新聚思 (SNX) 2023 Q2 法說會逐字稿

Good morning. My name is Chris, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the TDS SYNNEX Second Quarter Fiscal 2023 Earnings Call. Today's call is being recorded. (Operator Instructions)

早上好。我叫克里斯，今天我將擔任你們的會議操作員。此時，我謹歡迎大家參加 TDS SYNNEX 2023 財年第二季度收益電話會議。今天的通話正在錄音。 （操作員說明）

After the speakers' remarks, there will be a question-and-answer session.

演講者發言後，將進行問答環節。

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

現在，我想將電話轉給投資者關係主管 Liz Morali 致開幕詞。 LZ，你可以開始了。

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

謝謝。大家早上好，感謝您參加我們今天的電話會議。今天和我在一起的有首席執行官 Rich Hume；和首席財務官馬歇爾·威特。

Before we continue, let me remind you 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 strategy, demand, plans and positioning as well as our expectations for future fiscal periods.

在我們繼續之前，讓我提醒您，今天的討論包含聯邦證券法含義內的前瞻性陳述，包括預測、估計、預測或有關未來事件的其他陳述，包括有關戰略、需求、計劃和定位的陳述作為我們對未來財政期間的預期。

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.

由於我們今天提交的表格 8-K 中的收益發布以及表格 10-K 和我們其他表格的風險因素部分中討論的風險和不確定性，實際結果可能與這些前瞻性陳述中提到的結果存在重大差異。向 SEC 提交的報告和文件。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.tdsynex.com. This conference call is the property of TD SYNNEX and may not be recorded or rebroadcast without our permission.

此外，在本次電話會議中，我們將參考某些非 GAAP 財務信息。 GAAP 與非 GAAP 業績的調節包含在我們的收益新聞稿和投資者關係網站 ir.tdsynex.com 上提供的相關 8-K 表格中。本次電話會議屬於 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里奇。富有的？

Thank you, Liz. Good morning, everyone, and thank you for joining us today. The second quarter proved out the resilient business model we've been highlighting over the last several quarters as we saw a continuation of many of the trends from the February quarter. Our unparalleled line card and diversified portfolio allowed us to realize growth in Advanced Solutions and high-growth technologies, while year-over-year growth rates for endpoint solutions were impacted by short-term weakness in the demand for PC products post pandemic.

謝謝你，莉茲。大家早上好，感謝您今天加入我們。第二季度證明了我們在過去幾個季度中一直強調的彈性業務模式，因為我們看到了二月份季度的許多趨勢的延續。我們無與倫比的線卡和多元化的產品組合使我們能夠實現高級解決方案和高增長技術的增長，而端點解決方案的同比增長率受到大流行後 PC 產品需求短期疲軟的影響。

We expect this PC demand decline to abate over time as customers upgrade an aging installed base of devices allowing them to run the latest operating environments and leverage key security features, and we're encouraged by the improving macroeconomic sentiment and stable supply chain conditions that are mostly back to historical profile levels.

我們預計隨著時間的推移，隨著客戶升級老化的設備安裝基礎，使他們能夠運行最新的操作環境並利用關鍵的安全功能，這種 PC 需求下降的情況將會減弱，而且我們對宏觀經濟情緒的改善和供應鏈狀況的穩定感到鼓舞。大部分回到了歷史水平。

Although the pace of the recovery remains uncertain, we believe that gross billings and net revenue in fiscal Q2 and the outlook for Q3 represent the trough levels for Endpoint Solutions. The breadth of our technology offerings, again, proved to be a differentiator for us, as we were able to offset deeper-than-anticipated declines in Endpoint Solutions technology demand with growth in advanced solutions and high-growth technologies. Our teams delivered solid execution, shifting to pockets of growth and on a year-to-year basis, we believe we maintained our overall market share position in the Americas while growing market share in Europe.

儘管復甦的步伐仍不確定，但我們認為第二財季的總賬單和淨收入以及第三季度的前景代表了端點解決方案的低谷水平。我們的技術產品的廣度再次被證明是我們的優勢所在，因為我們能夠通過先進解決方案和高增長技術的增長來抵消端點解決方案技術需求超出預期的下降。我們的團隊提供了堅實的執行力，轉向增長領域，我們相信，我們在逐年保持美洲整體市場份額的同時，在歐洲市場份額不斷增長。

The resilience of our business model, along with strategic investments that we have made, augment our capability in the fastest-growing areas of the market, and helped us to expand margins in the quarter. Working capital improved with lower revenues, which is a reflection of the counter cyclicality of our business model. From a regional perspective, the Americas experienced the largest impact from the post-pandemic decline in demand with year-over-year declines for PC ecosystem products.

我們業務模式的彈性以及我們所做的戰略投資增強了我們在市場增長最快領域的能力，並幫助我們擴大了本季度的利潤率。營運資本隨著收入的下降而改善，這反映了我們業務模式的反週期性。從地區角度來看，美洲地區受到疫情后需求下降的影響最大，PC生態系統產品同比下降。

America's Advanced Solutions saw continued growth, driven by demand for cloud and data center-related technologies. From a customer perspective, declines are primarily in the largest customer segment while SMB and MSP customer segments have grown. Europe continued to show resilience with smaller declines in the Endpoint, given our broad technology footprint and diverse product line, including mobile phones and a very strong growth in Advanced Solutions offerings and specialized solutions.

在雲和數據中心相關技術需求的推動下，美國的高級解決方案持續增長。從客戶角度來看，下降主要發生在最大的客戶群，而 SMB 和 MSP 客戶群則有所增長。鑑於我們廣泛的技術足跡和多樣化的產品線（包括移動電話）以及高級解決方案產品和專業解決方案的強勁增長，歐洲繼續表現出韌性，端點降幅較小。

The Asia Pacific Japan region also saw strength in high-growth technologies and specialized solutions, partially offset by smaller declines in endpoint solutions. At a company level, we continue to see solid momentum across the high-growth technology areas that we've chosen to focus on, which includes cloud, security, data, AI, IoT and hyperscale infrastructure.

亞太日本地區在高增長技術和專業解決方案方面也表現強勁，但部分被端點解決方案的較小下降所抵消。在公司層面，我們繼續看到我們選擇重點關注的高增長技術領域的強勁勢頭，其中包括雲、安全、數據、人工智能、物聯網和超大規模基礎設施。

These areas continue to see growth in the low teens on a year-to-year basis. Our customers are prioritizing projects in these areas given the critical nature of these IT investments and their strategic importance in minimizing cyber-attacks, enabling digital transformation and driving cost optimization.

這些領域的年增長率繼續保持在十幾歲左右。鑑於這些 IT 投資的關鍵性質及其在最大限度地減少網絡攻擊、實現數字化轉型和推動成本優化方面的戰略重要性，我們的客戶正在優先考慮這些領域的項目。

Investing in these technologies is 1 of our 4 strategic pillars and foundational to our evolution from a traditional distribution partner to a solutions, aggregation and orchestration partners.

投資這些技術是我們的 4 個戰略支柱之一，也是我們從傳統分銷合作夥伴演變為解決方案、聚合和編排合作夥伴的基礎。

Let me take a moment to provide some perspective on the steps we've made towards our goals in this area. We are well into the solutions aggregation phase where we build, integrate and facilitate edge to cloud IT solutions for our customers.

讓我花點時間就我們為實現這一領域的目標所採取的步驟提供一些看法。我們已進入解決方案聚合階段，為客戶構建、集成和促進邊緣到雲 IT 解決方案。

Our role is to help our customers solve complex market challenges by aggregating multi-vendor solutions and delivering easily-deployed business outcomes. We do this through our solutions factory methodology, where we build comprehensive repeatable solutions that include some combination of hardware, software and cloud licenses.

我們的職責是通過聚合多供應商解決方案並提供易於部署的業務成果來幫助客戶解決複雜的市場挑戰。我們通過解決方案工廠方法來實現這一點，在該方法中，我們構建了全面的可重複解決方案，其中包括硬件、軟件和雲許可證的某種組合。

A recent example of this involved an IT solution provider and a consulting firm that wanted to provide a better backup solution for their clients. Maintaining warranty and software support on proprietary backup appliances can be costly for end users, and they wanted to begin recommending pure cloud backups where applicable. This provider was able to utilize the TD SYNNEX solution factory and our cloud-based click-to-run solutions, along with provisioning a preconfigured cloud solution built by TD SYNNEX within minutes.

最近的一個例子涉及一家 IT 解決方案提供商和一家諮詢公司，他們希望為其客戶提供更好的備份解決方案。對於最終用戶來說，維護專有備份設備的保修和軟件支持可能成本高昂，因此他們希望在適用的情況下開始推薦純雲備份。該提供商能夠利用 TD SYNNEX 解決方案工廠和我們基於雲的即點即用解決方案，並在幾分鐘內配置由 TD SYNNEX 構建的預配置雲解決方案。

This enabled the provider to deliver a solution to their end users more rapidly while reducing configuration and deployment process times by 75%. We have many examples like this and currently have over 7,500 of these solutions deployed, including offerings for software-defined data centers, hybrid cloud, hyper-converged infrastructures, analytics and security. We look forward to continuing to share updates with you on this important work.

