Insight Enterprises Inc (NSIT) 2024 Q2 法說會逐字稿

Hello, and welcome to Insight Enterprises second-quarter 2024 operating results.

您好，歡迎閱讀 Insight Enterprises 2024 年第二季營運業績。

My name is Kiki, and I will be your call operator today.

我叫琪琪，今天我將擔任您的接線生。

(Operator instructions)

（操作員說明）

I will now hand you over to your host, James Morgado, Senior Vice President, Finance and CFO of Insight North America to begin.

現在我將請主持人、Insight North America 財務高級副總裁兼財務長 James Morgado 開始演講。

James, please go ahead.

詹姆斯，請繼續。

Welcome, everyone, and thank you for joining the Insight Enterprises earnings conference call.

歡迎大家，並感謝您參加 Insight Enterprises 的財報電話會議。

Today, we will be discussing the Company's operating results for the quarter ended June 30, 2024.

今天，我們將討論公司截至 2024 年 6 月 30 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.

如果您沒有今天早上發布並透過 8-K 表格向美國證券交易委員會提交的收益發布或隨附幻燈片簡報的副本。

You'll find it on our website at insight.com under the Investor Relations section.

您可以在我們的網站 Insight.com 的“投資者關係”部分找到它。

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.

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。

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.

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, August 1, 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 8 月 1 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 express 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。

And today's conference call will be referring to the non-GAAP financial measures as we discuss the second quarter 2024 financial results.

今天的電話會議在討論 2024 年第二季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'll find a reconciliation of these adjusted measures to our actual GAAP results included in both the press release and the company's slide presentation issued earlier today.

您會發現這些調整後的指標與我們今天早些時候發布的新聞稿和公司幻燈片演示中包含的實際 GAAP 結果進行了協調。

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 USD terms.

此外，除非強調為固定貨幣，否則討論的所有金額和增長率均以美元計算。

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 reports 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 statements 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, and if you're following along with a slide presentation, we'll begin on slide 4.

現在，我將把電話轉給喬伊斯，如果您正在聽幻燈片演示，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 Q2, we delivered double digit cloud and core services gross profit growth and expanded gross margin and adjusted EBITDA margin despite a choppy demand environment.

儘管需求環境波動，第二季我們的雲端和核心服務毛利仍達到兩位數成長，毛利率擴大，調整後的 EBITDA 利潤率也有所提高。

Our strategy to focus on solutions for our clients, including cloud, services and the fastest growing areas of the market has delivered improved economics to our shareholders.

我們專注於為客戶提供解決方案的策略，包括雲端、服務和市場成長最快的領域，為我們的股東帶來了更好的經濟效益。

In addition, the profitability initiatives and the operating expense actions we have taken over the past several quarters have strengthened our foundation and improved resilience of our business.

此外，我們在過去幾季採取的獲利措施和營運費用行動鞏固了我們的基礎並提高了我們業務的彈性。

All of these elements are critical to our strategy to become the leading solutions integrator.

所有這些要素對於我們成為領先的解決方案整合商的策略至關重要。

We have also continued to invest in sales and technical resources as well as new growth areas such as gen-AI solutions, which will be critical as demand improves.

我們也繼續投資於銷售和技術資源以及新的成長領域，例如人工智慧解決方案，隨著需求的改善，這將變得至關重要。

Here are a few highlights from Q2.

以下是第二季的一些亮點。

Gross profit grew 5% to $453 million.

毛利成長 5%，達到 4.53 億美元。

Gross margin expanded by 260 basis points to 21%.

毛利率成長 260 個基點，達到 21%。

Cloud gross profit increased 21% to $139 million.

雲毛利潤成長 21%，達到 1.39 億美元。

Inside core services gross profit increased 12% to $81 million.

內部核心服務毛利成長 12%，達到 8,100 萬美元。

Additionally, adjusted EBITDA margin expanded by 60 basis points to 6.5% a Q2 record.

此外，調整後 EBITDA 利潤率擴大 60 個基點，達到 6.5%，創第二季紀錄。

And adjusted EBITDA increased 3% to $141 million.

調整後 EBITDA 成長 3%，達到 1.41 億美元。

We achieved these results despite an uncertain macro environment and lower than expected demand, especially in our product business.

儘管宏觀環境不確定且需求低於預期，特別是在我們的產品業務中，我們還是取得了這些成果。

We also had higher interest expense related to acquisitions, resulting in a decline in adjusted diluted EPS of 4% in the quarter.

我們也因收購而產生了較高的利息支出，導致本季調整後攤薄每股收益下降 4%。

Overall, the variability and seasonality of our business is changing as we focus on selling more services and cloud centric solutions and as the industry shifts towards consumption-based models.

總體而言，隨著我們專注於銷售更多服務和以雲端為中心的解決方案以及產業轉向基於消費的模式，我們業務的可變性和季節性正在改變。

Our first half results are more indicative of our execution and the progress we are making towards our solutions integrator ambitions.

我們上半年的業績更能說明我們的執行力以及我們在實現解決方案整合商目標方面所取得的進展。

Year-to-date through Q2 compared to the prior year period, gross profit grew 8% to $894 million.

今年迄今到第二季度，與去年同期相比，毛利成長了 8%，達到 8.94 億美元。

Gross margin expanded by 210 basis points to 19.7%.

毛利率擴大 210 個基點至 19.7%。

Cloud gross profit increased 26%, $256 million.

雲毛利潤成長 26%，達到 2.56 億美元。

Inside core services gross profit increased 18% to $156 million.

內部核心服務毛利潤成長 18%，達到 1.56 億美元。

Adjusted EBITDA margin expanded by 90 basis points to 6%.

調整後 EBITDA 利潤率擴大 90 個基點，達到 6%。

Adjusted EBITDA increased 15% to $274 million, and adjusted diluted EPS was up 11%.

調整後 EBITDA 成長 15%，達到 2.74 億美元，調整後稀釋每股盈餘成長 11%。

As a reminder, our ambition is to become the leading solutions integrator by integrating hardware, software and services to drive business outcomes for our clients.

謹此提醒，我們的目標是透過整合硬體、軟體和服務，成為領先的解決方案整合商，為客戶推動業務成果。

They need a partner they can trust to navigate these 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這些新技術，以及幫助他們實現數位轉型的基礎設施和工作場所要求。

We are executing against our strategy and making good progress on our initiatives.

我們正在執行我們的策略，並在我們的措施上取得良好進展。

As a timely example of this, during the global IT outage two weeks ago, unrelated to Insight, our team swiftly engaged with impacted clients and implemented recovery plans to minimize downtime and restore operations efficiently.

作為一個及時的例子，在兩週前的全球 IT 中斷期間（與 Insight 無關），我們的團隊迅速與受影響的客戶合作並實施了恢復計劃，以最大程度地減少停機時間並有效地恢復營運。

Our team's expertise and quick response were instrumental in guiding our clients through the outage with minimal disruption to their business operations.

我們團隊的專業知識和快速回應有助於引導我們的客戶度過停電，並將對其業務運營的干擾降至最低。

Our ability to deliver impactful solutions to our clients relies on our proficiency across diverse technology domains.

我們向客戶提供有影響力的解決方案的能力依賴於我們在不同技術領域的熟練程度。

We have enhanced our services capabilities by acquiring terrific companies with proven expertise in the fastest growing areas of the market while simultaneously creating new cross-selling opportunities between our organic Insight business and our acquired companies.

