Ingram Micro Holding Corp (INGM) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Ingram Micro second-quarter 2025 earnings call. (Operator Instructions) Please note that this conference is being recorded.

大家好，歡迎參加 Ingram Micro 2025 年第二季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Willa Mcmanmon, Vice President of Investor Relations. Thank you. You may begin.

現在我將會議交給主持人、投資人關係副總裁 Willa Mcmanmon。謝謝。你可以開始了。

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 future expectations for future fiscal periods.

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，包括對未來事件的預測、估計、預測或其他陳述，關於我們的戰略、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未來預期。

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.

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，這些表格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找到。

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 today's call, which comes on the heels of the ransomware attack we experienced in early July. While no company wants to face the increasing reality of such an attack, our response reflects the way we do business as a platform company. Although some uncertainty remains regarding the potential impact on our business and future results, which Mike will address in more detail during the Q3 guidance discussion, I want to emphasize that the incident had no impact on our Q2 results.

謝謝你，威拉。下午好，感謝您參加今天的電話會議，這次會議是在我們 7 月初遭受勒索軟體攻擊之後召開的。雖然沒有任何一家公司願意麵對這種日益增多的攻擊，但我們的回應反映了我們作為平台公司開展業務的方式。儘管對於該事件對我們的業務和未來業績的潛在影響仍存在一些不確定性，Mike 將在第三季度指引討論中更詳細地討論這些問題，但我想強調的是，該事件對我們的第二季度業績沒有影響。

To recap, in early July, we identified ransomware on certain internal systems, and we quickly took our systems off-line, launch an investigation with top cybersecurity experts and notified law enforcement. With respect to the incident, certain data was exfiltrated from our systems in conjunction with this incident. We have engaged a third-party data analysis firm to assist us in reviewing the relevant data. This process is ongoing and complex. Should we determine that personal information was affected, we will provide notification based on relevant regulations.

回顧一下，7 月初，我們在某些​​內部系統上發現了勒索軟體，我們迅速將系統下線，與頂級網路安全專家展開調查，並通知了執法部門。就該事件而言，某些資料會因該事件​​而從我們的系統中洩漏。我們已聘請第三方數據分析公司協助我們審查相關數據。這個過程是持續的並且複雜的。如果我們確定個人資訊受到影響，我們將根據相關規定進行通知。

In terms of our response, we approach the incident as a business challenge and the entire organization mobilized to address it. Due to our scalable and modular platform architecture and the tireless coordinated efforts of our team, we restored secure operations within days, minimizing disruption to our customers and our partners and the overall business.

就我們的反應而言，我們將這一事件視為一項業務挑戰，並動員整個組織來應對。由於我們可擴展和模組化的平台架構以及我們團隊的不懈協調努力，我們在幾天內恢復了安全運營，最大限度地減少了對我們的客戶、合作夥伴和整體業務的干擾。

The investigation into the cyber incident remains ongoing, and we continue to monitor our systems closely. While this attack was unanticipated, our rapid response reinforces the critical importance of our Xvantage platform architecture and the strength of our overall teams and partnership.

對網路事件的調查仍在進行中，我們將繼續密切監控我們的系統。雖然這次攻擊是意料之外的，但我們的快速反應強化了我們的 Xvantage 平台架構的重要性以及我們整體團隊和合作夥伴關係的實力。

I'll talk more about Xvantage in a minute, but first, let me discuss some key highlights of the second quarter. We were pleased that we exceeded the high end of our net sales guidance and landed towards the top end of our gross profit and earnings per share guidance ranges.

我稍後會詳細介紹 Xvantage，但首先，讓我先討論一下第二季的一些主要亮點。我們很高興，我們的淨銷售額超出了預期的上限，並達到了毛利潤和每股收益預期的上限。

We had growth across all lines of business, particularly in Client and Endpoint Solutions. We also saw incremental year over year improvement in Advanced Solutions and continued growth in Cloud.

我們所有業務線都實現了成長，尤其是客戶端和終端解決方案。我們也看到高階解決方案逐年改進，雲端運算持續成長。

Geographically, year over year, the lower cost to serve and lower margin Asia Pacific region demonstrated the highest net sales growth in the quarter. We also saw double-digit net sales growth in North America, single-digit net sales growth in EMEA and returned to growth in Latin America. India performed as we had expected, with some continued impact on gross margins from the heightened competitive market and business improving as we progress through Q2.

從地理來看，與去年同期相比，服務成本較低、利潤率較低的亞太地區本季淨銷售額成長最高。我們也看到北美地區的淨銷售額實現了兩位數成長，歐洲、中東和非洲地區的淨銷售額實現了個位數成長，拉丁美洲地區恢復了成長。印度的表現正如我們預期的那樣，隨著第二季的進展，市場競爭加劇對毛利率產生了一定的影響，業務也得到了改善。

From a customer perspective, we saw growth across all categories with enterprise again outperforming. We were also encouraged by the return to modest growth in SMB. Since our last call, we began the divestiture of two non-core pieces of the business.

從客戶角度來看，我們看到所有類別均實現了成長，其中企業表現再次優異。中小企業恢復溫和成長也令我們感到鼓舞。自上次通話以來，我們已開始剝離兩項非核心業務。

First is a divestiture of assets related to an underforming operation in our North America region, which closed in late July. And the second is CloudBlue, which is expected to close in Q3. Both of these divestitures were a result of our ongoing portfolio review as we focus on continually improving our operational effectiveness and amplifying our core strength.

首先是剝離與北美地區業績不佳的業務相關的資產，該業務已於 7 月底結束。第二家公司是CloudBlue，預計第三季完成交易。這兩次資產剝離都是我們持續進行投資組合審查的結果，因為我們專注於不斷提高營運效率和增強核心實力。

As a reminder, I've talked about the more than $600 million investment that Ingram Micro has made in cloud, which has been the strategic to our long-term vision, enabled us to be the first to launch a comprehensive cloud marketplace and learned early on from our cloud business.

提醒一下，我已經談到了英邁國際在雲端運算領域超過 6 億美元的投資，這是我們長期願景的策略，使我們能夠率先推出全面的雲端市場，並從我們的雲端業務中早期吸取了教訓。

CloudBlue is part of the initial foundation for the strategy, and we have retained the relevant IP from it. Instead of building fragmented marketplaces, we have unified our cloud marketplaces within our Xvantage platform ecosystem to provide a single pane of glass for hardware, software, cloud, and service solutions. This strategy is designed to provide our customers with speed, scale and service and is core to our evolution into a platform company, which we are executing upon through our Xvantage platform.

CloudBlue是該策略的初始基礎的一部分，我們保留了其中的相關IP。我們沒有建構分散的市場，而是在 Xvantage 平台生態系統內統一了雲端市場，為硬體、軟體、雲端和服務解決方案提供單一管理平台。這項策略旨在為我們的客戶提供速度、規模和服務，也是我們向平台公司轉型的核心，我們正透過 Xvantage 平台來實現這一目標。

We think about this evolution for Ingram Micro and the subsequent transformation of our customers' journeys in three phases. The first phase which we are already delivering upon is to remove friction to streamline operations and drive OpEx efficiencies; the second phase, which we are in the process of rolling out leverages AI to automate and optimize demand signals, enabling more proactive go-to-market strategies and accelerating top line growth; the third phase will unlock greater value for our customers and our vendor partners by matching supply and demand more intelligently, using data to drive growth and further enhance margins and operating leverage.

我們將英邁的這一發展以及隨後客戶旅程的轉變分為三個階段來考慮。我們已在實施的第一階段旨在消除摩擦，簡化運營，提高營運成本效率；第二階段正在推進，利用人工智慧實現需求訊號的自動化和優化，從而實現更主動的市場進入策略，加速營收成長；第三階段將透過更聰明地匹配供需，利用數據推動成長，進一步提高利潤率和營運槓桿，為我們的客戶和供應商合作夥伴釋放更大的價值。

It is during this phase that we expect to fully realize a flywheel network effect. Though this takes time, we continue to grow and remain profitable as we move through these phases. In July, Sanjib Sahoo, President of our Ingram Micro Global Platforms Group showcased the progression and discuss the way in which Xvantage is reshaping the IT distribution landscape.

我們希望在這個階段充分實現飛輪網路效應。儘管這需要時間，但隨著我們經歷這些階段，我們會繼續成長並保持獲利。7 月份，我們 Ingram Micro 全球平台集團總裁 Sanjib Sahoo 展示了這項進展，並討論了 Xvantage 如何重塑 IT 分銷格局。

During the presentation, he walked through the platform's building blocks to underscore why it's unique real-time data mesh architecture and custom AI factory are foundational in building a truly single pane of glass platform. He explained how Ingram Micro has more than 45 years of experience in IT distribution gives us not only deep expertise, but significant business data to power our AI factory, which uses AI to redefine the customer journey through intelligent automation.

在演示過程中，他詳細介紹了該平台的構建模組，強調了為什麼其獨特的實時數據網格架構和定制 AI 工廠是構建真正單一玻璃平台的基礎。他解釋了英邁國際在 IT 分銷領域擁有超過 45 年的經驗，這不僅為我們提供了深厚的專業知識，還為我們提供了重要的業務數據來支援我們的 AI 工廠，該工廠使用 AI 透過智慧自動化重新定義客戶旅程。

This automation is the basis for our Intelligent Digital Assistant, or as we call it, IDA, which helps our customers win more business and deploy their resources more effectively and efficiently. Sanjib showed real-time examples of how IDA uses advance AI and machine learning models to analyze our data across more than 50 attributes and help our customers identify and prioritize the sales opportunity is most aligned to them. This moves them from reactive inbound order taking to proactive outbound order making.

這種自動化是我們智慧數位助理（或我們稱之為 IDA）的基礎，它可以幫助我們的客戶贏得更多業務並更有效、更有效率地部署他們的資源。Sanjib 展示了即時範例，說明 IDA 如何使用先進的人工智慧和機器學習模型來分析我們超過 50 個屬性的數據，並幫助我們的客戶識別和優先考慮最適合他們的銷售機會。這使得他們從被動接受入站訂單轉變為主動發出出站訂單。

As a proof point to this, in Q2, through IDA alone, we brought in tens of thousands of opportunities to our partners valued at hundreds of millions of dollars, up nearly 50% sequentially. Some other real-world examples of how Xvantage is delivering to our customers and partners includes a leading solution provider in the public sector space, who is focused on expanding into higher value solutions offerings while maximizing operational efficiency. Using Xvantage capabilities, the solution provider was able to execute a multimillion-dollar solution with a fraction of the effort previously required and is now looking to create the same efficiencies with other vendor partners.

