Celestica Inc (CLS) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for joining us and welcome to the Celestica Q2 2025 financial results and conference call. (Operator Instructions)

女士們、先生們，感謝你們的到來，歡迎參加 Celestica 2025 年第二季財務業績和電話會議。（操作員指示）

I will now hand the conference over to Matthew Pallotta, Head of Investor Relations. Please go ahead.

現在我將會議交給投資者關係主管馬修·帕洛塔 (Matthew Pallotta)。請繼續。

Good morning and thank you for joining us on Celestica's Q2 2025 earnings conference call.

早安，感謝您參加 Celestica 2025 年第二季財報電話會議。

On the call today, we have Rob Mionis, President and Chief Executive Officer, and Mandeep Chawla, Chief Financial Officer.

參加今天電話會議的有總裁兼執行長 Rob Mionis 和財務長 Mandeep Chawla。

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. 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.

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。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 www.sec.gov and www.sedarplus.ca, as well as the Investor Relations section on our website.

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 www.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。

We undertake no obligation to update these forward-looking statements, unless expressly required to do so by law.

我們不承擔更新這些前瞻性聲明的義務，除非法律明確要求。

In addition, during this 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 TTM, adjusted EBITDA leverage ratio, adjusted earnings per share or adjusted EPS, and adjusted effective tax rate.

此外，在本次電話會議中，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、總債務與過去 12 個月 TTM 之比、調整後的 EBITDA 槓桿率、調整後的每股收益或調整後的 稅率以及調整後的有效稅率以及調整後的 EPS 以及調整後的 EPS 以及調整後的 EPS 以及調整後的每股收益。

We've 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發布的收益報告中，包含了非 GAAP 財務指標與最具可比性的 GAAP 指標的對帳。

With respect to our Q3 2025 guidance 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 GAAP to calculate these comparable non-GAAP measures 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 年第三季指引和 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較 GAAP 指標的調整。由於我們從 GAAP 中排除的項目用於計算這些可比較的非 GAAP 指標，這些項目取決於管理層無法可靠預測的未來事件，並且不屬於我們的日常經營活動。

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.

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。

The occurrence, timing, and amount of any of the items excluded from GAAP to calculate non-GAAP could significantly impact our Q3 2025 and 2025 GAAP results. 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 a year over year comparison.

為了計算非 GAAP 而從 GAAP 中排除的任何項目的發生、時間和金額都可能對我們的 2025 年第三季和 2025 年 GAAP 結果產生重大影響。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，所有比較數據均為同比比較。

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.

謝謝你，馬特，大家早安，謝謝你們參加今天的電話會議。

We saw solid demand across our portfolio in the second quarter, which drove very strong performance. We achieved revenues of $2.89 billion and adjusted EPS of $1.39, with both metrics exceeding the high end of our guidance ranges.

我們在第二季度看到了投資組合的強勁需求，這推動了非常強勁的業績。我們實現了 28.9 億美元的營收和 1.39 美元的調整後每股收益，這兩項指標都超過了我們預期範圍的上限。

Our adjusted operating margin of 7.4% once again marked the highest performance in the company history. Our CCS segment continues to experience very strong growth, driven by the demand for networking products from our hyperscale customers as they pursue significant expansions of their data center infrastructure to support new AI applications.

我們調整後的營業利益率為 7.4%，再次創下公司史上的最高業績。我們的 CCS 部門繼續經歷非常強勁的成長，這得益於我們的超大規模客戶對網路產品的需求，他們正在大力擴展其資料中心基礎設施以支援新的 AI 應用。

In our ATS segment, solid demand in our capital equipment business and industrial businesses drove higher-than-expected revenues, while segment margins of 5.3% continue to improve meaningfully.

在我們的 ATS 部門，資本設備業務和工業業務的強勁需求推動了高於預期的收入，而 5.3% 的部門利潤率繼續大幅提高。

In the second quarter, the impact from tariffs on our financial results was minimal as the pause on reciprocal tariffs and exemptions on electronics goods, including data center hardware, insulated the majority of our portfolio.

在第二季度，關稅對我們財務表現的影響微乎其微，因為對包括資料中心硬體在內的電子產品的互惠關稅和豁免暫停，保護了我們大部分的投資組合。

Before I provide you with our updated annual financial outlook and some additional color on our businesses, I would like to turn the call over to Mandeep who will discuss our second quarter financial performance and our guidance for the third quarter of 2025.

在我向您提供我們最新的年度財務展望和一些有關我們業務的額外資訊之前，我想將電話轉給 Mandeep，他將討論我們第二季的財務業績以及我們對 2025 年第三季的指導。

Mandeep, over to you.

Mandeep，交給你了。

Thank you, Rob, and good morning, everyone.

謝謝你，羅布，大家早安。

Second quarter revenue of $2.89 billion was up 21% and above the high end of our guidance range, driven primarily by a very strong demand in our communications end market from hyperscaler customers. Adjusted gross margin for the second quarter was 11.7%, up 110 basis points, driven by higher volumes and improving mix in both segments. Our second quarter adjusted operating margin was 7.4%, up 110 basis points, driven by higher margin across both our CCS and ATS segments.

第二季營收為 28.9 億美元，成長 21%，高於我們預期範圍的高端，主要得益於超大規模客戶對我們通訊終端市場的強勁需求。第二季調整後毛利率為 11.7%，上漲 110 個基點，這得益於銷售增加和兩個部門產品組合改善。我們第二季的調整後營業利潤率為 7.4%，上漲 110 個基點，這得益於 CCS 和 ATS 部門利潤率的提高。

Our adjusted earnings per share for the second quarter was $1.39, exceeding the high end of our guidance range and an increase of $0.49 or 54%. Our adjusted effective tax rate for the quarter was 20%. And finally, our second quarter adjusted ROIC was 35.5% compared to 26.6% a year ago, driven by higher operating profit and strong working capital management.

我們第二季的調整後每股收益為 1.39 美元，超過了我們預期範圍的高端，成長了 0.49 美元，增幅為 54%。本季調整後的有效稅率為 20%。最後，由於營業利潤增加和營運資本管理強勁，我們第二季調整後的 ROIC 為 35.5%，而去年同期為 26.6%。

Moving on to our segment performance. ATS segment revenue totaled $819 million, up 7% and above our guidance of being flat year-over-year. The higher revenue was primarily driven by strong demand in our capital equipment business and returning growth in our industrial business. Our ATS segment accounted for 28% of total company revenue in the second quarter.

繼續討論我們的分部表現。ATS 部門營收總計 8.19 億美元，成長 7%，高於我們預期的年比持平。收入成長主要得益於資本設備業務的強勁需求和工業業務的恢復成長。我們的 ATS 部門佔第二季公司總收入的 28%。

Revenue in our CCS segment was $2.07 billion, up 28%, driven once again by a very strong growth in our communications end market. The CCS segment accounted for 72% of total company revenue in the quarter. Our communications end market revenues increased by 75%, above our guidance of high 50s percentage growth driven primarily by strong demand and ramping programs in our HPS networking business, complemented by strengthening demand in our optical programs.

我們的 CCS 部門營收為 20.7 億美元，成長 28%，這再次得益於我們通訊終端市場的強勁成長。CCS部門佔本季公司總營收的72%。我們的通訊終端市場收入成長了 75%，高於我們預期的 50% 以上的高成長，這主要得益於我們 HPS 網路業務的強勁需求和不斷增加的計劃，以及我們光學計劃需求的增強。

Revenue in our enterprise end market was 37% lower which was better than our guidance of a low 40s percentage decline. The lower revenues were a result of an anticipated technology transition in an AI/ML compute program with one of our hyperscaler customers.

