安富利 (AVT) 2026 Q2 法說會逐字稿

Please stand by, our presentation will now begin. Welcome to Avnet's second quarter fiscal year 2026 earnings call. I would now like to turn the floor over to Lisa Mueller, Director of Investor Relations for Avnet. Please go ahead.

請稍等，我們的演講現在開始。歡迎參加安富利2026財年第二季財報電話會議。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 second quarter fiscal year 2026 earnings conference call. This morning, Avnet released financial results for the second 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 財政年度第二季財報電話會議。今天上午，Avnet 發布了 2026 財年第二季度的財務業績，該業績報告可在 Avnet 網站的投資者關係部分查看，同時還提供幻燈片演示文稿，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.

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.

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。

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.

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。

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 Avnet 執行長 Phil Gallagher 和 Avnet 財務長 Ken Jacobson 主持。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 second quarter fiscal year 2026 earnings call. I'm pleased to share that we delivered another quarter of financial results that exceeded the high end of our sales and EPS guidance.

謝謝麗莎，也謝謝各位參加我們2026財年第二季財報電話會議。我很高興地宣布，我們又一個季度的財務業績超過了銷售額和每股收益預期的上限。

In the second quarter, we achieved sales of $6.3 billion, driving a 3.2% operating margin in our electronic components business and a 4.7% operating margin in our Farnell business. We also generated over $200 million of cash flow from operations in the quarter and reduced inventory dollars and days as projected.

第二季度，我們的銷售額達到 63 億美元，電子元件業務的營業利潤率為 3.2%，Farnell 業務的營業利潤率為 4.7%。本季我們也從營運活動中產生了超過 2 億美元的現金流，並按預期減少了庫存金額和庫存天數。

Our double-digit year-on-year sales growth was led by record revenues in Asia along with better than typical seasonal growth in the Americas, Europe and Farnell. I want to thank our team for delivering this performance while remaining focused on the areas we can control.

我們實現了兩位數的同比增長，這主要得益於亞洲創紀錄的收入，以及美洲、歐洲和法內爾地區高於往常的季節性增長。我要感謝我們的團隊，在專注於我們能夠控制的領域的同時，也取得了這樣的成績。

In the quarter, we made solid strides in expanding operating margins, optimizing inventory and generating cash flow while continuing to make necessary investments to best support future growth. From a demand perspective, sales increased sequentially in most of the verticals we serve and not surprisingly, were led by strong demand in compute and aerospace and defense.

本季度，我們在擴大營業利潤率、優化庫存和創造現金流方面取得了穩步進展，同時繼續進行必要的投資，以更好地支持未來的成長。從需求角度來看，我們所服務的大多數垂直行業的銷售額都實現了環比增長，不出所料，這主要得益於計算、航空航天和國防領域的強勁需求。

Year-over-year, we also saw a broad-based improvement across most verticals. Now turning to today's market. Demand signals continue to reset globally, resulting in lead times trending higher across most product categories.

與去年同期相比，大多數垂直領域也出現了全面改善。現在來看今天的市場。全球需求訊號持續調整，導致大多數產品類別的交貨週期呈現上升趨勢。

This trend is still largely driven by the data center, artificial intelligence, but is also broadening as projected growth rates at all segments we track continue to improve. We're also seeing an increasing number of customer orders being placed within lead times, along with higher instances of deliveries beyond lead times.

這一趨勢目前仍主要由資料中心和人工智慧驅動，但隨著我們追蹤的所有細分市場的預期成長率持續提高，這一趨勢也不斷擴大。我們也發現，越來越多的客戶訂單在交貨期內完成，但也有越來越多的訂單超出交貨期。

These factors are driving a mismatch, if you will, between customer request dates and supplier delivery dates. This creates opportunity for us to deliver our supply chain value to our customers by addressing those misalignments.

這些因素導致客戶提出需求日期與供應商交貨日期之間出現不符。這為我們提供了一個機會，透過解決這些錯配問題，為我們的客戶提供供應鏈價值。

The pricing environment remained stable during the quarter, but we have seen spot price increases with a few suppliers and commodities. The supply dynamics suggest there may be upward pricing pressure across many technologies going forward.

本季價格環境保持穩定，但我們發現部分供應商和商品的現貨價格上漲。供應動態表明，未來許多技術領域可能會面臨價格上漲壓力。

We exited the quarter with robust book-to-bills in every region, led by Asia and EMEA. As momentum builds, we are coordinating closely with customers to effectively validate and manage our backlog while continuing to encourage customers to provide us extended visibility that we can share with our supplier partners.

本季末，我們所有地區的訂單出貨比均表現強勁，其中亞洲和歐洲、中東及非洲地區表現最為突出。隨著勢頭增強，我們正與客戶密切協調，以有效地驗證和管理我們的積壓訂單，同時繼續鼓勵客戶向我們提供更詳細的信息，以便我們與供應商合作夥伴分享。

The more visibility we can give to our supplier partners, the more supply chain expertise we can bring to bear to solve for the complexities in the market. With that, let me turn to our highlights for our businesses.

我們越能讓供應商夥伴了解狀況，就越能運用供應鏈專業知識來解決市場中的複雜問題。接下來，讓我來介紹一下我們業務的亮點。

At the top line, our electronic components business drove year-over-year growth and sequential sales growth across all regions. In Asia, sales reached a record high of over $3 billion. This marks our sixth consecutive quarter of year-on-year sales growth in the region.

從營收方面來看，我們的電子元件業務在所有地區都實現了同比增長和環比銷售成長。在亞洲，銷售額創下超過30億美元的歷史新高。這標誌著我們在該地區連續第六個季度實現了同比增長。

Demand increased across most of the verticals and geographies we serve for both the year-on-year and sequential compares. In EMEA, we're seeing clear signs of recovery, with sales growing both sequentially and year-on-year.

