新聚思 (SNX) 2024 Q2 法說會逐字稿

Good morning. My name is Briana, and I will be your conference operator today. I would like to welcome everyone to the TD SYNNEX second-quarter fiscal 2024 earnings call. Today's call is being recorded. (Operator Instructions) 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.

早安.我叫 Briana，今天我將擔任你們的會議操作員。我謹歡迎大家參加 TD SYNNEX 2024 財政年度第二季財報電話會議。今天的通話正在錄音。 （操作員指示）此時，我想將電話轉接給投資人關係主管 Liz Morali。莉茲，你可以開始了。

Thank you. Good morning, everyone, and thanks for joining us for today's call. With me today are Rich Hume, CEO; Patrick Zammit, COO; and Marshall Witt, 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執行長 Rich Hume；派崔克‧札米特，營運長；和財務長馬歇爾·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 demand, positioning, growth, cash flow, and shareholder return as well as our expectations for future fiscal periods. 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.

在我們繼續之前，讓我提醒您，今天的討論包含前瞻性陳述。聯邦證券法意義範圍內的信息，包括對未來事件的預測、估計、預計或其他陳述，包括有關需求、定位、增長、現金流和股東回報以及我們對未來財政期間的預期的陳述。由於我們今天提交的 8-K 表格以及我們的 10-K 表格和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。 SEC 提交的報告和文件。

We do not intend to update any forward-looking statements. Also, during this call, we will reference certain non-GAAP financial information, including gross billings. 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. I will now turn the call over to Rich. Rich?

我們不打算更新任何前瞻性陳述。此外，在這次電話會議中，我們將參考某些非公認會計準則財務信息，包括總帳單。 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。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. On today's call, I will provide some thoughts regarding the industry and the drivers of our performance in Q2, followed by comments on the planned CEO transition we announced last week, and Patrick will speak briefly, and we'll close with commentary on our Q2 financial performance and Q3 outlook from Marshall prior to the Q&A session.

謝謝你，莉茲。大家早安，感謝您今天加入我們。在今天的電話會議上，我將提供一些有關行業和第二季度業績驅動因素的想法，然後對我們上周宣布的首席執行官換屆計劃發表評論，帕特里克將簡短發言，最後我們將對第二季度的評論進行結束在問答環節之前，Marshall 介紹了財務業績和第三季展望。

Starting with our Q2 performance. I will focus my comments on three areas. First, our markets have continued to stabilize, and we remain confident in our improving revenue and gross billings growth prospects for the back half of the fiscal year. Second, we delivered strong financial results and robust shareholder returns. And third, we believe AI is a meaningful opportunity for the company over the foreseeable future.

從我們第二季的表現開始。我將集中評論三個方面。首先，我們的市場持續穩定，我們對本財年下半年收入和總帳單成長前景的改善仍然充滿信心。其次，我們實現了強勁的財務業績和強勁的股東回報。第三，我們相信在可預見的未來，人工智慧對公司來說是一個有意義的機會。

The IT spending market continued to improve and after a prolonged period of challenging market conditions and transformation, which we navigated well, we returned to positive year-on-year gross billings growth in the quarter. Gross billings were up 3%, coming in at the high end of our guidance range. This growth came through all areas of our business, including endpoint solutions, advanced solutions and strategic technologies, which now represent 25% of our total business.

IT 支出市場持續改善，經過長期充滿挑戰的市場環境和轉型（我們順利應對），本季總帳單恢復了同比正成長。總收入成長了 3%，處於我們指導範圍的高端。這種成長來自我們業務的所有領域，包括端點解決方案、高階解決方案和策略技術，這些領域目前占我們總業務的 25%。

And as we enter the second half of the fiscal year, we continue to expect further acceleration in gross billings and revenue growth, fueled by PC refresh cycle, customer investments in data center and cloud deployments, increased hyperscale capital spending to meet the needs of both traditional and AI-enabled workloads and continued expansion in software, security, and data analytics.

隨著進入本財年下半年，我們繼續預計，在PC 更新週期、客戶對資料中心和雲端部署的投資以及為滿足兩者需求而增加的超大規模資本支出的推動下，總帳單和收入增長將進一步加速。

Our fiscal results in 2Q were strong, with growth and operating margin expanding, double-digit growth in non-GAAP earnings per share and robust capital returns to shareholders. Our broad end-to-end technology portfolio enabled us to capture growth in both the core and strategic areas, and we remain disciplined on cost, holding our expense to gross billings ratio flat sequentially.

我們第二季的財務表現強勁，成長和營業利潤率不斷擴大，非公認會計原則每股收益實現兩位數成長，股東資本回報強勁。我們廣泛的端到端技術組合使我們能夠在核心和策略領域實現成長，並且我們仍然嚴格控製成本，使我們的費用與總帳單比率保持平穩。

This strength, coupled by our confidence with an improving market environment allowed us to return over $520 million to shareholders through the first two quarters of this fiscal year, already representing nearly 70% of the total return to shareholders in fiscal '23.

這種優勢，加上我們對不斷改善的市場環境的信心，使我們在本財年的前兩個季度向股東回報超過 5.2 億美元，已佔 23 財年股東總回報的近 70%。

As we go forward, we remain committed to our balanced capital return framework. Since our last earnings call in March, the technology industry has continued to unveil a multitude of AI-related products, services, and announcement. As I've mentioned previously, I believe AI will be the next great transformative era for the technology sector.

在我們前進的過程中，我們仍然致力於平衡的資本回報框架。自從我們三月上次財報電話會議以來，科技業不斷推出大量與人工智慧相關的產品、服務和公告。正如我之前提到的，我相信人工智慧將成為科技領域的下一個偉大變革時代。

During my career, I've witnessed the advent and evolution of several other groundbreaking advancements such as the Internet, mobility, and cloud computing. We are just at the beginning of the AI era and by industry analyst accounts, the potential associated TAM expansion over time is significant.

在我的職業生涯中，我見證了互聯網、行動性和雲端運算等其他一些突破性進步的出現和發展。我們正處於人工智慧時代的開端，根據產業分析師的說法，隨著時間的推移，相關 TAM 擴展的潛力是巨大的。

A portion of that spend will come through business partner ecosystem, and we expect our business will benefit across components, devices, data center, cloud storage, networking as well as the related software, applications, and services. With our deep vendor partnerships, long-tenured customer relationships and service capabilities, we are well positioned to participate in this growth as the market evolves and are already seeing momentum and investments from our vendors and increased interest from our customers.

其中一部分支出將來自業務合作夥伴生態系統，我們預計我們的業務將從元件、設備、資料中心、雲端儲存、網路以及相關軟體、應用程式和服務中受益。憑藉我們深厚的供應商合作夥伴關係、長期的客戶關係和服務能力，我們有能力隨著市場的發展參與這一增長，並且已經看到了供應商的動力和投資以及客戶興趣的增加。

During the quarter, we launched the IBM watsonx Gold 100 program to accelerate AI opportunities for partners through enablement, training, business planning, sales acceleration, marketing, demand generation, expert services, and presale support. As part of this collaboration, we will establish IBM watsonx Centers of Excellence in four locations around the globe, where partners will be able to experience watsonx proof-of-concept solutions.

本季度，我們啟動了 IBM watsonx Gold 100 計劃，透過支援、培訓、業務規劃、加速銷售、行銷、需求產生、專家服務和售前支持，加速為合作夥伴提供 AI 機會。作為合作的一部分，我們將在全球四個地點建立 IBM watsonx 卓越中心，合作夥伴將能夠體驗 watsonx 概念驗證解決方案。

We are also honored to be named Microsoft's Global Copilot Seats Champion for the quarter, a testament to the successful Copilot launch we enabled earlier this year. Lastly, we were pleased to announce our High-Growth Technology Center of Excellence where partners can learn how to become a partner of the future, integrating AI with cloud, cybersecurity, data analytics, and modern infrastructure.

我們也很榮幸被評為本季微軟全球副駕駛座椅冠軍，這證明了我們今年稍早成功推出的副駕駛座椅。最後，我們很高興地宣布我們的高成長卓越技術中心，合作夥伴可以在這裡學習如何成為未來的合作夥伴，將人工智慧與雲端、網路安全、數據分析和現代基礎設施整合。

As I mentioned at the start of the call, I would like to make a few comments about the CEO transition we announced last week. First, let me take a moment to congratulate Patrick Zammit, who will succeed me as CEO of TD SYNNEX upon my retirement in September. Patrick has a long track record of success in our industry, having joined Avnet more than three decades ago, and he has been an excellent partner to me since becoming part of the company in 2017.

正如我在電話會議開始時提到的，我想就我們上周宣布的執行長換屆發表一些評論。首先，請容許我花點時間祝賀 Patrick Zammit，他將在我於 9 月退休後接替我擔任 TD SYNNEX 執行長。 Patrick 在我們行業擁有悠久的成功記錄，三十多年前就加入了安富利，自 2017 年加入公司以來，他一直是我的優秀合作夥伴。

During his tenure, he has excelled at driving growth and operational excellence across the organization. His business acumen and deep industry expertise coupled with his interest and dedication in building world-class cultures make him the ideal candidate to lead TD SYNNEX into the future.

在任職期間，他在推動整個組織的成長和卓越運作方面表現出色。他的商業頭腦和深厚的行業專業知識，加上他對建立世界一流文化的興趣和奉獻精神，使他成為領導 TD SYNNEX 走向未來的理想人選。

Since becoming our Chief Operating Officer earlier this year, Patrick has already accelerated the progress on our strategic initiatives and has fostered an even greater focus on driving profitable growth while continuing to deliver increased value to our customers, vendors, and coworkers.

