Insight Enterprises Inc (NSIT) 2024 Q3 法說會逐字稿

Hello, everyone and welcome to today's Insight Enterprises third quarter, 2024 operating results call.

大家好，歡迎參加今天的 Insight Enterprises 2024 年第三季營運業績電話會議。

My name is Seb and I'll be the operator for your call today.

我叫 Seb，今天我將擔任您的接線生。

If you would like to submit a question, please press star one on your telephone keypad.

如果您想提交問題，請按下電話鍵盤上的星號一。

If you would like to withdraw your question, please press star two.

如果您想撤回您的問題，請按星號二。

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

現在我將把您交給北美 Insight 財務高級副總裁兼財務長 James Morgado。

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 September 30th 2024.

今天我們將討論該公司截至 2024 年 9 月 30 日的季度的經營業績。

I'm James Morgado, senior Vice President of Finance and CFO of Insight North America.

我是 James Morgado，Insight North America 的高級財務副總裁兼財務長。

Joining me is Joyce Mullen, President and Chief Executive Officer and Gleiss Briant, Chief Financial Officer.

與我一起的還有總裁兼執行長喬伊斯·馬倫 (Joyce Mullen) 和首席財務官格萊斯·布萊恩特 (Gleiss Briant)。

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'll find it on our website at insight dotcom under the investor relations section.

如果您沒有今天早上發布並以 8-K 表格向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 Dotcom 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 dotcom.

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 Dotcom 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.

本次電話會議和相關網路廣播包含時間敏感訊息，僅截至今天準確。

October 31st 2024.

2024 年 10 月 31 日。

This call is the property of Insight enterprises.

該電話是 Insight 企業的財產。

Any redistribution retransmission or rebroadcast of this call in any form without the express written consent of Insight Enterprises is strictly prohibited in today's conference call.

未經 Insight Enterprises 明確書面同意，嚴禁在今天的電話會議中以任何形式重新分發、轉播或轉播本次電話會議。

We'll be referring to non-GAAP financial measures as we discuss the third quarter, 2024 financial results.

在討論 2024 年第三季財務表現時，我們將提及非 GAAP 財務指標。

When discussing non-GAAP measures, we'll 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 accompanying slide presentation issued earlier today.

您將在今天早些時候發布的新聞稿和附帶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.

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有所不同。

Materially, 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.

從實質上講，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.

所有前瞻性陳述均自本次電話會議日起作出。

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

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聲明，無論是由於新資訊、未來事件還是其他原因，我現在將把電話會議轉交給喬伊斯。

And if you're following along with the presentation, we'll begin on slide 4 , Joyce.

如果您正在聽演示，我們將從幻燈片 4 開始，喬伊斯。

Thank you very much, James.

非常感謝你，詹姆斯。

Good morning everyone.

大家早安。

And thank you for joining us today.

感謝您今天加入我們。

While we're optimistic about the business'.

雖然我們對業務持樂觀態度」。

Long term health Q3 didn't meet our expectations and we anticipate the it spending environment will remain cautious in the near term.

第三季的長期健康狀況未達到我們的預期，我們預期短期內 IT 支出環境將保持謹慎。

As a result, we are reducing our gross profit and adjusted earnings per share guidance for 2024.

因此，我們正在降低 2024 年的毛利和調整後每股盈餘指引。

As we navigate these it market challenges, we continue to execute well on our solutions, integrator strategy, delivering strong cloud growth and solid inside core services results fueled by our acquisitions.

在我們應對這些 IT 市場挑戰的過程中，我們繼續出色地執行我們的解決方案和整合商策略，在收購的推動下實現強勁的雲端成長和堅實的內部核心服務成果。

There are two key drivers of our revised outlook for the year.

我們修訂今年的前景有兩個關鍵驅動因素。

First, a delayed hardware recovery that is the result of industry wide factors and most pronounced across our North American enterprise and corporate clients, which is our largest client group.

首先，硬體恢復延遲是整個產業因素造成的，在我們最大的客戶群北美企業和企業客戶中最為明顯。

We anticipated a hardware refresh in the second half of the year that has not materialized hardware will improve and we are encouraged by growth two quarters in a row with our commercial clients which traditionally precedes a broader market recovery.

我們預計下半年的硬體更新尚未實現，硬體將會得到改善，我們對商業客戶連續兩個季度的成長感到鼓舞，這傳統上是在更廣泛的市場復甦之前進行的。

We now expect the broader market recovery to be delayed until next year.

我們現在預計更廣泛的市場復甦將推遲到明年。

The same demand drivers we have previously discussed will drive this improvement, namely the aged installed base end of life of Windows 10 and gen A I demand our investments and technical expertise and integration capacity position us well for this rebound and we are ready for it.

我們之前討論過的相同需求驅動因素將推動這一改進，即Windows 10 和第一代安裝基數的老化需求，我們的投資、技術專業知識和整合能力使我們能夠很好地應對這種反彈，我們已做好準備。

The second area is sa cash flow associated with consumption with the basis of our evaluation of Sada and has met our expectations.

第二個領域是與消費相關的現金流，根據我們對薩達的評估，達到了我們的預期。

The pivot to growth inside of services and the progress of our alignment with Google to focus on corporate and mid market customers is ramping but not yet at scale.

服務內部成長的支點以及我們與Google合作以專注於企業和中端市場客戶的進展正在加速，但尚未形成規模。

These benefits are offset by accelerated reductions in the enterprise resale market.

這些好處被企業轉售市場的加速減少所抵銷。

The impact from these changes is exacerbated in the second half of the year because of the seasonality of Sada's business, which is heavily weighted in the fourth quarter.

由於薩達業務的季節性，這些變化的影響在下半年會加劇，而該業務在第四季度的權重較大。

This is now reflected in our guidance for 2024 and will impact our cloud growth in 2025 to mitigate the impact on overall performance.

這現已反映在我們 2024 年的指導中，並將影響我們 2025 年的雲端成長，以減輕對整體效能的影響。

We have identified actions to drive growth and further improve our cost structure.

我們已經確定了推動成長並進一步改善成本結構的行動。

From a growth perspective, we have enhanced our global services capabilities through our recent acquisitions and DDAS and Info Center services are performing well and meeting our expectations.

從成長的角度來看，我們透過最近的收購增強了我們的全球服務能力，DDAS和資訊中心服務表現良好，滿足我們的期望。

We are pleased with the access to talent pools in Eastern Europe and India.

我們很高興能夠獲得東歐和印度的人才庫。

And we are encouraged by our accelerating cross sell opportunities and increased relevance to our clients in North America we launched a program to drive share gains in our key focus areas of hybrid cloud data and AI security and edge including workspace solutions.

我們對交叉銷售機會的加速以及與北美客戶的相關性的增加感到鼓舞，我們啟動了一項計劃，以推動混合雲數據和人工智能安全以及邊緣（包括工作空間解決方案）等關鍵重點領域的份額增長。

We are confident in the efficacy of this program which is modeled after the successful effort we implemented over the past 18 months to drive services profitability improvement.

