艾睿電子 (ARW) 2026 Q2 法說會逐字稿

Good day, and welcome to the Arrow Electronics second quarter 2026 earnings call. Today's conference is being recorded. And at this time, I would like to turn the conference over to Michael Nelson, Arrow's Vice President of Investor Relations. Please go ahead.

各位好，歡迎參加 Arrow Electronics 2026 年第二季財報電話會議。今天的會議將被錄音。現在，我想將會議交給 Arrow 投資人關係副總裁 Michael Nelson。請開始。

Thank you, operator. I'd like to welcome everyone to the Arrow Electronics second quarter 2026 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，接線員。我想歡迎各位參加 Arrow Electronics 2026 年第二季財報電話會議。今天與我一同出席的有：臨時總裁兼執行長 Bill Austen；財務長 Raj Agrawal；全球元件事業總裁 Rick Marano；以及全球企業運算解決方案（ECS）事業總裁 Eric Nowak。

During this call, we'll make forward-looking statements, including statements about our business outlook, strategies, plans and projections regarding 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，我們將發表前瞻性陳述，包括關於我們的業務展望、策略、計畫，以及對未來財務結果的預測與推估；這些均基於我們截至今日的預測與期望。由於多項風險與不確定性，我們的實際結果可能會出現重大差異，其中包括本季相關財報新聞稿，以及我們最近一期 Form 10-K 年度報告與其他向美國證券交易委員會（SEC）提交之文件中所述的風險因素與其他因素。

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訂任何前瞻性陳述的義務。提醒各位，我們今天電話會議中將討論的部分數據為非 GAAP 指標，並非用以取代我們的 GAAP 結果。我們已在本季相關財報新聞稿中，將這些非 GAAP 指標與最直接可比的 GAAP 財務指標進行調節。

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.

您可至 investor.arrow.com 取得我們的財報新聞稿，以及本次電話會議的重播。我們也在該網站上發布了投影片簡報，以配合我們的事先準備發言，並鼓勵您在收看本次網路直播時參考這些投影片。在我們今天的準備發言結束後，Bill、Raj、Rick 與 Eric 將開放回答各位的提問。

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

接下來我把電話交給臨時總裁兼執行長 Bill Austen。

Thank you, Michael, and good afternoon, everyone. We appreciate you joining us for a discussion of our second quarter 2026 results. Before turning to our results, I want to thank our team across the globe. Their commitment to serving our suppliers and customers is a key reason why Arrow delivered another strong quarter.

謝謝你，Michael，各位下午好。感謝各位加入我們，一同討論 2026 年第二季的業績。在進入業績之前，我想先感謝我們遍布全球的團隊。他們致力於服務供應商與客戶的承諾，是 Arrow 再次交出強勁季度表現的關鍵原因之一。

Starting on slide 3. We delivered excellent results in the second quarter. Total revenue of $10 billion increased 32% year-over-year and operating margin expanded 120 basis points year-over-year to 4%, each of which exceeded expectations. The combination of broad-based demand, disciplined execution and positive operating leverage resulted in non-GAAP EPS of $5.45, representing a significant increase of 124% year-over-year.

請看投影片第 3 頁。我們在第二季交出優異成果。總營收 100 億美元，年增 32%；營業利益率年增 120 個基點至 4%；兩者皆超出預期。在廣泛需求、嚴謹執行與正向營運槓桿的共同作用下，非 GAAP 每股盈餘（EPS）達 5.45 美元，年增幅高達 124%。

Our strong results this quarter were underpinned by four primary drivers: one, sustained unit volume growth with incremental benefits from price inflation; two, disciplined execution as we managed expenses and working capital against the backdrop of solid customer demand; three, positive operating leverage resulting in year-over-year margin expansion; and four, favorable mix of higher-margin value-added services.

本季強勁表現主要由四項驅動因素支撐：第一，出貨單位量持續成長，並額外受惠於價格通膨；第二，在客戶需求穩健的背景下，我們在費用與營運資金管理上保持紀律化執行；第三，正向營運槓桿帶動營業利益率年增擴張；第四，較高毛利的加值服務占比提升，帶來有利的產品／服務組合。

Global Components once again performed exceptionally well with strength across geographies, industry verticals and customer mix. Similarly, within ECS, we continue to benefit from long-term secular demand trends around cloud, cybersecurity, infrastructure software and AI-driven workloads while continuing to execute our strategy around higher-value software and services.

全球元件事業再次表現出色，在各地區、各產業垂直領域以及客戶組合方面皆展現強勁動能。同樣地，在 ECS 方面，我們持續受惠於雲端、資安、基礎架構軟體與 AI 驅動工作負載等長期結構性需求趨勢，同時持續推進聚焦於更高價值軟體與服務的策略。

Raj will share more details on our financial performance in a moment. But first, I would like to spend a few minutes discussing several key themes from the quarter that reinforce our confidence in the sustainability of the business and growth strategy. First, our leading indicators continue to give us enhanced visibility and conviction in our operating model.

Raj 稍後將分享更多財務表現細節。但首先，我想花幾分鐘談談本季幾個關鍵主題，這些主題強化了我們對業務可持續性與成長策略的信心。第一，我們的領先指標持續提升，讓我們對營運模式有更高的能見度與信念。

Book-to-bill ratios improved further and remain well above parity, while our backlog continues to build into 2027. Importantly, these leading indicators further strengthen our confidence in the durability of demand and sustainability of our growth trajectory.

接單出貨比（book-to-bill）進一步改善，且仍明顯高於 1；同時，我們的在手訂單（backlog）持續累積並延伸至 2027 年。重要的是，這些領先指標進一步強化我們對需求韌性以及成長軌跡可持續性的信心。

Second, our growth remains largely customer demand driven. While we have seen incremental benefits from inflation, the primary driver of growth has been increased unit volume. Not only are we benefiting from ongoing AI investment trends, but we are also experiencing strength in industrial, aerospace and defense and the reemergence of transportation.

第二，我們的成長仍主要由客戶需求所驅動。雖然我們確實看到通膨帶來的額外助益，但成長的主要動能來自出貨單位量增加。我們不僅受惠於持續的 AI 投資趨勢，也在工業、航太與國防領域，以及運輸市場的再度回溫中看到強勁表現。

Third, growth is broad-based, and we are still in the early stages of a mass market upturn as backlog from our mass market customers continues to slowly ramp. Fourth, value-added services remained a differentiator with supply chain services once again contributing significantly to overall profitability. Encouragingly, these favorable demand signals are interconnected with each contributing to a broader opportunity set across our portfolio.

第三，成長動能廣泛分布；而且隨著大眾市場客戶的在手訂單持續緩步爬升，我們仍處於大眾市場景氣回升的早期階段。第四，加值服務仍是我們的差異化優勢，其中供應鏈服務再次對整體獲利做出顯著貢獻。令人鼓舞的是，這些正向需求訊號彼此相互連結，各自都在我們的產品組合中共同擴大更廣泛的機會集合。

As we have highlighted previously, Arrow remains well positioned at the intersection of several attractive secular growth markets, allowing us to benefit from their continued expansion. Finally, the quality of our growth continues to improve, supported by a more favorable mix of customers and geographies, contribution from value-added services and ongoing productivity gains across the business.

