Insight Enterprises Inc (NSIT) 2023 Q4 法說會逐字稿

Good morning, and thank you all for joining.

早安，感謝大家的加入。

I would like to welcome you all to the Insight Enterprises fourth-quarter 2023 earnings conference call.

歡迎大家參加 Insight Enterprises 2023 年第四季財報電話會議。

My name is Brika, and I will be your moderator for today.

我叫 Brika，我將擔任今天的主持人。

(Operator Instructions)

（操作員說明）

And now, I would like to hand the conference over to your host, James Morgado, Senior Vice President of Finance and CFO of Insight North America, to begin.

現在，我想將會議交給主持人、Insight North America 財務高級副總裁兼財務長 James Morgado 開始。

So James, please go ahead.

所以詹姆斯，請繼續。

Welcome, everyone.

歡迎大家。

And thank you for joining the Insight Enterprises earnings conference call.

感謝您參加 Insight Enterprises 財報電話會議。

Today, we will be discussing the company's operating results for the quarter ended December 31, 2023.

今天，我們將討論該公司截至 2023 年 12 月 31 日的季度營運業績。

I am James Morgado, Senior Vice President of Finance and CFO of Insight North America.

我是 James Morgado，Insight North America 財務資深副總裁兼財務長。

Joining me is Joyce Mullen, President and Chief Executive Officer; and Glynis Bryan, Chief Financial Officer.

與我一起出席的是總裁兼執行長喬伊斯·馬倫 (Joyce Mullen)；格萊尼斯‧布萊恩 (Glynis Bryan)，財務長。

If you do not have a copy of the earnings release or the accompanying slide presentation that was posted this morning and filed with the Securities and Exchange Commission on Form 8-K, you will find it on our website at insight.com under the Investor Relations section.

如果您沒有今天早上發布並透過 8-K 表向美國證券交易委員會提交的收益發布或隨附幻燈片演示文稿的副本，您可以在我們的網站 Insight.com 的投資者關係下找到它。部分。

Today's call, including the question-and-answer period, is being webcast live and can also be accessed via the Investor Relations page of our website at insight.com. An archived copy of the conference call will be available approximately two hours after completion of the call and will remain on our website for a limited time.

今天的電話會議（包括問答環節）正在進行網路直播，也可以透過我們網站 Insight.com 的投資者關係頁面進行觀看。電話會議的存檔副本將在電話會議結束後大約兩小時內提供，並將在我們的網站上保留一段有限的時間。

This conference call and the associated webcast contain time-sensitive information that is accurate only as of today, February 15, 2024.

本次電話會議及相關網路廣播包含時效性訊息，僅截至今天（2024 年 2 月 15 日）準確。

This call is the property of Insight Enterprises.

此電話屬於 Insight Enterprises 的財產。

Any redistribution, retransmission or rebroadcast of this call in any form without the expressed written consent of Insight Enterprises is strictly prohibited.

未經 Insight Enterprises 明確書面同意，嚴禁以任何形式重新分發、轉發或轉播本次通話。

In today's conference call, we will be referring to non-GAAP financial measures as we discuss the fourth-quarter and full-year 2023 financial results.

在今天的電話會議中，我們在討論 2023 年第四季和全年財務業績時將提及非 GAAP 財務指標。

When discussing non-GAAP measures, we will refer to them as adjusted.

在討論非公認會計準則衡量標準時，我們稱之為調整後的衡量標準。

You will find a reconciliation of these adjusted measures to our actual GAAP results included in both the press release and the accompanying slide presentation issued earlier today.

您將在今天早些時候發布的新聞稿和隨附的幻燈片簡報中找到這些調整後的指標與我們實際 GAAP 結果的協調表。

Please note that all growth comparisons we make on the call today relate to the corresponding period of last year unless otherwise noted.

請注意，除非另有說明，我們今天在電話會議上進行的所有成長比較都與去年同期有關。

Also, unless highlighted as constant currency, all amounts and growth rates discussed are in US dollar terms.

此外，除非強調為固定貨幣，否則所有討論的金額和成長率均以美元計算。

As a reminder, all forward-looking statements that are made during this conference call are subject to risks and uncertainties that could cause our actual results to differ materially.

謹此提醒，本次電話會議期間所做的所有前瞻性陳述均面臨風險和不確定性，可能導致我們的實際結果出現重大差異。

These risks are discussed in today's press release and in greater detail in our most recently filed periodic report and subsequent filings with the SEC.

這些風險在今天的新聞稿中進行了討論，並在我們最近提交的定期報告和隨後向 SEC 提交的文件中進行了更詳細的討論。

All forward-looking statements are made as of the date of this call and except as required by law, we undertake no obligation to update any forward-looking statement made on this call, whether as a result of new information, future events, or otherwise.

所有前瞻性陳述均自本次電話會議之日起作出，除非法律要求，我們沒有義務更新本次電話會議中所做的任何前瞻性陳述，無論是由於新資訊、未來事件或其他原因。

With that, I will now turn the call over to Joyce.

現在，我將把電話轉給喬伊斯。

And if you are following along with the slide presentation, we will begin on slide 4.

如果您正在觀看幻燈片演示，我們將從幻燈片 4 開始。

Joyce?

喬伊斯？

Thank you very much, James.

非常感謝你，詹姆斯。

Good morning, everyone, and thank you for joining us today.

大家早安，感謝您今天加入我們。

In the fourth quarter, our adjusted diluted earnings per share grew by an impressive 18%.

第四季度，我們調整後的稀釋每股盈餘成長了 18%，令人印象深刻。

This performance was strengthened by the acquisitions we made in the second half of the year.

我們下半年進行的收購進一步增強了這一業績。

While device revenue showed sequential improvement, demand remained muted.

儘管設備收入季比改善，但需求仍低迷。

Infrastructure orders softened in December, as clients deployed shipments from earlier in the year.

由於客戶部署了今年稍早的出貨，12 月基礎設施訂單疲軟。

Despite a decline in hardware gross profit, we grew total gross profit by 4%, driven by cloud and services.

儘管硬體毛利下降，但在雲端和服務的推動下，我們的總毛利增加了 4%。

Glynis will cover Q4 results in more detail.

Glynis 將更詳細地報導第四季的業績。

We are incredibly proud of our execution and the progress we made on our journey to becoming the leading solutions integrator.

我們對我們的執行力以及在成為領先的解決方案整合商的過程中所取得的進展感到無比自豪。

Our profitability and pricing initiatives drove significant improvements in our hardware and services gross margins, which we expect will continue.

我們的獲利能力和定價措施推動了我們的硬體和服務毛利率的顯著提高，我們預計這種情況將持續下去。

We improved our cost structure while continuing to invest in our teammates, our capabilities, our infrastructure, and our future.

我們改善了成本結構，同時繼續投資於我們的隊友、我們的能力、我們的基礎設施和我們的未來。

We continued to invest in our solution selling capabilities.

我們繼續投資我們的解決方案銷售能力。

We made two strategic acquisitions, strengthening our cloud and services portfolio.

我們進行了兩項策略性收購，加強了我們的雲端和服務組合。

We launched our initial Gen AI offerings, which have been well received by clients.

我們推出了最初的 Gen AI 產品，受到了客戶的好評。

We improved adjusted ROIC by 140 basis points to 17.3% and we continued to make progress on our e-commerce and digital engagement platforms, enhancing the client experience.

我們將調整後的投資報酬率提高了 140 個基點，達到 17.3%，並且我們在電子商務和數位互動平台上繼續取得進展，增強了客戶體驗。

These critical shifts in our operational model allowed us to achieve outsized results in our profitability despite declines in hardware demand.

儘管硬體需求下降，我們營運模式的這些關鍵轉變使我們能夠在獲利能力方面取得巨大成果。

The following highlights represent record-level performance for 2023.

以下亮點代表了 2023 年創紀錄的業績表現。

Gross margin expanded by 250 basis points to 18.2%.

毛利率擴大 250 個基點至 18.2%。

Cloud gross profit grew 26% to $429 million.

雲毛利潤成長 26%，達到 4.29 億美元。

Insight core services gross profit grew 8% to $273 million.

Insight 核心服務毛利成長 8%，達到 2.73 億美元。

Adjusted EBITDA margin expanded by 100 basis points to 5.7%.

調整後 EBITDA 利潤率擴大 100 個基點，達到 5.7%。

Adjusted diluted earnings per share were $9.69, up 6%.