自今年稍早成為我們的營運長以來，派崔克已經加快了我們策略計畫的進展，並更加重視推動利潤成長，同時繼續為我們的客戶、供應商和同事提供更高的價值。

As I look back on my career and the many accomplishments and milestones along the way, I can safely say that it has been an absolute privilege to lead the company and I look forward to continuing to work with the team as a member of the Board of Directors. I am incredibly proud of the company's achievements and the culture that we have built over the years. I will now pass it over to Patrick, so he can make a few comments. Patrick?

當我回顧我的職業生涯以及一路走來的許多成就和里程碑時，我可以有把握地說，領導公司是我的絕對榮幸，我期待著作為董事會成員繼續與團隊合作。我對公司多年來所取得的成就和我們建立的文化感到無比自豪。我現在將其轉交給帕特里克，以便他發表一些評論。派崔克？

Thank you, Rich. And thank you for your leadership and guidance as CEO. I am honored to have been selected to lead TD SYNNEX and look forward to continuing the legacy of success in partnership across the channel that Rich has established along with cultivating the vibrant and servant leadership-based culture that we are known for.

謝謝你，里奇。感謝您作為執行長的領導和指導。我很榮幸被選為 TD SYNNEX 的領導者，並期待在 Rich 建立的通路合作夥伴關係中繼續傳承成功傳統，同時培養我們聞名的充滿活力和服務型領導文化。

I am fortunate to inherit a best-in-class team, who deeply understands our purpose, mission, vision, and values. TD SYNNEX has an industry-leading set of capabilities and an unmatched ability to deliver value to our most critical stakeholders. We excel at helping to accelerate broad adoption of technology with our efficient go-to-market motion, and we constantly look to innovate challenging the status quo and increasing our value proposition. I look forward to building on the foundation we have established and continuing to accelerate our strategy and digitalization efforts to ensure we are constantly delivering the greatest value to our coworkers, partners, vendors, and shareholders.

我很幸運能夠繼承一支一流的團隊，他們深刻地理解我們的宗旨、使命、願景和價值觀。 TD SYNNEX 擁有業界領先的一系列能力和無與倫比的能力，能夠為我們最關鍵的利害關係人提供價值。我們擅長透過高效的上市行動幫助加速技術的廣泛採用，我們不斷尋求創新，挑戰現狀並提高我們的價值主張。我期待著在我們已經建立的基礎上再接再厲，繼續加速我們的策略和數位化工作，以確保我們持續為我們的同事、合作夥伴、供應商和股東提供最大的價值。

Thanks, Patrick. In closing, the pace of change across the IT industry continues to accelerate, necessitating partnerships across the channel, and we are solidly positioned with the industry's leading and emerging vendors and over 150,000 customers. This rapid pace of change requires us to stay agile and nimble, anticipating the needs of our partners and constantly increasing the value we deliver to them.

謝謝，派崔克。最後，整個 IT 產業的變革步伐不斷加快，需要跨通路的合作夥伴關係，而我們與產業領先和新興供應商以及超過 15 萬家客戶保持著穩固的關係。這種快速的變化要求我們保持敏捷和靈活，預測合作夥伴的需求並不斷增加我們為他們提供的價值。

We continue to see opportunities for growth across our business in geographic regions and have made solid progress in transforming our portfolio and margin profile with greater focus on accretive strategic technologies. Our capital structure is healthy, and we are committed to maintaining a balanced approach to capital allocation going forward.

我們繼續看到我們的業務在地理區域的成長機會，並在轉變我們的投資組合和利潤狀況方面取得了堅實的進展，更加註重增值策略技術。我們的資本結構健康，我們致力於維持未來資本配置的平衡方式。

Since this will be my last earnings call, I want to personally thank all of you for your support, ideas, and interest in our great company. I wish all of you a healthy and prosperous future. I will now turn it over to Marshall for additional commentary on Q2 and our Q3 outlook. Marshall?

由於這將是我最後一次財報電話會議，我想親自感謝大家對我們偉大公司的支持、想法和興趣。祝大家都有一個健康、繁榮的未來。我現在將其轉交給馬歇爾，以獲取有關第二季和第三季前景的更多評論。馬歇爾？

Thanks, Rich, and good morning to everyone on today's call. Let me also offer my thanks to Rich for his leadership as CEO and specifically his guidance through the merger, and congratulations to Patrick as he succeeds Rich.

謝謝里奇，今天電話會議的大家早安。我還要感謝里奇作為執行長的領導，特別是他在合併過程中的指導，並祝賀帕特里克接替里奇。

Now turning to our results. We had a strong performance in fiscal Q2 with results in line with our expectations, aided by an improving IT spending environment with gross billings growth in endpoint solutions, advanced solutions, and strategic technologies.

現在轉向我們的結果。我們在第二財季表現強勁，結果符合我們的預期，這得益於 IT 支出環境的改善以及端點解決方案、高級解決方案和戰略技術的總賬單增長。

We were pleased with our continued expansion in both gross and operating margins and strong EPS growth. Importantly, as Rich mentioned, we believe we are well positioned to benefit from accelerated growth in the back half of the fiscal year as the IT spending market has continued to rebound.

我們對毛利率和營業利潤率的持續擴張以及每股盈餘的強勁成長感到滿意。重要的是，正如 Rich 所提到的，我們相信，隨著 IT 支出市場持續反彈，我們將能夠從本財年後半段的加速成長中受益。

Total gross billings were $19.3 billion, up 3% year-over-year and toward the upper end of our guidance range, driven by a 1% increase in endpoint solutions and a 5% increase in advanced solutions. Importantly, as Rich mentioned, we returned to positive gross billings growth following a prolonged period with challenging market conditions, an encouraging proof point supporting our thesis that the IT spending market is rebounding. We have made investments that we believe will position us well to meet the new opportunities that this dynamic market is creating.

總營收為 193 億美元，年增 3%，接近我們指引範圍的上限，這主要得益於端點解決方案成長 1% 和高階解決方案成長 5%。重要的是，正如 Rich 所提到的，在經歷了長期充滿挑戰的市場條件後，我們恢復了總帳單成長，這是支持我們關於 IT 支出市場正在反彈這一論點的令人鼓舞的證據。我們相信這些投資將使我們能夠很好地迎接這個​​充滿活力的市場正在創造的新機會。

Net revenue was $13.9 billion, down less than 1% year over year. Gross-to-net revenue adjustments, again, increased year-over-year as software-as-a-service offerings continue to represent a greater portion of our overall business. This dynamic alone negatively impacted our net revenue by 4% on a year-over-year basis but improved our gross margins by 27 basis points. Given this continued trend in the industry and in our business, we believe the best measure of our top line growth is gross billings, which is not subject to these apples-to-oranges comparisons.

淨收入為 139 億美元，年減不到 1%。由於軟體即服務產品持續占我們整體業務的更大比例，總收入與淨收入的調整再次同比增加。僅此動態就對我們的淨收入造成了同比 4% 的負面影響，但使我們的毛利率提高了 27 個基點。鑑於產業和我們業務的持續趨勢，我們認為衡量收入成長的最佳指標是總營業額，這不受這些蘋果與橘子的比較。

For quarter two, from a technology perspective, approximately 75% of gross billings were from hardware, 19% from software, and 6% from services. This was aligned with our expectations as endpoint solutions, which is primarily represented in hardware, returned to growth and comprised a greater proportion of our total business. Strategic technologies experienced year-on-year growth in the mid-teens with strength across cloud, data center, AI, and security and with robust hyperscale infrastructure growth driven by the accelerated ramping of new business at Hyve. Strategic technologies now represent 25% of total gross billings, up from 22% in the year ago period.

第二季度，從技術角度來看，大約 75% 的總帳單來自硬件，19% 來自軟體，6% 來自服務。這符合我們的預期，因為主要以硬體為代表的端點解決方案恢復了成長，並在我們的總業務中佔據了更大的比例。戰略技術在雲端、資料中心、人工智慧和安全方面的實力以及在 Hyve 新業務加速成長的推動下實現了強勁的超大規模基礎設施成長，經歷了十幾歲左右的同比增長。策略技術目前佔總營業額的 25%，高於去年同期的 22%。

Non-GAAP gross profit was $974 million and non-GAAP gross margin was 7%, up 9 basis points year over year. As expected, our gross margin came down from Q1 level as endpoint solutions represented a greater portion of the overall business mix. Total non-GAAP SG&A expense was $586 million, down $7 million year-over-year or 3% of gross billings, as we exhibited good cost discipline while balancing investments in strategic growth areas. Another metric we utilize internally to assess our SG&A investments is SG&A as a percent of gross profit.

非 GAAP 毛利為 9.74 億美元，非 GAAP 毛利率為 7%，較去年同期成長 9 個基點。正如預期的那樣，我們的毛利率較第一季有所下降，因為端點解決方案在整體業務組合中所佔的比例更大。非 GAAP SG&A 費用總額為 5.86 億美元，年減 700 萬美元，佔總帳單的 3%，因為我們在平衡策略成長領域投資的同時表現出了良好的成本紀律。我們內部用來評估 SG&A 投資的另一個指標是 SG&A 佔毛利的百分比。

For quarter two we came in at 60.1%, an improvement from 61.2% in the prior year period. Non-GAAP operating income was $388 million and non-GAAP operating margin was 2.78%, representing a year-over-year improvement of 11 basis points. Interest expense and finance charges were $77 million and non-GAAP effective tax rate was approximately 23%. Total non-GAAP net income was $237 million and non-GAAP diluted EPS was $2.73, approaching the midpoint of our guidance range.

