HP Inc at Bank of America Conference: Navigating Tariffs and AI Growth

On Wednesday, 04 June 2025, HP Inc (NYSE:HPQ) participated in the Bank of America Global Technology Conference 2025. CEO Enrique Lores discussed the company’s strategic positioning amid economic challenges, highlighting both robust commercial PC demand and the adverse impact of tariffs on profitability. HP’s proactive measures, including manufacturing shifts and price adjustments, aim to navigate these hurdles while capitalizing on AI and subscription services.

Key Takeaways

• HP plans to fully mitigate tariff impacts by Q4 through strategic manufacturing shifts.
• AI PCs are projected to constitute 25% of HP’s shipments, driving future growth.
• The print business maintains strong margins, supported by subscription models.
• HP remains committed to returning 100% of free cash flow to investors.
• Economic uncertainties have moderated HP’s growth expectations for the second half of the year.

Financial Results

• Tariffs impacted Q2 earnings per share by approximately $0.10.
• PC market growth is expected in the low single digits for the second half of the year.
• HP’s print margin range remains strong at 16% to 19%.
• Subscription-based print services have attracted around 1 million subscribers.

Operational Updates

• HP accelerated its plan to relocate manufacturing out of China, aiming for completion by June.
• The diversification strategy includes increased capacity in Southeast Asia and Mexico.
• Channel inventory is well-managed across all product lines, ensuring efficient supply chain operations.

Future Outlook

• HP anticipates AI PCs to significantly influence sales, with software enhancements supporting AI capabilities.
• The company plans to expand its subscription services geographically, enhancing customer value.
• HP aims to optimize profitability in the print business while managing temporary free cash flow impacts.

Q&A Highlights

• Tariffs are expected to be fully mitigated by Q4, with a temporary impact on free cash flow.
• HP’s capital allocation strategy remains focused on returning free cash flow to investors.
• The company expects 25% of its PC shipments to be AI-enabled, aligning with market trends.

For a detailed analysis, refer to the full conference call transcript below.

Full transcript - Bank of America Global Technology Conference 2025:

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: Thank you, and welcome to day two of Bank of America’s global tech conference. I’m Wamsi Mohan. I cover IT hardware supply chain here for the bank. Delighted to welcome HP Inc. Here today.

We have president and CEO Enrique Louras. Enrique has had a long tenure at the combined HP before and now at HP Inc, and he’s he’s run many of the critical profit centers of the of the company. So, Enrique, welcome. A pleasure to have you over here.

Enrique Lores, President and CEO, HP Inc.: Thank you for having me here. It was pleasure.

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: Yeah. Absolutely. Great to see you in person again. So, Enrique, maybe to kick it off, I think the macro environment has been challenging and volatile in some ways, and would love to get your take on sort of what your outlook is as you look at the business in sort of the near term And what are you hearing from customers?

Enrique Lores, President and CEO, HP Inc.: Sure. I think I would say the macro environment has been mixed. Because from one side, we have seen strong demand, especially in the PC side, especially in the commercial side. We have seen strong demand. At the same time, clearly, we have faced some challenges on the cost side, mostly driven by the tariffs and the changes in the trade space.

So this is really what has been driving our performance what drove our performance in Q2. Solid growth and at the same time, very challenging results from a profit perspective because of the impact on tariffs. When we look at the second half, we have we expect the market to continue to grow as we which is what we expected at the beginning of the year, but we have moderated our growth expectations. And we think that we did that both because we think that the current environment and the uncertainty around what tariffs will be there and what will be the impact in the economy are going to have an impact in demand. And also because just the current environment and as many companies will be raising prices across multiple categories, whether we like it or not, it’s going to have an impact on demand.

And we know that we were ahead of some of the industry analysts in terms of projecting that. But we think it’s logical to expect a slowdown in demand given that the prices, not only on PCs but across many industries, are going to be increasing. If we are wrong, it will be we will be super happy of being wrong, and this will be reflected in our results. But we think it’s logical to expect some impact on demand.