在我們服務的絕大多數垂直行業和地區，無論是同比還是環比，需求均有所增長。在歐洲、中東和非洲地區，我們看到了明顯的復甦跡象，銷售額較上季和年成長均有所成長。

Most end markets showed year-on-year growth, including industrial, while compute, consumer and transportation were the strongest end markets quarter-over-quarter. We are encouraged with the improving outlook in the region, especially given the continued market uncertainty.

大多數終端市場都實現了同比增長，包括工業領域；而計算、消費和交通運輸領域則是環比增長最強勁的終端市場。鑑於市場持續存在不確定性，我們對該地區前景的改善感到鼓舞。

I'm confident that EMEA's new leader, [Gille Petron], will continue to drive profitable growth in the region. In the Americas, sales grew both sequentially and year-over-year, marking our second consecutive quarter of year-on-year growth.

我相信 EMEA 的新任領導人 [Gille Petron] 將繼續推動該地區的獲利成長。在美洲，銷售額環比和同比增長均有所增長，標誌著我們連續第二個季度實現同比增長。

Most end markets showed sequential growth led by Aerospace and Defense, while Industrial, Communications and Compute were the strongest end markets year-over-year.

大多數終端市場呈現季比成長，其中航空航太和國防領域成長最為顯著；而工業、通訊和運算領域則是年增幅最大的終端市場。

Our EC team is focused on several growth and margin expansion opportunities, including demand creation supply chain services, embedded solution and our interconnect, passive and electromechanical business or IP&E.

我們的 EC 團隊專注於多個成長和利潤擴張機會，包括需求創造供應鏈服務、嵌入式解決方案以及我們的互連、被動和機電業務或 IP&E。

Demand creation revenues increased sequentially by 7% as our field application engineers continue to drive the funnel for converting design wins into revenues. Our design registrations and wins also increased sequentially, which is a positive indicator for future revenues.

需求創造收入環比增長 7%，因為我們的現場應用工程師繼續推動將設計方案轉化為收入的管道。我們的設計註冊和中標數量也逐週增長，這對未來的收入來說是一個積極的信號。

We continue to develop and invest in both digital tools and hardware solutions that will allow our design engineers to better support our customers design requirements. We are also pleased with the growth in our IP&E business, which had double-digit growth year-on-year.

我們將繼續開發和投資數位工具和硬體解決方案，使我們的設計工程師能夠更好地滿足客戶的設計需求。我們對IP&E業務的成長也感到滿意，該業務實現了兩位數的同比增長。

As a reminder, IP&E products carry higher gross margins, and there are many cross-selling opportunities with IP&E components that are complementary to our semiconductor business, including through our demand creation efforts.

提醒大家，IP&E 產品毛利率較高，而且 IP&E 組件與我們的半導體業務互補，因此有很多交叉銷售機會，包括透過我們的需求創造工作。

Now turning to Farnell. Sales grew sequentially and year-on-year. Farnell's continued improvement reflects recovery across all three regions. We believe this is a sign engineers are working on developing new products, which we view as another indicator of the upturn in demand for electronic components.

現在輪到法內爾了。銷售額季增，較去年同期成長。Farnell 的持續改善反映了這三個地區整體的復甦。我們認為這表明工程師正在努力開發新產品，而我們認為這是電子元件需求回升的另一個跡象。

Operating margins improved sequentially, in line with our expectations. We also continue to gain traction growing Farnell sales on the board components through our Power of One initiatives, which leverages the best of Avnet core and Farnell digital platforms.

營業利益率較上季提高，符合我們的預期。我們還透過「一體化力量」計劃，不斷擴大 Farnell 在電路板組件方面的銷售額，該計劃充分利用了 Avnet 核心平台和 Farnell 數位平台的優勢。

Although we are seeing improvement in sales of higher margin on board components, Farnell continues to have a higher relative sales mix of test and measurement, maintenance and repair and single-board computers.

儘管我們看到利潤率較高的板載組件的銷售額有所改善，但 Farnell 的測試和測量、維護和維修以及單板計算機的銷售佔比仍然較高。

As the recovery of demand for the onboard components continues, especially in Europe, we expect Farnell's gross and operating margins to continue to improve. So here at the center of technology supply chain, as we look forward, there are many reasons why I'm optimistic about Avnet's future and our position in the marketplace.

隨著車載組件需求的持續復甦，尤其是在歐洲，我們預計 Farnell 的毛利率和營業利率將繼續提高。因此，作為技術供應鏈的中心，展望未來，我有很多理由對安富利的未來以及我們在市場中的地位持樂觀態度。

We have a diverse and high-quality supplier line card and customer base. We have a seasoned and stable leadership team and employee base. We're the only global distributor that also adds a high-service distribution business.

我們擁有多元化且高品質的供應商產品線和客戶群。我們擁有一支經驗豐富、穩定的領導團隊和員工。我們是唯一同時提供優質服務分銷業務的全球經銷商。

We have the right resources and more importantly, capacity in place with our sales teams, our engineers and our technical capabilities. And from an operating expense standpoint, we believe we are well positioned for future growth.

我們擁有合適的資源，更重要的是，我們的銷售團隊、工程師和技術能力都具備相應的實力。從營運費用角度來看，我們相信我們已為未來的成長做好了充分準備。

To our model will create operating leverage over the next couple of years as we return to growth across the world. We're also well positioned with inventory, but continue to drive down areas of excess while we invest in areas of need.

未來幾年，隨著我們在全球範圍內恢復成長，我們的模式將創造營運槓桿效應。我們的庫存狀況良好，但我們將繼續減少庫存過剩的領域，同時投資於急需的領域。

To conclude, we are pleased with the momentum we're seeing moving into the new calendar year. For those of you who attended CES this year, there was a lot of excitement at the show.

