全錄公司 (XRX) 2026 Q2 法說會逐字稿

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

歡迎參加 Xerox Holdings Corporation 2026 年第二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.

此時，我想將會議交給 Xerox Holdings Corporation 投資人關係資深副總裁兼主管 Greg Stein 先生。

Good morning, everyone. I am Greg Stein, Senior Vice President and Head of Investor Relations at Xerox Holdings Corporation. Welcome to the Xerox Holdings Corporation second-quarter 2026 earnings release conference call, hosted by Louie Pastor, Chief Executive Officer. He's joined by Chuck Butler, Chief Financial Officer.

各位早安。我是 Greg Stein，Xerox Holdings Corporation 投資人關係資深副總裁兼主管。歡迎參加 Xerox Holdings Corporation 2026 年第二季財報發布電話會議，本次會議由執行長 Louie Pastor 主持。與他一同出席的還有財務長 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 express permission of Xerox.

應 Xerox Holdings Corporation 要求，今天的電話會議將被錄音。未經 Xerox 明確許可，禁止對本次通話進行其他錄音及／或轉播。

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

在本次通話中，Xerox 管理團隊將引用可於 www.xerox.com/investor 網站取得的簡報，並將發表包含前瞻性陳述的評論；此類陳述本質上涉及未來且具有不確定性之事項。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.

此時，我想將會議交給 Pastor 先生。

Good morning, and thank you for joining our Q2 2026 earnings call. Before I get into the quarter and some of our recent initiatives, I'd like to step back and share how I think about the business and our current priorities because context matters as much as the numbers.

各位早安，感謝各位參加我們 2026 年第二季（Q2）財報電話會議。在我談到本季表現以及我們近期的一些措施之前，我想先退一步，分享我如何看待這項業務與我們目前的優先事項，因為脈絡的重要性不亞於數字本身。

As I've spoken with employees, met with investors, and engaged with clients, partners and vendors from this seat, I've used an analogy to bring our priorities to life, particularly in the context of our capital structure. The analogy has resonated well, so I thought it was worth repeating during today's call.

當我以這個角色與員工交流、與投資人會面，並與客戶、合作夥伴及供應商互動時，我使用了一個比喻來具體化我們的優先事項，特別是在我們資本結構的脈絡下。這個比喻引起了很好的共鳴，因此我認為值得在今天的電話會議中再重申一次。

We are running a race. The race has three hurdles. The hurdles are our 2028 debt maturities, our 2029 debt maturities, and our 2030 debt maturities. Our first priority, stabilizing revenue, is about how fast we run. Our second priority, increasing profitability, is about how high we jump. And our third priority, reducing leverage, is about lowering the height of the hurdles.

我們正在跑一場比賽。這場比賽有三道欄架。這三道欄架分別是我們 2028 年到期的債務、2029 年到期的債務，以及 2030 年到期的債務。我們的第一項優先事項——穩定營收——關乎我們跑得有多快。我們的第二項優先事項——提升獲利能力——關乎我們跳得有多高。而我們的第三項優先事項——降低槓桿——關乎降低欄架的高度。

Every action we take, every decision we make is now framed by these three priorities because this is how we win the race. If an initiative doesn't advance one of these three priorities, then we don't pursue it, period.

我們採取的每一項行動、做出的每一個決策，如今都以這三項優先事項為框架，因為這就是我們贏得這場比賽的方式。如果一項計畫無法推進這三項優先事項之一，那我們就不做，就這麼簡單。

On balance, we made real progress against each of our three priorities in Q2. Revenue of $1.92 billion increased 22%, reflecting the inorganic benefits of the Lexmark acquisition. On a pro forma basis, revenue declined nearly 7%. This looks like a deceleration from Q1, but it's not. Adjusting for Q1's currency benefit and the supplies pull forward we flagged last quarter; our revenue trajectory modestly improved on a year-over-year basis in Q2.

整體而言，我們在第二季（Q2）針對三項優先事項都取得了實質進展。營收為 19.2 億美元，成長 22%，反映了收購 Lexmark 所帶來的非有機（inorganic）效益。以擬制（pro forma）基礎計算，營收下滑近 7%。這看起來像是相較第一季（Q1）放緩，但其實不是。若調整第一季的匯率利多以及我們在上季提到的耗材提前拉貨因素，我們第二季的營收走勢在年對年基礎上略有改善。

Adjusted operating margin rose again to 10.6%, up 690 basis points year over year on a reported basis. Excluding the benefit of tariff receivables, which Chuck will discuss in detail, adjusted operating margin would have been 5.1%, up 140 basis points year over year. Importantly, pro forma gross margins expanded year over year, a trend we expect to continue, helped by Lexmark synergies.

調整後營業利益率再度上升至 10.6%，以報表口徑計算年對年增加 690 個基點。若排除關稅應收款（tariff receivables）的利益（Chuck 將詳細說明），調整後營業利益率將為 5.1%，年對年增加 140 個基點。重要的是，擬制毛利率年對年擴張，我們預期此趨勢將持續，並受惠於 Lexmark 的協同效益。

Finally, in Q2, we reduced our total debt by $223 million and improved both our current gross and net leverage ratios as well as our year-end leverage targets. Collectively, Q2 results gave us the confidence to raise our full-year 2026 revenue guidance by approximately $100 million on higher expectations for print and other.

最後，在第二季（Q2），我們將總債務減少 2.23 億美元，並改善了目前的總槓桿與淨槓桿比率，以及我們的年底槓桿目標。綜合而言，第二季的結果讓我們有信心將 2026 全年營收指引上調約 1 億美元，主要反映對列印及其他業務更高的預期。

We're also raising our adjusted operating income guidance. The increase reflects both the one-time tariff recovery; Chuck will cover in detail, and real growing confidence in the plan itself. Two quarters in, with the first half delivered and our synergy target now at $350 million, we're holding the operational line even as we absorb higher memory and oil costs.

我們也上調調整後營業利益指引。這項上調同時反映一次性的關稅回收（Chuck 將詳細說明），以及對計畫本身日益增強的信心。在兩個季度過後、上半年已交付成果，且我們的協同效益目標現已提高至 3.5 億美元之際，即使我們吸收更高的記憶體與油品成本，我們仍守住了營運表現的底線。

The quarter had real positives, but two areas aren't yet where we need them to be, and I want to address both directly. I want to talk about what happened, what we're doing about it, and why I'm confident we'll see improvements as the year progresses and into next year.

