ScanSource, Inc. (SCSC) 2026 Q4 法說會逐字稿

Welcome to the ScanSource quarterly earnings conference call. (Operator Instructions) Today's call is being recorded. If anyone has any objections, you may disconnect at this time.

歡迎參加 ScanSource 季度財報電話會議。(接線員指示) 今天的電話會議將被錄音。如有任何異議，您可於此時中斷連線。

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

現在我想把電話會議交給財務資深副總裁兼財務主管 Mary Gentry。請開始。

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'll review our operating results for the quarter and the year and then open the line for your questions. We posted an earnings infographic that accompanies our comments and webcast in the Investor Relations section of our website.

各位早安，感謝各位加入我們。本次電話會議將包含我們董事長兼執行長 Mike Baur，以及財務長 Steve Jones 的事先準備發言。我們將回顧本季與全年營運成果，之後開放線上提問。我們已在公司網站「投資人關係」專區發布一份與我們評論與網路直播搭配的獲利資訊圖表。

As certain statements in our press release, infographic, and on this call are forward-looking 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, 2026.

由於我們新聞稿、資訊圖表及本次電話會議中的部分陳述屬於前瞻性陳述，並受可能導致實際結果與預期有重大差異之風險與不確定性影響。這些風險與不確定性包括我們獲利新聞稿以及截至 2026 年 6 月 30 日止年度 Form 10-K 中所辨識的因素。

Forward-looking statements represent our views only as of today, and ScanSource disclaims any duty to update these statements except as required by law. During our call, we'll discuss both GAAP and non-GAAP results. We've provided reconciliations on our website and in the press release included in our Form 8-K filed earlier today. I'll now turn the call over to Mike.

前瞻性陳述僅代表我們截至今日的觀點，除法律要求外，ScanSource 不承擔更新此等陳述之任何義務。在本次電話會議中，我們將同時討論 GAAP 與非 GAAP 結果。我們已在公司網站以及今日稍早提交之 Form 8-K 所附新聞稿中提供調節表。現在我把電話會議交給 Mike。

Thanks, Mary, and good morning, everyone. I appreciate you joining us today. We finished our fiscal year with a strong fourth quarter, and I'm pleased with the progress our team made throughout the year. Our results reflect disciplined execution, improving demand across the business, and momentum toward our three-year strategic goals.

謝謝你，Mary，各位早安。感謝各位今天加入我們。我們以強勁的第四季為本財年畫下句點，我對團隊在全年所取得的進展感到滿意。我們的成果反映了嚴謹的執行力、全業務需求改善，以及朝向我們三年策略目標的動能。

Sales were up 17% year-over-year in the fourth quarter and 6% for the full year. This growth reflects outstanding performance by our account management teams, including sales, engineering, financial services, and operations, and the deep relationships that we've maintained over decades with our partners.

第四季銷售額年增 17%，全年年增 6%。此成長反映我們客戶管理團隊（包括銷售、工程、金融服務與營運）的卓越表現，以及我們與合作夥伴數十年來維繫的深厚關係。

We were able to respond successfully to the increased demand for our technologies from our channel partners. For the second half of our year, we saw renewed growth for key technologies, including physical security, mobility, networking, CX, cloud, compute, and connectivity.

我們成功回應通路合作夥伴對我們技術日益增加的需求。在本財年下半年，我們看到關鍵技術重啟成長，包括實體安全、行動化、網路、CX、雲端、運算與連線。

Our business has returned to growth, and we believe we're at the beginning of a stronger growth trajectory. We're excited about today's announcement that we signed a definitive agreement to acquire MicroAge. And I want to start with why we believe this is such a strong fit for ScanSource.

我們的業務已重回成長，我們相信正處於更強勁成長軌跡的起點。我們很高興宣布，今日我們已簽署收購 MicroAge 的最終協議。我想先談談為何我們認為這對 ScanSource 來說是非常契合的組合。

The acquisition expands ScanSource's TAM, adds new services capabilities, and provides greater visibility into end-user needs. First, MicroAge's technologies. Many of them are new to ScanSource, expand our TAM in high-growth technologies like cloud, cybersecurity, data center, and AI.

此項收購擴大 ScanSource 的 TAM（可服務市場總量）、新增服務能力，並讓我們更能掌握終端使用者需求。首先是 MicroAge 的技術。其中許多對 ScanSource 而言是新領域，並在雲端、資安、資料中心與 AI 等高成長技術上擴大我們的 TAM。

And second, MicroAge brings additional services offerings to enable ScanSource channel partners to partner and co-sell new technologies, capabilities, including cloud migration and management, cybersecurity services, next-generation AI data center implementation, and AI solutions development.

第二，MicroAge 帶來額外的服務產品，讓 ScanSource 的通路合作夥伴能夠合作並共同銷售新技術與能力，包括雲端遷移與管理、資安服務、下一代 AI 資料中心導入，以及 AI 解決方案開發。

We see great opportunities ahead to help our trusted advisors and our solution providers take advantage of these new services that will become available from MicroAge. We built ScanSource over the years by identifying technologies that are transitioning to the channel and require specialized expertise to deliver value to the end user. That's the driving force behind our converged communications business unit we started last quarter.

我們看到未來有很大的機會，協助我們的信賴顧問與解決方案供應商善用 MicroAge 將提供的這些新服務。多年來，我們透過辨識正轉向通路、且需要專業能力才能為終端使用者創造價值的技術，建立起 ScanSource。這也是我們上季成立整合式通訊事業單位背後的推動力。

As we all know, the communications market has been moving from on-prem to cloud for many years, in a market where everything is connected. That's where our converged communications team comes in, helping our partners capture the full stack of opportunities. The idea is simple. Help solution providers sell more cloud recurring revenue, help Intelisys trusted advisors attach more edge devices, and build on these successes to accelerate growth.

