新聚思 (SNX) 2024 Q4 法說會逐字稿

Good morning.

早安.

My name is Julien, and I will be your conference operator today.

我叫朱利安，今天我將擔任您的會議主持人。

I would like to welcome everyone to the TD SYNNEX fourth quarter and full year fiscal 2024 earnings call.

歡迎大家參加 TD SYNNEX 2024 財政年度第四季和全年財報電話會議。

Today's call is being recorded.

今天的通話正在錄音。

(Operator Instructions)

（操作員指令）

At this time, for opening remarks, I would like to pass the call over to Jack Huddleston, Head of Investor Relations at TD SYNNEX.

現在，為了致開幕詞，我想將電話轉給 TD SYNNEX 投資者關係主管 Jack Huddleston。

Jack, you may begin.

傑克，你可以開始了。

Thank you.

謝謝。

Good morning, everyone, and thank you for joining us for today's call.

大家早安，感謝大家參加今天的電話會議。

With me today are Patrick Zammit, CEO; and Marshall Witt, CFO.

今天與我在一起的是執行長 Patrick Zammit；以及財務長 Marshall Witt。

Before we continue, let me remind you that today's discussion contains forward-looking statements within the meaning of the federal securities laws, including predictions, estimates, projections or other statements about future events, including statements about our strategy, demand, plans and positioning growth, cash flow, capital allocation and stockholder return, as well as our expectations for future fiscal periods.

在我們繼續之前，讓我提醒你，今天的討論包含聯邦證券法所定義的前瞻性陳述，包括對未來事件的預測、估計、預測或其他陳述，包括關於我們的戰略、需求、計劃和定位增長的陳述、現金流量、資本配置和股東回報，以及我們對未來財務期間的預期。

Actual results may differ materially from those mentioned in these forward-looking statements as a result of risks and uncertainties discussed in today's earnings release in the Form 8-K we filed today and in the Risk Factors section of our Form 10-K, and our other reports and filings with the SEC.

由於我們今天提交的8-K 表格中的收益報告中討論的風險和不確定性，以及我們10-K 表格中的風險因素部分，實際結果可能與這些前瞻性陳述中提到的結果存在重大差異，向美國證券交易委員會提交的其他報告和文件。

We do not intend to update any forward-looking statements.

我們不打算更新任何前瞻性陳述。

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

此外，在本次電話會議中，我們將參考某些非 GAAP 財務信息，包括總帳單。

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.

我們的收益新聞稿和相關的 8-K 表格中包含了 GAAP 與非 GAAP 結果的對賬，這些表格可在我們的投資者關係網站 ir.tdsynnex.com 上查閱。

This conference call is the property of TD SYNNEX and may not be recorded or rebroadcast without our permission.

本次電話會議由 TD SYNNEX 所有，未經我們許可不得錄製或重播。

I will now turn the call over to Patrick.

現在我將電話轉給帕特里克。

Patrick?

派崔克？

Thank you, Jack.

謝謝你，傑克。

Good morning, everyone, and thank you for joining us.

大家早安，感謝大家的收看。

I am pleased to share our fourth quarter results and how we are well positioned for the year ahead.

我很高興與大家分享我們第四季的業績以及我們為未來一年做好的準備。

Revenue grew by 10% year over year and gross billings grew by 7%.

營收年增 10%，總營業額成長 7%。

We generated free cash flow of $513 million in Q4, meeting our target of $1 billion for the full year.

我們在第四季產生了 5.13 億美元的自由現金流，實現了全年 10 億美元的目標。

Demonstrating our commitment to delivering opportunistic value to shareholders, we returned 72% of our free cash flow in buybacks and dividends during fiscal year '24.

為了體現我們致力於為股東提供機會價值的承諾，我們在 24 財年以回購和股利的形式返還了 72% 的自由現金流。

Let me share three factors behind our Q4 performance.

讓我分享一下我們第四季業績背後的三個因素。

First, we saw good momentum in distribution.

首先，我們看到分銷方面勢頭良好。

Gross billings in endpoint solutions grew by 3% year over year, led by strength in PCs.

受個人電腦強勁成長的帶動，端點解決方案的總營業額年增 3%。

Advanced Solutions, excluding Hyve, showed broad strength across our geographic segments.

除 Hyve 之外，Advanced Solutions 在我們的地理區域內表現出廣泛優勢。

Our cloud, cybersecurity, and data and analytics portfolios all grew by double digits in Q4, across all of our geographic segments.

第四季度，我們的雲端、網路安全以及資料和分析產品組合在所有地理區域均實現了兩位數成長。

Gross profit within Endpoint and Advanced Solutions showed solid growth year over year as we continue to focus on profitable growth.

由於我們繼續專注於獲利成長，端點和高階解決方案的毛利較去年同期穩定成長。

Second, we particularly saw strong top line performance in Hyve.

其次，我們尤其看到 Hyve 的強勁營收表現。

In Q4, Hyve revenue grew by double digits, reflecting its improved end-to-end capabilities.

第四季度，Hyve 營收成長了兩位數，反映出其端到端功能的提升。

As Marshall will discuss, a tough year-over-year compare from Hyve impacted growth and operating margins.

正如馬歇爾 (Marshall) 所討論的，Hyve 的年比業績不佳影響了成長和營業利潤率。

And third, our Q4 results reflect the strength and resilience of our business model in an evolving macro environment.

第三，我們的第四季業績反映了我們的商業模式在不斷變化的宏觀環境中的實力和彈性。

Our diversified product portfolio and our global scale allow us to capture a wide range of IT spend, and our continued operational excellence enabled us to deliver consistent margins and free cash flow.

我們多樣化的產品組合和全球規模使我們能夠獲得廣泛的 IT 支出，而我們持續的卓越營運使我們能夠提供穩定的利潤和自由現金流。

Having been in the CEO role for over 100 days, I'd like to share a few observations from my conversations with many of our partners and vendors.

擔任執行長已有 100 多天，我想分享我與許多合作夥伴和供應商交談時的一些觀察。

Digitization is increasingly critical for enterprises seeking efficiency and growth.

對於追求效率和成長的企業來說，數位化變得越來越重要。

The rapid evolution of the IT ecosystem, driven further by the integration of technologies like AI, is creating new complexities, as enterprises work to meet the evolving needs of their end users.

隨著企業努力滿足最終用戶不斷變化的需求，IT 生態系統在人工智慧等技術融合的推動下快速發展，也帶來了新的複雜性。

These challenges are creating large opportunities for TD SYNNEX.

這些挑戰也為TD SYNNEX創造了巨大的機會。

We are a global leader at the center of many of IT's most powerful tailwinds, and customers and vendors are increasingly relying on us as a trusted, strategic partner to navigate this complexity, grow their business and deliver turnkey solutions that integrate software, hardware, cybersecurity, AI, and other emerging technologies.

我們是IT 領域眾多最強大順風的全球領導者，客戶和供應商越來越依賴我們作為值得信賴的策略合作夥伴來應對這種複雜性，發展他們的業務並提供整合軟體、硬體、網路安全的交鑰匙解決方案、人工智慧等新興技術。

Let me share a few recent examples of how our unique strengths are helping our vendors expand their business.

讓我分享一些最近的例子，說明我們的獨特優勢如何幫助我們的供應商擴展業務。

Two of our top ten global vendors choose us to expand their business to India.

我們的十大全球供應商中有兩家選擇我們將業務拓展到印度。

Our specialized expertise across all major technologies in IT and strong management team in India, combined with our financial strength and commitment to upholding regulatory and compliance requirements is helping them to efficiently and sustainably scale their business.

我們在 IT 領域所有主要技術的專業知識和印度強大的管理團隊，加上我們的財務實力和對遵守監管和合規要求的承諾，幫助他們高效、可持續地擴展業務。

In another example, a large cybersecurity software vendor shows us as the exclusive distributor for Japan.

另一個例子是，一家大型網路安全軟體供應商將我們列為日本的獨家經銷商。

Our market-leading cyber capabilities in Asia Pacific, combined with our strong market presence in Japan, plays a significant role in our ability to expand with this leading vendor.

