark acquisition.

從資本結構來看，第二季末我們持有現金等價物和受限現金9.85億美元，其中約5億美元為出售第二期低息債券所得款項，這些債券先前存放在第三方託管帳戶中，用於收購Lexmark。季末總負債為39億美元，較第一季增加超過6億美元，主要原因是與收購Lexmark相關的融資活動。

Around $1.6 billion of the $3.9 billion of outstanding debt support our finance assets, resulting in core debt of $2.3 billion related to the non-financing business. Adjusted for the Lexmark acquisition, which closed on July 1, and repayment of the August 2025 unsecured notes, total debt was $4.3 billion, and total core debt, which excludes financing allocated debt was $2.7 billion.

在39億美元的未償債務中，約有16億美元用於支持我們的融資資產，因此與非融資業務相關的核心債務為23億美元。經調整後（已於7月1日完成對Lexmark的收購）以及償還2025年8月到期的無擔保票據，總債務為43億美元，而不包括融資相關債務的核心債務總額為27億美元。

The Lexmark acquisition increased total debt levels but resulted in a lower gross debt leverage ratio. On a pro forma basis, gross debt leverage is 5.4 times trailing 12 months EBITDA, more than a half turn lower than our Q1 leverage ratio, including the more than $250 million of expected synergies, gross debt leverage would be reduced further to 4.1 times trailing 12 months in EBITDA.

收購 Lexmark 導致總債務水準上升，但總債務槓桿率下降。以備考基準計算，總負債槓桿率為過去 12 個月 EBITDA 的 5.4 倍，比第一季槓桿率低半倍以上。若計入超過 2.5 億美元的預期綜效，總負債槓桿比率將進一步降至過去 12 個月 EBITDA 的 4.1 倍。

Our top capital allocation priority remains the reduction of debt, and we continue to target a gross debt leverage ratio of 3 times trailing 12 months EBITDA in the medium term. Finally, I will address fiscal year 2025 guidance, which now includes Lexmark's expected results beginning July 1. We expect revenue to grow 16% to 17% in constant currency, inclusive of around a $1 billion of Lexmark revenue.

我們資本配置的首要任務仍是降低債務，中期內我們仍將總債務槓桿目標設定為過去12個月EBITDA的3倍。最後，我將闡述2025財年的業績指引，其中現已包含Lexmark自7月1日起的預期業績。我們預計，以固定匯率計算，營收將成長16%至17%，其中包括Lexmark約10億美元的營收。

As noted, we experienced a recovery in equipment demand in June following a period of softer demand in April and May. While demand conditions are currently stable and expected to remain stable in the absence of further tariffs and trade-related disruption, our guidance for the second half of the year accounts for a degree of conservatism to reflect the volatile and unpredictable nature of tariffs and other government policies.

如前所述，繼4月和5月需求疲軟之後，6月份設備需求出現復甦。儘管目前需求狀況穩定，且在沒有進一步關稅和貿易相關幹擾的情況下預計也將保持穩定，但考慮到關稅和其他政府政策的波動性和不可預測性，我們對下半年的業績指引仍持謹慎態度。

For the full year, we expect an adjusted operating income margin of around 4.5%, inclusive of $100 million to $110 million of adjusted operating income from Lexmark. Lexmark's expected contribution excludes $10 million to $15 million of one-time inter-company gross profit eliminations. Relative to prior Xerox's only guidance, this updated guidance reflects $30 million to $35 million of tariff charges, net of mitigation efforts, a delay in the in-year realization of certain reinvention-related gross cost savings, and a more conservative outlook for full year equipment demand partially offset by a modest amount of Lexmark's energies.

我們預計全年調整後營業利潤率約為4.5%，其中包括Lexmark的1億至1.1億美元調整後營業收入。 Lexmark的預期貢獻不包括1000萬至1500萬美元的一次性公司間毛利抵銷。與施樂先前發布的唯一業績指引相比，此次更新後的指引反映了3000萬至3500萬美元的關稅支出（已扣除緩解措施）、部分與技術革新相關的毛成本節約實現延遲，以及對全年設備需求更為保守的預期，這些因素部分被Lexmark貢獻的少量能量所抵消。

As John noted, our target for reinvention related growth cost savings, and other profit improvement opportunities remains unchanged at more than $700 million. However, we expect to realize fewer reinvention related savings in 2025 than originally expected as we evaluate the pace and scope of certain reinvention initiatives relative to Lexmark integration priorities. Any delayed savings in 2025 are timing related and expected to directly benefit adjusted operating income in 2026 or 2027.

