安富利CEO：美信流失后，如何展望公司业绩？ 

ADI对Maxim（美信）的收购已经完成，Maxim不得已放弃其全球分销渠道——Avnet（安富利）。近日，在 Avnet 2022 财年第一季度财报电话会议上，有分析师提出：AEkesmc

“Avnet什么时候能赚回失去美信后的这部分收入？“AEkesmc

针对此问题，Avnet的CEO Phil Gallagher回应：“Maxim的流失不会对我们未来几个季度的收益产生任何影响，甚至在做2023财年计划时，我们都不需要因为Maxim在这方面做需重新预算。“AEkesmc

尽管 Maxim贡献了Avnet销售额中的5亿美元，但这只是Avnet 2021财年195亿美元总收入的3%。AEkesmc

Gallagher 相信这部分业务可以过渡到Avnet的其他产品线。他指出，Maxim的脱离将在几个月内完成，但Avnet不会修改其季度预测。AEkesmc

“我们认为它不会影响我们整个财年的收益。” Gallagher在 Avnet 2022 财年第一季度财报电话会议上对分析师说。Avnet 报告第一季度销售额为56亿美元，同比增长18.2%。“我们已经制定了计划。我们有很棒的供应商合作伙伴，他们拥有该技术的一部分，我们正在对此进行映射，这将成为团队的目标。我们看到了取代 [Maxim]业务的机会。”AEkesmc

（注：去年年底，Avnet才完全终止TI代理线产品的销售，这部分产品线的收入占Avnet总收入高达10%左右。）AEkesmc

也有分析师担心AMD对Xilinx的收购会影响Avnet渠道。事实上，Xilinx和Avnet已经有了几十年的独家合作关系，而Avnet是AMD的长期分销商。Xilinx的竞争对手Altera(现为英特尔所有)过去曾与艾睿（Arrow）结盟。这两家FPGA的领导者一直都避免在分销渠道中碰撞。AEkesmc

Arrow首次分销Maxim产品

Avnet此前是Maxim唯一的全球批量分销合作伙伴，与Maxim的合作历史悠久。AEkesmc

在Maxim并入ADI之前，Maxim的其它分销商伙伴还包括Future Electronics、RS Electronics，还有Digi-Key、Newark与Mouser，还有几家专门与区域性代理商。AEkesmc

但，自2000年代中期以来，Arrow与Maxim没有任何关系，跟上产品、技术和客户群的速度可能具有挑战性。AEkesmc

Maxim的分销阵容变化，遵循了ADI公司在收购凌力尔特公司后制定的计划。2017 年，ADI 将其全球履行业务整合到旗下，Arrow该公司同时也为模拟供应商提供设计服务。AEkesmc

此次，ADI/Maxim将保留其所有小批量分销商，包括 Farnell（隶属Avnet）。AEkesmc

艾睿电子历来没有对供应商的分销调整发表过评论。ADI公司也没有对其分销网络的变化发表评论。AEkesmc

“最近成功收购 Maxim极大地扩展了 ADI 公司的产品和解决方案组合。“ADI在一份声明中表示，“虽然我们不评论具体细节，但我们分销战略的任何变化，都将继续把我们的客户置于我们一切工作的最前沿，使他们与我们公司的互动尽可能无缝。”AEkesmc

并购对分销界的冲击

全球大的分销商们，都曾经历过收购带来的冲击。AEkesmc

德州仪器 (TI) 历史上广泛借助分销，并且没有禁止分销商的竞争产品线。该公司于2017年开始减少分销渠道，并在2019年取消了6家分销商，开始直接为其客户提供服务（除了由Arrow处理的全球履行订单），这对行业带来沉重打击。 AEkesmc

近年来，大型原厂并购层出不穷，并购之后，原厂的产品组合通常也会合并，采用的分销商也更少。整合分销渠道的目的之一，就是帮助原厂节省成本，包括对分销商进行培训的成本，提供给分销商低于直销价的产品价格，以及物流和售后等相关费用成本。AEkesmc

