CDW Corporation (CDW) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to CDW First Quarter 2026 Earnings Call. [Operator Instructions]

各位好。感謝各位加入，歡迎參加 CDW 2026 年第一季財報電話會議。[Operator Instructions]

I will now hand the conference over to Steve O'Brien with Investor Relations. Steve, please go ahead.

現在我將把會議交給投資人關係部的 Steve O'Brien。Steve，請開始。

Thank you, Samantha. Good morning, everyone. Joining me today to review our first quarter 2026 results are Chris Leahy, our Chair and Chief Executive Officer; and Al Miralles, our Chief Financial Officer. Our earnings release was distributed this morning and is available on our website, investor.cdw.com, along with supplemental slides that you can follow along during the call.

謝謝你，Samantha。各位早安。今天與我一同回顧 2026 年第一季業績的有：我們的董事長兼執行長 Chris Leahy，以及我們的財務長 Al Miralles。我們的財報新聞稿已於今早發布，並可在我們的網站 investor.cdw.com 取得；同時也提供補充簡報投影片，您可在會議期間一併參閱。

I'd like to remind you that certain comments made in this presentation are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. Those statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Additional information concerning these risks and uncertainties is contained in the earnings release and Form 8-K we furnished to the SEC today and in the company's other filings with the SEC. CDW assumes no obligation to update the information presented during this webcast.

提醒各位，本簡報中的部分評論依據《1995 年私人證券訴訟改革法》屬於前瞻性陳述。這些陳述受到多項風險與不確定性影響，可能導致實際結果出現重大差異。關於這些風險與不確定性的更多資訊，載於我們今日提交給美國證券交易委員會（SEC）的財報新聞稿與 Form 8-K，以及公司向 SEC 提交的其他文件中。CDW 不承擔更新本次網路直播中所呈現資訊的義務。

Our presentation also includes certain non-GAAP financial measures, for instance, non-GAAP operating income, non-GAAP operating income margin, non-GAAP net income and non-GAAP earnings per share. All non-GAAP measures have been reconciled to the most directly comparable GAAP measures in accordance with SEC rules. You'll find reconciliation charts in the slides for today's webcast and in our earnings release and Form 8-K. Please note, all references to growth rates or dollar amount changes in our remarks today are versus the comparable period in 2025. Our net sales growth rates are described on an average daily basis unless otherwise indicated.

我們的簡報亦包含若干非 GAAP 財務衡量指標，例如非 GAAP 營業利益、非 GAAP 營業利益率、非 GAAP 淨利以及非 GAAP 每股盈餘。所有非 GAAP 指標均已依 SEC 規定，與最直接可比的 GAAP 指標進行調節。您可在今日網路直播投影片以及我們的財報新聞稿與 Form 8-K 中找到調節表。請注意，我們今日談話中所有成長率或金額變動的比較基準，皆為 2025 年同期。除非另有說明，我們的淨銷售成長率以平均每日基礎描述。

As a reminder, we made changes to reflect our updated go-to-market structure, which are reflected in our earnings materials on the website. We also released an 8-K filing last Friday, which provides quarterly financial performance for 2024 and 2025, aligned to our new segment structure. We will talk through these new reported segments now and in the future. Replay of this webcast will be posted to our website later today. This conference call is property of CDW and may not be recorded or rebroadcast without specific written permission from the company. With that, let me turn the call over to Chris.

提醒各位，我們已做出變更以反映更新後的市場推進（go-to-market）架構，並已在網站上的財報資料中呈現。我們也在上週五發布了一份 8-K 文件，提供 2024 與 2025 年的季度財務表現，並依新的部門架構重新對齊。我們將在現在以及未來持續說明這些新揭露的部門。此次網路直播的重播將於今日稍晚上傳至我們的網站。本電話會議為 CDW 財產，未經公司明確書面許可，不得錄音或轉播。接下來我把電話交給 Chris。

Thank you, Steve, and good morning, everyone. I'll begin today's call with an overview of our first quarter performance, strategic progress and provide thoughts on the balance of the year. Al will provide additional detail on our results, our capital allocation priorities and further perspective on our outlook.

謝謝你，Steve，各位早安。我將先概述我們第一季的表現與策略進展，並分享對今年剩餘期間的看法。Al 將進一步說明我們的業績、資本配置優先事項，以及對展望的更多觀點。

The team delivered a strong start to the year in a complex and fast-moving environment. Excellent top line performance reflected agility both in securing supply and capturing demand for AI investment and ongoing infrastructure modernization. For the quarter, consolidated net sales increased 9% year-over-year. Gross profit grew 6%. Non-GAAP operating income increased 2%, non-GAAP net income per diluted share grew 6%, and our adjusted free cash flow totaled $251 million. Across all sizes and industries, customers navigated the operational challenge of moving AI from exploration into real production environments. Customers also navigated memory supply and pricing constraints, which reshaped budget priorities in this quarter. Teams responded quickly by leveraging our partner relationships, full stack capabilities and balance sheet strength to help customers secure product and identify alternatives, once again demonstrating their unmatched execution in yet another challenging supply market.

在複雜且快速變動的環境中，團隊為今年帶來強勁開局。優異的營收表現反映出我們在確保供應與掌握 AI 投資需求及持續基礎設施現代化需求方面的敏捷度。本季合併淨銷售年增 9%。毛利成長 6%。非 GAAP 營業利益成長 2%，非 GAAP 稀釋後每股淨利成長 6%，調整後自由現金流合計 2.51 億美元。各種規模與各行各業的客戶都在面對一項營運挑戰：將 AI 從探索階段推進到真正的生產環境。客戶也同時面臨記憶體供應與價格限制，進而在本季重塑預算優先順序。團隊迅速回應，運用我們的合作夥伴關係、全堆疊能力與資產負債表實力，協助客戶取得產品並在必要時辨識替代方案，再次展現其在另一個充滿挑戰的供應市場中無可匹敵的執行力。

Our ability to address the shift in near-term customer priorities and meet ongoing AI hardware infrastructure investment fueled strength across networking, storage, servers, power and cooling, which drove heavier infrastructure hardware mix in the quarter. Consistent with typical patterns, services, warranties and software assurance, which carry higher gross margins were lower customer priorities in the quarter. The built-in flexibility of our model helped support the resulting gross margin impact, enabling record first quarter gross profit and solid gross profit growth. While discretionary investments and seasonal expense patterns dampened non-GAAP operating income, disciplined capital management drove record first quarter non-GAAP net income per diluted share and strong cash flows.

我們能夠因應客戶短期優先事項的轉變，並滿足持續的 AI 硬體基礎設施投資需求，帶動網路、儲存、伺服器、電力與散熱等領域的強勁表現，使本季基礎設施硬體占比提高。符合典型模式的是，服務、保固與軟體維護（software assurance）等毛利率較高的項目，在本季的客戶優先順序較低。我們商業模式內建的彈性有助於支撐由此帶來的毛利率影響，使第一季毛利創新高並維持穩健成長。雖然可自由裁量的投資與季節性費用型態壓抑了非 GAAP 營業利益，但嚴謹的資本管理推動第一季非 GAAP 稀釋後每股淨利創新高，並帶來強勁現金流。

Let's take a closer look at the quarter. There were 3 performance drivers: our balanced portfolio of customer end markets, the breadth of our full stack offering and relentless execution of our growth strategy. First, our balanced portfolio of diverse customer end markets. Today, we operate across 3 US segments: Commercial, Government and Education. In our Commercial segment, teams are organized around 3 customer channels: corporate, health care and financial services. Government teams are aligned to state and local and federal customers, while education teams are focused on K-12 and higher education. Separately, our other segment represents our combined U.K. and Canadian international operations.

讓我們更深入檢視本季。有三項績效驅動因素：我們均衡的客戶終端市場組合、全堆疊產品與服務的廣度，以及對成長策略的持續強力執行。首先，是我們多元且均衡的客戶終端市場組合。目前我們在美國營運三個部門：商業（Commercial）、政府（Government）與教育（Education）。在商業部門中，團隊依三個客戶通路組織：企業（corporate）、醫療保健（health care）與金融服務（financial services）。政府團隊則對齊州與地方以及聯邦客戶；教育團隊聚焦於 K-12 與高等教育。另外，我們的其他（Other）部門代表英國與加拿大的國際營運合併後的業務。

To maximize our ability to address the unique needs of customers based on size, within each end market, we further align our teams by customer size, enterprise, mid-market and small, each covered by dedicated sales professionals, industry strategists and technical resources. Against this quarter's complex backdrop, the diversity of our customer end market exposure again served us well with strong results in commercial, state and local, K-12 and international, more than offsetting market-specific challenges in federal and higher education. Commercial had an excellent start to the year, up 10%. Growth was broad-based across all sizes of customers, driven by demand for infrastructure hardware and software, reflecting both AI demand and the desire to manage supply constraints. Government increased 5% State and local's double-digit increase more than offset a low single-digit decline in federal, which was impacted by budget timing and procurement delays stemming from last year's shutdown.

為了最大化我們依客戶規模滿足其獨特需求的能力，在各終端市場內，我們進一步依客戶規模對齊團隊：大型企業（enterprise）、中型市場（mid-market）與小型（small），並由專屬的銷售專業人員、產業策略師與技術資源覆蓋。在本季複雜的背景下，我們多元的終端市場曝險再次發揮效益：商業、州與地方、K-12 與國際業務的強勁表現，足以抵銷聯邦與高等教育等特定市場的挑戰。商業部門今年開局極佳，成長 10%。成長動能涵蓋各種規模的客戶，主要由基礎設施硬體與軟體需求帶動，反映 AI 需求以及管理供應限制的需求。政府部門成長 5%。州與地方的雙位數成長，足以抵銷聯邦的低個位數下滑；聯邦業務受到預算時點影響，以及去年停擺所導致的採購延遲影響。

Education increased 3% with K-12 strength, primarily driven by client device purchasing in advance of price increases, offsetting extended decision-making by higher ed customers. In our U.K. and Canada operations, which we report together as other, the teams executed with focus and speed and together delivered 18% growth in US dollars. UK delivered high single-digit local currency growth driven by private sector demand, while Canada was up double digits in local currency with balanced growth across end markets, reinforcing the scalability and relevance of our model beyond the US. The team's ability to address customer priorities was underpinned by the second driver of our performance, our comprehensive services-led full stack end-to-end offering, which includes hardware, software and services.

