新聚思 (SNX) 2023 Q3 法說會逐字稿

Good morning. My name is Jill, and I will be your conference operator today. I would like to welcome everyone to the TD SYNNEX Third Quarter Fiscal 2023 Earnings Call. Today's call is being recorded and all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. At this time, for opening remarks, I would like to pass the call over to Liz Morali, Head of Investor tons. Liz, you may begin.

早安.我叫吉爾，今天我將擔任你們的會議操作員。歡迎大家參加 TD SYNNEX 2023 財政年度第三季財報電話會議。今天的通話正在錄音，所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。此時，我想將電話轉給投資人主管 Liz Morali，以供開場發言。 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。大家早安，感謝您參加我們今天的電話會議。今天和我在一起的有執行長 Rich Hume；和財務長馬歇爾·威特。

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 demand, cash flow and shareholder return as well as our expectations for future fiscal periods.

在繼續之前，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，包括對未來事件的預測、估計、預測或其他陳述。包括有關需求、現金流量和股東回報以及我們對未來財政期間的預期的陳述。

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. Also, during this call, we will reference certain non-GAAP financial information.

由於今天的收益發布、我們今天提交的表格8-K 以及表格10-K 的風險因素部分和我們的表格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存在重大差異。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。此外，在本次電話會議中，我們將參考某些非 GAAP 財務資訊。

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.

GAAP 與非 GAAP 業績的調整包含在我們的收益新聞稿和投資者關係網站 ir.tdsynnex.com 上提供的相關 8-K 表格中。本次電話會議屬於 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里奇。富有的？

Thank you, Liz. Good morning, everyone. And thank you for joining us today. The strength of our business model and our relentless focus on execution were evident in our fiscal third quarter results. Our strategy is working and our expansive portfolio of products, services and solutions have enabled us to navigate the fluctuations in the post-pandemic IT spending environment. For another consecutive quarter, a greater portion of our business was generated from high-growth technology categories, and we saw improving performance in endpoint solutions.

謝謝你，莉茲。大家，早安。感謝您今天加入我們。我們的業務模式的優勢和對執行的不懈關注在我們第三季的業績中得到了體現。我們的策略正在發揮作用，我們廣泛的產品、服務和解決方案組合使我們能夠應對疫情後 IT 支出環境的波動。連續一個季度，我們的業務中有很大一部分來自高成長的技術類別，我們看到端點解決方案的效能不斷提高。

The business mix helped us to expand margins, deliver earnings per share above our guidance generate strong free cash flow and increased capital return to our shareholders in the quarter. We were encouraged to see signs of stability in our Endpoint business as the Americas experienced reduced year-on-year declines and grew quarter-over-quarter. In Advanced Solutions, the Americas saw decelerating growth but also grew quarter-over-quarter.

該業務組合幫助我們擴大了利潤率，實現了高於我們指導的每股收益，產生了強勁的自由現金流，並增加了本季度股東的資本回報。我們很高興地看到我們的端點業務出現了穩定的跡象，因為美洲地區的同比下降幅度有所縮小，並且環比增長。在高級解決方案方面，美洲地區的成長放緩，但也實現了季度環比增長。

In Europe, however, we began to see the impacts from the macroeconomic backdrop which led to a more challenging quarter. Asia Pacific, Japan grew in the quarter, driven by strength in Advanced Solutions, high-growth technologies and momentum in India and the Australia, New Zealand region. In addition, the industry supply chain continues to be healthy with backlogs back to normal historical levels.

然而，在歐洲，我們開始看到宏觀經濟背景的影響，這導致了本季更具挑戰性。受高級解決方案實力、高成長技術以及印度和澳洲、紐西蘭地區勢頭的推動，亞太地區、日本本季實現成長。此外，產業供應鏈持續健康，積壓訂單恢復到正常的歷史水準。

This has allowed us to strategically reduce our inventory position, leading to significantly improved working capital and strong free cash flow generation for the quarter. Last quarter, we announced our goal to pursue an additional $50 million in cost optimization over the next few quarters.

這使我們能夠策略性地減少庫存狀況，從而顯著改善本季的營運資本和強勁的自由現金流。上個季度，我們宣布了在未來幾季額外投入 5,000 萬美元用於成本優化的目標。

We achieved our target for fiscal Q3 and are on track to capture the remainder by fiscal Q1 of '24. Our ERP systems migration efforts have proceeded well, and we are now largely complete with significant milestones successfully achieved.

我們實現了第三財季的目標，並有望在 24 年第一季實現剩餘目標。我們的 ERP 系統遷移工作進展順利，現已基本完成，並成功實現了重要的里程碑。

There remain a few pieces to migrate primarily within our Advanced Solutions business, and we anticipate that this will be concluded in the first half of fiscal '24. We remain focused on ensuring a seamless customer and vendor experience and will proceed accordingly.

我們的高級解決方案業務中仍有一些部分需要遷移，我們預計這將在 24 財年上半年完成。我們仍然專注於確保無縫的客戶和供應商體驗，並將採取相應措施。

As a company, we remain focused on partnering with our customers to maximize the value of their end users' IT investments by demonstrating business outcomes and unlocking growth opportunities through low cost and efficient delivery capabilities.

作為一家公司，我們始終致力於與客戶合作，透過低成本和高效的交付能力展示業務成果並釋放成長機會，從而最大限度地提高最終用戶 IT 投資的價值。

This quarter, we launched two new solutions aimed at doing just that. One is partner health and fitness tool, which utilizes a custom algorithm to analyze a reseller's offerings across the advanced solutions high-growth technologies, enabling partners to understand where they stand in comparison to the broader TD SYNNEX partner landscape, using the data to provide this type of actionable insight is one way we are providing distinctive value for our customers, helping to guide their decision-making regarding portfolio diversification to capture growth.

本季度，我們推出了兩個新的解決方案，旨在實現這一目標。一個是合作夥伴健康和健身工具，它利用自訂演算法來分析經銷商在先進解決方案和高成長技術方面的產品，使合作夥伴能夠了解他們與更廣泛的TD SYNNEX 合作夥伴環境相比的地位，並使用數據提供此資訊可行的洞察類型是我們為客戶提供獨特價值的一種方式，幫助指導他們有關投資組合多元化的決策，以實現成長。

The second solution we launched is Destination AI, a comprehensive aggregation of resources to equip resellers with knowledge and connections to capture opportunities across AI, machine learning and advanced analytics. As this marketplace rapidly evolves, TD Synnex is working with more than 40 vendors across the AI space, including AI-enabled independent software vendors, AI accelerators, core AI software platform providers and AI infrastructure firms.

我們推出的第二個解決方案是 Destination AI，這是一個全面的資源聚合，為經銷商提供知識和聯繫，以抓住人工智慧、機器學習和進階分析的機會。隨著這個市場的快速發展，TD Synnex 正在與 AI 領域的 40 多家供應商合作，包括支援 AI 的獨立軟體供應商、AI 加速器、核心 AI 軟體平台提供商和 AI 基礎設施公司。

Our catalog of prevalidated ready-to-deploy solutions, combined with our ability to provide multivendor offerings, aggregating best-of-breed services, software and hardware and edge devices places us in a unique position with the business partner ecosystem to add value to our customers.

我們預先驗證的可立即部署的解決方案目錄，加上我們提供多供應商產品的能力，聚合最佳服務、軟體和硬體以及邊緣設備，使我們在業務合作夥伴生態系統中處於獨特的地位，為我們的業務增加價值。顧客。

Next week, we will be hosting two of our marquee ecosystem events, bringing together thousands of our customers and vendor partners to network and collaborate gaining critical knowledge and insights to further grow their businesses.