我們的企業端市場收入下降了 37%，這比我們預期的 40% 左右的降幅更好。收入下降是由於我們與一位超大規模客戶的 AI/ML 計算程式預計會發生技術轉型。

HPS revenues of $1.2 billion in the second quarter were higher by 82% and accounted for 43% of total company revenue. This exceptional growth is being driven by the ramping of several 800G networking switch programs, complementing strong hyperscale demand for our 400G switches.

HPS 第二季營收為 12 億美元，年增 82%，占公司總營收的 43%。這一顯著成長是由多個 800G 網路交換器專案的推進所推動的，這補充了對我們 400G 交換器的強勁超大規模需求。

Moving on to segment margins. ATS segment margin in the second quarter rose to 5.3%, up 70 basis points, primarily driven by improved profitability in our A&D business. CCS segment margin in the second quarter was 8.3% and an improvement of 130 basis points driven by a higher mix of HPS revenues and strong productivity. During the quarter, we had two customers that each accounted for at least 10% of total revenue, representing 31% and 13% of revenue, respectively.

繼續討論分段邊距。ATS 部門利潤率在第二季上升至 5.3%，上升 70 個基點，主要得益於 A&D 業務獲利能力的提高。CCS 部門第二季利潤率為 8.3%，由於 HPS 收入組合增加和生產力強勁，提高了 130 個基點。本季度，我們有兩位客戶，每家公司的收入佔總收入的至少 10%，分別佔營收的 31% 和 13%。

Moving on to working capital. At the end of the second quarter, our inventory balance was $1.92 billion, a sequential increase of $130 million and a year-over-year increase of $74 million. Cash deposits were $397 million at the end of the second quarter, down $75 million sequentially and down $179 million year-over-year. [Cash] cycle days during the second quarter were 66.

轉向營運資金。截至第二季末，我們的庫存餘額為19.2億美元，季增1.3億美元，年增0.74億美元。第二季末現金存款為3.97億美元，季減7,500萬美元，較去年同期減少1.79億美元。第二季現金週轉天數為66天。

Turning to cash flows. Capital expenditures for the second quarter were $33 million or approximately 1.1% of revenue compared to 1.5% in the second quarter of 2024. Year-to-date, and our capital expenditures have been below our anticipated range of 1.5% to 2.0% of revenue due to stronger-than-expected revenue growth and timing of expenditures. However, we anticipate capital expenditures in the second half of the year to increase relative to the first half and for total annual spend to be within our annual range of 1.5% to 2.0% of revenues.

轉向現金流。第二季的資本支出為 3,300 萬美元，約佔營收的 1.1%，而 2024 年第二季為 1.5%。年初至今，由於收入成長和支出時間強於預期，我們的資本支出低於預期的 1.5% 至 2.0% 的範圍。不過，我們預計下半年的資本支出將比上半年增加，全年總支出將在收入的 1.5% 至 2.0% 之間。

During the second quarter, we generated $120 million of free cash flow, $54 million higher than the prior year period. Our free cash flow year-to-date as of the end of the quarter totaled $214 million.

第二季度，我們產生了 1.2 億美元的自由現金流，比去年同期高出 5,400 萬美元。截至本季末，我們的年初至今自由現金流總計 2.14 億美元。

Turning to our balance sheet and capital allocation. At the end of the second quarter, our cash balance was $314 million, combined with $660 million of borrowing capacity under our revolver, we currently have approximately $1 billion in total liquidity, which we believe is sufficient to meet our projected business needs.

轉向我們的資產負債表和資本配置。截至第二季末，我們的現金餘額為 3.14 億美元，加上循環信貸額度下的 6.6 億美元借款能力，我們目前的總流動資金約為 10 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 $823 million, and our net debt position was $509 million. Our gross debt, the non-GAAP trailing 12-month adjusted EBITDA leverage ratio was 0.9 turns, an improvement of 0.2 turns sequentially and 0.3 turns versus the prior year period.

本季末我們的總債務為 8.23 億美元，淨債務為 5.09 億美元。我們的總債務，非 GAAP 過去 12 個月調整後的 EBITDA 槓桿率為 0.9 倍，比上一季增加 0.2 倍，比去年同期增加 0.3 倍。

As of June 30, we were in compliance with all financial covenants under our credit agreement. During the second quarter, we repurchased approximately 600,000 shares for cancellation at a cost of $40 million under our normal course issuer bid, bringing our total purchases under the NCIB to $115 million year-to-date. We intend to remain opportunistic on share buybacks for the second half of 2025.

截至 6 月 30 日，我們已遵守信用協議下的所有財務契約。在第二季度，我們以正常的發行人出價回購了約 60 萬股股票並註銷，成本為 4,000 萬美元，使我們今年迄今在 NCIB 下的總購買量達到 1.15 億美元。我們打算在 2025 年下半年繼續把握股票回購的機會。

Now let's turn to our guidance for the third quarter of 2025. Similar to last quarter, we highlight that our guidance figures assume no material changes to tariffs or trade restrictions compared to what is in effect as of July 28, as any changes to these policies and their potential impact on our results cannot be reliably predicted at this time.

現在讓我們來看看 2025 年第三季的指引。與上一季類似，我們強調，我們的指導數據假設關稅或貿易限制與 7 月 28 日生效的水平相比沒有重大變化，因為這些政策的任何變化及其對我們業績的潛在影響目前無法可靠地預測。

We also note that substantially all tariffs paid by Celestica are expected to be recovered from our customers and are not expected to materially impact our non-GAAP adjusted operating earnings or our non-GAAP adjusted net earnings.

我們還注意到，Celestica 支付的絕大部分關稅預計將從我們的客戶那裡收回，並且預計不會對我們的非 GAAP 調整後營業收入或非 GAAP 調整後淨利潤產生重大影響。

Third quarter revenue is projected to be between $2.875 billion and $3.125 billion, representing growth of 20% at the midpoint. Adjusted earnings per share are anticipated to be between $1.37 and $1.53, representing an increase of $0.41 at the midpoint or 39%. Assuming the achievement of the midpoint of our revenue and adjusted EPS guidance ranges, our non-GAAP operating margin would be 7.4%, an increase of 60 basis points over the prior year period. We expect our adjusted effective tax rate for the third quarter to be approximately 19%.

預計第三季營收在 28.75 億美元至 31.25 億美元之間，中間值成長 20%。調整後每股收益預計在 1.37 美元至 1.53 美元之間，中位數成長 0.41 美元，即 39%。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 7.4%，比去年同期增加 60 個基點。我們預計第三季調整後的有效稅率約為 19%。

Finally, let's review our end market outlook for the third quarter. In our ATS segment, we anticipate revenue to be down in the low single-digit percentage rate as growth in our industrial business is being offset by lower volumes in our A&D business due to our previously announced decision not to renew a margin-dilutive program.

最後，讓我們回顧一下第三季的終端市場展望。在我們的 ATS 部門，我們預計收入將以低個位數百分比下降，因為我們工業業務的成長被 A&D 業務的銷售下降所抵消，而這又是由於我們先前宣布的決定不再續簽利潤稀釋計劃。

In our CCS segment, we project revenue in our communications end market to grow in the low 60 percentage range supported by continued demand strength for our networking switches, including ongoing brands in multiple 800G programs.

在我們的 CCS 部門，我們預計通訊終端市場的營收將成長 60% 左右，這得益於我們網路交換器（包括多個 800G 專案中的現有品牌）的持續強勁需求。

In our enterprise end market, we expect a mid-20s percentage decrease in revenue driven primarily by a technology transition in an AI/ML compute program with the latest generation program beginning to ramp in the third quarter.

