艾睿電子 (ARW) 2026 Q3 法說會逐字稿

Good day, and welcome to the Arrow Electronics third quarter 2026 earnings call. Today's conference is being recorded. 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 年第三季財報電話會議。今天的會議將進行錄音。此刻，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 third quarter 2026 earnings conference call. Joining me on the call today is our Interim 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 年第三季財報電話會議。今天與我一同出席的有：我們的代理執行長 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，我們將作出前瞻性陳述，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；這些內容係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與上述陳述存在重大差異，其中包括本季相關財報新聞稿、我們最近一期 Form 10-K 年報以及向美國證券交易委員會（SEC）提交的其他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. 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.

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。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。我們也已在該網站上發布投影片簡報，以配合我們的預先準備發言，並建議您在收聽本次網路直播時參考這些投影片。

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 the accompanying slide presentation. 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。我們已在隨附的投影片簡報中，將這些非 GAAP 指標與最直接可比的 GAAP 財務指標進行調節。在我們今天的預先準備發言結束後，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 CEO, Bill Austen.

接下來我把電話交給我們的代理執行長 Bill Austen。

Thank you, Michael, and good morning, everyone. We appreciate you joining us for a discussion of our third quarter 2026 results. I would like to start by recognizing our global teams for their continued dedication and disciplined execution. Their commitment to supporting our customers and suppliers has been instrumental in driving another quarter of excellent performance. Beginning on slide 3, we delivered another quarter of strong results with record total revenue and EPS.

謝謝你，Michael，各位早安。感謝各位參與我們對 2026 年第三季業績的討論。我想先表揚我們全球團隊持續投入與嚴謹執行。他們致力於支援客戶與供應商，對於推動本季再度達成優異表現至關重要。從投影片第 3 頁開始，我們本季再度交出強勁成果，總營收與每股盈餘（EPS）皆創新高。

Total revenue of $10.7 billion increased 39% year-over-year, while non-GAAP operating margin expanded 130 basis points year-over-year to 4.1%. Strong revenue growth and positive operating leverage resulted in non-GAAP diluted EPS of $6.22, representing a significant year-over-year earnings growth of 158%. Our strong performance this quarter was fueled by four key drivers that contributed meaningfully to our performance. First, focused execution across the business, including effective management of expenses and working capital while serving strong customer demand. Second, positive operating leverage resulting in meaningful year-over-year margin improvement.

總營收 107 億美元，年增 39%；非 GAAP 營業利益率年增 130 個基點至 4.1%。強勁的營收成長與正向的營運槓桿，帶動非 GAAP 稀釋後 EPS 達 6.22 美元，年增 158%，獲利成長顯著。本季的強勁表現主要由四項關鍵驅動因素所帶動，並對我們的成果做出實質貢獻。第一，聚焦於全公司執行力，包括在滿足強勁客戶需求的同時，有效管理費用與營運資金。第二，正向營運槓桿帶來顯著的年對年毛利率改善。

Third, sustained unit volume demand, combined with pockets of limited capacity resulted in increased benefit from price inflation. And fourth, continued contribution of higher-margin value-added services. From a segment perspective, both global components and global ECS contributed to our strong performance. Our global components demand remains strong and broad-based across geographies, verticals and customers, and our leading indicators continue to give us confidence in the durability of demand and the sustainability of growth. Book-to-bill ratios remain well above parity, while our backlog continues to build into mid-2027, improving our visibility.

第三，單位出貨量需求持續，加上部分產能受限，使我們從價格通膨中獲得更高的效益。第四，高毛利的加值服務持續貢獻。從事業別角度來看，全球元件與全球 ECS 皆對我們的強勁表現有所貢獻。我們的全球元件需求依然強勁，且在各地區、各垂直產業與各類客戶間呈現廣泛分布；我們的領先指標也持續讓我們對需求的持久性與成長的可持續性保持信心。接單出貨比（book-to-bill）仍遠高於 1，而我們的在手訂單（backlog）持續累積至 2027 年年中，提升了能見度。

We have also seen lead times gradually extend but remain lower than a pervasive shortage environment. ECS posted a strong quarter, exceeding expectations through a combination of robust customer demand and improved backlog conversion. Demand continues to build across key technology categories, including AI, cloud, cybersecurity and hybrid infrastructure, driving healthy growth in our billings and backlog. Turning to slide 4. Arrow remains well positioned to deliver long-term growth.

我們也看到交期逐步拉長，但仍低於全面性短缺的環境。ECS 本季表現強勁，透過強勁的客戶需求與在手訂單轉換改善的組合，超出預期。AI、雲端、資安與混合式基礎架構等關鍵技術類別的需求持續增溫，帶動我們的開立帳單金額（billings）與在手訂單健康成長。接著看投影片第 4 頁。Arrow 仍具備良好條件以實現長期成長。

We've discussed four pillars of our investment thesis over the past several quarters, and we continue to execute in these areas to further drive strength in our business model to solidify our competitive positioning. First, Arrow maintains a strong position across its six large and growing core end markets: industrial, transportation, aerospace and defense, medical, consumer electronics and data centers. Each of these markets is supported by an attractive secular demand trends that continue to create growth opportunities. Second, our differentiated capabilities continue to drive profitable growth as we expand into higher-margin value-added services. Third, Arrow's combination of global components and ECS creates a diversified business model that provides financial flexibility.

過去幾季我們討論了投資論點的四大支柱，我們也持續在這些領域執行，以進一步強化我們的商業模式並鞏固競爭定位。第一，Arrow 在六個規模龐大且持續成長的核心終端市場維持強勢地位：工業、運輸、航太與國防、醫療、消費性電子，以及資料中心。上述各市場皆受惠於具吸引力的長期結構性需求趨勢，持續創造成長機會。第二，我們的差異化能力持續推動獲利性成長，因為我們正擴展至更高毛利的加值服務。第三，Arrow 結合全球元件與 ECS，形成多元化的商業模式，提供財務彈性。

I'd like to spend a moment here on ECS and highlight the progress we have made against our strategy to become the leading aggregator of AI and hybrid cloud solutions for the mid-market. Central to this strategy is our highly scalable value-added model, which provides technology suppliers with significant reach while expanding access and capabilities for our channel partners.

