Scansource Inc (SCSC) 2023 Q2 法說會逐字稿

Welcome to the ScanSource Quarterly Earnings Conference Call. (Operator Instructions) Today's call is being recorded. (Operator Instructions). I would now like to turn the call over to Mary Gentry, Senior Vice President, Treasurer and Investor Relations. Ma'am, you may begin.

歡迎參加 ScanSource 季度收益電話會議。 （操作員說明）今天的通話正在錄音。 （操作員說明）。我現在想將電話轉給財務主管和投資者關係高級副總裁 Mary Gentry。女士，您可以開始了。

Good morning, and thank you for joining us. Joining me on the call today are Mike Baur, our Chairman and CEO; John Eldh, our President; and Steve Jones, our Chief Financial Officer. We will review our operating results for the quarter and then take your questions. We posted an earnings info-graphic that accompanies our comments and webcast in the Investor Relations section of our website. Let me remind you that certain statements in our press release and the earnings info-graphic and on this call are forward-looking statements.

早上好，感謝您加入我們。今天和我一起參加電話會議的是我們的董事長兼首席執行官 Mike Baur；約翰·埃爾德，我們的總統；和我們的首席財務官史蒂夫瓊斯。我們將審查本季度的經營業績，然後回答您的問題。我們在網站的投資者關係部分發布了收益信息圖，並附有我們的評論和網絡廣播。讓我提醒您，我們的新聞稿、收益信息圖表以及本次電話會議中的某些陳述均為前瞻性陳述。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, those factors identified in the earnings release we put out today and in ScanSource's Form 10-K for the year ended June 30, 2022, as filed with the SEC. Any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date.

這些陳述存在風險和不確定性，可能導致實際結果與此類陳述存在重大差異。這些風險和不確定性包括但不限於我們今天發布的收益報告以及 ScanSource 向 SEC 提交的截至 2022 年 6 月 30 日的年度 10-K 表格中確定的因素。任何前瞻性陳述僅代表我們截至今天的觀點，不應被視為代表我們在任何後續日期的觀點。

ScanSource disclaims any duty to update any forward-looking statements to reflect actual results or changes and expectations, except as required by law. During our call, we will discuss both GAAP and non-GAAP results and have provided reconciliations between these amounts in the earnings info-graphic and in our press release. These reconciliations can be found on our website and have been filed with our Form 8-K filed today. I'll now turn the call over to Mike.

ScanSource 不承擔更新任何前瞻性陳述以反映實際結果或變化和期望的義務，法律要求的除外。在電話會議期間，我們將討論 GAAP 和非 GAAP 業績，並在收益信息圖和新聞稿中提供這些金額之間的調節表。這些調節表可以在我們的網站上找到，並已與我們今天提交的 8-K 表格一起提交。我現在將電話轉給邁克。

Thanks, Mary. And thanks to everyone for joining us today. For the quarter, we delivered 17% net sales growth and adjusted EBITDA margin of 4.8% and record adjusted EBITDA for the quarter and the trailing 12-month period. This exceptional performance is a result of strong demand and operating leverage in our hardware and Intelisys businesses. Given our outstanding Q2 results, we are raising our full year outlook for FY '23 and now expect net sales growth of at least 6.5% and adjusted EBITDA of at least $176 million.

謝謝，瑪麗。感謝大家今天加入我們。本季度，我們實現了 17% 的淨銷售額增長，調整後 EBITDA 利潤率為 4.8%，並創下了本季度和過去 12 個月期間調整後 EBITDA 的紀錄。這種卓越的業績是我們硬件和 Intelisys 業務的強勁需求和運營槓桿的結果。鑑於我們出色的第二季度業績，我們上調了 23 財年的全年預期，目前預計淨銷售額增長至少 6.5%，調整後 EBITDA 至少為 1.76 億美元。

We remain focused on executing our hybrid distribution strategy to drive profitable growth for both our customers and ScanSource. Our hybrid distribution strategy of selling hardware, SaaS, Software-as-a-Service, connectivity and cloud services expands profitable growth opportunities in 2 ways. First, our customers have a broader technology portfolio to meet demand in an increasingly digital world. These expanded offerings and capabilities allow our customers to meet the solution requirements of their end users.

我們仍然專注於執行我們的混合分銷策略，以推動我們的客戶和 ScanSource 的盈利增長。我們銷售硬件、SaaS、軟件即服務、連接和雲服務的混合分銷策略通過兩種方式擴大盈利增長機會。首先，我們的客戶擁有更廣泛的技術組合，可以滿足日益數字化的世界的需求。這些擴展的產品和功能使我們的客戶能夠滿足其最終用戶的解決方案要求。

And second, we give our customers the opportunity to grow their revenues and build a successful stream of recurring revenue that will result in a more profitable business. We believe our hybrid distribution strategy is a win-win model, and it guides how we operate our business for sustainable growth and profitability. As ScanSource enters its 30th year of business, we are honored to again be named a World's Most Admired Company by FORTUNE magazine. I'm pleased to see our #1 ranking in people management.

