新聚思 (SNX) 2022 Q1 法說會逐字稿

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

早上好。我的名字是布倫特，今天我將成為您的會議接線員。歡迎大家參加 TD SYNNEX 2022 財年第一季度財報電話會議。今天的電話正在錄音。 （操作員說明）

At this time, for opening remarks, I would like to pass the call over to Liz Morali, Head of Investor Relations. Liz, you may begin.

現在，作為開場白，我想將電話轉給投資者關係主管 Liz Morali。 LZ，你可以開始了。

Thank you, and good morning, everyone. Thank you for joining us for today's call. With me today are Rich Hume, CEO; and Marshall Witt, CFO.

謝謝大家，大家早上好。感謝您加入我們今天的電話會議。今天和我在一起的是首席執行官 Rich Hume；和首席財務官 Marshall Witt。

Before we continue, let me remind everyone 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 integration progress, strategy, demand, free cash flow, capital distribution, leverage, backlog and supply, macro economy and investments. Actual results may differ materially from those mentioned in these forward-looking statements as a result of risks and uncertainties discussed in today's earnings release, in the Form 8-K we filed today and in the Risk Factors section of our Form 10-K and our other reports and filings with the SEC. We do not intend to update any forward-looking statements.

在繼續之前，讓我提醒大家，今天的討論包含聯邦證券法含義內的前瞻性陳述，包括關於未來事件的預測、估計、預測或其他陳述，包括關於整合進展、戰略、需求、自由現金的陳述流量、資本分配、槓桿、積壓和供應、宏觀經濟和投資。由於今天的收益發布、我們今天提交的 8-K 表格以及我們的 10-K 表格的風險因素部分和我們的向 SEC 提交的其他報告和文件。我們不打算更新任何前瞻性陳述。

Also during this call, we will reference certain non-GAAP financial information. Reconciliations of GAAP to non-GAAP results are included in our earnings press release and the related Form 8-K available on our Investor Relations website, ir.synnex.com. This conference call is the property of TD SYNNEX and may not be recorded or rebroadcast without our permission.

同樣在本次電話會議期間，我們將參考某些非公認會計準則財務信息。 GAAP 與非 GAAP 結果的對賬包含在我們的收益新聞稿和我們的投資者關係網站 ir.synnex.com 上提供的相關表格 8-K 中。此電話會議是 TD SYNNEX 的財產，未經我們許可不得錄製或轉播。

I will now turn the call over to Rich. Rich?

我現在將把電話轉給 Rich。富有的？

Good morning, and thank you for joining our call. I want to take a moment upfront to acknowledge the ongoing devastation and human suffering occurring in Ukraine. We join governments, businesses and the global community in condemning the unprovoked invasion of the sovereign democratic state of Ukraine by Russia. While we do not have a presence nor direct business in Ukraine or Russia, in normal circumstances, we do make very limited shipments on behalf of our customers into Russia and Belarus. In addition, at this time, we have suspended any new transactions with or shipments of products to entities or individuals located in Russia, Belarus and the DNR or LNR regions of Ukraine.

早上好，感謝您加入我們的電話。我想先花一點時間承認烏克蘭正在發生的破壞和人類苦難。我們與各國政府、企業和國際社會一起譴責俄羅斯無端入侵主權民主國家烏克蘭。雖然我們在烏克蘭或俄羅斯沒有業務，也沒有直接業務，但在正常情況下，我們會代表客戶向俄羅斯和白俄羅斯運送非常有限的貨物。此外，目前，我們已暫停與位於俄羅斯、白俄羅斯和烏克蘭 DNR 或 LNR 地區的實體或個人的任何新交易或向其發貨。

Importantly, we do have Ukrainian coworkers throughout Eastern Europe and in the U.S., and we are committed to supporting them through this difficult time, including making financial contributions to humanitarian aid efforts, such as UNICEF's Protect Children in Ukraine campaign. Corporate giving has and will continue to be an important pillar of our overall environmental, social and governance framework. From a broader ESG perspective, there is a lot of exciting work happening at TD SYNNEX, and we look forward to sharing more details on our goals and initiatives at our Investor Day next week.

重要的是，我們在整個東歐和美國都有烏克蘭同事，我們致力於支持他們度過這個困難時期，包括為人道主義援助工作提供財政捐助，例如聯合國兒童基金會的“保護烏克蘭兒童”運動。企業捐贈已經並將繼續成為我們整體環境、社會和治理框架的重要支柱。從更廣泛的 ESG 角度來看，TD SYNNEX 正在進行許多令人興奮的工作，我們期待在下週的投資者日分享更多關於我們的目標和舉措的細節。

Now I'd like to comment on our quarterly results. Q1 provided a strong start to our fiscal year with top and bottom line results ahead of our expectations. The benefits of our enhanced global end-to-end portfolio are clear, and we saw strong and broad-based demand across technology types and geographic regions. Our customers are quickly adapting to the new normal hybrid work environment, which is creating the need for additional IT infrastructure, devices and services to support both return-to-office and work-from-home setups.

現在我想評論一下我們的季度業績。第一季度為我們的財政年度提供了一個強勁的開端，其頂線和底線結果超出了我們的預期。我們增強的全球端到端產品組合的好處是顯而易見的，我們看到了跨技術類型和地理區域的強勁和廣泛的需求。我們的客戶正在迅速適應新的正常混合工作環境，這就需要額外的 IT 基礎設施、設備和服務來支持返回辦公室和在家工作的設置。

Based on the breadth and depth of our portfolio, we are able to deliver a comprehensive array of technology solutions that customers both small and large require. In addition, the need for IT infrastructure solutions, whether on-premises or in the cloud, gained momentum throughout the quarter. With businesses opening back up, we saw our customers responding to stronger end-user demand.

基於我們產品組合的廣度和深度，我們能夠提供各種大小客戶所需的技術解決方案。此外，對 IT 基礎架構解決方案（無論是在本地還是在雲中）的需求在整個季度都在增長。隨著業務的重新開放，我們看到我們的客戶對更強勁的最終用戶需求做出了反應。

From a regional perspective, all 3 regions performed at or better than our expectations despite selective lockdowns in some countries due to the COVID Omicron variant. The ongoing supply chain disruptions continued as we anticipated in Q1, though we began to see some early signs of marginal improvement in our backlog. Despite these indications, our total backlog level continues to be elevated, and we believe it's comprised of both current customer needs as well as future orders based on extended lead times.

從區域的角度來看，儘管由於 COVID Omicron 變體在某些國家/地區進行了選擇性封鎖，但所有 3 個地區的表現均達到或優於我們的預期。正如我們在第一季度所預期的那樣，持續的供應鏈中斷仍在繼續，儘管我們開始看到我們的積壓訂單略有改善的一些早期跡象。儘管有這些跡象，但我們的總積壓水平繼續提高，我們相信它既包括當前的客戶需求，也包括基於延長交貨時間的未來訂單。

From a strategic perspective, we are executing well on our plans and look forward to sharing more with you at our Investor Day next Tuesday. At that event, you will hear much more about our strategic framework and views on the evolution of the IT distribution ecosystem with presentations from many members of our executive leadership team.

