安富利 (AVT) 2026 Q3 法說會逐字稿

Please stand by. Our presentation will now begin.

請稍候。我們的簡報現在開始。

Welcome to Avnet's Third Quarter Fiscal Year 2026 Earnings Call.

歡迎參加安富利（Avnet）2026 會計年度第三季財報電話會議。

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

現在我想把會議交給安富利投資人關係總監 Lisa Mueller。請開始。

Thank you, operator. I'd like to welcome everyone to Avnet's third quarter fiscal year 2026 earnings conference call. This morning, Avnet released financial results for the third quarter of fiscal year 2026 and the release is available on the Investor Relations section of Avnet's website, along with the slide presentation, which you may access at your convenience.

謝謝，接線員。歡迎各位參加安富利 2026 會計年度第三季財報電話會議。今天早上，安富利已公布 2026 會計年度第三季財務結果，新聞稿可於安富利網站的投資人關係專區取得；同時也提供投影片簡報，您可於方便時自行瀏覽。

As a reminder, some of the information contained in the news release and on this conference call contain forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. Such forward-looking statements are not a guarantee of performance, and the company's actual results could differ materially from those contained in such statements. Several factors that could cause or contribute to such differences are described in detail in Avnet's most recent Form 10-Q and 10-K and subsequent filings with the SEC.

提醒各位，新聞稿及本次電話會議中所包含的部分資訊屬於前瞻性陳述，涉及難以預測的風險、不確定性與假設。此類前瞻性陳述不保證績效，公司實際結果可能與該等陳述所載內容存在重大差異。可能導致或促成此類差異的若干因素，已於安富利最近一期 Form 10-Q 與 10-K 以及其後向美國證券交易委員會（SEC）提交的文件中詳加說明。

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. 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.

這些前瞻性陳述僅截至本簡報日期為準，公司不承擔在本簡報日期之後就相關情況公開更新任何前瞻性陳述或提供新資訊的義務。請注意，除非另有說明，所提供的所有結果均為非 GAAP 指標。完整的非 GAAP 與 GAAP 調節表可見於今日發布的新聞稿，以及今日簡報的附錄投影片，並已張貼於投資人關係網站。

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

今天的電話會議將由安富利執行長 Phil Gallagher 與財務長 Ken Jacobson 主持。接下來，我把電話交給 Phil Gallagher。Phil？

Thank you, Lisa, and thank you, everyone, for joining us on our third quarter fiscal year 2026 earnings call. This was an outstanding quarter for Avnet, one that reflects both strong execution by our teams around the world and improving market conditions. Over the past several quarters and really over the past couple of years, our team has been operating in a challenging market environment. Throughout that period, we remain focused on the things we can control, supporting our customers coordinating closely with our supplier partners, managing inventory and working capital with discipline, investing in our people, digital capabilities and distribution centers with a long-term view.

謝謝你，Lisa，也謝謝各位參加我們 2026 會計年度第三季財報電話會議。這對安富利而言是非常出色的一季，反映了我們全球團隊強勁的執行力以及市場狀況的改善。過去幾季，甚至過去幾年，我們的團隊一直在充滿挑戰的市場環境中運作。在此期間，我們始終專注於可控事項：支援客戶、與供應商夥伴密切協作、以紀律管理庫存與營運資金，並以長期視角投資於人才、數位能力與配送中心。

This quarter's results and our June quarter guidance demonstrates that focus positioned us well coming into the beginning of the up cycle. We delivered financial results that came in well above our expectations including record sales in our electronic components business. As data center and AI demand proliferates throughout the market, we also saw broad-based demand across most of our core end markets, which translated into meaningful operating margin and EPS improvement.

本季的結果以及我們對 6 月季度的指引，顯示這樣的專注使我們在景氣上行週期開始之際處於有利位置。我們交出遠優於預期的財務表現，其中包括電子元件業務創下銷售新高。隨著資料中心與 AI 需求在市場中擴散，我們也看到多數核心終端市場出現廣泛需求，帶動營業利益率與每股盈餘（EPS）顯著改善。

Before we give more color on the business, I wanted to take a moment to mention we're closely monitoring the current geopolitical environment and remain mindful of the potential broader macroeconomic impact. The conflict in the Middle East had no material impact on our Q3 results outside of some increases in freight expenses due to rising fuel costs. Now turning to our third quarter.

在進一步說明業務之前，我想先提一下：我們正密切關注當前地緣政治環境，並留意其對整體宏觀經濟可能造成的更廣泛影響。中東衝突對我們第三季業績沒有重大影響，僅因燃油成本上升而使運費支出略有增加。接下來談我們的第三季表現。

We achieved sales of $7.1 billion, driving a 3.5% operating margin in our Electronic Components business and a 5.2% operating margin in our Farnell business. We also reduced inventory days to 77, below our near-term target of 80 days. Our double-digit year-on-year sales growth was led by another quarter of record revenues in Asia, along with better than typical seasonal growth in the Americas and Europe.

我們達成 71 億美元的銷售額，帶動電子元件業務 3.5% 的營業利益率，以及 Farnell 業務 5.2% 的營業利益率。我們也將庫存天數降至 77 天，低於我們短期目標的 80 天。我們的年對年雙位數銷售成長，主要由亞洲再度創下單季營收新高所帶動，同時美洲與歐洲也出現高於典型季節性的成長。

From a demand perspective, market conditions continue to improve across the majority of the verticals we serve, which includes data center, industrial, aerospace and defense, transportation, consumer and networking. The third quarter was led by strong demand in industrial, networking and our data center end markets.

從需求面來看，我們所服務的大多數垂直領域市場狀況持續改善，包括資料中心、工業、航太與國防、運輸、消費性與網路通訊。第三季主要由工業、網路通訊以及資料中心終端市場的強勁需求所帶動。

Year-over-year, we also saw broad-based improvement across most verticals led by the data center. Over the past 90 days, the lead time environment has shifted component lead time trends are increasing across many product categories. We have seen lead time extensions in over 50% of the product categories we track traversing semiconductors and interconnect, passive, electromechanical with stability being reflected in the balance. While lead time extensions continue in components supporting data center and AI builds, they are now spreading the broader set of products supporting diverse end market applications.

年對年來看，我們也看到多數垂直領域出現廣泛改善，其中以資料中心領先。過去 90 天內，交期環境已出現轉變——多個產品類別的元件交期趨勢正在拉長。我們追蹤的產品類別中，超過 50% 出現交期延長，涵蓋半導體與互連、被動元件、機電元件；其餘則呈現穩定。雖然支援資料中心與 AI 建置的元件交期仍在延長，但目前也正擴散至更廣泛的產品組合，以支援多元終端市場應用。

Customers are increasingly recognizing the challenges of a tightening supply environment and are turning to Avnet's proven expertise to help manage their component supply chains. Our backlog is growing and our book-to-bill ratios are well above parity in all regions. In the December quarter, we saw early indicators of certain component price increases. During the March quarter, we have seen price increases across a few suppliers and technologies, most predominantly related to memory. We expect to see additional price increases over the next several months, and majority of which are being driven by increases in the underlying input cost of components.

客戶日益意識到供應環境趨緊所帶來的挑戰，並轉向安富利經驗證的專業能力，以協助管理其元件供應鏈。我們的在手訂單（backlog）正在成長，且各區域的接單出貨比（book-to-bill）均明顯高於 1。在 12 月季度，我們看到部分元件價格上漲的早期跡象。在 3 月季度，我們已看到少數供應商與技術領域出現價格上漲，其中以記憶體相關最為明顯。我們預期未來幾個月還會有更多價格上漲，其中多數是由元件底層投入成本上升所驅動。

Ken will give more color on the impact of pricing during the quarter in his comments.

