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，今天我將擔任您的會議主持人。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, Americas 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 美洲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, 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。大家早安，感謝大家參加今天的電話會議。今天與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，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，包括預測、估計、預計或其他有關未來事件的陳述，包括有關我們的戰略、需求、計劃和定位、增長、現金流、資本配置和股東回報的陳述，以及我們對未來財務期間的財務預期。

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.

由於今天的收益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陳述中提到的結果有重大差異。在我們今天提交的 8-K 表格中，有 10-K 表格的風險因素部分，以及向美國證券交易委員會提交的其他報告和文件。我們不打算更新任何前瞻性陳述。

Also, during this call, we will reference certain non-GAAP financial information. Reconciliations of GAAP to non-GAAP results are included in 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，我們將參考某些非 GAAP 財務資訊。GAAP 與非 GAAP 業績的對帳表包含在收益新聞稿和相關的 8-K 表格中，可在我們的投資者關係網站 ir.tdsynnex.com 上查閱。本次電話會議的財產歸 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, 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。大家早安，感謝大家今天加入我們。我很高興地報告我們第二季的強勁業績，並介紹宏觀經濟不確定性的影響。

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.

我們第二季的業績證明了 IT 分銷和超大規模市場持續強勁。同時，我們的策略和團隊的執行力使我們在市場上保持領先地位。在第二季度，總營業額成長了 12%，以固定匯率計算成長了 11%，非 GAAP 稀釋每股盈餘超過了我們預期的高端，所有地區和主要技術都做出了貢獻。我們認為本季受益於一些需求的提前拉動。

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 內部（不包括 Hyve），總營業額年增 11%，營業利益率擴大，從而實現強勁的營業收入成長。從技術角度來看，我們看到端點和高階解決方案都實現了強勁成長。Hyve 是 Advanced Solutions 投資組合中的子公司，其總營業額成長率高達 15% 左右。高利潤率連續下降，Marshall 將對此提供更多說明。

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.

在 TD SYNNEX 內部，所有地區和主要技術在本季度都實現了成長。軟體繼續成為我們產品組合中的亮點，在雲端、網路安全和基礎設施軟體的推動下，軟體收入成長了 20%。

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，在更新周期的推動下，我們繼續看到個人電腦的強勁成長，我們也很高興看到網路業務在經歷了多個疲軟的季度後實現成長。我們看到所有主要客戶群，特別是中小企業、託管服務提供者和公共部門，都有廣泛的需求，這些客戶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，我們分享了我們認為能夠讓我們實現高於市場的成長的五項策略要務。這些包括統一我們的覆蓋範圍、瞄準新客戶、擴大分銷市場、多樣化我們的產品以及加速服務。本季度，我們在該管道獲得了 40 多項榮譽，這充分證明了我們策略的執行力。

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。本季度的其他榮譽亮點包括 8 月份被評為 NVIDIA 年度美國分銷商、CrowdStrike 年度美洲合作夥伴、戴爾 EMEA 年度分銷商、聯想美國年度分銷商、NetApp 拉丁美洲年度分銷商以及 Fortinet 香港年度分銷商。

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瞄準新客戶並允許他們透過我們的數位能力擴大規模。例如，許多客戶將銷售、一般及行政費用的很大一部分投資於營運開銷。在美國，我們為一位新客戶提供了專門的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（從配置到續約）提高效率。

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能力，我們的合作夥伴能夠對銷售、行銷和工程人才進行巨額投資。這使得我們的合作夥伴和 TD SYNNEX 的銷售額呈指數級增長，利潤率也隨之增加。

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，我們在提供服務策略要務方面持續取得長足進步。在最近與一家領先的先進解決方案 OEM 合作的例子中，我們深入參與了幾項重要的服務計劃，包括建立各種資料中心解決方案和部署他們的 AI 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.

我們有資格代表他們為直接和間接通路建立解決方案，這有助於強勁的供應鏈加速，從而顯著改善他們的現金時間並擴展他們的整體產能。憑藉我們的多供應商技術專長以及強大的整合、供應鏈、支援和專業服務，我們能夠將 OEM 與 AI 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.

