安富利 (AVT) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Avnet third quarter fiscal year 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Joe Burke, Vice President, Investor Relations. Joe, please go ahead.

大家好，歡迎參加安富利 2025 財年第三季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興將電話轉給投資者關係副總裁喬·伯克 (Joe Burke)。喬，請繼續。

Thank you, operator. I'd like to welcome everyone to Avnet's third quarter fiscal year 2025 earnings conference call. This morning, Avnet released financial results for the third quarter fiscal year 2025 and the release is available on the Investor Relations section of Avnet's website, along with a slide presentation which you may access at your convenience.

謝謝您，接線生。歡迎大家參加安富利 2025 財年第三季財報電話會議。今天上午，安富利發布了 2025 財年第三季度的財務業績，該新聞稿可在安富利網站的投資者關係部分查閱，同時還附有幻燈片演示，您可以隨時訪問。

As a reminder, 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 a 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.

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。此類前瞻性陳述並不構成績效保證，本公司的實際結果可能與此類陳述中的結果有重大差異。安富利公司最新的 10-Q 表和 10-K 表以及隨後向美國證券交易委員會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 update 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本簡報發布之日的觀點，本公司不承擔公開更新任何前瞻性陳述或提供有關本簡報發布之日後情況的新資訊的義務。

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 指標。完整的非 GAAP 與 GAAP 對帳表可在今天發布的新聞稿、今天簡報的附錄幻燈片以及投資者關係網站上找到。

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；以及安富利財務長 Ken Jacobson。說完這些，讓我把電話轉給菲爾·加拉格爾 (Phil Gallagher)。菲爾？

Thank you, Joe, and thank you, everyone, for joining us on our third quarter fiscal year 2025 earnings call. I am pleased we delivered financial results ahead of our expectations for the third quarter. We achieved sales of $5.3 billion near to the high end of our guidance and adjusted EPS of $0.84 above guidance.

謝謝喬，也謝謝大家參加我們的 2025 財年第三季財報電話會議。我很高興我們第三季的財務表現超出了我們的預期。我們的銷售額達到 53 億美元，接近預期上限，調整後每股收益比預期高出 0.84 美元。

We also generated $141 million of cash flow from operations in the quarter. Our results were driven by slightly better than expected performance in Asia and Farnell, offset by expected ongoing weaknesses in the West, with Europe presenting the most challenging market conditions.

本季我們也產生了 1.41 億美元的營運現金流。我們的業績受到亞洲和 Farnell 表現略好於預期的推動，但被西方市場預期的持續疲軟所抵消，歐洲市場呈現出最具挑戰性的市場條件。

Semiconductor and IP&E lead times and pricing continue to be stable for most technologies. Our global book-to-bill ratio continues to improve with our Asian region achieving parity in the quarter and with the Americas and EMEA approaching parity.

對於大多數技術而言，半導體和 IP&E 的交貨時間和價格持續保持穩定。我們的全球訂單出貨比持續改善，亞洲地區在本季實現了平價，美洲和歐洲、中東和非洲地區也接近平價。

I would note that the IP&E book-to-bill ratio across the company continues to improve above parity. Our backlog continues to be lower due to a combination of shorter lead times and customers still in the destocking mode.

我要指出的是，整個公司的 IP&E 訂單出貨比繼續高於平價。由於交貨時間較短且客戶仍處於去庫存模式，我們的積壓訂單持續較低。

Cancellations have remained at normal levels. Customers continue to work through the elevated inventories. And while our inventory is down marginally after accounting for foreign currency, I want to emphasize that inventory on hand which is comprised of a diverse supplier mix as a strategic asset and an important part of the value proposition we bring to our customers. And we stand at the ready to provide our customers with the product they need as the destocking process runs its course.

取消量仍保持在正常水準。客戶繼續處理高額庫存。雖然考慮到外幣因素後我們的庫存略有下降，但我想強調的是，庫存由多元化的供應商組合組成，是一種策略資產，也是我們為客戶帶來的價值主張的重要組成部分。隨著去庫存過程的結束，我們隨時準備為客戶提供他們所需的產品。

At the same time, we expect to continue to optimize our inventory composition and reduce core inventory levels where needed in the coming quarters. Turning to our electronic components results. At the top line, our electronic component sales declined on a sequential basis and on a year-on-year basis due to the economic backdrop and certain geopolitical factors. On the other hand, Asia was the only region with year-on-year sales growth.

同時，我們預計將在未來幾季繼續優化庫存結構，並在必要時降低核心庫存水準。轉向我們的電子元件結果。從總銷售額來看，由於經濟背景和某些地緣政治因素，我們的電子元件銷售額較上季和年比都出現下降。另一方面，亞洲是唯一銷售額較去年同期成長的地區。

In EMEA, we continue to experience weak demand across the region. In the quarter, the industrial end market increased slightly while other verticals were down sequentially. The aerospace and defense end market was the only vertical that showed growth on a year-on-year basis. In the Americas, we saw sequential growth in the transportation and compute end markets, while other verticals were down sequentially.

在歐洲、中東和非洲地區，我們持續感受到整個地區的需求疲軟。本季，工業終端市場略有成長，其他垂直市場則較上季下降。航空航太和國防終端市場是唯一一個較去年同期成長的垂直市場。在美洲，我們看到運輸和計算終端市場連續成長，而其他垂直市場則連續下降。

All verticals with the exception of compute were down on a year-on-year basis. We do not see any meaningful increase in shipments in advance of the anticipated tariff increases. Results for our Asia region were better than expected, even after allowing for the seasonal declines attributed to the Lunar New Year. Sales for Asia were down 8.5% sequentially. However, sales increased 13% year-on-year, representing the third consecutive quarter of year-on-year growth.

除計算領域外，所有垂直領域均較去年同期下降。在預期的關稅上調之前，我們並未看到出貨量有任何顯著成長。即使考慮到農曆新年造成的季節性下滑，我們亞洲地區的業績仍優於預期。亞洲銷售額季減 8.5%。但銷售額年增13%，這是連續第三個季度實現年增。

While sales for all verticals were down sequentially as expected, we saw year-on-year growth in the industrial, communications and transportation end markets. Similar to last quarter, we experienced a slight benefit in Asia from customers ordering due to the uncertainty of potential regulatory changes in the US.

雖然所有垂直行業的銷售額都如預期環比下降，但我們看到工業、通訊和運輸終端市場的銷售額同比增長。與上一季類似，由於美國潛在監管變化的不確定性，我們在亞洲的客戶訂單方面略有獲益。

Demand creation revenues as a percentage of total revenues remained stable. Our demand creation wins increased as our field application engineers continue to find ways to create solutions for our customers even in these challenging markets. One bright spot to mention is Abacus, our specialty IP&E business in EMEA recorded solid increases in demand creation revenues and gross profit dollars.

