CDW Corporation (CDW) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the CDW second-quarter earnings call. (Operator Instructions)

各位好。感謝各位加入我們，歡迎參加 CDW 2026 年第二季財報電話會議。（接線員指示）

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, Joel. Good morning, everyone. Joining me today to review our second 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 use to follow along during the call. 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.

謝謝你，Joel。各位早安。今天與我一同回顧 2026 年第二季業績的有：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，並已上傳至我們的網站 investor.cdw.com；同時也提供補充簡報投影片，方便各位在會議期間對照。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。

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 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.

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。有關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，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任何義務。

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 diluted share, non-GAAP selling and administrative expenses, non-GAAP effective tax rate, net sales on a constant currency basis, free cash flow and adjusted free cash flow. Non-GAAP measures have been reconciled to the most directly comparable GAAP measures in accordance with SEC rules.

本簡報亦包含若干非 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 稀釋後每股盈餘、非 GAAP 銷售與管理費用、非 GAAP 有效稅率、以固定匯率計算的淨銷售額、自由現金流與調整後自由現金流。依據 SEC 規定，非 GAAP 指標已與最直接可比的 GAAP 指標進行調節。

You'll find reconciliation charts in the slides made available on our website and in our earnings release. Please note, all references to growth rates or dollar amount changes in our remarks today are versus the comparable period in 2025, with net sales growth rates described on an average daily basis, unless otherwise indicated. 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.

您可在我們網站提供的投影片以及財報新聞稿中找到調節表。請注意，除非另有說明，我們今天談話中所有成長率或金額變動的比較基準皆為 2025 年同期；其中淨銷售額成長率以平均每日基礎描述。本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。

With that, let me turn the call over to Chris.

接下來，我把電話交給 Chris。

Thank you, Steve, and good morning, everyone. Before we begin our review of the quarter, I want to briefly address the announcement we issued this morning regarding Al's planned retirement. We shared that Al plans to retire in 2027 after an extensive career following the completion of an orderly transition. He'll remain in his current role until his successor is appointed, and we will then continue to serve in an advisory capacity to ensure continuity. The search for his successor is currently underway.

謝謝你，Steve，各位早安。在我們開始回顧本季之前，我想先簡要說明我們今早發布、關於 Al 計畫退休的公告。我們已分享，Al 計畫在完成有序交接後，於 2027 年退休，結束其長期的職涯。在其接任者任命之前，他將繼續擔任現職；之後也將以顧問身分持續提供協助，以確保業務延續性。目前接任者的遴選工作正在進行中。

On a personal note, I want to thank Al for his many contributions to CDW's success. He has been a trusted partner to me, an exceptional leader for our coworkers and a driving force behind the growth and evolution of our company. I'm grateful that we will continue to benefit from his expertise as we execute a seamless transition. With that, let me turn to the second quarter performance, strategic progress and outlook. Al will then provide additional details on our financial results, capital allocation priorities and expectations for the balance of the year.

就個人而言，我要感謝 Al 對 CDW 成功所做出的諸多貢獻。他一直是我可信賴的夥伴、同仁們的卓越領導者，也是推動公司成長與演進的重要力量。我很感激在我們推動無縫交接的過程中，仍能持續受益於他的專業。接下來，我將談談第二季的表現、策略進展與展望。之後 Al 會就我們的財務結果、資本配置優先事項，以及今年剩餘期間的預期提供更多細節。

The team delivered strong results this quarter through disciplined execution and a clear focus on the priorities driving customer demand. Together, they delivered net sales of $6.6 billion, up 10%; gross profit of $1.3 billion, up 6%; non-GAAP operating income of $556 million, up 7%; and non-GAAP earnings per diluted share of $2.91, up 12%. Net sales, gross profit and non-GAAP earnings per share set new all-time quarterly records. These results demonstrate the strength and resilience of CDW's business model in a dynamic technology environment shaped by growing AI complexity, pricing volatility and ongoing memory challenges. Demand remained healthy with AI increasingly influencing customer activity despite cautious and deliberate customer spending.

團隊本季透過嚴謹的執行與對驅動客戶需求之優先事項的明確聚焦，交出強勁成果。整體而言，淨銷售額達 66 億美元，成長 10%；毛利 13 億美元，成長 6%；非 GAAP 營業利益 5.56 億美元，成長 7%；非 GAAP 稀釋後每股盈餘 2.91 美元，成長 12%。淨銷售額、毛利與非 GAAP 每股盈餘皆創下歷史單季新高。這些成果展現 CDW 商業模式在動態科技環境中的實力與韌性；該環境受到 AI 複雜度提升、價格波動，以及持續的記憶體供應挑戰所影響。儘管客戶支出仍審慎且有計畫，需求依然健康，且 AI 正日益影響客戶活動。

Customer investment in AI readiness and modernization drove strong infrastructure demand. By bringing together the right technology, expertise and execution, the team delivered double-digit top line growth with substantial gross profit dollars. Strong gross profit, combined with operating leverage and disciplined capital allocation, drove 12% non-GAAP earnings per share growth.

客戶在 AI 就緒與現代化方面的投資，帶動強勁的基礎架構需求。透過整合合適的技術、專業能力與執行力，團隊實現雙位數營收成長，並帶來可觀的毛利金額。強勁毛利結合營運槓桿與嚴謹的資本配置，推動非 GAAP 每股盈餘成長 12%。

Today, AI infrastructure implementation is most advanced among our largest customers, which is typical of a major technology transformation cycle. Infrastructure investment comes first, followed by services software and life cycle opportunities as adoption expands, deployment activities broaden across customers of all sizes. What shapes demand may change from quarter-to-quarter, but technology remains essential and increasingly complex. Technology changes, customer priorities change, CDW's role does not. That enduring relevance is the foundation of our value proposition.

目前，AI 基礎架構的導入在我們最大型客戶之間最為成熟，這符合重大科技轉型週期的一般特徵。基礎架構投資通常先行，隨後在採用擴大、部署活動擴展至各種規模客戶時，服務、軟體與全生命週期機會將接續出現。每一季影響需求的因素可能改變，但科技仍不可或缺，且日益複雜。科技在變、客戶優先事項在變，但 CDW 的角色不變。這種長期的關聯性，是我們價值主張的基礎。

Let's take a deeper look at how we met customer priorities this quarter. There were three primary drivers of performance: our balanced portfolio of customer end markets, the breadth of our full stack capabilities and our growth strategy, which sustains our relevance. First, our diversified customer portfolio. The diversity of our customer end markets is one of the defining strengths of our business model.

接下來更深入看看我們本季如何滿足客戶的優先事項。本季表現主要由三項因素驅動：我們在客戶終端市場的均衡組合、我們全堆疊能力的廣度，以及能維持我們關聯性的成長策略。首先是我們多元化的客戶組合。客戶終端市場的多樣性，是我們商業模式最具代表性的優勢之一。

Today, we operate across three US segments: Commercial, Government and Education. Commercial serves customers through dedicated corporate, health care and financial services teams. Within each end market, we align resources by customer size, enterprise, mid-market and small business. Government is aligned around state and local and federal customers, while Education serves both K-12 and higher education institutions. Our other segment represents our combined UK and Canadian operations. Each market has dedicated sales teams and deep industry and technical expertise.

目前，我們在美國涵蓋三個事業部門：商業（Commercial）、政府（Government）與教育（Education）。商業部門透過專責的企業、醫療保健與金融服務團隊服務客戶。在各終端市場內，我們依客戶規模配置資源，包括大型企業、中型市場與小型企業。政府部門則依州與地方政府以及聯邦政府客戶進行配置；教育部門服務 K-12 與高等教育機構。其他部門代表我們英國與加拿大業務的合併營運。各市場皆配有專責銷售團隊，並具備深厚的產業與技術專業。

Let's take a look at how they performed this quarter. Commercial delivered another strong quarter with net sales increasing 9%. Corporate increased 11%, driven by the demand for infrastructure modernization, cloud and AI-readiness initiatives.

接下來看看他們本季的表現。商業部門再度交出強勁一季，淨銷售額成長 9%。企業（Corporate）成長 11%，主要受基礎架構現代化、雲端與 AI 就緒計畫需求帶動。

Healthcare remained a standout performer, growing 9%, driven by demand for mission-critical outcomes, including AI-enabled claims management and clinical documentation. Financial Services increased 2% with continued healthy customer demand. Government net sales increased approximately 14%, driven by improving federal demand and continued momentum across state and local customers. Clients prioritize infrastructure, software life cycle management and productivity initiatives.

醫療保健仍是表現突出的領域，成長 9%，主要由對關鍵任務成果的需求所驅動，包括 AI 驅動的理賠管理與臨床文件製作。金融服務成長 2%，客戶需求持續健康。政府部門淨銷售額約成長 14%，主要受聯邦需求改善以及州與地方政府客戶持續動能帶動。客戶優先投入基礎架構、軟體生命週期管理與生產力提升計畫。

Education net sales increased by approximately 1%. K-12 demand remained healthy with a strong mix of software services and life cycle offerings despite fulfillment timing shifts. Higher education continued to operate in a constrained funding environment. International once again delivered exceptional growth. Net sales increased approximately 23%, led by a record quarter in Canada and continued strong momentum in the U.K.