這使得提供商能夠更快地向最終用戶提供解決方案，同時將配置和部署過程時間縮短 75%。我們有很多這樣的例子，目前已經部署了 7,500 多個此類解決方案，包括軟件定義數據中心、混合雲、超融合基礎設施、分析和安全產品。我們期待繼續與您分享這項重要工作的最新進展。

Now moving on to our merger integration efforts. As we approach the 2-year mark since we became TD SYNNEX, I'm pleased to report that we have realized our goal to achieve $200 million in merger-related cost synergies ahead of schedule.

現在繼續我們的合併整合工作。在我們成為 TD SYNNEX 已接近 2 年之際，我很高興地報告，我們已經提前實現了 2 億美元的合併相關成本協同效應的目標。

This is an important milestone and as a result of much hard work and effort by the teams across the company. As we move forward, we expect to realize an additional $50 million in cost optimization over the next several quarters. From an ERP systems perspective, we have made additional progress toward the completion of transitioning the Americas business to 1 system.

這是一個重要的里程碑，是整個公司團隊辛勤工作和努力的結果。隨著我們的前進，我們預計在接下來的幾個季度內將額外實現 5000 萬美元的成本優化。從 ERP 系統的角度來看，我們在完成美洲業務向 1 系統的過渡方面取得了額外進展。

Approximately 80% of our Americas business is now on CIS, and we remain on track with our transition goals. Importantly, this progress opens the door to realizing merger-related revenue synergies and to continually enhance our business. While we know that some revenue synergies have already begun to be realized, we believe this remains a more significant opportunity toward the end of 2023 and into 2024.

目前，我們大約 80% 的美洲業務都在 CIS 上，並且我們仍在朝著轉型目標邁進。重要的是，這一進展為實現合併相關的收入協同效應和不斷增強我們的業務打開了大門。雖然我們知道一些收入協同效應已經開始實現，但我們相信這在 2023 年底和 2024 年仍然是一個更重要的機會。

This month, we were honored to receive our updated Fortune 500 rating being named #64 on the list for 2023. This is a testament to the strong relationships that we maintain with our customers and vendors. During Q2, we were privileged to be recognized with several awards, including being named HP Partner of the Year, North America Distributor of the Year by Dell, HPE and Veeam, in addition to other regional awards.

本月，我們很榮幸地獲得了最新的《財富 500 強》評級，在 2023 年排行榜上排名第 64 位。這證明了我們與客戶和供應商保持的牢固關係。在第二季度，我們很榮幸獲得了多項獎項，包括被戴爾、HPE 和 Veeam 評為年度惠普合作夥伴、年度北美分銷商，以及其他區域獎項。

We also had the distinction of having 19 of our leaders recognized by CRN as top Women of The Channel last month, a well-deserved achievement and recognition of their significant contributions to our company and industry. We are proud of their achievements and continue to be committed to gender diversity as part of our overall DE&I strategy with the goal of increasing representation of female coworkers to 40% of leadership roles by 2030.

上個月，我們的 19 名領導者還被 CRN 評為頻道頂級女性，這是對她們對我們公司和行業做出的重大貢獻的當之無愧的成就和認可。我們為她們的成就感到自豪，並繼續致力於性別多元化，作為我們整體 DE&I 戰略的一部分，目標是到 2030 年將女性同事在領導職位中的比例增加到 40%。

We also closed on several new vendor partnerships during the quarter, including Gong, an AI-driven revenue intelligence platform and GitLab via an exclusive partnership to address DevSecOps and application modernization in Asia Pacific, Japan. These wins are indicative of our investment and commitment to grow in new technology areas, enabling us to continue offering our customers the most complete portfolio in the industry.

我們還在本季度結束了幾個新的供應商合作夥伴關係，包括人工智能驅動的收入情報平台Gong和GitLab，通過獨家合作夥伴關係解決日本亞太地區的DevSecOps和應用程序現代化問題。這些勝利表明了我們對新技術領域發展的投資和承諾，使我們能夠繼續為客戶提供業內最完整的產品組合。

Since the beginning of the fiscal year, we have added nearly 100 new vendors to our line card. In closing, as we contemplate fiscal Q3, while there remains some uncertainty in the macroeconomic environment, we are encouraged by the early signs of stabilization, with the resolution of the U.S. debt ceiling, reduced banking sector concerns and a serviceable supply chain.

自本財年開始以來，我們的產品線中新增了近 100 家供應商。最後，當我們考慮第三財季時，雖然宏觀經濟環境仍然存在一些不確定性，但隨著美國債務上限的解決、銀行業擔憂的減少和可用的供應鏈的穩定的早期跡象，我們感到鼓舞。

We expect TC ecosystem demand declines to reduce following the past couple of years of intense saying by our customers and driven by the factors I mentioned earlier. We remain well positioned to navigate the demand environment as highlighted by our performance this quarter, and we believe that the long-term drivers of IT spending remain intact.

經過過去幾年客戶的強烈言論以及我之前提到的因素的推動，我們預計 TC 生態系統的需求下降將會減少。正如本季度的業績所強調的那樣，我們仍然處於有利的地位，可以駕馭需求環境，並且我們相信 IT 支出的長期驅動因素仍然完好無損。

I'll now turn it over to Marshall for some additional comments about Q2 and our Q3 outlook. Marshall, over to you.

我現在將其轉交給馬歇爾，以獲取有關第二季度和第三季度前景的更多評論。馬歇爾，交給你了。

Thanks, Rich, and thanks to everyone for joining us today. Our earnings and cash flow profile remained strong this quarter. We delivered non-GAAP EPS of $2.43 per share within our previously guided range and generated over $700 million in cash flow from operations for the quarter, demonstrating the countercyclical nature of our business model.

謝謝里奇，也感謝大家今天加入我們。本季度我們的盈利和現金流狀況依然強勁。我們的非 GAAP 每股收益為 2.43 美元，處於之前的指導範圍內，本季度運營產生了超過 7 億美元的現金流，這證明了我們業務模式的反週期性質。

Our Q2 revenue performance was at the low end of the outlook range we provided in March and is a result of a demand environment that vary greatly between Endpoint and Advanced Solutions technologies. As customers prepared for the rapid shift to hybrid work over the past few years, growth for PC ecosystem products was well above historical trends. As Rich mentioned, demand for Endpoint Solutions is now declining, with customers digesting the increased investments made over the past couple of years.

我們第二季度的收入表現處於我們 3 月份提供的展望範圍的低端，這是端點和高級解決方案技術之間需求環境差異很大的結果。隨著客戶在過去幾年中為快速轉向混合工作做好準備，PC 生態系統產品的增長遠遠高於歷史趨勢。正如 Rich 提到的，隨著客戶消化過去幾年增加的投資，對端點解決方案的需求目前正在下降。

At the same time, Advanced Solution Technologies continued to see solid demand as customers focused on projects for data centers and continue to prioritize their cloud migrations. Given our broad portfolio and progress in high-growth technologies, we were able to leverage the areas of growth in Q2, increasing our market share for these technologies in North America and Europe.

與此同時，隨著客戶專注於數據中心項目並繼續優先考慮雲遷移，高級解決方案技術繼續看到強勁的需求。鑑於我們廣泛的產品組合和高增長技術方面的進展，我們能夠利用第二季度的增長領域，增加這些技術在北美和歐洲的市場份額。

Worldwide gross billings were $18.7 billion, down 4% in constant currency, while net revenue was $14.1 billion, down 7% year-over-year in constant currency. Given that a greater percentage of our sales came from Advanced Solutions in the quarter, more of the revenues were shown on a net basis in the quarter. If normalized for these additional gross to net adjustments, which primarily occur in Advanced Solutions, the year-over-year net revenue decline in constant currency was 4%.

全球總營收為 187 億美元，按固定匯率計算下降 4%，淨收入為 141 億美元，按固定匯率計算同比下降 7%。鑑於本季度我們的銷售額中有很大一部分來自高級解決方案，因此本季度更多的收入是按淨額顯示的。如果將這些額外的總淨收入調整（主要發生在高級解決方案中）標準化，則按固定匯率計算，淨收入同比下降 4%。

We continue to see solid growth in the high-growth technologies of cloud, security, data, AI, IoT and hyperscale infrastructure. And collectively, these areas grew in the low teens on a year-over-year basis and represented greater than 20% of our gross billings in the quarter.

我們繼續看到雲、安全、數據、人工智能、物聯網和超大規模基礎設施等高增長技術的穩健增長。總體而言，這些領域的同比增長率為 10% 以上，佔本季度總賬單的 20% 以上。

Non-GAAP gross profit was $969 million, and non-GAAP gross margin was 6.9%, up 45 basis points year-over-year. The improvement in gross margin was driven by a mix shift to Advanced Solutions and high-growth technologies. Total adjusted SG&A expense was $593 million, representing 4.2% of revenue, up $8 million year-over-year as we continue to make investments to enhance our capabilities in the strategic growth areas of the market.

非 GAAP 毛利潤為 9.69 億美元，非 GAAP 毛利率為 6.9%，同比增長 45 個基點。毛利率的提高是由向先進解決方案和高增長技術的混合轉變推動的。調整後的 SG&A 費用總額為 5.93 億美元，佔收入的 4.2%，同比增加 800 萬美元，因為我們繼續進行投資以增強我們在市場戰略增長領域的能力。

We expect SG&A expenses as a percentage of net revenue will return to the 3.5% to 4% range in the second half of fiscal '23 as we begin to realize the cost optimizations that Rich mentioned earlier. Non-GAAP operating income was $376 million, down 5.6% year-over-year, and non-GAAP operating margin was 2.7%, up 6 basis points year-over-year.

