艾睿電子 (ARW) 2025 Q3 法說會逐字稿

Good day, and welcome to the Arrow Electronics third-quarter 2025 earnings call. Today's conference is being recorded.

大家好，歡迎參加 Arrow Electronics 2025 年第三季財報電話會議。今天的會議正在錄影。

At this time, I would like to turn the conference over to Michael Nelson, Arrow's Head of Investor Relations. Please go ahead.

此時，我謹將會議交給 Arrow 投資人關係主管 Michael Nelson。請繼續。

Thank you, operator. I'd like to welcome everyone to the Arrow Electronics third-quarter 2025 earnings conference call. Joining me on the call today is our Interim President and Chief Executive Officer, Bill Austen; our Chief Financial Officer, Raj Agrawal; our President of Global Components, Rick Marano; and our President of Global Enterprise Computing Solutions, Eric Nowak.

謝謝接線生。歡迎各位參加 Arrow Electronics 2025 年第三季財報電話會議。今天與我一起參加電話會議的有：我們的臨時總裁兼首席執行官比爾·奧斯汀；我們的首席財務官拉傑·阿格拉瓦爾；我們的全球組件總裁里克·馬拉諾；以及我們的全球企業計算解決方案總裁埃里克·諾瓦克。

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.

在本次電話會議中，我們將發表一些前瞻性聲明，包括關於我們業務前景、策略、計劃和未來財務業績的聲明，這些聲明均基於我們截至目前的預測和預期。

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. We undertake no obligation to update publicly or revise any of the forward-looking statements as a result of new information or future events.

由於許多風險和不確定性，我們的實際結果可能與預期存在重大差異，包括本季度相關收益發布、我們最新的 10-K 表格年度報告以及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。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聲明的義務。

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. You can access our earnings release at investor.arrow.com, along with a replay of this call.

提醒各位，我們今天電話會議上將討論的一些數據是非GAAP指標，這些指標並非旨在取代我們的GAAP績效。我們已將這些非GAAP指標與本季度相關收益報告中最直接可比較的GAAP財務指標進行了核對。您可以透過 investor.arrow.com 查看我們的收益報告，以及本次電話會議的錄音重播。

We've also posted a slide presentation on this website to accompany our prepared remarks and encourage you to reference these slides during this webcast. Following our prepared remarks today, Bill, Raj, Rick, and Eric will be available to take your questions.

我們也在本網站上發布了幻燈片簡報，以配合我們準備好的發言稿，並鼓勵您在本次網路直播期間參考這些投影片。今天我們發表完準備好的演講後，比爾、拉傑、瑞克和艾瑞克將回答大家的問題。

I'll now hand the call over to our Interim President and CEO, Bill Austen.

現在我將把電話交給我們的臨時總裁兼執行長比爾奧斯汀。

Thank you, Michael, and good afternoon, everyone. I am humbled, honored, and excited to serve as Interim President and CEO of Arrow Electronics. I have been a Director at Arrow since 2020, and I deeply believe in the management team and strategic direction that we have been charting. I, along with the full Board, are committed to maintaining continuity, driving execution, and delivering results for our customers, partners, and shareholders while we search for a permanent successor.

謝謝你，邁克爾，大家下午好。能夠擔任 Arrow Electronics 的臨時總裁兼首席執行官，我深感榮幸和興奮。我自 2020 年起擔任 Arrow 的董事，我深信我們管理團隊和我們所製定的策略方向。我和全體董事會成員致力於在尋找永久繼任者的同時，保持業務連續性，推動執行，並為我們的客戶、合作夥伴和股東帶來成果。

During my first few weeks, I have been meeting with employees, customers, suppliers, and investors. The message is simple: There will be no change in Arrow's commitment to excellence and customer service, which has been foundational within this business for 90 years. I have also taken the opportunity to listen to all parties to get an understanding of what makes us unique, respected, and sets us apart from the competition.

在最初的幾周里，我一直在與員工、客戶、供應商和投資者會面。資訊很簡單：Arrow 對卓越品質和客戶服務的承諾不會改變，這 90 年來一直是該公司的基石。我也藉此機會傾聽了各方的意見，以了解是什麼讓我們與眾不同、受人尊敬，以及是什麼讓我們在競爭中脫穎而出。

Our management team remains committed to our strategic direction. We remain focused on delivering high-quality innovative technology solutions for our stakeholders. As we review today's results and outlook, you'll see that we are executing well in a market that continues to gradually recover from a prolonged cyclical correction. The fundamentals across both our global components and enterprise computing solutions or ECS businesses remain resilient, and we believe we are positioned to emerge with improved momentum.

我們的管理團隊將繼續致力於我們的策略方向。我們將繼續致力於為利害關係人提供高品質的創新技術解決方案。回顧今天的業績和展望，你會發現，在一個正從長期週期性調整中逐步復甦的市場中，我們表現良好。我們全球組件業務和企業運算解決方案（ECS）業務的基本面依然保持韌性，我們相信我們能夠以更強的勢頭脫穎而出。

I would like to comment on the US Department of Commerce's Bureau of Industry and Security, or BIS, placing three of Arrow's Chinese subsidiaries on its entity list in early October. The Arrow team took decisive action and 10 days later, BIS informed us that it intends to remove these subsidiaries from the entity list and granted a letter of authorization to resume normal business activities. I am pleased with the prompt resolution to this matter, which underscores Arrow's robust and continuously evolving trade compliance program, a significant reason why suppliers and customers choose Arrow.

我想就美國商務部工業與安全局（BIS）在 10 月初將 Arrow 的三家中國子公司列入實體清單一事發表一些看法。Arrow 團隊採取了果斷行動，10 天后，BIS 通知我們，它打算將這些子公司從實體清單中移除，並頒發了恢復正常業務活動的授權書。我對此事得到迅速解決感到滿意，這凸顯了 Arrow 強大且不斷發展的貿易合規計劃，這也是供應商和客戶選擇 Arrow 的重要原因。

Starting on slide 3. In the third quarter, we delivered revenue above the midpoint of our guide as well as earnings per share above the high end of our guidance range, with contributions from both our global components and ECS segments. While we are taking decisive action to navigate the current environment and continue to improve operational and financial performance, I want to remind the investment community of Arrow's strengths and opportunities for growth.

