新聚思 (SNX) 2003 Q4 法說會逐字稿

Good day, ladies and gentlemen.

女士們先生們，美好的一天。

Welcome to the Synnex Corporation fourth quarter earnings conference call.

歡迎來到 Synnex Corporation 第四季度財報電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

Later, we will conduct a question and answer session.

稍後，我們將進行問答環節。

Instructions will follow at that time.

屆時將遵循指示。

If anyone should require operator assistance during the conference, please press star then zero on your touch-tone telephone.

如果有人在會議期間需要接線員幫助，請在您的按鍵式電話上按星號，然後按零。

As a reminder, ladies and gentlemen, this conference is being recorded.

提醒一下，女士們，先生們，這次會議正在錄製中。

I would now like to introduce your host for today's conference, Sandy Salah.

現在，我想介紹一下今天會議的主持人桑迪·薩拉赫 (Sandy Salah)。

Ms. Salah, you may begin.

Salah 女士，您可以開始了。

Thank you, Richard.

謝謝你，理查德。

Good afternoon, and welcome to Synnex's fourth quarter earnings conference call.

下午好，歡迎來到 Synnex 的第四季度收益電話會議。

I'm Sandy Salah, Senior Director of Marketing and Investor Relations.

我是營銷和投資者關係高級總監 Sandy Salah。

Joining us on today's call is Bob Huang, President and Chief Executive Officer;

與我們一起參加今天電話會議的是總裁兼首席執行官 Bob Huang；

Dennis Polk, Chief Financial Officer; and Cathy Chiu, Senior Vice President of Corporate Development and Communication.

丹尼斯·波爾克，首席財務官；和企業發展與傳播高級副總裁 Cathy Chiu。

Cathy joined the company two months ago and is the newest member of our executive management team.

Cathy 兩個月前加入公司，是我們執行管理團隊的最新成員。

She has an extensive background in investment banking, mergers and acquisitions, and corporate communications.

她在投資銀行、併購和企業傳播方面擁有廣泛的背景。

Welcome, Cathy.

歡迎，凱茜。

Before we begin our discussion I have a Safe Harbor statement.

在我們開始討論之前，我有一份安全港聲明。

During today's call statements will be made that are forward-looking, which include but are not limited to statements about our expectations regarding the first quarter of 2004, and future periods including but not limited to future revenue expectations, profitability, net earnings and earnings per share and regarding future business trends.

在今天的電話會議中，將作出前瞻性陳述，其中包括但不限於我們對 2004 年第一季度和未來期間的預期的陳述，包括但不限於未來收入預期、盈利能力、淨收益和每股收益分享和關於未來的商業趨勢。

These forward-looking statements and all other statements made on this call that are not historical facts are subject to a number of risks and uncertainties.

這些前瞻性陳述和本次電話會議上作出的所有其他非歷史事實的陳述都受到許多風險和不確定性的影響。

Please refer to today's earnings release and documents filed with the Securities and Exchange Commission, specifically our S-1 filing for information on risk factors that could cause actual results to differ materially from those discussed in these forward-looking statements.

請參閱今天的收益發布和提交給美國證券交易委員會的文件，特別是我們的 S-1 文件，了解可能導致實際結果與這些前瞻性陳述中討論的結果存在重大差異的風險因素信息。

Today's discussion may also include certain non-GAAP financial measures which are provided as supplemental information to enhance your understanding of our financial results, as well as other financial metrics, such as accounts receivable, days of sales outstanding, and total borrowing, including the off-balance sheet debt associated with our accounts receivable securitization programming.

今天的討論還可能包括某些非 GAAP 財務措施，這些措施作為補充信息提供，以加深您對我們財務業績的了解，以及其他財務指標，例如應收賬款、未償銷售天數和總借款，包括關閉- 與我們的應收賬款證券化計劃相關的資產負債表債務。

Additionally, this conference call is the property of Synnex and may not be recorded or rebroadcast without specific written permission from the company.

此外，本次電話會議是 Synnex 的財產，未經公司明確書面許可不得錄製或轉播。

Now, I'd like to turn the call over to Dennis Polk for financial highlights.

現在，我想把電話轉給丹尼斯波爾克，了解財務亮點。

Thank you, Sandy, and thanks to everyone for joining our call and webcast today.

謝謝你，桑迪，感謝大家今天加入我們的電話會議和網絡廣播。

We are glad to be conducting our first conference call as a public company since our IPO on November 25th, and we look forward to future dialogue with you moving forward.

我們很高興召開自 11 月 25 日首次公開募股以來作為上市公司的首次電話會議，我們期待與您的未來對話。

As Sandy indicated, I will review the financial highlights of the last quarter and then Bob will share his comments on our fourth quarter and also on our expectations for the first quarter of 2004.

正如桑迪所說，我將回顧上一季度的財務重點，然後鮑勃將分享他對我們第四季度的評論以及我們對 2004 年第一季度的預期。

Once Bob is done with his comments, we will answer any questions you may have.

Bob 完成他的評論後，我們將回答您可能提出的任何問題。

Regarding our fourth quarter results, let me start with our net revenues.

關於我們第四季度的業績，讓我從我們的淨收入開始。

Fourth quarter net revenues were $1.25 billion, an increase of 16.7 percent over the fourth quarter of 2002, and 21 percent sequentially.

