Celestica Inc (CLS) 2025 Q1 法說會逐字稿

Hello, and thank you for standing by. My name is Bella, and I will be your conference operator today. At this time, I would like to welcome everyone to Celestica Q1 2025 financial results and conference call. (Operator Instructions)

您好，感謝您的支持。我叫貝拉，今天我將擔任您的會議接線生。現在，我歡迎大家參加 Celestica 2025 年第一季財務業績和電話會議。（操作員指示）

I would now like to turn the conference over to Matthew Pallotta. You may begin.

現在我想將會議交給馬修·帕洛塔。你可以開始了。

Good morning and thank you for joining us on Celestica's Q1 2025 earnings conference call. On the call today, we have Rob Mionis, President and Chief Executive Officer; and Mandeep Chawla, Chief Financial Officer. Please note that during the course of this call, we will make forward-looking statements relating to the future performance of Celestica, which are based on management's current expectations, forecasts and assumptions.

早安，感謝您參加 Celestica 2025 年第一季財報電話會議。參加今天電話會議的有總裁兼執行長 Rob Mionis；以及財務長 Mandeep Chawla。請注意，在本次電話會議期間，我們將對 Celestica 的未來業績做出前瞻性陳述，這些陳述是基於管理層目前的預期、預測和假設。

While these forward-looking statements represent our current judgment, actual results could differ materially from a conclusion, forecast or projection in the forward-looking statements made today. Certain material factors and assumptions are applied in drawing any such statement.

雖然這些前瞻性陳述代表了我們目前的判斷，但實際結果可能與今天做出的前瞻性陳述中的結論、預測或預期有重大差異。在製定任何此類聲明時都會應用某些重要因素和假設。

For identification and discussion of such factors and assumptions as well as risk factors that may impact future performance and results of Celestica, please refer to our public filings available at sec.gov and www.sedarplus.ca as well as the Investor Relations section on our website. We undertake no obligation to update these forward-looking statements unless expressly required to do so by law.

有關這些因素和假設以及可能影響 Celestica 未來業績和結果的風險因素的識別和討論，請參閱我們在 sec.gov 和 www.sedarplus.ca 上提供的公開文件以及我們網站上的投資者關係部分。除非法律明確要求，否則我們不承擔更新這些前瞻性聲明的義務。

In addition, during the call, we will refer to various non-GAAP financial measures, including adjusted operating margin, adjusted gross margin, adjusted return on invested capital or adjusted ROIC, free cash flow, gross debt, to trailing 12-month adjusted EBITDA leverage ratio, adjusted earnings per share or adjusted EPS and adjusted effective tax rate.

此外，在電話會議中，我們將參考各種非公認會計準則財務指標，包括調整後的營業利潤率、調整後的毛利率、調整後的投資資本回報率或調整後的 ROIC、自由現金流、總債務、過去 12 個月的調整後 EBITDA 槓桿率、調整後的每股收益或調整後的 EPS 和調整後的有效稅率。

We have included in our earnings release found in the Investor Relations section of our website, a reconciliation of non-GAAP financial measures to the most comparable GAAP measures.

我們在網站的投資者關係部分的收益報告中加入了非 GAAP 財務指標與最具可比性的 GAAP 指標的對帳。

With respect to our Q2 2025 and 2025 annual outlook, our earnings release does not include a reconciliation of forward-looking non-GAAP measures to the most directly comparable GAAP measures on a forward-looking basis as items that we exclude from our GAAP to calculate the comparable non-GAAP measure are dependent on future events that are not able to be reliably predicted by management and are not part of our routine operating activities.

關於我們的 2025 年第二季和 2025 年年度展望，我們的收益報告不包括前瞻性非 GAAP 指標與前瞻性最直接可比 GAAP 指標的調節，因為我們從 GAAP 中排除的用於計算可比非 GAAP 指標的項目取決於管理層無法可靠預測的未來事件，並且不屬於我們日常經營活動的一部分。

We are unable to provide such a reconciliation without unreasonable effort due to the uncertainty and inherent difficulty in predicting the occurrence, the financial impact and the periods in which the adjustments may be recognized. The occurrence timing and amount of any of the items excluded from GAAP to calculate non-GAAP could significantly impact our Q2 2025 and 2025 GAAP results.

由於預測調整的發生、財務影響以及可能確認調整的期間存在不確定性和固有困難，我們無法在不付出不合理努力的情況下提供此類對帳。從 GAAP 中排除以計算非 GAAP 的任何項目的發生時間和金額都可能對我們的 2025 年第二季和 2025 年 GAAP 結果產生重大影響。

Unless otherwise specified, all references to dollars on this call are to US dollars. All per share information is based on diluted shares outstanding and all references to comparative figures are on a year-over-year comparison.

除非另有說明，本次電話會議中所有提及的美元均指美元。所有每股資訊均基於稀釋流通股，所有比較數據均基於同比比較。

Let me now turn the call over to Rob.

現在讓我把電話轉給羅布。

Thank you, Matt, and good morning, everyone, and thank you for joining us on today's call. We are off to a solid start in 2025. Our strong performance in the first quarter saw us achieve revenues of $2.65 billion and adjusted EPS of $1.20, each exceeding the high end of our guidance ranges. Our adjusted operating margin of 7.1%, marked our highest performance in the company's history.

謝謝你，馬特，大家早安，謝謝你們參加今天的電話會議。2025年，我們迎來了一個好的開始。我們第一季表現強勁，實現了 26.5 億美元的營收和 1.20 美元的調整後每股收益，均超過了我們預期範圍的上限。我們的調整後營業利益率為 7.1%，創下公司史上的最高業績。

Both our CCS and ATS segments surpassed our outlook for the quarter. Our CCS segment continues to benefit from very strong demand across our hyperscaler customers, in particular, for our HPS networking switches. In our ATS segment, we are encouraged by the solid demand we are seeing in our capital equipment business as well as signs of returning growth in our industrial business.

我們的 CCS 和 ATS 部門均超出了我們對本季的預期。我們的 CCS 部門持續受益於超大規模客戶的強勁需求，特別是對我們的 HPS 網路交換器的需求。在我們的 ATS 部門，我們對資本設備業務的強勁需求以及工業業務恢復成長的跡象感到鼓舞。

Since our January call, the macro environment has become increasingly dynamic due to trade policy uncertainty. While the environment remains fluid with frequent policy adjustments, recent announcements have provided near-term clarity.

自從我們一月份召開電話會議以來，由於貿易政策的不確定性，宏觀環境變得越來越動態。儘管環境依然動盪，政策調整頻繁，但最近的公告已提供了短期明確性。

Notably, the US administration has provided temporary exemptions for key data center IT hardware, including servers and networking switches, which comprise the majority of our CCS portfolio. We are closely collaborating with our customers as they evaluate the evolving policy landscape. To date, this has not translated into decisions to shift existing programs or new awards across our sites.

值得注意的是，美國政府已對關鍵資料中心 IT 硬體（包括伺服器和網路交換器）提供了臨時豁免，這些硬體構成了我們 CCS 產品組合的大部分。我們正與客戶密切合作，評估不斷變化的政策環境。到目前為止，這還沒有轉化為在我們網站上轉移現有項目或頒發新獎項的決定。

Importantly, we are seeing resilient overall demand in our CCS portfolio with only minor adjustments in ATS. Our global manufacturing footprint offers a distinct advantage, providing ample capacity in the US and Mexico for any future program adjustments. We remain vigilant and prepared to adapt swiftly to policy changes.

重要的是，我們看到 CCS 產品組合的整體需求具有彈性，而 ATS 僅有微小的調整。我們的全球製造足跡具有獨特的優勢，為美國和墨西哥未來的任何專案調整提供了充足的產能。我們保持警惕並準備迅速適應政策變化。

Before I provide you with our latest annual financial outlook and an update on our businesses, I would like to hand the call over to Mandeep, who will provide more details on our financial performance during the first quarter and our guidance for the second quarter of 2025. Mandeep, over to you.

在我向您提供我們最新的年度財務展望和業務更新之前，我想將電話交給 Mandeep，他將提供有關我們第一季財務業績和 2025 年第二季指引的更多詳細資訊。Mandeep，交給你了。

Thank you, Rob, and good morning, everyone. First quarter revenue of $2.65 billion was up 20% above the high end of our guidance range, driven primarily by strong demand from hyperscaler customers in our CCS segment. Adjusted gross margin for the quarter was 11.0%, up 110 basis points, driven by higher volumes and favorable mix.

謝謝你，羅布，大家早安。第一季營收為 26.5 億美元，比我們預期範圍的高端高出 20%，這主要得益於 CCS 部門超大規模客戶的強勁需求。本季調整後毛利率為 11.0%，上漲 110 個基點，得益於銷售增加和產品組合有利。

First quarter adjusted operating margin was 7.1%, up 120 basis points, driven by higher margin across both our CCS and ATS segments. Our adjusted earnings per share for the first quarter was $1.20, exceeding the high end of our guidance range and an increase of $0.37 or 45%. Our adjusted effective tax rate for the quarter was 20%. Finally, our first quarter adjusted ROIC was 31.5%, a 770 basis points improvement driven by higher operating profit and effective working capital management.

