新聚思 (SNX) 2026 Q3 法說會逐字稿

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

早安。我叫 Rebecca，今天將擔任各位的電話會議接線員。歡迎各位參加 TD SYNNEX 2026 會計年度第三季財報電話會議。今天的電話會議將被錄音。（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，為了開場致詞，我想把電話交給 TD SYNNEX 投資人關係主管 Nate Friedel。Nate，請開始。

Good morning, everyone, and welcome to TD SYNNEX's fiscal 2026 third-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 會計年度第三季財報電話會議。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，今天的討論包含依據聯邦證券法所定義的前瞻性陳述，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之陳述。

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

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。本電話會議為 TD SYNNEX 之財產，未經我們許可不得錄音或轉播。接下來我將把電話交給 Patrick。

Thank you, Nate, and good morning, everyone. We delivered another record quarter with distribution and Hyve both performing above our expectations and growing above market within the quarter. Results were broad-based across geographies, technologies, customers and programs with notable strength in data center infrastructure.

謝謝你，Nate，各位早安。我們再度交出創紀錄的一季，Distribution 與 Hyve 的表現皆優於我們的預期，且在本季的成長幅度高於市場。成果遍及各地區、各項技術、客戶與方案，其中資料中心基礎設施表現尤為強勁。

Our success securing opportunities with new and existing customers, particularly within Hyve, required working capital investment to support these ramps. As David will discuss in more detail, both investments affected near-term cash flow during the quarter, but position us to support committed customer demand and future growth.

我們成功爭取新舊客戶的機會，特別是在 Hyve，為支援這些快速放量（ramps）需要投入營運資金。如 David 將更詳細說明，這些投資在本季影響了短期現金流，但使我們能支援已承諾的客戶需求與未來成長。

Looking beyond the quarter, we continue to see encouraging developments across the technology landscape. Enterprise AI adoption is progressing toward broader production deployments. Data center modernization remains a priority as organizations prepare for next-generation infrastructure requirements, while AI is driving new security, governance and compliance requirements across technology environments.

放眼本季之外，我們持續在科技版圖中看到令人鼓舞的進展。企業 AI 的採用正朝向更廣泛的正式生產部署推進。隨著組織為下一代基礎設施需求做準備，資料中心現代化仍是優先事項；同時，AI 也在各種技術環境中帶動新的資安、治理與合規需求。

We believe these trends expand our opportunities across both Distribution and Hyve and reinforce our confidence in the long-term growth opportunity ahead. I will now begin with Distribution. Distribution delivered strong growth during the quarter with non-GAAP gross billings reaching $24.8 billion, up 27% year-over-year, exceeding our expectations and growing above market across each of our regions.

我們相信這些趨勢擴大了我們在 Distribution 與 Hyve 兩大業務的機會，並強化我們對長期成長機會的信心。我接下來先從 Distribution 談起。Distribution 本季實現強勁成長，非 GAAP 總開票額（gross billings）達 248 億美元，年增 27%，超出我們預期，且在各區域皆高於市場成長。

Our performance reflects a broader trend across the technology ecosystem. As technology environments become more complex, customers increasingly need help integrating, deploying, securing and managing solutions across multiple vendors and technologies. Vendors are looking for partners that can not only efficiently reach customers, but enable customer capabilities, activate demand and execute consistently around the world. This is increasing the strategic importance of Distribution.

我們的表現反映了科技生態系的更廣泛趨勢。隨著技術環境日益複雜，客戶愈來愈需要協助，以整合、部署、保護並管理跨多家供應商與多種技術的解決方案。供應商也在尋找合作夥伴，不僅能有效觸及客戶，還能提升客戶能力、啟動需求，並在全球穩定執行。這正提升 Distribution 的策略重要性。

One area we are particularly encouraged by is the growing number of enterprises moving from AI experimentation towards production scale centralized AI factory deployments. This quarter, TD SYNNEX and Mark III Systems signed an agreement to support an NVIDIA AI factory powered by Vera Rubin NVL72 systems.

我們特別感到振奮的一個領域，是越來越多企業正從 AI 試驗走向以生產規模為目標的集中式 AI 工廠部署。本季，TD SYNNEX 與 Mark III Systems 簽署協議，支援一座由 Vera Rubin NVL72 系統驅動的 NVIDIA AI 工廠。

This is one of the largest Enterprise AI factory infrastructure deployments expected to be delivered through the channel bringing together the design, integration, deployment, Day 2 co-admin operations, financing and supply chain capabilities needed to operationalize a sophisticated NVIDIA-based AI factory platform for a large enterprise.

這是預期將透過通路交付的最大型企業 AI 工廠基礎設施部署之一，整合了設計、整合、部署、Day 2 共同管理（co-admin）營運、融資與供應鏈能力，以協助大型企業將複雜的 NVIDIA 架構 AI 工廠平台投入營運。

As enterprises evaluate next-generation platforms, we are seeing growing demand for partners that can simplify complexity and accelerate implementation through their enablement capabilities. AI factories have the potential to power transformative new products and services, but realizing that potential requires far more than access to compute.

當企業評估下一代平台時，我們看到對能透過賦能（enablement）能力簡化複雜度並加速導入的合作夥伴之需求持續增加。AI 工廠有潛力驅動具變革性的全新產品與服務，但要實現該潛力，遠不只是取得運算資源。

Organizations ensure AI investments are secure, governed, cost-effective, and aligned with measurable business outcomes. Similar to the evolution of cloud computing, we believe disciplines such as financial operations and security operations will become increasingly important as AI becomes embedded in business-critical processes.

組織必須確保 AI 投資具備安全性、治理性、成本效益，並與可衡量的商業成果一致。類似雲端運算的演進，我們相信當 AI 逐步嵌入關鍵業務流程時，財務營運（FinOps）與資安營運（SecOps）等領域將變得愈來愈重要。

Organizations will need support selecting the right models for the right workloads, deploying them on the right infrastructure and balancing performance, security and governance across edge, private, hybrid, and public cloud environments. While still early in the adoption curve, deployments of this scale signal a market that is moving towards broader deployment.

組織將需要支援，以便為合適的工作負載選擇合適的模型、在合適的基礎設施上部署，並在邊緣、私有雲、混合雲與公有雲環境中平衡效能、安全與治理。雖然仍處於採用曲線的早期階段，但如此規模的部署顯示市場正朝向更廣泛的落地部署前進。

As AI becomes embedded across more users, workloads and business processes, we believe the requirements to secure, govern, optimize and support these environments will continue to expand. Customers are also seeking greater flexibility in how they engage with us and have seen benefits from our digital strategy.

隨著 AI 更深入地嵌入更多使用者、工作負載與業務流程，我們相信在這些環境中對安全、治理、最佳化與支援的需求將持續擴大。客戶也在尋求與我們互動方式上的更大彈性，並已從我們的數位策略中看到效益。

Customers regularly engaging across our digital offerings have grown their spend with TD SYNNEX at nearly twice the pace of similar customers with us. Through solutions such as PartnerFirst and Digital Bridge, enhanced with AI agents embedded throughout the customer experience, we help customers identify opportunities, simplify purchasing decisions and engage efficiently across a broad range of technologies and vendors.