我們在亞太地區市場領先的網路能力，加上我們在日本強大的市場影響力，對我們與這家領先供應商共同擴張的能力發揮了重要作用。

With more major franchises in place, our market relevance continues to increase in Asia Pacific, where we grew gross billings by 31% year over year in Q4.

隨著更多主要特許經營權的到位，我們在亞太地區的市場相關性不斷提高，第四季度我們的總營業收入同比增長了 31％。

Momentum is also strong with customers around the world.

全球客戶的勢頭也十分強勁。

For example, a large reseller customer choose us to transition part of their business from a one-tier to a two-tier model.

例如，一家大型經銷商客戶選擇我們將部分業務從單層模式轉變為雙層模式。

With our broad capabilities and financial strength, we are delivering comprehensive and customized supply chain and enablement services that significantly reduce their operating costs, while enabling new avenues of growth for them.

憑藉我們廣泛的能力和財務實力，我們提供全面和客製化的供應鏈和支援服務，大大降低他們的營運成本，同時為他們提供新的成長途徑。

In another example, a large global solutions provider chose us to manage the AWS business, recognizing our leadership in the AWS ecosystem and the value of our cloud platforms, manage FinOps services, we are enabling these customers and users to manage cloud workloads at scale and at low cost.

另一個例子是，一家大型全球解決方案供應商選擇我們來管理AWS 業務，認可我們在AWS 生態系統中的領導地位以及我們的雲端平台的價值，管理FinOps 服務，我們使這些客戶和用戶能夠大規模管理雲端工作負載，成本低。

Vendors and customers increasingly choose us for four key reasons.

供應商和客戶越來越多地選擇我們，主要有四個原因。

First, our end-to-end portfolio is unmatched.

首先，我們的端到端產品組合是無與倫比的。

This creates deep partnerships with vendors and enables our customers to expand their technology and solutions offerings.

這與供應商建立了深厚的合作關係，並使我們的客戶能夠擴展他們的技術和解決方案產品。

Second, our specialist go-to-market approach.

第二，我們採取專業的行銷方法。

With expertise across all major technologies in IT, following an enablement engine that helps our customers grow and reduce their operating costs.

憑藉在 IT 領域所有主要技術的專業知識，遵循支援引擎來幫助我們的客戶發展並降低營運成本。

We enable our customers to deliver high-growth technologies like cybersecurity and AI, and integrated multi-vendor solutions.

我們支援客戶提供網路安全和人工智慧等高成長技術以及整合的多供應商解決方案。

At the heart of it is our culture that fosters innovation, collaboration, and a relentless commitment to our partner success.

我們的核心是我們的文化，即促進創新、協作以及對合作夥伴成功的不懈承諾。

Third, our large global reach, enabling partners to deploy multi-country solutions, grow across geographies and enter new market verticals, while trusting us to ensure they meet compliance and regulatory requirements.

第三，我們擁有龐大的全球影響力，使合作夥伴能夠部署多國解決方案、跨地域發展並進入新的垂直市場，同時相信我們能夠確保他們滿足合規性和監管要求。

And fourth, we are a collection of specialists, powered by technology and committed to operational excellence.

第四，我們是一群專家，以科技為驅動，致力於卓越營運。

Our cloud platform, StreamOne, is a great example of how we simplify the complex.

我們的雲端平台 StreamOne 就是我們如何簡化複雜事物的一個很好的例子。

Customers are using our platform as a central hub to manage the anything as a service business.

客戶使用我們的平台作為中央樞紐來管理一切服務業務。

We integrate with key vendors and the whole hyperscaler marketplaces, giving us the ability to provide customers with access to thousands of vendors.

我們與主要供應商和整個超大規模市場進行整合，使我們能夠為客戶提供數千家供應商的服務。

Our platform provides powerful capabilities like real-time reporting and billing on infrastructure as a service consumption, FinOps capabilities, SecOps capabilities, prebuilt white-label storefronts, automation with PSA connectors and our open API architecture and end-to-end connectivity.

我們的平台提供強大的功能，例如基礎設施即服務消費的即時報告和計費、FinOps 功能、SecOps 功能、預建的白標店面、帶有PSA 連接器的自動化以及我們的開放API 架構和端到端連接。

We recently announced marketplace syndication with Microsoft Azure and AWS, simplifying procurement and life cycle management of hyperscaler catalogs.

我們最近宣布與 Microsoft Azure 和 AWS 建立市場聯合，簡化超大規模目錄的採購和生命週期管理。

While customers are embracing our platform, leading next-gen vendors are partnering with us, because we enable them to scale efficiently to reach our large customer base.

在客戶接受我們的平台的同時，領先的下一代供應商也與我們合作，因為我們使他們能夠有效擴展以覆蓋我們龐大的客戶群。

And as our partners grow, so do we.

隨著合作夥伴的成長，我們也在成長。

Moving on to Hyve.

繼續前往 Hyve。

Our hyperscale infrastructure business, with surge in cloud adoption and AI-driven demand, hyperscale has continued to invest heavily in data centers, creating opportunity for Hyve to continue to expand its services and offerings, to address areas such as liquid cooling and power management.

我們的超大規模基礎設施業務，隨著雲端運算採用和人工智慧驅動的需求的激增，超大規模繼續在資料中心進行大量投資，為Hyve 繼續擴展其服務和產品創造了機會，以解決液體冷卻和電源管理等領域的問題。

With operating margins accretive to our results and significant potential, Hyve continues to be a key driver of our growth.

隨著營業利潤率的提高以及我們業績的巨大潛力，Hyve 將繼續成為我們成長的主要驅動力。

In the year ahead, we will build on our momentum by strengthening our position as the vital link connecting the IT ecosystem.

在新的一年裡，我們將乘勢而上，強化我們作為連結IT生態系統重要連結的地位。

We believe that the IT spending environment will continue to improve throughout the year and that we are well positioned to capture opportunities as the demand environment stabilizes, while also continuing to expand in new areas.

我們相信，全年 IT 支出環境將持續改善，隨著需求環境的穩定，我們有能力抓住機遇，同時繼續在新的領域擴張。

We believe we grew ahead of the market this quarter and we will continue to opportunistically look for white space opportunities across geographies, product categories and customer segments to service a greater portion of the overall IT market.

我們相信，本季我們的成長領先於市場，我們將繼續抓住機遇，跨地域、跨產品類別、跨客戶群尋找空白機會，為整個 IT 市場提供更大範圍的服務。

Additionally, we are building enablement solutions for higher-margin services business to help our customers meet the increasing demand for the specializations and certifications that are needed to deliver more complex technologies.

此外，我們正在為利潤更高的服務業務建立支援解決方案，以幫助我們的客戶滿足提供更複雜技術所需的專業化和認證日益增長的需求。

We remain intensely committed to profitable growth, delivering sustainable free cash flow and continued disciplined capital allocation.

我們將繼續致力於獲利性成長、提供可持續的自由現金流和持續嚴格的資本配置。

Any decision we make, whether internal investment, acquisition or returning cash to shareholders will be thoughtfully and carefully evaluated to ensure we prioritize high-impact investments and create meaningful value for our customers and shareholders.

我們所做的任何決定，無論是內部投資、收購或向股東返還現金，都會經過深思熟慮和仔細的評估，以確保我們優先考慮高影響力的投資，並為我們的客戶和股東創造有意義的價值。

Now I will pass it to Marshall for our financial performance and outlook.

現在我將向馬歇爾報告我們的財務表現和前景。

Marshall?

馬歇爾？

Thanks, Patrick, and good morning to everyone.

謝謝，派崔克，大家早安。

We had a good performance in the fourth quarter with gross billings and net revenue exceeding expectations.

我們在第四季的表現良好，總營業額和淨收入超出預期。

Total gross billings were $21.2 billion, up 7.4% year over year, and above the midpoint of our guidance range.

總營業額為 212 億美元，年增 7.4%，高於我們預期範圍的中點。

As we began the year, we anticipated that revenue growth, which shows signs of recovery and gained momentum throughout the year.