下週，我們將舉辦兩場大型生態系統活動，將數千名客戶和供應商合作夥伴聚集在一起，進行網路和協作，獲得關鍵知識和見解，以進一步發展他們的業務。

Ahead of those events, we recently completed an expensive survey of our B2B channel partners from over 60 countries asking them about their expectations over the next year and beyond.

在這些活動之前，我們最近對來自 60 多個國家的 B2B 通路合作夥伴完成了一項耗資巨大的調查，詢問他們對明年及以後的期望。

Channel partners told us that they are remaining agile in this environment. adapting their business models to focus on emerging technologies and rebalancing their priorities and offerings to meet the evolving needs of their end users. There were many interesting findings in this survey but most clear was the continued importance of the channel in helping partners to navigate the rapidly changing technology landscape, providing technical expertise and helping to fill gaps in the talent pipeline.

通路夥伴告訴我們，他們在這種環境中保持敏捷。調整其業務模式以專注於新興技術，並重新平衡其優先事項和產品，以滿足最終用戶不斷變化的需求。這項調查有許多有趣的發現，但最明顯的是該管道在幫助合作夥伴駕馭快速變化的技術領域、提供技術專業知識和幫助填補人才管道方面的持續重要性。

During the quarter, we were honored to be recognized with a silver medal by EcoVadis, a leading provider of business sustainability ratings and an improvement from our prior year score of a bronze medal. Importantly, this places TD SYNNEX in the top 25% of companies assessed by EcoVadis.

本季度，我們很榮幸獲得領先的企業永續發展評級提供者 EcoVadis 頒發的銀牌，比前一年的銅牌得分有所提高。重要的是，這使 TD SYNNEX 躋身 EcoVadis 評估公司的前 25% 之列。

Our European business was also awarded an environmental sustainability specialization by Cisco, providing a framework for technology recycling and circular economy initiatives. We are proud of these achievements and of the progress that we have made on our environmental, social and governance goals. As we begin the final quarter of the fiscal year, we believe that we have seen the trough of our endpoint solutions business and that we will continue to see smaller declines moving forward. It is an exciting time to be in the IT industry.

我們的歐洲業務也獲得了思科頒發的環境永續發展專業認證，為技術回收和循環經濟舉措提供了框架。我們為這些成就以及我們在環境、社會和治理目標方面所取得的進展感到自豪。當我們開始本財年的最後一個季度時，我們相信我們已經看到了端點解決方案業務的低谷，並且我們將繼續看到較小的下降。對於 IT 產業來說，這是一個令人興奮的時刻。

And we believe that in the long term, IT spending will continue to outpace GDP growth. We see a variety of drivers on the horizon, including AI enablement which we believe we will see across the majority of our offering set as vendors bring these features and functionality to their products and services over time. I will now turn the call over to Marshall for some additional comments about Q3 and our Q4 outlook. Marshall, over to you.

我們相信，從長遠來看，IT 支出將繼續超過 GDP 成長。我們看到了即將出現的各種驅動因素​​，包括人工智慧支持，我們相信，隨著供應商隨著時間的推移將這些特性和功能引入他們的產品和服務中，我們相信我們將在我們的大部分產品中看到人工智慧支援。我現在將把電話轉給馬歇爾，詢問有關第三季和第四季前景的更多評論。馬歇爾，交給你了。

Thanks, Rich, and good morning to everyone on today's call. As Rich mentioned, our Q3 results illustrate the progress we have made on our business strategy, revenue in the strategic focus areas of cloud, security and data analytics grew in the low double digits on a year-over-year basis, and we saw smaller declines in endpoint solutions.

謝謝里奇，今天電話會議的大家早安。正如 Rich 所提到的，我們第三季度的業績說明了我們在業務戰略方面取得的進展，雲端、安全性和數據分析等戰略重點領域的收入同比以低兩位數增長，並且我們看到規模較小端點解決方案的下降。

As a result, we expanded margins and grew non-GAAP earnings per share while our countercyclical model enabled us to generate significant free cash flow, leading us to increase our share repurchases in the quarter. For fiscal Q3, total gross billings were $18.6 billion and net revenue was $14 billion, both consistent with expectations. As Rich highlighted, although revenue declined year-over-year in the Americas, we saw signs of stabilization. Europe saw a decline during the quarter as we began to see impacts related to the challenging macroeconomic environment. And Asia Pacific, Japan grew revenue by 10% year-over-year. Driven by high-growth technologies and strength in some emerging markets. Hyve performed better than expected in the quarter despite a tough year-over-year comparison due to the record revenue realized in Q3 of fiscal '22.

因此，我們擴大了利潤率並增加了非公認會計原則每股收益，同時我們的反週期模型使我們能夠產生大量的自由現金流，從而導致我們在本季度增加了股票回購。第三財季的總營收為 186 億美元，淨收入為 140 億美元，均符合預期。正如里奇所強調的那樣，儘管美洲地區的收入同比下降，但我們看到了穩定的跡象。由於我們開始看到與充滿挑戰的宏觀經濟環境相關的影響，歐洲在本季出現下滑。亞太地區、日本的營收年增 10%。受到一些新興市場的高成長技術和實力的推動。儘管由於 22 財年第三季實現創紀錄的收入，年比比較很艱難，但 Hyve 在本季的表現仍優於預期。

Non-GAAP gross profit was $974 million, up 3% year-over-year, and non-GAAP gross margin was a record 7%, up 84 basis points year-over-year. The significant improvement in gross margin was driven by the continued mix shift to Advanced Solutions and high-growth technologies as well as margin expansion in high-growth technologies.

非 GAAP 毛利為 9.74 億美元，較去年同期成長 3%，非 GAAP 毛利率達到創紀錄的 7%，較去年同期成長 84 個基點。毛利率的顯著改善是由於向高級解決方案和高成長技術的持續混合轉變以及高成長技術的利潤率擴張。

Total adjusted SG&A expense was $577 million, down $16 million from the prior quarter and representing 4.1% of net revenue and 3.1% of gross billings. As Rich discussed, we are proceeding well on the $50 million cost savings program we announced last quarter and exceeded the $10 million target for fiscal Q3.

調整後的 SG&A 費用總額為 5.77 億美元，比上一季減少 1,600 萬美元，佔淨收入的 4.1% 和總帳單的 3.1%。正如 Rich 所討論的，我們上季度宣布的 5000 萬美元成本節約計劃進展順利，並超過了第三財季 1000 萬美元的目標。

We are well positioned to achieve our full target by early next year and expect SG&A as a percentage of gross billings to remain in the 2.75% to 3.25% range that we have seen historically. Going forward, we will be signing SG&A as a percentage to gross billings given the increased impact from gross to net adjustments as a greater proportion of our portfolio is in Advanced Solutions and high-growth technologies.

我們有能力在明年初實現全部目標，並預計 SG&A 佔總帳單的百分比將保持在我們歷史上看到的 2.75% 至 3.25% 的範圍內。展望未來，由於我們的投資組合中更大比例是高級解決方案和高成長技術，因此總帳單調整對淨帳單調整的影響越來越大，我們將簽署SG&A佔總帳單的百分比。

Non-GAAP operating income was $379 million, approximately flat year-over-year, and non-GAAP operating margin was 2.8%, up 25 basis points year-over-year. Q3 non-GAAP interest expense and finance charges were $65 million, $7 million better than our outlook due to working capital efficiencies, which resulted in less borrowing. The non-GAAP effective tax rate was approximately 21%, better than our forecast to 24%, primarily due to our ability to utilize tax credits earned in certain jurisdictions. Total non-GAAP net income was $260 million and non-GAAP diluted EPS was $2.78, $0.08 above the high end of our guidance range and up 1.5% year-over-year.

