新聚思 (SNX) 2022 Q3 法說會逐字稿

Good morning. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the TD SYNNEX Third Quarter Fiscal 2022 Earnings Call. Today's call is being recorded (Operator Instructions).

早上好。我的名字是布倫特，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 TD SYNNEX 2022 財年第三季度財報電話會議。正在錄製今天的通話（操作員說明）。

At this time, for opening remarks, I would like to pass the call over to Liz Morali, Head of Investor Relations. Liz, you may begin.

現在，作為開場白，我想將電話轉給投資者關係主管 Liz Morali。 LZ，你可以開始了。

Thank you. Good morning, everyone, and thank you for joining us for today's call. With me today are Rich Hume, CEO; and Marshall Witt, CFO.

謝謝你。大家早上好，感謝您加入我們今天的電話會議。今天和我在一起的是首席執行官 Rich Hume；和首席財務官 Marshall Witt。

Before we continue, let me remind you that today's discussion contains forward-looking statements within the meaning of the federal securities laws, including predictions, estimates, projections or other statements about future events, including statements about strategy, plans and positioning as well as our expectations for fiscal year 2022. Actual results may differ materially from those mentioned in these forward-looking statements as a result of risks and uncertainties discussed in today's earnings release, in the Form 8-K we filed today and in the Risk Factors section of our Form 10-K and our other reports and filings with the SEC. We do not intend to update any forward-looking statements.

在我們繼續之前，讓我提醒您，今天的討論包含聯邦證券法含義內的前瞻性陳述，包括關於未來事件的預測、估計、預測或其他陳述，包括關於戰略、計劃和定位的陳述以及我們的對 2022 財年的預期。由於今天的收益發布、我們今天提交的 8-K 表格和我們的風險因素部分中討論的風險和不確定性，實際結果可能與這些前瞻性陳述中提到的結果大不相同表格 10-K 以及我們向 SEC 提交的其他報告和文件。我們不打算更新任何前瞻性陳述。

Also during this call, we will reference certain non-GAAP financial information. Reconciliations of GAAP to non-GAAP results are included in our earnings press release and the related Form 8-K available on our Investor Relations website, ir.tdsynnex.com. This conference call is the property of TD SYNNEX and may not be recorded or rebroadcast without our permission.

同樣在本次電話會議期間，我們將參考某些非公認會計準則財務信息。 GAAP 與非 GAAP 結果的對賬包含在我們的收益新聞稿和我們的投資者關係網站 ir.tdsynnex.com 上提供的相關表格 8-K 中。此電話會議是 TD SYNNEX 的財產，未經我們許可不得錄製或轉播。

I will now turn the call over to Rich. Rich?

我現在將把電話轉給 Rich。富有的？

Thank you, Liz. Good morning, everyone, and thank you for joining our call.

謝謝你，麗茲。大家早上好，感謝您加入我們的電話會議。

1 year ago, we held our first earnings call as TD SYNNEX having closed our merger on September 1, 2021. In our first 12 months together, we've accomplished a lot and have validated the value proposition that led to our merger. Over the past 12 months, we generated [$62] billion in revenue, over $1.7 billion in adjusted EBITDA and $11.35 in non-GAAP earnings per share, representing 35% in accretion and well above our initial 12-month target.

1 年前，我們在 TD SYNNEX 於 2021 年 9 月 1 日完成合併後舉行了第一次財報電話會議。在我們共同的前 12 個月裡，我們取得了很多成就，並驗證了導致我們合併的價值主張。在過去的 12 個月中，我們創造了 [62] 億美元的收入，超過 17 億美元的調整後 EBITDA 和 11.35 美元的非公認會計原則每股收益，增長了 35%，遠高於我們最初的 12 個月目標。

In addition, we have already realized merger-related cost synergy benefits of $140 million, which is ahead of our initial expectation of $100 million in the first year. Making those results possible, our teams have been hard at work harmonizing every area of TD SYNNEX from partner-facing elements, benefits and policies to organizational design, finance and IT systems, corporate branding and culture. As a result, we have become one combined company through an incredibly busy and dynamic year. And I would like to personally thank our more than 22,000 coworkers for their exceptional work, dedication and perseverance in helping to make it possible.

此外，我們已經實現了 1.4 億美元的合併相關成本協同效益，超過了我們第一年最初預期的 1 億美元。為了實現這些結果，我們的團隊一直在努力協調 TD SYNNEX 的各個領域，從面向合作夥伴的元素、福利和政策到組織設計、財務和 IT 系統、企業品牌和文化。因此，在異常忙碌和充滿活力的一年中，我們已成為一家合併後的公司。我要親自感謝我們的 22,000 多名同事，感謝他們出色的工作、奉獻精神和堅持不懈地幫助實現這一目標。

With the first year behind us, we believe that the thesis for our merger is stronger today than we anticipated last September. Our partners now more than ever realize the importance of broad global capabilities and deep customer relationships to help them efficiently expand. For our 150,000-plus customers, the majority of which are small and medium-sized IT resellers, it is increasingly important to have a trusted partner to help them navigate the IT landscape, especially in high-growth technology areas such as hybrid cloud, security, analytics, IoT as well as others. We are pleased with the fact that these areas had robust growth in the quarter and continued to outpace our overall growth rates on an annualized basis. In addition, our Hyve business, which serves the hyperscale infrastructure space, also exceeded our revenue growth expectations for the quarter.

第一年過去了，我們相信今天我們合併的論點比我們去年 9 月的預期要強。我們的合作夥伴現在比以往任何時候都更加意識到廣泛的全球能力和深厚的客戶關係對於幫助他們有效擴張的重要性。對於我們的 150,000 多名客戶（其中大多數是中小型 IT 經銷商）而言，擁有一個值得信賴的合作夥伴來幫助他們駕馭 IT 環境變得越來越重要，尤其是在混合雲、安全等高增長技術領域、分析、物聯網以及其他。我們對這些領域在本季度強勁增長並繼續超過我們的年化整體增長率感到高興。此外，我們服務於超大規模基礎設施領域的 Hyve 業務也超出了我們本季度的收入增長預期。

Turning to the third quarter. We performed above our expectations with worldwide revenue growing 7% year-over-year and 15% in constant currency when normalized for the merger-related revenue recognition policy alignment. This is better than the adjusted growth of 10% year-over-year that we expected when we provided our Q3 outlook in June. Growth in the quarter came from across our business with robust demand in endpoint, data center and hyperscale infrastructure.

轉眼到第三季。當與合併相關的收入確認政策調整正常化時，我們的全球收入同比增長 7%，按固定匯率計算增長 15%，超出了我們的預期。這好於我們在 6 月份提供第三季度展望時預期的 10% 的調整後同比增長。本季度的增長來自我們的整個業務，對端點、數據中心和超大規模基礎設施的需求強勁。

In PC specifically, where we primarily serve the commercial segment, we continue to see solid commercial client device demand and ASP increases during the quarter. We also saw robust revenue growth on a constant currency basis across all 3 regions.

特別是在 PC 領域，我們主要服務於商業領域，我們繼續看到本季度商業客戶端設備需求和 ASP 增長。我們還看到所有 3 個地區在固定貨幣基礎上的收入增長強勁。

Fiscal '22 has played out in line with our expectations at the beginning of the year with strong customer demand in the areas like data center, networking, hybrid cloud, hyperscale infrastructure and security projects. Supply chain disruptions continue to exist and remain elevated in the areas of data center, infrastructure and networking although improved in areas like endpoint, including PCs, which have seen moderating year-over-year growth rates.

'22 財年的表現符合我們年初的預期，客戶在數據中心、網絡、混合雲、超大規模基礎設施和安全項目等領域的需求強勁。供應鏈中斷在數據中心、基礎設施和網絡領域繼續存在並保持較高水平，儘管在端點等領域有所改善，包括個人電腦，這些領域的同比增長率有所放緩。

Given the variety of factors that have led to these supply chain issues over the past 2 or 3 years, it will take time to get back to a normalized supply chain environment. Our backlog remains elevated compared to our historical levels, and we anticipate that we will continue to see industry supply imbalances well into 2023 in some product categories.

鑑於過去 2 或 3 年導致這些供應鏈問題的各種因素，恢復正常的供應鏈環境需要時間。與歷史水平相比，我們的積壓訂單仍然較高，我們預計到 2023 年，某些產品類別的行業供應不平衡仍將繼續存在。

As we look ahead to the fourth quarter, we project a solid demand picture as evidenced by our revenue guide of mid to high single-digit growth when adjusted for constant currency and the merger-related revenue recognition policy alignment.

當我們展望第四季度時，我們預計需求前景穩健，我們的收入指南在調整不變貨幣和與合併相關的收入確認政策調整後實現中高個位數增長就證明了這一點。

Despite the less than certain environment ahead, we believe we have built a strong, resilient business that has a long history of successfully operating in many different macro cycles. Our broad solutions portfolio, liquidity profile and variable cost structure have allowed us to deliver results through dynamic changes in the economy. We continue to believe that the overall IT market will grow. We also believe that solutions like hybrid cloud, security, hyperscale infrastructure, IoT and analytics will have growth rates above the overall IT market and as we have discussed in the past, we are investing in these high-growth areas.

