Distribution Solutions Group Inc (DSGR) 2023 Q4 法說會逐字稿

Yes, greetings.

是的，問候。

Welcome to the Distribution Solutions Group Fourth Quarter 2023 earnings conference call.

歡迎參加分銷解決方案集團 2023 年第四季財報電話會議。

(Operator Instructions) Please note this conference is being recorded.

（操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Stephen Hu.

現在我將會議交給主持人胡志明。

Sir, you may begin.

先生，您可以開始了。

Good morning, everyone, and welcome to the Distribution Solutions Group Fiscal Year 2023 and fourth quarter earnings conference call.

大家早安，歡迎參加分銷解決方案集團 2023 財年和第四季財報電話會議。

Joining me on today's call are DSG.'s Chairman and Chief Executive Officer, Brian Kane, and Executive Vice President and Chief Financial Officer, Ron Knutson.

參加今天電話會議的有 DSG. 董事長兼執行長 Brian Kane 和執行副總裁兼財務長 Ron Knutson。

In conjunction with today's call, we have provided a 2023 financial results.

結合今天的電話會議，我們提供了 2023 年的財務表現。

Slide deck posted on the company's Investor Relations website at investor dot Distribution Solutions group.com.

幻燈片發佈在公司投資者關係網站（投資者點 Distribution Solutions group.com）上。

Please note that statements on this call and in today's press release contain forward-looking statements concerning goals, beliefs, expectations, strategies, plans, future operating results, an underlying assumptions that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied.

請注意，本次電話會議和今天的新聞稿中的陳述包含有關目標、信念、期望、策略、計劃、未來經營業績以及基本假設的前瞻性陳述，這些假設受到風險和不確定性的影響，可能導致實際結果有重大差異來自明示或暗示的內容。

In addition, statements made during this call are based on the Company's views as of today, the Company anticipates that future developments may cause those views to change, and we may elect to update the forward-looking statements made today, but disclaim no obligation to do so.

此外，本次電話會議期間發表的聲明基於公司截至目前的觀點，公司預計未來的發展可能會導致這些觀點發生變化，我們可能會選擇更新今天所做的前瞻性聲明，但不承擔任何義務這樣做。

Management will also refer to non-GAAP measures and reconciliations to the nearest GAAP measures can be found at the end of the earnings release.

管理階層也會參考非公認會計準則衡量標準，並在收益發布結束時找到最接近的公認會計準則衡量標準的調整表。

The earnings press release issued earlier today was posted on the Investor Relations section of our website.

今天稍早發布的收益新聞稿發佈在我們網站的投資者關係部分。

A copy of the release has also been included in a current report on Form eight K filed with the SEC.

新聞稿的副本也包含在向 SEC 提交的 8 K 表當前報告中。

Lastly, this call is being webcast on the Internet via the Distribution Solutions Group Investor Relations page on the company's website.

最後，本次電話會議將透過公司網站上的 Distribution Solutions Group 投資者關係頁面在網路上進行網路直播。

A replay of this teleconference will be available through March 21st, 2024.

本次電話會議的重播將持續至 2024 年 3 月 21 日。

I will now turn the call over to Bryan Keane.

我現在將把電話轉給布萊恩·基恩。

Brian?

布萊恩？

Thanks, Steven, and thank you all for joining us to review our 2023 annual and fourth quarter results.

謝謝史蒂文，感謝大家與我們一起回顧我們的 2023 年年度和第四季業績。

Let's begin with Slide 5 to review top-level financial results.

讓我們從投影片 5 開始回顧頂級財務表現。

Our 2023 annual sales totaled $1.6 billion, up more than 36% and comparable sales increased by almost 24% despite ending the year with a choppier sales environment in a few important end markets, most notably technology and renewables we did see some destocking of inventory by our customers mirroring our own efforts to optimize working capital within the channel collectively, which contributed to a 6% decline in organic sales for Q4.

我們2023 年的年銷售額總計16 億美元，成長超過36%，可比銷售額成長近24%，儘管年底一些重要終端市場（尤其是技術和再生能源）的銷售環境更加不穩定，但我們確實看到了一些庫存去化。我們的客戶反映了我們在通路內集體優化營運資金的努力，這導致第四季有機銷售額下降 6%。

While this backdrop did not meet our expectation in the near term, our two year organic stack sales increased almost 17% for the full year.

雖然這種背景在短期內沒有達到我們的預期，但我們的兩年有機堆疊銷售額全年增長了近 17%。

Our marketplace traction around expanded value added capabilities offers us confidence that we assembled a platform of complementary specialty capabilities that will enjoy sustained market share growth.

我們對擴展增值能力的市場吸引力使我們相信，我們組裝了一個具有互補專業能力的平台，該平台將享有持續的市場份額成長。

We ended 2023 with 157 million in adjusted EBITDA, up nearly 28% and an EBITDA margin of 10%.

截至 2023 年，我們的調整後 EBITDA 為 1.57 億美元，成長近 28%，EBITDA 利潤率為 10%。

During 2023, we generated significant cash from operations of $102 million, translating to a strong free cash flow conversion. 2023 was a successful year for Distribution Solutions group with tremendous work to drive long term value balanced with a mindfulness towards current profitability and cash generation.

2023 年，我們從營運中產生了 1.02 億美元的大量現金，這意味著強勁的自由現金流轉換。 2023 年對於分銷解決方案團隊來說是成功的一年，他們付出了大量努力，在註重當前盈利能力和現金生成的同時推動長期價值平衡。

I congratulate our team on a job well done in what became a more choppy marketplace environment in September.

我祝賀我們的團隊在 9 月更加動盪的市場環境中出色地完成了工作。

Throughout the year, we invested with confidence in key long-term initiatives while adding critical talent and depth to our leadership team, our employees have fostered a culture of collaborative accountability, essential for driving revenue growth and achieving sustainably higher profitability, a goal shared by all stakeholders.

在這一年裡，我們充滿信心地投資於關鍵的長期計劃，同時為我們的領導團隊增加了關鍵的人才和深度，我們的員工培養了一種協作問責的文化，這對於推動收入增長和實現可持續更高的盈利能力至關重要，這是我們共同的目標所有利益相關者。

This is being realized through enhanced cross-selling and value added customer engagements, which are gaining traction in the marketplace by streamlining processes and optimizing resources.

這是透過加強交叉銷售和增值客戶參與來實現的，這些資源透過簡化流程和優化資源在市場上獲得了吸引力。

The team is making strategic improvements that support increasing the consolidated EBITDA margin into the 10s and ensuring all business verticals operate with a margin above 12% within the next few years.

該團隊正在進行策略改進，以支持將綜合 EBITDA 利潤率提高到 10 多倍，並確保所有業務垂直領域在未來幾年內以高於 12% 的利潤率運作。

These efforts align with our Investor Day objectives from September to elevate total EBITDA to over 450 million in the next five years as eager as I am to demonstrate to our shareholder partners over the coming 24 months and beyond how current levers are driving future performance.

這些努力與我們9 月份投資者日的目標一致，即在未來五年內將EBITDA 總額提高到4.5 億以上，我渴望在未來24 個月及以後向我們的股東合作夥伴展示當前槓桿如何推動未來業績。

The progress was not expected to be linear even though we have strong line of sight on attaining our outlined objectives.

儘管我們對實現我們概述的目標有強烈的目標，但預計進展不會是線性的。

As the environment shifted, we exercise additional patience with some process retooling that we knew would result in significant profitability improvements, we were unable to start our DSG. test equity, Hetsco integration and profitability improvement plan until their earn-out window for Hetsco eclipsed in November.

隨著環境的變化，我們對一些流程重組表現出額外的耐心，我們知道這些流程重組會帶來顯著的獲利能力提高，但我們無法啟動 DSG。測試股權、Hetsco 整合和盈利能力改善計劃，直到 11 月 Hetsco 的盈利窗口黯然失色。

Despite this, our disciplined execution around our long term strategy, delivered one revenue and margin growth to demonstrated improved profitability and returns, and three reach significant free cash flow that collectively created a lot of shareholder value most importantly, in 2023, we further optimized the initial foundation created by pulling together DSG., which will allow us to sustain high value creating years through the foreseeable future.

儘管如此，我們圍繞長期策略嚴格執行，實現了一項收入和利潤增長，證明了盈利能力和回報率的提高，三項實現了顯著的自由現金流，共同創造了大量股東價值，最重要的是，在2023 年，我們進一步優化了DSG. 的共同努力奠定了最初的基礎，這將使我們能夠在可預見的未來維持高價值創造。

While our work to architect and tool DSG for significant future growth and shareholder value creation still leaves much to be done.

儘管我們為實現未來顯著成長和股東價值創造而設計和使用 DSG 的工作仍有許多工作要做。

We accomplished important strategic goals in 2023 I will review some Not the least of which included the major acquisition of Hetsco that I'll discuss.

我們在 2023 年實現了重要的策略目標，我將回顧一些重要的目標，其中最重要的是我將討論的對 Hetsco 的重大收購。

First, we added his go into the DSG. portfolio, which gives us a strategically important business that more tightly binds test equity with checks, pro services and Lawson since our purchase, our competences swell with better line of sight into an expanded set of cost synergies that we are well into unlocking through the Heska integration with tests, equity group and combining that vertical to leverage total spending capabilities across the SG. through review the Healthscope acquisition added over 400 million of revenue to a base of 1.4 billion, producing an annualized sales lift of more than 30%.

首先，我們加入了他對 DSG 的看法。投資組合，這為我們提供了具有戰略意義的重要業務，自我們購買以來，該業務將測試股權與支票、專業服務和勞森更加緊密地結合在一起，我們的能力隨著更好的視野而膨脹，進入一系列擴大的成本協同效應，我們正在透過Heska 充分釋放這些協同效應與測試、股權小組整合，並將垂直領域相結合，以利用整個 SG 的總支出能力。經過審查，收購 Healthscope 使收入在 14 億美元的基礎上增加了 4 億多美元，年銷售額增長了 30% 以上。

Cisco also created significant revenue opportunities across the DSG. verticals through geographic footprint, expansion opportunities like in Mexico and internal value added capability additions for DSG. through their alliance printing and precision converting divisions as well as their VMI leadership in categories such as chemicals, sorters and adhesives, among others.

思科也在整個 DSG 中創造了巨大的收入機會。透過地理足跡、墨西哥等擴張機會以及 DSG 的內部增值能力來實現垂直市場。透過他們的聯盟印刷和精密加工部門以及他們在化學品、分類機和黏合劑等領域的 VMI 領導地位。

Lawson and expert services are already activating all of these benefits.

勞森和專家服務已經在激活所有這些優勢。

The Heska offering is also providing expanded efficiencies and coverage and capabilities for the test equity.

Heska 產品還提高了測試公平性的效率、覆蓋範圍和功能。

Cisco combined sales initiatives, although we closed this acquisition in June 2023 due to the seller's earn-out, our initial integration plan was not launched until November when the earn-out expire.

思科合併銷售計劃，儘管我們因賣方的盈利而於 2023 年 6 月完成了此次收購，但我們最初的整合計劃直到 11 月盈利到期時才啟動。

Our integration plan, which includes optimizing the spending and capabilities between Hetsco and the test equity group is expected to have DSG. enjoy significant run rate improvements from the Industrial Technologies vertical by the second half of 2024.

我們的整合計劃，包括優化 Hetsco 和測試股權小組之間的支出和能力，預計將擁有 DSG。到 2024 年下半年，工業技術垂直領域的運作率將顯著提高。

Recall that we already announced a plan to take out 10 million of run rate operating costs from the test Equity Group.

回想一下，我們已經宣布了一項計劃，從 test Equity Group 中取出 1000 萬的運行率營運成本。

And those actions began in the fourth quarter and were informed some by the capabilities brought by Heska our 2024.

這些行動從第四季度開始，並從 Heska 2024 帶來的能力中得到了一些啟示。

Cost realization for the Industrial Technology group also includes additional cost capability and facility optimization, much of which will also be enjoyed during 2024, but an equal amount that we don't expect to realize until 2025 or even 2026.

工業技術集團的成本實現還包括額外的成本能力和設施優化，其中大部分也將在 2024 年實現，但我們預計要到 2025 年甚至 2026 年才能實現同等數量的實現。

Some additional key accomplishments by big business segment include our MRO focused business.

大型業務部門取得的一些其他關鍵成就包括我們以 MRO 為重點的業務。

Lawson Products had a standout year, we launched an important sales force transformation in 2023, engaging 900 highly productive field sales reps and expanding our inside sales team to about 45 people from a diminimus side, our plan in 2023 was to minimize the disruption of the rollout and fortify the sales force.

Lawson Products 度過了出色的一年，我們在2023 年啟動了重要的銷售隊伍轉型，聘請了900 名高生產力的現場銷售代表，並將我們的內部銷售團隊擴大到約45 人，我們2023 年的計劃是盡量減少對銷售的干擾。推出並加強銷售團隊。

Through the change process.

透過改變過程。

We increasingly are leaning on data to optimize our sales force network and how to drive that productivity and opportunity to earn for our salespeople.

我們越來越依賴數據來優化我們的銷售網絡，以及如何提高銷售人員的生產力和賺錢機會。

And we are in the early stages of this effort.

