新聚思 (SNX) 2024 Q3 法說會逐字稿

Good morning. My name is Audrey, and I will be your conference operator today. I would like to welcome everyone to the TD SYNNEX third-quarter fiscal 2024 earnings call.

早安.我叫奧黛麗，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 財政年度第三季財報電話會議。

Today's call is being recorded, and all lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.

今天的通話正在錄音，所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。

At this time, for opening remarks, I would like to pass the call over to David Jordan, CFO of the Americas and Head of Investor Relations at TD SYNNEX. David, you may begin.

此時，我想將電話轉給 TD SYNNEX 美洲區財務長兼投資者關係主管 David Jordan 致開幕詞。大衛，你可以開始了。

Thank you. Good morning, everyone, and thank you for joining us for today's call. With me today is Patrick Zammit, CEO; and Marshall Witt, CFO.

謝謝。大家早安，感謝您參加我們今天的電話會議。今天與我在一起的是執行長 Patrick Zammit；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 our strategy, demand, plans and positioning, growth, cash flow, capital allocation, and stockholder return, as well as our expectations for future fiscal periods.

在繼續之前，請允許我提醒您，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，包括有關我們的戰略、需求、計劃和定位的陳述、成長、現金流量、資本配置和股東回報，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, in the Risk Factors section of our Form 10-K, and 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 和表格 10-K 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, 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.

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。

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 Patrick. Patrick?

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帕特里克。派崔克？

Thank you, David. Good morning, everyone, and thank you for joining us today to discuss our third-quarter operating results. I'm honored and very excited to address you today for the first time as the CEO of TD SYNNEX.

謝謝你，大衛。大家早安，感謝您今天加入我們討論我們的第三季經營業績。今天，我第一次以 TD SYNNEX 執行長的身份向大家發表講話，我感到非常榮幸和興奮。

Before I begin, I would like to thank our TD SYNNEX coworkers for their dedication and passion for our business, our partners and vendors for their trust and confidence in us, and for the collaboration we foster together to take advantage of the business opportunities ahead.

在開始之前，我要感謝 TD SYNNEX 同事對我們業務的奉獻和熱情，感謝我們的合作夥伴和供應商對我們的信任和信心，感謝我們共同促進合作以充分利用未來的商機。

I start the call today by providing a few thoughts on the role we play in the broader IT ecosystem, key priorities for our business as we move forward, along with a brief update on our Q3 business performance. We remain a vital link in the IT ecosystem, helping vendors across the world access 150,000 IT solution providers who service everyone, from the Fortune 100 to small- and medium-sized businesses.

在今天的電話會議中，我首先就我們在更廣泛的 IT 生態系統中所扮演的角色、我們業務發展的關鍵優先事項以及第三季度業務業績的簡要更新提供一些想法。我們仍然是 IT 生態系統中的重要環節，幫助世界各地的供應商接觸到為從財富 100 強到中小型企業等所有人提供服務的 150,000 家 IT 解決方案提供商。

What differentiates us is our global reach, end-to-end portfolio, and our specialized go-to-market approach. We have customized value propositions by technology that enable our vendors to increase their reach, recruit and enable partners, and provide a full suite of go-to-market services to accelerate growth.

我們的與眾不同之處在於我們的全球影響力、端到端產品組合以及我們專業的市場進入方法。我們透過技術客製化價值主張，使我們的供應商能夠擴大其影響力、招募和支援合作夥伴，並提供全套上市服務以加速成長。

All of this is driven by an exceptional team of passionate people [that] are grounded in a customer-centric culture. Additionally, we are fortunate to have high-quality and trusted relationships across the IT ecosystem and are committed to continuing to be a partner of choice around the globe.

所有這一切都是由一支由熱情的員工組成的卓越團隊推動的，他們植根於以客戶為中心的文化。此外，我們很幸運能夠在整個 IT 生態系統中擁有高品質且值得信賴的關係，並致力於繼續成為全球範圍內的首選合作夥伴。

Moving on to our business priorities. We have a long track record of delivering profitable growth and sustainable free cash flow. And we expect that will continue. As we move forward. our teams are focused on four major business priorities.

繼續我們的業務重點。我們在實現獲利成長和永續自由現金流方面擁有悠久的記錄。我們預計這種情況將會持續下去。當我們前進時。我們的團隊專注於四大業務重點。

The first area of focus is revenue growth, which will be delivered through geographical expansion, ensuring we cover both endpoint and advanced solutions technologies, expanding existing vendor franchises as well as emerging vendors, and ensuring we meet the needs of our customers.

第一個重點領域是收入成長，這將透過地理擴張來實現，確保我們涵蓋端點和先進解決方案技術，擴大現有供應商特許經營權以及新興供應商，並確保我們滿足客戶的需求。

The second priority is being focused on pricing and margin management. We expect to achieve this by continuing to enhance our value proposition, improving our portfolio of services, and remaining disciplined in our execution to enable returns to meet or exceed our expectations.

第二個優先事項是專注於定價和利潤管理。我們希望透過繼續增強我們的價值主張、改進我們的服務組合以及在執行中保持嚴格的紀律以使回報達到或超過我們的預期來實現這一目標。

The third area of focus is managing our cost to gross profit percentage, which is a comparison of non-GAAP SG&A to gross profit. This is a key metric and helps to ensure we drive profitable growth. We expect to improve our cost to gross profit percentage through operational discipline, embracing technology and automation, and investing in our people, who, ultimately, make the decisions on opportunities we choose to pursue.

第三個重點領域是管理我們的成本佔毛利的百分比，這是非 GAAP SG&A 與毛利的比較。這是一個關鍵指標，有助於確保我們推動獲利成長。我們希望透過營運紀律、採用技術和自動化以及對員工進行投資來提高我們的成本佔毛利潤的百分比，而員工最終會根據我們選擇追求的機會做出決定。

The fourth priority is capital allocation. It is critical we remain disciplined around working capital management and free cash flow generation. We are committed to creating value for stockholders by focusing on investments at accretive returns and returning excess cash to stockholders.

第四個重點是資本配置。我們在營運資本管理和自由現金流產生方面保持紀律至關重要。我們致力於透過專注於增值回報的投資並將多餘現金回饋給股東，為股東創造價值。

Moving on to our Q3 performance. We continue to be optimistic around the IT market recovery. Q3 was a strong quarter, reinforcing our optimism regarding IT market recovery. In particular, we saw significant growth across geographic segments and in both our endpoint and advanced solutions businesses.

繼續我們第三季的表現。我們對 IT 市場的復甦繼續持樂觀態度。第三季表現強勁，增強了我們對 IT 市場復甦的樂觀態度。特別是，我們看到了跨地理區域以及端點和高級解決方案業務的顯著成長。

Additionally, gross billings in Q3 grew 9%, coming in above the high end of our range. These results underscore that our broad global reach, extensive line card, and effective execution of our strategy are helping us grow slightly ahead of market.