我們預計，隨著我們開始實現 Rich 之前提到的成本優化，SG&A 費用占淨收入的百分比將在 23 財年下半年恢復到 3.5% 至 4% 的範圍。非 GAAP 營業收入為 3.76 億美元，同比下降 5.6%，非 GAAP 營業利潤率為 2.7%，同比上升 6 個基點。

On a constant currency basis, non-GAAP operating income decreased 5% year-over-year. Q2 non-GAAP interest expense and finance charges were $72 million, $4 million better than our outlook, and the non-GAAP effective tax rate was approximately 24%. Total non-GAAP net income was $229 million and non-GAAP diluted EPS was $2.43 within our guidance range. Non-GAAP EPS for the quarter was down 11% year-over-year, including the impact of higher interest expense and FX translation, it would have been down 2% year-over-year.

按固定匯率計算，非 GAAP 營業收入同比下降 5%。第二季度非 GAAP 利息支出和財務費用為 7200 萬美元，比我們的預期高 400 萬美元，非 GAAP 有效稅率約為 24%。非 GAAP 淨利潤總額為 2.29 億美元，非 GAAP 攤薄後每股收益為 2.43 美元，在我們的指導範圍內。本季度非 GAAP 每股收益同比下降 11%，如果考慮到較高的利息支出和外匯換算的影響，則同比下降 2%。

Now turning to the balance sheet. We ended the quarter with cash and cash equivalents of $852 million and debt of $4.1 billion. Our gross leverage ratio was 2.3x, and net leverage was 1.8x and in line with our investment-grade credit rating and approaching our previously communicated target of 2x gross leverage ratio.

現在轉向資產負債表。本季度末，我們的現金和現金等價物為 8.52 億美元，債務為 41 億美元。我們的總槓桿率為 2.3 倍，淨槓桿率為 1.8 倍，符合我們的投資級信用評級，並接近我們之前傳達的 2 倍總槓桿率的目標。

Accounts receivable totaled $8.4 billion, down from $9.4 billion in the prior quarter and inventories totaled $7.8 billion, down from the $8.4 billion in the prior quarter. Net working capital at the end of the second quarter was $3.8 billion, down from $4.2 billion in Q1 due to declines in AR and inventory and partially offset by a decline in AP.

應收賬款總額為 84 億美元，低於上一季度的 94 億美元，庫存總額為 78 億美元，低於上一季度的 84 億美元。第二季度末的淨營運資本為 38 億美元，低於第一季度的 42 億美元，原因是 AR 和庫存下降，但 AP 下降部分抵消了這一影響。

The cash conversion cycle for the second quarter was 24 days, down 2 days from quarter 1, which was consistent with expectations and typical seasonal patterns. Cash from operations in the quarter was $708 million, and free cash flow was $677 million as the business demonstrated the benefits of its countercyclical balance sheet.

第二季度的現金周轉週期為 24 天，比第一季度減少 2 天，符合預期和典型的季節性模式。該季度運營現金為 7.08 億美元，自由現金流為 6.77 億美元，因為該業務展示了其反週期資產負債表的好處。

During Q2, we returned $93 million to shareholders via dividends of $33 million and share repurchases of $60 million. For the quarter, our Board of Directors has approved a cash dividend of $0.35 per common share, which equates to a dividend yield of approximately 1.5%, payable on July 28, 2023, to stockholders of record as of the close of business on July 14, 2023.

第二季度，我們通過 3300 萬美元的股息和 6000 萬美元的股票回購向股東返還 9300 萬美元。本季度，我們的董事會批准了每股普通股 0.35 美元的現金股息，相當於股息收益率約為 1.5%，將於 2023 年 7 月 28 日支付給截至 7 月 14 日收盤時在冊的股東，2023。

As Richard mentioned, we are happy to report that we met our merger-related cost synergy target ahead of schedule, realizing $30 million of incremental savings and over $200 million cumulatively. Despite our success in achieving merger synergies, there is more work to do to optimize our cost structure, especially given the unprecedented swing from strong market momentum exiting fiscal '22 to the year-over-year declines in revenue for the first half of fiscal '23.

正如理查德提到的，我們很高興地報告，我們提前實現了與合併相關的成本協同目標，實現了 3000 萬美元的增量節省，累計節省超過 2 億美元。儘管我們在實現合併協同效應方面取得了成功，但在優化我們的成本結構方面還有更多工作要做，特別是考慮到從 22 財年退出的強勁市場勢頭到上半財年收入同比下降的前所未有的波動23.

Over the next 3 quarters, we will be pursuing cost optimizations that will drive SG&A costs lower by approximately $50 million on a run rate basis. The cost savings will, in part, be enabled by the integration of our 2 ERP systems into 1 enterprise platform in the Americas.

在接下來的 3 個季度中，我們將尋求成本優化，使 SG&A 成本按運行率降低約 5000 萬美元。成本節約的部分原因是我們將 2 個 ERP 系統集成到美洲的 1 個企業平台中。

This opens up our full capabilities to dynamically manage and respond to where the market is going and provides us with confidence in realigning our cost structure to market conditions and to fully leverage cross-sell revenue opportunities.

這開啟了我們動態管理和響應市場走向的全部能力，並使我們有信心根據市場條件重新調整成本結構並充分利用交叉銷售收入機會。

So with this as the backdrop, let me now share our outlook for fiscal Q3 and high-level thoughts regarding Q4. We believe we will continue to see demand for PC ecosystem products improve and believe that fiscal Q2 and Q3 represent the trough levels for Endpoint Solutions, gross billings and net revenues.

因此，以此為背景，現在讓我分享我們對第三財季的展望以及對第四財季的高層想法。我們相信，我們將繼續看到對 PC 生態系統產品的需求改善，並相信第二財季和第三財季代表了端點解決方案、總賬單和淨收入的低谷水平。

For fiscal Q3, we expect gross billings of $18 billion to $19.3 billion, representing a 7% decline on a year-over-year basis in constant currency at the midpoint. We expect total revenue to be in the range of $13.5 billion to $14.5 billion, which equates to a 10% decline year-over-year on a constant currency basis at the midpoint.

對於第三財季，我們預計總營收為 180 億美元至 193 億美元，按固定匯率計算中值同比下降 7%。我們預計總收入將在 135 億美元至 145 億美元之間，相當於按固定匯率計算的中點同比下降 10%。

Our guidance is based on a euro to dollar exchange rate of 1.09. Non-GAAP net income is expected to be in the range of $206 million to $253 million, and non-GAAP diluted EPS is expected to be in the range of $2.20 to $2.70 per diluted share based on weighted average shares outstanding of approximately 93 million.

我們的指導基於歐元兌美元匯率 1.09。非 GAAP 淨利潤預計在 2.06 億美元至 2.53 億美元之間，非 GAAP 攤薄後每股收益預計在 2.20 美元至 2.70 美元之間（基於約 9300 萬股加權平均流通股）。

Non-GAAP interest expense is expected to be approximately $72 million, and we expect the tax rate to be approximately 24%. We believe market sentiment reflects a modest recovery beginning towards the latter part of Q3 and continuing into Q4 and would expect to see a seasonal sequential improvement in revenue of approximately 8% in Q4 as well as easier compares as we entered fiscal '24.

非 GAAP 利息支出預計約為 7200 萬美元，我們預計稅率約為 24%。我們認為，市場情緒反映了從第三季度下半年開始並持續到第四季度的溫和復蘇，預計第四季度收入將出現約 8% 的季節性環比改善，並且在進入 24 財年時，情況會更容易進行比較。

As a reminder, in Q4 of fiscal '22, we had a benefit of approximately $0.33 to non-GAAP EPS due to high margin recoveries, which we do not expect to repeat.

提醒一下，在 22 財年第四季度，由於高利潤率復甦，我們的非 GAAP 每股收益獲得了約 0.33 美元的收益，我們預計這種情況不會重複。

In closing, I'd like to provide some comments regarding capital allocation. Given strong free cash flow generation in Q2 and our continued confidence in generating over $1 billion in free cash flow for fiscal '23, we are focused on deploying cash opportunistically. We returned $241 million of capital to shareholders in the first half of the year and expect to increase that pace for the back half of the year by approximately $100 million, bringing our expected capital return for the back half of the year to approximately $340 million and the all-in total for fiscal '23 to [$530] million.

最後，我想就資本配置提供一些評論。鑑於第二季度自由現金流的強勁增長以及我們對 23 財年創造超過 10 億美元自由現金流的持續信心，我們將重點關注機會性的現金配置。上半年，我們向股東返還了 2.41 億美元的資本，預計下半年這一速度將增加約 1 億美元，使我們下半年的預期資本回報達到約 3.4 億美元， 23 財年的總金額為 [5.3 億美元]。

We will continue to be opportunistic with regards to capital allocation, while adhering to the general framework we have previously communicated to the market. With that, we are now ready to take your questions. Operator?

我們將繼續在資本配置方面保持機會主義，同時遵守我們之前向市場傳達的總體框架。至此，我們現在準備好回答您的問題了。操作員？

(Operator Instructions) Our first question is from Adam Tindle with Raymond James.

