全錄公司 (XRX) 2025 Q4 法說會逐字稿

Welcome to the Xerox Holdings Corporation's fourth-quarter 2025 earnings conference release. (Operator Instructions)

歡迎參加施樂控股公司2025年第四季財報發表會。（操作說明）

At this time, I would like turn the meeting over to Greg Stein, Senior Vice President and Investor Relations. Please go ahead, sir.

此時，我想把會議交給資深副總裁兼投資者關係負責人格雷格‧斯坦。請繼續，先生。

Good morning, everyone. I'm Greg Stein, Senior Vice President and Head of Investor Relations at Xerox Holdings Corporation. Welcome to the Xerox Holdings Corporation fourth quarter 2025 earnings release conference call hosted by Steve Bandrowczak, Chief Executive Officer. He is joined by Chuck Butler, Chief Financial Officer.

各位早安。我是 Greg Stein，施樂控股公司資深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年第四季收益發布電話會議。與他一同出席的還有財務長查克·巴特勒。

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 express permission of Xerox. During this call, Xerox executives will refer to slides that are available on the web at www.xerox.com/investor and will make comments that contain forward-looking statements, which, by their nature, address matters that are in the future and are uncertain. Actual future financial results may be materially different than those expressed herein.

應施樂控股公司的要求，今天的電話會議將會錄音。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。這些前瞻性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。

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

此時，我想把會議交給班德羅札克先生。

Good morning, and thank you for joining our Q4 2025 earnings conference call. On the Q3 call, I highlighted the macroeconomic challenges we are facing and the continued disruption associated with the tariff and government funding-related uncertainty. Macro headwinds continue to persist, but we are cautiously optimistic that the business trends are starting to improve.

早安，感謝各位參加我們2025年第四季財報電話會議。在第三季財報電話會議上，我重點介紹了我們面臨的宏觀經濟挑戰，以及關稅和政府資金相關不確定性帶來的持續幹擾。宏觀經濟逆風依然存在，但我們謹慎樂觀地認為，商業趨勢正在開始改善。

Revenue in the quarter of $2.03 billion increased roughly 26% in actual currency and 24% in constant currency, reflecting the inorganic benefits of the Lexmark and ITsavvy acquisitions. Pro forma for these acquisitions, revenue declined 9%. Adjusted operating income margin of 5% was lower year-over-year by 140 basis points. Free cash flow was $184 million, a decrease of $150 million versus the prior year and adjusted loss per share of $0.10 decreased by $0.46 year-over-year.

本季營收為 20.3 億美元，以實際匯率計算成長約 26%，以固定匯率計算成長約 24%，反映了 Lexmark 和 ITsavvy 收購帶來的非內生性收益。剔除這些收購的影響，營收下降了 9%。經調整後的營業利益率為 5%，較去年同期下降 140 個基點。自由現金流為 1.84 億美元，較上年減少 1.5 億美元；調整後每股虧損為 0.10 美元，較上年減少 0.46 美元。

For the year, revenue of $7.02 billion increased roughly 13% in actual currency and 12% in constant currency. Excluding the benefits of the acquisitions, revenue declined approximately 8%. Adjusted loss per share of $0.60 was $1.57 lower year-over-year. We generated $133 million of free cash flow, which was $334 million lower year-over-year, and adjusted operating income margin of 3.5% was lower year-over-year by 140 basis points.

該年度營收為 70.2 億美元，以實際匯率計算成長約 13%，以固定匯率計算成長約 12%。不計收購帶來的收益，收入下降了約 8%。調整後每股虧損為 0.60 美元，較上年同期減少 1.57 美元。我們產生了 1.33 億美元的自由現金流，比去年同期減少了 3.34 億美元；調整後的營業利潤率為 3.5%，比去年同期下降了 140 個基點。

While macro headwinds continue to weigh on transactional print equipment sales, activity picked up following the end of the government shutdown. In addition, page volume declines moderated and supply usage stabilized. Encouragingly, we entered 2026 with a pipeline higher than this time last year, with cancellations and renewal rates also improved in 2025. This gives us confidence in improving underlying trends in 2026.

儘管宏觀經濟逆風繼續對交易型列印設備銷售構成壓力，但隨著政府停擺的結束，銷售活動有所回升。此外，頁數下降幅度減緩，耗材使用量趨於穩定。令人鼓舞的是，進入 2026 年，我們的專案儲備比去年同期有所增加，2025 年的取消率和續約率也有所提高。這讓我們有信心在 2026 年改善基本趨勢。

What does give us pause is the recent spike in DRAM prices as they began to impact cost across storage, servers, endpoints and networking equipment, having the greatest effect on our IT Solutions business. Considering this, we are taking steps to mitigate, including moving to consumption models such as HPE GreenLake, Dell APEX Device as a Service models and providing extended maintenance services for clients that decide to retain their old hardware.

真正讓我們感到擔憂的是，DRAM 價格最近飆升，開始影響儲存、伺服器、終端和網路設備的成本，對我們的 IT 解決方案業務影響最大。考慮到這一點，我們正在採取措施進行緩解，包括轉向 HPE GreenLake、Dell APEX 設備即服務等消費模式，並為決定保留舊硬體的客戶提供延長的維護服務。

The impact is expected to be modest in our Print business in the first half of the year. But based on current trends, we are expecting a larger impact from the price and availability perspective as we move into the back half of the year. Still, we remain confident in our long-term prospects of our IT Solutions business. While revenue was impacted in Q4 due to delays in enterprise deals directly tied to the recent spike in memory prices, the breadth of our business continues to grow, supported by a very strong quarter in the velocity channel.

預計今年上半年對我們的印刷業務影響不大。但根據目前的趨勢，我們預期隨著下半年的到來，價格和供應方面將受到更大的影響。儘管如此，我們仍然對IT解決方案業務的長期前景充滿信心。雖然由於近期記憶體價格飆升導致企業交易延遲，第四季度收入受到影響，但在高速通路本季表現強勁的支持下，我們業務的廣度仍在持續成長。

Bookings, billings and backlog all increased and pro forma profits improved meaningfully once again, aided by the synergies generated throughout the year. IT Solutions is strategically positioned to capture secular growth through differentiated platforms, including our network operating center. Through our NOC, we deliver scalable AI-enabled automation and operational intelligence, underpinning our managed infrastructure services through a proprietary AIOps platform.

預訂量、帳單金額和積壓訂單均增加，加上全年產生的綜效，預計利潤再次顯著提高。IT Solutions 透過差異化的平台（包括我們的網路營運中心）佔據策略優勢，以抓住長期成長機會。我們透過網路營運中心 (NOC) 提供可擴展的 AI 賦能自動化和營運智能，並透過專有的 AIOps 平台為我們的託管基礎設施服務提供支援。

As we look out towards 2026, our conviction for more meaningful margin expansion is high, underpinned by our guidance of more than $200 million improved in adjusted operating income. Many of the headwinds we experienced in 2025, such as tariffs, increased product costs and the wind down of the sale of several production lines begin to moderate as we move through the year. We expect tailwinds in 2026 to steadily grow from the launch of new product offerings, a fully integrated IT solutions organization and a soon-to-be unified Xerox Lexmark sales organization.

展望 2026 年，我們對利潤率實現更顯著的成長充滿信心，這得益於我們先前預測的調整後營業收入將提高 2 億美元以上。2025 年我們遇到的許多不利因素，如關稅、產品成本上漲以及幾條生產線的出售逐步停止等，隨著時間的推移開始有所緩解。我們預計，隨著新產品的推出、完全整合的 IT 解決方案組織以及即將統一的 Xerox Lexmark 銷售組織的成立，2026 年的利多因素將穩步成長。

We remain focused on the balanced execution of our three strategic priorities: execute reinvention, realize acquisition benefits and balance sheet strength. I will provide an update on each. Starting with the execution of reinvention. With each quarter, the progress following the acquisition of Lexmark, I have become increasingly confident in the complementary nature of our businesses.