為了證明這一點，在第二季度，僅透過IDA，我們就為合作夥伴帶來了數萬個機會，價值數億美元，環比增長近50％。Xvantage 為我們的客戶和合作夥伴提供服務的其他一些現實案例包括公共部門領域的領先解決方案提供商，該提供商專注於擴展到更高價值的解決方案產品，同時最大限度地提高營運效率。利用 Xvantage 的功能，解決方案提供者能夠以以前所需工作的一小部分來執行價值數百萬美元的解決方案，並且現在正尋求與其他供應商合作夥伴一起創造相同的效率。

Another illustration of the way customers are embracing Xvantage is a large new customer in France, whose CEO engaged directly with Xvantage and converted his company's entire go-to-market and customer relationship process onto the platform. The move to Xvantage enabled the company to generate and convert quotes into orders in under three minutes, a process that previously took up to half a day, leading to significant revenue and market share gains.

客戶接受 Xvantage 的另一個例子是法國的大型新客戶，其執行長直接與 Xvantage 接洽，並將其公司的整個上市和客戶關係流程轉移到該平台上。轉向 Xvantage 後，該公司能夠在三分鐘內產生報價並將其轉換為訂單，而這一過程以前需要半天時間，從而帶來可觀的收入和市場份額的成長。

Of course, our customer success is the best reflection of our success. And last quarter, we discussed a few of the many other platform metrics we use to gauge the way in which Xvantage is adding value. These include self-service orders, which in the second quarter grew nearly 200% year over year.

當然，客戶的成功就是我們成功的最佳體現。上個季度，我們討論了我們用來衡量 Xvantage 增值方式的許多其他平台指標。其中包括自助訂單，第二季自助訂單年增近 200%。

During Q2, we also saw a near doubling in quotes created on the platform versus the prior year, driven by ongoing enhancements of advanced search, quoting, product data and other capabilities. In the quarter, Xvantage also helped us to reactivate nearly 2,000 dormant customers who generated approximately 40% higher sales compared to their prior engagement.

在第二季度，我們還看到平台上創建的報價數量與前一年相比幾乎翻了一番，這得益於高級搜尋、報價、產品數據和其他功能的持續增強。本季度，Xvantage 還幫助我們重新啟動了近 2,000 名休眠客戶，與先前的合作相比，他們的銷售額提高了約 40%。

The second quarter brought with it solid business performance and entering Q3, a unique set of challenges. That demonstrated the strength of our platform. I'm incredibly grateful for the outpouring of support we received from our customers and our partners and proud of the resilience shown by our team.

第二季度帶來了穩健的業務表現，而進入第三季度，則面臨一系列獨特的挑戰。這證明了我們平台的實力。我非常感謝客戶和合作夥伴給予我們的大力支持，並為我們團隊所展現的韌性感到自豪。

As we move into the back half of the year, I'm increasingly encouraged by the impact of our platform strategy and what it's having across our entire ecosystem by delivering a holistic platform for B2B, we are not just modernizing distribution, we are reimagining how we can help our customers solve real business problems. Thank you for your continued support.

隨著我們進入下半年，我越來越受到我們平台策略的影響以及它對整個生態系統的影響的鼓舞，透過為 B2B 提供整體平台，我們不僅在實現分銷現代化，還在重新構想如何幫助我們的客戶解決實際的業務問題。感謝您一直以來的支持。

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. Our second quarter results demonstrated solid performance with strong top line growth across our primary lines of business. We are encouraged by the continued momentum in our Client and Endpoint Solutions, but also by mid-single-digit growth in both Advanced Solutions and Cloud.

謝謝你，保羅，下午好。我們第二季的業績表現穩健，主要業務線的營收成長強勁。我們對客戶端和終端解決方案的持續成長動能感到鼓舞，同時也對高階解決方案和雲端運算的中位數個位數成長感到鼓舞。

As we look ahead to the third quarter, we expect continued year over year top line growth enabled by strong execution across our core businesses, which I'll cover more in our guidance discussion shortly. Now to discuss the quarter in more detail.

展望第三季度，我們預計，得益於核心業務的強勁執行，我們的營收將繼續同比增長，我將在不久的指導討論中詳細介紹。現在更詳細地討論本季。

Net sales of $12.79 billion were up 10.9% year over year in US dollars and 10.2% on an FX-neutral basis. We saw sales of Client and Endpoint Solutions grow most robustly at nearly 14% on an FX-neutral basis, which continues to be driven primarily by strength in desktop notebook and smartphone categories.

淨銷售額為 127.9 億美元，以美元計算年增 10.9%，以匯率中立計算成長 10.2%。我們看到客戶端和終端解決方案的銷售成長最為強勁，剔除匯率因素後成長了近 14%，這主要得益於桌上型電腦、筆記型電腦和智慧型手機類別的強勁表現。

Our mid-single-digit growth in Advanced Solutions was driven by servers, storage and cybersecurity, along with strength in sales of GPUs used in emerging AI solutions, particularly in Asia Pacific markets. Geographically, net sales grew across each of our regional segments.

我們的高級解決方案實現了中等個位數成長，這得益於伺服器、儲存和網路安全，以及新興人工智慧解決方案中使用的 GPU 的銷售強勁，尤其是在亞太市場。從地理上看，我們各區域分部的淨銷售額均有所成長。

Our mix was similar to what we saw in the first quarter with continued strength in Asia Pacific, followed closely by North America, both of which grew in the mid-teens year over year. We also saw a return to growth in Latin America, which increased by more than 6% year over year on an FX-neutral basis. From the perspective of our customer categories, large corporate and enterprise sales again outpaced higher-margin SMB sales.

我們的組合與第一季的情況類似，亞太地區繼續保持強勁，緊隨其後的是北美，這兩個地區的年增長率都達到了十幾歲左右。我們也看到拉丁美洲恢復成長，剔除匯率因素，其成長率超過 6%。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。

While we are seeing some growth in SMB in some of our markets, overall, this higher-margin customer category remains more muted than large enterprise, as near-term macro uncertainty and inflationary trends continue to bear more on this type of customer. Overall, these mix factors coupled with an improving but still very competitive India market continue to put pressure on margins.

雖然我們看到部分市場的中小企業有所成長，但總體而言，這個高利潤客戶類別的表現仍比大型企業更為疲軟，因為短期宏觀不確定性和通膨趨勢繼續對此類客戶造成更大影響。總體而言，這些混合因素加上不斷改善但競爭仍然非常激烈的印度市場繼續對利潤率造成壓力。

All of these factors, including an 8 basis point onetime impact that I will elaborate on shortly, contributed to our gross margin decline year over year. While we have a generally heightened competitive environment in many markets in which we operate, when we look at like-for-like sales across our product or a customer category, we are not seeing any notable deterioration in margin profile.

所有這些因素，包括我將很快詳細說明的 8 個基點的一次性影響，導致我們的毛利率逐年下降。雖然我們經營的許多市場都面臨著普遍加劇的競爭環境，但當我們觀察我們產品或客戶類別的同類銷售額時，我們並沒有看到利潤率有任何明顯惡化。

Furthermore, these concentrations of mix also favor lower cost to serve business, which, coupled with efficiencies and automation from our Xvantage platform, and our cost reduction actions taken over the last 1.5 years, yield solid leverage on operating expenses and flows through to our bottom line. Turning to our regional segments.

此外，這些組合的集中也有利於降低服務業務的成本，再加上我們 Xvantage 平台的效率和自動化，以及我們在過去 1.5 年中採取的成本削減措施，在營運費用上產生了堅實的槓桿作用，並流向我們的底線。轉向我們的區域部分。

North America net sales were $4.98 billion, up 13.8% year over year on an FX-neutral basis. driven by strong growth in servers, storage and cybersecurity, but also continued robust demand in the desktop notebook product categories with the pending Windows end of life continuing to spur the refresh cycle. As a result, Client and Endpoint Solutions grew nearly 13% in the region.

北美淨銷售額為 49.8 億美元，剔除匯率因素，較去年同期成長 13.8%。這得益於伺服器、儲存和網路安全的強勁成長，隨著 Windows 即將終止服務，桌上型電腦筆記型電腦產品類別的需求也持續強勁，這將繼續刺激更新周期。因此，該地區的客戶端和終端解決方案成長了近 13%。

Sales were also more concentrated in large corporate and enterprise customers, but we also saw some positive momentum in SMB, which is quite encouraging going forward. EMEA net sales of $3.48 billion were up 4.8% year over year on a US dollar basis and were essentially flat on an FX-neutral basis.

銷售也更集中在大型企業客戶，但我們也看到中小企業出現了一些積極的勢頭，這對未來發展非常令人鼓舞。歐洲、中東和非洲地區的淨銷售額為 34.8 億美元，以美元計算年增 4.8%，以外匯中立計算基本持平。

We saw continued strong double-digit growth in Cloud, which was offset by flat Client and Endpoint Solutions and a low single-digit decline in Advanced Solutions. Asia Pacific once again had strong growth with net sales of $3.48 billion, up 16.2% year over year in US dollars and up 17.3% on an FX-neutral basis.

我們看到雲端運算繼續保持強勁的兩位數成長，但客戶端和終端解決方案的持平以及高級解決方案的個位數低幅下降抵消了這一增長。亞太地區再次強勁成長，淨銷售額達 34.8 億美元，以美元計算年增 16.2%，以匯率中立計算成長 17.3%。

Net sales were driven by very strong double-digit growth in Client and Endpoint Solutions, primarily from lower-margin mobility device sales, particularly in China. Advanced Solutions sales were down approximately 8% as strength in networking was more than offset by declines in server and storage.

淨銷售額受到客戶端和終端解決方案強勁的兩位數成長的推動，主要來自利潤率較低的行動裝置銷售，尤其是在中國。高級解決方案銷售額下降約 8%，因為網路業務的強勁表現被伺服器和儲存業務的下滑所抵消。

Latin America net sales of $853 million returned to growth this quarter, increasing 0.8% in US dollars and up 6.4% in constant currency. The increase in net sales was primarily driven by growth in Client and Endpoint Solutions, particularly in smartphones and tablets. This sales growth was partially offset by a decrease in Advanced Solutions, primarily in servers, specialty products and networking.

