CDW Corp (CDW) 2025 Q3 法說會逐字稿

Good morning, all, and thank you for joining us for the CDW third quarter 2025 earnings call. My name is Carlie and I'll be coordinating the call today. (Operator Instructions) I'd now like to hand over to our host, Steve O'Brien with Investor Relations. Floor is yours.

各位早安，感謝各位參加 CDW 2025 年第三季財報電話會議。我叫卡莉，今天我將負責協調這通通話。（操作員指示）現在我將把發言權交給我們的主持人，投資者關係部門的史蒂夫·奧布萊恩。地板由你來擺。

Thank you, Carlie. Good morning, everyone. Joining me today to review our third quarter 2025 results are Chris Leahy, our Chair and Chief Executive Officer; and Al Miralles, our Chief Financial Officer. Our earnings release was distributed this morning and is available on our website, investor.cdw.com, along with the supplemental slides that you can use to follow along during the call.

謝謝你，卡莉。各位早安。今天與我一起回顧我們 2025 年第三季業績的有：董事長兼執行長 Chris Leahy；以及財務長 Al Miralles。我們今天早上發布了收益報告，您可以在我們的網站 investor.cdw.com 上查看，同時還可以查看補充幻燈片，以便在電話會議期間跟進。

I'd like to remind you that certain comments made in this presentation are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. Those statements are subject to a number of risks and uncertainties that could cause actual results to differ materially.

我想提醒各位，本次演講中的某些評論屬於 1995 年《私人證券訴訟改革法案》規定的前瞻性陳述。這些聲明存在許多風險和不確定因素，可能導致實際結果與預期有重大差異。

Additional information concerning these risks and uncertainties is contained in the earnings release and Form 8-K we furnished to the SEC today and in the company's other filings with the SEC. CDW assumes no obligation to update the information presented during this webcast.

有關這些風險和不確定性的更多信息，請參閱我們今天向美國證券交易委員會提交的盈利報告和 8-K 表格，以及公司向美國證券交易委員會提交的其他文件。CDW不承擔更新本次網路直播中所提供的資訊的義務。

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

我們的簡報還包括一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。所有非GAAP指標均已依照美國證券交易委員會的規定與最直接可比較的GAAP指標進行調整。

You'll find the reconciliation charts in the slides for today's webcast and in our earnings release and Form 8-K. Please note all references to growth rates or dollar amount changes in our remarks today are versus the comparable period in 2024 with net sales growth rates described on an average daily basis, unless otherwise indicated.

您可以在今天網路直播的幻燈片、我們的收益報告和 8-K 表格中找到對帳圖表。請注意，除非另有說明，我們今天發言中所有提及的增長率或美元金額變化均與 2024 年同期相比，淨銷售額增長率按日均計算。

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

本次網路直播的錄影將於今日稍晚發佈在我們的網站上。我想提醒各位，本次電話會議的所有權歸 CDW 所有，未經公司書面許可，不得錄音或轉播。

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

那麼，我把電話交給克里斯吧。

Thank you, Steve, and good morning, everyone. I'll begin with a high-level overview of our third quarter financial and strategic performance and share some thoughts on the balance of the year. I will take you through a more detailed look at our results, capital strategy and priorities and full year outlook. We will move quickly through our prepared remarks to ensure we have plenty of time for Q&A.

謝謝你，史蒂夫，大家早安。我將首先概述我們第三季的財務和策略表現，並分享一些關於今年剩餘時間的想法。我將帶您更詳細地了解我們的業績、資本策略和優先事項以及全年展望。我們將快速完成準備好的發言稿，以確保有充足的時間進行問答環節。

Third quarter results underscore the power of our full stack full life cycle solutions. The team executed well in an extremely dynamic and complex environment. For the quarter, consolidated net sales were $5.7 billion, up 4% above last year.

第三季業績凸顯了我們全端全生命週期解決方案的強大實力。團隊在極其動態和複雜的環境中表現出色。本季度，合併淨銷售額為 57 億美元，比去年同期成長 4%。

Gross profit was $1.3 billion, up 5%. Non-GAAP operating income was $531 million, down 1%; non-GAAP net income per share was $2.71, up 3%; and we delivered adjusted free cash flow of $209 million. These results reflect the power of strong execution when coupled with our extensive portfolio of products, services, solutions and diverse customer end markets.

毛利為13億美元，成長5%。非GAAP營業收入為5.31億美元，下降1%；非GAAP每股淨收入為2.71美元，成長3%；調整後自由現金流為2.09億美元。這些成果體現了強大的執行力，以及我們豐富的產品、服務、解決方案和多元化的客戶終端市場組合所帶來的強大力量。

They also reflect the power of our deep end market knowledge and strong durable customer relationships. You see the benefit of this in our government education results, armed with insights into evolving protocols, funding mechanisms and budget priorities, our team drew on their combined deep industry expertise and trusted customer relationships to guide clients through an unprecedented period of change.

它們也體現了我們對終端市場的深入了解以及我們與客戶之間牢固持久的關係。從我們在政府教育領域的成果中，您可以看到這種優勢。憑藉對不斷變化的規程、資金機制和預算優先事項的深刻理解，我們的團隊利用其深厚的行業專業知識和值得信賴的客戶關係，指導客戶度過前所未有的變革時期。

During the quarter, customer priorities remained focused on must to-dos, such as security enhancements and client device upgrades that are foundational to enabling modern work. And once again, major capital investments were heavily scrutinized. Corporate and small business customers also prioritized preproduction AI trials to prove out use cases to validate concepts and ROIs. These priorities led to strength in cloud, software and services.

本季度，客戶的優先事項仍然集中在必須完成的任務上，例如安全增強和客戶端設備升級，這些都是實現現代工作的基礎。重大資本投資再次受到嚴格審查。企業和小型企業客戶也優先考慮預生產 AI 試驗，以驗證用例，從而驗證概念和投資回報率。這些優先事項促成了公司在雲端運算、軟體和服務領域的優勢。

Let's take a deeper look at how customer priorities and unique market dynamics shaped performance across our end markets and portfolio in the quarter. As always, there are three main drivers of our results, our balanced portfolio of customer end markets, the breadth of our products, services and solutions and relentless execution of our three part strategy.

讓我們深入了解本季客戶優先事項和獨特的市場動態如何影響我們終端市場和產品組合的表現。一如既往，我們所取得的業績主要得益於三個面向：均衡的客戶終端市場組合、廣泛的產品、服務和解決方案，以及對三部分策略的不懈執行。

First, our balanced portfolio of diverse customer end markets. We have five US sales channels: Corporate, Small Business, Healthcare, Government and Education. Each channel is a $1 billion-plus business annually. Additionally, our UK and Canadian operations together delivered sales of $2.5 billion last year.

首先，我們擁有均衡的多元化客戶終端市場組合。我們在美國有五個銷售管道：企業、小型企業、醫療保健、政府和教育。每個頻道每年的業務額都超過10億美元。此外，我們在英國和加拿大的業務去年合計實現了 25 億美元的銷售額。

Our scale allows us to segment our businesses into customer end markets with dedicated sales professionals, industry experts and technical resources who deeply understand the unique priorities of each market. When end markets behave differently from each other, the diversity of our customer base serves us well.

我們的規模使我們能夠將業務細分為不同的客戶終端市場，並配備專門的銷售人員、行業專家和技術資源，他們深入了解每個市場的獨特優先事項。當終端市場的行為各不相同時，我們客戶群的多樣性對我們大有裨益。

The benefit of our scale and end market diversity was evident once again in the third quarter. Small Business delivered double-digit growth in top line and gross profit as customers continue to lean more into technology in this dynamic environment.

第三季度，我們的規模優勢和終端市場多元化優勢再次顯現。在這個瞬息萬變的環境中，隨著客戶越來越依賴技術，小型企業的營收和毛利都實現了兩位數的成長。

Growth was powered by success delivering cloud and client device solutions. While still nascent, we saw an uptick in AI workstations, which are particularly well suited for small businesses. Functioning as mini AI servers capable of running AI models locally at the network edge, AI workstations enable rapid prototyping and deployment of advanced models, helping small businesses innovate faster.

本公司成長得益於成功交付雲端解決方案和客戶端設備解決方案。雖然人工智慧工作站仍處於起步階段，但我們看到其數量增加，尤其適合小型企業。AI 工作站作為小型 AI 伺服器，能夠在網路邊緣本地運行 AI 模型，從而實現高級模型的快速原型設計和部署，幫助小型企業更快地進行創新。

Corporate delivered mid-single-digit top line growth with low single-digit gross profit. The team's ability to address customer focus on mission-critical priorities drove excellent performance in security and cloud gross profit and top line.

公司營收實現了中等個位數成長，但毛利卻只有個位數成長。該團隊能夠滿足客戶對關鍵任務優先事項的關注，從而在安全和雲毛利潤及營收方面取得了優異的成績。

Client Devices also remained a priority increasing mid-single digits in top line and double digits in gross profit. The team's success addressing these priorities offset lower demand for infrastructure solutions. The public team executed well within unsettled end markets, delivering 1% top line growth with low single-digit gross profit.

客戶端設備仍然是公司的重點業務，營收實現了中等個位數的成長，毛利實現了兩位數的成長。團隊在解決這些優先事項方面的成功抵消了對基礎設施解決方案需求的下降。在不穩定的終端市場中，公共部門團隊表現出色，實現了 1% 的營收成長，毛利利率也達到了個位數。

Government net sales increased 8%. State and local delivered an impressive quarter with double-digit net sales and gross profit growth, which more than offset the anticipated decline in federal. Both teams navigated the post DOGE landscape with agility and precision, with the federal team showcasing our strategic value to their agency customers, laying a solid foundation for future growth.