我們將持續專注於平衡執行三大策略重點：推動企業轉型、實現收購收益、增強資產負債表實力。我會逐一提供最新進展。從重塑的執行開始。隨著收購 Lexmark 後​​每季的進展，我對我們業務的互補性越來越有信心。

Much of the original nervousness from partners following the transaction close has dissipated, and most of our clients and partners are excited about what our joint offerings mean for them. We continue to develop our route to market, and we'll have more to share next quarter as well as an update on our inside sales strategy, which we will continue to be meaningfully expanding during the year.

交易完成後，合作夥伴最初的緊張情緒大多已經消散，我們的大多數客戶和合作夥伴都對我們的聯合產品能為他們帶來的意義感到興奮。我們將繼續拓展市場管道，下個季度我們將分享更多信息，並更新我們的內部銷售策略，我們將在今年繼續大力拓展該策略。

Last quarter, we discussed at length our enhanced Global Business Services organization, which was launched in 2024 to create a more streamlined and comprehensive set of centralized operating processes, leading to lower operating costs and improved quality. In addition to the physical changes we noted, such as greater utilization of Lexmark captive offshore and nearshore global capability centers, we are also leveraging our AI capabilities to further drive efficiencies into this organization.

上個季度，我們詳細討論了我們於 2024 年推出的增強型全球業務服務組織，該組織旨在創建一套更精簡、更全面的集中式營運流程，從而降低營運成本並提高品質。除了我們注意到的物理變化，例如更多地利用 Lexmark 的離岸和近岸全球能力中心，我們也正在利用我們的人工智慧能力來進一步提高組織的效率。

To that point, Xerox recently established an AI center of excellence. In the second half of 2025, we launched several internal offerings designed to streamline processes, improve customer experience and strengthen financial performance. These platforms are delivering measurable impact today. We introduced AI-powered service agents across XBS US and Latin America.

為此，施樂公司最近成立了一個人工智慧卓越中心。2025 年下半年，我們推出了一系列內部服務，旨在簡化流程、改善客戶體驗並增強財務表現。這些平台如今已產生了可衡量的影響。我們在 XBS 美國和拉丁美洲地區引入了人工智慧服務代理。

These agents handle thousands of real customer interactions via chat and voice, leveraging prior service cases, engineering content and large language models to deliver immediate support. This has resulted in higher success rate, reduced waiting times and improved customer experience, all at lower cost per interaction.

這些客服人員透過聊天和語音處理數千個真實的客戶互動，利用以往的服務案例、工程內容和大型語言模型提供即時支援。這帶來了更高的成功率、更短的等待時間和更好的客戶體驗，所有這些都以更低的每次互動成本實現。

Beyond service, AI is driving significant financial improvements. Using Microsoft Copilot Studio and advanced data science, we reduced outstanding accounts receivable, automated over $10 million in credit hold actions and surfaced actionable insights from 1.4 million collector comments. These capabilities empower faster, data-driven decisions that improve cash flow and operational resilience.

除了服務之外，人工智慧還在推動財務方面的顯著改善。利用 Microsoft Copilot Studio 和先進的數據科學，我們減少了未結應收帳款，自動執行了超過 1000 萬美元的信用凍結操作，並從 140 萬條催收員評論中挖掘出了可操作的見解。這些功能有助於更快地做出數據驅動的決策，從而改善現金流量和營運韌性。

Finally, we begin to utilize AI-driven analytics to protect our supplies business. Leveraging problemilistic modeling and machine learning, we identified hundreds and thousands of cartridges with potential counterfeit and third-party activity, strengthening supply chain integrity and customer trust.

最後，我們開始利用人工智慧驅動的分析來保護我們的供應業務。利用問題建模和機器學習，我們識別出數百或數千個可能存在假冒偽劣和第三方活動的墨盒，從而加強了供應鏈的完整性和客戶的信任。

Moving to acquisition benefits. November 20 marked the one-year point of our acquisition of ITsavvy, and we have been thrilled with the progress to date. Cross-sell performance remains strong, and we are now going to market under a unified brand, Xerox IT Solutions. The alignment and scale provides us opportunities to deliver unique value to our 200,000 customers, such as with the recent launch of Xerox TriShield 360 Cyber Solution, a holistic cybersecurity offering targeted specifically for SMB.

轉向收購優勢。11 月 20 日是我們收購 ITsavvy 一週年的日子，我們對迄今為止的進展感到非常滿意。交叉銷售業績依然強勁，我們現在將以統一品牌「施樂 IT 解決方案」進入市場。這種協調性和規模為我們提供了為 20 萬客戶提供獨特價值的機會，例如最近推出的 Xerox TriShield 360 網路解決方案，這是一款專門針對中小企業的整體網路安全產品。

The solution is built upon Palo Alto Networks' advanced detection technology, continuous monitoring and response platform with cyber response provided by Lumifi and its security operations center and cyber insurance coverage provided by the Hartford brokered by Aon. This is enterprise-grade security designed for SMBs offering scalable protection without the complexity or the cost of traditional solutions.

該解決方案基於 Palo Alto Networks 的先進檢測技術、持續監控和響應平台，由 Lumifi 及其安全運營中心提供網路響應，並由 Aon 代理的 Hartford 提供網路保險。這是專為中小企業設計的企業級安全解決方案，提供可擴展的保護，而無需傳統解決方案的複雜性和高成本。

While operational efficiencies are a main pillar of the rationale for the Lexmark transaction, we are beginning to bear fruit as one company in our go-to-market operations. In the fall, we rolled out Lexmark produced A3 devices in Eastern Europe. The channel reaction so far has been very positive as this product has better features and design innovation focused on serviceability and reliability.

雖然提高營運效率是收購 Lexmark 的主要理由，但我們作為一家公司在市場營運方面已經開始取得成果。秋季，我們在東歐推出了 Lexmark 生產的 A3 設備。目前通路反應非常積極，因為該產品具有更好的功能和設計創新，並專注於可維護性和可靠性。

We expect these devices to reduce service costs, extend activities in post-sales and lead to better uptake with partners over time. We are planning a larger global rollout in 2026 as our in-house manufacturing capacity ramps.

我們期望這些設備能夠降低服務成本，拓展售後活動，並隨著時間的推移，促進合作夥伴更好地接受這些設備。隨著我們內部生產能力的提升，我們計劃在 2026 年進行更大規模的全球推廣。

During the quarter, Xerox and Lexmark secured a global first joint win with Morrisons, one of the UK's leading grocery retailers. The agreement expands our long-standing relationship with Morrisons and positions Xerox as a strategic partner across both operational print infrastructure and customer marketing communications.

本季度，施樂和利盟與英國領先的食品零售商之一 Morrisons 達成了全球首個聯合訂單。該協議擴大了我們與 Morrisons 的長期合作關係，並將 Xerox 定位為 Morrisons 在營運列印基礎設施和客戶行銷傳播方面的策略合作夥伴。

The solutions have Xerox providing a fully refreshed central print room, leveraging cloud-based print management, web-to-print automation and Lexmark MPS for their entire estate 500 supermarkets, 15 logistics sites, the head office and with added Xerox on-site operations.

解決方案包括施樂公司為其所有設施（500 家超市、15 個物流站點、總部）以及施樂公司現場營運部門提供全面更新的中央列印室，利用基於雲端的列印管理、網路列印自動化和 Lexmark MPS。

Morrisons will also adopt our Go Inspire platform, including direct mail, loyalty communications, store leaflets and campaign automation through Go Inspire's digital marketing platform, GO360, enabling more targeted data-driven customer engagement. Earlier this month, I joined our team at the National Retail Federation Show in New York City, where for the first time together, we demonstrated legacy Xerox strength in IT solutions, production print and digital workplace with Lexmark's expertise in in-store operation with devices intentionally engineered for retail, signage solution and vision AI.

