Ingram Micro Holding Corporation (INGM) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Ingram Micro second quarter 2026 earnings results. (Operator Instructions) Please note this conference is being recorded. I would now like to turn the conference over to your host, Willa McManmon. Please go ahead.

各位好，歡迎參加 Ingram Micro 2026 年第二季財報結果電話會議。(接線員指示) 請注意，本次會議將被錄音。現在我想把會議交給今天的主持人 Willa McManmon。請開始。

I'm here today with Paul Bay, Ingram Micro's CEO; and Mike Zilis, our CFO. 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. All of these statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.

今天我與 Ingram Micro 執行長 Paul Bay，以及我們的財務長 Mike Zilis 一同出席。在我把電話會議交給 Paul 之前，先提醒各位，今天的討論包含依據聯邦證券法所定義的前瞻性陳述。所有這些陳述均受已知與未知風險及不確定性影響，可能導致實際結果與前瞻性陳述所描述者出現重大差異。

For further details concerning these risks and uncertainties, please refer to today's earnings release and our SEC filings. Our forward-looking statements are based on information currently available to us, and we do not intend to update these statements except as required by law.

關於這些風險與不確定性的更多細節，請參閱今日的財報新聞稿以及我們向 SEC 提交的文件。我們的前瞻性陳述係基於目前可得資訊，我們無意更新這些陳述，除非法律另有要求。

During this call, we will also reference certain non-GAAP financial information. Reconciliations of non-GAAP results to GAAP results are included in our earnings press release furnished to the SEC and available on our investor relations website. With that, I'll turn the call over to Paul.

在本次電話會議中，我們也會提及若干非 GAAP 財務資訊。非 GAAP 與 GAAP 結果之調節表已包含於我們提交給 SEC 的財報新聞稿中，並可於我們的投資人關係網站取得。接下來，我把電話會議交給 Paul。

Thank you, Willa. Good afternoon, everyone. I am extremely pleased with our second quarter performance, which combined with our first quarter results produced a very strong first half of 2026. In the second quarter, we delivered net revenue of approximately $14.5 billion, gross profit dollars of $959 million, and adjusted EPS of $0.82, results that came in significantly higher and above our guidance ranges.

謝謝你，Willa。各位下午好。我對我們第二季的表現感到非常滿意；結合第一季的成果，使我們在 2026 年上半年交出非常強勁的成績。第二季我們實現約 145 億美元的淨營收、9.59 億美元的毛利金額，以及 0.82 美元的調整後每股盈餘（adjusted EPS），這些結果明顯高於並超出我們的指引區間。

These results are the best second quarter we have ever delivered and reflect a disciplined execution across our global business, continued momentum with Xvantage, and the strength of our diversified portfolio, partner base, and global ecosystem.

這些成果是我們歷來最佳的第二季表現，反映出我們在全球業務的紀律性執行、Xvantage 的持續動能，以及我們多元化產品組合、合作夥伴基礎與全球生態系的實力。

They also demonstrate the power of our operating model. Mike will walk through the financial performance. I will begin by highlighting several themes that stood out in the quarter. First, we continue to demonstrate the compounding effect of our operating model. Gross profit dollars grew faster than revenue, adjusted operating income grew nearly 40% year-over-year, while adjusted EBITDA and earnings again outpaced revenue growth.

這也展現了我們營運模式的威力。Mike 將說明財務表現。我先從本季幾個突出的主題談起。第一，我們持續展現營運模式的複利效應。毛利金額成長快於營收；調整後營業利益年增近 40%；同時調整後 EBITDA 與獲利再次超越營收成長。

We are increasingly evolving from a reactive selling to a more proactive go-to-market strategy, leveraging data, automation, and platform intelligence to identify opportunities earlier, engage partners more effectively, and improve productivity across the business.

我們正逐步從被動式銷售轉向更主動的市場進入（go-to-market）策略，運用數據、自動化與平台智慧更早辨識機會、更有效地與合作夥伴互動，並提升全公司生產力。

Second, demand remains healthy. We saw double-digit revenue growth across our three primary lines of business. We also delivered revenue growth across all four regions and customer categories. Our net revenue by region remains balanced and well-diversified, with North America contributing 36% of net revenue, Asia Pacific, 30%; EMEA, 26%; and Latin America, 8%.

第二，需求仍然健康。我們在三大主要業務線皆看到雙位數營收成長。我們也在四個區域與各類客戶類別均實現營收成長。按區域劃分的淨營收仍維持均衡且多元化：北美占淨營收 36%，亞太 30%；EMEA（歐洲、中東與非洲）26%；拉丁美洲 8%。

Asia Pacific is now our second highest operating margin region, while Latin America remains our most profitable region by operating margin. During the first half of the year, I traveled to a dozen countries across these regions to meet with partners and team members saw consistent themes across the markets. Customers said that while some Advanced Solutions deals are taking longer, pipelines remain healthy, they are very optimistic.

亞太目前是我們營業利益率第二高的區域，而拉丁美洲仍是以營業利益率計最獲利的區域。在上半年，我走訪這些區域的十多個國家，與合作夥伴及團隊成員會面，並在各市場看到一致的主題。客戶表示，雖然部分進階解決方案（Advanced Solutions）交易需要更長時間，但管線仍然健康，他們也非常樂觀。

AI is top of mind, their end customers are moving from asking, what is AI? to how do we actually deploy it? This is where Xvantage and Enable AI are beginning to pay dividends, which I will discuss shortly. The shift in the market is also driving an even greater push towards outcome-based selling to solve specific business problems with complex solutions driven by AI, automation, and security.

AI 是他們最關注的議題；其終端客戶正從「AI 是什麼？」轉向「我們要如何真正部署它？」這正是 Xvantage 與 Enable AI 開始帶來成效的地方，我稍後會進一步說明。市場的轉變也推動更強的成果導向銷售（outcome-based selling），以 AI、自動化與資安驅動的複雜解決方案來解決特定的商業問題。

We are helping our customers provide these solutions through every stage of their sales and deployment cycles, from helping them build use cases to providing access to our certified engineers. The market is evolving. We have invested ahead of the curve to evolve with it, our role in the channel has never been more important.

我們正協助客戶在銷售與部署週期的每個階段提供這些解決方案，從協助建立使用案例到提供我們認證工程師的支援。市場正在演進。我們已超前投入以因應變化；我們在通路中的角色從未如此重要。

That leads me to my third theme, the continued evolution of our Xvantage digital platform into an intelligent operating system. As AI accelerates changes across the industry, our customers and our vendors need a platform that simplifies complexity, connects data, and orchestrates workflows at scale.

這引出我的第三個主題：我們的 Xvantage 數位平台持續演進為智慧型作業系統。隨著 AI 加速產業變革，我們的客戶與供應商需要一個能簡化複雜度、串聯數據並在規模化下協調工作流程的平台。

Our Xvantage strategy centers around embedded AI, automation, and data intelligence driving clear sources of value. This is demonstrated by reduced operating costs, accelerated growth, and expanded profitability. In Q2, the impact was visible in the data. Time spent on Xvantage increased approximately 40% year-over-year. Average order value increased 12%, and average revenue per customer grew 23%, reinforcing that Xvantage is scaling as a global platform.

我們的 Xvantage 策略以內嵌式 AI、自動化與數據智慧為核心，驅動清晰的價值來源。這體現在降低營運成本、加速成長與擴大利潤率。在第二季，影響已在數據中清楚可見。Xvantage 的使用時間年增約 40%。平均訂單金額提升 12%，每位客戶平均營收成長 23%，進一步印證 Xvantage 正作為全球平台擴大規模。

The 10 countries with the most mature Xvantage implementation showed double-digit year-over-year increases in gross profit and gross margin per go-to-market head delivered lower operating expenses, demonstrating the platform's leverage. We are seeing the same flywheel effect across our markets, including Asia Pacific, where India provides a strong proof point with nearly 50% year-over-year growth in average order value.

在 Xvantage 導入最成熟的 10 個國家，毛利金額與每位市場進入（go-to-market）人員的毛利率皆呈現年增雙位數，同時營業費用更低，展現平台的槓桿效益。我們在各市場也看到相同的飛輪效應，包括亞太地區；其中印度提供了強而有力的例證，平均訂單金額年增近 50%。

Average revenue per customer, which almost doubled, measurable margin impact from strategic pricing and platform-led insights. Customers are using the platform as a valuable and integrated way to drive their business. Every quarter we see more users, greater engagement, and higher sales on the platform.

每位客戶平均營收幾乎翻倍，並且透過策略性定價與平台導向洞察帶來可衡量的毛利率影響。客戶正將平台作為推動其業務的有價值且整合式方式。每一季我們都看到更多使用者、更高的互動度，以及平台上更高的銷售額。

To illustrate this, self-service orders around the globe reached 2.4 million, up 12% year-over-year, increasing efficiency and allowing our team members to focus more on high-value solution selling and customer engagement. Email-to-Order, our patented AI capability that ingests unstructured customer emails, turning them into touchless orders, saw volumes increase 43% year-over-year, representing approximately $1.4 billion in revenue processed through our AI-enabled workflows that help partners move faster and operate more efficiently.

為了說明這點，全球自助下單（self-service）訂單量達到 240 萬筆，年增 12%，提升效率並讓我們的團隊成員能更專注於高價值的解決方案銷售與客戶互動。Email-to-Order 是我們具專利的 AI 能力，可擷取非結構化的客戶電子郵件並轉換為免接觸（touchless）訂單；其處理量年增 43%，約有 14 億美元營收透過我們 AI 驅動的工作流程處理，協助合作夥伴加速並更有效率地營運。

For the third consecutive quarter, IDA, our Intelligent Digital Assistant, continued to demonstrate measurable business value, generating approximately $1 billion in net revenue in Q2, nearly 7% of the company's net revenue, ahead of pace on our goal of double-digit revenue contribution by the end of the year. Opportunities supported by IDA converted at nearly 4 times the rate of traditional quotes and contributed to a higher mix of Advanced Solutions and subscription categories. These are not simply adoption metrics, they are business outcomes.

