What is Tech Data's acquisition strategy? Avnet was your big acquisition. But are there any things that you as a distributor look for as potentially good idea to acquire rather than develop?
I'll step back for a second and say, how do we deploy our capital allocation? We look at organic investments. I spoke [recently about] our EOS transformation where we've made significant organic investments to transform the way that we work and the way that we serve. We also look at share buybacks. We've had a significant share buyback program over the last couple of years. And then we look at select M&A. And M&A will manifest itself against the backdrop of our strategy. We'll look for opportunities that give us better global presence. We'll look for ways to improve our ability to transform digitally. We'll look for ways to expand our portfolio customers and vendors. And then we'll look for capabilities to accelerate our next-generation strategy. And so we look at all of those dimensions when we look at M&A.