儘管未來的環境不太確定，但我們相信我們已經建立了一個強大、有彈性的業務，該業務在許多不同的宏觀週期中都有成功運營的悠久歷史。我們廣泛的解決方案組合、流動性狀況和可變成本結構使我們能夠通過經濟的動態變化交付成果。我們仍然相信整個 IT 市場將會增長。我們還相信，混合雲、安全、超大規模基礎設施、物聯網和分析等解決方案的增長率將高於整個 IT 市場，正如我們過去所討論的，我們正在投資這些高增長領域。

Progress is evident on our high-growth technology strategy as year-to-date revenue in this area grew more than 20% and represented more than 20% of our third quarter total gross billings. We were also recently recognized with 2 very important partner awards. TD SYNNEX was named Hewlett Packard Enterprise Global Distributor of the Year for 2022 and the Microsoft Worldwide Partner of the Year for 2022, our second consecutive year in achieving this honor. These acknowledgments are important testaments to our commitment to invest and partner with top technology vendors, providing our customers with outstanding solutions based on leading-edge cloud and as-a-Service technologies. For our customers, this is key as we help simplify complexity, accelerate their time to market, reduce the skills gap and help them expand their portfolio to new markets.

我們的高增長技術戰略取得了明顯的進展，因為該領域的年初至今收入增長了 20% 以上，占我們第三季度總收入的 20% 以上。我們最近還獲得了 2 個非常重要的合作夥伴獎項。 TD SYNNEX 被評為 2022 年 Hewlett Packard Enterprise 年度全球分銷商和 2022 年 Microsoft 年度全球合作夥伴，這是我們連續第二年獲得這一榮譽。這些認可是我們致力於投資並與頂級技術供應商合作的重要證明，為我們的客戶提供基於領先雲和即服務技術的出色解決方案。對於我們的客戶而言，這是關鍵，因為我們幫助簡化複雜性、加快他們的上市時間、縮小技能差距並幫助他們將產品組合擴展到新市場。

Marshall will provide further details on our merger-related cost synergy attainment in a few minutes. So let me give you an update on our ERP system consolidation in the Americas. As mentioned earlier this year, our Canadian conversion efforts were successful, and approximately 90% of our Canadian business is now transacting in CIS, the ERP system used by legacy SYNNEX. Our U.S. transition is now underway, and we expect to have a meaningful portion of that activity migrated by early Q1 with the remainder transitioning throughout fiscal 2023.

Marshall 將在幾分鐘內提供有關我們與合併相關的成本協同效應的進一步細節。因此，讓我向您介紹我們在美洲的 ERP 系統整合的最新情況。正如今年早些時候所提到的，我們在加拿大的轉換工作取得了成功，我們大約 90% 的加拿大業務現在在獨聯體進行交易，這是舊 SYNNEX 使用的 ERP 系統。我們的美國轉型目前正在進行中，我們預計到第一季度初將有相當一部分活動轉移，其餘部分將在整個 2023 財年進行轉移。

In closing, I am proud and energized by how the efforts of our entire global team have come together and believe that we have the necessary market-leading capabilities and resources to serve the IT partner ecosystem now and into the future.

最後，我對我們整個全球團隊的努力如何齊心協力感到自豪和振奮，並相信我們擁有必要的市場領先能力和資源來服務於現在和未來的 IT 合作夥伴生態系統。

Before I turn it over to Marshall to provide additional details on our financial performance, please note that our thoughts are with all of those impacted by Hurricane Ian. The safety and well-being of our coworkers is top of mind for us. And with one of our main offices in the Tampa Bay area, we are carefully monitoring the storm's progress and projected path.

在我將其交給馬歇爾以提供有關我們財務業績的更多詳細信息之前，請注意，我們的想法與受颶風伊恩影響的所有人有關。同事的安全和福祉是我們的首要考慮。通過我們在坦帕灣地區的主要辦事處之一，我們正在仔細監測風暴的進展和預計路徑。

Marshall, I'll turn it over to you.

馬歇爾，我會把它交給你的。

Thanks, Rich, and thanks to everyone for joining us today.

謝謝，Rich，感謝大家今天加入我們。

We performed well in fiscal Q3 with revenue growth above our expectations and margin growth year-over-year. This is a testament to the focus and commitment of our teams amidst the hard-to-predict macroeconomic backdrop. Please note that comparisons versus prior year are on an as combined basis, which assumes the merger occurred at the beginning of the period.

我們在第三財季表現良好，收入增長高於我們的預期，利潤率同比增長。這證明了我們團隊在難以預測的宏觀經濟背景下的專注和承諾。請注意，與上一年的比較是在合併的基礎上進行的，假設合併發生在期初。

Total worldwide revenue for fiscal Q3 was $15.4 billion, up 7% year-over-year and up 15% in constant currency when normalized for the revenue recognition policy alignment relating to the merger. This is better than the 10% adjusted year-over-year growth rate we expected when we last spoke in June. Euro devaluation accounted for an approximate $700 million headwind year-over-year.

第三財季全球總收入為 154 億美元，同比增長 7%，按與合併相關的收入確認政策調整正常化後的固定匯率計算增長 15%。這比我們上次在 6 月份發言時預期的 10% 的調整後同比增長率要好。歐元貶值帶來了約 7 億美元的逆風。

From a revenue perspective, all 3 regions grew in the quarter. And we saw broad-based product growth across distribution with robust double-digit growth in high-growth technologies. Hyve had a record quarter as this high-growth technology business responded to unusually strong hyperscale demand. Gross profit was $916 million and gross margin was 6%, down approximately 30 basis points from Q2 primarily due to customer and product mix.

從收入的角度來看，這三個地區在本季度都有所增長。我們看到整個分銷領域的產品廣泛增長，高增長技術實現了兩位數的強勁增長。由於這一高增長的技術業務對異常強勁的超大規模需求做出了回應，Hyve 創下了一個創紀錄的季度。毛利潤為 9.16 億美元，毛利率為 6%，較第二季度下降約 30 個基點，主要是由於客戶和產品組合。

Total adjusted SG&A expense was $544 million, representing 3.5% of revenue, in line with our expectations and down approximately 30 basis points compared to Q2. Non-GAAP operating income was $398 million, up $44 million or 12% year-over-year. And non-GAAP operating margin was 2.6%, up approximately 10 basis points year-over-year, driven by cost discipline and merger synergy execution. On a constant currency basis, non-GAAP operating income increased 15% year-over-year.

調整後的 SG&A 費用總額為 5.44 億美元，佔收入的 3.5%，符合我們的預期，與第二季度相比下降了約 30 個基點。非美國通用會計準則營業收入為 3.98 億美元，同比增長 4400 萬美元或 12%。非 GAAP 營業利潤率為 2.6%，同比增長約 10 個基點，主要受成本紀律和合併協同執行的推動。按固定匯率計算，非公認會計準則營業收入同比增長 15%。

Due to the higher-than-expected interest rates during the quarter, non-GAAP interest expense and finance charges were $50 million, $5 million above our outlook. And the non-GAAP effective tax rate was approximately 24%, in line with our expectations. As a reminder, our outstanding senior notes bear a fixed interest rate, while interest rates on borrowings under our term loan are variable and borrowings under our revolving credit facility bear a floating interest rate. We have partially hedged the variable interest rate on our term loan. Total non-GAAP net income was $263 million and non-GAAP diluted EPS was $2.74, consistent with our previous guidance.

由於本季度利率高於預期，非公認會計原則的利息費用和財務費用為 5000 萬美元，比我們的預期高出 500 萬美元。非 GAAP 有效稅率約為 24%，符合我們的預期。提醒一下，我們的未償優先票據採用固定利率，而我們的定期貸款下的借款利率是可變的，我們的循環信貸額度下的借款採用浮動利率。我們對定期貸款的浮動利率進行了部分對沖。非美國通用會計準則淨收入總額為 2.63 億美元，非美國通用會計準則攤薄後每股收益為 2.74 美元，與我們之前的指引一致。

Now turning to the balance sheet. We ended the quarter with cash and cash equivalents of $351 million and debt of $4.1 billion. Our gross leverage ratio was 2.4x and net leverage was 2.2x. Accounts receivable totaled $8.1 billion, up from $7.9 billion in the prior quarter. Inventories totaled $9.8 billion, up approximately $1.3 billion from the prior quarter but offset by approximately $1.2 billion of increased AP as our partners continue to adjust their terms.