連續第三個季度，我們的智慧數位助理 IDA（Intelligent Digital Assistant）持續展現可衡量的商業價值，第二季創造約 10 億美元淨營收，約占公司淨營收的 7%，並且在達成我們年底前達到雙位數營收貢獻目標的進度上超前。由 IDA 支援的商機轉換率接近傳統報價的 4 倍，並帶動進階解決方案與訂閱類別的占比提升。這些不只是採用指標，而是商業成果。

As engagement of Xvantage grows, the platform becomes more intelligent, automation improves, and our partners transact with greater speed, efficiency, and confidence. Last quarter, we discussed four patents that were granted for core innovations that bring greater consumer-like simplicity, personalization, notifications, and ease of use to complex B2B technology commerce. Since then, two additional patents have been granted, further reinforcing the platform's differentiation.

隨著 Xvantage 的互動度提升，平台變得更智慧、自動化持續改善，而我們的合作夥伴能以更快的速度、更高的效率與更強的信心完成交易。上季我們提到，有四項核心創新專利獲准，為複雜的 B2B 科技商務帶來更接近消費者體驗的簡易性、個人化、通知與易用性。此後又新增兩項專利獲准，進一步強化平台的差異化。

One covers our consumer-like end-user interface, enabling resellers to seamlessly manage and transact with their end customers through Xvantage, advancing our vision of a single pane of glass where you can order hardware, software, cloud, and services, which again is simplifying the B2B experience. The other covers an AI-powered alerts and notifications architecture, enabling Xvantage to interpret real-time signals and proactively deliver personalized insights and recommendation actions, further differentiating us as Xvantage evolves into Ingram Micro's intelligent operating system.

其中一項涵蓋我們類消費者體驗的終端使用者介面，使經銷商能透過 Xvantage 與其終端客戶無縫管理與交易，推進我們「單一視窗（single pane of glass）」的願景：可在同一介面訂購硬體、軟體、雲端與服務，再次簡化 B2B 體驗。另一項涵蓋 AI 驅動的警示與通知架構，使 Xvantage 能解讀即時訊號並主動提供個人化洞察與建議行動，隨著 Xvantage 演進為 Ingram Micro 的智慧型作業系統，進一步凸顯我們的差異化。

We are extending that differentiation by continually meeting our customers where they are in their technology journey. Customers can integrate with Xvantage in multiple ways. Most recently, we introduced Model Context Protocol, or MCP, which represents the next step in making Xvantage even more intelligent and accessible. MCP provides the standardized way for AI agents to securely access Xvantage's data, services, and workflows. That foundation also enables more sophisticated agent-to-agent interactions, where multiple AI agents can collaborate across customers and vendors to automate increasingly complex business processes.

我們正透過持續在客戶的技術旅程中於其所在之處與其相遇，來進一步擴大這種差異化。客戶可以透過多種方式與 Xvantage 進行整合。最近，我們推出了模型情境協定（Model Context Protocol，簡稱 MCP），這代表讓 Xvantage 更加智慧且更易於存取的下一步。MCP 提供一種標準化方式，讓 AI 代理能夠安全地存取 Xvantage 的資料、服務與工作流程。這項基礎也使更精密的代理對代理互動成為可能，讓多個 AI 代理能在客戶與供應商之間協作，自動化日益複雜的業務流程。

By securely connecting AI agents to Xvantage, MCP enables customers and vendors to automate workflows across quoting, inventory, ordering, and the technology lifecycle. The result is a faster, more seamless experience that reduces manual effort and allows our customers to focus on delivering greater value to their own clients while leveraging the full power of the Xvantage platform. In June alone, adoption of MCP increased 50%. Usage grew more than threefold. MCP-enabled customers are already automating multiple areas of their business.

透過將 AI 代理安全連接至 Xvantage，MCP 使客戶與供應商能夠在報價、庫存、下單以及技術生命週期等環節自動化工作流程。其結果是更快速、更無縫的體驗，降低人工投入，並讓我們的客戶能在充分運用 Xvantage 平台全部能力的同時，專注於為其自身客戶交付更高價值。僅在 6 月，MCP 的採用率就提升了 50%。使用量成長超過三倍。啟用 MCP 的客戶已在其業務的多個領域進行自動化。

In short, MCP is providing another way to connect seamlessly with our platform, and customers are embracing it. Alongside the platform, we are helping customers and vendors move from AI interest to practical deployment through our Enable AI program. We are moving customers through the stages of assessing readiness and supporting repeatable use cases designed to deliver measurable outcomes.

簡而言之，MCP 提供了另一種與我們平台無縫連接的方式，而客戶正積極採用。除平台之外，我們也透過 Enable AI 計畫，協助客戶與供應商從對 AI 的興趣走向實際部署。我們正推動客戶完成就緒度評估等階段，並支援可重複的使用案例設計，以交付可衡量的成果。

Hundreds of customers are in the program, with new customers joining in at a rapid pace. Quarter-over-quarter, we have seen more than 60% growth in customers engaged in the program, with an almost 100% increase in those moving into AI business case deployment.

已有數百家客戶參與該計畫，且新客戶正以快速的速度加入。以季對季來看，我們看到參與該計畫的客戶成長超過 60%，而推進至 AI 商業案例部署的客戶幾乎增加了 100%。

The AI opportunity extends well beyond AI infrastructure. Moving from pilots to scalable outcomes requires modern infrastructure, clean and structured data, strong security, optimized cloud environments, and the ability to integrate multiple technologies into comprehensive solutions. That complexity plays directly into Ingram Micro's strength and is a reason we rolled out Enable AI at the beginning of the year.

AI 的機會遠不止於 AI 基礎設施。要從試點走向可規模化的成果，需要現代化基礎設施、乾淨且結構化的資料、強健的安全性、最佳化的雲端環境，以及將多種技術整合為完整解決方案的能力。這種複雜性正好契合 Ingram Micro 的優勢，也是我們在年初推出 Enable AI 的原因之一。

With the program, we are helping customers identify high-value use cases, build proof of concepts, accelerate deployment, and create specialized practices around AI. This is similar to the way we helped scale the cloud opportunity, which is now a significant driver of gross profit.

透過該計畫，我們協助客戶識別高價值使用案例、建立概念驗證、加速部署，並圍繞 AI 建立專業化實務。這與我們過去協助擴大雲端機會的方式相似，而雲端如今已成為毛利的重要驅動因素。

We believe Enable AI gives us an even larger long-term opportunity to monetize AI. On the enterprise side, earlier this year, we partnered with key OEMs and the world's leading AI and accelerated computing company to launch a program across several of our key markets. We call this Enable AI OEM Accelerate. Our goal is to enable mid-market MSPs to confidently pitch, deliver, and manage AI factories that drive ROI. Since the launch, our team has helped customers create AI factory opportunities that are already translating into active pipeline.

我們相信 Enable AI 將帶來更大的長期 AI 變現機會。在企業端方面，今年稍早我們與關鍵 OEM 以及全球領先的 AI 與加速運算公司合作，在我們數個主要市場推出一項計畫。我們稱之為 Enable AI OEM Accelerate。我們的目標是讓中型市場的 MSP 能夠有信心地提案、交付並管理可帶動投資報酬率（ROI）的 AI 工廠。自推出以來，我們的團隊已協助客戶打造 AI 工廠機會，並已轉化為活躍的商機管道。

To also support larger enterprise customers, Enable AI now includes access to one of the world's leading Neoclouds, creating a direct path into mission-critical AI training and inference workloads. We are still early in AI adoption cycle, particularly with SMB. While GPU and AI infrastructure remains important on the enterprise side, the larger longer-term opportunity is helping our broad customer base deploy AI more effectively for their end customers.

為了同時支援更大型的企業客戶，Enable AI 現在也包含存取全球領先的 Neocloud 之一，為關鍵任務的 AI 訓練與推論工作負載建立直接路徑。我們仍處於 AI 採用週期的早期階段，尤其是在中小企業（SMB）。雖然在企業端 GPU 與 AI 基礎設施仍然重要，但更大且更長期的機會在於協助我們廣泛的客戶群，為其終端客戶更有效地部署 AI。

As adoption expands from large enterprise into the mid-market and SMB segments, our role becomes even more important. Customers need guidance and enablement, vendors need reach and scale, the ecosystem needs a digital platform capable of connecting it all together.

隨著採用從大型企業擴展至中型市場與 SMB 區隔，我們的角色變得更加重要。客戶需要指引與賦能，供應商需要觸及與規模，而整個生態系需要一個能將一切連結起來的數位平台。

We are working with vendors to do just that. Thomas Kurian, CEO of Google Cloud, validated this when he said, and I quote, Google Cloud and Ingram Micro are working together to remove the complexity from IT distribution with the Xvantage platform. Through this unified platform, we are giving enterprises the ability to transform the way they service customers across every industry. Together, we look forward to partnering further to bring Gemini models and agentic AI to even more organizations.

我們正與供應商合作來做到這一點。Google Cloud 執行長 Thomas Kurian 在他表示（我引用原話）Google Cloud 與 Ingram Micro 正透過 Xvantage 平台合作，移除 IT 分銷的複雜性時，驗證了這一點。透過這個統一的平台，我們讓企業能夠轉型其在各行各業服務客戶的方式。我們也期待進一步合作，將 Gemini 模型與代理式 AI 帶給更多組織。

This type of partnership is why customers rely on us. Further to this, we are partnering with other leading vendors, including hardware providers, software companies, and hyperscalers, the vendors are increasingly moving towards global distribution-led sales motions to reach both the enterprise and even more SMB market.