非 GAAP 營業收入為 3.79 億美元，年比基本持平，非 GAAP 營業利益率為 2.8%，較去年同期成長 25 個基點。第三季非 GAAP 利息支出和財務費用為 6,500 萬美元，比我們的預期好 700 萬美元，因為營運資金效率提高，導致借款減少。非 GAAP 有效稅率約為 21%，優於我們預測的 24%，這主要是由於我們能夠利用在某些司法管轄區獲得的稅收抵免。非 GAAP 淨利潤總額為 2.6 億美元，非 GAAP 攤薄後每股收益為 2.78 美元，比我們指引範圍的上限高出 0.08 美元，年成長 1.5%。

Now turning to the balance sheet. We ended the quarter with cash and cash equivalents of $1.25 billion and debt of $4.1 billion. Our gross leverage ratio was 2.2x and net leverage was 1.6x, in line with our investment-grade credit rating and approaching our target of 2x gross leverage ratio. Accounts receivable totaled $8.9 billion, up from $8.4 billion in the prior quarter, and inventories totaled $7.5 billion, down from $7.8 billion in the prior quarter.

現在轉向資產負債表。本季末，我們的現金和現金等價物為 12.5 億美元，債務為 41 億美元。我們的總槓桿率為 2.2 倍，淨槓桿率為 1.6 倍，符合我們的投資等級信用評級，並接近我們 2 倍總槓桿率的目標。應收帳款總額為 89 億美元，高於上一季的 84 億美元，庫存總額為 75 億美元，低於上一季的 78 億美元。

Net working capital at the end of the third quarter was $3.3 billion, down from $3.8 billion in quarter 2, primarily due to declines in inventory and increased accounts payable. The cash conversion cycle for the third quarter was 23 days, a 1-day improvement from quarter 2 primarily due to improvements in our inventory profile given the healthier supply chain environment.

第三季末的淨營運資本為 33 億美元，低於第二季的 38 億美元，主要是由於庫存下降和應付帳款增加。第三季的現金週轉週期為 23 天，比第二季縮短了 1 天，這主要是由於供應鏈環境更健康，我們的庫存狀況有所改善。

Cash from operations in the quarter was $592 million, and free cash flow was $552 million. We have generated approximately $1.1 billion in free cash flow year-to-date. We continue to prioritize shareholder returns during the quarter, returning $103 million via share repurchases and $33 million through dividend payments. Year-to-date, we now have repurchased $278 million and have approximately $740 million remaining under our current share repurchase authorization.

本季營運現金為 5.92 億美元，自由現金流為 5.52 億美元。年初至今，我們已產生約 11 億美元的自由現金流。本季我們繼續優先考慮股東回報，透過股票回購回報 1.03 億美元，透過股息支付回報 3,300 萬美元。年初至今，我們已回購 2.78 億美元，目前的股票回購授權剩餘約 7.4 億美元。

For the current quarter, our Board of Directors has approved a cash dividend of $0.35 per common share payable on October 27, 2023, to stockholders of record as of the close of business on October 13, 2023.

對於本季度，我們的董事會已批准於 2023 年 10 月 27 日向截至 2023 年 10 月 13 日收盤時在冊的股東支付每股普通股 0.35 美元的現金股息。

Moving now to our outlook for our fiscal fourth quarter. We expect gross billings of $18.5 billion to $19.7 billion, representing a 3% sequential improvement from quarter 3 and a decline of 9% on a year-over-year basis at the midpoint. We expect total revenue to be in the range of $14 billion to $15 billion, which equates to a 4% sequential improvement from quarter 3. And a decline of 11% on a year-over-year basis at the midpoint.

現在轉向我們對第四財季的展望。我們預計總營收為 185 億美元至 197 億美元，較第三季季增 3%，中位數年減 9%。我們預計總營收將在 140 億美元至 150 億美元之間，相當於第三季季增 4%。中位數年減 11%。

The expected sequential improvement from quarter 3 is slightly below our historical compares and is primarily driven by the market challenges in Europe, partially offset by improvements in the Americas.

第三季的預期環比改善略低於我們的歷史比較，主要是由歐洲市場挑戰推動的，但部分被美洲的改善所抵消。

For the PC segment, as we discussed in June, we believe we have seen the low point for year-over-year declines and expect the recovery to continue in Q4. We with smaller year-over-year declines.

對於個人電腦領域，正如我們在 6 月討論的那樣，我們相信我們已經看到了同比下降的低點，並預計第四季度將繼續復甦。我們的同比跌幅較小。

Our guidance is based on a euro to dollar exchange of 1.08. Non-GAAP net income is expected to be in the range of $223 million to $269 million, and non-GAAP diluted EPS is expected to be in the range of $2.40 to $2.90 per diluted share based on weighted average shares outstanding of approximately 91.9 million. Non-GAAP interest expense is expected to be approximately $70 million, and we expect the non-GAAP tax rate to be approximately 24%.

我們的指引基於歐元兌美元匯率 1.08。非 GAAP 淨利潤預計在 2.23 億美元至 2.69 億美元之間，非 GAAP 攤薄後每股收益預計在 2.40 美元至 2.90 美元之間（基於約 9,190 萬股加權平均流通股）。非 GAAP 利息支出預計約為 7,000 萬美元，我們預期非 GAAP 稅率約為 24%。

Lastly, on shareholder returns, we have generated $1.1 billion of free cash flow year-to-date, and have returned $377 million to shareholders through share repurchases and dividends, putting us on track to reach the full year target discussed in June of $580 million.

最後，在股東回報方面，我們今年迄今已產生 11 億美元的自由現金流，並透過股票回購和股息向股東返還 3.77 億美元，使我們有望實現 6 月份討論的 5.8 億美元的全年目標。

We are now expecting to generate approximately $1.3 billion of free cash flow for the year, outperformed our original target of $1 billion for fiscal '23.

我們現在預計今年將產生約 13 億美元的自由現金流，超出了我們 23 財年 10 億美元的最初目標。

We will continue to be opportunistic regarding share repurchases, while adhering to the general framework we have previously communicated to the market. In closing, we remain confident in our ability to successfully navigate fluctuations in the demand environment as customers react to rapidly changing technology needs and we'll continue to lean on our strategic priorities to expand in high-growth technologies while also optimizing our core business as we return to a more normalized spending environment.

我們將繼續在股票回購方面採取機會主義態度，同時遵守我們先前向市場傳達的整體框架。最後，隨著客戶對快速變化的技術需求做出反應，我們仍然相信我們有能力成功應對需求環境的波動，我們將繼續依靠我們的策略重點來擴展高成長技術，同時優化我們的核心業務我們回到了更正常化的支出環境。

With that, we are now ready to take your questions. Operator?

至此，我們現在準備好回答您的問題了。操作員？

(Operator Instructions) Your first question comes from the line of Ananda Baruah of Luke Capital.

（操作員說明）您的第一個問題來自Luke Capital 的Ananda Baruah。

Yes, appreciate taking the question and all the detail. I guess, let me make my question the following. Do you guys have any view on the likelihood that you could now be at the bottom in red dollar run rate. And I guess I'd love any context, I'm sure I'm not the only one. Just sort of how you're viewing the European softness in the context of rev dollar run rate going forward? Thanks a lot. Appreciate it.

