安富利 (AVT) 2026 Q4 法說會逐字稿

Welcome to the Avnet fourth quarter fiscal year 2026 earnings call.

歡迎參加 Avnet 2026 財政年度第四季財報電話會議。

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 Avnet 投資人關係總監 Lisa Mueller。請開始。

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

謝謝接線員。我想歡迎各位參加 Avnet 2026 財政年度第四季財報電話會議。今天早上，Avnet 已公布 2026 財政年度第四季財務結果，新聞稿可於 Avnet 官網的投資人關係專區取得，並附有簡報投影片，您可於方便時自行瀏覽。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。

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.

此類前瞻性陳述不保證公司績效，且公司實際結果可能與該等陳述所載內容存在重大差異。可能造成或導致此類差異的若干因素，已在 Avnet 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.

今天的電話會議將由 Avnet 執行長 Phil Gallagher 與 Avnet 財務長 Ken Jacobson 主持。

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

接下來，讓我把電話會議交給 Phil Gallagher。Phil？

Thank you, Lisa, and thank you, everyone, for joining us on our fourth quarter and fiscal year 2026 earnings call. I'm very pleased to report an exceptional finish to fiscal 2026. The fourth quarter results came in well above our expectations and capped a year of strong performance and meaningful progress for Avnet.

謝謝你，Lisa，也謝謝各位參加我們的第四季與 2026 財政年度財報電話會議。我很高興向各位報告，2026 財政年度以非常出色的表現收官。第四季結果遠高於我們的預期，為 Avnet 強勁表現且取得重大進展的一年畫下句點。

We delivered a record quarter across all key metrics in both our Electronic Components and Farnell businesses supported by improving demand across all of our core markets, strong execution by our teams and expanded margins from the operating leverage inherent in our business model. For the full fiscal year, Avnet delivered substantial revenue, margin and earnings growth as market conditions improved, and our team remained focused on execution in areas we can control.

在電子元件與 Farnell 兩大事業中，我們在所有關鍵指標上都創下單季新高，受惠於核心市場需求改善、團隊強力執行，以及我們商業模式所固有的營運槓桿帶動的利潤率擴張。就全年而言，隨著市場狀況改善，Avnet 實現了可觀的營收、毛利率與獲利成長，而我們的團隊也持續專注於我們可控領域的執行。

Looking back, fiscal 2026 was a year when many of the indicators we have been discussing for several quarters began to translate into stronger results. Book-to-bills improved, backlog grew, customer demand visibility and ordering patterns strengthened, lead times extended in most product categories and demand creation activity remained healthy. Just as important, we stay disciplined in working capital, operating expenses and capital allocation while continuing to invest in capabilities that differentiate Avnet in the market.

回顧 2026 財政年度，這是一個我們在過去數季持續討論的多項指標開始轉化為更強勁成果的一年。出貨比（book-to-bill）改善、在手訂單（backlog）增加、客戶需求能見度與下單模式轉強、多數產品類別交期拉長，且需求創造活動維持健康。同樣重要的是，我們在營運資金、營業費用與資本配置上保持紀律，同時持續投資於能讓 Avnet 在市場上脫穎而出的能力。

Throughout the year, we continue to demonstrate the value we bring at the center of the technology supply chain. We strengthened supplier relationships, supported customers through a more complex demand environment and expanded our technical and digital capabilities. We also ensured that we are well positioned to participate in several end markets that are demonstrating high growth potential or already showing high growth in electronic components demand. I'm going to thank our employees around the world for their hard work and commitment. These results reflect the experience, resilience and dedication of our team.

全年期間，我們持續展現身處科技供應鏈核心所帶來的價值。我們強化了與供應商的關係，在更複雜的需求環境中支援客戶，並擴充我們的技術與數位能力。我們也確保自身具備良好定位，能參與多個展現高成長潛力、或已在電子元件需求上呈現高成長的終端市場。我要感謝全球員工的辛勤付出與投入。這些成果反映了我們團隊的經驗、韌性與奉獻。

Now turning to the recently completed fourth quarter. It was a record quarter for Avnet that exceeded our sales and EPS guidance. We achieved record sales of $8.3 billion and an adjusted operating margin of 3.8%, highlighted by an electronic components operating margin of 4% and a 9% operating margin at Farnell. We also improved inventory days to 71, the lowest level in nearly four years and believe we have the capacity to continue improving in fiscal 2027. The sales improvement we saw was broad-based.

接著談剛結束的第四季。這是 Avnet 的創紀錄季度，銷售額與每股盈餘（EPS）皆超越我們的指引。我們達成 83 億美元的創紀錄銷售額，以及 3.8% 的調整後營業利益率，其中電子元件營業利益率達 4%，Farnell 的營業利益率達 9%。我們也將存貨天數改善至 71 天，為近四年最低水準，並相信在 2027 財政年度仍有持續改善的空間。我們看到的銷售改善是全面性的。

We are excited not only by the magnitude of the growth, but the breadth of the recovery across all regions and end markets. This gives us confidence that the improvement in demand is not tied to a single end market or trend, but reflects a broader demand recovery across the diverse applications that require electronic components.

我們不僅對成長幅度感到振奮，也對各地區與各終端市場復甦的廣度感到振奮。這讓我們更有信心，需求改善並非僅與單一終端市場或趨勢相關，而是反映出在需要電子元件的多元應用中，出現更廣泛的需求復甦。

The supply environment continued to tighten during the quarter, with lead times moving higher across most of the component categories we track for both semiconductors, interconnect, passive and electromechanical or IP&E products. What initially appeared to be demand concentrated around AI and Data Center related deployments has broadened considerably with extended lead times now evident across a wider range of applications and end markets. As the quarter progressed, pricing increases became more prevalent beyond memory. We expect additional price increases from a number of semiconductor and IP&E suppliers in the months ahead.

本季供應環境持續趨緊，我們追蹤的多數元件類別交期皆上升，涵蓋半導體、互連、被動元件，以及機電或 IP&E 產品。起初看似集中在 AI 與資料中心相關部署的需求，已明顯擴大；目前交期延長已在更廣泛的應用與終端市場中浮現。隨著季度推進，除記憶體之外的漲價情況也更為普遍。我們預期未來數月將有多家半導體與 IP&E 供應商進一步調漲價格。

Artificial intelligence continues to be an important catalyst for the industry and for Avnet, but we believe the improving demand environment is broader than AI alone. While we benefit from sales into data center applications and technologies that support AI infrastructure, we are also seeing positive effects across our diversified end markets. Investments being made to support AI are accelerating demand for power management, connectivity, automation and other enabling technologies across a wide range of applications. That impact is increasing semiconductor and component content across the broader markets we serve.

人工智慧仍是產業與 Avnet 的重要催化劑，但我們認為需求環境的改善不僅僅來自 AI。雖然我們受惠於資料中心應用以及支援 AI 基礎設施的相關技術銷售，我們也在多元化的終端市場中看到正面效應。為支援 AI 所進行的投資，正加速電源管理、連接性、自動化及其他關鍵使能技術在各類應用中的需求。這種影響正在提升我們所服務更廣泛市場中的半導體與元件含量。

We also see new demand from customers that are deploying AI at the edge. These customers are in our industrial sweet spot, which we are well positioned to serve. Robotics, drones and autonomous systems are still in the early stages of adoption, but each application requires a combination of sensing, connectivity, embedded computing, power and thermal management. These are areas where our supplier line card, engineering resources, global scale and supply chain expertise create meaningful value.

我們也看到客戶在邊緣端部署 AI 所帶來的新需求。這些客戶位於我們的工業領域優勢區間，而我們具備良好條件提供服務。機器人、無人機與自主系統仍處於採用初期，但每項應用都需要感測、連接、嵌入式運算、電源與散熱管理等組合。在這些領域，我們的供應商產品線、工程資源、全球規模與供應鏈專業能力能創造顯著價值。

Now with that, let me turn to the highlights for our businesses. Our Electronic Components business delivered another record sales quarter. All three regions grew double digits year over year and sequentially. Sales growth was the highest in the Americas, marking its fourth consecutive quarter of year on year growth. All end markets showed sequential growth. Year on year, aerospace and defense, networking and data center were the strongest end markets.

