新聚思 (SNX) 2025 Q1 法說會逐字稿

Good morning. My name is Kate, and I will be your conference operator today. I would like to welcome everyone to the TD SYNNEX first-quarter fiscal 2025 earnings call. Today's call is being recorded (Operator Instructions)

早安.我叫凱特，今天我將擔任您的會議主持人。歡迎大家參加 TD SYNNEX 2025 財政年度第一季財報電話會議。今天的通話正在錄音（操作員指示）

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

現在，為了致開幕詞，我想將電話轉給 TD SYNNEX 美國財務長兼投資者關係主管 David Jordan。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. Before we continue, let me remind you that today's discussions contain 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 financial expectations for future fiscal periods.

謝謝。大家早安，感謝大家參加今天的電話會議。今天和我一起的是執行長 Patrick Zammit；以及財務長 Marshall Witt。在我們繼續之前，讓我提醒您，今天的討論包含聯邦證券法所定義的前瞻性陳述，包括對未來事件的預測、估計、預計或其他陳述，包括關於我們的戰略、需求、計劃和定位、增長、現金流、資本配置和股東回報以及我們對未來財務期間的財務預期的陳述。

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 our other reports and filings with the SEC. We do not intend to update any forward-looking statements. Also, during this call, we will reference certain non-GAAP financial information. Reconciliations of GAAP to non-GAAP results are included in our earnings press release and the related Form 8-K available on our Investor Relations website, ir.tdsyynex.com.

由於今天的收益報告、我們今天提交的 8-K 表格、10-K 表格的風險因素部分以及我們向美國證券交易委員會提交的其他報告和文件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。我們不打算更新任何前瞻性陳述。此外，在本次電話會議中，我們將參考某些非 GAAP 財務資訊。我們的收益新聞稿和相關的 8-K 表格中包含了 GAAP 與非 GAAP 結果的對賬，可在我們的投資者關係網站 ir.tdsyynex.com 上查閱。

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?

本次電話會議由 TD SYNNEX 所有，未經我們許可不得錄製或轉播。現在我將電話轉給帕特里克。派崔克？

Thank you, David. Good morning, everyone. Thank you for joining us today. I'm excited to report a strong start to fiscal year 2025. Let me begin by highlighting two key themes from this quarter. First, our Q1 results demonstrate strong momentum across the business, with all regions and major technologies contributing. Gross billings grew by 7.5% year over year in Q1 and 9.5% in constant currency. Advanced Solutions grew by 7% year over year, reflecting continued demand for integrated IT solutions. Endpoint Solutions grew by 8% year over year with growth across PCs and mobile.

謝謝你，大衛。大家早安。感謝您今天加入我們。我很高興地向大家報告 2025 財年開局強勁。首先，我想強調一下本季的兩個關鍵主題。首先，我們的第一季業績顯示出整個業務的強勁勢頭，所有地區和主要技術都做出了貢獻。第一季總營業額年增 7.5%，以固定匯率計算成長 9.5%。高階解決方案年增 7%，反映出對整合 IT 解決方案的持續需求。終端解決方案年增 8%，PC 和行動裝置均成長。

Second, in an evolving macroeconomic environment, we are executing with discipline and focus. Within distribution, we saw solid growth in gross profit and operating income, reflecting our focus on profitable growth and operating efficiencies.

第二，在不斷變化的宏觀經濟環境中，我們嚴格執行並集中精力。在分銷方面，我們的毛利和營業收入穩定成長，這反映了我們對獲利成長和營運效率的關注。

As Marshall will discuss further, in Q1, Hyve was below our expectations due to a component shipment delayed from Q1 to Q2 and demand shortfalls, which may last a few quarters. While the business is temporarily soft, we are confident the situation will normalize as the market conditions continue to be favorable.

正如 Marshall 進一步討論的那樣，在第一季度，Hyve 的表現低於我們的預期，原因是零件發貨從第一季度推遲到第二季度，而且需求不足，這種情況可能會持續幾個季度。儘管業務暫時疲軟，但我們相信，隨著市場條件持續良好，情況將會恢復正常。

Finally, the strength of our business model allowed us to grow ahead of the market in Q1. Our end-to-end strategy, global reach and specialist go-to-market approach continues to allow us to capture a wide range of IT spend. For example, within strategic technologies, all portfolios, including cloud, cybersecurity, data and analytics and Hyve once again grew by double digits in Q1 and across all our geographic segments. In Q1, we expanded our reach to 30,000 active partners and 500,000 end users transacting through our cloud marketplace.

最後，我們強大的商業模式使我們在第一季領先市場。我們的端到端策略、全球影響力和專業的市場進入方式使我們能夠繼續獲得廣泛的 IT 支出。例如，在戰略技術領域，包括雲端、網路安全、數據和分析以及 Hyve 在內的所有產品組合在第一季以及我們所有的地理區域都再次實現了兩位數成長。在第一季度，我們擴大了業務範圍，擁有 30,000 個活躍合作夥伴和 500,000 個透過我們的雲端市場進行交易的最終用戶。

Our ability to deliver local expertise with a global reach makes us a go-to partner for vendors looking to expand in higher growth markets. Latin America and APJ once again grew by double digits in Q1 in constant currency. In these regions, we continue to build margin accretive partnerships with leading innovative vendors, helping grow their business by vastly simplifying market complexity at the country level for both vendors and customers.

我們能夠提供具有全球影響力的本地專業知識，這使我們成為尋求在高成長市場擴張的供應商的首選合作夥伴。以固定匯率計算，拉丁美洲和亞太及日本地區第一季再次實現兩位數成長。在這些地區，我們繼續與領先的創新供應商建立利潤增值的合作夥伴關係，透過大大簡化國家層面的供應商和客戶的市場複雜性來幫助他們的業務成長。

The expansion of our line card also drives expansion of our partner base as we continue to enrich our value proposition and product offering in those markets. These results demonstrate our position as the vital link in the global IT ecosystem.

隨著我們繼續豐富我們在這些市場的價值主張和產品供應，我們的產品線的擴展也推動了我們合作夥伴基礎的擴大。這些結果證明了我們作為全球 IT 生態系統中重要環節的地位。

As IT solutions become more complex, driven by trends such as the convergence of hardware and software and the proliferation of technologies such as cloud, cybersecurity and AI, our collection of specialist go-to market, combined with our market-leading depth of capabilities position us to be the partner of choice for our customers and vendors. Because of our specialized units and local knowledge, we solve some of their most challenging business problems, accelerate growth and reduce costs.

隨著 IT 解決方案變得越來越複雜，受到硬體和軟體整合以及雲端、網路安全和人工智慧等技術激增等趨勢的推動，我們擁有一系列專業的市場准入知識，加上我們市場領先的深度能力，使我們成為客戶和供應商的首選合作夥伴。由於我們擁有專業的部門和本地知識，我們解決了一些最具挑戰性的業務問題，加速了成長並降低了成本。

For example, building on our past success with a major cybersecurity vendor, we recently won their US business with a large customer. Leveraging our best-in-class cybersecurity practice, we are helping this vendor deliver platform-wide solutions that integrate hardware, software and AI.

