艾睿電子 (ARW) 2022 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Arrow Electronics First Quarter 2022 Earnings Conference Call.

大家好，感謝您的耐心等待。歡迎參加艾睿電子2022年第一季財報電話會議。

(Operator Instructions)

（操作說明）

Please be advised that today's conference is being recorded. (Operator Instructions)

請注意，今天的會議正在錄音。 （操作說明）

I would now like to hand the conference over to your first speaker today, Rick Seidlitz, Principal Financial Officer. Please go ahead.

現在我把會議交給今天的第一位發言人，財務長里克·塞德利茨。請開始吧。

Thank you, Patricia. Good day, and welcome to the Arrow Electronics First Quarter 2022 Earnings Conference Call. With us on the call today are Mike Long, Chairman, President and Chief Executive Officer; Sean Kerins, Chief Operating Officer; and I'm Rick Seidlitz, Interim Principal Financial Officer. During this call, we'll make forward-looking statements, including statements about our business outlook, strategies and future financial results, which are based on our predictions and expectations as of today.

謝謝帕特里夏。大家好，歡迎參加艾睿電子2022年第一季財報電話會議。今天出席會議的有：董事長、總裁兼執行長麥克朗；營運長肖恩克林斯；以及我，臨時財務長里克塞德利茨。在本次電話會議中，我們將發表一些前瞻性聲明，包括關於我們業務展望、策略和未來財務表現的聲明，這些聲明均基於我們截至目前的預測和預期。

Our actual results could differ materially due to a number of risks and uncertainties, including the risk factors in our most recent 10-K and 10-Q filings with the SEC. We undertake no obligation to update publicly or revise any of the forward-looking statements. As a reminder, some of the figures we will discuss on today's call are non-GAAP. We have reconciled those to the most directly comparable GAAP financial measures in our earnings release.

由於許多風險和不確定因素，包括我們最近向美國證券交易委員會提交的10-K和10-Q文件中列明的風險因素，我們的實際業績可能與預期有重大差異。我們不承擔公開更新或修訂任何前瞻性聲明的義務。需要提醒的是，我們將在今天的電話會議上討論的部分數據為非GAAP財務指標。我們已在獲利報告中將這些非GAAP財務指標與最直接可比較的GAAP財務指標進行了核對。

These non-GAAP measures are not intended to be a substitute for our GAAP results. You can access our earnings release at investor.arrow.com, along with the CFO commentary, the non-GAAP earnings reconciliation and a replay of this call. We will begin with a few minutes of prepared remarks, which will then be followed by a question-and-answer period. I will now hand the call to our Chairman, President and CEO, Mike Long.

這些非GAAP指標並非旨在取代我們的GAAP績效。您可以在investor.arrow.com上查看我們的獲利報告，以及財務長的評論、非GAAP獲利調節表和本次電話會議的錄音回放。我們將首先進行幾分鐘的發言，之後是問答環節。現在，我將把電話交給我們的董事長、總裁兼執行長麥克朗先生。

Thanks, Rick, and thanks to all of you for joining us today. For the first quarter, we built on the record performance we delivered in 2021. We saw a continuation of strong demand conditions from last year. As a result, demand for electronic components and associated design, engineering and supply chain services remained high. This led to record sales in the first quarter, exceeding the top end of our expectations. In addition, our record gross profit and earnings per share for the quarter were driven by strong execution in the face of fair supply chain demand imbalance.

謝謝里克，也謝謝各位今天蒞臨。第一季度，我們延續了2021年創紀錄的業績。去年強勁的需求態勢得以延續。因此，對電子元件及相關設計、工程和供應鏈服務的需求依然強勁。這使得第一季銷售額創下歷史新高，超出預期上限。此外，在供應鏈供需失衡的情況下，我們依然保持了高效的執行力，這也推動了本季毛利和每股盈餘的雙雙創下歷史新高。

I'm pleased to report that our past investments to enhance our capabilities especially in the area of Supply Chain as a Service are leading to growth and our profit performance. While some bottlenecks persist, demand for electronic components across key industries, in all 3 regions, particularly the Americas and the EMEA region remained strong. A favorable mix of higher-margin products and solutions, along with regional mix resulted in record quarterly operating income and margins.

我很高興地報告，我們過去在提升自身能力方面所做的投資，尤其是在供應鏈即服務（SaaS）領域的投資，正推動著我們的成長和獲利表現。儘管仍存在一些瓶頸，但三大區域（尤其是美洲和歐洲、中東及非洲地區）各主要產業對電子元件的需求仍然強勁。高利潤率產品和解決方案的合理組合，以及區域產品組合的最佳化，促成了季度營業收入和利潤率的雙雙創下歷史新高。

This points to Arrow helping customers navigate shortages and supply chain challenges. In this environment, so they can maintain production, bring new products to market and securely manage their applications and data. By helping to mitigate production risk and help ensure a steady stream of products to the market, Arrow solidified its position as a trusted adviser working alongside customers and suppliers.

這表明Arrow正在幫助客戶應對短缺和供應鏈挑戰。在這種環境下，客戶可以維持生產、將新產品推向市場並安全地管理其應用程式和資料。透過幫助客戶降低生產風險並確保產品穩定供應市場，Arrow鞏固了其值得信賴的顧問的地位，與客戶和供應商攜手合作。

Thanks to the focused execution, our components business produced record results this quarter. Our global components business delivered the highest ever operating income, along with sales above our high end of expectations. The Americas experienced robust demand across most end markets and industries. EMEA performance was strong across all industries due to improved supply, while Asia's performance was impacted by product mix and supply. Design activity improved in all 3 regions and backlog continues to grow, indicate that all customers are still concerned with securing supply.

由於高效的執行，我們的零件業務在本季度取得了創紀錄的業績。全球零件業務實現了有史以來最高的營業收入，銷售額也超出了我們預期的上限。美洲地區大多數終端市場和產業的需求都十分強勁。由於供應改善，歐洲、中東和非洲地區所有產業的業績均表現良好，而亞洲地區的業績則受到產品組合和供應的影響。三大區域的設計活動均有所改善，積壓訂單持續成長，顯示所有客戶仍專注於供應保障。

Our enterprise computing solutions business delivered solid operating performance. We saw demand continue to grow for more complex solutions, including hybrid with backlog at record levels in all regions. With operating performance growing year-over-year, our business is well performed and positioned for the remainder of the year as customers are anticipating longer fulfillment and placing orders further out resulting in a strong pipeline.

