安富利 (AVT) 2025 Q1 法說會逐字稿

Welcome to the Avnet first-quarter fiscal year 2025 earnings 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 2025 財年第一季財報電話會議。我現在想請安富利公司財務與投資者關係副總裁 Joe Burke 發言。

Thanks, operator. I'd like to welcome everyone to the Avnet first-quarter fiscal year 2025 earnings conference call.

謝謝，接線生。我歡迎大家參加安富利 2025 財年第一季財報電話會議。

This morning, Avnet released financial results for the first quarter of fiscal year 2025 and release is available on the Investor Relations section of Avnet's website along with the slide presentation, which you may access at your convenience. As a reminder, some of the information contained in the news release and on this conference call contain forward-looking statements that involve risk, uncertainties, and assumptions that are difficult to predict.

今天上午，安富利發布了 2025 財年第一季度的財務業績，該發佈內容以及幻燈片演示文稿可在安富利網站的投資者關係部分獲取，您可以在方便時訪問。提醒一下，新聞稿和本次電話會議中包含的一些資訊包含前瞻性陳述，涉及難以預測的風險、不確定性和假設。

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.

此類前瞻性陳述並非業績的保證，本公司的實際結果可能與此類陳述中包含的結果有重大差異。安富利公司最新的 10-Q 和 10-K 表格以及隨後向 SEC 提交的文件中詳細描述了可能導致或促成此類差異的幾個因素。

These forward-looking statements speak only as of the date of this presentation. And the company undertakes no obligation to publicly undertake any forward-looking statements or supply new information regarding the circumstances after the date of this presentation.

這些前瞻性陳述僅代表截至本簡報發布之日的情況。該公司沒有義務公開做出任何前瞻性陳述或提供有關本簡報發布後情況的新資訊。

Please note unless otherwise stated, all results provided will be non-GAAP measures. The full non-GAAP to GAAP reconciliation can be found in the press release issued today as well as in the appendix slides of today's presentation and posted on the Investor Relations website.

請注意，除非另有說明，否則提供的所有結果均為非 GAAP 衡量標準。完整的非公認會計準則與公認會計準則的調節可以在今天發布的新聞稿以及今天簡報的附錄幻燈片中找到，並發佈在投資者關係網站上。

Today's call will be led by Phil Gallagher, Avnet's CEO; and Ken Jacobson, Avnet's CFO. With that, let me turn the call over to Phil Gallagher. Phil?

今天的電話會議將由安富利執行長 Phil Gallagher 主持；以及安富利公司財務長肯‧雅各布森 (Ken Jacobson)。現在，讓我把電話轉給菲爾·加拉格爾。菲爾？

Thank you, Joe, and thank you, everyone, for joining us on our first-quarter fiscal year 2025 earnings call.

謝謝 Joe，也謝謝大家參加我們的 2025 財年第一季財報電話會議。

In the quarter, we achieved sales of more than $5.6 billion and adjusted EPS of $0.92, both above the high end of our guidance. We also generated over $100 million of cash flow from operations in the quarter. Our results were primarily driven by our strong performance in Asia, offset by continued weakness in the West, and at Farnell. Our team continues to compete well in this market by working closely with our customers and suppliers, controlling costs, and managing working capital.

本季度，我們實現銷售額超過 56 億美元，調整後每股收益為 0.92 美元，均高於我們指導的上限。本季我們也從營運中產生了超過 1 億美元的現金流。我們的業績主要得益於我們在亞洲的強勁表現，但卻被西方和派睿電子的持續疲軟所抵消。我們的團隊透過與客戶和供應商密切合作、控製成本和管理營運資金，繼續在這個市場上保持良好的競爭。

I want to thank them for their dedication during this challenging cycle. And I know their efforts position us well for when the market recovers. Semiconductor lead times and pricing continue to be stable for most technologies with a slight uptick in lead times and pricing for storage and memory and other product families. On the IP&E side, lead times also continue to be stable.

我要感謝他們在這個充滿挑戰的周期中的奉獻精神。我知道他們的努力使我們在市場復甦時處於有利地位。大多數技術的半導體交貨時間和定價繼續保持穩定，儲存和記憶體及其他產品系列的交貨時間和定價略有上升。在 IP&E 方面，交貨時間也持續穩定。

Our global book-to-bill ratio showed little sign of improvement and is still below parity with our Asia region showing the strongest book-to-bill ratio. Our EMEA business which has a large portion of its business driven by the industrial and transportation and markets is seeing softer bookings and billings due to lower demand.

我們的全球訂單出貨比幾乎沒有改善的跡象，並且仍低於表現出最強訂單出貨比的亞洲地區。我們的歐洲、中東和非洲業務大部分業務由工業、運輸和市場驅動，但由於需求下降，預訂和帳單疲軟。

Our backlog continues to be lower as a result of shorter lead times and customers being over inventoried and in destocking mode. Cancellations have remained at normal levels. While inventory increased sequentially, it should be noted almost all of the increase was due to changes in foreign currency exchange rates. We expect to reduce core inventory levels in the coming quarters but also need to balance the reductions within the near-term opportunities we are seeing in the market.

由於交貨時間縮短以及客戶庫存過剩和去庫存模式，我們的積壓訂單繼續減少。取消航班仍維持在正常水準。儘管庫存環比增加，但值得注意的是，幾乎所有增加都是由於外幣匯率變化造成的。我們預計將在未來幾季降低核心庫存水平，但也需要在市場上看到的近期機會內平衡庫存減少。

We continue to be open to those opportunities that are good for Avnet as we have shared previously. You will hear more from that from Ken on our inventory in just a few minutes.

正如我們之前分享的那樣，我們將繼續對那些對安富利有利的機會持開放態度。幾分鐘後，您將在我們的庫存中聽到更多 Ken 的資訊。

Now, with that, let me turn to the first-quarter results. At the top line, our electronic components business was essentially flat on a sequential basis and declined on a year-to-year basis. The bright spot for our EC business is that we have turned the corner by returning to year-on-year growth in our Asia-Pac region.

現在，讓我談談第一季的業績。在營收方面，我們的電子元件業務環比基本持平，但同比有所下降。我們的電子商務業務的亮點是，我們已經扭轉了局面，亞太地區恢復了同比增長。

Historically, cycle shifts have often started in Asia with the underlying market recovery also starting in Asia and followed by the West. While it is too early to call with any certainty at this point, we remain optimistic that the return to growth in Asia is a positive sign of things to come in the West.

從歷史上看，週期轉變往往始於亞洲，基礎市場復甦也始於亞洲，然後是西方。雖然現在做出任何確定性判斷還為時過早，但我們仍然樂觀地認為，亞洲恢復成長是西方即將發生的事情的積極跡象。

In the Asia region, sales increased 14% sequentially and 6% year on year powered by strength in the server and data center and communications end markets. Additionally, it is notable that we saw sequential and year-on-year growth in each major end market we serve. We are cautiously optimistic by the recovery we are seeing in the region including our activity for data center and AI compute projects. In EMEA, demand in the aerospace and defense end market increased sequentially and was flat year on year. The industrial and automotive end markets continued to be soft amid a weak economic backdrop.

