Benchmark Electronics Inc (BHE) 2025 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to the Benchmark third-quarter 2025 earnings call and webcast.

女士們、先生們，午安。歡迎參加 Benchmark 2025 年第三季財報電話會議和網路直播。

(Operator Instructions) This call is being recorded on November 4, 2025.

（操作員指示）本次通話於 2025 年 11 月 4 日錄音。

I would now like to turn the conference over to Paul Mansky. Thank you. Please go ahead.

現在我將把會議交給保羅·曼斯基。謝謝。請繼續。

Thank you, [Ina]. Thanks, everyone, for joining us today for Benchmark's third-quarter 2025 earnings call.

謝謝你，[伊娜]。感謝各位今天參加 Benchmark 2025 年第三季財報電話會議。

With us today are Jeff Benck, our CEO; David Moezidis, our President and Chief Commercial Officer; and Bryan Schumaker, our CFO.

今天和我們在一起的有：我們的執行長 Jeff Benck；我們的總裁兼首席商務官 David Moezidis；以及我們的財務長 Bryan Schumaker。

After the market closed, we issued an earnings release pertaining to our financial performance for the third quarter ending September 2025. We have prepared a presentation, which we will reference on this call. Both the press release and presentation are available under the Investor Relations section of our website at bench.com.

市場收盤後，我們發布了截至 2025 年 9 月的第三季財務業績的收益報告。我們準備了一份演示文稿，將在本次電話會議上提及。新聞稿和簡報均可在公司網站 bench.com 的投資者關係欄位中找到。

This call is being webcast live. A replay of which will be available on our website, approximately one hour after we conclude.

本次通話正在進行網路直播。節目結束後大約一小時，我們將在網站上提供重播。

The company has provided a reconciliation of our GAAP to non-GAAP measures in the earnings release, as well as in the appendix to the presentation.

本公司在獲利報告中以及簡報的附錄中提供了 GAAP 與非 GAAP 指標的調整表。

Please take a moment to review the forward-looking statements disclosure on slide 2 of the presentation. During our call, we will discuss forward-looking information. As a reminder, any of today's remarks, which are not statements of historical fact, are forward-looking statements, which include risks and uncertainties as described in our press releases and SEC filings. Actual results may differ materially from these statements. Benchmark undertakes no obligation to update any forward-looking statements.

請花點時間查看簡報第 2 頁的前瞻性聲明揭露內容。在本次電話會議中，我們將討論前瞻性資訊。再次提醒各位，今天發表的任何言論，如果不是對歷史事實的陳述，都是前瞻性陳述，其中包含我們在新聞稿和提交給美國證券交易委員會的文件中描述的風險和不確定性。實際結果可能與這些說法有重大差異。Benchmark不承擔更新任何前瞻性聲明的義務。

For today's call, Jeff will start with an overview, followed by Bryan's detail of our Q3 results and forward guidance. We will then turn the call over to David to discuss demand trends by sector and some additional color on recent wins. Jeff will conclude with some final remarks before opening the call for Q&A.

在今天的電話會議上，傑夫將首先進行概述，然後布萊恩將詳細介紹我們的第三季業績和未來展望。接下來，我們將把電話轉給 David，讓他討論各行業的需求趨勢以及近期取得的一些其他成果。傑夫將在開始問答環節前作總結發言。

If you'll please turn to slide 4, I'll turn the call over to our CEO, Jeff Benck.

請翻到第 4 張投影片，我將把電話交給我們的執行長傑夫·本克。

Thank you, Paul. Good afternoon and thanks, everyone, for joining today's call.

謝謝你，保羅。下午好，感謝各位參加今天的電話會議。

Before I get started, I would like to remind everyone of a press release we issued in early September, detailing our succession planning at Benchmark, in which we announced that David Moezidis has been promoted to President and will be the next Benchmark CEO, effective March 31, 2026, upon my retirement.

在正式開始之前，我想提醒大家，我們在 9 月初發布了一份新聞稿，詳細介紹了 Benchmark 的繼任計畫。我們在新聞稿中宣布，David Moezidis 已晉升為總裁，並將於 2026 年 3 月 31 日我退休後擔任 Benchmark 的下一任執行長。

I'm confident in the Board's decision and believe he's the right successor as we embark on the next phase of the company's growth. Congratulations, again, David.

我對董事會的決定充滿信心，並相信他是帶領公司進入下一個發展階段的合適繼任者。再次恭喜你，大衛。

Now, onto our third-quarter 2025 results, which again demonstrated our consistent execution. Revenue of $681 million showed a return to year-over-year growth, with non-GAAP EPS of $0.62. Both revenue and earnings were at the high end of our prior guidance.

現在，讓我們來看看 2025 年第三季的業績，這再次證明了我們一貫的執行力。營收達 6.81 億美元，恢復了同比增長，非 GAAP 每股收益為 0.62 美元。營收和獲利均處於我們先前預期的高端。

Q3 represented the eighth consecutive quarter of 10% or greater gross margin. As we'll discuss momentarily, I was particularly encouraged by the broadening of sectors that contributed to our revenue growth. We expect this trend to continue in the fourth quarter, where we anticipate improving year-over-year growth.