我們透過收購在市場成長最快的領域擁有成熟專業知識的優秀公司來增強我們的服務能力，同時在我們的有機洞察業務和我們收購的公司之間創造新的交叉銷售機會。

Here are some examples of how InfoCenter and Amdaris Bolster our capabilities to deliver solutions to our clients.

以下是 InfoCenter 和 Amdaris 如何增強我們為客戶提供解決方案的能力的一些範例。

A major payment processing company recently separated from its parent needed to build an entirely new IT infrastructure in months, not years.

一家大型支付處理公司最近從母公司分離出來，需要在幾個月而不是幾年內建立一個全新的 IT 基礎設施。

As a newly independent company, our client needed to transition to their own instance of ServiceNow, a critical platform for IT service management.

作為一家新獨立的公司，我們的客戶需要過渡到自己的 ServiceNow 實例，這是 IT 服務管理的關鍵平台。

Insight's InfoCenter team first engage with the client by using a proprietary set of specialized workshops.

Insight 的資訊中心團隊首先透過一組專有的專業研討會與客戶互動。

This led to a phased rollout across all areas of the ServiceNow platform, and we are now planning to provide support through a managed service engagements.

這導致了 ServiceNow 平台所有領域的分階段推出，我們現在計劃透過託管服務活動提供支援。

In the three months after acquiring InfoCenter, we're already deploying our ServiceNow expertise to traditional Insight customers to deliver comprehensive AI powered solutions for complex transformations in the high margin enterprise automation market.

在收購 InfoCenter 後的三個月內，我們已向傳統 Insight 客戶部署了 ServiceNow 專業知識，為高利潤企業自動化市場的複雜轉型提供全面的人工智慧解決方案。

Here is an example of Amdaris enhances our solutions capabilities in the EMEA region.

以下是 Amdaris 增強我們在 EMEA 地區解決方案能力的範例。

Through our Amdaris acquisition, Insight has become an elite global implementation partner with Stripe.

透過收購 Amdaris，Insight 已成為 Stripe 的全球精英實施合作夥伴。

Stripe provides a fully integrated suite of financial and payments products for businesses of all sizes and process over a trillion dollars in payments in 2023.

Stripe 為各種規模的企業提供一套完全整合的金融和支付產品，並在 2023 年處理超過一兆美元的支付。

Our Stripes certified implementation experts help businesses get the most out of Stripes full product suite, including billing marketplaces and complex subscription models.

我們的 Stripes 認證實施專家可協助企業充分利用 Stripes 完整產品套件，包括計費市場和複雜的訂閱模型。

This is an example of how we're positioned to handle complex integrations with custom back-end system.

這是我們如何處理與自訂後端系統的複雜整合的範例。

These examples demonstrate the effectiveness of our M&A strategy as we push to become the leading solutions integrator.

這些例子證明了我們在努力成為領先的解決方案整合商的過程中併購策略的有效性。

In our continued commitment to building a diverse and inclusive team, we're proud to announce that Insight has been recognized for a fourth year in a row by Forbes as one of the America's Best Employers for Diversity.

在我們持續致力於建立多元化和包容性團隊的過程中，我們很自豪地宣布，Insight 連續第四年被《福布斯》評為美國多元化最佳雇主之一。

On the partner front, Insight was proud to be recognized by Microsoft for our security solutions.

在合作夥伴方面，Insight 很榮幸我們的安全解決方案獲得 Microsoft 的認可。

Insight has demonstrated our robust security services, including a security operation center with 24/7 by 365, proactive hunting, monitoring and response capabilities, all built on tight integrations with the Microsoft Security platform.

Insight 展示了我們強大的安全服務，包括 24/7 x 365 的安全營運中心、主動搜尋、監控和回應功能，所有這些都建立在與 Microsoft 安全平台的緊密整合之上。

While we are executing against our strategy and making good progress on our initiatives, our perspective of the market and the operating environment for the second half of the year remains mixed.

雖然我們正在執行我們的策略並在我們的舉措上取得良好進展，但我們對下半年市場和營運環境的看法仍然好壞參半。

We achieved strong Q1 results, and we are on track through the first half.

我們在第一季取得了強勁的業績，整個上半年都步入正軌。

Demand for devices has improved, but not to the levels we anticipated entering the year.

對設備的需求有所改善，但並未達到我們預計進入今年的水平。

The drivers for refresh remain the same, though some clients have paused as they manage through the current economic environment and assess new technologies, particularly AIPCs as part of their future purchases.

更新的驅動因素保持不變，儘管一些客戶在應對當前的經濟環境並評估新技術（特別是 AIPC）時已暫停，將其作為未來採購的一部分。

We expect demand for devices to improve in the second half.

我們預計下半年設備需求將會改善。

Infrastructure demand was down in the first half as our clients deployed products acquired in 2023.

由於我們的客戶部署了 2023 年購買的產品，上半年基礎設施需求下降。

In July, we saw some improvement in demand and expect that the second half will be stronger than the first half of the year.

7月份，我們看到需求改善，預計下半年將強於上半年。

We have enhanced our global services capabilities through our recent acquisitions, and we're seeing increased cross-sell opportunities.

透過最近的收購，我們增強了我們的全球服務能力，並且我們看到了交叉銷售機會的增加。

And we will continue to prudently manage operating expenses and gross margin with our pricing and profitability initiatives.

我們將繼續透過定價和獲利計畫審慎管理營運費用和毛利率。

I'll now turn the call over to Glynis to share key details of our financial and operating performance in Q2 as well as our outlook for 2024.

現在我將把電話轉給 Glynis，分享我們第二季財務和營運業績的關鍵細節以及我們對 2024 年的展望。

Glyins?

格林斯？

Thank you, Joyce.

謝謝你，喬伊斯。

In Q2, net revenue was $2.2 billion, a decrease of 8% in USD and also in constant currency.

第二季淨收入為 22 億美元，以美元和固定匯率計算下降 8%。

The decrease was driven by hardware, particularly infrastructure and on-prem software, partially offset by an increase in cloud and Insight core services.

這一下降是由硬體（特別是基礎設施和本地軟體）推動的，但部分被雲端和 Insight 核心服務的成長所抵消。

In Q2, devices were flat and infrastructure was down double digits year-to-year.

第二季度，設備數量持平，基礎設施較去年同期下降兩位數。

Sequentially, devices increased modestly and infrastructure declined slightly.

隨後，設備略有增加，基礎設施略有下降。

We continue to anticipate a modest second half improvement in devices, and we started to see green shoots in infrastructure demand in July and expect continued improvement throughout the year.

我們繼續預計下半年設備將出現適度改善，並且我們在 7 月開始看到基礎設施需求的萌芽，並預計全年將持續改善。

Gross profit increased 5%, reflecting strong cloud and Insight core services growth, partially offset by hardware decline.

毛利成長 5%，反映出雲端和 Insight 核心服務的強勁成長，但部分被硬體下降所抵銷。

Gross margin was 21%, an increase of 260 basis points, and reflects a higher mix of cloud and Insight core services.

毛利率為 21%，成長了 260 個基點，反映出雲端和 Insight 核心服務的更高組合。

In addition, our profitability and pricing initiatives also contributed to higher hardware and services gross margins.

此外，我們的獲利能力和定價措施也有助於提高硬體和服務的毛利率。

Insight core services gross profit was $81 million, an increase of 12% and reflects the benefit of our acquisition.

