艾睿電子 (ARW) 2025 Q2 法說會逐字稿

Good day and welcome to Arrow Electronics second-quarter 2025 earnings call. Today's conference is being recorded. At this time, I would like to turn the conference over to Rick Seidlitz, Arrow's Vice President of Investor Relations. Please go ahead.

大家好，歡迎參加艾睿電子 2025 年第二季財報電話會議。今天的會議正在錄製中。現在，我想將會議交給 Arrow 投資者關係副總裁 Rick Seidlitz。請繼續。

Thank you. I'd like to welcome everyone to the Arrow Electronics second-quarter 2025 earnings conference call.

謝謝。歡迎大家參加艾睿電子 2025 年第二季財報電話會議。

Joining me on the call today is our President and Chief Executive Officer, Sean Kerins; our Chief Financial Officer, Raj Agrawal; our President of Global Components, Rick Marano; and our President of Global Enterprise Computing Solutions, Eric Nowak.

今天與我一起參加電話會議的還有我們的總裁兼執行長 Sean Kerins、我們的財務長 Raj Agrawal、我們的全球元件總裁 Rick Marano 以及我們的全球企業運算解決方案總裁 Eric Nowak。

During this call, we'll make forward-looking statements, including statements about our business outlook, strategies, plans, and future financial results, which are based on our predictions and expectations as of today. Our actual results could differ materially due to a number of risks and uncertainties, including due to the risk factors and other factors described in this quarter's associated earnings release and our most recent annual report on Form 10-K and other filings with the SEC.

在本次電話會議中，我們將做出前瞻性陳述，包括有關我們的業務前景、策略、計劃和未來財務業績的陳述，這些陳述基於我們今天的預測和預期。由於多種風險和不確定性，我們的實際結果可能存在重大差異，包括本季度相關收益報告以及我們最近的 10-K 表年度報告和向美國證券交易委員會提交的其他文件中描述的風險因素和其他因素。

We undertake no obligation to update publicly or revise any of the forward-looking statements as a result of new information or future events. As a reminder, some of the figures we will discuss on today's call are non-GAAP measures, which are not intended to be a substitute for our GAAP results. We've reconciled these non-GAAP measures to the most directly comparable GAAP financial measures in this quarter's associated earnings release.

我們不承擔因新資訊或未來事件而公開更新或修改任何前瞻性陳述的義務。提醒一下，我們在今天的電話會議上討論的一些數據是非 GAAP 指標，並非旨在替代我們的 GAAP 結果。我們已將這些非公認會計準則 (non-GAAP) 指標與本季度相關收益報告中最直接可比較的公認會計準則 (GAAP) 財務指標進行協調。

You can access our earnings release at investor.arrow.com, along with a replay of this call. We've also posted a slide presentation on this website to accompany our prepared remarks and encourage you to reference these slides during the webcast.

您可以在 investor.arrow.com 上存取我們的收益報告以及本次電話會議的重播。我們還在此網站上發布了幻燈片演示，以配合我們準備好的發言，並鼓勵您在網絡直播期間參考這些幻燈片。

Following our prepared remarks today, Sean and Raj will be available to take your questions. I'll now hand the call over to our President and CEO, Sean Kerins.

在我們今天的準備好的發言之後，肖恩和拉吉將回答大家的提問。我現在將電話交給我們的總裁兼執行長 Sean Kerins。

Thank you, Rick, and thank you all for joining us. Today, I'd like to discuss our second-quarter results, provide some commentary on the broader market environment, and then close with some thoughts as we look to the balance of the year. I'll then turn things over to Raj for more detail on our financials, as well as our outlook for the third quarter.

謝謝你，里克，也謝謝大家加入我們。今天，我想先聊聊我們第二季的業績，並對整體市場環境進行一些評論，最後再談談對今年餘下時間的一些想法。之後，我將把時間交給Raj，請他詳細介紹我們的財務狀況以及對第三季的展望。

For the second quarter, we delivered sales as well as earnings per share that exceeded the high end of our guidance ranges with solid contributions from both of our operating segments. In Global Components, our momentum was punctuated by year-over-year growth for the first time since Q4 of '22, with strength in Asia and improving trends across our industrial and transportation market segments. And in Enterprise Computing Solutions, we delivered year-over-year billings and gross profit dollar growth based on strength both on-premise and in the cloud, as well as in both of our operating regions.

在第二季度，我們的銷售額和每股盈餘都超出了預期範圍的上限，這得益於我們兩個營運部門的穩健貢獻。在全球零件領域，我們的發展勢頭自 2022 年第四季以來首次實現同比增長，其中亞洲市場表現強勁，工業和運輸市場領域趨勢不斷改善。在企業運算解決方案方面，我們憑藉著本地和雲端以及兩個營運區域的優勢，實現了營業額和毛利的同比增長。

Taking a closer look at our Global Components business, the prolonged cyclical correction is yielding to early signs of a market recovery. All three of our operating regions again delivered sales in excess of typical seasonality. Demand trends were highlighted by broad strength in Asia, improving activity levels in our industrial and transportation markets on a global basis, and healthy aerospace and defense patterns in Western markets.

