全錄公司 (XRX) 2026 Q1 法說會逐字稿

Welcome to the Xerox Holdings Corporation first quarter 2026 earnings release conference call. (Operator Instructions)

歡迎參加施樂控股公司（Xerox Holdings Corporation）2026 年第一季財報發布電話會議。（接線員指示）

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

此刻，我想將會議交給施樂資深副總裁暨投資人關係主管 Greg Stein 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 first quarter 2026 earnings release conference call hosted by Louie Pastor, 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暨投資人關係主管。歡迎參加由執行長 Louie Pastor 主持的施樂控股公司 2026 年第一季財報發布電話會議。與他一同出席的是財務長 Chuck Butler。

At the request of Xerox Holdings Corporation, today's conference call is being recorded. Other recording and/or rebroadcasting of this call are prohibited without the expressed permission of Xerox.

應施樂控股公司要求，今天的電話會議將被錄音。未經施樂明確許可，禁止對本次電話會議進行其他錄音及／或轉播。

During this call, Xerox executives will refer to slides that are available on the web at www.xerox.com/investor. We 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.

在本次電話會議中，施樂高層將引用可於 www.xerox.com/investor 網站取得的簡報投影片。我們將發表包含前瞻性陳述的評論；此類陳述本質上涉及未來事項且具有不確定性。實際未來財務結果可能與本文所述存在重大差異。

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

此刻，我想將會議交給 Pastor 先生。

Good morning, and thank you for joining our Q1 2026 earnings call. Before we get into the numbers, I want to briefly introduce myself in this new capacity and share my thoughts about the role and how I intend to lead Xerox. First, I want to sincerely thank the Board for the confidence they've placed in me. This is not a responsibility I take lightly.

各位早安，感謝各位參加我們 2026 年第一季（Q1）財報電話會議。在進入數字之前，我想先以這個新職務簡要自我介紹，並分享我對此角色的看法，以及我打算如何領導施樂。首先，我要由衷感謝董事會對我的信任。我絕不輕忽這份責任。

As many of you know, I was appointed President and COO last September. And before that, I served in leadership roles spanning operations, transformation, corporate development, and legal. I know this business well. I know our people well, and I have been deeply involved in the work underway to improve our performance, much of which is starting to show up in our results.

如各位所知，我於去年 9 月被任命為總裁兼營運長（COO）。在那之前，我曾擔任涵蓋營運、轉型、企業發展與法務等領域的領導職務。我非常了解這門業務。我也非常了解我們的同仁，並且一直深度參與目前正在進行、用以改善我們績效的工作，其中多項成果已開始反映在我們的業績上。

The Board's decision to name me CEO reflects the progress we've made over the past two quarters, including structural cost reductions, early signs of momentum growing our revenue funnel, and the execution of key initiatives to strengthen our balance sheet, like the TPG Angelo Gordon joint venture and the warrant distribution.

董事會決定任命我為執行長，反映了我們在過去兩個季度所取得的進展，包括結構性成本降低、營收漏斗成長動能的初步跡象，以及為強化資產負債表而推動的關鍵舉措，例如與 TPG Angelo Gordon 的合資企業以及權證分配。

Separately, my decision to eliminate rather than retain and backfill the President and COO role was deliberate. There are no sacred cows here. The role is not needed anymore, and eliminating it reflects exactly the kind of cost discipline, operational efficiency, and speed of execution this moment demands.

另外，我決定取消而非保留並補人總裁兼營運長（President and COO）一職，是經過深思熟慮的。在這裡沒有任何不可動搖的「神聖不可侵犯」事項。這個職位已不再需要，取消它正體現了此刻所要求的成本紀律、營運效率與執行速度。

I intend to lead this company with the same operating discipline I brought to every role I've ever held, sleeves rolled up, deeply embedded in the work, and with a clear-eyed focus on what actually moves the needle.

我將以我在過往每一個職務中所秉持的同樣營運紀律來領導公司：捲起袖子、深入工作第一線，並以清醒務實的眼光聚焦於真正能帶來改變的關鍵。

We're aware of our stock price. We're aware of our credit ratings. I'm not going to paper over the challenges that Xerox faces. Rather, I have a disciplined, pragmatic approach to tackling them, and I'm focused on actions, not excuses.

我們了解我們的股價表現。我們也了解我們的信用評等。我不會粉飾施樂所面臨的挑戰。相反地，我將以有紀律、務實的方式來應對，並專注於行動，而不是藉口。

To our employees, our clients, our partners, and our investors, I commit to being transparent and accountable with all of you. We will talk openly about our successes. We will acknowledge our challenges, and we will move quickly to address them. You deserve that. And frankly, it's the only way we'll make real progress.

對我們的員工、客戶、合作夥伴與投資人，我承諾將對各位保持透明並負起責任。我們會坦誠談論我們的成功。我們也會正視我們的挑戰，並迅速採取行動加以解決。各位值得如此對待。坦白說，這也是我們取得真正進展的唯一方式。

Let me also be clear about this. I am genuinely optimistic about the future of this business. I know what this organization is capable of, and I'm confident that we are closer to an inflection point than the external narrative suggests.

我也要把話說清楚。我對這項業務的未來確實感到樂觀。我知道這個組織具備什麼能力，也有信心我們距離轉折點比外界敘事所暗示的更近。

Xerox has real assets, real client relationships, and a team that has shown it can execute under pressure. Our strategy is not changing. It doesn't need to. What this company needs and what our leadership intends to deliver is relentless, disciplined execution against the strategy we have already laid out. The plan is in place. Now we run it.

施樂擁有實質資產、真實的客戶關係，以及一支已證明能在壓力下執行的團隊。我們的策略不會改變。也不需要改變。公司所需要、而我們的領導團隊打算交付的，是對既定策略進行毫不鬆懈、嚴謹有紀律的執行。計畫已就位。現在就是全力推進執行。

So with that, let's talk about our results. Q1 showed a continuation of the improving underlying trends we discussed on our Q4 earnings call. Revenue of $1.85 billion increased nearly 27% in actual currency and 24% in constant currency, reflecting the inorganic benefits of the Lexmark acquisition. On a pro forma basis, revenue declined 4%. Even excluding the benefit of some partner-driven pull forward from Q2, which Chuck will discuss in further detail, Q1 performance was a material improvement from the 9% organic revenue decline we saw in Q4.

接下來，我們來談談業績表現。第一季延續了我們在第四季財報電話會議中所討論、基本面趨勢持續改善的態勢。營收為 18.5 億美元，按實際匯率計成長近 27%，按固定匯率計成長 24%，反映了收購 Lexmark 所帶來的非有機貢獻。以備考（pro forma）基礎計算，營收下滑 4%。即便排除部分由合作夥伴推動、從第二季提前至第一季的拉貨效應（Chuck 稍後會更詳細說明），第一季表現相較於我們在第四季看到的 9% 有機營收下滑，仍是顯著改善。

Quarterly adjusted operating margin increased on a year-over-year basis for the first time in five quarters. Adjusted operating margin of 3.9% was up 240 basis points year over year on a reported basis and was also up on a pro forma basis. This is a turning point in our profit trajectory, and it reflects the cost discipline our team has maintained through a complex integration.

