新聚思 (SNX) 2026 Q2 法說會逐字稿

Good morning. My name is Tracy, and I will be your conference operator today. I'd like to welcome everyone to the TD SYNNEX second quarter fiscal 2026 earnings call. Today's call is being recorded. (Operator Instructions) 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.

早安。我叫Tracy，今天將擔任本次電話會議的接線員。歡迎各位參加TD SYNNEX 2026會計年度第二季財報電話會議。今天的電話會議將被錄音。(接線員指示) 現在，為了開場致詞，我想把電話轉交給TD SYNNEX投資人關係主管Nate Friedel。Nate，請開始。

Good morning, everyone, and welcome to TD SYNNEX's Fiscal 2026 second quarter earnings call. Joining me on today's call are Chief Executive Officer, Patrick Zammit; and Chief Financial Officer, 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.

各位早安，歡迎參加TD SYNNEX 2026會計年度第二季財報電話會議。今天與我一同出席的有執行長Patrick Zammit，以及財務長David Jordan。在我們繼續之前，先提醒各位，今天的討論包含在聯邦證券法意義下的前瞻性陳述，包括對未來事件的預測、估計、推算或其他陳述，其中包括關於我們的策略、需求、計畫與定位、成長、現金流、資本配置與股東回報，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.

由於我們今天提交的Form 8-K之財報新聞稿、我們的Form 10-K之風險因素章節，以及我們向美國證券交易委員會（SEC）提交的其他報告與文件中所討論的風險與不確定性，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. 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，我們將引用某些非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的Form 8-K中，並可於我們的投資人關係網站ir.tdsynnex.com取得。本電話會議為TD SYNNEX之財產，未經我們許可不得錄音或轉播。

I will now turn the call over to Patrick.

我現在把電話交給Patrick。

Thank you, Nate, and good morning, everyone. We delivered a record quarter with broad-based strength across Distribution and Hyve, building on the momentum we have carried out of recent quarters. Our results reflect consistent execution against our strategy and deepening relationships within the macro environment that is becoming increasingly complex. Rising component costs, supply constraints, geopolitical uncertainty and the once in a generation AI build out are challenging businesses to move faster and with more precision. That complexity is exactly where TD SYNNEX adds the most value.

謝謝你，Nate，各位早安。我們交出創紀錄的一季，Distribution與Hyve兩大業務皆展現廣泛的強勁表現，延續我們近幾季累積的動能。我們的成果反映出對策略的一貫執行力，以及在日益複雜的總體環境中持續深化的合作關係。零組件成本上升、供應受限、地緣政治不確定性，以及這一代僅見一次的AI建置浪潮，正迫使企業必須更快、更精準地行動。而這種複雜性，正是TD SYNNEX最能創造價值之處。

And you can see it in the demand across our business. AI is becoming a growing portion of our mix and is driving demand across both businesses from hyperscale infrastructure build outs to enterprise data center modernization to AI-capable devices in our endpoint mix. And we are capturing that growth across technologies, regions and customers.

你也可以從我們整體業務的需求中看見這一點。AI在我們的組合中占比正持續提高，並推動兩大業務的需求，從超大規模（hyperscale）基礎設施建置，到企業資料中心現代化，再到我們端點產品組合中的AI就緒裝置。我們正跨技術、區域與客戶全面掌握這波成長。

With that context, I start with our Distribution performance. Distribution had an excellent quarter. Non-GAAP gross billings of $23.4 billion, up 22% year-over-year. Strength was broad-based across every region and the portfolio, with international growth and operating margin expansion as a real bright spot. We believe the combination of our global reach, end-to-end portfolio and specialized go-to-market is very difficult to replicate.

在此背景下，我先談我們Distribution的表現。Distribution本季表現非常出色。非GAAP總開票額（gross billings）為234億美元，年增22%。各區域與產品組合皆呈現廣泛的強勁成長，其中國際業務成長與營業利益率擴張尤其亮眼。我們相信，我們的全球覆蓋、端到端產品組合與專業化的市場推進模式之結合，非常難以被複製。

This differentiated value proposition, coupled with strong execution against our strategy has driven new customer wins, new expanded vendor partnerships and a large share of wallet with our more strategic relationships, all of which have proven to be incremental growth drivers.

這項差異化的價值主張，加上我們對策略的強力執行，帶動了新客戶贏單、與供應商的新與擴大合作夥伴關係，以及在更具策略性的合作關係中取得更高的錢包份額（share of wallet），而這些都已證明是額外的成長驅動因素。

Three pillars of our strategy are driving our growth. First, we meet our customers however they want to engage in a true omnichannel motion. Digital, when they want self-serve speed, human when they want expertise and enablement, and we move seamlessly between the two in real time.

我們策略的三大支柱正在驅動成長。第一，我們以真正的全通路（omnichannel）方式，依照客戶希望的互動方式來服務他們。當客戶想要自助式的速度時提供數位化服務；當客戶需要專業與賦能時提供人員支援；並且我們能在兩者之間即時無縫切換。

Our digital capabilities are enabled by PartnerFirst, which we've built for depth and speed at scale to deliver a connected experience for our partners. As one of the world's largest distributors, we have the data and intelligence to support our partners in identifying demand opportunities.

我們的數位能力由PartnerFirst所支援；我們打造它是為了在規模化下兼具深度與速度，為合作夥伴提供連結式體驗。作為全球最大的分銷商之一，我們擁有數據與洞察力，可協助合作夥伴辨識需求機會。

We're applying machine learning, generative and agentic AI to the data we gather across our ecosystem to personalize each partner's experience, their navigation, their dashboards and customized recommendations and opportunities we surface. This reduces friction and drives higher conversion, stronger attachment and faster cycle times.

我們正將機器學習、生成式與代理式（agentic）AI應用於我們在生態系中蒐集的數據，以個人化每位合作夥伴的體驗、導覽、儀表板，以及我們所呈現的客製化建議與機會。這能降低摩擦、提升轉換率、強化附加銷售（attachment），並縮短週期時間。

Second, we segment our commercial teams in groups of specialists. We break our customer base into strategic tiers and in some cases, we reallocate resources monthly based on what each tier needs. We use the same discipline on the technology and vendor side. The impact shows up in the data. SMB customers are growing well above market and some of our most strategic accounts have surfaced billions of dollars of untapped opportunities.

第二，我們將商務團隊分群為專家小組。我們把客戶基礎劃分為策略性層級，並在某些情況下，會依各層級需求按月重新配置資源。在技術與供應商端，我們也採用同樣的紀律。其成效反映在數據上。中小企業（SMB）客戶的成長遠高於市場，而我們一些最具策略性的客戶帳戶也浮現出數十億美元尚未開發的機會。

Third, we invest in enablement. We accelerate our customers' time to market by equipping them with advanced training, certifications and technical expertise tailored to each customer's technologies and segments. We provide labs to test the solutions. We believe that our partnership sharpens their capabilities and drives faster adoption of solutions. When we can help customers become more successful, they stay with us and grow with us.

第三，我們投資於賦能（enablement）。我們透過提供進階訓練、認證與技術專業能力（並依各客戶的技術與細分市場量身打造），來加速客戶的上市時間（time to market）。我們提供實驗室來測試解決方案。我們相信，我們的合作能強化他們的能力並推動解決方案更快被採用。當我們能幫助客戶更成功，他們就會與我們長期合作並與我們一同成長。

Europe is a clear proof point. Our EMEA team competes head-to-head against pure-play specialists runs digital and high-touch motions in parallel and is weighted towards high-growth technologies and segments. The share gains there are structural and it's the same model we've extended across our entire distribution business globally. These are the reasons why earlier this quarter, HPE selected TD SYNNEX as one of just two global distribution partners across its full networking, cloud and AI portfolio, including the assets from the Juniper acquisition. It unifies our reach and meaningfully expand our relationship with one of the most strategic vendors in the industry.

歐洲是一個明確的佐證。我們的EMEA團隊與純專業型競爭者正面交鋒，同時並行推動數位與高接觸（high-touch）模式，並將重心放在高成長技術與細分市場。我們在當地的市占提升具有結構性，而這也是我們已延伸到全球整體分銷業務的同一套模式。這些正是為何在本季稍早，HPE選擇TD SYNNEX成為其全球僅兩家分銷合作夥伴之一，涵蓋其完整的網路、雲端與AI產品組合，包括來自Juniper收購案的資產。這使我們的覆蓋更為整合，並大幅擴展我們與產業中最具策略性的供應商之一的合作關係。

These are the kinds of outcomes our model produces. Hyve also had an excellent quarter. Non-GAAP gross billings of $5.5 billion, up 117% year-over-year, driven by new programs with existing customers. We have built a suite of services to support hyperscalers digital infrastructure deployments, which is key to our success.

這些就是我們模式所能產生的成果。Hyve本季同樣表現非常出色。非GAAP總開票額為55億美元，年增117%，主要由與既有客戶的新專案所帶動。我們已建立一套服務組合，用以支援超大規模業者的數位基礎設施部署，這是我們成功的關鍵。

Coupled with strong execution against core pillars of our strategy, we've earned expanded program opportunities with some of our most strategic relationships, which has driven the triple-digit growth we have experienced year-to-date.

