新聚思 (SNX) 2025 Q4 法說會逐字稿

Good morning. My name is Jeannie and I will be your conference operator today. I would like to welcome everyone to the TD Synnex fourth-quarter and full year fiscal 2025 earnings call. Today's call is being recorded (Operator Instructions) Thank you.

早安.我叫珍妮，今天將由我擔任你們的會議接線生。歡迎大家參加 TD Synnex 2025 財年第四季及全年業績電話會議。本次通話正在錄音（操作員指示）。謝謝。

At this time, for opening remarks, I would like to pass the call over to Nate Friedel, Head of Investor Relations at TD Synnex. Nate, you may begin.

此時此刻，我謹將電話轉交給 TD Synnex 投資人關係主管 Nate Friedel，請他致開幕詞。內特，你可以開始了。

Thank you. Good morning, everyone, and thank you for joining us for today's call. With me today is Patrick Zammit, our CEO; and David Jordan, our CFO.

謝謝。各位早安，感謝各位參加今天的電話會議。今天陪我一起的有我們的執行長 Patrick Zammit 和我們的財務長 David Jordan。

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 financial expectations for future fiscal periods.

在我們繼續之前，請允許我提醒各位，今天的討論包含聯邦證券法意義上的前瞻性陳述，包括對未來事件的預測、估計、展望或其他陳述，包括關於我們的戰略、需求、計劃和定位、增長、現金流、資本配置和股東回報的陳述，以及我們對未來財政期間的財務預期。

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 -8K we filed today in the risk factors section of our Form-10K and our other reports and filings with the SEC.

由於今天在8K表格中發布的收益報告中討論的風險和不確定性，以及我們在10K表格的風險因素部分和我們向美國證券交易委員會提交的其他報告和文件中討論的風險和不確定性，實際結果可能與這些前瞻性聲明中提到的結果存在重大差異。

We do not intend to update any forward-looking statements. Also, during this call, we will reference certain non-GAAP financial information. Reconciliations of GAAP and non-GAAP results are included in our earnings press release in the related Form-8K available on our investor relations website IR.tdsynnex.com.

我們不打算更新任何前瞻性聲明。此外，在本次電話會議中，我們將提及一些非GAAP財務資訊。GAAP 和非 GAAP 結果的調整表包含在我們的收益新聞稿中，相關表格 8K 可在我們投資者關係網站 IR.tdsynnex.com 上取得。

This conference call is the property of TD Synnex and may not be recorded or rebroadcast without our permission. I will now turn the call over to Patrick. Patrick?

本次電話會議屬於TD Synnex所有，未經許可不得錄音或轉播。現在我將把通話轉給帕特里克。派崔克？

Thank you, Nate. Good morning everyone and thank you for joining us today. We are pleased to report another set of record results that complete an outstanding year for our organization. Over the full year, our business excluding Hyve increases its gross billings in the high single-digits year over year, while improving both its gross margin and operating margin profile. Additionally, Hyve grew its gross billings double-digits and well above our expectations and has made further progress expanding its set of offerings and diversifying its customer base.

謝謝你，內特。各位早安，感謝大家今天收看我們的節目。我們很高興地宣布，我們又取得了一系列創紀錄的成績，為我們組織輝煌的一年畫上了圓滿的句號。全年來看，除 Hyve 外，我們的業務毛收入年增接近兩位數，同時毛利率和營業利潤率均有所提高。此外，Hyve 的總收入實現了兩位數的成長，遠遠超出了我們的預期，並且在擴大產品和服務範圍和客戶群體多元化方面取得了進一步進展。

Turning to the fourth quarter, our non-GAAP gross billings of $24.3 billion represented an increase of 15% year over year, or 13% in constant currency. And non-GAAP diluted earnings per share of $3.83 represented an increase of 24% year over year.

第四季度，我們的非GAAP毛營收為243億美元，年增15%，以固定匯率計算成長13%。非GAAP稀釋後每股收益為3.83美元，較去年同期成長24%。

Both of these established new records for our company, demonstrating the value of our diversified business model and the successful execution of our long-term strategy. Within TD Synnex, excluding Hyve, our momentum continued with gross billings increasing 10% year over year and gross profit and operating income, each also increasing by double-digits.

這兩項都為我們公司創造了新的紀錄，證明了我們多元化商業模式的價值以及我們長期策略的成功執行。在 TD Synnex 中（不包括 Hyve），我們的成長勢頭持續強勁，毛帳單額年增 10%，毛利和營業收入也均實現了兩位數的成長。

Hyve experienced another strong quarter, with gross billings increasing by more than 50% year over year and ODMCM gross billings increasing 39% year over year, driven by sustained broad-based demand in cloud data center infrastructure from our hyperscale customers.

Hyve 又經歷了一個強勁的季度，總帳單年增超過 50%，ODMCM 總帳單年增 39%，這主要得益於我們超大規模客戶對雲端資料中心基礎設施的持續廣泛需求。

Hyve's operating income also grew meaningfully year over year and continues to become a large proportion of our overall mix. Our results reflect its strength across all regions and key technologies. North America continued to grow steadily, supported by demand across each of our key customer segments, prioritization of increased security requirements, and ongoing shifts towards complex multi-cloud architectures.

Hyve 的營業收入也逐年顯著成長，並持續在我們整體業務組合中佔據較大比例。我們的業績反映了其在所有地區和關鍵技術領域的實力。北美市場持續穩定成長，這得益於我們各個主要客戶群的需求、日益增長的安全需求以及向複雜的多雲架構的持續轉變。

Europe grew faster than we anticipated as customers prioritized infrastructure software, PC device upgrades, and modernization of aging infrastructure, despite the slow macroeconomic backdrop. As we've seen over the last few quarters, Asia Pacific and Japan remain a key growth engine driven by rapid cloud expansion, PC device upgrades, accelerating AI development, and strong demand from fast digitizing economies across the region.

儘管宏觀經濟形勢緩慢，但由於客戶優先考慮基礎設施軟體、PC 設備升級和老舊基礎設施的現代化，歐洲的成長速度超過了我們的預期。正如我們在過去幾季所看到的，亞太地區和日本仍然是重要的成長引擎，這得益於雲端運算的快速擴張、個人電腦設備的升級、人工智慧的加速發展以及該地區快速數位化經濟體的強勁需求。

Lastly, our growth story in Latin America remains encouraging, delivering double-digit topline momentum with strong engagement across our portfolio and customer base. Our performance is a direct outcome of executing on the strategy we outlined at Investor Day.

