CDW Corp (CDW) 2024 Q4 法說會逐字稿

Good morning, all.

大家早安。

Thank you for joining us for the CDW fourth quarter 2024 earnings call.

感謝您參加 CDW 2024 年第四季財報電話會議。

My name is Karleen, I'll be coordinating your call today.

我的名字是卡琳 (Karleen)，今天我將負責協調您的通話。

(Operator Instructions).

（操作員指令）。

I'd like to over to your host, Steve O'Brien, from Investor Relations.

我想請主持人、投資者關係部的史蒂夫·奧布萊恩 (Steve O'Brien) 發言。

The floor is yours.

現在請您發言。

Thank you, Karleen.

謝謝你，卡琳。

Good morning, everyone.

大家早安。

Joining me today to review our fourth quarter and full year 2024 results are Chris Leahy, our Chair and Chief Executive Officer; and Al Miralles, our Chief Financial Officer.

今天與我一起回顧我們第四季和 2024 年全年業績的是我們的董事長兼執行長 Chris Leahy；以及我們的財務長 Al Miralles。

Our earnings release was distributed this morning and is available on our website, investor.cdw.com, along with supplemental slides that you can use to follow along during the call.

我們的收益報告已於今天早上發布，可在我們的網站 investor.cdw.com 上查閱，同時還有補充幻燈片可供您在通話期間參考。

I'd like to remind you that certain comments made on this presentation are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995.

我想提醒您，根據 1995 年《私人證券訴訟改革法》，本簡報中的某些評論被視為前瞻性陳述。

Those statements are subject to a number of risks and uncertainties that could cause actual results to differ materially.

這些聲明受到許多風險和不確定因素的影響，可能導致實際結果有重大差異。

Additional information concerning these risks and uncertainties is contained in the earnings release and Form 8-K we furnished with the SEC today, and in the company's other fillings with the SEC.

有關這些風險和不確定性的更多資訊包含在我們今天向美國證券交易委員會提交的收益報告和 8-K 表格中，以及公司向美國證券交易委員會提交的其他文件中。

CDW assumes no obligation to update the information presented during this webcast.

CDW 不承擔更新此網路廣播中提供的資訊的義務。

Our presentation also includes certain non-GAAP financial measures, including non-GAAP operating income non-GAAP operating income margin, non-GAAP net income and non-GAAP earnings per share.

我們的報告還包括某些非公認會計準則財務指標，包括非公認會計準則營業收入、非公認會計準則營業收入利潤率、非公認會計準則淨收入和非公認會計準則每股收益。

All non-GAAP measures have been reconciled to the most directly comparable GAAP measures in accordance with SEC rules.

所有非公認會計準則 (GAAP) 指標已根據美國證券交易委員會 (SEC) 規則與最直接可比較的公認會計準則 (GAAP) 指標進行協調。

You'll find reconciliation charts in the slides for today's webcast and in our earnings release and Form 8-K.

您可以在今天的網路廣播幻燈片以及我們的收益報告和 8-K 表中找到對帳圖表。

Please note all references to growth rates or dollar amount changes in our remarks today are versus the comparable period in 2023 with net sales growth rates described on an average daily basis, unless otherwise indicated.

請注意，除非另有說明，我們今天的評論中提到的所有增長率或美元金額變化都是與 2023 年同期相比的，淨銷售額增長率按每日平均計算。

Replay of this webcast will be posted to our website later today.

這次網路廣播的重播將於今天稍晚發佈到我們的網站上。

I want to remind you that this conference call is the property of CDW and may not be recorded or rebroadcast without specific written permission from the company.

我想提醒您，本次電話會議屬於 CDW 的財產，未經本公司明確書面許可不得錄製或重播。

With that, let me turn the call over to Chris.

說完這些，讓我把電話轉給克里斯。

Thank you, Steve.

謝謝你，史蒂夫。

Good morning, everyone.

大家早安。

I'll begin our call with an overview of our fourth quarter and full year performance and share some thoughts on our strategic progress and expectations for 2025.

我將從第四季度和全年業績概述開始我們的電話會議，並分享一些關於我們策略進展和 2025 年期望的想法。

Then I will hand it over to Al, who will take you through a more detailed review of the financials as well as our capital allocation strategy and outlook.

然後我將把它交給 Al，他將帶您更詳細地審查財務狀況以及我們的資本配置策略和前景。

We will move quickly through our prepared remarks to ensure we have plenty of time for questions.

我們將快速完成準備好的發言，以確保有足夠的時間回答問題。

For the fourth quarter, the team continued its exceptional level of customer commitment and delivered net sales of $5.2 billion, 5% above 2023 on an average daily sales basis.

第四季度，該團隊繼續保持卓越的客戶承諾，實現淨銷售額 52 億美元，以日均銷售額計算，比 2023 年高出 5%。

Gross profit of $1.16 billion, flat as reported and up 2% on an average daily sales basis -- on an average daily basis.

毛利為 11.6 億美元，與報告持平，以日均銷售額計算則上漲 2%——以日均銷售額計算。

Non-GAAP operating income of nearly $500 million, 4% below 2023 and non-GAAP net income per share of $2.48, down $0.09 year-over-year or 4%.

非公認會計準則營業收入近 5 億美元，比 2023 年低 4%，非公認會計準則每股淨利為 2.48 美元，年減 0.09 美元，降幅為 4%。

The fourth quarter delivered a solid finish to a challenging year.

第四季為充滿挑戰的一年畫上了圓滿的句點。

During the quarter, as we have seen all year, customer priorities remains laser-focused on operating efficiency and expense elasticity and continually met with as a service and ratable solutions like cloud and SaaS and consultative services in order to optimize spend and minimize capital expenditures.

在本季度，正如我們全年所看到的，客戶的優先事項仍然是集中在營運效率和費用彈性上，並不斷滿足雲端和 SaaS 和諮詢服務等服務和可評估解決方案，以優化支出並最大限度地減少資本支出。

At the same time, customer focus on mission-critical and must-do priorities drove interest in resuming projects with clear short-term returns on investment.

同時，客戶對關鍵任務和必須完成的優先事項的關注推動了人們對恢復具有明顯短期投資回報的項目的興趣。

This led to an uptick in demand across several hardware categories.

這導致對多個硬體類別的需求上升。

Despite this shift in our mix, our durable and stable gross margin held strong and in fact, reached its highest quarterly level in 2024.

儘管我們的產品組合發生了變化，但我們持久穩定的毛利率仍然保持強勁，事實上，在 2024 年達到了季度最高水平。

Looking back on the full year, the team's ability to deliver as a service and service offerings helped partially offset the impact hardware deprioritization had on our top line, which declined by 3%, and we delivered full year consolidated gross profit roughly 1% below 2023.

回顧全年，團隊提供服務的能力和服務產品有助於部分抵消硬體優先級降低對我們營收的影響，營收下降了 3%，我們實現的全年綜合毛利比 2023 年低約 1%。

Sustaining the resources needed to deliver exceptional service to our customers and support future growth drove slight expense deleverage in both 2024 non-GAAP operating income and non-GAAP net income per share declined by 5% and 4%, respectively.

維持向客戶提供卓越服務和支持未來成長所需的資源，導致 2024 年非 GAAP 營業收入和非 GAAP 每股淨利潤的費用略有去槓桿，分別下降了 5% 和 4%。

Although 2024 P&L results were not consistent with our record of performance, we once again generated more than $1 billion of adjusted free cash flow.

儘管 2024 年的損益結果與我們的業績記錄不一致，但我們再次產生了超過 10 億美元的調整後自由現金流。

We stayed the course on our capital allocation priorities and commitment to shareholders and returned $832 million to shareholders via dividends and share repurchases.

我們堅持資本配置重點和對股東的承諾，透過股利和股票回購向股東返還了 8.32 億美元。

A commitment that was reinforced with today's Board of Directors' action to increase our share repurchase authorization by $750 million.

今天董事會採取行動，將我們的股票回購授權增加 7.5 億美元，這進一步強化了我們的這項承諾。

Now let's take a closer look at our fourth quarter performance.

現在讓我們仔細看看我們第四季的表現。

As always, there are three main drivers of our results, our balanced portfolio of customer end markets, breadth of our product solutions, and services portfolio and relentless execution of our three part strategy for growth.

像往常一樣，我們的業績有三個主要驅動力，即我們均衡的客戶終端市場組合、我們廣泛的產品解決方案和服務組合，以及我們三部分成長策略的不懈執行。

First, the balanced portfolio of our diverse customer end markets.

首先，我們多樣化的客戶終端市場的平衡組合。

As you know, we have five US sales channels.

如您所知，我們在美國有五個銷售管道。

Corporate, Small business, Healthcare, government and Education.

企業、小型企業、醫療保健、政府和教育。

Each channel is a meaningful $1 billion-plus per year business on its own.

每個管道本身都是一項每年價值超過 10 億美元的有意義的業務。

Within a channel, teams are further segmented to focus on customer end markets, including geographies and verticals.

在一個管道內，團隊進一步細分，以專注於客戶終端市場，包括地理和垂直市場。

We also have our UK and Canadian operations, which together delivered sales of USD2.5 billion.

我們也在英國和加拿大開展業務，總銷售額達 25 億美元。

The benefit of our diverse end markets was clear during the fourth quarter.

我們多元化終端市場的優勢在第四季顯而易見。

Commercial markets showed signs of stability in the quarter and returned to growth.

本季商業市場呈現穩定跡象並恢復成長。

While customer behavior remained cautious and we did not experience traditional year-end budget flush, we did see greater willingness by some customers to spend their remaining budgets.

雖然客戶行為依然謹慎，而且我們並沒有經歷傳統的年底預算短缺，但我們確實看到一些客戶更願意花掉剩餘的預算。

Corporate and Small Business increased their top line, both up by 4%.

大型企業和小型企業的營收均有所成長，增幅均為 4%。

International or other increased by 5% and public increased 6% driven by Healthcare's standout performance, up 30%.