接下來，讓我談談各事業的重點。我們的電子元件事業再度創下單季銷售新高。三大區域的年增率與季增率皆達雙位數成長。美洲地區的銷售成長最高，並連續第四季實現年增。所有終端市場皆呈現季增。以年增來看，航太與國防、網路，以及網通與資料中心是表現最強的終端市場。

In Asia, sales reached another record high of $3.9 billion, marking our eighth consecutive quarter of year on year sales growth in the region. Similar to last quarter, demand increased across all the geographies and end markets we serve, led by data center, transportation, networking and industrial. In EMEA, sales grew both sequentially and year on year for the third consecutive quarter. We are seeing improvement with a mix of higher performing end markets such as data center and industrial alongside markets with somewhat slower growth like transportation.

在亞洲，銷售額再創新高達 39 億美元，為該地區連續第八季年增。與上季相似，我們服務的所有地理區域與終端市場需求皆增加，其中以資料中心、運輸、網路與工業為主。在 EMEA，銷售額連續第三季同時呈現季增與年增。我們看到資料中心與工業等表現較佳的終端市場帶動改善，同時也包含運輸等成長相對較慢的市場。

We continue to see positive signs, including improved book-to-bills and our expectations that the region will see continued growth in the second half of calendar year 2026. Within Europe, we also continue to see steady improvement in our embedded business, which creates tighter customer relationships and better margins. Customers continue to see the value embedded boards and display bring as a part of our total solutions offering, helping them solve for their product design requirements.

我們持續看到正向跡象，包括訂單出貨比（book-to-bill）改善，以及我們預期該地區在2026曆年下半年將持續成長。在歐洲，我們也持續看到嵌入式業務穩健改善，這能建立更緊密的客戶關係並帶來更佳的利潤率。客戶持續看見嵌入式板卡與顯示產品作為我們整體解決方案的一部分所帶來的價值，協助他們滿足產品設計需求。

Now turning to Farnell. We were pleased with the continued progress in the business. Farnell benefit from improving demand, continued execution against its strategy and the benefits of leveraging Farnell's digital platform and high-service distribution model within Avnet's global relationships and scale. Our Power of One initiatives continue to create opportunities for both organizations and we are excited by Farnell's trajectory as market conditions improve, particularly in Europe. This quarter demonstrated that our model is designed to generate significant profit expansion as we grow the top line. We delivered meaningful margin expansion and earnings growth while managing our operating expenses.

接著談到Farnell。我們對該業務持續取得進展感到滿意。Farnell受惠於需求改善、持續落實其策略，以及在Avnet的全球關係與規模之下，運用Farnell的數位平台與高服務分銷模式所帶來的效益。我們的「Power of One」倡議持續為兩個組織創造機會，隨著市場狀況改善，特別是在歐洲，我們對Farnell的發展軌跡感到振奮。本季顯示，我們的模式在營收成長時，能夠帶來顯著的獲利擴張。在控管營運費用的同時，我們實現了可觀的利潤率擴張與獲利成長。

We still have ample capacity in our sales, engineering, digital and distribution infrastructure, and that capacity becomes more valuable as demand improves and market conditions tighten. Our higher-margin IP&E business is another example of how we benefit from complexity and the fourth quarter was another record quarter for IP&E sales. For the full fiscal year, IP&E sales are approaching $5 billion. As AI infrastructure, industrial automation, robotics, drones and edge applications expand, customers need more complete technology solutions. Our ability to bring semiconductor and IP&E products together through demand creation, technical support and supply chain expertise is an important part of our value proposition.

我們在銷售、工程、數位與分銷基礎設施方面仍有充足產能，而隨著需求改善與市場條件趨緊，這些產能的價值將更為凸顯。我們高毛利的IP&E業務是我們如何從複雜度中受益的另一個例子，而第四季IP&E銷售再創單季新高。就全年而言，IP&E銷售額正接近50億美元。隨著AI基礎設施、工業自動化、機器人、無人機與邊緣應用擴張，客戶需要更完整的技術解決方案。我們透過需求創造、技術支援與供應鏈專業，將半導體與IP&E產品整合提供的能力，是我們價值主張的重要一環。

Our Supply Chain Solutions business continues to build momentum as large OEM customers increasingly turn to us to help navigate complex and evolving supply chains. We are expanding our engagement with a growing number of leading OEMs, particularly in markets such as data center infrastructure, networking and transportation where demand trends remain favorable. The strength of our capabilities was recently recognized by General Motors, which named Avnet a 2025 Creative Supplier of the Year, recognizing our relationship, innovation and supply chain support. This award reinforces the value we bring to customers through our global reach, deep industry expertise and ability to deliver creative supply chain solutions.

我們的供應鏈解決方案（Supply Chain Solutions）業務持續累積動能，因為大型OEM客戶愈來愈多地轉向我們，以協助因應複雜且不斷演變的供應鏈。我們正擴大與愈來愈多領先OEM的合作，特別是在資料中心基礎設施、網路與運輸等需求趨勢仍然有利的市場。我們能力的強項近期也獲通用汽車（General Motors）肯定，其將Avnet評選為2025年度「創意供應商」（Creative Supplier of the Year），表彰我們的合作關係、創新與供應鏈支援。此獎項再次強化我們透過全球佈局、深厚產業專業與提供創新供應鏈解決方案的能力，為客戶帶來的價值。

Another good example of the differentiated capabilities within our company is Avnet Integrated Solutions, which helps customers bring complete technology solutions to market by providing system assembly, rack integration, configuration, testing and deployment services globally. One of its larger customers sells directly into the data center market, and we support that growth through a combination of technology solutions, physical integration, supply chain coordination and fulfillment capabilities. While this is only one example, it highlights how Avnet creates value beyond traditional component distribution and participates in high-growth areas where complexity is increasing.

公司內部差異化能力的另一個良好例子是Avnet Integrated Solutions，其透過在全球提供系統組裝、機櫃整合、組態設定、測試與部署服務，協助客戶將完整的技術解決方案推向市場。其一位較大型客戶直接銷售至資料中心市場，而我們透過技術解決方案、實體整合、供應鏈協調與履約能力的組合來支持其成長。雖然這只是其中一個例子，但它凸顯Avnet如何在傳統元件分銷之外創造價值，並參與複雜度日益提高的高成長領域。

As I reflect on fiscal 2026, I am proud of what our team accomplished. But I'm also mindful that success in our industry is earned every day. It is earned through reliability, execution, technical expertise and trusted relationships. That responsibility is something we take very seriously. It is also why I believe our culture matters so much. We have experienced teams who understand the market, stay close to customers and suppliers and move quickly when conditions change. That consistency is a real advantage for Avnet.

回顧2026會計年度，我為團隊所完成的成果感到自豪。但我也清楚，在我們的產業中，成功是每天都要靠努力贏得的。它來自可靠性、執行力、技術專業與值得信賴的關係。這份責任我們非常嚴肅看待。這也是我相信企業文化如此重要的原因。我們擁有經驗豐富的團隊，了解市場、貼近客戶與供應商，並在情勢變化時迅速行動。這種一致性是Avnet真正的優勢。

Looking ahead, we remain optimistic but grounded. Market conditions and demand trends continue to improve. Our book-to-bills in all regions are solidly above 1. Our backlog is healthy and extending, giving us better visibility well into fiscal year 2027. And our diversified go-to-market strategies, end markets and supplier technologies, ensure we are well positioned to benefit from the many of the long-term growth trends shaping the electronics industry.

展望未來，我們保持樂觀但也務實。市場狀況與需求趨勢持續改善。我們所有地區的訂單出貨比（book-to-bill）都穩健高於1。我們的在手訂單（backlog）健康且持續延長，使我們對2027會計年度有更佳的能見度。此外，我們多元化的市場進入策略、終端市場與供應商技術，確保我們具備良好定位，可受惠於塑造電子產業的多項長期成長趨勢。

At the center of the technology supply chain, Avnet has never been more relevant. Our capabilities, relationships and global reach position us to support customers and suppliers as demand strengthens across the markets we serve. We are proud of the progress we made in fiscal 2026 and are focused on continuing to execute with discipline as we move into fiscal year 2027.