此外，第三季的總帳單成長了 9%，高於我們範圍的高端。這些結果強調了我們廣泛的全球影響力、廣泛的產品線以及策略的有效執行正在幫助我們略微領先於市場。

Within the quarter, we experienced year-over-year margin decline driven by product mix and tough compares in Hyve. Our cost to gross profit percentage remained consistent, demonstrating our ability to control our costs while focusing on profitable growth.

在本季度內，由於產品組合和 Hyve 的艱難比較，我們的利潤率同比下降。我們的成本佔毛利的百分比保持一致，這表明我們有能力控製成本，同時專注於獲利成長。

Looking ahead, I'm excited about the trajectory of TD SYNNEX. Based on our Q3 results and Q4 expectations, we believe the market is returning to growth. And we are uniquely positioned to expand our coverage and services, and deliver value-added solutions to our customers.

展望未來，我對 TD SYNNEX 的發展軌跡感到興奮。根據我們第三季的業績和第四季的預期，我們相信市場正在恢復成長。我們具有獨特的優勢，可以擴大我們的覆蓋範圍和服務，並為客戶提供增值解決方案。

Lastly, I want to reiterate my gratitude to our team for everything you do to make us the partner of choice in IT distribution. Our people and our culture are what differentiates us in the industry.

最後，我想再次感謝我們的團隊為使我們成為 IT 分銷領域的首選合作夥伴所做的一切。我們的員工和文化使我們在行業中脫穎而出。

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, Patrick, and good morning to everyone on today's call. We had good performance in fiscal Q3 with gross billings ahead of expectations and backlog increasing year over year. Total gross billing were $20.3 billion, up 9% year over year, which is above the high end of our guidance range.

謝謝派崔克，今天電話會議的大家早安。我們在第三財季表現良好，總營收超出預期，積壓訂單逐年增加。總營收為 203 億美元，年增 9%，高於我們指導範圍的上限。

We were pleased to see growth across both endpoint and advanced solutions in the quarter, which supports our thesis that the IT market has returned to growth. And we grew at a slight premium to the market.

我們很高興看到本季端點和進階解決方案都出現成長，這支持了我們的論點：IT 市場已恢復成長。我們的成長速度略高於市場。

In Q3, there was a 27.6% reduction from gross billings to net revenue, which was consistent with expectations and a slightly higher difference between the two measures year over year, driven by the mix of software and as-a-service offerings, which are recorded on a net basis. From a technology perspective, endpoint solutions grew 5% driven by PCs, components, mobile, and services. Advanced solutions grew 12% driven by Hyve, hybrid cloud, software, and services.

第三季度，總帳單與淨收入相比下降了 27.6%，這與預期一致，並且在軟體和即服務產品組合的推動下，兩項指標之間的同比差異略大。從技術角度來看，在 PC、組件、行動裝置和服務的推動下，端點解決方案成長了 5%。在 Hyve、混合雲、軟體和服務的推動下，高階解決方案成長了 12%。

Non-GAAP gross profit was $961 million or 4.7% of gross billings, down 1% year over year or 50 basis points, primarily driven by tough year-over-year comparison in Hyve and business mix. As we commented in the prior quarter, Hyve, which sits within advanced solutions, experienced elevated margins in the prior year due to cost recoveries and incremental recognition of inventory carrying costs as we sold through aged inventory in 2023.

非 GAAP 毛利為 9.61 億美元，佔總營業額的 4.7%，年減 1% 或 50 個基點，主要是由於 Hyve 和業務組合的年減。正如我們在上一季所評論的那樣，Hyve 屬於先進的解決方案，由於成本回收和我們在 2023 年通過老化庫存進行銷售時庫存持有成本的增量確認，去年的利潤率有所提高。

Non-GAAP SG&A expense was $568 million or 2.8% of non-GAAP gross billings, which represented a 30-basis-point improvement from the prior year. As Patrick discussed, we are introducing a new metric comparing non-GAAP SG&A expense to gross profit, as we believe gross profit is a better metric to compare than reported revenue as more of our business is being netted down.

非 GAAP SG&A 費用為 5.68 億美元，佔非 GAAP 總帳單的 2.8%，比前一年提高了 30 個基點。正如帕特里克所討論的，我們正在引入一種新指標來比較非公認會計準則SG&A 費用與毛利潤，因為我們認為毛利潤是比報告收入更好的比較指標，因為我們更多的業務正在被淨額削減。

The cost to gross profit percentage in Q3 was 59.1%, representing a slight improvement year over year, driven by disciplined cost management while continuing to balance investments in strategic growth areas. Our cost to gross profit percentage will be an important metric and focus as we grow our business.

第三季成本佔毛利潤率為 59.1%，年比略有改善，這得益於嚴格的成本管理，同時繼續平衡策略成長領域的投資。隨著我們業務的發展，我們的成本佔毛利的百分比將成為一個重要的指標和重點。

Non-GAAP operating income was $393 million, down 1% year over year. Non-GAAP operating margin was 1.9% of gross billings, down 20 basis points year over year, which was consistent with expectations. The decline was primarily due to the Hyve headwinds, which we previously discussed, and the mix within our distribution business.

非 GAAP 營業收入為 3.93 億美元，較去年同期下降 1%。非 GAAP 營業利潤率為總營業額的 1.9%，較去年同期下降 20 個基點，與預期一致。下降的主要原因是我們之前討論過的 Hyve 逆風以及我們分銷業務的混合。

On a reported revenue basis, non-GAAP operating margin was 2.68%, down 16 basis points from the prior year and consistent with expectations. Interest expense and finance charges were $80 million. And the non-GAAP effective tax rate was approximately 21%.

以報告收入為基礎，非 GAAP 營業利潤率為 2.68%，比上年下降 16 個基點，與預期一致。利息支出和財務費用為 8000 萬美元。非 GAAP 有效稅率約為 21%。

Our effective tax rate was lower than expected due to favorable discrete items and mix. Total non-GAAP net income was $245 million. And non-GAAP diluted EPS was $2.86, which was slightly above the midpoint of our guidance range.

由於有利的離散項目和組合，我們的有效稅率低於預期。非 GAAP 淨利潤總額為 2.45 億美元。非 GAAP 攤薄後每股收益為 2.86 美元，略高於我們指引範圍的中點。

Now turning to the balance sheet. For Q3, net working capital was $3.5 billion, down $39 million from Q2. And the cash conversion cycle based on net revenue was 21 days. This represented an improvement of two days year over year and quarter over quarter.

現在轉向資產負債表。第三季淨營運資本為 35 億美元，比第二季減少 3,900 萬美元。基於淨收入的現金轉換週期為21天。這意味著同比和環比改善了兩天。

As a result of our strong working capital management, free cash flow was approximately $339 million for the quarter. We returned $91 million to stockholders in quarter three, with $57 million of share repurchases and $34 million of dividend payments. Year to date, we have generated $530 million of free cash flow and returned $614 million to stockholders in the form of buybacks and dividends.

