Good morning. My name is Gail, and I will be your conference operator today. I would like to welcome everyone to the TD SYNNEX Third Quarter Fiscal 2023 Earnings Call. Today's call is being recorded, and all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. At this time, for opening remarks, I would like to pass the call over to Liz Morali, Head of Investor Relations. Liz, you may begin. Thank you. Good morning, everyone, and thank you for joining us for today's call. With me today are Rich Hume, CEO, and Marshall Witt, CFO. Before we continue, let me remind you that today's discussion contains forward-looking statements within the meaning of the federal securities laws, including predictions, estimates, projections, or other statements about future events, including statements about demand, cash flow, and shareholder return, as well as our expectations for future fiscal periods. Actual results may differ materially from those mentioned in these forward-looking statements as a result of risks and uncertainties discussed in today's earnings release, in the Form 8-K we filed today, and in the Risk Factors section of our Form 10-K and our other reports and filings with the SEC. We do not intend to update any forward-looking statements. Also, during this call, we will reference certain non-GAAP financial information. Reconciliations of GAAP to non-GAAP results are included in our earnings press release and the related Form 8-K available on our investor relations website, ir.tdsynnex.com. This conference call is the property of TD SYNNEX and may not be recorded or rebroadcast without our permission. I will now turn the call over to Rich. Rich? Thank you, Liz. Good morning, everyone, and thank you for joining us today. The strength of our business model and our relentless focus on execution were evident in our fiscal third quarter results. Our strategy is working, and our expansive portfolio of products, services, and solutions have enabled us to navigate the fluctuations in the post-pandemic IT spending environment. For another consecutive quarter, a greater portion of our business was generated from high-growth technology categories, and we saw improving performance in Endpoint Solutions. The business mix helped us to expand margins, deliver earnings per share above our guidance, generate strong free cash flow, and increase capital return to our shareholders in the quarter. We were encouraged to see signs of stability in our endpoint business as the Americas experience reduced year-on-year declines and grew quarter-over-quarter. In Advanced Solutions, the Americas saw decelerating growth but also grew quarter-over-quarter. In Europe, however, we began to see the impacts from the macroeconomic backdrop, which led to a more challenging quarter. Asia Pacific, Japan grew in the quarter, driven by strength in Advanced Solutions, High-Growth Technologies, and momentum in India and the Australia-New Zealand region. In addition, the industry supply chain continues to be healthy, with backlogs back to normal historical levels. This has allowed us to strategically reduce our inventory position, leading to significantly improved working capital and strong free cash flow generation for the quarter. Last quarter, we announced our goal to pursue an additional $50 million in cost optimization over the next few quarters. We achieved our target for fiscal Q3 and are on track to capture the remainder by fiscal Q1 of 2024. Our ERP systems migration efforts have proceeded well, and we are now largely complete, with significant milestones successfully achieved. There remain a few pieces to migrate, primarily within our Advanced Solutions business, and we anticipate that this will be concluded in the first half of fiscal 2024. We remain focused on ensuring a seamless customer and vendor experience and will proceed accordingly. As a company, we remain focused on partnering with our customers to maximize the value of their end users' IT investments by demonstrating business outcomes and unlocking growth opportunities through low cost and efficient delivery capabilities. This quarter, we launched two new solutions aimed at doing just that. One is Partner Health and Fitness tool, which utilizes a custom algorithm to analyze a reseller's offerings across the Advanced Solution and High-Growth Technologies, enabling partners to understand where they stand in comparison to the broader TD SYNNEX partner landscape. Using the data to provide this type of actionable insight is one way we are providing distinctive value for our customers, helping to guide their decision-making regarding portfolio diversification to capture growth. The second solution we launched is Destination AI, a comprehensive aggregation of resources to equip resellers with knowledge and connections to capture opportunities across AI, machine learning, and advanced analytics... As this marketplace rapidly evolves, TD SYNNEX is working with more than 40 vendors across the AI space, including AI-enabled independent software vendors, AI accelerators, core AI software platform providers, and AI infrastructure