正如約翰所指出的，我們針對與業務重塑相關的成長成本節約以及其他利潤提升機會的目標仍維持在7億美元以上。然而，由於我們需要評估某些重塑計畫的進度和範圍與利盟整合優先事項之間的關係，我們預計2025年實現的與業務重塑相關的成本節約將低於預期。 2025年任何延遲實現的成本節約都與時間安排有關，預計將在2026年或2027年直接提升調整後的營業收入。

The high end of the $30 million to $35 million range of expected tariff expense net of mitigation efforts reflects tariff rates currently proposed to take effect August 1. The full year tariff impact is larger than previously communicated due to a brief period of 145% tariffs applied to goods sourced from China, a higher than expected increase in transition costs associated with product moved from China to Mexico. And a more deliberate rollout of price increases as we await final tariff rates. Assuming rates remain unchanged, we expect to recover the net impact of 2025 tariff expenses in 2026.

預計扣除減免措施後的關稅支出在3000萬美元至3500萬美元區間的高端反映了目前擬於8月1日生效的關稅稅率。由於對來自中國的商品短暫徵收145%的關稅，以及從中國向墨西哥轉移產品相關的過渡成本高於預期，加上在等待最終關稅稅率期間價格上漲的逐步實施，全年關稅影響比之前公佈的要大。假設稅率保持不變，我們預計在2026年收回2025年關稅支出的淨影響。

Finally, free cash flow is expected to be around $250 million. The roughly $125 million reduction in free cash flow relative to the midpoint of prior guidance reflects higher in-year cash tariff expenses and $50 million to $75 million of expected cash payments associated with an accelerated implementation of Lexmark synergies. These headwinds are offset by expected improvements in working capital and mild in-year free cash flow accretion from Lexmark net of incremental interest expense. We continue to aggressively manage working capital to improve the conversion of free cash flow from adjusted operating income.

最後，預計自由現金流約2.5億美元。與先前預期中位數相比，自由現金流減少了約1.25億美元，這反映了本年度現金關稅支出增加，以及與加速實施Lexmark協同效應相關的5000萬至7500萬美元的預期現金支出。這些不利因素將被預期營運資本的改善以及Lexmark帶來的扣除新增利息支出後的本年度自由現金流的溫和成長所抵銷。我們將繼續積極管理營運資本，以提高調整後營業收入轉化為自由現金流的效率。

Free cash flow associated with the Lexmark acquisition is expected to improve in future periods as run rate synergies outpace implementation costs. It is important to note that the expected free cash flow in 2025 will be impacted by certain one-time items that are not expected to recur in future years. Current year cash tariff outlays, net of mitigation efforts of $60 million to $65 million, are expected to be recouped over time through future price increases. Synergy implementation costs of $50 million to $75 million in 2025. Are expected to decline in 2026 and be reduced to less than $25 million in 2027 and this year we incurred a roughly $50 million one-time cash flow headwind associated with changes in inventory ownership terms with a large supplier partner.

預計與收購 Lexmark 相關的自由現金流將在未來幾個時期有所改善，因為協同效應的運行速度將超過實施成本。值得注意的是，2025 年的預期自由現金流將受到某些一次性項目的影響，這些項目預計不會在未來幾年再次發生。本年度的現金關稅支出（扣除 6,000 萬至 6,500 萬美元的緩解措施後）預計將透過未來的價格上漲逐步收回。 2025 年的綜效實施成本預計為 5,000 萬至 7,500 萬美元，預計將在 2026 年下降，並在 2027 年降至 2,500 萬美元以下。此外，今年我們因與一家大型供應商合作夥伴的庫存所有權條款變更而面臨約 5,000 萬美元的一次性現金流不利影響。

Excluding the impact of these items, excess pension payments, and the expected contribution of finance receivable proceeds, free cash flow conversion from adjusted operating income would approach Xerox's target range of 35% to 40% this year, a range that is expected to be further supported in future periods as adjusted operating income increases and interest expense decreases.