我們的企業計算解決方案業務營運表現穩健。市場對更複雜解決方案的需求持續成長，包括混合解決方案，所有地區的訂單積壓量均創歷史新高。隨著營運業績年增，我們的業務表現良好，並為今年剩餘時間做好了充分準備。客戶預期交貨週期延長，並將訂單提前至更遠的未來，從而確保了強勁的業務儲備。

While the IT demand environment was healthy, business mix was skewed towards software and services due to customer preferences. Hardware-related sales continue to face challenges from supply chain bottlenecks, resulting in slightly lower net sales than we anticipated compared to prior year.

儘管IT市場需求環境良好，但由於客戶偏好，業務結構偏向軟體和服務。硬體相關銷售持續受到供應鏈瓶頸的挑戰，導致淨銷售額略低於上年預期。

I'd like to congratulate all of our teams for their strong execution and delivering a record quarter. Arrow is well positioned to continue to deliver results given our investments that are driving our growth. Arrow strength also comes from consistently emerging stronger from downturns and disruption. The performance is indicative of just that, and we look forward to expanding our business to the benefit of our customers, suppliers and team.

我謹祝賀所有團隊出色執行，並取得了創紀錄的季度業績。鑑於我們持續的投資推動了公司的發展，Arrow 完全有能力繼續取得佳績。 Arrow 的優勢還在於能夠不斷從低迷和動盪中復甦並變得更加強大。此次業績正是這一點的體現，我們期待拓展業務，造福我們的客戶、供應商和團隊。

We also believe our strength comes from working on technology solutions that make a difference in people's lives that is engineering the power of innovation to make life better. Before I hand the call back over to Rick to provide more details on our results and our expectations for the next quarter, I'd like to add a personal note. On Monday, we announced that Sean Kerins, will assume the role of President and Chief Executive Officer effective June 1, and that I will become Executive Chairman. Over the years, I have enjoyed our conversations about the business and the dynamics affecting our industry at large. I'm grateful for those relationships we've built, and I wish you all much success in your careers.

我們也相信，我們的優勢在於致力於開發能實際改善人們生活的科技解決方案，運用創新力量讓生活更美好。在將電話轉回給里克，讓他詳細介紹我們的業績以及對下一季的預期之前，我想補充一點個人感受。週一，我們宣布肖恩克林斯將於6月1日正式就任總裁兼首席執行官，而我將擔任執行董事長。多年來，我一直很享受與大家就業務和影響整個行業的動態進行的交流。我感謝我們建立的這些關係，並祝福大家在各自的職業生涯中取得更大的成功。

Sean has been a leader with Arrow for 15 years, most of that working closely with me. So you already know that you're in great hands with them. With that, Rick, I'll hand it over to you.

肖恩在綠箭俠劇組擔任領導職務已有15年，其中大部分時間都與我密切合作。所以你完全可以放心，把工作交給他們絕對沒問題。里克，接下來就交給你了。

Thanks, Mike. First quarter sales increased 10% year-over-year on a non-GAAP basis. The average euro-dollar exchange rate for the quarter was $1.12 to EUR 1. Changes in foreign currencies negatively impacted sales growth by $152 million year-over-year slightly below the prior expectation of a $160 million negative impact to growth.

謝謝，麥克。第一季銷售額以非GAAP準則計算年增10%。該季度歐元兌美元平均匯率為1.12美元兌1歐元。外匯波動對銷售成長造成了1.52億美元的負面影響，略低於先前預期的1.6億美元負面影響。

First quarter gross profit margin of 13.3% was up 220 basis points year-over-year due to higher margins in both global components and enterprise computing solutions. Operating expenses increased slightly as a percentage of sales year-over-year, but decreased significantly as a percentage of gross profit. As a reminder, many of our value-added services and solutions can be independent to the sale of electronic components and therefore contribute more meaningfully to profit into sales. Interest and other expense was $34 million, which was slightly below our prior expectation.

第一季毛利率為13.3%，較去年同期成長220個基點，主要得益於全球零件和企業運算解決方案利潤率的提高。營業費用佔銷售額的比例較去年同期略有上升，但佔毛利的比例則顯著下降。需要指出的是，我們許多加值服務和解決方案可以獨立於電子元件的銷售，因此對利潤和銷售額的貢獻更大。利息及其他費用為3400萬美元，略低於我們先前的預期。

This was mainly attributable to higher interest income, offset partially by higher rates on floating rate debt. Our effective tax rate of 23.5% was in line with prior expectation and the target long-term range of 23% to 25%. Turning to the balance sheet and cash flow. First quarter operating cash flow was negative $200 million. The first quarter is typically our most challenging quarter for cash flow generation. Compared to the fourth quarter, our inventory days have increased but this is largely due to us stocking higher-value inventory with a greater design and engineering component.

這主要歸因於利息收入增加，但部分被浮動利率債務利率上升所抵銷。我們的實際稅率為23.5%，與先前的預期以及23%至25%的長期目標區間相符。接下來來看資產負債表和現金流量。第一季經營現金流為負2億美元。第一季通常是我們現金流產生最具挑戰性的季度。與第四季度相比，我們的庫存週轉天數有所增加，但這主要是由於我們囤積了更多高價值、設計和工程成分較高的庫存。

Our cash cycle of approximately 60 days was 6 days longer than the fourth quarter. However, our return on invested capital and return on working capital reached new highs for any first quarter and are near our all-time highs achieved in the fourth quarter. We are making responsible working capital investments to capitalize on strong demand environment. Net debt totaled $2.9 billion, and total liquidity was $2.6 billion when including cash of $243 million. Our liquidity position is in one of the best in the history of our company.

我們的現金週轉週期約60天，比第四季延長了6天。然而，我們的投資報酬率和營運資本報酬率均創下歷年第一季新高，並接近第四季創下的歷史最高水準。我們正在進行負責任的營運資本投資，以充分利用強勁的需求環境。淨債務總額為29億美元，計入2.43億美元現金後，總流動資金為26億美元。我們的流動性狀況處於公司歷史上最佳水平之一。

Our strong profitability and the effective management of our balance sheet enabled us to deliver on our commitment to return cash to shareholders through the repurchase of approximately $250 million of shares for the fourth consecutive quarter. This brings total cash returned to shareholders over the last 12 months to approximately $1 billion, reducing our diluted shares by approximately 9%.

憑藉著強勁的獲利能力和有效的資產負債表管理，我們得以連續第四個季度履行承諾，透過回購約2.5億美元的股票向股東返還現金。這使得過去12個月內向股東返還的現金總額達到約10億美元，使我們的稀釋後股份減少了約9%。

We remain committed to returning cash to shareholders as we are confident that we are repurchasing shares below their intrinsic value. At the end of the first quarter, our remaining repurchase authorization stands at approximately $513 million. Please keep in mind that the information I've shared during this call is a high-level summary of our financial results. For more detail regarding the business segment results, please refer to the CFO commentary published on our website this morning. Turning to guidance. Midpoint sales and EPS guidance imply all-time quarterly records.

