新聚思 (SNX) 2026 Q1 法說會逐字稿

Good morning. My name is Warren, and I will be your conference operator today. I would like to welcome everyone to the TD SYNNEX first-quarter fiscal 2026 earnings call. Today's call is being recorded.

早安。我叫 Warren，今天將擔任各位的電話會議主持人。歡迎各位參加 TD SYNNEX 2026 會計年度第一季財報電話會議。今天的電話會議將進行錄音。

(Operator Instructions)

（接線員指示）

At this time, for opening remarks, I would like to pass the call over to Nate Friedel, Head of Investor Relations at TD SYNNEX. Nate, you may begin.

此刻，進行開場致詞，我想把電話交給 TD SYNNEX 投資人關係主管 Nate Friedel。Nate，請開始。

Thank you. Good morning, everyone, and thank you for joining us for today's call. Joining me on today's call are Patrick Zammit, our CEO; and David Jordan, our CFO.

謝謝。各位早安，感謝各位參加今天的電話會議。今天與我一同出席的有我們的執行長 Patrick Zammit，以及我們的財務長 David Jordan。

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，先提醒各位，今天的討論包含符合聯邦證券法意義之下的前瞻性陳述，包括對未來事件的預測、估計、推算或其他陳述，其中包含關於我們的策略、需求、計畫與定位、成長、現金流、資本配置與股東報酬，以及我們對未來會計期間的財務預期等陳述。

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.

由於今日財報新聞稿所討論的風險與不確定性、我們今日提交的 Form 8-K、我們 Form 10-K 的「風險因素」章節，以及我們向 SEC 提交的其他報告與文件中所述之風險與不確定性，實際結果可能與這些前瞻性陳述所提及者有重大差異。我們無意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 our earnings press release and the related Form 8-K available on our Investor Relations website, ir.tdsynnex.com.

此外，在本次電話會議中，我們將引用若干非 GAAP 財務資訊。GAAP 與非 GAAP 結果之調節表已包含於我們的財報新聞稿及相關 Form 8-K 中，並可於我們的投資人關係網站 ir.tdsynnex.com 取得。

This conference call is the property of TD SYNNEX and may not be recorded or rebroadcast without our permission. I will now turn the call over to Patrick. Patrick?

本電話會議為 TD SYNNEX 之財產，未經我們許可不得錄音或轉播。我現在把電話交給 Patrick。Patrick？

Thank you, Nate, and good morning, everyone. Thank you for joining us today. We are very pleased with how we started fiscal year '26. In the first-quarter, we delivered record non-GAAP gross billings and non-GAAP earnings per share while continuing to expand profitability and built on the execution and momentum established over the past year.

謝謝你，Nate，各位早安。感謝各位今天加入我們。我們對 26 會計年度的開局感到非常滿意。在第一季，我們創下非 GAAP 總開票額（gross billings）與非 GAAP 每股盈餘的歷史新高，同時持續提升獲利能力，並延續過去一年所建立的執行力與動能。

Our results reflect strong performance across both our distribution and Hyve businesses as well as the continued alignment between our strategy and the needs of our partners. Together, this reinforces the strength of our operating model and our ability to create long-term value for our shareholders.

我們的成果反映出在通路分銷與 Hyve 兩大業務的強勁表現，以及我們的策略與合作夥伴需求之間持續一致的契合度。綜合而言，這進一步印證我們營運模式的韌性，以及我們為股東創造長期價值的能力。

Before turning to our operating results in more detail, I want to start by discussing my rationale for updating our reportable segments. These changes better reflect how I manage the business and allocate capital and resources.

在更詳細說明營運成果之前，我想先談談我更新可報導營運部門（reportable segments）的理由。這些調整更能反映我管理業務以及配置資本與資源的方式。

Going forward, we will primarily discuss our performance and strategies through two businesses: Distribution comprised of our three regional distribution segments and Hyve. Each business has a distinct value proposition and operating model with clear drivers of growth, profitability and returns. We believe this structure provides clearer insight into how our businesses perform and how we create long-term shareholder value.

展望未來，我們將主要透過兩大業務來討論我們的表現與策略：由三個區域分銷部門所構成的 Distribution（分銷）以及 Hyve。每項業務都有明確的價值主張與營運模式，並具備清楚的成長、獲利與報酬驅動因素。我們相信此架構能更清楚地呈現各業務的表現，以及我們如何創造長期股東價值。

With that context, I'll start with our distribution business. Within distribution, we delivered a strong start to the year with excellent results across all geographies and key technology categories. Performance was supported by continued customer investment in infrastructure software and security as well as notable strength in infrastructure and PCs as we help partners navigate an inflationary cost environment and a dynamic supply chain.

在此背景下，我先從分銷業務談起。在分銷方面，我們在年度開局表現強勁，於所有地理區域與關鍵科技類別皆取得優異成果。表現受到客戶持續投資於基礎架構軟體與資安的支持，同時在基礎架構與個人電腦（PC）方面也展現顯著強勢；我們協助合作夥伴因應通膨成本環境與動態供應鏈。

By leveraging our global reach, diversified sourcing and close vendor partnerships, we are helping our customers manage supply chain constraints, navigate pricing, improve availability, reduce uncertainty and plan deployments with greater confidence while helping vendors efficiently extend their reach and activate demand across markets.

透過運用我們的全球覆蓋、分散化採購以及與供應商的緊密夥伴關係，我們正協助客戶管理供應鏈限制、因應定價、提升供貨可得性、降低不確定性，並以更高信心規劃部署；同時也協助供應商有效擴大觸及範圍，並在各市場啟動需求。

Our accelerated growth was accompanied by expanding gross and operating margins, driven by favorable geography and product mix and disciplined cost management. These results underscore the strength and value proposition of our global distribution business, delivering attractive returns today while positioning us to capture opportunity tomorrow.

我們的加速成長伴隨毛利率與營業利益率的擴張，主要受惠於有利的地理與產品組合，以及嚴謹的成本管理。這些成果凸顯我們全球分銷業務的實力與價值主張：在今日提供具吸引力的報酬，同時也讓我們具備把握明日機會的定位。

Last quarter, we outlined four strategic pillars that define how we compete, create value across our portfolio and differentiate ourselves in the channel. And these continue to shape where we invest and how we execute moving forward.

上季我們提出四大策略支柱，界定我們如何競爭、如何在整體產品組合中創造價值，以及如何在通路中形成差異化。而這些支柱也持續引導我們未來的投資方向與執行方式。

These pillars are omnichannel engagement, specialized go-to-market, best-in-class enablement and expanding our brand visibility. I'll highlight a couple of examples of how we are bringing this to life. Starting with omnichannel engagement, where we are making it easier for customers to engage with TD SYNNEX in the ways that best fit their workflows. This approach is powered by our partner-first platform and suite of digital services that integrate billions of customer, vendor and end user data points to drive demand at scale, supporting continued growth within our SMB customer market globally.

這些支柱包括全通路互動、專業化上市策略（go-to-market）、同級最佳的賦能（enablement），以及提升品牌能見度。我將舉幾個例子說明我們如何落實。先從全通路互動開始，我們讓客戶能以最符合其工作流程的方式，更容易與 TD SYNNEX 互動。此作法由我們以合作夥伴優先（partner-first）的平台與一系列數位服務所驅動，整合數十億筆客戶、供應商與終端使用者資料點，以規模化方式帶動需求，支持我們在全球 SMB 客戶市場的持續成長。

Our capabilities are translating into tangible results. By embedding predictive AI directly into our onboarding and go-to-market motions, we are meaningfully increasing the number of customers onboarding new vendor portfolios each quarter, helping vendors expand their reach within our ecosystem and accelerating profit-generating activity across the ecosystem.

我們的能力正轉化為具體成果。透過將預測式 AI 直接嵌入我們的導入（onboarding）與上市推進機制（go-to-market motions），我們顯著提升每季導入新供應商產品組合的客戶數量，協助供應商在我們的生態系中擴大觸及範圍，並加速整個生態系中創造利潤的活動。

Our Agentic AI assistants are now supporting customers and internal teams across complex workflows from multi-vendor solutions aggregation to intelligent quoting and cross-sell recommendations, helping shorten deal cycles and improve attach rates.

我們的 Agentic AI 助理目前正支援客戶與內部團隊處理複雜工作流程，從多供應商解決方案整合到智慧報價與交叉銷售建議，協助縮短成交週期並提升附加銷售率（attach rates）。

Paired with our relationship-driven model, this allows us to scale expertise and engagement globally without compromising the high-touch experience that differentiates TD SYNNEX. This quarter, our progress was reinforced by achieving Microsoft Frontier distributor designation across all of our regions globally, a recognition of excellence in support, security, channel enablement, platform innovation and technical delivery.