教育部門成長 3%，K-12 表現強勁，主要因客戶在價格上漲前提前採購用戶端裝置，抵銷了高等教育客戶延長決策所帶來的影響。在英國與加拿大業務（我們合併以其他部門揭露）方面，團隊以專注與速度執行，合計以美元計成長 18%。英國以當地貨幣計為高個位數成長，主要由民間部門需求帶動；加拿大以當地貨幣計為雙位數成長，且各終端市場均衡成長，強化了我們商業模式在美國以外的可擴展性與相關性。團隊能夠回應客戶優先事項，奠基於我們績效的第二項驅動因素：以服務為導向、涵蓋端到端的完整全堆疊產品組合，包含硬體、軟體與服務。

Hardware increased 10%. Growth was led by infrastructure with networking, servers and enterprise storage each up more than 20%. Underlying client device demand was strong, but reported growth was 3%, reflecting difficult year-over-year comparisons driven by tariff-related pull-ins in the prior year, particularly in K-12 as well as shipment delays this quarter that pushed orders and elevated backlog. Software increased 11% as customers continue to invest in productivity, collaboration and security platforms. License growth was strong and focused on AI readiness and standardized core workloads. Cloud customer spend growth continued at a healthy pace but slowed compared to prior quarters as customers prioritized hardware investment.

硬體成長 10%。成長由基礎設施帶動，其中網路、伺服器與企業級儲存各自成長均超過 20%。用戶端裝置的基本需求強勁，但揭露的成長為 3%，反映出艱難的年對年比較基期；該基期主要來自前一年因關稅因素而提前拉貨，尤其在 K-12，同時本季的出貨延遲也使部分訂單遞延並推升在手訂單（backlog）。軟體成長 11%，客戶持續投資於生產力、協作與資安平台。授權（license）成長強勁，聚焦於 AI 就緒度與標準化的核心工作負載。雲端客戶支出成長仍維持健康步調，但相較前幾季有所放緩，因客戶優先投入硬體投資。

Services top line was flat in the quarter. Solid performance in professional and managed services was offset by declines in warranties, reflecting an infrastructure heavy revenue mix and normal timing between equipment purchases and installation. Notably, professional and managed services gross profit contributed nearly 15% of total gross profit growth, underscoring the strategic and financial value of higher-margin services. Once again, customers across our end markets leaned on CDW to help them navigate complexity and optimize their IT investments with speed and confidence. Sustaining that level of value consistently and at scale requires excellence in both how we go to market and how we operate. And that brings us to the third driver of our performance this quarter, our growth strategy.

本季服務營收持平。專業服務與代管服務表現穩健，但被保固業務下滑所抵銷，反映出以基礎設施為主的營收組合，以及設備採購與安裝之間正常的時間差。值得注意的是，專業服務與代管服務的毛利貢獻接近總毛利成長的 15%，凸顯高毛利服務的策略與財務價值。再一次，各終端市場的客戶仰賴 CDW 協助其以速度與信心應對複雜性並最佳化 IT 投資。要能持續且大規模地維持這樣的價值水準，需要在市場推進方式與營運方式兩方面都具備卓越能力。這也帶出本季績效的第三項驅動因素：我們的成長策略。

At the core of our growth strategy is a clear shift we are seeing from customers moving beyond interest in AI to a focus on how to put it to work in real environments at scale and with measurable business impact. That shift plays directly to CDW's strength and sits at the center of our AI forward full stack strategy. We are building CDW to be AI first and outcome obsessed. And at the center of that is our coworkers who every day turn complexity into real outcomes for our customers and partners. To achieve this, AI is an operating capability at CDW, not a bolt-on, and it is being embedded across how we operate, how we sell and the solutions we deliver. AI-driven enhancements across how we sell and operate include coworker AI fluency, deeper data integration and platform readiness and productivity gains from tools such as Agentic RFP capabilities.

我們成長策略的核心，是我們清楚看到客戶正從對 AI 的興趣，轉向聚焦如何在真實環境中以規模化方式落地，並帶來可衡量的商業影響。這一轉變正好呼應 CDW 的優勢，並位於我們「AI 前行（AI forward）」全堆疊策略的中心。我們正打造 CDW 成為 AI 優先（AI first）且以成果為執念（outcome obsessed）的公司。而其核心是我們的同仁，他們每天為客戶與合作夥伴把複雜性轉化為實際成果。為了達成這一點，AI 在 CDW 是一項營運能力，而非外加的附屬功能；我們正將其嵌入到我們的營運方式、銷售方式以及所交付的解決方案之中。AI 驅動的銷售與營運強化包括：提升同仁的 AI 素養、更深度的資料整合與平台就緒度，以及透過如 Agentic RFP 能力等工具帶來的生產力提升。

During the quarter, we furthered our progress embedding AI into our go-to-market motions with our CDW Assist Super Agent, which helps sales professionals prioritize opportunities and engage customers more effectively through insight-driven AI-supported workflows. At the enterprise level, AI is being embedded across our core systems and end-to-end workflows under our AI-powered modernization initiative, which we call Geared for Growth. Geared for Growth is translating AI-enabled productivity into operating leverage, supporting margin discipline while providing investment capacity to sustain scalable growth. We expect the benefits from Geared for Growth enterprise initiatives to begin flowing through in the back half of this year, building over time.

在本季度，我們進一步推進將 AI 嵌入我們的市場推進（go-to-market）運作方式，推出 CDW Assist Super Agent，透過以洞察驅動、AI 支援的工作流程，協助銷售專業人員優先排序商機並更有效地與客戶互動。在企業層級，AI 正在我們稱為「Geared for Growth」的 AI 驅動現代化計畫下，嵌入至核心系統與端到端工作流程之中。Geared for Growth 正將 AI 帶來的生產力轉化為營運槓桿，在維持毛利率紀律的同時，提供投資能力以支撐可擴展的成長。我們預期 Geared for Growth 的企業級計畫效益將於今年下半年開始逐步反映，並隨時間累積。

Customers are focused on the same opportunity, turning AI's promise into practical, secure and measurable outcomes. AI adoption is a compute-intensive shift that increases both services intensity and hardware relevance. It reshapes how customers build, operate and secure their environments, requiring them to connect data, embed AI into existing systems, balance cost and performance and govern usage at scale, all while continually optimizing infrastructure.

客戶也聚焦於同樣的機會，將 AI 的承諾轉化為務實、安全且可衡量的成果。AI 的採用是一項高度依賴運算的轉變，會同時提高服務密度與硬體的重要性。它重塑客戶建置、營運與保護其環境的方式，要求客戶連結資料、將 AI 嵌入既有系統、在成本與效能間取得平衡，並在規模化情境下治理使用，同時持續優化基礎架構。

As complexity rises, customers need a partner who can execute reliably at scale. CDW orchestrates technology across the full stack in a way few others can. Our architectural expertise, expansive partner ecosystem, unmatched delivery scale and services forward model enable customers to adopt AI in ways that align with their environments, risk profiles and strategic priorities. A recent engagement where the customer turned to CDW to design, configure and implement a private AI factory hosted within a colocation environment brings this to life. Our advisory services team worked closely with the customer, a large financial services company to design an end-to-end solution that included accelerated compute nodes, high-speed fabric-based networking, enterprise switching and supporting compute infrastructure.

隨著複雜度上升，客戶需要一個能在規模化情境下可靠交付的合作夥伴。CDW 能以少數同業難以做到的方式，協調全技術堆疊（full stack）的技術。我們的架構專業能力、廣泛的合作夥伴生態系、無可匹敵的交付規模，以及以服務為先的模式，使客戶能以符合其環境、風險輪廓與策略優先事項的方式採用 AI。近期一項合作案具體展現了這點：客戶委託 CDW 在機房代管（colocation）環境中設計、配置並導入一座私有 AI 工廠。我們的顧問服務團隊與該客戶（一家大型金融服務公司）緊密合作，設計端到端解決方案，內容包含加速運算節點、高速光纖架構網路、企業級交換設備，以及支援性的運算基礎設施。

The team also configured AI orchestration, containerization and workload management software. The comprehensive solution delivered a production-ready platform that provided greater customer control over data, cost and governance and generated a nearly 8-figure deal, which included a significant professional services component.

團隊也配置了 AI 編排、容器化與工作負載管理軟體。這套完整解決方案交付了一個可投入生產的平臺，讓客戶對資料、成本與治理擁有更高的掌控度，並促成一筆接近 8 位數金額的交易，其中包含相當可觀的專業服務成分。

The hard part of AI is not the model. It's the orchestration. AI increases complexity and value shifts from access to execution quality, depth and comprehensive end-to-end solutions, a shift that reinforces the relevance of our model across all of our customer end markets and sizes, small, mid-market and enterprise and expands our opportunity set, an opportunity further strengthened by our recent go-to-market alignment of resources. Organizations that once self-served or relied on smaller or more narrow partners now face requirements that demand scale, integration and breadth. AI is not only increasing wallet share, it's also bringing new customers to CDW. Unlocking that opportunity requires expanding access. With AI infrastructure demand expanding beyond hyperscaler and frontier model builders, the push to deploy AI at scale has driven demand for accelerating compute past available supply, making access, not ambition, a crucial restraint.

