新聚思 (SNX) 2022 Q2 法說會逐字稿

Good morning. My name is Rob, and I will be your conference operator today. I would like to welcome everyone to the TD Synnex Second Quarter Fiscal 2022 Earnings Call. Today's call is being recorded, (Operator Instructions)

早上好。我的名字是 Rob，今天我將成為您的會議接線員。歡迎大家參加 TD Synnex 2022 財年第二季度財報電話會議。今天的電話正在錄音，（操作員說明）

At this time, for opening remarks, I would like to pass the call over to Liz Morali, Head of Investor Relations. Liz, you may begin.

現在，作為開場白，我想將電話轉給投資者關係主管 Liz Morali。 LZ，你可以開始了。

Thank you, and good morning to everyone. Thank you for joining us for today's call. With me today are Rich Hume, CEO; and Marshall Witt, CFO.

謝謝大家，大家早上好。感謝您加入我們今天的電話會議。今天和我在一起的是首席執行官 Rich Hume；和首席財務官 Marshall Witt。

Before we continue, let me remind everyone that today's discussion contains forward-looking statements within the meaning of the federal securities laws, including predictions, estimates, projections or other statements about future events, including statements about integration progress, synergies, strategy, capital distribution, investments and our expectations for fiscal year 2022.

在繼續之前，讓我提醒大家，今天的討論包含聯邦證券法含義內的前瞻性陳述，包括關於未來事件的預測、估計、預測或其他陳述，包括關於整合進展、協同效應、戰略、資本分配的陳述、投資和我們對 2022 財年的預期。

Actual results may differ materially from those mentioned in these forward-looking statements as a result of risks and uncertainties discussed in today's earnings release, in the Form 8-K we filed today and in the Risk Factors section of our Form 10-K and our other reports and filings with the SEC. We do not intend to update any forward-looking statements.

由於今天的收益發布、我們今天提交的 8-K 表格以及我們的 10-K 表格的風險因素部分和我們的向 SEC 提交的其他報告和文件。我們不打算更新任何前瞻性陳述。

Also, during this call, we will reference certain non-GAAP financial information. Reconciliations of GAAP to non-GAAP results are included in our earnings press release and the related Form 8-K available on our Investor Relations website, ir.synnex.com. This conference call is the property of TD Synnex, and may not be recorded or rebroadcast without our permission.

此外，在本次電話會議期間，我們將參考某些非公認會計原則財務信息。 GAAP 與非 GAAP 結果的對賬包含在我們的收益新聞稿和我們的投資者關係網站 ir.synnex.com 上提供的相關表格 8-K 中。此電話會議是 TD Synnex 的財產，未經我們許可不得錄製或轉播。

I will now turn the call over to Rich. Rich?

我現在將把電話轉給 Rich。富有的？

Thank you, Liz, and good morning, everyone, and thank you for joining our call. Nearly 10 months ago, we closed the merger to form TD Synnex. Through our first 3 fiscal quarters together, we have successfully generated over $46 billion in revenue and $8.61 in non-GAAP earnings per share, all while making great strides on our merger integration. I'm incredibly proud of our more than 22,000 coworkers and their tremendous efforts to accomplish these very impressive results.

謝謝你，Liz，大家早上好，感謝你加入我們的電話。近 10 個月前，我們完成了合併，成立了 TD Synnex。在我們的前三個財政季度中，我們成功地創造了超過 460 億美元的收入和 8.61 美元的非公認會計原則每股收益，同時在我們的合併整合方面取得了長足的進步。我為我們的 22,000 多名同事以及他們為實現這些令人印象深刻的成果所做的巨大努力感到無比自豪。

In March at our Investor Day, we were able to share with you our vision of the evolving IT distribution landscape and the opportunities to grow and deliver enhanced financial performance over the coming years. We presented our 4-pillar strategic framework along with key medium- and long-term financial objectives focused on investing in high-growth technologies like hybrid cloud, security, data analytics and hyperscale infrastructure while strengthening our portfolio, expanding our global footprint and digitally transforming our business. This strategy is underpinned by our role in the center of the technology partner ecosystem as a leading solutions aggregator. From this vantage point, and with the strong support of our best-in-class network of over 1,500 vendor partners, we are well positioned to continue delivering unrivaled technology solutions to our more than 150,000 customers.

在 3 月的投資者日，我們能夠與您分享我們對不斷發展的 IT 分銷格局以及未來幾年發展和提供增強財務業績的機會的看法。我們展示了我們的 4 支柱戰略框架以及關鍵的中長期財務目標，重點投資於混合雲、安全、數據分析和超大規模基礎設施等高增長技術，同時加強我們的投資組合，擴大我們的全球足跡和數字化轉型我們的業務。我們作為領先的解決方案聚合商在技術合作夥伴生態系統的中心所扮演的角色為這一戰略奠定了基礎。從這個有利的角度來看，在我們由 1,500 多家供應商合作夥伴組成的一流網絡的大力支持下，我們有能力繼續為超過 150,000 名客戶提供無與倫比的技術解決方案。

Our performance in fiscal Q2 further demonstrates the success we are having in the market given our strong value proposition and industry-leading portfolio. In Q2, we grew revenue by 4% year-over-year, assuming the merger occurred in the prior year if adjusted for FX and revenue policy alignment. This strong result was driven by robust demand for technology products and solutions to enable hybrid work, foster collaboration, enhance security and advanced multi-cloud adoption.

鑑於我們強大的價值主張和行業領先的產品組合，我們在第二財季的表現進一步證明了我們在市場上取得的成功。在第二季度，如果合併發生在上一年，如果根據外彙和收入政策調整進行調整，我們的收入同比增長 4%。這一強勁結果是由對技術產品和解決方案的強勁需求推動的，以實現混合工作、促進協作、增強安全性和先進的多雲採用。

This is an exciting time to serve the technology ecosystem as the pace of change intensifies and our vendors continue developing products and services that enable companies and individuals to improve their agility, productivity, security and profitability.

隨著變革步伐的加快，以及我們的供應商繼續開發產品和服務，使公司和個人能夠提高他們的敏捷性、生產力、安全性和盈利能力，這是一個為技術生態系統服務的激動人心的時刻。

We continue to see healthy demand for both endpoint and advanced solutions with revenue increasing year-over-year. In PCs, the double-digit growth rates seen during the pandemic continued to moderate, as expected. The supply-constrained environment that we've spoken about the past several quarters continued and was in line with our expectation.

我們繼續看到對端點和高級解決方案的健康需求，收入逐年增加。正如預期的那樣，在個人電腦領域，大流行期間的兩位數增長率繼續放緩。我們在過去幾個季度談到的供應受限環境仍在繼續，符合我們的預期。

From a regional perspective, our Americas distribution business experienced strong year-over-year top line growth. On a year-over-year basis, our hyperscale infrastructure business declined given tough prior year compares but grew on an LTM basis, consistent with our expectations.