Insight 核心服務毛利為 8,100 萬美元，成長 12%，反映了我們收購的收益。

Cloud gross profit was $139 million, an increase of 21%, reflecting higher growth in Infrastructure-as-a-Service and SaaS.

雲毛利為 1.39 億美元，成長 21%，反映出基礎設施即服務和 SaaS 的較高成長。

Adjusted SG&A grew 6%, primarily due to acquisitions.

調整後的 SG&A 成長 6%，主要是因為收購。

Organic adjusted SG&A is down year-to-year based on the operating expense actions we took last year as we continue to prudently manage spending in the current environment.

由於我們在當前環境下繼續審慎管理支出，因此根據我們去年採取的營運費用行動，有機調整後的銷售及管理費用逐年下降。

This resulted in adjusted EBITDA margin expanding 60 basis points to 6.5% and adjusted diluted earnings per share were $2.46, down 4% in USD and also in constant currency.

這導致調整後 EBITDA 利潤率擴大 60 個基點，達到 6.5%，調整後稀釋每股收益為 2.46 美元，以美元和固定貨幣計算下降 4%。

The decline was due to an increase in interest expense from higher debt, primarily related to the recent acquisitions.

下降的原因是債務增加導致利息支出增加，這主要與最近的收購有關。

Our most recent acquisitions were structured to include earn-outs to share additional value with the sellers in the case of exceptional performance.

我們最近的收購結構包括盈利，以便在業績出色的情況下與賣家分享額外價值。

These earn-outs were measured at fair value at the time of the acquisition, and recorded at much lower amounts than the face value of the target earn-out.

這些獲利在收購時以公允價值計量，並以遠低於目標獲利面額的金額記錄。

The fair value is remeasured each quarter and any changes after the acquisition date are recognized as a gain or loss and included in earnings from operations.

公允價值每季重新計量，收購日期後的任何變動均確認為損益併計入經營收益。

Gains are recognized for lower projected performance against earn out targets, while losses indicate higher than expected performance.

收益因預期績效低於獲利目標而確認，而損失則表示績效高於預期。

In Q2, we recognized a gain related to the earnouts of $25 million, which was excluded from our adjusted results.

在第二季度，我們確認了與收益相關的收益為 2500 萬美元，該收益不包括在我們的調整後業績中。

This gain reflects the lower projected performance compared to the earn out targets for SADA and Amdaris.

這一收益反映了與 SADA 和 Amdaris 的獲利目標相比，預計業績較低。

While we have determined that the earn-outs for exceptional performance will not be achieved, we are very comfortable with the total capital outlay for these deals.

雖然我們確定不會實現卓越業績的獲利，但我們對這些交易的總資本支出感到非常滿意。

We still expect that these deals will be accretive to our performance and will also deliver strong cash flow.

我們仍然預計這些交易將增加我們的業績，並帶來強勁的現金流。

Multi-cloud capability continues to be important to a solutions integrator strategy and SADA is a key component as a recognized award-winning Google Cloud partner.

多雲功能對於解決方案整合商策略仍然很重要，而 SADA 是公認的屢獲殊榮的 Google Cloud 合作夥伴的關鍵組成部分。

GCP typically contracted as a multiyear contract that ranges from three to five years.

GCP 通常簽訂為期三到五年的多年合約。

On the US GAAP, revenue is recognized upfront for the full term of the contract and can therefore be lumpy and difficult to forecast.

根據美國公認會計準則，收入在合約的整個期限內預先確認，因此可能不穩定且難以預測。

On the other hand, utilization or consumption of the cloud service by our GCP clients is much more predictable, occurs monthly and flows through operating cash flow.

另一方面，我們的 GCP 客戶對雲端服務的利用或消耗更加可預測，每月發生一次並透過營運現金流流動。

SADA has and continues to demonstrate strong operating cash flows based on this consumption dynamic.

基於這種消費動態，SADA 已經並將繼續展現出強勁的營運現金流。

To highlight the value of these cash flows, the contract asset value as of June 30 is $209 million with contracts that typically range from three to five years.

為了凸顯這些現金流的價值，截至 6 月 30 日的合約資產價值為 2.09 億美元，合約期限通常為三到五年。

This can be used as a proxy for how the service will be consumed over the average contract life.

這可以用作平均合約期限內服務使用方式的代理。

Our valuation of SADA was based on the cash economics of SADA's consumption business model.

我們對 SADA 的估值是基於 SADA 消費業務模式的現金經濟學。

SADA's US GAAP performance will be below our original expectations due to a slower start to the sales cycle in the first half as we aligned to Google's updated priorities.

由於我們與 Google 更新的優先事項保持一致，上半年銷售週期開始較慢，因此 SADA 的美國 GAAP 業績將低於我們最初的預期。

We're focusing our attention on expanding services and net new contracts in the mid-market with a more targeted sales motion and we look forward to growing our partnership.

我們將注意力集中在透過更有針對性的銷售行動擴大中端市場的服務和淨新合約上，我們期待擴大我們的合作夥伴關係。

Moving on to cash flow.

轉向現金流。

In the quarter, we generated $46 million of cash flow from operations compared to $28 million in Q2 of 2023.

本季度，我們的營運現金流為 4,600 萬美元，而 2023 年第二季為 2,800 萬美元。

As a reminder, Q1 cash flows from operations included favorable timing of client receipts versus partner payments that normalized in Q2.

提醒一下，第一季來自營運的現金流量包括客戶收款與第二季正常化的合作夥伴付款的有利時機。

So the first half of 2024, we have generated $292 million in cash flow from operations compared to $188 million in the first half of 2023.

因此，2024 年上半年，我們的營運現金流為 2.92 億美元，而 2023 年上半年為 1.88 億美元。

We expect the cash flow from operations for 2024 will be at the higher end of our typical $300 to $400 million range.

我們預計 2024 年的營運現金流將處於我們典型的 3 億至 4 億美元範圍的高端。

And to update you on our share repurchase program.

並向您通報我們的股票回購計畫的最新情況。

In the first half of 2024, we have repurchased approximately 187,000 shares for a total cost of $35 million.

2024 年上半年，我們回購了約 187,000 股股票，總成本為 3,500 萬美元。

We have approximately $165 million remaining under our current stock repurchase program, which we plan to execute over the next two months.

我們目前的股票回購計畫還剩約 1.65 億美元，我們計劃在未來兩個月內執行。

Our adjusted return on invested capital for the trailing 12 months ended June 30, 2024 was 17% compared to 15.6% a year ago.

截至 2024 年 6 月 30 日的過去 12 個月，我們調整後的投資資本報酬率為 17%，而去年同期為 15.6%。

This demonstrates good progress towards our long-term goal.

這表明我們在實現長期目標方面取得了良好進展。

In the quarter, we raised $500 million aggregate principal from the sale of senior notes due in 2032.

本季度，我們透過出售 2032 年到期的優先票據籌集了 5 億美元的本金總額。

We've used the net proceeds to repay a portion of our ABL.

我們已使用淨收益償還部分 ABL。

We exited Q2 with long-term debt of $663 million, including the new senior notes and $171 million outstanding under our ABL.

在第二季結束時，我們的長期債務為 6.63 億美元，其中包括新的優先票據和 ABL 項下的 1.71 億美元未償債務。

Acquisitions are the primary drivers for the increase in debt of $325 million from Q2 of 2023.