需求創造收入佔總收入的百分比保持穩定。即使在這些充滿挑戰的市場中，我們的現場應用工程師仍繼續尋找為客戶創造解決方案的方法，因此我們的需求創造勝利有所增加。值得一提的亮點是 Abacus，我們在歐洲、中東和非洲地區的專業 IP&E 業務在需求創造收入和毛利方面實現了穩步增長。

Now turning to Farnell. We are encouraged by the progress Farnell's making and sales increased 6% sequentially and operating income increased to 3% for the quarter. We continue to be challenged given the macro environment in Europe where a large portion of our sales are derived. While our team still has a lot of work to do, I expect that we will see steady improvements at Farnell.

現在轉向 Farnell。我們對 Farnell 的進步感到鼓舞，本季銷售額環比成長 6%，營業收入成長 3%。由於我們的銷售額很大一部分來自歐洲，因此我們繼續面臨宏觀環境的挑戰。雖然我們的團隊仍有許多工作要做，但我預計 Farnell 將穩步進步。

We will continue to execute against our strategy and focus on those growth opportunities we can control, including leveraging existing Avnet core customer and supplier relationships, thus our branding of the Power of One.

我們將繼續執行我們的策略，並專注於我們能夠控制的成長機會，包括利用現有的安富利核心客戶和供應商關係，從而打造我們的「Power of One」品牌。

Now regarding recently announced tariffs, we understand that this topic is front and center for all Avnet stakeholders. I want to take a moment to talk about what we are doing to mitigate the impact of tariffs on our customers and our own financials.

關於最近宣布的關稅，我們了解到這個主題是所有安富利利害關係人關注的焦點。我想花點時間談談我們正在採取哪些措施來減輕關稅對我們的客戶和我們自己的財務的影響。

First, I will start by saying the current environment regarding tariffs is dynamic, and our remarks today are based on what we know at this time. As we've mentioned before, when tariffs on goods originating from China went into the effect in 2018, we implemented changes to our systems and processes to minimize the impact of tariffs where we could and pass through tariffs to our customers as seamlessly as possible.

首先，我要說的是，目前的關稅環境是動態的，我們今天的評論是基於我們目前所了解的情況。正如我們之前提到的，當 2018 年對原產於中國的商品徵收關稅生效時，我們對系統和流程進行了更改，以盡可能減少關稅的影響，並儘可能無縫地將關稅轉嫁給我們的客戶。

In response to recently enacted tariffs earlier this month, our team has been making the necessary adjustments to our systems and processes to capture and mitigate the widening scope of those that are currently applicable.

為了因應本月稍早頒布的關稅，我們的團隊一直在對我們的系統和流程進行必要的調整，以捕捉和減輕目前適用關稅範圍的擴大。

Some of our solutions to minimize the impact include leveraging our global logistics and services footprint, collaborating with suppliers so we can minimize the impact on our customers and offering alternative country of origin products and solutions that are not subject to tariffs.

我們為盡量減少影響而採取的一些解決方案包括利用我們的全球物流和服務足跡，與供應商合作以盡量減少對客戶的影響，並提供不受關稅影響的替代原產國產品和解決方案。

To conclude, we are experiencing one of the most challenging uncertain times that I've witnessed in my 40-plus years in distribution. Supply chains today are very complex. And as I like to say, complexity is our friend. At Avnet, our job and a big part of our value proposition is to minimize the complexity so our suppliers and customers can achieve their goals in the most cost-effective way possible. We at Avnet have a long history of adapting to evolving technologies, market cycles, geopolitics and shifts in regulations.

總而言之，我們正在經歷我從事分銷行業 40 多年來所見過的最具挑戰性的不確定時期之一。當今的供應鏈非常複雜。正如我喜歡說的，複雜性是我們的朋友。在安富利，我們的工作以及價值主張的很大一部分是盡量減少複雜性，以便我們的供應商和客戶能夠以最具成本效益的方式實現他們的目標。安富利長期以來一直致力於適應不斷發展的技術、市場週期、地緣政治和法規的變化。

I am confident we'll weather these current challenges and emerge stronger. I want to thank our team for their dedication and perseverance in helping us to achieve our goals. It is during times like these that our efforts demonstrate to all of our stakeholders the value that we provide at the center of the technology supply chain.

我相信我們能夠克服當前的挑戰並變得更強大。我要感謝我們的團隊，感謝他們的奉獻和毅力幫助我們實現目標。正是在這樣的時刻，我們的努力向所有利害關係人展示了我們在技術供應鏈中心所提供的價值。

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

接下來，我將把話題交給肯，讓他更深入探討我們的第三季業績。肯？

Thank you, Phil, and good morning, everyone. We appreciate your interest in Avnet and for joining our third quarter earnings call. Our sales for the third quarter were approximately $5.3 billion, near the high end of our guidance range and down 6% both year-over-year and on a sequential basis. Relative to expectations, Sales in Asia and Farnell were higher than expected, while the Americas and EMEA sales were slightly lower than expected.

謝謝你，菲爾，大家早安。感謝您對安富利的關注並參加我們的第三季財報電話會議。我們第三季的銷售額約為 53 億美元，接近我們預期範圍的高端，年比和季比均下降 6%。相對於預期，亞洲和Farnell的銷售額高於預期，而美洲和EMEA的銷售額略低於預期。

Regionally, on a year-over-year basis, sales increased 13% in Asia but declined 24% in EMEA and 9% in the Americas. From an operating group perspective, electronic component sales declined 6% year-over-year and decreased 7% sequentially. Farnell sales declined 10% year-over-year, but increased 6% sequentially.

從地區來看，與去年同期相比，亞洲銷售額成長了 13%，但歐洲、中東和非洲地區銷售額下降了 24%，美洲銷售額下降了 9%。從營運集團角度來看，電子元件銷售額較去年同期下降6%，季減7%。Farnell 銷售額較去年同期下降 10%，但較上季成長 6%。

For the third quarter, gross margin of 11.1% was 78 basis points lower year-over-year but 54 basis points higher sequentially in part due to a seasonal mix shift to the West. The same seasonal mix shift impacted EC gross margin, which was higher sequentially but down year-over-year. Gross margins for each EC region remained relatively consistent on a sequential basis.