從區域角度來看，我們的美洲分銷業務收入同比增長強勁。與去年同期相比，我們的超大規模基礎設施業務在與去年同期相比有所下降，但在 LTM 的基礎上有所增長，這與我們的預期一致。

Our European business also grew year-over-year in constant currency albeit at a more measured pace given the current economic and geopolitical conditions in the region.

儘管考慮到該地區當前的經濟和地緣政治狀況，我們的歐洲業務按固定匯率計算也同比增長。

Before I pass it over to Marshall to further elaborate on our Q2 results, I wanted to provide an update on our merger integration activities. We continue to make excellent progress on harmonizing processes, benefits and systems across TD Synnex as well as our optimization programs and synergy attainment.

在我將它交給馬歇爾以進一步詳細說明我們的第二季度結果之前，我想提供有關我們合併整合活動的最新信息。我們繼續在協調 TD Synnex 的流程、利益和系統以及我們的優化計劃和協同效應方面取得出色進展。

From an ERP systems perspective, I shared with you last quarter that the April-May time frame would be important as we migrated a large portion of our Canadian business to the new system. I'm happy to report that the migration went extremely well, and we are on track with our project plans to transition our U.S. business.

從 ERP 系統的角度來看，我在上個季度與您分享了 4 月至 5 月的時間框架將很重要，因為我們將大部分加拿大業務遷移到新系統。我很高興地向大家報告，遷移非常順利，我們正在推進我們的項目計劃，以過渡我們的美國業務。

As we enter the back half of this fiscal year, we are extremely pleased with the progress we've made and the momentum we are experiencing in the market.

當我們進入本財年的後半段時，我們對我們取得的進展以及我們在市場上所經歷的勢頭感到非常滿意。

I will now pass it over to Marshall, who will provide some further color on our Q2 financial performance. Marshall?

我現在將把它交給馬歇爾，他將為我們的第二季度財務業績提供更多信息。馬歇爾？

Thanks, Rich, and thanks for joining us today for our call. In fiscal Q2, we delivered another strong performance with year-over-year revenue growth on a constant currency basis, gross margin expansion, healthy earnings per share and strong cash flow from operations. This consistency in performance is a testament to the dedicated efforts of our global team and our agile, entrepreneurial and resilient business model.

謝謝，Rich，感謝您今天加入我們的電話。在第二財季，我們實現了另一個強勁的業績，按固定匯率計算，收入同比增長、毛利率擴大、每股收益穩健，運營現金流強勁。這種性能的一致性證明了我們全球團隊的不懈努力以及我們敏捷、創業和有彈性的商業模式。

Total worldwide revenue for fiscal Q2 was $15.3 billion, up 4% when adjusted for constant currency and the revenue policy alignment related to the merger. This is a stronger result than the 3% year-over-year adjusted growth rate at the midpoint of the Q2 outlook we provided last quarter. The growth was driven by strong performance in both core and high-growth portions of the business.

第二財季全球總收入為 153 億美元，經調整不變貨幣和與合併相關的收入政策調整後增長 4%。這比我們上季度提供的第二季度展望中點的 3% 的同比調整後增長率要強。增長是由業務的核心和高增長部分的強勁表現推動的。

Euro devaluation accounted for approximately $500 million of headwind versus the prior year and an approximate $200 million incremental headwind versus our prior guidance. Our distribution business experienced growth across all regions, excluding the impact of 1 large government project in APJ in the prior year.

與去年相比，歐元貶值造成了約 5 億美元的逆風，與我們之前的指導相比，逆風增加了約 2 億美元。我們的分銷業務在所有地區都有增長，不包括去年在 APJ 的 1 個大型政府項目的影響。

Gross profit was $956 million, and gross margin was 6.3% compared to 5.8% for the prior year, reflecting a favorable product mix, a strong pricing environment and solid execution. FX had a $31 million negative impact on gross profit compared to the prior year, primarily due to the devaluation of the euro relative to the U.S. dollar.

毛利潤為 9.56 億美元，毛利率為 6.3%，而去年為 5.8%，這反映了有利的產品組合、強勁的定價環境和穩健的執行。與去年相比，外匯對毛利潤產生了 3100 萬美元的負面影響，主要是由於歐元相對於美元貶值。

Total adjusted SG&A expense was $585 million, representing 3.8% of revenue and in line with our expectations. Non-GAAP operating income was $398 million, up 18% versus the prior year, and non-GAAP operating margin was 2.6%, up from 2.2% in the prior year period.

調整後的 SG&A 總費用為 5.85 億美元，佔收入的 3.8%，符合我們的預期。非美國通用會計準則營業收入為 3.98 億美元，同比增長 18%，非美國通用會計準則營業利潤率為 2.6%，高於去年同期的 2.2%。

All 3 regions experienced improved profitability compared to the prior year. FX had a $10 million negative impact on non-GAAP operating income compared to the prior year primarily due to the euro devaluation versus the U.S. dollar. Non-GAAP interest expense and finance charges were $46 million, and non-GAAP effective tax rate was approximately 24%. Total non-GAAP net income was $262 million and non-GAAP diluted EPS was $2.72.

與上一年相比，所有三個地區的盈利能力均有所提高。與上一年相比，外匯對非公認會計原則營業收入產生了 1000 萬美元的負面影響，主要是由於歐元兌美元貶值。非 GAAP 利息費用和財務費用為 4600 萬美元，非 GAAP 有效稅率約為 24%。非美國通用會計準則淨收入總額為 2.62 億美元，非美國通用會計準則攤薄後每股收益為 2.72 美元。

Now turning to the balance sheet, we ended the quarter with cash and cash equivalents of $522 million and debt of $4.1 billion. Our gross leverage ratio was 2.4x and net leverage was 2.1x. Accounts receivable totaled $7.9 billion and inventories totaled $8.4 billion. Our net working capital at the end of the second quarter was $3.6 billion, a decrease of $800 million from $4.4 billion in Q1. Our cash conversion cycle for the second quarter was 21 days, down 3 days from Q1 of '22.

現在轉向資產負債表，我們在本季度末的現金和現金等價物為 5.22 億美元，債務為 41 億美元。我們的總槓桿率為 2.4 倍，淨槓桿率為 2.1 倍。應收賬款總額為 79 億美元，存貨總額為 84 億美元。我們在第二季度末的淨營運資金為 36 億美元，比第一季度的 44 億美元減少了 8 億美元。我們第二季度的現金轉換週期為 21 天，比 22 年第一季度減少了 3 天。

Cash from operations was approximately $1.04 billion in the quarter. This is partially due to some unwinding of the Q1 increase in net working capital to support revenue growth and strategic inventory purchases. From a shareholder return perspective, for the current quarter, our Board of Directors has approved a cash dividend of $0.30 per common share. The dividend is expected to be paid on July 29, 2022, to stockholders of record as of the close of business on July 15, 2022.

