新聚思 (SNX) 2025 Q2 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 second quarter fiscal 2025 earnings call. Today's call is being recorded. (Operator Instructions)

早安.我叫凱特，今天我將擔任你們的會議接線生。歡迎大家參加 TD SYNNEX 2025 財政年度第二季財報電話會議。今天的通話將會被錄音。（操作說明）

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

此時此刻，我謹將電話轉交給 TD SYNNEX 美洲區財務長兼投資人關係主管 David Jordan，請他致開幕詞。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, our CEO; and Marshall Witt, our 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。各位早安，感謝各位參加今天的電話會議。今天陪我一起的有我們的執行長 Patrick Zammit 和我們的財務長 Marshall Witt。在我們繼續之前，請允許我提醒各位，今天的討論包含聯邦證券法意義上的前瞻性陳述，包括對未來事件的預測、估計、展望或其他陳述，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的陳述，以及我們對未來財政期間的財務預期。

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.

由於今天發布的獲利報告中討論的風險和不確定性，實際結果可能與這些前瞻性聲明中提到的結果有重大差異。在我們今天提交的 8-K 表格中，以及我們在 10-K 表格和其他向美國證券交易委員會提交的報告和文件中的風險因素部分。我們不打算更新任何前瞻性聲明。

Also, during this call, we will reference certain non-GAAP financial information. Reconciliations of GAAP to non-GAAP results are included in the earnings press release and the related Form 8-K available on our Investor Relations website ir.tdsynnex.com. This conference call is the property of TD SYNNEX and may not be recorded or rebroadcast without our permission. I will now turn the call over to Patrick. Patrick?

此外，在本次電話會議中，我們將提及一些非GAAP財務資訊。GAAP與非GAAP財務報表的調整表已包含在獲利新聞稿和相關的8-K表格中，這些文件可在我們投資者關係網站ir.tdsynnex.com上查閱。本次電話會議的所有權歸TD SYNNEX所有，未經許可不得錄音或轉播。現在我將把通話轉給帕特里克。派崔克？

Thank you, David. Good morning, everyone, and thank you for joining us today. I'm excited to report on our strong second quarter performance and provide an update on the impacts we are seeing from the macroeconomic uncertainty.

謝謝你，大衛。各位早安，感謝大家今天收看我們的節目。我很高興地向大家報告我們第二季強勁的業績，並就宏觀經濟不確定性帶來的影響提供最新資訊。

Our Q2 results demonstrate the continued strength of the IT distribution and hyperscaler markets. Meanwhile, our strategy and the execution of our team are enabling us to grow ahead of market. In Q2, gross billings grew 12%, 11% in constant currency and non-GAAP diluted EPS exceeded the high end of our guidance with all regions and major technologies contributing. We believe the quarter benefited from some demand pull forward.

我們第二季的業績表明，IT 分銷和超大規模資料中心市場持續強勁。同時，我們的策略和團隊的執行力使我們能夠實現領先於市場的成長。第二季度，總帳單金額成長 12%，以固定匯率計算成長 11%，非 GAAP 稀釋後每股盈餘超過了我們預期的上限，所有地區和主要技術均有所貢獻。我們認為本季受惠於部分提前需求拉動。

Within TD SYNNEX, excluding Hyve, gross billings grew 11% year over year and operating margins expanded, resulting in strong operating income growth. From a technology perspective, we saw strong growth across both endpoint and advanced solutions. Hyve, which is included within the Advanced Solutions portfolio, grew gross billings in the high teens. High profit margins declined sequentially on which Marshall will provide more color.

在 TD SYNNEX 集團內（不包括 Hyve），總帳單額年增 11%，營業利潤率擴大，從而實現了強勁的營業收入成長。從技術角度來看，終端解決方案和高階解決方案都實現了強勁成長。Hyve 是 Advanced Solutions 產品組合的一部分，其總帳單收入成長了 10% 以上。高利潤率逐週下降，馬歇爾將對此進行更詳細的分析。

Within TD SYNNEX, all regions and major technologies experienced growth during the quarter. Software continues to be a bright spot in our portfolio, experiencing 20% billings growth fueled by cloud, cybersecurity, and infrastructure software.

TD SYNNEX 旗下所有地區和主要技術在本季度均實現了成長。軟體業務仍然是我們產品組合中的亮點，在雲端運算、網路安全和基礎設施軟體的推動下，實現了 20% 的帳單成長。

Additionally, we continue to see strong growth in PCs, driven by the refresh cycle, and we were also pleased to see growth in networking after multiple weak quarters. We saw broad-based demand across all our major customer segments, specifically SMB, MSPs, and public sector, all of which grew double digits during the quarter.

此外，在更新換代週期的推動下，個人電腦業務持續保持強勁成長；在經歷了多個疲軟季度後，我們也很高興地看到網路業務實現了成長。我們看到所有主要客戶群體，特別是中小企業、MSP 和公共部門，都出現了廣泛的需求，所有這些群體在本季度都實現了兩位數的成長。

At Investor Day, we shared five strategic imperatives we believe, will enable us to deliver above-market growth. These include unifying our reach, targeting new customers, distribution market expansion, diversifying our offerings, and accelerating on services. The execution of our strategy is recognized by 40-plus honors we received in the channel during the quarter.

在投資者日上，我們分享了我們認為能夠實現高於市場平均增長的五項策略要務。這些措施包括統一我們的覆蓋範圍、瞄準新客戶、擴大分銷市場、使我們的產品多樣化以及加快服務發展。本季我們在通路內獲得了 40 多項榮譽，證明了我們策略的執行卓有成效。

Additionally, HPE announced yesterday, TD SYNNEX is their global distribution partner of the year. Other highlights of honors during the quarter include being named NVIDIA's American Distributor of the Year, CrowdStrike Americas Partner of the Year, Dell EMEA Distributor of the Year, Lenovo US Distributor of the Year, NetApp LatAm Distributor of the Year, and Fortinet Hong Kong Distributor of the Year among August.

此外，HPE昨天宣布，TD SYNNEX是其年度全球分銷合作夥伴。本季其他榮譽亮點包括：8 月份榮獲 NVIDIA 美國年度最佳分銷商、CrowdStrike 美洲年度最佳合作夥伴、戴爾 EMEA 年度最佳分銷商、聯想美國年度最佳分銷商、NetApp 拉丁美洲年度最佳分銷商和 Fortinet 香港年度最佳分銷商等稱號。

A key component of our strategy is targeting new customers and allowing them to scale through our digital capabilities. For example, many customers invest a significant portion of the SG&A in operational overhead. And in the US, we held a new customer to address this with a specialized solution.

我們策略的關鍵組成部分是鎖定新客戶，並透過我們的數位化能力幫助他們擴大規模。例如，許多客戶將銷售、一般及行政費用中的很大一部分用於營運管理費用。在美國，我們接待了一位新客戶，並為其量身定制了解決方案來解決這個問題。

We partnered with our customers to develop a completely integrated and automated operational model that drove efficiencies through TD SYNNEX, transactional APIs and customer workflows, everything from configuration to renewals.

