Insight Enterprises Inc (NSIT) 2026 Q1 法說會逐字稿

Greetings, and welcome to Insight Enterprises first quarter 2026 operating results. (Operator Instructions) As a reminder, this conference is being recorded. (Operator Instructions) I would now like to turn the conference over to Ryan Miyasato, Director of Investor Relations. Thank you. You may begin.

各位好，歡迎參加 Insight Enterprises 2026 年第一季營運成果說明會。（接線員指示）提醒各位，本次電話會議將被錄音。（接線員指示）現在我想將會議交給投資人關係總監 Ryan Miyasato。謝謝。您可以開始了。

Thank you, Kara. 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, 2026. I'm Ryan Miyasato, Investor Relations Director of Insight, and joining me is Jack Azagury, President and Chief Executive Officer; and James Morgado, Chief Financial Officer.

謝謝你，Kara。各位好，歡迎大家，並感謝各位參加 Insight Enterprises 的財報電話會議。今天我們將討論截至 2026 年 3 月 31 日止季度的公司營運成果。我是 Insight 的投資人關係總監 Ryan Miyasato，與我一同出席的還有總裁暨執行長 Jack Azagury，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.

如果您尚未取得今早發布並以 8-K 表格向美國證券交易委員會（SEC）提交的財報新聞稿或隨附的簡報投影片，您可至 insight.com 網站的「投資人關係」專區查閱。

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（包含問答環節）將進行即時網路直播，也可透過 insight.com 網站的投資人關係頁面收看。電話會議結束約兩小時後將提供錄音存檔，並會在我們網站上保留一段有限期間。

This conference call and the associated webcast contain time-sensitive information that is accurate only as of today, May 7, 2026. This call is the 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直播包含具時效性的資訊，僅截至今日（2026 年 5 月 7 日）為準且為正確資訊。本次電話會議為 Insight Enterprises 之財產。未經 Insight Enterprises 明確書面同意，以任何形式對本次電話會議進行再散布、再傳輸或再廣播，均嚴格禁止。

In today's conference call, we will be referring to non-GAAP financial measures as we discuss the first quarter 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，當我們討論第一季財務結果時，將引用非 GAAP 財務衡量指標。討論非 GAAP 指標時，我們將稱之為「調整後」。您可在今日稍早發布的新聞稿與隨附投影片簡報中，找到這些調整後指標與實際 GAAP 結果之間的調節表。

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，我們在今天電話會議中所做的所有成長比較，均係相較於去年同期。此外，除非特別標示為固定匯率（constant currency），本次討論的所有金額與成長率均以美元計。

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.

提醒各位，本次電話會議中所作的所有前瞻性陳述均受風險與不確定性影響，可能導致我們的實際結果出現重大差異。相關風險已於今日新聞稿中討論，並在我們最近提交的定期報告及其後向 SEC 提交的文件中有更詳細說明。

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.

所有前瞻性陳述均以本次電話會議日期為準；除法律要求外，我們不承擔更新本次電話會議中任何前瞻性陳述之義務，不論係因新資訊、未來事件或其他原因。

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

接下來，我將把電話會議交給 Jack。Jack？

Thank you, Ryan. Good morning, everyone, and thank you for joining us. I'm honored to be with you today on my first earnings call as Insight's CEO. It is a privilege to step into the role at this important time for our company. The team has built a truly differentiated set of capabilities across hardware, software and services.

謝謝你，Ryan。各位早安，感謝各位加入。我很榮幸今天能以 Insight 執行長的身分參加我的第一場財報電話會議。在公司這個重要時刻接任此職務是一項殊榮。團隊已在硬體、軟體與服務方面建立了一套真正具差異化的能力組合。

I'm excited to continue our transformation to become the leading solution integrator and build upon this strong foundation. Turning to the first quarter. I am pleased to report that we delivered strong financial results, which exceeded our expectations, and I want to thank Joyce, the leadership team and all our teammates for their hard work.

我很期待持續推動我們的轉型，成為領先的解決方案整合商，並在這個堅實基礎上再接再厲。回到第一季，我很高興報告我們交出強勁的財務表現，超出我們的預期；也要感謝 Joyce、領導團隊以及所有同仁的辛勤付出。

In the first quarter, we delivered double-digit gross profit growth across every geography as well as double-digit adjusted earnings from operations and adjusted diluted earnings per share growth. During the quarter, total gross profit grew 14%, with Cloud gross profit increasing 35% and Core Services gross profit growing 19%, the two key priority areas of our strategy.

第一季，我們在各個地區都實現了兩位數的毛利成長，同時調整後營業利益與調整後稀釋每股盈餘也呈現兩位數成長。本季總毛利成長 14%，其中雲端毛利增加 35%，核心服務毛利成長 19%，這兩項是我們策略的關鍵優先領域。

Together, these factors drove further gross margin expansion to 21.7%, and coupled with disciplined expense management, we delivered adjusted earnings from operations growth of 27% and adjusted diluted earnings per share growth of 26%.

綜合上述因素，我們的毛利率進一步擴張至 21.7%；再加上嚴謹的費用管理，我們實現調整後營業利益成長 27%，以及調整後稀釋每股盈餘成長 26%。

Over the past 3.5 weeks, I have spent time with our teams, engaged with clients and partners and reviewed our operations in detail. These conversations have only reinforced my decision to join Insight, which was driven by three reasons. Firstly, Insight has a strong culture, underpinned by the pillars of hunger, heart and harmony and a 38-year heritage of serving clients and working with our ecosystem partners and is driven by a strong entrepreneurial spirit.