本季度的運營現金約為 10.4 億美元。這部分是由於第一季度為支持收入增長和戰略庫存採購而增加的淨營運資本有所減少。從股東回報的角度來看，在本季度，我們的董事會已批准每股普通股 0.30 美元的現金股息。股息預計將於 2022 年 7 月 29 日支付給截至 2022 年 7 月 15 日營業結束時在冊的股東。

We also continue to repurchase shares, and through the first 2 quarters of fiscal '22, we have repurchased approximately $53 million of our stock at a weighted average price of approximately $103 in line with our target of $100 million of share repurchases for the year. We have $347 million remaining on our 3-year stock repurchase authorization, which expires in July of 2023.

我們還繼續回購股票，在 22 財年的前兩個季度，我們以約 103 美元的加權平均價格回購了約 5300 萬美元的股票，這與我們今年 1 億美元的股票回購目標一致。我們的 3 年期股票回購授權剩餘 3.47 億美元，該授權將於 2023 年 7 月到期。

Before I discuss our outlook for the third quarter, I wanted to take a moment to provide an update on our merger synergies. As Rich mentioned, our integration efforts are going well, and we continue to make good progress on realizing our merger cost synergies. We are ahead of schedule and remain committed to achieving our targeted $200 million of merger cost energies. As I've mentioned previously, these opportunities span a variety of areas, including optimization and efficiency improvements via the legacy Tech Data GBO program, as well as traditional deal-related synergies across the spectrum of IT systems, corporate costs, facilities rationalization, taxes and interest.

在討論我們對第三季度的展望之前，我想花點時間提供我們合併協同效應的最新信息。正如 Rich 所說，我們的整合工作進展順利，我們在實現合併成本協同效應方面繼續取得良好進展。我們提前完成並繼續致力於實現 2 億美元的合併成本能源目標。正如我之前提到的，這些機會跨越多個領域，包括通過傳統的 Tech Data GBO 計劃進行優化和效率改進，以及跨 IT 系統、公司成本、設施合理化、稅收等領域的傳統交易相關協同效應和興趣。

Now moving to our outlook for fiscal quarter 3. We expect total revenue to be in the range of $14.5 billion to $15.5 billion which when adjusted for currency impact of approximately $500 million and revenue policy alignment relating to the merger of approximately $300 million equates to a growth of around 10% at the midpoint on a year-over-year basis, assuming the merger had occurred in the prior year.

現在轉到我們對第 3 財季的展望。我們預計總收入將在 145 億美元至 155 億美元之間，根據約 5 億美元的貨幣影響和與約 3 億美元合併相關的收入政策調整進行調整後，相當於假設合併發生在上一年，中點同比增長約 10%。

Non-GAAP net income is expected to be in the range of $241 million to $279 million. And non-GAAP diluted EPS is expected to be in the range of $2.50 to $2.90 per diluted share. That's based on a weighted average shares outstanding of approximately 95.5 million. Interest expense is expected to be approximately $45 million, and we expect the tax rate to be approximately 24%.

非美國通用會計準則淨收入預計在 2.41 億美元至 2.79 億美元之間。非 GAAP 攤薄後每股收益預計在每股攤薄後 2.50 美元至 2.90 美元之間。這是基於約 9550 萬股的加權平均流通股數。利息費用預計約為 4500 萬美元，我們預計稅率約為 24%。

For the full fiscal year '22, we continue to expect non-GAAP diluted EPS of $11.15 to $11.65 per diluted share. We are reaffirming this full year outlook despite an incremental $0.14 headwind from the devaluation of the euro since March.

對於整個 22 財年，我們繼續預計非 GAAP 攤薄後每股收益為 11.15 美元至 11.65 美元。儘管自 3 月以來歐元貶值增加了 0.14 美元的阻力，但我們重申了這一全年展望。

The total FX headwind for fiscal '22 versus the prior year is now approximately $0.32.

與上一年相比，22 財年的總外匯逆風現在約為 0.32 美元。

We will now take your questions. Operator?

我們現在將回答您的問題。操作員？

(Operator Instructions) Your first question comes from the line of Matt Sheerin from Stifel.

（操作員說明）您的第一個問題來自 Stifel 的 Matt Sheerin。

Yes. Thank you very much, and good morning, everyone. My first question, Rich, just regarding your commentary on the overall demand environment, you still sound fairly bullish. But could you give us a little bit more color on the PC's "moderation" that you're seeing? Are you continuing to see that weaken? And it also sounds like supply is starting to open up there.

是的。非常感謝大家，大家早上好。我的第一個問題，Rich，就您對整體需求環境的評論而言，您聽起來仍然相當樂觀。但是，您能否為我們所看到的 PC 的“適度”提供更多色彩？你是否繼續看到這種減弱？聽起來供應也開始在那裡開放。

And then relative to the comments you've made in previous quarters about expectation for on-prem infrastructure projects coming back and accelerating in the second half, are you still seeing that and hearing that from your customers?

然後，相對於您在前幾個季度對本地基礎設施項目在下半年回歸和加速的預期發表的評論，您是否仍然看到並從客戶那裡聽到？

Yes, Matt, thank you for your question. So first, when we look back in Q2 on a constant currency basis, we talk about the Advanced Solutions and Endpoint segment, and we talked about growth in both of those segments. In addition to that, I think we had a separate schedule for everybody to have a look at PCs and how they fit within our portfolio and profile.

是的，馬特，謝謝你的提問。因此，首先，當我們以不變貨幣回顧第二季度時，我們討論了高級解決方案和端點部分，我們談到了這兩個部分的增長。除此之外，我認為我們為每個人制定了單獨的時間表，讓大家了解個人電腦以及它們如何適應我們的產品組合和個人資料。

And to kind of move on to your second point, what I would say is the story remains consistent in the PC realm as what we had articulated previously, at least from our crystal ball, and that is that the commercial PCs have some pretty good demand associated with them. The weakness, I think, in the overall scheme of the PC category would be in the Chromebook as well as the consumer fees, at least for the foreseeable future. And as you would have noticed from that schedule that we had incorporated in there, we're heavier weight to the commercial piece. And when you get down to the consumer segment and think about it in the grand scheme of our entire portfolio, it's a single-digit number, a mid-single-digit number estimated. So I think that the sentiment of the market, the PC providers have sort of articulated that point of view, and we would reaffirm that that's the way we see it.

繼續你的第二點，我想說的是，PC 領域的故事與我們之前所闡述的一樣，至少從我們的水晶球來看是一致的，那就是商用 PC 有一些相當不錯的需求與他們相關聯。我認為，在 PC 類別的整體方案中，Chromebook 以及消費者費用方面的弱點，至少在可預見的未來是這樣。正如你會從我們在那里合併的時間表中註意到的那樣，我們對商業片的影響更大。當你深入到消費者細分市場並在我們整個投資組合的宏偉計劃中考慮它時，它是一個個位數的數字，估計是一個中個位數的數字。所以我認為市場情緒，PC 供應商已經表達了這種觀點，我們會重申這就是我們看待它的方式。

As it relates to Advanced Solutions, certainly, the growth rates there have been higher than the Endpoint segment, and we do continue to see good demand in that segment. And I do believe, as we had talked for a while since the beginning of the year, that through the pandemic, you had PCs launching with high demand, the advanced solutions sort of deferring. And now you're coming around to the moderation of PC and pretty good demand strength, if you will, within the Advanced Solutions segment. So that's how we see it.