剔除這些項目、超額退休金支出以及預期融資應收款收益的影響，今年調整後的營業收入轉化為自由現金流的比例將接近施樂公司 35% 至 40% 的目標範圍，隨著調整後的營業收入增加和利息支出減少，預計未來幾個時期這一範圍將得到進一步支持。

For purposes of modeling results between quarters in the second half of 2025, we expect stronger than typical seasonal operating income generation in Q4 due to the consolidation of Lexmark, which has a heavier weighting of operating income in Q4 than the legacy Xerox business and the cumulative benefits of tariff mitigation, reinvention, and synergy savings, which are expected to be more heavily weighted to quarter four.

為了模擬 2025 年下半年各季度之間的業績，我們預計第四季度的營業收入將高於典型的季節性營業收入，這得益於 Lexmark 的合併，其第四季度的營業收入比傳統的 Xerox 業務佔比更高，以及關稅緩解、重組和協同效應節省的累積效益，這些效益預計在第四季度佔比更高。

Moving to 2026. To help model results for the combined companies, we are providing preliminary operating expectations for 2026. Starting with revenue, we expect the legacy Xerox print business to decline at roughly the pace of the broader printing market, which we assume to be low to mid single digits consistent with recent trends. This expectation reflects the ongoing benefits of various reinvention related sales productivity and service renewal initiatives, as well as market share growth opportunities afforded by the Lexmark acquisition offset by a degree of conservatism associated with future integration planning.

展望2026年。為了更好地預測合併後公司的業績，我們在此提供2026年的初步營運預期。首先來看收入，我們預期原施樂列印業務的下滑速度將與整體列印市場下滑速度大致持平，我們假設下滑幅度為個位數中低水平，與近期趨勢一致。這項預期反映了各項與業務重塑相關的銷售效率提升和服務更新措施帶來的持續效益，以及收購利盟帶來的市場份額增長機遇，但同時也受到未來整合規劃中一定程度的保守因素的影響。

Lexmark revenue is expected to be relatively flat year over year, resulting in another $950 million of revenue net of inter-company eliminations in 2026. And our IT and digital solution businesses are expected to grow faster than their respective markets as we continue to benefit from growth in the penetration of both types of services within the legacy Xerox print and now the Lexmark print client basis.

預計 Lexmark 的營收將與去年基本持平，2026 年扣除公司間抵銷後，淨收入將達到 9.5 億美元。隨著我們繼續受益於傳統 Xerox 列印業務和現在的 Lexmark 列印客戶群中這兩類服務滲透率的成長，我們的 IT 和數位解決方案業務預計將比各自的市場成長更快。

We expect significant year over year growth in adjusted operating income, resulting from the inclusion of Lexmark, synergy, realization, and further reinvention-related savings. Addressing items that contribute to adjusted operating income, we expect the full year consolidation of Lexmark to add around 50 basis points to 2025 to achieve gross margin in 2026, reflecting Lexmark's gross margin of around 35% excluded intercompany revenue. Adjusted operating income growth is expected to be further supported by at least $250 million of year over year cost reductions from acquisition synergies, reinvention savings, and ongoing cost discipline.

我們預計調整後營業收入將實現顯著的同比增長，這主要得益於收購 Lexmark、協同效應、收益實現以及進一步的重組相關成本節約。考慮到影響調整後營業收入的項目，我們預計 Lexmark 的全年合併將使 2025 年的毛利率提高約 50 個基點，從而在 2026 年實現毛利率目標，這反映了 Lexmark 剔除內部交易收入後約 35% 的毛利率。此外，預計至少 2.5 億美元的年度成本削減將進一步支撐調整後營業收入的成長，這些成本削減來自收購協同效應、重組成本節約以及持續的成本控制。

Moving below operating income, interest expense is expected to be around $300 million reflecting the additional debt used to finance the Lexmark acquisition offset by the pay down of more than $200 million of debt in 2026. Further, adjusted tax rate is expected to be around 35% as we benefit from improved adjusted operating income and recent changes in tax policy.

營業收入下方，利息支出預計約為3億美元，這主要反映了為收購Lexmark而增加的債務，但部分債務將在2026年償還，以抵消利息支出。此外，由於調整後營業收入的改善以及近期稅收政策的變化，調整後稅率預計約為35%。

Finally, Free cash flow. In 2026, we expect free cash flow to benefit from around $400 million of cash from the reduction of finance receivables and, as noted, better conversion of adjusted operating income to free cash flow, excluding finance receivable benefits.