國際或其他成長了 5%，公共成長了 6%，這得益於醫療保健的優異表現，成長了 30%。

Within public unique end market factors continue to influence Education and government.

在公共獨特的終端市場因素持續影響教育和政府。

Education declined 2% as high ed strong performance was more than offset by declines in K-12.

教育支出下降了 2%，因為高等教育的強勁表現被 K-12 的下滑所抵消。

As expected, the K-12 market experienced the impact of the first full period without any stimulus-based government funding programs.

正如預期的那樣，K-12 市場經歷了第一個完整時期的衝擊，沒有任何基於刺激的政府資助計劃。

Government's decline was driven by federal end market uncertainty where we saw spending pauses as agencies awaited clarity around priorities from the incoming administration, clearly, a quarter of varied end market performance.

政府支出的下滑是由於聯邦終端市場的不確定性所致，我們看到政府部門的支出暫停，因為各部門正在等待新政府明確優先事項，顯然，四分之一的終端市場表現各異。

The second driver of our performance this quarter was our broad and deep portfolio of solutions and services.

本季業績的第二個驅動力是我們廣泛而深入的解決方案和服務組合。

Hardware increased top line by 4%, with client devices, NetComm and storage all increasing mid-single digits or better in the US Client Devices growth was primarily driven by normal refresh of aging units.

硬體營收成長了 4%，其中客戶端設備、NetComm 和儲存在美國都實現了中等個位數或更高的成長，客戶端設備的成長主要受到老化設備的正常更新推動。

Software net sales were up 5% as robust double-digit SaaS and IAS growth continued to be impacted by the market transition away from licenses.

軟體淨銷售額成長了 5%，因為強勁的兩位數 SaaS 和 IAS 成長繼續受到授權市場轉型的影響。

Customer spend and gross profit both increased mid-single digits.

顧客支出和毛利均實現了中等個位數成長。

Cloud remained an important driver of performance across the business and once again was a meaningful contributor to gross profit.

雲端運算仍然是整個業務績效的重要驅動力，並且再次成為毛利的重要貢獻者。

Cloud profit increased by mid-teens.

雲端運算利潤增加了15%左右。

Security was a top contributor to cloud and software results and delivered high single-digit top line and profit growth.

安全性是雲端運算和軟體績效的最大貢獻者，並帶來了高個位數的營收和利潤成長。

Customers continue to leverage our growing services capabilities as part of their strategies and services top line increased 10%.

客戶繼續利用我們不斷增長的服務能力作為其策略的一部分，服務收入成長了 10%。

Overall services delivered double-digit profit growth.

整體服務利潤達到兩位數成長。

CDW Managed Services increased more than 20%.

CDW 託管服務成長了 20% 以上。

As you can see, our deep and broad portfolio of solutions enable the team to address customers' most pressing priorities, and that leads to our third driver of results, relentless commitment to our growth strategy.

正如您所看到的，我們深入而廣泛的解決方案組合使團隊能夠解決客戶最緊迫的問題，這也帶來了我們的第三個成果驅動力，即對成長策略的不懈承諾。

During 2024, we maintained our strategic fortitude and patients.

2024年，我們保持了戰略毅力和耐心。

We continue to build upon our productivity and efficiency work and further strengthen our relevance to our customers, coworkers and partners.

我們將持續加強生產力和效率工作，並進一步加強與客戶、同事和合作夥伴的相關性。

One way we are strengthening and differentiating our relevance is by deepening our technical and industry expertise.

我們加強和區分我們相關性的方法之一是深化我們的技術和行業專業知識。

We know more than anything that customers value our unbiased, highly informed point of view.

我們非常清楚，客戶看重我們公正且知情的觀點。

A point of view that enables our ability to architect and implement full stack multi-branded solutions, which cuts through the noise and deliver outcomes that address each customer's unique needs.

這種觀點使我們能夠設計和實施全端多品牌解決方案，從而消除噪音並提供滿足每個客戶獨特需求的結果。

Sitting side-by-side with the C-suite at the table, CDW industry experts add value to the decision process and move us up the stack.

CDW 產業專家與企業主管坐在一起，為決策過程增添價值，並推動我們向上發展。

CDW Healthcare offerings showcase this expertise, our deeply experienced Healthcare subject matter experts include more than 2 dozen former industry executives.

CDW 醫療保健產品展示了這種專業知識，我們經驗豐富的醫療保健主題專家包括 20 多位前行業高管。

These former CIOs, CTOs and practitioners have been crucial in developing and launching solutions only possible by combining very deep industry-specific expertise with our extensive portfolio and capabilities.

這些前任資訊長、技術長和從業人員在開發和推出解決方案方面發揮了至關重要的作用，而這些解決方案只有將非常深厚的行業專業知識與我們廣泛的產品組合和能力相結合才有可能實現。

Solutions like our proprietary patient room next AI and IoT-based solution and innovative Healthcare transformation centers located across the US.

解決方案包括我們專有的病房、基於 AI 和 IoT 的解決方案以及位於美國各地的創新醫療保健轉型中心。

Healthcare transformation centers are collaborative spaces equipped with the latest technology and staffed by experts where Healthcare organizations can explore new content, develop strategies and test customized solutions.

醫療保健轉型中心是配備最新技術並配備專家的協作空間，醫療保健組織可以在此探索新內容、制定策略和測試客製化解決方案。

Solutions that improve patient care and clinical workflows across the care continuum.

改善整個護理過程中的病患照護和臨床工作流程的解決方案。

One center is capable of running a 2,000 bed hospital complete with a stand-alone isolated data center and simulation lab, and another center is focused on exploring scalable and evolving technologies for enhancing quality of life for those aged 50 and older.

其中一個中心能夠營運一家擁有 2,000 張床位的醫院，配備獨立的資料中心和模擬實驗室；另一個中心則專注於探索可擴展和不斷發展的技術，以提高 50 歲及以上人群的生活品質。

These transformation centers deliver measurable clinical outcomes.

這些轉化中心提供了可衡量的臨床結果。

Outcomes like reduced readmission rates, where real-time access to patient data is combined with advanced analytics, so providers can identify at-risk patients and intervene before they are readmitted, and outcomes like enhanced patient satisfaction, where mobile communication tools and solutions deliver greater engagement and streamlined care coordinations, driving higher patient approval scores.

其結果包括降低再入院率，即將即時存取的患者數據與高級分析相結合，以便服務提供者能夠識別高風險患者並在他們再入院前進行幹預；其結果包括提高患者滿意度，其中行動通訊工具和解決方案可提供更高的參與度和簡化的護理協調，從而提高患者的認可度。

Outcomes all made possible by our strategic focus on enhancing our expertise and our capabilities in the fastest growth, highest relevance cloud and software vectors.

所有成果都得益於我們的策略重點，即增強我們在成長最快、相關度最高的雲端和軟體載體方面的專業知識和能力。

During 2024, we maintained a patient and opportunistic stance towards capital investment.

2024年，我們對資本投資保持了耐心和機會主義的立場。

When the target and the timing was right, we leveraged our cash position and strong free cash flow.

當目標和時機正確時，我們會利用我們的現金狀況和強勁的自由現金流。

And on November 27, we closed our acquisition of Mission Cloud Services a premier AWS partner and leader in driving cloud adoption and migration.

11 月 27 日，我們完成了對 Mission Cloud Services 的收購，該公司是 AWS 的首要合作夥伴，也是推動雲端採用和遷移的領導者。

Mission complements recent investments we have made to drive greater scale in our services and -- as a service offerings.

這項使命是對我們近期投資的補充，旨在擴大我們的服務規模和服務產品範圍。

Investments and capabilities that include cloud migration, full stack and cloud-native software development, DevOps engineering, robust consulting and cloud-based workflow automation expertise and resources.

投資和能力包括雲端遷移、全端和雲端原生軟體開發、DevOps 工程、強大的諮詢和基於雲端的工作流程自動化專業知識和資源。

Mission expands our AWS Connect opportunities and delivers a compelling managed service offering that can be purchased through AWS Marketplace, allowing customers to burn down their cloud commits.

Mission 擴展了我們的 AWS Connect 機會並提供了可透過 AWS Marketplace 購買的引人注目的託管服務產品，讓客戶能夠消耗他們的雲端承諾。

We know how powerful this can be.

我們知道它的威力有多大。

Let me share an example of a solution that combined professional and managed services with AWS Connect and AI.

讓我分享一個將專業和託管服務與 AWS Connect 和 AI 結合的解決方案的範例。

It's an example of how we help a customer drive efficiency find cost savings and improve the customers' experiences and outcomes in today's challenging environment.

這是我們如何在當今充滿挑戰的環境中幫助客戶提高效率、節省成本以及改善客戶體驗和結果的一個例子。

A financial solutions company's on-premise contact center needed an upgrade.

一家金融解決方案公司的內部聯絡中心需要升級。

After careful evaluation, the CDW team designed a flexible custom solution that improved both customer service and streamlined operations.

經過仔細評估，CDW 團隊設計了靈活的客製化解決方案，既改善了客戶服務又簡化了營運。

The solution includes cloud-based compute database and business intelligence that uses AI-driven analytics and natural language understanding.

該解決方案包括基於雲端的運算資料庫和使用人工智慧驅動的分析和自然語言理解的商業智慧。

The project began with a multi-hundred thousand dollar initial investment in CDW delivered technical and implementation services that provided strong ROI to the customer.

該項目最初投資數十萬美元，由 CDW 提供技術和實施服務，為客戶帶來了豐厚的投資回報。

The solution represents a significant monthly spend commitment to CDW for cloud-based customer service agent access to customer data and managed services for continuous performance monitoring.

該解決方案代表 CDW 每月需要投入大量資金，用於基於雲端的客戶服務代理存取客戶資料和託管服務以進行持續的效能監控。

This integrated hardware, software and services solution reduces high maintenance costs, improve scalability, agent performance, customer experience and enables innovative customer service solutions from a data-driven insight.