從第3張投影片開始。第三季度，我們的營收超過了預期的中點，每股盈餘也超過了預期範圍的上限，這得益於我們全球零件業務和 ECS 業務的貢獻。在我們採取果斷措施應對當前環境並持續改善營運和財務表現的同時，我想提醒投資界，Arrow 擁有優勢和成長機會。

Turning to slide 4. Arrow is a leader in electronic components and enterprise IT industries underpinned by a platform-based data-driven business model. We play a pivotal role in connecting the world's leading technology manufacturers and service providers.

翻到第4張投影片。Arrow 是一家在電子元件和企業 IT 行業領先的公司，其業務模式以平台為基礎，數據驅動。我們在連接世界領先的技術製造商和服務提供者方面發揮關鍵作用。

Our business operates in a large and growing market. We know that there are ample opportunities to grow our core product distribution business by leveraging our global logistics footprint to deliver the latest technologies to the market.

我們的業務在一個龐大且不斷成長的市場中運作。我們知道，利用我們的全球物流網絡，將最新技術推向市場，從而為我們的核心產品分銷業務帶來充足的成長機會。

The distribution total addressable market, or DTAM, for our core distribution business is over $250 billion, with demand for value-added services, extending Arrow's addressable market even further. Supporting the DTAM is the strength of six primary end markets that we serve: transportation, industrial, aerospace and defense, medical, consumer electronics, and data center. We are well aligned with all six core markets and believe our strategy is on point for delivering long-term sustainable growth.

我們核心分銷業務的潛在市場規模（DTAM）超過 2,500 億美元，而對加值服務的需求進一步擴大了 Arrow 的潛在市場。支撐 DTAM 的是我們所服務的六大主要終端市場的力量：交通運輸、工業、航空航太和國防、醫療、消費性電子和資料中心。我們與所有六個核心市場都保持著良好的契合度，並相信我們的策略能夠實現長期可持續成長。

As our business continues to evolve, we intend to drive profitable growth through a deliberate shift toward an increased mix of higher-margin value-added offerings in relation to the product distribution services. Suppliers and customers can rely on Arrow for a broad range of services, deepening our legacy relationships and opening the door to new opportunities. This has been a natural extension for Arrow, building upon our core distribution platform with accretive value-added offerings like supply chain services, engineering and design services, and integration services.

隨著我們業務的不斷發展，我們計劃透過有意識地增加與產品分銷服務相關的高利潤增值產品和服務組合，來推動獲利成長。供應商和客戶可以信賴 Arrow 提供的廣泛服務，加深我們原有的合作關係，並開啟新的機會之門。對於 Arrow 而言，這是一種自然的延伸，它以我們的核心分銷平台為基礎，增加了供應鏈服務、工程和設計服務以及整合服務等增值產品。

Drilling down into a few examples. First, within our global components segment, our supply chain services offering is well established and positioned to support growth in AI infrastructure build-out. For example, many of the hyperscalers and even some of the other players that are making massive infrastructure investments in large language models need help with sourcing, managing, staging, and provisioning of electronic components globally.

讓我們深入探討幾個例子。首先，在我們全球零件業務領域，我們的供應鏈服務產品已經相當成熟，能夠支援人工智慧基礎設施建設的成長。例如，許多超大規模資料中心營運商，甚至其他一些對大型語言模型進行大規模基礎設施投資的營運商，都需要在全球範圍內採購、管理、部署和提供電子元件方面的幫助。

Arrow supply chain services provides the support so hyperscalers get the right source in the right region of the world at the right time so they can build out their points of presence. In short, our customers stick to their competency and releverage ours, staging and moving materials throughout a very complex global supply chain, and we do it with confidence and ease.

Arrow 供應鏈服務提供支持，使超大規模企業能夠在正確的時間從世界正確的地區獲得正確的資源，從而建立其業務覆蓋範圍。簡而言之，我們的客戶發揮自身優勢，並利用我們的優勢，在非常複雜的全球供應鏈中進行物料的調配和運輸，而我們能夠輕鬆自信地完成這項工作。

We are effectively enabling customers to outsource a piece of their entire supply chain or a piece of their bill of material to Arrow. They can then focus on what they do best, like research and development or go-to-market. We focus on what we do best and the result is a win-win. Supply chain services are accretive to our core business, and we expect that the global trend toward investment in AI will create a significant tailwind.

我們實際上是讓客戶能夠將整個供應鏈的一部分或物料清單的一部分外包給 Arrow。這樣他們就可以專注於自己最擅長的領域，例如研發或市場推廣。我們專注於自己最擅長的領域，最終實現雙贏。供應鏈服務對我們的核心業務具有增值作用，我們預期全球對人工智慧的投資趨勢將帶來顯著的利好。

Second, let's focus on our engineering and design services. Engineering and design services is another area where we become an extension of OEMs and suppliers product development and design team. Not for days or weeks, but for quarters and potentially years to help them design the next generation of their product portfolio gives us a completely different way to not only serve our OEM customers, but in some cases, even our traditional suppliers. Like supply chain services, engineering and design services carry a higher margin profile than the core business.

其次，讓我們專注於我們的工程和設計服務。工程和設計服務是我們成為原始設備製造商和供應商產品開發和設計團隊延伸的另一個領域。不是幾天或幾週，而是幾個季度甚至幾年，幫助他們設計下一代產品組合，這讓我們能夠以完全不同的方式服務我們的 OEM 客戶，在某些情況下，甚至可以服務我們的傳統供應商。與供應鏈服務一樣，工程和設計服務的利潤率也高於核心業務。

And lastly, in our Intelligent Solutions business, we are involved in designing, building, and testing discrete compute hardware and associated software that enables our suppliers to quickly bring unique appliances to the market. This is a growing unit and margin accretive to the core business.

最後，在我們的智慧解決方案業務中，我們參與設計、建構和測試獨立的計算硬體和相關軟體，使我們的供應商能夠快速地將獨特的設備推向市場。這是一個不斷成長的業務單元，能夠提升核心業務的利潤率。

Another lever for margin expansion is our ability to create a productivity flywheel that focuses on driving costs out, which in turn, creates reinvestment capacity for growth and margin expansion. Our efforts to date have focused on simplifying operations, consolidating resources, and geographic realignment. Our productivity and cost-out efforts are becoming part of everyday life at Arrow as it creates reinvestment capacity and leverage in the business.