結合我們以關係為核心的模式，這使我們能在不犧牲 TD SYNNEX 所差異化的高接觸（high-touch）體驗下，於全球規模化專業能力與互動。本季，我們在全球所有區域皆取得 Microsoft Frontier 經銷商（distributor）資格，這項認可彰顯我們在支援、資安、通路賦能、平台創新與技術交付方面的卓越表現。

This designation highlights our ability to bring technologies to market in a consistent, scalable way across regions and digital platforms, marketplaces, high-touch engagement models and to do so consistently as customers move from AI experimentation to deployment.

此項資格凸顯我們能以一致且可擴展的方式，跨區域與數位平台、市集（marketplaces）以及高接觸互動模式將技術推向市場，並在客戶從 AI 試驗走向部署的過程中持續一致地做到這一點。

Building on that foundation, our specialized go-to-market strategy continues to deliver tangible results, particularly in security. Earlier this month, TD SYNNEX was named Palo Alto Networks fiscal year '25 Distributor of the Year in North America, recognizing our ability to drive above-market growth while expanding customer participation and accelerating new customer acquisition.

在此基礎上，我們的專業化上市策略持續帶來具體成果，尤其是在資安領域。本月稍早，TD SYNNEX 獲選為 Palo Alto Networks 25 會計年度北美年度最佳經銷商（Distributor of the Year），表彰我們在推動高於市場的成長同時，擴大客戶參與並加速新客戶取得的能力。

Importantly, this recognition reflects the value of our specialized distribution model. By combining deep market expertise by technology and customer segment with our global reach, we enable vendors to reach new customers, activate customers more effectively and drive growth beyond what they can achieve on their own.

重要的是，這項肯定反映出我們專業化分銷模式的價值。透過結合依技術與客戶區隔所累積的深厚市場專業，以及我們的全球覆蓋，我們讓供應商得以觸及新客戶、更有效地啟動客戶，並推動超越其單靠自身所能達成的成長。

Capabilities such as inventory management, seamless customer transitions, pre- and post-sales support and higher levels of automation enable our vendors and customers to scale with speed and consistency, reinforcing the long-term benefits of leveraging the distribution channel.

諸如庫存管理、順暢的客戶移轉、售前與售後支援，以及更高程度的自動化等能力，使我們的供應商與客戶能以速度與一致性擴張，進一步強化運用分銷通路的長期效益。

Now turning to Hyve. We delivered an impressive quarter, driven by continued demand for cloud and AI-enabled data center infrastructure across our hyperscale customers. Growth was broad-based across our programs and customer base. Our integrated engineering, manufacturing and supply chain capabilities enabled efficient deployment of sophisticated rack-level solutions at scale, which translated into meaningful year-over-year operating income growth. These results reinforce Hyve's strategic opportunities within this fast-growing market.

接著談 Hyve。我們交出令人印象深刻的一季，主要受惠於超大規模（hyperscale）客戶對雲端與 AI 驅動資料中心基礎架構的持續需求。成長動能遍及我們的各項專案與客戶基礎。我們整合式的工程、製造與供應鏈能力，使我們能以規模化方式高效率部署複雜的機櫃層級（rack-level）解決方案，並帶動營業利益的顯著年增成長。這些成果再次印證 Hyve 在這個快速成長市場中的策略性機會。

Building on this momentum, Hyve is focused on evolving its strategy over time toward more complete system-level solutions across traditional compute, accelerated compute, networking and storage offerings. Through targeted investments in engineering and manufacturing capabilities, we are helping customers simplify design, accelerate deployment and reduce total cost of ownership.

在此動能基礎上，Hyve 專注於隨時間推進其策略，朝向在傳統運算、加速運算、網路與儲存產品供應等領域，提供更完整的系統層級解決方案。透過對工程與製造能力的精準投資，我們正協助客戶簡化設計、加速部署並降低總持有成本。

These ongoing investments have attracted a growing pipeline of opportunities, including signing programs with two new hyperscale customers in 2026, which we expect to contribute to results in future quarters. We have already started to ramp our third US-based hyperscaler. And with these two wins, we now have at least one program secured with each of the top five US-based hyperscalers.

這些持續性的投資吸引了不斷擴大的機會管線，包括在 2026 年與兩家新的超大規模客戶簽署專案，我們預期將在未來幾季對業績作出貢獻。我們也已開始推升我們第三家美國本土超大規模客戶的出貨爬坡。隨著這兩項勝利，我們如今已在美國本土前五大超大規模客戶中的每一家，至少取得一個已確定的專案。

To close, we remain very confident in the long-term value creation opportunities across both distribution and Hyve. The addressable markets we serve are continuing to expand, and we believe our differentiated value proposition and strategy positions us to capture a growing share of that opportunity while delivering attractive returns for shareholders. Now I will pass it to David to go over the financial performance and outlook in more details. David?

最後，我們對於通路分銷與 Hyve 兩大業務的長期價值創造機會仍然非常有信心。我們所服務的可觸及市場持續擴大，我們相信具差異化的價值主張與策略，使我們能在把握日益增加的機會份額的同時，為股東帶來具吸引力的報酬。接下來我將交給 David，更詳細說明財務表現與展望。David？

Thanks, Patrick, and good morning, everyone. We're pleased to report a strong start to our fiscal year with first-quarter results that exceeded our expectations across all key metrics.

謝謝你，Patrick，各位早安。我們很高興報告本財年開局強勁，第一季在所有關鍵指標上的表現均超出我們的預期。

Walking through the numbers, our non-GAAP gross billings for the first-quarter was $25.8 billion, increasing 24% year-over-year or 20% year-over-year in constant currency and exceeded the high end of our guidance range, driven by accelerated growth in both distribution and Hyve.

就數字而言，我們第一季非 GAAP 總開票額為 258 億美元，年增 24%，若以固定匯率計算年增 20%，並且高於我們指引區間的上緣，主要受惠於通路分銷與 Hyve 兩大業務的加速成長。

Non-GAAP operating income was $590 million, an increase of 48% year-over-year or 44% year-over-year in constant currency. Non-GAAP earnings per share was $4.73, an increase of 69% year-over-year and above the high end of our guidance range.

非 GAAP 營業利益為 5.90 億美元，年增 48%，若以固定匯率計算年增 44%。非 GAAP 每股盈餘為 4.73 美元，年增 69%，同樣高於我們指引區間的上緣。

GAAP operating income was $489 million, an increase of 61% year-over-year or 57% year-over-year in constant currency. GAAP earnings per share was $4.04, an increase of 104% year-over-year and also above the high end of our guidance range. Together, these results demonstrate our ability to convert strong top line growth into operating leverage and meaningful shareholder value.

GAAP 營業利益為 4.89 億美元，年增 61%，若以固定匯率計算年增 57%。GAAP 每股盈餘為 4.04 美元，年增 104%，也高於我們指引區間的上緣。綜合而言，這些結果展現我們能將強勁的營收成長轉化為營運槓桿與具意義的股東價值。

Turning to quarterly performance for each of our businesses. Distribution generated non-GAAP gross billings of $22 billion, increasing 17% year-over-year and exceeding our expectations, driven by broad-based strength across both product categories and geographies.

接著看我們各業務的季度表現。通路分銷的非 GAAP 總開票額為 220 億美元，年增 17%，並超出我們的預期，主要由產品類別與地區的全面性強勁所帶動。

Endpoint Solutions increased 14% year-over-year, supported by ongoing PC refresh activity and strong demand for premium devices. Advanced Solutions increased 19% year-over-year, driven by continued strength in infrastructure, security and software.

端點解決方案年增 14%，受惠於持續的 PC 換機活動以及對高階裝置的強勁需求。進階解決方案年增 19%，主要由基礎架構、安全與軟體的持續強勢所驅動。

Distribution non-GAAP operating income was $431 million, increasing 42% year-over-year and non-GAAP operating margin as a percentage of gross billings was 2%, an improvement of 34 basis points year-over-year. Overall, we estimate the distribution gross margins benefited by approximately 10 to 15 basis points during the quarter, driven by incremental profit from strategic inventory purchasing.

通路分銷非 GAAP 營業利益為 4.31 億美元，年增 42%；非 GAAP 營業利益率（占總開票額百分比）為 2%，年增改善 34 個基點。整體而言，我們估計本季通路分銷毛利率約受惠 10 至 15 個基點，主要來自策略性庫存採購所帶來的增量利潤。

In addition, we estimate that approximately 2-percentage-points of year-over-year gross billings growth were attributed to higher average selling prices and modest pull-forward activity as we partnered with OEMs to pass through higher memory and component costs.

此外，我們估計年增總開票額成長中約有 2 個百分點，歸因於平均售價提高以及在與 OEM 合作轉嫁較高的記憶體與零組件成本時，出現的溫和提前拉貨活動。

Moving to Hyve. Hyve generated non-GAAP gross billings of $3.8 billion, increasing 95% year-over-year and exceeded expectations, driven by broad-based strength across both manufacturing and supply chain services.