這種整合的硬體、軟體和服務解決方案可以降低高維護成本、提高可擴展性、代理效能、客戶體驗，並透過數據驅動的洞察力實現創新的客戶服務解決方案。

It's an excellent example of the power of integrating managed and professional services with our full portfolio of cloud and AI offerings.

這是將託管和專業服務與我們全套雲端和人工智慧產品相結合的強大功能的絕佳範例。

Solutions made even more compelling with mission in the family.

家庭使命使得解決方案更加引人注目。

While we have more to do our investments in high relevance, high-growth areas over the past five years have positioned us well to deliver value to our customers, however they need us.

雖然我們還需要增加對高相關性、高成長領域的投資，但過去五年來，這些領域的發展已經使我們能夠以客戶需要的任何方式為他們提供價值。

That leads us to our view for 2025.

這引領我們走向 2025 年的展望。

We currently look for the US IT market to grow by low single digits in 2025 on a customer spend basis and for us to outpace market growth by 200 to 300 basis points.

我們目前預計，到 2025 年，美國 IT 市場在客戶支出基礎上將實現低個位數成長，且我們的成長速度將超過市場成長 200 到 300 個基點。

This outlook factors in expected impact from unique market dynamics on the public spending side, particularly in federal and Education as well as expected intensified pressure for our UK and Canadian operations, given their market face increased uncertainty driven by macro factors and political change.

這一前景考慮了獨特的市場動態對公共支出方面（特別是聯邦和教育領域）的預期影響，以及我們英國和加拿大業務預期將面臨的更大壓力，因為它們的市場面臨宏觀因素和政治變化帶來的不確定性增加。

As always, we base our view of IT growth and what we are seeing in the market and what our customers are telling us about their plans and priorities for 2025.

像往常一樣，我們的觀點是基於 IT 成長、我們在市場上看到的情況以及我們的客戶對我們 2025 年計畫和優先事項的看法。

Right now, our commercial and public customers' decisions remain deliberate with ongoing project scrutiny, pursuit of short-term ROI and continued large project buying hesitancy.

目前，我們的商業和公共客戶的決策仍然是經過深思熟慮的，包括持續的專案審查、對短期投資回報率的追求以及對大型專案購買的持續猶豫。

While our market view recognizes the potential for meaningful exogenous factors to impact demand, including policy uncertainty, the level inflation, the impact of tariffs and other potential disruptors, it does not weigh these wildcards too heavily.

雖然我們的市場觀點承認一些有意義的外生因素可能會影響需求，包括政策不確定性、通膨水準、關稅影響和其他潛在幹擾因素，但我們並不會過度看重這些不確定因素。

For now, we are comfortable with our prudent outlook.

目前，我們對我們的審慎看法感到滿意。

As we always do, we will provide an updated perspective on business conditions and refine our view of the market as we move through the year.

正如我們一貫所做的那樣，我們將提供對商業狀況的最新見解，並在年內不斷完善我們對市場的看法。

In the meantime, we will continue to do what we do best, out-execute the competition.

同時，我們將繼續做我們最擅長的事情，超越競爭對手。

Whatever the conditions, we will use all of our competitive advantages to outperform the market.

無論在什麼條件下，我們都將利用所有競爭優勢來超越市場。

Our customers face proliferating data and ever-expanding cybersecurity needs.

我們的客戶面臨著不斷激增的數據和不斷擴大的網路安全需求。

They face expanding workloads and hardware obsolescence.

他們面臨著不斷增加的工作量和硬體過時的問題。

At the same time, they face the potential and promise of AI and other exciting innovative technologies.

同時，他們也面臨著人工智慧和其他令人興奮的創新技術的潛力和前景。

With our broad and deep portfolio of solutions and services and capabilities, we will be there for our customers as their trusted adviser, today and tomorrow, wherever their priorities lie.

憑藉我們廣泛而深入的解決方案、服務和能力組合，無論客戶現在和將來的優先考慮事項是什麼，我們都將作為他們值得信賴的顧問為他們服務。

Now let me turn it over to Al, who will provide more detail on the financials and outlook.

現在，讓我把主題交給 Al，他將提供有關財務和前景的更多詳細資訊。

Al?

艾爾？

Thank you, Chris, and good morning, everyone.

謝謝你，克里斯，大家早安。

I will start my prepared remarks with details on our fourth quarter performance. provide a brief 2024 full year summary, move to capital allocation priorities and then finish with our 2025 outlook.

我將從我們第四季度業績的詳細情況開始我的準備好的發言。提供簡短的 2024 年全年總結，轉向資本配置優先事項，然後結束我們的 2025 年展望。

Fourth quarter gross profit of $1.2 billion was roughly flat year-over-year, but up 2% compared to the prior year factoring in one less day.

第四季毛利為 12 億美元，與去年同期基本持平，但因工作日減少一天，因此比去年同期成長了 2%。

This was above our original expectation of low to mid-single-digit declines as our teams captured increased demand for cloud, security services and certain hardware products.

由於我們的團隊發現對雲端、安全服務和某些硬體產品的需求增加，這高於我們最初預期的低至中等個位數下降。

In line with our expectations, gross margin of 22.3% was up 50 basis points on a quarter-over-quarter basis, the highest margin quarter of the year but below the record level of 23% achieved in the fourth quarter of 2023.

符合我們的預期，毛利率為 22.3%，季增 50 個基點，是今年利潤率最高的一個季度，但低於 2023 年第四季 23% 的創紀錄水平。

Compared to the prior year, the decline in gross margin was due to a higher contribution from notebook and desktop sales and a modest contraction in margin rate across a few product categories.

與去年相比，毛利率下降是由於筆記型電腦和桌上型電腦銷售貢獻增加以及部分產品類別的利潤率略有收縮。

Netted down revenues represented a strong 35.8% of our gross profit compared to 35.4% in the prior year fourth quarter.

淨虧損收入占我們毛利潤的 35.8%，高於去年同期的 35.4%。

We continue to meet customers where they need us most.

我們將繼續在客戶最需要的地方滿足他們的要求。

The netted down category of solutions represents an important and durable trend within our business.

淨額結算類別的解決方案代表了我們業務中一個重要且持久的趨勢。

While we expect netted down revenue streams to outgrow the rest of the portfolio over time, driven by consistently strong cloud and SaaS growth we may see variance in growth from some of the other netted down categories, including warranties and software assurance as we did this quarter.

雖然我們預計隨著時間的推移，淨收入流將超過投資組合的其他部分，但在雲端和 SaaS 持續強勁成長的推動下，我們可能會看到其他一些淨收入類別的成長差異，包括本季的保固和軟體保障。

Moving to a quick review of our channels for the quarter.

快速回顧本季的管道。

On an average daily sales basis, the commercial business, achieved top line growth for the first time in two years, alongside firm gross margins.

以平均日銷售額計算，商業業務兩年來首次實現營收成長，同時毛利率保持穩定。

In the public space, Education was roughly seasonal and its sequential decline.

在公共領域，教育大致呈現季節性且持續下降的趨勢。

And while government remained challenged, the sequential decline was less than historical levels.

儘管政府仍面臨挑戰，但季減幅度低於歷史水準。

Healthcare was a standout performer this quarter as our team outperformed in a challenging end market, reflecting the strategic investments we've made in this space.

本季度，醫療保健領域表現出色，因為我們的團隊在充滿挑戰的終端市場中表現出色，反映了我們在該領域所做的策略投資。

International net sales grew for the quarter, driven by product volume growth but will behind historical fourth quarter sequential growth rates due to a lack of budget flush activity.

受產品數量成長的推動，本季國際淨銷售額實現成長，但由於缺乏預算充裕的活動，其成長率將落後於歷史第四季的連續成長率。

We still expect volatility in the international end markets as customers in these regions face ongoing economic and political uncertainty.

由於這些地區的客戶面臨持續的經濟和政治不確定性，我們仍然預期國際終端市場將會出現波動。

Overall, I want to credit our teams for delivering above our expectations in a tough environment.

總的來說，我要讚揚我們的團隊在艱難的環境中取得了超出我們預期的成績。

Turning to expenses in the fourth quarter.

談到第四季的開支。

Non-GAAP SG&A totaled $656 million, up 3.3% year-over-year.

非公認會計準則銷售、一般及行政支出總計 6.56 億美元，較去年同期成長 3.3%。

Compared to our prior expectation for SG&A to be roughly flat year-over-year.

相較之下，我們先前預期銷售、一般及行政開支與去年同期大致持平。

This increase was mostly due to higher gross profit achievement.

這一增長主要歸因於毛利的提高。

The efficiency ratio of non-GAAP SG&A to gross profit was 56.8%.

非公認會計準則銷售、一般及行政費用與毛利的效率比率為56.8%。

Coworker count at the end of the year was approximately 15,100.

年底員工人數約 15,100 人。

While customer-facing coworker count was approximately 10,900, both down 300 coworkers from the third quarter and flat to last year.

而面向客戶的員工人數約為 10,900 人，較第三季減少了 300 人，與去年持平。

These numbers take into consideration both our acquisition of Mission Cloud Services and the actions taken in the fourth quarter to align our expenses to market conditions.

這些數字考慮了我們對 Mission Cloud Services 的收購以及第四季度為使我們的支出與市場狀況保持一致而採取的行動。

Our goal is to balance growth, expansion of capabilities and exceptional customer experience with greater efficiency and cost leverage from our broader operations.

我們的目標是透過更廣泛的營運來實現成長、能力擴展和卓越的客戶體驗與更高的效率和成本槓桿之間的平衡。

Non-GAAP operating income was approximately $500 million, down 3.8% versus the prior year, driven by lower gross margins year-over-year combined with higher expenses.

非公認會計準則營業收入約 5 億美元，較前一年下降 3.8%，原因是毛利率年減及費用增加。

Non-GAAP operating income margin of 9.6% was down from the record 10.3% in the prior year.