經常使用我們數位服務的客戶，其在 TD SYNNEX 的支出成長速度，幾乎是與我們合作的類似客戶的兩倍。透過 PartnerFirst 與 Digital Bridge 等解決方案，並在整體客戶體驗中嵌入 AI 代理（AI agents）加以強化，我們協助客戶辨識機會、簡化採購決策，並在廣泛的技術與供應商範圍內高效率互動。

We view digital engagement as an extension of our broader enablement strategy. Whether customers engage through digital platforms, technical specialists, enablement programs or a combination of all three, our objective remains the same; helping our customers build capabilities, grow their business and better serve their end users.

我們將數位互動視為我們更廣泛賦能策略的延伸。無論客戶是透過數位平台、技術專家、賦能方案，或三者結合與我們互動，我們的目標始終一致：協助客戶建立能力、拓展業務，並更好地服務其終端使用者。

The same capabilities creating value for customers are also important for vendors. As technology portfolios expand and customer requirements become more specialized, vendors are seeking partners that can combine global execution with expertise across technologies, customer segments and geographies. This is expanding the addressable market served through Distribution.

同樣地，為客戶創造價值的能力，對供應商也同樣重要。隨著技術產品組合擴大、客戶需求更趨專業化，供應商正在尋找能結合全球執行力與跨技術、客戶區隔與地理區域專業能力的合作夥伴。這正在擴大透過 Distribution 所服務的可服務市場（addressable market）。

Earlier this quarter, IBM expanded its relationship with TD SYNNEX into 20 additional countries across Europe, Asia Pacific and Latin America. We believe this expansion reflects the strength of our go-to-market model and the confidence our vendors place in our ability to activate demand, execute consistently across end markets around the world and accelerate growth.

本季稍早，IBM 將與 TD SYNNEX 的合作關係擴展至歐洲、亞太與拉丁美洲另外 20 個國家。我們相信，這項擴展反映了我們市場進入（go-to-market）模式的優勢，以及供應商對我們在全球各終端市場啟動需求、穩定執行並加速成長能力的信心。

Collectively, over the last year, we've added multiple billion dollars of incremental gross billings into the portfolio through new customer wins and an expanded vendor line card. More importantly, we believe these relationships deepen our role in the technology ecosystem and create additional opportunities for long-term profitable growth and potential earnings expansion.

整體而言，在過去一年中，我們透過新客戶得標以及擴充供應商產品線卡（vendor line card），為投資組合新增了數十億美元的增量總開票額（gross billings）。更重要的是，我們相信這些關係加深了我們在科技生態系中的角色，並為長期獲利成長及潛在獲利擴張創造更多機會。

Turning to Hyve. Hyve delivered a strong quarter with non-GAAP gross billings of $7 billion, up 117% year-over-year, exceeding our expectations as we saw continued increased demand from existing customers and programs. Our previously announced programs with new customers have progressed as planned, with shipments expected to begin in our fiscal fourth-quarter.

接著談 Hyve。Hyve 本季表現強勁，非 GAAP 總開票額達 70 億美元，年增 117%，超出我們預期，因為我們看到既有客戶與專案的需求持續增加。我們先前宣布與新客戶合作的專案按計畫推進，預計將於我們的會計年度第四季開始出貨。

These programs improve visibility into future growth, including maintaining a healthy pipeline of opportunities and support a broader customer and program mix over time. We believe increasingly sophisticated infrastructure requirements are elevating the importance of expertise in engineering, validation, manufacturing and supply chain execution.

這些專案提升了對未來成長的能見度，包括維持健康的機會管線，並隨時間推進支持更廣泛的客戶與專案組合。我們認為，日益複雜的基礎設施需求正在提高工程、驗證、製造與供應鏈執行專業的重要性。

As a result, customers are engaging Hyve earlier in the development process, creating additional opportunities to expand our relationship with our current customer base and potential new customers. One example is our work with multiple customers on the design of advanced liquid-cooled networking racks that are expected to enter into production in the first half of fiscal year '27.

因此，客戶在開發流程更早期就與 Hyve 合作，為我們擴大與現有客戶群的關係以及開拓潛在新客戶創造更多機會。其中一個例子是，我們正與多家客戶合作設計先進的液冷網路機櫃（networking racks），預計將於會計年度 '27 上半年進入量產。

At the same time, we remain focused on ensuring growth translates into attractive long-term returns. While customer demand and revenue growth remained robust during the quarter, profitability remains an important area of focus. The business is working through a period of significant customer ramps, manufacturing expansion and elevated investment activity, including engineering talent, technical expertise and operating capabilities as we support multiple large growth initiatives at the same time.

同時，我們仍專注於確保成長能轉化為具吸引力的長期報酬。雖然本季客戶需求與營收成長依然強勁，但獲利能力仍是重要的關注重點。在我們同時支援多項大型成長計畫之際，業務正處於顯著的客戶放量（ramps）、製造擴張與投資活動升高的階段，包括工程人才、技術專業與營運能力的投入。

Several opportunities in our pipeline are being awarded at margin profiles that are neutral to accretive relative to our current operating performance. As previously awarded programs mature and newer programs ramp, we expect modest margin improvement over time even as we continue investing to support future growth.

我們管線中的若干機會，正以相對於目前營運表現持平至具增益（neutral to accretive）的毛利率結構獲得授予。隨著先前已授予的專案逐步成熟、較新的專案加速放量，我們預期即使持續投資以支援未來成長，利潤率仍將隨時間推進而溫和改善。

Our manufacturing investments remain aligned with awarded customer programs and our focus remains on deploying capital in ways that strengthen our competitive position and are expected to generate attractive returns over time. In closing, we believe both Distribution and Hyve continue to benefit from durable technology trends and expanding customer relationships.

我們的製造投資仍與已獲授予的客戶專案保持一致，而我們的重點仍是以能強化競爭地位、並預期可隨時間產生具吸引力報酬的方式來部署資本。最後，我們相信 Distribution 與 Hyve 皆持續受惠於持久的科技趨勢以及不斷擴大的客戶關係。

Within Distribution, Enterprise AI adoption, digitally enabled experiences paired with human expertise and growing technology complexity are increasing the value we provide to customers and vendors. Within Hyve, sophisticated infrastructure architectures are driving deeper customer engagement and expanding opportunities across a broader set of customers and programs.

在 Distribution 方面，企業 AI 採用、結合數位化體驗與人類專業，以及日益提升的科技複雜度，正在提高我們為客戶與供應商所提供的價值。在 Hyve 方面，更精密的基礎設施架構正推動更深度的客戶互動，並在更廣泛的客戶與專案範疇中擴大機會。

While we have deployed significant capital to support customer growth initiatives, particularly within Hyve, we believe those investments strengthen our competitive position, support future growth and increase the long-term earnings power of the company. As these programs mature, we expect free cash flow generation and conversion to improve, and we remain focused on demonstrating progress as we close fiscal year '26 and enter fiscal '27.