第四季度淨收入為 12.5 億美元，比 2002 年第四季度增長 16.7%，比上一季度增長 21%。

By segment, distribution net revenue was $1.16 billion, an increase of 14.8 percent over the fourth quarter of 2002, and 17.9 percent sequentially.

按部門劃分，分銷淨收入為 11.6 億美元，比 2002 年第四季度增長 14.8%，比上一季度增長 17.9%。

Assembly net revenue was $93.5 million, an increase of 48 percent over the fourth quarter of 2002, and 80 percent sequentially.

裝配淨收入為 9350 萬美元，比 2002 年第四季度增長 48%，比上一季度增長 80%。

From an earnings standpoint, net income was $8.6 million or 35 cents per share, compared to $7.7 million or 31 cents per share in the fourth quarter of 2002.

從盈利的角度來看，淨收入為 860 萬美元或每股 35 美分，而 2002 年第四季度為 770 萬美元或每股 31 美分。

These amounts are based on generally accepted accounting principles, or GAAP.

這些金額基於公認會計原則 (GAAP)。

As previously disclosed, 2003 fourth quarter results include a charge of $1.8 million or $1.3 million net of tax, related to the departure of a former executive officer.

如前所述，2003 年第四季度業績包括與前任執行官離職有關的 180 萬美元或 130 萬美元的稅後費用。

The effect of this charge was to increase SG&A by approximately $2 million, and decrease other expense by $260,000, and to decrease tax expense by approximately $450,000.

此項費用的影響是使 SG&A 增加約 200 萬美元，其他費用減少 260,000 美元，稅收費用減少約 450,000 美元。

As our IPO officially closed on December 1, 2003, the EPS figures for the fourth quarter or any other periods discussed do not include the new shares issued in the offering.

由於我們的首次公開募股於 2003 年 12 月 1 日正式結束，第四季度或討論的任何其他時期的每股收益數據不包括發行中發行的新股。

In our press release today, and in our guidance section later in this call, we will discuss the approximate number of diluted shares expected to be outstanding for the fourth quarter of 2004- first quarter, excuse me.

在我們今天的新聞稿中，以及在本次電話會議稍後的指導部分，我們將討論 2004 年第四季度至第一季度預計發行在外的稀釋後股票的大致數量，對不起。

Moving on to gross margins.

轉向毛利率。

Our gross margin for the fourth quarter was 4.46 percent, essentially flat with the prior year quarter and down 8 basis points sequentially.

我們第四季度的毛利率為 4.46%，與去年同期基本持平，環比下降 8 個基點。

Fourth quarter of 2003, SG&A was $37.9 million or 3.02 percent of net revenues.

2003 年第四季度，SG&A 為 3790 萬美元，占淨收入的 3.02%。

This compares to selling, general and administrative expense of 3.24 percent of revenues in the prior year quarter and 3.13 percent of revenues in the prior sequential quarter.

相比之下，銷售、一般和管理費用佔去年同期收入的 3.24%，佔上一季度收入的 3.13%。

Operating income for the fourth quarter was 18 million or 1.44 percent of net revenue.

第四季度營業收入為 1800 萬美元，占淨收入的 1.44%。

This compares to $13.2 million or 1.23 percent of revenue in the prior year quarter.

相比之下，去年同期為 1320 萬美元，佔收入的 1.23%。

From a segment basis perspective, distribution operating income was $14.1 million or 1.21 percent of revenues, and assembly operating income was $3.9 million or 4.21 percent of net revenues.

從細分市場來看，分銷營業收入為 1410 萬美元，佔收入的 1.21%，裝配營業收入為 390 萬美元，占淨收入的 4.21%。

Non-operating, other expense, consisting primarily of financing fees and net foreign currency losses, and net of miscellaneous income, increased by $3 million over the prior year quarter.

主要包括融資費用和淨外幣損失以及扣除雜項收入的非經營性其他費用比去年同期增加了 300 萬美元。

Foreign currency losses of $4.3 million, primarily the result of the purchase of Ford (phonetic) foreign currency contracts not conducted within normal company hedging practices and procedures, combined with a weakening U.S. dollar, was the main contributor to the increased expense.

外幣損失 430 萬美元，主要是由於購買福特（音譯）外幣合同而不是在正常的公司套期保值做法和程序內進行，再加上美元疲軟，是費用增加的主要原因。

A portion of this foreign currency loss was related to the first nine months of the year, but the effect on net income for that period was $1 million, which was not considered material.

這一外匯損失的一部分與今年前九個月有關，但對該期間淨收入的影響為 100 萬美元，這被認為不重要。

We do not expect such significant foreign currency losses will continue in future quarters.

我們預計未來幾個季度不會繼續出現如此重大的外匯損失。

Our tax rate was 37.4 percent and is within our expected range of 36 to 39 percent, which is dependent upon the percentage mix of earnings from geographies we operate.

我們的稅率為 37.4%，在我們 36% 至 39% 的預期範圍內，這取決於我們經營的地區收益的百分比組合。

Regarding our balance sheet metrics, accounts receivable totaled $528 million at November 30, 2003, which includes $210 million associated with our off balance sheet accounts receivable securitization program.

關於我們的資產負債表指標，截至 2003 年 11 月 30 日，應收賬款總額為 5.28 億美元，其中包括與我們的資產負債表外應收賬款證券化計劃相關的 2.1 億美元。

DSO, including the off balance sheet program, was approximately 38.5 days.

DSO（包括資產負債表外項目）約為 38.5 天。

Inventory totaled $361 million at November 30, 2003.