仔細觀察我們的全球零件業務，長期的週期性調整正在產生市場復甦的早期跡象。我們所有三個營運區域的銷售額再次超過了典型的季節性水平。需求趨勢突顯為亞洲的廣泛實力、全球工業和運輸市場活動水準的提高以及西方市場健康的航空航太和國防模式。

Additionally, our sales for IP&E components once again grew sequentially but now also year over year, underscoring our continued commitment to specialization in this accretive and resilient market segment. Lastly, our value-added offerings, namely supply chain management, engineering and design, and integration services contributed nicely to our operating margin stability.

此外，我們的 IP&E 組件銷售額不僅再次環比增長，而且同比增長，凸顯了我們繼續致力於在這個增長迅速、富有彈性的細分市場中實現專業化的承諾。最後，我們的加值產品，即供應鏈管理、工程和設計以及整合服務，對我們的營業利潤率穩定性做出了巨大貢獻。

And for some color commentary on a regional basis, in the Americas, the industrial and aerospace and defense markets drove our results, supported by resilience in transportation. In Asia, our sequential growth was broad-based in nature, highlighted by strength in industrial, compute, and consumer, along with continued EV momentum in the transportation sector.

從區域角度來看，在美洲，工業、航空航太和國防市場推動了我們的業績，並得到了運輸業復甦的支持。在亞洲，我們的連續成長具有廣泛的性質，突顯在工業、運算和消費領域的強勁成長，以及交通運輸領域電動車的持續成長動能。

And finally, our sales in EMEA grew sequentially despite macroeconomic and geopolitical headwinds. Results were marked by strength in industrial, transportation, and aerospace and defense markets.

最後，儘管面臨宏觀經濟和地緣政治阻力，我們在歐洲、中東和非洲地區的銷售額仍持續成長。工業、交通運輸、航太和國防市場表現強勁。

Now as we look at the market more broadly, our book-to-bill ratios are above parity in all three regions. While lead times still approximate pre-pandemic norms, our backlog further improved, growing for a second consecutive quarter.

現在，當我們更廣泛地看待市場時，我們發現我們在所有三個地區的訂單出貨比都高於平價。雖然交貨時間仍接近疫情前的標準，但我們的積壓訂單進一步改善，連續第二季成長。

Throughout our large OEM customer base, inventory levels are normalizing, illustrated through more sustainable order patterns, providing us with visibility into the real demand. We also believe our mass market customers are still in the later stages of destocking, suggesting there's still runway for a broader market recovery, particularly in the West. And finally, as in prior cycles, we expect to follow the suppliers that we represent, many of whom are now calling for growth through the balance of the year and beyond.

在我們龐大的 OEM 客戶群中，庫存水準正在正常化，這透過更永續的訂單模式得到體現，讓我們能夠了解真實的需求。我們也認為，我們的大眾市場客戶仍處於去庫存的後期階段，這表明更廣泛的市場復甦仍有空間，尤其是在西方市場。最後，與以往的周期一樣，我們預計將關注我們所代表的供應商，其中許多供應商現在都希望在今年餘下時間及以後實現成長。

The shape and slope of this recovery remain difficult to predict, but we believe these leading indicators point to a modest recovery taking flight. Our Q3 guidance reflects the continuation of these trends, highlighted by mid-single-digit sales growth and operating margin stability, while still navigating headwinds related to regional and customer mix.

這次復甦的形態和斜率仍然難以預測，但我們相信這些領先指標顯示經濟正在溫和復甦。我們的第三季指引反映了這些趨勢的延續，突顯出中等個位數的銷售額成長和營業利潤率的穩定，同時仍在應對與區域和客戶結構相關的阻力。

In regard to tariffs, due to uncertainty around future trade policy, we saw modest order acceleration in Asia alongside less tariff uplift than anticipated in the US. These dynamics did not materially impact our second-quarter results, nor have we contemplated any material impact in our third-quarter guidance. While the current trade environment continues to evolve, I'd like to reiterate Arrow's focus on helping our customers navigate the associated complexity. We will continue to lean on our global footprint of supply chain assets, as well as our portfolio of services to help them do so.

在關稅方面，由於未來貿易政策的不確定性，我們看到亞洲的訂單溫和成長，而美國的關稅上調幅度低於預期。這些動態並未對我們的第二季業績產生重大影響，我們也沒有在第三季指引中考慮任何重大影響。雖然當前的貿易環境不斷變化，但我想重申 Arrow 致力於幫助我們的客戶應對相關的複雜情況。我們將繼續依靠我們全球的供應鏈資產覆蓋以及我們的服務組合來幫助他們做到這一點。

Now turning to our Global ECS business, in the second quarter, we delivered year-over-year double-digit growth in billings and gross profit, as well as operating income when normalized. The results were highlighted by solid contributions from both of our operating regions.