再加上對我們策略核心支柱的強力執行，我們在一些最具策略性的合作關係中贏得了擴大的專案機會，推動我們今年迄今所見的三位數成長。

Hyve's North Star is simple: to be the partner of choice that hyperscalers trust to design, build and deploy their data center infrastructure globally. That starts with design and codesign from board manufacturing to full rack integration and other key components, helping customers accelerate time to deployment.

Hyve的北極星目標很簡單：成為超大規模業者信賴、可在全球設計、建置並部署其資料中心基礎設施的首選合作夥伴。這從設計與共同設計開始，涵蓋從主機板製造到整櫃（full rack）整合及其他關鍵元件，協助客戶加速部署時程。

Beyond the build, we offer supply chain services that are designed to support our customers across the full data center life cycle. Ahead of demand, we aim to secure key components to give our customers supply assurance in a complex environment. And throughout the life cycle, we manage the spare parts and final components to help ensure customers have what they need when they need it.

除了建置之外，我們也提供供應鏈服務，旨在於整個資料中心生命週期中支援客戶。在需求到來之前，我們致力於鎖定關鍵零組件，以在複雜環境中為客戶提供供應保障。並且在整個生命週期中，我們管理備品與最終零組件，以協助確保客戶在需要時能取得所需。

As we mentioned last quarter, we have secured at least one program, which each of the top 5 US based hyperscalers. We have begun the early stages of the ramp with our third and the programs with the additional two hyperscalers are on track with ramp expected in late fiscal year '26, or early fiscal year '27.

如同我們在上一季提到的，我們已與美國前五大超大規模雲端業者（hyperscalers）中的每一家，至少取得一個專案。我們已開始與第三家客戶進入早期放量階段，而另外兩家超大規模雲端業者的專案也按計畫推進，預期將於2026會計年度末或2027會計年度初開始放量。

We also issued an equity warrant to Amazon, a long-standing customer of ours, structured to growing value as our programs together expand. Across these partnerships, we are being selected as a manufacturing and supply chain partner for multiple aspects of our customers' digital infrastructure build outs.

我們也向亞馬遜發行了一份股權認股權證；亞馬遜是我們長期合作的客戶，該安排的價值會隨著我們共同專案的擴大而成長。在這些合作關係中，我們正被選為製造與供應鏈合作夥伴，參與客戶數位基礎設施建置的多個面向。

To support the future growth and needs of our customers, we are in the process of expanding our manufacturing facilities by more than 1 million square feet in several locations throughout the US with current plans to add more. Hyve is quickly becoming the go-to partner for US hyperscalers seeking a consolidated approach to the design and build of their digital infrastructure that is paired with full life cycle supply chain services. This full set of capabilities is key to winning new programs and onboarding new customers, ultimately enabling Hyve to grow at a premium to market.

為了支援客戶未來的成長與需求，我們正於美國多個地點擴建製造設施，擴建面積超過100萬平方英尺，且目前規劃還將再增加。Hyve 正迅速成為美國超大規模雲端業者的首選合作夥伴，這些客戶尋求一種整合式的方法來設計與建置其數位基礎設施，並搭配全生命週期的供應鏈服務。這套完整能力是贏得新專案與導入新客戶的關鍵，最終使 Hyve 能以優於市場的速度成長。

In closing, there are three key things I'm focused on as we move through the year. First, partnering with vendors and our customers through the current demand environment. The macro backdrop creates complexity and challenges that we aim to solve, but the underlying demand signals currently remain solid.

最後，在我們推進今年的過程中，我聚焦三個關鍵事項。第一，在目前的需求環境下，與供應商及客戶攜手合作。總體環境帶來複雜性與挑戰，我們希望加以解決，但目前底層的需求訊號仍然穩健。

We believe the shift to AI-capable devices is just beginning. Enterprises are prioritizing the modernization of their data centers, and AI is driving incremental investment across the stack. We are watching unit elasticity carefully, but the net revenue impact from higher ASPs has been positive.

我們認為，向具備 AI 能力的裝置轉移才剛開始。企業正優先推動資料中心現代化，而 AI 正帶動整個技術堆疊的增量投資。我們正密切觀察需求的單位彈性，但更高 ASP 所帶來的淨營收影響一直是正面的。

Second, our execution at Hyve. We are bringing new capacity online, investing in engineering capabilities ahead of the ramp and standing up new programs alongside expansion at existing customers. The bar I'm holding the team to is best-in-class service. That's what's gotten us here, and it's what wins the next program.

第二，是 Hyve 的執行力。我們正讓新增產能上線，在放量前提前投資工程能力，並在擴展既有客戶的同時，建立新的專案。我對團隊要求的標準是同級最佳的服務。這是我們走到今天的原因，也是贏得下一個專案的關鍵。

Third, growing operating profit faster than billings. David will cover the details, but this is the metric that matters most to me. We aim to convert top line growth into margin expansion and shareholder value.

第三，讓營業利益的成長速度快於開票額（billings）。David 會說明細節，但這是我最重視的指標。我們的目標是將營收成長轉化為毛利率/營業利益率擴張與股東價值。

I now pass it to David to go over the financial performance and outlook.

接下來我把時間交給 David，請他說明財務表現與展望。

Thanks, Patrick, and good morning, everyone. This was a record quarter for TD SYNNEX. What's encouraging is that both of our businesses continue to perform extremely well, extending the growth trajectory that we've been on.

謝謝你，Patrick，各位早安。這是 TD SYNNEX 創紀錄的一季。令人鼓舞的是，我們兩大業務都持續表現非常出色，延續我們一路以來的成長軌跡。

Starting with the top line. Our non-GAAP gross billings for the second quarter was $28.9 billion, increasing 33% year-over-year or 32% year-over-year in constant currency and exceeding the high end of our guidance range. Non-GAAP operating income was $615 million, an increase of 49% year-over-year or 48% year-over-year in constant currency. Non-GAAP earnings per share was $4.85, an increase of 62% year-over-year and above the high end of our guidance range. GAAP operating income was $519 million, an increase of 58% year-over-year.

先從營收端開始。我們第二季的非 GAAP 總開票額（gross billings）為289億美元，年增33%，以固定匯率計年增32%，並高於我們指引區間的上緣。非 GAAP 營業利益為6.15億美元，年增49%，以固定匯率計年增48%。非 GAAP 每股盈餘為4.85美元，年增62%，並高於我們指引區間的上緣。GAAP 營業利益為5.19億美元，年增58%。

GAAP earnings per share was $4.15, an increase of 88% year-over-year and above the high end of our guidance range. As we grow, we're focused on creating operating leverage so that earnings consistently grows faster than the top line. Driving that conversion is central to our strategy, how we allocate resources and manage cost.

GAAP 每股盈餘為4.15美元，年增88%，並高於我們指引區間的上緣。隨著我們成長，我們專注於創造營運槓桿，使獲利能持續以快於營收的速度成長。推動這種轉化是我們策略的核心，也影響我們如何配置資源與管理成本。

Turning to quarterly performance for each business. Distribution delivered non-GAAP gross billings of $23.4 billion, increasing 22% year-over-year and well ahead of plan. Our end-to-end portfolio is indexed towards faster-growing technologies, which is positioning us to grow at a premium to market. Endpoint Solutions gross billings increased 13% year-over-year, supported by strong growth in PCs driven by higher ASPs, coupled with mid-single-digit growth in units. Advanced Solutions gross billings increased 31% year-over-year, driven by continued strength in infrastructure and security.

接著看各業務的季度表現。Distribution 的非 GAAP 總開票額為234億美元，年增22%，且明顯優於計畫。我們端到端的產品組合更偏向成長較快的技術領域，使我們得以以優於市場的速度成長。Endpoint Solutions 的總開票額年增13%，主要受 PC 強勁成長帶動，成長動能來自更高的 ASP，並搭配出貨量（units）中個位數的成長。Advanced Solutions 的總開票額年增31%，主要由基礎設施與資安的持續強勁表現所帶動。

Distribution non-GAAP operating income was $434 million, increasing 36% year-over-year and non-GAAP operating margin as a percentage of gross billings was 1.9%, an improvement of 19 basis points year-over-year. We estimate the distribution gross margins benefited by approximately 5 basis points to 10 basis points during the quarter driven by incremental profit from strategic inventory purchasing.

Distribution 的非 GAAP 營業利益為4.34億美元，年增36%；非 GAAP 營業利益率（占總開票額比重）為1.9%，年增19個基點。我們估計，本季 Distribution 的毛利率受惠於策略性庫存採購帶來的增量利潤，約提升5至10個基點。

Turning to Hyve. Hyve generated non-GAAP gross billings of $5.5 billion, increasing 117% year-over-year and ahead of expectations with both manufacturing and supply chain services contributing. Manufacturing represented approximately 2/3 of Hyve in the quarter, and gross billings growth increased more than the total business, primarily driven by increased volumes with our existing customer base.

接著看 Hyve。Hyve 的非 GAAP 總開票額為55億美元，年增117%，且優於預期；製造與供應鏈服務皆有貢獻。本季製造業務約占 Hyve 的2/3，其總開票額成長幅度高於整體業務，主要由既有客戶基礎的出貨量增加所帶動。

Supply chain services represented approximately 1/3 of Hyve in the quarter, and growth was driven by component demand, supporting our customers' infrastructure deployments. Margins and overall mix of supply chain services can vary quarter-to-quarter. Hyve non-GAAP operating income was $181 million, increasing 89% year-over-year and non-GAAP operating margin as a percentage of gross billings was 3.3%, decreasing 50 basis points year-over-year, primarily driven by mix. We're laser-focused on continuing to make investments in both businesses that will position them to continue to grow at a premium to market over time.