本季有不少正面進展，但有兩個領域仍未達到我們需要的水準，我想直接談這兩點。我想說明發生了什麼、我們正在如何處理，以及為何我有信心在今年後續期間乃至明年會看到改善。

First, equipment sales. Pro forma revenue declined in the quarter, mainly driven by softer midrange and lower OEM sales. But demand signals remain encouraging. Our overall print pipeline continues to track ahead of last year. The macro picture outside of the Middle East remains stable.

第一，設備銷售。本季擬制營收下滑，主要是因中階產品較疲弱以及 OEM 銷售較低所致。但需求訊號仍令人鼓舞。我們整體列印業務的商機管線（pipeline）持續領先去年。除中東以外的宏觀環境仍保持穩定。

And we continue to see growth opportunities in both our entry and production segments. Specific to entry, demand in the quarter ran ahead of our Q2 forecast, and we couldn't fully supply it, pushing installs and revenue into later quarters and creating a backlog we expect to work down over the second half of the year.

同時，我們在入門級與生產級兩個區隔都持續看到成長機會。就入門級而言，本季需求高於我們對第二季（Q2）的預測，但我們無法完全供應，導致裝機與營收遞延至後續季度，並形成一個積壓訂單（backlog）；我們預期在今年下半年逐步消化。

In June, we launched our first hardware under the Unified Xerox Brand, a new entry color printer and MFP lineup targeting the small workgroup segment. One of the fastest growing areas in print. These products bring the combined capabilities of Xerox and Lexmark to market for the first time and sharpen our competitiveness. Entry color installs rose in the quarter, even though the products had only been available for a few weeks.

6 月，我們在「Unified Xerox Brand（統一 Xerox 品牌）」下推出首款硬體產品：一系列新的入門級彩色印表機與多功能事務機（MFP），鎖定小型工作群組市場。這是列印領域成長最快的區域之一。這些產品首次將 Xerox 與 Lexmark 的綜合能力帶入市場，並提升我們的競爭力。儘管產品僅上市數週，本季入門級彩色裝機量仍有所上升。

I also want to speak about the 9-Series, a product I believe will drive our mid-range success over the next several years. Historically, Xerox sourced all mid-range equipment from a third party. This limited our ability to manage cost, working capital, availability, and ultimately our competitiveness.

我也想談談 9 系列（9-Series），我相信這項產品將在未來數年推動我們在中階市場的成功。過去，Xerox 的所有中階設備皆由第三方供應。這限制了我們在成本、營運資金、供應可得性，以及最終競爭力方面的管理能力。

The 9-Series changes that. This is a platform we built ourselves as a direct result of the Xerox and Lexmark combination, and it gives us something we've never had in this segment, control. Here is what that means in practice. The 9-Series costs us less to build with stronger economics across the platform.

9 系列改變了這一點。這是一個我們自行打造的平台，直接源自 Xerox 與 Lexmark 的結合，並讓我們在這個區隔首次擁有一項能力：掌控權。以下是這在實務上的意義。9 系列的製造成本更低，且整個平台具備更強的經濟效益。

For our clients, our internal analysis shows a total cost of ownership advantage that becomes increasingly compelling at faster print speeds across equipment, service, and supplies. Better economics for Xerox, better economics for our clients. To our channel partners and to anyone weighing a mid-range refresh, now is the time to take a hard look at the 9-Series. We built it, we stand behind it, and we'll put it up against any competitor's product.

對客戶而言，我們的內部分析顯示，隨著設備列印速度越快，在設備、服務與耗材等面向的總持有成本（TCO）優勢將愈發明顯且具吸引力。對 Xerox 來說經濟效益更佳，對客戶來說也更划算。對我們的通路夥伴，以及任何正在評估中階設備汰換的人而言，現在正是仔細評估 9 系列的時機。這是我們打造的產品，我們為它背書，並願意拿它與任何競爭對手的產品正面比較。

The other area I want to address is IT Solutions. Billings grew again in the quarter, and the pipeline is building. New business, though, face near-term pressure, and part of that is deliberate. We're rebuilding the sales force here, ramping seller productivity, adding technical sales engagement, and sharpening our cross-sell motion.

我想談的另一個領域是 IT 解決方案。本季帳單金額再度成長，且商機管線正在建立。不過，新業務在短期內面臨壓力，其中一部分是我們刻意為之。我們正在重建這裡的銷售團隊，提升銷售人員生產力，增加技術型銷售參與，並強化我們的交叉銷售推進方式。

Newer sellers take time to reach full stride, so the transition is weighed on both near-term signings and short-term operating profit. We knew it would.

較新的銷售人員需要時間才能完全上軌道，因此這段轉換期會同時影響短期簽約量與短期營業利益。我們早就知道會如此。

There's also some friction from our current credit profile, which we expect to ease as we reduce leverage. We expect Q4 billings ahead of Q3 year over year and a better finish to the year as newer sellers build their books and deal conversion improves. And revenue should begin tracking more closely with billings as we move into next year.

此外，我們目前的信用狀況也帶來一些摩擦；隨著我們降低槓桿，我們預期這些摩擦會緩解。我們預期第四季帳單金額將較第三季呈現年增，且隨著較新的銷售人員擴大其客戶組合、成交轉換率改善，全年將有更好的收尾。而隨著我們進入明年，營收也應開始更緊密地跟隨帳單金額的走勢。

The long-term prospects for IT Solutions remain strong, and the market opportunity is large and growing. Bringing this back to our first priority, stabilize revenue. Our higher full-year 2026 revenue guidance assumes year-over-year trends for both equipment and IT solutions improve in the second half of the year.

IT 解決方案的長期前景依然強勁，市場機會龐大且持續成長。回到我們的第一優先事項：穩定營收。我們上調的 2026 全年營收指引，假設設備與 IT 解決方案兩者的年對年趨勢都會在下半年改善。

Turning to increased profitability, we've raised our Lexmark integration synergy guidance to at least $350 million, a $50 million increase from our prior target, primarily driven by incremental IT efficiencies, expanded sourcing and logistics benefits, and the migration of selected service delivery activities into lower cost shared service operations.