截至 2003 年 11 月 30 日，存貨總額為 3.61 億美元。

Inventory days were approximately 27.5.

庫存天數約為 27.5。

Including a DPO metric of approximately 30 days, our fourth quarter cash conversion cycle was approximately 35.7 days.

包括大約 30 天的 DPO 指標，我們第四季度的現金轉換週期約為 35.7 天。

Other fourth quarter metrics of note.

其他第四季度指標值得注意。

Depreciation expense was $900,000.

折舊費用為 900,000 美元。

Amortization expense was $689,000.

攤銷費用為 689,000 美元。

Stock-based compensation expense was $773,000.

基於股票的補償費用為 773,000 美元。

This amount includes $636,000 associated with a charge we took in the fourth quarter.

這一數額包括與我們在第四季度收取的費用相關的 636,000 美元。

Capital expenditures were $1.2 million.

資本支出為 120 萬美元。

We expect that our future capital expenditures will be slightly higher than our current depreciation rate.

我們預計我們未來的資本支出將略高於我們目前的折舊率。

From a product line standpoint, peripherals accounted for 32 to 36 percent of our sales.

從產品線的角度來看，外圍設備占我們銷售額的 32% 到 36%。

System components accounted for 24 to 28 percent.

系統組件佔 24% 到 28%。

IT systems accounted for 22 to 26 percent.

IT 系統佔 22% 到 26%。

Software accounted for 9 to 13 percent, and networking accounted for approximately 3 to 7 percent.

軟件佔 9% 到 13%，網絡約佔 3% 到 7%。

These amounts are generally consistent with prior periods.

這些數額通常與前期一致。

From a customer standpoint, we don't break out specific percentages by customer type.

從客戶的角度來看，我們不會按客戶類型細分具體百分比。

However, we can note that our customer mix of VARs, DMRs, system builders and corporate resellers was generally consistent with prior periods.

然而，我們可以注意到，我們的 VAR、DMR、系統構建商和企業經銷商的客戶組合與前期基本一致。

HP, at approximately 29 percent, was the only vendor accounting for more than 10 percent of sales during the fourth quarter.

惠普的銷售額約為 29%，是第四季度銷售額中唯一一家銷售額超過 10% 的供應商。

Regarding head count, full time equivalent head count was 2,092 at November 30, 2003.

關於員工人數，截至 2003 年 11 月 30 日，全職等效員工人數為 2,092 人。

The following is our expectation for the first quarter of 2004.

以下是我們對 2004 年第一季度的預期。

These statements are forward-looking and actual results may differ materially.

這些陳述是前瞻性的，實際結果可能存在重大差異。

For the first quarter of 2004, we expect net revenues will be in the range of $1.125 billion to $1.175 billion.

對於 2004 年第一季度，我們預計淨收入將在 11.25 億美元至 11.75 億美元之間。

Net earnings will be in the range of $8.8 million to $9.4 million, and earnings per share will be 30 to 32 cents per share.

淨收益將在 880 萬美元至 940 萬美元之間，每股收益為 30 至 32 美分。

These forecasted earnings per share figures are based on an approximate weighted average diluted share count of $29.3 million.

這些預測的每股收益數據是基於 2930 萬美元的近似加權平均攤薄股數得出的。

I will now turn over the call to Bob for his comments.

我現在將把電話轉給 Bob，徵求他的意見。

Bob.

鮑勃。

Thanks, Dennis, and good afternoon to everyone.

謝謝，丹尼斯，大家下午好。

As Dennis indicated, we are pleased to have completed our IPO in November, and we welcome the new shareholders to Synnex.

正如丹尼斯所說，我們很高興在 11 月完成了首次公開募股，我們歡迎新股東加入 Synnex。

Without the dedication, efforts and loyalties of the entire Synnex team, completion of this offering would not have been possible.

沒有整個 Synnex 團隊的奉獻、努力和忠誠，本次發行是不可能完成的。

I would like to thank all those involved in bringing Synnex to this point in our history, and I look forward to many more successful years in the future.

我要感謝所有參與將 Synnex 帶到我們歷史上這一點的人，我期待著未來更多的成功歲月。

Regarding our fourth quarter, our results show we were clearly able to capitalize on the improving trend in IT market from the negative growth over the past few years, to flat or even slightly up over the trend now.

關於我們的第四季度，我們的結果表明我們顯然能夠利用 IT 市場的改善趨勢，從過去幾年的負增長轉變為持平甚至略高於現在的趨勢。

We are optimistic about our ability to continue our business momentum.

我們對繼續保持業務發展勢頭的能力感到樂觀。

Our distribution business performed very well in the fourth quarter.

我們的分銷業務在第四季度表現非常出色。

We were able to grow our revenue across all customer categories, including increase of sales to the small and medium markets, and to the government sector.

我們能夠增加所有客戶類別的收入，包括增加對中小型市場和政府部門的銷售額。

Some of this increase can be attributable to fourth quarter seasonality, however, we were also successful in our efforts to increase our customer count, and to extend our overall market share.

部分增長可歸因於第四季度的季節性，但是，我們在增加客戶數量和擴大整體市場份額方面也取得了成功。

Average distribution gross margins did decrease from prior periods, as we have reported earlier today in the press release.

正如我們今天早些時候在新聞稿中報導的那樣，平均分銷毛利率確實比前期有所下降。

This is primarily due to a large mix of high volume and large deal sales to our bigger customers, because these type of sales typically carry lower gross margins.