第三季是連續第八個季度毛利率達到或超過 10%。正如我們稍後將要討論的，我尤其感到鼓舞的是，為我們的收入成長做出貢獻的行業範圍不斷擴大。我們預計這一趨勢將在第四季度繼續，並預計同比成長率將有所提高。

Turning to slide 5 for highlights in the quarter, mapped to our strategic objectives. During the quarter, we saw double-digit year-over-year growth in both Medical and A&D and sequential growth in four of our five sectors. Semi-cap was the exception, where we saw some softening in demand from our OEMs due to increased China restrictions and the evolving tariff environment. Meanwhile, we continue to book new program wins in this sector, which David will speak to later in the call.

接下來請看第 5 張投影片，了解本季的亮點，以及與我們的策略目標的對應關係。本季度，醫療和航空航太與國防領域均實現了兩位數的年增長，五大領域中有四個領域實現了環比增長。半導體產業是個例外，由於中國限制措施增加和關稅環境變化，我們看到來自原始設備製造商 (OEM) 的需求有所疲軟。同時，我們繼續在這個領域贏得新的項目，David 稍後將在電話會議上談到這一點。

Our reacceleration of revenue has been supported by solid momentum through the year in new bookings. The third quarter was a continuation of the same, including strategic customer wins in both engineering and manufacturing.

今年以來，新訂單的強勁成長勢頭支撐了我們收入的重新加速成長。第三季延續了先前的良好勢頭，包括在工程和製造領域贏得戰略客戶。

Turning to financial discipline, the entire team remains focused on working capital management and improving our inventory turns, the result of which was a multiyear record cash cycle quarter. Coupled with our net income performance, we generated $25 million in free cash flow, which adds up to greater than $74 million generated over the last 12 months.

在財務紀律方面，整個團隊仍然專注於營運資本管理和提高庫存週轉率，其結果是實現了多年來創紀錄的現金週期季度。加上我們的淨收入表現，我們產生了 2500 萬美元的自由現金流，過去 12 個月累計產生了超過 7,400 萬美元的自由現金流。

We're doing this while continuing to invest in the business, including the construction of our new fourth [PT] building in Penang, Malaysia. I might add that while we're investing abroad, our Americas manufacturing footprint is still approximately 50% of our total capacity, which is a key differentiator as more customers look to build domestically or, at least, increase their exposure to US manufacturing production.

我們這樣做的同時，也持續投資業務，包括在馬來西亞檳城建造我們的第四座[PT]大樓。我還要補充一點，雖然我們在海外進行投資，但我們在美洲的製造規模仍然占我們總產能的約 50%，這是一個關鍵的差異化優勢，因為越來越多的客戶希望在國內建廠，或者至少增加他們對美國製造業的投入。

I'll now turn the call over to Bryan to discuss our third-quarter results in more detail and provide our fourth-quarter outlook. Bryan, over to you.

現在我將把電話交給布萊恩，讓他更詳細地討論我們第三季的業績，並提供我們第四季的展望。布萊恩，該你了。

Thank you, Jeff. Good afternoon, everyone.

謝謝你，傑夫。大家下午好。

Please turn to slide 6. Revenue in the quarter of $681 million was up 6% sequentially and at the high end of prior guidance. Our non-GAAP EPS was $0.62 at the high point of prior guidance of $0.56 to $0.62.

請翻到第6張投影片。本季營收為 6.81 億美元，季增 6%，達到先前預期的高端水準。我們的非GAAP每股收益為0.62美元，高於先前預期的0.56美元至0.62美元。

As a reminder, our non-GAAP results exclude stock-based compensation, amortization of intangible assets, restructuring, and other expenses.

再次提醒，我們的非GAAP績效不包括股權激勵費用、無形資產攤銷、重組和其他費用。

For Q3, our non-GAAP gross margin was 10.1%, down 10 basis points sequentially and year over year due to mix. Non-GAAP operating margin was 4.8%, up 10 basis points sequentially, driven by our ability to leverage our cost basis on higher revenue. Our third-quarter non-GAAP effective tax rate was 24.5%.

第三季度，我們的非GAAP毛利率為10.1%，季減10個基點，較去年同期下降10個基點，原因是產品組合的變動。非GAAP營業利潤率為4.8%，較上季成長10個基點，這得益於我們能夠利用更高的收入來降低成本。我們第三季的非GAAP實際稅率為24.5%。

Please turn to slide 7 for our third-quarter 2025 revenue performance by sector.

請翻到第 7 頁，查看我們 2025 年第三季各產業​​營收表現。

AC&C revenue was up 18% quarter over quarter, while down year over year. In Medical, revenue was up 15% versus the prior quarter and 18% year over year. Industrial revenue was up 8% quarter over quarter and 1% year over year. In A&D, revenue was up 2% quarter over quarter and 26% year over year. Finally, Semi-cap revenue decreased 3% quarter over quarter and 1% year over year.

AC&C 營收季增 18%，但年減。醫療業務收入較上一季成長 15%，年增 18%。工業收入季增 8%，年增 1%。在航空航太與國防領域，營收季增 2%，較去年同期成長 26%。最後，半導體產業的營收季減 3%，年減 1%。

Please turn to slide 8 for trended non-GAAP financials.

請翻到第 8 頁查看非 GAAP 財務趨勢數據。

Q3 revenue was up compared to prior quarters. We have consistently delivered non-GAAP gross margin of 10% or more.