身處技術供應鏈的核心，Avnet從未像現在這樣更具關聯性。我們的能力、關係與全球佈局，使我們能在所服務市場需求轉強之際，支援客戶與供應商。我們為2026會計年度取得的進展感到自豪，並專注於在邁入2027會計年度時持續以紀律執行。

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

接下來，我把時間交給Ken，請他更深入說明我們第四季的業績。Ken？

Thank you, Phil, and good morning, everyone. We appreciate your interest in Avnet. Our sales for the fourth quarter were a record $8.3 billion, above the high end of our guidance range and up 48% year over year. On a sequential basis, sales were higher by 17%. Foreign currency did not have a meaningful impact on our sales growth this quarter. Regionally, on a year over year basis, sales increased 55% in the Americas, 46% in Asia and 44% in EMEA. During the fourth quarter, sales from Asia were 47% of total sales compared to approximately 48% of sales in the year ago quarter.

謝謝你，Phil，各位早安。感謝各位對Avnet的關注。我們第四季銷售額創下83億美元新高，高於我們指引區間的上緣，且年增48%。以季比來看，銷售額成長17%。外匯對本季銷售成長沒有造成顯著影響。按地區來看，以年比計算，美洲銷售成長55%，亞洲成長46%，EMEA成長44%。第四季來自亞洲的銷售占總銷售的47%，相較於去年同期約占48%。

From an operating group perspective, Electronic components had record sales during the quarter as sales increased 49% year over year and increased 17% sequentially. Farnell also had record sales during the quarter as sales increased 29% year over year and 10% sequentially. Similar to last quarter, memory prices increased during the quarter. As a result, approximately one-third of both the sequential and year over year sales growth was attributable to pricing increases in the memory product category.

從營運事業群角度來看，電子元件（Electronic Components）本季銷售創新高，年增49%，季增17%。Farnell本季銷售同樣創新高，年增29%，季增10%。與上季類似，記憶體價格在本季上漲。因此，無論是季比或年比的銷售成長，約有三分之一可歸因於記憶體產品類別的價格上漲。

For the fourth quarter, gross profit dollar grew at approximately the same rate as sales growth or 46% year over year. Gross profit margin of 10.4% was up 5 basis points sequentially and was down 14 basis points year over year. Electronic Components gross profit margin was flat sequentially and down 25 basis points year over year. Farnell gross profit margin was up nearly 400 basis points year over year and was up over 200 basis points sequentially, primarily due to a better mix of higher margin on the board component.

第四季毛利金額的成長率與銷售成長率大致相同，年增約46%。毛利率為10.4%，較上季增加5個基點，但較去年同期下降14個基點。電子元件毛利率季比持平，年比下降25個基點。Farnell毛利率年比提升近400個基點，季比提升超過200個基點，主要因為較高毛利的板卡元件（board component）組合占比更佳。

SG&A expenses were $548 million in the quarter, up $96 million year over year and $29 million sequentially. The sequential increase in SG&A is primarily from higher incentive compensation, freight and logistics costs due to higher sales volumes. Our expense discipline continues to drive our operating leverage as a percentage of gross profit dollars, SG&A expenses were 63% in the fourth quarter compared to 70% last quarter and 76% a year ago. SG&A expense as a percentage of gross profit dollars was even lower for our EC business at 56% compared to 62% last quarter and 68% a year ago. We expect that our SG&A expenses as a percentage of gross profit will continue to improve to below 60% before the end of fiscal 2027.

本季SG&A費用為5.48億美元，較去年同期增加9,600萬美元，較上季增加2,900萬美元。SG&A的季比增加主要來自較高的激勵性薪酬，以及因銷售量提高而增加的運費與物流成本。我們的費用紀律持續推動營運槓桿；以毛利金額百分比計，第四季SG&A費用為63%，相較上季為70、去年同期為76%。就我們的EC業務而言，SG&A費用占毛利金額的比例更低，為56%，相較上季為62%、去年同期為68%。我們預期SG&A費用占毛利的比例將持續改善，並在2027會計年度結束前降至60%以下。

For the fourth quarter, we reported adjusted operating income of $318 million and the Avnet adjusted operating margin was 3.8%, an increase of over 70 basis points from last quarter. This represents the fourth consecutive quarter of adjusted operating income margin expansion. Adjusted operating income also grew approximately 2.6 times greater than sales compared to last quarter and last year. We expect to continue to drive operating income growth at approximately twice the rate of sales growth, supported by our disciplined expense management.

第四季，我們報告調整後營業利益為3.18億美元，Avnet 調整後營業利益率為3.8%，較上季提高超過70個基點。這代表調整後營業利益率連續第四季擴張。相較於上季與去年，調整後營業利益的成長約為銷售成長的2.6倍。在嚴謹的費用管理支持下，我們預期將持續推動營業利益成長，約為銷售成長率的兩倍。

By operating group, Electronic Components operating income was $317 million and EC operating margin was 4.1% in the fourth quarter. The 54 basis points sequential increase in EC operating margin was led by the Americas with all regions improving their operating margin sequentially and year over year. This is EC's third consecutive quarter of operating margin expansion and is the highest EC operating margin in more than two years. Farnell operating income was $45 million, and their operating income margin was 9%, which was up nearly 400 basis points from last quarter. This is the highest Farnell operating margin in over three years and is our seventh consecutive quarter of operating margin expansion. Farnell continues to be on track to reach double-digit operating margins before the end of 2027.

按營運事業群來看，第四季電子元件（Electronic Components）營業利益為3.17億美元，EC 營業利益率為4.1%。EC 營業利益率較上季增加54個基點，主要由美洲地區帶動，且所有地區的營業利益率不論季比或年比皆有所改善。這是EC連續第三季營業利益率擴張，亦為兩年多來最高的EC營業利益率。Farnell 營業利益為4,500萬美元，其營業利益率為9%，較上季提升近400個基點。這是Farnell三年多來最高的營業利益率，也是我們連續第七季營業利益率擴張。Farnell 仍按計畫在2027年底前達成兩位數的營業利益率。

Turning to expenses below operating income. Fourth quarter interest expense was $66 million, and our adjusted effective income tax rate was 23%, both consistent with expectations. Adjusted diluted earnings per share of $2.28 was a quarterly record for our company and was well above the high end of our guidance. Adjusted diluted earnings per share grew 3.8 times greater than sales compared to last year and grew 3.3 times greater than sales compared to last quarter. Near term, we expect EPS to continue growing at approximately 3 times as fast as sales, driven by sales growth and expanded operating margins.

接著談營業利益以下的費用項目。第四季利息費用為6,600萬美元，我們的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2.28美元，創公司單季新高，且明顯高於我們指引區間的上緣。相較去年，調整後稀釋每股盈餘的成長為銷售成長的3.8倍；相較上季，則為銷售成長的3.3倍。短期內，我們預期在銷售成長與營業利益率擴張的帶動下，EPS將持續以約為銷售成長3倍的速度成長。

Turning to the balance sheet and liquidity. During the quarter, working capital increased $559 million sequentially, primarily due to an increase in accounts receivable driven by the $1.2 billion growth in sales, Working capital days decreased seven days quarter-over-quarter to 69 days. From an inventory perspective, inventory days improved to 71 days from 77 days last quarter. Our EC inventory days improved below 65 days and Farnell inventory days improved to below 200 days. We expect inventory days to continue to improve for EC, but we expect Farnell inventory to remain around 200 days, reflecting the business' typical inventory turn profile of 2 turns per year.

接著談資產負債表與流動性。本季營運資金較上季增加5.59億美元，主要因銷售成長12億美元帶動應收帳款增加；營運資金天數季比下降7天至69天。就存貨而言，存貨天數由上季的77天下降改善至71天。我們的EC存貨天數改善至65天以下，Farnell存貨天數改善至200天以下。我們預期EC的存貨天數將持續改善，但預期Farnell存貨將維持在約200天左右，反映該業務典型的存貨周轉特性：每年周轉2次。

Inventory dollars grew 11% or $600 million, similar to the impact pricing had on sales, more than 50% of the inventory increase was driven by pricing and substantially all of that was memory-related. Inventory net of accounts payable decreased by $821 million compared to last quarter. Inventory remains a fundamental driver of our business. We will continue to focus on making necessary inventory investments to position us to capture the growth opportunities we see in the markets we serve. We ended the quarter with a return on working capital of 19%, exceeding our near-term target of 16%. Continually improving our return on working capital will remain a key priority for us coming into the new fiscal year.