總之，我們對進入新一年以來的發展勢頭感到滿意。今年參加 CES 的朋友們一定感受到了展覽的熱烈氣氛。

We had the opportunity to meet with leadership of many of our supplier partners and customers and we continue to be encouraged that 2026 will be a year of growth and margin expansion and improved returns for Avnet.

我們有機會與許多供應商合作夥伴和客戶的領導層會面，我們繼續受到鼓舞，並相信 2026 年將是 Avnet 實現成長、利潤率擴張和收益提高的一年。

With that, I'll turn it over to Ken to dive deeper into our second 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二季的表現。肯？

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

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二季財報電話會議。

Our sales for the second quarter were approximately $6.3 billion, above the high end of our guidance range and up 12% year-over-year. On a sequential basis, sales were higher by 7%. Regionally, on a year-over-year basis, sales increased 17% in Asia, 8% in Europe, and 5% in the Americas.

第二季銷售額約為 63 億美元，高於我們預期範圍的上限，年增 12%。與上一季相比，銷售額成長了7%。從區域來看，與去年同期相比，亞洲的銷售額成長了 17%，歐洲成長了 8%，美洲成長了 5%。

During the second quarter, sales from Asia grew to over 50% of total sales compared to approximately 48% of sales last quarter. From an operating group perspective, electronic component sales increased 11% year-over-year and increased 7% sequentially.

第二季度，來自亞洲的銷售額佔總銷售額的比例成長至 50% 以上，而上一季這一比例約為 48%。從營運集團的角度來看，電子元件銷售額年增 11%，季增 7%。

In constant currency, electronic component sales increased 9% year-over-year. Farnell sales increased 24% year-over-year and 7% sequentially, and constant currency, Farnell sales increased 20% year-over-year.

以固定匯率計算，電子元件銷售額年增 9%。Farnell 的銷售額年增 24%，季增 7%，以固定匯率計算，Farnell 的銷售額年增 20%。

For the second quarter, gross margin of 10.5% was flattish year-over-year and up slightly sequentially. EC gross margins are still being impacted by the Asia region growing faster than the West.

第二季毛利率為 10.5%，與去年同期大致持平，較上季略有成長。由於亞洲地區的經濟成長速度快於西方，歐盟的毛利率仍受到影響。

From a regional perspective, EC gross margins were stable by a region with gross margin improvement in Europe compared to last quarter. From a Farnell perspective, gross margins were up over 100 basis points year-over-year and were down 25 basis points sequentially.

從區域角度來看，歐盟毛利率保持穩定，而歐洲的毛利率較上季有所提高。從 Farnell 的角度來看，毛利率年增超過 100 個基點，較上季下降 25 個基點。

As Phil mentioned, we anticipate improvement in Farnell gross margins as we see more growth in on-the-board components relative to other product categories. As a reminder, Farnell's Europe region has the highest regional mix of on-the-board components and has been the slowest to recover.

正如菲爾所提到的那樣，我們預計 Farnell 的毛利率將會提高，因為我們看到板載組件相對於其他產品類別的成長更為顯著。需要提醒的是，Farnell 的歐洲地區是所有地區中電路板組件比例最高的，也是復甦速度最慢的地區。

Gross margins for the product category level for Farnell continue to be stable. Turning to operating expenses. SG&A expenses were $492 million in the quarter, up $55 million year-over-year and $27 million sequentially.

Farnell產品類別層面的毛利率持續保持穩定。接下來談談營運費用。本季銷售、一般及行政費用為 4.92 億美元，年增 5,500 萬美元，季增 2,700 萬美元。

The sequential increase in SG&A cost is primarily from a combination of higher sales volumes and increases in stock-based compensation expense. As a percentage of gross profit dollars, SG&A expenses were lower sequentially at 74% compared to 76% last quarter.

銷售、一般及行政費用較上月成長主要是因為銷售量增加和股票選擇權費用增加共同造成的。銷售、一般及行政費用佔毛利的百分比，較上季下降至 74%，上一季為 76%。

We anticipate that our operating expense to gross profit ratio will continue to improve as we grow our gross profit dollars. For the second quarter, we reported adjusted operating income of $172 million and the total Avnet adjusted operating margin was 2.7%.

我們預計，隨著毛利的成長，我們的營業費用與毛利比率將持續改善。第二季度，我們公佈的調整後營業收入為 1.72 億美元，Avnet 調整後總營業利潤率為 2.7%。

By operating group, electronic components operating income was $187 million and EC operating margin was 3.2%. The sequential increase in EC operating margin was primarily due to EC operating income growing more than 2 times greater than sales, driven primarily by the growth in the Americas and Europe.

依營運集團劃分，電子元件業務的營業收入為 1.87 億美元，營業利益率為 3.2%。EC 營業利潤率的環比成長主要是由於 EC 營業收入的成長速度是銷售額的兩倍多，這主要得益於美洲和歐洲市場的成長。

Farnell operating income was $20 million and operating income margin was 4.7%. Operating income margin was up nearly 40 basis points from last quarter. This is the highest operating margin Farnell had since fiscal 2023.

Farnell 的營業收入為 2,000 萬美元，營業利益率為 4.7%。營業利益率較上季成長近40個基點。這是 Farnell 自 2023 財年以來最高的營業利益率。

Turning to expenses below operating income. Second quarter interest expense was $61 million, and our adjusted effective income tax rate was 23%, both consistent with expectations. Adjusted diluted earnings per share of $1.05 exceeded the high end of our guidance for the quarter.