另一個擴大利潤率的槓桿是我們能夠創造一個生產力飛輪，專注於降低成本，從而創造再投資能力，實現成長和利潤率的擴大。我們迄今為止的努力主要集中在簡化營運、整合資源和進行地理調整。在 Arrow，提高生產力和降低成本的努力已成為我們日常生活的一部分，因為它創造了再投資能力和業務槓桿。

One of Arrow's key differentiators is our diversified business model which enables Arrow to become more relevant to suppliers and customers, and it provides us the right to play more completely throughout the technology life cycle. In other words, we participate from design and planning to deployment and further to management and support of technology solutions.

Arrow 的關鍵差異化優勢之一是我們多元化的商業模式，這使得 Arrow 能夠與供應商和客戶建立更緊密的聯繫，並賦予我們在整個技術生命週期中更全面地發揮作用的權利。換句話說，我們參與了從設計和規劃到部署，再到技術和解決方案的管理和支援的整個過程。

Our ECS business is a nice complement to our electronics business and is comprised of hybrid cloud and infrastructure software, hardware and services to deliver solutions, such as cyber security, data protection, virtualization and data intelligence, much of which is on the ramp to AI.

我們的 ECS 業務是對我們電子業務的良好補充，它由混合雲和基礎設施軟體、硬體和服務組成，旨在提供網路安全、資料保護、虛擬化和資料智慧等解決方案，其中許多解決方案正朝著人工智慧的方向發展。

This reflects our ongoing alignment to the higher growth demand trends across enterprise IT, many of which are now served on an as-a-service basis. This continues to contribute to the growth of our recurring revenue volumes, now roughly one-third of our total ECS billings.

這反映了我們不斷順應企業 IT 領域日益增長的需求趨勢，其中許多需求現在都是以服務形式提供的。這持續推動著我們經常性收入的成長，目前已約占我們 ECS 總帳單的三分之一。

Within our ECS business, we are capitalizing on an opportunity to expand our addressable market and accelerate growth through evolving strategic outsourcing arrangements, which we have implemented with multiple large suppliers. Under the strategic outsourcing model, Arrow becomes the brand and the exclusive partner of the supplier in the region, taking control of the go-to-market activities. Our diversified business model that includes electronic components and enterprise IT solutions contributes to our capital allocation strategy because it creates more resilience on the balance sheet and helps us to continue to generate strong free cash flow over time.

在我們的 ECS 業務中，我們正在抓住機遇，透過不斷發展的策略性外包安排來擴大我們的目標市場並加速成長，我們已經與多家大型供應商實施了這些安排。根據策略外包模式，Arrow 成為該地區供應商的品牌和獨家合作夥伴，並掌控市場推廣活動。我們多元化的業務模式涵蓋電子元件和企業 IT 解決方案，這有助於我們的資本配置策略，因為它增強了資產負債表的韌性，並幫助我們隨著時間的推移持續產生強勁的自由現金流。

Our capital allocation strategy is focused in three areas: reinvesting in organic growth opportunities, M&A opportunities, and returning excess capital to shareholders. As a reminder, we have returned approximately $3.5 billion to shareholders via share repurchase since 2020. As always, we are committed to carefully and rigorously evaluating all uses of capital with the ultimate goal of generating the highest risk-adjusted return on investment over the long term and maintaining an investment-grade credit rating.

我們的資本配置策略主要集中在三個方面：再投資內生成長機會、併購機會、將剩餘資本返還給股東。提醒一下，自 2020 年以來，我們已透過股票回購向股東返還了約 35 億美元。一如既往，我們致力於認真、嚴格地評估所有資金用途，最終目標是在長期內獲得最高的風險調整後投資回報，並保持投資等級信用評級。

Before I turn the call over to Raj, I want to emphasize that Arrow remains committed to disciplined execution, strengthening our supplier and customer partnerships, and delivering sustainable value for our shareholders. With that, I'll now hand things over to Raj, who will walk you through the financial results in more detail. Raj?

在將電話交給 Raj 之前，我想強調，Arrow 將繼續致力於嚴謹的執行，加強與供應商和客戶的合作關係，並為股東創造可持續的價值。接下來，我將把發言權交給 Raj，他將更詳細地為大家講解財務表現。拉傑？

Thanks, Bill. On slide 5, sales for the third quarter increased $890 million year over year to $7.7 billion, exceeding the midpoint of our guidance range and up 13% versus prior year or up 11% year over year on a constant currency basis. Third-quarter consolidated non-GAAP gross margin of 10.8% was down approximately 70 basis points versus prior year, driven primarily by regional and customer mix and global components and by product mix and a $21 million charge we took in ECS, which I'll detail in a moment.

謝謝你，比爾。在第 5 張幻燈片中，第三季銷售額年增 8.9 億美元，達到 77 億美元，超過了我們預期範圍的中點，比上年同期增長 13%，以固定匯率計算同比增長 11%。第三季綜合非GAAP毛利率為10.8%，比上年同期下降約70個基點，主要原因是區域和客戶組合、全球業務組成部分、產品組合以及我們在ECS中計提的2100萬美元費用，我稍後會詳細說明。

The charge reduced consolidated non-GAAP gross margin by 30 basis points. Our third-quarter non-GAAP operating expenses declined $15 million sequentially to $616 million. The decline was largely driven by a reversal of stock-based compensation expense and cost savings initiatives, which more than offset higher variable costs to support top-line sales growth as well as the impact of currency exchange rates.

此費用使合併後的非GAAP毛利率減少了30個基點。我們第三季的非GAAP營運費用較上季減少了1,500萬美元，至6.16億美元。此次下滑主要是由於股票選擇權激勵支出和成本節約措施的逆轉，這些措施足以抵消為支持營收成長而增加的可變成本以及匯率的影響。

In the third quarter, we generated non-GAAP operating income of $217 million, which was 2.8% of sales. Margins remained flat sequentially due to continued headwinds from our regional mix and customer mix, offset by growth in our accretive value-added offerings and continued productivity initiatives. Interest and other expense was $55 million in the third quarter, and our non-GAAP effective tax rate was 22.5%.