正是這類合作夥伴關係，讓客戶信賴我們。此外，我們也與其他領先供應商合作，包括硬體供應商、軟體公司與超大規模雲端服務商（hyperscalers）；供應商正日益轉向以全球分銷為主導的銷售模式，以同時觸及企業市場以及更廣泛的 SMB 市場。

These types of global partnerships play to our strength, including global and local presence, our CoEs or Centers of Excellence, extensive certifications across technologies, and more than 165,000 customers serving millions of end businesses. As an example, in May, HPE announced that Ingram Micro would become one of two global distribution partners as it moves to a unified distribution model designed to deliver greater simplicity and consistency for partners across lines of business and geographies. Vendor strategies like this validates the importance of dedicated enablement resources, strong operational support, and global scale.

這類全球合作夥伴關係正發揮我們的優勢，包括全球與在地的據點、我們的 CoE（卓越中心）、跨技術的廣泛認證，以及超過 165,000 家客戶、服務數以百萬計的終端企業。例如在 5 月，HPE 宣布 Ingram Micro 將成為其兩家全球分銷合作夥伴之一；HPE 正轉向統一的分銷模式，旨在為跨業務線與跨地域的合作夥伴帶來更高的簡化與一致性。此類供應商策略驗證了專責賦能資源、強健的營運支援與全球規模的重要性。

They also reinforce the value of Ingram Micro's reach and expertise as AI begins to monetize within SMB. Before I close, I want to highlight our continued commitment to responsible growth and corporate citizenship. Through our 10 to 0 goals, which represents our most ambitious sustainability goals, we made meaningful progress in 2025. We reduced operational greenhouse gas emissions by a cumulative 45% over the last three years. We achieved our 2030 target to divert more than 90% of waste from landfill, and we reduced safety incidents by more than 70% since 2020.

它們也在 AI 開始於 SMB 變現之際，進一步強化 Ingram Micro 觸及能力與專業知識的價值。在我結束之前，我想強調我們對負責任成長與企業公民責任的持續承諾。透過我們的 10 to 0 目標（代表我們最具雄心的永續目標），我們在 2025 年取得了實質進展。過去三年，我們累計將營運溫室氣體排放量降低了 45%。我們達成了 2030 年目標：將超過 90% 的廢棄物從掩埋場轉移，並且自 2020 年以來將安全事件降低了 70% 以上。

We are proud of this progress and look forward to sharing more in our 2025 Sustainable Impact Report that is coming out in a few weeks. This quarter, we delivered robust growth, exceeded our financial commitments, expanded profitability, and continue to advance the strategic initiatives that will drive long-term value creation.

我們為這些進展感到自豪，並期待在幾週後發布的《2025 永續影響力報告》中分享更多內容。本季我們交出強勁成長，超越我們對外承諾的財務目標，擴大利潤率，並持續推進將驅動長期價值創造的策略性舉措。

Just as importantly, we continue to see growing evidence that Xvantage is creating meaningful differentiation and positioning us to capitalize on the next generation of AI-enabled opportunities. The investments we have made in our platform, talent, and intellectual property set us up well for the future. With that momentum and confidence in our execution, we are providing our strongest quarterly guidance to date.

同樣重要的是，我們持續看到越來越多證據顯示，Xvantage 正創造有意義的差異化，並使我們得以把握下一代 AI 賦能的機會。我們在平台、人才與智慧財產方面的投資，讓我們為未來做好充分準備。憑藉這股動能以及對執行力的信心，我們提供了迄今為止最強的季度財測指引。

Mike will expand on this in more detail. None of this would be possible without the dedication of our team members across 57 countries. Throughout my travels this year, I have seen firsthand our team's tenacity, customer focus, and willingness to take on new challenges. We are building a stronger company that is sustainable and resilient, a more scalable operating model, and a platform that will increasingly differentiate us. Looking to the back half of the year, we are confident in both our strategy and our ability to continue executing.

Mike 將就此做更詳細的說明。若沒有我們遍布 57 個國家的團隊成員的投入，這一切都不可能實現。在我今年的出差旅程中，我親眼見證了團隊的韌性、以客戶為中心的精神，以及迎接新挑戰的意願。我們正在打造一家更強大、可持續且具韌性的公司，一個更可規模化的營運模式，以及一個將日益使我們脫穎而出的平台。展望下半年，我們對自身策略與持續落實執行的能力都充滿信心。

The environment remains dynamic, but over nearly five decades, Ingram Micro has proven to be adaptable and capable of performing above market. With that, I'll turn the call over to Mike. Mike?

外部環境仍然多變，但在將近五十年的歷程中，Ingram Micro 已證明具備適應力，並能夠跑贏市場表現。接下來我把電話會議交給 Mike。Mike？

Thank you, Paul, and thanks everyone for joining us today. As Paul highlighted, we had a record second quarter with financial results that exceeded the high end of each of our guidance ranges. Our growth was widespread across all geographies, customer categories, and our three primary lines of business. In terms of operating leverage, our gross profit dollar growth in the double digits, combined with our focus on disciplined execution, operating efficiency, and quality of business, yielded growth in non-GAAP net income at a rate well over 2 times that of gross profit.

謝謝你，Paul，也感謝各位今天加入。如 Paul 所強調，我們創下第二季紀錄，財務結果超出我們各項指引區間的上緣。我們的成長遍及所有地理區域、客戶類別，以及我們三大主要業務線。就營運槓桿而言，我們的毛利金額以雙位數成長，再加上我們對紀律執行、營運效率與業務品質的專注，使非 GAAP 淨利的成長率遠超過毛利成長率的 2 倍。

As we look ahead to the third quarter, we see a continued solid demand environment driving further year-over-year top-line growth enabled by strong execution, which I'll cover more in our guidance discussion shortly.

展望第三季，我們看到需求環境持續穩健，在強勁執行力的帶動下，推動營收（top-line）年對年進一步成長；我稍後在指引討論中會再多加說明。

Now getting to the details of our second quarter. Net sales of $14.53 billion. We're up 13.6% year-over-year in US dollars and up 12.6% on an FX neutral basis. Cloud was our fastest growing line of business at 44% FX-neutral growth year-over-year, bolstered by strength in Infrastructure-as-a-Service and cybersecurity. This is despite an 11% year-over-year impact related to our previously disclosed divestiture of CloudBlue, which was completed in the third quarter of 2025.

現在來看第二季的細節。淨銷售額為145.3億美元。以美元計年對年成長13.6%，以固定匯率（FX neutral）基礎計成長12.6%。雲端是我們成長最快的業務線，以固定匯率基礎計年對年成長44%，受惠於IaaS（基礎設施即服務）與資安的強勁表現。儘管如此，先前已揭露之CloudBlue剝離案（已於2025年第三季完成）仍帶來年對年11%的影響。

Net sales of Advanced Solutions grew 13% on an FX neutral basis, driven by demand for GPU and AI infrastructure product sets, as well as storage and cybersecurity. Finally, we also saw continued momentum in Client and Endpoint Solutions with FX neutral growth of 12%, driven by strong demand for notebooks, desktops, and components. Geographically, we saw growth across each of our four regions, once again led by Asia-Pacific, which grew 28% on an FX neutral basis. Latin America also had strong double-digit growth of 19%. Both regions had robust growth in Cloud as well as Client and Endpoint Solutions.

先進解決方案（Advanced Solutions）淨銷售額以固定匯率基礎計成長13%，主要由GPU與AI基礎設施產品組合的需求，以及儲存與資安需求所帶動。最後，我們在客戶端與端點解決方案（Client and Endpoint Solutions）也持續展現動能，以固定匯率基礎計成長12%，主要受筆電、桌機與零組件的強勁需求帶動。就地區而言，我們四大區域皆呈現成長，再次由亞太領先，以固定匯率基礎計成長28%。拉丁美洲亦有強勁的雙位數成長19%。兩個區域在雲端以及客戶端與端點解決方案方面皆有強勁成長。

North America net sales came in at $5.28 billion, up 6% over the prior year. Both Asia-Pacific and North America benefited from sales of GPU and AI infrastructure product sets. We saw our consolidated sales of these products more than double year-over-year. Finally, net sales in EMEA were $3.75 billion, up 5% on an FX neutral basis, with robust growth in cloud, also growth in Client and Endpoint Solutions and Advanced Solutions.

北美淨銷售額為52.8億美元，較去年同期成長6%。亞太與北美皆受惠於GPU與AI基礎設施產品組合的銷售。我們這些產品的合併銷售額年對年成長超過一倍。最後，EMEA淨銷售額為37.5億美元，以固定匯率基礎計成長5%，其中雲端成長強勁，客戶端與端點解決方案及先進解決方案亦有成長。

Back in April, we discussed for our guidance for Q2 that we expected a combined benefit to net sales of approximately 2% to 3% from various factors related to supply constraints, including increased average selling prices and pull forward of orders ahead of ASP hikes, offset partially by longer lead times to get product and some demand elasticity brought on by price increases.

回到4月，在我們對第二季的指引中曾提到，我們預期因供應受限相關的多項因素，將對淨銷售額帶來約2%至3%的合併正面效益，包括平均售價（ASP）上升，以及在ASP調漲前提前拉貨；但部分會被較長的交期，以及因漲價帶來的部分需求彈性所抵銷。

While it is quite difficult to quantify precisely all of these impacts, we estimate that we landed closer to the high end of this 2% to 3% impact from these combined factors. The year-over-year growth in cloud worldwide and in GPU and AI infrastructure were the other primary factors driving our overachievement to our revenue guidance for Q2.

雖然要精準量化上述所有影響相當困難，但我們估計，這些合併因素帶來的影響更接近2%至3%區間的高端。全球雲端的年對年成長，以及GPU與AI基礎設施的年對年成長，是我們第二季營收優於指引的另外兩個主要驅動因素。

Second quarter gross profit came in at $959 million, compared to $839 million last year. The prior year figure included the impact of a write-down of $10.5 million in connection with held for sale accounting for a group of non-core assets in our North America region. Excluding this write-down, we saw gross profit growth of nearly 13%.