由於它與高級解決方案有關，當然，那裡的增長率高於端點細分市場，我們確實繼續看到該細分市場的良好需求。而且我確實相信，正如我們自今年年初以來所說的那樣，在大流行期間，PC 的推出需求量很大，先進的解決方案有點推遲。現在，如果您願意的話，在高級解決方案領域，您正在接受 PC 的節制和相當不錯的需求強度。這就是我們的看法。

Okay. And then as my follow-up, just regarding the inventory build that you had again in the quarter, up about $700 million sequentially, but you're guiding essentially, well, down slightly sequentially for the August quarter.

好的。然後作為我的後續行動，僅關於您在本季度再次獲得的庫存增加，環比增加約 7 億美元，但您基本上是在指導，嗯，在 8 月季度環比略有下降。

Could you just explain that? And is any of that related to your hyperscale business where you typically stage inventory or products ahead of any ramps?

你能解釋一下嗎？是否與您的超大規模業務相關，您通常在任何坡道之前放置庫存或產品？

Matt, this is Marshall, and thanks for the question. It's an equal balance between distribution and Hyve. But yes, it's the same demand forecast that we build up, you saw and we experienced in Q2 some of the higher margins and solid returns of some of that buildup at the end of Q1 for Hyve. We expect that same thing for the second half.

馬特，我是馬歇爾，謝謝你的提問。這是分佈和 Hyve 之間的平等平衡。但是，是的，這與我們建立的需求預測相同，你看到了，我們在第二季度經歷了 Hyve 第一季度末一些增長的一些更高的利潤率和穩健的回報。我們預計下半年也會出現同樣的情況。

The one comment that I would make is as we look at quarter -- quarter-to-quarter, the supply chains continue to be volatile. We usually accomplish what we need to in the quarter. So we'll see ebbs and flows in working capital, I think, for the tactical frame.

我要發表的一個評論是，當我們查看季度 - 季度到季度時，供應鏈繼續波動。我們通常會在本季度完成我們需要做的事情。因此，我認為，對於戰術框架，我們將看到營運資金的起起落落。

And then we're pretty comfortable with what we articulated in our Investor Day financial model for working capital once we move to sort of stabler grounds, if you will. But we do see these bumps in the road here and there that are typically a bit unusual if we were to be in a stable environment.

然後，如果您願意的話，一旦我們轉向某種更穩定的基礎，我們就會對我們在投資者日財務模型中闡明的營運資金感到滿意。但是，如果我們要處於穩定的環境中，我們確實會在路上和那裡看到這些顛簸，這通常有點不尋常。

Your next question comes from the line of Ruplu Bhattacharya from Bank of America.

您的下一個問題來自美國銀行的 Rupl Bhattacharya。

It looks like FX is an incremental $850 million to $900 million negative impact on the top line and about $0.14 on the EPS. So can you give us your thoughts on that and what is giving you confidence to keep the EPS guide for fiscal '22 unchanged? And what drives the operating margin improvement in fiscal 4Q?

看起來外匯對收入的負面影響增加了 8.5 億至 9 億美元，對每股收益產生了約 0.14 美元的負面影響。那麼，您能否就這一點給我們您的想法，以及是什麼讓您有信心保持 22 財年的 EPS 指南不變？是什麼推動了第四財季營業利潤率的提高？

Good question, Ruplu, this is Marshall. So yes, we feel really confident. Clearly, the $0.14 is a headwind. As we think about our Investor Day profile and looking at what we thought overall adjusted net revenues would be, we gave a guidance of 6% to 8%. We still feel good about that. And then we also gave an operating margin profile range of 2.5% to 2.7%. Same thing there, we feel really good about that.

好問題，魯普魯，我是馬歇爾。所以，是的，我們感到非常自信。顯然，0.14 美元是不利因素。當我們考慮我們的投資者日概況並查看我們認為整體調整後的淨收入時，我們給出了 6% 至 8% 的指導。我們對此仍然感覺良好。然後我們還給出了 2.5% 到 2.7% 的營業利潤率範圍。同樣的事情，我們對此感覺非常好。

So the execution of the business, our belief that the second half of the year will still have, we'll call it decent to good IT spend growth that we're going to benefit from. The synergies that we spoke to that are also in the investor presentation give us that confidence that we can offset those FX headwinds.

因此，業務的執行，我們相信今年下半年仍然會有，我們稱其為良好的 IT 支出增長，我們將從中受益。我們談到的協同效應也在投資者介紹中給了我們信心，我們可以抵消這些外匯逆風。

Okay. Could you talk about the pricing environment? Are you seeing vendors continue to raise prices? And can you also talk about wage inflation and impact to your margins from that?

好的。您能談談定價環境嗎？您是否看到供應商繼續提高價格？您還可以談談工資上漲以及由此對您的利潤率產生的影響嗎？

Sure. So first, in the pricing environment, certainly, over the last year to 1.5 years, there has been consistent price changes basically across the board based on all of the factors that we're familiar with, right? And I would speculate that we're going to continue to see those price changes as we move forward until sort of the inflationary impact sort of calm down. And I think that they'll ultimately start to abate. But for the tactical frame, I would suggest that, that will continue.

當然。首先，在定價環境中，當然，在過去的一年到 1.5 年裡，基於我們熟悉的所有因素，價格基本上都是一致的，對吧？我推測，隨著我們向前推進，我們將繼續看到這些價格變化，直到通脹影響趨於平靜。我認為它們最終會開始減弱。但對於戰術框架，我建議，這將繼續下去。

As it relates to labor and how it impacts our business. So first of all, labor inflation is part of the overall inflation that gets sort of translated into price across the entire supply chain. We carefully manage our compensation to make sure that we maintain competitive within the -- competitiveness within the market. At the same time, we'll pass through those increments. I would consider them sort of marginal, if you will, incremental impacts to our overall pricing to end users. But they are there and we move reasonably quickly to make sure we get them passed through.

因為它與勞動力有關，以及它如何影響我們的業務。因此，首先，勞動力通脹是整體通脹的一部分，它在某種程度上轉化為整個供應鏈的價格。我們仔細管理我們的薪酬，以確保我們在市場中保持競爭力。同時，我們將通過這些增量。如果你願意的話，我會認為它們對我們對最終用戶的整體定價產生了增量影響。但它們就在那裡，我們採取相當迅速的行動，以確保我們讓它們通過。

And Ruplu, just to remind you, our merit cycle is -- falls into Q2. So you'll probably see a little bit higher SG&A relative to revenue. But the range for us is still in that 3.5% to 4% range on SG&A. And back to what Rich said, over time, we do find ways of offsetting that.