本季拉丁美洲淨銷售額恢復成長，達 8.53 億美元，以美元計算成長 0.8%，以固定匯率計算成長 6.4%。淨銷售額的成長主要得益於客戶端和終端解決方案的成長，尤其是智慧型手機和平板電腦的成長。這一銷售成長被高級解決方案（主要包括伺服器、專用產品和網路）的下降部分抵消。

Second quarter gross profit came in at $839 million or 6.56% of net sales. Included in this result is a onetime impact of $10.5 million or 8 basis points of net sales associated with the held-for-sale accounting for the planned sale of assets of the underperforming noncore operation in North America that Paul touched on a few minutes ago.

第二季毛利為 8.39 億美元，佔淨銷售額的 6.56%。這一結果包括一次性影響，即 1050 萬美元或 8 個基點的淨銷售額，該影響與 Paul 幾分鐘前提到的北美表現不佳的非核心業務資產計劃出售有關，這與持有待售會計有關。

This divestiture closed in late July. The remaining year over year decline in gross margin was driven by a mix shift towards lower margin, but generally lower cost to serve businesses, as I've already discussed from a customer, product and geographic perspective. Q2 operating expenses were $696 million or 5.44% of net sales compared to 5.61% in the same period last year. Q2 2025 operating expenses included a write-down of $32.8 million or 26 basis points of net sales related to the held-for-sale accounting on the two divestitures we've discussed.

此次資產剝離已於七月底完成。毛利率年減的其餘部分是由於組合轉向較低的利潤率，但總體上為企業提供服務的成本較低，正如我已經從客戶、產品和地理角度討論過的那樣。第二季營運費用為 6.96 億美元，佔淨銷售額的 5.44%，去年同期為 5.61%。2025 年第二季的營運費用包括與我們討論過的兩次資產剝離的持有待售會計相關的 3,280 萬美元或 26 個基點的淨銷售額減記。

Incurred to write-down the carrying amount of the assets of the disposal group to their estimated fair value less the cost to sell. From a regional perspective, both the $10.5 million gross profit charge and the $32.8 million operating expense charge related to held-for-sale accounting appear in our North America region.

發生將處分組資產的帳面價值減記至其估計公允價值減去處分費用後的淨額。從區域角度來看，與持有待售會計相關的 1,050 萬美元毛利費用和 3,280 萬美元營業費用都出現在我們的北美地區。

The year-over-year improvement in OpEx leverage reflects the cost actions we have taken over the last 1.5 years. The impact of the Xvantage platform in driving leverage and productivity gains and the mix factors associated with a higher concentration of lower cost to serve sales in Client and Endpoint Solutions and in the APAC region, as I have just covered.

營運支出槓桿的同比增長反映了我們在過去一年半中採取的成本行動。正如我剛才所述，Xvantage 平台在推動槓桿率和生產力提升方面的影響，以及與客戶端和終端解決方案以及亞太地區的低成本服務銷售更高集中度相關的混合因素。

Adjusted EBITDA in the quarter was $294 million, up nearly 6% in US dollars and 5% in constant currency.

本季調整後的 EBITDA 為 2.94 億美元，以美元計算成長近 6%，以固定匯率計算成長 5%。

And non-GAAP net income in the quarter was $142 million compared to $120 million in Q2 of 2024, an increase of over 18% in US dollars and more than 17% in constant currency. The non-GAAP net income measure benefited from a decrease of $14 million or 16% in net interest expense resulting from more than $600 million in debt repayments we have made since the beginning of 2024. Our non-GAAP diluted EPS was $0.61, up 12% from the prior year and at the higher end of our guidance for Q2.

本季非公認會計準則淨收入為 1.42 億美元，而 2024 年第二季為 1.2 億美元，以美元計算成長超過 18%，以固定匯率計算成長超過 17%。非公認會計準則淨收入指標受益於淨利息支出減少 1,400 萬美元或 16%，這是由於我們自 2024 年初以來償還了超過 6 億美元的債務。我們的非公認會計準則稀釋每股收益為 0.61 美元，較上年增長 12%，達到我們對第二季度的預期上限。

Our current year EPS also includes the impact of approximately $0.02 from a higher tax rate in the quarter, resulting from heightened US withholding taxes on sales from our Latin America export business.

我們本年度的每股盈餘還包括本季稅率提高約 0.02 美元的影響，這是由於美國提高了對我們拉丁美洲出口業務的銷售徵收的預扣稅。

Turning to our balance sheet. We ended the quarter with net working capital of $4.6 billion compared to $3.9 billion to close the same period last year. The higher investment in working capital this year is driven by the increase in net sales and investment needed to capture these opportunities.

轉向我們的資產負債表。本季末，我們的淨營運資本為 46 億美元，而去年同期為 39 億美元。今年營運資本投資的增加是由於淨銷售額的成長以及抓住這些機會所需的投資的增加。

On a days basis, our net working capital in Q2 2025 was 30 days versus 31 days in the same period of 2024. On a similar note, adjusted free cash flow was an outflow of $263 million, again, reflective of investments to grow the business, including some strategic buy-ins of inventory again this quarter to get ahead of potential tariffs.

以天數計算，我們 2025 年第二季的淨營運資本為 30 天，而 2024 年同期為 31 天。類似地，調整後的自由現金流流出 2.63 億美元，這再次反映了為發展業務而進行的投資，包括本季度再次進行的一些戰略性庫存買入，以應對潛在的關稅。

We returned $23.5 million to stockholders through dividends paid during Q2, and we announced a 2.6% increase to our quarterly dividend to be paid in Q3. We ended the quarter with $857 million in cash and cash equivalents and debt of $3.7 billion. Our gross leverage ratio was 2.8x, and our net leverage ratio was 2.2x.

我們透過第二季支付的股息向股東返還了 2,350 萬美元，並宣布第三季的季度股息將增加 2.6%。本季末，我們的現金和現金等價物為 8.57 億美元，債務為 37 億美元。我們的總槓桿率為2.8倍，淨槓桿率為2.2倍。

Shifting now to our guidance for Q3. I want to start by framing our current view in light of the ransomware incident we experienced in early July. The timing of the incident over a long US holiday weekend and in the early days of a new month and quarter, coupled with the speed of our response to get the majority of our go-to-market systems back up and running in a matter of days, may have limited the impact on our financial results. But even if minimize, there is still an impact from the days we were unable to transact, which we are still working to quantify.

現在轉向我們對第三季的指導。首先，我想根據我們在七月初經歷的勒索軟體事件來闡述我們當前的觀點。這次事件發生正值美國長假週末以及新月和新季度的初期，再加上我們反應迅速，在幾天之內就讓大部分上市系統恢復正常運行，因此可能限制了其對我們財務業績的影響。但即使最小化，我們無法交易的日子仍然會產生影響，我們仍在努力量化。

Thus, our guidance reflects some conservatism, which we think is prudent to account for any potential loss of business, which would include, for instance, potential bids or quotes we were unable to participate in when our systems were down. I can say quite positively that we've seen good indicators of business returning to more expected levels since bringing our systems back online.

因此，我們的指導反映了一定的保守性，我們認為這是謹慎的，以考慮到任何潛在的業務損失，例如，當我們的系統出現故障時我們無法參與的潛在投標或報價。我可以非常肯定地說，自從我們的系統恢復上線以來，我們已經看到了業務恢復到預期水平的良好指標。

With this in mind, we are guiding net sales of $11.88 billion to $12.38 billion, which represents year over year growth of more than 3% at the midpoint. We expect third quarter gross profit of $815 million to $875 million, which would represent gross margins just below 7% at the midpoint.

考慮到這一點，我們預計淨銷售額將達到 118.8 億美元至 123.8 億美元，這意味著同比增長超過 3%。我們預計第三季毛利為 8.15 億美元至 8.75 億美元，這意味著毛利率中位數略低於 7%。

Due to the expectation of more tempered growth than we experienced in the first half of this year in Client and Endpoint Solutions, paired with improving growth rates and more profitable Advanced Solutions and Cloud businesses as well as continued improvement in the SMB customer category.

由於我們預期客戶端和終端解決方案的成長速度將比今年上半年更加緩和，同時高階解決方案和雲端業務的成長率將提高，利潤也將增加，中小企業客戶類別也將持續改善。

We expect non-GAAP diluted EPS to be in the range of $0.61 to $0.73 per diluted share. This guidance assumes a potential $0.02 to $0.04 impact related to the ransomware incident. Our EPS guidance assumes approximately 235.5 million weighted average shares outstanding and a non-GAAP tax rate returning to a more expected rate of 30%.

我們預計非 GAAP 稀釋每股收益將在 0.61 美元至 0.73 美元之間。本指南假設勒索軟體事件可能造成 0.02 美元至 0.04 美元的影響。我們的每股盈餘指引假設流通股數約為 2.355 億股加權平均數，且非公認會計準則稅率將恢復至更預期的 30%。

So in closing, we expect continued year over year top line growth enabled by strong execution across our core businesses and the progress we are making in our platform transformation.

總而言之，我們預計，由於核心業務的強勁執行力以及平台轉型的進展，營收將繼續同比增長。

With that, operator, we will now open up the call to take questions.

接線員，現在我們可以開始回答問題了。

(Operator Instructions) Michael Ng, Goldman Sachs.

（操作員指令）Michael Ng，高盛。

Hi, good afternoon. Thank you for taking questions. I just have two. First, just as you think about third quarter, I was wondering if you could provide some color on your expectations related to endpoint and advanced as you think about the revenue growth for the third quarter?

嗨，下午好。謝謝您的提問。我只有兩個。首先，正如您對第三季的思考一樣，我想知道您是否可以提供一些與終點和高級相關的預期，以及您對第三季營收成長的思考？

And then secondly, just on the strength in mobility in China, how much of that was primarily driven by the two more subsidies given by the government and is that a key driver of the kind of deceleration in top line growth as we head into next quarter?

其次，就中國移動出行的強勁表現而言，其中有多少主要得益於政府提供的兩項補貼？這是否是下個季度營收成長放緩的關鍵驅動因素？

Yes. So this is Mike. Michael, thanks for the question. I'll answer the first one first.