第三季營收較前幾季有所成長。我們一直維持著10%或以上的非GAAP毛利率。

Please refer to Slides 9 and 10 for a discussion of our balance sheet, cash flow, and working capital trends.

有關我們的資產負債表、現金流量和營運資本趨勢的討論，請參閱投影片 9 和 10。

In Q3, we generated $37 million in operating cash flow and $25 million in free cash flow. Our cash balance on September 30 was $286 million, an increase of $21 million from Q2. As of September 30, we had $149 million outstanding on our term loan and $70 million outstanding against our revolver, from which we have $476 million available to borrow.

第三季度，我們產生了 3,700 萬美元的營運現金流和 2,500 萬美元的自由現金流。截至 9 月 30 日，我們的現金餘額為 2.86 億美元，比第二季增加了 2,100 萬美元。截至 9 月 30 日，我們的定期貸款未償還餘額為 1.49 億美元，循環貸款未償還餘額為 7,000 萬美元，我們還有 4.76 億美元可供借款。

Our Q3 2025 liquidity ratio, as calculated by our debt covenant, was 0.2x, down from 0.7x in the prior year period. We invested approximately $11 million in capital expenditures during the quarter, primarily to enhance capabilities and infrastructure at our Americas and Asia facilities, supporting long-term growth and operational efficiency.

根據我們的債務契約計算，我們 2025 年第三季的流動比率為 0.2 倍，低於去年同期的 0.7 倍。本季度，我們在資本支出方面投入了約 1,100 萬美元，主要用於提升我們在美洲和亞洲的設施能力和基礎設施，以支持長期成長和營運效率。

Demonstrating our ongoing commitment to return value to shareholders, we distributed cash dividends of $6 million and repurchased $10 million in stock during the quarter. At the end of the quarter, we had approximately $124 million remaining in our existing share repurchase authorization.

為了體現我們對股東回報價值的持續承諾，我們在本季度派發了 600 萬美元的現金股息，並回購了價值 1000 萬美元的股票。截至季末，我們現有的股票回購授權中還剩餘約 1.24 億美元。

Our cash conversion cycle in the quarter was 77 days, improving 8 and 13 sequentially and year over year, respectively. Inventory days were down 8 sequentially, as we continue to actively manage our inventory as we grew the top line. This focus translated into inventory turns of 4.8 in the quarter.

本季我們的現金週轉週期為 77 天，較上季改善 8 天，較去年同期改善 13 天。由於我們在營收成長的同時繼續積極管理庫存，庫存週轉天數環比下降了 8 天。這一重點使得該季度庫存週轉率為 4.8。

Please advance to slide 11. Let me now turn to our guidance for our fourth quarter of 2025.

請翻到第11頁。現在讓我來談談我們對 2025 年第四季的業績預期。

We expect revenue to be within a range of $670 million to $720 million, up mid-single digits year over year at the midpoint. We expect non-GAAP gross margin to be between 10.1% and 10.3%. With those assumptions, we would expect non-GAAP operating margin to be between 5% and 5.2%.

我們預計營收將在 6.7 億美元至 7.2 億美元之間，以中間值計算，年成長個位數中段。我們預計非GAAP毛利率將在10.1%至10.3%之間。基於這些假設，我們預期非GAAP營業利潤率將在5%至5.2%之間。

On a GAAP basis, we expect expenses to include approximately $2.3 million of stock-based compensation and $4.9 million to $5.3 million of non-operating expenses, including amortization, restructuring, and other charges.

根據美國通用會計準則，我們預計支出將包括約 230 萬美元的股票選擇權費用和 490 萬美元至 530 萬美元的非經營性支出，包括攤提、重組和其他費用。

Our non-GAAP diluted earnings per share is expected to be in the range of $0.62 to $0.68. Interest and other expenses are expected to be approximately $4.3 million.

我們預計非GAAP稀釋後每股收益在0.62美元至0.68美元之間。利息和其他費用預計約為430萬美元。

We expect our Q3 effective tax rate will be between 24% and 25%. Our weighted average share count is expected to be approximately 36.2 million.

我們預計第三季實際稅率將在 24% 至 25% 之間。我們預計加權平均股份數量約為 3,620 萬股。

With that, I would like to turn the call over to David to discuss market sector performance and outlook. David?

接下來，我想把電話交給大衛，讓他來討論市場板塊的表現和前景。大衛？

Thank you, Bryan. Hello, everyone.

謝謝你，布萊恩。大家好。

Let's please turn to slide 12 for a discussion of our performance and outlook by sector.

請翻到第 12 張投影片，討論我們各行業的業績和前景。

I'm pleased to share that we had another terrific quarter of meaningful bookings. Our go-to-market strategy and our breadth of capabilities in all geographies differentiate us well in the market. Let's turn to some of them.

我很高興地告訴大家，我們又迎來了一個非常棒的季度，獲得了大量有價值的預訂。我們的市場進入策略和我們在各個地區的廣泛能力使我們在市場上脫穎而出。讓我們來看看其中的一些例子。

First, our AC&C revenue performed better than initially expected in the third quarter. While we were down year over year, we saw strong sequential growth, aided by improvements in both advanced computing and communications.