其次，我們為客戶提供增加收入並建立成功的經常性收入流的機會，從而帶來更有利可圖的業務。我們相信我們的混合分銷策略是一種雙贏的模式，它指導我們如何運營業務以實現可持續增長和盈利。隨著 ScanSource 進入其成立 30 週年，我們很榮幸再次被《財富》雜誌評為“全球最受尊敬的公司”。我很高興看到我們在人員管理方面排名第一。

Our focus on people and culture has never been stronger as our employees strive to support our valued customers, suppliers and each other every day. I'll now turn the call over to John to discuss our business performance.

我們對人員和文化的關注從未如此強烈，我們的員工每天都努力為我們尊貴的客戶、供應商和彼此提供支持。我現在將把電話轉給約翰，討論我們的業務績效。

Thanks, Mike. Q2 net sales topped $1 billion, an all-time sales record for continuing operations. We delivered 17% net sales growth highlighted by strong demand for our technologies and outstanding execution by our team. During the quarter, we met the demand by building our inventories as lead times from our suppliers improved.

謝謝，邁克。第二季度淨銷售額突破 10 億美元，創下持續經營業務的歷史銷售記錄。我們實現了 17% 的淨銷售額增長，這得益於對我們技術的強勁需求和我們團隊的出色執行力。在本季度，隨著供應商交貨時間的縮短，我們通過建立庫存來滿足需求。

Our business is built for top line growth, and we realized operating leverage in our outstanding bottom line results. We are committed to helping customers execute on the expanded opportunity to sell hardware, SaaS, connectivity and cloud services. ScanSource is guiding our customers on their hybrid journey, starting with discussions with their account managers on their unique hybrid opportunities. I'd like to share a recent hybrid example of how ScanSource is helping our customers transition their end users from on-premise telecommunications products to next-generation cloud-based communication solutions.

我們的業務是為了營收增長而建立的，我們在出色的營收業績中實現了運營槓桿。我們致力於幫助客戶抓住更多的機會來銷售硬件、SaaS、連接和雲服務。 ScanSource 正在引導我們的客戶踏上混合之旅，首先與他們的客戶經理討論他們獨特的混合機會。我想分享一個最近的混合示例，說明 ScanSource 如何幫助我們的客戶將其最終用戶從本地電信產品過渡到下一代基於雲的通信解決方案。

In this example, one of many a traditional telecom bar transitioned an existing customer, a university with an on-premise communication platform to a hybrid cloud-based solution, along with handsets and headsets. Key to our value proposition was providing access to our team of solutions engineers, who architected and designed the hybrid solution. This hybrid deal, a combination of recurring revenue and hardware, shows how our customers trust ScanSource and our capabilities to provide new opportunities for growth and profitability.

在此示例中，許多傳統電信酒吧之一將現有客戶（一所擁有本地通信平台的大學）以及手機和耳機遷移到基於混合雲的解決方案。我們價值主張的關鍵是讓我們的解決方案工程師團隊能夠接觸到他們，他們構建並設計了混合解決方案。這項混合交易是經常性收入和硬件的結合，展示了我們的客戶如何信任 ScanSource 以及我們提供新的增長和盈利機會的能力。

In our Specialty Technology Solutions segment, Q2 net sales increased 26% year-over-year, fueled by strong demand for our hardware technologies and increased big deals. We had double-digit sales growth in devices that enable productivity, automation and the customer experience. This includes barcode scanners and printers, point-of-sale terminals, self-checkout systems, data networking and physical security led by Zebra, NCR, Aruba, Axis and Extreme Networks.

在我們的專業技術解決方案領域，由於對我們的硬件技術的強勁需求和大宗交易的增加，第二季度淨銷售額同比增長 26%。我們在提高生產力、自動化和客戶體驗的設備方面實現了兩位數的銷售增長。其中包括由 Zebra、NCR、Aruba、Axis 和 Extreme Networks 領導的條碼掃描儀和打印機、銷售點終端、自助結賬系統、數據網絡和物理安全。

One area to highlight is our physical security business where our dedicated technical support resources, configuration services, speed and efficiency create a competitive advantage for ScanSource. Moving on to our Modern Communications and Cloud segment. We delivered 4.5% net sales growth for the quarter. We had record Cisco sales with double-digit growth led by large enterprise projects in networking collaboration, growth in our federal business, growth in new customers and outstanding execution by our team.