教育部門淨銷售額約成長 1%。K-12 需求維持健康，儘管交付時點有所變動，軟體、服務與生命週期方案的組合仍然強勁。高等教育仍處於資金受限的環境中運作。國際業務再度展現卓越成長。淨銷售額約成長 23%，由加拿大創紀錄的一季以及英國持續強勁動能所帶動。

Demand remained healthy across hardware, software and cloud categories with both the U.K. and Canada delivering mid-teens or better local market growth. The second driver of our results this quarter is the breadth of our full stack, full life cycle offering, which enables us to capture demand across evolving customer priorities and technology trends.

硬體、軟體與雲端類別的需求皆維持健康，英國與加拿大在當地市場的成長率皆達到約中十位數或更高。本季成果的第二個驅動因素，是我們全堆疊、全生命週期方案的廣度，使我們能掌握隨客戶優先事項與科技趨勢演變而產生的需求。

During the quarter, success addressing healthy demand for modernization, AI readiness and resilience drove a 10% increase in hardware revenue. Servers, storage and netcomm all delivered very healthy double-digit growth.

本季期間，成功因應現代化、AI 就緒與韌性等健康需求，帶動硬體營收成長 10%。伺服器、儲存與網路通訊（netcomm）皆實現非常健康的雙位數成長。

Notebook and desktops increased a combined 10%, reflecting strong execution and customer willingness to invest in mission-critical technology despite pricing pressures. Higher average selling prices more than offset lower unit volume. Software, cloud and security all delivered healthy top line and gross profit growth. Software increased by low double digits driven by security, application suites and storage and network area management software. Robust cloud growth reflected continued prioritization of application modernization, AI evaluation and hybrid environment optimization.

筆記型電腦與桌上型電腦合計成長10%，反映出在定價壓力下，我們仍展現強勁的執行力，且客戶願意投資於關鍵任務技術。較高的平均銷售價格足以抵銷較低的出貨量。軟體、雲端與資安皆實現健康的營收與毛利成長。軟體在資安、應用套件以及儲存與網路區域管理軟體的帶動下，成長達低雙位數。強勁的雲端成長反映客戶持續優先推動應用程式現代化、AI 評估與混合環境最佳化。

Memory price inflation also contributed to cloud adoption as some customers sought help finding alternatives to hardware expenditures. For security, both top line and gross profit increased double digits, driven by demand for both protecting advanced technology architectures and strengthening governance and compliance capabilities.

記憶體價格上漲也促進雲端採用，因為部分客戶尋求協助以找到硬體支出以外的替代方案。在資安方面，營收與毛利皆以雙位數成長，主要由保護先進技術架構以及強化治理與合規能力的需求所帶動。

Services increased 1%. Just like every part of the business, services demand follows customer priorities. This quarter, customer focus on hardware and cloud investments, combined with deployment timing influenced the mix of services demand.

服務成長1%。如同業務的每個部分，服務需求取決於客戶的優先事項。本季客戶聚焦於硬體與雲端投資，加上部署時程的影響，改變了服務需求的組合。

We expect a pickup in life cycle and professional services as customers move from procurement to implementation to management. The third performance driver, our growth strategy is crucial to sustaining our relevance. Our strategy is built around an enduring reality. Technology will continue to evolve, but the need for a trusted partner remains constant. As AI adds complexity across the technology landscape, that need has never been greater.

隨著客戶從採購走向導入再到管理，我們預期生命週期服務與專業服務將回升。第三個績效驅動因素——我們的成長策略——對於維持我們的相關性至關重要。我們的策略建立在一個長期不變的現實之上。科技將持續演進，但對可信賴合作夥伴的需求始終不變。隨著 AI 為整體科技版圖增添複雜度，這項需求從未如此迫切。

Customers increasingly recognize that AI is not a point solution, it's an architectural challenge. AI workloads span on-premises, public cloud, edge and hybrid environments. And as AI scales, organizations must integrate complex technology environments while managing security, governance and risk. Accomplishing this requires a partner that can orchestrate the resources required and deliver the execution needed to turn AI investments into tangible outcomes. CDW is that partner.

客戶日益認知到，AI 並非單點解決方案，而是一項架構性挑戰。AI 工作負載橫跨地端、公有雲、邊緣與混合環境。而隨著 AI 規模擴大，組織必須在管理資安、治理與風險的同時，整合複雜的技術環境。要達成此目標，需要一位能夠協調所需資源並提供執行力的合作夥伴，將 AI 投資轉化為具體成果。CDW 就是這樣的合作夥伴。

We bring together the right technology, expertise and execution as we help customers deploy AI with confidence, scale faster and realize value sooner. The strategic implication is straightforward. AI increases our relevance because it increases complexity. And as customers move from AI experimentation to pilots, to implementation, to scaling, we are capturing opportunities today across infrastructure, security, data integration and ongoing life cycle support. Let me share a couple of recent examples that illustrate the role CDW is playing across customers' AI journeys.

我們整合適切的技術、專業與執行力，協助客戶有信心地部署 AI、更快擴展並更早實現價值。其策略意涵很直接。AI 提升了我們的相關性，因為它提高了複雜度。當客戶從 AI 實驗走向試點、導入再到擴大規模時，我們正於基礎架構、資安、資料整合與持續的生命週期支援等領域把握當前機會。我分享幾個近期案例，說明 CDW 在客戶 AI 旅程中扮演的角色。

A Western state's technology office has made substantial progress in its AI journey, launching an AI sandbox, advancing statewide AI literacy and incentivizing agency adoption. As AI activity accelerates, the state faces a challenge common across many organizations, a growing patchwork of AI initiatives without a consistent way to manage, govern and scale them. Through our AI 360 Framework, we designed a solution that is helping the state move from isolated AI projects to a cohesive operating model that integrates strategy, governance, infrastructure, security, data and application development.

某西部州的科技辦公室在其 AI 旅程上已取得重大進展，推出 AI 沙盒、推動全州 AI 素養，並鼓勵各機關採用。隨著 AI 活動加速，該州面臨許多組織共同的挑戰：AI 計畫日益零散，卻缺乏一致的方法來管理、治理並擴展。透過我們的 AI 360 Framework，我們設計了一套解決方案，協助該州從孤立的 AI 專案轉向一致的營運模式，整合策略、治理、基礎架構、資安、資料與應用開發。

By bringing together the right technologies, partners, expertise, we are creating a scalable framework for evaluating, deploying and governing AI across agencies, enabling the state to accelerate adoption while maintaining security oversight and ensuring measurable outcomes. This multiyear, multimillion dollar engagement demonstrates the scalability of our model, and we will drive recurring services revenue. We are now productizing the solution to deliver highly relevant and proven AI-driven outcomes at scale to state and local governments across the country.

透過整合適切的技術、合作夥伴與專業能力，我們正在打造一個可擴展的框架，用於跨機關評估、部署與治理 AI，使該州在維持資安監督的同時加速採用，並確保成果可衡量。這項為期多年、金額達數百萬美元的合作案展現了我們模式的可擴展性，並將帶動經常性服務營收。我們正將此解決方案產品化，以在全國各地的州與地方政府中大規模交付高度相關且經驗證的 AI 驅動成果。

Another engagement, one with a large financial services company, demonstrates the broader services opportunity that is emerging as frontier AI innovation accelerates. Like many enterprise organizations, our customer is dealing with a growing gap between the volume and complexity of new AI-driven threats and the ability of security teams to remediate them quickly and consistently. They need a more coordinated, scalable approach to managing vulnerabilities across their entire technology estate.

另一項合作案——與一家大型金融服務公司——展現了隨著前沿 AI 創新加速而浮現的更廣泛服務機會。如同許多企業組織，我們的客戶正面臨一個日益擴大的落差：新的 AI 驅動威脅在數量與複雜度上快速增加，而資安團隊難以快速且一致地修補。他們需要一種更協調、可擴展的方法，來管理其整體技術資產中的弱點。

Through our Claude Mythos AI security vulnerability program, the team brought in CDW expertise across security, observability, cloud DevOps, systems engineering, hybrid infrastructure and global delivery to design a more automated approach to identifying and remediating vulnerabilities at scale. This multimillion dollar engagement demonstrates the power of CDW's integrated capabilities.

透過我們的 Claude Mythos AI 資安弱點計畫，團隊引入 CDW 在資安、可觀測性、雲端 DevOps、系統工程、混合式基礎架構與全球交付等領域的專業，設計出更自動化的方法，以大規模識別並修補弱點。這項金額達數百萬美元的合作案展現了 CDW 整合式能力的威力。

By bringing together expertise from across the organization, we are solving complex customer challenges and delivering mission-critical outcomes. Two great examples of how we are helping customers deliver AI-driven outcomes today, and the opportunity broadens from here.

透過整合全公司各領域的專業，我們正在解決客戶的複雜挑戰並交付關鍵任務成果。這是兩個我們目前如何協助客戶交付 AI 驅動成果的絕佳例子，而機會也將由此持續擴大。

As inference moves closer to users and devices, AI deployments will require a wider range of technologies and services, creating additional opportunities for CDW to deliver customer outcomes, capture share and drive profitable growth. The same objective driving customer AI adoption, better business and mission outcomes is shaping how we are leveraging AI within CDW. Our approach is straightforward, deploy AI to create measurable value, to improve customer experience and outcomes, increase coworker productivity and generate operating leverage.