調整後攤薄每股收益為 9.69 美元，成長 6%。

And finally, operating cash flow was $620 million, representing an increase of $521 million from 2022.

最後，營運現金流為 6.2 億美元，較 2022 年增加 5.21 億美元。

We are very pleased with our progress and remain focused on driving profitable growth, particularly as market conditions improve.

我們對我們的進展感到非常滿意，並將繼續專注於推動獲利成長，特別是在市場狀況改善的情況下。

Additionally, we prudently deployed capital, investing in our people and technical infrastructure, including our state-of-the-art Texas integration center.

此外，我們審慎地部署資本，投資於我們的人員和技術基礎設施，包括我們最先進的德州整合中心。

We repurchased over $200 million of shares and made two strategic acquisitions that are immediately accretive and are well aligned to deliver long-term profitable growth.

我們回購了超過 2 億美元的股票，並進行了兩項策略性收購，這些收購立即產生增值，並且非常適合長期獲利成長。

As a reminder, in Q3, we acquired Amdaris, an award-winning cloud and application modernization company based in the UK that significantly increases our digital and cloud enablement capabilities in EMEA.

提醒一下，在第三季度，我們收購了 Amdaris，這是一家總部位於英國的屢獲殊榮的雲端和應用程式現代化公司，顯著增強了我們在 EMEA 的數位和雲端支援能力。

As a Microsoft Gold Certified Partner for more than 10 years, Amdaris brings more than 800 employees, the majority of whom are engineers and developers, making it an ideal addition to our existing application and data practices.

作為 10 多年的微軟金牌認證合作夥伴，Amdaris 擁有 800 多名員工，其中大多數是工程師和開發人員，使其成為我們現有應用程式和資料實踐的理想補充。

It's increasingly clear that clients operate in multi-cloud environments.

越來越明顯的是，客戶在多雲環境中運作。

In Q4, we expanded our multi-cloud capabilities with the acquisition of SADA, a leading Google Cloud and technology consultancy and six-time Google Cloud Partner of the Year.

第四季度，我們透過收購 SADA 擴展了我們的多雲能力。SADA 是一家領先的 Google Cloud 和技術顧問公司，六次榮獲 Google Cloud 年度合作夥伴。

SADA adds approximately 850 employees and over 400 technical experts with deep capabilities across the Google Cloud platform, Google Workspace, security, and data analytics.

SADA 增加了約 850 名員工和 400 多名技術專家，他們在 Google Cloud 平台、Google Workspace、安全性和資料分析方面擁有深厚的能力。

This acquisition positions Insight as a leader in both Azure and GCP, two of the three major hyperscalers and the clear leaders in generative AI, and expands our services business.

此次收購使 Insight 成為 Azure 和 GCP（三大超大規模供應商中的兩家）以及生成式 AI 領域的明顯領導者，並擴展了我們的服務業務。

With this enhanced ability to provide multi-cloud solutions to our clients, Insight is significantly differentiated from other solution providers because it is coupled with our longstanding expertise and deep capabilities with on-prem solutions.

憑藉向客戶提供多雲解決方案的增強能力，Insight 與其他解決方案提供者顯著區別，因為它與我們長期的專業知識和本地解決方案的深厚能力相結合。

We believe this is a powerful combination for clients.

我們相信這對客戶來說是一個強大的組合。

While we're still early in the process, we're pleased with the progress we've achieved, including lead flow, and we're excited about the collaboration opportunities across the Amdaris, SADA, and Insight teams.

雖然我們仍處於流程的早期階段，但我們對所取得的進展（包括潛在客戶流）感到滿意，並且對 Amdaris、SADA 和 Insight 團隊之間的合作機會感到興奮。

Glynis will provide additional details on SADA.

Glynis 將提供有關 SADA 的更多詳細資訊。

Lastly, in 2023, we continued to build a world class leadership team, including adding Adrian Gregory as our EMEA President and Reem Gedeon as our Canadian leader, promoting Rob Green to Chief Digital Officer, and hiring our Chief Marketing Officer, Hilary Kerner.

最後，在2023 年，我們繼續建立世界一流的領導團隊，包括任命Adrian Gregory 為我們的EMEA 總裁，Reem Gedeon 為我們的加拿大領導者，提拔Rob Green 為首席數位官，並聘請我們的首席行銷長Hilary Kerner。

These financial and operating highlights demonstrate that we are on the right path with our strategy and that we're making progress towards becoming the leading solutions integrator.

這些財務和營運亮點表明我們的策略走在正確的道路上，並且我們正在成為領先的解決方案整合商方面取得進展。

Key to that strategy is to become the partner our clients can't live without.

該策略的關鍵是成為客戶不可或缺的合作夥伴。

They need a partner they can trust to navigate new technologies and the infrastructure and workplace requirements to help them digitally transform.

他們需要一個值得信賴的合作夥伴來駕馭新技術、基礎設施和工作場所要求，以幫助他們實現數位轉型。

There are four key pillars to our strategy to becoming the leading solutions integrator: put clients first, deliver differentiation, champion our culture, and drive profitable growth.

我們成為領先的解決方案整合商的策略有四個關鍵支柱：客戶至上、提供差異化、捍衛我們的文化並推動獲利成長。

Within our solutions portfolio, security is a key offering that is critical to every enterprise.

在我們的解決方案組合中，安全性是對每個企業至關重要的關鍵產品。

The cybersecurity landscape is constantly evolving and becoming increasingly complex, with new threats and vulnerabilities emerging every day.

網路安全情勢不斷發展，變得越來越複雜，每天都會出現新的威脅和漏洞。

A cyberattack on our client, a global consumer products company, resulted in a worst case scenario, causing a breach of critical systems, infrastructure, and user credentials; and ultimately led to a complete outage.

我們的客戶（一家全球消費品公司）遭受網路攻擊，導致了最壞的情況，導致關鍵系統、基礎設施和用戶憑證遭到破壞；最終導致全面停電。

Because of the outage, their operations team's remote access was revoked.

由於中斷，他們的營運團隊的遠端存取權限被撤銷。

And therefore, they were unable to help in the recovery efforts.

因此，他們無法幫助恢復工作。

That's where we stepped in.

這就是我們介入的地方。

We responded immediately by deploying over 100 experts, technicians, software engineers, and security professionals.

我們立即做出反應，部署了 100 多名專家、技術人員、軟體工程師和安全專業人員。

We expedited the remediation process and helped our client restore critical infrastructure, employee access, and credentials.

我們加快了修復過程，並幫助我們的客戶恢復了關鍵基礎設施、員工存取權限和憑證。

Additionally, we enhanced their security posture by developing a comprehensive roadmap to secure their infrastructure and identified; and segmented different parts of their network to ensure an incident at one plant wouldn't impact the entire enterprise; and improved management and visibility of their systems to protect against future incidents.

此外，我們透過制定全面的路線圖來保護其基礎設施並確定了安全狀況，從而增強了他們的安全態勢；並對網路的不同部分進行分段，以確保一個工廠發生的事件不會影響整個企業；並改善系統的管理和可見性，以防範未來發生的事件。

Our expertise in cybersecurity was integral in helping our client and is an important element of our services portfolio.

我們在網路安全方面的專業知識是幫助客戶不可或缺的一部分，也是我們服務組合的重要組成部分。

I'd also like to share an example of the complementary strengths that SADA brings to Insight.

我還想分享一個 SADA 為 Insight 帶來的互補優勢的例子。

A large retailer had grown rapidly through acquisition, which resulted in a disparate technology stack and challenges managing data.

一家大型零售商透過收購實現了快速發展，這導致了不同的技術堆疊和管理數據的挑戰。

The client selected Google Cloud and engaged with SADA as their trusted supplier to drive their cloud transformation journey.

該客戶選擇了 Google Cloud 並與 SADA 作為其值得信賴的供應商合作，以推動其雲端轉型之旅。

SADA built a secure and reliable cloud-enabled data warehouse and consolidated the client's fragmented data sources into a data estate for a unified view of critical business information.

SADA 建立了一個安全可靠的雲端資料倉儲，並將客戶的碎片資料來源整合到一個資料資產中，以實現關鍵業務資訊的統一視圖。

SADA streamlined their data flows/processing times, enabled faster data analysis that led to quicker decision making, and improved business agility.