（操作員說明）我們的第一個問題來自 Adam Tindle 和 Raymond James。

Rich, I just wanted to start with maybe a macro question. And as we think back, one of your largest customers had a surprising end to their March quarter and a sizable cut to their forecast. And the question that investors are wondering this morning is the weakness that you've seen here on revenue, is that reflected in the data point from March because your quarter includes that month of March? Or have trends continued to weaken? And if you could, maybe touch on what's going on in the months of April, May and how June is shaping up. It would be very helpful. Then I've got a follow-up on cash flow for Marshall.

Rich，我只是想從一個宏觀問題開始。當我們回想起來時，你們最大的客戶之一在三月份季度的結尾令人驚訝，並且大幅削減了他們的預測。投資者今天早上想知道的問題是，您在這裡看到的收入疲軟是否反映在 3 月份的數據點中，因為您的季度包括 3 月份？還是趨勢繼續減弱？如果可以的話，也許可以談談四月、五月發生的事情以及六月的情況。這會很有幫助。然後我對馬歇爾的現金流進行了跟踪。

Sure. So first of all, obviously, we were to the low end of our revenue guide for the second quarter. So the demand in primarily the PC ecosystem or Endpoint Solutions were a little bit softer than we had anticipated. We did have some offsets from the Advanced Solutions business and high-growth technology business as it was stated in our prepared comments.

當然。首先，顯然，我們處於第二季度收入指南的低端。因此，主要是 PC 生態系統或端點解決方案的需求比我們預期的要軟一些。正如我們準備好的評論中所述，我們確實對高級解決方案業務和高增長技術業務進行了一些抵消。

We do see a little bit more volatility month-on-month as we had moved through Q2. I would say that it was a bumpier lows and highs relative to what we might see. So it felt as if it was a little bit more volatile. And I think, Adam, that this continuation of realigning, if you will, the PC ecosystem inventory across the entirety of the supply chain was perhaps a contributor to those Endpoint Solutions volumes being a little bit lower than anticipated.

隨著第二季度的過去，我們確實看到環比波動性更大一些。我想說，相對於我們可能看到的情況，這是一個更加坎坷的低點和高點。所以感覺好像有點不穩定。 Adam，我認為，如果您願意的話，整個供應鏈中 PC 生態系統庫存的持續重新調整可能是導致這些端點解決方案數量略低於預期的一個原因。

As we have stated, our view for the remainder of the year is that we'll see lesser declines in Q3 and Q4 moving forward, but we do believe that, that digestion continues. And as you know, as we move through time, there still are some reasonably tough comparison, they get easier as we move into next year.

正如我們所說，我們對今年剩餘時間的看法是，我們將看到第三季度和第四季度的下降幅度較小，但我們確實相信，消化仍在繼續。如您所知，隨著時間的推移，仍然存在一些相當艱難的比較，隨著我們進入明年，它們會變得更容易。

So we think that clearly, there is improvement on a year-over-year basement -- or basis moving through time -- it's still sort of a declining environment with lesser and lesser declines as we move through time. So that's kind of the summary.

因此，我們認為，顯然，同比基礎（或隨著時間的推移而變化的基礎）有所改善，但隨著時間的推移，它仍然是一個下降的環境，下降幅度越來越小。這就是總結。

Okay. That's helpful, Rich. And maybe, Marshall, as a follow-up, acknowledging cash flow very impressive in the quarter. And your decision to talk about deploying cash opportunistically, if I recall, it's been a little bit more programmatic on share repurchases and smaller in the past. So first part of that question would be maybe just taking us into the discussion and what's changing here from a qualitative perspective to move to this opportunistic stance.

好的。這很有幫助，里奇。也許，馬歇爾作為後續行動，承認本季度的現金流非常可觀。如果我記得的話，你決定談論機會主義地部署現金，過去在股票回購方面更加程序化，而且規模較小。因此，這個問題的第一部分可能只是帶我們討論一下，從定性的角度來看，這裡發生了什麼變化，轉向了這種機會主義立場。

And then secondly, if you could touch on the timing of cash flow over the next few quarters and for fiscal '24, there's been times in these models where we have the strong cash flow quarters that are followed by reversals. So I'm just wondering on the sustainability of cash flow from here.

其次，如果你能談談未來幾個季度和 24 財年的現金流時間，在這些模型中，有時我們會經歷強勁的現金流季度，但隨後會出現逆轉。所以我只是想知道這裡現金流的可持續性。

Yes. Thanks for the question, Adam. So programmatically, we will have in place the 10b5-1 program. And what that allows us to do is just have in place during all periods quiet and open to buy at various pricing levels based on what we believe to be the appropriate intrinsic value of the stock. The opportunistic aspect of that Adam will be when we see price changes in our stock and our ability to take advantage of that, we will.

是的。謝謝你的提問，亞當。因此，從編程角度來說，我們將製定 10b5-1 程序。這使我們能夠做的就是在所有時期內根據我們認為適當的股票內在價值以不同的定價水平進行安靜和開放的購買。亞當的機會主義方面將是當我們看到我們的股票價格變化以及我們利用它的能力時，我們會的。

So that will be more of a case-by-case and day-by-day decision in the second half. And thinking of the cash flow and timing, quarter 1, we were at 26 days. Quarter 2, we improved that to 24 days. So good improvement -- that was expected seasonally, but also at the same time, we did see some structural improvement that we think will hold.

因此，下半年這將更多地是根據具體情況和日常情況做出的決定。考慮到現金流和時間安排，第一季度我們的時間是 26 天。第二季度，我們將其縮短至 24 天。如此好的改善——這是季節性的預期，但同時，我們確實看到了一些我們認為會持續的結構性改善。

So as now we look for Q3, our expectation is for us to come down an improvement of probably about 1 cash day. And then Q4, based on our comments about the seasonality recovery of 8% sequentially, sometimes that does consume working capital. It's difficult to tell today, but still allows us to have confidence to achieve the $1 billion plus cash flow for '23 and thus, the increase in the second half of share repurchases by $100 million.

因此，現在我們展望第三季度，我們的預期是大約 1 個現金日的改善。然後是第四季度，根據我們對季節性複蘇 8% 的評論，有時這確實會消耗營運資金。今天很難說，但仍然讓我們有信心在 23 年實現 10 億美元以上的現金流，從而使下半年的股票回購增加 1 億美元。

And then your question about going into '24, we have said in our Investor Day and along the last couple of quarters that we still feel that, that medium-term target of being able to generate free cash flow of $1.5 billion is still reachable and attainable. I do think that coming out of '22, we were quite elevated on inventory. I think we acknowledge that and that we would expect some of that inventory to unwind. We have experienced that to date for the first half. We do expect that to continue to improve in the second half of '23.

然後是關於進入 24 世紀的問題，我們在投資者日和過去幾個季度中說過，我們仍然認為能夠產生 15 億美元自由現金流的中期目標仍然可以實現，並且可以達到的。我確實認為，從 22 年開始，我們的庫存水平就相當高了。我認為我們承認這一點，並且我們預計其中一些庫存會得到釋放。迄今為止，我們在上半年就經歷過這種情況。我們確實預計這種情況將在 23 年下半年繼續改善。

Okay. And then in '24 and over, I'm just seeing that you're under 2x net leverage, you've got over $5 billion of liquidity. And if cash flow is going to continue like this, I'd imagine the capital return story doesn't end here, but I don't want to put words in your mouth.

好的。然後在 24 年及以後，我只是看到你的淨槓桿率低於 2 倍，你擁有超過 50 億美元的流動性。如果現金流繼續這樣下去，我想資本回報的故事不會就此結束，但我不想把話放在你嘴裡。

That's correct. And as you know, it's not always linear. The indication of us increasing our share repurchase is not indicative of anything we're doing on the M&A front. So we're always going to take that with a balanced approach.

這是正確的。如您所知，它並不總是線性的。我們增加股票回購的跡象並不表明我們在併購方面正在做任何事情。因此，我們始終會以平衡的方式來對待這一問題。

The next question is from Michael Ng with Goldman Sachs.

下一個問題來自高盛的 Michael Ng。

I just have one on SG&A. Given that OpEx is 65% variable, I was surprised to see it up year-over-year. I know you mentioned the investments in the strategic growth areas that drove the elevated SG&A in the quarter. I was just wondering if you could talk a little bit more about that, what areas of growth were most impactful?

我只有一份關於 SG&A 的資料。鑑於運營支出有 65% 的可變性，我很驚訝地看到它同比增長。我知道您提到了戰略增長領域的投資，這些投資推動了本季度 SG&A 的增長。我只是想知道您是否可以多談談哪些增長領域最具影響力？

And then could you talk a little bit about the glide path towards coming back to that 3.5% to 4% range in the back half. Is it evenly split, more back weighted towards the fiscal fourth quarter? How are you thinking about that?

然後您能否談談後半段回到 3.5% 至 4% 範圍的下滑路徑。它是否平均分配，更多地偏重於第四財季？你覺得怎麼樣？

Yes. Thanks for the question. So first, I'll handle the first part and Marshall can assist on the glide path of the back half here. So first, when you think about Areas investment, we point towards the high-growth technologies. This would be cloud, analytics, cybersecurity and then our hyperscale infrastructure business. And you've been noting that those have been performing quite well for us over time. So that's sort of the first data point.