我們的北極星持續創造獲利成長和自由現金流，同時成為我們全球供應商和客戶的寶貴合作夥伴。我們繼續將多餘的現金分配給高回報機會，以確保為股東創造可持續的價值。現在我將把財務表現和前景交給馬歇爾。

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，派崔克，大家早安。我們在第二季表現強勁，總營業額達 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高端。我們很高興看到所有地區和主要技術都實現了同比增長。

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。除此之外，我們相信，在動盪的經濟環境下，顧客提高預期購買量對我們有一定的幫助。第二季度，總營業收入與淨收入相比下降了約 31%，略高於我們的預期。這主要是由於我們作為代理的高交易量增加以及軟體組合增加所致。

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，年增 7%，高於我們預期範圍的上限。在第二季度，我們的終端解決方案組合的總營業額年增了 13%，這得益於正在進行的 PC 更新週期以及客戶適度提高的預測購買量。

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.

我們的高階解決方案組合總營業額年增 12%，不包括 Hyve 的影響則較去年同期成長 10%，這得益於資料中心基礎設施需求的加速成長以及雲端、安全、人工智慧和其他高成長技術的持續成長。

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.

據報道，Hyve 屬於高級解決方案組合的一部分，其成長率高達十幾歲，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成長。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.

毛利率佔總營業額的百分比為 5%，與上一季持平，較去年同期下降 21 個基點。除 Hyve 外，毛利率比去年同期基本持平。由於未實現的外匯損失和項目組合，高毛利率較第一季下降。我們預計，隨著下半年該產品的銷售，部分未實現的外匯損失將得到彌補。

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.

非公認會計準則銷售、一般及行政費用為 6.32 億美元，佔總營業額的 3%，較去年同期下降 11 個基點。我們定義的毛利率為非公認會計準則銷售、一般及行政費用與毛利的比率，第二季為 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.

非公認會計準則營運利潤成長 7%，達到 4.14 億美元。非公認會計準則營運利潤成長 7%，達到 4.14 億美元。營業利潤率佔總營業收入的百分比為 2%，較去年同期下降 10 個基點，與第一季持平。

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 9000 萬美元，略高於預期，環比基本持平。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 2.51 億美元，非公認會計準則每股稀釋收益為 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.

轉向第二季的資產負債表。淨營運資本為 40 億美元，儘管我們的整個業務經歷了加速成長，但季比仍有所改善。我們的現金轉換週期淨值比上一季提高了四天，與預期一致。

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.

本季產生的自由現金流約為 5.43 億美元。我們在第二季向股東返還了 1.86 億美元，其中包括 1.49 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 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 2025 年 7 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 7.67 億美元，債務為 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.

繼續我們的展望。首先我想說的是，鑑於全球貿易的不斷發展，我們正處於一個動盪的環境。我還想承認，根據我們今天所知，這是我們最好的觀點。

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，對於第三季度，我們預計非 GAAP 總營業收入將在 210 億美元至 220 億美元之間，中間值成長約 6%，我們的預測是基於歐元兌美元 1.13 的匯率。

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.

淨收入在 147 億美元至 155 億美元之間，相當於預計總收入與淨收入的調整率為 30%。非公認會計準則淨收入在 2.27 億美元至 2.68 億美元之間；非公認會計準則稀釋每股收益在 2.75 美元至 3.25 美元之間（基於約 8,180 萬股加權平均流通股）。

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.

我們預計非公認會計準則稅率約為 23%，利息支出為 8,900 萬美元。我們預計本季將回購約 1.75 億美元的股票，並且我們將繼續採取機會主義的策略，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，我們的財務狀況將非常強勁，我們正在利用我們的策略確保我們仍然是 IT 分銷領域的首選合作夥伴。這樣，我們就可以回答您的問題了。操作員？

(Operator Instructions)

（操作員指示）

Katherine Campagna, Goldman Sachs.