接著談提升獲利能力：我們已將 Lexmark 整合綜效指引上調至至少 3.5 億美元，較先前目標增加 5,000 萬美元，主要來自額外的 IT 效率提升、擴大的採購與物流效益，以及將部分服務交付活動遷移至成本較低的共享服務營運。

We expect half of these synergies to be realized in 2026, with the remainder flowing through in 2027 and 2028. This, along with higher revenue, has allowed us to offset a large portion of the additional memory and oil price headwinds we've endured since we first provided guidance six months ago.

我們預期其中一半的綜效將在 2026 年實現，其餘將在 2027 年與 2028 年逐步反映。再加上較高的營收，這使我們得以抵消自六個月前首次提供指引以來所承受的額外記憶體與油價逆風中的很大一部分。

Finally, reduced leverage. In addition to paying back our $125 million bridge loan at the end of June, we retired $99 million of our debt in the open market in Q2, mainly through the repurchase of our 2028 notes. Over the past two quarters, we've reduced the 2028 maturity wall by nearly $200 million. O

最後是降低槓桿。除了在 6 月底償還 1.25 億美元的過橋貸款外，我們也在第二季於公開市場償還了 9,900 萬美元的債務，主要透過回購我們 2028 年到期的票據。在過去兩個季度，我們已將 2028 年到期的到期壓力牆降低了近 2 億美元。O

r to revisit my analogy, we've lowered the height of the first hurdle in our race by more than 25% during the first half of this year. At the end of Q1, our gross and net leverage ratios were 7 times and 6 times, respectively. At the end of Q2, our gross and net leverage ratios fell to 5.9 times and 5.1 times, respectively.

或者回到我的比喻：在今年上半年，我們已將賽跑中第一道障礙的高度降低了超過 25%。在第一季末，我們的總槓桿與淨槓桿比率分別為 7 倍與 6 倍。在第二季末，我們的總槓桿與淨槓桿比率分別降至 5.9 倍與 5.1 倍。

Based on our current guidance, we now expect our year-end gross and net leverage ratios to fall by more than two turns versus Q1, better than our prior forecast of 1.5 turns, to less than five times and four times, respectively. To the extent we have excess liquidity operating the business, we'll continue to take advantage of the dislocation in our bond prices to further lower the hurdles in front of us.

根據我們目前的指引，我們現在預期年底的總槓桿與淨槓桿比率將較第一季下降超過 2 轉（turn），優於先前預估的 1.5 轉，分別降至低於 5 倍與 4 倍。在我們經營業務有多餘流動性之際，我們將持續利用債券價格錯位的機會，進一步降低我們面前的障礙。

As we think about the future of this business, our priorities are clear: gain share in entry and production, protect our mid-range base, and expand our addressable market in IT solutions and digital services. We're deliberate about how we do it, retaining and strengthening the base, reducing avoidable account loss, improving renewal quality and breadth, and growing wallet share with existing clients.

展望這項業務的未來，我們的優先事項很清楚：在入門級與生產級市場提升市占、保護我們的中階客群基礎，並在 IT 解決方案與數位服務擴大可服務市場。我們會審慎推進：維繫並強化既有基礎、降低可避免的客戶流失、提升續約品質與覆蓋面，並在既有客戶中提高錢包份額。

With the Xerox and Lexmark sales forces recently coming together and the coverage, incentives, and process design now more firmly in place, we are being more proactive in pursuing new logos, market expansion, and partner motions. It'll take time, but the model is set. Now, it's about execution.

隨著 Xerox 與 Lexmark 的銷售團隊近期完成整合，且覆蓋策略、激勵機制與流程設計也更穩固到位，我們正更主動地追求新客戶標誌（new logos）、市場擴張與夥伴推進模式。這需要時間，但模式已經建立。現在，重點在於執行。

Before I hand the call over to Chuck, I want to put in a plug for our production business. When we retired three legacy products in 2024, some of our competitors tried to spin it as Xerox exiting production. That narrative is wrong. We're investing in production and reshaping the portfolio, moving into higher growth segments and bringing new technology to market.

在我把電話交給 Chuck 之前，我想為我們的生產業務說幾句。當我們在 2024 年淘汰三項舊有產品時，有些競爭對手試圖把它解讀為 Xerox 正在退出生產市場。那種說法是錯的。我們正在投資生產業務並重塑產品組合，轉向更高成長的細分市場，並將新技術推向市場。

We've already launched the IJP900 and the Proficio PX300 and PX500. And over the coming quarters, you'll see the rest of the portfolio we've been building come to market. Q3 brings new product announcements and more segment expansion.

我們已經推出 IJP900 以及 Proficio PX300 與 PX500。在接下來幾個季度，你們將看到我們正在打造的其餘產品組合陸續上市。第三季將帶來新產品發布與更多細分市場擴張。

I'm proud of how far this team has come, and I can't wait for these products to hit the market. If you're attending PRINTING United in September, come by. I think you'll leave with a very different view of where Xerox production is headed.

我為這個團隊走到今天的成果感到自豪，也迫不及待想讓這些產品進入市場。如果你們 9 月會參加 PRINTING United，歡迎來看看。我想你們離開時，會對 Xerox 生產業務的發展方向有截然不同的看法。

With that, Chuck, over to you.

那麼，Chuck，交給你。

Thanks, Louie. Good morning, everyone. Last quarter, Louie and I laid out three priorities: stabilize revenue, increase profitability, reduce leverage. Let me walk through Q2 against that same frame.

謝謝你，Louie。各位早安。上個季度，Louie 和我提出三項優先事項：穩定營收、提升獲利能力、降低槓桿。我將用同樣的框架帶大家回顧第二季表現。

On revenue, pro forma declines modestly improved versus Q1 when adjusting for the currency and supplies dynamics Louie described. And we are raising full-year guidance.

在營收方面，若調整 Louie 所描述的匯率與耗材動態因素，備考（pro forma）降幅相較第一季小幅改善。而我們也上調全年指引。

On profitability, adjusted operating margin expanded year over year for the second consecutive quarter, and we are raising full-year adjusted operating income guidance as well.

在獲利能力方面，調整後營業利益率已連續第二個季度年對年擴張，我們也上調全年調整後營業利益指引。

On leverage, we reduced total debt by $223 million in the quarter, and we now expect to exit the year below 5 times gross leverage and 4 times net leverage based on the midpoint of guidance.