值得強調的一個領域是我們的物理安全業務，我們的專用技術支持資源、配置服務、速度和效率為 ScanSource 創造了競爭優勢。繼續我們的現代通信和雲部分。本季度我們的淨銷售額增長了 4.5%。在網絡協作方面的大型企業項目、聯邦業務的增長、新客戶的增長以及我們團隊的出色執行力的帶動下，我們的思科銷售額實現了兩位數的增長。

The fastest-growing area in our Cisco portfolio is cybersecurity. We're driving growth by leveraging our cybersecurity specialist to host customer enablement and threat assessment workshops, expanding our customers' skills and opportunities. We are well positioned for growth with our cloud communication solution offerings including UCaaS and CCaaS. As part of our Intelisys business, UCaaS grew 14%, led by RingCentral, 8x8 and Zoom and our CCaaS business grew 60%, led by Five9, Genesys, NICE CXone, Talkdesk and Dialpad.

我們思科產品組合中增長最快的領域是網絡安全。我們通過利用網絡安全專家舉辦客戶支持和威脅評估研討會、擴展客戶的技能和機會來推動增長。我們的云通信解決方案產品（包括 UCaaS 和 CCaaS）已為增長做好了充分準備。作為我們 Intelisys 業務的一部分，UCaaS 增長了 14%，由 RingCentral、8x8 和 Zoom 帶動，我們的 CCaaS 業務增長了 60%，由 Five9、Genesys、NICE CXone、Talkdesk 和 Dialpad 帶動。

While cloud communication solutions continue to grow, our on-premise communications business continues to decline. It represented only 10% of total segment sales in the quarter. Intelisys continues to be the leader in the agency space with end user billings of $2.4 billion annualized. Our customers look to us for thought leadership, enablement and education to drive growth and success across their businesses. Intelisys net sales growth increased 9% for Q2 and drove strong growth in recurring revenue profits.

儘管云通信解決方案持續增長，但我們的本地通信業務卻持續下降。它僅佔該季度總銷售額的 10%。 Intelisys 繼續成為代理領域的領導者，最終用戶年銷售額達 24 億美元。我們的客戶期待我們提供思想領導、支持和教育，以推動他們的業務增長和成功。 Intelisys 第二季度淨銷售額增長 9%，推動經常性收入利潤強勁增長。

In summary, I'm very excited about our Q2 and first half results and wanted to send out a huge thank you to all our people for their dedication and commitment throughout the quarter and to our customers and suppliers for their ongoing trust and loyalty to ScanSource. Now I'll turn the call over to Steve, who will take you through our financial results.

總之，我對我們第二季度和上半年的業績感到非常興奮，並希望向我們所有員工在整個季度的奉獻和承諾以及我們的客戶和供應商對 ScanSource 的持續信任和忠誠表示衷心的感謝。現在我將把電話轉給史蒂夫，他將向您介紹我們的財務業績。

Yes. Thanks, John. For Q2, we delivered strong top line growth with net sales exceeding $1 billion, up 17% year-over-year. Our Q2 results benefited from supply chain improvements late in the quarter. We estimate that over $40 million of our Q2 revenue was expected to ship in Q3, but early availability allowed us to fill those orders in December.

是的。謝謝，約翰。第二季度，我們實現了強勁的營收增長，淨銷售額超過 10 億美元，同比增長 17%。我們第二季度的業績得益於本季度末供應鏈的改善。我們預計第二季度超過 4000 萬美元的收入預計將在第三季度發貨，但提前供貨使我們能夠在 12 月份完成這些訂單。

We delivered record profitability in Q2. Adjusted EBITDA of $48.8 million is an all-time record for ScanSource and highlights our consistent strong financial performance. We achieved 15.6% adjusted ROIC in the quarter. Gross profits for the quarter increased 7% year-over-year to $115 million, while our gross margin of 11.4% reflects a higher mix of big deals and less favorable sales mix for the quarter. Our hybrid distribution strategy is winning in the market and strengthening our financial results.

我們在第二季度實現了創紀錄的盈利能力。調整後 EBITDA 達到 4880 萬美元，創下 ScanSource 的歷史記錄，凸顯了我們一貫強勁的財務業績。本季度調整後的投資回報率為 15.6%。本季度的毛利潤同比增長 7%，達到 1.15 億美元，而我們的毛利率為 11.4%，反映出本季度大宗交易的增加和銷售組合的不利。我們的混合分銷策略正在贏得市場並增強我們的財務業績。

Our Q2 recurring revenues of $26.7 million grew 7% year-over-year and that business is close to 100% gross profit margin. For the trailing 12-month period, approximately 24% of our consolidated gross profits are from recurring revenue business. Our non-GAAP SG&A expense for the quarter of $71.9 million increased $2.7 million or 4% year-over-year, demonstrating operating expense leverage. Our record Q2 adjusted EBITDA of $48.8 million represents a 15% year-over-year growth and a 4.83% adjusted EBITDA margin, emphasizing the scalability of our business.