如同我們先前所強調，Arrow 仍然在多個具吸引力的長期結構性成長市場交會點上占據有利位置，使我們能受惠於其持續擴張。最後，在更有利的客戶與地理組合、加值服務的貢獻，以及全公司持續的生產力提升支持下，我們的成長品質持續改善。

Combined with the structural changes we have made to reset our business model and our disciplined expense management, these factors are enabling us to deliver meaningful operating leverage and generate strong incremental returns. Turning to slide 4. I would like to briefly revisit four pillars of our investment thesis and why we believe Arrow remains uniquely positioned for long-term growth and an attractive investment opportunity.

再加上我們為重塑商業模式所做的結構性調整，以及對費用的紀律化管理，這些因素正使我們能夠實現顯著的營運槓桿，並創造強勁的增量報酬。請看投影片第 4 頁。我想簡要回顧我們投資論點的四大支柱，以及我們為何相信 Arrow 仍具備獨特的長期成長定位與具吸引力的投資機會。

I have discussed these pillars over the past several quarters, and you are starting to see the true strength of the business come through in our results. First, Arrow maintains a strong position in large and growing markets and plays a critical role in our six core markets of industrial, transportation, aerospace and defense, medical, consumer electronics and data center.

過去幾個季度我已多次談到這些支柱，而各位也開始從我們的業績中看到公司真正的實力展現。第一，Arrow 在規模龐大且持續成長的市場中維持強勢地位，並在我們六大核心市場——工業、運輸、航太與國防、醫療、消費性電子與資料中心——扮演關鍵角色。

These end markets are supported by favorable secular trends that continue to create growth opportunities. Second, Arrow has differentiated capabilities driving profitable growth. We are benefiting from a richer mix of higher-value service offerings, including supply chain services, engineering and design services and integration services.

這些終端市場受到有利的長期結構性趨勢支撐，持續創造成長機會。第二，Arrow 具備差異化能力，推動獲利性成長。我們受惠於更豐富的高價值服務組合，包括供應鏈服務、工程與設計服務，以及整合服務。

Notably, these offerings build upon our long-standing strengths in our core distribution franchise and represent a natural extension of the capabilities that have long differentiated Arrow in the marketplace. We continue to expand our suite of differentiated capabilities that deepen customer engagement and further differentiate Arrow.

值得注意的是，這些服務建立在我們核心通路業務長期累積的優勢之上，並且是長期以來使 Arrow 在市場上脫穎而出的能力之自然延伸。我們持續擴大差異化能力組合，以深化客戶互動，並進一步強化 Arrow 的差異化定位。

We recently introduced Digital Test Drive, a new remote AI-driven engineering platform that allows customers to evaluate hardware, benchmark performance and accelerate product development without the logistics and delays associated with physical evaluation of equipment. This expands our ability to support customers globally while increasing the efficiency and scalability of our engineering services.

我們近期推出 Digital Test Drive，這是一個全新的遠端 AI 驅動工程平台，讓客戶無需承擔實體設備評估所伴隨的物流與延遲，即可評估硬體、進行效能基準測試，並加速產品開發。此舉擴大了我們在全球支援客戶的能力，同時提升工程服務的效率與可擴展性。

Additionally, our eInfochips business continues to strengthen its position as a leader in engineering services. Its differentiated silicon-to-cloud capabilities help customers navigate increasingly complex product life cycles. During the quarter, eInfochips was recognized in Gartner's Emerging Market Quadrant for Physical AI Services, reinforcing the strength of our technical capabilities in this rapidly evolving market.

此外，我們的 eInfochips 業務持續鞏固其作為工程服務領導者的地位。其差異化的從矽到雲（silicon-to-cloud）能力，協助客戶因應日益複雜的產品生命週期。本季，eInfochips 獲 Gartner 於「實體 AI 服務」新興市場象限（Emerging Market Quadrant）中肯定，進一步強化我們在這個快速演進市場中的技術實力。

We also recently expanded our ECS experience centers, providing partners access to more than 100 prebuilt hybrid infrastructure, cybersecurity and AI solutions alongside our engineering expertise to accelerate solution development and deployment. Historically, these engagements have resulted in a proposal-close rate of approximately 90%. I'm proud to share that Arrow recently earned three key Microsoft distinctions for our ECS business, Frontier Distributor status, specializations in Copilot and Azure Virtual Desktop.

我們近期也擴增了 ECS 體驗中心，讓合作夥伴可在我們的工程專業支援下，取得超過 100 項預先建置的混合式基礎架構、資安與 AI 解決方案，以加速方案開發與部署。歷史上，這些合作案的提案成交率約為 90%。我很自豪地分享，Arrow 近期就我們的 ECS 業務獲得三項關鍵的 Microsoft 殊榮：Frontier Distributor 身分，以及 Copilot 與 Azure Virtual Desktop 的專業化認證。

Together, they validate our scale and expertise across AI, cloud and the modern workplace, strengthening our ability to help channel partners deploy scalable solutions through ArrowSphere and supporting continued growth in recurring cloud consumption. Third, Arrow has a diversified business model that provides financial flexibility supported by a strong balance sheet and consistent free cash flow generation.

這些殊榮共同驗證了我們在 AI、雲端與現代化工作場域的規模與專業能力，強化我們透過 ArrowSphere 協助通路合作夥伴部署可擴展解決方案的能力，並支持雲端經常性消費的持續成長。第三，Arrow 擁有多元化的商業模式，在強健的資產負債表與穩定的自由現金流產生能力支持下，提供財務彈性。

The combination of our Global Components and ECS businesses is a strategic advantage, allowing us to participate across the full technology life cycle. And fourth, our focused capital allocation strategy is designed to maximize shareholder value by deploying capital where we expect the highest long-term risk-adjusted returns.

我們的全球元件（Global Components）與 ECS 業務的結合是一項策略優勢，使我們能參與完整的科技生命週期。第四，我們聚焦的資本配置策略旨在透過將資本投入我們預期可取得最高長期風險調整後報酬的領域，以最大化股東價值。

We will continue to reinvest in the business to drive organic growth, evaluate disciplined M&A opportunities and return excess capital to shareholders while maintaining an investment-grade credit rating. Turning to slide 5. We are very pleased with the strong results we delivered during the second quarter, which reflect our team's disciplined execution and the progress we have made over the past several years.

我們將持續再投資於業務以推動有機成長、評估審慎且有紀律的併購（M&A）機會，並在維持投資等級信用評等的同時，將多餘資本回饋股東。接著看第 5 頁投影片。我們對第二季交出的強勁成果感到非常滿意，這反映了團隊有紀律的執行力，以及過去數年所取得的進展。

We continue to build on our traditional distribution DNA, all while expanding our higher-margin value-added services across both Global Components and ECS, creating a broader portfolio of solutions that strengthen customer relationships and improve the quality of our earnings. We believe Arrow is uniquely positioned across both the hardware and software technology ecosystems, giving us the opportunity to participate broadly as our customers continue investing across the full technology life cycle.

我們持續以傳統的配銷 DNA 為基礎，同時在全球元件與 ECS 兩大業務中擴展更高毛利的加值服務，打造更廣泛的解決方案組合，以強化客戶關係並提升獲利品質。我們相信 Arrow 在硬體與軟體科技生態系中具備獨特定位，讓我們能在客戶持續投資於完整科技生命週期之際，廣泛參與其中。

As we enter the second half of the year, our focus remains on improving the quality of our growth through strong execution and disciplined financial management. We continue to make targeted investments in opportunities supported by customer demand and attractive long-term returns while maintaining a highly efficient business model, which we expect will drive additional positive operating leverage. We are confident in the direction of the business, encouraged by the opportunities ahead and remain focused on creating sustainable long-term shareholder value.