在我們的企業端市場，我們預計營收將下降 20% 左右，這主要是由於 AI/ML 運算程式的技術轉型，最新一代程式將在第三季開始加速發展。

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

說完這些，我現在將電話轉回給 Rob，讓他介紹我們 2025 年的最新財務前景，並為我們的業務提供更多細節。

Thank you, Mandy. Given our solid first half performance, and the strengthening demand forecast from many of our customers, we are raising our 2025 annual financial outlook. We are increasing our revenue outlook for the year from $10.85 billion to $11.55 billion, reflecting year-over-year growth of 20%. We are also increasing our non-GAAP adjusted EPS outlook for the year from $5 per share to $5.50 per share, which represents year-over-year growth of 42%. Our adjusted EPS outlook reflects an anticipated non-GAAP operating margin of 7.4%.

謝謝你，曼迪。鑑於我們上半年的穩健業績，以及許多客戶對需求增強的預測，我們上調了 2025 年年度財務展望。我們將今年的營收預期從 108.5 億美元上調至 115.5 億美元，年增 20%。我們也將今年非 GAAP 調整後每股盈餘預期從每股 5 美元上調至每股 5.50 美元，較去年同期成長 42%。我們調整後的每股盈餘預期反映了預期的非 GAAP 營業利潤率為 7.4%。

With a higher anticipated profitability, we're also raising our free cash flow outlook for the year from $350 million to $400 million. As with our quarterly guidance, these figures assume no material changes to tariffs or trade restrictions compared to those in effect as of July 28.

由於預期獲利能力提高，我們也將今年的自由現金流預期從 3.5 億美元上調至 4 億美元。與我們的季度指引一樣，這些數據假設關稅或貿易限制與 7 月 28 日生效的關稅或貿易限制相比沒有重大變化。

Now moving on to some additional color on our businesses. In our CCS segment, we now anticipate growth of nearly 30% for the full year. In our communications end market, we continue to ramp multiple 800G programs, while demand for our 400G programs remain strong. Overall, hyperscaler demand for our networking products is very robust. As these customers continue to significantly invest in their data center infrastructure.

現在我們來進一步了解我們的業務。在我們的 CCS 部門，我們預計全年成長率將接近 30%。在我們的通訊終端市場，我們持續推出多個 800G 項目，同時對我們的 400G 項目的需求依然強勁。整體而言，超大規模市場對我們網路產品的需求非常強勁。由於這些客戶繼續對其資料中心基礎設施進行大量投資。

In our enterprise end market, as anticipated, Q3 will see us begin to ramp volumes for our next-generation AI/ML compute program with a large hyperscale customer. We expect this to contribute to a strengthening of enterprise volumes in the second half of the year and into 2026. We also continue to pursue a robust pipeline of opportunities for new awards with hyperscaler and digital native customers across compute, storage, and rack integration.

在我們的企業端市場，正如預期的那樣，第三季我們將開始為大型超大規模客戶增加下一代 AI/ML 運算程式的產量。我們預計這將有助於今年下半年和 2026 年企業業務量的增強。我們也將繼續尋求與超大規模客戶和數位原生客戶在運算、儲存和機架整合領域建立新的獎項的強大機會。

Moving on to our ATS segment. We are maintaining our annual outlook for revenues to remain approximately flat to 2024. In our industrial business, the strength we saw a return in the second quarter is expected to continue into the second half of 2025, supported by several ramping programs.

繼續我們的 ATS 部分。我們維持年度收入預測，即到 2024 年收入將基本保持穩定。在我們的工業業務中，在多項產能提升計畫的支持下，我們在第二季看到的強勁復甦預計將持續到 2025 年下半年。

In A&D, we continue to see strong improvements in profitability, driven by mix improvements, including our previously communicated decision not to renew a margin-dilutive program. The revenue impact from this program began in Q2 and is expected to result in lower year-over-year revenues in A&D for the remainder of the year despite otherwise healthy demand across the rest of our A&D portfolio.

在 A&D 領域，我們繼續看到獲利能力的強勁提升，這得益於產品組合的改善，包括我們先前傳達的不再續簽利潤稀釋計畫的決定。該計劃的收入影響從第二季度開始，預計今年剩餘時間內 A&D 部門的收入將同比下降，儘管我們其餘的 A&D 產品組合的需求仍然健康。

In our capital equipment business, we achieved solid growth in the first half of 2025 driven by the strength in our base demand, supported by new program ramps. As anticipated, some second half demand was pulled into the first half, and consequently, we expect demand to moderate the second half revenue is expected to be lower than the first half. Despite this, we anticipate full year growth approximately in line with market growth rates.

在我們的資本設備業務中，由於基礎需求強勁以及新項目增加的支持，我們在 2025 年上半年實現了穩健成長。正如預期的那樣，下半年的部分需求被拉到了上半年，因此，我們預計需求將會放緩，下半年的收入預計會低於上半年。儘管如此，我們預計全年成長率將與市場成長率大致一致。

Overall, we continue to anticipate another year of solid financial performance for Celestica in 2025. We remain confident in our ability to continue our strong momentum even with the uncertainty in the current macro environment. Our portfolio is strongly supported by enduring long-term secular tailwinds.

總體而言，我們繼續預期 Celestica 在 2025 年將繼續保持穩健的財務表現。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。我們的投資組合受到長期持久順風的強力支持。

We believe Celestica is exceptionally well positioned to help our customers navigate today's uncertain landscape, backed by our globally diversified manufacturing network and our best-in-class supply chain and operations teams. As a company that thrives in managing complexity, we feel these challenges will only further highlight the critical value we provide with our market-leading capabilities and competitive positioning in key technologies a disciplined approach to capital allocation and consistency in our operation execution, we believe we are positioned to continue to excel and to sustain this positive momentum into 2026 and over the long term.

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和營運團隊，Celestica 完全有能力幫助我們的客戶應對當今不確定的情況。作為一家在管理複雜性方面蓬勃發展的公司，我們認為這些挑戰只會進一步凸顯我們憑藉市場領先的能力和關鍵技術的競爭地位所提供的關鍵價值，採用嚴謹的資本配置方法和一致的運營執行，我們相信我們有能力繼續保持卓越並將這種積極勢頭保持到 2026 年及長期。

We look forward to updating you on our progress during the next call in October. And with that, I will now turn the call back to the operator to begin the Q&A session.

我們期待在十月的下次電話會議上向您通報我們的進展。現在，我將把電話轉回給接線生，開始問答環節。

(Operator Instructions) Karl Ackerman, BNP Pariba.

（操作員指示）法國巴黎銀行卡爾·阿克曼。

I have two, please. Could you speak to the breadth of customers as well as a number of platforms that you have on 800 gig switch ports that are helping drive your upward result for CCS? In other words, I guess, how should investors gauge the breadth of design engagements you have on 800 gig and above relative to 400G. That a follow-up, please.

請給我兩份。您能否談談客戶範圍以及 800 千兆交換器連接埠上的平台數量，這些有助於推動 CCS 業績的成長？換句話說，我想，投資者應該如何衡量你在 800G 及以上設計方面相對於 400G 的設計範圍。請繼續跟進。

Yeah, on 800G in terms of the breadth we have versus 400G, I would say every 400G customer we had has turned into 800G customer. So the breadth of our offering is quite large. Our market share also for 800G is that much larger than market share for 4G as well. based on our early wins.