供應鏈服務約占 Hyve 的1/3，成長動能來自零組件需求，以支援客戶的基礎設施部署。供應鏈服務的毛利率與整體組合可能會隨季度而波動。Hyve 的非 GAAP 營業利益為1.81億美元，年增89%；非 GAAP 營業利益率（占總開票額比重）為3.3%，年減50個基點，主要受組合影響。我們高度聚焦於持續在兩項業務上投資，使其隨時間推進能持續以優於市場的速度成長。

Shifting to cash flow and capital allocation. Free cash flow consumption for the quarter was approximately $330 million. Given the accelerated growth in Hyve, we're continuing to invest in working capital to support the growth of both new customers and new programs with existing customers. We're prioritizing making incremental investments where we can generate the healthiest returns, and this is showing up directly in our improving return on equity.

接著談現金流與資本配置。本季自由現金流約消耗3.30億美元。鑑於 Hyve 成長加速，我們持續投資營運資金，以支援新客戶與既有客戶新專案的成長。我們優先在可帶來最佳回報的領域進行增量投資，而這也直接反映在我們持續改善的股東權益報酬率上。

Net working capital closed at $4.9 billion with a gross cash conversion cycle of 17 days, an increase of one day sequentially and flat year-over-year, reflecting an increased mix of Hyve. Both businesses improved their cash days year-over-year, but we do expect additional efficiencies from Hyve as new programs mature. We ended with $1.1 billion of cash and cash equivalents and net leverage of 1.6 times, modestly below our medium-term framework, which gives us ample capacity to continue to invest in the business while returning capital to shareholders.

淨營運資金期末為49億美元，總現金轉換週期為17天，較前一季增加1天，與去年同期持平，反映 Hyve 組合占比提高。兩項業務的現金天數皆較去年同期改善，但我們預期隨著 Hyve 新專案成熟，仍可帶來進一步效率提升。期末現金及約當現金為11億美元，淨槓桿倍數為1.6倍，略低於我們的中期框架，讓我們在持續投資業務的同時，也有充足能力回饋股東。

During the second quarter, we returned $112 million to shareholders through repurchases and an additional $39 million through dividends. Our Board of Directors approved a cash dividend of $0.48 per common share payable on July 31, 2026, to shareholders of record as of the close of business on July 17, 2026.

在第二季，我們透過庫藏股回購向股東返還了1.12億美元，並透過股利另外返還了3,900萬美元。本公司董事會核准每股普通股0.48美元的現金股利，將於2026年7月31日支付給截至2026年7月17日營業結束時登記在冊的股東。

Turning to our outlook. For the third quarter of fiscal 2026, we expect non-GAAP gross billings of approximately $27.7 billion, plus or minus $500 million, up approximately 22% at the midpoint. A gross to net adjustment of approximately 33%. Revenue of approximately $18.6 billion, plus or minus $400 million. Non-GAAP net income of approximately $361 million, plus or minus $20 million.

接著談談我們的展望。就2026會計年度第三季而言，我們預期非GAAP總開票金額約為277億美元，上下浮動5億美元，以中位數計約成長22%。總額轉淨額調整約為33%。營收約為186億美元，上下浮動4億美元。非GAAP淨利約為3.61億美元，上下浮動2,000萬美元。

Non-GAAP diluted earnings per share of approximately $4.50 plus or minus $0.25, up approximately 26% at the midpoint based on approximately 79.4 million diluted shares outstanding. Our Q3 guidance assumes no material contribution from Hyve's newly onboarded customers, which we are still expecting to ramp in late fiscal 2026 or early fiscal 2027.

非GAAP稀釋後每股盈餘約為4.50美元，上下浮動0.25美元；以約7,940萬股稀釋後流通股數計算，中位數約成長26%。我們的第三季指引假設Hyve新導入客戶不會有重大貢獻；我們仍預期其將於2026會計年度末或2027會計年度初開始放量。

To close, we're extremely proud of our teams for the results they continue to deliver. We're entering the second half with forward momentum in both Distribution and Hyve. With our global reach, differentiated capabilities and broadening portfolio, we believe we're positioning ourselves to grow at a premium to market through time.

最後，我們為團隊持續交出的成果感到非常自豪。我們以Distribution與Hyve兩大業務的正向動能進入下半年。憑藉我們的全球覆蓋、差異化能力與持續擴大的產品組合，我們相信自己正逐步建立長期以高於市場的速度成長的定位。

With that, we'll open the call for questions. Operator?

接下來，我們開放提問。接線員？

(Operator Instructions)

（接線員指示）

Ruplu Bhattacharya, Bank of America.

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

Hi. Thanks for taking my questions. Patrick, you've seen strong revenue growth and billings growth across all of your segments this quarter. The question I have is, have you seen any evidence of demand destruction or any weakening of demand given component cost increases? Are customers showing any hesitancy to purchase either Endpoint Solutions and, or Advanced Solutions? And likewise, if units are going to be down year-on-year, have you seen any change in channel incentives from the vendors? And I have a follow-up for David.

嗨。謝謝讓我提問。Patrick，本季你們各個部門的營收與開票金額都呈現強勁成長。我想問的是，鑑於零組件成本上升，你們是否看到任何需求被破壞（demand destruction）或需求走弱的跡象？客戶在採購端點解決方案（Endpoint Solutions）和／或進階解決方案（Advanced Solutions）方面是否有任何猶豫？同樣地，如果出貨量年對年將下滑，你們是否看到供應商在通路獎勵（channel incentives）方面有任何變化？我還有一個問題要追問David。

Okay. So Ruplu, thanks a lot for the question. Yes. So I mean focusing on Q2, I mean, very strong quarter both on Distribution and Hyve. And very transparently, we haven't seen, for the moment, any distraction of demand because of the price increases.

好的。Ruplu，非常感謝你的問題。是的。如果聚焦在第二季，Distribution與Hyve都表現非常強勁。而且很坦白地說，目前我們尚未看到因為漲價而造成任何需求轉移或需求被削弱的情況。

The price increases are really starting to kick in and it's probably going to accelerate in Q3. On the other hand, I mean, we see underlying demand, which continues to be healthy across the portfolio. I'm anticipating a question on maybe what happened on PCs, even on PCs, we saw a unit growth. So for the moment, we don't see that phenomenon. I'll just add, and that has been one of our assumptions for the guidance that on most of the categories, companies need to continue to invest, especially in infrastructure. And combined with the ASP increase, I think the demand will continue to remain healthy at least for what we can see for Q3.

漲價效應才剛開始顯現，且很可能在第三季加速。另一方面，我們看到的基本面需求在整個產品組合中仍然健康。我預期你可能會問到PC的情況；即便在PC方面，我們也看到出貨量成長。所以目前我們沒有看到那種現象。我再補充一下，這也是我們在指引中的一項假設：在多數品類上，企業仍需要持續投資，尤其是在基礎設施方面。再加上ASP上升，我認為至少就我們對第三季的可見度而言，需求將持續保持健康。

And any change in channel incentives from the vendors?

那供應商在通路獎勵方面有任何變化嗎？

No, not yet.

目前還沒有。

Okay. A quick follow-up for David.

好的。我有一個要追問David的快速問題。

Yeah. Sorry, Ruplu. Just to add. So no, we don't see changes or material changes from our vendors. I add that our margin quality for Distribution stayed very healthy in the quarter, as you can see. So yes.

是的。抱歉，Ruplu。我補充一下。所以沒有，我們沒有看到供應商端有變化或重大變化。另外你也可以看到，本季Distribution的毛利品質維持得非常健康。所以，是的。

Okay. Great. David, just quickly, inventory was up 30% almost sequentially. Can you talk about working capital and free cash flow and what is driving that inventory? And are you using the strength of your balance sheet to buy any components? Thanks for all the details.

好的。很好。David，簡單問一下，存貨幾乎較前一季增加了30%。你能談談營運資金與自由現金流，以及是什麼在推動存貨上升嗎？你們是否利用資產負債表的強勁來採購一些零組件？謝謝你提供的所有細節。

Thanks, Ruplu. So we've got a couple of pieces to cover here. So when you think about cash flow and cash days. So cash days were flat year-over-year. I think the important point to make, though, is both of our businesses improved their cash days year-over-year, and you've got the mix of Hyve that caused the totality to be flat.

謝謝，Ruplu。這裡有幾個部分需要說明。談到現金流與現金天數（cash days）。現金天數年對年持平。不過我認為重要的一點是，我們兩個業務的現金天數年對年都有改善，而Hyve的組合占比變化使得整體呈現持平。

Hyve continues to experience a period of accelerated growth in that business given the cash conversion cycle takes capital to run. And so we continue to make those investments.

Hyve在一段加速成長期中持續擴張；由於其現金轉換週期（cash conversion cycle）需要資本來支撐營運，因此我們持續進行這些投資。

When you start looking at inventory, I think ballpark, the days are up, call it, 8 days or so year-over-year, and it's largely driven by some additional inventory that we've taken in Hyve to help fund new programs, existing programs and help make sure that our customers have adequate supply given the broader macro.

