安富利 (AVT) 2025 Q4 法說會逐字稿

Welcome to the Avnet fourth quarter fiscal year 2025 earnings call.

歡迎參加安富利 2025 財年第四季財報電話會議。

I would now like to turn the floor over to Joe Burke, VP, Treasury and Investor Relations for Avnet.

現在我想把發言權交給安富利財務和投資者關係副總裁喬伯克 (Joe Burke)。

Thank you, operator. I'd like to welcome everyone to Avnet's fourth quarter fiscal year 2025 earnings conference call. This morning, Avnet released financial results for the fourth quarter and 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 your convenience.

謝謝您，接線生。歡迎大家參加安富利 2025 財年第四季財報電話會議。今天上午，安富利發布了 2025 年第四季度和財年的財務業績，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，您可以方便地訪問。

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 the guarantee of performance, and the company's actual results could differ materially from those contained in such statements.

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。此類前瞻性陳述並非業績保證，本公司的實際結果可能與此類陳述中的結果有重大差異。

Several factors that could cause or contribute to such differences are described in the detail in Avnet's most recent Form 10-Q and 10-K and subsequent filings with the SEC.

安富利最新的 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，所有提供的結果均為非 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.

今天的電話會議將由安富利執行長 Phil Gallagher 和安富利財務長 Ken Jacobson 主持。

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

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 fourth quarter and fiscal year 2025 earnings call. For the fiscal year, we delivered $22.2 billion in revenues and $3.44 of adjusted diluted earnings per share.

謝謝喬，也謝謝大家參加我們的 2025 財年第四季和財報電話會議。本財年，我們的營收為 222 億美元，每股調整後攤薄收益為 3.44 美元。

Looking back, this was a year of intense focus on managing the things within our control, including competing well in market, strengthening our supplier and customer relationships by demonstrating the value Avnet brings to the technology supply chain.

回顧過去，我們在這一年中專注於管理力所能及的事情，包括在市場上保持良好競爭，透過展示安富利為技術供應鏈帶來的價值來加強我們的供應商和客戶關係。

Controlling costs, while continuing to make investments that enable our long-term strategy, optimizing our working capital and generating healthy cash flows and continuing to return cash to shareholders through buybacks and the dividend.

控製成本，同時繼續進行投資以實現我們的長期策略，優化我們的營運資金並產生健康的現金流，並繼續透過回購和股息向股東返還現金。

We also announced a couple of key executive additions this fiscal year, including the appointment of Dave Youngblood, a 25-year industry veteran as our Chief Digital Officer and more recently, the promotion of Gilles Bertrand, a 23-year veteran of Avnet as the new President of our EMEA region.

我們也在本財年宣布了幾位重要高管的加入，包括任命擁有 25 年行業經驗的 Dave Youngblood 為我們的首席數位官，以及最近提拔擁有 23 年 Avnet 經驗的 Gilles Bertrand 為我們 EMEA 地區的新總裁。

Congratulations. Joe. Joe will be succeeding Slobodan Puljarevic, better known as [Pulvic] and Mario Orlandi who have covered the EMEA region with distinction for many years. They will remain with us for the next several quarters to ensure a smooth transition.

恭喜。喬。喬將接替斯洛博丹·普爾賈雷維奇（Slobodan Puljarevic，更為人所知的名字是[Pulvic]）和馬裡奧·奧蘭迪（Mario Orlandi），他們多年來一直出色地負責歐洲、中東和非洲地區事務。他們將在接下來的幾個季度繼續與我們合作，以確保順利過渡。

Succession planning is critical to any organization, and we have a thoughtful structured process in place at Avnet. Mario and Pulvic did a great job leading the success of our EMEA region over the years and also developing talent for the next generation of leadership.

繼任計畫對於任何組織都至關重要，在安富利，我們擁有周到的結構化流程。多年來，Mario 和 Pulvic 出色地領導了我們 EMEA 地區的業務並取得了成功，同時也為下一代領導層培養了人才。

I want to thank them for their many years of tireless dedication. And I want to express my gratitude to our team for their unwavering commitment and hard work in driving us toward our objectives in challenging markets like we have faced the past couple of years, our collective efforts truly highlights the critical role we play at the heart of the technology supply chain, reinforcing our value to all stakeholders.

我要感謝他們多年來不懈的奉獻。我要向我們的團隊表示感謝，感謝他們堅定不移的承諾和辛勤工作，推動我們在過去幾年面臨的充滿挑戰的市場中實現我們的目標，我們的共同努力真正凸顯了我們在技術供應鏈核心中發揮的關鍵作用，強化了我們對所有利益相關者的價值。

Now turning to the recent completed fourth quarter. I am pleased we delivered another quarter of financial results that exceeded our sales and EPS guidance. In the quarter, we achieved sales of $5.6 billion and adjusted operating margins of 2.5% highlighted by a 4.3% operating margin in our Farnell business. We also generated $139 million of cash flow from operations in the quarter.

現在轉向剛結束的第四季。我很高興我們又一個季度的財務業績超出了我們的銷售額和每股收益預期。本季度，我們的銷售額達到 56 億美元，調整後的營業利潤率為 2.5%，其中 Farnell 業務的營業利潤率為 4.3%。本季我們也產生了 1.39 億美元的營運現金流。

Sales were better than expected, led by Asia which delivered 18% year-over-year growth in the quarter. Sequentially, demand increased across most of the markets we serve. On a year-on-year basis, demand increased in the compute, transportation and communication end markets globally.

銷售額優於預期，其中亞洲地區銷售額較去年同期成長 18%。相應地，我們服務的大多數市場的需求都增加了。與去年同期相比，全球計算、交通和通訊終端市場的需求增加。

Semiconductor and IP&E lead times and pricing remained stable for most technologies. Our book-to-bill ratio improved across all regions and for now last quarter. The improvement was led by our Europe and Asia regions, which were both above parity. Bookings also continued to grow in our IP&E business and remain above parity as well. We continue to coordinate closely with suppliers and customers to actively manage our backlog, which is growing again.

對於大多數技術而言，半導體和 IP&E 的交貨時間和價格保持穩定。我們的訂單出貨比在所有地區都有所改善，目前上個季度的情況也是如此。這項改善主要得益於我們的歐洲和亞洲地區，這兩個地區的表現都高於平價。我們的IP&E業務的預訂量也持續成長，並且仍然高於平價。我們繼續與供應商和客戶密切協調，積極管理再次成長的積壓訂單。

New customer orders within lead times, which we refer to as our turns business, also increased across all regions and is a positive sign that customer inventories are normalizing. Order cancellations have remained at normal levels. I am pleased with our progress on reducing inventories, although there is still work to do.