第二季我們的得分為 60.1%，比去年同期的 61.2% 有所提高。非 GAAP 營業收入為 3.88 億美元，非 GAAP 營業利潤率為 2.78%，年增 11 個基點。利息支出和財務費用為 7,700 萬美元，非 GAAP 有效稅率約為 23%。非 GAAP 淨利潤總額為 2.37 億美元，非 GAAP 攤薄後每股收益為 2.73 美元，接近我們指引範圍的中點。

Now turning to the balance sheet. We ended the quarter with cash and cash equivalents of approximately $1.2 billion and debt of $4.6 billion. Our gross leverage ratio was 2.6 times and net leverage was 2 times, elevated from the prior quarter due to the timing of our recent debt issuance. We expect to pay off the $700 million of senior notes maturing in August with cash on hand. I would expect our gross leverage ratio to be around 2.3 times by the end of the fiscal year. Accounts receivable totaled $8.9 billion and inventories totaled $7.1 billion, both consistent with 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 12 億美元，債務為 46 億美元。由於我們最近發行債券的時間安排，我們的總槓桿率為 2.6 倍，淨槓桿率為 2 倍，較上一季上升。我們預計將用手頭現金償還 8 月到期的 7 億美元優先票據。我預計到本財年末我們的總槓桿率將達到 2.3 倍左右。應收帳款總額為 89 億美元，庫存總額為 71 億美元，均與上一季持平。

For the second quarter, net working capital was $3.6 billion, up from $3.2 billion in quarter one, and the cash conversion cycle was 23 days, up two days from quarter one. Cash used in operations in the quarter was $115 million as Hyve, which is part of our strategic technologies experienced strong growth due to new business ramping.

第二季淨營運資本為 36 億美元，高於第一季的 32 億美元，現金轉換週期為 23 天，較第一季增加了 2 天。本季營運中使用的現金為 1.15 億美元，因為 Hyve（我們策略技術的一部分）由於新業務的增加而經歷了強勁增長。

Excluding these additional working capital requirements, our free cash flow generation was approximately $190 million. We returned $288 million to shareholders in quarter two with $254 million of share repurchases and $34 million in dividend payments.

排除這些額外的營運資金需求，我們產生的自由現金流約為 1.9 億美元。第二季度，我們向股東返還 2.88 億美元，其中回購股份 2.54 億美元，支付股利 3,400 萬美元。

For the current quarter, our Board of Directors have approved a dividend of $0.40 per common share representing a 14% increase on a year-over-year basis, which will be payable on July 26, 2024, to stockholders of record as of the close of business on July 12, 2024. Thus far this fiscal year, we have returned over $0.5 billion to shareholders.

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，年增 14%，將於 2024 年 7 月 26 日向截止收盤時在冊的股東支付股息。本財年迄今為止，我們已向股東返還超過5 億美元。

Moving now to our outlook for the fiscal third quarter. We expect non-GAAP gross billings of $18.9 billion to $20.1 billion, representing growth of 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, up 1% on a year-over-year basis at the midpoint. Our guidance is based on a euro to dollar exchange rate of [1.08].

現在轉向我們對第三財季的展望。我們預計非 GAAP 總營收為 189 億美元至 201 億美元，中間值年增 5%。我們預計總收入將在 133 億美元至 149 億美元之間，中位數年增 1%。我們的指引是基於歐元兌美元匯率[1.08]。

Non-GAAP net income is expected to be in the range of $219 million to $261 million, and non-GAAP diluted EPS is expected to be in the range of $2.55 to $3.05 per diluted share. Based on weighted average shares outstanding of approximately $85 million, our non-GAAP tax rate is expected to be approximately 23%. Interest expense is expected to be approximately $75 million.

非 GAAP 淨利潤預計在 2.19 億美元至 2.61 億美元之間，非 GAAP 攤薄後每股收益預計在 2.55 美元至 3.05 美元之間。根據約 8,500 萬美元的加權平均已發行股票，我們的非 GAAP 稅率預計約為 23%。利息支出預計約 7500 萬美元。

As we look to the second half of the fiscal year, we continue to expect gross billings to grow in the mid- to high single-digit range, driven by continued improvement in the market environment. We still expect to generate approximately $1.2 billion of free cash flow for the fiscal year and remain committed to our capital allocation target to return 50% of free cash flow to shareholders, both with dividends and share repurchases.

展望本財年下半年，在市場環境持續改善的推動下，我們繼續預期總帳單將在中高個位數範圍內成長。我們仍預期本財年將產生約 12 億美元的自由現金流，並繼續致力於實現我們的資本分配目標，即透過股利和股票回購將 50% 的自由現金流返還給股東。

In closing, we believe we are in a strong financial position as we head into the second half of our fiscal year with ample liquidity and an optimized balance sheet to fund the expected growth and investments in strategic technologies, while capturing opportunities in our core business. We are now ready to begin the Q&A portion of the call. Operator?

最後，我們相信，隨著進入本財年下半年，我們的財務狀況強勁，流動性充足，資產負債表優化，為戰略技術的預期增長和投資提供資金，同時抓住核心業務的機會。我們現在準備開始電話的問答部分。操作員？

(Operator Instructions) Michael Ng, Goldman Sachs.

（操作員指令）Michael Ng，高盛。

Hey, good morning. Thank you very much for the question. I just have one on AI devices and AI PCs. I was wondering if you could expand a little bit more around some of your comments regarding increased customer interest. When do you expect that to flow through? Do you have any views on AI PCs as a share of total PCs? And any high-level commentary that you may have on AI PC pricing relative to general PC? Thank you.

嗨，早安。非常感謝你的提問。我只有一個關於人工智慧設備和人工智慧電腦的。我想知道您是否可以進一步擴展您關於增加客戶興趣的一些評論。您預計什麼時候會實現？您對AI PC佔PC總數的比例有何看法？您對 AI PC 相對於普通 PC 的定價有什麼高水準的評論嗎？謝謝。

So good morning, Patrick Zammit, I'm going to take that question, Mike. So I mean, at the moment, what we see is a ramp-up of AI PCs. I mean, when you refer to the market data, we got market data for distribution for both North America and Europe. I mean you see that it's in the low single digits of the total PC market.

早安，派崔克‧札米特，我要回答這個問題，麥克。所以我的意思是，目前我們看到的是人工智慧電腦的崛起。我的意思是，當您參考市場數據時，我們獲得了北美和歐洲的分銷市場數據。我的意思是你看到它在整個個人電腦市場中處於較低的個位數。

You see also that this is, at the moment, the AI PCs are primarily ARM-based PCs, so more high-end PCs, okay? So when you look at from a pricing standpoint, and again, I'm positioning my remarks with the fact that these are high-end PCs, I would say that the delta price is between 5% and 10% for high-end PCs.

你也看到了，目前AI PC主要是基於ARM的PC，所以更高階的PC，好嗎？因此，當你從定價的角度來看時，我的言論是基於這些是高階 PC 的事實，我想說高階 PC 的增量價格在 5% 到 10% 之間。

But the expectation going forward is that this is going to accelerate. We are waiting for the PC manufacturers to accelerate the launch of the AI PCs, and so the adoption rate is for sure going to increase. And so we continue to be very confident on the prospects of that segment of the market.

但未來的預期是，這種情況將會加速。我們正在等待PC製造商加速推出AI PC，因此採用率肯定會增加。因此，我們仍然對該細分市場的前景充滿信心。

Great. Thank you so much for the color and congratulations on the new role.

偉大的。非常感謝您的顏色並祝賀新角色。

Thanks for that.

感謝那。

Ruplu Bhattacharya, Bank of America.

魯普盧‧巴塔查亞 (Ruplu Bhattacharya)，美國銀行。

Hi. Thanks for taking my questions. I'd like to congratulate both Rich and Patrick. Rich for his long successful career, and Patrick, congrats on the new assignment. Maybe I'll start with you, Patrick, for a question. Since you're going to take on the new role, can you talk about your top focus areas for the next 12 months? For you, is it more important for SYNNEX to have revenue growth or focus on profitable growth, which is focused on margins?

你好。感謝您回答我的問題。我要祝賀里奇和派崔克。里奇（Rich）長期成功的職業生涯，派崔克（Patrick）祝賀新任務。派崔克，也許我會先問你一個問題。由於您將擔任新職務，您能談談您未來 12 個月的首要關注領域嗎？對您來說，對於 SYNNEX 來說，營收成長更重要，還是專注於利潤成長（利潤成長更重要）？

Yeah. So the focus, of course, is on growth. And I think that when you look at the mix of our business. I mean, that growth is also going to generate more profits. When you look at the coming quarters, I believe that the technologies who are going to drive the growth will have a positive margin, okay?

是的。因此，重點當然是成長。我認為當你看看我們的業務組合時就會發現這一點。我的意思是，這種成長也將產生更多的利潤。當你展望未來幾季時，我相信將推動成長的技術將擁有正利潤率，好嗎？

So the mix should be going forward more favorable because of that. Hyve, of course, is going to continue to contribute to that growth. So again, from a top line standpoint and from a margin quality standpoint, I think we have some very nice opportunities.

因此，這種組合應該會變得更加有利。當然，Hyve 將繼續為這一增長做出貢獻。因此，從營收和利潤品質的角度來看，我認為我們有一些非常好的機會。

Then if I move to the cost side, I also would like to make a few comments here. So I believe -- so I mean we just accomplished two major milestones in both North America and Europe. I mean we upgraded our IT platform, which means that we can now focus on process and system efficiency.

那麼如果我轉向成本方面，我也想在這裡發表一些評論。所以我相信——所以我的意思是我們剛剛在北美和歐洲實現了兩個重要的里程碑。我的意思是我們升級了 IT 平台，這意味著我們現在可以專注於流程和系統效率。

And so what it means is that from a cost management standpoint, it gives us the opportunity to redeploy resources to fuel the growth on the high-growth categories. But in total, continue to reduce our cost per GP as we did it in Q2.