由於我們強大的營運資金管理，本季的自由現金流約為 3.39 億美元。第三季度，我們向股東返還了 9,100 萬美元，其中回購了 5,700 萬美元的股票，支付了 3,400 萬美元的股息。今年迄今為止，我們已產生 5.3 億美元的自由現金流，並以回購和股息的形式向股東返還 6.14 億美元。

Similarly, since fiscal '22, we have repurchased 1.25 billion shares and paid $315 million of dividends, totaling $1.6 billion or 100% of our free cash flow. For quarter four, on a sequential basis, we expect to slightly increase our capital allocation towards share repurchases.

同樣，自 22 財年以來，我們已回購 12.5 億股股票並支付了 3.15 億美元的股息，總計 16 億美元，占我們自由現金流的 100%。對於第四季度，我們預計將略微增加股票回購的資本配置。

For the current quarter, our Board of Directors has approved a dividend of $0.40 per common share, which will be payable on October 25, 2024, to stockholders of record as of the close of business on October 11, 2024. We ended the quarter with $854 million of cash and cash equivalents, and debt of $4.1 billion.

本季度，我們的董事會已批准向 2024 年 10 月 11 日收盤時登記在冊的股東派發每股普通股 0.40 美元的股息，該股息將於 2024 年 10 月 25 日支付。美元，債務41 億美元。

Our gross leverage ratio was 2.3 times, and net leverage was 1.8 times, which is within our target range. In Q3, we also paid off $700 million of senior notes that matured in August at 1.25%.

我們的總槓桿率為2.3倍，淨槓桿率為1.8倍，在我們的目標範圍內。第三季度，我們也償還了 8 月到期的 7 億美元優先票據，利率為 1.25%。

Now moving to our outlook for the fiscal fourth quarter. For Q4, we expect non-GAAP gross billings to be in the range of $20.5 billion to $21.5 billion, representing growth of 6% at the midpoint. We expect our gross-to-net percentage adjustment to be approximately 27.2%, which translates to $14.9 billion to $15.7 billion of reported revenue. Our guidance is based on a euro-to-dollar exchange rate of 1.1.

現在轉向我們對第四財季的展望。對於第四季度，我們預計非 GAAP 總營收將在 205 億美元至 215 億美元之間，中間值成長 6%。我們預計毛淨百分比調整約為 27.2%，即報告收入為 149 億美元至 157 億美元。我們的指引基於歐元兌美元匯率 1.1。

Non-GAAP net income is expected to be in the range of $239 million to $282 million. And non-GAAP diluted EPS is expected to be in the range of $2.80 per diluted share to $3.30 per diluted share, which is based on weighted average shares outstanding of approximately 84.5 million.

非 GAAP 淨利潤預計在 2.39 億美元至 2.82 億美元之間。非 GAAP 攤薄後每股收益預計將在每股攤薄後 2.80 美元至 3.30 美元之間，這是基於約 8,450 萬股加權平均流通股計算的。

Our non-GAAP tax rate is expected to be approximately 22%, and interest expense is expected to be $80 million. As we close out Q4, we expect to generate approximately $1 billion in free cash flow for the fiscal year and are committed to returning excess free cash flow to stockholders, keeping in mind investments needed to strategically grow our business.

我們的非 GAAP 稅率預計約為 22%，利息支出預計為 8,000 萬美元。當我們結束第四季度時，我們預計本財年將產生約 10 億美元的自由現金流，並致力於將多餘的自由現金流返還給股東，同時牢記戰略性發展業務所需的投資。

We expect IT spend demand will continue to expand in Q4 and into fiscal '25, which will result in increased working capital and also an increase in cash days, but is expected to result in accretive returns as these investments fell through in fiscal '25.

我們預計 IT 支出需求將在第四季和 25 財年繼續擴大，這將導致營運資本增加和現金週轉天數增加，但預計將帶來增值回報，因為這些投資在 25 財年失敗。

In closing, we believe we remain well positioned to benefit from the IT market recovery and have a strong balance sheet to fund our unique capabilities, allowing us to be the global partner of choice in IT distribution.

最後，我們相信我們仍然能夠從 IT 市場復甦中受益，並擁有強大的資產負債表來為我們獨特的能力提供資金，使我們能夠成為 IT 分銷領域的全球首選合作夥伴。

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) David Vogt, UBS.

（操作員說明）David Vogt，UBS。

Great, guys. Thanks again for taking my question. Maybe a question for Marshall. When you talk about sort of the capital return policy of the business and the cash flow generation this year, when we think about the mix going into next year and the recovery in IT, which I would imagine has sort of peaked in your sort of preliminary expectations, how should we think about cash flow, working capital, and what the business looks like for maybe a cash conversion cycle over the intermediate term?

太棒了，夥計們。再次感謝您提出我的問題。也許有個問題想問馬歇爾。當你談論今年業務的資本回報政策和現金流生成時，當我們考慮明年的組合和 IT 的復甦時，我想這在你的初步預測中已經達到頂峰預期，我們應該如何考慮現金流、營運資金以及中期現金轉換週期的業務狀況？

I know you've talked about getting to $1.5 billion over the long term. But given that we're coming out of this sort of weakened backdrop over the last couple of quarters, we just kind of love to think -- love to hear your thoughts on how we should think about cash flow next year going forward.

我知道您曾談到長期目標是達到 15 億美元。但考慮到我們正在擺脫過去幾季這種疲軟的背景，我們只是喜歡思考——喜歡聽聽您對我們應該如何考慮明年現金流的想法。

Yeah. Thanks for the question, David. So our medium-term outlook of $1.5 billion in free cash flow, we still believe that we can attain that. But you're right, given the recovery out of '23 and into '24 and what we expect to be continued growth, that will continue to increase our need for working capital.

是的。謝謝你的提問，大衛。因此，我們對 15 億美元自由現金流的中期展望仍然相信我們能夠實現這一目標。但你是對的，考慮到 23 年和 24 年的復甦以及我們預計的持續成長，這將繼續增加我們對營運資金的需求。

You bring up a good point about the blend and the mix of the business. As you know, the model on Hyve has a requirement for longer carrying costs or longer carrying days in regards to their working capital needs. So if that continues to expand, we do think that that will increase our overall working capital.

您提出了關於業務融合和組合的一個很好的觀點。如您所知，Hyve 的模型根據其營運資金需求需要更長的持有成本或更長的持有天數。因此，如果這種情況繼續擴大，我們確實認為這將增加我們的整體營運資金。

Stepping back and looking at our cash conversion cycle for quarter three and beyond, we're right around that 20 days. We still think that that's probably the right target as we go into next year. And then if we do see exponential growth beyond, we'll call it the typical 5%-ish growth range. And I'm not giving that as a target, just more as a proxy.