SADA 簡化了資料流/處理時間，實現了更快的資料分析，從而更快地制定決策，並提高了業務敏捷性。

A key element to our strategy is to champion our culture, and we're proud of the industry acknowledgments we receive.

我們策略的關鍵要素是倡導我們的文化，我們為收到的行業認可感到自豪。

Most recently, Insight was ranked number 20 on Fortune's World's Best Workplaces.

最近，Insight 在《財富》全球最佳工作場所評選中排名第 20 位。

This prestigious accolade highlights the company's commitment to creating an inclusive and supportive work environment.

這項享有盛譽的榮譽凸顯了公司致力於創造包容性和支持性工作環境的承諾。

And from a partner perspective, Insight has been recognized by Cisco as the Americas IoT Industry Partner of the Year and named HashiCorp's 2023 Focus Partner of the Year.

從合作夥伴的角度來看，Insight 被思科評為年度美洲物聯網產業合作夥伴，並被評為 HashiCorp 2023 年度焦點合作夥伴。

You can find a broader list of our recent recognitions and awards in the accompanying slide presentation.

您可以在隨附的幻燈片演示中找到我們最近獲得的認可和獎項的更廣泛列表。

Additionally, we signed a multi-year strategic partner framework with Microsoft.

此外，我們也與微軟簽署了多年戰略合作夥伴框架。

This agreement drives our continued transformation as a leading solutions integrator for Azure and Microsoft 365-related offerings, including Gen AI.

該協議推動我們作為 Azure 和 Microsoft 365 相關產品（包括 Gen AI）的領先解決方案整合商的持續轉型。

As we enter 2024, we expect another year of strong growth in cloud and Insight Core Services gross profit.

進入 2024 年，我們預期雲端和 Insight Core Services 毛利又將強勁成長。

With regard to the hardware cycle, we believe device demand will slowly improve in the first half with a more meaningful contribution later in the year as upgrade cycles begin.

就硬體週期而言，我們認為上半年設備需求將緩慢改善，隨著升級週期的開始，今年稍後將做出更有意義的貢獻。

Infrastructure backlog has normalized, and we're seeing slower demand as clients deploy equipment from shipments in 2023.

基礎設施積壓已經正常化，隨著客戶部署 2023 年出貨的設備，我們看到需求放緩。

We will continue to drive our pricing and profitability programs while also prudently managing operating expenses.

我們將繼續推動我們的定價和獲利計劃，同時審慎管理營運費用。

We are proud of what we were able to deliver in 2023 and believe we are well-positioned to drive profitable growth in the fastest growing areas of the market.

我們對 2023 年能夠實現的目標感到自豪，並相信我們有能力推動市場成長最快領域的獲利成長。

With that, I'll turn the call over to Glynis to share the key details of our financing and operating performance in Q4 and for the full year 2023, as well as our outlook for 2024.

接下來，我將把電話轉給 Glynis，分享我們第四季和 2023 年全年融資和營運表現的關鍵細節，以及我們對 2024 年的展望。

Glynis?

格萊尼斯？

Thank you, Joyce.

謝謝你，喬伊斯。

In 2023, we successfully navigated through an unpredictable macroeconomic environment that caused increased caution and slower decision making by our clients across all segments.

2023 年，我們成功度過了不可預測的宏觀經濟環境，這導致我們所有細分市場的客戶更加謹慎，決策速度也更加緩慢。

In response to this, we accelerated our gross margin expansion and profitability improvement plans, increased our focus on optimizing our operating expenses, and built a strong foundation to support future growth.

為此，我們加快了毛利率擴張和獲利能力改善計劃，更加重視優化營運費用，為支持未來成長奠定了堅實的基礎。

In addition, we completed two strategic acquisitions, Amdaris in the UK and SADA in North America, both of which expand our cloud and solutions capability and accelerate our ambition to become the leading solutions integrator.

此外，我們也完成了兩項策略性收購，英國的Amdaris和北美的SADA，這兩項收購都擴大了我們的雲端和解決方案能力，加速了我們成為領先解決方案整合商的目標。

Both deals have been immediately accretive, which as you know, is exceptional.

這兩筆交易都立即增值，如您所知，這是非同尋常的。

I'll cover Q4 2023, then briefly summarize the full-year 2023 results.

我將介紹 2023 年第四季度，然後簡要總結 2023 年全年業績。

It should be noted that the contributions from SADA and Amdaris post-acquisition are included in my discussions on Q4 and full year 2023 and are also included in cloud and Insight Core Services.

需要注意的是，SADA 和 Amdaris 收購後的貢獻包含在我關於第四季和 2023 年全年的討論中，也包含在雲端和 Insight 核心服務中。

Moving on to Q4 2023 results.

接下來看 2023 年第四季的業績。

Cloud and Insight Core Services gross profit were standouts in the quarter, helped by SADA and the Amdaris acquisition.

由於 SADA 和 Amdaris 收購，雲端運算和 Insight Core Services 毛利在本季表現出色。

As we have seen all year, the revenue decline was primarily driven by hardware, particularly devices, and most recently, infrastructure.

正如我們全年所見，收入下降主要是由硬體（特別是設備）以及最近的基礎設施所驅動的。

We have seen some strengthening in devices.

我們看到設備有所增強。

The year-to-year decline in Q4 was in the single-digit range compared to the double-digit declines we had seen in prior quarters.

與前幾季的兩位數下降相比，第四季的年減幅度為個位數。

The initiatives we implemented to improve profitability and increase productivity and our acquisitions helped to mitigate the effects of the slowdown in Q4.

我們為提高獲利能力和生產力而實施的措施以及我們的收購有助於減輕第四季度經濟放緩的影響。

Net revenue was $2.2 billion, a decrease of 11% in US dollar terms and in constant currency.

淨收入為 22 億美元，以美元計算和固定匯率計算下降 11%。

The decline was primarily due to hardware, which was down 22% related to devices and infrastructure partially offset by cloud growth.

下降主要是由於硬體下降了 22%，與設備和基礎設施相關的下降了 22%，部分被雲端成長所抵消。

In Q3, we expressed our belief that we had approached the bottom of the device market and that decline in our devices revenue would slow.

在第三季度，我們表示相信我們已經接近設備市場的底部，設備收入的下降將會放緩。

We did see that, as devices were up slightly in Q4.

我們確實看到了這一點，因為第四季度的設備數量略有增加。

Despite the 11% decline in net sales, gross profit increased 4%, reflecting the hardware decline offset by higher cloud and Insight Core Services growth.

儘管淨銷售額下降了 11%，但毛利卻成長了 4%，反映出硬體下降被雲端和 Insight 核心服務的成長所抵消。

Gross margin was a record at 19.5%, an increase of 270 basis points, and reflects the contributions of SADA and a higher mix of cloud and Insight Core Services.

毛利率達到創紀錄的 19.5%，成長了 270 個基點，反映了 SADA 以及雲端和 Insight 核心服務更高組合的貢獻。

In addition, our profitability and pricing initiatives also contributed to high hardware and services gross margin.

此外，我們的獲利能力和定價措施也促成了硬體和服務的高毛利率。

Insight Core Services gross profit was $69 million, an increase of 7%.

Insight Core Services毛利為6,900萬美元，成長7%。

This performance reflects growth in applications, data, digital enablement, as well as networking, partially offset by a decrease in integration and other services related to the decline in devices.

這一業績反映了應用程式、數據、數位支援以及網路的成長，但部分被與設備下降相關的整合度和其他服務的下降所抵消。

Cloud gross profit was $130 million, an increase of 43%, reflecting SADA's contribution as well as higher growth in SaaS and infrastructure as a service.

雲毛利為 1.3 億美元，成長 43%，反映了 SADA 的貢獻以及 SaaS 和基礎設施即服務的更高成長。

Our adjusted EBITDA margin expanded 170 basis points to 7.1%, a record.

我們調整後的 EBITDA 利潤率擴大了 170 個基點，達到 7.1%，創歷史新高。

And adjusted diluted earnings per share was $2.98, up 18% in US dollar terms and in constant currency.

調整後攤薄每股收益為 2.98 美元，以美元和固定匯率計算成長 18%。

Moving on to full-year 2023 results.

接下來是 2023 年全年業績。

Many of the factors that drove Q4 2023 were similar for the full year 2023.

推動 2023 年第四季發展的許多因素與 2023 年全年相似。

Specifically, our 2022 revenue decline was primarily related to hardware, as we discussed throughout the year.

