ePlus inc (PLUS) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen. Welcome to the ePlus earnings results conference call. As a reminder, this conference call is being recorded.

美好的一天，女士們先生們。歡迎參加 ePlus 收益電話會議。謹此提醒，本次電話會議正在錄音中。

I would like to introduce your host for today's conference, Mr. Kley Parkhurst. Sir, you may begin.

我想介紹今天會議的主持人克萊·帕克赫斯特先生。先生，您可以開始了。

Thank you for joining us today. On the call is Mark Marron, CEO and President; Darren Raiguel; COO and President of ePlus Technology; Elaine Marion, CFO, and Erica Stoecker, General Counsel.

感謝您今天加入我們。執行長兼總裁 Mark Marron 參加了電話會議；達倫‧萊格爾； ePlus科技COO兼總裁；財務長伊萊恩·馬里昂 (Elaine Marion) 和總法律顧問艾麗卡·斯托克 (Erica Stoecker)。

I want to take a moment to remind you that the statements we make this afternoon that are not historical facts may be deemed to be forward-looking statements and are based on management's current plans, estimates and projections.

我想花點時間提醒您，我們今天下午做出的非歷史事實的陳述可能被視為前瞻性陳述，並且基於管理層當前的計劃、估計和預測。

Actual and anticipated future results may vary materially due to certain risks and uncertainties detailed in the earnings release we issued this afternoon and our periodic filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K, quarterly reports on Form 10-Q and in other documents we may file with the SEC.

由於我們今天下午發布的收益報告以及我們向美國證券交易委員會提交的定期文件（包括我們最新的10-K 表格年度報告、10-K 表格季度報告）中詳述的某些風險和不確定性，實際和預期的未來結果可能會存在重大差異。

Any forward-looking statements speaks only as of the date of which the statement was made, and the company undertakes no responsibility to update any of these forward-looking statements in light of new information, future events or otherwise.

任何前瞻性陳述僅代表截至該陳述作出之日的情況，本公司不承擔根據新資訊、未來事件或其他情況更新任何這些前瞻性陳述的責任。

In addition, we will be using certain non-GAAP measures during the call. We have included a GAAP financial reconciliation in our earnings release, which is posted on the Investor Information section of our website at www.eplus.com.

此外，我們將在電話會議期間使用某些非公認會計準則衡量標準。我們在收益發布中納入了 GAAP 財務調節表，該報表發佈在我們網站 www.eplus.com 的投資者資訊部分。

I'd now like to turn the call over to Mark Marron. Mark?

我現在想把電話轉給馬克馬龍。標記？

Thank you, Kley, and good afternoon, everyone. Thank you for joining us to discuss our fiscal year 2025 first quarter results. I will recap our first quarter highlights and provide an update on our business, then Elaine will discuss our financial results in more detail. I will conclude our prepared remarks with a discussion of our outlook. After that, we'll open the call to your questions.

謝謝你，克萊，大家下午好。感謝您與我們一起討論 2025 財年第一季的業績。我將回顧我們第一季的亮點並提供我們業務的最新情況，然後伊萊恩將更詳細地討論我們的財務表現。我將透過討論我們的前景來結束我們準備好的發言。之後，我們將打開電話回答您的問題。

We continue to execute on our strategic initiatives around AI, cloud security and the related advisory and annuity services. Coming into the quarter, we had a tough compared to last year, which resulted in a net sales decline of 5.2% for the first quarter fiscal year 2025 compared to last year.

我們持續執行圍繞人工智慧、雲端安全以及相關諮詢和年金服務的策略性舉措。進入本季度，與去年相比，我們遇到了困難，這導致 2025 財年第一季的淨銷售額與去年相比下降了 5.2%。

Last year's quarter had 25% net sales growth including a nearly 30% increase in product sales in our technology business. Our gross billings and gross margins held essentially flat when compared to the prior year's quarter. We believe our gross billings are stabilizing now that supply chains are normalizing.

去年季度淨銷售額成長了 25%，其中我們技術業務的產品銷售額成長了近 30%。與去年同期相比，我們的總營業額和毛利率基本上持平。我們相信，隨著供應鏈的正常化，我們的總帳單正在穩定。

A portion of the net sales decline this quarter reflects an increase in the netting of sales from gross to net, partially offset by increases in professional and managed services revenues.

本季淨銷售額下降的一部分反映了淨銷售額從毛額增至淨額的成長，但部分被專業和管理服務收入的成長所抵銷。

We believe our product revenues are down due to some customers implementing technology orders that were previously supply chain constrained over the last year. Both quarters were affected by the supply chain last year by an abrupt easing of the supply chain in this quarters as customers digested their prior purchases.

