Scansource Inc (SCSC) 2026 Q1 法說會逐字稿

Welcome to the ScanSource quarterly earnings conference call. (Operator Instructions) Today's call is being recorded. (Operator Instructions)

歡迎參加 ScanSource 季度財報電話會議。（操作員指示）今天的通話正在錄音。（操作說明）

I would now like to turn the call over to Mary Gentry, Senior Vice President, Finance and Treasurer. Please go ahead.

現在我將把電話交給財務高級副總裁兼司庫瑪麗·根特里。請繼續。

Good morning, and thank you for joining us. Our call will include prepared remarks from Mike Baur, our Chair and CEO; 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 infographic that accompanies our comments and webcast in the Investor Relations section of our website.

早安，感謝各位的參與。我們的電話會議將包括董事長兼首席執行官邁克·鮑爾和首席財務官史蒂夫·瓊斯的準備好的演講。我們將回顧本季的經營業績，然後回答各位的問題。我們在網站的投資者關係部分發布了收益資訊圖，並附上了我們的評論和網路直播。

As you know, certain statements in our press release, infographic and on this call are forward-looking statements and subject to risks and uncertainties that could cause actual results to differ materially from expectations. These risks and uncertainties include the factors identified in our earnings release and in our Form 10-K for the year ended June 30, 2025, and in our subsequent reports on Form 10-Q. Forward-looking statements represent our views only as of today, and ScanSource disclaims any duty to update these statements, except as required by law.

如您所知，我們在新聞稿、資訊圖表和本次電話會議中的某些陳述是前瞻性陳述，存在風險和不確定性，可能導致實際結果與預期有重大差異。這些風險和不確定性包括我們在截至 2025 年 6 月 30 日的年度收益報告和 10-K 表格中確定的因素，以及我們在隨後的 10-Q 表格報告中確定的因素。前瞻性聲明僅代表我們截至今日的觀點，除法律要求外，ScanSource 不承擔更新這些聲明的任何義務。

During our call, we will discuss both GAAP and non-GAAP results and have provided reconciliations on our website and in our Form 8-K filed earlier today. I'll now turn the call over to Mike.

在本次電話會議中，我們將討論 GAAP 和非 GAAP 業績，並在我們的網站和今天早些時候提交的 8-K 表格中提供了調節表。現在我將把電話交給麥克。

Thanks, Mary, and thanks, everyone, for joining us today. Technology distribution is being transformed with the convergence of hardware, software and services. As IT, connectivity and cloud computing markets continue to converge, we believe that end users will prefer channel partners who can provide integrated, converged solutions.

謝謝瑪麗，也謝謝各位今天光臨。隨著硬體、軟體和服務的融合，技術分發方式正在改變。隨著 IT、連接和雲端運算市場不斷融合，我們相信最終用戶會更傾向於選擇能夠提供整合融合解決方案的通路合作夥伴。

With more choices than ever, end-user purchasing decisions are getting more complex, and that's where solution providers and technology architects add real value. They can help end users make technology decisions that will achieve their expected business outcomes.

如今選擇比以往任何時候都多，最終用戶的購買決策也變得越來越複雜，而這正是解決方案提供者和技術架構師能夠創造真正價值的地方。它們可以幫助最終用戶做出能夠實現預期業務成果的技術決策。

Because most business outcomes require technology solutions from multiple suppliers, the indirect channel is in the best position to deliver recurring, complex and high-value solutions. How to win in converging technology markets was the theme at our recent partner events. Partner First in September and Channel Connect earlier this week. Both events highlighted our strategy, helping our partners change and grow as technology markets continue to converge.

由於大多數業務成果需要多個供應商的技術解決方案，因此間接通路最有能力提供重複性、複雜且高價值的解決方案。如何在融合的科技市場中取得成功是我們近期舉辦的合作夥伴活動的主題。9 月的 Partner First 和本週稍早的 Channel Connect。這兩場活動都突顯了我們的策略，即幫助我們的合作夥伴在技術市場不斷融合的過程中進行變革和發展。

We are preparing to assist our channel partners in this transformation. We expect to play an expanded role in supporting our partners' transition from traditional VAR to solution provider and from trusted adviser to technology architect. We'll discuss more about how these business models are evolving as the year progresses.

