Ingram Micro Holding Corp (INGM) 2025 Q1 法說會逐字稿

Thank you, operator. I'm here today with Paul Bay, Ingram Micro's CEO; and Mike Zilis, our CFO.

謝謝您，接線生。今天我和 Ingram Micro 的執行長 Paul Bay 以及我們的財務長 Mike Zilis 一起來到這裡。

Before I turn the call over to Paul, let me remind you that today's discussion contains forward-looking statements within the meaning of the Federal securities laws, including predictions, estimates, projections, or other statements about future events, statements about our strategy, demand plans and positioning, growth, cash flow, capital allocation and stockholder return, as well as our expectations for future fiscal periods. Actual results may differ materially from those mentioned in these forward-looking statements because of risks and uncertainties discussed in today's earnings release and in our filings with the SEC. We do not intend to update any forward-looking statements.

在我將電話轉給保羅之前，請允許我提醒您，今天的討論包含聯邦證券法所定義的前瞻性陳述，包括預測、估計、預測或有關未來事件的其他陳述，有關我們的戰略、需求計劃和定位、增長、現金流、資本配置和股東回報的陳述，以及我們對未來財務期間的預期。由於今天的收益報告和我們向美國證券交易委員會提交的文件中討論的風險和不確定性，實際結果可能與這些前瞻性陳述中提到的結果有重大差異。我們不打算更新任何前瞻性陳述。

During this call, we will reference certain non-GAAP financial information. Reconciliations of non-GAAP results to GAAP results are included in our earnings press release and the related Form 8-K available on the SEC website or on our Investor Relations website.

在本次電話會議中，我們將參考某些非公認會計準則財務資訊。非 GAAP 結果與 GAAP 結果的對帳包含在我們的收益新聞稿和相關的 8-K 表格中，可在美國證券交易委員會 (SEC) 網站或我們的投資者關係網站上取得。

With that, I'll turn the call over to Paul.

說完這些，我會把電話轉給保羅。

Thank you, Willa. Good afternoon, and thank you for joining the call today. We are very pleased with our first-quarter performance. Net revenue of $12.3 billion was up 11% year over year on an FX-neutral basis and 4% above the high end of the guidance we provided on our Q4 call. Gross profit of $829 million came in more than 2% above the midpoint of our guidance. And non-GAAP EPS of $0.61 was at the high end of our guidance. North America and Asia Pacific both saw double-digit net sales growth.

謝謝你，威拉。下午好，感謝您參加今天的電話會議。我們對第一季的業績非常滿意。淨收入為 123 億美元，以匯率中立計算年增 11%，比我們在第四季電話會議上提供的指導上限高出 4%。毛利為 8.29 億美元，比我們預期的中位數高出 2% 以上。非公認會計準則每股收益 0.61 美元處於我們預期的高端。北美和亞太地區的淨銷售額均實現了兩位數成長。

EMEA grew 3%, and Latin America was essentially flat year over year on an FX-neutral basis. As expected, the top-line growth was driven by strength in the Client and Endpoint Solutions, but we also saw solid growth in our Advanced Solutions and Cloud businesses.

歐洲、中東和非洲地區成長了 3%，拉丁美洲以外匯中性運算則基本與去年同期持平。正如預期的那樣，營收成長主要得益於客戶端和終端解決方案的強勁成長，但我們的高階解決方案和雲端業務也實現了穩健成長。

While the second quarter and back half of 2025 are harder to forecast, given the volatility resulting from the macroeconomic and trade environment, which Mike will discuss, we are optimistic about the future. We believe that Ingram Micro's 4.5 decades of experience and global reach in tandem with our investments in our cloud and Xvantage platform capabilities position us to manage this cycle with greater resilience, further competitive differentiation, and positive shareholder return. Just as importantly, we remain deeply committed to supporting our customers, our vendor partners, as they navigate the same challenges.

雖然 2025 年第二季和下半年的情況更難預測，但考慮到宏觀經濟和貿易環境造成的波動（麥克將對此進行討論），我們對未來持樂觀態度。我們相信，英邁 45 年的經驗和全球影響力，加上我們在雲端和 Xvantage 平台功能方面的投資，使我們能夠以更強的彈性、進一步的競爭差異化和積極的股東回報來管理這一周期。同樣重要的是，我們仍然堅定地致力於支持我們的客戶和供應商合作夥伴，幫助他們應對同樣的挑戰。

Much of our long-term optimism lies in the evolution towards becoming a platform company. During this time, we have invested over $600 million in cloud, the foundation of our Xvantage digital platform, which has been implemented in 20 of the 57 countries we operate in. This will allow us to continue to remove silos and friction across thousands of hardware, software, cloud, and service offerings.

我們的長期樂觀很大程度上在於向平台公司的發展。在此期間，我們在雲端運算方面投資了超過 6 億美元，這是我們 Xvantage 數位平台的基礎，該平台已在我們運營的 57 個國家中的 20 個國家實施。這將使我們能夠繼續消除數千種硬體、軟體、雲端和服務產品之間的孤島和摩擦。

Xvantage connects our team members, our vendor partners and our customers through its real-time data mesh powered by 4 petabytes of data, 32 million lines of code, and more than 300 AI and machine learning models. This patent-pending technology framework harmonizes disparate data sources into a unified platform, unlocking real-time insights, AI analytics, and rich data visualizations. Xvantage is a truly global end-to-end digital platform that connects each player in the ecosystem, removing friction, improving go-to-market efficiencies, and translating data into actionable insights through AI.

Xvantage 透過由 4PB 資料、3,200 萬行程式碼以及 300 多個 AI 和機器學習模型支援的即時資料網格連接我們的團隊成員、供應商合作夥伴和客戶。這項正在申請專利的技術框架將不同的資料來源協調到一個統一的平台，從而實現即時洞察、人工智慧分析和豐富的資料視覺化。Xvantage 是一個真正的全球端到端數位平台，可連接生態系統中的每個參與者，消除摩擦，提高上市效率，並透過人工智慧將數據轉化為可操作的見解。

Importantly, Xvantage is not about replacing people. Instead, the platform automates repetitive tasks, like billing and order tracking, to free up time for our sales teams to move from inbound tactical work to the proactive outbound business-led conversations that bolster customer success.

重要的是，Xvantage 並不是要取代人類。相反，該平台可以自動執行重複性任務，例如計費和訂單跟踪，從而讓我們的銷售團隊有時間從入站戰術工作轉向主動出站業務主導的對話，從而促進客戶成功。

One example of how Ingram Micro is providing go-to-market scale and leverage within our ecosystem is our Intelligent Digital Assistant. We call this IDA. IDA uses machine learning and AI models to proactively prioritize engagement with our customers and are consistently improving and automating our quote-to-order conversions. In Q1, IDA enabled tens of thousands of proactive customer engagements per month on behalf of our top vendor partners, driving hundreds of millions in year-over-year incremental revenue. IDA is another example of how our real-time data mesh and AI models are helping to evolve our sales approach from high-touch order taking to insightful consultative order generation, thus transforming the end-to-end buying experience for our customers.

我們的智慧數位助理就是英邁如何在我們的生態系統中提供市場規模和槓桿作用的一個例子。我們稱之為 IDA。IDA 使用機器學習和人工智慧模型主動優先考慮與客戶的互動，並不斷改進和自動化我們的報價到訂單的轉換。在第一季度，IDA 代表我們的頂級供應商合作夥伴每月實現了數萬次主動客戶互動，帶來了數億美元的年成長收入。IDA 是另一個例子，說明我們的即時資料網格和 AI 模型如何幫助我們將銷售方式從高接觸訂單轉變為富有洞察力的諮詢訂單生成，從而改變客戶的端到端購買體驗。

Let me share some data to illustrate what this transformation looks like. In the first quarter alone, our customers used Xvantage Advanced Search over 12 million times to find hardware, software, cloud, and services they needed to build end customer solutions. Xvantage also enabled more than triple the self-service orders versus the prior year, allowing customers to quickly and seamlessly place orders directly into the platform.

讓我分享一些數據來說明這種轉變是什麼樣的。僅在第一季度，我們的客戶就使用 Xvantage 高級搜尋超過 1,200 萬次來查找建立最終客戶解決方案所需的硬體、軟體、雲端和服務。Xvantage 還實現了自助訂單量較上年增加兩倍以上，讓客戶能夠快速無縫地直接在平台上下訂單。

In the first quarter through Xvantage, we also reactivated thousands of dormant customers with average net sales above their prior levels of engagement. Xvantage's AI capabilities, including IDA, contributed in a meaningful way to our revenue. And one standout internal measure of Xvantage's ROI is the improved productivity we're seeing across our go-to-market teams. In the US, where Xvantage is most mature and fully embedded into our go-to-market playbook, we are seeing meaningful gains in both revenue generation and cost leverage, both of which were up double-digit per head.

第一季度，透過 Xvantage，我們也重新啟動了數千名休眠客戶，平均淨銷售額高於他們先前的參與水準。Xvantage 的 AI 功能（包括 IDA）為我們的收入做出了重大貢獻。Xvantage 投資回報率的一個突出內部衡量指標是我們看到整個行銷團隊的生產力提高。在美國，Xvantage 最為成熟，並完全融入我們的行銷策略中，我們看到收入創造和成本槓桿都取得了顯著增長，人均收入和成本槓桿均實現了兩位數的增長。

Another example of how we help our partners scale is our Xvantage Integrations Hub or what we call XI. It simplifies software integrations by enabling instant access to prebuilt applications and more secure modern workflows. XI's customers and vendors quickly deploy integrations with key cloud-based software applications, including large-scale CRM platforms like Salesforce. It also integrates remote monitoring and management and configuration price and quote platforms.

我們幫助合作夥伴擴大規模的另一個例子是我們的 Xvantage Integrations Hub 或我們所說的 XI。它透過支援即時存取預先建置的應用程式和更安全的現代工作流程來簡化軟體整合。XI 的客戶和供應商快速部署與關鍵基於雲端的軟體應用程式的集成，包括 Salesforce 等大型 CRM 平台。它還整合了遠端監控和管理以及配置價格和報價平台。

During Q1, in the US alone, more than 1,500 customers had 51 million interactions through the Xvantage Integrations Hub. One key customer said, and I quote, XI is modern, intuitive, and incredibly easy to navigate. We were amazed at how quickly we installed an app. What normally takes months, we completed it in minutes. The seamless experience and effortless setup makes this a game changer for integrations, end quote.

第一季度，光是在美國，就有超過 1,500 名客戶透過 Xvantage Integrations Hub 進行了 5,100 萬次互動。一位重要客戶曾說過，我引用他的話說，XI 非常現代、直觀，而且非常容易操作。我們對安裝應用程式的速度之快感到驚訝。通常需要幾個月的時間，我們只花了幾分鐘就完成了。無縫體驗和輕鬆設定使其成為整合領域的遊戲規則改變者，結束引用。

Industry analysts are also taking note of the platform advantages. A research VP at IDC noted, and I quote, Ingram Micro's Xvantage platform and new Xvantage Integrations Hub demonstrate the balance required between integrations and interactions to build a digitally enabled organization that prioritizes the customer experience, end quote.

