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    Melissa Dailey Fairbanks • Raymond James Financial, Inc.

    Melissa Dailey Fairbanks's questions to Avnet Inc (AVT) leadership

    Melissa Dailey Fairbanks's questions to Avnet Inc (AVT) leadership • Q4 2025

    Question

    Melissa Fairbanks of Raymond James Financial questioned the normalized long-term operating margin target for Farnell, how to model future OpEx with the reinstatement of merit pay increases, and the outlook for interest expense given inventory investment needs.

    Answer

    CEO Phil Gallagher stated that the long-term goal for Farnell is to achieve an average operating margin greater than 10%, targeting a 10-13% range, and to avoid dropping below mid-single digits during downturns. CFO Ken Jacobson clarified that the full impact of merit increases, about $8-10 million, is included in the Q1 guidance, making it a good run-rate for modeling OpEx. Regarding interest expense, he noted that Avnet has sufficient inventory dollars for growth and expects to continue modest reductions, meaning significant cash will not be needed for inventory investment, which should help manage interest costs.

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    Melissa Dailey Fairbanks's questions to Benchmark Electronics Inc (BHE) leadership

    Melissa Dailey Fairbanks's questions to Benchmark Electronics Inc (BHE) leadership • Q2 2025

    Question

    Melissa Dailey Fairbanks of Raymond James Financial asked for clarification on AI data center wins, questioning if they were with hyperscalers or enterprise clients. She also inquired about the Medical segment's growth, asking for a breakdown between the recovery of existing business and the ramp of new programs. Lastly, she asked about the cash conversion cycle and long-term targets.

    Answer

    CEO Jeff Benck clarified that Benchmark's AI data center participation is more within the enterprise AI realm. EVP & CCO David Moezidis stated that the Medical segment's recent growth was primarily from the base business recovering as inventory issues subsided, with new program wins set to contribute more significantly next year. CFO Bryan Schumaker noted the goal is to improve inventory turns to 5.0-5.5 from the current 4.3, with CEO Jeff Benck adding that turns are effectively higher when netting out customer advance payments.

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    Melissa Dailey Fairbanks's questions to Benchmark Electronics Inc (BHE) leadership • Q1 2025

    Question

    Melissa Dailey Fairbanks of Raymond James questioned the impact of elongated booking cycles caused by macro uncertainty, the company's agility in moving programs between facilities, and the potential for acquiring customer manufacturing sites as an outsourcing strategy.

    Answer

    CEO Jeff Benck responded that program moves can be executed in as little as six months, particularly for competitive takeaways of existing products, which helps mitigate delays. He clarified that while Benchmark is open to discussions, it is cautious about acquiring customer facilities and prefers to leverage its existing footprint. He emphasized that the primary opportunity lies with mid-market OEMs outsourcing for the first time to gain supply chain flexibility, rather than Benchmark taking over large factories.

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    Melissa Dailey Fairbanks's questions to Jabil Inc (JBL) leadership

    Melissa Dailey Fairbanks's questions to Jabil Inc (JBL) leadership • Q3 2025

    Question

    Melissa Fairbanks inquired if end markets beyond AI are considering moving manufacturing to the U.S. and asked for an update on Jabil's capital allocation strategy, particularly the balance between investments and shareholder returns.

    Answer

    CEO Mike Dastoor noted that while Jabil is already highly regionalized, U.S. manufacturing is also suitable for healthcare and digital commerce. CFO Greg Hebard reaffirmed the company's commitment to returning 80% of free cash flow to shareholders via buybacks, stating the current authorization would be completed in Q4. Dastoor added that the company's capital allocation strategy has fundamentally improved post-Mobility divestiture.

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    Melissa Dailey Fairbanks's questions to Jabil Inc (JBL) leadership • Q2 2025

    Question

    Melissa Dailey Fairbanks of Raymond James Financial, Inc. inquired about supply chain dynamics, asking if customers are changing their component procurement strategies in response to tariff risks. She also asked about Jabil's M&A pipeline and whether there are any specific capability gaps the company is looking to fill to meet future customer needs.

    Answer

    Chief Executive Officer Mike Dastoor acknowledged active discussions around supply chain regionalization but noted that moving an entire supply chain is a multi-quarter process with no major shifts completed yet. On M&A, he highlighted the success of the recent Pharmaceutics International acquisition and affirmed that Jabil continues to actively pursue its strategy of tuck-in, capability-driven acquisitions based on customer roadmaps, with several opportunities currently being worked on.

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    Melissa Dailey Fairbanks's questions to Jabil Inc (JBL) leadership • Q2 2025

    Question

    Melissa Dailey Fairbanks inquired about changes in customer behavior regarding component procurement due to tariff concerns. She also asked about Jabil's M&A pipeline and what new capabilities customers are requesting.

    Answer

    CEO Mike Dastoor acknowledged that active discussions are underway to regionalize supply chains, but noted these are complex, long-term shifts. Regarding M&A, he highlighted the success of the recent pharmaceutical acquisition (PII) and reiterated Jabil's strategy of pursuing tuck-in, capability-driven acquisitions to fill identified gaps on customer technology roadmaps, with several opportunities being actively worked on.