眾所周知，通訊市場多年來一直從地端（on-prem）移轉到雲端，在一個萬物互聯的市場中更是如此。這正是我們整合式通訊團隊的角色所在，協助合作夥伴掌握全堆疊的機會。概念很簡單。協助解決方案供應商銷售更多雲端經常性收入，協助 Intelisys 的信賴顧問搭配更多邊緣裝置，並在這些成功基礎上加速成長。

We are proud to have three longstanding brands in one channel company. ScanSource has been serving the channel for 34 years, Intelisys also for 34 years, and MicroAge is celebrating its 50th anniversary this year. All three companies have built decades-long relationships with channel partners and end users across most industries. ScanSource's differentiation is building specialized expertise while developing deep relationships with channel partners and end users founded on trust.

我們很自豪在同一家通路公司中擁有三個歷史悠久的品牌。ScanSource 服務通路已 34 年，Intelisys 也同樣 34 年，而 MicroAge 今年正慶祝成立 50 週年。三家公司都在多數產業中，與通路合作夥伴及終端使用者建立了長達數十年的關係。ScanSource 的差異化在於建立專業能力，同時發展與通路合作夥伴及終端使用者之間以信任為基礎的深厚關係。

I'll now turn the call over to Steve to take you through our financial results and outlook for fiscal year 2027.

現在我把電話會議交給 Steve，請他帶各位了解我們的財務結果，以及 2027 財年的展望。

Thanks, Mike. Our Q4 results reflect strong demand and profitable growth across our technologies and reporting segments. Net sales and gross profits saw strong mid-teen year-over-year growth, while our non-GAAP EPS grew 43% to $1.46 a share, a record for the company.

謝謝你，Mike。我們第四季的結果反映出在各項技術與申報部門中，需求強勁且成長具獲利性。淨銷售額與毛利皆呈現強勁的年增中十位數成長，而我們的非 GAAP 每股盈餘年增 43% 至每股 1.46 美元，創公司紀錄。

Our full-year results reflect strengthening second-half demand and the return of large deals. Our FY26 full-year results align well with our three-year goals, with net sales for products growing 5.9% year-over-year, while recurring revenues increased 10.6% year-over-year.

我們全年結果反映下半年需求轉強，以及大型交易回歸。我們 2026 財年全年結果與三年目標相當一致：產品淨銷售額年增 5.9%，而經常性收入年增 10.6%。

Consolidated gross profits increased 7% year-over-year, the higher end of our range, with the gross profit contribution from recurring revenues increasing to 34% of the consolidated results. We grew our business and delivered annual free cash flow of $114 million, with cash conversion of non-GAAP net income of 124%.

合併毛利年增 7%，位於我們區間的高端；其中經常性收入對毛利的貢獻提升至合併結果的 34%。我們擴大業務並實現年度自由現金流 1.14 億美元，非 GAAP 淨利的現金轉換率為 124%。

Turning to our segments, I'll start with Specialty Technology Solutions. Net sales for the quarter increased 18% year-over-year, led by broad-based North America hardware sales growth across our technologies. Gross profits increased 16% year-over-year to $94 million. Adjusted EBITDA increased 28% year-over-year to $36.7 million, with an adjusted EBITDA margin of 3.96%.

接著談各事業部門，我先從專業技術解決方案（Specialty Technology Solutions）開始。本季淨銷售額年增 18%，主要由北美地區各項技術的硬體銷售廣泛成長所帶動。毛利年增 16% 至 9,400 萬美元。調整後 EBITDA 年增 28% 至 3,670 萬美元，調整後 EBITDA 利潤率為 3.96%。

For the full year, segment revenues increased 6% to $3.12 billion, while gross profits increased 8.4% to $338 million, with approximately 15% of segment gross profits coming from recurring revenues. In our Intelisys & Advisory segment, Q4 net sales and gross profits grew 7% and 8% year-over-year, respectively.

就全年而言，該部門營收年增 6% 至 31.2 億美元，毛利年增 8.4% 至 3.38 億美元，其中約 15% 的部門毛利來自經常性收入。在我們的 Intelisys 與顧問（Advisory）部門，第四季淨銷售額與毛利分別年增 7% 與 8%。

Adjusted EBITDA for the segment was $9.4 million, with an adjusted EBITDA margin of 36.4%. For the full year, segment revenues grew 3.1% to $101 million. Intelisys FY26 net billings increased to approximately $2.88 billion. Going a bit deeper on our balance sheet and cash flow, we ended Q4 with $88 million in cash and a net debt leverage ratio of approximately zero on a trailing 12-month adjusted EBITDA basis.

該分部的調整後 EBITDA 為 940 萬美元，調整後 EBITDA 利潤率為 36.4%。全年而言，分部營收成長 3.1% 至 1.01 億美元。Intelisys FY26 淨計費額增加至約 28.8 億美元。再更深入看我們的資產負債表與現金流，我們在第四季末的現金為 8,800 萬美元，且以過去 12 個月調整後 EBITDA 為基礎計算的淨負債槓桿比率約為零。

For the full year, we generated $114 million in free cash flow, 124% conversion of our non-GAAP net income. Share repurchases totaled $27 million for the quarter, taking our full-year share repurchases to $98 million. As of June 30, 2026, we had approximately $121 million remaining under our share repurchase authorization.

全年而言，我們產生了 1.14 億美元的自由現金流，為非 GAAP 淨利的 124% 轉換率。本季股票回購總額為 2,700 萬美元，使全年股票回購累計達 9,800 萬美元。截至 2026 年 6 月 30 日，我們在股票回購授權額度下尚餘約 1.21 億美元。

Adjusted ROIC was 18.2% for the quarter and 14.7% for the full year, reflecting our disciplined approach to both working capital and capital allocation priorities. As Mike discussed, we signed a definitive agreement to acquire MicroAge, which is expected to close by the end of Q1.