最後，我們在拉丁美洲的成長動能依然令人鼓舞，實現了兩位數的營收成長，並且我們的產品組合和客戶群都保持著強勁的參與度。我們的業績是執行我們在投資者日上提出的策略的直接結果。

As we enter 2026, we are sharpening execution around four focus areas that will define what we want to be known for. We will start with omni-channel engagement. Through disciplined investments in our partner first digital portal, we've built a frictionless interface that meets customers wherever they transact and simplifies the experience end to end.

進入 2026 年，我們將圍繞四個重點領域加強執行，這將定義我們希望以何種形象聞名。我們將從全通路互動開始。透過對以合作夥伴為先的數位入口網站進行嚴格的投資，我們建立了一個流暢的介面，無論客戶在哪裡進行交易，都能滿足他們的需求，並簡化端到端的體驗。

By pairing seamless digital engagement with our personalized relationship-driven support, our highly skilled teams help customers navigate complexity and move beyond transactions, earning the role of trusted adviser and forging long-term partnerships.

透過將無縫的數位互動與我們以關係為導向的個人化支援相結合，我們技術精湛的團隊幫助客戶應對複雜情況，超越交易本身，贏得值得信賴的顧問角色，並建立長期的合作夥伴關係。

In Q4, we enhanced our part first digital bridge functionality with a new AI system that enables customers to transact in a self-service mode 24/7 in their working environment. This enhancement transforms how our customers' sales teams access and act on information to support their end customers in real time.

第四季度，我們透過新的人工智慧系統增強了我們的部分優先數位橋功能，使客戶能夠在工作環境中全天候自助交易。這項改進改變了我們客戶的銷售團隊獲取資訊和採取行動以即時支援其最終客戶的方式。

Our customers have already attested that the new capability has saved employees in sales and product procurement operations multiple hours per day. The industry is also recognizing our strength in this area. During the quarter, we were awarded the UK iCloud Marketplace of the Year by CRN. We receive this honor due to the differentiated quality of our platform, along with our leadership and customer enablement and technical training, helping our customers navigate what has been a transformative year in this space and ultimately accelerating growth throughout our cloud portfolio.

我們的客戶已經證實，這項新功能每天為銷售和產品採購部門的員工節省了數小時的時間。業界也認可我們在這領域的優勢。本季度，我們榮獲 CRN 頒發的英國年度最佳 iCloud Marketplace 獎。我們之所以獲得這項榮譽，是因為我們平台的卓越品質，以及我們的領導力、客戶賦能和技術培訓，幫助我們的客戶應對這一領域變革性的一年，並最終加速了我們整個雲端產品組合的成長。

The next strategic pillar is specialized go to market. Our collection of specialist approach combines deep technical expertise with a deep understanding of our customers' go to market strategy and needs. This dual competency accelerates technology adoption and positions us as a growth catalyst for vendors and customers. It's a differentiated capability that strengthens stickiness and expands our wallet share in high growth segments.

下一個策略支柱是專業化市場進入策略。我們採用的專業方法將深厚的技術專長與對客戶市場進入策略和需求的深刻理解相結合。這種雙重能力加速了技術的應用，使我們成為供應商和客戶的成長催化劑。這是一項差異化能力，可以增強客戶黏著度，並擴大我們在高成長細分市場的份額。

Our Q4 accomplishments within this pillar include winning a global security RFP that will enable us to expand our portfolio in existing geographies with large enterprise customers, which is a segment that has not historically purchased through TD Synnex.

我們在第四季度在該領域取得的成就包括贏得了一項全球安全 RFP，這將使我們能夠在現有地區擴展我們的產品組合，服務於大型企業客戶，而這一領域歷來沒有透過 TD Synnex 購買過產品。

We were chosen due to our global presence and deep security specialization, as well as for our ability to unlock substantial cost savings for the vendor while simultaneously improving customer experience. We expect these customers will increasingly leverage our broader product and service portfolio over the time, enabling them to consolidate spend and capture additional growth in the market.

我們之所以被選中，是因為我們擁有全球影響力、深厚的安全專業知識，以及我們能夠在為供應商節省大量成本的同時改善客戶體驗的能力。我們預計這些客戶將隨著時間的推移越來越多地利用我們更廣泛的產品和服務組合，從而能夠整合支出並獲得市場中的額外成長。

Our emphasis on specialization has been recognized by our vendors as well. In Q4, Cisco named TD Synnex's Distributor of the Year globally as well as regionally in the Americas and EMEA. These awards reflect how our specialization, deep alignment with Cisco, and innovation across markets consistently deliver real business outcomes for our customers.

我們對專業化的重視也得到了供應商的認可。第四季度，思科將 TD Synnex 評為全球年度最佳經銷商，以及美洲和歐洲、中東及非洲地區的年度最佳經銷商。這些獎項體現了我們的專業化、與思科的深度合作以及跨市場的創新如何持續為客戶帶來真正的業務成果。

Our next pillar is focused on delivering best in class enablement. We accelerate time to market by equipping our customers with advanced training, certification programs, enablement tools, and precise resources and expertise tailored by technology and customer segments. This approach reduces ramp up time, strengthens customer capabilities, and drives faster adoption of high value solutions which ultimately improves productivity and expands our share of wallet.

我們的下一個重點是提供一流的賦能服務。我們透過為客戶提供先進的培訓、認證計劃、賦能工具以及根據技術和客戶群量身定制的精準資源和專業知識，加快產品上市速度。這種方法可以縮短啟動時間，增強客戶能力，並推動高價值解決方案的更快採用，最終提高生產力並擴大我們的市場份額。

During Q4, we announced AI game plan, a new customer-led workshop experience designed to help their sales teams translate AI opportunities into real-world business outcomes for their end customers. We are just at the beginning and will continue turning our vast data lake and algorithms into industry leading scalable digital services that enhance experiences, lower costs, and unlock new revenue and efficiency opportunities for our existing customers.

第四季度，我們發布了 AI 策略規劃，這是一項以客戶為主導的全新研討會體驗，旨在幫助他們的銷售團隊將 AI 機會轉化為最終客戶的實際業務成果。我們才剛起步，我們將繼續將我們龐大的資料湖和演算法轉化為業界領先的可擴展數位服務，從而提升體驗、降低成本，並為現有客戶釋放新的收入和提高效率的機會。

These strategies work in concert to support and substantiate our final strategic pillar, expanding our brand visibility. Our brand promise making IT personal, describes our role as an indispensable partner in the technology channel. We aim to be visible, personal, and influential at every stage of the customer journey, reinforcing trust and driving loyalty. This sustained presence amplifies our market relevance and underpins long-term growth.

