You told investors that the company feels very comfortable with how the Avnet TS integration is progressing. Does that make Tech Data more likely to ramp up its M&A activities?
When we did the merger between TS and Tech Data, we said paying down our debt would take 18-24 months. We've paid down a substantial portion of that money already. We're way ahead of our commitment to Wall Street ... That frees up some cash as we roll into this year. What we will do with that cash is, first, organically invest in the company – hiring the right skills, building the right tools and processes. Secondly, we'll look at M&A that makes sense. Thirdly, we'll return that cash to shareholders with potential stock buybacks.