在過去 3.5 週，我花時間與團隊交流、與客戶及合作夥伴互動，並詳細檢視我們的營運。這些對話更加堅定我加入 Insight 的決定，而這個決定主要基於三個原因。第一，Insight 擁有強大的企業文化，以「渴望（hunger）、熱忱（heart）與和諧（harmony）」為支柱，並有 38 年服務客戶、與生態系合作夥伴協作的傳承，同時具備強烈的創業精神驅動。

Secondly, the company has a unique and differentiated set of capabilities across what we resell, design and deliver. I have been impressed by our deep technical knowledge across our partners' hardware, software and cloud solutions and the deep services capabilities that Insight has built over the last decade. My conversations with partners have only reinforced the depth of our partnerships and is reflected in recent Partner of the Year awards from Google Cloud, ServiceNow, HP Services and CrowdStrike.

第二，公司在我們所轉售、設計與交付的領域，具備獨特且差異化的能力。我對我們在合作夥伴硬體、軟體與雲端解決方案方面的深厚技術知識，以及 Insight 在過去十年建立的深厚服務能力印象深刻。我與合作夥伴的對話也進一步印證我們合作關係的深度，並反映在近期獲得 Google Cloud、ServiceNow、HP Services 與 CrowdStrike 的年度合作夥伴獎項上。

Thirdly, I was drawn to Insight by the significant opportunity ahead. Our strategy to be the leading solutions integrator with a focus on the mid-market has the potential to deliver significant value to both our clients and our shareholders. These reasons have been further reinforced in my conversations with teammates, with clients who value their relationship with us and with our ecosystem partners.

第三，我被 Insight 前方龐大的機會所吸引。我們以中型市場為重點、成為領先解決方案整合商的策略，有潛力為客戶與股東創造顯著價值。這些原因也在我與同仁的交流、與重視與我們關係的客戶，以及與生態系合作夥伴的對話中得到進一步強化。

Before I share my priorities, let me briefly share some details about my background. I spent nearly three decades at Accenture, most recently as Head of its Global Consulting business, where I helped companies around the world drive growth and operational execution through digital and AI transformations. At Insight, I plan to leverage this 30-year background in technology and services to accelerate our strategic pivot to be the leading solution integrator for the age of AI.

在分享我的優先事項之前，我先簡要介紹我的背景。我在 Accenture 任職近三十年，最近的職務是全球顧問業務負責人，協助全球企業透過數位與 AI 轉型推動成長並提升營運執行力。在 Insight，我計畫運用這 30 年在科技與服務領域的經驗，加速我們的策略轉向，成為 AI 時代的領先解決方案整合商。

There are three elements to my priorities. First, we are staying the course on our strategy and accelerating our pivot. Second is focus and execution. And third is capital allocation. Let me start with the first priority and our overall strategy.

我的優先事項有三個要素。第一，我們將持續既定策略並加速轉向。第二是聚焦與執行。第三是資本配置。讓我先從第一項優先事項與我們的整體策略談起。

We're in the early stages of companies deploying AI at scale, realizing the full potential of this technology and realizing the value of their investments. This is particularly true in the mid-market, where investments in AI technology and AI talent is more constrained and the ROI on every dollar invested is critical.

目前企業正處於大規模部署 AI 的早期階段，逐步實現這項技術的全部潛力，並兌現其投資價值。這在中型市場尤其明顯，因為對 AI 技術與 AI 人才的投資更受限制，每投入一美元的投資報酬率（ROI）都至關重要。

This is our sweet spot and an area where our value proposition resonates more clearly. Our strategy is to help mid-market companies make sense of a complex, fragmented and rapidly evolving technology landscape, integrate their hardware, software and their cloud landscape with the right technology services to get from idea to results and outcomes at speed.

這正是我們的強項所在，也是我們價值主張更能清楚引起共鳴的領域。我們的策略是協助中型企業理解複雜、碎片化且快速演進的科技版圖，將其硬體、軟體與雲端環境，搭配適切的技術服務加以整合，讓他們能以更快速度從構想到成果與成效落地。

My conviction has been further validated through numerous discussions with our clients and our partners. My plan is to accelerate our pivot to be the leading solution integrator for the age of AI with a core focus on the mid-market. This is also reinforced through our recent client successes, which illustrates our positioning and reflect our deep technical and AI capabilities.

我在與眾多客戶與合作夥伴的討論中，進一步驗證了我的信念。我的計畫是加速我們的轉向，成為 AI 時代的領先解決方案整合商，並以中型市場為核心重點。這也從我們近期的客戶成功案例中得到印證，這些案例展現了我們的市場定位，並反映我們深厚的技術與 AI 能力。

Let me share a couple of stories. We've been an important technology partner for a US manufacturer of premium appliances for almost a decade. We resold Microsoft licensing, pulled their data together in a Snowflake data lake and stood up a dedicated AI factory to build them a real-time predictive AI model to catch product issues before they became warranty claims. The client is realizing roughly $1 million a year in employee time, tens of millions in avoided claims and a fivefold increase in warranty processing speed.