接下來是營業收入以下的費用。第二季利息支出為 6,100 萬美元，調整後的實際所得稅率為 23%，均符合預期。經過調整後的稀釋每股收益為 1.05 美元，超過了我們對該季度預期的上限。

Adjusted diluted earnings per share grew nearly 4 times sales compared to last quarter. Turning to the balance sheet and liquidity. During the quarter, working capital decreased by $42 million sequentially. Working capital days decreased seven days quarter-over-quarter to 88 days.

經調整後的稀釋每股盈餘較上季銷售額成長近 4 倍。接下來看一下資產負債表和流動性。本季營運資金較上季減少了 4,200 萬美元。營運資金周轉天數較上月減少7天，至88天。

From an inventory perspective, we reduced inventory by $126 million or 2.3% sequentially. At the end of the quarter, our EC business received approximately $150 million of high demand inventory related to memory and storage products which partially offset some of the broader inventory reductions that took place across EC this quarter.

從庫存角度來看，我們季減了庫存 1.26 億美元，降幅為 2.3%。本季末，我們的電子通訊業務收到了價值約 1.5 億美元的與記憶體和儲存產品相關的高需求庫存，這部分抵消了本季度整個電子通訊業務發生的更廣泛的庫存減少。

Substantially, all of the membrane storage products received at the end of the quarter has already been shipped to customers in January. We ended the quarter with 86 days of inventory as we continue to make progress on reducing total Avnet inventory days to below 80.

基本上，本季末收到的所有膜存儲產品都已於 1 月發貨給客戶。本季末庫存天數為 86 天，我們正努力將 Avnet 總庫存天數減少到 80 天以下。

As a reminder, the inventory turns models are different between the EC business and Farnell. Our EC business typically runs between 4 to 6 turns per year, whereas Farnell typically runs between 1.5 to 2 turns per year.

需要提醒的是，EC 業務和 Farnell 的庫存週轉模型有所不同。我們的 EC 業務通常每年運行 4 到 6 次，而 Farnell 通常每年運行 1.5 到 2 次。

Farnell's high service value proposition requires a breadth of on-the-board test and measurement and maintenance and repair product inventories. For further context on these inventory model differences at the end of the second quarter, our EC business had less than 80 days of inventory and our Farnell business had less than 230 days of inventory.

Farnell 的高服務價值主張需要廣泛的車載測試和測量以及維護和維修產品庫存。為了進一步了解第二季末庫存模型差異的情況，我們的 EC 業務庫存天數不到 80 天，而我們的 Farnell 業務庫存天數不到 230 天。

Even with the overall inventory improvement, our team remains focused on reducing inventory levels were elevated while still making inventory investments where needed.

即使整體庫存有所改善，我們的團隊仍然專注於降低過高的庫存水平，同時在需要的地方進行庫存投資。

Our return on working capital improved over 100 basis points compared to last quarter through a combination of operating income growth and the reduction in working capital days. We remain focused on continuing to improve our return on working capital which will also drive improvements in our overall return on invested capital.

透過營業收入成長和營運資本週轉天數減少，我們的營運資本回報率比上一季提高了 100 多個基點。我們將繼續專注於提高營運資本回報率，這將有助於提高整體投資資本回報率。

In the second quarter, we generated $208 million of cash flow from operations. Cash used for capital expenditure was $15 million.

第二季度，我們的經營活動產生了 2.08 億美元的現金流。用於資本支出的現金為1500萬美元。

In line with our commitment to lower leverage in order to maintain a strong balance sheet, we paid down an incremental amount of debt from the prior quarter, and we ended the second quarter with a gross leverage of 3.9 times with approximately $1.7 billion of available committed borrowing capacity.

為了履行降低槓桿率以保持穩健資產負債表的承諾，我們償還了上一季新增的債務，第二季末的總槓桿率為 3.9 倍，可用承諾借款額度約為 17 億美元。

We still anticipate reducing our leverage to approximately 3 times over the next year. We continue to deploy cash in a manner that generates the greatest long-term return on investments for our shareholders. In the second quarter, we paid our quarterly dividend of $0.35 per share or $28 million.

我們仍預計在未來一年內將槓桿率降低至約 3 倍。我們將繼續以能為股東帶來最大長期投資回報的方式運用現金。第二季度，我們支付了每股 0.35 美元的季度股息，總計 2,800 萬美元。

Turning to guidance. For the third quarter of fiscal 2026, we are guiding sales in the range of $6.2 billion to $6.5 billion and diluted earnings per share in the range of $1.20 to $1.30. Our third quarter guidance assumes current market conditions persist and implies a sequential sales increase of approximately 1% of the midpoint.

尋求指導。我們預計2026財年第三季銷售額將在62億美元至65億美元之間，稀釋後每股盈餘將在1.20美元至1.30美元之間。我們的第三季業績指引假設當前市場狀況持續，並意味著銷售額將比指引中位數較上季成長約1%。

The sales guidance implies sales growth in the Americas and EMEA and a less than seasonal sales decline in Asia due to the Lunar New Year. Our third quarter guidance also implies further recovery in our higher-margin Western regions, which accelerates the operating leverage in our business model.

銷售預期表明，美洲和歐洲、中東及非洲地區的銷售額將會成長，而受農曆新年影響，亞洲地區的銷售額將出現低於季節性的下滑。我們第三季的業績預期也意味著利潤率較高的西部地區將進一步復甦，這將加速我們商業模式中的營運槓桿作用。

This guidance also assumes similar interest expense compared to the second quarter, an effective tax rate of between 21% and 25% and 83 million shares outstanding on a diluted basis.

該指引也假設利息支出與第二季類似，有效稅率在 21% 至 25% 之間，稀釋後流通股數為 8,300 萬股。

In closing, I want to thank our team for delivering a solid quarter of improved financial results with our third quarter guidance giving us further confidence in the overall recovery of our business.