我們仍然致力於向股東返還現金，因為我們確信我們以低於其內在價值的價格回購了股票。截至第一季末，我們剩餘的回購授權額度約為5.13億美元。請注意，我在本次電話會議中分享的資訊是我們財務表現的概要概述。有關各業務部門業績的更多詳情，請參閱今天早上在我們網站上發布的財務長評論。接下來談談業績展望。銷售額和每股盈餘的中位數預期均創歷史新高。

Midpoint global component sales guidance would be an all-time record for any quarter. Our guidance reflects continued strong operating leverage for global components on a year-over-year basis with profit growing several times faster than sales. Our forecast suggests enterprise computing solutions profits grew year-over-year, and it would achieve its strongest second quarter in several years. We estimate an approximately $300 million headwind to sales and $0.20 headwind to EPS growth due to the strengthening of the U.S. dollar compared principally to the euro.

全球零件銷售額中位數預期將創下季度歷史新高。我們的預期反映了全球零件業務持續強勁的營運槓桿效應，獲利成長遠超銷售成長。我們預測企業運算解決方案利潤將年增，並有望實現近幾年來最強勁的第二季業績。我們預計，美元兌歐元走強將對銷售額造成約3億美元的不利影響，並對每股盈餘成長造成0.20美元的不利影響。

Finally, please note that CFO commentary includes information on our fiscal calendar closing dates. With that, I'll turn the call over to the operator for Q&A.

最後，請注意，財務長的評論中包含有關我們財政年度結算日期的資訊。接下來，我將把電話交給接線生進行問答環節。

(Operator Instructions) Your first question comes from the line of Toshiya Hari from Goldman Sachs & Company.

（操作說明）您的第一個問題來自高盛公司的 Toshiya Hari 的一條線。

Congrats on strong results, and congrats to Mike for a very successful career. I had 2 questions. First, I guess, on the pricing environment, we're obviously hearing from your partners, your suppliers about inflation and how they're passing that through to partners and customers like theirselves. What are you seeing from a cost perspective? How are you translating that into your pricing? And how should we expect that to impact margins going forward? And then I've got a quick follow-up.

祝賀你們取得如此優異的業績，也祝賀麥克在職業生涯中取得巨大成功。我有兩個問題。首先，關於定價環境，我們顯然從你們的合作夥伴和供應商那裡了解到通貨膨脹以及他們如何將成本轉嫁給合作夥伴和客戶。從成本角度來看，你們是如何看待這些問題的？你們是如何將這些因素融入定價中的？我們應該預期這會對未來的利潤率產生怎樣的影響？最後，我還有一個後續問題。

Sure. As you know, we've been talking about this for a few quarters. And the increases do get passed along all the way through to the customer base. And what we started seeing was that they were coming more often at the end of last year going into this year. There's -- what I would say is, I believe most of it will stick because raw materials are up, trucking is up, moving products around cost more and just general manufacturing for the suppliers is up.

當然。如你所知，我們已經討論這個問題好幾個季度了。這些漲價最終都會轉嫁到客戶身上。我們注意到，從去年年底到今年初，漲價的頻率越來越高。我認為，大部分漲價將會持續下去，因為原物料價格上漲，運輸成本上漲，產品運輸成本增加，供應商的整體生產成本也在上升。

So I expect for that to go through. Having said that, too, as you know, then that does have an effect on your inventory ratios, your turns in those types of things, especially if you're stocking more value-added products, but the prices have gone up significantly. I would say that pricing will abate towards the second half of the year, but we're still expecting some price increases through there. And by then, I would say everybody will be caught up, which would be good. It would be good to get some normalcy in the product (inaudible).

所以我預計這件事會順利進行。話雖如此，你也知道，這確實會對你的庫存比率和周轉率產生影響，尤其是在你儲備更多高附加價值產品的情況下，而且價格已經大幅上漲。我認為價格上漲的趨勢會在下半年有所緩解，但我們仍然預計在此期間會出現一些價格上漲。到那時，我認為大家都能適應，這很好。產品價格恢復正常水準也是好事（聽不清楚）。

That's very helpful. And then as a follow-up, I just wanted to ask about your views on the overall cycle. You guys sound really, really good. Your suppliers, your partners also sound very good about the demand profile going forward and the visibility you have. At the same time, we hear about some of the consumer-facing applications from a demand perspective, there being signs of moderation. You've got a war going on in Europe. You've got the lockdowns in Asia. So I guess the fear is things kind of slow down from here onward. But what are you seeing? And what are you hearing from your customers? And how are you planning your business for the next 6 to 12 months?

這很有幫助。接下來，我想問您對整個週期的看法。你們聽起來狀態非常好。您的供應商和合作夥伴對未來的需求前景和市場可視性也都非常樂觀。同時，我們也了解到一些面向消費者的應用需求出現了放緩的跡象。歐洲正處於戰爭時期，亞洲也實施了封鎖措施。所以我猜大家擔心的是，從現在開始，市場可能會放緩。但您觀察到了什麼？您從客戶那裡聽到了什麼？您如何規劃未來6到12個月的業務？

Yes. I can address most of that by things we've said and some of the new things we said. First off, the size of this war is not as big as some of the others. However, during war conditions, obviously, the military starts spending more money and creates more demand. So while the war is negative, as you guys know, war autonomy is always a bad thing. The second thing, in general, where you're coming across, especially on consumer products and some of the others, I think the point that was just made really plays into that. We have seen pricing go up, but unit shipments have gone down over the last year. So we're not filling the full demand that is going to market.

是的。我可以用我們之前說過的話和一些新的說法來回答大部分問題。首先，這場戰爭的規模不如其他一些戰爭那麼大。然而，在戰爭時期，很顯然，軍方會增加開支，從而創造更多需求。所以，雖然戰爭本身是負面的，但正如你們所知，戰爭自主性始終不是一件好事。其次，你們普遍提到的問題，尤其是在消費品和其他一些方面，我認為剛才提到的這一點確實與此密切相關。我們看到價格上漲了，但過去一年的出貨量卻下降了。因此，我們無法滿足市場的全部需求。

And the question would be if some end-use markets hold their demand out what would happen. And right now, the answer to that is largely not much of anything. Ukraine demand came completely out. Russia demand came completely out and here we are in the exact same place. So I think we're in a position of higher-priced product, but lower units to get to a market that has a higher than normal expectation of getting product. I do not see manufacturing picking up to a point that is going to offset that all the way through the first half of next year and possibly going further from what we can see today, even though I wouldn't commit to it. I would love to commit to it, but Sean's going to be sitting here, so I don't want to (inaudible) with what I say, but I will tell you, I think the demand forecast suffered from the economy is still good for a good period of time.

