新聚思 (SNX) 2025 Q3 法說會逐字稿

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

早安.我叫蒂芬妮，今天我將擔任你們的會議接線生。歡迎大家參加 TD SYNNEX 2025 財政年度第三季財報電話會議。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, America's 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 美國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 on today's call. With me today is Patrick Zammit, our CEO; and Marshall Witt, our CFO.

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。

Before we continue, let me remind you that today's discussion contains forward-looking statements within the meaning of the federal securities laws, including predictions, estimates, projections or other statements about future events, including statements about our strategy, demand, plans and positioning, growth, cash flow, capital allocation and stockholder return as well as our financial expectations for future fiscal periods.

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以及我們對未來財政期間的財務預期的陳述。

Actual results may differ materially from those mentioned in these forward-looking statements as a result of risks and uncertainties discussed in today's earnings release. In the Form 8-K we filed today in the Risk Factors section of our Form 10-K and our other reports and filings with the SEC. We do not intend to update any forward-looking statements.

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 表格的風險因素部分和我們向美國證券交易委員會提交的其他報告和文件中。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 our earnings press release and the related Form 8-K on our Investor Relations website, ir.tdcinex.com. This conference call is the property of TD SYNNEX and may not be recorded or rebroadcast without our permission.

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我們的獲利新聞稿和相關8-K表格中，您可以在我們的投資者關係網站ir.tdcinex.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。

I will now turn the call over to Patrick. Patrick?

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 that our third quarter non-GAAP gross billings and diluted earnings per share established new records for our company.

謝謝你，大衛。各位早安，感謝大家今天收看我們的節目。我很高興地宣布，我們公司第三季的非GAAP總帳單金額和稀釋後每股盈餘均創下新紀錄。

Our performance is a clear result of our team's strong execution, a differentiated go-to-market strategy and a global end-to-end portfolio of products and services that is unrivaled.

我們的業績清楚地體現了我們團隊強大的執行力、差異化的市場進入策略以及無與倫比的全球端到端產品和服務組合。

Beginning with our financial performance for the quarter. Consolidated gross billings were $22.7 billion, growing 12%, 10% in constant currency. And non-GAAP diluted earnings per share of $3.58, exceeded the high end of our guidance, representing a 25% increase year-over-year. Within TD SYNNEX, excluding Hyve, gross billings increased 9% year-over-year with gross profit and operating income each increasing by double digits.

首先，我們來看看本季的財務表現。合併總帳單金額為 227 億美元，成長 12%，以固定匯率計算成長 10%。非GAAP稀釋後每股收益為3.58美元，超過了我們預期的上限，比去年同期成長25%。在 TD SYNNEX 集團內（不包括 Hyve），總帳單額年增 9%，毛利和營業收入均實現了兩位數成長。

Hyve had a strong quarter with gross billings increasing in the mid-30s year-over-year and ODM, CM gross billings increasing 57% year-over-year fueled by continued strength in hyperscale investments in cloud infrastructure. Hyve total gross margins returned to historical levels and operating profit exceeded expectations.

Hyve 本季業績強勁，毛帳單年增 30% 以上，ODM 和 CM 毛帳單年增 57%，得益於雲端基礎設施超大規模投資的持續強勁成長。Hyve 的總毛利率恢復到歷史水平，營業利潤超出預期。

The majority of our technology products and services and endpoints and Advanced Solutions experienced an increase in gross billings year-over-year. Highlighting a few key areas. Software continues to be a standout, experiencing a 26% increase in gross billings, fueled by cybersecurity and infrastructure software. Additionally, we are still experiencing strong demand in PCs, driven by a higher mix of AI PCs and the Windows 11 refresh cycle.

