新聚思 (SNX) 2024 Q1 法說會逐字稿

Good morning. My name is Mandeep, and I'll be your conference operator today. I would like to welcome everyone to the TD SYNNEX First Quarter Fiscal 2024 Earnings Call. Today's call is being recorded. (Operator Instructions)

早安.我叫曼迪普，今天我將擔任你們的會議接線生。歡迎大家參加 TD SYNNEX 2024 財政年度第一季財報電話會議。今天的通話正在錄音。 （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，我想將電話轉接給投資人關係主管 Liz Morali，以供開場發言。 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, our CEO; and Marshall Witt, our CFO.

謝謝。大家早安，感謝您參加我們今天的電話會議。今天和我在一起的有我們的執行長 Rich Hume；和我們的財務長馬歇爾·威特 (Marshall Witt)。

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 demand, cash flow, our debt structure and shareholder return 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，包括有關需求、現金流、我們的債務結構和股東的陳述回報以及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.

由於今天的收益報告、我們今天提交的表格8-K 以及表格10-K 的風險因素部分和我們的表格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.tdsynnex.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，我們也將參考某些非 GAAP 財務資訊。 GAAP 與非 GAAP 業績的調整包含在我們的收益新聞稿和投資者關係網站 ir.tdsynnex.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. We had a strong start to the fiscal year with an improving IT spending environment, generating record margins, EPS at the upper end of our expectations, healthy free cash flow and continued strong capital returns to shareholders.

謝謝你，莉茲。大家早安，感謝您今天加入我們。我們本財年開局良好，IT 支出環境不斷改善，利潤率創歷史新高，每股收益超出我們的預期，健康的自由現金流以及持續強勁的股東資本回報。

Across the organization, we are poised to capitalize on a stabilizing demand environment for our core business while continuing to advance our strategy to expand our capabilities in strategic technology areas.

在整個組織中，我們準備好利用核心業務穩定的需求環境，同時繼續推動我們的策略，以擴大我們在策略技術領域的能力。

Importantly, we believe that the IT spending environment will continue to improve throughout the year and believe we will return to positive year-over-year gross billings growth next quarter, bolstered in part by the introduction and growth of infrastructure, components and services to support escalating AI-enabled workloads and applications.

重要的是，我們相信 IT 支出環境將在全年繼續改善，並相信下季度我們將恢復同比總賬單正增長，這在一定程度上得益於基礎設施、組件和服務的引入和增長，以支持不斷升級支援人工智慧的工作負載和應用程式。

We remain committed to returning excess free cash flow beyond dividends and M&A to shareholders via share repurchases, while also managing our leverage ratio. And today, we announced that our Board of Directors has approved a new additional $2 billion share repurchase authorization.

我們仍然致力於透過股票回購將股利和併購之外的多餘自由現金流返還給股東，同時管理我們的槓桿率。今天，我們宣布董事會已批准額外 20 億美元的新股票回購授權。

For our first fiscal quarter, revenue and gross billings were largely in line with our guidance ranges, with the backdrop of a recovering market and continued progress on our strategic portfolio diversification and global line card expansion efforts.

在我們的第一財季，在市場復甦以及我們的策略性投資組合多元化和全球線路卡擴張努力持續取得進展的背景下，收入和總帳單基本上符合我們的指導範圍。

From a regional perspective, trends in our markets played out as we had expected. In the Americas, we saw improving year-over-year trends in PCs and a record quarter in Latin America. Europe similarly experienced positive momentum in the PC market but faced challenging year-over-year comparisons in Advanced Solutions, given last year's record performance. Asia Pacific, Japan continued to experience year-over-year growth in constant currency fueled by strength in Advanced Solutions across multiple countries, including emerging markets.

從區域角度來看，我們市場的趨勢正如我們預期的那樣發展。在美洲，我們看到個人電腦的年比趨勢有所改善，拉丁美洲的季度業績創歷史新高。歐洲在個人電腦市場上也經歷了同樣的積極勢頭，但鑑於去年創紀錄的表現，高級解決方案面臨著具有挑戰性的同比比較。在亞太地區，日本在包括新興市場在內的多個國家先進解決方案實力的推動下，以固定匯率計算繼續實現同比增長。

Looking at our results by technology. Within Endpoint Solutions, as anticipated, we saw a slight growth on a year-over-year basis in PCs. We anticipate seeing continued improvement in the PC market as 2024 progresses, aligned with what several OEMs and industry participants have described as a second half weighted spending pattern. We believe this will be driven by several factors, including the new midyear launches of AI-enabled PCs, more customary refresh cycles associated with aged devices and operating system upgrades. This should also drive increased demand for some of our other PC-adjacent categories like peripherals and endpoint software.

透過技術來查看我們的結果。正如預期的那樣，在端點解決方案中，我們看到個人電腦比去年同期略有成長。我們預計，隨著 2024 年的進展，PC 市場將持續改善，這與一些 OEM 和行業參與者所描述的下半年加權支出模式一致。我們認為，這將受到多種因素的推動，包括年中新推出的支援人工智慧的個人電腦、與老化設備和作業系統升級相關的更習慣的更新周期。這也應該會推動我們其他一些與 PC 相關的類別（例如周邊設備和端點軟體）的需求增加。

Strength in the PC market was offset by softness in demand for mobile devices and some components, which weighed down our results overall in Endpoint Solutions.

PC 市場的強勁勢頭被行動裝置和某些組件的需求疲軟所抵消，這拖累了我們端點解決方案的整體表現。

Consistent with expectations, Advanced Solutions' year-over-year comparisons were challenged, given the elevated demand and backlog drawdown dynamics we saw in the first half of 2023. Regardless, we had a solid quarter in Advanced Solutions. In addition, we see the beginnings of AI offerings emerging in the portfolio. As an example, we had a very successful launch of Microsoft Copilot, where we enabled more than 2,000 partners with our launch campaign. Overall, we are well positioned to take advantage of the fast-growing AI market.

與預期一致，鑑於我們在 2023 年上半年看到的需求增加和積壓訂單減少動態，高級解決方案的同比比較受到了挑戰。無論如何，我們在高級解決方案方面的季度業績表現強勁。此外，我們也看到人工智慧產品開始出現在產品組合中。例如，我們非常成功地推出了 Microsoft Copilot，透過我們的發布活動為 2,000 多個合作夥伴提供支援。整體而言，我們處於有利地位，可以利用快速成長的人工智慧市場。

Our strategic vendor partnerships and enablement programs are helping us to create industry-leading aggregated solutions and serve as a destination for AI solutions in the channel. Momentum is clearly evident in building in this area.

我們的策略供應商合作夥伴關係和支援計畫正在幫助我們創建業界領先的聚合解決方案，並成為通路中人工智慧解決方案的目的地。該領域的建設勢頭明顯。

Last month, we announced an expanded collaboration with NVIDIA in North America, where we are distributing their full line of products, including GPUs, helping users and partners to access AI-augmented applications, model training and development, professional graphics, engineering and digital twin applications. We were also honored to be recognized last week by the NVIDIA Partner Network as the Distribution Partner of the Year in the Americas and look forward to our continued partnership.

上個月，我們宣佈在北美擴大與 NVIDIA 的合作，在北美分銷他們的全系列產品，包括 GPU，幫助用戶和合作夥伴訪問人工智慧增強應用程式、模型訓練和開發、專業圖形、工程和數位孿生應用程式.我們也很榮幸上週被 NVIDIA 合作夥伴網路評為美洲年度分銷合作夥伴，並期待我們繼續合作。

Additionally, we showcased our next-generation AI life cycle solutions from Hyve at NVIDIA's GTC AI Conference in San Jose last week. These products are tailored to the demands of AI data centers, hybrid cloud and edge deployments and include the design of liquid-cooled servers and racks.

此外，我們上週在聖荷西舉行的 NVIDIA GTC AI 大會上展示了 Hyve 的下一代 AI 生命週期解決方案。這些產品專為滿足人工智慧資料中心、混合雲和邊緣部署的需求而量身定制，包括液冷伺服器和機架的設計。

Beyond these accomplishments, we continue to execute on our goals to expand in the strategic technology areas and increase the value we bring to our partners. In our strategic technology areas, we experienced solid year-over-year growth in data, AI, IoT, cloud and security. Including Hyve, these technologies represented 23% of our total gross billings in Q1.

除了這些成就之外，我們還繼續執行我們的目標，擴大策略技術領域並增加我們為合作夥伴帶來的價值。在我們的策略技術領域，我們在數據、人工智慧、物聯網、雲端和安全方面實現了同比穩健成長。包括 Hyve 在內，這些技術占我們第一季總營收的 23%。

Underpinning these strong results are a multitude of programs and offerings designed to help our partners. To highlight a couple, first, we launched TD SYNNEX Cloud Labs as a solution aimed at accelerating the go-to-market process for our vendors. This virtualized environment facilitates proof-of-concept demonstrations that are flexible, scalable and cost efficient. This helps our vendors to bring solutions to market faster and more effectively.