問題在於，如果一些終端用戶市場的需求下降，會發生什麼事。而就目前而言，答案基本上是不會有什麼太大的改變。烏克蘭的需求完全下降了，俄羅斯的需求也完全下降了，而我們現在的情況也完全一樣。所以我認為，我們現在面臨的局面是：產品價格較高，但產量較低，卻要滿足一個對產品供應預期高於正常水準的市場。我認為，製造業的復甦不會達到足以完全抵消這種影響的程度，這種情況至少會持續到明年上半年，甚至可能比我們目前看到的還要糟糕，儘管我不會對此做出肯定的保證。我很想做出肯定的保證，但肖恩會坐在這裡，所以我不想（聽不清楚）透露太多信息，但我可以告訴你，我認為受經濟影響的需求預測在相當長的一段時間內仍然良好。

We have your next question coming from the line of Joe Quatrochi from Wells Fargo.

下一個問題來自富國銀行的喬·夸特羅奇。

Yes. I echo congrats to Mike and Sean new roles.

是的。我也要祝賀麥克和肖恩履新。

I want to try to understand the incremental EBIT margin that you're seeing in the components business on a year-over-year basis is pretty phenomenal. How do we think about that looking into the second half of this year as we start to maybe calm some more significant price increases that we saw in the back half of last year?

我想了解一下，你們零件業務的息稅前利潤率年增率非常驚人。展望今年下半年，隨著我們開始逐步放緩去年下半年出現的較大幅度的價格上漲，我們該如何看待這一增長？

I think what we would say, from our point of view, is firm. If that's a good enough answer for you. We don't see things going the opposite way in our ratios right now because, as I said, we believe demand is going to stay where it is.

我認為，從我們的角度來看，我們的立場是堅定的。如果您覺得這個回答夠好，那就這樣吧。目前來看，我們認為各項指標不會有相反的變化，因為如我所說，我們相信需求會維持現狀。

The supply factor is what really gives you pause. But now we're sitting here with roughly 4 quarters of demand from our suppliers. So it gets a little bit easier to forecast all be still tough because we can get some upside, but we expect it to probably continue to improve given some of the efficiencies we're working on at the same time that the volume is going out the door. So I don't see things declining for quite a while yet.

供應因素確實令人擔憂。但目前我們供應商的需求量大約相當於四個季度。因此，預測未來供應情況稍微容易一些，儘管仍然很困難，因為我們還有一些成長空間，但考慮到我們正在努力提高效率，同時銷售量也在成長，我們預計情況可能會繼續改善。所以我認為短期內不會下滑。

Okay. That's helpful. And then just kind of curious, you talked about the higher-value inventory additions this quarter, are we to take that as, I guess, assuming that your inventory on a unit basis is continuing to still kind of decline or remain flat?

好的，這很有幫助。還有一點我很好奇，您提到本季增加了高價值庫存，我們是否可以理解為，按單位計算的庫存量仍在繼續下降或保持不變？

Yes, I think that's exactly what we see. I wouldn't say it's declining. I would say -- and I wouldn't say it's totally flat. I would definitely say it's not up. So when we start to get more supply, and I think it will be in a regular supply in the beginning as suppliers can increase their volumes, but that's a long way off. But I think it's still more of the same. I think there's still some more price increases. And hopefully, we start getting upside of product towards the second half of this year a little bit.

是的，我認為我們看到的正是如此。我不會說它正在下降。我會說——我也不會說它完全持平。我肯定地說它沒有上升。所以，當我們開始獲得更多供應時——我認為一開始供應會比較穩定，因為供應商可以增加產量——但這還有很長一段時間。但我認為情況還是大同小異。我認為價格還會繼續上漲。希望今年下半年我們能開始看到產品價格有上漲。

And your next question is from Matt Sheerin from Stifel.

下一個問題來自 Stifel 公司的 Matt Sheerin。

Yes. A question, Mike, just regarding the components business and the revenue decline in Asia year-over-year. You talked about constraints and some other issues.

是的。麥克，我有個問題，是關於零件業務以及亞洲地區收入年減的問題。你剛才提到了一些限制因素和其他一些問題。

Yet your competitor -- your biggest competitor have had pretty strong double-digit growth year-over-year. So I'm wondering what the difference might be in terms of customer mix and also the supplier relationship with TI, where we saw a lot of movement. You took a lot of market share, but I know there's some of that business going direct. So does that play into it at all as well?

然而，你們最大的競爭對手卻實現了兩位數的強勁同比增長。所以我想知道，在客戶結構以及與德州儀器（TI）的供應商關係方面，可能存在哪些差異，因為我們看到這方面有很多變化。你們搶佔了大量市場份額，但我知道其中一部分業務已經轉移到了直接銷售管道。那麼，這是否也對最終結果產生了影響呢？

Yes. Of course, there are several things. Number one, you also saw WPG and WT had, I think you even wrote the article about it, some growth, but that was primarily Taiwan. And as you know, we're not a large player in Taiwan, number one.

是的。當然，有很多因素。首先，您也看到了WPG和WT有所增長，我想您甚至還寫過相關文章，但這主要集中在台灣。而且您也知道，我們並不是台灣的主要參與者，這是第一點。

Number two, the consumer end of the business has not been a strength for us. And number three, it is the supply. If you remember when this first started to take off, we were shipping a lot of product and China was overwhelmingly the biggest in the mix.

第二，消費端業務並非我們的強項。第三，問題出在供應端。如果你還記得，當初業務剛起步的時候，我們的產品出貨量很大，而中國市場佔了絕對主導地位。

So most of those manufacturers got out of trouble. I'm not going to say they're out of trouble. But we went to a more hand-to-mouth situation there now than what we thought we've been over supply. It's balanced. It's how much product you get, and it just varies by how your backlog sits. But I think we're in a good place there. I wouldn't really ring the bell on any place like, for example, if we really did great in North America, Matt, and the other guy didn't do great or they did great in Asia and we didn't do great or vice versa in Europe, it's about supply for each of us. And they have their supply issues, we have ours, and that's what we're dealing with. It is clearly not a demand problem anywhere for anybody.