存貨金額成長11%或6億美元，與定價對銷售的影響相近；存貨增加中超過50%由價格因素驅動，而其中幾乎全部與記憶體相關。扣除應付帳款後的存貨較上季減少8.21億美元。存貨仍是我們業務的基本驅動因素。我們將持續聚焦於進行必要的存貨投資，以使我們能把握所服務市場中看到的成長機會。本季結束時，我們的營運資金報酬率為19%，高於我們短期目標16%。在新會計年度，我們將持續提升營運資金報酬率，這仍將是我們的關鍵優先事項。

In the fourth quarter, we used $291 million of cash flow from operations to support $1.2 billion of sequential sales growth. We anticipate using cash in the first quarter to continue supporting sales growth, primarily in the form of accounts receivable. With regards to our capital allocation, in the near term, we expect to prioritize funding our accelerating growth and supporting our dividend. Cash used for capital expenditures was $17 million during the quarter. We are making progress towards our leverage target of approximately 3 times which we expect to achieve by the end of the calendar year.

第四季，我們使用2.91億美元的營運活動現金流，以支援銷售季增12億美元。我們預期第一季將使用現金以持續支援銷售成長，主要以應收帳款的形式。就資本配置而言，短期內我們預期將優先為加速成長提供資金並支持股利。本季資本支出使用現金1,700萬美元。我們正朝約3倍的槓桿目標邁進，並預期在曆年年底前達成。

We ended the fourth quarter with a gross leverage of 3.2 times, down from 3.6 times in the third quarter and with approximately $1.2 billion of available committed borrowing capacity. For the fiscal year, we returned $138 million to shareholders from share repurchases, representing 3.2% of shares outstanding. We also returned $114 million to shareholders in dividends, including $29 million for the quarter.

第四季結束時，我們的總槓桿倍數為3.2倍，低於第三季的3.6倍，且約有12億美元可用的已承諾借款額度。就整個會計年度而言，我們透過庫藏股回購向股東返還1.38億美元，相當於流通在外股數的3.2%。我們也以股利形式向股東返還1.14億美元，其中本季為2,900萬美元。

Turning to the first quarter guidance. We're guiding sales in the range of $9 billion to $9.3 billion and adjusted diluted earnings per share in the range of $2.80 to $2.90. Our first quarter guidance assumes current market conditions persist and implies a sequential sales increase of approximately 10% at the midpoint. This guidance also assumes similar interest expense compared to the previous quarter, an effective tax rate of between 21% and 25% and 85 million shares outstanding on a diluted basis.

接著談第一季指引。我們預估銷售額介於90億至93億美元之間，調整後稀釋每股盈餘介於2.80至2.90美元之間。我們的第一季指引假設目前市場狀況持續，並在中位數隱含銷售季增約10%。此指引亦假設利息費用與前一季相近、有效稅率介於21%至25%，以及稀釋後流通在外股數為8,500萬股。

I want to thank our team for driving a solid quarter and fiscal year of improved financial results. We have great momentum coming into the new fiscal year, and we continue to position ourselves to be able to capitalize on the growth opportunities ahead and to continue to achieve new records for both sales as well as earnings in the coming quarters.

我要感謝我們的團隊推動本季與本會計年度取得穩健表現，財務結果有所改善。我們在新會計年度開始之際動能強勁，並持續讓自己處於有利位置，以把握未來的成長機會，並在接下來幾季持續在銷售與獲利兩方面創下新紀錄。

With that, I will turn it over to 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)

Joe Quatrochi, Wells Fargo.

Joe Quatrochi，富國銀行（Wells Fargo）。

Yeah. I was wondering if you could just talk a little bit more about the pricing dynamics that you're seeing. What's kind of embedded in the guide for a memory pricing change perspective? And then on the reported results, can you help us just understand what was the impact on the memory pricing from an EBIT perspective on a sequential year over year basis relative to, I think you said it was about one-third of the revenue growth?

是的。我想請你們再多談一點你們看到的定價動態。就記憶體價格變動的角度來看，你們在指引中大致反映了哪些假設？另外，就已公布的結果而言，你們能否協助我們理解，從EBIT角度看，記憶體定價對季比與年比的影響為何？相對於——我記得你們說大約占營收成長的三分之一？

Yeah. Thanks, Joe. I'll start and then turn it over to Ken for some of the percentages as well. So thanks. Well, as a general statement, even outside of memory, we're starting to see a broader expansion of price increases across other commodities. So we mentioned that last quarter is the lead times continue to extend our forecast to extend we'll start seeing some ASP inflation. And it's a -- it's pretty broad, not across the board everywhere, but it's pretty broad.

好的。謝謝，Joe。我先回答，然後也會把一些百分比的部分交給Ken補充。所以謝謝。總體而言，即使不含記憶體，我們也開始看到其他大宗商品的漲價範圍更廣。因此我們上季提到，隨著交期持續拉長、我們預期交期將延長，我們將開始看到平均售價（ASP）上漲。而且——這相當廣泛，雖然不是每個地方都全面發生，但範圍相當廣。

And then the question, does it impact our margins or impact our GP dollars. A lot of times, we pass the pricing through to the customer. We don't typically mark it up beyond that price increase. So we get some ASP upside and maybe some GP dollar upside but not necessarily in the percent, if you will. But to date, most of it has really been in memory.

接著是問題：這是否影響我們的利潤率或影響我們的毛利（GP）金額。很多時候，我們會將漲價轉嫁給客戶。我們通常不會在該價格上漲之外再額外加價。因此我們會有一些ASP上行，或許也會有一些毛利金額上行，但不一定反映在百分比上。但截至目前，大部分的影響確實主要來自記憶體。

But starting this quarter -- end of last quarter, this quarter will start to hit other areas. And then there's other parts of the portfolio, Joe, you got to remember, that are still price negotiations, we've got some deflation there, too. So it's not all inflation. So there is some deflation happening as well.

但從本季開始——上季末開始，本季將開始影響到其他領域。另外，Joe，你要記得，投資組合裡還有其他部分仍在進行價格談判，我們那邊也有一些通縮。所以不全都是通膨。因此也確實正在發生一些通縮。

Ken, do you want to.

Ken，你要不要。

Yeah. I would say just to add to what Phil said, I think we would see that there's other price increases happening or being announced, but they're much more modest than what we saw in memory. I would say then the guide assumed modest or minor price increases going into next quarter, we'll continue to monitor the situation and give clarity there. From a -- how much the impact EBIT or operating income we would say about one-third of that GP dollar growth also came from pricing. So there wasn't any meaningful difference between the sales impact and the GP dollar impact.

對。我想補充 Phil 的說法，我們確實看到其他價格上調正在發生或被宣布，但幅度比我們在記憶體看到的要溫和得多。我會說，我們的指引假設下季會有溫和或小幅的價格上調；我們會持續監控情況並在那方面提供更清楚的說明。至於——對 EBIT 或營業利益的影響，我們會說 GP（毛利）美元成長中約有三分之一也來自定價。所以銷售端的影響與 GP 美元端的影響之間，並沒有任何顯著差異。

And I think just in general, I think our operating income dollars, our GP dollars dropped through about 2.6 times. So think about it as the operating leverage benefited not only from the volume growth but also from the pricing in roughly the same mix as what we saw in the GP dollars.

而且我想整體來說，我們的營業利益美元、我們的 GP 美元，大約以 2.6 倍的比例下沉（drop-through）。所以可以這樣理解：營運槓桿的受益不僅來自量的成長，也來自定價，而且其組合大致與我們在 GP 美元上看到的相同。

Okay. And then maybe I think you -- I think I heard you say greater than 50% of the increase in inventory was more or less related to kind of pricing of the inventory or pricing of the mix. Can you talk about just like the unit increase of inventory? And then how do we think about the unit increase of inventory as we start to look into fiscal '27 or into the September quarter?