退後一步，看看我們第三季及以後的現金轉換週期，我們正好在 20 天左右。我們仍然認為這可能是我們明年的正確目標。如果我們確實看到指數級增長，我們將稱之為典型的 5% 左右的增長範圍。我並不是把它當作一個目標，而只是當作一個代理。

We still think that 20 to 21 -- maybe 22 days is appropriate. And we haven't yet modeled out our fiscal '25 expectations. But given the comments we said about where we expect to finish for '24 around $1 billion, our expectation is that we'll be north of that for fiscal '25.

我們仍然認為 20 到 21 天——也許 22 天是合適的。我們還沒有對 25 財年的預期進行建模。但考慮到我們所說的關於我們預計 24 財年的收入約為 10 億美元的評論，我們的預期是我們將在 25 財年實現這一目標。

Right. So just maybe to paraphrase, Marshall, since -- so Hyve is the big sort of swing factor in terms of working cap and what cash flow could look like next year, given sort of the growth (multiple speakers) different vectors.

正確的。因此，馬歇爾，也許可以解釋一下，因為——考慮到成長（多個發言者）不同的向量，就工作上限和明年現金流量而言，Hyve 是一個很大的搖擺因素。

That is correct. Keeping in mind, we've spoken in the past that when we do kind of come out of recovery positions within distribution, we've, at times, do what we call large strategic buys. They're certainly not as big as the swing factor for Hyve, but that also can contribute as well.

這是正確的。請記住，我們過去曾說過，當我們確實擺脫了分銷領域的復甦地位時，我們有時會進行所謂的大規模策略性購買。它們當然不如 Hyve 的波動因素那麼大，但這也可以做出貢獻。

Great. Thank you, guys.

偉大的。謝謝你們，夥計們。

Thank you, David.

謝謝你，大衛。

Keith Housum, Northcoast Research.

Keith Housum，北海岸研究中心。

Good morning, guys. Appreciate this opportunity. In terms of the Hyve business, perhaps, can you provide a little bit more color on that? And I think if I look back to the last quarter, you guys had spent a little bit extra money building up the working capital and investing in training and whatnot for the large customers you're adding. Can you, perhaps, also speak to the impact that have in gross margins this quarter?

早安，夥計們。珍惜這個機會。就 Hyve 業務而言，也許您能提供更多資訊嗎？我認為，如果我回顧上個季度，你們花了一點額外的錢來建立營運資金並投資於培訓以及為您增加的大客戶等。您能否也談談對本季毛利率的影響？

Yeah. Thanks for the question, Keith. You're right. The customer we spoke to, that ramped in quarter two continued to show good strength in quarter three. And our expectation is that will continue in quarter four and beyond.

是的。謝謝你的提問，基斯。你說得對。我們採訪的客戶在第二季度有所成長，在第三季繼續表現出良好的實力。我們的預期是，這種情況將在第四季及以後持續下去。

So the good news is that that continues to build. As we mentioned, that has some margin headwinds that we saw in the quarter, but also expected to be a headwind going into Q4 and into next year. You're right, there is investments we continue to make in building out the capabilities and the end-to-end solutions for Hyve and ensuring that we've got the right resources, capital, and footprint to address and get to where we need to be to meet the needs of the business.

所以好消息是這種情況還在持續發展中。正如我們所提到的，這對我們在本季看到的利潤率帶來了一些阻力，但預計也將成為第四季度和明年的阻力。你是對的，我們繼續進行投資，為 Hyve 建立能力和端到端解決方案，並確保我們擁有正確的資源、資本和足跡來解決並到達我們需要的地方以滿足業務的需要。

More specifically, just on the Hyve impact on the quarter, as you remember, in the prior year for Q3 and Q4, Hyve experienced two benefits to gross profit. One is we carry quite a bit of inventory coming out of fiscal '22. And as that aged out and we sold it through, our customer pays us to carry that and also gives us a margin markup. So that had a significant benefit to us in Q3 of last year and Q4.

更具體地說，就 Hyve 對本季度的影響而言，正如您所記得的，在上一年的第三季度和第四季度，Hyve 經歷了毛利的兩個好處。一是我們擁有大量 22 財年的庫存。當它過期並且我們把它賣掉時，我們的客戶付錢給我們來保留它，並給我們利潤加價。因此，這為我們去年第三季和第四季帶來了顯著的好處。

And then we also had some cost recovery programs. They're one-off in nature. They came through in the second half of last year. So if you just step back and think about where the majority of the decline in overall profitability come from in terms of our performance in Q3 year on year, it was due to those good strength in profit last year and then the investments we're making this year to grow the business.

然後我們還有一些成本回收計劃。它們本質上是一次性的。他們是在去年下半年完成的。因此，如果您退一步思考一下，就我們第三季度的業績同比而言，整體盈利能力下降的大部分來自何處，這是由於去年利潤的強勁勢頭以及我們正在進行的投資今年為了發展業務。

And I just would like to add one thing. I mean, Hyve enjoyed higher margins. So as we grow with Hyve, it will have a positive impact on our mix and will be accretive to our results.

我只想補充一件事。我的意思是，Hyve 享有更高的利潤。因此，當我們與 Hyve 一起成長時，它將對我們的組合產生積極的影響，並將增加我們的表現。

Great. Thank you. Appreciate it.

偉大的。謝謝。欣賞它。

Thank you.

謝謝。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，加拿大皇家銀行資本市場。

Hi, this is David Paige, on for Ashish. Thanks for taking my question. I just had a quick one regarding the strength in strategic technologies, which seems to be continually growing very strongly.

大家好，我是大衛‧佩奇，替阿什許發言。感謝您提出我的問題。我剛剛快速了解了戰略技術的實力，該技術似乎正在持續強勁增長。

Maybe you could just give -- provide a little bit more color what was driving the growth in strategic technologies during the quarter and then if you can, maybe an early read into fiscal '25. Thank you.

也許您可以提供更多一點的信息，說明本季度推動戰略技術成長的因素是什麼，然後如果可以的話，也許可以儘早了解 25 財年的情況。謝謝。

Yeah. So strategic technologies, specifically, it's cloud, it's security, and AI. It includes also Hyve. And clearly, those markets continue to enjoy nice growth. And as you know, the AI market, in particular, the hyperscalers have announced that they will continue to invest massively.

是的。所以戰略技術，特別是雲端、安全性和人工智慧。它還包括 Hyve。顯然，這些市場持續保持良好成長。如您所知，人工智慧市場，特別是超大規模企業已經宣布他們將繼續大規模投資。

This year, they will roughly invest $250 billion. I mean, thanks to Hyve who participate also in that market. So that -- I mean, besides the growth, which we see in distribution in hybrid cloud, in security, and AI, I mean, the acceleration of the investments of the hyperscalers will continue to drive that growth rate up.