進入下半年，我們的重點仍是透過強勁執行與有紀律的財務管理，提升成長品質。我們持續針對由客戶需求支撐且具吸引力長期報酬的機會進行精準投資，同時維持高度效率的商業模式，我們預期這將帶來更多正向的營運槓桿。我們對業務方向充滿信心，對未來機會感到振奮，並將持續專注於創造可持續的長期股東價值。

With that, I'll turn it over to Raj to discuss our financial performance in more detail.

接下來我把時間交給 Raj，請他更詳細說明我們的財務表現。

Thanks, Bill. On slide 6, sales for the second quarter increased $2.4 billion year-over-year to $10 billion, exceeding our guidance range and up 32% versus the prior year or up 30% versus the prior year on a constant currency basis. Second quarter consolidated non-GAAP gross margin as a percent of sales of 11.2% was flat versus the prior year. Our second quarter non-GAAP operating expenses increased $88 million year-over-year to $719 million, primarily driven by variable costs and FX. Importantly, non-GAAP OpEx as a percent of gross profit declined 10.5-percentage-points year-over-year to 64.1%.

謝謝，Bill。在第 6 頁投影片，第二季銷售額年增 24 億美元至 100 億美元，超出我們的指引區間，較去年同期成長 32%；以固定匯率計算則較去年同期成長 30%。第二季合併非 GAAP 毛利率（占銷售額比重）為 11.2%，與去年同期持平。第二季非 GAAP 營業費用年增 8,800 萬美元至 7.19 億美元，主要受變動成本與匯率影響。重要的是，非 GAAP 營業費用占毛利比重年減 10.5 個百分點至 64.1%。

We continue to focus on disciplined, profitable growth and our efforts around operational efficiency are driving substantial operating leverage in the business model. In the second quarter, non-GAAP operating income increased $188 million year-over-year to $403 million. Non-GAAP operating margin rate expanded 120 basis points year-over-year to 4% of sales.

我們持續專注於有紀律、具獲利性的成長，而我們在營運效率方面的努力正為商業模式帶來顯著的營運槓桿。第二季，非 GAAP 營業利益年增 1.88 億美元至 4.03 億美元。非 GAAP營業利益率年增 120 個基點至銷售額的 4%。

Interest and other expenses was $37 million in the second quarter as we benefited from lower average debt levels throughout the quarter, and our non-GAAP effective tax rate was 23%. Finally, non-GAAP diluted EPS for the second quarter increased 124% year-over-year to $5.45, which was above our guidance range, driven by a number of factors, including favorable sales volume, continued strength of our value-added services, operational leverage from productivity initiatives and lower interest expense.

第二季利息及其他費用為 3,700 萬美元，主要受惠於本季平均負債水位較低；非 GAAP 有效稅率為 23%。最後，第二季非 GAAP 稀釋後每股盈餘（EPS）年增 124% 至 5.45 美元，高於我們的指引區間，主要受多項因素帶動，包括有利的銷售量、加值服務持續強勁、來自生產力計畫的營運槓桿，以及較低的利息費用。

Turning to slide 7. Let's take a closer look at our Global Components business. Global Components sales increased $726 million sequentially to $7.4 billion in the second quarter, above our guidance range and up 11% versus prior quarter. Global Components non-GAAP operating income increased $32 million sequentially to $397 million, up 9% from the prior quarter. Non-GAAP operating margins modestly declined 10 basis points sequentially to 5.4% and were up 180 basis points versus the prior year and well ahead of expectations.

接著看第 7 頁投影片。讓我們更深入檢視全球元件（Global Components）業務。第二季全球元件銷售額較前一季增加 7.26 億美元至 74 億美元，高於我們的指引區間，較前一季成長 11%。全球元件非 GAAP 營業利益較前一季增加 3,200 萬美元至 3.97 億美元，較前一季成長 9%。非 GAAP 營業利益率較前一季小幅下滑 10 個基點至 5.4%，但較去年同期上升 180 個基點，且明顯優於預期。

The growth that we experienced in the second quarter was once again broad-based across geographies, industry verticals and customer segments, underpinned by healthy trends in our leading indicators. Book-to-bill ratios continue to increase and remain well above one in all three regions. Overall, lead times continue to extend for certain technologies, but they remain lower than a pervasive shortage environment.

第二季我們所見的成長再次呈現廣泛性，涵蓋各地區、產業垂直領域與客戶區隔，並由我們領先指標的健康趨勢所支撐。接單出貨比（book-to-bill）持續上升，且在三大區域皆維持在 1 以上。整體而言，部分技術的交期仍在拉長，但仍低於全面性短缺的環境。

Customer order patterns broadly are normal in size and pace, reflecting a rational market environment. Our backlog construct continues to grow and is building out into the first half of 2027, giving us visibility and confidence in the sustainability of the business' momentum.

客戶下單型態在數量與節奏上大致正常，反映市場環境理性。我們的在手訂單（backlog）結構持續成長，並已延伸至 2027 年上半年，使我們對業務動能的可持續性具備能見度與信心。

Encouragingly, the growth that we are seeing continues to be led by customer unit demand with some incremental lift from price inflation. Price inflation contributed roughly one third of the sequential revenue growth in our Global Components business. Memory now represents a low double-digit percentage of total segment revenue.

令人鼓舞的是，我們看到的成長仍主要由客戶的單位需求帶動，並有部分來自價格通膨的增量助益。價格通膨約貢獻了我們全球元件業務序列營收成長的三分之一。記憶體目前占該事業部總營收的低雙位數百分比。

Our strategy remains focused on profitable growth and our execution is driving a healthier business mix. First, while we continue to benefit from secular growth trends related to AI and data center, we are experiencing broad-based demand across our portfolio rather than concentrated in a single market.

我們的策略仍聚焦於具獲利性的成長，而我們的執行正推動更健康的業務組合。第一，雖然我們持續受惠於與 AI 與資料中心相關的長期結構性成長趨勢，但我們在產品組合中看到的是廣泛需求，而非集中於單一市場。

Strength in aerospace and defense, industrial and the reemergence of transportation, particularly in the West, are presenting tailwinds to our Global Components business. These are our three largest verticals globally. Second, book-to-bill ratios and backlog across our mass market segment continues to improve, and we believe there is still healthy runway.

航太與國防、工業，以及運輸市場的再度回溫（尤其在西方市場）正為我們的全球元件業務帶來順風。這些是我們在全球最大的三個垂直領域。第二，大眾市場（mass market）區隔的接單出貨比與在手訂單持續改善，我們認為仍有健康的成長跑道。

Third, interconnect, passive and electromechanical components, or IP&E, continue to grow, surpassing $1 billion in sales for the second consecutive quarter. Fourth, our value-added services, primarily supply chain services, made another meaningful contribution to our overall second quarter operating income.

