安富利 (AVT) 2027 Q1 法說會逐字稿

Welcome to the Avnet first quarter fiscal year 2027 earnings call. I would like to turn the floor over to Lisa Mueller, Director of Investor Relations for Avnet.

歡迎參加 Avnet 2027 會計年度第一季財報電話會議。現在我想把會議交給 Avnet 投資人關係總監 Lisa Mueller。

Thank you, operator. I'd like to welcome everyone to Avnet's first quarter fiscal year 2027 earnings conference call. This morning, Avnet released financial results for the first quarter of fiscal year 2027, and the release is available on the Investor Relations section of Avnet's website, along with a slide presentation, which you may access at your convenience.

謝謝，接線員。歡迎各位參加 Avnet 2027 會計年度第一季財報電話會議。今天早上，Avnet 已公布 2027 會計年度第一季財務結果，新聞稿可於 Avnet 官網的投資人關係專區取得；同時也提供簡報投影片，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 contains forward-looking statements that involve risks, uncertainties, and assumptions that are difficult to predict. Such forward-looking statements are not a guarantee of performance, and the company's actual results could differ materially from those contained in such statements.

提醒各位，新聞稿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公司績效，公司的實際結果可能與該等陳述所載內容存在重大差異。

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

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。這些前瞻性陳述僅截至本次簡報日期為準，公司不承擔在本次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。

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 slide of today's presentation and posted on the Investor Relations website. Today's call will be led by Phil Gallagher, Avnet's CEO, and Ken Jacobson, Avnet's CFO.

請注意，除非另有說明，所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。今天的電話會議將由 Avnet 執行長 Phil Gallagher 與財務長 Ken Jacobson 主持。

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

接下來，讓我把電話會議交給 Phil Gallagher。

Thank you, Lisa, and thank you, everyone, for joining us on our first quarter fiscal year 2027 earnings call. We are off to an outstanding start to the new fiscal year. Our first quarter results came in well above our expectations, with record performance across all regions in both our Electronic Components and Farnell businesses.

謝謝你，Lisa，也謝謝各位參加我們 2027 會計年度第一季財報電話會議。我們在新會計年度有一個非常出色的開局。第一季業績遠高於我們的預期，在電子元件（Electronic Components）與 Farnell 兩大業務中，各區域皆創下紀錄表現。

We achieved record sales of $10.7 billion, above the high end of our guidance, and record adjusted earnings per share of $3.63, also well above our expectations. Importantly, the strength we saw at the top line translated into meaningful operating margin and earnings expansion, once again demonstrating the earnings power and operating leverage embedded in our business model as demand continues to strengthen.

我們達成 107 億美元的創紀錄營收，高於指引區間上緣；調整後每股盈餘（EPS）亦創新高達 3.63 美元，同樣大幅超出預期。更重要的是，我們在營收端所見的強勁動能，轉化為具意義的營業利益率與獲利擴張，再次展現隨著需求持續增強，我們商業模式中所蘊含的獲利能力與營運槓桿。

I'm extremely proud of how our team is executing in this dynamic business environment, and I want to thank them for their hard work and dedication. Our results show the strength and resilience of Avnet's position at the center of the technology supply chain, supported by our global scale, broad component line card, diverse end markets, deep customer and supplier relationships, experienced and dedicated employees, and the differentiated capabilities we offer across the business.

我對團隊在這個充滿變動的商業環境中的執行表現感到非常自豪，也要感謝他們的辛勤付出與投入。我們的成果展現 Avnet 位居科技供應鏈核心的強勢與韌性，並由我們的全球規模、廣泛的元件產品線卡（line card）、多元終端市場、深厚的客戶與供應商關係、經驗豐富且敬業的員工，以及我們在各項業務所提供的差異化能力所支撐。

And as we look across the market today, the environment continues to evolve in ways that play to those strengths. Supply conditions continued to tighten during the quarter, with lead times extending across most semiconductor and IP&E, which is our interconnect, passive and electromechanical, product categories as demand broadened across all of our end markets and applications.

而放眼目前市場，環境仍持續演變，並以有利於這些優勢的方式發展。本季供應狀況持續趨緊，隨著需求在我們所有終端市場與應用領域擴大，多數半導體與 IP&E（亦即互連、被動元件與機電）產品類別的交期均有所延長。

Pricing increases also began to extend beyond memory, with additional increases expected in the new calendar year. Given these dynamics, there has been considerable discussion across the industry about what is driving the recent acceleration in growth. The question we frequently get is whether our growth is from true underlying demand, or just inventory replenishment?

價格上漲也開始從記憶體擴散到其他領域，且預期在新的曆年仍會有進一步上漲。在這些動態之下，產業內對於近期成長加速的驅動因素有相當多的討論。我們經常被問到的問題是：我們的成長來自真正的終端需求，還是僅僅是庫存回補？

Let me take a few minutes to share our point of view on that question. From what we see in our business today, we believe underlying market conditions and demand are improving across all of our core end markets. There may always be some replenishment or changes in customer ordering patterns as markets tighten, but the breadth of the demand across geographies, technologies, and end markets gives us confidence that what we are experiencing is much broader than any of one factor like inventory replenishment.

我花幾分鐘分享我們對這個問題的看法。就我們目前在業務中所觀察到的情況，我們認為核心終端市場的基本面與需求正在全面改善。當市場趨緊時，客戶訂單模式可能總會出現一些回補或變化，但需求在不同地理區域、技術與終端市場的廣度，讓我們有信心：我們所經歷的情況遠不止於單一因素（例如庫存回補）。

Our key demand indicators continue to support that view. Book-to-bill remains solidly above parity in all regions, our backlog is healthy and growing, the amount of backlog delinquencies continues to increase as lead times extend, and we are monitoring it closely.

我們的關鍵需求指標也持續支持這個觀點。各區域的接單出貨比（book-to-bill）仍穩健高於 1，我們的在手訂單（backlog）健康且持續成長；隨著交期延長，逾期的在手訂單（backlog delinquencies）也持續增加，我們正密切監控。

As investment in AI infrastructure increases, it drives demand for more than just processors. Those solutions require a wide range of other semiconductors, and IP&E technologies. As those investments move through the technology supply chain, they create opportunities across Avnet's world-class supplier line card and our diversified customer base.

隨著 AI 基礎設施投資增加，帶動的需求不僅僅是處理器。這些解決方案還需要廣泛的其他半導體與 IP&E 技術。當這些投資沿著科技供應鏈推進時，將在 Avnet 世界級的供應商產品線卡與我們多元化的客戶基礎上創造機會。

While we are seeing accelerated growth in the data center market and are experiencing the ripple effects of that growth in our business, the opportunity for Avnet extends well beyond direct AI-related data center sales. This is demonstrated by the breadth and quality of the demand we are seeing outside of the data center.

雖然我們看到資料中心市場成長加速，並在我們的業務中感受到該成長的外溢效應，但 Avnet 的機會遠不僅限於直接與 AI 相關的資料中心銷售。這一點可從我們在資料中心以外所看到的需求廣度與品質得到印證。

That diversity continues to be one of Avnet's important strengths. We have a globally scaled Electronic Components line card, we operate across a broad set of higher growing end markets and maintain deep relationships across our customer and supplier base. And through Farnell, we engage with customers early in the product design process and support them from new product introduction through their journey to higher-volume production.