具體來說，正如我們全年討論的那樣，我們 2022 年的收入下降主要與硬體有關。

Our gross profit and gross margin improvements are related to strong cloud services, infrastructure growth, the profitability improvements and cost optimization initiatives in 2023, as well as the benefits of the acquisitions completed in the second half of last year.

我們的毛利和毛利率改善與強勁的雲端服務、基礎設施成長、2023年的獲利能力改善和成本優化舉措以及去年下半年完成的收購帶來的好處有關。

Net revenue was $9.2 billion, a decrease of 12% in US dollar terms and in constant currency.

淨收入為 92 億美元，以美元計算和固定匯率計算下降 12%。

On this decline, we increased gross profit by 2% and expanded gross margin by 250 basis points to 18.2%.

在此下降的影響下，我們的毛利提高了 2%，毛利率提高了 250 個基點，達到 18.2%。

Our cloud business was a standout with gross profit of $429 million, an increase of 26%, reflecting higher growth in SaaS and infrastructure as a service.

我們的雲端業務表現出色，毛利達到 4.29 億美元，成長 26%，反映出 SaaS 和基礎設施即服務的更高成長。

Our adjusted EBITDA margin expanded 100 basis points to 5.7%.

我們調整後的 EBITDA 利潤率擴大了 100 個基點，達到 5.7%。

And adjusted diluted earnings per share were $9.69, up 6% in US dollar terms and 7% in constant currency.

調整後攤薄每股收益為 9.69 美元，以美元計算成長 6%，以固定匯率計算成長 7%。

For the year, we generated $620 million of cash flow from operations compared to $98 million in 2022.

今年，我們的營運現金流為 6.2 億美元，而 2022 年為 9,800 萬美元。

This reflects the continued decline in devices as well as our strong cash conversion cycle, which improved by 11 days.

這反映了設備數量的持續下降以及我們強勁的現金轉換週期（縮短了 11 天）。

As devices normalize in 2024, we anticipate cash flow from operations in the range of $300 million to $400 million.

隨著 2024 年設備正常化，我們預計營運現金流將在 3 億至 4 億美元之間。

Our adjusted return on invested capital for the trailing 12 months ended December 31, 2023, was 17.3% compared to 15.9% a year ago, and this also demonstrates good progress towards our long-term goal.

截至 2023 年 12 月 31 日的過去 12 個月，我們調整後的投資資本回報率為 17.3%，而去年同期為 15.9%，這也表明我們在實現長期目標方面取得了良好進展。

We exited Q4 with debt of $592 million outstanding under our ABL, lower than we had estimated given the acquisition of SADA in December.

在第四季結束時，我們的 ABL 下的未償債務為 5.92 億美元，低於我們在 12 月收購 SADA 後的估計。

Our business generated strong cash flow throughout the year.

我們的業務全年產生強勁的現金流。

And despite spending over $217 million on share repurchases in 2023 and almost $500 million on the acquisition of Amdaris and SADA in the second half of the year, debt in 2023 increased by only $300 million over 2022.

儘管 2023 年股票回購花費超過 2.17 億美元，下半年收購 Amdaris 和 SADA 花費近 5 億美元，但 2023 年的債務僅比 2022 年增加 3 億美元。

As of the end of Q4, we have approximately $1.1 billion available under a $1.8 billion ABL facility and believe we have ample capacity to fund our business operations and capital deployment priorities, including M&A.

截至第四季末，我們在 18 億美元的 ABL 融資下擁有約 11 億美元的可用資金，並且相信我們有足夠的能力為我們的業務運營和資本部署優先事項（包括併購）提供資金。

We continue to evaluate our options relative to the convertible notes as well as the impact of the convertible notes on dilution and our share repurchase strategy.

我們繼續評估與可轉換票據相關的選擇，以及可轉換票據對稀釋的影響和我們的股票回購策略。

You will find the dynamics of the convertible notes illustrated in our investor presentation.

您將在我們的投資者演示中看到可轉換票據的動態。

Our presentation shows 2023 performance relative to the metrics that we laid out at our Investor Day in October 2022.

我們的演示顯示了 2023 年的業績與我們在 2022 年 10 月投資者日制定的指標的比較。

We believe we are on track to hit these targets by 2027, as demonstrated by the strong starts from cloud gross profit growth of 26%, adjusted EBITDA margin expansion of 100 basis points to 5.7%, adjusted ROIC expansion of 140 basis points to 17.3%, and adjusted free cash flow as a percentage of adjusted net income of 173%.

我們相信，我們預計在2027 年實現這些目標，雲毛利潤增長26%、調整後EBITDA 利潤率擴張100 個基點至5.7%、調整後投入資本回報率擴張140 個基點至17.3% 的強勁開局就證明了這一點。 ，調整後自由現金流佔調整後淨利潤的比例為173%。

Moving on to SADA.

繼續講 SADA。

We acquired SADA on December 1.

我們於 12 月 1 日收購了 SADA。

SADA was immediately accretive to our margin expansion in Q4.

SADA 立即促進了我們第四季度利潤率的擴張。

Total gross margin expanded 270 basis points to 19.5%, and SADA contributed 110 basis points to that performance.

總毛利率成長 270 個基點至 19.5%，SADA 為此業績貢獻了 110 個基點。

SADA performed at the top end of the adjusted diluted EPS guidance range we shared in December.

SADA 的表現處於我們 12 月分享的調整後攤薄每股收益指導範圍的上限。

As a reminder, December is historically the strongest month of the year for SADA and, as I just outlined, was a strong contributor to our results in the quarter.

提醒一下，從歷史上看，12 月是 SADA 一年中表現最強勁的月份，正如我剛才概述的那樣，它對我們本季度的業績做出了重要貢獻。

Google is also very excited about our acquisition of SADA.

Google 對我們收購 SADA 也感到非常興奮。

We expect to work closely on alignment with them as we focus on our mutual priorities to significantly grow the business and our partnership.

我們希望與他們密切合作，專注於我們共同的優先事項，以顯著發展業務和我們的合作夥伴關係。

In 2024, we expect SADA to contribute between $0.55 to $0.65 of adjusted diluted earnings per share.

到 2024 年，我們預計 SADA 將貢獻 0.55 至 0.65 美元的調整後稀釋每股盈餘。

Let's talk about SADA seasonality.

我們來談談 SADA 的季節性。

As we discussed in December, based on the contractual commitments, revenue on multi-year contracts is recognized upfront.

正如我們在 12 月討論的那樣，根據合約承諾，多年合約的收入是預先確認的。

This creates volatility in GAAP earnings based on the historical timing of deals across the quarters.

這會導致基於各季度交易歷史時間的公認會計準則收益出現波動。

It is important to note that the underlying cash flow of business is consistent and growing quarter over quarter and year over year.

值得注意的是，業務的基本現金流是穩定的，並且逐季逐年成長。

For SADA, the second half of the year typically contributes over 100% of full-year adjusted EBITDA and Q4 is typically between 70% to 75% of the total adjusted EBITDA.

對於 SADA 來說，下半年通常貢獻全年調整後 EBITDA 的 100% 以上，第四季通常佔調整後 EBITDA 總額的 70% 至 75%。

SADA typically reports negative adjusted EBITDA in the first half.

SADA 通常會在上半年報告負調整後 EBITDA。

Q1 is significantly negative, with Q2 being breakeven.

第一季顯著為負，第二季達到損益兩平。

This is related to the historical timing of yields and lower revenue and GP in the first half and Q1 in particular, with essentially the same monthly operating expense level throughout the year.

這與上半年尤其是第一季的收益率、收入和毛利率較低的歷史時間有關，全年每月營運費用水準基本相同。

In our December results, we had the benefit of SADA's highest gross profit month on essentially flat monthly operating expenses, resulting in a high adjusted diluted EPS contribution for one month.

在我們 12 月份的業績中，我們受益於 SADA 毛利最高的月份，但每月營運費用基本上持平，導致一個月的調整後攤薄每股收益貢獻較高。

As described in the Form 8-K/A filed this morning.

正如今天早上提交的 8-K/A 表中所述。

When we worked through the details following the acquisition, we determined that SADA is not significant to Insight under SEC rules.

當我們研究收購後的細節時，我們確定根據 SEC 規則，SADA 對 Insight 並不重要。

And therefore, we're not planning to provide additional financial information.

因此，我們不打算提供額外的財務資訊。

As we look towards 2024, we expect continued strength in software, cloud, and Insight Core Services both organically and with the acquisitions we have made.

