Climb Global Solutions Inc (CLMB) 2025 Q3 法說會逐字稿

Please stand by. Your program is about to begin.

請稍候。您的程式即將開始。

Good morning, everyone, and thank you for participating in today's conference call to discuss Climb Global Solutions financial results for the third quarter ended September 30, 2025.

各位早安，感謝各位參加今天的電話會議，討論 Climb Global Solutions 截至 2025 年 9 月 30 日的第三季度財務業績。

Joining us today our client's CEO Mr. Dell Foster.

今天我們很榮幸地邀請到客戶公司的執行長戴爾·福斯特先生。

CFO Mr. Matthew Sullivan.

首席財務官馬修·沙利文先生。

Chief Alliance's officer, Mr. Charles Bass. And investor relations advisor Mr. Sean Muri with Eleva IR.

首席聯盟官員查爾斯·巴斯先生。還有來自 Eleva IR 的投資者關係顧問 Sean Muri 先生。

By now everyone should have access to the 3rd quarter 2025 earnings press release, which was issued yesterday afternoon at approximately 4:05 p.m. Eastern time.

現在所有人都應該可以查閱到 2025 年第三季收益新聞稿，該新聞稿於昨天下午大約美國東部時間下午 4:05 發布。

The release is available in the investor relations section of Climb Global Solutions website at www.climbglobalSolutions.com.

新聞稿可在 Climb Global Solutions 網站 www.climbglobalSolutions.com 的投資者關係部分查閱。

This call will also be available for webcast replay on the company's website.

本次電話會議也將在公司網站上提供網路直播回放。

Following management remarks, we will open the call for your questions.

管理階層發言結束後，我們將開放提問環節。

I would now like to turn the call over to Mr. Mansurri for introductory comments.

現在我謹將電話交給曼蘇裡先生，請他作開場白。

Thank you. Before I introduce Dale, I'd like to remind listeners that certain comments made on this conference call and webcast are considered forward-looking statements under the Private Securities Litigation Reform Act of 1,995.

謝謝。在介紹戴爾之前，我想提醒各位聽眾，根據 1995 年《私人證券訴訟改革法案》，本次電話會議和網路直播中發表的某些評論屬於前瞻性陳述。

These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements.

這些前瞻性陳述受到某些已知和未知風險及不確定性的影響，以及可能導致實際結果與這些前瞻性陳述中反映的結果有重大差異的假設。

These forward-looking statements are also subject to other risks and uncertainties that are described from time to time in the company's filings with the SEC.

這些前瞻性陳述也受到其他風險和不確定性的影響，這些風險和不確定性會在公司不時向美國證券交易委員會提交的文件中描述。

Do not place undue reliance on any forward-looking statements which are being made only as of the date of this call.

請勿過度依賴任何前瞻性陳述，這些陳述僅代表截至本次電話會議之日的資訊。

Except as required by law, the company undertakes no obligation to revise or publicly release the results of any revision to any forward-looking statements.

除法律另有規定外，本公司不承擔任何義務對任何前瞻性聲明進行修訂或公開披露修訂結果。

Our presentation also includes certain key operational metrics and non-GAAP financial measures, including gross billings, adjusted EBITA, adjusted net income, and EPS, and effective margins as supplemental measures of performance of our business.

我們的簡報還包括一些關鍵的營運指標和非GAAP財務指標，包括總帳單金額、調整後的EBITA、調整後的淨收入和每股盈餘，以及有效利潤率，作為我們業務績效的補充衡量指標。

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

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 reconciliation charts and other important information in the earnings press release and Form 8K we furnished to the SEC yesterday.

您可以在我們昨天提交給美國證券交易委員會的盈利新聞稿和 8K 表格中找到調節表和其他重要資訊。

I'll now turn the call over to Klein's CEO Dale Foster.

現在我將把電話轉給克萊恩公司的執行長戴爾福斯特。

Thanks, Sean, and good morning everyone. In Q3 we generated double-digit organic growth and continued to benefit from our acquisition of Douglas Sewer software, which we acquired in July of last year. We continue to deepen our partnerships with existing vendors while signing new cutting edge partners to our line card. Our team consistently delivers. Results maintains operational discipline and continues driving growth even with the challenging comparable from last year.

謝謝肖恩，大家早安。第三季度，我們實現了兩位數的內生成長，並繼續受益於我們去年 7 月收購的 Douglas Sewer 軟體。我們不斷深化與現有供應商的合作關係，同時為我們的生產線增添新的前沿合作夥伴。我們的團隊一直都能出色完成任務。儘管去年同期基數較高，但公司業績仍保持了營運紀律，並持續推動成長。

Before diving into Q3 operational updates, I'd like to quickly pass the call over to our Chief Alliance Officer Charles Bass to take you through our vendor selection highlights for the quarter, Charles.

在深入探討第三季營運更新之前，我想先把電話交給我們的首席聯盟官查爾斯·巴斯，讓他為大家介紹一下我們本季的供應商選擇亮點。查爾斯。

Thanks, Dale, and good morning everyone. So throughout the 3rd quarter we evaluated more than 70 potential vendor partners and entered into agreements with only 4. This reflects our ongoing selective approach to vendor expansion, which prioritizes innovation, market differentiation, and long-term alignment with our strategic objectives.

謝謝你，戴爾，大家早安。因此，在整個第三季度，我們評估了 70 多個潛在的供應商合作夥伴，最終只與 4 家簽訂了協議。這體現了我們持續採取的供應商擴張選擇性策略，優先考慮創新、市場差異化以及與我們的策略目標的長期一致性。

Each potential partner undergoes a comprehensive vetting process that assesses product differentiation, market demand, and integration potential within our go to market strategy. So our approach ensures that we continue to deliver cutting edge solutions to our customers while maintaining the quality standards that have, continued to drive sustainable growth and value creation across our business. What I'd like to do is quickly highlight two cases, two of these wins and how they position us for future success. So first, we launched a partnership with Lineguard. They're a Houston, Texas-based company providing advanced attack surface management and intelligent automation for managed service providers or MSPs. Lineguard's platform delivers deep visibility across every asset. In an MSP's environment offering real-time intelligence and continuous change detection to proactively identify risk and maintain compliance, the addition, enhances our ability to support MSP partners with tools that deliver really, unmatched operational insight. And control across increasingly complex IT ecosystems. So while the majority of our customers still consider themselves traditional bars, more and more of our customers consider themselves service providers over time. So Laguard is exactly the type of product that they need to be successful in position as well for the future.