我們第二季度的經常性收入為 2670 萬美元，同比增長 7%，該業務的毛利率接近 100%。在過去 12 個月期間，我們約 24% 的綜合毛利潤來自經常性收入業務。我們本季度的非 GAAP SG&A 費用為 7190 萬美元，同比增加 270 萬美元，即 4%，證明了運營費用槓桿。第二季度調整後 EBITDA 創歷史新高，達到 4880 萬美元，同比增長 15%，調整後 EBITDA 利潤率為 4.83%，凸顯了我們業務的可擴展性。

Q2 non-GAAP EPS of $1.06 grew 4% year-over-year and includes interest expense of $5.1 million, significantly higher than in prior year. Our higher interest expense reflects both higher working capital investments and the increasing interest rate environment. As we look to the full year, we believe our interest expense will be between $17 million to $18 million for FY '23 compared to $6.5 million in FY '22. Now turning to the balance sheet and cash flow. Our strong balance sheet enabled us to invest in higher working capital to mitigate supply chain challenges and support the strong demand across our technologies.

第二季度非 GAAP 每股收益為 1.06 美元，同比增長 4%，其中利息支出為 510 萬美元，顯著高於去年同期。我們較高的利息支出反映了較高的營運資本投資和不斷上升的利率環境。展望全年，我們認為 23 財年的利息支出將在 1700 萬美元至 1800 萬美元之間，而 22 財年的利息支出為 650 萬美元。現在轉向資產負債表和現金流量。我們強大的資產負債表使我們能夠投資更多的營運資金，以緩解供應鏈挑戰並支持我們技術的強勁需求。

We used operating cash of $27 million for the quarter and $124 million for the trailing 12-month period. Year-over-year accounts receivable increased $166 million and Q2 DSO decreased quarter-over-quarter to 69 days. The overall health of our receivables portfolio is strong and Q2 was a record quarter for cash collections for the company. Our balance sheet remains strong. From a net debt leverage perspective, we ended Q2 at approximately 1.8x trailing 12-month adjusted EBITDA.

本季度我們使用了 2700 萬美元的運營現金，過去 12 個月使用了 1.24 億美元的運營現金。應收賬款同比增加 1.66 億美元，第二季度 DSO 環比減少至 69 天。我們的應收賬款投資組合的整體健康狀況良好，第二季度是公司現金回收創紀錄的季度。我們的資產負債表仍然強勁。從淨債務槓桿角度來看，第二季度結束時，我們的過去 12 個月調整後 EBITDA 約為 1.8 倍。

And finally, as Mike mentioned, we are raising our full year outlook. Our strong first half performance helps offset the macro uncertainties in the second half. We now expect sales growth year-over-year to be at least 6.5% and adjusted EBITDA to be at least $176 million. As we think about our cash flows, we expect to generate free cash flow in the second half, and we expect our working capital to improve in the second half. To help with analyst models, we expect a net expense range for interest expense, interest income and other expenses from $13 million to $15 million for fiscal year '23.

最後，正如邁克提到的，我們正在提高全年展望。我們上半年的強勁表現有助於抵消下半年的宏觀不確定性。我們現在預計銷售額同比增長至少 6.5%，調整後 EBITDA 至少為 1.76 億美元。當我們考慮我們的現金流時，我們預計下半年將產生自由現金流，並且我們預計下半年我們的營運資本將有所改善。為了幫助分析模型，我們預計 23 財年利息支出、利息收入和其他支出的淨支出範圍為 1300 萬美元至 1500 萬美元。

we are updating our estimated effective tax rate, excluding discrete items, to range from 27% to 28% for the full fiscal year. We'll now open it up for questions.

我們正在將整個財年的估計有效稅率（不包括離散項目）更新為 27% 至 28%。我們現在將開放提問。

(Operator Instructions) Our first question comes from the line of Greg Burns from Sidoti.

（操作員說明）我們的第一個問題來自 Sidoti 的 Greg Burns。

So just to start with the pull forward of some of that revenue into the second quarter from the third quarter. Do you foresee that playing out in the third quarter again? Like are we getting back to more normalized kind of lead times where maybe some of this longer-dated revenue is going to start closing sooner? Like do you expect the same dynamic in the third quarter as in the second quarter?