我分享兩個故事。我們近十年來一直是美國一家高端家電製造商的重要技術合作夥伴。我們轉售 Microsoft 授權，將他們的資料整合至 Snowflake 資料湖，並建立專屬的 AI 工廠，為其打造即時的預測型 AI 模型，在產品問題演變成保固索賠之前就能提前捕捉。該客戶每年約節省 100 萬美元的員工工時，避免了數千萬美元的索賠，並使保固處理速度提升五倍。

And in financial services, Texans Credit Union, a 70-year-old financial cooperative serving all 254 counties of Texas. We resold Microsoft licensing, migrated their data centers to Azure, deployed Microsoft 365 with Copilot, build the security, so Copilot respected the complex regulatory rules a credit union has to follow, and they are saving over $250,000 a year.

在金融服務方面，Texans Credit Union 是一家擁有 70 年歷史的金融合作社，服務德州全部 254 個郡。我們轉售 Microsoft 授權，將其資料中心遷移至 Azure，部署搭載 Copilot 的 Microsoft 365，並建置資安，讓 Copilot 能遵循信用合作社必須遵守的複雜監管規則，而他們每年節省超過 25 萬美元。

We've had a long-term relationship with this client and have grown from a resale client to delivering the full portfolio of our offerings. These are two of the many examples where our clients trust us for their end-to-end technology and AI needs.

我們與這位客戶建立了長期合作關係，並從單純的轉售客戶，成長為交付我們完整產品與服務組合的合作夥伴。以上只是眾多案例中的兩個，顯示客戶信任我們能滿足其端到端的科技與 AI 需求。

Turning to my second priority. While we have a sound strategy, we need focus and execution to drive greater consistency, accountability and operational excellence across the organization. This is going to be a top priority and will include accelerating and better executing the integration of the acquisitions we have made over the past several years, investing in the solutions and offerings we provide our clients, leveraging AI to drive operational efficiency and effectiveness and growth and further leveraging our offshore talent.

接著談我的第二項優先事項。雖然我們有健全的策略，但我們需要聚焦與落實執行，以在整個組織推動更高的一致性、問責性與卓越營運。這將是最優先的工作之一，內容包括：加速並更有效地執行過去幾年所完成收購案的整合、投資於我們提供給客戶的解決方案與產品服務、運用 AI 提升營運效率與效能並帶動成長，以及進一步善用我們的離岸人才。

These efforts will be focused on driving organic growth, creating operating leverage and unlocking capital that we can redeploy to drive growth and shareholder value. To accelerate this execution focus, in addition to my role as CEO, I am also directly overseeing the North America business in the near term.

這些努力將聚焦於推動有機成長、創造營運槓桿，並釋放可重新部署的資本，以帶動成長與股東價值。為加速這項執行聚焦，除了擔任 CEO 之外，短期內我也將直接督導北美業務。

This will allow me to develop a deeper first-hand understanding of the operational dynamics of our largest region, stay closer to customers and frontline teams and ensure tight alignment between strategy and execution.

這將使我能更深入、第一手了解我們最大區域的營運動態，更貼近客戶與第一線團隊，並確保策略與執行之間的緊密一致。

My third priority is to redefine our capital allocation priorities. We will pause M&A activity for at least the remainder of 2026. As I mentioned, our focus will be on strengthening our organic business and more closely integrating and leveraging the great acquisitions we have made.

我的第三項優先事項是重新定義我們的資本配置優先順序。我們將至少在 2026 年剩餘期間暫停併購（M&A）活動。如我所提，我們的重點將放在強化有機業務，並更緊密地整合與發揮我們已完成的優質收購案。

Our capital allocation priority will be to execute the remaining $224 million share repurchase authorization this year. At its current levels, we believe Insight stock presents significant value and is the best use of our capital this will take our total share repurchases for the year to $299 million.

我們的資本配置優先事項將是在今年執行剩餘 2.24 億美元的庫藏股回購授權。以目前水準來看，我們認為 Insight 的股票具有顯著價值，是資本的最佳用途；這將使我們今年的股票回購總額達到 2.99 億美元。

In short, I love our hand at Insight. We had a solid start to the year. We have a meaningful opportunity ahead as we focus on execution, and I look to build on our first quarter performance. We will share more on our execution plan next quarter. As we look ahead to 2026, we are pleased with a strong start to the year and maintain a cautiously optimistic outlook.

總之，我對 Insight 的現況非常有信心。我們今年開局穩健。隨著我們聚焦執行，前方有重要機會，我也期待在第一季表現的基礎上再接再厲。我們將在下季分享更多執行計畫。展望 2026 年，我們對今年強勁的開局感到滿意，並維持審慎樂觀的展望。

Given the ongoing complexity of the environment, including geopolitical risk and supply chain challenges and the fact that I'm 3.5 weeks in, we believe a prudent approach is warranted, and we are holding the 2026 guidance set last quarter.

鑑於環境持續複雜，包括地緣政治風險與供應鏈挑戰，以及我上任才 3.5 週，我們認為採取審慎作法是合理的，因此維持上季所設定的 2026 年財測指引不變。

With that, I'll turn the call over to James. James?

接下來，我把電話會議交給 James。James？

Thank you, Jack, and good morning, everyone. Our Q1 results exceeded our expectations for the quarter. Net revenue was $2.1 billion, an increase of 1% in US dollar terms and a decrease of 1% in constant currency. The increase was driven by hardware and services, partially offset by a decrease in on-prem software as clients shift to cloud-delivered software.