最後，我們來看自由現金流。預計到2026年，自由現金流將受益於約4億美元的現金流，這些現金流來自應收帳款的減少；此外，如前所述，調整後的營業收入轉化為自由現金流（不包括應收帳款收益）的效率也將提高。

To conclude, I'm excited to welcome the Lexmark team to Xerox. Lexmark improves our competitive position in print and will be an important contributor to reinvention financial targets of revenue stabilization and double digit adjusted operating income margins.

最後，我非常高興地歡迎 Lexmark 團隊加入 Xerox。 Lexmark 的加入將提升我們在印刷領域的競爭力，並對我們實現營收穩定和兩位數調整後營業利潤率等財務目標做出重要貢獻。

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

現在我們將開放問答環節。

(Operator Instructions)

（操作說明）

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

I have probably three if I could. And thanks for all the great detail. I guess the first one is the June, so you mentioned June, July slowdown, you mentioned it stabilized, and I think you guys mentioned in the fair remarks that sort of, you mentioned those and tariffs, and so, was there just do related, was there a meaningful, sort of federal component. The softness that you guys had, and then I guess the the tear of comment.

如果可以的話，我大概會選三個。非常感謝您提供的所有細節。我想第一個問題應該是六月的情況，您提到了六七月的經濟放緩，也提到了經濟趨於穩定。我想你們在先前的發言中也提到了關稅，那麼，是否存在某種相關的因素，或者說是否存在某種實質的聯邦因素？你們提到的經濟疲軟，以及我接下來要說的那些評論。

That sort of speak to there was that there was broader, sort of pricing pressure you had mentioned tariffs were a little bit more onerous than you had anticipated, so do you think it was, sort of print specific pricing that caused it, or do you think your customers were just sort of like in wait and see mode generally speaking and not related to the pricing, thanks I co couple follow ups, thanks.

那種說法表明存在更廣泛的價格壓力，您提到關稅比您預期的要高一些，那麼您認為這是印刷品定價造成的，還是您的客戶普遍持觀望態度，與定價無關？謝謝，我還有幾個後續問題，謝謝。

That's all right, no problem, John, and now you're spot on the timing. I just want to be clear, it was May, June. And well she's actually April, May, with the June recovery, my apologies, and you're correct in your last component. You have a lot of these environments led and fed that are dependent upon funding, right. And so all of those do and dose related issues just cause and pause. Nothing has come out as a cancellation. We've seen no cancellations in the pipeline, just a delay.

沒關係，約翰，沒問題，你說的時機很準。我只是想澄清一下，之前是五月、六月。哦，不對，應該是四月、五月，六月恢復，抱歉，你最後一點說得對。很多項目都依賴資金，對吧？所以所有這些與資金相關的問題都會導致暫停。目前還沒有任何項目取消。我們沒有看到任何取消，只是延期了。

And the tariff piece for -- and the tariff piece for sure, but the tariff piece is not as much as the cost flow through in those particular months, as it is an impact of people making decisions as they look at landed costs and the type we had done the same. You can imagine we did the same when we didn't understand what the destination and the source was on the tariff related products, we had to hold and make some decisions before we let things get shipped to us because we had no idea what we were applying to that actual cost basis.

關稅因素當然很重要，但關稅因素的影響遠不及特定月份的成本轉嫁，因為它會影響人們在考慮到岸成本時所做的決策，而我們也曾經遇到過類似的情況。您可以想像，當我們不了解與關稅相關的產品的目的地和來源地時，我們也遇到了同樣的問題。我們不得不暫停發貨，並在發貨前做出一些決定，因為我們根本不知道實際成本基礎應該如何計算。

So we wanted to hold until we started getting clarity. And that has been consistent throughout the industry. We've seen and heard that with consistency, that's not unique to us. But those types of things is what gives you the softness in that kind of April, May time frame. That's why we saw such a stronger June recovery against both of those related issues.

所以我們希望等到情況明朗後再入場。這種情況在整個行業都很普遍。我們看到也聽過類似的說法，這並非我們獨有。正是這些因素導致四、五月市場疲軟。也因為如此，我們看到六月市場反彈強勁，擺脫了上述兩個相關問題的困擾。

Appreciate that. And then, this is more of a clarification, ITsavvy related, on the IT solution segment results slides. The ITsavvy impact of 154%, constant currency growth. Is that against the total revenue growth and that, I guess is that to say, John, that that the entirety of the growth was ITsavvy related? I'm just trying to fight.