Morrisons 也將採用我們的 Go Inspire 平台，包括透過 Go Inspire 的數位行銷平台 GO360 進行直郵、會員通訊、商店傳單和活動自動化，從而實現更有針對性的數據驅動型客戶互動。本月初，我加入了我們團隊，參加了在紐約市舉行的全國零售聯合會展。在那裡，我們首次共同展示了施樂在 IT 解決方案、生產型列印和數位工作場所方面的傳統優勢，以及利盟在店內營運方面的專業知識，包括專為零售而設計的設備、標牌解決方案和視覺人工智慧。

We are excited by the reception and believe our enhanced value proposition, especially with the retail vertical will lead to greater participation in RFPs and further wins and expansion into existing accounts. We also just announced a partnership agreement with RJ Young, one of the largest office equipment and technology dealers in the United States.

我們對目前的市場反應感到非常興奮，並相信我們增強的價值主張，尤其是在零售垂直領域，將促使我們更多地參與 RFP，贏得更多訂單，並拓展現有客戶。我們也宣布與美國最大的辦公設備和技術經銷商之一 RJ Young 達成合作協議。

This agreement, which stems from the existing Lexmark partnership, extends Xerox portfolio with RJ Young's proven service capabilities to their customer base. We continue to look for opportunities as one company to commit to and invest in our partners.

該協議源自於現有的 Lexmark 合作關係，將 RJ Young 久經考驗的服務能力擴展到 Xerox 的客戶群。我們將繼續作為一個整體，尋找機會，致力於投資我們的合作夥伴。

Finally, balance sheet strength. For those focused on our current credit ratings, we remain extremely confident in our ability to drive increased profitability and delever. Since the Lexmark transaction closed, we have generated meaningful positive free cash flow and took net debt down by $366 million.

最後，是資產負債表的穩健性。對於那些關注我們當前信用評級的人，我們仍然對提高盈利能力和降低槓桿率的能力充滿信心。自 Lexmark 交易完成以來，我們產生了可觀的正自由現金流，並將淨債務減少了 3.66 億美元。

For the near and medium term, we plan to use all excess free cash flow to repay debt. In connection, yesterday's announcement of the warrant distribution, which Chuck will speak to in more detail, further supports our goal to enable balance sheet flexibility.

短期和中期內，我們計劃將所有多餘的自由現金流用於償還債務。昨天宣布的認股權證分配計劃（Chuck 將在後面詳細討論）進一步支持了我們實現資產負債表靈活性的目標。

Cost rationalization remains a top priority, and we are reaffirming our cumulative run rate gross cost synergy targets of at least $300 million from the Lexmark acquisition and the $1 billion plus of profit improvement as part of our reinvention program, inclusive of Lexmark cost synergies. Delivery against this target is centrally managed and continuously updated through our Enterprise Transformation Office, or ETO, a joint team comprised of legacy Xerox and Lexmark leaders.

成本合理化仍然是我們的首要任務，我們重申，透過收購 Lexmark，我們累積實現毛成本協同效應的目標至少為 3 億美元，作為我們重塑計劃的一部分，利潤改善目標超過 10 億美元，其中包括 Lexmark 的成本協同效應。此目標的實現由我們的企業轉型辦公室（ETO）集中管理和持續更新，ETO 是由原 Xerox 和 Lexmark 的領導者組成的聯合團隊。

The ETO is responsible for enabling our reinvention priorities, overseeing integration execution and building a durable transformation capabilities across the enterprise through robust analytics and disciplined governance. This includes active oversight of several core integration work streams, dozens of sub-work streams and hundreds of enterprise-wide initiatives.

ETO 負責推動我們的重塑優先事項，監督整合執行，並透過強大的分析和嚴格的治理，在整個企業範圍內建立持久的轉型能力。這包括積極監督幾個核心整合工作流程、數十個子工作流程和數百個企業級專案。

Each initiative is formally documented, tracked through defined stage gates and subject to required milestones and approval before being incorporated into our integration and synergy forecast. This level of rigor and transparency gives us strong confidence in our ability to deliver on and potentially exceed our synergy commitments.

每項舉措都會有正式的記錄，透過既定的階段關卡進行跟踪，並需達到規定的里程碑和獲得批准，然後才能納入我們的整合和協同效應預測中。這種嚴謹性和透明度使我們對履行甚至超越協同效應承諾的能力充滿信心。

Before I hand the call over to our recently appointed Chief Financial Officer, Chuck Butler, I wanted to share why he is the ideal leader for this role. Chuck joined Xerox as part of the Lexmark acquisition, where he spent 21 years in a variety of senior leadership positions, most recently as their Chief Financial Officer.

在將電話交給新任命的財務長查克巴特勒之前，我想分享為什麼他是擔任這一職位的理想人選。Chuck 是作為 Lexmark 收購的一部分加入 Xerox 的，他在 Xerox 工作了 21 年，擔任過各種高級領導職位，最近擔任財務長。

He brings deep experience and proven resilience, having led the company through supply chain disruption, a significant manufacturer transition due to US sanctions on its former Chinese parent company and a large-scale restructuring that delivered stronger revenue and profitability.

他擁有豐富的經驗和卓越的韌性，曾帶領公司度過供應鏈中斷、因美國對其前中國母公司實施制裁而導致的重大製造商轉型以及大規模重組，從而實現了更強勁的收入和盈利能力。

At this pivotal moment for our organization, Chuck's thoughtful, pragmatic approach to driving operational excellence and profitability is just what we need. I'm excited to partner with him as we work to restore growth and strengthen the business. Chuck, take it away.

在我們組織面臨這個關鍵時刻之際，Chuck 深思熟慮、務實的營運卓越和獲利能力提升方法正是我們所需要的。我很高興能與他合作，共同努力恢復成長並加強業務。查克，你來吧。

Thanks, Steve. It's an honor to step into the CFO role at this moment in the company's history. I don't take this responsibility lightly. I spent the last couple of months getting up to speed. And while there's work to do, I'm encouraged by the talent across the company and the early signs of progress from integration.

謝謝你，史蒂夫。在公司發展歷程的這個關鍵時刻，能夠擔任財務長一職，我深感榮幸。我絕不會輕視這份責任。我花了幾個月時間才跟上進度。雖然還有很多工作要做，但我對公司各方面的人才以及整合方面的初步進展感到鼓舞。

My priorities are straightforward: improve execution, strengthen the balance sheet and drive predictable profitability and cash generation. Let me start with the quarter. For Q4, while revenue was slightly below guidance, adjusted operating income and free cash flow came in ahead of our expectations. We saw contributions from integration activities, early synergy capture and disciplined cost actions.

我的首要任務很明確：提高執行力，增強資產負債表，並實現可預測的獲利能力和現金流。讓我先從季度開始說起。第四季度，雖然營收略低於預期，但調整後的營業收入和自由現金流均超乎預期。我們看到了整合活動、早期綜效的實現和嚴格的成本控制措施所做出的貢獻。

On a reported basis, Q4 revenue increased approximately 26% year-over-year, driven by the contributions from Lexmark and ITsavvy. On a pro forma basis, revenue declined 9%. Adjusting for deliberate exits, nonstrategic reductions and normalizing backlog fluctuations, revenue declined about 5%. This is consistent with Q3 and reflects ongoing macro and policy-related uncertainty, particularly early in the quarter.

據報告，第四季營收年增約 26%，主要得益於 Lexmark 和 ITsavvy 的貢獻。以備考基準計算，收入下降了 9%。考慮到主動退出、非策略性裁員以及訂單積壓波動等因​​素，收入下降了約 5%。這與第三季的情況一致，反映了持續存在的宏觀經濟和政策相關的不確定性，尤其是在季度初。

Results this quarter were affected by unforeseen impacts, primarily from the sale of finance receivables in Portugal and France. These transactions reduced revenue by $16 million and adjusted operating income by $13 million, but were executed to strengthen the balance sheet, mitigate risk and improve liquidity. Without this effect, revenue would have been roughly in line with expectations and adjusted operating income would have been well above guidance.

本季業績受到不可預見因素的影響，主要來自葡萄牙和法國的融資應收款項出售。這些交易使收入減少了 1,600 萬美元，調整後的營業收入減少了 1,300 萬美元，但其目的是為了加強資產負債表、降低風險和提高流動性。如果沒有這項影響，收入將大致符合預期，調整後的營業收入將遠超預期。

Turning to profitability. Adjusted gross margin was 29.3%, down 230 basis points year-over-year, reflecting 160 basis points of higher tariff costs and 160 basis points of increased product cost, partially offset by Lexmark's contribution and reinvention benefits. Adjusted operating margin was 5%, down 140 basis points, driven primarily by lower gross margin, partially offset by integration savings, including headcount actions executed in October and early non-headcount synergies.

