新聚思 (SNX) 2023 Q4 法說會逐字稿

Ladies and gentlemen, good morning. My name is Abby, and I will be your conference operator today. I would like to welcome everyone to the TD SYNNEX Fourth Quarter and Full Year 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 speakers' remarks, there will be a question-and-answer session.

女士們、先生們，早安。我叫艾比，今天我將擔任你們的會議操作員。我謹歡迎大家參加 TD SYNNEX 2023 財年第四季和全年財報電話會議。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。

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，我想將電話轉接給投資人關係主管 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.

由於今天的收益報告、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. We delivered solid fourth quarter results, with the gross billings at the high end of our outlook range and a significant EPS beat enabled by the continued execution of our business plan despite dynamic market conditions. Our strategic emphasis on high-growth technology areas, coupled with our broad technology portfolio, allowed us to pivot to margin-accretive areas of growth, and we saw signs of stabilization with healthy sequential improvement in revenue and gross billings in the fourth quarter.

謝謝你，莉茲。大家早安，感謝您今天加入我們。我們在第四季度取得了穩健的業績，總營業額處於我們預期範圍的高端，儘管市場條件動態，但由於我們繼續執行業務計劃，每股收益顯著超出預期。我們對高成長技術領域的策略重點，加上我們廣泛的技術組合，使我們能夠轉向利潤成長的成長領域，我們看到了穩定的跡象，第四季度收入和總營業額連續健康改善。

For the full fiscal year, we successfully navigated the business environment, growing our market share in both Americas and Europe, increasing our business mix of high-growth technologies and expanding our non-GAAP operating margin to 2.85% through a combination of mix shift and full execution of merger synergies. Our business model, improved working capital management and healthier supply chain conditions enabled us to generate robust free cash flow of $1.3 billion, ahead of our original $1 billion target.

在整個財年，我們成功駕馭了商業環境，增加了在美洲和歐洲的市場份額，增加了高成長技術的業務組合，並透過混合轉型和混合轉型將我們的非GAAP 營運利潤率擴大至2.85% 。充分發揮併購綜效。我們的業務模式、改進的營運資金管理和更健康的供應鏈條件使我們能夠產生 13 億美元的強勁自由現金流，超過了我們最初 10 億美元的目標。

From this, we returned over $750 million of capital to shareholders through dividends and share repurchases, representing approximately 60% of our free cash flow for the year. This exceeded our 50% target as we opportunistically increased our share repurchases. In total, we repurchased approximately 6.5 million shares, or 7% of shares outstanding.

由此，我們透過股利和股票回購向股東返還了超過 7.5 億美元的資本，約占我們當年自由現金流的 60%。由於我們伺機增加了股票回購，這超出了我們 50% 的目標。我們總共回購了約 650 萬股，即已發行股票的 7%。

As Marshall will further discuss, we are also increasing our quarterly dividend in Q1 to $0.40 per share, or a 14% increase compared to the prior quarter. Balanced capital allocation and returning capital to shareholders continues to be a top priority for the company as we execute our strategy and drive value for our shareholders.

正如 Marshall 將進一步討論的那樣，我們還將第一季的季度股息提高至每股 0.40 美元，比上一季增加 14%。當我們執行策略並為股東創造價值時，平衡資本配置和向股東返還資本仍然是公司的首要任務。

Moving on to our fiscal fourth quarter results. From a gross billings perspective, the quarter played out at the high end of our expectations, with improving year-over-year declines in Endpoint Solutions. As expected, Advanced Solutions declined slightly on a year-over-year basis given the strong performance in FY '22 enabled by record backlog levels.

接下來是我們第四財季的業績。從總帳單的角度來看，本季的表現達到了我們預期的上限，端點解決方案的同比降幅有所改善。正如預期的那樣，鑑於創紀錄的積壓水平帶來了 22 財年的強勁業績，高級解決方案同比略有下降。

From a regional perspective, the market environment in the Americas continued to show signs of stabilization, with improving year-over-year declines in Endpoint Solutions.

從區域角度來看，美洲市場環境持續呈現穩定跡象，端點解決方案較去年同期下降幅度有所改善。

Europe performed better than expected and improved sequentially despite a muted macroeconomic environment. In APJ, we continue to see traction in our portfolio build-out, helping to offset some of the softness in endpoint demand.

儘管宏觀經濟環境低迷，歐洲的表現優於預期，並持續改善。在亞太及日本地區，我們繼續看到我們的產品組合擴展的吸引力，有助於抵消端點需求的一些疲軟。

We made excellent progress on our strategic efforts to strengthen our end-to-end portfolio via new vendor additions, including Workday and Meta, where we are the exclusive North American distributor for their new suite of business products. We also expanded our security portfolio in Europe, one of our key priorities, with the addition of Palo Alto Networks' full range of cyber security, hardware and software products to our offerings in the region.

我們透過增加新的供應商（包括 Workday 和 Meta）來加強我們的端到端產品組合，在策略努力方面取得了巨大進展，我們是他們新業務產品套件的北美獨家經銷商。我們還擴大了在歐洲的安全產品組合，這是我們的主要優先事項之一，我們在該地區的產品中添加了 Palo Alto Networks 的全系列網路安全、硬體和軟體產品。

Our strong pipeline of new vendors is bolstering our best-in-class portfolio of over 2,500 vendors, something which is becoming even more important as IT solutions are increasingly comprised of bundled multivendor offerings. As part of our focus on solutions aggregation, during the quarter, we launched our ISV acceleration program in North America, which is designed to help independent software vendors of all sizes to grow their businesses by accessing our extensive ecosystem, technical expertise, marketing and sales resources.

我們強大的新供應商管道正在增強我們由 2,500 多家供應商組成的一流產品組合，隨著 IT 解決方案越來越多地由捆綁的多供應商產品組成，這一點變得更加重要。作為我們專注於解決方案聚合的一部分，本季度我們在北美推出了 ISV 加速計劃，旨在幫助各種規模的獨立軟體供應商透過存取我們廣泛的生態系統、技術專長、行銷和銷售來發展業務資源。

We were also honored to be recognized by several vendors with a variety of awards spanning the globe, including being named the Global and North American Distribution Partner of the Year by Palo Alto Networks. We are proud of these distinctions and strive to continue elevating our offerings to help our partners grow their businesses.

我們也很榮幸獲得全球多家供應商的認可，榮獲各種獎項，包括被 Palo Alto Networks 評為年度全球和北美分銷合作夥伴。我們為這些榮譽感到自豪，並努力繼續提升我們的產品和服務，幫助我們的合作夥伴發展業務。

Our ESG goals and initiatives remained front and center during the fiscal year, and we recently achieved our second consecutive top score in the Corporate Equality Index, a leading benchmark survey and report measuring corporate policies related to LGBTQ+ workplace equality. In addition, we formalized our commitment to disability inclusion at the company through my signing of [Disability Inc] CEO letter. We're looking forward to sharing additional insights regarding our ESG initiatives in progress in our second Corporate Citizenship Report, which we will plan to publish in the first half of the year.

我們的ESG 目標和措施在本財年仍然處於前沿和中心位置，最近我們在企業平等指數中連續第二次取得最高分，該指數是一項領先的基準調查和報告，衡量與LGBTQ+ 工作場所平等相關的企業政策。此外，透過我簽署的[Disability Inc]執行長信，我們正式承諾了公司對殘疾人包容性的承諾。我們計劃在今年上半年發布第二份企業公民報告，期待在其中分享有關我們正在進行的 ESG 舉措的更多見解。

As we begin our new fiscal year, I wanted to provide a bit more color regarding our recently announced executive changes for the organization. Last week, Patrick Zammit assumed the role of Chief Operating Officer for TD SYNNEX. As COO, Patrick continues to report to me and takes on the responsibility for leading our day-to-day distribution operations, executing our business strategy to further drive profitable growth across the company and accelerating our penetration in strategic technologies. This will also benefit us further by allowing me to focus on leading our strategic initiatives, identifying additional growth opportunities and focusing on relationships with key external stakeholders including vendors, partners and shareholders.

在我們開始新的財政年度時，我想就我們最近宣布的組織高管變動提供更多資訊。上週，Patrick Zammit 擔任 TD SYNNEX 營運長。作為首席營運官，帕特里克繼續向我匯報，並負責領導我們的日常分銷業務、執行我們的業務戰略以進一步推動整個公司的盈利增長並加速我們對戰略技術的滲透。這也將使我們進一步受益，讓我能夠專注於領導我們的策略計劃，尋找額外的成長機會，並專注於與包括供應商、合作夥伴和股東在內的主要外部利害關係人的關係。

I'd also like to take a moment to thank Michael Urban, President, Americas, who has decided to leave the company effective March 1 for his efforts in bringing TD SYNNEX together over the past 2 years. He and his team delivered a very successful merger integration in the Americas, and we wish him well in his next career chapter.

我還要花點時間感謝美洲區總裁 Michael Urban，他已決定於 3 月 1 日離開公司，感謝他在過去兩年中為整合 TD SYNNEX 所做的努力。他和他的團隊在美洲實現了非常成功的合併整合，我們祝福他在職業生涯的下一個篇章中一切順利。

From a regional perspective, we are in a strong position with the continued leadership of Peter Larocque in North America, Otavio Lazarini in Latin America and Jaideep Malhotra in APJ, all long-time industry veterans, and we look forward to announcing our next European leader in the very near future. With this highly skilled and experienced team, we entered 2024 well positioned to capitalize on the gradually improving IT spending market dynamics.