AI 最難的部分不是模型，而是編排。AI 會提高複雜度，而價值將從「取得」轉向「執行品質、深度與完整的端到端解決方案」。這樣的轉變強化了我們模式在所有客戶終端市場與規模（小型、中型市場與企業）中的相關性，並擴大我們的機會集合；而我們近期在市場推進上的資源對齊，也進一步強化了這項機會。過去能自助或仰賴較小或較狹窄合作夥伴的組織，如今面臨需要規模、整合與廣度的要求。AI 不僅提升客戶錢包占比，也為 CDW 帶來新客戶。要釋放這項機會，需要擴大取得途徑。隨著 AI 基礎架構需求擴展到超大規模雲端業者（hyperscaler）與前沿模型建構者之外，規模化部署 AI 的推動使加速運算需求超過可用供給，讓「取得」而非「企圖心」成為關鍵限制。

To address this constraint, we have finalized a relationship with provider Boost Run to deliver our customers access to high-performance AI infrastructure through a flexible GPU-as-a-service model while remaining fully composable of on-premises and cloud environments that may be planned or in place. When paired with CDW's advisory services, change management, governance and adoption expertise, customer AI ambition across all sizes and industries become durable production-ready outcomes. Implementing accelerated compute is not the only way customers are operationalizing AI. AI is increasingly being embedded directly into the technology stack across end user and collaboration platforms, networking and security environments and the data center, driving smarter orchestration, monitoring and optimization.

為解決此一限制，我們已敲定與供應商 Boost Run 的合作關係，透過彈性的 GPU-as-a-service 模式，為客戶提供高效能 AI 基礎架構的取得，同時仍可與已規劃或已部署的地端與雲端環境完全可組合（composable）。當與 CDW 的顧問服務、變革管理、治理與採用專業結合時，各種規模與產業的客戶 AI 企圖心便能轉化為可持續、可投入生產的成果。導入加速運算並非客戶將 AI 落地的唯一方式。AI 也正日益直接嵌入技術堆疊之中，涵蓋終端使用者與協作平臺、網路與資安環境以及資料中心，推動更智慧的編排、監控與最佳化。

As customers embed AI into existing platforms, they are upgrading, not rearchitecting, placing greater demand on execution. Meeting those expectations requires a partner with deep expertise and the ability to operate at speed across the full environment. That plays directly to CDW's full stack end-to-end model. Regardless of how customers choose to consume it, AI adoption reinforces what differentiates CDW, our full stack relevance, end-to-end engagement and ability to execute at scale, supporting our durable, profitable growth. And that leads us to our outlook.

當客戶將 AI 嵌入既有平臺時，他們是在升級，而非重新架構，這對執行能力提出更高要求。要滿足這些期待，需要一個具備深厚專業並能在整體環境中快速運作的合作夥伴。這正好呼應 CDW 的全堆疊端到端模式。無論客戶選擇以何種方式使用，AI 的採用都強化了 CDW 的差異化：我們的全堆疊相關性、端到端的客戶互動，以及規模化執行能力，支撐我們可持續且具獲利性的成長。接下來談談我們的展望。

We continue to approach the year with discipline and prudence and are maintaining our view for the US IT addressable market to grow in the low single digits in 2026 on a customer spend basis with 200 to 300 basis points of CDW outperformance. Our outlook takes into account 2 countervailing factors, our near-term visibility into the second quarter given strong Q1 order activity that flowed into backlog and our prudent view of uncertainty in the second half of the year. It does not factor in potential wildcards such as recessionary conditions or meaningful changes in known ongoing exogenous factors, which include elevated geopolitical risks and more extreme dislocations in pricing and supply. As always, we will provide updated perspectives on business conditions and refine our view of the market as we move through the year.

我們仍以紀律與審慎的態度看待今年，並維持對 2026 年美國 IT 可服務市場（以客戶支出為基礎）將以低個位數成長的看法，同時 CDW 預期可優於市場 200 至 300 個基點。我們的展望納入兩項相互抵銷的因素：其一，因第一季強勁的訂單活動流入積壓訂單（backlog），使我們對第二季的短期能見度較高；其二，我們對下半年不確定性抱持審慎看法。此展望未納入潛在的變數，例如景氣衰退情境或已知且持續之外生因素的重大變化；這些因素包括升高的地緣政治風險，以及更極端的價格與供給錯位。與往常一樣，我們將在年度進程中提供對商業環境的最新觀點，並持續修正我們對市場的看法。

As AI adoption reshapes customer requirements and the continued uncertainty, expectations for integration, governance and execution are rising. Partners with scale, full stack relevance and the ability to deliver outcomes consistently with confidence and speed matter because when complexity rises, CDW's relevance grows.

隨著 AI 採用重塑客戶需求且不確定性持續，市場對整合、治理與執行的期待正在上升。具備規模、全堆疊相關性，並能以信心與速度持續交付成果的合作夥伴至關重要，因為當複雜度上升時，CDW 的相關性也隨之提升。

With that, let me turn it over to Al for a more detailed review of our financial performance. Al?

接下來，我把時間交給 Al，請他更詳細回顧我們的財務表現。Al？

Thank you, Chris, and good morning, everyone. I will start my prepared remarks with details on our first quarter performance, move to capital allocation priorities and then finish with our outlook for the remainder of 2026.

謝謝你，Chris，各位早安。我將先在預先準備的談話中說明第一季表現的細節，接著談資本配置優先事項，最後以我們對 2026 年剩餘期間的展望作結。

First quarter gross profit of $1.2 billion was up 6% year-over-year. This was at the higher end of our expectation for a mid-single-digit year-over-year increase as our teams help customers navigate a dynamic memory pricing and supply chain environment to capture demand in infrastructure hardware and client devices alongside increased demand for software licenses. Importantly, our growth reflects strong execution and broad-based customer demand across our segments. First quarter gross margin of 21% was down 60 basis points over the prior year's first quarter, but remains resilient given the demand environment and mix of the business. The decline was primarily driven by the impact of a lower mix of netted down revenues as customers focus more of their spend on acquiring solutions hardware in this volatile pricing environment.

第一季毛利為 12 億美元，年增 6%。這落在我們對年增中個位數的預期上緣，因為我們的團隊協助客戶在動態的記憶體定價與供應鏈環境中掌握需求，帶動基礎架構硬體與用戶端裝置的需求，同時軟體授權需求也增加。重要的是，我們的成長反映了強勁的執行力，以及各事業區隔廣泛的客戶需求。第一季毛利率為 21%，較去年第一季下降 60 個基點，但在目前的需求環境與業務組合下仍具韌性。毛利率下滑主要是因客戶在此一波動的定價環境中，將更多支出用於採購解決方案硬體，導致「淨額列示收入（netted down revenues）」占比降低所致。

We do expect netted down revenues alongside professional and managed services to be higher priorities for customers in the second half of the year and to continue to outpace the overall business growth in the longer-term. Taken together, these dynamics were timing and mix driven, and we expect to remain principally within the margin framework we've shared for the full year. The diversity of our end markets served us well this quarter as all of our segments increased sales year-over-year. Our Commercial segment started the year strong, up almost 10%, driven by increased demand in infrastructure hardware across NetComm, servers and storage alongside infrastructure software strength, all up double digits.

我們確實預期，淨額列示收入以及專業與代管服務，將在下半年成為客戶更高的優先事項，且長期仍將持續跑贏整體業務成長。綜合而言，這些動態主要由時間點與組合所驅動，我們預期全年仍將大致維持在先前分享的毛利率框架之內。本季我們所服務的終端市場多元性發揮了良好效果，因為所有事業區隔的銷售皆較去年同期成長。我們的商業（Commercial）事業群以強勁態勢開局，成長近 10%，主要受 NetComm、伺服器與儲存等基礎架構硬體需求增加所帶動，同時基礎架構軟體也表現強勁，以上皆為雙位數成長。

Underneath the surface of commercial, corporate, health care and financial services were all contributors to our year-over-year growth with our corporate and health care customers leaning in network upgrades and software investments, while our financial services customers focused on storage and server purchases to enable AI inferencing. Government increased sales by almost 5%, driven by state and local. Federal activity resumed post the fourth quarter shutdown, but net sales and gross profit were down year-over-year as we expected. Education was up low single digits as K-12 grew despite tough year-over-year compares helped by memory pricing-related urgency.

在商業事業群之下，企業、醫療保健與金融服務皆對年增成長有所貢獻；其中企業與醫療保健客戶加大網路升級與軟體投資，而金融服務客戶則聚焦於儲存與伺服器採購，以支援 AI 推論。政府事業群銷售成長近 5%，主要由州與地方政府帶動。聯邦業務在第四季停擺後恢復活動，但如我們預期，淨銷售與毛利仍較去年同期下降。教育事業群成長為低個位數，K-12 在記憶體定價相關的急迫需求帶動下，儘管面臨較高的去年同期比較基期，仍實現成長。

International was exceptional in the first quarter with double-digit growth in the combined U.K. and Canadian business, driven by strength across our hardware portfolio. Our ability to remain flexible and meet customer needs where they needed us, combined with the diversity of our portfolio of products and partners also served us well in the first quarter. As referenced, demand for infrastructure hardware and software licenses was particularly strong across our commercial customers, while client device demand stood out across international, government and education. As customers primarily focused on hardware and licensed software, the spend growth in cloud, SaaS and professional managed services was more modest. Netted down sales were roughly flat year-over-year, representing 34.5% of gross profit, down from 36.5% of gross profit in Q1 2025. This was largely the result of software assurance and warranty performance, which declined amid hardware and software license growth.

國際業務在第一季表現出色，英國與加拿大合併業務實現雙位數成長，主要由我們硬體產品組合的強勁表現所帶動。我們能保持彈性並在客戶需要之處滿足其需求，加上我們多元的產品與合作夥伴組合，也使我們在第一季受益。如前所述，基礎架構硬體與軟體授權需求在商業客戶中尤其強勁，而用戶端裝置需求則在國際、政府與教育領域表現突出。由於客戶主要聚焦於硬體與授權軟體，雲端、SaaS 與專業代管服務的支出成長相對溫和。淨額列示銷售（netted down sales）年比約持平，占毛利的 34.5%，低於 2025 年第一季占毛利的 36.5%。這主要是因軟體維護（software assurance）與保固表現下滑，而同期硬體與軟體授權成長所致。

Professional and managed services spend increased low single digits. The need for and relevance of our cloud and services business remains high. But during this time of dynamic hardware pricing and supply chain concerns, customers have shifted their spend priorities.