非常感謝。另外，我想就IT解決方案板塊的業績報告幻燈片做一些澄清，特別是關於ITsavvy業務的。 ITsavvy業務帶來的154%的成長率（以固定匯率計算）是怎麼樣的？這是不是意味著，約翰，所有成長都來自ITsavvy業務？我只是想弄清楚。

I'm trying to understand the question you. Are you saying because I mean we had very significant gross billings growing year over year in that space. So the answer question, yes. The IT, the core ITsavvy piece of it, or the, again, as well as the legacy part of our business combined is what combines to give you that growth. So we saw a strong gross bookings increase and strong gross billings increase against that. Yeah, and that is against the revenue.

我正在努力理解你的問題。你是說，因為我們在該領域的毛收入年增率非常顯著。所以答案是肯定的。 IT，尤其是核心的IT技術部分，以及我們業務的傳統部分，共同促成了這種成長。因此，我們看到毛訂單量和毛收入都實現了強勁成長。是的，這是相對於收入而言的。

Yeah, that's correct. And then our, the 150% growth that you see there, it's purely driven to ITsavvy. We do not give guidance for the full IT solutions segment. But if you were just to look at the legacy IT solution revenue declined 3%. So the 150% growth came off from ITsavvy, including our results in Q2 2025.

是的，沒錯。您看到的150%的成長完全是由ITsavvy推動的。我們不提供整個IT解決方案業務的績效指引。但如果您只看傳統IT解決方案的收入，您會發現它下降了3%。因此，這150%的成長來自ITsavvy，包括我們2025年第二季的業績。

I will say though, to add to that, and this is why I think this is important, while that is true that we were, we declined 3%, our legacy gross bills actually grew 13% year on year, and that was was really due to strong activities in Canada. And that's why we've been trying to focus mostly on our performer growths bills And our order activity because that's an indicator of future buildings and both are robust, which is why we provide that number.

不過，我還要補充一點，這也是我認為這一點很重要的原因：雖然我們的營收確實下降了3%，但我們的傳統毛帳單實際上同比增長了13%，這主要得益於加拿大市場的強勁表現。因此，我們一直致力於關注業績成長和訂單活動，因為這兩項指標都預示著未來的建設前景，而且目前這兩項數據都很穩健，所以我們才會公佈這些數據。

But that's right, and John yeah, and, gross bills grew actually 8%, which are an indicator of activity with gross building, as you said, it's grown even more in 2025.

沒錯，約翰，是的，而且，總帳單實際上增長了 8%，這表明總建築活動有所增加，正如你所說，2025 年增長得更多了。

That's Right.

這是正確的。

Did I hear accurately that John, you said mid for ITsavvy, mid single digit penetration only into the Xerox customer base.

約翰，我沒聽錯吧，你說對於IT愛好者來說，滲透率只有中等水平，在施樂客戶群中的滲透率也只有個位數。

No, it's actually low.

不，實際上很低。

Yeah.

是的。

It's up 5%. That's why we're so encouraged. I mean, we have, the cross sale activities has really been embraced by our our investment thesis had always been. That our direct sellers across our XBS units would would be able to open doors across the thresholds of so many accounts, and they built a pretty robust pipeline now greater than $50 million of these types of activities, and we're just seeing the traction we had hoped for and it's great to see it become realizing it, and that's what's driving this growth in the back end.

增長了5%。這就是我們如此振奮的原因。我的意思是，我們一直以來的投資理念——交叉銷售活動——得到了廣泛的認可。我們XBS部門的直銷人員能夠打開眾多客戶的大門，他們現在已經建立了一個相當穩健的銷售管道，價值超過5000萬美元。我們看到了預期中的成長勢頭，很高興看到它正在逐步實現，而這正是推動後端成長的動力。

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

It's Maya on for Eric. I was wondering if you could maybe unpack some of that weakness you saw in April and May. Broad based across customer segments are more prevalent in like SMB for example and across geographies as well. And then you know does your full, I understand some conservatism baked into the back half of the year with your updated outlook. Does that assume, demand remains stable and doesn't improve from the end of June or does that take into account, an incremental softness and demand from where you exited the quarter?