本季調整後 ROIC 為 18.2%，全年為 14.7%，反映我們在營運資金與資本配置優先順序上採取的嚴謹作法。如 Mike 所討論，我們已簽署收購 MicroAge 的最終協議，預計將於第一季末前完成交割。

The planned acquisition is an exciting opportunity to advance our three-year goals and aligns with our capital allocation priorities, expanding our total addressable market, our technology stack, our capabilities, and our channel reach with accretive margins and positive free cash generation.

這項規劃中的收購是推進我們三年目標的令人振奮機會，並與我們的資本配置優先順序一致；在具增益的利潤率與正向自由現金產生的支持下，將擴大我們的整體可服務市場、技術堆疊、能力，以及通路觸及範圍。

Our capital allocation priorities remain the same: maintain a strong balance sheet with leverage of 1-2 times adjusted EBITDA and be disciplined in capital deployment, including strategic acquisitions and share repurchases. We are providing an annual outlook excluding the benefit from the planned acquisition of MicroAge.

我們的資本配置優先順序維持不變：維持強健的資產負債表，將槓桿維持在調整後 EBITDA 的 1 至 2 倍，並在資本運用上保持紀律，包括策略性收購與股票回購。我們提供的年度展望不包含規劃中收購 MicroAge 所帶來的效益。

On an organic basis, we expect revenues to increase between 6% and 10%, believing we will see continued strong demand across our technologies and with normal lead times. We expect adjusted EBITDA to be between $158 million and $165 million, reflecting an expected 4.6% to 4.65% adjusted EBITDA margin.

以有機成長基礎來看，我們預期營收將成長 6% 至 10%，我們相信在各項技術領域將持續看到強勁需求，且交期將回到正常水準。我們預期調整後 EBITDA 介於 1.58 億至 1.65 億美元，反映預期 4.6% 至 4.65% 的調整後 EBITDA 利潤率。

Free cash flow, we expect to generate at least $85 million in free cash flow. We expect the FY27 effective income tax rate to range from 27.5% to 28.5%. We plan to update our annual outlook, including the MicroAge acquisition, during our FY27 Q1 earnings call.

自由現金流方面，我們預期至少產生 8,500 萬美元的自由現金流。我們預期 FY27 的有效所得稅率介於 27.5% 至 28.5%。我們計畫在 FY27 第一季財報電話會議中更新年度展望，並納入 MicroAge 收購案。

We'll now open up for questions.

我們現在開放提問。

(Operator Instructions)

(接線員指示)

Greg Burns, Sidoti.

Greg Burns，Sidoti。

Morning. Can we just talk a little bit about the outperformance for the fourth quarter and the full-year relative to your guide? What came in stronger than you were expecting?

早安。我們能否稍微談談第四季與全年相對於你們指引的超預期表現？有哪些項目比你們原先預期更強？

And it doesn't seem like it, but are you seeing -- I think last quarter there was a little caution around macro risks and maybe supply shortages around memory, but it doesn't seem like that's impacting your business. What's the risk of that going forward as we head into fiscal 2027?

另外，看起來不像是，但你們是否看到——我記得上季對總體風險有些謹慎，可能也提到記憶體供應短缺，但似乎沒有影響你們的業務。展望未來、進入 2027 會計年度後，這方面的風險有多大？

Greg, good morning. This is Steve. So I would say what we saw this year, when we think about the full year, was really what we thought was going to happen coming into the year. We believed we were going to have a stronger second-half growth performance.

Greg，早安。我是 Steve。我會說，今年我們看到的情況，就全年而言，基本上就是我們在年初進入本年度時所預期會發生的。我們相信下半年會有更強的成長表現。

As we saw the second half unfold, what we saw was actually a very strong demand environment and the return of those large deals that we continue to talk about being in our pipe as the fourth quarter unfolded. So we were very pleased, like many other technologies that we saw this strong demand.

隨著下半年展開，我們看到的是非常強勁的需求環境，以及那些我們一直提到在管線中的大型交易在第四季逐步回歸。因此我們非常滿意；就像我們看到的許多其他科技領域一樣，需求相當強勁。

When we think about the macro environment, of course, we're always cautious about what's going on in the macro environment because it's out of our control. And we believe that in our guide, we're not expecting to see any kind of supply disruption, and we still believe we're going to see continued strong demand.

談到總體環境，當然，我們對總體環境的變化始終保持謹慎，因為那不在我們的控制範圍內。我們認為在我們的指引中，並未預期會出現任何供應中斷，我們仍相信需求將持續強勁。

Okay, could you just -- maybe give us a little insight into product segment categories where you were seeing particular strength, or whether or not, it sounds like it was across the board, but is there any particular areas of strength worth highlighting?

好的，你能否——也許給我們一些洞見，說明你們在哪些產品分部類別看到特別強勁的表現？或者聽起來是全面性的，但是否有任何特別值得強調的強勢領域？

No, Greg, again, it's Steve. I think it was across the board. We saw all year long that physical security has been a great performer for us. But as we saw the second half, it's been very broad-based.

沒有，Greg，再次說明，我是 Steve。我認為是全面性的。我們整年都看到實體安全（physical security）對我們而言表現非常好。但到了下半年，成長動能非常廣泛。

Okay. And then just flipping over to MicroAge, could you give us a little better understanding of their revenue mix? How much is it product versus maybe services?

好的。接著談 MicroAge，你能否讓我們更了解他們的營收組合？產品占比大概多少，相對於服務呢？

Hey, Greg, it's Mike. Yeah, I think we're going to wait to talk more about the details of MicroAge after Q1, once we get it closed and there'll be some revenue in the quarter, so stand by for that. But just in general, what we were looking for, frankly, for the last year was a company that had a services strategy that we could not only buy into from their perspective, meaning selling their services business, growing into their customer base, but also a services business that we could scale and have some of those services work with our existing channel partners.