從區域角度來看，我們在北美的 Peter Larocque、拉丁美洲的 Otavio Lazarini 和亞太及日本地區的 Jaideep Malhotra 的持續領導下處於有利地位，他們都是行業資深人士，我們期待宣布下一任歐洲領導者在不久的將來。憑藉這支技術精湛、經驗豐富的團隊，我們在進入 2024 年時已做好充分準備，充分利用逐漸改善的 IT 支出市場動態。

Looking forward on our outlook for fiscal 2024, we are optimistic that the market headwinds we have experienced over the past several quarters will continue to abate as the year progresses. Early indications are that the gradual recovery in Endpoint Solutions will build throughout the year, fueled by the resumption of more normalized PC buying patterns. This will be balanced by tougher year-on-year compares for Advanced Solutions given the strong growth in the first half of 2023, but should position us well for returning to overall growth as we move through the year. Marshall will elaborate on this later.

展望 2024 財年的前景，我們樂觀地認為，隨著時間的推移，過去幾季經歷的市場阻力將繼續減弱。早期跡象表明，在更加標準化的 PC 購買模式恢復的推動下，端點解決方案將在全年逐步復甦。鑑於 2023 年上半年的強勁成長，高階解決方案的年比比較更加嚴峻，這將平衡這一點，但應該為我們在今年恢復整體成長做好準備。馬歇爾稍後將詳細闡述這一點。

As we think about our strategic priorities for FY '24, a couple of areas of importance I want to touch on are our digital platform capability and advancements in AI. As software and services continue to represent a greater portion of the overall IT spending for the industry, we remain focused on augmenting our capabilities in these areas to help customers assemble the critical solutions that their end users require. To do this, we will continue investing in and building out our digital platform capabilities with the aim to provide customers with a one-stop-shop where they can easily access unified multi-vendor offerings.

當我們思考 24 財年的策略重點時，我想談的幾個重要領域是我們的數位平台能力和人工智慧的進步。隨著軟體和服務繼續在行業整體 IT 支出中佔據更大比例，我們仍然專注於增強我們在這些領域的能力，以幫助客戶組裝最終用戶所需的關鍵解決方案。為此，我們將繼續投資並建立我們的數位平台功能，旨在為客戶提供一站式服務，讓他們可以輕鬆存取統一的多供應商產品。

AI is another clear growth vector as we continue to look ahead in our industry. We have invested for several years in this space via our data analytics practice. This created the foundation for our AI strategy, and our decade-plus of experience in data analytics puts us in a leadership position relative to this new exciting market opportunity. We have built a state-of-the-art vendor portfolio, starting with leading providers in the on-prem and off-prem infrastructure area required to run and train AI models. Many of our leading software vendors have announced or released embedded AI capabilities in their product lines, and we are working with industry leaders for AI foundational models to accelerate the development of use cases across our ecosystem.

隨著我們繼續展望產業未來，人工智慧是另一個明顯的成長向量。我們透過數據分析實踐在這個領域進行了多年的投資。這為我們的人工智慧策略奠定了基礎，我們在數據分析方面十多年的經驗使我們在這個令人興奮的新市場機會中處於領先地位。我們建立了最先進的供應商組合，從運行和訓練人工智慧模型所需的本地和非本地基礎設施領域的領先提供者開始。我們的許多領先軟體供應商已經在其產品線中宣布或發布了嵌入式人工智慧功能，我們正在與人工智慧基礎模型的行業領導者合作，以加速整個生態系統用例的開發。

In addition, we will leverage our strong relationships with PC OEMs to support and enable the introduction and growth of AI-enabled PCs over time as well as our relationships with key component suppliers and customers. In addition to our previously announced Destination AI program, we are partnering with others in the ecosystem, such as our collaboration with Microsoft, where we launched a global AI-enabled journey for Microsoft 365 copilot last month. We are also working with several other strategic vendors to capitalize on our Destination AI framework to accelerate the adoption and use of new AI product sets.

此外，我們將利用我們與 PC OEM 的牢固關係，以及我們與關鍵組件供應商和客戶的關係，以支援和促進人工智慧 PC 的引入和發展。除了我們先前宣布的 Destination AI 計畫之外，我們還與生態系統中的其他人合作，例如我們與 Microsoft 的合作，上個月我們為 Microsoft 365 copilot 推出了全球人工智慧之旅。我們也與其他幾家策略供應商合作，利用我們的 Destination AI 框架來加速新 AI 產品集的採用和使用。

In closing, we believe we have the right strategy and are well equipped to continue navigating the ever-changing IT landscape while positioning ourselves to capitalize on new and emerging growth opportunities. We are committed to continuing to create shareholder value with a keen focus on execution and healthy capital returns.

最後，我們相信我們擁有正確的策略，並且有能力繼續駕馭不斷變化的 IT 格局，同時定位自己以利用新的和正在出現的成長機會。我們致力於持續創造股東價值，高度重視執行力和健康的資本回報。

Lastly, I want to take a moment to extend my sincere thanks to our customers and vendors who we are privileged to help achieve great outcomes with technology every day and to our 23,000 coworkers around the world who enable this important work.

最後，我想花點時間向我們的客戶和供應商致以誠摯的謝意，我們很榮幸能夠每天透過科技幫助他們取得巨大成果，並向我們在世界各地促成這項重要工作的23,000 名同事表示誠摯的謝意。

I will now turn the call over to Marshall so that he can provide additional details on our financial performance and outlook. Marshall?

我現在將把電話轉給馬歇爾，以便他能夠提供有關我們財務業績和前景的更多詳細資訊。馬歇爾？

Thanks, Rich, and good morning to everyone on today's call. Our fiscal '23 full year results illustrate the power of our business model, broad technology portfolio and the progress we've made in positioning ourselves as a leader in the high-growth technologies of cloud, security, data analytics and AI.

謝謝里奇，今天電話會議的大家早安。我們的 23 財年全年業績展示了我們業務模式的力量、廣泛的技術組合以及我們在將自己定位為雲端、安全、數據分析和人工智慧等高成長技術領導者方面所取得的進展。

Despite a challenging market environment due to industry-wide reductions in demand for PC ecosystem products, we demonstrated continued strength across Advanced Solutions and high-growth technologies and grew both our gross and operating margins for the full year. The resiliency of our business model helped offset some of the pressure from the reduced revenue, and our businesses responded appropriately by acting to align our cost to the changes in volume and mix. This enabled significant free cash flow generation and capital return to shareholders.

儘管由於全行業對 PC 生態系統產品的需求減少，市場環境充滿挑戰，但我們在高級解決方案和高成長技術方面展現了持續的優勢，全年毛利率和營業利潤率均實現增長。我們業務模式的彈性有助於抵消收入減少帶來的部分壓力，我們的業務也做出了適當的反應，使我們的成本與數量和產品組合的變化保持一致。這使得顯著的自由現金流產生和股東資本回報得以實現。

Moving to our fiscal fourth quarter performance. As Rich mentioned, we had strong gross billings in Q4, and importantly, saw early signs of stabilization in IT spending with lesser year-on-year declines in Endpoint Solutions. Advanced Solutions faced tougher compares given the strong performance last year, when backlog levels were still elevated.

轉向我們第四財季的業績。正如 Rich 所提到的，我們在第四季度的總營收強勁，而且重要的是，我們看到了 IT 支出穩定的早期跡象，端點解決方案的同比下降幅度較小。鑑於去年的強勁表現，當時積壓水平仍然很高，高級解決方案面臨更嚴峻的比較。

Fiscal Q4 total gross billings were $19.7 billion, down 6% year-over-year, and at the high end of our outlook range, driven by stabilization in the Americas and outperformance in Europe. Net revenue was $14.4 billion, down 11% year-over-year and near the midpoint of our outlook range. Gross to net revenue adjustments were larger than expected due to a shift in business mix and the migration of a Hyve customer to a consignment model. As a reminder, this migration is due to certain components transitioning to a customer-owned procurement model. While this has a negative impact to our net revenue, it does not materially impact operating profit. For the fiscal fourth quarter, this change impacted net revenue negatively by $270 million.

第四財季的總營收為 197 億美元，年減 6%，處於我們展望範圍的高端，這得益於美洲的穩定和歐洲的出色表現。淨收入為 144 億美元，年減 11%，接近我們展望範圍的中點。由於業務組合的轉變以及 Hyve 客戶向寄售模式的遷移，總收入與淨收入的調整幅度大於預期。提醒一下，這種遷移是由於某些組件轉變為客戶擁有的採購模式所致。雖然這對我們的淨收入產生負面影響，但不會對營業利潤產生重大影響。對於第四財季，這項變動對淨收入造成了 2.7 億美元的負面影響。

Non-GAAP gross profit was $1.02 billion, and non-GAAP gross margin was 7.07%, up 44 basis points year-over-year, as we continue to see the positive effects of a richer product mix and our progress in expanding high-growth technologies, which continued to represent more than 20% of total gross billings for both the quarter and the full year.

非 GAAP 毛利為 10.2 億美元，非 GAAP 毛利率為 7.07%，同比增長 44 個基點，我們繼續看到更豐富的產品組合的積極影響以及我們在擴大高增長方面取得的進展技術，該技術在本季和全年的總營業額中仍佔20% 以上。

Total adjusted SG&A expense was $592 million, up $10 million year-over-year and up $15 million quarter-over-quarter, which was expected given the sequential growth in gross billings of $1 billion. Non-GAAP operating income was $427 million, and non-GAAP operating margin was approximately 3%. Non-GAAP interest expense and finance charges were $66 million, $4 million better than our outlook and approximately flat quarter-over-quarter. The non-GAAP effective tax rate was approximately 22%, better than our forecast of 24%, primarily due to the mix of our business within certain regions.

