艾睿電子 (ARW) 2025 Q4 法說會逐字稿

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

大家好，歡迎參加 Arrow Electronics 2025 年第四季及全年財報電話會議。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 Vice President of Investor Relations. Please go ahead.

此時，我謹將會議交給 Arrow 公司投資人關係副總裁 Michael Nelson。請繼續。

Thank you, operator. I'd like to welcome everyone to the Arrow Electronics fourth quarter and full year 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 年第四季及全年業績電話會議。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. 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.

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。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. 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.

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。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，在我們發表完準備好的演講之後，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. We appreciate you joining us for a discussion of our fourth quarter and full year 2025 results. I've been serving as Arrow's interim CEO for the past five months, and I've also had the privilege of serving on our Board since 2020. In both roles, I continue to be impressed by the depth of talent, operational discipline and commitment to our suppliers and customers around the globe. I want to thank all of our dedicated colleagues globally who continue to deliver for Arrow.

謝謝你，邁克爾，大家下午好。感謝您參加我們關於2025年第四季和全年業績的討論會。過去五個月我一直擔任 Arrow 的臨時首席執行官，並且自 2020 年以來，我也有幸擔任我們董事會的成員。在這兩個職位上，我始終對公司在全球的人才儲備、營運紀律以及對供應商和客戶的承諾印象深刻。我要感謝全球所有兢兢業業的同事們，感謝他們一直以來為 Arrow 所做的貢獻。

Starting on slide 3. We delivered a very strong fourth quarter and with solid execution across global components and ECS, I'm pleased to share that revenue increased 20% year over year and non-GAAP EPS increased 48% year over year, both ahead of expectations. In global components, demand continues to gradually recover from a prolonged cyclical correction. And in ECS, we delivered record gross profit and operating profit in the fourth quarter.

從第3張投影片開始。我們第四季業績非常強勁，憑藉全球零件和ECS的穩健執行，我很高興地宣布，營收年增20%，非GAAP每股收益年增48%，均超乎預期。全球零件需求正從長期的周期性調整中逐步復甦。在ECS業務方面，我們在第四季度實現了創紀錄的毛利和營業利潤。

The fundamentals of the business are strengthening. Raj will dive deeper into our financial performance, but I'd like to spend a moment touching on a few metrics we are particularly pleased with. First, our leading indicators continue to improve book-to-bill and backlog are increasing, lead times are incrementally extending, visibility continues to be cloudy, but we remain disciplined in how we interpret these data points. Our strategic priority to purposely shift our mix is translating into higher quality results as value-added offerings and ECS continue to perform well, supporting margins, cash generation and positioning Arrow for profitable growth as the cycle continues to gradually improve.

企業基本面正在增強。Raj 將會更深入地分析我們的財務業績，但我想花一點時間談談我們特別滿意的幾個指標。首先，我們的領先指標持續改善，訂單出貨率和積壓訂單不斷增加，交貨週期逐漸延長，前景依然不明朗，但我們仍然保持嚴謹的態度來解讀這些數據點。我們策略重點是刻意調整產品組合，隨著增值產品和 ECS 繼續表現良好，我們正在取得更高品質的成果，從而支撐利潤率、現金流，並使 Arrow 在經濟週期持續逐步改善的情況下實現盈利增長。

Turning to slide 4. While we are pleased with how we finished the year, we remain focused on how we are positioning to grow profitably as the cycle continues to gradually recover. Our investment thesis is unchanged. We are actively executing on our strategy, and our fourth quarter results demonstrate the momentum we are building. We will continue to focus on executing through a gradual recovery while continuing to improve the quality and durability of the business.

翻到第4張投影片。雖然我們對今年的收官表現感到滿意，但我們仍將專注於如何定位自己，以便在經濟週期持續逐步復甦的過程中實現盈利增長。我們的投資理念沒有改變。我們正在積極執行我們的策略，第四季度的業績證明了我們正在取得的進展。我們將繼續專注於逐步復甦，同時不斷提高業務的品質和持久性。

There are four key pillars of our investment thesis. The reasons why Arrow is unique, respected and a compelling investment opportunity. First, Arrow holds a leading position in large and expanding markets. Arrow operates at the intersection of electronic components and enterprise IT serving 6 large end markets, including industrial, transportation, aerospace and defense, medical, consumer electronics and data center, all with long-term secular tailwinds. We are well positioned in each of these end markets. As we saw in the fourth quarter, demand trends and ordering behavior improved sequentially with leading indicators gradually strengthening across regions.

我們的投資理念有四大支柱。Arrow之所以獨特、受人尊敬且極具吸引力，原因如下。首先，Arrow 在規模龐大且不斷成長的市場中佔據領先地位。Arrow 的業務涵蓋電子元件和企業 IT，服務於 6 個大型終端市場，包括工業、交通運輸、航空航太和國防、醫療、消費性電子和資料中心，所有這些市場都具有長期的利多因素。我們在所有這些終端市場都佔據了有利地位。正如我們在第四季所看到的，需求趨勢和訂購行為逐季改善，各地區的領先指標也逐漸增強。

Second, Arrow has differentiated capabilities driving profitable growth. A key part of our strategy is growing our higher-margin value-added services, which deepen customer engagement and improved returns. These offerings such as supply chain services, engineering and design, and integration services extend our role from fulfillment to embedded partnership as we become an extension of customers and suppliers product development, supply chain and go-to-market efforts.

其次，Arrow擁有差異化的能力，能夠推動獲利成長。我們策略的關鍵部分是發展利潤率更高的加值服務，從而加深客戶參與度並提高回報。供應鏈服務、工程設計、整合服務等這些服務，使我們的角色從履行擴展到嵌入式合作夥伴關係，成為客戶和供應商產品開發、供應鏈和市場推廣工作的延伸。

Our distribution capabilities around semi, IP&E and demand creation remain a fundamental part of what we do and our value-added services are a natural extension for Arrow. As we saw in the fourth quarter, value-added offerings continue to gain traction and adoption, which is helping to improve our margin profile reinforcing that this is not a future ambition but an active driver of profitable growth. The contribution of value-added services as a percentage of total operating income has grown over time, historically, value-added services accounted for less than 20% of total company operating income.