產業分析師也注意到了該平台的優勢。IDC 的一位研究副總裁指出，我引用一下，Ingram Micro 的 Xvantage 平台和新的 Xvantage Integrations Hub 展示了整合和互動之間所需的平衡，以建立一個優先考慮客戶體驗的數位化組織。

All of the technology I have discussed was created to enhance our customers' experience. So I'm glad to report that the platform is also being validated for its innovative architecture and design. In April, Ingram Micro was recognized with three IF Design Awards 2025 in the user experience category for our Mobile, Email to Order, and Insights & Recommendation solutions within Xvantage. This is among the most prestigious global design competitions for user experience, recognizing excellence in UX, UI, product design, and innovation. Past winners include the best-of-breed tech innovators like Google and Meta. We were honored to have such a strong showing there against approximately 11,000 submissions from 66 countries.

我所討論的所有技術都是為了增強客戶體驗而創建的。因此，我很高興地報告，該平台的創新架構和設計也得到了驗證。4 月，Ingram Micro 憑藉 Xvantage 中的行動、電子郵件訂購和洞察與推薦解決方案，榮獲用戶體驗類別三項 2025 IF 設計獎。這是全球最負盛名的使用者體驗設計競賽之一，旨在表彰使用者體驗 (UX)、使用者介面 (UI)、產品設計和創新的卓越表現。往屆得獎者包括Google和 Meta 等頂尖科技創新者。我們很榮幸能夠在來自 66 個國家的約 11,000 份參賽作品中脫穎而出，取得如此優異的成績。

As we look forward to the remainder of 2025, despite the macro uncertainties, our strategic path remains unchanged with our customers at its core. We are focused on innovation and execution, and we believe we are in a stronger position than ever to realize our strategic vision of becoming a platform company. Our goal of delivering speed, scale and service is paying off in demonstrated efficiencies, top-line lift, and the reason for it all, a differentiated customer experience.

展望2025年剩餘時間，儘管存在宏觀不確定性，但我們以客戶為核心的策略路徑保持不變。我們專注於創新和執行，我們相信我們比以往任何時候都更有能力實現成為平台公司的策略願景。我們的目標是提供速度、規模和服務，這已在效率、營收提升以及差異化客戶體驗方面取得了回報。

Together with our customers, our vendor partners, and Ingram Micro team members, we are well positioned to navigate the volatility in the short term while continuing to focus on our long-term road map as we have many times in more than our 45 years as a market leader. Our ability to remain nimble and responsive to the needs of our ecosystem has allowed us to perform better than the overall market. We are confident that through the strength of our dedicated Ingram Micro team members, our symbiotic relationships in the channel, and the depth of our innovation, we will continue to provide a differentiated customer experience.

與我們的客戶、供應商合作夥伴和英邁團隊成員一起，我們有能力應對短期波動，同時繼續關注我們的長期路線圖，就像我們作為市場領導者的 45 多年中多次做的那樣。我們保持靈活並響應生態系統需求的能力使我們的表現優於整體市場。我們相信，憑藉我們敬業的英邁團隊成員的力量、我們在通路中的共生關係以及我們創新的深度，我們將繼續提供差異化的客戶體驗。

And with that, I'll turn the call over to Mike. Mike?

說完這些，我將把電話轉給麥克。麥克風？

Thank you, Paul, and good afternoon, everyone. So I want to start by reiterating Paul's comment that we are very pleased with our performance in the first quarter, driving notable growth in both top line and profitability. As I will cover shortly, for the second quarter, we also expect a similar trend in mix as we saw in Q1 but with continued overall growth as we navigate the uncertainties of the macro and trade environment.

謝謝你，保羅，大家下午好。因此，首先我想重申保羅的評論，我們對第一季的表現非常滿意，推動了營業收入和獲利能力的顯著成長。我很快就會提到，對於第二季度，我們預計其組合趨勢也與第一季類似，但隨著我們應對宏觀和貿易環境的不確定性，整體將繼續增長。

Before I turn to the specifics of our results and guidance, let me touch on some detail as to how we see the tariff environment and its impacts. As most of you know, we pass through price increases related to tariffs, but like the rest of our ecosystem, we expect that overall demand may be impacted as uncertainty around these policies persist. Modeling this impact is challenging, but it's worth pointing out that we have successfully operated in an elevated tariff environment, at least to some degree, for the better part of the last nine years.

在介紹我們的業績和指導細節之前，讓我先詳細談談我們如何看待關稅環境及其影響。正如大多數人所知，我們經歷了與關稅相關的價格上漲，但與我們生態系統的其他部分一樣，我們預計，由於這些政策的不確定性持續存在，整體需求可能會受到影響。對這種影響進行建模具有挑戰性，但值得指出的是，在過去九年的大部分時間裡，我們至少在一定程度上成功地在高關稅環境中運作。

In the US, we are not the importer of record on the vast majority of our products that we purchase. And therefore, we bear very few tariffs directly. We continue to monitor closely and discuss the pricing behaviors of our vendors while we drive our own dynamic pricing models around this. But the pass-through nature of our business still exists even where tariffs are indirectly embedded into the pricing of products we purchase.

在美國，我們並不是所購買的絕大多數產品的登記進口商。因此，我們直接承擔的關稅很少。我們將繼續密切監控並討論供應商的定價行為，同時圍繞此推動我們自己的動態定價模型。但即使關稅間接嵌入到我們購買的產品定價中，我們業務的轉嫁性質仍然存在。

Outside of the US, the impact of tariffs will depend on whether other countries choose to raise their own tariffs, as well as the impact of potential inflation brought on by this environment. We are collaborating closely with our vendors to understand tariff impacts at a SKU level for more precise decision-making. We believe our increased automation and AI capabilities enable us to be even more nimble in response to changes in the pricing and demand environment than we have in the past. That said, our Q2 guidance reflects the potential impact of tariffs and the macro environment as a prudent reflection of what we see today.

在美國以外，關稅的影響將取決於其他國家是否選擇提高自己的關稅，以及這種環境帶來的潛在通膨的影響。我們正在與供應商密切合作，以了解 SKU 層級的關稅影響，從而做出更精確的決策。我們相信，我們增強的自動化和人工智慧能力使我們能夠比過去更靈活地應對定價和需求環境的變化。也就是說，我們的第二季指引反映了關稅和宏觀環境的潛在影響，是對我們今天所看到情況的審慎反映。

Now turning to the first-quarter results. Net sales of $12.28 billion were up 8.3% year over year in US dollars and up nearly 11% on an FX-neutral basis. Net revenue mix was similar to the fourth quarter from a line of business, geographical, and customer category perspective. We saw sales of Client and Endpoint Solutions growing most robustly at nearly 15% on an FX-neutral basis. However, we also saw year-over-year growth in Q1 in each of our four lines of business, including our Advanced Solutions and Cloud categories, driven by servers and cybersecurity, but also notably, networking, which returned to low single-digit growth after multiple quarters of year-over-year top-line pressure as we've discussed in prior quarters.

現在來談談第一季的業績。淨銷售額為 122.8 億美元，以美元計算年增 8.3%，以匯率中立計算成長近 11%。從業務線、地理和客戶類別的角度來看，淨收入結構與第四季相似。我們發現客戶端和終端解決方案的銷售額成長最為強勁，剔除匯率因素後成長了近 15%。然而，我們四大業務線（包括高級解決方案和雲端類別）在第一季度均實現了同比增長，這主要得益於伺服器和網路安全，但值得注意的是，網路業務在經歷了多個季度的同比營收壓力後，恢復到了低個位數增長，這一點我們在前幾個季度已經討論過了。

Geographically, we saw continued strength in lower cost to serve and lower-margin geographies, particularly in Asia Pacific. However, North America amplified its return to a growth trajectory from the fourth quarter, driving double-digit growth in the first quarter. From the perspective of our customer categories, large corporate and enterprise sales again outpaced higher-margin SMB sales, which remained more muted as near to midterm macro uncertainty continues. As a result of these mix factors and as expected, overall gross margins were down 62 basis points versus prior year.

從地理上看，我們看到服務成本較低和利潤率較低的地區繼續保持強勁勢頭，尤其是亞太地區。不過，北美從第四季開始加速重回成長軌道，推動第一季實現兩位數成長。從我們的客戶類別來看，大型企業和企業的銷售額再次超過了利潤率較高的中小企業的銷售額，由於中期宏觀不確定性持續存在，中小企業的銷售額仍然較為低迷。由於這些混合因素，正如預期的那樣，整體毛利率較上年下降了 62 個基點。

Longer term, we expect that higher margin net sales from Advanced Solutions and Cloud products will become a greater percentage of the overall top line, driving gross margin improvement. As an example, our Cloud business, while only about 1% of our net sales, contributed nearly 15% of total gross profit in the first quarter of this year, up from 13% a year ago.

從長遠來看，我們預計高級解決方案和雲端產品的更高利潤淨銷售額將在整體營收中佔據更大的比例，從而推動毛利率的提高。舉例來說，我們的雲端業務雖然只占我們淨銷售額的 1% 左右，但在今年第一季貢獻了近 15% 的總毛利潤，高於去年同期的 13%。

Turning to our regional segments. North America net sales were $4.43 billion, up 10.4% year over year on an FX-neutral basis, driven by double-digit growth in Client and Endpoint Solutions, but also by more than 7% growth in Advanced Solutions. Consistent with my earlier global comment, our sales in North America were more concentrated in large corporate and enterprise customers.

轉向我們的區域部分。北美淨銷售額為 44.3 億美元，剔除匯率因素，年成長 10.4%，這得益於客戶端和終端解決方案的兩位數成長，同時也得益於高階解決方案超過 7% 的成長。與我之前的全球評論一致，我們在北美的銷售更集中在大型公司和企業客戶。

EMEA net sales of $3.42 billion were up 0.6% year over year on a US dollar basis, but up 3.0% on an FX-neutral basis, also driven by Client and Endpoint Solutions, as well as by very strong double-digit growth in Cloud. This was partially offset by softer Advanced Solutions demand environment, particularly in Western Europe markets as we expected.