非公認會計準則營業收入利潤率為 9.6%，低於去年同期的 10.3%。

Our non-GAAP net income was $333 million in the quarter, down 4.7% on a year-over-year basis, impacted by slightly higher interest expense following our debt refinancing and lower interest income due to modestly lower rates.

本季度，我們的非公認會計準則淨收入為 3.33 億美元，較去年同期下降 4.7%，主要是受債務再融資後利息支出略有增加以及利率略有下降導致利息收入減少的影響。

With fourth quarter weighted average diluted shares of $134.4 million, non-GAAP net income per diluted share was $2.48, down 3.7% versus the prior year.

第四季加權平均攤薄收益為 1.344 億美元，非公認會計準則每股攤薄淨收益為 2.48 美元，較上年下降 3.7%。

Shifting gears to briefly review full year results. 2024 was the second consecutive year we experienced a challenging environment.

換個主題來簡單回顧一下全年業績。 2024 年是我們連續第二年經歷充滿挑戰的環境。

Demand was below what we initially anticipated and customer sentiment was cautious throughout the year with more deliberation and decision-making and elongated sales cycles.

需求低於我們最初的預期，全年客戶情緒都很謹慎，需要更多的審議和決策，銷售週期也延長。

Net-net, this led to a 1.8% decline in net sales and a 1.1% decline in gross profit.

淨利潤方面，這導致淨銷售額下降1.8%，毛利下降1.1%。

Despite these declines, gross margins held firm year-over-year at 21.9% versus 21.8%, showing that even when client devices are stronger, and solution hardware is weaker, our margins remain resilient.

儘管這些下降，但毛利率仍同比保持穩定，為 21.9%，而去年同期為 21.8%，這表明即使客戶端設備更強大，而解決方案硬體更弱，我們的利潤率仍然保持彈性。

Our strategy investments are working.

我們的戰略投資正在發揮作用。

Investments like the recent acquisition of Mission Cloud Services which brings capabilities which should position us well for growth in the future.

這些投資，例如最近收購 Mission Cloud Services，為我們帶來了未來成長的良好基礎。

As always, we will continue to pivot to meet customers where they need us, no matter of the environment.

像往常一樣，無論環境如何，我們將繼續努力滿足客戶的需求。

Down the P&L, we saw higher year-over-year non-GAAP expenses as we pivoted to adjust our fixed cost base to align to an uneven demand environment and made judicious investments in support of our strategy.

在損益表中，我們看到非公認會計準則支出年比有所增加，因為我們調整了固定成本基礎以適應不平衡的需求環境，並進行了明智的投資以支持我們的策略。

This led to year-over-year decline of 4.5%, 4.4% and 3.6% and our non-GAAP operating income non-GAAP net income and non-GAAP net income per diluted share, respectively.

這導致我們的非公認會計準則營業收入、非公認會計準則淨收入和非公認會計準則每股稀釋淨收入分別較去年同期下降 4.5%、4.4% 和 3.6%。

Moving to the balance sheet.

轉到資產負債表。

At period end, net debt was roughly $5.1 billion, up roughly $253 million from the third quarter and approximately $69 million since year-end 2023.

截至期末，淨債務約 51 億美元，較第三季增加約 2.53 億美元，自 2023 年底以來增加約 6,900 萬美元。

This was driven by our use of cash during the quarter, notably to fund our acquisition of Mission Cloud Services.

這是由於我們本季的現金使用情況，特別是用於收購 Mission Cloud Services 的資金。

Liquidity remains strong with cash plus revolver availability of approximately $1.7 billion.

流動性依然強勁，現金和循環信貸餘額約為 17 億美元。

The three month average cash conversion cycle was 18 days, up one day from the prior year and at the low end of our targeted range of high teens to low 20s.

三個月的平均現金轉換週期為 18 天，比前一年增加了一天，處於我們所設定的目標範圍（10 多天到 20 多天）的低端。

This cash conversion reflects our effective management of working capital, including proactive management of our inventory levels.

這種現金轉換反映了我們對營運資本的有效管理，包括對庫存水準的主動管理。

As we've mentioned in the past, timing and market dynamics will influence working capital in any given quarter or year.

正如我們過去所提到的，時間和市場動態會影響任何特定季度或年份的營運資本。

We continue to believe our target cash conversion range remains the best guidepost for modeling working capital longer term.

我們仍然相信，我們的目標現金轉換範圍仍然是長期營運資本建模的最佳指導方針。

Adjusted cash flow -- free cash flow was $315 million in the quarter, consistent with our expectations.

調整後的現金流－本季自由現金流為 3.15 億美元，與我們的預期一致。

For 2024, in total, adjusted free cash flow was a healthy $1.1 billion and 84% of our non-GAAP net income, achieving our stated rule of thumb of 80% to 90% of non-GAAP net income.

就 2024 年而言，調整後的自由現金流總計達到 11 億美元，佔非 GAAP 淨收入的 84%，實現了我們所述的非 GAAP 淨收入 80% 至 90% 的經驗法則。

For the quarter, we utilized cash consistent with our 2024 capital allocation objectives, including returning approximately $146 million in share repurchases and $83 million in the form of dividends.

本季度，我們使用的現金與 2024 年資本配置目標一致，包括以股票回購形式返還約 1.46 億美元和以股息形式返還 8,300 萬美元。

For the year with $332 million of dividends and $500 million of share repurchases, we exceeded our target of returning 50% to 75% of adjusted free cash flow to shareholders finishing the year at approximately 77%.

全年我們派發了 3.32 億美元的股息併回購了 5 億美元的股票，超額完成了將 50% 至 75% 的調整後自由現金流返還給股東的目標，年底時這一比例約為 77%。

That brings me to our capital allocation priorities.

這讓我想到了我們的資本配置優先事項。

Our first capital priority is to increase the dividend in line with our non-GAAP net income growth.

我們的首要資本重點是根據非公認會計準則淨收入的成長來增加股利。

We announced on our last earnings call, an approximately 1% increase of our dividend to $2.50 annually, our 11th consecutive year in increasing the dividend.

我們在上次收益電話會議上宣布，股息將增加約 1%，至每年 2.50 美元，這是我們連續第 11 年增加股息。

We will continue to prudently manage our dividend with respect to the growth environment and target a roughly 25% payout ratio versus non-GAAP net income going forward.

我們將繼續根據成長環境審慎管理股息，並將未來非公認會計準則淨收入的股利率目標定為約 25%。

Our second priority is to ensure we have the right capital structure in place.

我們的第二個優先事項是確保我們擁有正確的資本結構。

We ended the fourth quarter at 2.5 times net leverage within our targeted range of 2 to 3 times.

截至第四季度，我們的淨槓桿率為 2.5 倍，處於我們 2 至 3 倍的目標範圍內。

We will continue to proactively manage liquidity while maintaining flexibility as evidenced by our 2024 debt refinancing and redemption actions.

我們將繼續積極管理流動性，同時保持靈活性，這從我們 2024 年的債務再融資和贖回行動中可以看出。

Finally, our third and fourth capital allocation priorities of M&A and share repurchases remain important drivers of shareholder value.

最後，我們的第三和第四個資本配置重點是併購和股票回購，這仍然是股東價值的重要驅動力。

We continually evaluate M&A opportunities that could accelerate our three part strategy for growth as shown by our recent acquisition of Mission Cloud Services.

我們不斷評估可以加速我們三部分成長策略的併購機會，正如我們最近收購 Mission Cloud Services 所顯示的那樣。

Likewise, we remain committed to our target to return 50% to 75% of our adjusted free cash flow to shareholders via the dividend and share repurchases.

同樣，我們仍然致力於實現我們的目標，即透過股息和股票回購將 50% 至 75% 的調整後自由現金流返還給股東。

As such, we are pleased to announce an additional $750 million share repurchase authorization program approved by our Board of Directors.

因此，我們很高興地宣布董事會批准了額外的 7.5 億美元股票回購授權計畫。

On top of the approximately $588 million of authorization remaining under our current program for 2025 and beyond.

在我們目前計劃下，2025 年及以後剩餘的約 5.88 億美元授權基礎上。

And that leads us to our outlook.

這也引出了我們的觀點。

Customer sentiment remains cautious across end markets.

終端市場的客戶情緒依然謹慎。

We expect these conditions to persist in the near term but are cautiously optimistic about 25 as an inflection point for the demand cycle.

我們預計這些情況將在短期內持續存在，但對於 25 作為需求週期的轉折點持謹慎樂觀的態度。

Customers still have a compelling need to address priorities such as workload growth, increasing security threats and aging client devices.

客戶仍迫切需要解決工作量成長、安全威脅加劇和客戶端設備老化等優先問題。

And while uncertain macroeconomic conditions and a complex technology landscape, may continue to weigh on customer demand for solutions hardware, we anticipate leveling demand for these products, including in areas like NetComm that saw depressed growth rates in 2024, driven by product digestion and after lapping tough 2023 compares.

儘管不確定的宏觀經濟條件和複雜的技術格局可能會繼續影響客戶對解決方案硬體的需求，但我們預計這些產品的需求將趨於平穩，包括 NetComm 等在 2024 年增長率下降的領域，這是受產品消化和 2023 年艱難對比的影響。

With these factors in mind, our full year 2025 expectation is for the IT market to grow low single digits.

考慮到這些因素，我們預計 2025 年全年 IT 市場將實現低個位數成長。

We target market outperformance of 200 to 300 basis points on a customer spend basis.

我們的目標是，根據客戶支出，超越市場 200 至 300 個基點。

Based on the anticipated mix of products and solutions, we expect low single-digit gross profit growth.

根據預期的產品和解決方案組合，我們預計毛利將實現低個位數成長。

We also expect gross margin to remain relatively stable and within the range of 2024 levels as we continue to scale up our cloud, SaaS and services businesses, while balancing the prospect of a return to growth in solutions hardware.

我們也預計，隨著我們繼續擴大雲端、SaaS 和服務業務，同時平衡解決方案硬體恢復成長的前景，毛利率將保持相對穩定並在 2024 年的水平範圍內。

We expect first half gross profit to be slightly lower than the second half, reasonably in line with our historical seasonal splits of 48% versus 52%.