我們對該計劃的有效性充滿信心，該計劃是在我們過去 18 個月為推動服務盈利能力提高而成功實施的努力的基礎上建立的。

Specifically, we are expanding our go to market team to include sales leaders and technical sales talent aligned to solutions practices.

具體來說，我們正在擴大我們的市場團隊，以納入與解決方案實踐一致的銷售領導者和技術銷售人才。

This will drive tighter alignment with our expanding partner ecosystem and our solution specialists delivering higher technology adoption and improved outcomes.

這將推動我們不斷擴大的合作夥伴生態系統和我們的解決方案專家更緊密地保持一致，從而提供更高的技術採用率和更好的成果。

We believe this will elevate our go to market effectiveness and accelerate growth as the market recovers and our program ramps from a cost perspective.

我們相信，隨著市場復甦以及我們的計劃從成本角度來看，這將提高我們進入市場的效率並加速成長。

We are selectively accelerating the integration of recent acquisitions and leveraging our near shore and offshore sites to deliver a lower cost structure.

我們有選擇地加速最近收購的整合，並利用我們的近岸和離岸站點來提供更低的成本結構。

We anticipate annualized operating expense reductions in the range of $20 million to $25 million which will be fully realized in 2025.

我們預計年化營運費用將減少 2,000 萬至 2,500 萬美元，並將於 2025 年完全實現。

Despite these near term challenges, we are confident in our strategy to become the leading solutions integrator.

儘管存在這些近期挑戰，我們對成為領先的解決方案整合商的策略充滿信心。

A perfect example of our execution and efficacy of this strategy is a hybrid solution.

混合解決方案是我們執行此策略並取得成效的完美範例。

We recently built for a client in the Middle East as part of their 2030 vision for economic diversification.

我們最近為中東的一家客戶建造了該項目，作為他們 2030 年經濟多元化願景的一部分。

The Royal Kingdom of Saudi Arabia is creating a world class luxury cruise line.

沙烏地阿拉伯王國正在打造世界一流的豪華郵輪公司。

Arroyo cruises Arroyo partnered with insight to transform their inaugural ship into a floating smart city we designed and implemented an integrated private cloud by tapping into our extensive partner ecosystem and activating our client fulfillment centers across EMEA Arroyo chose insight because we manage the entire process from procurement and strategy to hardware software and services integration to create a seamless and secure solution by orchestrating numerous partners and managing every aspect of this transformative it project.

Arroyo 遊輪Arroyo 與Insight 合作，將他們的首艘船改造成一座浮動智慧城市。私有雲Arroyo 選擇Insight 是因為我們管理從採購到整個流程以及硬體軟體和服務整合策略，透過協調眾多合作夥伴並管理這項變革性 IT 專案的各個方面，創建無縫且安全的解決方案。

We've demonstrated our ability to deliver scalable solutions that drive long term value in a market saturated with fragmented services.

我們已經證明了我們有能力提供可擴展的解決方案，從而在服務分散的市場中推動長期價值。

We also guided a US health care giant with over 150 hospitals across the US and UK that was lagging in cloud adoption.

我們還指導了一家在美國和英國擁有 150 多家醫院的美國醫療保健巨頭，該巨頭在雲端採用方面落後。

A common challenge in the health care sector.

醫療保健領域的一個共同挑戰。

They turn to insight for our infrastructure expertise.

他們尋求我們的基礎設施專業知識的洞察。

We helped our client architect and build a new approach to provisioning their cloud infrastructure using new tools and github repositories to effectively manage their Azure and Google cloud environment.

我們幫助客戶架構並建立了一種新方法，使用新工具和 github 儲存庫來配置他們的雲端基礎設施，以有效管理他們的 Azure 和 Google 雲端環境。

We reduced the project provisioning time, the time to create the underlying infrastructure for their cloud environment from one month to 10 minutes, enabling the client to deploy innovative technologies almost instantly and freeing them up to focus on patient care.

我們將專案配置時間（為其雲端環境創建底層基礎設施的時間）從一個月縮短到了 10 分鐘，使客戶能夠幾乎立即部署創新技術，並讓他們能夠專注於患者護理。

And speaking of infrastructure, we are now offering A I infrastructure as a service.

說到基礎設施，我們現在提供人工智慧基礎設施即服務。

Along with our deep data and A I expertise, we rely on our best in class technology partnerships to combine compute networking and storage requirements under a single as a service umbrella.

憑藉我們深厚的數據和人工智慧專業知識，我們依靠一流的技術合作夥伴關係，將運算網路和儲存需求結合到一個服務傘下。

Our solution provides flexibility for our clients as they invest in AI by offering a consumption model as well as managed services to operate the infrastructure.

我們的解決方案透過提供消費模型以及營運基礎設施的託管服務，為客戶投資人工智慧提供靈活性。

In the last quarter.

在最後一個季度。

Insight has received several important recognitions.

Insight 已獲得多項重要認可。

AWS premier tier service partner, netapp's 2024 Keystone partner of the year several Cisco partner of the year awards including us partner of the year Dell 2024 acquisition partner of the year numerous Lenovo partner of the year recognition.

AWS 頂級服務合作夥伴、netapp 2024 年度 Keystone 合作夥伴等多項思科年度合作夥伴獎項，包括美國年度合作夥伴、戴爾 2024 年度收購合作夥伴、聯想年度合作夥伴等眾多獎項的認可。

And we've also been included in the 2024 Gartner magic quadrant for software asset management, managed services.

我們也被納入 2024 年 Gartner 軟體資產管理、託管服務魔力像限。

And from the workplace culture perspective, insight has been recognized among Forbes world's best employers in 2024 Newsweek, America's greatest workplaces for 2024.

而從職場文化的角度來看，Insight也被評為2024年《新聞週刊》《富比士》全球最佳雇主、《2024年美國最佳職場》等。

And Insight, India was granted great place to work certification.

印度 Insight 獲得了優秀工作場所認證。

As you know, earlier this year, Gleiss announced her upcoming retirement and I want to thank her for almost two decades of commitment to insight.

如你所知，今年早些時候，格萊斯宣布即將退休，我要感謝她近二十年來對洞察力的承諾。

We are grateful for her leadership and dedication to the company, our teammates, partners and clients.

我們感謝她的領導以及對公司、我們的隊友、合作夥伴和客戶的奉獻。

And we're delighted that James Borgata will assume the role as CFO in January, James.

我們很高興 James Borgata 將在一月份擔任首席財務官，詹姆斯。

I'll turn it back over to you.

我會把它還給你。

Thank you, Joyce and good morning, everyone.

謝謝喬伊斯，大家早安。

I'm deeply honored to be selected as insights next CFO during the last three years, I've worked closely with the leadership team to drive our business model and operational efficiencies.