在亞洲地區，得益於伺服器、資料中心和通訊終端市場的強勁勢頭，銷售額環比成長 14%，較去年同期成長 6%。此外，值得注意的是，我們所服務的每個主要終端市場都實現了環比和同比增長。我們對該地區的復甦持謹慎樂觀態度，包括我們的資料中心和人工智慧計算專案活動。在歐洲、中東和非洲地區，航空航太和國防終端市場的需求較上月成長，較去年同期持平。在疲軟的經濟背景下，工業和汽車終端市場持續疲軟。

In the Americas, aerospace and defense was our strongest end market and we saw modest growth year on year. We also saw growth in the compute end market both sequentially and year on year. We do continue to see softness in the industrial and transportation end markets.

在美洲，航空航太和國防是我們最強大的終端市場，我們看到了同比的小幅成長。我們也看到計算終端市場的連續成長和年成長。我們確實繼續看到工業和運輸終端市場的疲軟。

On the demand creation side, our engineering teams continue to engage with our customers and suppliers on design wins and registrations. While demand creation revenues were down, consistent with our overall sales trend, our engineers continue to drive the funnel converting design wins into revenues, which will pay off in the coming quarters.

在創造需求方面，我們的工程團隊繼續與我們的客戶和供應商就設計獲勝和註冊進行合作。雖然需求創造收入下降，與我們的整體銷售趨勢一致，但我們的工程師繼續推動將設計成果轉化為收入的管道，這將在未來幾季獲得回報。

Now, turning to Farnell, sales were down sequentially and year on year. Farnell has been impacted more than expected from the current EMEA macroenvironment, given they have a higher percentage of sales from that region. While we are disappointed with Farnell's results, I would underscore that we are in a transition period under its recently appointed President, Rebecca Obregon. In just a few months, Rebecca has identified key areas for improvement and actions to be taken over the next couple of quarters.

現在，轉向派睿電子，銷售額環比和同比下降。Farnell 受到當前 EMEA 宏觀環境的影響超出預期，因為他們在該地區的銷售額比例較高。雖然我們對 Farnell 的表現感到失望，但我想強調，在最近任命的總裁 Rebecca Obregon 的領導下，我們正處於過渡期。在短短幾個月內，麗貝卡就確定了需要改進的關鍵領域以及未來幾季要採取的行動。

Although the Farnell business is under pressure due to challenging market conditions, we continue to focus on the things we can control, including executing against our cost reduction initiatives and stabilizing the top line and gross margins. While we have our work cut out for us at for now, I'm confident we have the right leadership, strategy, and focus to improve results in the coming quarters.

儘管派睿電子業務因充滿挑戰的市場環境而面臨壓力，但我們繼續專注於我們可以控制的事情，包括執行我們的成本削減計劃以及穩定營收和毛利率。雖然我們目前的工作還很艱鉅，但我相信我們擁有正確的領導力、策略和重點，可以在未來幾季改善業績。

To conclude, as we navigate the current market correction, we continue to demonstrate our strength and resiliency and I want to thank our team for their dedication and competitive spirit under such challenging conditions. While it is difficult to gauge how long the market correction will continue, there are a number of reasons why I'm optimistic about the future.

最後，當我們應對當前的市場調整時，我們繼續展示我們的實力和彈性，我要感謝我們的團隊在如此充滿挑戰的條件下的奉獻精神和競爭精神。雖然很難判斷市場調整會持續多久，但我對未來樂觀的原因有很多。

In the past month, while on the road, I was able to spend some time with the leaders of all of our business units as well as executives of several of our top supplier partners. And we continue to see the benefits and opportunities to grow our IP&E business globally.

在過去的一個月裡，在路上，我與我們所有業務部門的領導以及我們幾個頂級供應商合作夥伴的高階主管進行了一些交流。我們繼續看到在全球範圍內發展 IP&E 業務的好處和機會。

We also see opportunities for supplier partners to grow our share by continuing to demonstrate the value of distribution, including tapping our digital automation capabilities to better serve the mass market. Based on the industry sources we follow and the suppliers and customers I speak to regularly, global inventory levels across the supply chain are slowly improving, granted with pockets of oversupply in certain areas. That dynamic, coupled with current lead times, both well for improvement in our book to bill and the buildup of our backlog.

我們也看到供應商合作夥伴有機會透過持續展示分銷價值來增加我們的份額，包括利用我們的數位自動化能力來更好地服務大眾市場。根據我們追蹤的行業消息來源以及我定期交談的供應商和客戶，整個供應鏈的全球庫存水準正在緩慢改善，某些領域存在供應過剩的情況。這種動態，加上目前的交貨時間，都很好地改善了我們的帳單計費和積壓的積壓。

These same industry sources are still projecting mid- to high-single digit growth rates on average over the next three calendar years with the highest growth rates in the primary end markets we serve: industrial, aerospace and defense, transportation, and servers and data center.

這些產業消息人士仍預計未來三個日曆年的平均成長率為中高個位數，其中成長率最高的是我們服務的主要終端市場：工業、航空航太和國防、運輸、伺服器和資料中心。

Further, we currently see two areas of our business that are positive indicators. First is a return to year-on-year growth for our Asia region with healthy activity in AI-related server and data center projects. Second is the modest increase in our turns business, which is usually a good indicator of future demand.

此外，我們目前看到我們業務的兩個領域是積極的指標。首先是我們的亞洲地區恢復了同比增長，人工智慧相關伺服器和資料中心專案的健康活動。其次是我們的轉彎業務適度成長，這通常是未來需求的良好指標。

Finally, for more than 103 years, Avent has proven the ability to adapt to changes in the market, weathering corrections and coming out stronger to be able to deliver what's next for our customers. At times like this, we thrive on being at the center of the technology supply chain, helping our supplier partners to reach a long tail of customers and providing end-to-end customer solutions to satisfy their needs, wherever they are on their product journey.

最後，103 年多來，新安怡已經證明了其適應市場變化、經受住考驗並變得更加強大的能力，能夠為我們的客戶提供下一步的產品。在這樣的時刻，我們依靠處於技術供應鏈的中心而蓬勃發展，幫助我們的供應商合作夥伴接觸長尾客戶，並提供端到端客戶解決方案來滿足他們的需求，無論他們處於產品旅程的哪個階段。

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

接下來，我將把它交給肯，讓他更深入地了解我們第一季的表現。

Thank you, Phil. And good morning, everyone. We appreciate your interest in Avnet and for joining our first-quarter earnings call.

謝謝你，菲爾。大家早安。我們感謝您對安富利的關注並參加我們的第一季財報電話會議。

Our sales for the first quarter were approximately $5.6 billion, above our guidance range and down 12% year over year. On a sequential basis, sales were up 1%. Regionally, on a year-over-year basis, sales increased 6% in Asia but declined 28% in EMEA and 16% in the Americas. From an operating group perspective, electronic component sales declined 11% year on year but increased 1% sequentially. Farnell sales declined 80% year over year and declined 8%. sequentially.