我們正處於這項努力的早期階段。

Most importantly, this is allowing us to get better at focusing resources where we can add the most value for customers, which is critical as we continue to refine having more product, more expertise and more value added tools and capabilities to engage with those customers and having a more optimized and consistent sales force focus on those customers will be critical to getting our improved capabilities in front of them.

最重要的是，這使我們能夠更好地將資源集中在可以為客戶增加最大價值的地方，這一點至關重要，因為我們不斷完善擁有更多產品、更多專業知識和更多增值工具和能力來與這些客戶互動讓銷售團隊更加優化和一致地關注這些客戶對於讓我們在他們面前提高能力至關重要。

This approach is working well with good improvement in rep productivity realized in both the third quarter and fourth quarter.

這種方法效果很好，第三季和第四季都實現了代表生產力的良好提高。

We committed in 2020 to the DSG. merger to significantly invest in Lawson's sales force infrastructure, which started in earnest in 2023.

我們承諾在 2020 年實施 DSG。合併後，對 Lawson 的銷售隊伍基礎設施進行了大量投資，該計畫於 2023 年正式啟動。

Although this is a multiyear and longer-term project, the early double digit productivity lifts indicate a solid trajectory for the return we expect ahead across ESG.

儘管這是一個多年且長期的項目，但早期兩位數的生產力提升表明我們預期 ESG 未來的回報將呈現堅實的軌跡。

We are committed to execute on disciplined inorganic growth through and equip an acquisition model with tuck-ins that are both accretive financially and capability-wise.

我們致力於透過在財務和能力方面都具有增值作用的收購模式來執行有紀律的無機成長。

That said, some have taken longer than we expected to close.

也就是說，有些關閉時間比我們預期的要長。

So we were excited to announce the purchase in early 2024 of the acquisition of iMergent safety supply as a strategic extension for Lawson Products in the safety category, brand and line extensions and safety and power tool categories as well as continuing to expand offerings in key products and private label categories will collectively allow our business units to grow, improve margins and scale into new geographies and markets with limited risks.

因此，我們很高興地宣佈於 2024 年初收購 iMergent 安全供應，作為 Lawson Products 在安全類別、品牌和產品線延伸以及安全和電動工具類別方面的戰略延伸，並繼續擴大關鍵產品的產品範圍和自有品牌類別將共同幫助我們的業務部門實現成長、提高利潤並以有限的風險擴展到新的地區和市場。

We expect this to improve our cross sale value proposition to existing customers of Gexpro Services and the industrial technology customers of test equity.

我們預計這將改善我們對 Gexpro Services 現有客戶和測試資產工業技術客戶的交叉銷售價值主張。

Heska Gexpro Services continues to assume the leadership role in our synergistic cross-selling and upstreaming opportunities.

Heska Gexpro Services 繼續在我們的協同交叉銷售和上游機會中發揮領導作用。

Our GX pro services customers and more broadly DSC customers can now gain exposure on how to maximize the full range of DSC. products and our expanded suite of value added capabilities for our customers.

我們的 GX pro 服務客戶以及更廣泛的 DSC 客戶現在可以了解如何最大限度地發揮 DSC 的全部範圍。產品以及我們為客戶提供的擴展增值功能套件。

In 2023, we saw the first efforts of a more robust cross selling message evolve from the 2022 initial successes into a more thoughtful and cohesive approach to engaging the market.

2023 年，我們看到了更強有力的交叉銷售訊息的首次努力，從 2022 年的初步成功演變為一種更深思熟慮和更具凝聚力的市場參與方式。

This demonstrates credibility to customers and expands our offering with more product categories and more value added capabilities.

這向客戶展示了信譽，並透過更多產品類別和更多增值功能擴展了我們的產品範圍。

Gexpro Services enjoyed bringing home the first wave of successful engagements with some of our commercial and industrial customers as well as championing wins in our aerospace and defense verticals, which translated into several million for each broaden DSG engagement, downstream synergies, selling more products and capabilities to existing customers, including customers from the acquisitions we made opened up most significantly in our renewables category.

Gexpro Services 很高興為我們的一些商業和工業客戶帶來了第一波成功的合作，並在我們的航空航天和國防垂直領域取得了勝利，每次擴大DSG 合作、下游協同效應、銷售更多產品和功能，這都轉化為數百萬美元現有客戶，包括我們在可再生能源類別中最重要的收購中獲得的客戶。

Our 2022 acquisitions of Frontier resolution and SIS. sets us up as those acquisitions allowed us to take former competitors and convert them to suppliers in 2023 these key channel partners coming together now offer a more comprehensive differentiated offering to a much broader set of customers coming from all of the acquisitions and Gexpro Services as well.

我們於 2022 年收購了 Frontier resolution 和 SIS。這些收購使我們能夠在 2023 年將以前的競爭對手轉變為供應商，這些主要通路合作夥伴現在齊聚一堂，為來自所有收購和 Gexpro 服務的更廣泛客戶群提供更全面的差異化產品。

This is set up an opportunity to further drive margin improvements at Jack's pro services.

這為進一步推動傑克專業服務的利潤率提高提供了機會。

Although much of the opportunities in front of us and are in the renewables end markets, these end markets are still extremely sluggish and drag EBITDA margins down from prior year for those acquisitions below the GX pro services core during the last half of 2023, where we're in and where we are now addressing integration cost out opportunities.

儘管我們面前的大部分機會都在再生能源終端市場，但這些終端市場仍然極其低迷，導致 2023 年下半年 GX pro 服務核心以下收購的 EBITDA 利潤率比上年有所下降，我們在這些收購中我們現在正在解決整合成本機會。

We anticipate that the renewables marketplace will open back up in 2020 for a perspective, reinforced by our book-to-bill, which is trending significantly positive.

我們預計再生能源市場將在 2020 年重新開放，我們的訂單出貨量趨勢將進一步增強，趨勢顯著正面。

Finally, with the benefit of DSG, Gexpro Services started to benefit and capturing eCommerce revenue, adding several million dollars of incremental revenue from e-commerce orders originating from large established accounts in our aerospace and defense end markets despite the choppy environment in the technology market that delayed several customers' projects into 2024 and that created a drag on EBITDA of over $8.4 million for the year and over 2.3 million for the fourth quarter.

最後，借助 DSG 的幫助，Gexpro Services 開始受益並獲取電子商務收入，儘管技術市場環境動盪，但來自航空航天和國防終端市場大型既定客戶的電子商務訂單增加了數百萬美元的增量收入這導致多個客戶的專案延後到2024 年，並對當年EBITDA 造成超過840 萬美元的拖累，對第四季的EBITDA 造成超過230 萬美元的拖累。

Backlogs are building and we are seeing margin improvements, modest early GX pro services has started the year with a healthy book-to-bill.

積壓訂單不斷增加，我們看到利潤率提高，適度的早期 GX Pro 服務在今年開始就實現了健康的訂單出貨比。

The previously mentioned Hetsco acquisition for our test equity group added significant scale to its North American operations, including Mexico in 2023, consistent with committing to getting the industrial technology vertical up to double digit EBITDA margins over the next couple of years, we worked on setting up the margin improvement initiatives.

前面提到的Hetsco 為我們的測試股權集團進行的收購大大擴大了其北美業務的規模，包括2023 年的墨西哥，這與我們致力於在未來幾年內將工業技術垂直提升至兩位數EBITDA 利潤率的承諾一致，我們致力於設定提高利潤率的措施。

And as I mentioned, we indicated we've taken initiatives in November to take out over 10 million of 2024 run rate costs from the test equity group informed by the imminent opportunity in November to start the combination of capabilities, facilities and leadership with Cisco today, we understand more about the opportunity to leverage spend and resources and optimize capabilities at Hiscox.

正如我所提到的，我們表示，我們已在11 月採取舉措，從測試股權小組中扣除了超過1000 萬美元的2024 年運行率成本，因為11 月即將有機會開始與思科進行能力、設施和領導力的結合。 ，我們更多地了解了 Hiscox 充分利用支出和資源並優化能力的機會。

Examples of these include some of the following actions we've rationalized facilities restructure, go to market, including headcount reductions, made changes to our sourcing and supply agreements, rationalize unprofitable business with customers and streamline e-commerce efforts that allow for optimized search engine optimization and marketing spend.

例如，我們採取了以下一些行動：合理化設施重組、進入市場（包括裁員）、更改我們的採購和供應協議、合理化與客戶的無利可圖業務以及簡化電子商務工作以優化搜尋引擎優化和行銷支出。

There's a lot of spend opportunity yet to be unlocked here and it won't happen overnight.

這裡還有很多消費機會有待釋放，而且這不會在一夜之間發生。

But most importantly, the commercial opportunity brought by Cisco, its people, products, capabilities and position in the marketplace to DSG. is even more impactful.

但最重要的是，思科及其人員、產品、能力和市場地位為 DSG 帶來的商業機會。甚至更有影響力。

And I'm pleased with the rapid progress in collaboration out of the team since they were able to start tackling commercial initiatives together and together affecting cost and process rationalization after the earn-out window expired in November.

我對團隊合作的快速進展感到高興，因為他們能夠在 11 月盈利窗口期滿後開始共同解決商業計劃並共同影響成本和流程合理化。

With that I'd like to turn the call over to Ron to walk through the financials.

說到這裡，我想把電話轉給羅恩，讓他了解財務狀況。

Ron?

羅恩？

Thank you, Brian, and good morning, everyone.

謝謝你，布萊恩，大家早安。

You'll see on the following few slides that we expanded information on the three segments to include the year-to-date information as well as the fourth quarter information.

您將在下面的幾張幻燈片中看到，我們擴展了三個細分市場的訊息，以包括年初至今的資訊以及第四季度的信息。

Turning to slide 6, I will first summarize our business on a pro forma basis which includes acquisitions.

轉向投影片 6，我將首先在預計的基礎上總結我們的業務，其中包括收購。

For the full 12 months of 2023, Lawson represents 30% of total DSG revenue checks.

在 2023 年的整整 12 個月中，Lawson 佔 DSG 支票總收入的 30%。

Pro Services represents 23%, and the test equity group represents 47% of revenue, all on an adjusted revenue basis for 2023, our run rate adjusted revenue is now approximately 1.75 billion, and we serve over 180,000 customers across more than 500,000 SKUs.

專業服務佔收入的23%，測試權益組佔收入的47%，所有這些均以2023 年調整後的收入為基礎，我們的運行率調整後收入目前約為17.5 億美元，我們為超過180,000 名客戶提供超過500,000 個SKU 的服務。

Now turning to Slide 7, I'll summarize reported results for the year and for the fourth quarter by segment.

現在轉向投影片 7，我將按部門總結今年和第四季的報告結果。

Consolidated revenue for the year was $1.57 billion, inclusive of the premerger activity for Lawson in the first quarter of 2022.

全年合併收入為 15.7 億美元，其中包括 Lawson 2022 年第一季的合併前活動。

This represents an increase of $301.1 million or 23.7% post merger DSG. acquired four companies, which accounted for approximately $267.5 million of the increase.

這意味著 DSG 合併後增加了 3.011 億美元，即 23.7%。收購了四家公司，約佔 2.675 億美元的增量。

Excluding these acquisitions, organic sales for 2023 grew by 2.9% or 16.7% on a two year stack basis.

排除這些收購，2023 年有機銷售額成長 2.9%，以兩年計算成長 16.7%。

For the quarter, GAAP sales were 405.2 million, an increase of 76.4 million or 23.2%, primarily due to the acquisition, excluding the acquisitions, not in Q4 a year ago, organic Q4 sales declined 6.4%, solely driven by the continued delay of capital spending within the test and measurement business that tests equity and weaker sales in the technology end market at pro services on a two year stacked basis, organic sales were up approximately 10% for the quarter, excluding these two headwinds, organic sales increased approximately 1% for the quarter 2023 reflected strong growth in net margin dollars, inclusive of the Lawson pre-merger results in 2022 adjusted EBITDA increased to $157 million in 2023 from 123 million a year ago.

本季度，GAAP 銷售額為4.052 億美元，成長7,640 萬美元，增幅為23.2%，主要是由於收購，排除收購，而非去年第四季的收購，第四季有機銷售額下降6.4%，僅由持續延遲推動測試和測量業務內的資本支出，在兩年疊加的基礎上測試專業服務技術終端市場的公平性和銷售疲軟，本季度有機銷售額增長約10%，排除這兩個不利因素，有機銷售額成長約1% 2023 年季度的% 反映出淨利潤率的強勁增長，其中包括勞森2022 年合併前的業績，調整後的EBITDA 從一年前的1.23 億美元增至2023 年的1.57 億美元。

Full year 2023 represents 10% of sales versus 9.7% for all of 2022, a favorable outcome.

2023 年全年佔銷售額的 10%，而 2022 年全年佔銷售額的 9.7%，這是一個有利的結果。

As anticipated, the 2023 margins were reduced by approximately 50 bps from the acquisition of his scope.

正如預期的那樣，2023 年的利潤率因收購其示波器而減少了約 50 個基點。

For the fourth quarter, we generated adjusted EBITDA of $33.9 million or 8.4% of sales on seasonally fewer selling days in Q4 and the sales headwinds previously mentioned.