我非常榮幸在過去三年中被選為下一任首席財務官，我與領導團隊密切合作，推動我們的業務模式和營運效率。

I'm confident in our strategy and our ability to drive profitable growth particularly as the market recovers our solutions and technical capabilities position us well to attack the fastest growing areas of the market and the strength of our balance sheet and cash flow provides us with the opportunity to continue expanding our solutions capabilities in the future.

我對我們的策略和推動獲利成長的能力充滿信心，特別是隨著市場的復甦，我們的解決方案和技術能力使我們能夠很好地攻擊市場成長最快的領域，而我們的資產負債表和現金流的實力為我們提供了未來繼續擴展我們的解決方案能力的機會。

I'm excited to be part of insights journey and to help us realize our ambition to become the leading solutions integrator.

我很高興能夠成為洞察之旅的一部分，並幫助我們實現成為領先的解決方案整合商的雄心壯志。

I look forward to continuing the dialogue with all of you in the coming months.

我期待在未來幾個月繼續與大家對話。

I'll now turn the call over to Glynis to share key details of our financial and operating performance in Q3 as well as our outlook for 2024 Gleiss.

現在，我將把電話轉給 Glynis，分享我們第三季財務和營運業績的關鍵細節，以及我們對 2024 年 Gleiss 的展望。

Thank you James at a high level.

非常感謝詹姆斯。

Our results in Q3 were disappointing on high single digit revenue decline.

由於營收大幅下降，我們第三季的業績令人失望。

Gross profit grew mid single digits and gross margin expanded significantly.

毛利成長中個位數，毛利率顯著擴大。

However, Ebida was flat and adjusted diluted earnings per share declined year to year.

然而，稅息折舊及攤銷前利潤持平，調整後攤薄每股收益較去年同期下降。

Our acquisitions performed as expected in Q3, Q3 did not meet our expectations and also did not provide the foundation that we need to achieve our prior 2024 guidance and I'll walk you through the details of Q3 and the implications for Q4 in Q3, net revenue was $2.1 billion a decrease of 8% in us dollars and also in constant currency.

我們在第三季的收購表現符合預期，第三季沒有達到我們的預期，也沒有為我們實現之前的2024 年指導提供基礎，我將向您介紹第三季的詳細資訊以及第三季對第第四季的影響，淨值收入為 21 億美元，以美元和固定匯率計算下降 8%。

The decrease was driven by an 11% decline in product.

造成這一下降的原因是產品下降了 11%。

This decline in product was driven primarily by weakness in our large enterprise and corporate clients in North America.

產品下降的主要原因是北美大型企業和企業客戶的疲軟。

Within this decline, hardware was down 13% and on prem software was down 9%.

在這次下降中，硬體下降了 13%，本地軟體下降了 9%。

The decline in on prem software is primarily related to a partner consolidation and subsequent program change that shifted revenue from product to services.

本地軟體的下降主要與合作夥伴整合和隨後的計劃變更有關，這些變更將收入從產品轉移到了服務。

Diving a little deeper in hardware.

更深入地研究硬體。

In Q3 devices were down low, single digits and infrastructure was down double digits year to year.

第三季度，設備數量較去年同期下降了個位數，基礎設施數量較去年同期下降了兩位數。

Sequentially, devices were flat and infrastructure declined high single digits, gross profit increased 6% reflecting strong cloud and inside core services growth partially offset by product declines.

隨後，設備持平，基礎設施下降高個位數，毛利成長 6%，反映出雲端和內部核心服務的強勁成長，部分被產品下降所抵銷。

Insect core services gross profit was $81 million.

昆蟲核心服務毛利為 8,100 萬美元。

An increase of 14% and reflects the benefits of our acquisitions.

成長了 14%，反映了我們收購帶來的好處。

Cloud gross profit was $129 million.

雲毛利潤為 1.29 億美元。

An increase of 33% reflecting higher growth in infrastructure as a service and software as a service and also the benefit of the partner consolidation and program change.

成長 33%，反映出基礎設施即服務和軟體即服務的更高成長，以及合作夥伴整合和計畫變更的好處。

I mentioned earlier, the cloud results are partially offset by decline in legacy enterprise agreements.

我之前提到過，雲端運算的業績被傳統企業協議的下降部分抵銷。

Gross margin was 20.7% an increase of 270 basis points and reflects a higher mix of cloud and insight core services primarily related to the acquisitions we have completed successfully that drive higher services gross margin adjusted SG&A grew 8% due to the acquisitions organic adjusted SGN 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.

毛利率為20.7%，增加了270 個基點，反映了雲端和洞察核心服務的更高組合，這主要與我們成功完成的收購有關，這些收購推動了更高的服務毛利率，由於收購有機調整後的SGN A，調整後的銷售及管理費用增長了8%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運營費用行動，我們的支出逐年下降。

Our philosophy is that gross profit growth should outpace SG&A growth and with our performance this quarter.

我們的理念是，毛利成長應超過銷售、管理費用（SG&A）成長以及我們本季的業績。

And as Joyce mentioned, we're taking further steps to align our cost structure with the current environment.

正如喬伊斯所提到的，我們正在採取進一步措施，使我們的成本結構與當前環境保持一致。

This results in an adjusted EBITDA of $129 million flat year over year.

調整後 EBITDA 為 1.29 億美元，與去年同期持平。

While margin expanded 50 basis points to 6.2% and adjusted diluted earnings per share were $2.19 down 8% in us dollar terms and also in constant currency.

利潤率擴大 50 個基點，達到 6.2%，調整後稀釋每股收益為 2.19 美元，以美元計算和以固定匯率計算下降 8%。

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

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和/或股票回購有關。

Moving on to cash flow in the quarter.

接下來是本季的現金流。

We generated $125 million of cash flow from operations through the first three quarters of 2024.

截至 2024 年前三個季度，我們的營運現金流為 1.25 億美元。

We have generated $418 million in cash flow from operations essentially flat year over year.

我們的營運現金流量為 4.18 億美元，與去年同期基本持平。

We expect that cash flow from operations will be over $500 million this year.

我們預計今年營運現金流將超過 5 億美元。

Above the top end of our typical $300 million to $400 million range.

高於我們典型的 3 億至 4 億美元範圍的上限。

In Q3, we were purchased approximately $165 million of shares year-to-date through the end of Q3, we spent $200 million to repurchase shares compared to $217 million spent in the same period.

在第三季度，截至第三季末，我們今年迄今購買了約 1.65 億美元的股票，我們花了 2 億美元回購股票，而同期花費了 2.17 億美元。

Last year in September, our board authorized a new 300 million share repurchase program, all of which remains outstanding.

去年 9 月，我們的董事會批准了一項新的 3 億股股票回購計劃，所有這些計劃仍未完成。

Our adjusted return on invested capital for the trillion 12 months ended September 30th 2024 was 16.3% compared to 16.8% a year ago.

截至 2024 年 9 月 30 日的 12 個月，我們調整後的兆投資資本報酬率為 16.3%，而一年前為 16.8%。

We exited Q3 with total debt of $1.1 billion compared to $673 million a year ago.

