新聚思 (SNX) 2022 Q4 法說會逐字稿

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

早上好。我叫德文，今天我將擔任你們的會議接線員。歡迎大家參加 TD SYNNEX 2022 財年第四季度收益電話會議。今天的通話正在錄音中。 （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，對於開場白，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 CEO 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 future fiscal periods.

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未來財政期間的預期。

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.

由於今天的收益發布、我們今天提交的 8-K 表格以及我們的 10-K 表格的風險因素部分和我們的公司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存在重大差異向美國證券交易委員會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.

此外，在此次電話會議期間，我們將參考某些非 GAAP 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 8-K 表格中。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 thanks for joining us for our first earnings call of the new calendar year. We are pleased with our strong fiscal Q4 results closing out what was truly a phenomenal year for TD SYNNEX. We began the year with a lot on our to-do list relative to the merger and integration activities, and ended the year having met or exceeded our objectives.

謝謝你，麗茲。大家早上好，感謝您加入我們新日曆年的第一次財報電話會議。我們對 TD SYNNEX 真正非凡的一年結束時強勁的第四季度財報感到滿意。年初，我們在與合併和整合活動相關的待辦事項清單上列出了很多事情，並在年底達到或超過了我們的目標。

As I've mentioned along the way, this merger has gone very well. Today, TD SYNNEX is a $62 billion company with over 23,000 coworkers, serving 150,000 customers across 100 countries. I judge the success of this merger from a few different perspectives.

正如我一直提到的那樣，這次合併進行得非常順利。如今，TD SYNNEX 是一家價值 620 億美元的公司，擁有超過 23,000 名員工，為 100 個國家/地區的 150,000 名客戶提供服務。我從幾個不同的角度來判斷這次合併的成功與否。

First, from the point of view of our customers and vendor partners. Our teams continue to provide consistent and uninterrupted service to our partners post-merger. And the financial results we've delivered are confirmation of the strong value proposition that we are delivering to the market.

首先，從我們的客戶和供應商合作夥伴的角度來看。我們的團隊在合併後繼續為我們的合作夥伴提供一致且不間斷的服務。我們提供的財務結果證實了我們向市場提供的強大價值主張。

Next, from the perspective of our coworkers, we have largely completed our initiatives focused on harmonization of benefits and compensation, and recently undertook our first TD SYNNEX global coworker survey, which indicated a high level of engagement, an accomplishment that can be hard to achieve in the first year of a large merger.

接下來，從我們同事的角度來看，我們已經基本完成了以協調福利和薪酬為重點的舉措，並且最近進行了我們的第一次 TD SYNNEX 全球同事調查，這表明高度敬業度，這是一項很難實現的成就在大規模合併的第一年。

Finally, looking at the merger through the lens of our shareholders, we exceeded the fiscal '22 financial targets we set. For fiscal '22, we achieved revenue of $62.3 billion, up 9% year-over-year adjusting for FX impacts and merger-related accounting policy alignment, which was above the 6% to 8% range we anticipated.

最後，從我們股東的角度來看合併，我們超出了我們設定的 22 財年財務目標。在 22 財年，我們實現了 623 億美元的收入，根據外匯影響和與合併相關的會計政策調整調整後同比增長 9%，高於我們預期的 6% 至 8% 的範圍。

Non-GAAP operating margin was 2.8%, also above the targeted range of 2.5% to 2.7%. And we delivered non-GAAP earnings per share of $11.94, $0.29 above the high end of our guidance range we provided for FY '22 on our September earnings call, and $0.74 above the high end of the original guidance range provided January of last year despite higher-than-forecasted FX and interest expense headwinds.

非美國通用會計準則營業利潤率為 2.8%，也高於 2.5% 至 2.7% 的目標範圍。我們交付的非 GAAP 每股收益為 11.94 美元，比我們在 9 月財報電話會議上提供的 22 財年指導範圍的高端高出 0.29 美元，比去年 1 月提供的原始指導範圍的高端高出 0.74 美元，儘管高於預期的外彙和利息支出逆風。

Finally, we returned $240 million to shareholders via dividends and share repurchases during the fiscal year, representing progress towards our medium-term capital allocation goals.

最後，我們在本財年通過股息和股票回購向股東返還了 2.4 億美元，這代表著我們在實現中期資本配置目標方面取得了進展。

With regard to the merger integration, we set the ambitious goal of achieving $100 million in cost synergies by the end of year 1 and we overachieved on that goal by 45%, realizing $145 million in fiscal '22.

關於合併整合，我們設定了到第 1 年底實現 1 億美元成本協同效應的雄心勃勃的目標，我們超額完成了該目標 45%，在 22 財年實現了 1.45 億美元。

One of the largest integration projects is the consolidation of Tech Data's Americas ERP systems into CIS, the legacy SYNNEX ERP platform. We have made excellent progress on the Canadian migration, which we transitioned first, and our U.S. transition is well underway, having recently completed another major milestone.

最大的集成項目之一是將 Tech Data 的 Americas ERP 系統整合到 CIS（舊的 SYNNEX ERP 平台）中。我們在加拿大移民方面取得了很好的進展，這是我們首先過渡的，我們在美國的過渡也在順利進行，最近完成了另一個重要的里程碑。

I'm happy to report that more than 45% of the legacy Tech Data U.S. SAP business has now moved over to CIS and is executing well. We will continue transitioning the remainder of the business throughout the fiscal year and are on track with our plan to largely be complete within 2 years of the merger close date.

我很高興地報告，超過 45% 的舊 Tech Data 美國 SAP 業務現在已經轉移到 CIS 並且執行良好。我們將在整個財政年度繼續過渡其餘業務，並按計劃在合併完成日期後的 2 年內基本完成。

Let me now talk about the trends we saw in fiscal Q4 from a market perspective. In short, we experienced a continuation of many of the themes that have played out over the past several quarters. Advanced solutions continued to experience robust growth in the quarter, above expectations with strength in servers, networking and infrastructure.

現在讓我從市場的角度談談我們在第四財季看到的趨勢。簡而言之，我們經歷了過去幾個季度中出現的許多主題的延續。高級解決方案在本季度繼續強勁增長，服務器、網絡和基礎設施方面的實力超出預期。

Endpoint solutions' gross revenue was modestly down year-over-year as the PC market and related peripherals continued to see a normalization from last year's pandemic-related highs. Several areas of endpoint solutions saw solid growth, including printers and mobile phones. Our services and specialized solutions businesses also experienced solid growth in the quarter.

端點解決方案的總收入同比小幅下降，因為 PC 市場和相關外圍設備繼續從去年的大流行相關高點恢復正常。端點解決方案的幾個領域實現了穩健增長，包括打印機和移動電話。我們的服務和專業解決方案業務在本季度也實現了穩健增長。

Rounding out our portfolio, our hyperscale infrastructure-focused business, Hyve, delivered a record quarter with continued outsized robust revenue and profitability growth as we continue to fulfill strong demand from our CSP customers.

為了完善我們的產品組合，我們專注於超大規模基礎設施的業務 Hyve 在繼續滿足 CSP 客戶的強勁需求的同時，實現了創紀錄的季度收入和盈利能力持續強勁增長。

We also experienced operating profits above expectation from the Hyve business, which Marshall will provide additional color on in a few minutes. From a regional perspective, all three regions delivered strong revenue growth on a constant currency basis with operating margin expansion on a global basis.

我們還從 Hyve 業務中獲得了高於預期的營業利潤，馬歇爾將在幾分鐘內提供更多顏色。從地區角度來看，這三個地區在固定貨幣基礎上實現了強勁的收入增長，並在全球範圍內實現了營業利潤率的增長。

We continue to accelerate our revenue in high-growth technologies as the markets we are targeting grew faster than the market projections we provided at our March Investor Day.

由於我們瞄準的市場增長速度快於我們在 3 月投資者日提供的市場預測，因此我們繼續加快在高增長技術領域的收入增長。

We achieved greater than a 20% year-over-year growth in gross billings for the quarter and for the full year 2022 in these areas, which include cloud, security, data analytics and hyperscale infrastructure. This growth was in excess of our expectation, and high-growth technologies represented $16 billion of our total gross billings in fiscal 2022, up from $13 billion in fiscal 2021.

我們在本季度和 2022 年全年在這些領域（包括雲、安全、數據分析和超大規模基礎設施）實現了超過 20% 的總收入同比增長。這一增長超出了我們的預期，高增長技術占我們 2022 財年總收入的 160 億美元，高於 2021 財年的 130 億美元。

We saw improvement in the supply chain during the quarter with a meaningful reduction in our backlog. Despite decreases in both endpoint solutions and advanced solutions, our total backlog level remains elevated when compared to historical norms.

本季度我們看到供應鏈有所改善，積壓訂單顯著減少。儘管端點解決方案和高級解決方案有所減少，但與歷史標準相比，我們的總積壓水平仍然很高。

Our customers are living the reality of a more uncertain and volatile macroeconomic environment with inflation, higher interest rates and a competitive market for talent. This need for talent is particularly relevant in the IT sector, where the increasingly complex technology landscape and ongoing shift to cloud-based multi-vendor solutions requires an even greater level of knowledge and experience to serve the needs of the market. For these reasons and others, the value proposition that TD SYNNEX brings to the market resonates with our customers.

