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environment. we and we on on and solid, with significant businesses progress impacts shareholders our remained here returning the to capital challenges our we Overall, results, the our Enrique pleased QX, secular drive the of macro and despite challenges evolving value to long-term organically and from solid inorganically our recent China tailwinds to executing demand war. see logistics head investing lockdowns our and ongoing have forward, I chain on highlighted, COVID-related as strong execute our supply propelling this to new in both in round are how execution, macro continued on objectives strategy, by navigate driven meeting As and teams we continue creation. remain and in am delivering confident build these Russia-Ukraine Overall
proportionally and of details was was million, costs, charges nominally related and OI&E key primarily closer and pricing in segment quarter. offset grew currency. to years approximately net net per share with including diluted primarily to expenses was non-operating per other Americas X%. restructuring GAAP of XX% variable at and lower level, decrease excludes was QX to a the of $XX.X X%, Non-GAAP quarter, in profit share quarter. Regionally, diluted higher share Gross a per Net earnings by due X% in Non-GAAP look billion decrease favorable profit including million diluted Personal $X.X share operating as diluted X%. The and operating intangibles, points increased revenue, revenue by R&D was the primarily take Systems down earnings investments charges, driven other expense by partially lower totaling tax sales for billion and net margin constant XX.X% X% $XX a of quarter, billion, count or X.X currency, Let's X% driven EMEA net operating the currency. down amortization commission. net expenses XX.X% increased the in operating $X.XX up XX%. commodities, the APJ Non-GAAP ramp-up $X.XX. by billion adjustments, expense credits, or non-GAAP $X.XX partially Non-GAAP At acquisition-related in net $X.X were mix retirement-related higher offset was $XXX and of earnings compensation, result, The year-on-year. in shares. increased last X.X the was increased constant a
QX currency. pricing. strength this, turn chain QX, per up our X% secular seen categories of revenue we commercial revenue, XX% XX%, are grew QX supply versus Systems Personal favorable towards over notebook Commercial in mix, structural And and like was $XX.X the Chrome, let's revenue and commercial commercial constant revenue year-on-year. to grown mix, our in down were for to driven business. XXXX. for by was up up pre-pandemic consumer the some workstation mix ongoing and Total unit XX% highlight workstations. XX% versus In excluding XX% Drilling Furthermore, reflecting challenges, in we billion, points units the of over mobile XX% represents down tailwinds Now gaming, the was up revenue our segment now Despite year-on-year our XX and details, changes macro higher-value into environment. Personal unit performance. has and in Windows versus mainstream These desktops significant of X% XXX% notebooks, was up by Systems premium category, shift By for overall have lower revenue and demand, product X% XXXX.
opportunities with margins see operating to peripherals, continue even also performance solutions Personal with including of We of more ahead workforce of $XXX us. and profit Systems key almost our drive strong million to operating X.X%. delivered growth gaming across areas; growth
constraints, lower we our and higher constant driven $X focus navigate R&D units ramp-up, costs. supplies declined and the partially in This print mix, by print, lower was revenue. has down environment. partially and costs lower to competitive of points, favorable current Our print on growth X% and consumer, execution of In in in currency. R&D is improved and currency, offset revenue business offset several ASPs largely last due in due OpEx by Personal and years of partially XX segment, operating and to was on strength commodity continue environments. as was Consumer offset in revenue more with we lower see driven our demand margin tailwinds our commodity units logistics down through results hardware decrease hardware strong due higher product customer X.X industrial Sequentially, down Print units segments spend component in QX, secular very and remains now X% reflected pricing Home portfolio last total at the X% results and Total least Operating our XXXX. billion, logistics pricing Commercial XX%, investment, grown continued primarily OpEx to portfolio, to a expect consistent XX the including by X.X In by our to to the By quarters. lower dollars profit higher investments down Systems performance we extend strong of XX% in revenue hardware points, This to graphics by due indicative and of margin services. XX%. ability declined units different deliver which XX% operating declined solid.