轉向盈利。經調整後的毛利率為 29.3%，年減 230 個基點，反映出關稅成本上升 160 個基點和產品成本上升 160 個基點，部分被 Lexmark 的貢獻和重組帶來的收益所抵銷。調整後的營業利潤率為 5%，下降了 140 個基點，主要原因是毛利率下降，部分被整合節省所抵消，包括 10 月執行的裁員措施和早期非裁員協同效應。

Adjusted other expenses net was $85 million, up $54 million year-over-year due mainly to higher net interest expense associated with the Lexmark acquisition financing. The adjusted tax rate was 147.1% compared to 32.9% last year, reflecting geographic mix of earnings and an inability to benefit from current year losses and expenses in certain jurisdictions.

經調整的其他費用淨額為 8,500 萬美元，比去年同期增加 5,400 萬美元，主要原因是與 Lexmark 收購融資相關的淨利息支出增加。調整後的稅率為 147.1%，而去年為 32.9%，這反映了收入的地理分佈情況，以及某些司法管轄區無法從當年的虧損和支出中獲益。

GAAP loss per share was $0.60, down $0.40 year-over-year and adjusted loss per share was $0.10, $0.46 lower primarily due to higher interest expense. Let me now review segment results. Within Print and Other, Q4 equipment revenue was $485 million, up 23% as reported or up 21% in constant currency.

GAAP每股虧損為0.60美元，較去年同期下降0.40美元；調整後每股虧損為0.10美元，較去年同期下降0.46美元，主因是利息支出增加。現在讓我來看看細分市場的結果。在印刷及其他業務中，第四季設備收入為 4.85 億美元，按報告匯率計算成長 23%，以固定匯率計算成長 21%。

On a pro forma basis, equipment revenue declined approximately 10% normalizing for reinvention-related actions and other onetime items. Equipment revenue declined around 5%. To provide additional context, legacy Xerox equipment revenue declined 14% in constant currency or roughly 10%, excluding reinvention-related items tied to our decision to discontinue manufacturing high-end production systems.

以備考基準計算，剔除重組相關措施和其他一次性項目的影響後，設備收入下降了約 10%。設備收入下降了約 5%。為了提供更多背景信息，以固定匯率計算，施樂傳統設備收入下降了 14%，或約 10%，這還不包括與我們決定停止生產高端生產系統相關的重塑項目。

This compares to a normalized 8% decline in Q3. Sequential performance was impacted by continued budget-related delays in federal and SLED orders as well as softer commercial and channel demand. Lexmark equipment declined 8% in constant currency, including an estimated 12 points of year-over-year backlog fluctuations.

相比之下，第三季的正常降幅為 8%。受聯邦和州及地方政府部門訂單持續因預算問題而延遲以及商業和通路需求疲軟的影響，季度業績受到影響。Lexmark 設備以固定匯率計算下降了 8%，其中包括估計同比積壓訂單波動 12 個百分點。

Underlying demand grew 4% versus a comparable 12% decline in Q3, indicating a firming of demand over the quarter. Elevated backlog weighed on Q4 revenue but represents a future revenue opportunity as it converts. Print post-sale revenue was $1.39 billion, up 25% as reported and up 23% in constant currency. On a pro forma basis, print post-sale revenue declined 9%.

基本需求增加了 4%，而第三季則下降了 12%，這表明本季需求有所回升。積壓訂單過多拖累了第四季營收，但隨著訂單轉化，也代表未來的營收機會。印刷品售後收入為 13.9 億美元，按報告匯率計算成長 25%，以固定匯率計算成長 23%。以備考基準計算，印刷品售後收入下降了 9%。

Excluding reinvention effects, pro forma post-sale revenue declined approximately 5%, a modest improvement from last quarter, reflecting moderating declines across supplies, services and outsourcing at legacy Xerox. Print and Other adjusted gross margin was 29.8%, down 280 basis points year-over-year due to higher tariff and product costs, lower managed print volumes and lower high-margin finance-related fees, partially offset by reinvention savings.

不考慮重組的影響，以備考計算的售後收入下降了約 5%，較上一季度略有改善，反映出傳統施樂公司的供應、服務和外包業務的下滑幅度有所緩和。印刷及其他業務的調整後毛利率為 29.8%，年減 280 個基點，原因是關稅和產品成本上升、管理印刷量下降以及高利潤率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 was 5.8%, down 270 basis points due to lower gross profit, partially offset by reinvention savings and Lexmark's contribution. Turning to IT Solutions results. Revenue increased 39% year-over-year, reflecting the inclusion of ITsavvy for the entire quarter versus a partial quarter in the comparative period last year.

印刷業務利潤率為 5.8%，下降 270 個基點，原因是毛利下降，部分被重新設計節省的成本和 Lexmark 的貢獻所抵消。轉向IT解決方案結果。營收年增 39%，反映出 ITsavvy 在整個季度都計入了業績，而去年同期只計入了部分季度。

Pro forma gross billings, a reflection of business activity, increased 13% year-over-year in the fourth quarter. Total bookings, an indication of future billings increased 8% in the fourth quarter. We continue to see growth in sales activity for IT products and service to existing Xerox Print clients with more than $60 million of pipeline creation in 2025.

反映業務活動的備考總帳單金額在第四季年增 13%。第四季總預訂量（預示著未來帳單金額）增加了 8%。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，預計 2025 年將創造超過 6,000 萬美元的潛在銷售額。

IT Solutions gross profit was $36 million with gross margin of 22.7%, up 610 basis points year-over-year due primarily to ITsavvy. On a pro forma basis, gross profit expanded by nearly $6 million versus prior year or nearly 20%. Segment profit grew $9 million year-over-year, with profit margin reaching 5.8%, helped by the inclusion of ITsavvy. On a pro forma basis, segment profit grew almost $7 million due primarily to increased gross profit and cost structure improvements.

IT 解決方案業務毛利為 3,600 萬美元，毛利率為 22.7%，較去年同期成長 610 個基點，主要得益於 ITsavvy 的績效成長。以備考基準計算，毛利比上年增加近 600 萬美元，成長近 20%。部門利潤年增 900 萬美元，利潤率達到 5.8%，這得益於 ITsavvy 的併入。以備考基準計算，該部門利潤增加近 700 萬美元，主要原因是毛利增加和成本結構改善。

Moving to our cash flow and capital structure. For the quarter, operating cash flow was $208 million compared to $351 million last year, reflecting lower net income, lower proceeds from finance receivable sales and working capital timing. Investing activity was a $4 million use of cash with CapEx being partially offset by proceeds from real estate disposals compared to a use of $172 million in the prior year, which had costs associated with the acquisition of ITsavvy.

接下來談談我們的現金流和資本結構。本季營運現金流為 2.08 億美元，去年同期為 3.51 億美元，反映出淨收入下降、融資應收款銷售收入下降以及營運資金到位時間縮短。投資活動使用了 400 萬美元現金，資本支出部分被房地產處置所得抵消，而上一年使用了 1.72 億美元，其中包括與收購 ITsavvy 相關的成本。

Finance activity resulted in a $173 million use of cash, reflecting ABL paydown and payments on secured debt. Free cash flow was $184 million for the quarter, down $150 million year-over-year. For the full year, free cash flow was $133 million, above our $107 million comparable guide. This incorporates an adjustment to our Q3 earnings release that reallocated a use of $43 million from investing to operating cash flow.

金融活動導致現金使用量達 1.73 億美元，反映了 ABL 償還和擔保債務的支付。本季自由現金流為 1.84 億美元，年減 1.5 億美元。全年自由現金流為 1.33 億美元，高於我們先前 1.07 億美元的預期。這包括對我們第三季收益發布的一項調整，將 4,300 萬美元的資金用途從投資重新分配到經營現金流。

This adjustment was the result of a onetime accounting treatment related to the settlement of intercompany balances between Xerox and Lexmark. This had no effect on cash and did not impact Q4 2025 free cash flow. We ended Q4 with $565 million of cash, cash equivalents and restricted cash and total debt of $4.2 billion, which was down $160 million sequentially, including repayment of $100 million ABL borrowing that was outstanding at the end of Q3.