謝謝你，Jack，各位早安。我們第一季（Q1）業績超出本季預期。淨營收為 21 億美元，以美元計增加 1%，以固定匯率計下降 1%。成長主要由硬體與服務帶動，但部分被地端（on-prem）軟體下滑所抵銷，因客戶正轉向雲端交付的軟體。

As a reminder, cloud-delivered software is presented net in agent services revenue. Hardware revenue increased 7% with growth in both devices and infrastructure. Core Services revenue was up 11% with growth across acquisitions and the organic business with stronger contribution from the acquisitions.

提醒一下，雲端交付軟體以淨額方式列示於代理服務（agent services）營收中。硬體營收成長 7%，裝置與基礎架構皆有成長。核心服務（Core Services）營收成長 11%，收購案與有機業務皆有成長，其中收購案貢獻更為強勁。

Gross profit increased 14% with double-digit growth in all geos. Cloud gross profit was $139 million, an increase of 35% with growth in both SaaS and Infrastructure-as-a-Service as well as security software from our Sekuro acquisition. Insight Core Services gross profit was $86 million, an increase of 19% due to gross margin expansion in our organic business as well as contribution from acquisitions. Hardware gross profit was up 3%, while gross margin declined 50 basis points due to client mix.

毛利成長 14%，各地區皆呈雙位數成長。雲端毛利為 1.39 億美元，成長 35%，SaaS 與基礎架構即服務（Infrastructure-as-a-Service）均有成長，並包含我們收購 Sekuro 所帶來的資安軟體。Insight 核心服務毛利為 8,600 萬美元，成長 19%，主要來自有機業務毛利率擴張以及收購案貢獻。硬體毛利成長 3%，但因客戶組合影響，毛利率下滑 50 個基點。

As a result, total gross margin was 21.7%, an increase of 2.4 points. Adjusted SG&A increased 9% due to an increase in variable compensation and expenses from acquisitions. This resulted in adjusted EBITDA of $152 million, up 27%, while margin expanded 1.4 points to 7.1%. And adjusted diluted earnings per share were $2.88, up 26% in US dollar terms and 25% in constant currency.

因此，整體毛利率為 21.7%，提升 2.4 個百分點。調整後銷售、一般及管理費用（SG&A）成長 9%，主要因變動薪酬增加以及收購案帶來的費用。調整後 EBITDA 為 1.52 億美元，成長 27%，同時利潤率提升 1.4 個百分點至 7.1%。調整後稀釋每股盈餘為 2.88 美元，以美元計成長 26%，以固定匯率計成長 25%。

For the quarter, we generated $32 million of cash flow from operations, which was in line with expectations. For the year, we continue to anticipate cash flow from operations in the range of $300 million to $400 million.

本季我們產生 3,200 萬美元的營運現金流，符合預期。就全年而言，我們仍預期營運現金流介於 3 億至 4 億美元。

In Q1, we repurchased $75 million in shares and have $224 million in remaining authorization. As Jack mentioned, we are adjusting our capital allocation priorities and will pause M&A for the balance of the year. We will shift our focus to repurchasing shares and intend to exhaust the remaining authorization of $224 million before the end of the year. The projected $299 million of share repurchases for the year would represent over 90% of our projected free cash flow.

第一季我們回購 7,500 萬美元股票，剩餘授權額度為 2.24 億美元。如 Jack 所提，我們正在調整資本配置優先順序，並將在今年剩餘期間暫停併購。我們將把重點轉向回購股票，並計畫在年底前用完剩餘 2.24 億美元的授權額度。預計全年 2.99 億美元的股票回購，將相當於我們預估自由現金流的 90% 以上。

We exited Q1 with total debt of approximately $1.5 billion compared to $961 million a year ago. The year-over-year increase in debt was primarily related to acquisitions and share repurchases. We have ample liquidity to meet our needs. And as of the end of Q1, we had access to nearly all of the $2 billion capacity under our ABL facility, of which approximately $1 billion was available.

第一季結束時，我們的總負債約為 15 億美元，較一年前的 9.61 億美元增加。負債年增主要與收購及股票回購有關。我們具備充足流動性以滿足需求。截至第一季末，我們在 ABL 融資額度下可動用接近全部 20 億美元的額度，其中約 10 億美元可用。

Our adjusted return on invested capital for the trailing 12 months at the end of Q1 was 16.7% compared to 16% a year ago. As we consider the remainder of 2026, we continue to take a prudent approach to our outlook in light of a complex operating environment, reflecting the following considerations in our guidance. Adjusted diluted earnings per share will be more heavily weighted towards the first half.

截至第一季末，過去 12 個月的調整後投入資本報酬率為 16.7%，高於一年前的 16%。在考量 2026 年剩餘期間時，鑑於複雜的營運環境，我們仍對展望採取審慎作法，並在指引中反映以下考量：調整後稀釋每股盈餘將更偏重於上半年。

For the year, we expect our corporate and large enterprise client spending to remain subdued. Hardware gross profit will be approximately flat as component costs are impacting demand. We expect hardware revenue to grow faster than gross profit, primarily due to client mix.

就全年而言，我們預期企業與大型企業客戶支出仍將偏弱。由於零組件成本影響需求，硬體毛利預計大致持平。我們預期硬體營收成長將快於毛利成長，主要因客戶組合所致。

We expect Core Services gross profit will grow in the high single digits as our organic business returns to growth, coupled with contribution from our recent acquisitions. We anticipate Cloud gross profit to grow in the low double digits as we move past the majority of the partner program changes we have previously discussed. And we will continue to prudently manage SG&A and expect growth slightly slower than gross profit.

