HP, Inc. (HPQ) HP Investor Tech Talk: Continuing Print's Evolution With The Launch of HP+ (Transcript)
HP, Inc. (NYSE:HPQ) HP Investor Tech Talk: Continuing Print’s Evolution With The Launch of HP+ December 3, 2020 1:00 PM ET
Company Participants
Tesh Dahya - Director, IR
Tuan Tran - President of Imaging, Printing & Solutions
Tesh Dahya
Good morning. I'm Tesh Dahya, Director of Investor Relations at HP. And I'd like to welcome you to our Investor Tech Talk series. This series of investor updates will provide investors with a focus and educational update on HP's innovation, products and services and solutions, consistent with our advance, disrupt and transform business strategy.
Today, we will be focused on advance pillar of our strategy with an introduction, overview and Q&A session regarding our recent launch of a new end-to-end solution for our print business called HP+. We will also take investor questions for the last 10, 15 minutes of the call. So if you have not submitted a question already, please do so via the Zoom toolbar at the bottom of your screen.
With me today is Tuan Tran, president of our Imaging, Printing and Solutions business. Tuan has been with HP for over 29 years and is based in Vancouver, Washington. Before we begin, let me remind you that a replay of the Zoom webinar will be made available on our website shortly after the call. As always, elements of the discussion are forward-looking and are based on our best view of the world and our businesses as we see them today. For a discussion of some of these risks, uncertainties and assumptions, please refer to HP's SEC reports, including our most recent form 10-K and Form 10-Q. HP assumes no obligation, does not intend to update any such forward-looking statements.
And now, I'll hand it over to Tuan to begin the presentation. Tuan?
Tuan Tran
Alright. Thanks, Tesh. Good morning, everyone. Hope you're doing well and staying safe. It's great to be here with you for HP's third Investor Tech Conference. I have to tell you that I'm coming live from home. And so there might be an occasional leaf blower or two in the background, but fear not. That's part of our disclaimer this morning. So today's focus is very near and dear to my heart, continuing print’s evolution with the launch of HP+. We've got lots of exciting news to share.
So I want to do a few things this morning. First, I want to give you a recap of FY '20. Second, I want to give you an overview of our overall print strategic frame as it relates to our advance, disrupt and transform strategy at the company level. And then third, I want to do a deep dive on the progress that we've made in terms of evolving our business model since SAM of last year. So lots of information to share. So let's jump right in.
So if you talk about FY '20, you can't talk about ‘20 without acknowledging the unprecedented challenges that we faced as a global community and certainly as a business. A global pandemic, a global economic shutdown, tipping point for social change, were just some of the headlines that we had to deal with. The print market, like many other markets, has been reshaped by COVID-19.
In the Personal Systems Tech Talk, we talked about the new work from home phenomena and how that's reshaping the office. We see the same dynamic happening in print as we saw in PS. It's clear that printing is also essential, essential to learning, essential to creating, essential to performing at the very best. The good news out of all this is that we see stronger demand from our home printing business than we've had in past few years. We saw more people buying new printers as they were forced to work and learn from home. We set a new record because of that in Q4 for the number of printers shipped and we gained 5 points of share.
We also saw people who had printers actually run out and buy supplies to freshen up their printers, which also helped us in Q4. Of course, all this goodness in the home was offset by an office printing business that still remains challenged. There's a silver lining though, as we see the economies come back. We see small businesses start open, and we see printing resume to pre-COVID levels, and we're starting to see the overall printing market improve.
During this whole time, though, HP has continued to outperform our competition. We had an amazing Q4, delivering $4.8 billion worth of revenue, and over $700 million in operating profit. Even in the pandemic, we feel our printing business has momentum. We have a balanced portfolio between consumer and commercial. And we think this gives us an incredible competitive advantage, especially in the current market dynamic.
Let's transition a bit to a broader strategy frame. Advancing printing fits under the advance, disrupt and transform frame that Enrique outlined in last year's SAM meeting. In the advance frame, it's pretty simple. Number one, we want to continue to grow and expand our core business. The second pillar is really accelerating and gaining share in the office contractual space. First and foremost, in modernizing print, it’s about delivering a great customer experience, making printing seamless, service enabled and easy-to-use, especially in the work from home area. And we've got a great opportunity in this space.