第三，互連、被動與機電元件（interconnect, passive and electromechanical components，或 IP&E）持續成長，連續第二季銷售額突破 10 億美元。第四，我們的加值服務（主要為供應鏈服務）再次對第二季整體營業利益做出重要貢獻。

These capabilities expand our addressable market, deepen customer engagement and increase the durability of our earnings. Lastly, we have remained disciplined with our cost structure and have added positive operating leverage to our model. This discipline is expected to drive continued flow-through as the broader market grows and expands. Taking a closer look at each of the regions. In the Americas, sales growth was broad-based, highlighted by strength in aerospace and defense, industrial and transportation.

這些能力擴大了我們的可服務市場，深化客戶參與度，並提升我們獲利的持久性。最後，我們在成本結構上始終保持紀律，並為我們的模式增添了正向的營運槓桿。預期這項紀律將在更廣泛的市場成長與擴張之際，推動持續的利潤流入（flow-through）。接著更仔細地檢視各個地區。在美洲，銷售成長呈現全面性，亮點來自航太與國防、工業以及運輸領域的強勁表現。

In EMEA, the market was underpinned by strength in transportation and aerospace and defense. And finally, in Asia, sequential growth was driven by industrial, transportation and demand for data center computing power. Turning to slide 8 and our Global ECS business. In the second quarter, Global ECS sales increased $332 million year-over-year to $2.6 billion, above our guidance range and up 14% versus the prior year or up 13% year-over-year on a constant currency basis. Total ECS billings were $5.9 billion, up 14% year-over-year.

在 EMEA，市場由運輸以及航太與國防的強勁表現所支撐。最後，在亞洲，連續性成長由工業、運輸以及對資料中心運算能力的需求所帶動。接著看第 8 頁與我們的全球 ECS 業務。第二季，全球 ECS 銷售額年增 3.32 億美元至 26 億美元，高於我們的指引區間，較去年同期成長 14%，若以固定匯率計算則年增 13%。ECS 總開立帳單金額（billings）為 59 億美元，年增 14%。

Our Global ECS business is strategically positioned at the complex end of the IT stack, where hybrid cloud and AI demand is driving healthy backlog growth of over 75% year-over-year, finishing the second quarter at another all-time high. We are experiencing strength across our portfolio of cloud, cybersecurity, data protection, data intelligence and infrastructure software. Today, hardware solutions for on-premise storage and compute remain constrained by thin supply, mostly due to memory and SSD shortages.

我們的全球 ECS 業務在 IT 技術堆疊中較為複雜的一端具備策略性定位；在混合雲與 AI 需求帶動下，待履行訂單（backlog）年增超過 75%，第二季末再創歷史新高。我們在雲端、資安、資料保護、資料智慧以及基礎架構軟體等產品組合上皆呈現強勁動能。目前，用於地端（on-premise）儲存與運算的硬體解決方案仍受限於供應吃緊，主要原因是記憶體與 SSD 短缺。

However, our role in the middle of technology makers and channel partners allows us to source, provision, manage and scale alternatives that lean more on the software and public cloud solutions that we offer. And our single integrated ArrowSphere platform continues to help drive these efforts, unlocking deeper engagement and recurring revenue volumes.

然而，我們位於技術製造商與通路夥伴之間的角色，使我們能夠採購、佈署（provision）、管理並擴展替代方案，更多地倚重我們所提供的軟體與公有雲解決方案。而我們單一整合的 ArrowSphere 平台持續協助推動這些工作，促成更深度的客戶互動並提升經常性收入規模。

In the second quarter, we took a charge on certain underperforming multiyear contracts with one of our partners. As a result, second quarter ECS non-GAAP operating margins declined 100 basis points year-over-year due to the charge. As we have noted in prior quarters, we have been working through discussions with one of our strategic partners with whom we also have these beyond-distribution relationships.

第二季，我們針對與其中一位合作夥伴簽訂的部分表現不佳多年期合約認列了一筆費用。因此，受該筆費用影響，第二季 ECS 非 GAAP 營業利益率較去年同期下降 100 個基點。如同我們在前幾季所提到的，我們一直在與其中一位策略夥伴進行討論；我們與該夥伴亦存在這些超越配銷（beyond-distribution）的合作關係。

This is a highly valued relationship, and we wanted to ensure we reach the right outcome. We have now terminated one key element of our beyond-distribution agreement with this partner and continue to work towards restructuring another.

這是一段高度珍視的合作關係，我們希望確保能達成正確的結果。我們現已終止與該夥伴超越配銷協議中的一項關鍵要素，並持續推動另一項要素的重整。

We believe these actions will help to get this part of the business on the right track. Both of us remain committed to achieving success going forward. Turning to the balance sheet on Slide 9. Net working capital declined sequentially in the second quarter by approximately $100 million, ending the quarter at $6.8 billion. Inventory grew sequentially by $217 million, ending the second quarter at $5.9 billion.

我們相信這些行動將有助於讓這部分業務回到正確軌道。雙方仍致力於在未來取得成功。接著看第 9 頁的資產負債表。第二季淨營運資金較前一季下降約 1 億美元，季末為 68 億美元。存貨較前一季增加 2.17 億美元，第二季末為 59 億美元。

Importantly, the financial metrics that we monitor continue to significantly improve. Return on working capital increased 10.9-percentage-points year-over-year, finishing the second quarter at 23.6%. Likewise, return on invested capital increased 5.8-percentage-points year-over-year, finishing at 13.9%. Working capital as a percent of sales declined in the second quarter to approximately 17% and our cash conversion decreased year-over-year by 23 days. Cash flow from operating activities in the second quarter was $318 million, taking us to over $1 billion of operating cash flow year-to-date.

重要的是，我們所監控的財務指標持續顯著改善。營運資金報酬率（return on working capital）年增 10.9 個百分點，第二季達 23.6%。同樣地，投入資本報酬率（return on invested capital）年增 5.8 個百分點，達 13.9%。營運資金占銷售額比重在第二季下降至約 17%，而我們的現金轉換週期（cash conversion）較去年同期縮短 23 天。第二季營業活動現金流量為 3.18 億美元，使我們年初至今的營業現金流量超過 10 億美元。

The strong cash generation is driven in part by timing effects from our supply chain services offering, which may partially unwind as the year progresses. This offering is largely working capital light because the inventory is typically consigned, but AR and AP cash flows within existing customer, supplier relationships can create quarter-end swings. In general, the countercyclical cash flow dynamics of our business model have not changed.

強勁的現金產生部分來自我們供應鏈服務（Supply Chain Services）產品所帶來的時點效應，隨著年度推進可能會部分回轉。此項服務在營運資金上的占用相對較低，因為存貨通常為寄售（consigned）；但在既有客戶與供應商關係中的應收帳款與應付帳款現金流，可能造成季末波動。整體而言，我們商業模式的逆循環現金流動態並未改變。

Gross balance sheet debt at the end of the second quarter declined sequentially by approximately $300 million and declined year-over-year by approximately $650 million, finishing at $2.2 billion. Our lower debt levels, along with increased profitability has improved our adjusted leverage ratio by over a turn for the past 12 months to 1.75 times, which provides us with increased financial flexibility.

第二季末資產負債表上的總負債（gross balance sheet debt）較前一季下降約 3 億美元，較去年同期下降約 6.5 億美元，期末為 22 億美元。較低的負債水準，加上獲利能力提升，使我們過去 12 個月的調整後槓桿比率（adjusted leverage ratio）改善超過 1 倍，至 1.75 倍，為我們提供更高的財務彈性。

Finally, we repurchased $43 million in shares in the second quarter. Now turning to Q3 guidance on Slide 10. We expect sales for the third quarter to be between $9.6 billion and $10.2 billion, representing an increase of 28% year-over-year at the midpoint of the range. We expect Global Component sales to be between $7.5 billion and $7.9 billion, representing sequential growth of 5% at the midpoint.