好的。接著也許——我想我聽到你說，庫存增加中有超過 50% 多多少少與庫存的定價或組合定價有關。你能談談庫存的單位數增加嗎？另外，當我們開始展望 27 財年或 9 月季度時，我們該如何看待庫存單位數的增加？

Yeah, that's right. About half of the increase came from pricing specifically in memory. And again, some of that's just timing differences, right, in terms of when we got product and things of that nature. I think, in general, you're going to need more units to support the higher volumes, but we're turning it faster. So I think our commentary was you expect to continue to see some improvement at least in the EC business on the inventory days as we continue to increase our working capital velocity. But I think the inventories as healthy as it's been, no real problems in terms of even some of the stuff that was kind of excess is kind of freed up. So we're in really good shape, I think, from a quality of inventory and continue to see things get tighter, right? So as things get tighter, we want to make sure we've got inventory on the shelf to take advantage of that opportunity as lead times extend.

對，沒錯。大約一半的增加來自記憶體的定價。而且再說一次，其中有些只是時點差異，對吧，例如我們何時拿到產品以及諸如此類。我想整體而言，你會需要更多單位數來支撐更高的出貨量，但我們的周轉更快。所以我想我們的說法是：隨著我們持續提升營運資金周轉速度，至少在 EC 業務上，你會預期庫存天數會持續看到一些改善。但我認為庫存狀況是我們所見過最健康的，沒有真正的問題；甚至一些原本算是過剩的品項也已經釋放出來了。所以我認為就庫存品質而言我們狀況非常好，而且也持續看到供應變得更吃緊，對吧？因此當供應更吃緊、交期拉長時，我們要確保貨架上有庫存，才能把握那個機會。

Joe, just additional. We work with all of our customers, as you know, in the forecasting as well as obviously balancing that with our suppliers' needs and bounce that back and forth. So from a unit standpoint, we're in good shape, from an inventory standpoint to Ken's point, the inventory is healthy. But we're constantly though meeting with our suppliers to be sure we got the right positioning of their inventory of the top runners as well, and we track it with many supplier in the weeks of inventory, okay?

Joe，再補充一下。如你所知，我們與所有客戶合作做預測，同時也會把這與供應商的需求做平衡，並在兩者之間來回協調。所以就單位數而言，我們狀況良好；就庫存而言，如 Ken 所說，庫存是健康的。但我們也會持續與供應商開會，確保他們的庫存——尤其是最暢銷的品項——有正確的配置；我們也用「庫存週數」來追蹤，且是對很多供應商都這樣做，好嗎？

So we're still investing in inventory, big time, as a matter of fact, is very critical. And and booking that balance with the suppliers. And I do know in Farnell, where we said the inventory's base improved as well. The SKU count actually year on year is up somewhere around 2% to 3%. So we'll continue to add inventory there. So this might be a different mix and broader, which is what we want for the high service business.

所以我們仍在大力投資庫存，事實上這非常關鍵。並且——並且與供應商一起預訂並平衡那個配置。而我也知道在 Farnell，我們說過庫存基礎也有所改善。SKU 數量其實年對年增加約 2% 到 3%。所以我們會持續在那邊增加庫存。因此這可能會是不同的組合、也更廣，這正是我們在高服務業務中想要的。

William Stein, Truist Securities.

William Stein，Truist Securities。

Great. Congrats on the very good results on the huge guidance you're providing. Phil, I'm hoping you can talk to us a little bit about sort of the positioning in the cycle, right? You just post posted revenue up, I don't know, about 34% year over year. It's the fourth quarter of year over year growth. What inning would you say we're in?

很好。恭喜你們取得非常好的成果，以及你們提供的強勁指引。Phil，我希望你能跟我們談談你們在景氣循環中的定位，對吧？你們剛公布營收年增，我不知道，大概 34%。這是連續第四個季度的年增。你會說我們現在在第幾局？

Thanks, Will, for the comments, first off. That's a tough one to call. It's -- yes, we're going to fourth quarter. It's actually almost 50% year on year this quarter. It was 34% last quarter growth. And by the way, for Asia, it's eight quarters, Will, which is extended already, right, and still looking very bright. So it's tough to call. I'd say we're, and it depends on the supplier you talk to, but for most part, or the customers, it feels like maybe in the third or fourth inning, maybe something on those lines to put it into baseball terms.

Will，先謝謝你的評論。這題很難判斷。是——沒錯，我們是連續第四個季度。其實本季年對年接近 50%。上季成長是 34%。順帶一提，Will，在亞洲是連續八個季度，這已經拉得很長了，對吧，而且看起來仍然非常亮眼。所以很難判斷。我會說——而且這也取決於你跟哪一家供應商或客戶聊——但大多數情況下，感覺可能在第三或第四局左右；用棒球術語來說，大概是這樣。

For sure, not the eighth inning. So I probably say front one-third of the baseball game, the third or fourth inning. It is an analogy, I'm hoping you understand, it is not exact to what inning, but I think it gives you a little bit of an idea of what we're seeing from a backlog bookings, et cetera, just -- it seems like it's going to last for a little while.

肯定不是第八局。所以我大概會說是在棒球比賽的前 1/3，也就是第三或第四局。這只是個比喻，希望你能理解，並不是精確對應到第幾局，但我想它能讓你對我們從在手訂單、接單等所看到的情況有一些概念——看起來還會持續一段時間。

Okay. Maybe the other thing I'd like to look at is the margin performance. I think you explained why gross margins make -- I mean, they were up sequentially, but maybe a little bit disappointing considering the magnitude of the upside, why that wouldn't have sort of flowed through the better result. I think what you've said is that price increases have sort of deflationary effect on that. But as we progress through the cycle, where should we anticipate gross and operating margins traveling to and maybe settling out. I think historically, you've talked about a 5% or greater than 5% operating margin target. You're still nowhere near that really you've gotten close before. How should we think about expansion over the next few quarters?

好的。另外我想看的，是毛利率表現。我想你解釋了為什麼毛利率——我的意思是，它們季對季是上升的，但考量到超預期的幅度，可能有點令人失望，為什麼沒有把更好的結果那樣傳導進來。我想你說的是，價格上調對那個有某種通縮性的影響。但隨著我們在循環中往前走，我們應該預期毛利率與營業利益率會走向哪裡、並可能在什麼水準落定？我記得過去你們談過 5% 或高於 5% 的營業利益率目標。你們現在仍離那個水準很遠，雖然以前曾經接近過。我們該如何看待未來幾季的擴張？

Well, I guess the short answer to your question would be continued steady progress. I think if you look at the past four quarters, 30 basis points this quarter was about 60 basis points expansion, specifically on EC. In general, I think we expect to continue to see some modest uptick in Farnell's gross margins as they get a higher mix of on-the-board components. For EC, that answer partially depends on where the growth is coming from.

嗯，我想你這個問題的簡短答案會是：持續、穩健的進展。我想如果你看過去四個季度，本季是 30 個基點；而在 EC 上，擴張大約是 60 個基點。整體而言，我們預期會持續看到 Farnell 的毛利率有一些溫和上升，因為他們板上元件（on-the-board components）的組合占比更高。至於 EC，這個答案部分取決於成長是從哪裡來的。

We've seen good progress on operating margin because of the West, Europe and the Americas has recovered, but Asia is still going really strong. So that regional mix still has an impact on gross margin. So I would temper any expectations for expansion of gross margin on EC, but continued steady progress in that historical range we've seen over the past year. And I think the guidance would imply that progress.

我們看到營業利益率有不錯的進展，因為西部、歐洲與美洲已經復甦，但亞洲仍然非常強勁。因此，這樣的區域組合仍會對毛利率造成影響。所以我會適度降低大家對 EC 毛利率擴張的期待，但仍會在我們過去一年所看到的歷史區間內，持續穩健改善。我認為指引也隱含了這樣的進展。

But obviously that's the -- the target is continuous improvement working towards five. And we'll -- as we've been saying, we need a west to get stronger, and that's starting to happen, which is great. So the Americas, we're seeing improvement in top line and bottom line as well as in Europe, which is really good. That's our most profitable region. So Europe is definitely rebound good backlog and positive book-to-bills as well. And then, of course, as Ken mentioned, Farnell really accelerated to 9% operating margin. They get that to 10%, 11%, 12% that -- that should happen and we'll see where it plays out.