我們與客戶合作開發了一個完全整合和自動化的營運模式，透過 TD SYNNEX、交易 API 和客戶工作流程來提高效率，涵蓋從配置到續約的方方面面。

By fully leveraging our digital capabilities, our partner was able to make an outsized investment in sales, marketing, and engineering talent. This has resulted in exponential sales growth at accretive margins for both our partner and TD SYNNEX.

透過充分利用我們的數位化能力，我們的合作夥伴得以在銷售、行銷和工程人才方面進行巨額投資。這為我們的合作夥伴和 TD SYNNEX 帶來了指數級的銷售額成長和利潤率提升。

Additionally, we continue to make great strides with our delivering services strategic imperative. In a recent example with a leading advanced solutions OEM, we are deeply engaged in several important services initiatives including building various data center solutions and deploying their AI infrastructure solutions.

此外，我們在提供服務這項策略要務方面也持續取得長足進展。最近，我們與一家領先的先進解決方案 OEM 廠商合作，深入參與了多項重要的服務計劃，包括建置各種資料中心解決方案和部署其人工智慧基礎設施解決方案。

We are certified to build solutions on their behalf, both for the direct and indirect channels and this facilitates robust supply chain acceleration to significantly improve their time to cash and extend their overall capacity. Between our multi-vendor technical expertise, and our robust integration, supply chain, support, and professional services, we are well-positioned to connect OEMs with a network of technology vendors required for the AI infrastructure solutions.

我們已獲得認證，可以代表他們建立解決方案，包括直接管道和間接管道，這有助於加快強大的供應鏈，從而顯著縮短他們的現金流時間並擴大他們的整體產能。憑藉我們多供應商的技術專長，以及我們強大的整合、供應鏈、支援和專業服務，我們能夠很好地將原始設備製造商與人工智慧基礎設施解決方案所需的技術供應商網路連接起來。

Our North Star remains generating profitable growth and free cash flow, while being a valued partner to our vendors and customers across the world. We continue to allocate excess cash to high return opportunities to ensure sustainable value creation for our shareholders. Now I will pass it to Marshall for financial performance and outlook.

我們始終以創造獲利成長和自由現金流為目標，同時成為全球供應商和客戶的寶貴合作夥伴。我們將繼續把多餘的現金投入到高回報的投資機會中，以確保為股東創造可持續的價值。現在我將把這份報告交給馬歇爾，讓他評估財務表現和前景。

Thanks, Patrick, and good morning, everyone. We had a strong performance in the second quarter with gross billings of $21.6 billion, up 12% year over year, 11% in constant currency and above the high end of our guidance range. We were pleased to see year-over-year growth across all regions and major technologies.

謝謝你，派崔克，大家早安。我們第二季業績表現強勁，總營收達 216 億美元，年增 12%，以固定匯率計算成長 11%，高於我們預期範圍的上限。我們很高興看到所有地區和主要技術領域都實現了同比增長。

Our teams continue to execute extremely well. And in addition to that, we believe we are modestly aided by our customers advancing their forecasted purchases in light of a volatile economic environment. In Q2, there was approximately 31% reduction from gross billings to net revenue, which was slightly higher than our expectations. This was primarily driven by an increase in high transactions where we act as an agent and a higher mix of software.

我們的團隊繼續表現出色。此外，我們認為，鑑於當前動盪的經濟環境，客戶提前進行預期採購也對我們起到了一定的幫助作用。第二季度，毛帳單金額與淨收入之比下降了約 31%，略高於我們的預期。這主要是由於我們作為代理商的高額交易量增加以及軟體使用比例提高所致。

Net revenue was $14.9 billion, up 7% year over year and above the high end of our guidance range. In Q2, our endpoint solutions portfolio grew gross billings 13% year over year, driven by the ongoing PC refresh cycle and customers modestly advancing their forecasted purchases.

淨收入為 149 億美元，年成長 7%，高於我們預期範圍的上限。第二季度，我們的終端解決方案產品組合的總收入年增 13%，這主要得益於持續的 PC 更新換代週期以及客戶適度提前購買其預測產品。

Our Advanced Solutions portfolio grew gross billings 12% year over year, 10% year over year when excluding the impact of Hyve, driven by accelerated demand for data center infrastructure and continued growth in cloud, security, AI, and other high-growth technologies.

我們的高級解決方案組合毛收入年增 12%，若不計 Hyve 的影響，年增 10%，這主要得益於資料中心基礎設施需求的加速成長以及雲端運算、安全、人工智慧和其他高成長技術的持續發展。

Hyve, which is reported within the Advanced Solutions portfolio grew in the high teens, primarily due to strength in programs associated with server and network rack builds. Gross profit increased 7% year over year to $1 billion.

Hyve 是 Advanced Solutions 產品組合的一部分，據報導其成長率接近 100%，這主要得益於與伺服器和網路機架建置相關的專案的強勁表現。毛利較去年同期成長7%，達到10億美元。

Gross margin as a percentage of gross billings was 5%, which was consistent sequentially and a decline of 21 basis points year over year. Excluding Hyve, gross margins were relatively flat year over year. High gross margins declined from Q1 due to unrealized FX losses and program mix. We expect a portion of the unrealized FX losses will be recovered as we sell through the product in the back half of the year.

毛利率佔總帳單金額的百分比為 5%，與上一季持平，較去年同期下降 21 個基點。剔除 Hyve 後，毛利率與去年同期基本持平。由於未實現的匯兌損失和產品組合變化，高毛利率較第一季下降。我們預計，隨著下半年產品的銷售，部分未實現的匯兌損失將得以彌補。

Non-GAAP SG&A expense was $632 million or 3% of gross billings, representing an 11 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 Q2, consistent with quarter one.

非GAAP銷售、一般及行政費用為6.32億美元，佔總帳單金額的3%，較上年同期改善11個基點。第二季毛利成本百分比（我們定義為非GAAP SG&A費用與毛利的比率）為60%，與第一季一致。

Non-GAAP operating income increased 7% to $414 million. Non-GAAP operating margin as a percentage of gross billings was 2%, representing a 10 basis point decline year-over-year and consistent with Q1.

非GAAP營業收入成長7%至4.14億美元。營業利潤率佔總帳單金額的百分比為 2%，年減 10 個基點，與第一季一致。

Interest expense and finance charges were $90 million, slightly higher than expectations and relatively consistent quarter over quarter. The non-GAAP effective tax rate was approximately 23%, which was in line with expectations. Total non-GAAP net income was $251 million and non-GAAP diluted earnings per share was $2.99, both above the upper end of our guidance range.

利息支出和財務費用為 9,000 萬美元，略高於預期，與上一季相比基本持平。非GAAP實際稅率約為23%，與預期相符。非GAAP淨利總額為2.51億美元，非GAAP稀釋後每股收益為2.99美元，均高於我們預期範圍的上限。

Turning to the balance sheet for quarter two. Net working capital was $4 billion, which is an improvement quarter over quarter despite the accelerated growth that we experienced throughout the business. We experienced a four-day improvement in our cash conversion cycle on a net basis quarter over quarter, consistent with expectations.

