Insight Enterprises Inc (NSIT) 2025 Q1 法說會逐字稿

Hello, everyone, and thank you for joining the Insight Enterprises first-quarter 2025 operating results call. My name is Sammy, and I'll be coordinating your call today. (Operator Instructions)

大家好，感謝您參加 Insight Enterprises 2025 年第一季營運業績電話會議。我叫薩米 (Sammy)，今天我將負責協調您的通話。（操作員指示）

I will now hand over to your host, Ryan Miyasato, to begin. Ryan, please go ahead.

現在我將把時間交給主持人 Ryan Miyasato 開始。瑞安，請繼續。

Welcome, everyone, and thank you for joining the Insight Enterprises earnings conference call. Today, we will be discussing the company's operating results for the quarter ended March 31, 2025. I'm Ryan Miyasato, Investor Relations Director of Insight. And joining me is Joyce Mullen, President and Chief Executive Officer; and James Morgado, Chief Financial Officer.

歡迎大家，感謝您參加 Insight Enterprises 收益電話會議。今天，我們將討論本公司截至 2025 年 3 月 31 日的季度營運業績。我是 Insight 投資者關係總監 Ryan Miyasato。與我一起的還有總裁兼執行長喬伊斯·馬倫 (Joyce Mullen)；以及財務長 James Morgado。

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

如果您沒有今天早上發布並以 8-K 表格形式向美國證券交易委員會提交的收益報告或隨附幻燈片演示文稿的副本，您可以在我們網站 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. An archived copy of the conference call will be available approximately two hours after completion of the call and will remain on our website for a limited time.

今天的電話會議（包括問答環節）將透過網路直播，您也可以透過我們網站 insight.com 的投資者關係頁面存取。電話會議的存檔副本將在會議結束後約兩小時提供，並將在我們的網站上保留一段時間。

This conference call and the associated webcast contain time-sensitive information that is accurate only as of today, May 1, 2025. This call is a property of Insight Enterprises. Any redistribution, retransmission, or rebroadcast of this call in any form without the expressed written consent of Insight Enterprises is strictly prohibited.

本次電話會議及相關網路廣播包含時間敏感訊息，僅截至 2025 年 5 月 1 日為止準確無誤。此通話是 Insight Enterprises 的財產。未經 Insight Enterprises 明確書面同意，嚴禁以任何形式重新分發、重新傳輸或重新廣播此通話。

In today's conference call, we will be referring to non-GAAP financial measures as we discuss the first-quarter 2025 financial results. When discussing non-GAAP measures, we will refer to them as adjusted. You will find a reconciliation of these adjusted measures to our actual GAAP results included in both the press release and the accompanying slide presentation issued earlier today.

在今天的電話會議中，我們將參考非 GAAP 財務指標來討論 2025 年第一季的財務表現。在討論非公認會計準則指標時，我們稱之為調整後指標。您將在今天早些時候發布的新聞稿和隨附的幻燈片演示中找到這些調整後的指標與我們的實際 GAAP 結果的對帳表。

Please note that all growth comparisons we make on the call today relate to the corresponding period of last year unless otherwise noted. Also, unless highlighted as constant currency, all amounts and growth rates discussed are in US dollar terms.

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均與去年同期有關。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. 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.

提醒一下，本次電話會議中所做的所有前瞻性陳述都存在風險和不確定性，可能導致我們的實際結果產生重大差異。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美國證券交易委員會提交的文件中進行了更詳細的討論。

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

所有前瞻性陳述均截至本次電話會議之日作出，除法律要求外，我們不承擔更新本次電話會議中作出的任何前瞻性陳述的義務，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 the slide presentation, we will begin on slide 4. Joyce?

說完這些，我現在將電話轉給喬伊斯。如果您跟著投影片簡報，我們將從第 4 張投影片開始。喬伊斯？

Thank you very much, Ryan. Good morning, everyone, and thank you for joining us today. In Q1, we delivered adjusted earnings from operations and adjusted diluted earnings per share in line with our expectations. We were pleased with the continued hardware momentum led by commercial and corporate demand and our gross margin expansion. Although gross profit was slightly below our expectations, primarily due to product-related services performance, effective expense management allowed us to achieve our profitability target.

非常感謝，瑞安。大家早安，感謝大家今天加入我們。在第一季度，我們實現了調整後的營業利潤和調整後的每股攤薄收益，符合我們的預期。我們對商業和企業需求以及毛利率擴張所帶動的硬體持續成長動能感到滿意。儘管毛利略低於我們的預期，主要原因是產品相關服務的表現，但有效的費用管理使我們實現了獲利目標。

Specifically, in Q1, hardware revenue met our expectations with good performance in servers and storage along with continued recovery in devices. Cloud performance also met our expectations and the underlying SaaS and Infrastructure as a Service gross profit grew 17%, offset by the partner program changes we've discussed previously. On-prem software revenue was down 32% due to a large transaction in Q1 2024, making the comparison difficult.

具體來說，第一季硬體收入符合我們的預期，伺服器和儲存表現良好，設備持續復甦。雲端運算效能也符合我們的預期，基礎 SaaS 和基礎設施即服務毛利成長了 17%，但被我們之前討論過的合作夥伴計畫變化所抵消。由於 2024 年第一季的一筆大額交易，本地軟體收入下降了 32%，這使得比較變得困難。

And Insight Core services revenue was down 2% and below our expectations as our large enterprise clients delayed services projects due to a lack of market clarity. Since our last earnings call, the outlook for the macro environment has deteriorated, resulting in increased volatility and uncertainty. However, volatile market dynamics represent an opportunity for Insight, given our low share position in a large and fragmented market.

由於我們的大型企業客戶因市場不明朗而推遲了服務項目，Insight Core 服務收入下降了 2%，低於我們的預期。自我們上次財報電話會議以來，宏觀環境前景惡化，導致波動性和不確定性增加。然而，鑑於我們在龐大而分散的市場中佔有較低的份額，動盪的市場動態對 Insight 來說是一個機會。

For example, as clients look with increased skepticism at complex contracts and entrenched service partners, we take a different approach. We provide targeted solutions to specific business problems, deliver results fast, and earn the right to do more. This approach resonates with clients.

例如，當客戶對複雜的合約和根深蒂固的服務合作夥伴越來越懷疑時，我們採取了不同的方法。我們針對具體的業務問題提供有針對性的解決方案，快速交付成果，並贏得做更多事情的權利。這種方法引起了客戶的共鳴。

For the year, our primary focus is accelerating profitable growth. First, we are working closely with our partners and clients to navigate the supply chain and pricing environment with the understanding that trade policies can change rapidly.