還有 Rupl，提醒您，我們的績效週期是 - 落入第二季度。因此，相對於收入，您可能會看到 SG&A 略高一些。但我們的範圍仍然在 SG&A 的 3.5% 到 4% 範圍內。回到里奇所說的，隨著時間的推移，我們確實找到了抵消它的方法。

Maybe for the last one, Rich, if I can ask you at a higher level question. So investors are concerned about the possibility of a recession in the U.S. or a slowdown in Europe. Have you seen any slowdown anywhere in any region? And can you talk about your visibility? Has it improved any since 90 days ago? And if you can also talk about the backlog, how that is trending and your expectations for that for the rest of the year?

也許最後一個，Rich，如果我可以問你一個更高層次的問題。因此，投資者擔心美國經濟衰退或歐洲經濟放緩的可能性。您是否在任何地區的任何地方看到任何放緩？你能談談你的知名度嗎？自 90 天前以來是否有所改善？如果您還可以談論積壓，那麼趨勢如何以及您對今年剩餘時間的期望？

Yes. So here's what we see -- we take it from the global channel guide, which is the most up-to-date information, we see the IDCs and context information of the world. And if you go and you take a look at those publications, what you'll find out is that the Americas market is more robust, if you will, than the European market. Read the Americas market to have been, over the recent past, call it some higher single digit, mid- to high single digit. And in Europe actually has been bumping around flat overall.

是的。所以這就是我們看到的——我們從全球頻道指南中獲取它，這是最新的信息，我們看到了世界的 IDC 和上下文信息。如果你去看看那些出版物，你會發現美洲市場比歐洲市場更強勁，如果你願意的話。閱讀美洲市場，在最近的過去，將其稱為更高的個位數，中高個位數。而在歐洲，實際上總體上一直在顛簸。

So I think you could speculate to see you're seeing the impacts of some of the geopolitical issues in Europe potentially. Then Asia Pacific, which we don't have up-to-date information on, but our speculation would be sort of a mid-single-digit best guess market right now. So that's sort of the backdrop of sort of the growth rates that we see in sort of the segments that we operate in.

所以我認為你可以推測你正在看到歐洲一些地緣政治問題的潛在影響。然後是亞太地區，我們沒有最新信息，但我們的猜測現在將是一個中等個位數的最佳猜測市場。這就是我們在我們經營的細分市場中看到的某種增長率的背景。

When we think about, your next question, looking forward, we do feel as if there is good, robust demand. We feel pretty good about our backlog. The backlog is marginally down sequentially in total. But that was sort of our view as to how things would play out. And as we move forward, my crystal ball would say that as we move through time, hopefully, we'll see it move marginally down each quarter moving forward. And then we basically create our commitments here from a bottoms-up perspective where we hear from each region with a particular emphasis on the coming quarter and then a view for the remainder of the year. And that really informs our guidance, if you will. So that's the process that we go through, Ruplu.

當我們考慮您的下一個問題時，展望未來，我們確實覺得有良好、強勁的需求。我們對我們的積壓工作感覺很好。積壓訂單總體上按順序略有下降。但這就是我們對事情如何發展的看法。隨著我們前進，我的水晶球會說，隨著時間的推移，希望我們會看到它在每個季度都略微下降。然後我們基本上從自下而上的角度在這裡創建我們的承諾，我們聽取每個地區的意見，特別強調下一個季度，然後是對今年剩餘時間的看法。如果您願意，這確實為我們提供了指導。這就是我們要經歷的過程，Ruplu。

Your next question comes from the line of Jim Suva from Citigroup.

您的下一個問題來自花旗集團的 Jim Suva。

You mentioned hyperscale was down due to difficult comps, and I think you said as expected. Can you remind us since we're now approaching the time period of kind of starting to lap the integration that you had with TD and SYNNEX, as we look ahead for the next quarter or 2, are those difficult year-over-year comps for hyperscale behind us? And what are you kind of seeing for the demand in your Hyve business?

你提到超大規模由於困難的組合而下降，我認為你說的正如預期的那樣。您能否提醒我們，因為我們現在正接近開始與 TD 和 SYNNEX 進行集成的時間段，因為我們展望下一季度或第二季度，那些困難的同比比較我們身後的超大規模？您對 Hyve 業務的需求有何看法？

Jim, you might recall in previous broadcast, we always talk about Hyve being a lumpy business. We stage, we then release and stage and release, we find ourselves into cycles like that. And we are bullish and confident with the hyperscale sort of segment over time. The market data would state that, that category has double-digit growth rates, and we firmly believe that that's the case in sort of the sustaining time.

吉姆，你可能還記得在之前的廣播中，我們總是談論 Hyve 是一個笨拙的企業。我們上演，然後發布，上演再發布，我們發現自己陷入了這樣的循環。隨著時間的推移，我們對超大規模細分市場持樂觀態度和信心。市場數據表明，該類別具有兩位數的增長率，我們堅信在持續時間內就是這種情況。

I would tell you that when you think about Q2 and then going into Q3 and then potentially Q4, the business in total has the benefit of some easier compares. And then I would say that, that segment as well sort of falls into that category.

我會告訴你，當你考慮第二季度，然後進入第三季度，然後可能是第四季度時，總體而言，業務具有一些更容易比較的好處。然後我會說，該部分也屬於該類別。

So we have 1H for the entire business and that category that was pretty robust in FY '21. And then it sort of slowed in the back half of the second half of the FY '21. And so yes, the compares get easier for both the total and that segment.

因此，我們為整個業務以及 21 財年非常強勁的類別提供了 1H。然後它在 21 財年後半段的後半段有所放緩。所以是的，對於總數和該部分，比較變得更容易。

And then my follow-up question is on the inventory. Of course, you had to build this quarter than you mentioned that you were going to be working it down some for the August quarter. How do we bridge that versus the comments of supply chain challenges still existing today? Because if the supply chain challenges still exist today, you'd think inventory would be flattish or maybe it's seasonal because otherwise, people will say there's some weakening of demand for your backlog there.

然後我的後續問題是關於庫存的。當然，您必須在本季度進行建設，而不是您提到要為 8 月季度進行一些工作。我們如何將這一點與今天仍然存在的供應鏈挑戰的評論聯繫起來？因為如果今天仍然存在供應鏈挑戰，你會認為庫存會持平或者可能是季節性的，否則，人們會說那裡對你的積壓訂單的需求有所減弱。

Yes, I'm going to start and then I'm going to turn it over to Marshall. But by starting, I want to make sure everybody's focused on the working capital improvements that we had seen in the quarter. They have been or are substantial from my point of view.

是的，我要開始了，然後我要把它交給馬歇爾。但首先，我想確保每個人都專注於我們在本季度看到的營運資金改善。從我的角度來看，它們已經或非常重要。

Jim, when we -- if I hearken back to an earlier comment that I had, I said as we sort of continue to march through the supply-constrained environment, we're comfortable with our working capital model that we had taken everybody through at Investor Day. But until sort of we get stability in the supply chain, we're going to have some shorts and longs, if you will. It's the proverbial golden screw discussion in the core of distribution that has you hanging on, especially within the Advanced Solutions segment to inventory longer than you normally would.