此次調整是由於與施樂和利盟之間公司間餘額結算相關的一次性會計處理所致。這並未對現金流產生影響，也沒有對 2025 年第四季的自由現金流產生影響。截至第四季末，我們持有現金、現金等價物和受限現金 5.65 億美元，總債務為 42 億美元，比上一季減少了 1.6 億美元，其中包括償還截至第三季末未償還的 1 億美元 ABL 借款。

There were no borrowings at the year-end under our ABL. We will be repaying the remaining $110 million of ITsavvy notes tomorrow. Approximately $1.5 billion of the outstanding debt supports our finance assets, with remaining core debt of $2.7 billion attributable to the nonfinancing business.

年末，我們的資產抵押貸款項下沒有借款。我們將於明天償還剩餘的1.1億美元ITsavvy債券。未償債務中約有 15 億美元用於支持我們的金融資產，其餘 27 億美元的核心債務歸因於非融資業務。

On a pro forma basis, gross leverage was 6.7 times trailing 12 months EBITDA. Our top capital priority remains debt reduction with a medium-term target of approximately 3 times trailing 12 months EBITDA. For 2026, we expect greater than $7.5 billion in revenue, which represents approximately 7% growth versus 2025, inclusive of a full year of Lexmark.

以備考基準計算，總槓桿比率為過去 12 個月 EBITDA 的 6.7 倍。我們最重要的資本優先事項仍然是降低債務，中期目標約為過去 12 個月 EBITDA 的 3 倍。預計 2026 年營收將超過 75 億美元，與 2025 年相比成長約 7%，其中包括 Lexmark 的全年業績。

This outlook incorporates several known headwinds from ongoing reinvention actions, including lower revenue related to the exit of high-end production print manufacturing and continued declines in XFS finance receivables as a result of our forward flow execution. These impacts are partially offset by expected growth within IT Solutions.

這項展望包含了持續轉型行動帶來的幾個已知不利因素，包括退出高端生產印刷製造業務導致的收入下降，以及由於我們前瞻性的執行而導致的 XFS 融資應收款持續下降。IT解決方案領域的預期成長可以部分抵消這些影響。

On an organic basis, we expect year-over-year revenue performance to improve as we move through the year as headwinds dissipate and we realize the benefits of tailwinds Steve referenced earlier. Specific to XFS, we expect approximately $50 million of revenue headwinds and roughly $40 million of operating income headwinds in 2026, primarily from forward flow dynamics.

從有機成長的角度來看，我們預計隨著時間的推移，隨著不利因素的消散和順風因素的顯現，年收入同比表現將有所改善，正如史蒂夫之前提到的那樣。具體到 XFS，我們預計 2026 年將面臨約 5,000 萬美元的收入不利因素和約 4,000 萬美元的營業收入不利因素，主要來自未來流量動態。

Despite these impacts, we expect adjusted operating income to be in the range of $450 million to $500 million, an increase of more than $200 million versus 2025, driven by $150 million to $200 million of integration synergies and $100 million of reinvention savings. We have clear line of sight to these savings with accountable owners, sequencing and cash timing discipline, which gives us confidence in the delivery path.

儘管受到這些影響，我們預計調整後的營業收入將在 4.5 億美元至 5 億美元之間，比 2025 年增加 2 億美元以上，這主要得益於 1.5 億美元至 2 億美元的整合協同效應和 1 億美元的創新節省。我們有明確的目標，包括明確的責任人、嚴格的排序和現金流管理，這讓我們對交付路徑充滿信心。

We expect tariffs to be a profit headwind in the first half and a tailwind in the second half as we shift more A3 production in-house. Recent memory price increases are expected to offset some of that benefit. We expect free cash flow of approximately $250 million, driven by higher adjusted operating income, partially offset by higher interest expense and reduced forward flow benefits.

我們預計關稅將在上半年對利潤構成不利影響，但在下半年隨著我們將更多 A3 紙張生產轉移到內部，關稅將成為利潤利好因素。近期內存價格上漲預計將抵銷部分收益。我們預計自由現金流約為 2.5 億美元，主要得益於調整後營業收入的增加，但部分會被更高的利息支出和減少的預期現金流收益所抵銷。

Free cash flow assumes roughly $335 million of forward flow benefits, leading to slightly over $1 billion of receivables by year-end, $290 million of net interest expense, $160 million of pension contributions and moderate working capital headwinds. We expect a use of cash from operations in Q1 with improvement throughout the year.

自由現金流假設未來現金流收益約為 3.35 億美元，到年底應收帳款略高於 10 億美元，淨利息支出為 2.9 億美元，退休金繳款為 1.6 億美元，營運資本面臨適度的不利因素。我們預計第一季經營活動產生的現金流將會減少，但全年情況將會有所改善。

Finally, as you may have seen yesterday, we announced a special pro rata distribution of warrants to holders of Xerox common stock, preferred stock and convertible notes. For holders as of the record date, February 9, we will issue one warrant for every 2 shares held, which will be tradable as well as exercisable with cash or certain debt instruments at face value.

最後，正如您昨天可能已經看到的，我們宣布向施樂普通股、優先股和可轉換債券的持有人按比例特別分配認股權證。截至 2 月 9 日登記日的持有人，我們將以每持有 2 股股份發行 1 張認股權證，該認股權證可以交易，也可以按面值以現金或某些債務工具行使。

We believe the issuance of these warrants with expected tangible value is a balance sheet-friendly way to reward shareholders for their continued loyalty and provides bondholders the optionality to participate in Xerox equity. Those who participate in exchange with debt enable immediate leverage reduction while preserving liquidity, enabling faster balance sheet improvement and accelerating the time line to our stated leverage goals beyond free cash flow generation alone.

我們認為，發行這些具有預期有形價值的認股權證，是一種對資產負債表友善的方式，既能獎勵股東的持續忠誠，又能為債券持有人提供參與施樂股權投資的選擇權。參與債務交換的投資者能夠立即降低槓桿率，同時保持流動性，從而更快地改善資產負債表，並加快實現我們既定槓桿目標的步伐，而不僅僅是依靠自由現金流。

With that, I will now turn the call back to the operator to open the line for questions.

接下來，我將把電話轉回給接線生，以便接聽提問。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

Yeah, good morning, guys. Thanks a lot. Lots going on. So I guess just a few, if I could. Steve, as you mentioned, you're starting to see orders come back post government shutdown. Are things back to normal there sort of like order-wise?

早上好，各位。多謝。發生了很多事。所以，如果可以的話，我想就選幾個吧。史蒂夫，正如你所說，政府停擺後，訂單開始恢復了。那裡的秩序之類的東西恢復正常了嗎？

Yes, a couple of things on the -- first, thanks for the question. We're clearly seeing in certain areas, the portfolio that we have has given us a broader TAM that we're going after, and we got the opportunity to bring more products and services into state, fed, local government.

是的，有幾點需要說明——首先，謝謝你的提問。我們清楚地看到，在某些領域，我們現有的產品組合為我們帶來了更廣泛的目標市場，我們有機會將更多的產品和服務帶入州、聯邦和地方政府。

The strategy is working in terms of the acquisition of ITsavvy and Lexmark, bringing more products and services into it. So I would say we're expanding and we're growing. Even in areas where we're seeing a slowdown in spend, there are other opportunities that we can bring solutions into the Fed space.

就收購 ITsavvy 和 Lexmark 而言，該策略正在奏效，為公司帶來了更多產品和服務。所以我覺得我們正在擴張，我們正在發展壯大。即使在支出放緩的領域，我們仍然可以為聯準會帶來其他解決方案。

Yes, that makes sense. Okay. And then maybe just sticking with ITsavvy. So it sounds like just -- and this is more of a clarification. Memory is -- actually, could you just sort of unpack or clarify the impact of memory in the ITsavvy business? And then it sounds like you also said there is an impact to the Print business or the copier business or maybe it's both. Is that distinct from what you're seeing in ITsavvy?

