全錄公司 (XRX) 2025 Q3 法說會逐字稿

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

歡迎參加施樂控股公司2025年第三季財報電話會議。（操作說明）

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

此時，我謹將會議交給副總裁兼投資者關係主管格雷格‧斯坦先生。

Good morning, everyone. I am Greg Stein, Vice President and Head of Investor Relations at Xerox Holdings Corporation. Welcome to the Xerox Holdings Corporation third quarter 2025 earnings release conference call hosted by Steve Bandrowczak, Chief Executive Officer. He's joined by Louie Pastor, President and Chief Operating Officer, and Mirlanda Gecaj, Chief Financial Officer.

各位早安。我是 Greg Stein，施樂控股公司副總裁兼投資人關係主管。歡迎參加由執行長史蒂夫·班德羅扎克主持的施樂控股公司2025年第三季收益發布電話會議。與他一同出席的還有總裁兼營運長路易·帕斯托和財務長米蘭達·格卡伊。

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

應施樂控股公司的要求，今天的電話會議將會錄音。未經施樂公司明確許可，禁止本次通話進行其他錄音和/或轉播。在本次電話會議中，施樂高層將參考 www.xerox.com/investor 網站上提供的幻燈片，並發表包含前瞻性陳述的評論。這些陳述本質上涉及未來不確定的事項。實際的未來財務表現可能與本文所述有重大差異。現在，我想把會議交給班德羅札克先生。

Good morning and thank you for joining our Q3 2025 earnings conference call. It has been four months since the Lexmark acquisition closed, and I am extremely pleased with the progress, both the Xerox and Lexmark teams have made in planning and executing the integration. Their efforts have positioned the combined company for long-term success by harnessing the strengths of both organizations, offerings, and sales approaches.

早安，感謝各位參加我們2025年第三季財報電話會議。Lexmark 收購完成至今已有四個月，我對 Xerox 和 Lexmark 團隊在規劃和執行整合方面取得的進展感到非常滿意。他們透過整合兩家公司在組織架構、產品和服務以及銷售方式方面的優勢，為合併後的公司長期成功奠定了基礎。

As part of this progress, we have appointed several Lexmark executives in key leadership roles such as product development, business services, and IT. This blend of legacy Xerox and Lexmark leaders across the company has fostered a collaborative mindset to synergy realization, uncovering numerous new opportunities for value creation. As a result, in just the first 100 days post-closing, we have already identified an additional $50 million of synergy opportunities, some of which we expect will be realized in 2026.

作為這項進程的一部分，我們已任命多位 Lexmark 高階主管擔任產品開發、業務服務和 IT 等關鍵領導職務。公司內部由施樂和利盟兩大傳統領導者組成的這種融合，培養了一種協作思維，以實現協同效應，並發現了許多新的價值創造機會。因此，在交易完成後的短短 100 天內，我們已經發現了額外的 5000 萬美元協同效應機會，我們預計其中一些將在 2026 年實現。

I am, however, disappointed with Q3 results. Macroeconomic challenges weighed on top-line performance. Revenue of $1.96 billion was up roughly 28% in actual currency, and 27% in constant currency, reflecting the inorganic benefits of the Lexmark and ITsavvy acquisitions. Pro forma for these acquisitions, revenue declined approximately 8%.

然而，我對第三季的業績感到失望。宏觀經濟挑戰對營收業績造成壓力。營收達 19.6 億美元，以實際匯率計算成長約 28%，以固定匯率計算成長約 27%，反映了 Lexmark 和 ITsavvy 收購帶來的非內生性收益。扣除這些收購的影響，收入下降了約 8%。

Adjusted operating income margin of 3.3% was lower year over year by 190 basis points. Free cash flow of $131 million, an increase of $24 million over the prior year, and adjusted earnings per share of $0.20 decreased $0.05 year over year.

經調整後的營業利益率為 3.3%，較去年同期下降 190 個基點。自由現金流為 1.31 億美元，比上年增加 2,400 萬美元；調整後每股收益為 0.20 美元，比上年減少 0.05 美元。

This quarter we experienced continued disruption associated with tariff and government funding-related uncertainty, which primarily affected transactional print equipment revenues and, to a lesser extent, supplies revenue. Throughout the quarter, we observed continued delays in purchasing decisions among clients, particularly those reliant on federal, state, and local government funding.

本季度，我們持續受到關稅和政府資金相關不確定性的影響，這主要影響了交易列印設備收入，其次影響了耗材收入。整個季度，我們觀察到客戶的採購決策持續延遲，尤其是那些依賴聯邦、州和地方政府資金的客戶。

General economic uncertainty also resulted in delays in purchasing among our commercial client base and distributors. However, page volume trends remained consistent, and branded supply usage was in line with expectations, both of which indicate unchanged demand for printed pages.

整體經濟情勢的不確定性也導致我們的商業客戶和經銷商的採購延遲。然而，頁面數量趨勢保持穩定，品牌供應使用量也符合預期，這兩點都顯示對印刷頁面的需求沒有改變。

Therefore, we expect delays in equipment purchases to materialize in future periods as tariffs, policies, and government funding decisions become more clear and the macroeconomic environment becomes more stable.

因此，隨著關稅、政策和政府資金決策變得更加明朗，宏觀經濟環境變得更加穩定，我們預計未來一段時間設備採購將會延遲。

Economic uncertainty did not slow the progress of our IT solutions business, which grew pro forma revenue by double digits in the quarter, supported by a balanced portfolio of offerings that address clients' most pressing IT infrastructure needs and ongoing initiatives designed to further penetrate Xerox's existing print client base.

經濟的不確定性並沒有減緩我們 IT 解決方案業務的發展，該業務在本季度實現了兩位數的預估收入增長，這得益於均衡的產品組合，這些產品組合能夠滿足客戶最緊迫的 IT 基礎設施需求，以及旨在進一步滲透施樂現有打印客戶群的持續舉措。

As our attention increasingly turns to the integration of Lexmark, we remain focused on the balanced execution of three strategic priorities: execute reinvention, realize acquisition benefits, and balance sheet strength. I will provide an update on each.

隨著我們越來越關注 Lexmark 的整合，我們仍然專注於平衡執行三個策略重點：執行重塑、實現收購收益和增強資產負債表實力。我會逐一提供最新進展。

Starting with the execution of reinvention and commercial optimization. We have several new product launches across print and IT solutions over the next 18 months. Two weeks ago, we announced the largest set of enhancements to our production print portfolio since last year's decision to stop manufacturing certain high-end production equipment.

首先從重塑和商業優化入手。未來18個月內，我們將推出多款涵蓋印刷和IT解決方案的新產品。兩週前，我們宣布了自去年決定停止生產某些高端生產設備以來，對我們生產型列印產品組合進行的最大規模的改進。

At PRINTING United, a leading industry event, Xerox debuted three new production printing presses: the IJP900, which marks the return of Xerox to the growing mid-volume inkjet market, and two new products under the Proficio family name, which comprise our next generation of digital color presses serving the entry color production, mid, and high markets.

在領先的行業盛會 PRINTING United 上，施樂公司推出了三款新的生產型印刷機：IJP900，標誌著施樂重返不斷增長的中等印量噴墨市場；以及 Proficio 系列的兩款新產品，它們構成了我們面向入門級彩色生產、中端和高端市場的下一代彩色印刷機。

We expect this and future launches to provide incremental revenue next year. These new products are an integral part of our leading end-to-end production ecosystem, which uses AI-driven workflows, personalization, and advanced analytics to make the print jobs of our most demanding production print clients more efficient and profitable.

我們預計此次及未來推出的產品將在明年帶來額外的收入。這些新產品是我們領先的端到端生產生態系統的組成部分，該生態系統利用人工智慧驅動的工作流程、個人化和高級分析，使我們要求最苛刻的生產印刷客戶的印刷作業更加高效和盈利。

As the Lexmark integration planning work progresses, we are carefully analyzing the optimal approach to serving the more than 200,000 combined Xerox and Lexmark clients with an enhanced portfolio of print, IT, and digital services as efficiently as possible. This work has revealed an opportunity to more cost-effectively serve legacy Xerox clients by expanding our presence with key distribution partners, an approach Lexmark has successfully deployed to drive better operating efficiencies and higher operating margins.

隨著 Lexmark 整合計畫工作的推進，我們正在仔細分析如何以最佳方式，盡可能有效地為超過 20 萬名 Xerox 和 Lexmark 合併後的客戶，提供更完善的列印、IT 和數位服務組合。這項工作揭示了一個機會，即透過擴大與主要分銷合作夥伴的合作，以更具成本效益的方式服務傳統的施樂客戶。利盟已成功運用這種方法來提高營運效率和營運利潤率。

We recently took this approach in parts of the Upper Midwestern United States, where we announced an agreement with Loffler Companies to transfer the servicing and sales coverage for small and mid-sized businesses in the region.