我們預期核心服務毛利將以高個位數成長，因有機業務恢復成長並加上近期收購案的貢獻。我們預期雲端毛利將以低雙位數成長，因我們將度過先前討論過的大部分合作夥伴方案變更影響。我們也將持續審慎管理 SG&A，並預期其成長略低於毛利成長。

Finally, we intend to pause M&A, and we also intend to immediately begin to exhaust the remaining $224 million share repurchase authorization in 2026. Considering these factors, for the full year of 2026, 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 21.5%.

最後，我們打算暫停併購，同時也打算在 2026 年立即開始用完剩餘 2.24 億美元的股票回購授權。綜合上述因素，針對 2026 全年，我們的指引如下：我們預期毛利成長為低個位數，毛利率約為 21.5%。

Excluding stock-based compensation, our adjusted diluted earnings per share will be between $11 and $11.50 with a bias towards the high end of the range. This represents approximately 5% growth at the midpoint compared to the 2025 adjusted diluted earnings per share of $10.75.

排除股份基礎給付（stock-based compensation）後，我們的調整後稀釋每股盈餘將介於 11 美元至 11.50 美元，且偏向區間高端。以中位數計算，這相較於 2025 年調整後稀釋每股盈餘 10.75 美元約成長 5%。

Finally, we expect cash flow from operations in the $300 million to $400 million range. Our guidance includes interest and other expenses to be approximately $90 million, an effective tax rate of 25.5% to 26.5% for the full year, capital expenditures of $20 million to $30 million and an average share count for the full year of approximately 30 million shares.

最後，我們預期營運活動現金流將落在3億至4億美元區間。我們的指引包含：利息及其他費用約9,000萬美元、全年有效稅率為25.5%至26.5%、資本支出為2,000萬至3,000萬美元，以及全年平均流通股數約3,000萬股。

This outlook excludes stock-based compensation, excludes acquisition-related intangible amortization expense of approximately $83 million, assumes no acquisition-related severance -- 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.

此展望不包含以股份為基礎的薪酬，不包含約8,300萬美元的併購相關無形資產攤銷費用，假設不會有併購相關資遣——假設不會有併購相關成本、資遣與重組或轉型費用，並假設我們的債務工具不會有任何變動，且宏觀經濟展望不會出現重大變化。

I'll now turn the call back to Jack. Jack?

我現在把電話交回給Jack。Jack？

Thank you, James. Before we wrap up, I want to acknowledge the tremendous work our teammates have done this quarter. There's been a lot of progress, and it reflects the focus, commitment and collaboration happening across our company. At the same time, we're very clear eyed. There's still a lot of work ahead of us.

謝謝你，James。在我們結束之前，我想肯定我們同仁本季所完成的卓越工作。我們取得了許多進展，這反映出全公司正在展現的專注、承諾與協作。同時，我們也非常清醒地看待現況，前方仍有大量工作要做。

We have the right strategy and strong capabilities across what we resell, design and deliver, including leading AI services and capabilities. The priority is now focus and execution, accelerating our growth and operating with greater efficiency and discipline.

我們擁有正確的策略，並在我們所轉售、設計與交付的各方面具備強大能力，包括領先的AI服務與能力。當前的優先事項是專注與執行，加速成長，並以更高的效率與更嚴謹的紀律來營運。

I'm honored to step into this role and excited about the opportunity ahead. I look forward to spending more time with our teammates, our clients, our partners and our investors, listening, learning and executing against our priorities.

我很榮幸接任這個職務，也對未來的機會感到振奮。我期待花更多時間與我們的同仁、客戶、合作夥伴及投資人互動，傾聽、學習，並依照我們的優先事項落實執行。

Thank you for your continued support and for joining us today. This concludes my comments, and we will now open the line for your questions.

感謝各位持續的支持，也謝謝今天加入我們。以上是我的發言，接下來我們將開放提問。

(Operator instructions)

（接線員指示）

Adam Tindle, Raymond James.

Adam Tindle，Raymond James。

Okay, thanks. Good morning, and congrats, Jack, on joining the company. Looking forward to working with you. I thought your background was particularly interesting with Accenture and services. And I wonder if you might just spend a little bit of time talking about the opportunity that you see at Insight and what you may bring from your experience at Accenture, particularly around the services portion of the business.

好的，謝謝。早安，也恭喜你，Jack，加入公司。期待與你合作。我覺得你在Accenture以及服務領域的背景特別有意思。我想請你花一點時間談談你在Insight看到的機會，以及你可能會把在Accenture的經驗帶來哪些價值，特別是與業務中的服務部分相關的方面。

And also, do you think there's opportunity there more organic or inorganic? I know, obviously, acquisitions are paused for this year, and that makes a lot of sense. But maybe just kind of describe how you see that services business evolving. Thanks.

另外，你認為那裡的機會比較偏向內生成長還是外延成長？我知道今年顯然暫停併購，這很合理。但也許請你描述一下你如何看待這項服務業務的演進。謝謝。

Adam, thank you, and thank you for the partnership and the relationship. So yes, I started my career in the software industry and then over 29 years at Accenture with a variety of roles, including leading our global consulting business, our industry programs and functional programs over the last 3.5 years.