現在轉向資產負債表。我們在本季度末的現金和現金等價物為 3.51 億美元，債務為 41 億美元。我們的總槓桿率為 2.4 倍，淨槓桿率為 2.2 倍。應收賬款總額為 81 億美元，高於上一季度的 79 億美元。庫存總額為 98 億美元，比上一季度增加約 13 億美元，但隨著我們的合作夥伴繼續調整條款，約 12 億美元的 AP 增加抵消了庫存。

More than half of the inventory increase was in our distribution network. This increase was due to strong revenue growth and the elevated backlog. As a reminder, the majority of this inventory is covered by price protection agreement and recovery of inventory carrying costs. The remainder of the increase represents purchases for our hyperscale infrastructure business to support the demand forecast of our customers. These inventory increases carry minimal risk and generally result in margin increases for Hyve. We expect this inventory to translate to revenue and profit generation in Q4 and beyond. All in, we expect inventory turns to improve in Q4 and into fiscal '23.

超過一半的庫存增加來自我們的分銷網絡。這一增長是由於強勁的收入增長和積壓的增加。提醒一下，大部分庫存都包含在價格保護協議和庫存持有成本的回收中。增加的其餘部分代表購買我們的超大規模基礎設施業務，以支持我們客戶的需求預測。這些庫存增加帶來的風險最小，通常會導致 Hyve 的利潤增加。我們預計該庫存將在第四季度及以後轉化為收入和利潤。總而言之，我們預計第四季度和 23 財年的庫存周轉率將有所改善。

Our net working capital at the end of the third quarter was $3.9 billion, an increase of approximately $300 million from Q2. Our cash conversion cycle for the third quarter was about 23 days, up 2 days from Q2. And our cash used in operations in the quarter was approximately $67 million. From a shareholder return perspective for the current quarter, our Board of Directors has approved a cash dividend of $0.30 per common share. The dividend is payable on October 28, 2022, to stockholders of record as of the close of business on October 14, 2022.

第三季度末我們的淨營運資金為 39 億美元，比第二季度增加了約 3 億美元。我們第三季度的現金轉換週期約為 23 天，比第二季度增加了 2 天。本季度我們用於運營的現金約為 6700 萬美元。從本季度股東回報的角度來看，我們的董事會已批准每股普通股 0.30 美元的現金股息。股息將於 2022 年 10 月 28 日支付給截至 2022 年 10 月 14 日營業結束時在冊的股東。

We continued executing on our share repurchase program in the quarter, repurchasing $30 million of our stock and $83 million through the first 3 quarters of fiscal '22. We remain ahead of pace to achieve our targeted repurchases of $100 million for fiscal '22 and are on track for our medium-term target of 50% of free cash flow returned to shareholders in the form of dividends and buybacks. We have $317 million remaining on our 3-year stock repurchase authorization, which expires in July of 2023.

我們在本季度繼續執行我們的股票回購計劃，在 22 財年的前三個季度回購了 3000 萬美元的股票和 8300 萬美元的股票。我們仍然領先於實現我們在 22 財年 1 億美元的目標回購，並有望實現我們以股息和回購形式將 50% 的自由現金流返還給股東的中期目標。我們的 3 年期股票回購授權剩餘 3.17 億美元，該授權將於 2023 年 7 月到期。

Finally, from a merger-related cost synergy perspective, we remain ahead of plan for year 1, expecting to recognize $140 million compared to our initial plan of $100 million. We continue to expect to achieve a total of $200 million in cost synergies by August 2023.

最後，從與合併相關的成本協同效應的角度來看，我們在第一年仍然領先於計劃，預計將確認 1.4 億美元，而我們最初的計劃為 1 億美元。我們繼續預計到 2023 年 8 月將實現總計 2 億美元的成本協同效應。

Now moving to our outlook for fiscal Q4. We expect total revenue to be in the range of $15.2 billion to $16.2 billion, which when adjusted for currency impacts of approximately $700 million and revenue recognition policy alignments of approximately $450 million equates to growth of around 8% at the midpoint on a year-on-year basis. Growth rates are expected to be lower than Q3, primarily due to the unusually strong hyperscale demand in Hyve in Q3 and a more cautionary approach to guidance given the macro backdrop. Our guidance is based on a euro-to-dollar exchange rate of $1.01.

現在轉到我們對第四財季的展望。我們預計總收入將在 152 億美元至 162 億美元之間，在調整約 7 億美元的貨幣影響和約 4.5 億美元的收入確認政策調整後，相當於同比增長約 8%。 - 年的基礎。預計增長率將低於第三季度，這主要是由於第三季度 Hyve 的超大規模需求異常強勁，以及在宏觀背景下對指引採取更加謹慎的態度。我們的指引基於 1.01 美元的歐元兌美元匯率。

Non-GAAP net income is expected to be in the range of $259 million to $298 million. And non-GAAP diluted EPS is expected to be in the range of $2.70 to $3.10 per diluted share based on weighted average shares outstanding of approximately 95.2 million. This equates to full year '22 non-GAAP EPS of $11.19 to $11.59 compared to the outlook of $11.15 to $11.55 that we provided in June. Interest expense for Q4 is expected to be approximately $60 million, and we expect the tax rate to be approximately 24%.

非美國通用會計準則淨收入預計在 2.59 億美元至 2.98 億美元之間。根據約 9520 萬股的加權平均已發行股份，非 GAAP 攤薄後每股收益預計在每股攤薄後 2.70 美元至 3.10 美元之間。這相當於我們在 6 月份提供的 11.15 美元至 11.55 美元的前景，相當於 22 年全年非公認會計準則每股收益為 11.19 美元至 11.59 美元。第四季度的利息費用預計約為 6000 萬美元，我們預計稅率約為 24%。

In closing, despite the current economic headlines, we are confident in our business and bullish on the growth prospects for our company given our participation in large and growing markets, our solid history of execution and shareholder value creation and our decades of experience in managing through economic cycles.

最後，儘管當前的經濟頭條新聞，我們對我們的業務充滿信心，並看好我們公司的增長前景，因為我們參與了龐大且不斷增長的市場，我們在執行和股東價值創造方面的紮實歷史以及我們在通過管理方面擁有數十年的經驗經濟周期。

We will now take your questions. Operator?

我們現在將回答您的問題。操作員？

(Operator Instructions) Your first question comes from the line of Keith Housum with Northcoast Research.

（操作員說明）您的第一個問題來自 Northcoast Research 的 Keith Housum。

Just -- if you don't just revisiting real quick the high-growth technology area that was up year-to-date 20%. Rich, can you remind us how big that is of the total business?

只是——如果你不只是快速重新審視今年迄今增長 20% 的高增長技術領域。里奇，你能提醒我們這在整個業務中有多大嗎？

Yes. So usually, Keith, we talk about the high-growth technology segment in terms of gross billings because a lot of those offerings, especially the cloud-based ones, get netted. So as we said in the prepared script, it now is slightly over 20% of our entire business from a gross billings' perspective.

是的。所以通常，基思，我們談論的是高增長技術領域的總賬單，因為很多這些產品，尤其是基於雲的產品，都被淨賺了。因此，正如我們在準備好的腳本中所說，從總賬單的角度來看，它現在略高於我們整個業務的 20%。

And Keith, gross billings for the quarter came in just under $20 billion.

而基思，本季度的總收入不到 200 億美元。

Great. In terms of the guidance, as a follow-up, obviously, we're in a volatile time here. And obviously, you're bullish on the trajectory of the business. But maybe talk a little bit about your puts and takes as you think about your guidance for the next quarter and what it will take to perhaps meet the high end or low end of the range.

偉大的。就指導而言，作為後續行動，顯然，我們正處於一個動蕩的時期。顯然，您看好業務的發展軌跡。但是，當您考慮下一季度的指導以及可能達到該範圍的高端或低端需要什麼時，也許可以談談您的看跌期權和收益。

Yes. There's a few things that are influencing our overall thoughts for Q4. One is interest expense. Just to step back, when we guided Q3, we guided at $45 million. And of course, we came above that at $50 million. We guided for Q4 at $60 million. So that's probably the biggest EPS difference in terms of where we thought we would be.

是的。有一些事情正在影響我們對第四季度的整體想法。一是利息費用。退一步說，當我們指導第三季度時，我們指導了 4500 萬美元。當然，我們超過了 5000 萬美元。我們指導第四季度為 6000 萬美元。因此，就我們認為的情況而言，這可能是最大的 EPS 差異。

Certainly, the comment I made about the broader macro environment is putting us in a position to just being cautious. And as usual, Keith, when we look at the hyperscale infrastructure range, we tend to guide at the lower end of that range.

當然，我對更廣泛的宏觀環境所做的評論使我們處於謹慎的位置。和往常一樣，基思，當我們查看超大規模基礎設施範圍時，我們傾向於在該範圍的低端進行指導。

Your next question is from the line of Joseph Cardoso with JPMorgan.

您的下一個問題來自摩根大通的 Joseph Cardoso。

So first question for me, can you just provide us an update on how backlog has tracked exiting this quarter and how the mix of that is shaking out? Also, where do we stand relative to what you would consider to be normalized levels? And any thoughts to when we might reach those more normal levels?