首先，我們第三季的空調和維修業務收入表現優於預期。雖然同比有所下降，但在先進計算和通訊技術的進步推動下，我們實現了強勁的環比成長。

During the quarter, we had several bookings: one in engineering; and in EMS, a notable award for a security appliance program.

本季我們獲得了幾個訂單：一個是工程方面的；另一個是EMS方面的，我們憑藉一個安全設備專案獲得了一個重要的獎項。

To summarize our outlook on AC&C, we have much improved visibility into a return to growth as a result of our AI wins that are starting to ramp in Q4 and into 2026, coupled with HPC builds over the coming quarters.

總結我們對 AC&C 的展望，由於我們在 AI 領域的成功案例在第四季度開始加速增長，並將持續到 2026 年，再加上未來幾個季度 HPC 項目的建設，我們對恢復增長的前景有了更清晰的認識。

Turning to Medical, as I shared on our July call, we believe we've turned the corner in the first half of the year, as our customers' channel inventory normalized and end demand improved. At the same time, we have been ramping new products from prior bookings reported earlier in the year.

回到醫療領域，正如我在7月的電話會議上分享的那樣，我們相信今年上半年我們已經扭轉了局面，因為客戶的通路庫存恢復正常，終端需求也有所改善。同時，我們一直在加強生產今年稍早已收到的預訂產品的新產品。

In the quarter, this translated to a return to revenue growth in the teens, both sequentially and year over year. These same dynamics lead us to expect sequential and year-over-year growth to continue in the fourth quarter.

本季度，公司營收季比和年比均恢復了兩位數的成長。基於同樣的動態，我們預計第四季將繼續保持環比增長和同比增長。

Longer term, I continue to be encouraged by our traction in the Med Tech subsector, which has been growing for several quarters now. In fact, Med Tech delivered a few large engineering wins in the quarter across more than just one customer. We view engineering as an excellent on-ramp to potential follow-on manufacturing wins.

從長遠來看，我對我們在醫療技術子行業的進展感到鼓舞，該行業已經連續幾個季度保持成長。事實上，Med Tech 在本季為不只一個客戶取得了一些重大的工程項目成功。我們認為工程技術是通往後續製造業成功的絕佳途徑。

Our Industrial sector revenue performance was up high-single digits sequentially but flat year over year. This was consistent with the expectations we provided on the last quarter's call, which calls for strengthening throughout the balance of the year. We continue to see that being the case, with a return to year-over-year growth expected in the December quarter.

我們的工業部門收入環比實現了高個位數成長，但與去年同期持平。這與我們上季度電話會議上給出的預期一致，即在今年剩餘時間內保持成長勢頭。我們預計這種情況將持續下去，12 月季度將恢復年增。

I was pleased by the Industrial sector's bookings this past quarter, which included a number of manufacturing wins in the Transportation subsector, as well as design work in surveillance and detection.

我對工業部門上個季度的訂單情況感到滿意，其中包括交通運輸子行業的一些製造訂單，以及監控和檢測方面的設計工作。

Looking forward, we view Industrial as representing a substantial source of future upside for us, both as a function of expanding our base business, as well as adding new market-leading customers.

展望未來，我們認為工業領域將為我們帶來巨大的未來成長潛力，這不僅體現在我們擴大基礎業務方面，也體現在我們增加新的市場領先客戶方面。

Moving to A&D, we had another strong double-digit year-over-year revenue performance in the quarter and expect solid year-over-year revenue growth in Q4. This is driven by stability in commercial air, while defense demand remains strong.

再來看航空航太與國防業務，本季我們再次實現了強勁的兩位數年成長，預計第四季營收將實現穩健的年成長。這主要得益於商業航空市場的穩定，而國防需求依然強勁。

Meanwhile, our Satellite and Space business continues its impressive ramp, which has seen bookings momentum steadily building throughout the year. In the third quarter, we saw a significant step-up, which I'm excited to say included a couple of very substantial manufacturing wins.

同時，我們的衛星和航太業務持續保持強勁成長勢頭，全年的預訂量穩定成長。第三季度，我們看到了顯著的成長，我很高興地說，其中包括幾項非常重要的製造業訂單。

Our broad exposure across growth subsectors in A&D, coupled with ongoing new business momentum, provides us with confidence in the sector.

我們在航空航太與國防領域各個成長型子產業的廣泛佈局，加上持續的新業務成長勢頭，使我們對該產業充滿信心。

Finally, in Semi-cap, September-quarter revenue was roughly flat, as expected, as new program ramps were offset by near-term industry challenges and cyclical recovery. Although Semi-cap demand is taking longer to ramp than traditional cycles, the multiyear growth catalysts are evident everywhere, from incremental AI-related demand to increased silicon content in everyday products to daily announcements of new fabs being planned.

最後，半導體行業方面，9 月季度的收入基本上持平，正如預期，因為新項目的啟動被近期行業挑戰和週期性復甦所抵消。儘管半導體市場需求成長速度比傳統週期慢，但多年成長的催化劑隨處可見，從人工智慧相關需求的逐步成長，到日常產品中矽含量的增加，再到每天都有新的晶圓廠計畫建設的消息傳出。

Throughout, our commitment to this sector is unwavering, evidenced by our capacity expansion, both domestically and in Malaysia. This commitment resonates with our customers as every quarter, we see program expansion wins spanning both across precision machining and engineering.