是的。謝謝你的提問。首先，我將處理第一部分，馬歇爾可以協助處理後半部分的滑行路徑。因此，首先，當您考慮領域投資時，我們會指向高增長技術。這將是雲、分析、網絡安全，然後是我們的超大規模基礎設施業務。您已經註意到，隨著時間的推移，這些對我們來說表現得非常好。這就是第一個數據點。

The second data point is when we think about our SG&A structure, there clearly has been an impact with inflationary measures across most of the SG&A category whether it be labor and logistics centers or whether it be some of the logistics and supplies like activities, which exist within that framework as well.

第二個數據點是，當我們考慮我們的 SG&A 結構時，通貨膨脹措施顯然對大多數 SG&A 類別產生了影響，無論是勞動力和物流中心，還是某些物流和供應等活動，這些活動都存在也在該框架內。

That being said, we've done a pretty good piece of work to think about where we're headed for the back half of the year and in FY '24 and have realigned, if you will, the trajectory of our spend to be consistent with getting us back to an overall business profile, and I'll let Marshall comment a little bit on that.

話雖這麼說，我們已經做了相當不錯的工作來思考今年下半年和 24 財年的發展方向，並重新調整了（如果你願意的話）我們的支出軌跡，以保持一致讓我們回到整體業務概況，我將讓馬歇爾對此發表一些評論。

Yes. Thanks, Rich. So just a few things to add, as we said in our prepared remarks, the near completion of our ERP in North America certainly enables us to drive a lot more opportunity for efficiencies across all areas, and that's not only just within SG&A, but that's margin optimization, pricing, scale, et cetera. So I think that gives us additional confidence to know that deploy it onto 1 system, we've got an opportunity to drive it down. Specifically to the $50 million in cost optimization, the way we see that play out in general terms is we'll start to feel that benefit in Q3, roughly around $10 million of incremental SG&A takeout.

是的。謝謝，里奇。因此，需要補充幾件事，正如我們在準備好的發言中所說，北美 ERP 的接近完成無疑使我們能夠在所有領域推動更多提高效率的機會，這不僅限於 SG&A，而且是利潤優化、定價、規模等。因此，我認為這讓我們更有信心知道將其部署到 1 個系統上，我們有機會降低它的性能。具體到 5000 萬美元的成本優化，我們一般認為，我們將在第三季度開始感受到這種好處，大約 1000 萬美元的增量 SG&A 支出。

We think there'll be another $15 million or so in Q4 incremental. We'll call that $25 million for the rest of '23. And then for fiscal '24 Q1, we expect the -- an incremental $25 million in Q1. So that's how we expect it to play out. I think just as Richard said, there's lots of things we need to consider that will be continued investments going forward.

我們認為第四季度還會有 1500 萬美元左右的增量。我們將在 23 年剩餘時間內將其稱為 2500 萬美元。對於 24 財年第一季度，我們預計第一季度將增加 2500 萬美元。這就是我們期望的結果。我認為正如理查德所說，我們需要考慮很多事情，這將是未來持續的投資。

Higher SG&A as it relates to our high-growth technologies will continue to be important to us. You've probably experienced and seen in the past when we have some heavier SG&A. Typically, that bears fruit 2 to 3 quarters down the road in terms of better returns, higher margin and cash flow coming back in through the door. So that's how we expect it.

更高的銷售及管理費用（SG&A）與我們的高增長技術相關，這對我們來說仍然很重要。您過去可能經歷過並看到過我們有一些較重的 SG&A。通常，這會在 2 到 3 個季度後產生成果，帶來更好的回報、更高的利潤率和現金流。這就是我們的期望。

In terms of the glide path for Q3, we'll probably be right around 4% in Q3 for SG&A as a percentage of revenue and then we'd expect to be between, call it, 3.6% to 3.8% as we enter Q4.

就第三季度的下滑路徑而言，第三季度的 SG&A 佔收入的百分比可能會在 4% 左右，然後當我們進入第四季度時，我們預計會在 3.6% 到 3.8% 之間。

The next question is from Joseph Cardoso with JPMorgan.

下一個問題來自摩根大通的約瑟夫·卡多佐。

Just one for me as well. As it relates to your AS business or your AS and high-growth technologies business. Just curious to get some more granularity around the trends that you're seeing there. Specifically, is that -- I guess there was some broader concerns from the investment community around maybe seeing a pullback as you kind of digest some of the backlog in that business. I guess, can you just touch on whether you're seeing trends track ahead of your expectations 90 days ago?

也只給我一份。因為它與您的 AS 業務或您的 AS 和高增長技術業務相關。只是想更詳細地了解您在那裡看到的趨勢。具體來說，我想投資界有一些更廣泛的擔憂，當你消化該業務的一些積壓訂單時，可能會出現回調。我想，您能談談您所看到的趨勢是否超出您 90 天前的預期嗎？

Are you seeing any pullback in terms of current demand trends or order trends? Just curious to see how that business is tracking relative to your expectations 90 days ago?

您是否發現當前需求趨勢或訂單趨勢出現回調？只是想知道該業務的進展情況與您 90 天前的預期相比如何？

Yes, a couple of things. Thanks for the question, Joe. So first, AS has been growing at a reasonably robust pace -- there's -- for sure, it's -- that growth rate has benefited from some backlog runoff.

是的，有幾件事。謝謝你的提問，喬。首先，AS 一直在以相當強勁的速度增長——當然，增長速度受益於一些積壓訂單的減少。

We are starting to reach sort of profile levels of backlog. Generally speaking, there are some very isolated pockets. So the way I kind of see it just to give you a trend here, is I think that the AS growth rate will be coming down, but there'll still be growth for the back half of the year, but at a bit of a lower growth rate. So if you think of the dynamics of our business, we talked about lesser declines in the PC ecosystem moving forward. I think we then have lower growth rates moving forward in the AS business.

我們開始達到某種積壓程度。一般來說，有一些非常孤立的口袋。因此，我的看法只是為了給大家一個趨勢，我認為 AS 增長率將會下降，但今年下半年仍然會出現增長，但幅度會有所下降。增長率較低。因此，如果您考慮一下我們業務的動態，就會發現 PC 生態系統未來的下滑幅度較小。我認為我們的 AS 業務的增長率會降低。

And then as well, the back half of last year, we had a very strong Hyve business, and we talked about the lumpiness of Hyve over the annual periods, and we think that Hyve will have less growth or perhaps decline as well in the back half of the year. So there's a changing dynamics going on within the portfolio.

然後，去年下半年，我們的 Hyve 業務非常強勁，我們談到了 Hyve 在年度期間的波動性，我們認為 Hyve 的增長將會放緩，甚至可能會下降。半年。因此，投資組合中正在發生變化。

I want to be clear that I think all of these are within the dynamic of the macro. And as we move forward and the macro gets healthier, I believe that the overall business -- all boats rise, so to speak, when we find ourselves at that point. And as we stated in the commentary, the trends here recently have been, I think, quite positive relative to the macro, but they could ebb and flow as well.

我想澄清的是，我認為所有這些都在宏觀的動態範圍內。隨著我們前進，宏觀經濟變得更加健康，我相信，當我們發現自己處於這一點時，整體業務——可以說，所有的船都會上升。正如我們在評論中所說，我認為，最近的趨勢相對於宏觀而言相當積極，但它們也可能會起伏不定。

So -- we talked about a clarity on the debt ceiling. We talked about the concern around the banking crisis or the banking issues kind of reducing quite significantly. And then there's a continued narrative around unemployment being low and GDP continuing to chug along. So we'll see how all of that plays out. But longer term, we absolutely are confident that IT will realign with its sort of normal growth attributes once we clear through this macro.

因此，我們討論了債務上限的明確性。我們談到了對銀行業危機或銀行業問題的擔憂顯著減少。然後，關於失業率低和國內生產總值繼續增長的持續敘述。所以我們將看看這一切是如何進行的。但從長遠來看，我們絕對有信心，一旦我們清除了這一宏觀因素，IT 將重新調整其正常增長屬性。

The next question is from Shannon Cross with Credit Suisse.

下一個問題來自瑞士信貸銀行的 Shannon Cross。

I wanted to ask about the revenue guidance. If PCs are getting a bit better, and yet at the low end, revenue would be lower. Like what went into, I guess, the range that you provided in terms of your thinking? And then I have a follow-up.

我想問一下收入指導。如果個人電腦變得更好一些，但仍處於低端，收入就會降低。我想，就像您提供的思維範圍一樣？然後我有一個後續行動。

I'll go first. So typically, what we do every quarter is do a bottoms-up review, and that's by product, by region, by leader. No different than what we've done in the past. So as we pull that together, we have a range of outcomes that typically we then take, and Rich and I will look at that to get a sense of the range of guide. And that's really how we formulate it. It's no different. We did articulate last quarter that it was a little bit more difficult, given just the uncertainty that we saw in the second half of the year.

