安富利 (AVT) 2026 Q1 法說會逐字稿

Please stand by our presentation will now begin welcome to the Avnet first quarter fiscal year 2026 earnings call.

請稍等，我們的演示現在開始，歡迎參加 Avnet 2026 財年第一季財報電話會議。

I would now like to turn the floor over to Lisa Mueller, Director of Investor Relations for Avnet. Please go ahead.

現在我謹將發言權交給 Avnet 投資者關係總監 Lisa Mueller。請繼續。

Thank you, operator. I'd like to welcome everyone to Avnet's first quarter fiscal year 2026 earnings conference call. This morning, Avnet released financial results for the first quarter of fiscal year 2026, 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.

謝謝接線生。歡迎各位參加 Avnet 2026 財年第一季財報電話會議。今天上午，Avnet 發布了 2026 財年第一季的財務業績，您可以在 Avnet 網站的投資者關係部分查看該業績報告以及相關的幻燈片簡報。

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.

提醒各位，新聞稿和本次電話會議中包含的一些資訊涉及前瞻性陳述，這些陳述涉及難以預測的風險、不確定性和假設。此類前瞻性陳述並非績效保證，本公司的實際績效可能與此類陳述中所包含的績效有重大差異。

Several factors that could cause or contribute to such differences are described in detail in Avnet's most recent Form 10-Q and 10-K and subsequent filings with the SEC. These forward-looking statements speak only as of the date of this presentation, and the company undertakes no obligation to publicly update any forward-looking statements or supply new information regarding the circumstances after the date of this presentation.

Avnet 最新提交的 10-Q 表格和 10-K 表格以及隨後向美國證券交易委員會提交的文件詳細描述了可能導致或促成此類差異的幾個因素。這些前瞻性陳述僅代表截至本次演示之日的信息，本公司不承擔在本次演示之後公開更新任何前瞻性陳述或提供有關情況的新信息的義務。

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

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調整表可在今天發布的新聞稿以及今天簡報的附錄幻燈片中找到，並已發佈在投資者關係網站上。今天的電話會議將由 Avnet 執行長 Phil Gallagher 和 Avnet 財務長 Ken Jacobson 主持。

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

接下來，我將把電話交給菲爾·加拉格爾。菲爾？

Thank you, Lisa, and thank you, everyone, for joining us on our first quarter fiscal year 2026 earnings call. We are off to a solid start in the new fiscal year. In the first quarter, we achieved sales of $5.9 billion, above guidance, and adjusted EPS of $0.84, near the high end of guidance.

謝謝麗莎，也謝謝各位參加我們2026財年第一季財報電話會議。新財年伊始，我們取得了穩健的開局。第一季度，我們實現了 59 億美元的銷售額，高於預期；調整後每股收益為 0.84 美元，接近預期上限。

Our performance was led by strength in Asia and Farnell, which both had double-digit year-on-year growth. Sales in our Americas region grew year-on-year for the first time since fiscal 2023. While sales in our EMEA region were flat with the year-ago quarter, they did grow better than seasonal on a sequential basis, as did all of our regions.

我們的業績主要得益於亞洲和 Farnell 的強勁表​​現，這兩個業務部門都實現了兩位數的同比增長。自 2023 財年以來，我們美洲地區的銷售額首次實現年增。雖然我們 EMEA 地區的銷售額與去年同期持平，但環比成長高於季節性水平，我們所有地區的銷售額也都如此。

From a demand perspective, in the quarter, we saw strength in certain key vertical segments, most notably transportation, compute and communication. Overall, semiconductor lead times and pricing continue to be stable for most technologies. That said, we do see extended lead times and price increases in memory storage and certain interconnect products, particularly those supporting data center and AI build-outs.

從需求角度來看，本季我們看到某些關鍵垂直領域表現強勁，最顯著的是交通運輸、計算和通訊領域。整體而言，大多數技術的半導體交付週期和價格仍然保持穩定。也就是說，我們確實看到儲存設備和某些互連產品的交貨週期延長，價格上漲，特別是那些支援資料中心和人工智慧建設的產品。

On the IP&E side, lead times also continue to be stable. Our book-to-bill ratio improved globally, led by Asia and the Americas, and all regions were above parity. Our backlog is growing, and we continue to see customers placing orders within lead times, which is a sign of strengthening market.

在IP&E方面，交付週期也保持穩定。全球訂單出貨比均有所改善，其中亞洲和美洲地區的改善最為顯著，所有地區的訂單出貨比均高於正常水準。我們的訂單積壓越來越多，我們不斷看到客戶在交貨期內下單，這表明市場正在走強。

Cancellations have remained at normal levels. In the quarter, we had a modest increase in inventory to support sales growth in Asia and certain supply chain opportunities, although we did see improvement in days of inventory on hand. We remain focused on balancing these growth opportunities with reductions in the near term and optimizing the inventory we have on hand.

取消訂單數量仍維持在正常水準。本季度，為了支持亞洲的銷售成長和某些供應鏈機遇，我們的庫存略有增加，儘管我們確實看到庫存週轉天數有所改善。我們將繼續專注於在短期內平衡這些成長機會與減少支出，並優化我們現有的庫存。

Now turning to our Electronic Components results. At the top line, our Electronic Components sales increased on a sequential and year-on-year basis due to a generally improving demand environment led by Asia and the Americas. In Asia, sales grew sequentially and year-on-year and now represent just over half of EC sales. This marks our fifth consecutive quarter of year-on-year sales growth in the region, driven by strength across the communication and transportation end markets.

現在來看我們的電子元件測試結果。從營收方面來看，由於亞洲和美洲地區的需求環境普遍改善，我們的電子元件銷售額較上季和年比均有所成長。在亞洲，銷售額環比和年比均有所成長，目前已佔電子商務銷售額的一半以上。這標誌著我們在該地區連續第五個季度實現同比增長，這主要得益於通訊和交通運輸終端市場的強勁表現。

The Americas are showing signs of recovery, with sales growing both sequentially and year-on-year. Sales were strongest in the industrial and communications end markets, followed by transportation and consumer. In EMEA, sales were basically flat year-on-year and higher sequentially, which is better than seasonal for the region. Bookings improved as the region returned from its summer slowdown. The industrial and communications end markets showed year-over-year growth, while compute grew both sequentially and year-on-year. We are optimistic about continued modest improvement in Q2.