在槓桿方面，我們本季將總債務減少 2.23 億美元；並且根據指引中點，我們現在預期年底總槓桿將低於 5 倍、淨槓桿低於 4 倍。

Two quarters in, we are making progress. Our Q2 results and guidance reflect the impact of the Supreme Court ruling on IEEPA tariffs. There are a few moving pieces here, so let me walk through the mechanics.

兩個季度過去，我們正在取得進展。我們第二季的結果與指引反映了最高法院對 IEEPA 關稅的裁決影響。這裡有幾個變動因素，我來說明其運作機制。

First, the P&L. We recognized $105 million of tariff receivables in gross profit this quarter. To be clear about what this represents, we have been paying these tariffs all along, and that cost is embedded in our results over the past 12 months. The ruling allows us to recover it. This is not a windfall on top of clean results; it is the recovery of a real cost we already absorbed.

第一，損益表（P&L）。我們本季在毛利中認列了 1.05 億美元的關稅應收款。為了釐清其意義：我們一直以來都在支付這些關稅，而該成本已嵌入我們過去 12 個月的業績之中。該裁決允許我們收回這筆款項。這不是在乾淨的業績之上額外多出的一筆意外之財；而是收回我們先前已實際承擔的真實成本。

Second, the cash. Rather than wait for the government to define and process the claims, we sold the receivable to a third-party buyer for $80 million in cash. The $25 million difference is the buyer's discount recorded as OID. We put a meaningful portion of that cash to work immediately, repurchasing our debt at a discount.

第二，現金。我們沒有等待政府界定並處理申請，而是將該應收款出售給第三方買家，取得 8,000 萬美元現金。其中 2,500 萬美元的差額，是買方折價並以 OID（原始發行折價）入帳。我們立即將其中相當一部分現金投入運用，以折價回購我們的債務。

Third, the classification. Because the claims had not yet been processed at quarter end, the $80 million is recorded in financing rather than operating cash flow, which means it provided no benefit to Q2 reported free cash flow. Once the claims are processed, it moves to operating. The bottom line, the $80 million is real. The cash has been received, and the only thing that changes with timing is the classification, not the economics.

第三，分類。由於截至季末申請尚未處理完成，這 8,000 萬美元被列在籌資活動現金流，而非營運活動現金流，這表示它對第二季揭露的自由現金流沒有帶來任何助益。一旦申請處理完成，它就會轉列為營運活動。重點是：這 8,000 萬美元是真實的。現金已經收到了，時間差異唯一改變的是分類，而不是經濟實質。

Q2 revenue of $1.92 billion increased 22% year over year on a reported basis and 21% in constant currency, reflecting Lexmark's contribution. On a pro forma basis, revenue declined nearly 7% year over year compared to a 4% decline in Q1, which benefited from 230 basis points of higher currency tailwinds and approximately 100 basis points from the pull forward of post-sales revenue, primarily in supplies.

第二季營收為19.2億美元，按報告基礎年增22%，按固定匯率年增21%，反映了Lexmark的貢獻。按備考（pro forma）基礎，營收年減近7%，相較第一季年減4%；第一季受惠於匯率順風增加230個基點，以及售後營收提前認列約100個基點（主要在耗材）。

Turning to profitability, adjusted gross margin was 36.4%, up 710 basis points year over year, driven by Lexmark's contribution, recognition of IEEPA tariff receivables, and transformation benefits, partially offset by higher incentive compensation expense, increased product cost, mix, and declines in the high margin finance-related fees, largely a result of our forward flow arrangements.

轉向獲利表現，調整後毛利率為36.4%，年增710個基點，主要受Lexmark貢獻、IEEPA關稅應收款的認列，以及轉型效益帶動；但部分被較高的獎酬激勵費用、產品成本上升、產品組合影響，以及高毛利的金融相關費用下滑所抵銷，而後者多為我們的forward flow安排所致。

Adjusted operating margin was 10.6%, up 690 basis points year over year, driven by higher gross margins and integration synergies, partially offset by higher SAG expense. Excluding the tariff receivables benefit, operating margins were 5.1%, up 140 basis points year over year.

調整後營業利益率為10.6%，年增690個基點，主要由較高毛利率與整合綜效帶動，但部分被較高的SAG費用所抵銷。若排除關稅應收款利益，營業利益率為5.1%，年增140個基點。

Non-financing interest expense was $100 million, up $45 million year over year, due mainly to higher net interest expense associated with the Lexmark acquisition and the TPG JV financing. GAAP EPS was $0.07, up $0.94 year over year, and adjusted EPS was $0.38, a dollar or two higher than a year ago, primarily due to higher revenue and profit and a lower tax rate partially offset by higher interest expense.

非融資利息費用為1億美元，年增4,500萬美元，主要因Lexmark收購案及TPG合資企業（JV）融資相關的淨利息費用上升。GAAP每股盈餘（EPS）為0.07美元，年增0.94美元；調整後EPS為0.38美元，較去年同期高出約一到兩美分，主要因營收與獲利提升及稅率較低，但部分被較高利息費用所抵銷。

Our non-GAAP adjusted tax rate remains volatile because we carry a valuation allowance against certain deferred tax assets. The practical effect is that the pre-tax losses in the US and UK, along with disallowed interest expense, do not generate a corresponding tax benefit while we continue to record the tax expense on profits in certain jurisdictions. It is a GAAP consequence of where we sit today, not a reflection of the 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調整後有效稅率仍然波動，因為我們對部分遞延所得稅資產提列估值備抵（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；同時我們仍需就部分司法管轄區的獲利認列所得稅費用。這是我們目前狀況下的GAAP會計結果，並非營運表現或現金流的反映。隨著獲利能力改善，我們預期稅率將趨於正常，並與現金稅負逐步收斂。

Let me review segment results. Within Print & Other, Q2 equipment revenue was $387 million, up 15% versus the same period last year. On a pro forma basis, equipment revenue declined 13%, a step back from last quarter's 2% pro forma decline due to softer mid-range performance, lower OEM sales, and increased backlog due to higher than anticipated demand for entry. We believe the larger backlog exiting Q2 as well as an increasing demand bodes well for future quarters as it converts to revenue.