我們最近在美國中西部北部部分地區採取了這種做法，宣布與 Loffler 公司達成協議，將該地區中小企業的服務和銷售覆蓋範圍轉移給該公司。

Further underscoring our commitment to sales efficiency and productivity, last quarter we advanced our inside sales strategy with the opening of a new office in San Antonio, with plans to scale to 180 specialists at the facility over the next several years. This model enables us to reach more clients efficiently and at scale, while AI-driven insights help us analyze each stage of the sales cycle, identify process bottlenecks, and implement targeted actions to improve performance.

為了進一步強調我們對銷售效率和生產力的承諾，上個季度我們透過在聖安東尼奧開設新辦事處推進了內部銷售策略，並計劃在未來幾年內將該辦事處的專家人數擴大到 180 人。該模型使我們能夠更有效率、更大規模地觸及更多客戶，而人工智慧驅動的洞察則幫助我們分析銷售週期的每個階段，識別流程瓶頸，並實施有針對性的措施來提高績效。

While currently a small part of the ESR, these initiatives are already delivering results, with the 27,000 accounts transitioned into inside sales showing greater than 30% ESR growth year over year. Early integration work from the Lexmark acquisition has also contributed to the acceleration of our ongoing operational simplification efforts. This quarter, we consolidated best practices from the two companies' legacy Global Business Services organizations to create a streamlined and more comprehensive set of centralized operating processes.

雖然這些措施目前只佔 ESR 的一小部分，但它們已經取得了成效，27,000 個轉為內部銷售的帳戶的 ESR 同比增長超過 30%。從收購 Lexmark 開始的早期整合工作也加速了我們正在進行的營運簡化工作。本季度，我們整合了兩家公司原有全球業務服務組織的最佳實踐，創造了一套精簡且更全面的集中式營運流程。

Managed by GBS and supported by a unified technology stack, integrated data architecture, and the captive offshore labor model, which Mirlanda will discuss in more detail, the structure provides the optimum foundation for scaling AI-driven operational efficiencies and enhancing our cash conversion cycle.

該架構由 GBS 管理，並由統一的技術堆疊、整合的資料架構和專屬離岸勞動力模式（Mirlanda 將對此進行更詳細的討論）提供支持，為擴展 AI 驅動的營運效率和增強我們的現金轉換週期提供了最佳基礎。

In anticipation of future AI-driven savings, this quarter we launched an AI Center of Excellence to design and distribute best practices around the adoption of enterprise AI tools and develop business plans for rapid adoption of function-specific AI-enabled operational enhancements. While still early days, we expect AI productivity solutions to de-risk, if not add to, existing synergy savings opportunities.

為了預期未來人工智慧帶來的成本節約，本季度我們成立了人工智慧卓越中心，旨在設計和推廣企業人工智慧工具的最佳實踐，並製定業務計劃，以便快速採用特定功能的人工智慧賦能的營運改善措施。雖然目前還處於早期階段，但我們預期人工智慧生產力解決方案將降低現有綜效帶來的成本節約風險，甚至可能增加這種節約機會。

Moving to acquisition benefits, as noted in the prior quarter, the ITsavvy integration is largely complete. This quarter, the IT solutions team seamlessly transitioned legacy Xerox IT solutions, ERPs, and CRMs in the US to legacy ITsavvy technology platforms, a crucial enabler of future cross-sales activities and sales acceleration more generally.

談到收購帶來的益處，正如上一季所述，ITsavvy 的整合已基本完成。本季度，IT解決方案團隊將美國的傳統施樂IT解決方案、ERP和CRM系統無縫過渡到傳統IT技術平台，這對於未來的交叉銷售活動和更廣泛的銷售加速至關重要。

Even prior to this transition, we continued to see strong progress in cross-sell pipeline build and conversion activities. In the third quarter, year-to-date sales activity of new IT solutions sales to Xerox print clients exceeded $50 million across more than 150 clients, with an in-quarter conversion to bookings of roughly $15 million.

即使在轉型之前，我們也持續看到交叉銷售通路建立和轉換活動取得強勁進展。第三季度，施樂印製客戶的新 IT 解決方案銷售額累計超過 5,000 萬美元，客戶超過 150 家，其中本季轉換為實際訂單的金額約為 1,500 萬美元。

We took the initial step towards realizing material Lexmark-related synergies this month with the elimination of more than 1,200 roles. This action and other non-labor savings are expected to result in run-rate gross cost savings of more than $125 million by the end of this year.

本月，我們透過裁減 1200 多個職位，邁出了實現 Lexmark 相關的實質協同效應的第一步。預計到今年年底，這項措施和其他非勞動成本節約措施將帶來超過 1.25 億美元的年度毛成本節約。

Finally, balance sheet strength. As a reminder, the Lexmark acquisition resulted in an increase in total debt but was immediately delevering. When the expected $300 million in synergies are included in a pro forma LTM EBITDA, gross debt leverage is currently a manageable 4.3 times.

最後，是資產負債表的穩健性。需要提醒的是，收購 Lexmark 導致總債務增加，但立即實現了去槓桿化。如果將預期的 3 億美元綜效計入備考 LTM EBITDA，則目前總負債槓桿率為可控制的 4.3 倍。

This quarter we returned to positive free cash flow and took net debt down by $226 million. With the Lexmark acquisition now closed, we expect most, if not all, free cash flow to be used to repay debt. Our goal remains a target 3 times total debt to EBITDA.

本季我們恢復了正自由現金流，並將淨債務減少了 2.26 億美元。隨著 Lexmark 收購案的完成，我們預計大部分（如果不是全部）自由現金流將用於償還債務。我們的目標仍是總債務與 EBITDA 比率達到 3 倍。

I'll now hand the call over to Louie Pastor, who was recently named President and Chief Operating Officer, succeeding John Bruno. Louie has been with Xerox for seven years, holding increasingly senior positions within the organization, including most recently chief administration officer and global head of operations.

現在我將把電話交給路易·帕斯托，他最近被任命為總裁兼首席營運官，接替了約翰·布魯諾。Louie 在施樂公司工作了七年，在公司內擔任過越來越高階的職位，最近擔任過首席行政官和全球營運主管。

In that role, Louie played an integral part in helping design and execute the core components of reinvention, making him the ideal successor to John Bruno as we continue into the next phase of reinvention.

路易擔任該職務期間，在幫助設計和執行重塑的核心組成部分方面發揮了不可或缺的作用，這使他成為約翰·布魯諾的理想繼任者，帶領我們繼續進入重塑的下一個階段。

Thank you, Steve. I am honored to take on the role of President and Chief Operating Officer. Over the last seven years, I have helped orchestrate significant change at Xerox, change to our corporate structure, our operating model, and more recently, our asset base. In each case, these changes were well thought out, deliberately executed, and designed to ensure Xerox, a company with more than 100 years of history, thrives as a leading provider of services-led, software-enabled workplace solutions.

謝謝你，史蒂夫。我很榮幸能夠擔任總裁兼營運長一職。在過去的七年裡，我幫助施樂公司進行了重大變革，包括公司結構、營運模式以及最近的資產基礎的變革。在每一種情況下，這些變化都是經過深思熟慮、精心執行的，旨在確保擁有 100 多年歷史的施樂公司能夠蓬勃發展，成為以服務為主導、軟體驅動的工作場所解決方案的領先提供者。

Reinvention has been a long and sometimes uneven path. But with the ITsavvy and Lexmark acquisitions completed, we have now executed on the core strategic components of this journey, which means we now control the levers required to deliver the expected financial outcomes of reinvention and can focus fully and completely on execution of the core operational and commercial components of reinvention.

重塑自我是一個漫長且有時崎嶇的道路。但隨著對 ITsavvy 和 Lexmark 的收購完成，我們現在已經執行了這一歷程的核心戰略組成部分，這意味著我們現在控制了實現預期財務成果所需的槓桿，並且可以完全專注於執行重塑的核心運營和商業組成部分。

Operationally, we are focused on combining the best-in-class capabilities of both legacy Xerox and Lexmark, optimizing our labor strategy, and standardizing the consolidated enterprise on key platforms for growth that combine people, process, and technology.

在營運方面，我們專注於結合施樂和利盟兩家公司一流的能力，優化我們的勞動力策略，並將合併後的企業標準化到結合人員、流程和技術的關鍵成長平台。

For example, as part of our shift from a geographic operating model to a business unit operating model in early 2024, we launched a Global Business Services organization to centralize, standardize, and streamline the company's support and operational functions across regions, business units, and service lines, thereby lowering operating costs, improving quality, and enabling continuous improvement.

例如，作為我們在 2024 年初從地域營運模式轉變為業務單元營運模式的一部分，我們成立了全球業務服務組織，以集中、標準化和簡化公司在各個地區、業務單元和服務線的支援和營運職能，從而降低營運成本、提高品質並實現持續改進。

We are now accelerating our progress by adopting best practices and proven capabilities from Lexmark's award-winning GBS organization that was built and refined over multiple decades. These best practices include things like unified data governance to enable real-time insights and automation, while the proven capabilities include an integrated network of global capability centers with agile delivery models.