調整後的 SG&A 費用總額為 5.92 億美元，年增 1,000 萬美元，環比增長 1,500 萬美元，考慮到總帳單連續增長 10 億美元，這一數字是預期的。非 GAAP 營業收入為 4.27 億美元，非 GAAP 營業利潤率約 3%。非 GAAP 利息支出和財務費用為 6,600 萬美元，比我們的預期高出 400 萬美元，環比持平。非 GAAP 有效稅率約為 22%，優於我們預測的 24%，這主要是由於我們在某些​​地區的業務組合。

Total non-GAAP net income was $286 million, and non-GAAP diluted EPS was $3.13, $0.23 above the high end of our guidance range, due to a combination of better-than-expected performance on gross billings, profitability, interest expense and taxes, as well as higher share repurchases. As a reminder, non-GAAP diluted EPS for the fourth quarter of fiscal year '22 was $3.44, but the year-over-year comparison for EPS is impacted by $0.33 of [Hyve] margin recoveries in fiscal fourth quarter of '22.

非GAAP 淨利潤總額為2.86 億美元，非GAAP 攤薄後每股收益為3.13 美元，比我們指導範圍的上限高出0.23 美元，這是由於總賬單、盈利能力、利息支出和稅收方面的業績好於預期，以及更高的股票回購。提醒一下，22 財年第四季非 GAAP 攤薄後每股收益為 3.44 美元，但每股盈餘的年比比較受到 22 財年第四季 [Hyve] 利潤率恢復 0.33 美元的影響。

Now turning to the balance sheet. We ended the quarter with cash and cash equivalents of $1 billion and debt of $4.1 billion. Our gross leverage ratio was 2.3x, and net leverage was 1.7x, in line with our investment-grade credit rating and approaching our target of 2x gross leverage ratio. Accounts receivable totaled $10.3 billion, up from $8.9 billion in the prior quarter. And inventories totaled $7.1 billion, down from $7.5 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 10 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1.7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 103 億美元，高於上一季的 89 億美元。庫存總額為 71 億美元，低於上一季的 75 億美元。

For the fourth quarter, net working capital was $3.3 billion, and the cash conversion cycle was 23 days, both flat from Q3. Cash from operations in the quarter was $211 million, and free cash flow was $168 million. In total, we generated approximately $1.3 billion in free cash flow in fiscal '23, ahead of the $1 billion target we guided to at the beginning of fiscal '23.

第四季淨營運資本為33億美元，現金週轉週期為23天，皆與第三季持平。本季營運現金為 2.11 億美元，自由現金流為 1.68 億美元。總的來說，我們在 23 財年創造了約 13 億美元的自由現金流，超過了我們在 23 財年年初制定的 10 億美元目標。

We returned $374 million to shareholders in the quarter, including $343 million via share repurchases and $31 million through dividend payments. For the full fiscal year, we returned $751 million to shareholders, of which $621 million was through share repurchases, compared to $125 million in fiscal '22. We currently have approximately $396 million remaining under our share repurchase authorization. For the current quarter, our Board of Directors has approved a 14% increase to our cash dividend and $0.40 per common share, which will be payable on January 26, 2024 to stockholders of record as of the close of business on January 19, 2024.

本季我們向股東返還 3.74 億美元，其中透過股票回購返還 3.43 億美元，透過股息支付返還 3,100 萬美元。在整個財年，我們向股東返還了 7.51 億美元，其中 6.21 億美元是透過股票回購實現的，而 22 財年為 1.25 億美元。目前，我們的股票回購授權剩餘約 3.96 億美元。本季度，我們的董事會已批准將現金股利增加 14%，每股普通股增加 0.40 美元，將於 2024 年 1 月 26 日支付給截至 2024 年 1 月 19 日營業結束時在冊的股東。

Moving now to our outlook for fiscal first quarter. We expect gross billings of $19 billion to $20 billion, representing a decline of 3% on a year-over-year basis at the midpoint. We expect total revenue to be in the range of $14 billion to $14.7 billion, representing a decline of 5% on a year-over-year basis at the midpoint. Our guidance is based on a euro to dollar exchange rate of 1.09.

現在轉向我們對第一財季的展望。我們預計總營收為 190 億美元至 200 億美元，中間值年減 3%。我們預計總收入將在 140 億美元至 147 億美元之間，中位數年減 5%。我們的指引基於歐元兌美元匯率 1.09。

Non-GAAP net income is expected to be in the range of $232 million to $277 million. And non-GAAP diluted EPS is expected to be in the range of $2.60 to $3.10 per diluted share, based on weighted average shares outstanding of approximately 88.4 million. Interest expense is expected to be approximately $66 million, and we expect non-GAAP tax rate to be approximately 23%.

非 GAAP 淨利潤預計在 2.32 億美元至 2.77 億美元之間。根據約 8,840 萬股加權平均流通股計算，非 GAAP 攤薄後每股盈餘預計將在 2.60 至 3.10 美元之間。利息支出預計約為 6,600 萬美元，我們預計非 GAAP 稅率約為 23%。

Additionally, I wanted to highlight that effective next quarter, we will begin providing some additional disclosures to enhance our reporting to investors and other stakeholders. Starting in fiscal Q1, we will provide more clarity regarding our gross billings, net revenue and gross profit for Edge Solutions and Advanced Solutions. Edge Solutions, which we previously referred to as Endpoint Solutions, will include PCs, peripherals, mobile, print, and other devices, including AR/VR. Advanced Solutions will include hyperscale infrastructure, cloud, servers, networking, storage and software. Our reportable segments will continue to be based on geographies of Americas, Europe and APJ.

此外，我想強調，從下個季度開始，我們將開始提供一些額外的披露信息，以加強我們向投資者和其他利益相關者提供的報告。從第一財季開始，我們將更明確地提供邊緣解決方案和高級解決方案的總帳單、淨收入和毛利。邊緣解決方案（我們之前稱為端點解決方案）將包括 PC、週邊設備、行動裝置、列印設備和其他設備，包括 AR/VR。高級解決方案將包括超大規模基礎設施、雲端、伺服器、網路、儲存和軟體。我們的可報告分部將繼續以美洲、歐洲和亞太及日本地區為基礎。

As we think about the full fiscal year for 2024, we currently expect non-GAAP gross billings to be approximately flat year-over-year in the first half of the fiscal year, with expected growth of mid- to high-single-digits in the second half of the fiscal year. We expect to generate approximately $1.2 billion in free cash flow for the fiscal year and remain committed to our medium-term capital allocation target returning 50% of free cash flow to shareholders via both dividends and share repurchases while remaining opportunistic depending on market conditions.

在考慮 2024 年整個財年時，我們目前預計本財年上半年的非 GAAP 總營收將與去年同期基本持平，預計 2024 年將實現中高個位數增長。本財年下半年。我們預計本財年將產生約12 億美元的自由現金流，並繼續致力於實現中期資本配置目標，即透過股息和股票回購將50% 的自由現金流返還給股東，同時根據市場狀況保持機會主義。

In closing, we successfully navigated the volatile market conditions in fiscal '23 and are well positioned to capitalize on a return to growth in fiscal '24 with a focus on margin expansion, robust free cash flow generation and a commitment to continued healthy shareholder returns.

最後，我們成功地應對了23 財年動盪的市場環境，並處於有利地位，能夠利用24 財年的成長回歸，重點關注利潤率擴張、強勁的自由現金流生成以及對持續健康的股東回報的承諾。

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) And we will take our first question from David Vogt with UBS.

（操作員說明）我們將回答 UBS 的 David Vogt 提出的第一個問題。

So maybe just a question for both of you. In terms of how you're thinking about fiscal '24, we appreciate the color on sort of the gross billings commentary for the first half and the second half. Can you kind of help us understand a little bit more how you're thinking about maybe at a higher level, sort of what's underpinning that spending pattern from an IT spending backdrop? Whether you want to talk about it from an Edge Solutions perspective, a new category or Advanced Solutions, can you kind of help us think about how you're thinking about the broader market and your position and your ability to kind of grow faster than the market? I would assume it's kind of embedded in your outlook. So maybe we'll just start there, if that's okay.

所以也許這只是你們兩個的問題。就您如何看待 24 財年而言，我們很欣賞上半年和下半年總帳單評論的色彩。您能否幫助我們更了解您在更高層面上的想法，即從 IT 支出背景來看支撐這種支出模式的因素是什麼？無論您是想從邊緣解決方案、新類別還是高級解決方案的角度來談論它，您能否幫助我們思考一下您如何看待更廣闊的市場以及您的地位以及您比現有市場增長得更快的能力？市場？我認為它已經融入了你的觀點。如果可以的話，也許我們就從這裡開始。

David, good morning, and thanks for the question. This is Rich. Yes. If you think about the evolution on -- throughout -- and then the back end of COVID, obviously, last year at about this time, the PC ecosystem set of products really went into a pretty significant decline. At the same time, back end of COVID, there was pent-up demand and backlog for Advanced Solutions products.

大衛，早安，謝謝你的提問。這是里奇。是的。如果你考慮整個過程中的演變以及新冠疫情的後端，顯然，去年這個時候，PC 生態系統的產品確實出現了相當顯著的下降。同時，在新冠疫情結束時，高階解決方案產品的需求和積壓被壓抑。

So as we come into this fiscal, you have an easier compare within the PC ecosystem. You have a more difficult compare in the Advanced Solutions because of the cycles that had transpired in the past. So our point of view is when we think about the first half that there will be some level of growth in PC ecosystem, but the Advanced Solutions will face a bit of a more challenging compare. Then when we get to the back half of the year, we believe that most of the wraps, if you will, have concluded and that both of those major segments will have growth attributes. And that's what has led us to the guide of kind of flattish in the first half with mid-, high-single-digit in the second half.