吉姆，當我們 - 如果我聽到我之前的評論，我說，當我們繼續在供應受限的環境中前進時，我們對我們已經讓每個人都經歷過的營運資金模型感到滿意投資者日。但在我們在供應鏈中獲得穩定之前，如果你願意的話，我們將會有一些空頭和多頭。眾所周知，分銷核心中的金螺絲討論讓您堅持不懈，尤其是在高級解決方案領域，庫存時間比您平時更長。

And then I think when we think about the hyperscale business, the ebb and flow of getting a bit behind on scheduled deployments and then getting back on schedule based on many factors associated with the pandemic sort of caused a bit of a continuity issue.

然後我認為，當我們考慮超大規模業務時，在預定部署上有點落後，然後根據與大流行相關的許多因素重新按計劃進行，這會導致一些連續性問題。

But as I said, in the long term, once we sort of get through all these supply things, they'll work themselves out, and we'll have -- we believe we'll have really good stability as it relates to sort of our working capital profile.

但正如我所說，從長遠來看，一旦我們解決了所有這些供應問題，它們就會自行解決，我們將擁有 - 我們相信我們將擁有非常好的穩定性，因為它與某種我們的營運資金概況。

Marshall, I don't know if you have anything to add to that.

馬歇爾，我不知道你有什麼要補充的。

No, well said.

不，說得好。

Your next question comes from the line of Adam Tindle from Raymond James.

您的下一個問題來自 Raymond James 的 Adam Tindle。

Rich, you knew I would ask about working capital if you got to me, but maybe I'll save that for my second question.

Rich，你知道如果你找我，我會問關於營運資金的問題，但也許我會把它留到我的第二個問題上。

On synergies, you talked about tracking ahead, would you characterize that as moving faster on your existing road map? Or are you finding new areas of synergy where the total synergy number may end up being higher? And I'm asking because you have that track record of overachieving on your slide. I'm just wondering if the total synergy number is maybe even tracking higher. And if you could talk about the composition of the remaining synergy, that would be helpful.

關於協同效應，您談到了提前跟踪，您是否會將其描述為在您現有的路線圖上更快地移動？或者您是否正在尋找新的協同效應領域，總協同效應最終可能會更高？我之所以這麼問，是因為你在幻燈片上有著超額完成的記錄。我只是想知道總協同效應的數量是否可能更高。如果你能談談剩餘協同作用的構成，那將會很有幫助。

Adam, this is Marshall. So we're still committed to the $200 million as we enter into fiscal '23. And as in our prepared remarks, we're at 130 forecasted for the first year. No new elements to that, just moving quicker than we had expected throughout it. And I would just say, if you think about the way that, that synergy of 130 breaks down, it's roughly 60% SG&A and the rest is below the line in taxes and interest.

亞當，這是馬歇爾。因此，當我們進入 23 財年時，我們仍然承諾投入 2 億美元。正如我們準備好的評論一樣，我們預計第一年有 130 人。沒有新的元素，只是比我們預期的要快。我只想說，如果你考慮一下，130 的協同作用分解的方式，它大約是 60% SG&A，其餘的低於稅收和利息的線。

And then as it relates to additional synergies, typically, you put a project plan to better together, you go and you get myopically focused on executing that project plan. We're kind of keeping our head down to make sure we get that accomplished. And then subsequent to that, I'm sure other opportunities will present themselves. We just don't have a quantitative point of view as to what that might be.

然後，當它涉及到額外的協同效應時，通常情況下，您將項目計劃更好地組合在一起，然後您就會短視地專注於執行該項目計劃。我們有點低頭，以確保我們完成這項工作。然後在那之後，我相信其他機會也會出現。對於這可能是什麼，我們只是沒有定量的觀點。

And maybe just as a follow-up, Marshall, I'll take the working capital question all the way up to ROIC instead. I realize you've reported a trailing 4-quarter metric, but it's just under 13% and the year ago period was just over 21%. Maybe if you could talk about your view of where pro forma ROIC should ultimately go, do you think you can get back into the 20s? The key drivers to that and timing to get there would be helpful.

也許只是作為後續行動，馬歇爾，我將把營運資金問題一直帶到 ROIC。我知道你已經報告了一個 4 個季度的跟踪指標，但它略低於 13%，而去年同期則略高於 21%。也許如果你能談談你對備考 ROIC 最終應該去哪裡的看法，你認為你能回到 20 多歲嗎？實現這一目標的關鍵驅動因素以及實現目標的時機將會有所幫助。

Adam, in our pro forma premerger expectation, we thought that ROIC on an adjusted basis would land somewhere around 11%. As we continue to march through and integrate the companies and get the full digestion of debt and equity, you'll see that 12.5% lands somewhere around that 11%. Adam, again, that's a forecast for the full year.

亞當，在我們合併前的備考預期中，我們認為調整後的投資回報率將達到 11% 左右。隨著我們繼續推進和整合公司並完全消化債務和股權，你會看到 12.5% 的比例在 11% 左右。亞當，再次，這是對全年的預測。

And then from there, we believe, given all the things we do in terms of capital allocation and reinvesting back in the business and acquisitions and other opportunities, we should see that step back up. And Adam, you've heard us say this in the past, we always achieved to have a 300 to 400 basis point ROIC above our weighted average cost of capital. That continues to be the goal that we have in front of us.

然後從那裡開始，我們相信，鑑於我們在資本配置和再投資於業務、收購和其他機會方面所做的所有事情，我們應該看到這一步回升。亞當，你過去聽過我們這樣說，我們總是將投資回報率比我們的加權平均資本成本高出 300 到 400 個基點。這仍然是我們面前的目標。

Your next question comes from the line of Vincent Colicchio from Barrington Research.

您的下一個問題來自 Barrington Research 的 Vincent Colicchio。

Nice quarter, guys. Rich, I'm curious. Are you seeing any general increase in turnover or stabilization? And what does turnover look like for your top 100 leadership executives?

不錯的季度，伙計們。有錢，我很好奇。您是否看到營業額或穩定的普遍增加？您的前 100 名領導高管的人員流動情況如何？

Yes, so if I talk about turnover, it clearly is elevated. To be candid with you, I'm really surprised relative to how successful we've been in our recruiting efforts as well. So I would say that we're a little bit higher than normal, but very manageable.

是的，所以如果我談論營業額，它顯然是升高的。坦率地說，相對於我們在招聘工作中取得的成功，我感到非常驚訝。所以我會說我們比正常水平高一點，但非常易於管理。

As it relates to our top 100, we've been very stable. There have been no surprises that I'm aware of. And we have managed team closely and stayed close to them, especially through the sort of the merger phase. I mean there's an incremental workload that is quite substantial. So we're asking people to do a lot more than the norm. But I feel as if we've got really good stability in our top 100.

因為它與我們的前 100 名有關，所以我們一直非常穩定。據我所知，沒有任何意外。我們密切管理團隊並與他們保持密切聯繫，尤其是在合併階段。我的意思是有一個相當大的增量工作量。因此，我們要求人們做的比平時多得多。但我覺得我們在前 100 名中的穩定性非常好。

And 3 quarters into the integration, client losses tied to diversification. Is that sort of in line with your expectations? Is it a meaningful number?