我是Eric，Maya。我想請您詳細分析您在四月和五月觀察到的疲軟態勢。例如，中小企業等客戶群以及不同地區的客戶群普遍存在疲軟現象。另外，在您更新後的展望中，下半年的預期較為保守。這種保守預期是指需求保持穩定，不會從六月底開始改善，還是也考慮到了需求在上一季末略有下降的情況？

Well, I'll start with it's a little bit choppy, but it's more, enterprise was relatively stable. We saw more of Fed, and sled accounts is where we saw more of the pressure inside the business, and what we really focused on is our installations. A lot of this is changes between quarters and some sequential slowdowns, but when I look at it between our entry products and our mid products. The entry products was really changes in our backlog where our mid declines was really just that softness in April and May, but that was offset, as Merlanda pointed out, with very strong growth in our prime link installs, which was 30% plus.

首先，情況略有波動，但整體而言，企業業務相對穩定。我們看到聯準會和Sled帳戶方面壓力更大，而我們真正關注的是安裝量。許多變化是季度間的波動和一些環比放緩造成的，但當我比較入門級產品和中級產品時，入門級產品的變化主要體現在積壓訂單上，而中級產品的下滑則主要是由於四月和五月的疲軟，但正如Merlanda指出的那樣，這被我們Pr​​ime Link安裝量的強勁增長所抵消，增幅超過30%。

So we expect to at least hold our share, in the market in future periods and the high. And declines, which we, which is self-inflicted. These are the ones that we did on purpose basically and reflecting the areas of our print product portfolio and the places in which we exited, so we intentionally exit certain segments to reintroduce ourselves back into these segments with the right products. So that's why the Kyocera. This case fair announcement this morning was so important because this cut sheet inkjet part of production, we wanted to shrink the production portfolio down on products that were declining with higher cost to make ourselves available to go after.

因此，我們預計在未來的市場週期中，至少能夠保持我們的市場份額，並應對市場高點和低點。這些低點是我們自己造成的，基本上是我們有意為之，反映了我們印刷產品組合的領域以及我們退出的領域。我們有意退出某些細分市場，以便用合適的產品重新進入這些領域。這就是為什麼今天早上京瓷在展會上的公告如此重要，因為在單張噴墨列印領域，我們希望縮減那些成本較高且市場份額下降的產品的產品組合，以便騰出資源來進軍其他領域。

And if you look at the market data there, Cutsheet Inkjet is greater than 13% on a compounded annual growth rate rate forecasted by external analysts between 2025 and 2030. So you take that product at our free flow, our finishing, our remote services, branding, and you add that and stabilizing mid. This is why the book ends of this strategy we've talked about so much is critically important in A4 color and of course cut sheet ink jet on the high end of production. So that's kind of the choppiness that we saw through there, both market and product.

如果你查看市場數據，你會發現，根據外部分析師的預測，2025年至2030年間，單張噴墨列印的複合年增長率將超過13%。因此，我們把這種產品與我們自由流動、印後加工、遠程服務和品牌推廣相結合，再加上穩定的中間環節，這就是為什麼我們反复強調的戰略兩端——A4彩色打印和高端單張噴墨打印——至關重要。這就是我們看到的市場和產品方面所存在的波動。

Yeah, but my, also to add to John's, right, you clearly pointed out and we mentioned our beer remarks, our guidance for the rest of the year has some conservatives on it, right? We saw that softness, and we build that into our equipment demand for the rest of the year.

是的，但是，補充約翰的觀點，正如你明確指出的，我們也提到了關於啤酒的評論，我們對今年剩餘時間的預測比較保守，對吧？我們看到了這種疲軟的市場情緒，並將此因素納入了我們對今年剩餘時間設備需求的預測中。

Got it. So it's more so on the equipment side is where that incremental conservative comes from, great, thank you. And then just one last one from me. Apologies if I missed it, but can you remind me, did you guys actually end up implementing price increases, over the quarter? I know you guys talked about doing so at earnings last quarter, and if so, were they just for specific products in the US market or is it across the board globally and what are you hearing from customers on even the potential future price increases?

明白了。所以，這種漸進式保守主義主要體現在設備方面，太好了，謝謝。我還有一個問題。如果我錯過了，請見諒。您能提醒我一下嗎？你們這個季度最終真的漲價了嗎？我知道你們上個季度財報會上提到過提價，如果是的話，是只針對美國市場的特定產品，還是全球範圍內的？你們從客戶那裡了解到的對未來潛在漲價的看法如何？

Well, we were very consistent with our price increases, and yes, we did implement them to partially offset. Some of the tariff related issues as we came into the period, there's lots of discussions in the industry whether we could apply a tariff surcharge or whether we had to take it in price, and you know all the headwinds with regard to potential calling out tariff surcharges. So we followed suit with price increases in the places in which we could.