是的，這很有道理。好的。然後或許就繼續從事IT行業吧。所以聽起來就像是——這更像是一種澄清。記憶體－實際上，您能否詳細說明一下記憶體對IT產業的影響？聽起來您似乎也提到了印刷業務或影印業務會受到影響，或者兩者都會受到影響。這和你在 ITsavvy 上看到的情況有什麼不同嗎？

Yes, I think there's a couple of things. So memory across all the industries, whether it's IT services, whether it's in print is going to be a lot of uncertainty as we think about the year, both in terms of pricing, availability and so forth. So one of the things we're doing, as we highlighted, is we're trying to look at our IT solutions portfolio as we're seeing memory prices go up, maybe there'll be a stall on some endpoints, but we can help our clients to extend their life of their products.

是的，我覺得有兩件事。因此，在展望今年時，所有行業的內存，無論是 IT 服務還是印刷品，都將存在許多不確定性，包括價格、可用性等等。正如我們所強調的那樣，我們正在做的一件事是，我們正在努力審視我們的 IT 解決方案組合，因為我們看到記憶體價格上漲，一些終端設備可能會停滯不前，但我們可以幫助我們的客戶延長其產品的使用壽命。

We can help them with moving to as a service such as what we talked about with HPE's offering, Dell's offering. There's a lot of SaaS platforms and things that we can move to that we're going to help our clients to navigate through the memory challenge.

我們可以幫助他們遷移到類似 HPE 和戴爾提供的服務模式。有許多 SaaS 平台和其他工具可以幫助我們的客戶應對記憶體方面的挑戰。

On the print side, first half of the year, little impact because we've got a lot of the products teed up or already in motion. We'll see what the second half of the year is in terms of availability and pricing, but we'll navigate through both of those.

印刷方面，上半年影響不大，因為我們許多產品已經準備就緒或正在籌備中。下半年的供貨情況和價格如何​​，我們拭目以待，但我們會努力克服這兩個問題。

And how -- let's just on the memory side, kind of across the portfolio, I guess, but savvy as distinct from the copier print business. What's the useful way for folks to think about -- well, first of all, are you hitting elasticity yet? And then -- or are you starting to see an elasticity headwind yet from rising memory costs? Are you passing -- are you raising prices? And sort of to what degree should we think of the margins -- the margin impact also?

那麼——就記憶體方面而言，我想，這涵蓋了整個產品組合，但與影印列印業務相比，它更精明。對人們來說，一個有用的思考方式是什麼——首先，你是否已經達到彈性？那麼——或者說，您是否已經開始看到記憶體成本上漲帶來的彈性阻力？你們要提價嗎？那麼，我們應該在多大程度上考慮利潤率──利潤率的影響呢？

Yes. Look, I think the industry is uncertain around what is happening with pricing and what is happening with availability throughout the year. What we're trying to do, working with our suppliers, making sure that we get the product availability, working with our clients to try to put in the right solutions so we can optimize their return on investment and things that they're trying to drive.

是的。我認為，整個產業對於全年的價格走勢和供應情況都存在不確定性。我們正在努力與供應商合作，確保產品供應，並與客戶合作，努力提供合適的解決方案，從而優化他們的投資回報率以及他們想要實現的目標。

And when we see these things, and historically, when you think about supply chain challenges and shortages, we look at how do we help in trying to navigate that. So we're working with all suppliers. We're working with contract manufacturers, working with our end products in terms of the products that they're giving to us and trying to navigate through that. And it will be a mix shift of products. It will be a combination of extending warranties, extending service and helping to navigate through this. There's going to be some uncertainty, and we'll just see how we play it out. We'll navigate through it.

當我們看到這些事情，以及從歷史上看，當我們思考供應鏈挑戰和短缺問題時，我們會思考如何幫助應對這些問題。所以我們正在與所有供應商合作。我們正在與代工製造商合作，處理他們提供給我們的最終產品，並努力克服這些困難。而且產品種類也會有所變化。這將包括延長保固、延長服務期以及協助客戶應對這種情況。一定會有一些不確定因素，我們就走瞧吧。我們會克服困難的。

All right, I appreciate that. I'll leave it there. Thanks, so much guys.

好的，謝謝。我就說到這兒吧。非常感謝各位。

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Hey guys, good morning. Thank you for taking my questions. I have two for you. Steve, maybe just to start, and I think I've asked this before, but would just love an update is, obviously, there's a lot going on at Xerox right now between reinvention, absorbing Lexmark, managing leverage and cash flow, kind of trying to protect the core business and all amidst this kind of very volatile macro and obviously, memory situation. Just how do you prioritize all of these different kind of moving pieces?

嘿，各位，早安。謝謝您回答我的問題。我這裡有兩個給你。史蒂夫，或許可以先問一個問題，我想我以前也問過，但我還是想了解最新情況。顯然，施樂現在有很多事情要做，包括重塑自我、收購利盟、管理槓桿和現金流、努力保護核心業務，所有這些都發生在當前非常動蕩的宏觀經濟環境以及內存市場形勢下。你究竟該如何對所有這些不同的變動因素進行優先排序？

Because if we go back to Chuck's comments, we want to talk about improving execution. Obviously, that makes execution risk higher with all of these moving pieces. So just how are you prioritizing? How are you managing? And how are you making sure that you can do all of this while pushing this business forward? And then a quick follow-up, please.

因為如果我們回到 Chuck 的評論，我們想討論的是如何提高執行力。顯然，由於涉及的因素眾多，執行風險也較高。那麼，你是如何決定優先順序的呢？你還好嗎？你如何確保在推動業務發展的同時，還能做到這一切？然後請再補充一個細節。

Yes, a couple of things, Erik. First of all, as we look at Q4 and navigating revenue, operating profit, cash came in as we expected, and we navigated through that. I got to tell you, from a strategic standpoint, reinvention strategy, the acquisition of ITsavvy, the acquisition of Lexmark is working.

是的，有幾件事，艾瑞克。首先，當我們回顧第四季並分析收入、營業利潤和現金流時，一切都如我們所預期的那樣，我們也順利度過了難關。我必須告訴你，從策略角度來看，從重塑策略的角度來看，收購 ITsavvy 和收購 Lexmark 都是行之有效的。

We're heading in the right direction. And we're seeing that examples of that, the Morrison account where we bring in all of our capabilities, Lexmark, their MPS, our production, our Go Inspire, all of it coming together and driving value in a large retail account. Expansion in channels. We're seeing channels now picking up on our A3 product that we manufacture internally.

我們正朝著正確的方向前進。我們看到這樣的例子，例如 Morrison 客戶，我們整合了我們所有的能力，包括 Lexmark 的 MPS、我們的生產設備、我們的 Go Inspire，所有這些都結合在一起，為大型零售客戶創造了價值。通路拓展。我們看到一些通路開始接受我們自主生產的 A3 產品。

We drive better serviceability, better profitability as it returns as we look at supplies expansion. We're seeing the launch in IT solutions of our CybersShield, which is a combination of Palo Alto and Insurance, nobody can bring that to the market to the SMB space like we can bring that. So the strategy is working. The execution is working.

隨著我們著眼於擴大供應，我們將推動服務能力和獲利能力的提升。我們看到，我們的 Cyber​​sShield IT 解決方案正在推出，它是 Palo Alto 和保險的結合體，沒有人能像我們一樣將它帶入中小企業市場。所以這個策略奏效了。執行正常。

When we look at the reinvention and integration, it's one project to us, right? We have one enterprise transformation office that looks at the entire suite of all the work streams, all the things that we follow. So the management operating system, it's all under one management operating system that we've been executing here since the reinvention launch.