是的。這就是麥克。邁克爾，謝謝你的提問。我先回答第一個問題。

I think, on the guide, where our midpoint is at about 3% growth. Our top end is about 5% growth year over year. And I'll talk about more of the top end, because that's really where if we didn't have a little bit of an impact to the cyber incident, which is probably about 1% to 2% maybe on the top line, that's where we probably would have landed, I guess, as more of a midpoint.

我認為，按照指導，我們的中間點成長率約為 3%。我們的最高成長率約為 5%。我將更多地談論高端，因為如果我們沒有受到網路事件的影響，那實際上就是高端，這可能大約占到頂線的 1％ 到 2％，我想，我們可能會落在中間點。

So if you think about that, what we baked in there is certainly, as I said in my prepared remarks, a little bit more tempered growth in the Client and Endpoint. We grew double digits, as we said, but we're assuming something more like mid-single digits. And honestly, where the bigger drop is, we're still seeing strength and should see strength on refresh of desktops and notebooks as we look towards the end of life of Windows and so forth, carrying out into even the early part of Q4.

所以如果你考慮一下，正如我在準備好的發言中所說的那樣，我們在其中融入的肯定是客戶端和終端的更溫和的成長。正如我們所說，我們的成長率達到了兩位數，但我們預期成長率將達到中等個位數。老實說，在跌幅較大的領域，我們仍然看到了強勁勢頭，隨著 Windows 等產品生命週期的結束，我們應該會看到桌上型電腦和筆記型電腦的更新速度加快，這種勢頭甚至會持續到第四季度初期。

So we still see that as being fairly strong, but it's really more of the smartphone growth that we see less of as we look into Q3. So call it roughly mid-single digits at the high end of our guide on client and endpoint, probably low to mid on advanced solutions, which continues to be probably stronger servers and storage. Networking is rebounding to growth but a little bit more modest, and it depends on the market you're in.

因此，我們仍然認為這一成長相當強勁，但當我們展望第三季時，我們發現智慧型手機的成長已減弱。因此，在我們的客戶端和端點指南的高端，我們將其大致稱為中等個位數，而在高級解決方案中，其可能處於低到中等水平，這可能仍然是更強大的伺服器和儲存。網路正在反彈成長，但速度稍微慢一些，這取決於你所在的市場。

And then higher single digits on cloud, which we're excited about that returning. We had a harder compare in Q2 of last year. That, and a little bit of that in Q1 of this year as well compared to last year. So we're excited about that returning to a little bit more robust growth. So that's sort of the mix story.

然後雲端運算的成長率將達到更高的個位數，我們對此感到非常興奮。去年第二季我們進行了一次更艱難的比較。與去年相比，今年第一季的情況也略有不同。因此，我們很高興看到成長勢頭恢復得更加強勁。這就是一個混合故事。

And then on your second question on China, it's hard to gauge. I think there probably is a little bit that's pulled forward by some of those stimulus plans, as well as some of the potential for tariffs and retaliatory tariffs playing across that market. I think our growth there certainly was more geared towards that smartphone category, as well as a little bit in some of the high-end GPUs, which we have across other parts of APAC as well.

關於你的第二個問題，關於中國，這很難判斷。我認為，這可能是受到一些刺激計劃以及整個市場可能實施的關稅和報復性關稅的影響。我認為我們在那裡的成長肯定更多地面向智慧型手機類別，以及一些高階 GPU，我們在亞太地區其他地區也有這些產品。

So that's what I would say on that. It's hard to gauge exactly.

這就是我要說的。很難準確衡量。

The only other -- this is Paul. Michael, the only other thing I would add to it as it relates to the mobility is we've had strong growth in mobility, all of last year in Asia Pacific and into the first two quarters of this year.

唯一的另一個人──這是保羅。邁克爾，關於移動性，我唯一想補充的是，去年全年在亞太地區以及今年前兩個季度，我們的移動性都實現了強勁增長。

So nothing that was way over the top relative to what we've been seeing in terms of demand in that market. around the smartphone business.

因此，就我們所看到的智慧型手機市場需求而言，沒有什麼是過高的。

Thanks, Mike. Thanks, Paul. That's really helpful.

謝謝，麥克。謝謝，保羅。這真的很有幫助。

Samik Chatterjee, JPMorgan Chase & Co.

薩米‧查特吉 (Samik Chatterjee)，摩根大通公司

This is actually Joe Cardoso on for Samik. I guess, maybe my first one is more of a clarification point. Obviously, you guys talked about the mobility and maybe that not continuing through the second half. But maybe if we focus on North America, so strong sequential growth this quarter there. Just curious, I don't think you guys necessarily talked about it at all, but are you seeing any demand pull forward across any of the hardware products that you guys are shipping?

這實際上是喬·卡多索 (Joe Cardoso) 代替薩米克 (Samik)。我想，也許我的第一個問題更多的是一個澄清點。顯然，你們討論了流動性問題，也許這種流動性不會持續到下半場。但如果我們關注北美，那麼本季那裡將出現強勁的連續成長。只是好奇，我認為你們不一定談論過這個問題，但是你們是否看到你們正在運送的任何硬體產品的需求有所增長？

And specifically, can you bifurcate that between devices and infrastructure, whether you've seen any of the pull forward on that in the first half and some good news going through and some of the conservatism going into the back half. It's just related to not a continuation of that trend?

具體來說，您是否可以將其分為設備和基礎設施兩部分，您是否看到上半年這方面的任何進展，以及一些好消息和下半年的一些保守主義。這只是與該趨勢不再延續有關嗎？

So -- and we don't break out by the Americas. So from a North America standpoint, I'll speak more on behalf of that. But we didn't see meaningful pull forward in all the categories. If there was anything, there was still maybe a little bit around the desktop notebook refresh, but nothing that was material and anything we built in, a, for Q2 and then really in our guide in Q3 also.

所以——我們不會從美洲出發。因此，從北美的角度來看，我將更多地談論這一點。但我們並未看到所有類別都出現顯著的進步。如果有什麼的話，可能仍然有一點關於桌上型電腦筆記型電腦的更新，但沒有什麼實質性的東西，也沒有我們為第二季度構建的任何內容，然後在第三季度的指南中也是如此。

Got it. Very clear. And then maybe second question -- sorry, for the second question, and maybe more of a bit picture one. But obviously, the Big Beautiful Bill was passed like almost a month ago. I was just curious if that's coming up in any of the customer discussions you're having here in the state? And if so, if you could provide any insights on how customers are thinking about any of the implications there, the positive or negative.

知道了。非常清楚。然後可能是第二個問題——抱歉，對於第二個問題，可能更多的是一張圖片。但顯然，《大美麗法案》已於一個月前通過。我只是好奇，這個問題是否在您在本州進行的任何客戶討論中出現過？如果是這樣，您是否可以提供一些見解，了解客戶如何看待其中的任何影響，無論是積極的還是消極的。

Yes, absolutely. And so if you look at, I think, most of the impacts on the Big Beautiful Bill is going to be more wrapped around kind of the [Fed SLED] areas so public sector, call it, and public sector for us is not a material piece of our business. So I think you'll see, depending stuff moving from me from federal, that's going to local and/or state. Stuff shifting back and forth.

是的，絕對是。所以如果你看一下，我認為，《大美麗法案》的大部分影響將更多地圍繞著 [Fed SLED] 領域，也就是公共部門，而對我們來說，公共部門並不是我們業務的重要組成部分。所以我想你會看到，這取決於我從聯邦轉移到地方和/或州的事情。東西來回移動。

So for us, I know there's conversations going on, but again, it's not a meaningful part of our business. And we do play in all those categories. So maybe there's defunding in one area and there's areas that are shifted more from Fed maybe to state, we'll be able to participate in that.

所以對我們來說，我知道正在進行對話，但這並不是我們業務中有意義的部分。我們確實參與了所有這些類別。因此，也許某個領域的資金會被削減，而某些領域的資金可能會從聯準會轉移到州，我們將能夠參與其中。

Yes. And the one thing I would just add, that favorability on the CapEx treatment is certainly going to benefit some companies may benefit larger companies to larger magnitude perhaps. So we're keeping an eye on it and to see, and we're certainly poised to capture that if it does drive some demand pull forward for sure.

是的。我只想補充一點，資本支出待遇的優惠肯定會使一些公司受益，甚至可能使大公司受益更多。因此，我們正在密切關注它，如果它確實推動了一些需求的拉動，我們肯定會抓住它。

Thanks.

謝謝。

Erik Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林。

Hey, guys. Thanks so much for taking my questions. I guess two as well. And maybe just to start, another kind of big picture question. Related to some of the end market comments that you guys made.

嘿，大家好。非常感謝您回答我的問題。我猜也是兩個。也許這只是開始，另一個宏觀問題。與你們發表的一些終端市場評論有關。

And really, it's just when we speak to your customers or you look at the pipeline to the degree that you have visibility into it, you've been kind of being clear on smartphones and PCs. But big picture, kind of where do you see the market for some of these various major products? Where do you see us at in the cycle right now?

事實上，當我們與您的客戶交談或您查看管道時，您就能在智慧型手機和個人電腦上清楚地看到它。但從整體來看，您認為這些主要產品的市場在哪裡？您認為我們目前處於週期的哪個階段？

If we think about storage and servers and net comm and PCs and smartphones, do you think big picture we're mid-cycle, are we late cycle, like I'm sure there's differences between each of those products. But I'm just trying to get a better understanding of where things could ultimately go again, if there wasn't disruption from the multitude of factors that are obviously impacting the macro. And then Ii have some follow up. Thank you.

如果我們考慮儲存、伺服器、網路通訊、個人電腦和智慧型手機，您是否認為從總體上看我們處於中期週期，還是後期週期，我確信每種產品之間都有差異。但我只是想更了解，如果沒有明顯影響宏觀的眾多因素的干擾，事情最終會如何發展。然後我會進行一些後續跟進。謝謝。

Yes, sure. This is Paul. I'll jump in. So from an end market standpoint, I'll talk about, it's interesting when you look at kind of categories as you've been following us and we've been looking -- talking about the networking category.