因此，當我們進入本財年時，您可以更輕鬆地在 PC 生態系統中進行比較。由於過去發生過的循環，您在高級解決方案中進行比較會更加困難。因此，我們的觀點是，當我們考慮上半年時，PC 生態系統將會出現一定程度的成長，但高階解決方案將面臨更具挑戰性的比較。然後，當我們到今年下半年時，我們相信大部分的包裝（如果你願意的話）已經結束，而這兩個主要部分都將具有成長屬性。這就是導致我們上半場表現平平，而下半場則是中、高個位數的原因。

And yes, of course, it's always our intention to do better than the market. In fact, in the prepared remarks, we talked about in the Americas theater as well as -- I'm sorry, the North America theater as well as the European theater that we had gained some market share. So Marshall, I don't know if you have anything to add.

是的，當然，我們始終致力於做得比市場更好。事實上，在準備好的發言中，我們談到了美洲劇院以及——對不起，北美劇院以及歐洲劇院，我們已經獲得了一些市場份額。馬歇爾，我不知道你是否還有什麼要補充的。

Yes, David, just some more color. When we do our assessment for quarter 1 and for the full fiscal '24, we come at it from a bottoms-up perspective. So think about it for all the countries that we do business in, each one of those leaders looked at what that is for their territory. So there's a country assessment. And within that, there's certainly a vendor and a customer comparison as well as, call it third-party industry data, just to triangulate where we should land.

是的，大衛，再加點顏色。當我們對第一季和整個 24 財年進行評估時，我們是從自下而上的角度進行評估的。因此，想想我們開展業務的所有國家，每位領導人都會考慮這對他們的領土來說意味著什麼。所以有一個國家評估。其中肯定有供應商和客戶的比較，以及所謂的第三方產業數據，只是為了三角測量我們應該降落的地方。

And then with that, as Richard said, we certainly look at the GDP, the overall trajectory of what that looks like by market, what IT spend correlation is expected to be relative to GDP and then our ability to outgrow that.

然後，正如理查德所說，我們當然會關注 GDP、市場的整體軌跡、預期 IT 支出與 GDP 的相關性，以及我們超越 GDP 的能力。

And can I just ask a follow-up? In the prepared remarks, you talked extensively about AI and obviously, that being a contributor to the business. How should we think about AI across the business, let's say, over the next year or 2? And how is that factored into your outlook this year, I guess? I mean, I would imagine -- there's a lot of discussion by chip makers, OEMs, et cetera, that, let's say, on the endpoint or edge solution market. You'll see stuff at the latter half of, I guess, 2024, calendar '24, I should say. I just would love to kind of get your thoughts on how you think that kind of shapes through the year from an AI perspective.

我可以詢問後續情況嗎？在準備好的發言中，您廣泛談論了人工智慧，顯然，人工智慧是業務的貢獻者。比如說，在未來一兩年內，我們該如何考慮整個企業的人工智慧？我想，這對您今年的展望有何影響？我的意思是，我可以想像，晶片製造商、原始設備製造商等在端點或邊緣解決方案市場上進行了大量討論。我想，我應該說，你會在 2024 年曆 '24 的下半年看到一些東西。我只是想了解一下您對這一年從人工智慧角度的看法。

Yes. So David, I would use cloud as a parallel or an analogy here. So obviously, there was a lot of marketing and fanfare, call it the hype -- or I think the IDC calls it the hype curve at the front end, where clearly, this is a real technology that's going to bring a lot of benefits, but the plans are defined and there's a bit of a gap until the reality starts to flow through the market.

是的。大衛，我在這裡會使用雲作為類比或類比。很明顯，有很多行銷和宣傳，稱之為炒作——或者我認為 IDC 稱之為前端的炒作曲線，很明顯，這是一項真正的技術，將帶來很多好處，但計劃已經明確，在現實開始流經市場之前還有一些差距。

From an AI perspective, there will be a lot of AI embedded in existing offerings. So I'm sure there's going to be a fairly comprehensive discussion on how to count AI as there was cloud back in the day. Certainly, there will be the emergence of new AI capabilities. What comes to mind is AI servers, et cetera. So right now, certainly, there are products in market that are AI-enabled. As we move through time, there'll be more and more and more. We have incorporated the thoughts of AI into our forecast for the full year. But as you had indicated, it's more of an early ramp, with the expectation that there will be more robust demand as we move through time.

從人工智慧的角度來看，現有產品將會嵌入大量人工智慧。因此，我確信，由於當時有云，因此將會對如何計算人工智慧進行相當全面的討論。當然，新的人工智慧能力將會出現。我想到的是人工智慧伺服器等等。因此，目前市場上肯定有支援人工智慧的產品。隨著時間的流逝，我們會發現越來越多的東西。我們已經將人工智慧的想法納入了全年的預測中。但正如您所指出的，這更多的是早期的成長，預計隨著時間的推移，需求將會更加強勁。

Now the only other thing that I would tell you is that I believe is the reality is that this isn't just an incremental on top on whatever IT spending might have been planned prior to AI. Every company sort of lives within an envelope. They decide what that budgeted envelope is, and there might be some expansion, but this won't be just a new market segment that provides a complete on-top increment, but rather, there will be some reprioritization that happens relative to how customers spend their IT dollars moving forward. So yes, I think, it will have a positive effect on IT growth, but again, it won't be a complete increment.

現在我要告訴你的唯一一件事是，我相信現實是，這不僅僅是人工智慧之前可能計劃的任何 IT 支出的增量。每家公司都住在一個信封內。他們決定預算範圍是什麼，並且可能會有一些擴展，但這不僅僅是一個提供完整的頂部增量的新細分市場，而是會根據客戶的支出方式進行一些優先級調整他們的IT 資金不斷向前發展。所以，是的，我認為這將對 IT 成長產生積極影響，但同樣，這不會是一個完整的增量。

We will take our next question from Vince Colicchio with Barrington Research.

我們將接受 Barrington Research 的 Vince Colicchio 提出的下一個問題。

Yes, Rich, curious how you think your share position performed in all your geographies this quarter?

是的，Rich，您很好奇您認為本季您的股票部位在您所有地區的表現如何？

Yes. As we had reported in the past, when we think about share, we have really good insights relative to North America and Europe, but we really don't have visibility yet. There is a service that is emerging in Europe. As it relates to the quarter, our information would say we lost a couple of [tenth of] market share, [0.1%], if you will, on the aggregated basis, while having grown share for the full year.

是的。正如我們過去報導的那樣，當我們考慮份額時，我們對北美和歐洲有非常好的見解，但我們確實還沒有可見性。歐洲正在興起一項服務。由於與本季度相關，我們的資訊表明，如果您願意的話，我們在全年份額增長的同時，損失了幾個[十分之一]的市場份額，[0.1%]。

And then could you provide a bit more color on what gives you confidence in the continued improvement of Endpoint Solutions throughout the year?

那麼您能否提供更多資訊來說明是什麼讓您對端點解決方案全年持續改進充滿信心？

Yes. So as Marshall talked about the very comprehensive process that we go through, our indicators in talking to customers, vendors, working with our own teams are that we will see growth moving forward in Endpoint. And in fact, within our Q1 guide, we anticipate some growth within the Endpoint. So we feel good about that. While we have a moderating situation in Advanced Solutions based on the commentary that I provided earlier.

是的。因此，當 Marshall 談到我們經歷的非常全面的流程時，我們與客戶、供應商交談以及與我們自己的團隊合作的指標是，我們將看到 Endpoint 的成長。事實上，在我們的第一季指南中，我們預計端點會出現一些成長。所以我們對此感覺良好。根據我之前提供的評論，我們在高級解決方案中遇到了緩和的情況。

When you talk about growth in Endpoint, you're talking about sequential, I suppose?

當您談論 Endpoint 的成長時，我想您是在談論順序成長？

No, year-on-year.

不，是同比。

Oh, really? That's good to hear.

哦真的嗎？聽起來還不錯。

We'll take our next question from Ruplu Bhattacharya with Bank of America.

我們將回答美國銀行 Ruplu Bhattacharya 的下一個問題。

My congrats to Patrick on the new role. And thanks for giving guidance on billings. I was wondering if you can talk a little bit more about the impact of this mix shift to more netted down items? Specifically, what year-on-year impact to revenues and margins is embedded in your fiscal 1Q guidance? And if you can talk about how we should think about this for fiscal year '24. So as this shift happens, should we expect this difference between gross billings and revenue to continue to expand throughout the year?

我祝賀派崔克擔任新職務。感謝您對帳單的指導。我想知道您是否可以多談談這種混合轉向更多淨減項目的影響？具體來說，第一季財報指引中包含了哪些對營收和利潤率的年比影響？您能否談談我們應該如何考慮 24 財年的問題？因此，隨著這種轉變的發生，我們是否應該預期總帳單和收入之間的差異會在全年繼續擴大？

Thanks for the question, Ruplu. So for Q1, we gave a guidance of gross billings, I think, around 3% down on net around 5%. So Ruplu, if you think about the overall gross versus net momentum, if you -- I want to call it that. We were around 22% to 23% of netted down revenue in fiscal '22. That has gone now to 25% to 26% in '23. I would anticipate that will probably continue into '24. It's hard to call that beyond the first quarter in terms of relationships.