但是，原厂们很少调整自己的目录分销商或小批量分销商。这些订单规模更小、单价更高、交付更快。AEkesmc

Avent营收预测

目前，Avnet的工程客户仍然可以通过Farnell购买Maxim。AEkesmc

Avnet 一直在通过增加库存、提高整个Avnet业务的可见性、以及提供更多自助工具来投资 Farnell及其整体电子商务运营。AEkesmc

Farnell在2022 财年第一季度的收入达到创纪录的4.55亿美元，运营利润率为10.9%。AEkesmc

其中，电子商务贡献了营收的53%、总交易量的69%。AEkesmc

“在过去的 18 个月中，Farnell平台取得了积极成果，该团队实现了数字化转型，并且随着我们在未来几个季度将所有 Avnet 业务转移到该平台，我们对取得更大成功的潜力感到非常兴奋。“Avnet首席财务官Tom Liguori在2022财年第一季度财报电话会议上指出，”我们还在上个季度继续投资库存，增加了18,800个SKU。这反映了我们在2022财年再增加 250,000个SKU 的计划的持续进展。“AEkesmc

本季度，15%的Farnell销售额来自过去两年增加的新SKU。“对于我们的第二财季，我们指导收入在53亿美元至57亿美元之间，调整后每股收益在1.20美元至1.30美元之间。”Liguori指出。AEkesmc

附录：

对话Avnet的首席执行官Phil Gallagher【中英文音频】AEkesmc

在Avnet第一季度财报电话会议后的第二天，《国际电子商情》姐妹刊EPSNews的编辑Barb Jorgensen在Avnet的首席执行官Phil Gallagher凤凰城的办公室中采访了他，以下是采访录音和脚本。 AEkesmc

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安富利（Avnet）的CEO Phil GallagherAEkesmc

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A fundamental element of the supply chain in the electronics industry is the distribution business. Some of the biggest distributors are multi-billion dollar multinational conglomerates, and they’re absolutely critical in getting the right parts to the customers who need them, when they need them.AEkesmc

电子行业供应链中的一个基本要素是分销业务。最大的分销商有些是资产数十亿美元的跨国集团，当顾客需要获得合适的零部件时，这些分销商就起到至关重要的作用。AEkesmc

Whenever there’s any merger & acquisition activity, there’s always the possibility that there will be some fallout for distributors. In other words, M&As carry the potential to disrupt the supply chain.AEkesmc

只要发生企业并购，分销商往往会受到影响。换而言之，并购可能会造成供应链中断。AEkesmc

Following its acquisition by Analog Devices Inc. last year, Maxim’s business has been consolidated under Avnet competitor Arrow Electronics Inc. The two rank among the largest distributors in the world. A disclaimer here: EE Times is part of AspenCore, and AspenCore is owned by Arrow.AEkesmc

继去年被亚德诺半导体公司（Analog Devices Inc.）收购后，美信公司（Maxim）的业务已整合到安富利集团（Avnet）的竞争对手艾睿电子（Arrow Electronics Inc.）旗下。这两家公司均跻身全球最大的分销商之列。在此需要先声明：《EE Times》是AspenCore媒体集团旗下的刊物，而AspenCore隶属于艾睿电子公司。AEkesmc

Anyway, Maxim accounted for approximately $500 million of Avnet’s annual sales, which reached $19.5 billion in fiscal 2021.AEkesmc

总之，安富利集团2021财年的销售额为195亿美元，其中美信业务销售额占到了将近5亿美元。AEkesmc

Barb Jorgensen is the editor of our sister publication, EPSNews. Phil Gallagher is the CEO of Avnet. Barb caught up with Gallagher, who was in his office in Phoenix, the day after Avnet’s fiscal Q1 earnings call. During the conversation, you’ll hear Gallagher reference Farnell. That’s Avnet’s catalog business.AEkesmc

Barb Jorgensen是我们姊妹媒体EPSNews的编辑。Phil Gallagher是安富利集团的首席执行官。安富利集团第一季度财报电话会议召开次日，Gallagher在其位于凤凰城的办公室内接受了Barb的采访。在他们的谈话中，您将会听到Gallagher提及Farnell公司，这是安富利集团的目录分销业务。AEkesmc