第二季毛利為9.59億美元，去年同期為8.39億美元。去年同期數字包含一筆1,050萬美元的減記，係與北美地區一組非核心資產依「待售」會計處理（held for sale accounting）相關。排除該減記後，我們的毛利成長接近13%。

Gross margin came in at 6.60% for this year's second quarter, up 4 basis points year-over-year, down slightly if we take into account the 8 basis point negative impact from the prior year write-down I just discussed. However, the growth in GPU and AI infrastructure deals that I touched on earlier is also an important factor in our margin analysis.

今年第二季毛利率為6.60%，年對年提升4個基點；若考量我剛提到去年減記帶來的8個基點負面影響，則毛利率略為下降。不過，我先前提到的GPU與AI基礎設施交易成長，也是我們毛利率分析中的重要因素。

Excluding the impact of these deals, our Q2 2026 gross margins were 6.90%, which is more than 20 basis points higher than the prior year second quarter, also excluding any such deals. As I've said in the past, while these deals tend to be lower margin fulfillment business, they also remain very low cost to serve and working capital efficient and are one of the more notable contributors to a year-over-year increase in adjusted return on invested capital of roughly 240 basis points. A final factor to touch on quickly related to gross margin is our geographic footprint.

排除這些交易的影響後，我們2026會計年度第二季毛利率為6.90%，較去年同期（同樣排除此類交易）高出超過20個基點。如我過去所說，雖然這些交易通常屬於較低毛利的履約型業務，但其服務成本仍非常低、且營運資金效率高，並且是調整後投入資本報酬率（adjusted ROIC）年對年約提升240個基點的較顯著貢獻來源之一。最後，還有一個與毛利率相關、需要快速提及的因素是我們的地理布局。

I noted earlier, our Asia-Pacific region grew 28% in Q2 and now represents 30% of our total net sales. Our Asia-Pacific gross margins were 4.47% in the current year Q2, which is a solid year-over-year increase of 27 basis points for the region. However, this remains a margin rate that is well below the average of the rest of the world. To this point, the margin for just our combined North America, EMEA, and LatAm business was 7.53% in the current year quarter. We've discussed before, this growth in Asia-Pacific is well-served as we focus on quality of sales across the region.

我先前提到，亞太地區第二季成長28%，目前占我們總淨銷售額的30%。亞太地區在本年度第二季的毛利率為4.47%，該地區年對年提升27個基點，表現穩健。然而，這仍是一個明顯低於全球其他地區平均水準的毛利率。就此而言，僅就北美、EMEA與拉丁美洲合計業務來看，本年度當季毛利率為7.53%。我們先前也討論過，隨著亞太成長，我們會聚焦於該區域的銷售品質，以確保這樣的成長能被良好承接。

Additionally, our turnaround has been very successful in India from the challenges in that country in late 2024 through the first half of 2025. So I'm pleased to say that this lower cost to serve and very efficient region landed in Q2 as our second largest region in terms of both net sales and operating margin. Asia-Pacific was actually our largest region worldwide in terms of operating income.

此外，我們在印度的整頓（turnaround）也非常成功，已走出該國在2024年末至2025年上半年所面臨的挑戰。因此我很高興地表示，這個服務成本較低且效率極高的區域，在第二季就淨銷售額與營業利益率而言，成為我們第二大區域。亞太實際上是我們全球營業利益（operating income）最高的區域。

As I shift to our operating expenses, we landed Q2 2026 at $722 million, or 4.97% of net sales, compared to 5.44% in the same period last year. The year-over-year improvement in operating leverage of 47 basis points included a 26 basis point impact related to held for sale accounting on two divestitures that closed in the third quarter of 2025.

接著談營業費用，我們2026會計年度第二季為7.22億美元，占淨銷售額4.97%，去年同期為5.44%。營業槓桿年對年改善47個基點，其中包含與兩項於2025年第三季完成的剝離案之「待售」會計處理相關的26個基點影響。

The remaining 19 basis point improvement demonstrates our operating leverage and the continued benefits of optimization and automation from Xvantage, as well as the mix factors associated with a higher concentration of lower cost to serve sales in the APAC region as well as GPU and AI infrastructure sales in APAC and North America.

其餘19個基點的改善，反映出我們的營業槓桿，以及Xvantage帶來的持續優化與自動化效益；同時也包含組合因素：亞太地區較高比重的低服務成本銷售，以及亞太與北美的GPU與AI基礎設施銷售占比提高。

Adjusted income from operations was $280 million, up 40% year-over-year, including the held for sale accounting charge in the prior year, as growth in gross profit dollars and operating efficiencies are driving significant leverage in the business. Our non-GAAP diluted EPS was $0.82, up 34% from the prior year and well above the high end of our guidance for Q2.

調整後營業利益為2.80億美元，年對年成長40%（包含去年同期的待售會計處理費用），主要因毛利金額成長與營運效率提升，為業務帶來顯著槓桿。我們的非GAAP稀釋後每股盈餘（EPS）為0.82美元，較去年同期成長34%，且明顯高於第二季指引區間的上緣。

You'll recall, in our Q2 guidance, we discussed a potential $0.01 to $0.03 impact related to the conflict in the Middle East, and we believe that impact landed closer to the lower end of that range as our team there has continued to execute through this prolonged conflict. Turning to our balance sheet, we entered the quarter with net working capital of $4.9 billion, compared to $4.6 billion to close the same period last year.

各位還記得，在第二季指引中我們曾提到，中東衝突可能帶來0.01至0.03美元的影響；我們認為實際影響更接近該區間的低端，因為當地團隊在這場長期衝突中仍持續有效執行。再看資產負債表，我們在本季初的淨營運資金為49億美元，去年同期季末為46億美元。

The higher investment in working capital this year is driven by the increase in net sales and investment needed to capture these opportunities. In particular, we have done some strategic procurement of certain product categories to get out ahead of continued ASP increases and potential memory-related supply shortages.

今年營運資金投入較高，主要由淨銷售額增加，以及為掌握這些機會所需的投資所驅動。特別是，我們針對部分產品類別進行策略性採購，以提前因應持續的ASP上調，以及與記憶體相關的潛在供應短缺。

ASP increases themselves also inflate the value of all elements of working capital. As we continue to push for efficiency in how we deploy working capital in this environment, on a days basis, our net working capital of 26 days in Q2 2026 was three days better than the same period of 2025. And as I noted earlier, our adjusted ROIC improved by 240 basis points year-over-year.

ASP上調本身也會推升營運資金各項目之價值。在此環境下，我們持續推動營運資金配置效率；以天數計，2026會計年度第二季淨營運資金為26天，較2025年同期改善3天。此外，如我先前所提，我們的調整後ROIC年對年提升240個基點。

From the standpoint of adjusted free cash flow, these factors drove an outflow of $527 million in the second quarter. I will touch a bit more on free cash flow in the context of our guidance shortly. Before I turn to that, we also completed another secondary offering in early May for 14.5 million shares, which included a repurchase of 1.2 million shares.

就調整後自由現金流而言，這些因素使第二季出現5.27億美元的淨流出。我稍後會在指引脈絡下再多談一些自由現金流。在此之前，我們也於5月初完成另一筆次級發行（secondary offering），發行1,450萬股，其中包含回購120萬股。

Taking into account the two secondary offerings we have completed so far this year, as well as the smaller Rule 144 unregistered sale of shares by our majority shareholder in June, the ownership interest of Platinum Equity has been reduced by 13% since the beginning of March. We also returned $19 million to stockholders through dividends paid during the quarter and today announced a 2.4% sequential increase to our quarterly dividend to be paid in Q3.

考量到我們今年迄今已完成的兩次次級發行，以及我們大股東於6月依據 Rule 144 進行的較小規模未註冊售股，Platinum Equity 的持股權益自3月初以來已降低13%。我們也透過本季支付的股利向股東返還1,900萬美元，並於今日宣布將第三季支付的季度股利較前一季上調2.4%。

We entered the quarter with $809 million in cash and cash equivalents and debt of $3.8 billion. Our net debt-to-EBITDA leverage ratio was 2.0 times, which has improved approximately 0.2 times of a turn from the year-ago quarter as we balance the need to invest for growth with higher profit generation we saw in this year's Q2. Shifting now to guidance for Q3.

本季開始時，我們持有8.09億美元的現金及約當現金，負債為38億美元。我們的淨負債對 EBITDA 槓桿比率為2.0倍；在我們於成長投資需求與今年第二季所見較高獲利產出之間取得平衡的同時，該比率較去年同期改善約0.2倍。接下來轉到第三季的財測指引。

We are guiding net sales of $13.55 billion to $13.95 billion, which represents year-over-year growth of more than 9% at the midpoint and nearly 11% at the high point. We expect third quarter gross profit of $910 million to $955 million, which would represent gross margins in roughly the 6.8% range.

我們預估淨銷售額為135.5億至139.5億美元；以中位數計算，年增超過9%，以高端計算接近11%。我們預期第三季毛利為9.10億至9.55億美元，對應毛利率約在6.8%左右。

This revenue and gross profit guidance is reflective of many of the same trends in sales mix across products, customers, and geographies that we saw in Q2. We expect non-GAAP diluted EPS to be in the range of $0.72 to $0.82 per diluted share. Our EPS guidance assumes approximately 231.9 million weighted average shares outstanding and a non-GAAP tax rate of 27%. This guidance also assumes, again, a roughly 2% to 3% net revenue benefit from supply constraint puts and takes along the same lines as we saw in Q2.