現在轉向我們的全球 ECS 業務，在第二季度，我們的帳單和毛利以及正常化的營業收入均實現了同比兩位數成長。我們兩個營運區域都做出了堅實的貢獻，這突顯了這一業績。

Our performance in EMEA was broad-based, with year-over-year billings growth in cloud, infrastructure, software, and cybersecurity. And in North America, we saw continued acceleration in our cloud portfolio alongside strength in infrastructure software and data storage. Our efforts to align our go-to-market strategy in North America in a way that mirrors our success in EMEA is starting to pay dividends.

我們在歐洲、中東和非洲地區的表現廣泛，雲端運算、基礎設施、軟體和網路安全領域的營業額較去年同期成長。在北美，我們的雲端運算產品組合持續加速發展，基礎設施軟體和資料儲存也表現強勁。我們努力調整北美市場的行銷策略，使其與歐洲、中東和非洲地區的成功相呼應，這項努力已開始取得成效。

Looking to the future, we again enjoyed backlog growth in excess of 50% year over year. We believe this reflects our alignment to some very promising demand trends, many of which are now served on an as-a-service basis. Examples include hybrid cloud solutions, the deployment of infrastructure software in areas such as virtualization and data protection, and the early innings of AI in the traditional data center.

展望未來，我們的積壓訂單量將再次年增超過 50%。我們相信這反映了我們與一些非常有前景的需求趨勢的一致性，其中許多現在都是以即服務的方式提供的。例如混合雲解決方案、虛擬化和資料保護等領域的基礎設施軟體部署以及傳統資料中心中人工智慧的早期階段。

In addition, our focus on the mid-market, enabled by the continued adoption of our digital platform, ArrowSphere, positions us nicely for ongoing customer base expansion. With all of that in mind, our third-quarter outlook again suggests healthy performance in both operating regions, poised for year-over-year growth in billings, gross profit, and operating income.

此外，透過持續採用我們的數位平台 ArrowSphere，我們專注於中端市場，這為我們持續擴大客戶群奠定了良好的基礎。考慮到所有這些，我們對第三季的展望再次表明兩個營運區域均表現良好，營業額、毛利和營業收入將實現同比增長。

In closing, despite various market and geopolitical uncertainties, we are optimistic as we look to the near future. In Global Components, the evidence of cyclical recovery suggests we'll enjoy better than seasonal sales patterns for the balance of the year.

最後，儘管存在各種市場和地緣政治不確定性，但我們對不久的將來仍持樂觀態度。在全球零件領域，週期性復甦的證據表明，今年剩餘時間我們的銷售模式將好於季節性銷售模式。

In Enterprise Computing Solutions, it's clear to us that our momentum will continue to build across the full second half. And for the company overall, our ongoing productivity initiatives will benefit us at more scale. As always, the credit for our progress belongs to all of the Arrow teams and employees throughout the world. I'm thankful for their dedication to our suppliers, our customers, and each other.

在企業運算解決方案方面，我們清楚地看到，我們的勢頭將在整個下半年持續增強。對於整個公司而言，我們正在進行的生產力提升計劃將使我們在更大範圍內受益。一如既往，我們的進步歸功於全球所有的 Arrow 團隊和員工。我感謝他們對我們的供應商、客戶以及彼此的奉獻。

And with that, I'll hand the mic over to Raj.

說完這些，我就把麥克風交給 Raj。

Thanks, Sean. Consolidated sales for the second quarter were $7.6 billion, exceeding our guidance range and up 10% versus prior year, or up 8% year over year on a constant currency basis. Global Components sales were $5.3 billion, above our guidance range and up 11% versus prior quarter, or up 8% sequentially in constant currency terms.

謝謝，肖恩。第二季綜合銷售額為 76 億美元，超出我們的預期範圍，比上年增長 10%，以固定匯率計算比上年增長 8%。全球零件銷售額為 53 億美元，高於我們的預期範圍，較上一季成長 11%，以固定匯率計算，較上一季成長 8%。

You will recall that in our Q2 outlook that we provided last quarter, we highlighted a potential 2% to 4% incremental lift to Global Components sales from tariff billing impacts. In our second-quarter results, we attribute around 1% of sales to these impacts. Additionally, as Sean mentioned, we saw modest order acceleration related to tariff expectations, particularly in Asia, and we believe the impact could be 1% to 2% on second-quarter sales.

您可能還記得，在我們上個季度提供的第二季度展望中，我們強調了關稅結算影響可能使全球零件銷售額增加 2% 至 4%。在我們的第二季業績中，我們將約 1% 的銷售額歸因於這些影響。此外，正如肖恩所提到的，我們看到與關稅預期相關的訂單適度加速，特別是在亞洲，我們認為其對第二季銷售額的影響可能為 1% 至 2%。

Enterprise Computing Solutions sales were $2.3 billion, above our guidance range and 23% higher than prior year, or 20% higher year over year in constant currency. ECS billings grew 15% in the second quarter compared to the same period last year.