第三季結束時，我們的債務總額為 11 億美元，而一年前為 6.73 億美元。

Over the last year, we spent approximately $890 million in acquisitions and share buybacks partially funded through $480 million of cash flow from operations with the remainder in debt.

去年，我們花了約 8.9 億美元用於收購和股票回購，部分資金來自 4.8 億美元的營運現金流，其餘則來自債務。

The associated interest expense is adversely impacting adjusted diluted earnings per share.

相關利息支出對調整後稀釋每股盈餘有不利影響。

As of the end of Q3, we had access to the full $1.8 billion capacity under the A BL facility of which $1.5 billion was available.

截至第三季末，我們可以使用 A BL 設施下 18 億美元的全部產能，其中 15 億美元可用。

We have ample liquidity to meet our needs.

我們有充足的流動性來滿足我們的需求。

Our presentation shows our trillion 12 month performance through Q3,2024 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 年第三季 12 個月的業績（相對於我們在 2022 年 10 月投資者日所描述的指標）。

Here's the status cloud gross profit growth of 32% core services, gross profit growth of 14% adjusted ebita margin of 6.3% adjusted diluted EPS growth of 8% adjusted ROIC of 16.3% and adjusted free cash flow as a percentage of adjusted net income of 166%.

以下是Status Cloud 核心服務毛利潤成長32%、毛利成長14% 調整後息稅前利潤率為6.3% 調整後稀釋每股盈餘成長8% 調整後投資資本回報率為16.3% 調整後自由現金流佔調整後淨利的百分比166%。

I would characterize the market year-to-date as difficult.

我認為今年迄今為止的市場是困難的。

While we had an encouraging start to the year, our large enterprise and corporate clients have not returned to growth.

雖然我們今年的開局令人鼓舞，但我們的大型企業和企業客戶尚未恢復成長。

Our clients continue to exercise heightened caution in their spending decisions and investment priorities.

我們的客戶在支出決策和投資優先事項上繼續保持高度謹慎。

Given the duration of ongoing uncertainty and lack of demand momentum.

鑑於持續的不確定性和缺乏需求動力。

We believe this pattern could continue into the first half of 2025.

我們相信這種模式可能會持續到 2025 年上半年。

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're not expecting the typical hardware budget flush at year end, particularly in the large enterprise and corporate client group.

我們預計年底硬體預算不會大幅增加，特別是在大型企業和企業客戶群中。

Sadda will be diluted in Q4 as we continue to pivot on selling cloud solutions to corporate and mid market clients and away from enterprise resale given the Sadda effect cloud gross profit growth will moderate in Q4 on prem software revenue has been affected by partner consolidations and the new program and revenue is now netted and reflected in services.

Sadda 將在第四季度被稀釋，因為我們繼續將重點放在向企業和中端市場客戶銷售雲端解決方案，並遠離企業轉售，因為Sadda 效應雲毛利潤增長將在第四季度放緩，本地軟體收入受到合作夥伴合併的影響，並且新計劃和收入現在已淨額計算並反映在服務中。

We plan to reduce our operating expenses and deliver $20 million to $25 million in annualized savings note the impact in 2024 will be minimal but we should see the full benefit in 2025.

我們計劃減少營運支出，並實現年化 2,000 萬至 2,500 萬美元的節省，注意 2024 年的影響將很小，但我們應該會在 2025 年看到全部效益。

Considering these factors for the full year.

考慮全年的這些因素。

Our guidance is as follows.

我們的指導如下。

We expect to deliver gross profit growth in the mid single digit range and that our gross margin will still be in the 19% to 20% range.

我們預計毛利將實現中等個位數成長，毛利率仍將在 19% 至 20% 範圍內。

And we now anticipate adjusted diluted earnings per share will be between $9.40 and $9.70.

我們現在預計調整後的稀釋每股收益將在 9.40 美元至 9.70 美元之間。

This guidance includes interest expense between $58 million to $60 million.

該指導包括 5,800 萬至 6,000 萬美元的利息支出。

An effective tax rate of approximately 25.5% for the full year capital expenditures of $35 million to $40 million and an average share count for the full year of 35.1 million shares.

全年資本支出 3,500 萬至 4,000 萬美元的有效稅率約為 25.5%，全年平均股數為 3,510 萬股。

This outlook excludes acquisition related and transformation expense of approximately $70 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 7000 萬美元的收購相關和轉型費用，假設沒有收購相關或遣散費以及重組和轉型費用，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。

Before I pass the call back to Joyce, I would like to once again congratulate James and say a big thank you.

在我把電話回給喬伊斯之前，我想再次祝賀詹姆斯並表達衷心的感謝。

I am thrilled that he was a successful CFO candidate.

我很高興他成為一名成功的財務長候選人。

He's had a tremendous impact on the business over the past three years and we will be an excellent partner to Joyce and our executive leadership team as we continue our journey to become the leading solutions integrator.

在過去的三年裡，他對我們的業務產生了巨大的影響，隨著我們繼續成為領先的解決方案整合商，我們將成為 Joyce 和我們的執行領導團隊的優秀合作夥伴。

I'm also grateful to Joyce for her leadership and support and for her bold vision for insight.

我還感謝喬伊斯的領導和支持以及她大膽的洞察力。

I'm confident that under her leadership inset would be well positioned to become the leading solutions in and also a big thank you to our partners, clients and the investment community for your partnership.

我相信，在她的領導下，Inset 將成為領先的解決方案，同時也非常感謝我們的合作夥伴、客戶和投資界的合作。

Over the years, we would, we would not be successful without our dedicated teammates who truly make our company exceptional.

多年來，如果沒有我們敬業的隊友，我們就不會成功，他們真正使我們的公司變得卓越。

I'm honored to have been a part of the inside journey over the last 18 years.

我很榮幸能夠參與過去 18 年的內部旅程。

Thank you.

謝謝。

I will turn the call back to Joyce.

我會把電話轉回給喬伊斯。

Thank you Glynis.

謝謝格萊尼斯。

We are really going to miss your leadership advice and wise counsel and I am grateful for all that you have contributed to insight and each one of us personally over so many years to recap here to date, we delivered positive results in strategic areas of the business in a challenging environment.

我們真的會想念您的領導建議和明智的建議，我感謝您為洞察力所做的貢獻，也感謝我們每一個人多年來在這裡回顧迄今為止，我們在業務的戰略領域取得了積極的成果在充滿挑戰的環境中。

Cloud and insight core services, gross profit grew double digits, gross margin expanded reflecting a favorable mix of cloud and insight core services and benefits from our pricing and profitability initiatives and adjusted even to margin expanded.

雲端和洞察核心服務，毛利成長了兩位數，毛利率擴大反映了雲端和洞察核心服務的有利組合以及我們的定價和獲利計畫帶來的好處，甚至調整為利潤率擴大。

When we launched our solutions integrator strategy, we knew there would be twists and turns along the way.