我想在此花點時間談談 ECS，並強調我們在推動策略方面所取得的進展：成為中型市場（mid-market）AI 與混合雲解決方案的領先整合商（aggregator）。此策略的核心是我們高度可擴展的加值模式，能為技術供應商提供顯著的觸及範圍，同時擴大我們通路合作夥伴的接觸面與能力。

Arrow's scale is especially important because it allows us to connect the world's leading technology providers with channel partners and end customers as demand continues to grow for AI, cloud, cybersecurity and hybrid infrastructure solutions. The ongoing build-out of AI is driving customers to modernize their technology environments. Customers are investing in additional compute, storage, networking and cybersecurity capabilities to support growing data and performance requirements while also expanding their use of cloud-based solutions.

Arrow 的規模尤其重要，因為在 AI、雲端、資安與混合式基礎架構解決方案需求持續成長之際，它使我們能將全球領先的技術供應商與通路合作夥伴及終端客戶連結起來。AI 的持續建置正推動客戶現代化其技術環境。客戶正投資於更多的運算、儲存、網路與資安能力，以支援日益成長的資料量與效能需求，同時也擴大其對雲端解決方案的採用。

For Arrow, these trends are being driven primarily by mid-market and enterprise customers who are increasingly deploying hybrid environments that blend cloud adoption with upgrades to their on-premise infrastructure. As a result, we're seeing healthy demand across the core technologies that underpin AI readiness, digital transformation and long-term IT modernization.

對 Arrow 而言，這些趨勢主要由中型市場與企業客戶所驅動；他們正日益部署混合式環境，將雲端採用與其地端（on-premise）基礎架構升級相結合。因此，我們在支撐 AI 就緒（AI readiness）、數位轉型與長期 IT 現代化的核心技術領域，看到健康的需求。

We're seeing continued validation of our strategy through recognition from some of the industry's most important players, including NetApp, where we were recognized as the North America Distributor of the Year for 2026, reflecting the strength of our partnership and success driving growth across the channel. HPE, where we extended our partnership through the addition of distribution rights for the Juniper product lines across North America and select EMEA markets, further enhancing our ability to deliver HPE's full portfolio to channel partners. IBM, where we expanded our long-standing relationship through additional distribution coverage across seven additional countries in EMEA, increasing our reach and scale with this strategic supplier.

我們也持續透過來自產業重要夥伴的肯定，驗證我們的策略，包括 NetApp：我們獲頒 2026 年北美年度經銷商（Distributor of the Year），反映我們夥伴關係的強度，以及在通路推動成長的成功。HPE：我們透過新增北美及部分 EMEA 市場的 Juniper 產品線經銷權，延伸了合作關係，進一步提升我們向通路合作夥伴提供 HPE 全產品組合的能力。IBM：我們在 EMEA 額外七個國家擴大經銷覆蓋範圍，延伸長期合作關係，提升我們與此策略供應商合作的觸及範圍與規模。

Oracle, where we were recognized as the Global Cloud Distributor of the Year, reflecting accelerated Oracle Cloud adoption through partner recruitment, technical enablement and joint go-to-market initiatives. And finally, IDC, where we were recognized as a cloud platform leader, reflecting ArrowSphere's differentiated cloud life cycle management capabilities reinforced by recent Microsoft and AWS Distributor of the Year recognitions.

Oracle：我們獲頒全球雲端年度經銷商（Global Cloud Distributor of the Year），反映透過夥伴招募、技術賦能與聯合市場推廣（go-to-market）計畫，加速 Oracle Cloud 的採用。最後是 IDC：我們獲評為雲端平台領導者，反映 ArrowSphere 差異化的雲端生命週期管理能力；此能力亦因近期獲得 Microsoft 與 AWS 年度經銷商肯定而進一步強化。

These achievements highlight the strength of ECS' value proposition underpinned by our expanding ecosystem and category leadership, our deepening strategic supplier relationships and our growing exposure to high-growth technologies. ECS continues to be uniquely positioned as a critical enabler of technology adoption, and we remain confident in our ability to drive long-term growth and value creation for this segment in the years ahead. Turning back now to our investment thesis.

這些成就凸顯了 ECS 價值主張的強勁實力，其基礎來自我們不斷擴大的生態系與類別領導地位、日益深化的策略性供應商關係，以及我們對高成長技術的曝險持續提升。ECS 仍然具備獨特定位，作為推動技術採用的關鍵促成者；我們也持續對未來數年在此業務領域推動長期成長與價值創造的能力充滿信心。現在回到我們的投資論點。

Fourth and finally, our capital allocation priorities remain unchanged. We are focused on maximizing long-term shareholder value by deploying capital towards opportunities that offer attractive long-term risk-adjusted returns while maintaining our investment-grade rating. Turning to slide 5. Our strong third quarter performance reflects the continued momentum and strong operational execution across the business. We remain focused on expanding our portfolio of solutions and capabilities across both global components and ECS for higher-margin value-added services.

第四點也是最後一點，我們的資本配置優先順序維持不變。我們專注於在維持投資級評等的同時，將資本投入於具備吸引人的長期風險調整後報酬之機會，以最大化長期股東價值。請看第 5 張投影片。我們第三季的強勁表現反映了業務持續的動能，以及全公司範圍內強而有力的營運執行。我們仍專注於擴展全球元件與 ECS 兩大業務的解決方案與能力組合，以提供更高毛利的加值服務。

We are confident these offerings will deepen customer engagement, broaden our market opportunities and drive sustainable growth. We are equally committed to delivering profitable growth and driving positive operating leverage through disciplined execution and effective financial management. We're encouraged by the strength across our business and are excited about the opportunities ahead as we continue executing our strategy to deliver sustainable long-term shareholder value.