在年初，我們預計收入將成長，事實上，收入已顯示出復甦的跡象，並且在全年保持了成長勢頭。

Gross billings growth was roughly flat in the first half, and roughly 8% in the second half, aligning to the sequential growth that we were anticipating.

上半年總營業額成長基本持平，下半年成長約 8%，與我們預期的連續成長一致。

In Q4, there was an approximate 25% reduction from gross billings to net revenue, which was lower than expected and down from quarter three, primarily due to a higher mix of endpoint solutions and high business mix.

第四季度，總營業收入與淨收入減少了約 25%，低於預期，且較第三季度有所下降，這主要是由於端點解決方案組合較高且業務組合較高。

Net revenue was $15.8 billion, up 10% year over year and exceeding the high end of our guidance range.

淨收入為 158 億美元，年增 10%，超出了我們預期範圍的上限。

Our Endpoint Solutions portfolio grew 3% year over year, driven by PCs and peripherals.

在個人電腦和周邊設備的推動下，我們的終端解決方案產品組合年增 3%。

Our Advanced Solutions portfolio grew 11% year over year, driven by Hyve, hybrid cloud, and software.

在 Hyve、混合雲和軟體的推動下，我們的高級解決方案組合年增 11%。

We were pleased to see growth across both Endpoint and Event Solutions in the quarter, which supports our thesis that the IT market has returned to growth.

我們很高興看到本季終端和事件解決方案均實現成長，這支持了我們的論點，即 IT 市場已恢復成長。

Gross profit was $1 billion, or 4.91% of gross billings, representing a 25 basis point decline year over year, primarily driven by a tough compare in Hyve.

毛利為 10 億美元，佔總營業額的 4.91%，年減 25 個基點，主要原因是 Hyve 的比較困難。

As a reminder, in the fourth quarter of last year, Hyve, which is part of our Advanced Solutions portfolio, experienced elevated margins from cost recoveries and recognition of inventory carrying costs as we sold through aged inventory in 2023.

提醒一下，去年第四季度，隨著我們在 2023 年銷售陳舊庫存，作為我們高級解決方案產品組合一部分的 Hyve 從成本回收和庫存持有成本確認中獲得了更高的利潤率。

Sequentially, margins as a percentage of gross billings were up 17 basis points.

與上一季相比，利潤率佔總營業收入的百分比上升了 17 個基點。

Gross profit and distribution showed solid growth year over year as we continue to focus on profitable growth.

由於我們持續專注於獲利成長，毛利和分銷較去年同期呈現穩定成長。

Non-GAAP SG&A expense was $619 million, or 2.92% of gross billings, representing an 8 basis point improvement year over year.

非公認會計準則銷售、一般及行政支出為 6.19 億美元，佔總營業額的 2.92%，較上年同期下降 8 個基點。

The cost to gross profit percentage, which we define as the ratio of non-GAAP SG&A expense to gross profit, was 59.5% in Q4 and consistent with expectations.

我們將其定義為非 GAAP 銷售、一般及行政費用與毛利的比率，成本與毛利的百分比在第四季為 59.5%，與預期一致。

Our cost to gross profit percentage will be an important metric as we look to profitably grow our business and continue to focus on operational excellence and leveraging our resources to improve profitability.

當我們尋求實現業務獲利成長、持續注重卓越營運並利用資源提高獲利能力時，成本與毛利率將是重要指標。

Non-GAAP operating income was $422 million, or 1.99% of gross billings, representing a 17 basis point decline year over year, which was consistent with expectations.

非公認會計準則營業收入為 4.22 億美元，佔總營業額的 1.99%，年減 17 個基點，與預期一致。

The decline, primarily, was driven by high headwinds that we previously discussed.

這種下降主要是由於我們之前討論過的強勁阻力所致。

Interest expense and finance charges were $86 million, higher than expected due to higher average borrowings throughout the quarter.

利息支出和財務費用為 8,600 萬美元，由於整個季度的平均借款額較高而高於預期。

The non-GAAP effective tax rate was approximately 21%.

非公認會計準則有效稅率約為21%。

Our effective tax rate was lower than expected due to favorable discrete items and mix.

由於有利的單項項目和組合，我們的有效稅率低於預期。

Total non-GAAP net income was $263 million and non-GAAP diluted earnings per share was $3.09, both above the midpoint of our guidance range.

非公認會計準則淨收入總額為 2.63 億美元，非公認會計準則攤薄每股收益為 3.09 美元，均高於我們預期範圍的中點。

Turning to the balance sheet.

轉向資產負債表。

For quarter four, networking capital was $3.2 billion, down $312 million from quarter three.

第四季度，網路資本為 32 億美元，較第三季下降 3.12 億美元。

Cash conversion cycle was 18 days, down year over year and sequentially.

現金轉換週期為 18 天，年比和季比都有所下降。

Free cash flow was $513 million for the quarter.

本季自由現金流為 5.13 億美元。

We returned $136 million to stockholders in quarter four, with $102 million of share repurchases and $34 million of dividend payments.

我們在第四季向股東返還了 1.36 億美元，其中包括 1.02 億美元的股票回購和 3,400 萬美元的股息支付。

For the full year of 2024, we generated just over $1 billion in free cash flow, which was consistent with our expectations and returned $750 million to stockholders in the form of buybacks and dividends, representing roughly 72% of free cash flow in fiscal '24.

2024 年全年，我們產生的自由現金流略高於10 億美元，與我們的預期一致，並以回購和股息的形式向股東返還了7.5 億美元，約佔24 財年自由現金流的72 %。

For the current quarter, our Board of Directors has approved a 10% increase to our cash dividend and $0.44 per common share, which will be payable on January 31, 2025 to stockholders of record as of the close of business on January 24, 2025.

本季度，我們董事會已批准將現金股利增加 10%，至每股 0.44 美元，將於 2025 年 1 月 31 日支付給 2025 年 1 月 24 日營業結束時登記在冊的股東。

We ended the quarter with $1.06 billion of cash and cash equivalents and debt of $3.9 billion.

截至本季末，我們的現金和現金等價物為 10.6 億美元，債務為 39 億美元。

Our gross leverage ratio was 2.2 times, and our net leverage ratio was 1.6 times.

我們的總槓桿率為2.2倍，淨槓桿率為1.6倍。

Now moving on to our outlook.

現在開始討論我們的展望。

These numbers are all non-GAAP, and for the first quarter, we expect that gross billings will be in the range of $19.7 billion to $20.7 billion, representing a growth of approximately 5% at the midpoint and 6% in constant currency.

這些數字都是非 GAAP 的，對於第一季度，我們預計總營業額將在 197 億美元至 207 億美元之間，按中間值計算增長約 5%，按固定匯率計算增長 6%。

Net revenue will be in the range of $14.4 billion to $15.2 billion, which translates to an anticipated gross to net adjustment of approximately 27%.

淨收入將在 144 億美元至 152 億美元之間，這意味著預計毛利對淨收入的調整幅度約為 27%。

Our outlook is based on a euro to dollar exchange rate of $1.05.

我們的預測是基於歐元兌美元 1.05 的匯率。

Net income will be in the range of $224 million to $266 million.

淨收入將在2.24億美元至2.66億美元之間。

Diluted earnings per share will be in the range of $2.65 to $3.15 per diluted share, which is based on weighted average shares outstanding of approximately $84 million (sic, see presentation slide 7, "$83.8 million").

每股攤薄收益將在 2.65 美元至 3.15 美元之間，基於約 8,400 萬美元的加權平均流通股（原文如此，請參閱簡報投影片 7，「8,380 萬美元」）。

As I've mentioned before, Hyve had an elevated margin in quarter one of fiscal '24 and is the primary driver for the expected decline in margin on a year-over-year basis, with an approximate 20 basis point impact on margin in quarter one.

正如我之前提到的，Hyve 在 24 財年第一季的利潤率較高，這是預計利潤率同比下降的主要原因，對本季利潤率的影響約為 20 個基點一。

We expect these headwinds will substantially lap by the end of quarter one of fiscal '25.