隨著推論更接近使用者與裝置，AI 部署將需要更廣泛的技術與服務，為 CDW 創造更多交付客戶成果、提升市占並推動獲利成長的機會。推動客戶採用 AI 的同一目標——更佳的業務與關鍵任務成果——也正在形塑我們在 CDW 內部如何運用 AI。我們的方法很直接：部署 AI 以創造可衡量的價值、改善客戶體驗與成果、提升同仁生產力，並產生營運槓桿。

CDW Assist Super Agent, our AI-powered sales tool, delivers on all three. It supports account planning, opportunity identification, customer engagement and workflow automation. CDW Super Agent is just one example of how we are putting AI to work. We are embedding AI throughout the business from sales and finance to operations, AI is simplifying processes, improving consistency and increasing efficiency.

CDW Assist Super Agent（我們的 AI 驅動銷售工具）在這三方面皆有成果。它支援客戶經理的帳戶規劃、商機辨識、客戶互動與工作流程自動化。CDW Super Agent 只是我們將 AI 投入實務的一個例子。我們正把 AI 嵌入整個業務，從銷售與財務到營運；AI 正在簡化流程、提升一致性並提高效率。

We are moving with discipline and speed supported by strong governance and security. AI is strengthening how we operate today while creating a meaningful opportunity to drive productivity and profitable growth over the long term. And that leads me to our full stack to our full year outlook.

在強健的治理與資安支援下，我們以紀律與速度推進。AI 正在強化我們當前的營運方式，同時也創造一個有意義的機會，在長期推動生產力與獲利成長。接下來我將談到我們的全年度展望。

Current market conditions remain constructive. Infrastructure demand is strong, cloud consumption trends are favorable, customer engagement is healthy and AI-related activity continues to expand across industries and customer segments. Written demand, shipping activity and backlog trends remain robust, with writings exceeding invoicing and backlog significantly elevated.

目前的市場狀況仍具建設性。基礎架構需求強勁、雲端消費趨勢有利、客戶互動健康，且與 AI 相關的活動持續在各產業與客戶族群中擴大。簽單需求、出貨活動與積壓訂單趨勢仍然強勁，簽單金額高於開立發票金額，且積壓訂單顯著偏高。

Operating excellence and expense discipline remain priorities, and we expect continued improvement in our operating leverage as we move throughout the year. Given this backdrop, we are increasing our full year outlook.

營運卓越與費用紀律仍是優先事項，我們預期隨著年度推進，營運槓桿將持續改善。在此背景下，我們上調全年度展望。

We now expect the US IT addressable market to grow in the mid-single digits in 2026 on a customer spend basis, with 200 to 300 basis points of CDW outperformance. In an environment where technology decisions are becoming more consequential, CDW has never been more relevant.

我們目前預期，以客戶支出為基礎，2026 年美國 IT 可服務市場將以中個位數成長，且 CDW 將超越市場 200 至 300 個基點。在科技決策日益關鍵的環境下，CDW 的相關性從未如此之高。

Our scale, broad capabilities, deep industry and technical expertise and full stack, full life cycle model ensure that our success is not tied to any single technology category. We help customers maximize the value of their technology investments and capture opportunity wherever demand emerges.

我們的規模、廣泛能力、深厚的產業與技術專業，以及全堆疊、全生命週期模式，確保我們的成功不會繫於任何單一技術類別。我們協助客戶最大化其科技投資價值，並在需求出現之處把握機會。

Customers rely on us to simplify complexity and translate technology investments into tangible outcomes. Partners rely on us to accelerate adoption, extend the reach of their innovation and bring their technology to market at scale. Our position between customers and partners in the heart of the technology ecosystem reinforces our confidence in the durability of our business model, the strength of our competitive position and the opportunity ahead. Technology evolves, customer priorities change, our value proposition endures.

客戶仰賴我們簡化複雜性，並將科技投資轉化為具體成果。合作夥伴仰賴我們加速採用、擴大其創新的觸及範圍，並以規模化方式將其技術推向市場。我們位於客戶與合作夥伴之間、處於科技生態系核心的位置，強化了我們對商業模式韌性、競爭地位強度以及未來機會的信心。科技演進、客戶優先事項改變，但我們的價值主張歷久不衰。

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，請他更詳細檢視我們的財務表現。Al？

Thank you, Chris, and good morning, everyone. It has been a privilege to serve as CFO of CDW for the last 5 years. I'm proud of what our team has accomplished and how we've continued to help our customers achieve meaningful outcomes, all while transforming our own business and delivering growth and profitability for our shareholders. I am committed to supporting a smooth transition and will ensure the company is well positioned for continued success.

謝謝你，Chris，各位早安。過去 5 年能擔任 CDW 的財務長是一項榮幸。我為團隊的成就感到自豪；我們持續協助客戶達成有意義的成果，同時也轉型我們自身的業務，並為股東帶來成長與獲利。我承諾支持順利交接，並確保公司具備良好條件以持續成功。

Turning to our results. I will begin with details on our second-quarter performance, move to capital allocation priorities and then finish with our outlook for the remainder of 2026. Second quarter gross profit of $1.3 billion was up 6.3% year over year. This was modestly above our expectation for a mid-single-digit year-over-year increase. The performance reflected solid demand with customers continuing to prioritize technology investments that support AI, productivity, workplace modernization, infrastructure needs and security. Second quarter gross margin was 20.1%, down 70 basis points year over year.

接下來談我們的業績表現。我將先說明我們第二季的表現細節，接著談資本配置優先順序，最後以我們對2026年剩餘期間的展望作結。第二季毛利為13億美元，年增6.3%。此表現略高於我們對年增中個位數百分比的預期。此表現反映需求穩健，客戶持續優先投入可支援AI、生產力、工作場所現代化、基礎設施需求與資安的科技投資。第二季毛利率為20.1%，較去年同期下降70個基點。

As we've discussed in prior quarters, gross margin is sensitive to changes in both customer and product mix. In the second quarter, margins reflected the contribution from large hardware infrastructure opportunities tied to modernization and AI readiness and particularly associated with enterprise customers. To a lesser extent, gross margins also reflected a lower relative contribution from services year over year.

如同我們在前幾季所討論，毛利率對客戶組合與產品組合的變化相當敏感。第二季的毛利率反映了與現代化與AI就緒相關、且特別與企業客戶相關的大型硬體基礎設施機會所帶來的貢獻。在較小程度上，毛利率也反映了服務相對貢獻度較去年同期降低。

As Chris mentioned, we view these spending patterns as consistent with the early stages of a technology adoption cycle where infrastructure investment by large enterprise clients often leads followed over time by services, software, security and life cycle opportunities. Importantly, within the quarter, these profitable engagements generated meaningful gross profit dollars and strengthened our position in the AI market.

如Chris所提到，我們認為這些支出型態符合科技採用循環的早期階段：大型企業客戶的基礎設施投資往往先行，之後隨時間推進再帶動服務、軟體、資安與全生命週期相關機會。重要的是，在本季內，這些高獲利的專案帶來可觀的毛利金額，並強化我們在AI市場的地位。

The strategic point is that AI is increasing complexity across the technology stack. Customers are evaluating infrastructure, cloud, security, data and endpoint investments as part of broader modernization programs, and that complexity reinforces the value of CDW's full stack, full life cycle model.

策略重點在於，AI正在提升整個技術堆疊的複雜度。客戶正將基礎設施、雲端、資安、資料與端點投資，作為更廣泛現代化計畫的一部分來評估，而這種複雜度也凸顯CDW「全堆疊、全生命週期」模式的價值。

Consistent with recent trends, customers navigated a dynamic technology and macro environment. Demand remains stronger where technology investments are tied to operational necessity, productivity, infrastructure and workplace modernization and security. With this being said, netted down revenue streams were up 16.1%, picking back up again this quarter as we expected.

延續近期趨勢，客戶在多變的科技與總體環境中調整步伐。當科技投資與營運必要性、生產力、基礎設施與工作場所現代化以及資安相關時，需求仍相對更強。在此背景下，淨額下調後的收入（netted down revenue streams）年增16.1%，如我們預期，本季再度回升。

They represented 35.9% of gross profit, up 300 basis points year-over-year and 140 basis points quarter-over-quarter. Professional and managed services were impacted this quarter by deployment timing and customer prioritization of hardware and cloud investments. We continue to build our pipeline as customers move modernization, security and AI projects from procurement into implementation, which supports our expectation that the current wave of infrastructure investment will lead to future services growth. Turning to expenses for the second quarter. Non-GAAP SG&A totaled $764 million or 57.9% of gross profit, down 20 basis points year-over-year and down 410 basis points quarter over quarter.

其占毛利的比重為35.9%，較去年同期上升300個基點，較上一季上升140個基點。本季專業服務與託管服務受到部署時程以及客戶優先投入硬體與雲端投資的影響。隨著客戶將現代化、資安與AI專案從採購推進到導入，我們持續建立案源管線，這也支持我們的預期：目前這波基礎設施投資將帶動未來服務成長。接著談第二季費用。非GAAP的SG&A合計為7.64億美元，占毛利57.9%，較去年同期下降20個基點，較上一季下降410個基點。

This was consistent with our expectation that the expense ratio would continue to decrease as we approach the second half of the year. Looking forward, we expect our Geared for Growth efforts to pay dividends in the second half of the year and further improve expense efficiency thereafter as initiatives scale across the organization. Coworker count ended at approximately 14,700, and customer-facing coworker count was 10,300, both down modestly year-over-year and quarter over quarter.

這與我們的預期一致：隨著接近下半年，費用率將持續下降。展望未來，我們預期「Geared for Growth」計畫將在下半年開始帶來成效，並在各項措施於組織內擴大推行後，進一步提升費用效率。期末員工人數約為14,700人，其中面向客戶的員工為10,300人，兩者皆較去年同期與上一季小幅下降。

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 $556 million, up 7% versus the prior year, delivering some incremental leverage as we expected, and that compared to 6.3% gross profit growth.