所以大多數製造商都擺脫了困境。我不會說他們完全擺脫了困境。但我們現在的情況比之前預想的供過於求好得多，更像是勉強維持收支平衡。現在情況比較平衡。關鍵在於你能拿到多少產品，這取決於你的積壓訂單狀況。但我認為我們目前的情況還不錯。我不會對任何特定地區的情況妄下斷言，例如，如果我們在北美做得非常好，而另一家公司做得不好；或者他們在亞洲做得很好，而我們做得不好；或者反過來，在歐洲也是如此。這都取決於我們各自的供應情況。他們有他們的供應問題，我們也有我們的，這就是我們正在應對的問題。顯然，對任何一方來說，都不存在需求問題。

Got it. Fair enough. That's quite helpful. And then on the computing side, you talked about increased profits year-over-year, but for Q2, you're guiding revenue down. Again, is that a function of mix? And then in terms of the pipeline that you're seeing, are you expecting the second half to be up versus the second half of last year?

明白了。好吧。這很有幫助。關於計算方面，您提到利潤年增，但第二季營收預期下調。這是因為產品組合的變化嗎？另外，就您目前看到的項目儲備而言，您預計下半年業績會比去年同期有所成長嗎？

Yes. Well, right now, what we are seeing our constraints on product in hardware, and we're trying to get that piece of it caught up. But that's largely what's missing. Virtually everything else we have in-house is growing. So the hardware piece is the toughest piece. When we get into the second half, because Sean's going to have to live with you, I'm going to let him answer that, please.

是的。嗯，目前我們在硬體產品方面遇到了一些限制，我們正在努力解決這個問題。但這基本上是目前最大的不足。我們內部其他幾乎所有產品都在成長。所以硬體部分是最難解決的。等到下半場，因為肖恩要和你們住在一起，我就讓他來回答這個問題吧。

And by the way, I may come down and go fishing with you in the sound after this is all over.

對了，等這一切結束後，我可能會和你一起去海灣釣魚。

Matt, so in addition to what Mike said, I would just point out that we love hardware, and we'll continue to drive it. But we've also intentionally been driving a mix shift to more software, more hybrid cloud, more services. And by definition, that's going to create a different dynamic for reported sales.

馬特，除了麥克剛才說的，我還想補充一點，我們非常重視硬件，並且會繼續加大投入。但我們也一直在有意地推動業務結構轉型，更多地轉向軟體、混合雲和服務。而這必然會對銷售報告產生不同的影響。

We are actually going to grow on the building supply in Q2, by the way. At the end of the day, you want to kind of evaluate things on the basis of GP and operating income dollar growth year-over-year, and we did that in Q1, and we're calling for that again in Q2.

順便說一句，我們第二季的建築材料供應量實際上會成長。歸根結底，評估業績應該以毛利和營業收入同比增長為依據，我們在第一季度做到了這一點，我們預計第二季度也會如此。

And as we look to the second half, it's hard to say exactly when the hardware supply chains improve, your guess might be not much different than mine, but the good news is that hardware pipeline and backlog continues to grow. That gives us a little confidence that we're seeing some renewed activity in the traditional on-premise piece of the data center, especially as it pertains to hybrid cloud activity and we'll keep building that backlog and be able to benefit from it when things loosen up, but we are expecting continued progress across the course of the year, and we are looking for better performance in the second half.

展望下半年，硬體供應鏈何時改善尚難定論，或許我的猜測也大同小異。但好消息是，硬體供應管道和積壓訂單持續成長。這讓我們對傳統資料中心本地部署業務的復甦充滿信心，尤其是在混合雲領域。我們將繼續累積積壓訂單，並在市場環境好轉時從中獲益。我們預計全年將持續取得進展，並期待下半年業績更佳。

Okay. Sean, have you seen the supply constraints actually worsened in the quarter, which we've heard from some others? Or is it kind of the same?

好的。肖恩，你覺得本季供應緊張的情況真的惡化了嗎？我們從其他人那裡也聽到了這種說法。還是說情況基本沒變？

No. We have, Matt, since we started to see lead times extend in our systems and storage and network business, I would say, mid last year, kind of late Q3, in some cases, lead times that doubled, tripled or even quadrupled. So the news hasn't gotten better. And we're working it case-by-case and supplier by supplier and deal by deal. It will get better. It's just tough to call exactly when.

不，馬特，自從我們開始看到系統、儲存和網路業務的交付週期延長以來，情況確實如此。我估計是從去年年中，大概第三季末開始，有些情況下交付週期甚至翻了一番、兩番甚至三番。所以情況並沒有好轉。我們正在逐一案例、逐個供應商、逐筆交易處理。情況會好轉的，只是很難準確預測何時會好轉。

And the next question is from Ruplu Bhattacharya from Bank of America.

下一個問題來自美國銀行的 Ruplu Bhattacharya。

I'd like to convey my congrats as well, to Sean and Mike. Again, this quarter, you had a very strong quarter in ECS for software and services. And Mike, you also talked about Supply Chain as a Service. Do you think at this point, there's a recurring revenue component to your ECS sales that probably is meaningful. And can you comment on -- is that something that you would disclose at some point? And how should we think about this mix of software and services trending over the next couple of quarters?

我也想向肖恩和麥克表示祝賀。本季，你們在軟體和服務方面的企業供應鏈策略（ECS）業務表現非常強勁。麥克，你也談到了供應鏈即服務（SaaS）。你認為目前ECS銷售額中是否存在可觀的經常性收入？你能否就此發表一下看法——你們是否會在某個時候透露相關資訊？未來幾個季度，我們該如何看待軟體和服務業務的發展趨勢？

Yes. I think that -- you're absolutely right. It's as to pick up, and that would be something that we would look at disclosing at a later date as we saw the consistency start to build on those products. It's really not in a position where you call it a line of business. It's really a product sale in our normal conditions of business.

是的，我認為——您說得完全正確。這方面我們還需要進一步了解，而且我們會根據這些產品的市場表現，在日後適當的時候再進行揭露。目前它還不能算是一項獨立的業務線，在我們正常的業務模式下，它實際上只是一項產品銷售。

But as we start to see that diverge, you are correct. It will move into that. You'll start to see that being reported like others. I wouldn't expect that for another year or so, though. And what I can tell you is we're very pleased with the increases we're seeing in the services and then the cloud business, and that's what we've been pushing for over the last couple of years as we know that model is changing. We just want to be on the front end of it this time.

但正如您所說，隨著這種分化的開始顯現，情況會朝著那個方向發展。您會看到這方面的報道與其他方面一樣。不過，我預計這種情況還需要一年左右的時間才會出現。我可以告訴您的是，我們對服務和雲端業務的成長非常滿意，這也是我們過去幾年一直在努力的方向，因為我們知道這種模式正在改變。我們只是想這次走在改變的前端。

Got it. That makes sense. Maybe for my follow-up, Mike, can you talk about your capital allocation priorities for the next 12 months? And as you look out into the next 3, 4 quarters, what gives you the most concern? I mean, it looks like the backlog is strong and the end-market demand is strong. Doesn't look like we're going into a recession or at least orders aren't being cut. So I mean, is there anything that gives you concern as you look out over the next 12 months? And how would you spend your cash and capital allocation?