firms. Our catalog of pre-validated, ready-to-deploy solutions, combined with our ability to provide multi-vendor offerings, aggregating best-of-breed services, software and hardware, and edge devices, places us in a unique position with the business partner ecosystem to add value to our customers. Next week, we will be hosting 2 of our marquee ecosystem events, bringing together thousands of our customers and vendor partners to network and collaborate, gaining critical knowledge and insights to further grow their businesses. Ahead of those events, we recently completed an expansive survey of our B2B channel partners from over 60 countries, asking them about their expectations over the next year and beyond. Channel partners told us that they are remaining agile in this environment, adapting their business models to focus on emerging technologies, and rebalancing their priorities and offerings to meet the evolving needs of their end users. There were many interesting findings in the survey, but most clear was the continued importance of the channel in helping partners to navigate the rapidly changing technology landscape, providing technical expertise, and helping to fill gaps in the talent pipeline. During the quarter, we were honored to be recognized with a silver medal by EcoVadis, a leading provider of business sustainability ratings, and an improvement from our prior year's score of a bronze medal. Importantly, this places TD SYNNEX in the top 25% of companies assessed by EcoVadis. Our European business was also awarded an environmental sustainability specialization by Cisco, providing a framework for technology recycling and circular economy initiatives. We are proud of these achievements and of the progress that we have made on our environmental, social, and governance goals. As we begin the final quarter of the fiscal year, we believe that we have seen the trough of our Endpoint Solutions business, and that we will continue to see smaller declines moving forward. It is an exciting time to be in the IT industry, and we believe that in the long term, IT spending will continue to outpace GDP growth. We see a variety of drivers on the horizon, including AI enablement, which we believe we will see across the majority of our offering set as vendors bring these features and functionality to their products and services over time. I will now turn the call over to Marshall for some additional comments about Q3 and our Q4 outlook. Marshall, over to you. Thanks, Rich, and good morning to everyone on today's call. As Rich mentioned, our Q3 results illustrate the progress we have made on our business strategy. Revenue in the strategic focus areas of cloud, security, and data analytics grew in the low double digits on a year-over-year basis, and we saw smaller declines in Endpoint Solutions. As a result, we expanded margins and grew non-GAAP earnings per share, while our countercyclical model enabled us to generate significant free cash flow, leading us to increase our share repurchases in the quarter. For fiscal Q3, total gross billings were $18.6 billion, and net revenue was $14 billion, both consistent with expectations. As Rich highlighted, although revenue declined year-over-year in the Americas, we saw signs of stabilization. Europe saw a decline during the quarter as we began to see impacts related to the challenging macroeconomic environment. Asia Pacific, Japan grew revenue by 10% year-over-year, driven by High-Growth Technologies and strength in some emerging markets. APJ performed better than expected in the quarter, despite a tough year-over-year comparison, due to the record revenue realized in Q3 of fiscal 2022. Non-GAAP gross profit was $974 million, up 3% year-over-year, and non-GAAP gross margin was a record 7%, up 84 basis points year-over-year. The significant improvement in gross margin was driven by the continued mix shift to Advanced Solutions and High-Growth Technologies, as well as margin expansion and High-Growth Technologies. Total adjusted SG&A expense was $577 million, down $16 million from the prior quarter, and representing 4.1% of net revenue and 3.1% of gross billings. As Rich discussed, we are proceeding well on the $50 million cost savings program we announced last quarter and exceeded the $10 million target for fiscal Q3. We are well positioned to achieve our full target by early next year and expect SG&A as a percentage of gross billings to remain in the 2.75%-3.25% range that we have seen historically. Going forward, we will be citing SG&A as a percentage to gross billings, given the increased impact from gross and net adjustments, as a greater proportion of our portfolio is in Advanced Solutions and High-Growth Technologies. Non-GAAP operating income was $379 million, approximately flat year-over-year, and non-GAAP operating margin was 2.8%, up 25 basis points year-over-year. Q3 non-GAAP interest expense and finance charges were $65 million, $7 million better than our outlook due to working capital efficiencies, which resulted in less borrowing. The non-GAAP effective tax rate was approximately 21%, better than