是的，感謝提出問題和所有細節。我想，讓我提出以下問題。你們對於現在紅美元運行率可能處於底部的可能性有什麼看法嗎？我想我會喜歡任何背景，我確信我不是唯一的一個。您如何看待歐洲經濟在未來的美元運行率背景下的疲軟？多謝。欣賞它。

I hope you're doing well. Thanks for the question. So let's take it by region first, and then we'll talk about the major product areas and the dynamics that we're seeing.

我希望你一切都好。謝謝你的提問。因此，讓我們先按地區劃分，然後我們將討論主要的產品領域和我們所看到的動態。

So first, you all might recall as we came through the first half of the year, we had talked about Europe being stronger than anticipated. We all moved the headwinds that they had faced in Europe and Europe was performing better on the top line than the Americas. And we had seen a change in that cycle, if you will, in the third quarter, where Europe began to look a lot like the Americas looked like in the first half. And from memory here, their overall top line performance was reasonably consistent between the 2 and Q3. So that was something that had emerged as new.

首先，你們可能還記得，在今年上半年，我們曾談到歐洲比預期更強大。我們都克服了他們在歐洲面臨的逆風，歐洲的營收表現比美洲更好。如果你願意的話，我們在第三季看到了這個週期的變化，歐洲開始看起來很像上半年的美洲。根據記憶，第二季和第三季的整體營收表現相當一致。所以這就是新出現的東西。

At the same time, the Americas, as we were talking about in our prior call, had seen a declining dynamic in the endpoint business and had strength in Advanced Solutions. So as we move through time here, and as we continue forward, our anticipation is we continue to see the trend of declining endpoint, lesser declines, if you will, over time. And then a moderation of the growth within Advanced Solutions based on the fact that those backlogs have been pretty well run down and the prior quarters for the industry as well as ourselves, had benefited from the Advanced Solutions of backlog runoff sort of late pre-COVID emergence of strength in that advanced solutions business.

同時，正如我們在先前的電話會議中所討論的那樣，美洲的端點業務動態有所下降，但在高級解決方案方面具有優勢。因此，當我們在這裡度過時間並繼續前進時，我們的預期是，隨著時間的推移，我們將繼續看到終點下降的趨勢，如果你願意的話，下降幅度會更小。然後，高級解決方案內部的成長有所放緩，因為這些積壓訂單已大幅減少，而且行業以及我們自己的前幾個季度都受益於新冠疫情前後期積壓訂單徑流的高級解決方案先進解決方案業務的實力顯現。

So as it relates to looking forward, we'll address next year when we get to it. The trends are consistent with what we were stating for the last couple of quarters in terms of the PC dynamics and the AS dynamics. But we'll reserve a view as to whether or not we're at the bottom for the next call when we get into our Q1 guidance.

因此，當它涉及未來時，我們將在明年討論這個問題。這些趨勢與我們過去幾季在 PC 動態和 AS 動態方面所述的趨勢一致。但當我們進入第一季指引時，我們將保留對下一次電話會議是否在底層的看法。

Your next question comes from the line of Mike Ng of Goldman Sachs.

你的下一個問題來自高盛的 Mike Ng。

I just had one on PC. It was encouraging to hear about the trough and endpoint solutions, smaller clients going forward. I was just wondering if you could just give a little bit more commentary to support that view. What are you seeing in terms of channel inventory, green shoots and demand levels on PCs and handsets. And anything that you would call out this quarter as it relates to performance by vertical. I know it's a big education quarter.

我電腦上只有一個。聽到有關槽式和端點解決方案以及小型客戶的發展令人鼓舞。我只是想知道您是否可以提供更多評論來支持這一觀點。您對個人電腦和手機的通路庫存、新芽和需求水準有何看法。以及本季度您會提出的任何與垂直領域績效相關的內容。我知道這是一個重要的教育區。

Yes. So a couple of thoughts. So first of all, in our prior quarter, we had said that 2 and 3Q should be the trough for the PC business. On a global basis, in fact, we saw that trend of, if you will, lesser declines moving through time we would anticipate that Q4 would provide sort of the same dynamic of lesser declines moving through time. But I would also comment that globally, although there were lesser declines PC as a category was a little bit weaker than that we had thought. And the Advanced Solutions was a little bit stronger.

是的。所以有幾個想法。首先，在上一季度，我們曾說過第二季和第三季應該是PC業務的低潮。事實上，在全球範圍內，我們看到了隨著時間推移下降幅度較小的趨勢，我們預計第四季度將提供類似的隨著時間推移下降幅度較小的動態。但我還要評論說，在全球範圍內，儘管 PC 作為一個類別的下降幅度較小，但比我們想像的要弱一些。高級解決方案稍微強一點。

As you know, the overall revenue came in at the midpoint of the guide. So there was some mix shift happening there. But the trend held lesser declines in PCs, but again, PC softer relative to some of our forecast detail, offset by Advanced Solutions.

如您所知，整體收入位於指南的中間位置。所以那裡發生了一些混合轉變。但這一趨勢使得個人電腦的跌幅較小，但同樣，個人電腦相對於我們的一些預測細節更為疲軟，但被高級解決方案所抵消。

From a vertical perspective, the only one that I'd point out that had showed some strength is Federal. And in addition to that, you had the education piece got a bit of a boost because the Chrome category last year was very weak, and we started to see Chrome emerge a bit within the education domain in the prior quarter? Or they actually our reported quarters. Sorry about that.

從垂直角度來看，我要指出的唯一顯示出一定實力的就是聯邦。除此之外，教育部分得到了一些推動，因為去年 Chrome 類別非常疲軟，而我們在上一季開始看到 Chrome 在教育領域出現了一些？或者他們實際上是我們報告的宿舍。對於那個很抱歉。

Your next question comes from the line of Adam Tindle of Raymond James.

您的下一個問題來自雷蒙德詹姆斯 (Raymond James) 的亞當廷德爾 (Adam Tindle)。

I just wanted to start on guidance for Q4, particularly on an EPS basis. I understand last year had that $0.33 benefit from the high recovery, but you still grew sequentially from Q3 to Q4 last year ex that.

我只想開始第四季的指導，特別是每股收益的指導。據我了解，去年從高復甦中受益了 0.33 美元，但除此之外，去年第三季到第四季的業績仍然連續成長。

And this year, if I look at the guidance, you are calling for sequential revenue growth from Q3 to Q4, but earnings appear to be down at the midpoint. You're accelerating share repurchase based on the commentary. So it just implies a lot of margin erosion. And I'm hoping for a little bit more color. I understand EMEA as a region, but what is driving the sequential margin erosion? And why would EPS be down despite typically seasonally?

今年，如果我看一下指引，你會發現第三季到第四季的營收連續成長，但獲利似乎在中點下降。根據評論，您正在加速股票回購。所以這意味著大量的利潤侵蝕。我希望能有更多的顏色。我將歐洲、中東和非洲視為一個地區，但什麼原因導致利潤率持續下降？為什麼每股收益會下降，儘管通常是季節性的？

Adam, this is Marshall. Thanks for the question. You're right, sequentially between Q3 and Q4, we typically see about an 8% growth, plus or minus 2% on either side. As you saw and heard from our prepared remarks, it's now about 3% to 4%.

亞當，這是馬歇爾。謝謝你的提問。你是對的，從第三季度到第四季度，我們通常會看到大約 8% 的成長，兩邊都有正負 2%。正如您從我們準備好的發言中看到和聽到的那樣，現在大約是 3% 到 4%。

So the majority of the margin decline is primarily attributable to the reduction in revenue and typically the fall-through in normal quarter 4 is we do see quite a bit of fall-through on the incremental revenue that takes place between the two quarters. That's the majority of the overall margin decline from what we have seen historically.