最後，我們在第二季回購了 4,300 萬美元的股票。接著看第 10 頁的第三季指引。我們預期第三季銷售額介於 96 億至 102 億美元，區間中點代表年增 28%。我們預期全球元件（Global Component）銷售額介於 75 億至 79 億美元，區間中點代表季增 5%。

In Enterprise Computing Solutions, we expect sales to be between $2.1 billion and $2.3 billion, which is up 2% year-over-year at the midpoint and reflects growing over a large partner addition last year. We're estimating a tax rate in the range of 23% to 25% and interest expense of approximately $50 million. Our non-GAAP diluted earnings per share is expected to be between $4.83 and $5.03. Details about the impacts of changes in foreign currencies can be found in our earnings release.

在企業運算解決方案（Enterprise Computing Solutions）方面，我們預期銷售額介於 21 億至 23 億美元，區間中點年增 2%，並反映去年新增一個大型合作夥伴所帶來的比較基期。我們估計稅率約在 23% 至 25% 之間，利息費用約 5,000 萬美元。我們的非 GAAP 稀釋後每股盈餘預期介於 4.83 至 5.03 美元。關於外幣變動影響的細節可參閱我們的財報新聞稿。

As we look to the balance of the year, we remain confident in the momentum we are seeing across the business and our ability to execute our strategy. At the same time, we recognize that a number of factors can influence the timing and linearity of results from quarter-to-quarter.

展望今年剩餘期間，我們對於業務各面向所展現的動能，以及我們執行策略的能力，仍然充滿信心。同時，我們也認知到，有多項因素可能影響各季之間成果的時點與線性程度。

We expect Global Components to perform at or above seasonal trends in all of our regions for the remainder of the year. However, consistent with historical patterns in Q3, Asia is expected to be seasonally strong, while EMEA is typically seasonally weaker.

我們預期今年剩餘期間，全球元件在所有地區的表現將符合或優於季節性趨勢。然而，依據第三季的歷史型態，亞洲預期將呈現季節性強勁，而 EMEA 通常季節性較弱。

Additionally, our Supply Chain Services is expected to return to more normal profit levels in the third quarter. Overall, we are confident that our healthier business mix, diversified business model and financial discipline will enable Arrow to deliver additional operating leverage and drive significant earnings power.

此外，我們的供應鏈服務預期在第三季回到較正常的獲利水準。整體而言，我們有信心更健康的業務組合、多元化的商業模式與財務紀律，將使 Arrow 得以帶來額外的營運槓桿並推動顯著的獲利能力。

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

接下來，我將把電話會議交回給 Bill，請他做一些結語。

Turning to slide 11. As we look ahead, we remain focused on disciplined execution, building on the operational momentum we have established and further improving the quality of our growth. Leading indicators continue to reinforce our conviction that underlying demand is strong. Combined with the actions we have taken to enhance efficiency and optimize our operating model, we believe we are well positioned to realize increasing levels of operating leverage. Our strategy is producing tangible results and strengthening our competitive position across our markets.

接著看第 11 頁。展望未來，我們仍專注於有紀律的執行，在既有的營運動能基礎上持續推進，並進一步提升成長品質。領先指標持續強化我們的信念：基本需求依然強勁。結合我們為提升效率與最佳化營運模式所採取的行動，我們相信自身已具備良好條件，得以實現更高水準的營運槓桿。我們的策略正在產生具體成果，並在各個市場中強化我們的競爭地位。

As a result, we believe we are well positioned to capitalize on emerging opportunities and convert them into sustainable, profitable growth. We will continue investing in innovation and customer enablement to deepen relationships and expand our value proposition with a disciplined focus on allocating capital to the highest return on investment opportunities.

因此，我們相信我們已做好充分準備，能把握新興機會並將其轉化為可持續、具獲利性的成長。我們將持續投資於創新與客戶賦能，以深化關係並擴大我們的價值主張，同時以嚴謹的紀律將資本配置於投資報酬率最高的機會。

In parallel, we will strive to continue growing our portfolio of higher-margin value-added services across both Global Components and ECS, deepening customer engagement and supporting more durable, higher-quality earnings over time. Everyone at Arrow is proud of the progress we have made, confident in the direction of the business and remains committed to creating long-term value for all of our stakeholders. Finally, I'm excited to welcome Dee Merriwether as Arrow's new President and Chief Operating Officer.

同時，我們將努力持續擴大在 Global Components 與 ECS 兩大業務中高毛利的加值服務組合，深化客戶互動，並隨時間推進支持更具韌性、更高品質的獲利表現。Arrow 的每一位同仁都為我們所取得的進展感到自豪，對業務方向充滿信心，並持續致力於為所有利害關係人創造長期價值。最後，我很高興歡迎 Dee Merriwether 出任 Arrow 新任總裁兼營運長。

Dee's extensive distribution experience and successful leadership of commercial, operational and financial teams will further strengthen our organization. Just as importantly, she brings the humility, transparency and purpose-driven leadership that aligns with our culture and commitment to delivering value for all of our stakeholders. Dee's addition strengthens our succession planning, and I will continue to serve as Arrow's Interim CEO until a permanent CEO is named.

Dee 豐富的通路分銷經驗，以及成功領導商務、營運與財務團隊的能力，將進一步強化我們的組織。同樣重要的是，她具備謙遜、透明且以使命為導向的領導風格，與我們的文化以及為所有利害關係人創造價值的承諾一致。Dee 的加入也強化了我們的接班規劃；在正式任命永久 CEO 之前，我將繼續擔任 Arrow 的臨時 CEO。

With that, Raj, Rick, Eric and I would be happy to take your questions. Operator, please open the call for questions.

接下來，Raj、Rick、Eric 和我很樂意回答各位的提問。接線員，請開放提問。

(Operator Instructions)

(接線員指示)

Will Stein, Truist Securities.

Truist Securities 的 Will Stein。

Thank you for taking my question. Congrats on the good overall results and outlook. I have a couple -- great. Just a couple of quick questions. First, I think we're about five quarters into the Component cycle in terms of expressing year-over-year growth. It's a very robust growth level now.

謝謝讓我提問。恭喜整體業績與展望表現不錯。我有幾個——很好。就幾個快速問題。首先，我認為就零組件週期而言，我們大概已經連續五個季度呈現年對年成長。目前的成長幅度非常強勁。

I think it's two quarters of 39%, pushing 40% year-over-year growth. What inning would you say we're in, in terms of that dynamic? Are you seeing things that make you concerned that we're in the sort of the last couple of innings of that cycle? Do you think we're at the beginning still or perhaps somewhere in the middle?

我想已經連續兩個季度達到 39%，接近 40% 的年對年成長。就這樣的動態而言，你會說我們現在處於哪一局？你是否看到任何跡象讓你擔心我們已接近該週期的最後幾局？你認為我們仍在起步階段，或可能在中段某處？

Hey, Will, thanks for the question. It's Bill. The starting pitcher is still in the game, all right? We haven't gone to the relief pitcher yet. So it's the early innings of the game. I would say we're in the second inning, somewhere in that range, but Rick is sitting here, and he's living it every day. So I'm going to turn it over to Rick.