是的，就 800G 與 400G 的廣度而言，我想說我們的每一個 400G 客戶都變成了 800G 客戶。因此我們提供的產品範圍非常廣泛。基於我們早期的勝利，我們在 800G 的市佔率也比 4G 的市佔率大得多。

So the breadth that we're seeing across a number of hyperscalers and the ramps we're seeing across a number of hyperscale is great to see, and it's ever announced.

因此，我們看到的跨多個超大規模計算的廣度和跨多個超大規模計算的增長是令人欣喜的，而且它已經公佈了。

Karl, I'll just add on to that to say a little bit more color on 400 and 800. The 400 demand has been very strong for quite some time. We saw a lot of strength in the first quarter. What was nice about the second quarter is the 800G now is ramping and it's basically on parity with our 400G volumes in the second quarter. And now we see 800G continue to accelerate.

卡爾，我只是想補充一下，對 400 和 800 進行更多的說明。400 的需求在相當長的一段時間內一直非常強勁。我們在第一季看到了很大的實力。第二季令人欣喜的是，800G 的產量正在增加，基本上與我們第二季的 400G 產量相當。現在我們看到800G繼續加速發展。

So the point that Rob made, if you think about our top three hyperscaler customers, we're -- we've won 800G programs with all three of them. We saw an acceleration in demand in the second quarter with one in particular, and the other two are now starting to catch up in the back half. So it is -- there's a lot of breadth, I would say.

因此，Rob 提出的觀點是，如果你想想我們的三大超大規模客戶，我們——我們已經贏得了這三家公司的 800G 專案。我們看到第二季其中一個產品的需求加速成長，而另外兩個產品在下半年也開始迎頭趕上。所以，我想說，它的範圍很廣。

Great, thank you for that. Yeah, I mean, just given the amount of revenue growth that you're seeing in the business, could you remind us on the manufacturing rightness you have at your Monterey and Richardson campuses today to handle the growing demand of your CCS business.

太好了，謝謝你。是的，我的意思是，考慮到您在業務中看到的收入增長量，您能否提醒我們一下您目前在蒙特雷和理查森園區的製造能力，以滿足 CCS 業務日益增長的需求。

Yeah, I can start off (technical difficulty) add on if you like, from a capacity perspective, we're still very comfortable. We are seeing a significant amount of demand for Southeast Asia, both in Thailand as well as in Malaysia. Customers are continuing to want to invest in the United States in our Richardson, Texas facility and customers are continuing to look at Mexico.

是的，如果您願意，我可以開始添加（技術難度），從容量角度來看，我們仍然非常舒適。我們看到東南亞（包括泰國和馬來西亞）的需求量很大。客戶繼續希望在我們位於德克薩斯州理查森的工廠投資美國，並且客戶也繼續關注墨西哥。

And so if you look at our capital plans as well, our CapEx spend those are the locations where we're spending the money, and we're continuing to invest and support the growth. We have not run out of capacity. And as we commented last quarter, we have the ability to support, I would say, $3 billion to $4 billion of additional revenue should our customers want to continue to be in the [geos].

因此，如果您也看一下我們的資本計劃，我們的資本支出就是我們花錢的地方，我們將繼續投資並支持成長。我們的產能尚未耗盡。正如我們上個季度所說，如果我們的客戶希望繼續保持這種勢頭，我們有能力支持 30 億至 40 億美元的額外收入。[地理]。

And I would add, Karl, that right now, the majority of our networking is coming out of Thailand, but we also producing networking products and energy products out of our Mexico facility as well.

卡爾，我想補充一點，目前，我們的大部分網路產品都來自泰國，但我們也在墨西哥工廠生產網路產品和能源產品。

Ruben Roy, Stifel.

魯本·羅伊（Ruben Roy），Stifel。

Congrats on the continued momentum. Mandeep, I wanted to zoom out maybe and given the Q3 guidance and the full year guidance, the implications for Q4, maybe a little decel coming in CCS and with enterprise coming back a little bit into year-end. Just wondering if you can walk through some of the puts and takes on how to think about sort of the momentum into year-end.

恭喜您繼續保持這樣的勢頭。Mandeep，我想縮小範圍，考慮到第三季指引和全年指引，對第四季的影響，CCS 可能會略有放緩，而企業可能會在年底略有回升。我只是想知道您是否可以介紹如何看待年底的勢頭。

Yeah. Thanks, Ruben. I would say that we're pleased with the full year outlook. The 11,550 is 20% growth. We've been more or less that for Q1, 2 and 3.

是的。謝謝，魯本。我想說我們對全年前景感到滿意。11,550 代表成長了 20%。第一季、第二季和第三季的情況大致如此。

To your point, it implies Q4 would maybe grow at 18%. We're really just continuing to take into consideration the uncertainties that are out there. What I can tell you is this is our high confidence view. Our demand outlook is higher than the 11,550, but we're taking into account challenges such as material availability or situations where customers may choose to temporarily pause just given the continuing turmoil that's happening in the tariff environment. But the 11550s are high confidence to you at this point.

根據你的觀點，這意味著第四季可能會成長 18%。我們實際上只是繼續考慮存在的不確定性。我可以告訴你的是，這是我們高度自信的觀點。我們的需求預期高於 11,550，但我們正在考慮諸如材料可用性等挑戰，或者由於關稅環境持續動盪，客戶可能選擇暫時停止的情況。但此時，11550 對您來說具有很高的信心。

Got it. And then as a follow-up for Rob, perhaps, it seems like 400 gig is hanging in maybe for longer than you folks might have expected earlier this year and obviously, 800 ramp is happening now. I was wondering if you could maybe comment on updated thoughts around 1.6 timing now that we've got the official launch of the silicon. Just wondering how you're thinking about that as we look forward to 2026.

知道了。然後作為 Rob 的後續行動，也許，400 gig 似乎比你們今年早些時候預期的要長，而且顯然，800 的提升現在正在進行中。我想知道，既然我們已經正式發布了矽片，您是否可以對 1.6 時機的最新想法發表評論。只是想知道當我們展望 2026 年時您對此有何看法。

Yeah. Thanks, Ruben. We received Tomahawk samples in June, and we successfully brought up the first system within days of receiving the sample. So that bodes well for the silicon and bodes well for our engineering. Right now, we have several new programs on AMC-6 programs, 1.62 programs that will start generating some revenue in the back half of 2026 and certainly into 2027. Again, this will all be paced by silicon availability.

是的。謝謝，魯本。我們在六月收到了 Tomahawk 樣品，並在收到樣品後的幾天內成功啟動了第一個系統。這對矽片和我們的工程來說都是好兆頭。目前，我們在 AMC-6 項目上有幾個新項目，1.62 個項目將在 2026 年下半年開始產生一些收入，肯定會在 2027 年產生收入。再次強調，這一切都將取決於矽片的可用性。

David Vogt, UBS.

瑞銀的戴維·沃格特。

So maybe two for me also. So maybe, Rob, can you dig in a little bit on the 800G ramp that you referenced or Mandeep preference. Looks like Google, if I strip out what's going on with TPU was probably incredibly strong from an 800G ramp. And can you maybe talk to what you're seeing from the other two 800G customers in terms of how they're ramping in 2Q into 3Q? Because it looks like maybe one of them might be a little bit more muted to start this 800G ramp.

所以對我來說可能也是兩個。那麼，Rob，也許你能否深入探討你提到的 800G 坡道或 Mandeep 的偏好。看起來，如果我去掉 TPU 的運作方式，谷歌在 800G 的提升下可能會變得非常強大。您能否談談另外兩家 800G 客戶在第二季至第三季的成長情況？因為看起來其中一個人可能會更安靜一些，以啟動這個 800G 的斜坡。

I wonder if that's just more timing and then I'll give you my follow-up is, when I think about the capital equipment business that had a little bit of a pull forward into H1. Can you may be shed some light on? Was that more on the lithography side, memory, logic, what are you seeing by end vertical within capital equipment, H1 versus H2?