我們第一季的銷售額約為 56 億美元，高於我們的指導範圍，年減 12%。銷售額季增 1%。從地區來看，亞洲銷售額年增 6%，但 EMEA 下降 28%，美洲下降 16%。從營運集團角度來看，電子元件銷售額較去年同期下降11%，但較上季成長1%。Farnell 銷售額較去年同期下降 80%，下降 8%。依次。

For the first quarter, gross margin of 10.8% was 97 basis points lower year over year and 72 basis points lower sequentially. The year-over-year and sequential decline is primarily driven by the sales mix shift from Asia. EC gross margin was down both sequentially and year over year. The declines were primarily due to a higher mix of sales from Asia. Farnell gross margin was down year over year, primarily due to a lower mix of on the board components and was down sequentially primarily due to the impact of foreign currency.

第一季毛利率為 10.8%，年減 97 個基點，季減 72 個基點。年比和環比下降主要是由於銷售組合從亞洲轉移所致。EC 毛利率較上月及年比均有所下降。下降的主要原因是來自亞洲的銷售增加。Farnell 毛利率較去年同期下降，主要是由於板上組件的組合減少，且環比下降主要是由於外匯的影響。

Turn to operating expenses, SG&A expenses were $439 million in the quarter, down $48 million or 10% year over year and down $11 million or 3% sequentially. As a percentage of gross profit dollars, SG&A expenses were higher sequentially at 72%.

至於營運費用，本季銷售、管理及行政費用為 4.39 億美元，年減 4,800 萬美元，即 10%，季減 1,100 萬美元，即 3%。SG&A 費用佔毛利的百分比較上一季更高，達 72%。

In the first quarter, we incurred additional restructuring integration and other expenses primarily for the continuation of expense actions taken at Farnell, which are permanent in nature. Farnell operating expenses were down $17 million year over year and $2 million sequentially. And the Farnell expense reduction actions are being realized as previously expected.

在第一季度，我們發生了額外的重組整合和其他費用，主要是為了繼續在派睿電子採取的費用行動，這些行動本質上是永久性的。Farnell 營運費用年減 1,700 萬美元，季減 200 萬美元。Farnell 費用削減行動正在如之前預期的那樣實現。

Overall, first-quarter operating expenses were lower than anticipated. As we move through fiscal 2025, we expect expenses will increase modestly when sales improve and the underlying business recovers. For the first quarter, we reported adjusted operating income of $169 million and our adjusted operating margin was 3%.

整體而言，第一季營運費用低於預期。隨著 2025 財年的到來，我們預計，當銷售改善且基本業務復甦時，費用將小幅增加。第一季度，我們報告調整後營業收入為 1.69 億美元，調整後營業利潤率為 3%。

By operating group, electronic components operating income was $197 million and EC operating margin was 3.8%. The sequential decline in operating margin was primarily due to the seasonal sales mix shift from Asia. Farnell operating income was $2 million and Farnell operating income margin decreased to approximately 1%. Farnell's operating margin was negatively impacted sequentially, primarily due to declines in sales and from unfavorable impacts on gross margin due to changes in foreign currency exchange rates.

按營運集團劃分，電子元件營運收入為 1.97 億美元，EC 營運利潤率為 3.8%。營業利益率較上季下降主要是由於季節性銷售組合從亞洲轉移所致。Farnell 營業收入為 200 萬美元，Farnell 營業利益率下降至約 1%。Farnell 的營業利潤連續受到負面影響，主要是由於銷售額下降以及外幣匯率變化對毛利率的不利影響。

Turning to expenses below operating income, first-quarter interest expense of $64 million decreased by $6 million year over year and was flat sequentially. Our adjusted effective income tax rate was 23% in the quarter, as expected. Adjusted diluted earnings per share of $0.92 exceeded our expectations for the quarter.

至於低於營業收入的支出，第一季利息支出為 6,400 萬美元，年減 600 萬美元，與上一季持平。本季調整後的有效所得稅率為 23%，符合預期。調整後攤薄每股收益為 0.92 美元，超出了我們對本季的預期。

Turning to the balance sheet and liquidity, during the quarter, working capital increased $88 million sequentially, all driven by changes in foreign currency exchange rates. In constant currency, working capital decreased by $76 million sequentially. Working capital days decreased 3 days quarter over quarter to 107 days. Our return on working capital decreased quarterly on the lower operating income.

談到資產負債表和流動性，本季營運資金較上季增加 8,800 萬美元，所有這些都是由外幣匯率變動推動的。以固定匯率計算，營運資金季減 7,600 萬美元。營運資金天數較上月減少 3 天至 107 天。由於營業收入較低，我們的營運資本報酬率逐季下降。

The reported increase in inventories of $145 million was largely driven by changes in foreign currency exchange rates. Additionally, a portion of the inventory increase was related to inventory received during the last couple of days of the quarter, which drove a corresponding increase in accounts payable. Inventory days improved 3 days sequentially to 101 days. Our near-term goal is to get inventory days in the 80s by the end of this fiscal year.

據報告，庫存增加 1.45 億美元，主要是由於外幣匯率變化所致。此外，庫存增加的一部分與本季最後幾天收到的庫存有關，這推動了應付帳款的相應增加。庫存天數較上季減少 3 天，達到 101 天。我們的近期目標是到本財年末將庫存天數控制在 80 多歲。

we remain focused on reducing inventory levels where elevated, noting that we also want to make investments where needed. We continue to have ongoing conversations with our supplier partners on specific opportunities for inventory increases that we will only consider if there's a benefit to Avnet. Such benefits may include incremental margin, improved terms, additional stock rotation rights, or additional market share. Our approach on these opportunities is focused on achieving win-win outcomes that are mutually beneficial to Avnet and our supplier partners.

我們仍然專注於降低庫存水平，並指出我們也希望在需要的地方進行投資。我們將繼續與供應商合作夥伴就庫存增加的具體機會進行持續對話，只有在對安富利有利的情況下我們才會考慮這些機會。這些好處可能包括增加利潤、改善條款、額外的股票輪換權或額外的市場份額。我們抓住這些機會的重點是實現安富利和我們的供應商夥伴互惠互利的雙贏結果。

Our increase in working capital led to an increase in debt of $55 million. We generate $106 million of cash from operations in the quarter. Cash flow from operations was negatively impacted by over $90 million of income tax payments in the quarter, including $44 million for a transition tax payment from the 2017 TCJA. We ended the quarter with a gross leverage of 3 times and we had approximately $825 million of available committed borrowing capacity.

我們營運資金的增加導致債務增加了 5,500 萬美元。我們本季的營運產生了 1.06 億美元的現金。本季超過 9,000 萬美元的所得稅支付對營運現金流產生了負面影響，其中包括 2017 年 TCJA 支付的 4,400 萬美元過渡稅。本季末，我們的總槓桿率為 3 倍，可用承諾借款能力約為 8.25 億美元。

With regards to our capital allocation, we continue to prioritize our existing business needs. During the quarter, cash used for CapEx was $32 million within our expected quarterly levels of approximately $25 million to $35 million per quarter. We increased our quarterly dividend by approximately 6% to $0.33 per share.