因此，這意味著從成本管理的角度來看，它使我們有機會重新部署資源，以推動高成長類別的成長。但總的來說，我們將繼續降低每位全科醫生的成本，就像我們在第二季所做的那樣。

So in summary, I see very nice prospects for not only growth, but really profitable growth and basically the drop-through of the GP increase positively impacting the operating income.

總而言之，我不僅看到了成長的良好前景，而且看到了真正的獲利成長，基本上，普通股成長的下降對營業收入產生了積極影響。

Okay. Patrick, you mentioned a couple of things maybe for my follow-up, if I can ask you. You mentioned Hyve. So how should we think about Hyve revenue growth? Since you're ramping a new customer, how should we think about revenues as well as the inventory requirements for that business and potential free cash flow?

好的。派崔克，你提到了一些可能是為了我的後續行動的事情，如果我可以問你的話。你提到了海維。那我們該如何看待 Hyve 的營收成長呢？由於您正在開發新客戶，我們應該如何考慮該業務的收入以及庫存要求和潛在的自由現金流？

Yeah, Ruplu, maybe I'll step in and help with the Hyve question. So as we had commented in our remarks, we had very robust growth in Hyve in the quarter. As we look at the tactical frame, we believe that, that growth will continue.

是的，Ruplu，也許我會介入並幫助解決 Hyve 問題。正如我們在評論中所說，本季 Hyve 的成長非常強勁。當我們審視戰術框架時，我們相信這種成長將持續下去。

Obviously, there's good demand within the hyperscaler space, but we've talked before about customer number two is now in a very healthy ramp and doing quite well. So we're really pleased with the performance of our Hyve business overall.

顯然，超大規模領域內有良好的需求，但我們之前已經討論過第二號客戶現在處於非常健康的成長狀態並且表現良好。因此，我們對 Hyve 業務的整體表現非常滿意。

You bring a good point, as we get outsized growth within Hyve, there will be working capital needs that get generated. Those working capital needs manifest themselves in AR as well as inventory. But obviously, good cholesterol here because we're positioning ourselves for a good growth when we see that working capital increment occur.

你提出了一個很好的觀點，隨著我們在 Hyve 內部實現超額成長，將會產生營運資金需求。這些營運資金需求體現在 AR 和庫存中。但顯然，這裡的膽固醇是好的，因為當我們看到營運資本增加時，我們就為自己的良好成長做好了準備。

And so that's the summary. I think that from a cash flow perspective, we have our balance for the year. We're still committed to $1.2 billion. To the extent we get outsized growth, then maybe that's impacted a bit. But again, I just want to emphasize that, that would be healthy cholesterol.

這就是總結。我認為從現金流的角度來看，我們今年有餘額。我們仍承諾投入 12 億美元。如果我們獲得超額成長，那麼可能會受到一些影響。但我想再次強調的是，那是健康的膽固醇。

Great, thanks for all the input. (multiple speakers). Yeah. Sorry, go ahead.

太好了，感謝您的所有投入。 （多個發言者）。是的。抱歉，請繼續。

Ruplu, sorry, this is Marshall. I apologize I'm recovering from a cold. Just to follow up on Rich's comment about Hyve and the growing business from the new ramp. We did see that, that did impact free cash flow in quarter two. As I said in my prepared commentary, we expect that to reverse in quarter three.

魯普魯，抱歉，這是馬歇爾。抱歉，我正在從感冒中恢復過來。只是為了跟進 Rich 對 Hyve 以及新坡道不斷增長的業務的評論。我們確實看到，這確實影響了第二季的自由現金流。正如我在準備好的評論中所說，我們預計這種情況將在第三季發生逆轉。

The other thing that we wanted to call out is that, in many cases, when Hyve is onboarding new customers, there's quite a bit of investment that we do upfront on that. That does serve as a headwind to margins, but over the course of the coming quarters and the second year of the programs, that's typically when we make back the margins, and we get the returns for the program of the partnership that we've set or established with our customer.

我們想要指出的另一件事是，在許多情況下，當 Hyve 吸引新客戶時，我們會預先進行大量投資。這確實對利潤率構成了阻力，但在接下來的幾個季度和該計劃的第二年，通常是我們收回利潤的時候，並且我們獲得了我們設定的合作夥伴計劃的回報或與我們的客戶建立。

And with the case with this one, what typically happens with Hyve is as we grow the businesses, as we start to see a more sticky relationship with our customers, that's a great attribute and strength of the Hyve teams. We expect the same thing with this customer that we're ramping today.

就這個案例而言，Hyve 通常會發生的情況是，隨著我們業務的發展，我們開始看到與客戶的關係更加緊密，這是 Hyve 團隊的一個重要屬性和優勢。我們對現今的客戶也抱持著同樣的期望。

Got it. Thanks for all the details. Rich, congrats to you and look forward to keeping in touch. And Patrick, look forward to working with you.

知道了。感謝您提供所有詳細資訊。 Rich，恭喜您並期待保持聯繫。帕特里克，期待與您合作。

Thanks, a lot.

多謝。

Thank you, Ruplu, for your kind words.

謝謝你，魯普魯，你的客氣話。

Joseph Cardoso, JPMorgan.

約瑟夫‧卡多佐，摩根大通。

Hi. Thank you for taking (technical difficulty) this is [MP] on for Joe Cardoso. I just wanted to ask your thoughts on the magnitude of PC recovery into the second half and how material today PCs will be towards that side? Thank you.

你好。感謝您接受（技術難度），這是為喬·卡多佐（Joe Cardoso）所做的[MP]。我只是想問一下您對下半年 PC 復甦幅度的看法，以及今天 PC 將在這方面發揮多大作用？謝謝。

Yeah. So I'm going to take that question. So again, we are -- quarter after quarter, we see sequential improvement of the PC market I mean this quarter, we were back to growth. And so we are expecting that growth to continue to improve quarter after quarter. So we are confident for the second half.

是的。所以我要回答這個問題。所以，我們再次強調，我們每季都看到個人電腦市場的連續改善，我的意思是本季我們又恢復了成長。因此，我們預計成長將繼續逐季改善。所以我們對下半年充滿信心。

We believe the PC market should continue to benefit from three tailwinds. The first one is the refresh of the PC board during the pandemic. The second is Windows 11, and then, as I mentioned before, the AI PCs are ramping up. We will see an acceleration in the second half of the launch of new AI PCs, also at a lower price point, and that should benefit the PC market in the second half.

我們認為個人電腦市場應繼續受益於三大利好因素。第一個是疫情期間PC板的刷新。第二個是Windows 11，然後，如我之前提到的，AI PC 正在加速發展。我們將在下半年看到新的人工智慧個人電腦的加速推出，而且價格也較低，這應該有利於下半年的個人電腦市場。

Thank you.

謝謝。

Adam Tindle, Raymond James.

亞當·廷德爾，雷蒙德·詹姆斯。

Okay, thanks, good morning, and my congrats to both Rich and Patrick. Patrick, I wonder if we could maybe zoom out and see if you could share a few words on your overall vision for the company, particularly around your capital allocation philosophy? Do you think that there's more near-term opportunity for shareholder return or potential M&A and speak to sort of the trade-off between those as I know you've been in the industry a long time and seen a lot of different capital allocation decisions? So would love for you to share some of your philosophy.

好的，謝謝，早上好，我祝賀里奇和帕特里克。派崔克，我想知道我們是否可以縮小範圍，看看您是否可以分享您對公司的整體願景，特別是圍繞您的資本配置理念？您認為股東回報或潛在併購的近期機會是否更多，並談論這些之間的權衡，因為我知道您已經在這個行業工作了很長時間，並且看到了很多不同的資本配置決策？所以希望你能分享一些你的哲學。

Yeah. So again, in terms of -- overall, I would say, prospects, I mean, first, one of the -- our big differentiator is we are positioned on all the critical technologies in the industry. And we know that for the coming years, especially thanks to AI, I mean most of those technology sectors are going to benefit from AI. So end-to-end portfolio, that's a big, big strategic advantage for the future.

是的。因此，就總體而言，我想說的是，前景，我的意思是，首先，我們最大的區別之一是我們定位於行業中的所有關鍵技術。我們知道，在未來幾年，特別是由於人工智慧，我的意思是大多數技術領域都將從人工智慧中受益。因此，端到端的產品組合對於未來來說是一個非常非常大的策略優勢。

Second, we are global. And obviously, our position in the various markets differ. We have countries where we have a low share. So again, we will continue to invest in both countries where we see nice prospects. Good example would be India and accelerate there.

其次，我們是全球性的。顯然，我們在各市場的地位有所不同。我們在一些國家的份額較低。因此，我們將繼續在我們認為前景良好的兩個國家進行投資。印度就是一個很好的例子，並在那裡加速發展。

And third is in services. I mean we believe that there are opportunities in services, again, to support our resellers, but I see some positive prospects, which obviously will be accretive.

第三是服務業。我的意思是，我們相信服務方面有機會再次支持我們的經銷商，但我看到了一些積極的前景，這顯然會帶來增值。

In terms of capital allocation. For the moment, as you know, I mean, we -- our plan is to return 50% of cash flow to the shareholders. So for the moment, I would say I'm very comfortable with it.

在資本配置方面。目前，如您所知，我的意思是，我們的計劃是將 50% 的現金流返還給股東。所以目前，我想說我對此感到非常滿意。

In terms of M&A, I see M&A as an opportunity to accelerate our growth plans. I mean, we've always been extremely diligent, okay? So we have financial metrics when looking at M&A.

在併購方面，我認為併購是加速我們成長計畫的機會。我的意思是，我們一直都非常勤奮，好嗎？因此，我們在考慮併購時有財務指標。

But I mean, I can see in some geographies, again, in particular in APJ or in Latin America, to some extent also in Europe and for some specific technologies, there are some M&A opportunities. And clearly, if we can, I mean, work on one of those opportunities, it will be favorable to it.