Ken 將在他的發言中，進一步說明本季定價影響的更多細節。

Now with that, let me turn to highlights of our business. Our Electronic Components business delivered a record sales quarter, driven by growth across all regions and strong execution. Demand creation activity remained robust. Design wins continue to convert to sales and our interconnect, passive and electromechanical or IP&E business outperformed, reflecting the benefits of our technical capabilities and our focus on the total solution selling. In Asia, sales reached another record high of $3.5 billion in a quarter that is usually impacted by the Lunar New Year holiday.

接下來，我來談談我們業務的重點。我們的電子元件業務創下單季銷售新高，成長來自所有地區並伴隨強勁執行力。需求創造活動仍然強勁。設計導入（design wins）持續轉化為銷售，我們的互連、被動與機電（IP&E）業務表現優於整體，反映出我們技術能力的優勢以及對整體解決方案銷售的聚焦。在亞洲，即使該季度通常會受到農曆新年假期影響，銷售仍再創單季新高，達 35 億美元。

This marks our seventh consecutive quarter of year-on-year sales growth in the region, which now represents almost 50% of our total sales.

這是我們在該地區連續第七季年對年銷售成長，而該地區目前已占我們總銷售額將近 50%。

Demand increased across all the geographies and verticals we serve, led by the data center, industrial and networking markets. In March, I was able to spend some time in China with our Asia leadership team, including visiting with local customers and suppliers. This trip reinforced my belief in the opportunities for growth we see in the region that our Asia team is capitalizing on. In EMEA, we're pleased to see continued rebound in the region with sales growth both sequentially and year-on-year for the second consecutive quarter.

我們所服務的所有地理區域與垂直領域需求皆有所增加，其中以資料中心、工業與網路通訊市場領先。3 月，我有機會與我們的亞洲領導團隊一起在中國停留一段時間，並拜訪當地客戶與供應商。這趟行程更強化了我對該地區成長機會的信心，而我們的亞洲團隊正積極把握這些機會。在 EMEA，我們很高興看到該地區持續復甦，銷售在連續第二季呈現季對季與年對年雙雙成長。

EMEA is experiencing growth across a number of verticals, including industrial, networking and early signs of the long-term opportunities we see in aerospace and defense.

EMEA 在多個垂直領域出現成長，包括工業、網路通訊，以及我們在航太與國防所看到的長期機會之初步跡象。

Overall, I would say the market conditions in Europe are improving, although the demand environment is still mixed. We are seeing improvement in our strategic differentiators, including leading indicators in our embedded business, as customers and suppliers are looking for board and display level solutions. I was able to spend some time in Germany in late March, meeting with several of our IP&E suppliers and customers at our Avnet Abacus Technical Conference. The outlook and momentum I felt coming out of Europe was more encouraging than just even a few quarters ago.

整體而言，我會說歐洲的市場狀況正在改善，儘管需求環境仍然分化。我們看到自身策略性差異化優勢有所提升，包括嵌入式業務的領先指標改善，因為客戶與供應商正在尋求板級與顯示器層級的解決方案。我在 3 月下旬也到德國停留一段時間，於安富利 Abacus 技術研討會與多家 IP&E 供應商與客戶會面。我從歐洲回來時感受到的展望與動能，比起僅僅幾季前更令人鼓舞。

In the Americas, sales grew both sequentially and year-over-year marking our third consecutive quarter of year-on-year growth. Most end markets showed sequential growth led by networking, while aerospace and defense, networking and industrial were the strongest end markets year-over-year. Our Americas region recently hosted an IP&E Summit, bringing together leaders from our top suppliers to reinforce our focus and commitment to accelerating growth in the IP&E space. Our IP&E business had a record quarter, growing 25% year-on-year.

在美洲地區，銷售額無論按季或按年均成長，並創下我們連續第三個季度的年增長。多數終端市場呈現按季成長，其中以網路通訊領先；而按年來看，航太與國防、網路通訊及工業為表現最強的終端市場。我們美洲區近期主辦了一場 IP&E 高峰會，邀集我們主要供應商的領導者，共同強化我們在 IP&E 領域加速成長的聚焦與承諾。我們的 IP&E 業務創下單季新高，年增 25%。

We carry a world-class portfolio of IP&E products and solutions and are benefiting from this multiplier effect as every active semiconductor chip requires surrounding IP&E components to function, think connectors, capacitors, passives, resistors and sensors, among other technologies. We continue to see success, driving conversations with customers about the full solutions we can provide with both our semiconductor and IP&E product offerings. Turning to our other value-added drivers of profitable growth. We continue to benefit from our field application engineers, complemented by our digital design capabilities and tools.

我們擁有世界級的 IP&E 產品與解決方案組合，並正受惠於此乘數效應；因為每一顆正在運作的半導體晶片都需要周邊的 IP&E 元件才能運作，例如連接器、電容、被動元件、電阻與感測器等多種技術。我們持續看到成果，並與客戶就我們可透過半導體與 IP&E 產品供應所提供的整體解決方案展開更多對話。接著談到我們其他推動獲利成長的加值驅動因素。我們持續受惠於現場應用工程師（FAE）團隊，並結合我們的數位設計能力與工具。

Our Demand Creation revenues increased sequentially by 16% and from a design opportunity standpoint, the leading indicators remain positive, which bodes well for future design wins and downstream revenue. Our supply chain services offerings continue to grow and expand with many OEMs that are household names. We are seeing opportunities and wins across many of the same verticals, where we are experiencing strong growth in the core business. These include transportation, data center and networking, among others. We believe we have the opportunity and capabilities to be the leading supply chain services and solutions provider in Electronic Components industry.

我們的需求創造（Demand Creation）營收按季成長 16%；從設計機會的角度來看，領先指標仍然正向，這對未來的設計導入（design wins）與後續營收成長是利多。我們的供應鏈服務方案持續成長並擴展，合作對象包含許多家喻戶曉的 OEM。我們在多個相同的垂直領域看到機會與得標，而這些領域也正是我們核心業務強勁成長之處。其中包括運輸、資料中心與網路通訊等。我們相信，我們具備成為電子元件產業領先供應鏈服務與解決方案供應商的機會與能力。

Now turning to Farnell. We are seeing steady progress in Farnell's performance and recovery. Sales grew double digits year-on-year for the third consecutive quarter. Gross margins and operating margins expanded in line with expectations and the business remains on track with its return to double-digit operating margins over the next several quarters. Our Power of One focus is gaining traction as we leverage Avnet's scale and relationships with Farnell’s capabilities and offerings.

接著談到 Farnell。我們看到 Farnell 的表現與復甦正穩步推進。銷售額已連續第三個季度按年呈現雙位數成長。毛利率與營業利益率如預期擴張，且該業務仍按計畫在未來幾個季度內回到雙位數的營業利益率。我們的「Power of One」策略正逐步發揮成效，透過結合 Avnet 的規模與關係網，以及 Farnell 的能力與產品供給來創造綜效。

This unique combination differentiates Avnet and strengthens our value proposition to suppliers and customers.

這種獨特的組合使 Avnet 脫穎而出，並強化我們對供應商與客戶的價值主張。

Farnell's continued investment in its e-commerce platform, customer experience, and inventory proposition positions us well as demand accelerates. Throughout this cycle, we remain committed to investing in the future of Avnet with a focus on the long-term opportunities we see for the demand of Electronic Components. Our adaptability has never been more critical. The proliferation of Electronic Components continues at a rapid pace with emerging opportunities in drone technologies, robotics and edge AI as just a few examples of the future trends.