這種多元性仍是 Avnet 的重要優勢之一。我們擁有具全球規模的電子元件產品線卡，業務涵蓋廣泛且成長較快的終端市場，並在客戶與供應商基礎上維持深厚關係。透過 Farnell，我們在產品設計流程早期就與客戶互動，並從新產品導入一路支持客戶邁向更高量產的旅程。

Now, with that, let me turn to the first quarter highlights for our businesses. Our Electronic Components business delivered another record quarter, with stronger-than-expected sequential and year-over-year growth across all three regions. We saw profitable growth across all end markets, led by data center, aerospace and defense, and networking.

接下來，我來談談第一季各項業務的重點。我們的電子元件業務再度交出創紀錄的一季，在三大區域皆呈現優於預期的季增與年增成長。我們在所有終端市場都實現具獲利性的成長，其中以資料中心、航太與國防，以及網路通訊表現領先。

In Asia, the region is entering its third consecutive year of growth, with another record quarter of sales reaching $5 billion. Demand was higher across all end markets year-on-year, led by data center and industrial. As a reminder, Asia is regionally led by Taiwan, followed by China, Southeast Asia, and Japan.

在亞洲，該區正邁入連續第三年的成長，本季再創銷售新高達 50 億美元。各終端市場的需求皆較去年同期提升，其中以資料中心與工業領域領先。提醒各位，亞洲區主要由台灣帶動，其次為中國、東南亞與日本。

In the Americas, sales more than doubled year-over-year, resulting in another record quarter for the region. Demand was broad-based and highest in data center, aerospace and defense, and networking. One contributor to the Americas region's record performance was our Avnet Integrated Solutions business, which we discussed in our last earnings call.

在美洲，銷售額較去年同期成長逾一倍，使該區再度創下單季新高。需求呈現廣泛成長，其中以資料中心、航太與國防，以及網路通訊最高。美洲地區創紀錄表現的其中一項貢獻來源，是我們的 Avnet Integrated Solutions 業務，我們在上一季財報電話會議中曾討論過。

Integrated Solutions provides advanced systems integration and services for customers using purpose-built IT hardware. We have long served industries such as industrial and healthcare, and we are seeing strong demand from our customers serving enterprise, hyperscale, and neocloud data centers.

Integrated Solutions 為使用特定用途 IT 硬體的客戶提供先進的系統整合與服務。我們長期服務工業與醫療保健等產業，並且看到服務企業級、超大規模（hyperscale）與新雲（neocloud）資料中心的客戶需求強勁。

AI infrastructure build-out is a key contributor to that demand, and as we scale the business, it is contributing to greater operating leverage and profitability in the region.

AI 基礎設施建置是該需求的關鍵推動因素；隨著我們擴大該業務規模，也正為該區帶來更高的營運槓桿與獲利能力。

In EMEA, sales grew both sequentially and year-on-year for the fourth consecutive quarter, reflecting continued improvement in the region. The region also achieved record sales during the quarter, which was led by demand across several verticals, including industrial and transportation.

在 EMEA 地區，銷售額已連續第四個季度呈現環比與同比雙雙成長，反映該地區持續改善。該地區本季亦創下銷售新高，主要由多個垂直領域的需求帶動，包括工業與運輸。

Across EC, we also continue to see strong momentum in the capabilities that differentiate Avnet well beyond fulfillment component distribution.

在 EC 業務方面，我們也持續看到能夠使 Avnet 明顯有別於單純元件履約式分銷的各項能力，展現強勁動能。

Our demand creation activity remains healthy, with new design registrations continuing to provide a strong pipeline of future opportunities. Our higher-margin IP&E business also continues to perform well, nearing $1.7 billion in sales for the quarter, or more than $6 billion of sales when annualized.

我們的需求創造活動維持健康，新設計導入（design registrations）持續提供強勁的未來機會管道。我們高毛利的 IP&E 業務亦持續表現良好，本季銷售額接近 17 億美元；若年化則超過 60 億美元。

As we have said before, every semiconductor-based solution requires a complement of connectors, passives, sensors, power, and other technologies around it, and next-generation systems will require ever-increasing connectivity. The growth we are seeing in these complex systems plays directly into the full suite of solutions we provide our customers, combining both semiconductors and IP&E.

如同我們先前所說，每一個以半導體為基礎的解決方案，都需要連接器、被動元件、感測器、電源及其他周邊技術作為配套，而下一代系統將需要日益提升的連線能力。我們在這些複雜系統中看到的成長，正好直接對應到我們為客戶提供的完整解決方案組合，結合半導體與 IP&E。

Momentum in our supply chain solutions business continues to also grow as large OEMs increasingly rely on our capabilities to provide resiliency to complex and evolving supply chains. Our supply chain services engagements are expanding across a growing set of customers, particularly in data center infrastructure, networking, and transportation, where demand trends remain favorable.

隨著大型 OEM 日益倚重我們的能力，以提升複雜且不斷演變之供應鏈的韌性，我們供應鏈解決方案業務的動能也持續增長。我們的供應鏈服務合作案正擴展至更多客戶，特別是在資料中心基礎設施、網路與運輸領域，這些領域的需求趨勢仍然有利。

Now turning to Farnell. Farnell delivered a record sales quarter and returned to a double-digit operating margin, benefiting from strong execution by the team and the broader market recovery. We are seeing improving demand across all regions, while our Power of One focus continues to create opportunities by combining Farnell's digital and high-service distribution capabilities and broad customer base with Avnet's global scale and customer and supplier relationships.

接下來談 Farnell。Farnell 本季創下單季銷售新高，並重回雙位數營業利益率，受惠於團隊強勁的執行力以及整體市場復甦。我們看到各區域需求皆在改善；同時，我們的「Power of One」策略持續透過結合 Farnell 的數位化與高服務分銷能力及廣泛客戶基礎，並搭配 Avnet 的全球規模以及客戶與供應商關係，創造更多機會。

Farnell's growth for on-the-board components, comprised of semiconductors and IP&E, was similar to the growth we saw across the EC business. We are pleased with what the Farnell team delivered this quarter. The results demonstrate the strength of the business and the operating leverage Farnell can achieve as it grows.

Farnell 在板上元件（on-the-board components，包含半導體與 IP&E）的成長，與我們在 EC 業務所看到的成長幅度相近。我們對 Farnell 團隊本季的交付成果感到滿意。這些結果展現了該業務的實力，以及 Farnell 隨著成長所能達成的營運槓桿。

Farnell also gives Avnet an important position early in the product life cycle, allowing us to engage engineers during the design phase and complementing our capabilities as customers move toward higher-volume production.

Farnell 也讓 Avnet 能在產品生命週期早期取得重要位置，使我們能在設計階段就與工程師互動，並在客戶邁向更高量產時補強我們的能力。

As I step back from the quarter, I think there are several points worth emphasizing. First, as we've been stating for some time now, we embrace our position at the center of the technology supply chain. We are primed to benefit from robust growth in the traditional markets we serve, including the powerful emerging megatrends driving electronic component demand, including drones, robotics, and edge intelligence, which are still in the early stages of growth.