明白了，這很有道理。麥克，或許我可以追問一下，能否談談未來12個月的資本配置重點？展望未來三、四個季度，您最擔心的是什麼？我的意思是，目前看來積壓訂單充足，終端市場需求也很強。看起來我們不會陷入衰退，至少訂單沒有減少。所以，我的意思是，展望未來12個月，您有什麼擔憂嗎？您會如何使用現金和資本配置？

Yes. I think there's -- you got a few questions in there, but that's okay. I think as far as our cash and allocation, the cash is the same, invest in the business where we can get the growth and the profit, M&A, if that's a possibility, which is rather remote during this period of time right now.

是的。我覺得你問了一些問題，但沒關係。關於我們的現金和資產配置，現金流保持不變，我們會投資於能夠帶來成長和利潤的業務，也會進行併購，如果可能的話，不過目前來看併購的可能性不大。

And then the third is to do buybacks, return cash to shareholders, which, as you know, we've been doing and we've been doing it with great consistency to give that comfort level. As far as that goes, I don't see a big change right now going out. Things that would concern me are if inflation continues to go in higher-value inventory, obviously, that takes more cash to buy the inventory until you can get settled through the system and get to receivable prices matching your inventory level.

第三點是股票回購，也就是向股東返還現金。如您所知，我們一直在這樣做，並且一直堅持不懈，以確保股東的信心。就目前而言，我認為不會有太大的改變。我擔心的是，如果通貨膨脹持續推高高價值庫存，那麼顯然，我們需要更多資金來回購庫存，直到系統結算完畢，應收帳款價格與庫存水準相符。

So you might sell a part for $1 today, but then that part, I'm going to use an extreme example, I might go to $1.50 next month and you're still pulling your receivables in at a lower price, that plays a little bit of havoc with your cash short term. But certainly, on your sales and profit, you get it there.

所以，你今天可能以 1 美元的價格賣掉一個零件，但下個月，我舉個極端的例子，這個零件的價格可能漲到 1.5 美元，而你的應收賬款卻仍然以較低的價格收回，這會在短期內對你的現金流造成一些影響。但可以肯定的是，從銷售額和利潤來看，你最終會實現目標。

So for us, it's really about, I think, cash and continuing buybacks on a certain level balance with our cash.

所以對我們來說，我認為關鍵在於現金，以及在一定水平上繼續回購股票，以保持現金與股票之間的平衡。

We have your next question from William Stein of Truist Securities.

我們收到來自 Truist Securities 的 William Stein 的下一個問題。

I want to add my congratulations on your relative ascension to these new positions and also especially on the great results that you're posting today and the guidance and you deserve quite a bit of credit for that. But I do want to ask about the cyclicality of each of the businesses for a moment.

我想祝賀您晉升到這些新職位，尤其要祝賀您今天發布的出色成果和指導，您為此付出了很多努力，理應獲得讚譽。但我確實想就每家企業的週期性問題問一下。

In components, in the past, we've seen periods like this for example, post financial crisis in calendar '10 to '11. And in fact, if you go further back to the tech bubble in 2000, margins are dramatically higher now, we're seeing this expansion again in the last few quarters. Those are great results, but I wonder if there's enough that's changed in this business that might keep those margins at this elevated level through the cyclical times that we're almost certainly going to face.

在零件產業，我們過去也曾經歷過類似的時期，例如2010年至2011年金融危機之後。事實上，如果追溯到2000年的科技泡沫時期，利潤率現在也顯著高於現在，而且在過去的幾個季度裡，我們再次看到了這種擴張趨勢。這些都是非常好的業績，但我懷疑這個行業是否發生了足夠的變化，足以讓利潤率在幾乎肯定會面臨的周期性波動中保持如此高的水平。

Yes. We've kind of laid out how we saw the pricing go, but there's several things that have changed, and there's obviously several things that have changed within Arrow and one happens to be engineering.

是的。我們已經大致闡述了我們對定價的預期，但有好幾件事都發生了變化，Arrow 內部也顯然發生了好幾件事，其中之一就是工程方面。

As you know, we've put more focus on that over the years than our services and software business, which are less susceptible to those market changes. Thirdly, if you take the components business, which as you guys know, is one of the big drivers of just looking at the numbers, the price increases appear to be more structural now. With the raw material prices up, I don't think anybody is thinking that raw material prices are going to go down. You have manufacturing costs, you have new fabs coming on, and you guys know in a $10 billion fab. Somebody is going to pay for it. And in the end, it's going to be in the price of the products.

如您所知，多年來我們一直將更多精力放在零件業務上，而不是服務和軟體業務，因為後兩者受市場變化的影響較小。第三，如果您看看零件業務，如您所知，這是推動業績成長的主要因素之一，那麼價格上漲似乎更多是結構性的。原物料價格上漲，我認為沒有人會認為原物料價格會下降。製造成本、新建的晶圓廠，以及一座價值100億美元的晶圓廠，最終都會有人為此買單。最終，這些成本都會反映在產品價格上。

So as the structural changes start to take place in the business, I think you're going to see that. The other thing is the amount of inventory on hand is likely to move closer to a just-in-time inventory, thereby, there will be less inventory being held for 2 reasons.

隨著企業結構性變革的開始，我認為你會看到這種情況。另一方面，庫存量可能會更接近即時庫存模式，因此，庫存量會減少，原因有二。

One is going to be more visibility in the system. So customers are going to have to place their orders out further and customers are going to be more concerned with supply than trying to get that extra penny off the park like they've been conditioned to. And all of that will come into play. The question is, will we give back any of it. I think any time you're dealing with an inflationary market and hard to get parts at one time, of course, some will go back. But I don't believe it will be as dramatic as last time because that was really an economic situation more than the semiconductor business. This time was a pure on supply problem and now coupled even with a little pullback in the market, that's not going to fix the problem. We're still going to have be short for the next year or 2. Hopefully, that helps.