這些強勁成果的基礎是旨在幫助我們的合作夥伴的眾多計劃和產品。首先，我們推出了 TD SYNNEX Cloud Labs 作為解決方案，旨在加速供應商的上市流程。這種虛擬化環境有助於靈活、可擴展且具成本效益的概念驗證演示。這有助於我們的供應商更快、更有效地將解決方案推向市場。

Second, we continue to invest in our StreamOne platform, adding several new application programming interfaces, or APIs, and launched new professional services automation, or PSA connectors, particularly used by managed service providers and which provide an increased ease and synchronization of products, customers and order changes. We believe now more than ever that our organization is well positioned across both our core and strategic technology portfolios. The challenged market environment over the past year has provided us an opportunity to showcase the strength and resilience of our business model, portfolio and capabilities.

其次，我們繼續投資於StreamOne 平台，增加了幾個新的應用程式介面(API)，並推出了新的專業服務自動化(PSA 連接器)，特別是由託管服務提供者使用，它提供了產品、客戶和產品的更輕鬆和同步。和訂單變更。我們現在比以往任何時候都更加相信，我們的組織在核心和策略技術組合方面都處於有利地位。過去一年充滿挑戰的市場環境為我們提供了展示我們業務模式、產品組合和能力的實力和彈性的機會。

Despite the headwinds in the market, we've pivoted to areas of growth and improved our business and margin mix towards strategic technologies and have also generated significant free cash flow, the majority of which we have returned to shareholders. We believe we have emerged even stronger from this period of market volatility and look forward to capitalizing on an improving IT spending environment, which we believe will allow us to deliver revenue growth, increased earnings per share and significant free cash flow generation, driving strong returns for our shareholders.

儘管市場存在阻力，我們仍將重點轉向成長領域，並改善了我們的業務和利潤結構，轉向策略技術，並產生了大量的自由現金流，其中大部分已返還給股東。我們相信，我們已經從這段市場波動時期變得更加強大，並期待利用不斷改善的IT 支出環境，我們相信這將使我們能夠實現收入增長、每股收益增加和顯著的自由現金流生成，從而推動強勁的回報為了我們的股東。

I will now pass it over to Marshall so that he can provide additional details on our financial performance and outlook. Marshall?

我現在將其轉交給馬歇爾，以便他能夠提供有關我們財務業績和前景的更多詳細資訊。馬歇爾？

Thanks, Rich, and good morning to everyone on today's call. As Rich mentioned, we were encouraged to see an improving market environment with revenue and gross billings in line with our guided ranges. Additionally, our broad portfolio and progress on expanding in strategic technologies, allowed us to further improve our profitability with strong margins, healthy free cash flow, EPS growth at the upper end of our expectations and robust returns to shareholders.

謝謝里奇，今天電話會議的大家早安。正如里奇所提到的，我們很高興看到市場環境不斷改善，收入和總帳單符合我們的指導範圍。此外，我們廣泛的產品組合和策略技術擴張方面的進展，使我們能夠進一步提高獲利能力，實現強勁的利潤率、健康的自由現金流、高於預期的每股盈餘成長以及對股東的強勁回報。

Moving to our fiscal first quarter performance. Fiscal Q1 total gross billings were $19.3 billion, down 5% year-over-year and in line with expectations, driven by a 7% decline in Endpoint Solutions and a 3% decline in Advanced Solutions. Net revenue was $14 billion, down 7.6% year-over-year. Gross-to net-revenue adjustments increased year-over-year due to the ongoing shift in our business mix and migration of a portion of Hyve's business to a consignment model. This negatively impacted our net revenue by 3% on a year-over-year basis but improved our gross margins by 23 basis points.

轉向我們第一財季的業績。第一財季的總營業額為 193 億美元，年減 5%，符合預期，主要受到端點解決方案下降 7% 和高階解決方案下降 3% 的推動。淨收入為 140 億美元，年減 7.6%。由於我們業務組合的持續轉變以及 Hyve 的部分業務向寄售模式的遷移，總收入與淨收入的調整同比有所增加。這對我們的淨收入同比產生了 3% 的負面影響，但使我們的毛利率提高了 23 個基點。

As we previously announced, starting this quarter, we are providing some enhanced data disclosures in our investor presentation. First, we are providing gross billings, net revenue and gross profit for the technology categories of Endpoint Solutions, which includes PCs, mobile devices, printers and peripherals; and Advanced Solutions, which includes cloud, servers, networking, storage, software and hyperscale infrastructure via our Hyve business. In addition, we are providing gross billings for our strategic technologies, which are cloud, security, data, AI, IoT and hyperscale infrastructure. Strategic technologies are primarily found in Advanced Solutions, but some categories are split into both Endpoint and Advanced Solutions.

正如我們之前宣布的，從本季度開始，我們將在投資者演示中提供一些增強的數據披露。首先，我們提供端點解決方案技術類別的總帳單、淨收入和毛利，其中包括個人電腦、行動裝置、印表機和周邊設備；進階解決方案，包括透過我們的 Hyve 業務提供的雲端、伺服器、網路、儲存、軟體和超大規模基礎架構。此外，我們也為我們的策略技術提供總帳單，這些技術包括雲端、安全性、資料、人工智慧、物聯網和超大規模基礎設施。戰略技術主要存在於高階解決方案中，但某些類別分為端點解決方案和高階解決方案。

For Q1, from a technology perspective, approximately 72% of Q1 gross billings were from hardware, 21% from software and 7% from services. As Rich mentioned, we were encouraged to see year-over-year growth in PCs as the market continues to stabilize. Non-GAAP gross profit was $1 billion and non-GAAP gross margin was 7.2%, up 52 basis points year-over-year due to a more profitable product mix and continued expansion in strategic technology areas, which also have higher gross-to-net adjustments.

對於第一季度，從技術角度來看，第一季總帳單的大約 72% 來自硬件，21% 來自軟體，7% 來自服務。正如 Rich 所提到的，隨著市場持續穩定，我們很高興看到個人電腦的年成長。非 GAAP 毛利潤為 10 億美元，非 GAAP 毛利率為 7.2%，較去年同期成長 52 個基點，原因是利潤較高的產品組合以及戰略技術領域的持續擴張，這些領域的毛利潤率也更高淨調整。

Total adjusted SG&A expense was $581 million, up $13 million year-over-year as we continue to make balanced strategic investments supporting expected growth for the rest of fiscal '24. SG&A expense was down $11 million quarter-over-quarter. Non-GAAP operating income was $425 million and non-GAAP operating margin was 3.04%, representing a year-over-year improvement of 11 basis points. Interest expense and finance charges were $76 million, $10 million worse than our outlook due to higher-than-expected borrowings. The non-GAAP effective tax rate was approximately 23% and in line with our forecast. Total non-GAAP net income was $266 million and non-GAAP diluted EPS was $2.99, at the upper end of our guidance range, driven primarily by outperformance on margins due to improved mix.

調整後的 SG&A 費用總額為 5.81 億美元，年增 1,300 萬美元，因為我們繼續進行平衡的策略投資，支持 24 財年剩餘時間的預期成長。 SG&A 費用季減 1,100 萬美元。非 GAAP 營業收入為 4.25 億美元，非 GAAP 營業利潤率為 3.04%，較去年同期增加 11 個基點。由於借款高於預期，利息支出和財務費用為 7,600 萬美元，比我們的預期低 1,000 萬美元。非 GAAP 有效稅率約為 23%，符合我們的預測。非 GAAP 淨利潤總額為 2.66 億美元，非 GAAP 攤薄後每股收益為 2.99 美元，處於我們指導範圍的上限，這主要是由於組合改善導致利潤率表現出色。

Now turning to the balance sheet. We ended the quarter with cash and cash equivalents of approximately $1 billion and debt of $4 billion. Our gross leverage ratio was 2.3x and net leverage was 1.7x, in line with our investment-grade credit rating. We are currently assessing our debt structure ahead of our upcoming $700 million senior note maturity in August of this year, and our current intention is to refinance some or all of that debt prior to its maturity. Accounts receivable totaled $8.9 billion, down from $10.3 billion in the prior quarter; and inventories totaled $7.1 billion, down slightly from the prior quarter.

現在轉向資產負債表。本季結束時，我們的現金和現金等價物約為 10 億美元，債務為 40 億美元。我們的總槓桿率為 2.3 倍，淨槓桿率為 1.7 倍，符合我們的投資等級信用評等。我們目前正在評估我們的債務結構，以應對今年 8 月即將到期的 7 億美元優先票據，我們目前的目的是在到期前為部分或全部債務進行再融資。應收帳款總額為 89 億美元，低於上一季的 103 億美元；庫存總額為 71 億美元，較上一季略有下降。

For the first quarter, net working capital was $3.2 billion, down from $3.3 billion in quarter 4; and the cash conversion cycle was 21 days, down 2 days from quarter 4. Cash from operations in the quarter was $385 million, and free cash flow was $344 million. We returned approximately 68% of free cash flow to shareholders in the quarter through $199 million of share repurchases and $36 million in dividend payments.