我們正準備協助我們的通路合作夥伴完成這項轉型。我們期望在支持合作夥伴從傳統加值經銷商轉型為解決方案供應商，從值得信賴的顧問轉型為技術架構師方面發揮更大的作用。我們將進一步探討這些商業模式在今年剩餘的時間裡將如何演變。

This quarter, in our Intelisys & Advisory segment, we are investing to accelerate new order growth. An example of our investment is the growth of our solutions engineering team who have expertise in advanced technologies, including cloud computing, wireless and IoT. Another way to drive new order growth is to help our partners by providing new and better tools for growth. For example, our product development team launched a new tool called Tech Checks, which combines AI-powered engineering support with conversational sales-friendly discovery questions.

本季度，在我們的智慧系統與顧問業務部門，我們正在增加投資，以加速新訂單成長。我們的投資成果之一是發展壯大了我們的解決方案工程團隊，該團隊在雲端運算、無線和物聯網等先進技術領域擁有專業知識。另一種促進新訂單成長的方法是為我們的合作夥伴提供更新、更好的成長工具。例如，我們的產品開發團隊推出了一款名為 Tech Checks 的新工具，它將 AI 驅動的工程支援與便於銷售的對話式探索性問題相結合。

During the quarter, in our Integrated Solutions Group, our Launch Point team has delivered new end-to-end industry solutions called Smart Series, starting with Smart Warehouse and Smart Retail. These solutions consist of products and services from ScanSource's suppliers. One of the new Launch Point suppliers we recently signed is a specialist in the next generation of private 5G that adds a managed services offering to our Smart Connectivity Series.

本季度，在我們的整合解決方案集團中，我們的啟動團隊推出了名為「智慧系列」的全新端到端產業解決方案，首先推出了智慧倉庫和智慧零售。這些解決方案包括 ScanSource 供應商提供的產品和服務。我們最近簽約的一家新的 Launch Point 供應商是下一代私人 5G 領域的專家，它為我們的智慧連接系列增加了託管服務產品。

Also, in ISG, in October, we completed the acquisition of DataXoom, a leading provider of B2B mobile data connectivity solutions. This transaction builds upon our August 2024 acquisition of Advantix and expands our ability to scale our relationships across all three major US carriers: AT&T, Verizon and T-Mobile.

此外，在 ISG，我們於 10 月完成了對 DataXoom 的收購，DataXoom 是一家領先的 B2B 行動數據連接解決方案提供商。此次交易建立在我們 2024 年 8 月收購 Advantix 的基礎上，並擴大了我們與美國三大營運商（AT&T、Verizon 和 T-Mobile）建立合作關係的能力。

ScanSource's deep relationships with the key suppliers of mobile devices, combined with Advantix's and DataXoom's capabilities to integrate carrier data connectivity into these devices is a great example of a converged solution. Looking ahead, we believe the future of technology distribution lies in helping our channel partners deliver innovative converged solutions. This vision drives our strategic plan.

ScanSource 與行動裝置的主要供應商建立了深厚的合作關係，再加上 Advantix 和 DataXoom 將營運商資料連接整合到這些裝置中的能力，這是一個很好的整合解決方案的例子。展望未來，我們相信技術分銷的未來在於幫助我們的通路合作夥伴提供創新的整合解決方案。這個願景指導著我們的策略規劃。

I'll now turn the call over to Steve to take you through our financial results and outlook for fiscal year 2026.

現在我將把電話交給史蒂夫，讓他為大家介紹我們的財務表現和2026財年的展望。

Thanks, Mike. We're off to a good start to our new fiscal year. For Q1, we delivered strong profits and free cash flow generation, highlighting the strength of our business model. Gross profits grew 6% and non-GAAP EPS grew 26% year-over-year. We delivered 5.2% adjusted EBITDA margins, and our cash conversion of non-GAAP net income was 88%. These results are in line with our annual outlook.

謝謝你，麥克。新財年伊始，我們取得了良好的開端。第一季度，我們實現了強勁的利潤和自由現金流，凸顯了我們商業模式的優勢。毛利較去年同期成長 6%，非 GAAP 每股盈餘較去年同期成長 26%。我們實現了 5.2% 的調整後 EBITDA 利潤率，非 GAAP 淨收入的現金轉換率為 88%。這些結果與我們的年度預期相符。

Now turning to our segments. I'll start with our Specialty Technology Solutions segment. Net sales declined 5% year-over-year and 9% quarter-over-quarter, including approximately $40 million of large deal pull-ins that benefited our Q4 results. For Q1, many of our larger deals were delayed or broken into smaller orders. With a higher mix of run rate orders, favorable technology mix and benefits from supplier price actions, gross profits increased 7% year-over-year and 3% quarter-over-quarter.