我想知道這是否只是更多的時間問題，然後我會給你我的後續問題，當我想到資本設備業務在 H1 中略有提前時。您能解釋一下嗎？這更多的是在光刻方面，內存，邏輯，您在資本設備中看到的最終垂直情況，H1 與 H2 是什麼？

Let me start off with the capital equipment one, and I'll go to the networking one. So on capital equipment, Q2, very strong growth, 20%-plus. It was really driven by normalization of inventory levels that we started seeing in the second quarter of 2024.

我先從資本設備開始，然後再講網路。因此，就資本設備而言，第二季的成長非常強勁，達到 20% 以上。這實際上是由我們在 2024 年第二季開始看到的庫存水準正常化所推動的。

As we go into the third quarter, we are seeing some incremental demand from a couple of our customers, but we're also seeing that offset by a decrease in demand by others and hence, kind of flattish as we go into the third quarter. And for those customers, we actually saw an acceleration in what we think is an acceleration of demand from the second half into the first half.

進入第三季度，我們看到一些客戶的需求增加，但我們也看到其他客戶的需求減少，因此進入第三季度時，需求略顯平緩。對於這些客戶，我們實際上看到了需求從下半年到上半年加速成長的現象。

And I do think and we believe that capital equipment will have a growth here this year in line with market rates, but it will be more front-end focused than back-end focus relative to the pulling up that we saw.

我確實認為，我們也相信今年資本設備將與市場利率同步成長，但相對於我們所看到的拉動，它將更加重視前端而不是後端。

And on the 400G versus the 800G, yeah, we -- as Mandeep mentioned earlier, right now, in the second quarter, we saw about a, I call it, a 50-50 split between 400G and 800G networking volumes as we get into the back half of the year, we certainly see ramping up in excess of that. But 400G also has a very long tail through this year and certainly into next year based on visibility right now. There will always be ebbs and flows, but across our customer base. There's certainly a couple of customers that are ramping a lot harder and a lot faster than others on 800G.

至於 400G 與 800G，是的，正如 Mandeep 之前提到的，目前，在第二季度，我們看到 400G 和 800G 網路容量大約各佔一半，進入下半年，我們肯定會看到超過這一比例的增長。但從目前的可見度來看，400G 在今年以及明年都將有很長的發展空間。我們的客戶群中總會存在起伏。確實有幾位客戶在 800G 的進展比其他客戶更加努力、更快。

Thanos Moschopoulos, BMO Capital Markets.

Thanos Moschopoulos，BMO 資本市場。

On the cash cycle, is it reasonable to expect an ongoing improvement in cash cycle days just simply as CCS is becoming a bigger part of the mix relative to TTS?

在現金週期方面，由於 CCS 相對於 TTS 在現金組合中所佔的比重越來越大，因此預期現金週期天數會持續改善是否合理？

Mandeep here. It's certainly an area that we continue to work to improve. We're really happy with our cash generation. We've generated positive free cash flow every quarter for over five years. And we're raising the outlook this year as you would expect from 350 to 400.

這裡是 Mandeep。這無疑是我們將繼續努力改進的一個領域。我們對我們的現金產生感到非常高興。五年多來，我們每季都會產生正的自由現金流。正如您所預期的，我們將今年的前景從 350 提高到 400。

The thing that I'll note is that we continue to have a lot of confidence in our cash generation ability, even while we're growing our revenues at a 20% clip. And so you could think about the amount of working capital that we're investing in to support this growth.

我要指出的是，儘管我們的收入以 20% 的速度成長，但我們仍然對我們的現金創造能力充滿信心。因此，您可以考慮我們為支持這一增長而投資的營運資金數額。

But that being said, we do think that we'll continue to have strong inventory turns, lead times on materials are steady, probably at around 16 weeks, which is in line with what you would have seen pre-COVID and so we do expect to be able to continue to turn inventory quickly, 400, we think is the right number for this year, and we would be targeting a higher number next year.

但話雖如此，我們確實認為我們將繼續保持強勁的庫存週轉率，材料的交貨時間保持穩定，大概在 16 週左右，這與 COVID 之前的情況一致，因此我們確實希望能夠繼續快速週轉庫存，我們認為 400 是今年的正確數字，我們明年的目標是更高的數字。

And on the CCS margins, how should we think about the near to medium-term trajectory just given that you'll have enterprise ramping back up, which might provide a negative mix dynamic there?

就 CCS 利潤率而言，考慮到企業將重新開始成長，我們應該如何看待近期到中期的發展軌跡，這可能會帶來負面的混合動態？

Yeah. I mean going back to the outlook that we have given the 11,550 implies about 18% growth in the CCS or excuse me the total company. Our ATS growth is going to be muted of the return of that unprofitable program to one of our customers. So it's really been driven by CCS.

是的。我的意思是，回到我們給出的前景，11,550 意味著 CCS 或整個公司將成長約 18%。由於該無利可圖的專案回傳給我們的一位客戶，我們的 ATS 成長將會受到抑制。所以它實際上是由 CCS 推動的。

What I would say is, to your point, the enterprise demand is starting to improve as we get the fourth quarter, we will start to see enterprise come back to year-to-year growth. And right now, the communications demand will continue to be strong, driven by 800G.

我想說的是，正如您所說，隨著第四季度的到來，企業需求開始改善，我們將開始看到企業恢復年成長。目前，在800G的推動下，通訊需求將持續強勁。

I'll just say again, though, that our customer outlook is higher than that. And so we're just factoring in right now a lot of the uncertainties, but we would look to see very strong growth in both communications and Enterprise.

不過，我只想再說一遍，我們的客戶期望比這更高。因此，我們現在只是考慮了很多不確定因素，但我們預計通訊和企業領域都會出現非常強勁的成長。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Strong print here and maybe if I can start with your CCS guide for the full year. You raised that substantially for the full year. I'm just wondering when you call out strengthening demand for the second half, you're just calling that out more for the Enterprise segment itself. Maybe if you can dive into, is that the area that you're seeing more visibility from your customers? Or does that extend over to 800 gig in terms of volume expectations for the second half? Or is there really the upside surprise on communication more from 400 gig demand being more resilient than you expected earlier? And I have a follow-up.

這裡有強大的印刷品，也許我可以從您的全年 CCS 指南開始。全年而言，這一數字已大幅提高。我只是想知道，當您提到下半年需求增強時，您更多的是在說企業部門本身的需求。也許如果您可以深入研究一下，那麼這個領域是否能讓您從客戶那裡看到更多的關注？或者就下半年的銷售預期而言，這是否會延伸至 800G？或者，400Gig 的需求比您之前預期的更有彈性，這真的會為通訊帶來更多好處嗎？我還有一個後續問題。

So I'd say a couple of pieces on the enterprise, as we've talked about and everyone is aware, we're going through a technology transition. That program is ramping nicely in the quarter right now. And so we're seeing a good contribution in the third quarter and we will get more out of that in the fourth quarter. So while we are showing negative year-over-year growth rates in the second and third quarter, in the fourth quarter, we expect to start resuming growth.

因此我想就企業方面談幾點，正如我們所討論的，而且大家都知道，我們正在經歷技術轉型。該計劃目前在本季進展順利。因此，我們在第三季度看到了良好的貢獻，並且我們將在第四季度獲得更多的貢獻。因此，雖然第二季和第三季的年成長率為負，但我們預計第四季將開始恢復成長。

On the communications side, when we talked about acceleration of growth, it's in the 800G programs, so one of the questions that was given earlier, we saw in the second quarter with our largest customer. We're now seeing a pickup with our other large hyperscaler customers as well.