但很明顯地——目標是持續改善、朝 5（的目標）邁進。而且我們——正如我們一直在說的，我們需要西部變得更強，而這正開始發生，這很棒。因此在美洲，我們看到營收與獲利都有改善，歐洲也是，這非常好。那是我們獲利能力最強的區域。所以歐洲確實正在反彈，積壓訂單表現良好，訂單出貨比也轉為正向。然後，當然，如 Ken 提到的，Farnell 的營業利益率確實加速提升到 9%。他們把它提升到 10%、11%、12%——這應該會發生，我們也會看看最後會如何落地。

By the way, I want to correct myself. I think you corrected me though, Phil. I was looking at my old model to look at year over year growth, you're right, 47 you just posted and maybe the fifth quarter of expansion and you're guiding to even better. So that's great. But I want to see if I can ask one more, please. In December, I think total company revenue growth is typically down a couple of percentage points. I know you're not guiding more than a quarter out. But as we think about where we are in the cycle, and as we think about price increases, is it reasonable for us to think December comes in at seasonal above or -- or is there a concern that maybe there's double ordering or customers trying to get ahead and that there could be a pause in December. What's your current thinking as to what might drive a variance between typical and this December?

順帶一提，我想更正我自己。不過我想你已經更正我了，Phil。我在看我舊的模型來看年增率，你說得對，47 是你剛公布的，可能是連續第五個季度擴張，而且你們的指引還更好。所以這很棒。但我想再問一個問題，可以嗎？在 12 月，我認為公司整體營收成長通常會下滑幾個百分點。我知道你們不會提供超過一季以後的指引。但當我們思考目前的景氣循環位置，以及我們思考漲價因素時，我們是否可以合理地認為 12 月會高於季節性——或者是否擔心可能有重複下單、或客戶想提前拉貨，導致 12 月可能會暫停一下？你們目前的看法是，什麼因素可能驅動今年 12 月與典型 12 月之間出現差異？

Yeah. Yeah. Thanks, Will. I would never correct, you Will. But first, the word typical is -- that's what we talked about internally too. It's our typical seasonality and go back and look at it. It's kind of everything has been somewhat thrown out the door on typical anymore because of -- even it's COVID. But looking at the numbers now, even last year, December quarter was rather strong for us. You are right. Historically, December quarter will be stronger in Asia, weaker in the west, and you have a mix issue.

是。是。謝謝你，Will。我永遠不會更正你，Will。不過首先，「典型」這個詞——我們內部也在談這件事。這是我們典型的季節性，你可以回頭去看。但現在所謂的「典型」幾乎都被打亂了，因為——即使只是 COVID 的影響。但就目前看數字，甚至去年，我們 12 月季度其實也相當強勁。你說得對。歷史上，12 月季度在亞洲會較強、西方較弱，因此會有組合問題。

But -- so that's first off. So yeah, just like Chinese New Year last year, or Lunar New Year, in March quarter, we grew in Asia Pac for the first time significantly in the March quarter. So this whole historical typical is really, really tough to call it. As you see it right now, as you look at the, without guiding, but if we look at the backlog and the book-to-bills and what we're talking to the teams about in December is actually looking pretty healthy but without giving an exact guide, it's actually looking pretty good.

不過——所以首先是這點。所以是的，就像去年農曆新年一樣，在 3 月季度，我們在亞太在 3 月季度首次出現顯著成長。因此，這整個歷史上的「典型」真的、真的很難判斷。以你現在看到的情況來說，雖然我們不提供指引，但如果我們看積壓訂單、訂單出貨比，以及我們和團隊在 12 月所討論的狀況，其實看起來相當健康；在不給出精確指引的前提下，整體看起來相當不錯。

I'd say better than seasonal, but probably not double-digit sequential growth.

我會說比季節性更好，但可能不至於出現連續成長達到雙位數。

Yeah.

是。

Ruplu Bhattacharya, Bank of America.

Ruplu Bhattacharya，美國銀行。

Phil, Americas revenue increased 28% sequentially, and it looks like it was materially faster than EMEA and Asia. Can you talk about like what were some of the factors that drove that regional divergence and how much came from memory and data center? I mean, what -- it just seems that, that region had just outsized kind of growth this quarter. So can you just comment on that?

Phil，美洲營收季增 28%，看起來明顯快於 EMEA 和亞洲。你能談談是哪些因素導致這樣的區域分歧，以及其中有多少來自記憶體與資料中心嗎？我的意思是——看起來那個區域本季的成長特別突出。所以你能評論一下嗎？

Yeah. Sure, well, Ruplu, thanks. Yeah. So really nice performance in the Americas. In all the regions actually. And yes, it did outgrew Asia, but remember Asia has had eight-plus quarters in a row of year on year accelerated growth, so they are kind of going against their own compares a little bit, right? So with Americas, I think it's four quarters now. If you look at, it's really diverse in the verticals, Ruplu, which is healthy, which is good. So it's actually no, it's not a ton of data center.

是。當然，Ruplu，謝謝。是。所以美洲表現非常好。其實所有區域都表現不錯。而且是的，它確實超過亞洲的成長，但要記得亞洲已經連續八個以上季度年對年加速成長，所以他們某種程度上是在跟自己的比較基期對比，對吧？所以就美洲而言，我想現在是第四個季度了。Ruplu，如果你看各個垂直領域，其實非常多元，這是健康的、也是好的。所以其實不是，資料中心的占比並不高。

Actually, that's relatively small for us here directly into the data center. We enjoy more of that business in Asia Pac. But even there, it's maybe 10% to 15% of the total business for us at the corporate level, so directly into the data center. But all the verticals, as I'm looking out as we're talking, we're up. We saw increase in industrial, nicely by the way.

實際上，我們直接供應到資料中心的業務相對較小。我們在亞太享有更多這類業務。但即便如此，在公司整體層級，直接供應到資料中心的業務可能也只占我們總業務的 10% 到 15%。但我現在一邊看、一邊跟你說，所有垂直領域都在成長。我們看到工業領域增加，而且表現不錯。

Aerospace was up almost 40% -- 40% year on year, aerospace and defense. The comms were up, compute, transportation was even up, which is predominantly automotive and even -- although it's small, we saw an increase in consumer. So it's just a diversification of the market and really the industrial and defense leading the way from a revenue standpoint and a growth standpoint, which makes sense. Unfortunately, in defense aero with what's going on in the world, and we have a strong position there with a dedicated business unit for that vertical.

航太年對年成長接近 40%——航太與國防。通訊也成長，運算也成長，運輸也成長（主要是汽車），甚至——雖然占比小——我們也看到消費性有所增加。所以這就是市場的多元化，而從營收與成長角度來看，主要由工業與國防領域帶動，這是合理的。很不幸地，國防航太受全球局勢影響，而我們在那裡有很強的布局，並且針對該垂直領域設有專責事業單位。

And then industrial, partially getting some acceleration with the data center, right? Now we talked about that the AI Halo kind of thing. And that ecosystem around the data center and the hyperscaler and the growth there is going to drive growth in the industrial, right, and then EMS providers, so cooling everything that they need to power data centers fall great into a lot of our industrial markets where we have a very strong position. So it's no magic.

然後工業領域，部分也因資料中心而獲得一些加速，對吧？我們談過所謂 AI Halo 之類的效應。而圍繞資料中心、超大規模業者（hyperscaler）及其成長的生態系，將會帶動工業領域的成長，對吧？以及 EMS 供應商——例如冷卻等資料中心供電所需的一切——都非常契合我們許多工業市場，而我們在那裡有非常強的地位。所以沒有什麼魔法。

Ken, anything?

Ken，有什麼要補充的嗎？

Yeah, I'd just say there's nothing different, inherently different. Americas benefited from memory pricing just like the rest of the region, but there was nothing inherently different in the Americas versus the other regions in terms of memory. So again, that's helping in the growth rates, but it helped all the regions as well.