今年，他們將投資約2500億美元。我的意思是，感謝 Hyve 也參與了這個市場。因此，我的意思是，除了我們在混合雲、安全和人工智慧領域看到的成長之外，我的意思是，超大規模企業投資的加速將繼續推動成長率的上升。

Adam Tindle, Raymond James.

亞當·廷德爾，雷蒙德·詹姆斯。

Okay. Thank you. Good morning, Patrick. I just wanted to start on just kind of a philosophical question on running the business. Obviously, what we're seeing here is very strong growth in gross billings, but margins were down. Working capital intensity increased.

好的。謝謝。早上好，派崔克。我只是想從一個關於經營企業的哲學問題開始。顯然，我們在這裡看到的是總帳單的強勁成長，但利潤率卻下降了。營運資金強度增加。

I understand some of the explanation on Hyve, but that's going to continue into Q4. So I'm just wondering if you look at Q3 and Q4, is this sort of a precursor for what investors should expect under your leadership, where we're going to focus a little bit more on growth and a little bit less on those other two areas or potentially sacrifice those two areas in order to grow?

我理解 Hyve 的一些解釋，但這將持續到第四季。所以我只是想知道你是否看看第三季度和第四季度，這是否是投資者在你的領導下應該期待的先兆，我們將更多地關注增長，而不是其他方面兩個領域或可能犧牲這兩個領域以實現成長？

And if so, why would that be the right strategy? You've been in the industry a long time. We've seen kind of this play out in component distribution, for example, which I know you live through part of. And that didn't really help either of those two players or shareholders. So just kind of curious on the focus on revenue growth and growth generally speaking, given that was the first priority that you mentioned.

如果是這樣，為什麼這是正確的策略？你在這個行業已經工作很久了。例如，我們已經在元件分發中看到了這種情況，我知道您也經歷過其中的一部分。這並沒有真正幫助這兩位球員或股東。因此，我對專注於收入成長和整體成長感到好奇，因為這是您提到的首要任務。

Yeah. No, thanks for the question. So I mean, clearly, we are focused on profitable growth and cash flow generation.

是的。不，謝謝你的提問。所以我的意思是，顯然我們專注於獲利成長和現金流產生。

So of course, when you look at the results of this quarter, you see that we had a very nice sales growth exceeding, by the way, our expectations and the margin being a little bit more muted. Again, as Marshall explained, the vast majority of the GM percent decline is related to Hyve and then related to the mix.

因此，當然，當您查看本季的業績時，您會發現我們的銷售成長非常好，超出了我們的預期，而且利潤率有點低迷。正如馬歇爾所解釋的，GM 百分比下降的絕大多數與 Hyve 有關，然後與混合有關。

Going forward, I mean, I think we are going to see an improvement on the GM percent; two reasons. So the first one is, when you look from a geographic standpoint at what is driving the recovery of the sales increase, we see that Europe and APJ are growing faster than North America. In North America, we enjoy better operating margins. So as the North American market accelerates its recovery, it's going to have a positive impact on mix.

我的意思是，展望未來，我認為我們將看到 GM 百分比有所提高；有兩個原因。因此，第一個問題是，當你從地理角度來看推動銷售成長復甦的因素時，我們發現歐洲和亞太及日本地區的成長速度快於北美。在北美，我們享有較好的營業利潤率。因此，隨著北美市場加速復甦，這將對產品組合產生正面影響。

The second reason is, I mean, at the moment, we benefited from some large deals, which, again, were accretive. I mean, we had the right return on those deals. But the margins are higher in the mid-segment. And so again, as the mid-segment recovers, we should again see an improvement of the margins.

我的意思是，第二個原因是，目前我們從一些大型交易中受益，這些交易又具有增值性。我的意思是，我們在這些交易中獲得了適當的回報。但中階市場的利潤率更高。因此，隨著中段市場的復甦，我們應該會再次看到利潤率的改善。

The last point I want to insist on is services. I mean, if we want to improve our GM percent and make it sustainable, we need to increase our mix of services, which is going to be at the core of the strategy.

最後我要強調的是服務。我的意思是，如果我們想提高毛利率並使其可持續發展，我們需要增加服務組合，這將是該策略的核心。

So you are referring to the component business. If you look at my track record there, I always focused, not only on the growth, but also growth at the right margin quality. And I intend to do the same here.

所以你指的是組件業務。如果你看看我在那裡的記錄，我總是不僅關注成長，而且專注於以適當的利潤品質成長。我也打算在這裡做同樣的事情。

If we go for large deals with lower margin, we will make sure that the return is right. But again, the target is really profitable growth and growing GP, at least, at the same pace as sales, if not faster.

如果我們進行利潤率較低的大宗交易，我們將確保回報是正確的。但同樣，我們的目標是真正的利潤成長和毛利率成長，至少與銷售額保持相同的速度，甚至更快。

Thank you.

謝謝。

Thanks, Adam.

謝謝，亞當。

Michael Ng, Goldman Sachs.

邁克爾吳，高盛。

Hey, good morning. Thank you for the question. I just have one on endpoint. I was just wondering if you could talk a little bit more specifically around what you're seeing on PCs. Are there any benefits from AI PCs showing up in the quarter?

嘿，早安。謝謝你的提問。我只有一個端點。我只是想知道您是否可以更具體地談談您在 PC 上看到的內容。本季出現的人工智慧電腦有什麼好處嗎？

And if you could also just comment on endpoint margins. We've obviously talked a lot about Hyve, but endpoint solutions also saw a little bit of a gross margin decline at least sequentially. Thank you.

如果您也可以評論端點邊距。顯然，我們已經談論了很多關於 Hyve 的問題，但端點解決方案的毛利率也出現了一些下降，至少是連續下降。謝謝。

Yes. Thanks a lot for the question, Mike. So I will take the -- what we see in the PC market. So the PC market is back to growth, and we see that in all the regions.

是的。非常感謝你的提問，麥克。所以我會談談我們在個人電腦市場上看到的情況。因此，個人電腦市場恢復成長，我們在所有地區都看到了這一點。

Now the pace of recovery is slightly more muted than expected. We were expecting mid- to high single-digit growth, and we were more in low single-digit growth. Now I think that, going forward, the tailwinds we've talked about, in particular, so AI PC -- but not only the refresh of the PC both during the pandemic and the refresh required with Windows 10 being replaced by Windows 11. I think that story evolves, and we should see an acceleration of the PC growth.

現在復甦的步伐比預期的要慢一些。我們預計會出現中高個位數成長，但我們更多的是低個位數成長。現在我認為，展望未來，我們所討論的順風車，特別是人工智慧 PC，但不僅是大流行期間 PC 的更新，以及 Windows 10 被 Windows 11 取代所需的更新。會看到個人電腦成長的加速。

AI PCs very rapidly, so the -- again, the weight of AI PCs in the total PC [resale] at the moment continues to be relatively low. One of the reasons being that the new AI PCs are just coming into the market. So I think customers have been waiting a little bit, especially, to see the mid-range PCs coming.