謝謝你的提問，魯普魯。因此，對於第一季度，我們給出了總帳單指導，我認為，淨額下降了 3% 左右，淨額下降了 5% 左右。所以，Ruplu，如果你考慮一下總體總動量與淨動量，如果你－我想這樣稱呼它。 22 財年，我們的淨收入下降了約 22% 至 23%。 23 年這一比例已增至 25% 至 26%。我預計這種情況可能會持續到 24 年。就關係而言，很難說第一季之後的情況如何。

But for us, the mix shift is a reflection of how AS has played against ES, I would say that as we think about next year and the increased expected performance of AS, there may be a shift or a stabilization of that gross versus net, maybe it's [fixed] around 26%. It's quite possible, just given what we're seeing behavior-wise. Our thoughts in terms of forecast is as we get into the year, there could be a more balanced growth rates for both ES and AS. Whereas in the past, there's been kind of a predominant ES growth, and then that takes a backseat, and AS comes in and takes the front seat.

但對我們來說，混合變化反映了AS如何對抗ES，我想說，當我們考慮明年以及AS預期表現的提高時，總和淨值之間可能會發生變化或穩定，也許[固定]在26%左右。考慮到我們所看到的行為方式，這是很有可能的。我們的預測是，隨著今年的到來，ES 和 AS 的成長率可能會更加平衡。而在過去，ES 成長占主導地位，然後它就退居次要地位，而 AS 則佔據了主導地位。

So I would use a 25% to 26% adjustment for '24. And then as we plot along, we'll inform you as to the behavior, what that looks like. One thing just to call out that was in the prepared remarks was the consignment program for Hyve. That had about a $270 million impact on net revenue, no impact on profit. We're expecting that to be about $250 million per quarter. That all expects the continuing in volume related to this consignment program with this Hyve customer.

所以我會對 24 年進行 25% 到 26% 的調整。然後，當我們進行策劃時，我們會告知您該行為及其外觀。在準備好的發言中需要指出的一件事是 Hyve 的寄售計劃。這對淨收入產生了約 2.7 億美元的影響，但對利潤沒有影響。我們預計每季約為 2.5 億美元。所有這些都預計與該 Hyve 客戶的寄售計劃相關的數量將持續增加。

Okay, Marshall. Just for my follow-up, if I can ask, you guided free cash flow to $1.2 billion. And you maintained the shareholder return of 50% returns and 50% reinvestment in the business. So when we think about that reinvestment, 50%, how are you thinking about organic investments versus M&A, now that your integration with the 2 large companies is now more or less complete in North America? So is it now time for further M&A? So any thoughts there?

好的，馬歇爾。就我的後續行動而言，如果我可以問的話，您將自由現金流引導至 12 億美元。您維持了 50% 的股東回報和 50% 的業務再投資。因此，當我們考慮再投資（50%）時，您如何考慮有機投資與併購，既然您與兩家大公司的整合現在在北美或多或少已經完成？那麼現在是進一步併購的時候了嗎？那麼有什麼想法嗎？

Ruplu, thank you for the question. This is Rich. So when we talk about our capital allocation strategy, as you know, it's 50% and 50% over the continuum. There could be periods where we're heavier weighted 1 way or the other. Obviously, Marshall talked about FY '23 in his prepared remarks, and we were, I think, at 60%-ish for return to shareholder in total.

魯普魯，謝謝你的提問。這是里奇。因此，當我們談論我們的資本配置策略時，如您所知，它是 50% 和 50% 的連續體。在某些時期，我們可能會以一種或另一種方式加重體重。顯然，馬歇爾在他準備好的演講中談到了 23 財年，我認為我們的股東回報總額約為 60% 左右。

So as we kind of plot through the years, certainly, we have a pipeline of acquisition targets that we continue to look at and work. Those deals have to have a willing recipient on the other end, and they've got to work for us. And usually, we take a look at those acquisition targets and really want to make sure that they complement our strategy. So going forward, I would tell you that the 50-50 is sort of a good way to think about it. And again, things don't always go exactly as planned. So we adjust course as required based on the circumstance. So Marshall, anything you have to add?

因此，隨著我們多年來的策劃，當然，我們有一系列收購目標，我們將繼續研究和工作。這些交易的另一端必須有一個願意接受的人，而且他們必須為我們工作。通常，我們會審視這些收購目標，並真正希望確保它們能夠補充我們的策略。因此，展望未來，我會告訴您 50-50 是一個很好的思考方式。再說一次，事情並不總是完全按計劃進行。所以我們根據情況根據需要調整路線。馬歇爾，您還有什麼要補充的嗎？

Yes, Ruplu, just 1 other thing to call out. If you think about our quarter 1 spot. There is a little bit incremental SG&A related to, I'll call it, reinvestment or continued investment. Specifically in AS. As AS softens, we're not going to soften our investment. So there could be a little bit of a heavier SG&A in the front half of '24. So I just wanted to let you know that it may appear as if there's an imbalance in that relationship of [E to R] on a gross billing basis, but it's very well thought out. As we believe as we get into the second half, AS has an opportunity -- forecasted opportunity to recover.

是的，魯普魯，還有一件事需要指出。如果你想想我們的第一季位置。有一點增量 SG&A 與我稱之為再投資或持續投資有關。特別是在AS。隨著 AS 的軟化，我們不會軟化我們的投資。因此，24 年上半年的 SG&A 可能會增加。因此，我只是想讓您知道，在總計費基礎上，[E 到 R] 的關係可能​​看起來不平衡，但這是經過深思熟慮的。正如我們所相信的，當我們進入下半場時，AS 有一個機會——預計有機會恢復。

And we will take our next question from Michael Ng with Goldman Sachs.

我們將回答高盛邁克爾·吳 (Michael Ng) 提出的下一個問題。

Thank you very much for the questions. Marshall, maybe just a follow-up on the SG&A point that you just made. Is 2.75% to 3.25% of billings still the right way to think about that? And maybe you could just help us think about how SG&A evolves throughout the year? And then I just have a quick follow-up.

非常感謝您的提問。馬歇爾，也許只是您剛才提出的 SG&A 觀點的後續行動。 2.75% 到 3.25% 的帳單仍然是正確的思考方式嗎？也許您可以幫助我們思考 SG&A 全年的演變？然後我就進行快速跟進。

Sure. You're right, Mike. It's that range of 2.75% to 3.25% in relation to gross billings. We'll start right around 3% in quarter 1, and the expectation has been that structure should help build out the growth in the portfolio and should, we'll call it ratably or incrementally come down to something below 3%.

當然。你是對的，麥克。相對於總帳單的比例為 2.75% 至 3.25%。我們將從第一季的 3% 左右開始，我們的預期是該結構應該有助於建立投資組合的成長，並且應該（我們稱其為按比例或增量）降至 3% 以下。

If I think about a couple of relationships, 1 is the year-over-year on SG&A for quarter 1. There's 2 things. One was the AS investment. The other thing, although it's somewhat subtle, this time last year, we had already started to see the decline in the performance and started to step down some of our provisions around variable pay. This year, the good news is we're assuming we're going to hit our number and grow it. So there's a little bit of heavier bonus and variable pay associated with quarter 1.

如果我考慮幾個關係，1 是第一季 SG&A 的同比情況。有兩件事。一是AS投資。另一件事，雖然有些微妙，但去年的這個時候，我們已經開始看到業績下降，並開始減少一些有關可變薪酬的規定。今年，好消息是我們假設我們將達到我們的數字並繼續成長。因此，第一季的獎金和浮動薪資有所增加。

The other thing is the actual FX itself from a euro perspective is up. So that's about $10 million to $15 million of headwind on that. And then finally, the SG&A investment that we've stated on -- on AS is another investment that we believe is important to be made. So we feel that we're in a strong position. We think that the 3% is probably going to be the top end for fiscal '24, and we should see that improve as we play it out quarter by quarter.

另一件事是，從歐元的角度來看，實際匯率本身正在上漲。因此，這將帶來約 1000 萬至 1500 萬美元的阻力。最後，我們已經說過的對 AS 的 SG&A 投資是我們認為很重要的另一項投資。所以我們覺得我們處於有利地位。我們認為 3% 可能會是 24 財年的最高值，隨著我們每季的實施，我們應該會看到這種情況有所改善。

Great. That's very clear, Marshall. And it was encouraging to hear about the new segment disclosures by product around billings, revenue and I think, you said gross profit as well. I was just wondering if you could give us a little bit of a preview of some of the potential revelations that we may have as you give out those new disclosures. Does the narrative kind of tighten up around the growth and margin outlook for those segments in the near midterm?

偉大的。這很清楚，馬歇爾。聽到有關帳單、收入和我認為您也提到了毛利潤的按產品劃分的新細分市場披露令人鼓舞。我只是想知道，當您披露這些新資訊時，您是否可以給我們一些可能披露的一些潛在資訊的預覽。在近期中期，圍繞這些細分市場的成長和利潤前景的敘述是否會變得更加緊張？

Yes, Mike, I think for -- as a general response to that, Rich and I have spoken to the margin attributes of AS and ES. We've spoken about the growth attributes. But it just allows us to be more specific. So I do think that the revelations and the -- the clarity that we can speak to the actual performance within the portfolio, I think, just helps drive better understanding of the mix, the profit margins or the gross margin of the business, right? We believe it is an enhancer. We think it is a value contributor. And we do think it will help inform the actual performance for the quarter and what our thoughts are for the upcoming quarter.