Modernizing print is also about evolving our business model from one that's highly reliant on supplies to a more balanced model. We're going to get into a lot of details around how we're going to do that today and the progress we've made. And last but not least, modernizing print is really simplifying the business, the core print business for HP -- and I've been with HP for 30 years, the core print business for HP was pretty much started 30 years ago, it was started before the age of the Internet, before big data, before mobility, before Federal Express. And so we have a lot of work to do to simplify, modernize this business to bring it into the 21st century. And so as we do that, we believe we can simplify the business, reduce the number of hardware platforms that we offer, reduce the number of hardware and supply SKUs and streamline the distribution between our factories all the way up to the end customer. This will help us deliver end-to-end cost savings and meet our transformational goals.
On the second pillar, we see an opportunity to accelerate our contractual office strategy. The office segment is moving to smaller more manageable devices. This is part of the distributed office space, this plays directly to HP strengths, since we have such a strong A4 portfolio. We need to change that portfolio to optimize it for this new distributed environment. For us, that means designing A4 products for contractual. We have a great new product coming out in '21 for example, that really takes our 500 Series products with all the security and manageability, repackages it into a 400 Series product that's 40% smaller and 30% to 60% lower hardware costs. That's a competitive advantage that none of our office contractual players has.
Our devices are also intelligent IoT devices that are always connected to the Internet. We can use that connection to optimize service delivery, like we're doing with SDS, that drives lower service costs through remote resolution and predictive analytics. We're also expanding workflow. We launched our Workpath ecosystem that allows customers to develop applications to digitize content and connect to their content backend.
In addition, our strategy across print is also to provide the best security and sustainability. Let's double-click on the left column, which is modernizing print and our business model evolution. We shared with you earlier this year that in aggregate, we lose money about 25% of our customers. This is due to the fact that we invest money upfront in placing hardware, and we don't make that money back over the life of the product. The challenge, of course, is that the dynamics takes several years to play out. So our short-term plan is reduce the risk of this negative investment by growing profit upfront, by shifting the business of services and by rebalance the system value towards hardware away from supplies. This is what we shared last year. So let me give you an update in terms of the progress.
First, we're growing profit upfront systems, okay? We gained 7 points of share last year year-over-year in Big Ink. We also grew units in Big Ink, up 30%. We launched our new Big Toner product, which grew units 190%. So some big contributions in terms of profit upfront. Again, these products we make money when we place the hardware units upfront.
Secondly, we're driving our business to services. We grew instinct revenue close to 40% in Q4 year-over-year. We've got 8 million subscribers. We plan to roll out Instant Ink to more than 20 countries next year. And we're launching toner as part of the Instant Ink program. So now even if you have a laser printer, you can enroll in Instant Ink and actually get toner delivered to your door before it runs out and save 50%. We'll talk more about that when we talk about HP+.
Third, we're rebalancing the system value towards hardware to reduce our dependency on supplies. We increase hardware prices through a combination of higher ASPs, higher MSRPs, and lower discounts. The net result is that our ARUs, our average revenue per unit for products raise were raised by 5% year-over-year. That's a big deal because generally, how we think about ARUs is that they're declining. And we take our cost structure work and make sure that our CPUs, our cost per unit, matches the ARU reduction. So you get a benefit of the higher ARUs, plus the cost reduction you have. So the benefit is both on both sides for us. So that's a big contributor.
Okay. So with all that, lots of progress over the last year in terms of the short-term levers. We also talked about the long-term levers, really evolving our transactional business model to an end-to-end and a flexible business model over time, okay? There was a little bit of confusion last year at SAM. So let me try to explain what we're trying to do, okay? At the aggregate level, you see on the left-hand side of the slide, we lose money in terms of our current model. Some of our customers actually put a tremendous amount with HP supplies. We make lots of money in those customers. Some customers use alternative supplies, and we lose money in those customers. What we want to do is move from the left-hand side to the right-hand side to an end-to-end model that now we call HP+ and to an HP standard model, the HP+ model is really designed to attract and retain our low customers and give them the best value. The standard model is for customers who would like HP hardware but prefer a choice of supplies. The key to making this transition work is having a compelling end-to-end model that attracts high use and loyal customers. That's where HP+ comes in. It's the name for end-to-end business model.