我們稱之為週轉業務的交貨期內新客戶訂單在所有地區也都有所增加，這是客戶庫存正在正常化的正面訊號。訂單取消量仍維持在正常水準。我對我們在減少庫存方面取得的進展感到滿意，儘管仍有工作要做。

Even so, we believe we are well positioned today and remain focused on ensuring we have the right inventory on hand balancing reductions with investment opportunities. We expect to continue to be disciplined in optimizing our ivory as we move through fiscal year 2026.

即便如此，我們相信我們目前已做好準備，並將繼續專注於確保我們擁有合適的庫存，以平衡減產與投資機會。我們期望在 2026 財年繼續嚴格優化我們的象牙。

Now with that, let me turn to the fourth quarter results. At the top line, our Electronic Components business increased on a sequential basis and year-over-year. All regions were higher sequentially and notably, this was our fourth consecutive quarter of year-over-year growth in Asia.

現在，讓我來談談第四季的業績。從營收來看，我們的電子元件業務環比和年成長。所有地區均較上季成長，值得注意的是，這是我們在亞洲連續第四個季度實現同比增長。

Sales in Asia were better than expected and demand in most end markets increased both year-over-year and sequentially. Similar to last quarter, we experienced a slight benefit from customers ordering due to the uncertainty of potential regulatory changes in the US.

亞洲的銷售情況優於預期，大多數終端市場的需求較去年同期和較上季均有所成長。與上一季類似，由於美國潛在監管變化的不確定性，我們從客戶訂購中獲得了輕微的好處。

In the Americas, demand increased sequentially for the communications end market and compute was strongest on a year-on-year basis. We did not see pull-ins (inaudible) and customer billings for tariffs were not meaningful during the quarter.

在美洲，通訊終端市場的需求持續成長，運算需求較去年同期成長最強勁。我們沒有看到拉動（聽不清楚）並且客戶對關稅的帳單在本季度沒有意義。

In EMEA, the market is still mixed with some signs of improvement in certain end markets. In the quarter, most end markets increased sequentially. The communications market was the only vertical that showed growth year-on-year.

在歐洲、中東和非洲地區，市場表現仍然喜憂參半，某些終端市場出現了一些改善的跡象。本季度，大多數終端市場均實現環比成長。通訊市場是唯一一個較去年同期成長的垂直市場。

With that said, we are optimistic that bookings in EMEA will grow in September as the European return from their typical summer vacation period. From a demand creation standpoint, revenues increased 7% sequentially and as our field application engineers continue to engage with our customers and suppliers on design wins and registrations. The strength of our FAEs and technical teams is a key part of our value proposition.

話雖如此，我們樂觀地認為，隨著歐洲人結束典型的暑假，9 月 EMEA 地區的預訂量將會成長。從需求創造的角度來看，收入環比增長了 7%，我們的現場應用工程師繼續與我們的客戶和供應商就設計勝利和註冊進行合作。我們的 FAE 和技術團隊的實力是我們價值主張的關鍵部分。

Now turning to Farnell. The team continued to deliver on the strategy that Rebecca Obregon and her leadership team put in place one year ago. Rightsizing the cost structure, reorganizing the management team and leveraging Avnet's broader relationships and bolstering our digital and e-commerce capabilities. In the quarter, sales were higher both sequentially and year-on-year with improved operating margin.

現在轉向 Farnell。該團隊繼續執行麗貝卡·奧布雷貢 (Rebecca Obregon) 和她的領導團隊一年前製定的策略。調整成本結構，重整管理團隊，利用安富利更廣泛的關係，增強我們的數位和電子商務能力。本季度，銷售額環比和年比均有所增長，營業利潤率也有所提高。

We are pleased that Farnell's results have stabilized but we still have work to do to achieve its full margin potential. We are confident they are well positioned for steady improvement.

我們很高興看到 Farnell 的業績已經穩定下來，但我們仍需努力才能充分發揮其利潤潛力。我們相信他們已做好準備，並穩步前進。

To conclude, Avnet has momentum as we enter the new fiscal year despite challenging business conditions over the last two years. And with that, we have a number of reasons to be optimistic about fiscal 2026, beginning with Asia's double-digit growth in fiscal 2025.

總而言之，儘管過去兩年的經營環境充滿挑戰，但安富利在進入新財年時仍保持著強勁的發展勢頭。因此，我們有許多理由對 2026 財年感到樂觀，首先是亞洲在 2025 財年將達到兩位數成長。

The region has historically led us out of cycles in the past, and this one should be no different. Stabilization at Parnell with a right-sized cost structure and synergies from the Power of One initiative Farnell's poised for steady growth. Book to bills above parity in all regions and in our IP&E business, which is one of our higher-margin growth opportunities.

從歷史上看，該地區曾帶領我們走出困境，這次也不例外。Parnell 的穩定、適當的成本結構以及「Power of One」計劃帶來的協同效應，使 Farnell 預計將實現穩步增長。所有地區和我們的IP&E業務的訂單與帳單比率均高於平價，這是我們利潤率較高的成長機會之一。

We have made significant investments in our digital infrastructure to boost our customer experience and data insights. Demand creation as semiconductors become more pervasive, the value of added engineering capabilities will further increase.

我們對數位基礎設施進行了大量投資，以提升客戶體驗和數據洞察力。隨著半導體變得越來越普及，需求創造，附加工程能力的價值將進一步增加。

And finally, lead times have normalized. Our backlog and turns business are improving. And through it all, gross margins have held up well for each of our EC regions in fiscal 2025 compared to fiscal 2024. I continue to be optimistic about our value proposition and are encouraged by the positive signs that market conditions are beginning to turn in the Americas and EMEA.

最後，交貨時間已恢復正常。我們的積壓和周轉業務正在改善。整體而言，與 2024 財年相比，我們 2025 財年各 EC 地區的毛利率均保持良好。我對我們的價值主張繼續持樂觀態度，並且對美洲和歐洲、中東和非洲地區市場狀況開始好轉的積極跡象感到鼓舞。

At the center, of the technology supply chain, we are well positioned to help solve for the increasing complexity our customers and suppliers face around the world and bring resiliency to the supply chain.