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: Right. Yes. So as you think through that, right, so maybe just to start off with tariffs. Clearly, you saw higher impact than what you had anticipated in the prior quarter. Can you just break that down a little bit on what were some of the incremental costs that you experienced and what parts of the portfolio that were most impacted?

Enrique Lores, President and CEO, HP Inc.: Yes. Let me start by saying that we saw bigger impact because the tariffs that were put in place were higher than we were expecting.

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: Correct.

Enrique Lores, President and CEO, HP Inc.: It’s not that we had forecasted from based on the tariffs we had. It’s just that both in terms of the amount of tariffs, in terms of the countries that were impacted was more than we had in the plan in February. And I think this had an impact on cost, and it cost came from four different places. First of all, of course, the incremental duties that we had to pay, even the tariffs were more than that we had in the plan. Second, in the quarter, we had to make investments to improve the situation for the future, but also that quarter had an impact on cost.

Second third, to mitigate the impact in the quarter, we had to take additional actions mostly from a distribution perspective, how products were shipped and when that had also an impact on cost. And fourth, as we had to accelerate the plans that we had, for example, I had shared in February that our plan was to move fully move our capacity from The U. S. Out from China by the end of the year. We accelerated that.

And now we are in June. In June, we are going to be totally out from China for products to The U. S. This also created some more inefficiencies in our supply chain systems that also had an impact on cost. So there were multiple areas.

At the end, this is what we explained in our results that it had an impact of about $0.10 of EPS. But we have also said that from a cost perspective, we expect to fully mitigate by Q4, and we are on track to make it happen.

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: So can you talk about maybe two things, two follow ups over there? One is on your comments about moving out of China. Like so when did you start that process? How long was that process? And what is the incremental inefficiencies that are created because of that process?

And then secondarily, the mitigating factors that you are undertaking, what are some of those and how much of that is pricing? How much of this is everything else in the supply chain that you discussed?

Enrique Lores, President and CEO, HP Inc.: Sure. Actually, we started this process right after COVID, and we have talked about this before, not because of tariffs or not because of the changes in trade, but really because we learned through COVID that having a big concentration of factories in one location from a resiliency perspective was not the best model for the company. And to improve resiliency, we decided to start this diversification process. So we started probably more than three years ago, and we started to move factories to Southeast Asia to increase the capacity in Mexico. What we have done during the last two quarters is to significantly accelerate this change.

So by now, we are four products for The U. S, we are totally out of China. China continues to be an important manufacturing site for us, for the rest of the world, and we think it will continue to be. But for The U. S, we have changed that.

The additional cost of this comes from two angles. There is some cost because producing out of China, especially because the lack of certain suppliers is slightly higher. The impact is fairly small. So in the long term, we can fully mitigate that. The second cost is more about the inefficiencies that happen in the short term.

It’s very different to run a big factory in one location, that multiple factories in multiple locations and to drive this change so fast. These changes also will be mitigated and this is the plan and this is what we’re working on.

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: And just in this process of moving away where you have these large consolidated factories in China, does it change the way that you think about just in time and some of the cash cycles associated with the business? Does it have an impact on that?

Enrique Lores, President and CEO, HP Inc.: It has had some impact on working capital because having multiple factories in multiple countries is going to drive an increase in the amount of inventory that we need to have to make sure that we can respond and have some good flexibility as we get orders from multiple areas. That’s a major impact this will have. We shared in the call that this was having some impact in the free cash flow we will generate this year. But again, this is something that as we will learn and we will optimize our processes, we can reduce. But short term, it’s going to have some impact.

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: Right. Maybe just to think through within the portfolio, a lot of the elements of manufacturing have been more concentrated in China, more so on PC front. But can you just talk about the relative sort of impact on the print business and which parts of print are more or less impacted?

Enrique Lores, President and CEO, HP Inc.: Sure. The impact on print was lower because we started from a more diversified situation from the beginning.