現在進入我們的節目環節。我先從我們的專業技術解決方案部門說起。淨銷售額年減 5%，季減 9%，其中包括約 4,000 萬美元的大額交易，這些交易使我們第四季的業績受益。第一季度，我們許多大額訂單都被延後或拆分成小額訂單。由於定期訂單佔比提高、技術組合有利以及供應商價格行動的好處，毛利年增 7%，季增 3%。

For the segment, the percent of gross profits from recurring revenues totaled approximately 13%. Adjusted EBITDA margin for the segment increased 61 basis points to 4.2%. In our Intelisys & Advisory segment, net sales increased 4% year-over-year, in line with our expectations. Annualized net billings increased to approximately $2.78 billion, and we believe we maintained market share.

在該業務類板塊中，經常性收入佔毛利的百分比總計約為 13%。該業務部門的調整後 EBITDA 利潤率成長 61 個基點至 4.2%。在我們的智慧系統與諮詢業務部門，淨銷售額年增 4%，符合我們的預期。年度淨收入增至約 27.8 億美元，我們相信我們保持了市場份額。

Gross profits increased 2% year-over-year, while adjusted EBITDA for the segment declined slightly due to increased investments in SG&A to drive future billings growth and expand our technical capabilities in advanced technologies. Now going a bit deeper on our balance sheet and cash flow. We ended Q1 with approximately $125 million in cash and a net debt leverage ratio at approximately zero on a trailing 12-month adjusted EBITDA basis. Adjusted ROIC for the quarter was 14.6% and share repurchases for the quarter totaled $21 million. We have a strong balance sheet and are well positioned to execute on our strategic priorities and achieve our three-year goals that you can find in the infographic and our investor presentation in the Investors section of our website.

毛利年增 2%，而由於增加了對銷售、一般及行政費用的投資以推動未來帳單成長並擴大我們在先進技術領域的技術能力，該部門的調整後 EBITDA 略有下降。現在讓我們更深入地了解我們的資產負債表和現金流量。第一季末，我們擁有約 1.25 億美元的現金，以過去 12 個月的調整後 EBITDA 計算，淨負債槓桿比率約為零。本季調整後的投資報酬率為 14.6%，本季股票回購總額為 2,100 萬美元。我們擁有穩健的資產負債表，完全有能力執行我們的策略重點，並實現我們的三年目標，您可以在我們網站「投資者」部分的圖表和投資者簡報中找到這些目標。

We believe with the contributions and are very pleased with the contributions from the acquisitions we announced around this time last year, and we're excited about the most recent acquisition of DataXoom and what they bring to our channel capabilities and our strategic plan. We continue to have an active pipeline of acquisition targets for both segments. These targets would expand our capabilities and help us drive additional value across our partner ecosystem while supporting our strategic goals.

我們相信，憑藉這些貢獻，我們對去年這個時候宣布的收購所取得的貢獻感到非常滿意，我們對最近收購 DataXoom 以及他們為我們的通路能力和策略計畫帶來的貢獻感到非常興奮。我們持續在兩個領域都有活躍的收購目標儲備。這些目標將擴大我們的能力，幫助我們在合作夥伴生態系統中創造更多價值，同時支持我們的策略目標。

We will maintain our discipline in evaluating M&A opportunities and believe there is room for both acquisitions and share repurchases while maintaining a target net debt leverage ratio of 1 to 2 times adjusted EBITDA. In closing, we want to reconfirm our FY26 full year outlook. We believe the full year net sales growth will range between $3.1 billion and $3.3 billion.

我們將保持嚴謹的態度來評估併購機會，並相信在保持淨債務槓桿率目標為調整後 EBITDA 的 1 至 2 倍的同時，收購和股票回購都有發展空間。最後，我們想再次確認我們對 2026 財年全年的展望。我們認為全年淨銷售額成長將在 31 億美元至 33 億美元之間。

Full year adjusted EBITDA will range between $150 million and $160 million, and we will deliver at least $80 million in free cash flow. We still believe that revenue growth will accelerate in the second half of our fiscal year. We'll now open it up for questions.

全年調整後 EBITDA 將在 1.5 億美元至 1.6 億美元之間，我們將產生至少 8,000 萬美元的自由現金流。我們仍相信，本財年下半年營收成長將會加速。現在開放提問環節。

(Operator Instructions)

（操作說明）

Keith Housum, Northcoast Research.