首先，我們將部分收入從第三季度提前到第二季度。您預計第三季度會再次出現這種情況嗎？就像我們是否會回到更正常的交貨時間，其中一些較長期的收入可能會更快地開始結束？您預計第三季度的動態是否與第二季度相同？

Greg, thanks. This is Steve. Thanks for the question. In the second quarter, what we saw in that pull ahead was really availability. We did nothing to prompt it other than have the available inventory late in the quarter. As we look at 3Q and 4Q, we hope that we're going to continue to see these supply chain issues evolve, but we're not expecting in our guidance to have any pull ahead in 3Q right now.

格雷格，謝謝。這是史蒂夫。謝謝你的提問。在第二季度，我們看到的提前是真正的可用性。除了在本季度末擁有可用庫存之外，我們沒有採取任何措施來提示這一點。當我們展望第三季度和第四季度時，我們希望我們將繼續看到這些供應鏈問題的發展，但我們目前的指導預計不會在第三季度有任何進展。

Okay. And with the mix of revenue, I guess, on the specialty technology side, with the larger deals, are those -- I guess they come with lower margin, but are those like kind of land and expand deals? Do they provide longer opportunity over time? Like how do you view kind of balancing some of those larger lower-margin deals with the value they create over time?

好的。就收入組合而言，我想，在專業技術方面，較大的交易是那些——我猜它們的利潤率較低，但那些是類似土地和擴大交易的交易嗎？隨著時間的推移，他們會提供更長的機會嗎？比如，您如何看待一些規模較大、利潤率較低的交易與它們隨著時間的推移創造的價值之間的平衡？

Greg, it's John. Thanks for your question. And I would offer that absolutely, there are more land and expand value kind of broader solution deals than onetime transactional. And that's just for the mere fact that they're incorporating more solutions, oftentimes more suppliers, which ultimately creates greater value for the customer by really delivering an outcome, which leads to more opportunities due to greater trust with the customer.

格雷格，這是約翰。謝謝你的提問。我絕對願意提供的是，與一次性交易相比，有更多的土地和更廣泛的解決方案交易擴大了價值。這僅僅是因為他們正在整合更多的解決方案，通常是更多的供應商，最終通過真正交付成果為客戶創造更大的價值，由於對客戶的更大信任而帶來更多的機會。

Okay. And then as you look at the demand outlook or the demand you're seeing in the market and how you've been leveraging your balance sheet, do you foresee the need to continue to use -- keep your working capital at elevated levels? Or do you see that unwinding or is demand still there where you feel the need to continue to kind of flex that balance sheet?

好的。然後，當您查看需求前景或您在市場上看到的需求以及您如何利用資產負債表時，您是否預見到需要繼續使用——將營運資金保持在較高水平？或者您是否看到了放鬆或需求仍然存在，您認為需要繼續調整資產負債表？

Yes. Thanks, Greg. This is Steve again. So I would say that when we think about our balance sheet and our working capital, the first priority is to make sure that we're in a position to take advantage of a strong growth opportunity, but we do think as we exit the year -- our fiscal year, that we'll start working that working capital down provided that the supply chain continues to improve.

是的。謝謝，格雷格。這又是史蒂夫。所以我想說，當我們考慮我們的資產負債表和營運資金時，首要任務是確保我們能夠利用強勁的增長機會，但我們在今年結束時確實認為—— - 我們的財政年度，如果供應鏈持續改善，我們將開始減少營運資金。

I think that's really the point for us is as the supply chain improves that gives us the opportunity to bring our working capital needs down.

我認為這對我們來說真正重要的是，隨著供應鏈的改善，這使我們有機會降低營運資金需求。

Our next question comes from the line of Keith Housum from Northcoast Research.

我們的下一個問題來自 Northcoast Research 的 Keith Housum。

Just if I can, I want to focus on the guidance here because I think that's what really investors are most concerned with today. I appreciate the fact that you guys pulled forward some business into the quarter from the third quarter, but it still implies that roughly flat growth for the remainder of the year.

如果可以的話，我想重點關注這裡的指導，因為我認為這才是投資者今天最關心的。我很欣賞你們將一些業務從第三季度推遲到本季度的事實，但這仍然意味著今年剩餘時間的增長大致持平。

Are you guys seeing a decline in demand as you guys finished the year, but perhaps you can talk about the demand environment that you expect going forward? And is there an opportunity, I guess -- perhaps you can give us a high end of the range here? Because again, at least 6.5% I think, is going to have investors concerned here.