當我們審視重塑和整合時，對我們來說，這只是一個項目，對吧？我們設立了一個企業轉型辦公室，負責檢視所有工作流程以及我們所遵循的所有事項。所以，所有管理作業系統都運行在一個管理作業系統之下，自從系統重塑啟動以來，我們一直在執行這個作業系統。

So I know from an outside, it looks like a lot of moving parts. But I got to tell you, it's coming together and it's heading in the right direction. And as you look at our guidance in 2026, the strategic things that we've put in place give us confidence to deliver. Last point, when you bring ITsavvy together and you bring Lexmark together and you look at integration, culture is important.

所以從表面上看，我知道它看起來像有很多活動部件。但我必須告訴你，事情正在步入正軌，並且朝著正確的方向發展。展望 2026 年，我們所製定的策略性舉措讓我們有信心實現目標。最後一點，當你把 ITsavvy 和 Lexmark 合併在一起，並考慮整合時，文化很重要。

And I got to tell you, the culture and the combination of these three assets has been absolutely outstanding. Working together, bringing value to our clients, internal synergies, all the things that we've been working on have been extremely, extremely important. And then the last piece of it, as we're going through this, we talk about reinvention.

我必須告訴你，這種文化以及這三個優勢的結合絕對是傑出的。共同努力、為客戶創造價值、發揮內部協同效應，我們一直在努力做的所有事情都極為重要。最後，在我們討論這個話題的時候，我們談到了重塑自我。

Reinvention our end-to-end operating processes, reinvention everything we do. We've now added an AI center of excellence to that, where we're now bringing technologies that we've never had before as opposed to two years ago or three years ago, when you look at integration, we didn't have some of the capabilities and technologies that we have today. So I am very optimistic, very, very comfortable and very excited about where we are in the process, and the team is doing an outstanding job.

徹底革新我們的端到端營運流程，革新我們所做的一切。我們現在又增加了一個人工智慧卓越中心，在那裡我們引入了以前從未有過的技術。與兩年前或三年前相比，在整合方面，我們當時並不具備今天所擁有的一些能力和技術。所以我非常樂觀，非常有信心，也對我們目前所處的位置感到非常興奮，團隊的工作也非常出色。

All right. No, that's super helpful. And I want to press you on the answer that you provided to Ananda earlier just on kind of the memory stuff. And really, my high-level question is how are you protecting yourself against kind of pull forward and the risk of a tough second half in IT services? And really, the point that I'd love to try to kind of better understand is, I know you speak to double-digit growth in bookings and billings in IT services.

好的。不，這太有幫助了。我想就你之前給阿南達的關於記憶方面的回答再追問你一下。實際上，我最根本的問題是，您如何保護自己免受 IT 服務業下半年業績下滑和艱難時期帶來的風險？實際上，我最想了解的是，我知道您提到 IT 服務預訂量和帳單額實現了兩位數的成長。

And just based on some of the -- what we hear from a pricing standpoint, things look like we're going through a giga period of inflation, however you want to characterize it. Just in the event things get tougher than expected in the second half of the year, obviously, you're trying to reorient your cost base. How do you protect yourself with all of that going on, again, just in a world where things do get a little bit more challenging. I'd just love to hear kind of the strategy of how do you think about that.

僅從我們聽到的價格方面來看，無論你怎麼形容，我們似乎正在經歷一場巨大的通貨膨脹。顯然，為了應對下半年可能出現的比預期更艱難的情況，你需要調整成本結構。在現今這個充滿挑戰的世界裡，面對這一切，你該如何保護自己？我很想聽聽你對此的策略和考慮。

Yes. So three things. You know my background as a CIO, so I'm going to speak from a CIO perspective. The budget that I have is the budget that I've had, right? And so I have to drive value for business. I've got to drive value for internal, whether it's driving more revenue, driving more profitability. And what we're going to see from our clients is, yes, endpoints may go up, servers may go up, but I could sweat those assets. I could extend them. I can move to more towards Software as a Service and look at some of these other platforms, right? And we have a full portfolio that we could take advantage of where clients are going to ship to.

是的。所以有三件事。你們知道我曾擔任首席資訊官，所以我將從首席資訊長的角度來談談我的看法。我目前的預算就是我一直以來的預算，對吧？因此，我必須為企業創造價值。我必須為公司內部創造價值，無論是提高收入還是提高獲利能力。而我們將從客戶那裡看到的是，是的，終端設備可能會恢復運行，伺服器可能會恢復運行，但我可能會擔心這些資產。我可以延長它們。我可以轉向軟體即服務（SaaS）模式，並考察其他一些平台，對嗎？我們擁有完整的產品組合，可以充分利用客戶將產品運送到的各個目的地。

We can help them with sweating their assets. We can help them with bringing more productivity. We talked about AI-powered platform around end-to-end support in terms of the service IT stack. And so we're shifting and we're helping our clients navigate the increase in memory prices and ultimately, the increase in end devices. So I'm very confident that we have the capabilities, and we've got all the infrastructure to help our clients to navigate through this.

我們可以幫助他們充分利用自己的資產。我們可以幫助他們提高生產力。我們討論了圍繞服務 IT 堆疊的端到端支援的 AI 驅動平台。因此，我們正在調整策略，幫助客戶應對記憶體價格上漲以及最終終端設備價格上漲的挑戰。因此，我非常有信心我們有能力，並且擁有所有必要的基礎設施來幫助我們的客戶應對這種情況。

Look, you can't predict the pricing. I can't predict the pricing and what's going to happen with chips memory over the next 18 months. What I can do is control the factors that we have, and that is knowing there's always signs of headwinds, shifting our demand and helping our clients to navigate through this. And I'm confident we've got the products and we've got the line card that allows us to do that.

你看，價格是無法預測的。我無法預測未來 18 個月內晶片記憶體的價格走勢。我能做的就是控制我們所擁有的因素，那就是要意識到總是會有不利因素出現，從而改變我們的需求，並幫助我們的客戶度過難關。我相信我們擁有能夠實現這一目標的產品和產品線。

Awesome thank you very much Steve best of luck to you guys.

太棒了，非常感謝史蒂夫，祝你們一切順利。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Yes, sorry about that. Hello, good morning. This is [Mark] on for Samik. So my question is regarding the operating cash flow to free cash flow bridge. You go from $360 million to $250 million based on the 2026 guide. So I guess what are some of the assumptions with regard to that, like the working capital assumptions, CapEx and the split between operations versus finance receivable runoff?

是的，很抱歉。你好早安。這是[Mark]為Samik主持節目。所以我的問題是關於經營現金流到自由現金流的過渡問題。根據 2026 年的預測，金額將從 3.6 億美元降至 2.5 億美元。那麼，關於這一點，有哪些假設呢？例如營運資本假設、資本支出、營運應收帳款與融資應收帳款的分配比例？

Yes. You're talking year-to-year -- and thanks for the question, by the way. If you think about year-to-year free cash flow from 2025 to 2026, there's a lot of puts and takes that can go on in between that bridge and the walk down. But the essential gist of it, if you boil it all down, is we'll have a higher EBITDA driven by operating income increases of $225 million to $250 million, and then you'll have less finance receivables. And the net of those two kind of get you to the year-over-year improvement in free cash flow.

是的。您說的是按年計算——順便說一句，謝謝您的提問。如果你考慮 2025 年至 2026 年的年度自由現金流，那麼在過渡期和過渡期之間可能會有許多買賣交易發生。但歸根結底，關鍵在於，營業收入增加 2.25 億美元至 2.5 億美元將帶動 EBITDA 提高，同時應收帳款也會減少。這兩個因素相加，就能得出自由現金流的年比改善情況。

There are some puts and takes in there. You'll have a little bit higher cash taxes, a little bit higher interest, a little bit less restructuring. But if you netted it all down, it comes down to a higher operating income offset by lower finance receivables.

這裡面有一些出價和收益。你的現金稅會稍微高一些，利息會稍微高一些，重組的難度會稍微小一些。但綜合來看，較高的營業收入會被較低的融資應收款所抵銷。

Got it. And I guess piggybacking off that with regards to the finance receivable sales and the prior question regarding prioritization between P&L and balance sheet. How do you think about finance receivable sales over the course of the year in 2026?