我先走了。因此，通常情況下，我們每個季度都會進行自下而上的審查，按產品、按地區、按領導者進行審查。與我們過去所做的沒有什麼不同。因此，當我們將其整合在一起時，我們通常會得到一系列結果，然後我和里奇將研究這些結果，以了解指導範圍。這就是我們制定它的方式。沒什麼不同。上個季度我們確實明確表示，考慮到下半年我們看到的不確定性，這有點困難。

So it very much is an informed perspective and you can appreciate the Americas dynamics are different than Europe, and those are different than high growth and those impacts. For us, clearly, the high growth continues to be the leader and Endpoint now it's a matter of trying to determine how that recovers.

因此，這在很大程度上是一個明智的觀點，您可以理解美洲的動態與歐洲的不同，也不同於高增長和這些影響。對我們來說，顯然，高增長仍然是領先者，而端點現在的問題是試圖確定如何恢復。

So Rich, I don't know if you want to add anything?

這麼豐富，不知道你還有什麼要補充的嗎？

Yes, Shannon, if I think sequentially here for a second. First of all, just a reminder that we had a very strong back half of the year from memory, we had a 13% and 15% growth respectively. But if you think about it sequentially, I think the dynamic is lesser of a decline in PC than lesser of a growth rate in AS as sort of the backlog piece that fueled a little bit extra revenue growth is coming down a little bit. And then clearly, Hyve had back half of last year had some really big numbers. So it's really a remixing across the portfolio of those revenue dynamics that lead the range of the guide that Marshall had provided.

是的，香農，如果我按順序思考一下的話。首先，提醒一下，我們記憶中的下半年表現非常強勁，分別增長了 13% 和 15%。但如果你按順序考慮的話，我認為個人電腦的下降幅度小於AS的增長率，因為推動額外收入增長的積壓部分正在下降。很明顯，Hyve 去年下半年就取得了一些非常大的數字。因此，這實際上是對那些收入動態組合的重新組合，這些收入動態引領了馬歇爾提供的指南的範圍。

Okay. And then probably remiss not to ask about AI. Curious, can you talk about what you're thinking internally as well as what you're hearing from your customers and how maybe that can grow as part of some of your more solutions-oriented sales?

好的。然後可能會疏忽不詢問人工智能。很好奇，您能否談談您的內部想法以及您從客戶那裡聽到的信息，以及如何將其作為您更注重解決方案的銷售的一部分來發展？

Yes, sure. I actually read this morning a piece on AI and one of our vendors that was released by Union team. So thanks for those sites.

是的，當然。實際上，我今天早上讀了一篇由 Union 團隊發布的關於人工智能和我們的供應商之一的文章。所以感謝這些網站。

I'll give you up for a call on that soon.

我很快就會給你打電話。

So 3 buckets here. So first, in core distribution and I'm thinking now in terms of offerings, right? We fundamentally believe that we're going to see many offerings now AI infused. So there's not -- obviously, there will be applications out there that might sell sort of AI-as-a-Service, but we kind of see the embedded AI as being something that will lift the entire offerings portfolio, almost end-to-end and you had the piece talking about how AI might influence PC ecosystem. So as we move through time, I think offerings become more intelligent, more robust and likely we'll have an influence on some of the ASPs as we move through time.

所以這裡有3個桶。首先，在核心發行方面，我現在正在考慮產品，對吧？我們從根本上相信，現在我們將看到許多產品融入了人工智能。因此，顯然，不會有一些應用程序可以銷售某種人工智能即服務，但我們認為嵌入式人工智能將提升整個產品組合，幾乎是端到端的——最後，您有一篇文章討論了人工智能如何影響 PC 生態系統。因此，隨著時間的推移，我認為產品會變得更加智能、更加強大，並且隨著時間的推移，我們可能會對一些 ASP 產生影響。

Second, from a Hyve perspective, we all know that the hyperscalers are going to be building out a pretty big tranche over time of I'll call it, AI-tuned or AI-optimized servers and storage and networking and the entire sort of data center category. So that will be an opportunity for us to compete to continue to win business within that category.

其次，從 Hyve 的角度來看，我們都知道，隨著時間的推移，超大規模企業將構建相當大的一部分，我稱之為 AI 調整或 AI 優化的服務器、存儲、網絡以及整個數據類型。中心類別。因此，這將是我們競爭以繼續贏得該類別業務的機會。

And lastly, from an operations perspective and productivity. Obviously, we've been on a journey around machine learning and automation. And now we get a little bit supercharged with what I'll call more advanced AI capabilities. And candidly, we're really learning to determine where the best pursuits are for our operation in terms of using that new technology within our franchise overall. So those are the 3 sort of categories that we think about AI.

最後，從運營的角度和生產力的角度來看。顯然，我們一直在圍繞機器學習和自動化進行旅程。現在我們有了一些我稱之為更先進的人工智能功能的增強功能。坦率地說，我們確實正在學習確定在我們的整體特許經營範圍內使用新技術方面對我們的運營來說最好的追求是什麼。這些就是我們對人工智能的 3 種類別。

The next question is from Ruplu Bhattacharya with Bank of America.

下一個問題來自美國銀行的魯普魯·巴塔查亞 (Ruplu Bhattacharya)。

My first question is regarding the pricing environment. Are you seeing suppliers lower prices as commodity costs have come down? And are your own customers buying leaner configurations given the uncertain macro, so can you give us your thoughts on your ASPs?

我的第一個問題是關於定價環境。您是否看到供應商因商品成本下降而降低價格？鑑於宏觀形勢的不確定性，您自己的客戶是否會購買更精簡的配置，您能否告訴我們您對您的 ASP 的想法？

Yes. So Ruplu, to be clear, I'm going to address the ASPs predominantly within the PC ecosystem space. I mean, obviously, when you get into data center, following the configurations and the ebbs and flows, it makes it a bit more difficult. But actually, ASPs were up in the quarter, which might be a bit of a surprise.

是的。因此，Ruplu，需要明確的是，我將主要討論 PC 生態系統空間內的 ASP。我的意思是，顯然，當您進入數據中心時，遵循配置和潮起潮落，這會讓事情變得更加困難。但實際上，本季度平均售價有所上升，這可能有點令人意外。

This is for our business, but we see ASPs actually increasing. So therefore, I think we see inflationary impacts priced in and/or richer configurations. And at the same time, the volume declines were a little bit larger to get us to sort of the average unit revenue, if you will. So ASPs are holding up. However, within that higher ASP sort of band, there clearly is a continued level of price competition that's healthy.

這是針對我們的業務的，但我們看到平均售價實際上在增加。因此，我認為我們會看到通貨膨脹的影響已經反映在價格和/或更豐富的配置中。與此同時，銷量下降幅度更大，以便我們對平均單位收入進行排序（如果你願意的話）。因此，ASP 仍保持穩定。然而，在較高的平均售價範圍內，顯然存在持續的價格競爭，這是健康的。

So that's how I would describe it is there is definitely very healthy price competition out there. But at the same time, the ASPs have gone up a little bit on a year-to-year basis. And Marshall, I don't know if you have anything to add.

這就是我的描述，那里肯定存在非常健康的價格競爭。但與此同時，平均售價同比略有上升。馬歇爾，我不知道你是否還有什麼要補充的。

Yes. Just some color sequentially, Ruplu. Rich is right in terms of the ASP holding and improving year-over-year, clearly down in the PC ecosystem. But sequentially, we saw overall revenue improved. And so that was one of the reasons we also felt like there was some form of recovery underway. So just wanted to highlight that from a quarter-to-quarter perspective, we are starting to see the Endpoint Solution grow for Americas and Europe.

是的。只是一些連續的顏色，魯普魯。 Rich 在 ASP 持有量和同比增長方面是正確的，在 PC 生態系統中明顯下降。但隨後，我們看到整體收入有所改善。這就是我們也覺得某種形式的複蘇正在進行的原因之一。因此，我想強調的是，從季度到季度的角度來看，我們開始看到美洲和歐洲的端點解決方案有所增長。

Okay. For my follow-up, let me ask you a question on revenues and specific to the Americas region. This quarter, you had revenues declined 10% year-over-year in constant currency.

好的。對於我的後續行動，讓我問您一個有關美洲地區收入的問題。本季度，按固定匯率計算，您的收入同比下降 10%。

Can you give us your view on North America IT spending growth this year in 2023? And I think you said Endpoint Solutions, you expect a trough in fiscal 3Q. So let me ask you a little bit more detail on that. Why do you think 3Q is the trough? Why not 4Q? I mean what is giving you confidence in that 3Q will be the trough?

您能否告訴我們您對 2023 年北美 IT 支出增長的看法？我想你說過端點解決方案，你預計第三財季會出現低谷。讓我向您詢問更多細節。為什麼你認為3Q是低谷？為什麼不是4Q？我的意思是，是什麼讓您對第三季度將是低谷充滿信心？

And the last part of that question is Advanced Solutions, I think you've said would be slower in the second half. Is there any way to quantify that? Is that just because of tough year-on-year comparison or how much slower versus the first half year-on-year growth versus the second half? Any color you can give?

這個問題的最後一部分是高級解決方案，我想你說過下半年會慢一些。有什麼方法可以量化嗎？這僅僅是因為同比比較困難還是因為上半年同比增長比下半年慢了多少？你可以給什麼顏色？

Ruplu, thank you for the multipart question. Let me see if I can handle each one of those. Our experience in the Americas is that the challenge is clearly within the PC ecosystem. And for one reason or another, it has been more magnified than in the rest of the world. Now part of that is because in Europe, as an example, we have a broader Endpoint segment which is inclusive of mobile phones, which we don't have within the Americas.