第三季度，毛利率為 11.1%，年減 78 個基點，但比上一季高 54 個基點，部分原因是季節性產品組合向西轉移。同樣的季節性組合變化也影響了 EC 毛利率，其較上季上升但較去年同期下降。各 EC 地區的毛利率以連續基礎保持相對一致。

Farnell gross margin was also down year-over-year, but up sequentially largely due to an increased mix of on-the-board components. Farnell gross margin of the product category level, including on-the-board components continues to be stable.

Farnell 的毛利率也較上年同期有所下降，但比上一季有所上升，這主要是由於板載元件組合的增加。包括板載元件在內的Farnell產品類別層面的毛利率持續保持穩定。

Turning to operating expenses. We continue to manage expenses well and take costs out where necessary. SG&A expenses were $435 million in the quarter, down $32 million or 7% year-over-year and down $1 million sequentially.

談到營運費用。我們繼續妥善管理開支，並在必要時削減成本。本季銷售、一般及行政費用為 4.35 億美元，年減 3,200 萬美元（7%），季減 100 萬美元。

Operating expenses for the quarter included a $9 million benefit from the gain on the sale and leaseback of the facility. As a percentage of gross profit dollars, SG&A expenses were slightly higher sequentially at 74%. Foreign currency positively impacted operating expenses by approximately $4 million sequentially and $7 million year-over-year.

本季的營運費用包括來自設施出售和回租收益的 900 萬美元。作為毛利的百分比，銷售、一般及行政費用 (SG&A) 環比略有上升，達到 74%。外幣對營業費用產生了積極影響，上一季營業費用增加約 400 萬美元，比去年同期增加 700 萬美元。

For the third quarter, we reported adjusted operating income of $153 million and our adjusted operating margin was 2.9%. By operating group, Electronic Components operating income was $172 million and EC operating margin was 3.5%. The year-over-year decline in EC operating margin was primarily due to the sales mix shift to Asia.

第三季度，我們報告調整後的營業收入為 1.53 億美元，調整後的營業利潤率為 2.9%。按營運集團劃分，電子元件營運收入為 1.72 億美元，電子元件營運利潤率為 3.5%。電子商務營業利潤率年減主要是由於銷售結構轉移到亞洲。

Farnell operating margin was 3%, up approximately 200 basis points quarter-over-quarter reflecting improved sales and gross margin. It is early days, but we are encouraged by this improvement. We believe the Farnell business has stabilized and is seeing modest improvement in the number and size of customer orders.

Farnell 的營業利潤率為 3%，比上一季成長了約 200 個基點，這反映了銷售額和毛利率的增加。雖然還處於早期階段，但我們對這項進步感到鼓舞。我們相信 Farnell 業務已經穩定下來，客戶訂單數量和規模正在略有改善。

Farnell operating expenses were down $12 million year-over-year, but up $3 million sequentially on higher sales. Farnell continues to execute against its cost reduction program, but a majority of the planned actions have been completed exiting the third quarter.

Farnell 的營運費用較去年同期下降了 1,200 萬美元，但由於銷售額增加，季增了 300 萬美元。Farnell 繼續執行其成本削減計劃，但大部分計劃行動已在第三季末完成。

Turning to expenses below operating income. Third quarter interest expense of $61 million decreased by $12 million year-over-year and decreased $1 million sequentially due to lower average borrowings. This lower interest expense positively impacted adjusted diluted earnings per share by $0.11 year-over-year. Our adjusted effective income tax rate was 23% in the quarter as expected.

轉向營業收入以下的支出。第三季利息支出為 6,100 萬美元，年減 1,200 萬美元，較上季減少 100 萬美元，原因是平均借款額減少。較低的利息支出對調整後每股攤薄收益產生了積極影響，比去年同期增加 0.11 美元。本季我們的調整後有效所得稅率為 23%，符合預期。

Adjusted diluted earnings per share of $0.84 exceeded the high end of our guidance for the quarter and included an approximately $0.08 benefit from the gain on sale and leaseback of the facility during the quarter.

調整後每股攤薄收益為 0.84 美元，超過了我們本季預期的高端，其中包括本季設施售後回租收益帶來的約 0.08 美元的收益。

Turning to the balance sheet and liquidity. During the quarter, working capital remained flat sequentially and included a slight increase in reported inventories of $18 million, a $326 million decrease in receivables and a $307 million decrease in payables. Sequential increases in foreign currency exchange rates added $93 million of working capital, including $75 million to reported inventories.

轉向資產負債表和流動性。本季，營運資本與上一季持平，報告庫存略有增加 1,800 萬美元，應收帳款減少 3.26 億美元，應付帳款減少 3.07 億美元。外匯匯率的連續上升增加了 9,300 萬美元的營運資本，其中包括 7,500 萬美元的報告庫存。

Excluding the impact of changes in foreign currency exchange rates, inventories decreased by $57 million compared to last quarter. We remain focused on reducing inventory levels where elevated, noting that we also want to make investments where needed. Our return on working capital was stable with last quarter.

不計外匯匯率變動的影響，庫存較上一季減少5,700萬美元。我們仍然專注於降低庫存水平，同時我們也希望在需要的地方進行投資。我們的營運資本回報率與上一季保持穩定。

We generated $141 million of cash from operations in the quarter, $585 million fiscal year-to-date and $859 million over the past four quarters. We expect to generate positive operating cash flows next quarter. Year-to-date, our debt is lower by $260 million. We ended the quarter with a gross leverage of 3.2 times, and we had approximately $1.2 billion of available committed borrowing capacity.

本季我們的營運活動產生了 1.41 億美元的現金，本財年迄今產生了 5.85 億美元的現金，過去四個季度產生了 8.59 億美元的現金。我們預計下個季度將產生正的經營現金流。今年迄今為止，我們的債務減少了 2.6 億美元。本季末，我們的總槓桿率為 3.2 倍，可用的承諾借款能力約為 12 億美元。

During the quarter, net cash used for CapEx was $27 million, within our expected quarterly levels of approximately $25 million to $35 million. CapEx is expected to be between $55 million to $65 million next quarter due to the planned purchase of an office building.

本季度，資本支出的淨現金為 2,700 萬美元，符合我們預期的季度水準約 2,500 萬至 3,500 萬美元。由於計劃購買一棟辦公大樓，預計下個季度的資本支出將在 5,500 萬美元至 6,500 萬美元之間。

In the third quarter, we paid our quarterly dividends of $0.33 per share or $28 million. We also repurchased approximately $101 million of the shares, bringing the year-to-date repurchase total to $251 million. We are ahead of our goal to reduce shares outstanding by at least 5% this fiscal year.

第三季度，我們支付了每股 0.33 美元或 2800 萬美元的季度股息。我們也回購了約 1.01 億美元的股票，使年初至今的回購總額達到 2.51 億美元。我們已提前實現本財年減少至少 5% 流通股數的目標。

Additionally, we have more than $400 million left on our current share repurchase authorization. Book value per share increased to approximately $56 a share or a sequential increase of $1 per share, primarily due to changes in foreign currency exchange rates.