our forecast of 24%, primarily due to our ability to utilize tax credits earned in certain jurisdictions. Total non-GAAP net income was $260 million, and non-GAAP diluted EPS was $2.78, $0.08 above the high end of our guidance range and up 1.5% year-over-year. Now, turning to the balance sheet. We ended the quarter with cash and cash equivalents of $1.25 billion and debt of $4.1 billion. Our gross leverage ratio was 2.2 times, and net leverage was 1.6 times, in line with our investment grade credit rating and approaching our target of 2 times gross leverage ratio. Accounts receivable totaled $8.9 billion, up from $8.4 billion in the prior quarter, and inventories totaled $7.5 billion, down from $7.8 billion in the prior quarter. Net working capital at the end of the third quarter was $3.3 billion, down from $3.8 billion in quarter two, primarily due to declines in inventory and increased accounts payable. The cash conversion cycle for the third quarter was 23 days, a 1-day improvement from quarter two, primarily due to improvements in our inventory profile, given the healthier supply chain environment. Cash from operations in the quarter was $592 million, and free cash flow was $552 million. We have generated approximately $1.1 billion in free cash flow year-to-date. We continued to prioritize shareholder returns during the quarter, returning $103 million via share repurchases and $33 million through dividend payments. Year-to-date, we now have repurchased $278 million and have approximately $740 million remaining under our current share repurchase authorization. For the current quarter, our board of directors has approved a cash dividend of $0.35 per common share, payable on October 27, 2023 to stockholders of record as of the close of business on October 13, 2023. Moving now to our outlook for fiscal fourth quarter. We expect gross billings of $18.5 billion-$19.7 billion, representing a 3% sequential improvement from quarter three and a decline of 9% on a year-over-year basis at the midpoint. We expect total revenue to be the range of $14 billion-$15 billion, which equates to a 4% sequential improvement from quarter three and a decline of 11% on a year-over-year basis at the midpoint. The expected sequential improvement from quarter three is slightly below our historical compares, and is primarily driven by the market challenges in Europe, partially offset by improvements in the Americas. For the PC segment, as we discussed in June, we believe we have seen the low point for year-over-year declines and expect the recovery to continue in Q4 with smaller year-over-year declines. Our guidance is based on a euro to dollar exchange of 1.08. Non-GAAP net income is expected to be in the range of $223 million-$269 million, and non-GAAP diluted EPS is expected to be in the range of $2.40-$2.90 per diluted share, based on weighted average shares outstanding of approximately 91.9 million. Non-GAAP interest expense is expected to be approximately $70 million, and we expect the non-GAAP tax rate to be approximately 24%. Lastly, on shareholder returns, we have generated $1.1 billion of free cash flow year to date and have returned $377 million to shareholders through share repurchases and dividends, putting us on track to reach the full year target discussed in June of $580 million. We are now expecting to generate approximately $1.3 billion of free cash flow for the year, outperforming our original target of $1 billion for fiscal 2023. We will continue to be opportunistic regarding share repurchases while adhering to the general framework we have previously communicated to the market. In closing, we remain confident in our ability to successfully navigate fluctuations in the demand environment as customers react to rapidly changing technology needs, and will continue to lean on our strategic priorities to expand in High-Growth Technologies, while also optimizing our core business as we return to a more normalized spending environment. With that, we are now ready to take your questions. Operator? Thank you. If you have a question, please press star one on your telephone keypad. If you wish to remove yourself from queue, simply press star one again. We request that you limit yourself to one question to allow time for other participants to ask their questions. If there is remaining time, you are welcome to reenter queue with additional questions. One moment, please, for your first question. Your first question comes from the line of Ananda Baruah of Loop Capital. Your line is open. Hey, thanks, guys. Good morning. Yeah, appreciate, appreciate taking the question and, and all the detail. I, I guess, let me make my question the following: Do you guys, do you guys have any view on the likelihood that you could have now—you could now be at the bottom in rev dollar run rate? And I, and, and I guess I'd love any context. I'm sure I'm not the only one, just sort of how you're viewing the European softness? You know, in the context of rev dollar run rate going forward? Thanks a lot. Appreciate it. Good morning, Ananda. I hope you're doing well. Thanks for the