從戰略角度來看，我們的計劃執行良好，並期待在下週二的投資者日與您分享更多信息。在那次活動中，您將聽到更多關於我們的戰略框架和關於 IT 分發生態系統演變的觀點，以及我們執行領導團隊的許多成員的演講。

Our integration efforts are executing as planned, and we are on track to achieve our merger-related synergy targets. Our Americas ERP system migration is proceeding according to plan. And we've begun to migrate some of our Canadian vendors and some net new U.S. vendors onto the legacy SYNNEX platform, which we call CIS. We are taking a measured approach to this project to ensure a seamless experience for our customers and vendors.

我們的整合工作正在按計劃進行，我們正在實現與合併相關的協同目標。我們的美洲 ERP 系統遷移正在按計劃進行。我們已經開始將我們的一些加拿大供應商和一些新的美國供應商遷移到我們稱之為 CIS 的傳統 SYNNEX 平台上。我們正在對該項目採取謹慎的方法，以確保為我們的客戶和供應商提供無縫體驗。

Additionally, we have made very good progress on aligning our global policies across a variety of areas. And as I frequently said, aligning our one global TD SYNNEX corporate culture is critical, and we have made very good progress there, too. We have introduced a servant leadership model across the organization and are looking forward to bringing over 100 of our top leaders together for an in-person leadership seminar next month. We see this as an important journey and are very pleased with the progress we've made so far.

此外，我們在調整各個領域的全球政策方面取得了非常好的進展。正如我經常說的，調整我們的全球 TD SYNNEX 企業文化至關重要，我們在這方面也取得了非常好的進展。我們已經在整個組織中引入了僕人式領導模式，並期待在下個月將 100 多位高層領導聚集在一起，參加面對面的領導力研討會。我們認為這是一次重要的旅程，並對我們迄今為止取得的進展感到非常滿意。

As we look forward to the fiscal Q2 and beyond, there are a variety of inputs informing our views. We continue to believe in the technology adoption trends fueling IT spending in 2022 and beyond. At the same time, we are cognizant that IT spending has historically been correlated to GDP. We recognize that more vendor partners understand the value of IT distribution, and we believe they are choosing TD SYNNEX because of our extensive global footprint and broad portfolio, which creates unique capabilities and market opportunities.

在我們期待第二季度及以後的財政年度時，有多種意見可以反映我們的觀點。我們繼續相信技術採用趨勢會推動 2022 年及以後的 IT 支出。同時，我們認識到 IT 支出歷來與 GDP 相關。我們認識到越來越多的供應商合作夥伴了解 IT 分銷的價值，我們相信他們選擇 TD SYNNEX 是因為我們廣泛的全球業務和廣泛的產品組合，這創造了獨特的能力和市場機會。

Some offsetting headwinds to this may be potential impacts to the macro economy and supply chain from the war in Ukraine and recent COVID-related lockdowns in Asia. We are closely monitoring developments in both areas.

對此的一些抵消逆風可能是烏克蘭戰爭和亞洲最近與 COVID 相關的封鎖對宏觀經濟和供應鏈的潛在影響。我們正在密切關注這兩個領域的發展。

One thing is for certain: our teams have proven their capabilities in navigating a challenging and unpredictable environment over the last 2 years, and we will continue to remain singularly focused on enabling success for our customers and vendors.

有一件事是肯定的：在過去的 2 年裡，我們的團隊已經證明了他們在應對充滿挑戰和不可預測的環境方面的能力，我們將繼續專注於為我們的客戶和供應商帶來成功。

I will now pass it over to Marshall who will provide additional details on our financial performance. Marshall?

我現在將把它交給馬歇爾，他將提供有關我們財務業績的更多細節。馬歇爾？

Thanks, Rich, and thank you to everyone today for joining us on our call. We had a strong start to the fiscal year with results ahead of our expectations. We continued to see a challenged supply environment. As expected and given excellent focus and execution, our teams were able to deliver performance at or better than we anticipated across all 3 geographic regions.

謝謝，Rich，感謝今天大家加入我們的電話會議。我們在本財年有一個強勁的開端，結果超出了我們的預期。我們繼續看到充滿挑戰的供應環境。正如預期的那樣，鑑於出色的專注和執行力，我們的團隊能夠在所有 3 個地理區域提供達到或超過我們預期的績效。

Total worldwide revenue came in at $15.5 billion, up 1.5% from the prior year when normalizing for the merger. When adjusted for constant currency and the ASC 606 revenue policy alignment related to the merger, revenue grew approximately 6%. Gross profit was $969 million, and gross margin was 6.3%, reflecting a favorable mix of products and good execution by our team. Total adjusted SG&A expense was $562 million, representing 3.6% of revenue and in line with our expectations.

合併正常時，全球總收入為 155 億美元，比上年增長 1.5%。根據固定貨幣和與合併相關的 ASC 606 收入政策調整進行調整後，收入增長了約 6%。毛利潤為 9.69 億美元，毛利率為 6.3%，反映了我們團隊良好的產品組合和良好的執行力。調整後的 SG&A 總費用為 5.62 億美元，佔收入的 3.6%，符合我們的預期。

Non-GAAP operating income was $432 million, and non-GAAP operating margin was 2.8%. Non-GAAP interest expense and finance charges were $41 million. And the non-GAAP effective tax rate was approximately 24% and in line with our expectations. Total non-GAAP net income was $292 million, and non-GAAP diluted EPS was $3.03.

非美國通用會計準則營業收入為 4.32 億美元，非美國通用會計準則營業利潤率為 2.8%。非公認會計原則的利息費用和財務費用為 4100 萬美元。非 GAAP 有效稅率約為 24%，符合我們的預期。非美國通用會計準則淨收入總額為 2.92 億美元，非美國通用會計準則攤薄後每股收益為 3.03 美元。

Now turning to the balance sheet. We ended the quarter with cash and cash equivalents of $510 million and debt of $5 billion. Our gross leverage ratio was 3.1x, and net leverage was 2.8x. Accounts receivable totaled $8.7 billion, and inventories totaled $7.7 billion. Our net working capital at the end of the first quarter was $4.3 billion.

現在轉向資產負債表。我們在本季度末的現金和現金等價物為 5.1 億美元，債務為 50 億美元。我們的總槓桿率為 3.1 倍，淨槓桿率為 2.8 倍。應收賬款總額為 87 億美元，存貨總額為 77 億美元。我們在第一季度末的淨營運資金為 43 億美元。

Our cash conversion cycle for the first quarter was 24 days and higher than Q4 of fiscal '21, which was 14 days. Cash used in operations was approximately $1.3 billion in the quarter. This use of cash was primarily due to a temporary increase in net working capital to support revenue growth and strategic inventory purchases that are expected to sell through in the next 3 to 4 months.