今年，我們的首要任務是加速獲利成長。首先，我們正與合作夥伴和客戶密切合作，以應對供應鏈和定價環境，同時了解貿易政策可能會迅速變化。

In addition, we are enhancing our consulting business engagement model by adopting the proven framework from our recent acquisitions, which have delivered exceptional client engagement scores. This framework includes adopting a more disciplined methodology and leverages GenAI technologies to deliver quick assessment of our clients' environments, improve speed and effectiveness of project scoping, and define a roadmap of value creation projects and services.

此外，我們正在透過採用最近收購的成熟框架來增強我們的諮詢業務參與模式，這些收購已經帶來了卓越的客戶參與度分數。該框架包括採用更嚴謹的方法並利用 GenAI 技術快速評估客戶的環境，提高專案範圍界定的速度和有效性，並定義價值創造專案和服務的路線圖。

And finally, as hardware demand returns, we are focused on driving attached services to hardware sales. We are also expanding programs with our distribution partners to further improve availability of supply and to help with price uncertainty in the market, increasing the frequency of our price monitoring, and price adjustments across our product portfolio and helping our clients optimize technology purchase decisions, given tariff and supply chain structures.

最後，隨著硬體需求的回升，我們將專注於推動硬體銷售的附加服務。我們還與分銷合作夥伴一起擴大計劃，以進一步提高供應的可用性並幫助解決市場價格的不確定性，增加我們的價格監控頻率以及整個產品組合的價格調整，並幫助我們的客戶根據關稅和供應鏈結構優化技術購買決策。

And in Q4 of last year, we adjusted our operating expense cost base in anticipation of demand challenges in the first half of 2025. As the year progresses, we will continue to make necessary adjustments. Despite the volatility and uncertainty in the market, we remain focused on our strategy to drive long-term profitable growth. And the fundamentals driving the tech industry continue to accelerate.

去年第四季度，我們調整了營運費用成本基礎，以應對 2025 年上半年的需求挑戰。隨著時間的推移，我們將繼續做出必要的調整。儘管市場波動且不確定，我們仍專注於推動長期獲利成長的策略。推動科技業發展的基本面持續加速。

AI will be a huge driver of business process transformation for our clients. We are pleased to be a key partner with the leading AI platforms that will enable this change. For example, as data volumes continue to grow exponentially, clients turn to us to help provide actionable solutions.

人工智慧將成為我們客戶業務流程轉型的巨大推動力。我們很高興成為實現這項變革的領先人工智慧平台的重要合作夥伴。例如，隨著資料量持續呈指數級增長，客戶向我們尋求協助，提供可行的解決方案。

Our data and AI teams guide clients to process complex data at scale, enabling them to achieve business outcomes faster. The Sherlock Company is a leading creative studio, serving top entertainment brands like Disney, Hulu, and ESPN. They face the bottleneck in creating thumbnails for personalized recommendations. Each new campaign required days of manual image review. This labor-intensive process limited content variation and engagement.

我們的數據和人工智慧團隊指導客戶大規模處理複雜數據，使他們能夠更快地實現業務成果。Sherlock Company 是一家領先的創意工作室，為迪士尼、Hulu 和 ESPN 等頂級娛樂品牌提供服務。他們在創建個人化推薦的縮圖時面臨瓶頸。每個新活動都需要數天的手動圖像審查。這種勞力密集的過程限制了內容的改變和參與。

Sherlock turned to Insight, an eight-time Google Cloud Partner of the Year, to solve this problem and deliver AI-driven content creation. We implemented this AI solution, leveraging Google Cloud's Vertex AI and Gemini to automatically analyze video content and extract on-brand imagery. What once took days of manual effort now takes about 10 minutes.

Sherlock 向 Insight（八次榮獲 Google Cloud 年度合作夥伴）尋求協助，以解決此問題並提供 AI 驅動的內容創作。我們實施了這個 AI 解決方案，利用 Google Cloud 的 Vertex AI 和 Gemini 自動分析影片內容並提取品牌圖像。以前需要幾天的手動操作，現在只需 10 分鐘即可完成。

Free from this bottleneck, Sherlock can now scale up creative personalization with minimal increases in cost. Their CEO summed it up best. We anticipate we will save hundreds of hours of work per month, providing immediate value to our customers in the entertainment industry.

在擺脫了這個瓶頸之後，Sherlock 現在可以以最小的成本增加來擴大創意個人化。他們的執行長對此做出了最好的總結。我們預計每月將節省數百小時的工作時間，為娛樂業的客戶提供直接的價值。

As a result, we've become Sherlock's primary AI innovation partner. There are already multiple expansion opportunities in the pipeline to further optimize production workflow. In another instance, a client encountered a common challenge faced by so many organizations, disparate data silos that hinder effective analysis.

因此，我們已成為 Sherlock 的主要 AI 創新合作夥伴。目前已有多個擴展機會正在籌備中，以進一步優化生產工作流程。在另一個例子中，客戶遇到了許多組織面臨的共同挑戰，即分散的資料孤島阻礙了有效的分析。

Boyne Resorts is one of North America's premier hospitality companies with a dozen ski and golf destinations, over 10,000 employees, and millions of guests annually. However, disconnected systems had created data silos that limited guest insights and put their guest-first ethos at risk.

Boyne Resorts 是北美首屈一指的酒店公司之一，擁有十幾個滑雪和高爾夫目的地、超過 10,000 名員工，每年接待數百萬客人。然而，不連貫的系統造成了資料孤島，限制了客人的洞察力，並使其以客人為先的理念面臨風險。

Our Microsoft architects developed a Customer 360 platform to unify guest data from all sources into a single comprehensive customer record. We also guided Boyne's transition from a monolithic system to a best-of-breed ecosystem, incorporating data from multiple platforms, including e-commerce, warehouse management solutions, product management, and data intelligence software, all designed for scalability and future flexibility.

我們的 Microsoft 架構師開發了 Customer 360 平台，將所有來源的客戶資料統一到單一綜合的客戶記錄中。我們還指導 Boyne 從單一系統過渡到最佳生態系統，整合來自多個平台的數據，包括電子商務、倉庫管理解決方案、產品管理和數據智慧軟體，所有這些都旨在實現可擴展性和未來的靈活性。

Armed with this new modern architecture, Boyne is developing a MyAccount application that gives guests a seamless digital experience and one consolidated view of all their interactions. Boyne's VP of IT Enterprise Architecture called it a game changer. With the ability to attract guest activity across each touchpoint, Boyne will be able to make smarter operational decisions, deliver more personalized guest experiences, and scale quickly to meet changing market demands.