我們的客戶正生活在一個更加不確定和動蕩的宏觀經濟環境中，通貨膨脹、更高的利率和競爭激烈的人才市場。這種對人才的需求在 IT 領域尤為重要，IT 領域日益複雜的技術環境和向基於雲的多供應商解決方案的持續轉變需要更高水平的知識和經驗來滿足市場需求。由於這些原因和其他原因，TD SYNNEX 為市場帶來的價值主張引起了我們客戶的共鳴。

On the vendor side, our utility as a variable cost route to market also becomes more valuable in times of economic uncertainty when vendors desire to lower their costs.

在供應商方面，當供應商希望降低成本時，我們的效用作為進入市場的可變成本途徑在經濟不確定時期也變得更有價值。

During the quarter, we were privileged to receive further recognition from our partner community including being named the 2022 North America Partner of the Year by CDW, the 2022 Global Distributor of the Year by Palo Alto Networks, the EMEA distributor Partner of the Year by AWS and Lenovo, and the Americas Distributor of the Year by Nutanix.

在本季度，我們有幸獲得合作夥伴社區的進一步認可，包括被 CDW 評為 2022 年北美年度合作夥伴，被 Palo Alto Networks 評為 2022 年度全球分銷商，被 AWS 評為 EMEA 年度分銷商合作夥伴和聯想，以及 Nutanix 頒發的年度美洲經銷商獎。

We also continue to progress on our ESG journey and expect to publish our first Corporate Citizenship Report this quarter. In addition, we recently received a grade of awareness from the Carbon Disclosure Project, a strong achievement in our first year of combined reporting. We look forward to continuing to share updates on our continued progress in this space.

我們還將繼續推進我們的 ESG 之旅，並期望在本季度發布我們的第一份企業公民報告。此外，我們最近從碳信息披露項目中獲得了一定程度的關注，這是我們第一年合併報告的一項重大成就。我們期待繼續分享我們在這一領域持續取得進展的最新消息。

As we think about fiscal 2023, the critical nature of technology as an enabler of customer experiences and coworker collaboration, keeper of cyber safety and a tool to realize cost optimization and efficiency cannot be underestimated. And for these reasons, we believe IT spending will continue to outpace GDP growth in 2023.

當我們考慮 2023 財年時，技術作為客戶體驗和同事協作的推動者、網絡安全的守護者以及實現成本優化和效率的工具的關鍵性質不容低估。由於這些原因，我們認為 IT 支出將在 2023 年繼續超過 GDP 增長。

We are prepared and well equipped to continue executing on our growth strategy and are targeting above-market growth rates as we leverage our industry-leading portfolio of products and services and broad global footprint to bring world-class service and innovation to the market. We enter fiscal '23 even more confident in our strategy being capable of capitalizing on the trends shaping the IT industry and the opportunities ahead.

我們準備好並準備好繼續執行我們的增長戰略，並以高於市場的增長率為目標，因為我們利用我們行業領先的產品和服務組合以及廣泛的全球足跡，為市場帶來世界級的服務和創新。進入 23 財年，我們對我們的戰略更有信心，能夠利用塑造 IT 行業的趨勢和未來的機遇。

Lastly, I want to thank our 23,000-plus coworkers around the world for their exceptional efforts in making TD SYNNEX' first fiscal year a great success.

最後，我要感謝我們在世界各地的 23,000 多名同事，感謝他們為使 TD SYNNEX 的第一個財政年度取得巨大成功所做的非凡努力。

I'll now pass it over to Marshall, who will share more details about our performance and outlook.

我現在將它傳遞給馬歇爾，他將分享有關我們的表現和前景的更多細節。

Thanks, Rich, and thanks to everyone for joining us today. Our financial accomplishments in fiscal 2022 were significant, with adjusted year-over-year revenue growth of 9%, surpassing the high end of the 6% to 8% target we provided earlier this year.

謝謝，里奇，感謝大家今天加入我們。我們在 2022 財年的財務成就顯著，調整後收入同比增長 9%，超過了我們今年早些時候設定的 6% 至 8% 目標的上限。

Our operating margin performance also came in above the high end of our expectations at 2.8% for the fiscal year, representing a 14% improvement over the prior year and above our 2.5% to 2.7% target. These results demonstrate the power and reach of our business model and the strong value proposition that TD SYNNEX is bringing to the market.

我們的營業利潤率表現也高於我們本財年 2.8% 的預期上限，比上一年提高 14%，高於我們 2.5% 至 2.7% 的目標。這些結果證明了我們商業模式的力量和影響力，以及 TD SYNNEX 為市場帶來的強大價值主張。

Please note that comparisons versus the prior year full fiscal year are on an as-combined basis, which assumes the merger occurred at the beginning of the period.

請注意，與上一年整個財政年度的比較是在合併基礎上進行的，假設合併發生在期初。

Moving now to our fiscal fourth quarter results. Worldwide revenue for fiscal Q4 was a record $16.2 billion, up 4% year-over-year and up 11% in constant currency. When normalized for the revenue recognition policy alignment relating to the merger of $500 million, the year-over-year growth was 14%.

現在轉到我們的第四財季業績。第四財季全球收入達到創紀錄的 162 億美元，同比增長 4%，按固定匯率計算增長 11%。將與 5 億美元合併相關的收入確認政策調整標準化後，同比增長 14%。

Currency impacts, primarily driven by the euro devaluation accounted for approximately $1 billion headwind year-over-year in fiscal Q4. Revenue was at or above expectations across all regions and in both endpoint solutions and advanced solutions in fiscal Q4. Additionally, Hyve delivered strong results in Q4, driven by better-than-expected demand and timing-related margin recoveries related to services performed in prior quarters.

主要受歐元貶值推動的貨幣影響在第四財季造成了約 10 億美元的逆風。第四財季所有地區的端點解決方案和高級解決方案的收入均達到或高於預期。此外，受好於預期的需求和與前幾個季度提供的服務相關的時間相關利潤率恢復的推動，Hyve 在第四季度取得了強勁的業績。

Non-GAAP gross profit had a record quarter of $1.08 billion, our first quarter greater than $1 billion and non-GAAP gross margin of 6.63%, up 44 basis points year-over-year. The improvement in gross margin was driven by mix shift to high-growth technologies as well as the highest margin recoveries, which approximated 25 basis points. Total adjusted SG&A expense was $582 million, representing 3.6% of revenue.

非美國通用會計準則毛利潤創下了 10.8 億美元的季度記錄，我們第一季度超過 10 億美元，非美國通用會計準則毛利率為 6.63%，同比增長 44 個基點。毛利率的提高是由向高增長技術的組合轉變以及最高的利潤率恢復所推動的，後者約為 25 個基點。調整後的 SG&A 費用總額為 5.82 億美元，佔收入的 3.6%。

Non-GAAP operating income was $496 million, up $88 million or 21.5% year-over-year. And non-GAAP operating margin was 3.05%, up 44 basis points year-over-year, driven by revenue growth, Hyve's outperformance, the aforementioned margin recovery, cost discipline and merger synergy execution. On a constant currency basis, non-GAAP operating income increased 26% year-over-year. Excluding margin recovery in Hyve, the year-over-year increase was 16%.

非美國通用會計準則營業收入為 4.96 億美元，同比增長 8800 萬美元或 21.5%。非 GAAP 營業利潤率為 3.05%，同比增長 44 個基點，這得益於收入增長、Hyve 的出色表現、上述利潤率恢復、成本控制和合併協同效應執行。按固定匯率計算，非 GAAP 營業收入同比增長 26%。不包括 Hyve 的利潤率恢復，同比增長 16%。

Q4 non-GAAP interest expense and finance charges were $78 million, $18 million above our outlook due to higher borrowings and interest rates. For fiscal Q4, the non-GAAP effective tax rate was approximately 21%, below the forecasted 24% rate due to the mix of locations where earnings were achieved.

由於更高的借款和利率，第四季度非 GAAP 利息支出和財務費用為 7800 萬美元，比我們的預期高出 1800 萬美元。對於第四財季，非 GAAP 有效稅率約為 21%，低於預期的 24%，這是由於實現收益的地點組合所致。

Total non-GAAP net income was $330 million and non-GAAP diluted EPS was $3.44, above our prior guidance of $2.70 to $3.10. Note that the previously mentioned [Hyve] margin recoveries contributed approximately $0.33 per share of non-GAAP diluted EPS for the quarter. Removing these, non-GAAP EPS would have been $3.11, slightly above the high end of our prior guidance range despite headwinds from elevated interest expense.

非 GAAP 淨收入總額為 3.3 億美元，非 GAAP 稀釋後每股收益為 3.44 美元，高於我們之前 2.70 美元至 3.10 美元的指導。請注意，前面提到的 [Hyve] 利潤率回收為本季度非 GAAP 稀釋每股收益貢獻了約 0.33 美元。除去這些，非 GAAP 每股收益將為 3.11 美元，略高於我們先前指導範圍的高端，儘管利息支出增加帶來不利影響。

Now turning to the balance sheet. We ended the quarter with cash and cash equivalents of $523 million and debt of $4.1 billion. Our gross leverage ratio was 2.3x and net leverage was 2x, in line with our investment-grade profile, and approaching our previously communicated target of 2x gross leverage ratio.