接下來來看第二季的資產負債表。儘管公司整體業務成長加速，淨營運資本仍達到 40 億美元，較上一季有所改善。我們的現金週轉週期季淨改善了四天，符合預期。

Free cash flow generation for the quarter was approximately $543 million. We returned $186 million to stockholders in quarter two with $149 million in share repurchases and $37 million in dividend payments.

本季自由現金流約 5.43 億美元。第二季度，我們向股東返還了 1.86 億美元，其中 1.49 億美元用於股票回購，3,700 萬美元用於股息支付。

For the current quarter, our Board of Directors has approved a cash dividend of $0.44 per common share that will be payable on July 25, 2025, to stockholders of record as of the close of business on July 11, 2025. We ended the quarter with $767 million in cash and cash equivalents and debt of $4.1 billion. Our gross leverage ratio was 2.4 times, and our net leverage ratio was 1.9 times.

本季度，我們的董事會已批准派發每股普通股0.44美元的現金股息，將於2025年7月25日支付給截至2025年7月11日營業結束時登記在冊的股東。本季末，我們持有現金及現金等價物7.67億美元，負債41億美元。我們的總槓桿率為 2.4 倍，淨槓桿率為 1.9 倍。

Moving on to our outlook. I want to start by addressing the fact that we're in a volatile environment given the ongoing developments with respect to global trade. I also want to acknowledge that this is our best view based on what we know today.

接下來談談我們的展望。首先，我想談談鑑於全球貿易的持續發展，我們正處於一個動盪的環境中。我還要說明，這是我們根據目前所知所能得出的最佳結論。

With that, for the third quarter, we expect non-GAAP gross billings in the range of $21 billion to $22 billion, representing growth of approximately 6% at the midpoint, our outlook is based on a euro to dollar exchange rate of 1.13.

因此，我們預計第三季非GAAP毛營收將在210億美元至220億美元之間，中位數約為6%，我們的預測是基於歐元兌美元匯率1.13。

Net revenue in the range of $14.7 billion to $15.5 billion, which translates to an anticipated gross to net adjustment of 30%. Non-GAAP net income in the range of $227 million to $268 million; non-GAAP diluted earnings per share in the range of $2.75 to $3.25 per diluted share based on weighted average shares outstanding of approximately 81.8 million.

淨收入預計在 147 億美元至 155 億美元之間，這意味著毛利淨利將調整 30%。非GAAP淨利預計在2.27億美元至2.68億美元之間；非GAAP稀釋後每股收益預計在2.75美元至3.25美元之間，基於約8180萬股的加權平均流通股計算。

We expect a non-GAAP tax rate of approximately 23% and interest expense of $89 million. We expect to execute approximately $175 million of share repurchases during the quarter, and we'll remain opportunistic in our strategy to return excess cash to our shareholders.

我們預計非GAAP稅率約為23%，利息支出為8,900萬美元。我們預計本季將執行約 1.75 億美元的股票回購，我們將繼續採取機會主義策略，將多餘的現金返還給股東。

In closing, we believe we are in a strong financial position heading into the second half of the year and are leveraging our strategy to ensure we remain the partner of choice in IT distribution. With that, we'll open it up for your questions. Operator?

最後，我們相信，進入下半年，我們的財務狀況良好，我們將利用我們的策略來確保我們仍然是 IT 分銷領域的首選合作夥伴。接下來，我們將開放提問環節。操作員？

(Operator Instructions)

（操作說明）

Katherine Campagna, Goldman Sachs.

凱瑟琳‧坎帕尼亞，高盛集團。

It would be helpful if we could get some more color on the demand pull forward that you noted in the prepared remarks. Were there any particular products that benefited likely PCs is my guess, but I would love to know more about the financial impacts there. And is there any impacts we should be mindful of when we think about the ES and AS mix through the balance of the year because of this pull forward?

如果您能就您在準備好的演講稿中提到的需求提前釋放問題提供更詳細的說明，那就太好了。我猜是否有某些特定產品對潛在的個人電腦使用者有利，但我很想了解更多關於這方面的財務影響。鑑於此次提前交付，我們在考慮今年剩餘時間內 ES 和 AS 的組合時，是否應該注意哪些影響？

So first thing, overall, I mean, we had a very strong quarter with sales and EPS at the high end of guidance and double-digit growth. So we looked at any pull forward -- so we saw a little bit of it in PCs. It's difficult to quantify, but we think that MAX, we benefited from $100 million to $200 million in sales of pull-ins, no more than that.

首先，總的來說，我們本季業績非常強勁，銷售額和每股盈餘都達到預期上限，並實現了兩位數成長。所以我們研究了任何向前推進的趨勢——我們在個人電腦中看到了一些這樣的趨勢。雖然很難量化，但我們認為 MAX 的拉入式銷售為我們帶來了 1 億至 2 億美元的收益，不會超過這個數字。

For the moment, on PCs, we see the demand continuing to be strong, especially in B2B, and it's driven again by the refresh of the base purchase during the pandemic and, of course, the Windows 11 or refresh.

就目前而言，在個人電腦領域，我們看到需求仍然強勁，尤其是在 B2B 領域，這再次受到疫情期間基礎採購更新以及 Windows 11 更新的推動。

And Katherine, this is Marshall. Just to comment on all on common for what Patrick said. From an overall margin benefit for the quarter, we expect that probably was around $10 million of gross profit that was incremental to the quarter.

凱瑟琳，這位是馬歇爾。我只想對帕特里克所說的所有共同點做一些評論。從本季的整體利潤率來看，我們預計本季新增毛利潤可能約為 1,000 萬美元。

And then thinking about your question on ES AS mix for the second half of the year, we do continue to expect there to be refreshed strength in the second half. So right now, we think it's probably equal in regards to ES AS mix for the portfolio for the second half.

至於您提出的關於下半年 ES AS 組合的問題，我們仍然預計下半年將出現新的成長動能。所以目前，我們認為下半年投資組合中 ES AS 的組成可能基本上持平。

Adam Tindle, Raymond James.

Adam Tindle，Raymond James。

Okay. I just wanted to talk about that pull-forward dynamic, Marshall. If I look at your guidance for Q3, it's similar to what you guided to last year, and we've got this pull-forward dynamic that you talked about. We also have typically a big public sector quarter in Q3, just two factors that might be a little different and caused Q3 to be sub-seasonal this year. So I guess the question would be, as you thought about Q3 guidance, why wouldn't we see a little bit more muted seasonality in that quarter this year versus last?

好的。馬歇爾，我只是想談談那種向前推進的動態。如果我看一下你對第三季的業績預期，它與你去年同期的預期類似，而且我們也看到了你提到的這種提前實現成長的趨勢。通常情況下，第三季公共部門業務量會很大，但今年第三季由於兩個因素可能略有不同，導致其業務量低於往年同期水準。所以我想問的是，當您考慮第三季業績指引時，為什麼我們今年第三季的季節性波動不會比去年減弱呢？

And then secondly, if you could maybe just revisit, obviously, you're tracking very well relative to the fiscal 2025 guidance that you gave at the Analyst Day, particularly on an earnings basis that $11.50 to $12, I wonder if that's something that we should be sort of reconsidering or maybe pushing the models towards the high end of that as we kind of think about shaping Q4?