人工智慧電腦的發展速度非常快，因此，人工智慧電腦目前在總電腦[轉售]中的比重仍然相對較低。原因之一是新的人工智慧電腦剛進入市場。因此，我認為客戶已經等待了一段時間，特別是希望看到中階個人電腦的到來。

We had a series of launches at the beginning of the quarter. There will be more by the end of the quarter. And so I think that we will see an acceleration again in the first half of next year. And Marshall, you want to --

我們在本季初推出了一系列產品。到本季末還會有更多。因此，我認為明年上半年我們將再次看到加速成長。馬歇爾，你想要──

Good. You covered it.

好的。你覆蓋了它。

Joe Cardoso, JPMorgan.

喬·卡多佐，摩根大通。

Hi, good morning, everyone, and thanks for the question here. So yeah, just one for me. It sounds like you're pretty -- you're feeling pretty confident around the recovery in the broader IT spending market heading into the second half of this year and into next, which is maybe a bit different than what we're hearing from some of your VAR partners, who are seeing more of a, let's say, a mixed environment.

大家早安，謝謝您的提問。所以是的，只有一個適合我。聽起來你很漂亮——你對今年下半年和明年更廣泛的 IT 支出市場的復甦充滿信心，這可能與我們從一些人那裡聽到的有所不同您的VAR 合作夥伴看到的更多是一個混合環境。

Just curious, what is driving your confidence around the recovery here? And perhaps, maybe you can flesh out that a bit either by a product area or customer vertical where you're feeling the most confident versus other areas that, perhaps, are still probably sluggish? Thanks for the question, guys.

只是好奇，是什麼讓您對這裡的復甦充滿信心？也許，你可以透過產品領域或客戶垂直領域來充實這一點，在這些領域中你感覺最有信心，而其他領域可能仍然低迷？謝謝你們的提問，夥伴們。

Yeah. So thanks a lot. So I mean, when you look at the markets -- I talked about the PC market. Again, the recovery -- we are back to growth, but the recovery in the second half of this year is a little bit below expectation. And we should see an acceleration next year.

是的。非常感謝。所以我的意思是，當你看市場時——我談到了個人電腦市場。再說一遍，復甦——我們恢復了成長，但今年下半年的復甦略低於預期。明年我們應該會看到加速。

The other technology I want to bring to the table today is networking. I mean, we know that -- I mean, we have tough compares last year. We had huge backlogs, which got shipped in the second half, which explains why the market year on year is down double digits.

我今天想介紹的另一項技術是網路。我的意思是，我們知道——我的意思是，我們去年進行了艱難的比較。我們有大量的積壓訂單，這些訂單在下半年發貨，這解釋了為什麼市場比去年同期下降了兩位數。

But that again is normalizing. So I think in Q4, we should be at the end of the tough compare. And so next year, we will again have a normal compare, and we should see the positive.

但這再次正常化。所以我認為在第四季度，我們應該處於艱難比較的末尾。所以明年，我們將再次進行正常的比較，我們應該看到積極的一面。

I want also to insist on the geographical aspect. I mean, Europe and -- Europe is recovering faster. I mean, what we see in the market is, I mean, mid-single-digit growth. It's driven -- so in Europe, specifically, the distribution -- the distributors are serving also the B2C market. And we see a recovery coming from the B2C market. The B2B market is a little bit more muted. But again, we should see some acceleration.

我還想堅持地理方面的觀點。我的意思是，歐洲——歐洲正在更快地復甦。我的意思是，我們在市場上看到的是中等個位數的成長。它的驅動力——所以在歐洲，特別是分銷——分銷商也服務於 B2C 市場。我們看到 B2C 市場正在復甦。 B2B 市場較為平靜。但同樣，我們應該會看到一些加速。

APJ, again, is doing well. North America is really where -- for the moment, the market is flat, I would say slightly down, but I mean 1% down. And here again, I mean, we expect the market to come back driven by PCs, driven by networking.

APJ 再次表現良好。北美確實是——目前市場持平，我會說略有下降，但我的意思是下降 1%。我的意思是，我們預期市場將在個人電腦、網路的推動下回歸。

And all the other technologies are doing much better, too. So next year, because of that, we believe that we should have a good -- we should see an acceleration of the growth.

所有其他技術也都做得更好。因此，明年，我們相信我們應該會看到良好的成長，我們應該看到成長的加速。

Thanks, Patrick. Appreciate all the color.

謝謝，派崔克。欣賞所有的顏色。

Thanks, Joe.

謝謝，喬。

Ruplu Bhattacharya, Bank of America.

魯普盧‧巴塔查亞 (Ruplu Bhattacharya)，美國銀行。

Hi, thank you for taking my questions. I have two. First one for Patrick. Patrick, where do you see your investments over the next year? Are you happy with the portal? Is that something you want to enhance?

你好，謝謝你回答我的問題。我有兩個。第一個是給派崔克的。派崔克，您認為明年的投資在哪裡？您對門戶網站滿意嗎？這是你想要增強的東西嗎？

And then as we think about the impact of AI, do you think you need to enhance your line card or make any investments in that area to take advantage of that? So just your thoughts on where you need to invest to drive further growth over the next year.

然後，當我們考慮人工智慧的影響時，您認為您是否需要增強您的產品線或在該領域進行任何投資才能利用它？因此，請談談您對需要在哪些方面進行投資以推動明年進一步成長的想法。

So I want to start -- so investment in technology is going to be key for us. On the ERP, the good news is that in both North America and in Europe, we've completed our conversions. And so we are now on one system. And so I expect the investments to come back to normal.

所以我想開始——所以技術投資對我們來說將是關鍵。在 ERP 方面，好消息是，在北美和歐洲，我們都已經完成了轉換。所以我們現在在一個系統上。因此，我預計投資將恢復正常。

When it comes to platforms, in particular to support-as-a-service, here, we will continue to invest. The market for the weight of software and as-a-service in our total mix is increasing. And we need to continue to enhance our value proposition there. So yes, more investments in our platform, cloud platform in particular.

當談到平台，特別是支援即服務時，我們將繼續投資。在我們的整體組合中，軟體和即服務的市場份額正在增加。我們需要繼續增強我們的價值主張。所以，是的，我們需要對我們的平台，特別是雲端平台進行更多投資。

Okay. Thanks for that.

好的。謝謝你。

Yeah, sorry. AI. Go ahead and cover AI.

是的，抱歉。人工智慧.繼續報道人工智慧。

Yeah. So on AI, again, I mean, we see an acceleration of the demand. So as you know, we've developed a specific go-to-market and program called Destination AI, which is covering all our technologies. Because we believe that AI will benefit, not only to the software category, but also to the endpoint category, to the service category, the networking category.