第四季度，由於第四季度銷售天數季節性減少以及前面提到的銷售不利因素，我們的調整後 EBITDA 為 3,390 萬美元，佔銷售額的 8.4%。

I'll expand further at the segment level on this in a minute, we reported operating income for the full year of 43 million net of $40.3 million of acquisition related intangible amortization and $50.5 million of aggregate costs from stock-based comp acquisition, severance and retention related expenses, merger and acquisition costs and other nonrecurring items.

稍後我將在細分市場層面進一步展開討論，我們報告全年營業收入為4300 萬美元，扣除與收購相關的無形攤銷4030 萬美元以及基於股票的公司收購、遣散費和財務費用的總成本5050 萬美元。保留相關費用、併購成本和其他非經常性項目。

Adjusted operating income, inclusive of Lawson for all of 2022 increased 19.9 million to $93.5 million.

2022 年全年調整後營業收入（包括勞森）增加了 1,990 萬美元，達到 9,350 萬美元。

We reported GAAP diluted loss per share of $0.2 for the full year, inclusive of higher depreciation and amortization and a valuation allowance on certain deferred tax assets compared to earnings per share of $0.21 in the year ago.

我們報告全年 GAAP 攤薄每股虧損為 0.2 美元，包括較高的折舊和攤銷以及某些遞延稅資產的估值備抵，而去年同期每股收益為 0.21 美元。

Full year adjusted diluted EPS was $1.42 on higher outstanding shares.

由於流通股數量增加，全年調整後稀釋每股收益為 1.42 美元。

It should be noted that starting in Q4, we began including total non-cash amortization expense related to the acquired entities and added these dollars back when computing adjusted earnings per share, which benefited EPS by $0.16 on a tax-effected basis for the quarter.

應該指出的是，從第四季度開始，我們開始計入與被收購實體相關的非現金攤銷總額，並在計算調整後每股收益時將這些美元加回，這使本季度每股收益在受稅收影響的基礎上增加了0.16 美元。

Turning to slide 8, let me now comment briefly on each of these segments.

轉到幻燈片 8，現在讓我對每個部分進行簡要評論。

Starting with Lawson.

從勞森開始。

Sales were $468.7 million, up 9.1% for the full year.

全年銷售額達 4.687 億美元，成長 9.1%。

Fourth quarter sales were $109.8 million as compared to $108 million a year ago quarter.

第四季銷售額為 1.098 億美元，而去年同期銷售額為 1.08 億美元。

The increase for the full year and the quarter was driven by continued strong performance within the strategic business, Kent Automotive and government military categories offset by softening sales within the Lawson core customers.

全年和本季的成長是由戰略業務、Kent Automotive 和政府軍事類別的持續強勁業績推動的，但被 Lawson 核心客戶的銷售疲軟所抵消。

Lawson's full year growth was achieved through price, increased wallet share with existing customers and new customers in both our strategic accounts and our Kent Automotive business.

Lawson 的全年成長是透過價格、增加現有客戶和新客戶在我們的策略客戶和肯特汽車業務中的錢包份額來實現的。

As Brian highlighted, Lawson had a really strong 2023, all while continuing to invest in the business to strategically position itself for longer-term success.

正如 Brian 所強調的那樣，Lawson 在 2023 年的表現非常強勁，同時繼續投資於業務，為自己進行戰略定位，以實現長期成功。

We're still in the early innings of implementing initiatives to help our sales team become more productive.

我們仍處於實施旨在幫助我們的銷售團隊提高工作效率的措施的早期階段。

However, we're very pleased with the initial results of a 15% lift in sales rep productivity this quarter on top of an 18% improvement achieved in Q three.

然而，我們對本季銷售代表生產力在第三季提高 18% 的基礎上提高 15% 的初步結果感到非常滿意。

Lawson's adjusted EBITDA for the full year improved significantly to $63.7 million as compared to 38.6 million a year ago.

勞森全年調整後 EBITDA 大幅提高至 6,370 萬美元，去年同期為 3,860 萬美元。

This improvement was primarily driven by sales and gross margin improvements, partially offset by increased compensation on higher sales levels and channel investments to better position us on a longer-term basis for the quarter, Lawson realized adjusted EBITDA of 12.4 million or 11.3% of sales as compared to $11.5 million a year ago quarter, a 7.8% improvement, lower sales on fewer selling days in Q4 compared to other quarters on fairly flat operating costs, reduced loss and smart net margin in Q4 versus other quarters in the year.

這項改善主要是由銷售額和毛利率的改善所推動的，但部分被更高的銷售水平和通路投資增加的薪酬所抵消，以便我們在本季度的長期基礎上更好地定位，Lawson 實現調整後EBITDA 為1,240 萬美元，佔銷售額的11.3%與去年同期的1,150 萬美元相比，成長了7.8%；與其他季度相比，第四季的銷售天數較少，銷售額較低；與今年其他季度相比，第四季的營運成本相當平穩，虧損減少，淨利潤率大幅下降。

Turning to Technical Services on Slide 9.

轉向幻燈片 9 上的技術服務。

Total sales for the year increased 5.3% to $405.7 million for the fourth quarter sales were 93.2 million, down 6.9% solely from project related businesses, primarily within renewables and continued customer delays in the technology vertical, including the semiconductor end markets, 2023 saw global semiconductor spending declined by roughly 10% as consumer electronics and automobile production drove softness and supply chains adjusted the remainder of the base Gexpro Services business increased 6.2% with continued strength in the industrial power and renewables end markets.

全年總銷售額成長5.3%，達4.057 億美元，第四季銷售額為9,320 萬美元，下降6.9%，僅因專案相關業務下降6.9%，主要在再生能源領域，以及客戶在技術垂直領域（包括半導體終端市場）的持續延遲，2023 年全球銷售額由於消費性電子產品和汽車生產導致疲軟以及供應鏈調整，半導體支出下降了約10%，隨著工業電力和可再生能源終端市場的持續走強，Gexpro 服務業務的剩餘部分成長了6.2%。

Gexpro services' largest vertical is now industrial power, followed by renewables, which are expected to have secular strength for the next several quarters and years.

Gexpro 服務目前最大的垂直領域是工業電力，其次是再生能源，預計再生能源在未來幾季和幾年內將保持長期優勢。

We are continuing to invest in the business.

我們正在繼續投資該業務。

However, we are cautious about certain weaker markets in those more sensitive to current macro economic issues checks for services, full year adjusted EBITDA grew to $45.2 million or 11.1% of sales versus 43.2 million a year ago.

然而，我們對某些對當前宏觀經濟問題更為敏感的疲軟市場持謹慎態度。檢查服務，全年調整後EBITDA 增長至4520 萬美元，佔銷售額的11.1%，而一年前為4320 萬美元。

For the quarter, adjusted EBITDA was 8.8 million or 9.5% of sales.

本季調整後 EBITDA 為 880 萬歐元，佔銷售額的 9.5%。

The decline as a percent of sales was primarily related to lower sales for the quarter in the higher margin technology vertical, which put over $2 million of net margin pressure on the quarter, we anticipate Gexpro Services will return to low double digit EBITDA margins in the first half of 2024 on higher sales on a relatively flat fixed cost structure.

佔銷售額百分比的下降主要與本季利潤率較高的技術垂直領域的銷售額下降有關，這給本季度帶來了超過200 萬美元的淨利潤壓力，我們預計Gexpro Services 將在2019 年恢復到兩位數的EBITDA 利潤率2024 年上半年，由於固定成本結構相對平坦，銷售額增加。

Lastly, I will turn to test equity group on Slide 10.

最後，我將轉向投影片 10 上的測試股票組。

Full year sales grew to 641.8 million, an increase of $249.4 million or 63.6%, driven primarily by the Cisco acquisition and 2023 and other acquisitions completed in 2022.

全年銷售額成長至 6.418 億美元，成長 2.494 億美元，增幅為 63.6%，主要得益於思科收購以及 2023 年和 2022 年完成的其他收購。

Excluding these acquisitions, test equity sales were down $24 million or 8% for the year, primarily within the test and measurement business.

排除這些收購，今年測試股權銷售額下降了 2,400 萬美元，即 8%，主要是在測試和測量業務領域。

As we've discussed on previous calls, the decline in this piece of our business is primarily related to delays in customers' capital project spending fourth quarter sales were up 85.3 million to 190.7 million, with Cisco sales adding 96.6 million and a decline in organic volume of 11.4%.

正如我們在之前的電話會議中討論的那樣，我們這部分業務的下降主要與客戶資本項目支出的延遲有關。第四季度銷售額增長了8530 萬美元，達到1.907 億美元，其中思科銷售額增加了9,660 萬美元，有機銷售額下降佔總量的11.4%。

On a two year stack basis, test equity organic sales were up approximately 3.1%.

在兩年疊加的基礎上，測試股權有機銷售額成長了約 3.1%。

Test equities adjusted EBITDA for the full year was $43.3 million or 6.7% of sales compared to $34.7 million or 8.9% a year ago.

全年測試股票調整後 EBITDA 為 4,330 萬美元，佔銷售額的 6.7%，而去年同期為 3,470 萬美元，佔銷售額的 8.9%。

Acquisitions made in 2022 and 2023 added approximately 19.7 million in adjusted EBITDA.

2022 年和 2023 年進行的收購增加了約 1,970 萬美元的調整後 EBITDA。

The decline in the test equities' base business adjusted EBITDA was primarily related to lower sales levels in the test and measurement offset by cost normalization taken in Q4.

測試股票基本業務調整後 EBITDA 的下降主要與測試和計量中銷售水平的下降有關，但被第四季度採取的成本正常化所抵消。

For the quarter, test Equities net margin was $11.8 million or 6.2% of sales.

本季度，測試股票淨利為 1,180 萬美元，佔銷售額的 6.2%。

The lower margin for the quarter was primarily related to lower sales on capital related projects, fewer selling seasonal selling days and additional operating expenses related to higher health insurance claims and employee compensation.

本季利潤率較低的主要原因是資本相關項目的銷售額下降、季節性銷售天數減少以及與健康保險索賠和員工薪酬增加相關的額外營運費用。

As we think about 2024 for test equity, we will continue to focus on the integration of his scope and test equity.

當我們考慮 2024 年的測試權益時，我們將繼續關注他的範圍和測試權益的整合。

We remain committed to sequentially improving our margin profile as 2024 develops through higher sales synergies to be realized on the combined company and the nonrecurring nature of some of the Q4 charges we anticipate a stronger second half of 2024 for test equity as we continue to integrate his scope and on some of the pickup in capital spending, allowing us to drive toward a double digit margin profile.

隨著2024 年的發展，我們仍然致力於透過合併後的公司實現更高的銷售協同效應以及一些第四季度費用的非經常性性質來逐步改善我們的利潤狀況，我們預計隨著我們繼續整合他的公司，2024 年下半年測試股本將更加強勁。範圍和資本支出的一些回升，使我們能夠實現兩位數的利潤率。

Moving to Slide 11.

轉到投影片 11。

We ended the year with nearly $300 million of liquidity, including 99.6 million of cash and cash equivalents and under 98.3 million under our existing credit facility.

截至年底，我們擁有近 3 億美元的流動資金，其中包括 9,960 萬現金和現金等價物，以及現有信貸額度下的 9,830 萬美元。

As you know, we amended our credit facility in 2023 from 500 million to 805 million to support the acquisition of his scope and to free up liquidity for other acquisitions.

如您所知，我們將 2023 年的信貸額度從 5 億調整為 8.05 億，以支持其範圍的收購，並為其他收購釋放流動性。

We're really pleased with the progress made in strengthening our balance sheet and ending 2023 at a leverage rate of 2.9 times, all while acquiring four businesses since forming DSG., although we continue to support a robust working capital investments.

儘管我們繼續支持強勁的營運資本投資，但我們對在加強資產負債表方面取得的進展感到非常滿意，並在 2023 年底以 2.9 倍的槓桿率，同時收購了 DSG 成立以來的四家企業。

We are carefully managing inventory levels, accounts receivable and accounts payable, as evidenced by our ability to generate significant cash flow from operations of 102 million for the year.

我們正在謹慎管理庫存水準、應收帳款和應付帳款，這一點從我們今年能夠從 1.02 億美元的營運中產生大量現金流就可以看出。

Our cash conversion ratio, defined as adjusted EBITDA, less the change in working capital and less CapEx divided by adjusted EBITDA was over 100% and 2023 net capital expenditures, including rental equipment, were 18.7 million for 2023.

我們的現金轉換率（定義為調整後 EBITDA 減去營運資本變動和資本支出除以調整後 EBITDA）超過 100%，2023 年淨資本支出（包括租賃設備）為 1,870 萬美元。

We expect full year CapEx to be in the range of 16 to $20 million or approximately 1% of revenue and 2024 and have a similar cash flow conversion goal for 2024.

我們預計 2024 年全年資本支出將在 1,600 至 2,000 萬美元之間，約佔收入的 1%，且 2024 年也有類似的現金流轉換目標。

Before I turn it back to Brian, I'd like to make some comments on how we see 2024 developing.