在通訊方面，當我們談到加速成長時，這是在 800G 專案中，因此之前提出的一個問題是我們在第二季度從我們最大的客戶那裡看到的。我們現在也看到其他大型超大規模客戶的成長。

400G is moderating, still very strong demand, just not as strong as the first half because that's being replaced by 800G and then again, if we saw demand strength across all the areas that we think we could see we would hope that we could do more than what we've outlined.

400G 正在放緩，需求仍然非常強勁，只是不如上半年強勁，因為它已被 800G 取代，再說一次，如果我們看到所有領域的需求強勁，我們希望我們能夠做得比我們概述的更多。

Got it. Got it. And maybe for the follow-up, you just highlighted this earlier to your question about sort of the 4Q run rate being around that 18%, let's call it, ballpark 20%, which is what you've been running at. I mean, is that a fair way of thinking about sustainability of growth into next year as well, even as we layer on some of these AI/ML projects that ramp further would you sort of look at that as a sustainable growth pace for investors to think about 2026 as a starting point?

知道了。知道了。也許對於後續問題，您剛才在回答問題時強調了這一點，即第四季度的運行率大約為 18%，我們稱之為大約 20%，這就是您一直以來的運行率。我的意思是，這是否也是思考明年成長可持續性的合理方式，即使我們在一些 AI/ML 項目上進一步發展，您是否會將其視為投資者以 2026 年為起點的可持續增長速度？

Yeah. I think what you're also getting to is it's probably a bit early to give a full 2026 number. Customer outlook just don't go that far at this point. In October, when we do our Investor Day, we will share our view of 2026. But what I can tell you right now is that the hyperscaler demand is very strong through the back end of this year, and we do have outlooks with our customers going into the first half of next year, and we're not seeing a slowdown.

是的。我認為您也意識到現在給出 2026 年的完整數字可能還為時過早。目前，客戶前景還沒有那麼廣闊。十月份，當我們舉辦投資者日時，我們將分享我們對 2026 年的看法。但我現在可以告訴你的是，今年年底超大規模的需求非常強勁，我們對客戶明年上半年的前景確實有展望，而且我們並沒有看到放緩的跡象。

In addition to that, we have a number of programs that we've already won and are in the process of ramping, which gives us further confidence going into the first half right now. And then also, as you think about next year, we do believe that ATS is going to grow in line with our targets that we set, which are typically around 10% over the long term. So right now, the growth is continuing into the first half. We'll just wait to give a full year number. We just need a little bit more time to work with our customers.

除此之外，我們已經贏得了一些項目，並且正在逐步推進，這讓我們對上半年有了更多的信心。而且，展望明年，我們確實相信 ATS 將按照我們設定的目標成長，長期來看，這一目標通常為 10% 左右。因此，目前，這種成長態勢將持續到上半年。我們只需等待就能給出全年的數字。我們只是需要多一點時間與客戶合作。

Samik, I would also add that we have the capacity, the service growth north of 20% per year, for sure.

Samik，我還要補充一點，我們有能力，服務成長率肯定在每年 20% 以上。

Paul Treiber, RBC Capital Markets.

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

Just could you speak to the new program pipeline that you're seeing right now and then the opportunity to expand further with existing hyperscalers but then also additional hyperscalers beyond the top three that you have. And can you speak to it in terms of -- on the communications side, but then also the enterprise side?

您能否談談您現在看到的新程式管道，以及透過現有的超大規模器進一步擴展的機會，以及除了前三名之外的其他超大規模器的機會。您能否從通訊方面以及企業方面談談這個問題？

Sure. Yeah. So in terms of new programs, we're continuing to, I'll call, build the breadth that we have in terms of our offering with our existing hyperscalers. So terms of all the hyperscalers if we're providing one with networking products or in conversations or doing proof of concepts or things like that to provide them with AI compute products and things on those lines.

當然。是的。因此，就新計劃而言，我們將繼續利用現有的超大規模運算平台來擴大我們所提供的服務的廣度。因此，對於所有超大規模企業而言，如果我們向其提供網路產品，或進行對話或進行概念驗證或類似的事情，為他們提供人工智慧運算產品和類似的東西。

So our first order of business is to increase our share of hyperscalers. And those conversations are mature and ongoing and having some good traction. In terms of penetrating new hyperscalers. We're fairly penetrated our focus right now in new regions or also with digital natives as we mentioned, and we're having some very interesting conversations on what the right entry point is for us to help support these customers moving forward.

因此，我們的首要任務是增加超大規模企業的份額。這些對話是成熟和持續的，並且具有良好的吸引力。在滲透新的超大規模方面。正如我們所提到的那樣，我們目前的重點已經相當深入到新的地區或數位原生代，並且我們正在進行一些非常有趣的對話，討論什麼是正確的切入點，以便我們能夠幫助支援這些客戶向前發展。

As we mentioned also in previous earning calls, with our recent digital native win, which includes the design manufacturing for a full orchestrated IRAC so not just a networking at full argostrated rack that really gives us incremental proof points to broaden our solutions for a whole plus of additional customers out there.

正如我們在先前的財報電話會議上提到的那樣，我們最近在數位原生領域取得了勝利，其中包括針對完整協調的 IRAC 的設計製造，而不僅僅是完整架構機架的網絡，這確實為我們提供了增量證明點，以擴展我們的解決方案，從而為更多其他客戶提供服務。

And a follow-up for that is -- is pricing factoring into discussions at this point? Or is it one of the items is much lower down discussion point, just given the demand environment at the moment?

接下來的問題是──定價因素是否是目前討論的因素？或者，僅考慮到目前的需求環境，這是討論重點較低的項目之一？

Yeah. In our industry, pricing is always a factor, but it is really not the main factor right now. think our customers are looking for certainly certainty of supply at scale. They're looking for best-in-class designs and technology leadership. -- and those are the top two on the list.

是的。在我們的行業中，定價始終是一個因素，但它現在實際上並不是主要因素。我認為我們的客戶正在尋求確定性的大規模供應。他們正在尋找一流的設計和技術領導。 ——而這兩項正是名單上的前兩項。

Competitive pricing will always be a factor in our industry. But if you have the first two, then the second one usually just falls in line because the customers understand the value that you're actually delivering to them.

有競爭力的定價永遠是我們行業的因素。但如果你擁有前兩個，那麼第二個通常就會符合要求，因為客戶了解你實際上為他們提供的價值。

Yeah. The only thing I'd add to that one, Paul, is we constantly work with our customers on total cost of ownership. And we think that our footprint gives us a very sustainable advantage in this space, whether customers need to be close to the deployment area, whether they're looking for lower-cost geographies. Being in 16 countries, we really are able to offer a wider of solutions to them. And because of our relative discipline on CapEx deployment, we aim to run our facilities at high level of utilization. So we're looking to constantly drive productivity and pass those savings on to our customers as well.

是的。保羅，我唯一要補充的是，我們一直在與客戶合作，共同研究總體擁有成本。我們認為，我們的足跡為我們在這個領域帶來了非常永續的優勢，無論客戶是否需要靠近部署區域，無論他們是否在尋找成本較低的地理位置。我們的業務遍及 16 個國家，確實能夠為他們提供更廣泛的解決方案。由於我們在資本支出部署方面相對嚴格，我們的目標是以高利用率運行我們的設施。因此，我們希望持續提高生產力，並將節省的成本轉嫁給我們的客戶。

(Operator Instructions) Atif Malik, Citi.