此外，我們目前的股票回購授權還剩下4億多美元。每股帳面價值增加至約 56 美元，或每股連續增加 1 美元，主要原因是外匯匯率的變動。

With regard to our capital allocation, we continue to prioritize our existing business needs, including working capital and CapEx. We remain committed to our road map of delivering a reliable and increasing dividend and balancing debt paydown with share repurchases as our shares continue to be undervalued by the market.

關於我們的資本配置，我們繼續優先考慮現有的業務需求，包括營運資本和資本支出。由於我們的股票繼續被市場低估，我們仍然致力於提供可靠且不斷增加的股息，並透過股票回購來平衡債務償還。

Turning to guidance. For the fourth quarter of fiscal 2025, we are guiding sales in the range of $5.15 billion to $5.45 billion and diluted earnings per share in the range of $0.65 to $0.75. Our fourth quarter guidance assumes flat sales compared to last quarter at the midpoint, driven in part by favorable foreign exchange rates, primarily in EMEA.

轉向指導。對於 2025 財年第四季度，我們預計銷售額在 51.5 億美元至 54.5 億美元之間，每股攤薄收益在 0.65 美元至 0.75 美元之間。我們第四季的預期是假設銷售額與上季中期持平，部分原因是受有利的外匯匯率影響，主要是在歐洲、中東和非洲地區。

Our overall sales guidance in constant currency assumes lower sales in EMEA and flattish sales in Asia and the Americas. This guidance also assumes similar interest expense compared to the third quarter, an effective tax rate of between 21% and 25% and 86 million shares outstanding on a diluted basis. Our team has made a significant effort to adjust our processes for this latest round of tariffs.

我們以固定匯率計算的整體銷售預期是，歐洲、中東和非洲地區的銷售額將下降，亞洲和美洲的銷售額將持平。該指引也假設利息支出與第三季相似，有效稅率在 21% 至 25% 之間，且稀釋後流通股數為 8,600 萬股。我們的團隊已做出巨大努力來調整流程以應對最新一輪的關稅。

For additional context, we currently estimate that between 7% to 10% of our annual Americas sales is from products that originate from China. We continue to work with our suppliers and customers to mitigate the impact of tariffs where possible.

進一步說明一下，我們目前估計，我們每年在美洲的銷售額中有 7% 到 10% 來自中國的產品。我們將繼續與供應商和客戶合作，盡可能減輕關稅的影響。

In summary, our third quarter performance was better than expected despite the challenging market conditions. Our team continues to focus on generating operating cash flow and over the past year, we have been able to balance the pay down of debt with returning cash to shareholders through share repurchases and dividends.

總而言之，儘管市場環境充滿挑戰，但我們第三季的業績仍優於預期。我們的團隊繼續專注於創造經營現金流，在過去的一年裡，我們已經能夠平衡償還債務和透過股票回購和股利向股東返還現金。

Before turning to questions, I want to echo Phil's comments in thanking our team for continuing to focus on the things that we can control. We will continue to work closely with our suppliers and customers to mitigate the impact of current and any future tariffs to the extent possible.

在提出問題之前，我想重複菲爾的評論，感謝我們的團隊繼續關注我們可以控制的事情。我們將繼續與供應商和客戶密切合作，盡可能減輕當前和未來關稅的影響。

Our global scale and the diversification of our distribution center locations, the supplier technologies we provide and the vertical markets we serve gives us the ability to reduce complexities and better serve our customers.

我們的全球規模和配送中心位置的多樣化、我們提供的供應商技術以及我們服務的垂直市場使我們能夠降低複雜性並更好地服務我們的客戶。

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

說完這些，我將把時間交給操作員來回答問題。操作員？

(Operator Instructions)

（操作員指示）

Joe Quatrochi, Wells Fargo.

富國銀行的喬‧夸特羅奇 (Joe Quatrochi)。

Yes. Thanks for taking the questions. I wanted to kind of understand the puts and takes on the revenue guide for the June quarter. It's a bit weaker than some of your suppliers that have already guided for the quarter, implying their revenue would be up low or mid or even in some cases, high single digits sequentially.

是的。感謝您回答這些問題。我想了解六月季度營收指南的利弊。它比一些已經為本季度做出指引的供應商的業績要弱一些，這意味著他們的收入將環比增長低位或中位，甚至在某些情況下增長高位個位數。

So I wanted to kind of understand the difference there. And then maybe on -- as a follow-up to that, how do we think about your inventory expectations given that you're guiding for flattish growth and some of your suppliers are guiding for growth?

所以我想了解一下其中的差異。然後也許 - 作為後續問題，鑑於您指導的增長持平並且您的一些供應商指導的增長，我們如何看待您的庫存預期？

Yes, Joe, thanks. I guess what I would say is I think we've taken the same approach that we have over the past several quarters to kind of come up with the guide. So I don't think we view it as conservative. We don't view it as necessarily aggressive as well. And I think the real story is the West in Europe, in particular, right?

是的，喬，謝謝。我想說的是，我們採取了與過去幾個季度相同的方法來製定指南。所以我不認為我們認為這是保守的。我們也不認為它必然具有攻擊性。我認為真正的故事是西方，特別是歐洲，對嗎？

I think in kind of euro looking at a sequential down 5% plus. So I think if you look at the guidance range, if you look at the high end of that guidance range, you could get to those low single-digit growth sequentially. But that's all going to be probably coming from Asia, right? Asia is where we have the strength now and the West is kind of weak.

我認為歐元將連續下跌 5% 以上。因此，我認為，如果你看一下指導範圍，如果你看一下指導範圍的高端，你就可以連續獲得低個位數的成長。但這些可能都來自亞洲，對嗎？現在我們在亞洲實力較強，西方則比較弱。

And so when you get the upside in sales in Asia, it's lower calorie sales. And so that's kind of how we're thinking about things. And I know we'll get into some questions on tariffs and things like that. I think we're going to make some more progress. $57 million reduction in inventory in constant currency, we'll make some more progress this quarter, I would say, $100 million kind of plus is what we're looking at. So we continue to kind of work that side of things and think there's more opportunity there to relieve the inventory. So that's kind of what we're seeing right now.