question. So, let's take it by region first, and then we'll talk about, you know, the major product areas and what the dynamics that we're seeing. So first, you all might recall as we came through the first half of the year, we had talked about Europe being stronger than anticipated. We all knew the headwinds that they had faced in Europe, and Europe was performing better on the top line than the Americas. And we had seen a change in that cycle, if you will, in the third quarter, where Europe began to look a lot like the Americas looked like in the first half. You know, from memory here, their overall top-line performance was reasonably consistent between the two in Q3. You know, that, that was something that had emerged as new. At the same time, you know, the Americas, as we were talking about in our prior call, had seen a declining dynamic in the Endpoint business and had strength in Advanced Solutions. As we move through time here and as we continue forward, our anticipation is we continue to see the trend of declining Endpoint, you know, lesser declines, if you will, over time, and then a moderation of the growth within Advanced Solutions. You know, based on the fact that, those backlogs have been pretty well run down and the prior quarters, for the industry, as well as ourselves, had benefited from the Advanced Solutions, backlog runoff, sort of a, a late, pre-COVID emergence of, you know, strength in that Advanced Solutions business. So, you know, as it relates to looking forward, you know, we'll, we'll address next year when we get to it. The trends are consistent with what we were, stating, for the last couple of quarters in terms of the PC dynamics and the AS dynamics. But we'll reserve, you know, a view as to whether or not, we're at the bottom for, for the next call when we get into our, our Q1 guidance. All right. Sounds great. Really appreciate it. Thanks for the contact. Your next question comes from the line of Mike Ng of Goldman Sachs. Your line is open. Hey, good afternoon, good morning. Thank you for the question. I just had one on PCs. It was encouraging to hear about the trough and Endpoint Solutions, smaller declines going forward. I was just wondering if you could just give a little bit more commentary to support that view. You know, what are you seeing in terms of channel inventory, green shoots, and demand levels on PCs and handsets? And anything that you would call out this quarter as it relates to performance by vertical. I know it's a big education quarter. Thank you. Yeah. So, a couple of thoughts. So first of all, in our prior quarter, we had said that, you know, two and three Q should be the trough for the PC business. On a global basis, in fact, we saw that trend of, if you will, lesser declines moving through time. We would anticipate that Q4 would provide sort of the same dynamic of lesser declines moving through time. What I would also comment that globally, although there were lesser declines, PC as a category was a little bit weaker than when that we had thought, and, you know, the Advanced Solutions was a little bit stronger. As you know, the overall revenue came in at the midpoint of the guide, so there was some mix shift happening there. But the trend held, lesser declines in PCs, but again, you know, PC softer, you know, relative to some of our forecast detail offset, you know, by Advanced Solutions. From a vertical perspective, you know, the only one that I'd point out that, you know, had showed some strength is federal. And in addition to that, yeah, the education piece got a bit of a boost because, you know, the Chrome category last year was very weak, and, you know, we started to see Chrome emerge, a bit within the education, domain, in the prior quarter, or actually our reported quarter. Sorry about that. Excellent. Thank you very much. I appreciate the thoughts. Yep. Your next question comes from the line of Adam Tindle of Raymond James. Your line is open. Okay, thanks. Good morning. I just wanted to start on guidance for Q4, particularly on an EPS basis. Understand last year had that $0.33 benefit from the Hyve recovery, but you still grew sequentially from Q3 to Q4 last year, ex that. And this year, if I look at the guidance, you are calling for sequential revenue growth from Q3 to Q4, but earnings appear to be down at the midpoint. You're accelerating share repurchase based on the commentary, so it just implies a lot of margin erosion, and I'm hoping for a little bit more color. I understand EMEA as a region, but, you know, what, what, what is driving the sequential margin erosion, and why would EPS be down despite typically seasonally up? ... Hey, Adam, this is Marshall. Thanks for the question. You're right. Sequentially, between Q3 and Q4, we typically see about an 8% growth, ±2% on either side. As you saw and heard from our prepared remarks, it's now about 3%-4%. So the majority of the margin decline is primarily attributable to the reduction in revenue and typically the fall-through. In normal quarter fours, we do see quite a bit of fall-through on the incremental revenue that takes place between