政府淨銷售額成長8%。州和地方政府本季業績斐然，淨銷售額和毛利潤均實現了兩位數成長，足以抵銷聯邦政府預期的下滑。兩個團隊都以敏捷和精準的方式應對了 DOGE 之後的局面，聯邦團隊向其機構客戶展示了我們的策略價值，為未來的發展奠定了堅實的基礎。

Growth in higher ed was offset by an expected decline in K-12 and total education net sales declined 9%. Gross margin benefited from a shift in K-12 mix away from Chromebooks coupled with strong cloud and software growth and the teams delivered combined gross profit growth despite the decline in net sales.

高等教育的成長被K-12教育的預期下降所抵消，教育總淨銷售額下降了9%。由於 K-12 教育產品組合從 Chromebook 轉向其他產品，以及雲端服務和軟體的強勁增長，毛利率有所提高，儘管淨銷售額下降，但各團隊仍實現了毛利潤的綜合增長。

Similar to education, health care gross profit grew faster than its 7% top line growth. Growth was driven by cloud solutions that deliver clinical continuity and security, which remain top priorities. The dynamic in the quarter was consistent with the strong performance in the prior four quarters. We are watching for signs of customer hesitancy caused by changes in funding, particularly among health care clients relying on Medicare payments, which can constitute up to 30% of their cash flow.

與教育產業類似，醫療保健產業的毛利成長速度超過了其7%的營業額成長速度。成長主要得益於雲端解決方案，這些解決方案能夠提供臨床連續性和安全性，而這仍然是重中之重。本季業績與前四個季度的強勁表現保持一致。我們正在密切關注資金變化導致的客戶猶豫跡象，尤其是依賴聯邦醫療保險支付的醫療保健客戶，這些支付可能佔其現金流的 30%。

Standout performance was delivered once again by our UK and Canadian operations together reported as other, which increased net sales by 9%, both teams executed extremely well under unsettled conditions. UK net sales increased by double digits and Canada by mid-single digits. Profitability in both markets grew faster than net sales.

我們的英國和加拿大業務再次取得了優異的業績，合併報告為“其他”，淨銷售額增長了 9%，兩個團隊在不穩定的環境下都表現出色。英國淨銷售額實現了兩位數成長，加拿大淨銷售額實現了中等個位數成長。兩個市場的獲利成長速度均超過了淨銷售額的成長速度。

Clearly, this quarter's results demonstrate the power of the first driver of our performance, our balanced portfolio of customer end markets. It also demonstrates the power of the second driver of our performance, the breadth of our full stack, full life cycle offerings.

顯然，本季的業績證明了我們業績的首要驅動力——均衡的客戶終端市場組合——的強大作用。這也反映了我們業績的第二個驅動因素——我們全端式、全生命週期產品的廣度——的強大作用。

The team's ability to address customers' top priorities drove balanced performance across the portfolio. Hardware top line increased 3%. Following last quarter's strong solutions Hardware performance, the lumpiness in enterprise projects we have seen in recent years continued, and growth was more muted with strength in NetComm and Servers, partially offset by a decline in storage.

團隊能夠滿足客戶的首要需求，從而推動了整個產品組合的均衡發展。硬體業務營收成長3%。繼上季解決方案硬體表現強勁之後，近年來企業專案表現不均衡的局面仍在繼續，成長較為平緩，網路通訊和伺服器業務表現強勁，但儲存業務的下滑部分抵消了這一成長。

Consolidated Client Device growth continued at a healthy 7% pace with growth across most end markets, partially offset by declines in K-12 and Federal. Software increased 4% with excellent gross profit performance driven by cloud and security. Beyond security, top customer software priorities included network resiliency, next-generation customer service and support and application suites tied to operating system and device refresh.

綜合客戶端設備成長持續保持健康的 7% 成長速度，大多數終端市場均實現成長，但 K-12 和聯邦市場的下滑部分抵消了這一成長。軟體業務成長 4%，毛利表現優異，主要得益於雲端運算和安全業務的推動。除了安全性之外，客戶軟體的首要考慮因素還包括網路彈性、下一代客戶服務和支援以及與作業系統和設備更新相關的應用程式套件。

Services was the standout performer up 9% top line and contributing 9% of total CDW top line this quarter, up from 5% in 2020. Strong performance was powered by double-digit top line and profit increases in CDW professional and managed services. This quarter, Services delivered nearly 1/3 of our total gross profit growth and bolstered gross margin.

服務業務表現突出，營收成長 9%，佔 CDW 本季總營收的 9%，高於 2020 年的 5%。CDW 專業服務和託管服務的收入和利潤均實現了兩位數成長，推動了公司業績的強勁成長。本季度，服務業務貢獻了我們總毛利成長的近三分之一，並提高了毛利率。

And that brings us to the final performance driver this quarter, the impact of our strategic investments designed to create better outcomes for our business and for our customers, investments that are focused on enhancing our customer-facing capabilities and our internal capabilities, which together drive profitable growth by improving how we operate and how we serve.

這就引出了本季最後一個業績驅動因素，即我們旨在為公司和客戶創造更好成果的策略性投資的影響。這些投資專注於提升我們面向客戶的能力和內部能力，從而透過改善我們的營運和服務方式，共同推動獲利成長。

During the quarter, we made progress on our company-wide evolution to embed AI into the core of how we operate, serve and grow, a strategy designed to drive productivity and efficiency and empower our coworkers.

本季度，我們在公司範圍內推動人工智慧轉型，將其融入我們營運、服務和發展的核心，這項策略旨在提高生產力和效率，並賦能我們的員工。

From conversational AI and cdw.com that enhances product discovery and improved sales conversion to intelligent agents that streamline presales qualification and self-directed agents created by our coworkers, we are embedding AI across the enterprise.

從增強產品發現和提高銷售轉換率的對話式人工智慧和 cdw.com，到簡化售前資格審查的智慧代理，再到我們同事創建的自助式代理，我們正在將人工智慧嵌入整個企業中。

Efforts, while earlier in the adoption cycle, are already translating into better coworker and customer experiences as we scale AI across our business, we are unlocking new levels of agility, efficiency and service quality.

雖然目前仍處於採用週期的早期階段，但隨著我們在業務中擴大人工智慧的應用，這些努力已經轉化為更好的同事和客戶體驗，我們正在釋放新的敏捷性、效率和服務品質水準。

Our AI offerings enable our customers to unlock value as well. As with prior waves of innovation, customers are focused on translating AI's potential into measurable business impact. This is particularly true for customers looking to harness AI to leapfrog traditional barriers and gain a competitive edge.

我們的人工智慧產品也能幫助客戶釋放價值。與以往的創新浪潮一樣，客戶專注於將人工智慧的潛力轉化為可衡量的業務影響。對於希望利用人工智慧跨越傳統障礙並獲得競爭優勢的客戶而言，這一點尤其如此。

And just like our prior innovation cycles, while eager to accelerate adoption and capture value, many customers don't have time or resources for trial and error and need a trusted partner to guide them. That's where CDW comes in.

就像我們之前的創新週期一樣，雖然許多客戶渴望加速採用並獲取價值，但他們沒有時間或資源進行試錯，需要一個值得信賴的合作夥伴來指導他們。這就是CDW的用武之地。

With our deep expertise and comprehensive portfolio, we are delivering enterprise-grade AI solutions that are practical, secure and scalable. Whether it's intelligent search, workflow automation or embedded AI powered diagnostics, our solutions unlock real business value without the complexity or cost of building from scratch, while avoiding pitfalls and ensuring long-term success.

憑藉我們深厚的專業知識和全面的產品組合，我們正在提供實用、安全且可擴展的企業級人工智慧解決方案。無論是智慧搜尋、工作流程自動化或嵌入式人工智慧驅動的診斷，我們的解決方案都能釋放真正的業務價值，而無需從頭開始建立的複雜性和成本，同時避免陷阱並確保長期成功。

A standard example of this is a recent engagement with a national service company, an engagement where CDW designed a comprehensive AI data hardware and software solution. By integrating CDW Advisory Services, development cloud architecture and hardware prototyping, our solution delivers cloud-native architecture, embedded systems and centralized observability tools, all tailored to the customer's unique operational needs.

一個典型的例子是最近與一家國家服務公司的合作，CDW 為該公司設計了一套全面的 AI 數據硬體和軟體解決方案。透過整合 CDW 諮詢服務、開發雲端架構和硬體原型設計，我們的解決方案提供雲端原生架構、嵌入式系統和集中式可觀測性工具，所有這些都根據客戶獨特的營運需求量身定制。

The solution includes AI-powered diagnostics and real-time performance dashboards, which together create a smarter, more scalable infrastructure. The outcome: data-driven decisions that are enabling smarter operations with greater efficiency, like predictive maintenance and supply chain management and data that unlocks new revenue streams aligned to their business goals.

該解決方案包括人工智慧驅動的診斷和即時效能儀表板，它們共同打造了一個更智慧、更具可擴展性的基礎設施。最終結果是：透過數據驅動的決策，實現更智慧、更有效率的運營，例如預測性維護和供應鏈管理，以及利用數據解鎖與業務目標相符的新收入來源。

This project exemplifies our value proposition for customers, deliver enterprise-grade technology and AI capabilities in a way that's accessible, customizable and outcomes driven. This is the heart of our value proposition, driving tangible business outcomes that meet customers where they are. Our value proposition shines in AI where we help customers move beyond the hype to unlock tangible value. That leads me to our expectations for growth for the remainder of the year.

該專案體現了我們為客戶創造的價值主張，即以易於存取、可自訂且以結果為導向的方式提供企業級技術和人工智慧能力。這是我們價值主張的核心，即推動切實可行的業務成果，滿足客戶的需求。我們在人工智慧領域的價值主張特別突出，我們幫助客戶超越炒作，釋放實際價值。這讓我想到我們對今年剩餘時間成長的預期。

Given our year-to-date performance and current market conditions, we are maintaining our prudent full year outlook, which calls for US IT market growth to be in the low single digits on a customer spend basis with CDW growth premium of 200 basis points to 300 basis points.