一方面，系統透明度將會提高。因此，客戶需要提前更長時間下單，並且會更加關注供應情況，而不是像以往那樣想著從市場中榨取每一分錢。所有這些因素都會發揮作用。問題是，我們會不會因此而退縮。我認為，在通貨膨脹的市場環境下，零件供應緊張時，肯定會有一些退縮。但我認為這次的情況不會像上次那麼劇烈，因為上次更多的是經濟狀況而非半導體產業本身的問題。這次完全是供應問題，即使市場略有回落，也無法解決問題。未來一兩年內，我們仍會面臨供應短缺。希望這些措施能有所幫助。

Yes, that helps a lot, Mike. I was focused on the component side. I think you put some commentary in systems, but I want to focus on that business separately just for a moment. I was talking with an investor earlier today, who said, look at the multiyear growth in revenue in this business. And I know that you, in the past, have this target of 1.5 to 2x IT industry spend. And I don't necessarily track that so carefully, but this business has declined in each of the last 4 years on a revenue basis anyway. It's -- the revenue is down to where it was about 9 years ago, and as you call out, and I appreciate that the profitability here, maybe if we look at the operating profit, that's the right way to measure it because it's not -- it looks better in that regard. Is that the way we should think about this business in terms of how you manage it internally, you're managing it to the operating profit level and that's what we should target from a growth perspective? And if so, maybe what's the growth rate that we can expect in the future?

是的，這很有幫助，麥克。我之前主要關注的是組件方面。我想你對系統方面也做了一些評論，但我想單獨談談這個業務。今天早些時候我和一位投資人聊過，他說，看看這個業務多年來的營收成長。我知道你過去的目標是IT產業支出的1.5到2倍。我並沒有特別仔細地追蹤這個數據，但無論如何，這個業務在過去四年裡營收一直在下滑。營收已經降到了大約九年前的水平。正如你所指出的，我很贊同，這裡的獲利能力，也許如果我們看營業利潤，那才是正確的衡量方式，因為從這個角度來看，情況確實好轉了一些。從內部管理的角度來看，我們是否應該這樣看待這個業務？你們的管理目標是達到營業利潤水平，而這是否也是我們從成長角度該追求的目標？如果真是如此，那麼我們未來可以預期的成長率是多少呢？

Yes. I think you hit the nail on the head. We have been pushing this business to a services and software business. The operating income has been getting better. That business has been growing with the market. If you go 9 or 10 years ago, our hardware business was basically all we had. We just had hardware that we were selling. And over that period of time, you may or may not remember based on your age, but I'll show mine a little. We used to buy storage systems from EMC at $1 million, and they used to get put in. Now that product is $50,000. So the price of hardware has come way, way down over the years, and we thought then it wouldn't be sustainable as we started building the rest of the business.

是的，我覺得你說得太對了。我們一直在努力將業務轉型為服務和軟體業務。營業收入一直在成長，這項業務也隨著市場發展而成長。回想九、十年前，我們的硬體業務幾乎就是我們全部的業務。我們只銷售硬體。在那段時間裡，你可能會記得也可能不記得，這取決於你的年齡，但我可以簡單介紹一下。我們以前從EMC購買儲存系統要花費100萬美元，然後還要負責安裝。現在同樣的產品只要5萬美元。所以這些年來硬體的價格已經大幅下降，我們當時就覺得，隨著我們開始發展其他業務，這種模式將難以為繼。

But given how we account for things and how we have to legally account for things, you don't get to see the growth in the top line and sales. So the best place to either see it is really on the bottom line and where we've applied money over the years to improve the bottom line. And we're also seeing the point now of what I would say is that crossover point where we should be seeing a little more consistent growth because we're getting to those levels now.

但鑑於我們的會計方式以及法律規定的會計計算方式，你無法從營收和銷售額直接看到成長。因此，真正能體現成長的，是淨利潤，以及我們多年來為提升淨利潤所投入的資金。而且，我們現在也正處於一個關鍵的轉折點，應該會看到更穩定的成長，因為我們已經達到了相應的水平。

And the next question is from Nikolay Todorov from Longbow Research.

下一個問題來自 Longbow Research 的 Nikolay Todorov。

My congrats as well to both of you. A question. I think, Mike, you mentioned when you talked about the components business in each geography loosening supply, maybe you can touch upon that and expand a little bit. Where exactly which areas of maybe products you're seeing signs of supply starting to loosen up? And I guess related to that, the outlook for the components business into the second quarter is stronger than most of your suppliers and peers. Is that also because of expectation of supply loosening up?

我也要祝賀你們兩位。我有個問題。麥克，你剛才提到各地區的零件業務供應有所放鬆，你能不能詳細說說？具體來說，你認為哪些產品領域的供應開始放鬆了？另外，我想說的是，你們對第二季零件業務的前景比大多數供應商和同行都要樂觀。這是否也是因為預期供應會放鬆？

Yes, we believe we've got a handle on the supply we're going to get for the second quarter. And we believe that we've been looking at it for a while, and it looks pretty good. I think since we started looking at it and thought of our own guidance, we also saw the suppliers come out with a little stronger market than we thought was going to happen.

是的，我們相信我們已經掌握了第二季的供應情況。我們已經關注這個問題一段時間了，目前看來情況相當不錯。我認為，自從我們開始關注這個問題並製定我們自己的業績預期以來，我們也看到供應商的市場表現比我們預期的要強勁一些。

So it's very good. It's purely a supply demand and when the orders are in the system. But virtually, every vertical market in North America, In Europe and in Asia, with the exception of 1 or 2 are up in their demand counts so the ability to really forecast to you immediately by a region where that's going to fall is a difficult thing. We know the prices, we know the inventory levels, and we kind of know where the inventory is coming in, and that's how we build it up. So pure supply right now, nothing else to it.

所以情況非常好。這完全取決於供需關係，以及訂單何時進入系統。但實際上，北美、歐洲和亞洲幾乎所有垂直市場（除了一兩個例外）的需求量都在上升，因此很難立即預測某個地區的需求量會下降。我們了解價格、庫存水平，也大致知道庫存的來源，這就是我們建立庫存的方式。所以目前完全取決於供應，沒有其他因素。

Okay. That's helpful. And second question, just double-clicking on the comment you made that pricing will abate towards the second half. Can you expand maybe a little bit on what do you mean by that simply because we've seen, obviously, the raw components, raw materials continued to increase throughout the first couple of months of the year? And maybe can you talk broadly about the sustainability of pricing power for the suppliers. Are you starting to see any increase in pushback from customers on the price increases on the semi sides, which we further are quite substantial?