Keith Housum，北海岸研究公司。

Hey, good morning, guys, and good to see the performance on the bottom line. But of course, the top line probably is a little bit troubling here as we look over the past year, 1.5 years. I guess, Mike, any thoughts there on -- are you guys losing share, do you think, to competitors in the space? Or are you guys purposely walking away from some business? But any color on the decline in the revenue?

嘿，早上好，各位，很高興看到最終的業績表現。當然，回顧過去一年半的時間，總業績可能有點令人擔憂。麥克，我想問你，你覺得你們在這個領域是否正在失去市場份額，被競爭對手搶佔了？還是你們故意放棄某些生意？但營收下滑的情況如何？

I understand the pull forward that you had in the fourth quarter here. But still, if I look over the past year, 1.5 years, the trends have been working against you guys on the top line?

我理解你們在第四節比賽中的反撲。但是，如果我回顧過去一年半的時間，就會發現各種趨勢對你們的營收發展不利？

Hey Keith, from our standpoint, we have always said we want profitable growth, right, from the top line. And I think that's a theme here is there's always business out there that a distributor can take to drive the top line. As we think about what we've consistently been, I think, for the last two years talking about the measure for our future is our GP growth. And I think if you look at that, the 6% growth, we really are pleased with.

嘿，基思，從我們的角度來看，我們一直都說我們想要的是獲利成長，對吧，就是營收成長。我認為這裡的一個主題是，分銷商總是能抓住商機，推動營收成長。回顧過去兩年我們一直在做的事情，我認為，衡量我們未來的標準是我們的毛利成長。我認為，如果你看一下這個數字，6% 的成長，我們真的非常滿意。

Would we want more top line growth? Absolutely. I think part of that will come as we add some of the new suppliers that we're talking about through the addition of Launch Point and its strategies as well as this idea of convergence, we believe that will attract more suppliers than we traditionally have.

我們希望營收成長更多嗎？絕對地。我認為部分原因在於，隨著我們引入一些新的供應商，正如我們正在討論的那樣，透過引入 Launch Point 及其策略，以及這種融合理念，我們相信這將吸引比以往更多的供應商。

So -- and again, Keith, part of the challenge is we -- to answer part of your question, we don't believe we lost market share. And as I've said many times before, I think all the manufacturers tell all the distributors, they don't lose market share. So I don't put a lot of credibility there. That's just a side comment. But I believe our teams have executed very well with those key suppliers.

所以——再說一遍，基思，部分挑戰在於——回答你問題的一部分，我們並不認為我們失去了市場份額。正如我之前多次說過的那樣，我認為所有製造商都會告訴所有分銷商，他們不會失去市場份額。所以我不太相信它。這只是題外話。但我相信我們的團隊與這些關鍵供應商的合作非常出色。

Great. And you're right, GP was great, especially in SPS. And I noticed in the earnings recall -- I'm sorry, the earnings report, you guys mentioning suppliers rebates or vendor payments. Are those sustainable or those onetime? Or has there been a shift here that we should look at going for the rest of the year?

偉大的。你說得對，GP 很棒，尤其是在 SPS 中。我注意到在獲利報告中——抱歉，是獲利報告——你們提到了供應商回扣或廠商付款。這些是可持續的還是一次性的？或者情況是否有所轉變，我們應該考慮在今年餘下的時間裡繼續這樣做？

Hey, good morning, Keith, it's Steve. I'll take that one. So our supplier programs have definitely evolved since -- over the last few years. The teams are doing a great job tying our supplier programs more to activities and not inventory. And so we think a lot of that is sustainable.

嘿，早上好，基思，我是史蒂夫。我選那個。因此，在過去的幾年裡，我們的供應商計劃肯定發生了變化。各個團隊在將我們的供應商計劃與業務活動而非庫存聯繫起來方面做得非常出色。所以我們認為其中很多都是可持續的。

What we did see this quarter is some of the price actions that we -- that the suppliers did last year flow through our inventory turns. So that was a bit of a help to our margins in that segment and on a consolidated basis.

本季我們看到的一些價格變動——去年供應商採取的一些價格措施——也影響了我們的庫存週轉率。因此，這對我們該業務板塊以及合併後的利潤率都有一定的幫助。

And I know you probably won't get too much into details, but any way you can parse out how much of your GP is more to that onetime price actions?