雖然我們已部署大量資本以支援客戶成長計畫，特別是在 Hyve 方面，但我們相信這些投資能強化我們的競爭地位、支援未來成長，並提升公司的長期獲利能力。隨著這些專案逐步成熟，我們預期自由現金流的產生與轉換將改善；在結束會計年度 '26 並進入會計年度 '27 之際，我們仍專注於展現進展。

With that, I'll turn it over to David to discuss our financial performance and outlook in greater detail. David?

接下來，我把時間交給 David，請他更詳細說明我們的財務表現與展望。David？

Thank you, Patrick, and good morning, everyone. This was another strong quarter for TD SYNNEX. Both Distribution and Hyve grew above market and contributed meaningfully to earnings, while our operating income and earnings per share continue to grow faster than gross billings. Starting with the top line, our non-GAAP gross billings for the third-quarter was $31.8 billion, increasing 40% year-over-year or 41% year-over-year in constant currency and exceeding the high end of our guidance range.

謝謝你，Patrick，各位早安。這是 TD SYNNEX 又一個強勁的季度。Distribution 與 Hyve 皆高於市場成長，並對獲利做出重要貢獻；同時，我們的營業利益與每股盈餘持續以快於總開票額的速度成長。先看營收端，我們第三季非 GAAP 總開票額為 318 億美元，年增 40%，以固定匯率計年增 41%，並高於我們指引區間的上緣。

Non-GAAP operating income was $736 million, an increase of 55% year-over-year or 56% year-over-year in constant currency. Non-GAAP earnings per share was $5.68, an increase of 59% year-over-year and above the high end of our guidance range. GAAP operating income was $643 million, an increase of 68% year-over-year. GAAP earnings per share was $5.18, an increase of 89% year-over-year and above the high end of our guidance range.

非 GAAP 營業利益為 7.36 億美元，年增 55%，以固定匯率計年增 56%。非 GAAP 每股盈餘為 5.68 美元，年增 59%，並高於我們指引區間的上緣。GAAP 營業利益為 6.43 億美元，年增 68%。GAAP 每股盈餘為 5.18 美元，年增 89%，並高於我們指引區間的上緣。

Turning to our quarterly performance for each business, Distribution non-GAAP gross billings increased 27% to $24.8 billion with double-digit growth across each region in most major technologies. Our end-to-end portfolio continues to position us well across technology cycles with healthy demand throughout the business and particular strength in data center infrastructure.

接著看各業務的季度表現，Distribution 的非 GAAP 總開票額成長 27% 至 248 億美元，在多數主要技術領域、各地區皆實現雙位數成長。我們端到端的產品組合持續使我們在各個科技循環中保持良好定位，整體業務需求健康，且在資料中心基礎設施方面尤為強勁。

Endpoint Solutions gross billings increased 16%, supported by continued strength in PCs, including higher average selling prices and a modest decline in units. Advanced Solutions gross billings increased 37%, driven by strength in infrastructure, software and AI-related technologies. Distribution gross profit increased 22% to $1.15 billion.

端點解決方案（Endpoint Solutions）總開票額成長 16%，主要受 PC 持續強勁所支撐，包括平均售價提高以及出貨量小幅下滑。進階解決方案（Advanced Solutions）總開票額成長 37%，由基礎設施、軟體與 AI 相關技術的強勁表現所帶動。Distribution 毛利成長 22% 至 11.5 億美元。

Distribution gross margins were slightly impacted by customer and product mix, which was more than offset by disciplined expense management. Non-GAAP operating income increased 55% to $483 million and non-GAAP operating margin as a percentage of gross billings expanded 35 basis points year-over-year to 1.95%. Turning to Hyve, Hyve's gross billings increased 117% to $7 billion, with growth across both manufacturing and supply chain services.

Distribution 毛利率受到客戶與產品組合的些微影響，但已被嚴謹的費用管理所抵銷。非 GAAP 營業利益成長 55% 至 4.83 億美元，且非 GAAP 營業利益率（占總開票額百分比）年增擴大 35 個基點至 1.95%。再看 Hyve，Hyve 的總開票額成長 117% 至 70 億美元，製造與供應鏈服務皆有成長。

Manufacturing grew in excess of 130% and represented approximately 2/3 of Hyve's gross billings, reflecting higher volumes and expanded programs with existing customers. Supply Chain Services grew in excess of 90%, supported by component demand associated with customer infrastructure deployments. Hyve's gross profit increased 47% to $276 million, and non-GAAP operating income increased 56% to $253 million.

製造成長超過 130%，約占 Hyve 總開票額的 2/3，反映出更高的出貨量以及與既有客戶擴大的專案。供應鏈服務成長超過 90%，主要受客戶基礎設施部署所帶動的零組件需求支撐。Hyve 毛利成長 47% 至 2.76 億美元，非 GAAP 營業利益成長 56% 至 2.53 億美元。

Non-GAAP operating margin as a percentage of gross billings was 3.61% compared with 5.04% in the prior year period. As a reminder, our operating margins reflect the growing contribution from large AI rack programs that has been strategically important but dilutive to Hyve's operating margins, creating a mix headwind, which we believe has stabilized.

非 GAAP營業利益率（占總開票額百分比）為 3.61%，相較於去年同期的 5.04%。提醒一下，我們的營業利益率反映了大型 AI 機櫃（rack）專案貢獻占比提升；這在策略上相當重要，但會稀釋 Hyve 的營業利益率，形成組合面的逆風，而我們認為此影響已趨於穩定。

Our objective is to build a broader, more diversified Hyve business that combines sustainable growth with improving profitability, stronger cash generation and attractive returns on invested capital. Shifting to cash flow and capital allocation, free cash flow consumption for the quarter was approximately $1 billion, driven by increased inventory in Hyve's supply chain business in addition to new customers and new programs with existing customers.

我們的目標是打造更廣泛、更多元化的 Hyve 業務，在實現可持續成長的同時提升獲利能力、強化現金產生能力，並取得具吸引力的投入資本報酬率。接著談現金流與資本配置，本季自由現金流約消耗 10 億美元，主要由 Hyve 供應鏈業務庫存增加所致，此外也包括新客戶以及與既有客戶的新專案。

Net working capital closed at $6.5 billion with a gross cash conversion cycle of 22 days, an increase of five days sequentially and six days year-over-year, reflecting incremental mix of Hyve. Year-to-date, we have made substantial investments in Hyve's working capital and believe we now have a significant portion of the investments to support our expected growth now in place.

淨營運資金期末為65億美元，總現金轉換週期為22天，較前一季增加5天、較去年同期增加6天，反映Hyve組合占比提高的增量影響。年初至今，我們已對Hyve的營運資金進行了大量投資，並相信目前已到位相當大一部分投資，以支撐我們預期的成長。

Our focus is now on execution, cash conversion and realizing the expected returns on our investments. We ended the quarter with $749 million of cash and cash equivalents and net leverage of 1.9x. During the quarter, we returned $100 million through share repurchases and $38 million through dividends. Our Board also approved a cash dividend of $0.48 per common share payable on October 30, 2026, to shareholders of record as of the close of business on October 16, 2026.