the two quarters. That's the majority of the overall margin decline from what we have seen historically. You're right, we had that one-time call-out for Hyve last year that we wanted to make sure people were aware of. And then you commented about Europe. Because of the softening we're seeing there in the portfolio, their direct costs are still a little bit out of line in regards to where we need it to be, but expect that that will correct itself over time. And then maybe a little bit more softer underneath that in Asia and Americas, although good progress is being made on the optimization that we called out last quarter, that plays out over Q3, Q4, and Q1, there still is a little bit of direct costs in relation to gross revenue that will continue to correct itself in the coming quarters. Yeah, the only thing that I would add, Adam, and it's a bit repetitive, you know, around last quarter, we talked about a sequential at 8%, and as Marshall says, it's now 3%-4%. If you go to do the math and look at the flow-through of, if you will, that sequential being lower than anticipated, you'd find out that it's sort of most of the shortfall, you know, relative to our comments in the prior call. Is there any way for us to kind of understand where that shortfall is coming from? It sounds like troughing Endpoint Solutions, that's, you know, things are getting better there. What is the product category or vertical that's causing that shortfall? Always lots of moving parts, Adam, but if I were to give you the big headlight, it would be a softer Europe relative to 90 days earlier. Okay, 'cause all that we think about on that business is being a little bit unique from the mobility piece. Is that maybe fair to characterize? So what I would tell you is, I would think about it as more broad-based than just one segment. You know, it's across the majority of the portfolio right now. Okay. Just last one, Marshall. Congrats on the cash flow year to date. You had, I think, previously talked about an annual goal of $1 billion in, in cash flow. Obviously, you're already there, so wondering if that's still the right way to think about it. I think Q4 is normally a positive free cash flow quarter, but I know it can be volatile. And looking forward, you know, as you reflect on, this year's cash flow performance, you know, are there any pieces of this that might be a little bit more temporary, you know, working capital benefits that don't repeat itself, or do you think this is sort of a baseline to build off of? Yeah, thanks for the question, Adam. For the year-to-date cash flow of $1.1 billion, we did see about $500 million of working capital unwind. We expected that as we finished last year, and had inventory elevations, we knew those would unwind. So $500 million or so of that $1.1 billion is working capital unwind. We're still fairly confident about hitting a $1.3 billion dollar target for this year. And then, if I think about cash conversion and how that progresses over the medium term, we still feel confident about achieving that $1.5 billion over that medium term, which we're calling fiscal 2025 or 2026. Thank you. Your next question comes from the line of, Keith Housum of Northcoast Research. Your line is open. Good morning, guys. You know, Marshall, with the interest rates where they are today, and perhaps, you know, only one more increase to go, how are you guys thinking about debt paydown versus increasing your capital allocation toward returning to shareholders? Yeah, thanks for the question, Keith. Interest rates are high. Now, the variable aspect right now is running at around 7%. So we'll remain fairly balanced in our outlook about where we are with our leverage. We're at the 2.2x gross and 1.6 net. That might go up a little bit in Q4, primarily just due to the trailing 4-5 quarters of EBITDA. But other than tenor, we're not anticipating making any other incremental paydowns in debt, but being mindful of cash flow and how best to redeploy that within the options that we have. Great. And then if I look at the fourth, the last bullet point you guys had in your earnings release, it does make it sound like you guys will be increasing your share repurchases in the fourth quarter. Is that the correct way to read that? It is. In my prepared remarks, we commented about where we were at for year to date through Q3 and all in for the full year at $580 million. That puts us in a repurchase expectation of about $170 million for the quarter. So that's where we do see some acceleration of share repurchases. And given the strength in our cash flow, we're gonna remain opportunistic as well, and play that based on price and overall, you know, completion of the quarter. Great. And then one more, if I can get it in here. I know it's relatively small, but the Asia Pacific and Japan area, another good quarter of growth there. You know, some of the Advanced Solutions in India and Australia are driving that. But is that sustainable growth? I mean, are you guys... You know, are you guys able to sustain that growth going forward in that region? So, Keith, you know, I think you have