最後，我要感謝我們的團隊，他們在本季度取得了穩健的財務業績，第三季業績指引也讓我們對業務的整體復甦更有信心。

2026 should provide several opportunities for Avnet to help our customers and suppliers adapt to continually changing market conditions and will serve us well as we continue to create value for our stakeholders.

2026 年將為 Avnet 提供許多機會，幫助我們的客戶和供應商適應不斷變化的市場環境，並為我們繼續為利害關係人創造價值做出貢獻。

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

接下來，我將把時間交給操作員，由他來回答問題。操作員？

(Operator Instructions) William Stein, Truist Securities.

（操作說明）威廉·斯坦，Truist Securities。

I guess I'd like to squeeze in two, if I can. First, could you talk to us about the linearity of orders during the quarter anything unusual or noteworthy there? I think typically, new orders tend to fade as you go into December, maybe have that wrong, but whether it's right or wrong, maybe comment on that trend.

如果可以的話，我想擠出時間進去兩個。首先，您能否談談本季訂單的線性成長？是否有任何異常或值得注意的地方？我認為通常情況下，到了 12 月份，新訂單往往會減少，也許我的說法不對，但無論對錯，或許可以對這種趨勢發表看法。

And the also the duration of your backlog as it stands now, do you have a bit more visibility? Are you seeing customers place it longer at a longer sort of time to request.

另外，您目前積壓的工作需要多長時間才能完成？您是否對此有更清晰的了解？您是否注意到客戶需要更長的時間才能提出請求？

Yeah, thanks, Will. I appreciate you joining the call. So I guess that was the two questions, right? So I'll go first and Ken wants to add something.

謝謝你，威爾。感謝您參加通話。所以我想這就是兩個問題了吧？那我先來，肯想補充一點。

On linearity, the December quarter is always an interesting one, right, because your billings continued through the quarter, but your bookings do tail off on the end of the second half of December, let's say, give or take a few days.

從線性角度來看，12 月季度總是很有趣的，對吧？因為你的帳單在整個季度中持續產生，但你的預訂量在 12 月下半月結束時會逐漸減少，比如說，前後幾天。

So yes, it's definitely a stronger booking in this case, October, November, pretty good through December until that midway then that bookings start to trail off. But the buildings continue because even if there are shutdowns through the holiday, manufacturing starts up when they get back, so you do build out some a bit more on bookings.

所以，是的，在這種情況下，10 月、11 月的預訂情況肯定更好，一直到 12 月中旬都相當不錯，之後預訂量就開始下降。但是，即使假期期間停工，生產也會在假期結束後恢復，所以建築工程會繼續進行，因為根據預訂情況，一些建築工程也會繼續前進。

But even that said the book-to-bills were positive on top of a pretty good billing quarter. So that was good news as far. And the other point, which really ties to your, the longer term view we're getting is the drop in orders inside the lead time for customers is increasing. Our expedites are increasing.

但即便如此，訂單出貨比仍然為正，而且本季的帳單情況也相當不錯。所以，就目前來看，這算是個好消息。另一點，也與你的長期觀點密切相關，我們看到的是，客戶交貨期內的訂單下降幅度正在增加。我們的加急訂單正在增加。

And what that tells us, and we don't know absolute well that inventories are depleting with lead times not going out until recent, right, customers want pipeline and get given us enough visibility and then when they go to the manufacture, both coming in with drop, and we call them drop in inside like kind of a cold book ship bill inside the 90 days.

這告訴我們，我們並不完全清楚庫存正在減少，交貨週期直到最近才延長，對吧？客戶希望有充足的庫存信息，並希望我們有足夠的可見性，然後當他們去工廠時，兩者都會以“drop in”的方式進入，我們稱之為“drop in”，就像在90天內的冷預訂發貨單一樣。

So that's, again, a positive sign, which then leads to your last question or the second part of the question is the visibility. It's improving. Will, the suppliers and a lot of the (inaudible), they're banging us for backlog.

所以，這又是一個正面的訊號，這就引出了你的最後一個問題，或者說問題的第二部分，那就是可見度。情況正在好轉。威爾，供應商和很多（聽不清楚），他們都在催我們補貨。

They want to know what to build, and we're banging the customers for more visibility into the future longer-term bookings, if you will, or forecast. And we're starting to see that increase, still probably not at the level we would like to see it.

他們想知道要建造什麼，而我們正在竭盡全力爭取客戶對未來長期預訂（或預測）有更清晰的了解。我們已經開始看到這種成長，但可能還沒有達到我們希望看到的水平。

But yeah, we're starting to get a bit more visibility into the future, which customers on the call and we'll see a lot of them next week here in Arizona, that's the message still. We still want that visibility and pipeline. So we can pipeline appropriately for them. But it's improving, not where it needs to be quite yet.

是的，我們開始對未來有更清晰的認識，電話會議上的客戶，以及下週在亞利桑那州見到的許多客戶，這仍然是我們想要傳達的訊息。我們仍然希望保持這種透明度和管道暢通。這樣我們就可以為他們提供合適的管道。但情況正在好轉，只是還沒有達到應有的水準。

Joe Quatrochi, Wells Fargo.

喬·夸特羅奇，富國銀行。

I was wondering if you could go back to just kind of understand maybe the pricing commentary that you talked about in terms of are there any end markets or end products that you can talk about that you're seeing the price inflation on more than others?

我想請您再回顧一下您之前談到的價格評論，看看您認為有哪些終端市場或終端產品的價格上漲幅度比其他市場或產品更大？

Yeah, thanks, Joe. I think we said there's upward pricing pressures. And so I think it's going to continue. I think before we get into increased pricing, I mean, the good news is in this cycle, one of the positives, and it's been a long cycle.