憑藉這一全新現代化架構，博因正在開發一款 MyAccount 應用程序，為客人提供無縫的數位體驗以及所有互動的統一視圖。Boyne 的 IT 企業架構副總裁稱其為遊戲規則的改變者。透過在每個接觸點吸引客人活動的能力，博因將能夠做出更明智的營運決策，提供更個人化的客人體驗，並快速擴展以滿足不斷變化的市場需求。

These examples illustrate our broad capabilities, leveraging AI and our strong partner relationships to deliver quantifiable business outcomes to our clients. We take pride in the recognition of our efforts to develop and strengthen business relationships with these partners.

這些例子說明了我們廣泛的能力，利用人工智慧和我們強大的合作夥伴關係為我們的客戶提供可量化的業務成果。我們為與這些合作夥伴發展和加強業務關係的努力獲得認可而感到自豪。

Recently, we have been honored with the following accolades: 2025 Google Partner of the Year for Google Workspace; Intel US Data Center Partner of the Year, highlighting our expertise in the infrastructure space; ESET Canada Enterprise Partner of the Year, showcasing our proficiency in a variety of enterprise security products.

最近，我們榮獲以下榮譽：Google Workspace 榮獲 2025 年度 Google 合作夥伴頭銜；英特爾美國年度資料中心合作夥伴，彰顯了我們在基礎設施領域的專業知識；ESET 加拿大年度企業合作夥伴，展示了我們在各種企業安全產品方面的熟練程度。

We have attained top-tier status as an elite consulting partner with Databricks, a leader in data analytics and AI. And we have achieved five Google Public Sector partner expertise specializations in AI and ML, data analytics, maps and geospatial, security and work transformation, essential components in deploying cloud environments.

我們已成為數據分析和人工智慧領域領導者 Databricks 的頂級精英諮詢合作夥伴。我們已獲得五項 Google 公共部門合作夥伴專業知識認證，涉及人工智慧和機器學習、數據分析、地圖和地理空間、安全和工作轉型以及部署雲端環境的基本組件。

Our teammates are critical to delivering the value we create for our clients. We continue to foster an inclusive environment and Insight has been recognized by various organizations, including Newsweek America's Greatest Workplaces for Diversity for 2025, Best Workplace for Large Companies in the Philippines 2025, and a perfect score of 100 out of 100 on the Human Rights Campaign Foundation's 2025 Corporate Equality Index. Finally, we are dedicated to leveraging technology to make a positive impact. We are proud to present the progress we've made in our ongoing commitment to the UN Global Compact as described in our seventh Annual Corporate Citizenship Report.

我們的隊友對於我們為客戶創造的價值至關重要。我們持續營造包容的環境，Insight 也得到了各大機構的認可，包括《美國新聞周刊》評選的 2025 年多元化最佳工作場所、2025 年菲律賓大型企業最佳工作場所，並在人權運動基金會評選的 2025 年企業平等指數中獲得 100 分（滿分 100 分）。最後，我們致力於利用科技產生正面影響。我們很自豪地展示我們在第七份年度企業公民報告中所描述的對聯合國全球契約的持續承諾所取得的進展。

Now I'd like to share my thoughts on 2025. Entering the year, we anticipated demand with our large enterprise and corporate clients would remain challenged in the first half, and hardware demand would build throughout the year.

現在我想分享我對2025年的想法。進入今年，我們預計上半年大型企業和公司客戶的需求仍將面臨挑戰，而硬體需求將全年成長。

While we continue to believe that the second half will be stronger than the first, we now see an added layer of complexity for the year with the impacts of tariffs, potential supply chain disruptions, and client spending patterns. The extent to which demand for products and services is impacted by the macro environment remains to be seen.

雖然我們仍然相信下半年將比上半年表現強勁，但我們現在看到，由於關稅、潛在供應鏈中斷和客戶支出模式的影響，今年的情況更加複雜。產品和服務需求受宏觀環境影響的程度仍有待觀察。

Our view of the key puts and takes include the following. Mindsets and priorities have shifted from growth to cost management, but AI spend remains a priority. Firms are reallocating budgets from other segments to invest in AI. We're seeing delays in new projects and scaling back of current services projects and anticipate ongoing challenges, especially with our North America large enterprise clients.

我們對關鍵利弊的看法如下。思維方式和優先事項已從成長轉向成本管理，但人工智慧支出仍然是優先事項。公司正在從其他領域重新分配預算來投資人工智慧。我們看到新專案出現延遲，現有服務項目縮減，並預計未來將面臨持續的挑戰，尤其是對於我們的北美大型企業客戶而言。

The drivers of hardware demand, Windows 11, and an aging installed base remain, and we expect continued momentum throughout the year. We expect cloud gross profit to be flat to slightly down as we continue the pivot of our Microsoft and Google Cloud businesses to the corporate and mid-market space. And we remain diligent on expense management while investing in strategic sales, relevant services delivery, and internal automation.

硬體需求、Windows 11 和老化的安裝基礎的驅動因素仍然存在，我們預計全年將繼續保持這一勢頭。隨著我們繼續將微軟和谷歌雲端業務轉向企業和中端市場，我們預計雲端毛利潤將持平或略有下降。我們在投資策略銷售、相關服務交付和內部自動化的同時，仍認真進行費用管理。

As we navigate the near-term challenges and fluctuations, we are confident in the fundamental drivers of our industry. We continue to invest in areas that matter most to our clients: cloud, data, AI, edge, and cyber. The importance of digital transformation, data accessibility, and realizing the potential of GenAI remains strong.

在我們應對近期挑戰和波動時，我們對產業的基本驅動力充滿信心。我們持續投資對客戶最重要的領域：雲端、資料、人工智慧、邊緣和網路。數位轉型、數據可近性以及實現 GenAI 潛力的重要性依然突出。

With that, I'll turn the call over to James to share key details of our financial and operating performance in Q1 2025 as well as our outlook for 2025. James?

接下來，我將把電話交給詹姆斯，讓他分享我們 2025 年第一季財務和營運業績的關鍵細節以及我們對 2025 年的展望。詹姆斯？

Thank you, Joyce, and good morning, everyone. Our Q1 adjusted earnings from operations and diluted earnings per share were in line with our expectations with gross profit slightly below, offset by strong operating expense management.

謝謝你，喬伊斯，大家早安。我們第一季的調整後營業利潤和稀釋每股盈餘符合我們的預期，毛利略低於預期，但強勁的營運費用管理抵銷了這一影響。

Net revenue was $2.1 billion, a decrease of 12%. The decrease was driven by a 13% decline in product, primarily due to on-prem software related to a large deal in Q1 2024 as well as the effects of a partner consolidation that shifted gross product revenue to net agency services.

淨收入為21億美元，下降12%。下降是由於產品收入下降 13%，這主要是由於與 2024 年第一季的一筆大交易相關的本地軟體，以及合作夥伴合併將總產品收入轉移到淨代理服務的影響。

Hardware revenue increased 1%, the first time in 10 quarters. Gross profit decreased 8% due to partner program changes as well as a decline in on-prem software and agent services, primarily related to the large software deal in Q1 2024. Hardware gross profit was down 1%, driven by mix. Devices gross profit increased mid-single-digits, while infrastructure declined high-single digits, primarily due to networking.