嗨，Greg，我是 Mike。是的，我想我們會等到第一季之後、在完成交割且該季會有一些營收貢獻時，再更詳細談 MicroAge 的細節，所以請先稍候。但整體而言，坦白說，我們過去一年在尋找的是一家擁有服務策略的公司；我們不僅能從他們的角度「買進」這個策略——也就是銷售他們的服務業務、在其客戶基礎中擴張——同時也希望這是一個我們能夠規模化的服務業務，並讓其中部分服務能與我們現有的通路夥伴合作。

We found MicroAge as a company that had a services business, but also comes out of a traditional reseller business for 50 years. And so this company for sure comes out of the legacy hardware model, moved into services, and now have been very successful at the blend of selling hardware and providing services, whether they're managed services, professional services. So we really like the composition, and we'll talk more about that after our Q1 call.

我們發現 MicroAge 這家公司擁有服務業務，但同時也源自於擁有 50 年歷史的傳統轉售商業務。因此，這家公司確實起源於傳統硬體模式，之後轉向服務，並且在「銷售硬體」與「提供服務」的組合上非常成功，無論是託管服務（managed services）或專業服務（professional services）。所以我們非常喜歡這樣的組成，並會在第一季電話會議後再談更多。

Okay. And then just lastly, is there any risk of channel conflict here for you?

好的。最後一個問題，這裡是否存在任何通路衝突的風險？

We think the risk is very low, but we're also, as we said when we acquired Resourcive a couple of years ago, if any of our partners feel like there's some channel conflict with their customers, we're going to do our best to make sure we prefer our existing channel partner if they're already in an account and MicroAge shows up.

我們認為風險非常低，但同時，正如我們在幾年前收購 Resourcive 時所說，如果我們的任何合作夥伴覺得在其客戶上存在一些通路衝突，我們會盡最大努力確保：若既有通路夥伴已在某個客戶帳戶中，而 MicroAge 也出現，我們會優先支持我們現有的通路夥伴。

But here's what the research really is showing across the IT landscape, and this is from third-party research experts, that most end users today at mid-market and enterprise companies are working with six or more partners all the time. So we believe that MicroAge has a motion into their community. By the way, they're really only selling to about 2,500 or so end users, which is a very small number.

但第三方研究專家對整個 IT 版圖的研究顯示，如今多數中型市場與企業端的終端用戶，平時都會同時與六家或以上的合作夥伴合作。因此我們相信 MicroAge 在其社群中有其推進方式。順帶一提，他們實際上只銷售給約 2,500 名左右的終端用戶，這是非常小的數量。

But where MicroAge's lane is very clear, we might today have someone else in there selling products, for example, we could have a security VAR in there selling security and not even know MicroAge is there, and we might have an agent in there selling connectivity, and today all three could be in the same account and not even know each other is there because the end users today, again, what the research shows, the IT end user today is comfortable working with a small set of partners as a team, not having one partner do it all.

但在 MicroAge 的定位非常明確的地方，我們今天可能會有其他人在那裡銷售產品；例如，我們可能有一家資安 VAR 在那裡賣資安，而甚至不知道 MicroAge 也在那裡；我們也可能有一位代理商在那裡賣連線服務。而今天這三方可能都在同一個客戶帳戶裡，卻彼此不知道對方的存在，因為如今的終端使用者——同樣地，研究顯示——今天的 IT 終端使用者習慣與一小群合作夥伴以團隊方式合作，而不是由單一合作夥伴包辦所有事情。

And so we really believe that just offers more opportunity for our channel partners today to actually go to market alongside MicroAge and vice versa. And that's really the model that we're talking about. And we'll do everything we can to make sure no one feels like they've gotten disenfranchised. And we think our longstanding relationships with our partners have given us permission to be able to do this.

因此，我們確實相信，這為我們目前的通路合作夥伴帶來更多機會，能夠與 MicroAge 一起走向市場，反之亦然。這正是我們所談論的模式。我們會盡一切所能，確保沒有人覺得自己被剝奪了權益。而我們與合作夥伴長期建立的關係，也讓我們有足夠的信任基礎得以這麼做。

All right, great. Thank you.

好的，很棒。謝謝。

Keith Housum, Northcoast Research.

Keith Housum，Northcoast Research。

Good morning, guys, and congratulations on a great quarter. Great to see the leverage from the model coming through. Hey, Steve, as we look at the guidance and we kind of think about the tougher comps that you're going to have in the second half of the year, is it fair to say that you expect a stronger, I guess, percentage growth in the first half of the year compared to the second half of the year?

各位早安，恭喜你們交出一個很棒的季度。很高興看到這個模式帶來的槓桿效益開始顯現。Steve，當我們看你們的指引，並思考你們在下半年將面臨較嚴峻的比較基期時，是否可以說你們預期上半年（我想是）百分比成長會比下半年更強？

Yeah, Keith, good morning. Thanks for the question. Yeah, I believe that is the way, if you look at a percentage year-over-year growth, that it's going to lay out. I think our first half has easier comps.

是的，Keith，早安。謝謝你的提問。是的，我相信如果你以年對年百分比成長來看，確實會是這樣的走勢。我認為我們上半年的比較基期較容易。

The second half, especially with this fourth quarter, is going to be a tougher comp. But that is all captured in our 6% to 10% expectations.

下半年，尤其是第四季，將會是較嚴峻的比較基期。但這些都已反映在我們 6% 到 10% 的預期之中。

And based on your guidance, I'm assuming the pipeline coming out of the quarter and the conversations you're having at quarter-end was just as strong as the prior quarter, if not even better?