當我們啟動解決方案整合商策略時，我們知道一路上會遇到曲折。

We've experienced some of those challenges and are taking the appropriate action to address them.

我們遇到了其中一些挑戰，並正在採取適當的行動來解決這些挑戰。

We're confident we have developed a strong plan to help offset ongoing industry pressures.

我們相信我們已經制定了一項強有力的計劃來幫助抵消持續的行業壓力。

We remain laser focused on delivering exceptional value where our clients need us.

我們始終專注於在客戶需要的地方提供卓越的價值。

Most cloud data and A I cyber and edge those areas have not changed and we have expanded our capabilities in these areas over the past year and are well positioned.

大多數雲端資料和人工智慧網路和邊緣這些領域都沒有改變，我們在過去的一年裡擴展了我們在這些領域的能力，並且處於有利地位。

In addition, we are leveraging technology and offshoring options to structurally improve our costs.

此外，我們正在利用技術和離岸外包選項從結構上提高我們的成本。

We are confident that growth will resume in this $5 trillion market and we are actively focused on improving our execution to be ready for the eventual upturn.

我們相信這個 5 兆美元的市場將恢復成長，並且我們正在積極致力於提高我們的執行力，為最終的改善做好準備。

I'd like to thank our teammates for their unwavering commitment to our clients partners and each other, especially in this difficult environment, our clients for trusting insight to help them with their transformational journeys and our partners for their continued collaboration and support in delivering innovative solutions to our clients.

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堅定承諾，特別是在這個困難的環境中，感謝我們的客戶信任洞察力來幫助他們完成轉型之旅，感謝我們的合作夥伴在提供創新方面的持續合作和支持為我們的客戶提供解決方案。

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。

As a reminder.

作為提醒。

If you would like to ask a question, please press star one on your telephone keypad.

如果您想提問，請按電話鍵盤上的星號一。

If you would like to withdraw your question, please press star two.

如果您想撤回您的問題，請按星號二。

Our first question today comes from Joseph Cardoso from JP Morgan.

我們今天的第一個問題來自摩根大通的約瑟夫·卡多佐。

Please go ahead.

請繼續。

Hey, thanks for the question and good morning everyone.

嘿，謝謝你的提問，大家早安。

I guess just first one for me, not super surprising the trends that you're seeing relative to it spending, particularly following one of your peers reporting yesterday.

我想這對我來說只是第一個，你所看到的與支出相關的趨勢並不令人驚訝，特別是在昨天你的一位同行報道之後。

Curious, can you just flush out the trends that you're seeing between large enterprise customers versus smaller ones and then any areas from a product or services portfolio that is tracking better or worse than anticipated?

很好奇，您能否列出大型企業客戶與小型企業客戶之間的趨勢，以及產品或服務組合中比預期更好或更差的任何領域？

Previously?

之前？

Just curious if you can flush out if there's any bright spots that you're seeing that give you confidence around recovery going into next year and then I have a follow up.

只是好奇你能否找出你所看到的任何亮點，讓你對明年的復甦充滿信心，然後我會進行跟進。

Thanks.

謝謝。

Yeah, thanks.

是的，謝謝。

Thanks Joe.

謝謝喬。

So yeah, as we noted, we're happy with our cloud growth, cloud GP growth and we're happy with our our, our core services GP growth, which are both really critical and highly strategic to our strategy as you know.

所以，是的，正如我們所指出的，我們對我們的雲端成長、雲端GP 成長感到滿意，我們對我們的核心服務GP 成長感到滿意，正如你所知，這對我們的策略非常關鍵且具有高度戰略意義。

So those have been really, really helpful and we're really pleased by the way with our, with our acquisitions and their performance overall.

因此，這些確實非常有幫助，我們對我們的收購及其整體表現感到非常滿意。

They've really helped us round out our services capabilities and our growing, of course, they're growing for us because they're new to us in many cases, but they're also growing organically kind of if you compare their, their previous performance.

他們確實幫助我們完善了我們的服務能力和我們的成長，當然，他們為我們成長，因為在很多情況下他們對我們來說是新的，但如果你比較他們的，他們的，他們也在有機地成長。

So all of that seems is really good from a customer sector point of view.

因此，從客戶部門的角度來看，所有這些似乎都非常好。

We are we're seeing some two quarters in a row of commercial performance and that's very a good growth and that's very important because generally, we see earlier improvements in the commercial sector before we see those translate into enterprise and corporate.

我們連續兩個季度看到商業業績，這是非常好的成長，這非常重要，因為一般來說，我們在看到這些改善轉化為企業和企業之前，就看到了商業領域的早期改善。

And that's so, so we're happy with that APAC and enem were also strong performers in the quarter.

正是如此，我們很高興 APAC 和 enem 在本季也表現強勁。

Got it and then maybe just following up on some of the start up commentary, like it does seem like that acquisition is somewhat underperforming your expectations when you first acquired it, at least in terms of the revenue and profit projections.

明白了，然後也許只是跟進一些新創公司的評論，好像這次收購確實有點低於你第一次收購時的預期，至少在收入和利潤預測方面是如此。

And some of this may be tied to some of the shift in strategic priorities that you highlighted on the last earnings call.

其中一些可能與您在上次財報電話會議上強調的策略重點的一些轉變有關。

I'm just curious, like, is there any way that you can help us kind of baseline the the acquisition or start from what you talked about historically?

我只是好奇，有沒有什麼方法可以幫助我們確定收購的基線，或從您談論的歷史開始？

Like I I think there was like a 250 revenue number, maybe that was a 22,23 number, 80% of our gross margins.

就像我一樣，我認為收入數字約為 250，也許是 22,23，占我們毛利率的 80%。

Like any way that you can help us think about what the run rate of that business is today, given the shift in strategic priorities that you guys are doing there.

就像你們可以幫助我們思考該業務目前的運作率的任何方式一樣，考慮到你們在那裡所做的戰略重點的轉變。

And then the second part of that question is with the shift in strategic priorities.

這個問題的第二部分是戰略重點的轉變。

Has there been any structural change in the seasonality of that business?

該業務的季節性是否發生了結構性變化？

Thanks for the questions.

感謝您的提問。

Okay.

好的。

Yeah.

是的。

So, so first of all, let me just back up for second and talk about how happy we are that we have the capability especially around services and Google.

所以，首先，讓我談談我們是多麼高興我們擁有這種能力，特別是在服務和谷歌方面。

So Google is obviously a platform that is becoming increasingly important to many and many of our clients.

因此，谷歌顯然是一個對我們許多客戶來說變得越來越重要的平台。

We're really happy to have it in our portfolio.

我們真的很高興將它納入我們的產品組合中。

We highlighted a customer today actually that, that where we saw a really good cross selling capability because we have a strong relationship and we add Google capabilities to that to that relationship.

我們今天向一位客戶強調了這一點，我們看到了非常好的交叉銷售能力，因為我們擁有牢固的關係，我們將 Google 的功能添加到了這種關係中。

So we, we, we love what it does for a multi cloud cloud strategy.