例如，基於我們過去與一家大型網路安全供應商取得的成功，我們最近贏得了他們與一家大客戶的美國業務。利用我們一流的網路安全實踐，我們正在幫助該供應商提供整合硬體、軟體和人工智慧的平台範圍解決方案。

We are also providing enablement and support services offerings that expand our value proposition to our partners. Our broad range of specialist approach also positions us to be a natural extension of our vendors go-to-market across multiple specialties in IT, creating opportunities for us to add value with services and solutions.

我們也提供支援和支援服務，以擴大我們向合作夥伴的價值主張。我們廣泛的專業方法也使我們成為供應商在 IT 多個專業領域進入市場的自然延伸，為我們創造了透過服務和解決方案增加價值的機會。

For example, this quarter, we significantly expanded our business with a leading infrastructure software provider across multiple countries around the world. By partnering with TD SYNNEX, they rationalize their distribution footprint and leverage us for a variety of pre- and post-sale services.

例如，本季度，我們與全球多個國家領先的基礎設施軟體供應商大幅擴展了業務往來。透過與 TD SYNNEX 合作，他們合理化了分銷足跡並利用我們提供各種售前和售後服務。

Our broad geographic reach and in-country experts and knowledge were differentiators and give them confidence to lean in with TD SYNNEX. As this win demonstrates, new and existing partners are looking to us for assistance in delivering the next generation of technology solutions, all while helping them broaden their partners and end user reach in a cost-efficient way.

我們廣泛的地理覆蓋範圍以及國內專家和知識是我們的優勢，並讓他們有信心與 TD SYNNEX 合作。這次勝利表明，新舊合作夥伴都希望我們能夠幫助他們提供下一代技術解決方案，同時幫助他們以經濟高效的方式擴大合作夥伴和最終用戶的範圍。

Meanwhile, as more B2B buyers become digital-first, our purpose-built digital capabilities are making it easier than ever to transact with us. For example, this quarter, we launched our Digital Bridge Microsoft Teams app, the first of many connectors in development within the platform.

同時，隨著越來越多的 B2B 買家開始以數位為先，我們專門建立的數位功能使與我們進行交易變得比以往任何時候都更加容易。例如，本季度，我們推出了 Digital Bridge Microsoft Teams 應用程序，這是該平台內正在開發的眾多連接器中的第一個。

Both connectors will enable our partners coworkers to connect to our platforms directly from the applications they are using in their daily work. Our vision with Digital Bridge is to provide our partner community with a marketplace of prebuilt integrations, which provides real-time information and enable faster automated workflows for quoting backlog management and more that reduce costs and increase efficiency.

這兩種連接器都使我們的合作夥伴同事能夠直接從他們日常工作中使用的應用程式連接到我們的平台。我們對 Digital Bridge 的願景是為我們的合作夥伴社群提供一個預先建立整合的市場，該市場提供即時資訊並實現更快的自動化工作流程，以進行報價積壓管理等，從而降低成本並提高效率。

Another example is our PACE platform, which is a fully digital customer life cycle tool that leverages our unique data lake and powers our digital go-to-market channel. Already gaining significant traction in Europe with over 50,000 partners, PACE delivers personalized customer insights that enables us to expand our reach and drive demand across the long tail of SMB.

另一個例子是我們的 PACE 平台，這是一個完全數位化的客戶生命週期工具，利用我們獨特的資料湖並為我們的數位化上市管道提供支援。PACE 已在歐洲獲得了顯著的吸引力，擁有超過 50,000 個合作夥伴，可提供個人化的客戶洞察，使我們能夠擴大覆蓋範圍並推動中小企業長尾需求。

With growth and profitability significantly above the overall company average, we are now expanding the platform into the Americas. We continue to receive industry recognition for these capabilities and expertise. This quarter, we were honored to be named distribution partner of the year for multiple industry leaders like AWS, Palo Alto Networks, Insight Enterprises and NVIDIA.

由於成長和獲利能力遠高於公司整體平均水平，我們現在正在將平台擴展到美洲。我們繼續因這些能力和專業知識而獲得業界的認可。本季度，我們很榮幸被 AWS、Palo Alto Networks、Insight Enterprises 和 NVIDIA 等多家產業領導者評為年度分銷合作夥伴。

In North America, we were awarded best distributor of the year by ChannelPro, a recognition of our contributions to the MSP community. These are just a few examples that all move TD SYNNEX in one direction from traditional IT distribution to accelerating adoption of the next generation of technology solutions, capitalizing on conversion trends in IT and driving our long-term sustainable leadership.

在北美，我們被 ChannelPro 評為年​​度最佳經銷商，這是對我們對 MSP 社群貢獻的認可。這些只是幾個例子，它們都推動著 TD SYNNEX 從傳統的 IT 分銷轉向加速採用下一代技術解決方案，利用 IT 的轉換趨勢並推動我們長期可持續的領導地位。

We remain resilient in the face of uncertainty and will lean on our broad technology and product portfolio and ecosystem to adapt to the continuously changing economic environment. Throughout all of this, our North Star continues to be profitable growth and free cash flow. We will thoughtfully and carefully allocate excess cash to the highest return opportunities to ensure sustainable value creation for our customers and shareholders. We look forward to sharing more about our long-term vision and how we'll get there at our Investor Day on April 10 in New York City.

面對不確定性，我們仍保持韌性，並將依靠我們廣泛的技術和產品組合和生態系統來適應不斷變化的經濟環境。在整個過程中，我們的北極星仍然是獲利成長和自由現金流。我們將深思熟慮並謹慎地將多餘的現金分配給最高回報機會，以確保為我們的客戶和股東創造可持續的價值。我們期待在 4 月 10 日於紐約舉行的投資者日上分享更多關於我們的長期願景以及如何實現這一願景的信息。

Now I will pass it to Marshall for financial performance and outlook. Marshall?

現在我將把財務表現和前景交給馬歇爾。馬歇爾？

Thanks, Patrick, and good morning, everyone. We had a solid performance in the first quarter, with total gross billings of $20.7 billion, up 7.5% year over year, 9.5% in constant currency and at the high point of our guidance range. We were pleased to see year-over-year growth across all major geographies and most product categories.

謝謝，派崔克，大家早安。我們在第一季表現穩健，總營收達到 207 億美元，年增 7.5%，以固定匯率計算成長 9.5%，達到我們預期範圍的高點。我們很高興看到所有主要地區和大多數產品類別都實現了同比增長。

In quarter one, there was an approximately 30% reduction from gross billings to net revenue, which was higher than expected and up from Q4, driven primarily by a higher mix of infrastructure software business, which is part of our Advanced Solutions portfolio. Net revenue was $14.5 billion, up 4% year over year and within our guidance range.

第一季度，總營業額與淨收入相比減少了約 30%，這一數字高於預期，且高於第四季度，這主要歸因於基礎設施軟體業務（屬於我們的高級解決方案產品組合的一部分）的混合比例增加。淨收入為 145 億美元，年增 4%，在我們的指導範圍內。

Our Endpoint Solutions portfolio grew 8% year over year driven by PCs and mobile. Our Advanced Solutions portfolio grew 7% year over year, driven by software, services and storage and Hyve. Gross profit was $1 billion or 4.82% of gross billings, representing a 9 basis point sequential decline and a 40 basis point decline year over year.

在個人電腦和行動裝置的推動下，我們的終端解決方案組合年增 8%。在軟體、服務和儲存以及 Hyve 的推動下，我們的高級解決方案組合年增 7%。毛利為 10 億美元，佔總營業額的 4.82%，季減 9 個基點，較去年同期下降 40 個基點。

Most of the decline in profit margin year over year was driven by the expected tough compare in Hyve. There was an additional 10 basis point impact within Hyve attributed to investments in design and assembly as well as the impact of a temporary change in project composition.