Will，嗨，謝謝你的問題。我是 Bill。先發投手還在場上，好嗎？我們還沒換上中繼投手。所以這還是比賽的前幾局。我會說大概在第二局左右；不過 Rick 就坐在這裡，他每天都在第一線。所以我把問題交給 Rick。

Yeah, thanks, Will, and thanks for the question. And I'll build on Bill's response. When we look at this recovery, it's really three different positions in the recovery cycle, if you want to call it that. You have AI, which is not a recovery. AI is a market that's evolving and will continue to evolve. You have what's happening in mil-aero and then you have what's happening in the core business, which is fundamentally the growth drivers to which we've always seen recoveries happen in the business.

好的，謝謝你，Will，也謝謝你的提問。我補充 Bill 的回覆。當我們看這次復甦時，如果要這麼稱呼，它其實是復甦週期中的三個不同位置。你有 AI，那不是復甦。AI 是一個正在演進、且將持續演進的市場。你還有軍工航太（mil-aero）的情況，以及核心業務的情況；核心業務本質上就是我們一直以來在業務中看到復甦所依循的成長驅動因素。

And as we said before, I kind of look at it and say it from this perspective, the growth in the core business is steady. All the indicators are strong. Backlog continues to build, and there's plenty of time left in the game from my perspective as it builds.

如同我們先前所說，我從這個角度來看：核心業務的成長是穩健的。所有指標都很強勁。積壓訂單持續增加，從我的角度來看，隨著它累積，這場比賽還有很多時間。

Yeah, that's really helpful. Next, I want to highlight sort of a question mark in the guidance. Your ECS guidance is below typical seasonality. I was a bit surprised by that. And related -- perhaps related to this, there was a report mid-quarter noting that there was a departure of a supplier relationship.

好的，這非常有幫助。接下來，我想指出你們指引中的一個疑點。你們的 ECS 指引低於典型的季節性水準。我對此有點意外。另外——也許與此相關——本季中有一則報導提到有一段供應商關係終止。

I think this called out a $1.4 billion revenue level of business, but I think that might not have been perfectly accurate. And so I'd like you to maybe set the record straight in terms of whether there was a loss, the timing of it, the sizing of it and whether that's perhaps what we're seeing in the Q3 guide. If it wasn't that, maybe elaborate on that.

我記得該報導提到約 14 億美元的營收規模，但我認為那可能不完全準確。因此我想請你們釐清：是否確有流失、發生時間、規模大小，以及這是否可能就是我們在第三季指引中看到的因素。如果不是，也請進一步說明。

Yeah. Will, great question, and thanks for bringing that up. It was a misreport on the $1.4 billion. It's roughly half that at $700 million on the revenue line to us. But Eric is here, and I'll let Eric dive into that deeper if you'd like.

是的。Will，這是個好問題，也謝謝你提出來。關於 14 億美元的說法是誤報。就我們的營收而言，大約是其中一半，約 7 億美元。不過 Eric 也在這裡，如果你願意，我讓 Eric 更深入說明。

Yes, there will be no impact in terms of revenue and margin and profits for ECS with this loss of a contract. It's, in fact -- it's a mutual agreement. Sometimes the strategy between the vendors and the distributors are diverging. And this was the case here. And basically, we are not a volume distributor, a laptop or PC distributor.

是的，這份合約的流失不會對 ECS 的營收、毛利與獲利造成任何影響。事實上——這是雙方同意的結果。有時候，供應商與通路商之間的策略會出現分歧。這次就是這種情況。基本上，我們不是以量為主的通路商，也不是筆電或 PC 的通路商。

We are an infrastructure software, hardware distributor and cloud, and we are focusing on this. And so basically, this particular vendor wanted to have distributors that can do both, and this is not our case. So we will focus on alternative solutions and our partners will buy from us alternative solutions, and we do not expect any change at all in terms of the growth or whatsoever.

我們是基礎架構軟體、硬體的通路商，以及雲端通路商，我們會聚焦在這些領域。因此，這家特定供應商希望其通路商能同時涵蓋兩者，但這並非我們的定位。所以我們會專注於替代解決方案，而我們的合作夥伴將向我們採購替代解決方案；我們不預期在成長或任何方面會有任何改變。

And then, Will, just the other part of your question was the below-seasonal guide that you referred to. The growth rate in the quarter on a year-over-year basis is primarily the result of growing over a large partner addition last year. There is no change in the trajectory of the overall business. We still expect to get to low double-digit billings growth during the course of this full year. So it's really a grow-over issue for this particular time frame.

另外，Will，你問題的另一部分是你提到的低於季節性的指引。本季年對年成長率主要是因為去年同季新增了一個大型合作夥伴，形成較高的比較基期。整體業務的發展軌跡沒有改變。我們仍預期在今年全年達到低雙位數的帳單（billings）成長。所以這主要是特定期間的基期比較問題。

Yeah, I'll just add to that, Raj, for a moment. The ECS business, the base business, the core business is quite strong. Our backlog is up 75%, as Raj noted in his script. And if you look at the product segment, the performance within the product segments on a year-over-year basis, security is up 21%, compute is up 51%, business application is up 26%. So there's a really strong, healthy demand out there, and we're parked, as we've always said, kind of right in the center of that ecosystem. So the business is doing very well.

Raj，我再補充一下。ECS 業務的基本盤、核心業務其實相當強勁。如 Raj 在講稿中提到，我們的積壓訂單增加了 75%。如果你看各產品區隔的年對年表現，資安成長 21%、運算成長 51%、商業應用成長 26%。因此市場需求非常強勁且健康，而我們也如同一直以來所說，正處於該生態系的核心位置。所以業務表現非常好。

Melissa Fairbanks, Raymond James.

Melissa Fairbanks，Raymond James。

Hey, guys. Thanks for taking my question. Hello. Good to talk to you again. Congrats on a great quarter. Dee, welcome to Arrow. You're joining a great team. So I look forward to meeting you. I wanted to see if you might be able to comment on some of the things that we've heard from some of your suppliers during this earnings season about how automotive OEMs are now beginning to pressure some of their Tier 1s to maybe carry more inventory because we went way too far into the correction territory and things are too lean and now we're seeing lead times extend. I'm wondering if you're seeing any of those types of dynamics where this is going to be now we're back to normal kind of not just in case, but also not as lean as the just-in-time times were.

嗨，各位。謝謝讓我提問。你好。很高興再次和你們交流。恭喜本季表現亮眼。Dee，歡迎加入 Arrow。你加入的是一個很棒的團隊。所以我很期待和你見面。我想請你們評論一下：在這個財報季，我們從你們的一些供應商那邊聽到一些情況，說汽車 OEM 現在開始施壓部分 Tier 1，可能要多持有一些庫存，因為我們在去庫存修正上走得太深，現在供應鏈太精實，並且開始看到交期拉長。我想知道你們是否也看到這類動態：也就是我們現在回到比較正常的狀態，不只是「以防萬一」，但也不會像過去準時制（just-in-time）那樣精實。

Yeah, Melissa, it's Rick. Thanks for the question. I'll answer the question this way. I think if you kind of put the cycle into play, we went from a cycle where, obviously, we went through the pandemic, inventories got elevated. The cycle we went through, everyone bled off a lot of inventory or held a lot of inventory and had to bleed it off.