嗯，我們的漲價一直很穩定，而且確實也採取了一些措施來部分抵消關稅方面的影響。進入這個時期後，業內有很多關於是否可以加收關稅附加費或是否必須將其計入價格的討論，你也知道，加收關稅附加費會面臨很多阻力。所以，我們在條件允許的情況下也採取了提價措施。

We had some pushback in the areas of contractual price increases as you'd imagine from customers in our post-sale environments, but on our equipment part of our revenue, we applied them. As judiciously as we can, and we're going to continue to do that as we go through the period because we could not adjust the headwinds with price increases in the period that's going to take time to recover.

正如您所料，我們在售後環節遇到了一些來自客戶的阻力，尤其是在合約價格上漲方面。但就設備銷售收入而言，我們還是進行了漲價。我們會盡可能謹慎地進行漲價，並且在接下來的這段時間裡也會繼續這樣做，因為我們無法在這段需要時間才能恢復的時期內透過提價來應對不利因素。

That's going to take us out of 2025 and into 2026, which is precisely why we've provided the guidance there on what we did, because these are the pressures on the operating income. It really comes down to the timing of which we can gain price increases, the tariff-related impact of the slowdowns, etc. And some of the intentional things that we did, but fundamentally, we have applied those price increases and we have been able to pull them through from an equipment and a transactional revenue perspective.

這將使我們的業績從2025年延續到2026年，而這正是我們發布相關指引的原因，因為這些因素對營業收入構成了壓力。關鍵在於我們何時能夠提價、關稅相關因素對經濟放緩的影響等等。當然，我們也採取了一些有意為之的措施，但從根本上講，我們已經實施了提價，並且從設備和交易收入的角度來看，我們已經成功地實現了這些提價。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Hi, this is Priyanka Saha on for Samik Chatterjee. Got a couple questions on Lexmark. One of them is why is the outlook for Lexmark's revenue in 2026 expected to be flat when they're exposed to growth markets and at least stronger growth markets than legacy Xerox print?

大家好，我是 Priyanka Saha，代 Samik Chatterjee 提問。我有幾個關於 Lexmark 的問題。其中一個問題是，為什麼 Lexmark 明明身處成長型市場，而且至少是比傳統 Xerox 列印業務成長更快的市場，其 2026 年的營收預期卻預計持平？

Yeah, I could answer that. So from a Lexmark perspective, our expectation of Lexmark being flat, that is better than the industry, which we expect it's reducing by 3%. What drives that is Lexmark is very well positioned in the A4 market, which is an area that is growing, to say the least 80% of their revenue is basically annuity based and gives them an upper hand as it relates to the print market in 2025 and going forward.

是的，我可以回答這個問題。從利盟的角度來看，我們預期利盟的業績將與上年持平，這比產業整體預期（預期下降3%）要好。利盟之所以能做到這一點，是因為其在A4市場佔據了非常有利的地位，而A4市場正在蓬勃發展。利盟80%的收入都來自年金，這使他們在2025年及以後的印刷市場中擁有了優勢。

All right. And what is the driver of operating margins declining to 4.5% for the full year in '25 versus 5% before?

好的。那麼，是什麼原因導致2025年全年營業利益率從先前的5%下降到4.5%呢？

Yeah, so let me unpack a little bit of the operating margin for 2025. When we start with the revenue, we are talking about revenue in 2025 growing 16% to 17%, which kind of includes $1 billion of Lexmark revenue. What that means is if we were to go back now to the Xerox legacy, That anticipates roughly 150 basis points lower than par guidance, which, as we mentioned previously, has a degree of conservatism in the equipment outlook, given the demand softness that we saw in April and May. Also, I want to remind again that our full year legacy guidance includes 400 basis points of headwind, from the reinvention initiatives that we took in the prior year and are flowing through in 2025.