是的，麥克，我想，作為對此的一般回應，里奇和我已經談到了 AS 和 ES 的保證金屬性。我們已經討論過成長屬性。但這只是讓我們更具體。因此，我確實認為，這些啟示以及我們可以清楚地談論投資組合中的實際業績，我認為，只會有助於更好地了解業務的組合、利潤率或毛利率，對嗎？我們相信它是一種增強劑。我們認為它是一個價值貢獻者。我們確實認為這將有助於了解本季的實際業績以及我們對下一個季度的想法。

Yes. Just to add to that, I think generally, my point of view is the narrative that we provide in the call is fairly directionally correct relative to what I think you'll see in the segmentation going forward. We always talk about the segments, and you all ask for insights around the segment. But this will put sort of the definitive clarity out there in print.

是的。除此之外，我認為一般來說，我的觀點是，我們在電話會議中提供的敘述相對於我認為您將在未來的細分中看到的內容來說是相當正確的。我們總是談論細分市場，你們都要求圍繞該細分市場提出見解。但這將在印刷中提供某種明確的清晰度。

And then the second point that I would make, Michael, is that you guys are pretty good at modeling. Every time we get an insight relative to models, we are impressed relative to how you guys think about the business and how you lay it out.

邁克爾，我要說的第二點是，你們非常擅長建模。每當我們獲得有關模型的見解時，我們都會對你們如何看待業務以及如何佈局業務印象深刻。

Great. Well, thank you for the incremental transparency. I appreciate it, Rich and Marshall.

偉大的。好吧，感謝您增加透明度。我很感激，里奇和馬歇爾。

And we will take our next question from Alek Valero with Loop Capital.

我們將回答 Loop Capital 的 Alek Valero 提出的下一個問題。

Subbing in for Ananda today. So my question is, do you guys believe that Hyve can become involved in gen AI server builds? We've heard from our work that they may be?

今天替補阿南達。所以我的問題是，你們相信 Hyve 可以參與 gen AI 伺服器的建置嗎？我們從工作中聽說它們可能是？

I'm sorry, can you repeat that? You broke up a little bit.

抱歉，您能再說一次嗎？你們分手了一點點。

For sure. My question was, do you guys believe that Hyve can become involved in gen AI server builds?

一定。我的問題是，你們相信 Hyve 可以參與 gen AI 伺服器的建置嗎？

Yes. If the question is do we believe Hyve will participate in AI server builds, absolutely. Remember that the big segment of Hyve is an [ODM] type of business. And so we end up building what our customers have interest in. And certainly, we have full expectation that we will be participating in the AI builds moving forward.

是的。如果問題是我們相信 Hyve 絕對會參與人工智慧伺服器的建置。請記住，Hyve 的很大一部分是 [ODM] 類型的業務。因此，我們最終建立了客戶感興趣的東西。當然，我們完全期望我們能夠參與未來的人工智慧建構。

Awesome, awesome. So as a quick follow-up, what are -- what key spending areas were softer than you may have anticipated? Or softer than typical seasonality? And maybe if you can touch on what you expect from PC seasonality in February and May quarters?

真棒真棒。那麼，作為快速跟進，哪些關鍵支出領域比您預期的要軟？或比典型的季節性更溫和？也許您能談談您對 2 月和 5 月季度 PC 季節性的預期嗎？

Yes, I may. As it relates to Q4 in the prepared remarks -- and this is -- I guess, the pleasant surprise is, for the most part, the sales were consistent with our expectations. I think Marshall talked a little bit about maybe some -- a little bit better strength in Europe versus our expectation, but it wasn't overwhelmingly different.

是的，我可以。由於它與準備好的評論中的第四季度有關 - 這就是 - 我想，令人愉快的驚喜是，在很大程度上，銷售與我們的預期一致。我認為馬歇爾談到了一些——歐洲的實力比我們的預期要好一些，但這並不是壓倒性的不同。

And then for each of the segments, they sort of came in fairly consistent with our expectation. As we move ahead, as we had talked about, because of the backlog runoff last year in AS, we would anticipate a more challenging compare year-on-year. And then as we sort of move through the year, that compare sort of through time gets a little bit easier as the backlog had dissipated, if you will, through the year. And so that would be our expectation. But again, our crystal ball would say that both of those segments are growing in the second half of next year, both the Endpoint as well as the Advanced segment.

然後對於每個細分市場，它們都與我們的預期相當一致。正如我們所討論的，隨著我們的前進，由於去年 AS 的積壓，我們預計將比去年同期更具挑戰性。然後，當我們回顧這一年時，隨著時間的推移，這種比較會變得容易一些，因為積壓的訂單在這一年中已經消失了（如果你願意的話）。這就是我們的期望。但我們的水晶球會再次表明，這兩個細分市場（端點細分市場和高級細分市場）都將在明年下半年成長。

Awesome. Really appreciate it.

驚人的。真的很感激。

And we will take our next question from Adam Tindle with Raymond James.

我們將回答亞當·廷德爾和雷蒙德·詹姆斯提出的下一個問題。

Okay. I wanted to ask on trends and profit dollars for the business overall. And just observing that you finished fiscal '23 with non-GAAP net income just down, I think, over 8%, you executed on synergies during the year. So ex that, I would think non-GAAP net income down double digits. And if I look at the midpoint for Q1, based on your guidance, it looks like net income is going to be down close to 10%. And it looks like you've got some cost optimization that may be helping a little bit in the first half of the year. So probably north of 10%, ex that.

好的。我想詢問整個業務的趨勢和利潤。只要觀察到 23 財年結束時，非 GAAP 淨利潤下降了 8% 以上，我認為您在這一年中執行了協同效應。因此，我認為非公認會計準則淨利潤將下降兩位數。如果我看一下第一季的中點，根據您的指導，淨利潤似乎將下降近 10%。看起來您已經進行了一些成本優化，這可能會在今年上半年有所幫助。所以可能超過 10%，除此之外。

So for investors that are seeing these double-digit net income declines, maybe you could touch on the drivers that are causing that trend and whether you think that's just kind of a structural aspect of the business at this point, and were working on just optimization on that? Or is there a stake in the ground that you want to put on timing to return that to growth?

因此，對於看到兩位數淨利潤下降的投資者來說，也許您可以談論導致這一趨勢的驅動因素，以及您是否認為這只是目前業務的結構性方面，並正在致力於優化關於那個？或者您是否想在這方面投入一定的時間以使其恢復成長？

Adam, this is Marshall. I'll start. So I'll take it first on just the overall revenue attributes and the comment we made about our expectations on ES showing positive growth attributes in quarter 1. So with that comes a margin profile -- gross margin profile that is somewhat lower than the AS margin profile. We think that's probably about 20 bps. And just in terms of the mix, we think that plays out for quarter 1.

亞當，這是馬歇爾。我開始吧。因此，我將首先討論整體收入屬性以及我們對 ES 在第一季顯示出正成長屬性的預期所做的評論。因此，隨之而來的是利潤率概況——毛利率概況略低於 AS保證金概況。我們認為這可能約為 20 bps。就組合而言，我們認為第一季會出現這種情況。

And then just if I touch on some of the cost attributes that I commented on earlier and thinking about quarter 1. Quarter 1 last year was kind of the beginning point where we started to see the volumes of our business fall. We had identified that we had seen some mismatch -- inefficient mismatches in quarter 2 and 3. So we took some additional cost reduction opportunities. We were able to kind of recoup that inflated cost back in by the time we got towards the end of this year. And now in terms of these net headwinds going into quarter 1, as I said earlier, there is some overall expectation that we're going to be growing into a better performance throughout the year. So with that, we're kind of filling our variable expectations for pay versus last year. We had already started to take down those variable attributes given where we thought the business was going.

然後，如果我觸及我之前評論過的一些成本屬性並考慮第一季。去年第一季是我們開始看到業務量下降的起點。我們發現，我們在第二季和第三季發現了一些不匹配——低效的不匹配。因此，我們採取了一些額外的降低成本的機會。到今年年底，我們能夠收回膨脹的成本。現在，就進入第一季的這些淨阻力而言，正如我之前所說，總體預期我們將在全年取得更好的業績。因此，與去年相比，我們在某種程度上滿足了對薪酬的可變預期。考慮到我們認為業務的發展方向，我們已經開始刪除那些可變屬性。

And then again, as I said earlier, the AS investment, we're leaning into those. So there's a little bit higher cost associated with that, which is driving maybe some of the margin headwinds on that. So I think inflationary might be the last 1 where we are seeing a little bit of a longer tail on some of the inflationary areas around health care. But as you probably have seen in the past, we figure out ways to create productivities to offset that. It may take a couple of quarters to get there. So I do think the compare itself is a little bit more difficult in quarter 1 from a margin profile perspective. But if I actually think about the margin attributes of AS and ES, our intentions are that we still believe we can grow both of those portfolio margin attributes over the course of the year. It's the mix itself and some of these SG&A elements that I think are causing some of the story to change a little bit.

再說一次，正如我之前所說，AS 投資，我們正在傾向於這些。因此，與此相關的成本會稍微高一些，這可能會帶來一些利潤阻力。因此，我認為通貨膨脹可能是最後一個，我們在醫療保健周圍的一些通貨膨脹領域看到了更長的尾巴。但正如您過去可能已經看到的那樣，我們找到了提高生產力的方法來抵消這種影響。可能需要幾個季度才能到達那裡。因此，我確實認為從利潤率角度來看，第一季的比較本身有點困難。但如果我真正考慮 AS 和 ES 的保證金屬性，我們的意圖是我們仍然相信我們可以在一年內增加這兩個投資組合的保證金屬性。我認為正是混合本身以及其中一些 SG&A 元素導致故事發生了一些變化。

Got it. Okay. So maybe just to follow up on that. You helped with the gross billings for the year, it's kind of flat first half, mid- to high-single-digits in the back half. Let's just call it mid-single-digit growth for the year in gross billings overall to keep it simple. Would -- given everything that you just mentioned there, would growth in non-GAAP net income be at a similar level of gross billings growth? And why or why not?