是的，Melissa，我是 Rick。謝謝你的問題。我會這樣回答。我認為如果把景氣循環放進來看，我們從一個循環走到另一個循環：顯然我們經歷了疫情，庫存水位一度偏高。在那段循環中，大家不是消耗掉大量庫存，就是持有了大量庫存，之後又必須把它消化掉。

And then we've seen this progression of a really nice slow recovery. And in that recovery, discipline has come back into the supply chain overall. Customers are now adding buffer inventory back into their supply chains as well as giving us more visibility and extended visibility to what their MRPs are showing from a longer period of time. I don't think any one particular segment is reacting or acting much differently from an overall perspective.

接著我們看到一個相當不錯、緩慢的復甦進程。在這個復甦過程中，整體供應鏈的紀律又回來了。客戶也開始在其供應鏈中重新加入緩衝庫存，同時也給我們更好的可視性，以及更長期間的延伸可視性，讓我們看到他們的 MRP 在較長時間範圍內顯示的狀況。我不認為從整體角度來看，有任何單一特定的終端市場區隔在反應或行為上有明顯不同。

But I do think is happening is some of the traditional vertical markets to which carried more inventory per se than others are building buffer inventory back into their mix as it relates to what they're seeing from a demand perspective. But I don't consider it irrational in any way at this point in time. I don't.

但我確實認為正在發生的是：一些傳統垂直市場，相較其他市場本來就會持有較多庫存的，正依據他們從需求面看到的情況，把緩衝庫存重新納入其組合。但就目前而言，我不認為這有任何不理性的地方。我不這麼認為。

Great. Thanks, Rick. I appreciate that color. So just kind of building upon that, you are getting better visibility, Raj, I think you commented that you're now you have some visibility extending into '27. As lead times are extending, especially for some of the higher-value products that are going into the data center or the IP&E stuff, are you -- are any of your customers looking to preposition inventory and maybe having you manage that supply chain for them and then just put that inventory on consignment in place? I'm wondering if that's a dynamic that's been happening.

很好。謝謝你，Rick。我很感謝這些補充說明。那麼延伸一下，你們的可視性正在改善，Raj，我想你提到你們現在的可視性已經延伸到 2027 年。隨著交期拉長，特別是一些用在資料中心的高價值產品或 IP&E 相關產品，你們是否看到有客戶想要提前佈署庫存，並可能讓你們替他們管理供應鏈，然後把庫存以寄售（consignment）的方式就地放置？我想知道這樣的動態是否正在發生。

No, it's Rick again, Melissa yeah. As I said earlier, I don't see anything irrational from that perspective. I don't see or we don't see a lot of panic out there. Lead times, when you think about them overall, there are some lead times that are extending based off technology.

不，Melissa，我又是 Rick。如我先前所說，從那個角度我沒有看到任何不理性的情況。我沒有看到、或我們沒有看到市場上有太多恐慌。整體來看交期，有些交期拉長是因為技術因素。

Other lead times are extending based off of demand that's basically putting on them, but nothing irrational from my perspective overall. Prepositioning of inventory or buffers or bonds established by customers are relatively normal from what we would see in a normal cycle. So I don't see that necessarily panic out there in any way, shape or form, driven either by price or by end market demand at this point.

另外一些交期拉長則是因為需求施加的壓力，但就我整體觀察而言，沒有任何不理性的狀況。客戶提前佈署庫存、建立緩衝或建立保稅/保留庫存（bonds）等作法，從我們在正常循環中所看到的來說都相當常見。因此我不認為目前市場上存在任何形式的恐慌，不論是由價格或終端市場需求所驅動。

Perfect. Thanks very much, guys. I appreciate it.

太好了。非常謝謝，各位。我很感激。

Ruplu Bhattacharya, Bank of America.

Ruplu Bhattacharya，美國銀行。

Hi, thanks for taking my questions. Hi, Raj. I want to start with the ECS billings. It looks like in the second quarter, EMEA had very strong billings, 22% year-on-year change. Americas was more in the mid-single-digit range. Can you talk about what drove the difference in performance between the two regions?

嗨，謝謝讓我提問。嗨，Raj。我想先從 ECS 的開票金額（billings）談起。看起來在第二季，EMEA 的開票金額非常強勁，年增 22%。美洲地區則大約是中個位數的水準。你能談談是什麼因素造成兩個地區表現差異嗎？

I'm going to hand it over to our expert here, Eric Nowak.

我把這題交給我們這邊的專家 Eric Nowak。

Yes, as we already explained, we aligned the strategies of America to Europe some, let's say, quarters ago now. And so basically, the strategy around hybrid cloud and AI and the mid-market and much more software and much more mid-market. That's also now it's completely global. We are deploying our ArrowSphere platform now also in the U.S.

是的，如同我們先前已經說明的，我們在幾個季度前就把美洲的策略與歐洲做了一些對齊。因此，圍繞混合雲與 AI、中型市場（mid-market）、更多軟體、以及更聚焦中型市場的策略，現在也已經完全全球化。我們也正在美國部署 ArrowSphere 平台。

And so basically, we are up and running for years and years in Europe, and so we are taking profit of this. In the US, it's now taking -- it's ramping up. But of course, we still need a couple of quarters to be at the same level.

基本上，我們在歐洲已經運行多年，因此我們正在受益於此。在美國，現在還需要時間——正在爬坡。但當然，我們仍需要再幾個季度才能達到同樣的水準。

Okay, thanks for the details there. Raj, can I ask a follow-up on margins? So on ECS, there was 100 bps year-on-year decline. You said there was a charge. Can you quantify like how much was the year-on-year impact from the charge?

好的，謝謝這些細節。Raj，我可以追問一下毛利率嗎？在 ECS 方面，年對年下滑了 100 個基點。你說有一筆費用。你能量化一下這筆費用對年對年影響大概是多少嗎？

And then how should we think about ECS segment margins as we go through the rest of the year? Typically, the fourth quarter sees a big jump. Are you still expecting that? And then on the -- a similar question on the core business. In Components, should we expect that you can maintain healthy 5% plus margins? What are the puts and takes, if you can give us any details if you can?

另外，我們應該如何看待今年剩餘期間 ECS 部門的利潤率？通常第四季會有明顯跳升。你們仍然預期會如此嗎？再來，核心業務也有類似問題。在元件（Components）方面，我們是否可以預期你們能維持健康的 5% 以上利潤率？如果可以的話，能否提供一些利多與利空因素（puts and takes）的細節？

Yes, absolutely. We did take a charge within the ECS business that impacted the margins within ECS by 100 basis points. That equates to $27 million. Had it not been for the charges, the margins would have been at well over 4%. The charge relates to something we've been working on with one of our key partners to restructure and change the economics around some of the beyond-distribution contracts.

是的，當然可以。我們確實在 ECS 業務中認列了一筆費用，使 ECS 的利潤率受到 100 個基點的影響。這相當於 2,700 萬美元。如果沒有這些費用，利潤率會遠高於 4%。這筆費用與我們正在與其中一個關鍵合作夥伴合作的事項有關，目的是重整並改變某些「超越配銷」（beyond-distribution）合約的經濟條件。

And one key point of progress we made was we terminated one key aspect of the beyond-distribution relationship with this partner, and we are working to restructure the other one that has been causing us some issues. We still have a great relationship with this partner. So we want to make sure that we work it out in the right way. But I think we're on the right path there. I do expect some more charges in the second half of the year, probably at a lesser pace than what we saw in the second quarter.