展望 2024 年，我們預計軟體、雲端和 Insight 核心服務將繼續保持強勁勢頭，無論是有機成長還是透過我們進行的收購。

We anticipate cloud gross profit will grow in excess of 35% and Insight Core Services GP will also grow in excess of 20%.

我們預計雲毛利潤將成長超過 35%，Insight Core Services GP 也將成長超過 20%。

We believe our pricing and profitability initiatives are now part of our operating rhythm and the improvements in our gross margin profile should continue in 2024 and beyond.

我們相信，我們的定價和獲利舉措現已成為我們營運節奏的一部分，我們的毛利率狀況應該會在 2024 年及以後繼續改善。

We expect our clients to remain cautious with their spending, particularly in the first half.

我們預計客戶對其支出保持謹慎，尤其是在上半年。

We anticipate modest sequential improvement in device demand with a stronger second half driven by an upcoming refresh cycle based on our conversations with our partners and clients.

根據我們與合作夥伴和客戶的對話，我們預計設備需求將出現適度的連續改善，下半年將在即將到來的更新周期的推動下出現強勁增長。

We expect our business will strengthen throughout the year.

我們預計我們的業務全年都會增強。

We expect SADA will be accretive to our results and meaningfully contribute to gross margin expansion and operating cash flow and, in a more muted way, to adjusted EBITDA margin expansion.

我們預計 SADA 將增加我們的業績，並為毛利率擴張和營運現金流做出有意義的貢獻，並以更溫和的方式為調整後的 EBITDA 利潤率擴張做出貢獻。

SADA has higher operating expenses as a percentage of revenue and as a percentage of gross profit, and this will drive higher operating expense growth in 2024 compared to gross profit growth.

SADA 的營運費用佔收入的百分比和占毛利潤的百分比較高，這將推動 2024 年營運費用的成長高於毛利的成長。

As we think about our guidance for the full year of 2024, we expect to deliver gross profit growth in the mid to high teens range and expect that our gross margin will be approximately 19%.

當我們考慮 2024 年全年的指引時，我們預計毛利成長將在中位數至高位數範圍內，毛利率約為 19%。

We expect that operating expenses will grow at a higher rate than gross profit.

我們預期營業費用的成長速度將高於毛利的成長速度。

And we expect adjusted diluted earnings per share for the full year will be between $10.50 and $10.80, which represents a 10% growth at the midpoint.

我們預計全年調整後攤薄每股收益將在 10.50 美元至 10.80 美元之間，中間值將成長 10%。

With the impact of SADA seasonality, we anticipate that Insight's Q1 adjusted diluted earnings per share will be flat compared to last year.

受SADA季節性影響，我們預計Insight第一季調整後稀釋每股盈餘將與去年持平。

And we expect that Q4 will now be the largest quarter in all respects in terms of net sales, gross profit, gross margin, adjusted EBITDA, and adjusted diluted EPS.

我們預計第四季將成為淨銷售額、毛利、毛利率、調整後 EBITDA 和調整後稀釋每股盈餘各方面最大的季度。

This guidance includes interest expense between $40 million and $42 million, an effective tax rate of 26% for the full year, capital expenditures of $50 million to $55 million, and average share count for the year of 35.2 million shares.

該指引包括 4,000 萬至 4,200 萬美元的利息支出、全年 26% 的有效稅率、5,000 萬至 5,500 萬美元的資本支出以及 3,520 萬股的當年平均股數。

This outlook excludes acquisition-related intangible amortization expense of approximately $60 million, assumes no acquisition related or severance and restructuring and transformation expenses, and assumes no meaningful change in our debt instruments or the macroeconomic outlook.

這項展望不包括約 6,000 萬美元的收購相關無形攤銷費用，假設沒有收購相關費用或遣散費、重組和轉型費用，並假設我們的債務工具或宏觀經濟前景沒有任何有意義的變化。

I will now turn the call back to Joyce.

我現在將把電話轉回給喬伊斯。

Thanks, Glynis.

謝謝，格萊尼斯。

We are pleased with the numerous foundational improvements we made in 2023, and our results demonstrate the resilience of our business.

我們對 2023 年所取得的眾多基礎性改進感到滿意，我們的結果證明了我們業務的彈性。

We have accelerated our pricing and profitability programs, enhanced our e-commerce platform, expanded our leadership team, invested in our internal systems to increase productivity, and improved our cost structure.

我們加快了定價和盈利計劃，增強了我們的電子商務平台，擴大了我們的領導團隊，投資了我們的內部系統以提高生產力，並改善了我們的成本結構。

Additionally, we acquired two strategic cloud and services companies.

此外，我們也收購了兩家策略雲端和服務公司。

These improvements, coupled with our focus on the fastest growing areas of the market, position us well for the future.

這些改進，加上我們對市場成長最快領域的關注，使我們為未來做好了準備。

We have a healthy balance sheet, and our business delivers strong cash flow, giving us the capacity to fund our capital allocation priorities, particularly strategic acquisitions to drive long-term profitable growth and return capital to our shareholders.

我們擁有健康的資產負債表，我們的業務提供強勁的現金流，使我們有能力為我們的資本配置優先事項提供資金，特別是戰略收購，以推動長期盈利增長並向股東返還資本。

We recognize the market will remain challenged in the short-term, but believe our portfolio of solutions gives us the resiliency to navigate through this economic cycle.

我們認識到市場在短期內仍將面臨挑戰，但相信我們的解決方案組合使我們有能力度過這個經濟週期。

And the long-term dynamics of the IT industry are very strong and we believe we are well positioned to drive profitable growth.

IT 產業的長期動力非常強勁，我們相信我們有能力推動獲利成長。

Our performance over the past year in the phase of a difficult hardware demand environment has reinforced our confidence in our strategy and ability to deliver outcomes to our clients.

過去一年，在硬體需求困難的階段，我們的表現增強了我們對我們的策略和為客戶提供成果的能力的信心。

In closing, I want to thank our teammates for their commitment to our clients, partners, and each other; our clients for trusting Insight to help them with their transformational journeys, our partners for their continued collaboration and support in delivering innovative solutions to our clients.

最後，我要感謝我們的團隊成員對我們的客戶、合作夥伴以及彼此的承諾；感謝我們的客戶信任 Insight 來幫助他們完成轉型之旅，感謝我們的合作夥伴在為客戶提供創新解決方案方面的持續合作和支持。

This concludes my comments, and we will now open the line for your questions.

我的評論到此結束，我們現在將開通您的提問熱線。

Thank you.

謝謝。

(Operator Instructions) Joseph Cardoso, from JPMorgan.

（操作員指示）約瑟夫·卡多佐（Joseph Cardoso），來自摩根大通。

Good morning, everyone, and thanks for the question.

大家早安，謝謝你的提問。

So maybe my first question here, big picture question.

所以也許我的第一個問題是大局問題。

As we're sitting here two months into the New Year, can you just touch on how your customer IT budgets are shaping up for 2024 in the sense of whether you have seen an expansion or contraction relative to 2023?

新年已經過去兩個月了，您能談談您的客戶 IT 預算在 2024 年的情況嗎？相對於 2023 年，您是否看到了擴張或收縮？

And then within that budget framework, what are you seeing as the key investment priorities for 2024?

那麼在該預算框架內，您認為 2024 年的主要投資重點是什麼？

And have you seen any dramatic shifts in key focus areas for your customers, like for example AI from security or some other infrastructure areas?

您是否看到客戶的關鍵關注領域發生了任何巨大變化，例如來自安全或其他一些基礎設施領域的人工智慧？

Just curious if you're seeing any dramatic shifts in terms of priorities.

只是好奇您是否發現優先事項發生了任何戲劇性的變化。

And then I have a follow-up on the guidance.

然後我會對指導進行後續處理。

Thanks.

謝謝。

Hi, Joe. Good morning.

嗨，喬。早安.

So when we think about our 2024 trajectory, just as Glynis was saying, I mean, it's really -- we're seeing some improvement sequentially, but we expect this first half to be a little bit lighter.

因此，當我們思考 2024 年的軌跡時，正如 Glynis 所說，我的意思是，我們確實看到了一些連續的改善，但我們預計上半年會稍微輕鬆一些。

And we expect more strength in the second half.

我們預計下半年會更加強勁。

And that's playing out certainly with what we're seeing in the first couple of months.