第一季淨營運資本為 32 億美元，低於第四季的 33 億美元；現金週轉週期為21天，比第四季減少2天。該季度營運現金為3.85億美元，自由現金流為3.44億美元。本季度，我們透過 1.99 億美元的股票回購和 3,600 萬美元的股息支付，向股東返還了約 68% 的自由現金流。

As Rich mentioned, with our newly announced share repurchase authorization of $2 billion, we now have $2.2 billion authorized for further share repurchases. For the current quarter, our Board of Directors has approved a dividend of $0.40 per common share, representing a 14% increase on a year-over-year basis, which will be payable on April 26, 2024, to stockholders of record as of the close of business on April 12, 2024.

正如 Rich 所提到的，隨著我們新宣布的 20 億美元股票回購授權，我們現在有 22 億美元的授權用於進一步股票回購。本季度，我們的董事會已批准派發每股普通股 0.40 美元的股息，同比增長 14%，將於 2024 年 4 月 26 日向截至 2024 年 4 月 26 日登記在冊的股東支付股息。2024 年4 月 12日結束營業。

Now moving to our outlook for fiscal second quarter. We expect non-GAAP billings of $18.4 billion to $19.6 billion, representing a growth of 1.5% on a year-over-year basis at the midpoint. We expect total revenue to be in the range of $13.3 billion to $14.9 billion, flat on a year-over-year basis at the midpoint. Our guidance is based on a euro-to-dollar exchange rate of $1.09.

現在轉向我們對第二財季的展望。我們預計非 GAAP 營收為 184 億美元至 196 億美元，中間值年增 1.5%。我們預計總收入將在 133 億美元至 149 億美元之間，與去年同期中位數持平。我們的指引是基於 1.09 美元的歐元兌美元匯率。

Non-GAAP net income is expected to be in the range of $219 million to $263 million, and non-GAAP diluted EPS is expected to be in the range of $2.50 to $3 per diluted share based on weighted shares outstanding of approximately 86.8 million. Our non-GAAP tax rate is expected to be approximately 23%. Interest expense is expected to be approximately $75 million and includes approximately $3 million of onetime interest expense and accelerated deferred costs associated with our anticipated debt refinancing.

非 GAAP 淨利潤預計在 2.19 億美元至 2.63 億美元之間，非 GAAP 攤薄後每股收益預計在每股 2.50 美元至 3 美元之間（基於約 8,680 萬股加權流通股）。我們的非 GAAP 稅率預計約為 23%。利息支出預計約為 7,500 萬美元，其中包括約 300 萬美元的一次性利息支出以及與我們預期的債務再融資相關的加速遞延成本。

Looking forward to the third and fourth quarters of fiscal 2024, we would expect interest expense of $70 million in quarter 3 and $75 million in quarter 4. These estimates include the impact of our anticipated debt refinancing and expected working capital requirements. From a gross billings perspective, we continue to expect mid- to high single-digit growth in the second half of the fiscal year, driven by further improvement in the market environment.

展望2024 財年的第三和第四季度，我們預期第三季的利息支出為7,000 萬美元，第四季的利息支出為7,500 萬美元。這些估計包括我們預期的債務再融資和預期的營運資金需求的影響。從總營收角度來看，在市場環境進一步改善的推動下，我們繼續預期本財年下半年將實現中高個位數成長。

We expect to generate approximately $1.2 billion of free cash flow for the fiscal year and remain committed to our medium-term capital allocation target of returning 50% of free cash flow to shareholders via both dividends and share repurchases, while remaining opportunistic on buybacks depending on market conditions.

我們預計本財年將產生約12 億美元的自由現金流，並繼續致力於實現我們的中期資本配置目標，即透過股利和股票回購將50% 的自由現金流返還給股東，同時在回購方面保持機會主義，取決於市場狀況。

In closing, our financial profile is strong and our resilient business model has enabled us to weather the volatile market conditions over the past several quarters, while continuing to generate strong free cash flow and robust returns to shareholders. We are working closely with our OEMs and vendors across both traditional and emerging technology growth areas and are seeing the benefits of our efforts to deliver enhanced solutions to our customers, positioning us well to capitalize on improving market demand over the next several quarters.

最後，我們的財務狀況強勁，彈性業務模式使我們能夠承受過去幾季波動的市場狀況，同時繼續為股東產生強勁的自由現金流和強勁的回報。我們正在與傳統和新興技術成長領域的原始設備製造商和供應商密切合作，並看到我們為客戶提供增強解決方案的努力所帶來的好處，這使我們能夠很好地利用未來幾個季度不斷增長的市場需求。

We are now ready to begin the Q&A portion of the call. Operator?

我們現在準備開始電話的問答部分。操作員？

(Operator Instructions) Our first question comes from the line of 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 的線路。

I wanted to start on the comments on PC optimism for the back half of the year. And maybe the question would be how that might manifest itself in results. So I think if I was to look at the past couple of years, the earnings weighting from the first half to the second half tend to be like 48% first half, 52% second half. Wondering if this year might be a little bit north of that 52% in the back half, given that commentary in PCs.

我想先談談今年下半年個人電腦樂觀情緒的評論。也許問題是這如何在結果中反映出來。所以我認為如果我看過去幾年，上半年到下半年的獲利權重往往是上半年48%，下半年52%。考慮到 PC 上的評論，我想知道今年下半年的比例是否會高於 52%。

And then secondly, just an update on the cost optimization. I think you had identified $50 million a couple of quarters ago. Just an update on the timing and what's reflected in results now.

其次，只是關於成本優化的更新。我認為您在幾個季度前就已經確定了 5000 萬美元。只是更新時間以及現在結果中反映的內容。

Adam, it's Marshall. Thank you for the question. In regards to the historical relation of first half, second half and your observation of being 48%, 52%, I think that's still fairly reasonable for this year. It may be a little bit heavier in the second half based on how we're forecasting acceleration and growth related to ES and AS in the second half of the year.

亞當，是馬歇爾。感謝你的提問。至於上半年、下半年的歷史關係以及你觀察到的48%、52%，我認為今年還是比較合理的。根據我們對下半年 ES 和 AS 相關加速和成長的預測，下半年的情況可能會更加嚴重。

On cost optimization, on the $50 million, that did translate and take care of itself through quarter 1 of '24. So where would the capture, that $50 million, and it's embedded in our run rates going forward.

在成本優化方面，5000 萬美元的成本確實在 2024 年第一季得到了轉換並得到了很好的解決。那麼，這 5000 萬美元將在哪裡獲得，它將包含在我們未來的運行率中。

Got it. Okay. Maybe just a follow-up on the share repurchase authorization. You knew I would ask one on that, and congratulations on it. I think that $2 billion, if I went through my notes, it was about double the last authorization. So could you just speak to the discussion on the size of the repurchase and how to think about timing of deployment? Realized the long-term framework, but I wonder if that allows you to be a little bit more opportunistic.

知道了。好的。也許只是股票回購授權的後續行動。你知道我會問這個問題，恭喜你。我認為，如果我仔細查看筆記，這 20 億美元大約是上次授權的兩倍。那麼您能否談談有關回購規模以及如何考慮部署時機的討論？實現了長期框架，但我想知道這是否能讓你更加投機取巧。

Yes. Thinking about our medium-term cash flow objective of reaching $1.2 billion -- or $1.5 billion in free cash flow, and then looking at our capital strategy in terms of returns, about 50% of our free cash flow we anticipate returning back to shareholders in the form of repurchases and dividends. So Adam, if you think about what that looks like per year, it's around $500 million to $525 million.

是的。考慮到我們達到 12 億美元的中期現金流目標，即 15 億美元的自由現金流，然後從回報方面考慮我們的資本策略，我們預計大約 50% 的自由現金流將在 2017 年返還給股東。回購和分紅的形式。 Adam，如果你想想每年的情況，大概是 5 億到 5.25 億美元。

So thinking about the $2 billion authorization, the reauthorization gives us that adequate coverage. For the next 2 to 3 years, it does allow us to be opportunistic. And in Rich's prepared remarks, we did -- he did mention that in addition to our free cash flow and our M&A and our reinvestment back in the business and our dividends and our mindfulness of leverage, if we find after that, that we have discretionary free cash flow to put back into repurchases, we may choose to do so.

因此，考慮到 20 億美元的授權，重新授權為我們提供了足夠的覆蓋範圍。在接下來的2到3年裡，它確實讓我們可以機會主義。在里奇準備好的演講中，我們確實——他確實提到，除了我們的自由現金流、我們的併購、我們對業務的再投資、我們的股息和我們對槓桿的關注之外，如果我們發現在那之後，我們還有自由裁量權自由現金流重新投入回購，我們可能會選擇這麼做。

Our next question comes from the line of George Wang with Barclays.