一直以來，我們對該行業的承諾堅定不移，這體現在我們不斷擴大國內和馬來西亞的產能。這項承諾引起了客戶的共鳴，每個季度我們都能看到專案擴展的成功案例，涵蓋精密加工和工程領域。

Although near-term demand signals remain mixed, looking a bit further out, our conversations with customers point to signs of strengthening in the second half of 2026, with the potential of acceleration as the year progresses.

儘管近期需求訊號仍然喜憂參半，但從更長遠的角度來看，我們與客戶的交流表明，2026 年下半年需求有增強的跡象，並且隨著時間的推移，這種增強可能會加速。

In summary, as you can tell, some very exciting things are going on across each of our market sectors. I look forward to updating you on our progress in the coming quarters.

總而言之，正如你所看到的，我們各個市場領域都發生了一些非常令人興奮的事情。我期待在接下來的幾個季度向您報告我們的進展。

With that, I'd like to turn the call back over to Jeff for his closing remarks. Jeff?

接下來，我想把電話交還給傑夫，請他做總結發言。傑夫？

Thanks, David.

謝謝你，大衛。

Please turn to slide 13. I firmly believe Benchmark is at one of the most compelling points in the company's history. Over the last 90 days, I've traveled around the world visiting some of our top customers. I'm both impressed with and grateful for the depth and breadth of the strategic partnerships my team and I have established over the last seven years.

請翻到第13頁。我堅信，Benchmark 正處於公司歷史上最具吸引力的時期之一。在過去的90天裡，我走遍了世界各地，拜訪了一些我們的重要客戶。過去七年來，我和我的團隊建立了廣泛而深入的策略夥伴關係，我對此既感到印象深刻，又深表感激。

At the same time, I visited many of our facilities in North America, Thailand, Malaysia, Romania, and the Netherlands, where our site teams are executing well and focused on customer satisfaction, driving further efficiencies and providing a safe work environment for our employees.

同時，我參觀了我們在北美、泰國、馬來西亞、羅馬尼亞和荷蘭的許多工廠，我們的現場團隊在那裡表現出色，專注於客戶滿意度，進一步提高效率，並為員工提供安全的工作環境。

We've also built a commercial organization designed to complement our site teams and accelerate our business development efforts.

我們還建立了一個商業組織，旨在補充我們的現場團隊並加速我們的業務發展工作。

Our unique value proposition and customer-centric approach is clearly resonating. Our bookings momentum with existing customers and new competitive takeaways is proving the point. Our diversified portfolio in five high-value sectors better enables us to successfully navigate market fluctuations.

我們獨特的價值主張和以客戶為中心的理念顯然引起了共鳴。我們現有客戶的預訂動能和新的競爭優勢都證明了這一點。我們在五個高價值產業擁有多元化的投資組合，這使我們能夠更好地應對市場波動。

As we've progressed through the first three quarters of 2025, we've achieved a return to sequential growth. Now, with our third-quarter results and 4Q guide, we return to year-over-year growth.

進入 2025 年的前三個季度，我們已經恢復了連續成長。現在，隨著第三季業績和第四季業績指引的公佈，我們恢復了同比增長。

As we've improved our business fundamentals, incremental growth in 2026 will enable us to demonstrate leverage in our model that will enable us to grow earnings faster than revenue. Throughout, we will continue to prudently manage our spending to balance growth, profitability, and cash generation; while, at the same time, returning capital to shareholders.

隨著我們業務基本面的改善，2026 年的逐步成長將使我們能夠展現我們模式中的槓桿作用，從而使我們的獲利成長速度超過收入成長速度。我們將繼續審慎管理支出，以平衡成長、獲利能力和現金流；同時，向股東返還資本。

With that, I'll now turn the call over to the operator to conduct our Q&A session.

接下來，我將把電話交給接線生進行問答環節。

(Operator Instructions)

（操作說明）

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

A couple of questions, if I could.

如果可以的話，我想問幾個問題。

First of all, on the high-performance compute comments, I know that those programs at times have been quite sizable, can you maybe just characterize them? We're talking about sometime mid-to-late '26 to see revenues from what you're talking about.

首先，關於高效能運算的評論，我知道這些程式有時規模相當大，您能否簡要描述它們的特點？我們預計要到 2026 年中後期才能看到您所說的收入。

Yeah. I think we talked on the script about a few things. We certainly have seen, traditionally, with our high-performance computing, working on 3 of the top 5 [supercomputers] in the world -- those are really large projects and they can last for multi-quarters but they have a fixed duration that goes on and then, ends.

是的。我想我們討論過劇本中的一些內容。我們當然看到，傳統上，在高效能運算領域，我們在世界排名前五的超級電腦上的三台進行工作——這些都是非常大的項目，可以持續幾個季度，但它們有一個固定的持續時間，會持續進行，然後結束。

We are working on some new solutions that will go into some of the large government installations with our customers. We expect that we'll start to see work on those in '26. Some of that will even move into '27.