我們認為，我們的產品收入下降是由於一些客戶實施了去年供應鏈受到限制的技術訂單。這兩個季度都受到了去年供應鏈的影響，因為本季供應鏈突然放鬆，因為客戶消化了先前的採購。

Despite these timing differences, we believe we are focused on the necessary IT areas, which make us more resilient, reflected in our annual guidance. Our service revenues sustained solid growth with overall service revenues up 15.8%. Managed services continue to build and were up 28% year over year.

儘管存在這些時間差異，但我們相信我們將重點放在必要的 IT 領域，這使我們更具彈性，這反映在我們的年度指導中。服務收入持續穩健成長，整體服務收入成長15.8%。託管服務持續發展，年增 28%。

We also continued to see strong growth in our managed services bookings, which were up approximately 70% year-over-year. This bodes well for ePlus as these are recurring revenue streams that give us predictability and more consistent profitability in future years.

我們的託管服務預訂量也持續強勁成長，較去年同期成長約 70%。這對 ePlus 來說是個好兆頭，因為這些都是經常性收入來源，可以為我們帶來未來幾年的可預測性和更穩定的獲利能力。

Security was an area of strength for us which continues to be over 20% of our gross billings in the trailing 12 months and was up over 9% quarter-over-quarter. Our finance segment performed well with revenue up 6.4% due to an increase in our portfolio earnings, resulting in a 24.3% increase in adjusted EBITDA for this segment.

安全性是我們的優勢領域，在過去 12 個月中，安全性繼續占我們總帳單的 20% 以上，並且環比增長 9% 以上。由於我們的投資組合收益增加，我們的金融部門表現良好，收入增長了 6.4%，導致該部門調整後 EBITDA 增長 24.3%。

We continue to see strong customer interest for our AI Ignite program and discovery assessments. We have also rolled out a new storage as a service offering and an Azure recovery program. We believe these will continue to support the rapidly evolving needs of our customer base, both now and into the future. Many of our customers are in the formative phase of their AI journeys, contemplating how best to leverage AI.

我們繼續看到客戶對我們的 AI Ignite 計劃和發現評估表現出濃厚的興趣。我們也推出了新的儲存即服務產品和 Azure 復原計畫。我們相信，無論是現在還是未來，這些將繼續支持我們客戶群快速變化的需求。我們的許多客戶正處於人工智慧之旅的形成階段，正在考慮如何最好地利用人工智慧。

In many cases, customers do not have well-defined use cases, have too many data silos, a lack of data cleanly in this and immature or non-existing AI policies. We believe we are well positioned to help our customers capitalize on this opportunity through our AI Ignite program.

在許多情況下，客戶沒有明確定義的用例，有太多的數據孤島，缺乏乾淨的數據，以及不成熟或不存在的人工智慧政策。我們相信，我們有能力透過 AI Ignite 計畫幫助我們的客戶利用這個機會。

We are seeing interest across various verticals, which presents a significant opportunity for us within our customer base and for net new customers. As a certified NVIDIA DGX managed service partner, we have had some wins with our AI support services in managing AI optimized infrastructure stacks.

我們看到了各個垂直領域的興趣，這為我們的客戶群和淨新客戶提供了重要的機會。作為經過認證的 NVIDIA DGX 託管服務合作夥伴，我們的 AI 支援服務在管理 AI 優化基礎架構堆疊方面取得了一些成果。

In the quarter, we experienced higher SG&A expenses primarily relating to head count from both organic hires to support our new solution areas and the PEAK acquisition. We will continue to invest in customer-facing personnel in sales and engineering professionals with skills in the highest demand areas such as AI, security and services.

本季度，我們的銷售、管理及行政費用增加，主要與支持我們新解決方案領域和 PEAK 收購的內部招聘人員人數有關。我們將繼續投資於面向客戶的銷售和工程專業人員，這些人員具備人工智慧、安全和服務等最高需求領域的技能。

In the quarter, we had some lag between the higher cost of these onboarded personnel and revenue generation. Although first quarter of 2025 experienced some revenue headwinds on a sequential basis, we were disciplined with our SG&A costs.

在本季度，我們在這些入職人員的較高成本和創收之間存在一些延遲。儘管 2025 年第一季的營收季減有些阻力，但我們的 SG&A 成本受到了嚴格控制。

Sequentially, this discipline and gross margin expansion of 120 basis points contributed to our operating income, which increased more than 20% and operating margin was up 130 basis points. Over time, we believe we will continue to benefit from operating leverage as we move forward with the investments we have made.

隨後，這項紀律和毛利率提高了 120 個基點，使我們的營業收入成長了 20% 以上，營業利潤率提高了 130 個基點。隨著時間的推移，我們相信，隨著我們推進已進行的投資，我們將繼續受益於營運槓桿。

Turning to our balance sheet. With supply chain easing, we've been able to deliver many delayed projects, which resulted in accelerating our cash conversion cycle and a cash balance of $350 million. With this capital, we have the funds to execute on strategic initiatives, judiciously invest in head count and support our share repurchase program.