再看存貨，我想大致上存貨天數年對年增加約8天左右，主要是因為我們在Hyve增加了一些存貨，以協助支援新專案、既有專案，並在更廣泛的總體環境下確保客戶有充足供應。

And sorry, I just want to add one thing, which is I mean, we've been, for the last quarter, a little bit more aggressive on inventory levels because we've anticipated on the price increases. I mean, that gave us several advantages. One, it helped smooth the impact of the price increase for our customers, and that's very important.

另外抱歉，我還想補充一點：過去一季我們在存貨水位上採取了更積極的策略，因為我們預期會有漲價。這帶來了幾個優勢。第一，它有助於平滑漲價對客戶的影響，這非常重要。

It also helped our vendors by having inventory. And again, it positions us well in the market. Demand is strong. We are probably one of the best inventory profile in the industry. And again, that has helped us grow faster than the market overall.

同時，持有存貨也有助於我們的供應商。而且這也讓我們在市場上的定位更有利。需求強勁。我們可能是業界存貨配置（inventory profile）最好的公司之一。同樣地，這也幫助我們的成長速度快於整體市場。

David Vogt, UBS.

瑞銀（UBS）的David Vogt。

Great, guys. Thanks for taking my questions. So Patrick, one for you and one for David. So Patrick, can you help us unpack how the incremental manufacturing facility square footage plays out this year and next? And is it basically designed to support the incremental programs that you laid out with your current and future programs with your hyperscalers? And is there kind of a rule of thumb to think about what that incremental capacity could mean for whether it's billings or revenue? And then I have one for David as well.

各位好。謝謝讓我提問。Patrick我有一題，David也有一題。Patrick，你能協助我們拆解一下今年與明年新增製造設施面積（平方英尺）的擴增會如何展開嗎？這基本上是否是為了支援你所提到、與現有及未來超大規模雲端客戶（hyperscalers）相關的新增專案？是否有一個經驗法則可以用來思考這些新增產能對開票金額或營收可能代表的意義？然後我也有一題要問David。

Yes, good morning. Thanks a lot for the question. So I mean, as we mentioned, so we have now won programs with all five US based hyperscalers. We have now three hyperscalers where we have won more than one program. So what we see is a very nice pipeline of opportunities, which are going to ramp up probably end of Q4, beginning of Q1 fiscal year '27.

是的，早安。非常感謝你的問題。如同我們提到的，我們現在已經在所有五家美國本土的超大規模雲端業者（hyperscalers）中都贏得了專案。目前有三家hyperscaler，我們贏得的不只一個專案。因此我們看到一個非常不錯的機會管線，這些機會可能會在第四季末、以及2027會計年度第一季初開始放量。

And basically, we have to invest. We have to invest in footprint. We are going to invest in additional equipment in liquid cooling to be able to support the various programs we have won. We haven't yet established a correlation between investment and revenue. What I can tell you is that we are very comfortable with that expansion of capabilities and capacity that we are going to meet the demand we are seeing and be in a position to deliver the products with the right quality, which is the most important for us at the moment.

基本上，我們必須投資。我們必須投資於據點規模（footprint）。我們將投資額外的液冷設備，以便支援我們已贏得的各項專案。我們尚未建立投資與營收之間的關聯性。我能告訴你的是，我們對於這次能力與產能的擴張非常有信心，能夠滿足我們所看到的需求，並且具備交付符合正確品質產品的能力，而這是我們目前最重要的事情。

Okay. Great. That's helpful. And David, I know this might be a tough question to answer, and I know there's some confidential kind of data here. But can you help us understand sort of the gross margin differentials within Hyve, whether it's by -- is it better to think about it relative to like ODM, CM margins versus supply chain margins?

好的。很好。這很有幫助。David，我知道這可能很難回答，而且我也知道這裡面有一些機密性資料。但你能否幫我們理解一下 Hyve 內部毛利率的差異，例如——是否更適合用 ODM、CM 的毛利率相對於供應鏈毛利率來思考？

Or is there a lot of variability between programs with existing hyperscalers or between actual hyperscalers themselves? Can you help us understand how to think about the margin profile of these programs, particularly as you start to ramp, obviously, new programs later this fiscal year into fiscal '27?

或者在既有超大規模客戶（hyperscalers）的不同專案之間，或不同 hyperscaler 之間，是否存在很大的變動性？你能否協助我們理解該如何看待這些專案的毛利結構，特別是當你們在本會計年度稍晚開始放量，並在 2027 會計年度持續擴大新專案時？

It's a good question. So when you take a huge step back, Hyve has two businesses, manufacturing and assembly and supply chain. On average, historically, the margin profiles have been relatively similar. I will tell you as you start looking at things by program, there can be differences. So I'll give you a couple of examples.

這是個好問題。如果把視角拉得很遠，Hyve 有兩個業務：製造與組裝，以及供應鏈。平均而言，歷史上它們的毛利結構相對類似。但我可以告訴你，當你開始按專案來看時，確實可能會有差異。我舉幾個例子。

If you're building AI servers, that tends to have a slightly lower margin profile. If you are building complex networking racks, we -- that tends to have a slightly higher margin profile, so on and so forth. Same thing on the supply chain side, depending on what we're buying, how long we're holding it and how complex it is, it does dictate the margin profile.

如果你在打造 AI 伺服器，毛利結構通常會略低一些。如果你在打造複雜的網路機櫃（networking racks），我們——那通常會有略高一些的毛利結構，等等。供應鏈端也是一樣，取決於我們採購的是什麼、持有多久以及複雜度如何，這些都會決定毛利結構。

But all in all, here's what I would anchor you to. We feel very good about the performance that Hyve's been able to generate. We continue to make investments in new capabilities, new programs, new products that will allow Hyve to continue to maintain, if not improve its margin profile through time, and we're super excited with what the team has been able to produce thus far.

但總體而言，我希望你把重點放在這裡：我們對 Hyve 目前所能創造的表現感到非常滿意。我們持續投資於新能力、新專案、新產品，這將使 Hyve 能夠隨時間維持，甚至提升其毛利結構；而我們也對團隊迄今為止所交出的成果感到非常振奮。

I just would like to add -- great.

我只想補充一下——很好。

Thanks, David.

謝謝你，David。

So two more things. The first one is, I mean, similar to Distribution, gross margin quality is very important. And I can tell you that the team is very focused on that. So that's number one.

再補充兩點。第一點是，我的意思是，類似於 Distribution（通路/分銷）業務，毛利率的品質非常重要。我可以告訴你，團隊非常專注在這件事上。這是第一點。

Point number two is, obviously, as you ramp up a program, you have some inefficiencies, which will disappear over time as, I mean, based on the learnings and the optimization. So again, hyper growth, as we speak, lots of programs being launched, some impact on the GM quality because of that. But again, looking forward, it's a priority for us to optimize also the GM quality.

第二點是，顯然當你把一個專案拉升（ramp up）時，會有一些效率不彰的情況；隨著學習曲線與最佳化推進，這些會隨時間消失。所以再次強調，當下正處於高速成長期，許多專案正在啟動，這會因而對毛利率品質造成一些影響。但同樣地，展望未來，最佳化毛利率品質也是我們的優先事項。

Thanks, guys.

謝謝各位。

Keith Housum, Northcoast Research.

Keith Housum，Northcoast Research。

Congratulations on a great quarter. As we think about the evolving business out there with memory, and we're hearing more and more about supply constraints coming into place here. Are you guys seeing the supply constraints come into place right now? Or is there concerns that you'll see some perhaps limiting the amount of growth you can have for the rest of the year or maybe into FY27? But how are you thinking about the supply availability right now?

恭喜本季表現非常出色。當我們思考記憶體市場的業務演變時，我們聽到越來越多供應限制正在出現。你們現在是否已經看到供應限制正在發生？或者是否擔心這可能會限制你們今年剩餘時間、甚至到 2027 會計年度的成長幅度？你們目前如何看待供應可得性？

So, Keith, good morning. Thanks for the question. So for Q2, we haven't felt it, really. But you're right in our Q3 guidance, we took into account some risk with component availability. It's memory, obviously is one of the -- one of the category, some CPUs could come also, some challenges on delivery or CPUs could come also. So we factored it into our guidance and we will see.

Keith，早安。謝謝你的問題。就第二季而言，我們其實沒有感受到。但你說得對，在我們對第三季的指引中，我們已將零組件可得性的一些風險納入考量。記憶體顯然是其中一個——其中一個品類；某些 CPU 也可能出現——也可能在交付上有一些挑戰，CPU 也可能會有。所以我們已把它納入指引中，接下來就看情況發展。

But again, so far, it has been good. I would just add that when you look at Hyve, it's our customers primarily who secured the supply. And I mean they have, I would say, some good arguments with the vendors. On the Distribution side, so far, we -- again, our key vendors have done a very good job on -- with their supply chain. But yes, for Q3, we've been a little bit more cautious because of that in our guidance.

但再次強調，到目前為止都還不錯。我再補充一點：就 Hyve 而言，主要是我們的客戶去確保供應。而且我的意思是，他們我會說，與供應商談判時有一些很好的籌碼。在 Distribution（通路/分銷）端，到目前為止，我們——同樣地，我們的主要供應商在其供應鏈方面做得非常好。但沒錯，因為這個原因，我們在第三季指引上採取了稍微更保守的態度。

Okay. And if I could follow up on that. In terms of the HPE win in terms of being one of two global distributors. Have you seen that benefit completely in the quarter? Or is this still going to ramp up over time?