所以我的第一個問題是，您能否向我們提供有關本季度積壓工作如何跟踪退出的最新情況以及其中的組合如何擺脫？此外，相對於您認為的標準化水平，我們處於什麼位置？對我們什麼時候可以達到那些更正常的水平有什麼想法嗎？

Yes. Great question. Thank you very much. So a couple of things. Number one is the backlog has come down, but it's sort of the tale of 2 cities. So first, in the endpoint segment, backlog has come down. And we're finding that the sort of PC ecosystem, things are more serviceable. Interestingly enough, where we -- there is one vendor in particular that there is a really big backlog reduction because they really made quite great progress relative to servicing that backlog.

是的。好問題。非常感謝。所以有幾件事。第一個是積壓已經下降，但它有點像 2 個城市的故事。首先，在端點部分，積壓已經下降。我們發現這種 PC 生態系統的東西更有用。有趣的是，我們 - 特別是有一個供應商，積壓工作確實大幅減少，因為他們在為積壓工作提供服務方面確實取得了相當大的進步。

But the good news in that is that, that particular vendor has a lot of strength going forward. So this isn't a situation, we don't believe, whereby the backlog runoff and suddenly, we find ourselves sort of trending to having a challenging growth. I mean the demand is strong moving forward. So summarizing again, endpoint is down, but the predominance of that is led by one vendor who has a lot of strength going forward.

但好消息是，那個特定的供應商在未來有很大的優勢。所以這不是一種情況，我們不相信，積壓的徑流和突然之間，我們發現自己有點趨向於具有挑戰性的增長。我的意思是需求強勁向前發展。再次總結一下，endpoint 下降了，但其中的主導地位是由一家在未來具有很大實力的供應商領導的。

As it relates to what we call the advanced solutions segment, within there, there's many that are still growing backlog and few that either are stable or declining. So within the advanced solutions segment, we have not yet seen the peak, if you will. And we would anticipate that it will take until -- sometime well into '23 until we have stability from advanced solutions perspective. That's barring obviously any new flare-ups from COVID or anything else that might happen in the world. But it does remain elevated, and I would say that we'll be in that elevated state for the foreseeable future. Again, crystal ball, sometime mid-'23, maybe there's better stabilization.

因為它與我們所說的高級解決方案部分有關，所以在其中，有許多仍在增長的積壓工作，而很少有穩定或下降的。因此，在高級解決方案領域，我們還沒有看到高峰，如果你願意的話。我們預計，直到 23 年的某個時候，我們才能從高級解決方案的角度獲得穩定性。這顯然排除了 COVID 或世界上可能發生的任何其他事件的任何新爆發。但它確實仍然處於高位，我想說，在可預見的未來，我們將處於這種高位。再說一次，水晶球，在 23 年中期的某個時候，也許會有更好的穩定性。

And I'd just add to that, you asked the question, Joseph, on what is normalized levels. It's a good question. We didn't track it very extensively pre-pandemic. But if I were just to guess and I'll also look at Rich, it's usually about a month's worth of turn is how I think about it.

我想補充一點，約瑟夫，你問的問題是什麼是標準化水平。這是個好問題。在大流行之前，我們沒有對它進行非常廣泛的跟踪。但如果我只是猜測並且我也會看看 Rich，通常大約需要一個月的時間，這就是我的想法。

Rich, do you have any thoughts on that?

Rich，你對此有什麼想法嗎？

Yes -- No, and we are materially over that still.

是的 - 不，我們基本上已經結束了。

I appreciate all the color. And then maybe just a quick follow-up on the Hyve business. It sounds like this quarter, the business was very strong, you guys highlighting record levels. But there seems to be broader concerns from the investment community around hyperscale spending moderating going forward. And I think it's led by commentary from some of the component suppliers in memory and storage alike. Just given what you're seeing from your customers today, can you provide any color on what you're seeing relative to demand trend there going forward? And are you concerned of a potential digestion period heading into 2023?

我欣賞所有的顏色。然後也許只是對 Hyve 業務的快速跟進。聽起來這個季度，業務非常強勁，你們突出了創紀錄的水平。但投資界似乎對未來超大規模支出放緩存在更廣泛的擔憂。而且我認為這是由一些內存和存儲等組件供應商的評論引起的。鑑於您今天從客戶那裡看到的情況，您能否提供與未來需求趨勢相關的任何顏色？您是否擔心進入 2023 年的潛在消化期？

Yes. Maybe I'll start and then turn it over to Marshall. So first, just a reminder to everyone, we state this every opportunity we get: Hyve is a lumpy business. But we feel as if it always offers great growth attributes on an annualized basis. And so as Marshall said in his prepared comments, this time, the lumpiness was more positive than we thought. So we see good demand. And candidly, I think we see demand consistent with our guide here as we look into Q4, which still is pretty good demand overall for that segment.

是的。也許我會開始，然後把它交給馬歇爾。因此，首先，提醒大家，我們會說明我們得到的每一個機會：Hyve 是一個笨拙的企業。但我們覺得它似乎總是在年化基礎上提供巨大的增長屬性。正如馬歇爾在他準備好的評論中所說，這一次，塊狀比我們想像的更積極。所以我們看到了良好的需求。坦率地說，我認為當我們研究第四季度時，我們看到的需求與我們的指南一致，這對該細分市場的總體需求仍然相當不錯。

So I think that from a strategic perspective, we always talk about over the longer period, hyperscale sort of segment being double-digit sort of growth attributes. And I know nothing that would cause me to think differently relative to that segment.

所以我認為，從戰略的角度來看，我們總是在更長的時間內談論超大規模的細分市場是兩位數的增長屬性。而且我不知道會導致我相對於該細分市場產生不同的想法。

Yes. And Joseph, I would just add in regards to hyperscale infrastructure on the supply chain constraints, there's also a supply chain inefficiency on the data center availability and opening, so the hyperscalers are struggling to keep up with their capacity themselves. So we do have quite a bit of product that is in queue, ready to be positioned and put into data centers. So it's not just the supply chain itself, but it's all the way through to getting the (inaudible) into data centers.

是的。 Joseph，我只想補充一下超大規模基礎設施對供應鏈的限制，在數據中心的可用性和開放性方面也存在供應鏈效率低下的問題，因此超大規模企業正在努力跟上他們自己的能力。因此，我們確實有相當多的產品正在排隊等待定位並投入數據中心。因此，不僅僅是供應鏈本身，而是一直到（聽不清）進入數據中心。

Yes. If I could, just to kind of finish Marshall's thoughts, this supply that he talked about in queue, we have hard orders for all of it. It's just the ebbs and flows of the construction of the data centers.

是的。如果可以的話，只是為了完成馬歇爾的想法，他在隊列中談到的這個供應，我們對所有這些都有嚴格的命令。這只是數據中心建設的潮起潮落。

That's right. And that stays, obviously, inventory on our books, which is one of the reasons why we see elevated inventory in the Hyve space.

這是正確的。顯然，這仍然是我們賬面上的庫存，這也是我們看到 Hyve 領域庫存增加的原因之一。

Your next question is from the line of Ruplu Bhattacharya with Bank of America.

您的下一個問題來自美國銀行的 Ruplu Bhattacharya。

Rich, from the commentary that you gave, it looks like demand remains very strong. I mean you talked about continuing demand even in the PC business, the endpoint business; and strong growth, more than 20%, in the advanced solutions business. But I'm trying to reconcile that against what we've heard so far from OEMs, right? So we've heard certain OEMs talk about weakness in the PC end market consumers -- consumer PC market, but also in the commercial PC market, some weakness developing. And then some OEMs have talked about some incremental weakness in the enterprise businesses as well.

Rich，從您的評論來看，需求似乎仍然非常強勁。我的意思是您談到了即使在 PC 業務、端點業務中的持續需求；先進解決方案業務增長超過 20%。但我試圖將其與我們迄今為止從原始設備製造商那裡聽到的信息調和，對吧？因此，我們聽到某些 OEM 談論 PC 終端市場消費者的疲軟——消費 PC 市場，但在商用 PC 市場，一些疲軟正在發展。然後一些原始設備製造商也談到了企業業務中的一些增量弱點。

So help us reconcile like the strength that you're seeing versus what we're hearing from OEMs. Is there -- could it be because of share gains that you're having? Could it be because of synergies that you're seeing -- revenue synergies? So how should we reconcile the commentary that we're hearing from some OEMs versus what you're seeing?

因此，請幫助我們協調您所看到的力量與我們從 OEM 那裡聽到的力量。有沒有 - 可能是因為你擁有的股票收益？可能是因為你看到的協同效應——收入協同效應？那麼我們應該如何協調我們從一些原始設備製造商那裡聽到的評論與您所看到的呢？

Yes. Ruplu, thanks for the question. First, I think it's important to highlight once again that we don't have a big reliance upon the consumer segment. And from our numbers' perspective, the consumers segment is where things are being more deeply felt.