歐洲、中東和非洲地區的淨銷售額為 34.2 億美元，以美元計算同比增長 0.6%，但按匯率中性計算則增長 3.0%，這也得益於客戶端和終端解決方案以及雲端運算業務強勁的兩位數增長。這在某種程度上被較弱的高階解決方案需求環境所抵消，特別是如我們預期的西歐市場。

Asia Pacific had our strongest growth in Q1 with net sales of $3.62 billion, up 20.1% year over year in US dollars and up 23.2% on an FX-neutral basis. India, which we discussed in depth last quarter, is trending as expected as we rebuild the go-to-market team and refocus the organization with the expectation of improvements in margin and continued top-line growth in the back half. As we sit here now in early May, we are seeing the hypercompetitive market in India that we discussed in early March starting to stabilize a bit. Even in this more challenging market, we drove mid-single-digit FX-neutral growth in our India business in Q1.

亞太地區第一季成長最為強勁，淨銷售額達 36.2 億美元，以美元計算年增 20.1%，以匯率中立計算成長 23.2%。我們在上個季度深入討論過的印度市場正呈現預期趨勢，因為我們重建了市場推廣團隊並重新調整了組織，預計下半年利潤率將有所提高並且營收將持續增長。現在是五月初，我們看到我們在三月初討論過的印度高度競爭的市場開始稍微穩定下來。即使在這個更具挑戰性的市場中，我們在第一季的印度業務仍實現了中等個位數的外匯中性成長。

From a line of business perspective, Asia Pacific saw double-digit growth across Client and Endpoint Solutions, Advanced Solutions, and Cloud, leading to the strong overall top-line growth I just noted. The Client and Endpoint Solutions growth is particularly accentuated by very strong double-digit growth in lower-margin mobility device sales in a few markets within the region.

從業務線的角度來看，亞太地區的客戶端和終端解決方案、高級解決方案和雲端運算都實現了兩位數的成長，從而帶來了我剛才提到的強勁的整體營收成長。客戶端和終端解決方案的成長尤其得益於該地區少數市場低利潤行動裝置銷售額的強勁兩位數成長。

Latin America net sales were down 8.5% in US dollars at $803 million, but down only 0.3% in constant currency, somewhat consistent with what we saw in the fourth quarter and reflective particularly of strength in Cloud, offset by a more neutral performance in Client and Endpoint Solutions and a slight decline in Advanced Solutions.

拉丁美洲的淨銷售額以美元計算下降了 8.5%，至 8.03 億美元，但以固定匯率計算僅下降了 0.3%，與我們在第四季度看到的情況基本一致，尤其反映了雲端運算的強勁表現，但客戶端和終端解決方案的表現較為中性，高級解決方案略有下降。

First-quarter gross profit came in at $829 million or 6.75% of net sales. While this is down year over year on the mix and India market factors that I've already discussed, we are generally seeing margin rate hold fairly steady to slightly down on like-for-like categories of products and customers in a generally heightened competitive environment.

第一季毛利為 8.29 億美元，佔淨銷售額的 6.75%。雖然由於我已經討論過的組合和印度市場因素，這一數字同比有所下降，但在普遍加劇的競爭環境中，我們普遍看到同類產品和客戶的利潤率保持相當穩定或略有下降。

Q1 operating expenses were $628 million or 5.11% of net sales compared to 5.87% in the same period last year. This year-over-year improvement in OpEx leverage is driven largely by the significant cost actions we have taken over the last two years, including the actions we announced in December 2024. However, this leverage is also a result of a higher concentration of sales in Client and Endpoint Solutions, where our cost to serve has historically been lower and where the automation we have brought to the table with Xvantage is creating even better leverage today.

第一季營運費用為 6.28 億美元，佔淨銷售額的 5.11%，去年同期為 5.87%。營運支出槓桿率的年增率主要得益於我們在過去兩年中採取的重大成本行動，包括我們在 2024 年 12 月宣布的行動。然而，這種槓桿作用也是由於銷售更多地集中在客戶端和終端解決方案上，我們在這些領域的服務成本歷來較低，而我們透過 Xvantage 帶來的自動化如今正在創造更好的槓桿作用。

For the full fiscal year 2025, we expect OpEx as a percentage of net revenue to remain above 5% as we continue to invest in our Xvantage platform, but also in personnel around our strategic priorities, including technical go-to-market skills to address our higher-margin Advanced Solutions and Cloud businesses. As discussed in our March earnings call, on a longer-term basis, we expect our annual run rate of OpEx as a percentage of net sales will fall below 5% as we realize efficiencies and hit more steady state with Xvantage.

對於整個 2025 財年，我們預計營運支出佔淨收入的百分比將保持在 5% 以上，因為我們將繼續投資於我們的 Xvantage 平台，同時也投資於圍繞我們戰略重點的人員，包括技術上市技能，以解決我們利潤率更高的高級解決方案和雲端業務。正如我們在 3 月收益電話會議上所討論的那樣，從長期來看，隨著我們實現效率並透過 Xvantage 達到更穩定的狀態，我們預計營運支出佔淨銷售額的年運行率將降至 5% 以下。

Adjusted income from operations was $229 million, and adjusted income from operations margin was 1.87% compared to 1.96% in the first quarter of 2024 as our strong OpEx leverage offset a majority of the mix-driven decline in gross margins year over year.

調整後的營業收入為 2.29 億美元，調整後的營業收入利潤率為 1.87%，而 2024 年第一季為 1.96%，因為我們強勁的營運支出槓桿抵消了大部分由混合驅動的毛利率同比下降。

Non-GAAP net income in the quarter was $144 million compared to $135 million in Q1 of 2024, an increase of nearly 7% in US dollars and more than 11% in constant currency as we also benefited year over year from a $13 million decrease in net interest expense on debt repayments, which I will cover in more detail shortly.

本季非公認會計準則淨收入為 1.44 億美元，而 2024 年第一季為 1.35 億美元，以美元計算增長近 7%，以固定匯率計算增長超過 11%，因為我們還受益於債務償還淨利息支出同比減少 1300 萬美元，我將在稍後詳細介紹。

Our non-GAAP diluted EPS was $0.61 per share, at the high end of our guidance for Q1. We continue to drive strong working capital management with Q1 working capital days at 29 compared to 33 days in the same period of 2024. The improvement reflects our focus on cash conversion driven by disciplined management of our terms with and payments to vendors, as well as strong receivable collection efforts more than offsetting some targeted investment in inventory to capture market opportunities, all while navigating tariff uncertainties and keeping working capital optimization front and center.

我們的非公認會計準則稀釋每股收益為 0.61 美元，處於第一季預期的高點。我們持續推動強勁的營運資本管理，第一季營運資本天數為 29 天，而 2024 年同期為 33 天。這項改善反映了我們對現金轉換的關注，這種關注源於我們對與供應商的條款和付款的嚴格管理，以及強大的應收帳款收集努力，這足以抵消一些有針對性的庫存投資以抓住市場機會，同時還能應對關稅不確定性並始終將營運資本優化放在首位。

Adjusted free cash flow was an outflow of $159 million in the first quarter, which is in line with our seasonal expectations and indicative of some prebuying that we did in anticipation of tariffs, as well as the overall growth in the business. The countercyclicality of our business may drive some continued working capital investment as we grow. However, this is always with return on investment in mind, and we remain committed over time to get to a mark of 30% or more of our adjusted EBITDA dropping down to free cash flow on an annual basis. The seasonality of investment in working capital will make this metric more volatile on a quarter-to-quarter basis.

第一季調整後的自由現金流流出 1.59 億美元，符合我們的季節性預期，顯示我們為預期關稅而進行了一些預購，以及業務的整體成長。隨著我們的發展，我們業務的逆週期性可能會推動一些持續的營運資本投資。然而，這始終是以投資回報為考慮的，我們始終致力於隨著時間的推移，將調整後的 EBITDA 降至 30% 或更多，每年轉化為自由現金流。營運資本投資的季節性將使該指標的季度波動性更大。

As we think about our use of the balance sheet to support the market, I'd like to take a few moments to highlight our strategy around channel financing. In addition to our traditional trade credit, we also offer a number of dedicated channel financing solutions to help our partners manage through rising technology costs, multiyear subscription arrangements, and a higher focus on cash flow optimization. What sets our channel financing model apart is that it is not burdening our balance sheet. We leverage a global network of specialized funding partners to deliver flexible financing solutions tailored to our customers' and partners' cash flow needs. This allows customers to invest in IT without large upfront outlays and helps vendors secure longer-term commitments.

當我們考慮使用資產負債表來支持市場時，我想花點時間強調我們圍繞通路融資的策略。除了傳統的貿易信貸外，我們還提供多種專用管道融資解決方案，幫助我們的合作夥伴應對不斷上漲的技術成本、多年訂閱安排以及對現金流優化的高度關注。我們的通路融資模式的獨特之處在於它不會對我們的資產負債表造成負擔。我們利用全球專業融資合作夥伴網路來提供根據客戶和合作夥伴的現金流量需求量身定制的靈活融資解決方案。這使得客戶無需大量的前期投入即可進行 IT 投資，並有助於供應商獲得長期承諾。

Revenue volume supported by our channel financing model has more than doubled over the past four years, now driving hundreds of millions in annual revenue and accretive margin while preserving working capital discipline and a seamless channel experience.

在過去四年中，我們的通路融資模式所支持的收入額成長了一倍以上，目前已帶來數億美元的年收入和增值利潤，同時保持了營運資金紀律和無縫的通路體驗。

Back to cash flows and balance sheet. In late March, we paid down an incremental $125 million of our term loan balance, bringing our total repayment on term loans to $1.69 billion since 2022 and bringing our net debt-to-adjusted-EBITDA ratio to 2.0 times to close Q1, improved notably from 2.3 times in the first quarter of last year. We also paid our first quarterly dividend in Q1, returning $17.4 million to stockholders during the quarter. And we are proud to have announced today a 2.7% increase to that quarterly dividend to be paid in Q2.

回到現金流和資產負債表。3 月底，我們償還了 1.25 億美元的定期貸款餘額，使 2022 年以來定期貸款的償還總額達到 16.9 億美元，並使第一季末的淨債務與調整後 EBITDA 比率達到 2.0 倍，較去年第一季的 2.3 倍有顯著改善。我們還在第一季支付了第一筆季度股息，本季向股東返還了 1,740 萬美元。今天我們很榮幸地宣布，第二季的季度股息將增加 2.7%。

Now shifting to our guidance for Q2. Let me preface this by saying our guidance is based on how we see the market today. But as we all see, this is changing almost daily in some regards. With this in mind, we are guiding to net sales of $11.77 billion to $12.17 billion, which represents year-over-year growth of nearly 4% at the midpoint. We expect second-quarter gross profit of $800 million to $850 million, which would represent gross margins a bit under 7% as some of the similar geographic product and customer category mix factors continue into Q2.