鑑於我們今年迄今的業績和當前的市場狀況，我們維持審慎的全年展望，預計美國 IT 市場按客戶支出計算的增長將處於個位數低位，CDW 增長溢價為 200 至 300 個基點。

Clearly, we are operating under a lot of unknowns, including the duration of the government shutdown which could not only impact federal results, but could have an impact on other end markets, including health care and education.

顯然，我們面臨許多未知因素，包括政府停擺的持續時間，這不僅可能影響聯邦政府的業績，還可能對其他終端市場產生影響，包括醫療保健和教育。

At the same time, the wildcards we spoke about last quarter, including recessionary conditions, higher inflation, increased geopolitical unrest and outside changes to announce tariffs persist. I know many of you may be wondering what we expect for 2026. As is our custom, we are in the middle of our planning process, and we'll provide our thoughts on our year-end conference call.

同時，我們上個季度討論過的不確定因素，包括經濟衰退、通貨膨脹加劇、地緣政治動盪加劇以及宣布加徵關稅等外部因素仍然存在。我知道你們很多人可能想知道我們對 2026 年有什麼期望。按照慣例，我們目前正在進行規劃，我們將在年終電話會議上分享我們的想法。

As we look forward, regardless of market conditions, our focus remains squarely on execution, leveraging our competitive strength to deliver consistent customer value and controlling what we can control. In a time of unprecedented technological change and uncertain market conditions, our value proposition has never been stronger.

展望未來，無論市場狀況如何，我們的重點始終是執行，利用我們的競爭優勢，持續為客戶創造價值，並控制我們能夠控制的因素。在科技變革空前劇烈、市場環境充滿不確定性的時代，我們的價值主張從未如此強大。

Customers are turning to CDW as a trusted partner to help them navigate complexity, unlock opportunity and drive meaningful outcomes. We're confident in our strategy, grounded in our capabilities and committed to delivering results.

客戶正將 CDW 視為值得信賴的合作夥伴，以幫助他們應對複雜局面、發掘機會並取得有意義的成果。我們對我們的策略充滿信心，這源自於我們自身的能力，並致力於取得成果。

With that, let me turn it over to Al, who will share more details on our financial performance. Al?

接下來，我將把發言權交給Al，他將分享更多關於我們財務表現的細節。艾爾？

Thank you, Chris, and good morning, everyone. I will start my prepared remarks with details on our third quarter performance, move to capital allocation priorities and then finish with our remaining outlook for 2025.

謝謝你，克里斯，大家早安。我將首先詳細介紹我們第三季的業績，然後談談資本配置的優先事項，最後展望我們對 2025 年的剩餘展望。

Third quarter gross profit of $1.3 billion was up 4.6% year-over-year. This was above our expectation of low single-digit year-over-year growth, as our teams captured increased demand for Software and Services alongside continued growth in Client Devices and NetComm in this complex and dynamic environment.

第三季毛利為13億美元，年增4.6%。這超出了我們預期的個位數年增長，因為在當前複雜多變的環境中，我們的團隊抓住了軟體和服務需求的成長，同時客戶端設備和網路通訊業務也持續成長。

Similar to the second quarter, we did not see any meaningful levels of pull forward related to tariffs or other factors. Gross margin of 21.9% was up 10 basis points over the prior year's third quarter, back in line with our overall expectations of roughly flat to 2024 levels.

與第二季類似，我們沒有看到任何與關稅或其他因素相關的實質提前需求成長。毛利率為 21.9%，較上年同期成長 10 個基點，符合我們對 2024 年毛利率大致持平的整體預期。

Gross margin was also up meaningfully 110 basis points quarter-over-quarter, driven by the impact of a higher mix of netted down revenues, continued strong growth in services and a slight mix out of Client and Devices sequentially despite the category's continued solid growth.

毛利率環比也顯著上升了 110 個基點，這主要得益於淨額遞減收入佔比的提高、服務業務的持續強勁增長以及儘管客戶端和設備業務持續穩健增長，但環比略有下降。

Every channel grew year-over-year except education, as our customers balance priorities across our diverse portfolio. Demand for CDW professional and managed services continued to be strong at 14%. This can be seen in net sales transferred over time or CDW's principal. Overall, cloud infrastructure, SaaS and security offerings were strengths in the quarter. These are offerings included in the category of net sales transferred at a point in time or CDW's agent or netted down sales.

除教育領域外，所有管道均實現同比增長，因為我們的客戶在我們多元化的產品組合中權衡了各種優先事項。CDW 專業及管理服務的需求持續強勁，達到 14%。這一點可以從隨時間推移轉移的淨銷售額或 CDW 的本金中看出。總體而言，本季雲端基礎設施、SaaS 和安全產品是其優勢所在。這些產品屬於淨銷售額類別，在某個時間點轉移，或 CDW 的代理或淨額結算銷售額。

Netted down revenues continue to represent an important and durable trend within our business, representing 36% of gross profit up from 35.7% in Q3 2024 and up meaningfully from 32.9% in the prior quarter. Customers across end markets outside of Education and Federal continue to invest in client devices, driven by Win 10 end of life and the enablement of modern work practices.

淨收入繼續代表我們業務中一個重要且持久的趨勢，佔毛利的 36%，高於 2024 年第三季的 35.7%，也比上一季的 32.9% 有顯著成長。除教育和聯邦市場以外的終端市場客戶，在Win 10生命週期結束和現代工作方式的推動下，繼續投資客戶端設備。

On the solutions front, Software and NetComm growth continued, although storage was softer in the quarter as demand for hardware upgrades in the data center space remains uneven. I would also like to highlight how our small business and international teams are executing exceptionally well in a challenging macroeconomic environment.

在解決方案方面，軟體和網路通訊業務持續成長，但本季儲存業務有所放緩，因為資料中心領域對硬體升級的需求仍然不穩定。我也想重點介紹一下，在充滿挑戰的宏觀經濟環境下，我們的小型企業和國際團隊是如何出色地完成工作的。

Alongside this, our public teams continue to manage shift in government priorities and funding, which I'll touch on a bit more in the outlook section. Our teams navigated this dynamic environment with CDW and our customers delivering results that exceeded our expectations and demonstrated the power of our diverse end markets. Thank you to our team for your efforts.

同時，我們的公共團隊繼續應對政府優先事項和資金的變化，我將在展望部分對此進行更詳細的闡述。我們的團隊與 CDW 和我們的客戶一起應對了這種動態環境，取得了超越我們預期的成果，並展現了我們多元化終端市場的實力。感謝團隊成員的努力。

Turning to expenses for the third quarter. Non-GAAP SG&A totaled $725 million, up 8.7% year-over-year and consistent with our expectations that asymmetrical timing of expenses compared to 2024 would inflate the year-over-year expense growth comparisons in Q3 and Q4 of 2025.

接下來來看看第三季的支出狀況。非GAAP SG&A 總計 7.25 億美元，年增 8.7%，這與我們的預期一致，即與 2024 年相比，費用時間上的不對稱將導致 2025 年第三季和第四季的年比費用成長比較結果偏高。

This increase in expense was primarily driven by commissions related to higher gross profit achievement and the impact of higher performance-based expenses relative to the prior year. Notwithstanding the efficiency ratio of non-GAAP SG&A to gross profit for the quarter was 57.7%, representing progress back towards our sweet spot in the 55% to 56% range. We continually work to structurally align our business for stronger future expense leverage.

支出增加的主要原因是與毛利成長相關的佣金增加，以及與前一年相比，績效相關費用增加的影響。儘管本季非GAAP SG&A與毛利的效率比率為57.7%，但這顯示我們正朝著55%至56%的理想區間穩步邁進。我們不斷努力從結構上調整業務，以增強未來成本控制能力。

Coworker count at the end of the quarter was approximately 14,900, down both year-over-year and quarter-over-quarter with customer-facing coworker count of 10,700, down slightly year-over-year. Our goal is to balance growth, expansion of capabilities and exceptional customer experience with greater efficiency and cost leverage from our broader operations.

本季末員工人數約 14,900 人，較去年同期和較上季均下降；面向客戶的員工人數為 10,700 人，較去年同期略有下降。我們的目標是在提高營運效率和降低成本的同時，平衡成長、能力擴展和卓越的客戶體驗。

Non-GAAP operating income was approximately $531 million, down 0.6% versus the prior year. Our non-GAAP operating income margin of 9.2% was up 50 basis points from the second quarter, but down 50 basis points from the prior year third quarter of 9.7%.

非GAAP營業收入約5.31億美元，較上年下降0.6%。我們的非GAAP營業利潤率為9.2%，比第二季成長了50個基點，但比上年第三季的9.7%下降了50個基點。

Net interest expense was relatively flat year-over-year. Our non-GAAP effective tax rate was marginally below the low end of our range at 25.1%. Non-GAAP net income was $357 million in the quarter, up 0.6% on a year-over-year basis.

淨利息支出與上年同期基本持平。我們的非GAAP實際稅率略低於我們預期範圍的下限，為25.1%。本季非GAAP淨收入為3.57億美元，年增0.6%。

With third quarter weighted average diluted shares of 131.8 million, non-GAAP net income per diluted share was $2.71, up 3% versus the prior year third quarter, above our expectations of flat to modestly up year-over-year.

第三季加權平均稀釋股為 1.318 億股，非 GAAP 每股稀釋淨收益為 2.71 美元，比去年同期成長 3%，高於我們預期的年比持平或小幅成長。

Moving to the balance sheet. At period end, net debt was $5.2 billion, roughly flat with the prior quarter. Liquidity remains strong with cash plus revolver availability of approximately $1.8 billion. The three month average cash conversion cycle was 11 days, below the low end of our target range of high-teens to low 20s.