季度調整後營業利益率（adjusted operating margin）在年對年基礎上，為五個季度以來首次上升。調整後營業利益率為 3.9%，按報表口徑年對年上升 240 個基點，按備考口徑亦有所提升。這是我們獲利軌跡的轉折點，反映了團隊在複雜整合過程中所維持的成本紀律。

Overall market trends have improved from 2025 when demand was materially impacted by DOGE-related spending reductions, tariff uncertainty, and the government shutdown.

整體市場趨勢較 2025 年有所改善；當時需求受到與 DOGE 相關的支出削減、關稅不確定性以及政府停擺的重大影響。

In the Print segment, we're seeing steady demand in entry, led by better-than-expected performance at legacy Lexmark, continued softness in midrange and strong demand for our new production devices with Proficio, a recently launched device developed in partnership with Fujifilm, tracking well ahead of plan. Our overall Print pipeline is now up meaningfully compared to this time last year, and we expect these trends to persist.

在列印（Print）事業部，我們看到入門級需求穩健，主要受惠於傳統 Lexmark 業務表現優於預期；中階產品仍持續疲弱；而我們新推出、搭載 Proficio 的生產型設備需求強勁。Proficio 是近期與 Fujifilm 合作開發並上市的設備，目前進度明顯超前於計畫。我們整體列印業務的銷售管線（pipeline）相較去年同期已顯著提升，我們預期這些趨勢將持續。

I also want to highlight a partnership that speaks directly to the momentum we are building in production. Earlier this month, Toshiba Americas announced the addition of Xerox PrimeLink color and monochrome light production printers to their portfolio. This is a powerful validation. A well-respected global player with deep client relationships choosing to sell Xerox-branded devices through their network speaks to both the strength of our brand and the competitiveness of our production portfolio.

我也想強調一項合作夥伴關係，這直接體現了我們在生產型領域所建立的動能。本月稍早，Toshiba Americas 宣布將 Xerox PrimeLink 彩色與黑白輕量生產型印表機納入其產品組合。這是強而有力的驗證。一家備受尊敬、擁有深厚客戶關係的全球業者，選擇透過其通路銷售施樂品牌設備，顯示了我們品牌的實力以及我們生產型產品組合的競爭力。

We will actively seek to expand our distribution reach by pursuing partnerships like this with other OEMs. Our IT Solutions business delivered another solid quarter. Bookings grew 32%. Billings grew 21%, and we delivered year-over-year profit growth. Total contract value of new deals continues to rise, and we are winning more managed services contracts, which provide greater visibility and long-term stability in our revenue trajectory.

我們將積極尋求透過與其他 OEM 的此類合作夥伴關係，擴大我們的通路覆蓋範圍。我們的 IT 解決方案（IT Solutions）業務本季再度交出穩健表現。訂單（bookings）成長 32%。開立帳單金額（billings）成長 21%，並實現年對年獲利成長。新案的合約總價值（total contract value）持續上升，我們也贏得更多受管理服務（managed services）合約，這將為我們的營收軌跡帶來更高的可視性與長期穩定性。

However, there are certain headwinds constraining that momentum. Memory lead times have extended, and in certain cases, higher memory prices have compressed margins as we prioritize establishing new relationships and expanding wallet share.

然而，仍有一些逆風正在限制這股動能。記憶體交期已延長，且在某些情況下，因我們優先建立新合作關係並擴大客戶錢包份額，較高的記憶體價格壓縮了利潤率。

We are also investing in technical talent to support a broader service offering. We believe these investments will lead to larger, more strategic deals over time, but they may create near-term pressure on IT Solutions profit expansion. As we look to the rest of the year, our positive expectations remain intact, though subject to quarterly timing variability, driven by OEM and inventory availability.

我們也正在投資技術人才，以支援更廣泛的服務供給。我們相信這些投資將隨時間推進帶來更大、更具策略性的交易，但可能在短期內對 IT Solutions 的利潤擴張造成壓力。展望今年剩餘時間，我們的正向預期仍然不變，但會受到季度時點差異的影響，主要由 OEM 與庫存供應情況所驅動。

A few other developments since our prior earnings call are worth noting. February Supreme Court ruling on tariffs is a net positive to Xerox's cost structure, particularly as it relates to our cross-border supply chain. That said, based on current forecast, those benefits will be slightly more than offset by increased memory prices, which are modestly higher than our last update, as well as higher oil prices, which impact toner, plastic, and metal prices as well as transportation costs. Importantly, apart from certain international markets with exposure to the Middle East conflict, none of this to date has impacted overall demand.

自上次財報電話會議以來，還有幾項進展值得一提。2 月最高法院就關稅作出的裁決，對 Xerox 的成本結構屬於淨利多，特別是與我們跨境供應鏈相關的部分。不過，依據目前預測，這些效益將被記憶體價格上漲略為抵銷；記憶體價格較我們上次更新時略高，此外油價也更高，進而影響碳粉、塑膠與金屬價格以及運輸成本。重要的是，除部分因中東衝突而受影響的國際市場外，截至目前這些因素都未影響整體需求。

Given our solid start to the year and the momentum we have generated, we are reaffirming our 2026 financial guidance and are increasingly confident in our ability to meet these commitments. Looking ahead, our priorities are straightforward, and every stakeholder should understand where we are focused: stabilize revenue, increase profitability, reduce leverage. That's it.

鑑於我們今年開局穩健且已建立的動能，我們重申 2026 年財務指引，並對達成這些承諾的能力愈發有信心。展望未來，我們的優先事項很明確，每位利害關係人都應該了解我們的聚焦方向：穩定營收、提升獲利能力、降低槓桿。就這些。

First, stabilize revenue. Rightsizing our cost structure will remain a core focus, but we cannot cost cut our way to prosperity. We operate in a $50 billion print market facing secular headwinds, but there are real pockets of growth, particularly in entry and production. We intend to compete aggressively in those markets with better products, reduced manufacturing costs, stronger routes to market, improved service offerings, and new partnerships. And over time, we expect growth in IT solutions and digital services cross-sold into our existing client base to offset print declines.

第一，穩定營收。調整並精簡我們的成本結構仍將是核心重點，但我們不能只靠削減成本走向繁榮。我們所處的是一個 500 億美元的列印市場，面臨結構性逆風，但仍存在真正的成長區塊，尤其是在入門級與生產級領域。我們打算以更好的產品、降低製造成本、更強的市場通路、改善的服務供給與新的合作夥伴關係，在這些市場積極競爭。並且隨著時間推進，我們預期 IT 解決方案與數位服務向既有客戶群的交叉銷售成長，將抵銷列印業務的下滑。

Second, increase profitability. We expect to deliver $250 million to $300 million of incremental savings in 2026, including $150 million to $200 million from the integration of Lexmark. But I want to be clear, this is not a one-year event. It is a multiyear journey. The cost actions we are taking today will continue to benefit us well into 2027 and beyond. We have guided to double-digit operating margins over time, and we intend to get there.

第二，提升獲利能力。我們預期在 2026 年實現 2.5 億至 3 億美元的增量節省，其中包括來自 Lexmark 整合的 1.5 億至 2 億美元。但我想說清楚，這不是一年的事件。這是一段跨多年的旅程。我們今天採取的成本措施，將在 2027 年及之後持續為我們帶來效益。我們已指引長期達成雙位數營業利益率，而我們也打算做到。

Finally, reduce leverage. I want to address this priority directly because I know it is top of mind for many of you, as it is for us. While the $450 million TPG Angelo Gordon joint venture has increased our overall debt in the near term, it has provided meaningful liquidity to invest in and operate the business as well as the flexibility to take advantage of the dislocation in our bond prices. Between continued opportunistic debt repurchases and improving profitability, we expect our leverage ratios to improve as the year progresses. Reducing leverage is not just a stated priority. It is something you will be able to measure us against every quarter.