這主要是由於我們的大客戶大量銷售大宗商品，因為這些類型的銷售通常毛利率較低。

We are pleased with the operating margin returns despite the lower gross margin.

儘管毛利率較低，但我們對營業利潤率回報感到滿意。

Overall, the fourth quarter pricing environment was competitive, as would be expected in the market place during that time of the year.

總體而言，第四季度的定價環境具有競爭力，正如一年中那個時候市場所預期的那樣。

We did not, however, feel any significant pressure during Q4 to adjust our pricing strategies in any meaningful way to maintain our business levels.

然而，我們在第四季度沒有感受到任何重大壓力，需要以任何有意義的方式調整我們的定價策略以維持我們的業務水平。

Geographically, the U.S. business continued to be the main growth engine in our fourth quarter of 2003, from the revenue, operating, and net income standpoint.

從地域上看，從收入、運營和淨收入的角度來看，美國業務在 2003 年第四季度繼續成為我們的主要增長引擎。

While we will continue to be very focused on profitably growing this segment of our business, we must, obviously, also focus our attention on our Canada, Japan and Mexico entities, as returns from our non-U.S. business need to improve closer to U.S. levels.

雖然我們將繼續非常關注業務的盈利增長，但顯然，我們還必須將注意力集中在我們的加拿大、日本和墨西哥實體，因為我們非美國業務的回報需要提高到接近美國水平.

We are very pleased that our contract assembly business sustained strong growth in this quarter.

我們很高興我們的合同組裝業務在本季度保持強勁增長。

Given the result of our assembly business over the past few years, we will maintain cautious about the long-term trend of our assembly revenues.

鑑於過去幾年我們組裝業務的業績，我們將對我們組裝收入的長期趨勢保持謹慎。

However, we are reasonably convinced that our contract assembly business has saw the bottom in the third quarter of 2003, and we will see conditions improve going forward.

然而，我們有理由相信，我們的合同裝配業務在 2003 年第三季度已經見底，而且我們會看到未來情況有所改善。

Looking forward to the first quarter of 2004, we are encouraged by the continued positive trend we saw in our distribution business in the last quarter, and by the results achieved in the first bunch of our first quarter of 2004.

展望 2004 年第一季度，我們對上一季度分銷業務的持續積極趨勢以及 2004 年第一季度第一批取得的成果感到鼓舞。

The combination of our early distribution results, strong shipments in our assembly business in the quarter to date, and the continued generally positive overall economic news, has allowed us to give revenue guidance above our typically seasonal reduction in revenues for the first quarter.

我們早期的分銷結果、本季度迄今組裝業務的強勁出貨量以及持續普遍積極的整體經濟消息相結合，使我們能夠給出高於第一季度通常季節性收入減少的收入指引。

The fact that we are a public company would obviously affect our cost structures, due to the higher administration costs of being a public company.

我們是一家上市公司這一事實顯然會影響我們的成本結構，因為作為一家上市公司的管理成本更高。

However, we'll continue to focus on our industry leading efficiencies as we expand our company.

然而，隨著公司的擴張，我們將繼續專注於我們行業領先的效率。

Looking beyond the first quarter of 2004, Synnex will continue to look for ways to profitably extend our distribution, logistic and assembly capabilities, either organically or through application.

展望 2004 年第一季度以後，Synnex 將繼續尋找方法，以有機地或通過應用擴展我們的分銷、物流和組裝能力，從而實現盈利。

The results from this past quarter, as well as for the whole year, benefited from improving overall IT spending in our sector.

上個季度以及全年的業績得益於我們行業整體 IT 支出的改善。

However, we could not have achieved our success without the strong relationship we have built with our vendor partners, and our reseller customers.

然而，如果沒有我們與供應商合作夥伴和經銷商客戶建立的牢固關係，我們就不可能取得成功。

The value we bring to them every day is what we make of them, weak and strong.

我們每天給他們帶來的價值就是我們對他們的看法，無論他們是弱者還是強者。

Our service machine is clearly working.

我們的服務機器顯然在工作。

We have got dedicated employees and scalable IT systems.

我們擁有敬業的員工和可擴展的 IT 系統。

We responded quickly to changes in market conditions, both in our distribution and our contrast assembly business.

我們對市場條件的變化做出快速反應，包括我們的分銷和我們的對比組裝業務。

In closing, I would like to reiterate my pride in the Synnex team for having achieved a great quarter, making it three straight years of consistent market share growth.

最後，我想重申我對 Synnex 團隊的自豪，因為他們取得了出色的季度成績，連續三年市場份額持續增長。

Again, I would like to thank all those involved in getting Synnex to this point in our corporate existence, especially our original shareholders who have been very patient and supportive over the years.

再次，我要感謝所有參與將 Synnex 帶到我們公司存在的這一點的人，尤其是多年來一直非常耐心和支持的我們的原始股東。

Our business model is clearly working, enabling us to deliver high quality service to our customers while maintaining our agility in responding quickly to changes in market condition.

我們的商業模式顯然行之有效，使我們能夠為客戶提供高質量的服務，同時保持我們快速響應市場條件變化的敏捷性。

Finally, this is my first time out as the CEO of a public company.

最後，這是我第一次擔任上市公司的首席執行官。

I am proud of our team, but I'm humbled by the responsibility to our shareholders.

我為我們的團隊感到自豪，但我為對股東的責任感到謙卑。

I'll do my best to deserve their and your trust, and look forward to working with you all going forward.