美洲市場呈現復甦跡象，銷售額較上季和年成長均有所成長。工業和通訊終端市場的銷售額最高，其次是交通運輸和消費品市場。在歐洲、中東和非洲地區，銷售額基本上與去年同期持平，環比成長，比該地區的季節性情況要好。隨著該地區從夏季的低迷狀態中恢復過來，預訂量有所改善。工業和通訊終端市場實現了同比增長，而計算市場則實現了環比和同比增長。我們對第二季繼續小幅改善持樂觀態度。

We continue to see healthy design win activity and momentum in demand creation. We recorded solid increases in demand creation revenues and gross profit dollars for the quarter. We are also pleased with progress on our IP&E product sales. As we mentioned in the past, IP&E is one of our higher-margin businesses. Sales have been steady with improving margins and doing particularly well in Asia.

我們持續看到設計作品的中標活動保持健康成長勢頭，並且需求創造勢頭強勁。本季度，我們實現了需求創造收入和毛利的穩健成長。我們對IP&E產品銷售的進度也感到滿意。正如我們之前提到的，IP&E 是我們利潤率較高的業務之一。銷售額維持穩定，利潤率不斷提高，在亞洲市場表現尤為出色。

Now turning to Farnell. Farnell delivered sequential and year-on-year growth and experienced similar sales trends to EC with strengthening in Asia and the Americas. Operating margin remained stable sequentially due mostly to increased sales of the on-the-board components, offset by higher sales of single-board computers and test and measurements, which tend to be a bit lower in margin.

現在輪到法內爾了。Farnell實現了環比和同比增長，銷售趨勢與EC類似，在亞洲和美洲市場表現強勁。由於板載組件的銷售額增加，營業利潤率環比保持穩定，但單板計算機和測試測量產品的銷售額增加抵消了這一增長，而這些產品的利潤率往往略低。

The team continues to execute on their strategy, including enhancing digital capabilities and leveraging Avnet's core ecosystem for new and additional opportunities. While there is still plenty of work to do, we are pleased with Farnell's progress, especially given its improved performance, while the macro environment in Europe, its largest region, has yet to fully recover.

團隊繼續執行其策略，包括增強數位化能力，並利用安富利的核心生態系統尋求新的和額外的機會。儘管還有很多工作要做，但我們對 Farnell 的進展感到滿意，尤其是在其業績有所改善的情況下，而其最大的地區——歐洲的宏觀環境尚未完全恢復。

To conclude, we are encouraged by the increasing number of positive signs in our business. We feel good about the recovery in Asia Pac and progress in the Americas. Conditions in EMEA are stabilizing and modestly improving. While geopolitical and market uncertainties remain, we believe our strong supplier line card and diverse customer base and the strength of the end markets they serve position us well as the market recovers.

總之，我們公司不斷湧現的正面跡象令我們倍感鼓舞。我們對亞太地區的復甦和美洲地區的進展感到滿意。歐洲、中東和非洲地區的情況正在趨於穩定並略有改善。儘管地緣政治和市場仍存在不確定性，但我們相信，我們強大的供應商陣容、多元化的客戶基礎以及他們所服務的終端市場的強勁實力，將使我們在市場復甦時佔據有利地位。

During the quarter, I spent some time with the leadership teams from several of our supplier partners, both in the US and Europe. Most recently, I attended the Electronic Components Industry Association, ECIA, Conference in Chicago.

本季度，我花了一些時間與我們在美國和歐洲的幾家供應商合作夥伴的領導團隊進行交流。最近，我參加了在芝加哥舉行的電子元件工業協會（ECIA）會議。

Consistent with our views, our supplier partners are also seeing several positive signs, including lead times extending in certain technology and discussions on actual or potential price increases. Maintaining and strengthening our supply relationships through these challenging times has helped us navigate the market, which also translate into increased value for our end customers.

與我們的觀點一致，我們的供應商合作夥伴也看到了幾個積極的跡象，包括某些技術的交貨時間延長以及關於實際或潛在價格上漲的討論。在這些充滿挑戰的時期，我們透過維護和加強供應鏈關係，幫助我們應對市場挑戰，這也為我們的終端客戶創造了更大的價值。

It is times like these that I'm especially thankful for our dedicated and experienced team across our whole organization who have led us through this prolonged market cycle. I want to thank them for their efforts that continue to reinforce Avnet's position at the center of the technology supply chain, helping our customers and suppliers navigate complexity and unlock new opportunities.

正是在這樣的時刻，我格外感謝我們整個組織中那些敬業且經驗豐富的團隊，是他們帶領我們度過了這段漫長的市場週期。我要感謝他們為鞏固安富利在科技供應鏈中心地位所做的努力，幫助我們的客戶和供應商應對複雜局面，並開拓新的機會。

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

接下來，我將把麥克風交給 Ken，讓他更深入分析我們第一季的表現。肯？

Thank you, Phil, and good morning, everyone. We appreciate your interest in Avnet and for joining our first quarter earnings call. Our sales for the first quarter were approximately $5.9 billion, above the high end of guidance of our range, and up 5% both year-over-year and sequentially. Regionally, on a year-over-year basis, sales increased 10% in Asia and 3% in the Americas. Sales in EMEA were flat year-over-year and were down 6% in constant currency.

謝謝你，菲爾，大家早安。感謝您對安富利的關注，並感謝您參加我們第一季財報電話會議。我們第一季的銷售額約為 59 億美元，高於我們預期範圍的上限，年增 5%，季增 5%。從區域來看，與去年同期相比，亞洲地區的銷售額成長了 10%，美洲地區的銷售額成長了 3%。歐洲、中東和非洲地區的銷售額與去年同期持平，以固定匯率計算下降了 6%。

From an operating group perspective, Electronic Components sales increased 5% year-over-year and sequentially. Farnell sales increased 50% year-over-year and 3% sequentially. For the first quarter, gross margin of 10.4% was 42 basis points lower year-over-year and 15 basis points lower sequentially.