回顧本季，我認為有幾點值得強調。第一，正如我們一段時間以來所述，我們擁抱自身位於科技供應鏈核心的位置。我們已準備好受惠於所服務之傳統市場的強勁成長，以及推動電子元件需求的強大新興巨趨勢，包括無人機、機器人與邊緣智慧，而這些仍處於成長初期。

Second, our growth is broad-based, and we believe it is sustainable. We are seeing improving market conditions and demand across all of our geographies and end markets, and our book-to-bill, backlog, and other leading indicators continue to support our confidence in the underlying demand environment and our current outlook.

第二，我們的成長是全面性的，且我們相信具備可持續性。我們看到所有地理區域與終端市場的市場狀況與需求都在改善，而我們的接單出貨比（book-to-bill）、在手訂單（backlog）及其他領先指標，持續支持我們對基礎需求環境與目前展望的信心。

Finally, we also know that strong markets alone don't deliver results. Execution matters. The capabilities, scale, and infrastructure we have across Avnet allow us to support higher levels of revenue efficiently. The margin expansion, EPS growth, and return on working capital we delivered this quarter demonstrate the operating leverage and earnings power in our business model.

最後，我們也知道，僅有強勁市場並不足以帶來成果。執行力至關重要。Avnet 全面的能力、規模與基礎設施，使我們能有效率地支援更高的營收水準。本季我們所交出的毛利率擴張、每股盈餘（EPS）成長，以及營運資金報酬率，展現了我們商業模式中的營運槓桿與獲利能力。

We will continue to stay close to our customers and suppliers, manage inventory and expenses with discipline, while still making investments, and focus on delivering growth, profitability, and returns for all of our stakeholders. So with that, I'll turn it over to Ken to dive deeper into our first quarter results. Ken?

我們將持續貼近客戶與供應商，以紀律管理庫存與費用，同時仍進行投資，並專注為所有利害關係人帶來成長、獲利能力與報酬。接下來，我把時間交給 Ken，請他更深入說明我們第一季的業績。Ken？

Thank you, Phil, and good morning, everyone. We appreciate your interest in Avnet. Our sales for the first quarter were $10.7 billion, up 82% year-over-year. On a sequential basis, sales were higher by 29%. The first quarter had 14 weeks compared to a typical 13-week quarter. Normalizing the first quarter growth by excluding the impact of the extra week, sales grew 71% year-over-year and 21% sequentially.

謝謝你，Phil，各位早安。感謝各位對 Avnet 的關注。我們第一季銷售額為 107 億美元，同比成長 82%。以環比來看，銷售額成長 29%。第一季為 14 週，而一般季度為 13 週。若排除多出一週的影響以進行常態化，第一季銷售額同比成長 71%，環比成長 21%。

Foreign currency did not have a meaningful impact on our sales growth this quarter. Regionally, on a year-over-year basis, sales increased 109% in the Americas, 79% in Asia, and 64% in EMEA. On a sequential basis, sales increased 39% in the Americas, 30% in Asia, and 19% in EMEA.

本季外匯對我們的銷售成長沒有顯著影響。以地區別來看，同比方面，美洲成長 109%、亞洲成長 79%、EMEA 成長 64%；環比方面，美洲成長 39%、亞洲成長 30%、EMEA 成長 19%。

During the first quarter, sales from Asia represented 48% of total sales compared to 47% of sales last quarter and 49% of sales last year.

第一季來自亞洲的銷售占總銷售的 48%，相較於上季的 47% 以及去年同期的 49%。

From an operating group perspective, Electronic Components had record sales during the quarter, increasing 84% year-over-year and 30% sequentially. Normalized for the impact of the extra week, EC sales grew 73% year-over-year and 22% sequentially.

以營運事業群角度來看，電子元件（Electronic Components）本季創下銷售新高，同比成長 84%，環比成長 30%。若將多出一週的影響常態化，EC 銷售額同比成長 73%，環比成長 22%。

Farnell also had record sales during the quarter, increasing 46% year-over-year and 17% sequentially.

Farnell 本季同樣創下銷售新高，同比成長 46%，環比成長 17%。

From a pricing perspective, memory prices increased during the quarter at similar levels to last 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. We did not see a meaningful impact from pricing in other electronic component categories beyond memory during the quarter.

從定價角度來看，本季記憶體價格上漲，幅度與上季相近。因此，無論是環比或同比的銷售成長，約有三分之一可歸因於記憶體產品類別的價格上漲。本季除記憶體之外的其他電子元件類別，未見定價帶來顯著影響。

Gross profit margin of 10.0% decreased about 40 basis points year-over-year and sequentially, primarily due to product and customer mix in the quarter.

毛利率為 10.0%，同比與環比皆下降約 40 個基點，主要由於本季產品與客戶組合所致。

Electronic Components gross profit margin was down about 30 basis points year-over-year and sequentially. EC gross margin declined, primarily due to the growth in our Avnet Integrated Solutions business, which had a lower gross margin than the EC average, but contributed meaningfully to operating margin expansion. Farnell gross margin increased about 200 basis points year-over-year and declined about 60 basis points sequentially. The year-over-year improvement in gross margin is primarily due to the growth of on-the-board components, which come with a higher gross margin. Farnell's gross margins at the product category level remain stable.

電子元件（Electronic Components）毛利率同比與環比皆下降約 30 個基點。EC 毛利率下滑主要是因為 Avnet Integrated Solutions 業務成長；該業務毛利率低於 EC 平均，但對營業利益率擴張有顯著貢獻。Farnell 毛利率同比提升約 200 個基點，環比下降約 60 個基點。毛利率同比改善主要來自板上元件的成長，該類產品具備較高毛利率。Farnell 在產品類別層級的毛利率仍維持穩定。

Turning to operating expenses, SG&A expenses were $576 million in the quarter, up $112 million year-over-year and $29 million sequentially. The sequential increase in SG&A is primarily due to a combination of higher sales, annual pay increases for employees that took effect in the new fiscal year, the impact of the extra week in the quarter, and an increase in stock-based compensation expense.

接著看營業費用，本季銷售、一般及管理費用（SG&A）為 5.76 億美元，同比增加 1.12 億美元，環比增加 2,900 萬美元。SG&A 的環比增加主要來自多項因素的組合，包括銷售額提高、新會計年度生效的員工年度調薪、本季多出一週的影響，以及以股票為基礎之薪酬費用增加。

As a percentage of gross profit dollars, operating expenses were 54%, exceeding our near-term target by approximately 600 basis points. We expect to continue to drive Avnet's operating expense-to-gross-profit-dollar ratio to the low 50s through the remainder of fiscal 2027.

以毛利金額的百分比計，營業費用為54%，較我們的短期目標高出約600個基點。我們預期在2027會計年度剩餘期間，將持續推動Avnet的「營業費用／毛利金額」比率降至50%出頭的水準。

Our EC business had a record low operating expense-to-gross-profit-dollar ratio of 46% for the quarter, compared to 69% last year and 56% last quarter. The Farnell operating expense-to-gross-profit-dollar ratio was 65% in the quarter, which is the lowest level since the first quarter of fiscal 2023.

本季我們的EC業務「營業費用／毛利金額」比率創下46%的歷史新低，相較去年為69%、上季為56%。Farnell本季「營業費用／毛利金額」比率為65%，為自2023會計年度第一季以來的最低水準。

As we move through fiscal 2027, we will continue to maintain a high level of cost discipline, while still making the necessary investments in the business to enable profitable growth. For the first quarter, we reported adjusted operating income of nearly $500 million, and the Avnet adjusted operating margin was 4.7%, an increase of more than 200 basis points year-over-year and more than 80 basis points from last quarter. This represents the fifth consecutive quarter of adjusted operating margin expansion and the highest Avnet operating margin since fiscal 2023.

