安富利 (AVT) 2023 Q1 法說會逐字稿

Welcome to the Avnet's First Quarter Fiscal Year 2023 Earnings Conference Call. I would now like to turn the floor over to Joe Burke, Vice President of Treasury and Investor Relations for Avnet.

歡迎參加安富利 2023 財年第一季度收益電話會議。我現在想請安富利財務和投資者關係副總裁喬·伯克發言。

Thank you, Paul. Earlier this afternoon, Avnet released financial results for the first quarter of fiscal year 2023. The release is available on the Investor Relations section of the company's website. A copy of the slide presentation that will accompany today's remarks can be found via the link in the earnings release as well as on the IR section of Avnet's website.

謝謝你，保羅。今天下午早些時候，安富利發布了 2023 財年第一季度的財務業績。該發布可在公司網站的投資者關係部分獲得。可以通過收益發布中的鏈接以及 Avnet 網站的 IR 部分找到將伴隨今天的評論的幻燈片演示文稿的副本。

Some of the information contained in the news release and on this conference call contain forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. Such forward-looking statements are not the guarantee of performance, and the company's actual results could differ materially from those contained in such statements. Several factors that could cause or contribute to such differences are described in detail in Avnet's most recent Form 10-Q and 10-K and subsequent filings with the SEC. These forward-looking statements speak only as of the date of this presentation, and the company undertakes no obligation to publicly update any forward-looking statements or supply new information regarding the circumstances after the date of this presentation.

新聞稿和本次電話會議中包含的一些信息包含前瞻性陳述，這些陳述涉及難以預測的風險、不確定性和假設。此類前瞻性陳述不能保證業績，公司的實際結果可能與此類陳述中包含的結果存在重大差異。安富利最新的 10-Q 和 10-K 表格以及隨後提交給美國證券交易委員會的文件詳細描述了可能導致或促成此類差異的幾個因素。這些前瞻性陳述僅在本演示文稿發布之日發表，公司不承擔公開更新任何前瞻性陳述或提供有關本演示文稿日期之後情況的新信息的義務。

Today's call will be led by Phil Gallagher, Avnet's CEO; and Ken Jacobson, Avnet's CFO.

今天的電話會議將由安富利首席執行官 Phil Gallagher 主持；安富利首席財務官 Ken Jacobson。

With that, let me turn the call over to Phil Gallagher. Phil?

有了這個，讓我把電話轉給 Phil Gallagher。菲爾?

Thank you, Joe, and thank you, everyone, for joining us on our first quarter fiscal year 2023 earnings conference call.

謝謝你，喬，謝謝大家加入我們的 2023 財年第一季度財報電話會議。

In the prior fiscal year, we delivered record results and continued to take strategic steps to position Avnet as a more durable company with an increasingly critical role in the global technology supply chain. We are well positioned to continue to deliver value to our customers, suppliers and shareholders, even in the face of a more challenging and uncertain operating environment.

在上一財年，我們取得了創紀錄的業績，並繼續採取戰略措施將安富利定位為一家更耐用的公司，在全球技術供應鏈中發揮越來越重要的作用。即使面對更具挑戰性和不確定性的運營環境，我們也有能力繼續為我們的客戶、供應商和股東創造價值。

I am pleased to share that we kicked off the fiscal year with another quarter of solid financial results, including meaningful sales growth across all regions and improved profitability year-over-year. We achieved these results despite the macro headwinds affecting certain areas of our business, which I'll touch on in a minute.

我很高興地與大家分享，我們以又一個季度的穩健財務業績拉開了本財年的序幕，其中包括所有地區的有意義的銷售增長和逐年提高的盈利能力。儘管宏觀逆風影響了我們業務的某些領域，但我們還是取得了這些成果，我稍後會談到。

In the quarter, we achieved sales of $6.8 billion. This exceeded the higher end of our guidance, up 6% sequentially and over 20% year-over-year. On a constant currency basis, sales increased nearly 29% year-over-year. Efficient management of our operations also enabled us to drive solid operating margins of 4.3%, which is the third consecutive quarter of greater than 4% operating margin. Further, the combination of a solid sales and effective management of operations allowed us to increase operating income 3x greater than revenues on a year-over-year basis.

本季度，我們實現了 68 億美元的銷售額。這超出了我們指引的上限，環比增長 6%，同比增長超過 20%。按固定匯率計算，銷售額同比增長近 29%。我們對運營的有效管理還使我們能夠將營業利潤率提高到 4.3%，這是連續第三個季度超過 4% 的營業利潤率。此外，穩健的銷售和有效的運營管理相結合，使我們的營業收入同比增長 3 倍於收入。

A significant driver of our results in the quarter was, of course, the continued execution by our incredible global team. Our team has effectively managed market complexities, and has served as great partners to our customers and suppliers as they faced fast-changing supply chain conditions and uncertainties. We are more deeply engaged with our customers and suppliers than ever before, which enables us to maintain the necessary expertise and capabilities to help them navigate today's supply chain complexities.

當然，我們本季度業績的一個重要推動力是我們令人難以置信的全球團隊的持續執行。我們的團隊有效地管理了市場的複雜性，並在我們的客戶和供應商面臨快速變化的供應鏈條件和不確定性時成為他們的重要合作夥伴。我們與客戶和供應商的互動比以往任何時候都更加深入，這使我們能夠保持必要的專業知識和能力，幫助他們應對當今供應鏈的複雜性。

And with the structural and organizational changes we've made to our business over the last 2 years, we are well positioned to continue serving as a control tower for our customers and suppliers.

隨著過去 2 年我們對業務進行的結構和組織變革，我們處於有利地位，可以繼續為我們的客戶和供應商充當控制塔。

In the quarter, demand remained strong globally and in key vertical segments like transportation, industrial and aerospace and defense, and we have continued to invest in inventory to meet this demand. You will see that inventory levels were higher at the end of the first quarter as compared to the prior quarter, which Ken will speak to you further in his commentary. This reflects our need to support sustained sales levels in Asia and quarterly increases for specific supply chain engagements. Overall, we continue to be very comfortable with our days of inventory heading into our second quarter.

本季度，全球以及交通、工業、航空航天和國防等關鍵垂直領域的需求保持強勁，我們繼續投資庫存以滿足這一需求。您會看到，與上一季度相比，第一季度末的庫存水平更高，Ken 將在他的評論中進一步與您交談。這反映了我們需要支持亞洲的持續銷售水平以及特定供應鏈業務的季度增長。總體而言，我們對進入第二季度的庫存天數仍然感到非常滿意。

With that, let me turn to the highlights for our business. At the top line, our Electronic Components business saw a sequential and year-over-year growth across all 3 regions. In constant currency, Electronic Components sales were up nearly 9% sequentially and up over 31% year-over-year, reaching $6.3 billion in the quarter. These results were primarily driven by another record quarter of sales in Asia and consistent strong sales growth in both the Americas and EMEA regions.