是，我只想說沒有什麼不同，本質上沒有什麼不同。美洲和其他區域一樣受惠於記憶體定價，但就記憶體而言，美洲相較其他區域並沒有本質上的差異。所以同樣地，這確實有助於成長率，但也同樣幫助了所有區域。

Okay. All right. For my follow-up, Ken, can I ask you to unpack a little bit on the revenue guide for $9 billion to $9.3 billion, I mean, how much is memory pricing? And how much are you factoring in unit volumes? How sensitive is the outlook to each? Book-to-bill is is well above parity. You said lead times are increasing. But I mean, is there evidence that these orders reflect real consumption rather than any precautionary buying? And then we talked about -- you said double ordering is something probably the suppliers look at. But just with all the component costs going up, any danger of any demand destruction. So if you can just kind of help us with what you're embedding into your outlook and risk management for the year kind of, right?

好的。好。我追問一下，Ken，能否請你再多拆解一下你們給出的營收指引 90 億到 93 億美元？我的意思是，其中有多少來自記憶體定價？又有多少是你們納入的出貨量（unit volumes）因素？展望對這兩者各自的敏感度如何？接單出貨比（book-to-bill）遠高於持平。你說交期正在拉長。但我的意思是，有沒有證據顯示這些訂單反映的是真實消耗，而不是任何預防性採購？然後我們談到——你說重複下單（double ordering）可能是供應商會去看的事情。但在所有零組件成本都在上升的情況下，是否有任何需求被破壞（demand destruction）的風險？所以如果你能幫我們理解一下，你們在今年的展望與風險管理中大概嵌入了哪些假設，好嗎？

Yeah. So Ruplu, a few questions in there. I will let Phil jump in on a couple of those as well. I guess maybe just to answer your question, our approach for giving guidance hasn't really changed from past quarters. We're taking the role from the teams and putting some intelligence on it, but it's -- we feel good about the guidance we've provided. And we're shipping a lot more units. Again, the guidance doesn't assume any meaningful price aspects in that guide. So there's some modest price increases, but it's rounding relative to the overall scheme. This is really units.

是的。所以 Ruplu，裡面有幾個問題。我也會讓 Phil 針對其中幾個補充。我想先回答你的問題：我們提供指引的方法其實和過去幾季沒有太大改變。我們把各團隊的資料彙整起來並加入一些判斷，但——我們對所提供的指引感覺良好。而且我們正在出貨更多的單位數。再說一次，這個指引並沒有假設任何顯著的價格因素。所以會有一些溫和的漲價，但相對於整體而言只是四捨五入的程度。這主要是出貨量。

And by the way, increased ASP mix, right? So we have higher ASP products that are going through our volumes as well. So that's part of the equation. But again, you mentioned it backlog strong, book-to-bill well above parity, we're seeing volumes move. I would say we are seeing more and more customers, especially large OEMs trying to build up, let's say, safety stock buffer stocks, things like that.

順帶一提，還有 ASP 組合提升，對吧？所以我們也有較高 ASP 的產品在我們的出貨量中占比提高。這也是方程式的一部分。但再說一次，你提到的積壓訂單（backlog）很強、接單出貨比遠高於持平，我們看到出貨量在上升。我會說我們看到越來越多客戶，尤其是大型 OEM，試圖建立例如安全庫存、緩衝庫存之類的東西。

But I think in this environment, it's hard to get a hold of it. We use memory as an example. A lot of customers wish to add more, but there's not more to be had. So I don't think we feel that there's any excess builds or this is a lot of safety stock. We believe this is getting much closer to true consumption.

但我認為在這種環境下，很難真正掌握。我們以記憶體為例。很多客戶希望增加更多，但市場上也拿不到更多。所以我不認為我們覺得有任何過度備貨，或這只是大量的安全庫存。我們相信這正越來越接近真實消耗。

I guess time will tell there, but there's nothing we see in our indicators that suggest significant buildup of customer inventories. That being said, memory is causing some constraints in terms of getting everything to build, but I think generally speaking, lead times are up into the right and inventory is being consumed as it comes in, and that's why we're turning things faster.

我想時間會證明一切，但我們的各項指標沒有顯示客戶庫存有顯著堆積。話雖如此，記憶體確實在讓整體組裝上出現一些限制，但一般來說，交期正在往上走，而庫存一到就被消耗掉，這也是為什麼我們周轉更快。

Phil, any other commentary there?

Phil，還有其他補充嗎？

Yeah. No, just on the -- so long and short sure, no, we're not seeing demand destruction at this point. And on the book-to-bill, yes, the book-to-bill is positive as you caught in our script. And then the double booking question just comes up. I think Joe asked that as well. I'm not sure we got to that, so I apologize. You're right. We kind of lean on the suppliers to try to track double bookings, right? But we wouldn't see that. We look at the forecast management, inflated demand, right, which is part of your question.

有。不，就——簡而言之，我們目前沒有看到需求被破壞。至於接單出貨比，是的，正如你在我們講稿裡注意到的，接單出貨比是正向的。然後關於重複下單的問題也常被問到。我想 Joe 也問過。我不確定我們是否有回答到，所以先致歉。你說得對。我們某種程度上會依賴供應商去追蹤重複下單，對吧？但我們自己不一定看得到。我們會看的是預測管理、被放大的需求（inflated demand），也就是你問題的一部分。

We try to as we manage these -- MRPs coming in with the API EDIs, what have you, even trying to put some analytics around and say, hey, what's the reality of that, how real is that forecast. And we look for spikes if something all of a sudden spikes up, we go back in the challenge the customer do they really need that additional product or not. So the backlog is we sanitized as best we possibly can, work with the suppliers as best we possibly can. And the other thing we look at is rates. So we're not seeing anything today, as we look at it, abnormal from a cancellation standpoint.

我們在管理這些——透過 API、EDI 等進來的 MRP 時，會嘗試加上一些分析，並問：嘿，這到底有多真實？這個預測有多可靠？如果某些東西突然飆升，我們會回頭去挑戰客戶：他們是否真的需要額外的產品。所以積壓訂單我們會盡可能做清理（sanitized），也會盡可能與供應商合作。另外我們也會看取消率。所以就我們目前所見，從取消的角度來看沒有任何異常。

And then we roll up -- back to your point, we roll out the forecast from the field is as Ken pointed out, we have a lot of dialogue, you can imagine, and then we got analytics and says, okay, what's the what they saying we're going to do. And it's lining up to what we guided.

然後回到你的觀點，我們把來自前線的預測彙總起來——如 Ken 所說，我們之間有大量對話，你可以想像——接著我們用分析去看：好，他們說我們會做到什麼。而這與我們給出的指引是一致的。

Melissa Fairbanks, Raymond James.

Melissa Fairbanks，Raymond James。

Congratulations on another exceptional quarter. It's pretty clear. All of our models were completely wrong and not appreciating the growth rate. So that's a good problem to about have I guess. Yeah, yeah. Phil, I know you have a pile of sheets with the data in front of you. And if you could just make that available to us, that would be great. No, I wanted to kind of dig in on the Farnell improvement. Obviously, we know that, that's a highly cyclical business. But at the same time, you have been making a lot of structural changes over there. And congratulations to the team for succeeding there. Is there a way to quantify what the sustainable margin profile is going to look like versus we've got structural improvement plus end market demand? Is there a way to kind of parse that out?

恭喜又一個表現非常出色的季度。很明顯。我們所有模型都完全錯了，沒有充分反映成長率。所以我想這算是個「好」的問題吧。是，是。Phil，我知道你面前有一大疊寫著數據的表格。如果你能把那些提供給我們就太好了。不過我想深入問一下 Farnell 的改善。顯然我們知道那是一個高度循環性的業務。但同時，你們也在那邊做了很多結構性調整。也恭喜團隊在那裡取得成果。有沒有辦法量化可持續的毛利率/利潤率輪廓（margin profile）會是什麼樣子，相較於目前同時包含結構性改善加上終端市場需求？有沒有辦法把這兩者拆分開來？

Yeah. I don't if I can get into the detail on that, but the answer is yes. We're looking at -- we know and the high service guys can get some nontraditional demand, right, as we saw in the last cycle come in through -- from inventory and whatnot, and then we do get some accelerated ASPs and margin as a company because of that, at Farnell, which adds any benefits. What we are doing is we're breaking out and where we're having heavy ASP inflation with Farnell with Rebeca and team and say, okay, what's our performance without that. So we're actually building in the model as there's winners a cycle adjustment.