好的，讓我來詳細解讀一下2025年的營業利益率。首先來看營收，我們預計2025年營收將成長16%至17%，其中包括Lexmark的10億美元營收。這意味著，如果我們再回到Xerox的傳統業務，其預期將比預期低約150個基點。正如我們之前提到的，考慮到4月和5月的需求疲軟，我們對設備前景的預測較為保守。此外，我想再次強調，我們全年的傳統業務預期包含了400個基點的不利因素，這些不利因素來自我們去年實施的重組計劃，這些計劃的影響將在2025年逐步顯現。

As a result, our implied core revenue will be in a range of, Xerox 3% to 4%, a slight improvement from the prior year 4% declined, and we expect to continue to improve that Xerox legacy revenue trajectory, driven by market share gains, growth in digital legacy IT solutions. So with that has an impact into our 2025 gross and adjusted profit margin, 4.5% in 2025 in relation to the adjusted profit is driven by mainly this decline in top line revenue. Our gross margin is expected to be between 29% and 30%, and the tariffs, right, when we think about sort of the biggest drivers.

因此，我們預期施樂核心營收將下降3%至4%，較上年下降4%略有改善。我們預計，在市場份額提升和數位化傳統IT解決方案成長的推動下，施樂傳統收入的成長動能將持續改善。這將影響我們2025年的毛利率和調整後利潤率。 2025年調整後利潤率為4.5%，主要受營收下降的影響。我們預計毛利率將在29%至30%之間。關稅，是我們認為最大的驅動因素。

Tariffs is expected to impact our adjusted operating margins, $30 million to $35 million, and that is net of our initiatives that is higher than we initially had discussed in Q1. Related to some of our products coming in from China at 145% tariffs. Some of them slipped through. We have higher costs expected for moving our supply chain from China to Mexico, as well as we're going through our price increases, John mentioned, we're being very balanced, in passing those price increases to the customers.

關稅預計將影響我們調整後的營業利潤率，減少3000萬至3500萬美元，這已扣除我們此前在第一季度討論的各項舉措，高於預期。這與我們部分從中國進口的產品需繳納145%的關稅有關。部分產品僥倖逃過一劫。約翰提到，由於我們將供應鏈從中國轉移到墨西哥，預計成本將會增加。此外，我們正在進行價格調整，並努力平衡這些價格上漲對客戶的影響。

Two-third of the decline on the operating profit margins, so one-third, let's say tariffs, one-third would be our slowdown and intentional delays into our reinvention actions as we are preparing to integrate and preparing for the synergies with Lexmark, we intentionally are reviewing certain reinvention initiatives, and so those will get close to '26 and '27. And then a piece of it was related to our demand softenness macro and some of the conservatism that I mentioned we're building into the equipment sales and revenue top line for the rest of 2025.

營業利潤率下降的三分之二，也就是三分之一，比如說關稅，三分之一是我們放緩步伐以及有意推遲重組計劃的原因，因為我們正在準備整合並與 Lexmark 實現協同效應，我們正在有意地審查某些重組計劃，這些計劃將在 2026 年和 2027 年接近完成。還有一部分與我們需求疲軟的宏觀經濟狀況以及我之前提到的我們在 2025 年剩餘時間的設備銷售和收入預期中採取的保守策略有關。

Thank you. I would not like to turn the call back over to Mr. Bandrowczak for any closing remarks.

謝謝。我不想把電話轉回班德羅札克先生做總結發言。

Thank you everybody. Recapping today's call, the addition of Lexmark advances our reinvention by strengthening our print businesses. A stronger print business improves Xerox revenue, trajectory, and provides a platform from which we can accelerate the growth of IT solutions and our portfolio of digital services offered as demonstrated this quarter. Leading to revenue stabilization and revenue stabilization is key to realizing the value of our roughly $500 million of identified gross savings in operating income, and we target a return of double-digit adjusted operating income and substantially higher free cash flow generation.

謝謝大家。回顧今天的電話會議，收購 Lexmark 將透過增強我們的列印業務，推進我們的轉型。更強大的列印業務將提升 Xerox 的營收和發展勢頭，並為我們加速 IT 解決方案和數位服務組合的成長提供平台，正如本季度所展現的那樣。實現收入穩定是實現我們已確定的約 5 億美元營業收入毛利節省的關鍵，我們的目標是恢復兩位數的調整後營業收入，並大幅提高自由現金流。

Thank you, everybody, and have a great day.

謝謝大家，祝大家今天過得愉快。

Thank you. This concludes the conference. Thank you for your participation. You may not disconnect.

謝謝。會議到此結束。感謝您的參與。您不得斷開連線。