現在轉向資產負債表。本季度末，我們的現金和現金等價物為 5.23 億美元，債務為 41 億美元。我們的總槓桿率為 2.3 倍，淨槓桿率為 2 倍，符合我們的投資級概況，並接近我們之前傳達的 2 倍總槓桿率目標。

Accounts receivable totaled $9.4 billion, up from $8.1 billion in the prior quarter. And inventories totaled $9.1 billion, down $689 million or 7% from the prior quarter. Net working capital at the end of the fourth quarter was $3.8 billion, a decrease of approximately $35 million from Q3. The cash conversion cycle for the fourth quarter was 23 days, flat from Q3. And cash from operations in the quarter was $302 million.

應收賬款總額為 94 億美元，高於上一季度的 81 億美元。庫存總額為 91 億美元，比上一季度下降 6.89 億美元或 7%。第四季度末的淨營運資金為 38 億美元，比第三季度減少約 3500 萬美元。第四季度的現金周轉週期為 23 天，與第三季度持平。本季度的運營現金為 3.02 億美元。

From a shareholder return perspective for the current quarter, our Board of Directors has approved a cash dividend of $0.35 per common share, which represents a 17% increase from the prior quarter. The dividend is payable on January 27, 2023, to stockholders of record as of the close of business on January 20, 2023.

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 0.35 美元的現金股息，比上一季度增加 17%。股息將於 2023 年 1 月 27 日支付給截至 2023 年 1 月 20 日營業結束時在冊的股東。

For the full fiscal year 2022, we returned $115 million to shareholders via dividends, reflecting a 1.2% dividend yield. We also continued executing on our share repurchase program in the quarter, repurchasing $42 million of our stock and approximately $125 million in total during fiscal '22, which exceeded our $100 million target for the year.

在整個 2022 財年，我們通過股息向股東返還了 1.15 億美元，股息收益率為 1.2%。我們還在本季度繼續執行我們的股票回購計劃，在 22 財年回購了 4200 萬美元的股票，回購總額約為 1.25 億美元，超過了我們當年 1 億美元的目標。

Earlier today, we announced that our Board of Directors approved a new $1 billion share repurchase authorization, which expires in January 2026 and replaces our prior authorization. We expect to increase our share repurchases year-over-year in fiscal '23 as we progress towards our medium-term capital allocation target.

今天早些時候，我們宣布我們的董事會批准了一項新的 10 億美元股票回購授權，該授權將於 2026 年 1 月到期並取代我們之前的授權。隨著我們朝著中期資本配置目標邁進，我們預計將在 23 財年同比增加股票回購。

Before I move to discussing our financial outlook for Q1, I wanted to provide an update on our merger-related cost synergies. As Rich had mentioned, the teams did a phenomenal job of identifying, tracking and realizing synergy opportunities in 2022, allowing us to achieve our year 1 target more quickly than anticipated.

在開始討論我們對第一季度的財務前景之前，我想提供有關我們與合併相關的成本協同效應的最新信息。正如 Rich 所提到的，這些團隊在 2022 年識別、跟踪和實現協同機會方面做得非常出色，使我們能夠比預期更快地實現我們的第一年目標。

We achieved $145 million in cost synergies through fiscal Q4 and continue to expect to achieve an additional $55 million in fiscal '23 with much of the savings coming from the completion of our ERP system migration, which is on track for the second half of 2023. Once we are fully integrated on one ERP system for the Americas, we expect to continue to find optimization opportunities and generate revenue synergies.

我們在第四財季實現了 1.45 億美元的成本協同效應，並繼續期望在 23 財年實現額外的 5500 萬美元，其中大部分節省來自我們的 ERP 系統遷移的完成，該遷移有望在 2023 年下半年實現。一旦我們完全集成到美洲的一個 ERP 系統上，我們希望繼續尋找優化機會並產生收入協同效應。

Now moving to our outlook for fiscal Q1. We expect total revenue to be in the range of $15.2 billion to $16.2 billion, which equates to year-over-year growth of around 5% on a constant currency basis at the midpoint. This outlook reflects the impact of year-over-year foreign exchange headwind of approximately $500 million and interest rate movements of $33 million. Our guidance is based on a euro-to-dollar exchange of $1.05.

現在轉向我們對第一財季的展望。我們預計總收入將在 152 億美元至 162 億美元之間，這相當於按固定匯率計算的中點同比增長約 5%。這一前景反映了約 5 億美元的同比外匯逆風和 3300 萬美元的利率變動的影響。我們的指導基於 1.05 美元的歐元兌美元匯率。

Non-GAAP net income is expected to be in the range of $248 million to $287 million, and non-GAAP diluted EPS is expected to be in the range of $2.60 to $3 per diluted share based on weighted average shares outstanding of approximately 94.8 million. Interest expense for Q1 is expected to be approximately $73 million, and we expect the tax rate to be approximately 24%.

非 GAAP 淨收入預計在 2.48 億美元至 2.87 億美元之間，非 GAAP 稀釋後每股收益預計在 2.60 美元至 3 美元之間，基於約 9480 萬股加權平均流通股。第一季度的利息支出預計約為 7300 萬美元，我們預計稅率約為 24%。

As we enter 2023, I wanted to provide a few modeling points to assist you. As Rich mentioned, we believe IT spending will continue to outpace GDP growth in 2023 and estimate our revenue growth to be 3% to 5% on a reported basis.

在我們進入 2023 年之際，我想提供一些建模要點來幫助您。正如 Rich 所提到的，我們相信 IT 支出將在 2023 年繼續超過 GDP 增長，並估計我們的收入增長將在報告的基礎上達到 3% 至 5%。

From an operating margin perspective for the year, we expect a range of 2.6% to 2.8%, with improvements in distribution margins offset by lower year-over-year contribution from Hyve. Hyve working capital is expected to improve throughout the year, which is expected to reduce the recovery of carrying costs associated with these programs.

從今年的營業利潤率角度來看，我們預計在 2.6% 至 2.8% 之間，分銷利潤率的提高被 Hyve 同比下降的貢獻所抵消。 Hyve 的營運資金預計全年將有所改善，這有望減少與這些計劃相關的持有成本的回收。

While it is a challenge to forecast interest expense with precision in the current rate environment, we would anticipate trending toward our guidance for fiscal Q1 of $73 million per quarter, at least through the first half of fiscal year and then slightly declining in the second half. We expect our non-GAAP corporate tax rate to be approximately 24%.

雖然在當前的利率環境下準確預測利息支出是一項挑戰，但我們預計第一財季的指導趨勢將達到每季度 7300 萬美元，至少在本財年上半年是這樣，然後在下半年略有下降.我們預計我們的非 GAAP 公司稅率約為 24%。

From a cash flow perspective, we continue to expect to generate in excess of $1 billion in free cash flow in fiscal '23 and anticipate working capital to be a source of cash this year despite top line growth as supply chain constraints continue to ease throughout the year and our inventory position improves.

從現金流的角度來看，我們繼續預計 23 財年將產生超過 10 億美元的自由現金流，並預計營運資本將成為今年的現金來源，儘管隨著整個供應鏈限制的持續緩解，收入增長年，我們的庫存狀況有所改善。

We are committed to progressing towards a medium-term capital allocation framework targeting approximately 50% of free cash flow returned to shareholders via dividends and share repurchases, as best demonstrated by today's announcement with the other 50% targeted to reinvestment in our business and M&A.

我們致力於推進中期資本配置框架，目標是通過股息和股票回購將大約 50% 的自由現金流返還給股東，今天的公告就是最好的證明，另外 50% 的目標是對我們的業務和併購進行再投資。

In closing, I'd like to thank all our coworkers for their focus and hard work in fiscal 2022, helping to build a cohesive company dedicated to providing best-in-class support and partnership to our customers and vendors.

最後，我要感謝我們所有的同事在 2022 財年的專注和辛勤工作，幫助建立了一家有凝聚力的公司，致力於為我們的客戶和供應商提供一流的支持和合作夥伴關係。

I will now turn the call back over to the operator to begin the Q&A session. Operator?

我現在將把電話轉回接線員以開始問答環節。操作員？

(Operator Instructions) Our first question comes from Ruplu Bhattacharya with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Ruplu Bhattacharya。

Congrats on the strong quarter. Rich, the PC OEMs have talked about elevated channel inventory levels. Can you talk about how you see PC channel inventory trending both commercial as well as consumer? And when do you think that gets worked off?

祝賀強勁的季度。 Rich，PC 原始設備製造商談到了渠道庫存水平的提高。您能談談您如何看待 PC 渠道庫存的商業和消費趨勢嗎？你認為什麼時候可以解決這個問題？

Are you seeing additional promotional activity and rebates from vendors? And specifically, what have you factored in for TD SYNNEX PC revenue growth in fiscal '23?

您是否看到來自供應商的額外促銷活動和回扣？具體來說，您將 23 財年 TD SYNNEX PC 收入增長考慮在內的因素是什麼？

Thank you for your question and Happy New to all of you. So first, I'll comment that when we think about our inventory that it might be marginally ahead of our profile, but nothing out of the bandwidth of what I would call the norm.