最後，降低槓桿。我想直接談這項優先事項，因為我知道這是你們許多人關注的重點，我們也同樣如此。雖然 4.5 億美元的 TPG Angelo Gordon 合資案在短期內提高了我們的整體負債，但它提供了可觀的流動性，用於投資與營運業務，同時也讓我們具備彈性，得以把握我們債券價格錯位所帶來的機會。在持續進行機會性回購債務以及獲利能力改善的帶動下，我們預期槓桿比率將隨著年度推進而改善。降低槓桿不只是口頭上的優先事項。你們將能在每一季用具體數字來衡量我們。

Before I turn the call over to Chuck, let me take a minute to highlight some key operational initiatives that I believe are fundamental to how Xerox executes against the three stated priorities that I went through. Our go-to-market is now fundamentally different. We have moved from a fragmented structure with too much overlap and friction to a unified commercial engine with a simpler strategy, take share, cross-sell, upsell, and mix shift toward higher-value offerings.

在我把電話交給 Chuck 之前，讓我花一點時間強調幾項關鍵營運倡議；我相信這些是 Xerox 落實我剛才提到三項優先事項的根本。我們的市場進入策略如今已從根本上不同。我們已從一個過於分散、重疊與摩擦過多的架構，轉變為一個統一的商業引擎，採取更簡化的策略：搶市占、交叉銷售、向上銷售，並將產品組合轉向更高價值的供給。

On the enterprise side, we have eliminated account overlap and streamlined engagement. For corporate accounts, we have transitioned to a territory-based model with clear ownership, faster decisions, and greater accountability.

在企業端，我們已消除客戶重疊並精簡互動方式。對於企業客戶，我們已轉向以區域為基礎的模式，具備明確的責任歸屬、更快的決策與更高的問責。

Our print go-to-market coverage is now structured into three regional theaters: North America, Western Europe, and Rest of World, each designed around distinct client dynamics, routes to market, and partner ecosystems. This simpler, more client-centric approach gives us the ability to meet clients where and how they need us, leverage our expanding global partner community and accelerate growth in targeted segments, all with clear rules of engagement and stronger accountability for both clients and partners.

我們的列印市場進入覆蓋如今分為三個區域戰區：北美、西歐與世界其他地區；各自依不同的客戶動態、市場通路與合作夥伴生態系而設計。這種更簡化、以客戶為中心的方法，使我們能以客戶所需的方式與節奏與其對接，善用我們持續擴大的全球合作夥伴社群，並加速在目標細分市場的成長；同時具備清楚的互動規則，並對客戶與合作夥伴都建立更強的問責。

On inside sales, an initiative we launched last year to serve our smaller commercial clients with a greater touch but at lower cost, equipment sales grew 24% year over year in Q1. On April 1, we expanded account coverage from 35,000 to 65,000 clients, with revenue accountability quadrupling to more than $200 million. We expect to further scale this model over time.

在內勤銷售方面，我們去年啟動一項計畫，以更高的觸達頻率、但更低的成本服務較小型的商業客戶；在第一季，設備銷售年增 24%。4 月 1 日，我們將客戶覆蓋從 35,000 家擴大到 65,000 家，營收問責範圍也擴大四倍至超過 2 億美元。我們預期將隨時間進一步擴大此模式的規模。

We also continue to take greater ownership of our product design and manufacturing, strengthening our control over quality, cost and speed to market. This will start yielding positive benefits to gross margin later this year.

我們也持續提高對產品設計與製造的掌控度，強化我們對品質、成本與上市速度的控制。這將在今年稍晚開始對毛利率帶來正面效益。

Xerox is becoming, and in many respects, already is, a designer, developer, manufacturer, seller, and servicer of our own technology. That end-to-end control matters enormously. We own the technology roadmap. We control the design costs. We make the decisions. And frankly, it means we control our own destiny. These initiatives, a transformed go-to-market and greater manufacturing control are central to how we stabilize revenue, increase profitability, and ultimately reduce leverage.

Xerox 正在成為——且在許多方面已經是——我們自有技術的設計者、開發者、製造者、銷售者與服務提供者。這種端到端的掌控極其重要。我們掌握技術路線圖。我們控制設計成本。我們做出決策。坦白說，這意味著我們掌握自己的命運。這些倡議——轉型後的市場進入策略與更高的製造掌控度——是我們穩定營收、提升獲利能力並最終降低槓桿的核心。

With that, Chuck, over to you.

那麼，Chuck，交給你。

Thanks, Louie. Good morning, everyone. Louie just laid out our three priorities: stabilize revenue, increase profitability, reduce leverage. I'll walk through Q1 against that same frame.

謝謝你，Louie。各位早安。Louie 剛才闡述了我們的三項優先事項：穩定營收、提升獲利能力、降低槓桿。我將以同樣的架構帶大家回顧第一季。

On revenue, trajectory improved versus Q4. On profitability, adjusted operating income more than tripled year over year. On leverage, we took deliberate concrete actions to strengthen the capital structure and position us to delever from here. We are reaffirming full year guidance with even more confidence today than when we set it.

在營收方面，相較第四季，走勢有所改善。在獲利能力方面，調整後營業利益年增超過三倍。在槓桿方面，我們採取了審慎且具體的行動，以強化資本結構，並讓我們能從此處開始去槓桿。我們重申全年指引，而且今天的信心比當初設定指引時更高。

Before we get into the details, a brief note on tariffs. Our Q1 results and guidance do not reflect any potential refund benefits associated with the recent Supreme Court ruling on IEEPA tariffs. We expect additional clarity during the second quarter, and we'll provide an update on our next earnings call.

在進入細節之前，先簡要說明關稅。我們第一季的結果與指引，未反映近期最高法院就 IEEPA 關稅裁決所可能帶來的任何潛在退稅效益。我們預期在第二季期間會有更進一步的明朗化，並將在下一次財報電話會議中提供更新。

Q1 revenue of $1.85 billion increased 27% year over year on a reported basis and 24% in constant currency, reflecting Lexmark's contribution. On a pro forma basis, revenue declined 4% year over year, a material improvement from a 9% decline in Q4.

第一季營收為18.5億美元，按報告基礎年增27%，按固定匯率年增24%，反映了Lexmark的貢獻。按備考（pro forma）基礎，營收年減4%，較第四季年減9%有顯著改善。

As Louie alluded to, Q1 revenue benefited by approximately 1% from the pull-forward of post-sale revenue, primarily in supplies, partly driven by customer and channel concerns around potential supply disruptions related to the conflict in the Middle East. Even adjusting for this benefit, Q1 revenue would have exceeded consensus expectations by approximately $80 million.

如Louie所提及，第一季營收約受益於售後營收提前認列（pull-forward）約1%，主要來自耗材，部分係因客戶與通路擔憂中東衝突可能造成供應中斷。即使扣除此項受益，第一季營收仍將較市場一致預期高出約8,000萬美元。

As we have discussed on our prior calls, 2025 included meaningful headwinds from the exit of certain production print device sales. While their impact is diminishing, they have not fully dissipated. From this point on, we will no longer call these out separately. Our focus is on the trajectory of the business, not noise in prior period comparisons.