我們取得的一個重要進展是：我們終止了與該合作夥伴之「超越配銷」關係中的一個關鍵面向，並且正在著手重整另一個一直造成我們一些問題的部分。我們與這個合作夥伴仍維持很好的關係。因此我們希望確保以正確的方式把它處理好。但我認為我們正走在正確的道路上。我確實預期今年下半年還會有一些額外費用，但速度可能會比我們在第二季看到的更緩和一些。

But once we get behind the restructure, I think we'll be on a good path there. And as Bill had mentioned earlier, the core business continues to perform really well. So no concerns at all there. And, Ruplu, on your point around the fourth quarter seasonality, we'll expect to see very high margins again in the ECS business in the fourth quarter as we always do. We get double the volume.

但一旦我們完成重組，我認為我們就會走在一條良好的道路上。而且如 Bill 先前提到的，核心業務持續表現非常出色。所以那方面完全沒有任何疑慮。另外，Ruplu，針對你提到的第四季季節性，我們預期第四季 ECS 業務的毛利率會再次非常高，一如往常。我們的出貨量會是平時的兩倍。

We get margin expansion because we're leveraging the OpEx. And so I would not expect to see anything different there. Remember, though, that we had four extra ship days in the first quarter of this year, which will be 4 less in the fourth quarter of this year. But other than that, the dynamics should be exactly the same. With respect to Components, we've been operating at around 5.5% margins in the first half of the year.

我們會因為槓桿運用營運費用（OpEx）而帶來毛利率擴張。因此我不預期那裡會有任何不同。不過請記得，今年第一季我們多了四個出貨日，而今年第四季將會少四個出貨日。但除此之外，整體動態應該會完全相同。至於 Components，我們在上半年大約維持在 5.5% 的利潤率水準運作。

So we're really pleased with the margin expansion. And in our guide for the third quarter, we do believe that Asia will continue to have strong growth and our supply chain services offering will step down a little bit to a more normalized level of profit. But I would be surprised if we didn't get to 5% margins again in the third quarter. And so we're on a different path now. The margin will ebb and flow for Components, but we're in a great place.

所以我們對利潤率擴張感到非常滿意。在我們對第三季的指引中，我們確實相信亞洲將持續強勁成長，而我們的供應鏈服務方案的獲利將小幅回落到較正常化的水準。但如果第三季我們無法再次達到 5% 的利潤率，我會感到意外。因此我們現在走在不同的路徑上。Components 的利潤率會有起伏，但我們目前處於非常好的位置。

All the conditions that have gotten us here thus far, like the right kind of geographic mix, the mass market customer coming back, value-added services and the leverage we're getting on the cost structure, all those conditions will continue to be in place, and they're not changing anytime soon. So we feel pretty good about the margin profile in Components.

截至目前讓我們走到這一步的所有條件，例如正確的地理組合、大眾市場客戶回流、加值服務，以及我們在成本結構上取得的槓桿效益，這些條件都會持續存在，而且短期內不會改變。因此我們對 Components 的利潤率輪廓感到相當有信心。

Raj, thanks for all the details there. I'm going to try and sneak one more higher-level question, and this is for Bill or Raj or anybody who wants to chime in. Right now, it seems like everything is going really well. I mean you have good backlog; you have increasing visibility; end markets are strong.

Raj，謝謝你提供這麼多細節。我想再偷偷問一個更高層次的問題，這題給 Bill 或 Raj，或任何想補充的人都可以。目前看起來一切都進展得非常順利。我的意思是，你們有不錯的訂單積壓；能見度在提升；終端市場也很強勁。

Can you just talk about like as component costs are increasing, I mean, are you concerned at all, whether it's in the ECS segment or in the Components segment, that end market demand can decline or there could be some destruction of demand? And what risk mitigation are you taking so that if that happens, how would you react to that?

你們能否談談，當零組件成本上升時，無論是在 ECS 部門或 Components 部門，你們是否會擔心終端市場需求可能下滑，或出現某種需求被破壞（demand destruction）的情況？以及你們採取了哪些風險緩解措施，若真的發生，你們會如何因應？

That's a good question, Ruplu. It's Bill. Good to talk to you. No, we don't see demand destruction in either the Global Components business or the ECS business. We see that the fundamentals in the market are quite strong, whether it's on the component side or the software side, ECS.

這是個好問題，Ruplu。我是 Bill。很高興和你交流。不，我們在 Global Components 業務或 ECS 業務都沒有看到需求被破壞。我們看到市場基本面相當強勁，無論是在零組件端或軟體端（ECS）。

And if you think through what Rick had said in his comment, there's three upward graphs that are taking place. One is AI, one is aerospace and defense and the other is the mass market, and they're all trending up and to the right. And if you build those three graphs on top of each other, the market has expanded, and that's what we're benefiting from, and we see the continued expansion of that market. So when you look inside that market and you say, oh, these companies now, they don't have the ability to get storage. They don't have the ability to get compute on-prem.

而且如果你回想 Rick 在評論中提到的，有三條向上的曲線正在發生。一條是 AI，一條是航太與國防，另一條是大眾市場，而它們都呈現向上、向右的趨勢。如果把這三條曲線疊加在一起，市場就擴大了，而這正是我們受惠之處，我們也看到該市場持續擴張。所以當你深入看這個市場並說，喔，這些公司現在沒有能力取得儲存資源。他們沒有能力在本地端取得運算資源。

It has to go to the cloud. That perfectly fits in with what Eric's business does in supporting those businesses with enterprise-wide software. So we're really sitting at -- we've always called it the crossroads of -- the intersection of all of these secular demands that are going up and to the right. So we really feel good, and we don't see that demand is going to be destroyed.

那就必須轉向雲端。這與 Eric 的業務所做的事情完全契合，也就是以企業級軟體來支援這些企業。所以我們確實處在——我們一直稱之為——所有這些長期結構性需求交會的十字路口，而它們都在向上、向右成長。因此我們感覺非常好，也不認為需求會被破壞。

Going to be destroyed.

會被破壞。

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

目前沒有其他問題。我現在把電話交回給 Bill Austen 作結語。

Thank you, operator, and thanks, everybody, for joining in today. And everybody here is excited that Dee is going to be joining us over the sometime in early September. I think it's September 8, she'll be here. We're excited to have her joining us. She has great background.

謝謝你，接線員，也謝謝各位今天參與。我們在座各位都很期待 Dee 將在九月初的某個時間加入我們。我想是 9 月 8 日，她會到任。我們很高興她能加入。她有很棒的背景。

She got great qualifications to come and join us in this distribution business. And until that time that the Board says that the succession planning process has completed, I will continue to be the interim CEO. I'm not going anywhere. I'll be here until the Board says that it's time to end the process. So thanks for joining, and we look forward to talking with all of you over the course of the next several weeks and months. Take care, everybody.

她具備非常優秀的資歷，能加入我們這個通路分銷業務。在董事會宣布接班規劃流程完成之前，我將繼續擔任臨時執行長（interim CEO）。我不會離開。我會在這裡，直到董事會表示是時候結束這個流程。所以謝謝各位參與，我們也期待在接下來幾週與幾個月中與各位持續交流。各位保重。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。