我們的下一個問題來自喬治·王與巴克萊銀行的對話。

I'd be remiss not to ask questions about AI. So two parts. Firstly, maybe you can double-click on the kind of AI data center-related build-out with the hyperscalers, specifically the Hyve segment. Maybe you can talk a little bit more how that's progressing and what sort of outlook going forward for the next few quarters on the Hyve segment.

如果我不問人工智慧的問題，那就太失職了。所以分為兩部分。首先，也許您可以雙擊與人工智慧資料中心相關的超大規模擴展，特別是 Hyve 部分。也許您可以多談談 Hyve 領域的進展情況以及未來幾季的前景。

Sure. This is Rich. I'm going to go a little bit more broadly. So when we think about AI as an opportunity for our business, we would anticipate that it's going to be a positive in every segment from the AI PC to a traditional infrastructure with infused AI capabilities, obviously, to the software portfolio, which we're already seeing today with deployments of Microsoft Copilot as an example. And then certainly, within our Hyve organization as well.

當然。這是里奇。我要講得更廣泛一些。因此，當我們將人工智慧視為我們業務的機會時，我們預計它將對每個領域產生積極影響，從人工智慧PC 到注入人工智慧功能的傳統基礎設施，顯然，再到我們正在開發的軟體產品組合。今天已經以 Microsoft Copilot 的部署為例。當然，在我們的 Hyve 組織內也是如此。

As you know, we've had traditional data center deployments, but we do see a mighty shift, if you will, towards AI-oriented build-out. So we would anticipate that moving forward. A good part of the mix in Hyve will shift into that AI sort of classification. So we're confident with regards to our organizational capabilities and really see it as a great opportunity as we move through the next 5-plus years.

如您所知，我們已經進行了傳統的資料中心部署，但如果您願意的話，我們確實看到了向面向人工智慧的擴建的巨大轉變。所以我們預計這種情況會繼續發展。 Hyve 中很大一部分的組合將轉變為人工智慧分類。因此，我們對我們的組織能力充滿信心，並確實將其視為我們未來五年多的絕佳機會。

Okay. Great. Just a quick follow-up on the AI PC. You kind of alluded to shipment starting from midyear. Just maybe you can give a little bit of color just in terms of your expectations for the ASP uplift associated with the AI PC. Also, how do you envision kind of the AI PC shipment to grow as a percentage of total of shipments within your portfolio? Maybe you can kind of give some color on those [potential].

好的。偉大的。只是對 AI PC 進行快速跟進。您提到從年中開始出貨。也許您可以就您對與 AI PC 相關的 ASP 提升的預期給出一些顏色。另外，您預計 AI PC 出貨量在您的產品組合中的總出貨量中所佔的百分比會如何成長？也許你可以對這些[潛力]做一些描述。

Yes, sure. So as we understand in the marketplace, the PC vendors will be emerging with their AI offering at the mid of this year into the back half of this year. Certainly, we would think that, that sort of element alone will be a net up as it relates to the ASPs for the PC segment. We anticipate AI-enabled offerings to be more expensive from an ASP perspective.

是的，當然。因此，根據我們在市場上的了解，PC 供應商將在今年年中到今年下半年推出他們的人工智慧產品。當然，我們認為，這種元素本身就將是一個網絡，因為它與 PC 領域的 ASP 相關。從 ASP 角度來看，我們預期人工智慧產品會更昂貴。

And then in the last quarter, I had talked about AI PC is maybe being a single-digit percentage of the market -- of the total PC market in the back half of this year versus total PC but then growing quite mightily as we move through '25 and '26.

然後在上個季度，我談到人工智慧 PC 可能只佔市場的個位數百分比——今年下半年的 PC 市場總量與 PC 總量相比，但隨著我們的發展，它的成長相當強勁'25 和'26。

Our next question comes from the line of Joseph Cardoso with JPMorgan.

我們的下一個問題來自約瑟夫·卡多佐（Joseph Cardoso）與摩根大通的對話。

I guess just first one from me, just another quarter of gross margin expansion, really impressive. I think it's seven now in a row on a sequential basis, and that's despite expectations for mix to be a bit of a headwind. Can you maybe just dig into that a little bit further around the margin outperformance, particularly like what was the surprise this quarter? And then as we look forward, particularly with PCs expected to recover, like how should we think about the potential pressures there on the margin side for the remainder of the year? And like what are the potential offsets that maybe we were not thinking of?

我想這只是我的第一個，毛利率又成長了四分之一，真的令人印象深刻。我認為現在已經是連續七次了，儘管人們預計混合會有點不利。您能否進一步深入探討利潤率表現，特別是本季的驚喜是什麼？然後，當我們展望未來時，特別是在個人電腦預計將復甦的情況下，我們應該如何考慮今年剩餘時間內利潤率的潛在壓力？我們可能沒有想到的潛在抵銷是什麼？

And then maybe I'll just throw in a quick follow-up. Can we just get an update around the new large customer in Hyve? I think there was a delay last quarter. Just curious in terms of how that ramp is tracking and how we should think about the ramp in magnitude through the course of fiscal '24?

然後也許我會快速跟進。我們能否了解 Hyve 新大客戶的最新情況？我認為上個季度有延遲。只是好奇這種成長是如何追蹤的，以及我們應該如何考慮 24 財年期間成長的幅度？

Thanks for the question or questions. Let me try and unbundle them one at a time. When we think about our margin profile improving as we sort of have moved through time, I'd like to offer a couple of thoughts. So the first one is when we think about our management system, we have the sellers across the organization really sort of aligned on delivering profitability. So our -- the sales incentives that we have in place, the systems that we have in place really afford us the opportunity to make sure that the whole organization is focusing on what's important.

感謝您提出問題或問題。讓我嘗試一次將它們解開。當我們考慮隨著時間的推移，我們的利潤狀況有所改善時，我想提供一些想法。因此，第一個是當我們考慮我們的管理系統時，我們整個組織的銷售人員在實現盈利方面確實保持了一致。因此，我們的銷售激勵措施和系統確實為我們提供了機會，確保整個組織都專注於重要的事情。

The second thought that I would give you, and we've been transparent and will continue to be so on this fact, as we move through time there, we're moving more towards products which are netting. So we get a natural uplift in the margin profile. I think Marshall, in his prepared remarks, said it was worth 23 basis points this past quarter. So that's something that exist because of the accounting situation. And it's another reason why we want everybody to be focused on gross billings as we move through time because we would anticipate that, that netting is going to continue moving forward. As you know, we've got a big focus on strategic technologies and a good lion's share of that portfolio just netted.

我要給你的第二個想法是，我們一直保持透明，並將繼續在這一事實上保持透明，隨著時間的推移，我們將更多地轉向淨額產品。因此，我們的利潤率自然提高。我認為馬歇爾在他準備好的演講中表示，上個季度的價值為 23 個基點。這是由於會計情況而存在的。這也是我們希望每個人隨著時間的推移都專注於總帳單的另一個原因，因為我們預計淨額結算將繼續向前推進。如您所知，我們非常關注戰略技術，並且剛剛獲得了該投資組合的很大一部分。

Then on the customer question that you had overall -- or let me back up. I missed one. On the -- what we should anticipate going forward, yes, we've had the benefit of a heavier Advanced Solutions, and you can see in the segmented results that we had -- the pro forma results that we had included in the financial information that Advanced Solutions has a more attractive gross profit margin.

然後關於您總體上提出的客戶問題——或者讓我支持一下。我錯過了一個。關於 - 我們應該預期的未來，是的，我們已經受益於更重的高級解決方案，您可以在我們的細分結果中看到 - 我們已包含在財務信息中的預計結果Advanced Solutions 的毛利率更具吸引力。

So we will see a remixing of the portfolio moving through time and almost by just the math, it would say that we'll trade off some margin as we have a heavier weight in the portfolio towards Endpoint Solutions. And obviously, the guidance that we provide going forward have an expectation relative to what that mix would be. And then lastly, the new customer at Hyve is up and ramping and things are executing as anticipated.

因此，我們將看到投資組合隨著時間的推移而重新混合，幾乎僅透過數學計算，這意味著我們將犧牲一些利潤，因為我們在投資組合中對端點解決方案的權重更大。顯然，我們未來提供的指導對這種組合有一個預期。最後，Hyve 的新客戶正在增加，事情正在按預期執行。

Joe, I'd just add a little bit of color to where we saw some good news in the quarter, and you'll see this in our press release where we break down the regional results. Europe had quite a bit of strength in their OI margin and OI profile on a non-GAAP basis. You can see both Americas and Europe on a gross billing perspective were down about 5%, but the margin profile was quite strong. So there are some suppliers and partners that performed or outperformed our expectation and then strategic technologies in general performed well in the quarter.

喬，我只是為我們在本季看到的一些好消息添加一點色彩，您將在我們分解地區業績的新聞稿中看到這一點。根據非公認會計原則，歐洲的 OI 利潤率和 OI 概況具有相當大的優勢。您可以看到美洲和歐洲的總帳單下降了約 5%，但利潤率相當強勁。因此，有一些供應商和合作夥伴的表現或超出了我們的預期，因此策略技術在本季整體表現良好。

Our next question comes from the line of Matt Sheerin with Stifel.