企業運算解決方案銷售額為 23 億美元，高於我們的預期範圍，比上年增長 23%，以固定匯率計算比上年增長 20%。與去年同期相比，第二季 ECS 營業額成長了 15%。

Moving to other financial metrics for the quarter, second-quarter consolidated non-GAAP gross margin of 11.2% was down approximately 110 basis points versus prior year, driven primarily by regional and customer mix in Global Components and by product mix in ECS. Global Components' non-GAAP gross margin was 11.2%, down 40 basis points sequentially due to regional and customer mix, and Enterprise Computing Solutions was 11.2% on a non-GAAP basis.

轉向本季度的其他財務指標，第二季度綜合非 GAAP 毛利率為 11.2%，較上年下降約 110 個基點，主要受全球組件區域和客戶組合以及 ECS 產品組合的影響。環球組件的非 GAAP 毛利率為 11.2%，由於區域和客戶結構原因，比上一季下降 40 個基點；企業運算解決方案的非 GAAP 毛利率為 11.2%。

Our second-quarter non-GAAP operating expenses grew $38 million sequentially to $631 million, due largely to variable costs to support top-line sales growth, as well as the impacts of currency exchange rates. Also, although we have returned to growth, we remain committed to executing against our productivity initiatives, which will provide increasing benefits in the second half of this year.

我們第二季的非公認會計準則營運費用較上季成長 3,800 萬美元，達到 6.31 億美元，這主要是由於支持營收成長的變動成本以及貨幣匯率的影響。此外，儘管我們已經恢復成長，但我們仍致力於執行我們的生產力計劃，這將在今年下半年帶來越來越多的效益。

In the second quarter, we generated non-GAAP operating income of $215 million, which was 2.8% of sales, with Global Components operating margin at 3.6% and Enterprise Computing Solutions at 4.3%, both on a non-GAAP basis.

第二季度，我們的非公認會計準則營業收入為 2.15 億美元，佔銷售額的 2.8%，其中全球組件營業利潤率為 3.6%，企業計算解決方案營業利潤率為 4.3%，兩者均按非公認會計準則計算。

As a reminder, ECS operating income in the second quarter of 2024 included a $20 million benefit for the collection of certain aged receivables related to one customer. Interest and other expense was $60 million in the second quarter, and our non-GAAP effective tax rate was 17.6%, which is well below our typical range of 23% to 25% due to certain benefits which we are not expecting to recur in the third quarter.

提醒一下，ECS 在 2024 年第二季的營業收入包括與一位客戶相關的某些舊應收帳款的 2,000 萬美元收益。第二季的利息和其他費用為 6,000 萬美元，我們的非公認會計準則有效稅率為 17.6%，遠低於我們通常的 23% 至 25% 的範圍，這是由於某些福利我們預計在第三季不會再次出現。

We expect both interest expense and taxes to be a drag on third-quarter EPS when compared to the second quarter. And finally, non-GAAP diluted EPS for the second quarter was $2.43, which was above our guided range, mainly due to favorable sales results and a lower tax rate.

我們預計，與第二季相比，利息支出和稅收都會對第三季的每股盈餘造成拖累。最後，第二季非公認會計準則稀釋每股收益為 2.43 美元，高於我們的指導範圍，這主要歸功於良好的銷售業績和較低的稅率。

Turning to working capital, net working capital grew sequentially in the second quarter by $456 million, ending the quarter at $6.8 billion. However, our cash conversion cycle improved by 10 days in the second quarter to 68 days.

談到營運資本，第二季淨營運資本季增 4.56 億美元，本季末達到 68 億美元。不過，我們的現金轉換週期在第二季改善了 10 天，達到 68 天。

Inventory at the end of the second quarter was $4.7 billion, down modestly quarter over quarter, and our inventory turns improved to our highest rate in over two years. We will maintain our focus on matching our inventory to associated demand trends as the current cyclical recovery continues.

第二季末的庫存為 47 億美元，環比略有下降，我們的庫存週轉率提高到兩年多來的最高水準。隨著當前週期性復甦的持續，我們將繼續致力於將庫存與相關需求趨勢相匹配。

Cash flow used for operating activities in the second quarter was $206 million. In conjunction with cash generated in the first quarter, on a year-to-date basis, cash flow from operations was $146 million. Gross balance sheet debt at the end of the second quarter was $2.8 billion, or flat quarter over quarter.

第二季經營活動所用現金流為2.06億美元。加上第一季產生的現金，年初至今的營運現金流為 1.46 億美元。第二季末的資產負債表總負債為 28 億美元，與上一季持平。

We repurchased $50 million of shares in the second quarter, and our remaining repurchase authorization stands at approximately $225 million. In the short term, we are continuing to balance our capital priorities with managing our debt ratios.