Adam，謝謝你，也謝謝你一直以來的合作與關係。是的，我的職涯起步於軟體產業，之後在Accenture服務了29年，擔任過多種職務，包括在過去3年半領導我們的全球顧問業務、產業方案以及職能方案。

Obviously, when we look at the portfolio at Insight, this is not an either, or strategy. Hardware, software and solutions are critical to our growth, and we will be focusing both on the resale business and the services business.

顯然，當我們看Insight的產品組合時，這不是非此即彼的策略。硬體、軟體與解決方案對我們的成長都至關重要，我們將同時聚焦於轉售業務與服務業務。

We have tremendous capability in services. We've done some tremendous acquisitions. I have been very positively impressed by the capabilities. And for the remainder of the year, my focus is on the organic growth of our business. I will be spending a lot of time with our services business, making sure we have the right offerings.

我們在服務方面具備非常強的能力，也做了幾筆非常出色的併購。我對這些能力留下非常正面的印象。而在今年剩餘時間，我的重點將放在業務的內生成長。我會花很多時間在我們的服務業務上，確保我們擁有正確的產品與服務組合。

We invest in areas like cloud, data, AI, security as well as some of the hybrid cloud capabilities, including merging that together, linking our services and our hardware capabilities and engineering capabilities. So this year, my focus is on the organic business, getting additional organic growth. And we have a lot to build upon here, some great capabilities, and we need to invest in them, and I will be focused on getting organic growth through the remainder of the year.

我們投資於雲端、資料、AI、安全等領域，以及部分混合雲能力，包括把這些整合起來，串聯我們的服務、硬體能力與工程能力。因此今年我的重點是內生業務，取得更多內生成長。我們有很多可延伸的基礎與很棒的能力，我們需要持續投資，而我將專注於在今年剩餘時間推動內生成長。

Got it. Okay. That's helpful. And maybe just kind of continuing that thought. Obviously, this year is going to be focused on share repurchase. But as investors kind of get a feel for your philosophy going forward, I wonder if you might reflect on some of the acquisitions that you've kind of studied at Insight, granted, I understand you're very early here, so maybe an unfair question.

了解。好的，這很有幫助。也許延續這個想法。今年顯然會聚焦於庫藏股回購。但當投資人逐步了解你未來的理念時，我想請你回顧一下你在Insight研究過的一些併購案——當然我知道你才剛加入不久，所以這問題可能有點不公平。

But as you kind of parse through the various acquisitions over the years at Insight, are there ones that seem to make kind of more sense and less sense going forward just as kind of investors think about the potential for future acquisitions. Where would you particularly focus and where might you kind of move a little bit further away from?

但當你梳理Insight多年來的各項併購時，是否有些併購在未來看起來更合理、或相對不那麼合理，讓投資人思考未來併購的可能性？你會特別聚焦在哪些方向？又可能會稍微遠離哪些方向？

Yeah, I'm pleased with the capabilities that have been acquired over the last few years, whether it's Infocenter or SADA or Sekuro in Asia Pacific or Inspire11, all are very much pointed into the AI space and helping our clients get value from AI. They're very aligned with the areas that I'm going to be prioritizing. And again, we're going to point a lot of our focus and investment into helping our clients get value from AI. And so cloud, data, AI, security, hybrid cloud and the infrastructure that goes with it, those are going to be the priority focus areas.

是的，我對過去幾年所收購的能力感到滿意，不論是Infocenter、SADA、亞太地區的Sekuro，或是Inspire11，這些都非常聚焦於AI領域，並協助客戶從AI中取得價值。它們與我將優先推動的領域高度一致。而且我們會把大量的重點與投資放在協助客戶從AI中取得價值。因此，雲端、資料、AI、安全、混合雲以及與之配套的基礎架構，將是優先聚焦的領域。

The acquisitions we've made, I continue to be impressed. The more I meet with clients and more our teammates understanding the capabilities, the engineering capabilities, the knowledge of our hardware and software partners' technologies. But I'm pleased with the acquisitions we have and great capabilities and now the focus on really leveraging what we have to the best of our ability.

我們所做的併購，我仍持續感到印象深刻。我與客戶會面越多、我們的同仁越了解這些能力，就越能看見我們的工程能力，以及對硬體與軟體合作夥伴技術的理解。但我對現有的併購與能力感到滿意，現在的重點是確實把我們擁有的一切發揮到最好。

Okay. Just a quick clarification for James. As you thought about guidance for the year, maybe just speak to what you're seeing in terms of current trends, especially related to the potential for demand being pulled in given the memory cost issues, supply issues and potential for future price increases and how that informed your thoughts on the full year guide? Thanks, guys.

好的。給James一個快速釐清：在你們思考全年指引時，能否談談你們看到的當前趨勢，特別是與需求可能因記憶體成本問題、供應問題以及未來可能的漲價而提前拉貨相關的情況？這些因素如何影響你們對全年指引的看法？謝謝各位。

Yeah. Thanks, Adam. We're maintaining a similar approach to what we had last quarter, which is we're continuing to take a prudent stance on our outlook for the year. Q1, as we mentioned, exceeded our expectations. It was a strong start to the year.

好的，謝謝你，Adam。我們維持與上季類似的做法，也就是對全年展望持續採取審慎立場。如我們提到的，第一季表現超出預期，是今年一個強勁的開局。

So we're pleased with that, in the cloud space, in particular, real strength in the quarter. The compares are a little easier in Q1. They do get more challenging as the year progresses kind of across the board, but you'll see it in the cloud space in particular. But we did really well in cloud, and I like the momentum that I'm seeing there, at least as it moves into Q2.