是的，當然。這是保羅。我會跳進去。因此，從終端市場的角度來看，當你關注我們並且我們一直在關注網路類別時，你會發現這很有趣。

For quite some time, all of last year and how it was down, well, we're in a similar situation really from an end market perspective or the -- I'll use them generically, our customers, our solution providers around the SMB markets. And so we hadn't seen growth, and it's been down double digits since Q1 of last year 2024. So Q1, Q2, Q3, Q4 and Q1 of this year.

在相當長的一段時間裡，包括去年全年以及它是如何下滑的，嗯，從終端市場的角度來看，我們確實處於類似的情況 - 我將泛泛地使用它們，我們的客戶，我們圍繞 SMB 市場的解決方案提供商。因此，我們沒有看到成長，自去年第一季以來一直下降兩位數。所以是今年的第一季、第二季、第三季、第四季和第一季。

And then seeing single-digit growth in Q2 this most recent earnings. So we're excited about that, and we're starting to see growth there. We've talked about how that market historically comes back a little bit more slowly relative to the investment and spend we've seen more around mid-market and enterprise.

然後看到第二季的最新收益出現個位數成長。因此我們對此感到興奮，並且我們開始看到那裡的成長。我們已經討論過，從歷史上看，相對於中端市場和企業領域的投資和支出而言，該市場的復甦速度要慢一些。

As it relates to the products that -- and Mike touched on it briefly around some of the GPU activity that's going on really around AI and that's a global comment, too. So it's not just necessarily driven around one territory that we're seeing across both networking and server.

因為它與產品有關 - Mike 簡要地談到了圍繞 AI 進行的某些 GPU 活動，這也是一個全球性的評論。因此，它不一定只圍繞我們在網路和伺服器領域看到的一個領域進行驅動。

So we saw good growth, double-digit growth this quarter in storage, server and networking, some a little bit more growth than other server being the biggest growth out of all those. So I would say we're kind of -- if I had to peg it, we're probably mid-innings on this as we're seeing. And then we'll see other services and capabilities kind of follow behind as those GPU products continue to get delivered in the full solution.

因此，我們看到了良好的成長，本季儲存、伺服器和網路都實現了兩位數的成長，其中一些伺服器的成長比其他伺服器略高，但成長速度是所有伺服器中最大的。所以我想說我們有點——如果我必須把它固定下來的話，我們可能正處於我們看到的中期階段。然後，隨著這些 GPU 產品繼續在完整解決方案中交付，我們將看到其他服務和功能隨之而來。

Awesome. Super helpful. And then Mike, maybe just turning to you. I know you referenced cost actions and mix factors that impacted OpEx. It was still up sequentially fairly strongly.

驚人的。超有幫助。然後麥克，也許只是轉向你。我知道您提到了影響營運支出的成本行動和組合因素。它仍然連續強勁上漲。

And I know, obviously, you had a larger revenue base. And so maybe my question is the sequential growth that we saw this 2Q in OpEx, which was stronger than the 2Q of last year, is that really just the higher revenue base? Or were you able to pull forward any investments to take advantage of that top line outperformance and maybe just push a little bit of that through from a timing perspective?

而且我知道，顯然你們擁有更大的收入基礎。所以，我的問題是，我們看到第二季營運支出的連續成長比去年第二季更強勁，這真的只是更高的收入基礎嗎？或者您能夠提前進行任何投資以利用這一優異的營收表現，或許只是從時間角度推動其中一點點？

Just to bear in mind, $32.7 million of that onetime charge was flowing through our OpEx, which was a onetime held-for-sale accounting. So I don't know if you're backing that out of the numbers you're looking at. Sequentially, there is a bit of an increase.

請記住，這筆一次性費用中的 3,270 萬美元是透過我們的營運支出來計算的，這是一種一次性持有待售會計。所以我不知道您是否根據所看到的數字支持這一觀點。依次類推，有一點點增加。

And year over year, we continue to manage more to sales volumes and how we manage leverage on a percentage of OpEx because certainly with 10% growth year over year, from a revenue perspective, you have that degree of variable OpEx. We have timing as far as how sort of annual merits kick in and so forth that start in Q2 as well.

與去年同期相比，我們繼續更多地管理銷售量以及如何管理營運支出百分比的槓桿，因為從收入角度來看，隨著年增長率達到 10%，營運支出肯定會有一定程度的變動。至於年度獎勵如何開始生效等等，我們已經有了時間安排，也將從第二季開始。

And then lastly, there is a little bit of a pull forward where we saw opportunities, especially around some of the things we're doing on our investments in Xvantage that Sanjib talked about a couple of weeks ago in mid-July where we saw opportunities to expedite some of that work in Q2. So there's a little bit of timing there as well.

最後，我們看到了一些機會，特別是圍繞我們在 Xvantage 投資方面所做的一些事情，Sanjib 在幾週前的 7 月中旬談到了這一點，我們看到了在第二季度加快部分工作的機會。因此這裡也存在一些時間問題。

Ruplu Bhattacharya, Bank of America.

美國銀行的 Ruplu Bhattacharya。

I've got two, one for Mike and one for Paul. Mike, when we look at the guide for fiscal 3Q, revenues are down 5% sequentially but gross margin is up 40 bps quarte over quarter. You talked about a lower mix of client devices that is helping. But can you also comment on the impact of the pricing environment? I think in prior quarters, you had talked about competitive pricing in some markets like India. How is that trending?

我有兩個，一個給麥克，一個給保羅。麥克，當我們查看第三財季指南時，營收環比下降 5%，但毛利率環比上升 40 個基點。您談到了減少客戶端設備組合以提供幫助。但您能否評論一下定價環境的影響？我認為在前幾個季度，您曾談到印度等一些市場的競爭性定價。這種趨勢如何？

And also, how are you seeing the mix of regions contributing to this. If Asia remains strong, how much of a headwind is this to gross margin?

此外，您如何看待各地區對此的貢獻？如果亞洲保持強勁，這對毛利率會造成多大的阻力？

Yeah. Thanks, Ruplu. Good questions. I think the -- yes, so I think the big overriding factor you called out, which is really just more of the mix normalizing a little bit between Client and Endpoint and Advanced Solutions and then Cloud being a little bit higher growth.

是的。謝謝，Ruplu。好問題。我認為——是的，所以我認為您提到的最重要的因素實際上只是客戶端和終端以及高級解決方案之間的混合稍微正常化，然後雲端運算的成長稍微高一些。

You do have the 8-basis point one-time impact also in our margins in Q2 that wouldn't recur in Q3. So that's another sequential differential that you just need to take into account if you weren't already.

我們第二季的利潤率確實受到了 8 個基點的一次性影響，而這種影響在第三季不會再次出現。因此，這是另一個連續的差異，如果您還沒有考慮到的話，您只需要考慮到它。

And then I think we are still seeing -- and I said this in my prepared remarks, I think we're seeing a heightened competitive environment everywhere in this environment. When macro is a little bit more volatile or softer, you do see that heightened competitive factor, but it's rational. And even in India where we did call out in prior quarters, a bit less rational behavior in some cases.

然後我認為我們仍然看到——我在準備好的演講中說過，我認為我們看到在這種環境中各個地方的競爭正在加劇。當宏觀經濟稍微波動或疲軟時，你確實會看到競爭因素加劇，但這是合理的。即使在印度，我們在前幾季也曾呼籲過，在某些情況下，人們的行為有點不太理性。

That was the most pronounced in Q1. Q2 really fell through exactly as we predicted on our last call, which was about half that level of impact in Q2. And as we sit here now in Q3, we see it returning to more normal levels. But India will always be a more competitive environment just given the growth prospects there and so forth. So I think that's what I would say on the competitive factors.

這現像在第一季最為明顯。第二季確實正如我們上次電話會議所預測的那樣，影響程度大約只有上次的一半。現在我們進入第三季度，我們看到它正在恢復到更正常的水平。但考慮到印度的成長前景等，印度的競爭環境將更加激烈。所以我想這就是我對競爭因素的看法。

And I'll just reiterate what I also said in my prepared remarks, on a like-for-like basis, when we look across a customer category or a product category, we really aren't seeing any significant or notable deterioration in pricing or margins. It really is more of that mix as we see as a whole. I think I hit on all your questions -- you also asked about Asia Pac.

我只想重申我在準備好的發言中說過的話，在同類基礎上，當我們縱觀客戶類別或產品類別時，我們確實沒有看到價格或利潤率有任何顯著或明顯的下降。從整體來看，它確實是一種混合體。我想我回答了您的所有問題——您也問到了亞太地區的情況。

So we certainly still see Asia Pac as a higher growth opportunity. That's going to probably continue for the foreseeable future, whereas EMEA might be the opposite end of the spectrum, especially in some of the Western markets where we still see a more challenging macro environment.

因此，我們仍然將亞太地區視為更高的成長機會。在可預見的未來，這種情況可能會持續下去，而歐洲、中東和非洲地區的情況可能正好相反，特別是在一些西方市場，我們仍然看到宏觀環境更具挑戰性。

But most we're encouraged about is we're just seeing a return to double-digit growth in North America, which is a very good sign between that and APAC as two of our biggest geographic segments.

但最讓我們感到鼓舞的是，我們看到北美地區重新恢復了兩位數的成長，這對於北美和亞太地區作為我們最大的兩個地理區域來說是一個非常好的訊號。

Okay, Mike, I appreciate all the details there. As a follow-up, Paul, can I ask you, are you seeing any AI-driven specifically AI-driven hardware purchases from customers, either AI PCs or AI servers. And if so, what percent of your revenues this year, would you say are AI driven? And kind of related to this, you talked your prepared remarks, and Sanjeeb, the other day, also talked about Xvantage helping to drive sales. Is there a way to quantify how much revenue in the year you expect Xvantage to drive?

好的，麥克，我很感謝你提供的所有細節。作為後續問題，保羅，我可以問您一下，您是否看到客戶購買任何由人工智慧驅動的硬件，特別是人工智慧驅動的硬件，無論是人工智慧電腦還是人工智慧伺服器。如果是這樣，您認為今年您的收入中有多少百分比是由人工智慧驅動的？與此相關的是，您談到了您準備好的發言，而前幾天 Sanjeeb 也談到了 Xvantage 有助於推動銷售。有沒有辦法量化您預計 Xvantage 當年能帶來多少收入？

Yes. So I'll start with Xvantage. So -- and I talked about and you heard -- thank you, it sounds like you attended Sanjeeb's presentation. And so we continue to help do things like we talk about, IDA, and I talked about it in my prepared remarks of what we've done and kind of the three phases we're going through with Xvantage in some countries, of the 20-plus countries that we have are a little bit further down the road than others.

