Celestica Inc (CLS) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for joining us and welcome to the Celestica Q4 2025 financial results and conference call. After today's prepared remarks, we will host a question-and-answer session. (Operator Instructions)

女士們、先生們，感謝各位的到來，歡迎參加 Celestica 2025 年第四季財務業績電話會議。在今天的演講結束後，我們將進行問答環節。（操作說明）

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

現在我將把會議交給投資者關係主管馬修·帕洛塔。請繼續。

Good morning and thank you for joining us on Celestica's Q4 2025 financial results conference call. On the call today, we have Rob Mionis, President and Chief Executive Officer, and Mandeep Chawla, Chief Financial Officer.

早安，感謝各位參加 Celestica 2025 年第四季財務業績電話會議。今天參加電話會議的有總裁兼執行長羅伯·米奧尼斯和財務長曼迪普·查瓦拉。

Please note that during the course of this call, we will make forward-looking statements, including statements relating to the future performance of Celestica, our business outlook, guidance for the first quarter of 2026, our 2026 annual outlook, and anticipated trends in our industry and their anticipated impact on our business.

請注意，在本次電話會議期間，我們將發表前瞻性聲明，包括與 Celestica 的未來業績、我們的業務展望、2026 年第一季度業績指引、2026 年年度展望以及我們所在行業的預期趨勢及其對我們業務的預期影響相關的聲明。

These are based on management's current expectations, forecasts, and assumptions, including that there are no material changes to tariffs or trade restrictions compared to what is in effect as of January 28.

這些是基於管理層目前的預期、預測和假設，包括與 1 月 28 日生效的關稅或貿易限制相比，不會發生實質變化。

These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations, and their potential impact on our results cannot be reliably predicted at this time.

這些前瞻性陳述存在風險和不確定性，可能導致實際結果與我們的預期有重大差異，目前尚無法可靠地預測其對我們績效的潛在影響。

For identification and discussion of the material assumptions, risks, and uncertainties, please refer to our public filings with the SEC and on SEDAR+, 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.

有關重大假設、風險和不確定性的識別和討論，請參閱我們向美國證券交易委員會和 SEDAR+ 提交的公開文件，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 this call, we will refer to various non-GAAP financial measures. We have included in our earnings release, found in the Investor Relations section of our website, a discussion of those non-GAAP financial measures and a reconciliation to the most comparable GAAP measures. 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.

此外，在本次電話會議中，我們將提及各種非GAAP財務指標。我們在公司網站的投資者關係部分發布的獲利報告中，對這些非GAAP財務指標進行了討論，並提供了與最可比較GAAP指標的調節表。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後的流通股數，所有提及的比較數據均為同比比較。

Let me now turn the call over to Rob.

現在我把電話交給羅布。

Thank you, Matt, and good morning, everyone, and thank you for joining us on today's call. We delivered very strong results in the fourth quarter, driven primarily by growth in our CCS segment across both our communications and enterprise and markets. This led to revenue and adjusted EPS, both exceeding the high end of our guidance ranges, while adjusted operating margin of 7.7% once again marked the strongest performance in company history.

謝謝馬特，大家早安，謝謝各位參加今天的電話會議。我們在第四季度取得了非常強勁的業績，這主要得益於我們在通訊、企業和市場領域的 CCS 業務成長。這使得公司營收和調整後每股盈餘都超過了我們預期範圍的上限，而調整後的營業利潤率達到 7.7%，再次創下公司歷史上的最佳業績。

I'd like to briefly review our performance for this past fiscal year. Overall, 2025 was another exceptional year for the company. For the full year, we achieved revenue of $12.4 billion and adjusted EPS of $6.05, representing growth of 28% and 56% year over year, respectively.

我想簡單回顧一下我們上個財政年度的表現。整體而言，2025年對公司來說又是非凡的一年。全年來看，我們實現了 124 億美元的營收和 6.05 美元的調整後每股收益，分別年增 28% 和 56%。

Our adjusted operating margin of 7.5% marked the second consecutive year of 100 basis points improvement, driven by growth in AI-related demand for data center technologies, strong operational execution, and improved operating leverage. We surpassed our annual outlook for each of our key financial metrics, further building on our positive momentum generated over the last several years.