我會盡我最大的努力來贏得他們和您的信任，並期待與大家一起共事。

Thank you.

謝謝。

Thank you, Bob.

謝謝你，鮑勃。

Richard, we would like to now open the lines up for questions.

理查德，我們現在想開始提問。

Thank you, Ms. Salah.

謝謝你，薩拉赫女士。

Ladies and gentlemen, if you have a question at this time, please press the one key on your touch tone telephone.

女士們，先生們，如果您此時有任何問題，請按按鍵式電話上的一個鍵。

If your question has been answered, or you wish to remove yourself from the queue, please press the pound key.

如果您的問題已得到解答，或者您希望將自己從隊列中移除，請按井號鍵。

Once again, ladies and gentlemen, if you have a question at this time, please press the one key on your touch tone telephone.

女士們先生們，如果此時有任何問題，請按按鍵電話上的一個鍵。

Our first question comes from Brian Alexander.

我們的第一個問題來自 Brian Alexander。

You may ask your question, Mr. Alexander.

你可以問你的問題，亞歷山大先生。

Thank you.

謝謝。

Good evening.

晚上好。

Nice quarter.

不錯的季度。

Just a clarification, Dennis.

只是澄清一下，丹尼斯。

Excluding the severance charge that you mentioned, EPS would have been 40 cents versus 35; is that correct?

不包括你提到的遣散費，每股收益應該是 40 美分，而不是 35 美分；那是對的嗎？

Yes.

是的。

If you add that back, that is correct.

如果你把它加回去，那是正確的。

Okay.

好的。

When I look at your guidance, your revenue guidance for the next quarter, how should we think about the sequential revenue change in the distribution business versus the assembly business, and how does that compare to normal seasonality in the first quarter?

當我查看您的指導，您對下一季度的收入指導時，我們應該如何考慮分銷業務與組裝業務的連續收入變化，以及與第一季度的正常季節性相比如何？

As far as the distribution business, obviously, as Bob indicated, we saw a strong first part of the quarter, and so the seasonality we typically saw is essentially changing and we're seeing better results coming.

就分銷業務而言，顯然，正如 Bob 所指出的那樣，我們在本季度的第一部分看到了強勁的增長，因此我們通常看到的季節性正在發生根本性的變化，我們看到更好的結果即將到來。

Once again, the assembly business has started to improve from the bottoming of the third quarter of 2003 and we don't quite have a seasonal trend yet, where seasonality improves, but it remains to be seen how that will move going forward.

再一次，組裝業務從 2003 年第三季度的底部開始好轉，我們還沒有完全看到季節性趨勢，季節性有所改善，但未來將如何發展仍有待觀察。

So if I look at your mid-point of your guidance, I think it's for total revenue to be down about 8 percent sequentially.

因此，如果我看一下您的指導意見的中點，我認為總收入將連續下降約 8%。

Should we expect distribution to decline less than that, or more than that?

我們應該期望分配下降的幅度小於還是大於該幅度？

We're not giving specific guidance on the individual segments of our business.

我們沒有對我們業務的各個部分提供具體指導。

Okay.

好的。

Also, can you just touch on the operating margins within the distribution segment.

另外，你能不能談談分銷部門的營業利潤率。

If you were to exclude the charges for this quarter, how much did they change relative to the third quarter?

如果您排除本季度的費用，它們相對於第三季度有多少變化？

On a basis-point basis, down approximately three basis points.

在一個基點的基礎上，下降了大約三個基點。

Okay.

好的。

Thanks.

謝謝。

Sure.

當然。

Our next question comes from Keith Bachman.

我們的下一個問題來自 Keith Bachman。

Hey, Dennis.

嘿，丹尼斯。

A couple questions.

幾個問題。

The EMS business had a pretty nice pick up.

EMS 業務的增長相當不錯。

I was trying to understand where that came from, and specifically, was that Sun has the dominant — Sun is your dominant customer there, it is the predominant customer that you have.

我試圖了解這是從哪裡來的，具體來說，是 Sun 佔據主導地位——Sun 是你在那裡的主要客戶，它是你擁有的主要客戶。

Was it market share gains with Sun?

是因為 Sun 的市場份額增加了嗎？

Was it organic growth with Sun, was it new customer wins?

是 Sun 的有機增長，還是贏得了新客戶？

Any kind of color you can give us there?

有什麼顏色可以給我們嗎？

Keith, this is Bob.

基思，這是鮑勃。

We still have primarily Sun as the dominant customers in that area, and it primarily comes from Sun on the growth.

我們仍然主要有 Sun 作為該領域的主要客戶，它主要來自 Sun 的增長。

Okay.

好的。

So was it market share gains with Sun or was it organic?

那麼它是通過 Sun 獲得的市場份額還是有機的？

Because you went from effectively 52 million to 93 million, if I did my quick math right.

因為你實際上從 5200 萬增加到 9300 萬，如果我的快速數學計算正確的話。

Those are primarily -- a good portion come from the new product.

這些主要是 - 很大一部分來自新產品。

From the new products, you said?

從新產品，你說？

That's correct.

這是正確的。

What product is it with Sun?

Sun 是什麼產品？

I'm pretty familiar with their product line.

我對他們的產品線很熟悉。

I don't think we can comment.

我認為我們無法發表評論。

We don't get into specific products, but we can tell you it's the low end of the product line.