從營運集團的角度來看，電子元件銷售額年增 5%，季增 5%。Farnell 的銷售額較去年同期成長 50%，較上季成長 3%。第一季毛利率為 10.4%，年減 42 個基點，季減 15 個基點。

The year-over-year decline is primarily driven by declines in the Western regions, partially offset by improvements in Farnell. The sequential decline in gross margin is primarily driven by a decline in Europe, partially offset by improvements in the Americas, Asia and Farnell. The sequential gross margin declines in EMEA were primarily driven by a less favorable product and customer mix compared to last quarter.

年比下降主要是由於西部地區的下降，法內爾地區的改善部分抵消了這一下降。毛利率環比下降主要是由於歐洲業務下滑所致，美洲、亞洲和法內爾業務的改善部分抵消了這一下滑。歐洲、中東和非洲地區毛利率較上季下降的主要原因是產品和客戶組合較上一季下降。

The regional mix shift to Asia also had a negative effect on EC gross margin year-over-year and sequentially. Sales from the Asia region represented 49% of first quarter sales in fiscal 2026 compared to 47% in the year-ago quarter and 48% last quarter. Farnell gross margin increased both sequentially and year-over-year, in part due to improved product mix of on-the-board components.

區域結構向亞洲的轉變也對歐盟毛利率年比和季比產生了負面影響。2026 財年第一季，來自亞洲地區的銷售額佔總銷售額的 49%，而去年同期為 47%，上一季為 48%。Farnell 的毛利率環比和同比均有所增長，部分原因是板載組件的產品組合得到改善。

Turning to operating expenses. SG&A expenses were $464 million in the quarter, up $26 million year-over-year and up $13 million sequentially. Foreign currency negatively impacted operating expenses by approximately $5 million sequentially and $11 million year-over-year. The expected increase in sequential SG&A expenses was primarily driven by the additional sales volume and from higher salary expenses due to employee raises that took effect in the first quarter of fiscal 2026.

接下來談談營運費用。本季銷售、一般及行政費用為 4.64 億美元，年增 2,600 萬美元，季增 1,300 萬美元。外匯波動對營運支出造成了約 500 萬美元的環比負面影響，對營運支出造成了約 1,100 萬美元的年比負面影響。預計環比銷售、管理及行政費用增加主要是由於銷售額增加以及員工加薪導致工資支出增加，加薪於 2026 財年第一季生效。

As a percentage of gross profit dollars, SG&A expenses were flat sequentially at 76%. Overall, first quarter operating expenses were as anticipated. As we move through fiscal 2026, we expect expenses to be well controlled, but would expect modest increases with sales growth as the market recovery unfolds.

銷售、一般及行政費用佔毛利的百分比與上一季持平，為 76%。整體而言，第一季營運支出符合預期。隨著我們進入 2026 財年，我們預計支出將得到良好控制，但隨著市場復甦的展開，支出預計將隨著銷售成長而略有增加。

For the first quarter, we reported adjusted operating income of $151 million, and our adjusted operating margin was 2.6%. By operating group, Electronic Components operating income was $159 million, and EC operating margin was 2.9%. The sequential decline in EC operating margin of 11 basis points was primarily due to higher SG&A expenses. Farnell operating income was $17 million, and operating income margin was 4.3%. Operating income margin was up approximately 375 basis points year-over-year and flat sequentially.

第一季度，我們公佈的調整後營業收入為 1.51 億美元，調整後營業利益率為 2.6%。依營運集團劃分，電子元件業務的營業收入為 1.59 億美元，營業利益率為 2.9%。EC 營業利益率較上月下降 11 個基點，主要是因為銷售、一般及行政費用增加所致。Farnell 的營業收入為 1,700 萬美元，營業利益率為 4.3%。營業利潤率年增約 375 個基點，較上季持平。

Turning to expenses below operating income. First quarter interest expense of $60 million decreased by $5 million year-over-year and was up $1 million sequentially. Our adjusted effective income tax rate was 23% in the quarter, as expected. Adjusted diluted earnings per share of $0.84 was at the high end of our expectations for the quarter.

接下來是營業收入以下的費用。第一季利息支出為 6 千萬美元，年減 500 萬美元，季增 100 萬美元。本季調整後的實際所得稅率為 23%，與預期相符。經調整後的稀釋每股收益為 0.84 美元，處於我們對該季度預期的高端。

Turning to the balance sheet and liquidity. During the quarter, working capital increased $160 million sequentially, primarily driven by $176 million increase in receivables. The increase in inventories of $185 million was offset by a corresponding $201 million increase in accounts payable. Excluding the impact of currency, working capital increased by $198 million sequentially.

接下來看一下資產負債表和流動性。本季營運資金較上季增加 1.6 億美元，主要原因是應收帳款增加 1.76 億美元。庫存增加 1.85 億美元，但應付帳款相應增加 2.01 億美元，抵消了這一增長。剔除匯率影響，營運資金較上季增加1.98億美元。

Working capital days decreased 4 days quarter-over-quarter to 95 days. Inventory days decreased by 3 days sequentially to 92 days. Our return on working capital increased 36 basis points sequentially from higher operating income. The increase in inventories and corresponding increase in accounts payable was primarily driven by increases in the Americas to support supply chain services engagements and increases in Asia to support overall growth. Overall, the quality and aging of our inventory continues to improve.

營運資金周轉天數較上季減少 4 天，至 95 天。庫存週轉天數連續減少 3 天，至 92 天。由於營業收入增加，我們的營運資本報酬率較上季成長了 36 個基點。庫存增加和應付帳款相應增加主要是由於美洲地區的成長（用於支持供應鏈服務業務）和亞洲地區的成長（用於支持整體成長）所致。總體而言，我們庫存的品質和老化程度都在持續改善。

We remain focused on reducing inventory levels where elevated, noting that we also want to ensure our Electronic Components and Farnell businesses have the right inventory in our distribution centers to position ourselves appropriately as the market recovers and as lead times extend for certain products.