經調整後的營業利潤率為 7.5%，連續第二年提高了 100 個基點，主要得益於人工智慧相關資料中心技術需求的成長、強勁的營運執行以及營運槓桿的提高。我們各項關鍵財務指標都超越了年度預期，進一步鞏固了過去幾年取得的良好發展動能。

Looking back, our financial results reflect a consistent progression marked by sustained annual improvement across revenue, adjusted operating margin, and adjusted EPS. As we look ahead, we anticipate the strong momentum to continue with revenue growth expected to accelerate in 2026.

回顧過去，我們的財務表現反映了持續穩定成長的態勢，收入、調整後營業利潤率和調整後每股盈餘均實現了持續的年度成長。展望未來，我們預計強勁的成長動能將持續維持，營收成長預計在 2026 年加速。

Furthermore, our optimism continues to strengthen regarding the significant pipeline of growth opportunities that lie ahead for our businesses, particularly in our CCS segment, which we believe will sustain this growth trajectory in 2027.

此外，我們對公司業務未來將湧現的大量成長機會充滿信心，尤其是在我們的CCS業務領域，我們相信這將使公司在2027年保持成長勢頭。

Before I provide an update on an annual outlook for each of our businesses, I would like to hand the call over to Mandeep to discuss our financial performance during the quarter and our guidance for the first quarter of 2026.

在向大家介紹我們各項業務的年度展望之前，我想把電話交給曼迪普，讓他來討論一下我們本季度的財務業績以及我們對 2026 年第一季的展望。

Mandeep, over to you.

曼迪普，該你了。

Thank you, Rob, and good morning everyone. In the fourth quarter, revenue of $3.65 billion was up 44% and above the high end of our guidance range, driven by very strong demand in our CCS segment. Our non-GAAP operating margin was 7.7%, up 90 basis points driven by strong margin improvement in both of our segments.

謝謝你，羅布，大家早安。第四季度，該公司營收達 36.5 億美元，年增 44%，高於我們預期範圍的上限，這主要得益於 CCS 業務的強勁需求。我們的非GAAP營業利潤率為7.7%，成長了90個基點，這主要得益於我們兩個業務部門利潤率的強勁提升。

Our adjusted earnings per share was $1.89 in the fourth quarter, exceeding the high end of our guidance range and an increase of $0.78 or 70%.

我們第四季的調整後每股收益為 1.89 美元，超過了我們預期範圍的上限，比預期增加了 0.78 美元，增幅達 70%。

Moving on to some additional metrics. Adjusted gross margin was 11.3%, up 30 basis points, driven by higher volumes and stronger productivity. Our adjusted effective tax rate for the quarter was 19%.

接下來我們來看一些其他指標。經調整後的毛利率為 11.3%，上升 30 個基點，主要得益於銷售成長和生產效率提升。本季調整後的實際稅率為 19%。

And lastly, as a result of strong profitability and disciplined working capital management, we achieved adjusted ROIC of 43%, up 14 percentage points versus the prior year.

最後，由於獲利能力強勁且營運資本管理嚴格，我們實現了 43% 的調整後 ROIC，比前一年提高了 14 個百分點。

Moving on to our segment performance. Revenue in our ATS segment for the quarter was $795 million, 1% lower and in line with our guidance of a low single-digit percentage decline. The decline in revenue was driven by lower volumes in our capital equipment business and previously communicated portfolio reshaping in our A&D business, partly offset by stronger demand in our other end markets.

接下來來看看我們各業務板塊的業績表現。本季 ATS 業務部門的收入為 7.95 億美元，下降了 1%，符合我們先前預測的個位數百分比下降。收入下降是由於資本設備業務銷售下降以及先前公佈的航空航太與國防業務產品組合調整所致，但其他終端市場需求的增強部分抵消了這些影響。

Our ATS segment accounted for 22% of total company revenue in the fourth quarter. Revenue in our CCS segment was $2.86 billion, up 64%, driven by very solid growth in both our communications and enterprise end markets. The CCS segment accounted for 78% of total company revenue in the fourth quarter.

第四季度，我們的ATS業務部門占公司總收入的22%。我們的 CCS 業務部門營收為 28.6 億美元，成長 64%，這主要得益於通訊和企業終端市場都非常穩健的成長。第四季度，CCS業務部門占公司總營收的78%。

Revenue in our communications end market increased by 79% above our guidance of a high 60s percentage growth, primarily driven by strong demand and ramping programs for 800G networking switches across our largest hyperscale customers.