高盛的凱瑟琳·坎帕尼亞。

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?

如果我們能夠對您在準備好的評論中提到的需求提前進行更詳細的說明，那將會很有幫助。我猜是否有任何特定產品可能使個人電腦受益，但我很想知道有關其財務影響的更多資訊。當我們考慮今年餘下的 ES 和 AS 組合時，是否應該注意這種提前的影響？

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，我們這個季度表現非常強勁，銷售額和每股盈餘都達到預期的高位，並實現了兩位數的成長。因此，我們研究了任何向前發展的趨勢——我們在個人電腦中看到了一點。這很難量化，但我們認為，MAX，我們從拉動銷售中獲益 1 億到 2 億美元，不會更多。

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.

目前，我們看到個人電腦的需求持續強勁，尤其是在 B2B 領域，這再次受到疫情期間基本購買量更新以及 Windows 11 或更新的推動。

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，這是馬歇爾。只是想對帕特里克所說的一切進行評論。從本季的整體利潤收益來看，我們預計本季的毛利增量可能約為 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.

然後考慮您關於下半年 ES AS 組合的問題，我們確實繼續預計下半年會出現新的強勁勢頭。因此現在，我們認為下半年的投資組合中的 ES AS 組合可能相當。

Adam Tindle, Raymond James.

亞當廷德爾、雷蒙詹姆斯。

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。我只是想談論一下這種向前拉動的動態，馬歇爾。如果我看一下您對第三季度的指導，它與您去年的指導類似，並且我們擁有您談到的這種向前拉動的動態。通常情況下，第三季公共部門的業績會比較大，但這兩個因素可能會有所不同，導致今年第三季的業績低於季節性。所以我想問題是，正如您所考慮的第三季指引一樣，為什麼與去年相比，今年該季度的季節性不會稍微減弱一些？

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，如果您可以重新審視一下，顯然，相對於您在分析師日給出的 2025 財年指導，您的業績跟踪得非常好，特別是在 11.50 美元到 12 美元的收益基礎上，我想知道這是否是我們應該重新考慮的事情，或者在我們考慮塑造第四季度時將模型推向高端？

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。我將在下半部分介紹這項進展及其影響或潛在影響。派崔克談論公共部門，然後我將談論分析師日對下半年的評論。是的，正如我所說，我們確實經歷了一些拉動，正如帕特里克提到的，1 億到 2 億美元的收入，一些利潤收益。目前，我們對於下半年的持續收益持相當謹慎的態度。

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，我認為我們的總體想法是，下半年需求將會減弱，這與我們在分析師日所說的非常一致。我們預計第三季給出的預測結果將略高於此範圍。

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?

然後想想第四季度，與我們在分析師日分享的非常相似，即 3% 到 4% 的增長以及歷史上第三季度和第四季度之間會經歷的典型季節性、活動和關係。派崔克，您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。因此，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，我們也看到聯準會業務的穩健成長。對於第三季度，我的意思是，我們公共部門業務的絕大部分來自 LED，我們繼續對該領域的前景持樂觀態度。

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.

我只是想補充馬歇爾的解釋，就目前而言，我們看到科技的潛在趨勢仍然相對積極，軟體、個人電腦、伺服器、網路和雲端運算都恢復了成長。但還有一個宏觀環境，關稅是其中之一，還有中東局勢，目前，這使得我們對前景持謹慎樂觀和謹慎的態度。

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。也許只是為了後續行動而進行快速澄清。馬歇爾，您談到了今年的自由現金流，我認為目標是 11 億美元，顯然，本季度的情況要好得多，但今年迄今為止仍然為負，而且下半年的自由現金流有了相當大的增長。所以只是想讓你重新考慮一下你對今年自由現金流的想法。這是應該繼續存在的事情嗎？如果可以的話，實現這目標的槓桿是什麼？