我們將繼續專注於降低庫存水平，同時我們也希望確保我們的電子元件和 Farnell 業務在我們的配送中心擁有合適的庫存，以便在市場復甦和某些產品交貨時間延長時，能夠做好充分的準備。

Our increase in working capital led to an increase in debt of $323 million. We used $145 million of cash for operations in the quarter, primarily due to the increase in receivables to support the growth in Asia revenues. From a cash flow perspective, increases in inventory were offset by increases in accounts payable.

營運資金的增加導致債務增加了 3.23 億美元。本季度我們使用了 1.45 億美元的現金用於運營，主要是由於應收帳款增加，以支持亞洲收入的成長。從現金流的角度來看，庫存增加被應付帳款增加所抵銷。

With regards to our capital allocation, we have a consistent, disciplined approach. We continue to deploy cash in a manner that generates what we believe will have the greatest long-term return on investment for our shareholders, prioritizing reinvestments in the business and returning excess cash to shareholders. During the quarter, cash used for CapEx was $25 million, within our expected quarterly levels.

在資本配置方面，我們採取了一致、嚴謹的方法。我們將繼續以我們認為能為股東帶來最大長期投資回報的方式運用現金，優先考慮對業務進行再投資，並將多餘的現金回饋給股東。本季用於資本支出的現金為 2500 萬美元，符合我們預期的季度水準。

We ended the quarter with a gross leverage of 4.0 times, and we had approximately $1.7 billion of available committed borrowing capacity. We will continue to prioritize lowering our leverage to appropriate and historical levels in order to maintain a strong balance sheet, which we continue to believe is an important aspect of having a sustainable and profitable distribution business. We anticipate reducing our leverage to approximately 3.0 times over the next year.

本季末，我們的總槓桿比率為 4.0 倍，可用承諾借款額度約為 17 億美元。我們將繼續優先降低槓桿率至適當且歷史水平，以保持強勁的資產負債表，我們仍然認為這是擁有可持續盈利分銷業務的重要方面。我們預計在未來一年內將槓桿率降低至約 3.0 倍。

We increased our quarterly dividend by approximately 6% to $0.35 per share. We have increased our dividend in each of the last 12 fiscal years. We have more than doubled our dividend in the past 10 fiscal years, which is an average annual dividend increase of more than 10%.

我們將季度股息提高了約 6%，至每股 0.35 美元。在過去的12個財政年度中，我們每年都提高了股利。在過去的 10 個財政年度中，我們的股息翻了一番還多，平均每年股息成長超過 10%。

In the quarter, we repurchased approximately 2.6 million shares totaling $138 million, including $100 million of shares repurchased in connection with our convertible debt issuance. We repurchased 3% of outstanding shares in the first quarter and have repurchased 8% of outstanding shares over the past four quarters. Book value per share decreased to approximately $57 a share.

本季度，我們回購了約 260 萬股股票，總計 1.38 億美元，其中包括因發行可轉換債券而回購的價值 1 億美元的股票。我們在第一季回購了 3% 的流通股，在過去的四個季度中，我們已回購了 8% 的流通股。每股帳面價值下降至約 57 美元。

Turning to guidance. For the second quarter of fiscal 2026, we're guiding sales in the range of $5.85 billion to $6.15 billion and diluted earnings per share in the range of $0.90 to $1. Our second quarter guidance considers the uncertainty that continues to impact the market and implies a sequential sales increase of 2% at the midpoint.

尋求指導。2026 財年第二季度，我們預計銷售額將在 58.5 億美元至 61.5 億美元之間，稀釋後每股收益將在 0.90 美元至 1 美元之間。我們第二季的業績指引考慮了持續影響市場的不確定性，其中數值顯示銷售額環比成長2%。

This guidance assumes sequential sales growth in the Americas and Asia, with flattish sales in Europe. This guidance also assumes similar interest expense compared to the first quarter, an effective tax rate of between 21% and 25% and 83 million shares outstanding on a diluted basis.

該預期假設美洲和亞洲的銷售額將持續成長，而歐洲的銷售額將保持穩定。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 8,300 萬股。

In closing, our team continues to execute well against the areas we can control, and we still have opportunities for improvement. Given today's rapidly changing market conditions, our team continues to demonstrate the value we bring to our customers and suppliers. We remain confident our approach through this market downturn will benefit our stakeholders in the long term.

總之，我們的團隊在可控範圍內持續表現出色，但仍有改進的空間。鑑於當今瞬息萬變的市場環境，我們的團隊不斷展現我們為客戶和供應商帶來的價值。我們仍然相信，我們應對此次市場低迷的策略，從長遠來看將使我們的利害關係人受益。

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

接下來，我將把發言權交給接線員，由他來回答問題。操作員？

(Operator Instructions)

（操作說明）

William Stein, Truist Securities.

威廉·斯坦，Truist Securities。

Great, thank you for taking my question. Congrats on the good, quartered outlook first, I wanted to ask, Phil, you mentioned revenue in the data center, I think, AI application category. I suspect your exposure there is still relatively small compared to the overall sales. Can you just bring us up to speed on that metric, please?

太好了，謝謝你回答我的問題。首先恭喜你發布了良好的季度展望報告。我想問一下，菲爾，你提到了資料中心（我想應該是人工智慧應用類別）的收入。我懷疑你在那裡的業務量與整體銷售額相比仍然相對較小。能否請您簡單介紹一下這個指標？

Sure can. Thanks, Will. I appreciate the question. Yes, so it is relatively small. So our exposure to the hyperscalers is, on a grand scheme, I don't know, maybe in Asia, 7% of our business, give or take, Will, of Asia Pac, where most of that's happening right now for us. But the reason I bring it up is it's well beyond the GPUs and even the FPGAs. The opportunities we're seeing in storage, connectivity, power, cooling, connectors, that's where we're seeing the opportunity for us right now.