而根據你們的指引，我推測本季結束時的商機管線，以及你們在季末進行的對話，跟上一季一樣強，甚至更強？

Yeah, I would say that our account management teams were very busy going through the end of June.

是的，我會說我們的客戶管理團隊在六月底前後都非常忙碌。

Great. And then you guys had a press release with Hewlett Packard Enterprise adding Juniper to your line card for networking. Can you perhaps talk about your expectations for when that might start to kick in and benefit you guys and how you're thinking the addition of one vendor?

很好。另外，你們發布新聞稿提到 Hewlett Packard Enterprise 將 Juniper 加入你們的網路產品線。你能否談談你們預期這件事何時會開始發酵、為你們帶來效益，以及你們如何看待新增一個供應商的影響？

I know one vendor doesn't always make the numbers, but Juniper, you guys used to carry, and Aruba, of course, you were there first, so it's important to you guys. Maybe help us understand how you're thinking about that benefit?

我知道單一供應商不一定就能左右數字，但 Juniper 你們以前也代理過，而 Aruba 當然你們更早就有，所以這對你們很重要。也許請幫我們理解你們如何看待這項效益？

Thank you, it's Mike. I'll comment on that. I would say right now, one of the challenges that we've already faced is Juniper has some supply chain constraints. They've had such a big year already that, by adding us, our partner opportunities are going to be a little slower to be fulfilled. And so they've just got some incredible pipelines of deals and opportunities. And so I think it will be slower than we would have wanted it to be and what we thought even a quarter ago.

謝謝，我是 Mike。我來回應一下。我會說目前我們已經面臨的一個挑戰是，Juniper 有一些供應鏈限制。他們今年的業績已經非常強勁，因此在把我們加入之後，我們的合作夥伴機會在履約交付上會稍微慢一些。他們手上有非常驚人的交易與機會管線。所以我認為進展會比我們希望的更慢，也比我們甚至在一季前所想的更慢。

So it's going to develop throughout, I would say, slowly through the first half of our year. And then by the time we get to the second half, we should be in full swing with Juniper from not only being able to sell, but also to deliver. So there's going to be a little bit of a backlog from us being able to get product to sell until we get to the second half.

因此我會說，它會在我們財年的上半年逐步、但較為緩慢地發展。等到進入下半年時，我們與 Juniper 的合作應該就會全面展開，不僅能銷售，也能交付。所以在我們進入下半年之前，因為拿到可供銷售的產品有限，會有一些積壓狀況。

Do you think the second half of the year they can be a noticeable contributor to growth?

你認為下半年他們會成為成長的顯著貢獻者嗎？

I think let us talk about that as the year unfolds, because again, some of these constraints are not anything we have control over.

我想讓我們隨著年度進展再來談這件事，因為同樣地，這些限制有些並非我們能控制。

Right, I appreciate it. Hey, your quarter was so strong this quarter. Did you guys have any new customer wins to help to drive that, or was it truly just broad demand across the board?

了解，謝謝。你們這一季表現非常強勁。你們是否有任何新客戶得標來推動成長，還是說真的是全面性的需求帶動？

Well, I would say this is, as everybody on the call knows, we made some changes in our leadership and sales structure, and we've got a different mindset right now about winning instead of defending. And I think that's a reflection on the emphasis we have put on we need to take market share and not just defend market share.

我會說，如同電話會議上大家都知道的，我們在領導與銷售架構上做了一些調整，而我們現在的心態不同了：更著重於「贏」而不是「防守」。我認為這反映了我們所強調的重點：我們需要拿下市占，而不只是守住市占。

And I think that spirit is something that is coming through all across the business, especially under Mark Morgan's leadership. There's a sense that people are excited, and our partners are, because again, we probably had a little bit of complacency about being able to grow our market share. So that's a new trend that we expect to continue through 2027.

我認為這股精神正在整個業務中展現出來，尤其是在 Mark Morgan 的領導之下。大家有一種興奮感，我們的合作夥伴也是，因為坦白說，我們過去可能對於能夠擴大市占有一點自滿。因此，這是一個我們預期會一路延續到 2027 年的新趨勢。

Great, appreciate it. And then, Mike, can you talk about the Intelisys turnaround? I know it's been a work in progress now for several quarters. So if you could talk about the progress of that and then what Intelisys bookings were for the quarter?

很好，謝謝。另外，Mike，你能談談 Intelisys 的轉型進展嗎？我知道這已經進行了好幾個季度。所以如果你能談談目前的進度，以及本季 Intelisys 的 bookings（接單／預訂）是多少？

Yeah, what we've done, again, under Ken's leadership is we've gotten our teams more focused on how do we win instead of just defend. And when you're the largest TSD, as Intelisys has been in its history, it's easier for competitors just to pick off partners with better commission splits, better margins, if you will, for them.

是的，我們所做的——同樣是在 Ken 的領導之下——是讓團隊更聚焦於如何取勝，而不只是防守。當你是最大的 TSD（如 Intelisys 在其歷史上一直是）時，競爭對手更容易用更好的佣金分成、更好的利潤空間（對他們而言）來挖走合作夥伴。

So what we've done is focus more on some of the technologies that are growing faster than others, put more resources behind it. And some of that I think is evident in our results for the year where, when you look at that segment, we have some investments that are showing up in the additional SG&A spend because we're adding some capabilities with Resourcive.

因此我們做的是更聚焦在一些成長速度更快的技術，並投入更多資源。我想這在我們今年的結果中也有所體現：當你看那個部門時，我們有一些投資反映在額外的 SG&A（銷售、一般及行政費用）支出上，因為我們透過 Resourcive 增加了一些能力。

And some of the results we talked about earlier on the call, like in cloud, compute, and connectivity, and even CX, we had very strong results that we haven't had in a while. And frankly, the connectivity is one that we were talking to Ken about some more, and some of that's coming from some of the new data center connections back to enterprises, and they need more bandwidth and more connectivity.