作為技術供應鏈的中心，我們有能力幫助解決全球客戶和供應商面臨的日益複雜的問題，並為供應鏈帶來彈性。

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

接下來，我將把話題交給肯，讓他更深入地探討我們第四季的表現。肯？

Thank you, Phil, and good morning, everyone. We appreciate your interest in Avnet and for joining our fourth quarter earnings call. Our sales for the fourth quarter were approximately $5.6 billion, above the high-end of our guidance range, up 6% sequentially and up slightly year-over-year.

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四季財報電話會議。我們第四季的銷售額約為 56 億美元，高於我們的預期範圍的高端，環比增長 6%，同比略有增長。

Regionally, on a year-over-year basis, sales increased 18% in Asia but declined 17% in EMEA and 2% in the Americas. In constant currency, EMEA sales were down 21% year-on-year.

從地區來看，與去年同期相比，亞洲銷售額成長了 18%，但歐洲、中東和非洲地區銷售額下降了 17%，美洲銷售額下降了 2%。以固定匯率計算，歐洲、中東和非洲地區的銷售額較去年同期下降 21%。

From an operating group perspective, Electronic Component sales improved 1% year-over-year and 6% sequentially. Farnell sales increased 3% year-over-year and 5% sequentially. For the fourth quarter, gross margin of 10.6% was 99 basis points lower year-over-year, mainly due to a higher mix of Asia sales, and 49 basis points lower sequentially, mainly due to product and customer mix, in addition to some impact from foreign currency exchange rate changes.

從營運集團的角度來看，電子元件銷售額年增 1%，季增 6%。Farnell 銷售額較去年同期成長 3%，較上季成長 5%。第四季毛利率為10.6%，年減99個基點，主要由於亞洲銷售結構較高；季減49個基點，主要由於產品和顧客結構，此外也受到外匯匯率變動的一些影響。

The regional mix shift to Asia impacted EC growth margin year-over-year. Sales from the Asia region represented 48% of fourth quarter sales in fiscal 2025 compared to 41% in the year ago quarter. Gross margins for the Americas and Asia regions were lower both sequentially and year-on-year, while gross margins for EMEA increased year-on-year and declined on a sequential basis.

區域結構向亞洲的轉變對 EC 的成長利潤率產生了同比影響。亞洲地區的銷售額佔 2025 財年第四季銷售額的 48%，去年同期為 41%。美洲和亞洲地區的毛利率較上月及年比均有所下降，而歐洲、中東和非洲地區的毛利率較去年同期成長，較上季下降。

Overall, on a region-by-region basis, we believe gross margins are generally stable although they can be impacted by product or customer mix within any given quarter. Farnell gross margin declined both sequentially and year-over-year, primarily as a result of a higher mix of off-the-board components and single-board computers. Farnell gross margins at the product category level, including on-the-board components continues to be stable.

總體而言，我們認為，從各個地區來看，毛利率總體上是穩定的，儘管在任何季度，毛利率都會受到產品或客戶組合的影響。Farnell 的毛利率環比和年比均有所下降，主要原因是非板載元件和單板計算機的混合比例較高。Farnell 在產品類別層面（包括板載組件）的毛利率持續保持穩定。

Turning to operating expenses. We continue to manage expense as well and take costs out where necessary. G&A expenses were $451 million in the quarter, up $1 million year-over-year and up $16 million sequentially. Foreign currency negatively impacted operating expenses by approximately $14 million sequentially to $10 million year-over-year.

談到營運費用。我們還將繼續管理費用並在必要時削減成本。本季的一般及行政費用為 4.51 億美元，比去年同期增加 100 萬美元，比上一季增加 1,600 萬美元。外幣對營業費用產生了負面影響，上一季營業費用減少了約 1,400 萬美元，去年同期營業費用減少了 1,000 萬美元。

Excluding the impact of foreign currency and the prior quarter benefit from the gain on sale and leaseback facility, our operating expenses decreased approximately 2% both year-on-year and sequentially. As a percentage of gross profit dollars, SG&A expenses were slightly higher sequentially at 76%.

不計入外匯影響和上一季售後回租收益，我們的營運費用年比和季比均下降約 2%。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 76%。

Moving into fiscal year 2026. We expect some operating expense headwinds as a result of our decision to invest in our people by providing merit pay increases, which were not awarded in fiscal year 2025. We believe these increases are necessary to reward and retain our employees, especially ahead of the expected market recovery this fiscal year.

進入 2026 財年。由於我們決定透過提供績效工資成長來投資員工（但在 2025 財年並未提供績效工資成長），我們預期營運費用將面臨一些阻力。我們相信，這些加薪對於獎勵和留住員工是必要的，尤其是在本財年預期市場復甦之前。

For the fourth quarter, we reported adjusted operating income of $143 million and our adjusted operating margin was 2.5%. By operating group, Electronic Components operating income was $157 million and EC operating margin was 3%.

第四季度，我們報告的調整後營業收入為 1.43 億美元，調整後營業利潤率為 2.5%。按營運集團劃分，電子元件營運收入為 1.57 億美元，電子元件營運利潤率為 3%。

The year-over-year decline in EC operating margin was primarily due to the sales mix shift to Asia and the sale decline in EMEA. Farnell's operating income was $17 million and operating income margin was 4.3% and Operating margin was approximately 129 basis points quarter-over-quarter and up 25 basis points year-over-year, reflecting improved sales and the benefits of prior operating expense reduction efforts.

歐盟營業利潤率年減主要是因為銷售結構轉移到亞洲以及歐洲、中東和非洲地區銷售下降。Farnell 的營業收入為 1,700 萬美元，營業收入利潤率為 4.3%，營業利潤率比上一季增長約 129 個基點，比去年同期增長 25 個基點，這反映了銷售額的增長和之前削減營業費用努力帶來的好處。

It is worth noting that this is the first year-on-year improvement in Farnell's operating margin since Q1 of FY23. Farnell operating expenses were down $7 million year-on-year and down $5 million sequentially on higher sales.

值得注意的是，這是Farnell自23財年第一季以來營業利潤率首次年增。由於銷售額增加，Farnell 的營運費用年減 700 萬美元，季減 500 萬美元。

There is still a lot of work ahead of us at Farnell, but as expected, we are seeing steady improvement, led this quarter by the increase in sales of single-board computers and the improvement in the number and size of customer orders.

Farnell 還有很多工作要做，但正如預期的那樣，我們看到了穩步的改善，本季度主要得益於單板計算機銷量的增長以及客戶訂單數量和規模的改善。

Turning to expenses below operating income. Fourth quarter interest expense of $58 million decreased by $6 million year-over-year and decreased by $3 million sequentially due to lower average borrowings. This quarter's interest expense positively impacted adjusted diluted earnings per share by $0.05 year-over-year.