利潤率較去年同期下降的主要原因是 Hyve 預期的艱難競爭。Hyve 內部也產生了另外 10 個基點的影響，這歸因於設計和組裝方面的投資以及專案組成暫時變化的影響。

Non-GAAP SG&A expense was $599 million or 2.89% of gross billings, representing a 13 basis point improvement year over year. The cost of gross profit percentage, which we define as the ratio of non-GAAP SG&A expense to gross profit, was 60% in quarter one and slightly below expectations due to Hyve.

非公認會計準則銷售、一般及行政費用為 5.99 億美元，佔總營業額的 2.89%，較去年同期下降 13 個基點。毛利率成本（我們將其定義為非 GAAP 銷售、一般及行政費用與毛利的比率）在第一季為 60%，由於 Hyve 的影響略低於預期。

From a distribution perspective, we dropped through 50% of gross profit growth, demonstrating our commitment to profitable growth. Non-GAAP operating income was $399 million or 1.92% of gross billings, representing a 7 basis point sequential decline, and a 28 basis point decline year over year, primarily driven by Hyve. Interest expense and finance charges were $88 million, higher than expected due to increased working capital to support highest, largest customers.

從分銷角度來看，我們的毛利成長下降了50%，這顯示我們致力於獲利成長。非公認會計準則營業收入為 3.99 億美元，佔總營業額的 1.92%，季減 7 個基點，較去年同期下降 28 個基點，主要受 Hyve 的影響。利息支出和財務費用為 8,800 萬美元，高於預期，因為增加了營運資本以支持最高、最大的客戶。

The non-GAAP effective tax rate was approximately 23%, which was in line with expectations. Total non-GAAP net income was $237 million and non-GAAP diluted earnings per share was $2.80, both within our guidance range.

非公認會計準則有效稅率約為23%，符合預期。非公認會計準則淨收入總額為 2.37 億美元，非公認會計準則每股稀釋收益為 2.80 美元，均在我們的指導範圍內。

Turning to the balance sheet for quarter one. Net working capital was $4.3 billion, up approximately $1 billion, primarily due to the increase in Hyve inventory, which was previously discussed, the timing of payables and the overall growth of the business. Free cash flow usage for the quarter was approximately $800 million, primarily due to the Hyve working capital. We returned $138 million to stockholders in quarter one with $101 million of share repurchases and $37 million of dividend payments.

轉向第一季的資產負債表。淨營運資本為 43 億美元，增加約 10 億美元，主要原因是先前討論的 Hyve 庫存增加、應付款項的時間安排以及業務的整體成長。本季自由現金流使用量約 8 億美元，主要歸功於 Hyve 營運資金。我們在第一季向股東返還了 1.38 億美元，其中包括 1.01 億美元的股票回購和 3,700 萬美元的股息支付。

For the current quarter, our Board of Directors has approved a cash dividend of $0.44 per common share that will be payable on April 25, 2025, to stockholders of record as of the close of business on April 11, 2025. We ended the quarter with $542 million of cash and cash equivalents and debt of $4.3 billion. Our gross leverage ratio was 2.5 times and our net leverage ratio was 2.2 times.

本季度，我們的董事會已批准每股普通股 0.44 美元的現金股息，將於 2025 年 4 月 25 日支付給 2025 年 4 月 11 日營業結束時登記在冊的股東。本季末，我們的現金和現金等價物為 5.42 億美元，債務為 43 億美元。我們的總槓桿率為2.5倍，淨槓桿率為2.2倍。

Moving on to our outlook. These numbers are all non-GAAP. For the second quarter, we expect gross billings in the range of $19.7 billion to $20.7 billion, representing growth of approximately 5% at the midpoint. We do not anticipate a material currency impact year over year. Our outlook is based on a euro to dollar exchange rate of 1.08.

繼續我們的展望。這些數字都是非公認的會計準則 (GAAP) 。對於第二季度，我們預計總營業額將在 197 億美元至 207 億美元之間，中間值將成長約 5%。我們預期年比不會出現重大的貨幣影響。我們的預測是基於歐元兌美元 1.08 的匯率。

Net revenue in the range of $13.9 billion to $14.7 billion, which translates to an anticipated gross to net adjustment of approximately 29%. Non-GAAP net income in the range of $205 million to $247 million. Diluted earnings per share in the range of $2.45 to $2.95 per diluted share based on weighted average shares outstanding of approximately $83 million. We expect a tax rate of approximately 23% and interest expense of $86 million.

淨收入在 139 億美元至 147 億美元之間，相當於預計總收入與淨收入的調整率約為 29%。非公認會計準則淨收入在 2.05 億美元至 2.47 億美元之間。根據約 8,300 萬美元的加權平均流通股計算，每股攤薄收益在 2.45 美元至 2.95 美元之間。我們預計稅率約為 23%，利息支出為 8,600 萬美元。

We continue to assess the macroeconomic environment, including tariffs. And as of today, we are well positioned to outperform the IT distribution market. In fiscal '25, we continue to be committed to mid-single-digit gross billings growth and generating $1.1 billion of free cash flow. Our outlook is adjusted to reflect temporary shortfalls in Hyve. However, we remain highly confident in the long-term outlook. We plan to host an Investor Day on April 10, where we will provide more detail on our strategy, medium term targets and capital allocation framework.

我們持續評估宏觀經濟環境，包括關稅。截至今天，我們已做好準備，在 IT 分銷市場上取得優異表現。在 25 財年，我們繼續致力於實現中等個位數的總營業額成長並產生 11 億美元的自由現金流。我們對前景進行了調整，以反映 Hyve 的暫時短缺。然而，我們對長期前景仍然充滿信心。我們計劃於 4 月 10 日舉辦投資者日，屆時我們將更詳細地介紹我們的策略、中期目標和資本配置框架。

With that, we'll open it up for your questions. Operator?

這樣，我們就可以回答您的問題了。操作員？

(Operator Instructions) David Vogt, UBS.

（操作員指示）瑞銀 (UBS) 的 David Vogt。

So obviously, I think the elephant in the room is, can we maybe dig in a little bit more on Hyve, a couple of reasons. One, what were the component shortages in the quarter? And then you mentioned, Marshall and Patrick, sort of a softer than expected demand backdrop. Can you kind of help us understand kind of what's kind of driving that sort of outlook? Is it a product transition? Is it lack of components? Is it just sort of a pause because I'm trying to think it through with regards to the gross billing commentary for the full year.

顯然，我認為房間裡的大像是，我們是否可以更深入地了解 Hyve，有幾個原因。一、本季零件短缺的情況有哪些？然後你提到，馬歇爾和派崔克，需求背景比預期的弱。您能否幫助我們理解是什麼導致了這種觀點？這是產品轉型嗎？是不是缺少元件？這是否只是一種暫停，因為我正在嘗試仔細考慮全年的總帳單評論。

Still being relatively solid in that sort of mid-single-digit range. So is it a timing issue? Or just how do you think about it. And can you put some more color and some more guardrails around what's going on the Hyve? Thanks.