在我把問題轉回給 Brian 之前，我想就我們對 2024 年發展的看法發表一些評論。

As we've discussed over the past two quarters, we were up against tough comps with Q4 2022, having been up 16.7%, and that will continue into 2024 with Q1 2023, having been up nearly 14% given our fourth quarter results and the first quarter comp that we're up against.

正如我們在過去兩個季度中討論的那樣，我們在2022 年第四季度面臨嚴峻的競爭，增長了16.7%，這種情況將持續到2024 年，2023 年第一季度，考慮到我們第四季度的業績和我們面臨的第一季比較。

We expect Q1 of 2020 for organic sales to be down versus a year ago in a range, similar as what we experienced in the fourth quarter as we make traction on many of our initiatives as 2024 develops and as comps against prior year soften, we would expect organic sales growth to turn positive starting in the second half.

我們預計2020 年第一季的有機銷售額將比一年前有所下降，與我們在第四季度經歷的情況類似，因為隨著2024 年的發展，我們的許多舉措都受到了關注，並且與上一年相比有所疲軟，我們將預期有機銷售成長將在下半年開始轉正。

To achieve our internal sales plans, we will need some normalization of various end markets and some recovery of customer capital related project spending.

為了實現我們的內部銷售計劃，我們需要各個終端市場的一定程度的正常化以及客戶資本相關項目支出的一定程度的回收。

While we recognize the Q4 margins are seasonally our weakest quarter and were softer than originally anticipated.

雖然我們認識到第四季度的利潤率是我們季節性最弱的季度，並且比最初預期的要軟。

One quarter will not slow us down from our overall strategy.

一個季度不會讓我們放慢整體策略的腳步。

We will likely feel some of this margin pressure into the first quarter, but we are committed to continuing to drive margins upward while continuing to strengthen the entire DSG. platform.

我們可能會在第一季感受到一些利潤壓力，但我們致力於繼續提高利潤率，同時繼續加強整個 DSG。平台。

I'll now turn the call back to Brian.

我現在將電話轉回給布萊恩。

Thank you, Ron.

謝謝你，羅恩。

We are pleased with 2023 and are even more excited about how our successful initiatives tackle during 2023 will drive our 2024 and 2025 performance.

我們對 2023 年感到滿意，更興奮的是我們在 2023 年採取的成功措施將如何推動我們 2024 年和 2025 年的業績。

Our prioritized focus on cash flow generation resulted in significant free cash flow in 2023.

我們優先關注現金流生成，從而在 2023 年實現了大量自由現金流。

Turning to Slide 12.

轉到投影片 12。

We continue to operate under a disciplined capital deployment strategy that drives focus around reducing capital intensity, where possible, increasing working capital efficiencies, which improves liquidity and reduces our net borrowings.

我們繼續按照嚴格的資本部署策略運營，該策略將重點放在降低資本密集度上，在可能的情況下提高營運資本效率，從而改善流動性並減少我們的淨借款。

We ended the year with 99.6 million of cash and have zero borrowed on our revolver while enjoying a $430 million investment in net working capital, we are focused on continuing to structurally increase the return profile of the business, both through operational discipline and process improvements, where we have a clear line of sight on those improvements and with our return profile.

截至年底，我們擁有 9,960 萬現金，左輪手槍借款為零，同時享有 4.3 億美元的淨營運資本投資，我們致力於透過營運紀律和流程改進，繼續從結構上提高業務回報率，我們對這些改進和回報概況有清楚的認知。

Additionally benefiting from key acquisitions that will enhance our long-term position in the marketplace.

此外，還將受益於關鍵收購，這將增強我們在市場中的長期地位。

While the current challenged backdrop for a couple of our end markets can create a short term distraction, we are passionate and committed to drive this business alongside deepening bench of innovative thought leadership.

雖然我們的一些終端市場目前面臨的挑戰可能會造成短期幹擾，但我們充滿熱情並致力於推動這項業務，同時深化創新思想領導力。

With strong distribution experience, we are aligned and collectively committed as large shareholders, along with a shared vision from the Board to capitalize on this excellent opportunity to further build this best-in-class specialty value added distributor.

憑藉豐富的分銷經驗，我們作為大股東團結一致並共同致力於，以及董事會的共同願景，利用這一絕佳機會進一步打造這家一流的專業增值分銷商。

With this shared vision and the strategy we are executing, we are managing our leverage appropriately at 2.9 times at year end.

憑藉這一共同願景和我們正在執行的策略，我們在年底將槓桿率控制在 2.9 倍。

And we are confident that we are well positioned to capitalize on accretive acquisitions to drive organic and inorganic growth to build a better DSG., we use a disciplined approach to prioritize our capital investing.

我們相信，我們有能力利用增值收購來推動有機和無機成長，從而建立更好的 DSG。我們採用嚴格的方法來確定資本投資的優先順序。

Our acquisition priorities need to be informed by intensity of other operational and leadership priorities.

我們的收購優先事項需要根據其他營運和領導優先事項的強度來決定。

Financial leverage and periodic decisions to invest in our own stock.

財務槓桿和定期決定投資我們自己的股票。

To that end, during 2023, we increased our share repurchase program by 25 million and repurchased 139,000 shares at an average cost of $26.9 per share during the fourth quarter.

為此，我們在 2023 年將股票回購計畫增加了 2,500 萬股，並在第四季以每股 26.9 美元的平均成本回購了 139,000 股股票。

Finally, we executed a successful oversubscribed rights offering and a two for one stock split in 2023 in order to balance our capital structure and liquidity objectives prudently as best we can for all our stakeholders.

最後，我們在 2023 年成功進行了超額認購配股發行和二換一股票分割，以便盡可能為所有利害關係人審慎地平衡我們的資本結構和流動性目標。

As we said in the last quarter, we continually monitor macroeconomic and global shifts that may affect the dynamics and forecasts of our end markets.

正如我們在上個季度所說，我們不斷監控可能影響我們終端市場動態和預測的宏觀經濟和全球變化。

We are two-plus months into 2024 and given a continuation of choppiness this year, similar to the end of 2023 and even with certain tailwinds expected in 2024, we expect that our our first quarter organic sales compression will likely be in a similar range to the fourth quarter of 2023.

距離 2024 年還有兩個多月，考慮到今年持續波動，與 2023 年底類似，即使預計 2024 年會出現某些順風車，我們預計第一季的有機銷售壓縮可能與2023 年第四季。

We're also seeing encouraging indications through our increased quoting activity and our book-to-bill that revenue reacceleration could be spooling back up in those softer pockets.

我們也透過報價活動的增加和訂單出貨量的增加看到了令人鼓舞的跡象，即收入重新加速可能會重新回到那些疲軟的口袋裡。

These macro dynamics are significantly different than the invitation for expanded engagement that our customers are welcoming from the more robust offering.

這些宏觀動態與我們的客戶透過更強大的產品所歡迎的擴大參與的邀請有很大不同。

Each of the S verticals can now provide.

每個 S 垂直行業現在都可以提供。

Turning to Slide 13.

轉到投影片 13。

Full year and fourth quarter results demonstrated our ability to benefit from our diverse end markets to achieve a 10% EBITDA margin.

全年和第四季度的業績證明我們有能力從多元化的終端市場中受益，實現 10% 的 EBITDA 利潤率。

Our cross-selling initiatives are still in the early innings.

我們的交叉銷售計劃仍處於初期階段。

Still, cross-selling is becoming more natural across our teams, and we are finding better and different ways to increase sales through long-standing relationships with our best customers.

儘管如此，交叉銷售在我們的團隊中變得越來越自然，我們正在尋找更好的、不同的方式來透過與我們最好的客戶的長期關係來增加銷售額。

We're very pleased with our progress of acquired business initiatives and believe we can incrementally improve margins in our industrial technology vertical between the exciting test equity and Hilco synergy opportunities over the over the next several quarters as well as improved margins across our other acquisitions made over the past two years.

我們對收購業務計劃的進展感到非常滿意，並相信我們可以在未來幾個季度透過令人興奮的測試股權和 Hilco 協同機會逐步提高工業技術垂直領域的利潤率，並提高我們其他收購的利潤率過去兩年。

We plan to continue to act on accretive bolt-on acquisitions that fit our M&A criteria and that reinforce DSG.'s expanded aperture around high-value, high-touch specialty distribution capabilities, the acquisitions initiatives and actions taken in 2023 and 2024 are critically important as they deliberately scale up the profitability capabilities and intrinsic value of DSG. across each of the business units setting the successful course for the next five years and beyond.

我們計劃繼續進行符合我們併購標準的增值補強收購，並加強 DSG 圍繞高價值、高接觸專業分銷能力的擴張，2023 年和 2024 年採取的收購舉措和行動至關重要重要的是，他們有意擴大DSG 的獲利能力和內在價值。每個業務部門都為未來五年及以後的成功制定了路線。

We plan to continue to make good, prudent decisions that create value, improve the long-term return profile of the business and generate cash to wrap up as Chairman and Chief Executive Officer of DSG. and as managing partner of LKCM.

我們計劃繼續做出良好、審慎的決策，創造價值，改善業務的長期回報狀況，並產生現金以完成 DSG 董事長兼執行長的職務。並擔任 LKCM 的管理合夥人。

Headwater, where we enjoy a very large interest in DSG., we are exceptionally well aligned and committed to our investors and DSG.'s objective.

在 Headwater，我們對 DSG. 非常感興趣，我們非常一致並致力於我們的投資者和 DSG. 的目標。

You have my commitment along with the DSG. and LKC. and Headwater teams that together, we remain relentlessly focused around driving steep and sustained long-term value creation for our shareholders.

我和 DSG 都向您做出承諾。和LKC。和 Headwater 團隊共同努力，我們將繼續不懈地致力於為股東創造大幅且持續的長期價值。

With that, operator, we would like to take questions from analysts and investors.

營運商，我們想回答分析師和投資者的問題。

(Operator Instructions) Max Cain, Stephens Inc.

（操作員說明）Max Cain，Stephens Inc.

Good morning, and thank you for taking my questions or is that really Matt on and so on a sequential basis has 1Q consolidated?

早安，感謝您回答我的問題，或者這真的是馬特，所以按順序來說第一季已經合併了嗎？

Yes, your revenue trended first 4Q and for the remainder of March.

是的，您的收入在第 4 季和 3 月剩餘時間內呈趨勢。

Are there any noteworthy negative or positive factors that make that might change that trajectory going forward?

是否有任何值得注意的負面或正面因素可能會改變未來的軌跡？

Yes.

是的。

Next next This is Ron.

下一個 下一個 這是羅恩。

I'll take that.

我會接受的。

So and keep in mind, you know, for us the seasonality that we generally experienced within our overall business.

因此，請記住，您知道，對我們來說，我們在整體業務中通常會經歷季節性。

Typically, Q4 is our weakest quarter of probably followed by our Q1 and Q2 and Q3 are certainly the strongest quarters on know, sequentially, you know where we are today in terms of the first couple of months and I would call it kind of flat versus where we exited the fourth quarter on yellow in terms of in terms of March, it is a 21 day selling month for us this year.

通常情況下，第四季度是我們最弱的季度，可能其次是第一季度，第二季度和第三季度肯定是已知的最強勁的季度，按順序，你知道我們今天在前幾個月的位置，我會稱之為持平與就 3 月份而言，我們以黃色結束了第四季度，今年對我們來說這是一個 21 天的銷售月份。

So I wouldn't say I know Brian, commented on some of the some of the ordering process and so forth coming around.

所以我不會說我認識布萊恩，對一些訂購過程等進行了評論。

But on the March is typically a generally a 23 day month for us this month a little bit shorter.

但對我們來說，3 月通常有 23 天，這個月要短一些。

So the first quarter only had 63 selling days.

因此第一季只有 63 個銷售日。

So Phenom, so we won't see I know is quite a bit of a leverage advantage on a 23 on a 21 day month as we would a 23.

所以 Phenom，所以我們不會看到我知道在 21 天的月份中 23 的槓桿優勢比我們在 23 的月份要大。

But for you specifically answer your question, not the first couple of months of the year or kind of flat sequentially versus Q4.

但對你來說，具體回答你的問題，而不是今年的前幾個月，或與第四季相比連續持平。

Got it.

知道了。

Thanks for the color.

謝謝你的顏色。

And my second question is regarding adjusted EBITDA margins.

我的第二個問題是關於調整後的 EBITDA 利潤率。

Kind of a similar question, but yes, on a sequential basis, how has consolidated margins trends in the first four Q?

類似的問題，但是，是的，按順序來看，前四個季度的合併利潤率趨勢如何？

And are there any noteworthy factors March, I may change that trajectory.

三月有什麼值得注意的因素，我可能會改變這個軌跡。

Yes, I'll jump in on that one as well.

是的，我也會加入其中。

So as you know, we don't provide formal guidance on in terms of in terms of the year.

如您所知，我們不提供有關年份的正式指導。

I know both Brian and I made some comments in our prepared remarks and that we do feel that we'll bring on experienced.

我知道布萊恩和我在準備好的發言中都發表了一些評論，我們確實認為我們會帶來經驗豐富的經驗。

Some of the margin pressure in Q1 are similar to what we saw in Q4 just given given where the overall sales are trending out so on nothing, I would say nothing unusual there in terms of what we're expecting a deal here in the month of March either.