在我們的資本配置方面，我們繼續優先考慮現有的業務需求。本季度，資本支出的現金為 3,200 萬美元，在我們預計的每季約 2,500 萬至 3,500 萬美元的季度水準內。我們將季度股息提高了約 6%，達到每股 0.33 美元。

Our Board expanded our buyback authorization to $600 million as part of our commitment to continue to use positive free cash flow to reduce our share count. In the quarter, we repurchased approximately $100 million worth of shares, which represented more than 2% of shares outstanding. We are on track for our goal to reduce share count by at least 5% this fiscal year, in line with our capital allocation priorities and our commitment to provide consistent and dependable returns to shareholders. Book value per share improved to approximately $56 a share or a sequential increase of $2 per share.

作為我們繼續利用正自由現金流來減少股份數量的承諾的一部分，我們的董事會將回購授權擴大到 6 億美元。本季度，我們回購了價值約 1 億美元的股票，佔已發行股票的 2% 以上。我們預計將實現本財年將股份數量減少至少 5% 的目標，這符合我們的資本配置優先事項以及我們為股東提供一致和可靠回報的承諾。每股帳面價值提高至每股約 56 美元，較上一季每股增加 2 美元。

Turning to guidance, for the second quarter of fiscal 2025, we are guiding sales in the range of $5.4 billion to $5.7 billion and diluted earnings per share in the range of $0.80 to $0.90. Our second-quarter guidance assumes current market conditions persist and applies a sequential sales growth of approximately 2% to a sales decline of approximately 4%. This guidance assumes flattish sales in each EC region and assumes Farnell's performance is generally consistent with the first quarter of fiscal 2025.

至於指導，我們預計 2025 財年第二季的銷售額將在 54 億美元至 57 億美元之間，攤薄後每股收益在 0.80 美元至 0.90 美元之間。我們的第二季指引假設當前的市場狀況持續存在，並將銷售額環比增長約 2% 與銷售額下降約 4% 對應。該指引假設每個歐共體地區的銷售額持平，並假設派睿電子的業績與 2025 財年第一季基本一致。

This guidance also assumes similar interest expense compared to the first quarter, an effective tax rate of between 21% and 25%, and 89 million shares outstanding on a diluted basis. In closing, our team continues to execute well against the areas we can control, but we still have plenty of work to do.

該指引也假設利息支出與第一季類似，有效稅率在 21% 至 25% 之間，稀釋後流通股數為 8,900 萬股。最後，我們的團隊在我們可以控制的領域中繼續表現良好，但我們仍然有很多工作要做。

Given today's rapidly changing market conditions, our team continues to demonstrate our value proposition to our customers and suppliers. We remain confident our approach through this market downturn will benefit Avnet in the long term.

鑑於當今快速變化的市場狀況，我們的團隊繼續向客戶和供應商展示我們的價值主張。我們仍然相信，從長遠來看，我們應對市場低迷的方法將使安富利受益。

With that, I will turn it over to the operator to open it up for questions. Operator?

這樣，我會將其交給操作員以打開它以供提問。操作員？

(Operator Instructions) Joe Quatrochi, Wells Fargo.

（操作員說明）Joe Quatrochi，富國銀行。

Yeah, thanks for taking the questions. I wanted to understand your comment in terms of just Asia returning to year-to-year growth. I guess, I wonder, ex the data center opportunities that you're seeing, I think those are probably fairly nascent a year ago, are we seeing ex-data center return to year-over-year growth in Asia as a leading indicator as well?

是的，感謝您提出問題。我想了解您對亞洲恢復逐年增長的評論。我想，我想知道，您所看到的前資料中心機會，我認為這些機會可能在一年前才剛剛起步，我們是否將前資料中心在亞洲恢復同比成長作為領先指標出色地？

Yeah. Hey, Joe. This is Phil. Yeah, we mentioned that in the script a little bit about AI in Asia. But that's not a huge number for us, to be honest with you. We're seeing some upside there but that's not really what's carrying the day for us over in Asia. It's -- we have seen an increase in some consumer, believe it or not, communication, compute, even some aerospace. And the industrial is in Asia is not down as much as it is in Europe and the Americas. It's more pronounced in Europe, particularly Europe than the Americas and in Asia.

是的。嘿，喬。這是菲爾.是的，我們在劇本中提到了一些關於亞洲人工智慧的內容。但老實說，這對我們來說並不是一個大數字。我們看到了一些積極的一面，但這並不是我們在亞洲取得成功的真正原因。不管你信不信，我們已經看到一些消費者在通訊、運算、甚至航空航太領域的成長。亞洲的工業下降程度並不像歐洲和美洲那麼嚴重。這種情況在歐洲尤其是歐洲比美洲和亞洲更明顯。

So it's -- I'd say it's a little bit more broad than just data center or the hyperscalers. We don't play a ton there. We do get some power benefits there and some large connector lines and some analog lines. But it's really across the board. Even trying to (technical difficulty) kind of flatten out for us.

所以我想說它的範圍比資料中心或超大規模更廣泛。我們在那裡玩的不多。我們確實在那裡獲得了一些功率優勢以及一些大型連接器線和一些模擬線。但這確實是全面的。甚至試圖（技術難度）對我們來說是平坦的。

Okay. That's helpful.

好的。這很有幫助。

Maybe on the Farnell side, I mean, I guess, as we take a step back and we try to think about the go forward path here, I mean, structurally, do you think that this business can still return to that double-digit EBIT target? And I guess, what does that require? And then maybe, just along those lines, I think when you guys gave that target, there was probably some assumption around like pricing and the impact of pricing as you on a go-forward basis. And how does that played out relative to your planning?

也許在派睿電子方面，我的意思是，我想，當我們退一步並​​嘗試思考這裡的前進道路時，我的意思是，從結構上講，您認為這項業務仍然可以恢復到兩位數的息稅前利潤嗎？我想，這需要什麼？然後也許，沿著這些思路，我認為當你們給出這個目標時，可能會有一些假設，例如定價以及定價對未來的影響。與您的計劃相比，這進展如何？

Yeah. Thanks Joe. Yeah, let me just reemphasize. We're disappointed where we are with Farnell from where we were to where we are today. We don't think we're alone in some of the high service. We might have accelerated down a little bit more than some others.

是的。謝謝喬。是的，我再強調一下。我們對派睿電子從過去到今天的處境感到失望。我們並不認為我們是唯一提供某些高級服務的公司。我們可能比其他一些人加速得慢一些。

A couple of things I want to highlight here. First off, your -- to answer your question, yes. We absolutely believe in the Farnell model. It wasn't that long ago, it was 6% of our revenues and close to 20%, 25% of our operating income. We believe we can get back to those ranges again.