我們的下一個問題來自 Matt Sheerin 和 Stifel 的對話。

Rich, I wanted to just follow up on the PC commentary. I'm hoping that you can help us understand which end markets are you seeing -- starting to see year-over-year strength and which ones are lagging, for instance, SMB versus public sector versus enterprise and how you see that playing out?

Rich，我想跟進一下電腦版的評論。我希望您能幫助我們了解您所看到的終端市場 - 開始看到逐年增長的實力以及哪些市場滯後，例如，中小企業與公共部門與企業，以及您如何看待這種情況？

And the second part on the domain front, on the Advanced Solutions, I know you're up against tough comps last quarter, this quarter. You had a lot of backlog that you worked down. And the concern is that this digestion period, and we're going to be in a tougher year-over-year comps for the next couple of quarters or so. So how do you see that playing out as well?

關於領域前沿的第二部分，關於高級解決方案，我知道您在上個季度和本季面臨著艱難的競爭。你有很多積壓的工作要處理。令人擔憂的是，在這個消化期，我們將在接下來的幾個季度左右面臨更艱難的同比競爭。那麼您如何看待這種情況的發生呢？

I'm going to go first. This is Marshall, Matt. Thanks for the questions. I'll handle the second question about demand and let Rich talk about the PC side of things. But on demand, you're right. We called out that quarter 1 was going to be a tough year-over-year comparison, specifically in Europe as there was quite a bit of backlog that did play through. Quarter 2, we start to see it lighten up a little bit. I think March might be the last big month. But April and May, I think we're going to see some better compares.

我先走了。這是馬歇爾，馬特。感謝您的提問。我將處理關於需求的第二個問題，並讓 Rich 談談 PC 方面的事情。但根據要求，你是對的。我們指出，第一季將是一個艱難的同比比較，特別是在歐洲，因為確實有相當多的積壓。第二季度，我們開始看到情況有所改善。我認為三月可能是最後一個重要的月份。但四月和五月，我認為我們會看到一些更好的比較。

So I think that the backlog is at profile. I think it's been there for a few months, maybe even a couple of quarters now. So the digestion is through that. And I would say the growth rates and how they manifest themselves going forward, probably in Q2 and beyond, will be less impacted by backlog.

因此，我認為積壓情況已基本形成。我認為它已經存在了幾個月，甚至可能幾個季度了。所以消化就是透過這個。我想說的是，成長率及其在未來（可能在第二季及以後）的表現將受到積壓的影響較小。

With that all said, I think as we start to see growth, I wouldn't be surprised to see some working capital needs as we get in front of some of the buys that we expect that we're going to need to ensure that our vendors and our customers are taking care of in the second half of the year.

話雖如此，我認為當我們開始看到成長時，當我們在我們預期需要確保我們的一些購買之前看到一些營運資金需求時，我不會感到驚訝。供應商和我們的客戶將在下半年得到照顧。

Yes, Matt, on the PC question, remember, we had a very modest growth in Q1. As we think about quarters 2, 3 and 4, we see that growth expanding as we had said in our previous dialogue. And I kind of see it as an all boats rising right now when I think about the different dimensions of commercial, SMB, public sector, retail. There is no one area that is sort of outpacing the other in a significant way, but rather sort of a rising tide across the portfolio. Now obviously, that might change moving forward, but that's kind of what we're seeing right now.

是的，馬特，關於個人電腦問題，請記住，我們在第一季的成長非常溫和。當我們思考第二、第三和第四季時，我們看到成長正在擴大，正如我們在先前的對話中所說的那樣。當我思考商業、中小企業、公共部門、零售的不同維度時，我認為它現在正在崛起。沒有一個領域在很大程度上超越了另一個領域，而是整個投資組合呈現上升趨勢。顯然，這可能會改變，但這就是我們現在所看到的。

Our next question comes from the line of David Vogt with UBS.

我們的下一個問題來自瑞銀集團的大衛‧沃格特。

You spent a lot of time on PCs. Maybe can we pivot to sort of the more AI-centric product categories going forward as well, server, storage and networking? How are you seeing the demand environment today? Obviously, a lot of companies have posted relatively soft results. And how do we think about that in the context of your second half billings commentary regarding mid-single digits to double-digit growth?

您在電腦上花費了大量時間。也許我們可以轉向更多以人工智慧為中心的產品類別，例如伺服器、儲存和網路？您如何看待當今的需求環境？顯然，許多公司的業績都相對疲軟。在您下半年的比林斯評論中有關中個位數到兩位數增長的背景下，我們如何看待這一點？

And then I just have a follow-up question. On the model, should we expect sort of the same dynamic from a margin spread perspective on these products, if they are AI sort of centric or AI-enabled products versus where we are today from more of a traditional legacy data center footprint perspective?

然後我有一個後續問題。在模型上，如果這些產品是以人工智慧為中心或支援人工智慧的產品，而從傳統的遺留資料中心足跡的角度來看，我們今天的情況是否應該從利潤差的角度期待同樣的動態？

Yes, sure. So obviously, early days in AI, but maybe I'll double back on some comments on where we see things emerging. So first of all, on Microsoft Copilot, on our launch week, we had more than 2,000 partners engaged. And if I fast forward the current day, that has more -- dramatically more than doubled. So that, I'll call it, the software category is off and running. We've got a -- had a great launch. There's a lot of market excitement around AI software and Copilot, in particular.

是的，當然。顯然，這是人工智慧的早期階段，但也許我會再次評論一些我們看到的事物正在出現的地方。首先，在 Microsoft Copilot 的發布週，我們有超過 2,000 名合作夥伴參與其中。如果我快轉到今天，這個數字會增加一倍以上。這樣，我稱之為軟體類別就已經關閉並正在運行。我們的發布非常順利。尤其是人工智慧軟體和 Copilot 引起了許多市場的興奮。

The second, we talked about being sort of a full-service distributor for NVIDIA, and we were fortunate to be named their distribution partner of the year in the Americas. So there is a component aspect that is beginning to emerge that is also quite interesting.

第二，我們談論了成為 NVIDIA 的全方位服務分銷商，我們很幸運地被評為他們在美洲的年度分銷合作夥伴。因此，有一個組件方面正在開始出現，這也非常有趣。

Third, from some of the more traditional OEMs that focus within the server category, we see the emergence of some larger deployments, the larger than normal in all of the markets throughout the world. So this might be an end-user customer who has an oversized demand of servers with GPUs in them. So we see that beginning to emerge.

第三，從一些專注於伺服器類別的傳統 OEM 中，我們看到了一些更大規模的部署的出現，其規模比全球所有市場的正常規模都要大。因此，這可能是一位最終用戶客戶，他們對具有 GPU 的伺服器有過大的需求。所以我們看到這種情況開始出現。

And then, of course, as we said earlier, in our Hyve business which serves the hyperscalers, there's going to be a natural transition in that content, less traditional data center, more towards the AI sort of configured systems. So all of this is sort of building.

當然，正如我們之前所說，在為超大規模企業服務的 Hyve 業務中，內容將會自然過渡，不再是傳統的資料中心，而是更多地轉向人工智慧類型的配置系統。所以這一切都是一種建築。

At the same time, I think that we're going to be very focused on making sure we provide clear definitions for how we think about AI and what counts when we articulate particular sales numbers, et cetera. So that's work to do in the coming quarter or 2, which we'll make sure we provide.

同時，我認為我們將非常專注於確保我們為如何看待人工智慧以及在闡明特定銷售數字等方面的重要因素提供明確的定義。因此，這是未來一兩個季度要做的工作，我們將確保提供這些工作。

Then the last part is more of a general statement in terms of what we've experienced in the past with new technologies. Typically, new technologies come into the channel with a higher-margin profile than our average. And that's largely because the OEMs or the vendors want to help lead us to where they -- what they think is strategically important. So they typically enhance the margin profile. They also recognize that within there, we're going to have to be building skills and capabilities and services, which have some incremental costs and expenses associated with them.

最後一部分更多的是對我們過去在新技術方面的經驗的一般性陳述。通常，進入該通路的新技術的利潤率高於我們的平均水平。這主要是因為原始設備製造商或供應商希望幫助我們實現他們認為具有戰略重要性的目標。因此，他們通常會提高利潤率。他們也認識到，我們必須在那裡建立技能、能力和服務，這會帶來一些與之相關的增量成本和費用。

So at this point, it's early innings on AI. I can only talk about what we've seen in the past with new technologies. And that's kind of the way we think about it.

所以目前人工智慧還處於早期階段。我只能談談我們過去所看到的新技術。這就是我們思考問題的方式。

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

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

Yes. Rich, most of my questions have been answered. Curious about your expectation for acquisition revenue synergies for the year. Has there been any change there?