這肯定與我們在前幾個月所看到的情況相符。

In terms of budget priorities, I should also note that we are seeing a bit more optimism in the commercial segment, which is typical for an economic recovery.

在預算優先事項方面，我還應該指出，我們看到商業領域更加樂觀，這是經濟復甦的典型特徵。

Because we generally see smaller customers recover sooner, and it takes a little while for that to bleed into the enterprise space.

因為我們通常會看到較小的客戶恢復得更快，並且需要一段時間才能滲透到企業領域。

And so I would say, we're also seeing that.

所以我想說，我們也看到了這一點。

In terms of budget priorities, no real changes from where we've been over the last couple of quarters.

就預算優先事項而言，與過去幾個季度相比沒有真正的變化。

I mean, lots of interest, of course, and prioritization around security.

我的意思是，當然，人們很感興趣，並且優先考慮安全性。

We have seen, as Glynis noted, some softening in the infrastructure space, and that's really digestion of all of the deliveries that we shipped over the past year, frankly.

正如格萊尼斯指出的那樣，我們已經看到基礎設施領域出現了一些疲軟，坦白說，這實際上是我們去年交付的所有交付量的消化。

And we are seeing a bit more interest in device refresh, as Windows 11 looms.

隨著 Windows 11 的臨近，我們發現人們對裝置更新更加感興趣。

But also AIPCs are pretty interesting to our clients.

但我們的客戶也對 AIPC 非常感興趣。

And this notion of edge management of smaller and large -- small language models, large language models.

這種小型和大型邊緣管理的概念—小型語言模型、大型語言模型。

So I think no real dramatic changes, except for infrastructure softening as we digest the deliveries that we talked about.

因此，我認為除了我們消化我們所討論的交付時基礎設施軟化之外，沒有真正的重大變化。

Appreciate the color.

欣賞顏色。

The AI is also, just by the way, are probably more back-end loaded for sure.

順便說一句，人工智慧肯定也有更多的後端負載。

And then the other thing we should probably note is now, everybody's notebook fleets are getting pretty old.

然後我們可能應該注意到的另一件事是現在，每個人的筆記型電腦都變得相當舊了。

So I think that's also driving some of the interest in device refresh.

所以我認為這也激發了人們對設備更新的興趣。

We expect that more to be stronger in the back half of the year.

我們預計下半年會更加強勁。

No, got it.

不，明白了。

Appreciate the color there, Joyce.

欣賞那裡的顏色，喬伊斯。

And then just my next question on the guidance.

然後是我關於指導的下一個問題。

While the gross profit growth you're embedding into the full year is quite robust, I think most of us were a bit surprised to see the expectation for operating expense to outpace it, particularly just given the execution relative to operating leverage over the past two years.

雖然全年的毛利成長相當強勁，但我認為我們大多數人都對營運支出超過毛利的預期感到有點驚訝，特別是考慮到過去兩年相對於營運槓桿的執行情況。

Can you maybe just double click there and provide more granularity where those investments are being made?

您能否雙擊那裡並提供這些投資的更詳細資訊？

And probably more importantly, how we should think about the transitory nature of them versus, say, structural?

也許更重要的是，我們該如何考慮它們的短暫性與結構性？

Thanks.

謝謝。

Appreciate the questions, guys.

感謝你們提出的問題。

Okay.

好的。

So, Alex -- sorry, not Alex, Joe. What I would say is, when you look at the guidance, embedded in there is our organic business is maintaining the standard Insight trajectory at low single digit -- mid to low single-digit increase in SG&A.

所以，亞歷克斯——對不起，不是亞歷克斯，喬。我想說的是，當你查看指南時，我們的有機業務將標準 Insight 軌跡維持在低個位數——SG&A 的中低個位數成長。

What you're seeing is the impact primarily of SADA, which does have higher SG&A growth relative to GP growth, and the eleven months that we have of that in 2027 that's driving that impact, the ongoing -- 2024 that's driving that impact.

您看到的主要是 SADA 的影響，相對於 GP 成長，SADA 的 SG&A 成長確實更高，我們在 2027 年的 11 個月中推動了這種影響，持續的 2024 年也推動了這種影響。

I apologize.

我道歉。

That's driving that impact.

這正在推動這種影響。

So we anticipate that we didn't do the SADA acquisition for cost synergies.

因此，我們預期收購 SADA 並不是為了成本綜效。

We did it for the strategic impact and the revenue synergies that we thought we could get with being a robust multi cloud provider.

我們這樣做是為了獲得策略影響和收入協同效應，我們認為透過成為強大的多雲提供者可以獲得這一點。

We'll take a look at SG&A over the next year or so, but for the main 2024 year, we anticipate that we will be much more focused on revenue synergies and will be on OpEx synergies associated with SADA.

我們將在未來一年左右關注 SG&A，但對於 2024 年的主要年份，我們預計我們將更加關注收入協同效應，並將關注與 SADA 相關的營運支出協同效應。

And we'll address it over time.

我們將隨著時間的推移解決這個問題。

Got it.

知道了。

Thanks.

謝謝。

Appreciate the color.

欣賞顏色。

Yeah, despite the lower organic growth rate, we took -- if you look at North America, North America SG&A is down year over year.

是的，儘管有機成長率較低，但我們認為－如果你看看北美，你會發現北美的銷售、管理及管理費用（SG&A）逐年下降。

We made some reductions in North America in 2023 specifically to free up dollars to make investments in the technical areas and sales areas going forward in 2024.

我們在 2023 年對北美進行了一些削減，專門是為了騰出資金在 2024 年對科技領域和銷售領域進行投資。

And we're still continuing with those.

我們仍在繼續這些工作。

Thank you.

謝謝。

Appreciate it.

欣賞它。

Thank you.

謝謝。

Matt Sheerin, Stifel.

馬特謝林，史蒂菲爾。

Yes.

是的。

Thank you, and good morning.

謝謝你，早安。

A couple of questions for me.

有幾個問題問我。

First, in terms of the hardware decline that you've seen, it looks like it actually accelerated year over year, particularly in North America.

首先，就您所看到的硬體下降而言，看起來實際上逐年加速，特別是在北美。

And I know part of that was on the infrastructure side.

我知道其中一部分是在基礎設施方面。

Was that the first down quarter, year over year, in terms of infrastructure and, particularly, networking?

這是基礎設施尤其是網路方面第一個年減的季度嗎？

And what's your sense of how many quarters it's going to take before you start to see that recover?

您認為需要多少季才能看到經濟復甦？

Hi, Matt.

嗨，馬特。

So infrastructure -- I mean, so we started -- just to remind you, we started shipping backlog basically in Q1 of last year and shipped backlog all the way through about Q3.

所以基礎設施——我的意思是，所以我們開始了——只是提醒你，我們基本上從去年第一季開始運送積壓訂單，並一直到第三季運送積壓訂單。

Backlog has largely normalized, I think. when we talked to you at the end of Q3.

我認為積壓已基本正常化。當我們在第三季末與您交談時。

And we saw infrastructure decline in Q4.

我們在第四季看到基礎設施有所下降。

So we expect that that will be soft for a few quarters, and that's really just everyone digesting the equipment that they've acquired during the last year.

因此，我們預計這將在幾個季度內保持疲軟，這實際上只是每個人都在消化他們去年購買的設備。

It's the same shape of demand that we saw with devices.

這與我們在設備上看到的需求形狀相同。

It just happens now that we're starting to see sequential improvement in devices, and we expect that to strengthen through the back half of the year.

現在我們開始看到設備的連續改進，我們預計這種改進將在今年下半年得到加強。

Okay, so like a three-quarter lag

好的，就像四分之三的滯後

(multiple speakers)

（多個發言者）

Overall, we expect hardware to grow -- sorry, go ahead.

總的來說，我們預計硬體會成長——抱歉，繼續吧。

No, I'm sorry.

不，我很抱歉。

You said you expect hardware to grow later this year.

您說您預計今年稍後硬體將會成長。

Yeah, mid-single digits all in.

是的，全部都是中個位數。

Got it.

知道了。

And that's -- yeah.

那是——是的。

If client devices is growing faster, what's the attach rate?

如果客戶端設備成長得更快，那麼附加率是多少？

I know that in the solution side, there's a good attach rate of services and other things.

我知道在解決方案方面，服務和其他方面的附加率很高。

I know there's some attach rate to client devices.