有了這個，讓我轉向我們業務的亮點。在收入方面，我們的電子元件業務在所有三個地區都實現了連續和同比增長。按固定匯率計算，電子元件銷售額環比增長近 9%，同比增長超過 31%，本季度達到 63 億美元。這些業績主要得益於亞洲另一個創紀錄的季度銷售額以及美洲和歐洲、中東和非洲地區持續強勁的銷售增長。

Increased sales in Asia were driven primarily by growth in the transportation and industrial markets. The team in Asia was also successfully gaining share in the region, leading to record quarter billings. The Americas and EMEA regions both benefited from strength in key verticals, notably industrial, transportation and aerospace and defense. We are very pleased with the growth in these markets as highlighted at our Investor Day in June. This is proof that we are well diversified across the end markets we serve and reinforces our expectation that these end markets will continue to have positive long-term growth prospects.

亞洲銷售額的增長主要受到運輸和工業市場增長的推動。亞洲的團隊也成功地在該地區獲得了份額，導致了創紀錄的季度收入。美洲和歐洲、中東和非洲地區都受益於關鍵垂直領域的實力，特別是工業、運輸和航空航天和國防。我們對這些市場的增長感到非常滿意，正如 6 月投資者日所強調的那樣。這證明了我們在所服務的終端市場上的多元化程度很高，並強化了我們對這些終端市場將繼續擁有積極的長期增長前景的預期。

Further, our enhanced focus on growing key supplier relationships and addressing their supply chain needs continues to bring benefits across all of our regions. We continue to coordinate closely with customers and suppliers to effectively manage our backlog. As a result of those actions, our overall book-to-bill ratio continued to moderate as was near parity leading into our second quarter.

此外，我們更加註重發展關鍵供應商關係並滿足他們的供應鏈需求，繼續為我們所有地區帶來好處。我們將繼續與客戶和供應商密切協調，以有效管理我們的積壓訂單。由於這些行動，我們的整體訂單出貨比繼續放緩，接近我們第二季度的平價。

We continue to benefit from our unique engineering capabilities with our field application engineers and digital design tools, resulting in another record revenue quarter for demand creation. We believe this continued strength is indicative of the increasing value of the capabilities we provide to customers and suppliers, and is important to supporting our margins in a more uncertain operating environment.

我們通過現場應用工程師和數字設計工具繼續受益於我們獨特的工程能力，從而創造了另一個創紀錄的收入季度以創造需求。我們認為，這種持續的實力表明我們為客戶和供應商提供的能力的價值不斷增加，並且對於在更加不確定的運營環境中支持我們的利潤率非常重要。

Turning to our Farnell business. Farnell sales and profitability were impacted by currency fluctuations, particularly weakness in the British pound, and ongoing component shortages that are affecting Farnell's ability to fully meet demand for single-board computers. Even with that, the backlog for single-board computers remains robust, and we expect to realize such sales when product becomes available.

轉向我們的 Farnell 業務。 Farnell 的銷售和盈利能力受到貨幣波動的影響，尤其是英鎊的疲軟，以及影響 Farnell 完全滿足對單板計算機需求的能力的持續組件短缺。即便如此，單板機的積壓仍然很強勁，我們希望在產品上市時實現這樣的銷售。

Additionally, Farnell recently became the exclusive licensed distributor of the Raspberry Pi single board computer. We are really excited about this development, which will increase our market share and favorably impact Farnell's revenue in the midterm. Operating margins for Farnell were above 12% during the quarter, impacted by a weakening of the British count. We expect currency fluctuations to have a continued impact on Farnell into the second quarter.

此外，Farnell 最近成為了 Raspberry Pi 單板計算機的獨家授權經銷商。我們對這一發展感到非常興奮，這將增加我們的市場份額並在中期對 Farnell 的收入產生有利影響。 Farnell 在本季度的營業利潤率超過 12%，受英國人數減少的影響。我們預計貨幣波動將對 Farnell 持續影響到第二季度。

We remain excited about Farnell and continue to see opportunity to leverage Farnell's and Electronic Components' unique and synergistic collaboration to better serve our Avnet customers.

我們仍然對 Farnell 感到興奮，並繼續看到利用 Farnell 和 Electronic Components 獨特的協同合作來更好地為我們的 Avnet 客戶服務的機會。

To conclude, I want to reiterate that we are a stronger and much more durable company today due to the changes we've made to our business. And I believe our recent trends and results reflect that. While we cannot control the overall market, I am confident in our team's ability to execute in a challenging and uncertain environment and continue to deliver value to our supplier and customer partners.

最後，我想重申，由於我們對業務所做的改變，我們今天是一家更強大、更耐用的公司。我相信我們最近的趨勢和結果反映了這一點。雖然我們無法控制整個市場，但我相信我們的團隊有能力在充滿挑戰和不確定的環境中執行，並繼續為我們的供應商和客戶合作夥伴創造價值。

There's never been a greater need for the capabilities that Advent has, and we look forward to continuing to play a critical role at the center of the technology supply chain.

對 Advent 的能力的需求從未如此迫切，我們期待繼續在技術供應鏈的中心發揮關鍵作用。

With that, I'll turn it over to Ken to dive deeper into our first quarter results.

有了這個，我將把它交給肯來更深入地了解我們的第一季度業績。

Thank you, Phil. Good afternoon, everyone, and thank you for participating on today's call.

謝謝你，菲爾。大家下午好，感謝您參加今天的電話會議。

As Phil mentioned, we are very pleased with our first quarter performance. Our team's continued execution resulted in significant sales and operating income growth with excellent returns and we are encouraged by the great start to fiscal year 2023.

正如菲爾所說，我們對第一季度的表現非常滿意。我們團隊的持續執行帶來了顯著的銷售和營業收入增長以及豐厚的回報，我們對 2023 財年的良好開端感到鼓舞。

In the first quarter, our sales were $6.8 billion, up 21% year-over-year, well exceeding the top end of our guidance range. Sales growth in constant currency was 29% year-over-year with each region contributing to the growth. We also grew sales 6% quarter-over-quarter or over 8% in constant currency, which was well above our typical seasonal trend. We had strong sales in the first quarter across all of our regions, led by our Asia team, which delivered a record $2.9 billion of sales.

第一季度，我們的銷售額為 68 億美元，同比增長 21%，遠超我們指導範圍的上限。按固定匯率計算，銷售額同比增長 29%，每個地區都對增長做出了貢獻。我們的銷售額環比增長 6% 或按固定匯率計算超過 8%，這遠高於我們典型的季節性趨勢。在我們的亞洲團隊的帶領下，我們在所有地區的第一季度銷售額都表現強勁，銷售額達到創紀錄的 29 億美元。

On a year-over-year basis, sales grew 33% in the Americas, 42% in Europe in constant currency, and 18% in Asia in constant currency. From an operating group perspective, Electronic Components sales grew 23% year-over-year or 31% in constant currency. Electronic Components sales grew 7% quarter-over-quarter or 9% in constant currency.

按固定匯率計算，美洲銷售額同比增長 33%，歐洲銷售額增長 42%，亞洲銷售額同比增長 18%。從運營集團的角度來看，電子元件銷售額同比增長 23% 或按固定匯率計算增長 31%。電子元件銷售額環比增長 7%，或按固定匯率計算增長 9%。

Farnell's sales declined 6% year-over-year, but grew 2% in constant currency. Farnell's sales continue to be negatively impacted by the continued shortage of certain components needed to complete single-board computers. Excluding sales of certain single-board computers, Farnell sales grew 7% year-over-year.