Farnell 持續投資其電子商務平台、客戶體驗與庫存價值主張，使我們在需求加速時具備良好定位。在整個景氣循環中，我們仍致力於投資 Avnet 的未來，並聚焦於我們所看到的電子元件長期需求機會。我們的適應力從未如此關鍵。電子元件的普及仍以快速步伐推進，未來趨勢中也出現新興機會，例如無人機技術、機器人與邊緣 AI 等。

We have made substantial investments in our digital platforms and capabilities, supply chain and distribution center infrastructure and engineering resources. These investments are not just about near-term efficiency. They are about future-proofing our company and ensuring we can support increasingly complex supplier and customer needs as technology and supply chains evolve.

我們已在數位平台與能力、供應鏈與配送中心基礎設施，以及工程資源方面進行了大量投資。這些投資不僅著眼於短期效率。更是為公司未來做好準備，確保在技術與供應鏈演進之際，我們能支援日益複雜的供應商與客戶需求。

At the same time, we have stayed disciplined in managing expenses optimizing inventory and allocating capital. We have consistently said we will balance reinvestment in the business with returning capital to shareholders, all while prioritizing and maintaining a strong balance sheet and we have delivered on those commitments.

同時，我們在費用管理、庫存最佳化與資本配置方面始終保持紀律。我們一再強調，將在維持強健資產負債表的前提下，兼顧對業務的再投資與對股東的資本回饋，而我們也已履行這些承諾。

In closing, I'm extremely proud of what our team has accomplished, and I'm excited for the continued recovery in our business. These results reflect not only an improving market environment, but also the resilience, experience and dedication of our team. With the breadth of our supplier line card, our diversified customer base and the strength of the end markets they serve, we are well positioned to deliver sustainable growth and improve returns into the future. We are thrilled by the momentum of the business and are confident in Avnet's ability to execute at a high level.

最後，我對團隊所完成的成果感到非常自豪，也對業務持續復甦感到振奮。這些結果不僅反映市場環境改善，也展現了團隊的韌性、經驗與投入。憑藉我們廣泛的供應商產品線卡（line card）、多元化的客戶基礎，以及其所服務終端市場的強勁表現，我們已具備良好定位，可在未來實現可持續成長並提升報酬。我們對業務動能感到振奮，並對 Avnet 以高水準執行的能力充滿信心。

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

那麼接下來，我把時間交給 Ken，請他更深入說明我們第三季的業績。Ken？

Thank you, Phil, and good morning, everyone. We appreciate your interest in Avnet. Our sales for the third quarter were approximately $7.1 billion, above the high end of our guidance range and up 34% year-over-year. On a sequential basis, sales were higher by 13%. Regionally, on a year-over-year basis, sales increased 39% in Asia, 31% in Europe and 27% in the Americas.

謝謝你，Phil，各位早安。感謝各位對 Avnet 的關注。我們第三季銷售額約為 71 億美元，高於我們財測區間的上緣，並較去年同期成長 34%。按季來看，銷售額成長 13%。以地區別按年來看，亞洲銷售額成長 39%，歐洲成長 31%，美洲成長 27%。

During the third quarter, sales from Asia were 49% of total sales compared to approximately 47% of sales in the year ago quarter.

在第三季，亞洲的銷售額占總銷售額的 49%，相較於去年同期約占 47%。

From an operating group perspective, Electronic Components had record sales during the quarter as sales increased 35% year-over-year and increased 13% sequentially. In constant currency, electronic component sales increased 31% year-over-year. Farnell sales increased 24% year-over-year and 6% sequentially. In constant currency, Farnell sales increased 18% year-over-year. As Phil mentioned, supply dynamics have been driving some price increases, especially in memory.

從營運事業群角度來看，電子元件（Electronic Components）在本季創下銷售新高，銷售額按年成長 35%，按季成長 13%。以固定匯率計算，電子元件銷售額按年成長 31%。Farnell 銷售額按年成長 24%，按季成長 6%。以固定匯率計算，Farnell 銷售額按年成長 18%。如 Phil 所提到，供應動態正推動部分產品價格上漲，尤其是記憶體。

And in the third quarter, we saw the impact of these pricing increases in our sales growth.

而在第三季，我們在銷售成長中看到了這些價格上漲所帶來的影響。

Approximately half of the sequential sales growth and approximately one quarter of the year-over-year sales growth was attributable to higher memory pricing. For the third quarter, gross profit margin of 10.4% was down 68 basis points year-over-year and slightly lower sequentially. Electronic Components gross profit margin was flattish sequentially and down year-over-year, primarily due to a combination of higher percentage of sales coming from our Asia region as well as some differences in product and customer mix in the Western regions.

約有一半的按季銷售成長，以及約四分之一的按年銷售成長，可歸因於記憶體價格上漲。第三季毛利率為 10.4%，較去年同期下降 68 個基點，且按季略為下降。電子元件毛利率按季大致持平、按年下降，主要原因是亞洲地區銷售占比提高，以及西方地區在產品與客戶組合上的一些差異。

We reported higher gross profit dollars as a result of the previously mentioned price increases. Although the pass-through of these price increases has less of an impact on gross profit margin. As a reminder, when component prices increase, we communicate the changes to our customers and pass through the corresponding increases. From a Farnell perspective, gross profit margins were up 34 basis points year-over-year and were up 49 basis points sequentially, in part due to an expected improvement in product mix of on-the-board components. Turning to operating expenses.

由於前述價格上漲，我們的毛利金額（gross profit dollars）有所增加。不過，這些價格上漲的轉嫁（pass-through）對毛利率的影響較小。提醒一下，當元件價格上漲時，我們會將變動告知客戶，並轉嫁相應的漲幅。就 Farnell 而言，毛利率較去年同期上升 34 個基點，較前一季上升 49 個基點，部分原因是板上元件（on-the-board components）產品組合如預期改善。接著談營業費用。

SG&A expenses were $519 million in the quarter, up $83 million year-over-year and $27 million sequentially.

本季 SG&A（銷售、一般及行政）費用為 5.19 億美元，較去年同期增加 8,300 萬美元，較前一季增加 2,700 萬美元。

The sequential increase in SG&A is primarily from a combination of higher sales volumes, including related incentive compensation expense as well as foreign currency. Foreign currency negatively impacted SG&A expenses by approximately $3 million sequentially and $22 million year-over-year. Excluding the impact of foreign currency, SG&A increased approximately 5% sequentially and 14% year-over-year. As a percentage of gross profit dollars, SG&A expenses were lower sequentially at 70% compared to 74% last quarter. As our business grows, we expect to continue to maintain our disciplined expense management and drive efficiencies in our business while still making investments in the future.

SG&A 的按季增加主要來自較高的銷售量（包含相關的獎酬費用）以及外幣因素的綜合影響。外幣因素使 SG&A 費用按季增加約 300 萬美元，按年增加 2,200 萬美元。若排除外幣影響，SG&A 約按季增加 5%，按年增加 14%。以毛利金額的百分比來看，SG&A 費用按季下降至 70%，相較上季為 74%。隨著業務成長，我們預期將持續維持嚴謹的費用管理、推動營運效率，同時仍會投資於未來。

We expect our SG&A expenses as a percentage of gross profit dollars to be in the mid-60s percentage-wise over the next year. For the third quarter, we reported adjusted operating income of $221 million and the total Avnet adjusted operating margin was 3.1%, an increase of nearly 40 basis points from last quarter. This represents the third consecutive quarter of adjusted operating income margin expansion. Adjusted operating income also grew more than 2 times sales compared to last quarter. By operating group, Electronic Components operating income was $235 million and EC operating margin was 3.5%.