好的。如果我可以就此追問。關於 HPE 的得標、成為兩家全球分銷商之一這件事。你們是否已在本季完全看到其效益？還是這仍會隨時間逐步放量？

So we are going to see the ramp-up over time. So what's happening, just to put things in context. So HPE has decided to rationalize its go-to-market, they are going to focus on global distributors -- on two global distributors, in certain areas. And the benefit takes some time, okay?

所以我們將會隨時間看到放量。目前的情況是，為了讓大家有個脈絡。HPE 已決定精簡其市場進入策略（go-to-market），他們將在某些區域聚焦於全球分銷商——聚焦於兩家全球分銷商。而這個效益需要一些時間才會顯現，好嗎？

So it's we are going to probably see the benefit, I would say, first half of next year. We won some new countries. We're going to see the rationalization of the distribution network in some other countries. So it takes a little bit of time.

所以我認為我們可能會在明年上半年看到效益。我們拿下了一些新的國家。我們也將在其他一些國家看到分銷網路的精簡整併。因此這需要一點時間。

But just to comment from a more strategic standpoint on the HPE win. It's very interesting that the fact that we are global has been one of the reason for the win. What we see more and more from the vendors is that being global is becoming the differentiator when they rationalize their go-to-market.

但從更具策略性的角度來評論這次 HPE 的得標。很有意思的是，我們具備全球布局這一點，是得標原因之一。我們從供應商端看到的趨勢越來越明顯：當他們精簡其市場進入策略時，「全球化」正在成為差異化因素。

And so we think that -- so probably there's more to come, other vendors are now looking at their global distribution landscape. And our strategy to expand in APJ in Latin America, potentially one day in the Middle East is clearly positioning us well to benefit from that market trend.

因此我們認為——所以可能還會有更多機會，其他供應商現在也在檢視其全球分銷版圖。而我們擴張至 APJ（亞太及日本）與拉丁美洲、未來某一天可能進入中東的策略，顯然讓我們處於有利位置，能夠受惠於這個市場趨勢。

Great. Thank you.

很好。謝謝。

Katherine Murphy, Goldman Sachs.

Katherine Murphy，高盛。

Thank you very much. Maybe switching gears here a little bit. The margin profile of the Endpoint Solutions segment was -- seems like a record high from what I can see at 5%. Can you talk about what drove the strength in the quarter? And if there were any onetime benefits like the strategic inventory purchases you mentioned that benefited results in the quarter?

非常感謝。也許稍微換個話題。Endpoint Solutions（端點解決方案）部門的毛利結構——從我看到的數字來看，5% 似乎是創下歷史新高。你能談談本季強勁表現的驅動因素是什麼嗎？以及是否有任何一次性利多，例如你提到的策略性庫存採購，在本季對結果有所助益？

And then to just quickly ask my follow-up now. Are there any expectations for continued benefits from the strategic inventory build as we look into the back half of the year and into '27, so long as we continue to see increasing ASP environment. Thank you very much.

接著我想快速追問一下。在我們展望今年下半年以及到 2027 年、且只要我們持續看到 ASP（平均售價）環境上升的情況下，對於策略性建立庫存所帶來的持續效益，是否有任何預期？非常感謝。

Good morning, Kat. A couple of comments. One, we put in the prepared remarks that on the Distribution side, we had 5 basis points to 10 basis points of additional margin from strategically purchasing inventory. A lot of that manifest itself in the Endpoint business. Here's the way I would think about it. Our goal is to secure the right amount of supply.

早安，Kat。我補充幾點。第一，我們在事先準備的發言稿中提到，在通路（Distribution）端，透過策略性採購庫存，我們額外帶來了 5 個基點到 10 個基點的毛利提升。其中很大一部分體現在 Endpoint（終端）業務上。我會這樣看待這件事。我們的目標是確保取得適量的供應。

And as Patrick said, to help our vendors smooth supply constraints, make sure there's proper availability. It is true when in a rising price world, we can benefit from that. And so -- but what I would tell you is, yes, if prices continues to rise, there will be a benefit. But we're also not greedy as it relates to this, right?

如 Patrick 所說，協助我們的供應商平滑供應限制，確保有適當的供貨可得性。確實，在價格上升的環境中，我們可以從中受益。所以——但我想告訴你的是，是的，如果價格持續上漲，確實會有好處。但就這件事而言，我們也不會太貪心，對吧？

We want to be paid for the additional capital that we've got deployed, but we also share some of these benefits with our customers as well so we can build better long-term partnerships. And so I would anticipate, as we move forward, these types of benefits will be more onetime in nature and slowly dissipate. And that's why we tried to call them out in the scripts.

我們希望就所投入的額外資本獲得合理回報，但我們也會把部分利益與客戶分享，藉此建立更好的長期合作夥伴關係。因此我預期，往後這類效益會更偏一次性，並會逐步消退。這也是我們在講稿中特別把它們點出來的原因。

Erik Woodring, Morgan Stanley.

Morgan Stanley 的 Erik Woodring。

Thank you for taking my questions, guys. Congrats on the results. Patrick, I guess I'll combine my two questions because it's a three part question. So sorry, but they're all related. And I'd love if you could just take a big step back and help us understand three things. So first, just again, help us understand the sustainability of hardware spending as we look through the second half and into next year, just given what you know today and the pipeline that you see.

謝謝你們回答我的問題，各位。恭喜這次的成績。Patrick，我想把兩個問題合併，因為其實是三個部分的問題。抱歉，但它們彼此相關。我希望你能先拉高一個層次，幫我們理解三件事。第一，基於你們目前所掌握的資訊與你們看到的 pipeline（商機/訂單能見度），請再幫我們理解一下：展望下半年以及明年，硬體支出的可持續性如何？

Second, just what products are showing to have greater inelasticity than others as you face these record price hikes? And then third, are there any products or segments as you look forward, where you don't believe you can fully pass through the higher device costs and potentially see some margin pressure just if there's any customer pushback? I'll combine those and make those my two questions even though it's a three parter. So thank you, guys.

第二，在面對這些創紀錄的漲價時，哪些產品相較其他產品呈現出更高的需求缺乏彈性（inelasticity）？第三，展望未來，是否有任何產品或細分領域，你們認為無法把更高的裝置成本完全轉嫁出去，若客戶有任何反彈，可能會看到一些毛利壓力？我就把這三個合在一起，當作我的兩個問題，雖然其實是三段。謝謝各位。

Thank you, Erik. Good morning. Let me start with the last one on the margin. So again, it's true for both businesses, Distribution and Hyve. We are a cost-plus business. So if cost increase, we pass it to the customers. We have no other choice. We have a very good track record as an industry and as TD SYNNEX. You look at what happened last year with the tariffs. And you look at what has been happening in the last two quarters. I mean we had already some categories where we saw the price increases.

謝謝你，Erik。早安。我先從最後一個、關於毛利的問題開始。再次強調，這對兩個業務——Distribution 與 Hyve——都適用。我們是 cost-plus（成本加成）模式的生意。所以如果成本上升，我們就會把它轉嫁給客戶。我們別無選擇。無論就產業或 TD SYNNEX 而言，我們在這方面都有非常好的紀錄。你看看去年關稅發生時的情況。再看看過去兩個季度發生的事。我的意思是，我們已經在某些品類看到價格上漲。

And again, we are able to pass it. We had inventory to smooth the impact for our customers. But overall, I mean, no concerns there. In terms of product elasticity, the category I'm watching is PCs with some caveats. So consumer PCs, I think the elasticity will be relatively high, but we focus on B2B.

而且再次強調，我們能夠把它轉嫁出去。我們也有庫存，能替客戶平滑這個影響。但整體而言，我們沒有這方面的疑慮。至於產品需求彈性，我正在關注的品類是 PC，但有一些但書。就消費型 PC 而言，我認為彈性會相對較高，但我們聚焦在 B2B。

So I'm expecting some impact of the ASP increase on the PC consumption. If you look at our Q2 results, we are able to mitigate the impact by gaining share and also because we are positioned on B2B and the refresh is not over, and you still have many enterprises or companies who have to upgrade their PCs.

因此我預期 ASP 上升會對 PC 的消耗量帶來一些影響。如果你看我們第二季的結果，我們能夠透過提升市占來緩解影響；同時也因為我們定位在 B2B，而且換機潮尚未結束，仍有許多企業或公司必須升級他們的 PC。

But that's probably the category where I am the most cautious. We are the most cautious in our outlook. If you look at infrastructure, if you look at networking, yes, for the moment, we see very solid demand networking very rapidly, the two last years were tough. So networking is back on a lower base. You have the refresh driven by WiFi 7.

但這大概是我最謹慎看待的品類。在我們的展望中，這也是我們最保守的部分。如果看基礎架構、如果看網路，目前我們看到需求非常穩健；網路在過去兩年很艱難。所以網路是從較低的基期回升。你有 WiFi 7 帶動的換機。

And then you have the investments related to AI in that space. So I think that's sustainable. If you look at data centers, so server and storage, I mean this quarter, I mentioned last quarter that storage was starting to come back, and I wanted a confirmation. We had a very strong storage quarter. And I think it's going to last the AI, I mean, it drew first a compute upgrade.