硬體營收成長1%，為10季以來首次。由於合作夥伴計劃變化以及內部軟體和代理服務的下降，毛利下降了 8%，這主要與 2024 年第一季的大型軟體交易有關。受產品組合影響，硬體毛利下降 1%。設備毛利增加了中等個位數，而基礎設施毛利則下降了高個位數，這主要歸因於網路方面。

Insight Core services gross profit was $73 million, a decrease of 4%, primarily due to our product-attached services as large enterprise clients delay projects. Cloud gross profit was $103 million, a decrease of 3% due to the decline in legacy Microsoft Enterprise agreements and, to a lesser extent, a decline in our Google Cloud business related to our pivot to the mid-market.

Insight Core 服務毛利為 7,300 萬美元，下降 4%，這主要是由於大型企業客戶延遲專案導致我們的產品附加服務下降。雲端運算毛利為 1.03 億美元，下降 3%，原因是傳統 Microsoft Enterprise 協定的減少，以及在較小程度上由於我們轉向中端市場而導致的 Google Cloud 業務的下滑。

This was in line with our expectations. And as noted last quarter, we anticipate the headwind to be weighted more in the first half of the year. SaaS and Infrastructure as a Service increased 17%, excluding the impact from the partner program changes we described last quarter.

這符合我們的預期。正如上個季度所指出的，我們預計今年上半年的逆風將更加嚴重。不包括我們上個季度所描述的合作夥伴計畫變化的影響，SaaS 和基礎設施即服務成長了 17%。

Gross margin was 19.3%, an increase of 80 basis points due to mix, primarily reflecting lower on-prem software. Adjusted SG&A declined 5%, driven by the actions we took in Q4 as we accelerated the integration of recent acquisitions. This resulted in adjusted EBITDA of $111 million, a decrease of 16% while margin contracted 30 basis points to 5.3%. And adjusted diluted earnings per share were $2.06, down 13%. The decline was primarily due to lower gross profit, partially offset by lower adjusted SG&A, share count, and a favorable tax rate.

毛利率為 19.3%，由於產品組合原因增加了 80 個基點，主要反映了內部部署軟體的降低。調整後的銷售、一般及行政費用下降了 5%，這得益於我們在第四季度採取的行動，加快了近期收購的整合。這導致調整後的 EBITDA 為 1.11 億美元，下降 16%，而利潤率收縮 30 個基點至 5.3%。調整後每股攤薄收益為 2.06 美元，下降 13%。下降的主要原因是毛利下降，但調整後的銷售、一般及行政費用、股票數量下降和優惠的稅率部分抵消了這一影響。

For the quarter, we generated $78 million of cash flow from operations. For the year, we continue to anticipate cash flow from operations in the range of $300 million to $400 million. As at the end of Q1, we have $300 million remaining for our share repurchase program. We intend to opportunistically repurchase shares while balancing organic and inorganic investments. Our adjusted return on invested capital for the trailing 12 months at the end of Q1 was 14.9% compared to 18% a year ago, reflecting the recent acquisitions.

本季度，我們的經營活動產生了 7,800 萬美元的現金流。我們預計今年的經營現金流將在 3 億至 4 億美元之間。截至第一季末，我們的股票回購計畫還剩餘 3 億美元。我們打算在平衡有機投資和無機投資的同時，適時回購股票。截至第一季末，我們過去 12 個月的調整後投資資本回報率為 14.9%，而去年同期為 18%，這反映了最近的收購。

In the quarter, we settled $333 million of convertible notes by utilizing our ABL facility. In addition, we have associated warrants, a portion of which we settled in cash in Q1 and the beginning of Q2, totaling 3.6 million warrants for $222 million. We currently have approximately 1.5 million warrants remaining, which we expect will mature or be settled before the end of the year.

本季度，我們利用 ABL 工具結算了 3.33 億美元的可轉換票據。此外，我們還有相關認股權證，其中一部分我們在第一季和第二季初以現金結算，總計 360 萬張認股權證，價值 2.22 億美元。我們目前剩餘約 150 萬張認股權證，預計這些認股權證將在年底前到期或結算。

We exited Q1 with total debt of $961 million compared to $882 million a year ago. Over the last year, we spent $574 million on acquisitions, share repurchases, and the settlement of warrants, while debt only increased $80 million. As of the end of Q1, we had access to the full $1.8 billion capacity under our ABL facility, of which $1.3 billion was available. We have ample liquidity to meet our needs.

我們第一季的總債務為 9.61 億美元，而去年同期為 8.82 億美元。去年，我們在收購、股票回購和認股權證結算上花費了 5.74 億美元，而債務只增加了 8,000 萬美元。截至第一季末，我們已獲得 ABL 融資機制下的全部 18 億美元容量，其中可用容量為 13 億美元。我們有充足的流動資金來滿足我們的需求。

Our presentation shows our performance through Q1 2025 relative to the metrics that we described at our Investor Day in October 2022. On a trailing 12-month basis through Q1, here's the status. Cloud gross profit growth of 14%, Core services gross profit growth of 8%, adjusted EBITDA margin of 6.2%, adjusted diluted earnings per share decline of 9%, adjusted ROIC of 14.9%, and adjusted free cash flow as a percentage of adjusted net income of 129%.

我們的簡報展示了我們截至 2025 年第一季的業績，這些業績與我們在 2022 年 10 月投資者日所描述的指標相對應。以下是截至第一季的過去 12 個月的情況。雲端運算毛利成長14%，核心服務毛利成長8%，調整後EBITDA利潤率為6.2%，調整後稀釋每股盈餘下降9%，調整後ROIC為14.9%，調整後自由現金流佔調整後淨收入的百分比為129%。

As we think about 2025, we have considered the following factors in our guidance and expect similar to our previous guidance in February, our growth and profitability will be more heavily weighted towards the second half of the year as we navigate the partner program changes. We expect hardware gross profit to grow in the mid-single-digits. We expect demand with our large enterprise clients to remain subdued, particularly impacting our Core services business, which we anticipate will be stronger in the second half and grow in the single digits for the year.

當我們考慮 2025 年時，我們在指導中考慮了以下因素，並預計與 2 月份的先前指導類似，隨著我們應對合作夥伴計劃的變化，我們的增長和盈利能力將更多地集中在下半年。我們預計硬體毛利將成長中等個位數。我們預期大型企業客戶的需求將保持低迷，尤其將對我們的核心服務業務產生影響，我們預計該業務在下半年將更加強勁，全年將實現個位數成長。

We anticipate cloud to be flat to slightly down due to the decline of enterprise agreements and our pivot to the corporate and mid-market space. And we will continue to prudently manage SG&A expenses. Considering these factors, for the full-year, our guidance is as follows. We expect to deliver gross profit growth in the low-single-digits and that our gross margin will be approximately 20%. And we anticipate adjusted diluted earnings per share will be between $9.70 to $10.10.