我們的通訊終端市場收入成長了 79%，比我們先前預期的 60% 以上的成長幅度高出不少，這主要得益於我們最大的超大規模客戶對 800G 網路交換器的強勁需求和產能提升計畫。

Our enterprise and market revenue was higher by 33%, which was above our guidance of a low 20% increase, driven by the acceleration in the ramping of a next generation AI/ML compute program with a large hyperscale customer.

我們的企業和市場收入成長了 33%，高於我們先前預期的 20% 的成長，這主要得益於與一家大型超大規模客戶合作的下一代 AI/ML 運算計畫加速推進。

Our HPS business generated revenue of $1.4 billion in the fourth quarter, representing growth of 72% and accounted for 38% of total company revenue. The strong growth was driven by ramping volumes in 800G switch programs with multiple hyperscaler customers.

我們的 HPS 業務在第四季度創造了 14 億美元的收入，年增 72%，占公司總收入的 38%。強勁成長主要得益於與多家超大規模資料中心客戶合作的 800G 交換器專案規模不斷擴大。

Moving on to segment margins. ATS segment margin in the quarter was 5.3%, up 70 basis points, primarily driven by improved profitability in our A&D business. CCS segment margin in the fourth quarter was 8.4%, an improvement of 50 basis points driven by strong operating leverage.

接下來是細分市場利潤率。本季 ATS 業務部門利潤率為 5.3%，成長 70 個基點，主要得益於 A&D 業務獲利能力的提高。第四季 CCS 業務部門利潤率為 8.4%，較上季度提高了 50 個基點，這主要得益於強勁的營運槓桿作用。

During the fourth quarter, we had three customers that each accounted for at least 10% of total revenue, representing 36%, 15%, and 12% of revenue, respectively. For the full year 2025, we also had three customers that accounted for at least 10% of revenues at 32%, 14%, and 12% of revenue, respectively.

第四季度，我們有三位客戶分別貢獻了至少 10% 的總收入，分別佔總收入的 36%、15% 和 12%。2025 年全年，我們還有三家客戶的收入佔至少達到 10%，分別佔總收入的 32%、14% 和 12%。

Moving on to working capital. At the end of the fourth quarter, our inventory balance was $2.19 billion, a sequential increase of $141 million and higher by $427 million compared to the prior year as we support continuing revenue growth in our CCS segment.

接下來討論營運資金。在第四季末，我們的庫存餘額為 21.9 億美元，季增 1.41 億美元，比上年同期增加 4.27 億美元，這得益於我們 CCS 業務部門持續的收入成長。

Cash cycle days during the fourth quarter were 61, an improvement of 8 days versus the prior year and was 4 days better sequentially.

第四季現金週轉天數為 61 天，比去年同期減少了 8 天，比上一季減少了 4 天。

Turning to cash flows. In the fourth quarter, we generated $156 million of free cash flow, resulting in total annual adjusted free cash flow of $458 million in 2025, which was an increase of $152 million compared to the full year in 2024 and above our most recent annual outlook of $425 million.

接下來我們來看現金流。第四季度，我們產生了 1.56 億美元的自由現金流，使得 2025 年全年調整後自由現金流總額達到 4.58 億美元，比 2024 年全年增加了 1.52 億美元，也高於我們最近 4.25 億美元的年度預期。

Our capital expenditures for the fourth quarter were $95 million or 2.6% of revenue, bringing our total capital expenditures in 2025 to $201 million or 1.6% of revenue.

我們第四季的資本支出為 9,500 萬美元，佔營收的 2.6%，到 ​​2025 年，我們的資本支出總額將達到 2.01 億美元，佔營收的 1.6%。

Since we last spoke at our Investor and Analyst Day in October, we have continued our discussions with key customers in our CCS segment in order to align on long-term capacity planning.

自 10 月我們在投資者和分析師日上上次發言以來，我們一直在與 CCS 部門的主要客戶進行討論，以便在長期產能規劃方面達成一致。

As a result of these discussions, we are meaningfully increasing the scale and scope of our capital investment plans in 2026 and 2027 in order to build out the revenue enabling capacity required to support the strengthening demand we see ahead.