轉向我們的資產負債表。隨著供應鏈的放鬆，我們已經能夠交付許多延遲的項目，從而加快了我們的現金轉換週期，現金餘額達到 3.5 億美元。有了這筆資金，我們就有足夠的資金來執行策略性舉措、明智地投資於員工人數並支持我們的股票回購計畫。

During the quarter, we repurchased 162,319 shares. This most recent share repurchase program further demonstrates our commitment to returning value to shareholders and our confidence in long-term growth potential.

本季度，我們回購了 162,319 股股票。最近的股票回購計劃進一步表明了我們對向股東回報價值的承諾以及對長期成長潛力的信心。

We will continue to evaluate opportunities to repurchase share based on investment opportunities to drive growth, our financial position and market conditions. On the growth front, we continue to identify both near-term and long-term organic and inorganic opportunities we have in healthy pipeline.

我們將繼續根據推動成長的投資機會、我們的財務狀況和市場狀況來評估回購股票的機會。在成長方面，我們繼續尋找健康管道中的近期和長期有機和無機機會。

Our balance sheet provides financial flexibilities to support future growth initiatives. The underlying strategic focus of our business is solid, and we believe we are well positioned to drive top line sales and profitable growth. I will now turn the call over to Elaine to discuss our financial results in more detail. Elaine?

我們的資產負債表提供了財務靈活性，以支持未來的成長計畫。我們業務的基本策略重點是穩固的，我們相信我們有能力推動營收和利潤成長。我現在將把電話轉給伊萊恩，更詳細地討論我們的財務表現。伊萊恩？

Thank you, Mark, and thank you everyone for joining us today. I will provide additional details about our financial performance in the first quarter of fiscal 2025. First quarter consolidated net sales totaled $544.5 million, down from $574.2 million in last year's first quarter due to lower product sales in the technology business.

謝謝你，馬克，也謝謝大家今天加入我們。我將提供有關 2025 財年第一季財務業績的更多詳細資訊。由於技術業務產品銷售額下降，第一季合併淨銷售額總計 5.445 億美元，低於去年第一季的 5.742 億美元。

As Mark noted, we faced a difficult year-over-year comparison as net sales were up 25% in the first quarter of fiscal 2024 due to easing supply chains which allowed us to complete several previously delayed customer projects.

正如 Mark 指出的那樣，我們面臨著艱難的同比比較，因為供應鏈的放鬆使我們能夠完成幾個先前推遲的客戶項目，2024 財年第一季的淨銷售額增長了 25%。

Product revenue decreased 8.2% year-over-year primarily due to lower sales of cloud and networking products. The inventory flush in last year's first quarter primarily benefited from a 71.9% increase in sales of networking products.

產品營收年減8.2%，主要是由於雲端和網路產品銷售下降。去年第一季的庫存減少主要得益於網路產品銷售成長71.9%。

Our services business posted another quarter of double-digit top line growth with net sales up 15.8% to $78.2 million as ongoing demand for EMS, Cloud and Service desk services drove 28% net sales growth in managed services. We also saw continued growth in professional services with net sales rising 4.8% year-over-year, primarily due to an increase in staff augmentation services.

我們的服務業務又錄得兩位數的營收成長，淨銷售額成長 15.8%，達到 7,820 萬美元，因為對 EMS、雲端和服務台服務的持續需求推動了託管服務淨銷售額成長 28%。我們也看到專業服務持續成長，淨銷售額年增 4.8%，這主要是由於員工擴充服務的增加。

Sales within our technology business were broad-based. Our two largest verticals are telecom, media and entertainment and technology representing 24% and 19%, respectively, of our technology business net sales on a trailing 12-month basis. SLED, health care and financial services accounted for 15%, 12% and 11%, respectively, with the remaining 19% divided among other end markets.

我們技術業務的銷售基礎廣泛。我們最大的兩個垂直產業是電信、媒體和娛樂以及技術，分別占我們過去 12 個月技術業務淨銷售額的 24% 和 19%。SLED、醫療保健和金融服務分別佔15%、12%和11%，其餘19%則分配給其他終端市場。

Moving to our financing segment. Net sales totaled $9 million, a 6.4% increase from $8.5 million in the prior year, primarily due to higher portfolio earnings. Although consolidated gross profit declined to $134.5 million from $142.3 million in last year's first quarter. Gross margin declined only 10 basis points to 24.7%.

轉向我們的融資部分。淨銷售額總計 900 萬美元，比前一年的 850 萬美元增長 6.4%，這主要是由於投資組合收益增加。儘管綜合毛利從去年第一季的 1.423 億美元下降至 1.345 億美元。毛利率僅下降 10 個基點至 24.7%。

The gross margin decline was primarily due to 90 basis point decline in product margin in the Technology business, which was the result of a shift in customer mix. Partially offsetting this decline in gross margin was a 70 basis point expansion in managed services gross margin.