第三季度，我們實現了 2.17 億美元的非 GAAP 營業收入，佔銷售額的 2.8%。由於區域組合和客戶組合持續面臨不利因素，利潤率環比持平，但增值產品和服務的成長以及持續的生產力提升舉措抵消了這一影響。第三季利息和其他支出為 5,500 萬美元，非 GAAP 實際稅率為 22.5%。

And finally, non-GAAP diluted EPS for the third quarter was $2.41, which was above our guided range, driven by a number of factors, including favorable sales results and a lower interest expense. The aforementioned charge lowered EPS by $0.31.

最後，第三季非GAAP稀釋後每股盈餘為2.41美元，高於我們預期的範圍，主要得益於有利的銷售業績和較低的利息支出等諸多因素。上述費用使每股收益減少了 0.31 美元。

Turning to slide 6. Let's take a closer look at our global components business. Global components sales increased $610 million year over year and $271 million sequentially to $5.6 billion, above the midpoint of our guidance range and up 5% versus prior quarter. We continue to believe that the business remains in the early stages of a modest cyclical upturn reported by several key data points. Our book-to-bill ratios remain above parity in all three regions.

翻到第6張投影片。讓我們更詳細地了解一下我們的全球零件業務。全球零件銷售額年增 6.1 億美元，季增 2.71 億美元，達到 56 億美元，高於我們預期的中點，比上一季成長 5%。我們仍然認為，根據幾個關鍵數據點顯示，該業務仍處於溫和週期性復甦的早期階段。我們在三個地區的訂單出貨比均維持在正常水準以上。

Our backlog continues to improve, growing again in the third quarter. All three of our operating regions continue to perform at or better than seasonal trends. Sales for both semiconductor and IP&E components grew sequentially in the third quarter. Activity levels across our industrial and transportation markets remain healthy. These are our two largest verticals globally.

我們的積壓訂單狀況持續改善，第三季再次成長。我們所有三個營運區域的業績均持續達到或超過季節性趨勢水準。第三季半導體和IP&E組件的銷售額均較上季成長。我們的工業和交通運輸市場整體活躍度依然保持良好水準。這是我們在全球最大的兩個垂直業務領域。

Our value-added offerings, namely supply chain services, engineering and design, and integration services performed well and remain margin accretive to our business. Stated lead times remain at low levels, and despite our continued backlog growth, visibility is needed relative to a normal environment.

我們的加值服務，即供應鏈服務、工程設計以及整合服務，表現良好，並持續為我們的業務帶來利潤成長。既定的交貨週期仍然很短，儘管我們的積壓訂單持續成長，但相對於正常環境而言，我們需要更高的透明度。

Inventory levels in aggregate have normalized; however, mass market customers are not recovering as quickly as compared to larger OEMs, which is a headwind to profit margins. This is not a typical to prior cycle, and we believe this sale of the market remains healthy and we're still seeing destocking among mass-market customers.

整體庫存水準已恢復正常；然而，與大型 OEM 相比，大眾市場客戶的復甦速度並不快，這對利潤率構成了不利影響。這並非以往的典型週期，我們認為目前的市場銷售仍然健康，我們仍然看到大眾市場客戶正在去庫存。

Lastly, our APAC business was first in and first out of the downturn and continues to outpace the Americas and EMEA at this stage of the upturn. This again is not atypical. However, it does create a headwind to overall profit margins.

最後，我們的亞太業務率先經歷了經濟低迷期，並在目前的經濟復甦階段繼續領先美洲和歐洲、中東及非洲地區。這種情況並非個案。然而，這確實會對整體利潤率造成不利影響。

Taking a closer look at each of the regions. In the Americas, sales were flat sequentially at $1.7 billion and strength in industrial and transportation markets drove our results. Sales in EMEA were $1.4 billion with industrial and aerospace and defense markets including resilient despite macroeconomic and geopolitical headwinds.

讓我們仔細看看每個地區。在美洲，銷售額環比持平，為 17 億美元，工業和運輸市場的強勁表現推動了我們的業績。歐洲、中東和非洲地區的銷售額為 14 億美元，其中工業、航空航太和國防市場表現出韌性，儘管面臨宏觀經濟和地緣政治逆風。

And finally, our sales in Asia grew through sequentially 12% to $2.4 billion. Our growth was once again broad based, highlighted by strength in industrial, compute, and consumer, along with continued EV momentum in the transportation sector, similar trends to what we observed in the second quarter. Global components non-GAAP operating income increased $10 million sequentially to $199 million, representing 6% growth. Non-GAAP operating income margin was flat sequentially at 3.6%.

最後，我們在亞洲的銷售額環比成長 12%，達到 24 億美元。我們再次實現了全面成長，工業、運算和消費領域的強勁表現尤為突出，同時電動車在交通運輸領域的持續發展勢頭也與第二季度觀察到的趨勢類似。全球零件業務非GAAP營業收入較上季成長1,000萬美元至1.99億美元，增幅達6%。非GAAP營業利益率較上月持平，為3.6%。

Turning to slide 7 in our global ECS business. Global ECS sales increased $300 million year over year to $2.2 billion, above the midpoint of our guidance range and up 15% versus prior year. Global ECS billings were at $5.2 billion, up 14% year over year. We experienced continued momentum in hybrid cloud infrastructure software, hardware and services to deliver solutions for cybersecurity, data protection, and data intelligence related to data center activity for AI investment.

接下來請看我們全球ECS業務的第7張投影片。全球 ECS 銷售額年增 3 億美元，達到 22 億美元，高於我們預期範圍的中點，比上年增長 15%。全球 ECS 帳單金額為 52 億美元，較去年同期成長 14%。我們在混合雲基礎設施軟體、硬體和服務方面持續保持成長勢頭，為人工智慧投資相關的資料中心活動提供網路安全、資料保護和資料智慧解決方案。

We again enjoyed healthy backlog growth in excess of 70% year over year to an all-time high as our mix of business continues to shift to more recurring multiyear revenue. As Bill mentioned, our ECS go-to-market strategy is broadening as we continue to improve the value that we provide in the distribution channel.