現在轉向我們對第二季的指導。首先我要說的是，我們的指導是基於我們對當前市場的看法。但正如我們所見，在某些方面，這種情況幾乎每天都在改變。考慮到這一點，我們預計淨銷售額將達到 117.7 億美元至 121.7 億美元，中間值將年增近 4%。我們預計第二季毛利為 8 億至 8.5 億美元，這意味著毛利率略低於 7%，因為一些類似的地理產品和客戶類別組合因素將延續到第二季。

We expect non-GAAP diluted EPS to be in the range of $0.53 to $0.63 per diluted share, which would be an increase of $0.04 per share or more than 7% growth at the midpoint. This guidance is also reflective of some heightened inventory investment in the interim months of Q2 as a result of buy-in opportunities ahead of potential tariffs, which in turn drives slightly higher interest expense. Our EPS guidance assumes weighted average shares outstanding of approximately 235.2 million and a non-GAAP tax rate of 29.1%. Our Q2 guidance considers our current views on the macro and tariff environment, including trends in prebuying and the 90-day respite on tariffs on many countries.

我們預計非 GAAP 稀釋每股收益將在 0.53 美元至 0.63 美元之間，這意味著每股收益將增加 0.04 美元，或按中點增加 7% 以上。該指引還反映出，由於潛在關稅之前的買入機會，第二季中期庫存投資增加，導致利息支出略有增加。我們的每股盈餘指引假設加權平均流通股數約為 2.352 億股，非公認會計準則稅率為 29.1%。我們的第二季指引考慮了我們目前對宏觀和關稅環境的看法，包括預購趨勢和許多國家為期 90 天的關稅暫緩執行政策。

We continue today to see healthy activity and we remain particularly enthusiastic about a continued demand environment in Advanced Solutions. But we are weighing this with the potential for price increases related to tariffs and some extension in the sales cycle, where some customers wait to see how the environment evolves as they consider their overall capital spend decisions. Such extensions are particularly true in the higher profit SMB space, which is generally more sensitive to potential inflationary factors.

今天我們繼續看到健康的活動，我們對高級解決方案持續的需求環境仍然特別熱情。但我們正在權衡與關稅相關的價格上漲的可能性以及銷售週期的延長，一些客戶在考慮整體資本支出決策時會等待觀察環境如何發展。這種延伸在利潤較高的中小企業領域尤其如此，因為它們通常對潛在的通膨因素更為敏感。

This is where we are confident, however, that our investments in innovation are bearing fruit in terms of leverage, efficiency and top line acceleration through this market. We will continue to engage with our vendor partners and customers to quickly navigate changes in the demand and pricing environments as we focus on the success of our partners and our team.

然而，我們有信心，我們在創新方面的投資正在透過這個市場在槓桿率、效率和營收加速方面取得成果。我們將繼續與我們的供應商合作夥伴和客戶合作，快速應對需求和定價環境的變化，同時我們專注於合作夥伴和團隊的成功。

With that, we can now open the call to questions. Operator?

好了，我們現在可以開始提問了。操作員？

(Operator Instructions) Samik Chatterjee, JPMorgan.

（操作員指示）Samik Chatterjee，摩根大通。

Thanks for taking my questions. Maybe if I can start off with sort of the macro-related comments that you had here. And interested to hear -- I know you mentioned SMB is a bit weaker. And for the larger enterprises, if I understood you correctly, you're expecting to see maybe a bit more sort of longer sales cycles but still more moderate sort of reaction to the macro. But maybe if you can just flesh that out a bit more and why shouldn't we expect maybe larger enterprises to eventually follow directionally where the SMB weakness is?

感謝您回答我的問題。也許我可以從您在這裡提出的與宏觀相關的評論開始。並且很感興趣地聽到——我知道您提到 SMB 有點弱。對於較大的企業，如果我理解正確的話，您可能會看到更長的銷售週期，但對宏觀的反應仍然更為溫和。但是，如果你可以進一步充實這一點，為什麼我們不應該期望大型企業最終能夠追隨中小企業弱點的方向呢？

What are you seeing in terms of maybe large projects and intent from large enterprises to continue with the large projects related to IT infrastructure? And what's giving you confidence on that front? And I have a follow-up. Thank you.

就大型專案以及大型企業繼續實施與 IT 基礎架構相關的大型專案而言，您看到了什麼？那麼什麼讓您對此充滿信心呢？我還有一個後續問題。謝謝。

Yeah. So I can jump in. This is Paul. Thank you for the question. If we look at it, you may have heard us talk, as we are exiting 2024 in our last call, was SMB had some headwinds. And so there was still -- it was down for the quarter. But if you look at it, it was actually improving year over year. So we are seeing some green shoots relative to some pockets where we're seeing improvement on that.

是的。所以我可以加入。這是保羅。謝謝你的提問。如果我們看一下，您可能已經聽到我們談論過，因為我們在上次電話會議中談到了 2024 年，SMB 遇到了一些阻力。因此本季的產量仍然下降。但如果你看一下，你會發現它其實是逐年改善的。因此，我們看到一些領域的復甦跡象，這些領域正在改善。

And in our large enterprise business and in conversation with customers, when we look at our pipeline, the demand continues to be strong. And we think that that's going to continue based off the conversations we've had thus far, both with our customers and with our vendor partners also.

在我們的大型企業業務中以及與客戶的對話中，當我們審視我們的管道時，發現需求持續強勁。我們認為，根據我們迄今為止與客戶和供應商合作夥伴的對話，這種情況將會持續下去。

Got it. Got it. And then maybe for the quarter and related to both 1Q and 2Q, if you can start with maybe helping us with, when you think about the mix between Client Solutions related to Advanced Solutions, how did the mix track between those relative to your expectations for 1Q? And what are you embedding in there, embedding in terms of mix for 2Q, in terms of your expectations? And how much of that Client Solutions strength are you treating as a pull forward from the second half? Thank you.

知道了。知道了。然後，也許對於本季度以及與第一季和第二季相關的情況，如果您可以先幫助我們，當您考慮與進階解決方案相關的客戶解決方案之間的組合時，相對於您對第一季度的預期，這些組合之間的軌跡如何？就您的期望而言，您在第二季的組合方面嵌入了什麼？您認為客戶解決方案的實力在多大程度上可以視為下半年的動力？謝謝。

Yeah. So this is Paul again, and I'll let Mike jump in. Relative to kind of the mix, our Client and Endpoint Solutions business performed very well as we talked about the refresh happening in the desktop and notebooks, so that was very strong. Our smartphones was also strong within that category. Advanced Solutions, I'm proud to say, and we were pretty accurate coming out of the last call on networking because we had talked about that we had double digits for fiscal 2020 -- exiting 2024 and the expectation, both that we saw in our pipelines and the key indicators we were seeing in our business, that we thought that it was going to start making a turn.

是的。我是保羅，現在我讓麥克加入進來。相對於這種組合，我們的客戶端和終端解決方案業務表現非常好，正如我們談到桌上型電腦和筆記型電腦的更新一樣，所以這非常強勁。我們的智慧型手機在該類別中也很強大。我很自豪地說，高級解決方案，我們在上次網路電話會議上的預測非常準確，因為我們曾談到，我們在 2020 財年實現了兩位數的增長——到 2024 年，我們的預期是，無論是我們在管道中看到的，還是我們在業務中看到的關鍵指標，我們都認為它會開始好轉。

And I know the likes of IDC said there's going to be growth on the networking business. So we did see low single-digit growth in Q1, and our server business continues to perform well and cybersecurity remains healthy also.

我知道 IDC 之類的公司表示網路業務將會成長。因此，我們確實看到第一季出現了低個位數成長，我們的伺服器業務繼續表現良好，網路安全也保持健康。

That said, with regard to what we're putting in our guide for Q2, we don't see a dramatic shift in terms of the product mix. We do think, from a system standpoint, it may not be as heightened as it was in Q1, but we definitely see strong growth in that category and not a dramatic mix relative to the other topics I just mentioned.

話雖如此，就我們第二季的指南而言，我們並沒有看到產品組合發生巨大的變化。我們確實認為，從系統的角度來看，它可能不會像第一季那樣高漲，但我們確實看到該類別出現強勁增長，而且與我剛才提到的其他主題相比，並沒有出現顯著的變化。

Mike, I don't know if you have any other comments on that.

麥克，我不知道你對此是否還有其他評論。

Yeah. Samik, I think the only thing I would just add, yeah, I think the big factor is we're assuming a slightly lower Client and Endpoint piece, not the solid double-digit we disclosed with an almost 15% growth in Q1 in our Q2 guide. But we're considering still some growth in Advanced Solutions, certainly growth in Cloud.

是的。薩米克，我想我唯一要補充的是，是的，我認為最大的因素是我們假設客戶端和終端部分會略低一些，而不是我們在第二季度指南中披露的穩固的兩位數增長（第一季增長近 15%）。但我們仍認為高級解決方案會有所成長，雲端運算也肯定會有所成長。

And then I think as Paul touched on the customer side of the spectrum, as has been the case for the last few quarters, we see the large enterprise customers. And we're just taking a -- we're continuing to take a conservative view on where SMB goes because, as I said in my prepared remarks, we still see quite a bit of more mutedness there since that is a group of end user customer base that's going to be more susceptible to an inflationary or, God forbid, a recessionary environment. And therefore, we take a closer look on that as to how we see the customer end of the spectrum growing, and we believe that we will still be more concentrated in the lower-margin large enterprise customers.

然後我認為，正如保羅談到客戶方面的情況一樣，就像過去幾季的情況一樣，我們看到了大型企業客戶。我們只是採取 - 我們繼續對中小企業的發展方向持保守態度，因為正如我在準備好的發言中所說的那樣，我們仍然看到那里相當多的沉默，因為這是一群最終用戶客戶群，他們將更容易受到通貨膨脹或（但願不會發生）經濟衰退環境的影響。因此，我們仔細研究了客戶端的成長情況，我們認為我們仍將更加集中於利潤率較低的大型企業客戶。

All right. Thank you. Thanks for taking my questions.

好的。謝謝。感謝您回答我的問題。

Erik Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林。

Super. Thank you for taking my questions, guys, and congrats on the quarter. I just want to follow up on Samik's question there. Just if you could maybe, Mike, help us kind of size the pull forward that you saw in 1Q? Like, if we were to think about the upside relative to the midpoint of your 1Q guidance, is that how we should gauge the pull forward? Or what's the right way to think about that? And how are you then taking that into account in your 2Q guide?

極好的。謝謝你們回答我的問題，恭喜本季取得佳績。我只是想跟進 Samik 的問題。麥克，你能不能幫我們估算一下你在第一季看到的拉力幅度？例如，如果我們考慮相對於第一季指引中點的上行空間，那麼我們該如何衡量未來的拉力呢？或者說正確的思考方式是什麼？那麼，您在第二季指南中是如何考慮到這一點的呢？

If I just look at it, it looks like you're guiding down about 2 percentage points sequentially. History shows you're kind of flat to up. And so just if you could help us understand that dynamic and how it influences your 2Q guide, that would be super helpful. And then a quick follow-up, please.