我想在這裡強調幾件事。首先，回答你的問題，是的。我們絕對相信 Farnell 模型。不久前，它還占我們收入的 6%，接近我們營業收入的 20%、25%。我們相信我們可以再次回到這些範圍。

We've announced a new leader in July, as I mentioned in the script, Rebecca Obregon. She's actually over there now with her team. We're looking at some restructuring. As Ken pointed out, we started that about a year or so ago. We have hit the numbers we targeted for restructuring costs. Unfortunately, the market has accelerated down more than we anticipated. And keep in mind, they're even heavier in Europe than they are in the balance of the world and Europe is having a tougher time, the rest of the market. So they're not immune to that.

正如我在劇本中提到的，我們在 7 月宣布了一位新領導人，麗貝卡·奧布雷岡 (Rebecca Obregon)。她現在和她的團隊實際上就在那裡。我們正在考慮進行一些重組。正如肯所指出的那樣，我們大約一年前開始這樣做。我們已經達到了重組成本的目標數字。不幸的是，市場下跌的速度超出了我們的預期。請記住，它們在歐洲的重量甚至比在世界其他地區的重量還要重，而且歐洲和市場的其他地區正經歷著更艱難的時期。所以他們也不能倖免。

The activity -- what's interesting in our front now, the activity -- if you -- line-item activity, that's down, let's call it, 8% to 10%, yet the business is down 18%. So the line-item activity is not down near as much as the revenue. It says the line item -- the value per line item is down a little bit more -- almost 2x with the line items are down.

活動——現在我們前面有趣的是，活動——如果你——行項目活動，我們可以這麼說，下降了8%到10%，但業務卻下降了18%。因此，訂單項活動的下降幅度並不像收入下降的幅度那麼大。它說訂單項——每個訂單項目的價值下降了一點——幾乎是訂單項下降的兩倍。

So we have a combination of things working at Farnell. We are restructuring. We're doing another round of restructuring there. We've changed out a bunch of the staff, by the way as well, going to a regional sales model. All the positions that we need to fill through the quarter are filled. Now we got to focus on execution.

因此，我們在派睿電子 (Farnell) 擁有多種工作方式。我們正在重組。我們正在那裡進行另一輪重組。順便說一下，我們還更換了一批員工，轉而採用區域銷售模式。本季我們需要填補的所有職位都已填補。現在我們必須專注於執行。

Okay. And maybe just as a quick follow up to that. I mean, did things get worse from here before they get better or do you think we're kind of bouncing along the bottom here?

好的。也許只是作為對此的快速跟進。我的意思是，事情在好轉之前是從這裡開始變得更糟還是你認為我們正在底部反彈？

We think we're bouncing along the bottom. We're hoping to see modest improvement this quarter. And the other thing is you did -- you asked about margin too at Farnell, some of it's double whammy. They got the onboard components, semi-IP&E, that's down more than the test and measurement. And the onboard components tend to run at a higher margin than the balance of the business. So we got the double whammy there. The new onboard components down. Test and measurement is holding up okay but just runs at a lower margin. So I just wanted to throw that in.

我們認為我們正在底部反彈。我們希望本季能看到適度的改善。另一件事是你做了——你也在派睿電子詢問了利潤率，其中一些是雙重打擊。他們獲得了板載組件、半 IP&E，這比測試和測量的下降幅度更大。車載組件的利潤率往往高於其他業務。所以我們在那裡受到了雙重打擊。新的板載組件下來了。測試和測量狀況良好，但利潤率較低。所以我只是想把它丟進去。

Joe, this is Ken. Just to add to that, I would say, gross margin profile has been stable now for the past couple of quarters at Farnell. We had a little bit of impact from foreign currency, movements and things like that. But I think on a like-for-like product, pricing and overall margins have been pretty stable now for probably three quarters in a row for Farnell. It's really a top line plus that currency. But the cost actions are taking traction as intended. It's just, unfortunately, the top line is dropping faster than the cost actions are benefiting.

喬，這是肯。除此之外，我想說的是，過去幾季派睿電子的毛利率一直保持穩定。我們受到了外匯、波動等因素的一些影響。但我認為，就同類產品而言，派睿電子的定價和整體利潤率目前可能已連續三個季度保持相當穩定。這實際上是頂線加上該貨幣。但成本行動正如預期發揮作用。不幸的是，收入下降的速度快於成本行動帶來的效益。

I guess, last time is -- our commitment for Farnell is we just expanded further in Asia-Pac, actually expanded into Japan. The new e-commerce site and a new team in Japan expanded. We were just there -- Ken and I was just there with Rebecca two weeks ago.

我想，上次我們對派睿電子的承諾是，我們只是在亞太地區進一步擴張，實際上是擴展到日本。日本的新電子商務網站和新團隊擴大了。我們就在那裡——肯和我兩週前就和麗貝卡在那裡。

Ruplu Bhattacharya, Bank of America.

魯普盧‧巴塔查亞 (Ruplu Bhattacharya)，美國銀行。

Hi. Thank you for taking my questions. I have one for Phil and one for Ken.

你好。感謝您回答我的問題。我有一份給菲爾，一份給肯。

Phil, just in terms of where we are in terms of the market correction, I mean, what innings do you think we are in? Are we at the bottom or do you think there's another couple of quarters of this correction? And also, have you seen any impact from the WT Micro, Future acquisition, either any positive trends or negative trends, if you could give us your view on that?

菲爾，就我們在市場調整方面的情況而言，我的意思是，您認為我們處於第幾局？我們是否已觸底，或者您認為此次調整還會持續數季？另外，您是否看到了 WT Micro、Future 收購帶來的任何影響，無論是正面趨勢還是負面趨勢，如果您能告訴我們您對此的看法嗎？

Yeah, great question. I think we're getting into that crystal ball time for now, Ruplu, on the outlook on the market. We said a few quarters ago, we thought it would start turning by now. And that obviously hasn't happened across the board, particularly with some of the challenges we're seeing in the West.

是的，很好的問題。魯普魯，我認為我們現在正進入水晶球時代，了解市場前景。幾個季度前我們就說過，我們認為現在情況會開始好轉。顯然，這並沒有全面發生，特別是我們在西方看到的一些挑戰。

We think it's another quarter or two. I think it's -- I'm not going to call which quarter because it's really tough to call. But I think it's probably more in the early 2025. The book to bills are still negative. Backlog has been eaten up a little bit. So I think we're going to grind through December to what we guided and then I think we'll start to see an uptick maybe the latter part of the March quarter into the June quarter. It's -- at this point -- the best I can see at this point in time.

我們認為還需要一、兩個季度。我認為——我不會打電話給哪個季度，因為真的很難打電話。但我認為 2025 年初可能會更多。帳面帳單仍為負數。積壓訂單已經被消耗掉了一點。因此，我認為我們將在 12 月努力達到我們的指導目標，然後我認為我們將開始看到成長，也許從 3 月季度的後半段到 6 月季度。這是我目前能看到的最好的情況。

I think, we've all realized this is just a little bit choppier than we thought and it's lasted a little bit longer than we thought, but we're managing through it and going to come out better on the other side.

我想，我們都意識到這比我們想像的要波動一些，而且持續的時間比我們想像的要長一些，但我們正在克服它，並且會在另一邊表現得更好。

The second part of your question was

你問題的第二部分是

WT Mirco.