因此，當亞洲的銷售額上升時，其熱量銷售額就會降低。這就是我們思考問題的方式。我知道我們會討論一些關於關稅之類的問題。我認為我們會取得更多進展。以固定匯率計算，庫存減少 5,700 萬美元，本季我們將取得更多進展，我想說，我們正在考慮 1 億美元以上的目標。因此，我們將繼續致力於這方面的工作，並認為有更多機會來緩解庫存。這就是我們現在所看到的。

Okay. And then as a follow-up on tariffs, I mean, you kind of touched upon it in the prepared remarks, opportunities for your supply chain services for your customers? And can you talk about that? And what does that look like? And can you remind us of any just kind of the details from the financial profile of that business?

好的。然後作為關於關稅的後續問題，我的意思是，您在準備好的發言中提到了這一點，即您為客戶提供的供應鏈服務機會？你能談談這個嗎？那是什麼樣子的？您能否提醒我們有關該企業財務狀況的詳細資訊？

Yes. I mean I think it's an opportunity to continue to help our customers across all of our service offers, including supply chain and service. I wouldn't say it's unique to that. I guess, how we look at it is this is where our global scale and geographic footprint helps us. Again, we talked about 7% to 10% of our Americas business being country of origin China, and even some of that goes to Mexico or Canada, which wouldn't be subject to tariffs.

是的。我的意思是，我認為這是一個機會，讓我們能夠繼續透過我們提供的所有服務（包括供應鏈和服務）為客戶提供幫助。我不會說它是獨一無二的。我想，我們如何看待這個問題，這就是我們的全球規模和地理足跡能夠幫助我們的地方。再次，我們談到了我們在美洲的業務的 7% 到 10% 的原產國是中國，甚至其中一部分銷往墨西哥或加拿大，這些國家不會受到關稅的影響。

So look, it's complicated, but I think our footprint is going to serve us well to help customers reduce that complexity. But at the end of the day, stuff coming from China into the US is going to be subject to tariffs, right? We can't stop that. We can try to get different country origins and mitigate the best we can, and we're working through that right now.

所以看起來，這很複雜，但我認為我們的足跡將很好地服務我們，幫助客戶降低這種複雜性。但最終，從中國進口到美國的商品都要繳關稅，對嗎？我們無法阻止這一點。我們可以嘗試獲取不同國家的來源並盡力緩解，我們現在正在努力解決這個問題。

So we do see -- this is another example. I think we referred to it as just more complexity, which serves us better to help our customers deal with that. But it's challenging right now in terms of everyone's [runnning around] the heads cut off, but the team is doing a great job, trying to adjust real time to what's coming out.

所以我們確實看到——這是另一個例子。我認為我們稱之為更複雜的情況，這可以讓我們更好地幫助客戶處理這個問題。但現在這是一個挑戰，因為每個人都在被砍掉的頭周圍跑來跑去，但團隊做得很好，正在努力根據正在發生的事情進行即時調整。

And we don't listen to the news, we're more focused on what the government actually issues, but it's coming at us pretty fast. But we think we're lockstep with what the changes are and we're implementing things as quickly as we can.

我們不聽新聞，我們更關注政府實際發布的內容，但新聞來得很快。但我們認為我們已經跟上了變化的步伐，並且正在盡快實施。

Yes. So I'll just jump in on that. Thanks, Ken. And we're super proud of the team here. We've got a tremendous amount of experience with this. It's not new. I think we re-emphasized that in the script. It's going back to '17, '18. So it's just a little bit more complex than that, obviously, for what's going on. But we have the processes in place. We've got the logistics centers options. You got the FTZ setup.

是的。所以我直接開始討論這個。謝謝，肯。我們為這裡的團隊感到非常自豪。我們在這方面擁有豐富的經驗。這並不是什麼新鮮事。我認為我們在劇本中再次強調了這一點。時間回到 17、18 年。顯然，事情比這要複雜一些。但我們已經制定了流程。我們有物流中心選項。您已獲得 FTZ 設定。

And the word really is because -- are you going to pass it on? That's going to be the next question. The answer is yes. And we are doing that and have done that in the past. But the real thing we try to do is mitigate upfront all together, right? So the key is mitigation.

這個字的真正意義是──你會把它傳遞下去嗎？這將是下一個問題。答案是肯定的。我們現在正在這樣做，過去也一直這樣做。但我們真正想做的事情是一起前期緩解，對嗎？因此關鍵在於緩解。

So that's why we very intentionally put the complexity in the script that complexities finance. That's what we deal with, okay? And that's our job is to make things simpler, if you will, or streamlined for our customers and suppliers.

這就是為什麼我們有意將複雜性融入腳本中，以便為複雜性提供資金。這就是我們要處理的事情，好嗎？如果您願意的話，我們的工作就是為我們的客戶和供應商簡化事情或使其更加精簡。

On the guidance, I'm going to re-emphasize what Ken mentioned is, look, we don't stress the team. We don't make up numbers. We roll it up, bottoms up. We have some conversations with the field -- regional presence, it is what we believe is our best estimate.

在指導方面，我要再次強調肯提到的一點，看，我們不會給團隊帶來壓力。我們不編造數字。我們把它捲起來，底部朝上。我們與該領域進行了一些對話——區域存在，這是我們認為最好的估計。

And I think the guidance this quarter is particularly complex given the tariffs, given the geopolitical uncertainty that there was no reason to go and stretch that out. If we do better, we do better, great. But we're very confident with the guide, okay, as we have been in the past, and it's what we're seeing today, and that's what we're reporting.

我認為，考慮到關稅和地緣政治的不確定性，本季的指導尤其複雜，沒有理由延長這一期限。如果我們做得更好，那就做得更好，太好了。但是我們對指南非常有信心，好的，就像我們過去一樣，這就是我們今天所看到的，也是我們所報告的。

Thanks for the details.

謝謝你的詳細資料。

You got it, Joe.

你明白了，喬。

(Operator Instructions)

（操作員指示）

William Stein, [Truist Securities] (technical difficulty)

威廉·斯坦，[Truist Securities]（技術難度）

Hi. Can you all hear me?

你好。你們聽得到我說話嗎？

We can, Will.

我們可以，威爾。

Great. Thanks for taking my question. First, on Farnell. You did a bit better there than we expected in the quarter, both revenue, but especially in margins. Can you elaborate a little bit on what went on in the quarter and what your longer-term expectations are for that business, please?

偉大的。感謝您回答我的問題。首先，關於 Farnell。本季你們的業績比我們預期的要好一些，無論是營收方面，尤其是利潤率方面。您能否詳細說明本季發生的情況以及您對該業務的長期期望？

Sure can, Will. Yes, so the word I'd use -- we're not celebrating by any stretch. But the word I'd use on Farnell is we're encouraged, okay? We put a plan in place with the new leader, Rebecca and team and are executing to the plan, both in OpEx reductions as well as SKU expansion and streaming the processes and becoming more -- driving more efficiency.