如果我看一下，看起來你正在連續下降約 2 個百分點。歷史表明，你的經濟狀況會從平穩走向上升。因此，如果您能幫助我們了解這種動態以及它如何影響您的第二季度指南，那將非常有幫助。然後請快速跟進。

Yeah. Erik, I'll start. It's Paul. So the Q1 pull forward with regard -- we did see slight, but I would call it not material, and it was really -- I want to be clear about this, too. It's really around the PC refresh and not the other products as we talked about growth in some of the other categories, that wasn't a pull forward. So if there was a pull forward that we'll see, it was in really that PC refresh.

是的。艾瑞克，我先開始。我是保羅。因此，就第一季而言，我們確實看到了輕微的拉動，但我認為這並不重要，而且確實如此——我也想清楚地說明這一點。這實際上與 PC 更新有關，而不是其他產品，正如我們討論的其他一些類別的增長一樣，這並不是向前的推動。因此，如果我們看到向前推的話，那實際上就是 PC 更新。

If you look at it from a customer's perspective, it was kind of a mixed bag. There were some pull forwards in Q1 in advance of the tariffs, kind of what we saw in our business. And the customers would also say there was from an RFP, RFQ kind of inbound, kind of longer term, those projects were delayed, but they weren't canceled, and the expectation is budgets aren't moving. So all the feedback that we're getting is that they're still relevant. And with the pricing uncertainty, it's kind of those longer-term ones. I would say neither of those were enough in Q1 to constitute what I would define as a trend.

如果從客戶的角度來看，它有點好壞參半。在關稅實施之前，第一季出現了一些提前現象，就像我們在業務中看到的那樣。客戶還會說，從 RFP、RFQ 之類的入站、長期來看，這些項目被推遲了，但沒有被取消，而且預計預算不會改變。因此，我們收到的所有回饋都表明它們仍然具有相關性。由於定價的不確定性，這是一個長期問題。我想說，在第一季度，這兩者都不足以構成我所定義的趨勢。

And the question on Q2 guide, and I'll let Mike jump in, it assumes a continued PC refresh. Mike touched on it, more in the mid-single digits in terms of what we're looking at from a growth rate perspective that we built into the Q2 guide.

關於 Q2 指南的問題，我請 Mike 來回答，它假設 PC 持續更新。麥克談到了這一點，從我們在第二季指南中建立的成長率角度來看，成長率更接近個位數的中間值。

Yeah. So Erik, you pointed out about a 2% roughly decline sequentially. That's right. And I think it is. I don't want to quantify it, as Paul just said, but that's pull forward because there's a lot of other factors, as Paul just hit on. But part of these factors, just coupled with potentially a little bit more overhang as we see, especially in that SMB space in Q1, is really leading to that Q1 guide and that growth factor.

是的。因此，埃里克，您指出環比下降幅度約為 2%。這是正確的。我認為是的。正如保羅剛才所說，我不想量化它，但這是向前推進的，因為還有很多其他因素，正如保羅剛才提到的。但這些因素的一部分，再加上我們看到的潛在一些懸而未決的問題，特別是第一季度的中小企業領域，才真正導致了第一季的指導和成長因素。

Okay. That's really helpful. Thank you for that context. And then maybe the second question is just, can you help us understand what you're seeing from a pricing perspective? As we're here, and kind of thinking about 2Q more so, but are you seeing vendors raising prices? If so, what end markets is that most prevalent in? And how have customers responded to those prices? Could there be more to come? Again, all of that, just kind of putting the pricing environment in context really here as we think about the last maybe five or six weeks, please? Thanks so much.

好的。這真的很有幫助。感謝您提供的資訊。那麼第二個問題可能是，您能否幫助我們從定價的角度理解您所看到的情況？我們在這裡，並且更多地考慮第二季度，但是您是否看到供應商提高價格？如果是的話，這種現像在哪些終端市場最為普遍？那麼顧客對這些價格有何反應呢？還會有更多嗎？再說一遍，所有這些，只是把定價環境放在我們真正考慮的背景下，就像我們思考過去五到六週的情況一樣，好嗎？非常感謝。

Yeah, Erik, this is Paul. I'll start. So as it relates to pricing, there's been minimal pricing impact. If there has been some changes, it's been more around the peripherals and accessories depending on where the impact was and, keep in mind, from an overall working capital standpoint and inventory that we already had in our system working through that. So especially in Q1, and even as we sit here today in Q2, we haven't seen a lot of price raising and/or changes thus far as we kind of work through what the tariffs is going to look like.

是的，艾瑞克，這是保羅。我先開始。因此，就定價而言，其影響很小。如果確實發生了一些變化，那麼更多的是圍繞外圍設備和配件，這取決於影響在哪裡，並且請記住，從整體營運資金的角度和我們系統中已經存在的庫存來看，我們正在解決這個問題。因此，特別是在第一季度，甚至在我們今天處於第二季度的時候，我們還沒有看到太多的價格上漲和/或變化，因為我們正在研究關稅的具體情況。

I would also say today's announcement with the UK here recently is encouraging. And just overall, from our perspective, as you would expect, certainty and predictability is good for our business, and we've proven to be flexible and able to adapt quickly. So we haven't seen -- just to summarize that we haven't seen an impact from a pricing perspective and a lack of tolerance from our customers out to the end users.

我還要說，今天英國最近宣布的消息令人鼓舞。總體而言，從我們的角度來看，正如您所期望的，確定性和可預測性對我們的業務有利，而且我們已證明自己具有靈活性並能夠快速適應。因此，我們還沒有看到——總結一下，我們還沒有看到從定價角度產生的影響，也沒有看到從我們的客戶到最終用戶缺乏容忍度。

Great. Thanks so much, guys. Good luck.

偉大的。非常感謝大家。祝你好運。

Ananda Baruah, Loop Capital.

阿南達·巴魯阿（Ananda Baruah），Loop Capital。

Yeah, thanks, guys. Appreciate you taking the questions. I got two, if I could as well. The first one, I guess, Paul and Mike, just on Xvantage. And what's a good -- look, you gave a lot of great metrics, so I appreciate that and acknowledge it. And I guess what I'm wondering is sort of big picture, is there a good way to think about what the progress -- I think, Paul, you said you're like in 27 to 50-something countries. Is there a useful way to for us to think about, number one, kind of like ongoing progression and propagation throughout sort of your target map?

是的，謝謝大家。感謝您回答這些問題。如果可以的話，我也買兩個。第一個，我想，是 Paul 和 Mike，就在 Xvantage 上。這有什麼好處呢——你看，你給了很多很好的指標，所以我很感激並且承認這一點。我想我所好奇的是一個大局，是否有一個好的方式來思考進展——我想，保羅，你說過你就像在 27 到 50 多個國家。有沒有一個有用的方法可以讓我們思考，第一，有點像在目標地圖上持續進展和傳播？

And then I don't know, number two, a way to think about transaction penetration over time. I guess anything useful there for us to see what you're shooting against And like, I don't know, when I say shooting against, like maybe what the potential is. And I have a quick follow-up as well, though I know that's not a quick question, that first one.

然後，我不知道第二點，如何思考交易滲透率隨時間的變化。我想這裡面有什麼有用的東西可以讓我們看看你在反對什麼，我不知道，當我說反對時，也許潛力是什麼。我還有一個快速的後續問題，儘管我知道這不是一個快速的問題，這是第一個問題。

So the way we look at it -- Ananda, thanks for the question. So there's three ways we look at the metrics, and there's multiple metrics, and our commitment was that we'll continue to give you visibility as we build out. So we're in 20 of our 57 countries, which we continue to deploy Xvantage on a global basis. And keep in mind, remember, when we do something, number one, it's global, and it's the same experience in all 20 countries that it's deployed in. So we look at that as a differentiator, a, from research and development and how we continue to build out and the investment we make, as we do something to the code base, it goes to all 20 countries right now, and the expectation is we'll continue to roll those to the rest of the world.

所以我們看待它的方式——阿南達，謝謝你的提問。因此，我們有三種方法來查看指標，並且有多個指標，我們的承諾是，我們將在建置過程中繼續為您提供可見性。因此，我們在全球 57 個國家中的 20 個國家繼續部署 Xvantage。請記住，當我們做某事時，首先，它是全球性的，並且在部署的所有 20 個國家/地區的體驗都是相同的。因此，我們將其視為一個區別因素，從研究和開發以及我們如何繼續建設和投資來看，當我們對程式碼庫進行一些操作時，它現在已推廣到所有 20 個國家/地區，並且我們期望繼續將其推廣到世界其他地區。

From a user -- so the three metrics that we really talk about are three different ways. One is user engagement. I talked about 12 million searches, advanced searches. So we continue to see that increase. We look at it from a financial and operational perspective, triple the self-service orders versus the prior year. This just continues to demonstrate what we're focused on, which is the customer, ease of use, taking friction and OpEx out of the conversations, moving to more outbound versus inbound.

從使用者的角度來看——我們真正談論的三個指標是三種不同的方式。一是用戶參與度。我談到了 1200 萬次搜索，高級搜索。因此我們繼續看到這種增長。我們從財務和營運角度來看，自助服務訂單量比前一年增加了兩倍。這只是繼續證明了我們所關注的重點，即客戶、易用性、消除對話中的摩擦和營運成本、轉向更多的出站而不是入站。

And then the third one is we look at it from a customer perspective. So again, you heard us last time talk about we brought on over a couple of thousand, I think, was the number that I mentioned -- or it was, I believe, 8,000 from a full year 2024 is what I probably mentioned, I believe, last time in our earnings call, and now we're seeing a couple of thousand. So this is a great opportunity for us to go reengage with partners that haven't done business with us that are, what we call, dormant customers. We have thousands of those also. So those are just a couple of metrics that we look at.

第三個是我們從客戶的角度來看這個問題。所以，您上次聽到我們說過，我們帶來了幾千名員工，我想，這就是我提到的數字——或者，我相信，從 2024 年全年來看，這個數字是 8,000，這是我上次在收益電話會議上可能提到的，我相信，現在我們看到了幾千名員工。因此，這對我們來說是一個絕佳的機會，讓我們與那些尚未與我們開展業務的合作夥伴（我們稱之為休眠客戶）重新建立聯繫。我們也有數千個這樣的。這些只是我們所關注的幾個指標。

And then you heard me talk about intelligent digital assistant and what we've done to drive leverage, both from an OpEx perspective and a revenue standpoint. Both of those, which I mentioned in my prepared remarks, were up double-digit per head.

然後你聽到我談論智慧數位助理以及我們為推動槓桿所做的工作，無論是從營運支出角度還是從收入角度。我在準備好的發言中提到過，這兩個數字的人均漲幅都達到了兩位數。

I think you had a follow-on question, too.