我們在第二季回購了價值 5,000 萬美元的股票，剩餘的回購授權約為 2.25 億美元。短期內，我們將繼續平衡資本優先事項和管理債務比率。

Now turning to Q3 guidance, we expect sales for the third quarter to be between $7.3 billion and $7.9 billion. We expect Global Components sales to be between $5.3 billion and $5.7 billion, which at the midpoint is up 4% from prior quarter. In Enterprise Computing Solutions, we expect sales to be between $2 billion and $2.2 billion, which is up approximately 12% at the midpoint year on year.

現在談到第三季指引，我們預計第三季的銷售額將在 73 億至 79 億美元之間。我們預計全球零件銷售額將在 53 億美元至 57 億美元之間，中位數將較上一季成長 4%。在企業運算解決方案方面，我們預計銷售額將在 20 億美元至 22 億美元之間，年增約 12%。

In our outlook, we have factored in the direct billing impact from tariffs. Based on tariffs already in place, we estimate that this impact on Global Components sales will be similar in magnitude when compared to the second quarter. We have not factored in our guidance any assumptions around evolving trade policies, nor does our outlook assume any order acceleration from customers.

在我們的展望中，我們已經將關稅的直接計費影響納入考量。根據已實施的關稅，我們估計，與第二季相比，此次關稅對全球零件銷售的影響幅度將相似。我們的指導中沒有考慮任何有關不斷變化的貿易政策的假設，我們的展望也沒有假設客戶的訂單加速。

We're assuming our tax rate to return to our typical range of approximately 23% to 25%, and interest expense to increase to approximately $65 million as compared to $60 million in the second quarter. And our non-GAAP diluted earnings per share is expected to be between $2.16 and $2.36.

我們假設我們的稅率將恢復到約 23% 至 25% 的典型範圍，利息支出將增加至約 6,500 萬美元，而第二季為 6,000 萬美元。我們的非公認會計準則每股攤薄收益預計在 2.16 美元至 2.36 美元之間。

And finally, given weakness in the US dollar, particularly relative to the euro, we estimate changes in foreign currencies to be a tailwind in the third quarter. The details of foreign currency impact can be found in our earnings release.

最後，鑑於美元疲軟，特別是相對於歐元，我們估計外幣變化將成為第三季的順風。外匯影響的詳細資訊請參閱我們的收益報告。

With that, Sean and I are now ready to take your questions. Operator, please open the line.

現在，肖恩和我可以回答你們的問題了。接線員，請接通線路。

(Operator Instructions) Joe Quatrochi, Wells Fargo.

（操作員指示）喬·夸特羅奇 (Joe Quatrochi)，富國銀行。

Yeah. Thanks for taking the question. Maybe just kind of trying to understand the demand dynamics also to your inventory, and how do you think about having the right inventory for maybe signs of a recovery here?

是的。感謝您回答這個問題。也許只是想了解庫存的需求動態，以及您如何看待擁有合適的庫存以應對復甦的跡象？

Sure, Joe. Well, as you know, because you’ve been following us for some time, our inventories are down well more than maybe $1 billion from the peak that we saw in late '23. And I think in Q2, they came down roughly $50 million or more, something in that range. And we know our turns definitely improved as well.

當然，喬。嗯，正如你所知，因為你已經關注我們有一段時間了，我們的庫存比2023年末的峰值下降了10億美元以上。我認為在第二季度，他們的降幅大約在 5000 萬美元或更多，大概在這個範圍內。我們知道我們的轉彎能力也確實提高了。

So I would say, yeah, in the aggregate, we feel like we’ve done a pretty good job managing inventory throughout this prolonged correction. There are still some pockets of excess, but we continue to eat away at them. We're not concerned about the aging profile of the inventory. We believe we'll sell through it over time, and certainly, we're adequately reserved for any risk that we would contemplate.

所以我想說，是的，總的來說，我們覺得在這次長期調整中我們在庫存管理方面做得相當好。仍然存在一些過剩現象，但我們會繼續消除它們。我們並不擔心庫存的老化。我們相信隨著時間的推移，我們的產品將會銷售一空，而且，我們當然已經為可能遇到的任何風險做好了充分的準備。

But I think the bigger picture to your question is really all about the market. We pay real close attention to our customers and what they tell us and what they see going forward. We want to be leaning in as the market recovers so we can best support them.

但我認為，你的問題從更大角度來說其實都是關於市場的問題。我們密切關注客戶以及他們告訴我們的事情和他們對未來的看法。我們希望在市場復甦時能夠全力以赴，為他們提供最好的支援。

And I think with some of the improving leading indicators we continue to see -- we don't intend to be caught flat-footed. So you can expect -- we will invest in working capital to support growth where and when it makes sense. And I think we're at that inflection point where we need to best support our customers.