Farnell 的銷售額同比下降 6%，但按固定匯率計算增長 2%。 Farnell 的銷售繼續受到完成單板計算機所需的某些組件持續短缺的負面影響。不包括某些單板計算機的銷售額，Farnell 銷售額同比增長 7%。

For the first quarter, gross margin of 11.4% was down 85 basis points quarter-over-quarter. This decline was primarily driven by higher Asia regional sales mix and from declines in gross margin due to product and customer mix.

第一季度，毛利率為 11.4%，環比下降 85 個基點。這一下降主要是由於亞洲區域銷售組合增加以及產品和客戶組合導致毛利率下降。

We continue to maintain discipline around expenses in the quarter as adjusted operating expenses were $475 million for the quarter, down 4% sequentially and down 1% year-over-year. Adjusted operating expense, this as a percentage of gross profit dollars, was less than 62% in the first quarter, which is the lowest it has been over the past several years.

由於本季度調整後的運營費用為 4.75 億美元，環比下降 4%，同比下降 1%，因此我們繼續保持本季度支出的紀律。第一季度調整後的營業費用佔毛利潤的百分比不到 62%，這是過去幾年的最低水平。

Adjusted operating income of $293 million increased 64% year-over-year and grew 3x greater than sales, demonstrating our ability to continue to drive operating leverage as we grow our business. Our adjusted operating income margin was 4.4% in the first quarter, which is the third consecutive quarter with greater than 4% operating income margin.

調整後的營業收入為 2.93 億美元，同比增長 64%，是銷售額的 3 倍，這表明我們有能力在業務發展的同時繼續提高運營槓桿。我們第一季度調整後的營業利潤率為 4.4%，這是連續第三個季度營業利潤率超過 4%。

Electronic Components operating income was $267 million, up 65% year-over-year. Electronic Components operating income margin was 4.2%, up over 100 basis points year-over-year. Most notably, our Americas business continued to make progress towards our operating margin improvement goals. This is the eighth consecutive quarter of Americas' year-over-year operating margin improvements, and we are encouraged by the momentum our Americas team has coming into the December quarter.

電子元件營業收入為 2.67 億美元，同比增長 65%。電子元件營業利潤率為 4.2%，同比增長 100 多個基點。最值得注意的是，我們的美洲業務繼續朝著提高營業利潤率的目標取得進展。這是美洲連續第八個季度實現營業利潤率同比增長，我們對美洲團隊進入 12 月季度的勢頭感到鼓舞。

Farnell operating income was $52 million, up 4% year-over-year despite the 6% decline in sales. Farnell operating income margin was 12.1% in the quarter, up over 120 basis points year-over-year. The quarter-over-quarter decline in Farnell operating income margin was primarily driven by a combination of lower sales and a lower gross margin because of the foreign currency impact on Farnell's pricing and related gross margin.

儘管銷售額下降了 6%，但 Farnell 的營業收入為 5200 萬美元，同比增長 4%。 Farnell 本季度營業利潤率為 12.1%，同比增長超過 120 個基點。 Farnell 營業利潤率的環比下降主要是由於外幣對 Farnell 定價和相關毛利率的影響，銷售額下降和毛利率下降。

Turning to expenses below operating income. Interest expense of $45 million in the first quarter increased by [$15] million quarter-over-quarter primarily due to higher debt balances to support working capital investments and from rising interest rates. This increase in interest expense negatively impacted adjusted diluted earnings per share by $0.12 quarter-over-quarter.

轉向低於營業收入的費用。第一季度利息支出為 4500 萬美元，環比增加 [15]00 萬美元，主要是由於支持營運資本投資的債務餘額增加和利率上升。利息費用的增加對調整後的稀釋後每股收益產生負面影響，環比增加了 0.12 美元。

Our effective income tax rate was 23% in the quarter as expected.

正如預期的那樣，我們本季度的有效所得稅率為 23%。

Adjusted diluted earnings per share was $2 for the quarter, which increased 64% year-over-year.

本季度調整後的稀釋後每股收益為 2 美元，同比增長 64%。

Turning to the balance sheet and liquidity. During the quarter, we invested in working capital to support our sales growth, resulting in approximately $700 million increase quarter-over-quarter. Of this working capital increase, approximately $300 million came from additional receivables and approximately $400 million came from additional inventories.

轉向資產負債表和流動性。在本季度，我們投資營運資金以支持我們的銷售增長，導致環比增長約 7 億美元。在此次營運資金增加中，約 3 億美元來自額外應收賬款，約 4 億美元來自額外庫存。

With respect to our inventory, we are comfortable with the quality and age of our inventory. The increase in inventory was driven by several factors, including support for sustained sales levels in Asia and an approximately $120 million increase specific to a single supply chain engagement that came in at the end of the quarter. We expect the inventory related to this specific engagement to ship early in the quarter.

關於我們的庫存，我們對庫存的質量和年齡感到滿意。庫存增加是由幾個因素推動的，包括對亞洲持續銷售水平的支持以及在本季度末出現的單一供應鏈參與增加了約 1.2 億美元。我們預計與此特定業務相關的庫存將在本季度初發貨。

Additionally, we continue to work with our customers and suppliers to come to mutually beneficial solutions as certain customers have higher levels of inventory as they wait for the golden screw components. As a result of this working capital increase, working capital days was 73 days for the quarter, which is within our acceptable range of working capital days.

此外，我們將繼續與我們的客戶和供應商合作，尋求互惠互利的解決方案，因為某些客戶在等待黃金螺絲組件時庫存水平較高。由於此次營運資金增加，本季度的營運資金天數為 73 天，這在我們可接受的營運資金天數範圍內。

Our returns on working capital continue to be significantly higher than our cost of capital. The increases in working capital led to an increase in debt of approximately $700 million and a corresponding $650 million use of cash from operations. The increase in debt led to a gross leverage of 1.9x at the end of the quarter, still well within our required leverage ratios.

我們的營運資本回報率繼續顯著高於我們的資本成本。營運資金的增加導致債務增加約 7 億美元，相應地使用了 6.5 億美元的運營現金。債務增加導致本季度末總槓桿率為 1.9 倍，仍處於我們要求的槓桿率範圍內。

At the end of the quarter, we had approximately $600 million of available borrowing capacity, and we expect to generate positive operating cash flows in our second quarter because of seasonal declines in sales from our Western regions.

在本季度末，我們有大約 6 億美元的可用借貸能力，由於我們西部地區的銷售額季節性下降，我們預計第二季度將產生正的經營現金流。

In our first quarter, we purchased approximately $150 million worth of shares, which represented nearly 4% of outstanding shares. Over the last 2 quarters, we've retired approximately 6% of outstanding shares. There's $383 million left on our current share repurchase authorization entering the second quarter. We expect to continue to buy back shares at similar levels during the second quarter as our shares continue to trade at a meaningful discount to book value and at a lower multiple than our shares have historically traded at.