我們預計上半年的毛利將略低於下半年，與我們歷史上 48% 和 52% 的季節性分成比例合理一致。

Finally, we expect our full year non-GAAP earnings per diluted share to grow low single digits year-over-year as we focus on profitable growth, exceptional customer outcomes and an effective execution of our capital allocation priorities.

最後，由於我們專注於獲利成長、卓越的客戶成果和有效執行我們的資本配置重點，我們預計全年非公認會計準則每股攤薄收益將年增低個位數。

Please remember, we hold ourselves accountable for delivering our financial outlook on a full year constant currency basis.

請記住，我們有責任根據全年固定匯率基礎提供我們的財務展望。

On that note, we expect currency to be a slight headwind to reported growth throughout the year.

就這一點而言，我們預計貨幣將對全年報告的成長產生輕微的阻力。

Moving to modeling thoughts for the first quarter.

轉向第一季的建模思路。

We anticipate mid-single-digit gross profit decline sequentially and relatively in line with historical levels, leading to low single-digit year-over-year growth, and we expect gross margin to be similar to overall 2024 levels.

我們預計毛利將環比下降中個位數，與歷史水準相對一致，從而實現同比增長低個位數，我們預計毛利率將與 2024 年的整體水準相似。

Moving down the P&L.

降低損益表。

We expect first quarter operating expenses to be similar to both the first quarter and fourth quarter of 2024 on a dollar basis.

我們預計第一季的營運費用以美元計算將與 2024 年第一季和第四季相似。

As we've seen in the last few years, this will result in the first quarter being the highest level of non-GAAP SG&A as a percentage of gross profit for the year.

正如我們在過去幾年所看到的，這將導致第一季非 GAAP 銷售、一般及行政費用佔全年毛利的百分比達到最高水平。

Finally, we expect first quarter non-GAAP earnings per diluted share to grow in the low single-digit range year-over-year.

最後，我們預期第一季非公認會計準則每股攤薄收益將年增至個位數的低點。

That concludes the financial summary.

以上就是財務摘要。

As always, we will provide updated views on the macro environment and our business on our future earnings calls.

像往常一樣，我們將在未來的收益電話會議上提供有關宏觀環境和業務的最新看法。

And with that, I will ask the operator to open it for questions.

現在，我將請接線員打開它來回答問題。

(Event Instructions).

（活動說明）。

Thank you.

謝謝。

(Operator Instructions)

（操作員指令）

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

I guess just to start with Chris, when I think about the calendar '25 guide that folks just provided, how are you thinking about different parts of the public vertical kind of stack having the growth profile?

我想先從克里斯開始，當我想到人們剛剛提供的 25 年日曆指南時，您如何看待公共垂直堆疊的不同部分具有增長概況？

And I guess, really, given the focus on efficiencies and the impact on Dodge, how do you see that kind of playing out for CDW in the near to medium term?

我想，考慮到對效率的關注以及對道奇的影響，您認為這對 CDW 的近期和中期發展有何影響？

That would be really helpful.

那將會非常有幫助。

Yes.

是的。

On the public sector side, we've taken into consideration those areas that we can in our typical seasonality and some of the the unique factors that we're facing in terms of Education being at the end of that large funding cycle, et cetera.

在公共部門方面，我們已經考慮了我們在典型季節性中能夠考慮的領域，以及我們在教育方面面臨的一些獨特因素，因為教育正處於大型資金週期的末期，等等。

But here's what I would say.

但我想說的是。

I'd say, look, it's too early to tell where all these things are coming out.

我想說，現在判斷這些事情的最終結果還為時過早。

We've got a lot of lack of clarity.

我們還有很多不清楚的地方。

Things are moving fast.

事情進展得很快。

They're very fluid.

它們非常流暢。

And so we're basically taking it and analyzing as we go, and we'll update as we go through the year.

因此，我們基本上是在進行過程中進行分析，並在一年內進行更新。

I would say that when it comes to dose, there are going to be puts and takes.

我想說，當談到劑量時，就會有取捨。

Any time you reduce workforce that tends to slow things down in the government space, and we have factored that in.

任何時候減少勞動力都會導致政府領域的進程放緩，我們已經將這一點考慮到了。

But on the other side, anything driving efficiency is positive for technology over the long run.

但另一方面，從長遠來看，任何提高效率的事物都對技術有利。

So we've tried to be prudent and cautious in our federal approach knowing full well that we just don't have all the clarity and we're going to continue to assess and update you as we go through the year.

因此，我們在採取聯邦措施時試圖保持審慎和謹慎，但我們也充分認識到，我們還未完全了解情況，我們將在今年繼續評估和更新情況。

On Education, we're getting news every single day around the Education side.

在教育方面，我們每天都會收到有關教育的新聞。

And so we're just going to be very measured.

因此我們會非常慎重。

We're going to stay aware.

我們會保持警惕。

We're going to stay tuned, but not be overly reactive and we're going to continue to assess funding sources and policy changes across the board.

我們將保持關注，但不會過度反應，我們將繼續全面評估資金來源和政策變化。

As I said, there are going to be puts and takes.

正如我所說的，會發生一些得失。

There's going to be -- you'll have reductions, but you'll also have a realignment, and it will be our job to figure out where the opportunities and risks are.

將會有削減，但也會重新調整，我們的工作就是找出機會和風險所在。

And we got a strong -- we've got a very strong federal, state and local and Education business.

我們擁有非常強大的聯邦、州、地方和教育業務。

We have 40 years of finding where the funds are and helping our customers actually work their way through and understand changes, and we're right in the middle of doing that right now.

四十年來，我們一直致力於尋找資金來源，並幫助我們的客戶真正解決問題並理解變化，現在我們正處於這項工作的進行中。

There's a lot of discussion with customers.

與客戶進行了大量討論。

There's a lot of analysis.

有很多分析。

They really are turning to us to understand on a daily basis and longer term.

他們確實在日常和長期內向我們尋求理解。

Certainly, I think you're going to see some air pockets as people figure things out.

當然，我認為，當人們弄清楚事情的時候，你會看到一些氣泡。

But over the long run, we think that technology is going to be a winner across the federal and Education landscape.

但從長遠來看，我們認為科技將成為聯邦和教育領域的贏家。

Got it.

知道了。

That's really helpful.

這真的很有幫助。

If I could just follow up.

如果我可以跟進的話。

When I think about the low single-digit gross profit dollar guide for the year, you're expecting the broader IT spend and see that this top line to be somewhat better than that.

當我想到今年低個位數的毛利指南時，您會預期更廣泛的 IT 支出，並發現這個營收數字會比這略好一些。

So what's kind of driving a bit more muted gross profit dollar growth, if you make?

那麼，如果您這樣做的話，什麼因素會造成毛利成長略微放緩呢？

Is it mix?

是混合的嗎？

Or are there some other factors that we should be aware about?

或者我們還應該注意其他一些因素？

Just help us think about that low single-digit profit dollar growth would be helpful.

只要幫助我們思考一下，低個位數的利潤成長就會有所幫助。

It's Al.

是艾爾。

I would say, look, as you think about our outlook and down the P&L, the actual variance between the line items from customer spend, gross profit all the way down to EPS.

我想說，看，當你考慮我們的前景和損益表時，從客戶支出、毛利一直到每股盈餘的各個項目之間的實際差異。

The variance in those growth rates are not significant.

這些成長率的差異並不顯著。

So that's number one.

這是第一點。

So there's nothing there too meaningful to report beyond maybe a little bit of a shifting of mix.

因此，除了可能稍微改變組合之外，沒有什麼太有意義的事情可以報告。

So -- and I maybe would just note that with that shifting in mix.

所以 — — 我可能只是想注意到混合中的這種轉變。

We would probably continue to see a little bit of compression in net sales as we continue to lead in lean into netted down, which will bolster gross profit. a little bit of a continued pressure on the expense line that would depress non-GAAP operating income a bit, but then you pick up some leverage as you get further down into EPS.

由於我們繼續引領淨銷售額下降，我們可能會繼續看到淨銷售額略有壓縮，這將提高毛利。費用線持續承受的壓力會稍微壓低非公認會計準則下的營業收入，但隨著每股盈餘的進一步下降，你就可以獲得一些槓桿作用。

So the variance between those categories, not too meaningful overall.

因此，這些類別之間的差異總體上不是太有意義。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

I guess maybe to start off on the 4Q results, you had a strong end to the year, but it also seemed like within the verticals that you called out, Healthcare was particularly strong, up, I think, close to 30% on a day adjusted basis.

我想也許從第四季度的業績開始說，你們今年的業績表現強勁，但似乎在你們提到的垂直行業中，醫療保健行業表現尤為強勁，我認為，按日調整後計算，增長率接近 30%。

Can you just go through sort of what drove that?

您能否簡單講一下造成這種情況的原因是什麼？

Was it a lot of transaction business or any sort of anything else that drove that number to be that strong and I have a quick follow-up.

是不是大量的交易業務或其他什麼因素推動了這一數字如此強勁，我會很快跟進。

Yes, sure.

是的，當然。

Look, Healthcare was a standout and Healthcare has been performing for several quarters now.

你看，醫療保健表現突出，而且醫療保健已經連續幾個季度表現優異。

The net sales number reflected the mix that we saw a really nice number there.

淨銷售額數字反映了我們看到的非常好的數字。

But at the end of the day, it's been a very balanced success over the last couple of quarters with Healthcare, which is a reflection of our strategy and how we bring value to our customers.

但最終，過去幾季我們在醫療保健領域取得了非常均衡的成功，這反映了我們的策略以及我們如何為客戶帶來價值。

The broadened portfolio, particularly around cloud, when you couple that with our deep Healthcare expertise.

當您將擴大的產品組合（尤其是在雲端運算領域）與我們深厚的醫療保健專業知識結合時。

Those enable the Healthcare teams to be real trusted partners and help our Healthcare customers on their cloud journeys.