Here’s Barb Jorgensen with Avnet’s Phil Gallagher.AEkesmc

以下是Barb Jorgensen与安富利集团Phil Gallagher的对话。AEkesmc

BARB JORGENSEN: So first, supplier consolidation. It’s not new. This isn’t even the most recent move with Analog Devices buying other companies. So talk a little bit about the history of that if you would.AEkesmc

BARB JORGENSEN：首先，我们来谈谈供应商整合这个问题。我们都知道，收购屡见不鲜，这甚至不是ADI最新的一次收购。如果方便的话，请您分享这段历史。AEkesmc

PHIL GALLAGHER: Yeah. Thanks, Barbara. Thanks for having me on. And hope everybody’s doing well. Yeah, we did have a good quarter. Actually a great quarter. Both the Avnet core, and of course, Farnell’s part of that. Farnell had a record quarter in the July-August-September quarter. So again, really proud of the team navigating these interesting market conditions in the working environment, as you and I were talking.AEkesmc

PHIL Gallagher：好的，谢谢Barbara。首先，感谢您的邀请，并祝大家一切顺利。的确，我们这一季度业绩不错。事实上，这是一个非常棒的季度。安富利集团的核心业务，当然集团旗下Farnell公司的业务也完成得非常出色。Farnell第三季度（7 - 9月）的业绩创下了纪录。说到这里，我再次为我们的团队感到骄傲，正如咱们所说的那样，他们在工作环境中很好地应对了这些有趣的市场状况。AEkesmc

I’ve been with Avnet since 1982. So consolidation is not new, it’s part of what we deal with. And that’s where the word adaptability comes in, and perseverance. And as you know, Barbara, we’re in our 100 year anniversary this year. And if you’re not going to adapt, you’re not going to last 100 years. And I say that for distribution in general because consolidation can affect you positively or negatively or neutral. Depends on the situation.AEkesmc

我在1982年就加入了安富利集团。因此，整合对我来说并不是什么新鲜事，因为它是我们工作的一部分。这里就需要提到适应力和毅力这两个词。Barbara，如你所知，今年是我们公司成立100周年。如果不去适应环境，我们公司根本无法维持百年之久。我这么说是针对一般情况下的分销业务而言，因为整合可能会给公司带来积极影响，也可能会带来负面影响或中性影响。这需要视情况而定。AEkesmc

And as I said on the analysts call, the earnings call yesterday, when I started, some of our top product lines were General Electric, RCA, Intercell, Fairchild, Motorola, National Semiconductor, Intel, AMD. And they’re the only two that are left out of that group. Okay? So it is just something that continues to evolve.AEkesmc

正如我昨天在分析师电话会议和财报电话会议上所说，当我加入安富利集团时，我们的顶尖产品线有通用电气（General Electric）、美国无线电公司（RCA）、Intercell公司、飞兆半导体（Fairchild）、摩托罗拉（Motorola）、美国国家半导体（National Semiconductor）、英特尔（Intel）、超微半导体（AMD）。而现在只剩下了其中两个。对吧？所以，整合只是一个不断演进的过程。AEkesmc

Who’s next? We don’t know. We don’t sit in boardrooms nor do I even try to speculate. And we’ve been on the positive side of a lot of these. Infineon acquired Cypress, and we got Cypress back. Microchip acquired Microsemi, we got Microsemi. Renesas acquired IDT. And Dialog recently. We’ve been the benefactor of those. And finally we want to talk about the positives.AEkesmc

下一个被收购的会是谁呢？我们不得而知。我们不是董事会成员，我也不妄加推测。我们一直都从积极的角度看待这些收购。英飞凌（Infineon）收购了塞普拉斯（Cypress），我们后来又夺回了塞普拉斯。微芯科技（Microchip）收购了美高森美（Microsemi），我们后来又夺得了美高森美。瑞萨电子（Renesas）收购了IDT，最近又收购了Dialog。对于这些案例而言，我们一直是受益者。所以，最终我们都会谈论收购的好处。AEkesmc