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: Okay.

Enrique Lores, President and CEO, HP Inc.: So that really helped. I mean, now most of the premanufacturing is happening in Southeast Asia. We have some production in Europe and some production in The US. Majority is in Southeast Asia. And honestly, we need to see now what are the impacts in what are the final tariffs there.

The plan will continue to be to mitigate that through cost and eventually through price. This is very consistent across the industry. So we announced some price increases on the print side. All of our competitors have made similar announcement. So I think it’s going to be an increase of pricing in in the print space that will that is happening now.

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: And what about on the intending to change pricing on the PC front? Or how are you thinking about that?

Enrique Lores, President and CEO, HP Inc.: PCs are mostly a cost plus model. So if cost increases, prices will increase. We were in the process already of increasing prices to respond to commodity cost increases. This is something that we have started. And to the extent we cannot fully compensate some of the changes with cost, we will be increasing prices.

And we see this also as an industry trend. Many of our competitors are doing the same. So we think most of the industry will be doing the same.

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: Okay. Some of your competitors seem to express that maybe they will not actually be making price like changes right now. Do you think that that’s just a timing issue and then we will see eventually

Enrique Lores, President and CEO, HP Inc.: May

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: it happen?

Enrique Lores, President and CEO, HP Inc.: I don’t have the information.

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: Sure.

Enrique Lores, President and CEO, HP Inc.: Many have.

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: Yeah.

Enrique Lores, President and CEO, HP Inc.: And knowing the the margins in the industry and the magnitude of the tariffs, I see difficult to to see how to manage this situation without any price increases.

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: Okay. Okay. Fair enough.

Enrique Lores, President and CEO, HP Inc.: If we were in a different industry, it might be possible. Given the margins in PCs, I think it’s hard to Yes. To see how to observe a 10%, fifteen %, twenty % Yes. Tariff increase. Yes.

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: Absolutely. Yes. When you’re about five to 7% sort of margins, it’s very hard to offset a significant increase in your mom cost. Maybe switching gears just to think about the outlook for the PC market. I think, you know, coming into this year, it felt it was going to be a solid year that had a lot of different tailwinds, including Win 11 adoption.

We had AI PCs and frankly, just COVID era PCs coming up for replacement. So which of those do you think are still undergoing? Is it the rate and pace of that, that has not kept up? And why do you think that is?

Enrique Lores, President and CEO, HP Inc.: So two things. One is, if I look at the first half of the year, it really performed well and demand performed as we were expecting or even better. The first half of the year from a demand perspective has been very solid. What we think now is the growth on the second half is going to be less than we were expecting. We continue to expect growth.

We think that growth now is going to be in the low single digits for PCs in units, more in pricing more in revenue because prices are going to increase. But what we have done is moderated our growth expectations. We continue to think that there is going to be growth in the second half. And the drivers are consistent to what you said. There is a very large installed base that needs to be replaced.

There is a very strong deadline for Microsoft in October to that will drive the Windows 11 upgrade. And also AIPCs and the adoption of AIPCs is going to continue to have an impact and continue to drive sales. If we don’t see all the upgrade happening now, this just means the demand will continue in ’twenty six and ’twenty seven. And especially the AIPC adoption, we see as a more continuous trend that will continue to positively impact the growth in PCs for the years to come.

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: Can you just talk about that a little bit in terms of where you’ve seen early adoption of AIPCs and sort of what kind of use cases those have been implementing and what kind of ASP uplift you’ve got from the mix from that?

Enrique Lores, President and CEO, HP Inc.: Sure. We are seeing adoption making progress as we’re expecting. We said at the beginning of the year that our expectation was for 25% of our shipments, at least 25% of our shipments to be AIPCs, and we are on track to meet that number. So adoption is is as we are expecting. We the value proposition of AI PCs, you if you compare running an AI application in the PC versus the cloud, it’s significantly more less expensive, is more secure because you can use your local your local data.