在這種中等個位數範圍內仍然相對穩固。那麼這是一個時間問題嗎？或者您對此有何看法？您能否為 Hyve 上發生的事情添加更多色彩和護欄？謝謝。

Thanks a lot for the question, David. I just would like to set the scene. So we had, overall, a very strong sales growth this quarter, driven by distribution and Hyve. Hyve again grew double digits year on year. But unfortunately, slightly lower than expectation, and that's what we will provide a little bit more color on it in a second.

非常感謝你的提問，大衛。我只是想描述一下場景。因此，總體而言，在分銷和 Hyve 的推動下，本季我們的銷售成長非常強勁。Hyve 的銷售額比去年同期再次實現兩位數成長。但不幸的是，略低於預期，我們將在稍後提供更多詳細資訊。

Just very rapidly on distribution, I just want to make some statements. First, we enjoyed very nice growth. We think we grew faster than the market at -- I mean, with a mid-single-digit growth. Operating margins are stable, and we were very pleased with the fact that we could bring to the bottom line more than 50% of the GP growth. So that's on distribution, solid performance.

關於分發，我只想發表一些聲明。首先，我們實現了非常好的成長。我們認為我們的成長速度快於市場——我的意思是，成長率達到中等個位數。營業利潤率穩定，我們很高興能夠為淨利潤帶來 50% 以上的毛利成長。這就是分佈和穩定的表現。

When you look at Hyve, what happened is, again, double-digit growth but some demand not materializing. So indeed, we have on stock. In fact, those components were on stock. As you know, for our customers, we also do strategic buys which we keep on stock, we get remunerated for it. And when they need the components, then we ship them.

當你觀察 Hyve 時，你會發現，雖然再次實現了兩位數的成長，但有些需求並未實現。所以確實我們有庫存。事實上，這些組件都有庫存。如您所知，對於我們的客戶，我們也會進行策略性採購並保持庫存，並從中獲得報酬。當他們需要零件時，我們就會發貨。

I mean we had, in particular, one very large business we thought we would ship in Q1 that didn't materialize. We believe it's going to happen in Q2. So it's just temporary. It's just a delay in the shipment. But unfortunately, it impacted our gross profit, our operating margin percent, and obviously, our cash flow generation.

我的意思是，我們有一個非常大的業務，我們原以為會在第一季完成，但卻沒有實現。我們相信這將在第二季發生。所以這只是暫時的。這只是發貨延遲而已。但不幸的是，它影響了我們的毛利、營業利潤率，當然還有我們的現金流產生。

Marshall, do you want to add any additional color?

馬歇爾，你想添加一些其他顏色嗎？

Yeah, thank you, Patrick. Just David, to your question on softer demand, and I'll reference what we spoke to in terms of guidance for quarter two, we have one customer that has some temporary demand pause in their outlook, and so that's one of the reasons why we're seeing a little bit softer backdrop in quarter two related to Hyve.

是的，謝謝你，派崔克。大衛，關於您關於需求疲軟的問題，我將參考我們在第二季度的指導方針中談到的內容，我們有一位客戶的需求在他們的前景中暫時停滯，所以這就是為什麼我們看到第二季度與 Hyve 相關的背景略微疲軟的原因之一。

But thinking broader, just in terms of the position we play, the markets we serve, the projects we're participating in, and also the upcoming customers that we're about to onboard, we feel really good about the demand environment and our ability to participate in growth.

但從更廣泛的角度來看，僅就我們所處的地位、我們所服務的市場、我們所參與的項目以及我們即將加入的新客戶而言，我們對需求環境和參與成長的能力感到非常滿意。

Ruplu Bhattacharya, Bank of America.

美國銀行的 Ruplu Bhattacharya。

This quarter did you see any pull-in or prebuying by customers to avoid any increase in tariffs? And Marshall, you had last quarter guided that billings would grow mid-single digits every quarter. Is that still your understanding for 3Q and 4Q?

本季您是否看到客戶採取拉貨或預購措施以避免關稅上漲？馬歇爾，您上個季度的預測是，每季的營業額都會以個位數的中段成長。您對 3Q 和 4Q 的理解還是這樣嗎？

And how should we think about the reduction from billings to revenue for the full year since I think you said software is a bigger part of the mix. So if you can give any color on pre-buys on what you're thinking about quarterly billings growth and the billings to revenue reduction.

而且，由於我認為您說軟體是整個業務組合中更重要的一部分，我們應該如何看待全年帳單到收入的減少？因此，如果您可以就預購提供任何信息，說明您對季度帳單成長和帳單收入減少的看法。

Thanks a lot for the question. I will take the first one about the prebuys. So in particular, when you think about PC, where prebuys could be an option, I mean we have a very strong high single digit growth in PCs this quarter. We believe that the impact of tariffs has been relatively limited, okay? So we believe that, for the moment, the growth is driven really by the refresh of the base of the PC base, both during the pandemic and the Windows 11 refresh. So again, limited impact for the moment.

非常感謝您的提問。我將首先討論預購問題。因此，特別是當您考慮 PC 時，預購可能是一種選擇，我的意思是本季我們的 PC 銷售實現了非常強勁的高個位數成長。我們認為關稅的影響相對有限，好嗎？因此，我們認為，就目前而言，成長實際上是由 PC 基礎的更新所推動的，無論是在疫情期間還是在 Windows 11 更新期間。因此，目前的影響有限。

And then, Ruplu, just on the theme of tariff for Hyve, just to cover that off, we effectively pass through tariff-related costs, we recoup those, so no impact to the Hyve business. And our position with Hyve relative to the last time tariffs were introduced back in 2016, 2017, we're much better positioned today with our onshore capabilities that we continue to provide Hyve with the competitive advantage in the marketplace.

然後，Ruplu，就 Hyve 的關稅問題而言，為了解決這個問題，我們有效地轉嫁了與關稅相關的成本，並收回了這些成本，因此對 Hyve 業務沒有影響。與 2016 年、2017 年上次引入關稅相比，我們與 Hyve 的地位今天更加有利，因為我們擁有在岸能力，可以繼續為 Hyve 提供市場競爭優勢。

If I respond to your question about the mid-single digit growth for the full year, we still believe that we will be able to achieve mid-single digit growth in quarter two. We think that distribution will be at mid-single digits or a little bit higher, and that Hyve will have a slightly down year-over-year revenue performance. But we do expect that that mid-single digit will play through for the second half of the year.

如果我回答你關於全年中等個位數成長的問題，我們仍然相信我們能夠在第二季度實現中等個位數成長。我們認為分銷量將達到中等個位數或略高一些，而 Hyve 的收入表現將比去年同期略有下降。但我們確實預計，中等個位數的成長將在今年下半年持續下去。

And then your last comment or question in regards to gross versus net. We came in just around 30%. I did mention that that was up about 300 bps from what we had expected. That continues to reflect a mix shift in the AS versus ES portfolio. We do think it's somewhat flattened out. If we think about our ES, AS balance for the rest of this year, we think they're going to be fairly equal in terms of their growth rates. So right now, my expectation is that probably stays in that 28% to 30% gross versus net for the next three quarters.

然後，您最後的評論或問題是關於總額與淨額的。我們的得分只有 30% 左右。我確實提到過，這比我們預期的高出了約 300 個基點。這繼續反映出 AS 與 ES 投資組合的混合轉變。我們確實認為它有點趨於平緩。如果我們考慮今年剩餘時間的 ES、AS 餘額，我們認為它們的成長率將相當平等。所以現在，我預計未來三個季度毛利率與淨利率的比率可能會維持在 28% 至 30% 之間。

Keith Housum, Northcoast Research.