因此我們對此感到滿意，尤其在雲端領域，本季表現非常強勁。第一季的比較基期相對容易；隨著年度推進，整體而言比較基期會變得更具挑戰性，而在雲端領域尤其明顯。但我們在雲端做得非常好，我也喜歡目前看到的動能，至少延續到第二季的走勢是正面的。

Hardware, it was largely on our expectations in the quarter. We exited the quarter with strong backlog. It's actually more than elevated. I would say it is similar to the levels that we had exiting COVID. So it's the most elevated that it has been in multiple years.

硬體方面，本季大致符合我們的預期。我們在季末帶著強勁的未交訂單（backlog）結束，而且不只是偏高；我會說其水準與我們在COVID結束時相近。也就是說，這是多年來最高的水準。

So we're carrying that into Q2. Bookings were strong in Q1. The bookings have started with similar patterns in Q2. The challenge that we have there is really determining when that backlog will flush through and when we'll realize it from a revenue standpoint.

因此我們把這個狀態帶入第二季。第一季接單（bookings）強勁，第二季開局的接單型態也相似。我們面臨的挑戰在於判斷這些未交訂單何時會消化，以及何時能在營收端反映出來。

Memory prices have not settled. There's still a lot of noise with memory and cost increases and then extended lead times as well. So that creates a lot of just complexity when it comes to the hardware space. And then on Core Services, good, obviously, very strong GP growth. Some of that is driven by gross margin.

記憶體價格尚未穩定。記憶體與成本上升仍有很多雜訊，同時交期也延長。這使得硬體領域在各方面都更為複雜。至於核心服務（Core Services），表現不錯，顯然毛利（GP）成長非常強勁，其中一部分是由毛利率所帶動。

But the underlying revenue was 11%. That is also strong. There's strong contribution from the new acquisitions. We're still focused on the organic business. And as Jack and I have looked at that, we still have work to do on the organic services side of the house, and we're prepared to do that.

但基礎營收為 11%。這也很強勁。新併購案帶來了強勁貢獻。我們仍然專注於有機業務。而當 Jack 和我檢視這一點時，我們在公司內部的有機服務端仍有工作要做，我們也已準備好去做。

But that's what's gone into the guidance and the outlook.

但這些就是納入指引與展望的內容。

I would expect Q2 to moderate from the Q1 levels just -- if for nothing else, just based on the compares to last year. But we're pleased with the start of the year. We're really focused on Q2, Adam. We want to deliver a strong Q2 and have a good setup for the second half. But we're going to maintain that prudent approach as of now, and we'll come back to you at the end of Q2 and give an update on what we see for the rest of the year.

我預期第二季會較第一季的水準降溫——即便沒有其他原因，僅僅基於與去年同期的比較。但我們對今年的開局感到滿意。我們非常專注於第二季，Adam。我們希望交出強勁的第二季，並為下半年奠定良好基礎。但目前我們會維持審慎的做法，並會在第二季結束時再回來向各位更新我們對今年剩餘期間的觀察。

Joseph Cardoso, JPMorgan.

Joseph Cardoso，摩根大通。

Hey, good morning. Thanks for the questions. Maybe for my first, if I could, Jack, nice to hear from you, and I appreciate all your early remarks here. But given where you're coming from, I'm just curious if you could share a bit more specifically with fresh eyes on the business, where do you see the one or two biggest low-hanging opportunities at Insight that you think are underappreciated and can really go after relative to the priorities that you outlined in your prepared remarks? And then I have a follow-up.

嗨，早安。謝謝讓我提問。也許先問第一個問題，如果可以的話，Jack，很高興聽到你的發言，也很感謝你一開始的評論。不過考量你所處的位置與背景，我很好奇你是否能以全新的視角更具體分享：在 Insight 的業務上，你認為一到兩個最大的「低垂果實」機會是什麼——也就是可能被低估、且相較於你在事先準備發言中所概述的優先事項，能夠真正加速推進的機會？之後我還有一個追問。

Thank you, Joe. So let me touch on three things. The first one is organic growth. We have tremendous opportunity. We're going to continue to invest in the capabilities we've purchased, and I mentioned the areas, cloud data, AI, security, hybrid cloud.

謝謝你，Joe。我來談三件事。第一是有機成長。我們有非常大的機會。我們會持續投資於我們所收購的能力，我也提到過相關領域：雲端資料、AI、安全、混合雲。

We're going to continue to use AI to support our sales execution. There's tremendous opportunity there and continue to invest in enabling our sales, presales and engineering capabilities to be even more impactful in front of our clients. So that's priority #1.

我們也會持續運用 AI 來支援銷售執行。那裡有非常大的機會，並且持續投資以賦能我們的銷售、售前與工程能力，讓我們在客戶面前能產生更大的影響力。所以這是第一優先。

We've got opportunities on organic growth. I'm still not pleased with where we are in our organic growth in the services business. But we've got great capabilities. We've got to leverage them in the right way, and that will be a key focus.

我們在有機成長方面有機會。我對我們服務業務的有機成長現況仍不滿意。但我們具備很好的能力；我們必須以正確方式加以運用，而這將是關鍵重點。

The second area is operating leverage, and we're going to continue to focus on that, be it the use of AI and technology to internally, and we've done a lot of progress there, but there's more work to do, as you can imagine, deploying AI to automate and drive much more flawless execution throughout the entire enterprise. We're going to continue to leverage our global delivery centers that we've built in multiple locations. We're going to continue to look at our operating model.