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，同時透過更廣泛的營運提升效率並強化成本槓桿。非GAAP營業利益約為5.56億美元，較去年成長7%，如我們預期帶來一些額外槓桿，並與毛利6.3%的成長相對應。

Non-GAAP operating income margin was 8.5%. Net interest expense increased approximately $3 million year-over-year, driven by higher average borrowings during the quarter. And our non-GAAP effective tax rate was within our target range at 26%. Non-GAAP net income was $370 million in the quarter, up 7.8% on a year over year basis.

非GAAP營業利益率為8.5%。淨利息費用較去年同期增加約300萬美元，主要由於本季平均借款水準較高。我們的非GAAP有效稅率為26%，落在目標區間內。本季非GAAP淨利為3.70億美元，年增7.8%。

Second quarter non-GAAP net income per diluted share was $2.91, up 11.9% year over year. This double-digit EPS growth was above our expectation for high single-digit growth year over year. Moving to the balance sheet. At period end, net debt was $5.5 billion. Liquidity stands at $2 billion with cash plus revolver availability. The 3-month average cash conversion cycle was 21 days, within our target of high teens to low 20s.

第二季非GAAP稀釋後每股淨利為2.91美元，年增11.9%。這項雙位數EPS成長高於我們原先對年增高個位數的預期。接著看資產負債表。期末淨負債為55億美元。流動性為20億美元，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21天，落在我們目標的高十幾天到低20幾天區間。

This cash conversion metric reflects a combination of timing, market dynamics, higher hardware sales and proactive inventory positioning to support customer urgency to secure products amid a dynamic environment. We continue to believe our target cash conversion range remains the best guidepost for modeling working capital longer term.

此現金轉換指標反映多項因素的組合，包括時點因素、市場動態、較高的硬體銷售，以及為支援客戶在多變環境下急需取得產品而進行的主動庫存配置。我們仍認為，我們的目標現金轉換區間是長期建模營運資金的最佳參考指標。

Adjusted free cash flow year-to-date was $278 million or 42% of non-GAAP net income for the first half, below our stated rule of thumb of converting 80% to 90% of non-GAAP net income to cash. We continue to expect cash flow conversion to normalize over the balance of the year and have line of sight towards achieving our expectations. We've been focused on managing working capital in a way that supports our customers and drives shareholder value even as ongoing hardware-driven growth and the inflationary price environment has warranted investing in working capital.

年初至今調整後自由現金流為2.78億美元，約占上半年非GAAP淨利的42%，低於我們一貫的經驗法則：將非GAAP淨利的80%至90%轉換為現金。我們仍預期現金流轉換率將在今年剩餘期間回歸常態，且我們已具備達成預期的能見度。即使在硬體帶動的持續成長與通膨價格環境下需要投入營運資金，我們仍專注於以能支援客戶並提升股東價值的方式管理營運資金。

We've also effectively utilized cash consistent with our 2026 capital allocation objectives during the quarter, including returning $344 million in share repurchases and $80 million in the form of dividends. Through the first half of 2026, we've returned approximately $545 million to shareholders in the form of repurchases compared to $653 million over the entirety of 2025 and $500 million in each of the years 2023 and 2024. 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've increased the dividend for 12 consecutive years through 2025.

本季我們也依循2026年資本配置目標有效運用現金，包括回購股票3.44億美元，以及以股利形式發放8,000萬美元。2026年上半年，我們以回購形式回饋股東約5.45億美元；相較之下，2025年全年為6.53億美元，而2023年與2024年各為5.00億美元。接下來談我們未來的資本配置優先順序。我們的第一項資本優先事項，是使股利增幅與非GAAP淨利成長一致。截至2025年，我們已連續12年提高股利。

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. Our second priority is to ensure we have the right capital structure in place. We ended the second quarter at 2.5 times net leverage, within our target range of 2 to 3x. We continue to proactively manage liquidity while maintaining flexibility. Finally, our third and fourth capital allocation priorities of M&A and share repurchases remain important drivers of shareholder value.

我們將持續在審慎考量成長環境下管理股利，並以未來非GAAP淨利約25%的配息率為目標。第二項優先事項是確保我們具備適當的資本結構。第二季末淨槓桿為2.5倍，位於我們2至3倍的目標區間內。我們將持續主動管理流動性，同時維持彈性。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。

We continually evaluate M&A opportunities that advance our capabilities and extend our reach and relevance to customers. While we remain active in the M&A market, we have been opportunistic towards share repurchases. With the additional $1 billion authorization announced in the second quarter, we have more than $1.1 billion remaining capacity under our share repurchase program. Now turning to our outlook. Our first half performance was driven by strong underlying demand as customers built out infrastructure for their AI use cases, secured their networks and innovated at the edge.

我們持續評估可提升我們能力、並擴大我們對客戶觸及範圍與相關性的併購機會。雖然我們在併購市場仍保持積極，但在股票回購方面也採取機會式策略。隨著第二季宣布額外10億美元的授權，我們的股票回購計畫剩餘可用額度超過11億美元。接著談我們的展望。上半年表現由強勁的基本需求所驅動，客戶為其AI使用情境建置基礎設施、強化網路安全，並在邊緣端進行創新。

Importantly, while customers acted with urgency around hardware procurement, our written production and backlog trends support our view that the strength we are seeing reflects healthy and durable underlying demand for modernization, security, resiliency and AI readiness.

重要的是，儘管客戶在硬體採購上採取更急迫的行動，我們的書面產出（written production）與積壓訂單（backlog）趨勢支持我們的觀點：我們所見到的強勁表現反映的是對現代化、資安、韌性與AI就緒的健康且具持續性的基本需求。

At the same time, we remain prudent in how we view the remainder of the year given the complex variables in play. Factoring in these variables, we are raising our full year outlook and expect gross profit to grow mid-single digits for the full year 2026. This leads to a first half versus second half split that is more aligned to historical second half-weighted seasonality than we originally expected. Based on the anticipated mix of products and end markets, we expect second half gross margins to be below second half 2025 levels.

同時，鑑於當前存在多項複雜變數，我們對今年剩餘期間的看法仍保持審慎。在納入這些變數後，我們上調全年展望，並預期2026全年毛利將以中個位數成長。這使得上半年與下半年的分布，更符合我們原先預期之外、但與歷史上「下半年權重較高」的季節性更一致。基於預期的產品組合與終端市場組合，我們預期下半年毛利率將低於2025年下半年的水準。

This means full year 2026 gross margin would be modestly below the full year 2025, although well above the levels from 3-plus years ago. Finally, we now expect full year non-GAAP net income per diluted share growth to be at the high end of high single-digit range year over year, reflecting our expected gross profit performance, increasing operating leverage from our Geared for Growth initiatives and disciplined execution of our operational and capital allocation priorities.

這意味著2026全年毛利率將略低於2025全年，但仍明顯高於三年多前的水準。最後，我們目前預期2026全年非GAAP稀釋後每股淨利的年增率將落在高個位數區間的高端，反映我們對毛利表現的預期、來自「Geared for Growth」計畫帶動的營運槓桿提升，以及我們在營運與資本配置優先事項上的紀律執行。

Please remember, 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. Moving to modeling thoughts for the third quarter.

請記得，我們以固定匯率基礎來要求自己對財務展望負責。就此而言，我們預期匯率對今年的已報告成長率將帶來些微助益。接著談第三季的建模想法。

We anticipate gross profit to increase at a mid-single-digit year-over-year growth rate. Moving down the P&L, we expect third quarter non-GAAP SG&A to be lower than the second quarter, driven by our Geared for Growth program benefits. This will result in non-GAAP operating expense as a percentage of gross profit that is down both year-over-year and quarter-over-quarter. Finally, we expect third quarter non-GAAP net income per diluted share to also be at the high end of high single-digit growth year-over-year. With that, I want to thank our teams for delivering another strong quarter of execution.

我們預期毛利將以年增中個位數的成長率增加。沿著損益表往下看，我們預期第三季非GAAP銷售、一般及行政費用（SG&A）將低於第二季，主要受惠於「Geared for Growth」計畫的效益。這將使非GAAP營運費用占毛利的比率，無論年比或季比皆下降。最後，我們也預期第三季非GAAP稀釋後每股淨利的年增率將同樣落在高個位數成長區間的高端。最後，我要感謝我們的團隊再度交出強勁的執行表現。

Our performance reflects the strength of our customer relationships, the resiliency of our business model and the ability of our coworkers to help customers solve complex technology problems in a changing environment. This concludes the financial summary. As always, we'll provide updated views on the macro environment and our business on our future earnings calls. I will now ask the operator to open up for questions.

我們的表現反映了客戶關係的強韌、商業模式的韌性，以及同仁在環境變動中協助客戶解決複雜科技問題的能力。以上為財務摘要。一如往常，我們將在未來的財報電話會議中，提供對總體環境與我們業務的最新觀點。我現在請接線員開放提問。

(Event Instructions)

（活動說明）

Thank you.

謝謝。

(Operator Instructions) Adam Tindle, Raymond James.

（接線員說明）Adam Tindle，Raymond James。

Okay. Congrats, Al, on the announcement. Chris, I wanted to start on AI. Those examples that you gave were helpful. I just wonder the customers that are adopting AI, understanding that it's sort of in that larger cohort, maybe you can give investors sort of a view on what the impact is to CDW when those customers are deploying AI.