第一季的一些利潤壓力與我們剛剛在第四季度看到的情況類似，考慮到整體銷售趨勢，所以沒有什麼，我想說，就我們預計本月的交易而言，沒有什麼不尋常的。三月也可以。

But Tom, again, without without getting into too much specifics.

但湯姆，再次，沒有透露太多細節。

I think we're going to we're going to continue to see a little bit of that margin pressure from here in the first quarter, probably early into the second quarter.

我認為我們將在第一季（可能到第二季初）繼續看到一點利潤壓力。

Thanks for the color, and I'll turn it back.

謝謝你的顏色，我會把它轉回來。

Thanks, Matt.

謝謝，馬特。

Kevin Steinke, Barrington Research.

凱文‧史坦克，巴靈頓研究中心。

Good morning, Brian and Ron.

早上好，布萊恩和羅恩。

I wanted to ask about morning.

我想問一下早上的狀況。

I wanted to ask about Ron, your comments about Tom, are you looking to return to positive organic growth in the second half of 2024?

我想問 Ron，您對 Tom 的評論，您是否希望在 2024 年下半年恢復正向有機成長？

And you said it would be somewhat dependent on a pickup in your your some of the softer end markets, but you're just trying to get a sense as to your line of sight into the pension potential pickup in those end markets?

您說這在某種程度上取決於您的一些較疲軟的終端市場的回升，但您只是想了解一下您對這些終端市場退休金潛在回升的看法？

I know you talked about the pipeline building in check scroll for technology and renewables.

我知道您談到了技術和可再生能源檢查滾動中的管道建設。

And then it sounds like you expect some capital spend return on test and measurement equipment and test directly.

然後，聽起來您似乎期望在測試和測量設備以及直接測試上獲得一些資本支出回報。

So just any more color on your expectations on the pickup in demand and the line of sight you have there?

那麼，您對皮卡需求和視線的期望還有更多的色彩嗎？

Iraq?

伊拉克？

No, but yes, go ahead, Ryan.

不，但是是的，繼續吧，瑞安。

It's either one of us, but Kevin, that Ron gave some you just highlighted the three areas that we've been most focused on because they're where we've seen that the only real softness, if you look at it, tested the Industrial Technology division or test equity and 23 of the 24 million of drag that we had on revenue last year was specifically from the test and measurement equipment in there was there were specific inventory destocking dynamics that were going on in the marketplace there.

是我們中的任何一個，但是凱文，羅恩給了一些你剛剛強調了我們最關注的三個領域，因為它們是我們看到的唯一真正的柔軟度，如果你看一下，測試了工業技術部門或測試股權，以及去年我們收入2400 萬美元的拖累中，有23 個專門來自測試和測量設備，因為市場上正在發生特定的庫存去庫存動態。

We maybe they made the wrong decision, but we decided to step out of selling equipment, right, Tom, at margins that we saw some competitors kind of trying to blow out inventory to get their inventory levels at the end of the year.

我們也許他們做出了錯誤的決定，但我們決定停止銷售設備，對吧，湯姆，我們看到一些競爭對手試圖透過消耗庫存來達到年底的庫存水準。

I'm rightsized in so that that overhang is a normalization of inventory levels from some of our peers has seemed to work through the system.

我對規模進行了調整，以便我們的一些同行的庫存水平正常化，這種懸而未決的情況似乎已經通過系統發揮作用。

And we've seen quite a bit more requests for the activity level of quotation has gone up quite a bit as we've gone into this year, although we noted that our customers have budgeted for spend, but we're not seeing the spending dollars being released yet at the pace that we would want to see to feel like that, that businesses normalize.

我們已經看到更多的請求，報價的活動水平已經上升了很多，進入今年，儘管我們注意到我們的客戶已經預算了支出，但我們沒有看到支出美元的釋放速度是我們希望看到的，即企業正常化的速度。

But we expect that it will and we also aren't saying is that, but the more undisciplined approach in some of our competitors have kind of gotten out of the marketplace with their inventory positions that they took on when our channel partners were struggling to get product in is kind of the same issue that we've seen in other parts of our businesses, not just IDSG., where the supply chain led to people putting orders or expanding their of their efforts to train it, gather inventory.

但我們預計會出現這種情況，而且我們也沒有這麼說，但我們的一些競爭對手採取了更加無紀律的做法，他們在我們的通路合作夥伴努力爭取庫存時，已經退出了市場。產品的問題與我們在我們業務的其他部分看到的問題一樣，而不僅僅是IDSG。供應鏈導致人們下訂單或擴大培訓、收集庫存的努力。

And then there was a destocking level that we saw and we saw it in other end markets as well at DSG. towards the end of last year and the most acute spot where we felt it inside was at test and measurement, and we may have made of it.

然後我們看到了去庫存的水平，我們在其他終端市場以及 DSG 都看到了這種情況。去年年底，我們感覺到它內部最尖銳的地方是測試和測量，我們可能已經做到了。

And we've wrestled a lot with the decision on whether or not to participate in the marketplace as people were selling stuff at margins that were significantly lower than what we've historically sold test and measurement equipment for, and that's abated itself.

我們在是否參與市場的決定上進行了很多鬥爭，因為人們銷售產品的利潤遠低於我們歷史上銷售測試和測量設備的利潤，而且這種情況本身已經減弱。

On the renewables side, we've just seen a delay in some of the project spend and also some of that on the M&A MRO, a packaging that we've kind of our kits that we put together to be able to address some of the reworks of a lot of that installed base on the renewable side.

在再生能源方面，我們剛剛看到一些項目支出的延遲，以及併購 MRO 的一些支出的延遲，我們將我們的套件組合在一起，以便能夠解決一些問題對可再生能源方面的許多安裝基礎進行了改造。

But our book to bill is this high as I've seen it in the renewable space currently but we and so we expect that to flow through in revenues, but it's it's still been sluggish, but getting back to the levels that we would expect out of an area that we're really excited about participating in as a leader to that end market in front of us.

但我們的帳面價值如此之高，正如我目前在可再生能源領域所看到的那樣，但我們預計這將帶來收入，但它仍然低迷，但回到了我們預期的水平作為我們面前的終端市場的領導者，我們非常高興能參與其中。

On the semiconductor side, we took a pretty good punch last year.

在半導體方面，我們去年受到了相當大的打擊。

I tried to highlight it specifically with the actual dollar drag and that we had, you know, revenues were down 50% in the renewal in the semiconductor space project for last year.

我試著透過實際的美元拖累來特別強調這一點，你知道，去年我們在半導體空間計畫的更新中收入下降了 50%。

It had the biggest impact on our earnings for the Jack Pro division and the 88.3 million or $88.4 million drag that we had for the year on EBITDA and that that end market is still kind of book-to-bills, not where we'd like to see it yet.

它對我們 Jack Pro 部門的收益影響最大，並且拖累了我們今年的 EBITDA 8830 萬或 8840 萬美元，而且終端市場仍然是按帳單結算，而不是我們想要的還沒有看到它。

But our customers, we're still engaged with them and we're working currently on ways to expand our current wallet share with them.

但我們的客戶，我們仍然與他們保持聯繫，目前我們正在研究如何擴大我們目前與他們的錢包份額。

And as we also, it's kind of been an interesting we've seen a shift with of with one of our customers in particular and another one that we're working with on where some of their production is moved away from the U.S. At the same time as we're working actively with a number of customers on new expanded fabrication capacity in the U.S., which we all kind of think or would expect with the chip back on.

正如我們一樣，這是一種有趣的轉變，特別是我們的一個客戶，以及我們正在與他們合作的另一個客戶，他們的部分生產從美國轉移出去。我們正在與許多客戶積極合作，擴大在美國的製造能力，我們都認為或期望晶片重新投入使用。

But it's not been kind of seamless as we would have fixed as we'd like to see as we've seen some shifting overseas from customers at the same time is we're seeing new plants being built domestically.

但這並不是我們希望看到的那樣無縫，因為我們看到一些客戶從海外轉移，同時我們看到國內正在建造新工廠。

And so there's a there's some choppiness still in that end market we expected by the second half of the year.

因此，我們預計到今年下半年，終端市場仍會出現一些波動。

That's really where the back half of the year at element that we've kind of laid out their projects grow, we expect to see more of a renewed or restored level of activity there on the semiconductors that the other end markets have actually held up quite well.

這確實是今年下半年我們安排的專案成長的地方，我們預計半導體領域的活動水平會出現更多更新或恢復，而其他終端市場實際上已經保持了相當高的水平出色地。

And so if you take those those challenges out our organic growth rate, we would have had flat to positive organic growth in each of those verticals without are those headwinds.

因此，如果將這些挑戰排除在我們的有機成長率之外，那麼如果沒有這些阻力，我們在每個垂直領域都會實現持平甚至正的有機成長。

All right, makes sense.

好吧，有道理。

I don't know how to thank Kevin.

我不知道該如何感謝凱文。

It was okay.

沒關係。

In terms of just thinking about headwinds that we had last year, but also celebrating the great work that was done, it would be the sales force kind of transition that we did at Lawson.

僅僅考慮去年我們遇到的逆風，同時也要慶祝我們所做的偉大工作，這將是我們在勞森所做的銷售隊伍的轉變。

We got the benefit of more productivity out of our sellers, and we've reorganized some of the ways that they serve their customers in some of the and some of the efficiency with which we lean on on those sellers in their particular I'm selling territories in.

我們從賣家那裡獲得了更高生產力的好處，並且我們重新組織了他們為客戶提供服務的一些方式，以及我們在銷售中依賴於這些賣家的一些效率。領土在.

And so that has had that has created some level of choppiness that we think that Tom and we kind of got we knew that it would probably lift margins, but create some drag on organic growth last year.

因此，這造成了一定程度的波動，我們認為湯姆和我們知道這可能會提高利潤率，但會對去年的自然成長造成一些拖累。

We just didn't expect that we would also have the drag on the other two verticals at the same time.

我們只是沒想到我們也會同時拖累其他兩個垂直產業。

So we thought we'd get the benefit of the EBITDA flow through with a little bit of a drag on on organic sales growth at Lawson, while we would also we were enjoying through the first half of last year and into the third quarter.

因此，我們認為我們會從 EBITDA 流中獲益，但會對勞森的有機銷售成長產生一點拖累，同時我們也能享受到去年上半年和第三季度的收益。

Really strong end markets still saw strength on a blended basis across the other two verticals, which we thought would kind of not highlight as much the drag on the salesforce reorganization on organic growth.

真正強大的終端市場仍然在其他兩個垂直領域的混合基礎上看到了強勢，我們認為這不會凸顯銷售人員重組對有機成長的拖累。

But that was very much of a deliberate objective to be able to bring the structural profitability of Lawson up closer to where we are think it should be done over time.

但這是一個經過深思熟慮的目標，目的是使勞森的結構性盈利能力更接近我們認為隨著時間的推移應該實現的目標。

Okay, thank you.

好的謝謝。

And just following up on that, when you talk about the expectations for a better second half of 2024.

接下來，當您談到對 2024 年下半年更好的期望時。

I mean, in discussions with your clients, how much does that macro outlook play into that, the building pipelines?

我的意思是，在與您的客戶討論時，宏觀前景對建造管道有多大影響？

And what have you I guess we've just been hearing more generally from various companies that and now they're getting more comfortable with it the way inflation is trending and the possibility of interest rate cuts at some point this year is that that kind of factoring into your clients' thought process and starting to move forward with some spend on some of the more interest rate sensitive things like renewable development, et cetera?

我想我們剛剛從各個公司那裡聽到了更廣泛的消息，現在他們對通貨膨脹的趨勢越來越滿意，而且今年某個時候降息的可能性是這樣的考慮到客戶的思維過程並開始在一些對利率更敏感的事情上進行一些支出，例如再生能源開發等？

Yes, Kevin, I mean, the for me, the best example of that is just seeing the book to bill on some of the markets that have been more sensitive to inflation or to interest rates like the renewables sort of renewables have the highest book-to-bill currently as any of the markets that we that we serve.

是的，凱文，我的意思是，對我來說，最好的例子就是看到這本書在一些對通貨膨脹或利率更敏感的市場上計費，例如可再生能源，可再生能源的帳面價值最高－目前可以按照我們服務的任何市場進行計費。

But instead of that, that in and of itself to me is an indication that there's confidence in that end market anyway, which has been probably the most sensitive is our end markets to interest rates and a continued kind of overhang or concern about a recession, and they are moving forward with projects that they had in their engagements with us around the on request for proposals and then obviously, booking orders with us, but those won't translate into route into the revenue lift.

但相反，對我來說，這本身就表明人們對終端市場有信心，這可能是我們的終端市場對利率和持續的懸而未決或對經濟衰退最敏感的市場，他們正在推進與我們合作的項目，圍繞徵求建議書，然後顯然，向我們預訂訂單，但這些不會轉化為收入提升的途徑。

We don't think until until later in the year than the first quarter on that, that's probably the best industry for me to use as a proxy for the question you asked, but I do think that there's two other elements that we're saying is just like we were able to destock and some quite a bit.