我們預期未來一年，SG&A 費用占毛利金額的比重將落在約 60% 中段區間。第三季，我們報告調整後營業利益為 2.21 億美元，Avnet 整體調整後營業利益率為 3.1%，較上季增加近 40 個基點。這是調整後營業利益率連續第三季擴張。相較上季，調整後營業利益的成長幅度也超過銷售額成長的 2 倍。按營運事業群別，電子元件（Electronic Components）營業利益為 2.35 億美元，EC 營業利益率為 3.5%。

And the nearly 40 basis point sequential increase in EC operating margin was led by the business recovery in Europe. This is EC's second consecutive quarter of operating margin expansion and is the highest EC operating margin since the first quarter of fiscal 2025. We continue to gain momentum in EC with the recovery of both Europe and the Americas, we currently expect our EC operating margin to reach our 4% near-term goal within the next fiscal year. Farnell operating income was $24 million, and their operating income margin was 5.2%, which was up 55 basis points from last quarter, reaching its highest level in 3 years.

而 EC 營業利益率連續增加近 40 個基點，主要由歐洲業務復甦所帶動。這是 EC 連續第二季營業利益率擴張，亦為自 2025 會計年度第一季以來的最高 EC 營業利益率。隨著歐洲與美洲同步復甦，我們在 EC 業務持續累積動能；目前我們預期 EC 營業利益率將在下一個會計年度內達成短期 4% 的目標。Farnell 營業利益為 2,400 萬美元，其營業利益率為 5.2%，較上季提升 55 個基點，達到 3 年來最高水準。

This is Farnell's sixth consecutive quarter of operating margin expansion. Similar to our EC business, we see momentum in Farnell and expect to continue driving operating margin expansion with the near-term goal of getting back to double-digit operating margin by the second half of calendar 2027. Turning to expenses below operating income. Third quarter interest expense was $63 million, and our adjusted effective income tax rate was 23%, both consistent with expectations. Adjusted diluted earnings per share of $1.48 exceeded the high end of our guidance for the quarter.

這是 Farnell 連續第六季營業利益率擴張。與 EC 業務類似，我們看到 Farnell 的動能，並預期將持續推動營業利益率擴張；短期目標是在 2027 年曆年下半年前回到兩位數的營業利益率。接著談營業利益以下的費用。第三季利息費用為 6,300 萬美元，調整後有效所得稅率為 23%，兩者皆符合預期。調整後稀釋每股盈餘（EPS）為 1.48 美元，高於本季財測區間上緣。

Adjusted diluted earnings per share grew more than 3x sales compared to last quarter.

相較上季，調整後稀釋每股盈餘的成長幅度超過銷售額成長的 3 倍。

Turning to the balance sheet and liquidity. During the quarter, working capital increased by $145 million sequentially, primarily due to an increase in accounts receivable driven by the growth in sales. Working capital days decreased 11 days quarter-over-quarter to 76 days. From an inventory perspective, Inventory increased by $168 million or 3% sequentially. The increase in inventories was primarily driven by an increase in certain memory products to support supply chain services engagements and from an overall increase in inventory received at the end of the quarter.

接著談資產負債表與流動性。本季營運資金較前一季增加 1.45 億美元，主要因銷售成長帶動應收帳款增加。營運資金天數較去年同期減少 11 天至 76 天。就存貨而言，存貨較前一季增加 1.68 億美元或 3%。存貨增加主要來自特定記憶體產品的增加，以支援供應鏈服務專案，以及整體在季末收到的存貨增加。

Inventory net of accounts payable decreased by $115 million compared to last quarter. We ended the quarter with 77 days of inventory, achieving our near-term target of below 80 days earlier than anticipated. Our EC business had 70 days of inventory and our Farnell business had just over 200 days of inventory. As a value-added distributor in the center of the technology supply chain, inventory is a critical enabler for our business. We remain focused on making the necessary inventory investments to position ourselves appropriately to capture the numerous opportunities we see in the markets we serve.

扣除應付帳款後的存貨較上季減少 1.15 億美元。本季結束時存貨天數為 77 天，較預期更早達成短期目標（低於 80 天）。EC 業務存貨天數為 70 天，Farnell 業務存貨天數則略高於 200 天。作為位於科技供應鏈核心的加值型通路商，存貨是我們業務的關鍵推動因素。我們仍專注於進行必要的存貨投資，以適當布局，掌握我們在所服務市場中看到的眾多機會。

We continue to prioritize servicing our customers' and suppliers' inventory needs through an overall pipelining of inventory and through a variety of supply chain programs to meet expected customer demand. Our return on working capital improved over 300 basis points sequentially from both higher operating income and the reduction in working capital days. Continuing to expand our return on working capital is a focus across all of our businesses. We expect to achieve our near-term goal for return on working capital of 16% by the second half of fiscal 2027.

我們持續優先透過整體存貨管線化，以及多元供應鏈方案，來滿足客戶與供應商的存貨需求，以因應預期的客戶需求。我們的營運資金報酬率（return on working capital）較前一季改善超過 300 個基點，主要來自營業利益提高以及營運資金天數下降。持續提升營運資金報酬率是我們所有業務的重點。我們預期在 2027 會計年度下半年達成營運資金報酬率 16% 的短期目標。

In the third quarter, we used $54 million of cash flow for operations to support $800 million of sequential sales growth. We anticipate a use of cash flow from operations in the fourth quarter to continue supporting the sales growth, primarily in the form of accounts receivable. Cash used for capital expenditures was $17 million during the quarter. In line with our stated priorities, we ended the third quarter with a gross leverage of 3.6 times and down from 3.9 times in the second quarter with approximately $1.7 billion of available committed borrowing capacity. We believe we are on track to reduce our leverage to our previously stated target of approximately 3 times by the end of the calendar year.

第三季，我們營運活動現金流出 5,400 萬美元，以支援連續（較前一季）增加 8 億美元的銷售成長。我們預期第四季營運活動現金流仍將為淨流出，以持續支援銷售成長，主要體現在應收帳款。本季資本支出使用現金 1,700 萬美元。依照我們既定的優先事項，第三季結束時總槓桿倍數為 3.6 倍，較第二季的 3.9 倍下降，且約有 17 億美元可用的已承諾借款額度。我們相信可望在年底前將槓桿降至先前所述約 3 倍的目標。

Returning excess cash to shareholders remains a core priority of our capital allocation program.

將多餘現金回饋股東仍是我們資本配置計畫的核心優先事項。

In the third quarter, we paid our quarterly dividend of $0.35 per share or $29 million bringing our year-to-date shareholder return to $224 million, including both our dividend and share repurchases. Once our leverage returns to our target levels, we expect to use a portion of free cash flow to repurchase shares. We have $226 million remaining on our existing share repurchase authorization. Turning to guidance. For the fourth quarter of fiscal 2026, we're guiding sales in the range of $7.3 billion to $7.6 billion and diluted earnings per share in the range of $1.70 to $1.80.

第三季，我們支付每股 0.35 美元的季度股利，合計 2,900 萬美元，使年初至今對股東的回饋達到 2.24 億美元，包含股利與庫藏股回購。一旦槓桿回到目標水準，我們預期將運用部分自由現金流回購股份。我們現有的股份回購授權尚餘 2.26 億美元。接著談財測。針對 2026 會計年度第四季，我們預估銷售額介於 73 億至 76 億美元，稀釋每股盈餘介於 1.70 至 1.80 美元。

Our fourth quarter guidance assumes current market conditions persist and implies a sequential sales increase of approximately 5% at the midpoint. The sales guidance implies sales growth across all Electronic Components regions. This guidance also assumes similar interest expense compared to the third quarter, an effective tax rate of between 21% and 25% and 83 million shares outstanding on a diluted basis. This was a strong quarter with solid execution and continued recovery in the West.