是的。因此，在人工智慧方面，我的意思是，我們再次看到需求的加速成長。如您所知，我們開發了一個名為 Destination AI 的特定市場推廣計劃，涵蓋了我們的所有技術。因為我們相信人工智慧不僅會惠及軟體類別，還會惠及端點類別、服務類別、網路類別。

If you look at our line card today, we are, in fact, on all those technologies, very well positioned. We have, I mean, we believe, already the leaders, which will enable us to win in the market. So yes, we constantly look at new partners to make sure that our product portfolio and our value proposition remains competitive. But again, I mean, today, we think we are already very well positioned in that space.

如果您今天看看我們的產品線，您會發現我們實際上在所有這些技術上都處於非常有利的位置。我的意思是，我們相信，我們已經是領導者，這將使我們能夠在市場上獲勝。所以，是的，我們不斷尋找新的合作夥伴，以確保我們的產品組合和價值主張保持競爭力。但我的意思是，今天，我們認為我們在這個領域已經處於非常有利的位置。

And Ruplu, just one thing to add on AI in regards to Hyve, and we've mentioned this in previous discussions. They continue to experience a growing partnership with NVIDIA. That business continues to expand and has an opportunity to be significant for us as we go into 2025.

Ruplu，只是關於 Hyve 的人工智慧的一件事，我們在之前的討論中已經提到過這一點。他們與 NVIDIA 的合作關係不斷發展。進入 2025 年，該業務將繼續擴大，並有機會對我們產生重大影響。

Okay, thanks for all the details there. Marshall, if I can follow up on capital allocation priorities, I mean, how are you looking at any potential M&A in this space and buybacks? So can you help us -- or debt reduction? So can you help us just prioritize these things? Thank you.

好的，謝謝您提供的所有詳細資訊。馬歇爾，如果我可以跟進資本配置優先事項，我的意思是，您如何看待這個領域的任何潛在併購和回購？那麼你能幫助我們──或者減少債務嗎？那麼你能幫助我們優先考慮這些事情嗎？謝謝。

Sure, Ruplu. I'll have Patrick first speak to M&A and his thoughts there, and then I'll close it.

當然，魯普魯。我會讓派崔克先談談併購和他的想法，然後我會結束它。

Yeah. So M&A continues to be an opportunity for us to accelerate growth in specific geographies or to acquire specific technologies or to acquire capabilities.

是的。因此，併購仍然是我們加速特定地區成長或獲取特定技術或能力的機會。

The second thing I would mention is that when you look at our M&A policy, we've always been very disciplined. So we will only go for M&As where we know that the return is going to meet our financial expectations.

我要提到的第二件事是，當你看看我們的併購政策時，你會發現我們一直都非常自律。因此，我們只會在我們知道回報將滿足我們的財務預期的情況下進行併購。

And the third thing I wanted to add is, we have a very successful track record of M&A and integration. You look at the acquisition of Avnet, the merger between Tech Data and SYNNEX, again, all those acquisitions or mergers have been accretive. We have a true expertise integrating companies. And so M&A, because of that, will continue to be part of the strategy.

我想補充的第三件事是，我們在併購和整合方面擁有非常成功的記錄。你看看對 Avnet 的收購、Tech Data 和 SYNNEX 的合併，所有這些收購或合併都是增值的。我們擁有整合公司的真正專業知識。因此，併購將繼續成為該策略的一部分。

And then, Ruplu, just on the share repurchase and buyback and the dividends. Certainly holding to our 50/50 allocation that we set out a couple of years ago.

然後，Ruplu，關於股票回購和股利。當然，我們會堅持幾年前製定的 50/50 分配比例。

And looking at our overall share repurchase since the fiscal '22, we've repurchased over -- or 1.25 billion of shares and returned dividends of $350 million. So that totals about $1.6 billion, which is 100% of our free cash flow.

從 22 財年以來我們的整體股票回購情況來看，我們已經回購了超過 12.5 億股股票，並返還了 3.5 億美元的股利。總計約 16 億美元，是我們自由現金流的 100%。

So back to that pivoting where the M&A wasn't there, we filled it in with returning back to our shareholders. In the prepared remarks, we plan to continue to repurchase shares in Q4. From a leverage standpoint, we're happy with where we're at. We're at 2.3 times gross and 1.8 times net. So we feel comfortable that we're at the right target range.

因此，回到沒有併購的轉向，我們透過回報股東來填補它。在準備好的發言中，我們計劃在第四季繼續回購股票。從槓桿的角度來看，我們對目前的狀況感到滿意。我們的毛利率是 2.3 倍，淨利率是 1.8 倍。因此，我們對處於正確的目標範圍感到滿意。

Okay. Thanks for all the details. Appreciate it.

好的。感謝您提供所有詳細資訊。欣賞它。

Thank you.

謝謝。

George Wang, Barclays.

喬治王，巴克萊銀行。

Hey, guys. Thanks for taking my question. I have just two quick questions. Firstly, I just want to kind of hone in on the Hyve, again, crown jewel asset for you guys. And just curious, for when are you seeing expansion of new logos?

嘿，夥計們。感謝您提出我的問題。我只有兩個簡單的問題。首先，我只是想稍微介紹一下 Hyve，這對你們來說是皇冠上的寶石資產。只是好奇，您什麼時候看到新徽標的擴展？

Previously, there might be some customer concentration with a couple of hyperscalers. Just curious if you have new design wins in the assembly side. But also curious kind of how is the utilization going for the assembly lines.

以前，一些客戶可能會集中在幾個超大規模提供者身上。只是好奇你們是否在組裝方面有新的設計獲勝。但也令人好奇的是裝配線的利用率如何。

Yeah. Thanks for the question. So we have spoken about a newly landed customer in the prior quarter that continued to expand in quarter three. And we expect that will continue to grow in quarter four and into '25.

是的。謝謝你的提問。因此，我們談到了上一季新登陸的客戶，該客戶在第三季繼續擴大。我們預計第四季和 25 年將繼續成長。

We do focus quite a bit on customer diversification. That's one of our key strategies, both at the hyperscalers and the next tier of customer opportunities, and have done a really good job of building out our capabilities.

我們確實非常注重客戶多元化。這是我們的關鍵策略之一，無論是在超大規模企業還是下一層客戶機會方面，並且在增強我們的能力方面做得非常好。

And specifically, our onshore capabilities has been quite a bit of an attribute or a strength for us, getting quite a bit of attention and interest in those capabilities. The -- one of the aspects of onboarding a customer, it's long. It can take 12 to 18 months at a minimum.

具體來說，我們的陸上能力對我們來說是一個相當大的屬性或優勢，這些能力引起了相當多的關注和興趣。這是吸引客戶的一個方面，它很長。至少需要 12 至 18 個月。

So that part tends to be what slows us down. But nevertheless, we do like, what I'll call, a pipeline of prospects, a pipeline of close to land and some customers that we're going to start onboarding as we go into next year.