我們有信心，這些產品與服務將深化客戶互動、擴大我們的市場機會，並推動可持續的成長。我們同樣致力於實現獲利性成長，並透過嚴謹的執行與有效的財務管理，帶動正向的營運槓桿。我們對業務各面向展現的強勁態勢感到振奮，也對未來機會充滿期待；我們將持續執行策略，以交付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 third quarter increased $3 billion year-over-year to $10.7 billion, representing a record level and up 39% versus prior year. Third quarter consolidated non-GAAP gross margin as a percent of sales was 10.8%, flat versus the prior year. Our third quarter non-GAAP operating expenses increased $104 million year-over-year to $719 million, primarily driven by variable costs. Importantly, non-GAAP OpEx as a percent of gross profit declined 11.6-percentage-points year-over-year to 62.3%.

謝謝，Bill。請看第 6 張投影片，第三季銷售額年增 30 億美元至 107 億美元，創下歷史新高，較去年同期成長 39%。第三季合併非 GAAP 毛利率（占銷售額比重）為 10.8%，與去年同期持平。我們第三季非 GAAP 營業費用年增 1.04 億美元至 7.19 億美元，主要由變動成本所帶動。重要的是，非 GAAP 營業費用占毛利比重年減 11.6 個百分點至 62.3%。

We remain focused on disciplined profitable growth and our improved operational efficiency is driving substantial operating leverage in the business model. In the third quarter, non-GAAP operating income increased $219 million year-over-year to $436 million. Non-GAAP operating margin rate expanded 130 basis points year-over-year to 4.1% of sales. Interest and other expense was $40 million in the third quarter as we benefited from lower average debt levels throughout the quarter, and our non-GAAP effective tax rate was 19% as we benefited from a tax settlement. Finally, non-GAAP diluted EPS for the third quarter increased 158% year-over-year to $6.22, a record EPS for Arrow.

我們仍專注於有紀律的獲利性成長，而營運效率的提升正為商業模式帶來顯著的營運槓桿。第三季非 GAAP 營業利益年增 2.19 億美元至 4.36 億美元。非 GAAP 營業利益率年增 130 個基點至銷售額的 4.1%。第三季利息及其他費用為 4,000 萬美元，受惠於整季平均負債水位較低；此外，由於稅務和解帶來的效益，我們的非 GAAP 有效稅率為 19%。最後，第三季非 GAAP 稀釋後每股盈餘（EPS）年增 158% 至 6.22 美元，創下 Arrow 的 EPS 新高。

This was above our guidance range driven by a number of factors, primarily favorable sales volume and operational leverage from our productivity initiatives, along with lower interest expense and the aforementioned tax settlement. Turning to slide 7. Let's take a closer look at our Global Components business. Global components sales increased $577 million sequentially to $7.9 billion in the quarter, above our guidance range and up 8% versus prior quarter. Global components non-GAAP operating income increased $16 million sequentially to $413 million, up 4% from the prior quarter.

此結果高於我們的指引區間，主要由多項因素所驅動，包括有利的銷售量，以及生產力提升計畫帶來的營運槓桿，並加上較低的利息費用與前述稅務和解。請看第 7 張投影片。讓我們更深入檢視全球元件（Global Components）業務。本季全球元件銷售額較前一季增加 5.77 億美元至 79 億美元，高於我們的指引區間，較前一季成長 8%。全球元件非 GAAP 營業利益較前一季增加 1,600 萬美元至 4.13 億美元，較前一季成長 4%。

Non-GAAP operating margin declined 20 basis points sequentially to 5.2% and was up 160 basis points versus the prior year and well ahead of expectations. Our strong results reflect continued momentum across the business. Our growth remains broad-based, spanning geographies, end markets and customer segments, reinforcing our confidence that demand is being driven by a diverse and healthy set of underlying factors. First, book-to-bill ratios remain well above parity. Second, lead times extended further during the quarter, though they remain well below prior peak levels.

非 GAAP 營業利益率較前一季下滑 20 個基點至 5.2%，但較去年同期提升 160 個基點，且明顯優於預期。我們的強勁成果反映業務持續的動能。我們的成長仍呈現廣泛分布，涵蓋各地區、終端市場與客戶族群，進一步強化我們的信心：需求是由多元且健康的基本因素所驅動。第一，接單出貨比（book-to-bill）仍遠高於 1。第二，交期在本季進一步拉長，但仍明顯低於先前的高峰水準。

Third, our backlog continued to build and now extends into the middle of 2027, providing us with greater visibility and supporting our view that demand remains durable. Lastly, interconnect, passive and electromechanical components, or IP&E, continues to grow, surpassing $1 billion in sales for the third consecutive quarter. These leading indicators strengthen our confidence in both the sustainability of current growth trends and the underlying health of the market. Importantly, demand trends remain resilient from a unit volume perspective, demonstrating continued stability in end market consumption. However, pockets of limited capacity are leading to price inflation with certain component categories, most notably memory.

第三，我們的未交訂單（backlog）持續累積，目前已延伸至 2027 年年中，讓我們具備更高的能見度，並支持我們對需求仍具韌性的看法。最後，互連、被動與機電元件（Interconnect, Passive & Electromechanical，簡稱 IP&E）持續成長，連續第三季銷售額突破 10 億美元。這些領先指標強化了我們對當前成長趨勢可持續性，以及市場基本面健康程度的信心。重要的是，從出貨單位量角度來看，需求趨勢仍具韌性，顯示終端市場消費持續穩定。然而，部分產能受限正導致某些元件類別出現價格通膨，其中最明顯的是記憶體。

Higher prices are benefiting both revenue and profit dollars. In addition to product distribution, our value-added capabilities remain an important differentiator. Customers continue to leverage our supply chain services, engineering and design and integration services to navigate an increasingly complex environment. These higher-value engagements not only deepen customer relationships, but also contribute meaningfully to profitability and reinforce the strategic role we play across the electronics ecosystem. Taking a closer look at each of the regions.