我們的大多數技術產品和服務、終端設備以及高級解決方案的總收入都實現了同比增長。重點介紹幾個關鍵領域。軟體產業繼續保持領先地位，總收入成長了 26%，這主要得益於網路安全和基礎設施軟體的成長。此外，受人工智慧電腦佔比提高和 Windows 11 更新周期推動，個人電腦的需求仍然強勁。

We experienced healthy momentum across each of our regions with exceptionally dynamic performance in Latin America and Asia Pacific and Japan, each increasing strong double digits in gross billings in the quarter and exceeding expectations. Broad-based adoption of IT products and services continues to build in these geographies, validating the strength of our go-to-market strategy and positioning us to continue to capture profitable growth.

我們在各個地區都取得了良好的發展勢頭，其中拉丁美洲、亞太地區和日本的業績表現尤為出色，本季度毛收入均實現了兩位數的強勁增長，超出了預期。在這些地區，IT產品和服務的廣泛採用持續成長，驗證了我們市場進入策略的有效性，並使我們能夠繼續獲得獲利成長。

Moving to our diversified customer end markets. We're experiencing broad-based strength in SMB and MSPs, which grew substantially above the company average in most of our geographies. By developing bespoke value propositions, and deploying dedicated commercial teams with deep industry knowledge, we have successfully positioned ourselves as a trusted partner of a strategic customer segment.

轉向我們多元化的客戶終端市場。我們在中小企業和託管服務提供者領域都看到了強勁的成長勢頭，在我們大多數地區，這些領域的成長速度都遠高於公司平均水平。透過制定客製化的價值主張，並部署具有深厚產業知識的專屬商業團隊，我們成功地將自己定位為策略客戶群的可信賴合作夥伴。

Enterprise demand remains largely stable with balanced revenue growth throughout the majority of this customer base. Our US public sector business increased its gross billings low single digits in the quarter. Strength in state and local was offset by anticipated softness in federal as our customers navigate a dynamic environment led by the revaluation of budgets and expected changes to federal funding programs. As a reminder, federal is a small portion of our total portfolio, but one, we will continue to invest in growing.

企業需求基本上保持穩定，大部分客戶群的收入成長均衡。本季度，我們美國公共部門業務的總帳單金額實現了個位數低成長。由於客戶面臨預算重新評估和聯邦資助計畫預期變化帶來的動態環境，州和地方政府的強勁表現被聯邦政府的預期疲軟所抵消。需要提醒的是，聯邦債券在我們整體投資組合中所佔比例很小，但我們將繼續投資以促進其成長。

Next, our differentiated and highly specialized go-to-market strategy that we outlined during Investor Day, strengthens our competitive position and drives our business forward every day. A great example of this strategy in action is expanding our addressable market by introducing new vendors to the channel and leveraging our network of partners to accelerate growth.

其次，我們在投資者日上概述的差異化和高度專業化的市場進入策略，加強了我們的競爭地位，並推動我們的業務每天向前發展。這個策略的絕佳實踐例子是透過向通路引入新的供應商並利用我們的合作夥伴網路來擴大我們的目標市場，從而加速成長。

Last year, we onboarded a cybersecurity vendor in North America, who was attracted by our specialist go-to-market and partner enablement capabilities. Within 18 to 24 months, we have grown that business from zero to hundreds of millions of dollars by expanding the customer base and improving their net revenue retention rates with existing clients.

去年，我們成功引進了一家北美網路安全供應商，他們被我們專業的市場推廣和合作夥伴賦能能力所吸引。在 18 到 24 個月內，我們透過擴大客戶群和提高現有客戶的淨收入留存率，將業務從零發展到數億美元。

We have many more examples like this, and we are continuing to onboard cutting-edge vendors and help accelerate the adoption of new technologies in the market. As the adoption of AI technologies involved, we are enhancing our destination AI enablement program to include three strategic focus areas that are designed to help our partners adopt scale and secure AI solutions. Agentic AI, security for AI and AI factory.