我知道你可能不會透露太多細節，但你能否分析一下你的毛利中有多少是來自那些一次性的價格波動？

Well, I'll give you the number, Keith, because I think it's important. I think if I'm thinking of a consolidated basis, I think it was probably 30 basis points to our gross profit margins on a consolidated basis.

好吧，基思，我會把號碼給你，因為我認為這很重要。我認為，如果從合併的角度來看，這大概會使我們的合併毛利率下降 30 個基點。

Great. I appreciate that color. And then congratulations on the DataXoom acquisition. It sounds like it fits in really well with Advantix. Any more color you can give on that company in terms of -- I think it's 17 employees, but perhaps any revenue or margin profile to kind of think about going forward?

偉大的。我喜歡這個顏色。然後，恭喜你們成功收購 DataXoom。聽起來它和 Advantix 非常契合。關於這家公司，您能否提供更多資訊？ ——我記得它有 17 名員工，但或許可以提供一些關於未來收入或利潤率的資訊？

Yes. Keith, when we think about DataXoom and we think about Advantix and what they mean strategically for us, they add capabilities and DataXoom really helps us scale in this space. As far as size, it's really a tuck-in sized acquisition, and we gave the 17 people to kind of help people size what that would look like for us, but it's a tuck-in size acquisition. But they will have higher margins than our typical business in the STS segment. So it will be margin accretive from a percentage.

是的。Keith，當我們想到 DataXoom 和 Advantix 以及它們對我們的戰略意義時，它們增加了我們的能力，DataXoom 確實幫助我們在這個領域實現了規模化發展。就規模而言，這確實是一項可以塞進衣櫃的收購，我們給了 17 個人來幫助大家了解這對我們來說意味著什麼，但這確實是一項可以塞進衣櫃的收購。但它們的利潤率將高於我們在STS領域的典型業務。因此，這將從一定百分比上提高利潤率。

And maybe I'll add one more comment to that, Keith, that part of the strategy here, as a reminder, is for us to be able to sell more mobile devices by adding the connectivity to the solution set. We believe our mobile device sales will go up as we are more successful communicating this strategy to our channel.

基思，我或許還要補充一點，提醒一下，我們策略的一部分是透過在解決方案集中增加連線功能來銷售更多行動裝置。我們相信，隨著我們向通路合作夥伴更成功地傳達這項策略，我們的行動裝置銷售量將會上升。

Great. Thanks, guys. I'll jump back in the in the queue.

偉大的。謝謝各位。我重新排隊。

[Gary Hardwick], Barclays.

[Gary Hardwick]，巴克萊銀行。

It's actually Guy Hardwick. Good morning, guys. So if 30 basis points of GP margin came from supply rebates implies that 100 basis points came from mix. First of all, is that -- have I got that correct? And maybe it would be a good time for you to give us a refresh on your inventory valuation method. Bear in mind what you said about supplier price increases last year having an impact this year.

其實是蓋伊·哈德威克。各位早安。因此，如果 30 個基點的毛利率來自供應回扣，則表示 100 個基點來自產品組合。首先，我理解的對嗎？或許現在正是您向我們重新介紹您的庫存估值方法的好時機。請記住您去年所說的供應商價格上漲會對今年產生影響。

Yes. Hi Guy, good morning, and thanks for joining us today. So yes, I would say you're in the right range in terms of what benefited from mix. And again, when we look at -- and Mike talked a little bit about how we're viewing the business, we also have more netted down revenues in that segment than we've historically had.

是的。嗨，蓋伊，早上好，感謝你今天加入我們。所以，是的，我認為你從混合中受益的範圍是正確的。再說一遍，當我們審視——麥克也稍微談到了我們如何看待這項業務——我們在這個領域的淨收入也比以往任何時候都要高。

And that's why we've been talking more about the percentage of recurring revenues at a segment level, because we think that's also an important part of our story as we go forward. From a mix perspective or how we're thinking about our inventory turns, just think of it as a weighted average first in, first out inventory. So our inventory would be valued in a first in, first out, weighted average basis.

這就是為什麼我們一直在更多地討論各個業務部門的經常性收入百分比，因為我們認為這也是我們未來發展故事的重要組成部分。從組合角度或者說，從我們思考庫存週轉率的角度來看，可以把它看作是先進先出庫存的加權平均。因此，我們的庫存將以先進先出加權平均法進行估值。

Okay. Just a follow-up. Obviously, on the slide, you have, I think it's slide 3, the key technologies and growth drivers that's based on FY25. If you just take those five end markets, which were up and which were down in the quarter?