是的。我不確定我能否深入到那個細節，但答案是可以。我們在看——我們知道高服務（high service）這類業務有時會出現一些非傳統需求，就像我們在上一個週期看到的那樣，可能是透過庫存等因素帶進來；然後因為這些因素，我們公司整體在 Farnell 也會看到 ASP 與毛利率的加速上升，這會帶來一些額外好處。我們正在做的是把它拆開，當 Farnell 出現很強的 ASP 通膨時，我們會和 Rebeca 及團隊一起看：好，如果不含這些因素，我們的表現會是什麼。所以我們其實在模型裡建立了某種週期調整。

What is the margin model? What do we predict the margin model based on what we saw. So we are modeling that. I don't have the exact numbers on that floor, but it's going to be much higher than what the cycle floor was last time. And that's how we're managing, we do that with all the businesses, frankly, but Farnell for sure, because they do get some accelerated growth there. But we're proud of that the team there as well as we rest of the team. It's -- that was a nice jump for us for sure.

毛利率模型是什麼？基於我們看到的情況，我們預測的毛利率模型是什麼？所以我們正在做這樣的建模。我手上沒有那個底部（floor）的精確數字，但它會比上一次週期的底部高很多。這就是我們的管理方式；坦白說，我們對所有業務都這樣做，但對 Farnell 尤其如此，因為他們確實會在那裡出現一些加速成長。但我們也為那邊的團隊以及其他團隊感到自豪。這——對我們來說確實是一個很不錯的躍升。

The other data to give you, Melissa, from a memory side, when we talk about that, that's mostly EC commentary, that is benefiting some, but it's a much smaller percentage of their sales than what we see in the EC. And I would still say we're still probably earlier innings in terms of seeing some of that additional demand coming from shortages and things like that. I still think EC businesses kind of fulfill in customers as they need it in pipelining and things like that. So Farnell is probably seeing some benefit, but likely more as things get tight.

另外要補充給你的一點資料，Melissa，從記憶體這一塊來看，當我們談到那部分時，那主要是 EC 的評論，確實有一些受惠，但占他們銷售的比重遠小於我們在 EC 看到的。而且我仍然會說，就看到因短缺之類因素帶來的額外需求而言，我們可能還在比較早期的階段。我仍然認為 EC 業務基本上是依客戶需求來履約，包含管線備貨之類。所以 Farnell 可能有看到一些好處，但更可能是在供應變得吃緊時才會更明顯。

Yeah, the diversification is interesting too, Melissa. We are investing quite a bit in onboard components, which by definition, semiconductors and IP&E and that helps our overall margin at as well that tends to run a little bit higher than the test and measurement, although that's a great business for us. It's just the margin is a little bit lower in that space and higher on the board components. So we're intentionally driving that mix.

是的，多元化也很有意思，Melissa。我們在板上元件（onboard components）投入相當多，按定義來說包含半導體與 IP&E，這也有助於提升我們的整體毛利率，因為那一塊的毛利通常會比測試與量測略高，雖然測試與量測對我們來說也是很棒的業務。只是那個領域的毛利率稍微低一些，而板上元件的毛利率較高。所以我們是有意識地在推動這樣的產品組合。

Perfect. Appreciate all that detail. I was kind of curious if you can comment on what you're seeing. I know that you've seen some growth driven by transport, improved demand there. In automotive, we've heard from some of your suppliers recently, including one this morning that was saying the automotive guys, the OEMs are pressuring the Tier 1s to finally start securing more inventory. And I think that this is a little bit of a swing factor from we saw this overcorrection back to just in time or extremely lean inventory levels after the supply chain crisis. Maybe now we're starting to realize but demand is still there and the supply is tight. I was wondering if you could comment on what you're seeing there.

很好。感謝你提供這麼多細節。我有點好奇，想請你評論一下你們看到的狀況。我知道你們看到一些由運輸領域帶動的成長，那邊的需求有所改善。在汽車方面，我們最近也聽到你們一些供應商的說法，包括今天早上有一家提到，汽車業者、也就是 OEM，正在施壓 Tier 1 供應商，要求他們終於開始確保更多庫存。我認為這可能是個擺盪因素，因為在供應鏈危機之後，我們看到從過度修正又回到即時化（just in time）或極度精簡的庫存水位。也許現在開始意識到需求仍在，但供應仍然吃緊。我想請你評論一下你們在這方面看到的情況。

Yeah. So I know exactly what you're talking about, we talked about General Motors in the script. I know it's a win there. So I'm looking at the -- it's pretty -- I’m looking at the transportation verticals across the world. We actually saw an increase in all regions in transportation. It's coming from a lower year on year compare. Even in Europe, we saw it up double digit -- low double digit. Asia roughly 15%, 20% and here in the US with 25% year on year. So there is a swing there.

是的。所以我完全知道你在說什麼，我們在講稿裡提到過通用汽車（General Motors）。我知道那是一個勝利案例。所以我在看——這相當——我在看全球各地的運輸垂直領域。我們其實在所有地區的運輸領域都看到成長。這部分也來自於去年同期基期較低。即使在歐洲，我們也看到雙位數成長——偏低的雙位數。亞洲約 15% 到 20%，而在美國這裡年增 25%。所以確實有一個擺盪。

And part of that is just more -- there's also more products being designed in our semiconductor and passive. So content is going up, which we're benefiting from -- not aware of any intentional conversations with any of the transportation guys where they're just stockpiling inventory or anything along those lines. There have been a few customers that had those conversations outside the automotive. But I'm not -- if they're happy, I'm not directly involved in those dialogues, but I can't comment.

其中一部分原因是——另外也有更多產品在我們的半導體與被動元件上進行設計導入。所以單機含量在提升，我們也因此受惠——我並不知道有任何與運輸領域客戶的刻意對話，是他們在囤積庫存或類似情況。在汽車以外，確實有少數客戶有過那類對話。但我——如果他們進展順利，我並未直接參與那些對話，所以我無法評論。

I would just say from our Supply Chain Services business perspective, though, we're having lots of conversations in the transportation space about how we can help keep supply chains going. So again, we're not privy to Tier 1 versus the automakers, but clearly, there were some bad outcomes last time around when things got short in the transportation space. And definitely, they're not looking to have that happen again. I think Phil's comment was I don't want a $2 part holding up $100,000 vehicle.

不過我想從我們供應鏈服務（Supply Chain Services）業務的角度補充一下，我們在運輸領域就如何協助維持供應鏈運作，正在進行很多對話。所以同樣地，我們不清楚 Tier 1 與車廠之間的細節，但很明顯，上一次運輸領域在供應短缺時造成了一些不好的結果。而且他們肯定不希望那種情況再發生。我想 Phil 的評論是：我不希望一個 2 美元的零件卡住一台 10 萬美元的車。

So our suppliers are going to watch that, too, right? I mean, they don't want to overship either into that and cause another issue like we saw in the last cycle.

所以我們的供應商也會關注這點，對吧？我的意思是，他們也不想在那方面過度出貨，然後引發像上一個週期那樣的另一個問題。

Yeah, I think that outcome is an understatement.

是的，我覺得那個結果用「輕描淡寫」來形容都不為過。

Yeah, right. And a couple of the parts that have announced this week talked more about the mass market, which is great for us.

對，沒錯。而且本週有幾項零件的公告更偏向大眾市場，這對我們很有利。

There are no further questions at this time. I would like to hand the floor back over to Phil Gallagher for any closing remarks.

目前沒有進一步的提問。我想把時間交回給 Phil Gallagher，請他做結語。

Okay. Thank you. And I want to thank everybody for attending today's earnings call. I look forward to speaking to you again at our first quarter fiscal year 2027 earnings report in November. Have a good rest of the summer.

好的。謝謝。也感謝各位參加今天的法說會。我期待在 11 月我們 2027 會計年度第一季的財報發布時，再與各位交流。祝各位夏日餘下時光愉快。

Thank you.

謝謝。

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

今天的會議到此結束。您現在可以掛斷電話線。再次感謝您的參與。