The HP+ end-to-end system provides more value in the box. What you get is 6 months of free printing and 1 year of additional warranty with the use of HP original supplies. In addition, HP Plus customers get exclusive HP Smart app features like the new productivity suite designed for working and learning from home. We've got a lot of research with HP+ and the value proposition. Our research says that 8 out of 10 customers believe that the end-to-end system, the HP+ system is better value than the standard model. Furthermore, not only is the better value for current HP customers, we also tested it with competitive customers. 3 out of 10 competitive customers, actually, the loyal customers are attracted -- their loyal customers are attracted to HP+ model. We did this research across 5 countries in all customer segments. So we feel very good about.
Alternatively, customers refer our standard system can pay the high hardware price and better reflect the technologies that HP delivers, okay? Now this implementation, the change will actually take different paths and part in different parts of our portfolio and across different countries. As we mentioned last year at SAM, a country like China, here we're already actually making a lot of money upfront because of the higher hardware prices, so no change to that business model.
The last thing I would say about HP+ is that it's built on the investments we've made, connecting our devices over the cloud over the last 10 years. Everything from web connected printers, we did a decade ago, all the way to our Instant Ink technology today. Remember, all of our printers are intelligent IoT devices. They're able to authenticate cartridges, they're able to deliver cartridges right to your door. They're able to charge customers by page rather than by cartridge. And each cartridge that we send out is dynamically key to each printer with cloud authentication. So a robust level of security. These security, subscription capabilities are super hard to do. We've had 10 years' worth of experience with Instant Ink, and that's why we feel HP+ is possible.
So let's take a look at what this means from a customer point of view. So this example is a very simple example in the U.S. today. This is what you can find at Staples on the shelf today. We actually have a product before HP+ in the 100 Class Series product, which is priced at $139 with a standard 1 year warranty. The HP+ offer is really our end-to-end offer, as we mentioned before. It comes with a 2-year warranty and 6 months of free printing for $179. You get a great new printer, 40% smaller than our competition and offers the fastest double-sided printing in its class. You get all the features of the new printer, 6 months of free printing and a year of warranty for the extra $40. We think that's a phenomenal value.
Our standard system, which you also see, but only online at Staples is for $229. And again, higher price reflect the fact that we want to actually make money on the hardware when we place the hardware in our standard systems, not counting on the annuity supplies.
We believe with our research, that most of our customers, the vast majority of our customers will go to the end-to-end system. From a channel perspective, we also believe that HP+ delivers more value to our channel partners. They have higher hardware ARUs, which means they make more margin upfront when they sell the hardware. They have increased supplies connect because the HP+ system is 100% original. They improve customer retention, because to get the 6-month free printing, it's an Instant Ink subscription, and that has 20% higher Net Promoter scores.
All of our key strategic partners in all of our key markets are actually committed to support the rollout of HP+. And last month, as I mentioned, we actually have started in the Staples online as well as in select stores. It's important for us during this transition to make sure the messaging is just right. It does -- it is a change from the previous business model, and it's important that customers really see the value HP+. So partnering with Staples has given us a chance to actually do a lot of testing. The early results actually have been very promising. So far, we've seen very good reception to the offer. We've seen higher average prices, both in the end-to-end system as well as the standard system, and we're seeing a higher adoption rate for Instant Ink.
In 2021, we plan to launch A2+ in 30 more countries. As we shared with you at SAM, we think this shift of the business model is a multiyear journey. There are 3 major phases. Phase 1, which is what we're in today, really is our early access at Staples. Tesh, we got 1 more slide, right? Phase 2, which is really our retail launch in '21, we'll actually have our LaserJet 200 model products and our DeskJet and [NV] products. So the bulk of the inkjet portfolio will come in the spring of '21 across 30 new countries.
And in 2022, we'll actually transition the vast majority of our transactional products. So that by the end of 2022, we see anywhere between 75% to 80% of our new shipments actually in developed portfolio, in developed markets, will actually have an HP+ end-to-end or a standard system choice. So for us, it's a huge pivot over the next 2 years from our standard model to an HP+ -- from our current model to an HP+ and a standard model.
With all of that, what you should take away is that printing is essential, especially as more people work and learn from home. We're advancing print with a very simple and clear strategy, monetizing our core, modernizing print and accelerate office contractual. We're scaling Big Ink services and rebalance system value towards hardware. And with HP+, we've got a long-term strategy to really pivot the transactional business model.
With these actions, we believe it will help us reach our goal of reducing the number of unprofitable customers by 10% as we committed in our value plan. We believe this will grow our op dollars and we expect our long-term op margin goals to be 16% to 18%. So as we exit the pandemic, we look forward to 2021 being a great year for print.
So with that, I'll stop. Thank you for your time this morning, and I'll hand it back over to Tesh.