好的。恭喜你，Al，關於這項公告。Chris，我想先從AI談起。你剛才舉的那些例子很有幫助。我只是想知道，採用AI的客戶——理解這些客戶屬於更大的族群之中——也許你可以讓投資人了解，當這些客戶在部署AI時，對CDW的影響是什麼。

Maybe more specifically, what happens to their spend with CDW? And if you could touch on any updates on the AI line card business model, a little bit more fleshing out of the AI potential tailwinds to CDW, that would be helpful.

更具體地說，他們在CDW的支出會發生什麼變化？另外，如果你能談談AI產品線（line card）的商業模式是否有任何更新，再更具體說明AI可能為CDW帶來的順風動能，那會很有幫助。

Yes, sure, Adam. And first, I want to start with the -- while we see the technology pick up most strongly first in the enterprise space, as I mentioned, we absolutely are seeing it broaden across all of our industries and customer segments. And we're at the point where we are taking use cases that are proven and working in various industries and scaling them in repeatable offerings for customers.

好的，當然可以，Adam。首先我想先從——如我提到的，雖然我們看到這項技術最先、最強勁地在企業市場起飛，但我們確實也看到它正在擴展到我們所有產業與客戶區隔。而我們也已經到了這個階段：把在不同產業中已被驗證、可運作的使用案例，擴大成可重複交付的方案，提供給客戶。

In terms of what they're doing to our business, look, we're not sharing dollars per se, but we perceive that AI is a part and parcel of most of what we're selling from the hardware itself to the software implementation and certainly in the services that we're bringing to bear. So it's really a full stack approach to the technology movement.

至於它們對我們業務的影響，坦白說，我們不會逐一揭露金額，但我們認為AI已成為我們所銷售的大多數內容中不可或缺的一部分——從硬體本身、到軟體導入，當然也包括我們所提供的服務。因此，這確實是一種全堆疊（full stack）的技術推進方式。

In terms of customers and where they are in their journey, having moved from pilot to, obviously, implementation, I would say here's what we're observing, which our customers are working hard now on the return on investment and being more deliberate and thoughtful about the analysis around that, which, of course, has played to our strength with the variety of services and analysis and the solutions that we bring to bear.

就客戶以及他們在旅程中的位置而言，從試點走向——顯然——正式導入，我會說我們觀察到的是：客戶目前正努力聚焦投資報酬率（ROI），並在相關分析上更為審慎、也更有計畫；而這當然也發揮了我們的優勢，因為我們能提供多元的服務、分析以及解決方案來支援。

What we are seeing is real focus on those use cases that move the needle in the various industries. So when you think of health care and claims assessment and training tools, if you think of retail with demand forecasting and churn projection, if you think of financial services, obviously, fraud detection, but also trading speed, we really are starting to see use cases come to bear in ways that are going to scale more quickly than they had in the past in our view.

我們看到的是，客戶非常聚焦於那些能在各產業真正帶來顯著效益的使用案例。例如，醫療保健領域的理賠評估與訓練工具；零售領域的需求預測與流失率（churn）推估；金融服務領域當然包括詐欺偵測，也包括交易速度。我們確實開始看到使用案例以我們認為將比過去更快擴大規模的方式落地。

So I'd simply say it's a full stack opportunity for us. We think we're incredibly well positioned because CDW has never been about one technology or one part of the stack, it's been about bringing those things together so that they work together.

所以我簡單說，這對我們而言是一個全堆疊的機會。我們認為我們的定位非常好，因為CDW從來不是只做某一項技術或堆疊中的某一部分，而是把這些要素整合起來，讓它們能協同運作。

And AI is a great opportunity for us to do this. We're delighted to see the traction across all of our customers taking off, frankly, in a really positive way. And we see lots of tailwinds to continue the acceleration in services and the hardware components.

而AI正是一個讓我們做到這點的絕佳機會。我們很高興看到在所有客戶之間的動能正在起飛，坦白說，進展非常正向。我們也看到許多順風因素，將持續推動服務與硬體組件的加速成長。

Great. Maybe just a quick follow-up for Al. I got to acknowledge that operating income grew faster than gross profit dollars in the quarter. And it looks like we're starting to get at a turning point to get CDW back to the business model that I think investors came to know and love over the years. I guess the question would be, what do you think drove that trend in the quarter, that kind of inflection in better operating leverage? And any learnings that you're having from Geared for Growth or any updates on that $100 million to $200 million of savings that I think you outlined on the last call?

很好。也許給Al一個簡短追問。我必須提到，本季營業利益的成長速度快於毛利金額的成長。看起來我們正開始來到一個轉折點，讓CDW回到我想投資人多年來熟悉且喜愛的那種商業模式。我的問題是：你認為本季是什麼驅動了這個趨勢，也就是營運槓桿改善的那種拐點？另外，關於「Geared for Growth」你們有哪些學習？或是對於你們上次電話會議提到的1億到2億美元節省目標，有沒有任何更新？

Yes, sure. Thanks, Adam, and I appreciate your comments. As we said on the last call, we thought that we would see operating leverage inflect in the second quarter. That was more a result of really kind of good old-fashioned discipline around expenses and just broader efficiency efforts, less contribution at large from Geared for Growth. That being said, Adam, our efforts on Geared for Growth through the first half have been significant.

好的，當然。謝謝你，Adam，也感謝你的評論。如同我們在上次電話會議所說，我們認為第二季會看到營運槓桿出現拐點。那更多是來自於相當傳統的費用紀律，以及更廣泛的效率提升努力，而不是「Geared for Growth」帶來的大幅貢獻。不過，Adam，我們在上半年推動「Geared for Growth」的努力確實相當顯著。

And our plan had always been that we'd see those benefits start to pay off in the back half of the year. I would say we are at or beyond our expectations in terms of how those efforts are progressing and likewise with respect to the benefits. So as we approach the back half of the year, those benefits will start to play out, and we would expect both our operating leverage and likewise, our expense ratio to improve on a sequential basis in the back half and certainly into 2027.

而我們的計畫一直是：這些效益會在下半年開始顯現。我會說，就這些努力的推進進度以及相應效益而言，我們已達到或超出預期。因此，隨著我們進入下半年，這些效益將逐步反映出來；我們預期下半年我們的營運槓桿以及費用率都將按季改善，並且在2027年持續改善。

Erik Woodring, Morgan Stanley.

Erik Woodring，Morgan Stanley。

Al, can we maybe just dig down quickly into the non-netted down gross margin trends? So I know you alluded to earlier some spending from large enterprises, some big deals in infrastructure. I want to maybe be a little bit more pointed and ask were there any instances in the quarter where you weren't able to kind of price on a cost-plus basis because of customer feedback to pricing or anything like that?

Al，我們能否快速更深入談一下未抵銷（non-netted down）的毛利率趨勢？我知道你先前提到一些大型企業的支出，以及一些基礎設施的大型交易。我想更直接地問：本季是否有任何情況是因為客戶對定價的回饋或其他因素，導致你們無法以成本加成（cost-plus）的方式定價？

And did you see -- and therefore, did you see any kind of like-for-like margin pressure year over year, whether we're looking at services or storage or PC or servers, whatever it may be? And then a quick follow-up, please.

因此，你們是否看到任何同口徑（like-for-like）的毛利率壓力年比出現——不論是服務、儲存、PC、伺服器或其他品類？然後我還有一個簡短追問，謝謝。

Sure. Thanks for the question, Erik. First, I would just say the answer is no in terms of like-for-like pressure. We operate in a competitive environment, but we were deeply focused on ensuring we had this pricing discipline and that we were effectively passing through price increases. So that was not a factor in the core of our business.

當然。謝謝你的提問，Erik。首先，我想就同店（like-for-like）的壓力而言，答案是否定的。我們處於競爭環境中，但我們非常專注於確保具備這樣的定價紀律，並且有效地轉嫁價格上漲。因此，這並不是我們核心業務中的因素。

The driver was mix. It was mix into infrastructure products. It was mix at larger dollar tier orders. And then as you noted, with more enterprise customers. And as Chris referenced in her prepared remarks, very common that we see that in early stages of tech adoption really beginning with some of these larger clients and then making its way down to the middle market.

驅動因素是組合。是向基礎設施產品的組合轉移。是更高金額級距訂單的組合轉移。然後如你所提到的，還有更多企業客戶。正如Chris在事先準備的發言中提到的，我們很常看到在科技採用的早期階段，通常會先從一些較大型客戶開始，然後再逐步向中型市場擴散。

And that's part of our encouragement as we are seeing that play out as we speak. That being said, kind of in the current period and potentially in the near term, you could see more of these larger orders and they just naturally come at slightly lower margins. And Erik, I would also just add, at the same time, our mix into services was less so.

這也是我們感到鼓舞的一部分，因為我們正看到這種情況正在發生。話雖如此，在目前期間以及可能在短期內，你可能會看到更多這類大型訂單，而它們自然會帶來略低的毛利率。而且Erik，我也想補充，同時間我們在服務方面的組合占比相對較低。

So I guess maybe further, I would just note on the more positive side, our netted down revenues, really, really strong, grew 16%, 36% of our gross profit. And again, we felt really good about the core of our business, maintaining healthy margins, upholding our cost-plus regime in this dynamic environment.