This most recent one, the ball didn’t bounce our way. You know, the incumbent with Analog Devices is going to pick up Maxim. And I want to assure our customers and engineering communities out there, we will work with you on that supply chain. Be sure there’s no disruption to service from us from the supply chain or from a technical standpoint.AEkesmc

然而，最近的一次收购，事情并没有朝着我们所预期的发展。如你所知，ADI的现任总裁计划收购美信。如果听众中有我们公司的客户和工程界人士，我想向你们保证，我们将在那条业务供应链上继续与你们合作。无论从供应链还是技术角度，我们都会确保我们的服务不会中断。AEkesmc

From a size standpoint, it’s roughly 3%. So in the grand scheme of things, it’s 3% of our revenues. It’s really something that’s very, very overcome-able. And matter of fact, we said on the earnings call, it will have no effect on the balance of our fiscal year, which goes through June.AEkesmc

从规模来看，美信的业务占我们总体量的3%左右。因此，总体而言，美信的销售额只占我们收入额的3%，克服美信被收购所带来的影响是非常非常容易的。事实上，我们在财报电话会议上也提到，美信被收购将不会影响本财政年度的结存，该财政年度到今年6月底截至。AEkesmc

As far as engineers go, 30% of our business is captured in engineering designs. So we’re absolutely committed to that. We’re not reducing our field application engineers, we’re not reducing our account management or inside sales teams, it’s not large enough to do that. But we are going to repurpose them to our other suppliers. And if you look at Maxim, for example, some of the biggest parts of the Maxim portfolio were data to interface. Well, we got some great solutions in data interface. You got Renaissas, we got microchip, NXP, ST Micro and Op Amps, you got On Semi, you got Renaissas, microchip. So I go through the line card, Diodes, inc.AEkesmc

就工程师而言，我们30%的业务都集中在工程设计上。所以我们一定会致力于此。我们不会裁减我们的现场应用工程师，也不会裁减我们的客户经理团队或内部销售团队，因为他们的数量还没有多到要裁员的地步。但我们打算把他们重新分派至其他供应商。以美信为例，其产品组合中占据最大部分的是数据接口。而我们在数据接口方面有许多优质的解决方案。你们有瑞萨电子，我们有Microchip、恩智浦、意法半导体。在运算放大器领域，你们有安森美，瑞萨电子，以及Microchip，那我们就转向Diodes的线。AEkesmc

We’ve got a phenomenal current line card that can help us navigate the Maxim TI, which is now three years old. But more important, the engineering community needs to know we’ve got the solutions in total that can help them with their designs.AEkesmc

我们当前拥有一流的产品线，这有助于我们成功应对美信与德州仪器（TI）的收购，现在已经有三年了。然而更重要的是，工程界需要知道，我们已经有了一套能够帮助他们进行工程设计的完整方案。AEkesmc

BARB JORGENSEN: You alluded to this a little bit yesterday on the earnings call, too. And I think it’s something worth expanding a bit on. With Texas Instruments, we had them begin with discontinuing their basically a distribution incentive program called demand creation. And then has really, you know, limited its volume distribution now, which is probably pretty much what the channel was doing with TI.AEkesmc

BARB JORGENSEN: 您在昨天的财报电话会议上也间接提到了这一点。我认为这点值得展开来谈一谈。说到德州仪器，我们看到他们着手停止所谓的需求创造，其实也就是他们的分销激励计划。随后，如你所知，这的确限制了它现在的分销量，这可能就是渠道对德州仪器所产生的影响。AEkesmc

And with analog, with its acquisition of linear, consolidated its volume business under a single global distributor, and it’s following suit with Maxim. In general, what does this say about the semiconductor industry and its reasons for doing this? Are they margin-driven? Is it a direction of sales that they’re going in? I’m not smart enough to draw any conclusion. I’d like to hear your thoughts on that.AEkesmc