我們正在與客戶合作，為一些大型政府設施開發一些新的解決方案。我們預計在 2026 年將開始看到這些工作的進展。其中一些甚至會延續到 2027 年。

But one of the things, Steve, we talked about, as well, on the call is that that capability for those large platforms and the water-cooled infrastructure that we have supporting that is also enabling us to play more directly in some of the AI opportunities. And so while we're not really looking at the cloud -- what you would say the model builders or, necessarily, the cloud infrastructure guys -- we are looking at the sovereign AI and enterprise AI opportunities and see an opportunity to participate there, which is what we talked about, starting from this quarter and ramping into '26.

但史蒂夫，我們在電話會議上也談到了一點，那就是這些大型平台的能力以及我們支援這些平台的冷卻基礎設施，也使我們能夠更直接地參與一些人工智慧領域的機會。因此，雖然我們並沒有真正關注雲端運算——也就是模型建構者或雲端基礎設施人員——但我們正在關注自主人工智慧和企業人工智慧的機會，並看到了參與其中的機會，這就是我們所說的，從本季度開始，逐步推進到 2026 年。

And then, just on the Semi-cap comments. We've heard from a number of companies that have been talking about customers pointing to the second half of '26. I was wondering if you could address the probability, the timeline, why it can happen?

然後，就關於半大寫字母的評論。我們從一些公司了解到，客戶們都把目光投向了 2026 年下半年。我想請您談談這種現象發生的機率、時間線以及原因？

Secondly, you did mention some of your advanced machining capabilities pulling down some wins. I wonder if that was more or less momentum or anything else you could say about what's going on with machining, in terms of winning programs?

其次，您確實提到您的一些先進加工能力幫助您贏得了一些比賽。我想知道這是否更多地反映了機械加工領域的發展勢頭，或者您還能就目前在製勝項目方面的情況說些什麼？

Steven, I'll take that one. This is David.

史蒂文，我來選這個。這是大衛。

Let me start by our view of the second half. It really has a lot to do with the customer conversations that we've had.

首先，我想談談我們對下半場的看法。這其實與我們和客戶的溝通交流有很大關係。

As you're probably aware, SEMICON was here. The show was in Phoenix, a few weeks ago. We had the opportunity to sit down with pretty much all of our customers. And then, we had some follow-up sessions after that, as well.

正如您可能已經知道的，半導體展也曾在這裡舉辦。演出幾週前在鳳凰城舉行。我們有機會與幾乎所有客戶坐下來聊天。之後，我們又進行了一些後續會議。

For the most part, there was a lot more optimism exuded in the conversations than I would say in prior years. There was more dialog around what we're doing to position ourselves and prepare ourselves for the liftoff. So that's why we thought it's important to point out that there's positive indications that this is going to pick up in the second half of 2026.

總的來說，與往年相比，今年的談話中洋溢著更多的樂觀情緒。圍繞著我們正在採取哪些措施來定位自己並為發射做好準備，展開了更多對話。所以，我們認為有必要指出，有積極的跡象表明，這種情況將在 2026 年下半年好轉。

For the second part of your question around precision machining and our continued wins in that space, I'd say, the fact that we've made these significant investments -- particularly in Penang, Malaysia -- has really served us well. A lot of our customers are looking at their supply chain and looking to partners like us to provide them with alternate solutions, particularly in low-cost locations.

關於您提出的第二個問題，即精密加工以及我們在該領域不斷取得的成功，我想說，我們進行的這些重大投資——尤其是在馬來西亞檳城的投資——確實對我們大有裨益。許多客戶正在審視他們的供應鏈，並尋求像我們這樣的合作夥伴為他們提供替代解決方案，尤其是在低成本地區。

We're in a terrific position to be able to do that. As Jeff mentioned, we are investing in PT 4, which further positions us to expand in this space.

我們處於非常有利的位置，能夠做到這一點。正如傑夫所提到的，我們正在投資PT 4，這將進一步鞏固我們在該領域的擴張地位。

Congrats, David, on your appointment, as well.

恭喜大衛榮任新職。

Max Michaelis, Lake Street Capital Markets.

Max Michaelis，Lake Street Capital Markets。

I want to go back to the A&D space. Looking at the space award, can you remind me, is this your second award? And then, as well, maybe along with the A&D space, is there any other subsectors, niche areas of A&D, that you're also seeing green shoots from, similar to Space?

我想重返航空與國防領域。看到這個太空獎，你能提醒我一下，這是你獲得的第二個獎項嗎？此外，除了航空航太和國防領域之外，您是否也看到了其他一些子行業或細分領域，就像太空領域一樣，出現了蓬勃發展的跡象？

I'll address that. This is David.

我會處理這個問題。這是大衛。

The one that we've been really bullish on and we've been calling out has been in the Space and Communication arena. This is somewhat of a one-two combination. We won some business in the prior period. We won some more incremental business in the current period.

我們一直非常看好並且重點推薦的是航太和通訊領域。這有點像是組合拳頭。我們在上一時期贏得了一些業務。我們在本期又贏得了一些新增業務。

So that's somewhat -- some of the elements, we're talking about step-up in our confidence in this space.

所以，在某種程度上——我們正在談論的某些因素，是為了增強我們在這個領域的信心。

I also might just add that we -- while Space has been particularly stronger for us and our work there, we also just continue to see the defense side of the business do well. Obviously, defense spending is pretty -- is increasing, particularly in Europe, as well as maintaining the level in the Americas. So that really has underpinned the strength.