我們預計這些不利因素將在 25 財年第一季末大幅減弱。

We expect a tax rate of approximately 23% and interest expense of $78 million.

我們預計稅率約為 23%，利息支出為 7,800 萬美元。

As we think about full fiscal year '25, we currently expect gross billings to grow in the mid-single-digit percentage on a year-over-year basis as we continue to expect a PC and server refresh cycle.

當我們考慮整個25財年時，我們目前預計總營業額將比去年同期成長中個位數百分比，因為我們將繼續預期個人電腦和伺服器的更新週期。

An easier compare in networking, which should turn back to growth, and continued growth in Endpoint Solutions and Advanced Solutions, particularly our cloud security and data and analytics portfolio benefiting from AI.

在網路方面更容易進行比較，它應該恢復成長，並且端點解決方案和高級解決方案將繼續成長，特別是我們的雲端安全和數據和分析產品組合受益於人工智慧。

We expect to generate approximately $1.1 billion in free cash flow for the fiscal year and remain committed to disciplined capital allocation, including returning free cash flow to shareholders with a focus on share repurchases, and we have $1.8 billion remaining on our stock repurchase authorization.

我們預計本財年將產生約11 億美元的自由現金流，並將繼續致力於嚴格的資本配置，包括以股票回購為重點向股東返還自由現金流，我們的股票回購授權餘額為18 億美元。

All the while keeping in mind investments need to strategically grow our business.

始終牢記投資需要策略性地發展我們的業務。

We plan to host an Investor Day on April 10, where we will provide more detail on our medium-term targets.

我們計劃於 4 月 10 日舉辦投資者日，屆時我們將提供有關中期目標的更多詳細資訊。

In closing, we believe we remain well positioned to benefit from the IT market recovery and have a strong balance sheet to fund our unique capabilities, allowing us to be the global partner of choice and IT distribution.

最後，我們相信，我們仍然能夠從 IT 市場的復甦中獲益，並且擁有強大的資產負債表來資助我們的獨特能力，從而讓我們成為全球首選的合作夥伴和 IT 分銷商。

With that, we'll open it up for questions.

現在，我們將開始回答問題。

Operator?

操作員？

(Operator Instructions) Adam Tindle, Raymond James.

（操作員指示）亞當·廷德爾、雷蒙德·詹姆斯。

Patrick, I just wanted to start.

派崔克，我只是想開始。

We've got two quarters under your tenure and a Q1 guide here.

我們有您任職期間的兩個季度和第一季的指南。

And understand the qualitative narrative around profitable growth, but it's not as evident in the current results that we're seeing, strong growth, but margins are declining and Q1 implies more of the same.

並了解有關獲利成長的定性敘述，但在我們看到的當前結果中並不明顯，雖然成長強勁，但利潤率正在下降，而第一季度的情況也暗示著更多相同的情況。

I wonder if you might just double-click and revisit that philosophy.

我想知道您是否可以雙擊並重新審視這一哲學。

Growth versus profitability balance and how you plan to manage the business over the medium and long-term going forward?

成長與獲利之間的平衡，以及您計劃如何在未來的中長期管理業務？

And as a part of that, I imagine you're going to talk a little bit about what's going on in Hyve, weighing on margins.

作為其中的一部分，我想你會談談 Hyve 的情況以及對利潤的影響。

I wonder if you could take a step back as you've analyzed that business under the covers, how you're thinking about the decision to put incremental investment there given the margin trends that we're seeing right now and why?

我想知道，當您分析了該業務的底層內容後，您是否可以退一步考慮一下，考慮到我們現在看到的利潤趨勢，您是如何考慮在該業務上進行增量投資的決定的，以及為什麼？

Yes.

是的。

Good morning.

早安.

Thanks for the question.

謝謝你的提問。

So again, when you look at the quarter, so we are very pleased with the growth, both in distribution and Hyve.

因此，再說一次，當你回顧本季時，我們對分銷和 Hyve 的成長感到非常滿意。

If you look at distribution only, the margin, in fact, was stable year on year, the margin quality, which means that we had a good drop through from -- I mean, sales growth, GP growth, operating income growth and all that was very positive.

如果你只看分銷，利潤率實際上是逐年穩定的，利潤率品質也很好，這意味著我們的銷售額、毛利率、營業收入成長等等都有了很大的下降。

Hyve, if you exclude the one-off of last year -- and again, Marshall is going to explain maybe a little bit more detail what caused it.

Hyve，如果你排除去年的一次性事件——Marshall 將會再次詳細解釋造成這件事的原因。

If you exclude that one-off, in fact, Hyve had a very nice growth to, again, not only from a top line, from a GP and from an operating income.

事實上，如果你排除那一次性事件，Hyve 不僅從營收、毛利和營業收入方面實現了非常好的成長。

So if you will, this tough compare, which is curing the pictures.

因此，如果你願意的話，這個艱難的比較正在固化圖片。

Pro forma, I can promise you, so we are committed to profitable growth.

形式上，我可以向你保證，所以我們致力於獲利成長。

And indeed, we are seeing the drop-through if we exclude those one-offs.

事實上，如果我們排除這些一次性事件，我們就會看到下降。

So just rebounding on the second question you asked.

所以我只是重新回答你問的第二個問題。

So Hyve is really having in the market a series of differentiators which justify the double digit -- the high double-digit growth.

因此，Hyve 在市場上確實擁有一系列差異化因素，這些差異化因素證明了其兩位數的成長——高兩位數的成長。

Their margins are accretive to our overall portfolio.

他們的利潤會增值我們的整體投資組合。

And the return on investment is also exceeding cost of weighted capital.

而且投資報酬率也超過了加權資本成本。

So because of that, we believe that it's appropriate to continue to invest in that business for the long run.

因此，我們認為繼續長期投資該業務是適當的。

And Marshall, maybe you want to comment on the one-offs.

馬歇爾，也許你想對這些一次性事件發表評論。

So just to put it in perspective?

那麼只是為了客觀地看待它嗎？

Yes.

是的。

Adam, in quarter one, in the prior year, Hyve had some strong profit around selling through inventory and some recoupment of projects and programs that did not repeat this year.

亞當，在去年第一季度，Hyve 通過銷售庫存獲得了豐厚的利潤，並收回了一些今年沒有重複的項目和計劃。

And just to reiterate what Patrick said, Hyve which is part of our strategic portfolio, that bundle of revenue and margins are growing faster than the company average, both in revenue and in margins.

我再次重申帕特里克所說的話，Hyve 是我們策略投資組合的一部分，其收入和利潤的成長速度都快於公司平均水平，無論是收入還是利潤。

And we do expect and anticipate to further increase our investments in Hyve, not only in terms of skill sets and engineering capabilities, but in terms of manufacturing footprint, whether it's expansion of existing space, or new space, primarily to address liquid cooling and power needs.

我們確實期望並預計將進一步增加對 Hyve 的投資，不僅在技能和工程能力方面，而且在製造足跡方面，無論是擴大現有空間還是新空間，主要是為了解決液體冷卻和電源問題需求。

And then finally, logistics centers and facilities to support the fulfillment side of the business.

最後，物流中心和設施支援業務的履行方面。

So we still believe it is an important element of our AS solution, our portfolio, and believe that as we think through beyond just any one given year, as we've said in the past, Hyve can be lumpy and somewhat unpredictable, but over the last two to three years it has performed quite well for the organization.

因此，我們仍然相信這是我們AS 解決方案和產品組合的重要組成部分，並且相信，正如我們過去所說的那樣，當我們思考任何一年時，Hyve 可能會不穩定且有些難以預測，但隨著時間的推移在過去的兩三年裡，它為該組織做出了巨大的貢獻。

I want just to add one more thing, which is, okay, we have one more quarter of stuff compare, which will be Q1.

我只想補充一點，那就是，好的，我們還有一個季度的數據來比較，也就是第一季。

After that, things will be normal.

此後一切就會恢復正常。

The base is everything will be comparable, and then you are going to see the drop through -- the normal drop-through.