所以我想也許再補充一點，從更正面的角度來看，我們的淨額後收入（netted down revenues）非常、非常強勁，成長16%，占我們毛利的36%。而且再次強調，我們對核心業務的狀況感覺非常好，在這個動態環境中維持健康的利潤率，並堅持我們的成本加成（cost-plus）機制。

Okay. That feedback is incredibly helpful. And then maybe just a quick follow-up. If I just take some of your modeling thoughts on 3Q, some gross margin pressure year-over-year, but gross profit flat sequentially into 3Q, it would imply that revenue is down maybe mid-single digits sequentially in 3Q. That's historically worse than seasonality.

好的。這些回饋非常有幫助。接著可能一個簡短的追問。如果我把你對3Q的一些模型想法整理一下：毛利率年對年有些壓力，但毛利在3Q較前一季持平，這意味著3Q營收可能較前一季下降約中個位數百分比。這在歷史上比季節性還要差。

So just relative to your qualitative comments on backlog or pipeline or breadth of spend, that feels quite prudent. Could you maybe add some kind of granular commentary just making sure we're thinking about that 3Q, right, and maybe why we would see a below seasonal quarter relative to some of the strength of spend you're alluding to? And that's it for me.

所以相對於你對積壓訂單、管線或支出廣度的定性評論，這看起來相當保守。你能否提供一些更細的說明，確保我們對3Q的理解是正確的，以及為什麼在你所提到的支出強勁之下，我們仍會看到一個低於季節性的季度？我就問到這裡。

Sure. Thanks, Erik. Look, I would say the -- you have it right, mid-single digits, it would be kind of flattish sequentially. That's really a function of us while certainly more optimistic given the health trends we're seeing, we continue to layer in a level of prudence. And so spend is there.

當然。謝謝，Erik。我想我會說——你理解得沒錯，中個位數，序列上大致持平。這主要是因為，雖然基於我們看到的健康趨勢而更為樂觀，但我們仍持續加入一定程度的審慎。因此，支出是存在的。

Our pipeline is there. Through July, our written production is really, really strong and continues to exceed our invoicing, leading to a higher backlog. So the underlying metrics are really, really strong. We just want to be a bit cautious as we typically are. And so while we raised Q3, Q4 with respect to gross profit, we're at mid-single digits.

我們的管線也在。截至7月，我們的書面產出（written production）非常、非常強勁，並且持續高於我們的開票（invoicing），因此帶來更高的積壓訂單。所以基本面指標非常、非常強。我們只是想像以往一樣稍微保守一些。因此，雖然我們在毛利方面上調了Q3、Q4，但我們仍以中個位數來看待。

And so there's a bit of a level of prudence there. And likewise, like Q2, what I'd say all of the elements are there for us to outperform, and that's what we're focused on.

所以其中帶有一定程度的審慎。同樣地，就像Q2一樣，我想說所有要素都具備讓我們表現優於預期的條件，而這正是我們專注的方向。

Asiya Merchant, Citi.

Asiya Merchant，花旗。

Just if I can dig down a little bit on AI deals that you talked about. I understand initially the adoption is largely with larger organizations. But just help us understand like as you're thinking about this services adoption to follow the infrastructure deals that you're talking about, maybe how we should think about the services attach rate as we progress through this year and as we think about next year? And then in general, would we expect this to be margin accretive or these AI-specific deals accretive or margin neutral over time?

我想再深入一點你提到的AI交易。我理解一開始的採用主要是在較大型組織。但請協助我們理解：當你在思考服務採用會跟隨你所談到的基礎設施交易時，我們應該如何看待今年接下來以及明年服務的附加率（attach rate）？另外整體而言，這會是毛利增厚（margin accretive）、這些AI特定交易會增厚毛利，還是長期來看對毛利中性？

Yes, sure, Asiya. Well, let's -- let me start with, obviously, what's going on right now, which is we're seeing a lot of demand, and as I mentioned, within the areas of infrastructure, cloud, security and data foundation, so across the full portfolio. But when you think about the adoption curve, which is going to be multiyear and not a single product, that requires readiness. It requires deployment. It requires integration.

好的，當然，Asiya。嗯，讓我先從目前正在發生的事情談起：我們看到大量需求，如我提到的，涵蓋基礎設施、雲端、安全與資料基礎等領域，也就是橫跨整個產品組合。但當你思考採用曲線時，它將是多年期的，而且不是單一產品，這需要就緒度。需要部署。需要整合。

It requires optimization and ongoing operations. And services is in every single component of those requirements. So when you say attach rate, I would say there's attach rate opportunity, but more importantly, our services are embedded at every stage of the need around AI.

需要最佳化與持續營運。而服務在這些需求的每一個組成部分中都扮演角色。所以你提到附加率，我會說確實有附加率的機會，但更重要的是，我們的服務嵌入在AI相關需求的每一個階段。

Adoption is definitely broadening right now, as I mentioned, beyond large enterprise into, as you heard me say, health care, education, commercial and into smaller businesses as well. So that's the productization that we're working on in the mid-market and smaller businesses that we can create AI solutions that are scalable and proven in the real world.

如我所提到的，採用目前確實正在擴大，從大型企業延伸到——你也聽到我說——醫療保健、教育、商業領域，也進一步到較小型企業。因此，我們正在中型市場與小型企業推動產品化，讓我們能打造可擴展、並在真實世界中驗證過的AI解決方案。

I'd also say that when you think about inference near users and the data, edge is next and there will be incremental demand for edge infrastructure, networking, security, endpoints. And in all of those instances, again, services are critical to the design, deployment and management. Across the whole spectrum, you can expect us to see -- you can expect to see from us continuing growth, particularly across the managed services and the recurring nature of those -- of that business. So we see it as being an increasingly meaningful contributor to our profit growth over the next several years, and we're building a durable engine to achieve that.

我也會說，當你想到更靠近使用者與資料的推論（inference），下一步就是邊緣（edge），而邊緣基礎設施、網路、安全、端點將出現額外需求。在所有這些情境中，服務同樣對設計、部署與管理至關重要。在整個光譜上，你可以期待我們——你可以期待看到我們持續成長，特別是在託管服務以及該業務的經常性（recurring）特性方面。因此，我們認為在未來幾年它將成為我們利潤成長日益重要的貢獻者，而我們也正在打造一個可長可久的引擎來達成這一點。

Great. And if I can, just a quick follow-up. Like earlier in the year, of course, there was a lot of concerns around availability of hardware, memory inflation, et cetera. How would you characterize what's changed here? It seems like the backlog still remains pretty elevated for you guys. But how would you just characterize availability now of product to help meet this backlog?

很好。如果可以的話，再快速追問一下。像今年稍早，市場當然對硬體供應、記憶體通膨等有很多擔憂。你會如何描述現在有哪些改變？看起來你們的積壓訂單仍然相當高。但你會如何描述目前產品供應的可得性，以協助消化這些積壓訂單？

Thanks, Asiya. I would call the environment a bit more normalized. There is definitely continued urgency from customers. And I think that speaks to their needs, particularly on the AI side of things, but they've now been at this for 3 quarters. And so I would say things have become more normalized, and that's both from a standpoint of expectations vis-a-vis pricing as well as supply chain needs.

謝謝，Asiya。我會說環境已經比較正常化。客戶端確實仍有持續的急迫性。我認為這反映了他們的需求，特別是在AI方面，但他們現在已經經歷了3個季度。因此我會說情況已更趨正常化，這既包括相對於定價的預期，也包括供應鏈需求的層面。

The backlog does reflect that there are still delays in product delivery. But I would say the level of consistency and hitting delivery dates has been better. There is not a level of double orders, cancellations and all of those phenomena. So when we add that all up, we would say the markets become more orderly in our space and more normalized and customers have adapted to the environment.

積壓訂單確實反映出產品交付仍有延遲。但我會說，在一致性與達成交付日期方面已經更好。沒有那種重複下單、取消訂單以及所有那些現象的程度。所以綜合來看，我們會說在我們的領域市場變得更有秩序、更正常化，而客戶也已適應這個環境。

So -- and to that end, those variables did not influence our results for the quarter from any meaningful -- in any meaningful way with respect to pull forward or the like. It's become more orderly.

所以——也因此，這些變數並未在任何有意義的程度上影響我們本季的結果，例如提前拉貨（pull forward）之類的影響。情況已變得更有秩序。

David Vogt, UBS.

David Vogt，瑞銀。

So maybe, Chris and Al, just a question about demand and elasticity. I understand that you saw relatively strong growth in server, storage, netcomm and some other categories. Can you speak qualitatively to feedback or maybe conversations you're having with customers around their tolerance, if you will, for pretty meaningful price increases across large technology platforms? And the reason why I'm asking, it doesn't sound like you saw any pull forward in the quarter or any sort of degradation in demand.

所以也許，Chris 和 Al，我想問一個關於需求與彈性的問題。我理解你們在伺服器、儲存、網通以及其他一些類別看到相對強勁的成長。你們能否從質性角度談談，客戶對於在大型科技平台上相當顯著的漲價，其容忍度（如果可以這麼說）的回饋，或你們與客戶的對話情況？我之所以這麼問，是因為聽起來你們在本季並沒有看到任何拉貨，或任何需求惡化的跡象。

But just would love to kind of get your thoughts in terms of what the feedback has been given that a lot of the OEM partners that you work with have expressed, it sounds like continued price increases as we move through not just the first half of this year, but into the second half of this year? And then I have a follow-up.