我先回顧各事業部門的表現。在「列印與其他」（Print & Other）部門，第二季設備營收為3.87億美元，較去年同期成長15%。按備考基礎，設備營收下滑13%，較上季備考下滑2%有所轉弱，原因包括中階產品表現較疲弱、OEM銷售較低，以及入門機種需求高於預期導致積壓訂單增加。我們認為，第二季結束時較大的積壓訂單，以及需求持續增加，將有利於未來幾季，隨著其轉化為營收。

Print & Other post-sale revenue was $1.35 billion, up 31% as reported and up 30% in constant currency. On a pro forma basis, Print post-sale revenue declined 4%, mainly due to lower service rental and other revenue, lower outsourcing, and lower financing income.

「列印與其他」售後營收為13.5億美元，按報告基礎年增31%，按固定匯率年增30%。按備考基礎，列印售後營收下滑4%，主要因服務租賃及其他收入較低、外包業務較少，以及融資收入下降。

Print & Other adjusted gross margin was 38.4%, up 720 basis points driven by Lexmark's contribution, tariff receivable benefits, and transformation savings. These factors were partially offset by higher product cost, mix and lower managed print volumes. Print & Other segment margin was 12.7%, up 790 basis points driven by higher gross margin plus integration savings. Excluding tariff receivable benefits, print segment margins were up 180 basis points year-over-year.

「列印與其他」調整後毛利率為38.4%，年增720個基點，主要由Lexmark貢獻、關稅應收款利益及轉型節省所帶動。上述因素部分被較高的產品成本、產品組合影響，以及受管列印（managed print）量下降所抵銷。「列印與其他」部門利潤率為12.7%，年增790個基點，主要由較高毛利率加上整合節省所推動。若排除關稅應收款利益，列印部門利潤率年增180個基點。

Turning to IT Solutions, gross billings grew 4% year over year in the quarter, and 11% year-to-date, while GAAP revenue fell 9% in the quarter. The total pipeline remains strong, and we expect a better finish to the year. As we noted last quarter, a growing share of what we sell, third-party service contracts, SaaS and certain fulfillment contracts is reported on a net basis, reflecting our role as agent rather than principal. We anticipate the year-over-year trends in gross billings and GAAP revenue to become more aligned over the next few quarters.

轉向IT解決方案（IT Solutions），本季總開票額（gross billings）年增4%，年初至今成長11%，但GAAP營收本季下滑9%。整體商機管線仍然強勁，我們預期今年下半年表現會更好。如同上季所提，隨著我們銷售內容中第三方服務合約、SaaS及部分履約合約占比提高，因我們扮演的是代理人而非主理人（principal），因此以淨額（net）基礎認列。我們預期未來幾季總開票額與GAAP營收的年增趨勢將更趨一致。

On profitability, gross profit was $35 million, reflecting a margin of 18%, up 160 basis points year over year, driven by changes in revenue mix and synergies, partially offset by higher memory cost. Segment profit was $7 million, reflecting a profit margin of 3.7%, down 110 basis points year over year, as investments in the sales organization weighed on profitability.

在獲利方面，毛利為3,500萬美元，毛利率18%，年增160個基點，主要由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700萬美元，利潤率3.7%，年減110個基點，因對銷售組織的投資壓抑了獲利能力。

Now moving to our cash flow and capital structure. For the quarter, operating cash was $37 million compared to a use of $11 million last year, reflecting higher net income and smaller working capital use than a year ago, partially offset by lower proceeds from finance assets.

接著談現金流與資本結構。本季營運現金流入為3,700萬美元，去年同期為現金流出1,100萬美元，反映淨利較高且營運資金使用量較去年小，但部分被金融資產回收款（proceeds）較低所抵銷。

Investing activity was a $9 million use of cash compared to a use of $18 million in the prior year. In the quarter, capital expenditures of $26 million were partially offset by $19 million from the finalization of the Lexmark working capital adjustment.

投資活動為現金流出900萬美元，較去年同期流出1,800萬美元為低。本季資本支出為2,600萬美元，部分被Lexmark營運資金調整最終結算帶來的1,900萬美元所抵銷。

Financing activity resulted in $114 million use of cash, reflecting the paydown of the 13% senior bridge notes due in June, and the partial payment of the 2028 senior unsecured notes and second lien notes. This was partially offset by proceeds from the sale of tariff receivables.

融資活動造成現金流出1.14億美元，反映6月到期的13%優先過橋票據（senior bridge notes）償還，以及2028年到期優先無擔保票據與第二順位擔保票據（second lien notes）的部分償付。上述部分被出售關稅應收款的所得所抵銷。

Free cash flow was $11 million for the quarter, up $41 million year over year. And to remind everyone, the back half of the year is where the bulk of our free cash flow is generated. We expect improvements in adjusted operating income, working capital dynamics and additional proceeds from finance receivables to deliver substantial free cash flow in the second half of the year.

本季自由現金流為1,100萬美元，年增4,100萬美元。並提醒各位，一年下半年是我們自由現金流主要產生的期間。我們預期調整後營業利益改善、營運資金動態優化，以及來自金融應收款的額外回收款，將在下半年帶來可觀的自由現金流。

We ended Q2 with $552 million of cash, cash equivalents and restricted cash, including $57 million of restricted cash, and total debt of $4.2 billion, down $223 million sequentially. Approximately $1.3 billion of the outstanding debt supports our finance assets with remaining core debt of $2.9 billion attributable to the non-financing business.

第二季末我們持有現金、約當現金及受限制現金合計5.52億美元，其中受限制現金5,700萬美元；總負債為42億美元，較前一季減少2.23億美元。未償債務中約13億美元用於支撐我們的金融資產，其餘核心債務為29億美元，歸屬於非融資業務。

Gross and net leverage were 5.9 times and 5.1 times trailing 12 months EBITDA, respectively, down from 7 times and 6 times last quarter. Our capital allocation priority remains debt reduction driven by EBITDA growth and continued debt paydown. During the quarter, we paid down $125 million of 13% senior bridge notes at maturity.

以過去12個月EBITDA計算，總槓桿與淨槓桿分別為5.9倍與5.1倍，較上季的7倍與6倍下降。我們的資本配置優先順序仍以降低負債為主，透過EBITDA成長並持續償債來推動。本季我們於到期時償還了1.25億美元的13%優先過橋票據。

In addition, we repurchased $99 million of face value of our outstanding debt, inclusive of $93 million of the 2028 senior unsecured notes and $6 million of our second-lien notes. We spent $57 million to repurchase this debt in the open market, capturing $42 million of discount. To date, debt reduction from the warrant issuance has been minimal. During the first half of the year, we reduced our 2028 maturity wall by nearly $200 million.