隨著業務結構繼續向更多多年期經常性收入轉變，我們的積壓訂單再次實現了超過 70% 的健康成長，創歷史新高。正如比爾所提到的，隨著我們不斷提高在分銷管道中提供的價值，我們的 ECS 市場推廣策略正在不斷擴大。

From technical expertise and project management to mid-market channel enablement through our ArrowSphere digital platform, which supports cloud and AI scale and acceleration, our ECS business is growing beyond the traditional distribution model and expanding our addressable market through new strategic outsourcing engagements.

從技術專長和專案管理到透過我們的 ArrowSphere 數位平台賦能中端市場管道（該平台支援雲端和 AI 的規模和加速），我們的 ECS 業務正在超越傳統的經銷模式，並透過新的策略外包合作擴大我們的目標市場。

This new motion provides [Arrow] exclusivity, cross-sell opportunities and stickier relationships as Arrow becomes the sole operator in the market. From a margin point of view, if we are successful in selling the product well in the strategic outsourcing model, engagement is accretive. In the third quarter, we took a $21 million charge, largely due to lower profit expectations on multiyear contracts that have underperformed.

這項新舉措為[Arrow]提供了獨家經營權、交叉銷售機會和更牢固的客戶關係，因為Arrow成為該市場的唯一營運商。從利潤率的角度來看，如果我們在策略性外包模式下成功地銷售產品，那麼參與度就會增加利潤。第三季度，我們提列了 2,100 萬美元的費用，主要是由於多年期合約的獲利預期降低，而這些合約的業績卻不盡如人意。

Broadly, we believe these strategic outsourcing agreements will be margin accretive at a key part of our long-term business. We are learning from each agreement and believe it will better position our ECS business for the future. ECS non-GAAP operating income declined $12 million year over year to $65 million, driven by the $21 million charge. Non-GAAP operating income margin was 3% as the charge lowered margin by 100 basis points.

整體而言，我們認為這些策略外包協議將提升我們長期業務關鍵部分的利潤率。我們從每項協議中吸取經驗，並相信這將使我們的 ECS 業務在未來更好地發展。ECS 非 GAAP 營業收入較去年同期下降 1,200 萬美元至 6,500 萬美元，主要原因是 2,100 萬美元的費用。非GAAP營業利潤率為3%，因為該費用使利潤率下降了100個基點。

On slide 8, net working capital grew sequentially in the third quarter by approximately $450 million, ending the quarter at $7.3 billion, driven primarily by sales growth that led to higher accounts receivables. Our cash conversion cycle increased sequentially by five days in the third quarter to 73 days as a result. Inventory at the end of the third quarter remained at $4.7 billion, and our inventory turns continue to improve. We will maintain our focus on matching our inventory to associated demand trends as the current cyclical recovery continues.

在第 8 張投影片中，第三季淨營運資本較上季成長約 4.5 億美元，季末達到 73 億美元，主要原因是銷售成長導致應收帳款增加。因此，我們的現金週轉週期在第三季季增了5天，達到73天。第三季末庫存仍為 47 億美元，我們的庫存週轉率持續改善。隨著當前週期性復甦的持續，我們將繼續專注於使庫存與相關的需求趨勢相匹配。

Cash flow used for operating activities in the third quarter was $282 million. On a year-to-date basis, cash used for operating activities was $136 million, which supported revenue growth of approximately 6%. Gross balance sheet debt at the end of the third quarter was $3.1 billion.

第三季經營活動所用的現金流量為 2.82 億美元。今年迄今為止，經營活動所用的現金為 1.36 億美元，這支撐了約 6% 的收入成長。第三季末資產負債表上的債務總額為 31 億美元。

Now turning to Q4 guidance on slide 9. We expect sales for the fourth quarter to be between $7.8 billion and $8.4 billion, representing an increase of 11% year over year at the midpoint of the range. We expect global component sales to be between $5.1 billion and $5.5 billion. In enterprise computing solutions, we expect sales to be between $2.7 billion and $2.9 billion, which is up approximately 13% at the midpoint year over year.

現在來看看第 9 頁的第四季業績指引。我們預計第四季銷售額將在 78 億美元至 84 億美元之間，以區間中位數計算，年增 11%。我們預計全球零件銷售額將在 51 億美元至 55 億美元之間。在企業運算解決方案方面，我們預計銷售額將在 27 億美元至 29 億美元之間，以年中位數計算，年增約 13%。

We're assuming a tax rate in the range of 23% to 25% and interest expense of approximately $60 million. Our non-GAAP diluted earnings per share is expected to be between $3.44 and $3.64. Details of the foreign currency impact can be found in our earnings release. I want to provide some color as you build your 2026 model.

我們假設稅率在 23% 到 25% 之間，利息支出約為 6,000 萬美元。我們預計非GAAP稀釋後每股收益在3.44美元至3.64美元之間。有關外匯影響的詳情，請參閱我們的獲利報告。我想在您建立 2026 年模型時提供一些色彩。

At this stage, the pace of the cyclical upturn is proving to be gradual given the level of broader macroeconomic uncertainty. Many of the primary end markets that we serve are finding momentum and achieving year-over-year growth.

現階段，鑑於宏觀經濟的不確定性程度，週期性復甦的步伐顯得較為緩慢。我們服務的許多主要終端市場都獲得了發展勢頭，並實現了逐年增長。

However, regional and customer mix dynamics are presenting headwinds to profitability. It is our belief that similar to cycles of the past that the West will catch up to the East along with a recovery among mass market customers. We're seeing this in the leading indicators that we've highlighted. However, the pace of this shift appears measured as we look into 2026.

然而，區域和客戶結構的變化對獲利能力構成了不利影響。我們相信，就像過去的周期一樣，隨著大眾市場消費者的復甦，西方終將趕上東方。我們在已重點提及的領先指標中看到了這一點。然而，展望 2026 年，這種轉變的步伐似乎較為緩慢。

We will provide more color during the fourth-quarter earnings call. I'll now turn things back over to Bill for some closing thoughts as we look ahead.