毛利率下降的主要原因是技術業務的產品利潤率下降了 90 個基點，這是客戶結構變化的結果。託管服務毛利率成長了 70 個基點，部分抵銷了毛利率下降的影響。

Our managed services offerings continue to benefit from scale as we expand our offerings. Professional services gross margin rose 10 basis points to 41.5%. Sequentially, while net sales were down 1.8%, gross profit increased 3.2%, mainly driven by an increase in product gross margin to 21.5% versus 19.3% in the prior quarter.

隨著我們產品的擴展，我們的託管服務產品繼續受益於規模。專業服務毛利率上升 10 個基點至 41.5%。隨後，雖然淨銷售額下降 1.8%，但毛利成長 3.2%，主要是由於產品毛利率從上一季的 19.3% 上升至 21.5%。

Consolidated operating expenses grew 3.2% year-over-year, primarily due to higher salaries and benefits from additional head count. At the end of the quarter, our head count was 1,907, up 54% from a year ago, including 29 employees from the PEAK acquisition in January 2024.

綜合營運支出較去年同期成長 3.2%，主要是由於員工人數增加帶來的薪資上漲和福利增加。截至本季末，我們的員工人數為 1,907 人，年增 54%，其中包括 2024 年 1 月收購 PEAK 時的 29 名員工。

We remain focused on driving efficiencies across the business through disciplined expense management. These efforts yielded positive results in the quarter as operating expenses declined 2.3% sequentially, mainly driven by lower variable compensation and G&A.

我們仍然致力於透過嚴格的費用管理來提高整個業務的效率。這些努力在本季度取得了積極成果，營運費用環比下降 2.3%，這主要是由於可變薪酬和一般管理費用下降。

First quarter operating income was $35.5 million and earnings before taxes were $37.5 million, down from $46.3 million and $46.5 million, respectively, in the prior year due to lower gross profit in the technology business and a year-over-year increase in operating expenses.

第一季營業收入為 3,550 萬美元，稅前利潤為 3,750 萬美元，低於去年同期的 4,630 萬美元和 4,650 萬美元，原因是技術業務毛利下降和營業費用同比增加。

During the quarter, we had other income of $2.1 million, primarily driven by an increase in interest income of $2.6 million. The effective tax rate remained unchanged from last year's first quarter at 27.2%.

本季度，我們的其他收入為 210 萬美元，主要是由於利息收入增加了 260 萬美元。有效稅率與去年第一季的 27.2% 持平。

Moving to the bottom line. Consolidated net earnings amounted to $27.3 million or $1.02 per diluted share in the first quarter, down from $33.8 million or $1.27 per diluted share reported in the year ago period.

移動到底線。第一季合併淨利潤為 2,730 萬美元，即稀釋後每股收益 1.02 美元，低於去年同期報告的 3,380 萬美元，即稀釋後每股收益 1.27 美元。

Non-GAAP diluted earnings per share were $1.13 versus $1.41 in the prior year. Our diluted share count at the end of the quarter was 26.8 million, modestly above the 26.6 million a year ago. On a sequential basis, both consolidated net earnings and diluted earnings per share increased 24.4%. Consolidated adjusted EBITDA totaled $43.1 million compared to $53.9 million in the first quarter of fiscal 2024.

非 GAAP 稀釋後每股收益為 1.13 美元，前一年為 1.41 美元。截至本季末，我們的稀釋後股票數量為 2,680 萬股，略高於一年前的 2,660 萬股。與上一季相比，合併淨利和稀釋每股收益均成長 24.4%。合併調整後 EBITDA 總計 4,310 萬美元，而 2024 財年第一季為 5,390 萬美元。

Shifting to our balance sheet. We ended the quarter with cash and cash equivalents of $350 million, up from $253 million at March 31, 2024. The increase was primarily due to improvements in working capital.

轉向我們的資產負債表。截至本季末，我們的現金和現金等價物為 3.5 億美元，高於 2024 年 3 月 31 日的 2.53 億美元。這一增長主要是由於營運資金的改善。

The significant growth in our cash position was aided by a 36% sequential decline in inventories as supply chains have continued to normalize. We ended the quarter with $89.1 million in inventory, which is a three-year low.

隨著供應鏈持續正常化，庫存較上季下降 36%，推動了我們現金部位的大幅成長。本季結束時，我們的庫存為 8,910 萬美元，這是三年來的最低水準。

Further, inventory turns continue to improve totaling 14 days, down from 23 days in the prior sequential quarter and 32 days in the prior year. Our cash conversion cycle was 37 days compared to 48 days in the prior year.