我們現在正透過採用 Lexmark 屢獲殊榮的 GBS 組織經過數十年建立和完善的最佳實踐和成熟能力來加快我們的發展步伐。這些最佳實踐包括統一的資料治理，以實現即時洞察和自動化；而經過驗證的能力包括具有敏捷交付模式的全球能力中心整合網路。

These global capability centers, when combined with changes we previously made when establishing GBS, unlocked significant opportunities for Xerox. For instance, in 2024, as part of the establishment of GBS, we negotiated new commercial agreements with our outsourced labor providers, giving us greater control and flexibility. With Lexmark's captive offshore and nearshore centers now available to the entire combined organization, we are taking full advantage of this control and flexibility to consolidate operations, reduce costs, improve performance, and deliver better client, partner, and employee experiences.

這些全球能力中心，加上我們先前在建立全球業務服務 (GBS) 時所做的改變，為施樂公司帶來了巨大的機會。例如，在 2024 年，作為 GBS 成立的一部分，我們與外包勞務供應商談判達成了新的商業協議，使我們擁有了更大的控制權和靈活性。鑑於 Lexmark 的專屬離岸和近岸中心現在可供整個合併後的組織使用，我們正在充分利用這種控制和靈活性來整合營運、降低成本、提高績效，並為客戶、合作夥伴和員工提供更好的體驗。

In August, less than 60 days after closing on the acquisition, I traveled to Lexmark's largest global capability center in the Philippines, where we were recently ranked as a top 5 IT employer by the Philippine Daily Inquirer. I had the privilege of meeting and spending time with many of the 1,800-plus team members based there, working across engineering, IT, cybersecurity, sales operations, and service delivery, among other functions.

8 月，在收購完成不到 60 天后，我前往了 Lexmark 在菲律賓最大的全球能力中心。我們最近被《菲律賓每日問詢報》評為菲律賓前 5 名 IT 雇主。我有幸結識了那裡 1800 多名團隊成員，並與他們共度了一段時間，他們的工作涉及工程、IT、網路安全、銷售營運和服務交付等多個職能部門。

Their talent, professionalism, and pride in their work were truly inspiring. The genuine care for what they do and their shared sense of purpose came through in every interaction. I can't wait to meet with our teams in the global capability centers in Hungary, India, and beyond in the coming quarters.

他們的才華、專業和對工作的自豪感著實令人敬佩。在每一次互動中，都能感受到他們對工作的真誠熱情和共同的使命感。我非常期待在接下來的幾個季度與我們在匈牙利、印度及其他地區的全球能力中心的團隊會面。

Our ability to leverage these centers is only possible because of the operating model shift we executed in early 2024, and their creation was always part of Xerox's GBS roadmap. But with Lexmark's assets, capabilities, and continuity of leadership, we are now able to advance the progress of GBS by orders of time and magnitude, a key contributor to our increased synergy expectations.

我們之所以能夠利用這些中心，完全是因為我們在 2024 年初實施了營運模式的轉變，而它們的創建一直是施樂全球業務服務路線圖的一部分。但憑藉 Lexmark 的資產、能力和持續的領導，我們現在能夠以數個數量級的時間和規模推進 GBS 的發展，這是我們提高協同效應預期的關鍵因素。

Technology is fundamental to enabling the benefits of a more robust GBS organization. To that end, we made the decision this quarter to adopt and enhance Lexmark's existing technology stack rather than continue working toward consolidating Xerox on a net new build. The technology transition will take several years to implement in full across the globe. But by leveraging an existing system that already delivers better operational outcomes, together with in-house development expertise, the business benefits are irrefutable. The change management is more streamlined, and the implementation process is greatly de-risked.

科技是實現更強大的全球業務服務 (GBS) 組織效益的基礎。為此，我們本季決定採用並增強 Lexmark 現有的技術堆棧，而不是繼續致力於透過全新的建置來整合 Xerox。全球全面實現技術轉型需要數年時間。但是，透過利用現有的、已經能夠帶來更好營運成果的系統，再加上內部開發專業知識，其商業效益是毋庸置疑的。變更管理更加精簡，實施過程的風險大大降低。

Commercially, within print, we are focused on evolving our offerings in several critical ways. From a services perspective, we are focused on improving the value proposition and reducing the cost of providing managed print services. And from a technology perspective, we are focused on leveraging Lexmark's A3 platform, as well as developing new high-end OEM partnerships like the recent partnership we announced with Kyocera to improve our competitive position.

在商業方面，尤其是在印刷領域，我們致力於從幾個關鍵方面改進我們的產品和服務。從服務角度來看，我們專注於提高價值主張並降低提供託管列印服務的成本。從技術角度來看，我們專注於利用 Lexmark 的 A3 平台，並發展新的高端 OEM 合作夥伴關係，例如我們最近宣布與京瓷建立的合作關係，以提高我們的競爭地位。

This quarter, the product development and delivery teams finalized plans to adopt Lexmark's A3 technology at Xerox, which will decrease our reliance on existing suppliers and reduce the overall cost of our products, ultimately providing tailwinds to longer-term gross margins.

本季度，產品開發和交付團隊最終確定了在施樂採用 Lexmark A3 技術的計劃，這將減少我們對現有供應商的依賴，降低我們產品的整體成本，最終為長期毛利率帶來利好。

We plan to roll out the Lexmark-produced A3 product to certain partners in our Eastern European markets in Q4, with a larger global rollout planned in 2026. This platform is more profitable for Xerox on day one, as well as over the life of the product, given Lexmark's focus on design for serviceability. As a result, we expect our new A3 platform to require far less service intensity than existing models, resulting in higher managed print services margins and improved client satisfaction.

我們計劃在第四季度向我們在東歐市場的某些合作夥伴推出 Lexmark 生產的 A3 產品，並計劃在 2026 年進行更大規模的全球推廣。對於施樂公司而言，從第一天起，以及在產品的整個生命週期內，該平台都能帶來更高的利潤，因為 Lexmark 專注於可維護性設計。因此，我們預計新的 A3 平台所需的服務強度將遠低於現有型號，從而帶來更高的託管列印服務利潤率和更高的客戶滿意度。

As Steve mentioned, our commercial focus within reinvention is not limited to offerings. It extends to our routes to market. This quarter, we began segmenting the combined Xerox and Lexmark client bases by size and vertical, which will enable us to develop a long-term coverage model that optimizes our cost to serve and aligns our offerings for maximum traction based on the needs of specific economic buyers and end users. We will provide more details on this new coverage model in future quarters.

正如史蒂夫所提到的，我們在重塑過程中所關注的商業重點並不限於產品。這也延伸到了我們的市場通路。本季度，我們開始按規模和垂直行業對 Xerox 和 Lexmark 合併後的客戶群進行細分，這將使我們能夠制定長期覆蓋模式，優化我們的服務成本，並根據特定經濟買家和最終用戶的需求調整我們的產品和服務，以最大限度地吸引客戶。我們將在未來幾季提供有關此新核保模式的更多細節。

One of the key pillars of reinvention is to drive long-term sustainable growth. While we enjoy the benefit of the contractual nature of managed print contracts, which last on average four to five years, it does limit natural opportunities to grow wallet share within those existing accounts.

重塑的關鍵支柱之一是推動長期永續成長。雖然我們享受了託管列印合約的合約性質帶來的好處（平均持續四到五年），但這確實限制了在現有客戶中增加錢包份額的自然機會。

With our expanded IT solutions business as a result of the ITsavvy acquisition, we now have reason to call on our clients every single day, providing Xerox with more opportunity to cross-sell, upsell, and penetrate both new and existing accounts. The acquisition of Lexmark only further expands this addressable market and enables our sales reps with a greater value proposition for our clients and partners.

由於收購了 ITsavvy，我們的 IT 解決方案業務得以擴展，現在我們每天都有理由拜訪客戶，這為 Xerox 提供了更多交叉銷售、向上銷售以及滲透新舊客戶的機會。收購 Lexmark 將進一步擴大這一目標市場，並使我們的銷售代表能夠為我們的客戶和合作夥伴提供更大的價值主張。

Lastly, I will provide an update on Lexmark synergies. Over the course of the first 100 days post-close, we have held workshops and strategy sessions with each of the key functions responsible for delivering our synergy plans. These workshops have revealed $50 million of upside to our latest synergy plan, some of which is expected to be realized in 2026.

最後，我將介紹 Lexmark 綜效的最新情況。在交易完成後的頭 100 天裡，我們與負責實施協同效應計畫的各個關鍵職能部門舉行了研討會和策略會議。這些研討會揭示了我們最新的協同計劃可帶來 5000 萬美元的收益，其中一部分預計將在 2026 年實現。

The implementation of these synergies is managed by the same Enterprise Transformation Office that has successfully delivered more than $500 million of reinvention-related gross savings and profit opportunities since 2023. We currently have 16 integration workstreams with more than 100 initiatives and a broad cross-functional team of several hundred people across both organizations engaged in the identification and realization of these synergies.