接下來查看資產負債表。期末淨債務為 52 億美元，與上一季基本持平。流動性依然強勁，現金及循環信貸額度約18億美元。三個月的平均現金週轉週期為 11 天，低於我們目標範圍（十幾到二十幾天）的下限。

This cash conversion outcome reflects our effective management of working capital, including disciplined management of our inventory levels, even as Hardware sales remain firm and Client Device growth continues.

這項現金轉換結果反映了我們對營運資金的有效管理，包括對庫存水準的嚴格管理，即使硬體銷售保持穩定，客戶端設備持續成長。

As we've mentioned in the past, timing and marketing dynamics will influence working capital and the cash conversion cycle in any given quarter or year. We continue to believe our target cash conversion range remains the best guidepost for modeling working capital longer term.

正如我們之前提到的，時機和市場動態會影響任何特定季度或年度的營運資本和現金週轉週期。我們仍然認為，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 free cash flow was $209 million in the quarter, bringing us to $668 million year-to-date. This reflects 68% of non-GAAP net income moderately below our stated rule of thumb of 80% to 90% of non-GAAP net income, but relatively in line with our expectations given the role timing plays throughout the year.

本季調整後自由現金流為 2.09 億美元，使今年迄今的自由現金流達到 6.68 億美元。這反映出非GAAP淨收入佔比為68%，略低於我們先前規定的非GAAP淨收入佔80%至90%的經驗法則，但考慮到時間因素在全年所起的作用，這與我們的預期基本一致。

We expect a seasonally strong fourth quarter free cash flow to move the full year 2025 free cash flow back closer to the rule of thumb. We utilized cash consistent with our 2025 capital allocation objectives during the quarter, including returning approximately $150 million in share repurchases and $82 million in the form of dividends.

我們預計第四季度自由現金流將因季節性因素而強勁增長，使 2025 年全年自由現金流更接近經驗法則的水平。本季度，我們按照 2025 年資本配置目標使用了現金，包括以股票回購形式返還約 1.5 億美元，以及以股息形式返還 8,200 萬美元。

As a reminder, we began the year targeting to return 50% to 75% of adjusted free cash flow to shareholders in 2025. Right now, we are clearly ahead of the pace through the third quarter having returned $747 million to shareholders or 112% of adjusted free cash flow.

再次提醒大家，我們年初的目標是到 2025 年將調整後自由現金流的 50% 至 75% 返還給股東。目前，我們在第三季明顯領先市場步伐，已向股東返還了 7.47 億美元，相當於調整後自由現金流的 112%。

That brings me to our capital allocation priorities. Our first capital priority is to increase the dividend in line with our non-GAAP net income. We're announcing an approximately 1% increase in our dividend to $2.52 annually, our 12th consecutive year of an [increase]. We will continue to prudently manage our dividend with respect to the growth environment and target a roughly 25% payout ratio of non-GAAP net income going forward.

這就引出了我們的資本配置優先事項。我們首要的資本優先事項是根據我們的非GAAP淨收入提高股利。我們宣布將股利提高約1%，至每年2.52美元，這是我們連續第12年提高股利。[增加]。我們將繼續根據成長環境謹慎管理股息，並爭取將非GAAP淨利潤的股息率維持在25%左右。

Our second priority is to ensure we have the right capital structure in place. We ended the quarter at 2.5 times net leverage within our targeted range of 2 times to 3 times. We will continue to proactively manage liquidity, while maintaining flexibility.

我們的第二要務是確保我們擁有適當的資本結構。本季末，我們的淨槓桿率為 2.5 倍，在我們設定的 2 倍至 3 倍的目標範圍內。我們將繼續積極主動地管理流動性，同時保持靈活性。

Finally, our third and fourth capital allocation priorities of M&A and share repurchase remain important drivers of shareholder value. We continually evaluate M&A opportunities that could accelerate our three part strategy for growth.

最後，我們的第三和第四項資本配置優先事項——併購和股票回購——仍然是股東價值的重要驅動因素。我們不斷評估能夠加速我們三管齊下成長策略的併購機會。

Given our actions to date in 2025, we now expect to meaningfully surpass our return of capital of 50% to 75% of adjusted free cash flow to shareholders via the dividend and share repurchases in 2025. While we remain active in the M&A market, our consistent year-to-date cash flow has allowed us to be opportunistic towards share repurchases as we deem our stock to be attractive at these valuations.

鑑於我們迄今為止在 2025 年採取的行動，我們現在預計，透過 2025 年的股息和股票回購，向股東返還的資本將顯著超過 50% 至 75% 的調整後自由現金流。儘管我們仍然活躍於併購市場，但我們今年迄今持續穩定的現金流使我們能夠抓住機會回購股票，因為我們認為我們的股票在目前的估值下具有吸引力。

Now turning to our outlook. Throughout 2025, we navigated a complex environment with appropriate level of prudence, a view that we've maintained despite our strong results. We've been laser-focused on controlling what we can control and supporting our customers only as we only know how to do in this dynamic market.

現在談談我們的展望。2025 年全年，我們以適當的謹慎態度應對複雜的環境，儘管取得了強勁的業績，但我們始終堅持這一觀點。我們一直專注於控制我們能夠控制的事情，並且在這個瞬息萬變的市場中，只以我們唯一知道的方式來支援我們的客戶。

Given the recent government shutdown, we believe our continued prudence is warranted. Our remaining 2025 outlook assumes continued frictional impacts in the Government Education segments, potential funding shortfalls for health care customers and a level of general economic uncertainty and caution.

鑑於最近政府停擺，我們認為繼續保持謹慎態度是合理的。我們對 2025 年剩餘時間的展望假設政府教育領域將繼續受到摩擦影響，醫療保健客戶可能面臨資金短缺，以及整體經濟存在一定程度的不確定性和謹慎情緒。

It does not, however, factor in recessionary conditions, higher inflation, increased [geo] political unrest and outsized changes announced tariffs. As always, as the landscape changes next year, we will provide you with updates each quarter.

然而，它並沒有考慮到經濟衰退、通貨膨脹加劇、地緣政治動盪加劇以及宣布的關稅大幅變化等因素。與往年一樣，隨著明年情勢的變化，我們將每季向您提供最新資訊。

With these factors in mind, we are holding our full year 2025 view of low single-digit growth for the IT market. We continue to target market outperformance of 200 basis points to 300 basis points on a customer spend basis.

考慮到這些因素，我們維持對 2025 年全年 IT 市場低個位數成長的預期。我們持續以客戶支出為基礎，力爭實現比市場平均高出 200 至 300 個基點的目標。

Our expectations for low- to mid-single-digit gross profit growth for the full year is unchanged. We continue to expect second half gross profit contribution to be slightly above the first half, but lower than the historical split of 48% and 52%, and we continue to expect 2025 gross margins to be roughly consistent to 2024 levels and remain well above rates from three plus years ago.

我們對全年毛利成長的預期保持不變，預期成長幅度為個位數中低水準。我們仍然預計下半年毛利貢獻將略高於上半年，但低於歷史上 48% 和 52% 的比例，並且我們仍然預計 2025 年的毛利率將與 2024 年的水平大致持平，並遠高於三年多前的水平。

Finally, we continue to expect our full year non-GAAP net income per diluted share to grow low single digits year-over-year, as we focus on profitable growth, exceptional customer outcomes and effective execution of our capital allocation priorities. Please remember, we hold ourselves accountable for delivering our financial outlook on a constant currency basis. On that note, our expectation for currency is to be a slight tailwind to reported growth rates for the year.

最後，我們仍然預計全年非GAAP每股攤薄淨收入將同比增長個位數，因為我們將專注於盈利增長、卓越的客戶成果以及有效執行我們的資本配置優先事項。請記住，我們對以固定匯率為基礎發布的財務預測負責。基於此，我們預期匯率將對今年公佈的經濟成長率起到輕微的推動作用。

Moving to modeling thoughts for the fourth quarter. We anticipate gross profit to grow at a low to mid-single-digit rate year-over-year and to be down low to mid-single digits sequentially, relatively aligned to historical seasonality.

接下來討論第四季的建模思路。我們預計毛利將以個位數低至中等的速度同比增長，環比將以個位數低至中等的速度下降，這與歷史季節性規律基本一致。

Moving down the P&L. We expect fourth quarter operating expenses to be modestly down quarter-over-quarter, aligned with gross profit, but reflecting some investments back into the business. This will result in non-GAAP SG&A as a percentage of gross profit to be higher than both the fourth quarter of 2024 and the third quarter of 2025.

向下移動損益表。我們預計第四季度營運費用將環比小幅下降，與毛利持平，但這反映了部分資金重新投入業務。這將導致非GAAP SG&A佔毛利的百分比高於2024年第四季和2025年第三季。

As a reminder, operating expense levels in 2024, particularly in the second half of the year, benefited from lower performance-based attainment and thus reversal of incentive compensation accruals. This muted the run rate expense load in the second half of last year.

需要提醒的是，2024 年的營運費用水平，特別是下半年的營運費用水平，得益於績效達標率的降低，從而導致激勵性薪酬的沖銷。這緩解了去年下半年的日常開支壓力。

Finally, we expect fourth quarter non-GAAP net income per diluted share to be down slightly year-over-year and down sequentially, impacted by the aforementioned factors. This concludes the financial summary. As always, we'll provide updated views on the macro environment and our business on our future results calls.

最後，受上述因素影響，我們預期第四季非GAAP每股攤薄淨收益將較去年同期略有下降，季減也有所下降。財務概要到此結束。我們將一如既往地在未來的業績電話會議上提供關於宏觀環境和我們業務的最新觀點。

With that, I will ask the operator to open it up for questions. With that, each of you, [so telling] me your questions to one with a brief follow up. Thank you.