其次，如果您能再回顧一下，顯然，相對於您在分析師日上給出的 2025 財年業績指引，你們的進展非常順利，特別是以每股收益 11.50 美元至 12 美元為基準。我想知道，在我們考慮如何制定第四季度業績時，是否應該重新考慮一下，或者將模型推向該指引的上限？

Sure. I'll cover the pull forward and its impact or potential impact in the second half. Patrick talk about the public sector and then I'll talk about the Analyst Day comments about the second half. So yes, we -- as I said, we did experience some pull forward, as Patrick mentioned, $100 million to $200 million of revenue, some margin benefit. Right now, we're being fairly prudent in our thoughts for that continuing benefit in the second half of the year.

當然。我將分析這次進攻推進及其對下半場的影響或潛在影響。派崔克將談論公共部門，然後我將談論分析師日關於下半年的評論。所以，是的，正如我所說，我們確實提前獲得了一些收益，正如帕特里克提到的，1億至2億美元的收入，以及一些利潤率提升。目前，我們對下半年繼續保持這種效益的考慮相當謹慎。

Again, I think the overall thought for us is that demand will soften in the second half of the year, which is pretty consistent with what we had said at Analyst Day. We are expecting to be a little bit on the higher end of that range outcome for our guidance that we provided in quarter three.

再次強調，我認為我們總體上的看法是，下半年需求將會放緩，這與我們在分析師日上所說的基本一致。我們預計最終結果會略高於我們在第三季給出的業績指引範圍。

And then just thinking about quarter four, fairly similar to what we shared at Analyst Day, which is that 3% to 4% growth and the typical seasonality you would experience historically between quarter three and quarter four, activities and relationships. And Patrick, to public sector comment?

然後，再想想第四季度，這和我們在分析師日上分享的內容非常相似，即 3% 到 4% 的增長，以及歷史上在第三季度和第四季度之間通常會經歷的季節性變化、活動和關係。派崔克，你對公共部門有何評論？

Yeah. So we had a very strong quarter for the public sector, including Fed. I mean we saw also a solid growth in the Fed business. For Q3, again, I mean, the majority -- the vast majority of our public sector business comes from the led, and we continue to be positive on the prospects there.

是的。所以，包括聯準會在內的公共部門本季表現非常強勁。我的意思是，聯準會的業務也實現了穩健成長。對於第三季度，我的意思是，我們絕大多數的公共部門業務都來自鉛，我們對這方面的前景仍然樂觀。

I'd just add to what Marshall explained that for the moment, what we see the underlying trend by technology continued to be relatively positive thinking about software, PCs, server, networking is back to growth, a cloud. But there is also a macro environment tariff is one, but also the situation in the Middle East, which, for the moment, leads us to be cautiously optimistic and a little bit prudent in our outlook.

我只想補充馬歇爾的解釋，目前我們看到的技術發展趨勢仍然是相對積極的，人們對軟體、個人電腦、伺服器、網路和雲端運算的看法正在恢復成長。但宏觀環境也是一個因素，關稅是其中之一，中東局勢也是如此，就目前而言，這讓我們對前景持謹慎樂觀和略微謹慎的態度。

Okay. Maybe just a quick clarification for a follow-up. Marshall, you talked about free cash flow for the year, $1.1 billion, I think, was the target, obviously, a much better quarter this quarter, but still negative year-to-date, and it's a pretty big climb in the back half of the year. So just wanted you to maybe revisit your thoughts on free cash flow for the year. Is that something that should still stand? And if so, what would the levers be to get there?

好的。或許需要簡單澄清一下後續問題。馬歇爾，你談到了今年的自由現金流，我想目標是 11 億美元，顯然，本季度情況要好得多，但年初至今仍然是負值，下半年需要大幅提升。所以，我只是想請您重新考慮您對今年自由現金流的看法。這是應該繼續保留的嗎？如果真是如此，實現這目標的途徑是什麼？

Yeah. Sure. So we still believe that we'll be able to attain the $1.1 billion of free cash flow. We were happy with the improvement in cash conversion and working capital in quarter two with a four-day improvement. As you know, when we were commenting last quarter, we expected that to happen.

是的。當然。因此，我們仍然相信能夠實現 11 億美元的自由現金流。我們對第二季現金週轉率和營運資本的改善感到滿意，改善持續了四天。如您所知，我們在上個季度發表評論時，就預料到了這種情況。

It did. The majority of the working capital improvement is with our high organization. We entered the year a little bit heavy on working capital for the reasons we articulated in our quarter one call and expect that to unwind throughout the year. So far, it's going as we had thought. There is some additional optimization that we think we can garner out of five.

確實如此。營運資金的改善主要歸功於我們高效率的組織管理。今年年初，由於我們在第一季電話會議上闡述的原因，我們的營運資金略顯緊張，預計這種情況將在年內得到緩解。目前來看，事情進展得和我們預想的一樣。我們認為還可以從五分中進一步優化。

So our expectations for quarter three and quarter four for cash days is probably two to three days in quarter three, maybe one to two days in quarter four. Adam, the other thing just to think about is we're talking about the muted IT spots for the second half of the year, as you know, as growth rates decline, even though they are improving in terms of year-over-year, that does also aim and allow us to improve our working capital as overall growth rates decline.

因此，我們對第三季和第四季的現金週轉天數的預期可能是第三季兩到三天，第四季一到兩天。亞當，還有一點需要考慮的是，我們討論的是下半年較為低迷的IT領域，正如你所知，隨著增長率的下降，即使同比有所改善，這也旨在並使我們能夠在整體增長率下降的情況下改善我們的營運資本。

And then finally, as we mentioned at Analyst Day, we do expect the net income to cash flow conversion to be at 95% for the full year. So we still feel good about hitting our $1.1 billion target.

最後，正如我們在分析師日中所提到的，我們預計全年淨收入到現金流的轉換率將達到 95%。因此，我們仍然對實現11億美元的目標感到滿意。

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Patrick or Marshall, for either one of you, I would love if you could just maybe give us a bit more detail on demand linearity in the quarter? And really what I'm trying to get at is April was a relatively challenging month we heard from some of the enterprise OEMs. And so obviously, your May quarter kind of straddles that. So I'd love to just better understand a little bit how demand progressed from April into May and then May thus far into June? And anything that stood out for you guys, if you look at that by either AS or ES trends?

Patrick 或 Marshall，你們兩位，如果可以的話，我想請你們詳細介紹一下本季的需求線性度？我真正想表達的是，我們從一些企業 OEM 廠商那裡了解到，4 月是一個相對具有挑戰性的月份。所以很顯然，你的五月季度正好跨越了這兩個時期。所以我很想更了解從四月到五月，再到五月至今六月，需求是如何改變的？如果你們從AS或ES的趨勢來看，有什麼特別突出的面向嗎？

Sure, Erik, I'll start. Within the quarter, we did see strength in March and April. We call it mid-teen growth rate then it softened a little bit in May, but still a good growth rate in terms of year over year. So it ended up being a very solid quarter for us. So far, in June, it reflects what we're guiding, if you just think about our outlook. So we generally see fairly consistent behavior all in quarter two and quarter three from a gross billings perspective. You can see that in our guidance.