我認為，隨著我們繼續看到一些領先指標的改善——我們不想措手不及。因此你可以期待——我們將在合理時間和地點投資營運資金來支持成長。我認為我們正處於一個轉折點，需要為客戶提供最好的支援。

That's helpful. And then maybe one for Raj. Just trying to kind of like the puts and takes of the margin -- implied margin guidance for the September quarter, and then also kind of balancing that with the cost efforts that you guys have been undertaking over the last few quarters. Like, I guess, is it right to think that the margins are slightly down, I think, sequentially, in the September quarter?

這很有幫助。然後也許還有一個給 Raj。只是想了解利潤率的利弊——9 月季度的隱含利潤率指導，然後將其與你們在過去幾季中一直在進行的成本努力進行平衡。例如，我想，9 月季度的利潤率環比略有下降，這種想法對嗎？

That's probably not a right conclusion, Joe. We see margins being relatively stable, certainly at an Arrow Inc., level and also in Components. ECS has its own cyclicality that we have to deal with, but the gross margin is likely to see continued mix shift given the APAC growth in Components as well as the large customer mix that we have.

喬，這可能不是一個正確的結論。我們認為利潤率相對穩定，尤其是在艾睿電子的水平，以及零件業務方面。ECS 有其自身的周期性，我們必須應對，但考慮到亞太地區零件的成長以及我們擁有的龐大客戶組合，毛利率可能會持續變化。

But we are certainly offsetting that with some of our productivity and cost savings initiatives. So that is certainly going to mitigate that impact. But we see relatively stable margins quarter over quarter.

但我們肯定會透過提高生產力和節省成本的措施來抵消這一影響。所以這肯定會減輕這種影響。但我們發現利潤率每季都相對穩定。

And Joe, I would just add, in the Global Components business, the gross margin pressure that Raj alluded to is strictly a function of regional and customer mix. As you know, Asia typically leads the globe in the recovery, and that's been the case now for a good couple of three quarters, and they're performing well on the sales line.

喬，我只想補充一點，在全球零件業務中，拉吉提到的毛利率壓力嚴格取決於區域和客戶組合。眾所周知，亞洲通常引領全球經濟復甦，這種情況已經持續了三個季度，而且亞洲的銷售表現良好。

The West will come back. But it's also a function of customer mix. The larger OEMs are driving our sequential sales growth. We know the mass market will return at more scale. We're starting to see evidence of that in our backlog as it builds out in time into Q4 and even a little bit into Q1. When that happens, you'll see the gross margin line benefit and the operating leverage improve.

西方將會回歸。但這也是客戶組合的功能。大型原始設備製造商正在推動我們的銷售持續成長。我們知道大眾市場將會以更大的規模回歸。隨著積壓訂單逐漸累積到第四季度，甚至在第一季也略有增加，我們開始從中看到這一點。屆時，毛利率和營運槓桿都會有所提升。

So we feel good about the fact that the sales momentum has returned. We've always known that the operating leverage won't come until the scale comes back. So we think this is an encouraging sign.

因此，我們對銷售勢頭的恢復感到高興。我們一直都知道，只有規模恢復，經營槓桿才會發揮作用。所以我們認為這是一個令人鼓舞的跡象。

Very clear. Thank you.

非常清楚。謝謝。

Thanks, Joe.

謝謝，喬。

William Stein, Truist Securities.

威廉·斯坦（William Stein），Truist Securities。

Great. Thanks for letting me ask a question. I'm hoping you can talk about your customer inventory level to the best of your ability. You talked a moment ago about when the broad-based end markets come back that that should be more beneficial to margins.

偉大的。感謝您允許我提問。我希望您能盡力談論您的客戶庫存水準。您剛才談到，當廣泛的終端市場回歸時，這應該對利潤率更有利。

And I think it suggests that perhaps they still have some excess inventory or maybe just demand in those broader end markets is not as robust. Can you clarify and help us understand that a little bit?

我認為這表明他們可能仍然有一些過剩庫存，或者只是那些更廣泛的終端市場的需求不那麼強勁。您能否澄清一下並幫助我們理解這一點？

Yeah, sure thing, Will, and thanks for joining. I think we made mention of it in the prepared remarks, but as you know, we're pretty disciplined about the leading indicators that we monitor. And I would say we definitely are seeing customer-level inventories normalize, especially in the larger OEM piece of the market, and that's been driving a level of replenishment activity.

是的，當然可以，威爾，謝謝你的加入。我想我們在準備好的演講稿中提到過這一點，但正如你所知，我們對所監控的領先指標非常嚴格。我想說的是，我們確實看到客戶層面的庫存正在恢復正常，尤其是在規模較大的OEM市場，這推動了一定程度的補貨活動。

And we're seeing normal booking patterns reemerge, if you will. We do think the mass market customer base lags the larger OEMs, to your point, with still some destocking playing out. Obviously, visibility will improve as either lead times extend or end-market demand improves more sharply.