在第一季度，我們購買了價值約 1.5 億美元的股票，佔流通股的近 4%。在過去的兩個季度中，我們已經退市了大約 6% 的流通股。進入第二季度，我們目前的股票回購授權還剩 3.83 億美元。我們預計第二季度將繼續以類似水平回購股票，因為我們的股票繼續以低於賬面價值的大幅折價交易，並且市盈率低於我們股票的歷史交易水平。

During the quarter, we also increased our quarterly dividend to $0.29 per share, an over 11% increase from the prior quarterly dividend.

在本季度，我們還將季度股息提高到每股 0.29 美元，比上一季度的股息增長了 11% 以上。

During fiscal 2023, we expect our capital expenditures to increase primarily to support a new warehouse in Europe.

在 2023 財年，我們預計我們的資本支出將主要增加以支持在歐洲的新倉庫。

Turning to guidance. For the second quarter of fiscal 2023, we are guiding sales in the range of $6.35 billion to $6.65 billion and adjusted diluted EPS in the range of $1.80 to $1.90. Our second quarter guidance today is based on current market conditions, including a $60 million negative impact on our sales guidance at the midpoint from the recent strengthening of the U.S. dollar as compared to the first quarter. This guidance implies a sequential sales decline of down 1% to down 5% in constant currency and assumes a typical seasonal decline in sales in our Western regions as those regions have fewer shipping days compared to last quarter because of the holidays.

轉向指導。對於 2023 財年第二季度，我們指導銷售額在 63.5 億美元至 66.5 億美元之間，調整後的攤薄後每股收益在 1.80 美元至 1.90 美元之間。我們今天的第二季度指導基於當前的市場狀況，包括近期美元與第一季度相比走強對我們的銷售指導產生了 6000 萬美元的負面影響。該指引意味著按固定匯率計算的銷售額環比下降 1% 至 5%，並假設我們西部地區的銷售額出現典型的季節性下降，因為這些地區的運輸天數與上一季度相比因假期而減少。

This guidance assumes similar interest expense to the first quarter, an effective tax rate of between 21% and 25%, and 94 million outstanding shares on a diluted basis.

該指引假設利息支出與第一季度相似，有效稅率在 21% 至 25% 之間，以及稀釋後的 9400 萬股流通股。

In closing, I want to thank our team for delivering another quarter of sales and earnings growth. We believe that we are well positioned to continue to gain market share in the future. Avnet's diversification of suppliers, products and the end markets we serve are key differentiators that will enable us to continue to deliver positive financial results despite uncertain and changing market conditions.

最後，我要感謝我們的團隊實現了又一個季度的銷售額和收益增長。我們相信我們有能力在未來繼續獲得市場份額。安富利的供應商、產品和我們服務的終端市場的多樣化是關鍵的差異化因素，這將使我們能夠在不確定和不斷變化的市場條件下繼續提供積極的財務業績。

With that, I will turn it back over to the operator to open it up for Q&A. Operator?

有了這個，我會把它交還給運營商打開它進行問答。操作員？

(Operator Instructions) Our first question comes from Melissa Fairbanks with Raymond James.

（操作員說明）我們的第一個問題來自 Melissa Fairbanks 和 Raymond James。

Congratulations on a great quarter and guide. Really refreshing to see amid all this uncertainty. I was just wondering for modeling purposes, OpEx was at kind of a record low as a percentage of sales. Just wondering, going forward, how sustainable that is? If OpEx needs to kind of trend higher as we go forward or can we expect to see this kind of operating leverage in the model?

祝賀一個偉大的季度和指導。在所有這些不確定性中看到真的令人耳目一新。我只是想知道出於建模目的，運營支出佔銷售額的百分比處於歷史最低水平。只是想知道，展望未來，這有多可持續？如果在我們前進的過程中 OpEx 需要有更高的趨勢，或者我們是否可以期望在模型中看到這種運營槓桿？

Melissa, this is Ken. I would say, in general, the absolute level of OpEx did -- it would sustain around the same levels. If sales continue to decline, we have some levers on the overall OpEx side. But we feel pretty good about the absolute number of OpEx. Now depending on the level of sales, the percentage of GP might change a little bit. But we feel pretty good of the [recent] OpEx we had this last quarter and that can be sustainable into the fiscal year.

梅麗莎，這是肯。我想說，一般來說，運營支出的絕對水平確實如此——它將維持在相同的水平左右。如果銷售額繼續下降，我們在整體運營支出方面有一些槓桿作用。但是我們對 OpEx 的絕對數量感覺很好。現在根據銷售水平，GP的百分比可能會有所變化。但我們對上個季度的 [最近] OpEx 感覺非常好，這可以持續到本財年。

Okay. Great. Great. And maybe just one quick follow-up. I imagine you're probably going to get a lot of questions on the inventory balance. I'm just wondering, is there any risk to the inventory due to price inflation? Meaning as you've been able to accumulate the inventory as some of these supply constraints ease, is there any risk going forward as we get into maybe some normalization of pricing next year that the value of inventory is overstated?

好的。偉大的。偉大的。也許只是一個快速的跟進。我想你可能會收到很多關於庫存餘額的問題。我只是想知道，由於價格上漲，庫存是否存在風險？這意味著隨著一些供應限制的緩解，您已經能夠積累庫存，隨著我們明年可能進入一些定價正常化，庫存價值被誇大，是否存在任何風險？

Yes. I would say we don't see a huge risk there. We do have some price protections on lowering prices if it happens to come from the suppliers. But at the same time, we have commitments from our customers and we work through the inventory levels, but we don't see a huge risk in terms of taking inventory losses and things like that because of pricing.

是的。我會說我們認為那裡沒有巨大的風險。如果碰巧來自供應商，我們確實有一些降低價格的價格保護措施。但與此同時，我們得到了客戶的承諾，並且我們通過庫存水平進行工作，但我們認為由於定價而在承擔庫存損失和類似事情方面沒有巨大風險。

Melissa, I apologize for my voice on the call. Everybody is fighting some allergies here. But we're well within our range for inventory and the returns we model around the inventory. And that's important. So I'll get ahead of the next question. The quality of inventory is extremely good. Our reserves are well in line and the aging inventory is not increasing. So it's relatively current.

梅麗莎，我為我在電話中的聲音道歉。每個人都在這裡與一些過敏症作鬥爭。但是我們在我們的庫存範圍內以及我們圍繞庫存建模的回報。這很重要。所以我會提前回答下一個問題。庫存質量非常好。我們的儲備很好，老化的庫存沒有增加。所以它是比較流行的。

Our next question is from Matt Sheerin with Stifel.

我們的下一個問題來自 Stifel 的 Matt Sheerin。

Phil, just trying to get your perspective on the outlook. It looks like you're down a little bit seasonally. Your book-to-bill is finally at parity after how many quarters of very positive. Some of the suppliers, the semiconductor suppliers and other component suppliers are modeling or at least looking more cautiously to Q4. Texas Instruments last night, guided down double digits. Other component suppliers are starting to see some inventory correction going on at customers. It doesn't sound like you're seeing that in a big way yet. Is it that you're lagging the cycle? Or are there still those hard to get parts where customers are still dealing with that imbalance and they're not going to start cutting their inventory until that straightens out?