我們還有很多類似的例子，我們將繼續引進尖端供應商，幫助加速市場上新技術的普及應用。隨著人工智慧技術的應用，我們正在加強我們的目的地人工智慧賦能計劃，其中包括三個戰略重點領域，旨在幫助我們的合作夥伴採用規模化和安全的人工智慧解決方案。智能體人工智慧、人工智慧安全和人工智慧工廠。

Launching next week, these programs will deliver comprehensive solution support, such as designing modern architectures that blend multiple AI technologies and enable hybrid deployment models that deliver flexible, intelligent threat detection, prevention and responses.

這些計劃將於下週啟動，將提供全面的解決方案支持，例如設計融合多種人工智慧技術的現代架構，並實現混合部署模型，從而提供靈活、智慧的威脅檢測、預防和回應。

Within Hyve, we are extremely proud of our performance during the quarter and remain confident in our ability to be a leading partner for data center infrastructure buildout. We are continuing to invest in new capabilities, taking a holistic approach to data center requirements, but anticipate our customers' needs and provides an end-to-end solution for the world's leading hyperscalers and cloud service providers. As a result, our portfolio is becoming more diversified.

Hyve 內部，我們對本季的業績感到非常自豪，並對我們成為資料中心基礎設施建設領先合作夥伴的能力充滿信心。我們持續投資於新的能力，以整體視角看待資料中心需求，同時預見客戶的需求，並為全球領先的超大規模資料中心和雲端服務供應商提供端到端的解決方案。因此，我們的投資組合正變得越來越多元化。

We are participating in more compute, networking, and storage rack builds as the deployment of GPU and AI integrated racks accelerate, and we have seen robust growth throughout the majority of our programs. Additionally, our customer mix is also shifting favorably, and we have seen substantial growth beyond our top customer. Moreover, our second largest customer grew faster than expected within the quarter, and we anticipate similar strength in Q4.

隨著 GPU 和 AI 整合機架的部署加速，我們參與了更多運算、網路和儲存機架的建設，並且我們的大多數專案都實現了強勁成長。此外，我們的客戶結構也在向好的方向轉變，除了最大的客戶群之外，我們還實現了顯著成長。此外，我們第二大客戶在本季成長速度超出預期，我們預計第四季也將保持類似的強勁勢頭。

At our Investor Day, we outlined a digital strategy, including the creation of a unified experience seamless workflows and actionable insights to drive customers' growth. Today, we are taking the next step of that journey with the launch of TD SYNNEX partner first in North America. A unified portal that optimizes the partner experience by combining commerce, services, education, and community in a single digital environment.

在我們的投資者日上，我們概述了一項數位化策略，包括創建統一的體驗、無縫的工作流程和可操作的洞察，以推動客戶成長。今天，我們邁出了這一征程的下一步，在北美率先推出了 TD SYNNEX 合作夥伴。一個統一的入口網站，透過將商業、服務、教育和社區整合到一個數位環境中，優化合作夥伴體驗。

Partner First marks an important milestone in TD SYNNEX omnichannel strategy using AI, automation, and advanced analytics to enhance our operations and streamline the buying journey. Partner First will be rolled out globally in the coming quarters. In summary, our team's strong execution, our differentiated and highly specialized go-to-market strategy and our unrivaled global end-to-end portfolio of products and services are enabling us to continue to deliver a superior level of service and customer experience.

「合作夥伴優先」標誌著 TD SYNNEX 全通路策略的一個重要里程碑，該策略利用人工智慧、自動化和高級分析來增強我們的營運並簡化購買流程。「合作夥伴優先」計畫將在未來幾季內在全球推廣。總而言之，我們團隊強大的執行力、差異化和高度專業化的市場進入策略以及無與倫比的全球端到端產品和服務組合，使我們能夠繼續提供卓越的服務和客戶體驗。

Now I will pass it to Marshall to go over the financial performance and Q4 outlook in more detail. Marshall?

現在我將把這個任務交給馬歇爾，讓他更詳細地分析財務表現和第四季展望。馬歇爾？

Thanks, Patrick, and good morning, everyone. As Patrick highlighted, we're excited to report that we achieved 12% gross billings growth and 25% non-GAAP diluted EPS growth in the third quarter, which exceeded the high end of our guidance range.