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。所以我們仍然相信我們能夠實現 11 億美元的自由現金流。我們對第二季現金轉換和營運資本的改善感到滿意，改善幅度達四天。如您所知，當我們在上個季度發表評論時，我們預料到這種情況會發生。

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。大部分營運資金的改善都歸功於我們的高層組織。由於我們在第一季電話會議上闡明的原因，我們今年的營運資金略顯緊張，預計這種情況將在全年得到緩解。到目前為止，一切正如我們想像的那樣。我們認為可以從五個方面進行一些額外的最佳化。

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現金天數的預期是第三季大概是兩到三天，第四季大概是一到兩天。亞當，另一個需要考慮的事情是，我們正在談論下半年的低迷 IT 市場，正如你所知，隨著成長率的下降，儘管同比有所改善，但這也是為了讓我們在整體成長率下降的情況下改善營運資本。

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提到的那樣，我們確實預計全年淨收入與現金流的轉換率將達到 95%。因此，我們對於實現 11 億美元的目標仍然感到很高興。

Erik Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林。

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?

派崔克或馬歇爾，對於你們中的任何一個人，如果你們能給我們一些有關本季需求線性的更多細節，我將非常高興。我真正想說的是，我們從一些企業 OEM 那裡聽說，四月是一個相對具有挑戰性的月份。因此，很明顯，您的 5 月季度就跨越了這一範圍。因此，我很想更了解需求從 4 月到 5 月，以及從 5 月到 6 月是如何發展的？如果從 AS 或 ES 趨勢來看，有什麼特別之處嗎？

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，我先開始。在本季度內，我們確實看到了三月和四月的強勁表現。我們稱之為中等水準的成長率，然後五月略有下降，但與去年同期相比仍然是一個良好的成長率。所以對我們來說，這是一個非常穩健的季度。到目前為止，如果您考慮我們的前景，它反映了我們六月的指導方針。因此，從總營業額的角度來看，我們通常看到第二季和第三季的行為相當一致。您可以在我們的指導中看到這一點。

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?

然後簡單評論一下第二季的 Hyve。正如你所記得的，當我們進入本季度時，我們認為他們在帕特里克準備好的發言中會略有下降，而我的年齡卻增長了十幾歲。因此他們在本季表現非常出色，展現出強勁勢頭。因此，除了季度內分銷行為之外，我們還看到 Hyve 的強勁成長。派崔克，您想對 ES 或 AS 發表什麼評論嗎？

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。所以非常快，我的意思是如果我看一下主要的產品類別，你會看到 - 所以讓我從軟體開始。我的意思是軟體仍然非常強大，特別是在虛擬化領域。我們看到非常好的需求。正如我所提到的，公有雲持續保持兩位數成長，成長非常穩健，沒有理由看到放緩。

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.

安全是另一個亮點。我的意思是，防禦網路攻擊的需求仍然存在，因此需求應該保持健康。個人電腦方面，我們本季表現非常強勁。我們仍然相信，下個季度，由於更新周期，需求仍將存在。刷新周期尚未結束。

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網絡，我的意思是，正如我們在前幾個季度所討論的那樣，這是一個艱難的比較。但現在我們看到這個市場也在復甦、成長，並成為整體的順風。這是積極的。

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.

從地區角度來看，歐洲持續保持強勁。APJ 表現非常強勁。最重要的是，我們看到北美市場也正在穩定成長。因此，從地理角度來看，我持謹慎樂觀的態度。

Ruplu Bhattacharya, Bank of America.

美國銀行的 Ruplu Bhattacharya。

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 中的兩個問題。我認為客戶需求不足，庫存和營運資金有問題。那麼，您是否看到 Hyve 在這兩個問題上都得到了改善？然後帕特里克，作為我的後續問題，我想問一下，如果我們看一下您第一季的賬單增長，它是高個位數，同比增長約 8%。第二季度，你們剛剛報告了 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?

歐洲似乎成長非常強勁，較去年同期成長17%。那麼，是什麼讓您停下來思考——或者讓您認為第二財季的需求會暫停呢？還是你只是對全年持保守態度？

I'm going to take the first part.