我們目前的重點在於執行、現金轉換，以及實現投資的預期報酬。本季末我們持有7.49億美元的現金及約當現金，淨槓桿倍數為1.9倍。本季我們透過庫藏股回購返還1億美元，並透過股利返還3,800萬美元。董事會亦核准每股普通股現金股利0.48美元，將於2026年10月30日支付給截至2026年10月16日營業結束時登記在冊的股東。

Turning to our fourth-quarter outlook, we expect continued momentum across both businesses, translating to non-GAAP gross billings of approximately $31.9 billion, plus or minus $500 million, up approximately 31% year-over-year at the midpoint, a gross to net adjustment of approximately 30%, revenue of approximately $22.2 billion, plus or minus $400 million, non-GAAP net income of approximately $474 million, plus or minus $20 million; non-GAAP diluted earnings per share of approximately $5.90, plus or minus $0.25, up approximately 54% at the midpoint based on approximately 79.2 million diluted shares outstanding.

談到第四季展望，我們預期兩大業務皆將延續動能，對應到非GAAP口徑的總開票額約為319億美元，上下浮動5億美元；以中位數計，年增約31%；總額轉淨額調整約為30%；營收約為222億美元，上下浮動4億美元；非GAAP淨利約為4.74億美元，上下浮動2,000萬美元；非GAAP稀釋後每股盈餘約為5.90美元，上下浮動0.25美元；以約7,920萬股稀釋後流通股數計算，中位數約年增54%。

We expect Hyve's non-GAAP gross billings will increase sequentially quarter-over-quarter as we continue to see further benefit from ramping programs across multiple new customers. We expect we will generate cash in the quarter as recently deployed working capital begins to normalize. Looking ahead to fiscal 2027, we expect further improvements in Hyve's cash conversion as programs mature. In summary, we're extremely proud of our teams for the results they continue to deliver.

我們預期Hyve的非GAAP總開票額將較前一季逐季成長，因為我們持續看到多個新客戶的擴量計畫帶來更多效益。我們預期本季將產生現金，因為近期投入的營運資金開始回歸常態。展望2027會計年度，隨著各項計畫成熟，我們預期Hyve的現金轉換將進一步改善。總結而言，我們為團隊持續交出的成果感到非常自豪。

Distribution for multiple quarters has delivered above-market growth and broad-based growth, operating leverage and cash flow. Hyve continues to add new customers and new programs with existing customers. We expect each of our major programs to generate attractive returns, although some will not reach their full potential until the back half of fiscal 2027. With that, we'll open the call for questions. Operator?

Distribution業務連續多季實現高於市場的成長與廣泛的成長動能、營運槓桿以及現金流。Hyve持續新增新客戶，並在既有客戶中導入新計畫。我們預期各項主要計畫都能帶來具吸引力的報酬，儘管其中部分要到2027會計年度下半年才能充分發揮其全部潛力。接下來，我們開放提問。接線員？

(Operator Instructions) Joseph Cardoso, JPMorgan.

(接線員指示) JPMorgan 的 Joseph Cardoso。

This is NK on for Joseph Cardoso from JPMorgan. Great results. I think my question is, you stated several pipeline opportunities are being awarded at margins neutral to accretive relative to current performance. What is driving this improved margin discipline? And how sustainable is it as competition for AI infrastructure intensifies?

我是JPMorgan的Joseph Cardoso，由NK代為提問。成果很亮眼。我的問題是，你們提到有數個管線機會以相對於目前表現「持平至增益」的毛利率水準得標。是什麼因素驅動了這種更好的毛利率紀律？在AI基礎設施競爭加劇之際，這樣的狀況有多可持續？

Thanks for your question. So just to provide -- this is David, a little more clarity on Hyve's operating margins and how the new customer programs are coming. What we put in the prepared remarks, and if you reflect on the commentary we provided on the call last quarter, Hyve is ramping three new hyperscalers and multiple programs within each of those customers.

謝謝你的提問。我先補充說明一下——我是David，針對Hyve的營業利益率以及新客戶計畫的進展提供更清楚的說明。我們在事先準備的講稿中提到，而且如果你回顧我們上季電話會議的評論，Hyve正在為三家新的超大規模雲端客戶（hyperscalers）擴量，且每位客戶內都有多個計畫在推進。

And so as we look forward, one of the comments that we made is the new programs that we've won, which are predominantly manufacturing, are neutral to accretive to Hyve. Additionally, some of the programs that we're ramping this year, as those programs mature, we continue to find ways to improve the margins within there. And so as we look forward, that's what gives us confidence that Hyve's margins have stabilized and should improve as we move forward.

因此展望未來，我們提到的一點是：我們贏得的新計畫多數屬於製造端，對Hyve的獲利能力而言是持平到增益。此外，今年我們正在擴量的一些計畫，隨著計畫成熟，我們也持續找到方法在其中提升毛利率。因此展望未來，這些因素讓我們有信心，Hyve的毛利率已經趨於穩定，並且在往後應會持續改善。

Keith Housum, Northcoast Research.

Northcoast Research 的 Keith Housum。

Great quarter for you guys. We're kind of looking at the growth, obviously, servers and storage were phenomenal for you guys this quarter, but the strength was really broad-based. But I think there might be concern with some investors that you're getting more rumors about data centers perhaps peaking here. And I think there's rumors of Oracle even perhaps pulling back on data centers here.

你們這一季表現很棒。我們在看成長時，顯然伺服器與儲存本季表現非常亮眼，但整體強勁其實是廣泛性的。不過我想有些投資人可能會擔心，最近有更多傳聞指出資料中心可能在此處見頂。我也聽到傳聞說Oracle甚至可能在資料中心方面有所縮手。

How are you guys thinking about the data center market for the next year or two? Any concerns that you might have a pullback here in spending or any constraints out there, but how are you thinking about the broader market?

你們如何看待未來一到兩年的資料中心市場？你們是否擔心支出會回落，或市場上存在任何限制？你們如何看待更廣泛的市場？

Yes, Keith, thanks a lot for the question. So I mean, one, as you said, we are very pleased because the growth in the quarter has been broad-based by geo, Distribution, and Hyve by technology. And by the way, our Q4 guidance reflects that. If you look at next year, so we're in the process of building our budget for next year and collecting all the data.

是的，Keith，謝謝你的提問。首先，如你所說，我們非常滿意，因為本季成長在地區別、Distribution業務，以及Hyve在技術面向上，都是廣泛性的。順帶一提，我們的第四季指引也反映了這點。至於明年，我們正在編製明年的預算並蒐集所有資料。

We continue to be overall positive about the market prospects, and we expect to continue to grow a little bit faster than the market. Specifically to data center, when you look at what is driving the demand, you have, of course, I mean, with the hyperscalers, they continue to support the frontier models with capacity for training. But I mean, what we see and that's confirmed by all the -- by our OEMs is that companies are now investing more and more, enterprises are investing more and more in agentic capabilities.