我們不涉及具體產品，但我們可以告訴您這是產品線的低端產品。

Oh, okay.

哦好的。

So it wasn't that you took business from some of the other EMS suppliers, please tell me if this characterization is right.

所以並不是說您從其他一些 EMS 供應商那裡搶了生意，請告訴我這種描述是否正確。

It wasn't that you took business away from the other EMS suppliers, it's you are on some programs that were really doing well.

並不是您從其他 EMS 供應商那里奪走了業務，而是您參與了一些確實做得很好的計劃。

Is that a fair way to think about it?

這是一個公平的思考方式嗎？

We would not be able to comment on that.

我們無法對此發表評論。

Okay.

好的。

Okay.

好的。

Let me try Brian's question a different way.

讓我以不同的方式嘗試布賴恩的問題。

Would you expect seasonality in the EMS business in the February quarter?

您預計 EMS 業務在二月季度會出現季節性嗎？

Seasonality as compared to what happened last year?

與去年發生的情況相比的季節性？

Are you asking if we're having the same visibility to the --

你是在問我們是否對 -

Yeah.

是的。

I'm trying to figure -- will the EMS business be up in the February quarter, down, flat, any kind of directional change?

我在想——EMS 業務會在 2 月季度上升、下降、持平、任何方向性變化嗎？

Once again, our guidance we're not breaking it out between distribution and assembly, but as Bob indicated, we are seeing a return to the revenue growth, if you will, in that business.

再一次，我們的指導意見並沒有在分銷和組裝之間進行區分，但正如鮑勃所指出的那樣，如果你願意的話，我們正在看到收入增長的回歸。

Okay.

好的。

Let me just ask a few more questions.

讓我再問幾個問題。

Is the growth, again, there, is it mostly with Sun or are you seeing some new customer wins in addition to Sun?

又一次，增長主要來自 Sun，還是除了 Sun 之外您還看到了一些新客戶？

It's mostly with Sun.

主要是和Sun有關。

Okay.

好的。

Okay.

好的。

When do you think you might pick up some additional customers there to diversify your portfolio a little bit?

你認為你什麼時候可以在那裡獲得一些額外的客戶來稍微分散你的投資組合？

We are continuing to working on that area, and we will not be able to give you the new customers at this point in time yet.

我們將繼續在該領域開展工作，此時我們還無法為您提供新客戶。

Okay.

好的。

Okay.

好的。

I'll turn the call back then, thanks very much.

屆時我會轉回電話，非常感謝。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from Peter Barry.

我們的下一個問題來自 Peter Barry。

Bob, Dennis, good afternoon.

鮑勃，丹尼斯，下午好。

Good afternoon, Peter.

下午好，彼得。

Bob, given both yours and Bob's comments regarding IT trends, do you think it would be premature to get increasingly, if not enthusiastic, at least positive about the remainder of '04 in that regard, or was there something unusual that's beginning to impact the first quarter?

Bob，考慮到你和 Bob 對 IT 趨勢的評論，你是否認為在這方面對 04 年的剩餘時間變得越來越積極（如果不是熱情的話）至少是積極的還為時過早，或者是否有一些不尋常的事情開始影響第一季度？

You know, overall, I think we have been saying that IT spending certainly has turned from the negative growth to the positive, and we are capitalized beyond the growth.

你知道，總的來說，我認為我們一直在說 IT 支出肯定已經從負增長轉為正增長，而且我們的資本已經超過了增長。

So if you're talking about the remainder of the year, we are reasonably optimistic about it, on the overall IT spending.

因此，如果您談論的是今年剩餘時間，我們對總體 IT 支出持相當樂觀的態度。

And Bob, would you expect within the context of that, that the seasonality pattern that you've exhibited over the last couple of years would continue, and, in fact, you would likely finish on a strong note as you have in the last couple of years?

鮑勃，在這種情況下，你是否期望你在過去幾年中表現出的季節性模式會繼續下去，事實上，你可能會像過去幾年那樣以強烈的方式結束年？

Yes.

是的。

The strength in contract manufacturing.

合同製造的實力。

I know this has been asked several different ways, but within the context, again, of the IT environment that you see, do you think that strength is sustainable?

我知道有人以幾種不同的方式問過這個問題，但是在您所看到的 IT 環境的背景下，您認為這種力量是可持續的嗎？

And on an annual basis, we might see a meaningful rise in revenues for '04 over '03?

以年度為基礎，我們可能會看到 04 年的收入比 03 年有顯著增長？

As we talked about, Peter, we saw the business increase in the fourth quarter, and we have reasonable expectations for the first.

正如我們所說，彼得，我們看到第四季度的業務增長，我們對第一季度有合理的預期。

We have new products coming out that we're doing, so it remains to be seen how they're accepted for the remainder of the year.

我們正在推出新產品，因此在今年餘下的時間裡它們的接受程度還有待觀察。

But so far the business has turned upward and we're pleased by the progress.

但到目前為止，業務已經好轉，我們對進展感到滿意。

Is it fair to say that white box business will probably contribute meaningfully to that as the year progresses?

隨著時間的推移，白盒業務可能會為此做出有意義的貢獻，這公平嗎？

From the contract assembly business side, are you talking?

從合同裝配業務方面來說，你在說什麼？

Correct, yes.

正確，是的。

There is some white box business in that area, but it's not, at this point in time it's not really in a meaningful level yet.

該領域有一些白盒業務，但目前還沒有，還沒有真正達到有意義的水平。

But it is a strategic focus, Bob, as you look out over the next couple of years?