基思·豪瑟姆（Keith Housum），Northcoast Research。

In terms of the price increases that you're seeing from your vendors, perhaps you can provide a little bit of guidance about what you're seeing is perhaps the average price increases. And if we're seeing them come into play yet, it is being effective. And then is this enough to offset some perhaps demand challenges that may happen throughout the rest of the year as a result of price increases? How do you all think about how they work together?

就您從供應商看到的價格上漲而言，也許您可以提供一些指導，說明您所看到的平均價格上漲。如果我們看到它們開始發揮作用，那麼它就是有效的。那麼，這是否足以抵消今年剩餘時間可能因價格上漲而出現的需求挑戰？大家覺得他們如何合作呢？

So we see some price increases. Some vendors are starting to increase prices. But again, it's not across the board. It's relatively limited for the moment. It's very specific. I mean, clearly, if indeed, we see an acceleration of the price increases, as you know, we are going to pass it through then to the channel. I mean, it will create a tailwind in the short term. And of course, then the question will be what could be the impact on the volume. But again, for the moment, okay, based on what we see, it's relatively limited. And where we have visibility, we took it into account in our guidance.

因此我們看到價格有所上漲。一些供應商開始提高價格。但同樣，這並不是全面的。目前來說還是比較有限的。它非常具體。我的意思是，顯然，如果我們確實看到價格上漲加速，那麼如你所知，我們將把它傳遞到管道。我的意思是，它將在短期內產生順風作用。當然，接下來的問題是這會對銷售產生什麼影響。但就目前而言，根據我們所看到的情況，它是相對有限的。只要我們有可見性，我們就會將其納入指導之中。

Adam Tindle, Raymond James.

亞當廷德爾、雷蒙詹姆斯。

OkayI just wanted to return to Hyve for a second, Marshall. You talked about, I think, 10 basis points in Q1 impact. The part of the question would be, if you could maybe help quantify this issue and the timing to return what happens in Q2 and on a go-forward basis.

好的，馬歇爾，我只是想回到海夫一會兒。我認為您談到了第一季影響的 10 個基點。問題的一部分是，您是否可以幫助量化這個問題以及返回第二季和未來發生的情況的時間。

And I'm wondering if that is also impacting cash flow, which was very weak in the quarter. If you could maybe speak to what happens to cash flow for the rest of the year and your expectations on that, and maybe open some capital allocation on that given the stock is starting to approach book value here in the premarket. Thanks.

我想知道這是否也會影響本季非常疲軟的現金流。如果您可以談談今年剩餘時間的現金流情況以及您對此的預期，並考慮到股票在盤前交易中開始接近帳面價值，也許可以對此進行一些資本配置。謝謝。

Sure. I'll start, and Patrick, please chime in. In regards to the 10 basis points, Adam, it's around -- in quarter one, we referenced the temporary portfolio mix. That's really just the mix of the current projects underway and that has a slight negative impact to gross profit or gross margin. The other piece is that as we're seeing this temporary pause in demand, we're committed to keep our specialized skilled resources on board, knowing that demand will return and expecting it to return. So that's the headwind we spoke to.

當然。我先開始，派崔克，請加入。關於 10 個基點，亞當，大約是 - 在第一季度，我們參考了臨時投資組合。這實際上只是目前正在進行的項目的組合，對毛利或毛利率有輕微的負面影響。另一點是，當我們看到需求暫時停止時，我們致力於保留我們的專業技術資源，因為我們知道需求將會回升，並且我們期待它能夠回升。這就是我們談到的逆風。

As we think about that now for quarter two, those two same commitments are in place as well, temporary project portfolio mix, bringing down the margin slightly, and then the overall commitment for labor. The broader comment that is playing out for fiscal '25, Adam, that we spoke to last call was the significant investments that we're making in Hyve around specialized skill sets.

當我們現在考慮第二季時，這兩個相同的承諾也已經到位，臨時專案組合，略微降低利潤率，然後是整體勞動力承諾。亞當，我們上次談到的關於 25 財年的更廣泛的評論是，我們在 Hyve 的專業技能方面進行了大量投資。

We recognize that in our design capabilities, we need to continue to enhance that and win new business. So we're onboarding a significant amount of technical engineers to enable that to happen. As you know, in many situations, the onboarding and the success of that can take 18 to 24 months to manifest itself.

我們認識到，我們需要繼續提高我們的設計能力並贏得新業務。因此，我們正在招募大量技術工程師來實現這一目標。如您所知，在許多情況下，入職培訓及其成功可能需要 18 到 24 個月才能顯現。

So we feel good about the investments, but we know that the revenue may come in future quarters. In regards to the cash flow usage in the quarter, typically within our business, we'll see some cash consumption within the distribution behavior between quarter four and quarter one. A lot of that has to do with the large quarter four. Some of that carries into quarter one, and we usually see a cash usage. The incremental amount is driven by Hyve primarily due to two things: One, elevated inventory; and two, quite a bit of payables that came out the door. So that did hurt us.

因此，我們對這些投資感到滿意，但我們知道收入可能會在未來幾季出現。關於本季的現金流使用情況，通常在我們的業務中，我們會看到第四季度和第一季之間的分配行為中存在一些現金消耗。這在很大程度上與第四季有關。其中一些會延續到第一季度，我們通常會看到現金的使用。Hyve 推動的增量主要有兩個原因：一是庫存增加；二是產生了相當多的應付款項。這確實傷害了我們。

If I think about how we recover that, we expect to see a recovery of about two to three days per quarter. That gets us back to around a 20-day cash conversion as we exit '25. The last thing I'll remind you and the rest is that we were in a similar situation coming out of fiscal '21 into '22 where we saw strong demand, but we saw inventory build within our high portfolio.

如果我考慮我們如何恢復，我們預計每個季度將恢復大約兩到三天。當我們退出 25 年後，這將使我們回到大約 20 天的現金轉換時間。最後我要提醒大家的是，從 21 財年到 22 財年，我們也遇到了類似的情況，我們看到了強勁的需求，但我們看到高投資組合中的庫存正在增加。

And it built for the first two to three quarters in '22. We saw margin depression associated with carrying that. But then we started to see it sell through. We saw a strong recovery of our cost of capital and good margin profile for the inventory that we purchased on behalf of our customers. We expect that to be a similar pattern that will take place with Hyve this year and going into '26.

它在 2022 年的前兩到三個季度內就建成了。我們發現利潤率會因這種現象而下降。但後來我們開始看到它暢銷。我們看到資本成本強勁回升，並且代表客戶購買的庫存的利潤率狀況良好。我們預計，Hyve 今年和 26 年也將出現類似的模式。

And then finally, absolutely, our position has been that we will be and remain opportunistic on our share buyback strategy. We repurchased $100 million in quarter one. We commented about $100 million in quarter two. As you know, in fiscal '24, we repurchased, and also through dividends, 72% of our free cash flow went to share buybacks and dividends, and we expect that to be what we would do in '25, given that that still remains a very good IRR and a very heavy and positive ROI.