我們整體仍對市場前景保持正向看法，並預期我們將持續以略快於市場的速度成長。就資料中心而言，當你看需求的驅動因素，當然，超大規模雲端客戶仍持續為前沿模型提供訓練所需的容量。但我們看到的情況——而且也獲得我們所有OEM夥伴的確認——是企業現在正愈來愈多地投資於代理式（agentic）能力。

And we know that Agentic AI is going to be a fantastic driver for productivity gains and improving customer experience. I mean we've mentioned one of the big wins this quarter from an enterprise. And we see that as clearly a trend accelerating. So we continue to be positive about the prospects for next year. And specifically to Hyve, as David just mentioned, we've won some new customers, and we are going to benefit for the ramp-up. So overall, we are cautiously optimistic.

我們知道代理式AI將成為提升生產力與改善客戶體驗的極佳驅動力。我們本季也提到來自某家企業客戶的一項重大得標。我們清楚看到這是一個正在加速的趨勢。因此，我們對明年的前景仍維持正向。而就Hyve而言，如David剛才提到，我們贏得了一些新客戶，並將受惠於後續的擴量。整體而言，我們審慎樂觀。

Great. And just as a follow-up to that, like the business you win with Hyve, is that cancelable if the market did go soft by those customers? Or are these non-cancelable agreements that you guys enter into?

了解。再追問一下，Hyve贏得的業務，如果市場轉弱，客戶是否可以取消？或者你們簽訂的是不可取消的協議？

The way the programs work are similar to Distribution, you could cancel contracts, but these are longer-term agreements. Both sides have potential cancellation rights if people don't perform. But when you go into one of these programs, it can take you a year to get up to speed. And what we're working on is we've won a category within a hyperscaler where we support kind of a multiyear piece of technology.

這些計畫的運作方式與Distribution類似，合約是可以取消的，但屬於較長期的協議。若任一方未能履約，雙方都可能擁有取消權。但一旦進入這類計畫，通常需要一年時間才能完全上軌道。我們目前推進的是：我們在某家超大規模雲端客戶中贏得了一個品類，支援的是一項跨多年期的技術。

So in many cases, these programs can last a few years, but there's always the potential that volumes can move around. But we feel really good about where Hyve sits within the customers that it supports the value that it adds and how we stack up relative to the competition. So all of those items will provide some level of insulation as we move ahead.

因此在許多情況下，這些專案可能會持續好幾年，但出貨量（volume）始終有可能在不同方向間移動。不過，我們對 Hyve 在其所服務客戶中的定位、它所帶來的價值，以及相較於競爭對手我們的競爭力，都感到非常有信心。因此，隨著我們往前推進，這些因素都會在某種程度上提供緩衝與保護。

I just want to add two things. So one, when you look at the forecast we've received or the backlog we have, we don't see any sign of concern today, point number one. Point number two is it was interesting to watch the results of Q3. And clearly, everybody referring to the fact that there is not enough capacity today in the data center to meet the demand. And so again, the combination of the two makes me feel cautiously optimistic for next year.

我想再補充兩點。第一，從我們收到的預測或目前的訂單積壓（backlog）來看，我們今天沒有看到任何令人擔憂的跡象，這是第一點。第二，觀察第三季（Q3）的結果也很有意思。很明顯地，大家都提到目前資料中心的產能不足以滿足需求。因此，這兩者的結合讓我對明年抱持審慎樂觀的態度。

Ruplu Bhattacharya, Bank of America.

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

You've reported good results and guidance. It looks like gross margin overall declined 60 bps year-on-year. Can you elaborate more on what was that mix that impacted margins? And was there anything unique about the Advanced Solutions side of the Americas Distribution business because it looks like that region had gross margins down the most, about 120 bps. So any further color on what impacted margins?

你們公布了不錯的業績與指引。看起來整體毛利率年對年下降了 60 個基點（bps）。你們能否更進一步說明，是什麼樣的組合（mix）影響了毛利率？另外，美洲通路（Americas Distribution）業務中的先進解決方案（Advanced Solutions）是否有任何特殊因素？因為看起來該區域的毛利率降幅最大，約 120 個基點。所以能否再多提供一些影響毛利率的背景說明？

Sure. Thanks, Ruplu. When you look at the overall margins, if you just focus on Distribution for a second, the mix that we're referring to is largely product related. So within North America, there was a few larger transactions, specifically around infrastructure build-outs. And some of those categories have slightly lower gross margins relative to the average.

當然可以。謝謝你，Ruplu。如果看整體毛利率，先把焦點放在通路（Distribution）上，所謂的組合（mix）主要與產品有關。在北美，我們有幾筆較大的交易，特別是與基礎設施建置（infrastructure build-outs）相關。而其中一些品類的毛利率相較於平均水準略低。

Within Hyve, it's the same impact that we had commented on last quarter, which was we ramped a large AI server program that's profitable, but at margins that are slightly below the average Hyve margin, and that's what's caused the year-over-year decline for Hyve. But net-net, when you take a huge step back, our teams, both in Distribution and Hyve has done a really nice job margin, managing pricing and making sure that within Distribution when volume shifts between categories that they prudently manage their cost to continue to drive operating leverage. So we feel very good about the performance that the team has put out for the quarter.

在 Hyve 方面，影響與我們上季評論過的相同：我們加速放量（ramp）了一個大型 AI 伺服器專案，該專案是有獲利的，但其毛利率略低於 Hyve 的平均毛利率，這就是 Hyve 年對年下滑的原因。但整體而言，拉遠一點看，我們的團隊——不論是通路（Distribution）或 Hyve——在毛利率管理、定價管理方面都做得非常好，並確保在通路業務中，當不同品類之間的量（volume）發生移轉時，能審慎管理成本以持續帶動營運槓桿。因此，我們對團隊本季交出的表現感到非常滿意。

Erik Woodring, Morgan Stanley.

Erik Woodring，摩根士丹利（Morgan Stanley）。

I'm going to ask something kind of similar to Ruplu there. And maybe try to be a little more specific, which is on that Advanced Solutions side, you're talking about mix. I just want to make sure and clarify for everyone here. I think there's probably some concern there could be pricing issues with the cost-plus model just because of where pricing is going.

我想問一個和 Ruplu 有點類似的問題。也許更具體一點：在先進解決方案（Advanced Solutions）那一塊，你們提到是組合（mix）的影響。我只是想替在場各位確認與釐清。我想大家可能會擔心，成本加成（cost-plus）模式在目前價格走勢下，是否可能出現定價方面的問題。

Can you just clarify for us that the Advanced Solutions margin -- gross margin pressure that you saw was really just a function of mix in those deals and that any like-for-like margins were not seeing pressure year-over-year this quarter?

你們能否替我們澄清：你們看到的先進解決方案毛利率——也就是毛利率壓力——確實只是那些交易組合（mix）的結果，而同口徑（like-for-like）的毛利率在本季年對年其實沒有承壓？

Sure. Erik, thanks for the question. And you've read it correctly. When you look at the overall margins, if you really start to double-click them, they're relatively stable. And so as we've shared previously, our business, we make a percentage of the average selling price. And so -- what impacted the quarter is we had a couple of large transactions and larger orders tend to be slightly lower margin.