是的。魯普魯，謝謝你的提問。首先，我認為重要的是要再次強調我們對消費者細分市場的依賴並不大。從我們的數據的角度來看，消費者群體是感受更深的地方。

Second, I think once again here, we benefit from our portfolio. We have the privilege of serving the top-tier PC vendors in the market. And sometimes those demands for product ebb and flow between them, depending on their cycles, et cetera. So I think that, that serves us well.

其次，我再次認為，我們從我們的投資組合中受益。我們有幸為市場上的頂級 PC 供應商提供服務。有時這些對產品的需求在它們之間起伏不定，這取決於它們的周期等等。所以我認為這對我們很有幫助。

I know that Marshall has some more detailed comments he wants to make. But I just want to be clear that when we take a look at our Q3, the -- both the endpoint and advanced segment had pretty significant growth. And actually relative to the midpoint of our guide, the upside for us really came from that endpoint segment, which is PC ecosystem content as well as Hyve, as Marshall had talked about earlier.

我知道馬歇爾有一些他想發表的更詳細的評論。但我只想明確一點，當我們查看第三季度時，端點和高級細分市場都有相當顯著的增長。實際上，相對於我們指南的中點，我們的優勢確實來自端點部分，即 PC 生態系統內容和 Hyve，正如 Marshall 之前談到的那樣。

We look into Q4, we see an overall reasonably healthy environment as well. So we really feel pretty comfortable relative to the execution in each of our segments as we move into Q4. But Marshall, I know that you have some particular ASP and unit volume information you wanted to share.

我們研究第四季度，我們也看到了一個整體相當健康的環境。因此，當我們進入第四季度時，相對於我們每個細分市場的執行情況，我們真的感覺很舒服。但是馬歇爾，我知道你有一些特定的 ASP 和單位數量信息你想分享。

Yes. Ruplu, on the PC ecosystem for our distribution network, it's not an exact science. But if we look at our Q3 results, volume was probably in the low to single-digit growth rate, and ASP was probably in the high single to low double-digit growth rates. So all in net-net, we grew in the PC ecosystem business.

是的。 Ruplu，在我們分銷網絡的 PC 生態系統中，這不是一門精確的科學。但如果我們看一下我們第三季度的業績，銷量可能處於低到個位數的增長率，而平均售價可能處於高個位數到低兩位數的增長率。所以在 net-net 中，我們在 PC 生態系統業務中成長。

And I think, Ruplu, what's going to happen through time is that those ASPs will probably start to abate or come down in the U.S., probably not in the not-too-distant future. So there will be some moderation there. Europe is a little bit more tricky to figure out from an ASP perspective. We all know that things might start to abate from an inflationary perspective, but the currency hockey stick weakening of the euro is sort of a second dimension that manifests itself in increased ASPs as we know that, that industry is pretty much a dollar-based industry. So it takes a lot more euro to buy sort of the PC category. So I think that ASP dynamic in Europe might have a bit longer of a life relative to what we might see in other jurisdictions.

我認為，Ruplu，隨著時間的推移，這些 ASP 可能會在美國開始減弱或下降，可能不會在不久的將來。所以那裡會有一些節制。從 ASP 的角度來看，歐洲有點難以理解。我們都知道，從通脹的角度來看，事情可能會開始減弱，但歐元的貨幣曲棍球棒走弱是第二個維度，它體現在我們知道的 ASP 增加中，該行業幾乎是一個以美元為基礎的行業.因此，購買 PC 類別需要更多的歐元。因此，我認為與我們在其他司法管轄區看到的情況相比，歐洲的 ASP 動態可能會有更長的壽命。

Okay. Okay. I appreciate all the detail. Can I ask you -- you had also talked about solutions aggregation and integration as a new opportunity for the combined company? When do you think that materializes? And is this like in the next 12 months? Or is this an opportunity that is longer term? And what type of investments do you need to see the revenues -- material revenues from that opportunity?

好的。好的。我很欣賞所有的細節。我可以問你——你還談到解決方案聚合和集成是合併後公司的新機會嗎？你認為什麼時候會實現？未來 12 個月會是這樣嗎？或者這是一個長期的機會？你需要什麼樣的投資才能看到收入——來自那個機會的物質收入？

Yes. Very good question. So if you go back to our Investor Day, we talked about solutions aggregation being a build in '22, '23, '24. We're well underway relative to aggregating multi-vendor solutions in our cloud marketplaces. This happens quite frequently. And we also have been building a whole inventory of what we call Click to Run solutions. So these are preconfigured solutions that we make available on our cloud platform.

是的。非常好的問題。因此，如果您回到我們的投資者日，我們談到解決方案聚合是 '22、'23、'24 的構建。相對於在我們的雲市場中聚合多供應商解決方案，我們正在順利進行。這種情況經常發生。我們還一直在構建我們所謂的點擊運行解決方案的完整清單。因此，這些是我們在雲平台上提供的預配置解決方案。

So that's a ramp. Certainly, that helps to accelerate our overall cloud platform growth. Typically, the margin profile of aggregated solutions are better than point product sales overall. So it's a build, to answer your question, '22, '23 and then into the future, but it is a critical element of strategically driving our cloud growth going forward.

所以這是一個坡道。當然，這有助於加速我們的整體雲平台增長。通常，聚合解決方案的利潤率總體上優於單點產品銷售。所以這是一個構建，回答你的問題，'22，'23，然後是未來，但它是戰略性地推動我們的雲增長向前發展的關鍵要素。

And then, of course, as you know, I think we said in the late '24 or '25 time frame, we really then move into sort of this orchestration model. So we're building out all of those platform capabilities. So to answer your last question, the investments that have to be made are in resources: engineering resources to qualify these aggregated solutions; certainly more technical sales resources; and then the last piece is the investment in the platform, which [is] all lined up, but we've been continually incrementing that -- those investments as we move over time.

然後，當然，如你所知，我認為我們在 24 年末或 25 年的時間框架內說過，我們真的會進入這種編排模型。因此，我們正在構建所有這些平台功能。因此，要回答您的最後一個問題，必須在資源方面進行投資：工程資源來限定這些聚合解決方案；當然更多的技術銷售資源；最後一點是對平台的投資，所有這些都排成一列，但我們一直在不斷增加——隨著時間的推移，這些投資。

Your next question is from the line of Ashley Ellis with Credit Suisse.

您的下一個問題來自瑞士信貸的 Ashley Ellis。

I was wondering, if we could go back to guidance and look at it on a sequential basis, using kind of our estimated historicals, it seems like growth is slower than usual for the fourth quarter. Marshall, could you maybe give us kind of like what are the headwinds? What are your expectations for currency? Are you expecting kind of a step-down in Hyve at the low end of the range?

我想知道，如果我們可以回到指導並按順序查看它，使用我們估計的歷史數據，第四季度的增長似乎比平時慢。馬歇爾，你能不能給我們介紹一下逆風是什麼？您對貨幣的期望是什麼？您是否期望 Hyve 在該範圍的低端有所下降？

And then if I kind of interpret the comments on backlog, is it fair to assume that maybe 3Q benefited from PC backlog coming down? But in fourth quarter, you think overall backlog will stay flat? Just anything to kind of bridge us to the 2% growth in the fourth quarter?

然後，如果我解釋一下關於積壓的評論，是否可以假設第三季度可能受益於 PC 積壓的下降？但在第四季度，您認為整體積壓將保持不變？有什麼可以幫助我們實現第四季度 2% 的增長嗎？

Sure. I'll start and then let Rich also touch on whatever you want plus backlog. So you do think about the sequential relationships, Ashley, we did have a strong Q3. And so that does make the compare to Q4 a little bit more unusual. Typically, we'll see a 5% to 10% revenue growth rate. At 8% constant currency, it's kind of right in the middle. So I think that explains some of the relationships.

當然。我將開始，然後讓 Rich 還涉及您想要的任何內容以及積壓工作。所以你確實考慮了順序關係，阿什利，我們確實有一個強勁的第三季度。因此，與第四季度的比較確實有點不尋常。通常，我們會看到 5% 到 10% 的收入增長率。以 8% 的固定匯率計算，它處於中間位置。所以我認為這解釋了一些關係。

If you think about the headwinds, we did call out FX continuing to be impacted by the euro. We're guiding at $1.01. It wasn't that long ago when we were at $1.18 and $1.19. So that continues to have some headwinds for us. And then I did mention in the conversations around Hyve, when we do guide, we typically go towards the lower end of the Hyve outcome in the ranges.

如果您考慮逆風，我們確實指出外匯繼續受到歐元的影響。我們的指導價為 1.01 美元。不久前，我們的價格分別為 1.18 美元和 1.19 美元。因此，這對我們來說仍然存在一些不利因素。然後我在圍繞 Hyve 的對話中確實提到過，當我們進行指導時，我們通常會在範圍內接近 Hyve 結果的低端。

But with that said, we still expect year-on-year growth within the hyperscale infrastructure, high-growth technology business as well as solid growth in the distribution networks, whether it's Asia Pac, Europe, or America.