接著看 Hyve。Hyve 的非 GAAP 總開票額為 38 億美元，年增 95%，並超出預期，主要由製造與供應鏈服務兩大領域的全面性強勁所帶動。

Manufacturing and assembly increased in the mid-70% year-over-year on a gross billings basis, driven by demand increases from all major customers in each of the major programs we support. Supply Chain Services grew in excess of 100% year-over-year on a gross billings basis, driven by increased demand for components supporting our customers' AI infrastructure deployments. Margins in this business can vary quarter-to-quarter depending on mix.

以總開票額計，製造與組裝年增約 70% 多，主要由我們所支援之各主要專案中，所有主要客戶需求增加所驅動。以總開票額計，供應鏈服務年增超過 100%，主要由支援客戶 AI 基礎架構部署之零組件需求增加所帶動。此業務的利潤率可能因產品組合不同而在各季度間波動。

Hyve non-GAAP operating income was $159 million, increasing 66% year-over-year and non-GAAP operating income margin as a percentage of gross billings was 4.2%, decreasing 72 basis points year-over-year, primarily driven by mix as discussed earlier.

Hyve 非 GAAP 營業利益為 1.59 億美元，年增 66%；非 GAAP 營業利益率（占總開票額百分比）為 4.2%，年減 72 個基點，主要由先前所提及的產品組合因素所致。

We are in a period of accelerated growth. However, we continue to remain disciplined in our cost management approach. Our teams are focused on driving operating leverage while ensuring we make investments that position both distribution and Hyve for sustained long-term growth.

我們正處於加速成長的階段。然而，我們在成本管理方法上仍持續保持紀律。我們的團隊專注於推動營運槓桿，同時確保進行能讓通路分銷與 Hyve 兩大業務實現長期、可持續成長的投資。

Shifting to cash flow and capital allocation. Free cash flow usage for the quarter was approximately $929 million, consistent with our first-quarter in the prior fiscal year. Over the trailing 12 months, we have generated $1.2 billion of free cash flow and returned $723 million to shareholders, demonstrating the strength of our model and our disciplined approach to capital allocation.

接著談現金流與資本配置。本季自由現金流使用約為 9.29 億美元，與上一財年第一季一致。在過去 12 個月，我們產生 12 億美元自由現金流，並回饋股東 7.23 億美元，展現我們商業模式的強韌性以及在資本配置上的紀律。

As the business grows, we're focused on ensuring we maximize our net income to free cash flow conversion ratio on an annualized basis. Return on equity is also a key financial priority for us. And beginning this quarter, we're highlighting return on equity as a key metric that we are focused on improving over time.

隨著業務成長，我們專注於確保以年度化基礎最大化淨利轉換為自由現金流的比率。股東權益報酬率也是我們的重要財務優先事項。並且自本季起，我們將股東權益報酬率列為關鍵指標，並聚焦於隨時間持續改善。

During the first-quarter, we returned $118 million to shareholders through share repurchases and dividends. Net working capital ended the quarter at $4.2 billion with a gross cash conversion cycle of 16 days, an improvement of four days year-over-year, reflecting our continued focus on strong cash conversion and efficient working capital management.

第一季期間，我們透過庫藏股回購與股利發放向股東回饋 1.18 億美元。期末淨營運資金為 42 億美元，總現金轉換週期為 16 天，較去年同期改善 4 天，反映我們持續聚焦於強勁的現金轉換與高效率的營運資金管理。

We ended the quarter with $1.6 billion of cash and cash equivalents, and our leverage ratio finished at 1.5 times, modestly below our medium-term framework, providing ample flexibility to invest in the business while continuing to return meaningful cash to shareholders.

本季結束時，我們持有 16 億美元的現金及約當現金，槓桿比率為 1.5 倍，略低於我們的中期架構目標，提供充足彈性以投資業務，同時持續向股東回饋具意義的現金。

In addition, our Board of Directors approved a cash dividend of $0.48 per common share payable on April 29, 2026, to shareholders of record as of the close of business on April 15, 2026.

此外，我們董事會核准每股普通股 0.48 美元的現金股利，將於 2026 年 4 月 29 日支付給截至 2026 年 4 月 15 日營業日結束時的在冊股東。

Turning to our outlook for the second-quarter of fiscal 2026. We expect non-GAAP gross billings of approximately $25.1 billion, plus or minus $500 million, representing a year-over-year increase of approximately 16% at the midpoint, a gross to net adjustment of approximately 34%. Revenue of approximately $16.5 billion, plus or minus $400 million. Non-GAAP net income of approximately $322 million, plus or minus $20 million. Non-GAAP diluted earnings per share of approximately $4, plus or minus $0.25 based on approximately 79.8 million diluted shares outstanding, representing a year-over-year increase of approximately 34% at the midpoint, share repurchases to increase from the amount purchased in our first-quarter.

接著說明 2026 財年第二季展望。我們預期非 GAAP 總開票額約為 251 億美元，上下浮動 5 億美元；以中位數計年增約 16%，總額轉淨額調整約為 34%。營收約為 165 億美元，上下浮動 4 億美元。非 GAAP 淨利約為 3.22 億美元，上下浮動 2,000 萬美元。非 GAAP 稀釋後每股盈餘約為 4 美元，上下浮動 0.25 美元，係以約 7,980 萬股稀釋後流通股數計算；以中位數計年增約 34%，且股票回購金額將高於第一季的回購水準。

To close, we're encouraged by our start to the year and believe we are well positioned to execute on the opportunities in front of us. Our global reach, differentiated capabilities and expanding portfolio position us to perform well across IT market cycles and deliver long-term value to shareholders.

最後，我們對今年的開局感到振奮，並相信我們已具備良好條件把握眼前的機會並有效執行。我們的全球佈局、差異化能力與持續擴大的產品組合，使我們能在 IT 市場循環中維持良好表現，並為股東創造長期價值。

With that, I'll turn it over to the operator. Operator?

那麼，我把時間交給接線員。接線員？

(Operator Instructions)

(接線員指示)

David Paige, RBC Capital Markets.

David Paige，RBC Capital Markets。

Congrats on the really great results here. I was wondering if we could just double tap into the Hyve solutions growth. It was -- billings were up 95%. So I was curious if that was concentrated in your two main customers? Or was it more broad-based across the five hyperscalers that you have programs with?

恭喜你們交出非常亮眼的成績。我想再深入追問一下 Hyve Solutions 的成長。帳單金額（billings）成長了 95%。所以我想了解，這是否主要集中在你們兩個主要客戶？還是更廣泛地分布在你們有合作專案的五家超大規模雲端業者（hyperscalers）之間？

And then just as a quick follow-up, I think you mentioned two new customers coming on board, one maybe in 2026. But I guess if you could just size that opportunity relative to your other two large customers.

另外快速追問一下，我記得你提到有兩個新客戶加入，其中一個可能在 2026 年。但我想請你們大概量化一下，這個機會相對於你們另外兩個大型客戶的規模。

Okay. David, thanks for the question. So I mean, very pleased with the performance this quarter, distribution and of course, Hyve. So yes, the growth came from the two main customers.

好的。David，謝謝你的問題。我們對本季的表現非常滿意，包含通路分銷，當然也包含 Hyve。所以是的，成長主要來自兩個主要客戶。

As I mentioned, the diversification has started, but the ramp-up of the programs we won is going to take a little bit of time. So we believe that we are going to see really the impact of the ramp-up more towards the end of fiscal year '26 and in '27.

如我提到的，多元化已經開始，但我們贏得的那些專案要爬坡（ramp-up）還需要一些時間。因此我們認為，真正看到爬坡帶來的影響，會更偏向在 2026 財年末以及 2027 年。

That's great. Maybe if I could stick one more in. I know the first-quarter seems seasonally a weaker free cash flow quarter, but cash conversion did get better.

很好。如果我可以再補問一題。我知道第一季在季節性上通常是自由現金流較弱的一季，但現金轉換率確實變好了。

So I was just wondering what pull-in or inventory build you were seeing in PCs. I know you benefit from higher ASPs. But just, I guess, puts and takes on how you're seeing the PC demand market evolve throughout the year.

所以我想了解你們在 PC 方面看到哪些提前拉貨（pull-in）或庫存建立（inventory build）的情況。我知道你們受惠於較高的平均售價（ASP）。但我想請你們談談，隨著今年推進，你們如何看待 PC 需求市場的變化，以及其中的利多與利空因素。

David, so when you think about working capital and cash flow for Q1, there's a couple of dynamics. You rightfully pointed out that on a gross cash days basis year-over-year, we made significant improvements.

David，談到第一季的營運資金與現金流，有幾個動態因素。你說得沒錯，以總現金天數（gross cash days）來看，我們年對年有顯著改善。

With that being said, we also made sure in our first-quarter that we had the right amount of inventory. We recognize that some products are on allocation and could potentially be short in supply. And so we went long on inventory to try and make sure we had adequate supply to support all of our customers on the distribution side.

不過同時，我們也確保在第一季持有適當的庫存水位。我們注意到有些產品處於配給（allocation）狀態，供應可能偏緊。因此我們提高了庫存配置，確保在通路分銷端能有足夠供貨來支援所有客戶。

On the Hyve side, we're continuing to make investments in working capital to -- as that business continues to grow. But overall, when you put the two together, we're quite pleased with the cash days that we were able to land given the growth rates in the business.