當然可以。Erik，謝謝你的問題。你的解讀是正確的。如果你看整體毛利率，並進一步深入拆解，其實相對穩定。如同我們先前分享過的，我們的商業模式是賺取平均售價（average selling price）的一定百分比。因此——本季受到影響的原因是我們有幾筆大型交易，而較大的訂單通常毛利率會略低一些。

And so the mix of that is what caused some of the margin impact in addition to us selling a decent amount of AI infrastructure. It's all profitable business. It's all good ROIC business, but that is what impacted the margin, specifically in Advanced Solutions year-over-year. Structurally, there's -- the margins remain highly resilient when you look at it from a category perspective. So we feel pretty good about that.

因此，這樣的組合（mix）造成了一些毛利率影響，另外我們也銷售了相當數量的 AI 基礎設施。這些都是有獲利的業務。也都是投資資本報酬率（ROIC）良好的業務，但這就是先進解決方案年對年毛利率受影響的原因。從結構面來看——若以品類角度檢視——毛利率仍然非常有韌性。所以我們對此相當有信心。

And Erik, I just want to add one thing. So talking a little bit about our management system. So every month, we are reviewing our margins, of course, by geography, but most important, by technology and by vendor and customer segment. And so we are monitoring that indeed, I mean, like-for-like, margins are stable or evolving and then we look for the why and take corrective measures. So it's a very disciplined approach.

Erik，我還想補充一點。談一下我們的管理系統。我們每個月都會檢視毛利率，當然會按地理區域來看，但更重要的是按技術別、按供應商，以及按客戶分群來看。因此我們確實在監控：同口徑（like-for-like）毛利率是穩定的或如何變動，接著我們會追查原因並採取修正措施。所以這是一個非常嚴謹的做法。

And that's the reason when we talk about mix, it's either customer segment who grew faster and has a lower margin or higher margin or a geo who grew faster and has a higher margin or lower margin. So it's really mix. Otherwise, very, very strong discipline on margin reviews, I mean, to anticipate any issues and take corrective actions very, very rapidly. But again, as David mentioned today, we have no issues.

這也是為什麼當我們談到組合（mix）時，可能是某個成長較快的客戶分群，其毛利率較低或較高；或是某個成長較快的地理區域，其毛利率較高或較低。所以本質上就是組合因素。除此之外，我們在毛利率檢視上有非常、非常強的紀律，用以提前預判任何問題並非常迅速地採取修正行動。但再次強調，如 David 今天所提到的，我們沒有任何問題。

And the other thing I would add just is -- and that's very important. I mean, we talked about I mean, taking to the bottom line at least 50% of the GP growth. And you can see that today, that ratio is significantly better than that. Again, the teams are doing a fabulous job managing cost. We are also obviously starting to leverage AI, which, I mean, basically is improving the productivity of the overall team. So I mean, operating margins have been consistently improving over the past quarters, and it was true again in Q3.

另外我想補充的是——而且這點非常重要。我們談過至少要把毛利（GP）成長的 50% 轉化到最終獲利（bottom line）。你們今天也看得到，這個比率顯著優於那個水準。再次強調，團隊在成本管理上做得非常出色。我們也顯然開始運用 AI，基本上正在提升整體團隊的生產力。因此，過去幾季營業利益率一直在持續改善，而在第三季（Q3）也同樣如此。

David Vogt, UBS.

David Vogt，瑞銀（UBS）。

I'll just squeeze in one and just a little bit multipart question for David. So David, you touched on seeing free cash flow getting better in Q4. And seasonally, Q4 is your better period of conversion, better conversion of working capital. Can you kind of help us think through kind of where you think the company's cash flow needs look like as we stretch out into '27?

我再插問一題，給 David 的一個稍微多段式問題。David，你提到第四季（Q4）自由現金流會改善。而從季節性來看，第四季是你們轉換較好的期間，也就是營運資金的轉換（conversion）較佳。你能否協助我們思考一下，當我們把時間拉長到 2027 年時，你認為公司在現金流方面的需求大概會是什麼樣子？

Because the business is structurally 50% bigger than it was effectively a year ago. Just trying to get a sense for where your cash needs are today, what you feel comfortable with, with cash on your balance sheet and how you're thinking about all the different vectors and permutations, particularly as Hyve should continue to grow pretty nicely next year?

因為公司的業務規模在結構上相較於大約一年前，已經大了 50%。我想了解你們目前的現金需求大概是多少、你們對資產負債表上持有多少現金會覺得比較舒適，以及你們如何看待各種不同的變數與可能情境，特別是在 Hyve 明年應該仍會相當不錯地持續成長的情況下？

That's a good question. So thanks, David. When you think about what we put in our prepared remarks is we expect to generate cash in Q4. You're right that seasonally, we tend to generate more cash in the back half of the year. Here's the way we think about it. So we would expect a couple of days of improvement in gross cash days quarter-over-quarter.

這是個好問題。所以謝謝你，David。就我們在事先準備的發言中所提到的，我們預期在第四季會產生現金。你說得對，從季節性來看，我們通常在下半年產生較多現金。我們的看法如下。因此，我們預期毛現金天數（gross cash days）將較上一季改善幾天。

That is largely driven by two things; continued momentum across both Distribution and Hyve. And knowing that a lot of the cash consumption year-to-date has come from Hyve, and we have to make investments in programs ahead of the ramp. And so as those programs ramp, we expect them to be cash generative. As you think about 2027 or more on the long or more beyond, we expect all of our businesses to be sustainable cash generators.

這主要由兩個因素驅動：Distribution 與 Hyve 兩個業務都持續保持動能。同時也要知道，今年迄今的現金消耗有很大一部分來自 Hyve，而我們必須在放量（ramp）之前先對專案進行投資。因此，隨著這些專案放量，我們預期它們將會帶來現金流入。當你把時間拉長到 2027 年或更長期、甚至更往後看，我們預期我們所有業務都將成為可持續的現金產生者。

And so we recognize that FY26 was a period of hyper growth. But we also front-loaded a lot of working capital investments to enable that. And so as we move forward, we would expect those -- all of our businesses to become cash generative, and we feel pretty good about where we are.

因此，我們也認知到 FY26 是一段高速成長的期間。但我們也為了支撐那樣的成長，提前投入了大量營運資金。因此，隨著我們往前推進，我們預期這些——我們所有業務都會開始產生現金，而我們對目前的狀況感到相當有信心。

And just to add one remark. When we look at our more mature programs at Hyve, I mean, indeed, we see that when they reach maturity, they are generating free cash flow, okay? So no concerns from that standpoint. But the reality is that the team has done a very good job winning some new programs, expanding the customer base. And yes, so we are in an investment phase to ramp up all those programs. But again, when the program matures, it generates free cash flow.