較高的價格同時有利於營收與獲利金額。除了產品通路分銷之外，我們的加值能力仍是重要的差異化因素。客戶持續運用我們的供應鏈服務、工程與設計，以及整合服務，以因應日益複雜的環境。這些更高價值的合作不僅深化客戶關係，也對獲利能力做出實質貢獻，並強化我們在電子產業生態系中所扮演的策略性角色。接著更深入看看各個地區的表現。

In the Americas, sequential sales growth was broad-based, highlighted by strength in aerospace and defense, industrial, transportation and computing. In EMEA, the market was underpinned by sequential strength in aerospace and defense and networking. And finally, in Asia, sequential growth was driven by industrial, networking and transportation. Turning to slide 8 and our global ECS business. In the third quarter, global ECS sales increased $619 million year-over-year to $2.8 billion, above our guidance range and up 29% versus the prior year or up 30% year-over-year on a constant currency basis.

在美洲，較前一季的銷售成長呈現廣泛分布，亮點包括航太與國防、工業、運輸與運算等領域的強勁表現。在 EMEA（歐洲、中東與非洲），市場由航太與國防及網路領域的季增強勢所支撐。最後，在亞洲，較前一季的成長由工業、網路與運輸所帶動。請看第 8 張投影片與我們的全球 ECS 業務。第三季全球 ECS 銷售額年增 6.19 億美元至 28 億美元，高於我們的指引區間，較去年同期成長 29%；若以固定匯率計算，年增 30%。

Total ECS billings were $5.9 billion, up 14% year-over-year. Third quarter non-GAAP operating income increased $34 million year-over-year to $99 million, up 53% from the prior year. Non-GAAP operating margin increased 60 basis points year-over-year to 3.6%. Our third quarter results significantly exceeded expectations, driven by strong demand and our ability to convert a larger percentage of backlog into revenue. Strong execution across the organization, combined with product availability and customer readiness enabled us to accelerate backlog conversion and deliver results ahead of expectations.

ECS 總開立帳單金額（billings）為 59 億美元，年增 14%。第三季非 GAAP 營業利益年增 3,400 萬美元至 9,900 萬美元，較去年同期成長 53%。非 GAAP 營業利益率年增 60 個基點至 3.6%。我們第三季結果顯著超出預期，主要受強勁需求，以及我們能將更高比例的未交訂單轉換為營收所帶動。全組織的強勁執行力，加上產品供應到位與客戶準備就緒，使我們得以加速未交訂單轉換，並交出優於預期的成果。

We also made important progress on two underperforming multiyear contracts with one of our beyond distribution partners. We terminated one contract, which we discussed last quarter as well as successfully restructured another key contract with the same partner this quarter. The result of both of these actions put the business on a healthier trajectory and has created a stronger foundation for future growth and profitability. We are encouraged by the early results and believe these actions better align the business with our long-term strategic objectives. Demand trends remain favorable with investments in AI and broader infrastructure modernization continuing to shape technology spending.

我們也在與其中一家「超越分銷」（beyond distribution）合作夥伴相關的兩項表現不佳的多年期合約上取得重要進展。我們終止了一項合約（上季也曾討論），並在本季成功與同一合作夥伴重新協商並重整另一項關鍵合約。這兩項行動的結果使業務走上更健康的軌道，並為未來成長與獲利能力奠定更堅實的基礎。我們對初步成果感到鼓舞，並相信這些行動能讓業務更貼近我們的長期策略目標。在 AI 投資與更廣泛的基礎設施現代化持續形塑科技支出的背景下，需求趨勢仍然有利。

Consistent with these trends, we delivered year-over-year growth across nearly every major area of strategic focus within the business, including compute solutions, business applications, storage, security and cloud and hybrid cloud offerings. As organizations continue to modernize their environments and prepare for the next wave of AI-driven adoption, we believe Arrow remains well positioned to help customers navigate that transition while driving profitable growth across the business. Turning to the balance sheet on slide 9. Net working capital grew sequentially in the third quarter by approximately $900 million, ending the quarter at $7.7 billion. Inventory grew sequentially by $1.4 billion, ending the third quarter at $7.3 billion.

與這些趨勢一致，我們在業務幾乎所有主要策略重點領域都實現了年對年成長，包括運算解決方案、商業應用、儲存、安全，以及雲端與混合雲產品。隨著各組織持續現代化其環境並為下一波由 AI 驅動的採用做準備，我們相信 Arrow 仍具備良好定位，能協助客戶順利完成這項轉型，同時推動全公司獲利性成長。接著看第 9 頁投影片的資產負債表。第三季淨營運資金較前一季增加約 9 億美元，季末達 77 億美元。存貨較前一季增加 14 億美元，第三季季末達 73 億美元。

Nearly half of the inventory build was related to data center activity within our Arrow Intelligent Solutions. In this offering, we're helping to design, build and test the compute and storage infrastructure needed to run AI workloads. And this value-added service is a margin-accretive business for Arrow. As we continue to experience robust demand, we will strategically invest in inventory that is needed to support our customers. Importantly, our investments are driving attractive returns and the financial metrics that we monitor continue to illustrate a healthy business profile.

存貨增加中將近一半與我們 Arrow Intelligent Solutions 內的資料中心活動相關。在此項服務中，我們協助設計、建置並測試執行 AI 工作負載所需的運算與儲存基礎設施。而這項加值服務對 Arrow 而言是具備毛利增益的業務。隨著我們持續看到強勁需求，我們將策略性地投資於支援客戶所需的存貨。重要的是，我們的投資正帶來具吸引力的報酬，而我們所監控的財務指標也持續顯示健康的業務概況。

Non-GAAP return on working capital increased 10.6-percentage-points year-over-year, finishing the third quarter at 22.6%. Likewise, non-GAAP return on invested capital increased 7.8-percentage-points year-over-year, finishing at 15.1%. Working capital as a percent of sales finished the third quarter at approximately 18% and our cash conversion finished at 78 days. Cash flow used for operating activities in the third quarter was $441 million. On a year-to-date basis, cash flow generated from operating activities was $577 million.