我將講第一部分。

Yeah. So we'll start with Hyve.

是的。因此，我們將從 Hyve 開始。

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。我們在第一季度討論了有關 Hyve 的兩項內容。首先，Hyve 在第一季的表現仍然非常出色，在第二季的表現也同樣出色。我認為第一季的成長率為 23%。所以第二季相當不錯，19% 左右，相當不錯。因此，相較於兩季的強勁成長，需求缺口相對較小。

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.

我們確實對我們預計在第一季看到的組件進行了評論。我們預計產品將在今年下半年銷售完畢。所以我們很好——我們對此感到高興。然後是關於庫存營運資本的評論，我之前已經回答過這個問題，亞當提出的問題是關於我們看到的現金和營運資本的改善，這主要是由高營運資本的改善推動的，我們預計這種情況將在本財年剩餘時間內繼續緩解。

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，第二個問題是關於第三季年成長率。因此，透過第一季和第二季度，我們的收入接近兩位數或超過兩位數。因此對於第三季度，我想說，首先，去年第三季度，我們開始看到分銷的復甦，Hyve 本季表現非常強勁。因此，如果你願意的話，去年第三季的基礎會更加牢固——這在一定程度上解釋了成長率，即第三季的另一個預測成長率。

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.

第二點是宏觀的不確定性，這讓我們再次變得更加謹慎。但儘管如此，正如我之前解釋的那樣，技術和地區都存在著良好的潛在順風。因此，所有這些因素綜合起來，就得出了我們提供的指導，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.

然後簡要地跟進您關於第一季為 8%，第二季為 12% 的問題的評論。正如派崔克在準備好的發言中所說，總體而言，我們看到的結果好於預期，原因也正如我們所闡述的。因此，對企業來說，這只是良好的表現、良好的地位和良好的結果。

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?

抱歉，只是想澄清一件事。您現在是否確實看到任何地區或任何產品線有弱點？或者您是否預期—基於現有的政治和經濟問題，可能會出現一些弱點？或者您現在實際上是否看到了任何放緩？

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.

因此，我們在六月看到的情況與我們提供的指導一致。如您所知，我們將在七月了解更多有關關稅的信息，因此很難預測其影響。所以七月、八月和八月是一個有趣的月份。例如，現在是歐洲的假期月份，而中東地區也一樣，這可能會產生什麼影響？所以，到目前為止，還沒有什麼擔心。一切都符合指導。

David Vogt, UBS.

瑞銀的戴維·沃格特。

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，我可以再回到 Hyve 一會兒嗎？我認為您談到了高額的強勁收入，但利潤率組合略低。那麼，我們是否可以從該評論中推斷出，您認為本季的優勢更多地體現在 CM 方面，而不是備件 ODM 方面的業務？那麼這對評論有什麼影響呢？我想您已經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.

我們是否會看到本季第二位正在加大訂單的客戶的訂單回升？或者當我們進入第三季和第四季時這種情況是否仍會發生？然後我有一個後續問題。

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.

我要發表評論——非常感謝，我將對頂線發表評論，Marshall 將在邊緣給你更多的顏色。因此，如果你看一下營收情況，你會發現 ODM CM 業務的成長非常強勁，達到了 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.

因此，實際上，最大的客戶推動了這一成長。事實上，第二個客戶在上個季度提出了需求，我們看到本季需求回升，略低於我們的預期，但需求已經回升，這是一個正面的訊號。

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以及在我準備好的評論中，我提到了未實現的外匯，這對 Hyve 的利潤率造成了打擊，但我們預計這將在今年下半年恢復。所以這是與 Hyve 利潤率相關的不利因素之一。

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.

另一個是在 CM ODM 組合本身中，只是其本季的各種計劃對該季度的利潤率預期產生了一點負面影響。我們確實希望這些措施能夠解除，利潤率能夠在第三季提高或實現 Hyve。

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，如果您考慮產品組合的整體範圍，ODM CM 約佔總產品的 6%，然後正如我們在分析師日所說的那樣，感覺一致的是我們的備件，我們稱之為資料中心供應鏈，佔總營業額的 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.