我還要補充一點，雖然太空業務對我們來說尤其強勁，但我們也看到國防業務持續表現良好。顯然，國防開支相當可觀——尤其是在歐洲，同時在美洲也保持現有水準。所以這確實鞏固了其實力。

And then, adding to that, some of this new space is -- those two are probably outdriving growth over traditional commercial air for us.

此外，還有一些新的空間——這兩類空間可能比傳統商業航空的成長速度更快。

And then, last one for me, just around AI. Have you guys thought about what the enterprise AI and some of these large programs that you're ramping up next year? What AI could be as a percentage of revenue of the AC&C business?

最後，我想談談人工智慧。你們有沒有考慮過企業人工智慧以及明年要啟動的一些大型專案？人工智慧在空調和維修業務收入中可能佔多大比例？

Yeah. We have talked about it. Certainly, we're looking at forecasts. I think we just want to get a bit further into it before we really try to put an estimate on it, just because the timing is not always exactly defined in terms of the ramp. We know there's a lot of demand there.

是的。我們已經討論過這個問題了。當然，我們正在關注預測數據。我認為我們應該在真正嘗試做出估計之前，再深入研究一下，因為就斜坡而言，時間並不總是完全確定的。我們知道那裡的需求量很大。

But because we're not really focused on the hyperscalers but supporting more of the commercial and enterprise opportunities, I think that that is staged a little bit later than some of these huge buildouts that we've seen right now.

但因為我們並沒有真正專注於超大規模資料中心，而是更支持商業和企業機會，所以我認為這比我們目前看到的一些大規模建設要晚一些。

And then, the sovereign AI, you have seen governments say, look, we don't want to rely on everything just in the cloud. We're excited about that opportunity, as well. We're talking about it because it can be meaningful but I think it's a little early. I'd like to see us ramp it a couple of quarters and be able to give you more color.

然後，關於自主人工智慧，我們看到一些政府表示，我們不想把所有東西都僅僅依賴雲端。我們也對這個機會感到興奮。我們正在討論這個問題，因為它可能很有意義，但我認為現在討論這個問題還為時過早。我希望我們能在接下來的幾季加大力度，為大家帶來更多精彩內容。

So I would say, hang tight. As we get into '26, we'll try to give you a little more visibility.

所以我想說，請耐心等待。進入 2026 年，我們會努力讓您獲得更多關注。

(Operator Instructions)

（操作說明）

Jim Ricchiuti, Needham.

吉姆·里奇烏蒂，尼德姆。

You may have touched on this. I apologize. I joined the call a little late.

您可能已經提到過這一點。我道歉。我稍微晚了一點才加入通話。

But I'm wondering if customers in any of your verticals that have exposure to the government have expressed any concerns or seeing any delays at all, related to the government shutdown?

但我很想知道，在貴公司各個垂直領域中，與政府業務有業務往來的客戶是否對政府停擺表示過任何擔憂，或者是否遇到任何延誤？

Jim, this is David. We've actually seen minimal impact in the shutdown affecting our customers. We've got long-range contracts. As a result of that, it's really not being felt by us. So that's really the short answer.

吉姆，這位是大衛。實際上，我們發現此次停工對我們的客戶影響甚微。我們簽的是長期合約。因此，我們並沒有真正感受到它的影響。這就是簡短的答案。

Although, that being said, we'd love to see it come to an end, just because the knock-on effects of going longer -- there's probably some inevitability that somewhere, we may see something. But we're fortunate. To this point, as David said, we really aren't seeing an impact yet.

話雖如此，我們還是希望它能盡快結束，因為如果繼續下去，可能會產生一些連鎖反應——也許在某個地方，我們會看到一些不好的事情發生。但我們很幸運。正如大衛所說，到目前為止，我們還沒有真正看到任何影響。

And then, maybe switching gears over to Medical. Some of the supply chain and industry players in this vertical, I think, have called out the fits-and-starts in the medical market over the past year. I'm just wondering how you're seeing demand as you look out into 2026. Have you seen the inventory levels get burned down? Are you just a little bit more confident about the momentum and the recovery in this part of the business?

然後，或許可以轉而關注醫學領域。我認為，該垂直領域的一些供應鏈和行業參與者已經指出了過去一年醫療市場斷斷續續的發展狀況。我想知道您如何看待 2026 年的需求。你看到庫存被消耗了嗎？您是否對這部分業務的發展動能和復甦更有信心了？

Yeah. It's, David again. Look, I think there's two parts to the answer.

是的。又是大衛。我認為答案包含兩個部分。

One is -- I mentioned this in the July call, and I perhaps exuded some bullishness as a result of it, where I mentioned that we feel that we've turned the corner as the inventories were starting to clear up in our customers' channels. Certainly, that's proving to be right. We've seen pretty good growth in Q3. We're projecting that growth to continue into Q4 and 2026.

一是——我在 7 月的電話會議上提到過這一點，而且可能因此表現出了一些樂觀情緒，當時我提到，隨著我們客戶管道的庫存開始清理，我們感覺我們已經扭轉了局面。事實證明，這確實是正確的。第三季我們看到了相當不錯的成長。我們預計這種成長勢頭將持續到第四季和2026年。

But let me talk about the other side of the equation. On our July call, I had also mentioned that we won a competitive take-away, which was a lift-and-shift. The reason why I emphasize the word lift-and-shift, in Medical, when you get a lift-and-shift, the time to revenue is certainly faster than when you win something ground up. The ground-up opportunity could take 18 to 24 months or longer for it to hit volume but when you do a lift and shift competitive takeaway, it moves a lot faster.