由於企業協議的減少以及我們向企業和中端市場領域的轉變，我們預計雲端運算業務將持平或略有下降。我們將繼續審慎管理銷售、一般及行政費用。考慮到這些因素，對於全年，我們的指導如下。我們預計毛利將實現低個位數成長，毛利率將達到約 20%。我們預計調整後的每股攤薄收益將在 9.70 美元至 10.10 美元之間。

This guidance includes interest expense between $70 million to $75 million, an effective tax rate of 25% to 26% for the full year, capital expenditures of $35 million to $40 million, and an average share count for the full year of 32.9 million shares, reflecting the settlement of the remaining warrants associated with our convertible notes. This average share count is a decrease of approximately 2 million shares from year-end due to the warrants settled to date.

該指引包括 7,000 萬美元至 7,500 萬美元之間的利息支出、全年 25% 至 26% 的有效稅率、3,500 萬美元至 4,000 萬美元的資本支出以及全年平均股數為 3,290 萬股，反映了與我們的可轉換票據相關的剩餘認股權證的結算。由於迄今為止認股權證的結算，這一平均股數較年底減少了約 200 萬股。

This outlook excludes acquisition-related intangible amortization expenses of approximately $74 million, assumes no acquisition-related costs, severance, and restructuring or transformation expenses, and assumes no change in our debt instruments and no meaningful change in the macroeconomic outlook, either as a result of tariffs or otherwise.

這項展望不包括與收購相關的約 7,400 萬美元的無形攤銷費用，假設沒有與收購相關的成本、遣散費和重組或轉型費用，並假設我們的債務工具沒有變化，宏觀經濟前景也沒有因關稅或其他原因而發生重大變化。

I will now turn the call back to Joyce. Joyce?

我現在將電話轉回給喬伊斯。喬伊斯？

Thanks, James. While the current macro environment is uncertain, we remain confident in the long-term drivers of our industry. In fact, the pace of innovation has been accelerating with the rise of GenAI and multi-cloud environments and our clients need Insight to navigate this increasingly complex set of choices. We continue to invest in our sales and technical resources, improve our go-to-market execution, and deepen our technical expertise in areas like cloud, data, AI, edge, and cyber.

謝謝，詹姆斯。儘管當前的宏觀環境不確定，但我們對產業的長期驅動力仍然充滿信心。事實上，隨著 GenAI 和多雲環境的興起，創新的步伐一直在加快，我們的客戶需要洞察力來應對日益複雜的選擇。我們持續投資於銷售和技術資源，改善我們的市場進入執行力，並深化我們在雲端、數據、人工智慧、邊緣和網路等領域的技術專長。

We're also driving deeper integration with our partners who, now more than ever, need Insight to integrate their offerings into solutions for clients. This is our strategy to become the leading solutions integrator.

我們也正在推動與合作夥伴的更深層的整合，現在合作夥伴比以往任何時候都更需要 Insight 將他們的產品整合到客戶的解決方案中。這是我們成為領先解決方案整合商的策略。

I would like to thank our teammates for their unwavering commitment to our clients, partners, and each other, 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.

我要感謝我們的隊友對我們的客戶、合作夥伴和彼此的堅定承諾，感謝我們的客戶信任 Insight 能夠幫助他們實現轉型之旅，感謝我們的合作夥伴持續合作和支持，為我們的客戶提供創新解決方案。

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

我的評論到此結束，現在我們將開始回答大家的提問。

(Operator Instructions) Joseph Cardoso, JPMorgan.

（操作員指示）摩根大通的約瑟夫·卡多佐。

Hey, good morning, and thanks for all the details and the question here. I guess maybe just the first one for me and on the guidance. It's nice to see the reiteration here, just given the macro. But anecdotally, it also sounds like it's a much tougher backdrop than it was 90 days ago, exacerbated tariffs, larger customers seem to be pausing.

嘿，早上好，感謝您提供的所有詳細資訊和問題。我想也許對我來說這只是第一個，並且只是指導。很高興看到這裡的重申，只是給了宏觀。但有趣的是，聽起來現在的情況比 90 天前嚴峻得多，關稅加劇，大客戶似乎正在暫停。

So maybe you can just take a second and just flesh out in more details like, from a high-level, what's driving the confidence here to kind of reiterate or essentially get to the same outlook that you had 90 days ago? What are the key puts and takes that you think balance each other off? And do you think investors should essentially focus on that helps you achieve a similar guide from what you were thinking about when we last met at last earnings? And then I have a follow-up. Thank you.

因此，也許您可以花一點時間詳細說明一下，例如，從高層次來看，是什麼推動了您的信心，讓您重申或基本上達到與 90 天前相同的觀點？您認為相互平衡的關鍵優缺點是什麼？您是否認為投資人應該主要專注於幫助您實現與我們上次開會討論上次收益時所想的類似的指導？然後我有一個後續問題。謝謝。

Yeah, I'll start and then, James, you can chime in. Joe, thank you very much for the question. I have we've been spending a lot of time thinking about kind of the macro environment and the impacts that we see. And there's been so much uncertainty that it's really hard for us to read either a very -- either a huge correction in either direction. So, if we stay kind of in the same environment that we're in today, we have a lot of reasons for optimism.

是的，我先開始，然後詹姆斯，你可以加入。喬，非常感謝你的提問。我們已經花了很多時間思考宏觀環境及其所看到的影響。而且有太多的不確定性，我們真的很難判斷任何方向的調整會非常大。因此，如果我們保持在今天所處的環境中，我們就有很多理由感到樂觀。

We're seeing good momentum in hardware spend. We're seeing good momentum in AI interest and spend. Those are not yet big numbers for us on the services side, but we expect those to improve over time. We're seeing really good performance from the acquisitions that we purchased last year and the year before. So there's some really good reasons for optimism. The drivers for device refresh remain. So there's still runway there.

我們看到硬體支出呈現良好動能。我們看到人們對人工智慧的興趣和支出呈現良好勢頭。對於我們服務方面來說，這些數字還不算大，但我們預計隨著時間的推移，這些數字會有所改善。我們看到，去年和前年收購的股票表現非常好。因此，我們確實有理由感到樂觀。設備刷新的驅動程式仍然存在。所以那裡仍然有跑道。

We're seeing pretty nice bookings across the board in hardware as decisions are being made around infrastructure and that's also an aging environment. And then we have -- as we took -- as we talked about almost, I think, two quarters in a row around the partner program changes that impacted us last year and this first half of the year, especially, but throughout the whole year, we're managed -- managing through that quite effectively.