是的，謝謝，喬。我想我們之前說過，有價格上漲的壓力。所以我認為這種情況還會持續下去。我認為在討論價格上漲之前，我的意思是，好消息是，在這個週期中，這是一個積極的方面，而且這是一個漫長的週期。

Pricing has kind of held up ASPs overall, have held up. But as lead times start to trend higher across other product categories that you can anticipate some of it's already happening for sure, in memory, storage controllers, certain capacitors in the IP&E space. We're starting to see some pricing inflation.

價格因素在一定程度上支撐了平均售價（ASP）的整體水平，使其保持穩定。但隨著其他產品類別的交貨週期開始趨於延長，可以預見的是，這種情況肯定已經發生，例如記憶體、儲存控制器以及 IP&E 領域的某些電容器。我們開始看到一些物價上漲的跡象。

A lot of that's driven, obviously, by the activity around data center increase in the hyperscalers, but it's really a lot of our industrial customers are increasing demand based on their exposure to the data center, you know what that means.

顯然，這很大程度上是由超大規模資料中心業務的成長所驅動的，但實際上，我們的許多工業客戶都在根據他們對資料中心的需求增加需求，你知道這意味著什麼。

So overall, it's not across the board over, pretty much from Q2 is stable, but we're starting to see some increases, and I think that will continue as we move forward.

所以總的來說，情況並非全面好轉，第二季基本上保持穩定，但我們開始看到一些成長，我認為隨著我們向前邁進，這種情況還會繼續下去。

And Joe, maybe just a point of clarity, we've seen the increases announced and we know they're coming, right, but the actual quarterly results didn't have a lot of impact from actual price increases in the quarter. So just to kind of clarify the timing of some of those things.

喬，或許需要澄清一點，我們已經看到了宣布的漲價，也知道漲價即將到來，對吧，但是實際的季度業績並沒有受到當季實際價格上漲的太大影響。所以，我只是想澄清一下其中一些事情的時間安排。

Okay, that's helpful. And then just, I guess, as I'm thinking about just the guidance on the revenue. You talked about Americas and EMEA up and then Asia maybe a bit better than seasonal in terms of like the rate of decline.

好的，這很有幫助。然後，我想，我只是在思考收入上的指導。你提到美洲和歐洲、中東及非洲地區的成長，然後亞洲的情況可能比季節性因素好一些，例如下降速度。

How do I think about just like Americas and EMEA relative to seasonality, like what's your expectation for the March quarter?

我該如何看待美洲和歐洲、中東及非洲地區的季節性因素？例如，您對三月的季度有何預期？

Yeah. So the March quarter, I'll let Ken jump in. Typically, Joe, the West bounces back in the March quarter over December. And a lot of that, it's a math equation with just more days and what not, but last year, it was an anomaly. You might recall over to West did not increase over December quarter.

是的。所以三月的季度，我會讓肯加入進來。通常情況下，喬，西部地區在3月份的季度會比12月份的季度有所反彈。很多時候，這只是一個數學方程式，像是天數增加等等，但去年是個例外。您可能還記得，西部地區在去年12月當季並沒有成長。

That was kind of the first time that I saw that ever, I think. So this year, it's back to more typical seasonality where the West will be up, which is positive and that's our higher-margin regions, as you know.

我想，那應該是我第一次見到這種情況。所以今年又恢復了更典型的季節性規律，西部地區將會上漲，這是個好消息，而且正如你所知，西部地區是我們利潤率更高的地區。

And Asia, it's going to have a typically, well, maybe not a Lunar New Year, Chinese New Year is going to have an impact, but not as significant as we've seen in the past, right? So that's also a positive. So a regional mix shift is in our favor this quarter as we get into March, which is good news. But Ken, you want to add that?

至於亞洲，今年的春節可能會有一些影響，但不會像過去那麼顯著，對吧？所以這也是個正面的方面。因此，隨著三月的到來，本季區域結構的變化對我們有利，這是一個好消息。但是肯，你想補充這一點嗎？

Yeah. I think steady high single-digit is how I think about it in terms of the growth in the West, which is kind of as expected, so maybe slightly higher seasonality, but I still think the West is ramping and the bookings continue to improve.

是的。我認為西部地區的成長應該保持穩定的高個位數，這也在意料之中，所以季節性因素可能略高一些，但我仍然認為西部地區正在加速成長，預訂量也在持續改善。

And I guess what I'd point to in the guidance is because the revenues are up slightly, normally, what you'd see is Asia down even double digits and the West up. And so that mix shift usually created a nice gross profit margin boost.

我想指出的是，由於營收略有成長，通常情況下，你會看到亞洲地區的營收下降兩位數，而西方地區的營收則上升。因此，這種產品組合的轉變通常會帶來可觀的毛利率提升。

So we're not seeing that because of where Asia is at in terms of low single-digit down. But we are seeing the operating margin expansion from that seasonal mix shift, right? We're seeing good operating income growth from the West, think about high teens.

所以我們沒有看到這種情況，因為亞洲目前的經濟狀況是小幅下跌（個位數百分比）。但我們看到，這種季節性產品組合的變化帶來了營業利潤率的提升，對吧？我們看到西部地區的營業收入成長良好，預計達到兩位數以上。

And so we're happy about the operating margin expansion implied in the guidance even though gross margin is still being impacted by mix.

因此，儘管毛利率仍然受到產品組合的影響，但我們對業績指引中隱含的營業利潤率擴張感到滿意。

Ruplu Bhattacharya, Bank of America.

Ruplu Bhattacharya，美國銀行。

Maybe I'll ask a follow-up question on the guidance for the March quarter. Last couple of years, I mean, the March quarter has been sequentially down. I mean, this year, given the regional mix you're guiding to slightly up.

或許我會就三月季度的業績指引提出後續問題。我的意思是，過去幾年，三月的季度業績都呈現環比下降趨勢。我的意思是，今年，鑑於你引導的區域組合略有上升。

And from the guidance, I mean, from what I can tell, it looks like the core business margins can be up year-on-year depending upon how Farnell does and how the overall mix is.