但話雖如此，我們仍然預計超大規模基礎設施、高增長技術業務以及分銷網絡的穩健增長，無論是亞太地區、歐洲還是美洲，都將實現同比增長。

Rich, I don't know if you have anything you want to add to that?

Rich，我不知道你有什麼要補充的嗎？

No. Thank you, Marshall. It's quite comprehensive.

不，謝謝你，馬歇爾。它相當全面。

Okay. And then looking at your merger synergies, I mean, typically, the -- both companies have always kind of overperformed -- outperformed and generated more synergies. So do you see room to raise that $200 million target? And then kind of as the macro environment is weakening, how are you thinking about your spending? And would you maybe consider -- I know you're keeping Asia and Europe on their own ERP systems. Is there maybe opportunity to move those to the same system? Just kind of maybe like a plan B in the event that we go into a recession, how are you thinking about spending and synergies?

好的。然後看看你的合併協同效應，我的意思是，通常情況下，兩家公司總是表現出色——表現出色並產生了更多的協同效應。那麼你認為提高 2 億美元目標的空間嗎？然後隨著宏觀環境的減弱，您如何看待您的支出？您是否會考慮——我知道您將亞洲和歐洲保留在他們自己的 ERP 系統上。是否有機會將它們移至同一系統？就像我們陷入衰退時的 B 計劃一樣，您如何看待支出和協同效應？

Yes. I'll touch on synergies. So you're right, Ashley, we have typically overperformed our synergy targets, not only earlier but higher. Right now, as you saw in our prepared remarks, we're at $140 million. So that stepped up $10 million from the last time we spoke. We still are confident in the $200 million of synergies as we exit the second year. But I do also believe that as we get closer to this year-end and kind of do a bottoms-up thought for all of fiscal '23, we'll probably have more informed conversations on what that outlook may be. But for now, the $200 million is a good number to use.

是的。我會談談協同效應。所以你是對的，阿什利，我們通常超過了我們的協同目標，不僅更早而且更高。現在，正如您在我們準備好的評論中看到的那樣，我們的資產為 1.4 億美元。所以這比我們上次談話時增加了 1000 萬美元。在第二年退出時，我們仍然對 2 億美元的協同效應充滿信心。但我也相信，隨著我們接近今年年底，並對 23 財年的所有內容進行自下而上的思考，我們可能會就這一前景進行更明智的對話。但就目前而言，2 億美元是一個很好的數字。

Yes. And on the back end, on the ERP systems, we've got a lot of work to do. In the U.S. in particular now, we're in the middle of that migration from the legacy Tech Data ERP onto the CIS system. We are steadfastly focused on that. The plan was that we would maintain our ERP systems outside of the U.S. and then keep everybody all hands on deck because we're going to have a combined $40 billion entity. I want to make sure we aren't distracted and get that done properly. And then sometime down the road, we will carry out an evaluation to determine whether there are future changes to the ERP or whether it makes sense the way we're aligned right now.

是的。在後端，在 ERP 系統上，我們有很多工作要做。尤其是現在，在美國，我們正處於從舊的 Tech Data ERP 遷移到 CIS 系統的過程中。我們堅定不移地專注於此。計劃是我們將在美國以外維護我們的 ERP 系統，然後讓每個人都全力以赴，因為我們將擁有一個 400 億美元的實體。我想確保我們不會分心並正確完成。然後某個時候，我們將進行評估，以確定 ERP 是否有未來的變化，或者我們現在的調整方式是否有意義。

Your next question is from Adam Tindle with Raymond James.

您的下一個問題來自 Adam Tindle 和 Raymond James。

I guess I wanted to start on EMEA since you said its strength in Europe is a reason for the mid-teens non-GAAP operating income growth in constant currency during the quarter. I think that's probably surprising to some people. So maybe you could comment on the cadence of demand there and what you're seeing here at the end of September in the EMEA region. There's just so many macro headlines on recessionary fears and everything related to that. Just wondering what you're learning real-time there, the cadence of demand through Q3 real time in September and what's embedded in your guidance for Q4 for Europe.

我想我想從歐洲、中東和非洲開始，因為你說它在歐洲的實力是本季度以固定貨幣計算的 10 歲中期非 GAAP 營業收入增長的原因。我想這可能會讓一些人感到驚訝。因此，也許您可以評論那裡的需求節奏以及您在 9 月底在 EMEA 地區看到的情況。關於衰退擔憂以及與此相關的一切的宏觀頭條新聞實在太多了。只是想知道你在那裡實時學習了什麼，9 月第三季度實時需求的節奏，以及你對歐洲第四季度的指導中嵌入了什麼。

Yes. Adam, I'll start and then, Rich, you can chime in. So from a cadence standpoint in Europe, Adam, what we saw is year-on-year by month, it strengthened. And we saw continued strength in August, and our guide continues to reflect that confidence as we think about Q4. So it is -- I don't know if the word is surprising, but it is definitely something we didn't expect to see that kind of strength continue and grow. And speaking with our European team, they do the same thing that the rest of the world does. They do bottoms-up analysis and forecast and are quite convicted looking at the overall macro backdrop plus the supply chain issues and their demand to come up with our thoughts around Q4. Rich?

是的。亞當，我會開始，然後，里奇，你可以插話。所以從歐洲的節奏的角度來看，亞當，我們看到的是逐月逐年加強。我們在 8 月份看到了持續的強勢，我們的指南在我們考慮第四季度時繼續反映這種信心。確實如此——我不知道這個詞是否令人驚訝，但絕對是我們沒想到會看到這種力量繼續增長。與我們的歐洲團隊交談，他們做的事情和世界其他地方一樣。他們進行自下而上的分析和預測，並且從整體宏觀背景以及供應鏈問題以及他們在第四季度提出我們想法的需求方面非常有罪。富有的？

Yes, Adam. So first, a little bit of a pleasant surprise. Actually, when we take a look at the entirety of the channel, it had a mid -- sort of mid, slightly higher single-digit growth rate overall. From memory, Marshall, correct me if I'm wrong, but I think that we -- relative to the visibility that we have, we grew substantially higher than that. And so our business has strength in Europe. And as Marshall has stated, for the coming quarter, we sort of build bottoms-up and have a good visibility from a country-country-country perspective. And the aggregate of that is a pretty robust outlook, if you will, for Q4 as well.

是的，亞當。所以首先，有點驚喜。實際上，當我們查看整個渠道時，它的整體增長率處於中等水平，略高於中等水平。根據記憶，馬歇爾，如果我錯了，請糾正我，但我認為我們 - 相對於我們所擁有的知名度，我們的增長遠高於此。所以我們的業務在歐洲有實力。正如馬歇爾所說，在下個季度，我們會自下而上地進行建設，並從國家-國家-國家的角度來看具有良好的知名度。如果你願意的話，第四季度的總體前景也相當強勁。

So we, like you, read the headlines relative to the challenges in Europe, yet technology seems to be a solution to help in driving some efficiencies for a lot of business entities. And I think that we always talk about the fact that when things are tough, IT outpaces GDP. And I just think -- my own personal opinion is that it's such a useful tool and is a necessary tool in order for businesses to remain competitive going forward that there seems to be, I'll call it, more consumption than historical levels. And how long will that hold up is yet to be seen. But right now, we see a pretty solid environment in the third quarter and as part of the projection in the fourth as well.

因此，我們和您一樣，閱讀了有關歐洲挑戰的頭條新聞，但技術似乎是一種解決方案，有助於提高許多商業實體的一些效率。而且我認為我們總是談論這樣一個事實，即當事情變得艱難時，IT 超過了 GDP。而且我只是認為 - 我個人的觀點是，它是一個非常有用的工具，並且是企業保持競爭力的必要工具，我稱之為，似乎比歷史水平更多的消費。這種情況會持續多久還有待觀察。但現在，我們看到第三季度的環境非常穩固，第四季度的預測也是如此。

Okay. And maybe as a follow-up, Marshall, on cash flow. It's just been volatile since the merger. And I look at it here, you're talking about an inventory build. I understand the Hyve component, but you did say the majority of that build is related to the distribution business. So kind of trying to figure out what got you comfortable letting inventory days continue to extend in the core distribution business given you have a softer guide for forward growth. Those kind of odd dynamics for those to -- you usually have a more robust forecast for forward growth as you let inventory days grow. And the timing for that to flush out?

好的。馬歇爾，也許作為現金流的後續行動。自合併以來，它一直不穩定。我在這裡看一下，您說的是庫存構建。我了解 Hyve 組件，但您確實說過大部分構建與分銷業務有關。考慮到您對未來增長的指導更加柔和，因此試圖弄清楚是什麼讓您放心讓核心分銷業務中的庫存天數繼續延長。那些奇怪的動態——當你讓庫存天數增長時，你通常會對遠期增長有更穩健的預測。以及淘汰的時機？

And then maybe just lastly, not to build too far on this question, but I think cash flow is just so important given the targets that you have out there for this medium term. Any kind of structural dynamics you can talk about outside of the cyclical inventory days on payables and receivables here? There's a lot of offsetting factors, and I'm wondering if there's temporary benefits, how we think about kind of the normalized structure and normalized cash conversion cycle beyond the inventory days. So starting with the inventory cyclicality aspect and then the structural aspect of how the business will generate $1 billion-plus in cash flow next year.