但我的意思是，我可以再次看到在某些地區，特別是在亞太及日本或拉丁美洲，在某種程度上也在歐洲，對於某些特定技術，存在一些併購機會。顯然，我的意思是，如果我們能夠抓住其中一個機會，那將對其有利。

But if you exclude M&A, I mean, I think today, the 50% capital allocation and return to shareholders is a good start. And yeah, we will review it in the future based on how the situation evolves.

但如果你排除併購，我的意思是，我認為今天，50%的資本分配和股東回報是一個好的開始。是的，我們將來會根據情況的發展進行審查。

And Adam, this is Marshall, just to add a couple of things around our capital allocation framework. For the first half of the year, we had quite a bit of a participation in the Apollo secondaries that elevated our first half share repurchases to about $450 million. When you add the dividends for the first half, we came in around $520 million in return to shareholders.

亞當，這是馬歇爾，只是為了在我們的資本配置框架中添加一些內容。今年上半年，我們大量參與了 Apollo 二級市場，這使得我們上半年的股票回購額達到了約 4.5 億美元。如果算上上半年的股息，我們為股東帶來的回報約為 5.2 億美元。

We expect to match the overall expected cash flow for the year of $1.2 billion. So there will probably be about $50 million to $60 million between dividends and share repurchases by quarter in the second half, putting us right around that $610 million to $630 million range for the full year.

我們預計今年的整體預期現金流量將達到 12 億美元。因此，下半年按季度分紅和股票回購之間可能會有約 5,000 萬至 6,000 萬美元的差額，這樣全年的股息和股票回購就在 6.1 億至 6.3 億美元的範圍內。

Got it. That's helpful, Marshall. I hate to pick on you. I'm sorry that your kind of not feeling good right now. But on the Hyve situation here, it was very helpful for you to outline the use of cash in the quarter. I think if I did the math here, it's about a $350 million swing factor related to Hyve. And if I compare that to your typical working capital to revenue ratio, it seems like that could be a pretty meaningful revenue driver going forward from that investment.

知道了。這很有幫助，馬歇爾。我討厭挑釁你。我很抱歉你現在感覺不太舒服。但就 Hyve 的情況而言，概述本季現金的使用情況對您很有幫助。我想，如果我在這裡算一下，與 Hyve 相關的波動因素約為 3.5 億美元。如果我將其與典型的營運資金與收入比率進行比較，那麼這似乎可能是該投資未來非常有意義的收入驅動力。

It's not quite as evident to us based on the Q3 guide. But I wonder if you might speak to some of the future timing and magnitude of the financial benefit from the investment that you're making in Hyve right now or have made it in the quarter?

根據第三季的指南，這一點對我們來說並不那麼明顯。但我想知道您是否可以談談您現在或在本季度對 Hyve 進行的投資所帶來的財務收益的未來時機和規模？

Sure. So I'll go back to my comments I made a little bit ago about, in many of our partnerships that we have with onboarding accounts and as you know, this is significantly meaningful opportunity for us, we do make investments that create a little bit of a headwind on the margin profile of the business, but we do expect that to expand as we get into the second year.

當然。因此，我將回到我之前發表的評論，在我們與入職帳戶的許多合作夥伴關係中，正如您所知，這對我們來說是非常有意義的機會，我們確實進行了投資，創造了一點該業務的利潤狀況面臨逆風，但我們確實預計，隨著進入第二年，這種情況將會擴大。

If I think about the overall growth attributes for Hyve, I'm quite surprised in a positive way in terms of what we initially thought for the quarter. I think we had said that we thought Hyve revenue year-on-year would be down, and it was up. Referencing back to our strategic technology portfolio is growth of 15%, Hyve was north of that.

如果我考慮 Hyve 的整體成長屬性，我對我們最初對本季的想法感到非常驚訝。我想我們曾說過，我們認為 Hyve 的收入同比會下降，但實際上卻上升了。回顧我們的策略技術組合，成長率為 15%，Hyve 的成長率更高。

So we really do like the momentum. We see that momentum continuing as we enter into the second half of the year. If I think about the overall profit profile or margin attributions of Hyve, it does move around quite a bit. As you know, we have what I call [DFD] like attributes to Hyve, but quite meaningful to the stickiness of the relationship.

所以我們真的很喜歡這種勢頭。隨著進入下半年，我們看到這種勢頭仍在繼續。如果我考慮一下 Hyve 的整體利潤狀況或利潤率歸屬，它確實會發生很大的變化。如您所知，我們擁有我所說的 [DFD] 之類的 Hyve 屬性，但對於關係的黏性非常有意義。

We've got our design and our build attributes. We have the customer design in our build. Then we have supply, fairs, and leads which is, in essence, a great opportunity to us for, fulfill the needs of our hyperscale customers. And finally, there's quite a bit of strategic purchases that we do in advance of demands.

我們已經有了我們的設計和建構屬性。我們的建造中有客戶設計。然後我們有供應、展會和銷售線索，這本質上是我們滿足超大規模客戶需求的絕佳機會。最後，我們在需求之前進行了大量的策略採購。

One of the things that I think we'll continue to see is a requirement for us to buy forward on future needs, much beyond quarter three and into quarter four and into Q1. Historically, we have seen this in the past when there has been growth associated with hyperscale opportunities. So I would say that there is still an overall accretion benefit to the high margin returns.

我認為我們將繼續看到的一件事是，我們需要根據未來的需求進行遠期購買，遠遠超出第三季、第四季和第一季。從歷史上看，當超大規模機會帶來成長時，我們已經看到過這種情況。所以我想說，高利潤回報仍然具有整體增值效益。

There could be some delays in the cash flows as we continue to invest in our partnership with our customers. And then finally, we still see quite a bit of diversification of our customer base. As you know, it's a slow on-ramp, it's a slow sell process, but we're quite positive about where that's heading as an organization.

隨著我們繼續投資與客戶的合作關係，現金流可能會出現一些延遲。最後，我們仍然看到我們的客戶群相當多元化。如您所知，這是一個緩慢的入口，這是一個緩慢的銷售過程，但我們對作為一個組織的發展方向非常樂觀。

Do you think that means earnings are going to be flat year-over-year in Q3 based on your guidance, should we kind of continue to expect sort of that flat year-over-year trend into Q4 and Q1 based on this?

您認為這是否意味著根據您的指導，第三季的收益將同比持平，我們是否應該基於此繼續預期第四季度和第一季的同比趨勢會持平？

Yeah. I think that's a fair assessment. As you know, when we exited fiscal '22, we had a large inventory position that unwound itself kind of evenly throughout '23, and with Hyve, a lot of what we care on behalf of our customers, we get paid incremental margin for that carrying cost.

是的。我認為這是一個公平的評估。如您所知，當我們退出 22 財年時，我們擁有大量庫存頭寸，該頭寸在整個 23 財年均勻地釋放，並且透過 Hyve，我們代表客戶關心的很多事情，我們為此獲得了增量利潤持有成本。

And as we sell it through, there's a little bit rich -- more richness associated with that margin that will make Hyve a tough compare from an overall profit perspective in Q3 and Q4. But if I just think about the actual quality of margins and the growth attributes, I think it's quite positive as we get into fiscal '25.

當我們出售它時，會發現它的利潤有點豐富——更多的豐富程度與該利潤相關，這將使 Hyve 從第三季度和第四季度的整體利潤角度來看是一個艱難的比較。但如果我只考慮利潤率的實際品質和成長屬性，我認為當我們進入 25 財年時，這是相當積極的。

George Wang with Barclays.

巴克萊銀行的喬治·王。

Hey, Patrick, congrats and looking forward to working with you. And also congrats about -- for Rich as well. I just have, just a quick question on the margin. Just you guys talked about kind of impact from netted down revenue and then also potentially ES coming for a bigger mix as PC grow in the second half.

嘿，帕特里克，恭喜並期待與您合作。也祝賀里奇。我只是有一個簡短的問題。你們剛才談到了淨收入下降的影響，以及隨著下半年 PC 的成長，ES 可能會出現更大的組合。

So how should we model kind of the gross margin -- operating margin kind of from a sequential basis in the second half? Gross margin to come down sequentially from 3Q versus from 2Q? Just how to think about kind of margin, also the kind of expense versus gross billings overall for the second half?

那麼，我們該如何對下半年的毛利率（營業利潤率）進行建模？第三季毛利率比第二季較上季下降？如何考慮下半年的利潤率以及費用與總收入的關係？

(technical difficulty) Sure. Yeah. First, as you know, in quarter one, we provided kind of our first next level down of transparency around ES and AS and the margin profiles, and we're still kind of getting our sense of what that volatility or range of outcomes could look like from quarter to quarter. They were fairly consistent for both ES and AS, whether it's on a gross billings' basis or on a net revenue basis. But as we think about the full year, and we commented on this last quarter, we do expect that in the second half of '24, we will see an increasing proportion of mix tilted more towards endpoint solutions, which has a lower gross margin profile. And we would expect that gross margins, whether it's net or gross billings or operating margin, whether it is compared to net revenue growth should decline around 20 basis points just given that mix shift.