我知道客戶端設備有一定的附加率。

But in terms of how the gross margin shakes out, is it greater for the infrastructure side so that could be a little bit of a headwind on gross margin?

但就毛利率如何變化而言，基礎設施的影響是否更大，因此可能會對毛利率產生一點阻力？

So gross margin on devices is lower than the hardware gross margin on infrastructure.

因此，設備的毛利率低於基礎設施的硬體毛利率。

There is significant attachment of services, and devices are generally a bigger part of a business than infrastructure.

服務具有重要的依附性，並且設備通常比基礎設施在企業中所佔的比例更大。

So we expect that device recovery should help services overall,.

因此，我們預計設備恢復應該有助於整體服務。

And by the way, we've put in, as we've mentioned a few times, profitability and pricing programs on hardware that we expect to continue.

順便說一句，正如我們多次提到的那樣，我們已經在硬體上實施了盈利和定價計劃，我們預計將繼續下去。

Got it.

知道了。

Okay.

好的。

And then it looks like you're guiding share count for the year up 700,000 shares or so.

然後看起來你正在指導今年的股票數量增加 70 萬股左右。

What, Glynis, is the right number for the first quarter?

格萊尼斯，第一季的正確數字是多少？

Is that increase due to the converts?

這種增長是由於皈依者造成的嗎？

And could you walk us through the mechanics there?

您能向我們介紹一下那裡的機制嗎？

Yes.

是的。

We have a schedule in the back that can help you walk -- in the back of the presentation that can help walk you through the mechanics.

我們在後面有一個時間表可以幫助您行走 - 在簡報的後面可以幫助您了解機制。

We will be doing a $35 million share repurchase.

我們將進行 3500 萬美元的股票回購。

It is included in the guidance and in the share count that you have there.

它包含在指南和您擁有的份額計數中。

And we'll evaluate where our stock price goes relative to the warrants that really trigger the increase in the share count as we go throughout the year.

我們將評估我們的股價相對於認股權證的走勢，這些認股權證在全年中真正引發了股票數量的增加。

And we'd be willing to make other adjustments as we go forward.

我們願意在前進的過程中做出其他調整。

The $35 million purchase is primarily around equity dilution -- offsetting equity dilution.

這次 3500 萬美元的收購主要是為了股權稀釋——抵消股權稀釋。

And we're doing that in Q1.

我們在第一季就這樣做了。

And we're doing that in Q1.

我們在第一季就這樣做了。

Got it.

知道了。

Okay.

好的。

And just if I can ask another question regarding gross margin, just because of the significant impact from SADA last quarter, I think you said 110 basis points.

如果我可以問另一個關於毛利率的問題，只是因為上季 SADA 的重大影響，我想你說的是 110 個基點。

So I guess, right off the bat, we wouldn't expect that decline, but it could be greater, right?

所以我想，我們不會立即預料到這種下降，但下降幅度可能會更大，對吧？

Because their gross margin is much lower seasonally, correct?

因為他們的毛利率季節性低很多，對嗎？

No.

不。

So the seasonal impact of SADA is driven because revenue and GP, the dollars, are lower in the first quarter and second quarter than they are in the second half of the year, Q3 and in Q4.

因此，SADA 的季節性影響是因為第一季和第二季的營收和 GP（美元）低於下半年、第三季和第四季。

And essentially SG&A is flat.

SG&A 基本上持平。

So the impact for SADA in Q1 is really much more around the EBIT impact that they will have on us relative to the negative

因此，第一季 SADA 的影響實際上更多是它們對我們產生的息稅前利潤（EBIT）影響，而不是負面影響

--

--

I got it.

我得到了它。

Because of the OpEx, okay.

因為運營支出，好吧。

Because of the OpEx.

因為運營支出。

Because of the OpEx.

因為運營支出。

Yeah, yeah.

是啊是啊。

But it's not going to be a decline in

但這並不會下降

[GP].

[全科醫生]。

But overall, remember, we got the strongest quarter of SADA -- strongest month of SADA in December.

但總的來說，請記住，我們在 12 月獲得了 SADA 最強的季度——SADA 最強的月份。

So the SG&A -- and it had an impact of 110 basis points.

因此，SG&A——它產生了 110 個基點的影響。

But I wouldn't want you to think that every quarter is going to be 110 basis points.

但我不希望你認為每季都會上漲 110 個基點。

Which is why we're guiding (multiple speakers) the gross margins to 19% range, right.

這就是為什麼我們（多位發言者）將毛利率控制在 19% 的範圍內，對吧。

Got it.

知道了。

Exactly.

確切地。

Okay.

好的。

Thank you very much.

非常感謝。

Continue investing during periods of

期間繼續投資

--

--

Thank you.

謝謝。

Adam Tindle, Raymond James.

亞當·廷德爾，雷蒙德·詹姆斯。

Okay.

好的。

Thank you.

謝謝。

This is Jake Morrison on for Adam.

這是亞當的傑克·莫里森。

I just wanted to start on linearity in the quarter.

我只想從本季的線性開始。

We heard from some peers that the month of December was weaker than anticipated, and they didn't see the budget flush they were expecting.

我們從一些同行得知，12 月的情況弱於預期，他們沒有看到預期的預算充裕。

Can you just touch on the environment you saw in the core business in December and how that played into your 2024 outlook?

您能否談談 12 月在核心業務中看到的環境以及這對您 2024 年的展望有何影響？

Thank you.

謝謝。

Yeah.

是的。

Thanks, Jake.

謝謝，傑克。

Yeah, we would agree with that.

是的，我們同意這一點。

It's exactly what we saw.

這正是我們所看到的。

We didn't expect as much budget flush as we had seen in previous years, but we definitely saw softness in December, particularly on infrastructure.

我們預計不會像前幾年那樣出現如此多的預算充裕，但我們確實看到了 12 月的疲軟，特別是在基礎設施方面。

And although we're seeing -- we saw some sequential increase in Q4 associated with devices, it's still down on a year-over-year basis.

儘管我們看到第四季度與設備相關的數量出現了一些連續增長，但同比仍然下降。

And as you go into 2024, we do believe that we'll see some strengthening in hardware, specifically devices, throughout the year.

進入 2024 年，我們確實相信全年硬體（特別是設備）都會得到一些加強。

And there's some sequential improvement in hardware between Q4 and Q1, but it's still ultimately muted and down relative to the first half of 2023.

在第四季和第一季之間，硬體方面出現了一些連續改進，但與 2023 年上半年相比，最終仍處於減弱狀態。

Got it.

知道了。

That makes sense.

這就說得通了。

And then last one for me, just double clicking on that.

然後是我的最後一個，只需雙擊它即可。

What exactly is this 19% gross margin contemplating in terms of return to device spending?

就設備支出回報而言，19% 的毛利率到底是多少？

What are you guys hearing?

你們聽到什麼？

I know you mentioned the AI-enabled computers coming out, but what are you guys contemplating in terms of return to device spending in relative to price increases?

我知道你提到了人工智慧計算機的問世，但相對於價格上漲，你們在考慮設備支出回報方面如何？

Thank you.

謝謝。

So when we think about the device -- so, first of all, we think devices are going to improve sequentially.

因此，當我們考慮設備時，首先，我們認為設備將會不斷改進。

But as Glynis just said, they're down still.

但正如格萊尼斯剛才所說，他們仍然處於低迷狀態。

We expect them to be in the in growth -- growing in the back half of the year.

我們預計它們將在今年下半年成長。

Overall, we expect hardware to grow mid-single digits.

總體而言，我們預計硬體將實現中個位數成長。

When it comes to devices, we believe that -- first of all, everybody's got notebooks now.

談到設備，我們相信——首先，現在每個人都有筆記型電腦。

There's many fewer desktops.

桌面數量少了很多。

The life of notebooks is generally shorter.

筆記本的壽命普遍較短。

Those notebooks are aging, and there's a lot of interest in AI-enabled PCs, but also refresh due to Windows 11.

這些筆記型電腦正在老化，人們對支援 AI 的 PC 很感興趣，但也因 Windows 11 而更新。

And also, everyone needs to be able to operate in a hybrid environment.

而且，每個人都需要能夠在混合環境中操作。

And so there's improvements around quality, sound quality, cameras, et cetera, et cetera.

因此，品質、音質、攝影機等方面都有了改進。

So the ASPs are likely to be higher, and that will help us.

因此，平均售價可能會更高，這將對我們有所幫助。

Perfect.