最後，我們的立場始終是，我們將始終把握機會，堅持我們的股票回購策略。我們在第一季回購了 1 億美元。我們評論說第二季的金額約為 1 億美元。如您所知，在 24 財年，我們回購了股票，並透過股息支付，72% 的自由現金流用於股票回購和股息，我們預計這也是我們在 25 年會做的事情，因為這仍然是一個非常好的 IRR 和非常可觀的正投資回報率。

Yes. I just want to add a few comments. The first one is, thanks to Hyve, we can play in this huge hyperscaler market, I mean, $250 billion at least of investments. And so we believe that that demand continues to be healthy. The fact is that the demand in that space is really project driven.

是的。我只想補充幾點評論。首先，多虧了 Hyve，我們可以進入這個巨大的超大規模市場，我的意思是，至少有 2500 億美元的投資。因此我們相信這種需求將持續保持健康。事實上，該領域的需求確實是由專案驅動的。

And yes, we have a few projects where for the moment, the demand is lower than expected. But again, we believe it's temporary. It's going to come back, and it will help us consume some of the elevated inventory. Yeah, the inventory is really for the moment from a cash flow standpoint issue. But again, we are covered and it's a temporary situation.

是的，我們有幾個項目，目前的需求低於預期。但我們再次相信這只是暫時的。它會回來的，它會幫助我們消耗一些高昂的庫存。是的，從現金流的角度來看，庫存目前確實是個問題。但再說一次，我們是有保障的，而且這只是暫時的情況。

So we are very confident that we are going to address and fix it over the next two quarters, as Marshall mentioned. From a cash flow standpoint, I just want to add that on the distribution side, the cash days, in fact, are even lower than expected in Q1. So that's good. So we have a very healthy cash day situation on distribution, which should help us also for the coming quarters.

因此，正如馬歇爾所提到的，我們非常有信心在接下來的兩個季度內解決並解決這個問題。從現金流的角度來看，我只想補充一點，在分配方面，第一季的現金天數實際上甚至低於預期。這很好。因此，我們的現金日分配情況非常健康，這也將對我們未來幾季的發展有所幫助。

Joseph Cardoso, JPMorgan.

摩根大通的約瑟夫·卡多佐。

Maybe just a quick kind of clarification questions, so I'll ask them kind of upfront here. First one is just in terms of the F2Q lower seasonality maybe relative to expectations heading into the fiscal year, sounds like that's a bit of a high dynamic. But I just want to be clear, like anything else you're seeing contributing to the lower sequential decline or the sequential decline in the quarter beyond Hyve in the traditional distribution portfolio?

也許只是一些簡單的澄清問題，所以我會在這裡提前問他們。首先，就 F2Q 的季節性較低而言，可能與進入財政年度的預期有關，這聽起來有點動態。但我只是想明確一點，除了傳統分銷組合中的 Hyve 之外，您還看到其他什麼因素導致了本季度環比下降幅度較小或環比下降？

And then the second clarification question here is, just in terms of the full-year outlook, any change in terms of how you're thinking about the contribution of ES and AS to the full-year guide, including Hyve?

然後這裡的第二個澄清問題是，就全年展望而言，您對 ES 和 AS（包括 Hyve）對全年指南的貢獻的看法有任何變化嗎？

And then just piggybacking off of that, just if Hyve is kind of tracking a little bit lower than you expected from a full-year contribution standpoint, I guess, what are you seeing in the AS portfolio offsetting that if you're still expecting that to track kind of in that mid-single-digit range. Thanks for the questions.

然後順便提一下，如果 Hyve 的追蹤數據從全年貢獻的角度來看比你預期的要低一點，我想，如果你仍然預計它會追蹤在中等個位數範圍內，那麼你在 AS 投資組合中會看到什麼來抵消這一點。感謝您的提問。

Thanks a lot for the question. I will take the first question. So for distribution, again, very solid Q1, mid-single digit growth. Our guidance for Q2 assumes that the same will -- we will see the same pattern. We are cautiously optimistic about the market. We have a few technologies driving the demand at the moment. The PC refresh is one. Cloud continues to be very solid. Security continues to be very solid. AI-related products are ramping up. In enterprise, it's not ramping up as fast as expected.

非常感謝您的提問。我來回答第一個問題。因此，就分銷而言，第一季的業績非常穩健，實現了中等個位數成長。我們對第二季度的指導假設是同樣的意願——我們將看到相同的模式。我們對市場持謹慎樂觀的態度。目前，我們有一些技術可以推動需求。PC 刷新就是其中之一。雲依然非常堅固。安全形勢依然十分穩固。人工智慧相關產品正蓬勃發展。在企業中，它的成長速度並不像預期的那麼快。

But I mean, quarter after quarter, we see the weight of AI products increasing. And we are also expecting the networking technology segment to recover. And software continues to be very strong. So lots of technology segments in distribution justifying us to be cautiously optimistic.

但我的意思是，我們每季都會看到人工智慧產品的權重在增加。我們也預期網路技術領域將會復甦。軟體持續保持強勁。因此，分銷領域的許多技術領域都值得我們保持謹慎樂觀的態度。

On the margin side, again, as I mentioned at the very beginning, we see the margin stabilizing, which is a positive. And because of our cost management, we are going to drop through a significant amount of the additional GP. So on the distribution side, again, positive, cautiously optimistic, but overall positive.

在利潤方面，正如我在一開始提到的，我們看到利潤率正在穩定，這是一個積極的方面。並且由於我們的成本管理，我們將減少大量額外的 GP。因此，從分銷方面來看，情況再次呈現積極、謹慎樂觀的態勢，但總體而言是積極的。

And just to add to that, Joe, on your question about the growth expectations for the portfolio and how that plays out ES and AS and how we sustain that confidence in AS growth. Just what Patrick said, security, cloud, data analytics, we put that in strat technology portfolio. That was growing for the quarter at over 20%. So it's a healthy growth rate that will kind of buoy some of the softness that we anticipate seeing in Hyve for the rest of this year.

喬，我再補充一下你關於投資組合成長預期的問題，以及它如何體現 ES 和 AS，以及我們如何保持對 AS 成長的信心。正如派崔克所說，安全、雲端、數據分析，我們將其納入策略技術組合。本季的成長率超過了 20%。因此，這是一個健康的成長率，它將在一定程度上緩解我們預計今年剩餘時間內 Hyve 會出現的一些疲軟現象。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

I just have two clarification questions on Hyve. I guess, first, on the customer that had a temporary demand pause. Was that related to your historically main large customer? Or is it the newer customer that ramps last year?

我只想澄清兩個關於 Hyve 的問題。我想，首先，對於需求暫時停止的客戶來說。這與您歷史上的主要大客戶有關嗎？還是去年新增的客戶？

And then second, I just wanted to ask if I could get some clarification on if there was a specific business within Hyve that was the key driver of some of these issues? Was it primarily the strategic buy piece? And the reason why I asked is I think the strategic buy piece, that'll have some revenue recognitions once you ship those components, but any thoughts there would be great. Thank you.

其次，我只是想問一下，我是否可以澄清一下 Hyve 內部是否有某個特定業務是導致這些問題的關鍵驅動因素？它主要是策略性購買嗎？我之所以問這個問題，是因為我認為戰略採購部分一旦發貨就會有一些收入確認，但任何想法都很好。謝謝。

Sure, yeah, I'll start. So the temporary pause was with the customer that we ramped last year. And a lot of what we believe is taking place is that the demand precision and forecasting is what has caused that temporary pause. We felt that, in quarter one, and we anticipate it to take place in quarter two. Our expectation is that it kind of returns back to its momentum as we go into quarter three.