謝謝你的問題，祝大家新的快樂。所以首先，我會評論說，當我們考慮我們的庫存時，它可能會略微超出我們的個人資料，但不會超出我稱之為常態的範圍。

When we look at the backlog for the PC ecosystem category, I would say that it's generally at profile. So sort of consistent with the serviceability requirements that we had seen in the pre sort of COVID time.

當我們查看 PC 生態系統類別的積壓時，我會說它通常處於概要狀態。與我們在 COVID 之前看到的可維護性要求非常一致。

Yes, there is some, I'll say, traditional activity, pre-COVID activity in terms of promotions and rebates, et cetera, that are underway. But I kind of think about it, as I said earlier, as returning to sort of the pre-COVID, if you will, sort of ebb and flow of the business.

是的，我要說的是，有一些傳統活動，在促銷和回扣等方面的 COVID 前活動正在進行中。但正如我之前所說，我有點想它是回到 COVID 之前的某種程度，如果你願意的話，某種程度上是業務的潮起潮落。

Okay. For my next question, maybe I'll ask a question on regional performance. It looks like in 4Q on a constant currency basis, you saw the strong risk growth in Asia, followed by Europe and then Americas. As we look to fiscal 1Q, should we expect a different relative performance by region given we have the Chinese New Year holidays coming up?

好的。對於我的下一個問題，也許我會問一個關於地區表現的問題。看起來在第四季度以固定匯率為基礎，你看到亞洲的風險增長強勁，其次是歐洲，然後是美洲。當我們展望第一財季時，鑑於農曆新年假期即將到來，我們是否應該期望各地區的相對錶現有所不同？

And when I look at Europe margins, they're the lowest amongst the three regions. Is there something structural that causes Europe margins to be lower? And what can you do to improve margins there?

當我看歐洲的利潤率時，它們是三個地區中最低的。是否存在導致歐洲利潤率降低的結構性因素？您可以做些什麼來提高那裡的利潤率？

This is Marshall. So your question in regards to Q1, even though we're not forecasting on a regional basis, we still expect to see, on a constant currency basis, modest growth in Q1.

這是馬歇爾。所以你關於第一季度的問題，即使我們沒有在區域基礎上進行預測，我們仍然希望在固定貨幣基礎上看到第一季度的適度增長。

And then in terms of Europe, and the question in regards to being structural, we still believe that we're going to have a good quarter for Europe in Q1.

然後就歐洲而言，以及關於結構性的問題，我們仍然相信我們將在第一季度為歐洲帶來一個良好的季度。

Yes. And as it relates to your margin profile, if I could, there are two callouts. First is that traditionally, the margin profile in Europe has been lower. There's more cost of doing business in Europe related to country complexity.

是的。由於它與您的保證金概況有關，如果可以的話，有兩個標註。首先是傳統上，歐洲的利潤率一直較低。由於國家的複雜性，在歐洲開展業務的成本更高。

And then the second thing is the profile of the business where we, for example, have mobile phone distribution tends to have a bit of a lower margin profile. However, those areas with lower margins have great working capital attributes. So the ROIC on those businesses that have sort of a lower margin profile are attractive.

然後第二件事是我們的業務概況，例如，我們擁有手機分銷的業務利潤率往往較低。然而，那些利潤率較低的領域具有很強的營運資本屬性。因此，那些利潤率較低的企業的 ROIC 很有吸引力。

Okay. If I can just squeeze one more in. I think for fiscal '23, you suggested a 3% to 5% reported revenue growth. As we look at your high-growth technologies and specifically cloud, how levered is that to overall cloud CapEx spend?

好的。如果我能再擠出一個。我認為對於 23 財年，你建議報告的收入增長 3% 到 5%。當我們審視您的高增長技術，特別是雲技術時，它對總體雲資本支出的影響有多大？

So if cloud CapEx is still strong but lower in fiscal '23 versus '22, do you think that TD SYNNEX cloud revenues can still grow mid-teens as you've done in the past? So any thoughts on cloud revenues would be great.

因此，如果雲資本支出在 23 財年仍然強勁但低於 22 財年，您認為 TD SYNNEX 雲收入仍能像過去那樣增長 15% 左右嗎？所以任何關於雲收入的想法都會很棒。

Yes, I'll start, Ruplu, and then Rich can chime in. We still feel that the high-growth technology cloud space industry growth will be mid-teens, and that's an industry comment. And I think the various services and products within that segment will reflect that.

是的，我會開始，Ruplu，然後 Rich 可以插話。我們仍然認為高增長技術雲空間行業的增長將是十幾歲，這是行業評論。我認為該細分市場中的各種服務和產品將反映出這一點。

As I said in my prepared remarks, in the Hyve area, we'll see a more modest growth in fiscal '23. But in terms of our overall longer-term thoughts on high-growth technology in cloud, we think it's going to be meaningfully above the -- we'll call it the average growth rate for the business.

正如我在準備好的發言中所說，在 Hyve 領域，我們將看到 23 財年的增長更為溫和。但就我們對雲中高增長技術的整體長期想法而言，我們認為它將有意義地高於——我們稱之為業務的平均增長率。

Just speaking about your question in regards to CapEx, just as a reminder, CapEx is one correlation, but it's not the only correlation to the services that we provide to our hyperscale customers.

只是談談你關於資本支出的問題，提醒一下，資本支出是一種相關性，但它並不是我們為超大規模客戶提供的服務的唯一相關性。

Our next question comes from Joseph Cardoso with JPMorgan.

我們的下一個問題來自摩根大通的 Joseph Cardoso。

First one for me, some of your partner OEMs have highlighted longer decision-making, tightening of purse strings, among other things from end customers. They appear to seem to be cautioning on the IT environment -- spending environment.

第一個對我來說，你們的一些合作夥伴 OEM 強調了更長的決策時間、收緊錢包等來自最終客戶的事情。他們似乎對 IT 環境——消費環境——持謹慎態度。

I guess, are you guys seeing a similar environment from your end customers? And if so, what is driving you guys to be more optimistic around the IT spending environment and more specifically, your growth outlook for fiscal '23? And then I have a follow-up.

我想，你們是否從最終客戶那裡看到了類似的環境？如果是這樣，是什麼促使你們對 IT 支出環境更加樂觀，更具體地說，你們對 23 財年的增長前景持樂觀態度？然後我有一個後續行動。

Sure. Joe, this is Rich. Let me handle that first. So if we think about the back half of last year, I think our reported growth rates in both the third quarter and the fourth quarter at constant currency and then adjusted for the accounting difference during the merge were double-digit -- mid double-digit teens, if you will.

當然。喬，這是里奇。讓我先處理。因此，如果我們考慮去年下半年，我認為我們報告的第三季度和第四季度的固定匯率增長率以及合併期間的會計差額調整都是兩位數 - 中兩位數十幾歲，如果你願意的話。

And when you take a look at Marshall's comment relative to our preliminary thoughts around the year, he's talking about 3% to 5%. So from my point of view, there's a pretty material, if you will, change in that trajectory overall.

當你看一下馬歇爾關於我們今年初步想法的評論時，他說的是 3% 到 5%。所以從我的角度來看，如果你願意的話，有一個很好的材料可以改變整個軌跡。

The way we kind of think about it, we obviously, looked at many, many different sources as we look to plan our business. The one that we most -- have the best correlations, or had seen the best correlations to are GDP.

我們考慮它的方式，顯然，我們在規劃我們的業務時考慮了很多很多不同的來源。我們最看重的是 GDP 具有最好的相關性，或者已經看到最好的相關性。

Without getting into all of the details, our business is very concentrated in the Americas and Europe. And if you take a look at the GDP for those two regions, it nears flat. I think the Americas are up a couple of tenths and Europe is down a couple of tenths. And over the 15-year average, IT has outpaced GDP by about 3 points. So this is based on -- this is a theory that we use when we think about the likely outcomes for our business in the coming year.

無需深入了解所有細節，我們的業務非常集中在美洲和歐洲。如果你看一下這兩個地區的 GDP，它幾乎持平。我認為美洲上漲了十分之二，歐洲下跌了十分之二。並且在 15 年的平均水平上，IT 已經超過 GDP 大約 3 個百分點。所以這是基於——這是我們在考慮來年業務的可能結果時使用的理論。

And every quarter, we take a look at what are we hearing in the market as it relates to GDP. I would say that it has been somewhat volatile. So we continue to look at that metric as the greater macroeconomic theme sort of plays out in front of us.

每個季度，我們都會看看我們在市場上聽到的與 GDP 相關的信息。我會說它有點不穩定。因此，隨著更大的宏觀經濟主題在我們面前上演，我們繼續關注該指標。

Got it. I appreciate the color there. And then my second question, if I look at your revenue guidance for the February quarter, it's actually in line with what you were expecting for the November quarter, however, the earnings guide is a bit softer. It sounds like from your commentary that it's largely driven by interest rate headwinds and some FX.

知道了。我欣賞那裡的顏色。然後是我的第二個問題，如果我看一下您對 2 月季度的收入指引，它實際上與您對 11 月季度的預期相符，但是，收益指南有點疲軟。從您的評論來看，這似乎主要是由利率逆風和一些外匯驅動的。

However, I just want to confirm there that you're not seeing any other material pressures to like areas of the P&L like gross margins? And maybe even more specifically, are you expecting gross margins to improve going into next quarter as you continue to benefit from the mix shift that you saw this quarter?