接下來，我會請接線生開放提問環節。接下來，請各位向我提出你們的問題，並簡要追問。謝謝。

(Operator Instructions)

（操作說明）

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

Good morning. Thanks for taking my questions. I guess, Chris, maybe just to start with the public vertical, especially the federal part has been challenging this year. Can you just talk about how much of the current shutdown is potentially impacting your guide, so what are you embedding in December quarter from public federal contribution? And then do you think the dollars that are lost from shut down right now. You end up catching this -- you end up having a bit of a catch-up eventually when the government opens or is that an optimistic scenario?

早安.謝謝您回答我的問題。我想，克里斯，或許可以先從公共領域著手，尤其是聯邦領域，今年的挑戰尤其大。您能否談談目前的政府停擺可能會對您的指南造成多大影響？您在 12 月季度中將從聯邦政府公共撥款中撥出多少資金？那麼，你認為現在停工造成的損失是多少美元呢？你最終還是會感染的——等政府重新開放後，你最終會趕上進度，或者這只是一個樂觀的設想？

Yeah, good morning, Amit. Sure. Look, let me first say that the teams have done a really outstanding job navigating in the post-DOGE landscape and building momentum as we went into the shutdown that we expect to pay off on the other side.

早安，阿米特。當然。首先我要說的是，團隊在應對 DOGE 事件後的經濟狀況方面做得非常出色，並且在疫情封鎖期間積累了勢頭，我們預計這些努力將在疫情結束後得到回報。

But all that said, look, we are -- we have taken a conservative view, Q4 understanding that we've got some pipeline and backlog going into Q4 and some run rate business associated with those agencies who are open.

但即便如此，我們還是採取了保守的看法，考慮到第四季度我們有一些待完成的訂單和積壓訂單，以及一些與仍在營業的代理機構相關的日常業務，我們預計第四季度會有一些訂單儲備和積壓訂單。

So Q4 is not a zero quarter, we have plenty of business there. But with regard to the agencies that aren't open, obviously, we're constrained in building that pipeline. But we are there working with customers to make sure we're the ones that they turn to when we get out of the shutdown. So when we think about the guide, I'd say, look, it's conservative for Q4. We think it's smart to be prudent.

所以第四季並非業績為零，我們在那裡的業務量很大。但對於那些尚未開放的機構而言，顯然，我們在建立人才輸送管道方面會受到限制。但我們正在與客戶合作，確保在疫情封鎖結束後，他們首先想到的就是我們。所以當我們考慮這份指導方針時，我會說，你看，它對第四季來說比較保守。我們認為謹慎行事是明智之舉。

We presume the shutdown lasts and persists through the quarter and that's what we built into our model. All that said, as in past shutdowns, you're exactly right, typically, history shows that it's not lost sales, it's just timing.

我們假設停工將持續整個季度，這也是我們在模型中納入的假設。綜上所述，就像過去的停業一樣，你的說法完全正確，通常情況下，歷史顯示損失的不是銷售額，而是時機。

And then when the shutdown ends, the sales have shifted in timing and can take some time, so it's a little bit extended time frame to come back in. But absolutely, we don't view that as an optimistic outlook. We view that as what we would traditionally see and what we've managed in the past. And Amit, look, I'd say this is just one more curveball in the many curveballs that have hit us in 2025 and the team is managing well.

然後，當停工結束後，銷售的時間安排發生了變化，可能需要一些時間才能恢復，所以恢復正常營業需要更長的時間。但毫無疑問，我們並不認為這是一個樂觀的前景。我們認為這符合我們過去的認知，也是我們過去所做到的。阿米特，你看，我認為這只是 2025 年我們遇到的眾多難題中的一個，而團隊應對得很好。

Perfect. Thank you for that. And if I could just follow up, the small business growth at 14% was really impressive, and I think it actually accelerated by a couple of points versus June even. Can you just double-click on what is driving that strength?

完美的。謝謝。如果我能補充一點，小型企業成長率達到 14%，這真的令人印象深刻，而且我認為它實際上比 6 月還要加快幾個百分點。您能否雙擊查看驅動這種優勢的因素？

And do you think the trends that we see in SMB are a good leading indicator to what should happen to the overall business going forward? Just from a historical perspective, do you think it's a good leading indicator or not? Thank you.

您認為我們目前在中小企業中看到的趨勢，能否很好地預示未來整體商業的發展方向？僅從歷史角度來看，你認為它是一個好的領先指標嗎？謝謝。

Yeah. So Amit, small businesses been -- I would characterize it as incredibly resilient, coupled with outstanding execution by the team. And I'd also observed that over the past year to 18 months, we've seen small businesses leaning even more heavily into technology to try to gain a competitive advantage in like level the playing field.

是的。所以 Amit，小企業一直以來——我會用「極具韌性」來形容，再加上團隊出色的執行力。我還觀察到，在過去一年到一年半的時間裡，我們看到小型企業更加依賴技術，試圖獲得競爭優勢，從而創造公平的競爭環境。

So there's been a shift, a slight shift, I'd say, in the uptick in demand in the small business arena. And those businesses have just shown to be very resilient. In terms of an indicator for the rest of the segments, unclear, I think we need to be a little cautious about that right now, just given how resilient small business has been and so we're going to keep a watchful eye across all the end markets, but certainly, the team has done a great job and the small businesses are hanging tight.

所以，可以說，小企業領域的需求出現了輕微的上升趨勢。這些企業已經展現了極強的韌性。至於其他細分市場的指標，目前還不清楚，我認為我們現在需要對此保持謹慎，因為小企業展現出了很強的韌性，所以我們將密切關注所有終端市場，但可以肯定的是，團隊做得非常出色，小企業也在堅持下去。

Thank you.

謝謝。

Keith Housum, Northcoast Research.

Keith Housum，北海岸研究公司。

Good morning, guys. I appreciate the opportunity here. In terms of the PC and the endpoint market, obviously, it's been a really good year for these devices. And it looks like things are going to continue for another quarter or two. But as you look out to 2026, expectations that, that funding will continue for PCs or perhaps shift in other ways or there could be a pretty tough headwind for you guys in '26?

各位早安。我非常珍惜這次機會。就個人電腦和終端市場而言，顯然，今年對這些設備來說是非常好的一年。看來這種情況還會持續一到兩個季度。但展望 2026 年，人們預期個人電腦的資金會持續增加，或會以其他方式轉移，或是 2026 年你們可能會面臨相當大的阻力？

Good morning, Keith. Yeah, look, I characterize it as follows: We continue to see solid demand. We often get asked what inning we're in, and we're in that kind of later stage of the mid innings. So if you had me pin it down, I'd say, sixth inning and probably rounding around to the seventh inning stretch. So we continue to see healthy demand, and we'd expect that to continue over the next few quarters.

早安，基斯。是的，你看，我的描述如下：我們持續看到強勁的需求。我們經常被問到比賽進行到第幾局了，而我們現在正處於比賽中段的後期階段。如果非要我確定時間，我會說是第六局，可能到第七局中場休息的時候。因此，我們持續看到強勁的需求，並且預計這種情況將在未來幾季繼續保持。

Now look, we are getting past the end of life cycle. And as we get past that, we tend to see it trickle out. But we do not -- we don't see it slowing down over the next couple of quarters. So when you think about the drivers, right, we've got replacement of Windows 10 end-of-life transition. We also are seeing heightened focus on GenAI productivity initiatives. And we said before that AI PCs were not as a large portion of what we are converting. We are seeing that pick up. So that would be another tailwind for PCs. So we feel good about the next couple of quarters.

現在你看，我們已經過了生命週期的終點。而當我們度過那段時期後，我們往往會看到它慢慢地流出來。但我們並不認為——我們預計未來幾季內，這種趨勢會放緩。所以，當你考慮驅動程式時，對吧，我們有 Windows 10 生命週期結束過渡的替代方案。我們也看到，人們越來越關注人工智慧世代生產力提升計畫。我們之前說過，人工智慧個人電腦在我們轉換的產品中所佔的比例並不大。我們看到這種趨勢正在回升。所以這對個人電腦來說又是一個利好因素。所以我們對接下來幾季的前景感到樂觀。

Great. Thank you. And then in terms of the government funding, can you remind us how much the federal government perhaps funds, education, health care and how that contributes to their spending?

偉大的。謝謝。那麼，關於政府撥款方面，您能否提醒我們聯邦政府在教育、醫療保健等方面投入了多少資金，以及這些資金如何影響他們的支出？

Yeah. Okay. So the Fed funding of education at the K-12 level is generally the subsidies during COVID were big funding mechanisms, but typically, the states are the main funders for the K-12 level. And we've been seeing over the past two years and helping our customers revert back to the typical funding sources, which is typically state and local.

是的。好的。因此，聯邦政府對 K-12 教育的資助通常是 COVID 期間的補貼，這是重要的資助機制，但通常情況下，各州才是 K-12 教育的主要資助者。在過去的兩年裡，我們一直在幫助我們的客戶回歸到典型的資金來源，也就是州和地方政府。

On the high ed side, we've got -- we're paying attention closely with our customers on grants that might be canceled and things like that. But they're also in a battle for students. So I'd just say that the technology they're investing in is all about winning the rates for students, and we're seeing that pick up quite nicely. We had a nice higher ed quarter.

在高等教育方面，我們—我們正在與客戶密切關注可能被取消的撥款等情況。但他們也在爭奪學生。所以我想說，他們投資的技術都是為了降低學生的學費，而且我們已經看到這方面取得了相當不錯的成效。我們度過了一個不錯的大學學期。

And with regard to health care. Look, we're keeping a watchful eye on that because there are some policy potential changes that could impact the income streams for health care systems, and so we're keeping a watchful eye.