當然，是的，我這就開始。因此，我們暫停是為了因應去年增加的客戶需求。我們認為，很多情況是需求精度和預測導致了這種暫時的停頓。我們在第一季就感覺到了這一點，我們預計它會在第二季度發生。我們的預期是，進入第三季後，它會恢復其勢頭。

And then just back to the question about what -- around what business segments, if you were within Hyve, were key drivers. You're right, Mike, strat procurement is one of the four kind of major elements of what we do within Hyve. We made that component purchase in '24. We thought it would get shipped in Q1. And it didn't, so it moved into quarter two. So you could say that part of our business showed some softness within Hyve.

然後回到這個問題：如果你在 Hyve 內部，哪些業務部門是關鍵驅動因素。你說得對，麥克，策略採購是我們在 Hyve 內部所做的四大主要工作之一。我們在 2024 年購買了該組件。我們認為它會在第一季發貨。但事實並非如此，所以它進入了第二季。因此你可以說我們的部分業務在 Hyve 內部表現出了一些疲軟。

Ananda Baruah, Loop Capital.

阿南達·巴魯阿（Ananda Baruah），Loop Capital。

Yeah, actually just kind of staying on Hyve there. Is any part of this -- and I'm just picking up on the language that you guys used sort of in the prepared remarks. Was any part of this due to offer inventory by the market has seen a dynamic where folks sort of basically customers, whether it's as larger CSPs and even the Tier 2 guys, buying less hopper servers than they originally anticipated kind of through the fall into this year.

是的，實際上只是待在海夫那裡。這是其中的一部分嗎——我只是在模仿你們在準備好的發言中使用的語言。這是否是由於市場提供的庫存出現了一種動態，即基本上是客戶，無論是大型 CSP 還是二級客戶，在今年秋季購買的 hopper 伺服器數量都比他們最初預期的要少。

And so some folks have had more hopper inventory than they anticipated they might. Just that's been a general industry dynamic. Is any part of what you guys are experiencing getting caught up in that dynamic is really the question.

因此，有些人的料斗庫存比他們預期的要多。這只是整個產業的普遍動態。真正的問題是，你們所經歷的事情中是否有任何部分陷入了這種動態之中。

Hey, Ananda, thanks for the question. Let me just step up a little bit higher with that and not get specific on SKUs per se, but the majority, if not all, of the inventory that we purchased on the behalf of our customers is to fulfill their demand forecast.

嘿，阿南達，謝謝你的提問。讓我稍微深入一點，而不是具體討論 SKU 本身，但我們代表客戶購買的大部分（如果不是全部）庫存都是為了滿足他們的需求預測。

And where we find there is either an oversupply of certain components or SKUs, that is where we have full protection to recover the carrying costs associated with that and no obsolescence risk around that. So there could be some buildup of how they want their supply chains to be covered in the way that gets satisfied in terms of how we build out the racks, but nothing specific around what elements of the SKUs are in more or less demand.

當我們發現某些組件或 SKU 供應過剩時，我們就會採取全面措施來收回與此相關的持有成本，並且不會產生任何過時的風險。因此，他們可能會對如何滿足他們的供應鏈需求進行一些規劃，例如我們如何建造貨架，但是對於 SKU 中哪些元素的需求更多或更少，並沒有具體的說明。

George Wang, Barclays.

巴克萊銀行的喬治王 (George Wang)。

Patrick, can you kind of talk about the broader geographic exposure for TD SYNNEX related to some of the smaller players in the space. How does that sort of translate into potential share gains, especially in this environment?

派翠克，您能否談談 TD SYNNEX 與該領域一些小型企業相關的更廣泛的地理覆蓋範圍。尤其是在當前環境下，這如何轉化為潛在的份額成長？

And then maybe to Marshall, can you kind of talk about the dynamic in Europe? I noticed on a relative basis, Europe was a bit softer based on gross billings in terms of the year-over-year growth rate. So can you kind of talk about puts and takes.

然後也許可以問馬歇爾，您能談談歐洲的動態嗎？我注意到，相對而言，歐洲的總營業額與去年同期相比成長率略低一些。那你能談談投入和產出嗎？

And if I can squeeze in one more kind of follow-up just in terms of the operating expense efficiency, Marshall, can you talk about the expectation for the SG&A operating expense versus gross billings, kind of how to think about in the second half? Thank you.

如果我可以在營運費用效率方面再擠出一個後續問題，馬歇爾，您能否談談對銷售、一般和行政費用 (SG&A) 營運費用與總帳單的預期，以及對下半年的看法？謝謝。

Just on the SG&A question, Patrick's got quite a bit of good knowledge on Europe, so I'll let him talk about that in terms of just the softness that we experienced there on margins. And then I think what you wanted was a better understanding of how our overall breadth and depth of capabilities is positioning us relative to our peers or our competitors.

就銷售、一般及行政費用 (SG&A) 問題而言，帕特里克對歐洲有相當多的了解，所以我會讓他從我們在歐洲經歷的利潤率疲軟的角度來談談這個問題。然後我認為你想要的是更好地了解我們整體能力的廣度和深度如何使我們相對於同行或競爭對手處於有利地位。

So with SG&A, in the prepared remarks, we said that the cost to serve was around 6%. It came in a little bit heavier than what we had expected, primarily due to Hyve. And the Hyve element was two things. It was a little bit more SG&A but a lot less GP. And so that combination is what caused that cost to serve to come in at 60%. We expect that that will improve over time.

因此，在準備好的評論中，我們說銷售、一般和行政費用 (SG&A) 約為 6%。它比我們預期的要重一點，主要是因為 Hyve。Hyve 元素有兩個。銷售、一般及行政費用 (SG&A) 稍多一些，但毛利 (GP) 卻少很多。因此，這種組合導致服務成本達到 60%。我們預計這種情況會隨著時間的推移而改善。

If you look at the distribution side of the house, extremely efficient in the prepared remarks, seeing 50% of the GP fall through the bottom line is fantastic. It's a great representation and reflection of the hard work that the teams are doing to continue to build ways of supporting the growth of our business and a very profitable fall-through. I'll say a couple of words on Europe and pitch it over to Patrick. But within our regional portfolio, we had mentioned in last quarter's call that we knew there was going to be headwinds in Europe due to vendor mix and we saw that play out.

如果你看一下房屋的分配方面，在準備好的評論中非常有效，看到 50％ 的 GP 跌破底線真是太棒了。它很好地體現了團隊為繼續建立支持業務成長的方式而付出的辛勤工作，並且是一個非常有利可圖的成果。我會就歐洲講幾句話並將其介紹給派崔克。但在我們的區域投資組合中，我們在上個季度的電話會議上提到，我們知道由於供應商組合，歐洲將面臨阻力，我們也看到了這種情況。

But Patrick, if you want to provide a little bit more color on Europe and then the geo competitive pressures?

但是帕特里克，您是否想對歐洲和地緣競爭壓力提供更多一些資訊？

Yes. So in Europe, by the way, I just want to mention the figures you see include Hyve. So again, I'm speaking only about distribution now. So in Europe, market is growing. We grew faster than the market. And from a margin standpoint, as Marshall mentioned, it's a vendor mix. It's driven by the vendor mix, which had an impact more specifically on the back-end margin. But again, the team does very well from a cost management standpoint. And so from an operating margin standpoint, they managed to keep it flat year on year.