而且我們在電話會議前面提到的一些成果，例如在雲端、運算與連線性，甚至在 CX（客戶體驗）方面，我們都取得了很強的表現，這是我們一段時間以來少見的。坦白說，連線性這一塊我們也跟 Ken 多談了一些，其中一部分來自一些新的資料中心回連到企業的連接需求，他們需要更大的頻寬與更多的連線能力。

And so that's improving our opportunity in that space. So I think the whole space, Keith, is seeing a growth surge and acceleration. And of course, we don't see all that right away, but the early days are very positive.

因此，這正在提升我們在該領域的機會。所以我認為整個領域，Keith，正看到一波成長激增與加速。當然，我們不會立刻看到全部反映出來，但早期的情況非常正面。

So how were bookings in this quarter for those guys?

那這一季那些人的訂單表現如何？

Well, as we're not reporting on bookings these days.

嗯，因為我們現在不再公布訂單數據。

All right. I guess final question for you. Brazil seemed to have another tough quarter, which I guess was a surprise to us. Anything happening in that business structurally that we should be thinking about?

好。我想最後一個問題。巴西似乎又經歷了一個艱難的季度，這對我們來說算是意外。那個業務在結構上有沒有什麼正在發生、我們應該留意的？

Well, I think the main thing is we have got such great operators there that no matter how the marketplace treats us from a market demand for our products and technologies, we're always managing to profitability. And this is a business that's been consistently profitable, nicely profitable, since we got into Brazil. And so unfortunately, it means we have to take some actions.

嗯，我認為最主要的是，我們在那裡有非常優秀的經營團隊，無論市場對我們的產品與技術需求如何，我們總能把業務管理到獲利。而且自從我們進入巴西以來，這項業務一直都保持獲利，而且獲利表現不錯。所以不幸的是，這也意味著我們必須採取一些行動。

We had to make some structural changes with headcount, and so that team understands that in their environment, they have to be responsive so that we don't lose leverage on the revenue that does come in, Keith. So again, disappointed at the top line, pleased with the profitability.

我們不得不在人力編制上做一些結構性調整，因此那個團隊也理解，在他們的環境中必須保持敏捷回應，才能確保我們不會在既有收入上失去營運槓桿，Keith。所以再次強調，對營收端感到失望，但對獲利能力感到滿意。

Great. Thanks, guys. Good luck.

很好。謝謝各位。祝你們好運。

Thank you.

謝謝。

Guy Hardwick, Barclays.

Guy Hardwick，巴克萊。

Hi, good morning. Congrats on the excellent results.

嗨，早安。恭喜你們交出非常出色的成績。

Appreciate it. Thanks, Guy.

感謝。謝謝你，Guy。

Steve, I think I heard you say when you gave the guidance for 2027, it's organic 6% to 10%. So maybe if you could bear in mind the previous comments about first half versus second half, it's a question of what visibility do you have on that 6% to 10%?

Steve，我想我聽到你在給出 2027 年指引時說，有機成長是 6% 到 10%。所以也許請你把先前關於上半年與下半年的評論納入考量，我的問題是：你對這個 6% 到 10% 的能見度有多高？

To what extent are you factoring in large deals or new business prospects or the impact of some of the changes that you said to kind of re-energize the business?

你在多大程度上把大型交易或新業務機會、或你提到為了重新激活業務而做的一些變革的影響納入考量？

Yeah, Guy, thanks for the question. So when we think about that 6% to 10%, that's our business, our organic business, and we want to be really clear in our guidance that it did not include the acquisition, the benefits of the acquisition. We'll update that when we do our Q1 results.

是的，Guy，謝謝你的問題。我們在看 6% 到 10% 時，指的是我們的業務、我們的有機業務；我們希望在指引中非常清楚地說明，這不包含併購、也不包含併購帶來的效益。我們會在公布第一季（Q1）業績時更新。

But what we're seeing is that's the way this business should operate as large deals continue to roll out, the technologies that we're in. One of the things that I go back to for this year even is, in our Specialty Technology Solutions segment, you look at the hardware versus the recurring revenues, and you see the 6% to 10%. So that's a mixed statement. And so we believe things will operate more normally for FY27.

但我們看到的是，隨著大型交易持續落地、以及我們所處的技術領域推進，這門業務本來就應該以這樣的方式運作。甚至回到今年，在我們的 Specialty Technology Solutions（STS）部門，你看硬體與經常性收入的組合，就會看到 6% 到 10%。所以那是一個混合性的表述。因此我們相信在 2027 財年（FY27）情況會更趨於正常運作。

And just maybe in Q4, is it possible to give kind of a split between price and volume in STS? How much of a tailwind to revenues or billings was inflation in the period on a year-over-year basis?

另外就第四季（Q4）而言，是否可以提供 STS 中價格與量的拆分？就年對年來看，通膨在本期對營收或開票金額（billings）帶來了多大的順風？

Yeah, let me double-click on that. It's a great question. So we've definitely benefited year-over-year from broad-based price increases across our technologies, like most other distributors and those in technology did. Remember that 80%-plus of our sales are under special pricing agreements controlled by the suppliers, so isolating the difference with custom configuration, the mix, isolating that price difference is really difficult for us. What I would say, though, is the majority is demand-driven.

好的，我再深入說明一下。這是個很好的問題。所以我們年對年確實受惠於我們各項技術產品的廣泛性漲價，和多數其他通路商以及科技業者一樣。請記得，我們超過 80% 的銷售是在由供應商控制的特殊定價協議之下，因此要在客製化配置與產品組合的影響中，單獨拆解出價格差異，對我們來說非常困難。不過我會說，主要還是由需求所驅動。

Okay. Thank you.