另外還有 AI 相關的投資在這個領域。所以我認為這是可持續的。如果看資料中心，也就是伺服器與儲存，我在上季提到儲存開始回溫，我希望得到確認。我們這一季的儲存表現非常強勁。我認為這會延續下去；AI 的發展，我的意思是，它一開始先帶動運算（compute）的升級。

And I think now storage is -- and then switches and I think storage is next. And then on compute, we see very, very solid demand. And it's driven by several things. So obviously, ASP increase is driving the value up. But even in volume, what's happening is that you have still the refresh of the general compute server happening. It's not over.

我認為接下來是儲存——以及交換器（switches），我覺得儲存是下一個。至於運算端，我們看到非常、非常強勁的需求。而這是由幾個因素驅動。很明顯，ASP 上升推升了金額（value）。但即使在出貨量（volume）方面，正在發生的是：一般運算伺服器的換機仍在進行。還沒結束。

So that's an opportunity. You have an acceleration of the purchase of general compute servers because they have become critical when you speak about agentic AI. And then the cost of tokens is going to become a big topic. And if you want to mitigate the cost of tokens, I mean, running your workloads on-premise is going to be a good solution. So I think that's going to drive demand and remain a tailwind.

所以這是一個機會。你也看到一般運算伺服器的採購加速，因為在談 agentic AI（代理式 AI）時，它們已變得至關重要。接著 token 成本將會成為一個重要議題。如果你想降低 token 成本，我的意思是，把工作負載跑在自建（on-premise）環境會是一個很好的解決方案。所以我認為這會帶動需求，並持續成為順風。

And then an accelerated compute, I mean companies are starting enterprises, in particular, but also you have the sovereign cloud, especially in Europe and APJ and the neocloud in North America, they are investing heavily. We are the source of supply for them, and I see the demand remaining healthy here.

再來是加速運算（accelerated compute）。我的意思是，企業開始——特別是企業端——另外還有主權雲（sovereign cloud），尤其在歐洲與 APJ，以及北美的 neocloud（新型雲服務商），他們都在大舉投資。我們是他們的供應來源，我看到這裡的需求會維持健康。

So in summary, except on PCs where units could be impacted by the ASP increase. I think on the other categories, I think it's sustainable. Software was also a very strong quarter for us. So ASP increase is less of a topic. I think it's going to be sustainable. Security, especially now that you have to manage your risk related to agents is going to drive additional demand. So I continue to be cautiously optimistic across most of the technologies.

總結來說，除了 PC 可能因 ASP 上升而影響出貨量之外。我認為其他品類是可持續的。軟體對我們而言這一季也非常強勁。所以 ASP 上升就不是那麼大的議題。我認為會是可持續的。資安方面，尤其是現在你必須管理與 agents（代理）相關的風險，將會帶動額外需求。因此我對大多數技術領域仍維持審慎樂觀。

Awesome. Thank you very much, Patrick, for all that detail.

太棒了。非常感謝你，Patrick，提供這麼詳盡的說明。

Adam Tindle, Raymond James.

Adam Tindle，Raymond James。

Hi, good morning. Patrick, I just wanted to start here taking a step back. If I look at the quarter, incredible growth and negative cash flow. I wonder if you might just talk about how to strike the right balance between pursuing growth versus generating cash? And more specifically, if I look at kind of where that cash is going, it's heavy investments into Hyve in particular. And I think what we're learning on a forward basis is some of that's going to be incrementally fixed investment with this capacity build out.

嗨，早安。Patrick，我想先從更宏觀的角度退一步看。如果我看這一季，成長非常驚人，但現金流為負。我想請你談談，如何在追求成長與創造現金之間取得適當平衡？更具體來說，如果我看現金的去向，特別是對 Hyve 的投資很重。而我想我們從前瞻角度了解到，其中一部分將會隨著產能擴建而成為增量的固定投資。

How do you protect against downside there where customers are right now kind of rationalizing AI spend, token spend, like you said, the fear that you might be building fixed investment into a peak AI market? Thanks.

在客戶目前正合理化 AI 支出、token 支出（如你所說）的情況下，你們如何防範下行風險？也就是擔心你們可能在 AI 市場處於高峰時，正在投入固定投資擴產？謝謝。

So thanks, Adam, for the question. So let me distinguish between Distribution and Hyve very rapidly. Distribution continues to -- I mean, cash days are down on both businesses, that cash days are really low on Distribution. So the growth of Distribution is generating free cash flow, significant free cash flow, which is true today, we are investing in Hyve to fuel the Hyve growth, both working capital and of course, fixed assets.

謝謝你，Adam，這個問題。我先很快區分一下 Distribution（通路/分銷）與 Hyve。Distribution 持續——我的意思是，兩個業務的現金天數都在下降，而 Distribution 的現金天數非常低。因此，Distribution 的成長正在產生自由現金流，而且是可觀的自由現金流；這在今天就已經成立。至於 Hyve，我們是在投資 Hyve 以推動 Hyve 的成長，包括營運資金，當然也包括固定資產。

So one, Hyve continues to have a very nice return, okay? So if you look at our key ratios, it's not that we are financing a growth business at the expense of our key financial metrics, it's the other way around. It's accretive for our margin, it's accretive for our return on equity. So from that standpoint, we feel very comfortable.

第一，Hyve 仍然有非常好的報酬率，好嗎？所以如果你看我們的關鍵比率，並不是我們在犧牲關鍵財務指標來資助一個成長型業務，反而是相反。它對我們的毛利率是增益的，對我們的股東權益報酬率也是增益的。因此從這個角度來看，我們非常放心。

In terms of building fixed costs in case the market is going to correct. So it's true that the working capital will adjust immediately if the market goes down. So we have no concern. It's like Distribution. It's -- if I can speak like that, the elasticity is high.

至於在市場可能修正時建立固定成本的問題。確實，如果市場下滑，營運資金會立即調整。所以我們沒有疑慮。這就像 Distribution 一樣。如果我可以這麼說，它的彈性很高。

So I mean, as soon as the market goes down, the working -- we are going to see the working capital going down very rapidly. And so it will generate free cash flow. But from a fixed asset standpoint, yes, it's a business which requires significantly more investments than distribution relatively speaking. But again, it's not either fixed cost, which we could not absorb. If you look at this year, we're going to invest for Hyve roughly $100 million amortized over five, six years. The cost is absolutely variable in case that the market turns. And the other costs for Hyve are mostly variable.

也就是說，一旦市場下滑，我們會看到營運資金非常快速地下降。因此會產生自由現金流。但從固定資產的角度來看，是的，相較於 Distribution，這個業務確實需要顯著更多的投資。但再說一次，這也不是我們無法承受的固定成本。如果你看今年，我們對 Hyve 的投資大約是 1 億美元，分五到六年攤提。若市場反轉，這些成本絕對是可變的。而 Hyve 的其他成本大多也是可變的。

So again, in case of downturn, I think it's going to be something similar to what we see in Distribution. And you have a lot of cash flow generated because working capital goes down. And then we are very good at reacting and adjusting our cost base to the new market reality. So I am not very concerned here. I can just finish with this continues to be top of mind for us.

所以再一次，如果出現下行，我認為情況會與我們在 Distribution 看到的類似。你會看到大量現金流被釋放，因為營運資金會下降。而且我們非常擅長快速反應，並把成本基礎調整到新的市場現實。所以我在這裡並不太擔心。我最後補充一句：這件事一直是我們最關注的重點。

So we think about it all the time as we do the investments. But again, for the moment, I think we should be in a safe position.

所以我們在做投資時一直都在反覆思考這個問題。但就目前而言，我認為我們應該處於安全的位置。

The only other thing I'd add, Adam, if it helps is, one, we ladder leases. That obviously helps if there's a change in demand, too. We don't speculate on demand. So we largely build and outfit facilities based on long-term programs once they're committed. And so I will tell you, the team is incredibly prudent at how they manage Hyve from a capacity perspective, and they've done a nice job.

Adam，如果有幫助的話，我再補充一點：第一，我們的租約是分梯次到期（ladder leases）。這在需求變化時也會有幫助。我們不會去押注需求。所以我們大多是在長期專案一旦承諾確定後，才會依據該等長期專案來建置並配置設施。因此我可以告訴你，團隊在以產能角度管理 Hyve 時非常審慎，而且做得很好。

As Patrick said, on the cash flow, there's -- as you're ramping a new program, there is more working capital inefficiencies that ultimately unlock as things mature. And so we are aware of the cash consumption. We are pleased with the reduction in cash days year-over-year. But we do believe, long term, there are additional efficiencies that we'll look to achieve as well.

如 Patrick 所說，在現金流方面——當你在拉升（ramp）一個新專案時，營運資金的效率會比較差，但隨著業務成熟，這些效率最終會釋放出來。所以我們了解現金消耗的情況。我們也樂見現金天數年對年下降。但我們確實相信，長期來看，還有更多效率可以達成，我們也會努力去實現。

Great. And just a quick follow-up. And by the way, I know that question.

很好。我再快速追問一下。順帶一提，我知道那個問題。

Joe Cardoso, JPMorgan.