如果你願意的話，我們會看到正常的預訂模式重新出現。正如您所說，我們確實認為大眾市場客戶群落後於大型原始設備製造商，而且仍有一些去庫存現象。顯然，隨著交貨時間的延長或終端市場需求的急劇改善，可見度將會提高。

But I think there's still some destocking going on in a broader piece of our customer base, and that'll play out over time. And as it does, we'll see that piece of the market return to our mix at more scale, and that's where the gross margin line will benefit most.

但我認為，我們更廣泛的客戶群中仍在進行一些去庫存化，而且這種情況會隨著時間的推移而顯現出來。隨著這種情況的發生，我們將看到該部分市場以更大的規模回歸到我們的產品組合中，而這正是毛利率受益最多的地方。

But there is a difference playing out. Inventory is normalizing in the high end. Destocking still playing out in the lower end. And if you think about it, given the shortage market, the larger accounts got the inventory first and have certainly worked their way through good portions of it. The mass market got it later on, and they're still digesting some of it as we speak.

但實際情況卻有所不同。高端庫存正在恢復正常。去庫存化仍在低端展開。如果你仔細想想，考慮到市場短缺，大客戶首先會得到庫存，並且肯定已經消耗了其中的很大一部分。大眾市場後來也接受了它，現在他們仍在消化其中的一些內容。

That's very helpful for more of a demand picture, so thank you for that. On the supply side, are you seeing still very short lead times, as I would expect from the supply base? I think they haven't seen a huge recovery that would lead to extended lead times, but are we still seeing many of your suppliers quote stock in terms of their lead times, or has that begun to reach a more normalized level? Thank you.

這對於了解需求情況非常有幫助，謝謝。在供應方面，您是否看到交貨時間仍然很短，正如我對供應基地的預期一樣？我認為他們還沒有看到大幅復甦，從而導致交貨期延長。但我們是否仍然看到你們的許多供應商以交貨期為依據報價，還是已經開始達到更正常的水平？謝謝。

Yeah, you're right, Will. The lead times basically are stable. We have not seen lead times come in any further, but we also haven't seen them pull out. They've been quite level at roughly pre-pandemic rates. If you go back to late '19 or in early '20, and haven't moved much over the past two to three quarters at all.

是的，你說得對，威爾。交貨時間基本穩定。我們沒有看到交貨時間進一步延長，但我們也沒有看到他們退出。它們的成長速度大致與疫情爆發前持平。如果你回顧 2019 年底或 2020 年初，你會發現過去兩三個季度根本沒有太大變化。

Ruplu Bhattacharya.

魯普魯·巴塔查里亞。

Hi, thanks for taking my questions. Maybe I'd like to dig a little bit deeper into the ECS segment margins. I mean, ECS sales were up 23% year on year, but margins were down about 90 bps. I think, Sean, you said something had to be normalized for, so if you can just kind of explain that. And then how are you thinking about ECS segment margins for fiscal [3Q] and beyond?

你好，謝謝你回答我的問題。也許我想更深入地研究一下 ECS 細分市場的利潤。我的意思是，ECS 的銷售額年增了 23%，但利潤率卻下降了約 90 個基點。肖恩，我想你說過有些事情必須規範化，所以你能解釋一下嗎？那麼您如何看待財年 [3Q] 及以後的 ECS 部門利潤率？

So Ruplu, let me just start with the basics on Q2 performance and ECS. On a sales basis, we show operating margins declining by maybe 20 basis points year on year. But as we've said on multiple occasions, the sales number will vary in some cases quite significantly from one quarter to the next based on mix and based on the rules of agency accounting. And that the best way to look at both gross and operating margins is really on a billings basis. And that's partly why we now disclose our billings activity.

那麼 Ruplu，讓我從 Q2 效能和 ECS 的基礎知識開始。從銷售額來看，我們的營業利潤率年減了約 20 個基點。但正如我們多次說過的那樣，在某些情況下，銷售額數字會根據產品組合和代理會計規則在不同季度之間發生很大變化。而查看毛利率和營業利率的最佳方式實際上是基於帳單基礎。這就是我們現在披露帳單活動的部分原因。

And if you look at the billings-based operating margins in ECS year on year in Q2, they were stable. So we're very comfortable with the margin profile of the business. And as the transactional volume continues to scale, we see the operating leverage improving further.

如果你看一下 ECS 第二季基於帳單的年比營業利潤率，你會發現它們是穩定的。因此，我們對業務的利潤狀況非常滿意。隨著交易量的不斷擴大，我們看到經營槓桿進一步提高。

In fact, I think if you look at it in Q2, billings were roughly in the neighborhood of 15% year on year. OI grew by almost 18% year on year. So they drove a little bit of leverage in Q2, and I think our guide reflects even better leverage in Q3.

事實上，我認為如果你看一下第二季度，你會發現營業額年增約在 15% 左右。OI 年增近 18%。因此，他們在第二季度推動了一點槓桿作用，我認為我們的指南反映了第三季更好的槓桿作用。

So we're comfortable with the margin profile, and we do believe it will improve in the future. The team is driving the right things from a mix perspective, but again, try not to read too much into the sales-based margin profile because it can mislead you from time to time.