Ruplu，謝謝您提出的多部分問題。讓我看看我是否可以處理其中的每一項。我們在美洲的經驗是，挑戰顯然來自 PC 生態系統。由於這樣或那樣的原因，它比世界其他地方更加被放大。部分原因是，以歐洲為例，我們擁有更廣泛的端點細分市場，其中包括移動電話，而美洲則沒有。

So that would be number 1. Number 2 is -- as it relates to Advanced Solutions and the slower growth as we move through, I see it as predominantly the backlog moving towards the profile and not having the increment on the revenue that we had in, I'll call it, the last 4 quarters, with backlog assisting to provide an extra jolt to that growth. And then as it relates to PCs and why we see lesser of a decline and we think the trough would be -- and we say in Q2/Q3, is truly because, number one, the inventory clearly has been digested across the supply chain.

因此，這將是第一。第二是 - 因為它與高級解決方案和我們經歷的增長速度較慢有關，我認為這主要是積壓的訂單轉向配置文件，並且沒有增加我們的收入我稱之為過去 4 個季度，積壓訂單為增長提供了額外的推動力。然後，由於它與個人電腦相關，以及為什麼我們看到下降幅度較小，我們認為低谷將會是——我們說在第二季度/第三季度，這確實是因為，第一，庫存顯然已經被整個供應鏈消化了。

Number 2 is we're beginning to see real stability in that backlog overall. Then the third part is we all read within the industry about the aging profile of the installed base out there. And some of the benefits of the new OSs, which are available in the market. And then some of those OSs, we know have an expiration date sometime in calendar '25, so generally speaking, the installed base starts to move when it gets aged and when there are productivity and mostly security benefits with some of the new offerings, and then that coupled with the expiration date. So -- and oh, by the way, the compares begin to get easier.

第二，我們開始看到整體積壓的真正穩定性。第三部分是我們在行業內讀到的有關現有安裝基礎的老化概況的信息。以及市場上可用的新操作系統的一些好處。然後，我們知道其中一些操作系統在 25 年日曆中的某個時間有到期日期，因此一般來說，當其老化並且某些新產品具有生產力和主要安全優勢時，安裝基礎開始移動，並且然後加上到期日期。所以——哦，順便說一下，比較開始變得更容易了。

So all of those things together are -- and then discussions clearly with vendors and customers, all those things together would lead us to sort of feelings if the trough is Q2, Q3. Hopefully, I answered all your questions.

因此，所有這些事情加在一起，然後與供應商和客戶進行明確的討論，如果低谷是在第二季度、第三季度，所有這些事情加在一起會讓我們有某種感覺。希望我回答了你所有的問題。

Yes, you did.

是的，你做到了。

The next question is from Keith Housum with Northcoast Research.

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

Appreciate the opportunity here. Rich, maybe perhaps touch a little bit based on the sales cycle. We're hearing a lot from the resellers and competitors that the sales cycle has just been elongated across board. But really don't think we've heard too much of that here from this discussion here. What are you guys seeing that in terms of for the quarter and for the rest of the year expectations?

珍惜這裡的機會。 Rich，也許會根據銷售週期稍微接觸一下。我們從經銷商和競爭對手那裡聽到很多消息，稱銷售週期剛剛全面延長。但真的不認為我們從這裡的討論中聽到了太多這樣的內容。你們對本季度和今年剩餘時間的預期有何看法？

So I think it's part of the decline that we've seen in PC and then moving forward to the lesser declines and then the AS growth rates that we talked about and then even within our Hyve business, we have tough compares in the back half of the year, and know that we'll be challenged from an overall sales perspective there. All of these things have multiple factors, Keith.

因此，我認為這是我們在 PC 中看到的下降的一部分，然後是較小的下降，然後是我們談到的 AS 增長率，甚至在我們的 Hyve 業務中，我們在後半段也進行了艱難的比較。今年，我們知道從整體銷售角度來看我們將面臨挑戰。所有這些事情都有多種因素，基思。

I think it starts with the macro and I talk about the macro and Marshall has a couple of time. And certainly, one of the outcomes of the macro are elongated sales cycles, more scrutiny, if you will, around the purchase, more on absolutely limiting the purchase to what's needed now as opposed to what can be foregone for a period of time. So I didn't -- maybe I didn't directly state that the protracted sales cycle time is an outcome. But certainly, I see it as tied to sort of the macro and a natural reaction given the macro.

我認為這要從宏觀開始，我談論宏觀，馬歇爾有幾次時間。當然，宏觀政策的結果之一是銷售週期延長，如果你願意的話，對購買進行更多的審查，更多地絕對限制購買現在需要的東西，而不是一段時間內可以放棄的東西。所以我沒有——也許我沒有直接指出銷售週期時間延長是一個結果。但當然，我認為它與某種宏觀因素以及宏觀因素的自然反應有關。

Great. I appreciate it. And just as a follow-up, with the additional cash flow that's available as the reduction of the business in putting that capital to use, how do you guys see the M&A environment today and your opportunities available to you?

偉大的。我很感激。作為後續行動，隨著資本使用業務的減少而提供額外的現金流，你們如何看待當今的併購環境以及您可以獲得的機會？

So I think M&A is something that we always have an active pipeline on, and we continue to engage on that pipeline. Things come in, things fall off. I would tell you that our M&A interests are pretty consistent with what they have been over time. As you well know, within this industry, there's the ability to grow organically, predominantly driven in the new technology areas. And there's the ability to grow inorganically and over the continuing -- continuum sorry, I think that both of those tools will be utilized in order to continue to drive our enterprise.

因此，我認為併購是我們一直有活躍​​渠道的事情，並且我們將繼續參與該渠道。東西進來，東西掉下來。我想告訴你，我們的併購興趣與長期以來的情況非常一致。眾所周知，在這個行業中，有能力實現有機增長，主要是在新技術領域推動的。並且有能力在持續的過程中進行無機增長——抱歉，我認為這兩種工具都將被利用，以繼續推動我們的企業。

And the next question is from Matt Sheerin with Stifel.

下一個問題來自 Stifel 的 Matt Sheerin。

I had a question on the gross margin. Marshall, the implied gross margin guide is roughly 6.7%. So down 20 basis points sequentially. You talked at the end of your comments, your opening comments about Hyve having some, I guess, some catch-up in some pricing with customers in that it was sort of a onetime positive impact. So could you talk about the expectations for gross margin, particularly as you get into the back half of the year with Advanced Solutions slowing and client devices picking up and particularly your consumer business also picking up seasonally. Should we expect gross margin to be down in Q4?

我有一個關於毛利率的問題。 Marshall 表示，隱含毛利率指導值約為 6.7%。因此連續下降 20 個基點。你在評論的最後談到了你的開場評論，我想，Hyve 在一些定價方面與客戶有一些趕上，因為這是一種一次性的積極影響。那麼，您能否談談對毛利率的預期，特別是進入今年下半年，高級解決方案放緩，客戶端設備回升，特別是您的消費者業務也季節性回升。我們是否應該預期第四季度毛利率會下降？

Yes. So I'll address the second half and then Rich certainly can chime in. So we think the gross margins probably come down slightly. Most of that, I think, Matt, is just due to seasonality. As you know, quarter 4 tends to be a little bit more PC weighted. And with that, it tends to have a little bit lower gross margin profile.

是的。所以我將討論下半年的問題，然後里奇當然可以插話。所以我們認為毛利率可能會略有下降。馬特，我認為其中大部分只是季節性所致。如您所知，第 4 季度的 PC 比重往往會更高一些。因此，它的毛利率往往會稍低一些。

But you're right, we had some onetime items that won't repeat themselves in Q4 for Hyve, and that definitely did benefit last year's quarter 4 margin -- gross margin. But generally said the majority of the uplift, if you think about the year-over-year comparison on gross margin are primarily to the mix shift between AS and ES, Matt. And also the increased amount of gross versus net that's taking place within the enterprise.

但你是對的，我們有一些一次性項目不會在 Hyve 的第四季度重複出現，這確實有利於去年第四季度的利潤率——毛利率。但一般來說，如果你考慮一下毛利率的同比比較，大部分的提升主要是 AS 和 ES 之間的混合轉變，Matt。此外，企業內部的毛額與淨額相比也有所增加。

We roughly have about a 3% higher grossing of those revenues year-on-year. So it does actually artificially or mathematically increase the margin profile, while gross profit dollars stay relatively consistent or constant relative to overall revenue volatility.

這些收入的總收入同比大約增加了 3% 左右。因此，它實際上人為或數學地增加了利潤率，而毛利潤相對於整體收入波動保持相對一致或恆定。

I have nothing to add. I think, Matt, as Marshall had said it, maybe marginally with the anticipation would be a sequential down a couple of basis points along the way, but fairly stable, I think, in Q4 then.

我沒什麼可補充的。我認為，馬特，正如馬歇爾所說，可能會隨著預期略有下降，一路上會連續下降幾個基點，但我認為，在第四季度相當穩定。

Okay. And then another question on macro and what you're seeing. You talked about -- Rich, about the enterprise being the weakest end market segment and SMB holding up relatively well. Is that your expectation or SMB may be lagging this cycle and they may get more cautious in terms of spending as you get into next year? Any insight or any visibility there?