收購是 2023 年第二季債務增加 3.25 億美元的主要驅動因素。

This was offset by improved operating cash flow performance.

這被經營現金流表現的改善所抵銷。

As at the end of Q2, we have access to the full of $1.8 billion of capacity under the ABL facility, of which $1.6 billion was available.

截至第二季末，我們可以使用 ABL 設施下的全部 18 億美元產能，其中 16 億美元已可用。

We have ample liquidity to meet needs.

我們有充足的流動性來滿足需求。

Our presentation shows our trailing 12 month performance through Q2 2024 relative to the metrics that we described in our Investor Day in October 2022.

我們的演示顯示了我們截至 2024 年第二季度的過去 12 個月的業績，相對於我們在 2022 年 10 月的投資者日中描述的指標。

We believe we are on track to hit these targets by 2027 as demonstrated by strong starts from Cloud gross profit growth of 28%, Core Services gross profit growth of 15%, adjusted EBITDA margin of 6.2%, adjusted ROIC of 17%, and adjusted free cash flow as a percentage of adjusted net income of 192%.

我們相信，我們預計在2027 年實現這些目標，雲毛利成長28%、核心服務毛利成長15%、調整後EBITDA 利潤率為6.2%、調整後投入資本回報率為17%、調整後投資資本回報率為17%，這一切都證明了我們的強勁開局。

Based on our experience across the first two quarters, this is a very complex year.

根據我們前兩個季度的經驗，這是非常複雜的一年。

While many of our clients have been cautious about their spending decisions, we've seen an uptick in demand in our commercial segment and that is typically the first segment to recover for us after a downturn.

儘管我們的許多客戶對其支出決定持謹慎態度，但我們看到商業領域的需求上升，這通常是我們在經濟低迷後第一個復甦的領域。

As we think about the remainder of the year, we have considered the following factors in our guidance.

當我們考慮今年剩餘時間時，我們在指導中考慮了以下因素。

We anticipate cloud will remain strong.

我們預計雲端將保持強勁。

Core services will improve despite continued elongated sales cycles.

儘管銷售週期持續延長，但核心服務仍將改善。

SADA had a negative impact on adjusted diluted EPS in the first half, and we anticipate that they will be accretive in the second half as the business remains very back-end loaded.

SADA 對上半年調整後稀釋後每股盈餘產生了負面影響，我們預計下半年這些影響將有所增加，因為業務仍然處於後端負載狀態。

We expect hardware to improve modestly in the second half, primarily driven by device refreshes and improved infrastructure spending.

我們預計下半年硬體將略有改善，這主要是由設備更新和基礎設施支出改善所推動的。

We will continue to diligently manage our SG&A and expect SG&A to grow at a slower rate than gross profit.

我們將繼續努力管理我們的銷售及一般費用，並預期銷售及一般費用的成長速度將低於毛利的成長速度。

And we plan to utilize our remaining stock repurchase program of approximately $165 million.

我們計劃利用剩餘的約 1.65 億美元的股票回購計畫。

Considering these factors for the full year, our guidance is as follows.

考慮到全年的這些因素，我們的指導如下。

We expect to deliver gross profit growth in the low double-digit range and that our gross margin will be in the 19% to 20% range.

我們預計毛利將實現低兩位數成長，毛利率將在 19% 至 20% 範圍內。

And we continue to believe adjusted diluted earnings per share will be between $10.60 and $10.90. This guidance includes interest expense between $60 and $62 million, an effective tax rate of 26% for the full year capital expenditures of $35 to $40 million and an average share count for the full year of 35.1 million shares.

我們仍然認為調整後的稀釋每股收益將在 10.60 美元至 10.90 美元之間。該指引包括 6,000 至 6,200 萬美元的利息支出、3,500 至 4,000 萬美元的全年資本支出的 26% 有效稅率以及 3,510 萬股的全年平均股數。

This outlook excludes acquisition-related intangible amortization expense of approximately $69 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.

該展望不包括約 6,900 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重大變化。

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。

In the first half of the year, we delivered positive results in many areas of the Business.

上半年，我們在多個業務領域取得了積極成效。

Cloud and Insight core services gross profit grew double digits.

Cloud和Insight核心服務毛利成長兩位數。

We saw slight improvements in device demand.

我們看到設備需求略有改善。

Gross margin expanded, reflecting a favorable mix of cloud and Insight core services and benefits from our pricing and profitability initiatives.

毛利率有所增長，反映出雲端和 Insight 核心服務的有利組合以及我們的定價和獲利計劃帶來的好處。

And we remain disciplined with SG&A management, all of which resulted in strong adjusted EBITDA margin performance.

我們仍然遵守 SG&A 管理的紀律，所有這些都帶來了強勁的調整後 EBITDA 利潤率表現。

We are focused on integrating and driving revenue synergies with our recent acquisitions as they expand our expertise and capabilities across various geos and increase our relevance to our clients.

我們專注於透過最近的收購整合並推動收入協同效應，因為它們擴展了我們在不同地區的專業知識和能力，並提高了我們與客戶的相關性。

While demand in our end markets remains choppy, we have made structural improvements and are focused on capturing profitable growth as demand returns.

儘管終端市場的需求仍然波動，但我們已經進行了結構性改進，並專注於隨著需求回升而實現獲利成長。

I want to thank our teammates for their commitment to our clients, partners and each other.

我要感謝我們的團隊成員對我們的客戶、合作夥伴和彼此的承諾。

Our clients for trusting Insight to help them with their transformational journey and our partners for their continued collaboration and support in delivering innovative solutions to our clients.

我們的客戶信任 Insight 能夠幫助他們完成轉型之旅，我們的合作夥伴也相信他們在為客戶提供創新解決方案方面的持續合作和支援。

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。

(Operator instructions)

（操作員說明）

Joseph Cardoso, JPMorgan.

約瑟夫‧卡多佐，摩根大通。

Good morning, and thanks for the question here.

早安，謝謝你在這裡提問。

So first one for me is just on the full year earnings guide, quite impressive that you're reiterating here despite what appears to be kind of a tougher operating environment.

因此，對我來說，第一個是關於全年收益指南的，儘管營運環境似乎更加嚴峻，但您在這裡重申還是令人印象深刻。

But I was hoping you can just dive into what's driving your conviction in reiterating at this point, particularly now that the guide implies a much steeper back half of the year?

但我希望您能深入探討是什麼推動您在這一點上重申這一信念，特別是現在指南暗示今年下半年會更加陡峭？

Like what are you seeing as the key drivers in kind of that back half ramp here?

您認為後半坡道的關鍵驅動因素是什麼？

And then I have a follow up.

然後我有一個後續行動。

Thank you.

謝謝。

Sure, okay.

當然可以。

Thanks, Joe. Good question.

謝謝，喬。好問題。

So here's what I would say.

這就是我要說的。

In the second half of this year, we're going to have the benefit of a couple of things.

今年下半年，我們將受益於幾件事。

One, we have the InfoCenter acquisition that's going to help us from an overall services gross margin, gross profit and gross margin perspective.

第一，我們收購了 InfoCenter，這將從整體服務毛利率、毛利和毛利率的角度幫助我們。

Two, we have SADA in the second half of the year.

第二，下半年我們有SADA。

We had talked in Q1 about trying to smooth the SADA business so that we have more, less seasonality across quarters that did not work out as we had anticipated in Q2.