謝謝你，派崔克，大家早安。正如帕特里克所強調的那樣，我們很高興地宣布，第三季度總帳單收入增長了 12%，非 GAAP 稀釋後每股收益增長了 25%，超過了我們預期範圍的上限。

Our endpoint solutions portfolio increased gross billings 10% year-over-year driven by continued demand for PCs as the refresh cycle progresses as well as a higher mix of AI PCs. Globally, PCs have increased double digits for three consecutive quarters, and we believe that we are in the mid- to late innings of the refresh cycle.

受PC更新換代週期持續推進以及AI PC佔比提高的推動，我們的終端解決方案組合毛收入年增10%。從全球範圍來看，個人電腦銷售已連續三個季度實現兩位數成長，我們認為我們正處於產品更新周期的中後期階段。

Advanced Solutions portfolio increased gross billings by 13% year-over-year and 8% year-over-year when excluding the impact of Hyve, driven by meaningful demand in cloud, security, software and other high-growth technologies.

高級解決方案組合的總帳單年增 13%，若不計 Hyve 的影響，則年增 8%，這主要得益於雲端、安全性、軟體和其他高成長技術領域的顯著需求。

Hyve, which is reported within the Advanced Solutions portfolio increased in the mid-30s, primarily due to strength in programs associated with server and networking rack builds. Hyve's capabilities, capacity and US manufacturing footprint positions it to support the increased demand. In the quarter, there was an approximately 31% reduction from gross billings to net revenue, which was slightly higher than our expectations, but consistent with previous quarters.

Hyve 是 Advanced Solutions 產品組合的一部分，據報導其股價在 30% 左右上漲，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。Hyve 的能力、產能和在美國的生產佈局使其能夠滿足不斷增長的需求。本季度，毛帳單金額與淨收入之比下降了約 31%，略高於我們的預期，但與前幾季的情況一致。

Our net treatment as a percentage of billings continues to remain elevated versus the prior year, primarily driven by an increase in high transactions where we act as an agent and a higher mix of software within distribution. As a result, net revenue was $15.7 billion, up 7% year-over-year and above the high end of our guidance range.

與前一年相比，我們的淨處理額佔帳單總額的百分比仍然較高，這主要是由於我們作為代理商的高額交易量增加以及分銷管道中軟體佔比提高所致。因此，淨收入為 157 億美元，年成長 7%，高於我們預期範圍的上限。

Gross profit increased 18% year-over-year to $1.1 billion. Gross margin as a percentage of gross billings was 5%, which increased 23 basis points year-over-year and improved sequentially. Notably, we expanded our gross margin profile in both distribution and high.

毛利較去年同期成長18%，達到11億美元。毛利率佔總帳單金額的百分比為 5%，較去年同期成長 23 個基點，較上季有所改善。值得注意的是，我們在分銷和高端領域都擴大了毛利率範圍。

Non-GAAP SG&A expense was $655 million or 3% of gross billings. Our cost to gross profit percentage, which we define as the ratio of non-GAAP SG&A expense to gross profit was 58% in Q3 and an improvement from the 60% level that we experienced in the first half of the year, demonstrating our progress towards managing costs as a percentage of gross profit down over time while still making key investments into the business.

非GAAP銷售、一般及行政費用為6.55億美元，佔總帳單金額的3%。第三季度，我們的成本佔毛利潤率（我們定義為非GAAP銷售、管理及行政費用與毛利潤的比率）為58%，較上半年的60%有所改善，這表明我們在控製成本佔毛利潤的百分比方面取得了進展，同時仍在對業務進行關鍵投資。

Non-GAAP operating income increased 21% year-over-year to $475 million. Non-GAAP operating margin as a percentage of gross billings was 2.09%, representing a 15 basis point improvement year-over-year. Interest expense and finance charges were $91 million, an increase of $11 million year-over-year. Our non-GAAP effective tax rate was approximately 23% compared to 21% in the prior year.