好的。然後是關於宏觀和你所看到的另一個問題。您談到了 Rich，企業是最弱的終端市場領域，而中小企業的表現相對較好。您的期望或中小型企業是否可能會落後於這個週期，並且隨著您進入明年，他們可能會在支出方面變得更加謹慎？那裡有任何見解或可見性嗎？

Yes. So clearly, I think for the first half of the year, we've seen this trend. We talk about the -- I'll say, the larger customer set being where we see the biggest challenges and then SMB and MSPs offering a better outcome as it relates to productivity. I think, Matt it's a difficult question to ask -- answer, and I'll tell you why the part of this is because I believe there's a disproportionate consumption of new technologies, predominantly cloud and as-a-service based solutions that you follow technology cycles, they hit first in enterprise and then kind of make their way down.

是的。很明顯，我認為在今年上半年，我們已經看到了這種趨勢。我們談論的是——我會說，更大的客戶群是我們看到最大挑戰的地方，然後中小企業和 MSP 提供了更好的結果，因為它與生產力相關。我認為，馬特，這是一個很難問的問題 - 回答，我會告訴你為什麼這部分是因為我相信新技術的消耗不成比例，主要是你遵循的基於雲和即服務的解決方案在技​​術週期中，它們首先在企業中受到衝擊，然後逐漸下降。

So I think that my speculation is the growth rates of sort of cloud-oriented things are higher in SMB now than they are in enterprise because there's a bit more of a saturation.

因此，我認為我的猜測是，現在中小型企業中面向雲的事物的增長率高於企業中的增長率，因為飽和度更高一些。

So I think there's a benefit relative to the portfolio consumption in SMB kind of following the evolution, if you will, of some of these newer technologies being consumed there. And then you get into what happens with the macro and we find ourselves in a situation where when SMBs might be thinking of slowing that we have sort of an improvement in the macro. So it's sort of those things that might allow for a better transition within SMB and MSP as opposed to what we've seen in the, I'll call it, the larger end customers.

因此，我認為相對於中小型企業的投資組合消費，如果你願意的話，隨著其中使用的一些新技術的發展，會有一個好處。然後，當你了解宏觀方面發生的情況時，我們發現自己處於這樣一種情況：當中小企業可能考慮放慢速度時，我們在宏觀方面有所改進。因此，這些事情可能會允許 SMB 和 MSP 內部實現更好的過渡，而不是我們在（我稱之為）較大的最終客戶中看到的情況。

Okay. Great. And if I could squeeze in a third question just regarding your comments on Hyve and the fact that, that's going to be weaker in the second half. Could you just talk about -- I mean I know that there's lumpiness in that business, but how you're positioned sort of as you get past this digestion period or the slow period, how you're looking going into next year?

好的。偉大的。如果我能擠出第三個問題，只是關於您對 Hyve 的評論以及下半年的情況會更弱的事實。您能否談談——我的意思是，我知道該業務存在不穩定性，但是當您度過這個消化期或緩慢期時，您將如何定位，您對明年有何展望？

Matt. So yes, we -- it's a tough compare. The second half of '22 was exceptionally strong for Hyve and it was contributed for 3 equal reasons, the racks themselves continue to show strong demand. And our distribution network enabled us to perform those types of services for hyperscale customers and then spare parts, et cetera. It was just extremely healthy in the second half.

馬特。所以，是的，我們——這是一個艱難的比較。 22 年下半年，Hyve 表現異常強勁，其原因有 3 個相同的原因：機架本身繼續表現出強勁的需求。我們的分銷網絡使我們能夠為超大規模客戶提供這些類型的服務，然後提供備件等。下半場的表現非常健康。

So it just makes it a really tough compare. Sequentially, if you think about the behavior of Hyve from Q1 to Q2, good quarters, strong, good margin profile, those expect to come down a little bit in the second half. I think a lot of it is just connected to the overall thoughts of high-growth technology still having above average compared to core growth rate. That will continue, but it should abate.

所以這使得它成為一個非常艱難的比較。接下來，如果你考慮一下 Hyve 從第一季度到第二季度的表現，良好的季度、強勁、良好的利潤率狀況，預計下半年會略有下降。我認為這很大程度上與高增長技術與核心增長率相比仍高於平均水平的總體想法有關。這種情況將持續下去，但應該會減弱。

I think to your question about when does the digestion period end, we think we exit '23 and find ourselves in '24 kind of back in a normal growth rate pattern. It's hard to determine if that's a 5% growth, 10% growth, but we do think it's positive. And I will just reiterate the second half of this year, we expect Hyve to be down year-over-year, primarily just due to the tough compares.

我認為，對於你關於消化期何時結束的問題，我們認為我們退出了 23 年，發現自己回到了 24 年的正常增長率模式。很難確定這是 5% 的增長還是 10% 的增長，但我們確實認為這是積極的。我只想重申今年下半年，我們預計 Hyve 將同比下降，這主要是由於艱難的比較。

Yes. So -- and I would summarize Marshall's comment very simply by saying that my point of view is the Hyve ebb and flow here is strictly related to the macro. We're executing quite well in that business. We are participating in a lot of new design opportunities for the future. The business is executing solidly. And I think that -- this is sort of more of a macro as opposed to anything else, and the execution engine is quite strong.

是的。因此，我會非常簡單地總結馬歇爾的評論，說我的觀點是 Hyve 的潮起潮落與宏觀密切相關。我們在該業務上執行得相當好。我們正在參與許多面向未來的新設計機會。業務執行穩健。我認為，與其他任何東西相比，這更像是一個宏，而且執行引擎非常強大。

And then the final thing I'll say, which we say quite often to you, Matt, is that if you look at the annualized trailing 12 performance of Hyve for the last 3 years, they continue to show growth in top line and bottom line.

然後我要說的最後一件事，我們經常對你說，馬特，是，如果你看看過去 3 年 Hyve 的年化跟踪 12 業績，他們繼續顯示出收入和利潤的增長。

Our final question today is from Ashish Sabadra with RBC Capital Markets.

我們今天的最後一個問題來自加拿大皇家銀行資本市場的 Ashish Sabadra。

This is Patrick Jackson on for Ashish. In Europe, it's great to hear about the continued share gains. Could you share a bit more how trends have developed across Advanced Solutions and Endpoint in that region? And for your mobile distribution business in Europe that you mentioned earlier, could you talk about how demand has trended in the quarter and what you have seen from a supply chain perspective?

我是帕特里克·傑克遜（Patrick Jackson）為阿什什（Ashish）配音。在歐洲，很高興聽到股票持續上漲。您能否更多地分享一下該地區高級解決方案和端點的發展趨勢？對於您之前提到的歐洲移動分銷業務，您能否談談本季度的需求趨勢以及您從供應鏈角度看到的情況？

Sure. It's been an ongoing narrative for our business that the impacts of the PC ecosystem or endpoint solutions have been more significant in the Americas versus Europe. So although Europe has experienced declines in Endpoint Solutions, they have been much lower declines than in the Americas. As it relates to the mobile phone piece, it has been performing reasonably well.

當然。對於我們的業務來說，PC 生態系統或端點解決方案的影響在美洲比在歐洲更為重要，這一直是我們業務的一個持續的說法。因此，儘管歐洲的端點解決方案有所下降，但降幅遠低於美洲。就手機而言，它的表現相當不錯。

We have 2 providers that we are engaged with over there. And I'd say the demand has been reasonably solid over time. And we wouldn't anticipate any major change in that trajectory moving forward. And then lastly, from an Advanced Solutions perspective, the benefit of good growth in Advanced Solutions is sort of consistent globally, where each one of the regions are seeing that trend.

我們在那裡與 2 家供應商合作。我想說，隨著時間的推移，需求一直相當穩定。我們預計這一軌跡不會發生任何重大變化。最後，從高級解決方案的角度來看，高級解決方案良好增長的好處在全球範圍內是一致的，每個地區都看到了這一趨勢。

So I wouldn't say that it's out of the norm, Europe versus the rest of the world there. But I would say just being a little bit repetitive that in the last -- in the first half of the year, the outsized declines in PC ecosystem have been within the Americas. Thank you.

所以我不會說歐洲與世界其他地區相比這是不正常的。但我想稍微重複一下，去年上半年，個人電腦生態系統的大幅下滑發生在美洲。謝謝。

This conclude our question-and-answer session. I'll turn it over to Rich Hume for any closing comments.

我們的問答環節到此結束。我會將其轉交給 Rich Hume 以徵求結束意見。

So first, thanks to all of you for attending the call today. In closing, I want to thank our coworkers around the world for their persistence and can-do attitudes and staying focused and making sure that we keep at the forefront the success of our vendors and customers, which we rely upon to drive our business moving forward. Thanks to all of you for joining, and I hope you have a great day.

首先，感謝大家參加今天的電話會議。最後，我要感謝我們世界各地的同事，感謝他們的堅持和進取的態度，他們保持專注，確保我們始終處於供應商和客戶成功的最前沿，我們依靠這些來推動我們的業務向前發展。感謝大家的加入，希望你們度過愉快的一天。

This concludes today's conference call. You may now disconnect. Have a nice day.

今天的電話會議到此結束。您現在可以斷開連接。祝你今天過得愉快。