隨著我們邁入2027會計年度，我們將持續維持高度的成本紀律，同時仍會在業務上進行必要投資，以支持獲利性成長。第一季我們公布調整後營業利益接近5億美元，Avnet調整後營業利益率為4.7%，較去年同期提升逾200個基點，較上季提升逾80個基點。這是調整後營業利益率連續第五季擴張，也是自2023會計年度以來Avnet最高的營業利益率。

Adjusted operating income also grew approximately 3 times greater than sales compared to last year and approximately 2 times greater than sales compared to last quarter. This is consistent with our continued expectation of driving operating income growth at least twice the rate of sales growth.

相較去年，調整後營業利益的成長約為銷售成長的3倍；相較上季，約為銷售成長的2倍。這與我們持續預期一致：推動營業利益成長至少達到銷售成長率的兩倍。

By operating group, Electronic Components operating income was $484 million, and EC operating margin was 4.8% in the first quarter, a 71 basis points sequential increase. Similar to last quarter, the sequential improvement in EC operating margin was led by the Americas, including both the Core and Avnet Integrated Solutions businesses, with all regions increasing their operating margin over 45 basis points sequentially and even more year-over-year. We expect EC operating margin to reach our near-term goal of 5% in the second half of fiscal 2027.

按營運事業群來看，電子元件（Electronic Components）營業利益為4.84億美元，第一季EC營業利益率為4.8%，較上季增加71個基點。與上季類似，EC營業利益率的季對季改善主要由美洲地區帶動，包含Core與Avnet Integrated Solutions兩項業務；所有地區的營業利益率季對季均提升超過45個基點，且年對年提升幅度更大。我們預期EC營業利益率將在2027會計年度下半年達到我們短期目標的5%。

Farnell operating income margin of 10.1% was its highest operating margin in more than three years. Farnell operating income margin grew by over 100 basis points sequentially, achieving our near-term target of returning the business to a double-digit operating margin. We expect to continue to expand Farnell operating margin beyond 10% as they continue to grow and their product mix of on-the-board components improves.

Farnell的營業利益率為10.1%，為三年多以來的最高水準。Farnell營業利益率季對季提升超過100個基點，達成我們短期目標：使該業務回到兩位數的營業利益率。隨著其持續成長且板上元件（on-the-board components）的產品組合改善，我們預期Farnell營業利益率將可持續擴張至10%以上。

Turning to expenses below operating income, first quarter interest expense was $92 million, a sequential increase of $25 million, mainly due to higher debt levels to support working capital investments for stronger-than-expected sales growth. The increase in interest expense negatively impacted adjusted diluted earnings per share by $0.23 quarter-over-quarter. Our adjusted effective income tax rate was 23%, consistent with expectations.

接著看營業利益以下的費用，第一季利息費用為9,200萬美元，較上季增加2,500萬美元，主要因為為支應高於預期的銷售成長所需之營運資金投資，債務水位提高。利息費用增加使調整後稀釋每股盈餘較上季減少0.23美元。我們的調整後有效所得稅率為23%，符合預期。

Adjusted diluted earnings per share of $3.63 was a quarterly record for Avnet and was well above the high end of our guidance. Adjusted diluted earnings per share grew 4.1 times greater than sales compared to last year and grew 2 times greater than sales compared to last quarter. Turning to the balance sheet and liquidity.

調整後稀釋每股盈餘為3.63美元，創Avnet單季新高，且明顯高於我們財測區間的上緣。相較去年，調整後稀釋每股盈餘的成長為銷售成長的4.1倍；相較上季，則為銷售成長的2倍。接著談資產負債表與流動性。

During the quarter, we invested $1.2 billion in working capital sequentially to support our profitable sales growth. Of this increase, approximately $2.1 billion came from inventories, substantially offset by a $1.8 billion increase in accounts payable. Accounts receivable increased by approximately $900 million, which was the primary driver for the use of operating cash flow during the quarter.

本季我們的營運資金季對季增加投資12億美元，以支援我們具獲利性的銷售成長。在這項增加中，約21億美元來自存貨增加，但其中有18億美元的應付帳款增加大幅抵銷。應收帳款增加約9億美元，是本季營運現金流出（使用）的主要原因。

The increase in inventory was driven by a few factors. Roughly one-third of the inventory increase was due to memory-related pricing. Another third was attributable to increases specific to supply chain services engagements. The final third was primarily due to the combination of sales growth, as well as the timing of inventory receipts near our quarter end of October 3, which was later than the quarter end of many of our suppliers.

存貨增加由幾項因素所驅動。約三分之一的存貨增加來自記憶體相關的價格因素。另有三分之一可歸因於供應鏈服務專案（engagements）的特定增加。最後三分之一主要來自銷售成長，以及10月3日我們季末附近的存貨到貨時點；該日期晚於許多供應商的季末。

Inventory continues to be a key driver for our business and helped enable us to achieve record sales and earnings during the quarter. We are positioning ourselves appropriately from an inventory perspective so we can capitalize on the numerous opportunities we see in the markets we serve.

存貨仍是我們業務的關鍵驅動因素，並協助我們在本季達成創紀錄的銷售與獲利。我們正從存貨角度進行適當布局，以便把握我們在所服務市場中看到的眾多機會。

Inventory days remained relatively flat sequentially. Our accounts payable and accounts receivable days improved quarter-over-quarter. Overall, working capital days decreased five days quarter-over-quarter to 64 days.

存貨天數季對季大致持平。我們的應付帳款天數與應收帳款天數較上季改善。整體而言，營運資金天數季對季下降5天至64天。

We continue to focus on disciplined inventory and working capital management, which is contributing to the improvements in our return on working capital. Our return on working capital improved by approximately 600 basis points sequentially to 25%, which is the highest level of returns in the past 10 years.

我們持續聚焦於具紀律的存貨與營運資金管理，這正促成我們營運資金報酬率的改善。我們的營運資金報酬率季對季提升約600個基點至25%，為過去10年最高水準。

The increase in working capital led to an increase in debt of approximately $950 million and an approximate $842 million use of cash from operations for the quarter. Because we expect strong sales growth in the coming quarter, we also anticipate using cash to support that growth. As growth moderates, we expect cash generation to catch up, and we are currently expecting to generate positive cash flow by the end of fiscal 2027.

營運資金增加使債務增加約9.5億美元，且本季營運活動使用現金約8.42億美元。由於我們預期下一季銷售將強勁成長，我們也預期將使用現金以支援該成長。隨著成長趨緩，我們預期現金創造將追上來；目前我們預期在2027會計年度結束前可產生正向現金流。

During the quarter, we raised additional capital primarily through various debt instruments and facilities to support these increased working capital requirements. We expect to continue to raise additional capital over the coming quarters as we support the anticipated growth through the remainder of fiscal 2027 and beyond.