知道了。好的。所以也許只是為了跟進此事。你們對今年的總營收有所幫助，上半年持平，後半段為中高個位數。為簡單起見，我們稱之為今年總營收中個位數的成長。考慮到您剛才提到的一切，非公認會計準則淨利潤的成長是否會與總帳單成長處於類似的水平？為什麼或為什麼不呢？

Yes. I mean, roughly said, our expectation is that gross profit hopefully will be flat to up and non-GAAP op income will be flat to up. So again, that's the expectation. We'll have to see how it plays out as we -- as we expect that second half growth profile to be in that mid- to high-single-digit range.

是的。我的意思是，粗略地說，我們的預期是毛利有望持平到上升，非公認會計準則營運收入將持平到上升。再說一次，這就是期望。我們必須看看它的表現如何，因為我們預計下半年的成長狀況將在中高個位數範圍內。

Yes. I think, Adam, just to maybe be a bit repetitive. The thing that we've got to work through is the mix shifts back now to more Endpoint. And as that happens, as Marshall said, there's probably a 20 basis point headwind that we need to work on and figure out how to improve upon. I would say that we're reasonably proud of the fact that when you take a look at the op income margin for FY '23, we've been able to hold that or we held that despite the revenue declines that we had faced. So we have some work to do going forward, but we kind of have our eye on it, and the execution engine will kind of focus on how do we drive improvement moving forward.

是的。我想，亞當，也許只是有點重複。我們必須解決的問題是混合現在轉向更多端點。正如馬歇爾所說，當這種情況發生時，可能會出現 20 個基點的逆風，我們需要努力解決並找出改進的方法。我想說，我們對此感到相當自豪，當你看看 23 財年的營運收入利潤率時，我們已經能夠保持這一水平，或者儘管我們面臨收入下降，但我們仍然保持這一水平。因此，我們未來還有一些工作要做，但我們會關注它，執行引擎將專注於我們如何推動改進。

Okay. And maybe just a quick follow-up, Rich. You talked a lot about Hyve consignment. But I think on the last call, it was -- you talked about a new customer ramp that you were expecting in fiscal '24. Could you give us maybe any update on that and visibility into the timing and magnitude of that?

好的。也許只是快速跟進，Rich。你談了很多關於 Hyve 寄賣的事情。但我認為在上次電話會議上，您談到了您預計在 24 財年的新客戶成長。您能否向我們提供有關這方面的任何最新情況以及其時間和規模的可見性？

Yes. So the customer ramp was just a little bit delayed due to timing of things, but we fully anticipate that we're clear to go moving forward.

是的。因此，由於時間原因，客戶增加只是有點延遲，但我們完全預期我們可以繼續前進。

Okay. And so do we -- do you have a sense of timing and magnitude on it yet?

好的。我們也是──你有時間感和重要性嗎？

Timing, we think the ramp should begin in quarter 1 and probably show itself a little bit more in quarter 2. So at that point, hopefully, it will be meaningful enough for us to speak to.

時間上，我們認為斜坡應該在第一季開始，並可能在第二季度表現更多。因此，希望到那時，它對我們來說足夠有意義。

We'll take our next question from George Wang with Barclays.

我們將接受巴克萊銀行喬治王的下一個問題。

Richard, Marshall, I just have a question just on the AI PCs. I just want to double-click just especially in terms of the time line and the kind of cadence for the ramp. Just curious if you have any more color to share, just kind of from your perspective? And also we heard a bunch from the OEM and the kind of chip makers. Just curious, kind of what specification you can disclose to better -- so they contribute to the AI PC wave, if you will?

理查、馬歇爾，我有一個關於人工智慧電腦的問題。我只想雙擊，特別是在時間軸和斜坡節奏方面。只是好奇您是否還有更多顏色可以分享，只是從您的角度來看？我們也從 OEM 和晶片製造商那裡聽到了很多消息。只是好奇，如果您願意的話，您可以更好地披露哪些規範，以便它們為 AI PC 浪潮做出貢獻？

Yes. Thanks for the question. Obviously, it's a new technology coming in. All indications that we have, it will be sort of at the high end of the premium price band going forward as 1 would anticipate or in the fiscal year coming, I should say. All of the intelligence that we have says that it will be sort of a single-digit percent of total of the entire PC population, and then, I think, becoming more meaningful in FY '25 and then into FY '26. So great opportunity going forward. Kind of best crystal ball estimate is sort of mid-single-digit back half of the year percent of total PC volume and then growing meaningfully after that.

是的。謝謝你的提問。顯然，這是一項即將到來的新技術。我應該說，我們所掌握的所有跡象表明，它將處於溢價區間的高端，正如我所預期的那樣，或者在即將到來的財政年度。我們掌握的所有情報都表明，這將佔整個 PC 人口總數的個位數百分比，然後，我認為，在 25 財年和 26 財年變得更有意義。未來的機會如此之大。最好的水晶球估計是今年下半年 PC 總銷量的中個位數百分比，然後在那之後有意義地增長。

Okay. Great. That's it from me.

好的。偉大的。這就是我說的。

We will take our next question from Joseph Cardoso with JPMorgan.

我們將接受摩根大通的約瑟夫·卡多佐提出的下一個問題。

Just 1 for me. I just wanted to piggyback on some of the AS questions. First, can you just clarify if the year-to-year declines in AS were largely in line with your expectations 90 days ago? And then more specifically, can you just elaborate on the trends you're seeing across some of the product categories there like servers, networking as well as any others? And just curious if any of those are trending better or worse relative to your expectations. And then just the second part of that question, as you think about a recovery in the back half, is that broad-based across these product categories? Or are you thinking that it's more concentrated to a particular one?

對我來說只有 1 個。我只是想順便回答一下 AS 的一些問題。首先，您能否澄清一下，AS 的年減幅度是否與您 90 天前的預期基本一致？更具體地說，您能否詳細說明您所看到的一些產品類別（例如伺服器、網路以及其他產品）的趨勢？只是好奇其中任何一個的趨勢相對於您的期望是更好還是更差。然後，當您考慮下半年的復甦時，這個問題的第二部分是，這些產品類別的復甦是否具有廣泛的基礎？還是你認為它比較集中在某一特定的？

Joe, good morning, and thank you for the question. So what I -- the way I would talk about this is I think that the underlying demand across all of these technologies is pretty good. And the lead with how to think about how these technologies emerged and have grown from my point of view is to think about when their backlogs recovered last year, because that's inevitably the increment of the compare year-on-year that I think sort of distorts the numbers a little bit. And when I come at it from that perspective, server and storage had recovered its backlog earlier. And then networking had carried the backlog later into last year. And so when I think about the recovery on a year-to-year basis, I think server and storage emerged earlier than networking because of that backlog hanging around for a longer period of time will be later in the cycle. As we had stated earlier then when we get to the back half of the year, we think that each of these categories should have growth attributes. That's at least our expectation.

喬，早安，謝謝你的提問。所以我——我談論這個問題的方式是，我認為所有這些技術的潛在需求都非常好。從我的角度來看，如何思考這些技術是如何出現和發展的，首先要考慮去年積壓的訂單何時恢復，因為我認為這不可避免地是同比比較的增量，這有點扭曲數字一點點。當我從這個角度來看時，伺服器和儲存已經恢復了積壓的工作。然後網路將積壓的工作帶到了去年晚些時候。因此，當我考慮逐年的復甦時，我認為伺服器和儲存比網路出現得更早，因為積壓的時間較長，將在周期中出現得更晚。正如我們早些時候所說，當我們進入下半年時，我們認為每個類別都應該具有成長屬性。這至少是我們的期望。

No, makes sense. Thanks, Rich. I appreciate all the color.

不，有道理。謝謝，里奇。我欣賞所有的顏色。

And we will take our next question from Keith Housum with Northcoast Research.

我們將回答 Northcoast Research 的 Keith Housum 提出的下一個問題。

Question for you, (inaudible), the revenue synergies that were anticipated from the ERP integrations. I guess are those proceeding as you guys expected? And how you expect those to ramp up throughout the rest of the year, is that baked into your guidance?

問您一個問題（聽不清楚），ERP 整合所預期的收入綜效。我想事情進展如你們所料嗎？您預計這些在今年剩餘時間內將如何增加，這是否已納入您的指導中？

So Keith, I hope everything is well. Yes, they're proceeding consistent with our expectations. We would anticipate as we think about this year that we're going to start to see meaningful progress relative to our cross-sell opportunities with our customers. When we think about our guide, we fundamentally believe that we've baked that opportunity into the guide and it will really kind of ramp up and hopefully be a bit more meaningful in the back half of the year. Do you have anything to add, Marshall?

所以基思，我希望一切都好。是的，他們的進展符合我們的預期。我們預計，今年我們將開始看到與客戶的交叉銷售機會相關的有意義的進展。當我們考慮我們的指南時，我們從根本上相信我們已經將這個機會融入到指南中，並且它確實會有所增加，並希望在今年下半年變得更有意義。馬歇爾，你還有什麼要補充的嗎？

No.