知道了。我想藉此機會談談應收帳款銷售以及先前關於損益表和資產負債表之間優先順序的問題。您如何看待2026年全年的融資應收帳款銷售額？

Yes. We have $335 million of finance receivable sales, our forward flow benefit baked into our forecast for 2026. If you think about where we have stated we will take our finance receivables to, it would be a balance sheet of about $1 billion, which is where we'll exit the year. I anticipate the larger piece of that happening in the back half of the year to get to that. And then we'll see if we can be opportunistic beyond 2026.

是的。我們有 3.35 億美元的融資應收帳款銷售額，我們的預期收益已計入 2026 年的預測。如果你想想我們先前宣布的財務應收款目標，那將使我們的資產負債表達約 10 億美元，而這正是我們今年年底的目標。我預計其中大部分工作將在今年下半年完成。然後我們將看看能否在 2026 年之後抓住機會。

Got it, thank you for taking my question.

明白了，謝謝你回答我的問題。

Asiya Merchant, Citigroup.

阿西婭·默錢特，花旗集團。

Hi, good morning. This is Mike Cadiz for Asiya Merchant at Citi. Good to meet you, Chuck, and we look forward to working with you in the coming quarters. So my one question is, can you talk about any cross-selling progresses that you've seen and any milestones you're targeting for this year given the large 200,000-plus client base?

您好，早安。這是花旗銀行亞洲商戶部的麥克卡迪茲。很高興見到你，查克，我們期待在接下來的幾季與你合作。所以我的問題是，鑑於我們擁有超過 20 萬的客戶群，您能否談談您在交叉銷售方面取得的任何進展，以及您今年設定的任何里程碑目標？

And what kind of penetration is targeted for this year? And also the last thing is, are the sales motions somewhat different in selling IT services to a Lexmark Print client versus a legacy Xerox client?

今年的目標滲透率是多少？最後一點是，向 Lexmark Print 客戶銷售 IT 服務與向傳統的 Xerox 客戶銷售 IT 服務，銷售策略是否有所不同？

Yes. Let me start with that. So as you know, we talked about our IT solutions strategy and selling into our mid-market clients, where typically the same buyer is the buyer of our print equipment as well as IT solutions equipment. So we already have the relationship. We already have a trusted partner and a trusted client. We've talked about our printers are behind the firewall. We're integrated into their security stack.

是的。就讓我先從這一點說起。如您所知，我們討論了我們的 IT 解決方案策略以及向中端市場客戶銷售產品，通常情況下，我們的列印設備和 IT 解決方案設備的買家都是同一個人。所以我們已經建立了這種關係。我們已經有了值得信賴的合作夥伴和值得信賴的客戶。我們已經討論過，我們的印表機位於防火牆之後。我們已整合到他們的安全體系中。

By the way, we're integrated into their overall data security. So it's the same economic buyer. We're now bringing IT solutions into. So for us, the go-to-market motion is leverage the relationship, but bring a broader set of portfolios and products and capabilities such as we just announced with CybersShield.

順便一提，我們已經融入他們的整體資料安全體系。所以是同一個經濟買家。我們現在正在引入IT解決方案。因此，我們的市場推廣策略是利用現有關係，但同時引入更廣泛的產品組合、產品和能力，例如我們剛剛宣布的 Cyber​​sShield。

That would never happen without the 200,000-plus clients that we already have that we know struggle with being able to get both CyberSecurity insurance and get the scale and get the capabilities of a Palo Alto Network. So the go-to-market motion for us is leverage the relationship we already have, bring in the portfolio and the capabilities of IT solution and continue the expansion and the penetration into those accounts.

如果沒有我們現有的 20 多萬名客戶，這一切都不會發生。我們知道，這些客戶在獲得網路安全保險和獲得 Palo Alto Network 的規模和功能方面都面臨著困難。因此，我們的市場策略是利用我們已有的關係，引入我們的 IT 解決方案產品組合和能力，並繼續擴展和滲透到這些客戶中。

What we've also seen and recently at the retail show, as we start to look at expansion and bringing these together, we now start to see the things that everything that Lexmark had done in the retail space around signage, around IoT, AI capabilities, we now can bring IT solutions in a store the same way, and we now can bundle and package a broader set of portfolios, including, by the way, adding production capabilities.

我們也看到，最近在零售展上，隨著我們開始考慮擴張並將這些整合起來，我們現在開始看到，Lexmark 在零售領域圍繞標牌、物聯網、人工智慧功能所做的一切，現在我們可以以同樣的方式將 IT 解決方案引入商店，並且我們現在可以捆綁和打包更廣泛的產品組合，順便說一句，還包括增加生產能力。

So what we're seeing is an expansion of route to market and a penetration in existing TAM where we already have relationships, we're already trusted partners, and now we're bringing new products and services that drive meaningful outputs for our clients, which is really excited as we think about the go-to-market motion. Chuck, anything you want to comment?

因此，我們看到的是市場通路的擴張和現有目標市場的滲透，我們已經在這些市場建立了關係，成為了值得信賴的合作夥伴，現在我們正在推出能夠為客戶帶來有意義產出的新產品和服務，這讓我們在考慮市場進入策略時感到非常興奮。查克，你有什麼要補充的嗎？

Yes. If I would add a little bit to how does that translate into bottom line performance. Someone mentioned all the different projects and areas that we're working right now. But they all have one intended focus, and that's to increase the financial profile of this company. And I see all that occurring.

是的。如果我再補充一點，這如何轉化為最終業績？有人提到了我們目前正在進行的所有不同項目和領域。但他們的目標只有一個，就是提高這家公司的財務狀況。我親眼目睹了這一切的發生。

I see we performed as expected in Q4 on a bottom-line basis. We performed as expected or better than expected from a cash flow generation. So you're seeing some of that working capital discipline. and some of the synergy savings being realized. So where we stand right now is in control of our own destiny with good momentum going into 2026.

從最終獲利來看，我認為我們第四季的表現符合預期。在現金流方面，我們的表現符合預期或超出預期。所以，您可以看到一些營運資本管理的措施，以及一些綜效帶來的成本節約正在實現。所以，我們現在掌握著自己的命運，並且帶著良好的動力邁入2026年。

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

今天的問答環節到此結束。我想把發言權交還給史蒂夫·班德羅扎克，讓他再補充一些內容。

Thank you. While 2025 brought meaningful challenges, we exited the year with strengthening fundamentals and clear momentum. The integration of Lexmark and ITsavvy is unlocking tangible commercial and operational benefits. Our core print business is showing signs of stabilization and IT Solutions delivered double-digit bookings and billings growth, all of which gives us optimism for an improved trajectory in 2026.

謝謝。儘管 2025 年帶來了許多挑戰，但我們以不斷增強的基本面和清晰的發展勢頭結束了這一年。Lexmark 和 ITsavvy 的整合正在釋放切實的商業和營運效益。我們的核心印刷業務已呈現穩定跡象，IT 解決方案實現了兩位數的預訂量和帳單額成長，所有這些都讓我們對 2026 年的發展軌跡充滿信心。

Looking ahead, we have high convictions in our ability to expand margins and return to profitable growth. Many of the cost and product-related headwinds began to ease as the year progresses, while new product launches and unified IT solutions and sales organizations and disciplined execution of our reinvention program provide meaningful tailwinds.

展望未來，我們對擴大利潤率和恢復獲利成長的能力充滿信心。隨著這一年的推進，許多成本和產品相關的不利因素開始緩解，而新產品的推出、統一的 IT 解決方案和銷售組織以及我們重塑計劃的嚴格執行，都帶來了重要的順風。

With a clear deleveraging plan and a robust synergy pipeline, we are confident in our path we are on. Thank you for your continued support. We look forward to delivering a stronger 2026 for our employees, clients, partners and shareholders. Have a great day.

憑藉著清晰的去槓桿化計劃和強大的協同效應管道，我們對我們所走的道路充滿信心。感謝您一直以來的支持。我們期待在2026年為我們的員工、客戶、合作夥伴和股東帶來更美好的未來。祝你有美好的一天。

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

感謝各位女士、先生參加今天的會議。節目到此結束。您現在可以斷開連線了。再會。