好的。補充一下。顯然，在投影片上，我認為是第 3 張投影片，列出了基於 2025 財年的關鍵技術和成長驅動因素。如果只看這五個終端市場，哪些市場在本季上漲，哪些市場下跌？

Well, those charts that we add in there, those really help us guide where we were thinking for the full year. So we do use FY25. We validate whether that's going to be some trends that continue, and we use that to help us in our guidance. As far as what segments were up or down, that really kind of gets into a supplier discussion in some ways. And so we try to steer clear of that.

嗯，我們新增的那些圖表，確實能幫助我們指導全年的規劃方向。所以我們確實使用了2025財年數據。我們會驗證這些趨勢是否會持續下去，並以此來引導我們的發展方向。至於哪些細分市場出現成長或下降，這在某種程度上確實需要與供應商進行討論。所以我們會盡量避免這種情況。

But just your two largest suppliers had revenues up in the quarter year-on-year. So I'm a little bit surprised to see you guys down so much year-on-year.

但只有你最大的兩家供應商本季的營收年增了。看到你們的成績比去年同期下降這麼多，我有點驚訝。

Yes. And Guy, this is Mike. Let me just add a comment to that, if I can. We came up with these slides to help out because a year ago, we changed segments, and we talked about -- less about where the growth was coming from. And we really believe this will give an indicator of what we believe will happen throughout this year.

是的。蓋伊，這位是麥克。如果可以的話，我想補充一點。我們製作這些投影片是為了提供幫助，因為一年前，我們改變了業務板塊，我們談論的重點——不再是成長來自哪裡。我們堅信，這將預示著我們對今年全年發展趨勢的預期。

Specifically, to your comment about suppliers, just as a reminder, their success or not on a quarterly basis isn't always in line, remember, with our channel. All of our suppliers, all of them still sell direct to end users, and that can impact their results that sometimes they delineate their results as how much grew in the channel or not, but not always.

具體來說，關於您提到的供應商問題，需要提醒您的是，他們每季的業績表現並不總是與我們的通路表現一致。我們所有的供應商，他們都仍然直接向最終用戶銷售，這可能會影響他們的業績，有時他們會根據通路的成長情況來衡量業績，但並非總是如此。

And so just -- we have to always remind our investors to -- we're a part of their supplier story, but we're not always aligned with their story. They can have great revenues and the channel as a group does not. So our measure is typically what we try to lead with, which Steve said was we don't believe we lost any market share.

所以，我們必須不斷提醒我們的投資者——我們是他們供應商故事的一部分，但我們並不總是與他們的故事保持一致。它們可能獲得豐厚的收入，但頻道整體卻未必如此。因此，我們的衡量標準通常是我們努力爭取的，正如史蒂夫所說，我們認為我們沒有失去任何市場份額。

So within the channel that we compete in, we didn't lose market share. So that's how we separate our results and try to help you guys understand, sometimes our results won't mirror the suppliers. And frankly, when we come out sometimes with our results ahead of our suppliers, people try to read that into the suppliers and generally it's wrong. So I wish I could help you more on the specifics of why those two suppliers would be different than ours. But just remember that we're -- as a channel, we're only a part of their success.

因此，在我們所處的競爭管道中，我們並沒有失去市場份額。所以，這就是我們區分結果的方式，也是為了幫助大家理解，有時候我們的結果可能與供應商的結果不一致。坦白說，有時我們比供應商更早公佈業績，人們會試圖把這種結果歸咎於供應商，但通常這是錯誤的。所以，我真希望我能更詳細地幫助您解釋為什麼那兩家供應商會和我們的供應商有所不同。但請記住，作為一條傳播管道，我們只是他們成功的一部分。

Thank you, I'll pass it on.

謝謝，我會轉達的。

Adam Tindle, Raymond James.

Adam Tindle，Raymond James。

Okay, thanks and good morning. Steve, I wanted to start with a question for you on guidance. And leading into this question, I just want to acknowledge, I was glad to see gross profit growth put into the three-year targets. I think that metric makes a lot more sense. But for now, for this year, we're basing guidance on net sales. So I've got to ask on that. You decided to reaffirm net sales growth for the year, but we're obviously starting with net sales down in Q1.