（操作員指示）花旗銀行的 Atif Malik。

My first question is on your 10% of sales and more customers. You had 3 in Q1, it dropped to 2. How many are you expecting in the September quarter?

我的第一個問題是關於你們 10% 的銷售額和更多的客戶。Q1 中有 3 個，現在下降到 2 個了。您預計 9 月季度的銷售量有多少？

It's Mandeep here. And really nice to see Citibank back in the coverage universe for us. So welcome. We saw strong growth across our top three customers. As you've noted, one of them just fell under. It was just a smidget under it rounds to 10% still.

我是 Mandeep。很高興看到花旗銀行重新回到我們的報道範圍。歡迎大家的光臨。我們前三大客戶均實現了強勁成長。正如您所注意到的，其中一個剛剛倒塌。它只是略低於四捨五入後的 10%。

And we are seeing both the good thing is that we still saw quarter-to-quarter growth with that customer. It's just, frankly, the base grew faster than they did. When you go into the following quarters, we do expect that we're going to have three customers above 10% going into the third and fourth quarter.

我們看到的好消息是，我們仍然看到該客戶的季度環比成長。坦白說，基礎的成長速度比他們快。進入接下來的幾個季度，我們確實預計在第三季和第四季我們將擁有三位佔比超過 10% 的客戶。

Great. And as a follow-up, in your prepared remarks, you guys talked about strengthening in some optical projects. Can you elaborate on what these projects are?

偉大的。作為後續問題，在你們準備好的發言中，你們談到了一些光學項目的加強。能詳細說明一下這些項目是什麼嗎？

Yes, we have an enterprise customer, that has been ramping some programs, and I'll call that in the data center interconnect area. Those products have been with successful in the market, and we're supporting addressing those programs.

是的，我們有一個企業客戶，一直在推進一些項目，我稱之為資料中心互連領域。這些產品在市場上取得了成功，我們正在支持解決這些問題。

Todd Coupland CIBC.

托德·庫普蘭 CIBC。

I wanted you to bridge what we hear from hyperscalers. Recently, we heard a big CapEx increase last week from a large hyperscaler we're getting three other updates this week and just bridge how we should think about those increases relative to your change in guidance.

我希望你能傳達我們從超大規模企業那裡聽到的訊息。最近，我們聽說上週一家大型超大規模企業大幅增加了資本支出，本週我們將收到另外三條更新，並討論我們應該如何看待這些相對於指導變化的增長。

Why don't I start? Good morning to you. Look, there's always a little bit of a lag, if you will, between the announcements of the hyperscalers are making and the forecast that we're receiving from them. And so when we see these increases come through in prepared remarks from our customers, often it's an affirmation of what we've already been seeing from a demand perspective.

我為什麼不開始呢？早安.你看，如果你願意的話，超大規模企業發布的公告和我們從他們那裡收到的預測之間總會有一點滯後。因此，當我們在客戶的準備好的評論中看到這些成長時，這通常是對我們從需求角度已經看到的情況的肯定。

And so the comment that I had made earlier, we're seeing very strong demand right now in the back half of this year. That demand outlook with our customers looking at their forecast continuing into the first half. And so really, we look at the announcements that have just been made and the information of the forecast that we've already received.

正如我之前所說，我們看到今年下半年的需求非常強勁。我們的客戶對這種需求前景的預測將持續到上半年。因此，我們實際上會查看剛剛發布的公告以及我們已經收到的預測資訊。

Yeah. And Todd, I would add one of our leading educators the CapEx is certainly a leading indicator, but another leading indicator is also silicon because of the lead time associated with a lot of those silicon. As far ahead as we can and understand what our customers are putting an order -- asking us to put an order and that helps us align a longer term forecasts and long-term financial and revenue outlooks as well.

是的。托德，我想補充一下，我們的一位主要教育家認為，資本支出當然是一個領先指標，但另一個領先指標也是矽，因為很多矽都需要一定的交貨時間。我們盡可能提前了解客戶下訂單的情況—要求我們下訂單，這有助於我們調整長期預測以及長期財務和收入前景。

Great. There's been a number of questions on switch market share. I wanted to turn to server market share. It seemed like you had lost a little bit at the end of last year. Now it's coming back. Could you just came up what your server market share trends are at the moment.

偉大的。關於 Switch 市佔率存在許多疑問。我想轉向伺服器市場份額。看起來你去年年底損失了一點。現在它又回來了。您能否介紹一下目前您的伺服器市場佔有率趨勢如何？

Yeah, thank you. So I would say that we are gaining share with our largest customers with respect to AI server market share. Frankly, a lot of that is just due to strong execution and ability to build these very complex products at scale. And, then the tension, we just went through a technology transition.

是的，謝謝。因此我想說，就人工智慧伺服器市場份額而言，我們正在從最大的客戶那裡獲得份額。坦白說，這在很大程度上只是歸功於強大的執行力和大規模生產這些非常複雜產品的能力。然後，緊張的是，我們剛剛經歷了一次技術轉型。

We see these programs starting to ramp in the third quarter and gaining some significant momentum as we exit the year and also into next year. And we will also expect this product line to produce probably even more revenues based on that increased share as we get into late '26 and '27 and beyond this on next-generation programs.

我們看到這些項目在第三季開始加速發展，並在年底和明年獲得顯著的發展勢頭。我們還預計，隨著我們進入 26 年末和 27 年以及下一代項目，該產品線可能會基於增加的份額產生更多的收入。

Robert Young, Canaccord Genuity.

Canaccord Genuity 的 Robert Young。

I think you had -- okay, so you've had some very strong momentum on 1.6 terabyte and I'd love to get some context on whether that has continued. I think earlier in the call, you said that the full rack proof point was opening up new opportunities. And so if you can just talk about the halo that the relationship with the hyperscalers, this 1.6 terabyte win rate and the full wrap roof points. So what is that doing around the opportunity to grow white label opportunities along the ODM path?

我認為你已經——好的，所以你在 1.6 TB 方面取得了非常強勁的勢頭，我很想了解一下這種勢頭是否會持續下去。我想在早些時候的通話中，您曾說過，全機架驗證點正在開闢新的機會。因此，如果您可以談論與超大規模企業的關係、1.6 兆位元組的勝率以及完整的覆蓋屋頂點數。那麼，這對在 ODM 路徑上增加白標機會有何幫助？

Yeah. Thanks, Rob. So on the 1.6, we continue to win, I'll call it, 1.6 T variant. So we have 1.60 [awards] with many of the large hacker scalers. There's a lot of variants, different types of 1.60 silicon or different, use cases in the rack, so we're continuing to grow our market share on these variants with those customers.

是的。謝謝，羅布。因此，在 1.6 上，我們繼續獲勝，我稱之為 1.6 T 變體。因此，我們與許多大型駭客擴展者一起獲得了 1.60 個 [獎項]。有很多變體，不同類型的 1.60 矽片或不同的機架用例，因此我們將繼續與這些客戶一起擴大這些變體的市場份額。

In terms of the digital native win and doing that fully orchestrated rack, that is certainly opening up new doors and new conversations, with people, even the hyperscalers. But the entry point on that, might be next generation systems in terms of what more can we do. Those conversations are still -- I'll call it in the early phases, but producing a lot of interesting conversations.

就數位原生的勝利和完全協調的機架而言，這無疑為人們，甚至是超大規模企業打開了新的大門和新的對話。但就我們能做什麼而言，切入點可能是下一代系統。這些對話仍然——我稱之為早期階段，但產生了許多有趣的對話。

Okay. And then my second question, just on the full rack solution, as you add maintenance and service into the mix of services, I know that you acquired NCS Global, but do you need to acquire or are you well positioned for that shift? And then what's the potential timing? If you give any context around margin impact and timing that would be helpful.