因此，利潤率下降的主要原因是收入減少，通常第四季度的下滑是我們確實看到兩個季度之間發生的增量收入出現相當大的下滑。這是我們歷史上看到的整體利潤率下降的大部分。

You're right. We had that onetime callout for Hyve last year that we wanted to make sure people are aware of. And then you commented about Europe because of the softening we're seeing there in the portfolio, their direct costs are still a little bit out of line in regards to where we need it to be, but expect that, that will correct itself over time. And then maybe a little bit more softer underneath that.

你說得對。去年，我們曾對 Hyve 進行過一次宣傳，希望確保人們能夠意識到這一點。然後你評論了歐洲，因為我們在投資組合中看到了疲軟，他們的直接成本仍然有點超出我們需要的水平，但預計隨著時間的推移，這會自行糾正。然後下面可能會更柔軟一些。

In Asia and Americas, although good progress is being made on the optimization that we called out last quarter that plays out over Q3, Q4 and in Q1. There still is a little bit of direct costs in relation to gross revenue that will continue to correct itself in the coming quarters.

在亞洲和美洲，儘管我們在上個季度提出的優化方面取得了良好進展，但該優化在第三季、第四季和第一季都得到了體現。與總收入相關的直接成本仍然有一些，這些成本將在未來幾季繼續自我修正。

Yes. The only thing that I would add, Adam, and it's a bit repetitive. Were on last quarter, we talked about a sequential at 8%. And as Marshall said, it's now 3% to 4%. If you go to do the math and look at the flow-through of , if you will, that sequential being lower than anticipated, you'd find out that it's sort of most of the shortfall relative to our comments in the prior call.

是的。亞當，我唯一要補充的是，它有點重複。在上個季度，我們談到了環比為 8%。正如馬歇爾所說，現在是 3% 到 4%。如果您進行數學計算並查看該序列的流量（如果您願意的話）低於預期，您會發現這是相對於我們在先前電話會議中的評論而言的大部分缺口。

Is there any way for us to kind of understand where that shortfall is coming from. It sounds like troughing endpoint solutions, that's -- things are getting better there. What is the product category or vertical that's causing that shortfall?

有什麼方法可以讓我們了解這種短缺是從哪裡來的？聽起來像是在尋找端點解決方案，那就是——那裡的情況正在變得更好。造成這種短缺的產品類別或垂直領域是什麼？

Always lots of moving parts, Adam, but if I were to give you the big head light, it would be a softer Europe relative to 90 days earlier.

總是有很多活動部件，亞當，但如果我給你一個大頭燈，相對於 90 天前，歐洲將會更加疲軟。

Okay. Because that we think about on that business is being a little bit unique from the mobility piece, is that maybe fair to characterize?

好的。因為我們認為這項業務與行動業務相比有點獨特，這樣描述是否公平？

So what I would tell you is I would think about it as more broad-based than just one segment. It's across the majority of the portfolio right now.

所以我要告訴你的是，我認為它的基礎更廣泛，而不僅僅是一個細分市場。目前它涵蓋了大部分投資組合。

Okay. Just last one, Marshall, congrats on the cash flow year-to-date. You had, I think, previously talked about an annual goal of $1 billion in cash flow. Obviously, you're already there. So Wondering if that's still the right way to think about it. I think Q4 is normally a positive free cash flow quarter, but I know it can be volatile. And looking forward, as you reflect on this year's cash flow performance, are there any pieces of this that might be a little bit more temporary working capital benefits that don't repeat itself? Or do you think this is sort of a baseline to build off of?

好的。最後，馬歇爾，祝賀年初至今的現金流。我想，您之前曾談到 10 億美元現金流的年度目標。顯然，你已經在那裡了。所以想知道這是否仍然是正確的思考方式。我認為第四季度通常是自由現金流為正的季度，但我知道它可能會波動。展望未來，當您反思今年的現金流表現時，是否有任何部分可能是暫時的營運資本收益，並且不會重複出現？或者你認為這是一個可以建立的基線嗎？

Yes. Thanks for the question, Adam. For the year-to-date cash flow of $1.1 billion, we did see about $0.5 billion of working capital unwind. We expected that as we spoke to, as we finished last year and had inventory elevations, we knew those would unwind. So $500 million or so of that $1.1 billion is working capital unwind. We're still fairly confident about hitting a $1.3 billion target for this year. And then if I think about cash conversion, and how that progresses over the medium term, we still feel confident about achieving that $1.5 billion over that medium term, which we're calling fiscal '25 or '26.

是的。謝謝你的提問，亞當。對於今年迄今 11 億美元的現金流，我們確實看到了約 5 億美元的營運資金解套。我們預計，正如我們所採訪的那樣，由於去年年底庫存增加，我們知道這些將會減少。因此，這 11 億美元中的 5 億左右是營運資金的解套。我們對今年實現 13 億美元的目標仍然相當有信心。然後，如果我考慮現金轉換以及中期內的進展情況，我們仍然對在中期內實現 15 億美元充滿信心，我們稱之為「25 財年」或「26 財年」。

Your next question comes from the line of Keith Housum of Northcoast Research.

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

Marshall, with the interest rates where they are today and perhaps only one more increase to go. How are you guys thinking about debt paydown versus increasing your capital allocation toward return to shareholders?

馬歇爾先生，以目前的利率水平，也許只剩下一次升息了。你們如何看待償還債務與增加資本配置以回報股東的問題？

Yes. Thanks for the question, Keith. Interest rates are high. The variable aspects right now is running at around 7%. So we'll remain fairly balanced in our outlook about where we are with our leverage. We're at 2.2x gross and 1.6 net. That might go up a little bit in Q4, primarily just due to the trailing 4 to 5 quarters of EBITDA. But other than tenor, we're not anticipating making any other incremental pay downs in debt but being mindful of cash flow and how best to redeploy that within the options that we have.

是的。謝謝你的提問，基斯。利率很高。目前可變因素運行在 7% 左右。因此，我們對我們的槓桿水平的前景保持相當平衡。我們的總收益為 2.2 倍，淨收益為 1.6 倍。第四季這一數字可能會略有上升，主要是由於過去 4 到 5 個季度的 EBITDA。但除了期限之外，我們預計不會進行任何其他增量債務償還，但要注意現金流以及如何在我們擁有的選擇範圍內最好地重新部署現金流。

Great. And then if I look at the last four points you guys had in (inaudible) , it does sound like you guys will be increasing your share repurchases in the fourth quarter. Is that incorporated (inaudible) that?

偉大的。然後，如果我看一下你們（聽不清楚）的最後四點，聽起來你們確實會在第四季增加股票回購。這是合併的（聽不清楚）嗎？

It is. In my prepared remarks, we commented about where we were at for the -- for year-to-date through Q3 and all in for the full year at $580 million. That puts us in a repurchase expectation of about $170 million for the quarter. So that's where we do see some acceleration of share repurchases. And given the strength in our cash flow, we're going to remain opportunistic as well and play that based on price and overall completion of the quarter.

這是。在我準備好的發言中，我們評論了今年迄今到第三季以及全年 5.8 億美元的總收入。這使我們對該季度的回購預期約為 1.7 億美元。因此，我們確實看到股票回購有所加速。鑑於我們的現金流強勁，我們也將保持機會主義，並根據價格和本季的整體完成情況來發揮這一作用。

Great. And then one more if I can get in here. I know it's still relatively small, but the Asia Pacific and Japan area, another good quarter of growth there. It sounds like Advanced Solutions in India and Australia are driving that. Is that sustainable growth? I mean you guys are you guys able to sustain that growth going forward in that region?