這些策略協同運作，支持並鞏固了我們的最後一個策略支柱，即擴大我們的品牌知名度。我們的品牌承諾“讓IT個性化”，描述了我們作為技術管道中不可或缺的合作夥伴的角色。我們的目標是在客戶旅程的每個階段都做到可見、個人化和有影響力，從而增強信任並提高忠誠度。這種持續的存在增強了我們的市場相關性，並為長期成長奠定了基礎。

By bringing our strategy to life every day across these four pillars, we are continuing to strengthen our competitive position as the strategic business partner that our partners can rely on to create more opportunities that deliver sustainable long-term growth.

透過每天圍繞這四大支柱將我們的策略付諸實踐，我們正在不斷鞏固我們的競爭地位，成為合作夥伴可以信賴的策略業務夥伴，創造更多機會，實現可持續的長期成長。

Moving to Hyve. We continue to experience sizeable growth benefiting from broad-based demand for cloud data center infrastructure across our hyperscale customers. And we believe that we are very well positioned to continue to get more opportunities that showcase our ability to support a wide breadth of programs for our customers.

搬到Hyve。由於超大規模客戶對雲端資料中心基礎架構的廣泛需求，我們持續實現顯著成長。我們相信，我們已做好充分準備，繼續獲得更多機會，展現我們為客戶提供廣泛專案支援的能力。

Our customers are turning to us for among other things, our production flexibility, favorable US footprint, ability to co-develop complex solutions, and secure supply chain. These differentiators position us to continue to be a trusted partner in the assembly and deployment of complete rack level systems across all market environments through time.

我們的客戶選擇我們，原因包括：生產彈性、在美國的良好佈局、共同開發複雜解決方案的能力以及安全的供應鏈。這些差異化優勢使我們能夠繼續成為值得信賴的合作夥伴，在各種市場環境下組裝和部署完整的機架級系統。

Looking ahead, I am bullish on the long-term value proposition of Hyve and I distribution. We believe the untapped market opportunities in front of us in both businesses remain substantial as we aim to service a greater portion of the overall IT market through time.

展望未來，我非常看好 Hyve 及其分銷業務的長期價值主張。我們相信，隨著我們逐步服務更大比例的IT市場，這兩個業務領域仍有巨大的未開發市場機會。

Now we pass it to David to go over the financial performance and outlook in more detail, David?

現在我們把麥克風交給大衛，讓他更詳細地分析一下財務表現和前景，大衛？

Thanks Patrick, and good morning everyone. We're pleased to report a strong close to our fiscal year with fourth quarter results that exceeded the midpoint of our guidance across all key metrics. Gross billings increased 15% year over year, reflecting broad-based strength across both distribution and Hyve.

謝謝派崔克，大家早安。我們很高興地宣布，本財年以強勁的業績收官，第四季度所有關鍵指標均超過我們預期的中位數。總帳單金額年增 15%，反映出分銷和 Hyve 業務的全面強勁成長。

Our gross operating margins expanded year over year, driven by a combination of operational efficiencies, favorable mix, and disciplined margin management. Non-GAAP earnings per share increased 24% year over year, delivering meaningful value for shareholders and underscoring the strength and value of our business model.

由於營運效率的提高、有利的產品組合以及嚴格的利潤率管理，我們的毛營業利潤率同比增長。非GAAP每股盈餘年增24%，為股東創造了有意義的價值，並凸顯了我們商業模式的實力和價值。

Moving into the details. Our endpoint solutions portfolio increased gross billings 12% year over year due to continued demand for PCs driven by the ongoing Windows 11 refresh and sustained demand for premium devices, which has continued to be a tailwind. Globally, PCs have now increased double-digits for four consecutive quarters, and we expect continued momentum heading into the initial months of 2026.

接下來我們來詳細了解一下。由於 Windows 11 的持續更新和對高階裝置的持續需求，我們的終端解決方案產品組合的總收入年增了 12%，這持續推動了 PC 的持續需求，而高階裝置的需求也一直是推動成長的利多因素。全球個人電腦銷售已連續四個季度實現兩位數成長，我們預計這一成長動能將持續到 2026 年的最初幾個月。

Our advanced solutions portfolio increased gross billings by 17% year over year and 8% year over year when excluding the impact of Hyve, driven by meaningful growth in cloud, security, software, and other strategic technologies. Hyve, which is reported within the advanced solutions portfolio increased more than 50% year over year, primarily due to strength in programs associated with server and networking rack builds.

在雲端、安全、軟體和其他策略技術方面取得顯著成長的推動下，我們的先進解決方案組合的總收入年增 17%，若不計 Hyve 的影響，則較去年同期成長 8%。Hyve 是先進解決方案組合中的一家公司，據報導其同比增長超過 50%，這主要得益於與伺服器和網路機架建置相關的專案的強勁表現。

In the quarter, there was approximately 29% reduction from gross billings to net revenue, which was in line with expectations. Our net treatment as a percentage of billings continues to remain elevated versus the prior year, primarily driven by a higher mix of software within distribution and increases in certain Hyve programs.

本季度總帳單金額與淨收入之比下降了約 29%，這與預期相符。與前一年相比，我們的淨處理比例仍然較高，這主要是由於分銷管道中軟體佔比更高以及某些 Hyve 項目的增加所致。

As a result, net revenue was $17.4 billion, up 10% year over year and above the high end of our guidance range. Gross profit increased 15% year over year to $1.2 billion. Gross margin as a percentage of gross billings was 5%, which was flat year over year.

因此，淨收入為 174 億美元，年成長 10%，高於我們預期範圍的上限。毛利較去年同期成長15%，達到12億美元。毛利率佔總帳單金額的百分比為 5%，與上年持平。

Non-GAAP SG&A expense was $698 million or 3% of gross billings. Our cost to gross profit percentage, which we define as the ratio of non-GAAP SG&A expense to gross profit was 58% in Q4, an improvement of approximately 100 basis points year over year, demonstrating our progress toward managing costs as a percentage of gross profit down over time.

非GAAP SG&A費用為6.98億美元，佔總帳單金額的3%。我們第四季的成本毛利率（定義為非GAAP銷售、管理及行政費用與毛利的比率）為58%，年比改善約100個基點，顯示我們在控製成本佔毛利的百分比方面取得了進展。

Non-GAAP operating income increased 18% year over year to $497 million. Non-GAAP operating margin as a percentage of gross billings was 2.04%, representing a 5 basis point improvement year over year. Interest expense, and finance charges was $88 million, an increase of $1 million year over year. Our non-GAAP effective tax rate was approximately 24% compared to 21% in the prior year.

非GAAP營業收入年增18%至4.97億美元。營業利潤率佔總帳單金額的百分比為 2.04%，比去年同期提高了 5 個基點。利息支出和財務費用為 8,800 萬美元，比前一年增加 100 萬美元。我們的非GAAP實際稅率約為24%，而前一年為21%。

Total non-GAAP net income was $313 million and non-GAAP diluted earnings per share was $3.83, an increase of 24% year over year and another all-time high for TD Synnex.