但是，我只是想確認一下，您沒有看到任何其他物質壓力來喜歡損益表中的區域，例如毛利率？也許更具體地說，隨著您繼續受益於本季度的混合轉變，您是否預計下一季度的毛利率會有所提高？

Joe, so as you think about or as we think about '22, there was some benefit of pricing environment. We called it out 5 to 10 basis points on gross margin. I would expect that to abate or normalize in '23. And I think the other influencing factor about Q1 is just a mix shift, as we talked about earlier.

喬，所以當你想到或我們想到'22時，定價環境有一些好處。我們將毛利率提高了 5 到 10 個基點。我希望這種情況在 23 年減弱或正常化。我認為關於第一季度的另一個影響因素只是混合轉變，正如我們之前談到的那樣。

Distribution, we expect to continue to grow well. High-growth technology specific to the hyperscale Hyve business will decline slightly. So the mix itself was probably the last piece of trying to triangulate the margin profile for Q1.

分銷方面，我們預計將繼續保持良好增長。針對超大規模 Hyve 業務的高增長技術將略有下降。因此，組合本身可能是試圖對第一季度利潤率進行三角測量的最後一部分。

Yes, if I could, just to add on to the comments. The fundamentals of the execution of our businesses are quite good. And so I kind of think of three buckets relating to, as you -- I think you called the softer guide from an earnings perspective, three points.

是的，如果可以的話，只是為了補充評論。我們業務執行的基本面非常好。因此，我有點想到與您相關的三個桶 - 我認為您從收益的角度將軟指南稱為三點。

Number one is interest by far the biggest year-to-year. And then second is, there is some currency overhang. Presuming a more stable euro, that's sort of a base as we move into the future, the FX discussions. And then the third is the mix, in particular, lesser growth in Hyve in that overall 3% to 5% guide. And it's those three factors.

第一是迄今為止最大的年度利息。其次是，存在一些貨幣過剩問題。假設歐元更加穩定，這是我們走向未來、外匯討論的基礎。然後第三個是組合，特別是 Hyve 在 3% 到 5% 的整體指南中增長較小。就是這三個因素。

But we're very, very pleased with the fundamentals in the profiles of our businesses.

但我們對我們業務概況中的基本面非常非常滿意。

Our next question comes from Sameer Kalucha with RBC.

我們的下一個問題來自 RBC 的 Sameer Kalucha。

This is Sameer Kalucha calling in for Ashish Sabadra. I was wondering if you can provide some more color on the inventory normalization. Do you think there's any pull forward of demand over here or this is just supply chain normalization happening, as we've heard from the partners? And when do you expect the supply chain on the advanced solutions side to normalize?

我是 Sameer Kalucha 為 Ashish Sabadra 打電話。我想知道您是否可以提供更多有關庫存標準化的顏色。正如我們從合作夥伴那裡聽到的那樣，您是否認為這裡有任何需求的推動，或者這只是供應鏈正常化正在發生？您預計高級解決方案方面的供應鏈何時會正常化？

Yes, Sameer, thank you for your question. So a couple of things. Number one is hopefully, I'm [willing] to answer all your questions here. But number one is, certainly the reduction in the backlog benefited our overall sales growth at 14% when normalized for constant currency as well as the accounting 606.

是的，Sameer，謝謝你的提問。所以有幾件事。第一是希望，我[願意]在這裡回答你所有的問題。但第一是，當按固定匯率和會計 606 標準化時，積壓訂單的減少肯定有利於我們的整體銷售額增長 14%。

When we think about the backlog to give you a little bit more insight, as I said earlier, the backlog for the PC ecosystem businesses generally are at profile and serviceability levels that we had seen pre-COVID.

正如我之前所說，當我們考慮積壓給你更多的洞察力時，PC 生態系統業務的積壓通常處於我們在 COVID 之前看到的概況和可服務性水平。

We're still elevated in advanced solutions. And my crystal ball says with maybe some minor [actions] by the time we get to the midyear point that we should probably make our way near profile and have sort of pre-COVID serviceability for the majority of the advanced solutions categories.

我們在高級解決方案方面仍然處於領先地位。我的水晶球說，到年中時，我們可能會採取一些小的 [行動]，我們應該接近概況，並為大多數高級解決方案類別提供 COVID 前服務能力。

So I do see in Q1 and Q2, a bit more of a backlog runoff in that advanced solutions category. And hopefully by the mid of the year, we'll be at profile.

所以我確實在第一季度和第二季度看到了高級解決方案類別中更多的積壓流失。並希望到今年年中，我們將處於領先地位。

Got it. And just a quick follow-up. We all hear from partners and industry players saying cloud spending is being more rationalized and companies are looking at their spends more carefully than they have been in earlier times. How do you see that slowdown in Hyve playing out? Do you think it's a very short term, any 1 or 2 quarters kind of thing? Or do you think there's a little bit something more structural to look in the, say, midterm when companies try to rearchitect their applications, which will likely take longer? So any thoughts you can provide on that.

知道了。并快速跟進。我們都從合作夥伴和行業參與者那裡聽到，雲支出正在變得更加合理，公司正在比以往更仔細地審視他們的支出。你如何看待 Hyve 的放緩？你認為這是一個非常短期的事情，任何 1 或 2 個季度的事情嗎？或者您是否認為在公司嘗試重新構建其應用程序時（例如，這可能需要更長的時間）在中期需要考慮一些更具結構性的東西？因此，您可以就此提供任何想法。

Sure, Sameer. I'll start first. We're used to pencil sharpening. I mean it's part of the business of always trying to create and invent ways of providing more value. So whether it's distribution, whether it's high growth, those areas over time will feel pressure from just a competitive environment and from a pricing environment.

當然，薩米爾。我先開始我們習慣於削鉛筆。我的意思是，這是始終努力創造和發明提供更多價值的方式的業務的一部分。因此，無論是分銷，還是高增長，隨著時間的推移，這些領域都會感受到來自競爭環境和定價環境的壓力。

But I think the majority of what we're seeing in fiscal '23 as it relates to cloud service providers and their thoughts is, how can we continue to provide more end-to-end solutions beyond just data center fulfillment.

但我認為我們在 23 財年看到的大部分內容與雲服務提供商和他們的想法有關，我們如何才能繼續提供更多的端到端解決方案，而不僅僅是數據中心的實現。

So we're seeing that breadth of portfolio play out. And it's upon us to continue to kind of create new value that creates more premium and ultimately more margin for us. And Rich, I don't think -- anything else want to add to that?

因此，我們看到投資組合的廣度正在發揮作用。我們有責任繼續創造新的價值，為我們創造更多的溢價，最終創造更多的利潤。 Rich，我不認為——還有什麼要補充的嗎？

Yes. Just two thoughts, and I want to break this between core distribution and Hyve. First on core distribution, remember that our client base is more towards small, medium-sized clients overall. And when new technology gets deployed like cloud, it's very much enterprise first and then makes its way down through the rest of the customer sets as offerings become more efficiently packaged.

是的。只是兩個想法，我想在核心分發和 Hyve 之間打破這個。首先關於核心分銷，請記住我們的客戶群總體上更傾向於中小型客戶。當像雲這樣的新技術被部署時，它首先是企業，然後隨著產品變得更有效地打包，它會逐漸滲透到其他客戶群中。

So I -- my guess is that if we look at the customer segmentation around cloud, you'll see that the growth rates are more robust than the SMB space because of the evolution of technology, maybe versus the enterprise. So that sort of relative to the total picture should be beneficial for us.

所以我 - 我的猜測是，如果我們看看圍繞雲計算的客戶細分，你會發現由於技術的發展，增長率比 SMB 空間更強勁，也許與企業相比。因此，這種相對於整體情況的看法應該對我們有利。

As it relates to Hyve and that business, as you know, it services the CSPs. I'd share two thoughts with you. Number one is I do believe that the long-term view for hyperscale will grow at mid-teens, if you will. And then just recall within our portfolio, we have the opportunity of customer expansion. And we're feeling good about our customer prospects, if you will, as we move through time and really taking advantage, if you will, of expanding our customer portfolio.

正如您所知，它與 Hyve 和該業務相關，它為 CSP 提供服務。我想和你分享兩個想法。第一，我確實相信，如果你願意的話，對超大規模的長期看法會在十幾歲左右增長。然後回想一下我們的產品組合，我們有機會擴大客戶。我們對我們的客戶前景感覺良好，如果你願意的話，因為我們隨著時間的推移而真正利用，如果你願意的話，擴大我們的客戶組合。

Our next question comes from Jim Suva with Citigroup.

我們的下一個問題來自花旗集團的 Jim Suva。

Can you go over a little more detail a little bit about the Hyve profitability changes, and was it purchasing, timing, true-up? And why isn't it sustainable? Or just why the volatility there in the profitability?

您能否更詳細地介紹一下 Hyve 盈利能力的變化，是採購、時機還是調整？為什麼它不可持續？或者只是為什麼盈利能力存在波動？

Jim, it's Marshall. Yes, as we disclosed or discussed in our prepared comments, quite often within Hyve, and we do this in distribution as well, we have programs that we perform throughout any given cycle or year for which once we perform the service, the cost plus margin gets recovered. And when we close those out or do the refinement review, we tend to get some final settlements or final margin associated with those programs.