我們在半導體、IP&E 和需求創造方面的分銷能力仍然是我們業務的基本組成部分，而我們的加值服務是 Arrow 的自然延伸。正如我們在第四季度所看到的，增值產品持續獲得市場認可和採用，這有助於改善我們的利潤率，也印證了這並非未來的目標，而是盈利增長的積極驅動力。增值服務佔總營業收入的比例隨著時間的推移而增長，歷史上，增值服務占公司總營業收入的比例不到 20%。

In 2025, that mix has grown to roughly 30% and reflecting both strong demand and an intentional shift in our portfolio towards margin-accretive offerings. Looking ahead, we are focused on further increasing this mix to drive profitable growth. The secular growth in cloud, AI and data center demand is creating tailwinds for both our components and ECS businesses, particularly in areas like AI infrastructure build-out, where our supply chain services are increasingly critical.

到 2025 年，這一比例已增長至約 30%，這不僅反映了強勁的需求，也反映了我們投資組合有意向利潤率提升型產品轉變。展望未來，我們將專注於進一步增加此組合，以推動獲利成長。雲端、人工智慧和資料中心需求的長期成長，為我們的元件和 ECS 業務帶來了順風，尤其是在人工智慧基礎設施建置等領域，我們的供應鏈服務在這些領域變得越來越重要。

Another lever for margin expansion is our ability to create a productivity flywheel that focuses on driving costs out, which in turn creates leverage in the P&L expands margins and provides reinvestment capacity for growth. Our efforts to date have focused on simplifying operations, consolidating resources and realigning geographically. We have more work to do, but our productivity and cost-out efforts are becoming part of everyday life at Arrow as it creates operating leverage and reinvestment capacity 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，這反過來又會在損益表中產生槓桿作用，擴大利潤率，並為成長提供再投資能力。我們迄今為止的努力主要集中在簡化營運、整合資源和重新調整地理佈局。我們還有更多工作要做，但我們提高生產力和降低成本的努力正在成​​為 Arrow 日常營運的一部分，因為它為業務創造了營運槓桿和再投資能力。

Third, we have a diversified business model, which provides financial flexibility. Arrow's combination of global components and ECS creates balance, resilience and consistent cash generation through cycles. Our diversified model allows us to participate across the full technology life cycle from design and planning to deployment, management and support. This diversification is especially valued in this recovery as it provides resilience on both the income statement and the balance sheet supporting long-term value creation.

第三，我們擁有多元化的商業模式，這為我們提供了財務靈活性。Arrow 將全球組件與 ECS 結合，在周期中實現了平衡、韌性和持續的現金流。我們多元化的模式使我們能夠參與整個技術生命週期，從設計和規劃到部署、管理和支援。這種多元化在經濟復甦中尤其重要，因為它能增強損益表和資產負債表的韌性，從而支持長期價值創造。

Our ECS business is a nice complement to our electronics business as it is a critical growth engine for Arrow. ECS 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 ramp to AI. In ECS, we are also moving beyond transactional distribution toward higher-value, more strategic engagements.

我們的電子通訊系統業務是我們電子業務的良好補充，因為它是 Arrow 的重要成長引擎。ECS 由混合雲和基礎設施軟體、硬體和服務組成，可提供網路安全、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方向發展。在 ECS 中，我們也正在超越交易型分銷，轉向更高價值、更具策略性的合作。

We are driving channel enablement through our ArrowSphere digital platform, which supports cloud and AI scale and acceleration. I'm proud to share that Arrow was recognized as Microsoft's 2025 Distributor Partner of the Year for its ArrowSphere AI offerings, including ArrowSphere Assistant, that help channel partners drive sustainable growth through agenetic selling and insight-driven execution. This demonstrates the differentiated innovation we are bringing to the market.

我們正在透過 ArrowSphere 數位平台推動通路賦能，該平台支援雲端和人工智慧的規模化和加速。我很榮幸地宣布，Arrow憑藉其ArrowSphere AI產品（包括ArrowSphere Assistant）被微軟評為2025年度最佳分銷合作夥伴。 ArrowSphere AI產品能夠幫助通路合作夥伴透過智慧銷售和洞察驅動的執行實現永續成長。這體現了我們為市場帶來的差異化創新。

In addition, strategic outsourcing recurring revenue models and digital enablement are expanding our role in the ecosystem and improving earnings quality. Many of the solutions we are providing 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. Additionally, 3/4 of ECS billings are software and services, the remaining 25% of billings consists of hardware solutions related to storage, compute and networking.

此外，策略性外包、經常性收入模式和數位化賦能正在擴大我們在生態系統中的作用，並提高獲利品質。我們提供的許多解決方案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。此外，ECS 帳單的 3/4 為軟體和服務，其餘 25% 的帳單包括與儲存、運算和網路相關的硬體解決方案。

The fourth quarter confirmed our strategy is progressing with continued momentum in backlog, recurring revenue and cloud and AI related demand, our diversified model provides balance through cycles, which is particularly important in a recovery environment like the one we're in today, ultimately positioning Arrow to deliver sustainable long-term growth margin improvement and increasing shareholder returns. And fourth, we have a focused capital allocation strategy designed to maximize shareholder value.

第四季證實，我們的策略正在穩步推進，積壓訂單、經常性收入以及雲和人工智慧相關需求持續增長，我們多元化的模式在周期性波動中保持平衡，這在像我們今天所處的復甦環境中尤為重要，最終使 Arrow 能夠實現可持續的長期增長利潤率提升，並增加股東回報。第四，我們制定了以股東價值最大化為目標的重點資本配置策略。

We will reinvest in organic growth opportunities that strengthen our differentiated capabilities, expand our value-added offerings and position the business for profitable growth as markets recover. We will pursue strategic and financially disciplined M&A that enhances our competitive position, deepen supplier and customer relationships and delivers attractive long-term returns and we will continue to return excess capital to shareholders.

我們將重新投資於有機成長機會，以增強我們的差異化能力，擴大我們的增值產品，並在市場復甦時為業務的獲利成長做好準備。我們將進行具有策略意義且財務穩健的併購，以增強我們的競爭地位，深化與供應商和客戶的關係，並帶來可觀的長期回報，我們將繼續把多餘的資本返還給股東。

In Q4, we repurchased $50 million in stock. And since 2020, we have returned approximately $3.6 billion to shareholders through share repurchases, reflecting our confidence in the durability of our business model and our commitment to shareholder value creation. As we evaluate all the uses of capital, we remain focused on deploying capital where we see the highest long-term risk-adjusted returns while preserving an investment-grade credit profile and the flexibility to continue investing in the business.