在 Hyve 端，隨著業務持續成長，我們也持續在營運資金上進行投資。但整體而言，把兩者合併來看，考量到業務的成長速度，我們對最終達成的現金天數表現相當滿意。

Yes. And so on the PC, so we had a strong quarter on PCs. So for Q2, we continue to be reasonably optimistic about the PC dynamic. I mean just a few thoughts. So one, we continue across the world in all the region, except in Latin America, but across the other regions.

是的。至於 PC，我們本季 PC 表現強勁。所以對第二季，我們對 PC 的態勢仍保持相當程度的樂觀。我補充幾點想法。第一，我們在全球各區域（拉丁美洲除外），在其他區域都持續推進。

We are very focused on continuing growing faster than the market when it comes to PCs, and it's -- I mean, we are seeing a clear success there. I want also to mention that we are focused primarily on B2B when it comes to PC. And that's important because in the coming quarters, we are going to see a strong tailwind coming from the ASP increases, okay?

我們非常專注於在 PC 方面持續跑贏市場的成長速度，而我們也確實看到明顯的成果。我也想提到，我們在 PC 上主要聚焦 B2B。這很重要，因為在接下來幾季，我們將會看到來自 ASP 上升的強勁順風，好嗎？

And obviously, comes the question about the impact on elasticity on volumes. So we foresee some reduction in units -- but I think the reduction in units should be significantly less than in the consumer space. So all in all, I think PC should continue to be a good category for us in the coming quarters.

當然也會有人問到，這對需求彈性與出貨量的影響。我們預期單位數量會有一些下滑——但我認為下滑幅度會明顯小於消費者市場。總體而言，我認為在接下來幾季，PC 仍會是我們表現不錯的一個品類。

Adam Tindle, Raymond James.

Adam Tindle，Raymond James。

David, I just wanted to start, obviously, congrats on such a strong start to the year. As we think about the typical financial model for TD SYNNEX from an EPS progression standpoint, normally kind of see sequential growth in earnings from here.

David，我想先說，顯然恭喜你們今年開局如此強勁。當我們從每股盈餘（EPS）推進的角度來看 TD SYNNEX 典型的財務模型時，通常會看到從這裡開始獲利逐季成長。

But if we roll that out, we're going to be in the neighborhood of $18 or so of EPS for the year. And I just don't want to get ahead of ourselves given the trajectory that you've been on. So I guess the question would be maybe just helping to level set.

但如果把這個趨勢延伸推算，今年全年 EPS 可能會落在大約 18 美元左右。考量你們一路走來的軌跡，我不想過度超前解讀。所以我的問題是，或許請你們協助我們把預期拉回到合理基準。

I understand not seeking to give annual guidance, but maybe some color for us to think about our models, what might be similar or different this year from that normal EPS progression that we're used to, just so we can understand the models. And I have a follow-up after that.

我理解你們不打算提供全年指引，但能否給我們一些方向，讓我們在建模時思考：今年相較於我們習慣的那種正常 EPS 推進路徑，哪些地方可能相同、哪些地方可能不同，以便我們理解模型。之後我還有一個追問。

Great question, and thanks for asking. So Q1 and Q2, so we provided guidance for Q2. We're not providing guidance beyond that. But what I would share with you, which I think will help is, for the moment, demand remains strong in our business.

這是個好問題，謝謝你提出。就第一季與第二季而言，我們已提供第二季指引。我們不會提供更往後的指引。但我可以分享一點我認為有幫助的資訊：目前我們業務的需求仍然強勁。

However, we are cautiously optimistic for the second half and would just remind people that the second half of last year for us was very strong. As you think about the second half and more on a long-term basis, using the Investor Day framework that we laid out is a good place to start.

不過，我們對下半年抱持審慎樂觀，也提醒大家，我們去年下半年表現非常強勁。在思考下半年以及更長期的情況時，以我們在投資人日所提出的框架作為起點，是個不錯的方法。

But it is true for the moment, I mean, Hyve and our distribution businesses are performing quite well. But given the broader macro environment, we are cautiously optimistic for the second half, but we do believe both businesses will grow.

但就目前而言確實如此——Hyve 與我們的通路分銷業務表現都相當好。然而，考量更廣泛的總體環境，我們對下半年保持審慎樂觀，但我們相信兩項業務都會成長。

Okay. That's helpful. Patrick, just a follow-up. I'm getting this question a lot, and it's related to core distribution and the impact of inflation and memory costs and all those things to margins for the channel.

好的。這很有幫助。Patrick，我再追問一下。我最近常被問到這個問題，與核心分銷業務以及通膨、記憶體成本等因素對通路毛利的影響有關。

There's a general fear from investors that the vendors will take margin away and one of the big networking vendors on their earnings call talked about changing contractual provisions with channel partners, and it kind of fired the gun on this fear.

投資人普遍擔心供應商會把通路的利潤拿走；而某家大型網路設備供應商在法說會上談到要改變與通路夥伴的合約條款，這也引爆了這種擔憂。

So I thought this might be a good forum. I'm looking at the Americas region results for distribution, and there's clearly no evidence when I see gross and operating margin up meaningfully currently. But maybe just level set us on those comments that we're hearing from the vendors and what you're actually experiencing boots on the ground in the distribution business.

所以我想這可能是個很好的場合來釐清。我看你們美洲區分銷的結果，目前毛利率與營業利益率都有明顯上升，顯然看不出有任何被侵蝕的跡象。但能否請你們就我們從供應商那邊聽到的這些評論做個校準，並分享你們在分銷業務第一線實際看到的情況？

Yes. So thanks for the question. So indeed, in Q1, no impact on margin. I would add that we built inventory at the end of last fiscal year to be able to cope with -- or I should say, smoothen the introduction of price increases for our customers.

是的。謝謝你的問題。確實，在第一季，毛利沒有受到影響。我補充一點：我們在上一個財年末建立了庫存，以便因應——或者說，平滑地導入對客戶的漲價。

What we've done is to work very closely with both the vendors and our customers in order for them to be in a position to anticipate some of the price increases and reflect it in their quotes. So today, I mean, across the board, we believe that the price increases will not impact our margin because of this close collaboration between with vendors, but also the customers.

我們所做的是與供應商及客戶非常緊密合作，讓他們能夠提前預期部分漲價，並在報價中反映。因此目前我們認為，整體而言，因為與供應商以及客戶之間的緊密協作，漲價不會影響我們的毛利。

Erik Woodring, Morgan Stanley.

Erik Woodring，摩根士丹利。

Congrats on a really strong quarter and more disclosures here. So Patrick, I'm unfortunately going to kind of ask maybe a similar question that Adam just asked. And my first blush reaction to these results and guidance where it was almost too good to be true, right?

恭喜你們繳出非常強勁的一季，也提供了更多揭露。Patrick，所以很可惜我可能要問一個跟 Adam 剛剛類似的問題。我對這些結果與指引的第一反應是，幾乎好到讓人覺得不太真實，對吧？

Gross billings and revenue nearly 10% above the high end of your guide, growth accelerating across every technology category. Can you just help us understand maybe just how you ring-fence the risk around pull forward? Because typically, pull forward and the ability to size that really isn't clear until after the fact.

總開票額與營收幾乎比你們指引區間上緣高出近 10%，而且各個科技類別的成長都在加速。你能否協助我們理解，你們如何在「拉貨／提前拉動需求（pull forward）」的風險上做風險隔離（ring-fence）？因為通常拉貨以及其規模，往往要事後才會比較清楚。

And so when you talk about two points of benefit from ASPs and pull forward, just how do you come to that conclusion? And what are you hearing from customers about their desire to accelerate purchases and whether that's a pricing dynamic, a supply dynamic? If you could maybe just marry those two together, that would be super helpful. And then just a quick follow-up, please.

所以當你提到 ASP 與拉貨帶來兩個百分點的利多時，你們是如何得出這個結論的？另外，你們從客戶那邊聽到他們想加速採購的原因是什麼？這是價格因素、供應因素，還是兩者都有？如果你能把這兩者串起來說明，會非常有幫助。然後我還有一個簡短的追問，謝謝。

Yes. Thanks a lot for the question. So the approach we've taken, we looked at seasonality in units. So we compared, for example, sequentially between Q4 and Q1, how the units evolve for all our hardware categories, and we compare with what we've seen in the past. And that was the first indicator where we concluded that, I mean, the seasonality was not skewed. It was quite consistent with what we've seen in the prior years.