我們在第一季曾討論過如何平滑 SADA 業務，以便我們在各個季度擁有更多、更少的季節性，但這一點並沒有像我們在第二季度所預期的那樣。

So SADA remains very back-end loaded.

因此，SADA 的後端負載仍然很高。

It was dilutive in the first half of the year, and it will be accretive.

上半年是稀釋的，以後會是增值的。

We expect it to be accretive in the second half of the year, and that is reflected in the guidance that we have.

我們預計它將在今年下半年增加，這反映在我們的指導下。

We also expect that the cloud will continue to be strong.

我們也預計雲端運算將繼續強勁。

That has been a core tenant for us.

這是我們的核心租戶。

We believe that services is going to continue to be strong, helped by the acquisitions as well as our organic business.

我們相信，在收購和我們的有機業務的幫助下，服務業將繼續保持強勁。

And we are starting to see some green shoots in devices for sure, in terms of sequential growth and year-over-year, starting to see some year-over-year improvement, up single digits on year-to-date basis.

我們肯定開始看到設備出現了一些萌芽，就連續增長和同比而言，開始看到一些同比改善，今年迄今增長了個位數。

And we're also starting to see some green shoots in infrastructure.

我們也開始看到基礎設施方面的一些萌芽。

As we go through to Q4, the infrastructure comp becomes significantly easier for us ultimately.

當我們進入第四季度時，基礎設施補償最終對我們來說變得更加容易。

And we've had the benefit in our results to date, and we think we will continue to have the benefit in our results associated with the SG&A actions that we've taken over the past several months starting in 2023.

迄今為止，我們已經從業績中獲益，我們認為，我們將繼續從 2023 年開始的過去幾個月採取的 SG&A 行動中獲益。

We're looking at the acquisitions that we've made and looking to do some consolidations of some functions where they can benefit from infrastructure we already have in place here at Insight.

我們正在研究我們已經進行的收購，並希望對一些功能進行一些整合，使它們可以從我們在 Insight 已經擁有的基礎設施中受益。

And we think that with that continued SG&A control, that will also help us in the second half of the year.

我們認為，透過持續的銷售管理及行政管理控制，這也將在今年下半年對我們有所幫助。

And we are going to be buying back $165 million worth of our stock in the second half of the year.

我們將在今年下半年回購價值 1.65 億美元的股票。

Got it.

知道了。

That's very clear, Glyins

這很清楚，格林斯

(multiple speakers)

（多個發言者）

So maybe we can just touch on the Cloud gross profit growth, like moderated the last two quarters in a row in terms of the total growth underperforming a bit from what you outlined in the beginning of the year.

因此，也許我們可以只談雲毛利的成長，例如過去兩個季度的總成長比您年初概述的要略遜一籌。

And it sounds like some of this is being driven by the SADA underperformance a bit.

聽起來這在一定程度上是由 SADA 表現不佳所推動的。

Maybe you can just dive into that more.

也許你可以更深入地研究這一點。

Like what are you seeing there that is different from your expectations earlier than the year even 90 days ago?

比如說你在那裡看到了什麼與你早在一年前甚至90天前的預期不同的地方？

And maybe just touch on, it sounded like you referenced some actions or trying to take or planning to take to kind of return that performance back onto the trajectory.

也許只是簡單說一下，聽起來你提到了一些行動，或者試圖採取或計劃採取一些行動，以使表現回到正軌。

Maybe you can just dive into the both those vectors?

也許你可以深入研究這兩個向量？

Thank you.

謝謝。

Thanks for the questions.

感謝您的提問。

Sure.

當然。

So thanks, Joe. So cloud GP one grew double digits, as you know.

所以謝謝，喬。如您所知，雲端 GP 增長了兩位數。

We remain very confident in our organic cloud business.

我們對我們的有機雲端業務仍然充滿信心。

So in addition to Microsoft and Google, we also have a lot of other publishers in there, Cisco, Adobe, Citrus et cetera.

除了微軟和谷歌之外，我們還有許多其他發行商，例如思科、Adobe、Citrus 等。

In the quarter, network related cloud offerings were more challenged than we expected in the quarter.

本季度，網路相關雲端產品面臨的挑戰比我們預期的要大。

So anyway, that was a bit of a drag on the overall sort of traditional cloud, public cloud business that you were thinking of.

所以無論如何，這對您所考慮的傳統雲端、公有雲業務的整體類型有點拖累。

And then we do expect, as Glyins mentioned, significant revenue synergies with SADA and we expect improvement in SADA's overall performance, which will help contribute to improve cloud performance in the back half.

然後，正如 Glyins 所提到的，我們確實期望與 SADA 產生顯著的收入協同效應，並且我們期望 SADA 的整體性能得到改善，這將有助於提高後半段的雲端效能。

So we feel pretty good about our cloud business.

所以我們對我們的雲端業務感覺非常好。

But yes, you're right.

但是，是的，你是對的。

It was a little bit lighter than I expected in the quarter.

本季的情況比我的預期要淡一些。

Joe, the other think I'll just maybe add on to that is that a couple of years ago, Microsoft was the behemoths in cloud.

喬，另一個人認為我可能會補充一點，幾年前，微軟是雲端領域的龐然大物。

They dominated the cloud fees that we received.

他們主導了我們收到的雲端費用。

Now it turns out that some of the other partners, Citrix, Cisco, Adobe, et cetera, are also becoming bigger players in overall cloud digital.

現在事實證明，其他一些合作夥伴，如 Citrix、思科、Adobe 等，也正在成為整體雲端數位領域的更大參與者。

There is still some of all of those are still less than Microsoft combined, but they are still actually larger and some of those underperformed in Q2.

其中一些仍然低於微軟的總和，但它們實際上仍然更大，其中一些在第二季度表現不佳。

Thanks for all the color.

感謝所有的顏色。

Joyce and Glynis.

喬伊斯和格萊尼斯。

Appreciate it.

欣賞它。

Matt Sheerin, Stifel.

馬特謝林，史蒂菲爾。

Yes.

是的。

Thank you, good morning, everyone.

謝謝大家，早安。

Just another question regarding your guidance for the year, particularly top line.

另一個問題是關於您今年的指導，特別是頂線。

And I appreciate that you you don't give top-line guidance, but sort of backing into that based on gross profit and OpEx, it looks like you're going to have to grow pretty significantly in the second half.

我很欣賞你沒有給出頂線指導，但根據毛利和營運支出來支持這一點，看起來你將在下半年實現相當顯著的成長。

As you said, comps are going to get easier in Q4.

正如您所說，第四季度的比賽將會變得更加容易。

But are you expecting the overall revenue to be up for the year and it's not going to be driven primarily by [high] hardware.

但您是否預計今年的整體收入會成長，並且不會主要由[高]硬體驅動。

We do expect that revenue will be up for the year.

我們確實預計今年的營收將會成長。

It's not going to be driven primarily by hardware.

它不會主要由硬體驅動。

It's going to be driven by services and well, sorry, probably think it's not GP, let me rephrase my thinking.

它將由服務驅動，好吧，抱歉，可能認為這不是全科醫生，讓我重新表達我的想法。

Hardware GP will grow in the year, not hugely low, low single digits.

硬體 GP 今年將會成長，但不會非常低，低個位數。

Hardware will grow.

硬體將會成長。

We will have some growth in services revenue, and we will have more so the GP contribution from services and cloud.

我們的服務收入將會有一些成長，服務和雲端的 GP 貢獻也會更大。

We don't focus on the revenue side of the equation as much as we do on the GP side.