今年結束時，你們是否看到需求下降，但也許你們可以談談你們預計未來的需求環境？我想，有沒有機會——也許你可以給我們提供一個高端的產品？因為我認為至少 6.5% 會引起投資者的擔憂。

Keith, it's Steve again. Thanks for the question. Yes, when we're looking out in Q3, we still see strong demand. One of the reasons why we're guiding -- where we're guiding is we've got a tough compare in the second half. Our fourth quarter last year -- our third and fourth quarter last year were records for us, just really, really big quarter.

基思，又是史蒂夫。謝謝你的提問。是的，當我們展望第三季度時，我們仍然看到強勁的需求。我們指導的原因之一是我們在下半場進行了艱難的比較。我們去年的第四季度——去年的第三和第四季度對我們來說是創紀錄的，真的是非常非常大的季度。

So that compares what's tempering our guidance a bit.

因此，這與我們的指導意見略有不同。

Got you. And if I focus on your adjusted EBITDA margin guidance, that's suggesting they fall to roughly 4.5% for the rest of the year versus what you've been able to deliver the past several quarters. Is there something on the horizon that suggests that, that may change as well?

明白你了。如果我關注你們調整後的 EBITDA 利潤率指引，那就表明，與過去幾個季度的業績相比，今年剩餘時間它們將降至 4.5% 左右。是否有一些即將發生的事情表明這種情況也可能會發生變化？

There's -- this is Steve again, Keith. There's nothing fundamental that we're seeing any change in our business. And in fact, we believe that we can add some scale to our business as we go forward, and we're in a position to do that, both on the Intelisys side of our business and the hardware side of our business.

這是——這又是史蒂夫，基思。我們的業務沒有發生任何根本性的變化。事實上，我們相信，隨著我們的發展，我們可以擴大我們的業務規模，而且我們有能力做到這一點，無論是在我們業務的 Intelisys 方面還是在我們業務的硬件方面。

Okay. In the fourth quarter, obviously, in the SPS segment 26% growth is outstanding. Would you characterize that as taking market share from your competitors? I'll leave it there.

好的。顯然，第四季度 SPS 領域 26% 的增長非常引人注目。您是否認為這是從競爭對手手中奪取市場份額？我會把它留在那裡。

We believe every opportunity to win business is taking market share. So yes, I would say that is the way we look at that. We also look at it as an opportunity to use our balance sheet, to use our relationships with our suppliers, to get our fair share and be able to execute on that strong demand.

我們相信，每一個贏得業務的機會都是在佔領市場份額。所以，是的，我想說這就是我們看待這個問題的方式。我們還將其視為利用我們的資產負債表、利用我們與供應商的關係、獲得公平份額並能夠執行這一強勁需求的機會。

Got you. And then was -- the quarterly sales was it dominated by some -- just a few large deals that are unrepeatable? Or was it a healthy mix of large deals as well as the channel work?

明白你了。然後是——季度銷售是否被一些——只是一些不可重複的大交易所主導？或者是大型交易和渠道工作的健康組合？

Keith, it's John. Thanks for your question. We saw really a mix. I mean we saw strength in our large deals for sure, but we also saw a rebound in our run rate. So to characterize it as one versus the other wouldn't be correct. It was kind of across the board.

基思，是約翰。謝謝你的提問。我們看到了真正的混合。我的意思是，我們確實看到了大型交易的實力，但我們也看到了運行率的反彈。因此，將其描述為一種與另一種的比較是不正確的。這有點全面。

Got you. And last question from me, I apologize. Your inventory levels at the end of the year -- end of the quarter obviously high. Would you attribute that to the fact that inventory availability increased significantly at quarter end and you expect to be working that down going forward?

明白你了。我的最後一個問題，我很抱歉。你的庫存水平在年底——季度末明顯很高。您是否會將其歸因於庫存可用性在季度末大幅增加並且您預計未來會繼續下降？

Keith, this is Steve. Yes, we did see a lot of inventory availability late in the quarter, which was good. We also have higher elevated inventories because of our -- because of all the price actions. So that kind of elevates it even further due to the dynamic that's in there, but we did see late availability improve.

基思，這是史蒂夫。是的，我們確實在本季度末看到了大量庫存，這很好。由於我們所有的價格行為，我們的庫存也更高。因此，由於那裡的動態，這進一步提升了它的水平，但我們確實看到了後期可用性的改善。

And we think with the continued improvement, we'll be able to work that inventory levels down as lead times come in.

我們認為，隨著持續改進，我們將能夠隨著交貨時間的推移降低庫存水平。

And we say the pricing action, that's just the fact that the value -- for the equal amount of volume, does the average prices increase over the past year is naturally going to be higher?

我們說定價行為，這只是一個事實，即對於同等數量的價值，過去一年的平均價格自然會更高嗎？

Yes. We've had broad-based price increases across our supply chain. And so that just elevates your inventory level.