好的，謝謝，早安。史蒂夫，我想先問你一個關於指導方面的問題。在回答這個問題之前，我想先說明一點，我很高興看到毛利成長被納入了三年目標。我認為這個指標更有意義。但就目前而言，今年的業績指引是基於淨銷售額。所以，我得問問這個問題。您決定重申全年淨銷售額成長，但顯然我們是從第一季淨銷售額下降開始的。

I think you had previously thought maybe low single-digit growth in first half and accelerating in the back half to get to that full year net sales growth that you talked about. I wonder if you might, first of all, update the cadence as you're thinking about that? And then secondly, just what gives the confidence to reaffirm the net sales portion after what you saw in Q1? Why not maybe consider lowering expectations at this point?

我認為你之前可能會設想上半年實現個位數低成長，下半年加速成長，從而達到你所說的全年淨銷售額成長目標。首先，我想問您是否可以考慮調整一下節奏？其次，在第一季的情況之後，是什麼讓您有信心重申淨銷售額部分？為什麼不考慮降低一下預期呢？

Yeah, good morning, Adam, thanks for the question. When we look internally to our plan, Q1 is fairly close to what we thought. And so that gave us confidence to reconfirm our guidance and our outlook. One of the things that we continue to look at. We talked about netted down revenues, and we are more and more looking at gross profit as a better proxy for the success of our sales teams and our company overall.

好的，早安，亞當，謝謝你的提問。從內部審視我們的計劃，第一季的實際情況與我們的預期基本一致。因此，這讓我們更有信心重申我們的指導方針和展望。這是我們持續關注的問題之一。我們討論過淨收入，但我們越來越傾向於將毛利潤視為衡量銷售團隊和公司整體成功與否的更好指標。

And then when we think about whether first half or second half, the other thing I would lead to is we keep seeing these large deals push out or break up. They're not getting canceled. And so that gives us confidence that this is a timing issue, not necessarily a weakness in overall demand.

然後，當我們考慮上半年還是下半年時，我想指出的另一點是，我們不斷看到這些大型交易被推遲或拆分。它們不會被取消。因此，這讓我們確信這是一個時機問題，而不是整體需求疲軟的問題。

Okay. I mean maybe just give us a little bit of color on what you're seeing in October or early November and the pipeline for December on those? And any quantification of those large deals? I know those are typically deals that can get done at calendar year-end, so it might make sense for that to happen. But just wondering what you're seeing early on in calendar Q4, the December quarter.

好的。我的意思是，您能否簡要介紹一下您在 10 月或 11 月初看到的情況，以及 12 月份的計劃安排？那麼，這些大額交易的具體金額是多少呢？我知道這些交易通常可以在年底完成，所以發生這種情況也合情合理。我只是想知道您在第四季（12 月季度）初期看到了什麼。

Adam, we typically don't talk about the quarter mid-quarter because a lot of times, what we see is the last month of the quarter is our biggest quarter, and we could make up a lot even in the last two weeks. What we've talked about in the past even with our working capital is we would get surprised of how good of sales we have. And so maybe our accounts receivable may have moved up. And so it's dangerous for us to try to predict the quarter midpoint.

亞當，我們通常不會在季度中期談論季度業績，因為很多時候，我們看到的都是季度末最後一個月是我們業績最好的季度，即使在最後兩週，我們也有可能彌補很多損失。我們過去也討論過，即使以我們目前的營運資金來看，我們的銷售業績也會讓我們感到驚訝。因此，我們的應收帳款可能會增加。因此，試圖預測季度中點對我們來說是危險的。

And Adam, I'll just chime in, it's Mike. Our enthusiasm for our guidance is reaffirmed as of last week. So what we knew last week about the quarter-to-date is reflected in our reaffirming the annual.

亞當，我也插一句，我是麥克。上週，我們對自身指導的熱情再次得到確認。因此，我們上週了解到的本季迄今的情況，反映在我們重申年度業績的結論中。

Okay. That's helpful. And maybe just, Mike, one for you. I was glad to see the three-year target updates, and I know this is a little bit more of what Steve owns, but a conceptual question here, follow me. The 80%-plus free cash flow on a consistent -- on an annual basis was nice to see.