轉向營業收入以下的支出。第四季利息支出為 5,800 萬美元，年減 600 萬美元，較上季減少 300 萬美元，原因是平均借款額減少。本季的利息支出對調整後每股攤薄收益產生了 0.05 美元的正面影響。

We continue to look for ways to further reduce interest expense, including paying down debt with operating cash flows or reducing our average borrower rates. Our adjusted effective income tax rate was 23% in the quarter as expected. Adjusted diluted earnings per share of $0.81 exceeded the high end of our guidance range for the quarter.

我們將繼續尋找進一步降低利息支出的方法，包括以營運現金流償還債務或降低平均借款人利率。本季我們的調整後有效所得稅率為 23%，符合預期。調整後每股攤薄收益為 0.81 美元，超過了我們本季預期範圍的高端。

Turning to the balance sheet and liquidity. During the quarter, working capital increased $29 million sequentially and included a $35 million decrease in reported inventories, a $232 million increase in receivables and a $168 million increase in payables.

轉向資產負債表和流動性。本季度，營運資本季增 2,900 萬美元，其中包括報告庫存減少 3,500 萬美元、應收帳款增加 2.32 億美元以及應付帳款增加 1.68 億美元。

Sequential increases in foreign currency exchange rates added [$200 million] to working capital, including $150 million to reported inventories. Excluding the impact of changes in foreign currency exchange rates, inventories decreased by $185 million or approximately 4% compared to last quarter. On a year-over-year basis, in constant currency, inventories are down over $400 million or approximately 8%.

外匯匯率的連續上升為營運資本增加了[2億美元]，其中包括報告庫存的1.5億美元。排除外匯匯率變動的影響，庫存與上一季相比減少了1.85億美元，約4%。與去年同期相比，以固定匯率計算，庫存下降了 4 億多美元，降幅約 8%。

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 9.4% for the quarter. We generated $139 million of cash from operations in the quarter to $725 million for the fiscal year.

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。本季我們的營運資本報酬率為 9.4%。本季我們的營運活動產生了 1.39 億美元的現金，而本財年則產生了 7.25 億美元的現金。

We expect lower cash flow from operations in Q1, primarily due to certain income tax payments that need to be made. For the fiscal year, we lowered our debt by $237 million. We ended the quarter with a gross leverage of 3.4 times, and we had approximately $1.1 billion of available committed borrowing capacity.

我們預計第一季的營運現金流量將會減少，主要是因為需要支付某些所得稅。在本財政年度，我們減少了 2.37 億美元的債務。本季末，我們的總槓桿率為 3.4 倍，可用的承諾借款能力約為 11 億美元。

This quarter, net cash used for capital expenditures was $60 million, which included the land purchase of an office building. We expect capital expenditures to return to normal levels of approximately $25 million to $35 million per quarter in fiscal year 2026.

本季度，資本支出的淨現金為 6,000 萬美元，其中包括購買辦公大樓的土地。我們預計，到 2026 財年，資本支出將恢復到每季約 2,500 萬至 3,500 萬美元的正常水準。

For the fiscal year, we returned a total of $415 million to shareholders through our share repurchases and dividends. In the fourth quarter, we paid our quarterly dividend of $0.33 per share or $28 million. We also repurchased approximately $50 million worth of our shares. We achieved our goal to reduce shares outstanding by at least 5% this fiscal year as we repurchased nearly 7% of our outstanding shares. Additionally, we have more than $300 million left on our current share repurchase authorization.

本財年，我們透過股票回購和股利向股東返還了總計 4.15 億美元。第四季度，我們支付了每股 0.33 美元或 2800 萬美元的季度股息。我們也回購了價值約 5,000 萬美元的股票。我們回購了近 7% 的流通股，實現了本財年減少至少 5% 流通股的目標。此外，我們目前的股票回購授權還剩下3億多美元。

Book value per share increased to approximately $59 or a sequential increase of $3 per share, primarily due to the changes in foreign currency exchange rates. With regard to our capital allocation, we continue to prioritize our existing business needs and investing in areas that can make our overall business better.

每股帳面價值增加至約 59 美元，即每股連續增加 3 美元，這主要歸因於外幣匯率的變化。關於我們的資本配置，我們繼續優先考慮現有的業務需求，並投資於可以使我們的整體業務變得更好的領域。

We also remain focused on ensuring we have a strong balance sheet and making sure our leverage remains at appropriate levels. Turning to guidance. For the first quarter of fiscal 2026, we are guiding sales in the range of $5.55 billion to $5.85 billion and diluted earnings per share in the range of $0.75 to $0.85.

我們也將繼續致力於確保我們擁有強勁的資產負債表並確保我們的槓桿率保持在適當的水平。轉向指導。對於 2026 財年第一季度，我們預計銷售額在 55.5 億美元至 58.5 億美元之間，每股攤薄收益在 0.75 美元至 0.85 美元之間。

Our first quarter guidance assumes sequential sales growth of approximately 2% at the midpoint and assumed sales growth in all regions. This guidance also assumes similar interest expense compared to the fourth quarter, an effective tax rate of between 22% and 26% and 85 million shares outstanding on a diluted basis.

我們的第一季指引假設中間點的連續銷售額成長約為 2%，並假設所有地區的銷售額均實現成長。該指引也假設利息支出與第四季相似，有效稅率在 22% 至 26% 之間，稀釋後流通股數為 8,500 萬股。

Our team has made significant effort to adjust our processes for tariffs. We continue to work with our suppliers and customers to mitigate the back where possible. During the fourth quarter, less than 3% of the Americas sales and less than 1% of global sales were from customer tariff billings.

我們的團隊已做出巨大努力來調整我們的關稅流程。我們將繼續與供應商和客戶合作，盡可能減輕損失。第四季度，美洲銷售額中不到 3% 和全球銷售額中不到 1% 來自客戶關稅帳單。

In summary, our fourth quarter performance is better than expected despite the challenging market conditions. Our team continues to focus on generating operating cash flow. And over the past year, we've been able to balance the paydown of debt with returning cash to shareholders through our share repurchase and dividend programs.

總而言之，儘管市場環境充滿挑戰，但我們第四季的業績仍優於預期。我們的團隊繼續專注於產生經營現金流。在過去的一年裡，我們透過股票回購和股利計劃，在償還債務和向股東返還現金之間取得了平衡。

I want to echo Phil's comments and thanking our team for continuing to focus on the things we can control. Our global scale, diversification of our distribution center locations, the supplier technologies we buy and the vertical markets we serve gives us the ability to reduce complexities and better serve our customers.