當然，艾瑞克，我先來。本季度內，我們在三月和四月確實看到了強勁的勢頭。我們稱之為十幾歲左右的成長率，然後在五月略有放緩，但與去年同期相比仍然是一個不錯的成長率。所以，最終我們這個季度業績非常穩健。就目前來看，六月的情況反映了我們所採取的指導方針，如果你看看我們的展望的話。因此，從總帳單額的角度來看，我們通常在第二季和第三季看到相當一致的表現。您可以在我們的指南中看到這一點。

And then just to comment briefly on Hyve for quarter two. As you remember, when we came into the quarter, we thought that they would be slightly down in Patrick's prepared remarks, I grew in the high teens. So they did exceptionally well during the quarter, showed great momentum. So in addition to the distribution intra-quarter behavior, we also saw strong growth in Hyve. And Patrick, anything on ES or AS, you want to comment on?

最後，我想簡單談談 Hyve 第二季的表現。如你所知，當我們進入這個季度時，我們認為他們會在帕特里克準備好的發言中略有下降，我的身高在十幾英尺高。所以他們本季表現非常出色，展現出了強勁的發展勢頭。因此，除了季度內的分銷行為外，我們還看到 Hyve 實現了強勁成長。派崔克，關於ES或AS，你有什麼想說的嗎？

Yeah. So very rapidly, I mean if I look at the main product categories, you look at -- so let me start with software. I mean software continues to be really strong, especially in virtualization. We see very nice demand. As I mentioned, public cloud continues to grow double digit, very solid growth and no reason to see a slowdown there.

是的。所以很快，我的意思是，如果我看一下主要產品類別，例如——那麼讓我從軟體開始。我的意思是，軟體產業依然非常強勁，尤其是在虛擬化領域。我們看到市場需求非常旺盛。正如我之前提到的，公有雲持續保持兩位數的成長，成長非常穩健，沒有理由看到成長放緩。

Security is another bright spot. I mean the need for defending against cyber-attacks continues to be there and so demand should remain healthy. PCs, we had a very strong quarter. We still believe that next quarter, the demand will be there, as I mentioned, because of the refresh cycle. That refresh cycle is not over.

安全問題是另一個亮點。我的意思是，抵禦網路攻擊的需求依然存在，因此需求應該會保持健康成長。個人電腦方面，我們本季表現非常強勁。我們仍然相信，正如我之前提到的，由於產品更新周期，下個季度需求依然存在。更新周期尚未結束。

I mean the good news this quarter was networking I mean, as we talked about in the previous quarters, there was a tough compare. But now we see this market also coming back, growing and becoming a tailwind overall. So that's positive.

我的意思是，本季的好消息是人脈拓展方面，就像我們在前幾個季度討論的那樣，今年的同比數據非常高。但現在我們看到這個市場也在復甦、成長，並成為整體發展的順風。這是個好消息。

From a regional standpoint, Europe continues to be strong. APJ was very strong. And most important, North America is -- we see the market also enjoying solid growth. So from a geographic standpoint, I am cautiously optimistic.

從區域角度來看，歐洲仍保持強勁勢頭。APJ實力非常強勁。最重要的是，北美市場也呈現穩健成長。所以從地理角度來看，我持謹慎樂觀態度。

Ruplu Bhattacharya, Bank of America.

Ruplu Bhattacharya，美國銀行。

So last quarter, you talked about two issues in Hyve. There was a demand shortfall I think from a customer and there was an issue with inventory and working capital. So are you seeing improvement in both issues with respect to Hyve. And then Patrick, for my follow-up, I'd like to ask that if we look at your billings growth in 1Q, it was high single digits, about 8% year on year. 2Q, you just reported 12%.

上個季度，您談到了 Hyve 的兩個問題。我認為是由於客戶需求不足，導致庫存和營運資金出現問題。那麼，您在使用 Hyve 時，這兩個問題上是否有所改善？然後，派崔克，我的後續問題是，如果我們看一下你第一季的帳單成長情況，它只有接近兩位數，比去年同期成長約 8%。第二季度，你們剛剛公佈的成長率是 12%。

Europe seems to have grown very strong, 17% year on year. So what is it that is giving you pause to think -- or giving you cost to think that there's a pause in demand in fiscal 2Q? Or are you just being conservative for the full year?

歐洲經濟成長勢頭強勁，較去年同期成長17%。那麼，是什麼讓您猶豫不決，或者說是什麼讓您認為第二財季的需求出現了停滯呢？還是你只是打算全年都採取保守策略？

I'm going to take the first part.

我來回答第一部分。

Yeah. So we'll start with Hyve.

是的。那我們就從 Hyve 開始吧。

Yeah, you're right. The two items we discussed in quarter one around Hyve. First of all, Hyve still had a great quarter in quarter one, another fantastic quarter in quarter two. I think quarter one, we said 23% growth. So pretty good quarter two, 19% -- mid -- high teens, pretty good. So the demand shortfall was relatively muted against the strong growth within the quarter for both quarters.

是的，你說得對。我們在第一季討論的關於 Hyve 的兩件事。首先，Hyve在第一季仍然取得了不錯的成績，第二季也表現出色。我認為第一季我們預測成長了23%。所以第二季表現相當不錯，19%──十幾到二十幾，相當不錯。因此，在兩個季度中，需求缺口相對於當季強勁成長而言都相對較小。

We did comment about a component by that we expected to see in quarter one. We expect that to sell through in the second half of this year. So we're good -- we're happy about that. And then the comments around inventory working capital, I addressed this a little bit earlier, with Adam's question around the improvement that we saw in cash and in working capital, which was primarily driven by the improvement in high working capital as well, and we would expect that to continue to unwind for the rest of the fiscal year.

我們確實評論過一個我們預計會在第一季看到的組件。我們預計這些商品將在今年下半年售罄。所以一切都好——我們對此感到高興。關於庫存營運資本的評論，我之前已經稍微談到過，亞當問到我們看到的現金和營運資本的改善，這主要是由於高營運資本的改善所致，我們預計這種情況將在本財年剩餘時間內繼續改善。

Yeah. Ruplu, just on the second question about the year-on-year growth rate for Q3. So through that Q1, Q2, we were close to double digit or above double-digit. So for Q3, I would say, first, last year, Q3, we started to see the recovery in distribution and Hyve had a very strong quarter. So a tougher base, if you will, in Q3 last year versus -- so which explains a little bit the growth rate, the other forecasted growth rate for Q3.