Joe Cardoso，JPMorgan。

Hi, thank you for taking my question. This is MP on behalf of Joe Cardoso from JPMorgan. Can you please double-click on the mix of Hyve business between supply chain versus contract manufacturing during the quarter? And particularly like how did it track relative to your expectations heading into the quarter? And also, how do you expect it to track into the second half? And any potential gross margin impact from that? And I have a follow-up.

嗨，謝謝讓我提問。我是代表 JPMorgan 的 Joe Cardoso 的 MP。請你更深入說明本季 Hyve 業務中，供應鏈（supply chain）與委外製造（contract manufacturing）的組合占比？特別是相較於你們在季初的預期，實際表現如何？另外，你們預期下半年會如何走？以及這對毛利率可能有什麼影響？我還有一個追問。

So good morning, and thanks for joining. So when you think about Hyve, we put in the prepared remarks, two thirds of the business was manufacturing this quarter and about 1/3 of it was supply chain. When you think about performance versus expectations, both businesses exceeded expectations. We don't -- it's a little tricky to try and figure out what's long-term guidance split at kind of a subsegment level. But here's what I would tell you.

早安，謝謝加入。談到 Hyve，我們在事先準備的講稿中提到，本季約三分之二的業務是製造，約三分之一是供應鏈。若以表現相對於預期來看，兩個業務都超出預期。我們——要在次分項（subsegment）層級去推估長期指引的拆分，其實有點棘手。但我可以告訴你的是：

Our teams have done an excellent job winning new programs. We're very focused on expanding our manufacturing business and expanding our manufacturing programs. But we also recognize that as we -- because we have an end-to-end offering, being able to tie it all together is hugely advantageous for both our customers and for TD SYNNEX. And so they should grow together through time. But our hope is that long term, we continue to increase the manufacturing as a percentage of the total.

我們的團隊在贏得新專案方面做得非常出色。我們非常專注於擴大製造業務並擴增製造專案。但我們也認知到，因為我們提供端到端（end-to-end）的服務，把所有環節串起來，對客戶與 TD SYNNEX 都有極大的優勢。因此，隨著時間推進，兩者應該會一起成長。但我們希望長期來看，製造在總體中的占比能持續提高。

Yes. I just want to add that -- so our supply chain services is a service. So in today's environment, where you have this big ASP increase and shortages, I mean our customers have more needs than in environments, which will normalize. So again, the team is first focused on winning programs to grow the manufacturing business. That's really the core of the activity. And the service part is a little bit more volatile because of the context I just explained.

是的。我想再補充一點——我們的供應鏈服務是一種服務型業務。所以在今天這種環境下，當 ASP 大幅上升且供應短缺時，我是說，我們的客戶需求會比在未來回歸常態的環境中更高。因此，團隊首先聚焦在贏得專案，以擴大製造業務。那才是活動的核心。而服務的那一部分，因為我剛剛解釋的背景因素，波動性會稍微更高一些。

Thank you. And for my follow-up, I just wanted to talk -- ask about pricing. Can you please comment how is the pricing environment right now? How do you -- how should we -- how you think the pricing environment is right now versus 90 days ago? And any particular product categories which you want to call out where the pricing pressures are more pronounced relative to others? Thank you.

謝謝。接著我想追問一下，主要是關於定價。請問您能評論一下目前的定價環境如何嗎？您怎麼看——我們應該怎麼看——您認為目前的定價環境相較於 90 天前如何？另外，有沒有任何特定產品類別您想特別點名，在哪些類別的定價壓力相較其他更為明顯？謝謝。

Yeah. So pricing is up, and you had this inventory in the channel and that inventory has been shipped. So we're going to see the impact more and more. The category where the price increase are the most significant are obviously storage and servers because they are the most impacted by the memory price increases, but we see it also in PCs. By the way, we're expecting some new price increases in both categories in July. So the price increase are not over.

是的。所以定價是在上升的，而且通路裡原本有一些庫存，而那批庫存已經出貨了。因此我們會越來越多地看到其影響。價格上漲最顯著的類別，顯然是儲存與伺服器，因為它們受記憶體價格上漲的影響最大，但我們也在 PC 上看到。順帶一提，我們預期 7 月這兩個類別都會有新的漲價。所以漲價還沒有結束。

Adam Tindle, Raymond James.

Adam Tindle，Raymond James。

Okay. I was just going to continue on that thread, Patrick. I know the question that I asked earlier about cash flow versus growth sounded challenging. I actually think you're doing the right strategy because your balance sheet is clean. You don't necessarily need to be generating cash right now.

好的。Patrick，我只是想沿著這個脈絡繼續問下去。我知道我先前問的關於現金流與成長的問題聽起來有點尖銳。但我其實認為你們的策略是對的，因為你們的資產負債表很乾淨。你們不一定需要在現在就產生現金。

But on that thread, I wanted to ask the follow-up to David. The timing and magnitude to cash flow reversing. I think previously you had talked about 95% of non-GAAP net income for the combination of fiscal '25, and '26. But I think you need like $2-plus billion of free cash flow over the next two quarters to do that. And I wonder if we should sort of recalibrate our thinking. I know this is a tough question in a dynamic environment. Just any help for our models.

沿著這個脈絡，我想對 David 追問一下。關於現金流轉正的時點與幅度。我記得你們之前談到，在 2025 與 2026 財年合計，非 GAAP 淨利轉換為自由現金流的比例可達 95%。但我想要做到那樣，你們在接下來兩個季度需要超過 20 億美元的自由現金流。我在想我們是否應該重新校準一下我們的看法。我知道在動態環境下這是個很難的問題。任何能幫助我們模型的資訊都很有用。

No, it's a good question, Adam. And I think you're thinking about it the right way, which is Hyve is in a period of accelerated growth. And so what we've reflected in the Q3 outlook is continued momentum in both businesses. And so the 95% net income to free cash flow conversion ratio is absolutely our North Star metric on a long-term basis, but in periods of accelerated growth, we will consume cash, but we believe it's a good use of capital and the incremental ROIC is good.

不，這是個好問題，Adam。我認為你的思考方向是對的，也就是 Hyve 正處於加速成長的階段。因此我們在第三季展望中反映的是兩個業務都持續有動能。所以「淨利到自由現金流 95% 的轉換率」絕對是我們長期的北極星指標，但在加速成長期間，我們會消耗現金；不過我們相信這是良好的資本運用，而且增量 ROIC 也不錯。

So hopefully, that helps give you a little bit of color around our optimism in Hyve and some of the short-term cash impacts of making investments in that business. But we think it's a great investment to make.

希望這能讓你更了解我們對 Hyve 的樂觀，以及在該業務進行投資所帶來的一些短期現金影響。但我們認為這是一項非常值得的投資。

Yeah, makes sense. Thank you.

好的，明白了。謝謝。

You're welcome.

不客氣。

Guy Hardwick, Barclays.

Guy Hardwick，Barclays。

Hi, good morning. A question on the -- a follow-up question on the strategic inventory. Just wondering how much of the 13 days year-on-year increase related to strategic inventory purchases? And I assume in the Q3 guidance, you're also assuming further margin benefits from these purchases maybe similar to what you had in the 5 basis points to 10 basis points you had in the just the recent quarter?

嗨，早安。我有一個關於——策略性庫存的追問。想請問年增 13 天的增加幅度中，有多少是與策略性庫存採購相關？另外我假設在第三季指引中，你們也假設這些採購會帶來進一步的毛利率效益，可能類似你們在最近一季提到的 5 到 10 個基點？

So it's a -- this is a tough question to answer because it's very difficult to quantify. But what I would tell you is our teams are able to increase their days of supply around specific categories if they believe that we need to hold additional stock to kind of smooth out supply chains. They don't go after this as a business. They're not trying to capitalize on price changes and speculate.

這——這個問題很難回答，因為很難量化。但我可以說的是，如果我們的團隊認為需要在特定類別提高供應天數，以便在某種程度上平滑供應鏈，他們是做得到的。他們並不是把這當成一門生意在做。他們不是想藉由價格變動來套利或投機。

But in situations where I'm just going to make it up, let's say lead times are going to extend by three or four weeks, they might hold an extra couple of weeks of stock in for certain categories and we'll get benefits from that if prices go up.

但在某些情況下——我隨便舉例——假設交期將延長三到四週，他們可能會針對某些類別多持有額外兩週左右的庫存；如果價格上漲，我們就會因此受益。

So what we do as a matter, of course, is we don't forecast a lot of these benefits. We call them out when they come. It tends to be fairly opportunistic in nature, not necessarily opportunistic. But the -- I would tell you, we don't forecast and plan for a lot of these things. But when we do realize them, we tend to call them out in the quarter. But it is part of the reason that inventory is up on a year-over-year basis, but I would tell you the predominance of that increase was largely driven by the investments we've made in Hyve due to new programs and expanded programs with existing customers.

因此我們一貫的做法是，不會在預測中納入太多這類效益。當它們發生時，我們會特別提出來。它的性質往往相當機會性——不一定是投機性的機會性。但我想說的是，我們不會為這些事情做太多預測與規劃。不過當我們確實實現這些效益時，通常會在該季度加以說明。這確實是庫存年增的部分原因之一，但我會說，這個增加的主要驅動因素，仍然是我們因應新專案以及與既有客戶擴大專案，而在 Hyve 所做的投資。

So just to be clear, so the guidance for Q3 does not include any margin benefit from strategic inventory?