每個潛在合作夥伴都要經過全面的審查流程，評估其產品差異化、市場需求以及融入我們市場推廣策略的潛力。因此，我們的方法確保我們能夠繼續為客戶提供尖端解決方案，同時保持品質標準，從而持續推動我們業務的可持續成長和價值創造。我想快速重點介紹兩個案例，這兩次勝利以及它們如何為我們未來的成功奠定基礎。首先，我們與 Lineguard 建立了合作關係。他們是一家總部位於德州休士頓的公司，為託管服務提供者 (MSP) 提供先進的攻擊面管理和智慧自動化。Lineguard 的平台能夠提供每項資產的深度可視性。在 MSP 環境中，即時智慧和持續變化偵測能夠主動識別風險並保持合規性，而這項新增功能增強了我們為 MSP 合作夥伴提供真正無與倫比的營運洞察力的工具的能力。以及對日益複雜的IT生態系的控制。因此，雖然我們的大多數客戶仍然認為自己是傳統酒吧，但隨著時間的推移，越來越多的客戶認為自己是服務提供者。因此，Laguard 正是他們未來成功所需的產品類型。

We also partnered with another Texas-based company called Halcion. They're based in Austin, Texas, and they specialize in anti-ransomware and cyber resilience. Halcion's product is designed to prevent, detect and neutralize ransomware threats, helping organizations eliminate the business impact of these attacks. Halcion represents a strategic addition to our cybersecurity portfolio, enhancing our capability to deliver comprehensive protection and resilience for customers facing increasingly sophisticated cyber threats. In fact, Halcion has already teamed with one of our largest and best manufacturer partners, Soos, to enhance their security offerings by co-selling alongside them. So Halcion can be sold as a standalone product obviously but also co-sold with several of our existing partners making them an ideal partner for client's future. So with that deal I'll push it back to you.

我們也與另一家總部位於德克薩斯州的公司 Halcion 建立了合作關係。他們總部位於德克薩斯州奧斯汀，專門從事反勒索軟體和網路彈性的研究。Halcion 的產品旨在預防、偵測和消除勒索軟體威脅，幫助企業消除這些攻擊對業務的影響。Halcion 的加入對我們的網路安全產品組合具有戰略意義，增強了我們為面臨日益複雜的網路威脅的客戶提供全面保護和復原能力。事實上，Halcion 已經與我們最大、最好的製造商合作夥伴之一 Soos 合作，透過共同銷售來增強他們的安全產品。因此，Halcion 顯然可以作為獨立產品銷售，但也可以與我們現有的幾家合作夥伴共同銷售，這使他們成為客戶未來的理想合作夥伴。所以，有了這筆交易，我就把它退還給你。

Thanks Charles. I'd also like to highlight our operations overseas. Our European team continues to demonstrate strong execution as we expand our capabilities in one of the market's fastest growing areas, which is artificial intelligence. AI has become a top priority for both our customers and partners, yet many are still defining practical strategies and identifying the right manufacturers to align with. To help bridge this GAAP, our team led by Martin Bickler launched Climb AI Academy in the DAC region earlier this year. The Climb AI Academy was designed to equip our infrastructure partners with the tools and expertise to effectively position themselves in the AI space while guiding AI consultants through a complexity of this rapid evolving rapidly evolving market. The program offers manufacturer neutral training, clear AI readiness guidelines, and structured curriculum that spans the foundation from foundational to expert levels, ensuring every participant receives tailored, applicable knowledge.

謝謝你，查爾斯。我還想重點介紹一下我們在海外的業務。我們的歐洲團隊持續展現出強大的執行力，不斷拓展我們在人工智慧市場成長最快的領域的能力。人工智慧已成為我們客戶和合作夥伴的首要任務，但許多人仍在製定切實可行的策略，並尋找合適的製造商與之合作。為了幫助彌補這一 GAAP 差距，我們由 Martin Bickler 領導的團隊今年稍早在 DAC 地區推出了 Climb AI Academy。Climb AI Academy 旨在為我們的基礎設施合作夥伴提供工具和專業知識，以便他們能夠有效地在 AI 領域定位自己，同時指導 AI 顧問應對這個快速發展的市場的複雜性。該計劃提供廠商中立的培訓、清晰的人工智慧準備指南以及從基礎到專家級別的結構化課程，確保每位參與者都能獲得量身定制的、適用的知識。

In addition to the AI Academy, it provides internationally recognized ISO and IC certifications such as certified AI Manager courses delivered by trainers with extensive real world experience.

除了人工智慧學院之​​外，它還提供國際認可的 ISO 和 IC 認證，例如由具有豐富實際經驗的培訓師提供的認證人工智慧經理課程。

This hands-on approach enables our partners to better translate theory into practice, ultimately helping them deliver more impactful AI-driven solutions to their customers. With more than 700 participants to date and highly positive feedback, our initiative is proving to be a powerful differentiator in helping partners navigate and succeed in the accelerating AI market.

這種實踐方法使我們的合作夥伴能夠更好地將理論轉化為實踐，最終幫助他們為客戶提供更具影響力的 AI 驅動解決方案。迄今為止，已有超過 700 名參與者，並獲得了非常積極的回饋，我們的計劃正在成為幫助合作夥伴在快速發展的 AI 市場中駕馭和取得成功的強大差異化因素。

Looking ahead, we'll continue to work through a healthy pipeline of strategic acquisition opportunities to enhance our offerings and expand our presence in Western Europe. We are seeing increasing interest in the European markets and believe our growing reputation as a trusted high touch distribution partner positions us well to capture emerging opportunities across the region. These initiatives coupled with our robust balance sheet and demonstrated track record of a creative M&A will enable us to close out 2025 strong.