菲爾，只是想了解您對前景的看法。看起來你的季節性下降了一點。在經過多少個非常積極的季度之後，您的帳單到帳單終於達到了平價。一些供應商、半導體供應商和其他組件供應商正在建模或至少對第四季度更加謹慎。德州儀器昨晚下跌了兩位數。其他組件供應商開始看到客戶正在進行一些庫存調整。聽起來您還沒有大範圍地看到這一點。是你落後於週期嗎？或者是否還有那些難以獲得的零件，客戶仍在處理這種不平衡，並且在這種情況解決之前他們不會開始削減庫存？

Yes. It's probably the $64,000 question, Matt, thanks. Well, look, we're -- given the outlook as we see it today, with our backlog today, and the next 3- to 6-month backlog, and it is a straight roll-up from the regions. We're not pressing them. We're not pushing them. It's the number we feel that we can hit at this point in time. And if you look -- and we called out intentionally in the industrial, defense aero, transportation, as we see it today, those still look pretty solid.

是的。這可能是 64,000 美元的問題，馬特，謝謝。好吧，看，我們 - 鑑於我們今天看到的前景，我們今天的積壓工作，以及接下來 3 到 6 個月的積壓工作，這是來自各地區的直接匯總。我們沒有向他們施壓。我們不是在推動他們。這是我們認為目前可以達到的數字。如果你看 - 我們故意在工業、國防航空、運輸領域大喊大叫，正如我們今天所看到的那樣，這些看起來仍然很堅固。

We're not as exposed in the consumer and some of the compute even, okay, that others are. So the other thing, Matt, that -- believe me is we're watching the backlog. I'm pleased the book-to-bills are coming down. We're helping to drive some of that because we -- you and I both know that's not realistic what's kind of been going on here in the last 12 to 24 months. We're not seeing as of yet the cancellations as much. We're seeing some pushouts and we're managing our customers' backlog with them if they can't get the golden screw and all that kind of stuff. But we're not seeing them want to remove it off the books.

我們沒有像其他人那樣暴露在消費者和某些計算中。所以另一件事，馬特，相信我，我們正在關注積壓工作。我很高興訂單到賬單正在下降。我們正在幫助推動其中一些，因為我們 - 你和我都知道在過去 12 到 24 個月內發生的事情是不現實的。到目前為止，我們還沒有看到那麼多取消。我們看到了一些推銷，如果他們無法獲得金螺絲和所有類似的東西，我們正在與他們一起管理客戶的積壓。但我們沒有看到他們想把它從書本上刪除。

So we're driving, frankly for some of that, okay, because we want to make sure it's real. In the next 3 months or so, this is the outlook we see based on the roll-up of the teams.

因此，坦率地說，我們正在開車，好吧，因為我們想確保它是真實的。在接下來的 3 個月左右，這是我們根據團隊匯總看到的前景。

Okay. And then on the gross margin, I understand why that was down sequentially because of the mix. Looking forward, as you said, North America and Europe have fewer selling days. So would you expect gross margin to remain at these levels and be down, I guess, meaningfully year-over-year? Or is there some pricing power? Or are the reasons why gross margin could be higher?

好的。然後在毛利率上，我理解為什麼由於混合而連續下降。展望未來，正如您所說，北美和歐洲的銷售天數較少。那麼，您是否預計毛利率會保持在這些水平，並且我猜想，與去年同期相比會顯著下降？還是有一些定價權？或者是毛利率可能更高的原因？

Yes, Matt, I would say flattish, but we're still going to have a higher mix of Asia in our second quarter due to the holidays, but that gets offset by a better product and customer mix than we had this quarter to kind of offset some of that impact. So flattish is probably the right way to think about it. And then when you get into the third and fourth quarters, you'd have a higher mix of West, you get some of that margin back on a gross margin perspective.

是的，馬特，我會說平淡無奇，但由於假期，我們第二季度的亞洲組合仍然會更高，但這被比本季度更好的產品和客戶組合所抵消抵消了部分影響。所以平淡可能是正確的思考方式。然後當你進入第三和第四季度時，你會有更高的西部組合，從毛利率的角度來看，你會得到一些利潤。

Okay. And just lastly, on the SG&A, it was noted that it was down year-on-year. How much of that is related to FX and the natural hedge that you have in regions like the U.K. and Europe, where the currency is basically a favorable swing for you on the OpEx side?

好的。最後，在 SG&A 上，有人指出它同比下降。其中有多少與外彙和您在英國和歐洲等地區的自然對沖有關，在這些地區，貨幣對您在運營支出方面基本上是有利的波動？

Yes. From a currency perspective, somewhere between $35 million and $40 million, Matt, was the benefit, I guess, we got with overall OpEx as a -- from a reported perspective.

是的。從貨幣的角度來看，馬特（Matt）的收益介於 3500 萬美元到 4000 萬美元之間，我想，從報告的角度來看，我們從整體運營支出中獲得了收益。

On a year-over-year basis?

按年計算？

Year-over-year basis, yes.

是的，按年計算。

Our next question comes from Jim Suva with Citigroup.

我們的下一個問題來自花旗集團的 Jim Suva。

A quick question on your operating margins. Given the state, I think Phil mentioned there's a few pushouts, but nothing material to keep an eye on that as far as cancellations and such. What about operating margins? Do you think they're kind of sustainable at these levels? Because the investor concern out there, of course, is that if ASPs come down and order push-outs and cancellations ratchet up that operating margins could be under pressure. If you could just kind of help address that elephant in the room, that would be great.

關於您的營業利潤率的快速問題。鑑於狀態，我認為菲爾提到有一些推出，但就取消等而言，沒有什麼值得關注的。營業利潤率如何？你認為它們在這些水平上是可持續的嗎？當然，因為投資者擔心的是，如果平均售價下降並且訂單推出和取消增加，那麼營業利潤率可能會面臨壓力。如果你能幫助解決房間裡的那頭大象，那就太好了。

Yes. I guess I would say we feel pretty good about the second quarter operating margin still being above 4%. It's implied in the guidance. As you look out, clearly, there would be an impact on our operating margins if we have a deterioration in sales or a meaningful deterioration. So that's a given. I think when we think about it, we feel really good in the mid- to long term that we can sustain that level of margins. And so there might be some temporary declines as those market factors come through the model.

是的。我想我會說我們對第二季度的營業利潤率仍然高於 4% 感覺很好。它在指導中有所暗示。如您所見，顯然，如果我們的銷售惡化或明顯惡化，將對我們的營業利潤率產生影響。所以這是給定的。我認為當我們考慮到這一點時，從中長期來看，我們感覺非常好，我們可以維持這樣的利潤率水平。因此，隨著這些市場因素通過模型出現，可能會出現一些暫時的下降。

But in general, we feel good about our OpEx levels. We feel good about some opportunities like demand creation, supply chain services, IP&E that can help still give us some positives on the gross margin, but clearly, we would lose some in the -- say if the sales go down meaningfully.

但總的來說，我們對 OpEx 水平感覺良好。我們對創造需求、供應鏈服務、IP&E 等一些機會感到滿意，這些機會仍然可以幫助我們提高毛利率，但很明顯，我們會失去一些——比如如果銷售額顯著下降。

Great. And a quick follow-up. Interest expense outlook, a little bit more on that, and does it include a planned November increase by the Fed, just so we can kind of think about that?