非GAAP營業收入年增21%至4.75億美元。營業利潤率佔總帳單金額的百分比為 2.09%，比去年同期提高了 15 個基點。利息支出和財務費用為 9,100 萬美元，比前一年增加 1,100 萬美元。我們的非GAAP實際稅率約為23%，而前一年為21%。

Total non-GAAP net income was $296 million and non-GAAP diluted earnings per share was $3.58, an increase of 25% year-over-year and an all-time high for TD SYNNEX. Free cash flow was $214 million, driven by strong earnings growth and a slight improvement in our cash conversion cycle. Within the quarter, we returned $210 million to stockholders with $174 million in share repurchases and $36 million in dividend payments, bringing our total return to stockholders for the year up to $534 million.

TD SYNNEX 的總非 GAAP 淨收入為 2.96 億美元，非 GAAP 稀釋後每股收益為 3.58 美元，較去年同期成長 25%，創歷史新高。自由現金流為 2.14 億美元，主要得益於強勁的獲利成長和現金週轉週期的略微改善。本季度，我們透過股票回購1.74億美元和股息支付3,600萬美元，向股東返還了2.1億美元，使我們全年向股東返還的總金額達到5.34億美元。

Net working capital was $4 billion, which is consistent with quarter two. We have added a gross cash days metric to the investor presentation, which we believe better reflects the fundamentals of the two-tier distribution industry and our organization. Our gross cash days were approximately 16 days, which was consistent with the prior year and a one-day improvement from the prior quarter.

淨營運資本為 40 億美元，與第二季持平。我們在投資者簡報中增加了總現金週轉天數指標，我們認為該指標能更好地反映兩級分銷行業和我們公司的基本面。我們的總現金週轉天數約為 16 天，與去年同期持平，比上一季改善了一天。

We ended the quarter with $874 million in cash and cash equivalents and debt of $4.2 billion. Our gross leverage ratio was 2.3 times and our net leverage ratio was 1.8 times. For the current quarter, our Board of Directors has approved a cash dividend of $0.44 per common share, that will be payable on October 31, 2025, to stockholders of record as of the close of business on October 17, 2025.

本季末，我們持有現金及現金等價物 8.74 億美元，負債 42 億美元。我們的總槓桿率為 2.3 倍，淨槓桿率為 1.8 倍。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10月31日支付給截至2025年10月17日營業結束時登記在冊的股東。

Now moving on to our outlook. These numbers are all non-GAAP. For the fourth quarter, we expect gross billings in the range of $23 billion to $24 billion, representing an increase of approximately 11% at the midpoint. Our outlook is based on a euro to dollar exchange rate of 1.18. Net revenue in the range of $16.5 billion to $17.3 billion, which translates to an anticipated gross to net adjustment of 28%. Non-GAAP net income in the range of $281 million to $322 million.

接下來談談我們的展望。這些數據均為非GAAP數據。我們預計第四季總營收將在 230 億美元至 240 億美元之間，中位數約為 11%。我們的展望基於歐元兌美元匯率為 1.18。淨收入預計在 165 億美元至 173 億美元之間，這意味著預計毛利淨利調整率為 28%。非GAAP淨利在2.81億美元至3.22億美元之間。

Non-GAAP diluted earnings per share in the range of $3.45 to $3.95 per diluted share based on weighted average shares outstanding of approximately $80.7 million. We expect a non-GAAP effective tax rate of approximately 23% and interest expense of $91 million.

根據加權平均流通股數約 8,070 萬股計算，非 GAAP 稀釋後每股盈餘預計在 3.45 美元至 3.95 美元之間。我們預期非GAAP有效稅率約為23%，利息支出為9,100萬美元。

In closing, we remain in a strong financial position to close out what has been a great year for our business and are leveraging our strategic pillars that we outlined during our Investor Day to ensure we continue to be the partner of choice in IT.