這些使醫療保健團隊成為真正值得信賴的合作夥伴，並幫助我們的醫療保健客戶實現雲端運算之旅。

We've made a number of investments behind Healthcare in the capabilities and technologies and partners, frankly, that we bring to bear.

坦白說，我們在醫療保健領域的能力、技術和合作夥伴方面進行了大量投資。

And that is just bearing fruits.

這才剛結出果實。

Now I would say that we are overlapping a couple of very difficult years.

現在我想說，我們正經歷幾年非常艱難的時期。

So the number, it does seem high.

所以這個數字確實看起來很高。

But at the end of the day, very, very proud of the Healthcare team and the focus and execution that they're bringing to bear for Healthcare organizations that are really earlier in their journey on cloud, and we're right there to help them along the way.

但最終，我為醫療保健團隊感到非常自豪，他們為那些在雲端運算之旅中起步的醫療保健組織帶來的專注和執行力感到自豪，我們會一直在那裡幫助他們。

And maybe, Samik, I'll just add on that.

也許，薩米克，我只是想補充這一點。

Chris' point about the comps.

克里斯 (Chris) 關於 comps 的觀點。

As we think about overcoming the comps on Netcomm, Healthcare would be a big one in that regard.

當我們考慮超越 Netcomm 時，醫療保健將是其中最重要的一個。

It also adds that business, as we've invested behind it has built a nice client base, including some larger transactions.

它還補充說，由於我們在其背後投資，該業務已經建立了良好的客戶群，包括一些較大的交易。

So while we are definitely pleased with the execution and the outcomes there, there is an element there of transactions that may not be fully recurring.

因此，雖然我們對執行情況和結果非常滿意，但其中的一些交易可能並未完全重複。

And then finally, I would just note, while that the business is really strong in healthcare, it tended to somewhat offset some of the declines from government Education.

最後，我只想指出，雖然我們的業務在醫療保健領域確實表現強勁，但它在某種程度上抵消了政府教育領域的部分下滑。

So that would be round out kind of that overall public sector.

這樣，整個公共部門就都完整了。

Got it.

知道了。

And probably this one, the follow-up is for you.

可能這一篇，後續內容就是為你準備的。

Just following up on my last question.

我只是繼續回答我上一個問題。

You mentioned the mix sort of on the net sales side.

您提到了淨銷售方面的混合類型。

And I think what you're referring to, which you referred in your prepared remarks is the change in practices from like some Microsoft on the subscription of the on the cloud subscriptions.

我認為您在準備好的發言中所指的是從微軟等公司在雲端訂閱方面的實踐變化。

I think a lot of investors are curious sort of what that magnitude of exposure looks like and how you're sort of navigating through those changes and policies from some of these sort of cloud companies.

我認為很多投資人都很好奇這種程度的風險敞口是什麼樣的，以及如何應對這些雲端運算公司的變化和政策。

Sure, Samik.

當然，薩米克。

I think we mentioned that last call on some of the Microsoft changes or we got the question with respect to that.

我想我們提到了微軟的一些變化，或者我們對此提出了疑問。

Look, we see program changes and change incentive from partners very commonly.

你看，我們經常看到來自合作夥伴的計劃變化和改變激勵。

This one was telegraphed for quite a while.

這封電報已經傳了好長一段時間了。

And so the impact on '25 from that is not material to our overall results.

因此，這對 25 年的影響對於我們的整體業績來說並不重要。

We had been seeing that coming.

我們早已預見了這一點。

We were contemplating that.

我們正在考慮這一點。

And as usual, we are pivoting to both the other opportunities for growth with Microsoft but also with other partners.

像往常一樣，我們既致力於尋找與微軟共同發展的機會，也致力於與其他合作夥伴共同發展的機會。

(Operator Instructions)

（操作員指令）

Harry Reid, Redburn.

哈里·里德，雷德伯恩。

Just (inaudible) up on a comment made helping clients run down that annual commit on AWS.

剛剛（聽不清楚）發表了一則評論，幫助客戶完成 AWS 上的年度提交。

I'm just thinking about the moats in the business and if there's some threat of disintermediation is the by nature of the value-added service of the reseller essentially protecting that moat and why our clients wouldn't procure directly from AWS marketplace for some of their software?

我只是在思考業務中的護城河，如果存在去中介化的威脅，那麼經銷商的增值服務的本質是否從本質上保護了該護城河，為什麼我們的客戶不直接從 AWS 市場採購某些軟體？

Just any comments there would be very helpful.

任何評論都會非常有幫助。

Yes, it's great to have you on.

是的，很高興您能來。

I would characterize it this way, the moat that CDW has is all of the services that we wrap around the market place purchases.

我會這樣描述它，CDW 的護城河是我們圍繞市場採購提供的所有服務。

In fact, we were just named AWS Marketplace Partner of the Year.

事實上，我們剛剛被評為年度 AWS 市場合作夥伴。

And our customers really turn to us because marketplace is another complexity, if you will, in the procurement chain.

我們的客戶真正向我們求助是因為市場是採購鏈中的另一個複雜因素。

And CDW brings to bear all the input and expertise that customers make good decisions.

CDW 將所有的意見和專業知識運用在客戶做出正確決策的過程中。

The other thing to remember is that our clients are really squarely hybrid cloud, meaning multi-cloud and on-prem and while cloud is obviously growing very quickly.

要記住的另一件事是，我們的客戶實際上是混合雲，這意味著多雲和內部部署，而雲端顯然成長非常迅速。

We have many customers who are also repatriating back to on-premise and have particular reasons that they want to stay on premise, including some of the advances in AI and efficiency around models, et cetera.

我們有許多客戶也將業務轉移回本地，他們希望留在本地有特殊的原因，包括人工智慧和模型效率的一些進步等等。

So the interconnectivity that our customers have across their entire hybrid infrastructure is critically important to have knowledge around.

因此，了解我們的客戶在整個混合基礎設施中所擁有的互聯互通性至關重要。

And the only ones who could do that are folks like us who understand the customers' full estate and how things work together.

而唯一能夠做到這一點的人就是我們這些了解客戶的全部資產以及事物如何協同運作的人。

So we are investing behind that.

因此我們對此進行了投資。

Mission Cloud is a great example of a strategic investment to continue to build our differentiation and we're pleased to have them as part of the family and they're -- they've joined us and taken off well.

Mission Cloud 是繼續建立我們差異化的策略投資的一個很好的例子，我們很高興他們成為我們大家庭的一部分，他們加入了我們，並且發展得很好。

Ruplu Bhattacharya, Bank of America.

美國銀行的 Ruplu Bhattacharya。

First one for Chris.

第一個是克里斯。

In the past, SMB has been a bellwether for a change in end market demand.

過去，中小企業一直是終端市場需求變化的風向標。

It looks like revenues in that segment this quarter grew about 3% year-on-year. and that's after essentially two years of weakness.

看起來本季該部門的營收年增了約 3%。這已經是兩年來的疲軟之後的事了。

So Chris, was there any onetime in this quarter?

那麼克里斯，本季有沒有什麼一次性的事情？

And do you think that, that segment can now grow year-on-year?

您認為該部分現在能夠逐年成長嗎？

And should we think this as a positive indication for overall market demand?

我們是否應該將此視為整體市場需求的正面跡象？

And I have a follow-up for Al.

我還要跟進 Al 的情況。

Yes.

是的。

I would say, look, our small business and corporate businesses both showed signs of stabilization this past quarter.

我想說，看，我們的小型企業和企業業務在過去的一個季度都顯示出穩定的跡象。

And we've said before that we saw small business kind of bumping along the bottom and now in Q4, a little bit of stabilization.

我們之前說過，我們看到小企業在底部徘徊，現在到了第四季度，情況有所穩定。

We are seeing -- when I say stabilization, I want to be clear that what I mean is the rhythm of the business.

我們看到——當我說穩定時，我想清楚地表明我的意思是指業務的節奏。

We're seeing less unevenness, more stability in the rhythm of the business. the activities in the business, et cetera.

我們看到業務節奏的不平衡性正在減少，穩定性正在增強。商業活動等等。

So we find that really encouraging.

因此，我們發現這確實令人鼓舞。

At the same time, Ruplu, I'd just say that customers remain cautious.

同時，Ruplu，我只想說客戶仍然要保持謹慎。

And we are taking that into account as we think about our outlook and being very prudent, particularly with everything that's happening in the environment.

當我們思考我們的前景時，我們會考慮到這一點，並且非常謹慎，特別是考慮到環境中發生的一切。

It's unclear what's going to happen with inflation.

目前還不清楚通貨膨脹將會發生什麼事。

Clearly, interest rates is an issue out there and then just add all the policy uncertainty and impact -- downstream impact and uncertainty, I think we're going to see small businesses continue to be cautious.

顯然，利率是一個問題，再加上所有政策的不確定性和影響——下游的影響和不確定性，我認為我們將看到小型企業繼續保持謹慎。

But the good news is, is they're cautious and they're optimizing for cost and cost efficiency we've been helping them significantly using cloud and ratable and subscription offerings.

但好消息是，他們很謹慎，並且正在優化成本和成本效率，我們一直在使用雲端、可評級和訂閱產品為他們提供巨大的幫助。

So I wouldn't call it a rebound just yet with small business, but we are cautiously optimistic.

因此，我不會稱小企業現在反彈，但我們持謹慎樂觀的態度。

Okay.

好的。

Al, if I can ask you a question on margins. specifically, if we look at the gross margin of the core business, ex the netted down items, looks like fiscal '24 overall came in at 15.4%.

艾爾，我可以問你一個關於利潤的問題嗎？具體來說，如果我們看一下核心業務的毛利率（扣除淨減項目），24財年的整體毛利率為15.4％。

So it was down about 40 bps year-on-year.

因此與去年同期相比下降了約 40 個基點。

But the fourth quarter, I think, came in the core business margins 1.5%, so that grew sequentially.