偉大的。并快速跟進。利息支出前景，更多一點，它是否包括美聯儲計劃在 11 月加息，只是為了讓我們可以考慮一下？

Yes. I would say it contemplates a potential increase there and we're looking at kind of flattish from the first quarter.

是的。我會說它考慮了那裡的潛在增長，而且我們看到從第一季度開始就會持平。

Congratulations.

恭喜。

Our next question is from William Stein with Truist Securities.

我們的下一個問題來自 Truist Securities 的 William Stein。

First, I'm hoping you can elaborate on the controlled power topic. You mentioned this at the Analyst Day. I'm not sure how deep we dug into this topic, but I understand it provides your customers with a way to envision their inventory across various channels. Can you maybe spend a minute or two talking about how your customers are using you for this and what the financial implications are on your business?

首先，我希望您能詳細說明受控電源的話題。你在分析師日提到了這一點。我不確定我們對該主題的深入研究，但我知道它為您的客戶提供了一種跨各種渠道設想他們的庫存的方法。您能否花一兩分鐘時間談談您的客戶是如何使用您的，以及這對您的業務有何財務影響？

Sure, Will. This is Phil. Yes, we started coining that term as we went through the pandemic, and we saw the supply chains break down. We're right at the center of that technology supply chain, and that's the value that we bring to the market is managing supply chains, of course, demand creation as well. So we've had many customers and suppliers from all verticals, frankly, starting to come to us to help them rebuild their supply chains. There's just a lot of, I'll use the word, transparency lost from the end OEMs to where the manufacturing was. Multiple manufacturing sites, hundreds to suppliers to tens of thousands of SKUs.

當然，威爾。這是菲爾。是的，當我們經歷大流行時，我們開始創造這個詞，我們看到供應鏈崩潰了。我們正處於技術供應鏈的中心，這就是我們為市場帶來的價值是管理供應鏈，當然還有創造需求。因此，坦率地說，我們有許多來自各個垂直領域的客戶和供應商開始來找我們幫助他們重建供應鏈。有很多，我會用這個詞，從最終 OEM 到製造所在的地方失去了透明度。多個製造基地，數百到供應商到數万個 SKU。

And when things started to break down, they just lost a lot of that visibility. And the one -- you're right, we had at Investor Day was Milwaukee, right? And they spoke very clearly about that how we were able to build on a, we call, control tower, but they can help aggregate their many different SKUs for many different suppliers and then filter that or drive that to the right, in this case, EMS provider, that's driving the manufacturing for them.

當事情開始崩潰時，他們就失去了很多可見性。還有一個——你說得對，我們在投資者日是密爾沃基，對吧？他們非常清楚地談到了我們如何能夠建立在一個我們稱之為控制塔的基礎上，但他們可以幫助為許多不同的供應商聚合他們的許多不同的 SKU，然後過濾它們或將其驅動到右側，在這種情況下， EMS 供應商，這推動了他們的製造。

So it's really a visibility on the transparency and then there is analytics in there to help them with their forecasting and demand on the front end as well as what's coming in from the suppliers, as we manage lead times coming in to the MRPs. So hopefully that helps explain what we're talking about there.

因此，這確實是對透明度的可見性，然後有分析來幫助他們進行前端的預測和需求以及供應商的輸入，因為我們管理進入 MRP 的交貨時間。所以希望這有助於解釋我們在那裡談論的內容。

A follow-up, if I can. Can you talk about the distribution of parts that are still in a shortage situation? I think certainly, the microcontroller companies, for example, those buying from foundry on very trailing edge. They talk about how this is still in a sort of protracted shortage situation. And then there are other components like memory, broadly speaking, that's in severe oversupply. Can you talk about the mix between those 2 dynamics? It's unusual to have such sort of disparate things happening at the same time. We know they are happening, they have been for a while. But can you talk about how that's trending and what the mix is between those 2 dynamics?

後續，如果可以的話。您能談談仍然處於短缺狀態的零件的分佈情況嗎？我認為當然是微控制器公司，例如那些從非常落後的代工廠購買的公司。他們談論這仍然處於一種長期短缺的狀態。然後還有其他組件，例如內存，從廣義上講，嚴重供過於求。你能談談這兩種動態之間的混合嗎？在同一時間發生這種不同的事情是不尋常的。我們知道它們正在發生，它們已經存在了一段時間。但是你能談談這是怎樣的趨勢以及這兩種動態之間的混合嗎？

Yes. I'll do the best I can. I mean there's tens to a hundred different commodity breakouts. So I'll just give it at a high level, Will, which is what, by the way, with some of the lead times coming in. That's why we're getting some more inventory, which is, again, not a bad thing. But maybe start with the interconnect. I mean Interconnect, for most part has come down a bit, but they're still in a wide range of, I don't know, 8 to 30 weeks or so, Will. With -- it's improved 2 to 8 weeks since the beginning of 2022. We don't see that happening in the defense side, and aerospace side, we think that's going to continue to be extended lead times and particularly in that Mil/Aero connector space.

是的。我會盡我所能。我的意思是有幾十到一百種不同的商品突破。所以我會給出一個較高的水平，威爾，順便說一下，隨著一些交貨時間的到來。這就是我們獲得更多庫存的原因，這又不是一件壞事.但也許從互連開始。我的意思是互連，在大多數情況下已經下降了一點，但他們仍然在一個很寬的範圍內，我不知道，8 到 30 週左右，Will。自 2022 年初以來，它已經改進了 2 到 8 週。我們認為國防和航空航天方面不會發生這種情況，我們認為這將繼續延長交貨時間，特別是在 Mil/Aero 連接器中空間。

Then you go jump over to the capacitors, MLCC, the general purpose, those lead times will come back to more normalcy with -- because a lot of those applications are in the PC, but most notably in the mobile, so they are back to normal levels, sort of in the 12 to 18 weeks. But even in capacitors, if you look at the high capital large-sized caps that go into automotive and high-voltage, large case [size], they're still out 30-plus weeks.

然後你跳到電容器，MLCC，通用，這些交貨時間將恢復到更加正常的狀態 - 因為很多這些應用程序都在 PC 中，但最值得注意的是在移動設備中，所以它們又回到了正常狀態。正常水平，在 12 到 18 週內。但即使在電容器中，如果你看一下用於汽車和高壓、大外殼 [size] 的高資本大尺寸電容，它們仍然存在 30 多周。

So just in the past with the connector, there's a huge range of disparity in the lead times, which is why it's so tough to just summarize it. If you jump over to the semi side, you got again, products primarily supporting consumer and compute, we're experiencing lead time reductions in that area. You mentioned one like i.e., memory has come way down of recent. But demand is still outpacing in the MCUs and power discretes, for example, lead times remain in the 40 to 52 weeks. Things like op amps are still 40 to 52 weeks, voltage regulators, 48 to 52 weeks.