我想贊同菲爾的評論並感謝我們的團隊繼續專注於我們可以控制的事情。我們的全球規模、配送中心位置的多樣化、我們購買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 back to Phil for one last word before questions. Phil?

說完這些，在提問之前，我會把話題轉回給菲爾，讓他說最後一句話。菲爾？

Thanks, Ken. And before we go to questions, as some of you may know, Joe Burke, will be retiring and leaving Avnet at the end of the year. And I want to thank him for his many contributions over his remarkable 37-year career at Avnet.

謝謝，肯。在我們開始提問之前，有些人可能已經知道，喬·伯克 (Joe Burke) 將於今年年底退休並離開安富利。我要感謝他在安富利 37 年的職業生涯中所做的許多貢獻。

Joe has been instrumental in setting the foundation of our finance team, having served as our long-time Treasurer and Head of Investor Relations. I've been grateful for his leadership through the years, and I will miss his insight, wisdom, candidness and his dry sense of humor. Joe, I wish you the best in your retirement. Congratulations. You got it.

喬曾長期擔任我們的財務主管和投資者關係主管，為我們的財務團隊奠定基礎發揮了重要作用。多年來我一直感謝他的領導，我會懷念他的洞察力、智慧、坦率和他的冷幽默。喬，我祝福你退休後一切順利。恭喜。你明白了。

So with that, I'll turn it over to the operator, we'll open it up for questions. Thank you.

因此，我將把時間交給操作員，我們將開始回答問題。謝謝。

(Operator Instructions)

（操作員指示）

Joe Quatrochi, Wells Fargo & Company.

喬‧夸特羅奇 (Joe Quatrochi)，富國銀行公司。

Hey, thanks for taking the questions and congrats to Joe Burke. Thanks for all the help over the last several years. Maybe just to start, it feels like the commentary on EMEA is definitely maybe a bit more positive than 90 days ago. So can you talk about just kind of what's changed there? And like what end markets maybe are driving?

嘿，感謝您回答問題，並祝賀喬·伯克。感謝您過去幾年來的所有幫助。也許首先，感覺對 EMEA 的評論肯定比 90 天前更積極一些。那麼你能談談那裡發生了什麼變化嗎？以及哪些終端市場可能正在推動這一趨勢？

Yeah, Joe, thanks, appreciate the question and comment on Joe. Well, we have more optimism, okay, as we look at EMEA right now, I would put it that way. I mean, as you know, it's fallen down -- if you look at our charts as a percentage of our revenue, it's come down quite a bit. It's been soft. So we're just starting to see -- again, we're not celebrating, I'll be really clear.

是的，喬，謝謝，我很感謝你的提問和評論。嗯，就目前我們對歐洲、中東和非洲地區的情況來看，我們變得更加樂觀了。我的意思是，如你所知，它已經下降了——如果你看我們的收入百分比圖表，它已經下降了不少。它很柔軟。所以我們才剛開始看到——再說一次，我們不是在慶祝，我會說得很清楚。

But the bookings are coming back modestly. When I look at the backlog buildup in EMEA, it's starting to increase year-on-year. I'm looking at it as we speak. And Q-on-Q, I'd just say it's modest, but we're definitely starting to see some movement there. And for us, that's a deal. It's a critical region from a profitability standpoint, as you know.

但預訂量正在小幅回升。當我查看歐洲、中東和非洲地區的積壓訂單時，發現它開始逐年增加。我一邊說一邊看著它。從季度來看，我只能說成長幅度不大，但我們確實開始看到一些動靜。對我們來說，這就是一筆交易。如您所知，從獲利角度來看，這是一個關鍵地區。

Got it. That's helpful. And then I guess as a follow-up, I appreciate that FX is kind of making the inventory dynamic a bit more difficult to kind of track quarter-to-quarter for at least just looking at it on the balance sheet at that point in time. But I guess, how should we think about just inventory trends in the September quarter that you're thinking about relative to trying to still work down maybe in some pockets?

知道了。這很有幫助。然後我想作為後續行動，我意識到外匯使得庫存動態變得更加難以逐季度跟踪，至少在當時的資產負債表上是無法查看的。但我想，我們應該如何看待您所考慮的 9 月季度的庫存趨勢，而不是試圖在某些方面繼續降低庫存？

Yeah. Joe, I'd say we expect the EC business to continue to drive inventory down a modest decline next quarter and then offset a little bit by Farnell. So I think this quarter was about $186 million, net of FX, some of that was coming from Farnell, a lot of it came from Europe.

是的。喬，我想說，我們預計 EC 業務將在下個季度繼續推動庫存小幅下降，然後被 Farnell 稍微抵消。所以我認為本季的淨收入約為 1.86 億美元，扣除外匯，其中一些來自 Farnell，其中許多來自歐洲。

But continued progress in the core, including Asia and the Americas. So still have work to do there on the inventory side, but would expect despite the up sales a little bit to bring inventory down a little bit still.

但在包括亞洲和美洲在內的核心地區繼續取得進展。因此，在庫存方面仍有工作要做，但儘管銷售額略有上升，但預計庫存仍會略有下降。

Yeah. And I'll just add to that. The -- as we talked in the past, Joe, and we put it in the script, we're still making investments in inventory, too. So it's not all a bad thing, right? So it's a handful of commodities more that are driving a lot of the upside in inventory need to keep working that down while we continue to make sure we have the appropriate SKUs and inventory levels to service the balance of the customer base.

是的。我只想補充一點。正如我們過去談到的，喬，我們把它寫在了腳本中，我們仍然在對庫存進行投資。所以這並不全然是壞事，對吧？因此，推動庫存上漲的主要是少數幾種商品，我們需要繼續努力降低庫存，同時繼續確保擁有適當的 SKU 和庫存水平，以滿足客戶群的平衡需求。

We want to get back into the mid-80s, if we can, from a day of [inventory] that's still our goal.

如果可以的話，我們希望從一天的[庫存]中回到 80 年代中期，這仍然是我們的目標。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Ruplu Bhattacharya, Bank of America.

美國銀行的 Ruplu Bhattacharya。

My questions, Joe. We're going to miss you. Stay in touch. You're retiring too soon. I mean, so really appreciate all the help.

我的問題，喬。我們會想念你的。保持聯繫。你退休得太早了。我的意思是，真的很感謝大家的幫忙。

Thank you.