但我認為第四季核心業務利潤率為 1.5%，因此環比成長。

The question -- my question to you is fiscal '25 should see an improvement in some end market or end device products like PCs.

我的問題是，25 財年應該會看到一些終端市場或終端設備產品（如個人電腦）的改善。

So how are you thinking about core business margins trending in fiscal '25?

那麼您認為 25 財年核心業務利潤率的趨勢如何？

Sure.

當然。

Thanks, Ruplu.

謝謝，Ruplu。

A couple of things I would note.

有幾件事我想指出。

You are right.

你是對的。

For the quarter, our non-netted down margin was 15.5%.

本季度，我們的非淨虧損利潤率為 15.5%。

That sequentially was up about 30 basis points. but it was down year-over-year, and I think for the full year, down about 40 basis points, you might have mentioned that.

該數字比上一季上漲了約 30 個基點。但與去年同期相比有所下降，我認為全年下降了約 40 個基點，您可能提到過這一點。

As we think about 2025, I would say net-net, Ruplu would expect that margin to hold reasonably firm.

當我們展望 2025 年時，我會說，Ruplu 預計該利潤率將保持相當穩固。

And the reason for that would be while we expect that client will continue to move along a path.

原因是我們預期客戶端將繼續沿著一條路徑移動。

We wouldn't expect significant acceleration, but move along the pad, it's been on.

我們不會期望有明顯的加速，但沿著墊子移動，它就一直在運行。

We would also expect modest growth of solutions, which we think will aid those non-netted down margins.

我們也預計解決方案將出現適度成長，我們認為這將有助於提高非淨利潤率。

And then we are cautiously optimistic as hardware comes back that you will see more services attached, which certainly will aid that margin as well.

然後我們謹慎樂觀地認為，隨著硬體的回歸，你會看到更多的附加服務，這肯定也將有助於提高利潤。

So all things considered, we would expect that non-main margin to hold pretty firm during '25.

因此，綜合考慮所有因素，我們預計非主要利潤率在 25 年期間將保持相當穩固。

Keith Housum, Northcoast Research.

基思‧豪瑟姆 (Keith Housum)，Northcoast Research。

Chris, just a little bit more on the Mission Cloud Services acquisition.

克里斯，我想再多介紹一下 Mission Cloud Services 的收購。

Perhaps can you provide a little bit of context about what it provides to you guys in terms of the financial statements.

也許您能提供一些背景信息，說明它在財務報表方面為您提供了什麼。

I mean you do a good job explaining the business.

我的意思是你很好地解釋了業務。

But in terms of -- is it accretive to your gross margins into the bottom line?

但就其本身而言——它是否會增加你的毛利率並轉化為利潤？

And do you guys require a significant investment to kind of make it more of a CDW type integrated product that you guys have?

你們是否需要大量投資才能使其更像 CDW 類型的整合產品？

Yes.

是的。

Sure, Keith.

當然，基斯。

Let me start and then I'll hand it over to Al.

讓我先開始，然後我會把它交給艾爾。

We're really excited about Mission Cloud.

我們對 Mission Cloud 感到非常興奮。

It's in a fast-growth mode.

它正處於快速成長模式。

It's a profitable business.

這是一項有利可圖的生意。

It brings incredible AWS expertise and reputation in the market.

它帶來了市場上令人難以置信的 AWS 專業知識和聲譽。

And we're really excited to bring that to there across our customer base.

我們非常高興能夠將其帶給我們的客戶群。

As they are focused on mid-market and small business, which is a sweet spot for us, but extensible into the rest of our segments.

因為他們專注於中型市場和小型企業，這對我們來說是一個最佳點，但可以擴展到我們其他的細分市場。

In terms of accretive, the price we paid and we won't see much addition to the bottom line profitability this year because of the foregone interest.

就增值而言，我們支付的價格和今年的底線盈利能力不會有太大增加，因為放棄了利息。

And as a result, we're not going to see a big impact.

因此，我們不會看到很大的影響。

That said, we do expect Mission Cloud to have a significant impact on our strategy and growth rates going forward.

儘管如此，我們確實預期 Mission Cloud 將對我們未來的策略和成長率產生重大影響。

Yes.

是的。

Thanks, Keith.

謝謝，基斯。

The only thing I would add is, look, Mission is a company that is in growth mode, but notably is profitable.

我唯一想補充的是，你看，Mission 是一家處於成長模式的公司，但值得注意的是，它是盈利的。

So we deemed it and deem it as a high-quality asset, but we are in the formative stages of integration, so to Chris' point, the materiality at the gross profit and the non-GAAP operating income line would be not substantial in '25, and then really pretty much flat down to EPS when you think about the interest income.

因此，我們認為它是一項高品質資產，但我們正處於整合的形成階段，因此正如克里斯所說，毛利和非公認會計準則營業收入線的重要性在25年並不大，然後當你考慮利息收入時，它實際上與每股收益基本持平。

And again, Chris hit this, as we fully integrate in '25, and we open the aperture to our vast customer base.

克里斯再次強調，隨著我們在 25 年實現全面整合，我們向龐大的客戶群敞開了大門。

We think the upside in the accretion possibilities for Mission are really significant.

我們認為，Mission 的增值可能性的上升空間確實非常大。

Great.

偉大的。

I appreciate it.

我很感激。

And then earlier on, you mentioned a little bit of gross margin pressure from some price in the end markets.

然後之前，您提到了終端市場的一些價格給毛利率帶來了一些壓力。

I just want to make sure I understood that correctly.

我只是想確保我理解得正確。

And two, what's the expectation that would continue going forward?

第二，未來會有怎樣的預期？

Sure, Keith.

當然，基斯。

Yes, in kind of walk of the gross margin components and the puts and takes, one of the things that I mentioned was like-for-like, we saw a bit of a compression, particularly in the product side of the house.

是的，在毛利率組成部分和收益的變化中，我提到的其中一件事是，我們看到了一點壓縮，特別是在產品方面。

Now I just recall, Keith, that we've had now several years of product margins holding up really, really strong.

基思，我現在回想起來，我們的產品利潤率已經有好幾年保持非常非常強勁的勢頭。

And I think we've called out that at some point, you could see an impression.

而且我認為我們已經指出，在某個時候，你會看到一種印象。

I would not note what we saw in the quarter as material.

我不會將本季看到的情況視為重要內容。

And probably the most notable area where we saw a little bit of compression was clients.

我們看到壓縮現象最顯著的領域可能是客戶端。

So when we factor in all of the elements on the margin front for 2025, Certainly, we've made some space for a little compression, but we would not call that an outsized contributor.

因此，當我們將 2025 年利潤方面的所有因素都考慮在內時，我們當然為一些壓縮留出了一些空間，但我們不會將其稱為超大貢獻者。

Erik Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林 (Erik Woodring)。

Chris, if I look back over the last call it, decade plus, 2024 was the first year that your earnings growth did not outpace your revenue growth.

克里斯，如果我回顧過去十年，2024 年是你們獲利成長沒有超過營收成長的第一年。

And as I look to 2025, you are guiding kind of as Al referenced, EPS growth, largely in line with gross profit and revenue growth.

展望 2025 年，正如 Al 所說，您指導的每股盈餘成長基本上與毛利和收入成長保持一致。

And so when I take a step back, I'm just -- I'm wondering why maybe we aren't seeing as much leverage in the model as you've seen historically, even including past periods where there was macro uncertainty or a dynamic market.

因此，當我退一步思考時，我只是——我想知道為什麼我們沒有在模型中看到像歷史上那樣大的槓桿作用，甚至包括過去存在宏觀不確定性或動態市場的時期。

Can you maybe just help us understand maybe why we're not seeing that leverage materialize.

您能否幫助我們理解為什麼我們沒有看到這種槓桿作用實現？

And anything that's unique about this environment that truly is different than we look at the past CDW?

這個環境有什麼獨特之處嗎？

And then I have a quick follow-up.

然後我有一個快速的後續問題。

Yes, sure.

是的，當然。

I'd characterize it this way.

我會這樣描述它。

We're -- our goal is to balance growth investments in our capabilities with efficiency across the broad base of our operations.

我們的目標是平衡我們能力的成長投資和我們廣泛營運基礎上的效率。

And when you look at the investments we've made over the last several years, they've been significant and producing very good results.

回顧過去幾年我們所做的投資，你會發現它們意義重大，而且產生了非常好的成果。

But we've been doing this in an environment that exacerbates the kind of deleverage.

但我們在去槓桿率進一步加劇的環境下這樣做。

And that is one where we aren't growing.

這正是我們沒有成長的地方。

And we've taken a number of measures, as you know, to ensure we rightsize the business for the current environment for demand, but also, Erik, ensure that we are positioned for growth going forward.

如您所知，我們已經採取了一系列措施，以確保我們根據當前的需求環境調整業務規模，而且，艾瑞克，也要確保我們為未來的成長做好準備。

I think we've been investing very judiciously.

我認為我們的投資非常明智。

We've been investing very deliberately.

我們一直在非常謹慎地進行投資。

And I think in areas that are high growth, high relevance.

我認為這些領域具有高成長、高相關性。

And Healthcare is a great example of seeing that strategy pay off.

醫療保健就是這項策略取得成效的一個很好的例子。

Our cloud and SaaS business growth in our security business growth, those are great examples of that strategy paying off. but the deleveraging has to do with the confluence of factors, I'd say, which is investing while we've got initiatives going on for productivity and efficiency in an environment that is low to no growth.

我們的雲端和 SaaS 業務成長以及安全業務成長都是該策略取得成效的很好例子。但我想說，去槓桿與多種因素有關，也就是在低成長或零成長的環境下，我們在提高生產力和效率的同時進行投資。

(multiple speakers) Eric, that said, we do expect, obviously, as we move forward for operating leverage to come back over the next year and beyond.

（多位發言者）艾瑞克，話雖如此，我們確實預計，隨著我們繼續前進，經營槓桿率將在未來一年及以後回升。

I mean that is our goal as well, provided that we are in an environment that supports that.