非GAAP淨利總額為3.13億美元，非GAAP稀釋後每股收益為3.83美元，較去年同期成長24%，創TD Synnex歷史新高。

Free cash flow was $1.4 billion driven by strong earnings growth and meaningful improvements in our cash conversion cycle quarter over quarter. This also brings our annual free cash flow to $1.4 billion, which was well ahead of our expectations. FY25 marks the third consecutive year that we have generated annual free cash flow of over a $1billion, demonstrating our commitment to sustainable cash generation.

自由現金流為 14 億美元，這主要得益於強勁的獲利成長以及現金週轉週期的季比顯著改善。這也使我們的年度自由現金流達到 14 億美元，遠遠超出我們的預期。2025 財年是我們連續第三年實現年度自由現金流超過 10 億美元，這反映了我們對永續現金流的承諾。

Within the quarter, we returned $209 million to shareholders with $173 million in share repurchases and $36 million in dividend payments. In total, we returned $742 million to shareholders this fiscal year, bringing our cumulative return to shareholders over the last three years to over $2.2 billion. This is approximately 61% of our free cash flow during that same time period within the medium term range of 50% to 75% outlined at our Investor Day, underscoring our belief in the strength of our business and the commitment to creating long-term shareholder value.

本季度，我們透過股票回購1.73億美元和股利支付3,600萬美元，向股東返還了2.09億美元。本財年，我們總共向股東返還了 7.42 億美元，使過去三年我們累積向股東返還的金額超過 22 億美元。這大約占我們同期自由現金流的 61%，在我們投資者日上概述的 50% 至 75% 的中期範圍內，這凸顯了我們對公司業務實力的信心以及創造長期股東價值的承諾。

As of November 30, we have $1.2 billion remaining on our share repurchase authorization. Networking capital was $2.9 billion, down approximately $300 million from the prior year. Our gross cash days were 12 days, a 2-day improvement from the prior year, which I'll talk more about shortly.

截至11月30日，我們的股票回購授權額度還剩12億美元。網路資本為 29 億美元，比前一年減少了約 3 億美元。我們的總現金週轉天數為 12 天，比前一年減少了 2 天，稍後我會詳細介紹。

We ended the quarter with $2.4 billion in cash and cash equivalents and debt of $4.6 billion. Our gross leverage ratio was 2.4 times, and our net leverage ratio was 1.1 times. You'll note that our cash position was elevated at year end. This is the result of two primary factors. First, we successfully completed a new debt issuance during the quarter which will be used to pay off $700 million of debt that matures in August of 2026.

本季末，我們持有現金及現金等價物24億美元，負債46億美元。我們的總槓桿率為 2.4 倍，淨槓桿率為 1.1 倍。你會注意到，我們年底的現金儲備較高。這主要是兩個因素造成的。首先，我們在本季成功完成了一筆新的債務發行，該債務將用於償還將於 2026 年 8 月到期的 7 億美元債務。

Additionally, as you'll see in our working capital, our teams across both distribution and Hyve did an outstanding job driving cash flow and made meaningful improvements toward optimizing the return on capital for both businesses. At the same time, it's important to remember that the balance sheet is a snapshot at a single point in time.

此外，正如您將在我們的營運資金部分看到的那樣，我們分銷和 Hyve 的團隊在推動現金流方面做得非常出色，並在優化兩項業務的資本回報率方面取得了顯著的改進。同時，要記住的是，資產負債表只是某一特定時間點的快照。

At year end we had a few large receipts come in just before period end that would have normally fallen into the next quarter. We estimate Q4 benefited a few $100 million which will normalize in FY26. Going forward, we continue to be laser focused on generating sustainable free cash flow and improving our return on invested capital.

年末時，我們在期末前收到了一些大額款項，這些款項通常會在下一個季度結算。我們估計第四季受益數億美元，這將在 2026 財年恢復正常。展望未來，我們將繼續全力以赴，創造可持續的自由現金流，並提高投資回報。

For the current quarter, our Board of Directors has approved a cash dividend of $0.48 per common share that will be payable on January 30, 2026 to shareholders of record as of the close of business on January 16, 2026.

本季度，我們的董事會已批准派發每股普通股0.48美元的現金股息，將於2026年1月30日支付給截至2026年1月16日營業結束時登記在冊的股東。

Moving on to our outlook. For the first quarter of fiscal '26, we expect non-GAAP gross billings in the range of $22.7 billion to $23.7 billion, representing an increase of approximately 12% at the midpoint. Our outlook is based on a EUR to dollar exchange rate of [1.16].

接下來談談我們的展望。2026 財年第一季，我們預計非 GAAP 總帳單金額將在 227 億美元至 237 億美元之間，中位數約為 12%。我們的展望是基於歐元兌美元匯率。[1.16]

Net revenue in the range of 15.1% to $15.9 billion which translates to an anticipated gross to net adjustment of 33%. Non-GAAP net income in the range of $243 million to $283 million. Non-GAAP diluted earnings per share in the range of $3 to $3.50 per diluted share based on a weighted average shares outstanding of approximately $80.1 million.

淨收入預計將成長 15.1% 至 159 億美元，這意味著毛利淨利差預計調整 33%。非GAAP淨利預計在2.43億美元至2.83億美元之間。根據約 8,010 萬股的加權平均流通股數計算，稀釋後每股盈餘預計在 3 美元至 3.50 美元之間。

We're anticipating a cash outflow in Q1 in part due to typical seasonality of the business and due to the timing impacts that benefited Q4 which we described earlier. We expect that our cumulative free cash flow over fiscal '25 and fiscal '26 will be in line with our medium term framework of 95% non-GAAP net income to free cash flow conversion.

我們預計第一季將出現現金流出，部分原因是業務的典型季節性因素，以及我們先前描述的、對第四季有利的時間因素的影響。我們預計，2025財年和2026財年的累計自由現金流將符合我們95%的非GAAP淨收入轉化為自由現金流的中期目標。

While we are not providing full year guidance today, our long-term outlook remains consistent with the multi-year compounded annual growth rates that we outlined at our Investor Day earlier this year. We'll remain focused on delivering against that financial framework we've shared with you, which includes stable growth, margin expansion over time, consistent cash generation, and deploying capital where it maximizes long-term value creation within our capital allocation framework.

雖然我們今天不提供全年業績指引，但我們的長期展望仍然與我們在今年早些時候的投資者日上概述的多年複合年增長率保持一致。我們將繼續專注於實現我們與您分享的財務框架，其中包括穩定成長、利潤率的逐步提高、持續的現金流，以及在我們的資本配置框架內，將資本部署到能夠最大限度創造長期價值的地方。

To close, we're proud of what we've achieved this year, strong financial performance, disciplined execution, and continued progress against our strategy. We're entering fiscal '26 with solid momentum, a healthy balance sheet, and a clear set of priorities that support durable growth. We'll remain focused on operational excellence and delivering long-term value to shareholders.