然後也許最後一點，不要在這個問題上建立得太遠，但我認為考慮到你在這個中期的目標，現金流是如此重要。在應付賬款和應收賬款的周期性庫存天數之外，您可以談論任何類型的結構動態嗎？有很多抵消因素，我想知道是否有暫時的好處，我們如何看待庫存天數之後的標準化結構和標準化現金轉換週期。因此，從庫存週期性方面開始，然後是業務將如何在明年產生超過 10 億美元現金流的結構方面。

Yes. Sure. I'll start and then, Rich, certainly chime in as you've got other comment or -- but we still expect to generate $1 billion in free cash flow in '23, assuming a stable supply chain environment. So that -- just want to make sure that you understand that. And then just going one level down or clicking into that, in Q3, our inventory did go up by over $1 billion, as we said, both for distribution and Hyve caused reasons. AP offset that for the most part.

是的。當然。我會開始，然後，Rich，當然會加入，因為你有其他評論，或者 - 但我們仍然預計在 23 年產生 10 億美元的自由現金流，假設供應鏈環境穩定。所以——只是想確保你理解這一點。然後只是下降一個級別或點擊它，在第三季度，我們的庫存確實增加了超過 10 億美元，正如我們所說，無論是分銷還是 Hyve 都造成了原因。 AP在很大程度上抵消了這一點。

As I said in my prepared comments too, Adam, inventory should -- and we expect this to translate to revenue profit generation in Q4 and beyond. Obviously, there's volatility in supply chain, and there's some temporary effects and delays in our cash flow.

正如我在準備好的評論中所說，亞當，庫存應該 - 我們預計這將轉化為第四季度及以後的收入利潤。顯然，供應鏈存在波動，我們的現金流有一些暫時的影響和延遲。

Thinking back and just looking at our seasonality, we just finished our first year around the sun together. And it does give us a sense of what cash days do. If -- when you look at last year, we finished at 15 in cash days and now we're at 23, so up 8. What caused that? Basically, the split, 50-50 between, we'll call it, Hyve, infrastructure and distribution. We do think that, that starts to abate and unwind in Q4 and into '23. But at the end of the day, it really does come down to the overall certainty or volatility around supply chain and how that manifests itself into '23.

回想一下，看看我們的季節性，我們剛剛一起完成了圍繞太陽的第一年。它確實讓我們了解了現金日的作用。如果 - 當您查看去年時，我們在現金天數中完成了 15 個，現在我們是 23 個，所以上升了 8 個。是什麼原因造成的？基本上，50-50 之間的分裂，我們稱之為 Hyve、基礎設施和分佈。我們確實認為，這種情況在第四季度和 23 年開始減弱和放鬆。但歸根結底，這確實歸結為供應鏈的整體確定性或波動性，以及它如何在 23 年體現出來。

And Rich, anything else you want to add?

Rich，還有什麼要補充的嗎？

Yes. So Adam, I want to make sure everybody understands that it's not lost on us, the importance of free cash flow and generating free cash flow. As I think about it, a big part of this has been due to the volatility, the ups and downs of the prior pandemic, et cetera. And I actually went and carried out some analysis to take a look across our vendor base and look at what's happening with their inventories. And largely speaking, they're elevated pretty materially as an aggregate group. So -- and again, I think that's just the manifestation of trying to manage the shorts and longs through what we've been through.

是的。所以亞當，我想確保每個人都明白自由現金流和產生自由現金流的重要性並沒有讓我們失望。在我看來，這在很大程度上是由於波動性、先前大流行的起起落落等等。我實際上去進行了一些分析，以查看我們的供應商群，看看他們的庫存發生了什麼。總的來說，他們作為一個整體群體在物質上得到了相當大的提升。所以 - 再一次，我認為這只是試圖通過我們所經歷的來管理空頭和多頭的表現。

That being said, I fundamentally believe that moving forward, we will find our way to -- our profile in cash days. We do start to, as I said earlier, see stability within the PC ecosystem. So there is less, I'll call it, erratic-ness. And it might be a little bit bumpy in the AS space for the first couple of quarters of next year, but I think that we find a pretty [grooved] swing as we move through the year. So yes, I'd say correct that they're elevated, but we have all the confidence that we can manage to profile once we get some of these challenges around the supply chain, (inaudible).

話雖如此，我從根本上相信，向前邁進，我們將找到我們的方式——我們在現金天的形象。正如我之前所說，我們確實開始看到 PC 生態系統的穩定性。因此，我稱之為不穩定的東西更少。明年前幾個季度在 AS 領域可能會有點顛簸，但我認為隨著我們一年的發展，我們會發現一個相當 [凹槽] 的波動。所以，是的，我會說他們被提升是正確的，但我們有信心，一旦我們在供應鏈中遇到一些挑戰，我們就可以設法描述（聽不清）。

Your next question is from Vincent Colicchio with Barrington Research.

您的下一個問題來自 Barrington Research 的 Vincent Colicchio。

A lot of questions on cost synergies. I'm curious, are you seeing any meaningful revenue synergies? Just what are your thoughts there?

很多關於成本協同效應的問題。我很好奇，您是否看到任何有意義的收入協同效應？你的想法是什麼？

Yes. Again, on the revenue synergies, we clearly have a lot of opportunity around revenue synergies. As we move into a common ERP system, they become a lot more executable because you have all of the, I'll say, the vendors that one site had that the other site didn't that you can take advantage of. And so I believe that as we get to sort of the start of next year, there will be a ramp. And as we move through the year, we'll be able to take more advantage of that because we'll move more towards being on that one ERP system, have all the training done, not only on the ERP system, we're in the middle of that now, but also the cross-training that happens with the vendors that one site had that the others haven't. All of that will sort of be, I'll say, FY '23 activity in ramp. So we definitely see that opportunity ahead of us.

是的。同樣，在收入協同效應方面，我們顯然在收入協同效應方面有很多機會。當我們進入一個通用的 ERP 系統時，它們變得更加可執行，因為您擁有一個站點擁有的所有供應商，而另一個站點沒有，您可以利用這些供應商。所以我相信，隨著我們到明年年初，將會有一個斜坡。隨著這一年的推進，我們將能夠更多地利用這一點，因為我們將更傾向於使用那個 ERP 系統，完成所有培訓，不僅僅是在 ERP 系統上，我們在現在是中間，還有一個站點擁有而其他站點沒有的供應商的交叉培訓。我會說，所有這些都將是 23 財年的坡道活動。因此，我們肯定看到了擺在我們面前的機會。

And obviously, in the middle of a large integration, if we move into a meaningful recession here, should we expect you to be opportunistic perhaps on smaller deals?

顯然，在大規模整合的過程中，如果我們在這裡進入一場有意義的衰退，我們是否應該期望你在較小的交易上可能會投機取巧？

I'll go first on this. I think given our history and experience and if you're talking about actual inventory buys, are you talking about M&A opportunities, Vince, I want to make sure I answer...

我先講這個。我認為鑑於我們的歷史和經驗，如果您在談論實際的庫存購買，您是在談論併購機會嗎，文斯，我想確保我回答...

The latter.

後者。

M&A?

嘛？

Yes.

是的。

I would say regardless of the economic environment, I think we've been pretty steady in our ability and appetite to look at deals that are appropriate and value-added, whether it's a footprint expansion or capability expansion. But Rich?

我想說，無論經濟環境如何，我認為我們在尋找合適和增值的交易方面的能力和意願都相當穩定，無論是擴大足跡還是擴大能力。但是里奇？

No. I think that's right. I mean we're frequently around the table with our strategic teams looking at pipeline, if you will. And we believe we have the balance sheet if we see the right set of assets to pursue them. I think that although the market would articulate that there's a buying opportunity, just based on the way multiples are rolling, I think people are still at the realization of hey, I was here, and I'm still worth where I was. So some of that test of time will have to pass.

不，我認為這是正確的。我的意思是，如果您願意的話，我們經常與我們的戰略團隊一起討論管道。我們相信，如果我們看到合適的資產來追求它們，我們就會擁有資產負債表。我認為，儘管市場會明確表示存在買入機會，但僅基於倍數滾動的方式，我認為人們仍然在意識到，嘿，我在這裡，我仍然值得我在哪裡。因此，必須通過一些時間考驗。

And again, I think that our company will continue to be acquisitive as the 2 companies previously have always been, and it's a matter of just finding the right assets and being patient to make sure that you find things which are complementary to your business.

再說一次，我認為我們公司將繼續像以前兩家公司一樣進行收購，這只是找到合適的資產並耐心確保您找到與您的業務相輔相成的東西。

Your next question is from Alek Valero with Loop Capital Markets.