偉大的。如果我能進去的話，再來一張。我知道它仍然相對較小，但亞太地區和日本地區是另一個成長良好的季度。聽起來印度和澳洲的高級解決方案正在推動這一趨勢。這是永續成長嗎？我的意思是你們能夠維持該地區未來的成長嗎？

So Keith, I think you have to break it down a bit. I think that the region right now that seems to have outsized opportunity in India. Obviously, there's a lot going on there relative to major vendors, resourcing supply chains, et cetera. So my view is that maybe they're a little bit insulated from the economic cycles. But the rest of the region, I think, kind of has the dynamic of the rest of the world and will ebb and flow based on that macro. That would be my view.

所以基思，我認為你必須把它分解。我認為目前印度這個地區似乎擁有巨大的機會。顯然，與主要供應商、資源供應鏈等相關的方面正在發生很多事情。所以我的觀點是，也許他們有點不受經濟週期的影響。但我認為，該地區的其他地區也有世界其他地區的動態，並將根據宏觀情況而潮起潮落。這就是我的觀點。

Your next question comes from the line of Joseph Cardoso of JPMorgan.

你的下一個問題來自摩根大通的約瑟夫·卡多佐。

Thanks for the question. Yes, one question for me. Can you just touch on the better trends that you're seeing in North America. Curious if the better trends that you're seeing in the region are weighted towards any particular customer verticals like public sector. Or are you seeing the recovery in the region more broadly? And has that recovery been linear through the quarter? Because I remember last quarter, you suggested that there was choppiness as you're kind of looking at it from a month-by-month basis. Curious if you can touch on that.

謝謝你的提問。是的，有個問題想問我。您能談談您在北美看到的更好的趨勢嗎？很好奇您在該地區看到的更好趨勢是否偏向於公共部門等任何特定的垂直客戶領域。或者您是否看到該地區更廣泛的復甦？本季的復甦是否呈線性？因為我記得上個季度，您認為存在波動，因為您是從逐月的角度來看待它的。很好奇你是否能觸及這一點。

Yes. So the stronger performers have been a mixing offering sets here with verticals, but stronger performers have been advanced solutions, and that has been pretty consistent throughout the year, pretty robust growth rates in that business. At the same time, from a vertical perspective, as stated earlier, the Federal has been a stronger vertical overall. And then the benefit, if you will, moving through time of lesser declines in the end point. And again, we believe that, that trend will continue as we move forward. Those would be the big changes. And I think Marshall has something to add.

是的。因此，表現較強的企業是混合產品與垂直產業的組合，但表現較強的企業是先進的解決方案，這一點全年都非常穩定，該業務的成長率相當強勁。同時，從縱向角度來看，如前所述，聯邦的縱向整體性更強。然後，如果你願意的話，隨著時間的推移，終點下降幅度會較小。我們再次相信，隨著我們的前進，這種趨勢將繼續下去。這些將是巨大的變化。我認為馬歇爾有一些補充。

Yes, Joe, just to your question around linearity and volatility, we're still seeing a little bit about month-to-month I'll call it, a good month, a soft month, a good month, and so that necessarily hasn't gone away. But generally said, as Rich said, for Americas, both AS still showing growth, ES showing declining or improvement of the declines on a year-over-year basis. And then we can't forget about our high-growth technology services. Those continue to perform well. As we said, cloud security, IoT, data analytics grew more than 10%. And that's a comment beyond Americas, but it certainly did help Americas.

是的，喬，對於你關於線性和波動性的問題，我們仍然看到一些關於每月的情況，我稱之為，一個好的月份，一個軟的月份，一個好的月份，所以這必然沒有並沒有消失。但總體而言，正如里奇所說，對於美洲來說，AS 仍顯示出成長，ES 則顯示出同比下降或下降有所改善。然後我們不能忘記我們的高成長技術服務。這些繼續表現良好。正如我們所說，雲端安全、物聯網、資料分析成長了 10% 以上。這是一個超出美洲範圍的評論，但它確實對美洲有幫助。

Your next question comes from the line of Matt Sheerin of Stifel.

您的下一個問題來自 Stifel 的 Matt Sheerin。

Yes. Thank you, and good morning, everyone. I had another question just regarding your commentary on Advanced Solutions, which has been strong. But Rich, you mentioned that backlog has been coming down. Could you give us more details on what the backlog levels are and drill down by product area, servers, storage, networking. And as we go forward and that growth slows and endpoint solutions starts to have favorable year-over-year comps, I would think that, that could pressure gross margin. So how should we think about sort of drop-through in that mix shift and what the operating margins might look like.

是的。謝謝大家，大家早安。我還有一個關於您對高級解決方案的評論的問題，您的評論非常有力。但是里奇，你提到積壓工作一直在減少。您能否向我們提供有關積壓級別的更多詳細信息，並按產品領域、伺服器、儲存、網路進行深入分析。隨著我們的前進，成長放緩，端點解決方案開始具有有利的同比比較，我認為，這可能會對毛利率造成壓力。那麼，我們應該如何考慮這種混合轉變中的某種下降以及營業利潤率可能會是什麼樣子。

Thank you, Matt. I'll handle the first part of the question, and I'll turn it to Marshall for the back half of the question. So I think we had started to make the statement in our last quarter that the backlog is beginning to near profile. And I think that if we were to represent where we are today, that's exactly what we'd say is we're near profile.

謝謝你，馬特。我將處理問題的前半部分，然後將問題的後半部分交給馬歇爾。因此，我認為我們在上個季度就開始聲明積壓已開始接近尾聲。我認為，如果我們要代表我們今天所處的位置，我們會說我們已經接近大眾形象了。

Sort of a side comment here, we've been talking over many quarters here about our inventory being higher than normal because of the serviceability of the supply chain. And now you see with the reductions in inventory and inventory sort of nearing historical profiles that the serviceability of the overall business is becoming quite good.

順便說一句，我們已經在許多季度裡討論過，由於供應鏈的可維護性，我們的庫存高於正常水平。現在你會看到，隨著庫存的減少和庫存接近歷史記錄，整個業務的可維護性變得相當好。

So I would say that almost across the board right now, product set wise, we're at profile and serviceability has been restored if there were one category that I'd call out that might have had some benefit in the quarter in terms of getting more closely aligns the profile to be networking. Sort of kind of business as usual profiles at this point.

因此，我想說，現在幾乎全面地，從產品組合來看，我們的形象和可服務性已經恢復，如果我認為有一個類別可能在本季度獲得一些好處的話更緊密地結合網絡的配置文件。在這一點上，一切如常。

And Matt, I'll just commenting about the question on what the margin profile looks like. If I think about pricing, it remains competitive, but not irrational. So I don't think that's really changed. I know from quarter-to-quarter, that can change a little bit based on just the competitive landscape.

馬特，我只想評論一下關於利潤狀況的問題。如果我考慮定價，它仍然具有競爭力，但並非不合理。所以我認為這並沒有真正改變。我知道，每個季度，這種情況可能會因競爭格局而發生一些變化。

From an overall rebate and program perspective, again, competitive, but we continue to earn our fair share of back-end margins. So op margins structurally sound for us. We think that there's a good upside as we think about being on fewer platforms, specifically within the Americas as we move forward into '24, and that should help with operating margins as well.

從整體回扣和計劃的角度來看，同樣具有競爭力，但我們繼續賺取我們公平的後端利潤份額。因此，營運利潤率在結構上對我們來說是合理的。我們認為，隨著我們進入 24 年，我們考慮使用更少的平台，特別是在美洲，這有一個很好的好處，這也應該有助於提高營運利潤率。

Okay. Just as a follow-up, though, if the mix shift changes and client devices, endpoint solutions grows at a faster piece, would you see some gross margin pressure. And I guess my point is on the operating line, would you be able to make that up with lower expenses or other things?