本季我們主要透過各類債務工具與融資額度籌措額外資金，以支援這些增加的營運資金需求。我們預期在未來幾季將持續籌措額外資金，以支援預期的成長，直至2027會計年度剩餘期間及其後。

We ended the first quarter with gross leverage of 3.1 times, down from 3.2 times in the fourth quarter, and approximately $1.2 billion of available committed borrowing capacity. We anticipate reaching our target of 3 times leverage by the second half of fiscal 2027. Cash used for capital expenditures was $24 million during the quarter, as expected.

第一季末我們的總槓桿倍數為3.1倍，較第四季的3.2倍下降，且可用的已承諾借款額度約12億美元。我們預期在2027會計年度下半年達成3倍槓桿的目標。本季資本支出使用現金2,400萬美元，符合預期。

With regard to our capital allocation strategy, we continue to prioritize supporting our profitable growth while maintaining a strong and flexible balance sheet. We also increased our quarterly dividend by approximately 6% to $0.37 per share this quarter. Over the past decade, we have more than doubled the dividend, with the average annual increase exceeding 10%. During that same time, we have also returned approximately $1 billion to shareholders through these dividends.

就資本配置策略而言，我們仍優先支持具獲利性的成長，同時維持強健且具彈性的資產負債表。本季我們也將季度股利提高約6%至每股0.37美元。過去十年，我們的股利已增加逾一倍，平均年度增幅超過10%。在同一期間，我們也透過這些股利向股東返還約10億美元。

We also expect to continue to explore potential tuck-in M&A opportunities that equip us with the capabilities needed to further advance our strategic priorities and provide a strong risk-adjusted return on capital. Finally, as cash generation improves, we would also expect to revisit our share buyback program, which still has $226 million of authorization remaining.

我們也預期將持續探索可能的補強型併購（tuck-in M&A）機會，以取得進一步推進我們策略優先事項所需的能力，並提供強勁的風險調整後資本報酬。最後，隨著現金創造改善，我們也預期重新檢視我們的庫藏股回購計畫；該計畫目前仍有2.26億美元的核准額度可用。

Turning to the second quarter guidance, we are guiding sales in the range of $11.1 billion to $11.4 billion and adjusted diluted earnings per share in the range of $3.90 to $4.10. Our second quarter guidance assumes current market conditions and electronic component availability, including in the memory product category, persist.

談到第二季展望，我們預期銷售額將落在 111 億至 114 億美元之間，調整後稀釋每股盈餘將落在 3.90 至 4.10 美元之間。我們的第二季指引假設目前的市場狀況與電子元件供應情形（包括記憶體產品類別）將持續。

Our guidance implies a sequential sales increase of 5% at the midpoint. Adjusted for the extra week in Q1, Q2 sales are expected to increase 12% sequentially at the midpoint on a comparable basis. This guidance also assumes similar interest expense compared to the first quarter, an effective tax rate of between 21% and 25%, and 87 million shares outstanding on a diluted basis.

我們的指引在中位數隱含銷售額季增 5%。若就可比基礎、並調整第一季多出的一週，第二季銷售額在中位數預期將季增 12%。此指引亦假設利息費用與第一季相近，有效稅率介於 21% 至 25%，以及稀釋後流通在外股數為 8,700 萬股。

In closing, we're optimistic about the strong start to the fiscal year and the continued momentum we see in our leading indicators for fiscal 2027. Our first quarter results and second quarter guidance demonstrate that our team continues to deliver profitable growth on the value proposition we bring to our customers and suppliers. With that, I will turn it over to the operator to open it up for questions. Operator?

最後，我們對本財年強勁的開局，以及我們在 2027 財年領先指標上所見的持續動能，感到樂觀。我們第一季的業績與第二季指引顯示，我們的團隊持續憑藉為客戶與供應商帶來的價值主張，交出具獲利性的成長。接下來我把時間交給主持人，開放提問。主持人？

(Operator Instructions)

（主持人指示）

Mr. William Stein, Truist Securities.

Truist Securities 的 William Stein 先生。

Great. Thanks for taking my question. Congrats on the great results and outlook. I'm hoping you can talk to us a bit about lead times. We know they're stretching. You cited it in your prepared remarks. I'm wondering if that's challenging your ability to grow, to deliver product and grow, and if so, maybe quantify any impact from that?

很好。謝謝讓我提問。恭喜你們有很好的業績與展望。我希望你們能談談交期（lead times）。我們知道交期正在拉長。你們在事先準備的發言中也提到了。我想了解這是否正在挑戰你們的成長能力、交付產品並實現成長；如果是的話，能否量化其影響？

Yeah. Thanks, Will. Thanks for the comments. Appreciate it. This is Phil. Yeah, so we did comment on that, and we are seeing lead times start to go out more broadly. We know what's happening in memory and the likes. We're starting now to see power, well, power has been out, starting to see passives, MLCCs, discretes, so it's much more broad, controllers.

好的。謝謝你，Will。也謝謝你的評論。很感謝。我是 Phil。是的，我們確實提到過，我們看到交期開始在更廣泛的範圍內拉長。我們知道記憶體等品類正在發生什麼。我們現在也開始看到電源（相關元件）——其實電源已經拉長一段時間了——也開始看到被動元件、MLCC（多層陶瓷電容）、分離式元件（discretes），所以範圍更廣了，還包括控制器。

But I can say with that, as we also talked about, we're starting to see some additional inflation and pricing as well, with ASPs starting to get impacted again, probably most of that probably starting in the new calendar year. To date, I want to say, Will, to date, we've not seen that directly inhibiting our growth currently through the quarter or in our guidance. Tough to call into next year yet as things tighten up.

不過我可以說，正如我們也談到的，我們也開始看到一些額外的通膨與價格上漲，平均售價（ASP）又開始受到影響，這種情況大多可能會從新的曆年開始出現。截至目前，我想說，Will，截至目前我們尚未看到這直接抑制我們在本季的成長，或反映在我們的指引中。至於明年，隨著供需趨緊，現在還很難判斷。

So right now, I would say not a lot. Are some customers struggling, particularly with a heavy concentration of memory in their BOM? They're having a tougher time. Yes, we have some customers that maybe aren't producing as many tablets as they were before, things along those lines. So that's tough to measure. It’s not like they’re done, they're just slowing down, but it's not really broad-based at this point.

所以就目前而言，我會說影響不大。是否有些客戶在掙扎，特別是其物料清單（BOM）中記憶體占比很高的客戶？他們確實更辛苦。是的，我們有一些客戶可能不像以前那樣生產那麼多平板電腦，諸如此類。所以這很難衡量。這並不是說他們停了，而是放慢速度，但目前還不是全面性的現象。

But of course, we're watching it because we know what has happened in previous cycles where lead times go out, you’d start to get into some challenges there. But to date, we're not seeing that as an impact to the growth or our forecast guidance.

但當然，我們正在密切關注，因為我們知道在過去的循環中，當交期拉長時，確實會開始出現一些挑戰。但截至目前，我們尚未看到這對成長或我們的預測指引造成影響。

I appreciate that. As a follow-up, I'd like to ask about guidance and maybe going out a little bit further. You gave us a great December quarter guide. Even considering the extra week that I think you just had in September, the December guide is still, I think, six or seven points above typical seasonality.