是的。我們的整個供應鏈都出現了廣泛的價格上漲。這樣只會提高您的庫存水平。

(Operator Instructions) Our next question comes from the line of [Jake Nordson] from Raymond James.

（操作員說明）我們的下一個問題來自 Raymond James 的 [Jake Nordson]。

This is Jake on for Adam. I was just hoping to get a little more color on your sort of capital allocation strategy for the rest of the year. Has anything changed from your perspective given your strength in the macro environment? Are you looking to accelerate or decelerate any investments? Just an overview on capital allocation.

這是傑克替亞當發言。我只是希望對你們今年剩餘時間的資本配置策略有更多的了解。鑑於您在宏觀環境中的實力，您的觀點有什麼變化嗎？您希望加速或減速任何投資嗎？只是資本配置的概述。

Jake, thanks. This is Steve again. Let me just talk a little bit about our capital allocation priorities. No, they haven't changed. We're still looking our first priority as growth in our business, and we also want to protect our balance sheet. So we're always watching our targeted net leverage ratio. And then our third priority would then be to do share repurchases under $100 million share repurchase authorization.

傑克，謝謝。這又是史蒂夫。讓我簡單談談我們的資本配置優先事項。不，他們沒有改變。我們仍然將業務增長視為首要任務，同時我們也希望保護我們的資產負債表。因此，我們一直在關注我們的目標淨槓桿率。然後我們的第三個優先事項是在 1 億美元的股票回購授權下進行股票回購。

Our next question comes from the line of Mike Latimore from Northland Capital Markets.

我們的下一個問題來自 Northland Capital Markets 的 Mike Latimore。

Thanks for the UCaaS and CCaaS growth rates. For comparison purposes, you have to have them for the third quarter as well?

感謝 UCaaS 和 CCaaS 的增長率。為了進行比較，你也必須有第三季度的數據嗎？

I'm sorry -- Mike, were you asked it if we had a projected growth rate?

抱歉，邁克，您是否問過我們是否有預計的增長率？

I'm sorry, for the September quarter, just for comparison purposes.

抱歉，針對九月季度，僅供比較之用。

Yes. We're looking at our data bank named Mary Gentry.

是的。我們正在查看名為 Mary Gentry 的數據庫。

Very good. I can ask another one in the meantime. So in those categories of UCaaS and CCaaS, was the demand relatively as expected or consistent throughout the quarter? Or did you see some changes in the December month?

非常好。我可以同時問另一個人。那麼，在 UCaaS 和 CCaaS 的這些類別中，整個季度的需求是否相對符合預期或一致？或者您在 12 月份看到了一些變化嗎？

Mike, it's John. Thanks for your question. And we -- I would characterize it as steady all throughout the quarter, but of course, being calendar and fiscal year-end for so many companies, we definitely saw a bit of a spike in the December quarter.

邁克，這是約翰。謝謝你的提問。我認為整個季度都保持穩定，但當然，對於很多公司來說，日曆和財政年度結束了，我們肯定在 12 月份的季度看到了一些峰值。

We also saw a move from -- kind of a move, if you will, to more enterprise deals and larger deals, as the environment moves from where we were at the beginning of the pandemic where people were racing to get tactical solutions deployed. We now see that we've moved into a more strategic kind of enterprise project environment where people are kind of architecting and building for the long term, and we see that in our results.

我們還看到了一種轉變，如果你願意的話，可以說是一種轉變，轉向更多的企業交易和更大的交易，因為環境已經從我們在大流行開始時的狀態發生了變化，當時人們競相部署戰術解決方案。我們現在看到，我們已經進入了一種更具戰略性的企業項目環境，人們在這種環境中進行長期的架構和建設，我們在我們的結果中看到了這一點。

And Mike, it's Mary. I have the Q1 growth rates. The UCaaS, it was 20% and CCaaS, it was 60%. And that's for Q1.

邁克，是瑪麗。我有第一季度的增長率。 UCaaS 為 20%，CCaaS 為 60%。這是第一季度的情況。

Okay. Great. And then just last, how are you thinking about these categories and sort of, I guess, it's the second half of your fiscal year, first half of calendar year. Do you expect kind of similar growth trends here? Or is there anything kind of showing up in the pipeline that would suggest a change in growth rates?

好的。偉大的。最後，您如何看待這些類別，我想，這是您財政年度的下半年，日曆年的上半年。您預計這裡會出現類似的增長趨勢嗎？或者是否有任何事情正在醞釀中，表明增長率會發生變化？

Mike, as we look to the second half, we think it's kind of a consistent course and speed as we've seen in the first half.

邁克，當我們展望下半場時，我們認為這與我們在上半場看到的一樣，是一種一致的路線和速度。

(Operator Instructions) Our next question comes from the line of Arthur Winston from Pilot Advisors.