隨著圍繞基礎設施做出的決策以及老化的環境，我們看到硬體方面的預訂情況相當不錯。然後，正如我們所討論的，我想，幾乎連續兩個季度，合作夥伴計劃的變化對我們產生了影響，尤其是在去年和今年上半年，但在整個一年中，我們都管理得相當有效。

So that's why we're optimistic. And of course, we have no crystal ball and we don't really know exactly what's going to happen with tariffs and the macro. But if we stay sort of in this environment, then we feel optimistic about the need for customers to spend money on technology to modernize and continue to improve their infrastructure and we're in a great position to do that.

這就是我們感到樂觀的原因。當然，我們沒有水晶球，我們真的不知道關稅和宏觀經濟到底會發生什麼事。但如果我們保持在這種環境中，那麼我們對客戶需要在技術上花錢來現代化並繼續改善其基礎設施感到樂觀，而我們完全有能力做到這一點。

And hey, Joe. I would just add to that and say that Q1, there were some puts and takes, but largely lined up to our expectations. So seeing Q1 land on the cloud and partner program changes, Q1 landed to our expectations there. That's obviously something we have to navigate through the year, but that gives us more confidence as we've navigated Q1.

嘿，喬。我想補充一點，第一季有一些不確定因素，但總體符合我們的預期。因此，看到 Q1 落地雲端和合作夥伴計畫發生變化，Q1 達到了我們的預期。這顯然是我們今年必須應對的事情，但這讓我們在度過第一季時更有信心。

And I'm sure you or somebody else will ask this question in terms of how Q2 is starting. It's early in the quarter, but so far, we're seeing the continued momentum in hardware at the start of Q2 as well. So it gives us a little confidence in terms of the first half potentially shaping up to the way we have in our expectations.

我相信您或其他人會就第二季的開局如何提出這個問題。現在正處於本季度初期，但到目前為止，我們在第二季度初也看到硬體持續成長的勢頭。因此，這讓我們對上半年可能按照我們預期的方式發展感到有信心。

No, fair. I appreciate the color. And then maybe just a quick clarification. Obviously, you guys talked about some of the delays or pauses that you're seeing or hesitation that you're seeing from customers on the services side. But maybe if we switch gears on the hardware side and particularly kind of the trends you saw in the first quarter and maybe second quarter today, like are you seeing any demand pull in from the customers that you're servicing?

不，公平。我很欣賞這個顏色。然後也許只是快速澄清一下。顯然，你們談到了服務方面客戶所看到的一些延遲、暫停或猶豫。但是如果我們換個角度來看硬體方面，特別是您在第一季和第二季看到的趨勢，您是否看到您所服務的客戶有任何需求拉動？

And then particularly like how has that progressed as we kind of gone through the first couple of months here in the year? And then maybe more specifically, if you are seeing any demand pull in or that type of behavior, is it really focused on PCs or are you seeing it broadly across the different categories that you guys service on the infrastructure side as well? Thanks for the questions guys. I appreciate it.

那麼，特別是當我們度過今年頭幾個月時，進展如何？然後也許更具體地說，如果您看到任何需求拉動或此類行為，它是否真的集中在個人電腦上，還是您是否在基礎設施方面服務的不同類別中廣泛地看到它？謝謝大家的提問。我很感激。

Yeah, we saw some minimal pull in in response to the threat of tariffs in Q1 but not impactful. We see kind of the same trend in Q2, and it's mostly device-related, Joe. But it's -- what we really think is driving this is there is definitely an -- a general movement to figuring out how to improve and leverage AI technologies.

是的，我們看到第一季針對關稅威脅的反應減弱，但影響不大。喬，我們在第二季度看到了同樣的趨勢，而且主要與設備有關。但我們真正認為推動這一進程的肯定是一場普遍的運動，旨在搞清楚如何改進和利用人工智慧技術。

Every single client is talking about it. Almost very few clients have actually started working on it, but they know that they have to have fairly robust infrastructure capability. They know they have to have improved data capability and they know they need to make sure that their teammates that can be productive with their devices. So I think that's really driving the demand more than anything else.

每個客戶都在談論它。幾乎沒有客戶真正開始著手這項工作，但他們知道他們必須擁有相當強大的基礎設施能力。他們知道他們必須提高數據處理能力，他們知道他們需要確保他們的隊友能夠有效地使用他們的設備。所以我認為這比其他任何因素都更能推動需求。

Adam Tindle, Raymond James.

亞當廷德爾、雷蒙詹姆斯。

Yeah. Thanks. Good morning. Okay. Thanks. Good morning.

是的。謝謝。早安.好的。謝謝。早安.

Good morning, Adam.

早安，亞當。

Just wanted to start, Joyce. Yeah, can you hear me?

我只是想開始，喬伊斯。是的，你聽得到我說話嗎？

Yeah.

是的。

Good morning. Okay. Sorry, just headed to the airport at the moment. Joyce, I wanted to start or continue the conversation on hardware since I know you've got a long history in that space. In time periods like this where we've got tariffs announced, what do you expect the vendor OEMs to do as it relates to pricing going forward? Have you seen any of them begin to potentially raise prices at this point?

早安.好的。抱歉，我現在正前往機場。喬伊斯，我想開始或繼續關於硬體的對話，因為我知道你在這個領域有著悠久的歷史。在我們宣布關稅的這個時期，您預計供應商 OEM 在未來定價方面會採取什麼措施？您是否看到其中任何一家公司此時開始有可能提高價格？

And relatedly, as you kind of think about that potential environment and the guidance for the year being a little bit more back half weighted profitability, how are you thinking about the potential impact to elasticity of demand if we do experience some aspect of price increases? And then I have a follow-up. Thanks.

與此相關的是，當您考慮到潛在的環境和今年的指導方針，即稍微偏向後半部分加權盈利能力時，如果我們確實經歷了某種程度的價格上漲，您如何看待對需求彈性的潛在影響？然後我有一個後續問題。謝謝。

Thanks, Adam. Yeah. I mean, so the tariff response and preparation depends on the OEM. It depends on their supply chains and it depends on their inventory positions. So we've seen one or two OEMs increase prices. We've seen a bunch of OEMs talk about sort of restricting the validity of the timeframe of quotes, things like that. But I would say generally, the pricing motion has been pretty subdued. And as I said, that really depends largely on kind of what their supply chain and how their mix looks like -- what their mix looks like geographically.