此營收與毛利指引反映了我們在第二季所見、在產品、客戶與地區之間銷售組合的許多相同趨勢。我們預期非 GAAP 稀釋後 EPS 將落在每股稀釋後0.72至0.82美元區間。我們的 EPS 指引假設加權平均流通在外股數約為2.319億股，且非 GAAP 稅率為27%。此指引亦再次假設，供應限制所帶來的淨營收正面影響約為2%至3%，其增減因素與我們在第二季所見大致相同。

Our EPS guidance assumes roughly $0.01 to $0.02 impact related to the continuing conflict in the Middle East. Lastly, while we don't guide on free cash flow, I want to point out that we need to invest to support the continuing growth we are forecasting. However, as our Q3 guide indicates, we are driving accretion and income generation. Furthermore, we expect our heightened inventory investment exiting Q2 to sell through in full as the year progresses. In closing, I'm extremely pleased with our record Q2 performance and where we stand today looking into Q3.

我們的 EPS 指引假設與中東持續衝突相關的影響約為0.01至0.02美元。最後，雖然我們不提供自由現金流指引，但我想指出，我們需要投資以支撐我們所預測的持續成長。然而，如我們第三季指引所示，我們正在推動增厚效益與收益產生。此外，我們預期在第二季結束時提高的庫存投資，將隨著年度推進而完全銷售消化。總結而言，我對我們創紀錄的第二季表現以及目前展望第三季的狀況感到非常滿意。

We expect continued year-over-year growth in our top and bottom lines as we execute and scale our Xvantage platform. With that, we can now open the line up for questions.

隨著我們執行並擴大 Xvantage 平台規模，我們預期營收與獲利（上、下線）將持續年增。接下來，我們可以開放提問。

(Operator Instructions)

(接線員指示)

Katherine Murphy, Goldman Sachs.

Katherine Murphy，高盛。

I wanted to ask more about the 13% FX-neutral growth in the Advanced Solutions segment in the quarter. Prior, you had guided to that segment growing high single digits excluding any GPU fulfillment deals, and made clear that you had some of those both in APAC and the US region this year.

我想更深入詢問本季 Advanced Solutions 部門在不受匯率影響（FX-neutral）下達到13%成長的情況。先前你們曾指引該部門在不含任何 GPU 履約交易的情況下將呈現高個位數成長，並且也清楚表示今年在亞太與美國地區都有一些此類交易。

Can you talk about the characteristics of some of those GPU deals in the quarter, and then also how we should think about the performance of the ex-GPU demand, specifically CPU demand, and how you're participating in the broader refresh outside of the storage and security opportunities you talked to? Thank you very much.

能否談談本季部分 GPU 交易的特性？另外，我們應如何看待不含 GPU 的需求表現，特別是 CPU 需求，以及除了你們提到的儲存與資安機會之外，你們如何參與更廣泛的更新換代需求？非常感謝。

Yes, this is Paul. I'll start off. Thanks for the question. As we noted, part of the upside that we talked about in our overachievement came both in cloud but really around GPU AI infrastructure, and we had very good growth in that. Came across the three categories: storage, server, really networking to some extent.

是的，我是 Paul。我先開始。謝謝你的問題。如我們所提到的，我們所談到的超預期表現的一部分上行動能來自雲端，但更主要是在 GPU AI 基礎設施方面，我們在那裡有非常好的成長。這涵蓋三個類別：儲存、伺服器，以及在某種程度上也包括網路。

Networking, we had a very large Q1. Some of that was timing. We're absolutely participating in what we define as the AI infrastructure data center build-outs that are happening. A lot of that came in Asia-Pacific, which was part of the results. If you peel back the general outside of the GPU AI infrastructure, we saw good growth across the board.

在網路方面，我們第一季非常強勁。其中一部分是時點因素。我們確實正在參與我們所定義、正在發生的 AI 基礎設施資料中心建置。其中很大一部分來自亞太地區，這也反映在本次結果中。若把 GPU AI 基礎設施以外的整體需求拆開來看，我們各方面都看到不錯的成長。

As we mentioned, we had growth across all lines of business, across all geographies, and then also across all customer segments too. A healthy business with a little bit of an uplift from what we would define as AI infrastructure and GPU deals. Mike, I don't know if you have any other.

如我們所提到的，我們在所有業務線、所有地理區域，以及所有客戶區隔上都實現成長。整體業務健康，同時也受到我們所定義的 AI 基礎設施與 GPU 交易帶來些許拉抬。Mike，我不確定你是否還有其他補充。

Yes, Kat, the only other thing I would add, because you asked about sort of the characteristic, which maybe you meant this, maybe you didn't, but it's more timing. I think as we've said in the past, a lot of those deals, one, they happen when the supply becomes available, which is part of the constraint, but they tend to end up being back-end loaded.

是的，Kat，我唯一想補充的是，因為你問到所謂的特性——也許你指的是這個，也許不是——但主要是時點。我想如我們過去所說，許多這類交易，第一，它們會在供應到位時才發生，這也是供應受限的一部分；但它們往往會呈現後段集中（back-end loaded）。

We didn't guide to a significant outsized amount there, and we ended up seeing that happen with a lot of deals closing in the second half of the quarter. We similarly, in our guide for Q3, are not guiding to outsized growth, but there continues to be pipeline in that category of spend happening for sure.

我們並未指引該部分會有顯著的超常規規模，但最終我們看到許多交易在本季後半段完成結案。同樣地，在我們對第三季的指引中，我們也沒有指引會有超常規成長，但該類支出確實仍持續有案源管線在進行。

(Operator Instructions)

(接線員指示)

Eric Woodring, Morgan Stanley.

Eric Woodring，摩根士丹利。

This is Maya on for Erik. Maybe just one question for me. There's been a lot of debate around whether enterprises are kind of reallocating IT budgets away from software towards infrastructure hardware, in particular, given the higher prices.

我是 Maya，代 Erik 提問。我這邊可能只有一個問題。市場上一直在討論企業是否正在把 IT 預算從軟體重新分配到基礎設施硬體，特別是在價格較高的情況下。

Based on what you're seeing across partners and end customers, are you observing any meaningful software-to-hardware budget reprioritization today? If so, which customer segments or product categories are seeing the biggest benefit there?

根據你們在合作夥伴與終端客戶端所看到的情況，你們是否觀察到目前有任何顯著的「軟體轉向硬體」預算重新排序？若有，哪些客戶區隔或產品類別受益最大？

I'll start. This is Paul. As we look at the pipeline and where the delivery came from, we are seeing a little bit of an effect of some customers, and I would say it's more mid-market and SMB, that are breaking their large project deals into smaller phases.

我先開始。我是 Paul。從我們觀察案源管線以及交付來源來看，我們確實看到部分客戶受到一些影響；我會說主要是在中型市場與 SMB（中小企業），他們把大型專案交易拆分成較小的階段來進行。

We're actually seeing on the flip side, some partners that are actually now seeing areas that were previously delayed projects coming to fruition now. As it relates to hardware and software, we still had good growth, high single-digit growth in software, and similarly in hardware from a category standpoint.

另一方面，我們也看到一些合作夥伴，先前延後的專案現在開始落地實現。就硬體與軟體而言，我們在軟體仍有良好成長、約高個位數成長；同樣地，從類別角度看硬體也有良好成長。

We're still seeing good strength, and part of that goes back to, again, as I mentioned on the prior question, the customer segments and seeing healthy growth across all the customer segments. I think it varies if you get into enterprise mid-market versus really the SMB market. Nothing I would say material that we've seen shifting one way or the other.

我們仍看到不錯的強勁動能；其中一部分也回到我在上一題提到的——不同客戶區隔皆呈現健康成長。我認為若細分到企業、中型市場與 SMB 市場，情況會有所差異。但就我們所見，沒有任何我會稱之為重大的、朝某一方向移轉的現象。

Joseph Cardoso, JPMorgan.

Joseph Cardoso，摩根大通。

I just wanted to touch on the HP disclosure or discussion point around them essentially rationalizing maybe their partner ecosystem in terms of distribution. If we take a step back and we look at some of the other OEM partners, just from a big picture standpoint, how prevalent is that behavior that you're seeing in terms of rationalizing the partner ecosystem here? Just curious in terms of how broadly we're seeing that and if that's a recurring trend maybe across your OEM partners.

我想觸及一下 HP 的揭露或討論點：他們基本上是在通路分銷方面，可能正在精簡其合作夥伴生態系。如果我們退一步，從更宏觀的角度看其他 OEM 合作夥伴，你們觀察到這種精簡合作夥伴生態系的行為有多普遍？我只是好奇我們在多大範圍內看到這種情況，以及這是否可能成為你們 OEM 合作夥伴之間的反覆出現的趨勢。

Yes. Thanks for the question. This is Paul. I actually called it out in my prepared remarks. We're actually seeing quite a bit of activity. I think there's a couple of reasons. One is we're seeing partners really want to do vendor partners, the OEMs that you mentioned and the one I touched on, HP, that announced that, they want to do more with less.

是的。謝謝你的提問。我是 Paul。我其實在事先準備的發言中就特別提到過。我們確實看到相當多的活動。我認為有幾個原因。其中之一是，我們看到合作夥伴真的很想與供應商夥伴合作，也就是你提到的 OEM，以及我也提到的那一家——HP——他們宣布了那件事，他們希望以更少的資源做更多的事。

You're able to really look at the resources. The way we look at it is we go global, regional, local and one of our differentiators is we have Centers of Excellence in each of the four regions, thousands of certificates. You've heard Mike and I talk about previously our product sets are made up of six different products and services.

你能夠真正去檢視資源配置。我們的看法是採取全球、區域、在地的方式；而我們的差異化之一，是在四個區域各自設有卓越中心（Centers of Excellence），並擁有數以千計的證照。你之前也聽過 Mike 和我談到，我們的產品組合由六種不同的產品與服務構成。

We're able to wrap in really what's the business outcome or solution that people are looking for. You have the access to 165,000 of our customers. Again, part of the reason is a co-invest. You get a little bit longer-term view on a multi-year. The one we announced from HPE is what are we going to do over the next couple of years, where are we going to co-invest, and how we're going to resource against that.