所以我們，我們，我們喜歡它對多雲雲策略的作用。

And it is consistent with our strategy to invest in the fastest growing areas of the market and the areas where our customers need the most help.

這與我們投資於市場成長最快的領域和客戶最需要幫助的領域的策略是一致的。

We also value that acquisition based on cash flow and from a cash flow perspective.

我們也根據現金流和現金流的角度來評估此次收購。

So that is performing to expectations, but you are absolutely right.

所以這符合預期，但你是絕對正確的。

We expected to see growth in, saw up primarily through both services expansion, which we are seeing, but also resale expansion, which we are not seeing.

我們預計成長主要透過我們所看到的服務擴張和我們沒有看到的轉售擴張來實現。

And that was the pivot that we talked about in our earnings call last quarter.

這就是我們在上個季度的財報電話會議中討論的關鍵點。

And that is really getting driving more alignment with Google's priorities.

這確實推動了與谷歌優先事項的更加一致。

And we've, we've now made that pivot, the impact is really on enterprise large customer resale.

我們現在已經做出了這項轉變，其影響確實對企業大客戶轉售產生了影響。

We are now focused solely from a resale point of view on the corporate and mid market still and that, that business is still ramping.

我們現在僅從轉售的角度關注企業和中端市場，而且該業務仍在成長。

So, we're happy about services.

所以，我們對服務感到滿意。

We're happy about cash flow, the reset, we, we delivered a very different year and in fact, a very different Q4 because of the seasonality associated with SA because of the decline in enterprise resale.

我們對現金流、重置感到高興，我們交付了一個非常不同的一年，事實上，一個非常不同的第四季度，因為與 SA 相關的季節性，因為企業轉售的下降。

Now, if you think about the, the structure we have taken because of that change, we have made some significant improvements starting in late Q2, early Q3, I guess it was Q3 to adjust the OpEx associated with that business and to, and so we've been working through that process now and that's, that's going to help us make sure that Sadda turns the corner and contributes positively next year.

現在，如果您考慮我們因這項變更而採取的結構，我們從第二季末、第三季初開始做出了一些重大改進，我猜是第三季調整了與該業務相關的營運支出，等等我們現在一直在努力完成這個過程，這將幫助我們確保薩達扭轉困境並在明年做出積極貢獻。

Thanks, appreciate it.

謝謝，感激不盡。

Did I answer all the elements of that, Joe?

喬，我回答了所有要素了嗎？

I mean, I might have missed something.

我的意思是，我可能錯過了一些東西。

Maybe. Just the last part was just on the seasonality, whether the shift in strategic priorities from Google in terms of the focus on the mid market, does that change any of the seasonality that was assumed when you guys first acquired it in terms of it being Q4 loaded.

或許。最後一部分只是關於季節性，谷歌在關注中端市場方面戰略重點的轉變是否會改變你們第一次收購它時假設的季節性（第四季度）已加載。

It should, we don't like this Q4 seasonality thing.

應該的，我們不喜歡第四季的季節性。

And we've been working to try to flatten that obviously, we'd like to flatten it in a different way than just that having such a large GAAP in before.

我們一直在努力嘗試扁平化這一點，顯然，我們希望以一種不同於之前如此大的公認會計原則的方式來扁平化它。

And, and Garda's guidance range is specifically related to a view that that sort of will miss their Q4.

而且，加爾達的指導範圍與這樣的觀點特別相關，即這種觀點將錯過他們的第四季。

We, I think in my section, I said Q4 is going to be diluted ultimately.

我們，我想在我的部分，我說過第四季度最終將被稀釋。

And that is related to not having the large enterprise, the large large enterprise deals that they typically have in Q4.

這與沒有大型企業、大型企業通常在第四季度進行的交易有關。

We're not expecting to see those this, this, this Q4.

我們預計不會在第四季度看到這些。

And, and is there any I'm sorry not to?

還有，有什麼我很抱歉不這麼做的嗎？

And I guess that was kind of the root of my first question.

我想這就是我第一個問題的根源。

Is there any way to kind of triangulate how much of the headwind that is in terms of the business relative to the metrics that you gave historically?

有什麼方法可以三角測量相對於您歷史上提供的指標而言，業務方面的阻力有多大？

Like how much of large enterprise used to contribute to that revenue number that you gave?

例如，有多少大型企業曾經為您提供的收入數字做出了貢獻？

At least when you first talked about the acquisition being in the 250 million range.

至少當你第一次談論收購金額在 2.5 億美元範圍內時是這樣。

I can't triangulate it to that.

我無法將其三角化。

What I think we can say is that size is about a third of the revised items shortfall of the changing items.

我想我們可以說的是，尺寸大約是修改專案缺口的三分之一。

Okay.

好的。

No, that helps Glen.

不，這對格倫有幫助。

I appreciate it.

我很感激。

Alright, I'll I'll jump back out.

好吧，我這就跳出去。

Thank you.

謝謝。

Appreciate all the colors guys.

欣賞所有顏色的傢伙。

Okay.

好的。

Thank you.

謝謝。

Next question.

下一個問題。

Our next question is from Matt Sheerin at Stifel.

我們的下一個問題來自 Stifel 的 Matt Sheerin。

Please go ahead.

請繼續。

Yes, thanks.

是的，謝謝。

Good morning and congratulations to both James and and Glynis.

早上好，恭喜詹姆斯和格萊尼斯。

My, my first question just regarding the guidance for the year, you guided to gross profit and EPS and sort of backing into the top line and gross margin.

我的第一個問題是關於今年的指導，你指導了毛利和每股收益，以及對營收和毛利率的支持。

It looks like you will grow sequentially on the top line.

看起來你會在頂線上連續成長。

And last year, I think you were, you were down slightly.

去年，我認為你的表現略有下降。

So there looks like there's a little bit of seasonality and maybe you could talk to that and, and where you may be seeing that.

所以看起來有一點季節性，也許你可以談談這一點，以及你可能在哪裡看到這一點。

And, and then, and then on the gross margin, it looks like again, backing into that number, it looks like gross margin will be below 19%.

然後，然後在毛利率方面，看起來又回到這個數字，毛利率看起來將低於 19%。

And is that mostly because of that sa issues that you talked about or is there a mix issue where a client devices are up in infrastructures?

這主要是因為您談到的問題，還是客戶端設備在基礎架構中存在混合問題？

We thanks.

我們感謝。

Hey, Matt, I, I don't want to be bold here but we do not believe that gross margin will be below 19%.

嘿，馬特，我，我不想在這裡大膽，但我們不相信毛利率會低於 19%。

We think gross margin will be in the range of 19% to 20%.

我們認為毛利率將在19%至20%之間。

So I think.

所以我認為。

That I'm talking about that.

我正在談論這個。

That was your, that was your guide for the year.

那是你的，那是你這一年的指南。

I was kind of backing into the backing into the December number.

我有點支持十二月的數字。

Which looks like.