此外，我們回購了面額9,900萬美元的未償債務，其中包含9,300萬美元的2028年到期優先無擔保票據，以及600萬美元的第二順位擔保票據。我們在公開市場花費5,700萬美元回購該等債務，取得4,200萬美元的折價收益。截至目前，透過認股權證發行所帶來的減債效果仍相當有限。今年上半年，我們將2028年到期的債務高峰（maturity wall）降低了近2億美元。

The maturity ladder has been derisked in the near term. We have less than $180 million of scheduled debt maturities between now and December 2027. We continue to have multiple tools to address it, organic cash flow, continued open market repurchases, the warrant mechanism, and capacity within our existing capital structure. We will continue to be opportunistic when market conditions support it.

短期內，我們已降低到期梯形結構的風險。從現在到 2027 年 12 月之間，預定到期的債務不到 1.8 億美元。我們仍有多種工具可用來因應，包括有機現金流、持續在公開市場回購、認股權證機制，以及我們現有資本結構內的可用容量。在市場條件支持時，我們將持續把握機會。

Now, for guidance. We are taking up our Lexmark synergy targets to at least $350 million, higher than our previous forecast of at least $300 million, of which we expect approximately half of the benefit to be realized in 2026, with the remainder in 2027 and 2028. We continue to look for new ways to drive efficiency and increase profitability in the business.

接下來談指引。我們將 Lexmark 的協同效益目標上調至至少 3.5 億美元，高於先前預測的至少 3 億美元；其中我們預期約一半的效益將於 2026 年實現，其餘將在 2027 年與 2028 年實現。我們持續尋找新的方式來提升效率並提高業務獲利能力。

For 2026, we now expect revenue of approximately $7.6 billion compared to greater than $7.5 billion previously. The higher outlook reflects improved expectations for print and other due to an improved equipment outlook for second half and better supplies outlook. Our revenue guidance implies a 4% revenue decline in the back half of the year. We expect Q3 revenue trends to be stronger than Q2 and Q4 to be stronger than Q3 on a year-over-year basis.

對於 2026 年，我們目前預期營收約為 76 億美元，先前為高於 75 億美元。較高的展望反映了對列印及其他業務的預期改善，原因是下半年設備展望改善以及耗材展望更佳。我們的營收指引意味著下半年營收將下滑 4%。我們預期第三季營收趨勢將強於第二季，且第四季在年對年基礎上將強於第三季。

Adjusted operating income is now expected in the range of $555 million to $605 million, up $105 million from the prior outlook, primarily because of the recognition of IEEPA tariff receivables in Q2. Even with this, we continue to incur material ongoing tariff expenses.

調整後營業利益目前預期為 5.55 億至 6.05 億美元區間，較先前展望上調 1.05 億美元，主要因為第二季認列 IEEPA 關稅應收款。即便如此，我們仍持續承擔相當可觀的持續性關稅費用。

We continue to expect free cash flow of approximately $250 million. Within this forecast is the inclusion of proceeds for the sell-up tariff receivables to a third party, which we expect to be reclassified into operating cash flow. Also benefiting free cash flow relative to our initial guidance are lower expected CapEx and taxes.

我們仍預期自由現金流約為 2.5 億美元。此預測包含將 sell-up 關稅應收款出售給第三方所取得的款項，我們預期該款項將重新分類至營業現金流。相較於我們最初的指引，自由現金流亦受惠於較低的資本支出（CapEx）與稅負預期。

This is offset by higher in-year restructuring charges as a result of our increased synergy target, higher non-financing interest due to the TPG JV, and lower than previously expected working capital. Specifically, regarding working capital, our credit profile has created some friction with partners that has modestly impacted working capital efficiency. We are actively addressing this and expect these constraints to ease over time as we continue to reduce leverage.

上述效益被以下因素抵銷：由於我們提高協同目標而導致的當年度較高重組費用、因 TPG 合資企業（JV）而增加的非融資利息，以及低於先前預期的營運資金。具體而言，就營運資金而言，我們的信用狀況在與合作夥伴往來上造成一些摩擦，對營運資金效率帶來輕微影響。我們正積極處理此事，並預期隨著我們持續降低槓桿，這些限制將隨時間逐步緩解。

I do want to be transparent about one risk factor. While we are generating an incremental benefit from higher revenue and improved synergy, this has been more than offset by modestly higher memory prices since our last update and oil prices that have moved meaningfully higher in recent weeks.

我確實想就一項風險因素保持透明。雖然我們因較高營收與協同效益改善而產生額外收益，但自上次更新以來，記憶體價格小幅上升，以及近幾週油價顯著走高，已使上述收益被完全抵銷且有餘。

Our prior outlook assumed oil prices would normalize by mid-year. If current levels persist or memory prices move higher still, this could present modest risk to our updated profit and cash outlook. We will monitor this closely and update you accordingly.

我們先前的展望假設油價會在年中前回歸正常。若目前水準持續，或記憶體價格進一步上升，可能會對我們更新後的獲利與現金展望帶來輕微風險。我們將密切監控並適時向各位更新。

That said, based on our implied guidance, by year end of 2026, we now expect gross and net leverage to drop by over two turns from Q1 to under 5 times and 4 times trailing 12 months EBITDA respectively. The balance sheet is getting stronger, the business is improving, and we are moving in the right direction.

話雖如此，根據我們隱含的指引，到 2026 年底，我們目前預期總槓桿與淨槓桿將自第一季起下降超過兩個 turn，分別降至低於過去 12 個月 EBITDA 的 5 倍與 4 倍。資產負債表正在變得更強健，業務正在改善，我們正朝正確方向前進。

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)

(接線員指示)

Alek Valero, Loop Capital.

Alek Valero，Loop Capital。

I have questions more so on your free cash flow guide. So I know your April free cash flow guide was $250 million and it's $250 million again, but now, you're receiving the $80 million in the tariff receivable. Can you just like walk us through the offsets for that and like your free cash flow isn't higher or guided higher?