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    Melissa Dailey Fairbanks's questions to Jabil Inc (JBL) leadership • Q1 2025

    Question

    Melissa Dailey Fairbanks requested more color on the automotive and transport business, asking what specific areas were incrementally weaker. She also asked if a new, predictable pattern of seasonality is emerging for the business segments following the mobility divestiture.

    Answer

    CEO Mike Dastoor attributed auto weakness to post-election uncertainty but stressed Jabil is "technology agnostic" and can support EV, hybrid, and ICE platforms. He noted that while China's EV market is strong, Europe and the U.S. are weaker. Regarding seasonality, Dastoor explained the second half will be stronger due to the absence of dilutive mobility ramps, the timing of new program ramps, a recovery in higher-margin semi-cap, and cost optimization benefits. CFO Greg Hebard added that the divestiture also lowers capital intensity.

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    Melissa Dailey Fairbanks's questions to Plexus Corp (PLXS) leadership

    Melissa Dailey Fairbanks's questions to Plexus Corp (PLXS) leadership • Q2 2025

    Question

    Melissa Dailey Fairbanks inquired about the longer-term target for cash cycle days and the dynamics driving recent Aerospace and Defense wins, particularly for products previously manufactured in-house by customers.

    Answer

    COO Oliver Mihm stated that a good long-term target for cash cycle days is the mid-to-low 60s, driven by inventory opportunities. He also explained that A&D outsourcing wins are driven by shifts in customer demand relative to their internal capacity. CEO Todd Kelsey added that there is a broader industry trend of large industrial companies becoming more open to outsourcing.

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    Melissa Dailey Fairbanks's questions to Plexus Corp (PLXS) leadership • Q1 2025

    Question

    Melissa Dailey Fairbanks asked for quantification of the semicap and test business within the Industrial segment, details on trends in the communications subsector, and the reason for the favorable tax rate.

    Answer

    President and CEO Todd Kelsey stated that semicap and test constitute 'right around half' of the Industrial segment's revenue and described the communications business as 'choppy.' Executive Shawn Harrison added that while comms forecasts can change intra-quarter, Plexus is participating in long-term technology transitions. EVP and CFO Patrick Jermain confirmed the favorable tax rate is due to geographic profit mix, particularly in countries with tax holidays.

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    Melissa Dailey Fairbanks's questions to Plexus Corp (PLXS) leadership • Q4 2024

    Question

    Melissa Dailey Fairbanks inquired about the non-SemiCap industrial business, specifically the outlook for the broadband communications sector. She also asked for the longer-term cash cycle target, peak-to-trough investment levels, and whether customers are still providing advance payments.

    Answer

    EVP and COO Oliver Mihm stated the outlook for the communications subsector is now viewed as 'much more flat.' EVP and CFO Patrick Jermain addressed the cash cycle, noting the Q4 result of 64 days has reset expectations and he now targets the high 60s long-term, after a seasonal increase in Q1. He added that advance payments are less frequent as supply chain improvements reduce the amount of aging inventory.

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    Melissa Dailey Fairbanks's questions to Arrow Electronics Inc (ARW) leadership

    Melissa Dailey Fairbanks's questions to Arrow Electronics Inc (ARW) leadership • Q4 2024

    Question

    Melissa Dailey Fairbanks of Raymond James & Associates, Inc. inquired about potential Q4 demand pull-ins from tariffs or price changes and the overall pricing environment for components.

    Answer

    President and CEO Sean Kerins confirmed that Arrow did not experience any material demand pull-ins in Q4 from the factors mentioned. Regarding pricing, he noted that gross margins in the global components segment were stable from Q3 to Q4 and that transactional margins have held up, an environment the company expects to continue into Q1.

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    Melissa Dailey Fairbanks's questions to Arrow Electronics Inc (ARW) leadership • Q3 2024

    Question

    Melissa Fairbanks of Raymond James requested more color on the non-core business exit, asking about the catalyst and scope. She also inquired how the shift to IT-as-a-Service might alter the long-term seasonality of the ECS business.

    Answer

    CEO Sean Kerins described the business being exited as an isolated, non-core operation in a remote geography with immaterial revenue impact. CFO Raj Agrawal added that the associated $50 million charge is mostly a non-cash asset impairment. Regarding ECS seasonality, Kerins suggested that while the growing recurring revenue base might eventually smooth trends, the traditional Q4 uptick in IT spending is likely to persist for the foreseeable future.

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    Melissa Dailey Fairbanks's questions to SiTime Corp (SITM) leadership

    Melissa Dailey Fairbanks's questions to SiTime Corp (SITM) leadership • Q3 2024

    Question

    Melissa Dailey Fairbanks requested more specific segment guidance for the fourth quarter and clarification on the future trajectory for operating expenses and the resulting leverage in the financial model.

    Answer

    CFO Beth Howe stated that while CED will lead growth in Q4, the consumer and automotive/industrial segments are also expected to grow. For future OpEx, she guided to a Q4 baseline of $31-$31.5 million and reiterated that revenue is expected to grow 'much, much faster' than expenses, driving significant operating leverage in 2025.

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