我想您也有一個後續問題。

Yeah. I guess the follow-up is -- I'm going to allude to Cloud into this also. So it sounds like -- I mean, these aren't your words, but I think it sounded to me like Xvantage was like maybe a couple of hundred million of incremental rev gen this quarter. And sort of correct me if that's like super off base, and then Cloud at 15% of gross profit dollars, 1% of net sales. Can you frame for us the opportunity for like Xvantage and Cloud to really repurpose the business model, right? Like, if Cloud is going to go to 2% of net sales at some point, like is that 15% to 30% of GP dollars, right?

是的。我想後續的問題是──我也會將雲提到這一點。所以聽起來——我的意思是，這些不是你的話，但我認為聽起來 Xvantage 本季可能有幾億的增量收入。如果這完全是錯誤的，請糾正我，雲端運算佔毛利潤的 15%，淨銷售額的 1%。您能否為我們介紹一下 Xvantage 和 Cloud 等真正重新利用商業模式的機會？例如，如果雲端運算在某個時候占到淨銷售額的 2%，那麼這是否相當於 GP 美元的 15% 到 30%，對嗎？

And so anyway, that's really the question. Like, are we sitting on the beginnings of a totally repurposed business model, and it's just not fully evident yet? But you guys just keep doing what you're doing. We're going to look in like 8 to 12 quarters and the business model is going to be really amplified. So just any thoughts there would be great.

無論如何，這確實是個問題。例如，我們是否正處於一個完全重塑的商業模式的開端，而它只是還沒有完全顯現出來？但你們只需繼續做你們正在做的事情。我們將展望未來 8 到 12 個季度，商業模式將真正擴大。因此，任何想法都是很好的。

Yeah. And I think -- so I'll jump in, and we're not going to disclose the numbers necessarily. What I would think about in the future is that our company will be Xvantage. So we'll be talking about metrics of how we're driving share differentiation, better margin improvement, lower operating expense, and overall bottom line return to the shareholder.

是的。我認為——所以我會介入，但我們不一定會透露具體數字。我想未來我們的公司會是Xvantage。因此，我們將討論如何推動股票差異化、更好的利潤率提高、更低的營運費用以及股東的整體底線回報。

And some of the things, if you look at Cloud, we spent $600 million in Cloud, both organically and inorganically, over the last 12 years, and that's the foundation for Xvantage. So we did start from the ground zero. And on top of those 30 patents pending, the 32 million lines of code that we put on top of that investment around Cloud that I talked about in my opening comments, that's about a single experience. So you're able to come to Ingram Micro and get a, as I call, a one-stop shop or a single pane of glass for your hardware, software services and cloud, all-in-one system.

如果你看一下雲端運算，你會發現，過去 12 年裡，我們在雲端運算方面投入了 6 億美元，包括有機投入和無機投入，這就是 Xvantage 的基礎。所以我們確實是從零開始。除了這 30 項正在申請的專利之外，我們在雲端運算方面投入的 3,200 萬行程式碼，我在開場白中提到過，這些都是關於單一體驗的。因此，您可以來到 Ingram Micro，以獲得我所說的一站式服務或單一管理平台，涵蓋您的硬體、軟體服務和雲端的一體化系統。

So this, in my opinion, is broader than just Cloud over time. This is about consumption and how technology is going to be delivered to end businesses and how do we enable our solution providers who generically, are our customers, 161,000 customers, to go provide a better experience at a lower operating expense and effectively drives more revenue and a shorter sales cycle.

因此，在我看來，這不僅僅是隨著時間的推移而出現的雲。這是關於消費以及如何將技術交付給終端企業，以及我們如何使我們的解決方案提供者（一般來說是我們的客戶，161,000 名客戶）以更低的營運費用提供更好的體驗，並有效地增加收入和縮短銷售週期。

Got it. Got it. Okay, thanks. That's very helpful context. Appreciate it.

知道了。知道了。好的，謝謝。這是非常有用的背景資訊。非常感謝。

Ruplu Bhattacharya, Bank of America.

美國銀行的 Ruplu Bhattacharya。

Thanks for taking my questions. Mike, if we look at the guide for fiscal 2Q, at the midpoint, revenues will be up year-on-year, but gross margin will be down. It's an interesting year because you should have this year both growth in client devices, as well as Advanced Solutions. So based on your current forecast and backlog, as you look into the second half, do you think gross margin can grow year-on-year? Or should we assume that it remains pressured from a year-on-year standpoint?

感謝您回答我的問題。麥克，如果我們看一下第二財季的指南，中期來看，營收將年增，但毛利率將下降。這是有趣的一年，因為今年客戶端設備和高級解決方案都會有所成長。那麼根據您目前的預測和積壓訂單，展望下半年，您認為毛利率能否年增？或者我們應該假設從同比角度來看它仍然面臨壓力？

And then I'll ask my follow-up now as well. Can you talk about working capital? You said that you might do some prebuys. So how should we think about inventory and the free cash flow as we go through the rest of this year? Thanks so much.

然後我現在也會問我的後續問題。能談談營運資金嗎？您說過您可能會進行一些預購。那麼，在今年剩餘的時間裡，我們該如何看待庫存和自由現金流？非常感謝。

Okay. Thanks, Ruplu. Good questions, I guess. So I think as we said, we're really thinking about margin in terms of mix. But it's beyond just the Client and Endpoint mix, which is maybe not assumed to grow as robustly as it did in Q4.

好的。謝謝，Ruplu。我想，這是很好的問題。所以我認為，正如我們所說的，我們確實在考慮組合方面的利潤。但它不僅限於客戶端和終端組合，其成長可能不會像第四季那樣強勁。

We are still expecting in that model growth of Advanced Solutions and Cloud, which is higher profit business. But I think what we do see more consistency with is still some of the concentrations towards the large customers and SMB being more muted as a whole. And therefore, that tends to be lower margin mix. We're still also seeing more growth geographically towards our Asia Pacific region, which is lower cost to serve, but also lower margin on the whole. So there's multiple factors that go into that.

我們仍然期待高級解決方案和雲端運算業務在該模式中的成長，這是利潤更高的業務。但我認為，我們確實看到更一致的是，一些針對大客戶的集中度仍然較高，而中小企業整體上則更加低調。因此，這往往是利潤率較低的組合。從地理上看，我們也看到亞太地區的成長勢頭強勁，該地區的服務成本較低，但整體利潤率也較低。因此，這其中涉及多種因素。

Now clearly, when you think about maybe the high end of our range, if we see growth coming in, but it's more concentrated towards Advanced Solutions, we see SMB bouncing back, absolutely, there is the potential you could see accretion in gross profit. But we're seeing more of the gross margin line stay roughly equivalent to where we were in Q1 from a historical perspective.

現在很明顯，當您考慮我們產品範圍的高端時，如果我們看到成長，但它更集中在高級解決方案上，我們會看到中小企業反彈，絕對有可能您會看到毛利的成長。但從歷史角度來看，我們看到更多的毛利率與第一季的水平大致相同。

I'll answer your second question and then come back if there's anything I can clarify. But on the working capital front, yes, both in Q1 as well as in Q2, we are doing some prebuys with a number of different vendors where we see opportunistic opportunities to get ahead of potential price increases. Now the way we usually handle this is a lot of it is bought early in the quarter, and it's sold during the quarter. And that was largely true, but you can see a bit of a heightened inventory balance to close the quarter.

我會回答你的第二個問題，如果有任何我可以澄清的事情，我會回來的。但在營運資金方面，是的，無論是在第一季度還是在第二季度，我們都在與一些不同的供應商進行一些預購，我們看到了領先於潛在價格上漲的機會。現在我們通常處理這種情況的方式是，很多都是在季度初購買，然後在季度內出售。這在很大程度上是正確的，但你可以看到本季末庫存餘額略有增加。

But we're pretty happy with the fact that working capital days and DIO in specifics would still improve year over year despite some of those prebuys still sitting on the balance sheet. And more importantly, we're working well with our vendors for support through the terms and conditions, and you can see that come through in the payables.

但我們非常高興的是，儘管有些預購仍停留在資產負債表上，但營運資本天數和具體的 DIO 仍將逐年改善。更重要的是，我們與供應商合作良好，透過條款和條件提供支持，您可以在應付款項中看到這一點。

So what I would think about prebuys is we're going to continue to try and manage that as best we can and be opportunistic where the opportunities exist. But it could cause, as I said in my prepared remarks, heightened inventory investment during the interim months of our quarters. And that's important only because, let's say, it's a few hundred million dollars, that drives interest costs and interest carrying costs. So you just need to think about the interest expense model that that drives, but it's with a very positive return overall.

因此，我認為對於預購，我們將繼續盡力嘗試並管理它，並在存在機會的地方抓住機會。但正如我在準備好的發言中所說的那樣，這可能會導致我們季度中期的庫存投資增加。這很重要，因為，假設有幾億美元，它會產生利息成本和利息承擔成本。因此，您只需考慮由此推動的利息支出模型，但總體而言，它的回報非常積極。

The only other thing I would say, this is Paul, and Mike mentioned it in his comments, we did do prebuys as he just mentioned, but we also improved our working capital year over year by four days. So we think we're making the smart, right strategic buys, and it's the right return.

我唯一想說的另一件事是，這是保羅，麥克在他的評論中提到了這一點，我們確實做了預購，正如他剛才提到的，但我們的營運資金也比去年同期提高了四天。因此，我們認為我們做出了明智、正確的策略性收購，並且獲得了正確的回報。

Okay. Thanks for all the details. Really appreciate it, really helpful.

好的。感謝您提供所有詳細資訊。真的很感激，真的很有幫助。

Adam Tindle, Raymond James.

亞當廷德爾、雷蒙詹姆斯。

Okay, thanks. Paul, I just wanted to start. Obviously, we're all asking about this concept of pull-in and trying to understand some of your customers have been pretty adamant and open about the idea that there was maybe some pull-in in Q1. I guess the question might be, for you, if you could maybe walk us through the cadence of the quarter and any early observations from closing the month of April, differences in month-to-month growth, kind of lay out what it looks like kind of on a monthly basis so we can understand what you're seeing in the numbers and whether or not there might have been any aspect of pull-in. And then I have a follow-up.

好的，謝謝。保羅，我只是想開始。顯然，我們都在詢問這個「拉動」的概念，並試圖了解您的一些客戶是否非常堅定和開放地認為第一季可能存在一些「拉動」。我想問題可能是，對於您來說，您是否可以向我們介紹一下本季度的節奏以及自 4 月底以來的任何早期觀察結果、月度增長差異，以月度為基礎列出它的情況，以便我們了解您在數字中看到的內容以及是否存在任何拉動因素。然後我有一個後續問題。

Thanks, Adam. So from a geographic perspective, there was no major anomalies in terms of how a normal kind of quarter goes exiting Q4 and coming into Q1 with the one exception. If you look at the EMEA region, we saw the 3% FX-neutral growth, and we are very pleased with our Cloud growth that we have there. And they had continued growth in CES, even with the headwinds of Western Europe, but we were pleased with the way they finished the quarter. They had a very strong finish to the quarter that, I would say, was a little bit more accelerated versus the other regions, which was pretty consistent month after month after month. And as we sit here today, we're seeing very much very similar dynamics in the first part of this quarter and Q2 also.