了解，謝謝。我想追問一下指引，並把時間拉長一點來看。你們給了很好的 12 月季度指引。即使考慮到我想你們 9 月季度多了一週，12 月季度的指引仍然比典型季節性高出大概 6 或 7 個百分點。

And understanding you're not guiding further than a quarter, when we look to March, I think normal seasonality is approximately down 1% or 2%. Would that be an appropriate way to think about growth in this part of the cycle, or considering the strength that we're seeing, should we expect stability or sequential growth into March?

我理解你們不會提供超過一季的指引，但當我們看 3 月季度時，我認為正常季節性大約是下滑 1% 或 2%。在這個循環的這個階段，這樣思考成長是否合適？或者考量到我們看到的強勁態勢，我們是否應該預期到 3 月季度仍能維持穩定或呈現季增？

Will, let me take a shot at that, and I'll pass it over to KJ for some comments. Yes, we don't guide out that far, so you're right. So thanks for saying that. But as far as we look out, the March quarter has kind of been a wild card in the last several years if you look at it with the Lunar New Year.

Will，我先嘗試回答，然後再請 KJ 補充一些看法。是的，我們不會指引到那麼遠，所以你說得對。也謝謝你提到這點。但就我們往外看，過去幾年 3 月季度一直有點像變數，因為會受到農曆新年影響。

Last year did not have much of an effect. The year before it did. You're right, typical, which is a word we don't use much anymore because nothing seems typical, March would be down more dramatically in Asia-Pac due to the Lunar New Year, and the West would come back up, and it would almost offset. But you're right, down 1% or 2%.

去年影響不大。但前一年影響就很大。你說得對，所謂「典型」——這個詞我們現在不太常用，因為似乎沒有什麼是典型的——3 月在亞太通常會因農曆新年而更明顯下滑，而西方市場會回升，兩者幾乎互相抵消。但你說的沒錯，大約下滑 1% 或 2%。

Right now, as we look at it, again, we're not guiding, and the wild card being Lunar New Year, we feel the West is going to still be pretty strong into the March quarter. And just looking at the backlog, which I'm looking at as we speak, the backlog looks good for the March quarter overall.

就目前我們的觀察，再次強調我們沒有提供指引，而變數在於農曆新年，我們認為西方市場進入 3 月季度仍會相當強勁。而且就積壓訂單（backlog）來看——我現在正在看——整體而言，3 月季度的積壓訂單看起來不錯。

So book-to-bills, as we talked about, continue to be positive. So I'll just say we're optimistic about the March quarter maybe even being a little bit better than what you called out as typical seasonality.

因此，如同我們談到的，接單出貨比（book-to-bill）仍持續為正。所以我只能說，我們對 3 月季度抱持樂觀，可能甚至會比你所提到的典型季節性還要好一些。

Yeah, Will, I'd just add that I think at that kind of growth rate you described, let's say a typical seasonal, that would also imply, call it a 20 to 40 basis points uplift in gross margin because of the mix shift to the West.

是的，Will，我再補充一點：以你描述的那種成長率來看，假設是典型季節性，那也意味著由於產品組合轉向西方市場，毛利率大概會有 20 到 40 個基點的提升。

And so I think the West is looking good. The wild card is the impact of the Lunar New Year in Asia. So the counter to that would be, if you have higher growth than that above seasonal, that's likely because Asia isn't declining as much due to the Lunar New Year holiday, similar to the last couple of years.

所以我認為西方市場看起來不錯。變數在於農曆新年對亞洲的影響。因此相對應的情況是，如果成長高於季節性，那很可能是因為亞洲因農曆新年假期而下滑的幅度沒有那麼大，類似過去幾年的情況。

Melissa Fairbanks, Raymond James.

Raymond James 的 Melissa Fairbanks。

So we heard from one of your suppliers earlier this morning. They noted that channel inventories are pretty tight across most geographies, which I think is pretty consistent with what you're seeing as well, but actually exceptionally low in Asia.

我們今天稍早聽到你們其中一位供應商的說法。他們提到通路庫存（channel inventories）在多數地區都相當吃緊，我想這也與你們看到的情況一致，但在亞洲甚至低得異常。

I know that Asia has been a very strong market for you for several quarters now. Just wondering what you're seeing in terms of your ability to address upside demand in Asia and what your own inventories in Asia look like today?

我知道亞洲已經連續好幾季都是你們非常強勁的市場。想請教你們在亞洲滿足額外（上行）需求的能力方面看到了什麼情況？以及你們目前在亞洲的自有庫存水位大概如何？

Thanks, Melissa. I think I know who you're referencing there. Again, right now, as you saw, we grew inventories. I'm sure we’ll give you a breakout on where that growth was in inventory. We're not only comfortable, but very confident with our inventory position now. But as lead times go out, we're going to make sure we're replenishing appropriately.

謝謝你，Melissa。我想我知道你指的是誰。再次強調，如你所見，我們增加了庫存。我相信我們會向你提供庫存成長發生在哪些項目的拆解。我們不僅覺得安心，而且對目前的庫存水位非常有信心。但隨著交期拉長，我們會確保適當補貨。

And I'm looking at our Asia inventory. It actually grew sequentially quarter-to-quarter in total dollars in Asia-Pac. And the inventory days actually went up about a day, 1.5 days or so. So again, right now, we're feeling pretty good about the inventory position we have. Again, it can change quickly based on the market and Will's previous question, but right now, we feel pretty good about it.

我也在看我們亞洲的庫存。以亞太區總金額來看，實際上按季是成長的。而庫存天數也上升了大約一天，約1.5天左右。所以再次強調，就目前而言，我們對現有的庫存狀況感覺相當不錯。同樣地，它可能會因市場狀況以及Will先前的問題而快速變化，但就現在來看，我們覺得相當不錯。

Now, I also need to qualify. It's a broad question, right? So in certain areas of power, discretes and power caps and things like that, those lines, anything around power is probably going to get a lot tighter than some other products.

另外我也需要補充說明。這是一個很廣泛的問題，對吧？因此在某些電源相關領域，例如分離元件（discretes）、電源電容（power caps）之類的產品線，任何與電源相關的品項，可能會比其他一些產品更快變得吃緊。

So inventory, if I give you a broad answer to a broad question, you really need to break it down by commodity and see where we're appropriately pipelined and where we have the inventory positions we need. So there could be some pockets where we're shorter than we need to be, but in total, our inventory is in pretty good shape.

所以談到庫存，如果我用一個廣泛的答案回應一個廣泛的問題，你其實需要按品類（commodity）拆開來看，確認我們在哪些地方的供應管線配置得當，以及在哪些地方具備所需的庫存水位。因此可能會有一些區塊我們的庫存比需要的更短缺，但整體而言，我們的庫存狀況相當良好。

Okay, great. I would be happy to break it down by component if you want to give me that data. Look at those sheets, I want to zoom in. So you mentioned that demand creation activity remains healthy. With as much as your mix, or just the market mix in general, pivoting to data center, aerospace and defense, networking, kind of some of these higher-touch areas, how much is that impacting your demand creation business? Are you able to engage with customers? Are they reaching out to you earlier in the design cycle?

好的，很棒。如果你願意提供我那些資料，我很樂意按元件來拆解。我會看那些表格，我想放大細看。所以你提到需求創造（demand creation）活動仍然健康。在你們的組合，或整體市場組合，正轉向資料中心、航太與國防、網通等這些較高接觸度的領域之際，這對你們的需求創造業務影響有多大？你們能夠與客戶互動嗎？他們是否在設計週期更早期就會主動找你們？

Well, it's a really good question because some of that, obviously, what we're dealing directly into the data center, so that might be more just fulfillment. So we wouldn't even have demand creation tied to it in many cases, particularly if it's a hyperscaler, because a lot of that's probably being done direct and we're doing the fulfillment and supply chain piece for that.