並且 3 個季度進入整合，客戶損失與多元化掛鉤。這符合你的預期嗎？這是一個有意義的數字嗎？

Good question, Vince. This is Marshall. It's better than expected. As you know, we have a highly complementary vendor line card and same with the customer base. If we think about the integrations we've done so far and the commentary Rich has had about the Canadian CIS migration, it's gone very smoothly with very little disruption. We expect the same thing to be the case for the U.S. migration. So very pleased with the overall result and significant upside, as we've mentioned in previous conversations around cross-sell once we get onto one platform.

好問題，文斯。這是馬歇爾。這比預期的要好。如您所知，我們擁有高度互補的供應商線卡，並且與客戶群相同。如果我們考慮到目前為止我們所做的整合以及 Rich 關於加拿大獨聯體移民的評論，它進行得非常順利，幾乎沒有中斷。我們預計美國移民也會出現同樣的情況。正如我們在之前關於交叉銷售的對話中提到的那樣，一旦我們進入一個平台，我們就對整體結果和顯著的上行空間感到非常滿意。

Your next question comes from the line of Keith Housum from Northcoast Research.

您的下一個問題來自 Northcoast Research 的 Keith Housum。

Rich, when you were in the Investor Day, you talked quite a bit about TD Synnex migrating towards more solutions for your customers and netted down revenue. Perhaps talk about progress made over the quarter and the demand for that, that you saw this quarter.

Rich，當你在投資者日時，你談了很多關於 TD Synnex 為你的客戶轉向更多解決方案並淨收入的話題。也許談談您在本季度看到的本季度取得的進展以及對此的需求。

Yes. So if I could, during the Investor Day, we talked about high-growth technologies. And just to give everybody sort of an insight there, we're talking about hybrid cloud and security, analytics and IoT, hyperscale infrastructure. Even within the endpoint space, AR/VR is within there as well.

是的。因此，如果可以的話，在投資者日期間，我們討論了高增長技術。只是為了讓每個人都了解那裡，我們正在談論混合雲和安全、分析和物聯網、超大規模基礎設施。即使在端點空間內，AR/VR 也在那裡。

We had a -- we have an expectation of sort of an elevated growth rate, if you will, for that category. The core distribution piece of that clearly has been on track to deliver, if you will, that elevated growth rate. We talked about Hyve being a little bit lumpy, so we think about Hyve having that elevated growth rate annualized. So we're feeling really good, Keith, about those high-growth technologies and kind of where we're at with more investment, if you will, to come to make sure that we're bringing -- continue to bring incremental value to that customer set.

我們有一個 - 如果你願意的話，我們預計該類別的增長率會有所提高。如果你願意的話，其中的核心分銷部分顯然已經有望實現更高的增長率。我們談到 Hyve 有點笨拙，所以我們認為 Hyve 的年增長率很高。所以我們感覺非常好，基思，關於那些高增長的技術以及我們在哪裡投入更多的投資，如果你願意的話，來確保我們帶來 - 繼續帶來增量價值那個客戶集。

As it relates to the netting, you get into those high-growth technologies using cloud as an example. There is -- that category in particular, is one which gets netted. And as that becomes a bigger piece of the pie, there's a larger netting that maybe, Marshall, you want to comment.

由於它與網絡有關，因此您可以使用云作為示例來了解那些高增長的技術。有 - 特別是那個類別，是一個得到淨值的類別。隨著這成為更大的一塊蛋糕，馬歇爾，你可能想要評論一個更大的網。

Yes, you're right. So we always try to reference gross billings when we think about the high-growth technology sections, and we'll do that going forward. But early on, 2 quarters in, relative to our Investor Day profiles and what we thought, we're very much in line with that.

你是對的。因此，當我們考慮高增長技術部分時，我們總是嘗試參考總賬單，我們將繼續這樣做。但在兩個季度的早期，相對於我們的投資者日概況和我們的想法，我們非常符合這一點。

In terms of your guidance (inaudible) for some puts and takes on what would it take for, I guess, to kind of at the lower end of your guidance in terms of revenue and what will it take to come to your higher end of your guidance? So the big swing items on your minds. And what it would take to actually be at the top of your guidance?

就您對某些看跌期權的指導（聽不清）而言，我猜想，在收入方面處於您指導的低端以及達到您的高端需要什麼指導？所以你心中的大搖擺項目。真正成為您指導的首要任務需要什麼？

So I think I'll start, then maybe Marshall can discuss it and maybe statement of the obvious. But if, in fact, we see a sudden downturn of demand based on the recessionary pressures that would have us find ourselves probably at the low end of our guidance, to get to the high end of the guidance, what would it take it? Just one thing comes to mind, right? Is that is a significant release of supply to be able to sell through a bigger portion of the backlog. And obviously, you think about demand, but if demand is constrained by adding to the -- incremental demand is constrained by adding to the backlog, then that would be a tougher [putt]. But I think a bigger release of supply would be helpful to get us to the higher end.

所以我想我會開始，然後也許 Marshall 可以討論它，也許可以陳述顯而易見的事情。但事實上，如果我們看到基於衰退壓力的需求突然下滑，這將使我們發現自己可能處於指導的低端，為了達到指導的高端，會採取什麼措施？腦子裡只有一件事，對吧？這是一個重要的供應釋放，能夠通過更大的積壓部分進行銷售。顯然，你會考慮需求，但如果需求受到增加的限制——增量需求受到增加積壓的限制，那麼這將是一個更艱難的[推桿]。但我認為更大的供應釋放將有助於我們走向高端。

And we don't see anything likely this quarter, do we?

而且我們看不到本季度的任何可能，對嗎？

It's hard to predict. I think I was talking earlier about the evolution of the PC stuff being at the front end of the pandemic demand wise and then the advanced solutions stuff being higher demand.

很難預測。我想我之前說的是 PC 產品的發展處於大流行需求的前端，然後是高級解決方案的需求更高。

I think Matt had commented earlier, I think, in his insight that, for us, is the PC stuff becoming a bit more stable. It kind of feels like it is. So never say never, but we have a pretty tight relationship with most of our suppliers. And we really, once we hear from the regions, they actually, if you will, cross track with regard to our vendors to make sure that we're supply supported. And in fact, that would be the -- our range currently would be our best call. But if there are pleasant surprises that would come, they would be just that pleasant surprises.

我認為馬特早些時候評論過，我認為，在他的洞察力中，對我們來說，PC 的東西變得更加穩定了。有點像的感覺。所以永遠不要說永遠，但我們與大多數供應商的關係都非常緊密。我們真的，一旦我們從這些地區收到消息，他們實際上，如果你願意的話，會與我們的供應商交叉跟踪，以確保我們得到供應支持。事實上，這將是 - 我們目前的範圍將是我們最好的電話。但如果有驚喜即將到來，那也只是驚喜而已。

Your next question comes from the line of Ananda Baruah from Loop Capital.