基礎是所有東西都是可比較的，然後你會看到下降——正常的下降。

Because again, the team is focused not only on generating growth, but also on making sure that the GP is increasing at least in line with sales.

因為再說一次，團隊不僅專注於促進成長，而且還致力於確保 GP 至少與銷售額同步成長。

David Vogt, UBS.

瑞銀的戴維沃格特（David Vogt）。

Patrick, I don't think I heard you reference kind of the macro impact of what's going on in Europe out there, whether it's from the environment or from maybe the swings in the US currency.

派崔克，我想我沒有聽到您提到歐洲局勢的宏觀影響，無論是來自環境還是來自美元波動。

I know Marshall gave a guide that contemplated where the euro was.

我知道馬歇爾給過一份指南，思考歐元的去向。

But just maybe can you kind of unpack a little bit what you're seeing in that particular market, whether it's from a billings perspective or a revenue perspective on how you're thinking about that plays out in '25.

但也許您能否稍微解釋一下您在該特定市場中看到的情況，無論是從帳單角度還是收入角度，您認為 25 年該市場將如何發展。

And then I have a follow-up.

然後我有一個後續問題。

Yes.

是的。

So what we saw in Q4.

這就是我們在第四季看到的情況。

So we have statistics from -- about the distribution market.

我們有關於分銷市場的統計數據。

The market grew 2% in the last quarter.

上個季度市場成長了 2%。

So a little bit slower than in Q3, but it continues to grow obviously, we outperformed the market.

因此，雖然比第三季慢了一點，但顯然仍在繼續成長，我們的表現優於市場。

And -- so it's true that the macro environment, if you look at not only the macroeconomic environment, but the whole political instability is creating, I would say, some uncertainty in the market.

所以，如果你不僅看宏觀經濟環境，而且看整個政治不穩定，我會說，宏觀環境確實會為市場帶來一些不確定性。

Now I mean, what we are observing is that the demand is there in distribution from our customer base.

現在我的意思是，我們觀察到，我們的客戶群在分銷方面存在需求。

And we continue -- we are very well positioned in that market, and we continue to take advantage of the opportunities of the market.

我們會繼續下去——我們在該市場佔據非常有利的地位，並繼續利用市場的機會。

But it's true that you have a level of uncertainty in Europe, but it's not today materializing in the market dynamics -- sorry, in the market growth.

但歐洲確實存在一定程度的不確定性，但這並沒有在今天的市場動態中體現出來——抱歉，是在市場成長中體現出來。

Got it.

知道了。

And so my follow-up would be -- maybe Marshall could chime in on this as well.

因此我的後續問題是──也許馬歇爾也可以參與討論這個問題。

So if the European market distribution market is growing too, and you're taking share, and you're guiding the full year preliminary guidance of mid-single-digit billings number.

因此，如果歐洲市場分銷市場也在成長，並且您佔據了份額，並且您預計全年營業額將達到中等個位數的初步預期。

Are we to expect that Europe is going to remain relatively status quo as we move through your fiscal '25?

我們是否可以預期，在2025財年，歐洲將維持相對現狀？

So you did talk about a recovery in PC and server, is that more obviously, America is maybe APAC centric at this point?

所以你確實談到了個人電腦和伺服器的復甦，這是否更明顯，美國現在可能以亞太地區為中心？

David, I'll give you a less Europe response and more of a broader organization response from a company perspective.

大衛，我將從公司的角度，給你一個較少涉及歐洲的回應，以及一個更廣泛的組織角度的回應。

As Patrick has said, once we get past Q1, in that mid-single-digit expectation and growth rate is expected to play out fairly consistently for Q2, Q3, and Q4.

正如帕特里克所說，一旦我們度過第一季度，預計中等個位數的預期和成長率將在第二季、第三季和第四季相當穩定地發揮作用。

As we think about what our seasonal patterns have looked like, we typically see a slight improvement in revenue in quarters two and three, slightly.

當我們思考我們的季節性模式時，我們通常會看到第二季和第三季的收入略有改善。

They tend to mirror each other and look pretty similar in terms of revenue and margin profile.

它們往往互相映襯，在收入和利潤率方面看起來非常相似。

And then we do expect, just like we finished up quarter four that there will be an improvement in revenue and margin quality in quarter four.

然後我們確實預計，就像我們結束第四季度一樣，第四季度的收入和利潤品質將有所改善。

A lot of that is just due to the strength of the quarter, so.

這在很大程度上只是由於本季度的強勁表現。

Patrick has mentioned, we try to balance the way that we build out our forecast with the overall uncertainty in the economies that we do business in and certainly realize and believe that this is potentially the second year of IT recovery spend, but it's going to be difficult to understand how that evolves through the year.

Patrick 曾提到，我們試圖在製定預測的方式與我們開展業務的經濟體的整體不確定性之間取得平衡，我們當然意識到並相信，這可能是IT 復甦支出的第二年，但這將是很難理解這情況在一年內是如何演變的。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

I just had one for Patrick and just a quick follow-up for Marshall.

我剛剛給帕特里克發了一個，然後給馬歇爾發了一個簡短的跟進。

Patrick, I was just wondering if you could talk about the [PC] recovery, I think this quarter, there was some particular strength in peripherals.

派崔克，我只是想知道您是否可以談談[PC]的復甦，我認為本季外圍設備表現得特別強勁。

I was wondering if you could provide some qualitative color on that.

我想知道您是否可以對此提供一些定性說明。

Are you seeing any kind of reseller stocking ahead of any potential tariffs next year?

在明年可能徵收關稅之前，您是否看到任何形式的經銷商儲備？

And then, Marshall, I just wondering if you could talk about whether you're going to be able to achieve the midterm free cash flow outlook next year?

然後，馬歇爾，我只是想知道您是否可以談談明年您是否能夠實現中期自由現金流預期？

And any thoughts around the cost to gross profit percentage for next year?

對於明年的成本與毛利率百分比您有什麼看法？

Mike, thanks a lot.

麥克，非常感謝。

So concerning the PC, already in Q3, we saw a recovery, and we saw it again in Q4.

就個人電腦而言，我們在第三季就已經看到了復甦，並且在第四季度再次看到了復甦。

We grew high single digits in that category.

我們在該類別中實現了高個位數的成長。

Tough to comment if the reason for the growth is coming in anticipation of a tariff increase.

很難評論成長的原因是否是由於預期關稅上調。

There's a lot of uncertainty in the market about it.

市場對此存在許多不確定性。

So really, I would be very cautious using it as a reason for the growth.

所以實際上，我會非常謹慎地將其作為成長的原因。

I mean what is clearly driving the recovery in demand is the need to prepare for the Windows 10 refresh and the fact that you had this aged PC base coming from the pandemic.

我的意思是，推動需求復甦的明顯原因是需要為 Windows 10 更新做好準備，以及疫情導致的老化 PC 基礎。

So those two are clearly driving the demand.

因此，這兩者顯然在推動需求。

I would add that, again, if you look at the overall market, it's the commercial segment, which is driving the growth.

我想補充一點，如果你再看整個市場，你會發現商業領域正在推動成長。

The consumer segment continues to suffer.

消費領域持續遭受損失。

We made the decision to focus on the commercial segment for PCs across the world.

我們決定專注於全球個人電腦的商用領域。

And so commercial growing faster, that gives us an advantage.

商業成長更快，這給了我們優勢。

So that's about the PC question.

這就是有關 PC 的問題。

And Marshall?

還有馬歇爾？

Yeah.

是的。

So Mike, on the questions in regards to free cash flow, not only for the upcoming year, but your comment about over the medium term.

所以麥克，關於自由現金流的問題，不僅是針對未來一年，還有你對中期自由現金流的評論。

So we do expect free cash flow of about $1.1 billion in '25.

因此我們確實預計25年的自由現金流將達到約11億美元。

That's primarily driven by our earnings growth and earnings outcome for the year.

這主要得益於我們今年的獲利成長和獲利結果。

We do expect about a base improvement in our cash conversion cycle to allow us to get to that expected $1.1 billion.