如我們在先前電話會議中討論，2025年因退出部分生產型印刷設備銷售而面臨顯著逆風。雖然其影響正在減弱，但尚未完全消散。自此之後，我們將不再單獨提出這些因素。我們的重點在於業務走勢，而非前期比較中的雜訊。

On a similar note, as Louie mentioned, we have unified our go-to-market organizations. We will make select references to legacy Xerox and Lexmark on today's call where it adds context. But going forward, we will report and speak about the business as one.

同樣地，如Louie所述，我們已整合我們的市場進入（go-to-market）組織。在今天的電話會議中，若有助於提供脈絡，我們會選擇性提及傳統（legacy）的Xerox與Lexmark。但往後，我們將以單一整體來報告並談論業務。

Turning to profitability. Adjusted gross margin was 30.3%, up 60 basis points year over year, driven by Lexmark's contribution and transformation benefits, partially offset by 100 basis points of increased product costs and declines in high-margin finance-related fees, largely a result of our forward flow arrangements, which shifts certain finance income off balance sheet.

接著談獲利能力。調整後毛利率為30.3%，年增60個基點，主要受Lexmark貢獻與轉型效益帶動；但部分被產品成本增加100個基點，以及高毛利的融資相關費用下滑所抵銷。後者主要源於我們的forward flow安排，將部分融資收入移出資產負債表。

Adjusted operating margin was 3.9%, up 240 basis points year over year, driven by higher gross margins, integration synergies, and lower marketing spend. Non-financing interest expense was $84 million, up $51 million year over year due mainly to higher net interest expense associated with Lexmark acquisition financing.

調整後營業利益率為3.9%，年增240個基點，主要受較高毛利率、整合綜效以及較低行銷支出帶動。非融資利息費用為8,400萬美元，年增5,100萬美元，主要因Lexmark收購融資相關的淨利息費用上升。

GAAP loss per share was $0.84, down $0.09 year over year. And adjusted loss per share was $0.43, $0.37 lower than a year ago, primarily due to higher interest expense and an unusual tax rate, the latter of which I want to address directly.

GAAP每股虧損為0.84美元，較去年同期改善0.09美元。調整後每股虧損為0.43美元，較一年前減少0.37美元，主要由於利息費用較高以及異常的稅率；其中稅率部分我想直接說明。

Our non-GAAP adjusted tax rate of negative 219% looks unusual because we carry a valuation allowance against certain deferred tax assets. The practical effect is that pretax losses in the US and UK, along with disallowed interest expense, do not generate a corresponding tax benefit while we continue to record tax expense on profits in certain jurisdictions. It is a GAAP consequence of where we sit today, not a reflection of operating performance or cash. As our profitability improves, we expect the tax rate to normalize and converge with our cash taxes.

我們的非GAAP調整後稅率為負219%，看起來不尋常，原因是我們對部分遞延所得稅資產提列了估值備抵（valuation allowance）。實務上的影響是：美國與英國的稅前虧損，以及不被允許扣抵的利息費用，無法產生相對應的稅務利益；同時我們仍需對部分司法管轄區的獲利認列所得稅費用。這是我們目前狀態下的GAAP會計結果，並非營運表現或現金狀況的反映。隨著獲利能力改善，我們預期稅率將回歸正常，並與現金稅負趨於一致。

To put it in context, if we adjust for the impact of valuation allowances in the US and UK, EPS would have been negative $0.11, ahead of negative $0.27 consensus. We present non-GAAP taxes based on Q1 results, but we believe this is a more normalized lens to view underlying operating performance.

為了提供脈絡，若我們調整美國與英國估值備抵的影響，每股盈餘（EPS）將為負0.11美元，優於市場一致預期的負0.27美元。我們依第一季結果呈列非GAAP稅負，但我們認為這是更能反映基礎營運表現的正常化視角。

Let me review segment results. Within Print and Other, Q1 equipment revenue was $378 million, up 33% as reported or up 31% in constant currency. On a pro forma basis, equipment revenue declined 2%, well ahead of the 10% decline last quarter, driven by stronger year-over-year trends at both legacy Xerox and Lexmark and fewer onetime headwinds.

我來回顧各事業部門表現。在「列印與其他」中，第一季設備營收為3.78億美元，按報告基礎年增33%，按固定匯率年增31%。按備考基礎，設備營收年減2%，明顯優於上季年減10%，主要受傳統Xerox與Lexmark的年對年趨勢轉強，以及一次性逆風減少所帶動。

Legacy Xerox equipment revenue fell 5% compared to a 12% decline in Q4. The sequential improvement was driven by improved demand in entry and production. Legacy Lexmark equipment revenue grew 5% versus a 6% decline in Q4 on a higher demand across the enterprise and channel and a slight reduction in backlog. As we have noted previously, Lexmark's equipment revenue tends to be more variable than legacy Xerox, given Lexmark's higher concentration of large channel and OEM partner transactions.

傳統Xerox設備營收年減5%，相較第四季年減12%。此一連續改善主要由入門級與生產型需求改善所帶動。傳統Lexmark設備營收年增5%，相較第四季年減6%，受企業與通路需求提升以及積壓訂單（backlog）小幅下降所帶動。如先前所述，Lexmark的設備營收通常較傳統Xerox更具波動性，因Lexmark在大型通路與OEM合作夥伴交易的占比較高。

Print post-sales revenue was $1.31 billion, up 30% as reported and up 27% in constant currency. On a pro forma basis, Print post-sale revenue declined 4%, mainly due to lower financing income and service rental and other declines within legacy Xerox.

列印售後營收為13.1億美元，按報告基礎年增30%，按固定匯率年增27%。按備考基礎，列印售後營收年減4%，主要因融資收入較低，以及傳統Xerox內服務租賃與其他項目下滑。

Print and Other adjusted gross margin was 31.3%, down 10 basis points year over year, as higher product cost, lower managed print volumes, and lower high-margin finance-related fees were largely offset by transformation savings and Lexmark's contribution. The Print segment margin was 5.1%, up 190 basis points due to Lexmark's contribution, transformation benefits, and integration savings.

「列印與其他」調整後毛利率為31.3%，年減10個基點；較高的產品成本、受管理列印量下降，以及高毛利的融資相關費用降低，整體上大致被轉型節省與Lexmark貢獻所抵銷。列印事業部門利益率為5.1%，年增190個基點，主要受Lexmark貢獻、轉型效益與整合節省帶動。

Turning to IT Solutions. Gross billings grew 21% year over year. Total bookings, an indication of future billings, increased 32%. Both represent sequential improvements from Q4.

接著談IT解決方案。總開票額（gross billings）年增21%。總訂單（total bookings，代表未來開票的指標）增加32%。兩者皆較第四季呈現連續改善。

GAAP revenue fell 5% in the quarter, but that number understates underlying activity. A growing share of what we sell, third-party service contracts, SaaS, and certain fulfillment contracts where we act as an agent is reported on a net basis. The widening difference between GAAP and gross billings reflects accounting treatment, not changes in demand. We expect it will begin normalizing later this year and into 2027, though some revenue cycles could run longer.