從指導意見來看，我的意思是，就我所了解的情況來看，核心業務利潤率可能會逐年增長，這取決於 Farnell 的表現以及整體業務組合的情況。

But can I ask, do you think going forward, I mean, your core business margins can grow on a year-over-year basis for the remaining quarters of this year?

但是，請問您認為展望未來，我的意思是，您認為今年剩餘幾季您的核心業務利潤率能否年增？

And do you think the seasonality in the March quarter being different than the past couple of years impacts the seasonality going forward for the rest of the quarter? So how are you thinking about as you go through the year, do you think you'll see more than seasonal growth either in revenues or year-over-year growth in margins?

您認為三月季度的季節性變化與過去幾年不同，這是否會影響該季度剩餘時間的季節性變化？那麼，您如何看待今年的業績？您認為營收成長會超過季節性成長，還是利潤率會比去年同期成長？

So Ruplu, let me take the last part first. And I think there's no reason to believe seasonality would change and how we think about seasonality is simply just the number of shipping days.

魯普魯，那我先來說最後一部分吧。我認為沒有理由相信季節性會改變，我們對季節性的理解只是指出貨天數。

And if you had a traditional under New Year with, let's say, 7 to 10 days, depending on the country of shutdowns, you have less shipping days to ship the product. I think what's offsetting that is just the fact that bookings are up and business is booming there in Asia.

如果按照傳統方式，新年假期有 7 到 10 天，具體天數取決於各國的停工情況，那麼你用於出貨的時間就會減少。我認為抵消這種影響的是，亞洲地區的預訂量上升，業務蓬勃發展。

And I think similar to the West, it's just a matter of shipping days. And so I think as we look forward into a more, let's say, normal mid to high single-digit growth environment, I think you will still see those normal swings within seasonality.

我認為和西方的情況類似，這只是運輸時間的問題。因此，我認為，當我們展望未來，進入一個更正常的、比如說個位數中高成長環境時，我認為你仍然會看到季節性的正常波動。

I guess to answer your question about operating margin, I think, yes, from an operating margin standpoint, we do expect continued momentum, especially as the West recovers, right? The West is really our operating leverage horses in terms of profitability.

我想回答你關於營業利潤率的問題，我認為，是的，從營業利潤率的角度來看，我們確實預計這種勢頭會持續下去，尤其是在西方經濟復甦的情況下，對吧？西部地區是我們獲利能力的主要來源。

And so although Asia that record revenues, which we're happy for and it's really good signals over there, we're still roughly 20% to 25% off the top line in the Americas and probably 30% to 35% of the top line in Europe relative to their historical peak levels.

因此，儘管亞洲的收入創下歷史新高，我們對此感到高興，這確實是一個好兆頭，但與美洲的歷史高峰相比，我們的營收仍然比美洲低約 20% 到 25%，與歐洲低約 30% 到 35%。

And so that's a lot of gross profit dollars that need to kind of come back. So I think as the West recovers, you'll start to see operating margin expansion. And I think to answer your question more specifically, it kind of depends on how quickly the West continues to recover.

所以，這其中有很多毛利需要重新累積。所以我認為，隨著西方經濟的復甦，你會看到營業利益率開始擴張。我覺得更具體地回答你的問題，這在某種程度上取決於西方國家復甦的速度。

But I think this last quarter, in terms of December quarter and the March guidance is good progress in terms of getting those EC margins back, which is really being led by the West.

但我認為，就 12 月季度和 3 月的業績指引而言，上個季度在恢復歐盟利潤方面取得了良好進展，而這實際上是由西方國家引領的。

Yeah. Ruplu, Ken covered it well, just to add. We don't guide outside, as you know, outside of the 90 days. But as we look at the on right now as I talk to you, as I look at the backlog in the 1 to 30, 31 to 90, 91 to 180 et cetera, and 180 and above days, it's encouraging.

是的。Ruplu，Ken 已經解釋得很清楚了，我再補充一點。如您所知，90 天期限之外，我們不提供指導。但是，當我跟你說話的時候，看看現在的情況，看看 1 到 30 天、31 到 90 天、91 到 180 天等等，以及 180 天及以上的積壓工作，情況令人鼓舞。

That's the word I'm using with the team. It's very, the signs are all very encouraging. But as you know, we don't guide out beyond the quarter. But we are encouraged and optimistic about the next several quarters.

這是我跟團隊溝通時用的詞。情況非常好，種種跡像都令人鼓舞。但如您所知，我們的指導範圍僅限於本季。但我們對未來幾季充滿信心和樂觀。

Okay, that's helpful. Can I ask a follow-up question on the pricing comment you made. Can you remind us how, like if suppliers are raising prices, how does that impact Avnet's revenues and margins in the near term as well as in the more medium term?

好的，這很有幫助。我可以就您之前提到的定價問題再問一個後續問題嗎？您能否提醒我們一下，如果供應商提高價格，這會對安富利在短期和中期內的營收和利潤率產生怎樣的影響？

And Phil, I missed this, I might have missed this, but did you specify which product categories or areas you're seeing spot price increases?

菲爾，我可能錯過了這一點，但你有沒有具體說明你發現哪些產品類別或地區的現貨價格上漲了？

Yeah. Thanks, Ruplu. So pricing, it really affects the average selling price, right? So we've cut a lot of our business is under contract and some of it's not. Where it's not and it's, let's call it, spot buys, if you will, customers coming in time-place utility, yes, we can increase margins there, the price and the margins, particularly the products tough to get.