第一季調整後的營業利潤率為 7.1%，上漲 120 個基點，這得益於 CCS 和 ATS 部門利潤率的提高。我們第一季的調整後每股收益為 1.20 美元，超過了我們預期範圍的高端，成長了 0.37 美元，增幅為 45%。本季調整後的有效稅率為 20%。最後，我們第一季調整後的 ROIC 為 31.5%，提高了 770 個基點，這得益於更高的營業利潤和有效的營運資本管理。

Moving on to our segment performance. ATS segment revenue totaled $807 million, up 5% and above our guidance of being flat year-over-year. The higher revenue this quarter was primarily the result of significant growth in our capital equipment business. Our ATS segment accounted for 30% of total company revenue. Our CCS segment revenue was $1.84 billion, up 28%, driven by very strong growth for networking switches in our communications end market. The CCS segment accounted for 70% of total revenue in the quarter.

繼續討論我們的分部表現。ATS 部門營收總計 8.07 億美元，成長 5%，高於我們預期的年比持平。本季營收增加主要得益於我們的資本設備業務的顯著成長。我們的 ATS 部門占公司總收入的 30%。我們的 CCS 部門營收為 18.4 億美元，成長 28%，這得益於我們通訊終端市場網路交換器的強勁成長。CCS部門佔本季總營收的70%。

Our communications end market revenues increased by 87%, above our guidance of low 80s percentage growth, driven primarily by strong demand for our HPS networking products. Revenue in our enterprise end market was 39% lower, though better than our guidance of a mid-40s percentage decline. The lower revenues were due to the anticipated technology transition in an AI, ML compute program with one of our hyperscaler customers.

我們的通訊終端市場營收成長了 87%，高於我們預期的 80% 出頭的成長率，這主要得益於對我們的 HPS 網路產品的強勁需求。我們的企業端市場收入下降了 39%，但比我們預期的 40% 左右的降幅更好。收入較低的原因是我們與一位超大規模客戶合作的 AI、ML 計算程式預計會發生技術轉型。

HPS revenue grew by 99% in the first quarter to just over $1 billion, accounting for 39% of total company revenue. This exceptional growth is being driven by continuing hyperscaler demand for our 400G networking switches as well as the ramping of our 800G switch programs.

HPS 第一季營收成長 99%，達到 10 億美元多一點，占公司總營收的 39%。這一顯著增長是由超大規模市場對我們的 400G 網路交換器的持續需求以及我們 800G 交換器計劃的不斷推進所推動的。

Moving on to segment margins. ATS segment margin for the first quarter was 5.0%, up 80 basis points, primarily driven by strong operating performance in our capital equipment business and as anticipated, improved profitability in our A&D business.

繼續討論分段邊距。第一季 ATS 部門利潤率為 5.0%，上漲 80 個基點，主要得益於我們資本設備業務的強勁營運業績以及預期的 A&D 業務獲利能力的提高。

CCS segment margin in the quarter was 8.0%, an improvement of 120 basis points, driven by a higher mix of HPS revenues and strong operational performance. During the quarter, we had three customers that each accounted for at least 10% of total revenue, representing 28%, 13% and 10% of revenue, respectively.

本季度，CCS 部門利潤率為 8.0%，提高了 120 個基點，這得益於 HPS 收入組合的提高和強勁的營運表現。本季度，我們有三位客戶，每家公司的收入佔總收入的至少 10%，分別佔營收的 28%、13% 和 10%。

Moving on to working capital. At the end of the first quarter, our inventory balance was $1.79 billion, a sequential increase of $28 million and a year-over-year decrease of $163 million. We continue to effectively manage inventory levels while supporting significant growth in customer demand. Cash deposits were $472 million at the end of the quarter, down $40 million sequentially and down $248 million year-over-year.

轉向營運資金。第一季末，我們的庫存餘額為17.9億美元，季增2800萬美元，年減1.63億美元。我們繼續有效地管理庫存水平，同時支援客戶需求的大幅成長。本季末現金存款為 4.72 億美元，較上一季減少 4,000 萬美元，比去年同期減少 2.48 億美元。

Cash cycle days during the first quarter were 69. Turning our attention to cash flows. Capital expenditures for the first quarter were $37 million or approximately 1.4% of revenue compared to 1.8% in the first quarter of 2024. We continue to anticipate capital expenditures to remain within the range of 1.5% to 2.0% of revenue for the full year.

第一季現金週期天數為69天。將我們的注意力轉向現金流。第一季的資本支出為 3,700 萬美元，約佔營收的 1.4%，而 2024 年第一季為 1.8%。我們繼續預計全年資本支出將保持在收入的 1.5% 至 2.0% 之間。

During the quarter, we generated $94 million of free cash flow, $26 million higher than the prior year period. Turning to the balance sheet and capital allocation. At the end of the first quarter, our cash balance was $303 million, combined with $600 million of borrowing capacity under our revolver, we currently have approximately $900 million in total liquidity, which we believe is sufficient to meet our projected business needs.

本季度，我們產生了 9,400 萬美元的自由現金流，比去年同期高出 2,600 萬美元。轉向資產負債表和資本配置。截至第一季末，我們的現金餘額為 3.03 億美元，加上循環信貸額度下的 6 億美元借款能力，我們目前的總流動資金約為 9 億美元，我們相信這足以滿足我們預期的業務需求。

Our gross debt at the end of the quarter was $887 million, and our net debt position was $584 million. Our gross debt to non-GAAP trailing 12-month adjusted EBITDA leverage ratio was 1.1 turns, up 0.1 turn sequentially and flat versus the prior year period. As of March 31, we were in compliance with all financial covenants under our credit agreement.

本季末我們的總債務為 8.87 億美元，淨債務為 5.84 億美元。我們的總負債與非 GAAP 過去 12 個月調整後 EBITDA 的槓桿比率為 1.1 倍，較上季上升 0.1 倍，與去年同期持平。截至 3 月 31 日，我們已遵守信用協議下的所有財務契約。

During the first quarter, we repurchased $75 million of shares for cancellation under our normal course issuer bid. In addition, following the end of the quarter, we repurchased an additional $40 million of shares bringing our total repurchases under the NCIB to $115 million year-to-date. We intend to continue being opportunistic on share buybacks for the remainder of 2025.

在第一季度，我們以正常的發行人出價回購了價值 7,500 萬美元的股票並註銷。此外，在本季結束後，我們又回購了價值 4,000 萬美元的股票，使我們今年迄今在 NCIB 下的總回購額達到 1.15 億美元。我們打算在 2025 年剩餘時間內繼續把握機會回購股票。

Now let's turn to our guidance for the second quarter of 2025. Please note that our guidance figures assume no material changes to tariffs or trade restrictions compared to what is in effect today. Substantially, all tariffs paid by Celestica are expected to be recovered from our customers and are not expected to impact our non-GAAP adjusted EBITDA or non-GAAP adjusted net earning dollars. These amounts are not anticipated to be material at this time.

現在讓我們來看看 2025 年第二季的指引。請注意，我們的指導數據假設關稅或貿易限制與目前的情況相比沒有重大變化。實質上，Celestica 支付的所有關稅預計將從我們的客戶那裡收回，並且預計不會影響我們的非 GAAP 調整後 EBITDA 或非 GAAP 調整後淨收益。目前預計這些金額不會太高。

Second quarter revenue is projected to be between $2.575 billion and $2.725 billion. representing growth of 11% at the midpoint. Adjusted earnings per share are anticipated to be between $1.17 and $1.27, representing an increase of $0.32 per share at the midpoint or 36%. Assuming the achievement of the midpoint of our revenue and adjusted EPS guidance ranges, our non-GAAP operating margin would be 7.2%, an increase of 90 basis points over the prior year period. We expect our adjusted effective tax rate for the second quarter to be approximately 20%.

預計第二季營收將在 25.75 億美元至 27.25 億美元之間。中間值為成長 11%。調整後每股收益預計在 1.17 美元至 1.27 美元之間，中間值每股增加 0.32 美元，增幅為 36%。假設實現我們的收入和調整後每股收益指引範圍的中點，我們的非公認會計準則營業利潤率將達到 7.2%，比去年同期增加 90 個基點。我們預計第二季調整後的有效稅率約為 20%。

Finally, let's turn to our end market outlook for the second quarter. In our ATS segment, we anticipate revenue to be approximately flat year-over-year as demand strength in capital equipment and the recovery in industrial volumes are being offset by our previously announced decision not to renew a dilutive margin program in our A&D business.