我們第一季度的現金轉換週期為 24 天，高於 21 財年第四季度的 14 天。本季度用於運營的現金約為 13 億美元。這種現金使用主要是由於淨營運資本暫時增加以支持收入增長和預計將在未來 3 至 4 個月內售罄的戰略庫存採購。

From a shareholder return perspective, for the quarter, our Board of Directors has approved a cash dividend of $0.30 per common share. The dividend is expected to be paid on April 22, 2022, to stockholders of record as of the close of business on April 8, 2022. As we mentioned in our last earnings call, we are employing a capital allocation framework that targets both dividends and share repurchases as shareholder return vehicles. We intend to do share repurchases of about $100 million in fiscal '22 and have already bought back $25 million in Q1 and expect to repurchase another $25 million in Q2.

從股東回報的角度來看，本季度，我們的董事會已批准每股普通股 0.30 美元的現金股息。股息預計將於 2022 年 4 月 22 日支付給截至 2022 年 4 月 8 日營業結束時登記在冊的股東。正如我們在上次財報電話會議中提到的，我們正在採用一個資本分配框架，既針對股息，也針對股票回購作為股東回報工具。我們打算在 22 財年進行約 1 億美元的股票回購，並且已經在第一季度回購了 2500 萬美元，並預計在第二季度再回購 2500 萬美元。

As Rich mentioned, our integration efforts are going well, and we continue to make good progress on realizing merger cost synergies that are in line with our plan. As I've mentioned previously, these opportunities span a variety of areas, including optimization and efficiency improvements via the legacy Tech Data GBO program as well as traditional deal-related synergies across the spectrum of IT systems, corporate costs, facilities rationalization and taxes and interest.

正如 Rich 所說，我們的整合工作進展順利，我們在實現符合我們計劃的合併成本協同效應方面繼續取得良好進展。正如我之前提到的，這些機會跨越多個領域，包括通過傳統的 Tech Data GBO 計劃進行優化和效率改進，以及跨 IT 系統、企業成本、設施合理化和稅收和興趣。

As we contemplate the full fiscal year, we expect revenue growth approaching mid-single digits, which includes an approximate $1.1 billion of headwind due to the alignment of accounting policies and a headwind of approximately $1.2 billion due to FX impacts from the weakening of the euro. We now expect non-GAAP EPS to be $11.15 to $11.65 per share, which is an increase from $10.80 to $11.20 provided in our last quarterly update. Our updated forecast also reflects an expected $0.18 headwind from FX.

在我們考慮整個財年時，我們預計收入增長將接近中個位數，其中包括由於調整會計政策而帶來的約 11 億美元的逆風，以及由於歐元疲軟帶來的外匯影響而帶來的約 12 億美元的逆風.我們現在預計非 GAAP 每股收益為 11.15 美元至 11.65 美元，比我們上次季度更新中提供的 10.80 美元至 11.20 美元增加。我們更新的預測也反映了來自外彙的 0.18 美元的預期阻力。

Given our upcoming Investor Day, we wanted to provide you with an updated view of the full year. Historically, we provide quarterly guidance and will return to our historical precedent next quarter.

鑑於即將到來的投資者日，我們希望為您提供全年的最新視圖。從歷史上看，我們提供季度指導，並將在下個季度回到我們的歷史先例。

Looking more specifically at fiscal Q2, it's a bit more difficult to forecast with precision given the increased level of macroeconomic uncertainty due to the war in Ukraine, potential COVID impact, rising inflation and the continuing supply chain constraint. Against that backdrop, our view encompasses our current estimates given the information we currently have for Q2 and the full year.

更具體地看第二財季，由於烏克蘭戰爭、潛在的 COVID 影響、通脹上升和持續的供應鏈限制，宏觀經濟不確定性水平增加，因此更難以準確預測。在這種背景下，鑑於我們目前掌握的第二季度和全年信息，我們的觀點包括我們目前的估計。

For fiscal Q2, we expect total revenue to be in the range of $14.8 billion to $15.8 billion, which, when adjusted for currency impact of approximately $300 million and ASC 606 revenue policy alignments related to the merger of approximately $300 million, this equates to growth of around 3% on a year-on-year basis. Although we began to see some stabilization in our backlog in Q1, the level continues to be elevated compared to historical levels, and we estimate the impact to fiscal Q2 revenue will be approximately 4% to 5%.

對於第二財季，我們預計總收入將在 148 億美元至 158 億美元之間，在調整約 3 億美元的貨幣影響和與約 3 億美元合併相關的 ASC 606 收入政策調整後，這相當於增長同比增長約 3%。儘管我們在第一季度開始看到我們的積壓訂單有所穩定，但與歷史水平相比，這一水平繼續上升，我們估計對第二財季收入的影響將約為 4% 至 5%。

Non-GAAP net income is expected to be in the range of $231 million to $270 million, and non-GAAP diluted EPS is expected to be in the range of $2.40 and $2.80 per diluted share based on weighted average shares outstanding of approximately 96 million. Non-GAAP interest expense is expected to be approximately $37 million, and we expect the non-GAAP tax rate to be approximately 24%. Please note that these statements regarding our expectations for our fiscal second quarter of 2022 and full year of 2022 are forward-looking and that our actual results may differ materially.

非美國通用會計準則淨收入預計在 2.31 億美元至 2.7 億美元之間，非美國通用會計準則攤薄後每股收益預計在 2.40 美元至 2.80 美元之間，基於約 9600 萬股的加權平均流通股。非 GAAP 利息費用預計約為 3700 萬美元，我們預計非 GAAP 稅率約為 24%。請注意，這些關於我們對 2022 財年第二季度和 2022 年全年預期的陳述是前瞻性的，我們的實際結果可能存在重大差異。

We now will take your questions. Operator?

我們現在將回答您的問題。操作員？

(Operator Instructions) Your first question comes from the line of Ruplu Bhattacharya with Bank of America.

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

Rich, I was wondering if you can comment on the margin differential between the SYNNEX side of the business and the Tech Data side of the business and how quickly do you expect that gap to close. And specifically, you've talked about $100 million this year of deal synergies, and some of that is from the GBO 2 initiative. I was just wondering, like how much of these is -- are helping to harmonize the margins between the 2 sides of the business? So any comments you can provide on that would be helpful.

Rich，我想知道您是否可以評論業務的 SYNNEX 方面和業務的技術數據方面之間的利潤率差異，以及您預計這種差距會以多快的速度縮小。具體來說，您談到了今年 1 億美元的交易協同效應，其中一些來自 GBO 2 計劃。我只是想知道，其中有多少 - 有助於協調業務雙方之間的利潤？因此，您可以提供的任何評論都會有所幫助。

Sure. As a generalization, when you take a look at the margin differentials between the legacy businesses, you'll find that the Americas margins are not very different, but rather it's the regional mix of the margins that drive some of the differences you've seen between the 2 companies.