專業與託管服務支出以低個位數增長。我們雲端與服務業務的需求與相關性仍然很高。但在硬體價格動態變化與供應鏈疑慮並存的期間，客戶已調整其支出優先順序。

Turning to expenses for the first quarter. Non-GAAP SG&A totaled $738 million, up 8.8% year-over-year. This was consistent with our expectations of, one, a decline in expense dollars compared to the fourth quarter; and two, that the first quarter expense ratio would be the highest of the year. In addition to the normal level of increased incentives related to higher gross profit achievement and seasonally higher Q1 expenses, we are also investing in productivity enablement in the form of AI tools and training that will lead to an enhanced expense efficiency in the second half of the year and beyond. In that context, I'd like to take a minute to expand on our Geared for Growth effort, which Chris referred to in her remarks.

接著談第一季費用。非 GAAP 的 SG&A 合計為 7.38 億美元，年增 8.8%。這符合我們的預期：第一，相較第四季費用金額下降；第二，第一季費用率將是全年最高。除了因毛利達成較高而帶來的正常水準激勵增加，以及第一季季節性較高的費用外，我們也正以 AI 工具與訓練的形式投資於生產力賦能，這將在今年下半年及之後帶來更佳的費用效率。在此背景下，我想花一點時間進一步說明我們的「Geared for Growth」計畫，Chris 在她的發言中也提到過。

The AI-powered modernization investments we've been making under Geared for Growth are focused on transforming how we operate and particularly as it supports our long-term durable and scalable growth. The program is a disciplined multiyear effort to simplify and rewire our operating model, reducing complexity, modernizing quote to cash and supporting processes and embedding AI to enable faster, better decisions across the enterprise. In addition to improving the end-to-end experience for our customers, partners and coworkers, Geared for Growth investments are beginning to translate into real productivity improvements across our operations and will support our commitment to return to our targeted SG&A efficiency ratio and enable greater value creation. To that end, we have already identified substantial opportunities that will enhance our cost structure and will begin to accrue benefits in the second half of this year.

我們在「Geared for Growth」之下所進行的 AI 驅動現代化投資，聚焦於轉型我們的營運方式，特別是支撐我們長期、穩健且可擴展的成長。該計畫是一項嚴謹的多年期工作，旨在簡化並重塑我們的營運模式，降低複雜度，使報價到收款（quote to cash）及支援流程現代化，並嵌入 AI，以在全企業範圍內促成更快、更好的決策。除了改善客戶、合作夥伴與同仁的端到端體驗外，「Geared for Growth」投資也開始轉化為我們營運中的實質生產力提升，並將支持我們回到目標 SG&A 效率比率的承諾，進而創造更大價值。為此，我們已辨識出可觀的機會以優化成本結構，並將於今年下半年開始逐步體現效益。

As we look forward into 2027 and 2028, we would anticipate run rate improvements in the range of $100 million to $200 million. These savings will be balanced with some reinvestment back into the business to fuel our broader growth strategy. We will provide you with further updates on the timing of these efforts and the financial impacts as we move forward.

展望 2027 與 2028 年，我們預期年度化（run rate）改善可達 1 億至 2 億美元。這些節省將與部分再投資於業務相互平衡，以推動我們更廣泛的成長策略。隨著計畫推進，我們將就這些工作的時程與財務影響提供進一步更新。

Turning back to the quarter. Coworker count ended at approximately 14,700 and customer-facing coworker count was 10,400, both down slightly year-over-year and quarter-over-quarter. Our ongoing goal is to balance growth, expansion of capabilities and exceptional customer experience with greater efficiency and cost leverage from our broader operations. Non-GAAP operating income was approximately $452 million, up 1.8% versus the prior year. Non-GAAP operating income margin of 8% was down 50 basis points from the prior year first quarter level. Net interest expense was down roughly $2 million year-over-year, driven by lower debt levels.

回到本季。同仁人數期末約為 14,700 人，面向客戶的同仁人數為 10,400 人，兩者皆較去年同期與前一季略有下降。我們持續的目標是在成長、能力擴張與卓越客戶體驗之間取得平衡，同時透過更高效率與更廣泛營運帶來的成本槓桿來提升效益。非 GAAP 營業利益約為 4.52 億美元，較去年增加 1.8%。非 GAAP 營業利益率為 8%，較去年第一季下降 50 個基點。淨利息費用年減約 200 萬美元，主要受較低負債水準所帶動。

Our non-GAAP effective tax rate was slightly below the low end of our targeted range at 25.2%. Non-GAAP net income was $295 million in the quarter, up 3.1% on a year-over-year basis. With first quarter weighted average diluted shares of 129.5 million, non-GAAP net income per diluted share was $2.28, up 6.3% versus the prior year period and towards the higher end of our expectation of mid-single-digit growth year-over-year.

我們的非 GAAP 有效稅率為 25.2%，略低於目標區間下緣。該季非 GAAP 淨利為 2.95 億美元，年增 3.1%。第一季加權平均稀釋股數為 1.295 億股，非 GAAP 稀釋後每股淨利為 2.28 美元，較去年同期成長 6.3%，並接近我們對年增中個位數的預期區間上緣。

Moving to the balance sheet. At period end, net debt was $5.1 billion, up roughly $50 million from the prior quarter and driven by slightly lower cash and cash equivalents. Liquidity stands at $2.5 billion with cash plus revolver availability. The 3-month average cash conversion cycle was 16 days, slightly below our targeted range of high teens to low 20s. The cash conversion metric reflects our effective management of working capital, including disciplined management of our inventory levels even as infrastructure hardware sales were strong, client device growth continued, and we work closely with customers and partners to assure supply in this dynamic environment.

接著看資產負債表。期末淨負債為 51 億美元，較前一季增加約 5,000 萬美元，主要因現金及約當現金略為下降。流動性為 25 億美元，包含現金加上循環信貸（revolver）可用額度。3 個月平均現金轉換週期為 16 天，略低於我們目標的高十幾天至低二十幾天區間。現金轉換指標反映我們對營運資金的有效管理，包括在基礎架構硬體銷售強勁、用戶端裝置持續成長之際，仍能有紀律地管理庫存水位，並與客戶及合作夥伴緊密合作，以在此動態環境中確保供應。

As we've mentioned in the past, timing and market dynamics will influence working capital and the cash conversion cycle in any given quarter or year. We continue to believe our target cash conversion range remains the best guidepost for modeling working capital longer-term. Adjusted free cash flow was $251 million. This reflects 85% of non-GAAP net income for the quarter within our stated rule of thumb of converting 80% to 90% of non-GAAP net income to cash. We utilized cash consistent with our 2026 capital allocation objectives during the quarter, including returning $201 million in share repurchases and $81 million in the form of dividends. This combined $282 million returned to shareholders is 112% of adjusted free cash flow, currently well ahead of our 2026 target of returning 50% to 75%.

如同我們過去提到的，任何單一季度或年度的營運資金與現金轉換週期都會受到時點與市場動態影響。我們仍相信，目標現金轉換區間是長期建模營運資金的最佳參考。調整後自由現金流為 2.51 億美元，反映本季非 GAAP 淨利的 85%，符合我們一貫的經驗法則：將非 GAAP 淨利的 80% 至 90% 轉換為現金。本季我們依循 2026 年資本配置目標使用現金，包括以庫藏股回購方式返還 2.01 億美元，以及以股利形式返還 8,100 萬美元。合計返還股東 2.82 億美元，相當於調整後自由現金流的 112%，目前明顯高於我們 2026 年返還 50% 至 75% 的目標。

This brings me to our capital allocation priorities moving forward. Our first capital priority is to increase the dividend in line with non-GAAP net income growth. We have increased the dividend for 12 consecutive years through 2025. We continue to prudently manage our dividend with respect to the growth environment and target a roughly 25% payout ratio of non-GAAP net income going forward.

接下來談我們未來的資本配置優先順序。第一項資本優先事項，是使股利增幅與非 GAAP 淨利成長一致。我們截至 2025 年已連續 12 年提高股利。我們將持續在成長環境下審慎管理股利，並以未來非 GAAP 淨利約 25% 的配息率為目標。

Our second priority is to ensure we have the right capital structure in place. We ended the first quarter at 2.5x net leverage within our targeted range of 2x to 3x. We will continue to proactively manage liquidity while maintaining flexibility.

第二項優先事項，是確保我們具備適當的資本結構。我們第一季結束時的淨槓桿為 2.5 倍，位於目標區間 2 倍至 3 倍之內。我們將在維持彈性的同時，持續主動管理流動性。

Finally, our third and fourth capital allocation priorities of M&A and share repurchases remain important drivers of shareholder value. We continually evaluate M&A opportunities that could accelerate our 3-part strategy for growth. While we remain active in the M&A market, our expected cash flow performance allows us to be opportunistic towards share repurchases as we deem our stock to be attractive at this valuation.

最後，第三與第四項資本配置優先事項——併購（M&A）與股票回購——仍是推動股東價值的重要動能。我們持續評估可加速我們三大成長策略的併購機會。雖然我們在併購市場仍保持活躍，但我們預期的現金流表現也讓我們能在認為股價於此估值具吸引力時，更具機動性地進行股票回購。

Now turning to our outlook. Our first quarter performance was driven primarily by strong underlying demand as well as customer urgency to get ahead of memory-related price increases and potential supply chain concerns. We came into this year with an appropriately prudent outlook. We're pleased with our strong start, but the environment is still very dynamic and thus, continued prudence is warranted. We know customers are balancing the risk of supply chain and pricing volatility, macro and geopolitical wildcards against their AI road maps and related investments alongside compelling needs to address priorities across the full IT stack.