我的問題主要是關於你們的自由現金流指引。我知道你們 4 月的自由現金流指引是 2.5 億美元，現在仍是 2.5 億美元，但目前你們會收到 8,000 萬美元的關稅應收款。你能否帶我們走一遍其中的抵銷項目，為什麼自由現金流沒有更高、或指引沒有上調？

Yeah, essentially what occurred, we will add $80 million of the tariffs in the back half of the year into our free cash flow call of $250 million. That $80 million was roughly offset by some additional restructuring costs, some working capital drags, which roughly offset that $80 million and stay in the same ballpark of range.

是的，基本上發生的情況是，我們會在下半年把 8,000 萬美元的關稅款項納入我們 2.5 億美元的自由現金流預估。這 8,000 萬美元大致被一些額外的重組成本、一些營運資金拖累所抵銷，整體大致抵銷這 8,000 萬美元，因此仍維持在相近的區間。

Got it. That's super clear. Just changing it up a bit on IT Solution --.

了解。非常清楚。稍微換個話題談 IT Solutions--。

I did forget one point. There was a little additional interest related to the TPG JV in there as well. So those three items.

我剛剛漏提一點。其中也有一些與 TPG 合資企業（JV）相關的額外利息。所以是這三個項目。

Okay, those are all set.

好的，這些都確認了。

Yeah, that's right.

對，沒錯。

Got it. Thank you for that. Just on -- also, just on IT Solutions, maybe if you could speak to the kind of demand that you're seeing there. Is there anything like, are you seeing any AI-related infrastructure demand or is that not your customer set yet?

了解。謝謝你的說明。另外關於 IT Solutions，如果可以的話，能否談談你們看到的需求狀況？你們是否看到任何與 AI 相關的基礎設施需求，還是那還不是你們的客戶群？

Yeah, I would say on AI, we hear a few things consistently from our IT Solutions customers. One is, there is an expansion, I think, in certain parts of the IT budget that we serve. So we do see clients refreshing endpoints for AI PCs and modernizing infrastructure to carry AI workloads, investing in data center capacity and security. Those are tailwinds.

是的，談到 AI，我會說我們從 IT Solutions 客戶那裡持續聽到幾件事。第一，我認為在我們所服務的 IT 預算某些部分，確實正在擴張。因此我們確實看到客戶為了 AI PC 更新端點設備，並現代化基礎設施以承載 AI 工作負載，同時投資資料中心容量與資安。這些都是順風因素。

But it definitely pushes on other parts of their budget that we're less exposed to. It gets them rethinking how they manage information. And so, there's a lot of spend being absorbed in the IT solution space by just the large data center buildouts. And for us, that's not really our clients that we've got others and other ways to get exposure to that spend. So it's something that cuts both ways for us.

但它也確實會擠壓他們預算中的其他部分，而我們在那些部分的曝險較低。這也讓他們重新思考如何管理資訊。因此，在 IT 解決方案領域，有大量支出被大型資料中心建置所吸收。而對我們而言，那些並不完全是我們的客戶；我們有其他客戶以及其他方式來取得對那類支出的曝險。所以對我們來說，這是一件有利有弊的事。

Joseph Cardoso, JP Morgan.

Joseph Cardoso，JP Morgan。

I want to just ask about the gross margin dynamics. Even if I normalize for the IEEPA refund, it seems like gross margins still improve 70 basis points quarter on quarter. If we could just disaggregate some of the dynamics at play there, right? Like how much of that comes from in housing, manufacturing, and other drivers. And then I guess how much is being taken out right from input cost inflation?

我想問一下毛利率的變化動態。即使把 IEEPA 退款的影響正常化，看起來毛利率仍較上一季提升 70 個基點。如果可以的話，能否拆解一下其中的驅動因素？例如其中有多少來自內製（in housing）、製造，以及其他驅動因素。然後我想問，有多少又被投入成本通膨所抵銷？

Yes, I think you're asking specifically about a quarter-to-quarter bridge on gross margin?

是的，我理解你是在問毛利率逐季變動的橋接分析？

Yes, that's right.

是的，沒錯。

Yes, that's right. Now, we continue to see improvement for several reasons. One of them, you're right, you normalize for the tariff receivable benefit. We're going to get additional transformation benefits, which will come largely from the synergies related to the acquisitions. You'll get a Lexmark continues to play a high role in the improvement year over year, but even depending on the mix of revenue sequentially, it has a positive impact. We continue to see some other benefits around the pricing of our products.

是的，沒錯。我們持續看到改善，原因有幾個。其中之一如你所說，是把關稅應收款帶來的效益正常化後來看。我們將取得額外的轉型效益，主要來自與併購相關的協同效益。Lexmark 仍在年對年改善中扮演重要角色；即便就營收組合的季對季變化而言，它也帶來正面影響。我們也持續在產品定價方面看到一些其他效益。

Now, there are a couple of headwinds that offset that. One would be you look at the revenue mix between your ESR and your post sales, which I believe are more driven toward the post sales in the second quarter. And then you have some UMC cost increases, primarily through our A3 product that we externally source as we're still transitioning to the internally manufactured product.

現在，有幾項逆風會抵銷這些因素。其中一項是，你看看 ESR 與售後（post sales）之間的營收組合，我相信第二季更偏向售後帶動。另外，你還有一些 UMC 成本上升，主要來自我們外部採購的 A3 產品，因為我們仍在轉換到內部製造的產品。

Got it. Thank you. And then maybe just to follow up from a demand standpoint, seems like there are a few positive demand indicators that you saw during the course of the quarter, right? Such as page volumes improving, supply usage ticking up, and seems like you're still pretty confident in the back half equipment recovery. Could you just walk me through some of the drivers and what you're seeing from a demand standpoint? Thank you.

了解。謝謝。接著從需求面再追問一下，看起來你們在本季過程中看到一些正向的需求指標，對吧？例如頁面印量改善、耗材使用量上升，而且看起來你們對下半年設備復甦仍相當有信心。能否請你帶我們梳理一下需求面的驅動因素，以及你們看到的情況？謝謝。

I'd say that's largely accurate. Demand is fairly stable for print. And like I said on the call, our pipeline is running ahead of last year. We see real strength in the entry level. Demand actually outran supply in the quarter. We think that will continue into the second half of the year.

我會說這大致上是正確的。列印需求相當穩定。而且如我在電話會議上所說，我們的銷售管線（pipeline）領先去年。我們在入門級市場看到真正的強勁表現。本季需求實際上超過供給。我們認為這種情況會延續到今年下半年。

The honest soft spot for us in the midrange is A3. And we're not really counting on that segment to bounce back. We're actually building products in a cost structure that win in the environment as it is. So that's really what we're focused on today.