吉姆，是馬歇爾。是的，正如我們在準備好的評論中披露或討論的那樣，在 Hyve 中經常如此，我們也在分銷中這樣做，我們有我們在任何給定週期或年份執行的程序，一旦我們執行服務，成本加利潤恢復。當我們關閉這些項目或進行改進審查時，我們往往會獲得與這些項目相關的一些最終結算或最終保證金。

So we wanted to call that out because it was a meaningful in Q4. It happens in distribution as well as we're working with partners and customers and refining and making sure that the margins that we agreed to receive are achieved and recognized. So it just isn't as visible. We wanted to demonstrate that, that was part of the strength in Q4. It wasn't the only reason why we outperformed, but it was one of those.

所以我們想把它說出來，因為它在第四季度很有意義。它發生在分銷中，我們正在與合作夥伴和客戶合作，完善並確保我們同意獲得的利潤得到實現和認可。所以它只是不那麼明顯。我們想證明，這是第四季度實力的一部分。這不是我們表現出色的唯一原因，但它是其中之一。

And then, Jim, as I think about '23, Hyve, we expect will continue to perform well. The strong '22 is just a tough compare and the margin profile itself was very, very exceptional for '22.

然後，吉姆，當我想到 23 年時，Hyve，我們預計將繼續表現良好。強勁的 22 年只是一個艱難的比較，利潤率本身對於 22 年來說非常非常出色。

Yes. Jim, I just would maybe provide a little bit more clarity. When I think about the overperformance to the midpoint of the guide, I would share with you a couple of thoughts. So first of all, there's two pieces to Hyve. One is, as Marshall talked about, the margin catch-up and we tried to provide the clarity on that.

是的。吉姆，我可能會提供更多的清晰度。當我考慮到指南中點的超額表現時，我會與您分享一些想法。所以首先，Hyve 有兩個部分。一是，正如馬歇爾所說，利潤率追趕，我們試圖對此進行澄清。

Second is the incredible performance overall in sort of the base business. We always talk about the lumpiness of our Hyve business. Then an over -- we actually overperformed our expectation within core distribution. And then kind of a (inaudible) in interest expense.

其次是基礎業務的整體表現令人難以置信。我們總是談論我們 Hyve 業務的笨拙。然後——我們在核心分銷中的表現實際上超出了我們的預期。然後是一種（聽不清）利息支出。

So it would be those four elements, the core distribution, overperformance, significant overperformance in Hyve, the Hyve margin recovery and then the interest expense (inaudible).

因此，這將是這四個要素，即核心分配、超額表現、Hyve 的顯著超額表現、Hyve 利潤率恢復以及利息支出（聽不清）。

Okay. And then earlier in the question -- or Q&A, you talked about the PC market and things like that. Just curious on the mobile phone market, there were some supply disruptions. How is mobile phone demand and kind of channel supply from what you see, but most importantly, demand from what you're seeing for mobile phone?

好的。然後在問題的前面 - 或者問答中，你談到了 PC 市場和類似的東西。只是對手機市場感到好奇，有一些供應中斷。您所看到的手機需求和渠道供應情況如何，但最重要的是，您所看到的手機需求如何？

Yes. So to make sure everybody understands, we have mobile phone distribution in Europe only. The channel dynamics of Europe are different than they are within North America. So it's sort of in that theater.

是的。所以為了確保每個人都明白，我們只在歐洲有手機分銷。歐洲的渠道動態與北美不同。所以它有點像在那個劇院裡。

We saw very good demand for mobile phone. I would say that, yes, we tactically have seen some issue relative to the volatility out of some of the Asian markets, but we fully anticipate that supply to catch up really rapidly.

我們看到對手機的需求非常好。我要說的是，是的，我們在戰術上已經看到了一些與亞洲市場波動有關的問題，但我們完全預計供應會非常迅速地趕上。

Our next question comes from Shannon Cross with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Shannon Cross。

I was wondering, as you look at 2023, can you talk about what you see are the biggest pockets of growth? And I'm wondering if you can talk both from end demand as well as -- I guess there's just so many questions out there about what's happening, right? So end demand and then also backlog fulfillment.

我想知道，當你展望 2023 年時，你能談談你看到的最大增長點是什麼嗎？而且我想知道你是否可以從最終需求以及 - 我想關於正在發生的事情有很多問題，對吧？所以結束需求，然後也是積壓的履行。

So if you go through some of your product lines, you mentioned, I think, on the call, strength in printers. I assume some of that is basically catch up from backlog during the pandemic. But if you could just go through maybe categories that you would point to that we can watch as we look at '23.

因此，如果你通過一些產品線，我認為你在電話會議上提到了打印機的實力。我認為其中一些基本上是在大流行期間從積壓中趕上的。但是，如果您可以瀏覽一下您可能會指出的類別，我們可以在看 23 年時觀看。

Yes. Thank you, Shannon. So I'm going to embellish a little bit more here. When we run this call last year, we had informed that we had a point of view that said that the first half of the year or actually the entire year, we would see a moderating PC. But in the second half of the year, we would see a robust sort of data center market. And in fact, we were talking about it yesterday. The year played out exactly as we had envisioned it from a category perspective.

是的。謝謝你，香農。所以我要在這裡修飾一下。當我們去年召開這個電話會議時，我們已經告知我們有一個觀點，即今年上半年或實際上是全年，我們將看到一台緩和的 PC。但在今年下半年，我們將看到一個強勁的數據中心市場。事實上，我們昨天就在談論它。從品類角度來看，這一年的表現完全符合我們的預期。

Obviously, if we take a look at the first half of this year, we believe that PCs will be a challenging category as most of the market had -- or most of the vendors had projected, with the expectation that there will be a recovery in the back half of the year.

顯然，如果我們看一下今年上半年，我們相信 PC 將像大多數市場一樣 - 或者大多數供應商所預測的那樣成為一個具有挑戰性的類別，並期望 PC 會出現復甦。下半年。

And I know that you're well informed in the PC ecosystem market, but it's things like operating systems transitions, as well as more premium devices given the worker profile is different than it previously had been.

而且我知道你在 PC 生態系統市場中消息靈通，但它是操作系統過渡，以及更多高級設備，因為工人概況與以前不同。

And then there was even comments around the net useful life of a laptop, which is more prevailing these days is shorter than sort of a desktop. All of those things, I think, are anecdotally, feel right to me. So I do believe it's going to be a bit of a slow PC category in the first half with that opportunity in the back half.

甚至還有關於筆記本電腦淨使用壽命的評論，如今更流行的是筆記本電腦的淨使用壽命比台式機短。我認為，所有這些事情都是有趣的，對我來說是對的。因此，我確實相信上半年的 PC 類別會有點慢，而後半部分有機會。

And then I think that we'll continue to run off backlog in advanced solutions in the first half and then see a more moderating advanced solutions in the back half. So those are sort of the big themes that we think will play out.

然後我認為我們將在上半年繼續處理高級解決方案的積壓，然後在後半部分看到更緩和的高級解決方案。因此，這些是我們認為會發揮作用的大主題。

Obviously, things will ebb and flow based on the economic circumstance or the reality is the move -- the year moves forward as well. But those are the big thoughts for this year for us.

顯然，事情會根據經濟情況起起落落，或者現實是變化的——這一年也會向前發展。但這些是我們今年的重要想法。

And then can you talk about what this -- I don't know if it's a transition, but at least it's somewhat of a shift, from transactional to devices and service infrastructure as a service. Pretty soon nobody will own anything.

然後你能談談這是什麼——我不知道這是否是一種轉變，但至少它是一種轉變，從交易到設備和服務基礎設施即服務。很快沒有人會擁有任何東西。

But the shift of purchasing from CapEx to OpEx. How are you seeing that play out? And do you feel like it's still a push from a company perspective versus a pull from a customer perspective? And how should we think about it running through your P&L over time?

但採購從資本支出轉向運營支出。你怎麼看結果？你覺得這仍然是公司角度的推動，還是客戶角度的拉動？隨著時間的推移，我們應該如何考慮它貫穿您的損益表？

Sure. So let me start with the infrastructure as a service thought. We see that as material and meaningful in building. And a lot of the -- obviously, we have the traditional infrastructure as a service, platform as a service, that is virtually delivered today, and those are very, very meaningful business, but we also see the on-prem as a service in infrastructure. And we're engaged with many contracts relative to that space. So I see that one sort of developing and ramping.

當然。因此，讓我從基礎架構即服務的思想開始。我們認為這在建築中是物質的和有意義的。很多 - 顯然，我們有傳統的基礎設施即服務，平台即服務，今天幾乎交付，這些都是非常非常有意義的業務，但我們也看到了內部部署即服務基礎設施。我們參與了許多與該領域相關的合同。所以我看到了一種發展和上升。

Candidly speaking, although we provide device as a service offerings as well, that -- those discussions had begun arguably as many as 5 years ago. We haven't necessarily seen a -- the ramp or that monetize the way it has been envisioned. We do participate in, I'll call it, more niche sort of activities around that space right now. We continue to work with vendors to see if that promise will play out. But I would have to say of the two, the infrastructure one has more momentum right now than the device as a service one.