Question-and-Answer Session
A - Tesh Dahya
Tuan, thank you for that. I appreciate it. And again, those of you who are joining here on Zoom and so forth. If you haven't had a chance to submit a question, please encourage you to do so here. Now I have a few submitted questions already. And we'll get going with some Q&A here to wrap up the discussion. Tuan, I see a question here that we can start with that's been submitted already. It's a question around the impact of HP+ for the print business. When do you expect we'll start seeing some of the impact to the print P&L? How do you think about the impact of it over time?
Tuan Tran
Yes. I think it's actually going to be over '21 back to the roadmap that we shared in '21 and '22, when we ship a lot of our unit shipments to -- our transactional unit shipments to HP+, you'll see that higher hardware price hit the P&L very quickly. And so as we think about the impact of HP+, I expect the material impact will come in the '22 time frame.
Tesh Dahya
Okay. Another question on the initial feedback you're seeing from customers and from Staples regarding launch. Can you just share any kind of insight we're seeing from the initial launch so far?
Tuan Tran
Yes. I mean I think the first reaction from customer is that once they understand the value proposition, they're kind of blown away by it. I mean, just to give you guys a sense of what the value proposition is, when we say 6 months of free printing, we mean 6 months of free printing. And so when a customer buys at $179, they get 6 months free printing, depending on the plan they choose. At the highest plan level, it's 1,500 pages. So free printing 1,500 pages a month that's 9,000 pages, you can dollarize that at $0.01, you can dollarize that at $0.04, anywhere between $0.01 and $0.04 depending on the model. You're talking about $150 worth of value plus the extra warranty is probably another $30 worth of value. So $200 worth of value for $179 printer. So if you're a high user, it's almost a free printing. And so again, that's what we want. We want to attract the high use customers. So I think the value proposition is playing well as people get to understand it and internalize it. I think once they're actually able to take it home, set it up, register it, we're actually seeing a higher sign upgrade for Instant Ink than we would have without the HP+. So I think those 2 things work in conjunction, and we're pretty happy with the uplift we're seeing in Instant Ink as well.
So both of those are good. And of course, given the situation and the challenge right now, things are flying off the shelf. So it's actually a good situation all the way.
Tesh Dahya
Good. I see another question on just the security of the HP+ platform. Can you talk about perhaps a little bit how we feel confident that we've got a secure platform here in terms of HP+ and the ability for -- to basically require HP original Anchor Toner for the platform?
Tuan Tran
Yes, this is something we've got. We've had lots of experience in with our Instant Ink architecture. And so again, all these devices, number one, are connected to the cloud. They are IoT devices. So we have a protocol with Instant Ink that really starts at the printer with the firmware, with the driver, in the supplies, all of those have unique keys, and we have a handshake with the cloud to enable printing when there is HP original and disable printing when there's not. So that has been something that we've looked at. And developed 10 years ago. We've looked at it, put it through its rears. I think it's held up over time very well.
One of the key things that, that makes that system robust is that persistent cloud connection and the dynamic keys that we have, both in the hardware itself as well as in the supply. So the hardware, the supplies and the cloud -- the keys in the cloud, all have to match work to work. So we feel very good about that system.
Tesh Dahya
Okay. I see another question here about the competitive position. Do we -- does HP+ need to have other competitors at launch, similar types of offerings to be successful? How do you think about the kind of the competitive positioning of HP+ vis-a-vis the competition?
Tuan Tran
I think HP+ is going to be very difficult for our competitors to actually emulate. It does require billing not by cartridges, but by pages. I described it requires sophisticated cloud architecture, it requires security. It requires many things and I know our competitors are challenged that have not deployed anywhere at scale. And so I think the competitive challenge for HP+ I don't think is a huge threat. I think our competitors are going to be challenged to try to emulate something like that.
Now I think I'll go back to a comment I should have made. When we talk about increasing our pricing, there were a lot of skepticism and a lot of concerns with the analysts with regards to us losing share. And we talked about the 5% ARU increase. And we did that across the board year-over-year without losing share. And again, across the board, meaning selective by platform, by geographies. The overall net was a 5% ARU increase, and we're actually able to hold share so, and that's with all COVID supply chain disruptions.
Tesh Dahya
I see another question here about just kind of the pricing models. You showed the example, of course, of the laser printer. Maybe talk a little bit about kind of the segmentation of pricing, how we're thinking about it across different platforms?