好的，這很有幫助。第二個問題，我剛剛提到價格會在下半年回落。您能否詳細解釋一下這個說法？因為我們看到，今年前幾個月原物料價格持續上漲。您能否談談供應商定價權的可持續性？您是否開始看到客戶對半成品價格上漲（而且漲幅相當大）的抵觸情緒增加？

Yes. I think the customers have a choice. I'll start there. They can pay it or not get parts. That's -- unfortunately, that's the draconian answer. And that's basically the answer from the suppliers, too. The reason that I say abate, I didn't say go away, so we might as well put that out there right now. A lot of suppliers came out with 20% immediate price increases, 25% immediate price increases to get caught up to where they thought they needed to be. I don't believe we're going to see that kind of increase again in the second half of the year.

是的。我認為客戶有選擇權。我就從這裡開始說起。他們可以選擇支付這筆費用，或是不買配件。很遺憾，這就是目前最嚴厲的解決辦法。供應商的答覆也基本如此。我之所以說“降低”，而不是“取消”，是因為我們不妨現在就把這一點說清楚。很多供應商為了趕上他們認為的進度，立刻提高了20%甚至25%的價格。我不認為下半年我們會再看到這種程度的漲價。

I think those numbers will go down. And I think largely, it is a big exercise for suppliers to raise the price and go through everything on their side. And I don't see a lot of them coming back and revisiting that to the following year. But the pricing power is there. And as I said before, the difference is either a supplier builds a $10 billion fab or they farm it out to somebody else who has and whoever builds the fab is going to have the ability to charge to have those products built and customers have, frankly, been getting a deal for a good many years. They've been getting better, faster, cheaper, right, in their products, and they haven't had to pay for that. Now they're going to have to pay for it, and I think that's here for good.

我認為這些數字會下降。而且我認為，對供應商來說，提高價格並進行一系列的調整是一項巨大的工程。我不認為他們會在第二年再次調整價格。但定價權依然存在。正如我之前所說，差異在於供應商要麼自己建造一座價值100億美元的晶圓廠，要麼將​​其外包給其他有能力建造晶圓廠的公司。無論誰建造晶圓廠，都將有能力收取產品製造費用。坦白說，多年來客戶一直佔便宜。他們的產品越來越好、越來越快、越來越便宜，而他們卻不必為此付費。現在他們必須為此付費了，而且我認為這種情況會一直持續下去。

(Operator Instructions)

（操作說明）

We have a question from the line of James Suva from Citi Group.

我們收到來自花旗集團 James Suva 的提問。

Congratulations, Sean and Mike having known you for decades. It's going to be a pleasure for me to say congratulations, but you'll be missed. My question is on the inventory build, I'm not saying inventory is a bad thing, it's not. But when I look at the percent increase year-over-year, up over 40% and quarter-over-quarter up, say, 10%, 11%. And I look at your outlook for sales, yes, prices are going higher, but your sales outlook isn't even close to those type of builds.

恭喜肖恩和麥克，認識你們幾十年了。能向你們表示祝賀我感到非常榮幸，但你們的離開我們也會感到惋惜。我的問題是關於庫存成長的，我並不是說庫存不好，它當然不是。但是，當我看到庫存同比增長超過40%，環比增長10%或11%時，我再看看你們的銷售預期，沒錯，價格確實在上漲，但你們的銷售預期與這種增長幅度根本無法匹配。

So can you help me understand that maybe some of it is it's already completely shipped out of your building and gone? Or I just don't understand the magnitude seems like a big difference. Again, not that it's a bad thing, but I'm just trying to get my arms around why there's such a big difference between the 2 numbers?

所以，您能幫我理解一下，是不是有些東西已經全部從你們的倉庫運走了？或者我只是沒理解為什麼差別這麼大？再說一遍，這沒什麼不好，我只是想弄清楚為什麼這兩個數字之間會有這麼大的差異？

I think what you have, Jim, is the age-old answer that when you take it over time, the inventory changes here daily, 1 week can make a huge difference, 1 day of shipments can make a huge difference.

吉姆，我認為你說的其實是老生常談的答案：隨著時間的推移，這裡的庫存每天都在變化，一周的時間可能會產生巨大的差異，一天的發貨量也會產生巨大的差異。

So you're seeing an end of the period number, but there's a lot of activity and a lot of churn in the period itself. The vast difference, though, remember, I said before, we may be carrying a part today at $1.50 that we sold 30 days ago at $1 because the suppliers just came in and rose the price -- raised the price on it. And we have to pass that through on all future shipments.

所以你看到的是期末數據，但其實當期交易活動非常頻繁，人員流動也很大。不過，正如我之前所說，最大的區別在於，我們今天可能以 1.50 美元的價格持有某個零件，而 30 天前我們可能只以 1 美元的價格售出，因為供應商剛剛提高了價格。我們必須將這部分成本轉嫁到所有未來的出貨中。

So you get the dollar value of the inventory today and you get the future sale of that higher level of inventory tomorrow.

這樣，你既能獲得今天庫存的美元價值，又能獲得明天更高庫存水準的未來銷售額。

Does that make sense?

這樣說得通嗎？

Yes. But just a difference, again, of your sales outlook isn't close to, I'd say, let's call it, close to 9%, 10% for your sales outlook. But the inventory build was up year-over-year, 40%. And so what came in and come out, there's still a disconnect.

是的。但是，再次強調，你們的銷售預期與實際預期之間的差異並不大，我估計大概只有9%到10%。但庫存年增了40%。所以，進出貨量之間仍有脫節。

So you have that, but you also have, as I said before, this time for us, we had a bit of a freeing up of the higher, more expensive type parts that were more of what were the golden screw parts. If you remember, that was the biggest stream that most of the customers had. They didn't have the parts to fulfill their bills. Those parts are coming in now. And that's one of the other reasons that you see the inventory is actually more of a skew with the higher dollar value parts than it was before.

所以，一方面，正如我之前所說，另一方面，這次我們清倉了一些價格更高的零件，也就是所謂的「黃金螺絲」零件。如果你還記得，這曾是大多數客戶面臨的最大難題。他們之前缺貨，無法完成訂單。現在這些零件到貨了。這也是為什麼你會發現，與之前相比，目前高價值零件的庫存比例更加偏高的原因之一。

Okay. That makes complete sense. And remember, we do go fishing here in San Francisco also in Silicon Valley.

好的，完全說得通。記住，我們在舊金山和矽谷也常去釣魚。

I know you do it and I know you like it, so I would wait for you to get on maybe at July 4 party.

我知道你會做，也知道你喜歡做，所以我可能會等到7月4日的派對再看看你。

And there are no further questions. I would like to turn the call back to the speakers for further remarks. Speakers, please go ahead.

沒有其他問題了。現在請各位發言。發言者請開始。

Thank you for your interest in Arrow Electronics, and have a nice day.

感謝您對艾睿電子的關注，祝您愉快！

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

今天的電話會議到此結束。感謝您的參與。您可以斷開連線了。