展望未來，我們將繼續推動一系列策略性收購機會，以增強我們的產品和服務，並擴大我們在西歐的業務。我們看到歐洲市場對我們越來越感興趣，並相信我們作為值得信賴的高觸達分銷合作夥伴日益增長的聲譽，使我們能夠很好地掌握該地區的新興機會。這些舉措，加上我們穩健的資產負債表和在創新併購方面取得的良好業績，將使我們能夠在 2025 年取得強勁的成績。

And deliver another year of record results. With that, I'm going to turn the call over to our CFO Matt Sullivan, and he'll take you through the financial results. Matt.

並再創一年的業績紀錄。接下來，我將把電話交給我們的財務長馬特‧沙利文，他將為大家介紹財務表現。馬特。

Thank you, Dale, and good morning everyone. A quick reminder as we review our 3rd quarter financial results, all comparisons and variant commentary refer to the prior year quarter unless otherwise specified.

謝謝你，戴爾，大家早安。在回顧第三季財務表現時，我們在此快速提醒大家，除非另有說明，所有比較和差異性評論均指去年同期。

As reported in our earnings press release, gross billings in Q3 2025 increased 8% to $504.6 million compared to $465.2 million in the year-ago quarter. Distribution segment gross billings increased 9% to $481.9 million, and solution segment gross billings decreased 5% to $22.7 million.

正如我們在獲利新聞稿中所報導的那樣，2025 年第三季的總帳單金額成長了 8%，達到 5.046 億美元，而去年同期為 4.652 億美元。分銷業務總收入成長 9% 至 4.819 億美元，解決方案業務總收入下降 5% 至 2,270 萬美元。

Net sales in the third quarter of 2025 increased 35% to $161.3 million compared to $119.3 million, which primarily reflects double-digit organic growth from new and existing vendors, as well as contribution from our acquisition of DSS in July of last year.

2025 年第三季淨銷售額成長 35%，達到 1.613 億美元，而去年同期為 1.193 億美元，這主要反映了新舊供應商兩位數的內生成長，以及去年 7 月收購 DSS 的貢獻。

Gross profit in the third quarter increased 6% to $25.7 million compared to $24.3 million. Again, the increase was driven by organic growth from new and existing vendors in both North America and Europe, as well as contribution from DSS. Gross profit as a percentage of gross billings was 5.1% compared to 5.2% in the year-ago period.

第三季毛利成長 6%，達到 2,570 萬美元，而上一季為 2,430 萬美元。同樣，成長是由北美和歐洲新舊供應商的自然成長以及DSS的貢獻所推動的。毛利佔總帳單金額的百分比為 5.1%，去年同期為 5.2%。

SG&A expenses in the third quarter were $16.2 million compared to $13.9 million for the same period in 2024. SG&A as a percentage of gross billings was 3.2% in Q3 2025 compared to 3% in the year-ago period.

第三季銷售、一般及行政費用為 1,620 萬美元，而 2024 年同期為 1,390 萬美元。2025 年第三季度，銷售、一般及行政費用佔總帳單金額的 3.2%，而去年同期為 3%。

Net income in the third quarter of 2025 was $4.7 million or $1.02 per diluted share compared to $5.5 million or $1.19 per diluted share for the comparable period in 2024.

2025 年第三季淨收入為 470 萬美元，即每股攤薄收益 1.02 美元，而 2024 年同期淨收入為 550 萬美元，即每股攤薄收益 1.19 美元。

Adjusted net income was $6 million or $1.01 per diluted share compared to $7.1 million or $1.05 per diluted share for the year-ago period.

調整後的淨收入為 600 萬美元，即每股攤薄收益 1.01 美元，而去年同期為 710 萬美元，即每股攤薄收益 1.05 美元。

Adjusted EBITDA in the third quarter was $10.9 million compared to $11.1 million in the prior year quarter. The slight decrease was primarily driven by a large vendor transaction in the year-ago period that carried a higher flow-through to adjusted EBITDA, as sales compensation related to this transaction was paid through a contingent now.

第三季調整後 EBITDA 為 1,090 萬美元，而去年同期為 1,110 萬美元。略微下降的主要原因是去年同期的一筆大額供應商交易對調整後的 EBITDA 產生了較高的影響，因為與該交易相關的銷售補償是透過或有收益支付的。

Adjusted EBITDA as a percentage of gross profit or effective margin was 42.3% compared to 45.7% in the year-ago period.

調整後的 EBITDA 佔毛利或有效利潤率的百分比為 42.3%，而去年同期為 45.7%。

Turning to our balance sheet, cash and cash equivalents were $49.8 million as of September 30th, 2025, compared to $29.8 million on December 31, 2024, while working capital increased by $18.3 million during this period.

從資產負債表來看，截至 2025 年 9 月 30 日，現金及現金等價物為 4,980 萬美元，而截至 2024 年 12 月 31 日為 2,980 萬美元，同期營運資金增加了 1,830 萬美元。

The increase in cash was primarily attributed to the timing of receivable collections and vendor payments.

現金增加主要歸因於應收帳款回收和供應商付款的時間表。

As of September 30th, 2025, we had $300,000 outstanding debt with no borrowings under our $50 million revolving credit facility with JPMorgan Chase.

截至 2025 年 9 月 30 日，我們有 30 萬美元的未償債務，而我們在摩根大通的 5,000 萬美元循環信貸額度下沒有借款。

On October 28th, 2025, our board of directors declared a quarterly dividend of $0.17 per share of our common stock payable on November 17, 2025, to shareholders of record on November 10, 2025.