Tuan Tran
Yes. So depending on the platform work, and if you're higher up in the platform, we might charge a higher delta for the 6-month free printing and the extended warranty. If you're lower in the platform, we might charge a lower price. So HP+ will always be higher, but how much higher, depending on the geography, depending on the platform, depending on our market share position. And so as we think through that, we're looking at kind of by product, by platform, by market position, by share position to really optimize our pricing lever.
The net-net, though, is we want to ensure that we get the value upfront and we attract the high use customers. And the sensitivity, depending on country, depending on region, depending on the types of customer, home customer, office customer, a small office customer, very, very different. And so that's something that will be differentiated as we roll out to 30 countries. We'll look at those by platform and by product.
Tesh Dahya
Okay. Slightly similar but different question here as well. In terms of sweet spots for HP+ between SMB, consumer, how do you think Tuan about where the uptake is likely to be the strongest, depending on the different sub-segments within consumer and SMB?
Tuan Tran
Yes, we see, I think, for the small office, there's a huge sweet spot, people who print a lot. The prosumer and small office is the sweet spot. If you look at kind of even our home business, where the vast majority of printing takes place is people who have businesses in the home or professionals who work in the home, those are the high use customers. That, I think, is going to -- those customers are going to resonate with HP+ because of the value proposition upfront, right? So -- and again, that's how we design the program, is to track the high use customers. So I would say if there was a sweet spot for HP+, it's that prosumer, small office space, at the high end of the home, the low end of the small office space, that's where the sweet spot is.
Tesh Dahya
Another question here I see about the -- our share in supplies, in terms of how does HP+ impact our supply share in the aftermarket? What are your thoughts on how that kind of impact or move the needle there?
Tuan Tran
Yes, we believe that the vast majority of our customers would go to HP+. And so if that's the case, and that works out true, the math is going to say, the vast majority of the customers, we're going to have 100% aftermarket share, because they're in that HP+ ecosystem, right? We believe a small number of customers who go to the standard model. And they are able to use HP original as well as alternatives and also sign up for Instant Ink if they want too savings as well. So for us, HP+ will be a share gain over supplies for sure.
Tesh Dahya
Okay. And maybe a follow-up there. How do you think about then overall hardware profitability being impacted with HP+? Should people take away that it's on a per unit basis, that there's a meaningful change there? How should we think about hardware profit?
Tuan Tran
So our hardware gross margin rate is going to go up, guys. I mean there's no 2 ways about it because we're charging, as I said, we are trying to rebound the supplies versus the hardware model, right? And so we are putting more value in that upfront supply. So our gross -- everything we're doing has our gross margin hardware rate going up. So everything from the short-term actions that I have outlined with moving to Big Ink, that gets your hardware gross margin upfront, moving to subscriptions, moving to HP+. All of those things, raising our hardware prices. All those things are designed to actually raise our hardware gross margin, so that we rebalance the profitability from supplies to hardware. And HP+ does exactly the same, it's in that same continuum.
Tesh Dahya
Got it. And then another question maybe about just maybe the longer-term outlook for supplies, clearly a big driver certainly in the quarter here. But maybe bigger picture, if you think about fiscal '21, beyond, how should we think about supplies longer term?
Tuan Tran
Yes. I mean, I think we're in a -- not -- I wouldn't say great. We're in a good spot with supplies today given everything considering the impact of pandemic. We see a huge impact to our office supplies business. We see a kind of natural hedge with home. And as we look at office printing, I mean, it's been amazing, with that analytics across tens of millions of printers for inkjets and tens of millions of printers for LaserJets, and we've seen usage as office usage comes down in a particular country, a particular region, it's been fascinating because you see an uptick almost immediately in the home usage. And so there's a hedge there between office and home, and we're in the middle of that hedge. As big office recovers, we think we're going to -- home is going to come down because the printing is going to shift. And so we're going to see that dynamic play out, hopefully, in the second half of '21 when offices come back. Right?
And I think that's the dynamic of what we're monitoring and we're tracking, and we're looking at that every single day, every single week with -- and by geography with our usage data. And so that's going to be for '21. Longer-term for us as a business, it's about driving our op dollar rate. And that's what we set out last year at SAM. We're driving op dollars and we're not giving guidance for supplies. It's really around op dollars and getting that hardware margin upfront.
Tesh Dahya
And then perhaps maybe a question just overall, the HP+ platform. Being successful with in terms of customer reception, why do we feel confident around the likely success that we expect to see from HP+?