因此，在過去的連接器中，交貨時間存在很大差異，這就是為什麼很難總結它的原因。如果你跳到半邊，你又得到了主要支持消費者和計算的產品，我們正在經歷該領域的交貨時間減少。您提到了一個，即最近的記憶力下降了。但 MCU 和功率分立器件的需求仍然超過預期，例如，交貨期仍為 40 至 52 週。諸如運算放大器之類的東西仍然需要 40 到 52 週，穩壓器需要 48 到 52 週。

Program of logic, even some program of logic, although some of that's improved, still has anywhere from 20 to 26 weeks. So it's -- and the controller space, as you pointed out, not much change there. 8-, 16-, 32-bit pretty much across the board, low end might be 20 weeks, higher end 52 to 60 weeks.

邏輯程序，甚至一些邏輯程序，雖然其中一些有所改進，但仍有 20 到 26 週的時間。因此，正如您所指出的，控制器空間沒有太大變化。 8 位、16 位、32 位幾乎全線，低端可能是 20 週，高端可能是 52 到 60 週。

So it's that -- I mean you go through every commodity, we don't have the time to do that. But we do this for our customers, though, by the way, that are using push control towers and all our supply chain services. So we do continue to update on what we see in the market across the board. I'd be glad to do that in a separate session for anybody on this call as well, by the way, as to what we're seeing overall.

所以就是這樣——我的意思是你檢查每一種商品，我們沒有時間這樣做。但是我們為我們的客戶這樣做，順便說一句，他們正在使用推控塔和我們所有的供應鏈服務。因此，我們確實會繼續更新我們在市場上看到的全面情況。順便說一下，我很高興在單獨的會議上為參加本次電話會議的任何人做這件事，順便說一下，關於我們所看到的整體情況。

So I hope that answers at least at a high level, but it's certainly a mixed bag out there, which I think what's driving the complexity and the disparities of -- and confusion as to what the market outlook is.

因此，我希望至少在高水平上得到答案，但這肯定是一個混合包，我認為是什麼導致了市場前景的複雜性和差異 - 以及對市場前景的困惑。

Our next question is from Ruplu Bhattacharya with Bank of America.

我們的下一個問題來自美國銀行的 Ruplu Bhattacharya。

My first question is on Farnell. I was wondering how did the e-commerce sales impact revenues this quarter? And then if you can touch on the margin performance. I mean you had pretty strong margins even this quarter, 12%-plus, but last quarter was very strong at 14%. So just the sequential margin decline, how much would you say was FX? How much was volume? Just any color on that sequential trend. And how should we think about Farnell margins for the third quarter?

我的第一個問題是關於 Farnell。我想知道電子商務銷售如何影響本季度的收入？然後，如果您可以觸及保證金表現。我的意思是即使本季度你的利潤率也相當高，超過 12%，但上個季度非常強勁，達到 14%。所以只是連續的保證金下降，你會說外匯是多少？音量是多少？只是該連續趨勢上的任何顏色。我們應該如何看待第三季度的 Farnell 利潤率？

Yes. So I'll go first and turn it over to Ken. Thanks, Ruplu. E-commerce sales still really, really strong. We call that most of that is on the board computing. So components that are on the board, semis, IP&E, that represented roughly 73% of the activity. So the line items coming through Farnell and still in that 52% to 54% range of the revenue. So we're really, really pleased overall with that -- those stats.

是的。所以我先去把它交給肯。謝謝，魯普魯。電子商務銷售仍然非常非常強勁。我們稱其中大部分是板載計算。因此，板上的組件、半成品、IP&E 約佔活動的 73%。因此，來自 Farnell 的訂單項仍然在收入的 52% 到 54% 範圍內。所以我們真的非常非常滿意——這些統計數據。

And overall, pleased with Farnell still. They had a couple of other things that impacted them, I'll let Ken touch on, the FX with the pound and then a bit with the single-board computing that drove some volume loss.

總體而言，仍然對 Farnell 感到滿意。他們還有其他一些影響他們的事情，我會讓 Ken 談一談，FX 與英鎊，然後是單板計算導致一些交易量損失。

Yes. From an operating margin perspective, I would say it's about 60-40, 60% was driven by just the sales decline and 40% was driven by the impact on gross margin for the pricing because of (technical difficulty)

是的。從營業利潤率的角度來看，我會說它大約是 60-40，60% 是由銷售下降驅動的，40% 是由於（技術難度）定價對毛利率的影響

Okay. For my follow-up, can I ask a question on the core business? So it looks like you again had a strong quarter with Asia. How should we think about that trend going forward? Do you think that region sustains and the demand there versus Europe and North America? Just your thoughts on regional mix going into the next quarter.

好的。對於我的後續，我可以問一個關於核心業務的問題嗎？所以看起來你再次在亞洲度過了一個強勁的季度。我們應該如何看待未來的趨勢？您認為與歐洲和北美相比，該地區的需求是否持續存在？只是您對進入下一季度的區域組合的想法。

And then just the same question on margins for -- sequentially between the June and the September quarters. What were some of the impacts there? And how should we think about core margins in the December quarter?

然後是關於利潤率的相同問題 - 在 6 月和 9 月季度之間按順序排列。那裡有什麼影響？我們應該如何看待 12 月季度的核心利潤率？

Yes. So I'll hit on the revenue and let Ken touch on the margin. So another way to say, we're really, really pleased with our team's execution in Asia Pac with all the mixed messages out there. There's another record quarter for us in Asia Pac. And we're also really watching our backlog as well, for the reality of the backlog and the integrity in the backlog. And our leadership team there has been a very -- I would say, very assertive in making sure that it's as clean as possible as we move forward.

是的。所以我會敲定收入，讓肯接觸邊際。因此，換一種說法，我們對我們團隊在亞太地區的執行感到非常非常滿意，其中包含所有混合信息。我們在亞太地區還有另一個創紀錄的季度。我們也確實在關注我們的積壓工作，以了解積壓工作的真實性和積壓工作的完整性。我們的領導團隊非常 - 我會說，非常自信地確保它在我們前進的過程中盡可能乾淨。

And if you look into Q2, we're seeing pretty steady performance in Asia Pac from the September to the December quarter, okay, which is, we think, pretty positive. So as of March quarter, we'll look at -- we don't go that far out, but we'll see how the traditional Chinese New Year and the holiday in Asia impacts March, we'll talk about that next quarter. But right now, the December quarter is looking pretty good for us in Asia as we see it today. Ken, do you want to touch on it?

如果你看看第二季度，我們看到亞太地區從 9 月到 12 月季度的表現相當穩定，好吧，我們認為這是非常積極的。因此，從 3 月季度開始，我們將關注 - 我們不會走得太遠，但我們會看到傳統的中國新年和亞洲假期如何影響 3 月，我們將在下個季度討論。但就目前而言，正如我們今天所看到的，12 月季度在亞洲對我們來說看起來相當不錯。肯，你想談一談嗎？

Yes. So from an overall Asia mix, you're going to see an increase in Asia sales this next quarter because the West has a little bit softer sales because of the holidays, less shipping days. So -- and then you get into the third quarter, you'd see Asia become less percentage and the West become higher. So that's kind of how to think about it from a seasonality, not talking about anything in the Q3 sales levels, but just more in general, the cadence of the business.