直到今年第一季晚些時候，我們才會想到這一點，這可能是我用來代表你所問問題的最佳行業，但我確實認為我們所說的還有另外兩個要素就像我們能夠去庫存一樣，而且有相當多的庫存。

During last year, we watched our customers do the same.

去年，我們看到我們的客戶也做了同樣的事情。

And so the concern that we all had about inflation and every time we reordered a product being having pricing passed through on us from our vendors.

因此，我們都擔心通貨膨脹，每次我們重新訂購產品時，定價都會從供應商轉嫁給我們。

We had customers who were experiencing the same from us and then everyone was puffing their orders.

我們的客戶也經歷過同樣的情況，然後每個人都在誇大他們的訂單。

Some are carrying more inventory, both because of the concern about an inflationary price increase as well as the concern around supply chain disruptions.

有些企業持有更多庫存，既是因為擔心通膨價格上漲，也是因為擔心供應鏈中斷。

Test and Measurement was an area where we had seen a real overhang on supply chain disruption.

測試和測量是我們看到供應鏈中斷真正突出的一個領域。

And, you know, distributors like us are rental companies that are similar to us took and kind of went out and took inventory positions in an effort to, you know, Trian it smoothes the challenging backdrop that we had from the vendor, the manufacturer getting us products.

而且，你知道，像我們這樣的分銷商是與我們類似的租賃公司，他們走出去並佔據庫存位置，以努力，你知道，Trian 它緩解了我們從供應商、製造商那裡獲得的挑戰性背景我們的產品。

And once that manufacturer and many of our manufacturers started a being able to deliver product more seamlessly.

一旦製造商和我們的許多製造商開始能夠更無縫地交付產品。

Again, all of us started looking at how much incremental working capital we put in place during 2022, and we started taking dollars out of it.

同樣，我們所有人都開始考慮 2022 年期間我們投入了多少增量營運資金，並開始從中提取資金。

So we work down our working capital last year and with interest rates, high carrying working capital is a real burden, basically has a real cost to it where when you're in a much lower interest rate environment, you don't really charge yourself as much for carrying that extra inventory.

因此，我們去年降低了我們的營運資本，隨著利率的提高，高額營運資本是一個真正的負擔，基本上是一個真正的成本，當你處於一個低得多的利率環境時，你不會真正為自己充電與攜帶額外庫存一樣多。

So we have we think that a lot of that overhang of working capitals worked through the system.

因此，我們認為，大量過剩的營運資金是透過該系統發揮作用的。

Our in business activity levels are good across most all of our industries.

我們大多數行業的業務活動水平都很好。

And so Tom, the choppiness that we felt kind of tested measurement starting in September and then through the semiconductor before that.

湯姆，我們從 9 月開始測試了測量的波動性，然後在此之前通過半導體進行了測試。

And then with renewables delayed through the fourth quarter and the first quarter, it's definitely put up.

然後，隨著可再生能源推遲到第四季度和第一季度，它肯定會被推遲。

It did have a drag on our organic growth objectives and that we had put it out there for everybody, but it's not put a drag on it anyway that Tom gives us any lack of confidence in where we're headed.

它確實拖累了我們的有機成長目標，而且我們已將其發布給每個人，但無論如何，湯姆讓我們對我們的發展方向缺乏信心，這並沒有拖累它。

But the other part that's been really very much more reassuring has been we just came out of all day yesterday, we were in the last two days with leadership from the three companies, mostly led by really the Jack's protein.

但真正更令人放心的另一部分是，我們昨天剛結束了一整天的工作，在過去的兩天裡，我們在這三家公司的領導下，主要是由傑克蛋白質領導的。

I'm getting together having a Cisco team, they're working through how they're tackling and more cross-selling and more shared customer relationships.

我正在組建一個思科團隊，他們正在研究如何處理更多交叉銷售和更多共享的客戶關係。

And while that's taken, probably it's slower to get some of these bigger customers to migrate or to change where they're buying, they're there their content from them in leaning on for services, we're seeing a significant amount of interest and we also have a much we have a much better go-to-market message today about the consolidated now on ways that we can are there the collaborative ways that our three verticals can work together when we talk to a prospective customer, and that's evolving even more now that we've got Cisco's capabilities in the fold.

雖然採取了這種做法，但讓一些較大的客戶遷移或改變購買地點的速度可能會較慢，他們依賴於他們的服務來獲取內容，我們看到了很大的興趣和我們今天還有一個更好的上市信息，關於我們現在可以採取的整合方式，當我們與潛在客戶交談時，我們的三個垂直領域可以協同工作，而且這種方式甚至在不斷發展現在我們已經掌握了思科的功能。

Cisco's sit really has a lot to try to share in terms of capabilities, both with Lawson and Jeff's pro services.

思科的坐席在功能方面確實有很多值得嘗試的地方，無論是與勞森還是傑夫的專業服務。

And we knew that when we that we started chasing Hetsco years ago.

當我們幾年前開始追逐 Hetsco 時，我們就知道這一點。

And I thought that it would be a critical piece, a linchpin piece to our broader ESG strategy.

我認為這將是我們更廣泛的 ESG 策略的關鍵部分和關鍵部分。

And we're glad to have you not just in the last couple of days of being able to listen to the way that the Cisco team is working with the GX pro services team, for instance, on specific customers that have asked for us to bring the the three verticals capabilities together to solve some major on manufacturers objectives here that that's been probably the most encouraging and fun for me to to see Okay, great.

我們很高興您不僅在過去幾天能夠聆聽 Cisco 團隊與 GX Pro 服務團隊合作的方式，例如，針對要求我們提供服務的特定客戶這三個垂直功能一起解決了製造商的一些主要目標，這對我來說可能是最令人鼓舞和有趣的，好吧，太棒了。

And just lastly, I wanted to ask about Tom.

最後，我想問一下湯姆的狀況。

Yes, the organic revenue trends and Lawson Products you mentioned continue to do that.

是的，你提到的有機收入趨勢和勞森產品繼續做到這一點。

Good, good progress with strategic Kent Automotive and government verticals on, but feel some softening and losses, core customer base that the organic growth rate just stepped down a bit sequentially, 3Q to 4Q.

戰略肯特汽車和政府垂直業務取得了良好的進展，但感覺有些疲軟和損失，核心客戶群的有機成長率在第三季到第四季略有下降。

Have you seen a more noticeable softening in that core customer bases or anything we should be thinking about as we kind of move into 2024 here on that front?

您是否看到核心客戶群出現了更明顯的軟化，或者在我們進入 2024 年時我們應該在這方面考慮什麼？

Yes, Kevin, this is Ron.

是的，凱文，這是羅恩。

So yes, you're spot on in terms of where we saw most of the strength in 2023 was on our strategic business side.

所以，是的，您說得對，我們看到 2023 年的大部分優勢都在我們的策略業務方面。

We continue to develop good customer relationships servicing more of their locations.

我們繼續發展良好的客戶關係，為更多的地點提供服務。

The Kent Automotive business continues to grow nicely.

肯特汽車業務繼續良好成長。

And so for us, it's a real balance, right in terms of the sales rep productivity that we were able to achieve 15% on top of 18% in the third quarter.

因此，對我們來說，就銷售代表生產力而言，這是一個真正的平衡，我們在第三季度達到了 18% 的基礎上達到了 15%。

So we feel really good about that where where we are seeing some weakness is within within the core base, which does make up about 50% of Lawson's customer base now.

因此，我們對核心基礎內部存在一些弱點感到非常滿意，核心基礎目前確實佔 Lawson 客戶群的 50% 左右。

And I think it's I would say it's probably twofold.

我想我會說這可能是雙重的。

One is on is we're signing more strategic accounts and more Kent Automotive business, we really have to have a focused effort on where that where that how that customer gets service.

其中之一是我們正在簽署更多的策略客戶和更多的肯特汽車業務，我們確實必須專注於研究客戶如何獲得服務。

And I think part of that is probably naturally taking a little a little bit away from probably a little bit of cannibalization from our from our core customer base.

我認為其中一部分可能是自然而然地從我們的核心客戶群中減少一點點蠶食。

The nice piece on that we've done really throughout 2023 as we've made really pretty significant investments in inside sales, technical sales specialists, our lead development reps are really the infrastructure that can help support our sales reps, and we have them actively working on those core customers that on that, we've not seen a sale for, you know, in the last couple of months, let's call it.

我們在2023 年確實做得很好，因為我們在內部銷售、技術銷售專家、我們的首席開發代表方面進行了相當大的投資，這些投資實際上是可以幫助支持我們的銷售代表的基礎設施，我們積極地擁有他們與那些核心客戶合作，在過去的幾個月裡，我們沒有看到銷售，我們可以這樣稱呼它。

So yes, a little bit of weakness there.

所以是的，那裡有一點弱點。

But I would say that there is a heavy heavy focus internally within Lawson on that.

但我想說的是，勞森內部對此非常關注。

That's not only do we need to be able to support these other growing kind of pieces of our business, but really getting our way back into our core customers, make sure that we can see growth there as well.

這不僅是我們需要能夠支援我們業務中其他不斷成長的部分，而且是真正重新回到我們的核心客戶中，確保我們也能看到那裡的成長。

It brought it up I want to just add to that, Kevin, the there was the sales force transformation that we took on last year was one that was that was very deliberate around trying to expand profitability of Lawson.

我想補充一點，凱文，我們去年進行的銷售隊伍轉型是為了擴大勞森的盈利能力而經過深思熟慮的。

It was both to expand profitability loss.

兩者都是為了擴大獲利能力損失。

And it was Alex is absolutely focused on being able to expand the earnings opportunity for our outside sales team and so to do that, we had to make sure that they were spending their time where they were, where they needed to be, spending it to drive, you know, longer term traction in revenue growth.

亞歷克斯絕對專注於能夠擴大我們外部銷售團隊的收入機會，因此要做到這一點，我們必須確保他們將時間花在他們所在的地方，他們需要的地方，花在他們的地方你知道，推動營收成長的長期動力。

And a lot of the time when you really broke it down, a lot of their time was being spent on a lot of very small customers that we don't want to leave, but we needed to manage how ours ours outside salespeople were engaging with them.

很多時候，當你真正分解它時，他們的很多時間都花在了很多我們不想離開的非常小的客戶上，但我們需要管理我們的外部銷售人員如何與他們打交道。

And so when you really fully burden their time and our resources, a lot of those little accounts were not profitable on a contribution basis.

因此，當你真正負擔了他們的時間和我們的資源時，很多小帳戶在貢獻的基礎上都無法獲利。

And so we knew that.

所以我們知道這一點。

And so we that's part of the reason why we've addressed them with some other tools on ways to cover them so that the sales outside salesperson is not spending as much time inside of those accounts.

因此，這就是為什麼我們使用其他一些工具來解決這些問題的部分原因，以便外部銷售人員不會在這些帳戶中花費太多時間。

And we've re so that core, you know, it's got some movement in it.

我們已經把這個核心變成了核心，你知道，它裡面有一些運動。

And so it's not when I look at it and I look at the drag it, Tom, in different pockets of it around organic revenue growth right now.

所以，當我看到它時，湯姆，我看到它在有機收入成長的不同方面所受到的拖累，這並不是問題。

I have to take some of the noise out of how we're serving those customers differently today because we're actually making more money on how we're serving them on on less dollars that are coming that are kind of few that are coming through that channel that small tiny end of our channel.

我必須消除一些關於我們今天如何以不同的方式為這些客戶提供服務的噪音，因為我們實際上透過如何以更少的錢來為他們提供服務賺了更多的錢，而這些錢是很少的那個頻道是我們頻道的那個小端。

And so there's that compression element that we had to head to tackle and certainly with not having as much, you know, but to have a tailwind of economic growth last year at the end of the year from it at the same time as we're doing that compression slowed the organic growth rate at Lawson like we anticipated it would, but more than than we probably anticipated just because of the backdrop.

因此，我們必須解決這個壓縮因素，當然，沒有那麼多，你知道，但要在去年年底的同時，從它那裡獲得經濟成長的順風。正如我們預期的那樣，這種壓縮減緩了勞森的有機成長率，但由於背景原因，其速度超出了我們的預期。

Okay.

好的。

Fair enough.

很公平。

Thanks for taking your questions.

感謝您提出問題。

I will turn it back over.

我會把它翻過來。

Thanks.

謝謝。

And thank you, Kevin.

謝謝你，凱文。

Ken Newman, KeyBanc Capital Markets.

肯紐曼，KeyBanc 資本市場。

Hey, good morning.

嗨，早安。

I should say good morning.

我應該說早安。

So first, I guess, obviously, it sounds like a bit of a slow start here into 2024.

首先，我想，很明顯，2024 年的開局聽起來有點緩慢。

I think it sounds like you you expect the benefits from the cost-out initiatives and improving activity maybe in the second half.

我認為聽起來您預計下半年可能會從成本削減計劃和改善活動中獲益。

Curious, I mean, do you think the operating leverage for EBITDA is able to get back to that?

我很好奇，您認為 EBITDA 的營運槓桿能夠恢復到原來水準嗎？

Is your target of 20% to 30% starting in the second half?

您的20%到30%的目標是從下半年開始嗎？

Or is that more of a 2025 opportunity?

或者這更像是 2025 年的機會？

Sorry, if I started running shredders.