這些協同效應的實施由同一個企業轉型辦公室負責管理，該辦公室自 2023 年以來已成功實現了超過 5 億美元的與重塑相關的毛節省和利潤機會。我們目前有 16 個整合工作流程，包含 100 多項舉措，以及一支由兩家機構數百人組成的跨職能團隊，致力於識別和實現這些協同效應。

In summary, we are making meaningful progress integrating the two companies. As a result, we increased the Lexmark synergy forecast to at least $300 million, which firmly places expected savings from reinvention as a whole north of $1 billion. These savings, when combined with an optimized go-to-market organization, selling offerings with greater secular demand mapped to a client base segmented by size and vertical, are expected to drive revenue stabilization and a return to double-digit adjusted operating income in the next few years. I'll now turn the call over to Mirlanda to discuss this quarter's financial results in more detail.

總之，我們在整合兩家公司方面取得了實質進展。因此，我們將 Lexmark 的綜效預測提高到至少 3 億美元，這使得整體重組帶來的預期節省額穩居 10 億美元以上。這些節省下來的成本，再加上優化後的市場推廣組織，以及針對按規模和行業劃分的客戶群銷售具有更大長期需求的商品和服務，預計在未來幾年內推動收入穩定，並恢復兩位數的調整後營業收入。現在我將把電話交給米蘭達，讓她更詳細地討論本季的財務表現。

Thank you, Louie, and good morning, everyone. I'm recovering from a cold, so my voice may sound a bit raspy. Thank you for your understanding.

謝謝你，路易，大家早安。我還在感冒恢復中，所以我的聲音可能有點沙啞。感謝您的體諒。

As you mentioned, the third quarter reflected a continuation of the uncertain macro environment we saw earlier in the year. Despite these near-term challenges, we continue to execute with discipline and are making meaningful progress on cost savings. Further, we had another quarter of strong growth in IT solutions.

正如您所提到的，第三季度反映了今年早些時候我們所看到的宏觀環境不確定性的延續。儘管面臨這些短期挑戰，我們仍將繼續嚴謹執行，並在成本節約方面取得實質進展。此外，我們的IT解決方案業務又迎來了一個強勁的成長季度。

Q3 includes a full quarter of Lexmark results. For comparability purposes, we have provided pro forma comparisons with the prior year period, which assumes both ITsavvy and Lexmark had been acquired as of the third quarter of 2024. These pro forma comparisons will be the focus of my prepared remarks.

第三季包含 Lexmark 整個季度的業績。為了便於比較，我們提供了與去年同期的備考比較，假設 ITsavvy 和 Lexmark 都已於 2024 年第三季被收購。這些形式上的比較將是我準備演講的重點。

Revenue grew roughly 28% year over year, including the benefits of ITsavvy and Lexmark acquisitions. On a pro forma basis, revenue declined about 8% in actual currency.

營收年增約 28%，其中包括收購 ITsavvy 和 Lexmark 帶來的收益。以備考基準計算，收入以實際貨幣計算下降了約 8%。

Core revenue, which excludes deliberate exits and non-strategic reductions, declined roughly 5% this quarter on a pro forma basis, consistent with Q2, reflecting a continuation of the macroeconomic and policy-related uncertainty leading to clients deferring equipment purchases. These headwinds primarily affected the print segment.

核心收入（不包括主動退出和非策略性裁員）按備考基準計算，本季下降約 5%，與第二季度一致，反映出宏觀經濟和政策相關的不確定性持續存在，導致客戶推遲購買設備。這些不利因素主要影響了印刷業。

IT solutions showed continued strength, growing revenue double digits on a pro forma basis, led by public sector deployments, expanded cloud and networking activity, and increased cross-selling momentum.

IT 解決方案持續保持強勁勢頭，按備考基準計算，收入實現兩位數增長，這主要得益於公共部門部署、雲端和網路活動的擴展以及交叉銷售勢頭的增強。

Turning to profitability. Adjusted gross margin of 28.9% was down 350 basis points, reflecting higher tariff and product costs. On a pro forma basis, adjusted gross margin also declined approximately 380 basis points year over year. Key drivers of the declines include tariff charges, net price mitigation, higher product costs, and revenue mix. These factors were partially offset by Lexmark's contribution and reinvention benefits.

轉向盈利。經調整後的毛利率為 28.9%，下降了 350 個基點，反映出關稅和產品成本的上升。以備考基準計算，調整後的毛利率年比也下降了約 380 個基點。導致下降的主要原因包括關稅、淨價調整、產品成本上升和收入結構變化。這些不利因素部分被 Lexmark 的貢獻和創新帶來的益處所抵消。

Adjusted operating margin of 3.3% was 190 basis points lower year over year on a reported basis and 370 basis points lower on a pro forma basis, due primarily to lower gross profit, partially offset by reinvention savings.

經調整後的營業利潤率為 3.3%，以報告基準計算年減 190 個基點，以備考基準計算年減 370 個基點，主要原因是毛利下降，部分被重組節省的成本所抵銷。

While some reinvention initiatives were delayed due to considerations around integration activities, we remain on track to achieve our cost reduction goals and to realize incremental Lexmark gross run-rate synergy benefits ahead of schedule.

儘管由於整合活動的考慮，一些改革措施有所延遲，但我們仍有望實現成本削減目標，並提前實現 Lexmark 毛利率協同效應帶來的增量收益。

Despite the delay, our continuous focus on cost reduction resulted in a decline in adjusted operating expenses. Excluding $50 million of reinvention, transaction-related costs, and Lexmark post-combination compensation expense, our operating base was down around 9% year over year.

儘管有所延誤，但我們持續專注於降低成本，最終導致調整後的營運費用下降。除去 5000 萬美元的重組、交易相關成本以及 Lexmark 合併後的補償費用，我們的營運基數比去年同期下降了約 9%。

Adjusted other expenses net was $85 million and $52 million higher year over year, due primarily to higher net interest expenses associated with Lexmark acquisition financing. Adjusted tax rate of 23.5% compared to 27.7% in the same quarter last year. The current year rate reflects our geographical mix of earnings and an inability to benefit from certain current year losses and expenses.

經調整的其他費用淨額為 8,500 萬美元，比去年同期增加 5,200 萬美元，主要原因是與 Lexmark 收購融資相關的淨利息支出增加。調整後稅率為 23.5%，去年同期為 27.7%。本年度的利率反映了我們收入的地理分佈情況，以及我們無法從某些本年度的損失和支出中獲益的情況。

Adjusted EPS of $0.20 was $0.05 lower than the prior year, primarily due to lower adjusted operating income and higher interest expenses, partially offset by tax benefits. GAAP loss per share of $6.01 was a narrower loss of $3.70 year over year. The improvement primarily reflects an after-tax, non-cash goodwill impairment charge of around $1 billion and a tax expense charge of $161 million in the prior year quarter.

調整後的每股收益為 0.20 美元，比上年同期下降 0.05 美元，主要原因是經調整後的營業收入下降和利息支出增加，部分被稅收優惠所抵銷。以美國通用會計準則計算，每股虧損為 6.01 美元，較上年同期虧損 3.70 美元有所收窄。這項改善主要反映了去年同期約 10 億美元的稅後非現金商譽減損支出和 1.61 億美元的稅收支出。

Q3 2025 GAAP loss included an inventory-related purchase accounting adjustment from the acquisition of Lexmark of $85 million, or $0.67 per diluted share, and a tax expense charge of $467 million, or $3.68 per diluted share, related to the establishment of a valuation allowance against certain deferred tax assets.

2025 年第三季 GAAP 虧損包括因收購 Lexmark 而產生的與存貨相關的購買會計調整 8,500 萬美元，即每股攤薄虧損 0.67 美元，以及與對某些遞延所得稅資產計提估值準備相關的 4.67 億美元（即每股攤薄虧損 3.68 美元）的估值準備支出。

Let me now review segment results. For the Print and other segment, Q3 equipment sales of $383 million increased 13% in actual currency and about 12% in constant currency. Pro forma for the inclusion of Lexmark, equipment sales declined about 16% in actual currency. Excluding the effects of reinvention-related actions and other one-time items, pro forma core equipment sales declined around 12%.

現在讓我來看看細分市場的結果。就印刷及其他業務部門而言，第三季設備銷售額為 3.83 億美元，以實際匯率計算成長 13%，以固定匯率計算成長約 12%。在計入 Lexmark 的業績後，設備銷售額以實際貨幣計算下降了約 16%。剔除重組相關行動及其其他一次性項目的影響，依備考核心設備銷售額下降約 12%。

I'll provide additional color for each legacy organization to help contextualize this quarter's declines. Legacy Xerox equipment sales declined 14% year over year in constant currency, or roughly 8% excluding the impact of reinvention-related items, which include the decision to stop manufacturing high-end equipment. This compares to a normalized decline of 3% in the first quarter.