好的。非常感謝你的問題。我們採取的方法是先看出貨量（units）的季節性。例如，我們比較 Q4 到 Q1 的連續變化，觀察我們所有硬體類別的出貨量如何演變，並與過去的情況做對照。這是第一個指標，讓我們得出結論：季節性並沒有被扭曲。它與前幾年的表現相當一致。

Second, we did a quick survey. We asked the teams to provide to us some color. And again, we took it into account. And so based on that, we believe that those pull forwards have been limited for Q1. The other thing I would add is when you look at how fast the vendors have passed the increase of their component cost to the market, how fast -- I mean -- and today also, we have to deal with validity dates, which are very short. I think the market had to react and adjust very rapidly. It was quite -- I mean, yes, I think that has also had an impact on some of the behaviors at the end users.

第二，我們做了一個快速調查。我們請各團隊提供一些第一線的觀察。我們也把這些回饋納入考量。因此基於上述，我們認為 Q1 的拉貨情況是有限的。另外我想補充的是，當你看到供應商把零組件成本上漲轉嫁到市場的速度有多快——而且現在我們也必須面對非常短的報價有效期限（validity dates）。我認為市場必須非常迅速地反應並調整。這確實——我的意思是，是的——也對終端用戶的一些行為造成了影響。

So again, at the moment, based on what we can see out of our data, the way we -- the feedback we receive from customers and the teams, I think that's the best we can share on the pull forward.

所以再說一次，就目前而言，根據我們從數據中看到的情況、我們從客戶與團隊收到的回饋，我想這就是我們目前能分享的、關於拉貨的最佳資訊。

Okay. All right. Very fair. And then as my follow-up, Patrick, there is clear intent in breaking out Hyve as a separate stand-alone business. And I'm just curious, today, Hyve is 15% of gross billings. It's nearly 30% of operating income, at least in the last quarter.

好的。了解。非常合理。那我的追問是，將 Hyve 拆分為獨立、單獨業務的意圖很明確。我只是好奇，以今天來看，Hyve 佔總開票額的 15%。至少在上一季，它幾乎佔了 30% 的營業利益。

Is there a target that you have for either of those metrics if we think three years out, just the opportunity for growth and margin expansion at Hyve. I'm just curious, like, again, putting a longer-term hat on, how big you think Hyve can be for some of these key fundamental metrics?

如果我們把時間拉到三年後，你們對這兩個指標是否有目標值？也就是 Hyve 的成長機會與利潤率擴張空間。我想問的是，從更長期的角度來看，你認為 Hyve 在這些關鍵基本面指標上，最終可以做到多大？

Yes. So first thing, I mean, we've disclosed Hyve separately this year. So my management system is to empower my business unit owners. We have a lot of autonomy. And so it was justified to disclose Hyve separately.

是的。首先，我們今年已經把 Hyve 獨立揭露。我的管理方式是賦能各事業單位負責人。我們給予很高的自主權。因此，將 Hyve 獨立揭露是合理的。

And also, we think it improves significantly the quality of the financial understanding of how results are being formed. When it comes to Hyve, you should assume that Hyve is going to continue to grow faster than distribution. The margins I mean, at the moment, obviously, we continue to invest in both engineering and manufacturing capabilities to cope with the rapid increase in demand.

同時，我們也認為這能顯著提升外界對財務的理解品質，讓大家更清楚結果是如何形成的。談到 Hyve，你應該假設 Hyve 將持續比通路分銷（distribution）成長更快。至於利潤率，目前很明顯我們仍在投資工程與製造能力，以因應需求的快速增加。

And so the margins for the moment are relatively stable in that context. As we get more mature, probably investments will start reducing a little bit. But I would say for the foreseeable future, the margins you are seeing are reasonable.

因此在這樣的背景下，目前利潤率相對穩定。隨著我們更成熟，投資可能會開始略為下降。但我會說，在可預見的未來，你現在看到的利潤率水準是合理的。

And so the combination of both -- and sorry, I should add that the operating expense for Hyve are significantly lower than for distribution, that's structural. The combination of that, I think that the weight of Hyve in the total business will continue to increase both from a gross billing revenue and operating income.

因此兩者的結合——抱歉，我還要補充，Hyve 的營業費用顯著低於通路分銷，這是結構性的。綜合以上，我認為 Hyve 在整體業務中的比重，無論是總開票額、營收或營業利益，都將持續提高。

Joseph Cardoso, JPMorgan.

Joseph Cardoso，摩根大通。

Congrats on the results. Maybe just for my first one, I wanted to follow up on the customer behavior question relative to the distribution business, but maybe less on pull forwards and maybe more so on what you're seeing from customers placing orders much earlier relative to what they expect from deliveries as they navigate cost and whether that is driving better visibility than you would typically see? And then I have a follow-up.

恭喜你們的成果。我第一個問題想延續剛剛關於通路分銷業務的客戶行為，但可能不是聚焦在拉貨，而是你們是否看到客戶相較於預期交期更早下單，以因應成本變動；以及這是否帶來比以往更好的能見度？然後我還有一個追問。

Yes. So backlog is increasing. So we are getting more visibility. I mean vendors have been very clear, very explicit. The price increases are going to continue over the year because, I mean, driven in particular by both the memory price increases and now also the CPU prices increases.

是的。所以未交訂單（backlog）正在增加。因此我們獲得了更高的能見度。供應商已經非常清楚、非常明確地表示，價格上漲將在今年持續，因為——主要是受到記憶體價格上漲的推動，現在也包括 CPU 價格上漲。

So yes, we are getting more visibility. At the same time, yes, end users have got their budgets and the timing of their budgets has also some influence on when they are going to place the orders. I would say for the moment, indeed, I mean, we -- I mean, we see a very high activity in terms of quoting. We are trying to secure the prices as well as we can with some inventory to help again our resellers serve their end users in the best possible way.

所以是的，我們確實獲得了更多能見度。同時，終端用戶有其預算，而預算的時點也會影響他們何時下單。我會說目前確實——我的意思是——我們看到報價活動非常熱絡。我們也在努力透過一定的庫存，盡可能鎖定價格，來協助我們的經銷商以最佳方式服務其終端用戶。

But again, there's no indication of a major pull forward at the moment when we look at our figures. There's some, but it's not dramatic.

但再說一次，從我們的數字來看，目前沒有顯示出重大的拉貨。有一些，但並不明顯。

No. Got it. I appreciate that color there. And then maybe just in light of the new Hyve disclosures, which I think everyone is happy to see for sure.

了解。明白了。謝謝你提供這些說明。另外，考量到新的 Hyve 揭露，我想大家肯定都很樂見。

Just wanted to touch on the strong variance between gross billings and revenue this quarter. It seems like a big change quarter-over-quarter, year-over-year. And just wanted to better understand whether that's being driven by the change in mix that you alluded to?

我想談一下本季總開票額與營收之間的強勁差異。看起來無論是季比或年比，變化都很大。我想更了解，這是否是由你們提到的組合（mix）變化所驅動？

And maybe as a second part of that question, how do you expect that trending going forward? And maybe just adding on to that, like given that you talked about new customers, like any implications from a mix perspective we should think as those start to onboard maybe in the latter part of this year going into next year?

以及作為這個問題的第二部分，你預期未來這個趨勢會如何發展？再補充一下，既然你提到新客戶，當這些客戶在今年下半年開始導入、並延伸到明年時，從組合角度來看，我們需要注意任何影響嗎？

Joe, this is David. So it's a good question. I think you're thinking about it the right way. So at a high level, and I'm going to answer an additional question that you didn't ask.

Joe，我是 David。這是個好問題。我認為你的思考方向是對的。所以從高層次來看，我也會回答一個你沒有問到的額外問題。

When you look at Hyve's margins on a year-over-year basis, -- the decline was largely driven by mix. We put that in the transcript. And what the mix was related to was some large GPU fulfillment deals that went through. A lot of those programs are recorded on a net basis. And so you've actually seen the opposite impact to margins on a net basis.

當你以年對年來看 Hyve 的利潤率時，-- 下滑主要是由產品組合所驅動。我們已在逐字稿中提到。而這個組合的變化，與一些已完成的大型 GPU 履約交易有關。其中許多專案是以淨額基礎入帳。因此你其實看到的是：在淨額基礎下，對利潤率產生相反的影響。

When you think about Hyve, each one of the programs is set up slightly differently and the gross versus net components can be different. And so that's why we've always looked at the business on a gross billings basis. And depending on how the mix will shift, you could have a higher margin on a net basis based on the relative weighting. And we would likely expect as we move forward, some of these net programs are growing faster than the overall.

談到 Hyve，每一個專案的設計都略有不同，毛額與淨額的組成也可能不同。因此我們一直以總開票額（gross billings）基礎來看這項業務。而依產品組合如何移動，你可能會因相對權重而在淨額基礎下呈現較高的利潤率。並且我們預期，隨著我們往前推進，其中一些淨額專案的成長速度會快於整體。

Katherine Murphy, Goldman Sachs.

Katherine Murphy，高盛。

To ask another one on Hyve. In the deck, you disclosed that Supply Chain Services grew in excess of 100% year-over-year in the quarter. It would be helpful if you could talk more about the strength here. And in the prepared remarks, you also noted a strategy pivot to selling more complete solutions in Hyve. Is there any impact we should think about on the Supply Chain Services business as it stands today?