當然可以。謝謝你，威爾。感謝您的提問。是的，所以它相對較小。所以，從宏觀角度來看，我們對超大規模資料中心營運商的曝險，我不知道，可能在亞洲，大概占我們業務的 7% 左右，威爾，也就是亞太地區，我們目前大部分業務都在那裡。但我之所以提起這件事，是因為它遠遠超出了 GPU 甚至 FPGA 的範疇。我們目前在儲存、連接、電源、冷卻、連接器等領域看到了機遇，這些領域正是我們目前看到的機會所在。

And really, I think the big value for where we sit in the technology supply chain is as it's going to enable, let's say, the really downstream opportunities are going to be massive in particularly in our MCU/NPU area. You're going to get the applications out on the edge, and that's where our customers, that's a sweet spot for us, whether it be predictive maintenance, smart wearables, smart agriculture, smart security, surveillance, et cetera.

我認為，我們在技術供應鏈中所處位置的最大價值在於，它將帶來巨大的下游機遇，尤其是在我們的 MCU/NPU 領域。您將把應用程式部署到邊緣，而這正是我們的客戶所在之處，也是我們的優勢所在，無論是預測性維護、智慧穿戴裝置、智慧農業、智慧安全、監控等等。

So we're talking about AI. We're playing in it today. We're selling into the data center, into the hyperscalers. But today, our customers are also selling into the hyperscalers. So as we're calling on anybody in power, power management, et cetera, and you're seeing some guys announced in the EMS provider space, some nice growth here, well, we're going to participate in that as well, right? So I hope that answers the question. We're excited about it.

所以我們現在要討論的是人工智慧。我們今天就要參加這場比賽。我們向資料中心，也就是超大規模資料中心銷售產品。但如今，我們的客戶也開始向超大規模資料中心銷售產品。所以，當我們呼籲電力、電力管理等領域的任何人參與進來時，您會看到一些公司宣布進軍EMS供應商領域，這裡出現了一些不錯的增長，那麼，我們也會參與其中，對吧？希望這能解答你的疑問。我們對此感到很興奮。

Yeah, so it sounds like 7% of your Asia sales. As a follow-up on a different topic, inventory days in the quarter were flattish. I think you called out down a couple of days sequentially, but my model is roughly flattish. It's not a huge difference anyway. But we expected this number to be down more meaningfully. Maybe I just got a little bit ahead of myself, but that drove cash flows negative in the quarter. And you talked about investing for future growth and other things.

是的，聽起來像是你們亞洲銷售額的7%。關於另一個主題，本季的庫存週轉天數基本上持平。我認為你連續幾天都預測下跌了，但我的模型大致呈平坦狀。反正差別也不大。但我們原本預期這個數字會下降更多。也許我有點操之過急了，但這導致本季現金流為負。你還談到了為未來成長進行投資以及其他方面。

Maybe I'm just hoping you can help set expectations going forward a bit here. Should we expect this relatively higher number of inventory days to persist for longer term, maybe even perpetually? Or should we expect inventory days to come down over time? Thank you.

或許我只是希望您能幫我稍微調整一下未來的期待。我們是否應該預期這種相對較高的庫存週轉天數會長期持續下去，甚至可能永遠持續下去？或者我們應該預期庫存週轉天數會隨著時間推移而減少？謝謝。

I'll let Ken answer that.

這個問題還是讓肯來回答吧。

I think -- first, I think you kind of calculated end of quarter inventory. We use an average inventory, so there's a little bit difference in terms of how we measure the inventory days. But I think we're continuing to see a trend of declines in the EC business.

我認為——首先，我認為你已經大致計算了季度末庫存。我們採用平均庫存量，因此在衡量庫存天數方面略有不同。但我認為我們仍然會看到電子商務業務持續下滑的趨勢。

We're down roughly 10 days year-over-year. Inventory went up a little bit, partially in Asia. And that's -- we don't have all the right inventory to service where the growth is, right? So you're investing in certain inventory, but there's still opportunities, including in Asia, where we need to get inventory down, which will help the days as well.

與去年同期相比，我們減少了大約 10 天。庫存略有上升，部分原因是亞洲地區的庫存增加。也就是說，我們沒有足夠的庫存來滿足成長的需求，對吧？所以你們在投資某些庫存，但仍然存在機會，包括在亞洲，我們需要降低庫存，這也有助於縮短庫存週轉天數。

And then for the supply chain services, we're actually seeing that business come back a little bit. It was down in FY '25, and we're seeing that come back a little bit. And again, some of that is going to turn this quarter. So there's still opportunity to go after inventory where it's in excess and to kind of drive the inventory down a little bit at the same time as the sales grow, that they should improve.

至於供應鏈服務，我們實際上看到這項業務正在逐漸恢復。2025財年曾經出現下滑，現在我們看到它正在略有回升。而且，其中一些情況將在本季發生轉變。所以，仍然有機會去處理過剩的庫存，並在銷售成長的同時稍微降低庫存，銷售應該會有所改善。

So I think the expectations are still there. It was a little higher than we had anticipated coming into the end of the quarter. But there's nothing of concern or anything in terms of a longer-term trend that we would see because of what happened towards the end of the quarter.

所以我覺得大家的期望依然存在。這個數字比我們季度末的預期略高一些。但就本季末發生的事情而言，並沒有什麼值得擔憂的，也沒有任何長期趨勢。

I'll add to that, Will. The quality of the inventory is good, okay? The aging and the quality is good. So we have no concerns there. And our longer-term goal will get back into the 80s. So we know we want to continue bring it down a little bit while still making investments, right? We still need to do that. Inventory is not a bad thing in distribution, it's actually a good thing. And to get the days down into the 80s as we continue to drive the top line up.

我再補充一點，威爾。庫存品質很好，可以嗎？陳釀程度和品質都很好。所以在這方面我們沒有任何顧慮。我們的長期目標是重返 80 年代。所以我們知道，我們希望在繼續投資的同時，繼續將其降低一些，對吧？我們仍然需要這樣做。在分銷領域，庫存並非壞事，實際上是一件好事。而且，我們還要把天數降到 80 多天，同時繼續提升頂級產品線。

Just one follow-up to that quantification. 80s like, in a year, in three years? Any sort of trajectory you can give us would be helpful.

針對上述量化分析，我還有一個後續問題。例如，一年後、三年後，能達到80年代的水準嗎？您能提供的任何軌跡資訊都將對我們有所幫助。

I think when we talk about eight in front of it, I think, by next quarter, we exited the quarter at roughly 91, 92 days. We think we'll be with an eight in front of it next quarter, and then kind of gradual trajection down.