好的。不過，作為後續行動，如果組合發生變化，客戶端設備、端點解決方案成長更快，您是否會看到一些毛利率壓力。我想我的觀點是在營運方面，你能透過降低費用或其他東西來彌補嗎？

Yes. I think if you -- typically, in Q4, we have a normal balance, ES plays a little bit heavier. So we see the gross margin profile come down more towards, call it, 6.5%.

是的。我認為，如果你——通常，在第四季度，我們有正常的平衡，ES 會發揮得更重一些。因此，我們看到毛利率下降更多，接近 6.5%。

But Matt, you're correct. We tend to see less SG&A required for that endpoint solution as AS. So the operating margin profile still kind of hold in check. And it's a regional different. Americas have a different overall operating margin pro forma performance for AS and ES than Europe.

但是馬特，你是對的。我們傾向於認為端點解決方案作為 AS 所需的 SG&A 較少。因此，營業利潤率狀況仍受到控制。而且地域不同。美洲的 AS 和 ES 預計整體營業利潤率表現與歐洲不同。

So it does kind of depend on the region itself. But I don't think that, that necessarily plays to a decrease or structural decline in the operating margins based on the mix shift.

所以這確實取決於地區本身。但我認為，這不一定會導致基於組合轉變的營業利潤率下降或結構性下降。

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

您的下一個問題來自美國銀行的魯普盧·巴塔查亞 (Ruplu Bhattacharya)。

Can you talk about the pricing environment in both Advanced Solutions and Endpoint solutions. If the macro is weak in a deflationary commodity cost environment, do you think pricing sustains? And as part of that, are you seeing any benefit from AI-based higher configurations in either PCs or servers if you can touch on that.

您能談談高階解決方案和端點解決方案的定價環境嗎？如果宏觀經濟在通貨緊縮的商品成本環境下疲軟，您認為定價能否維持？作為其中的一部分，您是否看到 PC 或伺服器中基於人工智慧的更高配置有任何好處（如果您能觸及的話）。

Yes. So Ruplu, what I would tell you is, as Marshall stated earlier, there's nothing that would say that there is a major trend in pricing within the market. If I were to maybe point to one area where we cite a bit more of regression is within Europe perhaps because of the fact that the pie is smaller. So as everybody fights for the smaller pie, tend to get a bit more aggressive. And I would state that, that would be within the endpoint segment, and sort of isolate it, if you will, to a couple of markets over there.

是的。所以，Ruplu，我要告訴你的是，正如馬歇爾之前所說，沒有什麼可以說市場內的定價有主要趨勢。如果我要指出一個我們引用更多回歸的地區，那就是歐洲內部，也許是因為蛋糕更小了。因此，當每個人都在爭奪較小的蛋糕時，往往會變得更加激進。我想說的是，這將在端點細分市場內，如果你願意的話，可以將其隔離到那裡的幾個市場。

From an Advanced Solutions perspective, really nothing to report. It feels like, as usual, competitive pricing, but business is normal. And then as it relates to AI, my view is in order to have a material impact, it's way early in the game. We really haven't seen on the endpoint side AI-enabled offerings that make up any meaningful percentage of the shipments.

從高階解決方案的角度來看，確實沒有什麼好報告的。像往常一樣，感覺價格很有競爭力，但生意很正常。然後，當它與人工智慧相關時，我的觀點是，為了產生實質影響，這還處於遊戲的早期階段。我們確實還沒有在端點端看到人工智慧產品在出貨量中佔據任何有意義的百分比。

And I think that as we think about the data center category. Maybe this is just my point of view. But obviously, AI has been around for a long time. The hype has sort of peaked with ChatGPT. So I'm sure that many of the vendors have the opportunity of sort of classifying now AI machines which are being shipped and maybe even classifying some of what has historically been in the sales motion because it's not a new category, many, many years' worth of machine learning, shipments, et cetera.

我認為當我們考慮資料中心類別時。也許這只是我的觀點。但顯然，人工智慧已經存在很久了。 ChatGPT 的炒作已經達到頂峰。因此，我確信許多供應商都有機會對正在發貨的人工智慧機器進行分類，甚至可能對歷史上銷售活動中的一些機器進行分類，因為它不是一個新類別，很多很多年了。機器學習、出貨量等的價值。

So therefore, I would say that the opportunity for AI remains in front of us as opposed to emerging in the existing quarter. Maybe if you get into very, very large enterprises. There's sort of first of a kind, but that falls outside of our segment and the customer set we serve.

因此，我想說，人工智慧的機會仍然擺在我們面前，而不是在當前季度出現。也許如果你進入非常非常大的企業。這是同類產品中的首創，但這不屬於我們的細分市場和我們服務的客戶群。

Okay. there, Rich. For a follow-up, can I ask about the ERP integration. So since it's complete in North America, are you now seeing a meaningful revenue synergies and if you look back in history, SYNNEX had significant revenue synergies and its acquisitions a couple of years into them. I know Europe is not going through an ERP integration, but do you think there could be revenue synergies there? What would drive that? And how should we think about these revenue synergies progressing in the fourth quarter and beyond?

好的。在那裡，里奇。後續可以問一下ERP整合的問題嗎？因此，既然它在北美完成，你現在是否看到了有意義的收入協同效應？如果你回顧歷史，SYNNEX 擁有顯著的收入協同效應，並且在幾年後進行了收購。我知道歐洲沒有進行 ERP 集成，但您認為那裡可能會產生收入協同效應嗎？是什麼推動了這一點？我們該如何看待第四季及以後的營收綜效？

Yes. So first, you are correct. The major milestones of our ERP implementation have been achieved. As I had commented on previous calls, there is a low percent of the business, which is a longer tail, which will proceed carefully with. It really doesn't create any material cost overhang to have that wind down occurring. Interesting that you talked about revenue synergies with Europe.

是的。所以首先，你是對的。我們的 ERP 實施的主要里程碑已經實現。正如我在之前的電話中評論過的那樣，業務的百分比很低，這是一個較長的尾巴，將謹慎進行。發生這種情況確實不會造成任何材料成本過剩。有趣的是，您談到了與歐洲的收入綜效。

In fact, we do believe that the merger have had a positive effect on our global business, even outside of the Americas. We had the opportunity of seeing some signings, bringing on some vendors in Europe that had taken place that we believe were supplemented or complemented by the merge occurring. And then as it relates to the Americas and the revenue synergies, we absolutely know that we are selling -- allow me to use legacy Tech Data Line Card into SYNNEX accounts and the reverse is true. It's starting to ramp, but it's not to the point where it's meaningful.

事實上，我們確實相信此次合併對我們的全球業務產生了積極影響，甚至在美洲以外。我們有機會看到一些簽約，引入了歐洲的一些供應商，我們認為這些供應商因合併而得到補充或補充。然後，由於它涉及美洲和收入協同效應，我們絕對知道我們正在銷售 - 請允許我將舊版技術數據線卡用於 SYNNEX 帳戶，反之亦然。它開始加速，但還沒有達到有意義的程度。

I suspect we'll start to measure it more carefully moving forward. And then, of course, when the market is a little bit soft as it is today, it's a little bit harder to see it in the total given the overlying market environment. So we'll start to, as I said, I think, be more focused on that moving forward.