最後，我們為今年的成就感到自豪，包括強勁的財務業績、嚴謹的執行以及在策略方面取得的持續進展。我們帶著強勁的發展勢頭、健康的資產負債表和一套明確的優先事項進入了 2026 財年，這些都將支持永續成長。我們將繼續專注於卓越運營，為股東創造長期價值。

With that, we'll open up the call for questions. Operator?

接下來，我們將開始接受提問。操作員？

(Operator Instructions)

（操作說明）

Keith Howam, Northcoast Research.

Keith Howam，北海岸研究中心。

Good morning, gentlemen, and thanks for the opportunity here. Obviously outstanding growth in Europe and Asia Pacific, especially Asia Pacific and Japan there. As we think about that growth here that's happening, I guess can you talk about perhaps how much of it is market growth versus your ability to take market share.

各位先生，早安，感謝你們給我這個機會。歐洲和亞太地區，特別是亞太地區和日本，成長尤為顯著。當我們思考這裡正在發生的成長時，我想請您談談其中有多少是市場成長，又有多少是您獲得市場份額的能力。

And then second, how sustainable are some of these growth rates that we're seeing going forward?

其次，我們目前看到的這些成長率在未來能持續多久？

Okay, thanks and good morning. So, in APG we, for sure we've experienced a very nice high double-digit growth. As you know our share in the region is relatively low. So we are investing significantly in the region to gain share and grow of the market. So when you look at the results for sure we gained significant share. We are also positioned in countries, especially India, where, the growth of the market is significantly above the average of the region.

好的，謝謝，早安。所以，在APG，我們肯定經歷了非常可觀的兩位數高成長。如您所知，我們在該地區的市場份額相對較低。因此，我們正在該地區進行大量投資，以獲取市場份額並實現成長。所以從結果來看，我們確實獲得了相當大的市佔率。我們在一些國家，特別是印度，也設有分支機構，這些國家的市場成長明顯高於該地區的平均水平。

And the team is focused on product segments, vendors, and customer segments which should make the growth sustainable for the long run. So very pleased, very proud of the team, and very confident for the future. The only thing I would add is that it's not only the growth in sales, we're also experiencing an overproportional growth in operating income in the region as the team is investing, but also keeping a good cost discipline.

團隊專注於產品細分市場、供應商和客戶群，這將使成長在長期內得以持續。非常高興，為團隊感到非常自豪，對未來充滿信心。我唯一要補充的是，不僅是銷售額的成長，由於團隊在投資，同時又保持了良好的成本控制，該地區的營業收入也實現了超比例的成長。

Right. And how about for Europe because Europe obviously was better than we would expect to considering the macro conditions we have there.

正確的。那麼歐洲的情況又如何呢？考慮到歐洲當前的宏觀經濟狀況，它的表現顯然比我們預期的要好。

So just, so we got some market data. Europe, the European market grew, let's say, mid single-digit, so slightly better even than than North America. But for sure we had outstanding performance. We continue to gain significant share in the region.

所以，我們獲得了一些市場數據。歐洲市場成長了大約個位數，甚至比北美市場還要略好。但我們的表現確實非常出色。我們在該地區的市場份額持續顯著增長。

We have a strategy which is very well executed. Again, we're going after technologies, vendors and customer segments where we can enjoy higher growth in the market, and that's what you are seeing in the results.

我們的策略執行得非常出色。我們再次強調，我們瞄準的是那些能夠帶來更高市場成長的技術、供應商和客戶群，而這正是你們在結果中所看到的。

Great, thank you. I'll get back in the queue. Good luck.

太好了，謝謝。我重新排隊。祝你好運。

Ruplu Bhattacharya, Bank of America.

Ruplu Bhattacharya，美國銀行。

Hi, thanks for taking my questions. Patrick, you reported strong 15% growth in billings for 4Q and are guiding 12% billings growth for 1Q. How are you handicapping any in-market destruction, demand destruction from higher component costs like DRAM and NAN?

您好，感謝您回答我的問題。派崔克，你報告第四季帳單收入強勁成長了 15%，並預計第一季帳單收入將成長 12%。您如何應對DRAM和NAN等元件成本上漲而導致的市場需求下降？

And one for David. Can you just update us on the CapEx spend for this year, as well as any investments planned for Hyve for 2026? Thank you.

還有一份是給大衛的。能否向我們介紹今年的資本支出情況，以及 Hyve 在 2026 年的任何投資計畫？謝謝。

Yes, so good morning. Thanks a lot for the question. So again, the guidance for Q1 reflects what we see from the regions, from the BUs. So I can confirm that the memory price has increased dramatically and what we're seeing already is an increase in ASP on a series of product families, especially PCs, servers, storage.

是的，早安。非常感謝你的提問。所以，第一季的業績指引再次反映了我們從各個地區、各個業務部門看到的情況。因此我可以確認記憶體價格已經大幅上漲，我們已經看到一系列產品系列的平均售價都在上漲，尤其是個人電腦、伺服器和儲存設備。

So the ASP increase is on one hand a tailwind in the short-term. What will be interesting to see is what will be the impact on the volume going forward. But again, specifically for Q1, the guidance reflects the result of the bottom-up exercise with the regions, and the forecast is done by technology, by country, so--

因此，ASP上漲一方面在短期內是利好因素。接下來值得關注的是，這將對未來的交易量產生怎樣的影響。但再次強調，具體到第一季度，該指引反映了自下而上與各地區共同開展的工作的結果，預測是按技術和國家/地區進行的，因此——

And Ruplu, the only thing I would add is. when you think about total CapEx for TD Synnex, we're probably planning for, a similar level of CapEx in '26 relative to '25, and that would include the investments needed to support Hyve's continued growth.

Ruplu，我唯一要補充的是，當你考慮TD Synnex的總資本支出時，我們預計2026年的資本支出水準將與2025年大致相同，這其中將包括支持Hyve持續成長所需的投資。

Can I just clarify, have you actually seen any demand destruction from higher component costs, or, and is that factored into your guidance?

我能否確認一下，您是否實際觀察到零部件成本上漲所導致的需求下降？或者，這已納入您的預測？

So, specifically, I haven't seen it. And again, what is reflected in the guidance is the outcome of our bottom-up exercise.

確切地說，我還沒看過。再次強調，指導意見體現的是我們自下而上進行工作的結果。

Okay. Thank you for the details.