2025 年 10 月 28 日，我們的董事會宣布派發每股普通股 0.17 美元的季度股息，將於 2025 年 11 月 17 日支付給 2025 年 11 月 10 日登記在冊的股東。

As we look to the remainder of the year, our priorities remain clear: to build on our operational momentum and continue executing against the strategic initiatives that have driven our success to date. We're actively evaluating acquisition opportunities that align with our growth strategy, enhance our capabilities, and strengthen our presence across key markets. The solid momentum across our business and a proven track record of execution. We believe we will close out 2025 on a strong note and set the stage for another year of record performance.

展望今年剩餘時間，我們的工作重點依然明確：鞏固營運勢頭，繼續執行迄今為止推動我們成功的各項策略性舉措。我們正在積極評估符合我們成長策略、增強我們能力並加強我們在關鍵市場地位的收購機會。我們業務發展勢頭強勁，並且擁有良好的執行記錄。我們相信，我們將以強勁的勢頭結束 2025 年，並​​為另一個創紀錄的業績年奠定基礎。

This concludes our prepared marks. We'll now open it up for questions from those participating in the call. Operator, back to you.

以上就是我們準備的評分。現在我們將開放提問環節，歡迎參與電話會議的各位提問。接線員，已接通。

(Operator instruction)

（操作說明）

Vincent Colicio with Barrington Research.

Vincent Colicio，巴林頓研究公司。

Yeah, Dale, congrats on another strong double-digit organic growth quarter.

是的，戴爾，恭喜你又一個季度實現了兩位數的強勁有機成長。

Curious, how would you characterize the quarter? Was was the growth poor based across your TOP20, also, were there any large lumpy deals in the quarter?

很好奇，你會如何描述這個季度？你們前 20 名企業的整體成長情況是否不佳？此外，本季是否有任何大額交易？

Yeah, no lumpy deals, and then hence, we've talked about it probably too much. We talked about in Q2 that, we had one of the large orders pull into Q2, and we've been seeing Q3, and then, as Matt mentioned, the comparable year over year we had one large in Q3 of last year and it's no secret there are vast data, their data center all focused on the AI market and going into data centers to deliver as much data as fast as an engine we'll take it in. So outside of those two things, definitely organic growth, strong in the majority of our vendors, we only typically talk about two vendors over the last so many years, Sofos and solar winds. Sofos is a little flat for us. Solar winds is going in the right direction. They were acquired by Tur River, and we're seeing, some positives come out of that.

是的，沒有大宗交易，因此，我們可能已經討論得太多了。我們在第二季討論過，我們在第二季接到了一筆大訂單，第三季我們也看到了類似的情況。正如 Matt 所提到的，與去年同期相比，我們在去年第三季也接到了一筆大訂單。眾所周知，他們擁有大量數據，他們的數據中心都專注於人工智慧市場，並致力於建立數據中心，以便盡可能快速地交付數據，就像引擎接收數據一樣。除了這兩件事之外，有機成長絕對是主要因素，我們的大多數供應商都實現了強勁成長。在過去的幾年裡，我們通常只談論兩個供應商：Sofos 和 Solarwinds。索福斯對我們來說有點平坦。太陽風正朝著正確的方向發展。他們被 Tur River 收購了，我們看到，這帶來了一些正面的影響。

And then in terms of industries security, I assume still leads growth, is that right?

那麼就產業安全而言，我認為安全仍然是成長的主要驅動力，對嗎？

It does, we're over 60% in the cybersecurity space, and Charles can talk to it, but still that many companies coming at us to add to our line card, and they're mainly in that security space. We have so many adjacent markets, but that's really the focus. We were attending the Canalus event in Chicago last week and it's good to look at some of the data collectors that, we don't have any skin in the game or neither do they on our side and You know that's in the next 3 years still one of the fastest growing markets if you look at all the different market segments in the in the IT space.

確實如此，我們在網路安全領域的業務佔比超過 60%，查爾斯也精通此道，但仍有許多公司來找我們，希望拓展我們的產品線，而他們主要也都在安全領域。我們有許多相鄰的市場，但這才是我們真正的關注重點。我們上週參加了在芝加哥舉行的 Canalus 活動，很高興看到一些資料收集器，我們和它們之間沒有任何利益關係，它們和我們之間也沒有任何利益關係。你知道，如果你看看 IT 領域的所有不同細分市場，你會發現，在未來 3 年裡，它仍然是成長最快的市場之一。

And maybe one for Matt. Were there any early pay price discounts of any magnitude that impacted margin?

或許還可以給馬特一個。是否有任何影響利潤率的提前付款折扣？

No, I mean there were no new relationships on early pay discounts.

不，我的意思是，提前支付工資並沒有帶來任何新的折扣。

Our similar customers continued to take advantage that had this offer to them continue to take advantage of it, but as a percentage of gross billings, it's consistent period over period.

我們的類似客戶繼續利用這項優惠，但就總帳單金額的百分比而言，它在每個時期都保持穩定。

And then the other, the training program you had highlighted in Europe, did you, have you had a similar program in the US?

還有，您之前重點提到的歐洲培訓項目，您在美國有沒有類似的培訓項目？

We don't. Martin, is out of Germany and he started it. We really, what got us kicked off of is one of the vendors we signed called Unframed, which is in the AI building block. So if you want to, have a certain structure in your company that you want to use AI for, this is where you can actually go and get those building blocks. It started with that and then expanded into some other vendors and he built it into a full academy and we'll roll that into our other regions, of course the European side first as Martin took the lead on then you'll see it come to the US as we talk about that, do we have another A set of vendors that are AI vendors and it's still consistent with probably what we said a year ago and that is our vendors are building AI capability into their existing products so you know we're going to see it that way and you know if there is, different products we'll pick it up and and talk about them in a separate, you know what we call in our our different segments our our technology segments.