我將對每個歷史組織進行更詳細的介紹，以幫助理解本季下滑的背景。以固定匯率計算，施樂傳統設備的銷售額年減了 14%，如果不計入與重組相關的項目（包括停止生產高階設備的決定）的影響，則下降幅度約為 8%。相比之下，第一季的正常降幅為 3%。

The sequential slowdown reflects an expansion of the. macroeconomic and government policy-related uncertainty, which resulted in continued delays in federal and state-related ordering activity, as government agencies and companies relying on government funding await budget clarity, as well as delayed ordering among our commercial clients and channel partners.

這項連續放緩反映了宏觀經濟和政府政策相關不確定性的擴大，導致聯邦和州相關訂單活動持續延遲，因為依賴政府資金的政府機構和公司都在等待預算明朗化，同時我們的商業客戶和通路合作夥伴的訂單也出現延遲。

Total equipment installations for legacy Xerox declined 24% this quarter, reflecting in part the impact of macroeconomic uncertainty and resulting delays in customer order activity. Overall, equipment revenue declined at a slower pace than installations due to a higher mix of color devices, which are also more profitable than mono and post-sale, and the benefits of tariff-related price actions.

本季度，傳統施樂設備的總安裝量下降了 24%，部分原因是宏觀經濟的不確定性以及由此導致的客戶訂單活動延遲。整體而言，由於彩色設備佔比更高（彩色設備比單色設備和售後設備利潤更高），以及關稅相關價格措施帶來的好處，設備收入的下降速度比安裝收入的下降速度要慢。

Lexmark's equipment sales can be more volatile quarter to quarter than those of Xerox, as a higher proportion of Lexmark sales come from large channel and OEM partners, the purchases of which can be lumpy. Lexmark's equipment sales declined 30% in the quarter in actual currency. About 18 percentage points of the decline can be attributed to difficult backlog compares in the prior year, the timing of OEM orders from one large customer who pulled orders ahead of the first half of the year, and large branded equipment order delays among channel partners driven by the timing of enterprise rollouts. The remainder of the decline is due to slower run-rate activity among channel partners reflecting macroeconomic uncertainty.

與施樂相比，利盟的設備銷售額季度波動性更大，因為利盟的銷售額中來自大型通路和 OEM 合作夥伴的比例更高，而這些合作夥伴的採購量可能波動較大。以實際貨幣計算，Lexmark 的設備銷售額在本季下降了 30%。約 18 個百分點的下降可歸因於上一年積壓訂單較上年同期較為困難，一家大客戶的 OEM 訂單在上半年之前取消，以及渠道合作夥伴因企業推廣時間安排而導致的大型品牌設備訂單延遲。其餘的下滑是由於通路夥伴的業務活動放緩，反映出宏觀經濟的不確定性。

Despite the challenging third quarter results for Lexmark, underlying demand trends remain healthy. Year-to-date, equipment sales for Lexmark are down 1% in constant currency year over year, normalizing for prior year backlog reductions and the aforementioned items. For the full year, Lexmark equipment sales are expected to be up around 2% in constant currency, normalizing for prior year backlog reductions. Total equipment installations for Lexmark declined 25% this quarter, roughly in line with revenue, reflecting the factors previously noted.

儘管 Lexmark 第三季業績面臨挑戰，但潛在需求趨勢依然健康。今年迄今為止，Lexmark 的設備銷售額按固定匯率計算年減 1%，已剔除上一年積壓訂單減少和上述項目的影響。預計全年 Lexmark 設備銷售額將按固定匯率計算將成長約 2%，以彌補上一年積壓訂單的減少。本季 Lexmark 設備總安裝量下降了 25%，與收入大致持平，反映了前面提到的因素。

Print post-sale revenue of $1.36 billion increased 23% in actual currency and 22% in constant currency. Pro forma for the Lexmark acquisition, post-sale revenue declined 8% in actual currency. Excluding the effect of reinvention actions, core print post-sale revenue on a pro forma basis declined 5% in actual currency, slightly better than last quarter's pace, as higher sequential declines of supplies at legacy Xerox were offset by legacy Lexmark's outperformance. Outside of supplies, post-sale revenue was largely in line with expectations, reflecting the benefits of post-sale revenue streams that are largely contracted or recurring in nature.

印刷品售後營收為 13.6 億美元，以實際匯率計算成長 23%，以固定匯率計算成長 22%。考慮到 Lexmark 收購案的影響，售後收入以實際貨幣計算下降了 8%。不考慮重組措施的影響，核心印製售後收入按備考基準計算，實際匯率下降了 5%，略好於上一季的降幅，原因是傳統施樂耗材的環比下降幅度較大，但被傳統利盟的優異表現所抵消。除了供應品之外，售後收入基本上符合預期，這反映了售後收入流（大多為合約收入或經常性收入）的優勢。

Print and other segment adjusted gross margin of 30% declined 330 basis points year over year. Pro forma for the Lexmark acquisition, gross margin declined 440 basis points year over year due to higher product and tariff costs, lower managed print volumes, and a reduction in high-margin finance-related fees, partially offset by reinvention savings.

印刷及其他業務部門調整後的毛利率為 30%，較去年同期下降 330 個基點。考慮到 Lexmark 收購，毛利率年減 440 個基點，原因是產品和關稅成本上升、管理列印量下降以及高利潤的財務相關費用減少，部分被重組節省的成本所抵消。

Print segment margin of 3.7% declined 340 basis points year over year due to lower revenue and gross profit. Partially offset by reinvention savings and the inclusion of Lexmark in results, pro forma for Lexmark, print segment margin declined 520 basis points, reflecting top-line softness in the quarter.

印刷業務的利潤率為 3.7%，年減 340 個基點，原因是收入和毛利下降。部分被重組節省的成本和 Lexmark 的業績納入 Lexmark 的考試數據所抵消，打印業務利潤率下降了 520 個基點，反映出該季度收入疲軟。

Turning to IT solutions results, IT solutions revenue and gross profit increased more than 150% year over year, reflecting the inclusion of ITsavvy in segment results. Pro forma for the ITsavvy acquisition, IT solutions revenue grew just over 12% in actual currency.

從 IT 解決方案績效來看，IT 解決方案的營收和毛利年增超過 150%，這反映了 ITsavvy 被納入業務部門績效。考慮到 ITsavvy 的收購，IT 解決方案收入按實際貨幣計算增長略高於 12%。

Pro forma gross billings, a reflection of business activity, increased 27% year over year in the third quarter compared to 12% growth year-to-date. The sequential improvement in billing growth reflects several large public sector deployments, benefiting PC sales and endpoints, another quarter of double-digit growth in infrastructure and network revenue, and acceleration in advanced solutions billing, where we continue to see strong adoption of Microsoft Cloud Solution Provider.

反映業務活動的備考總帳單金額，第三季年增 27%，而今年迄今的成長率為 12%。計費成長的連續改善反映了幾個大型公共部門部署，有利於 PC 銷售和終端設備，基礎設施和網路收入又一個季度實現了兩位數增長，以及高級解決方案計費的加速增長，我們繼續看到 Microsoft 雲端解決方案提供商的強勁普及。

Total bookings, an indication of future billings, increased 11% in the third quarter, an acceleration from the prior quarter’s pace of 10%. We continue to see growth in sales activity for IT products and services to existing Xerox print clients, with more than $50 million of pipeline creation year-to-date.

第三季總預訂量（預示著未來的帳單金額）成長了 11%，比上一季的 10% 增速加快。我們看到，現有施樂列印客戶的 IT 產品和服務銷售活動持續成長，今年迄今已創造了超過 5,000 萬美元的銷售機會。

IT solutions gross profit was $44 million, and gross margin of 19.5% expanded 320 basis points year over year, due primarily to the inclusion of ITsavvy. Pro forma for the ITsavvy acquisition, gross margin expanded 260 basis points, reflecting benefits from platform leverage and revenue mix.

IT 解決方案毛利為 4,400 萬美元，毛利率為 19.5%，較去年同期成長 320 個基點，這主要是由於 ITsavvy 的併入。考慮到 ITsavvy 的收購，毛利率成長了 260 個基點，反映了平台槓桿作用和收入組合帶來的好處。

Segment profit grew $18 million year over year, with profit margin reaching 8.1%, helped by the inclusion of ITsavvy. On a pro forma basis, segment margin grew 610 basis points due to platform leverage enabled by ITsavvy integration and synergy benefits.

該部門利潤年增 1,800 萬美元，利潤率達到 8.1%，這得益於 ITsavvy 的併入。以備考基準計算，由於 IT 技術整合和協同效應帶來的平台優勢，該業務部門利潤率增加了 610 個基點。

Operating cash flow was $159 million compared to $116 million in the prior year quarter. The improvement in operating cash flow reflects higher proceeds from the sale of finance receivables and improved working capital, partially offset by lower net income and about $25 million of transaction expenses associated with the Lexmark acquisition.