抱歉，如果我開始運行碎紙機。

Yes, just to make sure I understand your question.

是的，只是為了確保我理解你的問題。

Your question is on the on the flow-through, correct on the operating leverage direct incremental EBITDA margins?

您的問題是關於流通量，關於營運槓桿直接增量 EBITDA 利潤是否正確？

Yeah.

是的。

Yeah, yeah, no, it doesn't.

是的，是的，不，不是這樣。

Yes, we believe that we can get there in the second half of this year.

是的，我們相信我們可以在今年下半年實現這一目標。

I mean, that's not a we don't believe that that's going to take us into 25 to get there.

我的意思是，這並不是說我們不相信這會讓我們進入 25 歲才能實現這一目標。

I'm I think that it's a it's a natural follow through to and some of the commentary this morning just around, you're seeing a stronger second half than the first half for us.

我認為這是一個自然的後續，今天早上的一些評論，你會看到我們的下半場比上半場更強。

So on where we are.

那麼我們現在所處的位置。

We're not even though we're seeing some some margin pressure here in the first quarter from scale.

儘管我們在第一季看到規模帶來的一些利潤壓力，但我們並沒有這樣做。

As we look at bridging our way from Q2 from Q1 into Q2 and into Q3, we clearly see on incremental margin lift as we work sequentially from quarter to quarter.

當我們考慮從第二季、第一季到第二季再到第三季的過渡時，我們清楚地看到，隨著我們按季度順序工作，利潤率會不斷提高。

So yes, we've not backed away from that that overall call it 25% operating leverage is is the sale start to turn here later in the year?

所以，是的，我們並沒有放棄總體上稱之為 25% 營運槓桿的說法，即銷售是否會在今年稍後開始轉向？

Canada is still aggressive to make sure that I understand the question.

加拿大仍然積極確保我理解這個問題。

So I don't know that we've, if anything is we're taking out expenses and we're improving operating leverage in the business.

所以我不知道我們是否（如果有的話）是否正在削減開支，並且是否正在提高業務的營運槓桿。

The operating leverage has not been taken down.

經營槓桿尚未下降。

We've certainly suffered over the last several months and into the fourth quarter and in the current era that the January February trends.

在過去的幾個月和第四季度以及當前的一月二月趨勢中，我們確實遭受了損失。

And consistent with that, just the challenge of having fixed costs that are not getting carried by as much top line revenue.

與此一致的是，固定成本沒有被那麼多的頂線收入所承擔的挑戰。

And so there's some negatives contribution margin that's dragged down on EBITDA.

因此，一些負面的貢獻率拖累了 EBITDA。

But at the same time, we have very deliberate cost out measures that were in place and that we had identified and been working through over the last 18 months.

但同時，我們已經制定了經過深思熟慮的成本削減措施，這些措施是我們在過去 18 個月中確定並實施的。

And many of those we couldn't really tackle till November with the Hetsco earnout being a cleanup.

其中許多問題直到 11 月我們才能真正解決，Hetsco 的獎勵是清理工作。

And so there's some that we should see and be able to talk about the $10 million that we alluded to in our last conference call earnings call that we'll be restarting tackling on the test equity front is now being matched up with another.

因此，我們應該看到並能夠談論我們在上次電話會議中提到的 1000 萬美元，我們將重新開始處理測試股權方面的問題，現在正在與另一個項目相匹配。

So 7 million or so that we're able to work from the other side of the merger on a kind of pulling together the industrial technology side.

大約有 700 萬左右，這樣我們就能夠從合併的另一邊開展工作，將工業技術方面整合在一起。

So there's 17 million that we're working on cost out there that we should be able to realize this year and that's so that that's something that while we'll get more visibility on, it can have a better kind of back half of the year.

因此，我們正在研究 1700 萬美元的成本，我們今年應該能夠實現這一點，因此，雖然我們會獲得更多的可見性，但下半年的情況會更好。

Selling environment is only taking operating leverage at some level up from whatever it was baseline before.

銷售環境只是將營運槓桿比之前的基線提高了一定水準。

And we've also got less spending leverage opportunities that we're taking on.

而我們正在承擔的支出槓桿機會也減少了。

We were able to improve our our our leverage on our dock each dollar spend across the DSG platform.

我們能夠提高我們在 DSG 平台上花費的每一美元在碼頭上的影響力。

So that's in addition to, you know, we had been working on that starting 18 months ago.

您知道，我們從 18 個月前就開始致力於此。

Some of that didn't roll all the way through the P&L last year in there.

其中一些並沒有完全體現在去年的損益表中。

And there were still initiatives that we were able and are able to tackle that are discrete initiatives that we identified.

我們仍然能夠解決一些我們確定的離散措施。

And as we've been working through that.

正如我們一直在努力解決的那樣。

The total consolidated spend objectives on the on the DSC platform goes goes or expanding the operating leverage opportunity going in the future.

DSC 平台上的總綜合支出目標將繼續或擴大未來的營運槓桿機會。

I want to make sure that we understand where the baseline is whatever the baseline was beforehand.

我想確保我們了解基線在哪裡，無論先前的基線是什麼。

We've not taken it down.

我們沒有把它拿下來。

We've actually expanded it.

我們實際上已經擴展了它。

But our challenge has been having these in market softness, pockets that are a real distraction for all of us.

但我們面臨的挑戰是在市場疲軟的情況下擁有這些資金，這對我們所有人來說都是真正的干擾。

But then just I want to see more from organic revenue growth out of our cross-selling and are getting to that sooner.

但我只是想看到更多來自交叉銷售的有機收入成長，並且會更快實現這一目標。

And now it's taken a little bit more time to knock down some of the targets that we've laid out there for specific customer opportunities that we we have line of sight on yes, I know that, that makes a lot of sense and actually kind of leads a bit into my follow-up here, which is a maybe a follow-up to Kevin's last question here.

現在，我們需要更多的時間來實現我們為特定客戶機會制定的一些目標，我們已經看到了，是的，我知道，這很有意義，而且實際上很友善的引導有點進入我的後續行動，這可能是凱文最後一個問題的後續行動。

On Lawson.

論勞森。

But I mean, Ron, is there any color on what pricing benefits have been in that segment this quarter?

但我的意思是，羅恩，本季該細分市場的定價優勢有什麼特色嗎？

Because obviously you guys have seen or talked a little bit about customer destocking maybe offset by some inflationary pricing benefits?

因為顯然你們已經看到或談論過一些關於客戶去庫存的事情可能會被一些通膨定價優勢所抵消？

And how how do we think about the flow through of price through sales and margin?

我們如何看待價格透過銷售額和利潤的流動？

Both into it's last quarter and then first quarter maybe the rest of the year?

都進入最後一個季度，然後是第一季度，也許今年剩下的時間？

Because I would imagine that flow through might be a bit more extensive on the pricing aspects rather than on the volumes?

因為我認為流量在定價方面可能比在數量方面更廣泛？

Yes.

是的。

I would.

我會。

Yes, I would it's a candidate in the really in the first half of the year, we were getting more of the price increases that were put in place later in 2022 that flowed through into into early 23.

是的，我認為它實際上是今年上半年的候選者，我們在 2022 年晚些時候實施了更多的價格上漲，並持續到 23 年初。

When we look at our overall unit volume of being shipped out the door on, it's I would say that it and it flattened out in that core.

當我們看到我們出貨的整體單位體積時，我會說它在該核心中趨於平緩。

So we saw on we saw more of a decline in the core volume in the first half of the year.

因此，我們看到今年上半年核心銷售出現了更多下降。

And that really now in the second half of the year and even here into January and February, it's kind of hit that, Tom, what we would call kind of a low point in has been running relatively flat, um, so I think that some of that pressure that we saw on the on the core business on is really more so took place as we were transitioning some of the sales reps earlier in the year with some of the disruption that we did or I wouldn't call it may disruption blue, some of the plan changes, but we've kind of leveled off at this point.

現在確實是在今年下半年，甚至到了一月和二月，湯姆，我們所說的低點一直運行相對平穩，嗯，所以我認為一些我們在核心業務上看到的壓力確實更大，因為我們在今年早些時候轉移了一些銷售代表，我們所做的一些破壞（或者我不會稱之為可能破壞藍色） ，一些計劃發生了變化，但我們現在已經趨於穩定。

And we don't see volumes are decreasing here in this in the second half of 23.

我們沒有看到 23 月下半年的成交量下降。

And actually, it's ticked up a little bit here in January and February, so on.

事實上，一月和二月等月份略有上升。

But you're right on the 2023 because the big chunk of our overall growth was was really related to price.

但你對 2023 年的預測是正確的，因為我們整體成長的很大一部分確實與價格有關。

Yes, especially the first ad aired?

是的，尤其是播出的第一則廣告？

Yes, it could remain weak because we had the we had significant pricing initiatives that Ron and Cees are in each of the teams put in place during 2022 as we eclipse those in 23, you know that we had the first half of 2023 weeks.

是的，它可能會保持疲軟，因為我們在2022 年期間在每個團隊中實施了Ron 和Cees 的重大定價舉措，因為我們在23 週內超過了這些舉措，你知道我們有2023 年上半年的週。

We were getting the benefit of the 2022 pricing initiatives that did not roll through for the full 12 months and in most all that was done by, you know, early or mid Now last year.

我們受惠於 2022 年的定價舉措，該舉措在整整 12 個月內都沒有實施，而且大部分都是在去年年初或中期完成的。

Secondly, I mean, I hope I don't know, but I'm trying to think, Ron, if you can give us any specifics about pricing strength initiatives that we took on last year.

其次，我的意思是，我希望我不知道，但我想，羅恩，你是否能給我們提供有關我們去年採取的定價優勢舉措的任何細節。

And there's there's some small ones inside of like Gexpro on resetting contract terms at around 1231 metrics.

內部還有一些小公司，像是 Gexpro，將合約條款重設為 1231 左右的指標。

And so when we've got a contract, those kind of end up those pricing resets don't take place until the contract reset.

因此，當我們簽訂合約時，在合約重置之前，價格重置不會發生。

And but in terms of dynamic pricing activities are, I say, outside of kind of some dynamic pricing initiatives, we took some specific pricing actions during the inflationary, the more the higher inflationary periods that we were feeling in 2022 coming from our suppliers.

但就動態定價活動而言，我說，除了一些動態定價舉措之外，我們在通膨期間採取了一些具體的定價行動，我們在 2022 年感受到的通膨越高，供應商就越多。

Well, at any rate, yes, there were.

嗯，無論如何，是的，有。

Yes, there were there were there was limited price.

是的，那裡有價格限制。

I mean, we were very selective around price increases in the second half of 23.

我的意思是，我們在 23 年下半年提價時非常有選擇性。

But you're right, Brian, that the majority of it was the was the carryover effect of what we did in 2022 and then being surgically going after just specific products or specific areas, we knew we had to come, keep margins up on, you know, in the latter half, but there, but it was pretty limited.

但你是對的，布萊恩，其中大部分是我們在 2022 年所做的事情的延續效應，然後我們只專注於特定產品或特定領域，我們知道我們必須來，保持利潤率，你知道，在後半段，但那裡，但它是相當有限的。

Got it.

知道了。

That's helpful.

這很有幫助。

Maybe if I could just squeeze one more in here.

也許如果我能再在這裡擠一粒就好了。

Just on the supply chain.

就在供應鏈上。

I know there's a lot of moving pieces, but curious if you have any color on just how much of your inventory is coming from over the water maybe from the Red Sea and the shipping line dynamics there?

我知道有很多變動的因素，但您是否想知道您的庫存有多少來自海上（也許來自紅海）以及那裡的航線動態？

And maybe just any color on whether you're seeing some impacts from transport logistics expenses creating one way or the other?

也許只是任何顏色來說明您是否看到運輸物流費用以一種或另一種方式產生的一些影響？

Yes.

是的。

From an expense standpoint on the on the on the transportation side, we certainly felt more of it in 2022. 23 are really seem to normalize for us, and we've not seen anything, Ken, at this point that it's starting to have a dramatic impact on us from an overall cost standpoint, it's we're just we're not we're just not seeing it yet.

從交通方面的支出角度來看，我們在 2022 年確實感受到了更多。23 對我們來說似乎確實正常化了，我們還沒有看到任何東西，肯，在這一點上它開始有一個從總體成本的角度來看，這對我們產生了巨大的影響，但我們還沒有看到它。

Is that yet to come, but we've not seen it here in the second half of 23 or at least in the first couple of months and into 24.

那還沒有到來，但我們在 23 下半年或至少在前幾個月和 24 月還沒有看到它。

I've understood.

我已經明白了。

You indicated I'll note on your on your middle class.

你表示我會注意到你的中產階級。

Middle question on margin.

關於邊距的中間問題。

I've been reminded here that we are we do have very specific initiatives that are more surgical that are a part of our gross margin strategy that we're walking from gross margins up in some but different parts of different verticals in different parts of that.

我在這裡被提醒，我們確實有非常具體的舉措，這些舉措更具手術性，是我們毛利率戰略的一部分，我們正在從毛利率上升到不同垂直領域的不同部分。 。

And that's but that's not going to be that sort of stuff where you see 10 or 2025 at a time.

