# 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：

“Avnet什么时候能赚回失去美信后的这部分收入？“

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。

“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。”

（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。）

## 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。

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。

“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。”

## Avent营收预测

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。

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%。

“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。“

## 附录：

###

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.

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.

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.

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

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.

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。

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

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.

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。

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.

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。

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.

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.

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.

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.

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.

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.

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.

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.

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。

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.

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。

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.

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%。

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.

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.

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.

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.

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。

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

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