（技術難度）當然可以。是的。首先，如您所知，在第一季度，我們提供了有關 ES 和 AS 以及保證金概況的透明度的第一個新水平，我們仍然對波動性或結果範圍可能會是什麼樣子有一定的了解就像從一個季度到另一個季度一樣。無論是基於總帳單還是基於淨收入，ES 和 AS 的表現都相當一致。但當我們考慮全年時，以及我們對上個季度的評論時，我們確實預計在24 年下半年，我們將看到越來越多的產品組合更傾向於端點解決方案，而端點解決方案的毛利率較低。我們預計，考慮到這種混合轉變，毛利率，無論是淨收入、毛收入或營業利潤率，無論是與淨收入成長相比，都應該下降 20 個基點左右。

But I want to emphasize within the portfolios themselves quite a bit of healthy structural optimism and quite a bit of normal outcomes that we're seeing. It's just that now we disclosed that it provides a little more transparency in the way that those margins can ebb and flow within those two portfolios. And again, the last thing I would say, which is important to emphasize, is our growing strategic technology portfolio is now at 25% of gross billings. That's an all-time high. Underneath, when you look at the components such as cloud, security, data analytics, IoT, hyperscale, those tend to grow faster than the overall core business and over the longer term, tend to have higher margin attributes.

但我想強調的是，在投資組合本身中，我們看到了相當多的健康結構性樂觀情緒和相當多的正常結果。只是現在我們披露，它為這兩個投資組合中的利潤波動提供了更多的透明度。再次強調，我要說的最後一件事是，我們不斷成長的策略技術組合目前佔總帳單的 25%。這是歷史新高。在下面，當您查看雲端、安全性、資料分析、物聯網、超大規模等元件時，您會發現這些元件的成長速度往往快於整體核心業務，並且從長遠來看，往往具有更高的利潤屬性。

Great. Thank you. I'll go back to the queue.

偉大的。謝謝。我會回到隊列中。

David Vogt, UBS.

大衛‧沃格特，瑞銀集團。

Great. Thanks, guys, and Rich, congratulations; and Patrick, congratulations, look forward to working with you. Two, if I may, since I know you've said one, but the first question is on advanced solutions. Can you kind of flesh out some of the commentary around the demand drivers? I think you particularly called out networking being tough. Just want to get a sense for where you think you are from a normalization perspective relative to what sounded like backlog flush last year. And any other comments on any other categories like storage?

偉大的。謝謝，夥伴們，里奇，恭喜你；派崔克，恭喜你，期待與你合作。兩個，如果可以的話，因為我知道你已經說過了，但第一個問題是關於高級解決方案。您能否充實一些需求驅動因素的評論？我想你特別指出網路是艱難的。只是想從正常化的角度了解一下，相對於去年聽起來積壓的情況，您認為自己處於什麼位置。還有對存儲等其他類別的任何其他評論嗎？

And then one for you, Marshall. Maybe digging a little bit deeper on the gross margin commentary. It looks like your markets endpoint versus advanced solutions were basically relatively consistent quarter-to-quarter and netted down, I think you mentioned, contributed 27 bps year-over-year to gross margin. Just trying to think through kind of what under the surface went on because it looks like gross margin is only up 9 basis points. So any color there would be helpful to kind of get a sense for margin profile trajectory in some of the categories. Thanks.

然後給你一份，馬歇爾。也許可以更深入地了解毛利率評論。看起來你們的市場端點與先進解決方案的季度環比基本保持一致，並且淨額下降，我想你們提到過，同比對毛利率貢獻了 27 個基點。只是試著思考表面上發生的事情，因為看起來毛利率只上升了 9 個基點。因此，任何顏色都有助於了解某些類別中的邊緣輪廓軌跡。謝謝。

Sure. Do you want me to take that first, Rich, and Patrick and then you can answer the demand drivers?

當然。里奇和派崔克，你想讓我先回答這個問題，然後你才能回答需求驅動因素嗎？

Sure, go ahead.

好，去吧。

Let me first address the overall portfolio range or outcomes. As I said, probably the two biggest drivers to the margin profile, and again, I'm describing it as gross profit as a percentage of gross billings, it came down about 14 bps.

讓我先談談整體投資組合範圍或結果。正如我所說，這可能是利潤率的兩個最大驅動因素，我再次將其描述為毛利佔總帳單的百分比，它下降了約 14 個基點。

The first is the comment I made about the ramping up of our new customers that we won in quarter four, but building out and saw some significant ramp that had some margin pressure as we made some significant investments in that partnership that over the course of the next few quarters and next year should benefit and increase.

第一個是我對我們在第四季度贏得的新客戶的增加發表的評論，但是隨著我們在合作夥伴關係中進行了一些重大投資，我們看到了一些顯著的增長，這帶來了一些利潤壓力。

And the second, which I'll let Rich and Patrick speak to is that networking remains soft, in general. Networking has a higher gross margin profile. So I wouldn't call it kind of a second big contributor, but it certainly was contributor to some of the softness in gross margins for the quarter.

第二個問題，我將讓里奇和派崔克談談，總體而言，網路仍然很軟。網路業務的毛利率較高。因此，我不會將其稱為第二大貢獻者，但它肯定是本季毛利率疲軟的部分原因。

Got it. And then on the trends?

知道了。那麼趨勢呢？

Yeah. This is Rich. if I could. When we look across advanced solutions, actually, when we take a look across the entirety of our business, we've been pretty pleased with seeing flat or growth in just about every category. The only exception to that is the networking. Now the comments that I would make on networking, and we've talked about this previously, is that -- from a supply chain perspective, it was the last area to recover.

是的。這是里奇。如果我能。事實上，當我們審視先進的解決方案時，當我們審視整個業務時，我們非常高興地看到幾乎每個類別的成長都持平或成長。唯一的例外是網路。現在我對網路的評論（我們之前已經討論過）是——從供應鏈的角度來看，這是最後一個恢復的領域。

So their backlog runoff went further into last year versus, for example, server storage which had good growth in the quarter. So I don't think there's anything systemic around networking, but rather they just have to get through that wrap. But the rest of the advanced technologies for each major category, it performed pretty well.

因此，與本季成長良好的伺服器儲存相比，他們的積壓訂單在去年進一步增加。所以我不認為網路有什麼系統性的東西，但他們只需要完成這個過程。但對於每個主要類別的其餘先進技術，它的表現都相當不錯。

And Rich, can you just remind us again where that ramps? Is it this next quarter? (multiple speakers) excess backlog?

Rich，可以再提醒我們一下坡道在哪裡嗎？是下個季度嗎？ （多名發言者）積壓過多？

Throwing the dart at the board, probably October, November.

向棋盤丟飛鏢，可能是十月、十一月。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Just very rapidly, again, I mean, Q3 last year was very strong in networking because we continue to see the, I mean, basically the backlog converting into billings. Q4 is when we started having a more normalized situation. So I guess, the comparables will be easier in Q4. Second thing I wanted to mention is that we see the bookings, nevertheless, coming back, which is a positive.

我的意思是，去年第三季的網路表現非常強勁，因為我們繼續看到，我的意思是，基本上積壓的訂單轉化為帳單。第四季我們的情況開始變得更加正常化。所以我想，第四季的比較會比較容易。我想提的第二件事是，我們看到預訂量回來了，這是一個積極的方面。

Great. Thank you very much, guys.

偉大的。非常感謝你們。

Matt Sheerin, Stifel.

馬特謝林，史蒂菲爾。

Yes, thank you, good morning. And I echo my congratulations to Rich and Patrick on your new roles. I'd like to ask a kind of a bigger picture question. I'm hearing relatively positive commentary about demand and outlook, yet you did come in below consensus by more than $100 million in top line, and you're guiding below consensus and guiding just up 1% sequentially.

是的，謝謝，早安。我也祝賀里奇和派崔克擔任新職務。我想問一個更宏觀的問題。我聽到了有關需求和前景的相對積極的評論，但您的營收確實比共識低了 1 億多美元，而且您的指導低於共識，僅比預期增長了 1%。

And given that you're expecting Hyve to be up, it just seems like demand overall more on the sluggish side, we're hearing that from some peers and suppliers as well. So I'm trying to reconcile that with the commentary and expectations of a stronger second half. And given that you're guiding just flat or modestly in August, how should we think about seasonality in the November quarter and how that plays out? Thank you.

鑑於您預計 Hyve 會上漲，但整體需求似乎更加疲軟，我們也從一些同行和供應商那裡聽到了這一點。所以我試著將這一點與下半場更強的評論和期望相協調。鑑於您對 8 月份的指導只是持平或溫和，我們應該如何考慮 11 月份季度的季節性以及其結果如何？謝謝。

Yeah, so, Matt, thank you for the question, and thank you for the kind comments. A couple of things. Again, when we think about the performance of the business relative to sales performance, we really would encourage everybody to focus on gross billing to get away from the netting that takes place when we get back down to net revenue.

是的，馬特，謝謝你的提問，也謝謝你的友好評論。有幾件事。同樣，當我們考慮相對於銷售業績的業務績效時，我們確實會鼓勵每個人都專注於總帳單，以避免我們回到淨收入時發生的淨額結算。

When you look at that Q2, the actual gross billings growth was about 3% overall and we're guiding in Q3 at the midpoint at about a 5% billings growth overall. So we do see this chronology as we move quarter, quarter, quarter of improvements, improvements, improvements on the top line.

當您查看第二季時，實際總帳單成長率整體約為 3%，我們在第三季的中點指引整體帳單成長率約為 5%。因此，當我們逐季度不斷改進、改進、改善營收時，我們確實看到了這個時間順序。

To be candid, I think when we started the year and we were on the call way back in January, and did we think it could be a little bit higher in Q3, like instead of five at the midpoint, maybe 6 or 7? Yes, probably. But -- so it might be a little bit slower trajectory than originally anticipated. But we kind of see 5% at the midpoint as being pretty solid and kind of building from there. So Marshall, I don't know if you have anything to add.