好的。謝謝。

(Operator Instructions)

（接線員指示）

Adam Tindle, Raymond James.

Adam Tindle，Raymond James。

Okay, thanks. Good afternoon, and congrats on a strong Q4 finish. Mike, I want to start on MicroAge. Just given the sheer magnitude of this, I think it's like more than 20% of your market cap. So a big bet on this acquisition. And I wonder if we just take a step back and have you kind of walk investors through the decision on capital allocation here. I think you mentioned your core business is returning to growth.

好的，謝謝。午安，並恭喜第四季（Q4）強勁收官。Mike，我想先從 MicroAge 談起。考量到這筆交易的規模之大，我想大概超過你們市值的 20%。所以這是一個對這項併購的重大押注。我想請你們退一步，帶投資人走一遍你們在資本配置上的決策思路。我記得你提到核心業務正在回到成長。

Obviously, returns in the core business are very strong. Your stock's trading at 6- or 7- times EBITDA right now. So doing this acquisition versus perhaps more share repurchase, why this was sort of the decision that you made?

顯然，核心業務的報酬率非常強。你們的股票目前大約以 6 到 7 倍 EBITDA 交易。所以，相較於可能進行更多庫藏股回購，為什麼選擇做這筆併購？為什麼這會是你們做出的決定？

Well, there's probably two different ways I'd go at this. One is we've been planning this for a long time. When I go back to literally 2016 when we bought Intelisys, we've been talking about how the business, the IT business, is going to change in the channel over 10 years.

嗯，我大概會從兩個角度來回答。第一，我們規劃這件事已經很久了。如果回到 2016 年我們收購 Intelisys 的時候，我們就一直在談，IT 業務在通路端將在 10 年內發生變化。

And the idea for why we believe an acquisition of a company like this is important to the future growth of our business is because our channel partners need access to more services and capabilities, not just selling hardware. We predicted this, we forecasted. We have slides back in 2016 where we were trying to locate managed services capabilities to add over time.

而我們之所以認為收購像這樣的公司對我們未來成長很重要，是因為我們的通路夥伴需要取得更多服務與能力，而不只是銷售硬體。我們曾做出這樣的預測與推估。我們在 2016 年就有投影片，當時我們在尋找可隨時間逐步加入的代管服務（managed services）能力。

And as we went through those 10 years, at different times we made big bets. We made a big bet back then, if you recall, that at the time was the largest transaction we'd ever done, and of course it was an earnout, so that made it a little more palatable from a cash perspective.

而在這 10 年的過程中，我們在不同時間點做過重大押注。如果你還記得，我們當時做了一筆重大押注，那在當時是我們做過最大的一筆交易；而且那是一筆依績效支付（earnout）的交易，因此從現金角度來看也更容易接受一些。

That was a bet on adjacencies, and again, what we believe this is, is not only adjacent, but it also is going to help not only MicroAge grow. This is a growth company. This is a company that we believe if we do nothing to it from a synergy with our existing channel partners, where our channel partners can bring them in, on their own this company is growing fantastically and very profitably because they're in the sweet spots of technology growth and they have long-standing relationships.

那是一個對相鄰領域（adjacencies）的押注；而我們再次認為，這不僅是相鄰領域，還將不只幫助 MicroAge 成長。這是一家成長型公司。我們相信，即使我們不透過與既有通路夥伴的協同來做任何事、讓通路夥伴把他們帶進來，這家公司本身也能以非常出色且高度獲利的方式成長，因為他們位於科技成長的甜蜜點，並且擁有長期的合作關係。

The average tenure of their employees is way up there compared to other companies we've seen. If the core business that they're in is going to grow and give strong returns, why would we not want to invest in that with our balance sheet? So this became almost an easy decision from, is this as good or better return than share repurchases? Absolutely it is, and it fits our long-term plan. That's why we did it.

他們員工的平均任職年資，與我們看過的其他公司相比高出許多。如果他們所處的核心業務將會成長並帶來強勁回報，我們為什麼不想用資產負債表去投資它呢？因此，這幾乎成了一個很容易的決定：就回報而言，這是否與庫藏股回購一樣好或更好？絕對是，而且也符合我們的長期計畫。這就是我們這麼做的原因。

Okay. And any kind of color you can give on that? If I was to back into this versus share repurchase, this acquisition should bring $30 million or so of EBITDA. Is that a reasonable ballpark? I know we're going to get more details, but just so we can sort of think about what could be coming after a close.

好的。那你能否再多提供一些細節說明？如果我把這筆交易與庫藏股回購做對比來推算，這項收購應該會帶來約3,000萬美元左右的EBITDA。這樣的估計合理嗎？我知道之後會有更多細節，但只是讓我們能大致思考在交割完成後可能會出現什麼。

Yeah, Adam, I would say we're still not closed. And so right now, probably not appropriate for us to project on what that might look like. Stay tuned to Q1. We'll give you a lot of color because we'll update our annual guidance to include it.

是的，Adam，我會說我們目前仍未完成交割。因此，就目前而言，我們可能不適合去預測它會長什麼樣子。請留意第一季。我們會提供很多細節，因為我們會更新年度指引並把它納入。

Okay. And then, Mike, as I kind of think about MicroAge under ScanSource's care, if and when that does happen, I'd be curious your view on both the vendor and customer reaction to this. On one hand, the vendors, sometimes when a bigger entity acquires, they may be excited about this and potentially consolidate more share to the company.

好的。接著，Mike，當我思考MicroAge在ScanSource的管理之下（如果、以及一旦真的發生）時，我很好奇你對供應商與客戶對此的反應看法。一方面，供應商有時在較大型的實體收購後，可能會對此感到興奮，並可能把更多份額集中到該公司。

So I imagine obviously conversations may have been limited given it was just announced, but just as you kind of did your diligence, how you think vendors might react, especially given some of them are new to ScanSource.