to break it down a bit. I think that the region right now that seems to have, you know, outsized opportunity is India. You know, obviously there's a lot going on there relative to major vendors, resourcing supply chains, et cetera. So, you know, my view is that maybe they're a little bit insulated from the economic cycles, but the rest of the region, I think, kind of has a dynamic of the rest of the world, and, you know, will ebb and flow based on that macro. You know, that would be my view. Your next question comes from the line of Joseph Cardoso of JP Morgan. Your line is open. Hey, good morning, everyone. Thanks for the question. Yeah, the one question from me, can you just touch on the better trends that you're seeing in North America? Curious if the better trends that you're seeing in the region are weighted towards any particular customer verticals, like public sector, or are you seeing the recovery in the region more broadly? And has that recovery been linear through the quarter? 'Cause I remember last quarter you suggested that there was choppiness as you kind of, if looking at it from a month-by-month basis. Curious if you can touch on that. Thanks. Yeah. So, you know, the stronger performers have been, you know, I'm mixing offering sets here with verticals, but the stronger performers have been Advanced Solutions, and that has been pretty consistent throughout the year. You know, pretty robust growth rates in that business. At the same time, from a vertical perspective, as stated earlier, the Federal has been a stronger vertical overall. And then, you know, the benefit, if you will, moving through time of lesser declines in the Endpoint. And again, we believe that that trend will continue as we move forward. Those would be the big changers, and I think Marshall has something to add. Yeah, Joe, just to your question around linearity and volatility. We're still seeing a little bit of bounce month-to-month. We'll call it a good month, a soft month, a good month, and so that necessarily hasn't gone away. But generally said, as Rich said, for Americas, both AS still showing growth, ES showing declining or improvement of the declines on a year-over-year basis. And then we can't forget about our high-growth technology services. Those continue to perform well. As we said, cloud security, IoT, data analytics grew more than 10%. And that's a comment beyond Americas, but it certainly did help Americas. Thanks, guys. Appreciate the call. Your next question comes from the line of Matt Sheerin of Stifel. Your line is open. Yes, thank you, and good morning, everyone. I had another question just regarding your commentary on Advanced Solutions, which has been strong. But Rich, you mentioned that backlog has been coming down. Could you give us more details on what the backlog levels are and, you know, drill down by product area, servers, storage, networking? And as you go forward and that growth slows and Endpoint Solutions starts to have favorable year-over-year comps, I would think that that could pressure gross margins. So how should we think about sort of drop-through in that mix shift and what the operating margins might look like? Well, thank you, Matt. Good morning. I'll handle the first part of the question, then I'll turn it to Marshall for the back half of the question. So, you know, I think we had started to make the statement in our last quarter that the backlog is beginning to near profile. And, you know, I think that if we were to represent where we are today, that's exactly what we'd say, is we're near profile. Sort of an aside comment here, you know, we've been talking over many quarters here about, you know, our inventory being higher than normal because of the serviceability of the supply chain. And now you see with the reductions in inventory and inventory sort of nearing historical profiles, that the serviceability of the overall business is becoming quite good. So, you know, I would say that, you know, almost across the board right now, product set wise, we're at profile and serviceability has been restored. If there were one category that I'd call out that, you know, might have had some, you know, benefit in the quarter in terms of getting, you know, more closely aligned to profile, it'd be networking. So, you know, that one would stand out, but the rest of them, sort of, kind of business as usual profiles at this point. Matt, I'll just comment about the question on what the margin profile looks like. You know, if I think about pricing, it remains competitive, but not irrational. So I don't think that's really changed. I know from quarter to quarter, that can change a little bit based on just the competitive landscape. From an overall rebate and program perspective, again, competitive, but we continue to earn our fair share of back-end margins. So op margin's structurally sound, for us. We think that there's a good upside as we think about being on fewer platforms, specifically within the Americas as we move forward into 2024, and that should help with operating margins as well. Okay, just as a follow-up, though, if the mix shift