我們不。馬丁不在德國，是他創辦的。真正讓我們陷入困境的是我們簽約的一家名為 Unframed 的供應商，它屬於人工智慧建置模組。所以，如果你想在公司中建立某種特定的結構，並希望使用人工智慧，那麼你可以在這裡找到所需的建置模組。事情就是從那時開始的，然後擴展到其他一些供應商，他將其發展成一個完整的學院，我們會將其推廣到其他地區，當然首先是歐洲，因為馬丁牽頭負責，然後你會看到它進入美國。當我們談到美國時，我們是否還有其他A類人工智慧供應商？這仍然與我們一年前所說的一致，即我們的供應商正在將人工智慧功能整合到他們現有的產品中，所以我們會這樣看待這個問題。如果有不同的產品，我們會單獨介紹，並在我們不同的技術板塊中單獨討論。

Okay, thanks. I'll go back and I'll go into the queue.

好的，謝謝。我回去後會去排隊。

Thanks, Vince.

謝謝你，文斯。

Thanks, Vince.

謝謝你，文斯。

Howard Root, private investor.

霍華德·魯特，私人投資者。

Good morning guys. Congratulations on another good quarter and thanks for taking my call. I got a couple of little questions, and then a more general one, kind of first, no mention of tariffs, and I think nothing's changed there but remind me, is there any impact on tariffs on your business?

各位早安。恭喜你又一個季度業績出色，謝謝你接聽我的電話。我收到了一些小問題，然後還有一個更一般性的問題，算是第一個問題，沒有提到關稅，我想這方面也沒有什麼變化，但請提醒我一下，關稅對您的業務有任何影響嗎？

There really isn't, and that can weigh in. We just don't see it. We, I guess the biggest thing, and we didn't mention it, however, because it was a non-issue in this quarter is just the FX with currencies because most of our vendors were buying in the USD and then we're selling in either euros or Great British pounds. And then CAD. So there's some there. The only one is the Canadian Canada side. So what we do is we look at it from a quoting standpoint, and our quotes are, that used to be 30 day quotes, and now they're like 5 days to deal with both either a tariff issue or, a currency issue, but nothing that's substantial.

實際上並沒有，這一點可能會產生影響。我們就是看不到。我想，最大的問題，雖然我們沒有提及，但因為這在本季度根本不是問題，那就是外匯問題，因為我們的大多數供應商都是用美元購買，而我們是用歐元或英鎊出售。然後是CAD。所以那裡還是有一些的。只有一個是加拿大那邊。所以我們是從報價的角度來看待這個問題的，以前的報價有效期是 30 天，現在縮短到 5 天，以便處理關稅問題或貨幣問題，但都不是什麼實質性的問題。

Okay, great. And then accounts receivable, accounts payable, he made you know notable declines in that, dropping AR by $65 million sequentially and AP down by $50 million. Is that kind of give me a rundown of how that's happening and is that where it should be now going forward or what would you expect going forward on AR and AP?

好的，太好了。然後是應收帳款和應付帳款，他都做出了明顯的調整，應收帳款環比下降了 6500 萬美元，應付帳款環比下降了 5000 萬美元。請您簡單介紹一下目前的狀況，以及未來AR和AP的發展方向，或是您對未來的發展有何預期？

Yeah, that ebbs and flows with each of the quarters. So when comparing that to December 30th of last year, December or Q4 is historically our largest quarter just in the business. So it and Q4 of last year was a record quarter to date for us. So it was, it's really just a function of collecting those receivables and Paying those tables, subsequent to year end, those volume, the levels that we saw at December 31st of last year from a receivables and payables perspective, as we expect to, execute on our strategy here for Q4, I'd expect those levels to return to where they were in December of last year.

是的，這種情況每季都會有起伏。因此，與去年 12 月 30 日相比，12 月或第四季歷來是我們業務中最大的季度。所以，今年第四季和去年同期一樣，是我們迄今業績最好的一個季度。所以，這其實只是收回應收帳款和支付帳款的問題。在年底之後，從應收帳款和應付帳款的角度來看，我們預計，隨著我們第四季策略的執行，這些金額將恢復到去年 12 月的水平。

Howard, the biggest point of that, I mean the main piece is just the timing of that, and it could be, and Matt and his team do a good job that, if we have a vendor that reaches out and said, hey, I want more cash at the end of this quarter, we'll pay them early with some kind of a condition, right, a consideration. They'll pick up some margin that way, Matt and I. These discussions internally all the time. I think we pay our vendors too fast and we probably collect too slow, but collecting is the tough part, right, because we're going to the masses as a distributor, so we're collecting from thousands of resellers, vendors are only collecting from, 4 or 5 distributors. So it's always something that we we watch because, it's important on on our working capital.

霍華德，最重要的一點，我的意思是，關鍵在於時機，而且馬特和他的團隊做得很好，如果有供應商聯繫我們說，嘿，我想在本季度末獲得更多現金，我們會提前付款，但會附加一些條件，對吧，一些對價。他們這樣能賺點利潤，我和馬特也一直在內部討論這個問題。我認為我們給供應商付款太快，收款太慢，但收款才是困難，對吧？因為我們作為經銷商面向大眾，所以我們要向成千上萬的經銷商收款，而供應商可能只會向 4 或 5 個經銷商收款。所以，這是我們一直在關注的事情，因為它對我們的營運資金很重要。

Okay, so do you see this? I mean, a $50 million dollar swings quarter to quarter is kind of part of your business? Where is that? Is that an aberration?

好的，你看到了嗎？我的意思是，季度間5000萬美元的波動算是你們業務的一部分嗎？哪裡是？那是一種異常情況嗎？

No, so if, and then if you're comparing it to June, the June quarter, we had some, as we talked about in the Q2 call, we had some larger transactions with a higher sales price and higher cost of sale amount in Q2 which didn't. Necessarily repeat themselves. We collected them and paid the vendor payables in Q3, but as we have those larger transactions that we've alluded to over time, that will cause a spike in the receivable and payable accordingly.