謝謝，亞當。因此，從地理角度來看，除了一個例外，正常情況下第四季結束和第一季進入的情況沒有出現重大異常。如果你看看歐洲、中東和非洲地區，我們看到了 3% 的外匯中性成長，我們對那裡的雲端業務成長感到非常滿意。儘管面臨西歐市場的阻力，但他們在 CES 上仍繼續保持成長，但我們對他們本季的業績表現感到滿意。他們在本季度取得了非常強勁的成績，我想說，與其他地區相比，他們的發展速度要快一些，而且每個月都保持著相當穩定的成長。今天，當我們坐在這裡時，我們在本季的第一部分和第二季也看到了非常相似的動態。

Got it. Maybe a follow-up for Mike. Net debt-to-EBITDA is, I think, down to 2 times after the debt repayment in the quarter. Just if you could remind us of how you think about optimal levels of the capital structure and leverage here, and then how you're thinking about capital allocation priorities from here? Obviously, some of the dividend moved, but maybe lump in share repurchases, M&A, kind of just revisit that whole concept for us. Thanks.

知道了。也許是麥克的後續行動。我認為，在本季償還債務後，淨債務與 EBITDA 比率將下降至 2 倍。您能否提醒我們一下，您是如何看待資本結構和槓桿的最佳水平的，以及您如何看待資本配置的優先順序的？顯然，部分股利有所變動，但股票回購、併購等也許會讓我們重新檢視整個概念。謝謝。

Yeah, absolutely, Adam. I think, yeah, we're pretty happy with where we've continued to drive that leverage down with quite a bit of debt repayment, as I said, almost $1.7 billion in repayments over the last three years. So we're always going to be balancing that going forward. As far as optimal level of leverage, we're not far off, honestly, right now from where I would be happy for us to be.

是的，絕對是，亞當。是的，我認為我們非常高興，我們透過償還大量債務繼續降低槓桿率，正如我所說，過去三年償還債務近 17 億美元。因此，我們將始終保持平衡。就最佳槓桿水平而言，說實話，我們現在距離我所期望的水平並不遙遠。

Certainly, we think about investment grade as an opportunity in the future, and that's challenging with the ownership structure right now. But I believe we're already in that ballpark as far as leverage goes. So where we're really focused now is where is the best area for us to invest going forward. And if we're more tempered in certain investments, including organic investment in Xvantage, as an example, then we'll continue to repay down debt with cash flow.

當然，我們認為投資等級是未來的一個機遇，而這對目前的所有權結構來說是一個挑戰。但我相信，就槓桿作用而言，我們已經處於這個水準。因此，我們現在真正關注的是哪裡是我們未來投資的最佳領域。如果我們對某些投資更加謹慎，例如對 Xvantage 的有機投資，那麼我們將繼續用現金流償還債務。

And then as far as return to shareholders, we paid out our first quarterly dividend in Q1. We did a 2.7% increase to that dividend just announced for Q2. So we want to make sure we're also balancing that with some continued return to shareholders. The share buybacks at some point down the road could be another arrow in that quiver, but obviously, that's not a viable option right now. So it's really about balancing that.

至於回報股東，我們在第一季派發了第一筆季度股息。我們將剛剛宣布的第二季度股息提高了 2.7%。因此，我們希望確保在實現這一目標的同時，繼續為股東帶來回報。未來某個時候的股票回購可能會成為另一種選擇，但顯然，這不是目前可行的選擇。所以這其實就是為了平衡這一點。

M&A continues to also be a big factor. And as you know, most of our historical M&A in the last handful of years has been smaller tuck-in acquisitions that might be tens of millions of dollars of purchase price. So we're not really breaking the bank, so to speak, on that front. But that doesn't mean we couldn't opportunistically look at something bigger. And then we'd have a different look as to how we would delever the business after that if we were to do something larger and opportunistic.

併購仍然是重要因素。如您所知，過去幾年我們的大部分併購都是規模較小的收購，收購價格可能高達數千萬美元。因此，可以說，在這方面我們並沒有真正傾家蕩產。但這並不意味著我們不能抓住機會去考慮更大的事情。然後，如果我們要做一些更大、更有機會的事情，我們就會以不同的眼光來看待如何降低業務槓桿。

Makes sense. Thanks.

有道理。謝謝。

Karl Ackerman, BNP Paribas.

法國巴黎銀行的卡爾·阿克曼。

Yes, thank you. I wanted to go back to the outlook for June. I believe you noted that product mix wouldn't change much despite the stronger growth in Client and Endpoint Solutions. However, I'm hoping to hear some commentary with regard to what you're seeing -- if you are seeing a recovery in server storage and networking applications that are higher margin for you.

是的，謝謝。我想回顧一下六月的展望。我相信您已經注意到，儘管客戶端和終端解決方案成長更強勁，但產品組合不會發生太大變化。然而，我希望聽到一些關於您所看到的情況的評論——如果您看到伺服器儲存和網路應用程式的復甦對您來說利潤更高。

Yeah. So I'll touch on that, and Paul can elaborate. I think the biggest differential between Q1 and Q2 is really a bit of a bring down from Client and Endpoint, not assuming we're growing at 15%, but as Paul said, growing mid to upper single digits in our Q2 guide. The mix on the other factors is somewhat consistent. But actually, I will say servers, in particular, have been quite strong.

是的。因此我將談及這一點，保羅可以詳細說明。我認為第一季和第二季之間最大的差異實際上是客戶端和終端的下降，並不是假設我們以 15% 的速度成長，而是正如保羅所說，在我們的第二季指南中，成長率為中等到較高的個位數。其他因素的組合有些一致。但實際上，我想說的是，伺服器特別強大。

Cybersecurity remains strong. Cloud remains strong. And as we also said in our prepared remarks, we're now seeing growth in networking for the first time in, I believe, five quarters, modest at 2%, but that's certainly a vast improvement from where we were most of last year where we had a really challenging compare year over year on the backlog fulfillment. And Cloud continues to grow very nicely globally.

網路安全依然強勁。雲依然強勁。正如我們在準備好的發言中所說的那樣，我們現在看到網絡業務在五個季度以來首次出現增長，增長率僅為 2%，但這與去年大部分時間的情況相比無疑是一個巨大的進步，當時我們在積壓訂單履行方面與去年同期相比確實面臨著巨大的挑戰。雲端運算在全球範圍內繼續保持良好的成長勢頭。

And I would just say from a customer mix standpoint, you layer on top of that, if we start to see momentum come back from an SMB perspective, which I mentioned is improving year over year, but it was still down, not to the same extent that it was in the prior quarter, that could actually provide a little bit of uplift also.

我想說的是，從客戶組合的角度來看，如果我們開始看到中小企業的勢頭回升，我提到中小企業的勢頭正在逐年改善，但仍處於下降趨勢，但下降幅度不及上一季度，這實際上也可能帶來一點提振。

Got it. Thanks for that, Mike and Paul. If I may, just one more, you indicated you are seeing healthy order activity by customers. And so while inventory rose this quarter, I just want to address, should we assume working capital or inventory becomes more favorable to cash flow in June? And then beyond June, any thoughts with regard to working capital dynamics?

知道了。謝謝你們，麥克和保羅。如果可以的話，我再問一句，您表示您看到客戶的訂單活動很活躍。因此，雖然本季庫存有所增加，但我只想說，我們是否應該假設營運資本或庫存在 6 月對現金流更有利？那麼，六月以後，對於營運資本動態有什麼想法嗎？

Yeah. The way I would think about working capital, and realizing we don't specifically guide on that, but I'll just give you sort of the thought process, we're going to continue to manage our business around working capital days. So if we're in a more consistent growth mode as we were in Q1, you're going to have that investment. But as we said, working capital days came down on a net basis by four days year over year. So you just have to think about that growth factor and maintaining some equivalency in how we invest on a daily basis.

是的。我會思考營運資本，並意識到我們並沒有專門指導這一點，但我只會給你一個思考過程，我們將繼續圍繞營運資本天數來管理我們的業務。因此，如果我們處於像第一季那樣更穩定的成長模式，那麼您就會獲得這筆投資。但正如我們所說，營運資本天數年淨減少了四天。因此，您只需考慮成長因素並在我們日常投資中保持一定的等值性。

And we're going to continue to invest for growth where we can capture the market opportunities in this environment. And that can put a little strain on free cash flow while we're in higher growth mode, and that's going to even out over time, coupled with also the normal seasonality where we usually have a higher investment, for instance, in inventory when we get into Q3, a lot of that sold through in Q4, where we will close the year with receivables and then we collect that in the new year, and the cycle continues. So just think about that seasonality, but also the cyclicality.

我們將繼續投資於成長，以便在這種環境下抓住市場機會。當我們處於較高成長模式時，這可能會對自由現金流造成一些壓力，但隨著時間的推移，這種壓力會逐漸消除，再加上正常的季節性因素，我們通常會有更高的投資，例如，當我們進入第三季度時，我們會在庫存方面投入更多，其中很多會在第四季度售出，屆時我們將以應收賬款結束這一年，然後在新的循環中收回這些賬款。所以不僅要考慮季節性，還要考慮週期性。

Thank you.

謝謝。

Matt Niknam, Deutsche Bank.

德意志銀行的馬特‧尼克納姆 (Matt Niknam)。

Thanks so much for taking my question. I guess, first, on Client and Endpoint, not to beat a dead horse, but I'm curious whether the strength in Client and Endpoint, you talked about 15-ish percent growth, was that mainly PC refresh related? And I guess what I'm trying to figure out is, is there a similar dynamic around PC strength in April? And is it mainly concentrated around larger enterprise relative to SMBs refreshing PCs?

非常感謝您回答我的問題。我想，首先，關於客戶端和終端，我不想再重複老生常談，但我很好奇，您談到的客戶端和終端的強勁增長（15% 左右）是否主要與 PC 更新有關？我想弄清楚的是，四月 PC 實力是否也存在類似的動態？與中小企業更新 PC 相比，它是否主要集中在大型企業？

And then second question, just on India, if you can give us a little bit more color on the competitive dynamic there and how that's evolved year-to-date. Thank you.