非 GAAP 營運資金報酬率年對年提高 10.6 個百分點，第三季收在 22.6%。同樣地，非 GAAP 投入資本報酬率年對年提高 7.8 個百分點，收在 15.1%。營運資金占銷售額比重在第三季約為 18%，而我們的現金轉換週期為 78 天。第三季營運活動使用的現金流為 4.41 億美元。以年初至今計，營運活動所產生的現金流為 5.77 億美元。

Gross balance sheet debt at the end of the third quarter grew sequentially by $581 million and declined year-over-year by $378 million, finishing at $2.8 billion. Overall, our lower debt levels, along with increased profitability have improved our adjusted leverage ratio by over 1 turn the past 12 months to 1.9 times, which provides us with increased financial flexibility. Finally, we repurchased $93 million in shares in the third quarter. Now turning to Q4 guidance on slide 10. We expect sales for the fourth quarter to be between $11.55 billion and $12.15 billion, representing an increase of 36% year-over-year at the midpoint of the range.

第三季季末資產負債表上的總負債較前一季增加 5.81 億美元，較去年同期減少 3.78 億美元，期末為 28 億美元。整體而言，較低的負債水準加上獲利能力提升，使我們的調整後槓桿比率在過去 12 個月改善超過 1 倍，至 1.9 倍，為我們帶來更高的財務彈性。最後，我們在第三季回購了 9,300 萬美元的股票。接著看第 10 頁投影片的第四季指引。我們預期第四季銷售額介於 115.5 億至 121.5 億美元，區間中點代表年對年成長 36%。

We expect global component sales to be between $8.15 billion and $8.55 billion, representing sequential growth of 5% at the midpoint. Enterprise Computing Solutions should benefit from typical fourth quarter seasonality, which historically has been the strongest quarter of the year. We expect sales to be between $3.4 billion and $3.6 billion, which is up 22% year-over-year at the midpoint. 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 $7 and $7.20.

我們預期全球元件銷售額介於 81.5 億至 85.5 億美元，區間中點代表較前一季成長 5%。企業運算解決方案（ECS）應可受惠於典型的第四季季節性因素，歷來第四季通常是全年最強的一季。我們預期銷售額介於 34 億至 36 億美元，區間中點代表年對年成長 22%。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 7 美元至 7.20 美元。

Details about the impacts of changes in foreign currencies can be found in our earnings release. I'd like to offer some additional color on both of our segments. In Global Components, the sequential growth in our outlook is expected to be driven primarily by unit volume as the majority of supplier price increases took effect in the third quarter. Overall, the business remains healthy, supported by a more favorable geographic mix, continued mass market momentum, contributions from value-added services and ongoing leverage from our productivity initiatives. In ECS, we expect hardware to represent a larger portion of revenue in the fourth quarter, which will drive a higher mix of sales recognized on a gross basis as we've seen throughout the year.

關於外幣變動影響的細節可參閱我們的財報新聞稿。我想就我們兩個事業部門補充一些說明。在全球元件方面，我們展望中的季對季成長預期主要由出貨量帶動，因為多數供應商的價格調漲已在第三季生效。整體而言，業務仍維持健康，受惠於更有利的地理組合、持續的量產市場動能、加值服務的貢獻，以及我們生產力提升計畫所帶來的持續槓桿效益。在 ECS 方面，我們預期第四季硬體將占較高的營收比重，這將推動以總額（gross basis）認列的銷售占比提高，正如我們今年以來所見。

We expect margins on a billings basis to be relatively unchanged from the prior year, demonstrating the resilience of the overall business. Altogether, our focused execution and financial discipline across the business position us to continue to build momentum against our strategic priorities while enhancing operating leverage and supporting long-term earnings growth.

我們預期以帳單（billings）基礎計算的毛利率將與去年大致持平，展現整體業務的韌性。總體而言，我們在全公司範圍內的聚焦執行與財務紀律，使我們得以在策略優先事項上持續累積動能，同時提升營運槓桿並支持長期獲利成長。

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

接下來，我把電話會議交回給 Bill 作結語。

Thanks, Raj. 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. Arrow remains uniquely positioned at the intersection of several powerful secular growth trends. In global components, continued investment in artificial intelligence, aerospace and defense, industrial automation and the broader digitization of the mass market continues to create opportunities across our portfolio.

謝謝，Raj。接著看第 11 頁投影片。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。Arrow 在多項強勁的長期結構性成長趨勢交會點上，仍具備獨特定位。在全球元件方面，對人工智慧、航太與國防、工業自動化，以及更廣泛的大眾市場數位化的持續投資，正持續在我們的產品組合中創造機會。

We are increasingly seeing these trends expand beyond early adopters and large customers into a much broader base of enterprises and industrial customers. At the same time, in ECS, as AI deployments continue to expand, customers are investing to modernize their technology stacks. Demand remains strong for compute, storage, networking, cybersecurity and cloud solutions as organizations build the infrastructure required to support increasingly sophisticated workloads. The quality of growth across Arrow continues to improve. We are benefiting from a healthier mix of customers, geographies and value-added services, while strong execution is driving positive operating leverage throughout the business.

我們愈來愈看到這些趨勢從早期採用者與大型客戶，擴展到更廣泛的企業與工業客戶基礎。同時，在 ECS 方面，隨著 AI 部署持續擴大，客戶正投資以現代化其技術堆疊。隨著各組織建置支援日益複雜工作負載所需的基礎設施，對運算、儲存、網路、資安與雲端解決方案的需求仍然強勁。Arrow 整體的成長品質持續改善。我們受惠於更健康的客戶、地理區域與加值服務組合，同時強勁的執行力正推動全公司正向的營運槓桿。

As a result, we are not only delivering growth but doing so in a way that strengthens profitability and positions us for sustained performance. We are proud of the progress we have made, confident in the path ahead and remain focused on delivering sustainable long-term value for all of our stakeholders. Finally, I'd like to share some recent leadership changes. After 22 years with Arrow, ECS President, Eric Nowak, has announced his plans to retire. He will remain in his role through the end of the year and will then serve as an adviser until the end of Q1 2027.