坦白說，我認為當我們今年開始時，我們在一月份就接到了電話，我們是否認為第三季度的數字可能會更高一點，比如而不是中間的 5 個，也許是 6 或 7？應該是。但是——所以它的軌跡可能比最初預期的要慢一些。但我們認為中點的 5% 相當穩定，並且是從那裡開始建造的。馬歇爾，我不知道你是否還有什麼要補充的。

No, just a couple of things. One, and just to reaffirm what you said. Matt, if I think about quarter three at that 5%, we see AS -- or ES being a little bit above that in terms of its growth rate year-on-year and AS being a little bit below that 5%.

不，只有幾件事。一，只是為了重申你所說的話。馬特，如果我考慮第三季的 5%，我們會看到 AS 或 ES 的同比成長率略高於該水平，而 AS 略低於 5%。

And I just want to make sure that I'm clear on a response, I said back to Adam in regards to overall OI or profit portfolio for Hyve. I was speaking to the Hyve attributes for Q3 and Q4 not speaking to the portfolio or the worldwide attributes for TD SYNNEX. So I just want to make that clear.

我只是想確保我的回應是明確的，我對 Adam 說，關於 Hyve 的整體 OI 或利潤組合。我談論的是第三季和第四季的 Hyve 屬性，而不是 TD SYNNEX 的投資組合或全球屬性。所以我只是想澄清這一點。

To respond to that and to close that out. Usually, what we'll see in terms of Q3 to Q4 seasonality behavior on margin profile is anywhere from a 15-basis point improvement to a 35-basis point improvement. We don't see any reason why we wouldn't fall back into that expectation in terms of that sequential margin improvement that typically we experienced between those two quarters.

對此做出回應並結束它。通常，我們會看到第三季到第四季的季節性行為對利潤率的影響是 15 個基點的改善到 35 個基點的改善。我們看不出有任何理由不回到我們在這兩個季度之間通常經歷的連續利潤率改善的預期。

Okay. If I can just ask a quick follow-up and thank you for that. Just regarding Hyve, and you talked about ramping that second customer, could you talk about your existing large customer there and the relationship there? And I know it seems like you haven't been growing much, could you talk about that?

好的。如果我能要求快速跟進，謝謝您。就 Hyve 而言，您談到了擴大第二個客戶，您能談談您現有的大客戶以及那裡的關係嗎？我知道你似乎沒有成長太多，你能談談嗎？

Yes. Maybe I'll get started and then Marshall could comment. Clearly, having growth in our customer number one, clearly seeing design opportunities with regard to new technology, a healthy relationship with customer number one, really no need to -- we wouldn't be concerned at this point. We think it's quite a good relationship, and we'll continue to take advantage of servicing that customer and winning new business as we move forward.

是的。也許我會開始，然後馬歇爾可以發表評論。顯然，我們的第一大客戶的成長，清楚地看到新技術的設計機會，與第一大客戶的健康關係，真的沒有必要——我們現在不會擔心。我們認為這是一種非常好的關係，隨著我們的發展，我們將繼續利用為該客戶提供服務並贏得新業務的優勢。

Okay. Thanks a lot.

好的。多謝。

Yes, nothing else to add to that, Rich

是的，沒有什麼可補充的，Rich

Keith Housum, Northcoast.

基斯·豪蘇姆，北海岸。

Good morning, guys. And once again, I'm going to echo what everybody else said here. Rich, it's been a pleasure working with you, and congratulations for the retirement; and Patrick, looking forward to working with you. Maybe just a clarification before I ask the question. But Marshall, did I hear you say that gross margins were impacted by 14 basis points due to the investment in that Hyve of customer number two this quarter?

早上好傢伙。我將再次重複其他人在這裡所說的話。 Rich，很高興與您一起工作，並祝賀您退休；帕特里克，期待與您合作。也許只是在我問問題之前澄清一下。但是馬歇爾，我是否聽到您說過，由於本季度第二號客戶 Hyve 的投資，毛利率受到了 14 個基點的影響？

That was one of the drivers. The other was the softer network portfolio, and we knew there would be a tough compare from backlog, but the demand themselves continue to be soft. So it's really, first, the margin profile of the ramping of the new customer and secondarily, it's the softness in the network. And as Rich said, the rest of the portfolio, just in terms of the product lines, we're at or above in terms of growth and gross margin.

那是其中一名司機。另一個是較軟的網路產品組合，我們知道積壓的情況會很艱難，但需求本身仍然疲軟。因此，首先是新客戶增加的利潤狀況，其次是網路的軟度。正如里奇所說，投資組合的其餘部分，僅就產品線而言，我們在成長和毛利率方面處於或更高水平。

All right. That's helpful. I appreciate that.

好的。這很有幫助。我很感激。

Yes, Keith, it's not uncommon on the front end when you have a big ramp to have some inefficiencies because everything is new. And in time, we're pretty confident that margin will get efficient and optimized. So it's not sort of a systemic thing but rather just a ramping thing.

是的，基思，在前端，當你有一個大的斜坡時，效率低下的情況並不罕見，因為一切都是新的。隨著時間的推移，我們非常有信心保證利潤率將變得有效率且最佳化。所以這不是一個系統性的事情，而只是一個漸進的事情。

Yeah. All reasonable in my eyes. I appreciate that. I guess Patrick or Rich or whoever wants to take the question, as we think about AI PCs, their still relatively new coming out here, is there a risk that perhaps customers will put off the purchase of a PC refresh and so they start looking at AI PCs and deciding which way they need to go?

是的。在我看來都是合理的。我很感激。我想帕特里克或里奇或任何想回答這個問題的人，當我們想到人工智慧電腦時，它們仍然相對較新，是否存在客戶可能會推遲購買更新電腦的風險，因此他們開始考慮人工智慧電腦並決定它們需要走哪條路？

Patrick?

派崔克？

Yeah, I will take it. So again, so at the moment, there aren't enough products being launched so, I would say, they have the choice, the customers have the choice between, I mean, replacing the existing PCs with, I would say, normal PCs or going more high end. But as, I mean, the low-end AI PCs come to the market, I think that's going to unblock the many of the purchases or at least the customers waiting to see what offering will be available, that's going to accelerate in the second half.

是的，我會接受的。所以，目前，還沒有足夠的產品推出，所以，我想說，他們有選擇，客戶可以選擇，我的意思是，用普通 PC 或普通 PC 替換現有 PC 或走向更高端。但我的意思是，隨著低階人工智慧電腦進入市場，我認為這將解除許多購買的障礙，或者至少是等待查看可用產品的客戶，這將在下半年加速。

Yeah, that's the way I look at it. I would add one more thing, which is that when you look at from a software standpoint and Copilot is a very good example, I mean, the workloads which will be enabled by AI are going to increase, and many will run at the edge. So AI PC is really a consideration for the end users today as they think about replacing, I would say, the PCs they bought three, four years ago. So that's the way I look at it.

是的，我就是這麼看的。我還要補充一件事，那就是，當你從軟體的角度來看時，Copilot 是一個非常好的例子，我的意思是，人工智慧支援的工作負載將會增加，而且許多工作負載將在邊緣運行。因此，人工智慧 PC 確實是當今最終用戶的一個考慮因素，因為他們正在考慮更換，我想說，他們三、四年前購買的 PC。這就是我的看法。

Okay, thank you.

好的謝謝。

Yeah, at the risk of being repetitive here. So anecdotally, I underline that word, we believe that there is a bit of a gate right now to purchase based on folks waiting until there are more of the OEMs with their products in market, which as Patrick said, in the back half of the year. So there likely is some constraints on purchased right now until I'll say, a larger portfolio becomes available, which we would anticipate probably in calendar Q4 timeframe.

是的，這裡有重複的風險。因此，有趣的是，我強調這個詞，我們認為現在有一個購買的大門，因為人們在等待，直到有更多的原始設備製造商將他們的產品推向市場，正如帕特里克所說，在後半段年。因此，現在購買可能會受到一些限制，直到我會說，更大的投資組合可用，我們預計可能會在日曆第四季的時間範圍內。

So I guess, we're just kind of restating what you're saying here. Yes, there's probably some customers out there that are perhaps pausing their investment, but that pause should be relatively short term. We're talking three, six months, not longer term, correct?

所以我想，我們只是重申你在這裡所說的話。是的，可能有一些客戶正在暫停他們的投資，但這種暫停應該是相對短期的。我們說的是三、六個月，而不是更長的期限，對嗎？

Agreed.

同意。

That's correct. That's the way we would project it.

這是正確的。這就是我們預測它的方式。

Right. Thanks, guys. Appreciate it. Great. Good luck, Rich.

正確的。多謝你們。欣賞它。偉大的。祝你好運，里奇。

Yeah. Thank you, Keith.

是的。謝謝你，基斯。

Vincent Colicchio, Barrington Research.

文森特·科利奇奧，巴靈頓研究中心。

Yes. Congrats, Rich and Patrick, and Marshall, feel better. In terms of PC demand in the quarter, how did -- how was the performance by vertical? And how should we think about demand by vertical in the second half?

是的。恭喜里奇、派崔克和馬歇爾，感覺好多了。就本季的個人電腦需求而言，垂直領域的表現如何？下半年我們該如何看待垂直產業的需求？

Yes. Maybe I can start and then Patrick can comment. Certainly, from a vertical perspective, we saw, I'll call it, the public sector federal, in particular, being a little bit slower as they sort of work through budget approvals, et cetera. We do believe that now that, that has been cleared up, that there'll be a bit of an opportunity to catch up overall.

是的。也許我可以開始，然後帕特里克可以發表評論。當然，從垂直角度來看，我們看到，我稱之為聯邦公共部門，尤其是在預算批准等方面的工作速度有點慢。我們確實相信，既然問題已經解決，那麼整體上會有一些追趕的機會。

And I would say that the other verticals are fairly consistent and uniform relative to their digestion or purchase of PCs overall. And long story short, the only one that stuck out a little bit was the public sector with the comments that I've made. Patrick, I'll turn it over to you for any comments.