謝謝，亞當。是的。我的意思是，關稅反應和準備取決於 OEM。這取決於他們的供應鏈和庫存狀況。因此，我們看到有一兩家 OEM 提高了價格。我們看到許多 OEM 都在談論限制報價時間範圍的有效性之類的事情。但我想說，整體而言，定價走勢相當平緩。正如我所說，這實際上很大程度上取決於他們的供應鏈是什麼樣的，他們的組合是什麼樣的——他們的組合在地理上是什麼樣的。

We spent a lot of time modeling the tariff impacts and trying to understand exactly what we would expect to see, given what we learned in about four or, I guess, eight years ago or when we dealt with this the last time. And also frankly, we use some of the same skills during COVID because there was a similar type of impact.

我們花了很多時間模擬關稅影響，並試圖準確地了解我們期望看到的結果，考慮到我們在大約四年前，或者我想是八年前，或者我們上次處理這個問題時所學到的知識。而且坦白說，我們在 COVID 期間使用了一些相同的技能，因為有類似的影響。

And generally, if the tariff rates stay kind of where we think where they are today or they're in that 10% range, it's -- frankly, the impact on us is slightly positive because ASPs go up and we generally pass on the cost to our clients.

一般來說，如果關稅稅率保持在我們認為的當前水平或 10% 的範圍內，坦白說，這對我們的影響略微是積極的，因為平均售價上漲，我們通常會將成本轉嫁給客戶。

If those tariffs increase beyond that, in that 25% or much bigger range of impact, then the demand does get muted. And not only that, it starts to create even more uncertainty around budget allocation and capital allocation for our clients. So that's how we're thinking about it. And right now, as James said, we're assuming basically status quo in our guide.

如果這些關稅的增加幅度超過這個數字，影響範圍達到 25% 或更大，那麼需求就會受到抑制。不僅如此，它還開始為我們的客戶的預算分配和資本分配帶來更多的不確定性。這就是我們的想法。現在，正如詹姆斯所說，我們的指南基本上假設現狀。

Got it. Okay. And then maybe just as a follow-up on the services side of the house. You mentioned a number of moving parts and things that you're doing there. I just would like to double-click on why now, what's happening there. And if I look at some of the results of delivered services, I think we're down mid-single digits or so, for example.

知道了。好的。然後也許只是作為對房屋服務方面的後續跟進。您提到了一些活動部件和您正在做的事情。我只是想雙擊為什麼現在發生什麼，那裡發生了什麼。如果我看一下已交付服務的一些結果，我認為我們下降了中等個位數左右。

What's happening in the environment to drive a little bit of the more challenge in the services business? I wouldn't think that would be related to the partner program changes, for example, but maybe if you could just sort of flush out a bigger picture on the services piece and what did -- where it goes from here. Thanks.

目前的環境會為服務業帶來哪些挑戰？例如，我認為這與合作夥伴計劃的變化無關，但也許你可以更詳細地介紹服務部分以及它接下來的發展方向。謝謝。

Yeah, so the services piece is there are a bunch of moving parts. So we're very pleased with the performance of our SADA, Amdaris, and Infocenter acquisitions. That's working very, very well. As we said, the primary driver of the decline was product-related services. So there's a couple of things going on there.

是的，服務部分有很多活動部件。因此，我們對 SADA、Amdaris 和 Infocenter 收購的表現非常滿意。效果非常非常好。正如我們所說，導致下降的主要因素是產品相關服務。因此那裡發生了幾件事。

James mentioned that while you see that our device our hardware business was up, which is but minimally, so there's a little bit of a lag between the hardware sale and the services attached. So there's -- that is a big, big focus for us, making sure that as that hardware business returns, and we're encouraged by the bookings in Q2, as James said, although it's early, we expect to see that services business improve.

詹姆斯提到，雖然我們看到我們的設備硬體業務有所成長，但只是最低限度的成長，因此硬體銷售和附帶服務之間存在一些滯後。所以，這是我們關注的重點，確保硬體業務的復甦，我們對第二季度的預訂量感到鼓舞，正如詹姆斯所說，雖然現在還為時過早，但我們預計服務業務會有所改善。

We're also taking lessons in our consulting business, broadly speaking, from one -- some of our acquisitions. So we have learned that very strong methodologies, lots of discipline as I described in my remarks, and a very, very focused effort around scoping projects rapidly, and keeping them small enough so that they are digestible by our clients, so that we can follow-up and earn the right to do more with exceptional execution really does work.

整體來說，我們也從一些收購中吸取諮詢業務的經驗教訓。因此，我們認識到，非常強大的方法、我在發言中描述的嚴格紀律，以及非常非常專注地快速確定項目範圍，並使其保持足夠小以便我們的客戶能夠消化，這樣我們就可以跟進，並通過卓越的執行獲得做更多事情的權利，這確實有效。

We're applying those same methodologies to our entire consulting business and we're all very pleased with those results. That retooling is happening now and I think where -- we will absolutely deliver dividends.

我們將同樣的方法應用到我們的整個諮詢業務中，我們對結果非常滿意。這種重組現在正在進行，我認為我們絕對會帶來紅利。

The other thing that we're doing around services, I should -- I wanted to mention is M&A continues to be a focus for us. As we become and pivot to an AI-first solutions integrator, we expect to continue to focus on data and AI, multi-cloud, cyber, and edge. But we're also noting that there is an inextricable link between business process reimagination and domain expertise and AI technology deployment in order to deliver those real outcomes that clients are looking for. So we're in the process of building these capabilities and we're very, very excited about that and we think that has legs for a while.

我們在服務領域所做的另一件事，我想提一下，併購仍然是我們關注的重點。隨著我們成為並轉向人工智慧優先解決方案整合商，我們希望繼續專注於數據和人工智慧、多雲、網路和邊緣。但我們也注意到，為了實現客戶所期望的實際成果，業務流程重塑與領域專業知識和人工智慧技術部署之間有著密不可分的連結。因此，我們正在建立這些能力，我們對此感到非常非常興奮，我們認為這將持續一段時間。

Thank you.

謝謝。

Harry Read, Redburn.

哈里·里德 (Harry Read)，雷德伯恩 (Redburn)。

Hi, good morning. Thanks for taking some questions. Looking at some of the UK peers, they've been saying, obviously, versus their own expectations, but the Microsoft commission changes on enterprise agreements have been better than expected in certain areas, i.e., with certain end clients, whether that be public, private, SME, et cetera. I'm just wondering if you're seeing any differential on the impact by end client.

嗨，早安。感謝您回答一些問題。看看一些英國同行，他們說，顯然，這與他們自己的預期相反，但微軟委員會對企業協議的改變在某些領域比預期的要好，即對於某些最終客戶，無論是公共、私人、中小企業等等。我只是想知道您是否看到最終客戶的影響有任何差異。

And then the second one is just you went through a little bit of restructuring late last year on headcount. Just wondering how you're thinking about headcount today as you've got more incremental information on how you expect the market to develop throughout the rest of 2025. Thanks.