因此，我們不僅實現成長，且以能強化獲利能力並使我們具備持續表現定位的方式來達成。我們為已取得的進展感到自豪，對前方道路充滿信心，並將持續專注於為所有利害關係人創造可持續的長期價值。最後，我想分享近期的一些領導階層變動。在 Arrow 任職 22 年後，ECS 總裁 Eric Nowak 已宣布計畫退休。他將持續擔任現職至年底，之後將以顧問身分服務至 2027 年第一季末。

I want to thank Eric for his exceptional leadership and many contributions to Arrow over the years. We're pleased to welcome Rodney Clark, who will join Arrow on November 9 and will succeed Eric as President of ECS effective January 1. Rodney brings significant global leadership experience across the commercial, channel and technology sectors, having spent his career working closely with suppliers and customers. We look forward to welcoming Rodney as we continue to build on the success of ECS, deepen customer relationships and execute our strategic priorities. Also, we're excited to welcome Anuj Gore as our Chief Information and Technology Officer effective November 9.

我要感謝 Eric 多年來卓越的領導力，以及他對 Arrow 的諸多貢獻。我們也很高興歡迎 Rodney Clark，他將於 11 月 9 日加入 Arrow，並自 1 月 1 日起接任 Eric 擔任 ECS 總裁。Rodney 在商業、通路與科技領域具備豐富的全球領導經驗，其職涯中長期與供應商及客戶密切合作。我們期待迎接 Rodney 的加入，持續在 ECS 的成功基礎上再接再厲，深化客戶關係並落實我們的策略優先事項。此外，我們也很高興歡迎 Anuj Gore 自 11 月 9 日起擔任我們的資訊與科技長（Chief Information and Technology Officer）。

Anuj brings extensive experience leading IT organizations and business transformations through prior senior leadership roles overseeing significant technology investments, acquisition integrations and AI frameworks. I would also like to thank Raime Leeby, our Chief Strategy Officer, for her interim leadership of our global IT organization during this transition.

Anuj 具備豐富經驗，曾在先前的資深領導職務中帶領 IT 組織與業務轉型，涵蓋重大科技投資、併購整合以及 AI 架構。我也要感謝我們的首席策略長 Raime Leeby，在此次過渡期間暫代領導我們的全球 IT 組織。

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。

It's Aidan on for Will. I was wondering if you could discuss the impact that memory prices had maybe in both segments, please?

我是代替 Will 的 Aidan。我想請問，能否談談記憶體價格對兩個部門可能造成的影響？

Go ahead, Raj.

Raj，請。

Yes. For the third quarter, memory prices were certainly up quite a bit. Most of our revenue growth in the components business was driven by price increases in the third quarter. We have not assumed a lot in terms of memory price increases or other things in the fourth quarter. That's primarily unit volume driven.

好的。第三季記憶體價格確實上漲了不少。我們元件業務的大部分營收成長，在第三季是由價格上漲所帶動。至於第四季，我們並未假設記憶體價格或其他項目會有太多上漲。主要是由出貨量（單位數量）所驅動。

Having said that, the demand environment continues to be extremely strong. If we had gotten our hands on more product, we would have sold more. And so the environment itself is very, very strong. We feel very good about where things are, and that's what we've assumed at this stage.

話雖如此，需求環境仍然非常強勁。如果我們能拿到更多產品，我們就能賣出更多。因此整體環境本身非常、非常強。我們對目前的狀況感到非常有信心，而這也是我們現階段的假設。

Great. And then if I could sneak in another one. Could you maybe quantify how much the value-added services are contributing to profitability today?

很好。另外如果我可以再追問一題。你們能否量化一下，加值服務目前對獲利的貢獻有多少？

Well, for last year, they contributed about 30% of our operating profit as a company. This year, because we've had so much growth in the rest of the company and in our core components business, that number is going to be lower than it was last year. We haven't quantified it yet, but it's certainly going to be drifting lower, not because it's not performing well, but primarily because everything else is growing so much this year. So it's still a significant contributor to our bottom line.

去年它們約貢獻了公司營業利益的 30%。今年，由於公司其他部分以及核心元件業務成長非常多，這個比例會低於去年。我們尚未量化，但它肯定會逐步下降；並不是因為表現不好，而主要是因為今年其他業務成長太快。所以它仍然對我們的最終獲利有顯著貢獻。

Awesome.

太棒了。

Ruplu Bhattacharya, Bank of America.

美國銀行的 Ruplu Bhattacharya。

My first question relates to working capital. Raj, a couple of things. The inventory was up $1.4 billion sequentially. You mentioned Arrow Intelligent Solutions, and you said something about building compute and storage. Can you just kind of describe what that business is?

我的第一個問題與營運資金有關。Raj，有幾點。存貨較前一季增加了 14 億美元。你提到 Arrow Intelligent Solutions，並說到在建置運算與儲存。你能否大致說明那項業務是什麼？

Is this a manufacturing business? What are the margins in that business? And how big is it from a revenue standpoint? And the second question I have on working capital is, if we look at slide 9, it looks like DSO and DPO both have increased about 100 days year-on-year. So what -- is it that you're having to give more payment terms, extended payment terms to clients? Or is this related to supply chain services business? If you can just kind of explain or describe what's happening with the DSOs and the DPOs, and I have a follow-up.

那是一個製造業務嗎？那項業務的毛利率是多少？從營收角度看規模有多大？我關於營運資金的第二個問題是，如果看第 9 頁投影片，DSO 和 DPO 似乎年對年都增加了約 100 天。所以這是因為你們必須提供客戶更長的付款條件、延長付款期限嗎？還是這與供應鏈服務業務有關？如果你能說明或描述一下 DSO 與 DPO 發生了什麼情況，我還有一個追問。

Yes. Maybe I can start with the -- you want to start, Bill?

好的。也許我可以先從——你要先開始嗎，Bill？

Ruplu, this is Bill. On the AIS, what we call Arrow Intelligent Solutions, that's AIS. That's what we've talked about in the past. It's part of our value-added services. And that's where we build specific appliances that are low volume, high-mix for customers.