第四季度，我們回購了價值 5,000 萬美元的股票。自 2020 年以來，我們已透過股票回購向股東返還了約 36 億美元，這體現了我們對自身商業模式持久性的信心以及對創造股東價值的承諾。在評估所有資本用途時，我們始終專注於將資本部署到我們認為長期風險調整後回報最高的領域，同時保持投資級信用狀況，並保持繼續投資業務的靈活性。

Turning to slide 5. We are very proud of what we accomplished in 2025. We ended the year with strong execution delivering a solid fourth quarter while continuing to operate in what remains a gradual recovery across our markets. We are improving our execution, and we are seeing tangible evidence that our strategy is delivering. The continued growth of higher-margin value-added offerings across both global components and ECS is improving the quality and durability of our earnings.

翻到第5張投影片。我們為2025年所取得的成就感到非常自豪。我們以強勁的執行力結束了這一年，在第四季度取得了穩健的業績，同時我們各個市場也繼續在逐步復甦的態勢下運作。我們正在改進執行力，我們看到了切實的證據表明我們的策略正在發揮作用。全球零件和ECS領域高利潤率增值產品的持續成長，提高了我們獲利的品質和持久性。

Looking ahead, we remain cautiously optimistic as the cycle gradually recovers. We anticipate having the opportunity to drive profitable growth through a measured recovery in 2026, and we'll continue to manage the business with discipline. We believe Arrow is well positioned for the long term with a diversified business model, improving profitability and a focused capital allocation strategy that allows us to invest through the cycle and create sustainable shareholder value.

展望未來，隨著經濟週期逐步復甦，我們保持謹慎樂觀態度。我們預計在 2026 年將有機會透過穩步復甦實現獲利成長，我們將繼續以嚴謹的態度管理業務。我們相信，憑藉多元化的商業模式、不斷提高的盈利能力和專注的資本配置策略，Arrow 已為長期發展做好了充分準備，使我們能夠在周期中持續投資，並創造可持續的股東價值。

With that, I'll turn it over to Raj to dive deeper into our financial performance.

接下來，我將把發言權交給 Raj，讓他更深入分析我們的財務表現。

Thanks, Bill. On slide 6, consolidated revenue for full year 2025 was $30.9 billion, which was up 10% versus the prior year or up 9% versus the prior year on a constant currency basis. The growth was driven by an 8% increase in global components revenue and an 18% increase in ECS revenue or 7% and 15% versus the prior year on a constant currency basis, respectively. Non-GAAP diluted EPS for the full year increased 4% to $11.02. I would like to provide color to some of the key drivers to our 2025 performance.

謝謝你，比爾。投影片 6 顯示，2025 年全年合併營收為 309 億美元，較上年成長 10%，以固定匯率計算比上年成長 9%。成長主要得益於全球零件收入成長 8% 和 ECS 收入成長 18%，以固定匯率計算，分別比上年增長 7% 和 15%。全年非GAAP攤薄後每股收益成長4%至11.02美元。我想重點介紹一下我們2025年業績的一些關鍵驅動因素。

During the year, margins experienced headwinds from our regional mix and customer mix in global components, offset by growth in our accretive value-added services and continued productivity initiatives. We are seeing gradual improvements in both Western regions and mass market customers. Additionally, we continue to execute our strategy of increasing the mix of our value-added services while driving operating leverage in the business.

今年，由於全球零件的區域組合和客戶組合的變化，利潤率受到不利影響，但增值服務的成長和持續的生產力提升舉措抵消了這一影響。我們看到，無論是在西方地區還是大眾市場客戶中，情況都在逐步改善。此外，我們持續執行增加加值服務組合的策略，同時提高業務的營運槓桿。

Now turning to our fourth quarter results. On slide 7, sales for the fourth quarter increased $1.5 billion year over year to $8.7 billion, exceeding our guidance range and up 20% versus the prior year or up 16% versus the prior year on a constant currency basis. Fourth quarter consolidated non-GAAP gross margin as a percent of sales of 11.5% was down 20 basis points versus the prior year, again driven primarily by regional and customer mix in global components.

現在來看我們第四季的業績。在第 7 張投影片中，第四季銷售額年增 15 億美元，達到 87 億美元，超過了我們的預期範圍，比上年同期增長 20%，按固定匯率計算比上年同期增長 16%。第四季綜合非GAAP毛利率佔銷售額的11.5%，較上年同期下降20個基點，主要原因是全球零件的區域和客戶組合變化。

Our fourth quarter non-GAAP operating expenses increased $53 million sequentially to $669 million. The increase was driven by higher variable costs to support top line sales growth as well as normal seasonality within the ECS business. Importantly, our ongoing cost savings initiatives have supported a lower OpEx as a percent of gross profit, which declined 700 basis points sequentially and 100 basis points year over year to 67%. We believe there is ample opportunity to drive efficiencies in how we operate and increased operating leverage in the business model. In the fourth quarter, we generated non-GAAP operating income of $336 million, which was 3.8% of sales.

我們第四季的非GAAP營運費用較上季增加5,300萬美元，達到6.69億美元。成長的驅動因素包括為支持營收成長而增加的變動成本，以及 ECS 業務的正常季節性因素。重要的是，我們持續的成本節約措施使得營運支出佔毛利的百分比有所下降，較上季下降 700 個基點，年減 100 個基點，至 67%。我們相信，在營運方式上有很大的機會提高效率，並在商業模式中提高營運槓桿作用。第四季度，我們實現了 3.36 億美元的非 GAAP 營業收入，佔銷售額的 3.8%。

Margins improved sequentially due to normal seasonality within our ECS segment. Interest and other expense was $44 million in the fourth quarter as we benefited from lower average debt levels throughout the quarter, and our non-GAAP effective tax rate was 23%. And finally, non-GAAP diluted EPS for the fourth quarter increased 48% to $4.39, which was above our guidance range, driven by a number of factors, including favorable sales results, a higher mix of our value-added services and lower interest expense. Turning to slide 8. Let's take a closer look at our global components business.