我們將在第四季財報電話會議上提供更多細節。現在我將把發言權交還給比爾，讓他對未來發表一些總結性看法。

Thanks, Raj. Turning to slide 10. Looking forward, our key priorities are clear. First, we are seeing trends in our global components business that suggest we are in the early stages of a gradual recovery. Second, we will continue to leverage the strong secular trends in cloud and AI that is driving strong growth in both our Supply Chain Services business and in our ECS segment.

謝謝你，拉傑。翻到第10張投影片。展望未來，我們的主要工作重點很明確。首先，我們從全球零件業務的趨勢中看到，我們正處於逐步復甦的早期階段。其次，我們將持續利用雲端運算和人工智慧領域強勁的長期發展趨勢，推動我們的供應鏈服務業務和ECS業務板塊實現強勁成長。

Third, we are focused on delivering profitable growth through a persistent shift toward an increased mix of higher-margin value-added offerings and a continued execution of our productivity initiatives. Finally, we will continue to allocate capital to the highest return on investment opportunities with the goal of increasing returns for our shareholders.

第三，我們致力於透過不斷轉向增加高利潤率增值產品組合以及持續推進生產力提升計劃，實現盈利增長。最後，我們將繼續將資金投入回報率最高的投資機會中，以提高股東的回報。

With that, Raj, Rick, Eric, and I will now take your questions. Operator, please open the call for questions.

接下來，Raj、Rick、Eric 和我將回答大家的問題。接線員，請開啟提問環節。

(Operator Instructions) Will Stein, Truist Securities.

（操作員說明）威爾·斯坦，Truist Securities。

Great. Hey. Thanks for taking my question. First, Bill, thank you for this introduction. I appreciate it, and congrats on the good results. I'm hoping you can maybe clarify whether you might be a candidate for the permanent CEO position or are you limiting yourself to an interim role?

偉大的。嘿。謝謝您回答我的問題。首先，比爾，謝謝你的介紹。非常感謝，也恭喜你們取得了好成績。我希望您能澄清一下，您是否有意競選正式的執行長職位，還是只考慮擔任臨時職務？

Thanks, Will. Nice to meet you. Good question. I'm really happy, humbled, and honored to be in the interim role, and I'm in the interim role. I am not on the candidate list for the full-time CEO role.

謝謝你，威爾。很高興見到你。問得好。我非常高興、感到榮幸和謙卑，能夠擔任這個臨時職務，而我確實擔任了這個臨時職務。我不在其全職CEO候選人名單上。

At the Board level, we put a search committee together, led by Steve Gunby, our Chair. We have several Board members, and myself, on the initial committee. We are fully moving down the path at this point to finding a candidate.

在董事會層面，我們組成了一個遴選委員會，由我們的主席史蒂夫·岡比領導。最初的委員會由幾位董事會成員和我本人組成。目前我們正在全力推動尋找候選人的流程。

We have selected a search firm, of which I will not name at this point. And we are going to be in the throes of reviewing candidates in the not-too-distant future, but I am not -- I will not be one of them. I will go back to retirement, and I will remain on the Board. Thanks for the question.

我們已經選定了一家獵人頭公司，目前我還不便透露其名稱。在不久的將來，我們將進入候選人審查階段，但我不會是其中之一。我將重返退休生活，但仍會留在董事會。謝謝你的提問。

Got it. As a follow-up, really taken into a different direction a little bit, whether it's you or Raj, could you maybe linger on the charge that the company took during the quarter? Maybe explain what this contract was. Is it still force? Is it completed? Is it abandoned? And what was the economic condition that gave rise to the charge? Thank you.

知道了。作為後續問題，我們不妨稍微換個角度，無論是你還是 Raj，能否詳細談談公司在本季承擔的費用？或許應該解釋一下這份合約的內容。它仍然是武力嗎？完成了嗎？它被廢棄了嗎？導致這項指控的經濟狀況是怎樣的？謝謝。

Yeah. Well, it's a good question. Let me -- since Eric Nowak is here, let me give it to him first to talk a little bit about what we're -- what these contracts are in terms of the strategy, and then I'll come back to the financial impact that we've seen.

是的。嗯，這是個好問題。既然埃里克·諾瓦克在這裡，那就先讓他談談我們正在進行的這些合約在策略方面的具體內容，然後再回到我們已經看到的財務影響上來。

Thank you, Raj. We are talking about strategic outsourcing, and this is a fast-growing part of our business. Our suppliers are contracting to us diverse noncore parts of their business to focus on their own priorities. So we are implementing these models with several large suppliers in both North America and EMEA. And as Bill said already, under this agreement, Arrow is acting on behalf of the vendor for a given perimeter and becomes the brand.

謝謝你，拉傑。我們正在談論策略性外包，這是我們業務中成長最快的部分。我們的供應商將他們業務中各種非核心部分外包給我們，以便專注於自己的優先事項。因此，我們正在北美和歐洲、中東及非洲地區的幾家大型供應商中實施這些模式。正如比爾之前所說，根據這項協議，Arrow 代表供應商在特定範圍內行事，並成為該品牌。

We take control of the go-to-market activities. So this new merchant provide us exclusivity, cross-selling opportunities, better margin, and stickier relationships as we become the sole operator in the market, including for the white space of the supplier and sometimes also in other parts of the world.

我們掌控市場推廣活動。因此，這家新商家為我們提供了獨家經營權、交叉銷售機會、更高的利潤率和更牢固的客戶關係，因為我們成為了市場上的唯一營運商，包括填補供應商的空白市場，有時甚至在世界其他地區也是如此。

Yeah. So what I would just also add that we're really excited about these contracts. We've already gotten several hundred million dollars of billings this year, and that's going to be a big growth vehicle for us longer term for ECS and for the company. We do evaluate the performance on these contracts every period and the charges related to underperformance, I would think about it as underabsorption of fixed fee payments that we're supposed to be making.

是的。我還要補充一點，我們對這些合約感到非常興奮。今年我們已經獲得了數億美元的帳單金額，從長遠來看，這將是 ECS 和公司成長的重要動力。我們會定期評估這些合約的履行情況，對於履行不力產生的費用，我認為可以理解為我們應該支付的固定費用未能有效吸收。

And what I would say is that we're going to continue to grow through some growing pains. We're going to get some margin variability. But if you were to think forward a couple of years in terms of when these things get to steady state, we should be able to achieve double the gross margins on these versus what we achieve in the rest of ECS. So that's why we're really excited about it. So it should give us really good top-line growth and bottom-line growth.