最後，讓我們來談談第二季的終端市場展望。在我們的 ATS 部門，我們預計收入將與去年同期基本持平，因為資本設備的需求強勁和工業產量的復甦被我們先前宣布的不再續簽 A&D 業務中的稀釋性利潤率計劃的決定所抵消。

In our CCS segment, we project revenue in our communications end market to grow in the high 50s percentage range fueled by ongoing demand strength for our networking forces, including accelerating ramps in our 800G programs. In our enterprise end market, we expect a low 40% decrease in revenue, driven primarily by a technology transition in an AI, ML compute program.

在我們的 CCS 部門，我們預計通訊終端市場的收入將成長 50% 以上，這得益於我們網路力量的持續強勁需求，包括 800G 專案的加速成長。在我們的企業端市場，我們預期營收將下降 40%，這主要受 AI、ML 運算程式的技術轉型所致。

With that, I will now turn the call back over to Rob to discuss our latest financial outlook for 2025 and to provide an update on our business.

說完這些，我現在將電話轉回給 Rob，討論我們 2025 年的最新財務展望並提供我們業務的最新進展。

Thank you, Mandeep. We are encouraged with our strong first quarter performance and the positive demand outlook our customers have shared with us for the remainder of 2025. As a result, we are raising our revenue outlook for the year from $10.7 billion to $10.85 billion, reflecting year-over-year growth of 12%. We're also raising our non-GAAP adjusted EPS outlook from $4.75 per share to $5 per share. This improvement in profitability is reflective of strong revenue growth, operating leverage and improved mix.

謝謝你，Mandeep。我們第一季的強勁表現以及客戶對我們 2025 年剩餘時間的積極需求前景感到鼓舞。因此，我們將今年的營收預期從 107 億美元上調至 108.5 億美元，年增 12%。我們也將非 GAAP 調整後每股盈餘預期從每股 4.75 美元上調至每股 5 美元。獲利能力的提高反映了強勁的收入成長、經營槓桿和產品組合的改善。

As with our quarterly guidance, these outlook figures assume no material changes to tariffs or trade restrictions compared to those in effect today. As Mandeep noted, we expect that substantially all tariffs will be treated as a pass-through charge to our customers and that these amounts are not anticipated to be material at this time. Our free cash flow outlook for the year continues to be $350 million.

與我們的季度指引一樣，這些展望數據假設關稅或貿易限制與目前相比沒有重大變化。正如 Mandeep 所指出的，我們預計幾乎所有關稅都將被視為轉嫁給客戶的費用，而這些金額目前預計不會成為重大金額。我們對今年自由現金流的預期仍為 3.5 億美元。

Despite the heightened uncertainty presented by tariffs and the overall macro backdrop, we continue to have confidence in our 2025 outlook. Our conviction reflects the durable secular demand we are seeing in our CCS segment, which is supported by a close collaboration and demand planning with our customers, new program awards and reaffirmations of 2025 CapEx plans from some of the leading hyperscalers.

儘管關稅和整體宏觀背景帶來了更大的不確定性，但我們對 2025 年的前景仍然充滿信心。我們的信念反映了我們在 CCS 領域看到的持久長期需求，這得益於我們與客戶的密切合作和需求規劃、新專案獎勵以及一些領先的超大規模企業對 2025 年資本支出計劃的重申。

Now moving on to additional color on our businesses. In our CCS segment, we now anticipate growth in the high teens percentage range in 2025. Compared to our outlook of mid-teens growth provided in January. The year-over-year growth we are seeing in CCS is primarily being driven by our hyperscale customers where demand is strong across numerous networking programs. In our communications end market, we anticipate continued strength throughout the year as we ramp multiple 800G programs. We also continue to see healthy demand for our 400G programs for multiple customers.

現在繼續介紹我們業務的更多內容。在我們的 CCS 領域，我們目前預計 2025 年的成長率將達到百分之十幾。與我們一月份給出的十幾歲的成長預期相比。我們在 CCS 中看到的同比增長主要受到超大規模客戶的推動，這些客戶對眾多網路計劃的需求都很強勁。在我們的通訊終端市場，隨著我們推出多個 800G 項目，我們預計全年將繼續保持強勁勢頭。我們也持續看到多個客戶對我們的 400G 專案的健康需求。

Additionally, we are encouraged by the solid traction. We continue to see our new wins across networking and optical programs. Recently, we were awarded a new program with a leading optical OEM to both high-speed optical transceivers out of our Thailand site. We see this as an opportunity to broaden our exposure to the pluggable transceiver segment which is a natural complement to our market-leading portfolio in data center switching.

此外，強勁的牽引力也令我們感到鼓舞。我們繼續看到我們在網路和光學項目方面取得的新勝利。最近，我們與一家領先的光學 OEM 簽訂了一項新項目，該項目將為我們泰國工廠提供高速光學收發器。我們認為這是一個擴大我們在可插拔收發器領域影響力的機會，這是我們在資料中心交換領域市場領先產品組合的自然補充。

We expect to begin ramping production in the second half of this year. In our Switching business, we also continue to see very strong momentum on 1.6T wins at this early stage in the cycle. Since we spoke last quarter, we are pleased to have secured multiple new awards for 1.6T programs leveraging our HPS solutions, including our first with a major OEM customer.

我們預計將在今年下半年開始提高產量。在我們的轉換業務中，我們也繼續看到 1.6T 在周期早期階段取得非常強勁的勝利勢頭。自從上個季度我們進行交流以來，我們很高興利用我們的 HPS 解決方案獲得了多個 1.6T 專案的新獎項，其中包括我們與主要 OEM 客戶簽訂的第一個獎項。

In our enterprise end market, we continue to expect our next-generation AI ML compute programs with a large hyperscale customer to begin ramping mass production volumes in the third quarter, leading to a resumption of sequential growth in the second half. The market share gains we've achieved with hyperscale customers through awarded programs are expected to continue, driven by our strong and expanding pipeline of opportunities.

在我們的企業端市場，我們繼續預計，我們的下一代 AI ML 運算程式將與大型超大規模客戶在第三季開始增加量產數量，從而導致下半年恢復連續成長。在我們強大且不斷擴大的機會管道的推動下，我們透過授予的計劃從超大規模客戶那裡獲得的市場份額預計將繼續增長。

Moving on to our ATS segment. We are maintaining our 2025 outlook for revenues to be approximately flat on a year-over-year basis. In our Industrial business, volumes are stabilizing after an extended period of declines. Looking forward, our customer forecasts reflect solid growth due to a recovery in base demand across multiple submarkets as well as new program ramps. However, we remain cautious on the extent of this growth.

繼續我們的 ATS 部分。我們維持 2025 年營收與去年同期基本持平的預測。在我們的工業業務中，銷量在經歷長期下滑之後正在趨於穩定。展望未來，由於多個子市場基礎需求的復甦以及新項目的增加，我們的客戶預測將實現穩健的成長。然而，我們對這種成長的程度仍持謹慎態度。

In A&D, base demand remains healthy, supported by new program ramps and recent customer wins. While overall revenues will be lower this year due to the strategic decision not to renew our dilutive margin program, this action positions us for higher profitability dollars and margin in A&D in 2025.

在航空航太和國防領域，受新專案增加和近期客戶贏得支援的推動，基本需求仍然健康。雖然由於不再續簽稀釋性利潤率計劃的戰略決策，今年的整體收入將會降低，但這一舉措將使我們在 2025 年獲得更高的 A&D 盈利能力和利潤率。

In capital equipment, we continue to expect above-market growth in 2025 on the back of strong customer demand and new program ramps. Overall, we continue to anticipate another year of solid financial performance for the company in 2025. We remain confident in our ability to continue our strong momentum despite the uncertainty presented by the current macro environment.

在資本設備方面，在強勁的客戶需求和新專案增加的推動下，我們繼續預期 2025 年的成長將高於市場水準。總體而言，我們繼續預期該公司 2025 年的財務表現仍將保持穩健。儘管當前宏觀環境充滿不確定性，我們仍然有信心繼續保持強勁勢頭。

Our portfolio continues to be supported by strong secular tailwinds, which we believe are enduring and long term in nature. Furthermore, we believe that Celestica is very well positioned to help our customers navigate the uncertainty of the current environment, supported by our globally diversified manufacturing network and our best-in-class supply chain operations teams. We are a company that thrives in managing complexity, and we feel that these challenges will serve to further highlight the critical value we are able to provide.

我們的投資組合繼續受到強勁的長期順風的支撐，我們相信這些順風具有持久性和長期性。此外，我們相信，憑藉我們全球多元化的製造網絡和一流的供應鏈營運團隊的支持，Celestica 完全有能力幫助我們的客戶應對當前環境的不確定性。我們是一家在管理複雜性方面蓬勃發展的公司，我們認為這些挑戰將進一步凸顯我們所能提供的關鍵價值。

With that, I will now turn the call to the operator to begin the Q&A session. Thank you.

現在，我將把電話轉給接線員，開始問答環節。謝謝。

(Operator Instructions)

（操作員指示）

David Vogt, UBS.

瑞銀的戴維·沃格特。

Great, thanks, guys. We appreciate all the details, particularly in a difficult macro backdrop. I'm going to ask a question on that as well. So Rob or Mandeep, can you kind of share with us kind of the level of visibility that you're having with your customers, particularly in CCS, given the uncertainty?