好的。然後我的第二個問題是，僅關於全機架解決方案，當您將維護和服務添加到服務組合中時，我知道您收購了 NCS Global，但您是否需要收購，或者您是否已為這一轉變做好了準備？那麼可能的時間是什麼時候？如果您能提供關於保證金影響和時間的任何背景信息，那將會很有幫助。

Yeah I'll start. I'll let Mandeep finish on the MMA front. The services is certainly a major focus area for the NCS Global was a fantastic acquisition and is certainly supporting us. In order to really support the demand that we have from our customers and services, we will need and are planning to expand our services, footprint and offering, and with that I'll turn it over to Mandeep.

是的，我這就開始。我會讓 Mandeep 完成 MMA 比賽。服務無疑是 NCS Global 關注的一個主要領域，這是一個非常棒的收購，無疑為我們提供了支援。為了真正滿足客戶和服務的需求，我們需要並計劃擴展我們的服務、覆蓋範圍和產品，屆時我將把麥克風交給 Mandeep。

Yeah. Services is an area of focus for us and the acquisition for NCS was able to bring in some good capabilities and a good foundation. We do have a very extensive partner network, and so we don't see any gaps in being able to support the customer with that we've already received, but there are going to be opportunities along the way to vertically integrate and so we do continue to look at various targets and if we can see the synergies, come to bear, then we will be comfortable to go ahead and act but our funnel does continue to include service targets.

是的。服務是我們關注的重點領域，此次收購為 NCS 帶來了一些良好的能力和基礎。我們確實擁有非常廣泛的合作夥伴網絡，因此我們認為在支援客戶方面不存在任何差距，但在此過程中仍將有機會進行垂直整合，因此我們會繼續關注各種目標，如果我們能夠看到協同效應，那麼我們就會很樂意繼續採取行動，但我們的管道確實會繼續包括服務目標。

And obviously, services margins would be not of the company margins as well and be accretive.

顯然，服務利潤率不屬於公司利潤率，而且是增值的。

Right. Is there any timing on the rollout of that services offering? Is that happening today? Or is it something that you -- how do we think about that from modeling perspective.

正確的。此項服務的推出有具體時間嗎？今天發生了這樣的事嗎？或者您如何從建模角度考慮這個問題。

It is happening today. It is happening today, but -- not at the scale where it would be moving, the company's financials, I would say.

它今天就正在發生。這種現象今天確實發生了，但是我想說，它對公司財務狀況的影響還不大。

I would think about it, Rob, Rob in terms of a materiality perspective is when we get into that large digital native one -- that's where it's going to be a larger part of the offering. That being said, we price and look to support our customers holistically. And so they're -- not everything is going to always be accretive to the company services certainly will be but there will be a variety of services we provide. So we're going to be incrementally investing in this area. And I would say it has more of a materiality impact probably begin to [2027].

我會考慮這一點，羅布，羅布，從實質的角度來看，當我們進入那個大型數位原生領域時，它將成為產品中更大的一部分。話雖如此，我們仍會為客戶提供價格和全面的支援。所以他們——並不是所有的東西都會對公司服務產生增值作用，當然會，但我們會提供各種各樣的服務。因此我們將逐步投資於此領域。我想說，它會產生更大的實質影響，可能開始[2027]

David Vogt, UBS.

瑞銀的戴維·沃格特。

Mandeep this is a question for you. You mentioned that you have enough capacity or maybe Rob mentioned your capacity for calendar year '26 growth in CCS and you have basically a visibility for the next 12 months. Can you help us understand when you would need to make adjustments? To your capacity as we move through '25 into '26 for the back half of '26 and '27, how should we think about that flowing through your capital priorities as demand strengthens or your visibility improves as we move forward?

Mandeep，這是問你的問題。您提到您有足夠的產能，或者 Rob 可能提到了您在 CCS 中 26 日曆年的成長產能，並且基本上可以預見未來 12 個月的前景。您能幫助我們了解何時需要做出調整嗎？隨著我們從 25 年進入 26 年，在 26 年下半年和 27 年，隨著需求增強或隨著我們前進，您的知名度提高，我們應該如何考慮您的資本優先事項？

Yeah. Why don't I start off on the number side, and Rob can jump in as needed. So we -- if you look at one of the large buildings that we were able to add on in Thailand, we were able to do it in about 12 months. And so expansions in areas like Mexico and Southeast Asia, about 12 months lead time is required. Just as a reminder on the approach that we take is we have a campus strategy, the way our network is set up -- and so we do have the ability to add on additional buildings within the campuses typically, and then we can quickly fill it with equipment.

是的。我先從數字方面開始吧，然後 Rob 可以根據需要加入。所以——如果你看看我們在泰國增建的一座大型建築，我們能夠在大約 12 個月內完成。因此，在墨西哥和東南亞等地區的擴張需要大約 12 個月的準備時間。需要提醒的是，我們採取的方法是，我們有一個校園策略，我們的網路設置方式——因此，我們通常有能力在校園內添加額外的建築物，然後我們可以快速地用設備填充它。

We have already made decisions to expand capacity to support programs that we've won. In areas such as Thailand, such as Richardson, Texas, such as in Mexico. You'll see the CapEx spend in the first half of this year being a little bit on the lighter side. And that's just reflective of expenditures that we've actually incurred so far. But the back half of this year is going to be a little bit more weighted.

我們已經決定擴大能力來支持我們贏得的項目。在泰國等地區、德州理查森等地區、墨西哥等地區。您會發現今年上半年的資本支出會稍微少一點。這只是反映了我們迄今為止實際發生的支出。但今年下半年的壓力會更大。

Just taking a step back from an overall CapEx intensity perspective 1.5% to 2% is still the right number for us. This year, we'll be tracking towards $200 million. I just have been under 2%, but 1.5% to 2% of our revenue continues to be around the same down that we would expect to spend -- and I'll just highlight that only about 40 basis points of our CapEx spend is for maintenance. And so the rest of it is to support growth programs, which gives us a lot of discretion on where we pick those dollars. But right now, we think that we can meet the demand for the programs we've already won with that management.

從整體資本支出強度角度來看，1.5% 到 2% 對我們來說仍然是正確的數字。今年，我們的目標將是 2 億美元。我只是一直低於 2%，但我們收入的 1.5% 到 2% 仍然與我們預期的支出大致相同 - 我只想強調的是，我們的資本支出中只有大約 40 個基點用於維護。其餘資金將用於支持成長計劃，這讓我們在選擇資金來源方面擁有很大的自由裁量權。但現在，我們認為我們能夠滿足已經透過該管理贏得的專案的需求。

Thank you. There are no further questions at this time. I will now turn the call back over to Mr. Rob Mionis for closing remarks.

謝謝。目前沒有其他問題。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 all for your time and engagement today. We're pleased to report a strong second quarter, demonstrating our resilience in a dynamic market. The upward revision of our full year outlook reflects the strength of our customer relationships and the confidence in the current demand environment. We value your ongoing support and look forward to sharing more positive updates with you next quarter. Thank you again for joining us this morning, and have a great day.

謝謝大家，也謝謝大家今天的時間和參與。我們很高興地報告第二季業績強勁，展現了我們在動態市場中的韌性。我們對全年前景的上調反映了我們與客戶的良好關係以及對當前需求環境的信心。我們重視您一直以來的支持，並期待下個季度與您分享更多正面的更新。再次感謝您今天早上加入我們，祝您有愉快的一天。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝您的出席。您現在可以斷開連線。