我們能把人們在尋找的商業成果或解決方案真正整合進來。你可以接觸到我們 165,000 家客戶。再者，其中一部分原因在於共同投資（co-invest）。你會以多年度的角度看得更長期一些。我們與 HPE 宣布的那項合作，就是我們接下來幾年要做什麼、要在哪些地方共同投資，以及我們要如何配置資源來支援。

It allows us really to be more strategic as opposed to quarter by quarter or month by month as they look at that. Again, I think because of the capabilities and competencies we've built out, along with our great geo presence of really good diversity all the way from North America, Asia Pacific, Latin America, and EMEA.

這讓我們能更具策略性，而不是按季或按月去看。同樣地，我認為這也因為我們建立起來的能力與專長，再加上我們在各地的據點布局非常扎實且多元，涵蓋北美、亞太、拉丁美洲與 EMEA。

It allows us to really have that reach and similar skill sets and competencies, and you wrap that around what we're doing with Xvantage from a global perspective. As we said, it's really one code base, and we are actually, what you get in North America, you can get the other 22 countries we have Xvantage launched into. You get consistency and predictability, and we're able to really focus on long-term strategies.

這讓我們真正具備觸及範圍，以及相近的技能組合與能力；再把這些與我們從全球角度在 Xvantage 上所做的事情結合起來。如我們所說，這基本上是一套程式碼基底（one code base），而且你在北美能取得的內容，也能在我們已推出 Xvantage 的另外 22 個國家取得。你會得到一致性與可預測性，而我們也能真正聚焦在長期策略上。

Joseph, one other thing. All those breadth points and certainly the Xvantage platform is a differentiator. I think one other thing that resonates with a lot of vendors, I don't want to necessarily pin this purely on the HPE discussion, but just as a more general statement, is business practices and how we operate around the world with that presence. That is definitely not true when you talk about some of the local and sub-regional players in some markets. That becomes a very key value prop to a lot of the vendors as well.

Joseph，還有一點。上述那些廣度的要點，當然還有 Xvantage 平台，都是差異化因素。我認為還有一件事也能引起許多供應商共鳴；我不想把這完全限定在 HPE 的討論上，而是更一般性的說法：也就是我們的商業作法，以及我們在全球各地以這樣的據點布局來運作的方式。當你談到某些市場中的在地或次區域玩家時，這點就絕對不成立。這也成為許多供應商非常關鍵的價值主張。

Thank you. Appreciate the color.

謝謝。感謝補充說明。

Ruplu Bhattacharya, Bank of America.

Ruplu Bhattacharya，美國銀行（Bank of America）。

It relates to AI infrastructure impact on gross margin. Looks like it was at 30 bps headwind this quarter. Going forward, do you think operational benefits from Xvantage can outweigh the mix pressure? Do you think your business can sustainably operate at a higher gross margin level with sustainable higher operating leverage as AI becomes an increasing part of the mix? Mike, if you can throw in, are you seeing any changes in working capital requirements or financing requirements as AI becomes a bigger part of the mix? Thanks for taking the question.

這與 AI 基礎設施對毛利率的影響有關。看起來本季是 30 個基點的逆風。往前看，你認為 Xvantage 帶來的營運效益能否抵消產品組合壓力？隨著 AI 在組合中的占比提高，你認為你們的業務能否在更高的毛利率水準下可持續地運作，並且維持更高且可持續的營運槓桿？Mike，如果你也能補充一下：隨著 AI 成為組合中更大的一部分，你是否看到營運資金需求或融資需求有任何變化？謝謝你回答這個問題。

Yes. Well, let me hit on that second part first. I think the AI and GPU, as we have said, is extremely working capital efficient. We're not really stocking that higher-end equipment. It's more when you get it, the projects close.

是的。我先回答你第二個部分。我認為 AI 與 GPU，如同我們所說，是非常具營運資金效率的。我們並不會大量備貨那些高階設備。比較像是拿到貨、專案就結案。

Very low inventory. As I said in my prepared remarks, the AI GPU piece was a significant contributor to the 240 basis points year-over-year improvement we saw in adjusted ROIC as an example, and also a significant driver of our working capital days being three days better year-over-year.

庫存非常低。如我在事先準備的發言中提到，AI GPU 這一塊是我們調整後 ROIC 年增 240 個基點改善的重要貢獻者之一；同時也顯著推動我們的營運資金天數較去年同期改善 3 天。

As to the efficiency part of your question that you led with, Paul may add to this, I think Xvantage and the enablement we're driving around our entire ecosystem is true across every single product line. It does absolutely apply across the AI GPU piece, and we continue to be very efficient. That's why you see not only the leverage in a solid state, but even if you just look on absolute dollar growth of OpEx, we have to invest a little bit in the business.

至於你一開始提到的效率問題，Paul 可能也會補充。我認為 Xvantage 以及我們在整個生態系所推動的賦能（enablement），適用於每一條產品線。它當然也適用於 AI GPU 這一塊，而我們會持續保持非常高的效率。這也是為什麼你不僅看到穩態下的槓桿效果；即便只看營業費用（OpEx）的絕對金額成長，我們確實需要對業務做一些投資。

We are investing into cloud and enablement and services and some of those areas, but we certainly aren't matching, in any way, the double-digit growth we've seen year-to-date from a top-line perspective. That's significantly driven by the ability to operate in a far more efficient manner, and that remains extremely scalable. We will invest in some of those specialized skills, but we don't need to invest just simply to handle growth because we've built that much more automation around it.

我們正在投資雲端、賦能與服務等一些領域，但我們當然不會以任何方式去匹配今年迄今在營收端看到的兩位數成長。這主要是由於我們能以更高效率的方式營運，而這種模式仍然極具可擴展性。我們會投資一些專業技能，但我們不需要只是為了因應成長而投入，因為我們已在其周邊建立了更多自動化。

This is Paul. As I talked about in my prepared remarks around the 10 countries with maturity, we had double-digit gross profit and gross margin per go-to-market head and delivered lower OpEx driving leverage. That wasn't really related to the AI deals that we're participating on.

我是 Paul。如我在事先準備的發言中談到，針對那 10 個成熟國家，我們在每位 go-to-market 人員的毛利額與毛利率都達到兩位數成長，並且在交付更低的 OpEx 下帶動槓桿。那其實與我們參與的 AI 交易沒有太大關係。

That's really on our core business, and we're going to continue to focus on the opportunities we have there. That's also not just more efficient and more profitable, but it's also a better experience for the customers because we're using our intelligence and our data to actually bring those opportunities forward. That's where I go back to being more proactive versus being reactive.

那主要是我們的核心業務，而我們會持續聚焦於那裡的機會。那不僅更有效率、更有獲利性，對客戶而言也是更好的體驗，因為我們運用自身的智慧與數據，實際把那些機會帶到前面。這也就是我回到「更主動而非被動」的原因。

David Paige, RBC Capital Markets.

David Paige，RBC 資本市場（RBC Capital Markets）。

I want to ask on Client Endpoint Solutions, solid growth, 13% in the quarter. Would you be able to break out the category growth, whether it be PCs, mobile, and anything in the CES category?

我想問一下 Client Endpoint Solutions，本季成長穩健，達到 13%。你們能否拆分一下各類別的成長，例如 PC、行動裝置，以及 CES 類別中的其他項目？

Yes. Well, I think you're just asking sort of the general breakout. We don't give the subcategories, but I think across Client and Endpoint, certainly the PC notebook category remained very healthy, growing double digits. We did see solid single digit, high single digit growth in smartphones components. Some of the consumer electronics categories also growing.

可以。我想你是在問大致的拆分。我們不提供次分類的細項，但在 Client 與 Endpoint 方面，PC 筆電類別確實維持非常健康，呈現兩位數成長。我們也看到智慧型手機零組件有穩健的個位數成長、接近高個位數。部分消費性電子類別也在成長。

It was actually somewhat healthy across a lot of the CES categories, but PC notebooks and the continued growth we see there on the refresh cycle continuing was certainly a big driver there.

其實在許多 CES 類別中都算相對健康，但 PC 筆電以及我們在那裡看到的持續成長、更新換代週期延續，無疑是主要驅動因素。

The only thing I would add specifically to the PC comments that Mike made, is we still think as we're seeing the refresh cycle and Windows 11 happen, and as we mentioned, coming off of significant double-digit growth in Q2 of 2025, we think there's still room to run, particularly as AI PCs continue to gain traction, and we talk about that.

我唯一想針對 Mike 對 PC 的評論再補充的是：隨著我們看到更新換代週期與 Windows 11 的推進，並且如我們提到的，在 2025 年第二季已經有顯著的兩位數成長之後，我們認為仍有進一步成長空間，特別是 AI PC 持續獲得動能時；我們也一直在談這點。

AI PCs accounted for more than 30% of our revenue in Q2. And we believe this is consistent with what you'd hear from the other OEMs and analysts. We continue to see solid demand, which would suggest that there's an extended cycle still with the PC refresh right now.

AI PC 在第二季占我們營收超過 30%。我們相信這與你從其他 OEM 與分析師那裡聽到的情況一致。我們持續看到穩健需求，這顯示目前 PC 更新換代仍可能是一個延長的週期。

Adam Tindle, Raymond James.

Adam Tindle，Raymond James。

This one might be for Mike. If I was to look at this quarter independently, obviously, massive growth, almost 30% growth in APAC. Understand that that's a lower margin region, but very working capital efficient, so it tends to be good returns despite the lower margin. I look at the cash flow statement, and you used over $0.5 billion of cash in the quarter. I'm just wondering if you could maybe double-click on the rationale for such a sizable cash use in the quarter, given such strong APAC, given the GPU stuff that's supposed to be capital efficient.

這題可能是問 Mike 的。如果我把這一季單獨拿出來看，顯然成長非常強勁，亞太（APAC）幾乎成長了 30%。我理解那是毛利較低的區域，但營運資金效率很高，所以即使毛利較低，通常仍能帶來不錯的報酬。我看了現金流量表，你們本季使用了超過 5 億美元的現金。我想請問，在 APAC 表現這麼強、而且 GPU 相關業務理應是資本效率較高的情況下，你能否更深入說明本季現金使用規模如此大的原因？

If you could, I imagine there's some timing and stuff in here. If you could just talk about the trajectory of cash flow from here. Do you still think we can reach positive cash flow for fiscal '26? Or what does it look like for investors who are looking for more sustainable cash flow? Thanks.