此外，庫存週轉時間持續改善，總計 14 天，低於上一季的 23 天和前一年的 32 天。我們的現金轉換週期為 37 天，而前一年為 48 天。

During the quarter, we repurchased 162,319 shares, costing $11.9 million. A 109,869 shares were from our share repurchase program announced in May 2024. Overall, we remain focused on investing in organic growth, seeking out accretive acquisitions to expand our geographic footprint and service offerings and returning value to the shareholders through share repurchases.

本季度，我們回購了 162,319 股股票，耗資 1,190 萬美元。A 109,869 股來自我們於 2024 年 5 月宣布的股票回購計畫。總體而言，我們仍然專注於投資有機成長，尋求增值收購以擴大我們的地理足跡和服務範圍，並透過股票回購為股東回報價值。

With that, I will turn the call back over to Mark. Mark?

這樣，我會將電話轉回馬克。標記？

Thank you, Elaine. With our diverse portfolio and focus on providing the strategic IT solutions and demand by our customers, we are well positioned in the marketplace. For the year, we expect positive comparisons for sales and earnings and are reiterating our full year financial outlook.

謝謝你，伊萊恩。憑藉我們多元化的產品組合以及專注於提供策略 IT 解決方案和滿足客戶需求，我們在市場中處於有利地位。對於今年，我們預計銷售額和收益將出現積極的比較，並重申我們的全年財務前景。

Specifically, we are maintaining our fiscal 2025 guidance for net sales growth over the prior fiscal year of between 3% and 6% and adjusted EBITDA range of $200 million to $215 million. While we continue to review and prioritize our capital needs, we remain committed to making the required investments in our company to position us for long-term success.

具體來說，我們將 2025 財年的淨銷售額成長指引維持在 3% 至 6% 之間，調整後的 EBITDA 範圍為 2 億美元至 2.15 億美元。在我們繼續審查和優先考慮我們的資本需求的同時，我們仍然致力於對公司進行所需的投資，以使我們長期成功。

In addition to providing value to our shareholders through share repurchase programs, our strong balance sheet allows us to continue to invest in our business while maintaining flexibility to take advantage of attractive and accretive opportunities.

除了透過股票回購計劃為股東提供價值外，我們強大的資產負債表使我們能夠繼續投資於我們的業務，同時保持靈活性，以利用有吸引力和增值的機會。

Operator, let's open the line for questions.

接線員，讓我們打開提問線。

(Operator Instructions) Maggie Nolan, William Blair.

（操作員說明）瑪姬·諾蘭、威廉·布萊爾。

Hi, thank you. So I wanted to ask about the upcoming fiscal second quarter. Obviously, you have another tough year-over-year compare in the fiscal second quarter. But what can you share with us about how it's progressed so far? How you're thinking about it on a sequential basis and your confidence in that building in the second quarter to help you get to that full year guidance you laid out?

你好，謝謝。所以我想問一下即將到來的第二財季的情況。顯然，第二財季的年比比較也很艱難。但您能與我們分享一下迄今為止的進展嗎？您如何按順序考慮這個問題，以及您對第二季度建設的信心如何，以幫助您實現所製定的全年指導？

Hey, Maggie, it's Mark. Great question. So right now, Q2 is in line with the expectations. Let me frame it a little bit too based on Q1 because Q2 is similar to Q1 in terms of being a tough compare. So in Q1, net sales as you know, was up 25%. Our product sales were up almost 30%. Our networking product sales were up over 70%. That's for Q1.

嘿，瑪吉，我是馬克。很好的問題。所以目前來看，第二季符合預期。讓我也根據 Q1 來建立它，因為 Q2 與 Q1 類似，很難進行比較。如您所知，第一季淨銷售額成長了 25%。我們的產品銷售量成長了近 30%。我們的網路產品銷售額成長了 70% 以上。這是第一季的情況。

Now Q2, we have a similar compare where our net sales were up about 19%. But preliminary through the first 1.5 months of the quarter, pipeline back line -- it's in line with expectations. We still believe in our guidance strongly that we're in line, but the first half were challenged just based on the IT environment and the tough compare that we have through the first half.

第二季度，我們進行了類似的比較，我們的淨銷售額成長了約 19%。但從本季前 1.5 個月的初步情況來看，管線恢復線與預期相符。我們仍然堅信我們的指導方針是一致的，但僅基於 IT 環境和我們上半年的艱難比較，上半年就受到了挑戰。

Okay, thanks, Mark. And then you mentioned expecting to benefit from operating leverage over time. Maybe to you or Elaine, how do you expect that to manifest over the next year or so?