好的。謝謝你提供的詳細資訊。

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Hey guys, good morning. Thank you. Thank you very much for taking my question, and Patrick, I'm going to stay on the same line of questioning [there] is Ruplu, which is just, yeah, can you maybe ask it a different way? Can you maybe help us understand what you're seeing in terms of any potential pull forward in either the November quarter or the January quarter just with customers wanting to get ahead of future pricing increases for any of those kind of memory exposed products you just mentioned PCs, servers, storage, smartphones.

嘿，各位，早安。謝謝。非常感謝您回答我的問題，派崔克，我還是想繼續問這個問題，魯普魯，你能換個方式問嗎？您能否幫助我們了解一下，您觀察到的11月季度或1月季度是否有任何潛在的提前銷售趨勢，因為客戶希望提前購買您剛才提到的那些內存密集型產品（例如PC、伺服器、存儲設備、智慧型手機）以應對未來的價格上漲？

And just how you might think more broadly. I know you're not guiding to fiscal '26, but just how do you think that this dynamic could have an impact on either revenue or profitability seasonality for the year. Thanks so much.

以及你如何更廣泛地思考這個問題。我知道您沒有對 2026 財年進行預測，但您認為這種動態會對當年的收入或獲利季節性產生怎樣的影響？非常感謝。

Okay, so let me start with the (inaudible) forwards. So it's difficult to assess, but I'm very pretty confident that we haven't had any, I would say, material brought forward in the last quarter. Now again, what's going, so the Q1 guidance reflects the -- what the countries are seeing in their region and again for PCs, servers and storage.

好的，那我就先從（聽不清楚）前鋒開始吧。所以很難評估，但我非常有信心，上個季度我們沒有任何提前交付的材料。現在，我們再來看看第一季的市場狀況，這反映了各國在其所在地區，特別是個人電腦、伺服器和儲存設備的情況。

And if I look at the overall year. So the tailwind for us is clearly the ASP increases as you know, I mean, when the vendors increase their prices, we usually pass it through to the market. So no concerns on the margin quality.

如果我縱觀全年。所以對我們來說，有利因素顯然是平均售價上漲，正如你所知，我的意思是，當供應商提高價格時，我們通常會將其轉嫁到市場上。所以邊際品質方面無需擔心。

On the demand, tailwind related to the ASP increase, and then what's going to be interesting to watch is what will be the impact on the volume. And as the elasticity will be different by product category, and probably the category which is going to be the most sensitive species. But we have a very low position on consumer PCs. We primarily focus on commercial PCs. So I'm relatively confident that here the elasticity should be relatively low.

需求方面，平均售價上漲將帶來利好，接下來值得關注的是，這將對銷售產生什麼影響。而且，不同產品類別的彈性也會有所不同，其中最敏感的物種可能屬於特定類別。但我們在消費級PC市場的地位非常低。我們主要專注於商用PC。因此，我比較有信心，這裡的彈性應該相對較低。

So I continue to be relatively optimistic about the prospects of the PC market. Let's not forget that the refresh is not over. There is, I mean, it started a little bit later than expected. So we should continue to benefit from it, I mean, in the next quarter.

因此，我對個人電腦市場的前景仍保持相對樂觀的態度。別忘了，更新換代還沒結束。確實，它開始得比預期晚了一些。所以我們應該會繼續從中受益，我的意思是，在下一個季度。

And then when you look at storage and server, I think here again the elasticity related to the price increase should be relatively low, so. Again, on the demand, I think the demand is going to be driven by other considerations, the need for customers to embrace AI, upgrade their servers. I mean, there's a server refresh happening as we speak, and it's not all over. So again, I think on the demand, relatively, I should say cautiously optimistic, and then the ASP increase should should help.

然後，當你審視儲存和伺服器時，我認為這方面與價格上漲相關的彈性應該也相對較低。再說，關於需求，我認為需求將受到其他因素的驅動，例如客戶需要接受人工智慧，並升級他們的伺服器。我的意思是，伺服器現在正在進行刷新，事情還沒結束。所以，我認為就需求而言，相對而言，應該說是謹慎樂觀，而平均售價的上漲應該會有所幫助。

David Vogt, UBS.

David Vogt，瑞銀集團。

Great, thanks guys. Maybe 1.5 for David. So David, you mentioned in your prepared remarks free cash flow cumulatively for '25 and '26 is going to be consistent with the long-term framework of 95% of net income. Given kind of the mix of business going into fiscal '26, it sounds like netted down is going to be a bigger portion of that based on the guide, at least for Q1. Can you talk through kind of the mix of the revenue that drives that netted down effect and then what sounds like a decline in free cash flow, even adjusting for that $200 million of payments in Q4 that was pulled forward in '26 versus '25?

太好了，謝謝各位。或許大衛是1.5。大衛，你在事先準備好的演講稿中提到，2025 年和 2026 年的累計自由現金流將與淨收入的 95% 的長期框架保持一致。考慮到 2026 財年的業務組合，根據該指引，淨利潤下降的幅度似乎會更大，至少在第一季是如此。您能否詳細談談導致淨收入下降的收入組成，以及自由現金流似乎下降的原因，即使考慮到 2026 年第四季度提前支付的 2 億美元（與 2025 年相比）？

Sure, so good morning, David. When we, in our prepared remarks we said we expect cumulative free cash flow across '25 and '26 to be within the 95% conversion rate. Here's the way to think about it. Historically our business consumes cash in the first half and generates cash in the second half. What you saw in Q4 is, we had a really strong cash flow quarter and so some of that will normalize as we go into Q1.

當然，早上好，大衛。我們在事先準備好的演講稿中表示，我們預計 2025 年和 2026 年的累積自由現金流將達到 95% 的轉換率。你可以這樣想。從歷史數據來看，我們的業務在上半年消耗現金，下半年產生現金。您在第四季度看到的是，我們的現金流非常強勁，因此隨著我們進入第一季度，其中一些情況將會恢復正常。

And so we still feel really good about generating cash for the full year, but we do expect an outflow in Q1 that will ultimately be recouped as we work through the balance of the year. And it's not as much mix driven per se as it's the additional cash that we generated in Q1 that will be normalized or sorry that we generate in Q4 that will be normalized in Q1.

因此，我們仍然對全年現金流充滿信心，但我們預計第一季會出現現金流出，但隨著我們在今年剩餘時間努力工作，最終將彌補這部分支出。而且這與其說是產品組合本身驅動的，不如說是我們第一季產生的額外現金將被調整為正常水平，或者抱歉，是我們第四季度產生的現金將被調整為正常水平。

Adam Tyndall, Raymond James.