當然。概括地說，當您查看傳統業務之間的利潤率差異時，您會發現美洲的利潤率並沒有太大的不同，而是利潤率的區域組合導致了您所看到的一些差異兩家公司之間。

For many companies within the IT industry in Europe, the margin profiles are a bit lower when compared to the Americas profiles, and that generally is due to cost driven by complexity of regional -- I'm sorry, country structures within that region. So that's kind of the way we think about the margin differentials.

對於歐洲 IT 行業的許多公司而言，與美洲相比，利潤率略低，這通常是由於區域複雜性驅動的成本 - 對不起，該區域內的國家結構。這就是我們對利潤率差異的看法。

And from a European perspective, just to close it out, we are really happy with our European financial model. The return on invested capital, attributes of that model are quite good. And so that's the way we think about it.

從歐洲的角度來看，只是為了結束它，我們對我們的歐洲金融模式非常滿意。該模型的投資回報率，屬性相當不錯。這就是我們思考它的方式。

And in addition to that, one last thought around Europe is there is more intensity around the -- what I would call the endpoint part of the business. We do business in Europe and actually carry some mobility lines that are fairly significant. And those mobility lines, again, although they are lower-margin attributes, the return on invested capital attributes of those segments are really, really good. So that's sort of the summary.

除此之外，圍繞歐洲的最後一個想法是圍繞 - 我稱之為業務的端點部分的強度更高。我們在歐洲做生意，實際上有一些相當重要的移動線路。同樣，這些流動性線雖然是利潤率較低的屬性，但這些細分市場的投資資本屬性的回報非常非常好。這就是總結。

In addition to that, from a synergy perspective, again, just to recap what we had committed to at the time of deal, $100 million in year 1, $100 million incremental in year 2 for $200 million in total. We feel good about where we're at from the execution of that overall plan, call it on track, actually, tactically running a bit ahead relative to our expectations there.

除此之外，從協同效應的角度來看，再次回顧一下我們在交易時承諾的內容，第一年 1 億美元，第二年增加 1 億美元，總計 2 億美元。我們對總體計劃的執行情況感到滿意，稱其處於正軌，實際上，相對於我們在那裡的預期，在戰術上運行得有點早。

Ruplu, this is Marshall. Just to add a little color to the $100 million synergies for year 1. Just as a reminder, an element of that is below operating income in the form of better taxes and interest. So your question to how do margins benefit, they certainly do from an SG&A perspective and from a GBO 2 initiative, but there's also below-the-line benefits as well.

魯普魯，這是馬歇爾。只是為第一年的 1 億美元協同效應增添一點色彩。提醒一下，其中一個因素是以更好的稅收和利息的形式低於營業收入。所以你的問題是利潤如何受益，從 SG&A 的角度和 GBO 2 計劃來看，它們肯定會受益，但也有線下的好處。

Okay. I appreciate it. Can I ask you, Rich? You've also had time now to look at the line cards for the 2 companies. Are there parts of the line cards that you want to enhance? Or similarly, are there parts that you would like to prune?

好的。我很感激。我可以問你嗎，里奇？您現在還有時間查看這 2 家公司的線路卡。是否有您想要增強的線卡部分？或者類似地，是否有您想要修剪的部分？

So let me move on to the enhance piece for just one moment. There are always parts of the line card that you would like to enhance, and it usually has to do with the emergence of new entrants, if you will, into the market. So we're always focused on carrying out the business development to make sure that we capture our fair share of those new entrants overall. But we're very satisfied as a generalization with our line card, but always looking to approve it is the best way to net it.

因此，讓我繼續討論增強部分。總有部分線路卡是您想要增強的，如果您願意的話，這通常與新進入者的出現有關。因此，我們始終專注於開展業務發展，以確保我們在這些新進入者中獲得公平份額。但我們對我們的線卡的概括非常滿意，但始終尋求批准它是最好的方法。

As it relates to pruning, I know that in the past, when Tech Data was a public company, we talked about some portfolio activities that were taking place. As a generalization, most of those portfolio activities, I would say, that were material have been completed in the past. So right now, we're kind of full speed ahead relative to executing our business. And there are no anticipated significant prunings, if you will, that we foresee at the current time.

因為它與修剪有關，我知道在過去，當 Tech Data 是一家上市公司時，我們談到了一些正在發生的投資組合活動。作為概括，我想說的是，大多數重要的投資組合活動在過去都已經完成。所以現在，相對於執行我們的業務，我們處於全速前進的狀態。如果您願意的話，我們目前預計沒有預期的重大修剪。

Okay. And if I can just squeak -- or squeeze one more in. Marshall, you talked about strategic inventory purchases. It looks like inventory was up 17% sequentially, but it is an environment where you need to plan for future revenues. So maybe can you just talk about how you see the cash conversion cycle going forward? And how should we think about free cash flow this year?

好的。如果我可以吱吱聲 - 或者再擠一個。馬歇爾，你談到了戰略庫存採購。看起來庫存環比增長了 17%，但這是一個您需要為未來收入計劃的環境。那麼，也許您能談談您如何看待未來的現金轉換週期嗎？我們應該如何看待今年的自由現金流？

Sure. So it was elevated. We did call out that it was temporary. The cash conversion landed around 24 days for the quarter. We thought coming out of Q4, we'd see a 2- to 4-day deterioration to about 16. Think about this, Ruplu, every day is around 175 in terms of just cash generation or cash usage. So that's about 6 to 7 days of increase that we saw.

當然。所以被抬高了。我們確實說這是暫時的。本季度的現金轉換時間約為 24 天。我們認為從第四季度開始，我們會看到 2 到 4 天的惡化到大約 16 天。想想這個，Ruplu，就現金產生或現金使用而言，每天大約是 175 天。這就是我們看到的大約 6 到 7 天的增長。

We still believe, as we think through the rest of '22 and our thoughts on '23 being our second year of being together, that the $1 billion of free cash flow is still our target, and we expect to be able to achieve and hit that.

我們仍然相信，當我們思考 22 年的剩餘時間以及我們對 23 年是我們在一起的第二年的想法時，10 億美元的自由現金流仍然是我們的目標，我們希望能夠實現並達到那。

The other aspect to that is, as we referenced earlier in our prepared remarks, is our capital allocation strategy and how we plan to deploy that. We think that there are still significant opportunities for us from the overall program management on various customer and vendor supply financing. Those synergies and benefits to us, we think, are significant and will continue to be brought into the overall management of our programs going forward.

正如我們之前在準備好的評論中提到的那樣，另一方面是我們的資本配置策略以及我們計劃如何部署它。我們認為，從各種客戶和供應商供應融資的整體項目管理中，我們仍有重大機會。我們認為，這些協同效應和好處對我們來說意義重大，並將繼續納入我們未來項目的整體管理中。

Congrats on the strong execution in the quarter.

祝賀本季度的強勁執行。

Thank you.

謝謝你。

Your next question is from the line of Ananda Baruah with Loop Capital.