我認為，當我們談到前面的八天時，我認為，到下一個季度，我們結束該季度時大約是 91、92 天。我們認為下個季度它的前面會有 8，然後會逐漸下降。

Yeah, thank you.

是啊，謝謝。

Joe Quatrochi, Wells Fargo.

喬·夸特羅奇，富國銀行。

Yeah, thanks for taking the question you called out EMEA being better than seasonal in the September quarter and then -- thinking that it could be flattish for December. I can appreciate the seasonality is a little bit difficult to kind of call right now, but like, how do we think about, I guess, the demand profile of that for the December quarter and kind of your visibility relative to seasonality in EMEA?

是的，謝謝你回答了你提出的問題，即 EMEA 在 9 月份季度的表現優於季節性水平，然後——認為 12 月份可能會比較平穩。我理解現在很難準確預測季節性因素，但是，我們該如何考慮，比如說，12 月季度的需求情況，以及您在 EMEA 地區對季節性因素的了解程度？

Yeah, so I'll go first. Thanks, Joe. Positive. I mean -- but modest. I think we used the word modest. December quarter is usually not a growth quarter sequentially in Asia Pac, to your question on seasonality. This quarter, we're expecting modest growth.

那我就先來。謝謝，喬。好的。我的意思是——但很謙虛。我想我們用了「謙虛」這個詞。關於季節性問題，亞太地區的12月季度通常不是環比成長季度。本季，我們預期成長幅度不大。

And why is that? Well, we believe Europe is about hitting the bottom. It's been a tough several years in Europe, as you know. But we're seeing the bookings positive now for a couple of quarters, backlog is building. So based on that, we think we'll see some modest growth in September to December in Europe.

這是為什麼呢？我們認為歐洲經濟即將觸底。如你所知，過去幾年歐洲局勢十分艱難。但我們看到，未來幾季預訂量都將保持正成長，積壓訂單正在增加。因此，基於此，我們認為歐洲在9月至12月期間將會出現小幅成長。

Got it. And then just trying to think about now that the total business has returned to year-over-year growth. How should we think about just incremental margins for the business? Appreciating obviously, the geographic mix matters, but the Americas turning to year-over-year growth, I think, is a positive.

知道了。現在，整個業務已經恢復了同比成長，這讓我不禁思考接下來的發展。我們該如何看待企業的增量利潤？當然，地域組成很重要，但我認為美洲實現逐年成長是一個正面的訊號。

Yeah. Joe, I think it's a positive in terms of that will start to give some more operating leverage there and kind of start to expand the operating margins. How we look at it is the guidance implies flat gross margin year-over-year, which we think is good. There's still some things we want to do in terms of mix, but as well as -- EMEA had gross margin down this quarter, but I think flat year-over-year, at least is holding our own in gross margin.

是的。喬，我認為這從積極方面來說是個好消息，因為這將帶來更多的營運槓桿，並開始擴大營運利潤率。我們認為，該指引意味著毛利率將與去年持平，我們認為這是好事。在產品組合方面，我們還有一些事情要做，但與此同時——歐洲、中東和非洲地區的毛利率本季度有所下降，但我認為與去年同期相比持平，至少在毛利率方面我們保持了自身水平。

But I think in the next quarter, we should see a seasonal mix shift, right? So part of it depends on what the Lunar New Year looks like for Asia. But just seasonal growth in the West should have a nice impact to gross margin, which should then have some operating margin impact, all things being equal. So not ready to talk about third quarter yet, but book-to-bills are healthy right now.

但我認為在下一個季度，我們應該會看到季節性因素發生變化，對吧？所以，這在某種程度上取決於亞洲的農曆新年會是什麼樣子。但僅西部地區的季節性成長就應該對毛利率產生良好影響，在其他條件相同的情況下，毛利率的提高應該會對營業利潤率產生一定影響。所以現在談第三季還為時過早，但目前的訂單出貨比狀況良好。

Maybe just one last follow-up. In the prepared remarks, you talked about suppliers seeing potential for price increases. Just wondering if you could maybe provide any more color on that front and just any additional details?

或許最後再補充一點。在事先準備好的演講稿中，您談到了供應商看到了價格上漲的可能性。我想知道您是否能提供更多這方面的資訊和細節？

Yeah, without getting too specific, Joe, it's in certain technologies because lead times overall are, overall, pretty unchanged. I mean, you have some modest increase in lead times. But for sure, some of the, let's call it, the interconnect and maybe the power type of products going into the data center and hyperscalers starting to see a little inflation.

是的，喬，具體情況就不說了，問題出在某些技術領域，因為總體而言，交付週期並沒有太大變化。我的意思是，交貨週期會略有增加。但可以肯定的是，有些，我們姑且稱之為互連產品，以及可能還有電源類產品，這些產品正進入資料中心和超大規模資料中心，並開始出現一些通貨膨脹。

And for sure, with memory, right? With HBM taking off, there's definitely some lead time issues in memory. I believe we'll start seeing price increases there as well. And then some selective higher-end technology suppliers have been calling out potential increases as well, which is called in the higher-end MCU space.

當然，還有記憶力，對吧？隨著 HBM 的普及，記憶體領域肯定會出現一些交付週期的問題。我相信我們也會看到那裡的價格上漲。此外，一些高端技術供應商也指出，高端MCU領域可能會出現價格上漲。

And the only other thing I'd say, Joe, is that input costs are still high. So it's -- overall, ASPs are holding up pretty well.

喬，我唯一要補充的是，投入成本仍然很高。所以總的來說，平均售價表現相當不錯。

Ruplu Bhattacharya, Bank of America.

Ruplu Bhattacharya，美國銀行。

Hi, thanks for taking my questions. I want to ask a couple of more questions on margins. So if I look at core segment margins, they were down 10 bps sequentially on $250 million higher sales sequentially. And look, from the guide, it looks like the trends are the same with Asia growing and America is growing as well, whereas Europe is flat. So Ken, when we think about core business margins, I mean, how should we think about that over the next couple of quarters? And what needs to happen for the margins there in the core business to get above 4%? And do you think that can happen in fiscal '26? And then I have a follow-up.