我們給出這個範圍的原因是季度間存在一些波動和不穩定性。但第二季我們的成長率略微接近 2% 至 4% 的較高水平，我們也想向您提供這項背景資訊。

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

不，我很感激。而且——對不起，請說，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，那就是我們看到的實際上是排除未實現的影響，Hyve 的利潤率現在確實穩定了。我的意思是，當你逐季度觀察時，我們看到了穩定的跡象，這是非常令人鼓舞的。

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，我還有最後一個問題。我想，您能否再次提醒我們，在四月份，當您列出今年的平衡情況時，我們對未來關稅制度的基本假設是什麼？因為即將進入七月份，我現在並不是對需求狀況發表評論，但請再次提醒我們，您在嵌入什麼？在您服務的大多數市場中，關稅是否會以 10% 的周期性基礎回升？考慮到不確定程度，我們該如何看待它？也許是基準？

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。好吧，如果你還記得的話，我們在四月就進行了現場直播。因此，這不是一項自下而上的評估，只是知道基於我們在 2018 年和 2019 年看到的上一次迭代的需求確實有所減弱，我認為，在某種程度上，我們能夠看到這一點並在高水平上進行預測，這代表了什麼，現在我們在這種背景下為第三季度製定了可能更強勁的購買計劃。

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性。確實很難知道 7 月 9 日會發生什麼、它會產生什麼影響以及最終會如何解決。所以，很顯然，今年年底和明年的需求結果會是怎樣，這仍然非常不確定。

David Paige, RBC Capital Markets.

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

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.

我只是想回到 PC 刷新的問題。我想知道您是否可以—就局數而言，我們的刷新週期處於什麼位置？或者我們只是從中間開始，直到最後？就是這樣。

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.

所以在我看來，我們正處於其中。我們還沒開始。我們已經看到更新至少在一個甚至兩個季度前就開始了。所以我認為我們正處於其中。是的。這就是為什麼當您查看我們的指導時，我們仍然對 PC 對整體成長的貢獻持積極態度。

Joseph Cardoso, J.P. Morgan.

約瑟夫·卡多佐，J.P. 摩根。

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.

也許是另一個關於 PC 或 ES 的後續問題，也許範圍更廣。您的業務利潤率已連續幾季持續提高。我只是好奇，您是否可以向我們介紹一下推動利潤率提高的因素，特別是可能不是同類比較。

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?

但當我看到你們的 OEM 合作夥伴時，他們顯然強調了各自 PC 業務中的一些利潤壓力。所以我很好奇，現在看起來像是四個季度左右，是什麼推動了利潤率的連續成長？當我們考慮進入今年下半年時，您如何看待這種做法的可持續性？

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，當我們確實看到刷新時，我們已經經歷了其中的一些。需求增加確實會使整體定價環境變得更加強勁。因此，我們在電話會議中確實提到，我們看到一些與這種實力相關的勢頭下降，以及與此相關的定價相關的利潤增量利潤。

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.

因此，這其中存在一些暫時的情況。但正如帕特里克所說，比賽已經進行到中期，我仍然認為，隨著比賽的繼續進行，我們可能會從中受益。您可能知道，在我們市場的某些部分，特別是在北美，我們圍繞 PC 生態系統進行了大量收購，這為我們創造了可能持續下去的利益。您關於刷新後它看起來是什麼樣子的問題已經透過遊戲解決了。我們通常預期 IT 支出將回落至正常的水平，再加上正常的市佔率預期。

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.

因此永續性讓人感覺良好，可能為我們帶來一些動力。很難知道這種情況是否會持續到今年年底或延續到明年。

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。它也與混合、產品組合有關。個人電腦一直在推動端點領域的成長。此外，零件業務也非常強勁。這兩個類別的利潤率更高。相對而言，移動類別的成長速度要慢得多，利潤率也較低。因此，混合也對利潤率的提高做出了很好的貢獻。

Vincent Colicchio, Barrington Research.