太好了，謝謝大家。我們欣賞所有細節，特別是在困難的宏觀背景下。我也要問一個關於此的問題。那麼 Rob 或 Mandeep，您能否與我們分享一下，考慮到不確定性，您對客戶的了解程度，特別是在 CCS 方面？

I know you touched on it in the prepared remarks, citing that you don't see a lot of changes, whether it's in terms of infrastructure deployments, end-to-end demand. But just can you give us a sense for how we're sitting here today in late April and what that visibility looks like? And then I have a follow-up. Thanks.

我知道您在準備好的發言中提到了這一點，並指出您沒有看到太多變化，無論是在基礎設施部署方面，還是在端到端需求方面。但是您能否讓我們了解一下今天（四月下旬）的情況以及能見度是怎樣的？然後我有一個後續問題。謝謝。

So David, I'll start off and I'll see if Mandeep has anything to add. You know, typically in CCS, our hyperscaler customers provide a full year, you know, output with respect to the CapEx plans and that's firmed up on a quarterly basis. That hasn't changed as a result of the tariff environment. We continue to ramp a number of new programs with our hyperscale customers. We continue to win share with our hyperscaler customers. So that visibility, you know pre-tariff and post-tariff environment really hasn't changed. There was contingency, very strong demand across the board with our hyperscaler customers.

那麼 David，我先開始，看看 Mandeep 是否還有什麼要補充的。您知道，通常在 CCS 中，我們的超大規模客戶會根據資本支出計劃提供全年的產出，並且按季度確定。關稅環境並未改變這種情況。我們將繼續與超大規模客戶合作推出一些新專案。我們持續贏得超大規模客戶的青睞。因此，您知道關稅前和關稅後的環境確實沒有改變。我們的超大規模客戶的整體需求非常強勁。

Yes, David, the other thing I would just add is, of course, there's what's happening this year and there's what's happening in the coming years. And so in addition to validating the forecast for ‘25, we've had conversations with our customers on new program ramps in terms of where we're ramping in for them, as well as the sign and the prototype work that happens. And we're happy to see that there's been no change in the activity this year in terms of design work for programs that are in one year and even two years out. So resilience of hyperscalers continues to be strong.

是的，大衛，我還要補充的是，當然，還有今年發生的事情和未來幾年將要發生的事情。因此，除了驗證 25 年的預測之外，我們還與客戶就新計劃的進展進行了討論，包括我們為他們開展的工作以及標誌和原型工作。我們很高興地看到，今年一年甚至兩年後的專案設計工作活動沒有改變。因此，超大規模企業的復原力仍然很強。

Great. And then just as a quick follow-up along those lines, maybe on the enterprise side, obviously you're ramping or you're expecting the re-acceleration in the second half with, I would imagine, an existing customer within enterprise and also a ramp with new customer, maybe a couple of customers. Can you kind of share with us kind of the magnitude or how you're thinking about that re-acceleration in the second half of 2025, particularly in enterprise with those -- with the existing customer and new customer that you cite? Thanks.

偉大的。然後，按照這些想法進行快速跟進，也許在企業方面，顯然您正在加速成長，或者您預計下半年會再次加速成長，我想，這不僅包括企業內部的現有客戶，還包括新客戶，也許是幾個客戶。您能否與我們分享這種成長的幅度，或者您如何看待 2025 年下半年的重新加速，特別是在企業領域——您提到的現有客戶和新客戶？謝謝。

Yes, David. So in 2025, towards the back end of 2024 into the first half of 2025, we mentioned on previous calls that one of our largest customers was going through an AI, ML compute transition. That transition is now starting to ramp in the third quarter, complement them into the fourth quarter, and then even more so into 2026.

是的，大衛。因此，在 2025 年，也就是 2024 年底到 2025 年上半年，我們在先前的電話會議中提到，我們最大的客戶之一正在經歷 AI、ML 運算轉型。這種轉變在第三季開始加速，並在第四季得到補充，然後在 2026 年將更加明顯。

So that new program is ramping, or will be ramping quite nicely here in the back half of the year. Also in enterprise, we have seen some program dynamics in our storage facility, which will be in a storage demand, which will be down on a year-over-year basis. So that's kind of suppressing some of the enterprise numbers that you're seeing.

因此，新計劃正在加速推進，或者在今年下半年將會順利推進。此外，在企業中，我們已經看到了儲存設施中的一些程式動態，儲存需求將比去年同期下降。所以這在某種程度上抑制了你所看到的一些企業數據。

Samik Chatterjee, J.P. Morgan.

薩米克‧查特吉，摩根大通。

Hi, thanks for taking my questions. Maybe if I can start off with a question on tariffs and the reference you had to some minor adjustments from customers in ATS. Can you just outline for us what portion of your sort of customer footprint or revenue currently is under the purview of tariffs and you have to pass on price increases to customers at this point? And when you mentioned the minor adjustments from customers in ATS was that primarily a pull forward or some sort of delays if you can just flesh that out for me and I have a follow-up. Thank you.

你好，謝謝你回答我的問題。也許我可以先問一個關於關稅的問題，以及您對 ATS 客戶進行的一些小調整的參考。您能否為我們概述一下，目前您的客戶足跡或收入中有多少部分屬於關稅範圍，並且您必須將價格上漲轉嫁給客戶？當您提到 ATS 中客戶所做的微小調整時，主要是提前或某種延遲，如果您能為我詳細說明一下，我會進行跟進。謝謝。

Sure Samik, I'll start off and I'll let Mandeep finish. So with an ATS, we haven't seen any slowdown in demand to-date as a result of the tariffs. But our customers in chatting with them, they have expressed some concern over the macroeconomic slowdown. So as such, we have factored into some risk into our full-year outlook.

當然可以，Samik，我先開始，然後讓 Mandeep 結束。因此，有了 ATS，我們迄今為止還沒有看到由於關稅而導致的需求放緩。但在與我們的客戶聊天時，他們表達了對宏觀經濟放緩的一些擔憂。因此，我們在全年展望中已經考慮了一些風險。

You know, overall, within ATS, the tariff impact is somewhat muted, if you just go down by line item of business, with an A&D, the majority of our demand is covered by USMCA and the Americas. We do have some limited impact in our Kulim facility in Southeast Asia. Within industrial, industrial largely runs a regional supply chain, so a lot of the product stays in region. Within capital equipment, the majority of the tools, 85%, 90% of the tools remain in Asia, so the impact has been minimal as well, and health tech impact has been minimal as well.

您知道，總體而言，在 ATS 內部，關稅的影響有些微弱，如果您僅按業務項目進行細分，那麼對於 A&D，我們的大部分需求都由 USMCA 和美洲滿足。我們位於東南亞的居林工廠確實受到了一些有限的影響。在工業領域，工業很大程度上運作著區域供應鏈，因此許多產品都留在區域內。在資本設備中，大多數工具（85％、90％）仍留在亞洲，因此影響也很小，對健康科技的影響也很小。

The minor impact we have been saying is that we have seen where we're dual sourced some migration of product from our Asian facilities into competitive Mexico facilities. But on the flip side, we also have seen some increased share in all Mexican facilities. So net-net, ATS is pretty flat relative to prior reviews.

我們一直在說的輕微影響是，我們已經看到我們的雙重來源產品從我們的亞洲工廠遷移到具有競爭力的墨西哥工廠。但另一方面，我們也看到所有墨西哥工廠的份額增加。因此，總體而言，ATS 與先前的評論相比相當平穩。

Got it, got it. And for my follow-up, if I can just ask you to unpack the guide for 2Q for CCS a bit? And as I look at the guide as it currently -- sorry, I'm more specifically referring to communications within CCS. And you're guiding to flat sequential revenues from 1Q to 2Q, despite what you had as a pretty big step up from 4Q to 1Q.

明白了，明白了。作為我的後續行動，我是否可以請您稍微解釋一下 CCS 的 2Q 指南？當我查看當​​前的指南時 - 抱歉，我更具體地指的是 CCS 內的通信。儘管你們的第四季營收較第一季有了很大的成長，但你們預計第二季與第一季的營收將保持持平。

And I think Mandeep in his prepared remarks had talked about sort of accelerating 800 gig ramps as well. So I'm just trying to match that up with the guidance here for more sequential revenue in communications, despite going through what is accelerating 800 gig ramp? Thank you.

我認為 Mandeep 在他的準備好的演講中也談到了加速 800 千兆的成長。因此，我只是想將其與此處的指導相匹配，以獲得更多的通信連續收入，儘管正在經歷 800 千兆的加速增長？謝謝。

Yeah. Hi, Samik, first of all, welcome to the call, and we're really happy to have you in JP Morgan along with us here. You know, right now we're continuing to see strong year-over-year growth in comms as you know. It really is just the timing of programs. We're continuing to see very strong demand on the 400g side. 800G programs are ramping nicely. Nothing that's off of our expectations.