我想說的是，我們將繼續成長，儘管過程中難免會遇到一些成長的煩惱。利潤率會有一些波動。但如果你展望未來幾年，當這些事情達到穩定狀態時，我們應該能夠實現比 ECS 其他業務高出一倍的毛利率。所以這就是我們對此感到非常興奮的原因。因此，它應該能為我們帶來非常好的營收成長和利潤成長。

We called out the $21 million charge this quarter only because it's more material in size. We have taken some smaller charges during the first part of the year, but this one was more material. We would hope that we wouldn't have anything material like that in the future, but we're likely to have some additional charges in the future that are just going to be part of our normal P&L.

我們之所以特別指出本季這筆 2,100 萬美元的費用，只是因為它的金額比較大。今年上半年我們收到了一些數額較小的指控，但這次的指控涉及的物品更多。我們希望未來不會再出現類似重大損失，但未來可能會有一些額外的費用，這些費用將成為我們正常損益表的一部分。

Ruplu Bhattacharya, Bank of America.

Ruplu Bhattacharya，美國銀行。

Hi. Thank you for taking my questions. Raj, I want to delve a little bit more into the ECS margins. Typically, you see a strong growth between the September quarter and the December quarter. Can you talk about what you're seeing in terms of mix, hardware versus software? And how should we think about that sequential change in margins given this quarter had the charge and so it was lower than expected? So how should we think about that ramp between September and December?

你好。謝謝您回答我的問題。Raj，我想更深入地探討 ECS 邊際效應。通常情況下，9 月季度和 12 月季度之間會出現強勁增長。您能否談談您在硬體與軟體的混合使用方面觀察到的情況？鑑於本季提列了費用，利潤率低於預期，我們該如何看待利潤率的這種環比變化？那我們該如何看待9月到12月這段過渡期呢？

Yeah. Look, I would think about -- and we quantified the impact of the charge in the third quarter. So it was worth almost 100 basis points, so about 100 basis points. If you were to adjust for that, we would still -- we expect fourth quarter to be very strong for the ECS business, and that's really reflected in our outlook.

是的。你看，我會考慮——而且我們已經量化了第三季費用的影響。所以它的價值接近 100 個基點，大約 100 個基點。即使考慮到這一點，我們仍然預計第四季度 ECS 業務將非常強勁，這一點也確實反映在我們的展望中。

You can see we gave you the net sales outlook, but the billings growth, GP dollar growth and operating profit dollar growth should be quite good in the business. And margins should also be strong compared to last year. So we have no concerns about what the performance will be in the fourth quarter for ECS.

您可以看到，我們已經給出了淨銷售額展望，但該業務的帳單成長、毛利潤成長和營業利潤成長應該會相當不錯。與去年相比，利潤率也應該會比較強勁。因此，我們對ECS第四季的業績沒有任何擔憂。

Okay. Maybe as a follow-up, if I can ask you, Raj or Bill -- Bill, by the way, congrats on the interim role. If you guys can give a little bit more detail on the comment you made about things being recovering a little bit slower, which end markets or which verticals are you seeing slower growth in?

好的。或許我可以追問一下，Raj 或 Bill——順便說一句，Bill，恭喜你擔任臨時職務。如果你們能更詳細地解釋一下先前提到的復甦速度稍慢的問題，具體是哪些終端市場或垂直領域成長放緩？

And as it pertains to the outlook for regions, it looks like Asia remains strong. So just how should we think about margin progression in this environment? I know you're not giving full guide for '26 right now. But how does this temper your [thoughts] 90 days ago versus what you have thought about components segment margins and ECS segment margins going forward? Thank you.

就區域前景而言，亞洲似乎依然強勁。那麼，在這種環境下，我們該如何看待利潤率的成長呢？我知道你現在還沒有發布 2026 年的完整指南。但是，這與你 90 天前對零件業務利潤率和 ECS 業務利潤率的看法相比，有何不同？謝謝。

Yeah. I'm going to -- this is Bill. I'm going to have Rick Marano answer that question to give you the insight as to how the verticals look in Asia.

是的。我要走了——這位是比爾。我將邀請里克·馬蘭諾來回答這個問題，以便讓大家了解亞洲各垂直行業的具體情況。

Yeah. So thank you, Ruplu, for the question. I would say touching on what both Bill and Raj said overall, look, we firmly believe -- we're in a recovery in the early stages of a gradual recovery in the marketplace overall. The leading indicators in all three markets remain robust, meaning book-to-bill. Meaning backlog coverage and design starts as well are very positive for us at this point in time.

是的。謝謝你的提問，Ruplu。我想說，結合比爾和拉傑所說的，我們堅信——我們正處於市場整體逐步復甦的早期階段。三大市場的領先指標均保持強勁，即訂單出貨比。這意味著目前積壓工作完成情況和設計啟動對我們來說都非常正面。

Transportation and industrial, which are two very large verticals for us, continue to respond in positive results for us, and they are leading the way for us in our Asian markets as well. And again, as Bill and Raj touched on earlier, we truly believe that based off of what we're seeing in APAC today as the market recovers in the West and the mass market recovers, we'll see both increased sales and margin accordingly as the year goes on in '26.

交通運輸和工業是我們兩大主要垂直領域，它們持續為我們帶來正面的業績，並且在亞洲市場也引領著我們的發展。正如比爾和拉傑之前提到的那樣，我們真心相信，根據我們今天在亞太地區看到的情況，隨著西方市場和大眾市場的復甦，2026 年的銷售額和利潤率都會相應增長。

Yeah. And Ruplu, let me just add on your question around the '26 trajectory. I did make some comments towards the end of my prepared remarks primarily because we continue to see a gradual recovery. As we look at our leading indicators and how we see the business playing out during the course of next year, we do believe that it is recovering, that will be a gradual recovery. As we've looked at some of the models that are out there for the space that we operate in, they seem to be quite aggressive. And so we just wanted to make a point that we see more of a gradual recovery in the business next year.