WT 米爾科。

Yeah. No, we don't comment, as you know, publicly or privately really on our competition. WT is a great competitor and Future is a great competitor. and we're still competing with them as one although they're still pretty much operating separately. But they definitely got some synergies between the two. And we'll just go compete with them like we have in the past. But nothing earth shattering on that end.

是的。不，正如您所知，我們不會公開或私下對我們的競爭對手發表評論。WT 是個偉大的競爭對手，Future 是個偉大的競爭對手。儘管他們仍然基本上是分開運作的，但我們仍然作為一個整體與他們競爭。但他們確實在兩者之間產生了一些協同作用。我們將像過去一樣與他們競爭。但這方面並沒有什麼驚天動地的事情。

Okay. As a follow up, Ken, can I ask you about Farnell, another question on operating margin? How much was the impact sequentially from FX versus you talked about a worse mix of on-board components being lower. How much was the mix impact?

好的。作為後續行動，Ken，我可以問你關於 Farnell 的另一個關於營業利潤率的問題嗎？FX 與您談到的板載組件組合較差的情況相比，依序產生的影響有多大。混合影響有多大？

And then when we look at this business, what is a reasonable operating margin target for this business? Do you think that it can you ever get back to double-digit operating margin? And what are the drivers for margins over the next couple of quarters?

然後，當我們審視這項業務時，這項業務的合理營業利潤率目標是多少？您認為您的營業利潤率還能回到兩位數嗎？未來幾季利潤率的驅動因素是什麼？

Yeah, I think, answering your last part of the question first, you know, I think Phil answer that we do believe when we get back to double digits, I think it's going to take a little longer than we thought. We think we have the cost aspect of the business, generally, dialed in. There's still some more work to do, but all over that. And I think in the commentary, you see that we are seeing the traction there in terms of OpEx.

是的，我想，首先回答你問題的最後一部分，你知道，我認為菲爾回答說，我們確實相信，當我們回到兩位數時，我認為這將比我們想像的要花更長的時間。我們認為我們總體上已經了解了業務的成本方面。還有一些工作要做，但僅此而已。我認為在評論中，我們看到了營運支出方面的吸引力。

The reality is we want to drive sales growth there return to historical $400 million plus levels. And when that sales growth returns, it's going to be a higher mix of on the board components. So that helps gross margin as well. So I think really just recovery in the overall market, Phil mentioned, that some of the competition in that space in the high service aren't immune to this as well. And the overall transactional margin is holding up really well there on the board components. It's just a matter of it mixes down.

現實情況是，我們希望推動那裡的銷售額成長回到 4 億美元以上的歷史水準。當銷售成長恢復時，板上組件的組合將會更高。因此這也有助於毛利率。菲爾提到，我認為實際上整個市場正在復蘇，高端服務領域的一些競爭也不能倖免。董事會組件的整體交易利潤保持得非常好。這只是混合的問題。

So we think both of those comes back with some market recovery. From the FX, it was probably somewhere in the 150 to 200 basis points impact. This quarter, we don't necessarily anticipate that to return, but you never know with some of those things. So we're continuing to look at hedging and other things too to try to minimize any impact there.

因此，我們認為這兩者都會隨著市場的復甦而回歸。從外匯來看，影響可能在 150 到 200 個基點之間。本季度，我們不一定會預期這種情況會回歸，但其中一些事情你永遠不知道。因此，我們正在繼續研究對沖和其他事情，以盡量減少那裡的影響。

Matt Sheerin, Stifel.

馬特謝林，史蒂菲爾。

Oh, yes, thanks. Hello, everyone. Phil, a question on the commentary about your guidance for the December quarter. And I think you're looking at sort of flattish sequential growth across the regions. Is that right? Because it seems like EMEA, typically Europe is down sequentially just on selling days and it sounds like Europe is the weakest market in terms of demand right now. So could you just clarify that?

哦，是的，謝謝。大家好。Phil，關於您對 12 月季度指導的評論的問題。我認為您看到的是各地區的連續增長。是這樣嗎？因為看起來像歐洲、中東和非洲地區，歐洲通常在銷售日連續下跌，而且聽起來歐洲是目前需求最疲軟的市場。那你能澄清一下嗎？

Yeah. No. Thanks, Matt. Good to hear from you. You articulated it about right. And so we're seeing modest, very modest regional uptick in December. And you're right, typically Europe. Americas, it's not as typical. But Europe with the holidays extended, they typically net down in the December quarter over September with a bounce back in March which recall last year to bounce back in March did not happen in the West. So things a little bit different here.

是的。不。謝謝，馬特。很高興收到你的來信。你說得對。因此，我們看到 12 月的區域性成長非常溫和。你是對的，通常是歐洲。美洲，情況就不那麼典型了。但歐洲隨著假期的延長，通常在 12 月季度比 9 月淨下跌，並在 3 月反彈，而去年在 3 月反彈的情況在西方並沒有發生。所以這裡的情況有點不同。

And also Matt, frankly, I mean, we're down pretty low in September. So we're coming in off a low number in September for us in Europe and competing well. I think we all know what's going on in Europe right now. So we're competing well. I'm proud of the team. But we came in pretty well, the lowest has been in the multiple years. So that's why we're optimistic. We might be able to be flat to up modestly in Europe. Then America is in a (multiple speakers) kind of thing.

還有馬特，坦白說，我的意思是，我們在 9 月的業績下滑得相當低。因此，我們九月在歐洲的成績較低，並且競爭良好。我想我們都知道歐洲現在正在發生什麼事。所以我們競爭得很好。我為我們的團隊感到自豪。但我們的表現還不錯，是多年來的最低水準。這就是我們樂觀的原因。在歐洲，我們可能會持平或略有上升。那麼美國就陷入了（多個發言者）的境地。

Got it. Okay. And then on gross margin, it looks like 10.8%, that was the lowest number that I see going back a few years and I know that mix is working against you and then you talked a little bit about Farnell. But how should we think about it? It looks like gross margins should be flat again on that mix in December. So how should we think about gross margin as we get through the fiscal year? Is it just dependent on mix or is there pricing or other things in the mix there?

知道了。好的。然後在毛利率方面，看起來是 10.8%，這是我幾年前看到的最低數字，我知道這種混合對你不利，然後你談到了 Farnell。但我們該如何思考呢？看起來 12 月的毛利率應該會再次持平。那麼，當我們度過本財年時，我們該如何考慮毛利率呢？它僅取決於組合還是有定價或其他因素在其中？

Yeah, Matt. I think you nailed the two biggest drivers on that gross margin. You know, the Asia shift in mix and obviously the upside we saw in the quarter came from Asia, and then Farnell is probably the second biggest driver. I'd say within each regional business, there's puts and takes. We're seeing a little bit weaker mix in terms of some of the bigger customers that might have a little bit better pricing doing more business than the mass market customers just in the overall demand environment. We're seeing the larger customers' demand hold up a little bit better.