是的。你好，薩米克，首先，歡迎你參加電話會議，我們非常高興摩根大通的你能夠與我們一起參加這次電話會議。你知道，目前我們持續看到通訊業務較去年同期成長強勁。這實際上只是程序的時間安排。我們繼續看到 400 克的需求非常強勁。800G專案進展順利。一切都沒有超出我們的預期。

And so I wouldn't read too much into comps being flat sequentially as much as continue to look at the year-over-year and just know that there are going to be some demand dynamics between the quarters, whether it comes to material availability, largely around material availability. But overall, we're seeing good growth in the second quarter and going into the next half.

因此，我不會過度解讀可比銷售額與上一季持平的情況，而是繼續關注同比情況，並且知道各個季度之間會存在一些需求動態，無論是材料供應情況，主要是材料供應情況。但總體而言，我們看到第二季以及下半年的良好成長。

George Wang, Barclays.

巴克萊銀行的喬治王 (George Wang)。

Oh, hey, guys. Thanks for taking my question. I have two quick ones. Just on the 1.6T switch, you guys talked about additional wings since the last time we spoke. And also you mentioned the first OEM 1.6T switching wings.

哦，嘿，夥計們。感謝您回答我的問題。我有兩個簡短的。就在 1.6T 開關上，自上次談話以來，你們就談到了額外的機翼。您還提到了第一個 OEM 1.6T 換翼。

And aside from that, can you also talk about availability of Tomahawk 6? Earlier you guys talked about kind of the run it depends on the component availability? Just curious into 2026, do you have a reaffirm the deal in terms of 1.6T shipment? Or if there's any nuance in terms of the time line? Thanks.

除此之外，您能談談 Tomahawk 6 的可用性嗎？之前你們談到運行取決於組件的可用性？只是好奇到 2026 年，您是否會重申 1.6T 出貨量的交易？或者在時間軸方面是否存在細微差別？謝謝。

Thanks, George. Yeah. Well, first, I'll start off in 2024, we just finished our strongest bookings year on record across the company. CCS also posted some very, very strong numbers. And our sales pipeline is quite strong. In the first quarter, as I mentioned on the call, we did win another 1.6T program with a major OEM.

謝謝，喬治。是的。嗯，首先，從 2024 年開始，我們剛結束了全公司有史以來最強勁的預訂量。CCS 也公佈了一些非常強勁的數據。我們的銷售管道非常強大。正如我在電話中提到的那樣，在第一季度，我們確實與一家大型 OEM 贏得了另一個 1.6T 項目。

In terms of silicon availability, we are starting to see samples in the first half of this year. In terms of when that will turn into mass production, we're still thinking 1.6T will be ramping on the majority of our programs in the back half of 2026.

就矽的可用性而言，我們將在今年上半年開始看到樣品。至於何時實現量產，我們仍然認為 1.6T 將在 2026 年下半年在我們的大多數專案中推廣。

Also, I want to point out that we continue to gain share with our hyperscaler customers across the board and that share is in the areas of AI-compute networking and also RAC systems as well. These next generation of products that we're producing are very complex in nature. And I feel there's very few folks out there that could produce at the rate that we can at scale consistently and for our customers' requirements. And for that reason, we're continuing to gain share.

另外，我想指出的是，我們繼續全面贏得超大規模客戶的青睞，而這一份額也來自人工智慧運算網路和 RAC 系統領域。我們正在生產的下一代產品本質上非常複雜。我覺得很少人能夠像我們一樣，以如此高的速度、如此大規模地持續生產，並且滿足客戶的要求。正因如此，我們的市佔率不斷擴大。

Hey George, just on 1.6T program, as you know, we're doing multiple programs now across a number of different customers and often silicon availability will be the gating factor. No concerns at this point, things are on track. But just as a result of facility development time, you're looking at probably more mass production towards the second-half '26.

嘿，喬治，就在 1.6T 項目上，如你所知，我們現在正在為許多不同的客戶開展多個項目，而矽片的可用性往往是決定因素。目前無需擔心，一切都很順利。但僅僅由於設施開發時間，您可能會看到 26 年下半年出現更多的大規模生產。

Okay. Great. Just a quick follow-up, if I can, for both Rob and Mandeep, I think the services component is underappreciated for CLS story, especially as you look out to '26, '27 with due to native customers, you guys talked about kind of adopting more full rack solution with a bit more higher-margin services slash maintenance content. Can you kind of talk about any refresh your view just on driving some of higher-margin services component, especially you guys begin to do most or end-to-end full solution for -- across digital native and Tier 1 hyperscale.

好的。偉大的。如果可以的話，我想快速跟進 Rob 和 Mandeep 的問題，我認為服務組件在 CLS 故事中被低估了，特別是當你展望 26 年、27 年時，由於本地客戶，你們談到了採用更全的機架解決方案，並提供更多利潤率更高的服務以削減維護內容。您能否談談您對推動一些高利潤服務組件的看法，特別是您開始為數位原生和一級超大規模提供大部分或端到端的完整解決方案。

Yes, George, thank you for bringing that up. We completed several quarters ago the acquisition of NCS Global, which is a services company, which was a great complement to what we're doing. NCS Global does everything from ITAT services to supporting our aftermarket services to prepare break-fix and things along those lines. And as you pointed out, that is a higher offering a full life cycle solution that we support across with our customers.

是的，喬治，謝謝你提出這個問題。我們在幾個季度前完成了對服務公司 NCS Global 的收購，這對我們的業務有很大的補充。NCS Global 提供各種服務，從 ITAT 服務到支援我們的售後市場服務，再到準備故障修復等類似服務。正如您所指出的，這是我們為客戶提供的更高水準的全生命週期解決方案。

We're also continuing to grow that line of business. The growth in that business is very, very strong. And based on some of the new awards that we have with our hyperscaler customers and digital natives, we'll be looking to expand that offering to support our customers in the future as well.

我們也正在繼續發展該業務線。該業務的成長非常非常強勁。基於我們與超大規模客戶和數位原生世代獲得的一些新獎項，我們將尋求擴展該產品，以便在未來為客戶提供支援。

Ruben Roy, Stifel.

魯本·羅伊（Ruben Roy），Stifel。

Thank you very much. Mandeep, I wanted to start with the enterprise side and the first question, you talked about the ramps into year-end. Obviously, we have the full-year guide and congrats on continued improvement in profitability. But how should we think about sort of the exit rate on margins as you have stronger enterprise exiting the year?

非常感謝。Mandeep，我想從企業方面開始，第一個問題，您談到了年底的成長。顯然，我們有全年指南，並祝賀盈利能力持續提高。但是，當有實力更強大的企業退出時，我們該如何考慮利潤率的退出率呢？

Yes. Hi, Ruben, good morning. Nice to talk to you. Look, the margins that we're seeing right now, just even in the first-half of the year are stronger than what we had anticipated just three months ago. And so that's why when we raised the full-year guide to 7.2%. And that's up from what we had again talked about three months ago.

是的。你好，魯本，早安。很高興和你談話。你看，我們現在看到的利潤率，甚至在今年上半年都比我們三個月前預期的還要高。這就是我們將全年預期提高至 7.2% 的原因。這比我們三個月前討論的內容有所增加。

So what we're seeing is the strength that's happening right now from a mix perspective, which is largely driven by more HPS business, carrying through towards -- or through the rest of this year. And so we are going to -- we're on a very nice run rate right now in terms of HPS, and that's a large contributor.

因此，從組合角度來看，我們看到的是目前正在發生的強勁勢頭，這主要是由更多的 HPS 業務推動的，並將持續到今年剩餘時間。因此，就 HPS 而言，我們現在的運行率非常好，這是一個很大的貢獻者。

When you're thinking about the margin profile between enterprise and comms when you're thinking about it between hyperscalers and non-hyperscalers, there's not that much of a differentiation within the hyperscaler portfolio, specifically. The other thing to you is that we are growing revenue in second-half versus first-half. And as a result, we will be seeing operating leverage manage, which we would hope that could fall to the bottom line.

當您考慮企業和通訊之間的利潤狀況時，當您考慮超大規模和非超大規模之間的利潤狀況時，您會發現超大規模產品組合中的差異並不大。另一件事是，與上半年相比，我們下半年的收入有所成長。因此，我們將看到經營槓桿得到管理，我們希望它能夠降至底線。

Perfect. Thank you. And a quick follow-up for Rob on the optical transceiver win. Can you talk about competitively sort of why you won, what the interface seeds is of the transceiver and sort of type of customer perhaps that you're dealing with for that win? Thank you.

完美的。謝謝。並快速跟進 Rob 對光收發器勝利的進展。您能否從競爭角度談談您獲勝的原因、收發器的介面種子是什麼以及您獲勝時所針對的客戶類型？謝謝。

Yes. Thanks, Ruben. So it's 800G optical transceiver. It was a competitive win. We went up against several other OEMs and ODMs. What we're doing is the complete transceivers of the PCBA, the chip onboard, the optical alignment and the entire mechanical assembly.