好的，謝謝，馬克。然後您提到希望隨著時間的推移從營運槓桿中受益。也許對你或伊萊恩來說，你預計這一點在未來一年左右會如何體現？

Well, a couple of different things. We already sourced some of that, Maggie. If you look at our quarter sequentially from Q4 to Q1, our operating income actually jumped 20%. Now what's happening in the OpEx base is some of the stuff that we've talked about over previous quarters. We're now in the process.

嗯，有一些不同的事情。我們已經找到了一些，瑪姬。如果你按順序查看我們的季度，從第四季度到第一季度，我們的營業收入實際​​上增加了 20%。現在，營運支出基地正在發生的事情是我們在前幾個季度討論過的一些事情。我們現在正在進行中。

We think we'll start to get more operating leverage. We're more opportunistic and measured hires, if you will. A lot of those take time. New hires take time to ramp up. Our investments in AI and services is more expense than revenue at this piece. And when I say that more the AI side, not so much the services side.

我們認為我們將開始獲得更多的營運槓桿。如果你願意的話，我們在招募時更加重視機會主義和謹慎。其中很多都需要時間。新進員工的成長需要時間。我們在人工智慧和服務方面的投資在這方面的支出大於收入。當我說更多的是人工智慧方面，而不是服務方面。

The thing that we're excited that we think will start to get additional OpEx is last year -- last fiscal year, as you know, we added 300 customers. So as we've added new sales reps and service personnel and we're building out our solution offerings going back into those new customers, we would expect that to drive our revenues up. We'd expect our OpEx to stay in line and therefore, we'd get the operating leverage.

令我們感到興奮的是，我們認為去年將開始獲得額外的營運支出——如您所知，上一財年我們增加了 300 個客戶。因此，隨著我們增加了新的銷售代表和服務人員，並且我們正在為這些新客戶提供解決方案，我們預計這將推動我們的收入成長。我們預計我們的營運支出將保持不變，因此我們將獲得營運槓桿。

Okay. Thanks, Mark. And one quick housekeeping, if you have the organic growth in the quarter and embedded in the full year guide?

好的。謝謝，馬克。如果您在本季度實現了有機成長並將其納入全年指南中，那麼還有一個快速的整理工作？

I don't have it. You know what the top?

我沒有。你知道上面是什麼嗎？

Yeah. The material amount of the change in year-over-year was from the organic business.

是的。同比變化的主要部分來自有機業務。

That cover it, Maggie?

就這樣吧，瑪姬？

Did you say material or immaterial? Elaine, I didn't quite hear you.

你說的是物質還是非物質？伊萊恩，我沒聽清楚。

The majority of the change from quarter-over-quarter was from the organic business.

環比變化的大部分來自有機業務。

Greg Burns, Sidoti & Company.

格雷格‧伯恩斯 (Greg Burns)，西多蒂公司 (Sidoti & Company)。

Thanks. In regards to the customer product backlog that you mentioned may be impacting some sales this quarter. Where do you think the channel is or the customer base is in terms of digesting that backlog? Do you feel like it's been worked through, and you get back to a more normal cadence of order flow going forward?

謝謝。關於您提到的客戶產品積壓可能會影響本季的一些銷售。您認為渠道或客戶群在消化積壓方面處於什麼位置？您是否覺得問題已經解決，並且您以後的訂單流恢復到更正常的節奏？

Yeah. I think it's already normalized, Greg. When we look at our gross billings -- by the way, in this quarter, even though our net sales were down 5.2%. Our gross billings were down just 1%. So essentially flat on a -- as we've talked about, I don't want to overkill it on a tough compare last year for this quarter.

是的。我認為這已經正常化了，格雷格。順便說一句，當我們查看本季度的總帳單時，儘管我們的淨銷售額下降了 5.2%。我們的總營收僅下降了 1%。正如我們所討論的，我不想在本季度與去年的艱難比較中過度強調這一點。

So we do think that our gross billings have started to normalize, the supply chain has stabilized. So I think we're more in a more normal run rate where we'll start to see the seasonality that we normally do in Q2 and Q3, and then we'll see where it goes from there.

因此，我們確實認為我們的總帳單已經開始正常化，供應鏈已經穩定。因此，我認為我們的運行速度更加正常，我們將開始看到我們通常在第二季和第三季所做的季節性，然後我們將看到它從那裡開始走向何方。

Okay. And then is there anything you could share in terms of your AI business, whether it be growth pipeline opportunity, anything quantitative or qualitatively, you could add to give us a little bit better understanding of the opportunity there for you?

好的。那麼，在你的人工智慧業務方面，你有什麼可以分享的嗎？

Yeah, sure. Hey, Greg, the other thing just if I can go back to it, I'm not sure if you were talking about some of the consumption of the technology that we talked about with customers in previous. So I think a lot of that has happened and we really see it.