由於 ECS 業務板塊正常的季節性因素，利潤率較上季有所提高。第四季利息和其他支出為 4,400 萬美元，這得益於本季平均債務水準的降低，我們的非 GAAP 有效稅率為 23%。最後，第四季非GAAP稀釋後每股收益成長48%至4.39美元，高於我們的預期範圍，主要得益於多種因素，包括有利的銷售業績、增值服務佔比提高以及利息支出降低。翻到第8張幻燈片。讓我們更詳細地了解一下我們的全球零件業務。

Global components sales increased $1.1 billion year over year and $326 million sequentially to $5.9 billion in the fourth quarter, above our guidance range and up 6% versus the prior quarter. Our results in the fourth quarter illustrate our belief that the cyclical recovery remains on track for a gradual upswing as our business continues to build momentum. Several of the key data points that we've previously highlighted improved again in the fourth quarter. Our book-to-bill ratio has improved further in all three regions and our above parity. Our backlog continues to see healthy sequential growth and has increased for the last four consecutive quarters.

第四季全球零件銷售額年增 11 億美元，季增 3.26 億美元，達到 59 億美元，高於我們的預期範圍，比上一季成長 6%。我們第四季的業績表明，我們相信隨著業務持續成長，週期性復甦仍將按計劃逐步上升。我們先前重點介紹的幾個關鍵數據點在第四季再次改善。我們在所有三個地區的訂單出貨比均進一步提高，並且達到了高於平均水平。我們的積壓訂單持續保持健康的環比成長，並且在過去四個季度中持續成長。

All three of our operating regions performed better than seasonal trends. Our sales growth was underpinned by strength for both semiconductor and IP&E components. Demand trends across many of our core markets, such as transportation, industrial and aerospace and defense remain healthy and are showing activity levels higher than one year ago. Our inventory is turning at a more normal pace compared to historical trends. Stated lead times in the fourth quarter began to modestly expand indicating improving demand levels.

我們三個營運區域的表現均優於季節性趨勢。我們的銷售成長得益於半導體和IP&E組件的強勁表現。我們許多核心市場（如交通、工業、航空航太和國防）的需求趨勢依然健康，且活躍程度高於一年前。與歷史趨勢相比，我們的庫存週轉速度更正常。第四季公佈的交貨週期開始略有延長，顯示需求水準有所改善。

Taking all of this together, the market environment has incrementally improved over the last 90 days, reiterating our view that the business is in the early stages of a gradual cyclical upturn. Importantly, our focus remains on driving profitable growth. Within these efforts, a few dynamics are at play that I'd like to touch on. First, we are closely monitoring the mix of our business, both from a regional and customer standpoint. We are seeing incremental improvements in both Western regions and mass market customers, but continue to expect a gradual recovery.

綜合以上所有因素，過去 90 天市場環境逐步改善，這再次印證了我們的觀點，即該業務正處於逐步週期性復甦的早期階段。重要的是，我們的重點仍然是推動獲利成長。在這些努力中，有一些動態因素在起作用，我想談談這些因素。首先，我們正在密切關注我們業務的組合，包括區域和客戶兩個方面。我們看到西部地區和大眾市場客戶的情況都在逐步改善，但我們仍然預期復甦是一個漸進的過程。

Second, we are making a measured shift toward an increased mix of higher-margin value-added offerings, namely supply chain services, engineering and design services and integration services. These offerings are a natural extension for Arrow, building upon our core semi, IP&E and demand creation capabilities, which remain an important piece of our business. Our lens is focused on how we can best help the customers and suppliers position for growth, remove complexity and get to market quickly. Lastly, operationally, we are focused on efficiency. We are continuing our efforts to rightsize our cost structure, freeing up capacity to reinvest in accretive areas of the business.

其次，我們正在穩步轉向增加高利潤率的加值產品和服務，即供應鏈服務、工程和設計服務以及整合服務。這些產品和服務是 Arrow 的自然延伸，建立在我們核心的半導體、IP&E 和需求創造能力之上，這些能力仍然是我們業務的重要組成部分。我們關注的重點是如何才能最好地幫助客戶和供應商定位成長、消除複雜性並快速進入市場。最後，在營運方面，我們注重效率。我們正持續努力調整成本結構，釋放資源，以便將資金再投資於業務的增值領域。

Taking a closer look at each of the three regions. In the Americas, sales saw healthy sequential growth underpinned by strength in aerospace and defense, industrial, transportation and networking and communications. In EMEA, we are seeing a healthy backlog build across verticals, which is a sign of the market improving. And finally, in Asia, we once again saw broad-based sales growth, highlighted by strength in compute, consumer and continued EV momentum in the transportation sector. Global components non-GAAP operating income increased approximately $20 million sequentially to $219 million, up 10% from the prior quarter.

讓我們仔細觀察這三個地區。在美洲，由於航空航太與國防、工業、交通運輸以及網路與通訊領域的強勁表現，銷售額實現了健康的環比成長。在歐洲、中東和非洲地區，我們看到各個垂直行業的訂單積壓情況良好，這表明市場正在改善。最後，在亞洲，我們再次看到全面的銷售成長，其中計算、消費領域的強勁表現以及交通運輸領域電動車的持續成長勢頭尤為突出。全球零件業務非GAAP營業收入較上季成長約2,000萬美元至2.19億美元，較上一季成長10%。

Non-GAAP operating margins increased sequentially by 10 basis points. Turning to slide 9 and our global ECS business. In the fourth quarter, global ECS sales increased approximately $400 million year over year to $2.9 billion, above the midpoint of our guidance range and up 16% versus the prior year or up 11% versus the prior year on a constant currency basis. Total ECS billings were $7.1 billion, up 16% year over year. Our global ECS business continues to differentiate on the more complex end of the IT spectrum, where we are experiencing strong secular demand trends behind hybrid cloud, infrastructure hardware and software, cybersecurity, data protection and data intelligence for AI-driven workloads.