當然可以，威爾。是的，所以我會用這個詞——我們根本沒有在慶祝。但我對 Farnell 的評價是“我們受到了鼓舞”，對嗎？我們與新領導 Rebecca 和團隊制定了一項計劃，並正在執行該計劃，包括降低營運支出、擴大 SKU 和流程流，從而提高效率。

What happened -- what's encouraging -- you're right, in the operating margin, we our goal there, Will, we [stay] just, I want to see continuous improvement quarter-on-quarter to work our way back into double digit, okay?

發生了什麼事——令人鼓舞的是——你是對的，在營業利潤率方面，我們的目標是，威爾，我們只是，我希望看到季度環比持續改善，回到兩位數，好嗎？

From what period of time exactly, tough to call, but we definitely will see that we went from where we were to 1 to 3, let's get to 5 to 6 right on down the line. And that's the charter for now, and it really moves our needle as you know, from an EPS standpoint, when, not if and when we do that. I'll give you -- let me give you some encouraging comments here, Will, that happen throughout the quarter.

很難說具體是從哪個時期開始，但我們肯定會看到我們從原來的位置發展到 1 到 3，然後是 5 到 6。這就是目前的章程，正如你所知，從 EPS 的角度來看，當我們這樣做時，它確實會推動我們的前進。我會給你——讓我在這裡給你一些令人鼓舞的評論，威爾，這些評論會在整個季度發生。

Across the Board, we saw customer line items continue to increase in shipments in all three regions, okay? So that's a -- I don't know if that's canary in the coal mine as we talk about, but it was a good sign. It wasn't any one region, but in Asia Pac, we're up close to double digit; in European line items, the activity was up in the teens; and almost 10% in the Americas.

整體而言，我們看到三個地區的顧客產品出貨量持續增加，好嗎？所以這是一個——我不知道這是否是我們談論的煤礦裡的金絲雀，但這是一個好兆頭。這不是任何一個地區，而是在亞太地區，我們的成長接近兩位數；在歐洲計畫中，活動量增加了十幾個百分點；美洲則接近 10%。

So across the Board, we saw increased line [time] activity. The order values maybe not be tracking quite at the same rate, but the volume is going up, and we continue to see that as we get into April and the book-to-bill is positive.

因此，我們看到整體線路[時間]活動增加。訂單價值可能不會以完全相同的速度增長，但訂單量正在上升，進入四月份，我們繼續看到這種情況，訂單出貨比為正。

So it's kind of steady as she goes with Farnell. We believe, as you know, passionately in the success for Farnell and the impact it can have on Avnet Inc. And we'll continue to leverage Avnet and Farnell is that power of one theme, we continue to market out to suppliers and customers.

因此，她與 Farnell 的合作相當穩定。如您所知，我們堅信 Farnell 的成功及其對 Avnet Inc. 的影響。我們將繼續利用 Avnet 和 Farnell 的力量，繼續向供應商和客戶推銷。

Thanks for that. The next thing I'd like to linger on for a minute is inventory. There's always this sort of push and pull at least in the discussion. I think you tend to always cite that investors push you to keep that number low. I think that's fair. But you today and in the past have talked about this as being sort of strategic and highly valuable to both customers and suppliers.

謝謝。接下來我想花一點時間討論庫存。至少在討論中總是存在這種拉鋸戰。我認為您總是會提到投資者敦促您將該數字保持在較低水平。我認為這是公平的。但您今天和過去都談到過這一點，並認為這對客戶和供應商來說都具有戰略意義且非常有價值。

So I wonder, first, would you consider establishing a higher sort of go-forward target level for inventories? Like maybe this is the right level for a longer-term level. And if not, if you're trying to get them down, I am sort of surprised that even on the FX-adjusted or a constant currency basis, you had revenue down 6% in the quarter. You talked about trying to get this number down, yet it was only down about 1% on constant currency. So sort of which approach is right? Are you targeting higher levels longer term? And if not, why didn't it come down faster? Thank you.

所以我想知道，首先，您是否會考慮為庫存設定更高的未來目標水準？就像這也許是長期水平的正確水平。如果不是，如果你想要降低收入，那麼我有點驚訝，即使以外匯調整後或固定匯率計算，本季你的收入也下降了 6%。您談到要努力降低這個數字，但以固定匯率計算，它只下降了約 1%。那麼哪一種方法才是正確的呢？您是否以長期更高的水平為目標？如果不是，為什麼它沒有下降得更快？謝謝。

So you're talking in total, Avnet then, okay. First, I'll talk about Farnell. Okay. Let me take a shot at that and pass it over to Ken. As we've stated in the past, Will, suppliers have listened to this as well as our customers, inventory is not a bad thing, okay, so in distribution. And what we shoot for -- we're going to continue to shoot to bring inventory down more. We have to do that.

那麼，您總體上談論的是安富利，好吧。首先，我要談談Farnell。好的。讓我嘗試一下並將其傳遞給肯。正如我們過去所說的那樣，威爾，供應商和我們的客戶都聽取了這一點，庫存並不是一件壞事，好的，在分銷方面也是如此。我們的目標是——我們將繼續努力進一步降低庫存。我們必須這麼做。

But I want to emphasize that the inventory is not up across the Board. We've mentioned this before. There's -- most of our inventory and SKUs by commodity are fine. And actually, we need to invest more, okay? But there's a handful, let's just say [line] that we have more inventory than we probably had anticipated, and we need to work that down.

但我想強調的是，庫存並不是全面上漲。我們之前提到過這一點。我們的大部分庫存和商品的 SKU 都很好。實際上，我們需要投入更多，好嗎？但有少數，我們只能說[line]我們的庫存比我們預期的要多，我們需要減少這個數量。

And some of that was also strategic. We called that out a few earnings calls ago, a couple of calls in a row that we had a few strategic opportunities to increase our inventory and get some better returns for that and we did it.

其中一些也是戰略性的。我們在幾次財報電話會議前就提到這一點，連續幾次電話會議都表示，我們有幾個戰略機會可以增加庫存，並獲得更好的回報，而我們做到了。

It's good inventory. And again, we got the returns on it. So I think there's a -- it's a constant balancing act. I mean at the end of the day, what we shoot for is the right returns, okay? We need to get the right return on working capital and ROCE number.

這是很好的庫存。而且我們又獲得了回報。所以我認為這是—一個持續的平衡行為。我的意思是，歸根究底，我們追求的是正確的回報，好嗎？我們需要獲得正確的營運資本回報率和 ROCE 數字。

That's ultimately the metric, okay? And that -- if we get more inventory and we get higher margins and we get a greater return that's fine, okay? But right now, we're just a little bit over inventory. We want to bring -- continue to bring it down and that's what we're going to track to do. But we don't want to bring our inventory down to where we're not competitive, okay, or where we're not helping the suppliers and customers meet their goals. Ken?