您的下一個問題來自 Loop Capital 的 Ananda Baruah。

Congrats on the strong results. I guess, yes, just a couple for me, if I could. You guys mentioned a couple of times that the results were above your expectations or ahead of your expectations for top line. Can you talk about what you saw as being the drivers there and including anything that's SYNNEX-specific? And then I have a follow-up.

恭喜取得了不錯的成績。我想，是的，如果可以的話，對我來說只是一對。你們多次提到結果超出了您的預期或超出了您對頂線的預期。你能談談你所看到的驅動因素，包括任何特定於 SYNNEX 的東西嗎？然後我有一個跟進。

Yes. So Ananda, a couple of thoughts. We had provided a point of view early on that we -- as we move through this year that we would see an acceleration within the data center. We call that segment advanced solutions, and then maybe a little bit of a moderation as it relates to the PC ecosystem, which we call endpoint. And in fact, it's playing out that way. Obviously, there's a lot of backlog still to be worked off within the endpoint segment. But as we had stated in the prepared comments, moving through the last quarter and into this quarter and throughout the quarter, we've seen more strength within the advanced solutions segment.

是的。所以阿難，有幾個想法。我們早些時候提供了一個觀點，即我們 - 隨著今年的推進，我們將看到數據中心內的加速。我們稱這部分為高級解決方案，然後可能會稍微緩和一點，因為它與我們稱之為端點的 PC 生態系統有關。事實上，它正在以這種方式發揮作用。顯然，端點部分仍有大量積壓工作需要處理。但正如我們在準備好的評論中所說，從上一季度到本季度以及整個季度，我們在高級解決方案領域看到了更多的實力。

And the theory behind that is, obviously, with COVID and people being remote, the project-based business was a bit delayed. People weren't coming in to deploy those projects. And now I think they're beginning to take root. So that's what I would state relative to how we had seen. So to be specific, a bit of the overachievement that we're talking about was primarily due to that advanced solutions segment.

顯然，這背後的理論是，隨著 COVID 和人們的遠程，基於項目的業務有點延遲。人們不會進來部署這些項目。現在我認為他們開始紮根了。所以這就是我要說明的相對於我們所看到的情況。所以具體來說，我們正在談論的一些超額成就主要是由於先進的解決方案部分。

That's super helpful. And I'm going to -- I guess, on the follow-up, just going over to the PC business, could you -- 2 things, could you just give us what your view is sort of like throughout the year from your current baseline business, like what you're seeing? So I guess, it's more of like a sequential kind of through-the-year view. Do you think things are stable here from a shipment go-forward basis? I know the year-over-year might look a little bit different but -- from today's current baseline book. And then just any color on Hyve would be great, too. And that's it for me.

這非常有幫助。我要--我想，在後續行動中，只是談談個人電腦業務，你能不能-- 兩件事，你能不能告訴我們你現在一年中的看法？基線業務，就像您所看到的那樣？所以我想，這更像是一種連續的全年視圖。您認為從出貨量開始，這裡的情況是否穩定？我知道同比可能看起來有點不同，但是 - 與今天當前的基準書不同。然後 Hyve 上的任何顏色都會很棒，也是。對我來說就是這樣。

Yes. So I'll handle the PC piece and then maybe hand it off to Marshall to give his comments around the Hyve piece. But on the PC piece, again, I apologize for being a little bit repetitive, but the expectation was first half of the year moderate -- I'm sorry, a bit robust moving to moderate and then sort of maintaining that moderate through the rest of the year. And I think that, that still is the way I would couch it.

是的。因此，我將處理 PC 部分，然後將其交給 Marshall，讓他對 Hyve 部分發表評論。但在 PC 部分，再次，我為有點重複而道歉，但預期是上半年溫和 - 對不起，有點穩健轉向溫和，然後在剩下的時間裡保持這種溫和年。而且我認為，這仍然是我的沙發方式。

As you know, there still are things which are sort of driving demand within that space as we come through the operating system transitions. And every company is very conscientious more than ever about security, and some of the attributes in the new operating systems, applications, et cetera, tend to help drive continuous refresh. So -- but allow me to kind of put it in sort of moderate category as opposed to the robust category sort of moving forward to the back half of the year. And then expectation would be that the advanced piece, as I said earlier, would have some pretty good growth attributes moving through the next couple of quarters.

如您所知，當我們經歷操作系統過渡時，仍然有一些東西在推動該領域的需求。每家公司都比以往任何時候都更加註重安全性，新操作系統、應用程序等中的一些屬性往往有助於推動持續更新。所以 - 但請允許我將其歸為中等類別，而不是向前推進到今年下半年的穩健類別。然後期望是，正如我之前所說，先進的部分將在接下來的幾個季度中具有一些相當不錯的增長屬性。

Marshall, on the Hyve piece.

馬歇爾，關於 Hyve 的作品。

Ananda, Hyve's had a great quarter. Broadly speaking, hyperscale infrastructure continues to grow in the double-digit category. That's an industry comment, and Hyve is certainly benefiting from that.

阿南達，海夫有一個很棒的季度。從廣義上講，超大規模基礎設施繼續以兩位數的速度增長。這是一個行業評論，Hyve 肯定會從中受益。

In the quarter, we saw similar distribution-like strength. And what that represents is our capability to provide spares, lubes, replacement parts to our hyperscale players on a global basis. That continued to show strength in Q1. And as we spoke to previously, Hyve has done a tremendous job of enabling their overall end-to-end solutions portfolio to further increase current customer business and also expand to new customers.

在本季度，我們看到了類似的分佈強度。這代表著我們有能力在全球範圍內為我們的超大規模參與者提供備件、潤滑油和替換零件。這在第一季度繼續顯示出實力。正如我們之前所說，Hyve 在使他們的整體端到端解決方案組合能夠進一步增加當前客戶業務並擴展到新客戶方面做得非常出色。

Marshall, that's super helpful. Anything that we should be aware of as to why -- if hyperscale build-out continue this year to be robust that Hyve wouldn't be a beneficiary of that?

馬歇爾，這非常有幫助。關於為什麼我們應該知道的任何事情——如果今年超大規模的擴建繼續強勁，Hyve 就不會成為其中的受益者？

Certainly, they're correlated. As you know, it's a lumpy business. So speaking of lumpy, in Q2, Hyve had a very strong prior year Q2. So it's a tougher compare. But if you think about the first half, Hyve revenue and operating income grew. And we'd expect, as you look out on an annual basis, that there will be a correlation between hyperscale infrastructure growth and Hyve opportunities.

當然，它們是相關的。如您所知，這是一項繁瑣的業務。所以說到塊狀，在第二季度，Hyve 在上一年的第二季度表現非常強勁。所以這是一個更艱難的比較。但如果你考慮上半年，Hyve 的收入和營業收入增長了。我們預計，正如您每年觀察的那樣，超大規模基礎設施增長與 Hyve 機會之間存在相關性。

Yes. I think it's a good reminder that our feeling relative to that segment is that, as Marshall had just stated, I'm reiterating, that we expect to have really good growth attributes within that business annually. But there are ups and downs quarter, quarter, quarter, depending on the ebb and flow of the requirements. And sometimes you run into compares that are a bit stronger. So -- but we like the fundamentals of that business.