還有關於醫療保健方面。你看，我們正在密切關注此事，因為一些政策上的潛在變化可能會影響醫療保健系統的收入來源，所以我們正在密切關注。

Again, though, I'd just say that health care systems, as you've seen in the last seven, eight quarters, have been leaning into technology in a way that I haven't seen in previous years to drive clinical continuity, to drive security and equally to drive competition in their industry.

不過，我還是要說，正如你在過去七、八個季度所看到的那樣，醫療保健系統一直在以前所未有的方式利用技術來推動臨床連續性、提高安全性，並同樣推動產業競爭。

So we're keeping a watchful eye, but I feel very comfortable and the team feels very comfortable that we will navigate through funding changes, it's part of what we do. We're able to pivot and find where the sources of funding are coming and help our customers through that.

所以我們會密切關注，但我個人和團隊都感到非常有信心，我們會應對資金變化，這是我們工作的一部分。我們能夠靈活調整策略，找到資金來源，並幫助我們的客戶度過難關。

Thank you.

謝謝。

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Hey, guys. Good morning. Thank you for taking my questions. Chris, in each of the last four earnings you've referred to the spending environment as complex or challenging. And if you could just maybe expand a bit on what is so complex about this environment?

嘿，夥計們。早安.謝謝您回答我的問題。克里斯，在過去四份財報中，你都把消費環境描述為複雜或充滿挑戰。能否再詳細解釋一下，這個環境究竟複雜在哪裡？

And I say that just because CDW has seen basically every type of cycle in its long history. You have been able to go grow through those past cycles. This year, we're obviously just seeing a bit more muted gross profit dollar growth of some negative compares. So really just trying to get your viewpoint on really how this complexity is different from history and how it's impacting your gross profit dollar growth?

我這麼說是因為 CDW 在其漫長的歷史中幾乎經歷了所有類型的周期。你已經能夠度過過去的那些週期並且不斷成長。今年，由於一些同比數據較低，我們看到的毛利成長明顯較為平緩。所以，我其實是想了解您對這種複雜局面與以往有何不同，以及它如何影響您的毛利成長有何看法？

And then a quick follow-up. Thank you.

然後是一個簡短的後續問題。謝謝。

Yeah, it's a great question. And if I had to boil it down to one thing, I would say volatility. Uncertainty might be the word most people would use. But as I think about this past year in particular, the curveballs that have come at every organization rapidly, and without necessarily a lot of time to adjust, have had technology buyers, business owners, schools, all institutions adjusting to the volatility and, therefore, not having a certainty and predictability to invest.

是的，這是一個很好的問題。如果非要歸結為一點，我會說是波動性。大多數人可能會用「不確定性」這個詞來形容這種情況。但當我回想過去一年，每個組織都迅速遭遇了意想不到的挑戰，而且沒有太多時間進行調整，這導致技術採購者、企業主、學校以及所有機構都在適應這種波動性，因此，他們無法確定和預測投資結果。

That has been a primary reason it's been so uncertain and helping customers unpack both investments and make decisions around new architectures with AI. So we've got questions around new technology, AI; funding shifts that can happen month-to-month; there has been a hesitancy to make commitments on some larger pieces of technology. It's been hard to run a business.

這正是造成這種不確定性的主要原因，也是幫助客戶分析投資並圍繞人工智慧的新架構做出決策的關鍵。因此，我們面臨一些關於新技術、人工智慧的問題；資金變動可能每月都會發生；在一些大型科技領域，人們一直不願意做出承諾。經營企業真不容易。

Now that said, it feels very much now that the leaders of these institutions are kind of getting used to the unpredictability, the unevenness and just starting to really pick up and move forward with mission-critical needs and investing behind technology because they feel like they otherwise are going to get behind.

話雖如此，現在看來，這些機構的領導者似乎已經逐漸習慣了這種不可預測性和不平衡性，並開始真正著手推進關鍵任務需求，加大對技術的投資，因為他們覺得否則就會落後。

So it's really that policy bouncing around, the funding changes that we hear about, the geopolitical world that we live in and the macro uncertainty, the uncertainty around inflation and everything that's impacting the economy. But I'll tell you, for me, it really ultimately comes down to this unpredictability that we've been living in for about nine months.

所以，真正影響經濟的因素是政策的反覆變化、我們聽到的資金變動、我們所處的地緣政治環境以及宏觀經濟的不確定性、通貨膨脹的不確定性等等。但我要告訴你，對我來說，歸根究底，還是因為我們過去九個月來一直生活在這個不可預測的環境中。

It's okay. Very fair. Thank you for all that detail, Chris. And then, Al, just as a quick follow-up. You have been very transparent over the last few quarters about the kind of variable comp headwind you're facing this year. I'm wondering if we take a step back, what type of gross profit dollar growth does CDW have to see to return back to your kind of 10%-plus EPS growth algo of old? Any color there would be super helpful. Thanks so much, guys.

沒關係。非常公平。謝謝你提供這麼多細節，克里斯。然後，Al，我再快速補充一下。在過去的幾個季度裡，你們一直非常坦誠地說明今年面臨的各種可變薪酬不利因素。我想知道，如果我們退一步來看，CDW 的毛利需要達到怎樣的成長水準才能恢復到您之前設定的 10% 以上的每股盈餘成長目標？任何顏色都會非常有幫助。非常感謝各位。

Yeah. Good morning, Erik. Thank you for that. Just a couple of things. First, I would just note for 2025, which we've talked about as a bit of a period of transition for us but also traction and we're seeing that traction above our expectations, so important in that regard.

是的。早安，埃里克。謝謝。就兩件事。首先，我想指出的是，2025 年對我們來說是一個過渡時期，但也是一個取得進展的時期，而且我們看到進展超出了我們的預期，因此在這方面非常重要。

If you actually take the effect of the '24 compare on expenses, and we talked about kind of these incentive compensation accruals from prior year, we would look like our gross profit and our non-GAAP operating income are a bit closer to parity. So -- and I would say that is consistent with this period of transition after a pretty dynamic couple of years.

如果將 2024 年的比較對費用產生實際影響，並且考慮到上一年產生的激勵性薪酬應計項目，那麼我們的毛利和非 GAAP 營業收入看起來會更加接近平衡。所以——我認為這與經歷了相當動蕩的兩年之後的過渡時期是一致的。

To your question, Erik, what's it going to take to get the further traction and get upwards of high single digits, double digits on EPS? I think what we need to see is a sustaining of that gross profit growth and the spend, continuation of our progress on gross margin and then importantly, a great focus on profitable growth and getting back to operating leverage.

艾瑞克，對於你的問題，要獲得進一步的成長勢頭，並使每股收益達到高個位數甚至兩位數的成長，需要做些什麼？我認為我們需要看到的是毛利成長和支出的持續成長，毛利率的持續提高，更重要的是，要高度重視獲利成長，並恢復營運槓桿作用。

We believe kind of with those variables in place and getting operating leverage, we will start to see that efficiency ratio come back down towards the sweet spot and then I would say then you're going to see the compounding effects in the P&L. So that's what we're focused on. It's obviously a balancing act with all those things, including investing, but that's what the horizon looks like for us.

我們相信，隨著這些變數到位並獲得營運槓桿，我們將開始看到效率比率回落到最佳點，然後我認為，那時你會在損益表中看到複利效應。所以這就是我們關注的重點。顯然，在所有這些事情之間，包括投資，都需要找到平衡點，但這就是我們未來的發展方向。

Awesome. Thank you, Al. Good luck, guys.

驚人的。謝謝你，阿爾。祝你們好運。

(Operator Instructions)

（操作說明）

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Hi. Thanks for taking my questions. Chris, maybe if we can start on the services side, pretty strong growth there. Maybe if you can dig a bit deeper in terms of the nature of opportunities you're seeing, particularly the ones associated with the AI deployments you're seeing from your customers? And any thoughts in relation to M&A and further consolidating the services opportunity for the company? And I have a quick follow-up. Thank you.

你好。謝謝您回答我的問題。克里斯，或許我們可以從服務方面入手，那方面成長動能很強勁。或許您可以更深入地挖掘一下您所看到的機會的本質，特別是與您從客戶那裡看到的 AI 部署相關的機會？關於併購以及進一步鞏固公司服務業務機會，您有什麼想法？我還有一個後續問題。謝謝。

Yeah, Samik, I'll take that. This is Al. Really strong results on Services top line for the quarter. Underneath that 9%, it was 14% growth in Managed and Professional Services. So a couple of themes or practice area details I'd share there.

是的，薩米克，我接受。這是艾爾。本季服務業務營收表現非常強勁。在9%的成長之下，管理和專業服務領域的成長了14%。所以，我想分享一些主題或實踐領域的細節。

Number one, data and AI definitely a focus; continued focus on security, as you would expect; and then Cloud has been a really persistent contributor from a Services perspective. We've got a new leader in our Services space. We are very, very focused on refining exactly where we play and where the best growth opportunities are, and we're seeing some of the early benefits from that.

首先，資料和人工智慧絕對是重點；其次，正如你所預料的那樣，安全方面也將繼續受到重視；然後，從服務的角度來看，雲端運算一直是持續的貢獻者。我們的服務領域迎來了一位新的領導者。我們非常非常專注於精準定位我們的市場定位和最佳成長機會所在，我們已經看到了一些初步成效。

So as we look forward, Samik, I would expect that the life netted down revenues, Services has the potential to be kind of an outlier in terms of growth contribution, and we feel encouraged by the progress we're seeing at this juncture.

展望未來，Samik，我預期生命安全淨收入下降，服務業在成長貢獻方面有可能成為例外，我們對目前的進展感到鼓舞。

I'll just remind you, too, just in terms of just spotting our progress here. If you go back a few years, Samik, Services was about 5% of our net sales; this quarter, it was 9%. And so if we can continue on this growth path, we think it's going to be a meaningful contributor to our top and bottom line.