另外再補充一點。當我們看 Hyve 較成熟的專案時，確實可以看到它們在達到成熟期後會產生自由現金流（free cash flow），好嗎？所以在這方面沒有疑慮。但現實是，團隊在贏得一些新專案、擴大客戶基礎方面做得非常好。而且是的，所以我們正處於投資階段，以推動所有這些專案的放量。但同樣地，當專案成熟後，就會產生自由現金流。

Katherine Murphy, Goldman Sachs.

Katherine Murphy，高盛。

Maybe to stick on the Hyve manufacturing piece. Can you talk more about the mix of programs in the quarter? You mentioned that the AI server business that you highlighted last quarter remains largely stable. And as these new programs layer in, mix should improve. But maybe talk more to the outlook for the traditional server networking storage programs and the new engagements as well as the timing of when some of these legacy engagements may start to roll off or be less significant?

或許延續 Hyve 製造這一塊。你能否多談談本季專案組合（mix）的情況？你提到上季你們重點提及的 AI 伺服器業務大致維持穩定。而隨著這些新專案逐步加入，組合應該會改善。但能否更進一步談談傳統伺服器、網路與儲存專案的展望，以及新合作案；另外也談談一些既有合作案可能何時開始退場（roll off）或重要性降低的時間點？

Yes. So if you look at the quarter, Q3, so we had this large GPU program and networking continued to be very strong. If you look at the new programs we've won, they are primarily networking programs, okay? So again, at a good margin. We started seeing some of the ramp this quarter, and we're going to see an acceleration in Q4 and Q1.

好的。如果你看本季，也就是第三季，我們有一個大型 GPU 專案，而網路相關業務也持續非常強勁。如果你看我們贏得的新專案，它們主要是網路類專案，好嗎？因此，同樣是具備不錯的毛利率。我們在本季已開始看到部分放量，並且在第四季與第一季會看到加速。

Guy Hardwick, Barclays.

Guy Hardwick，巴克萊。

I'm wondering if you guys could update us on the agreement with Amazon, whether that's had an impact on revenues in the quarter and also whether it's also some of the revenues, the unvested portion or vested portion has been netted off the revenues? And then a follow-up question on Hyve. Given there's more manufacturing growth and supply chain growth, although I know you've kind of already answered the question, you would expect a positive mix on that, but you're saying within manufacturing, there's a negative mix. Is that -- am I understanding that correctly?

我想請你們更新一下與 Amazon 的協議，這是否對本季營收造成影響？另外，是否有部分營收（未歸屬部分或已歸屬部分）已從營收中淨額抵減（netted off）？接著是關於 Hyve 的追問。鑑於製造成長與供應鏈成長較多，雖然我知道你們某種程度上已回答過，你們預期組合會有正向改善，但你們又說在製造內部是負向組合。我這樣理解正確嗎？

Thanks for the question. So we'll try to cover both of them. As you know, we announced a warrant agreement with Amazon. And what we shared at that time is we expect this to be mutually beneficial to both of us. And so this is an agreement that's seven years long. And so we would expect over the course of the agreement that both sides to benefit.

謝謝你的問題。我們會盡量把兩個問題都涵蓋到。如你所知，我們宣布了與 Amazon 的認股權證（warrant）協議。而我們當時分享的是，我們預期這對雙方都是互利的。因此，這是一份為期七年的協議。所以我們預期在協議期間，雙方都會受益。

I think it's too soon to get into exact specifics on how things played out in the quarter. But what I can tell you is our relationships across all of our customers within Hyve are very good, and we continue to invest in capabilities that add value to all of our partners. When you think about the mix, within margins as it relates to Hyve, you are correct that the AI server program that we've referenced, which has caused some of the margin decline year-over-year, is a manufacturing program.

我認為現在要談本季實際如何反映在數字上的具體細節還太早。但我可以告訴你的是，我們在 Hyve 與所有客戶的關係都非常良好，而且我們持續投資於能為所有合作夥伴創造價值的能力。談到組合、以及與 Hyve 相關的毛利率，你的理解是正確的：我們提到的 AI 伺服器專案，造成了部分年對年毛利率下滑，而它是一個製造專案。

And then a lot of the new programs that we've won are also manufacturing. So this has been a year where we've had somewhat of a headwind to gross margins. But as we look forward and as these new programs ramp, we feel very good about the trajectory of the margins as a lot of these new programs are neutral to accretive to Hyve in total.

此外，我們贏得的許多新專案也同樣是製造類型。因此，今年我們在毛利率上確實面臨了一些逆風。但往前看，隨著這些新專案放量，我們對毛利率走勢感到非常樂觀，因為其中許多新專案對 Hyve 整體而言是中性到具增益（neutral to accretive）的。

David Paige, RBC Capital Markets.

David Paige，RBC 資本市場。

I want to ask on Distribution and endpoint. One of your closest competitors noted that there's still $300 million to $400 million PCs un-refreshed Windows 11. So it looks like you had good growth in PC in the quarter. So I just wanted to get your thoughts on, I guess, the demand environment, the refresh cycle and what you see going forward?

我想問 Distribution 與端點（endpoint）方面。你們一位最接近的競爭對手提到，仍有 3 億到 4 億美元的 PC 尚未因 Windows 11 而進行汰換更新。看起來你們本季 PC 成長不錯。所以我想聽聽你們對需求環境、更新週期，以及未來走勢的看法？

Yes. Thanks a lot. So PC did overall well, grew double digit. Now if you peel the onion, units were down. I mean we had forecasted the PC units to go down mid- to high single digit, which is what happened this quarter and more than offset by price increases and mix. So let me just provide some color here. So indeed, component price increase has driven an increase of average selling prices.

好的。非常感謝。所以 PC 整體表現不錯，達到雙位數成長。但如果你把它拆開來看，出貨量（units）是下滑的。我們原本預測 PC 出貨量會下滑中到高個位數百分比，而本季確實如此；但價格上漲與組合改善的影響，足以抵消出貨量下滑。我補充一些背景說明。確實，零組件價格上漲推動了平均銷售價格（ASP）的上升。

But another phenomenon, which is very interesting is the fact that the market is buying more the mid-range and higher range type PCs rather than the low range. Why? Because also when our manufacturers get their allocations, they allocate them to the mid-range and the higher range of their portfolio. So some of the ASP increase is really due to components, but some of it is due to a change in mix.

但另一個很有意思的現象是，市場購買的更多是中階與高階 PC，而不是低階產品。為什麼？因為當我們的製造商取得配額（allocations）時，他們會把配額分配到其產品組合中的中階與高階機種。因此，ASP 上升有一部分確實來自零組件，但也有一部分是來自組合變化。

The refresh is not over. And so we should still see some tailwinds because of that. Now the price increase, as expected, is having some impact on the volume. It has less impact on B2B, where we play. It will have -- it has more impact on B2C where we don't place -- we have a very small play in the market. So PC continues to be overall in value, a very good category.

更新潮（refresh）尚未結束。因此，我們仍應該會看到一些順風。不過，如同預期，價格上漲確實對出貨量造成了一些影響。在我們所著力的 B2B 領域，影響較小。在我們著墨不多——我們在該市場的參與度非常小——的 B2C 領域，影響會更大。因此，PC 整體而言在價值面仍是一個非常好的品類。

And I just add that AI PCs continue to grow and represent now close to 50% of the total revenue for us. And AI PCs is potentially becoming an important part of the infrastructure to run AI workloads.