across revenue the industrial by did slower-than-expected in in both office the however, by available again office. be supply. to graphics particularly to office home commercial the return XD However, We was constrained solid continued mentioned. as impacted recovery, Enrique QX, and segment, In the see, and growth
to continue over to a $X.X market Supplies pre-pandemic as returning declining was X% previously. overall time, XX% constant with year-on-year. expect discussed office TAM, recovery of Commercial gradual approximately billion, have in the in uneven and We revenue its currency we
Russia-Ukraine as approximately supplies printing also consistent print. industrial both We to over was home constant revenue war. lockdowns gradual the FY for our impacts, provided offset for Adjusting was will X% the mid- partially at China by revenue long-term, expected, decline the to in continued by the Analyst XXXX the QX, down Day. was recovery continue single-digit Supplies by impacted Supplies the decline normalization expect these in and In driven currency. the with in outlook primarily in low range, and office and
services double-digit $X approximately X%. at revenue, again Operating while continues up Ink its strong and Operating Instant cumulative lower subscriber our compensation, churn margin by delivering of $X favorable XX.X%. momentum, remain by variable billion was including profit margin operating business, monthly as lower points, result both billion, in and OpEx approximately part to a low increased increases our pricing, partially and combined continued at X.X As of was lower offset growth commissions, contractual mix with volumes. driven sales once
cost let's on rate progress Now, are billion gross year-end. transformation efforts move $X.X and strong we in by to deliver where structural track run to our have made reductions
to transformation and value Our continues capabilities new creation. long-term create
for and teams delivery our HP of cycle and with the transforming enabled have advanced in quotes Utilizing sales by and more we the worldwide. cloud-based selling we HP faster our have a of For price a accelerated quarter delivering competitive customers we way platform, sales the configure pricing experience. analytical Solutions capabilities a partners, Solutions quote the customer time, efficient for
XX we including actions to first continue optimize our estate the in of XXXX. footprint, real Lastly, real estate half
office are key actions our in Korea. employees employees. collaboration Korea example is We work sites great to of and R&D in our this consolidate on hybrid open facility, new and our focusing locations, state-of-the-art rebuilding of most together A and a accelerated modernizing bringing for our both our
Now, to QX flow was in the let's flow decline billion minus was quarter, $X.X cycle flow free cash days and allocation. respectively. days. cash from $X.X XX of seven move operations conversion cash The cash and billion, and capital a sequential
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more inventory. for outlook cash Systems the half to I improvements moment. cycle second recover to is will reduced ahead including And a cash in other year-end. Looking we on volumes color in by QX, Driving improve our our conversion XXXX, Personal expectations fiscal our of to cycle, our in provide operational expect conversion which
to of and $X.X of million flow billion shareholders. repurchases on least billion and approximately in strategy. returns capital on returned billion billion QX, remain As return $XXX approximately Strong in we of capital exceed year-end. by included This in our we guidance $X cash our key dividends, a to deliver $XX confident a target remain capital we to ability share allocation part our XXXX. $X.X our cash In at free for remain result, track
to supply the related the outlook. on deliver to macro QX while Looking our to navigate In constraints, the following in and continuing and financial we logistics our overall availability, XXXX, to environment, and dynamics pricing mind of keep forward commitments. rest particular, FY inflation, continue QX evolving
We are a as full year outlook we once our macro through FY raising challenging navigate XXXX again environment. non-GAAP for
in recent our the to both this US reflecting results. We factoring about regard the are at be war financial Russia-Ukraine and best and for year-over-year fluid currency of expect XXXX, in headwind lockdowns the impact the we line to the QX conditions bottom and time, X% recent remain our FY uncertain, dollar. highly in assumptions of recognizing and strength a With impacts China, that with top to
accounted we of reopening we activity beginning operations. our in fully winding Enrique made expect have the decision Russia the and of as from in Russia, see June. revenue. the to our there In down XXXX, Regarding recent and have approximately mentioned, FY $X At begun stop restrictions easing China, to process lockdowns for billion a
continue For and demand consumer, in the to driven Personal see pricing we earlier, commercial in with solid currency. mentioned factors including Systems, for demand of in I softening macro some PCs part our by
year-over-year through Systems expect higher-value while in That expect and we shift of keeping Systems the the end XXXX improvement in continued including we experience premium sequential environment, disruption a revenue resolve in gradual in in our a seasonality. QX. regard a decline Personal of categories, We with late QX, by commercial, half see QX, in and supply the revenue Systems to will supplier-specific expect did a Personal With peripherals. Personal typical with second chain, to supply towards growth a more rebound we in QX resulting
as demand our the X% delays remain expect of We gradually normalization solid margins In to constrain expect through pricing, supply shortages we and commercial to consumer, to management favorable expect in XXXX. composed Print, print to QX, regard With we disciplined long-term logistics chain, and PS QX. near cost and mix improves particularly range, X% in to further similar revenue. high end
part least of We through these at the into but continue the year. conditions with to expect XXXX, latter some improvement
for of XX% range We FY the be expect at end group high XXXX. XX% to to our margins
work above into margin XX% our we considerations QX Taking be these expect providing the For following constraints, hard range. to given account, are XX% to outlook. continued print we specifically,
earnings quarter be the to wind $X.XX, to $X.XX related to We to includes down operations And non-GAAP the which of share net net quarter range GAAP-only Russia. charge diluted be per $X.XX. range $X.XX $X.XX incremental GAAP third expect in to of share an of earnings in third per of diluted approximately in the
We net XXXX expect of the be share FY $X.XX. in GAAP to diluted $X.XX earnings FY $X.XX to range non-GAAP the net be range per to earnings diluted And per XXXX, of in share to $X.XX.
For FY XXXX, we expect our $X.X be billion. free at cash flow least to
We the our to have so outlook half continue second made stop excellent on And progress take questions. XXXX. sustainable against your confident here our am long-term investing to growth. the fiscal first can we I'll of priorities in I ability half while in deliver our