我們不像普通合夥人那樣關注收入方面。

Okay.

好的。

Thank you.

謝謝。

And just looking at the North America results of your software sales were down pretty significantly sequentially and year-over-year.

只要看看北美地區的軟體銷售業績，季比和年比都大幅下降。

I know you commented on-prem software sales were weak, but could you give us more color which some of that netted down?

我知道您評論過本地軟體銷售疲軟，但您能給我們更多關於其中一些下降的資訊嗎？

And how should we think about that?

我們該如何思考這個問題？

Because I know that's a core part of your business

因為我知道這是您業務的核心部分

So it's on-prem software and on-prem software for us is not netted down.

因此，它是本地軟體，而我們的本地軟體並沒有被關閉。

It is our recorded growth with COGS and then ultimately GP.

這是我們透過 COGS 以及最終的 GP 實現的成長記錄。

And in any given quarter, there are large deals that happen or there could be large deals or multiple medium-sized deals that happened in the quarter that trigger that growth that we saw in Q1 versus now what we're seeing in Q2, but there's nothing unique or different about Q2.

在任何給定的季度中，都會發生大型交易，或者該季度可能會發生大型交易或多起中型交易，從而引發我們在第一季度看到的增長與現在在第二季度看到的增長，但有第二季度沒有什麼獨特或不同的地方。

I would also add to that, Matt.

我還要補充一點，馬特。

If you look at it for the half, we feel pretty confident in the numbers that we're seeing or if you remember last quarter, we had a pretty big software deal that impacted us.

如果你看一下上半年的情況，我們對所看到的數字非常有信心，或者如果你還記得上個季度，我們有一項相當大的軟體交易對我們產生了影響。

Then we talked about that on the revenue line, not so much on the GP line.

然後我們討論了收入線，而不是總收入線。

But overall, on-prem software for the half is exactly where we expected it to be.

但總體而言，一半的本地軟體完全符合我們的預期。

Got it.

知道了。

I am sorry some of that was regarding relative to that big deal.

我很抱歉其中一些與那件大事有關。

Okay.

好的。

And then do you expect that segment to grow in the second half and year-over-year because their comps are going to get tough.

然後，您是否預計該細分市場將在下半年和同比增長，因為他們的競爭將變得艱難。

(multiple speakers) Just on growth, revenue growth.

（多個發言者）只談成長、收入成長。

Matt, that segment is lumpy only because it depends on projects.

馬特，這個細分市場之所以不穩定，只是因為它取決於專案。

The software that we sell in each particular quarter, we would envision that there would be some growth there, consistent what we had for the half year.

我們在每個特定季度銷售的軟體，我們預計會有一些成長，與我們半年的情況一致。

Okay.

好的。

And then regarding your international sales and EMEA that was also down.

然後，您的國際銷售額和歐洲、中東和非洲地區的銷售額也有所下降。

One of your competitors was commenting about incremental weakness in the UK, and I know you have decent exposure there.

你們的一位競爭對手正在評論英國的日益疲軟，我知道你們在那裡有不錯的曝光度。

So are you seeing any of that in Europe?

那麼你在歐洲看過這樣的情況嗎？

I think that our European and our UK business in particular did very well.

我認為我們的歐洲和英國業務尤其表現得非常好。

We don't, we didn't see the same dynamic.

我們沒有，我們沒有看到同樣的動態。

We had Amdaris, which helped them, of course.

我們有 Amdaris，這當然對他們有幫助。

But organically, that business also did well for our revenue, GP and EFO perspective.

但從有機角度來看，該業務在我們的收入、GP 和 EFO 方面也表現良好。

Okay, thank you.

好的，謝謝。

Your question, I guess for the future that, as of right now, we're not, we didn't see weakness in the UK in particular in Q2, and we're not envisioning that for the rest of the year.

你的問題，我想對於未來，截至目前，我們沒有看到英國的疲軟，特別是在第二季度，而且我們預計今年剩餘時間不會出現這種情況。

Okay.

好的。

Thank you.

謝謝。

Adam Tindle, Raymond James.

亞當·廷德爾，雷蒙德·詹姆斯。

Okay, thanks.

好的，謝謝。

Good morning.

早安.

Glynis, I just wanted to maybe take a step back and talk about the guidance.

Glynis，我只是想退後一步，談談指導。

Previously, you were talking about mid to high teens growth in gross profit dollars for the year.

此前，您談論的是今年毛利的中位數至高位數成長。

Today with the update, we're talking about low double-digit growth in gross profit dollars for the year.

今天，我們討論的是今年毛利的低兩位數成長。

Could you maybe unpack the buckets that drove that adjustment down.

您能否解開導致調整下降的原因？

And I think really getting to the heart of the question with SADA, we had previously been told this was about a $200 million of annualized gross profit dollars when you initially acquired it.

我認為真正觸及 SADA 問題的核心時，我們之前被告知，當您最初收購它時，年化毛利約為 2 億美元。

I believe, correct me if I'm wrong, how would you update that now on your SADA assumption for fiscal '24?

我相信，如果我錯了，請糾正我，您現在將如何根據您的 SADA 對 24 財年的假設進行更新？

Okay.

好的。

I think the number that you're quoting, maybe SADA's full year 2022 number and potentially Okay.

我認為您引用的數字可能是 SADA 2022 年全年的數字，可能沒問題。

Here is what I would say.

這就是我要說的。

There is a portion of underperformance associated with SADA that is impacting our overall gross margin growth.

SADA 的部分業績不佳影響了我們的整體毛利率成長。

We still believe that SADA has been a strategically valuable acquisition and will continue to be a strategic value acquisition in terms of our multi-cloud capability.

我們仍然相信，就我們的多雲能力而言，SADA 一直是一項具有戰略價值的收購，並將繼續成為具有戰略價值的收購。

SADA underperformed our expectations in the first half, but we expected they were going to be dilutive in the first half of the year and that they were going to be accretive in the second half of the year.

SADA 上半年的表現低於我們的預期，但我們預計它們將在上半年稀釋，並在下半年實現增值。

We had some plans with regard to trying to smooth out that seasonality, but those did not come to fruition.

我們制定了一些計劃來消除季節性影響，但這些計劃並未實現。

So SADA has remained very back-end loaded.

因此，SADA 的後端負載仍然很高。

And as you remember, it's very back-end loaded to Q4.

正如你所記得的，第四季的後端負載非常大。

That is still the case going forward.

今後的情況仍然如此。

We have reduced our expectations with regard to SADA for the remainder of this year, albeit still back-end loaded, and that is reflected in the guidance that we have provided.

我們降低了對今年剩餘時間對 SADA 的期望，儘管後端仍處於負載狀態，這反映在我們提供的指導中。

To date, we have grown GPs at a slower rate than we had envisioned, but we have increased our gross margin more significantly than we had also envisioned.

到目前為止，我們的普通合夥人成長速度比我們預想的要慢，但我們的毛利率成長比我們預想的要顯著。

Hence, while we're bringing down our gross profit guide growth, we are increasing the gross margin associated with that from19%, which we said originally to the 19% to 20% range.

因此，在我們降低毛利指導成長的同時，我們將與之相關的毛利率從我們最初所說的 19% 提高到 19% 至 20%。

And we also have changed our expectations and (multiple speakers) our guide as we've also changed our expectations on SG&A spend.