是的。Ruplu，關於你提出的 '26 軌跡的問題，我再補充一點。我在準備好的發言稿結尾處加了一些評論，主要是因為我們繼續看到經濟逐漸復甦。當我們審視各項領先指標以及我們對明年業務發展前景的預測時，我們相信業務正在復甦，而且這將是一個漸進的復甦過程。當我們研究我們所處領域的一些現有模型時，發現它們似乎都相當激進。因此，我們想強調的是，我們預計明年業務將逐步復甦。

Okay. Thanks for that. If I can sneak one more in, given the recovery that you're seeing in hardware and maybe it's a gradual recovery, you also talked about some new type of contracts. How would this impact your working capital and inventory requirements going forward? How should we think about cash conversion cycle in this environment? Thank you so much.

好的。謝謝。如果我能再補充一點，考慮到硬體市場的復甦（也許這是一個漸進的復甦），您還談到了一些新型合約。這將對您未來的營運資金和庫存需求產生哪些影響？在這種環境下，我們該如何看待現金週轉週期？太感謝了。

Yeah. I mean, this is more on the ECS side with the newer contracts, newer distribution agreements that we talked about. Yeah. I mean, look, we -- as I mentioned, we're still in the early stages. So we're learning from how these things will ramp up. There may be some more working capital required in some of these contracts, but we're still learning in its early stages.

是的。我的意思是，這更多是 ECS 這邊的問題，涉及到我們之前討論過的新合約、新分銷協議。是的。我的意思是，你看，正如我所提到的，我們仍處於早期階段。所以我們正在從這些事情的發展過程中學到經驗教訓。有些合約可能需要更多的營運資金，但我們仍處於早期階段，還在學習階段。

I think the key point to remember here, Ruplu, is that these things can be very margin accretive. And so it's okay to deploy a little bit more working capital if we have margins that are coming with it. And that's how we really think about it. So we're certainly going to manage the working capital appropriately. But ECS overall is a relatively light working capital business, and it provides us higher returns, and I wouldn't see that changing time.

魯普魯，我認為這裡需要記住的關鍵一點是，這些事情可以非常有效地提高利潤率。所以，如果能帶來相應的利潤，那麼投入更多營運資金也是可以的。我們確實是這麼想的。因此，我們一定會妥善管理營運資金。但總體而言，ECS 是一項營運資本相對較低的業務，而且能為我們帶來更高的回報，我認為這種情況不會改變。

Okay. Thank you so much for all the details.

好的。非常感謝您提供的所有細節。

Sure.

當然。

(Operator Instructions) Joe Quatrochi, Wells Fargo.

（操作員說明）喬·夸特羅奇，富國銀行。

Yeah. Thanks for taking the questions. Hey. Maybe just a couple if I could. How big is the supply chain services today? And some of the focus that you talked about in the prepared remarks is going after some of these AI insertion opportunities. What type of investment do you need to make on your side to address those?

是的。謝謝您回答問題。嘿。如果可以的話，也許就幾個吧。如今供應鏈服務的規模有多大？您在準備好的演講稿中提到的一些重點是抓住這些人工智慧應用機會。為了解決這些問題，你需要進行哪些類型的投資？

Yeah. Let me just start off. When we talk about value-added services, one of the items, supply chain services. The other couple areas are engineering design and then the integration services business that we have.

是的。讓我先開始吧。當我們談到加值服務時，供應鏈服務就是其中一項。另外兩個領域分別是工程設計以及我們擁有的整合服務業務。

Supply chain and most of these are not going to be that impactful from a revenue standpoint, but they're higher-margin businesses because we typically will get paid a fee for the supply chain services offering, and then for the engineering and design services. So we don't really talk about them in terms of what's the mix of the business.

供應鏈和其中大多數業務從收入角度來看不會產生太大影響，但它們是利潤率較高的業務，因為我們通常會因提供供應鏈服務而獲得費用，然後因工程和設計服務而獲得費用。所以我們並不真正從業務組合的角度來討論它們。

And -- but from a profit standpoint, all of these are very margin accretive. And they could easily be, in some cases, double the gross margins that we get in the regular part, if I can say it that way, in the components business.

但從利潤的角度來看，所有這些都能顯著提高利潤率。在某些情況下，零件業務的毛利率很容易達到我們在常規業務中獲得的毛利率的兩倍（如果我可以這麼說的話）。

And the great thing about these things is that we get paid fees for the services that we're providing. So whatever investment we're putting into this, we want to get compensated for it. And yeah, and we certainly want to make sure that our costs are being covered in this kind of an offering.

這些事情的好處在於，我們可以因為提供的服務而獲得報酬。所以無論我們投入多少資金，我們都希望得到相應的回報。是的，我們當然希望確保在這種類型的產品中，我們的成本能夠得到覆蓋。

So these are -- this is really a win-win, win for all parties involved here. We're getting paid for the services we provide, and we're making money on that. But the parties that we're serving here, the large customers are also benefiting with our supply chain services. So we like the business, and it's a really good margin-accretive part of our components business.

所以，這對所有相關方來說都是雙贏的局面。我們提供服務並獲得報酬，我們從中賺錢。但是，我們服務的這些大客戶也從我們的供應鏈服務中受益。所以我們很看好這項業務，而且它是我們零件業務中利潤率提升非常可觀的一部分。

Perfect. Thank you.

完美的。謝謝。

Sure.

當然。

And that concludes our Q&A session. I will now turn the conference back over to Bill Austen for closing remarks.

我們的問答環節到此結束。現在我將把會議交還給比爾·奧斯汀，請他作閉幕致詞。

Thank you. And thank you, everybody, for joining the call today. Once again, I'm excited, humbled, and happy to be here. Looking forward to being the Interim CEO at Arrow until we find the permanent CEO. And I'm really glad to be leading this team amongst this big global powerhouse of Arrow Electronics. So thanks for joining.

謝謝。感謝各位今天參加電話會議。我再次感到無比興奮、榮幸和高興來到這裡。期待擔任 Arrow 的臨時首席執行官，直到我們找到正式的首席執行官。我非常高興能夠帶領這支團隊，在艾睿電子這樣一家全球巨頭企業中工作。謝謝大家的參與。

And this concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。