接著談展望。我們第一季表現主要受強勁的基本需求所帶動，同時客戶也急於在記憶體相關價格上漲與潛在供應鏈疑慮之前提前布局。我們以適度審慎的展望進入今年。我們對強勁開局感到欣慰，但環境仍非常動態，因此仍有必要保持審慎。我們知道客戶正將供應鏈與價格波動、總體經濟與地緣政治不確定性等風險，與其 AI 路線圖及相關投資相權衡，同時也面臨在完整 IT 堆疊上處理各項優先事項的迫切需求。

We believe that our comprehensive capabilities, partner reach and our updated go-to-market structure, we are uniquely positioned to capitalize on opportunities and help our customers navigate the complexity. With these factors in mind, we are holding to our full year 2026 view of low single-digit growth for our addressable IT market. We continue to target market outperformance of 200 to 300 basis points on a customer spend basis. Factoring in market conditions, our first quarter performance and the elevated backlog entering the second quarter, we now expect gross profit to grow in the range of low to mid-single digits for the full year 2026. We continue to expect the second half gross profit contribution to be slightly above the first half with slightly more weight to the first half than we historically experienced, driven by customer urgency we've discussed.

我們相信，憑藉我們全面的能力、合作夥伴觸及範圍，以及更新後的市場進入（go-to-market）架構，我們具備獨特優勢可把握機會並協助客戶應對複雜性。基於這些因素，我們維持對 2026 全年可服務 IT 市場低個位數成長的看法。我們仍以在客戶支出基礎上超越市場 200 至 300 個基點為目標。綜合市場狀況、第一季表現，以及進入第二季時較高的在手訂單（backlog），我們目前預期 2026 全年毛利將以低至中個位數成長。我們仍預期下半年毛利貢獻將略高於上半年，但相較歷史經驗，上半年權重將略高一些，主要受我們所提到的客戶急迫性所驅動。

Based on a slightly higher mix of hardware products for 2026 than we originally anticipated, we now expect gross margin to be -- margins to be approximately in line with 2025 levels.

基於 2026 年硬體產品組合占比略高於我們原先預期，我們目前預期毛利率——利潤率——大致與 2025 年水準相當。

Finally, we continue to expect our full year non-GAAP net income per diluted share to grow at the high end of mid-single digits year-over-year as we focus on operating leverage and effective execution of our capital allocation priorities. Please remember that we hold ourselves accountable for delivering our financial outlook on a constant currency basis. On that note, our expectation is for currency to be a slight benefit to reported growth rates for the year.

最後，隨著我們聚焦於營運槓桿與有效執行資本配置優先事項，我們仍預期全年非 GAAP 稀釋後每股淨利將以年增中個位數的高端成長。請記得，我們以固定匯率（constant currency）基礎對交付財務展望負責。在此基礎上，我們預期匯率對今年的報告成長率將帶來些微正面貢獻。

Moving to modeling thoughts for the second quarter.

接著談第二季的建模思考。

We anticipate gross profit to grow at a high single-digit rate sequentially, leading to mid-single-digit year-over-year growth. Moving down the P&L, we expect second quarter non-GAAP SG&A to be modestly higher than the first quarter, resulting in an operating expense as a percentage of gross profit that is seasonally lower than the first quarter level and similar to the prior year's second quarter.

我們預期毛利將以季增高個位數成長，帶動年增中個位數成長。往下看損益表，我們預期第二季非 GAAP SG&A 將較第一季小幅增加，使營業費用占毛利的比例在季節性上低於第一季水準，並與去年第二季相近。

Finally, we expect second quarter non-GAAP net income per diluted share to be up high single digits year-over-year. That concludes the financial summary. As always, we will provide updated views on the macro environment and our business on our future earnings calls.

最後，我們預期第二季非 GAAP 稀釋後每股淨利將以年增高個位數成長。以上為財務摘要。如同以往，我們將在未來的法說會中提供對總體環境與我們業務的最新觀點。

With that, I will ask the operator to open up for questions. We would ask each of you to limit your questions to one with a brief follow-up. Thank you.

那麼，我將請接線員開放提問。我們請各位將問題限制為一個，並可簡短追問。謝謝。

[Operator Instructions] Your first question comes from the line of Maggie Nolan with William Blair.

[接線員指示] 您的第一個問題來自 William Blair 的 Maggie Nolan。

You gave several interesting AI examples. And I'm wondering at a portfolio level, how are you assessing whether AI-driven deals differ on a gross margin basis in terms of the services attach rate versus some of your more traditional infrastructure transactions? And just overall, should we think about AI as margin neutral or accretive or dilutive over time?

你分享了幾個很有意思的 AI 例子。我想從投資組合層面請教，你們如何評估 AI 驅動的交易在毛利率上，因服務附加率（services attach rate）相較於一些較傳統的基礎架構交易是否有所不同？整體而言，隨著時間推移，我們應該把 AI 視為對毛利率中性、增厚（accretive）還是稀釋（dilutive）？

Maggie, thanks for the question. I would say that the AI deals per se have a couple of components that make margin accretive. higher-value services attach and continuing recurring revenues. And overall, that's a larger sized deal typically and a higher margin deal. I think what we're going to see is AI is, as we all know, becoming ubiquitous and embedded across every component of the stack. And so we're very optimistic about how we can capitalize on that to drive margin accretion going forward.

Maggie，謝謝你的問題。我會說，AI 交易本身有幾個組成要素會帶來毛利率增厚：更高價值的服務附加，以及持續性的經常性收入。整體來看，這通常是更大規模、且毛利率更高的交易。我認為我們將看到的是，AI 如同大家所知，正變得無所不在，並嵌入到技術堆疊的每一個組件之中。因此，我們對於如何把握這個趨勢、在未來推動毛利率增厚，感到非常樂觀。

And you gave a lot of good color around kind of the expectations for the remainder of the year. But I wanted to dig into the why behind your expectation that netted down revenues and services, in particular, should increase in the second half of the year, just given the current dynamics and everything you experienced in the quarter you just reported?

你對今年剩餘期間的展望提供了很多有用的補充說明。但我想更深入了解，你們為何預期「扣除後收入」（netted down revenues）以及特別是服務，會在下半年增加？考量目前的動態，以及你們在剛公布的這一季所經歷的一切。

Maggie. A couple of things. First, we continue to believe that the durability of netted down revenues, namely SaaS and cloud will continue, and there definitely is continued demand, buildup demand with respect to customers in that regard. I think the phenomenon that we're dealing with right now is just prioritization of customers around hardware spending and getting in front of price increases, potential supply concerns.

Maggie，有幾點。第一，我們仍然相信扣除後收入的韌性——也就是 SaaS 與雲端——會持續，而且在這方面確實仍有持續需求、以及客戶累積的需求。我認為我們目前正在面對的現象，是客戶在硬體支出上的優先順序調整，並且希望趕在價格上漲之前下單，同時也在因應潛在的供應疑慮。

And so as that works its way through the funnel in second quarter and beyond, we think we'll see that prioritization balance back to a broader array of product categories and namely those that fall into netted down. Given our continued engagement activity with customers, we have line of sight to see that, that will pick up in the back half and thereafter.

因此，當這些因素在第二季及之後逐步在漏斗中消化後，我們認為這種優先順序會回到更廣泛的產品類別，尤其是那些屬於扣除後的品類。基於我們與客戶持續的互動活動，我們有清楚的能見度看到，下半年以及之後這部分將會回升。

Your next question comes from the line of Samik Chatterjee, JPMorgan.

您的下一個問題來自 JPMorgan 的 Samik Chatterjee。

This is Joe Cardoso on for Samik. Maybe first, it sounds like you're seeing much stronger hardware revenue than you envisioned 90 days ago. But at the same time, you're also highlighting constraints and shipments delays inhibiting your ability to fulfill demand here. Can you maybe just help us think about some of the vectors there around how much of this is elevated demand? How much you guys are seeing pricing potentially running hotter than you previously expected? And if there's any particular areas of the portfolio kind of driving the upside here on the hardware side?

我是代替 Samik 的 Joe Cardoso。首先，聽起來你們看到的硬體營收比 90 天前預期強得多。但同時你們也提到，供應限制與出貨延遲正在抑制你們滿足需求的能力。你能否協助我們理解其中的幾個面向：這裡面有多少是需求被拉高？你們看到的定價是否可能比先前預期更為火熱？以及在硬體端，是否有特定的產品組合領域在推動這個上行？

And maybe as a second question to that, like how has backlog trended relative to maybe more normalized levels for CDW? Just trying to understand how elevated it is here now kind of entering the -- or now that we're in the second quarter.

另外作為第二個問題，積壓訂單（backlog）相較於 CDW 較正常的水準，趨勢如何？我想了解目前的積壓程度有多高，尤其是在進入——或說我們現在已在第二季之際。

Yes. Joe, I would say broadly, what we have seen in the way of weighting of hardware pricing changes, supply friction is all in the realm of what we would have expected across all of those dimensions. So right, when we gave our original outlook, we expected that the first half would be heavily weighted towards solutions hardware. We've seen that play out. We expected the price changes, albeit diverse across different subcategories would vary and they have, and we expected that customer engagement and activity would be really strong. All of that has played out. And I would say maybe kind of bonus for the level of continued customer activity has persisted as we sit here now into the second quarter.

是的。Joe，我會說整體而言，我們所看到的硬體價格變動權重、供應摩擦等，都落在我們原本在各個面向所預期的範圍內。也就是說，當我們給出最初展望時，我們預期上半年會明顯偏向解決方案硬體；我們看到確實如此。我們也預期價格變動會在不同子類別之間有所差異，而實際也確實如此；我們也預期客戶互動與活動會非常強勁。這些都已發生。而我會說，或許算是額外加分的是，當我們現在進入第二季時，客戶活動的高水準仍在持續。

The phenomena with respect to pull forward and backlog, look, I think in the first quarter, we experienced some level of pull forward consistent with what we would have expected. And -- but we did see a fair amount of written business that did not get delivered owing to our backlog leading into Q2 being a bit higher. All of those elements lead us to continued expectation of strength in Q2 and potentially beyond. We are reserving some level of uncertainty for the back half as all of that activity kind of makes its way through the funnel. And certainly, we'll give you more robust updates as we exit Q2.