這最終是衡量標準，好嗎？如果我們有更多的庫存，獲得更高的利潤，獲得更大的回報，那就很好了，好嗎？但目前，我們的庫存略有過剩。我們希望繼續降低這個數字，這就是我們要做的事情。但我們不想將庫存降低到失去競爭力的程度，或降低到無法幫助供應商和客戶實現目標的程度。肯？

Yes. I would just say, Will, thank you. I think it's as the sales were down, it's more challenging, right, to continue to turn the inventory. But we have made a lot of progress in certain areas, not -- inventory is not one thing. It's lots of things, and there is some progress behind the scenes. So even though you could say, optically the $57 million is not a big number relative to the base, we'd say, but there was a lot of churn within that, that was helpful for the future quarters to come.

是的。我只想說，威爾，謝謝你。我認為，隨著銷售額下降，繼續盤活庫存變得更具挑戰性。但我們在某些​​領域取得了很大進展，庫存不是一回事。有很多事情，幕後也有一些進展。因此，儘管您可以說，從外觀上看，5700 萬美元相對於基數來說並不是一個很大的數字，但我們會說，其中有很多流失，這對未來幾個季度是有幫助的。

So I think I would echo Phil's comments, there's opportunity here. It doesn't mean we're going to just necessarily bring inventory levels down to a target number just for the target number, right? We want to have it within the context of the business.

所以我想我會贊同菲爾的評論，這裡有機會。這並不意味著我們只是為了達到目標數字就必須將庫存水準降至目標數字，對嗎？我們希望將其納入業務範圍。

I think it's a fair statement to say perhaps in some supplier lines or in some opportunities we may need to hold more than historical levels, but maybe there's others, we have more opportunity. So we continue to drive that with the team.

我認為可以公平地說，也許在某些供應商線或某些機會中，我們可能需要保持超過歷史水平的水平，但也許在其他方面，我們有更多的機會。因此，我們會繼續與團隊一起推動這一目標。

And again, we think we'll make additional progress this quarter, clearly, slower than we would have anticipated a year ago and not where we wanted to be, but we do think we're making progress even if it's modest.

我們再次表示，我們認為本季我們將取得更多進展，顯然，比我們一年前預期的要慢，也沒有達到我們想要的水平，但我們確實認為我們正在取得進展，即使進展不大。

Thank you.

謝謝。

Thanks, Will.

謝謝，威爾。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Yes. Thank you. So it's Wamsi filling in for Ruplu today. A few questions are on tariffs for me. Have you seen any activity around order patterns and linearity change at all based on the tariff news? And in particular, has there been anything that you can see relative to pull in or maybe activity jumping up in Asia ahead of end products getting shifted to the US?

是的。謝謝。所以今天是 Wamsi 代替 Ruplu。我有幾個問題是關於關稅的。根據關稅訊息，您是否看到有關訂單模式和線性變化的任何活動？特別是，在最終產品轉移到美國之前，您是否看到亞洲出現了任何與吸引或活動相關的跡象？

Yes, Wamsi, how you doing? I'll go first, but Ken jump in. The overriding answer is not much, okay? And maybe that's surprising. It kind of is to us a little bit. We thought we would see more. We talked about pull-ins ahead of tariffs and things along those lines.

是的，Wamsi，你好嗎？我先來，但肯也先來。最重要的答案是沒有太多，好嗎？這也許令人驚訝。對我們來說，這有點是。我們以為我們會看到更多。我們討論了關稅之前的拉攏以及類似的事情。

We didn't see -- we thought we would actually see it, Wamsi, in the December quarter before all this started, and that didn't happen either. I mean modestly, but not much, and we didn't see much in the March quarter. We'll see how that plays out.

我們沒有看到——我們以為我們會在所有這一切開始之前的 12 月季度真正看到它，Wamsi，但這也沒有發生。我的意思是，雖然有所增加，但幅度不大，而且我們在三月季度也沒有看到太多變化。我們將拭目以待事情將如何發展。

As we called out in the script, we saw some modest pull-ins in Asia Pac. But again, in the grand scheme of things, not that much really. So and as I said, it kind of surprised us a little bit, we thought we would have seen more.

正如我們在劇本中提到的那樣，我們看到亞太地區出現了一些適度的拉動。但從整體來看，事實並非如此。所以，正如我所說的，這讓我們有點驚訝，我們以為我們會看到更多。

At the same time, as Ken pointed out in the script, the impact to us today coming out of China is 7% to 10%. So it's not -- I think sometimes the perception it's everything we have is getting hit and it's really not. It's still a big -- it's still a sizable number, but as a percentage of our -- I'll call it, exposable sales to tariffs it's relatively low.

同時，正如肯在腳本中指出的那樣，今天來自中國的疫情對我們造成的影響是 7% 到 10%。所以事實並非如此——我認為有時人們認為我們所擁有的一切都受到了打擊，但事實並非如此。它仍然是一個很大的數字，但占我們可承受關稅銷售額的百分比相對較低。

I think in Asia, in particular, in the December quarter, maybe we saw [50], $50 million kind of, let's say, attributed to pull-in benefit. And maybe this quarter, it was closer to $100 million, I think, in the guidance, we assume something similar.

我認為在亞洲，特別是在 12 月季度，我們可能看到了 [50]，5000 萬美元的拉動收益。也許本季度，這一數字接近 1 億美元，我認為，在指導中，我們假設的情況類似。

So it's -- we're seeing a little bit of uptick that's contributing to the overall demand, but we're not seeing it be massive swings in demand there. But we continue to monitor it, definitely some uncertainty and definitely some currency movement in Asia as well as of late.

所以，我們看到了對整體需求的一點小幅上漲，但我們並沒有看到需求大幅波動。但我們會繼續關注，最近亞洲肯定存在一些不確定性，而且肯定存在一些貨幣波動。

Yes, that's helpful, Phil. Thanks again, too. Maybe just to think through this quantifying that you've done 7% to 10%. As we think about that, I think you said that some of that also goes via Canada and Mexico. So what is the ability for you to kind of shift maybe geographical exposure there in working with your customers? That's question one.

是的，這很有幫助，菲爾。再次感謝。也許只是透過量化來思考你已經完成了 7% 到 10%。當我們考慮這一點時，我想您說過其中一些也途經加拿大和墨西哥。那麼，在與客戶合作時，您有何能力改變地理接觸呢？這是第一個問題。

And two, as you think through, are you expecting cash flow timing issues relative to when these tariffs go and impact on that exposable piece. Can you just walk us through the dynamic there based on when maybe payments are being made versus what you might be able to recoup?