嗯，這是個非常好的問題，因為其中一部分，顯然我們是直接面向資料中心在做，因此那可能更偏向履約（fulfillment）。所以在很多情況下，我們甚至不會把需求創造綁在那上面，特別是如果是超大規模雲端業者（hyperscaler），因為其中很多可能是直接交易完成，而我們負責的是履約與供應鏈那一塊。

However, again, good question because you would think with the growth that we had and fulfillment increasing in that space, and maybe it's not all demand-creation, it's not all demand creation, you would think the percentage of demand creation would come down as a percentage of our sales, and it's actually flat, which is really good news.

不過，再次說，這是個好問題，因為你會以為，隨著我們在那個領域的成長以及履約增加，而且也許不全是需求創造、確實也不全是需求創造，你會以為需求創造占我們銷售額的比例會下降，但實際上它是持平的，這是非常好的消息。

Demand creation revenue as a percentage of our total revenues actually stayed roughly flat. Flat as a percentage. Dollars were up, obviously. It had to be up to keep pace and stay flat as a percentage of total sales. So we're really pleased with that, frankly, because it's critical to us, it's critical to our suppliers, and it helps the margin profile as well.

需求創造收入占我們總收入的比例，實際上大致維持持平。比例持平。金額當然是增加的。為了跟上成長並讓占總銷售的比例維持持平，它必須增加。所以坦白說，我們對此非常滿意，因為這對我們很關鍵，對我們的供應商也很關鍵，同時也有助於毛利結構。

Okay, great. Thanks very much, guys.

好的，很棒。非常感謝，各位。

Mr. Ruplu Bhattacharya, Bank of America.

美國銀行（Bank of America）的Ruplu Bhattacharya先生。

Hi, thanks for taking my questions. First question is on inventory. Ken, I think you said of this $2 billion sequential increase, one-third was due to supply chain services. How much revenue did supply chain services account for in the quarter, and how should we think about the impact of this going forward? And what inventory days are you targeting? And I have a follow-up.

嗨，謝謝讓我提問。第一個問題是關於庫存。Ken，我想你說在這20億美元的按季增加中，有三分之一是因供應鏈服務所致。本季供應鏈服務貢獻了多少營收？我們應該如何看待這對未來的影響？以及你們的目標庫存天數是多少？我還有一個追問。

Yeah, roughly one-third of the inventory growth came from inventory build for supply chain services. And again, the revenue there is more of a services revenue, so you're not going to see a lot on the top line, but you would see it in the gross margin.

是的，庫存成長中大約三分之一來自於為供應鏈服務所做的庫存建立。而且再次說明，那部分的收入比較偏服務收入，所以你不會在營收（top line）看到太多，但你會在毛利率上看到反映。

I don't think we'd expect it to build meaningfully in the next couple of quarters from there from the supply chain services perspective. That business is growing pretty well, Ruplu. I would say the rest of the business is growing pretty hot as well, so I think it's contributing overall.

我不認為從供應鏈服務的角度來看，我們會預期接下來幾季在此基礎上還會有顯著的庫存增加。Ruplu，那項業務成長得相當不錯。我會說其他業務也同樣成長得很火熱，所以我認為它對整體都有所貢獻。

I think from an overall inventory days perspective, we expect things to continue to be flattish to down slightly. I think we feel pretty good about the days overall. The returns for the quarter are really good, and the supply chain services business really helps on the returns side of things as well.

就整體庫存天數而言，我們預期會持續大致持平到略為下降。我想我們對整體天數感覺相當不錯。本季的資本報酬表現非常好，而供應鏈服務業務也確實有助於報酬表現。

So we are continuing to ramp that business, especially in data center and automotive-type customers, but we wouldn't expect the inventory to continue to build much from here, but be more stable from a supply chain services perspective. Overall, I would say we grew $2.4 billion from last quarter. You're going to need some more inventory, and some of that was timing differences at the end of the quarter as well.

因此我們會持續擴大那項業務，特別是在資料中心與汽車類客戶，但我們不預期庫存會從這裡開始持續大幅增加；就供應鏈服務而言，會更趨於穩定。整體來說，我會說我們相較上季增加了24億美元。你會需要更多庫存，其中一部分也與季末的時點差異有關。

And then the last piece that we referenced was the pricing in some of the memory-related products, we had a pricing increase during the quarter, and the inventory we had at the end of the quarter reflects that price inflation.

另外我們提到的最後一個因素，是某些記憶體相關產品的定價；我們在本季期間有價格上調，而我們在季末持有的庫存反映了那樣的價格通膨。

Thanks for the details there. Can I ask a follow-up on operating margins? So obviously, great performance in both businesses, both Farnell as well as the EC business. EC, you're already at 4.8%, and I think on the call you said you can get to 5% in the second half of fiscal '27. What drives the ceiling, or what is the ceiling in operating margins for that business? How should we think about the puts and takes there?

謝謝你提供這些細節。我可以追問一個關於營業利益率的問題嗎？所以很明顯，兩個業務表現都很出色，Farnell以及EC業務都是。EC目前已經到4.8%，而且我想你在電話會議上說，財年'27下半年可以到5%。這項業務的上限是由什麼決定的，或者說營業利益率的天花板在哪裡？我們應該如何看待其中的利多與利空因素？

And the same question, I guess, for Farnell. I mean, you're already at double-digit margins. Is there a ceiling to this? Can you get back to like the 14%, the mid-teens kind of operating margins over time? Should we continue to think 50, 100 basis points every quarter? So can you just give us how we should think about where the ceiling is for these two businesses in terms of operating margin?

同樣的問題，我想也適用於Farnell。我的意思是，你們已經是雙位數的利潤率。這有天花板嗎？隨著時間推移，你們能回到像14%、中段十幾%的營業利益率嗎？我們是否應該繼續以每季提升50到100個基點來看待？所以你能否說明一下，我們應該如何看待這兩個業務在營業利益率方面的上限？

Yeah, maybe I'll comment this way. I think it's higher than 5% for EC and higher than 10% for Farnell. We continue to drive steady progress there. I think the 50 to 100 basis points you mentioned was more of a Farnell commentary, whereas EC was a little bit more modest. But look, we're continuing to drive efficiency, and you can see the expenses didn't go up very much this quarter.

是的，也許我會用這種方式來回應。我認為 EC 會高於 5%，而 Farnell 會高於 10%。我們持續在那裡推動穩健的進展。我認為你提到的 50 到 100 個基點，更多是針對 Farnell 的評論，而 EC 則相對溫和一些。但你看，我們仍在持續提升效率，你也可以看到本季費用並沒有增加太多。

The guidance would imply further improvement from our OE-to-GP perspective. I think we're going to be in the low-50s, right, and we continue to drive that lower. And so that will help continue to drive the operating margin improvement. So I think we want to hit those near-term goals and then reset a little bit.

