The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Nikolay Todorov - Longbow Research LLC - Analyst
: Congrats on great results. And Tom, thank you for -- it was a pleasure working with you and good luck on your new endeavors. First
question, I guess, is on inventory. I guess you guys spoke about preparing for seasonal volume in Asia. But I guess, at the same time,
you mentioned still some shortages impacting the Farnell business.
Maybe can you talk about the composition of inventory. Where are you guys being able to build that inventory in what sections of
the component business? And are you starting to see some loosening of maybe the components that were kind of mostly tied kind
of the golden screw call it. That's kind of the first question I have.
Question: Nikolay Todorov - Longbow Research LLC - Analyst
: Great. And the second question just around demand. I was wondering if you can provide us a little bit more color. There's obviously
well-known weakness in the consumer electronics market. But recently, there's been some signs of at least in some areas of the
semiconductor market that areas like data center, automotive and industrials are also starting to see signs of softening. Just what
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AUGUST 10, 2022 / 8:30PM, AVT.N - Q4 2022 Avnet Inc Earnings Call
are you seeing from a booking standpoint, particularly in areas where lead times you mentioned they're starting to kind of come
down?
Question: Joseph Lima Cardoso - JPMorgan Chase & Co, Research Division - Analyst
: Just 2 quick ones for me. First, you modestly narrowed the revenue guidance range for the quarter. So just curious to see what's
driving the better visibility heading into the September quarter, if anything. And then second, you mentioned the supply shortages
with Farnell. Has that improved at all in the first quarter to date? And are you baking in a continued headwind from the shortages
in the first quarter guide?
Question: Joseph Lima Cardoso - JPMorgan Chase & Co, Research Division - Analyst
: Yes, sure. So just the first one is simple, just in the revenue guidance, you narrowed the range that you typically give at least for the
prior 2 to 3 quarters. Just curious what's driving the more narrowed range there? Is it better visibility? Just curious to hear if there's
anything behind that? And then the second one is just the Farnell.
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