經營現金流為 1.59 億美元，而去年同期為 1.16 億美元。經營現金流量的改善反映了融資應收款出售所得款項的增加和營運資金的改善，但部分被淨收入的減少以及與收購 Lexmark 相關的約 2,500 萬美元的交易費用所抵銷。

Investing activity was a use of cash of $725 million, a year-over-year increase of roughly the same amount, primarily reflecting the acquisition of Lexmark. Financing activity resulted in a source of cash of $118 million compared to a use of cash in the prior year of $74 million. Current quarter net debt increase includes financing for the Lexmark acquisition, partially offset by the paydown of 2025 senior secured and quarterly amortization of other secured debt.

投資活動動用了 7.25 億美元的現金，與去年同期相比增長了大致相同的數額，主要反映了對 Lexmark 的收購。融資活動帶來了 1.18 億美元的現金收入，而前一年現金支出為 7,400 萬美元。本季淨債務增加包括為收購 Lexmark 提供的融資，部分被 2025 年優先擔保債務的償還和其他擔保債務的季度攤銷所抵銷。

Free cash flow was $131 million, $24 million higher year over year due to an increase in operating cash flow. We ended Q3 with $535 million of cash, cash equivalents, and restricted cash. Total debt of $4.4 billion increased around $460 million from Q2 levels due to an increase in debt associated with the financing of the Lexmark acquisition.

自由現金流為 1.31 億美元，比去年同期增加 2,400 萬美元，主要原因是營運現金流增加。第三季末，我們持有現金、現金等價物和受限現金共 5.35 億美元。由於與收購 Lexmark 相關的融資債務增加，總債務從第二季的 44 億美元增加約 4.6 億美元。

About $1.6 billion of the outstanding debt supports our finance assets, with remaining core debt of $2.8 billion supporting the non-financing business. Post the Lexmark acquisition closed on July 1, total debt declined $226 million on the paydown of the 2025 senior secured and quarterly amortization of other secured debt, partially offset by ABL borrowings.

約 16 億美元的未償債務用於支持我們的金融資產，其餘 28 億美元的核心債務用於支持非融資業務。在 7 月 1 日完成對 Lexmark 的收購後，總債務減少了 2.26 億美元，這主要得益於 2025 年高級擔保債務的償還以及其他擔保債務的季度攤銷，但部分被 ABL 借款所抵消。

As noted in prior calls, the Lexmark acquisition added debt to our balance sheet but resulted in lower gross debt leverage levels. On a pro forma basis, gross debt leverage is 6.1 times last 12 months EBITDA, roughly a 2.5% reduction relative to Q2 levels. Our top capital priority remains the reduction of debt, and we continue to target the gross debt leverage target of 3 times last 12 months EBITDA in the medium term.

如同先前的電話會議所述，收購 Lexmark 增加了我們資產負債表的債務，但降低了總債務槓桿水準。以備考基準計算，總債務槓桿比率為過去 12 個月 EBITDA 的 6.1 倍，與第二季水準相比下降了約 2.5%。我們最重要的資本優先事項仍然是減少債務，我們將繼續在中期內將總債務槓桿率目標設定為過去 12 個月 EBITDA 的 3 倍。

Finally, I will address fiscal year 2025 guidance. Looking ahead, we have adjusted our full-year outlook to reflect continued macro uncertainty and slower-than-anticipated equipment purchasing decisions, particularly the timing of the reopening of the government.

最後，我將談談 2025 財年的業績指引。展望未來，我們已調整全年展望，以反映持續的宏觀不確定性和比預期更慢的設備採購決策，特別是政府重新開放的時間。

We now expect 2025 revenue to grow about 13% year over year in constant currency, with an adjusted operating margin of roughly 3.5% due to lower sales and a slower-than-expected rollout of price increases targeted at offsetting product cost increases and tariffs.

我們現在預計，2025 年營收以固定匯率計算將年增約 13%，調整後的營業利潤率約為 3.5%，原因是銷售額下降以及旨在抵消產品成本上漲和關稅的價格上漲措施推出速度慢於預期。

Free cash flow guidance was reduced from $250 million to $150 million. Roughly $25 million of the reduction relates to post-acquisition transaction costs classified as operating in purchase accounting with no impact on cash. The remaining balance is a result of lower revenue and profit, as well as one-time costs to achieve integration synergies at the high end of the previously provided range due to larger cost actions.

自由現金流預期從2.5億美元下調至1.5億美元。約 2,500 萬美元的減少額與收購後的交易成本有關，這些成本在購買會計中被歸類為營運成本，對現金沒有影響。剩餘餘額是由於收入和利潤下降，以及由於採取了更大的成本措施，在先前提供的範圍的高端實現整合協同效應而產生的一次性成本造成的。

Moving to 2026, we will issue formal 2026 guidance during the Q4 2025 earnings call. In the meantime, I will build on commentary provided last quarter, providing additional color around certain expenses that are expected to partially offset gross cost savings.

展望 2026 年，我們將在 2025 年第四季財報電話會議上發布正式的 2026 年業績指引。同時，我將在上個季度提供的評論基礎上，進一步闡述預計將部分抵消總成本節約的某些費用。

As we look to next year, we see meaningful opportunity for recovery once funding and tariff policies stabilize. Delayed projects are expected to convert into orders, while IT solutions is expected to continue to outpace its markets.

展望明年，一旦資金和關稅政策穩定下來，我們將迎來重要的復甦機會。預計延期項目將轉化為訂單，而IT解決方案預計將繼續超越其市場表現。

Consistent with our view last quarter, legacy Xerox is expected to perform in line with the broader print market, which we expect to decline low to mid-single digits, with legacy Lexmark revenue expected to be roughly flat to down low single digits. IT solutions is expected to grow above the rate of its underlying markets, which we estimate to be 7% to 8%.

與上季度的觀點一致，預計傳統施樂業務的表現將與整體印刷市場保持一致，我們預計印刷市場將出現個位數低至中度的下滑，而傳統利盟業務的收入預計將基本持平或出現個位數低的下滑。IT 解決方案的成長速度預計將高於其基礎市場的成長速度，我們估計其基礎市場的成長速度為 7% 至 8%。

Moving to adjusted operating income, as Steve and Louie mentioned, integration planning work this quarter revealed incremental upside Lexmark synergies. Of the $50 million of incremental synergies, we expect to realize about $25 million of that amount in 2026, resulting in total expected in-year gross integration synergy and reinvention savings of between $250 million and $300 million.

轉而關注調整後的營業收入，正如史蒂夫和路易所提到的，本季的整合規劃工作揭示了 Lexmark 協同效應帶來的額外成長潛力。在 5,000 萬美元的增量綜效中，我們預計將在 2026 年實現約 2,500 萬美元，從而使當年的預期總整合協同效應和創新節省額達到 2.5 億美元至 3 億美元。

Offsetting these savings, we expect $60 million of profit headwinds associated with the continued wind-down of our finance receivable portfolio and around $100 million of profit headwind from incremental tariff and product cost increases. We continue to target select areas for price increases and expect to fully cover the impact of incremental product costs over time. Moving below operating income, we expect interest expense to be around $290 million.

為抵銷這些節省，我們預期隨著融資應收帳款組合的持續縮減，利潤將面臨 6,000 萬美元的不利影響；此外，關稅和產品成本的逐步上漲也將帶來約 1 億美元的利潤不利影響。我們將繼續針對特定領域提高價格，並預計隨著時間的推移，將完全彌補產品成本增加的影響。低於營業收入，我們預計利息支出約 2.9 億美元。

Finally, free cash flow. We continue to expect around $400 million of cash from the reduction of our finance receivable balance. With that, I will now turn the call back to the operator to open up the line for questions.

最後，自由現金流。我們仍然預計，透過減少應收帳款餘額，我們將獲得約 4 億美元的現金。接下來，我將把電話轉回給接線生，以便接聽提問。

(Operator Instructions) Ananda Baruah, Loop Capital.

（操作員指令）Ananda Baruah，Loop Capital。

Yeah, good morning guys, and thanks for taking the questions and for all the detail. A few if I could, just on top-line impact to equipment sales. Any way to discern, I guess, of the -- Mirlanda, you talked about -- it sounded like adjusted 500 more basis points of growth decline relative to last quarter, the 8% versus the 3%. Any way to discern like government impact?

是的，各位早安，感謝你們回答問題並提供所有詳細資訊。如果可以的話，我想提幾點，主要考慮對設備銷售額的直接影響。我想，有沒有辦法辨別——米蘭達，你剛才談到的——聽起來像是相對於上一季度，調整後的增長下降了 500 個基點，從 8% 下降到 3%。有什麼方法可以辨別政府的影響嗎？

I guess maybe there's, sort of however you want to parse this, government versus commercial, which I guess commercial is probably more macro, government sounds like it's more shutdown. And then I would imagine tariffs layer into at least macro, I'd imagine. Does that layer into government as well? And how should we think about the incremental, the 8% versus the 3% last quarter parse that between the kind of commercial and government? Thanks. I have a follow-up. Thanks.