第二個領域是營運槓桿，我們會持續聚焦於此，不論是運用 AI 與科技來提升內部效率——我們已取得不少進展，但如你所想，仍有更多工作要做——部署 AI 以自動化並推動整個企業更為無瑕的執行。我們會持續運用我們在多個地點建立的全球交付中心。我們也會持續檢視我們的營運模式。

I've talked to our teammates about one Insight and leveraging our global scale more efficiently. So that's priority number two, operating leverage. And three is obviously capital allocation, and I've talked about that. We think investing in our stock right now, there's a lot of value there. So that's going to be our focus for the year. So those are the three areas, Joe.

我已和我們的同仁談到「One Insight」，以及如何更有效率地運用我們的全球規模。所以第二優先是營運槓桿。第三當然是資本配置，我也談過這點。我們認為目前投資自家股票有很大的價值。因此這將是我們今年的重點。以上就是三個領域，Joe。

No, I appreciate it. And then maybe, James, if I could, just wanted to circle back on the Cloud outlook here. I appreciate the hard comps as you kind of progress through the year. But as we think about the starting point here in the March quarter, if I look back historically, typically, you're able to deliver roughly like 20% Ish of the total gross profit in the first quarter itself.

了解，謝謝你的說明。接著也許我可以問 James，我想再回到雲端展望這裡。我理解你提到今年推進過程中會面臨較硬的比較基期。但如果我們從三月季度的起點來看，回顧歷史，通常你們在第一季本身就能貢獻大約 20% 左右的總毛利。

Maybe if we take a step back because I know there's a lot of moving pieces, is there anything that we should be keeping in mind around the seasonality of the business as we think about 2026, just because I think if we were to extrapolate that data point, it would imply a pretty strong '26.

也許我們退一步，因為我知道有很多變動因素；在我們思考 2026 年時，關於業務的季節性，有沒有什麼是我們應該留意的？因為我認為如果把那個數據點外推，會暗示 2026 年相當強勁。

So I'm just trying to make sure that I'm not misthinking anything just given some of the moving pieces that we've seen over the past 12 months plus or so?

所以我只是想確認，在過去 12 個月以上我們看到的一些變動因素之下，我的思考是否有哪裡偏差？

Yeah. it's a great question, Joe. And seasonality for us, particularly in the cloud space has changed a bit, especially since the SADA acquisition. If you rewind prior to the SADA acquisition, it very much followed Microsoft with a very strong Q2. That is historically what we've seen.

是的，這是個很好的問題，Joe。對我們而言，特別是在雲端領域，季節性已經有些改變，尤其是在收購 SADA 之後。如果回到收購 SADA 之前，它非常跟隨微軟的節奏，第二季很強，這是我們歷來看到的情況。

Post the SADA acquisition, it balanced more out between Q2 and Q4. And then last year with the partner program changes really created noise in the seasonality with those partner program changes being more heavily weighted towards the first half of the year.

在收購 SADA 之後，季節性在第二季與第四季之間變得更為均衡。而去年因為合作夥伴計畫的變更，讓季節性出現雜訊，且那些合作夥伴計畫變更更偏重於上半年。

So there is -- if you look over the last couple of years, there really is no -- really not a pronounced seasonality per se. But I would still expect just generally, if you wipe out the compares, on a normalized basis, Q2 and Q4 would typically be our stronger quarters just from a total volume standpoint.

因此——如果你看過去幾年，其實並沒有——嚴格來說並沒有非常明顯的季節性。但我仍預期，一般而言，如果把比較基期因素拿掉、以常態化基礎來看，第二季與第四季通常會是我們較強的季度，主要從總量角度來看。

In Q1, in particular, what we saw is real strength in Microsoft and CSP in particular. And that's representative, I think, of the strong pivot that we have made in the Microsoft business. I would say Google, and I called this out, I would say in our Google practice, there's still work to do.

第一季我們特別看到的是微軟，尤其是 CSP 的強勁表現。我認為這反映了我們在微軟業務上所做的強力轉型。我會說 Google——我也特別點出——在我們的 Google 業務實務上，仍有工作要做。

We are still building that corporate and mid-market base in Cloud. And so there's a little bit with SADA, there will be a little bit of a, if you will, still an impact in the second half, in particular, in Q4 as we continue to build the base because of the seasonality associated with Google now with that business in Q4.

我們仍在雲端領域建立企業與中型市場的客戶基礎。因此就 SADA 而言，仍會有一些影響——如果你願意這麼說——在下半年，特別是第四季，因為我們持續建立基礎，而 Google 目前的季節性使得該業務在第四季較為集中。

But -- and so a good start to the quarter -- to the year, I would say, Joe. I think we're carrying momentum into Q2, but there is still some noise in the second half even as it pertains to Cloud.

但是——所以我會說，今年開局不錯，Joe。我認為我們把動能帶進第二季，但即便就雲端而言，下半年仍會有一些雜訊。

Got it. Appreciate all the thoughts. Thank you.

了解。感謝分享所有看法。謝謝。

There are no further questions at this time. This concludes today's call.

目前沒有其他問題。今天的電話會議到此結束。

Thank you, everyone, for attending. You may now disconnect.

感謝各位參與。您現在可以斷線。