是的。因此我將從 Xvantage 開始。所以 — — 我已經談到了，你也聽到了 — — 謝謝，聽起來你參加了 Sanjeeb 的演講。因此，我們將繼續幫助開展我們談到的 IDA 等工作，我在準備好的發言中也談到了我們所做的工作，以及我們與 Xvantage 在一些國家開展的三個階段的工作，在我們開展的 20 多個國家中，有些國家的進展比其他國家稍快一些。

We don't necessarily disclose as in totality how much Xvantage, because if you think forward where we're going to be, as every country is going to be on Xvantage and that's how we're going to run the company is through Xvantage as the platform of how the company is going to deliver. So what we do is we're going to continue to give metrics around what we think are important metrics on Xvantage. And the three I continue to go to is we look at it three different ways: one is user engagement; two is financial and operational, and three is around the customer.

我們不一定會揭露 Xvantage 的全部金額，因為如果你展望未來，你會發現每個國家都會使用 Xvantage，而我們將透過 Xvantage 作為公司交付平台來經營公司。因此，我們所做的就是繼續提供我們認為在 Xvantage 上重要的指標。我繼續說的是，我們從三個不同的角度來看這個問題：一是用戶參與度；二是財務和營運；三是圍繞客戶。

So for user engagement, on this quarter, I talked about who it is created, nearly doubled year over year as we continue to provide further enhancements around search, around quoting, around product and other capabilities. Financial, we've talked about self-service. So that means people are coming and using the platform and providing more orders, self-service because of ease of use.

因此，就本季的用戶參與度而言，隨著我們繼續在搜尋、報價、產品和其他功能方面提供進一步的增強，用戶參與度幾乎比去年同期翻了一番。在金融方面，我們討論過自助服務。這意味著人們會來使用該平台，並且由於易於使用而提供更多的訂單和自助服務。

That was up over 200%. And again, for three quarters in a row now, we've talked about how we brought forward almost 2,000 dormant customers that are in this quarter grew 40% higher than the sales that they are doing before. So it's showing that people are coming to Xvantage and effectively, I would say they're running their business in a way that will really help enable them. As you look at AI -- to answer to your second question around AI, I'll touch AI PC. So a majority of the refresh on PC so far for us have not been AI driven.

這一數字上漲了 200% 以上。並且，我們已經連續三個季度討論瞭如何提前推出近 2,000 名休眠客戶，這些客戶本季的銷售額比之前增長了 40%。所以這表明人們正在來到 Xvantage，而且我認為他們正在以一種真正有助於他們的方式有效地經營他們的業務。說到人工智慧——回答你關於人工智慧的第二個問題，我會談一下人工智慧和PC。到目前為止，PC上的大部分更新都不是人工智慧驅動的。

I think we're in the early days of that, still early innings. As we talk to customers and kind of end partners in terms of that evolution. Most of that has been around just age systems and the Windows refresh and the Windows end of life. We did, and Mike touched on it briefly. We are seeing some opportunities and we've been very opportunistic.

我認為我們正處於這一階段的早期階段，仍處於早期階段。當我們與客戶和最終合作夥伴談論這一演變時。其中大部分都與舊系統、Windows 更新和 Windows 生命週期結束有關。我們確實這麼做了，麥克也簡單談了一下。我們看到了一些機會，我們一直積極把握機會。

One in North America. We had some pretty big onetime opportunities and also in Asia Pacific around GPUs and some of the GPU data that's enabling the AI capability. So we're starting to see more and more of that. than I would have said a couple of quarters ago. So that's encouraging.

一個在北美。我們在亞太地區以及 GPU 和一些支援 AI 功能的 GPU 資料方面有一些相當大的一次性機會。因此，我們開始看到越來越多這樣的情況，比我幾個季度前所說的還要多。這令人鼓舞。

I think, again, long term, it will be more around how you service around those capabilities and services that are being delivered.

我認為，從長遠來看，這將更多地圍繞著您如何提供正在交付的功能和服務。

Adam Tindle, Raymond James.

亞當廷德爾、雷蒙詹姆斯。

Okay, good afternoon. Mike, I just wanted to start on guidance for Q3 on revenue. And I understand there's a lot of moving parts here. But if I look at the model, you're typically up sequentially in Q3, I know it's like a strong public sector quarter among other things. So if I look at the guidance that you provided here, it looks like it would be down a little over $0.5 billion in revenue dollars sequentially, so call it, subseasonal relative to what we would typically expect.

好的，下午好。麥克，我只是想開始介紹第三季的收入指引。我知道這裡有很多活動部件。但如果我看一下模型，你通常會在第三季連續上漲，我知道這就像是一個強勁的公共部門季度。因此，如果我看一下您在此處提供的指導，看起來收入將比上一季下降 5 億美元多一點，所以可以說，相對於我們通常預期的水平而言，這是低於季節性的。

You've got some divestitures in there. You've got obviously the cyber incident that I think you're still trying to quantify. I guess any kind of framework you can provide for us as we kind of think about Q3 revenue guidance and the different buckets that are causing the below typical seasonality? And any comments that you can give on public sector in particular. I don't know if Paul wants to weigh in on that given Fed fiscal year-end?

你那裡有一些資產剝離。顯然，您遇到了網路事件，我認為您仍在試圖量化它。當我們考慮第三季收入指引以及導致季節性低於正常水平的不同因素時，您能為我們提供任何框架嗎？您能否就公共部門特別提出一些評論？我不知道保羅是否想在聯準會財政年度結束時對此發表看法？

Come back to that at the end, and Paul I know will add. But I think you hit on a couple of main points. Obviously, the cyber incident being the biggest one. I think that does drive a little bit of variability from what would normally be seasonality. I think -- but probably the single biggest thing would be, again, just the over-index growth we've seen in Client and Endpoint.

最後再回到這一點，我知道保羅會補充。但我認為你已經觸及了幾個要點。顯然，網路事件是最大的一個。我認為這確實會導致與通常的季節性相比出現一些變化。我認為——但可能最大的問題是，再次，我們在客戶端和端點中看到的過度指數成長。

The strong double-digit growth that we've seen in Q1 and Q2. Usually, we do start to see some of that peak more into Q3 and then certainly in Q4 on normal budgeting cycles, but the refresh cycle really kicking in, in full year going back to Q4 of last year and through the first half of this year has created probably a different seasonal effect than what we would normally see.

我們在第一季和第二季看到了強勁的兩位數成長。通常，在正常的預算週期中，我們確實會在第三季度看到一些峰值，然後肯定會在第四季度看到峰值，但全年的更新周期真正開始，可以追溯到去年第四季度和今年上半年，這可能產生了與我們通常看到的不同的季節性影響。

And as we pointed out, while we've guided -- our guidance assumes at the high end, more in the mid-single-digit growth for CES, it will be a little higher than that on the desktop notebook category, a little lower than that on smartphones.

正如我們所指出的，雖然我們已經做出了指引——我們的指引假設在高端，即 CES 的中等個位數增長，但它將略高於桌上型筆記型電腦類別，略低於智慧型手機。

As you've seen in the last two quarters, if we continue to see that robust demand continue, we're set up to capture it. It would mean some dilution of margin rate because of the mix of the business. But it would also create quite a bit more leverage on OpEx given the low cost to serve for those kinds of sales. So that's probably the biggest thing I would point out.

正如您在過去兩個季度所看到的，如果我們繼續看到這種強勁的需求，我們就會準備好去抓住它。由於業務組合的原因，這意味著利潤率將會下降。但考慮到此類銷售的服務成本較低，它也會為營運支出創造相當大的槓桿作用。這可能是我要指出的最重要的事情。

You asked about public sector, I would just reiterate what we've said before, it's not a -- it's a pretty minor part of our business overall, single-digit percentages on public sector. And certainly, Fed is weaker right now in this environment, SLED is a little bit better overall, but that would create some comparative too, but it's not a massive impact for us.

你問到公共部門，我只想重申我們之前說過的話，它不是——它只是我們整體業務中很小的一部分，在公共部門只佔個位數的百分比。當然，在這種環境下，聯準會目前處於弱勢，而 SLED 總體而言要好一些，但這也會產生一些比較，但對我們來說影響並不大。

I don't know. Anything else you'll add?

我不知道。您還有什麼要補充的嗎？

The education we expect. So we were down kind of mid-single digits in each of the categories to high single digits in Q2, and we expect to be better than that in Q3 that we built into our guide.

我們所期望的教育。因此，我們在第二季中，每個類別的銷售額都下降了中等個位數到高個位數，我們預計第三季的銷售額會比我們指南中預期的要好。

Got it. Super helpful. Maybe just a follow-up, Mike, on cash flow. If we were to kind of think about the environment that you're describing year-to-date, where Client and Endpoint is very strong, mobility has been very strong, we think about those businesses, we typically think of that as lower margin, but much better working capital dynamics, faster asset terms, et cetera. Yet, if we look at cash flow year-to-date, it's more than $0.5 billion of cash use.

知道了。超有幫助。麥克，也許只是關於現金流的後續問題。如果我們考慮您所描述的今年迄今為止的環境，其中客戶端和終端非常強大，移動性非常強，我們考慮這些業務，我們通常認為利潤率較低，但營運資本動態更好，資產條款更快，等等。然而，如果我們看一下年初至今的現金流，就會發現現金使用量已超過 5 億美元。

So if you could maybe just parse out, I know you mentioned buy-ins in there but talk about sort of that mixing towards these areas and faster growth in these areas, yet how sizable the cash use has been year-to-date. And then if you could also maybe touch on cash flow from here, do we reverse this out over the next couple of quarters and get to positive cash flow for the year? What does the cadence look like?

因此，如果您可以分析一下，我知道您提到了買入，但談論的是這些領域的混合以及這些領域的更快增長，但今年迄今為止的現金使用量有多大。然後，如果您也可以談談這裡的現金流，我們是否會在接下來的幾個季度內扭轉這一局面，並在全年實現正現金流？節奏是什麼樣的？

Sure. Yeah. I mean our typical seasonality, Q3 is a cash outflow where we're -- mainly because we're procuring inventory for a bit of that hockey stick in Q4.