非GAAP營業利益率較上季成長10個基點。接下來請看第 9 張投影片，了解我們的全球 ECS 業務。第四季度，全球 ECS 銷售額年增約 4 億美元，達到 29 億美元，高於我們預期範圍的中點，比上年同期增長 16%，按固定匯率計算比上年同期增長 11%。ECS 總帳單金額為 71 億美元，較去年同期成長 16%。我們的全球 ECS 業務在 IT 領域更複雜的一端繼續保持差異化優勢，我們正經歷著混合雲、基礎設施硬體和軟體、網路安全、資料保護以及人工智慧驅動的工作負載的資料智慧方面強勁的長期需求趨勢。

Our global ECS technology mix, regionally diversified presence and critical role in the middle of technology providers and channel partners have driven over 75% backlog growth year over year finishing 2025 at another all-time high. Looking ahead and building off our foundation of enabling technology providers and supporting channel partners, we're expanding our global ECS addressable market opportunity by going beyond the role of a traditional distributor.

我們全球 ECS 技術組合、區域多元化佈局以及在技術供應商和通路合作夥伴之間發揮的關鍵作用，推動了積壓訂單逐年增長超過 75%，使 2025 年的訂單量再創新高。展望未來，我們將以賦能技術供應商和支援通路合作夥伴為基礎，超越傳統經銷商的角色，擴大我們在全球 ECS 可觸達的市場機會。

Through this new motion, Arrow becomes the exclusive go-to-market partner for a supplier taking on all or part of their commercial activities and gaining the ability to sell software licenses and software subscriptions on behalf of the supplier's brand. These agreements are a key strategic pillar for our ECS business and position us well as more suppliers look for partners who can simplify and scale their go-to-market motions. Over time, they are expected to be meaningfully margin accretive once at scale.

透過這項新舉措，Arrow 成為供應商的獨家市場合作夥伴，承擔其全部或部分商業活動，並獲得代表供應商品牌銷售軟體授權和軟體訂閱的能力。這些協議是我們 ECS 業務的關鍵策略支柱，隨著越來越多的供應商尋求能夠簡化和擴展其市場推廣活動的合作夥伴，這些協議使我們處於有利地位。隨著時間的推移，一旦達到一定規模，它們有望顯著提高利潤率。

Turning to the balance sheet on slide 10. Net working capital grew sequentially in the fourth quarter by approximately $180 million, ending the quarter at $7.4 billion to support the business for growth. Importantly, the financial metrics we monitor improved with return on working capital up 170 basis points year over year to 18%. Likewise, return on invested capital increased 190 basis points year over year to 11.1%. Working capital as a percent of sales declined in the fourth quarter to approximately 21% and our cash conversion cycle decreased year over year by seven days.

請看第 10 頁的資產負債表。第四季淨營運資本季增約 1.8 億美元，季末達到 74 億美元，為業務成長提供了支持。重要的是，我們監控的財務指標有所改善，營運資本回報率較去年同期上升 170 個基點至 18%。同樣，投資資本報酬率年增 190 個基點，達到 11.1%。第四季營運資本佔銷售額的比例下降至約 21%，現金週轉週期較去年同期減少了 7 天。

Relatedly, inventory at the end of the fourth quarter was $5.1 billion, and our inventory turns improved, reflecting disciplined working capital management. Cash flow from operating activities was $200 million. Full year cash flow from operating activities was $64 million. Gross balance sheet debt at the end of the fourth quarter declined sequentially by $44 million, finishing the year at $3.1 billion. We repurchased $50 million in shares in the fourth quarter and $150 million in 2025.

此外，第四季末庫存為 51 億美元，庫存週轉率有所提高，這反映了我們嚴格的營運資本管理。經營活動產生的現金流量為2億美元。全年經營活動產生的現金流量為6,400萬美元。第四季末，資產負債表上的總債務環比減少了 4,400 萬美元，全年總額為 31 億美元。我們在第四季回購了價值 5,000 萬美元的股票，並計劃在 2025 年回購 1.5 億美元。

Now turning to Q1 guidance on slide 11. We expect sales for the first quarter to be between $7.95 billion and $8.55 billion, representing an increase of 21% year over year at the midpoint of the range. We expect global component sales to be between $5.75 billion and $6.15 billion, representing sequential growth of 1% at the midpoint. In enterprise computing solutions, we expect sales to be between $2.2 billion and $2.4 billion, which is up approximately 13% at the midpoint year over year. We're assuming a tax rate in the range of 23% to 25% and interest expense of approximately $60 million.

現在就來看看第 11 頁的第一季業績指引。我們預計第一季銷售額將在 79.5 億美元至 85.5 億美元之間，以區間中位數計算，年增 21%。我們預計全球零件銷售額將在 57.5 億美元至 61.5 億美元之間，其中數值表示環比成長 1%。在企業運算解決方案方面，我們預計銷售額將在 22 億美元至 24 億美元之間，以年中位數計算，年增約 13%。我們假設稅率在 23% 到 25% 之間，利息支出約為 6,000 萬美元。

Our non-GAAP diluted earnings per share is expected to be between $2.70 and $2.90. Details of the foreign currency impact can be found in our earnings release. As we look ahead to 2026, our view of the market is relatively consistent. We believe demand levels are incrementally improving in many markets highlighted by the leading indicators that we mentioned. We are pleased with the momentum that we are building.

我們預計非GAAP稀釋後每股盈餘將在2.70美元至2.90美元之間。有關外匯影響的詳情，請參閱我們的獲利報告。展望 2026 年，我們對市場的看法相對一致。我們認為，正如我們所提到的領先指標所顯示的那樣，許多市場的需求水準正在逐步改善。我們對目前的發展動能感到滿意。

However, a few factors are leading to a more gradual recovery. Inventory normalization throughout the supply chain is still in progress. Macro and geopolitical instability is creating uncertainty, and overall market complexion can vary by region and market and customer type. As you build your 2026 models, I would highlight a few items that will impact the linearity of our financial results. In Q1, we are expecting global components to perform above seasonal trends in all our regions, while Q2 is expected to be seasonally strong for Asia.

然而，一些因素正在促成更緩慢的復甦。整個供應鏈的庫存正常化工作仍在進行中。宏觀和地緣政治不穩定造成了不確定性，整體市場狀況會因地區、市場和客戶類型而異。在建立 2026 年模型時，我想重點介紹一些會影響我們財務績效線性成長的因素。第一季度，我們預期全球各地區的業務部門表現將高於季節性趨勢；而第二季度，亞洲市場預計將呈現季節性強勁成長。

Q1 we'll have 4 additional shipping days that will result in 4 fewer shipping days in Q4, which primarily impacts the ECS business. We will provide you with updates in the quarters to come.