您的下一個問題來自 Loop Capital 的 Ananda Baruah。

I guess I have 2, if I could. Rich, I don't think I heard you in any of your answers give what your consumer exposure is. So I'd love that. And if you did, I apologize for the repeat questions.

如果可以的話，我想我有 2 個。 Rich，我認為我在您的任何回答中都沒有聽到您給出您的消費者曝光率的信息。所以我會喜歡的。如果你這樣做了，我為重複的問題道歉。

Yes. So if you take a look at the charts that we had included in the pack, we had a special emphasis or special insight, if you will. So if you think about the consumer piece, sort of stand-alone, you could think about it as being a sort of mid-single-digit percentage of our total overall portfolio.

是的。因此，如果您查看我們包含在包中的圖表，如果您願意，我們會特別強調或特別洞察力。因此，如果您考慮獨立的消費部分，您可以將其視為我們總投資組合的中個位數百分比。

So it's really small at this point.

所以在這一點上它真的很小。

Well, yes, I mean it's mid-single digits. So I think that the whole PC category, if it calibrates the pie, it's pretty well calibrated to the reality. So you can think of the whole PC category being 20 percent-ish. And then the consumer piece being a percent of that, which gets us to 5% of the overall growth.

嗯，是的，我的意思是它是中個位數。因此，我認為整個 PC 類別，如果它校準餅圖，它就可以很好地校準到現實。所以你可以認為整個 PC 類別是 20% 左右。然後消費部分佔其中的百分比，這使我們達到了整體增長的 5%。

And what about some of the legacy stuff for each company? Yes, legacy Tech Data had some handset exposure primarily in Europe and legacy SYNNEX had some meaningful consumer exposure, retail exposure in North America. Is that -- are those both de minimis at this point? And so really the retail -- sorry, so really the consumer exposure is on the PC side at this point?

對於每家公司來說，一些遺留的東西呢？是的，傳統的 Tech Data 主要在歐洲有一些手機曝光，而傳統的 SYNNEX 在北美有一些有意義的消費者曝光和零售曝光。那是 - 在這一點上都是最低限度的嗎？零售業真的如此——抱歉，此時消費者的曝光率真的是在 PC 端嗎？

Ananda, this is Marshall. Yes, we still have legacy SYNNEX, New Age Electronics, great business performing well. And on the legacy Tech Data side, we've got, you call it, consumer-related mobility in Europe.

阿難，這是馬歇爾。是的，我們仍然擁有傳統的 SYNNEX、New Age Electronics、出色的業務表現。在傳統的技術數據方面，我們在歐洲擁有與消費者相關的移動性。

And that's performing consistent with expectation as well.

這也符合預期。

And any sense, Rich, if we see, or Marshall, if we stack those to the PC consumer, like where that would sort of land for the company, kind of what consumer exposure would be overall as a percentage of revenue?

任何意義，Rich，如果我們看到，或者 Marshall，如果我們將這些數據疊加到 PC 消費者身上，比如這將為公司帶來什麼樣的土地，那麼消費者的曝光率總體上佔收入的百分比是多少？

So again -- so you're asking if you were to have included mobility within the PC category, what would that be? I don't have the number right in front of me, but I wouldn't even comment. But I wouldn't think it would be super material.

再說一遍——所以你問你是否將移動性包含在 PC 類別中，那會是什麼？我面前沒有電話號碼，但我什至不會發表評論。但我不認為它會是超級材料。

And then I guess sort of, Rich, your comments about second half '22, good IT spending environment. What -- like what are you guys seeing? I guess what I'd love is to get some context, kind of see things like what do you guys seeing maybe your interpretation, kind of the overall theme of customer behavior is right now, given kind of macro indicators, everybody's sort of watching the same macro indicators. It seems like commercial spending has been very well intact, at the same time -- and Marshall, you're actually one of the people who's watching these macro indicators.

然後我猜，Rich，你對 22 年下半年的評論，良好的 IT 支出環境。什麼——你們看到了什麼？我想我想了解一些上下文，看看你們看到了什麼，也許是你們的解釋，客戶行為的總體主題是現在，給定宏觀指標，每個人都在看相同的宏觀指標。與此同時，商業支出似乎完好無損——馬歇爾，你實際上是關注這些宏觀指標的人之一。

So as the CFO of SYNNEX. And so what do you guys think -- what are you experiencing, I guess, is the overarching theme from your customers. You have this one situation where commercial demand is clearly very well intact. At the same time, kind of the macro indicators are what they are. And your conclusion is solid IT spending in the second half of the year. So I just would love any context there to try to get a sense of what it is you think your customers are experiencing as you guys interpret it.

作為 SYNNEX 的首席財務官。那麼你們怎麼看——我想，你們經歷了什麼，是你們客戶的首要主題。在這種情況下，商業需求顯然完好無損。同時，宏觀指標的種類也是如此。您的結論是下半年的 IT 支出穩健。所以我只是喜歡那裡的任何背景，試圖了解你認為你的客戶在你解釋它時正在經歷什麼。

Yes, so maybe I'll go first. I hate to be a little bit repetitive here, but we see a really strong infrastructure. The advanced solutions category, that area continues to, I think, be most challenged as it relates to supply and backlog and the PCs are moderating with a particular emphasis of the consumer segment being sort of weaker.

是的，所以也許我會先去。我不想在這裡有點重複，但我們看到了一個非常強大的基礎設施。我認為，該領域的高級解決方案類別仍然是最大的挑戰，因為它與供應和積壓有關，並且個人電腦正在放緩，特別強調消費者群體的表現有所減弱。

We see that -- we sort of articulated that theme when we started the year. We said the first half, we thought that there would be good demand around PCs and the AS segment would begin to, if you will, accelerate a bit. And then in the back half, we'd see more moderation in PCs and that we'd have solid demands around the AS category. And I think that's what we see playing out.

我們看到了——我們在今年開始時就表達了這個主題。我們說上半年，我們認為 PC 的需求會很好，如果你願意的話，AS 細分市場將開始加速。然後在後半部分，我們會看到 PC 更加溫和，並且我們對 AS 類別有堅實的需求。我認為這就是我們看到的結果。

And the only other thing that I would offer is the high-growth technologies of cloud, analytics and IoT, security and hyperscale as a basket. Those growth rates are strong, and they're becoming more and more meaningful part of our business as we move through time. So from an end user demand perspective, certainly, the high-growth technologies, the advanced solutions project-based business and then PC moderation.

我唯一能提供的另一件事是雲、分析和物聯網、安全和超大規模等高增長技術。這些增長率非常強勁，隨著時間的推移，它們正成為我們業務中越來越有意義的一部分。因此，從最終用戶需求的角度來看，當然是高增長技術、基於項目的高級解決方案業務，然後是 PC 適度。

At this time, there are no more questions. This concludes today's call. Have a nice day.

此時，沒有更多的問題。今天的電話會議到此結束。祝你今天過得愉快。