所以這部分往往會減慢我們的速度。但儘管如此，我們確實喜歡我所說的潛在客戶管道、接近陸地的管道以及我們將在明年開始引入的一些客戶。

Okay. Just a quick follow-up on the utilization. Just curious if you guys can talk about if there's any change in the utilization. Previously, you guys talked about -- you have some excess capacity. Just curious whether the current increase in demand is going to backfill some of the sort of the capacity.

好的。只是對利用率的快速跟進。只是好奇你們能否談談利用率是否有任何變化。之前你們談到──你們的產能有些過剩。只是好奇當前需求的成長是否會回填某些產能。

Yeah. We have enough capacity to handle the business today and where we expect it to go over the next couple of years.

是的。我們有足夠的能力來處理今天的業務以及我們預計未來幾年的業務。

Okay. Great. Just quickly, if I can squeeze in, just on the PC. I think -- just continuous sort of AI PC enthusiasm, just curious if you have any changes in terms of when it's flowing to the P&L. But also, have you seen any near-term cannibalization from the AI PC on the traditional PC?

好的。偉大的。如果我能擠進去的話，就快點，就在電腦上。我認為——只是持續的人工智慧 PC 熱情，只是好奇你在何時流入損益表方面是否有任何變化。而且，您是否看過 AI PC 近期對傳統 PC 的蠶食？

Some of your competitors talk about -- this interim period. Like you might have some uncertainty on the corporate spend just because you have impending sort of wave of AI PC. Just curious if you have seen any change in the customer behavior and dynamics over the last three months.

你的一些競爭對手談到了——這個過渡時期。就像你可能對公司支出有一些不確定性，只是因為你即將迎來人工智慧 PC 浪潮。只是好奇您在過去三個月中是否看到客戶行為和動態發生任何變化。

So the weight of AI PCs is ramping up. So we see it. It is happening a little bit slower than expected. And again, as I was explaining, I think one of the opportunity is the launch of the new AI PCs.

因此，人工智慧電腦的重量正在增加。所以我們看到了。它發生的速度比預期的要慢一些。再次，正如我所解釋的，我認為機會之一是推出新的人工智慧電腦。

I mean, we are just -- I mean, as you know, the first AI PCs were launched with Qualcomm. I mean -- so we have the AI PCs coming now. Intel AI PCs are going to come. And so with the increase in the product offering, especially in the mid-range, we should see an acceleration of the adoption of AI PCs.

我的意思是，我們只是——我的意思是，正如你所知，第一批人工智慧個人電腦是與高通一起推出的。我的意思是——所以我們現在就有人工智慧電腦了。英特爾人工智慧電腦即將問世。因此，隨著產品供應的增加，尤其是中階產品的增加，我們應該會看到人工智慧 PC 的採用加速。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Alek Valero, Loop Capital.

亞歷克·瓦萊羅（Alek Valero），Loop Capital。

Hey, guys, (inaudible). Thank you for taking my question. I have a non-GenAI question. Are you guys seeing any sort of pickup in normal non-GenAI server demand?

嘿，夥計們，（聽不清楚）。感謝您回答我的問題。我有一個非 GenAI 問題。你們是否看到正常的非 GenAI 伺服器需求有任何回升？

So transparently, we don't have yet enough statistics on it. What we know is -- what we see is that, still, I would say, enterprises are looking at how to utilize GenAI and take advantage of the new technology.

顯然，我們還沒有足夠的統計數據。我們所知道的是——我們看到的是，我想說的是，企業仍在研究如何利用 GenAI 並利用新技術。

So our Destination AI initiative aims at helping our resellers to position GenAI with the end users and identify the right use cases. That's taking a little bit of time.

因此，我們的 Destination AI 計畫旨在幫助我們的經銷商向最終用戶定位 GenAI 並確定正確的用例。這需要一點時間。

So again, I mean, we are very confident that GenAI will have a positive impact on the server market. But I think we're going to see the benefit probably more next year, in the second half of next year, not in the short term.

所以，我的意思是，我們非常有信心 GenAI 將對伺服器市場產生正面影響。但我認為明年、下半年，而不是短期內，我們可能會看到更多的好處。

Got it. Thank you for that. Just a quick slightly different question. Are you guys seeing any impact, 3Q or 4Q, from rev changes at large customers?

知道了。謝謝你。只是一個稍微不同的問題。你們是否看到大客戶的轉速變化對第三季或第四季的影響？

Alek, can you just repeat that again? I heard, have we seen the impact -- did you say -- from large customers in Q3 and Q4?

亞歷克，你能再說一次嗎？我聽說，我們是否看到了第三季和第四季大客戶的影響？

Yeah, that's right. Yeah, any revenue impact from large customers to 3Q or Q4?

是的，沒錯。是的，大客戶對第三季或第四季的營收有影響嗎？

So no, for the moment, I mean, that segment of the market, in particular in North America, continues to be a little bit more muted, okay? So we are not seeing yet an acceleration of the demand. Yeah, that's the status as of today.

所以不，我的意思是，目前該市場部分，特別是在北美，仍然比較平靜，好嗎？因此，我們還沒有看到需求加速。是的，這就是今天的狀態。

And then just to clarify, Alek, if the question is broader, do we see any large corporate activity in the quarter, I think Patrick referenced there are a couple of larger deals that had lower margin impacts, but great returns given the cash days. So those come and go. But outside of that, not much.

然後澄清一下，阿列克，如果問題更廣泛，我們是否看到本季度有任何大型企業活動，我認為帕特里克提到有幾筆規模較大的交易對利潤率的影響較低，但考慮到現金日的回報卻很高。所以那些來來去去。但除此之外，沒有太多。

Okay. That's perfect, guys. Thank you for that. Appreciate it.

好的。太完美了，夥計們。謝謝你。欣賞它。

Thank you.

謝謝。

And that concludes our Q&A session. I will now turn the conference back over to Patrick for closing remarks.

我們的問答環節到此結束。現在我將把會議轉交帕特里克作閉幕詞。

Yeah, thanks very much. So before we wrap the call, I just want to acknowledge our 23,000 coworkers across the globe for their dedication to serving our customers, vendors, and the technology marketplace at large.

是的，非常感謝。因此，在結束通話之前，我想感謝全球 23,000 名同事為我們的客戶、供應商和整個技術市場提供的奉獻精神。

Thank you to everyone for attending today's call, and we look forward to reconnecting next quarter. Have a good day.

感謝大家參加今天的電話會議，我們期待下個季度重新建立聯繫。祝你有美好的一天。

And this concludes today's conference call. Again, thank you for your participation. You may now disconnect.

今天的電話會議到此結束。再次感謝您的參與。您現在可以斷開連線。