對我們而言，中階市場真正的疲弱點是 A3。我們並不太指望該細分市場會反彈。我們其實是在打造具備成本結構、能在現有環境中勝出的產品。所以這就是我們今天真正聚焦的重點。

Asiya Merchant, Citigroup.

Asiya Merchant，花旗集團。

You talked a little bit about demand here in the back half for IT Solutions as well as you overcome some of the friction from the higher sales force. What, if anything, do you think could be a risk there that there was a little bit more of pull forward that happened in the first half that could negatively perhaps affect how you're thinking about your back half in terms of revenues from IT Solutions and margins as well within that segment?

你也稍微談到 IT Solutions 下半年需求，以及隨著你們克服較高銷售人力帶來的一些摩擦。那麼，你認為那裡可能有哪些風險？例如上半年是否發生較多「提前拉貨」（pull forward），可能對你們對下半年 IT Solutions 營收的看法、以及該部門的利潤率產生負面影響？

And if I can, one more on free cash flow. I understand the guide for this year hasn't changed. As we look into next year, can you give us some guideposts on how to think about it, given that sale of receivables is likely to come down materially? Thank you.

如果可以的話，再問一題關於自由現金流。我了解你們今年的指引沒有改變。展望明年，鑑於應收帳款出售（sale of receivables）可能會大幅下降，你們能否給我們一些思考方向或參考基準？謝謝。

Yeah, I'll take the IT Solutions question and then I'll kick it over to Chuck to tackle the free cash flow one. On IT Solutions, I would say, look, our clients are still investing. If anything, I think we saw actually more things actually move out from Q2 into Q3. So a little bit of slippage than we would expect things have been pulled forward, which was a little bit different than in Q1.

好的，我先回答 IT Solutions 的問題，然後把自由現金流那題交給 Chuck 來處理。就 IT Solutions 而言，我會說，我們的客戶仍在投資。如果要說的話，我認為我們其實看到更多案子從第二季延到第三季。所以與其說有提前拉貨，不如說有一些延遲（slippage），這點與第一季有些不同。

But like I said, our clients are still investing, endpoint refreshes, upgrades, modernizing infrastructure, those demand drivers are still intact in the building. And so, even though our Q2 bookings were softer on timing and a little bit of a tougher comp, what we see in the second half of the year in terms of execution and conversion by the sales force that we've been rebuilding and investing in, as well as just the technical sales engagements, we're pretty confident in the second half of the year for this business.

但如我所說，我們的客戶仍在投資：端點設備汰換、升級、基礎架構現代化，這些需求驅動因素仍然存在並持續累積。因此，即便我們第二季的接單（bookings）因時點因素較弱、且比較基期也較具挑戰，我們看到下半年在執行面與轉換面（conversion）——來自我們正在重建並投入資源的銷售團隊，以及技術型銷售互動——我們對這項業務的下半年仍相當有信心。

We've got new products landing, backlog converting, Salesforce hitting its stride, but we do think the step up will be more heavily weighted toward Q4 than Q3.

我們有新產品落地、積壓訂單（backlog）轉換、Salesforce（銷售團隊/系統）進入狀態，但我們確實認為成長的躍升會更偏向第四季而非第三季。

Yeah. Thanks, Louie. On the free cash flow, of course, we're not guiding what's going to happen next year. But if you think broad topics for how you would envision it flowing through, you're right, the forward flow receivables will decline year over year. That will be offset by additional synergy savings driving increased profitability as we continue to stabilize the revenue and expand margins in the business.

是的。謝謝你，Louie。關於自由現金流，當然我們不會對明年會發生什麼提供指引。但如果你從幾個大方向來想它會如何反映，你說得沒錯，forward flow 應收帳款（receivables）會年減。這將由額外的協同效益節省所抵銷，進而提升獲利能力，因為我們持續穩定營收並擴大利潤率。

And we'll have lower interest as we continue to retire debt. We mentioned we retired $223 million of debt in the second quarter and continue to decrease leverage. And all those benefits will flow through to next year as well. So you'll have a headwind with the forward flow receivables, and you'll have some tailwinds around expanding margins, lower interest expense, and less restructuring cost.

而且隨著我們持續償還債務，利息支出也會降低。我們提到第二季已償還 2.23 億美元的債務，並持續降低槓桿。這些效益也都會延續到明年。因此，你會面臨 forward flow 應收帳款的逆風，同時也會有利潤率擴張、利息費用降低，以及重整成本減少等順風。

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

謝謝。現在我想把電話會議交回給 Pastor 先生，請他做結語。

Thank you. One year after the Lexmark acquisition, the results are tracking the strategy. We raised guidance, reduced leverage, and made real progress on synergies, while absorbing headwinds we couldn't fully see coming six months ago. There's still work to do, and we're clear-eyed about what's ahead. But the priorities are right, the team is delivering, and we're moving in the right direction.

謝謝。在完成收購 Lexmark 一年後，我們的結果正沿著策略方向推進。我們上調指引、降低槓桿，並在協同效益上取得實質進展，同時也吸收了六個月前無法完全預見的逆風。仍有工作要做，我們也清楚接下來的挑戰。但優先事項是正確的、團隊正在交付成果，我們正朝正確方向前進。

In the end, this business runs on trust. Our clients trust us to help them run more efficiently, more securely and at scale. And that trust is what earns the renewals and the annuity that fund the plan. Investors extend us a version of the same trust that will do what we said. And we earn both forms of trust the same way, by delivering on the plan over time, and by being candid about where we stand every quarter.

歸根結底，這門生意建立在信任之上。我們的客戶信任我們，協助他們以更高效率、更安全、並以規模化方式運作。而這份信任帶來續約與年金式收入（annuity），為計畫提供資金。投資人也以類似的方式信任我們，相信我們會做到我們所說的。而我們贏得這兩種信任的方式相同：隨時間推進交付計畫成果，並且每一季都坦誠說明我們所處的位置。

We know the hurdles in front of us, and we intend to clear them. Thank you for your time this morning. We look forward to updating you next quarter.

我們知道眼前的障礙，也打算一一跨越。感謝各位今天早上的時間。我們期待在下季向各位更新。

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。