是的，馬特。我認為你確定了毛利率的兩個最大驅動因素。你知道，亞洲組合的轉變，顯然我們在本季看到的上行空間來自亞洲，然後派睿電子可能是第二大驅動力。我想說，在每個區域業務中，都有投入和投入。我們發現，在整體需求環境中，一些較大的客戶可能比大眾市場客戶有更好的定價，做更多的業務，但組合有點弱。我們看到較大客戶的需求有所改善。

So there's a little puts and takes there. But I think, in general, going to next quarter, flat to up slightly on gross margin is how we're thinking about it. And then OpEx would be kind of similar as probably up a little bit there in OpEx from some timing differences and other things like that, but within the kind of normal range.

所以這裡有一些看跌期權。但我認為，總的來說，到下個季度，毛利率將持平到略有上升，這是我們的想法。然後，營運支出會有點相似，因為一些時間差異和其他類似的事情，營運支出可能會有所上升，但在正常範圍內。

Got it. Okay. And then just lastly on the inventory, I know you're targeting a fairly big reduction back to the 80s in inventory days. But you haven't really seen any significant progress where some of your competitors, a lot of the [EMS] companies have been cutting inventory. So I guess the question is why have you been lagging? Is that partly because your customers are still pushing back on our rescheduling orders? I'm just trying to figure out the timing of this inventory.

知道了。好的。最後關於庫存，我知道你們的目標是將庫存天數大幅減少到 80 多歲。但你並沒有真正看到任何重大進展，你的一些競爭對手，許多[EMS]公司一直在削減庫存。所以我想問題是你為什麼落後了？部分原因是您的客戶仍在推遲我們的重新安排訂單嗎？我只是想弄清楚這個庫存的時間。

Yeah, I think I won't comment on the competition. But what I would say is we're still seeing some of the same dynamics in terms of customers inventory levels. What our comment was this quarter is really absent currency. The dollar weakened a little bit here against the euro in particular. But there was -- mostly, FX was driving the inventory and then we had some things happen towards the end of the quarter. And I think in general, we're going to keep doing what we have done past couple of quarters prior to this one. Inventory came down nicely. I think when you normalize for some of the one-offs here, inventory is still directionally going down, absent FX, and some of the timing differences

是的，我想我不會對比賽發表評論。但我想說的是，我們在客戶庫存水準方面仍然看到一些相同的動態。我們本季的評論是真正缺席的貨幣。美元兌歐元尤其小幅走弱。但主要是外匯推動了庫存，然後我們在季度末發生了一些事情。我認為總的來說，我們將繼續做在此之前幾個季度所做的事情。庫存下降得很好。我認為，當你對這裡的一些一次性事件進行正常化時，庫存仍在定向下降，沒有外匯，並且存在一些時間差異

But I guess, I'll just emphasize, Matt, hey, we think we've got a path. There's plenty of work to do still. But we are going to try to continue to be opportunistic. We're seeing some things out there in the market where we can take advantage of them and that may require some temporary increases or at least inventory being flattish for another quarter or two, right, while we execute against some of these opportunities, right? But we think long term, nothing's changed in terms of our view of where inventory needs to get. It's not everywhere. It's certain specific products that we'll continue to work on. And we've got line aside to some of those reductions.

但我想，我只是強調，馬特，嘿，我們認為我們已經找到了一條路。還有很多工作要做。但我們將嘗試繼續機會主義。我們在市場上看到了一些我們可以利用的東西，這可能需要一些暫時的增加，或者至少庫存在接下來的一兩個季度保持平穩，對吧，同時我們要抓住其中一些機會，對吧？但我們認為，從長遠來看，我們對庫存需要去向的看法沒有任何改變。它不是到處都有。我們將繼續開發某些特定產品。我們對其中一些削減有保留。

And I guess what I would just say is the team is very focused on it. It's the number one or number two topic we bring up whenever we're with the team and so everyone gets it and we need to drive it. We want to emphasize that we still believe inventory is a good thing, but there is pockets of excess that we need to go execute against. And it's hurting not only our broader cash flow, but it's also hurting the returns.

我想我想說的是團隊非常專注於此。這是我們在團隊中時提出的第一或第二主題，因此每個人都明白它，我們需要推動它。我們想強調的是，我們仍然相信庫存是一件好事，但我們需要針對一些過剩的情況採取行動。這不僅損害了我們更廣泛的現金流，也損害了回報。

We signaled that matter in the last couple of quarters on some special opportunities we had that we thought were good win-win for both Avnet and the supplier. So it didn't totally surprise us, but we know we need to get it back down into the 80s. And it's going to take some work. It's really by about a half a dozen suppliers that we really need to work down. The rest of the inventory is fine.

我們在過去幾季中透過一些特殊機會表明了這一點，我們認為這些機會對安富利和供應商來說都是雙贏的。所以這並沒有讓我們感到完全驚訝，但我們知道我們需要將其帶回 80 年代。這需要一些工作。我們真正需要減少的實際上是大約六家供應商。其餘的庫存都還好。

(Operator Instructions) William Stein, Truist Securities.

（操作員指示）William Stein，Truist 證券公司。

Great. Thanks. I have a couple. First, Phil, you talked about strength over the next three years. I'm wondering if you expect revenue to turn to year-over-year growth during fiscal '25 towards the end of the year and maybe even if you have a full-year view at this point, do you think we'll wind up seeing sales grow in the current fiscal year?

偉大的。謝謝。我有一對。首先，菲爾，您談到了未來三年的實力。我想知道您是否預計 25 財年年底的收入將實現同比增長，即使您此時對全年有展望，您認為我們會結束嗎？

In our current fiscal year, well, yeah, we're going on two -- our current fiscal year is divided June -- just to reemphasize and last year we anticipated that and it didn't happen. We're in the same. It's kind of de -- vuja de instead of deja vu here. So we're kind of in the same boat we were last year. We are anticipating a second half fiscal increase. I'll leave it at that. I mean, September is pretty low and we're guiding flat in December. So we are anticipating and modeling some second-half fiscal year gains of that.

在我們目前的財政年度中，是的，我們將進行兩個——我們當前的財政年度分為六月——只是為了再次強調，去年我們預料到了這一點，但它沒有發生。我們是同一個啊這裡有點似曾相識，而不是似曾相識。所以我們跟去年的情況差不多。我們預計下半年財政將有所成長。我就這樣吧。我的意思是，9 月的價格相當低，我們預計 12 月的價格持平。因此，我們正在預測並模擬下半年財年的一些收益。

That's helpful. At least, one other if I can. You highlighted the increase in turns business. And I guess what I've discussed with some of your suppliers in the semi companies I cover is this potential to misinterpret signals when customers come in with, what we call, turns business, right? There are a lot of potential reasons for that. I think it's easy to interpret that in an optimistic way and say, well, they're -- demand is improving and they're wanting product really quickly. The other way to view that is simply that they've grown accustomed to your having quite a bit of excess inventory and able to deliver in very quick turns. So why should they give you tons of visibility?