好的。那很有幫助。或許，麥克，給你來一首。我很高興看到三年目標更新，我知道這更多是史蒂夫的職責，但這裡有一個概念性的問題，請聽我解釋。每年都能穩定維持 80% 以上的自由現金流，令人欣喜。

I wonder if you guys discussed with the Board about maybe outlining a structure on how to allocate that free cash flow. Some companies do sort of x percent to acquisitions, x percent to returning cash to shareholders, et cetera. Is that something that you thought about and not to put you on the spot, but if we were to try to set investors' expectations on what the pie chart would look like on that free cash flow in terms of how you're thinking about it, how would you kind of ballpark that for us?

我想知道你們是否和董事會討論過如何制定分配自由現金流的方案。有些公司會把一定比例的資金用於收購，一定比例的資金用於向股東回饋現金等等。你有沒有考慮過這個問題？我不是想讓你難堪，但如果我們要根據你的想法，讓投資人對自由現金流的圓餅圖有預期，你會如何大致估算一下？

Well, I think what we said last quarter and what we said -- Steve said in his prepared remarks is that we still believe we can do share repurchases and acquisitions without any specific structure of percentile on a chart. But it was a very good discussion with our Board, the last two Board meetings, both the fiscal year-end when we gave our guidance for the year and when we had our meeting a week ago discussing again how do we feel about the acquisition pipeline that we have.

我認為，正如我們上個季度所說，以及史蒂夫在事先準備好的演講稿中所說，我們仍然相信我們可以在沒有任何特定百分比結構的情況下進行股票回購和收購。但是，我們與董事會進行了非常好的討論，最近兩次董事會會議，一次是財政年度末會議，我們給出了本年度的業績指引，另一次是一周前我們再次開會討論我們對現有收購計劃的看法。

And Steve indicated, we do have a pipeline of acquisitions. At the same time, we believe that especially at these share price levels that a good use of our cash right now is for share repurchases. And so we like the fact that we are in -- we have the capability to do both. And right now, that's the message we're trying to continue to reemphasize is that we're still doing both acquisitions and repurchases.

史蒂夫表示，我們確實有一系列收購計畫。同時，我們認為，尤其是在目前的股價水準下，現在合理利用現金進行股票回購是明智之舉。所以我們很高興自己身處其中——我們有能力同時做到這兩點。而現在，我們正努力繼續強調的就是，我們仍在進行收購和回購。

Okay, great to hear. Thank you, guys.

好的，很高興聽到這個消息。謝謝大家。

(Operator Instructions)

（操作說明）

Greg Burns, Sidoti.

格雷格·伯恩斯，西多蒂。

Morning. The business development investments you're making in Intelisys, are you seeing that translate into pipeline activity? I'm just wondering when we might start to see maybe some of those investments start converting into stronger revenue growth for the segment?

早晨。您在 Intelisys 進行的業務拓展投資，是否轉化為實際的業務成長？我只是想知道，我們什麼時候才能看到這些投資開始轉化為該領域更強勁的收入成長？

Hey Greg, it's Mike. I'll take that. One of the ways that we're talking about the success or not is the new order growth rate because an order doesn't get billed and, if you will, either installed or delivered for anywhere from 6 to 18 months in the Intelisys model. And it is different based on the type of technology being deployed.

嘿，格雷格，我是麥克。我接受。我們衡量成功與否的一種方法是新訂單成長率，因為在 Intelisys 模式下，訂單在 6 到 18 個月內不會開立發票，也不會進行安裝或交付。而且，根據所部署的技術類型不同，情況也會有所不同。

Because of that, we have put a much bigger emphasis starting, frankly, last year on new order growth. And in this quarter, we had double-digit new order growth year-over-year and quarter-over-quarter. And we believe that's our benchmark as to are the investments working.

正因如此，坦白說，從去年開始，我們更加重視新訂單的成長。本季度，我們的新訂單年增率和環比均實現了兩位數成長。我們認為這是衡量投資是否有效的基準。

Okay, great, thanks for the color there, appreciate it.

好的，太好了，謝謝你提供的色彩，非常感謝。

Thank you. I would now like to turn the conference back to Steve Jones for closing remarks. Sir?

謝謝。現在我謹將會議交還給史蒂夫瓊斯，請他作閉幕致詞。先生？

Thank you, and thank you for joining us today. We expect to hold our next conference call to discuss December 31 quarterly results on Thursday, February 5, at approximately 10:30 a.m.

謝謝，也謝謝各位今天加入我們。我們預計將於2月5日（星期四）上午10:30左右召開下一次電話會議，討論12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。您現在可以斷開連線了。