我們確實預期現金轉換週期會有一個基礎改善，使我們能夠達到預期的 11 億美元。

For the longer term or medium term, we've referenced $1.5 billion as our aspiration.

對於長期或中期而言，我們的目標是 15 億美元。

We still hold on to that and believe that, that's an appropriate target to set.

我們仍然堅持這一點，並相信這是一個適當的目標。

We are underway.

我們正在進行中。

I think we shared with you last quarter that we're building out a four- to five-year strategic plan that we're delighted that we're going to be able to share that with you at Analyst Day.

我記得我們上個季度曾與大家分享過，我們正在製定一項四到五年的戰略計劃，我們很高興能夠在分析師日與大家分享該計劃。

And I think with that will come some further refinement and understanding around that medium-term target for cash flow.

我認為這會帶來對中期現金流目標的進一步完善和理解。

In regards to your other question around cost of GP, we came in around 59%.

關於您關於 GP 成本的另一個問題，我們的成本約為 59%。

The expectation is that it will probably stay around 59% for the first half of the year and we should expect to see some slight improvements in the second half.

預計今年上半年這一數字可能會維持在 59% 左右，下半年將略有改善。

Our operational efficiency projects and the way we do business remains an important focus for our organization.

我們的營運效率項目和經營方式仍然是我們組織關注的重點。

We're quite confident that this will lead to a sustainable improvement going forward.

我們非常有信心，這將帶來未來可持續的改善。

Joseph Cardoso, JPMorgan.

摩根大通的約瑟夫·卡多佐。

So we're seeing a lot of investments from your peers in the high space and areas like liquid cooling power optics.

因此，我們看到您的同行在高端領域和液體冷卻功率光學器件等領域進行了大量投資。

And you guys talked about as an area of focus, or a focus on investments for you as well.

你們也談到了關注的領域，或者說投資重點。

I was just curious if you could just provide a bit more color around your footprint here, your portfolio here, and how you view it backs up against some of the peers in the space?

我只是好奇，您是否可以提供更多關於您在這裡的業務足跡、您的投資組合以及您如何看待它與該領域的一些同行相比的情況？

And then any more color on where you're looking to invest?

還有更多關於您尋求投資的資訊嗎？

And is this more of an organic shift?

這是否是一種更有機的轉變？

Or are you looking to do some potential M&A here?

或者您正在尋求在此進行一些潛在的併購？

And how does that pipeline look?

那條管道看起來怎麼樣？

Joe, I'll start first, and then Patrick, please fill in where we're needed.

喬，我先開始，然後派崔克，請填寫我們需要的內容。

So yes, you heard in my comments on the previous response.

是的，您已經聽到了我對之前的回應的評論。

We expect to continue to make investments in manufacturing capacity and capabilities and engineering skill sets.

我們希望繼續對製造能力、能力和工程技能進行投資。

And that is around continuing to build out our ability to have our own design.

這就是圍繞著繼續增強我們自己的設計能力。

Joe, as you know, we do design work ourselves.

喬，如你所知，我們自己做設計工作。

We codesign.

我們共同設計。

We build out the designs of others.

我們按照別人的設計來建造。

And all three of those elements and aspects we want to continue to provide the right skill set and the right footprint and the right capacity for that.

我們希望繼續針對所有這三個要素和麵向提供正確的技能組合、正確的足跡和正確的能力。

In regards to our peers, we act and behave in an ODM in [CM] world.

對於我們的同行，我們在 [CM] 世界中以 ODM 的方式行事。

So think about those competitors -- and when we go to market and go to bid with those opportunities, those are our facing competitors.

所以想想那些競爭對手——當我們進入市場並利用這些機會進行競標時，那些就是我們面臨的競爭對手。

We feel like we're doing quite well in the markets we serve and the customers that we have.

我們覺得我們在所服務的市場和現有的客戶中表現相當不錯。

And as you know, we're continuing to expand our customer base and feel that that's going to continue to be an important aspect of our growth in the next two to three years.

如您所知，我們正在繼續擴大我們的客戶群，並認為這將在未來兩到三年內繼續成為我們成長的重要方面。

And then just thinking about the overall question around is this going to be internal versus inorganic opportunities for now, all the discussions we've had and what I shared with you is more of an organic game plan that we have.

然後思考整個問題，現在這將是內部機會還是無機機會，我們進行的所有討論以及我與你們分享的更多是我們擁有的有機遊戲計劃。

Ruplu Bhattacharya, Bank of America.

美國銀行的 Ruplu Bhattacharya。

Marshall, you talked about mid-single-digit growth in billings for fiscal '25.

馬歇爾，您談到了25財年的帳單將實現中等個位數成長。

And I think you said mid-single digits for every quarter from 2Q to 4Q.

我認為您說過從第二季到第四季每季的成長率都是個位數的中等水準。

If I look at this year and fiscal '24, it looks like Endpoints grew 1% and Advanced Solutions grew 7%.

如果我看今年和24財年，看起來Endpoints成長了1％，而Advanced Solutions成長了7％。

But now in fiscal '25, you're going to have both segments grow, hopefully, like PCs recover and Advanced Solutions and Hyve should do well as well.

但現在到了 25 財年，希望這兩個細分市場都能成長，例如個人電腦能夠復甦，而 Advanced Solutions 和 Hyve 也能夠表現良好。

So can you give us your thoughts on the relative growth in billings between Endpoint Solutions and Advanced Solutions?

那麼您能否告訴我們您對端點解決方案和高級解決方案之間的帳單相對增長的看法？

How should we think about that relative growth in fiscal '25?

我們該如何看待25財年的相對成長？

Ruplu, yes, I'll start and then Patrick have some comments as well.

Ruplu，是的，我先開始，然後 Patrick 也有一些評論。

We do not yet guide by product portfolio in terms of ES and AS.

我們尚未根據 ES 和 AS 提供產品組合指導。

But you are right.

但你是對的。

Our expectations is that both should grow in a relative perspective to the 5% growth.

我們的預期是，兩者都應以 5% 的成長率成長。

And then just to put in context on your comment about Hyve, the way we build out our forecast is we look at the whole range of outcomes, and we're informed by the forecast demand delivered and given to us by our customers.

然後，只是為了說明您對 Hyve 的評論，我們制定預測的方式是查看所有結果，並根據客戶提供給我們的預測需求來了解情況。

From that, we look at the range of outcomes and default or tend to go towards more the conservative side of those outcomes, just given some of the unpredictability of how that volume falls.

從中我們可以考察各種結果，並且考慮到產量下降的不可預測性，我們默認或傾向於選擇更保守的結果。

And Patrick?

還有派崔克？

Yes.

是的。

So the fact is that when you look at all the technologies we take to market, I mean, most of them have today, are starting to -- have or will have a good momentum.

所以事實是，當你看到我們推向市場的所有技術時，你會發現其中大多數技術今天都已開始或將擁有良好的發展勢頭。

If you think about AS, in particular networking, has been suffering last year.

如果您想一想 AS，尤其是網絡，去年就遭受了損失。

The tough compare is behind us, so we should see recovery in networking also.

艱難的較量已經過去，因此我們也應該會看到網路領域的復甦。

By the way, in Q4, I mean, we had low single-digit growth despite still a tough compare with last year.

順便說一句，在第四季度，儘管與去年相比仍然很艱難，但我們仍實現了低個位數的成長。

Now to put things in perspective for the whole year, you have the macro uncertainties.

現在從全年角度來看，存在著宏觀不確定性。

Geopolitical, macroeconomic, in particular in Europe, the tariffs, what will be the impact on demand.

地緣政治、宏觀經濟，特別是歐洲的關稅，會對需求產生什麼影響。

So we are trying to find a balanced view between, again, some of the tailwinds, some of the dynamics in the market and some of the risks which are creating uncertainties on the overall dynamic.

因此，我們試圖在一些順風因素、市場動態和造成整體動態不確定性的風險之間找到平衡的觀點。

And so the guidance we've provided is taking that into account.

因此，我們提供的指導已經考慮到了這一點。

We are comfortable with our guidance despite this uncertain environment.