完美的。

Thank you.

謝謝。

Thanks, Jake.

謝謝，傑克。

Next question?

下一個問題？

Thank you.

謝謝。

Anthony Lebiedzinski, Sidoti & Company.

安東尼‧萊別津斯基 (Anthony Lebiedzinski)，西多蒂公司 (Sidoti & Company)。

Good morning, and thank you for taking the questions.

早上好，感謝您提出問題。

So first, I just wanted to follow-up on the last person asking the question about the AI-enabled PCs.

首先，我只想跟進最後一個提出有關人工智慧 PC 問題的人。

Is that something that -- in your conversations with your customers, have they brought up that topic as far as -- is there actually -- do you sense that there's pent-up demand for that?

在你與客戶的對話中，他們是否提到了這個主題——實際上有嗎——你是否感覺到對此有被壓抑的需求？

And do you think that's part of the reason why you haven't seen devices come back?

您認為這是您沒有看到設備回歸的部分原因嗎？

It's just that customers are waiting for those AI-enabled PCs.

只是客戶正在等待那些支援人工智慧的個人電腦。

Anthony, I would not say that.

安東尼，我不會這麼說。

I think we're at the beginning of the beginning of this Gen AI period.

我認為我們正處於人工智慧時代的開始階段。

So I think very -- customers are very, very interested in understanding what Gen AI can do.

所以我認為客戶非常非常有興趣了解 Gen AI 的功能。

They are trying to understand things like security and policy, governance, training, change management, how to make sure their data is set up.

他們試圖了解安全和政策、治理、培訓、變更管理以及如何確保資料已建立等問題。

There's lots and lots of questions.

有很多很多的問題。

We're spending a lot of time on this with our clients, but I don't think that is materially impacting spend yet in standard customers.

我們在客戶身上花費了大量時間，但我認為這不會對標準客戶的支出產生重大影響。

Of course, there's a lot of people buying chips and a lot of people building data centers and things like that.

當然，有很多人購買晶片，也有很多人建造資料中心之類的東西。

But in terms of normal enterprises and organizations, I would not say that that is driving it.

但就正常的企業和組織而言，我不會說這是推動它的因素。

I think the caution -- the overall macro caution is driving some delay in spending.

我認為謹慎——整體宏觀謹慎正在導致支出有所延遲。

And lots and lots of our customers are just trying to figure out how their year is going to shake out.

我們的許多客戶都在想知道他們的這一年將會如何發展。

And I think that is the big issue.

我認為這是一個大問題。

I think there is a forcing function in the back half of the year, primarily around refresh and also around Windows 11, that -- we're starting to hear lots of questions about that.

我認為今年下半年會有一個強制功能，主要是圍繞著刷新以及 Windows 11，我們開始聽到很多關於此的問題。

And this AI PC I think is going to help us with a certain segment of the customer base as the use cases become clear and the value becomes more obvious.

我認為，隨著用例變得清晰、價值變得更加明顯，這款人工智慧電腦將幫助我們獲得特定的客戶群。

But I would not call that -- I don't think that's a driving factor of the caution in the spend on devices.

但我不會這麼說——我不認為這是謹慎購買設備的驅動因素。

Okay.

好的。

Thanks for that color.

謝謝那個顏色。

Definitely appreciate that.

絕對欣賞這一點。

And then also just overall, in terms of thinking about the guidance that you provided for this year for gross profit and operating expense growth.

然後，總體而言，考慮您為今年提供的毛利和營業費用增長的指導。

I guess as we move beyond this year, would it be reasonable to assume that your operating expenses would grow at a lower rate than gross profit growth?

我想，隨著今年的過去，假設您的營運費用成長速度低於毛利成長速度是否合理？

Just in terms of looking at your 2027 KPIs, I would think that once you get into next year, your operating expenses should grow at a more modest rate than gross profit growth.

僅就2027年的KPI而言，我認為一旦進入明年，您的營運支出成長速度應該比毛利成長更為溫和。

Is that the right way to think about that?

這是正確的思考方式嗎？

Absolutely.

絕對地。

And that is really driven by the continued growth in cloud and services and software, like we've been talking about, the fastest growing areas of the market, the areas where our customers need the most help.

這實際上是由雲端、服務和軟體的持續成長所推動的，就像我們一直在談論的那樣，是市場成長最快的領域，也是我們的客戶最需要幫助的領域。

And also, normalizing OpEx as we learn more about how to manage these businesses, for sure.

當然，隨著我們更了解如何管理這些業務，營運支出也會正常化。

That is consistent with our KPIs that we put out in October of 2022.

這與我們在 2022 年 10 月推出的 KPI 一致。

Understood.

明白了。

And just a quick balance sheet question.

只是一個簡單的資產負債表問題。

I saw that there was a big spike in long-term accounts receivable and long-term accounts payable.

我看到長期應收帳款和長期應付帳款大幅增加。

Is this because of SADA or is there something else driving that?

這是因為 SADA 還是有其他原因？

Yes.

是的。

It's primarily related to the SADA acquisition in terms of how we're reflecting the committed contract terms on our books.

就我們如何在帳簿上反映承諾的合約條款而言，這主要與 SADA 收購有關。

I can walk you through that in more detail if you'd like, but that's primarily related to the accounting mechanics of SADA.

如果您願意，我可以更詳細地向您介紹這一點，但這主要與 SADA 的會計機制有關。

Understood.

明白了。

Okay.

好的。

Well, thank you very much and best of luck.

嗯，非常感謝你，祝你好運。

Thanks, Anthony.

謝謝，安東尼。

Appreciate it.

欣賞它。

Thank you.

謝謝。

Vincent Colicchio, Barrington Research.

文森特·科利奇奧，巴靈頓研究中心。

Yeah.

是的。

A question on the pricing and profitability initiatives.

關於定價和獲利計劃的問題。

Did they perform as expected in the quarter?

他們在本季的表現是否達到預期？

Are there any areas of pushback?

是否有任何阻礙的領域？

Yeah.

是的。

I mean, they absolutely performed per our expectations.

我的意思是，他們的表現絕對符合我們的期望。

And we're really pleased with those initiatives, and we think they have a lot of staying power.

我們對這些舉措非常滿意，我們認為它們具有很強的持久力。

As Glynis said, we have built them into the mechanics of our operating rhythm, and we expect to drive continued improvement there.

正如 Glynis 所說，我們已將它們納入我們的營運節奏機制中，我們希望推動這方面的持續改進。

And how are you feeling about growth prospects in North America versus EMEA in '24?

您對 24 年北美與歐洲、中東和非洲的成長前景有何看法？

We expect North America to be stronger, and we expect every segment in North America to grow.

我們預計北美將變得更強大，我們預計北美的每個細分市場都會成長。

But we also expect EMEA to improve as well.

但我們也預期 EMEA 也會有所改善。

You had called out enterprise spend.

您曾呼籲企業支出。

Curious on SMB and government.

對中小企業和政府感到好奇。

Anything to call out there?

那裡有什麼要喊的嗎？

We are seeing sequential improvement in both, and we expect both to grow for the year.

我們看到兩者都在連續改善，並且預計今年兩者都會成長。

As I said earlier, SMB spend is usually a good indicator that the other segments will follow.

正如我之前所說，中小企業支出通常是其他細分市場跟進的良好指標。

And so we expect that to be true, and we're encouraged by what we're seeing in the SMB space.

因此，我們希望這是真的，並且我們對中小型企業領域所看到的情況感到鼓舞。

Thank you.

謝謝。

Thanks, Vincent.

謝謝，文森特。

Thank you.

謝謝。

We have no further questions on the line.

我們沒有其他問題了。

So I'd like to hand it back to the management team for any final remarks.

因此，我想將其交還給管理團隊以徵求最終意見。

Thank you very much to all of you for your questions and your interest.

非常感謝大家的提問和興趣。

We are very excited about the opportunities ahead of us.

我們對面前的機會感到非常興奮。

And I look forward to sharing our continued progress on our journey to becoming the leading solutions integrator.

我期待與大家分享我們在成為領先的解決方案整合商的過程中不斷取得的進展。

You can now close the call, operator.

接線員，您現在可以結束通話了。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you all again for joining today's conference call with Insight Enterprises.

再次感謝大家參加今天與 Insight Enterprises 舉行的電話會議。

You may now disconnect your line and please enjoy the rest of your day.

現在您可以斷開線路，並享受接下來的一天。