我想，或許可以這樣理解：政府與商業的區別，商業可能更偏向宏觀層面，而政府聽起來更像是政府停擺。然後我想關稅至少會滲透到宏觀層面。這是否也適用於政府部門？我們該如何看待這8%的增量與上一季的3%之間的差異，以及如何區分商業和政府部門之間的差異？謝謝。我還有一個後續問題。謝謝。

Hey Ananda, Steve. A couple of things. First of all, the two strategic acquisitions we made are absolutely leading us in knowing that the strategy is going to sustain long-term growth and profitability. If you look at ITsavvy, right, grew billings now three quarters in a row, bookings three quarters in a row.

嘿，阿南達，史蒂夫。有幾件事。首先，我們進行的這兩項策略性收購絕對引領我們走向成功，讓我們確信該策略將維持長期成長和獲利能力。如果你看看 ITsavvy，沒錯，他們的帳單金額已經連續三個季度增長，預訂量也連續三個季度增長。

We're now penetrating our existing customer base on the Xerox side. Operating profit grew. The two companies, ITsavvy and IT Solutions, fully integrated and completely integrated going forward, enhancing their operating profit growth.

我們現在正努力拓展我們在施樂方面的現有客戶群。營業利潤增長。ITsavvy 和 IT Solutions 兩家公司已全面整合，未來將實現完全一體化，從而提升其營業利潤成長。

In that sector, specifically, what we're seeing is actually growth and less of an impact from the macroeconomics, both in terms of government shutdown and in terms of tariffs for a couple of reasons. One, strategically, we're aligning to where IT is making investments to drive productivity to offset some of the cost pressures that they're seeing. So I want to bifurcate and segment this out a little bit.

具體來說，在這個領域，我們看到的實際上是成長，並且受宏觀經濟的影響較小，無論是政府停擺還是關稅，原因有二。第一，從策略上講，我們正在與 IT 部門的投資方向保持一致，以提高生產力，從而抵消他們面臨的一些成本壓力。所以我想把它稍微拆分一下，細分一下。

ITsavvy, IT Solutions, clearly growing -- clearly see that growing in the future. You will see more activity in our areas in terms of SaaS and moving towards solutions, right? On the Lex integration, the Lex acquisition, we've seen a couple of things. One, we obviously see acceleration in our synergies over the first 100 days. We're now increasing our synergies by $50 million.

ITsavvy、IT解決方案，發展勢頭強勁——未來發展前景一片光明。你會看到我們在 SaaS 和解決方案領域有更多活動，對吧？關於 Lex 的整合和收購，我們看到了一些情況。第一，我們顯然看到在最初的 100 天內，我們的綜效得到了加速發揮。我們現在將協同效應提升了5000萬美元。

What are we seeing there? We saw some slowdown with our partners in there trying to understand what was happening with the acquisition, the two companies coming together. But we also saw any clients that were impacted or could be impacted by either the federal or the tariffs was pausing, right?

我們在那裡看到了什麼？我們發現，我們的合作夥伴在試圖了解收購過程中發生了什麼，以及兩家公司合併的情況時，進展有所放緩。但我們也看到，任何受到聯邦關稅或關稅影響或可能受到影響的客戶都暫停了業務，對吧？

So we haven't seen a pace decline. We haven't seen a slowdown in activity. What we've seen is the hesitation, specifically in the ESR growing. And so what we're looking at there is now that we're going to get certainty going forward, as the government opens up, as tariffs open up, we expect that business and that volume to come back.

所以我們沒有看到增速放緩。我們尚未看到經濟活動放緩的跡象。我們看到的是猶豫，尤其是在 ESR 成長方面。因此，我們現在看到的是，隨著政府開放，關稅放寬，未來的確定性將會提高，我們預期業務和交易量將會恢復。

Lastly, as we think about the cross-sell opportunities, which is really important, we now can take our IT Solutions, our production solutions, take it into the Lexmark client base, and take it to the Lexmark partners, which allows us to further accelerate our revenue synergy.

最後，當我們考慮交叉銷售機會時（這非常重要），我們現在可以將我們的 IT 解決方案、生產解決方案推廣到 Lexmark 客戶群和 Lexmark 合作夥伴，這使我們能夠進一步加速收入協同效應。

So it's a tale of a couple of stories there when we talk about the government shutdown. IT Solutions growing. We see pieces and pockets of opportunity even as part of the Lex acquisition. We haven't talked about Asia expansion, which is on the table for us.

所以，當我們談到政府停擺時，這其實是幾個故事交織在一起的故事。IT解決方案正在蓬勃發展。即使在收購 Lex 的過程中，我們也看到了一些機會和機會。我們還沒有討論過亞洲擴張，但這確實是我們正在考慮的選項之一。

So the federal government is slowing down some of our buying from our clients and from our partners. We expect that to come back as we go forward. Any other comment on this?

因此，聯邦政府正在減緩我們從客戶和合作夥伴那裡的一些採購。我們預計這種情況會隨著時間推移而恢復。還有其他補充嗎？

No, thank you, Steve. And Ananda, you just -- Steve really explained it well. On the ESR, this is where we saw top-line client just slowing demand. And as it relates to post-sale, the trends are very similar to Q2.

不，謝謝你，史蒂夫。阿南達，你真是──史蒂夫解釋得太好了。在ESR方面，我們看到頂級客戶的需求正在放緩。至於售後方面，趨勢與第二季非常相似。

That's a really good description, guys. That's super helpful. And then on the savings, the increased savings from integration, I guess it's really an overall savings question, is there any way yet to discern what portion could ultimately go to the bottom line?

各位，這個描述真是太好了。這太有幫助了。至於節省成本，以及整合帶來的額外節省，我想這實際上是一個整體節省成本的問題，目前是否有任何方法可以確定最終有多少部分可以轉化為利潤？

So Ananda, we're thinking about the increase, even in the $50 million that we upped our synergy targets for the Lexmark acquisition from $250 million to $300 million, we expect about half of that to flow through in 2026 and the rest in 2027, 2028. So I would say half of it.

所以，Ananda，我們正在考慮增加的 5000 萬美元，儘管我們將 Lexmark 收購的協同效應目標從 2.5 億美元提高到了 3 億美元，我們預計其中大約一半將在 2026 年實現，其餘部分將在 2027 年、2028 年實現。所以我覺得大概有一半吧。

Is that to op income or is that recognized gross? I guess what I'm really --

這是營業收入還是已確認的總收入？我想，我真正的樣子--

Yeah, it's a mix. Gross profit -- gross margin, and operating marginal benefit.

是的，是混合的。毛利－毛利率和營業邊際收益。

Yeah, and then the other thing I'll highlight is that we're 100 days into this, right? We've accelerated and found another [$50 million]. We've got multiple workstreams that we're looking at, and we will see continued expansion of our synergy savings as we start to roll out and get deeper into those activities.

是的，另外我想強調的是，我們已經進行了100天了，對吧？我們加速並找到了另一個[5000萬美元]我們正在研究多個工作流程，隨著我們開始推廣和深入這些活動，我們將看到協同效應帶來的節省不斷擴大。

So we're not done. We talked about the $300 million-plus. There are more workstreams and activities. We will see more synergy savings from those activities.

所以，我們還沒完。我們談到了超過3億美元的金額。還有更多工作流程和活動。我們將從這些活動中獲得更多綜效帶來的成本節約。

No doubt. Okay guys, thank you so much. I appreciate it.

無疑。好的，非常感謝各位。謝謝。

Eric Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Hi, this is Maya on for Eric. Thank you for having me. Last quarter you saw the tariff headwind at about $30 million to $35 million for 2025. Maybe if we put the impact from delayed purchases at the top-line level aside, you noted tariffs as one of the underlying reasons for the reduction in adjusted operating margin guidance for the full year.

大家好，我是Maya，替Eric上線。謝謝邀請。上個季度你們看到，到 2025 年，關稅帶來的不利影響約為 3,000 萬美元至 3,500 萬美元。或許如果我們把延遲採購對營收的影響放在一邊，您指出關稅是全年調整後營業利潤率預期下調的根本原因之一。

How would you size this headwind now? What has really changed, I guess, in the last 90 days? And you also mentioned it took a little bit longer to flow through price increases. Are there more price increases to come in response to tariffs, or have those kind of fully flowed through now? Thank you.

現在你如何評估這股逆風的強度？我想，過去90天裡究竟發生了什麼事？您也提到，價格上漲需要更長的時間才能完全消化。關稅的影響還會導致更多價格上漲，還是說這些影響已經完全顯現出來了？謝謝。

Thanks, Maya. With respect to tariffs, last quarter we provided a range, as you mentioned, $30 million to $35 million. Right now we see that being on the high end of the range. We expect about $35 million net impact from tariffs in 2025, and that is included in our guidance.