第一季我們將增加 4 個出貨日，這將導致第四季出貨日減少 4 個，這主要影響 ECS 業務。我們將在接下來的幾季中向您提供最新進展。

With that, I'll now turn things back over to Bill for some closing thoughts.

接下來，我將把發言權交還給比爾，讓他做一些總結性發言。

Thanks, Raj. Turning to slide 12. Looking forward, our key priorities are clear. We remain focused on executing with discipline in an environment that continues to improve gradually, while recognizing that the recovery remains different by region, end market and customer type. Our priority is to accelerate profitable growth as we continue to manage mix, costs and working capital carefully and align investment levels with the pace of demand.

謝謝你，拉傑。翻到第12張投影片。展望未來，我們的主要工作重點很明確。我們將繼續專注於在環境持續逐步改善的情況下，以嚴謹的態度執行各項工作，同時認識到不同地區、終端市場和客戶類型的復甦情況仍然有所不同。我們的首要任務是加快獲利成長，同時我們將繼續謹慎管理產品組合、成本和營運資金，並將投資水準與需求步伐保持一致。

We recently made several internal organization changes to better align our go-to-market teams in a way that creates greater focus on our growth initiatives. The changes will enable Arrow to continue to excel in traditional distribution while sharpening our focus on higher-margin opportunities with deep technical engagement, value-added services and differentiated solutions. In our global components business, we appointed Chief Growth Officers across global classic distribution, global services and global IP&E distribution. In our ECS business, we appointed a Chief Revenue Officer integrating sales, marketing as well as vendor and customer success to deliver optimal results across all regions. The direction is clear.

我們最近進行了一些內部組織結構調整，以更好地協調我們的市場推廣團隊，從而更加專注於我們的成長計劃。這些變化將使 Arrow 能夠在傳統分銷領域繼續保持領先地位，同時更加專注於利潤更高的機會，透過深入的技術合作、增值服務和差異化解決方案來實現這一目標。在我們的全球零件業務中，我們任命了全球經典分銷、全球服務和全球 IP&E 分銷的首席成長長。在我們的 ECS 業務中，我們任命了一位首席營收官，負責整合銷售、行銷以及供應商和客戶成功，以在所有地區實現最佳業績。方向很明確。

We will continue to expand our higher-margin value-added offerings across both global components and ECS, deepening customer relationships and improving the quality and durability of our earnings over time. We remain confident in Arrow's strategy, differentiated capabilities and diversified business models while planning thoughtfully for a measured recovery as we move more through the year. We will continue to allocate capital to the highest return on investment opportunities with the goal of increasing returns for our shareholders. Finally, on leadership, the Board's search for a permanent CEO remains ongoing. We continue to evaluate candidates, all of whom bring varied experience across complex environments.

我們將繼續擴大我們在全球零件和電子控制系統領域利潤率更高的增值產品，加深客戶關係，並隨著時間的推移提高我們盈利的品質和穩定性。我們對 Arrow 的策略、差異化能力和多元化商業模式仍然充滿信心，同時我們也在深思熟慮地規劃，以期在今年餘下的時間裡實現穩步復甦。我們將繼續把資金投入回報率最高的投資機會中，以提高股東回報。最後，在領導層方面，董事會仍在尋找正式的執行長。我們持續評估候選人，他們都擁有在複雜環境中累積的豐富經驗。

We will update the market when the process is complete and the Board is ready to make an announcement. With that, Raj, Rick, Eric and I will now take your questions.

待流程完成且董事會準備發佈公告時，我們將向市場通報最新情況。接下來，Raj、Rick、Eric 和我將回答大家的問題。

Operator, please open the call to questions.

接線員，請開啟問答環節。

(Operator Instructions)

（操作說明）

Will Stein, Truist Securities.

威爾‧斯坦，Truist Securities。

Congrats on the good results and outlook. I was hoping you can comment on billing linearity through the quarter, was there anything unusual in terms of timing relative to what you would typically deliver on sort of a month-to-month basis? And then as a follow-up, I'd like to ask the same question about billing -- pardon me, booking patterns through the quarter, whether that sort of followed a different than typical pattern.

恭喜你們取得好成績，前景光明。我希望您能就本季度的計費線性情況發表一下看法，與您通常按月交付的情況相比，在時間安排方面是否有任何異常之處？然後，作為後續問題，我想問一下關於計費的問題——抱歉，是本季的預訂模式，是否遵循了與典型模式不同的模式。

And Will, you're referring to the fourth quarter, I assume right? The --

威爾，你指的是第四季度，對吧？這--

Yeah. During the fourth quarter, month-to-month trend in both what you billed and what you booked.

是的。第四季度，您的帳單金額和預訂金額的月度趨勢。

Got it. I don't think we saw anything unusual. I think it was largely aligned with our expectations. Obviously, ECS has its largest quarter in the fourth quarter, and that played out as we had thought it would play out, and we continue to see building momentum within our components business, but nothing unusual. All 3 regions performed ahead of normal seasonality and components. So that's one call-out I would say, and that's going to continue on into the first quarter as well as we said in our prepared remarks. So I would say nothing unusual from either a billings or bookings standpoint.

知道了。我認為我們沒有看到任何異常情況。我認為這基本上符合我們的預期。顯然，ECS 的最大季度是第四季度，而實際情況也正如我們所料，我們的零件業務繼續保持成長勢頭，但並沒有什麼不尋常之處。這三個地區均表現優於正常的季節性和各組成部分。所以，這是我要強調的一點，而且正如我們在準備好的發言稿中所說，這一點也會延續到第一季。所以，無論從帳單還是預訂的角度來看，都沒有什麼不尋常之處。

Yeah, nothing was pulled forward.

是的，沒有任何東西被向前拉動。

So above seasonal, above the normal pace, but it didn't improve or slow down through the quarter?

所以高於季節性水平，高於正常水平，但整個季度既沒有改善也沒有放緩？

No. No. In fact, I would just say that based on our guide that we gave for the first quarter, momentum has continued into the first quarter. So we're seeing a lot -- we're seeing more of what we saw in the fourth quarter as we've now entered into the first quarter.