所以我確認一下，第三季的指引並沒有包含任何來自策略性庫存的毛利率效益，對嗎？

It's hard to say. We don't have the teams break it down to that level of detail. What I would tell you is we do kind of a bottoms-up role based on our guidance and the teams will factor a variety of risk and opportunities in there to quantify exactly whether it's in or out or what degree is a little difficult. To be candid with you, I would say there's probably a little, but as you've seen, based on the Q2 results, it's relatively small 5 basis points to 10 basis points. And so -- and it does tend to dwindle down through time.

很難說。我們沒有要求團隊把它拆到那麼細的層級。我可以說的是，我們的指引是採自下而上的方式，團隊會把各種風險與機會納入考量；要精確量化到底有沒有包含、包含多少，確實有點困難。坦白說，我認為可能有一點，但如你所見，根據第二季結果，它相對小，大約是 5 到 10 個基點。而且——它確實會隨時間逐漸減弱。

Thank you.

謝謝。

David Paige, RBC Capital Markets.

David Paige，RBC Capital Markets。

Good morning, Patrick, David. Thanks for taking my question. I want to start on the Amazon warrant. I was curious what was the strategic rationale for that and how that warrant came to be? And is it something that we should expect maybe with some of the other hyperscalers that you're ramping up? Thank you.

早安，Patrick、David。謝謝讓我提問。我想先從亞馬遜的認股權證談起。我很好奇這背後的策略性理由是什麼，以及這個認股權證是如何形成的？另外，對於你們正在加速合作的其他超大規模雲端業者，我們是否也應該預期會有類似安排？謝謝。

Hey, good morning, David, so firstly, the warrant concerns Hyve, okay? And Hyve has had a long-term relationship, historical strong relationship with AWS. So the relationship has been very successful historically. The value proposition we delivered to Amazon has been very much valued. And so when they came to us to discuss the opportunity, we saw it as a big opportunity. And I mean, with the warrant in place now, we think we have an agreement, which is going to be mutually beneficial. And yes, let's see how it materializes in the future, but we are very pleased with that agreement.

嗨，早安，David。首先，這個認股權證是與 Hyve 相關的，好嗎？而 Hyve 與 AWS 長期以來一直有合作關係，歷史上也非常穩固。所以這段關係過去一直非常成功。我們為亞馬遜提供的價值主張也一直受到高度肯定。因此當他們來找我們討論這個機會時，我們把它視為一個很大的機會。而且我的意思是，在現在有了認股權證的安排之後，我們認為我們達成了一項將會互利的協議。至於未來會如何發展，就讓我們看看它如何落地，但我們對這項協議非常滿意。

Great. That's helpful. And just a quick follow-up. I think in the past, you have spoken about traditional compute versus accelerated compute. So if you could, could you provide some color on the mix traditional versus accelerated that you had in the quarter or that you're expecting in late 4Q and early 2027? Thank you.

很好。這很有幫助。再快速追問一下。我想過去你曾談到傳統運算與加速運算的差異。所以如果可以的話，你能否就本季傳統與加速的組合占比，或你對 2026 財年第四季末與 2027 財年初的預期，提供一些說明？謝謝。

And I guess your question is for Hyve specifically?

我想你的問題是特別針對 Hyve 嗎？

Yeah.

對。

Yeah. So this quarter, we had the ramp-up of an accelerated compute program at Hyve. Generally speaking, we think that -- when you look at our mix of programs, we believe that we are going to see more of networking, general compute and storage going forward. But we want to continue to maintain and develop our expertise in accelerated compute.

對。所以本季我們在 Hyve 有一個加速運算專案的爬坡。整體而言，當你看我們的專案組合時，我們相信未來會看到更多的網路、通用運算與儲存。但我們也希望持續維持並發展我們在加速運算方面的專業能力。

But in terms of mix, so we have this nice ramp up. But when I look at the profile of the wins we are having, we will continue to see more of the other programs than the accelerated compute products, I think, going forward.

但就組合占比而言，我們確實有這個不錯的爬坡。不過當我看我們目前拿下的案子輪廓，我認為往後我們會持續看到其他專案多於加速運算產品。

Vincent Colicchio, Barrington Research.

Vincent Colicchio，Barrington Research。

Yeah, Patrick, if hardware demand moderates, would you expect software, cloud and recurring revenue streams to offset some of that pressure?

對，Patrick，如果硬體需求趨於溫和，你是否預期軟體、雲端與經常性收入來源能抵消部分壓力？

So thanks for the question. So software, cloud, security continued to grow at double digits. And for sure that when you look at the underlying reason for that success, I think they're going to -- I'm quite positive and optimistic on those underlying trends to continue in the future. I would tell you that when I look at hardware, when I look at the impact of AI on or the potential impact of AI on the on-premise and even, I should say, on the edge computing, I think hardware is becoming a very interesting category again, could be poised for very interesting growth. And AI could be really a game changer.

謝謝你的問題。軟體、雲端與資安持續以雙位數成長。而且當你看這項成功背後的根本原因，我對這些基本趨勢未來能持續發展感到相當正面且樂觀。我想說的是，當我看硬體、看 AI 對地端（on-premise）甚至我應該說對邊緣運算的影響或潛在影響時，我認為硬體再次成為一個非常有意思的類別，可能正蓄勢迎來相當有趣的成長。而 AI 可能會是真正的遊戲規則改變者。

It's a little bit too early to call it out, but there are some indicators that, I mean could speak well, as I said, I mentioned it before, the cost of the tokens is going to have an impact, I think, on some of the behaviors beyond the issue of latency, the issue of security and privacy. I think the cost of the tokens could have a very positive impact on on-premises hardware in both in the data center, but also at the edge.

現在要下定論還稍早，但有一些指標顯示——如我所說、我之前也提過——Token 成本將會產生影響，我認為這會影響一些行為，除了延遲問題之外，還包括資安與隱私問題。我認為 Token 成本可能會對地端硬體帶來非常正面的影響，無論是在資料中心，或是在邊緣端。

Thank you.

謝謝。

Alek Valero, Loop Capital.

Alek Valero，Loop Capital。

Hey, guys. Thank you for taking on my question. My question to you is, I don't know if you mentioned this earlier, but on the 1 million square feet that you're adding, any color on when we can see this capacity start to contribute to revenue?

嗨，各位。謝謝讓我提問。我想問的是，我不確定你們先前是否提過，但關於你們新增的 100 萬平方英尺產能，能否說明一下我們何時能看到這些產能開始對營收做出貢獻？

Yeah, so thank you for the question. So again, we, I mean, we have a strong pipeline, strong backlog. And what we -- so the -- we see the ramp-up of the programs we have won to start impacting our revenue in Q4 fiscal year '26, and most probably in Q1 fiscal year '27. So the capacity we are adding will convert into additional revenue potentially in Q4 and most probably in Q1 next year.

好的，謝謝你的問題。再次強調，我們有強勁的商機管線與強勁的訂單積壓。我們看到已拿下的專案開始對營收產生影響，會在 2026 財年第四季開始，且很可能在 2027 財年第一季。因此，我們新增的產能可能在第四季轉化為額外營收，且明年第一季最有可能。

Got it. Thank you for that. Just a quick follow-up. On Hyve, obviously, you said manufacturing is now 2/3 of that. What can we expect that mix to look like throughout the year?

了解。謝謝你的說明。再快速追問一下。關於 Hyve，很明顯你提到製造現在占了其中的 2/3。那我們可以預期這個占比在全年會呈現什麼樣的走勢？

So Alek, we don't -- it's hard to give you an exact answer on that. Here's the way I would tell you to think about it. Over a long period of time, we expect manufacturing to increase as a mix of the total. But as Patrick said, in certain types of environments, our supply chain business becomes a very critical to helping support our customers.

Alek，這個問題我們很難給你一個精確答案。我會建議你這樣思考。從較長的時間來看，我們預期製造在總體中的占比會提高。但如 Patrick 所說，在某些環境下，我們的供應鏈業務會變得非常關鍵，以協助支援客戶。

And so it will ebb and flow. It's hard to tell you exactly quarter-to-quarter, year-to-year, what that might look like. But over a longer period of time, we expect to increase the percentage of Hyve associated with manufacturing.

因此它會有起伏變動。很難逐季、逐年精準告訴你會長什麼樣子。但從更長期來看，我們預期 Hyve 與製造相關的占比會提高。

Got it. Super helpful. Thank you, guys. Appreciate it.

了解。非常有幫助。謝謝各位。感謝。

And we've reached the end of the Q&A session. I would now like to turn the call back over to Patrick for closing remarks.

問答環節到此結束。現在我想把電話交回給 Patrick 作結語。

So thank you all for joining us this morning. I want to close by thanking our coworkers across the globe whose commitment and dedication drive everything we accomplish and our partners for the continued confidence they place in us. To everyone on today's call, we appreciate your ongoing interest in TD SYNNEX. Thank you, and wishing you a great day.

謝謝各位今天早上加入我們。最後我想感謝我們遍布全球的同仁，他們的承諾與投入推動了我們所達成的一切；也感謝合作夥伴持續對我們的信任。也感謝今天參與電話會議的各位，謝謝你們持續關注 TD SYNNEX。謝謝，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。您現在可以掛線。祝您有美好的一天。