我想說的是，其他垂直行業相對於他們對個人電腦的消化或購買來說是相當一致和統一的。長話短說，唯一有點突出的是公共部門，我的評論是這樣的。派崔克，我會把它交給你徵求意見。

Yeah, so just would like to add that we see the demand being driven by enterprise and SMB. So these are the two customer segments, plus public sector, which are driving the demand as we speak.

是的，我想補充一點，我們看到需求是由企業和中小企業驅動的。因此，正如我們所說，這兩個客戶群以及公共部門正在推動需求。

Okay. Thank you, gentlemen.

好的。謝謝你們，先生們。

Thank you.

謝謝。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，加拿大皇家銀行資本市場。

Thanks for taking my question. Congrats, again, to both Rich and Patrick. Just one quick clarifying question. Should we still expect the netted down to be 25% to 26% for the full year? And then on the trend, I was wondering if you could discuss the trend what you're seeing by geos, particularly in Americas, Europe, and APAC. Thanks.

感謝您提出我的問題。再次恭喜里奇和帕特里克。只是一個快速澄清的問題。我們是否仍應預期全年淨跌幅為 25% 至 26%？關於趨勢，我想知道您是否可以討論一下您所看到的地理趨勢，特別是在美洲、歐洲和亞太地區。謝謝。

Yeah, I'll start with that. We had forecasted for the quarter about 26.5 growth versus net. It came in at 27.5. So we continue to see the expansion of the netting down of revenues. In my prepared remarks, I had noted that it was about a 400-basis point deterioration or increase in netted down year on year. So it remains quite meaningful. If I think about what Q3 should look like, I would put about a 27.5 netting down and I would also expect that to be a little bit lower in Q4.

是的，我將從那裡開始。我們曾預測本季淨成長約為 26.5 倍。其得分為 27.5。因此，我們繼續看到收入淨額減少的擴大。在我準備好的發言中，我指出淨虧損年增率惡化或增加約 400 個基點。所以還蠻有意義的。如果我考慮第三季應該是什麼樣子，我會降低 27.5 的淨值，我也預期第四季的淨值會稍微低一些。

Seasonality-wise, in Q4, we tend to see just in normal times a little more resurgence of endpoint solutions this year because of the way that we're seeing endpoint solutions rebound and respond from prior year performance, it probably leads me to a 27 to 27.5 for exactly as that sounds, we continue to see the expansion of the netting down, but I would go with that 27 to 27.5. Now I'll turn it over to just commentary for Patrick or Rich around the geo movements.

從季節性角度來看，在第四季度，我們往往會在正常情況下看到今年端點解決方案的復甦，因為我們看到端點解決方案相對於去年的表現有所反彈和響應，這可能會讓我得出27到 27.5，正如聽起來的那樣，我們繼續看到淨額擴大，但我會選擇 27 到 27.5。現在我將把它轉為帕特里克或里奇關於地理運動的評論。

Yeah, just would like -- so just to add on the gross to net. When you look at the market trends, and we are perfectly aligned with those market trends, software-as-a-service service will continue to be more and more important in our sales mix. So the gross-to-net adjustment, I think, would continue to increase over the years because of that trend.

是的，只是想 - 所以只是將總收入加到淨收入中。當您觀察市場趨勢時，並且我們與這些市場趨勢完全一致，軟體即服務服務將繼續在我們的銷售組合中變得越來越重要。因此，我認為，由於這一趨勢，多年來總淨值調整將繼續增加。

Back to the geography. So in fact, North America and Europe more or less performed the same way with, I mean, a slight growth. Europe was interesting because Europe entered into the, so to say, correction a little bit later than North America, but at the moment is basically more or less aligned with the trends in North America.

回到地理。事實上，北美和歐洲的表現或多或少是相同的，我的意思是，略有成長。歐洲很有趣，因為可以說歐洲進入調整的時間比北美晚一些，但目前基本上與北美的趨勢基本一致。

So it's flat to -- I should say, low single digit in those two regions. If you look at APJ, I mean, here, we are experiencing double-digit growth driven in particular by data center. Lots of investments in data centers in, I would say, I would call them the Tier 2 CSPs, which benefit us in the region.

因此，我應該說，這兩個地區的成長率持平於低個位數。如果你看看亞太及日本地區，我的意思是，我們正在經歷兩位數的成長，尤其是在資料中心的推動下。我想說，對資料中心的大量投資，我將其稱為二級 CSP，這使我們在該地區受益。

Okay. Thanks a lot.

好的。多謝。

Alek Valero, Loop Capital.

亞歷克·瓦萊羅（Alek Valero），Loop Capital。

Hey, guys. Thanks for taking my question. This is Alek on for Ananda. My question is, what is a good way to think about the GenAI impact to SYNNEX's revenue growth over the next few years from PCs, phones, Hyve, and other offerings? And additionally, if you could quickly touch on its impact to margins at a cash conversion cycle as well.

大家好。感謝您提出我的問題。這是阿南達 (Ananda) 的阿列克 (Alek)。我的問題是，如何看待 GenAI 對 SYNNEX 未來幾年 PC、手機、Hyve 和其他產品收入成長的影響？此外，您是否也能快速了解其對現金轉換週期利潤率的影響。

So maybe I start. So I mean, GenAI requires a lot of compute and a lot of optimization of your infrastructure. So I mean, not only in software, of course, we are going to see the benefits, but basically, companies will have to upgrade their servers, their switches, their storage. So we see the impact of GenAI being very pervasive across most of our technologies, which obviously is going to be a very nice prospect for the future. So yeah, very positive -- again, GenAI, I think, is a very nice opportunity for the IT industry in general and, of course, for us, in particular.

所以也許我開始了。所以我的意思是，GenAI 需要大量的計算和對基礎設施的大量最佳化。所以我的意思是，當然，我們不僅會在軟體方面看到好處，而且基本上，公司將不得不升級他們的伺服器、交換器和儲存。因此，我們看到 GenAI 的影響在我們的大多數技術中都非常普遍，這顯然對未來來說是一個非常好的前景。所以，是的，非常積極——我認為，GenAI 對於整個 IT 行業來說是一個非常好的機會，當然對我們來說尤其如此。

Yeah. Alek, thanks for the question. As we had said, I think, a quarter or two ago, the big opportunity for AI for us will be seen in what I would call the legacy products that are now made more intelligent by AI. And that, as Patrick said, is going to likely lead to more robust configurations across the board and it could cause a bit of an acceleration over a continuum for demand because people will want to get to the newest technology sort of as it relates to the working capital and how -- what dynamics play out there. I believe that will continue pretty much with the current terms and conditions that we have. So not to say that this won't change in the future, but there's not anything that is immediately visible to us, which would say that there's going to be a paradigm change in business model.

是的。亞歷克，謝謝你的提問。正如我們所說，我認為在一兩個季度前，人工智慧對我們來說的巨大機會將體現在我所說的現在透過人工智慧變得更加智慧的遺留產品中。正如帕特里克所說，這可能會導致全面更強大的配置，並可能導致需求連續性的加速，因為人們會希望獲得與最新技術相關的技術。我相信，按照我們目前的條款和條件，這種情況將會持續下去。所以並不是說這在未來不會改變，但我們沒有立即看到任何東西，這表明商業模式將會發生範式變化。

The last comment that I would make, it's a general rule of thumb. So we'll see if it carries forward here. But generally, as vendors move to new technologies, there usually are two phenomenon.

我要說的最後一條評論是一般經驗法則。所以我們會看看它是否會在這裡延續下去。但一般來說，隨著供應商轉向新技術，通常會出現兩種現象。

The first is, there's -- as they scale their people and get them prepared for those new sales, they generally move some of the legacy things that might have existed more into the channel. So we've historically seen a shift, if you will, of more legacy technologies to be served more broadly by the channel.

首先，當他們擴大人員規模並讓他們為新銷售做好準備時，他們通常會將一些可能更多存在的遺留事物轉移到管道中。因此，如果您願意的話，我們歷史上已經看到了更多傳統技術的轉變，這些技術將由該管道更廣泛地提供服務。

And then the second phenomenon is that generally in order for the business partner ecosystem to really get focused and making sure that we're enabling the entire business partner ecosystem properly, generally, there are premium incentives to motivate the entire ecosystem to move there. Too early to tell right now. Let's see what happens, but those would be the comments around what the future might look like.

第二個現像是，通常為了讓業務合作夥伴生態系統真正集中精力並確保我們正確啟用整個業務合作夥伴生態系統，通常會提供優質激勵措施來激勵整個生態系統向那裡轉移。現在說還太早。讓我們看看會發生什麼，但這些都是圍繞未來的評論。

Awesome. Very helpful, guys. Thank you very much.

驚人的。非常有幫助，夥計們。非常感謝。

This concludes the question-and-answer session. I will now turn the call back over to Rich for closing remarks.

問答環節到此結束。現在，我將把電話轉回給里奇，讓他發表結束語。

I'd like to thank all of our TD SYNNEX coworkers around the world for all that they do in dedicating themselves to our customers and vendors and shareholders. Obviously, they're the ones that make it happen day in and day out. And again, thanks to all of you who have been on the journey with us, and we really appreciate your continued engagement and interest in TD SYNNEX. And with that, I wish you all a great day. Thank you very much.

我要感謝世界各地的所有 TD SYNNEX 同事為我們的客戶、供應商和股東所做的一切奉獻。顯然，他們是日復一日地實現這一目標的人。再次感謝所有與我們同行的人，我們非常感謝您對 TD SYNNEX 的持續參與和興趣。在此，祝大家有個愉快的一天。非常感謝。

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。您現在可以斷開連線。祝你今天過得愉快。