最後，我們依然保持著強勁的財務狀況，為公司過去一年所取得的巨大成功畫上圓滿的句點。我們將充分利用在投資者日上提出的策略支柱，確保我們繼續成為 IT 領域首選的合作夥伴。

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

接下來，我們將開放提問環節。操作員？

(Operator Instructions) Erik Woodring, Morgan Stanley.

（操作說明）摩根士丹利 Erik Woodring。

This is Maya on for Erik. Last quarter, you talked about the potential for how to potentially decline in the fiscal 4Q on tough compares. Given the strong results in the August quarter and the strong November quarter guide and the momentum we're seeing in cloud CapEx trends more broadly, how should we think about high dynamics in fiscal 4Q? And then any high-level color on as we look to next year?

這是瑪雅為艾瑞克主持節目。上個季度，您談到了由於去年同期基數較高，第四財季業績可能出現下滑的可能性。鑑於 8 月份季度業績強勁，11 月份季度業績指引強勁，以及我們在更廣泛的雲端資本支出趨勢中看到的勢頭，我們應該如何看待第四財季的高動態？那麼，展望明年，有哪些高層次的展望呢？

Thanks a lot for the question. So indeed, we were a little bit cautious last quarter. As you know, I mean, Hyve is a lumpy business. But I mean, the quarter did -- I mean, went extremely well as did distribution, by the way. So what explains the other performance.

非常感謝你的提問。所以，上個季度我們確實有點謹慎。如你所知，我的意思是，Hyve 是一家經營狀況不穩定的公司。但我的意思是，這個季度——我的意思是，進展非常順利，分銷情況也很好。那麼，另一場演出又該如何解釋呢？

First, I mean we saw growth, significant growth across all the programs and all the customers. So that's point number one. Point number two, we see our second customer demand coming back. And we are confident, by the way, for next quarter two. That's the second thing. Then also, we saw more demand for supply chain services than expected. And so the combination explains the other performance of Hyve.

首先，我的意思是，我們看到了成長，所有專案和所有客戶都實現了顯著成長。這是第一點。第二點，我們看到第二類客戶需求正在回歸。順便說一句，我們對第二季也很有信心。這是第二件事。此外，我們也發現供應鏈服務的需求超出了預期。因此，這種組合解釋了 Hyve 的另一種表現。

And we believe that, I mean, those dynamics will remain in Q4 and is reflected in our guidance.

我們相信，這些趨勢將在第四季度持續，並且已反映在我們的業績預期中。

Maya, this is Marshall, just thinking about the growth expectations being above what we initially had thought. As we said in previous discussions, we continue to make investments in skill sets, engineering capabilities capacity, manufacturing, et cetera, to ensure that we stay ahead of capacity requirements.

瑪雅，我是馬歇爾，我正在考慮成長預期是否高於我們最初的預期。正如我們在先前的討論中所說，我們將繼續投資於技能、工程能力、製造等方面，以確保我們始終領先於產能需求。

David Paige, RBC.

David Paige，RBC。

I guess I had two questions. Just any comments around the pull forward for PCs in the quarter. I believe last quarter was anywhere from $100 million to $200 million. And if I could stick one other question in on free cash flow. Should we still expect $1.1 billion for 2025?

我想問兩個問題。關於本季個人電腦銷售提前上市的情況，大家有什麼看法？我認為上個季度的營收在1億美元到2億美元之間。我還能再問一個關於自由現金流的問題嗎？我們是否仍應該預期2025年能達到11億美元？

David, thanks for the questions. On the first one, so again, we looked at it, as you know, it's difficult to assess, but we think it's very limited. I mean what we see is we continue to see very good momentum on PCs across the world. So all regions are contributing to it. And again, it's driven really by the refresh related to Windows 11, the refresh of the base, which was bid during the pandemic.