本季GAAP營收年減5%，但該數字低估了基礎活動。我們銷售內容中占比日益提高的部分——第三方服務合約、SaaS，以及我們以代理人（agent）身分執行的部分履約合約——係以淨額（net）基礎認列。GAAP與總開票額之間差距擴大，反映的是會計處理方式，而非需求變化。我們預期差距將在今年稍晚開始正常化，並延續至2027年，儘管部分營收週期可能更長。

Going forward, gross billings and segment profit are the most useful lenses on this business. This is where you will see its health and trajectory.

展望未來，總開票額與部門獲利是觀察此業務最有用的視角。你將從這裡看到其健康狀況與發展軌跡。

On profitability, gross profit was $30 million, with gross margin of 19.5%, up 230 basis points year over year, driven by changes in revenue mix and synergies, partially offset by higher memory cost. Segment profit was $6 million with profit margin of 3.9%, up 80 basis points year over year as higher gross profit was partially offset by investments in the sales and delivery organization and strategic hires. Cross-selling into our existing Xerox Print client base continues to build, with more than $32 million of new pipeline created in Q1.

在獲利方面，毛利為3,000萬美元，毛利率為19.5%，年增230個基點，主要受營收組合變化與綜效帶動，但部分被記憶體成本上升所抵銷。部門獲利為600萬美元，獲利率為3.9%，年增80個基點；較高毛利部分被對銷售與交付組織的投資以及策略性招募所抵銷。對既有Xerox列印客戶基礎的交叉銷售持續累積，第一季新增建立超過3,200萬美元的新商機管線（pipeline）。

Moving to our cash flow and capital structure. For the quarter, operating cash was a use of $144 million compared to a use of $89 million last year, reflecting the inclusion of Lexmark, lower proceeds from finance receivable sales, and working capital timing. Investing activity was a $24 million use of cash, $21 million from CapEx compared to a source of $6 million in the prior year, which included proceeds from asset sales.

接著談現金流與資本結構。本季營運現金流為淨流出1.44億美元，去年同期為淨流出8,900萬美元，反映納入Lexmark、融資應收款出售所得減少，以及營運資金時點影響。投資活動現金流為淨流出2,400萬美元，其中資本支出（CapEx）為2,100萬美元；相較去年同期為淨流入600萬美元（包含資產出售所得）。

Financing activity resulted in a $242 million source of cash, reflecting the JV financing, partially offset by the paydown of the remaining IT savvy notes and partial payment of the 2028 senior unsecured notes. Free cash flow was a use of $165 million for the quarter, down $56 million year over year and in line with our internal expectations, as Q1 is typically a seasonal use of cash. Said differently, Q1 is our seasonal trough, and the back half of the year is where the bulk of our free cash flow is generated.

融資活動帶來2.42億美元的現金來源，反映合資（JV）融資，部分被償還剩餘的 IT savvy 票據以及部分支付2028年期高級無擔保票據所抵銷。本季自由現金流為1.65億美元的現金使用，較去年同期減少5,600萬美元，且符合我們的內部預期，因為第一季通常具有季節性現金流出特性。換句話說，第一季是我們的季節性低谷，而一年後半段才是我們大部分自由現金流的產生期。

We expect improvements in adjusted operating income, working capital discipline and additional proceeds from finance receivables to deliver substantial free cash flow over the remainder of the year. We ended Q1 with $637 million of cash and cash equivalents, inclusive of $52 million of restricted cash and total debt of $4.4 billion. Approximately $1.4 billion of the outstanding debt supports our finance assets, with remaining core debt of $3 billion attributable to the non-financing business.

我們預期調整後營業利益的改善、營運資金紀律的強化，以及來自融資應收款的額外回收款項，將在今年剩餘期間帶來可觀的自由現金流。第一季結束時，我們持有6.37億美元的現金及約當現金，其中包含5,200萬美元的受限制現金，總負債為44億美元。約14億美元的未償債務用於支持我們的融資資產，其餘30億美元的核心債務則歸因於非融資業務。

On a pro forma basis, gross leverage was 7 times trailing 12 months EBITDA. Our capital allocation priority remains debt reduction, driven by EBITDA growth and continued debt paydown, and we expect leverage to go down significantly as the year progresses.

以備考（pro forma）基礎計算，總槓桿為過去12個月EBITDA的7倍。我們的資本配置優先順序仍是降低負債，透過EBITDA成長與持續償債推動；我們預期隨著年度推進，槓桿將顯著下降。

During the quarter, we announced an IP joint venture with TPG Angelo Gordon. This structure raised more than $400 million of liquidity net of fees against our intellectual property. Following the JV agreement, we repurchased $101 million of face value of our 2028 senior unsecured notes for $45 million, capturing $56 million of discount, reducing future cash interest, and capturing real value for our shareholders. The result of these actions is a maturity ladder that has been meaningfully derisked in the near term.

本季期間，我們宣布與TPG Angelo Gordon成立一項IP合資企業。此架構以我們的智慧財產為擔保，在扣除費用後募集超過4億美元的流動性。在合資協議之後，我們以4,500萬美元回購面額1.01億美元的2028年期高級無擔保票據，取得5,600萬美元的折價收益，降低未來現金利息支出，並為股東創造實質價值。這些行動的結果，是我們的到期結構在短期內已顯著降低風險。

We have approximately $300 million of scheduled debt maturities between now and December 2027, inclusive of the $125 million of the 13% senior bridge notes that we will be paying at the end of Q2. That is a manageable window, and we will have multiple tools to address it, organic cash flow, continued open market repurchases, the warrant mechanism, and capacity within our existing debt structure. We will continue to be opportunistic when market conditions support it.

從現在到2027年12月之間，我們約有3億美元的既定到期債務，其中包含我們將於第二季末支付的1.25億美元、票息13%的高級過橋票據。這是一個可控的到期窗口，我們將有多種工具可加以因應：有機現金流、持續在公開市場回購、認股權證機制，以及我們既有債務架構內的可用容量。在市場條件支持時，我們將持續把握機會。

Importantly, we will continue to pressure test every action against one goal. Does it create sustainable long-term value for shareholders? That is the lens.

重要的是，我們將持續以一個目標來壓力測試每一項行動。它是否能為股東創造可持續的長期價值？這就是我們的判斷視角。

Now, for guidance. For 2026, we still expect greater than $7.5 billion in revenue and 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 in-year integration synergies and $100 million of in-year transformation savings. We expect free cash flow of approximately $250 million.

接下來談指引。對於2026年，我們仍預期營收將超過75億美元，並預期調整後營業利益落在4.5億至5億美元區間，較2025年增加超過2億美元，主要由當年度1.5億至2億美元的整合綜效，以及當年度1億美元的轉型節省所帶動。我們預期自由現金流約為2.5億美元。

Compared to three months ago, our free cash flow guidance is underpinned by higher interest expense resulting from the JV, offset by reductions in CapEx, improvements in working capital, and lower cash taxes. The result of our assumptions remain unchanged. Our free cash flow guidance implies greater than $400 million of free cash flow generation for the balance of 2026. As a result, based on our implied guidance, by year-end 2026, we expect gross and net leverage to drop by approximately 1.5 turns to 5.6 times and 4.5 times trailing 12 months EBITDA, respectively.