是的。我認為這是一個很好的提醒，我們相對於該細分市場的感覺是，正如馬歇爾剛才所說，我重申，我們預計該業務每年都會有非常好的增長屬性。但也有起起落落的季度、季度、季度，這取決於要求的潮起潮落。有時你會遇到更強的比較。所以 - 但我們喜歡該業務的基本面。

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

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

Just as I look at your second quarter guidance, it seems like there's perhaps a step-back in terms of the operating margins from the first quarter. And you may perhaps answered this question in part by the Hyve response. But anything we should think about in terms of the second quarter operating margin step-back?

正如我查看您的第二季度指導一樣，第一季度的營業利潤率似乎可能有所退步。您可能通過 Hyve 的回應部分回答了這個問題。但就第二季度營業利潤率回落而言，我們應該考慮什麼？

Keith, this is Marshall. I'll take it first and then Rich can provide any other commentary. Keith, what we're seeing just in terms of the seasonal behaviors of the collective organizations coming together is that Q4 and Q1 are behaving very similarly, meaning revenue profiles, margin profiles are fairly consistent. You can see that in the numbers we just posted for quarter 1. We're also seeing some seasonal relationships between quarter 2 and quarter 3.

基思，這是馬歇爾。我會先接受它，然後 Rich 可以提供任何其他評論。基思，就集體組織的季節性行為而言，我們看到的是第四季度和第一季度的行為非常相似，這意味著收入概況、利潤率概況相當一致。您可以在我們剛剛發布的第 1 季度的數字中看到這一點。我們還看到了第 2 季度和第 3 季度之間的一些季節性關係。

In Q1, that has typically been a stronger legacy Tech Data quarter where AS demand in business is higher, that has a higher margin profile. In Q2, what we're seeing is a more balanced profile between AS and ES such that margins, historically, what we're seeing traditionally come down 30 basis points, plus or minus. So most of that is just the seasonal relationships we're starting to see as a combined organization coming together. Nothing in terms of structural changes in gross profit or gross margin and nothing in terms of structural changes than what we're seeing in terms of operating margin.

在第一季度，這通常是一個更強大的傳統技術數據季度，其中業務的 AS 需求更高，利潤率更高。在第二季度，我們看到的是 AS 和 ES 之間更加平衡的情況，從歷史上看，我們看到的傳統利潤率下降了 30 個基點，正負。所以大部分只是我們開始看到的季節性關係，作為一個聯合組織走到了一起。就毛利潤或毛利率的結構變化而言，沒有什麼比我們在營業利潤率方面看到的結構變化更重要。

All right. That's helpful. I appreciate it. And then in terms of the inflationary environment, right, I mean, we've had a lot of price increases from those vendors over the past year. And you guys are, I'm sure, seeing some inflationary wage pressures. But can you talk a little bit about the balance that you guys are seeing in terms of the pricing pressure versus wage inflation? And how are you thinking about for the remainder of the year?

好的。這很有幫助。我很感激。然後就通貨膨脹環境而言，對，我的意思是，在過去一年中，這些供應商的價格上漲了很多。我敢肯定，你們看到了一些通貨膨脹的工資壓力。但是你能談談你們在定價壓力與工資通脹方面看到的平衡嗎？你對今年剩下的時間有什麼看法？

Yes. So let me start and then I can handle it -- hand it off to Marshall, Keith. So let's take it a piece at a time. First, as it relates to vendors and pricing, there are continuous price changes all moving in an upward direction as we move through time. So that has not abated. And obviously, the things that you talk about, all the way from more expensive components to more expensive labor to more expensive freight, I believe, are all contributing to that.

是的。所以讓我開始，然後我可以處理它- 把它交給馬歇爾，基思。因此，讓我們一次拿一塊。首先，由於它與供應商和定價有關，隨著時間的推移，價格會不斷地向上變化。所以這並沒有減弱。很明顯，你談論的事情，從更昂貴的組件到更昂貴的勞動力再到更昂貴的運費，我相信，所有這些都促成了這一點。

We, as you know, depending on the circumstance, can benefit from increased vendor prices, and it basically is in those situations where we have inventory within our system. And as they take their prices up, we take our prices up. So we'd anticipate that that's like a 5 to 10 bps sort of margin advantage for us when that type of activity occurs.

如您所知，根據情況，我們可以從供應商價格上漲中受益，而且基本上是在我們系統中有庫存的情況下。當他們提高價格時，我們也會提高價格。所以我們預計，當這種類型的活動發生時，這對我們來說就像 5 到 10 個基點的保證金優勢。

Then to kind of get closer to home, obviously, the inflationary impacts that are happening through the world are happening to us as well. So we see our labor increasing a bit more than it has historically. And in addition to that, cost of freight has been going up as well. And we are pretty determined to make sure that we stay on top of that and make sure that we're pricing that in as we see it unfold. And we try to make sure that we're staying aligned with those changes, and that's the way we sort of execute the business.

然後為了離家更近一些，很明顯，全球正在發生的通貨膨脹影響也正在發生在我們身上。所以我們看到我們的勞動力比歷史上增加了一點。除此之外，運費也一直在上漲。我們非常堅定地確保我們保持領先地位，並確保我們在看到它展開時對其進行定價。我們試圖確保我們與這些變化保持一致，這就是我們執行業務的方式。

And Keith, the only thing I'd add to that is from quarter to quarter, we may see ebbs and flows where we may have a little bit higher cost associated with any of those inflationary pressures. But typically, over the period of a year or more, we have effectively been able to cover, whether that's through pass-throughs or productivity enhancement, such that it doesn't erode our margin.

基思，我唯一要補充的是從一個季度到另一個季度，我們可能會看到潮起潮落，我們可能會因任何通脹壓力而產生更高的成本。但通常情況下，在一年或更長時間的時間裡，我們已經能夠有效地覆蓋，無論是通過傳遞還是提高生產力，這樣它就不會侵蝕我們的利潤。

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

您的下一個問題來自 Matt Sheerin 和 Stifel 的台詞。

I have some follow-ups to the questions that were asked. Just one concerning the backlog commentary, Rich, that has sort of stabilized. Could you differentiate that between the client device side versus the infrastructure side? Because we're still hearing very long lead times for things like networking and storage products. So could you parse that into those 2 segments?

我對所提出的問題進行了一些跟進。只有一個關於積壓的評論，Rich，已經穩定下來了。你能區分客戶端設備端和基礎設施端嗎？因為我們仍然聽說網絡和存儲產品等產品的交貨時間很長。那麼你能把它解析成這兩個部分嗎？

Great question, Matt. It is the tale of 2 cities. So the marginal improvements that we're seeing in the backlog are clearly coming from the endpoint segment. However, we still have a growing and elevating backlog in the advanced solutions piece. Just about across the board, we see issues there. But in particular, with the newest technologies, the lead times are the longest. So it is the tale of 2 cities within the backlog, for sure.