當然。是的。我的意思是，我們的典型季節性是，第三季度是現金流出，主要是因為我們在第四季度購買了一些曲棍球棒的庫存。

It has been a unique result for the same reasons you just pointed out, just higher double-digit growth year-to-date is requiring investments into inventory to serve. Both in Q1 and Q2, we did have some pull forward opportunistic buys. And we're sitting on a little bit heightened level of inventory exiting Q2, because there are a handful of large deals that are closing in the early part of Q3 that we had to start stocking for that drove a little bit of an anomaly there, which that will drive a positive offset in Q3.

正如您剛才指出的原因，這是一個獨特的結果，年初至今更高的兩位數成長需要對庫存進行投資。在第一季和第二季度，我們確實有一些提前的機會性購買。我們第二季的庫存水準略有提高，因為第三季初期有幾筆大筆交易即將完成，我們必須開始儲備庫存，這導致了一些異常情況，這將在第三季帶來正面的抵銷。

But -- what I would expect -- and I guess the last thing I would point out is, on a days basis, in Q1, we were about four days better on total net working capital year over year. In Q1, we were about -- sorry, in Q2, we were about a day better year over year in overall net working capital. So we're still managing it on days around that growth. And that is really what is driving that outflow on a year-to-date basis.

但是——我預計——我想我最後要指出的是，以天數計算，在第一季度，我們的總淨營運資本比去年同期增加了大約四天。在第一季度，我們大約——抱歉，在第二季度，我們的整體淨營運資本比去年同期提高了大約一天。因此，我們仍在圍繞這一增長進行管理。這正是年初至今資金外流的真正原因。

So Q3, I would assume could be a little bit neutral to some outflow as we continue to invest in the working capital, perhaps offset by some of that inventory working through the cycle. And then Q4, as you saw last year, is where we spun off some cash where we saw that inventory convert into receivables, much of which was collected before the end of the year, and then we overlay that with how we manage payables with all of our vendors.

因此，我認為第三季可能會對一些資金流出產生一定的影響，因為我們會繼續投資營運資金，而這或許會被週期內的部分庫存所抵銷。然後，正如您去年看到的那樣，在第四季度，我們剝離了一些現金，我們看到庫存轉化為應收帳款，其中大部分是在年底之前收回的，然後我們將其與我們管理所有供應商的應付款項的方式疊加。

Okay, got it. thank you.

好的，知道了。謝謝。

David Paige, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 David Paige。

Hi, Mike, Paul, thank you for taking my question. I had two, just following up on Xvantage. In terms of the small business growth you've been seeing in the quarter, I think return to low single-digit growth, which is great. Do you think -- is that the Xvantage driving some of that growth in the SMB market?

嗨，麥克、保羅，謝謝你們回答我的問題。我有兩個，只是跟進 Xvantage。就本季看到的小型企業成長而言，我認為它將恢復到低個位數成長，這很好。您認為 Xvantage 是否推動了 SMB 市場的成長？

And then as a follow-up, just in terms of portfolio rationalizations or any other moves, like do you think the portfolio is rightsized here? Or should we expect either bolt-on M&A or more divestitures going forward?

然後作為後續問題，就投資組合合理化或任何其他舉措而言，您是否認為這裡的投資組合規模合適？或者我們是否應該期待未來出現附加併購或更多資產剝離？

Yes. Thank you, David, for the question. This is Paul. So as I walked through and I talked about the three phases, of where we're at, the US and I would say North America, to some extent, too, is most mature on where we are and starting to get into that second phase, which is where we really start leveraging it AI and automation to optimize demand signals, which allows us to be more proactive.

是的。謝謝大衛提出的問題。這是保羅。因此，當我走過並談論我們所處的三個階段時，美國和我想說的北美在某種程度上也是最成熟的，並且開始進入第二階段，也就是我們真正開始利用人工智慧和自動化來優化需求訊號，這使我們能夠更加積極主動。

And I talked about our Intelligent Digital Assistant, IDA, that is absolutely an area that the US has taken advantage of, which is really shortening sales cycle. You can see it in the revenue growth that we said from a North America standpoint. And that's really the ability to go to that SMB market.

我談到了我們的智慧數位助理 IDA，這絕對是美國已經利用的一個領域，它確實縮短了銷售週期。您可以從我們所說的北美收入成長中看到這一點。這確實是一種進入中小企業市場的能力。

This is about self-service. It's about helping them be more educated as they go to their end users and shortening those sales cycles, using AI to say, this end user historically purchases within the x amount of days. You should go out of a conversation with them because we can see the data relative to all the end consumption.

這是關於自助服務。這是為了幫助他們在接觸最終用戶時更加了解情況並縮短銷售週期，使用人工智慧來表示該最終用戶過去在 x 天內進行過購買。您應該與他們進行對話，因為我們可以看到與所有最終消費相關的數據。

So it's a very good pickup on your point that yes, it is being driven, and we believe that's helping spur some of the growth in SMB, specifically around North America. On portfolio rationalization and Mike can jump in, too.

所以這很好地證實了你的觀點，是的，它正在被推動，我們相信這有助於刺激中小企業的成長，特別是在北美。關於投資組合合理化，麥克也可以參與其中。

In the divestitures, we continue to look at what's best for the company and the best return from a shareholder perspective. And although there were two here, we're going to continue to manage the business. But nothing specifically as we continue to manage the business that we're looking at as we continue to invest in our core capabilities and really around being a platform company.

在資產剝離過程中，我們繼續從股東的角度考慮什麼對公司最有利，以及什麼能帶來最佳回報。儘管這裡有兩個，但我們將繼續管理業務。但沒有具體內容，因為我們會繼續管理我們正在關注的業務，因為我們將繼續投資於我們的核心能力，並真正致力於成為平台公司。

Mike, I don't know if you have --?

麥克，我不知道你有沒有--？

Yes, I mean we remain well capitalized to go after M&A if there's something opportunistic. But as you've seen in the recent past our -- on the acquisition side of the equation, it's been smaller tuck-ins over the last several years, which have been very strategic because of the capabilities they bring. That's going to continue to be the wheelhouse unless something big is very opportunistic for us.

是的，我的意思是，如果有機會，我們仍然有足夠的資金進行併購。但正如大家最近所看到的，在收購方面，過去幾年來我們進行的都是規模較小的收購，由於它們帶來的能力，因此具有非常重要的戰略意義。除非發生對我們而言非常有利的重大事件，否則我們將繼續採取控制措施。

Great. Thank you so much.

偉大的。太感謝了。

Ananda Baruah, Loop Capital Markets.

Ananda Baruah，Loop 資本市場。

Hey, guys. Appreciate the questions. So two quick clarifications, if I could. Paul, just a couple of times you made reference to in a couple of different product context. And I think GPUs going into APAC, so I think you -- in some context, you mentioned GPUs going into APAC.

嘿，大家好。感謝您的提問。如果可以的話，我快速澄清兩點。保羅，您曾經幾次提到過幾種不同的產品環境。我認為 GPU 會進入亞太地區，所以我認為你 — — 在某些情況下，你提到了 GPU 會進入亞太地區。

In another context, I believe you were talking about some of your products, I think, I think storage systems and server systems are maybe as part of solutions going into customers. Can you just clarify that for us? Put the context around it and where your guys' exposure is? And what are the avenues that you're getting in the marketplace for that?

從另一個角度來看，我相信您正在談論您的一些產品，我認為儲存系統和伺服器系統可能是面向客戶的解決方案的一部分。您能為我們解釋一下嗎？將其置於背景中，你們的曝光度在哪裡？那麼您在市場上獲得這目標的途徑是什麼？

Yeahh, you're welcome. So Ananda, thanks for the question. So I was relating to -- we have the GPUs we've had and the ability to service it was Asia Pacific, and then we actually had some new authorizations and some new opportunities, specifically in North America, which we capitalize on, we had a very large deal that we were able to close here in North America. So we're excited about that as opposed to exposure.

是啊，別客氣。所以阿南達，謝謝你的提問。所以我想說的是——我們擁有 GPU，並且有能力在亞太地區提供服務，然後我們實際上獲得了一些新的授權和一些新的機會，特別是在北美，我們利用了這些機會，我們在北美達成了一筆非常大的交易。因此，我們對此感到興奮，而不是興奮於曝光。

I look at it as more opportunity for us as we move forward. And then if you just look at the growth in networking server storage and a combination thereof, there is GPUs that are going into that. And we saw good growth, the highest one being in the server category, followed by storage and networking very closely there in all three of those categories had double-digit growth for us. And again, there's GPUs that are aligned in all three of those categories.

我認為這對我們前進來說是一個更大的機會。如果你只看網頁伺服器儲存及其組合的成長，你會發現 GPU 正在進入這個領域。我們看到了良好的成長，其中伺服器類別的成長最為顯著，其次是儲存和網絡，這三個類別都實現了兩位數的成長。再次強調，這三個類別都有 GPU。

That's helpful. Can you comment at all what the customer -- like what's sort of like the customer segment set is? Is it Neo Cloud? Is it enterprise? Is it a big Neo Cloud complex in Malaysia. Is it neo cloud? Is it enterprise? Is it in the other flavor? And it sounds like you're getting going there in some context. So that's exciting.

這很有幫助。您能否評論一下客戶—例如客戶細分群體是什麼樣的？是 Neo Cloud 嗎？是企業嗎？它是馬來西亞的大型 Neo Cloud 綜合體嗎？是 Neo Cloud 嗎？是企業嗎？有其他口味的嗎？聽起來你在某種程度上已經到達那裡了。這很令人興奮。

Yes. So keep in mind that our customer -- and so I'm not going to speak on behalf of end markets and where our customers are taking it. These are our large mid-market and enterprise customers that are servicing those end markets. So I'm not going to speak on behalf of where our customers are necessarily deploying those technologies. But the ones that are procuring it from us that are buying it from us from a solution standpoint are really wrapped around mid-market and enterprise.

是的。因此請記住我們的客戶—所以我不會代表終端市場和我們的客戶發言。這些是我們為終端市場提供服務的大型中型市場和企業客戶。因此，我不會代表我們的客戶發言，說明他們必須部署這些技術。但從解決方案的角度來看，從我們這裡採購產品的客戶實際上都集中在中端市場和企業上。

I got one more for you, and that couple -- are these VARs, are you talking about your -- some of your larger VARs?