但那不會是那種你一次看到 10 或 2025 的東西。

That's not kind of the more pricing initiatives that we took that are would be the ones that you would wonder whether or not when you see a top line number, whether or not there's a that's volume versus pricing leisure more very specific gross margin objectives that we've got, two that are taking place at the vertical levels to drive gross margins up to a more appropriate level.

這不是我們採取的更多定價舉措，而是當您看到頂線數字時您會想知道是否存在銷量與定價休閒之間的更具體的毛利率目標。有兩項是在垂直層面上進行的，旨在將毛利率提高到更合適的水平。

Got it.

知道了。

Very helpful.

很有幫助。

Thanks.

謝謝。

Brad Hathaway, Far View.

布萊德海瑟薇，《遠景》。

Morning, Brad.

早安，布拉德。

Brad, your line is live.

布拉德，您的線路已上線。

Do you have enough data yet for our but I was worried that 75 minutes at 75 minutes into the call that you that we had lost you completely.

您是否有足夠的數據供我們使用，但我擔心在通話 75 分鐘後的 75 分鐘內，我們完全失去了您。

No, I understood.

不，我明白了。

I tried to be quick now your go up.

我試著快一點，現在你就上去。

Appreciate the incremental color on kind of, I guess, some of the macro headwinds because it's obviously, I think people kind of look at the overall macro environment.

我想，欣賞一些宏觀逆風的增量色彩，因為很明顯，我認為人們會關注整體宏觀環境。

If you're more benign about it, but I guess the PMIs sub-debt, you're seeing some things in your specific industries on what I was curious, though, asset gathering, but covered pretty well with some with regards to his scope on.

如果你對此比較友善，但我猜PMI的次級債務，你會在你的特定行業中看到一些我很好奇的東西，雖然是資產收集，但在他的範圍方面覆蓋得很好。

So you haven't really started the integration yet till December, correct?

所以直到 12 月你才真正開始整合，對嗎？

Yes.

是的。

The I'd say that we started taking some actions in November, but they really didn't have any impact to either top line or profitability.

我想說的是，我們在 11 月開始採取一些行動，但它們確實對營收或獲利能力沒有任何影響。

Okay.

好的。

But yes, that's right.

但是，是的，沒錯。

So we weren't allowed to start taking actions until November in really November when we started moving things around.

因此，直到 11 月（真正的 11 月）我們才開始採取行動，我們才開始採取行動。

It was on the tax equity side, not on his side by Amazon because I think you have or I guess now we'll call kind of February or industrial technologies, you made a comment that you kind of see this mid-term path to adding 12% margins, if that's correct.

這是在稅收公平方面，而不是在亞馬遜方面，因為我認為你有，或者我想現在我們會稱之為二月或工業技術，你發表了評論，說你看到了這條增加的中期路徑12 % 的利潤率，如果這是正確的話。

And I guess yes, I was wondering, is the Cisco integration the major factor in that?

我想是的，我想知道，思科的整合是其中的主要因素嗎？

Or are there other building blocks you can kind of point you to get from where we are now and kind of test equity to that kind of more mid term goal?

或者是否有其他構建模組可以指出您從我們現在所處的位置以及某種測試公平性到那種更中期目標的情況？

Yes.

是的。

So there's there are other building blocks from Brad.

布拉德還有其他構建模組。

What what the way that I kind of bridge that is that in my mind, in any way in that.

我以某種方式在我的腦海中架起橋樑，以任何方式。

We've got very discrete.

我們非常離散。

I'm numbers that we're working through, but there's about 200 basis points of and cost leveraging our spend, leveraging on a on an EBITDA basis kind of tenor or tenor basis points of revenue that we I have line of sight that we're working through this year or that we should get the benefit of this this year.

我是我們正在研究的數字，但我們的支出有大約 200 個基點和成本槓桿，利用基於 EBITDA 的期限或期限基點的收入，我認為我們’今年我們正在努力工作，或者我們應該從今年受益。

There's another equal amount that that won't flow through the P&L until that fully flow through until the 25 or in some cases 26.

還有一個等量的金額不會流入損益表，直到完全流入 25 或某些情況下 26。

So there's kind of a total 400 basis points that the team has identified up in effort kind of synergistic opportunities there.

因此，團隊已經在努力中確定了總共 400 個基點的協同機會。

And then there's some there's in addition to that there, and that's across the total volume of that Industrial Technologies Group.

除此之外，還有一些其他的內容，這些內容涵蓋了工業技術集團的總量。

And there are additional elements that we are working towards to drive of the volume, leveraging profitability that that we have and that we see in terms of being able to bring the Cisco capabilities to all at ESG as an example, that it didn't lift margins quite a bit for everybody.

我們正在努力利用其他因素來推動銷量，利用我們擁有的盈利能力，我們認為能夠將思科的能力帶給 ESG 的所有人，例如，它並沒有提升每個人都有相當多的利潤。

It was one that we will work through in the last the day we had everybody together would be the printing and labeling capabilities that are owned by Cisco, taking on volume that is needed from Jack Sprout, for instance.

我們將在最後一天與大家一起解決的問題是思科擁有的列印和標籤功能，例如，承擔 Jack Sprout 所需的數量。

And so you end up with a lift because we're getting more throughput on a facility that was and a very good facility, but not one that was operating at a level of capacity kind of capacity utilization, it would pull that the gross margins and EBITDA margins of that come that alliance from Alliance printing business to where it really drops a lot more dollars.

所以你最終會得到提升，因為我們在一個非常好的設施上獲得了更多的吞吐量，但不是一個在產能利用率水平上運行的設施，這會拉動毛利率和EBITDA 利潤來自聯盟印刷業務的聯盟，它確實下降了更多美元。

So there's there's a number of those things.

所以有很多這樣的事情。

There's also things like there's other capabilities that are specific, you know, kind of value added capabilities that Jeff Crowe is leaning into this go or leaning into a test equity that expands the structural margins, attest, equity and Hetsco and in certain categories.

還有其他一些特定的功能，你知道，Jeff Crowe 正在傾向於這種增值功能，或傾向於測試股權，以擴大結構性利潤、證明、股權和 Hetsco 以及某些類別。

And those are outside of the 400 basis points that I alluded to earlier.

這些都不在我之前提到的 400 個基點之外。

Got it, Tom, there does need to be there's no doubt about it to get to the 12%.

明白了，湯姆，毫無疑問，要達到 12% 確實是必要的。

We've got to get back to the normalized top line.

我們必須回到正常化的頂線。

So there's there's a full 200 basis points that because the spend is leveraging the spend that we that we expect that we'll get just from getting through this test and measurement overhang, our product in delayed purchasing and then also getting getting the organic revenue a baseline back to where it should be.

因此，有整整 200 個基點，因為支出正在利用我們期望通過測試和測量懸而未決的支出，我們的產品延遲購買，然後也獲得有機收入基線回到應有的位置。

Okay.

好的。

So just to make sure I'm clear in Q4 22 is roughly 6%.

所以我想確定的是，22 年第 4 季的成長率約為 6%。

So to bridge that 600 bps, it's roughly four and a bit from kind of synergies and 200 bit from volume leverage.

因此，為了橋接 600 bps，大約需要 4 位元（來自協同效應）和 200 位元（來自成交量槓桿）。

Is that kind of correct?

這樣的說法正確嗎？

That's about right.

差不多是這樣吧。

Yes, I've got a great network that normally I'm wondering if you have it.

是的，我有一個很棒的網絡，通常我想知道你是否也有它。

Okay.

好的。

Thank you.

謝謝。

John Kreger, JAG Capital.

約翰·克雷格，JAG 資本。

Hey, Brian, thanks for taking the question here.

嘿，布萊恩，感謝您在這裡提出問題。

John askew, I just wanted to ask you how you're thinking about buybacks and keeping that free float available to other investors effect.

約翰·阿科斯，我只是想問你如何考慮回購以及保持自由流通量對其他投資者的影響。

So what metric that you tell me where the stock price is, and I'll tell you what we're doing on the buyback.

那你告訴我股價在哪裡，我會告訴你我們在回購方面做了什麼。

I mean, I have not really, but I think we're that were that specific in what we're we're looking at exactly what the terminal value that we're trying to build in the businesses and we've got a capital allocation model that, you know, quite specific.

我的意思是，我確實沒有，但我認為我們的具體目標是我們正在研究我們正在努力在業務中建立的最終價值，並且我們擁有資本你知道，分配模型非常具體。

It's taken us longer to get some of our M&A done.

我們花了更長的時間才完成一些併購。

Candidly, during the about last half of last year, the disruption in some of these pocketed end markets that we've talked about this morning, like renewables or semiconductor specifically as well as some other noise in this not in the channels, it may have impacted some of the people that work that we have direct dialogues with that are not in a process that aren't necessarily having to sell their business, but want to be a part of DSG. and so it's slowed down.

坦白說，在去年下半年，我們今天早上談到的一些終端市場的混亂，特別是可再生能源或半導體，以及其他一些不在渠道中的噪音，它可能已經影響了我們與之直接對話的一些工作人員，他們不一定需要出售自己的業務，但希望成為DSG 的一部分。所以它的速度減慢了。

Some of our, you know, kind of getting to the goal line on M&A that are specific, some capabilities or expansions of our of our reach that we want to have and in some of our kind of long term value, Bob proposition that we want to pull together with DSG.

我們的一些，你知道，達到特定的併購目標線，我們想要擁有的一些能力或我們的影響範圍的擴展，以及我們想要的一些長期價值，鮑勃的主張與 DSG 齊心協力。

So as those things have slowed kind of now, we have good line of sight on some of those right now.

因此，隨著這些事情現在已經放緩，我們現在對其中一些事情有很好的了解。

But as those have kind of not happened as quickly and we're generating cash?

但這些事情並沒有那麼快發生，而我們正在產生現金？

Yes, we want to make sure that we're mindful of exactly what we're doing with our shareholders' cash while we're sitting on that additional liquidity.

是的，我們希望確保在我們擁有額外流動性的同時，我們能夠準確地了解我們如何使用股東的現金。

And so if the stock price is where it is too significant of a discount of what we think that the terminal value of the business would be if we wanted to sell the Company then and we're going to we're going to buy back shares, but we don't want to buy back shares.

因此，如果股價與我們認為的業務最終價值相比有太大折扣，如果我們想出售公司，那麼我們將回購股票，但我們不想回購股票。

And so but Bob, but we will but we know it's part of a very disciplined capital allocation.

所以，鮑勃，我們會的，但我們知道這是非常嚴格的資本配置的一部分。

And I wanted to make sure that we continue to improve the float.

我想確保我們繼續改進浮動。

That's why we did the stock split.

這就是我們進行股票分割的原因。

That's why we're making sure that they're trying to get out, get out in the marketplace and see shareholders like yourself and go on the road.

這就是為什麼我們要確保他們試圖走出去，走出市場，看到像你這樣的股東，然後繼續上路。

But that's yes, that's to make sure that that that our shareholders are confident in what we're trying to execute on and that where we can we want to improve liquidity for everybody, but we're not sellers and a net buyer of auto and the business itself is up.

但那是肯定的，這是為了確保我們的股東對我們正在努力執行的事情充滿信心，並且我們希望盡可能提高每個人的流動性，但我們不是汽車和汽車的賣家和淨買家。生意本身就起來了。

It's doing what we wanted to do at its core.

它正在做我們核心想做的事情。

The team is performing really well against a lot of very discrete objectives are to drive value longer term for all of us.

該團隊在許多非常離散的目標上表現得非常好，這些目標是為我們所有人帶來長期價值。

And so if we think that the right thing to do for all the shareholders is to use liquidity to buy shares then and we'll do it.

因此，如果我們認為對所有股東來說正確的做法是利用流動性購買股票，那麼我們就會這樣做。

Appreciate it.

欣賞它。

Thanks here.

在此謝謝。

Thank you for your support.

感謝您的支持。

We have reached the end of the question-and-answer session, and I will now turn the call over to Brian for closing remarks.

問答環節已經結束，我現在將電話轉交給布萊恩做總結發言。

Thank you and we look forward to speaking with you everyone again, when we report our first quarter results in early May.

謝謝大家，我們期待在五月初報告第一季業績時再次與大家交談。

Additionally just alluded to it just a minute ago, we are planning a multi-city non-deal roadshow starting on the East Coast and covering parts of the Midwest.

另外，我們剛剛提到，我們正在計劃從東海岸開始並涵蓋中西部部分地區的多城市非交易路演。

During the last week of March, we also have an investor or investor by several investor conferences scheduled for this spring.

在三月的最後一周，我們還安排了今年春季舉行的幾場投資者會議，其中包括一位投資者或投資者。

And we appreciate everybody's time today.

我們感謝大家今天抽出時間。

And we absolutely think the 3,700 DSG. associates for a great 20, 23, they put a lot into it, Tom, and thank you.

我們絕對會想到 3,700 DSG。湯姆，我們是偉大的 20 歲、23 歲的同事，他們投入了很多，謝謝你。

Have a great day.

祝你有美好的一天。

Thank you.

謝謝。

This concludes today's conference and you may disconnect your lines at this time.

今天的會議到此結束，您現在可以掛斷電話了。

Thank you for your participation.

感謝您的參與。