我懷疑我們會開始更仔細地衡量它。當然，當市場像今天這樣有點疲軟時，考慮到疊加的市場環境，從整體上看到它就有點困難了。因此，正如我所說，我認為我們將開始更加關注這一進展。

Your next question comes from the line of George Wang of Barclays.

你的下一個問題來自巴克萊銀行的喬治王。

Thanks I just have a question on the Hyve. Maybe you can double-click on the Hyve. You talked about performed better than expected. Just versus last quarter, you talked about a revenue declining due to tougher year-over-year compare. So can you give more color just in terms of the year-over-year growth rate you are seeing right now? And sort of how do you think of this segment going forward?

謝謝，我只是有一個關於 Hyve 的問題。也許您可以雙擊 Hyve。你談到表現比預期好。與上個季度相比，您談到了由於同比比較嚴峻而導致收入下降。那麼，您能否就您現在看到的同比增長率提供更多的資訊？您如何看待這個細分市場的未來發展？

George, it's Marshall. Thanks for the question. Yes, we did speak to the tough compare that Hyve presented itself given the strong H2 of '22, and that's still the case. The comments around Q3 doing better was better than what we had expected, but still Hyve was down for quarter 3, and we expect it to be down for quarter 4.

喬治，我是馬歇爾。謝謝你的提問。是的，我們確實談到了 Hyve 在 22 年下半年強勁的表現下所面臨的艱難比較，而且情況仍然如此。關於第三季表現較好的評論比我們預期的要好，但 Hyve 第三季仍然下降，我們預計第四季也會下降。

The actual revenue attributes, the revenue profiles and where we're getting the revenue from continues to be well balanced. The margin profile is structurally sound. And what I'd say is that we're really optimistic about where Hyve is going as an organization. There's a new customer that we're ramping in Q4 that we've been building for quite some time. So excited about that.

實際收入屬性、收入概況以及我們的收入來源持續保持良好平衡。利潤狀況結構良好。我想說的是，我們對 Hyve 作為一個組織的發展方向非常樂觀。我們在第四季增加了一個新客戶，我們已經建立了相當長一段時間了。對此感到非常興奮。

And then going into '24, we would expect to see some expanded or new product lines with existing customers. So well set as we exit '24 from -- or '23 from an expectation for Hyve, but year-on-year is still down just given the strong compare or the tough compare we had from prior year.

然後進入 24 年，我們預計會看到現有客戶的一些擴展或新產品線。當我們從 Hyve 的預期中退出 24 或 23 時，情況已經如此良好，但考慮到我們與上一年的強勁比較或艱難比較，同比仍然下降。

Okay. Great. Just a quick follow-up on the Hyve. You guys put out the press release, so they added some manufacturing capacity in the U.S. in the kind of West Coast. Just curious, any thoughts on the capacity ramp globally versus kind of utilization trends?

好的。偉大的。只是對 Hyve 的快速跟進。你們發布了新聞稿，所以他們在美國西海岸增加了一些製造能力。只是好奇，對全球產能成長與利用率趨勢有何看法？

Yes. Obviously, that market segment is a market segment that has growth reasonably strong growth attributes projected. So we're positioning ourselves to take advantage of that market. It's a big one, and it's going to continue to grow pretty quickly. And then secure supply chain is an important aspect for our customers and allowing ourselves to or actually having ourselves build that capability is a real value add for them. So we see it as a, if you will, an expansion of our assets with the anticipation that the market over time will continue to grow.

是的。顯然，該細分市場是預計具有相當強勁成長屬性的細分市場。因此，我們正在定位自己以利用該市場。這是一個很大的數字，而且還會繼續快速成長。然後，安全的供應鏈對我們的客戶來說是一個重要方面，允許我們自己或實際上讓我們自己建立這種能力對他們來說是一個真正的增值。因此，如果您願意的話，我們將其視為我們資產的擴張，並預計市場隨著時間的推移將繼續增長。

Your last question comes from the line of Ashish Sabadra of RBC Capital Markets.

你的最後一個問題來自加拿大皇家銀行資本市場的 Ashish Sabadra。

This is Patrick Jackson on from RBC. For the last two quarters, the company grew overall market share in North America and Europe, despite some of the industry softness in Europe, has that share dynamic still continued this quarter? And has anything changed in the competitive environment?

我是加拿大皇家銀行的派崔克傑克森。過去兩個季度，該公司在北美和歐洲的整體市佔率有所成長，儘管歐洲產業有些疲軟，但本季這種份額動態是否仍然持續？競爭環境有什麼改變嗎？

And secondly, in the prepared remarks, you mentioned the launch of Partner Health and Fitness Tool. I wanted to ask if you could share any details on the initial response of that rollout and how you're thinking about the cross-sell opportunity from this?

其次，在準備好的演講中，您提到了合作夥伴健康和健身工具的推出。我想問您是否可以分享有關該推出的初步反應的任何詳細信息，以及您如何看待由此帶來的交叉銷售機會？

Sure. Thanks for the question. Right now, our reports would say that we've maintained our share position in the Americas. In Europe, we lost a couple of tens of points. So think about that in the rounding. And then when we get a little bit deeper in Europe, it would be within the endpoint area that had occurred. And it was a matter of -- I spoke earlier about a bit more of aggressive pricing environment. So we've elected to sort of balance our financials along with our market position but nothing to be alarming or concerned about. As I said, it was just a couple of tenths of 1%. So that's the overall share point of view.

當然。謝謝你的提問。目前，我們的報告會說我們保持了在美洲的份額地位。在歐洲，我們丟了幾十分。因此，請在四捨五入中考慮這一點。然後，當我們在歐洲進一步深入時，就會出現在已經發生的終點區域。這是一個問題——我之前談到了更激進的定價環境。因此，我們選擇平衡我們的財務狀況和市場地位，但沒有什麼值得警惕或擔心的。正如我所說，這只是 1% 的零點幾。這就是整體份額的觀點。

As it relates to our new tools, thanks for that question. In essence, we allow our partners to run custom algorithms to take a look at their portfolios versus the portfolios of folks who profile like them across the entirety of the channel. And it allows them to think about areas of expansion. And yes, we had some really, really great engagement with partners on the tool. In fact, we released it in the North America.

由於它與我們的新工具有關，謝謝您提出這個問題。本質上，我們允許我們的合作夥伴運行自訂演算法來比較他們的投資組合以及整個管道中與他們相似的人的投資組合。這讓他們能夠考慮擴展領域。是的，我們與合作夥伴就該工具進行了非常非常好的互動。事實上，我們在北美發布了它。

And just days later, we were getting lots of questions from other markets throughout the world. Wondering when that tool will be enabled in their market. So there seems to be some pretty good a feel relative to our customers wanting to get those insights.

幾天后，我們收到了來自世界各地其他市場的大量問題。想知道該工具何時會在他們的市場上啟用。因此，對於想要獲得這些見解的客戶來說，似乎有一些相當好的感覺。

Okay. Well, thank you very much for attending our call today. In closing, I want to thank our coworkers around the world for their persistence and can-do attitude in staying focused on our success regardless of the market environment. We're very pleased as to what we've accomplished, and we really look forward to our future, and we appreciate your interest in TD SYNNEX. Thanks. Have a great day.

好的。非常感謝您今天參加我們的電話會議。最後，我要感謝我們世界各地的同事，無論市場環境如何，他們的堅持和進取的態度始終專注於我們的成功。我們對所取得的成就感到非常高興，我們非常期待我們的未來，並且感謝您對 TD SYNNEX 的興趣。謝謝。祝你有美好的一天。

That concludes today's conference call. You may now disconnect. Have a nice day.

今天的電話會議到此結束。您現在可以斷開連線。祝你今天過得愉快。