是的。謝謝，魯本。所以它是800G光收發器。這是一場競爭性的勝利。我們與其他幾家 OEM 和 ODM 展開了競爭。我們做的是PCBA的完整收發器、板載晶片、光學對準和整個機械組裝。

The volumes will scale over time, and they'll be significant. We're actually building some incremental infrastructure in Thailand to support these new volumes. And lastly, I would say that this win really provides additional optical proof points and white label opportunities for us with our hyperscaler customers as well.

隨著時間的推移，其數量將不斷擴大，而且規模將十分巨大。我們實際上正在泰國建設一些增量基礎設施來支援這些新的業務量。最後，我想說，這次勝利確實為我們與超大規模客戶提供了額外的光學證明點和白標機會。

Thanos Moschopoulos, BMO Capital Markets.

Thanos Moschopoulos，BMO 資本市場。

Hi, good morning. Maybe a bit of a hypothetical question at this point. But can you comment qualitatively or quantitatively with respect to how quickly you could shift production to the US and associated CapEx costs if tariffs were to come back?

嗨，早安。目前這也許只是一個假設性的問題。但是，如果關稅恢復，您能否從定性或定量的角度評價您能多快將生產轉移到美國以及相關的資本支出成本？

Yes. I'll start off on that one. So in the US and Mexico as well, Richardson and our facility in Monterrey, we do about $800 million a year in revenue, give or take out of those facilities without adding additional footprint square footage. We could triple that revenue they, had several billion worth of revenue out of those, both those facilities without having the need for more space. And if we did actually need more space than we do have plenty of options.

是的。我先從那一個開始。因此，在美國和墨西哥，理查森和我們在蒙特雷的工廠，我們每年的收入約為 8 億美元，這些工廠的面積沒有增加。我們可以將他們的收入增加三倍，從這兩個設施中獲得數十億美元的收入，而不需要更多的空間。如果我們確實需要更多空間，我們確實有很多選擇。

In terms of shifting production from one region to the next, it really depends on the complexity of the product that we are moving. Some of the more complex products that we do for the hyperscalers would be more difficult, more RAC systems, things like that would be less difficult. What we're seeing with our customers if and when they ever decide to move, it will probably be more of a regional strategy well final assembly and integration will be done in the region where the product has moved and the more complex assembly will be done in centers of excellence, and we think we're well here to kind of support that emerging trend.

就將生產從一個地區轉移到另一個地區而言，這實際上取決於我們所轉移產品的複雜性。我們為超大規模企業生產的一些更複雜的產品會更難，而更多的 RAC 系統之類的事情會更容易一些。我們看到，如果客戶決定搬遷，他們可能會採取一種區域策略，最終組裝和整合將在產品搬遷的地區進行，而更複雜的組裝將在卓越中心完成，我們認為我們在這裡可以很好地支援這種新興趨勢。

(multiple speakers) Yeah. so that's where I'm talking about we do about $800 million of revenue in Richardson at a run rate towards the end of the year and $800 million right now in Monterrey. So being able to add $2 billion to $3 billion of revenue with the existing capacity can be done relatively quickly. But as Rob talked about, some programs can move quicker than others. All of our large -- all of our conversations with our customers right now are on that TCOO basis, we're helping them understand the dynamics from a cost perspective.

（多位發言者）是的。這就是我所說的，到今年年底，我們在理查森的收入約為 8 億美元，目前在蒙特雷的收入為 8 億美元。因此，利用現有產能增加 20 億至 30 億美元的收入是可以相對快速地實現的。但正如羅布所說，有些程式的運行速度比其他程式更快。我們目前與客戶的所有對話都是以 TCOO 為基礎的，我們正在幫助他們從成本角度了解動態。

Labor cost is a major consideration, duties or major considerations, but the capabilities are very important to keep in mind. And so what we're seeing right now is customers reaffirming plans to grow Canadian regions outside of North America, because the capabilities are just established. And so as a result, while we'll support our customers for any move, we think we have a very strategic footprint to help them. We think the reason we're not seeing these moves happen as of yet, because of the value that they're pinning on capabilities in certain regions.

勞動成本是一個主要考慮因素，職責也是主要考慮因素，但能力也非常重要，需要牢記。因此，我們現在看到的是客戶重申在北美以外拓展加拿大地區的計劃，因為這些能力剛剛建立。因此，雖然我們會支持客戶的任何舉措，但我們認為我們擁有非常策略性的足跡來幫助他們。我們認為，我們目前尚未看到這些舉措發生的原因是，他們過於重視某些地區的能力。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi, good morning. Can I just follow-up on that last answer, first off? And then I had a follow-up to my question. You're saying $800 million of revenues in Richardson plus $800 million in Monterrey. And then secondly, Mandeep, can you just expand on what you mean by capabilities? Like what specific capabilities are you referring to outside of North America that are hard direct in the US and Mexico. Thanks and I had a follow-up.

嗨，早安。首先，我可以跟進最後一個答案嗎？然後我對我的問題進行了跟進。你說的是理查森的收入為 8 億美元，蒙特雷的收入為 8 億美元。其次，Mandeep，您能否詳細說明一下您所說的「能力」是什麼意思？例如，您所指的北美以外地區的具體能力在美國和墨西哥是難以實現的。謝謝，我已跟進。

I'll let Rob expand on this one. But what I was referring to was from a talent perspective, the engineering capabilities that you build over many, many years. It's one of the reasons that we have had business and new business awarded took places like Thailand, like Malaysia, or to expand here to reestablish that. But there's also the supply chain capabilities that are intertwined with the site. And so a lot of time supply chains are regionalized, and it takes many, many years to move those to other countries.

我會讓 Rob 詳細闡述這一點。但我指的是從人才的角度來看，你經過多年時間建立的工程能力。這是我們與泰國、馬來西亞等地開展業務和贏得新業務，或在此擴張業務以重建這種關係的原因之一。但還有與該站點緊密相關的供應鏈能力。因此，很多時候供應鏈都是區域化的，需要花很多很多年才能轉移到其他國家。

The capabilities, Steven, the liquid cooling that we're doing on the AI, ML compute and on networking is very complex and it's very complex to do that at scale and the level of automation that we mastered in our talent facility is very unique -- and those are the capabilities that I think are very special to Thailand. Frankly, across the entire industry.

史蒂文，我們在人工智慧、機器學習計算和網路上進行的液體冷卻功能非常複雜，而且大規模實施起來非常複雜，我們在人才設施中掌握的自動化水平非常獨特——我認為這些功能對泰國來說非常特別。坦白說，整個行業都是如此。

Some of the other capabilities in terms of assembling racks, things like that tend to be a little more easier to replicate and that those types of things we could move more quickly than not. Again, we do have the recipe to move these products. As Mandy mentioned, should we need to do that, but they are a little more complex in nature.

組裝機架方面的一些其他功能，諸如此類的事情往往更容易複製，而且我們可以更快地完成這些類型的事情。再說一次，我們確實有銷售這些產品的秘訣。正如 Mandy 所提到的，我們是否需要這樣做，但它們的性質有點複雜。

And just clarifying the $800 million again, sorry, and then I want to ask one more.

再次澄清一下 8 億美元，抱歉，然後我想再問一個問題。

Yes, no, you got it right, Steven. So we're getting $800 million of revenue this year in Monterrey, and we're ramping a number of programs already in Richardson. So our exit rate at the end, the year in Richardson will be about $800 million as well.

是的，不，你說對了，史蒂文。因此，我們今年在蒙特雷獲得了 8 億美元的收入，並且我們正在理查森加大多項項目的力度。因此，我們今年在理查森的退出率也將達到約 8 億美元。

Operator, if we could go back to Steven just to let him ask his next question.

接線員，我們是否可以回到史蒂文那裡讓他問下一個問題。

All right, your line is now open, Mr. Fox.

好的，您的線路現在可以通了，福克斯先生。

Thanks for that, sorry to confuse things. Just on the semi cap market, I was wondering if you could provide more color. Underlying growth seems to be better now than maybe you talked about 90-days ago, but also new wins, so I’m wondering if you could just provide some more detail on that market? Thanks again.

謝謝，很抱歉造成混淆。僅就半資本市場而言，我想知道您是否可以提供更多詳細資訊。現在的潛在成長似乎比您 90 天前談論的要好，但也有新的勝利，所以我想知道您是否可以提供一些有關該市場的更多細節？再次感謝。

Sure, Steven. So (inaudible) will have a very good year this year. But the growth will be first-half loaded. We saw strong growth exiting last year, and we're seeing strong growth in the front-half of this year. As we get into the back half of this year, we're seeing some program dynamics where the growth might flatten out a little bit. We are winning share with our newest customer, and those are very -- again, very complex products tend to be slower ramps and some of the program dynamics I just alluded to.