相較三個月前，我們的自由現金流指引係以因合資（JV）導致的較高利息費用為基礎，但由資本支出（CapEx）下降、營運資金改善以及現金稅負降低所抵銷。我們的假設結果維持不變。我們的自由現金流指引意味著2026年剩餘期間的自由現金流產生將超過4億美元。因此，依據我們隱含的指引，到2026年底，我們預期總槓桿與淨槓桿將分別下降約1.5倍，降至過去12個月EBITDA的5.6倍與4.5倍。

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

接下來，我將把電話交回給接線員，開放提問。

(Operator Instructions) Ananda Baruah, Loop Capital.

（接線員指示）Ananda Baruah，Loop Capital。

A few, if I could. I guess, Louie, what -- you walked through a lot of great detail there in your prepared remarks. What of what you spoke about is new? And what might be some of the stuff that you'll be focusing on that could be new that may not have been mentioned in what you talked about? And I have a couple of follow-ups.

如果可以的話，我有幾個問題。我想，Louie，你在事先準備的發言中講了很多很好的細節。你提到的內容中，哪些是新的？以及你接下來會聚焦、可能是新的、但在你剛才談到的內容中未提及的部分，會有哪些？我還有幾個追問。

Yeah. Thanks, Ananda. I appreciate the question. I appreciate you joining the call. To be honest, a lot of what I was trying to emphasize was that the strategy actually is already in place and doesn't need to change.

是的。謝謝你，Ananda。我很感謝這個問題。也謝謝你加入這通電話會議。坦白說，我想強調的很多內容是：策略其實已經到位，並不需要改變。

What's new, I would say, is perhaps the level of rigor and focus on solely these three priorities that we went through, so stabilizing revenue, expanding profitability, and reducing leverage. Everything that we do needs to be framed through that lens. And as we do it, it just -- like I said, it just creates the opportunity to drive even greater focus and better execution.

我認為新的地方，可能在於我們對剛才談到的三項優先事項所投入的嚴謹程度與專注度：穩定營收、擴大利潤率，以及降低槓桿。我們做的每一件事都必須以這個視角來框定。而當我們這麼做時，就像我說的，這會創造機會，讓我們能更聚焦並把執行做得更好。

I got it. And a point of clarification, going back to your prepared remarks. You made mention of -- and this is me paraphrasing, focus on entry level and production where you think there's attractive opportunity.

了解。我想釐清一點，回到你事先準備的發言。你提到——我用自己的話轉述——你們會聚焦在入門級與生產級，因為你認為那裡有具吸引力的機會。

What about the midrange? I know you also said midrange remains soft. What's the right way we should, sort of, think about midrange? And when you think about the core, your core enterprise customer, how do they fall across entry and midrange in the way in which you're describing entry and midrange?

那中階市場呢？我知道你也說中階仍然疲弱。我們應該用什麼方式來看待中階市場才是正確的？另外，當你談到核心、也就是你們的核心企業客戶時，依你描述入門級與中階的方式，他們在入門級與中階之間是如何分布的？

Yeah. So the way we think about the strategy commercially is it's very much and we've talked about this in the past, a gain share mix shift strategy. And when we talk about the mix shift, a lot of people think just about the shift of the mix of our revenues from Print in greater amounts into IT Solutions and Digital Services. But there is also a mix shift within print. And that mix shift within print is actually part of the gain share component of the strategy. And that's the barbells that we were just talking about with entry and production.

是的。我們在商業面對策略的思考方式是——而且我們過去也談過——這非常是一個「搶占份額（gain share）＋產品組合轉移（mix shift）」的策略。當我們談到組合轉移時，很多人只想到我們的營收組合從列印（Print）更多轉向IT解決方案與數位服務。但在列印業務內部也存在組合轉移。而列印內部的這個組合轉移，其實就是該策略中「搶占份額」部分的一環。這也就是我們剛才談到的「槓鈴策略（barbell）」：入門級與生產級。

So we are responding to and following the trends in the market, which is why our investments are going into those two spaces in entry. Obviously, Lexmark historically has been a leader in the space. Now we're a fully vertically integrated player, controlling design, development, delivery, manufacturing end-to-end in that space, which allows us to compete far more effectively.

因此，我們是在回應並跟隨市場趨勢，這也是為什麼我們的投資會投入到入門級的這兩個領域。顯然，Lexmark歷來在這個領域一直是領導者。現在我們是一個完全垂直整合的參與者，能端到端掌控設計、開發、交付與製造，這讓我們能更有效地競爭。

And on production, we're so well positioned with respect to sales, distribution and service. And with new partnerships, we're bringing new hardware to market, but we're wrapping it around an end-to-end solution. And so part of how we grow and get back to a stable revenue stream in print is through the execution of that barbell strategy.

而在生產級方面，我們在銷售、通路與服務上具備非常好的布局。透過新的合作夥伴關係，我們正把新的硬體推向市場，同時以端到端解決方案將其整合包裝。因此，我們在列印業務中要成長並回到穩定營收軌道的一部分方式，就是執行這個槓鈴策略。

Now the midrange is the most challenged part of the market. We've historically been a leader there. It's still highly profitable for us, and it's still a core component when we do an end-to-end managed print services offering at the enterprise. It's part of the mix of what is ultimately being purchased and delivered and serviced.

現在，中階市場是整個市場中挑戰最大的一部分。我們歷來一直是該領域的領導者。它對我們而言仍然具有很高的獲利能力，而且在我們為企業客戶提供端到端的託管列印服務（managed print services）時，它仍然是核心組成部分。它是最終被採購、交付並提供服務之組合的一部分。

But ultimately, our focus is going to be on the areas of growth and ensuring that the midrange plays a role where it's relevant and part of a holistic solution. And we'll continue to be in the space, but the focus strategically is going to be far more on entry and production.

但歸根結底，我們的重點將放在成長領域，並確保中階在相關之處能發揮作用，成為整體解決方案的一部分。我們會持續在這個領域耕耘，但在策略上，重點將更偏向入門級與生產級。

That's helpful context. I got one more. You mentioned memory lead times have extended, and that may have some sort of profit impact. And I think this is regard to IT savvy specifically. So correct me if that's not accurate.

這些背景資訊很有幫助。我還有一個問題。你提到記憶體交期已經拉長，這可能會對獲利造成某種影響。而我認為這特別是針對 IT Solutions 而言。如果我理解不正確，請糾正我。

What I -- what we've seen is, some of the distribution folks, distribution vendors have been able to pass the memory cost through, without seeing impact to elasticity yet. So could you just give us a little more context around what it is you're seeing? Are you passing costs through? Are you able to pass costs through to some extent? Are you hitting elasticity points? Is it really a timing -- is it really a timing mechanism? Or to what degree is timing playing a role there as well? Just put that for us, that would be great. And that's it for me.

我的意思是——我們看到的是，一些通路端的人、通路供應商已經能把記憶體成本轉嫁出去，而且目前還沒有看到對需求彈性造成影響。所以你能否再多提供一些你們所觀察到的情況？你們有在轉嫁成本嗎？你們能在某種程度上把成本轉嫁出去嗎？你們有碰到需求彈性的臨界點嗎？這真的只是時間點——這真的只是時間機制的問題嗎？或者時間因素在其中也扮演了多大角色？請幫我們釐清一下，會很棒。我就這些問題。

Yeah. Thanks, Ananda. Louie, let me start and then maybe you jump in if I missed something here. Memory, it operates in both of our segments, both in the IT Solutions and in the Print side of things, but impacts on both a little differently. On IT Solutions, what you'll find is that memory will slow down the buying patterns of some of our customers that we work with. We generally try to get in there and shape their demand to see what they want to spend their available budget on, make sure we keep equal wallet share in those customer bases because we have a broad product portfolio.