我還有一個問題要告訴你，這些是加值轉售商 (VAR) 嗎？您說的是您的一些較大的增值轉售商 (VAR) 嗎？

Yes. I mean, they're VARs, they're national solution providers, they're -- I mean, everybody, so we kind of define it as the really big ones, the next one and then kind of the mid-market and the kind of down below the SMB, all the way down to the S and SMB.

是的。我的意思是，他們是增值轉售商，是國家解決方案提供商，他們是——我的意思是，每個人，所以我們將其定義為真正的大公司，下一個，然後是中端市場和低於 SMB 的市場，一直到 S 和 SMB。

I got it. That's asauper helpful. Thanks so much.

我得到了它。這非常有幫助。非常感謝。

(Operator Instructions) Amit Daryanani, Evercore ISI.

（操作員說明）Amit Daryanani，Evercore ISI。

I guess maybe to start with -- you've talked about growth in the SMB markets in your prepared commentary. Could you just talk about kind of how broad that growth was from a product basis? And historically, I feel like SME market has been a bit of a leading indicator for the rest of the business. So should we see a better recovery on a much more broader level, given what you see in the SMB side?

我想也許首先——您在準備好的評論中談到了中小企業市場的成長。您能否從產品角度談談這種成長有多廣泛？從歷史上看，我覺得中小企業市場對其他產業來說是一個領先指標。那麼，從中小企業方面來看，我們是否應該在更廣泛的層面上看到更好的復甦？

Yes. So I think SMB, it's still more muted, as we said, but we're excited about its growth even if it is a bit more modest. That is a good indicator for sure. But the mix has been not too dissimilar from what we've seen elsewhere, where it tends to be more into the server storage and certainly, the desktop and notebook and even a little bit of a -- not as much of a smartphone phenomenon is there.

是的。因此，我認為 SMB 的成長仍然比較低迷，正如我們所說，但我們對它的成長感到興奮，即使它的成長速度比較溫和。這肯定是一個很好的指標。但這種組合與我們在其他地方看到的並沒有太大不同，它往往更多地集中在伺服器存儲，當然還有桌上型電腦和筆記型電腦，甚至還有一點點——智慧型手機現象並不多。

But certainly, the desktop and notebook piece is more centered where those product sales are, which even in the SMB, while it typically drives higher margins for us when you have more of the technical solutions, multiple products, services that get embedded, et cetera. these are not as much that kind of value-add sale that you would see that uptick.

但可以肯定的是，桌上型電腦和筆記型電腦部分更集中於這些產品的銷售，即使在中小型企業中也是如此，雖然當您擁有更多的技術解決方案，多種產品，嵌入式服務等時，它通常會為我們帶來更高的利潤率。但這些並不是您會看到上升的那種增值銷售。

Yes, I think there -- this is Paul -- that they're finally participating in some of the refresh that's happening, too. Because if you were to look at kind of Q1 and prior as we talked about being down double digits for us, we actually saw growth in both Advanced Solutions and Client and Endpoint Solutions within the SMB markets.

是的，我認為——這是保羅——他們最終也參與了正在進行的一些更新。因為如果你看一下第一季及之前的業績，我們談到我們的業績下降了兩位數，但實際上我們看到了中小型企業市場中高級解決方案以及客戶端和終端解決方案都實現了成長。

And then I guess, Paul and Mike, your inventory dollars are up like kind of $810 million since December to which you fully just reported in June. Of this uptick you're seeing in inventory very specifically, how much of this is strategic prebuying, which is positioning for what you think demand will look like in the back half? And then how do you get confidence that you don't end up with obsolescence risk or write-offs given the spike in inventory versus this will just flow through the revenue channel over time?

然後我想，保羅和麥克，你們的庫存金額自 12 月以來已經增加了 8.1 億美元，你們在 6 月剛剛報告了這個數字。您看到的庫存上升趨勢具體來說有多少是策略性預購，也就是針對下半年的需求情況進行的定位？那麼，鑑於庫存激增，您如何確信自己不會面臨過時風險或註銷風險，而不是隨著時間的推移流入收入管道？

Yes. Really, no concerns about any material write-offs. As I said earlier in answer to one of the questions, I think we did have a little -- we do have a little bit higher inventory than we normally would have coming out of Q2, which was more buying for specific large deals in a couple of cases that are going to close in Q3 with no expected risk on that front.

是的。確實，不必擔心任何重大註銷。正如我之前回答其中一個問題時所說的那樣，我認為我們的庫存確實比第二季度通常的庫存要高一點，這是為了在幾個案例中為特定的大型交易購買更多的庫存，這些交易將在第三季度完成，在這方面沒有預期的風險。

Most of the buy-in stuff that was just getting ahead of potential for tariffs and other factors. A lot of that is bought early in the quarter sold through largely in the quarter.

大多數買入的東西都只是超越了關稅和其他因素的潛在影響。其中很多是在本季初購買的，大部分在本季售出。

But again, on a day's basis, I know I came back to that earlier too, but on a day's basis, we're basically flat year over year from a DIO perspective. So we're absorbing that growth through the heightened sales as you can see.

但是，再說一次，按一天計算，我知道我之前也討論過這個問題，但按一天計算，從 DIO 的角度來看，我們基本上與去年同期持平。因此，正如您所見，我們正在透過提高銷售額來吸收這種成長。

Thank you.

謝謝。

Karl Ackerman, BNP Paribas Asset Management.

法國巴黎銀行資產管理公司卡爾‧阿克曼 (Karl Ackerman)。

Hey, thank you. I have two, please. First, you mentioned growth in server and storage. Your comments have been limited on networking and cybersecurity. I guess, are order trends declining there? I guess, what are you seeing there in the SMB space specifically, given that tends to be a higher-margin solution sale?

嘿，謝謝你。請給我兩份。首先，您提到了伺服器和儲存的成長。您的評論僅限於網路和網路安全。我猜，那裡的訂單趨勢正在下降嗎？我想，鑑於中小企業領域往往是利潤率較高的解決方案銷售，您在該領域具體看到了什麼？

Yes. So this is Paul. So cybersecurity actually had good growth for us. If you look out within our Advanced Solutions, the percentage of business that goes through the larger categories are more networking followed by server and storage shortly thereafter.

是的。這就是保羅。因此，網路安全實際上為我們帶來了良好的成長。如果您關注我們的高級解決方案，您會發現，透過較大類別的業務百分比更多的是網絡，其次是伺服器和儲存。

Our server business -- so I apologize, our server business actually was very strong in the quarter. And so we're pleased with the server growth that we had. And then cybersecurity was strong also, cyber just being a smaller portion of our overall Advanced Solutions business.

我們的伺服器業務—所以我很抱歉，我們的伺服器業務在本季實際上非常強勁。因此，我們對伺服器的成長感到滿意。網路安全也很強大，但網路只是我們整體高級解決方案業務的一小部分。

Got it. And then just based on the COGS and OpEx disclosure, it seems that CloudBlue couldn't sustain as a stand-alone entity. I guess why do you believe that is? And how does the sale of CloudBlue impact ex-Xvantage system of records if at all, and your ability to shift more of your sales toward services?

知道了。然後僅基於 COGS 和 OpEx 披露，CloudBlue 似乎無法作為獨立實體維持下去。我猜你為什麼會相信這一點？那麼，CloudBlue 的出售對 Xvantage 記錄系統有何影響？以及您是否有能力將更多銷售轉向服務？

Yes. So if I take a step back and remind so CloudBlue is the foundation for our cloud platform that we had, and I mentioned in my prepared remarks, in early days, the $600 million that we invested around cloud, and we use that as the underpinning for our Xvantage team to build really a single pane of glass where you can now buy cloud solutions, hardware, software and services all in one platform as opposed to having multiple different systems.

是的。因此，如果我退一步想一想，CloudBlue 是我們雲端平台的基礎，我在早期的準備好的發言中提到過，我們在雲端方面投資了 6 億美元，我們以此為基礎，為我們的 Xvantage 團隊構建真正的單一玻璃窗格，您現在可以在一個平台上購買雲端解決方案、硬體、軟體和服務，而不必擁有多個不同的系統。

So as we look at our long-term strategy, the capabilities that were there, and we retained the relevant that we've had within CloudBlue and the important pieces of that $600 million investment. And so we believe it was right from a strategic perspective to continue to invest in our platform strategy and the capabilities of CloudBlue moving forward was best to look at as a divestiture.

因此，當我們審視我們的長期策略和現有的能力時，我們保留了 CloudBlue 內部的相關性以及 6 億美元投資的重要部分。因此，我們認為從策略角度來看，繼續投資我們的平台策略是正確的，而將 CloudBlue 未來的能力視為資產剝離是最好的選擇。

And Karl, just one quick last point on that.

卡爾，關於這一點，我只想說最後一點。

CloudBlue, that business has always been housed in sort of Cloud results that we've talked about, but it was a pretty -- honestly, a pretty small part of that Cloud results. So it's an immaterial ultimate go-forward impact when you think about that divestiture from a financial perspective.

CloudBlue 這項業務一直包含在我們談論過的雲端成果中，但老實說，它只是雲端成果中相當小的一部分。因此，當你從財務角度考慮資產剝離時，它最終不會產生實質的未來影響。

Yeah, okay.

嗯，好的。

Thank you. And that concludes our question-and-answer session. I'll now turn the call over to Paul Bay for closing remarks.

謝謝。我們的問答環節到此結束。現在我將把電話交給保羅貝 (Paul Bay) 來做結束語。

Thank you all for your questions and continued interest in Ingram Micro. And as always, to our 23,000-plus team members, our customers, and vendor partners, as we continue to deliver on our short term and execute against our long-term vision of being a platform company and delivering a holistic platform for business to business. Thank you again for your interest, and have a great night.

感謝大家的提問以及對 Ingram Micro 的持續關注。一如既往，我們向 23,000 多名團隊成員、我們的客戶和供應商合作夥伴致以誠摯的問候，我們將繼續實現短期目標，並執行我們的長期願景，即成為一家平台公司，為企業對企業提供全面的平台。再次感謝您的關注，祝您有個愉快的夜晚。

This concludes today's conference. All parties may disconnect. Have a good day.

今天的會議到此結束。各方均可斷開連線。祝你有美好的一天。