再問一題關於 Hyve。在簡報中，你們揭露本季供應鏈服務（Supply Chain Services）年對年成長超過 100%。如果你們能更進一步談談這裡的強勁動能，會很有幫助。另外在事先準備的發言中，你們也提到 Hyve 的策略轉向銷售更完整的解決方案。就目前的供應鏈服務業務而言，這是否會帶來任何我們需要考量的影響？

Okay. So this is -- so Supply Chain Services is really a service we render to the customer, and it's a relatively volatile business. The reason being that taking into account the market environment, we may have more requests from our customers to basically support them in that space, buy inventory in advance and store it.

好的。所以這個是——供應鏈服務本質上是我們提供給客戶的一項服務，而且它是一個相對波動的業務。原因是，考量市場環境後，客戶可能會提出更多需求，基本上希望我們在那個領域支援他們，例如提前採購庫存並加以儲存。

So I mean, clearly, lots of demand at the moment, driven by the pricing volatility. So that explains why, I mean, we had such a growth in Supply Chain Services. But at the same time, you can see that our manufacturing activity is also growing extremely fast, and we believe faster than market. And so yes, I just wanted to raise it here on the call.

所以我的意思是，目前顯然需求很旺，主要是由價格波動所驅動。這也解釋了為什麼我們的供應鏈服務會有這樣的成長。但同時你也可以看到，我們的製造活動也在非常快速地成長，而且我們相信成長速度快於市場。所以是的，我只是想在電話會議上把這點提出來。

Sorry. And just to answer your second question, the growth through time. So we are confident about the growth in manufacturing. This is more steady. You're talking about programs with better visibility. So if the demand from the customer stays consistent, then we should continue to see stable growth in that space.

抱歉。另外回答你第二個問題，關於隨時間推移的成長。我們對製造業務的成長有信心。這部分更為穩定。你談的是可見度更高的專案。因此如果客戶需求維持一致，那麼我們應該會在該領域持續看到穩定成長。

Again, the supply chain segment is more volatile and really depends on the market environment. So here, I would be a little bit more cautious, and we probably will see more variations in the growth rates quarter-by-quarter, again, depending on the needs of the customers.

再次強調，供應鏈這個區塊更具波動性，且確實取決於市場環境。因此在這裡我會更謹慎一些；我們可能會看到每季成長率有更大的變動，仍然取決於客戶的需求。

Keith Housum, Northcoast Research.

Keith Housum，Northcoast Research。

As we think about the quarter and looking forward, obviously, investors are struggling with trying to understand the magnitude of the price increases and the impact of demand destruction.

當我們回顧本季並展望未來時，顯然投資人正苦於理解漲價幅度的規模，以及需求被破壞（demand destruction）的影響。

So I guess, David, as you look about the second-quarter guidance, how much does that 2% grow in terms of what you think the impact is from the increased prices? And then I guess the second part of the question is, at what point do you think we start seeing demand destruction?

所以我想，David，當你看第二季的指引時，那 2% 的成長中，有多少是你認為來自漲價所帶來的影響？然後我想問題的第二部分是，你認為我們會在什麼時點開始看到需求被破壞？

Is it when you hit 15% or 20% price increases? Or as we've already seen, you've got a lot more on that in some different product categories out there right now?

是當你達到 15% 或 20% 的漲價幅度時嗎？還是如我們已經看到的，在某些不同的產品類別中，目前漲幅其實更高？

So I'll start and kind of help frame up the Q2 guidance, and then Patrick, you can comment on kind of unit elasticity. So when we built the guidance for Q2, we did a full bottoms-up roll-up from the teams. And what I can tell you is, for the moment, demand remains strong. This is true both in the distribution business. It's also true in Hyve.

我先開始，先協助框架化第二季指引，然後 Patrick 你可以評論一下單位需求彈性（unit elasticity）。我們在建立第二季指引時，做了完整的自下而上彙總（bottoms-up roll-up）。我可以告訴你的是，就目前而言，需求仍然強勁。這在通路分銷業務上是如此。在 Hyve 也是如此。

The one thing to think about as you think about price increases and how that makes its way into our P&L, remember that we have a lot of revenue that is back-to-back, meaning it's build, put into a backlog, it might take two, three, four, five months to ship. And so it's not like you're going to see this massive hockey stick into our P&L immediately from price increases.

談到漲價以及它如何反映到我們的損益表（P&L）時，有一點要記得：我們有很多收入是背對背（back-to-back）的，也就是建置完成後放入在手訂單（backlog），可能需要兩、三、四、五個月才出貨。因此你不會因為漲價就立刻在我們的損益表上看到巨大的「曲棍球棒」式跳升。

But we do expect as we move through the quarters to have price increases become slightly more meaningful than they were in the first-quarter. And then maybe, Patrick, if you can provide a little bit of color on how you think about units and demand as it relates to the latter part of the year.

但我們確實預期，隨著季度推進，漲價帶來的影響會比第一季稍微更有意義一些。然後也許 Patrick，你可以補充一些你如何看待單位數量與需求，特別是與今年下半年相關的部分。

Yes. So let me look at the four main hardware categories for us. The first one is PCs. So the refresh is not over. And so that continues to be a tailwind for us.

好的。讓我看一下我們的四大主要硬體類別。第一個是 PC。所以換機潮（refresh）還沒有結束。因此這仍然是我們的順風（tailwind）。

But the other aspect is that the weight of AI PCs continues to increase. And I think that one of the driver for it is that you will have more and more applications -- AI applications running at the edge. So having an AI PC is going to become more and more important in companies. So that's for PCs.

但另一個面向是，AI PC 的比重持續提高。我認為其中一個驅動因素是，會有越來越多的應用程式——AI 應用——在邊緣端（edge）運行。因此在企業中，擁有 AI PC 會變得越來越重要。以上是 PC 的部分。

When you look at general compute, so I mean, general servers, here again, there is a refresh cycle going through at the moment. So yes, it should be -- continues to be a tailwind. But similar to PC, we see an acceleration of the purchase of AI-enabled servers. What we see is that end users have now defined their use cases. They are starting to build their AI factories, and that's driving demand in the market, which we are benefiting from.

再來看一般運算（general compute），也就是一般伺服器；在這裡同樣地，目前也正處於一個換代週期。所以是的，這應該——仍然會是順風。但與 PC 類似，我們看到 AI 使能（AI-enabled）伺服器的採購正在加速。我們看到終端用戶現在已經定義了他們的使用案例（use cases）。他們開始建置他們的 AI 工廠，這正在推動市場需求，而我們也從中受益。

And then you have storage. And this quarter, we had a very good quarter on storage. And we believe that the data center modernization, which has been a topic, but not really materializing in the previous quarters, maybe we are going to see more of it going forward. And last, networking. I mean, clearly, after two very difficult years, I mean, networking is back, is growing single to double digit depending on the regions. And again, I'm quite optimistic when it comes to the networking category.

接著是儲存（storage）。本季我們在儲存方面表現非常好。我們認為資料中心現代化（data center modernization）一直是個話題，但在前幾季並未真正顯著落地；也許接下來我們會看到更多。最後是網路（networking）。很明顯地，在經歷兩個非常艱難的年度之後，網路業務回來了，依地區不同呈現個位數到雙位數成長。同樣地，對於網路這個類別，我相當樂觀。

I guess, Patrick, what we're hearing from some of our contacts is some of the equipment that you guys are selling are seeing price increases well beyond the 20% or 30%, sometimes 60%, 70%, 80%.

我想，Patrick，我們從一些聯絡管道聽到的是，你們所銷售的某些設備，漲價幅度遠遠超過 20% 或 30%，有時甚至到 60%、70%、80%。

I guess it would seem natural that there's got to be some demand destruction and people just going to the refurb market or push just pushing things off entirely. Are you hearing this from customers yet? And I guess, how are you guys -- I understand you want to give guidance for the second half of the year, but what are your thoughts or what any color you can provide on the remainder of the year?

我想看起來很自然地，應該會有一些需求被破壞，人們要嘛轉向整新（refurb）市場，要嘛乾脆把採購整個延後。你們已經從客戶那邊聽到這種情況了嗎？另外，我知道你們不想對下半年提供指引，但你們對今年剩餘時間的看法是什麼？或你們能提供任何補充說明嗎？

So based on what we see again, and it's reflected in our guidance, we -- our assumptions have been reflected. And so we haven't seen it yet in Q1, the demand destruction. We continue to be confident for Q2. For the rest of the year, I will leave you with that.

因此，根據我們再次看到的情況，而且這也反映在我們的指引中，我們——我們的假設已經反映在其中。所以在第一季我們還沒有看到需求被破壞（demand destruction）。我們對第二季仍然有信心。至於今年剩下的時間，我就先說到這裡。

There may be some demand destruction. Again, I mean, everybody is waiting for how good or how bad the elasticity will be on volume. I mean, I shared with you some of the tailwinds, which could mitigate a little bit the impact.