謝謝你，瑪雅。關於關稅，正如您所提到的，上個季度我們給出的範圍是 3000 萬美元到 3500 萬美元。目前來看，這個數值處於該範圍的高端。我們預計 2025 年關稅將帶來約 3500 萬美元的淨影響，這已包含在我們的預期中。

We are continuing with price increases but have been very measured because we are talking to our customers, we're looking at the demand and the impact it has. And given the softness, because of all the reasons that we discussed in our prepared remarks, we are taking a step back and looking at it case by case as we apply these price increases.

我們仍在繼續提價，但一直非常謹慎，因為我們一直在與客戶溝通，並觀察市場需求及其影響。鑑於市場疲軟，由於我們在準備好的發言稿中討論的所有原因，我們將退一步，逐個案例地審視這些價格上漲。

We still expect to continue to offset the impact of tariffs in future periods with price increases and changes to our supply chain. But for now, again, 2025 has about $35 million of tariffs impacting our guidance.

我們預計未來仍將透過提價和調整供應鏈來抵消關稅的影響。但就目前而言，2025 年約有 3,500 萬美元的關稅將影響我們的預期。

(Operator Instructions) Asiya Merchant, Citi.

（操作員指示）Asiya Merchant，花旗銀行。

Great, good morning. Thank you for taking my question and for all the incremental details. Two, if I may. One, just if you could unpack, I think you talked about the various levels of government softness that you were seeing on the equipment side of things, on the print side of things, but at the same point you talked about ITsavvy doing better. So if you could just talk about the weakness that you saw in the government across the different levels between those two segments, federal, state, local, that would be great.

太好了，早安。感謝您回答我的問題，也感謝您提供的所有詳細資訊。如果可以的話，我想說兩個。第一，如果你能詳細解釋一下，我想你談到了你在設備方面、印刷方面看到的政府各個層面的軟弱之處，但同時你也談到了 IT 部門做得更好。所以，如果您能談談您在聯邦、州、地方這兩個層面上看到的政府薄弱環節，那就太好了。

And then you talked about free cash flow improvements into next year. I get about $400 million from finance receivables flowing through. Just if you can walk us through how we should think about some of the other items that could impact free cash flow into next year. Clearly better income. So how should we kind of think about free cash flow into next year versus the $150 million that you guys are guiding to for 2025? Thank you.

然後您談到了明年自由現金流的改善。我從應收帳款中大約能拿到 4 億美元。如果您能為我們解釋一下我們應該如何考慮可能影響明年自由現金流的其他一些因素，那就太好了。收入明顯較高。那麼，我們該如何看待明年的自由現金流與你們預測的 2025 年 1.5 億美元的目標之間的差異呢？謝謝。

Yeah, thank you. This is Steve. I'll take the first part of it. So when you think about the federal shutdown, it impacts the ecosystem. You think about their suppliers, you think about the contractors, you think about state and local who require funding from the federal government. And so we see a grand overall impact on spending.

是啊，謝謝。這是史蒂夫。我來負責第一部分。所以，當你想到聯邦政府停擺時，它就會對生態系統產生影響。想想他們的供應商，想想他們的承包商，想想那些需要聯邦政府資助的州和地方政府。因此，我們看到消費整體上受到了巨大的影響。

However, when you think about priorities and IT spend, there are pockets and areas that they will invest. So for example, if you're going to invest in AI infrastructure so that you can accelerate productivity and take advantage of using AI, you could take advantage of looking at how do you move more towards a captive and more into the cloud, how do you think about Network-as-a-Service, cybersecurity, etc.

但是，當你考慮優先事項和 IT 支出時，你會發現他們總是會在某些領域進行投資。例如，如果您打算投資人工智慧基礎設施，以便提高生產力並利用人工智慧，您可以考慮如何更多地轉向自建和更多地轉向雲端，如何考慮網路即服務、網路安全等等。

So we are seeing pockets where they continue to invest to drive productivity based on prioritizing their IT spend. And that's where ITsavvy is taking advantage of the spending that's happening out there that is in fact less impacted by the federal shutdown because IT organizations are prioritizing certain areas that we're actually playing in, and we're taking advantage of that.

因此，我們看到一些企業繼續加大投資力度，透過優先考慮 IT 支出來提高生產力。而這正是 ITsavvy 正在利用的領域，這些領域實際上受聯邦政府停擺的影響較小，因為 IT 組織正在優先考慮我們實際涉足的某些領域，而我們正在利用這一點。

The other aspect of it is what we're seeing is, as you start to think about the trickle-down, there's a little bit of uncertainty in terms of profitability for the company. So they're pulling back capital in general. And when you think about the Print infrastructure, sweating the assets and not putting in new equipment is where we're seeing the biggest impact.

另一方面，我們看到，當你開始考慮涓滴效應時，公司的獲利能力存在一些不確定性。所以他們總體上都在撤資。而當你考慮到列印基礎設施時，你會發現，過度消耗現有資產而不添置新設備，正是造成這種影響最大的地方。

So we're seeing volumes okay, seeing supplies okay, but we're not seeing the turn on equipment that we anticipate in terms of buying new equipment, which reduces our ESR. We anticipate that coming back once we see certainty -- when the federal government opens and once we see certainty in budgets and when that'll start to flow. You want to take a look at cash flow?

所以我們看到銷售和供應情況都還可以，但是我們沒有看到預期中的新設備投入使用，這降低了我們的 ESR。我們預計，一旦情況明朗——聯邦政府重新開放，預算確定下來，資金開始到位——這種情況就會恢復。你想看一下現金流狀況嗎？

Thanks, Steve. So we'll provide official guidance when we report our earnings, Q4 earnings, but some guidelines to consider. So yes, we expect $400 million of proceeds from the continued reduction in finance receivables. We expect about $50 million in one-time costs associated with synergy savings.

謝謝你，史蒂夫。因此，我們將在公佈第四季財報時提供官方指引，但以下是一些可供參考的指導原則。所以，是的，我們預計隨著融資應收款的持續減少，將獲得 4 億美元的收益。我們預計與協同效應節省相關的一次性成本約為 5000 萬美元。

And then, when we think about working capital, we expect to have a more normalized working capital, higher operating income, which is net of incremental expenses, which will contribute to an improved conversion of free cash flow from adjusted operating income in 2026.

然後，當我們考慮營運資本時，我們預計營運資本將更加正常化，營業收入將更高（扣除新增費用後），這將有助於在 2026 年提高調整後營業收入中自由現金流的轉換率。

Great, thank you. And just, if you don't mind, if I can ask one more on just the competitive dynamics. I think you talked about the ESRs, the impact from all the shutdowns and the lack of clarity, etc. When you talk about some of this coming back, what clarity should we expect?

太好了，謝謝。如果您不介意的話，我能否再問一個關於競爭動態的問題？我想您談到了ESR（企業服務報告）、所有停工的影響以及缺乏明確性等問題。當您談到其中一些內容將會恢復時，我們應該期待哪些明確的訊息？

Like competitively, your market share as you kind of see it, has it remained stable? And so this is more of an industry-wide shutdown, or is there anything else from a competitive standpoint that we should consider?

從競爭角度來看，您認為您的市佔率是否保持穩定？所以這更像是一場全行業的停擺，還是從競爭的角度來看，我們還該考慮其他因素？

No, we don't see loss in share. We're holding share. And so from a competitiveness, we don't see anything unique that we're not competitive in this space. We're seeing a basic pullback across the board.

不，我們沒有看到市場份額下降。我們持有股份。因此，從競爭力的角度來看，我們並沒有發現任何我們在這個領域不具備競爭力的獨特之處。我們看到各方面都出現了基本的回檔。

Great. Thank you.

偉大的。謝謝。

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

謝謝。現在我想把電話轉回給史蒂夫·班德羅扎克，請他作總結發言。

Thank you. While the near-term environment remains complex, our strategic priorities are clear and unchanged: execute the Lexmark integration to capture both revenue and cost synergies faster than initially planned; drive profitable growth in IT solutions through advanced infrastructure, networking, and advanced solutions; maintain financial discipline, with debt reduction remaining our top capital priority and a clear path to reach 3 times gross leverage ratio over the medium term.

謝謝。儘管短期環境仍然複雜，但我們的策略重點清晰且不變：加速完成 Lexmark 整合，以實現比原計劃更快的收入和成本協同效應；透過先進的基礎設施、網路和解決方案，推動 IT 解決方案的盈利增長；保持財務紀律，降低債務仍然是我們最重要的資本優先事項，並明確了在中期內實現 3 倍毛槓桿率的目標。

We recognize there's still more to do, but we're confident that the actions we are taking are positioning Xerox for long-term sustainable profitability. I want to thank our employees, clients, and partners for their continued dedication and support. I wish everyone a great day.

我們意識到還有更多工作要做，但我們相信，我們正在採取的行動將使施樂公司實現長期可持續盈利。我要感謝我們的員工、顧客和合作夥伴一直以來的奉獻和支持。祝大家今天過得愉快。

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了。