我們的第四季財測假設目前市場狀況延續，並在中位數隱含銷售額較前一季約增加 5%。銷售額指引顯示電子元件各區域皆將呈現成長。本指引亦假設利息費用與第三季相近、有效稅率介於 21% 至 25%，以及稀釋後流通股數為 8,300 萬股。這是一個強勁的季度，執行穩健，且西方市場持續復甦。

We are proud of our team for continuing to demonstrate the value we bring to our customers and suppliers. There is always opportunity for improvement, and our goal continues to be to ensure that we remain well positioned to meet our current customer needs while taking advantage of the positive market conditions we are seeing today and are expecting in the future.

我們為團隊持續展現我們為客戶與供應商帶來的價值而感到自豪。永遠都有改善空間，我們的目標仍是確保在滿足目前客戶需求的同時，能把握我們今天看到、並預期未來將持續的正向市場環境。

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

接下來我把時間交給接線員，開放提問。接線員？

(Operator Instructions)

（接線員指示）

Melissa Fairbanks, Raymond James.

Raymond James 的 Melissa Fairbanks。

I must have hit star one early enough for a change. Congratulations on a great quarter. Glad to see the continued progress in everything. So I know you mentioned you've seen some pricing increases from some suppliers. Obviously, memory was a very significant piece of that.

我這次應該是夠早按到星號一了。恭喜你們繳出很棒的一季。很高興看到各方面持續進展。我知道你們提到已看到部分供應商有一些漲價。顯然，記憶體是其中非常重要的一塊。

But is there any way of contemplating how much of your revenue growth outside of memory has been driven by higher ASPs, even if it's just for some of the higher value components, not just the price hikes or like absolute that volume growth, have you quantified volume growth recently?

但是否有任何方式可以思考：在記憶體以外，你們的營收成長有多少是由較高的平均售價（ASP）所驅動？即便只是針對一些較高價值的元件，而不只是單純的漲價；或者就絕對值而言，你們是否近期量化過出貨量（volume）成長？

Melissa, thanks for the comments. This is Phil. Not, not, I mean, the memory, we just wanted to be fully transparent on that because it's frankly so public right now. I know you have a question on that. a lot of them are, I think more of the price increase will start to come into play this quarter, April 1.

Melissa，謝謝你的評論。我是 Phil。沒有、沒有，我的意思是，關於記憶體，我們只是想完全透明，因為坦白說這件事現在非常公開。我知道你對此有問題。我想很多情況下，更多的漲價會在本季開始反映，4 月 1 日。

So we didn't have a whole lot to calculate as far as a percentage of growth based on ASPs and the balance of the technologies. And if there were ASP increase, they already would have been in the run rate from the prior quarter. You know what I mean. So effectively, it was the bulk was memory. It might change here in the June quarter.

因此，就以 ASP 與各項技術組合來計算成長百分比而言，我們其實沒有太多需要計算的。而且如果 ASP 有上漲，那些其實在上一季的 run rate（運行水準）裡就已經反映了。你懂我的意思。所以實際上，主要貢獻來自記憶體。到了 6 月季度這裡可能會有變化。

Melissa, I would just add, I think as we go forward with other price increases, we don't expect those to be anywhere near the magnitude we saw memory and it won’t be everything.

Melissa，我補充一下，我想隨著我們往後推進其他的漲價，我們不預期其幅度會接近我們在記憶體看到的那種程度，而且也不會是全面性的。

Okay. Yes. Hard to replicate that level of price increases. Maybe digging in a little bit further, you mentioned that you've had incredibly strong growth across industrial networking and data center. Are you able to quantify how much those markets contribute to overall components revenue?

好的。是的。那種程度的漲價很難複製。再深入追問一下，你提到在工業網路與資料中心都有非常強勁的成長。你能否量化一下，這些市場對整體元件營收的貢獻有多少？

Yes. So roughly, you said industrial at somewhere 50%, 60%, probably? So industrial is in the 30-plus percent right there. We've been that way. Historically, it's coming back pretty strong, actually, year-on-year.

可以。所以大概，你說工業大概在 50%、60% 左右，可能？所以工業大概就在 30% 以上的區間。我們一直都是這樣。從歷史來看，實際上年對年回升得相當強。

So that's roughly the numbers.

所以大概就是這些數字。

Okay. Perfect. Can I squeeze in one more?

好的。太好了。我可以再塞一個問題嗎？

Yes.

可以。

You mentioned longer lead times are spreading across more of the portfolio. I know IP&E has had some tightness for quite some time and then some of the memory or storage stuff. But just wondering if there are any areas where you're seeing stock outs yet or maybe even double ordering the taboo phrase?

你提到較長的交期正在擴散到更多產品組合。我知道 IP&E 一段時間以來一直偏緊，然後還有一些記憶體或儲存相關的東西。但我想問的是，你們是否已經在某些領域看到缺貨（stock outs），或者甚至出現那個禁忌詞——重複下單（double ordering）？

Well, let me work backwards on that. On the double ordering more, our suppliers will see more of that, Melissa, because they could see similar orders from the same customers to multiple channels. tougher for us to see that. We'll see inflated demand or inflated forecast from the customers, right? So we'll, and we do, we are pretty disciplined around that if somebody is using 100 pieces a month for years and all of a sudden at 500 pieces per month like, okay, what happened, right?

好，我倒著回答。關於重複下單，Melissa，我們的供應商會比我們更容易看到，因為他們可能會看到同一個客戶對多個通路下了類似的訂單；我們比較難看到。我們會看到的是客戶端被放大的需求或被放大的預測，對吧？所以我們會——而且我們確實在這方面相當自律：如果某個客戶多年來每月用量都是 100 件，突然變成每月 500 件，我們就會想，好，發生了什麼事，對吧？

This is an example.

這只是個例子。

So we are doing our best to track that and call that out as much as we can from an analytics standpoint. As far as lead times go and stock outs, no, it's mostly memory right now. However, we are, for sure, seeing lead times, you already mentioned the IP&E they've gone out a bit not to stock out levels by any stretch, but they've been leaking out a bit. by discrete a tad, analog is about flat to up a tad, but it's been up, storage, storage is going to up and that's going to be tied to memory more than likely, right? lead times about memory is going to push out the storage.

所以我們正盡最大努力追蹤這些情況，並從分析的角度盡可能把它標示出來、提出來。至於交期與缺貨，目前沒有，現在主要還是記憶體。不過我們確實看到交期：你已經提到 IP&E，它們拉長了一些——但完全還不到缺貨的程度——只是逐步拉長。離散元件（discrete）略微拉長，類比（analog）大致持平到略微拉長；儲存（storage）會拉長，而那很可能會與記憶體相關，對吧？記憶體的交期會把儲存的交期也往後推。

So yes, that's about the picture right now.

所以是的，目前大概就是這樣的情況。

Okay. Perfect. I appreciate all the detail. I know you have the data. I just had to write that or ask the right questions.

好的。太好了。感謝你提供這麼多細節。我知道你們有數據。我只是得把它寫下來，或是問對問題。

Thanks, Guys.

謝謝，各位。

William Stein with Truist Securities.

Truist Securities 的 William Stein。

Great to see another strong quarter, and I hope you're right that we're sort of in the beginning of this upturn. Phil, you mentioned strength in AI data centers driving demand. Can you remind us what your exposure is to that end market? Is that simply traditional component distribution where the ODMs are using the channel? Or is there some sort of supply chain services associated with that?