是的。Ruplu，關於第三季年增速的第二個問題。因此，在第一季和第二季度，我們的成長率接近兩位數或超過兩位數。所以對於第三季度，我想說，首先，去年第三季度，我們開始看到分銷業務的復甦，Hyve 的業績非常強勁。因此，與去年同期相比，第三季的基數更大——這也在一定程度上解釋了第三季的成長率，以及另一個預測的成長率。

Second point is the macro uncertainty, which leads us to be again a little bit more cautious. But nevertheless, as I just explained before, good underlying tailwinds by technology and by region. So the blend of all that leads us to the guidance we provided, and we will see at the end of Q3.

第二點是宏觀經濟的不確定性，這讓我們再次變得更加謹慎。但即便如此，正如我剛才解釋的那樣，技術和地區方面都存在著良好的潛在利好因素。因此，所有這些因素綜合起來，形成了我們提供的指導意見，我們將在第三季末看到結果。

And then briefly, just to follow up on the comment of your question on quarter one being 8%, quarter two being 12%. And as Patrick's prepared remarks, across the board, we just saw better-than-expected outcomes for the reasons that we articulated. So just a good performance, a good position and good outcomes for the business.

然後，簡單補充一下，關於您提出的第一季為 8%，第二季為 12% 的問題。正如派崔克事先準備好的發言稿所說，各方面都取得了比預期更好的結果，原因正如我們闡述的那樣。所以，這代表著良好的業績、良好的市場地位、對公司有利的成果。

Sorry, just to clarify one thing. Are you actually seeing any weakness right now in any region or any product line? Or is it your expectation that it -- based on the political and the economic issues that are out there, there could be some weakness? Or are you actually seeing any slowdown right now?

不好意思，我只是想澄清一件事。您目前是否發現任何地區或任何產品線有任何疲軟跡象？或者，您是否認為——基於當前的政治和經濟問題——它可能會存在一些弱點？或者你現在真的感覺到了任何速度放緩？

So what we see in June is in line with the guidance we provided. As you know, July is when we will know more about tariffs and so difficult to forecast the impact. So July, August, and August is a month which is interesting. So it's a vacation month, for example, in Europe, and you have the Middle East, what could be the impact. So again, so far, no concerns. Everything is in line with the guidance.

所以，我們在六月看到的情況與我們提供的指導意見一致。如您所知，7月我們會對關稅有更多了解，因此很難預測其影響。所以七月、八月，還有八月，都是很有趣的月份。例如，現在是歐洲的假期月份，而中東地區正值假期，這可能會產生什麼影響？所以，到目前為止，沒有任何問題。一切都符合指導方針。

David Vogt, UBS.

David Vogt，瑞銀集團。

Great. Patrick, can I just dive back into Hyve for a second. I think you talked about strong billings of high teens, but the margin mix was a little bit lower. So could we infer from that comment that what you saw strength in this quarter was more on the CM side versus sort of the spare parts ODM side of the business? And then how does that play into the comments, again, I think you touched on it briefly, but last quarter, there was some push out of orders.

偉大的。派崔克，我可以再用一下Hyve嗎？我想你之前提到過銷售額高達十幾美元，但利潤率略低。那麼，我們是否可以從這句話推斷出，您認為本季業務的強勁成長更多體現在代工製造（CM）方面，而不是備件原始設計製造（ODM）方面？那麼，這與評論有何關係呢？我想你剛才也簡要地提到了這一點，但上個季度，訂單出現了一些延遲。

Do we see those orders come back this quarter for that second customer that's ramping? Or is that still on the come as we go into the third and the fourth quarter? And then I have a follow-up.

本季我們能否看到第二個正在擴大規模的客戶重新下單？或者，隨著我們進入第三季和第四季，這種情況是否還會繼續發生？然後我還有一個後續問題。

I'm going to comment -- so thanks a lot, and I'm going to comment on the top line and Marshall will give you more color on the margin. So if you look at the top line, again, very, very strong growth for the ODM CM business, 45%, primarily driven by our largest customer.

我打算發表一些評論——非常感謝，我打算評論第一行，馬歇爾會在旁邊補充更多細節。所以，如果你看一下營收數據，ODM CM 業務再次實現了非常強勁的成長，達到 45%，這主要得益於我們最大的客戶。

So really, the largest customer drove that growth. The second customer, in fact, last quarter, the demand posed, and we saw demand coming back this quarter slightly below our expectation, but the demand is back, which is a positive.

所以實際上，是最大的客戶推動了這項成長。事實上，第二個客戶在上個季度提出了需求，我們看到本季需求有所回升，雖然略低於我們的預期，但需求已經恢復，這是一個積極的信號。

So yeah, in regards to the overall margin profile and in my prepared comments, I referenced unrealized FX that was the hit to our margin in Hyve, but we expect that to recover in the second half of the year. So that was one of the headwinds related to margins for Hyve.

是的，關於整體利潤率狀況，我在事先準備好的評論中提到了未實現的外匯波動對 Hyve 利潤率的衝擊，但我們預計這種情況將在下半年得到改善。所以，這是影響 Hyve 利潤率的不利因素之一。

The other is within the CM ODM mix itself, just the various programs its profile for the quarter ended up being a little bit negative to the margin expectations for the quarter. We do expect those to unwind and for margins to improve or Hyve in quarter three.

另一個原因是 CM ODM 組合本身的問題，只是該季度各種項目的業績表現略微低於該季度的利潤率預期。我們預計這些情況會得到緩解，Hyve的利潤率將在第三季有所改善。

And then if you think about the overall range of the portfolio, ODM CM is around 6% of total product, and then as we said at Analyst Day, which is feel consistent is our spares, what we call it data center supply chain ranges between 2% to 4% of total gross billings.

然後，如果你考慮整個產品組合的範圍，ODM CM 約佔總產品的 6%，正如我們在分析師日上所說，我們感覺始終如一的是我們的備件，我們稱之為數據中心供應鏈，佔總毛收入的 2% 到 4%。

The reason why we give that range has got a little bit of volatility and bumpiness quarter to quarter. But we were a little bit more towards the higher end of that 2% to 4% in quarter two, but wanted to give you that context as well.

我們給出這個區間的原因是，季度之間會有一些波動和顛簸。但第二季我們的實際成長率略高於 2% 到 4%，所以也想給您這個背景資訊。

No, that's appreciated. And just -- I'm sorry, go ahead, Patrick.

不，非常感謝。還有——對不起，請繼續，派崔克。

Yeah. I just wanted to add one thing, which is that what we see is really I mean exclude the unrealized effects, the margin for Hyve is really stabilizing now. I mean when you look at it quarter -- quarter-to-quarter, we see the stabilization, which is very encouraging.

是的。我只想補充一點，那就是我們現在看到的，我的意思是排除那些未實現的影響，Hyve 的利潤率現在確實趨於穩定了。我的意思是，從季度來看，我們看到了穩定的趨勢，這非常令人鼓舞。

Got it. And Marshall, just one final question. Can you remind us again, I guess, in April when you kind of laid out the balance of this year, kind of what was the underlying assumption for the tariff regime going forward as we're coming up to July not really a comment about the demand profile now, but just remind us again what were you kind of embedding do tariffs come back sort of on a 10% re-cyclical basis across most of the markets that you serve, kind of just how should we think about it, just given the level of uncertainty maybe kind of the baseline?