您好，感謝您回答我的問題。我想再問幾個關於利潤率的問題。因此，如果我看一下核心業務板塊的利潤率，儘管銷售額環比增長了 2.5 億美元，但利潤率環比下降了 10 個基點。從這份指南來看，趨勢似乎相同，亞洲和美洲都在成長，而歐洲則保持穩定。所以肯，當我們考慮核心業務利潤率時，我的意思是，在接下來的幾個季度裡，我們應該如何看待這個問題？那麼，要讓核心業務的利潤率超過 4%，需要發生什麼變化呢？你認為這種情況在 2026 財政年度會發生嗎？然後我還有一個後續問題。

Yeah. Ruplu, I'm not sure that I would want to call fiscal '26 core margins. I guess it's possible depending on where the mix shifts in the fourth quarter. But I think what I would say is, again, we're managing gross margin at the business unit level, trying to drive that a little discipline in where the EMEA margin was at.

是的。Ruplu，我不確定我是否想把 2026 財年利潤率稱為核心利潤率。我認為這取決於第四季度陣容的變化，所以有可能。但我認為我想再次強調的是，我們正在業務部門層級管理毛利率，並努力使 EMEA 地區的毛利率保持一定的穩定。

But we understand it's a few different things going on there, but nothing to be concerned with in terms of a longer-term deterioration of the gross margin in Europe. We should see some improvement in gross margin as we have a seasonal mix shift. But I think again, if Asia is going to be 50% of our business, right, it's going to take a little longer in terms of growth with the West to kind of get the operating margin to that 4% level.

但我們了解到那裡發生了一些不同的事情，但就歐洲毛利率的長期惡化而言，沒有什麼值得擔心的。由於季節性產品組合調整，毛利率應該會有所改善。但我認為，如果亞洲將占我們業務的 50%，那麼在西方市場實現成長，使營業利潤率達到 4% 的水平，還需要更長的時間。

So we'll continue to kind of focus on each business and making sure they're being consistent with their gross margin. But we would expect, going into the second half of the year, we're at least going to get the seasonal mix shift that would occur, absent Asia continuing to reach record levels, right? The guidance implies record sales in Asia.

因此，我們將繼續關注每個業務部門，確保它們的毛利率保持穩定。但我們可以預期，進入下半年，至少會出現季節性組合變化，除非亞洲繼續創下歷史新高，對吧？該預期意味著亞洲地區的銷售額將創下歷史新高。

Okay. Yes. No, that makes sense. Can I ask the same question on margins for Farnell? If Europe remains flat from a revenue standpoint, can you still see Farnell margins continue to grow 50 bps, I think you were targeting? Is that -- does it depend on overall revenue? Or does it -- is it more dependent on mix? I think you called out some mix impacts this quarter. So again, how should we think about Farnell margins going forward?

好的。是的。沒錯，這很有道理。我可以問一下關於 Farnell 利潤率的同樣問題嗎？如果歐洲市場營收保持平穩，您認為 Farnell 的利潤率還能持續成長 50 個基點嗎？我記得您之前的目標是 50 個基點。那是——它取決於總收入嗎？或者說，這更多取決於混合物？我認為你已經指出了本季的一些產品組合變化帶來的影響。那麼，我們該如何看待 Farnell 未來的利潤率呢？

Yeah, from a gross margin perspective, Ruplu, I would think about Farnell being a little different than the core business, that they -- regionally -- EMEA still has the best margin, but that's more because they sell more semiconductors and IP&E products, right, relative to the US and Asia. But in general, each region has a pretty healthy gross margin there. So regional mix isn't as impactful to Farnell, but product mix is impactful.

是的，從毛利率的角度來看，Ruplu，我認為 Farnell 與核心業務略有不同，他們——從區域來看——EMEA 的利潤率仍然最高，但這更多是因為相對於美國和亞洲，他們銷售的半導體和 IP&E 產品更多，對吧。但總的來說，每個地區的毛利率都相當可觀。因此，區域組合對 Farnell 的影響不大，但產品組合的影響很大。

So there's still some runway to go on Farnell gross margin as the broader market recovers and the mix improves in on-the-board components. We saw a little bit of uptick here, but I think there's still some runway there to go. And again, going into the third quarter, in the March quarter, you would have seasonality impacting Farnell as well because most of their business is in the West, so they would still have that kind of seasonality in terms of sales demand.

因此，隨著整體市場的復甦和電路板組件組合的改善，Farnell 的毛利率仍有提升空間。我們看到這裡略有回升，但我認為還有成長空間。再說，到了第三季度，也就是三月的季度，季節性因素也會對 Farnell 產生影響，因為他們的大部分業務都在西部，所以他們的銷售需求仍然會受到這種季節性因素的影響。

Yeah, Ruplu, just to build on Ken's point to reemphasize it. Their mix is both regional, not as big a deal though. The tailwinds that we were kind of counting on for Farnell in the September quarter out of Europe didn't come. September kind of just didn't happen like we had expected, so that dampened it a little bit.

是的，Ruplu，我只是想補充Ken的觀點，再次強調。他們的食材組合雖然具有地域性，但這並不算什麼大事。我們原本指望 Farnell 在九月季度能從歐洲市場獲得一些利好因素，但這些因素並沒有出現。九月的情況並沒有像我們預期的那樣發展，這多少有點令人失望。

And then you got to Ken's point that on-the-board components, semis, IP&E run at a higher margin than the test and measurement MRO, and there's a mix issue there. We're starting to see it improve, but as the on-the-board components increases, that runs a higher margin business. That all said, our expectation is to continue to grind it out at Farnell and continue to see modest improvement sequentially quarter-on-quarter, whether through revenue, profit or OpEx.