（操作員說明）我們的下一個問題來自 Pilot Advisors 的 Arthur Winston。

I was wondering if you could give an estimate or a guess of what the cost increases are -- unit cost increases for your inventory. And as a follow-on to that, did -- was that somewhat unanticipated so you had contracts in the cost of the inventories went up, so that really impacted your profit margins negatively?

我想知道您是否可以對成本增加的情況進行估計或猜測——庫存的單位成本增加。隨之而來的是，這是否有點出乎意料，因此您的合同庫存成本上升了，這確實對您的利潤率產生了負面影響？

This is Steve again. So from a price action perspective, they're really all over the board with our different suppliers. We have a very wide range. And I would say they go from 5% to 10% and some of them have been multiple price actions throughout the year, even starting in last year.

這又是史蒂夫。因此，從價格行為的角度來看，他們確實與我們不同的供應商完全一致。我們的產品範圍非常廣泛。我想說，它們的價格從 5% 上升到 10%，其中一些價格全年都有多次價格變動，甚至從去年就開始了。

As we sell that inventory through, it really just is part of our cost of goods sold, and we pass that on to our customers. That's our business model as to be able to pass those price actions on to our customers. If we have inventory, we're able to keep some of that, as we've leveraged our balance sheet to be able to do that. And that's kind of our reward for having that extra inventory.

當我們出售這些庫存時，它實際上只是我們銷售商品成本的一部分，我們將其轉嫁給我們的客戶。這就是我們的商業模式，能夠將這些價格行為傳遞給我們的客戶。如果我們有庫存，我們就能夠保留其中的一些，因為我們已經利用我們的資產負債表來做到這一點。這就是我們擁有額外庫存的獎勵。

So that -- these increases in costs are not a major impact on the profit margins the way you describe it?

那麼，這些成本的增加並不會像您所描述的那樣對利潤率產生重大影響？

No, they're not. They will be temporarily as we have that inventory, and we're able to sell through that inventory. So we get a little bit of a pickup -- really kind of an arbitrage pickup of the inventory levels that we have. But longer term, they normalize out.

不，他們不是。它們將是暫時的，因為我們有庫存，並且我們能夠通過該庫存進行銷售。所以我們得到了一點回升——實際上是我們庫存水平的套利回升。但從長遠來看，它們會恢復正常。

Okay. My last question is, in your beginning talker speech, you talked -- you mentioned macro uncertainties impacting your guidance. But it doesn't -- can you explain what these macro uncertainties are? Because it doesn't sound like from your answers to these questions, there are a lot of uncertainties going forward.

好的。我的最後一個問題是，在您的演講開始時，您提到了宏觀不確定性影響您的指導。但事實並非如此——您能解釋一下這些宏觀不確定性是什麼嗎？因為從你對這些問題的回答來看，這聽起來並不像，所以未來存在很多不確定性。

Yes. It's really the length of time that we're looking out. We have pretty good visibility to Q3, and we're confident in our Q3 view. It's really what's going to happen in Q4. And as we know, the big -- there are words out there. And so are we going into a recession? Are we coming out of a recession? So that uncertainty could affect our ability to grow in the fourth quarter.

是的。這確實是我們關注的時間長度。我們對第三季度有很好的預見性，並且我們對第三季度的看法充滿信心。這確實是第四季度將會發生的事情。正如我們所知，有一些大的說法。那麼我們會陷入衰退嗎？我們正在走出衰退嗎？因此，這種不確定性可能會影響我們第四季度的增長能力。

Now we don't believe that -- in our guidance, we don't believe that there's a big risk to our guidance range.

現在我們不相信——在我們的指導中，我們不認為我們的指導範圍存在很大的風險。

So basically, this is what economists write about, and you read in the newspaper is what you're talking about rather than talking to your customers, et cetera, to create this uncertainty. It sounds like...

所以基本上，這就是經濟學家所寫的內容，而你在報紙上讀到的就是你在談論的內容，而不是與你的客戶交談等等，從而創造了這種不確定性。這聽起來像...

That's right. That's right.

這是正確的。這是正確的。

(Operator Instructions) I would now like to turn the conference back to Steve Jones for closing remarks.

（操作員指示）我現在想請史蒂夫·瓊斯（Steve Jones）發表閉幕詞。

Well, thank you for joining us today. We expect to hold our next conference call to discuss March 31 quarterly results on Tuesday, May 9, at 10:00 a.m.

好的，謝謝您今天加入我們。我們預計將於 5 月 9 日星期二上午 10:00 舉行下一次電話會議，討論 3 月 31 日的季度業績。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。