好問題，馬特。這是兩個城市的故事。因此，我們在積壓中看到的邊際改進顯然來自端點部分。但是，我們在高級解決方案部分的積壓仍然不斷增長。幾乎全面，我們在那裡看到了問題。但特別是，使用最新技術，交貨時間最長。因此，這肯定是積壓中的 2 個城市的故事。

Okay. That's helpful. And then just regarding the question -- the previous question on margins. Just sort of backing into gross margin, it looks like that's going to be down. Is that also a function of mix? And it looks like you had a really nice mix that helped drive that margin upside in Q1.

好的。這很有幫助。然後只是關於這個問題——上一個關於頁邊距的問題。只是有點支持毛利率，看起來它會下降。這也是混合的功能嗎？看起來你有一個非常好的組合，有助於推動第一季度的利潤率上升。

Matt, just as a reminder, and I should have said this earlier, we have a great Q1 investor deck in the TD SYNNEX Investor website. It helps show premerger consolidated results assuming that we were together as of December 1. I just want to let you know that, that helps having an apples-to-apples comparison.

馬特，提醒一下，我應該早點說，我們在 TD SYNNEX 投資者網站上有一個很棒的第一季度投資者平台。假設我們在 12 月 1 日在一起，它有助於顯示合併前的合併結果。我只想讓你知道，這有助於進行蘋果對蘋果的比較。

We do expect gross margins and gross profit to improve, and that's a year-over-year comment for Q2 as we see it. And also, as I spoke to earlier with Keith -- or about Keith's question, the margin for op margin does come down sequentially. But year-over-year, we also expect it to improve.

我們確實預計毛利率和毛利潤會有所改善，正如我們所見，這是第二季度的同比評論。而且，正如我之前與基思（Keith）或關於基思（Keith）的問題所說的那樣，運營利潤率的利潤率確實會依次下降。但與去年同期相比，我們也預計它會有所改善。

Yes. My question was sequential, I guess, the year-over-year. But it looks like on a sequential basis, gross margin will be down. And so my question is, is that a seasonal mix issue (inaudible)?

是的。我猜我的問題是連續的，年復一年。但看起來毛利率會按順序下降。所以我的問題是，這是一個季節性混合問題（聽不清）嗎？

It is. That's exactly right. It's back to the commentary I had with Keith that we do see just an overall play in AS versus ES between Q4 -- or Q1 and Q2, and that's what we're experiencing.

這是。這是完全正確的。回到我對 Keith 的評論中，我們確實看到了 Q4 或 Q1 和 Q2 之間 AS 與 ES 的整體表現，這就是我們正在經歷的。

Your next question is from the line of Jim Suva with Citigroup.

您的下一個問題來自花旗集團的 Jim Suva。

I had one question, and that is on your full year outlook. It looks like you're taking it up very materially. If my memory is right, it's kind of -- you're talking about $11.15 to $11.65. And before, I think it was like $10.80 to $11.20. So it looks like it's taken up materially. Can you: a, let me know if my math is right; but b, what are the main drivers behind that? Is it better margins, better mix? Because it seems like even 3 months ago, the backlog was really elevated and lengthening, given good visibility. So it seems like something materially has really improved here. And so I'm just kind of curious about that improvement, which is a positive.

我有一個問題，那就是你的全年展望。看起來你非常重視它。如果我沒記錯的話，有點——你說的是 11.15 到 11.65 美元。而在此之前，我認為它是 10.80 到 11.20 美元。所以看起來它被物質佔用了。你能：a，讓我知道我的數學是否正確；但是 b，這背後的主要驅動力是什麼？是更好的利潤，更好的組合嗎？因為看起來即使是 3 個月前，積壓的工作量也確實增加了並且延長了，而且可見度很好。因此，這裡似乎有一些實質性的改進。所以我只是對這種改進有點好奇，這是積極的。

Jim, this is Marshall. I'll start and let Rich finish it with another commentary. Yes, we're very pleased to be able to raise the overall guidance for the year. I'll start with the backdrop of our confidence around mid-single-digit growth rate for the full year, and that's adjusted for ASC 606 and FX.

吉姆，這是馬歇爾。我將開始並讓 Rich 用另一個評論來結束它。是的，我們很高興能夠提高今年的總體指導。我將從我們對全年中個位數增長率的信心的背景開始，並針對 ASC 606 和 FX 進行了調整。

I think the goodness that we're experiencing is in 2 categories. One is just the affirmation and ability to realize our synergies that we spoke to earlier. The second is the better than performance in regards to the combined entity. So our team's working together, and I touched on this a little bit earlier. We are discovering and finding even more ways to be efficient that aren't being tracked through our synergies, hard ROI to go after everything that we see that is beneficial. But we're seeing continued goodness at a better-than-expected rate in regards to our 2 enterprises coming together.

我認為我們正在經歷的美好分為兩類。一個是我們之前談到的實現我們協同效應的肯定和能力。第二個是在合併實體方面優於績效。所以我們的團隊正在合作，我早些時候談到了這一點。我們正在發現並尋找更多提高效率的方法，這些方法沒有通過我們的協同效應、硬投資回報率來追踪我們認為有益的一切。但我們看到我們的兩家企業合併的持續好於預期的速度。

Yes. Keith (sic) [Jim], it's Rich. I just wanted to provide some comments on that as well, if I could. I believe the midpoint of the margin that we had -- the range that we've given before was like $11. And if you go to the midpoint currently, it's $11.40, right? So to give you some confidence in the full year, we delivered a -- if you just go back to that baseline, we delivered a material portion of that in Q1 relative to the 303. So I just want to make sure you have that perspective.

是的。基思（原文如此）[吉姆]，很富有。如果可以的話，我也想就此發表一些評論。我相信我們所擁有的利潤的中點——我們之前給出的範圍是 11 美元。如果你現在去中點，是 11.40 美元，對吧？因此，為了讓您對全年有信心，我們提供了一個 - 如果您只是回到那個基線，我們在第一季度提供了相對於 303 的重要部分。所以我只想確保您有這個觀點.

That's great. And as a follow-up, you've talked a lot about your milestones for your cost synergies being on track, and then you did the little, if not slightly, a little bit better, which is good to hear. On revenue side, you've not talked a whole lot about revenue synergies. Is that still a discovery process? Is there something there? I'm just thinking about some approved vendors or some synergies or better rebates or better buying purchasing power, again, to focus with a lot on the cost synergies. I'm just wondering about the revenue side of things. Or is that something more that potentially we'll be hearing about next week at your Investor Day?