不。

Appreciate it. And if I could just touch on real quick, the acquisition from -- you announced over the past week or 2, I believe it was Cokeva, and please correct me if I get the name wrong. But it appears more of a life cycle services company. I guess, perhaps talk about the strategy and making that investment now, when I think your largest competitor actually got out of that business recently. Perhaps there's a strategy [diversion]? Is that an opportunistic or competitive advantage you have versus your competitors?

欣賞它。如果我能快速談一下您在過去一周或兩週內宣布的收購，我相信是 Cokeva，如果我弄錯了名字，請糾正我。但它看起來更像是一家生命週期服務公司。我想，當我認為你最大的競爭對手最近實際上已經退出了該業務時，也許現在就可以談論策略並進行投資。也許有一個策略[轉移]？這是您相對於競爭對手的機會主義優勢還是競爭優勢？

So first of all, let's talk about the primary capabilities that are offered with the acquisition. First is around repair and then test and refurbishment. We certainly participate in those businesses today. And really, we connect quite well relative to assisting our vendors in that regard. And we like the business. And obviously, it also offers a 220,000 square foot piece of real estate, which will allow us to do more integration for customers as well. But we see a good demand, a solid demand for those services with our vendors, and they've been encouraging us to grow that footprint, which we are doing.

首先，我們來談談此次收購提供的主要功能。首先是維修，然後是測試和翻新。今天我們當然參與了這些業務。事實上，我們在這方面與供應商的協助方面聯繫得很好。我們喜歡這個行業。顯然，它還提供了一塊 220,000 平方英尺的房地產，這將使我們能夠為客戶做更多的整合。但我們看到了良好的需求，對我們的供應商的這些服務的堅實需求，他們一直鼓勵我們擴大這一足跡，而我們正在這樣做。

The other thing I'd like for you to think about is there's more focus on these types of things, especially the refurb segment moving forward as sustainability comes front and center. So we also see sort of, if you will, a bit of a revival around refurb as the world tries to become more sustainable. So we think that there's going to be an extra ticker relative to these types of businesses moving forward based on that focus.

我想讓您考慮的另一件事是，人們更專注於這些類型的事情，尤其是隨著永續發展成為首要和中心，翻新領域不斷向前發展。因此，如果你願意的話，隨著世界試圖變得更加永續，我們也看到了圍繞翻新的一些復興。因此，我們認為，基於這個重點，相對於這些類型的企業而言，將會有一個額外的股票。

And we'll take our last question from Ashish Sabadra with RBC Capital Markets.

我們將回答 RBC 資本市場的 Ashish Sabadra 提出的最後一個問題。

There was a lot of discussion around AS dynamics near term, both the first half and the second half of '24. But as we get through some of that near-term volatility, I was wondering if you can talk about how should we think about the midterm growth for the AS solution as well as margin profile for that business over the midterm?

近期，無論是 24 年的上半場還是下半場，圍繞著 AS 動態進行了許多討論。但當我們經歷一些近期波動時，我想知道您是否可以談談我們應該如何考慮 AS 解決方案的中期增長以及該業務的中期利潤狀況？

Yes. So I'll start, Rich, and you can chime in. So for AS, as we had said in our prepared remarks, we still have some backlog from a comparative standpoint that will be -- make it a difficult comparison year-on-year as we're in quarter 1. We think as we play out the rest of fiscal '24, we expect to see a return to growth for both portfolios, ES and AS. The -- we'll call it the sequential momentum of that or ratability of that is still somewhat to be determined.

是的。所以，我要開始了，里奇，你可以插話。所以對於AS，正如我們在準備好的發言中所說的那樣，從比較的角度來看，我們仍然有一些積壓，這將是- 使其成為一個困難的同比比較 -今年第一季。我們認為，隨著 24 財年剩餘時間的結束，我們預計 ES 和 AS 投資組合將恢復成長。我們稱之為連續動量或可評級性，但仍有待確定。

But I do think back to the comments we made about how we build up our forecast, we do rely quite a bit on our leaders at the country level to look at their AS relationships and to figure out and determine how best we think that's going to grow. But thinking about that low- or mid-single-digit to high-single-digit growth rate, I would also think about AS as performing in that same range in the second half.

但我確實回想起我們對如何建立預測所做的評論，我們確實在很大程度上依賴國家一級的領導人來審視他們的AS 關係，並找出並確定我們認為如何最好地實現這一目標。生長。但考慮到低或中個位數到高個位數的成長率，我也會認為 AS 在下半年的表現將在相同範圍內。

Maybe just to clarify, like -- is that like the -- when we think about that exiting at mid- to high- single-digit growth for AS in '24, is that the right growth profile? Or could we see a further acceleration there over the next 3 years, let's say, midterm?

也許只是為了澄清，就像 - 是這樣的 - 當我們考慮 AS 在 24 年以中高個位數增長退出時，這是正確的增長概況嗎？或者我們可以看到未來三年（比如說中期）進一步加速嗎？

Yes. So beyond the thoughts we gave, we don't provide guidance or thoughts around what it looks like in '25 and '26. Certainly, we go back to our strategic initiatives and how we position our investments and the commentary we made near term about what we're doing to lean into AS, SG&A and the skill sets and how important it is to retain those and grow those. So we're certainly confident in that market space. But beyond the commentary, not much more we can provide in terms of what that looks like.

是的。因此，除了我們給出的想法之外，我們不會就 25 和 26 年的情況提供指導或想法。當然，我們會回到我們的策略舉措，以及我們如何定位我們的投資，以及我們近期對我們正在做什麼以向 AS、SG&A 和技能組合傾斜以及保留和發展這些技能的重要性所做的評論。所以我們對這個市場空間當然充滿信心。但除了評論之外，我們無法提供更多關於它的外觀的資訊。

Yes. I guess the only thing that I would add to Marshall's comments is we always have an aspiration to grow a bit faster than the market. I think history would say that we had been successful relative to that pursuit. And we would kind of characterize '25 and '26 with that type of expectation that whatever the market growth is that we would aspire to and execute above -- a little bit above market expectations.

是的。我想我對馬歇爾的評論唯一要補充的是，我們始終渴望比市場成長得更快一些。我認為歷史會證明我們在這追求上取得了成功。我們會用這樣的預期來描述“25”和“26”，即無論市場成長如何，我們都會渴望並執行高於市場預期的水平。

That's very helpful color. And maybe if I can ask a clarifying question. PC decline, obviously, was a big headwind in fiscal year '23. Have you quantified or is there a way to think about the total revenue headwinds from the PC decline in the fiscal year '23 last year?

這是非常有用的顏色。也許我可以問一個澄清的問題。顯然，個人電腦的下滑是 23 財年的一大阻力。您是否已量化或有辦法考慮去年 23 財年 PC 下滑帶來的總收入阻力？

So a specific number, no. It clearly was in the PC ecosystem, a negative contributor to the overall decline in our revenue portfolio. So it did have a meaningful impact. If I sit back and think about ES and AS, some think ES had its moment in '21 and halfway through '22 and AS had its moment in '22 and '23. So we're happy that we've got such a broad and diverse portfolio. And yes, we have certain attributes that behave differently from time to time. But the benefit of our large portfolio allows us to have a balanced view when certain aspects of ES are down and certain aspects of AS could be up. But the complementary line card, I think, is what really benefits us.

所以具體數字，沒有。這顯然是在 PC 生態系統中，對我們的收入組合整體下降產生了負面影響。所以它確實產生了有意義的影響。如果我坐下來思考 ES 和 AS，有些人認為 ES 在 21 年和 22 年中期發揮了重要作用，而 AS 在 22 年和 23 年中發揮了作用。因此，我們很高興擁有如此廣泛且多樣化的產品組合。是的，我們有某些屬性，它們的行為有時會有所不同。但是，當 ES 的某些方面下降而 AS 的某些方面可能上升時，我們大型投資組合的好處使我們能夠保持平衡的觀點。但我認為，互補的線路卡才是真正讓我們受益的。

Yes. Just a way of thinking about this is, last year, we knew AS had grown and ES had declined. Those are the 2 major segments of our business. So if you take a look at the net change in revenue year-on-year, it's probably getting you close to the answer.

是的。思考這個問題的一種方式是，去年，我們知道 AS 已經成長，而 ES 已經下降。這是我們業務的兩個主要部分。因此，如果您查看同比收入的淨變化，您可能已經接近答案了。

That's very helpful color.

這是非常有用的顏色。

Thank you, ladies and gentlemen, I will now turn the call back to Mr. Rich Hume for closing remarks.

謝謝各位，女士們、先生們，我現在將把電話轉回給 Rich Hume 先生，讓其致閉幕詞。

Well, thanks, everyone, and thanks for participating in the call today. FY '23 certainly played out different than we all had anticipated as we had sat around the table this time last year. That being said, I'm very proud of what we've accomplished. I'm very proud of our relationships with our vendors and our customers. They are our primary stakeholders, and my congratulations to our 23,000 coworkers around the world for doing a great job executing in this more challenging environment than anticipated. With that, I wish you all a great day.

好的，謝謝大家，也謝謝您參加今天的電話會議。 23 財年的結果肯定與我們所有人的預期不同，因為去年這個時候我們就坐在桌子旁。話雖這麼說，我對我們所取得的成就感到非常自豪。我對我們與供應商和客戶的關係感到非常自豪。他們是我們的主要利益相關者，我祝賀我們世界各地的 23,000 名同事在這個比預期更具挑戰性的環境中出色地執行工作。在此，祝大家有個愉快的一天。

And ladies and gentlemen, that concludes today's call, and we thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束，我們感謝你們的參與。您現在可以斷開連線。