是的。謝謝你，魯普魯。所以定價確實會影響平均售價，對吧？所以我們已經削減了很多業務，其中一部分是合約制的，一部分則不是。如果情況並非如此，而且是，我們姑且稱之為現貨購買，顧客在特定時間、地點購買，是的，我們可以提高那裡的利潤率，價格和利潤率，特別是那些難以獲得的產品。

We're not rate in tolling or anything, but just to kind of get a little bit of a fair margin on that, which is positive for us. In the contracted customers, it's the price gets passed on so it doesn't have as much effect on the margin percent, but it does, it can affect the revenue dollars and margin dollars.

我們並非以收費標準收費，只是想從中獲得一些合理的利潤，這對我們來說是件好事。對於簽約客戶而言，價格會轉嫁給客戶，因此對利潤率的影響不大，但實際上，它會影響收入和利潤。

That makes sense. And similar to what we saw in the last tightness in the market and we don't, and the customers, we can absorb it, that's for sure.

這很有道理。就像我們上次在市場緊張時期看到的那樣，我們和客戶肯定都能承受得住。

But we're definitely starting to see that particularly in certain areas, memory storage takes memory, so anything around memory storage, we'll start seeing some more in the controllers, some of the high-end products in networking and are selected parts like intent on capacitors, things on those lines, we're starting to see some price increases.

但我們確實開始看到，尤其是在某些領域，內存存儲需要內存，因此任何與內存存儲相關的應用，例如控制器、一些高端網絡產品以及電容器等特定部件，我們都會開始看到價格上漲。

So some are modest right now. Others are a little bit, a little bit more than the modest pace, particularly in the memory space.

所以現在有些人比較保守。其他人的速度則稍快一些，尤其是在記憶方面。

Okay. If I can sneak one more in. As Europe is recovering, right? I think you said for Farnell, maybe 50 basis points improvement every quarter.

好的。如果我能再偷偷加一個的話。歐洲正在復蘇，對吧？我想你之前說過，對法內爾來說，也許每季能提升 50 個基點。

But as the region itself improves, do you think that can accelerate and you can see a faster recovery in Farnell margins how, just help us level set our expectations for where this can go from a margin standpoint by the end of the year?

但隨著該地區本身的改善，您認為這種情況會加速嗎？您認為法內爾利潤率會更快復甦嗎？請幫我們設定對年底利潤率的預期。

Yeah, thanks, Ruplu. Yeah, so specific to Farnell, typically their largest region and most profitable is Europe. Okay. And that's not been the case here the last several quarters based on Europe softness still doing well.

是啊，謝謝你，魯普魯。是的，就 Farnell 而言，他們最大的地區和最賺錢的地區通常是歐洲。好的。但過去幾個季度，由於歐洲經濟疲軟，這裡的情況並非如此。

But actually, the Americas, which is a higher, I think we also pointed out a higher mix in the Americas of test and measurement, which is really good business, just runs at a different margin level than the onboard components being semiconductors and the IP&E.

但實際上，美洲的測試和測量業務佔比更高，我認為我們也指出了這一點，美洲的測試和測量業務佔比更高，這確實是一項不錯的業務，只是其利潤率水平與板載組件（半導體）和 IP&E 不同。

So any additional lift in Europe will further drive the drop-through if Farnell could possibly accelerate that you're right, that 50 bps points of margin, and we're looking to see them improve on quarter-on-quarter.

因此，如果法內爾能夠加速歐洲經濟的進一步成長，那麼歐洲經濟的任何額外成長都將進一步推動利潤率的下降。你說得對，50 個基點的利潤率，我們希望看到他們能夠逐季改善。

And that is, the message to the leadership team at Farnell on this call, we need to see them and expect them to continue to show incremental improvement in operating margin and a lot of that can be accelerated, to your point, with higher revenues in the right mix.

也就是說，在這次電話會議上，我們想向 Farnell 的領導團隊傳達的訊息是，我們需要看到並期望他們繼續在營運利潤率方面取得穩步提升，正如您所說，如果收入增長得當，很多方面的提升都可以加速。

And although we may not be projecting that, certainly, we would really like to see them accelerate that beyond 50 bps to 100 bps. So that's our commitment at this point in time. While they continue to manage their expense line, right?

雖然我們可能不會做出這樣的預測，但我們當然非常希望看到他們把增速提高到 50 個基點到 100 個基點之間。這就是我們目前的承諾。他們會繼續控制支出，對吧？

So there's still other things they're doing, we're all doing. We're always doing it as a company. And for now, specifically as well, driving out more efficiencies, taking out costs where we need to take out costs while making investments where we need to make investments, i.e., in digital e-commerce, AI, et cetera.

所以他們還在做其他事情，我們所有人都在做其他事情。我們公司一直都在做這件事。就目前而言，具體來說，還要提高效率，在需要削減成本的地方削減成本，在需要投資的地方進行投資，例如數位電子商務、人工智慧等等。

So I hope that answers your question. But we do see it as a continued tailwind for us as we move forward, and we will look to accelerate, get into that double-digit operating margin.

希望這能解答你的疑問。但我們認為這將繼續成為我們前進的順風，我們將努力加快步伐，實現兩位數的營業利潤率。

Gentlemen, there are no more questions at this time. I would like to turn the conference back over to Phil Gallagher for closing remarks.

各位先生，目前沒有其他問題了。我謹將會議交還給菲爾·加拉格爾，請他作閉幕致詞。

Okay. Thank you very much, and I want to thank everyone for attending today's earnings call. We look forward to speaking to you at upcoming conferences and at our third quarter fiscal year 2026 earnings report in April. Okay, have a great day. Thank you.

好的。非常感謝，也感謝大家參加今天的財報電話會議。我們期待在即將舉行的會議上以及 4 月發布的 2026 財年第三季財報中與您交流。好的，祝你今天過得愉快。謝謝。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time, and 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了，感謝您的參與。