如果可以的話，我猜這裡面可能有一些時點因素之類的。如果你能談談從現在開始現金流的走勢。你們仍然認為在 2026 財年可以達到正自由現金流嗎？或者，對於尋求更可持續現金流的投資人來說，會是什麼樣的情況？謝謝。

Thanks, Adam. I think one thing I would point to that I did mention in our prepared remarks, I think there's two factors that are driving a lot of that cash flow phenomenon. One - and I want to focus on inventory more than anything here, but it applies on the AR and even the AP side as well. One, the ASPs themselves are driving quite a bit of inflation in the dollar of the balance sheet. If you look at our inventory on a US.

謝謝，Adam。我想我會指出一點，我在事先準備的發言中也提到過，我認為有兩個因素在推動這種現金流現象。第一個——我在這裡最想聚焦的是存貨，但同樣也適用於應收帳款（AR），甚至應付帳款（AP）。第一，ASP（平均售價）本身正在推動資產負債表以美元計價的金額出現相當程度的膨脹。如果你看我們的存貨，以美元計，

dollar basis, it's sequentially up about 16% from where we closed Q1. A significant portion of that 16% is just the ASPs themselves. On top of that, we have invested strategically, not only for the just general growth we see across the various categories. You're spot on. As we talked about, the AI and GPU piece isn't as much a driver of this, but the other hardware categories do require some investment as well as investment in other elements of the working capital spectrum.

相較於我們在第一季結束時的水準，連續季增加約 16%。這 16% 的相當一部分只是 ASP 本身所造成。除此之外，我們也做了策略性投資，不僅是因為我們在各個類別看到的整體成長。你說得很對。如同我們談到的，AI 與 GPU 這一塊並不是造成這個情況的主要驅動因素，但其他硬體類別也需要一些投資，同時也需要在營運資金光譜的其他要素上投入。

We are seeing just generally investing for growth and some opportunistic purchases to get out ahead of what continue to be ASP increases. We see the ASP increases in many of the categories starting to decrease in how rapidly they're going up, but they are still going up. We have sought that opportunity to make some purchases ahead, and that's another reason for where we see the inventory balance in particular, a little bit heightened exiting Q2.

我們整體上是在為成長進行投資，並且做了一些機會性採購，以便提前因應仍在持續的 ASP 上漲。我們看到許多類別的 ASP 漲幅開始放緩，也就是上漲速度沒那麼快了，但仍然在上升。我們把握機會提前做了一些採購，這也是我們在第二季結束時看到存貨餘額特別偏高的另一個原因。

So as I look out over the rest of the quarter, we don't guide formally on free cash flow. What I would leave you is with this, and hopefully it answers the last part of your question. We usually have a decent-sized free cash outflow in Q3, where we're stocking for the Q4 or even late Q3 kind of hockey stick in sales. That always happens. We still expect demand to be quite healthy through the end of the year, as we've talked about. We've just pulled forward some of that stocking level. That could drive a better than normal seasonal Q3.

所以當我展望接下來的季度時，我們不會正式提供自由現金流指引。我想留給你的是這點，希望能回答你問題的最後一部分。我們通常在第三季會有相當規模的自由現金流出，因為我們要為第四季、甚至第三季末那種銷售「曲棍球棒」式跳升做備貨。這一直都會發生。如同我們談到的，我們仍預期需求在年底前都會相當健康。我們只是把其中一部分備貨提前了。這可能會帶來一個比正常季節性更好的第三季。

And even if it's not to the same degree as we saw last Q4, where we had $1.6 billion of free cash flow in that quarter alone, we certainly see, in all likelihood, a very solid Q4.

即使不會像上一個第四季那樣——當時單季就有 16 億美元的自由現金流——我們仍然認為第四季很可能會非常穩健。

Ellie Dyke, William Blair.

Ellie Dyke，William Blair。

This is Ellie on for Maggie Nolan. Congrats on the quarter. My question is, EPS came in at $0.82 this quarter, and the midpoint of guidance implies a sequential step down to $0.77. Could you just expand a little bit on the drivers there and going forward for the next couple quarters, the ability to drive operating leverage?

我是 Ellie，代替 Maggie Nolan 提問。恭喜本季表現。我的問題是，本季 EPS 為 0.82 美元，而指引中位數暗示下一季將連續季下滑到 0.77 美元。你能否多談一點其中的驅動因素，以及接下來幾季提升營運槓桿的能力？

Yes. I can start on that. This is Mike. There's a lot of different factors that go into that. Certainly, what's implied by, and I'll focus on even just the high end of the range for this purpose, is a low double-digit revenue growth, a bit more growth on the EPS end of the spectrum.

好的。我可以先回答。我是 Mike。這裡面有很多不同因素。當然，指引所隱含的——就這個目的而言我甚至只看區間上緣——是營收低雙位數成長，而 EPS 端的成長會稍微更高一些。

Some of this is just mix factors as we see how the mix evolves into the next quarter. We do see sequential margin accretion. You can see, again, our guide is implying a gross margin around 6.8%, but also a little bit different mix in how we're serving some of that business.

其中一部分只是組合因素，因為我們看到組合在下一季如何演變。我們確實看到毛利率連續季提升。你可以看到，我們的指引再次暗示毛利率約 6.8%，但在我們服務部分業務的方式上，組合也會有些不同。

The leverage is still there and certainly holding serve, and we have those same efficiencies, but we're seeing more of that mix at growth. What we see from a top-line perspective, which we didn't really necessarily lay out specifically in our prepared remarks, that top-line growth and that guide is still seeing healthy double-digit growth in Cloud, which is low cost to serve, very efficient, low working capital.

槓桿仍然存在，且確實維持住，我們也有同樣的效率，但我們看到更多成長來自於那樣的組合。從營收端來看——我們在事先準備的發言中未必有特別具體地說明——該營收成長與指引仍反映雲端（Cloud）維持健康的雙位數成長，而雲端的服務成本低、效率高、營運資金占用也低。

We're also seeing probably upper single-digit growth in CES, particularly around the continued legs of a PC refresh that we just talked about. Mid to maybe upper single-digit growth in the Advanced Solutions, but not assuming outsized GPU and AI infrastructure.

我們也看到 CES 可能有高個位數成長，特別是圍繞我們剛提到的 PC 換機潮持續動能。先進解決方案（Advanced Solutions）則是中到可能高個位數成長，但並未假設 GPU 與 AI 基礎設施出現超常成長。

Alek Valero, Loop Capital Markets.

Alek Valero，Loop Capital Markets。

Just real quick on gross. Can you expand on what the gross margin delta is between deals sourced through Xvantage versus traditional deals?

快速問一下毛利。你能否說明一下，透過 Xvantage 取得的交易與傳統交易之間，毛利率差異（delta）大概是多少？

We don't really break that out. What we do talk about is the leverage that we got off of it, and the fact that average deals that are going through there are closing 4 times more than the ones that are not going through Xvantage. And one of the key points that we made a comment at about in our Q4 earnings call earlier this year was our expectations about how much can go through our Intelligent Digital Assistant, our IDA, piece of the platform, which generated approximately $1 billion in net revenue for Q2.

我們不太會把那個拆開揭露。我們會談的是我們從中獲得的槓桿效益，以及透過該平台的平均交易，其成交率是未透過 Xvantage 的 4 倍。而我們今年稍早在第四季財報電話會議中提到的一個重點，是我們對於有多少業務可以透過我們的智慧數位助理（Intelligent Digital Assistant，IDA）這個平台模組來完成的預期；該模組在第二季約產生 10 億美元的淨營收。

It was approximately 7%. And our commitment coming into this year was that we'd have double digit of our revenue going through IDA, which again is better business, more profitable, and the conversion rate for our sales organization is 4 times better than the average kind of opportunity that goes through there. We don't really break out the difference publicly between the IDA, or excuse me, Xvantage, versus the core business.

那大約是 7%。而我們在今年初的承諾是，會有雙位數比例的營收透過 IDA 進行；這同樣是更好的業務、更高的獲利性，而且對我們銷售組織而言，其轉換率是一般透過該管道機會的 4 倍。我們不會在公開資訊中拆分 IDA——或更正，Xvantage——相較於核心業務之間的差異。

Alek, just one thing I would add. As we did say, in the countries that we have substantially more functionality of Xvantage deployed, the vast majority of their activity is going through Xvantage now. Xvantage is really serving the whole of the business. It's not necessarily only serving pieces of it. Things like IDA, that Paul just touched on, are allowing us also to calibrate our sales force through machine learning towards the higher profit opportunities, where a rebate and other structure's going to potentially be beneficial.

Alek，我再補充一點。正如我們所說，在那些我們已部署 Xvantage 且功能更完整的國家，其絕大多數活動現在都透過 Xvantage 進行。Xvantage 實際上是在服務整體業務。它不一定只服務其中某些部分。像 Paul 剛提到的 IDA 這類功能，也讓我們能透過機器學習校準我們的銷售團隊，將資源導向更高獲利的機會；在那些機會中，回饋（rebate）及其他架構可能會帶來效益。

There's different calibrations there that are also good opportunities that we're capitalizing on. It is, again, part of the driver of the fact that when you exclude some of the noise of outside GPU and AI and the higher growth in Asia PAC as examples, we actually are growing margin year-over-year and seeing some of that accretion happening.