至於提前拉貨（pull forward）與積壓訂單的現象，你看，我認為在第一季，我們經歷了某種程度的提前拉貨，與我們原本預期一致。而且——但我們確實看到相當多已簽下的業務因積壓而未能交付，導致我們進入第二季時的積壓略高。所有這些因素，使我們仍預期第二季以及可能更往後仍會維持強勁。我們對下半年保留一定程度的不確定性，因為這些活動會逐步在漏斗中消化。當然，隨著我們走出第二季，我們會提供更充分的更新。

No. Got it. That's very helpful color. And then maybe just as my second one here, we're hearing concerns from investors around OEM partners potentially looking for further cost savings in this inflationary environment and potentially looking to squeeze channel partners to derive some of those savings. Just curious if you guys can share your thoughts, what you're seeing across your OEM relationships, how you're thinking about that risk and potentially that dynamic materializing in this macro this year?

了解。這些補充非常有幫助。那我第二個問題是，我們聽到投資人擔心，在這種通膨環境下，OEM 夥伴可能會尋求進一步節省成本，並可能試圖擠壓通路夥伴以取得部分節省。想請教你們能否分享看法：你們在 OEM 關係上看到了什麼？你們如何看待這項風險，以及今年在這樣的總體環境下這種動態是否可能發生？

Joe, it's Chris. I'll take that one. We're used to seeing partners change their programs periodically and in particular, when there are inflection points in technology. And there's nothing different now -- what I would say is with the scale and size of CDW, our relationships with our partners tend to always turn out very well for CDW. So we're not experiencing what I would call any kind of constraints or downward pressure in conjunction with the partner programs and the economics.

Joe，我是 Chris，我來回答。我們習慣看到夥伴會定期調整其方案，特別是在技術出現拐點時。現在並沒有什麼不同——我想說的是，以 CDW 的規模與體量，我們與夥伴的關係通常對 CDW 都會有很好的結果。因此，我們並未經歷我所稱的任何限制，或與夥伴方案及其經濟條件相關的下行壓力。

In fact, they're leaning on us more heavily given the importance of our role in the channel now, even more with AI. The orchestration requirements, the integration requirements, those are the bottlenecks in terms of reaching customers. So we're finding that our role both with customers, but equally with partners is becoming even more compelling and important.

事實上，鑑於我們目前在通路中的角色重要性——尤其在 AI 時代——他們更倚重我們。編排（orchestration）需求、整合需求，這些才是觸達客戶的瓶頸。因此，我們發現我們的角色不僅對客戶而言，對夥伴而言同樣變得更具吸引力且更為重要。

Your next question comes from the line of Amit Daryanani, Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Amit Daryanani。

This is Victor Santiago on for Amit. Can you guys talk about the strength you saw in financial services? And how durable is some of that strength here? Is this just an effect of the previous investments you made in building out the vertical or more of a one-off?

我是代替 Amit 的 Victor Santiago。你們能談談在金融服務領域看到的強勁表現嗎？這樣的強勢有多大的持續性？這只是你們先前在建置該垂直領域所做投資的效果，還是比較偏一次性的因素？

Yes. Thank you for the question. I would say we consider it to be durable and a number of factors. First of all, FSI tends to be on the leading edge of technology, and indeed, they are when it comes to AI and infrastructure build-out. So those customers were very focused on servers and storage and all things supporting AI inferencing.

是的，謝謝你的問題。我會說我們認為這是具持續性的，原因有幾個。首先，FSI（金融服務業）往往站在科技的前沿，確實在 AI 與基礎架構建置方面也是如此。因此，這些客戶非常聚焦於伺服器、儲存，以及所有支援 AI 推論（inferencing）的相關項目。

I would also say that the changes that we've been making in our go-to-market more refinement over the last several years to tailor our coverage model to particular customer segments and then within those segments, the sizes has been very effective. You saw us do that in health care, strong results over time, durable results over time with health care increasing profitability. We're seeing the same thing with FSI, and we are expecting it to have these go-to-market evolution to have positive changes as we go forward and pick up momentum, quite frankly.

我也會說，過去幾年我們在市場進入策略（go-to-market）上所做的調整——更精細化地將覆蓋模式（coverage model）針對特定客戶區隔進行量身打造，並在各區隔內再依規模細分——效果非常好。你們在醫療保健領域已看到我們這麼做，長期呈現強勁且具持續性的成果，並提升了醫療保健的獲利能力。我們在 FSI 也看到同樣情況，並預期這種 go-to-market 的演進將在未來帶來正向改變，坦白說，也會帶動動能提升。

Great. And as a quick follow-up, can you just talk about what drove that 40% plus sequential increase in inventory? Is that just a function of inventory positioning as you say, for some of that Q2 written business that Al talked about? Or is that just a function of higher ASPs?

很好。那快速追問一下，能否談談是什麼驅動庫存季對季增加 40% 以上？這只是如你所說的庫存配置，用來支應 Al 提到的第二季已簽訂業務？還是只是因為 ASP（平均售價）更高？

Yes. Thanks, Victor. I'll take that. Our inventory indeed was up in the quarter. And I think, look, really a reflection of who we are and how we operate in environments like this where customers have an urgency to get product. We step up. We are often first in line and able to get that inventory, and you saw that come through this quarter. That being said, we have our continued commitments on working capital and delivering free cash flow. So you take a quarter like this where our inventory went up several hundred million, and we still delivered our free cash flow within the range of expectations of relative to non-GAAP net income.

是的，謝謝，Victor。我來回答。我們的庫存在本季確實上升。我想，這其實反映了我們是誰、以及我們在這種環境下如何運作：當客戶急於取得產品時，我們會加大投入。我們往往能排在前面，取得這些庫存，而你們在本季也看到了這點。即便如此，我們仍持續致力於營運資金管理並交付自由現金流。因此，像這一季庫存增加了數億美元，我們仍然交付了符合預期區間的自由現金流，相對於非 GAAP 淨利。

As it pertains to ASP changes and kind of impacts on that inventory, I mean, certainly, that was the driver of what led to inventory increases, but it didn't have a meaningful impact on the dollar amount of that inventory.

至於 ASP 變動及其對庫存的影響，我的意思是，當然那是導致庫存增加的驅動因素，但它對庫存的美元金額並沒有造成顯著影響。

Your next question comes from the line of Adam Tindle, Raymond James.

您的下一個問題來自 Raymond James 的 Adam Tindle。

Chris, I just wanted to start on the new initiative that's being announced today. I think you called it Geared for Growth to simplify and rewire the operating model. I guess just 2 parts there. First would be how you thought about -- because you just underwent a lot of change in the go-to-market over the past year and implemented that as of January. So doing another program here, how you thought about preventing future or further disruption from the operating model?

Chris，我想先從今天宣布的新計畫談起。我想你稱之為 Geared for Growth，用以簡化並重新改造營運模式。我想分兩部分。第一部分是你們如何思考——因為你們在過去一年已對 go-to-market 做了很多變革，並在一月起實施。那現在再推動另一個計畫，你們如何思考避免營運模式帶來未來或進一步的干擾？

And then secondly, maybe it's related or maybe it's unrelated, we noticed you hired a new Chief Transformation Officer in the quarter. I wonder if you might just touch on that hiring rationale and key potential initiatives going forward? And I've got a follow-up.

其次，可能相關也可能不相關，我們注意到你們在本季聘請了一位新的首席轉型長。我想請你談談這項聘用的理由，以及未來可能推動的關鍵計畫？我還有一個追問。

Sure, Adam. Thanks for the question. Geared for Growth, I describe it this way. It's really just the next phase in driving the durable success of the business. So go-to-market has been a 2-year process, and we're well in our spots, and it's going very well. When I think about geared for growth, it's really driving efficiency, productivity, coworker empowerment. And it's across all the vectors that you would expect. It's our AI tooling, it's our partner relationships, it's the solutions we're developing and driving efficiency and effectiveness across all of those. That is actually a positive to our go-to-market. And so we've been very thoughtful and careful about timing, Adam, the go-to-market changes followed by this geared for growth on top of the foundational technology stack changes we've made over time.

當然，Adam。謝謝你的提問。關於「為成長蓄勢（Geared for Growth）」，我會這樣描述：這其實就是推動公司長期、可持續成功的下一個階段。因此，市場進入（go-to-market）已經是一個為期兩年的流程，我們在各個定位上都已到位，而且進展非常順利。當我談到為成長蓄勢時，核心是在推動效率、提升生產力、賦能同仁。這涵蓋你所預期的所有面向：我們的 AI 工具、我們的合作夥伴關係、我們正在開發的解決方案，以及在所有這些方面提升效率與效能。這實際上對我們的 go-to-market 是正向加成。因此，Adam，我們在時點安排上一直非常審慎、非常小心：先完成 go-to-market 的變革，再在其上疊加為成長蓄勢，同時也建立在我們多年來持續調整的基礎技術堆疊之上。

So this has been a 3-, 4-, 5-year process. And so we think we're managing it very well. And we've already seen some great uptick in the sales organizations for the AI tools that we've rolled out. So when you roll positive tools into the organization that are driving more precision selling, speed to value, things like that, that all helps in terms of the change management. And we're feeling really quite positive about the uptake and how it's going.

所以這是一個 3 年、4 年、5 年的流程。我們認為自己管理得非常好。而且我們已經看到，在我們推出的 AI 工具帶動下，銷售組織出現了很好的提升。當你把能帶來更精準銷售、縮短價值實現時間（speed to value）等正向工具導入組織時，這些都能在變革管理上提供幫助。我們對採用情況與推進進度感到非常正面。

The second question, I think, was on Hang Tan and our Chief Transformation and Strategy Officer. We had a movement inside. We moved one of our leaders over to a business environment. And so we had to fill the position of Chief Strategy and Transformation Officer Hang has been a great add. I think when you look at our business, you look at the speed of change in the world right now, you look at the position that we have in the market as the largest of our kind as the fullest capability as the trusted adviser having yet another player on the executive team with deep technical relationships, chops, operating experience and frankly, a competitive spirit is going to be one more addition to help us move with speed in the market to maintain our leading position.