當然，史蒂文。所以（聽不清楚）今年將會是非常好的一個年份。但成長將主要集中在上半年。去年我們看到了強勁的成長，今年上半年我們也看到了強勁的成長。隨著我們進入今年下半年，我們看到一些專案動態，成長可能會趨於平穩。我們正在贏得新客戶的青睞，這些都是非常複雜的產品，其成長速度往往較慢，而且還有一些我剛才提到的專案動態。

Thank you.

謝謝。

Paul Treiber, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Paul Treiber。

Thanks very much and good morning. Just a couple of questions around price elasticity. So you mentioned now with the tariffs where they are, you have visibility to demand for the year. Did you, during the period when tariffs were at an elevated level, did you get feedback from your customers that at those levels, it would be a challenge. And across your various segments, do you have a sense of the general price elasticity in in regards to the added cost of tariffs?

非常感謝，早安。我只想問幾個有關價格彈性的問題。所以您提到，現在有了關稅，您就可以了解全年的需求。在關稅處於高位期間，您是否從客戶那裡得到反饋說，在這種水平上，這將是一個挑戰。在各個細分市場中，您是否了解與關稅增加成本相關的整體價格彈性？

Good question, Paul. In the short period of time, when the reciprocal tariffs were announced, we did it along with our customers, and they did not show any wavering with respect to their commitment on their CapEx plans or the demand outlook for the foreseeable future. So I think they have a much longer-term view and strategic view of what they're trying to do in the AI data center space.

問得好，保羅。在宣布互惠關稅的短時間內，我們與客戶一起實施了這項政策，而他們對資本支出計劃的承諾或可預見的未來的需求前景沒有表現出任何動搖。因此我認為他們對在人工智慧資料中心領域所做的事情有著更長遠的眼光和策略眼光。

With some of our OEM customers, they have asked and we have developed as Mandeep alluded to earlier, these very complex total cost of ownership models depending on where tariffs may or may not settle in, we understand what's the most economical way to produce it. They also have alluded to the fact that they will, as many of the folks are doing across the industry prepared to put a line item on their pricing for surcharges and pass cost on to their end customers.

對於我們的一些 OEM 客戶，他們提出了要求，正如 Mandeep 之前提到的那樣，我們已經開發了這些非常複雜的總擁有成本模型，具體取決於關稅可能或可能不會穩定的地方，我們了解最經濟的生產方式是什麼。他們還暗示，他們會像業內許多人一樣，準備在定價中列入附加費項目，並將成本轉嫁給最終客戶。

And that's what we're seeing, not just in CCS, but also on ATs that it's largely going to be passed on to end users. Hence some of the inflationary concerns that we see the economists talk about in the news every day.

這就是我們所看到的，不僅在 CCS 中，而且在 AT 中，它在很大程度上將傳遞給最終用戶。因此，我們每天在新聞中都會看到經濟學家談論一些通膨問題。

And a quick follow-up on that is related to the pipeline -- has the -- you mentioned that the pipeline here is very strong. Over the last month or so, have you seen any changes one way or another in regards to your pipeline?

對此的快速跟進與管道有關 - 您提到這裡的管道非常強大。在過去一個月左右的時間裡，您是否看到您的管道發生了任何變化？

Well, no, we really haven’t. Bookings continue to be very strong (technical difficulty) very strong. So today, we haven't seen any major changes as a result of tariffs. We have seen a little bit of maybe a delay of making some decisions. But in the overall magnitude of our pipeline, I wouldn't call that material at all.

嗯，沒有，我們確實沒有。預訂量持續強勁（技術難度）非常強勁。所以今天，我們還沒有看到關稅帶來的任何重大變化。我們發現有些決策可能稍微延遲了。但從我們整個管道的規模來看，我根本不會稱之為材料。

Yes. Paul just to be -- don't click on that one, which is if there is an area that we're seeing customers revisit their awards that they're considering giving within the industrial and it's going to be more around product types in that area. We're not seeing a production in any of the new wins across those vast majority of the rest of the portfolio.

是的。保羅只是想 - 不要點擊那個，也就是說，如果我們看到某個領域客戶重新審視他們正在考慮在工業領域頒發的獎項，那麼它將更多地圍繞該領域的產品類型。在其餘絕大多數投資組合中，我們並未看到任何新的成果。

Robert Young, Canaccord Genuity.

羅伯特楊 (Robert Young)，Canaccord Genuity。

Hi, good morning. Just wanted to get your thoughts on the various ramps you've announced and how those impact your guidance, which in the back half of the year, it looks like it's a bit of a deceleration. So I'm trying to understand the timing of the resumption of the networking -- or sorry, the resumption of the AI ML server and then the [Grok program]. And then there's also the two new programs, the [Rock] programs that you announced last quarter, which I believe were in 2026. So can you just talk about those various ramps and how those interact with the guidance. It looks like it's going to decelerate in the second-half.

嗨，早安。只是想了解您對所宣布的各種坡道的看法，以及這些坡道對您的指導有何影響，在下半年，看起來您的指導有所減速。所以我想了解恢復網路的時間——或者抱歉，恢復 AI ML 伺服器的時間，然後[Grok 程序]。然後還有兩個新項目，即您上個季度宣布的 [Rock] 項目，我相信它們將在 2026 年實施。那麼，您能否談談這些不同的坡道以及它們如何與引導相互作用。看起來下半年將會減速。

Yes. Hey Rob, look, we're looking at sequential growth as we go into the second-half. So the second-half revenue is up by a $200 million relative to the first-half. We are seeing right now 1.6T development on track. As I mentioned earlier, that's going to be more of a 2026 thing. We're ramping 800 gig programs right now. We're going to see a continuing level of growth on the 800G side. 400G is the one that we continue to watch. We've been seeing very strong growth on 400G in the first-half of this year. And so that is an area we think that is going to be a further opportunity in the back half of the year. But it actually is coming in stronger than what we had anticipated earlier on. And that's a really next opportunity we think in the back half.

是的。嘿，羅布，你看，我們正在關注下半年的連續成長。因此下半年的營收比上半年增加了 2 億美元。我們現在看到 1.6T 的開發正在順利進行中。正如我之前提到的，這將是 2026 年的事。我們目前正在推進 800 千兆程式。我們將看到 800G 方面的持續成長。400G是我們持續關注的。今年上半年，我們看到 400G 的成長非常強勁。因此，我們認為這將是今年下半年的另一個機會。但實際上，它比我們之前預期的要強勁。我們認為這確實是後半部的下一個機會。

What I would say is that -- it is an incredibly uncertain environment, as you know. And things are changing day by day. We are in a very close collaboration with our customers. The 10.85 is reflective in our (inaudible) customers and it's our high confidence. It’s our risk-adjusted view. It's our high confidence view. We do have the plans where we could exceed that. But we think right now, we're being prudent in balancing all of these various dynamics that are happening.

我想說的是──如你所知，這是一個極度不確定的環境。事情每天都在改變。我們與客戶保持著非常密切的合作。10.85 反映了我們（聽不清楚）客戶的需求，我們對此充滿信心。這是我們的風險調整觀點。這是我們高度自信的觀點。我們確實有可以超越這目標的計劃。但我們認為現在我們正在謹慎地平衡所有正在發生的各種動態。

Okay. And then for my follow-up, the sequential margin improvement in ATS. I think it suggested the A&D program roll-off hasn't happened yet. I'm curious, is that in the current margin structure? Or is there opportunity for ATS to deliver further margin structure in the second-half -- further margin improvement in the second-half?

好的。接下來我要說的是，ATS 的利潤率連續改善。我認為這表明 A&D 計劃的實施尚未發生。我很好奇，這是目前的保證金結構嗎？或者 ATS 是否有機會在下半年進一步改善利潤結構—進一步提高利潤率？

Yes. So the margin-dilutive program that we did a strategic decision not to renew is reflective in our second quarter guidance and our closure outlook. That transition is actually happened in April already. So that is now in all of our numbers. We're really pleased with the performance that we're seeing the improvement that we're seeing in ATS. We have some businesses that have performed very well for a period of time in capital equipment. We're seeing a return to growth in industrial as inventories have started to come down.

是的。因此，我們做出的不再續約的利潤稀釋計畫的策略決策反映在我們的第二季指引和關閉前景。這一轉變實際上在四月就已經發生了。這就是我們所有人現在的數據。我們對 ATS 的性能改進感到非常滿意。我們有一些企業在資本設備方面在一段時間內表現非常良好。隨著庫存開始下降，我們看到工業恢復成長。

But on the A&D piece, specifically, there was a lot of heavy lifting that's happened over the last 12-months on the commercial side of the business. And so we have seen a noticeable improvement in profitability in our A&D business, compared to last year. As we go forward for the rest of this year, we do think that there's an opportunity for margin expansion still in ATS.

但具體到 A&D 業務，過去 12 個月在商業方面發生了很多繁重的工作。因此，與去年相比，我們的 A&D 業務獲利能力有了顯著提高。隨著今年剩餘時間的推進，我們確實認為 ATS 仍有提高利潤率的機會。

Todd Coupland, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Todd Coupland。

Oh, yes. Good morning, everyone. So I wanted to step back from all the detail around the bookings and just help us understand when we hear commentary around data center lease pauses from hyperscalers, questions around timing of builds, et cetera.