是的。 Rich，我的大部分問題都得到了解答。想知道您對今年收購收入綜效的預期。那裡有什麼變化嗎？

Yes. Let me talk about the acquisition, and I'll let Marshall talk about the revenue synergies here in a moment. So from an acquisition perspective, we continue to work a wide and robust pipeline of areas that we are interested in. Ideally, we look for opportunities that will allow us to enhance or accelerate our strategic focus areas.

是的。讓我談談這次收購，稍後我將讓馬歇爾談談這裡的營收綜效。因此，從收購的角度來看，我們將繼續在我們感興趣的領域中進行廣泛而穩健的工作。理想情況下，我們會尋找能夠增強或加速我們策略重點領域的機會。

We've talked in the past about the fact that within Europe and Asia Pacific, Japan, our market position is a little bit lighter than it is within North America, in particular. So those are attractive areas to us as well.

我們過去曾談到過這樣一個事實，即在歐洲和亞太地區、日本，我們的市場地位比在北美要輕一些，尤其是在北美。所以這些對我們來說也是有吸引力的領域。

We're patient. We look for the right match, and it could come in the form of what we -- what the market sometimes calls tuck-in acquisitions. But we do see opportunities to improve our portfolio going forward. So Marshall, over to you.

我們很有耐心。我們尋找合適的匹配，它可能以我們——市場有時稱之為「隱藏收購」的形式出現。但我們確實看到了未來改善我們的投資組合的機會。馬歇爾，交給你了。

On the revenue synergies, Vince, a few things to think about. So certainly, cross-selling is underway. As you know, the common platform in North America or in Americas regarding CIS is predominantly completed, so that's very helpful. It's difficult for us to quantify this early in the cycle. But certainly, we're seeing TAM associated with the vendors and customers who were complementary to emerge, begin to show benefit and gain traction. So we're seeing a lot of expansion in these complementary vendors, but it's still somewhat early to isolate and call that out.

關於收入協同效應，文斯，有幾件事需要考慮。當然，交叉銷售正在進行中。大家知道，北美或美洲關於CIS的通用平台已經基本完成，所以這是非常有幫助的。我們很難在周期的早期對此進行量化。但可以肯定的是，我們看到 TAM 與互補的供應商和客戶的出現、開始顯示出效益並獲得吸引力。因此，我們看到這些互補供應商進行了大量擴張，但現在將其隔離並指出還為時過早。

What we will do is as we can see that margin -- or excuse me, that market expansion grow in those vendors, we'll speak to it where it's meaningful.

我們要做的是，當我們看到利潤率時——或者對不起，這些供應商的市場擴張不斷增長，我們將在有意義的地方進行討論。

I think the other thing to keep in mind, too, is with our global footprint, we are starting to see complementary vendors and vendors that were coming across both organizations, utilize the global footprint to expand beyond what they currently had with the separate entities.

我認為另一件需要記住的事情是我們的全球足跡，我們開始看到互補的供應商和跨越兩個組織的供應商，利用全球足跡來擴展他們目前與單獨實體的關係。

And then maybe one more. How rapidly do you expect the expanded relationship with NVIDIA to ramp?

然後也許還有一個。您預計與 NVIDIA 擴大合作關係的進展速度有多快？

It's really hard to tell. Obviously, it's an area that is very robust in the market. So we would intend, as we always do, to get our fair share, if not more. We feel really good about what we have to offer in terms of our capabilities and our specialization within those spaces. And we're optimistic that this is going to be a great market for the foreseeable future.

這真的很難說。顯然，這是一個市場非常強勁的領域。因此，我們會像往常一樣，爭取公平的份額，甚至更多。我們對我們在這些領域的能力和專業化所提供的服務感到非常滿意。我們樂觀地認為，在可預見的未來這將是一個巨大的市場。

Our next question comes from the line of Michael Ng with Goldman Sachs.

我們的下一個問題來自高盛的 Michael Ng。

Just two for me. First, thank you for the new disclosures on endpoint and advanced. My question was around the gross margins. Are the 5% and 9% a good way to think about the gross margins for those respective categories? Are there certain things that you would call out that might cause that gross margin to deviate? And do you have any qualitative color on the year-over-year performance on gross profit? And then I have a quick follow-up.

對我來說只有兩個。首先，感謝您對端點和高級的新披露。我的問題是關於毛利率的。 5% 和 9% 是考慮各自類別毛利率的好方法嗎？您是否會指出某些可能導致毛利率偏差的因素？您對毛利的年比表現有什麼定性的看法嗎？然後我會進行快速跟進。

Mike, this is Marshall. Yes. Certainly, we're happy to provide these disclosures. Keep in mind that, that's on a net basis. So there's quite a bit of netting that happened certainly in the AS portfolio. There's a little bit in the ES. When you think about it on a gross basis, it's more around 6% gross margin for AS and 4%. We tried to show gross relationships from a billing perspective just because it ignores and removes the netting down.

麥克，這是馬歇爾。是的。當然，我們很樂意提供這些披露。請記住，這是基於淨值的。因此，AS 投資組合中確實發生了相當多的淨額結算。 ES裡有一點。從毛利率來看，AS 的毛利率約為 6%，而 AS 的毛利率則為 4%。我們試圖從計費角度顯示整體關係，因為它忽略並消除了淨額結算。

As we think about the portfolio and specific into quarter 1, we were quite surprised about the strength of our margins on a gross billings perspective. And we talked about some of the reasons why that's the case.

當我們考慮投資組合和具體到第一季時，我們對總帳單角度的利潤率實力感到非常驚訝。我們討論了造成這種情況的一些原因。

As we go forward, and we talked about this in our prepared remarks, as ES continues to show signs of acceleration and expectation that, that should continue in Q2 and beyond, that should have some gross margin headwinds or some reductions in the area of, call it, 15 bps, maybe 20 bps that is on gross margin and also on op margin when you compare it to gross billings. So I know we're throwing gross and net around there a lot.

隨著我們的前進，我們在準備好的發言中談到了這一點，因為ES 繼續顯示出加速的跡象，並預計這種情況應該在第二季度及以後持續下去，這應該會帶來一些毛利率阻力或在以下領域出現一些下降：當你將其與總帳單進行比較時，可以稱之為15個基點，也許20個基點，這是毛利率和營運利潤率。所以我知道我們在那裡投入了大量的資金和淨資金。

But takeaway is that Endpoint Solutions in quarter 2 probably has a little bit of a mix shift that should dampen some of our gross margin attributes. The last thing I'd say about that, Mike, is that, as you know, when we look at our margin profile, we also look at our return on working capital in both AS and ES support investments we make and the returns are quite healthy. They just have different attributes.

但重點是，第二季的端點解決方案可能會出現一些混合變化，這應該會抑制我們的一些毛利率屬性。關於這一點，麥克，我要說的最後一件事是，正如你所知，當我們查看我們的利潤狀況時，我們也會查看我們所做的AS 和ES 支持投資的營運資本回報率，回報率相當高。健康。他們只是有不同的屬性。

If you think about AS, it's a little bit of a lighter inventory touch because a lot of it is dropshipped into the customer site. Endpoint is a little bit heavier on the shelf, so we have to make sure that our working capital dynamics are supportive of that. Net-net, both makes sense but it does play out a little bit to a decline in our margin profile as we head into Q2 into the second half of the year.

如果您考慮 AS，您會發現它的庫存接觸量較小，因為其中許多都是直接運送到客戶站點的。 Endpoint 的貨架有點重，因此我們必須確保我們的營運資金動態能夠支持這一點。淨淨額，兩者都有道理，但隨著我們進入今年下半年的第二季度，它確實對我們的利潤率有所下降。

Great. That's very clear. And then as a quick follow-up, I also really appreciate the disclosures around billings by category. Any kind of high-level thoughts around long-term mix or midterm mix of billings by product category? And just as a point of clarification, does the netting kind of solely fit in software and services? Or does it come through other categories as well?

偉大的。這非常清楚。然後，作為快速跟進，我也非常欣賞按類別對帳單進行的披露。關於按產品類別劃分的帳單的長期組合或中期組合有什麼高層想法嗎？需要澄清的是，淨額結算僅適用於軟體和服務嗎？還是它也來自其他類別？

Yes, I'll start. So broadly stating across the portfolio circle, everything has a little bit of netting AS, of course, has more than ES, but even ES has some netting to it.

是的，我要開始了。綜上所述，在投資組合圈中，一切都有一點淨額結算，AS 當然比 ES 多，但即使是 ES 也有一些淨額結算。

If you think about the categories that we've called out, software continued to show, call it, decent at or better than growth attribute. Services certainly is growing year-on-year. I'd say the rest of those categories is where we're seeing the decline, and I'll call it the supporting of the reduction in the year-on-year decline in revenue growth.