文森‧科利奇奧（Vincent Colicchio），巴林頓研究公司。

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

是的。在亞太及日本地區，是什麼推動了其實力？這能持續下去嗎？

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。因此，我們在亞太及日本地區（APJ）的季度表現非常強勁，幾乎每個國家都做出了貢獻，尤其是印度和日本。在日本，它是由消費業務推動的。印度更多的是 B2B 業務。我們繼續對亞太及日本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份額很低。所以我們有一個積極的成長計劃。但最重要的是，我們的成長計畫專注於利潤豐厚的客戶群和產品群。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.

阿南達·巴魯阿（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?

如果可以的話，我想回到海夫 (Hyve) 去。ODM 和 CM 部門 45% 的成長之間是否存在區別，或者需要注意哪些區別？海夫 (Hyve) 的成長率高達十幾歲。然後帕特里克，在您準備好的演講中，您詳細談到了與超大規模資料中心解決方案的合作以及您在那裡所做的一些工作。這是一種描述嗎？

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.

我們是否在即時觀察，您是否正在擴大您的參與的複雜性以及您與超大規模企業合作的工作範圍的複雜性？正如您剛才所說，這可能是利潤率開始變得更有利的原因之一。還有最後一件事。這是一個澄清。您是否說過，您看到 Hyve 的網路有所改進，或者 Hyve 是推動網路改進的驅動因素之一？我就講到這裡。

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.

我先走，然後交給派崔克。好問題。是的，我們確實調用了 ODM 並進行了比較，其同比增長率約為 45%。你說得對，大約十幾歲。有什麼區別呢？供應鏈去年同期略有下降。

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.

這就是數學如此運作的原因。因此，正如我們所承認的，我們仍然相信這是我們業務的重要組成部分，它是不穩定的，所以它確實會發生相當大的波動。但這就是 Hyve 實現青少年時期整體成長的方式。

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.

關於與超大規模客戶合作的複雜性，我將讓派崔克來談談。我會讓他談論管道，不僅針對現有客戶，也針對潛在的新擴張客戶。然後是關於網路如何推動 Hyve 成長的任何內容。

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。感謝您的提問。因此，我從 Hyve 開始，然後解決網路問題。所以我的意思是我們的策略很明確，我們想要提升價值鏈。這就是我們投資工程能力以更專注於 ODM 而非 CM 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 能力，因為我們認為基於環境，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.

而且，我們也不斷豐富我們的客戶群。我們將來可能會做更多的事情，例如針對主權客戶，我們認為利潤率應該會略高一些。是的，這就是利潤率穩定的原因，我們希望我剛才談到的所有行動的結果實際上將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，是的，Hyve 在網路方面也表現強勁，但不包括分銷領域的 Hyve，網路業務恢復了成長。我的意思是溫和的成長，低個位數，但我們已經恢復成長。

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?

這一切都非常有幫助。如果可以的話，請快速跟進。你們是否看到來自美國主要超大規模企業關於 Hyve 的討論增加？我知道，與主權客戶和 Neocloud 相比，客戶群機會更加全球化。但具體到超大規模，是否存在任何形式的「美國製造」增量對話？

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。我的意思是我們擁有非常好的機會。因此，我們正在與現有客戶合作進行多個項目，希望能夠完成其中的一些項目。再次，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.

所以我們永遠不能完全確定什麼時候會結束。但機會卻很多很多。但我可以確認，其他客戶也有興趣與我們合作，因為我們擁有專業知識、製造能力以及我們提供的服務。

(Operator Instructions)

（操作員指示）

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

我將把電話轉回給帕特里克，請他做最後發言。

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。我想藉此機會向我們的客戶、合作夥伴和投資者表示感謝，感謝他們的支持，更重要的是，感謝我們遍布全球的 23,000 多名同事組成的優秀團隊，感謝他們致力於服務我們的客戶。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。