經過這些討論，我們將大幅增加 2026 年和 2027 年的資本投資計畫的規模和範圍，以建立必要的收入能力，從而支持我們預見的未來不斷增長的需求。

We now anticipate that our capital expenditures for 2026 will be approximately $1 billion or 6% of our current annual revenue outlook. Importantly, we anticipate to be able to fully support this increase in capital expenditures through operating cash flow.

我們現在預計，2026 年的資本支出約為 10 億美元，約占我們目前年度收入預期的 6%。重要的是，我們預計能夠透過經營現金流完全支持這項資本支出的增加。

The investments we are making in new capacity, which we expect will come online throughout 2026 and 2027, are a response to record bookings, accelerating growth in the scale of our existing engagements, and meaningfully improved long-term demand visibility with our hyperscaler customers.

我們正在對新增容量進行投資，預計將在 2026 年和 2027 年陸續上線。這些投資是為了因應創紀錄的預訂量，加速現有業務規模的成長，並顯著提高我們與超大規模客戶之間的長期需求可見度。

We view our investments in new capacity as highly strategic, aligning our global footprint with the multi-year capacity roadmaps of our key customers in support of their large-scale investments in data center infrastructure and AI capabilities.

我們認為對新增容量的投資具有高度戰略意義，使我們的全球佈局與主要客戶的多年容量路線圖保持一致，以支持他們對資料中心基礎設施和人工智慧能力的大規模投資。

These investments will include a combination of capacity additions at our largest sites, new customer-driven investments in the United States, and upgrades to manufacturing capabilities, including investments in power.

這些投資將包括在我們最大的生產基地增加產能、在美國進行新的客戶驅動型投資，以及升級製造能力（包括電力投資）。

We are undertaking significant new investments in Texas in support of growing customer demand for US capabilities in the areas of R&D, manufacturing, and advanced assembly.

為了滿足客戶對美國在研發、製造和先進組裝領域能力日益增長的需求，我們正在德州進行重大的新投資。

At both our Richardson campus and new site in Fort Worth, we are adding a total of over 700,000 square feet of footprint with expanded power availability. This incremental capacity is expected to come online in 2027. Also, in order to facilitate greater engagement on R&D and design, we plan to establish a new HPS design center in Austin.

我們在理查森園區和沃斯堡新址共增加了超過 70 萬平方英尺的建築面積，並擴大了電力供應。預計新增產能將於 2027 年投入使用。此外，為了促進在研發和設計方面的更大參與，我們計劃在奧斯汀建立一個新的 HPS 設計中心。

Our CapEx plans also include large scale investments in our manufacturing capacity and capabilities across the rest of our global network. In Thailand, we continue to add new capacity to support very strong demand from multiple customers. We're adding over 1 million square feet in additional footprint with upgrades including expanded power availability, advanced liquid cooling manufacturing, and testing capabilities. We expect this new capacity to come online towards the end of 2026 and into 2027.

我們的資本支出計畫還包括對我們在全球網路中其他地區的生產能力和製造能力進行大規模投資。在泰國，我們持續增加產能，以滿足許多客戶的強勁需求。我們將新增超過 100 萬平方英尺的建築面積，並進行升級改造，包括擴大電力供應、採用先進的液冷技術進行生產以及提升測試能力。我們預計這項新增產能將於 2026 年底至 2027 年陸續投入使用。

Elsewhere in our network, we are upgrading and retooling sites to add new manufacturing lines in locations such as Mexico and Japan in support of customer demand for greater geographic diversification, allowing them the flexibility and optionality to de-risk their global supply chains within our network. We are also excited to announce our plans to establish a new HPS design center in Taiwan.

在我們的網路其他地方，我們正在升級和改造工廠，在墨西哥和日本等地增加新的生產線，以滿足客戶對更大地域多元化的需求，使他們能夠靈活選擇，降低其在我們網路內的全球供應鏈風險。我們也很高興地宣布，我們計劃在台灣建立一個新的HPS設計中心。

Overall, we are very encouraged by the strong alignment and close collaboration on capacity planning we have with our customers, which underpins our confidence in making these investments.