很高興看到又一個強勁的季度，我也希望你說得對——我們算是正處於這波上行的起點。Phil，你提到 AI 資料中心的強勁帶動需求。你能提醒我們，你們在那個終端市場的曝險（exposure）有多少嗎？那只是傳統的元件通路分銷，因為 ODM 透過通路採購嗎？還是有某種與之相關的供應鏈服務？

Any characterization of that exposure or sizing, for example, would be helpful.

例如，對這個曝險的描述或規模量化，會很有幫助。

Yes. Thanks, Will. Thanks for the comments. Yes. So I think we estimated a couple of quarters ago is somewhere in the 5% to 7% range, probably increased a little bit closer to 10% to 15% that we have exposure.

有。謝謝，Will。也謝謝你的評論。是的。所以我想我們在幾個季度前估計大概在 5% 到 7% 的區間，現在可能又增加了一點，接近 10% 到 15% 的曝險。

And to be clear in your questions to go directly into the data center. And that would be, I don't know if we call traditional anymore, but it's definitely tied to supply chain, but it's more in the core and traditional product lines. And we don't, as you know, we don't carry NVIDIA, so it's not that.

而且針對你的問題，講清楚一點：這是直接進到資料中心。這部分我不知道還能不能稱為「傳統」，但它確實與供應鏈相關，不過更多是在核心與傳統產品線上。而且如你所知，我們沒有代理 NVIDIA，所以不是那個。

And the bulk of that selling into directly the hyperscalers and data centers is more in Asia and within Asia, Taiwan. That's what we try to track is and we're going to track is what other verticals are being impacted with the expansion of data center, right? Industrial and others are also seeing a lift, and that's our sweet spot, right? So it's directly to the data center, we're tracking is the number I gave you. And then you got the, I call it the N-1 factor, right?

而且那種直接賣給超大規模業者（hyperscalers）與資料中心的業務，大多在亞洲；在亞洲之內則以台灣為主。我們嘗試追蹤、也將持續追蹤的是：資料中心擴張會影響到哪些其他垂直領域，對吧？工業與其他領域也正在受惠，而那正是我們的強項，對吧？所以直接對資料中心的部分，我們追蹤的就是我給你的那個數字。然後還有我所謂的 N-1 因子，對吧？

What is the industrial segment is, I don’t like to mention customers' names, you can image in power, power management, heating, cooling, HVAC, et cetera, they're also increasing, and we're trying to determine how much is tied to the data center. But I hope that answers you. And yes, we are expanding our supply chain as a service opportunities as well, but that's not as much in that number that I gave you, it would be more services revenue.

至於工業區塊，我不太喜歡提客戶名稱；你可以想像在電力、電源管理、加熱、冷卻、HVAC（暖通空調）等等，他們也在增加，我們正試著判斷其中有多少是與資料中心相關。但希望這回答了你的問題。另外，是的，我們也在擴大「供應鏈即服務」的機會，但那不太包含在我剛剛給你的那個數字裡；那會比較偏向服務營收。

One other, if I can. I was a little surprised to see components grow faster than Farnell in the quarter. I think based on your comments, it sounds like that's more memory driven, maybe there's less of that in Farnell. But I would just expect that at this point in the cycle when things are, you're just starting to hear about lead times stretch prices increasing shortages starting to show themselves that perhaps Farnell starts to be a more prominent part of the business. Is that, is that on the come in your opinion?

如果可以，我再問一個。我有點意外看到本季元件的成長速度比 Farnell 還快。我想根據你的評論，聽起來那更多是記憶體帶動，或許 Farnell 那邊比較少。但我原本會預期在這個週期的這個階段——當你開始聽到交期拉長、價格上漲、短缺開始浮現——Farnell 可能會成為更突出的業務部分。你認為這個趨勢正在到來嗎？

Or anything you can talk about the sort of performance differential between these two because Farnell has quite a bit of gearing on the margin side.

或者你能否談談這兩者之間表現差異的原因？因為 Farnell 在毛利端的槓桿（gearing）相當高。

Yes. No, thanks, Will. I think part of it is they've had now 3 quarters of double-digit year-on-year growth. So they've kind of gotten a lift ahead of some of the core, balance of the core outside of Asia. The other thing is they have a lesser percentage of their business is on board components, right?

可以。不，謝謝，Will。我想其中一部分原因是，他們現在已經連續 3 個季度年對年雙位數成長。所以相較於亞洲以外的核心其他部分，他們算是更早獲得一些拉抬。另一點是，他們的業務中「板上元件」（on-board components）的占比更低，對吧？

So their percentages are lower because of the MRO test and measurements. A big part of their business. So it's not all apples-to-apples, like everything we have. They're not 90% on board components, they’re not 90% semiconductor and IP&E like we are in the core.

所以他們的占比比較低，因為 MRO、測試與量測是他們業務很大的一部分。他們業務很大的一部分。所以並不是完全可直接類比——不像我們這邊的組成。他們不是 90% 都是板上元件；他們也不是像我們核心業務一樣，90% 都是半導體與 IP&E。

So I think that's the biggest delta difference. And then the other one is their strongest region typically the largest region is in Europe. And as we said in the script, although we're encouraged with what we're seeing in Europe, for sure, oxygen in Europe, and that's great news for us. It's still a little bit more spotty than what we see in other regions. So what we need is for Farnell to accelerate its growth in Europe as well.

所以我認為那是最大的差異。另外一點是，他們最強的區域通常、也是最大的區域在歐洲。而且如同我們在講稿中所說，雖然我們對在歐洲看到的情況感到鼓舞，確實，歐洲的氧氣（復甦動能）對我們來說是好消息。但相較於我們在其他地區看到的情況，歐洲仍然比較零星、不夠一致。因此我們需要 Farnell 也能在歐洲加速成長。

And that, you're absolutely right. That will help the margin mix too. And they don't have as much memory. Yes, they don't, the volumes of memory and the core is much higher. So that would also impact it.

而且你說得完全正確。那也會有助於毛利結構的組合。而且他們的記憶體比重沒有那麼高。是的，他們沒有，記憶體的量沒有那麼大，而核心（業務）的比重高得多。所以那也會造成影響。

I hope that answers it.

希望這回答了你的問題。

It mostly does. Maybe just let me tack on maybe half question. Is this perhaps related to inventory work down that's still perhaps we're done with that for the most part, but is there still more of that that's going to really make the difference in the Farnell business customers truly depleting so that they have to come reorder?

大致上有。也許讓我再補充半個問題。這是否可能與去化庫存有關？也就是說，我們大部分已經走過那段時間了，但是否仍有一些因素會真正影響 Farnell 的業務——客戶端是否仍在真正消化庫存，以至於他們必須回來再下單補貨？

Yes. I think I sure hope so. I think most of that's behind us. There's still probably some, we don’t have visibility to everybody's inventory and the end customers. But I think for the most part, that is behind us.

是的。我想、我也非常希望是如此。我認為大部分已經過去了。可能仍然還有一些，我們無法看見每一家終端客戶的庫存狀況。但我認為就大多數而言，那已經在我們身後了。

And we did see, I mean, inside of Farnell. We have seen revenue per line item is increasing, the line items themselves are increasing. So the signs I mean, we're actually pretty pleased with where the progress we're making in Farnell. There's still work to do, and I know that team is on this call right now so they know that we have our long-term marching orders there, and we're just going to continue to work towards those goals.

而且我們確實看到——我是說，在 Farnell 內部。我們看到每個品項的營收在增加，品項數本身也在增加。所以這些跡象——我們其實對 Farnell 目前取得的進展相當滿意。仍然有工作要做，我知道那個團隊現在也在這通電話上，所以他們知道我們對那邊有長期的行軍命令（長期方向與要求），我們會持續朝那些目標努力。

Joe Quatrochi with Wells Fargo.