Ruplu，我是 Bill。關於 AIS，也就是我們所稱的 Arrow Intelligent Solutions，就是 AIS。我們過去也談過。它是我們加值服務的一部分。我們在那裡為客戶打造特定的設備（appliances），屬於低量、多樣的產品。

So we have got business with lots of customers building racks, storage, compute racks. And the inventory is up because we have large orders in the pipeline that didn't ship within the quarter, and they're just going to ship within the next quarters. We need to bring that inventory in ahead of time so that we can build it, test it, and then ship it. So that's all going to go through. And of the $1.4 billion of inventory, about $600 million of that would have been related to AIS.

因此我們與許多客戶合作，建置機櫃、儲存設備、運算機櫃。存貨上升是因為我們管線中有大量訂單未能在本季出貨，將在接下來幾季出貨。我們需要提前備妥存貨，以便進行組裝、測試，然後出貨。所以這些都會順利消化。在增加的 14 億美元存貨中，約有 6 億美元與 AIS 相關。

Yes.

是的。

And I'll let Raj answer the other part of the question.

其他部分我讓 Raj 來回答。

Yes. And the second part of your question, Ruplu, you're right, the DSOs and DPOs are up about 100 days year-on-year. That's being primarily driven by our supply chain services offering. Just as a reminder, that's a working capital-light offering that we have, but we are settling AR and AP in that business. And so you will see those things ballooning out. So nothing different than we've been calling out every call. So it's the same factors that are driving it. So nothing unusual there.

好的。Ruplu，你第二個問題，你說得沒錯，DSO 和 DPO 年對年都增加了約 100 天。這主要是由我們的供應鏈服務方案所驅動。提醒一下，那是一項較不占用營運資金的方案，但在那項業務中我們會結算應收帳款與應付帳款。因此你會看到這些數字被放大。所以這與我們每次電話會議所提到的情況一致。驅動因素相同。因此沒有什麼不尋常。

Okay. Can I ask a follow-up on margins, specifically for the ECS segment margins? The fourth quarter is typically a strong quarter. And when we look year-on-year, I mean, it typically has good growth. I mean you get into the six handle in terms of operating margins. You made a point that this year, you're going to have more hardware versus software and services. So how does that impact -- was there any -- is there anything to keep in mind as we model out operating margin for ECS in the fourth quarter?

好的。我可以追問一個關於毛利率的問題，特別是 ECS 部門的利潤率嗎？第四季通常是強勁的一季。而且從年對年來看，通常成長也不錯。就營業利益率而言，通常會到 6% 以上。你特別提到今年硬體占比會高於軟體與服務。那這會如何影響——在我們建模第四季 ECS 的營業利益率時，有沒有什麼需要留意？

Yes. Yes, let me start and then, Eric, please feel free to add in. The margins for ECS, the net sales are driven by more hardware sales, as we had mentioned. And so that does depress reported margins on a net sales basis, but you also have to look at billings-based margins, Ruplu, in that business in particular because the mix can change quite a bit between hardware and software, that has a direct impact to net sales reported margins. But billings-based margins in the third quarter were up actually year-over-year.

是的。是的，我先說，然後 Eric 也請隨時補充。如我們所提，ECS 的淨銷售額是由更多硬體銷售所驅動。因此以淨銷售額為基礎呈現的利潤率會被壓低；但你也必須看以開立帳單（billings）為基礎的利潤率，Ruplu，特別是在那項業務中，因為硬體與軟體之間的組合可能變動很大，會直接影響以淨銷售額呈現的利潤率。但第三季以 billings 為基礎的利潤率其實年對年是上升的。

And then in the fourth quarter, we see billings-based margins being relatively flat year-on-year. And so that's a great indicator of the true health of the performance of that business. So the business is firing on all cylinders. Yes, you're right, the net sales margins have historically been above 6% in the fourth quarter. But -- and we're implying something that's lower than that in this fourth quarter, but nothing has really changed there, and we're actually doing very well in the business.

而在第四季，我們看到以 billings 為基礎的利潤率年對年大致持平。因此這是衡量該業務真實健康狀況的很好的指標。該業務各方面都運作良好。是的，你說得對，第四季以淨銷售額計的利潤率歷來都高於 6%。但是——我們在本次第四季的指引隱含的數字低於此水準，不過實際上並沒有真正改變什麼，我們在這項業務的表現其實非常好。

Eric, do you want to add anything to that?

Eric，你想對此補充什麼嗎？

Yes. It's exactly as Raj described. It's difficult for us to basically manage the mix of the business. We had much more hardware sales in Q3. It will be the same in Q4 because our suppliers are very efficient in our ability to ship the hardware. And that's why basically on a net sales basis, the margins are down. But on a billings basis, which is what we are looking for, it's -- but it's flat. So basically, it's on track.

是的。完全如Raj所描述。對我們來說，基本上要管理業務組合的結構很困難。我們在第三季的硬體銷售多了很多。第四季也會一樣，因為我們的供應商在硬體出貨能力方面非常有效率。因此，基本上以淨銷售額來看，毛利率是下降的。但以帳單金額（billings）來看——這是我們關注的指標——則是持平。所以基本上，一切都在軌道上。

Melissa Fairbanks, Raymond James.

Melissa Fairbanks，Raymond James。

Doing well. Drinking from the firehose, it feels like. But -- yes, congrats on the results, and I know it's extremely difficult to model these businesses. Raj, I think in answering -- I think it was Will Stein's question, the first question, you mentioned if you had been able to get more inventory, you could have shipped more through. And I know what we've heard from some of your supplier partners over the past couple of weeks is that lead times are extending, channel inventories are probably at record lows in Asia, in particular, starting to come down in Europe. US is a little bit higher. But just wondering what you are seeing in terms of lead times, channel inventories, availability, your ability to meet end market demand?