這很有幫助。至少，如果可以的話，再做一個。您強調了輪換業務的成長。我想我與我所涵蓋的半導體公司中的一些供應商討論過的問題是，當客戶進來時，我們所說的「轉變業務」可能會誤解訊號，對吧？造成這種情況的潛在原因有很多。我認為很容易以樂觀的方式解釋這一點，並說，嗯，他們——需求正在改善，他們很快就想要產品。另一種看待這一點的方式很簡單，他們已經習慣了您擁有相當多的過剩庫存並且能夠快速交付。那他們為什麼要給你大量的可見度呢？

I wonder where you think we are in that dynamic. Do you think the shorter lead times in the turns business is more optimistic demand or is it more of a view that they're relying on you to have the inventory and that, in fact, we're not really seeing a pickup in demand?

我想知道您認為我們在這種動態中處於什麼位置。您認為車削業務的交貨時間較短是因為需求更加樂觀，還是更認為他們依賴您擁有庫存，而事實上，我們並沒有真正看到需求回升？

Yeah, it's tough to give an absolute answer on that. But I think your latter point is more -- is closer. Will, as we see book to bills, still not a parody. The underlying message there you could conclude is that customers aren't putting backlog on right in pipeline because things are readily available. Lead times are stable, I'll say, okay, and then -- and lower than they were two years ago, for sure. So they're just waiting and delaying. And then all of a sudden, something will pop into their MRP and boom, they need to go buy it. So we see the turns.

是的，對此很難給出絕對的答案。但我認為你的後一點更接近。正如我們所看到的，威爾仍然不是一個模仿者。您可以得出的基本資訊是，客戶不會將積壓的訂單直接放入管道中，因為東西很容易獲得。我會說，交貨時間是穩定的，然後——肯定比兩年前要低。所以他們只是在等待和拖延。然後突然間，他們的 MRP 中會突然出現一些東西，他們需要去買它。所以我們看到了轉折。

I think it's more that, Will, than anything because it seems. Some customers are fine. You don't find defense there. We already pointed out. But the greater market like in industrial and whatnot, they're just not pipelining and we have a lot of our suppliers are on this call. We're trying to get customers to give us that outlook because suppliers want the outlook so they know what to build for the future or we would be right back where we were a couple of years ago.

威爾，我認為這比任何事情都重要，因為看起來如此。有些顧客還好。你在那裡找不到防禦。我們已經指出了。但更大的市場，例如工業等領域，它們只是沒有管道化，我們有很多供應商正在響應這個號召。我們正在努力讓客戶給我們這樣的前景，因為供應商想要這樣的前景，這樣他們就知道要為未來建造什麼，否則我們就會回到幾年前的狀態。

So short of that, we get turns and that's why we put it in the script. It's modest, Will, but it was -- they were up. So turns up a little bit, so we put it in the script. But it's not where it needs to be.

缺少這個，我們就會輪流，這就是我們把它放在劇本中的原因。這很謙虛，威爾，但是——他們起來了。所以出現了一點，所以我們把它放在腳本中。但這不是它需要的地方。

I appreciate that. If I can have one more follow up, please. I'm wondering if you can level set us on end market exposure. I think we get that from you all. Once in a blue moon, you disclose end market exposure. Even if you can't give it on a regional basis, can you just remind us what -- because when you start throwing out things like, aerospace defense and AI that we know is strong, sort of reminds us that we don't get that on a quarterly basis from you all. So I wonder if you'd be able to discuss that with us for a minute.

我很欣賞這一點。如果我可以再跟進一次，請。我想知道您是否可以為我們介紹終端市場的曝光度。我想我們從你們所有人那裡得到了這一點。千載難逢，您揭露了終端市場風險。即使你不能在區域基礎上提供它，你能提醒我們什麼嗎？季度都會這樣做。所以我想知道您是否能與我們討論一下這個問題。

Let me give you some rough numbers. We do give you this. So first of all, let's work backwards. AI, we mentioned in the script in Asia-Pac a little bit with some of the hyperscalers and that'll start getting into the regional data center. So we're seeing some lift there. It's not one of our key verticals right now. I mean, we have some suppliers. And again, particularly in Asia that we've seen some nice increase in business. But again, it wouldn't be our largest vertical by any stretch.

讓我給你一些粗略的數字。我們確實給你這個。首先，讓我們回顧一下。人工智慧，我們在亞太地區的腳本中提到了一些超大規模的技術，它將開始進入區域資料中心。所以我們看到那裡有一些提升。現在它不是我們的關鍵垂直領域之一。我的意思是，我們有一些供應商。再次，特別是在亞洲，我們看到業務出現了一些不錯的成長。但無論如何，這不會是我們最大的垂直領域。

So AI is still relatively low. Industrial, if you look at the industrial, depends again. It differs by region. But let's, let's call it between 30% and 40%, something in that range, of our business. I'll just give you a range from Asia to Europe.

所以AI還是比較低的。工業，如果你看工業，又取決於。因地區而異。但是，讓我們將其稱為我們業務的 30% 到 40% 之間，在這個範圍內。我只會給你一個從亞洲到歐洲的範圍。

Transportation is the one that's probably come up in the last several years, where many years ago, a lot of the channels that participate there we do today. Again, might be in the 15% to 20% in Europe. But globally, it's somewhere around in the 10% to 15% globally. Okay.

交通運輸可能是最近幾年出現的問題，很多年前，我們今天就有很多參與其中的管道。同樣，歐洲的這一比例可能在 15% 到 20% 之間。但從全球來看，這一比例大約在 10% 到 15% 左右。好的。

Defense aero, globally, 5% to 10% probably. In Americas, it's very strong, right, you know, 20% plus defense and aerospace. Consumer in the 10% to 15% range. I'm trying to gives you some. Compute and communications, if you tie them together, probably about 30% to 35%. So it depends. It really depends on the region but that's some high-level numbers for you.

國防航空，全球範圍內，可能是 5% 到 10%。在美洲，它非常強大，對吧，你知道，國防和航空航太領域增加了20%。消費者在 10% 到 15% 範圍內。我正在努力給你一些。計算和通信，如果將它們結合在一起，可能佔 30% 到 35% 左右。所以這取決於。這實際上取決於所在地區，但這對您來說是一些高水平的數字。

Well, I think the key message there, Will, is the diversification of our customer base. Okay. I think what does help us a bit is one thing we're really diverse and, of course, diverse by region. So I just want to throw that in as well.

威爾，我認為關鍵訊息是我們客戶群的多元化。好的。我認為對我們有一點幫助的是我們真正的多元化，當然，各個地區的多元化。所以我也想把它也放進去。

Thank you. And there are no further questions at this time. I'll now turn it back over to Phil Gallagher for closing remarks.

謝謝。目前沒有其他問題。現在我將把它轉回菲爾·加拉格爾 (Phil Gallagher) 作結束語。

Great. Thank you. I want to thank everyone for attending today's earnings call and I look forward to speaking to you again at our first quarter fiscal year 2025 earnings report. Thanks a lot. Appreciate it. And have a nice holiday.

偉大的。謝謝。我要感謝大家參加今天的財報電話會議，並期待在我們的 2025 財年第一季財報中再次與大家交談。多謝。欣賞它。並祝您假期愉快。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

女士們、先生們，今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。