是的，當然。嘿，格雷格，另一件事，如果我可以回到它，我不確定你是否在談論我們之前與客戶討論過的技術的一些消耗。所以我認為很多事情已經發生了，我們也確實看到了。

If you look at our services numbers, we were up 15.8% in our services overall, which means that, that technology is being consumed and we're implementing it with our PS, our professional services and advisory services. So I'm not sure if the first part when I answered if it answered your question, but that should do it.

如果你看我們的服務數字，我們的服務整體成長了 15.8%，這意味著該技術正在被消耗，我們正在透過我們的 PS、專業服務和諮詢服務來實施它。所以我不確定我回答的第一部分是否回答了你的問題，但這應該可以。

As it relates to AI. So here's the thing with AI. It's really interesting. There's not a customer we have that won't give us a meeting or listen to us as it relates to our AI Ignite program. So everybody is looking at the same thing all customers. They have data silos on-prem in the cloud. So they got all these disparate data silos.

因為它與人工智慧有關。這就是人工智慧的問題。這真的很有趣。我們的所有客戶都會與我們會面或聆聽我們的意見，因為這與我們的 AI Ignite 計劃有關。所以每個人都在關注同樣的事情，所有的客戶。他們在雲端擁有本地資料孤島。所以他們得到了所有這些不同的資料孤島。

They've got data security and privacy concerns. There's no AI governance, at least in a lot of customers that are more in the, let's say, formative or curious stage, if you will. Their infrastructure is not ready, especially in the power and cooling space. There's a skills gap.

他們有資料安全和隱私問題。沒有人工智慧治理，至少在許多處於形成階段或好奇階段（如果你願意的話）的客戶中是如此。他們的基礎設施還沒有準備好，特別是在電力和冷卻領域。存在技能差距。

And then there is an identification of use cases. That's probably the biggest thing that we're seeing with our customers. Now we've rolled out a bunch of envisioning sessions, data strategy sessions, workshops, Microsoft 365 Copilot readiness, and we're starting to see some real interest and pipeline build in that space.

然後是用例的識別。這可能是我們在客戶身上看到的最重要的事情。現在，我們已經推出了一系列設想會議、數據策略會議、研討會、Microsoft 365 Copilot 準備工作，並且我們開始看到該領域的一些真正的興趣和管道構建。

And that's why what I had mentioned earlier to Maggie, we've made the investment in the programs and the tools and the training for our team and head count and what have you, it's more expense than revenue, but that is really starting to build. Now here's the other reason we're excited about AI.

這就是為什麼我之前向瑪吉提到的，我們對我們的團隊和人員的專案、工具和培訓進行了投資，這比收入更多，但這確實開始建立。這是我們對人工智慧感到興奮的另一個原因。

If you think about AI, it goes across everything that ePlus does over the years from compute, networking, storage, all the things that go into that is things that we've done for years, so -- as well as security as well, which is probably one of the bigger pieces that people are trying to figure.

如果你想到人工智慧，它涵蓋了 ePlus 多年來所做的一切，從計算、網路、存儲，所有涉及這些的事情都是我們多年來所做的事情，所以——還有安全性，這可能是人們試圖弄清楚的更大的部分之一。

So it's early innings. We're getting a lot of interest in meetings with customers. We've done some nice services work with our customers. We -- the pipeline is building, and then we'll see as we move through the quarters how that really turns into revenue.

所以現在是早幾局。我們對與客戶的會面產生了極大的興趣。我們與客戶一起做了一些很好的服務工作。我們正在建造管道，然後我們將在幾個季度中看到它如何真正轉化為收入。

Okay, great. And then lastly, just any negatives or benefits from the CrowdStrike issue?

好的，太好了。最後，CrowdStrike 問題有什麼負面影響或好處嗎？

No negatives. To be honest, Greg, we did have a benefit. We had one customer that had some real problems with CrowdStrike that we got involved with early and they were able to open up pretty much on time.

沒有負面影響。說實話，格雷格，我們確實有好處。我們有一位客戶在使用 CrowdStrike 時遇到了一些實際問題，我們很早就介入了，他們幾乎能夠按時開放。

And after that, they extended their service agreement with us for three years. So we did see some benefit, but I don't want to overplay it. It was not too much in terms of, I'd say, revenue benefit more.

此後，他們與我們的服務協議延長了三年。所以我們確實看到了一些好處，但我不想誇大它。我想說，就收入收益而言，這並不算太多。

I'd say customer set with how we helped our customers, then I could point to revenue. That's the only deal I've at least been notified that came out of some of the work that we did around CrowdStrike for our customers.

我會說客戶設定我們如何幫助客戶，然後我可以指出收入。這是我們為客戶圍繞 CrowdStrike 所做的一些工作中至少通知過的唯一一筆交易。

(Operator Instructions) Matt Sheerin, Stifel.