好的。謝謝你，Ananda。Louie，我先開始，如果我有漏掉什麼你再補充。記憶體同時影響我們兩個事業部門——IT Solutions 與列印業務——但對兩者的影響方式略有不同。在 IT Solutions 方面，你會看到記憶體會放慢我們部分客戶的採購節奏。我們通常會介入並引導他們的需求，了解他們希望把可用預算花在哪些項目上，並確保我們在這些客戶群中維持相同的錢包份額（wallet share），因為我們擁有廣泛的產品組合。

And sometimes we work with them to say, look, you can extend the life of these hardware products that contain the memory and wait for the prices to come back down. So we try to help them shape that demand going forward. If they want to go ahead and buy, we largely pass that along to the end customer in the IT Solutions space.

有時我們也會與他們討論：你看，你可以延長這些含有記憶體的硬體產品的使用壽命，等價格回落再買。因此我們會協助他們塑造未來的需求。如果他們想要繼續購買，在 IT Solutions 領域我們大多會把成本轉嫁給終端客戶。

On the Print side of things, it can be a significant cost increase on some of the product line. The higher up you move the stack, the more price -- the more cost increase it has. What I will tell you is in our current forecast, we factored in the current macro environment for exactly where it is today, where we think it is today. So all the memory cost increases, what's happening with the fuel offset by the change in the tariff is all factored into our reaffirmation of the 2026 guidance.

在列印業務方面，對某些產品線而言，這可能是相當顯著的成本上升。你越往高階產品堆疊移動，價格——也就是成本上升幅度就越大。我可以告訴你的是，在我們目前的預測中，我們已把當前的總體環境納入考量，就以今天的狀況、我們認為今天的狀況來看。因此，所有記憶體成本上升、燃料因素以及關稅變動所帶來的抵銷效果，都已納入我們對 2026 年指引的重申之中。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

This is Mark on for Samik. I guess my first question is kind of a follow-up to one of the previous ones for Louie. I guess with regards to some of the initiatives and new strategies that he's going to be -- or approaches that he's taking, I guess, anything to elaborate on in terms of how the approaches might differ from the prior management?

我是代 Samik 發言的 Mark。我想我的第一個問題算是延續前面一個問 Louie 的問題。關於他將推動的一些計畫與新策略——或他採取的方法——是否能再多說一些，這些方法與前任管理層相比可能有哪些不同？

No, I don't think we need to go into sort of granular detail around kind of what's changing from the prior leadership to my leadership other than to just emphasize once again kind of the three priorities that drive all of our decision-making, so stabilizing revenue, expanding profitability, and reducing leverage. So ultimately, everything that we do is framed through that lens. We've talked about the strategy and where we're focused in what segments and how we execute the mix shift. And really, it's just continuing to make sure that everybody at this company is focused and empowered and accountable for delivering those results.

不，我認為我們不需要就前任領導到我領導之間的變化做過於細節的說明；我只想再次強調驅動我們所有決策的三項優先事項：穩定營收、擴大利潤率，以及降低槓桿。因此，最終我們所做的一切都會透過這個視角來檢視。我們已談過策略、我們聚焦的細分市場，以及我們如何執行產品組合的轉移（mix shift）。而真正重要的是，持續確保公司裡每個人都聚焦、被賦能並對交付這些成果負責。

And if I could just add a little bit. I'll tell you from my seat, one thing you noticed and Louie touched on it there, it's every decision that we make right now is put through the lens of does it stabilize revenue? Does it expand margins? And does it delever this company as quickly as possible? And it's staying incredibly focused on those three points.

如果我可以再補充一點。以我的角度來看，有一件你會注意到、而 Louie 也提到的事：我們現在做的每一個決策都會用這三個問題來檢視——是否能穩定營收？是否能擴大利潤率？是否能以最快速度為公司去槓桿（deleverage）？而且就是極度專注在這三點上。

Got it. I guess on the margin side, there was some improvement in print profit margins quarter to quarter. I guess what are some of the drivers in the quarter-to-quarter improvement? And like how much of that would you consider structural versus like onetime benefits?

了解。我想在利潤率方面，列印業務的利潤率季對季有所改善。請問推動這個季對季改善的因素有哪些？其中有多少你會認為是結構性的，而不是一次性（onetime）的利多？

Yeah. The benefits that you're seeing as we continue to expand margin are largely related to the acquisition and synergy costs as we continue to realize those.

是的。你看到我們持續擴大利潤率的效益，主要與併購以及協同效益成本有關，因為我們持續在實現這些效益。

Got it. And then I guess the last question on top of that would be looking at the path of operating margins from around 4% this quarter to the midpoint of the guidance. I guess, what do you think about in terms of the quarterly cadence? What would be driving the step function changes? Any changes with regards to timing of how you envisioned it earlier this year?

了解。那最後一個問題是在此基礎上：從本季約 4% 的營業利益率走到指引中位數的路徑，你怎麼看季度節奏？哪些因素會驅動階梯式（step function）的變化？在時間安排上，和你們今年稍早的構想相比，有沒有任何改變？

Yeah, Louie, let me start and feel free to jump in. If you think about the seasonality of how we'll realize the synergy savings, it will expand each quarter-on-quarter successively and then peaking in the fourth quarter. Some of that's really seasonality because the scale of your business increases throughout the year, fourth quarter being the larger quarter in the space for us. And some of it is just the realization of another quarter, realizing full benefits from actions that you've taken. So you'll continue to see it expand each quarter on top of the other.

好的，Louie，我先說，你也可以隨時補充。如果你考量我們實現協同節省的季節性，它會在每一季相對前一季逐步擴大，並在第四季達到高峰。其中一部分確實是季節性，因為我們的業務規模會在一年中逐步放大，而第四季對我們而言是該領域較大的季度。另一部分則只是又過了一個季度，讓你能完整體現先前採取行動所帶來的全部效益。因此你會持續看到它每一季在前一季的基礎上擴大。

Asiya Merchant, Citigroup.

Asiya Merchant，花旗集團。

My question is also related a little bit to seasonality. And if you could just talk a little bit about the two segments, how you envision sort of revenues seasonality between the two segments as you kind of look forward to your -- above $7.5 billion revenues for the year?

我的問題也和季節性有一點關係。如果可以的話，請你談談兩個事業部門：當你們展望全年營收超過 75 億美元時，你們如何看待兩個部門之間的營收季節性分布？

And if you can also peel a little bit on cash flow here, free cash -- operating cash flow and free cash flow kind of seasonality. I think you guys are obviously expecting a lot more of it in the back half. What's driving that aside from operating income? How should we think about whether it's receivables flowing through or working capital as you progress throughout the year?

另外，如果您也能稍微拆解一下這裡的現金流，包含自由現金——營運現金流與自由現金流的季節性。我想你們顯然預期下半年會多很多。除了營業利益之外，是什麼在驅動這件事？我們應該如何看待是否是應收款項的回收流入，或是隨著年度推進的營運資金變化？

I'll start here again. When you look at the seasonality of our revenue, even legacy Lexmark and legacy Xerox acted a little bit differently, but similar. Some of them depend on school cycles, government cycles. Some of them depend on your geographic mix and where you operate in. Typically, what you would have seen for Lexmark and Xerox, though broadly, is one is light, two and three are in the middle and four is the biggest revenue month. IT Solutions appears to get its biggest traction in the third quarter. And it's largely driven by schools coming back in session and different buying cycles in the spaces that they play.