但我很想聽聽你們的看法：鑑於你們合作的許多 OEM 夥伴似乎表示，隨著我們不僅走過今年上半年、也進入今年下半年，價格仍將持續上調，你們收到的回饋是什麼？然後我還有一個追問。

Yes, sure. I'll start the answer. You're right, we have not experienced what I would say is meaningful pull forward in the quarter. In terms of customer engagements and discussions, look, nobody likes it when prices go up. But I would say that our customers are engaging us more frequently and more detailed discussions around analyzing their choices.

好的，當然。我先開始回答。你說得沒錯，我們本季並沒有經歷我所稱的顯著拉貨。就客戶互動與討論而言，坦白說，沒有人喜歡價格上漲。但我會說，我們的客戶更頻繁地與我們互動，並且更深入地討論如何分析他們的選擇。

They're being really rigorous around this because they still have mandates within their organization to deliver on, whether it's a mission outcome or a business outcome. And so customers are still purchasing technology. They're still spending to their budget. And we're actually seeing in cases where budget from other functions within an organization are being reallocated to technology because of the essential nature across their businesses. So it gives us an opportunity with our customers to shine, frankly.

他們在這方面非常嚴謹，因為他們在組織內仍有必須交付的任務要求，不論是任務成果或商業成果。因此客戶仍在採購科技產品。他們仍在依照預算支出。而我們實際上也看到一些情況：組織內其他職能的預算正被重新分配到科技上，因為科技對其業務具有關鍵性。所以坦白說，這也給了我們在客戶面前發光的機會。

And so when you look at -- I'll give you an example, PCs. PCs were very strong in terms of growth this quarter because customers were willing to make the mission-critical investments, notwithstanding the pricing. So I think we're going to continue to see that approach from customers and working more and more with CDW to identify areas where they can cost optimize across their entire technology estate.

所以當你看——我舉個例子，PC。本季 PC 的成長非常強勁，因為客戶願意進行攸關任務的投資，儘管有定價因素。所以我認為我們將持續看到客戶採取這種做法，並且與 CDW 更加密切合作，找出他們能在整體技術資產（technology estate）上進行成本最佳化的領域。

And David, maybe I would just add, if you look across our end markets, there's probably a little bit of a diversity in practice. Obviously, at the enterprise end of things, that have very, very dedicated technology teams. They're very much on top of what's going on in the pricing market, supply chain market.

David，我也許再補充一下：如果你看我們各個終端市場，實務上可能存在一些差異。顯然在企業端，他們有非常、非常專注的技術團隊。他們非常掌握定價市場、供應鏈市場正在發生的事情。

And the implications for them are significant because their purchases can be bigger dollar amounts. As you move down the curve in the mid-market, small education, it's not for a lack of sophistication, but the level of awareness and then acting on things is a little bit different pace than at the enterprise level.

對他們而言，其影響很大，因為他們的採購金額可能更高。當你往下走到中型市場、小型企業、教育領域，並不是因為不夠成熟，而是他們的認知程度以及採取行動的節奏，會比企業端稍微不同。

I do think that, that has evolved over the last several quarters and you're seeing that play out. And I would say -- and that's why we feel encouraged by the opportunities in front of us as this rolls down the curve and customers look to kind of at scale, take advantage of opportunities in the market to move forward, particularly around their AI needs.

我確實認為，這在過去幾個季度已經有所演進，而你也看到這種情況正在發酵。我會說——這也是為什麼，當這種趨勢往下延伸、客戶開始以規模化方式把握市場上的機會、特別是圍繞其 AI 需求向前推進時，我們對眼前的機會感到鼓舞。

Great. And maybe just as a follow-up. And Chris, you touched on it briefly in your other answer to my question. But when you think about prioritization, I think you mentioned, Chris, that customers are looking from pulling spending from other sort of initiatives internally. Is that -- did I hear you correctly?

很好。那也許作為追問。Chris，你在前面回答我另一個問題時有稍微提到。但當你談到優先順序時，我想你提到，客戶正從內部其他類型的計畫中挪出支出。我聽得對嗎？

And are you seeing within your own portfolio a shift away from more discretionary programs and products to, I think, as Al just pointed out, more mission-critical. So does that mean that sort of the services vertical for at least the foreseeable future probably suffers some reprioritization relative to hardware in your portfolio? Is that the right way to think about it?

而且在你們自己的產品組合中，你們是否看到從較具可選性的方案與產品，轉向——如 Al 剛指出的——更攸關任務的項目？所以這是否意味著，至少在可預見的未來，你們產品組合中的服務垂直領域，可能相對於硬體會受到一些重新排序的影響？這樣理解對嗎？

Yes. No, I wouldn't think about it that way. Let me start with the reallocation of budgets. And this has been a quiet trend for the last couple of quarters, where technology budgets have been increasing a little bit in different areas because the initiatives that they support are specific to functions and CFOs are now saying, well, that now becomes technology spend. So this hasn't been discussed a lot, but it certainly is happening.

是的。不，我不會那樣看。我先從預算重新分配談起。這在過去幾個季度一直是一個較為低調的趨勢：科技預算在不同領域略有增加，因為它們所支援的倡議是針對特定職能，而 CFO 現在會說，嗯，那現在就算是科技支出。所以這件事沒有被大量討論，但它確實正在發生。

In terms of services versus hardware, what we're seeing is just the natural uptake of new technology, and we see the infrastructure spend happening right now. But again, there's no component of what we're doing for customers where services are not going to be critical to what they're buying from us. So there's -- I wouldn't think of it as an air gap going forward. I would think of it as the trigger, the start of increasing demand for the services that we bring to bear across the full spectrum of needs.

至於服務相對於硬體，我們看到的只是新技術自然導入的過程，而我們也看到基礎設施支出正在發生。但同樣地，在我們為客戶所做的任何事情中，服務都將是他們向我們採購內容的關鍵部分。所以——我不會把它視為未來會有一個明顯的斷層（air gap）。我會把它視為一個觸發點，是對我們能在全方位需求上提供的服務之需求增加的起點。

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

I have two as well. I guess maybe the first one to start with AI infrastructure, obviously becoming a big investment area for your customers. I was wondering if you could talk about, a, are you starting to see an uptick in engagement with the frontier model companies as they perhaps look to gain exposure to your customer base?

我也有兩個問題。我想第一個先從 AI 基礎設施開始，顯然這正成為你們客戶的一個重大投資領域。我想請你談談：第一，你們是否開始看到與前沿模型公司（frontier model companies）的互動增加，因為他們可能希望接觸你們的客戶群？

And maybe you can just contrast, how is that engagement different from the hyperscale vendors when they started doing this? And then maybe on the second part on this, are you seeing customers, especially the enterprise customers, evaluate and repatriate workloads back on-prem to optimize the token cost? And is that a better option for CDW versus running things in a public cloud and a frontier model?

也許你可以對比一下：這種互動與當初超大規模（hyperscale）供應商開始這麼做時，有何不同？另外第二部分，你們是否看到客戶、尤其是企業客戶，為了最佳化 token 成本而評估並將工作負載遷回自建（on-prem）？而對 CDW 來說，這是否比在公有雲與前沿模型上運行更有利？

Amit, thanks for the questions. I'll start. In terms of engagement with the AI labs, et cetera, we've made great progress there. And we've been through this cycle before where new partners come on board and they have to kind of sort through the value of the channel. I would say that the AI labs have found very quickly that the channel is a friend, and it's a great route to market for them.

Amit，謝謝你的問題。我先回答。就與 AI 實驗室等的互動而言，我們在那方面取得了很大進展。我們以前也經歷過這個循環：新夥伴加入後，需要花點時間梳理通路的價值。我會說，AI 實驗室很快就發現通路是朋友，對他們而言也是很好的市場進入途徑。

So we have seen terrific progress in partner programs, in relationships and building investment from them, et cetera, to bring their capabilities to the market, particularly mid-market is a significant focus from a scale opportunity perspective. And our vertical segment is also a very significantly attractive customer end market for the AI labs. In terms of the second question, which was --

因此我們在夥伴計畫、關係建立以及他們的投資等方面，都看到非常出色的進展，以把他們的能力帶到市場上，特別是從規模化機會的角度來看，中型市場是一個重要的聚焦點。而我們的垂直分眾（vertical segment）對 AI 實驗室而言也是非常具吸引力的客戶終端市場。至於第二個問題，也就是--

On-prem.

自建（on-prem）。

Yes. We are seeing repatriation, but this is what I would say, Amit, I don't -- it's not better or worse for us. We're going to help our customers optimize wherever their workload should be. We certainly are seeing larger customers now starting to test in the cloud, et cetera, because of easy access, but getting more rigorous around optimizing costs and, therefore, bringing some workloads back to on-prem. We are seeing some small businesses, for example, heavily leaning into the cloud because they can't afford or get access to the hardware.

是的。我們確實看到遷回（repatriation），但我會這麼說，Amit，對我們而言我不認為這是更好或更差。我們會協助客戶在其工作負載最適合的地方進行最佳化。我們當然看到較大型的客戶現在開始在雲端等進行測試，因為取得容易，但也更嚴謹地在成本最佳化上著力，因此把部分工作負載帶回自建環境。我們也看到一些小型企業，例如，因為買不起或無法取得硬體，而大幅轉向雲端。

But the bottom line is, as is always the case with technology, it's about optimizing, optimizing for cost, optimizing for security, optimizing for quality, optimizing for output. And so it's not an if or it's a how do we do this together to deliver -- to achieve our outcomes in the more cost-efficient secure quality way. And that is where we sit. And so we see this as a positive opportunity across the board.