我很好。感覺像是在用消防水帶喝水一樣。不過——是的，恭喜你們的業績，我也知道這些業務非常難建模。Raj，我想在回答——我想是Will Stein的問題、第一個問題時——你提到如果你們能拿到更多庫存，就能出更多貨。而且我們在過去幾週從你們的一些供應商夥伴那裡聽到的是，交期正在拉長，通路庫存可能在亞洲處於歷史低位，尤其如此；歐洲也開始下降。美國則稍微高一些。但我想請教你們在交期、通路庫存、供應可得性，以及你們滿足終端市場需求的能力方面，看到的是什麼？

Melissa, maybe I'll give it to Rick Marano. He's the expert here, and so I will let him speak to it.

Melissa，也許我把這題交給Rick Marano。他是這方面的專家，所以我讓他來回答。

Yes. Melissa, I guess I'd answer the question this way overall. We've talked about this in the past. We've talked about the recovery and how the recovery has gradually come along. And if you think about it through that lens, as what we call the mass market customer base comes back and continues to come back, they come back to lead times that are expanding as well.

好的。Melissa，我想我會用這樣的方式來回答這個問題。我們過去談過這件事。我們談過復甦，以及復甦是如何逐步推進的。如果你用這個角度來看，當我們所稱的大眾市場客戶群回來、並持續回來時，他們回來時面對的交期也正在拉長。

And as lead times expand, obviously, our ability to turn inventory or get inventory becomes a little bit more constrained. It doesn't mean in any way, shape or form that we believe that we're not getting our fair share of inventory. What we're saying is the contribution of a market that's recovering, lead times are expanding and those converging just means it gets more difficult to get inventory in when we want to get inventory in. What I would say is this is look at it from a perspective of the health of the market overall and take outside of it, look outside the traditional verticals to which we look at, if you expand it and look at areas like robotics or automation or power, things of that nature, all those segments are coming back, and they're coming back strong, and they're coming back globally as well. So it's a nice healthy recovery.

而當交期拉長時，顯然我們周轉庫存或取得庫存的能力就會受到一些限制。但這並不代表我們以任何方式、任何形式認為我們沒有拿到應得的庫存份額。我們要說的是：市場正在復甦、交期在拉長，兩者同時發生，意味著在我們想要的時間點把庫存拿進來會更困難。我想說的是，從整體市場健康度的角度來看，把視野放到傳統垂直領域之外；如果你擴大範圍，看看像是機器人、工業自動化或電力等領域，這些區隔都在回升，而且回升力道很強，也是在全球範圍內回升。所以這是一個相當健康的復甦。

It continues to recover. Lead times continue to expand, but lead times have not expanded like we saw in the COVID period in any way, shape or form yet. So it's -- of course, if we can get more inventory, we could turn more inventory, but we are getting a fair amount of inventory, and it's reflective of what we see in our bookings and our backlog out in future quarters.

它仍在持續復甦。交期持續拉長，但交期還沒有像COVID期間那樣以任何方式、任何形式地大幅拉長。所以——當然，如果我們能拿到更多庫存，我們就能周轉更多庫存；但我們目前拿到的庫存量相當公平，而這也反映在我們看到的訂單（bookings）以及未來季度的積壓訂單（backlog）上。

Okay. That's super helpful. Maybe as a follow-up, you mentioned some of these end markets where there are higher value end markets like in aerospace and defense and some of the industrial automation, robotics, all of those types of areas. Are you starting to see any behavior on behalf of the suppliers where they're going to hold more internally and not push inventory out to distributors like what we saw during the COVID times? Or is this still -- we're still business as usual? It's just extended lead times?

好的。這非常有幫助。也許追問一下，你提到一些終端市場——例如航太與國防，以及部分工業自動化、機器人等——這些都是較高價值的終端市場。你們是否開始看到供應商出現某些行為：他們會把更多庫存留在內部，而不是像COVID時期那樣把庫存往外推給經銷商？還是說目前仍然——一切照常？只是交期變長？

I think it's business as usual and extended lead times. And I think, quite honestly, that's reflective of what we're seeing, Melissa, when we look out in time, and Bill and Raj both talked about visibility as we move out into the first half of '27. And that visibility is reflective of a recovery across the mass market and these vertical markets as well. So I don't, in any way, shape or form, see suppliers in any way not giving us product based off the end market or technology.

我認為目前是一切照常，只是交期拉長。而且坦白說，Melissa，這也反映在我們對未來的觀察上；Bill和Raj都談到，當我們往前看到2027年上半年時的能見度。而這個能見度反映的是大眾市場以及這些垂直市場的同步復甦。因此，我不認為供應商會以任何方式、任何形式，基於終端市場或技術而不給我們產品。

Yes. No, Melissa, our backlogs and our -- if you look at our sales sequentially in some of the markets that Rick talked about, robotics, power conversion, energy, automation, sequentially, these are increasing rapidly on a -- from a sales basis, and our backlog is increasing in those categories as well. So we see this as a very broad-based cycle, if you will, beyond just storage and compute, transportation, aerospace and defense. We're now starting to see the mass market coming back with a lot of momentum.

是的。不，Melissa，我們的積壓訂單，以及——如果你看我們在Rick提到的一些市場的銷售季比季表現：機器人、電力轉換、能源、自動化——從銷售角度來看，這些都在快速成長；而我們在這些類別的積壓訂單也在增加。所以我們認為這是一個非常廣泛的循環，如果你願意這麼說的話，不僅僅是儲存與運算、運輸、航太與國防。我們現在開始看到大眾市場以很強的動能回來。

Great. Keep up the good work, guys.

很好。各位繼續保持好表現。

Thanks, Melissa.

謝謝你，Melissa。

Thanks.

謝謝。

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. Thank you, everyone, for joining today, and I look forward to speaking with all of you soon. I also want to take a moment to thank all of my Arrow colleagues for delivering an excellent result in Q3, and I'm really looking forward to Q4. Have a great day, everybody.

謝謝。謝謝各位今天參與，我期待很快能再與各位交流。我也想藉此機會感謝所有Arrow的同仁在第三季交出優異的成果，我也非常期待第四季。各位祝有美好的一天。

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。