changes and, you know, client devices, Endpoint Solutions, grows at a faster pace, would you see some gross margin pressure? And I guess my point is, on the operating line, would you be able to make that up with, you know, lower expenses or other things? Yeah, I think if you... You know, typically in Q4, we have a normal balance. ES plays a little bit heavier, so we see the gross margin profile. ...come down more towards, I'll call it 6.5%. But Matt, you're correct. We tend to see less SG&A required for that endpoint solution as AS, so the operating margin profile still kind of hold in check. And it's a regional difference. Americas have a different overall operating margin pro-, pro forma performance for AS and ES than Europe. So it does kind of depend on the region itself, but I don't think that necessarily plays to a decrease or structural decline in the operating margins based on the mix shift. Understood. Thanks a lot. Your next question comes from the line of Ruplu Bhattacharya of Bank of America. Your line is open. Hi, good morning. Thanks for taking my questions. Can you talk about the pricing environment in both Advanced Solutions and Endpoint Solutions? If the macro is weak in a deflationary commodity cost environment, do you think pricing sustains? And as part of that, are you seeing any benefit from AI-based higher configurations in either PCs or servers? If you can touch on that. Yeah. So, Ruplu, what I would tell you is, you know, as Marshall stated earlier, there's nothing that would say that there's a major trend in pricing within the market. If I were to maybe point to one area where we cite a bit more of aggression is within Europe, perhaps because of the fact that, you know, the pie is smaller. So as everybody fights for the smaller pie, they tend to get a bit more aggressive, and I would state that that would be within the endpoint segment. You know, and sort of isolated, if you will, to a couple of markets over there. From an Advanced Solutions perspective, really nothing to report. Feels like, you know, as usual, competitive pricing, but business is normal. And then, as it relates to AI, you know, my view is, in order to have a material impact, it's way early in the game. We really haven't seen, you know, on the endpoint side, AI-enabled offerings that make up any meaningful percentage of the shipments. And, you know, I think that as we think about the data center category, you know, maybe this is just my point of view, but, you know, obviously, AI's been around for a long time. The hype has sort of peaked with ChatGPT. So I, I'm sure that, many of the vendors have the opportunity of sort of classifying now AI, machines, which are being shipped, and, you know, maybe even classifying some of what has historically been in the, in the sales motion because, you know, it, it, it's not a new category. Many, many years' worth of machine learning shipments, et cetera. So therefore, I would say that, the opportunity for AI remains in front of us, as opposed to emerging in the existing quarter. You know, maybe if you get into very, very large enterprises, there's sort of first of a kind, but that falls outside of, you know, our segment and the, the customer set we serve. Okay, thanks for all the details there, Rich. For a follow-up, can I ask about the ERP integration? So since it's complete in North America, are you now seeing a meaningful revenue synergies? And, you know, if you look back in history, SYNNEX had significant revenue synergies in its acquisitions a couple of years into them. I know Europe is not going through an ERP integration, but do you think there could be revenue synergies there? What would drive that? And how should we think about these revenue synergies progressing in the fourth quarter and beyond? Thank you. Yeah. So first, you are correct. The major milestones of our ERP implementation have been achieved. As I had commented on previous calls, there is a low percent of the business, which is a longer tail, which we'll proceed carefully with. It really doesn't create, you know, any material cost overhang to have that wind down occurring. Interesting that you talked about revenue synergies with Europe. In fact, we do believe that the merger have had a positive effect on our global business, even outside of the Americas. We had the opportunity of seeing some signings, bringing on some vendors in Europe that had taken place that we believe were supplemented or complemented by the merger occurring. And then, you know, as it relates to, the Americas and the revenue synergies, we absolutely know that we are selling, you know, let me use legacy Tech Data line card into SYNNEX accounts, and the reverse is true. You know, it's starting to ramp, but it's not to the point where it's meaningful. I, I suspect we'll start to measure it more carefully, you know, moving forward. And then, of course, you know, when the market is a little bit soft as it is today, it's a little bit harder to, you know, see it in the totals, you know, given the overlying market environment. So, you know, we'll start to, as I said, I think, be