第二，當您仔細思考時，您是否預計會出現與這些關稅何時生效以及對可暴露部分產生影響相關的現金流時間問題。您能否根據付款時間和可能收回的金額向我們介紹那裡的動態？

Yes. So maybe I'll start. I mean again, we think our flexibility on our footprint, our distribution center footprint in particular, is helpful. So we do have not only warehouse in the US but also warehouses in Mexico. The warehouses in the US are designated as foreign trade zones, which means until the product moves out of there, it's not subject to tariffs, so it acts as a buffer there. So high level numbers, that 7% to 10% that originates from China, 30% of that probably ultimately goes to Mexico or Canada. So it's not subject to tariffs.

是的。所以也許我會開始。我的意思是，我們認為我們的足跡，特別是配送中心足跡的靈活性是有幫助的。因此，我們不僅在美國有倉庫，而且在墨西哥也有倉庫。美國的倉庫被指定為對外貿易區，這意味著在產品運出之前，它不受關稅約束，因此它在那裡起到了緩衝的作用。高水準的數字是，7%到10%來自中國，其中30%可能最終流向墨西哥或加拿大。所以它不受關稅影響。

We've done certain things with our suppliers to become importer of record so we can control the drawbacks and things like that. So I'd say right now, not a significant heavy lift on working capital or cash flow, I think as the tariffs start to multiply, we got to monitor, right? Again, our goal is to mitigate or minimize the tariffs but we're going to have to pass it through if we have to pay them. Customers don't want to pay tariffs. They're already paying what they perceive as high prices.

我們與供應商採取了一些措施，使其成為記錄進口商，這樣我們就可以控制缺點和類似的事情。所以我想說，現在，營運資金或現金流不會受到太大的影響，我認為隨著關稅開始增加，我們必須進行監控，對嗎？再說一次，我們的目標是減輕或盡量減少關稅，但如果我們必須支付關稅，我們就必須透過這種方式。客戶不想支付關稅。他們已經支付了他們認為的高價。

So there's always that dynamic. But again, that's not new to us. We'll continue to work through it. And so we don't see -- as of this date, with the tariffs, we were kind of commenting on the script of any meaningful working capital drag or cash flow drag beyond what we deal with in terms of sometimes receivables come past due. We work with our customers to collect them. The inventory is still probably the biggest opportunity much more than the tariffs kind of draw on working capital in terms of cash flow.

所以總是存在著這種動態。但這對我們來說並不是什麼新鮮事。我們將繼續努力解決這個問題。因此，截至目前，我們沒有看到關稅對營運資金或現金流造成任何重大拖累，除了我們有時處理的應收帳款逾期問題之外。我們與客戶合作收集它們。就現金流而言，庫存可能仍然是最大的機會，遠比關稅對營運資金的吸引更大。

And Wamsi, we're talking -- that's why we focus mostly on the China. I mean for Mexico, it's going to -- we think at the end of the day, it's only less than 1%, maybe 1.5% of revenues -- of products coming in from Mexico --

瓦姆西，我們正在談論——這就是為什麼我們主要關注中國。我的意思是，對於墨西哥來說，我們認為最終它只佔墨西哥產品收入的不到 1%，大概 1.5%。--

In the Americas.

在美洲。

In the Americas.

在美洲。

Okay. That's super helpful. If I could just one quick last one. This might be a little unusual. But in terms of your visibility into looking into AI-driven components or components that end up in AI-based systems. How much visibility do you have into that? And would you say that anything has changed either for the better or worse in that if -- to the extent that you have visibility there?

好的。這非常有幫助。如果我可以再快速說出最後一個問題的話。這可能有點不尋常。但就您對 AI 驅動組件或最終基於 AI 的系統中的組件的可見性而言。您對此了解多少？並且，就您所了解的情況而言，您是否認為情況已經發生了改善或惡化？

Yes. No. We do have some visibility to that, predominantly in Asia Pac and within Asia Pac, Taiwan. So we are seeing some benefit. It's not monstrous for us, Wamsi, a lot of that goes direct and a lot of some -- there's some like I don't want to buy out there.

是的。不。我們對此確實有一定的了解，主要是在亞太地區以及亞太地區的台灣。因此我們看到了一些好處。對我們來說這並不是什麼可怕的事情，Wamsi，很多都是直接的，還有很多——有些是我不想買的。

We don't happen to have that [might be] -- and that goes direct. But we're seeing ancillary products, if you will, around the AI that we're seeing some benefit. We do have visibility to that, and it's -- I could call it out. It's 3% to 7% of our -- 3% to 5% of our business probably in Asia Pac, somwhere along those lines.

我們碰巧沒有這種情況（可能）——而且這是直接的。但是，如果你願意的話，我們看到了圍繞人工智慧的輔助產品，並且看到了一些好處。我們確實看到了這一點，而且——我可以說出來。我們業務的 3% 到 7%——大概 3% 到 5% 在亞太地區，大概在這個範圍內。

Okay. Great. Thanks

好的。偉大的。謝謝

What we do, we do -- where that's fine. I just -- you can hang up. Thanks, Wasmi. But we do believe there's going to be a tail of opportunity coming out of AI on the edge that it's going to -- for sure, benefit what we do, okay, and on a more global basis over time.

我們做什麼就做什麼——只要合適。我只是──你可以掛斷電話了。謝謝，Wasmi。但我們確實相信，人工智慧將帶來一系列機遇，隨著時間的推移，它肯定會使我們的工作受益，並將在全球範圍內受益。

And I'd also add to the supply chain services, large OEMs, there's opportunity to participate. We're seeing more and more opportunities to get our foot in the door there in that kind of area with supply chain services.

我還要補充一點，對於供應鏈服務、大型原始設備製造商來說，他們也有機會參與。我們看到越來越多的機會可以透過供應鏈服務進入該領域。

Thank you. We reached the end of our question-and-answer session. I'd like to turn the floor back over to Phil for any further closing comments.

謝謝。我們的問答環節已經結束。我想將發言權交還給菲爾，請他發表進一步的結論。

Yes. Thanks. I want to thank everybody for attending today's earnings call, and I look forward to speaking to you again at our full fiscal year 2025 earnings report in August. Have a great day. Thanks.

是的。謝謝。我要感謝大家參加今天的收益電話會議，並期待在 8 月的 2025 財年全年收益報告中再次與大家交談。祝你有美好的一天。謝謝。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路，享受美好的一天。我們感謝您今天的參與。