（操作員說明）Matt Sheerin，Stifel。

Hey, good afternoon, everyone. I wanted to go back to Maggie's question was about the outlook for Q2. You said in line with expectations in seasonal, but I'm not sure exactly what that meant because you talked about the backlog being down. Is seasonal flattish sequentially because, obviously, the last three years, there have been a lot of seasonality in your business with backlog.

嘿，大家下午好。我想回到瑪姬關於第二季前景的問題。你說符合季節性預期，但我不確定這到底意味著什麼，因為你談到積壓正在下降。季節性是否連續平穩，因為顯然，在過去三年中，您的業務存在大量季節性積壓。

And so, are we to assume that this is going to be down year-over-year again in that growth that you're guiding to 3% to 6% is all going to come in the back half?

那麼，我們是否可以假設，由於您所指導的 3% 至 6% 的增長都將在下半年出現，因此這一數字將再次同比下降？

Yeah. I'd say, Matt, that's a fair statement. I think it will be in the back half. Once again, just to remind you, if you look at it, first quarter, we were up 25%. Second quarter, we were 19%. So those are some pretty tough compares.

是的。我想說，馬特，這是一個公平的說法。我認為這將在後半部分。再次提醒您，如果您看一下，第一季我們成長了 25%。第二季度，我們是 19%。所以這些是一些非常艱難的比較。

But we do feel positive about our strategy and our growth plans. I'd say it'd be more second half back ended, if you will. Q2 is still a positive quarter just if we were flat based than what we did last year. But that's probably a safe way to say it.

但我們確實對我們的策略和成長計劃感到積極。如果你願意的話，我想說下半場會更落後。如果我們的基礎與去年持平，第二季度仍然是一個積極的季度。但這可能是一種安全的表達方式。

A positive quarter, meaning I'm not sure what that meant.

一個積極的季度，這意味著我不確定這意味著什麼。

I mean, in line with last year.

我的意思是，與去年一致。

Okay. So flat year over year as guided. Okay. So that means you're going -- Okay. Got it. Understood.

好的。按照指導，與去年同期持平。好的。所以這意味著你要——好吧。知道了。明白了。

And then in terms of cost, you talked about adding resources and professional resources, et cetera. But then you said that you think that you're going to get leverage on OpEx as volumes return. So what's the right -- is this the right number to use around the low-90s in terms of OpEx over the next few quarters or is it difference?

然後在成本方面，您談到了增加資源和專業資源等等。但後來您說，您認為隨著銷售量的恢復，您將在營運支出上獲得槓桿作用。那麼什麼是正確的——就未來幾季的營運支出而言，這個數字是否適合在 90 左右使用，或者是否有差異？

I would say yes, Matt, that's probably a fair assumption in terms of from a run rate. But realize you've got some variables in that based on GP and commission and things like that. But if I were looking at, I'll call it the S in SG&A salaries, I think that would stay within line with where it is.

我想說，是的，馬特，從運行率來看，這可能是個合理的假設。但要意識到，基於 GP 和佣金等因素，你會遇到一些變數。但如果我考慮一下，我會將其稱為 SG&A 工資中的 S，我認為這將與實際情況保持一致。

I think what I'm also alluding to is Q4 to Q1, our operating income jumped 20%. Now that's just the quarter. So it's not a trend yet, but there are some things that we've done both from an expense standpoint and also from a training standpoint that we'd expect to get some improvements from our account executives and service reps as well as some expense savings that we've made.

我想我還提到的是第四季到第一季，我們的營業收入成長了 20%。現在這只是季度。因此，這還不是一種趨勢，但從費用的角度和培訓的角度來看，我們已經做了一些事情，我們希望我們的客戶主管和服務代表能夠做出一些改進，並節省一些費用我們所做的。

So I'd expect operating leverage throughout the year. It's not going to jump as you know, from quarter to quarter, but will grow throughout the year and into the following year.

因此，我預計全年的營運槓桿率都會保持不變。如您所知，它不會逐季度跳躍，而是全年和下一年都會增長。

And now I will conclude our question-and-answer session. I'll now turn the call back over to Mark Marron for any closing remarks.

現在我將結束我們的問答環節。現在我將把電話轉回給馬克·馬龍，讓其結束語。

Okay. Thank you. Hey, I just want to thank everybody for joining us for our first quarter earnings call and wish you a happy and safe day and a long holiday for the Labor Day weekend. Even though I'm jumping the gun a little bit there. Take care and have a good day.

好的。謝謝。嘿，我只是想感謝大家參加我們的第一季財報電話會議，並祝您度過快樂安全的一天，並祝您勞動節週末長假。儘管我有點操之過急。保重，祝你有美好的一天。

Now, we'll conclude today's call. Thank you all for joining, and you may now disconnect.

現在，我們將結束今天的電話會議。感謝大家的加入，現在可以斷開連線了。