ADI收购凌力尔特（Linear）后把它的业务量整合至单个全球分销商之下，接下来ADI也会对美信采取类似措施。总的来看，这对半导体产业意味着什么？它这样做又是出于什么原因呢？是受利益驱使吗？是他们正在努力的一个销售方向吗？恕我愚钝，目前还得不出结论，想听听您的见解。AEkesmc

PHIL GALLAGHER: We don’t talk about them much anymore. Yeah, they started that 15, 20 years ago. So there was a clear trend where their direction was. More direct, less reliance on the channel, which is continuing to happen, even though they’ve already consolidated into one. If you look at Maxim, about 30% of our business was tied to design. The balance was fulfillment, which really [UNINTELLIGIBLE]. And it’s still 30%, even with some of the line losses we just talked about.AEkesmc

PHIL Gallagher：我们都不怎么谈论他们了。是啊，他们15、20年前就开始这么做了。所以他们的方向已经很明显了，就是更多关注直销，更少依赖渠道，即使他们已经整合，还是会继续沿用这一套。看看美信，你会发现我们大约30%的业务与设计有关。平衡点在于履行，这真[转写者无法听懂此处内容]。即便算上我们刚刚提到的产品线减少，与设计有关的业务依旧是30%。AEkesmc

So I think there’s a growing reliance, frankly, on the channel for hitting that that longer tail customer. There’s no doubt, the most efficient way for these suppliers to go to market is through distribution. Okay, it’s their most profitable channel to the market. I don’t have any suppliers that I can speak to that are looking to move away from demand creation or design incentives through supply chain. So are there gonna be adjustments to it? Yeah, there’s always gonna be adjustments to it.AEkesmc

所以，坦白说，我认为供应商们会越来越依靠分销渠道来吸引长尾客户。毫无疑问，这些供应商要打入市场，最有效的方式就是通过分销。这也是他们进入市场获利最多的方式。与我交谈过的所有供应商都希望通过供应链制造需求或设计激励模式。以后它们的策略是否会有所调整呢？是的，总会有所调整的。AEkesmc

We’re actually investing more in online design services support, in addition to our field application engineers. We’re adding centers of excellence around certain technologies. We’re increasing our software print. I mean, you look at lines like Xilinx. We’re 75, 80% of their business and their designs. And we do reference designs for them.AEkesmc

实际上，除了加大对现场应用工程师(FAE)的投入，我们还在加大对在线数字设计服务的投资。围绕某些技术，我们正在新增多个卓越中心。我们正提高软件的知名度与应用范围。看看赛灵思（Xilinx）这类分销线，我们承包了他们75%-80%的业务和设计，还给他们做参考设计。AEkesmc

So it’ll change, of course it’s going to change. And we’ll adjust as we always have, but again, we don’t see us at risks there. Lines like Monolithic Power Supply. Great line. Okay, starting up, been around for a few years, actually. But they really rely on us to help hit those customers that they just can’t hit from an efficiency standpoint.AEkesmc

所以供应商的策略会出现调整，这点毋庸置疑。我们也会一如既往地适应变化。不过，我想强调一点，我们并不认为公司会因此而陷入危机。比如美国芯源系统有限公司（MPS）的分销线，该分销线做得非常出色。它从最初成立，到现在也有几年了。但他们确实离不开我们，因为从效率角度来看，他们吸引不到特定客户，我们可以帮他们获得。AEkesmc

BRIAN SANTO: That was my colleague, Barb Jorgensen, editor of EPS News, and Phil Gallagher, CEO of Avnet. Barb has a story on EPS News with details about Avnet’s strategy following the purchase of Maxim by ADI.AEkesmc

Brian Santo：以上是我的同事EPS News编辑Barb Jorgensen与安富利集团首席执行官Phil Gallagher的对话。Barb在EPSNews上发表了一篇文章，详细介绍了安富利集团针对ADI收购美信后的战略。AEkesmc

And that concludes this episode of the Weekly Briefing. Thank you for listening.AEkesmc

以上是本周的新闻播报。感谢您的收听。AEkesmc