大衛，謝謝你的提問。關於第一個問題，我們再次研究了一下，正如你所知，這很難評估，但我們認為它的影響非常有限。我的意思是，我們看到個人電腦在全球範圍內持續保持著非常好的發展勢頭。所以所有地區都在為此做出貢獻。再次強調，這實際上是由與 Windows 11 相關的更新，也就是基礎架構的更新所驅動的，而這次更新是在疫情期間發起的。

And we also see the start of some momentum on AI PC. So some customers coming to us because they want an AI PC. Again, the vast majority is related to the refresh.

我們也看到人工智慧電腦領域開始出現一些成長勢頭。有些客戶因為想要一台人工智慧電腦而來諮詢。當然，絕大多數客戶的需求還是與產品更新換代有關。

And David, in regard to free cash flow expectations for the year, -- our expectation is that the free cash flow will be approximately $800 million for the year. And let me give you some color behind that. As we were thinking about H2 coming out of H1, we had given a mid-single-digit growth rate to the overall portfolio with distribution being a little bit above and high being that flat to down.

大衛，關於今年的自由現金流預期，我們預計今年的自由現金流約為 8 億美元。讓我來補充一些背景資訊給你。在回顧上半年業績並展望下半年業績時，我們預期整體投資組合的成長率將達到個位數中段，而分配率則略高於此，高點持平或下降。

Clearly, the results for quarter three showed a 10% growth rate and expectations again for a 10% growth rate in Q4. So in essence, that has lifted the overall working capital requirements for the entire portfolio, both distribution and Hyve, as you know, Hyve has a little bit longer cash conversion cycle given what is required in terms of raw materials to ultimately finish racks and how that fell through and staying ahead of our customers' requirements of insurance, they have a smooth supply chain.

顯然，第三季的業績顯示成長率為 10%，預計第四季的成長率也將達到 10%。因此，從本質上講，這提高了整個投資組合（包括分銷和 Hyve）的整體營運資金需求。如您所知，Hyve 的現金週轉週期稍長，因為最終完成貨架需要原材料，而這筆交易最終未能完成。為了滿足客戶的保險要求，他們擁有順暢的供應鏈。

If we think about quarter four, which ultimately is where this goes, if you look at our press release, you could see that our year-to-date free cash flow was zero coming into Q4. So how do we get there? thinking about Q4 cash flow, we think that's going to be around -- free cash flow is going to be around $850 million.

如果我們考慮第四季度（最終也是事情發展到第四季度的階段），如果你查看我們的新聞稿，你會發現，截至第四季度，我們年初至今的自由現金流為零。那我們該如何到達那裡呢？考慮到第四季的現金流，我們認為自由現金流將在 8.5 億美元左右。

It's roughly divided evenly between earnings growth for the quarter and expected cash conversion improvement of two to three days. I will say with that and thinking about what we had said at Investor Day, we still believe over the medium-term cycle that net income to free cash flow conversion should stay right around 95%.

其中大致平均分配給本季的獲利成長和預期現金週轉時間改善兩到三天。綜上所述，考慮到我們在投資者日上所說的內容，我們仍然相信，在中期週期內，淨收入與自由現金流的轉換率應該保持在 95% 左右。

Keith Housum, North Coast Research.

Keith Housum，北海岸研究公司。

I apologize if my phone is breaking up. You guys had a great quarter, obviously, in terms of better than expected. I guess the question that may be asked here is, how sustainable do we see this being -- is there any pull forward that we saw from the fourth quarter and the third quarter?

如果我的手機訊號不好，請見諒。顯然，你們本季的業績非常出色，超出了預期。我想這裡可能會問的問題是，我們認為這種趨勢的可持續性如何——第四季度和第三季度是否出現了任何成長勢頭？

Yeah. So again, I mean, if you look at what is driving the other performance, so if I think about distribution, it's PCs, it's software, it's cybersecurity, it's compute. I mean, we believe that that dynamic will continue into Q4. And then Hyve benefits from a very favorable environment hyperscalers are confirming or increasing their spend, and we are positioned on programs where the demand continues to be healthy.