如果您考慮我們所指出的類別，軟體將繼續顯示出良好的成長屬性或更好的成長屬性。服務確實在逐年增長。我想說，其餘類別是我們看到下降的地方，我稱之為收入成長同比下降幅度減少的支持。

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

我們的下一個問題來自 Ruplu Bhattacharya 與美國銀行的聯繫。

Thank you for the additional disclosures on billings and margins by product category. My first question is on billings. It looks like for Endpoint Solutions, billings were down 7% year-on-year. Was this as per your expectations? If PCs improved, were other items in this category down meaningfully from a billings standpoint?

感謝您按產品類別額外揭露帳單和利潤。我的第一個問題是關於帳單的。 Endpoint Solutions 的帳單較去年同期下降了 7%。這符合您的預期嗎？如果個人電腦得到改善，從比林斯的角度來看，該類別中的其他項目是否會大幅下降？

And Marshall, I think you had expected first half of '24 billings to be flat year-on-year. Looks like it's going to be down 1.5% to 2% year-on-year. So the question is, has anything changed on your expectation for full year billings? And should we still expect netted down items to impact 25%, 26% for the full year?

馬歇爾，我想您曾預計 24 年上半年的帳單將與去年同期持平。看起來年比會下降1.5%到2%。那麼問題是，您對全年帳單的預期有什麼變化嗎？我們是否仍應預期全年淨減損項目將影響 25%、26%？

I'll address the second question first and then let Rich talk about the billings and the AS features. So you're right, that's pretty close. We were still within our range of outcomes for quarter 1, but towards the lower end of that. So with that outcome, if you think about what we guided, we're roughly about 2% below the midpoint of expectations. And playing that through to quarter 1, we're about 2% below what we originally thought. So you played that out for the first half, yes, it's about 1% to 2% overall decline in revenue, but still pretty close to where we had expected. So I wouldn't call it any meaningful shift.

我先解決第二個問題，然後讓 Rich 談談帳單和 AS 功能。所以你是對的，這非常接近。我們仍處於第一季的結果範圍內，但已接近該範圍的下限。因此，就這一結果而言，如果你考慮我們的指導，我們大約比預期中點低 2% 左右。一直持續到第一季度，我們的成績比原想的要低 2% 左右。因此，上半年的收入總體下降了 1% 到 2% 左右，但仍然非常接近我們的預期。所以我不會稱之為任何有意義的轉變。

Now it's a matter of just how the recovery plays out. Quite possible we could end up catching up to that. But certainly, the expectation for the second half growth attributes for ES and AS, we still feel quite confident about.

現在的問題是復甦如何進行。我們很可能最終會趕上這一點。但當然，對於ES和AS下半年成長屬性的預期，我們還是很有信心的。

So Ruplu, within the category, the other segments would be mobile, components and peripherals, they were down. And I would tell you that relative to our expectation, some of the softness versus the midpoint manifested itself in mobile and components.

因此，Ruplu，在該類別中，其他細分市場將是行動裝置、組件和周邊設備，它們都在下降。我想告訴你，相對於我們的預期，相對於中點的一些疲軟表現在移動和組件方面。

Okay. You also talked about starting to see AI-related demand. I guess my question to you would be, do you think spending on AI-related items like AI servers, could have a cannibalizing impact on some of the non-AI-related products? Have you -- I mean what's your thought on that? I mean do you think that AI is a separate category and a separate spend? Or do you think the overall spend remains the same and one cannibalizes the other?

好的。您也談到開始看到人工智慧相關的需求。我想我問你的問題是，你認為在人工智慧伺服器等人工智慧相關產品上的支出是否會對某些非人工智慧相關產品產生蠶食影響？你對此有何看法？我的意思是，您認為人工智慧是一個單獨的類別和單獨的支出嗎？或者您認為整體支出保持不變，而其中一項支出會蠶食另一項支出？

So this is a personal opinion, and I need to characterize it is that AI will not be just the total increment up on the IT TAM. I believe that there are trade-offs that are made when new technologies emerge. Budgets don't immediately increment to handle this new category.

所以這是個人觀點，我需要說明的是，人工智慧將不僅僅是 IT TAM 的總增量。我相信，當新技術出現時，就會做出一些權衡。預算不會立即增加來應對這個新類別。

I think that there can be some trade-off, Ruplu, between AI infrastructure and other components of infrastructure. Cannibalization is a very strong word, so I wouldn't state that, but I'd leave it at logical trade-offs. Everybody needs to run their enterprises, and they need to make sure that they have an up-to-date and solid infrastructure to support that business.

我認為，Ruplu，人工智慧基礎設施和基礎設施的其他組成部分之間可能存在一些權衡。蠶食是一個非常強烈的詞，所以我不會這麼說，但我會在邏輯上進行權衡。每個人都需要經營自己的企業，並且需要確保擁有最新且可靠的基礎設施來支援這項業務。

And then in addition to that, taking a look at new value props associated within their enterprises for AI productivity. And that's the way I would think about it.

除此之外，也要看看企業內部與人工智慧生產力相關的新價值支柱。這就是我的想法。

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

我們的下一個問題來自 Ananda Baruah 與 Loop Capital 的對話。

I guess, Rich, what's your view or what do you see as the potential for the AI participation to foundational impact the company's revenue growth rate in coming years? And can you even, I guess as a part of that context, speak to the potential for ASP mix-up from Hyve since I think in a lot of cases, those servers can be meaningfully more expensive than traditional cloud servers. But also hearing your enthusiasm around the NVIDIA relationship, the GPU TAM for NVIDIA is pretty tremendous also. I mean I would have thought maybe just the GenAI AI-enabled PC, ASP uplift did impact you guys. But it sounds like you're working a handful of angles here sort of as well. So just would love your thoughts there.

我想，Rich，你的觀點是什麼，或者你認為人工智慧的參與對公司未來幾年營收成長率產生根本性影響的潛力是什麼？我想，作為這種背景的一部分，您甚至可以談談 Hyve 的 ASP 混合的可能性嗎，因為我認為在很多情況下，這些伺服器可能比傳統的雲端伺服器貴得多。但也聽到您對 NVIDIA 關係的熱情，NVIDIA 的 GPU TAM 也相當龐大。我的意思是，我以為也許只是 GenAI AI 支援的 PC、ASP 的提升確實對你們產生了影響。但聽起來你也在這裡嘗試了一些角度。所以我會喜歡你的想法。

Yes. So again, it's a personal judgment because it is early innings, but I think you're right, Ananda. When we think about this AI category, and we start to superimpose it on the traditional segments of IT, it's -- I think it's fair to conclude, at least at this point, that the configurations are going to be richer. By definition, the cost of some of the GPUs, which are in market are fairly material. And so therefore -- and by the way, when we think about a configuration to support an AI server to use that as an example, it generally is richer in market today.

是的。再說一遍，這是個人判斷，因為現在還處於早期階段，但我認為你是對的，阿南達。當我們考慮這個人工智慧類別，並開始將其疊加到傳統的 IT 領域時，我認為可以公平地得出結論，至少在這一點上，配置將會更加豐富。根據定義，市場上某些 GPU 的成本相當高。因此，順便說一句，當我們考慮支援人工智慧伺服器的配置時，以它為例，當今市場上的配置通常更豐富。

So look, I agree with you. I think the AI PC, the infrastructure categories of AI will all provide an increment within the ASP for some period of time. And the same would be true for software. If you take a look at traditional software that was in market, now the AI-enabled versions, the ASP, if we use that word for software, is higher. So I think that as that whole AI category provides some growth in market, it is fair to say that relative to the legacy things that they've been characterized where they'll clearly help with higher-level ASPs.

所以看，我同意你的觀點。我認為AI PC、AI的基礎設施類別都會在一段時間內在ASP中提供增量。對於軟體也是如此。如果你看市場上的傳統軟體，現在支援人工智慧的版本，ASP，如果我們用這個詞來形容軟體的話，會更高。因此，我認為，由於整個人工智慧類別提供了一些市場成長，因此可以公平地說，相對於它們所描述的遺留事物，它們顯然將有助於更高層級的 ASP。

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

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

I appreciate the detail as well with endpoint devices and Advanced Solutions. As we look at the gross billing split, roughly 40-60 this quarter, can you give us a little bit of historical perspective, how does that usually range, I guess, as we kind of think about the business? Is it historically has been more of a 50-50 mix? Or is it then more trending to where we're at now? And how can we expect that this trend over the next year or 2?

我也很欣賞端點設備和高級解決方案的細節。當我們查看本季度的總帳單比例（大約為 40-60）時，您能否給我們一些歷史視角，我猜，當我們考慮業務時，通常的範圍是怎樣的？歷史上是不是更多的是 50-50 的混合？或者說它更趨向我們現在所處的位置？我們如何預期未來一兩年內會出現這種趨勢？

Yes. I'm going to offer a thought while Marshall in the background is calculating in his mind how to respond to your question. So if you take a look at our balanced end-to-end portfolio where we show our different segments, when we were on this call about a year ago, we were talking about PCs being low 20%, right, of our portfolio. Now it sits at 16%. So there will be some recovery in that particular category, for sure, as we move through time. And this is why what Marshall talks about sort of a bit of a remixing of the margin and the portfolio as we move to the back half of the year.