知道了。馬歇爾，最後一個問題。您能否再次提醒我們一下，在四月您概述今年剩餘時間的時候，您對未來關稅制度的基本假設是什麼？現在快到七月了，我並不是要評論目前的需求情況，只是想再次提醒我們一下，您當時的預期是什麼？在您服務的大多數市場中，關稅是否會以10%左右的周期性波動回歸？鑑於目前的不確定性，我們該如何看待這個問題？這或許可以作為基準？

Yeah. Well if you remember, we were living it live in April. And so it wasn't a ground-up assessment other than knowing the demand based on kind of the last iteration that we saw in '18 and '19 did soften, I think that, to some extent, our ability to see that and forecast at a high level, what that represented, and now we're laying out maybe a little bit stronger bought for quarter three within that context.

是的。如果你還記得的話，我們四月的時候正在經歷這一切。因此，除了了解基於 2018 年和 2019 年最後一次迭代的需求有所減弱之外，這並不是一項自下而上的評估。我認為，在某種程度上，我們能夠看到這一點，並從宏觀層面預測它所代表的意義，而現在，我們在此背景下，對第三季的購買情況做出了可能略微加強的預測。

But back to Patrick's point, still a lot of uncertainty. It's really going to be difficult to know what happens on July 9 and its impact and where that ultimately settled. So a long way of telling you that it's still very uncertain as to what that demand outcome looks like as we finish up this year and going into next year.

但回到派崔克的觀點，仍存在著許多不確定因素。7月9日會發生什麼事、會產生什麼影響以及最終結果如何，現在真的很難預料。所以說了這麼多，其實就是想告訴大家，今年底到明年，需求結果究竟如何，目前仍然非常不確定。

David Paige, RBC Capital Markets.

David Paige，加拿大皇家銀行資本市場。

I just want to circle back to PC refresh. I was wondering if you could just -- in terms of innings, where are we in terms of the refresh cycle? Or are we just starting in the middle towards the end? And that's it.

我只是想再回到電腦更新的話題。我想問一下，就局數而言，我們目前的刷新週期進行到什麼階段了？還是我們是從中間開始往後推？就這樣。

So according to me, we are in the middle of it. We are not at the start. We saw already the refresh starting at least one if not two quarters ago. So I think we are in the middle of it. So yeah. And that's the reason when you look at our guidance, we continue to be positive on the contribution of PC to the overall growth.

所以依我看，我們正處於其中。我們還沒到起點。我們已經看到這種更新至少在一個季度前，甚至可能兩個季度前就開始了。所以我覺得我們正處於其中。是的。因此，從我們的業績指引來看，我們仍然對個人電腦業務對整體成長的貢獻持樂觀態度。

Joseph Cardoso, J.P. Morgan.

約瑟夫·卡多佐，J.P.摩根大通。

Maybe another follow-up question on PCs or ES maybe more broadly. You've had a couple of quarters in a row of sequential margin improvement in this business. And I was just curious if you could walk us through what is driving this margin improvement, particularly maybe not an apples-to-apples comparison.

或許可以就個人電腦或企業系統提出另一個後續問題，或更廣泛地討論這個問題。在這個行業，你們已經連續幾個季度實現了利潤率的環比成長。我只是好奇您能否為我們詳細解釋一下是什麼因素推動了利潤率的提高，特別是可能無法進行直接比較的情況。

But when I look at your OEM partners, they've obviously highlighted some margin pressure within their respective PC businesses. So just curious what's been driving the strength in the margin sequentially now where it looks like four quarters or so? And how are you thinking about the sustainability of that as we think about going into the back half of this year?

但當我查看你們的 OEM 合作夥伴時，他們顯然都強調了各自 PC 業務中存在的利潤壓力。所以，我很好奇是什麼因素推動了利潤率連續四個季度左右的走強？那麼，當我們展望今年下半年時，您是如何看待這種模式的可持續性的呢？

Joe, it's Marshall. Typically, when we do see refresh, we've been through a few of these. There is increased demand with that does become a little bit of a stronger pricing environment in general. So we did mention in the call that we saw some of the momentum falling related to that strength and also the margin -- incremental margin associated with the pricing associated with that.

喬，我是馬歇爾。通常情況下，當我們看到更新時，我們已經經歷了幾次這樣的更新。需求增加，導致整體價格環境趨於強勢。所以我們在電話會議中提到，我們看到一些與這種強勢相關的動能正在下降，利潤率——與定價相關的增量利潤率——也在下降。

So there is a little bit of temporary aspects to that. But as Patrick said, middle of the game here, I still think there's probably benefits for us as we go forward. As you might know, in certain parts of our markets, specifically in North America, we do a lot of large buys around the PC ecosystem that creates benefits for us that may continue going forward. Your question about what does it look like after the refresh kind of gets through with its game. We typically expect to fall back to normal IT spend plus our normal market share expectations for that.

所以這其中有一些暫時性的因素。但正如帕特里克所說，現在比賽還處於中期，我認為隨著我們繼續前進，我們仍然可能會從中受益。您可能知道，在我們市場的某些部分，特別是北美地區，我們圍繞個人電腦生態系統進行了許多大宗採購，這為我們帶來了好處，而且這些好處可能會在未來繼續存在。你問的「刷新後的樣子」這個問題，其實已經很好地回答了。我們通常預期IT支出將恢復正常水平，並達到我們正常的市佔率預期。

So sustainability feel good about it, probably have a little momentum behind us. Hard to know if that carries through the end of this year or it extends into next year.

所以，永續發展讓我們感覺良好，也可能為我們帶來了一些動力。很難說這種情況會持續到今年底，還是會延續到明年。

And I just want to add one more thing. It's also mix related, product mix-related. PC has been driving the growth of the endpoint segment. Also, the component business has been very strong. And those two categories have better margins. Relatively speaking, the mobile category has grown much slower and there the margin is lower. So again, mix is also nicely contributing to the improvement of the margin.

我只想補充一點。這也與產品組合有關。PC一直是終端設備市場成長的主要驅動力。此外，零件業務也表現非常強勁。而且這兩類產品的利潤率更高。相對而言，行動領域的成長速度要慢得多，利潤率也更低。所以，混合銷售也很好地促進了利潤率的提升。

Vincent Colicchio, Barrington Research.

Vincent Colicchio，巴林頓研究公司。

Yeah. On APJ, what drove the strength there? And is that sustainable?

是的。在亞太地區，是什麼因素推動了該地區的強勢表現？這樣做可持續嗎？

Yeah. So we had a very strong quarter in APJ more or less every country contributed, but specifically India and Japan. In Japan, it's driven by the consumer business. India, it's more the B2B business. We continue to be positive about the prospects of APJ.