Tuan Tran
And like I said, I think the number 1, lots of market research and the value proposition. And that transition between where we are to these 2 different models. The most important part of that transition is ensuring that you have a compelling value proposition for high use loyal customers. And for us, we’ve developed that 6-month free printing and the extended warranty to attract high use loyal customers. And if you do the math, and the challenge is now going to be up to us to make sure that customer understands that math at point-of-sale and online. And through all of our communications, they need to understand that math. But when they understand that math, when you're buying -- go back to my example, when you buy $179 printer, and you basically get 9,000 pages of free printing, a $200 value in that printer, it's kind of a simple decision, it’s like, yes, absolutely, where do I sign up?
Now the person that won't sign up are people who are going to use alternative supplies because, hey, I've got to use HP original in that model or people aren't going to put very much, and I think both of those are customers that are going to be challenge for us profitably. And so again, tuning your value proposition to the right customers is super important and making sure those customers understand that value proposition.
Tesh Dahya
Okay. And maybe time for 1 or 2 more last questions here. We talked about the 10-point reduction in unprofitable customers over time. How do you think about that impacting the print P&L over time? How should investors think about that in terms of the impact?
Tuan Tran
Yes. So if you think about our hardware, it kind of comes back to the hardware gross margin story, right, and how much we're investing in placing hardware units. Over time, if we're successful at reducing that variability, we have more dollars to invest in profitable customers, right? That's number 1. Or more -- we're going to make our business model more efficient because now our investments this year will actually yield a higher return in the next 3, 4, 5 years as we think about it. So the way I think about it from an investor perspective is that every year, we have ex amount of money that we invest in placing hardware units. We're 75% efficient. And we can take that to 85%, 95% efficiency, that's where you're going to create value.
Tesh Dahya
Okay. And then in terms of the partner response from our channel partners that we've kind of started signing up. Can you talk a little bit about kind of the receptivity you've seen there and their interest in participating in HP+?
Tuan Tran
I mean, like I said earlier, I think the partners -- the value proposition for them is also pretty clear and pretty straightforward, right? Because we have higher hardware prices, both in our HP+ system as well as our end-to-end system. They make margin -- more margin because they get a higher percentage of a higher selling price. And so for them, they get hardware margin upfront. They get supplies loyalty. As our supply share goes up, they get more supplies because they're going to come back in the store and buy HP original supplies. And then thirdly, the way we work with our channel partners today is that we actually enable them and share with them the ongoing annuities for Instant Ink. And so we share with our largest partners and all of our Instant Ink partners, kind of at a percentage of the Instant Ink revenue that we see over time. And so they get to participate in that ongoing annuity stream.
And in addition, I think probably one thing I did mention earlier was that they have -- we now have a direct connection with this customer. And so we're doing a lot of work with the likes of Best Buy in Dickson about how we target these customers and care for. We have good CRM systems, how we target these customers and make more offers for that, right? So I think that's another benefit, is that you have a direct connection with the customer rather than a transactional connection with these customers.
Tesh Dahya
Got it. And maybe 1 last question before we wrap up here. In terms of kind of the HP+ platform, when a customer makes a choice to kind of go with the HP+ platform versus a standard and so forth, that's binding, I guess, in terms of the choice they make in terms of the using HP originals and so forth?
Tuan Tran
Yes, yes. So what we're very clear upfront, and this is an important thing from a legal perspective, we're very, very clear upfront and very transparent upfront. There's an offer to enter the HP+ system and get the value upfront. And the customer opts and is clear and well communicated online, in-store, on the box as well as through the setup process. So super clear, super transparent in terms of what the customer agreement is.
Tesh Dahya
Okay. Perfect. So I think that is about all the time we have today for this session. Before I close, again, I would like to thank everyone for joining the session. I'd also like to kindly ask everyone for attending -- to take a quick 3-minute survey. In your web browser, you'll see a prompt to participate in a survey. If you just hit continue, you'll be able to complete it. Thanks, everyone, for joining again. I really appreciate. Tuan, any final comments here before we wrap.
Tuan Tran
No. I think the only thing I'd say is, we're super excited about kind of what we're doing with the print business model. We think we have a super clear strategy in terms of modernizing our core and going after office contractual. And appreciate your time today. We're excited about print. So happy to talk to you guys any time. Thank you.
Tesh Dahya
Thanks, everybody. Thank you for joining.