謝謝。

All right. Phil, I wanted to start by asking on the core business. So Asia remains strong. How do you see that trend continuing over the next couple of quarters? How do see the mix of regions? And how does that impact the core business margins as we go forward?

好的。菲爾，我想先問一下核心業務。因此亞洲依然保持強勁。您認為這趨勢在未來幾季會如何延續？如何看待各區域的混合？這對未來的核心業務利潤率有何影響？

Yeah. Great question. I'll let Ken jump in on the margins a bit. Yeah, I will make it really clear too. We're super proud of our team in Asia Pac. And they have been not only growing and increasing share, but holding their margins as well. So they have four quarters in a row of year-on-year growth is pretty good and proud of them and our position there.

是的。好問題。我會讓肯稍微介入一下。是的，我也會說清楚的。我們為亞太區的團隊感到非常自豪。它們不僅不斷增長並增加市場份額，而且還保持了利潤率。因此，他們連續四個季度實現同比增長，這相當不錯，我們為他們和我們在那裡的地位感到自豪。

As far as the next several quarters, we feel pretty good about Asia. So they're still cranking along and as you know, Ruplu, typically, and it's a little delayed this time it seems. But typically, the turn of the market, which is why we're cautiously optimistic, starts in Asia Pac that typically swings around to the West. And just hasn't happened yet. But that -- we feel confident about Asia continuing to perform well.

就未來幾季而言，我們對亞洲的前景十分樂觀。所以他們仍在努力，正如你所知，Ruplu 通常會這樣做，但這次似乎有點延遲。但通常情況下，市場的轉變（這也是我們謹慎樂觀的原因）始於亞太地區，然後轉向西方。但尚未發生。但我們對亞洲繼續表現良好充滿信心。

And then, yeah, as we put in the slide, you can see that Asia has grown as a bigger percentage of our business. It's had an impact on the margin. That really is the impact with Europe coming down and Asia going up. It's just been the swing in the margins. It's just a clear math issue, but we have no intention of slowing down in Asia to increase the balance of the other regions. We got to get the other regions to start growing, again, an increase in the margin profile.

是的，正如我們在幻燈片中所說，您可以看到亞洲在我們的業務中所佔的比例越來越大。這對利潤產生了影響。這確實是歐洲下降、亞洲上升的影響。這只是邊緣的波動。這只是一個明顯的數學問題，但我們無意放慢亞洲的發展速度來增加其他地區的平衡。我們必須讓其他地區也開始成長，再次提高利潤率。

Ruplu, I think Phil mentioned the script, but I want to emphasize, we kind of measure the businesses in terms of their stand-alone gross margin, right? We can't necessarily control the mix because of the fact of where the different markets are at. But each of the regions really were flattish year-over-year for the full year. So we feel pretty good about that, that fundamentally, the gross margins are holding up.

Ruplu，我認為 Phil 提到了劇本，但我想強調的是，我們是根據獨立毛利率來衡量業務的，對嗎？由於市場不同，我們無法控制產品組合。但各地區的全年年增速確實持平。因此，我們對此感到非常滿意，從根本上來說，毛利率保持穩定。

Again, EMEA was down 21% in constant currency -- year-over-year. Last quarter we can kind of move that tide. You should see normal margin uplift. So how long it takes to kind of catch up that mix from what it was before is still to be determined based on how fast the recovery is. But just getting back to growth in Europe has some positive benefits on the margin and the Americas is all right.

再次，歐洲、中東和非洲地區以固定匯率計算年減了 21%。上個季度我們可以扭轉這種趨勢。您應該會看到正常的利潤率提升。因此，需要多長時間才能恢復到以前的水平，仍取決於復甦的速度。但歐洲恢復成長確實帶來了一些正面的好處，美洲的情況也很好。

So we should, as the West begins to grow year-over-year and starts to recover, we should start to see a more favorable mix to the West, but getting back to where it was, it may take some more time. And clearly, that would have an impact on the broader operating margin of EC, but you also have Farnell that's out there that could help lift that up to if that begins to recover and expand their margin that helps the overall business uplift the overall operating margins.

因此，隨著西方國家逐年成長並開始復甦，我們應該開始看到對西方更有利的組合，但要恢復到原來的狀態，可能還需要一些時間。顯然，這將對 EC 的整體營業利潤率產生影響，但如果利潤率開始恢復並擴大，Farnell 也可以幫助提升這一利潤率，從而幫助整體業務提升整體營業利潤率。

Okay. Well, that's a great segue into my next question, which is on Farnell. What are some of the things that you guys are doing to improve margins there? One aspect was you've hired a digital office -- Chief Digital Officer and your -- can you give us like how much of sales for Farnell are now -- has now come through the online portal. And how do you see margins trending? It was at 4.3% this quarter. How should we think about -- how about that going forward?

好的。好吧，這很好地引出了我的下一個問題，即關於 Farnell 的問題。你們正在採取哪些措施來提高利潤率？一方面，您聘請了一位數位辦公室的首席數位官，您能否告訴我們，Farnell 的銷售額中有多少是透過線上入口網站實現的？您如何看待利潤率的趨勢？本季這一比例為 4.3%。我們該如何思考──下一步該如何發展？

Yeah. So some of the things we've done there, as you know, we changed and we put in the script, we changed leadership at Farnell, obviously, a year ago, and Rebeca has made a lot of changes. We've probably turned over roughly 70% of the executive team or a little bit more and have been very assertive on reducing non-value-added expenses and getting that out, which is ongoing to drive more efficiency.

是的。因此，正如你所知，我們在那裡所做的一些事情，我們進行了改變，並將其寫入了劇本，顯然，一年前我們更換了 Farnell 的領導層，而 Rebeca 也做出了很多改變。我們可能已經調動了大約 70% 或更多的執行團隊成員，並且非常積極地減少非增值支出並將其消除，這將持續提高效率。

As far as the digital side of the equation, we brought Dave Youngblood in -- got a great background of what respect in the industry and -- he's (inaudible) if you will, with Rebeca and the digital team at Farnell and make some real progress on the site in some of the areas in which we need to improve from a digital customer experience standpoint.

就數位方面而言，我們引入了 Dave Youngblood——他擁有豐富的行業背景，並且——如果你願意的話，他與 Rebeca 和 Farnell 的數位團隊合作，在網站的一些需要從數位客戶體驗角度改進的領域取得了一些真正的進展。

So we're doubling down there, not backing off at all. And the overall activity -- in Farnell, line item wise that goes through digital 70% from an activity standpoint, probably close to 50-plus percent from the revenues, and we -- and that will continue to increase.