我們也改變了我們的期望和（多位講者）我們的指南，因為我們也改變了對 SG&A 支出的期望。

So I think originally, we thought SG&A was going to grow faster than gross profit and now it is growing more slowly than gross profit.

因此，我認為最初，我們認為銷售管理費用（SG&A）的成長速度將快於毛利的成長，但現在它的成長速度比毛利的成長速度要慢。

And a big part of that is because we've rightsized the OpEx associated with SADA given lower expectations.

其中很大一部分原因是我們在降低預期的情況下調整了與 SADA 相關的營運支出。

Yes, that makes sense.

是的，這是有道理的。

I guess you were very prescriptive on the SADA contribution prior to this quarter.

我想您在本季之前對 SADA 的貢獻做出了非常明確的規定。

I think you started at $0.55 to $0.75 of EPS.

我認為你的每股收益是從 0.55 美元到 0.75 美元開始的。

Last quarter, you updated it to $0.55 to $0.65 of EPS.

上個季度，您將 EPS 更新為 0.55 至 0.65 美元。

So it sounded like you had a very detailed thinking on SADA for the year.

聽起來您對今年的 SADA 進行了非常詳細的思考。

I guess if maybe under that framework, could you give us an update on how you're thinking about SADA from an EPS contribution for the year?

我想，如果在這個框架下，您能否向我們介紹您如何考慮今年 EPS 貢獻中的 SADA？

I can't talk about SADA from an EPS contribution for the year.

我不能從今年的 EPS 貢獻來談論 SADA。

What I will say is that I don't think we updated it in May.

我要說的是，我認為我們在五月沒有更新它。

I think the last time we updated was in February.

我想我們上次更新是在二月。

But here's what I would say.

但這就是我要說的。

The dynamics of the SADA business have changed somewhat.

SADA 業務的動態發生了一些變化。

We're refocusing on the mid-market clients, we were focusing on net new and we're expanding the services capabilities that was part of the reason that we acquired SADA to start off with as it relates to GCP and Google Workspace products specifically.

我們正在重新關注中端市場客戶，我們專注於淨新客戶，我們正在擴展服務能力，這也是我們收購 SADA 的部分原因，因為它與 GCP 和 Google Workspace 產品特別相關。

All of that is reflected in the guidance range that we are reaffirming of $10.60 and $10.90 at the end of this year.

所有這些都反映在我們今年年底重申的 10.60 美元和 10.90 美元的指導區間中。

We do expect them to perform at a higher rate and be accretive in the second half versus the first half.

我們確實希望他們在下半年比上半年有更高的表現和價值。

And just to add on that, I'm just going to reemphasize the point, the whole goal of, the whole focus of our SADA acquisition is to expand our multi-cloud capabilities.

除此之外，我要再次強調一點，我們收購 SADA 的整個目標和重點是擴展我們的多雲能力。

Strategically, it is very well aligned with our overall plans, super critical to customers, and we believe it's going to be a major capability for us as gen-AI sort of starts becoming more financially impactful.

從策略上講，它與我們的整體計劃非常一致，對客戶來說非常重要，我們相信，隨著 gen-AI 開始變得更具財務影響力，這將成為我們的一項主要功能。

So we really like it.

所以我們真的很喜歡它。

We just have to be nimble enough to adjust to the priority set that Google has for us as a partner, and we're doing that.

我們只需要足夠靈活地適應谷歌作為合作夥伴為我們設定的優先級，我們正在這樣做。

Got it.

知道了。

Okay.

好的。

Maybe just changing to a completely different subject.

也許只是換一個完全不同的主題。

Joyce, you mentioned the global outage in your prepared remarks and obviously sounds like you did a good job of helping customers through that.

喬伊斯，您在準備好的演講中提到了全球停電，顯然您在幫助客戶度過難關方面做得很好。

Just wondering more broadly speaking now that the month of July is over, how has that impacted your security business, cybersecurity business growth trajectory in the month of July with their pushouts to closing, the reevaluations going on.

只是更廣泛地說，現在 7 月已經結束，這對您的安全業務、網路安全業務在 7 月的成長軌跡有何影響，從推出到結束，重新評估正在進行中。

And are you seeing any impact beyond just the cyber security business where customers might want to sort of pause and push out other projects beyond cyber security?

除了網路安全業務之外，您是否還看到了任何影響？

I think it's caused us to have a lot of conversations about the resilience of our customers' environments, which is something we're very happy to do.

我認為這讓我們就客戶環境的彈性進行了很多對話，這是我們非常樂意做的事情。

I don't think we see it necessarily in the numbers in July because that would be a really fast turnaround.

我認為我們不一定會在 7 月的數據中看到這一點，因為那將是一個非常快速的轉變。

But we are definitely having different conversations about, as I said, business continuity and resilience across our portfolio.

但正如我所說，我們肯定會就我們整個投資組合的業務連續性和彈性進行不同的對話。

So no financial implications obvious in the July results, but definitely, it's ramped up the focus and the conversations and just the choices that our clients have around how to make sure that their business is set up for success and this is as resilient as possible.

因此，7 月份的業績沒有明顯的財務影響，但毫無疑問，它增加了焦點和對話，以及我們的客戶圍繞著如何確保他們的業務取得成功並且盡可能具有彈性的選擇。

Okay.

好的。

That's it for me.

對我來說就是這樣。

Thank you.

謝謝。

Antonio Lebiedzinski, Sidoti & Company LLC.

Antonio Lebiedzinski，Sidoti & Company LLC。

Good morning and thank you for taking the questions.

早上好，感謝您提出問題。

So certainly a lot of discussion about SADA and its performance there.

所以肯定有很多關於 SADA 及其性能的討論。

Just wondering, so for the quarter, your gross profit was up 5%.

只是想知道，本季您的毛利成長了 5%。

Just wanted to get a better handle on your organic growth.

只是想更好地掌控您的有機成長。

So given the SADA's performance and I guess, as far as the other two smaller acquisitions.

因此，考慮到 SADA 的表現，我想，至於其他兩項規模較小的收購案也是如此。

Did you guys see actually organic growth actually in gross profit dollars in a quarter?

你們是否看到一個季度毛利的有機成長？

Or maybe if you could just give more specifics in terms of your organic business versus the acquisitions?

或者，您可以就您的有機業務與收購提供更多細節？

Without going into details around it, we had organic growth in Q2.

無需詳細說明，我們在第二季度實現了有機成長。

And as Glynis said, SADA was decretive.

正如 Glynis 所說，SADA 具有命令性。

Sorry, not at the gross profit line, that was contributed at the gross profit line.

抱歉，不是在毛利線，那是在毛利線貢獻的。

They were decretive at the EFO and EBITDA line, but they were part of our improvement in gross profit at the GP line, but organically, our business also grew.

它們對 EFO 和 EBITDA 線起到了決定性的作用，但它們是我們 GP 線毛利潤改善的一部分，但從有機角度來看，我們的業務也有所增長。

We have had historically over the last year, even with the revenue declines that we have shown and even without the impact of acquisitions we have had gross margin expansion associated with just the pricing and profitability initiatives that we've taken.

從歷史上看，去年我們經歷了這樣的情況，即使我們已經顯示出收入下降，即使沒有收購的影響，我們的毛利率也僅與我們採取的定價和盈利舉措相關。

So we've had gross margin expansion around hardware, even as hardware has declined and we've had gross margin expansion around services as well.