是的。所以，我的意思是，如果你看看是什麼驅動了其他效能，比如說，從分佈的角度來看，就是個人電腦、軟體、網路安全和運算能力。我的意思是，我們認為這種趨勢將持續到第四季。此外，Hyve 也受益於非常有利的環境，超大規模資料中心營運商正在確認或增加支出，而我們則專注於需求持續健康的專案。

Michael Ng, Goldman Sachs.

Michael Ng，高盛集團。

I just have two quick ones on Hyve. First, I was just wondering if you could talk a little bit about the progress in onboarding new customers beyond the two main ones that you have? And then secondly, could you just talk about whether the growth in high volumes tend to be more from the traditional server side or AI server side?

我在 Hyve 上只有兩個簡短的條目。首先，我想請您談談除了目前兩大主要客戶群之外，您在拓展新客戶方面取得的進展？其次，您能否談談高流量的成長更多是來自傳統伺服器端還是人工智慧伺服器端？

Mike, I'll start and then Patrick, please chime in. So we continue to make good progress in what we'll call programs, as Patrick mentioned earlier, programs to us is the way we define our ability to continue to grow our presence in Hyve and ODM CM and data center supply chain management. We do expect to continue to diversify our portfolio. Our pipeline remains quite healthy and strong. That continues to grow.

麥克，我先開始，然後派崔克，請你插話。因此，我們在我們稱之為「專案」的領域繼續取得良好進展，正如 Patrick 之前提到的，「專案」對我們來說是我們定義自身能力的方式，以便繼續擴大我們在 Hyve 和 ODM CM 以及資料中心供應鏈管理領域的影響力。我們預計將繼續實現投資組合多元化。我們的供應鏈依然非常健康、強勁。這種趨勢還在持續成長。

We will continue to seek out more customers in the Super 6 and beyond that. And so we feel good about where that's heading. Pat, do you want to cover --

我們將繼續在 Super 6 及更高級別的酒店中尋找更多客戶。因此，我們對未來的發展方向感到樂觀。帕特，你想負責嗎？--

Good morning. Just adding that the growth is coming from networking and compute and more traditional compute. We have some GPU projects in the pipe. But when you look and the vast majority of Q4, again, the demand will come from networking and traditional compute.

早安.補充一點，成長主要來自網路和運算，以及更傳統的計算。我們正在籌備一些GPU項目。但當你觀察第四季的大部分市場時，你會發現，需求仍然會來自網路和傳統運算領域。

That concludes our question-and-answer session. I will now turn the call back over to Patrick Zammit for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給派崔克‧札米特，請他作總結發言。

So thank you, everyone, for joining us. I want to close by reiterating that our goal isn't simply to perform today. It is to continue building a company that can do so reliably over the long term. That means continuing to invest in our people, in innovation, and in the systems that allow us to anticipate change rather than react to it.

謝謝大家的參與。最後我想重申，我們的目標不僅僅是今天的比賽表現。目標是繼續打造一家能夠長期可靠營運的公司。這意味著要繼續投資我們的人才、創新以及使我們能夠預見變化而不是應對變化的系統。

Our approach has always been about building enduring capabilities, deep customer and vendor relationships, operational discipline and a culture that adapts quickly to change. These are the factors that we believe will allow us to continue to deliver differentiated performance year after year regardless of the market cycle.

我們的方法始終是建立持久的能力、深厚的客戶和供應商關係、嚴謹的營運紀律以及能夠快速適應變化的文化。我們相信，正是這些因素使我們能夠年復一年地持續取得差異化的業績，而不受市場週期的影響。

Of course, none of this would be possible without our coworkers around the globe who are the driving force behind our success. We are grateful for the trust our vendors, customers and shareholders place in us and we remain focused on earning it every day. Thank you, and have a great day.

當然，如果沒有我們遍佈全球的同事們的支持，這一切都不可能實現，他們是我們成功的驅動力。我們感謝供應商、客戶和股東對我們的信任，並將繼續努力，每天不辜負這份信任。謝謝，祝您今天過得愉快。

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。