然後，肯就指出，板載元件、半導體、IP&E 的利潤率高於測試和測量 MRO，這其中存在混合問題。我們開始看到情況有所改善，但隨著電路板上組件的增加，這會帶來更高的利潤率。綜上所述，我們期望法內爾能夠繼續努力，並繼續看到季度環比小幅改善，無論是在收入、利潤或營運支出方面。

Got it. Can I sneak one more in for you, Phil? You've mentioned demand creation revenues and IP&E. What are those each as a percent of revenue? And are -- I'm assuming these are higher margin businesses. I mean, what is the margin delta with the core business? And can they be meaningful drivers for margin upside over the next couple of quarters?

知道了。菲爾，我可以再偷偷給你加一個嗎？您提到了需求創造收入和智慧財產權與工程。這些項目分別佔總收入的百分比是多少？而且──我假設這些都是利潤率較高的業務。我的意思是，與核心業務相比，利潤率差額是多少？它們能否在未來幾季成為利潤率上升的重要驅動因素？

Yeah, The -- I'll give you a range, Ruplu. I think as what we typically do in the IP&E, so it's, call it 15% to 20% of our total components business, roughly. And the demand creation in the 28% to 33%, depending on the quarter, demand creation revenue.

是的，我會給你一個範圍，魯普魯。我認為，這就像我們在 IP&E 部門通常所做的那樣，大約占我們整個組件業務的 15% 到 20%。需求創造收入佔比為 28% 至 33%，具體比例取決於季度。

And call it, 300, 400 bps incremental margin. But keep in mind on the demand creation, to get that 300, 400 bps, we also have more costs, right? So we had FAEs and the technical support, things along those lines. So it's not -- it doesn't all drop because we've got to make investments for the suppliers with the technical front end.

不妨稱為300、400個基點的增量利潤。但請記住，在創造需求的同時，為了獲得那 300、400 個基點，我們也需要付出更多成本，對吧？所以我們有現場應用工程師和技術支援人員，諸如此類。所以並不是——並不是所有東西都會下降，因為我們必須對技術前端供應商進行投資。

Okay. Got it. Thanks for all the details. I appreciate it.

好的。知道了。謝謝你提供的所有細節。謝謝。

Melissa Fairbanks, Raymond James.

梅麗莎·費爾班克斯，雷蒙德·詹姆斯。

Hey guys, thanks so much for taking my questions. I wanted to start off first with some questions around the transport business. Phil, I think you highlighted that as being one of the areas where you saw some favorable trends. Was that across all geographies? Or was it kind of more limited to the areas where you saw growth in Asia and the Americas?

各位好，非常感謝你們回答我的問題。我想先問一些關於運輸業的問題。菲爾，我認為你強調了這一點，並認為這是你看到一些有利趨勢的領域之一。這種情況在所有地區都存在嗎？或者說，這種成長更限於亞洲和美洲等地區？

Yeah, hey, Melissa how you doing? It was -- depends on year-on-year or Q-on-Q, it was up in both in Asia Pac, right? And the Americas, we saw it up sequentially, down a little bit year-on-year. And Europe, negative in both, as you might imagine.

嗨，梅麗莎，你好嗎？這取決於同比還是環比，亞太地區的同比和環比都是增長，對吧？美洲地區，我們看到環比成長，但同比略有下降。而歐洲的情況則恰恰相反，正如你所料，兩方面都是負面的。

Sure. Yes. Do you have any kind of visibility into what your exposure to either pure EV or hybrid versus kind of that traditional supply chain for ICE vehicles?

當然。是的。您是否了解您在純電動車或混合動力車領域的投資曝險，以及與傳統內燃機汽車供應鏈相比的投資曝險？

I don't have that off the top. It will definitely be higher in the EV in Asia. Asia will be heavier EV, Americas will be higher combustible and Europe will be somewhere probably in between.

我一時想不起來。亞洲電動車的銷售量肯定會更高。亞洲將更偏向電動車，美洲將更偏向燃油車，而歐洲可能介於兩者之間。

Okay. Yes, that was a bit of a trick question. I didn't expect you to.

好的。是的，這有點像是陷阱題。我沒想到你會這麼做。

It's fine.

沒關係。

Maybe one quick follow-up on the data center business. Especially as you're getting deeper into some of these higher value components, whether it's the memory, the storage, the FPGA, the interconnect. Is there any change in linearity with either how the bookings come through for that business? Or is it still just kind of book and ship and you see turns in the quarter?

或許可以簡單跟進一下資料中心業務的狀況。尤其是當你深入了解一些更高價值的元件時，無論是記憶體、儲存、FPGA 還是互連。該企業的預訂流程是否發生了線性變化？還是說現在還是那種訂票要出貨，然後看看季度業績如何變化的情況？

Yeah, no, it was -- most of those will be a supply chain arrangement, Melissa. So for the most part, we're going to see -- it would probably, for the most part, show up as a turn in the quarter because we're managing forecast.

是的，沒錯，梅麗莎，其中大部分都將是供應鏈安排。所以，在大多數情況下，我們會看到——這很可能——在很大程度上會表現為季度的轉折點，因為我們正在管理預測。

And then when the forecast flags the shipment, we kind of book and bill at the same time. You know what I mean? So we don't -- a lot of that, we don't show on the bookings -- long-term bookings. That kind of happens same day, almost. Frankly, once they pull it -- in other words, it's not really -- it's not inflating the bookings unrealistically.

然後，當預測結果顯示需要出貨時，我們會同時進行預訂和結算。你知道我的意思？所以，很多長期預訂都不會顯示在預訂記錄中。這種事幾乎當天就會發生。坦白說，一旦他們撤回——換句話說，它實際上——它並沒有不切實際地誇大預訂量。

Okay, got you, thanks very much that's all for me guys.

好的，明白了，非常感謝，我今天就到這裡了。

Thank you. There are no further questions at this time. I'd like to hand the floor back over to Phil Gallagher for any closing comments.

謝謝。目前沒有其他問題了。我想把發言權交還給菲爾·加拉格爾，讓他做最後的總結發言。

Great. Thank you. And I want to thank you and everyone for attending today's earnings call, and I look forward to speaking to you again at our second quarter fiscal year 2026 earnings report in January. Have a great holiday.

偉大的。謝謝。我要感謝各位參加今天的財報電話會議，期待在明年一月舉行的 2026 財年第二季財報會議上再次與大家交流。祝你假期愉快。

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

今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。