但歸根結底，就像科技一貫如此，重點在於最佳化：最佳化成本、最佳化安全性、最佳化品質、最佳化產出。因此這不是「要不要」的問題，而是「我們要如何一起做到」，以更具成本效益、更安全且更高品質的方式交付——達成我們的成果。這就是我們所處的位置。因此我們將此視為全方位的正向機會。

Perfect. And Al, if I can just have you clarify this a bit. Free cash flow is fairly muted in Q2, I think, at $27 million and free cash flow as a percent of net income, I think, is at 45%, 46% for the first half. Can you just walk me through what needs to happen in the back half of the year for you to actually get to this 80% to 90% free cash flow conversion? And where would this uptick come from?

很好。Al，如果可以的話，請你再釐清一下。我認為第二季自由現金流相當疲弱，約為2,700萬美元；而上半年自由現金流占淨利的比例，我想大約是45%、46%。你能否帶我了解一下，下半年需要發生什麼，才能實際達到80%到90%的自由現金流轉換率？這個回升會從哪裡來？

Yes. Sure, Amit. Really timing effect through the first half and particularly in Q2. So we had mentioned in Q4, we would expect in this environment from a pricing and supply chain perspective that we would likely be making working capital investments and we've done just that, right, that is the standing by our customers and ensuring that they get the product they need at the price that they can afford. And so that is what we've been doing to deliver for our customers.

是的。當然，Amit。主要是上半年、尤其是第二季的時點效應。我們在第四季曾提到，在這樣的環境下，從定價與供應鏈角度來看，我們很可能會進行營運資金投資，而我們確實也這麼做了；也就是支持我們的客戶，確保他們能以可負擔的價格取得所需產品。因此，我們一直在做的就是為客戶交付成果。

That being said, Amit, like if I had to just boil it down, you do have kind of some moving parts with AR and AP. But if I had to boil it down, we have about a $400 million increase in our inventory since the end of the year. And as we sit here now and we start to see an environment that's become more normalized, we would expect that we will rerationalize and ratchet back a bit in that regard.

話雖如此，Amit，如果要把它簡化來說，你確實會看到應收帳款（AR）與應付帳款（AP）有一些變動因素。但若要我濃縮重點，自年初至今我們的存貨增加了約4億美元。而就目前情況來看，隨著環境開始趨於正常化，我們預期會在這方面重新合理化，並稍微收斂、回調一些。

And so it's a bit of a kind of intra-period movement that you're seeing now, but we're super focused on delivering free cash flow, and we know the flywheel effect that, that has. And so the biggest variable will be on the inventory front between here and the end of the year.

因此你現在看到的是一種期間內的移動，但我們非常專注於交付自由現金流，也了解它所帶來的飛輪效應。所以從現在到年底之間，最大的變數將在存貨端。

Joseph Cardoso, JPMorgan.

Joseph Cardoso，摩根大通。

Maybe for my first, it's great to see the hardware momentum over the past two quarters, along with the signals that it's continuing into the back half. Maybe just given kind of the momentum on the infrastructure side, it sounds like there's a confluence of drivers here we're hearing, project accelerations as customers take actions given the pricing trajectory, demand being stimulated by Mythos and then AI inferencing.

先談第一個問題：很高興看到過去兩季硬體動能強勁，也看到訊號顯示這股動能將延續到下半年。就基礎架構端的動能而言，聽起來我們聽到的是多項驅動因素匯聚：客戶因應價格走勢而加速專案、Mythos 刺激需求，以及 AI 推論（inferencing）。

I was just hoping if you can help contextualize what you guys are seeing from your customers on the ground around each of those. And of course, if I'm missing anything. And maybe just share how you're thinking about those in terms of materiality and timing? And then I have a follow-up.

我希望你能協助我們把你們在第一線從客戶那邊看到的情況，針對上述每一項做個脈絡化說明。當然，如果我漏了什麼也請補充。也請分享你們如何看待這些因素在重要性與時點上的影響？之後我還有一個追問。

Okay. Joe, could you just characterize the various categories that you just hit? You went quickly and covered a lot of things, and I want to make sure that I answer your question. Just give me the highlights.

好的。Joe，你能否把你剛提到的各個類別再簡要歸納一下？你講得很快、涵蓋很多點，我想確保我能回答到你的問題。請給我重點摘要。

Yes, sure. So basically trying to understand what's the demand drivers here and timing of them as it relates to project acceleration due to pricing dynamics, demand stimulated by Mythos and then investments more specifically on AI inferencing?

好的，當然。基本上是想了解這裡的需求驅動因素與其時點：包括因定價動態而導致的專案加速、Mythos 刺激的需求，以及更具體在 AI 推論上的投資？

Okay. Got you. Okay. So pricing, yes, we said all along, pricing is driving some level of demand, but I would not hover on that too much because as you see, the underlying demand is strong and durable, given our written and invoicing and backlog and how that's all working together. It's certainly a factor, but it's not the biggest factor.

好的。了解。好。先談定價：是的，我們一直都說定價確實在某種程度上帶動需求，但我不會過度聚焦在這點，因為如你所見，從我們的簽單、開立發票、在手訂單（backlog）以及它們如何共同運作來看，底層需求是強勁且具持續性的。這當然是一個因素，但不是最大的因素。

Regarding Mythos, yes, that's an important driver right now because -- and just more broadly, I would say what we're seeing from a security perspective and the models hacking going on, that has piqued everybody's interest around security and certainly is driving our security services, consulting and assisting with our customers to try and secure at scale their environments. And then the third one was...

至於 Mythos，是的，這目前是一個重要驅動因素；更廣泛來說，從資安角度，我們看到模型遭駭（model hacking）等情況，已引起各界對安全性的高度關注，這也確實在推動我們的資安服務、顧問服務，並協助客戶嘗試以規模化方式保護其環境。第三個是……

AI inferencing.

AI 推論。

AI inferencing. Well, yes, AI inferencing. This is an interesting one because with token economics, I come back to, it's all about optimizing for our customers. And as you know, we will serve customers regardless of where workloads reside, et cetera. And so we are actually seeing with customers of all sizes, a pickup -- significant pickup in engagement around token economics and the ability -- and how to optimize for models, how to optimize for locations.

AI 推論。嗯，是的，AI 推論。這很有意思，因為回到 token 經濟（token economics），我想說的是，一切都在於為客戶做最佳化。如你所知，無論工作負載位於何處等等，我們都會服務客戶。因此我們確實看到各種規模的客戶，在 token 經濟以及如何最佳化模型、如何最佳化部署位置等議題上的互動明顯升溫——顯著增加。

And so I would call that a significant driver of services for us. And then ultimately, obviously, that is how the hyperscalers and the model makers achieve their return on investment dollars that they're investing now. So CDW will continue to support adoption and consumption and our partners obviously are investing in us doing that. That's the biggest growth vector or growth catalyst right now, I would say.

因此我會把這視為我們服務業務的一個重要驅動因素。而最終，顯然這也是超大規模雲端業者（hyperscalers）與模型開發者，如何讓他們目前投入的投資金額取得投資報酬的方式。所以 CDW 會持續支持採用與使用量的提升，而我們的合作夥伴也顯然正在投資我們來推動這件事。我會說，這是目前最大的成長向量或成長催化劑。

Got it. I appreciate the color there. And then maybe as my follow-up and turning on to services, which you just mentioned, you touched on it a bit now. But I guess if I can ask in another way, how should we think about the timing of the catch-up that you're pointing to? And do you have visibility into these services?

了解。謝謝你提供這些補充說明。接著我想追問並轉到你剛提到的服務業務。你剛才已稍微提到，但如果我換個方式問：我們應該如何看待你所提到的「補回」的時點？你們對這些服務是否有能見度？

And is it just a dynamic around delayed, for example, due to the installations of all the infrastructure being procured and services are basically going to be stacked on once the infrastructure is installed? Or is there another dynamic at play that makes transparency around timing less granular?

這是否只是因為例如基礎架構的安裝被延後——也就是先採購所有基礎架構，等基礎架構安裝完成後，服務才會再疊加上去？還是有其他因素，使得在時點上的透明度較難做到更細緻？

Yes. No, I would -- two things. It is really purely timing and implementation timing. So as we look forward over the next quarters, we're feeling very confident in the engagement with customers, we have good visibility to where those needs are. Given the time line of engagement to execution, it will take a little time for us to see that pick up significantly. But by the time we get through the end of the year and rounding the corner, we'll see the fruits of the labor that we're looking at right now.

是的。不，我會——兩點。這真的純粹是時點與導入（implementation）時程的問題。因此當我們展望未來幾季時，我們對與客戶的互動非常有信心，也能清楚掌握需求所在。但考量從互動到執行的時間線，我們要看到它顯著回升還需要一點時間。不過等到今年底、跨過轉折點之後，我們就會看到目前努力所結出的成果。

At this time, I will now turn the call back to CEO, Chris Leahy, for closing remarks.

此刻，我將把電話會議交回給執行長 Chris Leahy 作結語。

Thank you, Joel, and let me close by recognizing the incredible dedication and hard work of our coworkers around the globe. Their ongoing commitment to serving our customers is 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 the time and continued interest in CDW. I look forward to talking to you next quarter.

謝謝你，Joel。最後我想先表揚我們全球同仁令人敬佩的投入與辛勤付出。他們持續致力於服務客戶，正是我們成功的關鍵。也感謝客戶給予我們這份榮幸與機會，協助你們達成目標；同時也感謝各位聽眾撥冗收聽，並持續關注 CDW。期待下季再與各位交流。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。