是的。所以，亞太地區本季業績非常強勁，幾乎每個國家都做出了貢獻，尤其是印度和日本。在日本，這是由消費業務驅動的。在印度，更多的是B2B業務。我們依然對亞太地區的前景持樂觀態度。

I mean we have a low share in the region. So we have an aggressive growth plan. But most important, we are -- I mean, our growth plan is focused on the margin rich customer segments and product segments. So we believe that we're going to continue to see solid growth, but also a solid gross profit generation and operating profit generation.

我的意思是，我們在該地區的市場份額很低。所以我們制定了一項雄心勃勃的成長計畫。但最重要的是，我們的成長計畫重點放在利潤豐厚的客戶群和產品領域。因此我們相信，我們將繼續看到穩健的成長，同時也將實現穩健的毛利和營業利潤。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

I guess going back to Hyve, a couple if I could. Is there any distinction or what are the distinctions to be aware of between the 45% growth in the ODM, CM segment? And the high teens growth in Hyve. And then Patrick, in your prepared remarks, you talked about in some detail working with working with hyperscalers to data center solutions and some of the work you're doing there. Is that sort of a description?

我想如果可以的話，我會再去 Hyve 買幾件。ODM和CM領域45%的成長之間是否存在任何差異或需要注意的差異？Hyve 的成長率高達十幾個百分點。然後，派崔克，在你事先準備好的發言中，你詳細談到了與超大規模資料中心解決方案提供者合作以及你在那裡所做的一些工作。這樣描述適合嗎？

Are we watching real-time, you expanding the complexities of your engagements and the complexity of the scope of the work you're doing with the hyperscalers? Could that be part of the reason the margins are starting to be more favorable as to your remarks a moment ago. And then just one last thing. It's a clarification. Did you say that networking, you're seeing networking improvement in Hyve or that Hyve was one of the drivers for the improvement in networking? And I'll stop there.

我們是否正在即時觀察您如何拓展與超大規模資料中心營運商合作的複雜性以及您工作範圍的複雜性？這是否就是利潤率開始變得更加有利的部分原因，正如你剛才所說？最後還有一件事。這是澄清說明。您是說您在 Hyve 中看到了網路效能的提升，還是說 Hyve 是推動網路效能提升的因素之一？我就說到這裡吧。

I'll go first and then pass it over to Patrick. Good question. So yes, we did call out the ODM and compare and the growth year over year is around 45%. And you're right, mid-teens. What's the difference, supply chain was a little bit down year-over-year.

我先來，然後交給派崔克。問得好。是的，我們確實對 ODM 進行了比較，年成長率約為 45%。你說得對，十幾歲中期。差別在於，供應鏈較去年同期略有下滑。

So that's why the math works that way. So we still, as we acknowledge, I believe it's a good part of our business, it's lumpy, so it does move around quite a bit. But that's how you get to that mid-teen overall growth for Hyve.

所以這就是數學運算結果如此運作的原因。所以，正如我們所承認的，我認為這是我們業務的重要組成部分，它波動很大，所以它的確會經歷相當大的波動。但這樣一來，Hyve 就能達到十幾歲中期的整體成長水準。

In regards to the complexity of engagements with our hyperscale customers, I'll let Patrick speak to that. I'll let him speak to the pipeline, not only with existing customers but potential new expansion as well. And then anything around how network might be driving Hyve growth.

至於與我們超大規模客戶合作的複雜性，我將讓 Patrick 來談談這個問題。我會讓他負責銷售管道，不僅包括現有客戶，還包括潛在的新客戶拓展。接著探討網路如何推動 Hyve 的成長。

Yeah. So thanks for the question. So I start with Hyve and then I will address the networking question. So I mean our strategy is clearly, we want to move up the value chain. That's the reason we are investing in engineering capabilities to be more on the ODM side rather than CM.

是的。謝謝你的提問。所以我先從Hyve開始，然後再回答網路問題。所以我的意思是，我們的策略很明確，就是要提升價值鏈。這就是我們投資工程能力，以便更多地從事ODM（原始設計製造商）而不是CM（合約製造商）的原因。

We're also investing in our SMT capabilities in the US because we think that based on the environment, it's going to give us a competitive advantage.

我們也在美國投資SMT產能，因為我們認為，根據市場環境，這將為我們帶來競爭優勢。

But also, we are diversifying our customer base. And we may do more in the future, for example, with sovereign customers, where we believe the margin should be slightly better. So yeah, that's the reason margins are stabilizing, and we hope that the outcome of all the actions I just talked about will, in fact, take us to even better margins going forward.

此外，我們也努力實現客戶群多元化。未來我們可能會做更多類似的事情，例如與主權客戶合作，我們認為這種合作的利潤率應該會略高一些。所以，這就是利潤率趨於穩定的原因，我們希望我剛才提到的所有措施最終能夠使我們未來的利潤率更高。

On networking, yes, Hyve also had a strong quarter in networking, but excluding Hyve in distribution, networking got back to growth. Modest growth, I mean, low single digit, but we are back to growth.

在網路方面，Hyve 的網路業務也表現出色，但如果排除 Hyve 的分銷業務，網路業務則恢復了成長。成長幅度不大，只有個位數，但我們已經恢復成長了。

That's all super helpful. A quick follow-up, if I could. Are you guys seeing any sort of increased conversation with regards to Hyve from a major America context with the hyperscalers? And I know the customer base opportunity is more global than that with sovereign and in Neocloud. But just for the hyperscale specifically, is there any sort of incremental Made in America conversation that's going on?

這都非常有幫助。如果可以的話，我想快速補充一點。你們有沒有註意到，在美國大型超大規模資料中心營運商中，關於 Hyve 的討論有所增加？而且我知道，在主權雲端和Neocloud中，顧客群的機會比這更全球化。但就超大規模企業而言，是否存在任何關於「美國製造」的漸進式討論？

Yeah. Again, very high level. I mean we have a very nice pipeline of opportunities. So with our existing customers, we are working on several programs and hopefully, we're going to close some of them. Again, the design cycle is long.

是的。再次強調，水平非常高。我的意思是，我們有很多非常好的發展機會。因此，我們正在與現有客戶合作進行幾個項目，希望能夠完成其中一些項目。同樣，設計週期很長。

So we're never completely sure when that's going to close. But many, many opportunities. But I can confirm that there is also interest from other customers to work with us because of the expertise, the manufacturing capabilities, and the service we are providing.

所以我們永遠無法完全確定它何時會關閉。但機會很多很多。但我可以確認，由於我們擁有專業技術、製造能力和服務，其他客戶也對我們感興趣，希望與我們合作。

(Operator Instructions)

（操作說明）

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

我將把電話轉回給派崔克，請他作總結發言。

Thank you, everyone, for joining us. I want to take a moment to express gratitude to our customers, partners and our investors for their support and importantly, our outstanding team of over 23,000 coworkers around the globe for their dedication to serving our customers. We look forward to reconnecting next quarter. I hope you have a good day.

謝謝大家的參與。我想藉此機會感謝我們的客戶、合作夥伴和投資者的支持，尤其要感謝我們遍布全球的 23,000 多名傑出同事，感謝他們致力於為我們的客戶服務。我們期待下個季度再次聯繫。祝你今天過得愉快。

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了。祝你今天過得愉快。