我的意思是這也是我們的目標，只要我們處在一個支持這個目標的環境中。

Okay. sorry for cutting you off there.

好的。抱歉打擾你了。

And maybe, Chris, just a quick follow-up is, I could probably make the case for leaning more into M&A in this environment given the change in administration your historical comments about where you see workloads shifting and how that might impact clients by the CDW.

克里斯，也許只需快速跟進一下，考慮到政府的變動，我可能會主張在這種環境下更多地傾向於併購，您對工作量轉移的歷史評論以及這可能會如何影響 CDW 的客戶。

Is your appetite for M&A higher today than when we look back over the last, call it, two to three years?

與過去兩三年相比，您現在對併購的興趣是否更高？

And besides just consolidating a fragmented market, where are the specific product gaps you believe are most critical for CDW to address today?

除了整合分散的市場之外，您認為 CDW 目前最需要解決的具體產品差距是什麼？

Yes, Erik, it's a really interesting question.

是的，埃里克，這是一個非常有趣的問題。

What I would say is we always have a large appetite for M&A.

我想說的是，我們一直對併購有著很大的興趣。

We are in a different position today because we do have scale and foundation in those areas that we've been driving growth.

我們今天所處的地位不同了，因為我們在一直推動成長的領域確實擁有規模和基礎。

So when we think about our cloud capabilities, we think about security capabilities.

因此，當我們考慮雲端功能時，我們會考慮安全功能。

We think about data capabilities.

我們考慮數據能力。

We've been growing those now over five years and have a really good base of scale.

我們已經發展了五年多，並且擁有了良好的規模基礎。

I think that puts us in a position that could be really opportunistic to add to those capabilities and fortify them while at the same time identifying tuck-ins that might be more specific to an industry or specific to a particular emerging technology.

我認為這使我們處於一個真正有機會增加這些能力並強化它們的位置，同時發現可能更針對某個產業或某項新興技術的優勢。

Our focal areas, frankly, have not changed at dramatically or at all from an M&A perspective.

坦白說，從併購的角度來看，我們的重點領域並沒有太大變化。

But I would say that we are adding a lens around industry capabilities specifically.

但我想說的是，我們正在特別增加圍繞行業能力的視角。

You've seen us buy companies specific to Education, specific to federal.

您已經看到我們收購專門針對教育、專門針對聯邦的公司。

This has been a very good strategy for us, and we see that work quite a bit.

對我們來說這是一個非常好的策略，而且我們看到它發揮了很大的作用。

So I'd just look for us to do more of that.

所以我只是希望我們能做更多這樣的事。

But all said and done, we are patient.

但總而言之，我們還是有耐心。

We are opportunistic, and we look for great assets.

我們是個機會主義者，我們尋找優質資產。

And maybe, Erik, I'd just add.

也許，艾瑞克，我只是想補充一下。

Look, I think 2024 is a great example where we did bring the full array of capital allocation priorities.

看，我認為 2024 年就是一個很好的例子，我們確實帶來了全方位的資本配置優先事項。

So during a tough period where we would have deemed our stock to be at more attractive levels.

因此，在困難時期，我們會認為我們的股票處於更具吸引力的水平。

We did lean in more to share repurchases, but behind the scenes, looking actively at what is the next acquisition opportunity that could fuel our operating income and really compounding of earnings.

我們確實更傾向於股票回購，但在幕後，我們積極尋找下一個可以推動我們的營業收入和真正複合收益的收購機會。

So we will continue with that drumbeat and continue to look at opportunities that fulfill our capability needs, but also drive earnings power.

因此，我們將繼續保持這種勢頭，繼續尋找既能滿足我們的能力需求又能提高獲利能力的機會。

George Wang, Barclays.

巴克萊銀行的喬治王 (George Wang)。

Maybe to just -- maybe if you can impact kind of fourth quarter kind of in the prepared remarks, you guys talked about underlying hardware, including NetComm and the storage up mid-single digit.

也許只是—也許如果你能在準備好的評論中對第四季度產生影響，你們談到了底層硬件，包括 NetComm 和存儲增長了中等個位數。

Just curious if you can impacted despite the channel, whether that's all driven by corporate and SMB or whether some from the health care upfront?

我只是好奇，儘管有管道，您是否會受到影響，這是否都是由企業和中小企業推動的，還是其中一些是來自醫療保健前期？

And also, can you give more color in terms of the full year outlook on the net comp.

另外，您能否對全年淨利的前景做出更詳細的說明？

It seems like you guys are seeing some green shoots.

看起來你們已經看到了一些復甦的跡象。

Just curious if we should expect some sort of inflection particularly just on the NetComm side, consider we are probably testing some of the digestion.

只是好奇我們是否應該期待某種變化，特別是在 NetComm 方面，考慮到我們可能正在測試一些消化情況。

Okay.

好的。

George, just take a crack at that, that was a lot.

喬治，試著嘗試一下，這已經夠多了。

So first, just starting with the quarter, on the end market side.

首先，從季度開始，從終端市場方面。

I think the punch line would be the most significant element that exceeded our expectations would be on the commercial side.

我認為笑點是超越我們預期的最重要的元素，它在商業方面。

And we saw as Chris suggested, signs of stabilization on corporate and small business.

正如克里斯所說的，我們看到了企業和小型企業趨於穩定的跡象。

That was reasonably balanced, George, across different categories of growth. in that area.

喬治，這在不同的成長類別之間是相當平衡的。在那個區域。

And then the other end markets that I'd point out, and we've talked about it is health care, again, exceptional performance driven by an array of categories if you will, and really a good reflection of our investing behind that strategy.

然後我想指出的另一個終端市場，我們已經討論過了，那就是醫療保健，同樣，如果你願意的話，它是由一系列類別推動的卓越表現，這確實很好地反映了我們在該戰略背後進行的投資。

George, as we look out in '25, some of the elements of what we saw from a category perspective in we would expect to continue.

喬治，展望25年，我們從類別角度看到的一些元素預計會繼續存在。

That is on the client side, mid-single-digit growth or better is what we experienced in Q4.

從客戶端來看，我們在第四季度經歷了中等個位數或更高的成長。

We think that's a reasonable glide path for 2025.

我們認為這是 2025 年合理的下滑路徑。

And then we have a modest expectation on solutions hardware.

然後我們對解決方案硬體有一個適度的期望。

We saw 3%, 4% in the quarter.

本季我們看到了 3%、4% 的成長。

And in that realm, I think, is quite reasonable.

從這個意義上來說，我認為是相當合理的。

Where will that come from?

那它會從哪裡來呢？

Probably some contribution from NetComm and again, we're cautious on the demand there, but we think there could be some continued growth in NetComm.

可能有一些來自 NetComm 的貢獻，而且我們對那裡的需求持謹慎態度，但我們認為 NetComm 可能會繼續成長。

Storage was a strong performer for us in Q4.

儲存是我們的第四季表現強勁的部門。

And then going the other way, servers have been challenging.

從另一個角度來看，伺服器一直很具有挑戰性。

And so we are cautious that may continue in that space.

因此，我們對此持謹慎態度，這種情況可能會持續下去。

So that would be how it would round out on the hardware product category side of things.

這就是硬體產品類別的完善方式。

Okay, great.

好的，太好了。

If I can squeeze a follow-up.

如果我可以擠出時間跟進的話。

Last quarter, you guys talked briefly on some of the slight increased competition, pricing pressure.

上個季度，你們簡要地談到了一些略微加劇的競爭和定價壓力。

I just want to make sure of the transitory in nature kind of completely went away in the December quarter and going forward.

我只是想確保這種暫時性現像在 12 月季度及以後完全消失。

So maybe you can address if you guys are still seeing some increased competition or that was really sort of completing the rearview mirror?

所以也許你可以談談你們是否仍然看到競爭加劇或者這是否真的是後視鏡的補充？

Sure, George.

當然，喬治。

I'll take that.

我接受。

First, I would say those comments were not just specific to Q3.

首先，我想說這些評論並不是只針對第三季。

It was really a reflection on the broader range of the last two years and the challenged environment we've been in.

這實際上反映了過去兩年更廣泛的情況以及我們所處的充滿挑戰的環境。

We've been in a tough down cycle of hardware.

我們正處於硬體的艱難衰退週期。

And with that competition, quite fierce.

而且競爭相當激烈。

That's continued.

事情還在繼續。

I wouldn't point anything out differently in Q4, and we continue to fight the good fight in that regard.

我不會在第四季度指出任何不同的事情，我們會繼續在這方面努力奮鬥。

And I think we came out quite well versus our expectations in that regard.

我認為，在這方面，我們的表現遠遠超出了我們的預期。

I would not point to when we talk about margins, George, that the competition is having any meaningful impact on our margins in that regard.

喬治，當我們談論利潤時，我不會指出競爭對我們的利潤產生了任何有意義的影響。

Thank you very much.

非常感謝。

At this time, I'd like to hand the call back to CDW for closing remarks.

現在，我想將電話交還給 CDW 來做結束語。

Okay.

好的。

Thank you, Karleen.

謝謝你，卡琳。

I appreciate that.

我很感激。

Let me close by recognizing the incredible dedication and hard work of our coworkers around the globe their ongoing commitment to serving our customers, it's what makes us successful.

最後，我要感謝我們遍布全球的同事們令人難以置信的奉獻精神和辛勤工作，他們不斷致力於服務我們的客戶，這是我們成功的關鍵。

Thank you to our customers for the privilege and opportunity to help you achieve your goals.

感謝我們的客戶給予您特權和機會來幫助您實現目標。

And thank you to those listening for your time and continued interest in CDW.

也感謝大家抽空聆聽並持續關注 CDW。

Al and I look forward to talking to you next quarter.

Al 和我期待下個季度與您交談。

As we conclude today's call, we'd like to thank everyone for joining.

在今天的電話會議結束時，我們想感謝大家的加入。

You may now disconnect your lines.

現在您可以斷開線路了。