第二個問題，我想是關於 Hang Tan 以及我們的首席轉型與策略長。我們內部有一次調動，把其中一位領導者調到業務端的環境，因此我們需要補上首席策略與轉型長這個職位。Hang 的加入非常加分。我認為，當你看我們的業務、看當前世界變化的速度、看我們在市場上的地位——作為同類中規模最大、能力最完整、且是值得信賴的顧問——在高階團隊再加入一位具備深厚技術人脈、專業能力、營運經驗，坦白說也有競爭精神的成員，將是另一項助力，幫助我們以更快速度在市場中行動，維持領先地位。

Helpful. Maybe just a follow-up for Al somewhat related to this initiative. I think you mentioned $100 million to $200 million run rate savings related to this. And I'm not having a hard time getting back to double-digit EPS growth, which was the algorithm when CDW traded at a much higher valuation multiple. So exciting stuff ahead in terms of that. But I did want to clarify, Al, on that $100 million to $200 million. Is that an annual, meaning like per year in 2027 and 2028? Or is that a total amount?

很有幫助。也許再追問一下 Al，與這項計畫有點相關。我想你提到與此相關的節省金額為 1 億到 2 億美元的年化節省（run rate savings）。我並不難理解如何回到雙位數 EPS 成長——那是 CDW 在更高估值倍數時的成長演算法。所以這方面未來很令人期待。不過我想請 Al 釐清一下這 1 億到 2 億美元：這是年度金額，也就是例如 2027、2028 每年各自的金額？還是累計總額？

And then secondly, it sounds like there's going to be some reinvestment. Any way for us to just kind of handicap it sounds like that may be a gross number, what might be a more reasonable net number?

其次，聽起來會有一些再投資。你能否讓我們大致估算一下：如果那是毛額（gross number），那麼較合理的淨額（net number）可能會是多少？

Yes. So first, amongst the things that Chris mentioned with geared to growth and all of the aspects of really improving our end-to-end operations, underpinning Geared for Growth, Adam, is our commitment to return to our targeted efficiency ratio and return to durable operating leverage. So that's probably the biggest takeaway from a financial perspective for you. As we look forward, first, these efforts have been underway. And in the first quarter, obviously, we had some front-end investments associated with them, but we expect those benefits to come through in the second half. And that's part of what supports our commitment to say operating leverage will happen in the second half of this year.

好的。首先，在 Chris 提到的「為成長蓄勢」以及全面提升端到端營運的各個面向之中，Adam，支撐為成長蓄勢的核心，是我們承諾回到目標效率比率（efficiency ratio），並回到可持續的營運槓桿（durable operating leverage）。從財務角度來看，這大概是你最重要的重點。展望未來，這些工作其實已在進行中。而在第一季，顯然我們有一些前期投資與之相關，但我們預期效益會在下半年逐步顯現。這也是支撐我們承諾「今年下半年將出現營運槓桿」的一部分。

So if you scroll that forward, Adam, to 2027, you should think of that $100 million estimate that we gave as a gross annual run rate impact. Now as you noted, some of that will get reinvested. I would say, upwards of half, maybe a little bit less there. But that reinvestment will include an expectation of ROI. So there's a compounding component of this. The $200 million would be what we see in the way of line of sight if we go further out a year or so and into 2028. Now Adam, as you would expect, when we provide this type of this transparency and particularly given the stage that we're at, we are often prudent. So we do see pretty meaningful opportunity and what could exceed those levels.

所以如果把時間往前推到 2027 年，Adam，你應該把我們給出的 1 億美元估算視為「年度毛額年化影響」（gross annual run rate impact）。如你所說，其中一部分會再投資。我會說，超過一半，或可能略低於一半。但這些再投資會包含對投資報酬率（ROI）的期待，因此會有複利式的效果。2 億美元則是我們在視野更往外延伸一年左右、進入 2028 年時所看到的可見度（line of sight）。當然，Adam，如你所預期，當我們提供這類透明度，尤其在目前這個階段，我們通常會比較審慎。因此我們確實看到相當有意義的機會，且可能超過這些水準。

But what we're giving you now is what we have confidence in, conviction around and line of sight in the way of these opportunities. And so we feel really good about this helping us to return back to that target efficiency level, getting to durable operating leverage and really enhancing our profitability while we're making a better experience for our customers, partners, coworkers.

但我們現在提供的是：我們有信心、具備把握（conviction），且在這些機會上有可見度的部分。因此我們對這將幫助我們回到目標效率水準、達成可持續的營運槓桿，並在為客戶、合作夥伴與同仁打造更好體驗的同時，實質提升獲利能力，感到非常有信心。

And it's very much appreciated. I know you guys typically don't go out that far, but to give us a little bit of a road map, exciting stuff ahead.

非常感謝。我知道你們通常不會展望到那麼遠，但能給我們一點路線圖，未來確實令人期待。

Your next question comes from the line of David Vogt, UBS.

下一個問題來自 UBS 的 David Vogt。

In your commentary about strong order growth and the backlog going into the back half. Can you help us square maybe pull back a little bit? Obviously, the supply chain challenges are a consideration on maybe why backlog ticked up a bit and your inability to deliver.

在你們談到強勁的訂單成長以及進入下半年時的積壓訂單（backlog）時，能否幫我們把脈一下、稍微退一步看？顯然，供應鏈挑戰可能是積壓訂單略有上升、以及你們無法交付的原因之一。

But you also talked about uncertainty in the back half. And I would assume that's related to uncertainty around demand following what could potentially be pretty meaningful price increases across the portfolio by your OEMs. Can you kind of help us square why you're thinking -- why you're confident enough to take the guide up for gross profit growth and the high end of, I guess, the EPS growth for the balance of the year given those sort of countervailing forces going forward? And then I have a follow-up.

但你們也談到下半年的不確定性。我猜這與需求的不確定性有關，因為你們的 OEM 可能在整個產品組合上進行相當顯著的漲價。你能否幫我們釐清：在這些相互拉扯的因素之下，為什麼你們仍有足夠信心上調全年毛利成長指引，以及我想是全年 EPS 成長區間的高端？我還有一個追問。

David -- so first, you should think of our outlook update as more steeped in Q2. We are not materially changing our view of the back half. That is an expectation that you might see some demand muting, you may see kind of hardware come off a bit in lieu of professional services, managed services netted down revenues. So what gives rise to our increase in the outlook is, #1, the amount of backlog that flowed into Q2, #2, the continued order activity written demand that we are processing as we speak and sit here now and the ongoing engagement and sentiment that we hear from our customers.

David——首先，你應該把我們這次的展望更新視為更偏向反映第二季（Q2）的情況。我們並沒有實質改變對下半年的看法。我們仍預期你可能會看到需求稍微趨緩，可能會看到硬體相對回落一些，轉而由專業服務、託管服務帶動，而淨額化（netted down）後的營收會下降。促使我們上調展望的原因是：第一，流入 Q2 的積壓訂單量；第二，我們此刻正在處理的持續訂單活動與已簽訂需求（written demand）；第三，我們從客戶端聽到的持續互動與情緒（sentiment）。

So the pickup in our outlook was really steeped in an expectation of stronger results in Q2. Now David, importantly, as you know, we've been prudent all along with this. What we'll be looking for and looking closely at in Q2 is seeing does that order activity engagement with customers continue that could give rise to more optimism in the back half. But we're going to pause here and make sure that kind of we see that before we further update our outlook in the back half of the year.

因此，我們上調展望主要是基於對 Q2 更強結果的預期。David，重要的是，如你所知，我們一路以來都保持審慎。我們在 Q2 會密切觀察的是：與客戶的訂單活動與互動是否持續，這才可能帶來對下半年更樂觀的看法。但我們會先在這裡暫停一下，確保看到這些跡象之後，再進一步更新下半年的展望。

Great. That's helpful. And maybe just a follow-up on the backlog. Is there any color or commentary you can help us understand like the composition of the backlog, either by category, duration and what the underlying sort of margin dynamics of said products within the backlog looks like so we can think about timing of how that backlog goes into the second half and maybe into calendar '27 and what the potential margin impacts might look like?

很好，這很有幫助。再追問一下關於積壓訂單：你能否提供一些資訊，幫助我們理解積壓訂單的組成，例如按類別、期間（duration），以及這些積壓訂單中產品的潛在毛利動態（margin dynamics）大概是什麼樣子？這樣我們可以思考這些積壓訂單在下半年、甚至到 2027 年曆年（calendar '27）的消化時點，以及可能的毛利影響。

Yes. What I would share with you is the composition of the backlog looks consistent with the mix of business that we experienced in Q1. As you would expect, we were heavy on the solutions hardware side of things. So that is a meaningful component of the hardware backlog. But as well on the PC side of the house, we definitely had products that did not get delivered, and that is part of the reason why our growth for Q1 on the PC front looked a bit more muted than you might have expected.

可以。我能分享的是：積壓訂單的組成看起來與我們在第一季（Q1）所經歷的業務組合一致。如你所預期，我們在解決方案硬體（solutions hardware）方面占比很高，因此硬體積壓訂單中有相當一部分來自這一塊。同時在 PC 端，我們確實有一些產品未能交付，這也是為什麼我們第一季在 PC 方面的成長看起來比你可能預期的更為溫和的部分原因。

Your next question comes from the line of Ruplu Bhattacharya, Bank of America.

下一個問題來自美國銀行（Bank of America）的 Ruplu Bhattacharya。

I've got 2 of them. Al, I'm going to start with another margin-related question. And you gave netted down items as a percent of gross profit. If we take out netted down items, the gross margin of the core looks like declined to 25.3%, which is down 116 bps sequentially -- sorry, year-on-year and about 166 bps sequentially. As suppliers are raising prices, are you able to pass that on to end customers?