不。不。事實上，我想說的是，根據我們第一季的預期，這種勢頭延續到了第一季。所以我們看到很多——隨著我們進入第一季度，我們看到的情況與第四季度有很多相似之處。

Ruplu Bhattacharya, Bank of America.

Ruplu Bhattacharya，美國銀行。

In global components, you saw strong sales in the Americas region and looks like in the ECS segment, you saw strong revenue growth in EMEA. Can you give us some more details on what drove that. And do you think the strong growth sustains into the second half of '26? Just wanted to clarify, I think you said there was no pull-in of demand. Was that in both the components and in the ECS segment? And should we expect this level of demand to sustain in the second half? And I have a follow-up.

在全球零件業務中，美洲地區的銷售額表現強勁；而在 ECS 業務領域，歐洲、中東和非洲地區的收入成長似乎也很強勁。您能否詳細說明一下是什麼原因導致了這種情況？你認為這種強勁的成長勢頭會持續到2026年下半年嗎？我想確認一下，我記得你說過沒有出現需求上調的情況。組件部分和ECS部分都是如此嗎？那麼，我們是否可以預期下半年需求水準能夠維持下去？我還有一個後續問題。

Do you want to take it, Bill? Or --

比爾，你想拿嗎？或者--

No, go ahead --

不，繼續。--

Yeah. I think in terms of demand, I would say there wasn't anything in particular to call out within the different regions. We continue to have a pretty healthy backdrop in our key vertical segments within components, transportation, aerospace and defense and industrial as well. And I think that demand trend we've continued to see into the first quarter. As we said, the Western regions are starting to come back. So it's a better mix overall. And we're also seeing the mass market come back. Rick, do you want to add anything to the component side?

是的。我認為就需求而言，各地區之間並沒有特別值得一提的情況。我們在零件、交通運輸、航空航太與國防以及工業等關鍵垂直領域的業務背景依然相當健康。我認為這種需求趨勢在第一季仍在持續。正如我們所說，西部地區正在開始復甦。所以整體來說，這是一個更好的組合。我們也看到大眾市場正在回歸。Rick，你想在組件方面添加什麼嗎？

Yeah, I would just add, Raj, to what you said, again, very gradual, consistent build in backlog. And again, very tied to what we're seeing around industrial, mil/aero. In particular, those markets are coming back in a nice fashion.

是的，Raj，我只想補充一點，就像你說的，積壓的工作需要非常漸進、持續地增加。而且，這與我們目前在工業、軍事/航空領域看到的情況非常相關。尤其是這些市場，正在以良好的勢頭復甦。

Yeah. And the only thing I would add to that is what the guys have already said, Ruplu, is that if you remember from our last call and what we've talked about in the third quarter, we didn't see the industrial markets in the West coming back strong. Not that they're coming back strong, but we're seeing more industrial activity in the West as we went through the fourth quarter.

是的。我唯一要補充的是，Ruplu，正如其他人已經說過的那樣，如果你還記得我們上次的電話會議以及我們在第三季度討論的內容，我們當時並沒有看到西方工業市場強勁復甦。雖然它們並沒有強勁復甦，但隨著第四季的到來，我們看到西部地區的工業活動增加。

Okay. Can I -- for my follow-up, I'm going to try and sneak two parts of the question in. In the ECS segment, 25% of billings are hardware. Can you talk about like what you saw strength in what particular categories? And then you talked about these value-added services.

好的。我可以——作為後續問題，我想嘗試偷偷地把問題的兩個部分也提出來。在 ECS 領域，25% 的計費來自硬體。能談談您認為哪些方面表現突出嗎？然後您談到了這些增值服務。

I was wondering if you can talk a little bit more about that. What type of customers are using your value-added services? I think, Bill, you mentioned AI infrastructure. And so if you can just talk a little bit more about what you guys do in there, what type of customers are using it? And how high as a percent of operating income do you think over time, these type of services can get to?

我想請您再詳細談談這方面的情況。哪些類型的客戶正在使用您的加值服務？比爾，我想你剛才提到了人工智慧基礎設施。所以，你能否再詳細介紹一下你們在那個平台上做什麼，以及有哪些類型的客戶在使用？您認為隨著時間的推移，這類服務佔營業收入的比例能達到多高？

Eric, why don't you take the ECS hardware piece?

艾瑞克，你為什麼不接手 ECS 硬體部分呢？

Yeah. So yes, hardware is 25% of our revenue. The other 75% are mostly software, cloud and services. Of course, this second part is growing faster due to the extra growth that we have in AI and cloud. In the hardware side, it's mostly storage, compute, of course, networking and security because security is a mix of software and hardware. So that's where the 25% comes. The highest growth in these segments come, of course, from the networking and security part.

是的。是的，硬體收入占我們總收入的 25%。其餘 75% 主要為軟體、雲端服務及相關技術。當然，由於人工智慧和雲端運算領域的額外成長，第二部分成長速度更快。硬體方面，主要包括儲存、運算，當然還有網路和安全，因為安全是軟體和硬體的結合。所以，這就是25%的由來。當然，這些細分市場中成長最快的是網路和安全領域。

Rick, do you want to take the value-added services on components?

Rick，你想承接組件方面的加值服務嗎？

Yeah, sure. Thanks, Bill. The only thing I would say on that is -- Ruplu is what we're doing in value-added services is an extension of what we do in our existing business today. We're very confident in our capabilities and the product offering that we serve from an overall standpoint there, and we're just extending that offering further and further. It's across multiple vertical markets. It's not tied to a specific vertical market or what we do in our service offering.

當然可以。謝謝你，比爾。我唯一想說的是－Ruplu 是我們在加值服務領域所做的工作，也是我們現有業務的延伸。我們對自己的能力和我們提供的產品整體上都非常有信心，而且我們正在不斷擴展我們的產品範圍。它涵蓋多個垂直市場。它與特定的垂直市場或我們的服務內容無關。

Yeah. Ruplu, the last part of your question was what percent can it become? I don't think we have a projection for you here, but it's going to depend, obviously, on the rest of the business. So even though it's a faster growing, higher margin part of the business, as we get growth in the rest of our business, it does have an impact on the overall percentage of operating income. I think what we've said in the past, Raj, is it's usually 2 times gross margin. Gross profit of our normal business would be -- it could be up to 2 times.