more focused on that moving forward. Your next question comes from the line of George Wang of Barclays. Your line is open. ... Hey, guys, thanks again for taking my question. I just have a question on the Hyve. Maybe you can double-click on the Hyve. You talked about performing better than expected, just you know, versus last quarter, you talked about the revenue declining due to tougher year-over-year compare. So can you give more color just in terms of the year-over-year growth rate you are seeing right now? And you know, so how do you you know, think of this segment going forward? Hi, George, it's Marshall. Thanks for the question. Yeah, we, we did speak to the tough compare that Hyve presented itself, given the strong H2 of 2022, and that's still the case. The comments around Q3 doing better was that it was better than what we had expected, but still Hyve was down for quarter three, and we expect it to be down for quarter four. The actual revenue attributes, the revenue profiles and where we're getting the revenue from, continues to be well-balanced. The margin profile is structurally sound. What I'd say is that we're really optimistic about where Hyve is going as an organization. There's a new customer that we're ramping in Q4 that we've been building for quite some time, so excited about that. Going into 2024, we would expect to see some expanded or new product lines with existing customers. So, we'll set as we exit 2024 from or 2023 from an expectation for Hyve, but year-on-year, still down, just given the strong compare or the tough compare we have from prior year. Okay, great. Just a quick follow-up on the Hyve. You know, you guys put out the press release, so they added some manufacturing capacity in the U.S., in the kind of, you know, West Coast. Just curious, you know, any thoughts on the capacity ramp globally versus kind of utilization trends? Yeah, obviously, that market segment is a market segment that has reasonably strong growth attributes projected. So, you know, we're positioning ourselves to take advantage of that market. It's a big one, and it's going to continue to grow pretty quickly. And then, you know, secure supply chain is an important aspect for our customers, and, you know, allowing ourselves to or actually having ourselves build that capability is a real value add for them. So we see it as a, if you will, an expansion of our assets with the anticipation that the market over time will continue to grow. Okay, great. Thank you. I will go back to the queue. Thank you, George. Your last question comes from the line of Ashish Sabadra of RBC Capital Markets. Your line is open. Hi, this is Patrick Jackson from RBC. Thank you for taking the questions. For the last two quarters, the company grew overall market share in North America and Europe, you know, despite some of the industry softness in Europe. Has that share dynamic still continued this quarter, and has anything changed in the competitive environment? And secondly, in the prepared remarks, you mentioned the launch of the Partner Health and Fitness tool. I wanted to ask if you could share any details on the initial response to that rollout and how you're thinking about the cross-sell opportunity from this. Thank you. Sure. Thanks for the question. You know, right now, our reports would say that we've maintained our share position in the Americas. In Europe, we lost a couple of tenths of points, so you know, think about that in the rounding. And then when we get a little bit deeper in Europe, it would be within the Endpoint area that had occurred, and you know, it was a matter I spoke earlier about a bit more of aggressive pricing environment. So, you know, we've elected to sort of balance our financials along with our market position. You know, but nothing, nothing to be alarming or concerned about. As I said, it was just a couple of tenths of 1%. So, you know, that's the overall share point of view. You know, as it relates to our new tools, thanks for that question. In essence, we allow our partners to run custom algorithms to take a look at their portfolios versus, you know, the portfolios of folks who profile like them across the entirety of the channel. And it allows them to think about areas of expansion. And yes, we had some really, really great engagement with partners on the tool. In fact, we released it in North America, and just days later, we were getting lots of questions from other markets throughout the world, wondering when that tool will be enabled in their market. So there seems to be, you know, some pretty good appeal relative to our customers wanting to get those insights. Okay, well, thank you very much for attending our call today. In closing, I want to thank our coworkers around the world for their persistence and can-do attitude in staying focused on our success, regardless of the market environment. We're very pleased as to what we've accomplished, and we really look forward to our future, and we appreciate your interest in TD SYNNEX. Thanks. Have a great day. That concludes today's conference call. You may now disconnect. Have a nice day.