Wells Fargo 的 Joe Quatrochi。

Maybe a few if I could. I think you said 50% of the sequential increase in revenue this quarter was related to pricing. Any help on how that contributed to this increase in EBIT on a sequential basis?

如果可以的話我問幾個問題。我想你提到本季營收的季增中，有 50% 與定價有關。能否說明一下，這對 EBIT 的季增貢獻大概是怎麼樣？

Yes, Joe, I think how I'd characterize it as we kind of try to get at in the script as we pass on prices, right, it does, we maintain the same gross margin, but get incremental gross profit dollars. So I think it contributed to the overall drop-through in operating leverage. Now again, I think a lot of what we saw outside of the guidance and where the lot of the beat was, was in Asia. So continue to see that trend in Asia being strong, which now is close to 50% of our EC business. So, but it helped the operating margin leverage like the other sales.

是的，Joe，我會這樣描述：如同我們在講稿中試著說明的，當我們把價格轉嫁出去時，對吧，我們維持相同的毛利率，但會帶來額外的毛利金額。所以我認為它對整體的營運槓桿落地（drop-through）有所貢獻。不過再說一次，我們看到超出指引的部分、以及優於預期的很大一部分，是在亞洲。所以我們持續看到亞洲的趨勢很強，而亞洲現在接近我們 EC 業務的 50%。所以，它確實像其他銷售一樣，幫助了營業利益率的槓桿。

But didn't have a meaningful impact on the gross margin.

但對毛利率沒有顯著影響。

Right. And I guess like on the EBIT dollar increase sequentially, fair to say that it was more than 50%.

對。那我想就 EBIT 金額的季增而言，可以說它的貢獻超過 50% 嗎？

I would say it was probably around the same as the sales growth in terms of the percent that coming from there.

我會說大概與銷售成長的比例差不多，就其來自那部分的百分比而言。

Yes. Okay. And then I guess, as we think about just like what's embedded in the guidance, I think you said earlier, right, we've seen a round of price increases across maybe more of the broad analog mixed-signal space that kind of started taking place in April. So how do we think about that contemplate, I guess, in the 5% sequential growth for the June quarter?

是的。好的。接著我想，從指引所隱含的內容來看，我想你先前提到，對吧，我們看到在更廣泛的類比／混合訊號領域出現一輪漲價，大概是從四月開始發生。那我們該如何看待這件事在六月季度 5% 季增成長中的反映（納入）？

Yes, I would say I think it's in there, at least what we know. But again, it's less pronounced than what we saw last quarter, right?

是的，我會說我認為它有包含在內，至少就我們所知道的部分。但再說一次，它不像上季那麼明顯，對吧？

So I think it's already kind of in the Q3 run rate for the memory pricing and then some of the other things are just a much smaller percentage. And again, it's not everything. And the timing is kind of throughout the quarter versus everything at the beginning of the quarter. So think about, yes, it might be double-digit increases in price, but it's 10 to 20, let's say, on average right?

所以我認為記憶體定價已經大致反映在第三季的 run rate 裡，其他一些因素所占比例就小得多。而且再說一次，並不是全部都涵蓋。時間點也分散在整個季度，而不是全部都在季度一開始就發生。所以可以這樣想：是的，價格可能是雙位數的上漲，但平均大概是 10 到 20（%）左右，我們先這麼說，對吧？

It's like a hundred?

是像 100（%）那樣嗎？

Yes.

是的。

Yes. Okay. And then maybe just last one, on the inventory, can you just kind of update us how you feel about your inventory positioning across just kind of the broader line card and where you see that going over the coming quarters?

是的。好的。最後一個，關於庫存，你能否更新一下你對整體產品線（line card）庫存配置的看法，以及你認為未來幾季會如何發展？

Yes, I think we feel generally good. And again, I think Phil commented on the book-to-bill and the backlog, right, which is one of our challenges we've had over the past several quarters is trying to get that visibility so we can make sure our suppliers are building the right parts that are needed. So I think we feel good. There's still opportunity we have to some things that are in excess and some things that are aged right, continue to turn that and move that and convert into good inventory. But again, we're going to keep investing in inventory we want to make sure we're prepared and we've got enough to support the needs of the customers and the overall demand but we're happy with the progress on the inventory days, and we'll continue to work that where we have opportunities and continue to reinvest, especially in the IP&E side of things.

是的，我想我們整體感覺良好。而且再說一次，我想 Phil 談到了出貨／接單比（book-to-bill）和積壓訂單（backlog），對吧？這也是我們過去幾季面臨的挑戰之一：試著取得那種能見度，以確保我們的供應商在生產正確、真正需要的料件。所以我認為我們感覺不錯。仍然有一些機會：有些東西是過量的，有些是庫齡偏長的，對吧？我們會持續加速周轉、推動出清，並把它轉換成良性庫存。但再說一次，我們會持續投資庫存——我們希望確保已做好準備，有足夠庫存來支援客戶需求與整體需求；我們對庫存天數的進展感到滿意，也會持續在有機會的地方改善並持續再投資，特別是在 IP&E 這一塊。

Farnell still has some continued investment to make as well. So they're improving their inventory days as well, but there's still some things we want to make sure they're prepared as well. So again, I think you see it here continuing to kind of work down as we continue to grow, but still opportunities for some investment and some overall efficiency there.

Farnell 也仍需要持續做一些投資。所以他們的庫存天數也在改善，但仍有一些事情我們希望確保他們也已做好準備。所以再說一次，我想你會看到它在我們持續成長的同時繼續逐步下降，但在投資與整體效率方面仍有一些機會。

Yes, Joe, I'll just add to that. It's our lifeblood, right? So inventory sometimes gets a bad word. It's, we don't want aging. We don't want too much of anything that we don't need.

是的，Joe，我再補充一下。庫存是我們的命脈，對吧？所以庫存有時候會被貼上負面標籤。我們不希望有庫齡過長。我們也不希望有太多任何我們不需要的東西。

But we're constantly balancing that. And it's critical to obviously, our suppliers that we've got the appropriate inventory. And as importantly, as lead times go out, that we're pipelining and part of that message is to our customers to continue to give us, as we talked in the script, more visibility longer term.

但我們一直在做平衡。而且很關鍵的是，對我們的供應商而言，我們必須有適當的庫存。同樣重要的是，當交期拉長時，我們要提前佈局（建立管線）；而這個訊息的一部分也是要傳達給客戶：如同我們在講稿中談到的，請持續提供我們更長期的能見度。

And that's starting to happen, still not across the board, but that's starting to happen as well. So right now, we feel good with our inventory position. We'll continue to improve it. That means both the turning it, but adding the appropriate inventory from a SKU standpoint. And to that point, Farnell, we've actually added, and this is key back to Will's question even from an NPI for new product introduction, we've added over 50, almost 60,000 SKUs last year, another 70,000 additional SKUs just this year. And a lot of that is in the IP&E space, but as well across the board in semiconductor. So I think we have a good handle on it right now, and we feel pretty good about the position of inventory overall.

而這也開始在發生，雖然還不是全面性，但也正在開始發生。所以就目前而言，我們對庫存部位感覺良好。我們會持續改善。這代表兩件事：一是提高周轉，二是從 SKU 的角度補進適當的庫存。而且就這點而言，Farnell——我們其實已經新增了，這也呼應 Will 的問題，甚至從 NPI（新產品導入）的角度來看——我們去年新增了超過 50,000、接近 60,000 個 SKU，今年到目前為止又新增了 70,000 個 SKU。其中很大一部分在 IP&E 領域，但在半導體方面也涵蓋各個面向。所以我認為我們目前掌握得很好，整體而言我們對庫存的狀況相當有信心。

Ruplu Bhattacharya with Bank of America.