您的下一個問題來自 Loop Capital Markets 的 Alek Valero。

I'm actually on for Ananda. So my question is, are you guys seeing any impact from pricing broadly? And if price were to come down, would you see any impact to margins?

我實際上是為阿南達。所以我的問題是，你們看到廣泛的定價有什麼影響嗎？如果價格下降，您會看到對利潤率的影響嗎？

So maybe I'll start there. We still are living in an environment of either price stability or ASP increases. Certainly, we have a long history of seeing those things ebb and flow through time. And I can't predict when, but I think in time, prices will either be stable or start to decrease.

所以也許我會從那裡開始。我們仍然生活在價格穩定或平均售價上漲的環境中。當然，我們有很長的歷史，看到這些事情隨著時間的推移而起起落落。我無法預測什麼時候，但我認為價格會穩定或開始下降。

In the instance when those prices start to come down, typically, we have the opportunity to retain our margin profile because we take on that inventory at a particular with the vendors are selling into for. Typically, we're able to hold our overall margin profile. Marshall has commented that in a escalating ASP environment that we've seen in the past that we've benefited somewhere around 10 basis points. That's starting to slow down a little bit because there's not as much activity. There is a bit of a smoothing happening there. But as we move forward, we would expect that the margin profile of the business would stay reasonably stable regardless of the price, either increases or decreases.

在這些價格開始下降的情況下，通常，我們有機會保留我們的利潤狀況，因為我們在供應商正在銷售的特定位置承擔該庫存。通常，我們能夠保持我們的整體利潤狀況。 Marshall 評論說，在我們過去看到的不斷升級的 ASP 環境中，我們已經受益了大約 10 個基點。這開始放緩一點，因為沒有那麼多的活動。那裡發生了一點平滑。但隨著我們向前邁進，我們預計業務的利潤率狀況將保持合理穩定，無論價格如何上漲或下跌。

Maybe as a quick follow-up. So for your key product areas, are you guys -- do you guys have any sense of which areas are getting softer and maybe stronger? And maybe if you could expand by geography as well?

也許作為快速跟進。那麼對於你們的關鍵產品領域，你們——你們知道哪些領域變得更軟，或許更強大嗎？如果你也可以按地理擴展？

Alek, was the question about where we're seeing strength and weaknesses in our product capabilities globally?

Alek，是關於我們在全球範圍內看到我們產品能力的優勢和劣勢的問題嗎？

Yes. That's right. And your product areas.

是的。這是正確的。還有你的產品領域。

So I'll start with this. I mean we in Q3 had seen uniform strength across all of our major product categories basically in every region. So there wasn't anything that surprised, if you will, to the downside, which, frankly, it might be a bit unusual. And as we had, I think, commented earlier, if you think about our adjusted revenue of 15% in Q3 and the midpoint of the guide in Q4 being sort of 8.5-ish overall, there isn't anything that's really falling out, but rather, I think it's a fairly uniform view of, I think, revenue growing in each of the categories going forward, maybe a little bit less growth in the Hyve business unit, but the other ones are, I think, pretty good. I mean high single digit is pretty good in my book. So there isn't a particular area that I would say that we would report in Q3 as being weak.

所以我將從這個開始。我的意思是，我們在第三季度基本上在每個地區都看到了我們所有主要產品類別的統一實力。因此，如果您願意的話，沒有什麼令人驚訝的不利因素，坦率地說，這可能有點不尋常。正如我們之前所說的那樣，我認為，如果您考慮到我們在第三季度調整後的收入為 15%，並且第四季度的指導中點總體上是 8.5 左右，那麼沒有什麼真正的失敗，但是相反，我認為這是一個相當統一的觀點，我認為未來每個類別的收入都在增長，Hyve 業務部門的增長可能會有所減少，但我認為其他部門的收入都相當不錯。我的意思是高個位數在我的書中相當不錯。因此，我不會說我們將在第三季度報告為疲軟的特定領域。

Your final question comes from the line of Jim Suva with Citigroup.

您的最後一個問題來自花旗集團的 Jim Suva。

We know that from the past, the Hyve business has had some big builds and then some inventory digestion or some unpredictable linearity in it. As you sit here now running your company and look at the demand from it, is that business at a equilibrium point? Or I know it was just a big quarter. Is there some inventory digestion that has to occur from where you sit and see things?

我們知道，從過去開始，Hyve 業務經歷了一些大型建設，然後進行了一些庫存消化或一些不可預測的線性關係。當您現在坐在這裡經營您的公司並查看它的需求時，該業務是否處於平衡點？或者我知道這只是一個很大的季度。是否有一些庫存消化必須從你坐在那裡看東西的地方發生？

Jim, yes, it still remains fairly lumpy. As we've said, to give a little bit broader perspective on a, call it, a trailing 12-month basis or year-on-year, both revenue and operating income continues to grow in that space. One thing we did mention earlier, Jim, is that there is some capacity constraints with our hyperscale data center customers, where their demand is greater than their ability to absorb. And so what we do is we have our racks or the racks that we've customized for our hyperscaler customers sitting in kind of a ready-to-go position. It's inventory on our books until they accept it, and then it translates to revenue. And then we're -- it's through the cycle. That has built up over the first 3 quarters of this fiscal. I think that's one thing that, as that normality comes into play or equalizes in '23, we may see inventory related to that start to come down.

吉姆，是的，它仍然相當粗糙。正如我們所說，為了更廣泛地了解過去 12 個月或同比的情況，收入和營業收入都在該領域繼續增長。吉姆，我們之前提到的一件事是，我們的超大規模數據中心客戶存在一些容量限制，他們的需求大於他們的吸收能力。因此，我們所做的就是擁有我們的機架或我們為超大規模客戶定制的機架，這些機架處於隨時可用的位置。在他們接受之前，它是我們賬簿上的庫存，然後轉化為收入。然後我們 - 它通過了循環。這已經在本財年的前三個季度建立起來。我認為這是一件事，隨著這種常態在 23 年發揮作用或趨於平衡，我們可能會看到與此相關的庫存開始下降。

Okay. That makes sense. And then switching gears to -- oh, go ahead.

好的。那講得通。然後換檔——哦，繼續。

Jim, I was just going to say and it's more a reminder that for what we do in that space around our hyperscale customers, we do get paid for holding that for them until they're ready to digest. So it's not inventory that isn't being recovered from a margin perspective.

吉姆，我只是想說，這更像是一個提醒，對於我們在超大規模客戶周圍的空間所做的事情，我們確實會因為為他們保留這些內容而獲得報酬，直到他們準備好消化。因此，從利潤率的角度來看，不是庫存沒有得到恢復。

Okay. That makes sense. And then can you remind us again of your PC percent of total company exposure maybe in totality and then the breakdown of consumer versus enterprise and then maybe Europe versus U.S.? Because it just seems like there's a lot of changes that are on the come for Europe versus U.S.

好的。那講得通。然後您能否再次提醒我們您的個人電腦占公司總曝光率的百分比可能是總體上，然後是消費者與企業的細分，然後是歐洲與美國的細分？因為看起來歐洲與美國之間即將發生很多變化。

Yes. So let me answer the global question. Marshall can keep me honest. We talked about this a little bit in the last earnings call. So the PC exposure overall is sort of low 20% of total revenue or portfolio. The consumer piece is sort of the mid-single digit of the total portfolio percent. And I don't know, Marshall, do you have the facts relative to Europe versus the Americas. I think they're reasonably balanced, right?

是的。所以讓我回答這個全球性的問題。馬歇爾可以讓我誠實。我們在上一次財報電話會議中談到了這一點。因此，個人電腦的整體曝光率僅佔總收入或投資組合的 20%。消費部分是總投資組合百分比的中個位數。我不知道，馬歇爾，你有沒有關於歐洲和美洲的事實。我認為他們是相當平衡的，對吧？

Yes. I think they are. It's fairly equal.

是的。我認為他們是。這是相當平等的。

Yes. So there isn't a strong concentration in one versus the other. One caveat to that. In Europe, we have a mobility business with one of the top-tier mobility vendors. So that -- if you were to consider the mobility within PC, then there might be a bit of a larger concentration in Europe. That mobility business is quite healthy right now.

是的。因此，在一個與另一個之間沒有很強的集中度。一個警告。在歐洲，我們與頂級移動供應商之一開展移動業務。因此，如果您考慮 PC 內部的移動性，那麼歐洲可能會更加集中。該移動業務目前非常健康。

And that's primarily commercial.

這主要是商業用途。

It's primarily commercial. No, actually, in Europe, that mobility business serves sort of the broad market, commercial and consumer.

它主要是商業的。不，實際上，在歐洲，移動業務服務於廣泛的市場，包括商業和消費者。

Okay.

好的。

Thank you for your participation today. This concludes today's conference call. You may now disconnect. Have a nice day.

感謝您今天的參與。今天的電話會議到此結束。您現在可以斷開連接。祝你今天過得愉快。