儘管環境不確定，但我們對我們的預期仍感到滿意。

But yes, that's how I would quantify it for the moment.

但是是的，這就是我目前量化它的方法。

Ashish Sabadra, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Ashish Sabadra。

I just wanted to focus on the impact of mix shift as we think about not only the first quarter, but the rest of 2025 as well.

我只是想關注組合轉變的影響，因為我們不僅考慮第一季度，還考慮 2025 年剩餘時間。

So if you look at endpoint solution, we continue to -- so the PC market should have a positive impact on the growth.

因此，如果您查看端點解決方案，我們會繼續 - 因此 PC 市場應該會對成長產生積極影響。

There's another category which is quite important in our portfolio, which is mobile, and here, the demand is going to be -- for the moment, what we see is going to be probably a little bit more muted.

我們的投資組合中還有一個非常重要的類別，那就是行動領域，就目前而言，我們看到的需求可能會更加低迷。

That's more a European statement, by the way, most of our mobile business comes from Europe.

順便說一句，這更像是一個歐洲的聲明，我們大部分的行動業務來自歐洲。

So I mean -- so that's how we see the market on Endpoint.

我的意思是——這就是我們對 Endpoint 市場的看法。

When you look at Advanced Solution, again, specifically for distribution, we see that compute should continue to recover.

當您再次查看高級解決方案時，特別是對於分發，我們看到計算應該繼續恢復。

By the way, not only AI compute, for the moment, the demand for AI servers, what we see in the enterprise space, enterprise customers are looking for their use cases.

順便說一句，不僅是人工智慧運算，目前，對人工智慧伺服器的需求，我們在企業領域看到的是，企業客戶正在尋找他們的用例。

So it's not really driving the demand yet except for a very specific category of customers, which are the Tier 2 CSPs.

因此，除了非常特殊的一類客戶（即二級 CSP）之外，它還沒有真正推動需求。

But traditional service is recovering.

但傳統服務業正在復甦。

I talked about networking.

我談到了網路。

Software, cloud and security should continue to do well.

軟體、雲端和安全性應該會繼續表現良好。

So based on that, I think that probably AS should progress a little bit faster than end point with -- based on what we see at this very moment.

因此基於此，我認為根據我們目前看到的情況，AS 的進展可能會比終點快一點。

A lot will depend again on what mobile will do next year.

很多事情仍將取決於行動領域明年的發展。

But as of today, that's what we see.

但截至今天，我們看到的就是這樣。

Keith Housum, Northcoast Research.

基思‧豪瑟姆 (Keith Housum)，Northcoast Research。

In terms of just trying to unpack the growth a little bit more, and you saw the quarter, obviously, a solid quarter for that.

就嘗試進一步解讀成長情況而言，您會看到本季顯然是一個穩健的季度。

It does sound like you guys have some strategic wins with some vendors -- there are some -- your companies wanting to take them to other geographies.

聽起來你們與一些供應商取得了一些策略性勝利——有些——你們的公司想把他們帶到其他地區。

Can you perhaps unpack the growth in terms of how much your growth was more end market driven versus expansion of the relationships with your existing vendors?

您能否從以下角度來解釋您的成長：您的成長在多大程度上是由終端市場驅動，還是由與現有供應商的關係擴展所驅動？

Yeah.

是的。

We don't look at -- we don't quantify it.

我們不看它——我們不量化它。

What we see is twofold.

我們看到的是雙重的。

So indeed, you have the dynamics of the market.

因此，你確實了解市場的動態。

We continue to leverage our global relationships to win the franchises in all our key markets, and we see some good success doing so.

我們繼續利用我們的全球關係來贏得所有主要市場的特許經營權，並且我們取得了一些成功。

For the functionalities I referred to, for India, obviously, we don't see yet the impact in our results, but that's going to position us well for the future.

對於我提到的功能，對於印度來說，顯然我們還沒有看到對結果的影響，但這將為我們的未來奠定良好的基礎。

Yeah.

是的。

So short term, I think it's two things.

所以短期來看，我認為有兩點。

It's market dynamics in the countries we play.

這是我們所在國家的市場動態。

And in addition, I mean, our value proposition of our go-to-market are differentiating us in the market and enable us to grow faster than what we -- the demand in the market.

此外，我們的市場價值主張使我們在市場中脫穎而出，並使我們能夠比市場需求更快地成長。

And Keith, I would just add on your end market question.

基思，我只是想補充你的終端市場問題。

It feels pretty stable just in terms of our end markets whether you're comparing us to Q3 or prior year Q4, it feels fairly stable just in terms of the percentage relationships.

就我們的終端市場而言，感覺相當穩定，無論您將我們與第三季還是去年第四季進行比較，就百分比關係而言，感覺相當穩定。

George Wang, Barclays.

巴克萊銀行的喬治王 (George Wang)。

Firstly, can you kind of unpack on the peripherals?

首先，您能解開週邊設備嗎？

It's interesting you guys called out Endpoint, including some peripheral growth in the quarter.

有趣的是，你們提到了 Endpoint，包括本季的一些外圍成長。

But also just kind of shifting to storage, you haven't talked too much on storage seems poised for growth as well.

但是也只是轉向存儲，您還沒有談論太多關於存儲似乎也準備好增長的事情。

So maybe can you kind of double-click on subsegments, if you can?

那麼，如果可以的話，您是否可以雙擊子段？

Yes, on peripherals, we see demand coming back.

是的，就週邊設備而言，我們看到需求正在回升。

For the moment, it's low single-digit growth in that space.

目前，該領域的成長率為低個位數。

But our strategy is as much as possible to bundle peripherals with the sale of PCs, for example.

但我們的策略是盡可能將週邊設備與個人電腦的銷售捆綁在一起。

So I mean, we hope that as the dynamic continues on PCs that we have success in bundling peripherals to the PCs.

所以我的意思是，我們希望隨著 PC 的持續發展，我們能夠成功地將週邊設備捆綁到 PC 上。

On the storage, I mean it's a segment last quarter where we -- I mean, that market -- that segment of the market didn't grow last quarter.

關於存儲，我的意思是，上個季度我們的這個細分市場——我的意思是，那個市場——那個細分市場上個季度沒有增長。

But what -- I mean it's very common when you have a recovery in the data center, it comes first from the compute and then storage follows.

但是 — — 我的意思是，當你在資料中心進行復原時，這是很常見的，它首先來自計算，然後是儲存。

And so we are quite confident for the coming quarters despite the fact that, yes, in last quarter, storage was relatively muted.

因此，儘管上個季度的儲存量相對低迷，但我們對未來幾季仍然充滿信心。

Matt Sheerin, Stifel.

馬特·謝林（Matt Sheerin），Stifel。

Two quick ones for me.

對我來說有兩個簡單的問題。

One, Marshall, just thinking about -- you talked a lot about the mix of business.

第一，馬歇爾，我只是在想──你談了很多關於業務組合的問題。

What should we think about gross margins?

我們應該如何考慮毛利率？

You're running around mid-6%, 6.5%, 6.6%.

您的利率目前在 6% 左右、6.5% 和 6.6% 左右。

Given that mix and the stability you're talking about through the year, is that the right number to model?

考慮到這種組合以及您所說的全年穩定性，這個數字是否是正確的建模數字？

Or are there going to be any changes in the second half that would move that higher?

或者下半年是否會發生一些變化，使這一數字進一步上升？

Matt, thanks for the question.

馬特，謝謝你的提問。

We don't guide on gross margin, but we'll refer to the comments I made earlier around op margin stability as we exit quarter one being that are -- billing growth of 5% should have a commensurate fall through to operating income.

我們不提供毛利率指引，但我們會參考我先前就第一季結束時營業利潤率穩定性所發表的評論，即 5% 的帳單成長率應該會導致營業收入相應下降。

So we do think margins will stabilize.

因此我們確實認為利潤率將會穩定。

And as I said earlier, Matt, we think that normal seasonality shows some improvement in growth in operating margins in quarter four.

正如我之前所說，馬特，我們認為正常的季節性表明第四季度的營業利潤率成長有所改善。

Okay.