美國銀行的 Ruplu Bhattacharya。

So you beat guidance for fiscal 3Q, you're guiding above seasonal for fiscal 4Q. Based on the visibility that you have, do you think that you can maintain above seasonal growth for the second half of calendar '26?

所以你們在會計年度第三季的表現優於指引，且對會計年度第四季的指引高於季節性水準。基於你們目前掌握的能見度，你認為在 2026 年下半年（曆年）能否維持高於季節性的成長？

Well, we don't typically, as you know, we don't typically guide out that far, right? But again, and I really remain vigilant on this, Ruplu. So we're just managing the bookings, managing the backlog and Yes, it looks positive at this point in time that we'll continue to see some growth as we get through the year. Summer is always tough to judge, right, with the holidays and whatnot. But we're not seeing anything that would really negate that at this at this point in time, I think is the important part.

嗯，如你所知，我們通常不會把指引給到那麼遠，對吧？但再次強調，Ruplu，我對此仍然保持高度警覺。所以我們就是在管理接單、管理積壓訂單；是的，就目前來看，情況是正面的，我們在今年接下來的時間裡應該會持續看到一些成長。夏季一向很難判斷，對吧，因為有假期等等因素。但就目前而言，我們沒有看到任何會真正否定這一點的跡象，我想這才是重點。

Okay. Maybe I can ask a follow-up to Ken on margins and specifically on incremental margins, revenues beat quite a bit. You came above the high end of guidance. Were you, was this the incremental margin that you were expecting in the core business? And how should we think about that as we move forward?

好的。也許我可以就毛利率再追問 Ken 一題，特別是增量毛利率；營收大幅超出預期。你們也高於指引區間的上緣。這是你們在核心業務中原本預期的增量毛利率嗎？我們往後應該如何看待？

And has your expectation for Farnell margins changed? Initially, you had guided on the Farnell side, 50 to 100 bps of improvement every quarter. I think on the call, you said that you'll get, you're targeting double-digit operating margin now by sometime in the second half. I think you said of calendar '27. How should we think about that incremental margin on that side of the business?

另外，你對 Farnell 的毛利率預期有改變嗎？一開始你們在 Farnell 端的指引是每季改善 50 到 100 個基點。我記得在電話會議上你說，現在目標是在下半年某個時間點達到兩位數的營業利益率。我想你說的是曆年 2027 年。我們應該如何看待該業務端的增量毛利率？

Yes, I'll start with the last one first about Farnell, Ruplu. And I would say, I think we're tracking pretty well. We saw a nice uptick in gross margin because the on-the-board component mix as expected. I think Phil mentioned here is that Europe really comes back, and we've had a couple of quarters of growth there now, but it's not the same as what we're seeing in Asia, for sure, or even in the Americas in terms of the growth in Europe, both at Farnell and for the core business.

好的，Ruplu，我先從最後一題、也就是 Farnell 的部分開始。我會說，我們目前的進度追蹤得相當不錯。我們看到毛利率有不錯的上升，因為板上元件（on-the-board）的組合如預期發展。我想 Phil 在這裡提到的是，歐洲確實正在回溫；我們在那裡已經連續幾季成長，但就歐洲的成長幅度而言，無論是 Farnell 或核心業務，都還是比不上我們在亞洲看到的情況，甚至也不如美洲。

So I think as that continues to recover, which we're monitoring, you'll get some more uplift there. So we feel good about the progress and the guidance implies improvement in that range. We were expecting in terms of the fourth quarter. I think for the quarter itself, going back to the last comment, a lot of that beat came from Asia, right? We expect it to be down a little bit because of the Lunar New Year, and it was up and so that's impacting the overall operating margin. But I think, in general, we had good progress on operating margin expansion in EC and let's say, the guidance implies further improvement there. So we're tracking pretty well and have a few quarters in a row now.

所以我認為，隨著那邊持續復甦（我們也在持續監控），你會看到更多的上行空間。因此我們對進展感到樂觀，而我們的指引也隱含在那個區間內的改善。就第四季而言，這符合我們原本的預期。至於本季本身，回到你剛才的問題，很多超預期其實來自亞洲，對吧？我們原本預期因農曆新年會稍微下滑，但結果卻上升，因此這也影響了整體營業利益率。但我認為，整體而言，我們在 EC 的營業利益率擴張上取得了不錯的進展，而指引也隱含那邊會進一步改善。所以我們追蹤得相當不錯，且已經連續好幾季如此。

And then the combination of the two helps the Avnet Inc. operating margin expand. So it's still a few quarters away from kind of where our near-term milestones are, but I think we're making good progress and feel good about that. And then obviously, the broader leverage and operating income dollars is much growing much faster than the sales, which is what we'd expect.

而兩者的結合也有助於 Avnet Inc. 的營業利益率擴張。所以距離我們短期里程碑所設定的水準還需要幾季時間，但我認為我們進展良好，且對此感到樂觀。另外很明顯地，整體槓桿效應下，營業利益（以金額計）成長速度遠快於銷售額，這也符合我們的預期。

Okay. Let me just ask a clarification on that. So on Farnell margins, where do you think that can get to by the end of this calendar year so that we set our expectations. And then on, maybe my last question would be, you talked a lot about memory. How much is memory as a percent of revenue or as part of the product line?

好的。我想再釐清一下。就 Farnell 的毛利率而言，你認為到今年曆年年底大概可以到什麼水準，讓我們能建立預期。另外，我最後一題可能是，你們談了很多記憶體。記憶體占營收的比例大概是多少，或在產品線中占比如何？

Like how big is that in terms of your product line or in terms of revenues?

也就是說，就你們的產品線或營收而言，這一塊有多大？

A few different questions there. So I think we said 50 to 100 basis points a quarter for the Farnell improvement. So if you take that by 3 quarters left in the calendar year, you get 150 to 300, right? So I think that's not changing. And then from a memory perspective, obviously, with where pricing has gone, it's become a bigger percentage.

這裡有幾個不同的問題。我想我們說過，Farnell 每季改善 50 到 100 個基點。所以如果以今年曆年剩下 3 季來算，就是 150 到 300（個基點），對吧？所以我認為這個沒有改變。至於記憶體方面，顯然隨著價格走勢，它已成為更高的占比。

So think about roughly in the low double-digit range. And that's primarily a core business kind of comment. EC, Farnell has much would be a much smaller concentration.

所以大概可以把它想成落在低兩位數百分比的區間。而這主要是針對核心業務的說法。EC、Farnell 的占比會小得多。

And there are no further questions at this time. I will now turn it back to Phil Gallagher for closing remarks.

目前沒有其他問題。我現在把時間交回給 Phil Gallagher 做結語。

Okay. Thank you, and thanks for everyone attending the call, and I appreciate all the callbacks and the questions. So again, thanks for attending today's call. We look forward to speaking to everybody at our upcoming conferences and our fourth quarter and fiscal year 2026 earnings report in August. Okay.

好的。謝謝，也感謝各位參與本次電話會議，我也很感謝大家的回覆與提問。再次感謝各位參加今天的電話會議。我們期待在接下來的各場會議，以及 8 月的第四季與 2026 會計年度財報電話會議上，與各位再度交流。好的。

Thanks a lot.

非常感謝。

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

各位女士、先生，今天的電話會議到此結束。您現在可以掛斷電話。感謝您的參與。