那裡有不同的校準方式，而我們也正在把握這些同樣很好的機會。再說一次，這也是驅動因素之一：當你排除一些雜訊，例如外部 GPU 與 AI 的影響、以及亞太地區較高的成長等例子，我們其實正在實現年對年毛利成長，並看到部分利潤率提升正在發生。

Yes. No, that makes total sense. That's super helpful, by the way. That actually brings me to my next question. I'm assuming as you keep expanding the market share with Xvantage, you're going to continue getting more deals at that rate. Last quarter you said you were in 21 of 57 countries had Xvantage. What's the number today, if you guys disclose that?

是的。不，這完全合理。順帶一提，這非常有幫助。這其實也帶到我下一個問題。我假設隨著你們透過 Xvantage 持續擴大市占率，你們會以那樣的速度持續拿到更多交易。上季你們說在 57 個國家中有 21 個已導入 Xvantage。如果你們願意揭露的話，今天的數字是多少？

It's 22. So we're really focused, and keep in mind too, you're right, 57 and we're in 22 countries. To Mike's point, roughly 75% of our revenue for those countries are going through Xvantage. I want to reiterate that you got to keep in mind each country's on a little bit of a separate rollout schedule, and so they're at different levels of maturity. The ones that are more mature that Mike just pointed to, we're actually seeing that benefit out.

是 22 個。所以我們非常聚焦，而且也請記得，你說得沒錯，總共 57 個國家，我們在其中 22 個國家。呼應 Mike 的觀點，這些國家約 75% 的營收是透過 Xvantage 進行。我想再次強調，你必須記得每個國家的上線推進時程都略有不同，因此成熟度也不一樣。那些更成熟的國家（正如 Mike 剛才指出的），我們確實正在看到這樣的效益。

We're at 22 countries. Most of the larger ones are on it, and again, are going through the rollout schedule and different levels of maturity.

我們目前在 22 個國家。多數較大的國家都已導入，而且同樣地，正依照推進時程進行，成熟度也各不相同。

Karl Ackerman, BMP Paribas.

Karl Ackerman，BMP Paribas。

Mike, thank you for providing color on segment revenue drivers for Q3. But could you unpack how much of your revenue guidance is a benefit from component cost passthroughs that some of your vendors have implemented earlier this year across Advanced Solutions and Client and Endpoint Solutions?

Mike，謝謝你提供第三季各事業部營收驅動因素的補充說明。不過你能否拆解一下，你們的營收指引中，有多少是來自於今年稍早部分供應商在先進解決方案（Advanced Solutions）以及客戶與端點解決方案（Client and Endpoint Solutions）所實施的零組件成本轉嫁所帶來的助益？

When you say component cost passthrough, can you elaborate what you mean by that?

你說的零組件成本轉嫁，能否再說明一下你指的是什麼？

Yeah, some of those OEMs have suddenly raised prices across the hardware aspect of their portfolios. And you spoke about how there's a 2% to 3% net revenue benefit from some constraints. I'm not sure if that is the same as the. Has the higher prices that we're benefiting that you are benefiting from your -- I just wanted to...

好的，有些 OEM 近期突然在其產品組合的硬體部分全面調漲價格。你們也提到因為某些供給限制，淨營收有 2% 到 3% 的正面效益。我不確定那是否就是同一件事。這些較高的價格帶來的受益——你們從你們的——我只是想要……

Okay. No, got it. I think first off, any rise in ASP is passed through by us. We're not eating that cost. I think where we do have some of the opportunistic buy-ins that happen, and it hasn't been material, that can be an opportunity to get out ahead on some of that and create a little bit more margin.

了解。不，明白了。我想首先，任何 ASP（平均售價）的上升我們都會轉嫁出去。我們不會自行吸收那個成本。我認為我們確實會有一些機會性的提前採購，但影響並不重大；那可能讓我們有機會在某些情況下提前布局，並創造一點額外的毛利。

All of that said, we're passing through that cost. Again, I would go back to those different components that we call out in that 2% to 3% net revenue uplift. As we said, we probably landed closer to the 3% level in our Q2 actual results. It is a combination of the ASP increases, but also any pull forward that may be happening on customer demand to get out ahead of the ASP increases. Those are two positive factors.

總之，我們會把那個成本轉嫁出去。同樣地，我會回到我們在那 2% 到 3% 淨營收上修中所提到的不同構成因素。如我們所說，我們第二季實際結果大概落在接近 3% 的水準。這是 ASP 上升的組合效應，但也包含客戶需求可能出現的提前拉貨，以便在 ASP 上調前先行採購。這兩項都是正面因素。

Then there's two headwinds. One is just, it takes longer to get the product. Supply constraints are causing longer lead times, and that's lengthening out the sales closure cycle. Then just any demand elasticity that Paul touched on earlier, as far as where you may see buying decisions shift a little bit. That's kind of the mix of all of those different factors that play into that 2% to 3%, or what really landed around 3% in the quarter benefit to our top line.

接著有兩個逆風。其一是產品到貨時間變長。供應受限導致交期拉長，進而拉長成交結案週期。另外就是 Paul 先前提到的需求彈性，也就是你可能會看到採購決策在某些地方略有轉移。以上這些不同因素的組合，共同構成那 2% 到 3%（或本季實際約 3%）對我們營收端的正面貢獻。

Keith Helsom, North Coast Research.

Keith Helsom，North Coast Research。

Great. Appreciate it, and good quarter for you guys. Appreciate it. In terms of the rest of the years you're looking out, obviously we're hearing a lot of different puts and takes out there in terms of the supply chain and potential product shortages. What are you guys hearing when you talk to the vendors and you talk to some of your largest customers?

很好。謝謝，恭喜你們這一季表現不錯。謝謝。就你們對今年剩餘時間的展望而言，顯然我們聽到很多關於供應鏈以及潛在產品短缺的各種利多與利空。你們在與供應商以及一些最大客戶交流時，聽到的是什麼？

So Keith, this is Paul. I'll kind of wrap in what Mike just went through. ASP increases, demand and price elasticity, pull forwards, supply chain challenges, and we guided the same in Q3 as we did, the 2% to 3% in Q2. As we mentioned, and Mike noted in his prepared remarks, that we are on the higher end of it. We have seen demand pull forwards.

Keith，我是 Paul。我會把 Mike 剛才講的內容一起整合說明。ASP 上升、需求與價格彈性、提前拉貨、供應鏈挑戰；我們在第三季的指引與第二季相同，仍是 2% 到 3%。如我們提到的，也如 Mike 在事先準備的發言中所指出，我們目前處在區間的較高端。我們確實看到需求提前拉貨。

There's kind of all those puts and takes, let me give you a little more color. What is different this quarter than when we got together last quarter, while prices are still going up that we just talked about, visibility and predictability actually have improved. Customers are getting a better insight on kind of future pricing and product availability.

這裡面有各種利多與利空，我再多補充一些細節。本季與上季我們交流時不同的是：雖然價格仍在上升（我們剛才也談到），但能見度與可預測性其實有所改善。客戶對於未來定價與產品供應狀況有更好的掌握。

Some of this is coming because vendors, as you've probably seen in the market, some have extended the duration of some of their price quotes and price solidity, which gives customers a little bit more stability as they go through their own sales cycle. When you're talking about a handful of days and the uncertainty before, now we're looking for some that are as long as 30 days.

其中一部分原因是供應商——你可能也在市場上看到——有些延長了報價有效期間與價格固定的期間，讓客戶在其自身銷售週期中能有更高的穩定性。過去可能只有短短幾天且充滿不確定性，現在我們看到有些可以長達 30 天。

It lets customers have better visibility, and I would say their pipelines are giving us feedback that their pipelines are healthy too as we're in Q3, and improved cost visibility. Still prices are going up, but there's better visibility. Here's what I would say generally, kind of what I'm hearing from customers.

這讓客戶有更好的能見度；我也會說，他們的銷售管線回饋給我們的訊息是：在第三季他們的管線也很健康，且成本能見度有所改善。價格仍在上升，但能見度更好。整體而言，這是我從客戶那邊聽到的情況。

Some customers, I mentioned this before, breaking some of these large infrastructure products, probably more of the SMB market into smaller phases, which is good news because that doesn't mean the demand's going away or they're canceling. It just means they're doing it in phases.

有些客戶——我之前提過——把一些大型基礎建設產品（可能更多是在中小企業市場）拆成較小的階段來執行；這其實是好消息，因為不代表需求消失或他們取消案子。只是代表他們分階段進行。

While others, like I said, on a positive note, have actually seen stuff that was pushed out a quarter or two ago that are actually coming to fruition. You kind of look at all the puts and takes, there's going to be some. We're continuing to see resiliency and a solid pipeline in Q3, which is reflected in the strongest guidance we've provided today.

另外一些客戶，如我所說，從正面角度來看，我們也看到先前延後一到兩季的案子，現在其實正在落地實現。綜合各種利多與利空，確實會有一些波動。我們在第三季仍持續看到韌性與穩健的管線，這也反映在我們今天提供的最強指引上。

Great. Thank you.

很好。謝謝。

And this now concludes our question-and-answer session. I would like to turn the floor back over to Paul Bay for closing comments.

以上為我們的問答環節。接下來我想把時間交回給 Paul Bay 作結語。

Thank you all for joining us today. I'd like to close by thanking our team members for their exceptional execution in delivering the best Q2 results in our company history, our customers for their continued trust and partnership, and our shareholders for your ongoing support.

感謝各位今天加入我們。最後我想感謝我們的團隊成員，以卓越的執行力交出公司史上最佳的第二季成果；也感謝客戶持續的信任與合作夥伴關係；並感謝股東們一路以來的支持。

The technology market continues to evolve, and we're well positioned to capitalize on the opportunities ahead. Our focus will remain on innovating for our customers, investing for the long-term growth, and delivering sustainable value. So thank you, everyone, and have a great day.

科技市場持續演進，而我們已做好準備，把握前方的機會。我們將持續聚焦於為客戶創新、為長期成長投資，並交付可持續的價值。謝謝大家，祝各位有美好的一天。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

各位女士、先生，感謝您的參與。今天的電話會議到此結束。您現在可以掛線，祝您有美好的一天。