因此，我們會加倍努力，絕不退縮。從活動角度來看，Farnell 的整體活動（按項目劃分）70% 是透過數位管道進行，可能接近收入的 50% 以上，而且這一比例將繼續增加。

And Ruplu, I also add that we have the opportunity we have with more partnering with Avnet to help drive the top line, too. So in addition to the belief that the market will recover for on the board components, which should help their gross margin and their sales overall.

Ruplu，我還要補充一點，我們有機會與安富利進行更多合作，以幫助推動營收成長。因此，除了相信板載組件市場將會復甦之外，這還有助於提高他們的毛利率和整體銷售額。

There are some things on the revenue side that we have within our control, including the efficiency of our e-commerce and proposition there as well as the partner with Avnet that should continue give Farnell lift over the upcoming quarters.

在收入方面，有些事情是我們可以控制的，包括我們的電子商務效率和業務主張，以及與安富利的合作，這些應該會在未來幾季繼續為 Farnell 帶來提振。

Yeah. Ruplu on the margin, just going back, the message of the Farnell team is continuous improvement. Okay, will be a tailwind for Avnet to Ken's point. So got the 4.3%. Now we just need to quarter-on-quarter, see that continue to improve, and that's the plan over the next, let's call it, four to eight quarters to get back into double-digit operating margins plus.

是的。Ruplu 在邊緣，只是回顧一下，Farnell 團隊的訊息是持續改進。好的，這對 Avnet 來說將是一個順風，可以實現 Ken 的觀點。所以得到了 4.3%。現在我們只需要逐季度觀察，看看情況是否繼續改善，這就是我們接下來的計劃，我們稱之為四到八個季度，以恢復兩位數的營業利潤率。

And thanks for all the details there. If I can just sneak one quick one, and it's a very top level, high-level question. The industry has been going through an inventory correction over the last year, 1.5 years. Phil, do you think that we're at the bottom of this is excess inventory now out of the channel? And how do you see that -- are we now at an inflection point, do you think?

感謝您提供的所有詳細資訊。如果我可以偷偷快速問一個問題，這是一個非常高級、高水準的問題。過去一年半里，該行業一直在經歷庫存調整。菲爾，您是否認為我們現在已經處於庫存過剩的底部？您如何看待這一點？您認為我們現在是否正處於一個轉捩點？

I think we're getting close, Ruplu. I don't have a crystal ball in front of me to give you an exact answer. But when you look at some of the book-to-bill started to increase the -- I'll call it short interval -- turns business, drop in orders from customers are starting to increase, which means they're short, right? They're coming in and buying -- still would a little bit more visibility out there from the customers from a forecasting standpoint. They're still a little conservative on that front.

我覺得我們越來越接近了，魯普魯。我面前沒有水晶球可以給你確切的答案。但是當你看到一些訂單出貨比開始增加——我稱之為短間隔——週轉業務時，來自客戶的訂單下降開始增加，這意味著它們很短，對嗎？他們進來購買——從預測的角度來看，客戶對產品的了解仍然會更多。在這方面他們仍然有點保守。

And because lead times are kind of settled down, right? There's not much change. I actually look at the lead times -- there's hardly any change at all across the board in semi passives and interconnect other than high bandwidth memory and things like that.

因為交貨時間已經穩定下來了，對嗎？沒有太大改變。我實際上看了交貨時間——除了高頻寬記憶體和類似的東西之外，半被動和互連方面幾乎沒有任何變化。

We track and looking at it as we speak, and the inventory by our top suppliers, which I won't get into by individual. But there's no question, if you look at the semi set of suppliers that have reported so far. The inventory days are definitely down in total, roughly 11 to 12 days from a couple of quarters ago. And IP&E has been pretty well steady. So there's not been an issue in the IP&E.

我們一邊說話一邊追蹤和查看它以及我們頂級供應商的庫存，我不會逐一介紹。但如果你看一下迄今為止已報告的供應商半集，那就毫無疑問了。庫存天數總體上肯定有所下降，與幾個季度前相比大約減少了 11 到 12 天。IP&E 一直相當穩定。因此 IP&E 中沒有出現問題。

When you look at EMS, again, not mentioning any names, their inventories are down from one year ago, roughly 20-plus days. So -- and then there are some OEMs we track, and they're in the 54-day range of inventory, which is also down. So there are some indicators. Again, that's not a statement of fact across the board because I think there's still a little bit more inventory than we would like to see out there. But -- and speaking for ourselves.

當您查看 EMS 時，再次強調，不提及任何名稱，他們的庫存比一年前有所下降，大約減少了 20 多天。所以 — — 我們追蹤了一些 OEM，它們的庫存處於 54 天範圍內，也下降了。因此有一些指標。再說一次，這並不是一個全面的事實陳述，因為我認為庫存仍然比我們希望看到的要多一點。但是——就我們自己而言。

We brought inventory down. Yeah, we want to bring it down more, but it's definitely down. And so that's -- we just do some of our optimism, not overly optimistic, but optimism as our backlog increases and lead times stabilize and you see some of these days of inventory coming down.

我們減少了庫存。是的，我們希望進一步降低它，但它肯定會下降。所以這就是——我們只是有一些樂觀，不是過度樂觀，但隨著我們的積壓訂單增加和交貨時間穩定，你會看到庫存的某些天數下降，我們感到樂觀。

Okay, thanks for all the details. Appreciate it.

好的，感謝您提供所有詳細資訊。非常感謝。

Melissa Fairbanks, Raymond James.

梅麗莎·費爾班克斯、雷蒙德·詹姆斯。

Hey guys, thanks so much. I have a few questions. To start with though, Joe, I'm hopeful we can still play golf together in the spring. That would be great. You might have more time. Just to follow up on some of Ruplu's questions on Farnell margins in particular. Phil, I think you kind of hinted at it, get back to a double-digit margin percentage.

嘿夥計們，非常感謝。我有幾個問題。首先，喬，我希望我們春天還能一起打高爾夫球。那太好了。你可能還有更多時間。只是想跟進 Ruplu 關於 Farnell 利潤率的一些問題。菲爾，我想你暗示了這一點，回到兩位數的利潤率。

I'm wondering what we should of as being a normalized margin for Farnell? Obviously, we had some pretty extraordinary situations, conditions going on during the supply chain crisis. Just wondering what kind of the -- if you could let us see that spreadsheet, let us know what the internal targets are for margins?