Adam Tyndall，Raymond James。

Okay, thanks, good morning. I want to just acknowledge Patrick, the strong return on capital, primarily great working capital management. But if I look at the margin side of things, it does look like some of that is being a little bit suppressed and you talk about investments in Hyve. I wanted to ask about that, this has been an ongoing theme. I wonder if you could maybe just recap some of the prior investment decisions that you made in Hyve and the outcomes that lead you to invest further in Hyve, including, any potential further new customers, for example.

好的，謝謝，早安。我只想稱讚一下派崔克，他實現了強勁的資本回報率，這主要得益於他出色的營運資本管理。但如果我看一下利潤率方面，看起來其中一些似乎受到了一些抑制，而你又提到了對 Hyve 的投資。我想問這個問題，這始終是一個值得探討的話題。我想知道您能否簡要回顧一下您之前在 Hyve 做出的一些投資決策，以及促使您繼續投資 Hyve 的結果，例如，是否有任何潛在的新客戶。

And for David, as we kind of, look at this in the model, if you could maybe help us quantify or break out the investments in Hyve, is it going to increase throughout the year? Are we sort of at the right run rate, what does this look like, throughout, fiscal '26? Thanks.

對 David 來說，當我們從模型中觀察這個問題時，如果你能幫助我們量化或細分 Hyve 的投資，那麼它是否會在一年內成長？我們目前的運行速度是否合適？在整個 2026 財年，情況會如何？謝謝。

So, maybe, I can start and Patrick chime in. So in the prepared remarks we talked about Hyve grew meaningfully both billings and profit, and so I wouldn't impute that there's a margin issue. In terms of investment in Hyve, we continue to invest in Hyve and so Patrick talked about we've invested in leadership, we've invested in the engineering team, we've invested in some additional capabilities within the site.

那麼，或許我可以先開始，然後派崔克再插話。因此，在事先準備好的發言中，我們談到Hyve的營業額和利潤都實現了顯著增長，所以我認為不存在利潤率問題。就對 Hyve 的投資而言，我們一直在繼續投資 Hyve，正如 Patrick 所說，我們投資了領導層，投資了工程團隊，也投資了網站內的一些其他能力。

We have enough capacity to support our current demand and we'll continue to make investments to ensure Hyve can truly be an end to end go to market player for Tier 1 hyperscalers and others, and so we feel very good about how the business is performing, the investments we've made, and the prospects going forward.

我們有足夠的產能來滿足當前的需求，我們將繼續投資，以確保 Hyve 能夠真正成為一級超大規模資料中心和其他企業的端到端市場參與者，因此我們對公司目前的業務表現、我們所做的投資以及未來的前景感到非常滿意。

David Paige, RBC Capital Markets.

David Paige，加拿大皇家銀行資本市場。

Hi, good morning, Patrick, David. Congrats on some really nice results here. Just a quick follow-up on Hyve, the 50% growth, is that evenly split between ODM and CM or both the customers, or maybe just a little bit more details around the growth there. Thank you.

嗨，早上好，派崔克，大衛。恭喜你取得了非常不錯的成績。關於 Hyve 的 50% 成長率，我想快速跟進一下，這個成長率是平均分配給 ODM 和 CM 客戶，還是兩者都分配給了？或能否提供更多關於成長的細節？謝謝。

Yeah, so good morning. So, we had, so as we have our ODMCM business. That one grew very nicely in line, if not slightly better than the pace of the market. And then we had a very strong, also quota, let's call it supply chain struck by division. As this is a more lumpy opportunistic business, it's a service we render, so it's highly dependent on what the customers are asking for. And in Q4, we had a very strong quota and better than expected. So that's how I would summarize the sales growth for the quarter for Hyve.

是啊，早安。所以，我們有自己的 ODMCM 業務。那隻狗的生長速度非常穩健，與市場整體趨勢保持一致，甚至略勝一籌。然後，我們有一個非常強大的、同樣有配額的，我們姑且稱之為供應鏈，它受到了分裂的打擊。由於這是一個波動性較大、機會主義較強的行業，我們提供的是一種服務，因此很大程度上取決於客戶的需求。第四季度，我們的業績非常出色，超出了預期。以上就是我對 Hyve 本季銷售成長情況的總結。

Thank you.

謝謝。

Joseph Cardoso, JPMorgan.

Joseph Cardoso，摩根大通。

Hey, good morning. Thanks for the question. Maybe another follow-up on the Hyve business. I just wanted to touch on like the progress that you're making with Hyve relative to capturing additional share with your existing large customers there and perhaps what you're seeing from a portfolio perspective or kind of the products that you're shipping there towards mix moving more towards AI servers, networking racks, storage racks, and the opportunity to onboard potentially a new large customer beyond the two that you have today. Thank you.

嘿，早安。謝謝你的提問。或許可以再跟進一下 Hyve 的業務。我只是想談談您在 Hyve 方面取得的進展，特別是如何從您現有的大客戶那裡獲得更多市場份額，以及您從產品組合角度看到的，或者您正在向那裡交付的產品，例如 AI 伺服器、網絡機架、存儲機架，以及除了您目前擁有的兩家大客戶之外，您還有機會吸引一家新的大客戶。謝謝。

Yes, good morning. So again, I mean, we mentioned it in the prior calls we continue to invest to expand the capabilities and capacity of of Hyve, and so we are very active in bidding on new programs with our existing customers and and potential new customers.

是的，早安。所以，我的意思是，正如我們在先前的電話會議中提到的，我們將繼續投資以擴大 Hyve 的能力和產能，因此我們非常積極地與現有客戶和潛在新客戶一起競標新專案。

I would say that, thanks to the investments we've made, especially in engineering and some of the differentiators are Hyve in the market. I mean, we are seeing, we are making very good progress on winning some new programs and potentially new customers.

我想說，這要歸功於我們所做的投資，尤其是在工程方面的投資，Hyve 的一些差異化優勢使其在市場上脫穎而出。我的意思是，我們看到，我們在贏得一些新專案和潛在的新客戶方面取得了非常好的進展。

Now, I would say that those programs take some time to ramp. So again, when you look back at our Q1 guidance, it reflects what we have as forecast for the next quarter. But going forward, yes, I would say we'll continue to make good progress and are confident about the prospects.

現在我想說，這些項目需要一些時間才能步入正軌。所以，回顧我們第一季的業績指引，它反映了我們對下一季的預測。但展望未來，是的，我認為我們將繼續取得良好進展，並對前景充滿信心。

Austin Baker, Loop Capital.

奧斯汀·貝克，Loop Capital。

Hey guys, thanks for taking the question. Just really quick, I guess, would love to understand how margins, you view margins for Hyve kind of going forward. Are they improving, normalizing as volume scales? And then lastly, how do you feel about the visibility for Hyve programs today versus maybe this time last year?