哦是的。大家早安。因此，我想暫時不談預訂方面的所有細節，只是幫助我們理解，當我們聽到有關超大規模資料中心租賃暫停的評論、有關建設時間的問題等等。

How should we interpret that relative to the types of bookings growth you are seeing? Give us a little bridge to that, that would be helpful? Thanks.

相對於您所看到的預訂量增長類型，我們應該如何解讀這一點？為我們介紹一下這個方面，這會有幫助嗎？謝謝。

Thanks. Good morning, Todd. What we're hearing from our hyperscaler customers inside the data center is that they're continuing to want to invest in AI ML-compute, networking and rack solutions. And we're not seeing any slowdown inside the data center. We're -- because we're not actually involved in new data center builds or emerging very long-term plans, five, six years out, we haven't had those conversations with them, but the data centers that we're filling on our strong backlog has several years, I think, of life in it.

謝謝。早安，陶德。我們從資料中心內的超大規模客戶那裡聽到的是，他們繼續希望投資 AI ML 運算、網路和機架解決方案。我們沒有看到資料中心內部有任何速度減慢的情況。因為我們實際上並沒有參與新的資料中心建設或製定五六年的長期計劃，所以我們沒有與他們進行過這些對話，但我認為，我們在大量積壓訂單中填補的資料中心還有幾年的使用壽命。

The only, it’s the one hyperscaler that I've seen in the news anyway that's pulling back on a new data center build, but I haven't read anything publicly on a pullback from any of the other major hyperscalers. So I think to some extent, that's a little bit of a wait and see.

無論如何，這是我在新聞中看到的唯一一家撤回新資料中心建設的超大規模企業，但我還沒有看到任何其他主要超大規模企業公開撤回建設的消息。所以我認為從某種程度上來說，這需要一點等待和觀望。

Thank you. My follow-up question is, with all the design wins that you've been talking about, would you expect additional 10% new customers to emerge from those lists, if so, talk about the product areas where that's going to be. Thanks.

謝謝。我的後續問題是，根據您談到的所有設計勝利，您是否預計會從這些名單中出現另外 10% 的新客戶，如果是這樣，請談談這些新客戶將涉及哪些產品領域。謝謝。

We're very happy that we actually have a new 10% customers, it's just a testament to the breadth of products that we're offering to these customers and other strong win rates. I do -- there is a potential actually for additional 10% customers as some of these programs that we won, especially in the 1.6T fully integrated systems to emerge in the future. So that's certainly in our eyesight. Again, I think that would be ’27 potentially time frame. But based on some of the backlog and some of the bookings that we have and our outlook, that certainly is something that could potentially happen.

我們很高興我們實際上擁有 10% 的新客戶，這證明了我們為這些客戶提供的產品範圍廣泛以及其他強大的成功率。我確實如此——實際上，我們贏得的一些項目有潛力增加 10% 的客戶，特別是未來出現的 1.6T 完全整合系統。這當然在我們的視野之內。再次，我認為這可能是 27 個時間範圍。但根據我們的一些積壓訂單和預訂情況以及我們的展望，這肯定是有可能發生的情況。

Todd, maybe if we define using today's denominator 10% of the $1 billion, yes, we have the opportunity, as Rob talked about, with some of the wins that we've had to get another customer above $1 billion. But based on ramp cycles and design time, that's maybe more towards 2027. At the same time, we anticipate that our denominator is going to grow. So we're figuring out to time whether or not billing dollars is 10%.

托德，如果我們用今天的分母來定義 10 億美元的 10%，是的，正如羅布所說的那樣，我們有機會利用我們已經取得的一些勝利來獲得另一個價值超過 10 億美元的客戶。但根據坡道週期和設計時間，這可能更接近 2027 年。同時，我們預計我們的分母將會成長。因此，我們正在計算計費金額是否為 10%。

Jesse Pytlak, Cormark Securities.

傑西·皮特拉克 (Jesse Pytlak)，Cormark 證券公司。

Hey, good morning. Just wondering if you could give us a sense on the mix of 400G versus 800G switches this quarter? And then just some insight on how pricing has been trending for 400G.

嘿，早安。只是想知道您是否可以向我們介紹本季 400G 和 800G 交換器的組合情況？然後我們再來談談 400G 定價趨勢的一些見解。

Sure, I'll start off. I’ll let Mandeep. For the full-year, I'll answer the question, we do expect 800G to being north of 50% and 400G to be less than 50%. So 800G will be the majority of the product shipping out this year versus 400G. That roll in '26 and '27, 800G will continue to gain share relative to 400G. But 400G has a very long tail, as well as prices come down and our customers find new use cases for that. So I would say 400G has a very long tail and 800G is ramping quite nicely.

當然，我這就開始。我會讓 Mandeep 的。對於全年而言，我來回答這個問題，我們確實預計 800G 將超過 50%，而 400G 將低於 50%。因此，與 400G 相比，800G 將成為今年出貨產品的主流。在 26 年和 27 年，800G 的市佔率將相對於 400G 繼續成長。但 400G 的前景非常廣闊，而且價格下降，我們的客戶也找到了新的用例。所以我想說 400G 的尾巴很長，而 800G 的成長相當順利。

Yes. Jesse, we're going to see a nice acceleration in 800G production as we go into the second and third quarter. As I mentioned earlier 400G has been a very nice resilient part of our portfolio. We don't see one cannibalizing the other. But as 800G does ramp up there'll be a little bit maybe of a pullback on the 400G side. But overall, this year, in our networking business, on a full-year basis, round numbers, you may want to say half is 400G and how it's going to be 800G.

是的。傑西，進入第二季度和第三季度，我們將看到 800G 產量大幅加速。正如我之前提到的，400G 是我們產品組合中非常有彈性的一部分。我們沒有看到任何一方蠶食另一方。但隨著 800G 的崛起，400G 方面可能會出現一些回落。但總體而言，今年，在我們的網路業務中，以全年的數字來看，你可能會說一半是 400G，一半是 800G。

Understood. Thanks for that. And then just secondly, just kind of given the more dynamic macro environment. Just wondering if this is maybe changing your thoughts or priorities or approach to potential M&A.

明白了。謝謝。其次，鑑於更動態的宏觀環境。只是想知道這是否會改變您的想法、優先事項或對潛在併購的態度。

We continue to have a very healthy balance sheet. We're on track for generating $350 million this year. That's our high confidence view, we are targeting to do better than that. And we hope we will. We are deploying the capital along the way as much as makes sense strategically, we're going to be opportunistic on share buyback. We're investing very heavily on the R&D side. You'll notice in our CCS business, our R&D spend will be on track for about $100 million this year or even a little bit more. So we're actively investing organically. And then we still have a healthy balance sheet. Our leverage is only just above 1 times right now gross leverage.

我們的資產負債表仍然非常健康。我們今年的獲利目標為 3.5 億美元。這是我們高度自信的觀點，我們的目標是做得更好。我們希望我們能夠做到。我們正在盡可能地在策略上合理地部署資本，我們將抓住機會回購股票。我們在研發方面投入了大量資金。您會注意到，在我們的 CCS 業務中，我們今年的研發支出將達到約 1 億美元甚至更多。因此，我們正在積極進行有機投資。而我們的資產負債表仍然健康。目前我們的槓桿率僅略高於總槓桿率的 1 倍。

We're looking at a number of different targets to accelerate our strategies they're both in CCS as well as in ATS. Admittedly though, it's a challenging environment right now to maybe get deals done. And so we may see some cycles take longer than we normally would. But if the business is aligned with our strategy and if it will help accelerate our business, then we're very open to M&A for the right deal.

我們正在尋找許多不同的目標來加速我們的策略，它們既在 CCS 中，也在 ATS 中。但不可否認的是，目前的環境對於達成交易來說可能充滿挑戰。因此我們可能會看到某些週期比正常情況下花費的時間更長。但如果業務符合我們的策略，並有助於加速我們的業務，那麼我們非常願意進行合適的併購。

That concludes our Q&A session. I will now turn the call back over to Mr. Rob Mionis for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給 Rob Mionis 先生，請他作結束語。

Thank you, and thank you for your time and engagement today. We are pleased to report a strong beginning to 2025, demonstrating our resilience in a very fluid market. The upward revision of our full-year outlook supported by a robust backlog and the strength of our key customer relationships positions us well for continued success. We value your ongoing support and anticipate providing further positive updates next quarter. Thank you again for joining us this morning. Have a wonderful day.

謝謝您，也感謝您今天的時間和參與。我們很高興地報告 2025 年開局強勁，展現了我們在瞬息萬變的市場中的韌性。由於積壓訂單充足以及與主要客戶關係牢固，我們上調了全年預期，這為我們繼續取得成功奠定了良好的基礎。我們重視您持續的支持，並期待下個季度提供進一步的正面更新。再次感謝您今天早上加入我們。祝您有美好的一天。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。