And in many applications where latency is important, you can get a faster response if you do it locally. What we are seeing now is more and more software companies are developing their packages, their applications to support these capabilities. And this is going to be the key driver of adoption. Also to our companies, this is very important, especially for those running SaaS models because they are the ones that have the burden or the cost of running AI in the cloud. And if you are big, whatever applicate whatever software company you you want to think of, running applications to PCs significantly reduces your cost.

So there is a strong incentive for them to do that, and we are gonna see constant launches of software companies taking advantage of that.

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: And and do you think that the software can companies will also be offering differential pricing on their products in terms of what it costs to run it on cloud versus run it sort of locally on your PCs?

Enrique Lores, President and CEO, HP Inc.: I I think eventually they mean because the the differential cost is going to be very significant.

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: Right.

Enrique Lores, President and CEO, HP Inc.: And this is a big investment for corporations to to drive it. Our message to them is even if you don’t see an application today, given that the life of a PC in a corporation is between three and four years, a year from now, for sure, there will be some, and this is gonna constantly increase. So you don’t want your employees and your workforce to be left out and not being able to take advantage of this productivity opportunity. And also, eventually, your cost is going to be higher. So and and this message is resonating, and this is driving the improvement in penetration that we see.

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: Maybe just talking about some of the other tariff dynamics. It feels like there’s clearly been a little bit of pull forward associated with PCs. And so how have you noticed that? And how significant will that change your first half, second half linearity for PC growth?

Enrique Lores, President and CEO, HP Inc.: Yes. I think we have done a lot of work to try to estimate what this number what this impact has been. The best estimate we have is that in Q2, it represented around one point of growth for the total company. Of course, if you apply that number to The U. S.

Sales, the percentage is higher. But still at the total level, it’s a relatively small number. So and we have reflected that in in the projections for the second half, but it’s not that that relevant or is not that high as as some of other information that we have seen.

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: Okay. And when you think about just sort of the pause, I mean, obviously derisked a little bit of your guide worrying about sort of an enterprise spending pause. Is that derisked both across PC and print portfolios in your mind? And then maybe you can address a little bit about what is happening on the print side, specifically with respect to the areas of the business which you have been turning more into a subscription area.

Enrique Lores, President and CEO, HP Inc.: True. So we think the the impact is going to be more on the PC side. What we have seen before is in terms of priorities for IT departments to invest, the print placement was clearly below the PC replacement. So this is why we think the impact on the print side is going to be smaller because PCs were getting a larger amount of investment. And therefore, we think is the impact there could be higher.

That was kind of the logic that we applied. In the case of print, our forecast and our estimate is very similar to what you will get from the industry analysts. So that’s the projection that we have. And is that the market will be declining slightly in in units in the second half. And what what was the second part of your question?

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: It was just sort of like how is the shift of print subscription working in in your favor because you’ve been working on that.

Enrique Lores, President and CEO, HP Inc.: Yeah. Our strategy in the consumer side, which is a market where that has been declining for some time now, our strategy there is to offer more value to customers and capture more value from customers. And the transition to subscriptions is a big part of that. We have been growing the number of subscribers, continues to be an area that is growing and is profitable. And what we have done during the last quarters is to expand the amount of services that we offer.

We launched paper program. So we started a program offering supplies as a service, mostly ink. We expanded to paper, and the paper subscription has been growing steadily and is I think we have now around 1,000,000 subscribers. And recently, we also launched the full print as a service. So you can buy the full printer as a service.

We have been offering that mostly online, and the penetration and the growth has been very steady. And we offer that both for traditional printers and for big ink printers, and it has been really well accepted, and we expect this to continue to grow. And again, the main value for us is that it helps us to capture more value from every customer engagement because the value proposition to customers is stronger. So you should see us continue to grow that, continue to expand this geographically because we think it’s a better model for customers and a better model for HP.