可能會有一些需求被破壞。再說一次，我的意思是，大家都在等著看在出貨量（volume）上，需求彈性會有多好或多差。我的意思是，我也跟各位分享了一些順風因素（tailwinds），可能可以在一定程度上緩解影響。

But from a revenue standpoint, when you have such ASP increases, I think the net between potential decline in units and the ASP increase, net-net, revenue growth -- sorry, it should impact positively the growth in revenue.

但從營收角度來看，當你有這麼大的ASP（平均銷售單價）上漲時，我認為在潛在的出貨量下滑與ASP上升之間的淨效果，總體而言，營收成長——抱歉——應該會對營收成長帶來正面影響。

David Vogt, UBS.

David Vogt，瑞銀（UBS）。

I have two also. So Patrick, historically, Hyve has been a more traditional compute networking-centric business in terms of billings and revenue. Can you share with us kind of how that's evolving as you onboard incremental hyperscaler customers and you talked about having at least one program at the top five, how that mix is changing going forward to a more accelerated compute and networking mix? And then I'll get David my question as well.

我也有兩個問題。所以，Patrick，從歷史上看，Hyve 在帳單金額（billings）與營收方面，一直是較傳統、以通用運算與網路為核心的業務。隨著你們導入更多超大規模（hyperscaler）客戶，而且你提到在美國前五大中至少有一個專案，你能否跟我們分享一下，這種組合未來如何演變，是否會朝向加速運算與網路的組合更快地變化？然後我也會把問題交給 David。

So David, when we think about the price increases, I know everyone is talking about PCs, but we're seeing incredibly strong demand for traditional CPU-based server, just generally speaking, in the industry right now. I would love to get a sense for how you're thinking about that demand ex sort of the price increases because we're seeing relatively strong demand for hard-to-get CPU-based products. I just would love to kind of get your perspective on that.

所以，David，當我們談到漲價時，我知道大家都在談 PC，但就整體產業而言，我們目前看到傳統以 CPU 為基礎的伺服器需求非常強勁。我很想了解你如何看待這個需求（撇開漲價因素不談），因為我們看到對於那些難以取得的 CPU 型產品，需求相對強。我只是很想聽聽你的觀點。

Yes. Thanks for the question. So historically, Hyve demand is driven by general compute and networking. Some of the wins will be accelerated -- accelerated compute wins. So that's starting -- we are going to start seeing it in the mix in the coming quarters.

是的。謝謝你的問題。所以從歷史上看，Hyve 的需求主要由通用運算與網路所驅動。其中一些得標會是加速——加速運算的得標。所以這部分正在開始——我們將在接下來幾季開始在組合中看到它。

Just zooming up a little bit, when you look at the Hyve strategy for many quarters now, and we are starting to see the benefits is, I mean, we had two objectives. Diversify the customer base and also going after the four main technologies we can serve, namely general compute, accelerated compute, networking and storage.

再把視角拉高一點，當你回顧 Hyve 過去好幾季的策略，而我們也開始看到成效時，我的意思是，我們有兩個目標。一是客戶基礎多元化，二是鎖定我們能服務的四大主要技術，也就是通用運算、加速運算、網路與儲存。

And really, we've made investments in both our engineering capabilities and manufacturing capabilities to be well positioned to go after those opportunities. And so expect in the coming quarters to see a diversification of the customer base, but also a diversification of the program types.

而且確實，我們在工程能力與製造能力兩方面都做了投資，以便在爭取這些機會時處於有利位置。因此，預期在接下來幾季，你們會看到客戶基礎的多元化，同時也會看到專案類型的多元化。

And David, just to provide a little color on your question around general compute. So we have worked hand-in-hand with both vendors and customers to raise pricing on a variety of infrastructure products. As Patrick said, for the moment, demand remains quite strong. And it is true in some of these categories, the price increases are double digits.

David，針對你關於通用運算的問題，我再補充一些背景。我們一直與供應商及客戶密切合作，針對多種基礎設施產品提高定價。如 Patrick 所說，目前需求仍然相當強勁。而且確實在其中一些類別，漲價幅度達到兩位數百分比。

Our current thesis is that while there will be some elasticity around unit demand, our belief is that the price increases will more than offset that. And so again, we'll continue to give you guys updates. But for the moment, demand remains strong, and there's less elasticity around pricing than people initially thought.

我們目前的看法是，雖然在出貨量需求上會有一些彈性，但我們相信漲價帶來的效益將遠遠抵消這部分影響。所以同樣地，我們會持續向各位更新。但就目前而言，需求依然強勁，而且價格的彈性比大家一開始想的還要小。

Ruplu Bhattacharya, Bank of America.

Ruplu Bhattacharya，美國銀行（Bank of America）。

Patrick, a question on Hyve. So you mentioned that Hyve has secured at least one program in the top 5 US hyperscalers. Can you give us more details on what type of opportunities these are? Are they for full rack builds or for supply chain services? So first, how should we think about CapEx for Hyve? Do you have enough capacity to support these programs?

Patrick，我有一個關於 Hyve 的問題。你提到 Hyve 在美國前五大超大規模客戶中，至少拿下一個專案。你能否提供更多細節，這些機會屬於哪種類型？是整櫃（full rack）建置，還是供應鏈服務？首先，我們應該如何看待 Hyve 的資本支出（CapEx）？你們是否有足夠的產能來支援這些專案？

And second, when I look at operating margin, it was 7.4% this quarter on a revenue basis. You said 4.2% on a billings basis. But when we think about the AI server space and rack building space, the industry itself is getting squeezed in terms of margins, right? So should we think that op margin can take a dip initially as you ramp these new hyperscalers? And what are you doing to offset some of that margin pressure?

第二，當我看營業利益率時，本季以營收基礎計算是 7.4%。你說以帳單金額（billings）基礎計算是 4.2%。但當我們看 AI 伺服器與機櫃建置（rack building）領域時，整個產業的利潤率正受到擠壓，對吧？所以我們是否應該預期在你們擴張這些新的超大規模客戶初期，營業利益率可能會先下滑？你們正在做什麼來抵消這些利潤率壓力？

Thanks, Ruplu. I will answer the first question. David will take the second one. So I mean, the programs we won are full racks. So it's really for the manufacturing segment. We also won some supply chain. But as I mentioned, the supply chain opportunities are more volatile. So what -- when we refer to those program wins, it's really for our manufacturing activity.

謝謝，Ruplu。我先回答第一個問題。第二個問題由 David 來回答。我們贏得的專案是整櫃（full racks）。所以這主要是製造業務（manufacturing segment）。我們也拿到了一些供應鏈業務。但如我提到的，供應鏈的機會波動性較大。因此，當我們提到這些專案得標時，主要指的是我們的製造活動。

And then, Ruplu, when you think about the overall -- I'm sorry.

然後，Ruplu，當你思考整體——抱歉。

I was just going to follow up on that and ask for the CapEx question I had. In the past, you said that you need to add capacity.

我只是想追問一下我剛才的資本支出（CapEx）問題。過去你們說過需要增加產能。

So I'll take it. So obviously, I mean, we're constantly looking at our capacity requirements, and we are investing in increasing our capacity as we speak to be able to be in a good position to serve our customers. So yes, CapEx are required.

我來回答。很明顯地，我們一直在持續檢視產能需求，並且此刻也正在投資擴充產能，以確保我們能處於良好位置來服務客戶。所以，是的，需要資本支出（CapEx）。

Again, as -- when you look at the amount at stake, it's very reasonable. And I want to insist on the fact that both distribution and Hyve continue to do a great job reducing the cash days, so improving the working capital velocity. And that's, again, enabling us not only to finance the growth without any issues, but also to finance investments in capital expenditure. So no concerns from that point of view either.

再者，當你看涉及的金額規模時，這是非常合理的。而且我想強調的是，通路（distribution）與 Hyve 都持續在降低現金週轉天數（cash days）方面做得很好，也就是提升營運資金周轉速度（working capital velocity）。而這也再次讓我們不僅能毫無問題地為成長提供資金，也能為資本支出投資提供資金。所以從這個角度來看也沒有任何疑慮。

And then just on the margin side, David, I think you were saying about -- was there -- do we expect any initial margin pressure from the ramp of these programs? Or how should we think about these margins going forward?

然後在利潤率方面，David，我想你剛才在說——是否——我們是否預期這些專案在爬坡初期會帶來一些利潤率壓力？或者我們應該如何看待未來的利潤率？

No, you bet. So at a high level, when you think about Hyve's operating margins, we feel pretty good about where they are. It is true as you ramp new customers, especially in the early innings, there can be a slight headwind in operating margins as we make investments and kind of get the programs up to speed.

沒問題。所以從高層次來看，談到 Hyve 的營業利益率，我們對目前的水準感覺相當不錯。確實，當你擴張新客戶時，特別是在初期階段，因為我們需要投入資源並讓專案上軌道，營業利益率可能會有些微逆風。

What I would tell you is each of these are going to ramp on a different time line, and we'll continue to provide you updates, but we feel very good about the current operating margins of Hyve, the programs that they have and how that will play out as we move forward.