是的。當馬歇爾在後台計算如何回答你的問題時，我將提出一個想法。因此，如果你看一下我們平衡的端到端產品組合，其中我們展示了不同的細分市場，大約一年前，當我們參加這次電話會議時，我們談論的是PC 在我們的產品組合中所佔比例低20%，對吧。現在該比例為 16%。因此，隨著時間的推移，這個特定類別肯定會出現一些復甦。這就是為什麼馬歇爾在我們進入下半年時談到了對利潤率和投資組合的某種重新混合。

My own personal speculation is that it's not going to sit at 16%. It probably is going to increment based on the recovery within that category. And so therefore, there will be some rebalancing of the endpoint and advanced in total. But Marshall, maybe you can provide that.

我個人的猜測是不會達到 16%。它可能會根據該類別的復甦而增加。因此，端點和高階總體上將會有一些重新平衡。但是馬歇爾，也許你可以提供這個。

Yes. Keith, I just want to make sure, the question was how does AS and ES mix going forward?

是的。 Keith，我只是想確定一下，問題是 AS 和 ES 未來如何混合？

Yes. Total.

是的。全部的。

Yes. It's 40-60. Historically, has it been 50-50? And can it go up at 70-30? Or is it usually pretty range bound?

是的。是40-60。從歷史上看，是50-50嗎？還能漲到70-30嗎？或者它通常是相當有限的範圍？

Yes. So it's definitely region dependent. If you think about Americas, they tend to be a little bit more heavily weighted toward AS. Europe, a little bit more weighted toward ES. Again, that's kind of a historical commentary. APJ tends to be kind of down the middle, sometimes they're a little bit more heavier weighted to AS. So it does depend on the region, and it does depend on the trend. But currently, the mix is a little bit more in favor of AS today.

是的。所以這絕對取決於地區。如果你考慮美洲，你會發現他們傾向於 AS 的比重更大一些。歐洲，更偏向 ES。再說一遍，這是一種歷史評論。 APJ 往往處於中間位置，有時它們對 AS 的權重稍微重一些。所以這確實取決於地區，也取決於趨勢。但目前，這種組合更傾向於 AS。

But we shouldn't expect ES to get to like 60%, even at the higher PCs, right?

但我們不應該期望 ES 能達到 60% 左右，即使在更高的 PC 上，對吧？

Really hard to tell, Keith. A lot of it is dependent on just acceleration and how we think -- how the second half will play. Our take is we like both, and we know that our vendors and customers need both and we have solutions both in many different ways to all our customer base. So kind of it all matters.

真的很難說，基斯。這在很大程度上取決於加速和我們的思考方式——下半場將如何進行。我們的看法是，我們兩者都喜歡，我們知道我們的供應商和客戶都需要兩者，並且我們以多種不同的方式為所有客戶群提供解決方案。所以這一切都很重要。

Okay. If I can just ask one more follow-up question. You guys used the word stable as well as improving when referring to the IT market demand. I don't want to parse words too closely, but it's kind of what we do, right? So as you kind of look at the rest of the year and you talk about improving demand, I guess, what sort of 2 or 3 factors that give you confidence that the market really truly is improving?

好的。如果我能再問一個後續問題嗎？你們在談到IT市場需求時，用了「穩定」和「改進」兩個字。我不想太仔細地解析單詞，但這就是我們所做的，對吧？因此，當您回顧今年剩餘時間並談論需求改善時，我想，哪 2 或 3 個因素讓您相信市場確實正在改善？

Well, I think first is if you take a look at our sequential sort of year-on-year declines, they've been narrowing as we've moved through the last couple of quarters. That would be number one.

嗯，我認為首先，如果你看一下我們連續的同比下降，你會發現，隨著我們過去幾個季度的發展，下降幅度一直在縮小。那將是第一。

Number two is obviously, we are going to start to lap on those tough compares where there was a lot of backlog rundown that propped up AS last year, and we get to wrap on the PC category. So I would just say that the cycles sort of provide an opportunity or catch up.

第二點顯然是，我們將開始進行那些艱難的比較，去年有大量的積壓訂單支撐了 AS，我們將結束 PC 類別。所以我想說，週期在某種程度上提供了機會或迎頭趕上。

Third would be AI, as we talked earlier, is going to offer new demand in the market that hopefully we'll be able to take advantage of moving forward. And so those are some of the thoughts.

第三個是人工智慧，正如我們之前談到的，它將為市場提供新的需求，希望我們能夠利用這一進步。這些是一些想法。

I would tell you that there still is some volatility relative to our expectations in categories. Obviously, when we take a look at Q1, it was a little bit softer than we thought at the midpoint. And gross billings and revenue came towards the lower end of our expectations. So I feel comfortable that the market is going to continue to improve moving forward. So -- but I'm sure there'll be some shorts and longs along the way.

我想告訴你的是，相對於我們對類別的預期，仍然存在一些波動。顯然，當我們看第一季時，中點的情況比我們想像的要軟一些。總帳單和收入接近我們預期的下限。因此，我對市場未來將繼續改善感到放心。所以——但我確信一路上會有一些空頭和多頭。

Our final question comes from the line of Ashish Sabadra with RBC Capital Markets.

我們的最後一個問題來自 RBC Capital Markets 的 Ashish Sabadra。

Just to follow up on a few questions that were asked before around the demand. I was thinking about more from a spending environment, like how much of the mid- to high single-digit gross billing growth in the back half of the year is contingent upon the IT spending increasing versus some of the company-specific dynamics, some of those which you laid out earlier in response to earlier questions, but also the headwind from the consignment model coming off possibly by third quarter of this year? So how much of it is potentially you winning a greater wallet share of the IT spend versus the IT spend actually improving as we get through the year?

只是為了跟進之前圍繞需求提出的幾個問題。我更從支出環境角度思考，例如今年下半年中高個位數的總帳單成長在多大程度上取決於 IT 支出的成長與一些公司特定的動態、您之前為回答先前的問題而列出的那些內容，以及寄售模式可能在今年第三季出現的阻力？那麼，與我們這一年中實際改善的 IT 支出相比，您有可能贏得更大的 IT 支出份額嗎？

Yes. So first, again, I'm going to repeat a comment that I had stated earlier. As we think about our future and having potentially a larger percentage or portfolio of things which are netted, gross billings are what we track and think about when we think about our productivity, et cetera. So that's an important feature.

是的。首先，我將再次重複我之前發表的評論。當我們思考我們的未來並可能有更大比例或更大的投資組合時，當我們考慮我們的生產力等時，我們會追蹤和考慮總帳單。所以這是一個重要的特徵。

Second is our stated strategy has always been to grow a little bit greater than the market. So we would anticipate that as we move forward, that we can maintain that sort of objective and hopefully be successful executing against it. So we're -- the net of the question is we hope to outgrow the market to some degree in the back half of the year.

其次，我們既定的策略始終是比市場成長得更快一些。因此，我們預計，隨著我們前進，我們可以保持這種目標，並希望能夠成功執行它。所以我們的問題是，我們希望在今年下半年某種程度上超越市場的成長。

And I would just add to that, Ashish, to Rich's comment about gross billings being a really important data point for us and your comment about consignment, we expect that gross versus net, which is highly correlated to our Advanced Solutions and strategic portfolio will probably continue. And so with that, it's very difficult to gauge accurately where net revenue may play out.

我想補充一點，Ashish，Rich 關於總賬單對我們來說是一個非常重要的數據點的評論以及您對寄售的評論，我們預計與我們的高級解決方案和戰略投資組合高度相關的總賬單與淨賬單可能會繼續。因此，很難準確衡量淨收入的表現。

We certainly report to it, both a meaningful GAAP number, but the gross billings is why we continue to make that a focus point for us in terms of its growth rate and its relationships to SG&A and op income, et cetera.

我們當然會向它報告，這都是一個有意義的公認會計原則數字，但總帳單是我們繼續將其作為我們的焦點的原因，包括其增長率及其與銷售管理費用和營運收入的關係等。

I would now like to turn the call over to management for closing remarks.

我現在想將電話轉交給管理階層進行總結發言。

Yes. First, thanks for everyone joining today. We really appreciate your interest in TD SYNNEX. We're proud of the quarter that we had just delivered, and I want to say thank you to our coworkers across the world who really made it a reality. They are on the ground every day executing and are focused on making sure that they provide the best service to our primary stakeholders of customers and vendors. So thanks to all of our coworkers. And I wish you all a great day. Thank you.

是的。首先，感謝大家今天的加入。我們非常感謝您對 TD SYNNEX 的興趣。我們對剛交付的季度感到自豪，我想對世界各地的同事表示感謝，是他們真正使這一目標成為現實。他們每天都在現場執行任務，並專注於確保為我們的主要利害關係人（客戶和供應商）提供最好的服務。感謝我們所有的同事。祝大家有個愉快的一天。謝謝。

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

今天的電話會議到此結束。您現在可以斷開連線。祝你今天過得愉快。