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: Maybe Enrique, you can talk a little bit about what has allowed this, like, very strong margin performance in in print. Right? Like, you’ve had several quarters now where you’ve been doing well above or at the higher end of the range or even higher than the high end of your your target ranges in print. What has allowed you to accomplish that?

Enrique Lores, President and CEO, HP Inc.: I think it is the consequence of all the work we have been doing over many years. First of all, we have been reducing the cost structure of print, given that it’s a business that has moderate growth, and this has had a significant impact from a profit perspective. We also have been focused on and this is something that you see the results over time. We have been focused on shipping printers that are more profitable from a consumption perspective. So this overall also has an impact.

We have been managing our supplies business very effectively. We have been responding to the reduction in the installed base and to the reduction in office, growing share of original supplies and managing price. So we have done also fairly well there. We have some profitable categories growing, like the work that we are doing in industrial space. So it’s not one element.

There has been a combination of things that has allowed us to deliver the margins that we have. And in a business that overall is not going to be growing, we think this is the right way to manage the business, improving margins and responding that a slower revenue.

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: It sounds like you’re almost saying that the changes you have made are more structural in nature. So should we be thinking, like, your print margin range of 16 to 19 perhaps could could move higher? Just given where you’ve been delivering numbers, literally, is it much higher?

Enrique Lores, President and CEO, HP Inc.: At this point, I mean, we continue to see 2016 as 2019 as the price range. Also, this gives us flexibility to place more units. If one quarter or two quarters, we see opportunity to place profitable units because when we place a unit, as you know, from a margin perspective, usually have negative margins. So it’s an investment we make to capture supplies down the road. And maintaining this margin gives us that flexibility that we think is important to manage the business in the right way for the future.

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: Right. Maybe you can also

Enrique Lores, President and CEO, HP Inc.: But our goal is going to be to maximize the profit from this business in the long term. No

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: And you guys have executed really well in that regard. Maybe just in the same context of managing supplies, could zoom out a little bit and talk about channel inventory at the company level, both on PCs and print and in particular within supplies too. How is that trending? Did tariffs create some dislocation in that?

Enrique Lores, President and CEO, HP Inc.: So Dan, let me start from the second part. Channel inventory across the board based on all the analysis visibility that we have is in good shape, both on supplies, hardware, print, PCs, we are in a good position. In some areas, we saw some increase in inventory to also from a channel perspective to protect themselves from tariffs, but we always stayed within the guidelines and the ranges that we have. So there is not a significant change that we think may create a headwind going forward.

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: Okay. Great. And then, I mean, I know this is going back some time, but I think you guys work to put systems in place to get increased visibility, not just at sort of like tier one level, but even tier two and down the road. So can you just update us on where that is and what sort of some of the hard work that you guys have done to accomplish that?

Enrique Lores, President and CEO, HP Inc.: Yes. We work on this probably about six, seven years ago. And this was about really getting better visibility of the channel inventory across the full ecosystem. Especially in supplies, we have multiple layers of distribution. We have distributors, resellers.

In some countries, we have also regional resellers that buy from resellers. And we have put a lot of instrumentation to capture data from the different tiers to make sure we really have better visibility of supplies. Of course, we it’s hard to have 100% visibility, the percentage is high enough to give us confidence to really understand what are the overall level of inventory across the layers and also actually also across countries because we need to do that in all the countries in the world where supplies are relevant. We also put in place additional controls in terms of pricing because we saw that in a category as valuable of supplies, if there are small differences in price across countries, you start seeing gray marketing from country to country. So we also have put, and this is long time ago now, very tight controls in terms of price differentials.

So if because of currency, the local pricing when price changes, we immediately, actually immediately, after a few months, we correct the price to make sure we don’t allow these type of a gray marketing things happening, which had a negative impact a few years ago, as you know.

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: One of the other points you mentioned was just better attach of HP original supplies. And I think when we looked at this in the past, you used to have maybe almost 80% of your installed base used to be on HP original supply chain. Think over time its trough, it was in the 60s and like recovered from there. How do you look at this metric? I’m sure you pay a lot of attention to it.