不，所以，如果你把它和 6 月份的季度進行比較，正如我們在第二季度電話會議上討論的那樣，我們在第二季度有一些較大的交易，銷售價格更高，銷售成本也更高，但這些交易並沒有發生。必然會重複自己。我們在第三季收回了這些款項並支付了供應商應付款項，但由於我們之前提到過一些較大的交易，這將導致應收帳款和應付帳款相應激增。

Yeah, and Howard, those those orders are $30 million dollar orders, right? It's not it's just one order that's $30 million so you'll see it all at one time and that's what was pulled forward in Q2.

是的，霍華德，那些訂單都是價值 3000 萬美元的訂單，對吧？不僅僅是一筆 3000 萬美元的訂單，所以你會一次性看到所有款項，這就是第二季提前完成的那筆款項。

Okay, I get it now it's kind of the nature of the business with the large size of the orders, so, on the bill.

好的，我現在明白了，訂單量大，帳單金額自然也會相應增加。

Okay, on the gross billing side, nice to see it continuing to go up with DSS, is that, is there more seasonality to it? Is the third quarter more soft with that business, or what do you see as seasonality of your your orders now with DSS making a part of it? It.

好的，從毛收入方面來看，很高興看到它在DSS的支持下持續成長，這是因為，它是否具有更強的季節性因素？第三季業務是否較為疲軟？還是您認為隨著DSS的加入，訂單量是否呈現季節性波動？它。

Is, right? So look at those. There are about $190 million, there were just buildings when we. We acquired them. We did at the end of July of last year. So their seasonality is based on the state, you think about it, we're selling mostly in education, so K through 12 and higher ed, so they do all their buying in the summertime. All the states, 48 states get their budgets and their new money at the end of June, so they. Spend and get older products, software, hardware, everything in place for the new school year. So it's typically strong, really extinguishing budgets in May and then all the way through what we saw though is, our biggest vendor and we talk about it from the DSS side is Adobe, and I'd like to, also. Adobe is probably one of the biggest AI companies out there that people don't realize of how much AI is in their products. If you've looked at their product suite, it's crazy how wide they go. And Adobe is doing the right thing. I mean, they're they're going in the education space. So if you're using Adobe products, when you go into your in the workforce, what are you going to do? Hey, I'm trained on Adobe, of course it's, the the biggest one out there. And everybody has to, buy those licenses. So we'll see seasonality from that May through really October, but it's really changes in how does things and you'll see more gross profit sometimes with our adjust or gross billing is going down to do the rebates that we're able to garner, so we're taking advantage of that that side of it.

是嗎？所以，看看這些。當時這裡大約有 1.9 億美元，只有一些建築物。我們收購了它們。我們在去年七月底完成了這件事。所以他們的季節性是根據所在州來定的，你想想，我們主要面向教育行業銷售，包括 K-12 年級和高等教育，所以他們所有的採購都在夏季進行。所有 48 個州都在 6 月底收到預算和新資金，所以它們。花錢購置一些舊產品、軟體、硬件，為新學年做好準備。所以它通常很強勁，在五月真正扼殺了預算，然後一直到我們看到的，我們最大的供應商，我們從DSS方面談論的是Adobe，我也想說，Adobe 可能是最大的 AI 公司之一，但人們並沒有意識到他們的產品中應用了多少 AI 技術。如果你看過他們的產品系列，就會驚嘆於他們產品線的廣度。Adobe 的做法是正確的。我的意思是，他們要進軍教育領域。所以，如果你正在使用 Adob​​e 產品，當你進入職場後，你會怎麼做？嘿，我當然接受過Adobe的培訓，它可是最大的軟體公司。而且每個人都必須購買這些許可證。因此，從五月到十月，我們會看到季節性變化，但實際情況會有所不同，有時你會看到毛利增加，因為我們的調整或毛帳單會下降，以便我們能夠獲得回扣，所以我們正在利用這一點。

Okay, and then the solution segment was kind of the one negative with the the gross billings down by 5%. What was the cause of that and what do you see going forward for that segment?

好的，解決方案業務板塊是唯一表現不佳的板塊，總收入下降了 5%。造成這種情況的原因是什麼？您認為該領域未來會如何發展？

So my core solutions piece is really in the UK, right? And that's when we acquired CDF and it had the split distribution and the solutions piece. It's our US side of it that has some fluctuations, and we just have a small team in the US that has, some very large customers and, sometimes they're renewing, other times they're not. So that one's just a blip. You won't see that going forward like we saw in this past quarter.

所以我的核心解決方案實際上是在英國，對吧？正是在那時，我們收購了 CDF，它擁有分銷和解決方案兩部分業務。我們在美國的業務波動比較大，我們在美國祇有一支小團隊，負責一些非常大的客戶，有時他們會續約，有時則不會。所以那隻是個小插曲。未來不會再出現像上個季度那樣的情況了。

Okay, then the bigger area is M&A, and I guess the little thing there I saw 600,000 of acquisition related costs in the quarter but no deal and the deal last deal was the DSS a year ago. What was the 600,000? What was that related to?

好的，那麼較大的領域是併購，我想那裡的小問題是，我看到本季度有 60 萬美元的收購相關成本，但沒有達成任何交易，而上一筆交易是 19 年前的 DSS。那60萬是什麼？那跟什麼有關？

It's, so we're prospecting, we're spending and the cost of it, a lot of it, is overseas stuff and we're, and I'll just talk in general, Howard that. We're looking at larger deals because we look at the cost of doing a smaller deal even though we have some little ones out there, but we're going to TRY to streamline our M&A that it just doesn't make sense, some of the really small ones to use all the the teams that we've used in the past. So we're going to TRY to get that much more efficient because we have a pretty aggressive track record, pretty aggressive.