因此，即使硬體有所下降，我們圍繞硬體的毛利率也有所增長，而且我們圍繞服務的毛利率也有所增長。

Got you.

明白你了。

Okay.

好的。

And just to follow up on the profitability and the pricing initiatives, I mean, do you think you have additional opportunities here in the back half?

只是為了跟進盈利能力和定價舉措，我的意思是，您認為在後半段您還有其他機會嗎？

Or you think you're mostly tapped out of those initiatives?

或者您認為您大部分都從這些舉措中獲益了？

Anthony, what I would say is that I think we do have a little bit of incremental value that we can get out of the pricing and profitability initiatives.

安東尼，我想說的是，我認為我們確實可以從定價和獲利計劃中獲得一點增量價值。

But I think more importantly, those initiatives are now foundational.

但我認為更重要的是，這些措施現在已經成為基礎。

They are structural changes that we made with regard to how we do business, how our salespeople sell in the marketplace, et cetera.

它們是我們在如何開展業務、我們的銷售人員如何在市場上銷售等方面所做的結構性改變。

So as we return to growth, we think that those foundational and structural changes that we've made around our pricing strategy will be embedded in the business and that we'll see the benefit from that in terms of higher gross profit dollars on the base of higher gross margin that we have incrementally, it may, our gross margin may increase somewhat, but I think the greater value will be as we return to growth and the gross profit dollars that flow through on our base of higher GP, gross margins.

因此，當我們恢復成長時，我們認為我們圍繞定價策略所做的那些基礎性和結構性變化將嵌入到業務中，並且我們將看到從中獲得更高毛利的好處隨著我們逐步擁有更高的毛利率，我們的毛利率可能會增加，但我認為，更大的價值將是當我們恢復成長以及在更高的毛利率基礎上流經的毛利美元時。

Got you.

明白你了。

Okay.

好的。

And then lastly for me, as far as your acquisitions outlook for that.

最後對我來說，就您的收購前景而言。

Clearly you've done a lot of acquisitions over the years, including three deals last 12 months or so.

顯然，您多年來進行了大量收購，其中包括過去 12 個月左右的三筆交易。

I may, so are you focusing on more on absorbing these acquisitions near term?

我可能會，那麼您近期是否會更專注於吸收這些收購？

Or should we expect some additional deals here?

或者我們應該期待這裡有一些額外的優惠嗎？

How are you guys thinking about that?

你們覺得怎麼樣？

We've been very, very specific about our M&A strategy, and we said we wanted to develop a programmatic M&A strategy that allowed us to add capabilities or augment capabilities in the fastest growing areas of the market.

我們對我們的併購策略非常非常具體，我們說我們希望制定一項程序化的併購策略，使我們能夠在市場成長最快的領域增加或增強能力。

We're very committed to doing that.

我們非常致力於這樣做。

We also said that we would be opportunistic about scale acquisitions.

我們也表示，我們將在規模收購方面採取機會主義態度。

So that hasn't changed.

所以這並沒有改變。

Got it.

知道了。

Thank you very much and best of luck.

非常感謝您，祝您好運。

Thank you.

謝謝。

Thank you.

謝謝。

Vincent Colicchio, Barrington Research.

文森特·科利奇奧，巴靈頓研究中心。

Yes.

是的。

I'm curious, how your generative AI activities have been evolving on the services side.

我很好奇，你們的生成式人工智慧活動在服務方面是如何發展的。

Are you seeing more work?

您看到更多工作了嗎？

What does the pipeline look like?

管道是什麼樣子的？

Thanks, Vince.

謝謝，文斯。

Yes.

是的。

So we are making some some investment in Gen- AI.

所以我們正在對 Gen-AI 進行一些投資。

But I would say, first of all, let me start by saying there's a lot of kicking of tires.

但我想說，首先，讓我先說有很多輪胎踢動的情況。

There's a lot of POCs.

有很多 POC。

There's a lot of discussion about it.

關於它有很多討論。

There's a lot of conversations about governance, data readiness, and we are seeing some benefit of that in our services business, but it is really small still.

關於治理、資料準備情況有很多討論，我們在服務業務中看到了一些好處，但它仍然很小。

So it's not meaningful from a financial point of view yet.

所以從財務角度來看還沒有意義。

But we are excited about the IP we are developing that help clients get outcomes faster.

但我們對正在開發的智慧財產權感到興奮，這些智慧財產權可以幫助客戶更快地獲得成果。

We are excited about the formula or formalizing our offers around how do we assessments and then how we do ongoing sort of manage Gen-AI, which is going to be, I think, quite important because use case development is quite specific and it takes some time.

我們對圍繞如何評估以及如何持續管理 Gen-AI 的公式或正式化我們的產品感到興奮，我認為這將非常重要，因為用例開發非常具體，需要一些時間。

And once you do one, you want to do more.

一旦你做了一件事情，你就會想做更多。

So we are formalizing our offer development around that.

因此，我們正在圍繞這一點正式製定我們的報價。

And there were also in the process of building a virtual lab that allows us to demo these use cases and hopefully accelerate the adoption with chatbots or summarization tools or whatever.

我們也正在建立一個虛擬實驗室，讓我們能夠演示這些用例，並希望透過聊天機器人或摘要工具或其他工具加速採用。

So lots and lots of discussion, lots of activity, mostly POCs, a bit of data preparation work certainly some governance and policy work, but not meaningful in terms of the financial outcomes yet.

因此，大量的討論、大量的活動（主要是 POC）、一些資料準備工作當然還有一些治理和政策工作，但就財務結果而言還沒有意義。

And could you talk to the divergence perhaps of performance across client segments of enterprises, SMB and government?

您能否談談企業、中小企業和政府客戶群之間的績效差異？

Yes.

是的。

So our overall, so we've our strongest segment is our commercial segments.

總的來說，我們最強大的部分是我們的商業部分。

So think about that as really mid-market and low-end of corporate that we saw growth there in in Q2, which is encouraging.

因此，將其視為真正的中端市場和低端企業，我們在第二季度看到了成長，這是令人鼓舞的。

Generally, the trends have been that we see growth in that segment first, and then that growth sort of expands to include the other segments later.

一般來說，趨勢是我們首先看到該細分市場的成長，然後這種成長會擴展到其他細分市場。

We see, our public sector business is largely state local governments, and that is we see some improvement in that segment and then enterprise is still a little bit challenged, but moving in the right direction.

我們看到，我們的公共部門業務主要是州地方政府，也就是說，我們看到該領域有所改善，然後企業仍然面臨一些挑戰，但正在朝著正確的方向前進。

Yes, they're all moving in the right direction.

是的，他們都在朝著正確的方向前進。

We expect them all to grow for the year.

我們預計今年它們都會成長。

Thank you.

謝謝。

Thank you.

謝謝。

This is the end of Q&A session.

問答環節到此結束。

And I would like to hand over to Joyce Mullen for closing remarks.

我想請喬伊斯·馬倫（Joyce Mullen）致閉幕詞。

Thank you all very much again for joining today.

再次非常感謝大家今天的加入。

We're very excited about the opportunities ahead of us despite sort of this choppy demand environment that we're in, I look forward to sharing our continued progress on our journey to becoming the leading solutions integrator.

儘管我們所處的需求環境波動很大，但我們對眼前的機會感到非常興奮，我期待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。

So Kiki, you can now close the call.

Kiki，您現在可以結束通話了。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect your lines.

現在您可以斷開線路。