所以我想，鑑於這才剛宣布，顯然相關對話可能仍有限，但就你們在盡職調查時的判斷，你認為供應商可能會如何反應，特別是其中一些對ScanSource而言是新的供應商。

And then customers, it was mentioned earlier that there's potential for channel conflict here, which is obvious. But there's also potential for synergy and empowering your existing partners. So how you're thinking about the reaction from vendors and customers is the part of the question. Thanks.

然後是客戶端，先前提到這裡可能存在通路衝突，這很明顯。但同時也可能有協同效應，並賦能你們既有的合作夥伴。所以問題的重點是：你們如何看待供應商與客戶的反應。謝謝。

Sure. And I'll go back just a little bit too. When we met the management team not that long ago, and the first question they had for us as we went in to ask them a question was, Mike, what's your thesis for this? And again, this is a management team that's been at MicroAge a long time, some of them 30 years.

當然。我也稍微回溯一下。不久前我們見到管理團隊時，我們進去要問他們問題，而他們對我們的第一個問題是：Mike，你對這件事的投資論點是什麼？而且再次強調，這是一個在MicroAge待了很久的管理團隊，其中一些人已經30年了。

And when we talked about one of the things that ScanSource channel partners need, both our solution providers and our trusted advisors under Intelisys, they're always asking us, how can we grow, and what can you do, ScanSource to help us grow?

當我們談到ScanSource通路合作夥伴的需求時——無論是我們的解決方案供應商，或是在Intelisys旗下的信賴顧問——他們總是問我們：我們要如何成長？ScanSource能做什麼來幫助我們成長？

And one of the things we keep seeing is that most of our partners, and we have a subset that are very large and have a lot of capability to add skills, but for example, if you're trying to sell cybersecurity today as a solution provider or an agent trusted advisor, they don't have the resources to follow a sale of cybersecurity products with implementation, deployment, and then follow-on support.

而我們持續看到的一件事是：我們的大多數合作夥伴——當然我們也有一部分非常大型、具備很多能力可以增添技能——但舉例來說，如果你今天想以解決方案供應商或代理型信賴顧問的身分銷售資安作為解決方案，他們沒有資源在完成資安產品銷售後，接著提供導入、部署，以及後續支援。

None of our partners, except the very largest, have their own NOC or SOC. And so this is something we've been trying to figure out. How can we provide that service from ScanSource on a wholesale model, if you will, to our channel? And by buying a company that's already doing that for their own customers, and then us adding scale to that, because we can now -- MicroAge can now add people, they weren't able to under a private equity ownership. They can add more scale and provide services that, frankly, none of our competitors can offer our channel.

除了規模最大的那些之外，我們的合作夥伴都沒有自己的NOC或SOC。因此這一直是我們在思考要怎麼解決的事情。我們如何能以某種批發模式，從ScanSource提供那樣的服務給我們的通路？透過收購一家已經在為其自身客戶提供這些服務的公司，然後由我們為其增加規模——因為現在MicroAge可以增聘人員，而在私募股權持有期間他們做不到。他們可以擴大規模並提供服務，坦白說，這是我們任何競爭對手都無法提供給我們通路的。

So we believe that this is going to allow our partners. And by the way, so I had a call in anticipation, of course, of the announcement with four of our longtime barcode and mobility partners, not to tell them name, but to tell them the idea, and they were enthusiastic because they trust that we're not going to bring a partner in that will compete with them, whereas today, if they want to go to a partner to say, help us with cybersecurity or help us with data center, if they don't know them really well, they don't know if that entity might compete with them.

所以我們相信，這將能讓我們的合作夥伴受益。順帶一提，在宣布之前我當然做了準備，我與四家我們長期的條碼與行動運算合作夥伴通話——不是告訴他們名稱，而是告訴他們這個構想——他們很熱衷，因為他們信任我們不會引入一個會與他們競爭的合作夥伴；而在今天，如果他們想找一個合作夥伴說：幫我們做資安或幫我們做資料中心，如果彼此不夠熟，他們不知道對方是否可能會與他們競爭。

But they trust that we will manage the competition, and they trust us to do it. So we had this call, Mark Morgan and I did, a couple of days ago with four partners and said, if we do this, what will your reaction be? And they were enthusiastic.

但他們信任我們會管理競合關係，也信任我們能做到。所以幾天前我和Mark Morgan與四位合作夥伴通話，並問：如果我們做這件事，你們的反應會是什麼？他們都很熱衷。

And I did talk to a couple of vendors and told them what we're doing. And they were thrilled because, frankly, we've got a lot more financial ability to expand the MicroAge business than they could without us. So the vendors are delighted because MicroAge is doing a fantastic job with those key vendors, and they see giving them access to the ScanSource balance sheet as nothing but positive.

我也和幾家供應商談過，並告訴他們我們在做什麼。他們非常高興，因為坦白說，我們在財務上有更強的能力去擴展MicroAge的業務，這是他們在沒有我們的情況下做不到的。所以供應商很滿意，因為MicroAge與那些關鍵供應商合作得非常出色，而他們認為讓MicroAge能使用ScanSource的資產負債表只會是正面因素。

That's helpful. Thank you.

這很有幫助。謝謝。

Thank you. I'm showing no further questions at this time. I would now like to turn it back to Steve Jones for closing remarks.

謝謝。我這邊顯示目前沒有其他問題。現在我想把時間交回給Steve Jones做結語。

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

感謝各位今天加入我們。我們預計在11月5日（週四）上午約10:30舉行下一次電話會議，討論截至9月30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。感謝各位參與。您現在可以掛線。