但我想談談問題的另一面。在七月份的電話會議上，我還提到我們贏得了外帶比賽，這是一場搬運和轉移比賽。我之所以強調「直接移植」這個詞，是因為在醫療領域，當你進行直接移植時，實現收入所需的時間肯定比從零開始建立某個東西要快得多。從零開始打造產品可能需要 18 到 24 個月甚至更長時間才能達到銷量，但如果你進行的是直接收購和轉移競爭對手的產品，那麼它的進展速度會快得多。

The compliment goes to our engineering and our operations team for coming up with a world-class automation solution in this particular award.

這項獎項的獲得要歸功於我們的工程和營運團隊，他們提出了世界一流的自動化解決方案。

David, thanks for the reminder on that. By the way, I wish you best of luck. You, as well, Jeff.

大衛，謝謝你的提醒。對了，祝你好運。傑夫，你也一樣。

Anja Soderstrom, Sidoti.

安雅·索德斯特羅姆，西多蒂。

A lot has been covered already. But nice work on the cash cycle.

很多內容已經涵蓋了。不過，現金週期管理方面做得很好。

Is there more room for improvement there? Or how should we think about cash conversion?

這方面還有進步的空間嗎？或者我們應該如何看待現金轉換？

Yeah. You're right. We've made significant progress if you look over the last couple of quarters, especially in the inventory. It started off at 89 days in Q1; went down to 83 days in Q2; and now, in Q3, hit 75. So yeah, we've had a lot of focus on that, working with advanced planning, global procurement excellence, working with customer engagement, supplier collaboration, lean manufacturing. We feel good about where we're going with this.

是的。你說得對。如果回顧過去幾個季度，我們會發現我們取得了顯著的進步，尤其是在庫存方面。第一季為 89 天；第二季降至 83 天；而現在，第三季已降至 75 天。是的，我們一直非常注重這方面，包括先進的規劃、卓越的全球採購、客戶互動、供應商協作和精實生產。我們對目前的發展方向感到滿意。

We may see some bumps, depending on the growth side of it. But as you saw this quarter, we've been able to manage through that and feel good about our position. So we're at 4.8 turns, right now. Again, we've always talked about the 5.5, moving in that direction. So we feel good about the continued momentum there.

根據其生長情況，我們可能會看到一些波動。但正如你在本季所看到的，我們已經成功應對了這些挑戰，並且對我們的處境感到滿意。所以我們現在已經轉了 4.8 圈了。我們一直在討論 5.5，朝著那個方向發展。所以我們對這方面的持續發展動能感到樂觀。

And then, how should we think about CapEx spend for 2026? Do you expect that to accelerate over this year or --?

那麼，我們該如何考慮 2026 年的資本支出呢？你預計這種情況今年會加速嗎？——？

Yeah. It's probably up some from this year. If you look at finishing up PT 4, continue to invest in our factories, both on the automation front and some other things to continue to improve the performance out of the factories.

是的。可能比今年有所上漲。如果著眼於完成 PT 4，請繼續投資我們的工廠，包括自動化方面以及其他一些方面，以繼續提高工廠的績效。

And then, also, as you think about some of the growth that David and Jeff have been talking about, we may experience some additional there.

此外，考慮到大衛和傑夫一直在談論的一些增長，我們可能會經歷一些額外的增長。

So it won't be significant but it is moving towards that top end of 2%, probably.

所以雖然幅度不大，但可能正在向2%的上限靠攏。

Yeah. Definitely growth-driven, as we have a number of large wins that would not be so much more facilities related, other than the PT4 finish that Bryan talked about, but just incremental equipment in the facilities to support some of the revenue growth. I could anticipate seeing a tick up there.

是的。絕對是成長驅動的，因為我們贏得了許多大項目，除了布萊恩提到的 PT4 收官之外，這些項目與設施本身關係不大，只是為設施添置了一些設備以支持部分收入增長。我預料到那裡會有蜱蟲。

Operator, are there any other questions?

操作員，還有其他問題嗎？

No further questions at this time.

目前沒有其他問題。

I will now hand the call back to Mr. Paul Mansky for any closing remarks.

現在我將把電話交還給保羅·曼斯基先生，請他作總結發言。

Thank you, Ina. Thank you, everyone, for participating in Benchmark's third-quarter 2025 earnings call.

謝謝你，伊娜。感謝各位參加 Benchmark 2025 年第三季財報電話會議。

For updates to upcoming investor conferences and events, including a replay of this call, please refer to the Events section of the IR website at ir.bench.com.

有關即將舉行的投資者會議和活動的最新信息，包括本次電話會議的錄音，請參閱 ir.bench.com 投資者關係網站的“活動”部分。

With that, we thank you again for your support and look forward to speaking with you soon.

在此，我們再次感謝您的支持，並期待盡快與您聯繫。

Have a good evening.

祝你晚上愉快。

This concludes today's call. Thank you for participating. You may all disconnect.

今天的電話會議到此結束。感謝您的參與。你們可以斷開連結了。