所以，我們正在進行市場調查，我們正在投入資金，而其中很多成本都花在了海外項目上，我們，我就泛泛而談一下吧，霍華德。我們正在考慮規模更大的交易，因為我們會考慮規模較小的交易的成本，儘管我們也有一些小的交易正在進行，但我們將努力簡化我們的併購流程，因為對於一些規模非常小的交易，使用我們過去使用的所有團隊是不合理的。所以我們要努力提高效率，因為我們一直都積極進取，非常積極進取。

Outlook for 2026. Of course I'd love to tuck one in this year, but it's really going to go into 2026. So there's a bunch of different costs in there. There's some other costs in there, and I can't talk about it now, but in the future on some of our vendor acquisitions, there's it's kind of a collect all for some of that stuff.

2026年展望。當然，我很想今年就達成這個目標，但這真的要等到 2026 年了。所以這裡麵包含了很多不同的費用。其中還有一些其他費用，我現在不能談論，但將來在我們的一些供應商收購中，它會把這些費用統合算進去。

But it's safe to say that's all forward-looking on deals, not not related to past deals done.

但可以肯定的是，這些都是著眼於未來的交易，與過去完成的交易無關。

Yeah, that's.

是的，就是這樣。

Correct. What what's in there for the for this current quarter is, what what Dale and I have alluded to just cost related to continuing to evaluate our pipeline of strategic acquisitions and we have a deep pipeline that we continue to evaluate and there's there's cost associated with obviously evaluating each of those.

正確的。本季的情況是，正如我和戴爾之前提到的，成本主要與繼續評估我們的策略性收購項目有關。我們有許多收購項目正在評估中，評估每個項目顯然都會產生相應的成本。

Okay, so then, as I always TRY to encourage you to talk future here, if you look at M&A and I think two different places you set a healthy appetite and actively evaluating and it's been almost a year now since your last acquisition and now you got almost, well, you have $50 million cash and line of credit for $50 million so you got $100 million of cash available. Can you talk about what you're seeing out there in terms of size of you got into a little bit of it, but are we looking at, $50 million dollar deals, $100 million dollar deals, cash deals, debt deals, equity deals, all the above? What's your vision kind of as to how much the M&A is going to affect the company and how much you see of your organic continuing to drive the growth of this company?

好的，那麼，就像我一直鼓勵你們談論未來一樣，如果你看看併購，我認為在兩個不同的地方，你們都保持著健康的投資熱情並積極進行評估，距離你們上次收購已經快一年了，現在你們有近 1 億美元的現金和 5000 萬美元的信貸額度，所以你們有 1 億美元的可用現金。您能否談談目前看到的交易規模？如果您對此有所了解，我們目前看到的是 5,000 萬美元的交易、1 億美元的交易、現金交易、債務交易、股權交易，還是以上所有類型都有？您認為併購會對公司產生多大影響？您又認為公司本身的成長會在多大程度上繼續推動公司發展？

Yeah, the organic piece of it, And this goes back to us bringing on vendors and trying to shed vendors that are taking up cycles as quickly as possible, and that is something that Charles and his team fight all the time, right? We have nonstop. I mean if you look at 72 vendors and that goes to some of the investments we made. So we brought some other people on Charles's team to evaluate companies faster so we make sure we don't miss any.

是的，這其中的有機部分，這又回到了我們引進供應商，並儘快淘汰那些佔用週期的供應商的問題上，而這正是查爾斯和他的團隊一直在努力解決的問題，對吧？我們有不間斷的。我的意思是，如果你看看這 72 家供應商，你會發現這關係到我們的一些投資。因此，我們從查爾斯的團隊中調來其他人，以便更快地評估公司，確保我們不會錯過任何一家。

But with that goes, oh my gosh, we have that much more opportunity, our sales teams are like saying, hey man, we are full up as far as our sales cycles go, so we TRY to shed some of the non-performers to get it out of the line card to get rid of the clutter. So that's a process that just keeps going and I would be the first one to say, hey man, we're starting to see some of the vendors, not as many vendors by quarter, so we see some slowdown in the market. We don't see that and we haven't seen that for the last, 6 quarters on the acquisition side.

但隨之而來的是，哦，我的天哪，我們有了更多的機會，我們的銷售團隊會說，嘿，夥計，我們的銷售週期已經滿了，所以我們嘗試剔除一些業績不佳的產品，將它們從產品線中移除，以消除冗餘。所以這是一個持續進行的過程，我會第一個說，嘿，夥計，我們開始看到一些供應商，每個季度的供應商數量都在減少，所以我們看到市場出現了一些放緩。我們沒有看到這種情況，而且在過去的六個季度裡，我們在收購方面也沒有看到這種情況。

Size wise, we're looking at opportunities as big as $40 million and then you know some smaller ones that are strategic that are going to be $10 million but strategic to build in technical capability in the company that I think we're lacking, right? And I always love to tell people the first thing, the last thing you hire is in a distribution when you have low margins is technical resources right to support your vendors and the first thing. Go when you're cutting resources, so we're being just, very good stewards of that and saying, okay, this is a good company. They have good developers, we need this kind of talent in the company, and these are the 5 vendors they can support and we'll get more margin for that from our vendors and we'll also become super entangled or sticky with the vendors and our customers. So there's 2 or 3 of them on my list right now that are more of the technical, rationale for acquiring. And then the other ones are strictly in the distribution, right? And they're the two larger ones are overseas and that's going to get we'll pick up not only vendors but also territories with that.

從規模上看，我們正在考慮一些高達 4000 萬美元的機會，還有一些規模較小但具有戰略意義的機會，例如 1000 萬美元，但這些戰略意義在於增強公司目前所缺乏的技術能力，對吧？我總是喜歡告訴人們，在利潤率低的經銷公司裡，最不該招募的就是技術人員，也就是支援供應商的技術人員。在削減資源的時候就應該放手，所以我們只是在好好管理這些資源，並且說，好吧，這是一家好公司。他們擁有優秀的開發人員，我們公司需要這種人才，他們可以支持這 5 家供應商，這樣我們就能從供應商那裡獲得更多利潤，而且我們還會與供應商和客戶建立非常緊密的聯繫。所以，我目前列出的清單上有兩、三個項目，更多的是技術層面的收購理由。而其他的則嚴格按照分佈進行，對吧？而且這兩家規模較大的公司都在海外，這將不僅會讓我們獲得供應商，還會讓我們獲得相應的地區。

We watched the markets we're looking at the multiples have come down a little bit overseas on some of the deals have been done, so that's good for us.