是的。因此，從整體亞洲組合來看，您將看到下個季度亞洲銷售額有所增長，因為西方的銷售額因假期和運輸天數減少而略有疲軟。所以——然後你進入第三季度，你會看到亞洲的百分比變小，而西方的百分比變高。所以這就是如何從季節性考慮它，而不是談論第三季度銷售水平的任何事情，而是更一般地說，業務的節奏。

I would say from a core business operating margin perspective, we'll have a higher Asia mix, so that will put pressure on the operating margin, but I think we'll have a better product and customer mix offsetting that. So flattish is the right way to think about the core operating margin into this next quarter. And we'd expect it, all things being equal and seasonality, that to go up as we get into our third and fourth quarters with the higher mix of West business that has a higher gross margin.

我想說從核心業務運營利潤率的角度來看，我們將擁有更高的亞洲組合，這將對運營利潤率造成壓力，但我認為我們將擁有更好的產品和客戶組合來抵消這一點。因此，持平是考慮下一季度核心營業利潤率的正確方法。我們預計，隨著我們進入第三和第四季度，隨著西部業務的更高組合具有更高的毛利率，所有因素都相同且具有季節性，這一點會上升。

Got it. If I can just ask one more quick follow-up. Did you -- Phil mentioned what was demand creation as a percent of total revenue. And how should we think about that going forward?

知道了。如果我可以再問一個快速跟進。你有沒有——菲爾提到了什麼是需求創造佔總收入的百分比。我們應該如何看待未來的發展？

Yes. We did. It was roughly 30%, 31% of our total revenue. And with the revenue being as high as it was, there was another record in demand creation dollars. The funnel looks good moving forward. Registrations and design wins, still a big part of our success story as we move forward. So pretty bullish on our demand creation.

是的。我們做到了。這大約占我們總收入的 30%，即 31%。由於收入如此之高，創造需求的美元又創下了新紀錄。漏斗看起來不錯。在我們前進的過程中，註冊和設計的勝利仍然是我們成功故事的重要組成部分。非常看好我們的需求創造。

Our next question comes from Joseph Cardoso with JPMorgan.

我們的下一個問題來自摩根大通的 Joseph Cardoso。

First one is just a quick one and a follow-up on the Farnell margins this quarter. In prior quarters, you called out pricing benefits that you've seen in the margins themselves. So I was just curious, did you see any pricing benefits on Farnell margins in the September quarter? And if so, what was the magnitude of that?

第一個只是一個快速的，是本季度 Farnell 利潤率的後續行動。在之前的幾個季度中，您提到了您在利潤本身中看到的定價優勢。所以我只是好奇，您是否看到 9 月季度的 Farnell 利潤率有任何定價優勢？如果是這樣，那有多大？

I wouldn't say we saw any pricing benefits from the Farnell margin. If anything, a couple of those commodities where the lead times have come down, we might have got a little pressure on it. But I would say the pressure we saw this quarter is really purely FX and the difference in pricing due to varying -- various currencies between U.S.-based competitors and Farnell being a predominantly U.K.-based company. So that was the main pressure. A little bit of noise here and there, but nothing meaningful to point out.

我不會說我們從 Farnell 利潤率中看到了任何定價優勢。如果有的話，一些交貨時間已經下降的商品，我們可能會承受一點壓力。但我想說，我們本季度看到的壓力實際上純粹是外匯以及由於美國競爭對手之間的各種貨幣而導致的定價差異，而 Farnell 是一家主要位於英國的公司。所以這是主要的壓力。這里和那裡有一點噪音，但沒有什麼意義要指出的。

No, understood. And then just my follow-up. Last quarter, you spoke about seeing ASP inflation for EC. I think it was somewhere in the range of 7% to 8%, high single digits, I suppose. Are you still seeing that same level? Or has there been any shift in terms of where you're seeing ASP inflation? And then kind of more importantly, how are you thinking about that trend going forward? Are you seeing any signs that we're kind of cycling past the peak? And could we start to see some moderation?

不，明白了。然後只是我的後續行動。上個季度，您談到看到 EC 的 ASP 通脹。我認為它在 7% 到 8% 的範圍內，我想是高個位數。你還在看同樣的水平嗎？或者您看到的 ASP 通脹有什麼變化嗎？然後更重要的是，您如何看待這種趨勢？您是否看到任何跡象表明我們正在騎自行車越過高峰？我們可以開始看到一些節制嗎？

Joe, let me take a shot at that. I think you kind of broke up at least on our end. So you're talking about the pricing inflation we talked about last quarter, right?

喬，讓我試一試。我想你至少在我們這邊分手了。所以你說的是我們上個季度談到的價格通脹，對吧？

Correct.

正確的。

Yes. Okay. Yes. So yes, last quarter, we said roughly 20% to 25% of our growth would have been for ASP price increases. It doesn't affect our margin as much. I'm not sure that's part of your question. It's more GP dollars than anything. It's not GP percent. And then this quarter, we started to see some of that moderate. So some of it would have been from carryover, but a lot of the price increases have seemed to work through the system at this point.

是的。好的。是的。所以是的，上個季度，我們說大約 20% 到 25% 的增長將來自 ASP 價格上漲。它不會對我們的利潤產生太大影響。我不確定這是你問題的一部分。 GP 錢比什麼都多。這不是GP百分比。然後這個季度，我們開始看到一些溫和的。因此，其中一些可能來自結轉，但在這一點上，很多價格上漲似乎已經通過系統發揮作用。

So in quarter we've got very little impact on any further price increases. But year-on-year, we would have seen some of that. Ken, any comment?

因此，在本季度，我們對價格進一步上漲的影響很小。但年復一年，我們會看到其中的一些。肯，有什麼意見嗎？

No, I think that's about right. And as far as the long term, I mean, I think we're hearing mixed bag, but we don't necessarily hear a lot of commentary at least from our supplier partners about them lowering prices. So yes, the price increases have moderated, but not a lot on lowering prices. And so that's kind of how we're viewing it right now, but clearly continue to monitor the tone and conversation around ASPs.

不，我認為這是對的。就長期而言，我的意思是，我認為我們聽到了喜憂參半的聲音，但至少我們的供應商合作夥伴不一定會聽到很多關於他們降低價格的評論。所以，是的，價格上漲已經放緩，但在降低價格方面並沒有太大變化。這就是我們現在看待它的方式，但顯然會繼續監視圍繞 ASP 的語氣和對話。

There are no further questions at this time, I'd like to turn the call back over to Phil Gallagher for any closing remarks.

目前沒有其他問題，我想將電話轉回給 Phil Gallagher 以獲取任何結束語。

Sure. Thank you very much. I just want to -- again, I want to thank everyone for attending today's earnings call. And one more time, thank the Avnet team around the world for a terrific performance. And we really look forward to speaking to all of you again at our fiscal second quarter earnings report in January. Okay. Have a good rest of the year. Thank you.

當然。非常感謝。我只想 - 再次感謝大家參加今天的財報電話會議。還有一次，感謝世界各地的 Avnet 團隊的出色表現。我們真的很期待在 1 月份的第二財季收益報告中再次與大家交談。好的。好好休息一年。謝謝你。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。