那太棒了。作為後續行動，您已經談論了很多關於您的成本協同效應的里程碑，然後您做了一點點，即使不是稍微好一點，這很高興聽到。在收入方面，您並沒有過多地談論收入協同效應。這仍然是一個發現過程嗎？那裡有東西嗎？我只是在考慮一些經批准的供應商或一些協同效應或更好的回扣或更好的購買力，再次關注成本協同效應。我只是想知道事情的收入方面。還是我們可能會在下週的投資者日聽到的更多信息？

So we believe that the revenue -- there are revenue synergy opportunities. And just the quick recap is legacy TD had a broader base of a data center business. Legacy SYNNEX, just to pick one category, had a stronger security practice. So we go in both directions with that, right?

所以我們認為收入——存在收入協同的機會。簡單回顧一下，傳統 TD 擁有更廣泛的數據中心業務基礎。 Legacy SYNNEX 僅選擇一個類別，具有更強大的安全實踐。所以我們在這兩個方向上都走，對吧？

Now what you have to remember is our ERPs are not yet consolidated. So whenever one of these opportunities show, there's a bit of a manual engagement, if you will, is one of the legacy reps having to engage the other side to get it loaded into the system, et cetera. So it's our speculation that the unlock for that revenue synergy really comes to life when we get aligned in the ERPs. And then a salesperson will naturally be able to engage and then work with it within the system that they -- in the common system that they have all their visibility to.

現在您必須記住的是，我們的 ERP 尚未整合。因此，每當出現這些機會中的一個時，都會有一些手動參與，如果您願意的話，是傳統代表之一必須與另一方接觸才能將其加載到系統中，等等。因此，我們推測，當我們在 ERP 中保持一致時，這種收入協同效應的解鎖真正實現了。然後，銷售人員自然能夠在他們的系統中參與並使用它 - 在他們擁有所有可見性的公共系統中。

So long story short, we see them. We hear about them. We take advantage as we can, but the unlock will be once we get to a consolidated platform.

長話短說，我們看到了他們。我們聽說過他們。我們盡我們所能利用，但一旦我們到達一個整合的平台，就會解鎖。

And that consolidated platform ERP, I know you mentioned you're going to do it very slow, so there's no hiccups, kind of America -- North America person. So what's the time line on that again?

還有那個整合的平台 ERP，我知道你提到你會做的很慢，所以沒有打嗝，有點像美國 - 北美人。那麼，那又是什麼時間線呢？

Yes. So we are already underway. We have begun to migrate customers and vendors in Canada. We're getting -- we'll get through Canada -- or a big segment of Canada, if you will, sort of April, May. Then we've already also started to board some of the mismatches in the line card to the CIS system in the U.S., and then we'll get underway in the U.S.

是的。所以我們已經開始了。我們已經開始遷移加拿大的客戶和供應商。我們正在——我們將通過加拿大——或者加拿大的大部分地區，如果你願意的話，大概是四月，五月。然後我們也已經開始把線卡中的一些不匹配的地方上到美國的CIS系統上，然後我們就在美國進行。

And we'd expect it to, as I said in the last call, be a rolling thunder. And by the time we get through the end of this year, if everything goes as planned, we'll have a pretty significant portion of the business moved over. The entirety of getting the business moved over, consistent with what we've said during the integration, will be within that total 2-year horizon. But expect it to be material piece by year-end and then close out the rest in the first 9 months of '23.

正如我在上次電話會議中所說，我們希望它成為滾滾雷電。到今年年底，如果一切按計劃進行，我們將有相當大一部分業務轉移。與我們在整合期間所說的一致，將業務轉移的整個過程將在 2 年的時間內完成。但預計它會在年底前成為重要的部分，然後在 23 年的前 9 個月結束其餘部分。

Congratulations to you and your team in such a challenging time. Good job.

祝賀您和您的團隊在如此充滿挑戰的時刻。做得好。

Thank you. Thanks very much.

謝謝你。非常感謝。

The final question comes from the line of Vincent Colicchio with Barrington Research.

最後一個問題來自 Barrington Research 的 Vincent Colicchio。

Rich, I was wondering if you could talk about what areas of the business where you're seeing the most wallet share gains.

Rich，我想知道您是否可以談談您在哪些業務領域中看到的錢包份額收益最多。

So from an overall market perspective, obviously, the mark -- all of those insights don't -- they follow the close of the quarter, if you will. But I would say that we have had questions in the past relative to larger wallet shares with some vendors and whether we had concern that they would be taking action, perhaps to move away, there has been none of those indications. We have had enthusiastic engagement with our vendors and feel as if we have a lot of headroom with all of them because of, if you will, the transitions to the new technologies, cloud, analytics, security, IoT.

因此，從整體市場的角度來看，顯然，如果你願意的話，所有這些見解都不會出現在本季度末。但我想說，我們過去曾對一些供應商的更大錢包份額有疑問，以及我們是否擔心他們會採取行動，也許會搬走，沒有這些跡象。我們與我們的供應商進行了熱情的接觸，並且覺得我們對他們所有人都有很大的空間，因為如果你願意的話，我們會過渡到新技術、雲、分析、安全、物聯網。

So we're building -- AR/VR is another example and a lot of edge solutions. So we're building out plans to engage with them in those high-growth areas. And I would expect that we'll grow consistent, if not ahead of the market as we move forward. And that's kind of how we think about it.

所以我們正在構建——AR/VR 是另一個例子，也是很多邊緣解決方案。因此，我們正在製定計劃，在這些高增長領域與他們合作。而且我希望我們在前進的過程中保持一致，即使不是領先於市場。這就是我們的想法。

And it sounds like the integration is going well, but I need to ask given the tight labor market and the disruption from a big integration. Has there been any pickup in turnover at Tech Data?

聽起來整合進展順利，但鑑於勞動力市場緊張和大規模整合帶來的破壞，我需要問一下。 Tech Data 的營業額是否有所回升？

Well, I think like the rest of the world, the turnover is a bit elevated relative to what the historical norms have been. However, I wouldn't say that there's anything that is unprecedented or like seriously concerning. Our focus is to make sure that we're providing great career opportunities, a fair and competitive set of financial opportunities and benefits. And we stay -- keep a close pulse with our teams to sort of understand where we're at. But to be direct and answer your question, within the current environment, I don't -- there's nothing that's really out of the norm for us currently.

嗯，我認為和世界其他地方一樣，營業額相對於歷史規範來說有點高。但是，我不會說有什麼是史無前例的或嚴重令人擔憂的。我們的重點是確保我們提供出色的職業機會、公平和有競爭力的財務機會和福利。我們留下來——與我們的團隊保持密切聯繫，以了解我們所處的位置。但要直接回答你的問題，在當前環境下，我不會——目前對我們來說沒有什麼不正常的。

Nice quarter, guys.

不錯的季度，伙計們。

Thank you very much.

非常感謝你。

At this time, there are no more questions. This concludes today's call. Have a nice day.

此時，沒有更多的問題。今天的電話會議到此結束。祝你今天過得愉快。

Thanks, everyone. Good day.

謝謝大家。再會。