看起來像。

The Q4 number will be lower than 20%.

第四季的數字將低於20%。

Yes, that's correct.

是的，這是正確的。

Sorry, I misunderstood.

抱歉，我誤會了。

I thought you're talking about for the full year.

我以為你說的是全年。

Yeah.

是的。

So I was trying to figure dynamics normally last year it was up in, you know, is that because of a or because of product.

所以我試著計算去年通常它的動態，你知道，是因為一個還是因為產品。

It's data and product mix is both but primarily for because they're 100% gross margin on the resale.

它的數據和產品組合是兩者兼而有之，但主要是因為它們的轉售毛利率是100%。

Yeah.

是的。

Yeah.

是的。

And so.

所以。

Last year, remember.

去年，記得。

We got an initial data in Q4.

我們在第四季度獲得了初步數據。

Oh okay.

哦好的。

And so do, do you expect to grow?

那麼，你期望成長嗎？

So potentially then in terms of revenue.

因此就收入而言可能是這樣。

Sequentially a little, a very little bit, a very, very low single digit growth?

依序是一點點、一點點、非常非常低的個位數成長？

Okay.

好的。

Okay.

好的。

Okay, great.

好的，太好了。

And, and then second question just regarding the issues you talked about with on prem software, the consolidation of vendors and, and the enterprise agreements.

然後，第二個問題涉及您談到的本地軟體、供應商的整合以及企業協議的問題。

Could you, could you dig down a little bit more exactly what, what, what you're seeing there and the impact and how many quarters will, will you have tough comps you with that?

你能否，你能更準確地挖掘一下你在那裡看到了什麼，什麼，什麼以及影響以及有多少個季度會發生，你對此會有艱難的補償嗎？

So the partner consolidation was affected some on prem software.

因此，合作夥伴整合受到了一些本地軟體的影響。

And it basically moved us from, to a netted environment.

它基本上將我們從網路環境轉移到了網路環境。

So from from software to services.

所以從軟體到服務。

So that's a reclassification and it was a one time benefit in Q3.

所以這是一次重新分類，這是第三季的一次性好處。

So I would say that we are definitely seeing more and more trends towards consumption models and away from enterprise agreements.

所以我想說，我們肯定會看到越來越多的趨勢轉向消費模式，而遠離企業協議。

We expect that trend to continue by the way, we like that because consumption generally, consumption agreements are generally stickier and provide more value to our customers and and to us.

順便說一句，我們預計這種趨勢將持續下去，我們喜歡這樣，因為一般來說，消費協議通常更具黏性，並為我們的客戶和我們提供更多價值。

So we would expect that trend to continue.

因此，我們預計這種趨勢將持續下去。

Okay.

好的。

And is that why the software sales in in the media?

這就是軟體在媒體上銷售的原因嗎？

We were down so much year over year and quarter and quarter.

我們逐年、逐季下降了很多。

That is that is why so the same, the same partner consolidation we had the, you probably know who it is.

這就是為什麼我們有如此相同、相同的合作夥伴整合，你可能知道它是誰。

But that partner consolidation, we used to record the, the the revenue as, as growth with COGS going to GP As if the consolidation occurred, the new, the, the our new partner now has taken most of the enterprise business direct.

但是，我們過去常常將合作夥伴合併記錄為隨著銷貨成本（COGS）轉入普通合夥人（GP）的增長，就像合併發生一樣，我們的新合作夥伴現在已經直接佔據了大部分企業業務。

We're doing the midmarket business and that is now structured as the agent relationship and we earn a fee on it and that's been recorded in services, but that is a driver for MS revenue declined in software.

我們正在做中端市場業務，現在的結構是代理關係，我們從中賺取費用，這已記錄在服務中，但這是微軟軟體收入下降的驅動因素。

Understood.

明白了。

Okay.

好的。

And ours, ours.

還有我們的，我們的。

As well.

也是如此。

Okay, thanks.

好的，謝謝。

Our next question is from Adam Tyndall at Raymonds.

我們的下一個問題來自 Raymonds 的 Adam Tyndall。

Please go ahead.

請繼續。

Okay, thanks, good morning.

好的，謝謝，早安。

Joyce, I wanted to start, you know, when you were describing this quarter, it was the delayed hardware recovery in in North America.

喬伊斯，我想開始，你知道，當你描述本季時，這是北美硬體復甦的延遲。

That was a particular issue.

這是一個特殊的問題。

I wonder if you can double click on that.

我想知道你是否可以雙擊它。

Which categories are you seeing the most impact or deviation from expectations?

您認為哪些類別對預期影響最大或與預期偏差最大？

We hear a lot about networking, for example, with difficult comparisons, but, you know, theoretically, we would have known that entering this year.

例如，我們聽到了很多有關網路的信息，但很難進行比較，但是，從理論上講，我們在今年就已經知道了這一點。

So I'm just trying to, you know, square where, where, where or what categories are seeing the, you know, most significant deviations from expectations.

所以我只是想，你知道，平方哪裡，哪裡，哪裡或什麼類別看到，你知道，與預期最顯著的偏差。

And the second part of that would be, you described, you know, expecting this to kind of continue into the first half of 2025.

你知道，第二部分是，預計這種情況會持續到 2025 年上半年。

Kind of a similar question there, what categories are, are, you know, seeing the most pressure and what are you looking at to draw that conclusion in into first half of 25?

有一個類似的問題，你知道哪些類別面臨最大的壓力，以及你在 25 上半年得出這個結論的目的是什麼？

Yeah, so, so, so let me just say, obviously, the overall is really challenging, that is much more acute and for us in the corporate and enterprise customer groups.

是的，所以，所以，所以讓我說，顯然，整體確實具有挑戰性，對於我們企業和企業客戶群來說，這更加嚴峻。

So that's where we have a higher concentration of our revenue.

所以這就是我們收入更集中的地方。

You know, the hardware Adam, the hardware market has been really, really difficult to predict and the forecast we started the quarter off well, in July a very strong month, but the patterns of of sort of how hardware normally has, has grown throughout the quarter did not, did not materialize.

你知道，硬體亞當，硬體市場真的非常難以預測，我們在本季開始時的預測很好，7 月是一個非常強勁的月份，但硬體通常的模式在整個過程中都在成長這個季度沒有，也沒有實現。

So, and then it's, I think it's important to note that that momentum, the lack of momentum there in Q3 made sort of made it obvious that Q4 would be a GAAP.

因此，我認為重要的是要注意這種勢頭，第三季度缺乏動力，這使得第四季度顯然將採用公認會計原則。

And we expected, by the way, we had expected improved momentum in Q3 and even more momentum in Q4 for the hardware category overall.

順便說一句，我們預計整個硬體類別的第三季勢頭會有所改善，第四季度的勢頭甚至會更大。

And frankly, we've missed on both.

坦白說，我們兩者都錯過了。

It's really both devices and infrastructure that are both falling significantly short of our expectations again, in large enterprise and corporate, the corporate client segment.