是的。Ruplu，你問題的最後一部分是：它能達到多少百分比？我覺得我們這裡無法給出預測，但這顯然取決於公司其他業務的情況。因此，儘管它是業務中成長更快、利潤率更高的部分，但隨著我們其他業務的成長，它確實會對整體營業收入百分比產生影響。Raj，我認為我們之前說過，通常是毛利率的 2 倍。我們正常業務的毛利－最高可達2倍。

It's at least 2 times, I'd say, some are higher, some are lower, but it's a very profitable side of the business. But if we have the rest of the business growing much faster, the mix percentage is going to vary based on that, but it's going to be a strong contributor, regardless.

至少是兩倍，我覺得，有的更高，有的更低，但這確實是業務中利潤非常豐厚的一部分。但如果其他業務成長速度更快，那麼該業務的佔比將會根據成長速度而變化，但無論如何，它將是一個重要的貢獻者。

I just had, kind of, a quick one. Normally, at this point in the cycle, we saw -- we would normally see a really big step-up in investment in working capital. We did see inventories increase during the December quarter, I'm assuming, to support future growth.

我剛才只是快速地吃了一口。通常情況下，在這個週期階段，我們會看到—通常情況下，我們會看到營運資本投資大幅增加。我估計，我們在12月季度確實看到庫存增加，這是為了支持未來的成長。

But actually, we've had two quarters in a row now where your interest expense -- or three quarters in a row now, where the interest expense has come in meaningfully lower than what your expectations were. I think last quarter, that was due to some of the timing of that working capital investment. I see that you've guided to $60 million interest expense in the March quarter. Just wondering how we should think about working capital investment, how that flows through to the interest expense line and what to think about that in the near term?

但實際上，我們已經連續兩個季度——或者說連續三個季度——利息支出都顯著低於您的預期。我認為上個季度出現這種情況是由於營運資金投資的時間表所造成的。我注意到您預計三月季度的利息支出為 6000 萬美元。我想知道我們應該如何看待營運資本投資，它如何影響利息支出，以及近期應該如何考慮這個問題？

Yeah. Melissa, that's a really good observation. The interest expense level was, I'd say, much lower than we were expecting. Sometimes the cash flows and the timing of the cash flows have an impact that is not as predictable. And -- but we also -- we like the fact that we were sitting on a little bit more cash.

是的。梅麗莎，你的觀察非常敏銳。我認為，利息支出水準遠低於我們的預期。有時現金流及其時間表會產生一些難以預測的影響。而且——但我們也——喜歡我們手邊多一些現金的感覺。

We were able to pay down some debt in the short term. It is ultimately the same reason why, which is the timing of working capital and how that ramps up. Because we have another growth quarter here in the first quarter, we do believe that we're going to use more working capital as we always do when we're growing. And so the interest expense forecast is based on our best view at this stage. But obviously, if that changes, we'll have to let you know.

短期內我們得以償還部分債務。歸根究底，原因是一樣的，那就是營運資金的到位時間和到位速度。由於第一季又是成長季度，我們相信我們會像往常成長時一樣，使用更多的營運資金。因此，利息支出預測是基於我們目前的最佳判斷。但很顯然，如果情況有變，我們會通知您。

But right now, that's where we are. Generally, as rates have come down, we have a fair amount of debt that's short term in nature. And so that's also helped interest expense, and that was also a factor in the fourth quarter. Short-term rates are at least 100 basis points lower than they were in the prior year. And so that's also having a mitigating impact on overall interest expense.

但就目前而言，這就是我們所處的境地。整體而言，隨著利率下降，我們有相當一部分債務是短期性質的。因此，這也有助於降低利息支出，這也是第四季業績成長的因素。短期利率比上年同期低至少100個基點。因此，這也對整體利息支出產生了一定的緩解作用。

Okay. Great. That's very helpful. I just had one quick follow-up about seasonality in some of the end markets. You did give us some insight into Asia seasonality in the June quarter. At this point, in a recovery cycle, would we expect to see above seasonal results in some of the Western markets because they have been so challenged recently? Or is the visibility still just not there yet?

好的。偉大的。那很有幫助。我還有一個關於部分終端市場季節性問題的後續問題。您確實讓我們對六月亞洲地區的季節性因素有了一些了解。在當前復甦週期中，鑑於西方市場近期面臨的巨大挑戰，我們是否可以預期這些市場會出現高於季節性水準的業績？或者說，目前還無法看到這種情況？

Well, let me start the backside of that question first, visibility. Visibility, Melissa, is not as clear as we would like it to be. It's getting better. Our backlogs are extending. We feel good about that. But visibility beyond 90 days is still a little bit cloudy. And then your question about seasonality. Q1, we're above -- we think we said in Raj's notes in his script that we're above seasonal in Q1 in all three regions. So we're seeing that, and we'll see that as we go forward.

好吧，讓我先從這個問題的背面說起，那就是可見性。梅麗莎，能見度不如我們希望的那麼清晰。情況正在好轉。我們的積壓工作越來越多。我們對此感到很滿意。但90天以後的能見度仍然不太明朗。然後是你關於季節性的問題。第一季度，我們高於——我們認為我們在 Raj 的腳本筆記中說過，第一季度我們在所有三個地區都高於季節性水平。所以我們現在看到了這一點，而且隨著事態發展，我們也會看到這一點。

There are no further questions at this time. I will now turn the call back to Interim President and CEO, Bill Austen for closing remarks.

目前沒有其他問題了。現在我將把電話轉回給臨時總裁兼執行長比爾·奧斯汀，請他作總結發言。

Thank you, operator. Let me close with this. Industry fundamentals are improving across all regions and in many verticals. We're pleased with how our strategy execution is playing out because it's centered on growth and margin expansion, but we're not yet satisfied as there's more work to do. So we'll see you in another 90 days, and we'll talk to a lot of you in the next day or two.

謝謝接線生。最後我想補充一點。各地區及各垂直行業的行業基本面都在改善。我們對目前的策略執行情況感到滿意，因為它以成長和利潤率擴張為中心，但我們並不滿足，因為還有更多的工作要做。那麼，我們90天後再見，接下來的一兩天我們會和你們中的許多人聊聊。

Thank you for joining.

感謝您的參與。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。