坦率地說，雖然我們也提供設備即服務產品，但這些討論可以說早在 5 年前就開始了。我們不一定看到 - 斜坡或貨幣化它所設想的方式。我們確實參與了，我稱之為，現在圍繞該空間的更多利基活動。我們將繼續與供應商合作，看看這個承諾是否會兌現。但我不得不說這兩者，基礎設施現在比設備即服務更有動力。

Great. And then just my last question is on cash flow. Is there any -- maybe Marshall, are there any working capital levers that you can pull for 2023 beyond getting the inventory levels down to drive incremental cash flow?

偉大的。然後我的最後一個問題是關於現金流的。有沒有 - 也許馬歇爾，除了降低庫存水平以推動增量現金流之外，你是否可以在 2023 年拉動任何營運資本槓桿？

Shannon, if we think about '23 and the comments we made around cash flow being at $1 billion plus, we certainly understand that earnings itself will be a big component of that. We certainly expect that the inventory decline due to supply chain constraints will be a benefit. And then the last piece is we do also expect us to become more efficient in our working capital management.

香農，如果我們考慮 23 年以及我們對現金流量超過 10 億美元的評論，我們當然明白收益本身將是其中的重要組成部分。我們當然預計由於供應鏈限製而導致的庫存下降將是一個好處。最後一點是我們也希望我們在營運資本管理方面變得更有效率。

One of the things just to remind everyone is that in many parts of the U.S., we still have duplicative warehouse systems. And so with that comes some inefficiencies that as we integrate into one ERP, some of that goodness will be felt in these working capital efficiency comments I made.

提醒大家的一件事是，在美國的許多地方，我們仍然有重複的倉庫系統。因此，當我們將其集成到一個 ERP 中時，隨之而來的是一些低效率，我在這些營運資本效率評論中會感受到一些好處。

Yes, Shannon, the way I think about it is the inventory is -- if you want to use the 80-20 or the 90-10 rule, kind of think of it in the context of that. There are some other working capital efficiencies to be gained. But by far and away, the inventory is the big one.

是的，香農，我認為庫存的方式是——如果你想使用 80-20 或 90-10 規則，請在這種情況下考慮一下。還有一些其他的營運資本效率有待提高。但到目前為止，庫存是最大的。

Our next question comes from Keith Housum with Northcoast Research.

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

Just stepping back to Hyve, I just want to make sure I understand the margin benefit you guys had in the fourth quarter. Is this really just more of a timing difference, that recovery from the third quarter which had probably a lower margin on Hyve than we expected, just kind of offsetting, but for the full year, you're exactly where you'd expect it to be?

回到 Hyve，我只是想確保我了解你們在第四季度的利潤率。這真的只是時間上的差異嗎，從第三季度開始的複蘇可能比我們預期的 Hyve 利潤率低，只是一種抵消，但對於全年，你正是你所期望的是？

Yes, Keith, it's more timing within the year. But the first piece was the strong outperformance on Hyve in Q4. So revenue was better than expected and from that came better expected margins.

是的，基思，更多的時間是在一年內。但第一部分是 Hyve 在第四季度的強勁表現。因此，收入好於預期，由此帶來了更高的預期利潤率。

(inaudible) both pieces.

（聽不清）兩件。

Got it. Got it. And then, Marshall, interest rates, I believe, obviously, are still continuing to go up, especially if you listen to the Fed. How are you thinking in terms of the interest rate for the entire year?

知道了。知道了。然後，馬歇爾，我相信利率顯然仍在繼續上升，特別是如果你聽美聯儲的話。您如何看待全年的利率？

I'm assuming your guidance here is based on where interest rates are today. But assuming they go up, does that change, I guess, your target for your leverage and how you think about prioritizing the payment down of debt?

我假設你在這裡的指導是基於今天的利率水平。但假設它們上升，我想這會改變你的槓桿目標以及你如何考慮優先償還債務嗎？

Yes, Keith, near in, we are modeling another 50 bps in Q1. So we'll see if that -- hopefully, that's inaccurate, and it's lower than that, but we modeled that in to get to our guide of $73 million for Q1. And then I think that will stay around that range for Q2. And then given the cash flow benefits, working capital efficiencies we spoke to, I think it starts to come down a little bit in the second half of the year. But it will be elevated, and it will be a headwind year-on-year.

是的，基思，我們正在為第一季度的另一個 50 個基點建模。所以我們會看看這是否 - 希望這是不准確的，並且它低於那個，但我們模擬了它以獲得我們第一季度 7300 萬美元的指導。然後我認為第二季度將保持在該範圍內。然後考慮到我們談到的現金流收益、營運資本效率，我認為它在今年下半年開始有所下降。但它會升高，而且會同比逆風。

Okay. I appreciate that. And then if I can sneak one more in here. Obviously, the -- working down the backlog has been a benefit here for you. But as you're thinking about the first quarter, it sounds like order flow is exactly where you'd expect it to be for where we're at today and that gives you confidence you have in your guidance?

好的。我很感激。然後如果我能在這裡偷偷帶一個。顯然，減少積壓對您來說是一個好處。但是當你在考慮第一季度時，聽起來訂單流正是你所期望的我們今天所處的位置，這讓你對你的指導充滿信心？

Yes. There's nothing that's materially different than the order flow than what we were anticipating with the guidance. Obviously, it's early in the quarter, but that's sort of our view.

是的。與我們預期的指南相比，訂單流程沒有什麼實質性的不同。顯然，現在是本季度初，但這是我們的看法。

Our next question comes from Adam Tindle with Raymond James.

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

Adam, you there?

亞當，你在嗎？

Can you hear me?

你能聽到我嗎？

Yes, we can hear you now.

是的，我們現在可以聽到你的聲音了。

Okay. Yes. First one, I wanted to just clarify with Marshall, on the fiscal '23 renewed guidance, you said 3% to 5% reported. What is that in FX and accounting adjustments of the adjusted growth?

好的。是的。第一個，我想和馬歇爾澄清一下，關於 23 財年更新的指導，你說報告了 3% 到 5%。調整後增長的外彙和會計調整是多少？

Yes, Adam, at least for Q1, it's as adjusted, constant currency about 5%. It's difficult to figure out where we think FX will go. Right now, it's probably going to end up being somewhat of a push because we're lapping a declining euro year-on-year. So as we progress through this year at [$105 million], I think it will end up being somewhat flat, plus or minus $200 million or $300 million quarter 2, 3 and 4.

是的，亞當，至少在第一季度，調整後的固定匯率約為 5%。很難弄清楚我們認為 FX 將走向何方。現在，它可能最終會成為某種推動力，因為我們正在應對歐元同比下滑。因此，隨著我們今年的進展 [1.05 億美元]，我認為它最終會持平，在第 2、3 和 4 季度上下浮動 2 億美元或 3 億美元。

Yes. And then the 606 adjustments are completely behind us now.

是的。然後 606 調整現在完全落後於我們。

All right. Good to know, Rich. On that Q1 outlook, that 5% growth in constant currency. I looked at the last year, I think that like-for-like comparison was about 6%. So looking at a similar growth rate as this time last year, but the environment seems a lot worse from a PC perspective, in particular. Maybe you could just give us any confidence that you have, especially talk about how you're feeling here relative to that plan based on what you're seeing here on January 10.

好的。很高興知道，里奇。在第一季度的前景中，固定匯率增長 5%。我看了去年，我認為同類比較約為 6%。所以看看與去年這個時候相似的增長率，但從 PC 的角度來看，環境似乎要糟糕得多，尤其是。也許你可以給我們你的任何信心，特別是根據你在 1 月 10 日在這裡看到的情況，談談你對這個計劃的感受。

Okay. So a couple of things. First, when we look at or think about Q4, our endpoint solutions segment was marginally down year-on-year. As we think about the first quarter, I would tell you the following. First, we -- as we've talked before, this -- our forecast process builds bottoms up. So we go to country to region to global and so we have that visibility. And usually, the teams have a pretty good feel as to what's going on, on the ground. It is certainly a more volatile environment now than usual. So obviously, we pay attention to that.

好的。所以有幾件事。首先，當我們查看或考慮第四季度時，我們的端點解決方案部分同比略有下降。當我們考慮第一季度時，我會告訴你以下內容。首先，我們——正如我們之前所說的那樣——我們的預測過程是自下而上的。因此，我們從國家到地區再到全球，因此我們具有這種知名度。通常，團隊對實際發生的事情有很好的感覺。現在的環境肯定比平時更加動盪。很明顯，我們關注這一點。

As of January 10, I would say that the theme of marginally declining PC segment, our endpoint solutions segment and sort of a growing advanced solutions segment and the specialized businesses contributing growth as well is the way we think about it.

截至 1 月 10 日，我會說 PC 細分市場略有下降的主題，我們的端點解決方案細分市場和不斷增長的高級解決方案細分市場以及貢獻增長的專業業務也是我們的思考方式。

Got it. And just the last one, Rich. You mentioned revenue synergy upon completion of Americas ERP. Just an early look at any sort of timing, ballpark quantification of this, do you think that's going to come from vendors or customers? What do we have to look forward to in terms of revenue synergy when that materializes?