我們觀察了市場，發現海外一些交易的倍數有所下降，這對我們來說是好事。

So yeah, we're we're chomping a bit to to get some of these close.

是的，我們正在努力爭取盡快實現這些目標。

So then and on multiples, I mean if if $10 million to $40 million dollar that's your acquisition price what what type of both billings or what what type of multiples would you be looking at in those those type of deals?

那麼，關於倍數，我的意思是，如果你的收購價格是 1000 萬美元到 4000 萬美元，那麼在這些類型的交易中，你會考慮什麼樣的倍數或估值倍數？

So we evaluate it this way, right? We first we look at, saying, hey, this is where a multiple is. We think we're trading at a pretty high multiple to our competitors, and it's hard to, define our competitors because we have the monster big ones and then we have, some smaller ones that are not public, so you have to, do the best you can on the private markets. But we look at them a couple ways. What do they bring to climb, right? Strategic plan is it a territory? Is it vendors? How good is the team and is the cultural fit for us? I had one that I spent quite a bit of time with, and it just was not a cultural fit. It would have been a mess, I think, just because we just weren't going to get along and how we went to market. But the real key piece for me is what is the margin profile, right? There's higher margin European space as we've seen with Acquisitions. So you know if that margin profile is a lot higher and we think we can maintain that and add more vendors to that, then that would garner a higher multiple and of course they'd be typically asking for a higher multiple. Do they have a concentration on one vendor like Douglas Stewart? So hence the multiple is much lower, a year when we acquired them. So not a lot of factors, but those are the main core ones for that.

所以我們是這樣評價的，對吧？我們先觀察，然後說，嘿，這就是倍數所在的地方。我們認為我們的交易倍數相對於競爭對手來說相當高，而且很難定義我們的競爭對手，因為我們既有規模龐大的巨頭，也有一些規模較小、尚未上市的公司，所以你必須在私募市場盡你所能做到最好。但我們可以從幾個方面來看它們。他們去攀岩時會帶什麼呢？策略規劃是一個領域嗎？是供應商嗎？團隊實力如何？團隊文化與我們契合？我曾經和其中一個人相處了很長一段時間，但我們在文化上並不契合。我覺得那會是一團糟，因為我們根本合不來，而且我們的市場運作方式也不對。但對我來說，真正的關鍵在於利潤率如何，對吧？正如我們在收購中看到的那樣，歐洲市場利潤空間更大。所以你知道，如果利潤率很高，而且我們認為可以維持這種利潤率並增加更多供應商，那麼這將獲得更高的倍數，當然，他們通常也會要求更高的倍數。他們是否專注於像道格拉斯·斯圖爾特這樣的單一供應商？因此，在我們收購它們的那一年，倍數就低得多。所以影響因素不多，但這些都是其中最主要的核心因素。

Okay, great. Well, congrats on another excellent quarter and you know hopefully close out the year on another high note. Thanks.

好的，太好了。恭喜你們又一個季度表現出色，希望你們能以另一個佳績結束這一年。謝謝。

Yes, you got it. Thanks. Thanks.

是的，你答對了。謝謝。謝謝。

Vincent Colicio with Barrington Research.

Vincent Colicio，巴林頓研究公司。

Yeah, just trying to assess if there's any signs of any kind of slowdown sales cycles change anything like that, or, based on your numbers it looks like a pretty healthy environment.

是的，我只是想評估銷售週期是否有任何放緩的跡象，或者說，根據你的數據來看，市場環境似乎相當健康。

Yeah, we, like I mentioned before, I mean Sofos was kind of flat. We had a really good couple of quarters in the beginning of this year with Sofos, so we're looking to finish strong with them, Q4 is always, and it's a cyclical nature because this could go back, 5 years that we've still been doing license renewals and a lot of people extinguished with budgets in Q4, so we look to have another strong quarter like we did, a year ago, but we don't see the softness in the market. And we're always going to have to talk about it, Vince, until we get, twice our size, the vast data transactions will be lumpy and we'll just take advantage of them and we'll talk about them and be really open with everybody when we don't have them coming in year over year.

是的，就像我之前提到的，我的意思是，索福斯有點平坦。今年年初我們與 Sofos 的合作取得了非常好的成績，所以我們希望能夠與他們保持強勁的勢頭。第四季總是如此，而且具有週期性，因為這種情況可能會重演，就像過去 5 年一樣，我們一直在進行許可證續簽，而且很多人在第四季度都削減了預算。因此，我們希望能夠像去年一樣，再次迎來一個強勁的季度，但我們沒有看到市場疲軟的跡象。文斯，我們總是要談論這個問題，直到我們的規模翻一番，龐大的數據交易會變得不穩定，我們會利用它們，我們會討論它們，並且當每年沒有新數據流入時，我們會對所有人坦誠相待。

All right, thanks, a nice quarter.

好的，謝謝，不錯的25美分。

Thanks.

謝謝。

Thank you.

謝謝。

And this conclude our Q&A session. I will now turn the call back to Mr. Foster for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給福斯特先生，請他作總結發言。

Thank you, operator. I'd like to thank everybody in the entire team, including our shareholders for their commitment, providing, just a great experience to our customers and to our vendor partners, and with that we'll close the call.

謝謝接線生。我要感謝整個團隊的每一位成員，包括我們的股東，感謝他們的付出，為我們的客戶和供應商合作夥伴提供了絕佳的體驗。就此，我們的電話會議就結束。

Thank you.

謝謝。

Thank you. And this does conclude today's program.

謝謝。今天的節目到此結束。

Thank you for your participation. You may disconnect at any time.

感謝您的參與。您可以隨時斷開連線。