各位，謝謝你們回答這個問題。我想快速了解一下，您如何看待 Hyve 未來的利潤率。它們是否正在改善，並隨著銷售規模的擴大而趨於正常？最後，您覺得Hyve計畫目前的知名度與去年同期相比如何？

So I can take that one. We feel pretty good about the overall margin profile of TD Synnex. When you think about what we laid out at Investor Day was a couple of things. We want to grow operating profit faster than billings, and so we're constantly looking for ways both within Hyve and within our distribution business to focus where we can make additional margin, and so again we feel very good about that business.

所以我可以接受這個。我們對TD Synnex的整體利潤率狀況感覺相當不錯。想想我們在投資者日上提出的內容，主要有兩點。我們希望營業利潤的成長速度超過帳單金額的成長速度，因此我們一直在 Hyve 內部以及我們的分銷業務中尋找方法，專注於我們可以獲得額外利潤的地方，所以我們對這項業務感到非常滿意。

Yeah, we just thought that. When I look at the pipeline and I compare it to where we were last year, I think we are in a very healthy position. And again, that's what is reflected in our Q1 guidance.

是啊，我們也是這麼想的。當我審視目前的人才儲備情況，並與去年的情況進行比較時，我認為我們處於非常健康的境地。而這，也體現在我們的第一季業績指引中。

Vincent Collicchio, Barrington Research.

Vincent Collicchio，巴林頓研究公司。

Yeah, Patrick. Another good quarter on PCs. Yeah, just could you give us an update on your thinking in terms of what inning we're in here?

是的，派崔克。個人電腦業務又迎來了一個不錯的季度。是的，您能否簡單介紹一下您目前對比賽進行到第幾局的看法？

Yeah, so good morning. Thanks a lot. Yes. So the (inaudible) for PCs. Broad-based, primarily driven from commercial. So going forward, as I mentioned, I think that the refresh is not over, so that tailwind should continue again in 2026. And we have also the weight of AI PCs will have a slightly higher ASP that should continue to be, so there's still a lot of potential for upgrading the PCs and make them AI compatible in the market, so that should be a tailwind.

是啊，早安。多謝。是的。所以（聽不清楚）適用於個人電腦。基礎廣泛，主要由商業驅動。所以展望未來，正如我之前提到的，我認為改變還沒有結束，所以這股順風應該會在 2026 年繼續下去。此外，人工智慧電腦的平均售價也會略高一些，而且這種情況應該會持續下去，因此，升級電腦並使其與人工智慧相容在市場上仍然有很大的潛力，這應該會是一個利好因素。

We talked about the memory price increase impacting the ASP of the PCs that should be gain a tailwind. And then you have the uncertainty related to the price on the demand. But again, the fact that we are primarily focused on the commercial PCs. I mean, I think we are in a slightly better position than if we would have a high weight of consumer PCs.

我們討論了記憶體價格上漲對個人電腦平均售價的影響，這應該會為個人電腦帶來利好。此外，需求價格也存在不確定性。但再次強調，我們主要關注的是商用PC。我的意思是，我認為我們現在的處境比消費級PC佔高時要好一些。

So I would say for next year, continue to be confident about the prospects of the PC market. And again, back to the guidance for Q1, I mean, the device assumptions have been taken into account and are reflected in the guidance.

所以我認為，對於明年，我們仍要對個人電腦市場的前景保持信心。再說一遍，回到第一季的指導意見，我的意思是，設備假設已經考慮在內，並在指導意見中有所體現。

And did the AI PCs perform incrementally better this quarter?

本季人工智慧電腦的效能是否有所提升？

AI continues to the weight of AI PC continues to nicely increase, so that's a positive.

AI 的影響力持續增強，AI 在 PC 中的比重也持續穩定成長，這是一個正向的訊號。

Thank you.

謝謝。

David Vogt, UBS.

David Vogt，瑞銀集團。

Hey guys, I just wanted to ask a follow-up, David. On the netted down impact, it looks like there's a big tick up in Q1. That's what I was trying to understand also is that mix driven that's going to be a bigger headwind to your revenue conversion. Kind of, can you talk about what's going on there from a netted down effect in the guide?

嘿，各位，大衛，我只是想問個後續問題。從淨影響來看，第一季似乎出現了大幅成長。我也一直在努力理解，這種組合驅動型模式會對你的收入轉換率造成更大的阻礙。差不多吧，你能從指南的角度，概括地談談那裡發生了什麼嗎？

Yes, and sorry I missed that part of your question. That's my fault.

是的，抱歉我漏看了你問題的這一部分。那是我的錯。

No worries. So all good.

不用擔心。一切都好。

Gross to net increased in Q4 and we've got an increase into Q1. There's a couple of dynamics. One, strategic technologies continues to become a bigger portion of our business. A lot of that business is software which, you know as is netted. Additionally, within Hyve, there are a number of programs that are also net, and as as the mix changes that does influence that metric. And so if you think about how we set Q1, that's probably a realistic assumption of kind of the run rate gross to net that we expect for FY26. Hopefully that helps.

第四季度毛利潤與淨利潤之比有所增長，並且第一季也實現了增長。這裡涉及幾個面向。第一，戰略技術在我們業務中所佔的比重越來越大。很多這類業務都是軟體，你知道，就是所謂的「網路化」業務。此外，Hyve 內部還有許多淨值程序，隨著組合的變化，這確實會影響該指標。因此，如果你想想我們是如何設定第一季的，那麼這可能是我們對 2026 財年毛利與淨利潤比率的合理假設。希望這能有所幫助。

And that would suggest that software in Hyve continues to grow as a portion of the overall billings pie. Is that a reasonable takeaway?

這表明 Hyve 的軟體業務在整體帳單收入中所佔的比例將繼續增長。這是合理的結論嗎？

Exactly right. You're right.

完全正確。你說得對。

Great. Thank you.

偉大的。謝謝。

There are no further questions at this time. I will now turn the call back over to Patrick for closing remarks.

目前沒有其他問題了。現在我將把電話交還給派崔克，請他作總結發言。

So thank you everyone for joining us. I want to close by emphasizing that we remain committed to profitable growth and free cash flow generation. Our strategy is designed to ensure that every step forward strengthens our business and supports greater long-term value creation. With our reach, our people, our unique capabilities, and our momentum, we are confident in our ability to continue to succeed. Thank you and have a great day.

感謝大家的參與。最後，我想強調，我們將繼續致力於獲利成長和自由現金流的創造。我們的策略旨在確保每一步前進都能增強我們的業務實力，並支持更大的長期價值創造。憑藉我們的影響力、人才隊伍、獨特能力和發展勢頭，我們有信心繼續取得成功。謝謝，祝您今天過得愉快。

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

今天的電話會議到此結束。您現在可以斷開連線了。祝你今天過得愉快。