因此，我們對利潤率狀況感到滿意，我們確實相信未來會有所改善。從組合角度來看，該團隊正在推動正確的事情，但同樣，盡量不要過度解讀基於銷售額的利潤率狀況，因為它有時會誤導您。

And Ruplu, the adjustment you do have to make was from the second quarter of last year. We did receive a $20 million release from a bad debt reserve that we'd previously taken. And so as Sean was explaining, if you make that adjustment, then you can see exactly what he was referring to.

而 Ruplu，你必須做出的調整是從去年第二季開始的。我們確實從先前提取的壞帳準備金中獲得了 2000 萬美元的釋放。正如肖恩所解釋的那樣，如果你做出調整，那麼你就能清楚地看到他所指的是什麼。

Okay, thanks for the details there. Can I ask you on component sales? Looks like EMEA sales were down year on year. How do you see that region progressing? And Sean, overall, your guidance for fiscal 3Q components is pretty strong. It's like above seasonal growth. So what is giving you confidence that that growth continues?

好的，謝謝您提供的詳細資訊。我可以詢問您有關零件銷售的問題嗎？看起來歐洲、中東和非洲地區的銷售額較去年同期下降。您如何看待該地區的發展？肖恩，總體而言，您對第三季財報組成部分的指導非常強勁。這就像上述季節性增長一樣。那麼什麼讓您有信心這種成長會持續下去呢？

I think you said there's no benefit from tariff-related pre-buys. So, I mean, can you -- is ArrowSphere, I think, another thing you highlighted -- is that -- does that come in in Europe? And just your overall confidence in the guidance for components. Thanks.

我認為您說過與關稅相關的預購沒有任何好處。那麼，我的意思是，你能——我認為 ArrowSphere 是你強調的另一件事——它在歐洲出現嗎？以及您對組件指導的整體信心。謝謝。

Sure thing. Well, Ruplu, as you might recall, ArrowSphere is a function of our ECS business. It's the digital go-to-market platform for that team. So it's not relevant in the components realm.

當然可以。好吧，Ruplu，您可能還記得，ArrowSphere 是我們 ECS 業務的一個功能。這是該團隊的數位化上市平台。所以它與組件領域無關。

But if you look at our components business, you're right. We were better than seasonal in Q2 in all three regions. Our forecast means better than seasonal again in Q3 in all three regions. And our backlog grew again in Q2, and this time even more substantially than it did in Q1.

但如果你看看我們的零件業務，你就會明白。第二季度，我們三個地區的業績都比季節性好。我們的預測意味著這三個地區第三季的表現將再次優於季節性。我們的積壓訂單在第二季再次增加，而且這次的增幅甚至比第一季還要大。

And the important thing there, Ruplu, is when we look at our backlog, is that it's not just growing in magnitude, it's growing out in time, meaning into Q4 and a little bit into Q1. But I also think we're seeing better vertical trends throughout the world, and those vertical trends vary a little bit.

Ruplu，重要的是，當我們查看積壓訂單時，它不僅在數量上增長，而且在時間上也在增長，這意味著進入第四季度，並進入第一季一點點。但我還認為，我們看到世界各地的垂直趨勢正在好轉，而且這些垂直趨勢略有不同。

So I thought I might have Rick Morano, who is the architect of our go-to-market motion in Global Components, just give you a little more color on that front.

因此，我想我可以讓 Rick Morano（他是我們 Global Components 行銷計劃的設計師）在這方面給你更多細節。

Yeah, thanks, Sean. And building off what Sean had said, if you look at globally what we're seeing is, in the West, in both aerospace and defense and transportation in aggregate, and some industrial in the larger markets, we're seeing (technical difficulty) market.

是的，謝謝，肖恩。基於肖恩所說的，如果你放眼全球，我們看到的是，在西方，無論是航空航太、國防和運輸領域，還是較大市場中的一些工業領域，我們都看到了（技術難度）市場。

And in Asia, where we are in the cycle and the recovery, we're seeing growth as well. But to Sean's point, key is the fundamentals of backlog and backlog growth of the bill are giving us confidence in a recovery that's starting to take place.

在亞洲，我們正處於週期和復甦之中，我們也看到了成長。但正如肖恩所說，關鍵在於積壓的基本面以及法案積壓的成長讓我們對正在開始發生的復甦充滿信心。

Okay. All right. Thank you. Thanks for the details.

好的。好的。謝謝。謝謝你的詳細資料。

Thanks, Rup.

謝謝，魯普。

And there are no further questions at this time. I will turn the back the call back over to Rick Seidlitz for closing remarks.

目前沒有其他問題。我將把電話轉回給 Rick Seidlitz 做最後發言。

Thank you all again for joining today's call and have a great day.

再次感謝大家參加今天的電話會議並祝大家有個愉快的一天。

This does conclude today's conference. You may now disconnect.

今天的會議到此結束。您現在可以斷開連線。