但這是一個戰略重點，鮑勃，你展望未來幾年？

Absolutely.

絕對地。

Are there any new vendors on the horizon that you might be able to discuss, that perhaps even already began to impact your business in Q4 and maybe in Q1, as well?

您是否可以討論即將出現的任何新供應商，它們甚至可能已經開始影響您在第四季度甚至第一季度的業務？

Peter, we're always talking to and evaluating new effective (phonetic) vendors.

彼得，我們一直在與新的有效（語音）供應商交談並對其進行評估。

I'm sure you are.

我相信你就是。

Nothing new to report at this point, Peter, but we're working on it.

彼得，目前沒有什麼新消息要報告，但我們正在努力。

I hear you.

我聽到你了。

The share count for Q1 of 29.3, is that the number we should use for the full year or is something closer to 30 million likely to be the terminal number?

第一季度的股票數量為 29.3，這是我們全年應該使用的數字，還是接近 3000 萬的數字可能是最終數字？

Right.

正確的。

It's somewhat dependent upon on our stock price, given the option effect, using the treasury stock method.

考慮到期權效應，它在某種程度上取決於我們的股票價格，使用庫存股票法。

If our stock price increases we have to increase the share count, clearly.

如果我們的股價上漲，我們顯然必須增加股票數量。

So the possibility of 30 million is definitely possible.

所以三千萬的可能性是絕對有可能的。

Okay.

好的。

Just one final question from me.

我的最後一個問題。

Would it be fair for us, for modeling purposes, to assume, as has been the case for the last few years, that Q1 is the lowest quarter of the year earnings-wise?

出於建模目的，假設像過去幾年一樣，第一季度是一年中收益最低的季度，這對我們來說是否公平？

Based on what we see right now, yes.

根據我們現在看到的情況，是的。

Thank you very much.

非常感謝。

By the way, welcome to the public forum.

順便說一句，歡迎來到公共論壇。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Our next question comes from Brian Alexander.

我們的下一個問題來自 Brian Alexander。

Just a quick follow-up.

只是快速跟進。

I think you mentioned that your HP mix was about 29%.

我想你提到過你的 HP 組合大約是 29%。

I believe last quarter it was above 30.

我相信上個季度它在 30 以上。

How much of that decline in exposure to HP is a conscious decision, by either Synnex or HP, you know, to lessen that relationship versus maybe HP's competitive position overall?

Synnex 或 HP 有意識地決定減少與 HP 接觸的次數有多少是為了減少這種關係而不是 HP 的整體競爭地位？

Yeah, Brian, it's really related to the increase in our assembly business.

是的，布賴恩，這確實與我們裝配業務的增長有關。

We do HP as a percentage of our total revenue.

我們做惠普占我們總收入的百分比。

So if you back out the increase we had in our fourth quarter, the percentage of HP business is essentially the same as the periods we presented in the past.

因此，如果你取消我們在第四季度的增長，惠普業務的百分比與我們過去提出的時期基本相同。

Okay, great.

好的，太好了。

And then just going back to the distribution margins, I think you said down three basis points, backing out the charge quarter-over-quarter, and you mentioned a couple of factors for some gross margin pressure.

然後回到分銷利潤率，我想你說的是降低三個基點，按季度取消收費，你提到了一些毛利率壓力的幾個因素。

I'm just trying to get an idea of which of those two factors had a bigger impact on the gross margin decline sequentially in distribution this quarter.

我只是想了解這兩個因素中哪一個對本季度分銷毛利率連續下降的影響更大。

The mix of customers versus the pricing pressure that you talked about?

您談到的客戶組合與定價壓力？

Much more due to mix of customers.

更多的是由於客戶的混合。

So, at this point, would you -- this has been a pretty big topic, I guess over the last few quarters of distribution, the pricing environment in North America and one of your competitors has taken some action to get more aggressive to gain market share.

所以，在這一點上，你會 - 這是一個相當大的話題，我想在過去幾個季度的分銷中，北美的定價環境和你的一個競爭對手已經採取了一些行動來更加積極地贏得市場分享。

I am just trying to understand how you would characterize the pricing environment?

我只是想了解您如何描述定價環境？

I know it's always competitive.

我知道它總是有競爭力的。

But at this point would you call it stable, intensifying or maybe alleviating.

但在這一點上，你會稱它為穩定、強化還是緩解。

Stably competitive.

穩定的競爭力。

Great, thanks.

十分感謝。

Our next question comes from Keith Bachman.

我們的下一個問題來自 Keith Bachman。

Hey, guys, a couple of follow-ups.

嘿，伙計們，幾個後續行動。

First off, I always seem to be one step behind Brian, but I wanted to see if you could run over the numbers on the charge again?

首先，我似乎總是比 Brian 落後一步，但我想看看你是否可以再次超過收費的數字？

Sure.

當然。

The amount included in SG&A.

SG&A 中包含的金額。

Was 2 --

是 2 --

2 million.

200萬。

Yeah.

是的。

Other expense, 260,000.

其他費用，260,000。

That was a decrease in other expense.

那是其他費用的減少。

And the tax effect is 450,000.

而且稅收效果是45萬。

Right.

正確的。

And the net GPS was a nickel?

網絡 GPS 是五分錢？

Right.

正確的。

Okay.

好的。

How -- what's your -- we talked a little bit about HP, and what's your read that you're getting from HP as it relates to their North American strategy?