我有兩個問題。Al，我先從另一個與毛利相關的問題開始。你提供了淨額化項目（netted down items）占毛利的百分比。如果把淨額化項目剔除，核心業務的毛利率看起來降到 25.3%，年對年下降 116 個基點——抱歉——而且季對季下降約 166 個基點。當供應商在提高價格時，你們能把這些漲價轉嫁給終端客戶嗎？

And what drove that decline in margins for the core business? And as you look into the second half, do you see that improving based on mix and your visibility that you have? Do you see the core business margin stabilizing higher? And I have a follow-up.

那麼，核心業務毛利率下滑的原因是什麼？另外，展望下半年，基於產品組合以及你們目前的能見度，你是否看到毛利率有所改善？你是否看到核心業務毛利率在較高水準上趨於穩定？我還有一個追問。

Yes, Ruplu. So let me just summarize where we came out on a gross margin basis for the quarter. So Q1 overall gross margin, 21%, down 60 basis points year-over-year. The high majority of that delta, Ruplu, came from the mix out of netted down revenues, literally, whatever, 50 basis points of that was due to the drop in netted down revenues. Now if we translate to your question with respect to gross margins ex netted down, we printed a gross margin of 14.8%. That was actually flat year-over-year versus 2025.

是的，Ruplu。那我先總結一下本季的毛利率表現。第一季整體毛利率為 21%，年減 60 個基點。Ruplu，這個差異的絕大部分來自「淨額抵減收入」（netted down revenues）的組合影響；直白地說，其中大約 50 個基點是因淨額抵減收入下滑所致。若回到你問的、排除淨額抵減後的毛利率，我們的毛利率為 14.8%，相較 2025 年其實持平。

If you look at that non-netted down margin relative to Q4, Q3, you will see it is lower. I would just remind you that Q1 is our typical seasonal trough of non-netted down margins. The headline there for you, Ruplu, is that as you would expect, as we get started in the year on our product margins, we don't have full earning out or optimization of all of our channel incentives that attach to products, and that's why Q1 seasonality is typically lower.

如果你把這個非淨額抵減毛利率拿來和第四季、第三季相比，你會看到它較低。我想提醒的是，第一季通常是我們非淨額抵減毛利率的季節性低點。Ruplu，重點在於：如你所預期，年初在產品毛利率方面，我們尚未完全實現或最佳化所有附加在產品上的通路激勵，因此第一季的季節性通常會比較低。

Other variables that maybe I would just note sequentially here is that in Q1, we had obviously a drop in our mix of services, which would dilute the margins a bit and maybe a little bit more mix in enterprise business that comes at a slightly lower margin. So overall, we feel really good about the durability of our margins holding up, notwithstanding that netted down revenues came down in the quarter, but we expect that to come back in the back half of the year.

另外，按季來看還有一些變數值得一提：第一季我們的服務組合明顯下滑，這會在一定程度上稀釋毛利率；同時企業業務的組合占比可能略高，而其毛利率略低一些。整體而言，我們對毛利率的韌性與維持狀況感到很有信心；儘管本季淨額抵減收入下降，但我們預期它會在下半年回升。

Got it. Can I ask a follow-up, which is a higher-level question. As you look into the second half of the year, what have you factored in, in terms of end market demand destruction as component costs, including memory are going higher? And how can investors get confidence that your guidance is sufficiently derisked for any such lower demand?

了解。我可以追問一個更高層次的問題嗎？展望下半年，當零組件成本（包括記憶體）走高時，你們在假設中納入了多少終端市場需求被破壞（demand destruction）的情況？投資人要如何有信心，確信你們的指引已充分去風險化，以因應可能出現的較低需求？

So is there a way you can quantify what you're expecting for PC growth or server growth? And in terms of like what -- I guess what I'm trying to understand is how much can the economy be weaker or how much can demand be lower and you still be able to meet that 200 to 300 basis points of outperformance? Appreciate the color.

你們是否能量化一下對 PC 成長或伺服器成長的預期？以及——我想了解的是：經濟還能弱到什麼程度、或需求還能低到什麼程度，你們仍然能達成 200 到 300 個基點的超越表現？感謝提供更多說明。

Sure, Ruplu. Obviously, what we've seen in Q1 and what we expect in Q2 is an elevated level of solutions hardware, really customers showing an urgency to get this product that could go up in price, might be supply constrained. That being said, in the back half of the year, we don't expect that those categories to drop off a cliff. We just expect it to normalize in the environment.

當然，Ruplu。很明顯地，我們在第一季看到、並且預期第二季也會看到解決方案硬體（solutions hardware）維持在較高水準，客戶確實展現出急迫性，想要取得這些可能漲價、也可能供應受限的產品。即便如此，在下半年我們不預期這些類別會斷崖式下滑；我們只是預期它會在環境中回歸正常化。

And I think what we would see in the back half is a more balanced view of our different categories. That is specifically netted down revenue, SaaS, cloud, professional services, managed services to look more balanced relative to that solutions hardware. So we would not call that demand destruction. It's really just a normalization and returning back towards what we would call a more healthy regular balance of product allocations.

我認為下半年我們會看到各類別更均衡的表現，特別是淨額抵減收入、SaaS、雲端、專業服務、託管服務，會相對於解決方案硬體更為平衡。因此我們不會稱之為需求破壞；這其實只是正常化，並回到我們所說更健康、常態的產品配置平衡。

Your next question comes from the line of Keith Housum, Northcoast Research.

下一個問題來自 Northcoast Research 的 Keith Housum。

Great. In terms of the second half of the year, I appreciate the cautious tone based on the uncertainty and volatility in the markets today. As you think about product shortages and constraints in terms of allocations, how much is that factoring into your conservative stance for the second half of the year?

很好。就下半年而言，我理解你們基於當前市場的不確定性與波動而採取較為謹慎的語氣。當你們思考產品短缺、以及配額（allocations）方面的限制時，這些因素在多大程度上影響了你們對下半年較保守的立場？

Keith, not materially. Look, I think what we've seen is definitely an extension of lead times in products. And I talked about backlog, but we're seeing lead times. But I would say, as the year unfolds here, it definitely is becoming more orderly, the line of sight to lead times, the actual deliveries versus expectations. is settling in. So we are not feeling at this juncture, and we reserve the right to give you the update as we get to midyear. We're not feeling significant concern around being able to get product and the risk that customers would be waiting a very extended amount of time. So again, reasonably orderly, improving with time, and we would expect that the second half of the year looks much more normalized as things play out.

Keith，影響不大。你看，我們確實看到產品交期延長。我也談到過積壓訂單（backlog），我們正在看到交期。但我會說，隨著今年推進，情況確實變得更有秩序：對交期的可視性、實際交付相對於預期，都逐步穩定下來。因此在此刻我們並不感到——當然我們保留在年中時向你更新的權利——我們並不對能否取得產品、以及客戶需要等待非常長時間的風險感到重大擔憂。總之，情況相當有序、且隨時間改善；我們預期下半年隨著事態發展會更趨於正常化。

Great. And just as a follow-up, I appreciate the color on Geared for Growth. Is the driver of the opportunity for Geared for Growth, is it more of the AI-driven tools and the specification of some of your targeting work there? Is that driving the potential benefits you see about $100 million to $200 million?

很好。再追問一下，感謝你們對 Geared for Growth 的補充說明。推動 Geared for Growth 機會的主要驅動因素是什麼？是更多來自 AI 驅動工具，以及你們在目標鎖定工作上的更精準規格化嗎？這是否在推動你們所看到約 1 億到 2 億美元的潛在效益？

And then is this going to come more from doing more with less -- or is there going to be another round of layoffs that you perhaps have to entertain as you go through this process?

另外，這會更多來自「以更少資源做更多事」——還是你們在推進這個流程時，可能需要考慮再進行一輪裁員？

Yes. I'll start with that one. Think of it as a wide spectrum. It certainly is focused on driving effectiveness into our sales and customer-facing organizations, but equally, embedding AI across our core end-to-end processes, which will indeed drive efficiency. In terms of where the specific dollars are coming from, they will be derived both from increased productivity as well as cost savings. and having our coworkers leverage their time, skills and capabilities in a more valuable way. So I just would say that Geared for Growth to us is actually all in service to our customers.

是的。我先回答這個。把它想成一個很廣的光譜。它當然聚焦於提升我們銷售與面向客戶組織的效能；同時也同等重視在我們核心端到端流程中嵌入 AI，而這確實會帶來效率提升。至於具體的金額來源，將同時來自生產力提升與成本節省，並讓同仁以更有價值的方式運用他們的時間、技能與能力。所以我會說，對我們而言，Geared for Growth 的一切最終都是為了服務我們的客戶。

At the end of the day, we've done a lot of foundational work over 4 years to get to the point now where we are able to be focused on AI first and our customers' outcomes and in doing so, supercharge the power of the business through AI.

歸根結底，我們在過去 4 年做了大量基礎性工作，讓我們走到今天這個階段，能夠以 AI 優先、以客戶成果為核心；並在此過程中，透過 AI 強化業務的動能。

So we're quite excited about this program in view of the entire context of moving with speed to value for our customers, for our partners and for the development of our coworkers.

因此，從為客戶、合作夥伴加速實現價值，以及促進同仁發展的整體脈絡來看，我們對這個計畫感到非常振奮。

We have reached the end of the Q&A session. I will now turn the call back to Chris Leahy for closing remarks.

問答環節到此結束。我現在把電話交回給 Chris Leahy 作結語。

Okay. Thank you, Samantha. Let me close by recognizing the incredible dedication and hard work of our coworkers around the globe. Their ongoing commitment to serving our customers, that's what makes us successful. Thank you to our customers for the privilege and opportunity to help you achieve your goals. And thank you to those of you listening for your time and continued interest in CDW. Al and I look forward to talking to you next quarter.

好的。謝謝你，Samantha。最後我想表彰我們全球同仁令人敬佩的投入與辛勤工作。他們持續致力於服務客戶，這正是我們成功的關鍵。也感謝我們的客戶，給予我們榮幸與機會協助你們達成目標。並感謝各位收聽者撥冗聆聽，以及對 CDW 持續的關注。我和 Al 期待在下個季度再與各位交流。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。