我想說的是，這些專案各自會以不同的時間表爬坡，我們也會持續向各位提供更新；但我們對 Hyve 目前的營業利益率、他們手上的專案，以及隨著我們往前推進將如何展開，都感到非常有信心。

And then actually, let me clarify one thing for you, Ruplu. You mentioned accelerated compute. While we do have some accelerated compute programs, it is not the majority of our portfolio. And so some of the margin pressure that you may have seen from others won't play out to the same degree in Hyve just given the overall mix and the programs that we have.

另外，Ruplu，讓我再為你澄清一點。你提到加速運算。雖然我們確實有一些加速運算專案，但它並不是我們產品／專案組合中的大宗。因此，考量到整體組合與我們現有的專案，一些你可能在其他公司看到的利潤率壓力，不會在 Hyve 以同樣程度出現。

Vincent Colicchio, Barrington Research.

Vincent Colicchio，Barrington Research。

Yes. Can you talk to the relative distribution strength in Europe? Is there -- do we have legs there? And has there been any change in sentiment given the geopolitical environment?

是的。你能談談歐洲相對的通路分銷成長力道嗎？那邊是否——我們是否有持續成長的動能？在地緣政治環境下，市場情緒是否有任何變化？

Yes. So Vince, thanks for the question. So the market in Europe in distribution grew mid-single digits in Q1. And I mean, the market forecast for the rest of the year is between low to mid-single-digit growth for the rest of the year.

是的。所以 Vince，謝謝你的提問。歐洲的通路分銷市場在第一季成長了中個位數百分比。而且，市場對今年剩餘時間的預測是低到中個位數百分比的成長。

And so I mean, when you look at our results, we are growing at double digit. So we -- so I would say the market conditions continue to be positive. But most important, in that market environment, the team continues to grow much faster than the market.

所以我的意思是，當你看我們的表現，我們是以雙位數成長。因此——所以我會說市場環境仍然是正向的。但更重要的是，在那樣的市場環境下，團隊持續以遠快於市場的速度成長。

I mean we have an end-to-end portfolio. We are very well positioned on every technology. And we're also very well positioned in all the key markets in Europe. We have really a strong pan-European presence. So we are taking, I would say, advantage of the -- some countries growing a little bit faster than the average in Europe.

我的意思是，我們擁有端到端的產品組合。我們在各項技術上都具備非常好的布局。而且我們在歐洲所有關鍵市場也都處於非常有利的位置。我們確實擁有強大的泛歐布局。所以我會說，我們正在把握——歐洲某些國家成長略快於平均的機會。

So for example, Poland is growing faster. Spain is growing faster. And again, it's a favorable mix, and we are well positioned in those countries. So net-net, it explains the double-digit growth and the fact that we are growing significantly faster than market. And we've done so now for several quarters, and I'm confident for the quarters to come.

例如，波蘭成長更快。西班牙成長更快。再者，這是一個有利的組合，而我們在這些國家也有很好的布局。所以總結來說，這解釋了雙位數成長，以及我們明顯快於市場的成長速度。而且我們已經連續好幾季做到這點，我也對接下來幾季充滿信心。

And my follow-up is on acquisitions. What are your thoughts in terms of what you're looking at currently and have the valuations come in with the overall public markets?

我的追問是關於併購。就你們目前正在看的標的而言，你們的想法是什麼？而且隨著整體公開市場的變化，估值是否也有所回落？

Yes. So M&A is at the core of the strategy. And for us, M&A is a way to accelerate the execution of our strategy by geo, by technology or to acquire vendors we are missing in some countries. So we are looking at several opportunities in basically all the regions.

是的。所以併購（M&A）是策略的核心。對我們而言，併購是加速策略落地的一種方式，可能是按地理區域、按技術，或是在某些國家收購我們所缺少的供應商。因此我們在基本上所有區域都在看多個機會。

In terms of valuation, we are very strict. We -- our objective is that the price we would have to pay, I mean, we would have the right return within two years of the acquisition and after completion of the integration. So that's our North Star when it comes to M&A. And with that in mind, so we are working on the projects, sticking to our strong financial discipline, and we'll see if some of the opportunities materialize in the coming quarters.

在估值方面，我們非常嚴格。我們——我們的目標是：我們需要支付的價格，必須能在收購後兩年內、且完成整合之後，取得合理的回報。所以這就是我們在併購上的北極星指標。基於此，我們正在推進這些專案，並堅守嚴謹的財務紀律；接下來幾季我們會看看是否有一些機會能夠落地。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

A couple, if I could. I apologize for any background noise here. I guess the first, Patrick, is a few months ago, you talked about starting to see data center modernization. And what customer base are you seeing that across? I would guess hyperscale, but also in non-hyperscale, where are you seeing it there as well, colo, on-prem, other? I would love to get some context there. And then I have a quick follow-up as well.

我有幾個問題，如果可以的話。如果這裡有任何背景噪音，我先致歉。我想第一個問題是，Patrick，幾個月前你提到開始看到資料中心現代化的跡象。你是在哪些客戶群看到這種情況？我猜是超大規模（hyperscale），但在非超大規模方面，你也在哪裡看到？例如機房代管（colo）、自建機房（on-prem）或其他？我很希望能了解一些背景脈絡。然後我也有一個簡短的追問。

Yes. So obviously, it's -- I'm talking on-prem. And yes, we see enterprise, but also the higher end of the mid-segment, we saw very promising activities. Again, I'm a little bit cautious, of course, because that was not what we've seen in the prior quarters. But this quarter, we saw very solid demand. And so, yes.

是的。所以很明顯，我談的是自建機房（on-prem）。是的，我們看到企業客戶，但也看到中型市場中較高端的那一段，出現非常有前景的活動。當然我會稍微謹慎一些，因為這不是我們在前幾季看到的情況。但在本季，我們看到非常扎實的需求。所以，是的。

That's super helpful. And then the follow-up is just on Hyve's mix longer term, you're getting more into GPU base. So is it as simple as saying, over time, the mix begins to shift to include more of that? Or could you also see more storage and networking as well given like the resources requirements of Gen AI builds?

這非常有幫助。那追問是關於 Hyve 長期的產品組合，你們正在更多切入以 GPU 為基礎的領域。所以是否可以簡單地說，隨著時間推進，組合會開始轉向納入更多這一塊？或者，考量到生成式 AI 建置的資源需求，你們也可能看到更多儲存與網路的需求？

And then also just to that real quick, could Arm, just given their announcement last week and the revenue ramp that they're talking about in the CPU servers, can Arm become a distribution partner of the company as well? That's it for me.

另外再快速問一下，Arm——鑑於他們上週的公告，以及他們談到在 CPU 伺服器上的營收爬坡，Arm 是否也可能成為公司的通路分銷合作夥伴？我就這些。

So let me start with Arm. So yes, I mean, when you have a vendor who is changing his strategy and is starting to produce his own products, we believe that distribution TD SYNNEX in particular, a fantastic partner to accelerate the go-to-market. So nothing to disclose today, but in principle, I mean, if there's an opportunity to partner, we will absolutely do it.

我先從 Arm 開始。是的，我的意思是，當有一家供應商正在改變其策略並開始生產自有產品時，我們相信通路分銷——尤其是 TD SYNNEX——會是加速其上市（go-to-market）的絕佳合作夥伴。所以今天沒有任何可以揭露的內容，但原則上，如果有合作機會，我們絕對會去做。

I mean back to Hyve. So what's important is our customers are looking for support across all four technologies, okay? So general compute, accelerated compute storage and networking. And so that's the reason it's important for us to have the capabilities, the expertise to be able to respond to their needs and requirements.

回到 Hyve。重要的是，我們的客戶需要我們在四大技術領域都能提供支援，好嗎？也就是通用運算、加速運算、儲存與網路。因此，對我們而言，具備相應的能力與專業，才能回應他們的需求與要求，這就是為什麼這件事很重要。

Now when you look in the -- so we will have more accelerated compute wins in our portfolio. But I think that still going forward, general compute, networking and storage will represent the majority of our total business.

現在當你看——所以我們的產品組合中會有更多加速運算的贏單。但我認為即便如此，往後通用運算、網路與儲存仍將占我們整體業務的大多數。

There are no further questions at this time. I will now turn the call back to Patrick Zammit, CEO, for closing remarks.

目前沒有其他問題。我現在把電話交回給執行長 Patrick Zammit 作結語。

So thank you for joining us today. I want to close by thanking our coworkers around the world for their hard work and dedication and our customers and vendors for the trust they place in us. And to everyone on the call, thank you for your continued interest in TD SYNNEX. Have a great day.

感謝各位今天加入我們。最後，我要感謝全球同仁的辛勤工作與投入，也感謝客戶與供應商對我們的信任。也謝謝所有在線上的各位，持續關注 TD SYNNEX。祝各位有美好的一天。

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。各位現在可以掛線。祝各位有美好的一天。