我再補充一點，AI PC 持續成長，現在約占我們總營收的接近 50%。而 AI PC 有潛力成為執行 AI 工作負載之基礎架構的重要一環。

Vincent Colicchio, Barrington Research.

Vincent Colicchio，Barrington Research。

Yes. Are you seeing customers consolidate their Distribution relationships as technology becomes more complex? And is the company gaining wallet share as a result?

是的。隨著技術變得更複雜，您是否看到客戶在整合其通路（Distribution）合作關係？公司是否因此而提升錢包份額（wallet share）？

So thanks a lot for the question. I mean, as you have noticed that we grew faster than market, and we've done that now consistently for many quarters. I think it's due to two things. So one, from a customer side, indeed, I mean, we have this collection of specialists approach, which means that we have a very appealing value-added value proposition by technology.

非常感謝這個問題。如您所注意到的，我們的成長速度快於市場，而且這樣的表現已連續多個季度。我認為原因有兩點。第一，從客戶端來看，確實如此；我們採取「專家群（collection of specialists）」的模式，這代表我們能以技術為核心提供非常具吸引力的加值主張（value-added value proposition）。

And that puts our teams in a very good position to support customers who have to deliver business outcomes, which are more and more complex to deliver. So yes, I believe that our approach has -- makes us, I would say, probably very well differentiated to help our customers win the deals and grow. But we see, at the same time, in the vendor community, a trend accelerating in terms of rationalizing the go-to-market.

這也讓我們的團隊處於非常有利的位置，能支援客戶交付商業成果，而這些成果愈來愈複雜、也愈來愈難以達成。所以是的，我相信我們的做法——可以說——讓我們具備非常明顯的差異化優勢，協助客戶贏得案子並成長。但同時我們也看到，在供應商社群中，精簡市場進入策略（go-to-market）的趨勢正在加速。

So reducing the number of direct customers, direct resellers and number of distributors. And because of our value prop, because of the relationships we've built over the years, I think we are going to continue to benefit from that trend.

也就是減少直客（direct customers）、直接經銷商（direct resellers）以及通路商（distributors）的數量。憑藉我們的價值主張，以及多年來建立的關係，我認為我們將持續從這個趨勢中受益。

Alek Valero, Loop Capital.

Alek Valero，Loop Capital。

My first question is on enterprise. So you've mentioned that you're seeing more growth in enterprise. It sounds like this is something that's going to continue. Can you talk to the kinds of things that enterprise customers are prioritizing? And where are you best positioned to capture that spend?

我的第一個問題是關於企業端（enterprise）。您提到企業端的成長更快。聽起來這會持續下去。能否談談企業客戶目前優先考量哪些事項？以及你們最有利於掌握哪些支出（spend）？

Okay. So I'm going to distinguish between compute and storage. On compute, two things. So you still have the refresh of the general compute server base. And as you know, the new generation has more cores and can replace several servers from the old generation. So what you see is a decline in units, but an average value which is significantly higher. So we see very nice growth in general compute.

好的。我會把運算（compute）和儲存（storage）分開來談。在運算方面，有兩點。第一，你仍然看到一般運算伺服器基礎的汰換（refresh）。如你所知，新一代產品有更多核心（cores），可以取代舊一代的多台伺服器。因此你看到出貨量（units）下降，但平均價值（average value）顯著提高。所以我們在一般運算方面看到非常不錯的成長。

And we also see, obviously, I mean, an increased demand when it comes to AI compute, driven by the fact that companies are absolutely building their factories to take advantage of Agentic AI. And what we see is some very large deals coming from large enterprises, but we are starting to see also midsized companies investing in that space.

此外，在 AI 運算方面，我們也明顯看到需求增加，原因在於企業正積極打造其「工廠」，以充分利用 Agentic AI。我們看到一些非常大型的交易來自大型企業，同時也開始看到中型企業投入這個領域。

On storage, what we see is a modernization and acceleration of the modernization of the data center. I think AI will continue to play a key role. The important aspect, if you want to get the full benefit of your language models, you need to have the data in a good shape, and that means investing in storage. So I mean, that's something we are seeing, too. And here for storage, we see an increase in units and, of course, in value.

在儲存方面，我們看到資料中心現代化（modernization）以及現代化進程的加速。我認為 AI 將持續扮演關鍵角色。重要的一點是，如果你想充分發揮語言模型的效益，就需要讓資料處於良好狀態，而這代表必須投資儲存。所以這也是我們正在看到的趨勢。而在儲存方面，我們看到出貨量增加，當然價值也提升。

Got it. That's super helpful. And just a quick follow-up on networking actually. So I see networking grew 19% year-over-year, although it was the slowest growing hardware category. What are the puts and takes there?Any color you can provide on networking?

了解。這非常有幫助。另外快速追問一下網路（networking）。我看到網路年增 19%，雖然它是成長最慢的硬體類別。其中有哪些拉抬與抵銷因素（puts and takes）？你能否提供一些關於網路的補充說明（color）？

Yes. So networking, again, I just want to put some context. If you just go back last year, was a little bit a challenged category. Things have completely changed now. I mean you have a need for massive refresh, I mean, Wi-Fi 7, switches to support AI. So you have a series of tailwinds in networking, which are driving a nice increase in units.

是的。關於網路，我想再補充一些背景。如果回到去年，這個類別確實有些挑戰。但現在情況已完全改變。你看到有大規模汰換的需求，例如 Wi‑Fi 7、以及支援 AI 的交換器（switches）。因此網路領域有一連串順風因素（tailwinds），推動出貨量良好成長。

And on top of it -- so the magnitude is not comparable to what we see in compute or PCs, but we start seeing some price increases also. And so the combination of the two makes the category very strong. And I think it's going to continue for some time. So it's another category where we are very optimistic for the coming quarters.

此外——雖然其規模無法與我們在運算或 PC 看到的相比——我們也開始看到一些價格上漲。因此兩者結合使得這個類別表現非常強勁。我認為這種態勢還會持續一段時間。所以這也是我們對未來幾個季度非常樂觀的另一個類別。

We have reached the end of the Q&A session. I will now turn the call back to Patrick for closing remarks.

問答環節到此結束。我現在把電話交回給 Patrick 作結語。

Thank you all for joining us this morning. As we conclude, I'd like to express my gratitude to our coworkers around the world whose hard work, dedication and commitment make our success possible as well as to our partners for their continued trust and support. To everyone on today's call, thank you for your ongoing interest in TD SYNNEX, and I'm wishing you a great day.

感謝各位今天早上加入我們。在結束之前，我想向全球各地的同仁表達謝意，正是他們的辛勤工作、投入與承諾讓我們得以成功；同時也感謝合作夥伴持續的信任與支持。也感謝今天參與電話會議的各位，謝謝你們持續關注 TD SYNNEX，並祝各位有美好的一天。

This concludes today's conference call. You may now disconnect. Have a great 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。