第二個問題是，去年年底你們對員工人數進行了一些重組。我只是想知道，由於您獲得了更多關於 2025 年剩餘時間內市場發展前景的增量信息，您今天對員工人數有何看法。謝謝。

Thanks, Harry. I'll start with the first one. I'll turn it over to James for the headcount conversation. So yes, we are -- so on the cloud performance, our cloud performance was in line with our expectations. We obviously expected those impacts that we talked about in our earnings call in February. We said the first half would be -- compares would be more difficult and that we would see improvement in the back half.

謝謝，哈利。我先從第一個開始。我將把人數討論交給詹姆斯。是的，就雲端效能而言，我們的雲端效能符合我們的預期。我們顯然預料到了我們在二月的收益電話會議上談到的那些影響。我們說過，上半場將會更加困難，但下半場將會有所改善。

We're pleased with the underlying SaaS and IaaS growth at 17%, and that includes kind of some of those commission changes as you call them, Harry, around the CSPE products, for example, from Microsoft. So those are in line with our expectations. And so generally, we are pleased with cloud performance and expect that continue to improve throughout the year.

我們對基礎 SaaS 和 IaaS 成長 17% 感到滿意，其中包括您所說的圍繞 CSPE 產品的一些佣金變化，例如來自微軟的佣金變化。這些都符合我們的預期。總體而言，我們對雲端效能感到滿意，並預計全年將繼續改善。

And, Harry, from an SG&A standpoint, as you rightly mentioned, we took actions at the end of last year in anticipation of the year and the headwinds that we're going to see in terms of the partner program changes. Pleased to see our performance in Q1 in terms of the discipline that we have around operating expenses. For the year, we're going to continue to be very disciplined around our SG&A expenses.

而且，哈利，從銷售、一般及行政費用 (SG&A) 的角度來看，正如您所正確提到的，我們在去年年底採取了行動，以應對今年的挑戰以及我們將在合作夥伴計劃變化方面看到的阻力。很高興看到我們第一季在營運費用方面的紀律表現。今年，我們將繼續嚴格控制銷售、一般及行政費用 (SG&A)。

We would expect that this year that our SG&A will grow slightly slower than our GP, which is what we would expect in our long-term model as well. But in terms of investments, we're continuing to make sure we preserve as much capacity for sales and our technical talent. And we'll watch that very carefully as the year progresses. But we'll continue to be very disciplined around SG&A.

我們預計今年我們的銷售、一般及行政費用的成長速度將略低於我們的毛利率，這也是我們在長期模型中所預期的。但在投資方面，我們將繼續確保保留盡可能多的銷售能力和技術人才。隨著時間的推移，我們將密切關注這一情況。但我們將繼續嚴格控制銷售、一般及行政費用 (SG&A)。

Great. Thank you.

偉大的。謝謝。

(Operator Instructions) Vincent Colicchio, Barrington Research.

（操作員指示）Vincent Colicchio，Barrington Research。

Yes. Curious if the market slows down versus expectations, what are some of the actions you're willing to take maybe such as offshoring, more labor, things of that nature?

是的。好奇的是，如果市場成長率低於預期，您願意採取哪些措施，例如離岸外包、增加勞動力等？

Hi, Vince. Yeah. I mean, we have an entire set of plans around significant downturns in the market that address our OpEx expense. Of course, there's there -- we -- the improvements that James alluded to and the SG&A efforts that we have underway are largely -- are very much in process. And so we have a pretty good playbook around that.

你好，文斯。是的。我的意思是，我們針對市場大幅下滑制定了一整套計劃來解決我們的營運支出費用。當然，詹姆斯提到的改進以及我們正在進行的銷售、一般及行政費用 (SG&A) 工作基本上都在進行中。因此，我們對此有一個非常好的劇本。

And yes, we have more room on offshoring. We certainly have a lot more room on automation and we've launched an internal set of AI initiatives, which we're very, very excited about to help us figure out how to improve our overall SG&A structure and leverage. So I feel like we're well-prepared for cost management and improvement and we're going to take those actions with or without a downturn. And if there's a downturn, we'd obviously execute those faster.

是的，我們在離岸外包方面還有更多空間。我們在自動化方面當然還有更多的空間，我們已經啟動了一系列內部人工智慧計劃，我們非常非常高興這些計劃能夠幫助我們弄清楚如何改善我們的整體銷售、一般和行政費用結構和槓桿率。因此，我覺得我們已經為成本管理和改進做好了充分的準備，無論是否出現經濟衰退，我們都會採取這些行動。如果出現經濟衰退，我們顯然會更快地執行這些措施。

And are you assuming that enterprise spending on services remains weak through the balance of the year?

您是否認為今年全年企業在服務方面的支出仍將保持疲軟？

We expect that in the back half of the year, we will start to see services spend improve.

我們預計，今年下半年我們將開始看到服務支出的改善。

Got it. That's all I have. Thanks.

知道了。這就是我所擁有的一切。謝謝。

And that really lines up with improved products, the product sales, and then there's, as I mentioned, a little bit of a lag before we see the services associated with those.

這確實與產品的改進、產品的銷售一致，然後，正如我所提到的，在我們看到與這些相關的服務之前會有一點滯後。

Thank you.

謝謝。

Thanks, Vince.

謝謝，文斯。

Thanks, Vince.

謝謝，文斯。

We currently have no further questions. So I'll hand back to Joyce Mullen for some closing remarks.

目前我們沒有其他問題。因此我將把發言權交還給喬伊斯·馬倫 (Joyce Mullen)，請她做最後的總結發言。

Thank you very much, everyone, for your questions and your interest. Now more than ever, our clients really do need a trusted advisor to help navigate this increasingly fragmented and complex landscape. And especially amidst the uncertainty impacting global technology supply chains, our job is to figure out how to optimize those supply chains for our clients. So we feel very optimistic about the opportunities ahead.

非常感謝大家的提問和關注。現在，我們的客戶比以往任何時候都更需要一位值得信賴的顧問來幫助他們應對日益分散和複雜的情況。尤其是在影響全球技術供應鏈的不確定性中，我們的工作是找出如何為客戶優化這些供應鏈。因此，我們對未來的機會感到非常樂觀。

And I look forward to sharing you with you our continued progress on our journey as a leading solutions integrator. So you can now close the call, operator. Thank you.

我期待與大家分享我們作為領先解決方案整合商在發展道路上不斷取得的進步。接線員，您現在可以結束通話了。謝謝。

Thank you, Joyce. This concludes today's call. Thank you very much for joining. You may now disconnect your lines.

謝謝你，喬伊斯。今天的電話會議到此結束。非常感謝您的加入。現在您可以斷開線路了。