在大型企業和企業、企業客戶群中，設備和基礎設施確實再次大大低於我們的預期。

So, and, and we're just trying to figure out how to, how to be, I would say a bit more pragmatic about our expectations for hardware just because it's been difficult to predict.

所以，而且，我們只是想弄清楚如何，如何成為，我想說的是，我們對硬體的期望更加務實，因為它很難預測。

And so that's why we're, we're expecting them that sort of slower momentum or sluggish improvement to continue into the early part of 2025.

因此，我們預計這種緩慢的勢頭或緩慢的改善將持續到 2025 年初。

Hey, hey, Adam, it's it's James.

嘿，嘿，亞當，是詹姆斯。

The, the only other thing I would add to that is as you, as you start thinking about 2025 I would just, I would remind you that in 2024 Q1 of 2024 we had a very strong quarter.

我要補充的唯一一件事是，當您開始思考 2025 年時，我會提醒您，在 2024 年第一季度，我們有一個非常強勁的季度。

So the compares as we start next year will be challenging for us as well.

因此，明年開始的比較對我們來說也將是一個挑戰。

And as I said, we're excited to see hardware improvement.

正如我所說，我們很高興看到硬體的改進。

Sorry, I was just going to add one more thing.

抱歉，我只是想再補充一件事。

We're excited to see hardware improvement in commercial.

我們很高興看到商業硬體的改進。

We're seeing it for two quarters in a row.

我們連續兩個季度都看到這種情況。

We hope that indicates that we're going to see some improvement overall in the, in, in our results.

我們希望這表明我們將看到我們的結果總體上有所改善。

We started out the quarter strong from a bookings point of view on hardware, but we're no longer banking on those patterns that we, we used to see in this guidance.

從硬體預訂的角度來看，我們在本季開始時表現強勁，但我們不再依賴我們過去在本指南中看到的那些模式。

Yeah, that, that's helpful James and that kind of dovetails into my second question and in the spirit of trying to be more pragmatic Joyce, it doesn't look like, you know, us here on this call from an analyst perspective, are, are currently doing that in 2025.

是的，這很有幫助，詹姆斯，這與我的第二個問題相吻合，本著努力變得更加務實的喬伊斯的精神，從分析師的角度來看，我們在這次電話會議上看起來並不像，目前正在2025年這樣做。

Don't want put you guys on the spot.

不想讓你們陷入困境。

I know you're not prepared to guide 2025 at this point.

我知道您現在還沒有準備好指導 2025 年。

But as we try to think about the, the moving parts next year, Right, we've got a data point here with your Q4 guidance that suggests gross profit dollars are going to be down low, single digits year over year.

但當我們嘗試考慮明年的變化時，我們在第四季度的指導中得到了一個數據點，表明毛利將同比下降個位數。

As our starting point, we can make our own assumptions on market and stuff like that.

作為我們的起點，我們可以對市場等做出自己的假設。

But there's two more specific factors that you called out.

但您提到了兩個更具體的因素。

One would be accelerated reductions of resale will impact cloud growth in 2025.

其中之一是轉售的加速減少將影響 2025 年雲端運算的成長。

You said that in the prepared remarks.

你在準備好的發言中這麼說過。

And the second thing we're all thinking about is, you know, one of your or I guess your largest software partner is, is very publicly reducing resale.

我們都在考慮的第二件事是，你知道，你或我猜你最大的軟體合作夥伴之一正在公開減少轉售。

And, and I'm wondering, you know, between those two, as we think about 2025 gross profit dollar growth, is there a way for us to maybe think about the headwind from so of resale and Microsoft changes in 2025 as we try to calibrate our models to gross profit dollars.

而且，我想知道，在這兩者之間，當我們考慮 2025 年毛利美元增長時，我們是否可以考慮 2025 年轉售和微軟變化帶來的阻力，因為我們試圖根據毛利美元校準我們的模型。

Well, as we talked about, we are pivoting our sort of focus to corporate and mid market customers consistent with the priorities for Google from a resale point of view and expect.

嗯，正如我們所說，我們正在將重點轉向企業和中端市場客戶，這與Google從轉售的角度和預期的優先事項一致。

And, and are growing our services business, we expect it to be a positive contributor next year.

而且，我們的服務業務正在不斷發展，我們預計它將在明年做出積極的貢獻。

But you're right, we do, we are not going to get we will not see an improve, we will not see any improvement in enterprise resale from a data point of view.

但你是對的，我們確實如此，我們不會看到任何改善，從數據的角度來看，我們不會看到企業轉售有任何改善。

We are also from a, I think you're talking about Microsoft.

我們也來自，我想你說的是微軟。

And certainly we are very, very well aware of the persistent changes that we, we see from our, many of our partners.

當然，我們非常非常清楚我們從我們的許多合作夥伴那裡看到的持續變化。

It happens all the time.

這種事常發生。

Those it and we are not exactly 100% clear of what those changes look like.

它和我們並不完全 100% 清楚這些變化是什麼樣的。

Our job is to focus and adjust our strategy so that we're working with Microsoft where they want us to add the most value.

我們的工作是集中精力並調整我們的策略，以便我們能夠與 Microsoft 合作，在他們希望我們增加最大價值的地方進行合作。

And, you know, we're certainly concerned about some of the early quarters of those Microsoft changes just because it usually takes us a while to adjust.

而且，你知道，我們當然對微軟早期幾季的一些變化感到擔憂，因為我們通常需要一段時間來調整。

So we'll know more when we got in 2025.

所以到了 2025 年我們就會知道更多。

When I guess you're going to offset some with the $20 million to $25 million OpEx reduction.

我猜你會透過減少 2000 萬至 2500 萬美元的營運支出來抵消一些。

Can you maybe just speak to the timing of that when, when you think that will be at kind of a full run rate in the quarter and then that decisions expected impact on growth.

您能否談談當您認為本季將達到全面運行速度的時間，然後決策預計會對成長產生影響。

So let us mention that we will see a small benefit in Q4 and we will fully realize that benefit in 2025.

因此，讓我們提一下，我們將在第四季度看到一個小小的好處，我們將在 2025 年完全實現這一好處。

Okay.

好的。

Thank you.

謝謝。

Thank you.

謝謝。

We have no further questions on the call.

我們在電話會議中沒有其他問題。

So I'll hand the floor back to Joyce for concluding remarks.

因此，我將把發言權交還給喬伊斯進行總結發言。

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

非常感謝您提出的所有問題，也感謝您的興趣。

While we navigate through this choppy demand period, we remain very confident in and excited about the opportunities ahead of us.

雖然我們度過了這個需求波動的時期，但我們對眼前的機會仍然充滿信心和興奮。

And I look forward to sharing our continued progress on our journey to become 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.

您現在可以結束通話。

Thank you very much operator.

非常感謝運營商。

Thank you all for joining today's call.

感謝大家參加今天的電話會議。

You may now disconnect.

您現在可以斷開連線。