我還要提醒你們一下，看看我們在這裡的進展。幾年前，Samik 服務業務約占我們淨銷售額的 5%；本季度，這一比例為 9%。因此，如果我們能夠繼續保持這種成長勢頭，我們認為這將對我們的營收和利潤做出重要貢獻。

Okay. Okay. And then just curious, you made a comment about the data center upgrades from your corporate customers, in particular, sort of being uneven. Any thoughts on what's the primary driver there? We understand the macro is challenging.

好的。好的。還有一點我很好奇，你提到過你的企業客戶的資料中心升級情況不太均衡。您認為主要驅動因素是什麼？我們理解宏觀經濟情勢充滿挑戰。

But obviously, in terms of investment, is it really the AI sort of decision-making that's driving this unevenness? Or is it more evaluation of public cloud? What are you seeing on that front in terms of what's sort of causing this lumpiness in those decision-making processes? Thank you.

但顯然，就投資而言，造成這種不平衡的真的是人工智慧決策嗎？或者，這更多的是對公有雲的評估？您認為造成決策過程出現這種不規律現象的原因是什麼？謝謝。

Sure, Samik. I would point it more to some of the variables that Chris pointed out that is the overall uncertainty in the environment, the macro and geopolitical trends that we're seeing that are causing a bit of a start and stop in terms of bigger projects. So you saw it over the last couple of quarters, Q2, we saw a bit of a surge, particularly in the enterprise space with bigger projects that aided solutions growth there.

當然可以，薩米克。我更傾向於克里斯指出的一些變量，例如整體環境的不確定性，以及我們正在看到的宏觀和地緣政治趨勢，這些因素導致一些大型項目時斷時續。所以，在過去的幾個季度裡，特別是第二季度，我們看到了一些成長，尤其是在企業領域，更大的專案促進了解決方案的成長。

And in this quarter, we saw a pullback in that regard. And I think that while we will continue to say, we think it's inevitable that the refresh and the recovery needs to happen in solutions, it's clear that it's going to be more uneven than we anticipated.

本季度，我們在這方面看到了回落。我認為，雖然我們會繼續強調解決方案的更新和恢復是不可避免的，但很明顯，這個過程會比我們預期的更不均衡。

Now to your question on is AI a factor? I think it's probably a variable, but I would lead more with just the overall macro geopolitical environment, the level of uncertainty causing companies to just question the -- is this the time to get on with the spend? Or could we kick the [can] a bit more?

現在回答你的問題，人工智慧是否是一個影響因素？我認為這可能是個變量，但我更傾向於從整體宏觀地緣政治環境入手，這種不確定性導致企業質疑——現在是否是加大支出的時機？或者我們能不能再拖延一下？

Thank you. Thanks for taking my questions.

謝謝。謝謝您回答我的問題。

Harry Read, Rothschild & Co.

哈里·里德，羅斯柴爾德公司

Hi, good morning. Thanks for taking the question. Just looking at SG&A and the year-on-year growth rate, both on one and two year view, it looks like it's accelerating quite a lot. But forgive me if I heard it wrong, I think you said that year-over-year margin should expand in Q4, that's EBITDA over gross profit.

您好，早安。感謝您回答這個問題。單從銷售、管理及行政費用以及同比增速來看，無論是過去一年還是過去兩年，增速似乎都在大幅加快。如果我聽錯了請原諒，我想您說的是第四季同比利潤率應該會擴大，也就是 EBITDA 與毛利之比。

So just could we have some clarity on what's driving quite a sharp deceleration on SG&A growth, if you do expect gross profit growth year-over-year to slow a little bit? And then maybe if you could break down if that's largely driven by front office wages or back-office wages? Thank you.

若貴方預期毛利年增速將略為放緩，那麼能否請貴方明確說明導致銷售、一般及行政費用增速大幅放緩的原因？那麼，您能否進一步分析一下，這主要是由前台員工的薪資還是後台員工的薪資所驅動的？謝謝。

Hey, good morning, Harry. It's Al. I'll go back to my comments: The biggest variable is comparing against our compensation and think kind of bonus plans and the like from the prior year post-Q1, from last year, while our gross profit was declining and below our expectations, we were pretty considerably taking down those comp expense items where this year, we don't have that.

嘿，早上好，哈利。是艾爾。我再補充一點：最大的變數是與去年第一季後的薪資和獎金計畫等進行比較。去年，雖然我們的毛利下降且低於預期，但我們大幅削減了薪資支出項目，而今年我們沒有這樣做。

So it is more than anything, Harry, to compare of that. Again, I'll go back to my comment that if you adjust for those factors and you look at both this quarter and the full year, we would expect that gross profit and expense growth would be much more at parity. So I call that kind of for the full year evenness between gross profit and operating income.

所以，哈利，最重要的是要拿這個來比較。我再次重申我的觀點，如果考慮到這些因素，並同時考察本季和全年情況，我們預計毛利和支出成長將更加趨於一致。所以我稱之為全年毛利和營業收入之間的平衡。

Now I do believe that kind of part of the calculus here is that we've had obviously very strong growth in the pandemic period and we had deep reduction flattening for two years, we did make considerable reductions in our expense base. But in some respects, 2025 is, again, that year of transition where you get back to parity or gearing of our expenses relative to gross profit.

現在我認為，這其中一部分原因在於，我們在疫情期間顯然實現了非常強勁的增長，並且經歷了兩年的大幅下滑和增長放緩，我們確實大幅削減了支出基礎。但在某些方面，2025 年又是一個過渡之年，屆時我們的支出將與毛利恢復到平衡或槓桿水平。

So as we look forward and with the expectation that growth can persist and should persist, then you're going to -- you're going to return to operating leverage, and again, to an efficiency ratio that we would be much more comfortable with in that 55%, 56% range.

因此，展望未來，我們預期成長能夠持續，也應該持續下去，那麼——你將回歸經營槓桿，再次回歸到我們更樂於接受的 55%、56% 的效率比率。

Yeah, that makes a lot of sense. Thank you. And then just a short one. It looks like SBC as a percent of GP is kind of hitting the top end of the range of what it's been historically. Just any thoughts in of what that margin could be into Q4 and then the rest of then into 2026?

是的，這很有道理。謝謝。然後就只講一個簡短的。看起來 SBC 佔 GP 的百分比已經接近歷史最高水平了。大家對第四季以及2026年剩餘時間的利潤率有什麼看法？

Yeah. Harry, so sorry -- and I think you might be speaking to the compare to the prior year in that regard and it looks like --

是的。哈里，非常抱歉——我想你可能是指與前一年相比，而且看起來…--

Yeah. I'm just looking at the -- in the quarter. Yeah, and then just looking generally what it's been on a quarterly basis a percentage.

是的。我只是在看季度末的情況。是的，然後我們再看看它按季度計算的百分比。

Yeah. I don't think if you look back over time, it's going to look outsized on a percentage basis to any other metric. But what you are seeing from the prior year is we had a larger equity program that came down considerably based on the actual results over a three year period and so 2024 was aided by the reduction of that equity expense where we don't have that happening in '25. So '25 on an absolute basis and ratio basis should look reasonably normalized versus previous years where you didn't have that distortion.

是的。我認為，從長遠來看，以百分比計算，它與其他任何指標相比都不會顯得太大。但從上一年的情況來看，我們有一個規模較大的股權計劃，根據三年內的實際結果，該計劃大幅縮減，因此 2024 年受益於股權支出的減少，而 2025 年則沒有這種情況發生。因此，從絕對值和比率來看，2025 年的數據應該與之前沒有這種扭曲的年份相比，已經相當正常化了。

Right. Thank you.

正確的。謝謝。

(Operator Instructions)

（操作說明）

David Vogt, UBS.

David Vogt，瑞銀集團。

Great. Thanks, guys, for taking my questions. Chris, maybe one for you. Can you help us understand and parse out sort of the impact on health care? I guess what we're trying to think through is how much of it is sort of the lingering effects of sort of the efficiency efforts over the past year versus the government shutdown?

偉大的。謝謝各位回答我的問題。克里斯，也許這件適合你。您能否幫助我們理解並分析這對醫療保健的影響？我想我們正在思考的是，這其中有多少是過去一年提高效率措施的持續影響，又有多少是政府停擺造成的？

And how do we think about sort of the effects of those two different dynamics at play going into 2026, just to get a level set for how we should think about that market growth next year? And then I have one for Al on margins.

那麼，我們該如何看待這兩種不同動態在 2026 年的影響，才能為明年的市場成長設定基準呢？然後我還有一個關於Al的邊距。

Yeah. Good morning, David. In terms of health care, look, when we look over the last several quarters, health care has really been, frankly, on fire. And you'll recall, we talked about a number of investments we've made across the Health Care segment, both in terms of industry experts, innovation centers, et cetera.

是的。早安，大衛。就醫療保健而言，你看，如果我們回顧過去幾個季度，就會發現醫療保健行業真的非常火爆。您可能還記得，我們​​之前討論過我們在醫療保健領域進行的一些投資，包括行業專家、創新中心等等。

And that's really been, in our view, paying off in solidifying our relationship as a trusted adviser as the health care institutions are leaning into technology. As we think about the go forward, look, we're just going to be very, very clear and very watchful about the trickle-down effect that I had mentioned before, some funding shifts from income stream shifts, we just got to keep an eye on that.

我們認為，隨著醫療機構越來越重視技術，鞏固我們作為值得信賴的顧問的關係確實取得了成效。當我們考慮未來發展方向時，我們將非常非常清楚地認識到我之前提到的涓滴效應，以及收入來源的變化所帶來的資金轉移，我們必須密切關注這一點。

But we've been through periods like that before you tend to see things like M&A, you tend to see consolidation and you tend to see movements within the industry itself, all of which requires technology support, so that's an area where we think we could see a second order impact from funding changes.