知道了。最後一個，Rich。您提到了美洲 ERP 完成後的收入協同效應。只是提前看一下任何類型的時間，粗略的量化，你認為這會來自供應商還是客戶？當這種情況實現時，我們對收入協同效應有何期待？

Yes. So first of all, in our prepared comments, we talked about moving over 45% of legacy Tech Data SAP on to CIS. So in the rounding, roughly 2/3 to 70% of our business now is on the strategic CIS platform in the Americas. So it's a good chunk that's now in there.

是的。因此，首先，在我們準備好的評論中，我們談到了將超過 45% 的遺留 Tech Data SAP 轉移到 CIS。因此，在四捨五入中，我們現在大約 2/3 到 70% 的業務都在美洲的戰略 CIS 平台上。所以這是一個很好的塊，現在在那裡。

We have begun, Adam, to see some of the vendors which were complementary to one side or the other start to take off in those sales lanes, if you will. We think of it as sort of a build, which will grow and grow as we move throughout the year. But we aren't prepared to comment relative to what the quantification of that is. And we're in a way to pass a couple of more metrics and/or milestones before we provide that visibility.

亞當，我們已經開始看到一些與一方或另一方互補的供應商開始在這些銷售渠道中起飛，如果你願意的話。我們將其視為一種構建，它將隨著我們全年的移動而不斷增長。但我們不准備就量化的內容髮表評論。在我們提供這種可見性之前，我們在某種程度上通過了更多的指標和/或里程碑。

But right now, I kind of view it as the sales teams, as I said, we see real transactions occurring, are getting up to speed with regard to product details, sales plans, et cetera. And we'll see how that goes moving forward.

但現在，我有點將其視為銷售團隊，正如我所說，我們看到真正的交易正在發生，正在加快產品細節、銷售計劃等方面的速度。我們將看到它如何向前發展。

Our next question comes from [Ananda Bruha with Luke Capital].

我們的下一個問題來自 [Ananda Bruha with Luke Capital]。

Just a couple, if I could. Is there just sort of mix outlook on the year? And I guess, super simplistically, the guidance for Q1, the revenue was sort of totally right in line and bracketing Street. The EPS guide is a little bit softer. And so Marshall, it sounds like a little bit of that is interest rates. What are the other components as well? Or you think Street was just maybe sort of inappropriately set with the...

如果可以的話，只有一對。今年是否有某種混合前景？而且我想，超級簡單地，第一季度的指導，收入有點完全符合街道和括號。 EPS 指南稍微柔和一些。所以馬歇爾，這聽起來有點像利率。其他組件是什麼？或者你認為 Street 可能有點不恰當地設置了......

When you compare Q1 to Q1 for us, it's $33 million higher for interest expense. And then the FX impact is about $500 million, which is $0.10 to $0.12. So those two largely contribute to, at least the compare and the discussion year-on-year.

當你比較我們的第一季度和第一季度時，利息支出高出 3300 萬美元。然後外匯影響約為 5 億美元，即 0.10 至 0.12 美元。因此，這兩個在很大程度上做出了貢獻，至少是同比比較和討論。

And then when we think about our thoughts on mix outlook for '23, distribution, we expect will continue to show momentum. And we think that the majority of high-growth technology will continue to show momentum with the commentary we had around the hyperscale infrastructure/Hyve, just having a real tough compare to '22. But still, we expect Hyve to grow. But when you take those into consideration, the mix plays out the way we guided for Q1.

然後當我們考慮我們對 23 年混合前景的想法時，我們預計將繼續顯示勢頭。而且我們認為，大多數高增長技術將繼續顯示出我們圍繞超大規模基礎設施/Hyve 的評論的勢頭，與 22 年相比確實很艱難。但是，我們仍然希望 Hyve 能夠成長。但是當你考慮到這些時，組合就會按照我們為第一季度指導的方式發揮作用。

All right. That's super helpful. And then are you guys thinking about getting active on M&A again? And I guess where in M&A kind of in the stack would you get active like tuck-in versus sort of medium-sized? I'm assuming you wouldn't do anything big because of the debt and we are in the integration with each other. But where in M&A might you get active this year?

好的。這非常有幫助。那麼你們是否考慮再次積極參與併購？而且我猜想在併購中，您會在堆棧中的什麼地方變得活躍，比如折疊起來，而不是中等規模？我假設你不會因為債務而做任何大事，而且我們正在相互融合。但今年您可能會活躍在併購領域的哪些方面？

Yes. Ananda, thanks for the question. As you had stated a transaction that's the size of the merger of the company is not necessarily on the radar or something that I would forecast. But as is usually the case, we're always prospecting and have a pipeline around M&A and predominantly looking to -- looking at targets that would allow us to accelerate our strategy. And so they come in, in sort of two categories.

是的。阿南達，謝謝你的提問。正如您所說，公司合併規模的交易不一定會受到關注或我會預測的事情。但通常情況下，我們一直在探索並圍繞併購制定管道，主要是尋找能讓我們加快戰略實施的目標。因此，它們分為兩類。

The first one being the traditional one, so I won't spend a lot of time explaining that. Then we also are very interested in accelerating the capabilities in our cloud platform. And if we find the right IP investment that would allow us to accomplish that, we would consider that along the way.

第一個是傳統的，所以我不會花很多時間解釋它。然後我們也對加速我們雲平台中的功能非常感興趣。如果我們找到合適的 IP 投資來實現這一目標，我們會一路考慮。

And then as it relates to our interest strategically, obviously, Europe is less consolidated. Asia Pacific is even less consolidated. So something were to appear in those theaters, they would be of interest. So that's how we think about the M&A, pretty consistent with what we talked about previously.

然後，由於它在戰略上與我們的利益相關，顯然，歐洲的鞏固程度較低。亞太地區的整合程度更低。所以有些東西會出現在那些劇院裡，他們會很感興趣。這就是我們對併購的看法，與我們之前談到的非常一致。

Our next question comes from Matt Sheerin with Stifel.

我們的下一個問題來自 Stifel 的 Matt Sheerin。

Just a couple of questions for me. One, just on the pricing environment. Last year, we saw price increases across all your hardware product categories, including advanced solutions and PCs. We're hearing about pricing pressure on PCs, particularly as memory and other component costs come through. What's your take there? And how does that flow through in terms of your top line or any impact on your business?

只問我幾個問題。第一，就定價環境而言。去年，我們看到你們所有硬件產品類別的價格都上漲了，包括高級解決方案和 PC。我們聽說 PC 面臨定價壓力，尤其是在內存和其他組件成本上升的情況下。你怎麼看？這對您的收入或對您的業務有何影響？

Yes, Matt, thanks for the question. So with the overall supply chain profile sort of returning to pre-COVID levels for the PC ecosystem, I would suggest that we're going to see those dynamics in pricing sort of return to pre-COVID levels. As someone had mentioned earlier, I believe that there's ample supply in PC. And to the extent there's shorts, some longs, that's going to dictate what will happen in the overall pricing environment for that PC ecosystem category, if you will, going forward.

是的，馬特，謝謝你的提問。因此，隨著 PC 生態系統的整體供應鏈概況恢復到 COVID 之前的水平，我建議我們將看到定價方面的動態恢復到 COVID 之前的水平。正如之前有人提到的，我相信 PC 供應充足。在某種程度上，有空頭，有空頭，這將決定該 PC 生態系統類別的整體定價環境將會發生什麼，如果你願意的話。

My view is, is that there may be some, but a bit more limited pricing activity within advanced solutions when compared to last year. But I would suspect that by the time we get to the mid of the year that those dynamics would return to normal.

我的觀點是，與去年相比，高級解決方案中可能會有一些但更有限的定價活動。但我懷疑，到年中時，這些動態會恢復正常。

Just one last point of note. In Q4, on a year-to-year basis, we had commented that the endpoint solutions segment was marginally down. I would say that with the backdrop of that, actually, ASPs were up in both the Americas as well as Europe, even in Q4. But I think there's a point in time where that lapse and then we're kind of over it. I would speculate that maybe there's still some stability in ASP in the first quarter, but we get back to traditional dynamics after that would be my crystal ball.

最後一點要注意。在第四季度，與去年同期相比，我們評論說端點解決方案部分略有下降。我要說的是，在這種背景下，實際上，即使在第四季度，美洲和歐洲的 ASP 都在上漲。但我認為有一個時間點會失誤，然後我們就會結束它。我推測第一季度 ASP 可能仍然有些穩定，但在那之後我們會回到傳統動態，那將是我的水晶球。

Okay. And then regarding the cost synergies, you're ahead of plan. You've got $60 million left. How should we think about how that flows through your P&L this year? Is this more back-end loaded because of the ERP implementation?

好的。然後關於成本協同效應，你提前計劃了。你還剩下 6000 萬美元。我們應該如何考慮它如何影響您今年的損益表？由於 ERP 的實施，這是否增加了後端負載？

That's correct. The ERP is expected to complete in the second half. And then with that comes two elements. One is the system-related costs that should go away. And then two is the duplicative costs around supporting two systems, and that efficiency should also play through primarily in the second half of '23.

這是正確的。 ERP預計將在下半年完成。然後是兩個元素。一是應該消除的與系統相關的成本。其次是支持兩個系統的重複成本，而且效率也應該主要在 23 年下半年發揮作用。

There are no further questions at this time, which concludes today's call. You may now disconnect.

目前沒有其他問題，今天的電話會議到此結束。您現在可以斷開連接。