是的。順便說一下，在歐洲，我只想提一下您看到的數據包括 Hyve。所以，我現在只談分佈。因此在歐洲，市場正在成長。我們的成長速度快於市場。從利潤率的角度來看，正如馬歇爾所提到的，這是一種供應商組合。這是由供應商組合驅動的，對後端利潤有更具體的影響。但從成本管理的角度來看，團隊做得非常好。因此，從營業利潤率的角度來看，他們設法維持營業利潤率與去年同期持平。

And so nice growth, operating margin flat, nice drop-through to the bottom line. So Europe contributed nicely to add the good performance of distribution. Now looking from a global standpoint, as you know, in North America and in Europe, we have a strong market position. APJ and Latin America are really faster-growing countries and our market share is much more modest.

因此，成長良好，營業利潤率持平，獲利下降良好。因此，歐洲對分銷的良好表現做出了巨大的貢獻。現在從全球角度來看，如您所知，在北美和歐洲，我們擁有強大的市場地位。亞太及日本地區和拉丁美洲確實是成長較快的國家，而我們的市佔率卻小得多。

So for us, it's a very nice opportunity for profitable growth. I want to insist on the fact that in both regions, we focus on the SMB market, which drives higher margin. So not only we should continue to enjoy, I would say, a faster growth than in Europe and in North America. But on top of it, it should have a very positive impact on our operating margins.

因此對我們來說，這是一個實現獲利成長的絕佳機會。我想強調的是，在這兩個地區，我們都專注於中小企業市場，因為這樣可以帶來更高的利潤。因此，我想說，我們不僅應該繼續享受比歐洲和北美更快的成長。但最重要的是，它應該對我們的營業利潤率產生非常積極的影響。

The last point is, obviously, I mean, we have both strong relationships with the vendors, thanks to our position in North America and in Europe. And we are clearly benefiting from it as we continue to expand in Latin America and APJ. So that explains the very good results in those two regions and the nice double-digit growth in those regions.

最後一點，顯然，我的意思是，由於我們在北美和歐洲的地位，我們與供應商都保持著牢固的關係。隨著我們在拉丁美洲和亞太及日本地區繼續擴張，我們顯然從中受益匪淺。這就解釋了這兩個地區取得的非常好的業績以及這些地區良好的兩位數成長。

David Paige, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 David Paige。

Just, I guess, a more broader question and initiatives at TD SYNNEX. What is the, I guess, the benefits of the long term with initiatives like Digital Bridge and StreamOne? And how is that helping you navigate through, I guess, just like a very uncertain macro environment? Thank you.

我想，這只是 TD SYNNEX 的一個更廣泛的問題和舉措。我猜想，像 Digital Bridge 和 StreamOne 這樣的舉措從長遠來看會帶來什麼好處呢？我想，這如何幫助您度過非常不確定的宏觀環境呢？謝謝。

Yeah. So when you think about our value proposition to our customers, and again, customers for us is partners and vendors. I mean, one, we are here to accelerate their growth, help them grow in the market. But the other dimension is obviously optimizing their operating models and basically reducing the cost of transacting in the market. And that's where our platform and Digital Bridge play a big role.

是的。因此，當您考慮我們對客戶的價值主張時，對我們來說，客戶就是合作夥伴和供應商。我的意思是，首先，我們來這裡是為了加速他們的成長，並幫助他們在市場上成長。但另一個方面顯然是優化他們的營運模式並從根本上降低市場交易成本。這就是我們的平台和數位橋發揮重要作用的地方。

So we have an excellent platform, an excellent digital platform, which basically provides our customers the opportunity to transact with us 24/7, automate transactions with us. And if you look at Digital Bridge, it's the same concept, but we think it's even more powerful. Because when you think about it, when our customers interact through the platform, they have to move out from their, I would say, applications to go into our platform.

因此，我們擁有一個優秀的平台，一個優秀的數位平台，它基本上為我們的客戶提供了全天候與我們進行交易的機會，並實現了交易自動化。如果你看一下 Digital Bridge，你會發現它的概念是一樣的，但我們認為它更強大。因為當你考慮這一點時，當我們的客戶透過平台進行互動時，他們必須從他們的應用程式中移出，進入我們的平台。

With Digital Bridge, what we are doing is integrating our platform into their tools. And that's the reason it's so powerful and resonates very well. It's a tool we develop, by the way, with our community solve for our customers I mean, basically, they came to us with a specification and together we've engineered that solution, which is going to, I think, differentiate us very nicely in the market.

透過 Digital Bridge，我們正在做的是將我們的平台整合到他們的工具中。這就是它如此強大且產生如此強烈共鳴的原因。順便說一下，這是我們與社區一起為客戶解決問題而開發的工具，我的意思是，基本上，他們帶著規範來找我們，然後我們一起設計出這個解決方案，我認為這將使我們在市場上脫穎而出。

Vincent Colicchio, Barrington Research.

文森‧科利奇奧（Vincent Colicchio），巴林頓研究公司。

Yes. It looks like despite the strength in PCs, peripherals weren't overly strong. What are your thoughts going forward for peripherals?

是的。看起來，儘管個人電腦效能強大，但周邊設備卻不太強大。您對週邊設備的前景有何看法？

Yeah. So peripherals, includes printing. So the market for printing continues to be challenged with low single-digit decline. But then the main reason for the decline is, in North America, we had one large business, which was not profitable. I mean, we had to bid. As you know, we are absolutely focused on a strict financial discipline. We could not get the right return. And so we've lost that business. So that's the reason for the decline. The two reasons for the decline on peripherals.

是的。因此外圍設備包括列印。因此，印刷市場持續面臨低個位數下滑的挑戰。但下滑的主要原因是，在北美，我們有一項大型業務沒有獲利。我的意思是，我們必須競標。如您所知，我們絕對注重嚴格的財務紀律。我們無法獲得正確的回報。因此我們失去了那項業務。這就是下降的原因。外圍設備下降的原因有二。

We are now -- I just want to insist on it. So what happens in both cases is obviously, I mean, we are looking for new business more in the SMB segment where the margins are higher and more sustainable for the long run. So that's what we are working on.

我們現在——我只是想堅持這一點。所以在這兩種情況下發生的情況顯然是，我的意思是，我們更多地在中小企業領域尋找新業務，因為該領域的利潤率更高，而且從長遠來看更可持續。這就是我們正在努力的事情。

I will turn the call back over to management for closing remarks.

我將把電話轉回給管理階層，請他們作最後發言。

So thank you, everyone, for joining us. I want to take a moment to thank our customers, partners, and investors for their support. This quarter, we were named as one of the world's most admired companies by Fortune for the fourth consecutive year. This achievement reflects the culture fostered by our 23,000 co-workers worldwide who are committed to delivering exceptional value to our customers. We look forward to reconnecting next quarter. I hope you have a good day.

感謝大家加入我們。我想花點時間感謝我們的客戶、合作夥伴和投資者的支持。本季度，我們連續第四年被《財星》雜誌評為全球最受尊敬的公司之一。這項成就體現了我們全球 23,000 名員工致力於為客戶提供卓越價值所培養的文化。我們期待下個季度重新建立聯繫。祝你有個愉快的一天。

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

今天的電話會議到此結束。您現在可以斷開連線。祝你今天過得愉快。