我再從這裡先開始。當你看我們營收的季節性時，即使是傳統的 Lexmark 與傳統的 Xerox，表現也有些不同，但大致相近。其中一些取決於學校週期、政府週期。有些則取決於你的地理組合以及你在哪些地區營運。不過一般而言，你過去在 Lexmark 與 Xerox 會看到的情況是：第一季偏淡，第二季與第三季居中，而第四季是營收最高的季度。IT Solutions 似乎在第三季獲得最大的動能。這主要是由學校開學復課，以及其所涉足領域中不同的採購週期所驅動。

Operating cash flow, in the Print space, working capital is a drag in the first quarter typically. And the first quarter tends to be -- it's your lower revenue month, so you don't get as much scale, and it tends to be the most compressed in those spaces. It was the same thing at legacy Lexmark. It was the same thing at legacy Xerox historically. And then the fourth quarter tends to be the best working capital and the highest revenue, so you generate the most cash flow accordingly. And you'll see that in the space.

在營運現金流方面，在列印（Print）領域，營運資金通常在第一季會形成拖累。而第一季往往——是你的營收較低的季度，因此規模效益較少，且在這些領域通常是壓縮最明顯的時期。在傳統 Lexmark 時期也是同樣情況。在傳統 Xerox 歷史上也一樣。而第四季通常是營運資金表現最佳、營收最高的季度，因此相應地會產生最多的現金流。你會在這個產業中看到這種現象。

If you look back in '25, more than all the cash flow was driven in the back half of the year. And that's generally what we're going to see here in '26. We'd like to see that a little flatter, and we'll try to find ways to normalize it, so the impacts aren't so pronounced. But it is industry that drives a large piece of that.

如果你回頭看 '25 年，超過全部的現金流都是由下半年所帶動。而這通常也是我們在 '26 年將會看到的情況。我們希望能讓它更平坦一些，並會嘗試找方法使其常態化，讓影響不那麼明顯。但其中很大一部分確實是由產業特性所驅動。

In addition to that, because of the expanding margins and the trajectory on realizing more synergy savings quarter on quarter, that will drive incremental cash flow throughout the year as well.

此外，隨著利潤率擴張，以及我們逐季實現更多協同節省的軌跡，這也會在全年帶來額外的現金流。

Did I answer your question?

我有回答到你的問題嗎？

Yeah, that's helpful. In terms of your billings and bookings, I know you're reporting pretty strong billings and bookings here in IT Solutions. You're also talking about talent hires. Just help me understand like how we should think about those billings and bookings translate into revenues into that segment for the year?

有的，這很有幫助。就你們的開立帳單（billings）與接單（bookings）而言，我知道你們在 IT Solutions 這裡報告了相當強勁的 billings 與 bookings。你們也提到人才招募。請幫我理解一下：我們應該如何看待這些 billings 與 bookings 在今年轉化為該事業部營收的方式？

Yeah. I'll start, and then, Chuck, if you want to build on top of it. The way we run this business is with a focus on bookings and billings and then ultimately, how much of that actually pulls through to profit. So revenue is somewhat of a derivative of and a mid-level sort of gauge between those two. But what we're really focused on is are we growing with our clients? Are we selling more to our clients? And ultimately, of what we sell, are we realizing a profit based on that?

好的。我先說，然後 Chuck，如果你想補充也可以。我們經營這項業務的方式，是聚焦在接單（bookings）與開立帳單（billings），以及最終其中有多少能實際轉化為利潤。因此，營收在某種程度上是由這兩者衍生出來的，並且是介於兩者之間的一個中階指標。但我們真正關注的是：我們是否與客戶一起成長？我們是否對客戶賣得更多？以及最終，我們所賣出的內容中，我們是否能據此實現利潤？

And so the trends overall that we're looking at bookings, billings, and the flow-through on profit, we continue to see improvement in growth and the pipeline, albeit there are some macro headwinds there around memory and availability. But ultimately, it continues to benefit from secular tailwinds.

因此，就我們觀察的整體趨勢——接單、開立帳單，以及利潤的轉化（flow-through）——我們持續看到成長與管線的改善，儘管在記憶體與供應可得性方面存在一些總體環境逆風。但最終，它仍持續受惠於結構性順風（secular tailwinds）。

Yeah. The only thing I think I would add to that, a lot of times, gross billings doesn't always translate into revenue recognition on the face of your P&L. That's done based on the mix of customers and the mix of products that you take into that customer base, whether you treat it like an agent relationship or not. But the higher the gross billings go, you have a mind share and a wallet share in those customer bases that's meaningful. And the growth of that is operationally how you judge the health of that business. So we're excited about the growth we're seeing in the gross billing side of things.

是的。我想我唯一要補充的是，很多時候，總開立帳單（gross billings）不一定會在你的損益表（P&L）上直接轉化為營收認列。這會依據客戶組合與你提供給該客戶群的產品組合而定，以及你是否將其視為代理人（agent）關係來處理。但總開立帳單越高，代表你在那些客戶群中的心佔率與錢包佔有率是有意義的。而其成長，從營運角度來看，就是你衡量該業務健康狀況的方式。因此，我們對於在總開立帳單端所看到的成長感到振奮。

In terms of hiring talent, yeah, we continue to invest in the space because that's the top line of the three priorities that Louie mentioned, stabilizing revenue. And we're going to invest in that to make sure it becomes the engine that allows us to achieve that.

至於招募人才，是的，我們會持續在這個領域投資，因為這是 Louie 提到的三大優先事項中的第一項：穩定營收。我們會投入資源，確保它成為推動我們達成該目標的引擎。

I would now like to turn the call back over to Mr. Pastor for any closing remarks.

我現在想把電話會議交回給 Pastor 先生，請他做任何結語。

Thank you. Q1 gave us early proof points that the work we're doing is taking hold, an improving revenue trajectory, expanding margins, and a growing pipeline across both Print and IT Solutions. We have more work to do, and we know it, but the business is moving in the right direction. In the coming months, Chuck and I plan to actively engage with our employees, clients, partners, and investors. We will listen, answer questions, and take feedback while keeping everyone focused on our three priorities: stabilize revenue, increase profitability, and reduce leverage.

謝謝。第一季為我們提供了早期的證據，證明我們正在進行的工作正在發揮效果：營收走勢改善、利潤率擴張，以及在列印（Print）與 IT Solutions 兩大業務中皆有成長中的管線。我們還有更多工作要做，我們也清楚這一點，但業務正朝著正確方向前進。在接下來的幾個月，Chuck 和我計畫積極與員工、客戶、合作夥伴與投資人互動。我們會傾聽、回答問題並吸收回饋，同時讓大家聚焦在我們的三大優先事項：穩定營收、提升獲利能力，以及降低槓桿。

Thank you for your time and for your continued support. We look forward to speaking with many of you in the weeks ahead.

感謝各位撥冗，以及持續的支持。我們期待在接下來幾週與各位中的許多人交流。

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

謝謝。本次電話會議到此結束。感謝各位的參與。您現在可以掛線。