我想知道我們應該將 Farnell 的標準化利潤率定為多少？顯然，在供應鏈危機期間，我們遇到了一些非常特殊的情況。只是想知道什麼樣的——如果您可以讓我們看一下該電子表格，請告訴我們利潤的內部目標是什麼？

I can't do that, Melissa.

我不能這麼做，梅麗莎。

I would love to see whatever spreadsheet you're looking at right now with all the lead times and inventory levels. I would love to see that.

我很想看看您現在正在查看的包含所有交貨時間和庫存水準的電子表格。我很想看到這一點。

There's about 20 of them on the table. You want to pop over. But anyway, thanks, Melissa. Yeah. So we do have -- you're right, we went to that -- we swung way up in that, let's call it, the false market several years ago with the shortage of supply and got into a 14% operating margin, that's all public data, as you know.

桌上大約有 20 個。你想突然出現。但無論如何，謝謝你，梅麗莎。是的。所以我們確實有——你是對的，我們去過那裡——幾年前，由於供應短缺，我們在那個所謂的虛假市場中大幅上漲，並獲得了 14% 的營業利潤率，這些都是公開數據，如你所知。

And then when the tide went down and all the stuff showed up at the bottom of the harbor, we went down to (inaudible) breakeven at 1%. We can't let that happen again. So we are modeling -- I don't want to say a peak, but they definitely get into double digit, 10%, 11%, 12%, 13% operating margin over the next couple of years.

然後，當潮水退去，所有的東西都浮到港口底部時，我們的盈利就下降到了（聽不清楚）1% 的盈虧平衡點。我們不能讓這種事情再發生。所以我們正在建模——我不想說峰值，但未來幾年他們的營業利潤率肯定會達到兩位數，10%、11%、12%、13%。

And if there's a correction like we saw, which will come as the market is up, it will come down again someday, but do not let it get down to like below mid -- like 5% or something like that. So that's kind of the range, but we definitely want to get to an average of greater than 10% operating margin is where we want to get to.

如果出現像我們看到的那樣的調整，即市場上漲時出現調整，那麼總有一天它會再次下跌，但不要讓它跌到中等水平以下——比如 5% 或類似的水平。這是一個範圍，但我們肯定希望達到平均超過 10% 的營業利潤率。

Okay, great.

好的，太好了。

Any follow ups?

還有後續嗎？

I had a couple of questions for Ken. You mentioned that you would restart the merit increases that we didn't see in fiscal '25. Just wondering we should model OpEx going forward? If it's the September quarter outlook that kind of contemplates that entire uplift? Or it's going to be kind of like a rolling, I don't know if it's on a calendar year or fiscal year for those merit increases.

我有幾個問題想問肯。您提到您將重新啟動我們在 25 財年沒有看到的績效加薪。只是想知道我們是否應該對未來的 OpEx 進行建模？如果這是 9 月季度的展望，那麼是否能預見到整體的提升？或者它會像滾動一樣，我不知道這些績效加薪是按日曆年還是財政年度計算。

Yeah, the full impact in the guidance in the first quarter. So how I think about it is there's been some currency impact on number. But really, the impact here is really the merits. So think about it being $8 million to $10 million for those and it's already a run rate.

是的，第一季的指導產生了全面影響。所以我認為貨幣對數字產生了一些影響。但實際上，這裡的影響確實是優點。因此，想想這些的成本是 800 萬到 1000 萬美元，這已經是一個運行率了。

Now with that being said, there's a few things we're looking at to help curb potentially other inflationary things that come with the new fiscal year.

話雖如此，我們正在考慮一些措施來幫助抑制新財年可能出現的其他通膨因素。

So I wouldn't expect expense to go down a lot, but there could be a little bit of movement there down, but that was probably a good point for your models, the number modeling for Q1, extrapolating out to the year, assuming there's no massive volume increases. We always have some OpEx tied to volumes up or down, but it's very good run rate now getting into the Q1.

因此，我預計費用不會大幅下降，但可能會有一點下降，但這對於您的模型來說可能是一個好點，第一季的數位建模可以推斷到全年，假設沒有大量的交易量增加。我們的營運支出總是會隨著產量的增加或減少而變化，但進入第一季後，運行率已經非常好了。

Okay. And maybe as a last question, asking you guys to pull out your crystal ball forecasting. It was nice to see interest expense come down a little bit in the June quarter, that you're guiding for flattish during the September quarter, assuming that we are starting to see some stabilization, maybe even an inflection point in some of the broader demand. What should we be assuming in terms of inventory investment and then potentially what that means for the interest expense going forward?

好的。也許作為最後一個問題，請你們拿出水晶球來預測。很高興看到 6 月份季度的利息支出略有下降，而您預計 9 月份季度的利息支出將持平，假設我們開始看到一些穩定，甚至可能看到一些更廣泛需求的拐點。就庫存投資而言，我們應該假設什麼？這對未來的利息支出意味著什麼？

Yeah. I think most I'd look at it is we have enough dollars of inventory, right, for the current level of sales even for some growth. It's really about continuing to get a higher quality mix. There are some pockets where we need to continue to work it down. So I would say we expect the bill to come down again modestly, but at the same time, we wouldn't expect to utilize a lot of cash to grow the business here.

是的。我認為最主要的是，我們有足夠的庫存，足以維持當前的銷售水平，甚至實現一定的成長。這實際上是為了繼續獲得更高品質的組合。還有一些問題我們需要繼續努力解決。因此我想說，我們預計帳單會再次適度下降，但同時，我們不會期望使用大量現金來發展這裡的業務。

So there's still some work to do internally in terms of the inventory, but we expect to go down a little bit still, all things be equal, but even with more aggressive recovery, we think we've got enough dollars and we'll be in the turn it faster.

因此，就庫存而言，我們內部仍有一些工作要做，但我們預計庫存仍會下降一點，其他條件都一樣，但即使復甦更為積極，我們認為我們已經有足夠的資金，而且我們會更快地實現轉變。

Great. Thanks very much, guys. I appreciate all the detail.

偉大的。非常感謝，大家。我感謝所有的細節。

Thanks, Melissa.

謝謝，梅麗莎。

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

謝謝。先生們，現在沒有其他問題了。現在我請菲爾·加拉格爾作最後發言。

Thank you, operator. And let me thank everyone for attending today's earnings call and look forward to speaking to you again at our first quarter fiscal year 2026 earnings report in October. Have a great rest of the summer.

謝謝您，接線生。我感謝大家參加今天的財報電話會議，並期待在 10 月的 2026 財年第一季財報會議上再次與大家交談。祝您有個愉快的暑假。

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。現在您可以斷開線路。感謝您的參與。