指引意味著從我們的 OE 對 GP（營運費用對毛利）角度來看，還會進一步改善。我想我們會落在 50% 出頭的區間，對吧，而且我們會持續把它再往下推。因此這將有助於持續推動營業利益率的改善。所以我認為我們希望先達成這些短期目標，然後再稍微重新調整一下。

But again, I think Farnell in the low teens over time and then EC trending toward 6% over time. Part of it depends on the growth, part of it depends on regional mix, but we'll continue to drive efficiency with the expense model and the working capital model to continue to drive the returns up. 25% this quarter, but continue to make traction there as well.

但再說一次，我認為長期來看 Farnell 會在 10% 出頭，而 EC 會隨時間趨近 6%。其中一部分取決於成長，一部分取決於區域組合，但我們會持續透過費用模型與營運資金模型來提升效率，進而持續推升報酬。本季是 25%，但我們也會持續在那方面取得進展。

Yeah, Ruplu, this is Phil. Thanks for the comment, and we're proud of the team thus far, but we're not planning on stopping that progression, okay? So Farnell is listening on the call, and the plan is to get that to continue to increase quarter-on-quarter. I will come back to exactly what Ken just said, the regional mix.

是的，Ruplu，我是 Phil。謝謝你的評論，我們對目前團隊的表現感到自豪，但我們並不打算停止這樣的進展，好嗎？所以 Farnell 也在收聽這通電話，我們的計畫是讓它每一季都持續季對季提升。我會回到 Ken 剛剛說的重點：區域組合。

As Europe gets stronger, that helps all of our businesses frankly, as it has a higher margin profile. And then the commodity mix, as we expand the on-the-board components within Farnell, that runs at a higher margin than the traditional test and measurement, and single-board computer.

隨著歐洲走強，坦白說這對我們所有業務都有幫助，因為歐洲的毛利率結構較高。另外是商品組合，隨著我們在 Farnell 擴大板上元件（on-the-board components），其毛利率高於傳統的測試與量測，以及單板電腦。

So we're constantly driving that. And same thing on the core. And the key through all of this upside, if you will, is to manage tightly our expenses while making the investments we need to make to drive the growth and efficiency. So it's a maniacal focus on that.

所以我們一直在持續推動這些。核心業務也是同樣的做法。而在所有這些上行空間（如果你願意這麼說）的關鍵，是在進行必要投資以推動成長與效率的同時，嚴格控管我們的費用。所以我們對此有近乎偏執的專注。

Can I just ask, going forward, do you think regional mix remains a bigger contributor to margins or a bigger factor for margins versus product mix or supplier programs or other investments?

我想請問一下，往後你認為區域組合對毛利率的貢獻或影響，會比產品組合、供應商方案或其他投資更大嗎？

I think it goes back to the seasonality more so than, let's say, a fundamental mix shift. I think Asia is performing pretty well. They're well positioned. You can see the growth over the last three years, so we don't see Asia slowing down. Although in the third quarter, with Lunar New Year, they could have a little bit lower sales just because of fewer shipping days.

我認為這更多回到季節性，而不是例如根本性的組合轉移。我認為亞洲表現相當不錯。他們的布局很到位。你可以看到過去三年的成長，所以我們不認為亞洲會放緩。不過在第三季，因為農曆新年，出貨天數較少，銷售可能會稍微低一些。

But I think the mix, where Asia is roughly in the high-40% to 50% range of our mix, kind of continues into the foreseeable future. But we're still going to continue to drive operating margin expansion in the West. So I think it's hard to say, Ruplu, exactly where the regional mix lands, but I think for the time being, we should think about it being flattish absent seasonality trends.

但我認為組合方面，亞洲約占我們組合的 40% 高段到 50% 左右，短期可預見的未來大致會維持如此。但我們仍會持續推動西方市場的營業利益率擴張。所以 Ruplu，要精確說區域組合會落在哪裡其實不容易，但我認為就目前而言，若不考慮季節性趨勢，應該會是大致持平。

Okay, great. Thank you so much.

好的，很棒。非常感謝。

Mr. Joe Quatrochi, Wells Fargo & Company.

Wells Fargo & Company 的 Joe Quatrochi 先生。

Yeah, thanks. Maybe just following up on that line of thinking. If Asia is stronger than seasonal into the March quarter, do you think you can get EC margins back to that 5% in the second half?

是的，謝謝。也許就沿著剛才的思路追問一下。如果亞洲在 3 月季度的表現強於季節性，你認為 EC 的毛利率能在下半年回到 5% 嗎？

Yes, I don't think that's going to be a constraint. I think either way, we'll get there through growth, or we'll get there through gross margin expansion from the mix.

可以，我不認為那會成為限制。我認為不管哪種情況，我們都會透過成長達到，或者透過組合帶動的毛利率擴張達到。

And as a follow-up, I think I heard you say expect to raise capital over the coming quarters to fund growth. Can you just kind of maybe share some more color on that? Are you expecting to raise some more debt?

另外追問一下，我想我聽到你說，預期在接下來幾個季度會籌措資金以支應成長。你能否再多分享一些細節？你們是否預期會再增加一些負債？

Yeah, I mean, I think with the growth we've seen, $3.6 billion in the past six months, we've just needed to have more borrowing capacity to kind of fund those receivables and the inventory. So we think it starts to normalize a little bit, but we've done notes, we've done term loans, we've done upsizing to our revolving line of credit, and we've done more securitization.

是的，我的意思是，考量到我們看到的成長，過去六個月達到 36 億美元，我們確實需要更高的借款額度，來支應那些應收帳款與存貨。所以我們認為它會開始稍微回歸常態，但我們已發行票據、辦理定期貸款、提高循環信用額度，並且做了更多證券化。

So we'll continue to tackle those things, and we have some maturities coming due that we'll need to refinance. Interest rates aren't the most favorable right now, but we'll be thoughtful about taking some of those notes out and extending them.

所以我們會持續處理這些事項，而且我們也有一些到期債務需要再融資。目前利率環境並不是最有利，但我們會審慎地把其中一些票據提前處理並延長期限。

So maybe if I could sneak one more in, what's embedded in the guide from just a memory pricing perspective in terms of the benefits to revenue growth you've seen over the last two quarters?

那如果我可以再塞一個問題，從記憶體定價的角度來看，你們的指引中隱含了什麼假設？就過去兩個季度你們看到的、對營收成長的助益而言。

The guide would imply very modest improvements in pricing. It's just kind of flattish pricing. I think Phil gave some commentary. We're seeing more now in the new calendar year, so we expect maybe a little bit more impact there. We're still digesting that, but we're kind of going on a guide of flattish pricing and consistent availability.

指引意味著定價只會有非常溫和的改善。基本上就是價格持平。我想 Phil 有做一些評論。我們在新的曆年開始後看到的情況更多一些，所以我們預期那方面可能會有稍微多一點的影響。我們仍在消化評估，但我們的指引假設是價格大致持平、供應可得性維持一致。

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

各位先生，目前沒有其他問題。我現在把時間交回給 Phil Gallagher 作結語。

Great. Thank you very much, and I want to thank everyone for attending today's earnings call. I look forward to speaking to you again at our second quarter fiscal year 2027 earnings report in early February. Have a great rest of the day.

很好。非常感謝，也感謝各位參加今天的法說會。我期待在 2 月初、我們 2027 會計年度第二季財報發布時，再與各位交流。祝各位今天剩下的時間愉快。

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。