第二個問題，僅關於印度，您能否向我們詳細介紹那裡的競爭動態以及今年迄今為止的演變。謝謝。

Yeah. So the Client and Endpoint Solutions, Mike, that we've referenced, that 15%, that's for the Client and Endpoint Solutions business. Our desktop and notebook through the refresh actually grew faster than that complete line of business, the Client and Endpoint Solutions business. So that is part of the refresh that we're seeing. And if you look at kind of early into the quarter of Q2, we're seeing similar growth rates on the Client and Endpoint Solutions, but more importantly, on the desktop and notebook refresh. So we're seeing similar trends early here as we sit here early in the quarter. So that's what we're seeing around the refresh.

是的。因此，麥克，我們提到的客戶端和端點解決方案，那 15%，是用於客戶端和端點解決方案業務的。我們的桌上型電腦和筆記型電腦透過更新實際上比整個業務線（客戶端和終端解決方案業務）的成長速度更快。這就是我們所看到的更新的一部分。如果你看一下第二季初的情況，我們會看到客戶端和終端解決方案的成長率相似，但更重要的是，桌上型電腦和筆記型電腦的更新速度也相似。因此，我們在本季初就看到了類似的趨勢。這就是我們在更新過程中所看到的情況。

As it relates to the customer, when I refer to customers, I refer to our customers that historically serve those end markets. So a lot of those are going into what we would define as our enterprise and larger customers as opposed to our customers that historically service the small- to medium-sized businesses.

就客戶而言，當我提到客戶時，我指的是我們歷史上服務這些終端市場的客戶。因此，許多客戶都進入了我們定義的企業和大型客戶，而不是我們傳統上為中小型企業提供服務的客戶。

On your question about India, the market continues to be competitive. I would say the market competitiveness in India, and as we continue to rebuild and hire out the right executives, it's still definitely competitive. But outside of more local large distributors, not as much as multinational that we may have pointed to last quarter. It's more of a local environment from a competitive nature, but it is still competitive. And I like to always remind the team, myself included, which is we're focused on quality of earnings and the right revenue growth that we want to make sure even in a competitive environment. So we're always keeping a keen eye on that as we move forward.

關於您提到的印度問題，印度市場競爭仍然激烈。我想說的是，印度的市場競爭力以及隨著我們繼續重建和聘用合適的高階主管，它仍然具有競爭力。但除了更多的本地大型分銷商之外，並不像我們上個季度指出的跨國分銷商那麼多。從競爭性質來看，它更像是一個本地環境，但仍然具有競爭力。我喜歡經常提醒團隊（包括我自己），我們關注的是獲利品質和正確的收入成長，即使在競爭環境中我們也希望確保這一點。因此，我們在前進的過程中始終密切關注這一點。

Mike, I don't know if you have any other thoughts on either.

麥克，我不知道你對此是否還有其他想法。

Just real quick on India. We talked in our call back in March about an impact that we were projecting into our guidance that was in cents, not percent, a high single-digit cents impact from EPS from India, from the competitive factors and uniqueness of that. And then we talked about how Q2 would probably be closer to half of that kind of impact. And that is where we are tracking. We're seeing -- that's how Q1 landed, and that's how we are seeing Q2 land. As I've said in my prepared remarks, we're seeing things start to improve on some of the competitive factors, but it is still highly competitive.

簡單談談印度。我們在 3 月的電話會議上談到了我們預測的影響，該影響以美分而不是百分比表示，印度的 EPS、競爭因素和獨特性會產生較高的個位數影響。然後我們討論了第二季可能接近這種影響的一半。這就是我們正在追蹤的地方。我們看到——第一季的業績就是這樣，第二季的業績也是這樣。正如我在準備好的演講中所說的那樣，我們看到一些競爭因素開始改善，但競爭仍然非常激烈。

And we're going to go after business that's the right kind of business. And we did a good job of still driving mid-single-digit growth in India on an FX-neutral basis in Q1. But we're not interested in going after negative margin business. So we're going to make the right decisions there and continue to drive that while we enhance the team, as Paul said, and we're pretty pleased with that progress where we expect things in the second half being a little bit more normal.

我們將追求正確的業務。我們在第一季在印度仍然以外匯中性的方式實現了中等個位數的成長，表現良好。但我們對於負利潤業務不感興趣。因此，正如保羅所說，我們將做出正確的決定，並在加強團隊的同時繼續推動這一進程，我們對這一進展感到非常滿意，我們預計下半年的情況會更加正常。

Thank you.

謝謝。

Maggie Nolan, William Blair.

瑪吉諾蘭、威廉布萊爾。

Thank you. I wanted to ask about your comments on OpEx. I heard you say that OpEx as a percentage of revenue would stay above 5% this year. Can you give us a little more insight, though, into how to think about this quarterly? Should we still be expecting a decrease in OpEx as a percentage of revenue in each coming quarter this year versus the prior year quarter because of the cost actions that you've recently undertaken?

謝謝。我想問您對 OpEx 的看法。我聽到您說過今年營運支出佔收入的百分比將維持在 5% 以上。不過，您能否向我們進一步介紹如何看待本季的情況？由於您最近採取的成本行動，我們是否仍預期今年每季的營運支出佔收入的百分比與去年同期相比會下降？

Most of the costs, if you talk sequential, most of the costs that we announced in our most recent actions in December have already taken place and were out largely in the first quarter. There's a little bit of rollover impact into Q2, but not substantially. So this is the way I would think about this quarterly. We're probably floating a bit north of 5% on a fairly consistent basis. Where you may see a little bit more leverage is certainly in Q4 where we usually have the hockey stick of a higher seasonality for sales, and therefore, you absorb costs in a more meaningful way.

如果按順序來說，我們在 12 月的最新行動中宣布的大部分成本已經發生，並且基本上在第一季就已經發生。這對第二季度有一點影響，但影響不大。這就是我對本季的看法。我們可能以相當穩定的速度在 5% 左右浮動。您可能會在第四季度看到更多的槓桿作用，因為我們通常在第四季度擁有更高的銷售季節性，因此，您可以以更有意義的方式吸收成本。

And honestly, that's why our costs -- that's a contributor to why our costs were as good as they were from a leverage perspective in Q1. We certainly have taken the cost actions to bring leverage to the table, and those are staying out. But you couple that with a Client and Endpoint Solutions business that grows nearly 15%, which is very low cost to serve and more automated than it's ever been, that becomes even far more efficient from an absorption perspective. So if we saw a more robust higher end of the growth spectrum in Q2 or quarters after that, you may see more of that cost absorbed, of course.

老實說，這就是為什麼我們的成本——這也是為什麼我們的成本在第一季從槓桿角度來看如此之好的原因之一。我們確實已經採取了成本行動來發揮影響力，而這些行動將繼續進行。但是，如果將其與成長近 15% 的客戶端和終端解決方案業務結合起來，其服務成本非常低，而且自動化程度比以往任何時候都高，從吸收的角度來看，其效率甚至更高。因此，如果我們在第二季或之後的幾季看到更強勁的成長勢頭，那麼你可能會看到更多的成本被吸收。

Okay. Than you. And then once we get past kind of this pull forward in buying, do you have an expectation for how many months it takes for tariffs to potentially suppress buyer behavior just based on how your business may have been impacted historically?

好的。比你還好。一旦我們度過了這種購買提前期，根據您的業務歷史上可能受到的影響，您是否預計關稅需要多少個月才能潛在地抑制買家行為？

It's a really good one. I'll give some initial thoughts. I'll let Paul add. It's a hard one to answer, as you can imagine, because we don't know where tariffs are going to land. We believe there may be a deal between the UK and the US, but I heard the US administration say 200 more to go or something along those lines. So we'll see where that goes, and we need to see where that lands. If it is not as pronounced an increase as we suspect, you may not see a real significant down cycle.

這確實是一個好主意。我將給出一些初步的想法。我讓保羅補充一下。你可以想像，這是一個很難回答的問題，因為我們不知道關稅最終會落到什麼程度。我們相信英國和美國之間可能會達成協議，但我聽到美國政府說還要再增加 200 個或類似的說法。因此，我們將觀察其走向，並觀察其最終結果。如果增幅不像我們想像的那麼明顯，那麼您可能不會看到真正顯著的下降週期。

But we're taking a tempered approach based on what we see today and the fact that come early July, there may be a number of tariffs coming into effect, depending on whether deals happen or not. And again, the fact that -- it's not the tariffs as much since they are pass-through for us as it is just the simple impact on the demand environment as a whole that we need to watch.

但根據目前看到的情況以及七月初可能會有一系列關稅生效的事實，我們將採取謹慎的態度，這取決於是否達成協議。再說一次，事實是──我們需要關注的不是關稅，因為它們對我們來說是轉嫁的，而是對整個需求環境的簡單影響。

Yeah. And so the last time we had this, it was absorbed, and there was no impact. We've driven through inflationary situations, and we've been fine with that. So I think to Mike's point, it really comes down to where does the wheel stop and where is the manufacturing actually done and what is the impact and what's the tolerance at that end business to absorb a price increase, whatever that's going to be. For us, one of the benefits are, again, we don't absorb that. We pass it along.

是的。所以上次我們遇到這種情況時，它被吸收了，沒有產生影響。我們已經度過了通貨膨脹的時期，並且我們對此感到安心。所以我認為對於麥克的觀點，這實際上歸結為車輪在哪裡停止、製造實際在哪裡完成、影響是什麼以及最終企業對吸收價格上漲的容忍度是多少，無論價格上漲是多少。對我們來說，其中一個好處是，我們不會吸收這一點。我們將其傳遞下去。

And furthermore, we do business with 1,500 vendors in close to 60 countries on a global basis. So we're pretty diversified, and we have multiple different options for our customers to provide end-user solutions. So if there's winners and losers from a technology perspective, we sit right in the middle of that and get to help participate in that.

此外，我們也與全球近 60 個國家的 1,500 家供應商開展業務。因此，我們的業務非常多樣化，我們為客戶提供多種不同的最終用戶解決方案。因此，如果從技術角度來看有贏家和輸家，我們就會處於其中並幫助參與其中。

Thank you.

謝謝。

At this time, I'd like to turn the call back to Paul Bay for any further remarks.

現在，我想將電話轉回給保羅貝 (Paul Bay)，讓他發表進一步的評論。

Thank you, operator, and thank you all for your questions and continued interest in Ingram Micro and as always, to our team members, our customers and our vendor partners as we continue to deliver both short term and execute against the long-term vision of transforming IT distribution together. We look forward to talking with many of you in the coming months. So have a great day and a good evening. Bye for now.

謝謝操作員，也感謝大家的提問和對 Ingram Micro 的持續關注，一如既往地感謝我們的團隊成員、客戶和供應商合作夥伴，我們將繼續實現短期目標並共同實現轉變 IT 分銷的長期願景。我們期待在接下來的幾個月與你們中的許多人進行交談。祝您有個愉快的一天和美好的夜晚。暫時再見。

This concludes today's call. Thank you for attending, and have a wonderful rest of your day.

今天的電話會議到此結束。感謝您的出席，祝您今天過得愉快。