So, and how has that metric progressed?

Enrique Lores, President and CEO, HP Inc.: We have been this is one of these metrics that I pay a lot of attention to. And we have been steadily growing our supply share over the last five years. And this is a consequence of a lot of more small things we do across the board. Of course, we continue to innovate around supplies and make sure that the quality work with our supplies is much better than the quality of any other alternative. We have invested in brand and marketing to reinforce that.

Also, the shift to subscription models is very important because, of course, when someone is buying ink as part of the instant ink program, We make sure that these customers only use HP supplies. The same thing on the print as a service models that we have for businesses. So it has been, again, is not a consequence of one action. It’s a consequence of multiple actions. Also, we have programs in place to protect our IP.

And when we detect that someone is violating our IP, we have actions. We can take actions to protect that. So again, multiple things. And at the end, every point 1% of share of supplies is very relevant, and we fight for each of them.

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: Yeah. That that makes a lot of sense. Maybe if you could touch I know it’s, like, kinda thirty minutes just flies by very quickly, so can’t really dig too deep into some of the topics. But maybe you could talk a little bit about what you’re seeing in terms of traction with the Poly acquisition and also around gaming and PCs, if there’s anything noteworthy within those two categories that you’d call out?

Enrique Lores, President and CEO, HP Inc.: I think Poly is a very important part of our portfolio now. One of our key differentiators versus other companies is the fact that we can offer a full solution from a workplace perspective. And we can offer printers, we can offer PCs, we can offer headsets, we can offer video conferencing systems. And having that portfolio in the conversation we have with customers is a very strong differentiator. Also, we look in the future, the opportunity of offering a bet what we call a better together experience is gonna be even more relevant going forward.

And to our goal is to make sure that our headsets, our video conferencing rooms, PCs work better together. And by doing that, the the customers interact with technology is radically simpler when they use HP equipment. And that’s one of the major efforts that we have from an innovation perspective. On top of that, financially, all these peripheral categories have better margins than our core category in PCs. So also from a profitability perspective, the more we grow them relative to core is better from a margin perspective, and this is why we are so keen to continue to drive growth in these categories.

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: Okay. Great. I know we’re almost out of time. So maybe, Enrique, I’ll give you the opportunity to just talk to the investors over here as to why you think people should be investing in HP at the moment. I know traditionally, your free cash flow has been very steady.

Obviously, you’ve, you know, you have a strong record of returning all that free cash flow. As we look here, obviously, a year where you had to take down some of your cash flow for a variety of unforeseen situations. But how should investors think about the normalized free cash flow maybe on the portfolio? And any other parting comments you want Sure.

Enrique Lores, President and CEO, HP Inc.: So let me address the free cash flow and then I think you said it well. We look at this as temporary. We part of it is driven by the impact on cost that we are going to mitigate. Also, it’s driven by the increase on working capital that also we are going to mitigate. So this is a two quarter effect.

Even the changes in the environment, it was not something we see will have a permanent impact in the company, the opposite. And I think from an investor perspective, first, we have, as you said, a friendly capital allocation process to investors, where our goal is to return 100% of free cash flow unless there are other opportunities that we think will create more value. And we have been very consistent applying this strategy over the years. And second, when we look at the opportunities that we see, especially driven by AI, the integration of AI in across our portfolio and the growth that is going to drive across our core categories and the opportunity to expand into new spaces like video conferencing systems or more services. This is going to help us also to continue to drive revenue growth and to improve the profitability of the company.

So that’s our goal and our strategy. We need to manage this interim process and respond to the changes in the environment, but nothing has changed in the projections we have for the company long term.

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: Excellent. Unfortunately, that’s all the time we have, Enrique. Pleasure to have you as always. Thank you so much.

Enrique Lores, President and CEO, HP Inc.: For you.

Wamsi Mohan, IT Hardware Supply Chain Analyst, Bank of America: Thank you. You. Thank you.

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