但我們以前也經歷過類似的時期，你會看到併購、整合以及行業內部的各種變動，所有這些都需要技術支持，因此我們認為，資金變化可能會對這個領域產生次要影響。

But I'll come back to the notion that what we're doing with our customers in health care right now is not just foundational and optimizing it really is the future of care. And that we believe is sustainable over the long term. So we might see some lumpiness in health care based on funding. But again, we work hard and know our way around the funding mechanism.

但我會回到這個觀點：我們現在在醫療保健領域為客戶所做的一切，不僅僅是基礎性的，優化這些工作才是醫療保健的未來。我們相信這在長期內是可持續的。因此，我們可能會看到醫療保健領域因資金來源而出現一些波動。但是，我們努力工作，也熟悉融資機制。

Great. And then, Al, for you, it looks like on a profitability basis, if we make an adjustment for netted down, you guys had a relatively strong performance outside of netted-down gross profit. Should we think about that margin sort of accretion going forward as we mix to maybe fewer client devices in the overall portfolio and some more margin-rich solutions going forward outside of the netted down piece?

偉大的。然後，Al，對你來說，從獲利能力來看，如果我們對淨額進行調整，你們在淨額毛利之外的表現相對較好。我們是否應該考慮在未來減少整體產品組合中的客戶端設備數量，並增加一些利潤率更高的解決方案（不包括淨額削減部分）的情況下，提高利潤率？

Just trying to get a sense for how that trends? I know you're still in the planning phases for 2026, but you've had relatively good results in traditional gross margin outside of netted down. So I just wanted to get a sense of how you're thinking about that going forward. Thank you.

只是想了解這種趨勢如何？我知道你們還在製定 2026 年的計劃，但你們在扣除淨額後的傳統毛利率方面取得了相對不錯的成績。所以我想了解你對未來這件事的看法。謝謝。

Yeah. Thanks for the question, David. Look, very near term, and particularly for Q4, I wouldn't expect much of a change there. We have seen stability over the last couple of quarters and so that's certainly encouraging that those non-netted down margins have held up.

是的。謝謝你的提問，大衛。你看，短期內，特別是第四季度，我預計不會有太大變化。過去幾個季度以來，我們看到了穩定性，因此，未計入淨利潤率能夠保持穩定，這無疑令人鼓舞。

As we look forward, David, I think that a mix out of client would marginally benefit there as well. If things play out as we would hope on the services front that will also aid those margins. So I'd say modestly, you could see some tick up, but I'll reserve the right to give you more detail as we get into 2026.

展望未來，David，我認為客戶群多元化也會略有好處。如果服務業的發展如我們所願，也將有助於提高利潤率。所以，我保守估計，可能會有一些成長，但到了 2026 年，我保留提供更多細節的權利。

Understood. Thanks, Al. Thanks, Chris.

明白了。謝謝你，阿爾。謝謝你，克里斯。

Adam Tindle, Raymond James.

Adam Tindle，Raymond James。

Okay. Thanks. Good morning. Chris, I wanted to start, I know you're in the middle of the planning cycle for 2026. Just reflect on how this cycle is maybe similar or different than prior years? And curious on the strategic part of that discussion in particular. The Services narrative here is obviously very strong on this call. I wonder how you and the Board think about potentially value creation in the Services business and how that works? Would it make sense for maybe even larger scale M&A in Services, would be helpful? Thanks.

好的。謝謝。早安.克里斯，我想先說一下，我知道你正在製定 2026 年的計劃。想想看，今年的周期與往年有哪些相似之處和不同之處？尤其想了解那次討論的戰略層面。很明顯，軍方在這次通話中佔據了非常有利的地位。我想知道您和董事會如何看待服務業務中潛在的價值創造，以及這種創造是如何運作的？對於服務業而言，或許更大規模的併購會很有意義，這會有幫助嗎？謝謝。

Sure. Good morning, Adam. Let me just start with the end. When we think about value creation, we think about high growth, high relevance offerings to our customers and what they need now and into the future. So as you know, we've been investing heavily behind our capabilities that are industry-specific and that could be expertise, technology specific. We've been investing heavily in both our professional advisory services and our managed services.

當然。早安，亞當。我就從結尾開始吧。當我們思考價值創造時，我們想到的是高成長、與顧客需求高度相關的產品和服務，以及他們現在和未來的需求。如您所知，我們一直在大力投資於我們行業特定的能力，包括專業知識和技術方面的能力。我們一直在大力投資我們的專業諮詢服務和管理服務。

And we view those as integral to the value creation for customers going forward. As we've said now for a couple of years, our full stack, full life cycle, full outcomes approach is it's like multiple flywheels working together. Customers don't buy point products anymore, they buy outcomes, they buy solutions, and Services have now just become part and parcel of those solutions.

我們認為這些對於未來為客戶創造價值至關重要。正如我們過去幾年一直強調的，我們的全端、全生命週期、全結果方法就像多個飛輪協同工作一樣。客戶不再購買單一產品，他們購買的是結果，是解決方案，而服務現在已成為這些解決方案不可或缺的一部分。

So as we go into next year and as we've been doing this year, we keep a close eye on M&A opportunities, but you can certainly continue to see us invest behind services. And I think as Al said earlier, you'll see growth -- overweighted growth in those areas that are particularly relevant and important right now.

因此，展望明年，正如我們今年所做的那樣，我們將密切關注併購機會，但您肯定會看到我們繼續投資於服務業。正如 Al 之前所說，我認為你會看到成長——而且是那些目前特別相關和重要的領域的成長，而且增幅會更大。

Got it. And maybe just a quick follow-up for Al. You talked about Q4 guidance on gross profit dollars being relatively in line with seasonal trends historically, but also talked about some pretty conservative assumptions in the public sector business understandably. I wonder if you could just unpack a little bit more of the buildup, what might be offsetting that weakness in public sector to drive more seasonal trends in gross profit dollar growth and your level of visibility into that? Thank you.

知道了。也許還要給艾爾提個簡短的後續問題。您提到第四季毛利預期與歷史季節性趨勢基本一致，但也提到公共部門業務的一些假設相當保守，這也可以理解。我想知道您能否再詳細分析背後的原因，是什麼因素可能抵消了公共部門的疲軟，從而推動毛利美元增長的季節性趨勢，以及您對這方面的了解程度？謝謝。

Yeah. Thanks, Adam. A couple of things. First, on the government federal front, just keep in mind that Q4 is low season, so while we did adjust down our expectations for the quarter, we had the fact that it has less weight on the quarter overall, number one.

是的。謝謝你，亞當。有幾件事。首先，就聯邦政府方面而言，請記住第四季度是淡季，因此雖然我們下調了對該季度的預期，但第一點是，它對整個季度的權重較小。

As Chris suggested, we walked into Q4 with some pipeline, and we have some regular run rate business with agencies that are still open. That being said, we definitely did kind of take out the pen to take down some expectations on government. It's just when you add all those variables, it doesn't end up being an outsized component adjustment, if you will. So that's number one.

正如 Chris 所建議的那樣，我們帶著一些潛在客戶進入了第四季度，並且與一些仍在營業的代理商保持著一些常規的業務往來。話雖如此，我們確實也採取了一些措施來降低人們對政府的期望。只是當你把所有這些變數都加進去之後，最終得到的並不是一個過大的元件調整。這是第一點。

Number two, on the question of the, are there any offsets there? There are a couple of minor offsets that is the, we walk into a quarter, so we have a pretty good idea of pipeline and what it's going to take to convert that pipeline.

第二，關於這個問題，是否有任何偏移量？有一些小的偏差，也就是說，我們走進一個季度，所以我們對管道情況以及轉化該管道需要什麼有一個相當好的想法。

And so a couple of other channels that would be more favorable contributors would include Small Business that has very good momentum and then I would point out the UK that, again, has both a very healthy pipeline, but has been executing really well. So they serve as some offsets to government, but net-net, it's a modest take down for the quarter.

因此，其他一些更有利的管道包括發展勢頭良好的小型企業，以及英國——同樣擁有非常健康的潛在客戶群，而且執行得也非常好。因此，它們對政府支出起到了一定的抵消作用，但總體而言，本季的下降幅度並不大。

That's helpful. Thank you.

那很有幫助。謝謝。

Thank you very much. At this time, I would like to hand back to Chris Leahy for any further remarks.

非常感謝。此時，我想把發言權交還給克里斯·萊希，請他再補充一些內容。

Thank you, Carlie. Before we wrap up, I want to extend my sincere thanks to our nearly 15,000 coworkers around the world. Their expertise, dedication and passion are the driving force behind our continued success.

謝謝你，卡莉。在結束之前，我要向我們在世界各地的近 15,000 名同事表示衷心的感謝。他們的專業技能、奉獻精神和熱情是我們持續成功的動力。

I'd like to thank our customers who trust us every day. I also want to thank our more than 1,000 leading and emerging partners for their trust and collaboration in delivering innovative, outcome-driven solutions; and to everyone joining us on today's call, thank you for your time and support. Al and I look forward to speaking with you again in the new year.

我要感謝每天信任我們的客戶。我還要感謝我們 1000 多家領先和新興合作夥伴，感謝他們對我們的信任和合作，讓我們能夠提供創新、以結果為導向的解決方案；感謝今天參加電話會議的各位，感謝你們的時間和支持。我和艾爾期待在新的一年再次與您交談。

As we conclude today's call, we'd like to thank everyone for joining. You may now disconnect your lines.

在今天的電話會議即將結束之際，我們衷心感謝各位的參與。現在您可以斷開線路了。