好的。

And relative to the Hyve business, I know you've had very strong growth there, and I know part of that was due to the ramp of a second major customer.

相對於 Hyve 業務，我知道你們在那裡實現了非常強勁的成長，我知道部分原因是第二個主要客戶的成長。

Could you tell us where you are in terms of that ramp and opportunities for other customers?

您能否告訴我們，就該管道以及其他客戶的機會而言，您的情況如何？

Sure.

當然。

Yeah, we continue to see strong performance with that customer in quarter four, expected another good strong performance in quarter one.

是的，我們在第四季繼續看到該客戶的強勁表現，預計第一季仍將有強勁表現。

And as I said earlier, we are working towards expansion of other services and capabilities with that customer, typically with Hyve and our partnerships, we're able to bring on more services and capabilities as the relationship grows.

正如我之前所說，我們正在努力與該客戶擴展其他服務和能力，通常透過 Hyve 和我們的合作夥伴關係，隨著關係的發展，我們能夠提供更多的服務和能力。

And then just the other comment about further expansion in our customer base were up.

然後，關於進一步擴大我們的客戶群的另一條評論也出現了。

We're excited and believe there's going to be opportunity to expand that as we move through this year and into '26.

我們非常興奮，並且相信隨著今年和26年的到來，我們將有機會擴大這一範圍。

Alek Valero, Loop Capital.

Loop Capital 的 Alek Valero。

This is Alek on for Ananda.

這是 Alek 為 Ananda 表演的。

I actually have another Hyve question for you guys.

我實際上還有另一個 Hyve 問題想問你們。

So on Hyve and GenAI demand, would you guys view as the greatest levers this year?

那麼，就 Hyve 和 GenAI 的需求而言，你們認為它們是今年最大的槓桿嗎？

And how do you expect them to play out throughout the year?

您預計他們全年會有何表現？

So Hyve, in fact, is active on -- not only on compute, is also strong on networking.

因此，Hyve 實際上不僅在運算方面很活躍，在網路方面也很強大。

So -- and as you know, this is a business which is project based.

所以 — — 如你所知，這是一項基於專案的業務。

So we are working on several projects.

因此我們正在進行幾個項目。

Yes, on compute.

是的，正在計算。

So today, we are heavier on traditional compute.

所以今天我們更加重視傳統運算。

And we will see some opportunities on AI compute.

我們將在人工智慧運算方面看到一些機會。

And again, networking is also -- we see good demand in that space.

再次，網路也是——我們看到該領域的需求良好。

(Operator Instructions) Ruplu Bhattacharya, Bank of America.

(操作員指示) 美國銀行，Ruplu Bhattacharya。

I just wanted to ask a clarifying question on the Hyve margins.

我只是想問一個關於 Hyve 利潤的澄清問題。

You talked about a year-on-year headwind in the current quarter or even in the first quarter.

您談到了本季乃至第一季同比出現的逆風。

Is there any headwind from ramping of the second customer or any other future customers?

第二個客戶或其他未來客戶的成長會帶來什麼阻力嗎？

And does that -- when you get a new customer, is there some upfront investment you have to do that impacts margins?

當您獲得一個新客戶時，是否需要進行一些前期投資，從而影響利潤？

And then for Patrick, software and services have higher margins.

對派崔克來說，軟體和服務的利潤更高。

Is there any plan to increase the mix of software and services through inorganic growth and M&A?

是否有計劃透過無機成長和併購來增加軟體和服務的組合？

Marshall, you start with the -- and I will answer on services and software.

馬歇爾，你先問——我會回答有關服務和軟體的問題。

So on the customer that ramped in '24 and continues to perform well.

因此，對於 24 年以來業績不斷成長且表現良好的客戶而言。

We're close to where we hope those margins should be, but there's still some investment we're doing within that second customer.

我們已經接近我們希望的利潤水平，但我們仍在對第二個客戶進行一些投資。

But nothing out of the ordinary and expect that to normalize and to get somewhat mature.

但沒有什麼不尋常的，並期望它能夠正常化並變得有點成熟。

I do want to just touch back on the investments we're making in Hyve that is for -- it will serve as some SG&A headwind, and some margin headwinds around what we're doing to build out, as I said earlier, the skills, the manufacturing footprint and the logistics requirements.

我想回顧我們在 Hyve 所做的投資，這將成為銷售、一般及行政開支的阻力，以及我們正在做的事情的利潤阻力，正如我之前所說的，我們正在建立技能、製造足跡和物流要求。

Yeah.

是的。

So software and services is an opportunity for growth.

因此，軟體和服務是一個成長機會。

That's an area where we've been consistently growing.

這是我們一直持續發展的領域。

On software, again, it's -- I mean we see software as we look at the different technologies in that segment.

關於軟體，再次強調，我的意思是，當我們觀察該領域的不同技術時，我們就會想到軟體。

We are investing in differentiated value propositions and to grow faster than the market.

我們正在投資差異化的價值主張並實現比市場更快的成長。

We think that we are very well positioned in general.

我們認為，總體而言，我們處於非常有利的位置。

There may be some countries where we are missing franchises, and we are working on, again, getting those franchises to be competitive in those countries.

在某些國家我們可能缺少特許經營權，我們正在努力使這些特許經營權在這些國家具有競爭力。

So most of it is going to happen organically.

因此，大部分事情都會自然發生。

If we can find an acquisition, which accelerates getting us the franchise and the capabilities we will do.

如果我們可以找到一個收購機會，這將加速我們獲得特許經營權和能力，我們將會這樣做。

If, again, the acquisition meets our requirements.

如果此次收購再次符合我們的要求。

On services, you will get an update at Analyst Day.

關於服務，您將在分析師日獲得更新。

It's clearly an opportunity for us where we want to accelerate.

這顯然是我們想要加速發展的一個機會。

But again, I prefer to wait for the Analyst Day to give you more details -- share more details on what is going to be our strategy to accelerate in that space.

但是，我還是想等到分析師日再向您提供更多細節，分享更多有關我們在該領域加速發展的策略的細節。

Alek Valero, Loop Capital.

Loop Capital 的 Alek Valero。

A quick follow-up.

快速跟進。

So on networking, can you guys provide any color on current networking inventory in the system and demand?

那麼在網路方面，你們能否提供有關係統中目前網路庫存和需求的資訊？

And do you guys think the industry is over the inventory bump?

你們認為業界已經度過了庫存高峰嗎？

Yes.

是的。

So on networking, we are expecting growth this year.

因此，我們預計今年網路方面將實現成長。

Last year, we -- I mean, we had the very tough compare because 2023 was inflated by the release of the backlog.

去年，我們 — — 我的意思是，我們進行了非常艱難的比較，因為 2023 年因積壓訂單的釋放而被誇大了。

When you look at it from a technology standpoint, Wi-Fi 7 is going to bring a lot of demand.

從技術角度來看，Wi-Fi 7將帶來大量需求。

We also know that we have in front of us the upgrade of the data centers in terms of switching, so to support the AI technology.

我們也知道，我們面臨著資料中心在交換方面的升級，以支援人工智慧技術。

So I mean we feel confident because of the underlying demand, but also because the tough compare is behind us.

所以我的意思是，我們感到有信心，不僅因為有潛在的需求，還因為艱難的比較已經過去了。

We have no further questions.

我們沒有其他問題了。

I would like to turn the call back over to Patrick Zammit for closing remarks.

我想將電話轉回給 Patrick Zammit，請他作最後發言。

Thank you, everyone, for joining us.

感謝大家加入我們。

I want to take a moment to thank our customers, partners and our investors for their support, and importantly, our outstanding team of over 23,000 coworkers around the globe for their dedication to serving our customers.

我想花點時間感謝我們的客戶、合作夥伴和投資者的支持，更重要的是，感謝我們遍布全球的 23,000 多名同事組成的優秀團隊致力於服務我們的客戶。

We look forward to reconnecting next quarter.

我們期待下個季度重新建立聯繫。

I hope you have a good day.

祝你有個愉快的一天。

That concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。

Have a nice day.

祝你今天過得愉快。