如何 - 你的 - 我們談到了一些關於惠普的事情，你從惠普那裡得到了什麼，因為它與他們的北美戰略有關？

They seem to kind of go back and forth a number of different public forums.

他們似乎在許多不同的公共論壇之間來回穿梭。

What's your recent conversations with them about their objectives in North America on the two tier versus direct?

您最近與他們就他們在北美的兩層目標與直接目標進行了哪些對話？

I think they -- what we are getting, hearing from them is that they will maintain the current mix between the direct and indirect.

我認為他們 - 我們得到的，從他們那裡聽到的是，他們將保持直接和間接之間的當前組合。

Okay.

好的。

So I don't think you are going to see further erosions on the two tiers side of HP business.

因此，我認為您不會看到惠普業務的兩層業務進一步受到侵蝕。

Right.

正確的。

Okay.

好的。

Okay.

好的。

And then when I think about M&A, I want to revisit where your potential acquisition interest may lie.

然後，當我考慮併購時，我想重新審視您潛在的收購興趣所在。

Is there any kind of flavor that you can give on where you have interest or preference, I should say, in terms of geographic opportunities, any specific, U.K., France, China, what have you, any kind of direction you can give us there?

在地理機會方面，您是否可以就您感興趣或偏好的地方提供任何類型的風味，任何具體的英國、法國、中國，您有什麼，您可以在那裡給我們的任何方向？

And then anything that jumps out to you on the product side that you may want to look at a very targeted acquisition, any kind of product areas you think look particularly interesting?

然後，在產品方面，您可能會想到進行非常有針對性的收購，您認為任何類型的產品領域看起來特別有趣？

From a geographical standpoint, it's likely that we'd stay closer to home than venture outside of our main geographies right now.

從地理的角度來看，我們現在很可能會呆在離家更近的地方，而不是在我們的主要地理區域之外冒險。

From a product standpoint --

從產品的角度——

So just let me interrupt there, just so I'm clear.

所以讓我打斷一下，這樣我就清楚了。

That would suggest North America, that would include Latin America, because you're in Mexico pretty heavily.

那將建議北美，這將包括拉丁美洲，因為您在墨西哥的工作量很大。

Right.

正確的。

Primarily North America.

主要是北美。

Okay.

好的。

Okay.

好的。

From a product line standpoint, you've heard our product percentages.

從產品線的角度來看，您已經聽說過我們的產品百分比。

Yes.

是的。

Clearly, we could be stronger in software and networking.

顯然，我們可以在軟件和網絡方面變得更強大。

They are the ones to think about.

他們是需要考慮的人。

We are always interested in the white box building environments as well.

我們也一直對白盒構建環境感興趣。

And with the white box, because you have intentions there on the EMS side, is that to leverage the two, or is that completely independent?

對於白盒，因為您在 EMS 方面有意向，是要利用兩者，還是完全獨立？

Those are completely independent.

這些是完全獨立的。

Okay.

好的。

Okay.

好的。

Thank you.

謝謝。

Our next question comes from Brian Alexander.

我們的下一個問題來自 Brian Alexander。

Okay, this is the final follow-up, I promise.

好的，這是最後的跟進，我保證。

When you talk about the fact that you saw this mix shift in customers this quarter doing more business with larger customers, I assume that means direct marketers like CDW and Insight; is that correct?

當你談到本季度你看到客戶的這種混合轉變與更大的客戶開展更多業務時，我認為這意味著像 CDW 和 Insight 這樣的直銷商；那是對的嗎？

Or are we talking about another category of customers?

或者我們在談論另一類客戶？

Yeah, that's correct, Brian.

是的，這是正確的，布賴恩。

So would you say that that's more a reflection of their share gains from smaller customers, or is that Synnex gaining share from other distributors serving those customers, if that makes sense?

那麼你會說這更多地反映了他們從較小客戶那裡獲得的份額收益，還是 Synnex 從為這些客戶提供服務的其他分銷商那裡獲得了份額，如果這有意義的話？

It's a combination of those two.

它是這兩者的結合。

Okay.

好的。

Could you say which one you think is having a bigger impact?

你能說說你認為哪個影響更大嗎？

It's equal.

這是平等的。

Okay.

好的。

Thanks a lot.

多謝。

Ms. Salah, at this time there appear to be no further questions.

薩拉赫女士，目前似乎沒有其他問題了。

Okay.

好的。

Thank you, Richard.

謝謝你，理查德。

This concludes our fourth quarter earnings conference call.

我們的第四季度收益電話會議到此結束。

Thank you for joining us today.

感謝您今天加入我們。

We will have a replay of this call available for two weeks, beginning today at approximately 5:00 p.m.

從今天下午 5:00 左右開始，我們將在兩週內重播此電話會議。

Pacific Standard Time, through January 22.

太平洋標準時間，至 1 月 22 日。

It will be posted on our website at ir.synnex.com, and the replay number for domestic dial is 888-211-2648 and 703-925-2474 for international.

它將發佈在我們的網站ir.synnex.com上，國內重播號碼為888-211-2648，國際重播號碼為703-925-2474。

Thank you for your participation today.

感謝您今天的參與。

Ladies and gentlemen, thank you for your participation in today's conference call.

女士們，先生們，感謝您參加今天的電話會議。

Your program has concluded.

您的程序已經結束。

You may now disconnect, and have a good day.

你現在可以斷開連接，祝你有美好的一天。