總的來說，我們與客戶在產能規劃方面保持著高度一致和密切合作，這令我們倍感鼓舞，也增強了我們對進行這些投資的信心。

Turning to our balance sheet and capital allocation. At the end of the quarter, our cash balance was $596 million. Our gross debt was $724 million resulting in a net debt position of $128 million. We had no draw outstanding on our revolver at the end of the quarter, leaving us with approximately $1.3 billion in available liquidity.

接下來來看看我們的資產負債表和資本配置。截至季末，我們的現金餘額為 5.96 億美元。我們的總債務為 7.24 億美元，淨負債為 1.28 億美元。截至季末，我們的循環信貸額度已無未提取款項，剩餘可用流動資金約13億美元。

Our gross debt to non-GAAP trailing twelve-month adjusted EBITDA leverage ratio was 0.7 turns, an improvement of 0.1 turns sequentially and 0.3 turns versus the prior year period. As of December 31, we were in compliance with all financial covenants under our credit agreement.

我們過去十二個月的非GAAP調整EBITDA槓桿率為0.7倍，較上季改善0.1倍，較上年同期改善0.3倍。截至12月31日，我們已遵守信貸協議中的所有財務契約。

During the fourth quarter, we received regulatory approval to launch our new normal course issuer bid, which permits us to, at our discretion, purchase up to approximately 5% of our public flow until November 2, 2026. We will continue to be opportunistic towards share repurchases as our approach remains unchanged.

第四季度，我們獲得了監管部門的批准，可以啟動新的正常發行人要約收購，這允許我們在 2026 年 11 月 2 日之前，自行決定購買至多約 5% 的公開發行量。我們將繼續抓住機會回購股票，我們的策略保持不變。

During the quarter, we repurchased approximately 132,000 shares under our normal course assure bid for $36 million. For 2025, our repurchases totaled 1.36 million shares at a cost of $151 million or an average cost of approximately $111 per share.

本季度，我們根據正常的保本回購計劃，以 3,600 萬美元的價格回購了約 132,000 股股票。2025 年，我們共回購了 136 萬股股票，總成本為 1.51 億美元，平均每股成本約 111 美元。

Now moving on to our guidance for the first quarter of 2026. First quarter revenue is projected to be between $3.85 billion and $4.15 billion, representing growth of 51% at the midpoint.

接下來，我們將展望2026年第一季的業績。第一季營收預計在 38.5 億美元至 41.5 億美元之間，以中間值計算，成長 51%。

Adjusted earnings per share are anticipated to be between $1.95 and $2.15, representing an increase of $0.85 at the midpoint or 71% growth compared to the prior year. Assuming the achievement of the midpoint of our revenue and adjusted EPS guidance ranges, our non-GAAP operating margin for the first quarter is expected to be 7.8%, representing an increase of 70 basis points. We expect our adjusted effective tax rate for the first quarter to be approximately 21%.

調整後每股收益預計在 1.95 美元至 2.15 美元之間，以中間值計算，比上年增長 0.85 美元，增幅達 71%。假設我們營收和調整後每股盈餘預期範圍的中點得以實現，我們第一季的非GAAP營業利潤率預計為7.8%，成長70個基點。我們預計第一季的調整後實際稅率約為 21%。

Finally, let's review our revenue outlook for each of our end markets. In our ATS segment, we anticipate revenue to be down in the low single-digit percentage range as growth in our HealthTech and industrial businesses are being offset by market-related softness in our capital equipment business and portfolio reshaping in our A&D business.

最後，讓我們回顧一下我們各個終端市場的收入前景。在我們的ATS業務板塊，我們預計收入將下降個位數百分比，因為我們醫療科技和工業業務的成長被資本設備業務的市場疲軟以及航空航太與國防業務的投資組合調整所抵消。

In our CCS segment, we anticipate revenue in our communications and market to grow in the low 60s percentage range, primarily driven by ongoing ramps in multiple 800G programs with our hyperscaler customers.

在我們的 CCS 業務板塊，我們預計通訊和市場業務的收入將成長 60% 左右，這主要得益於我們與超大規模客戶合作的多個 800G 專案的持續推進。

In our enterprise end market, we expect very strong growth in the 100 high teens percentage range, supported by the progression in the developing of the next generation AI/ML hyperscaler compute program.

在我們的企業終端市場，我們預計成長將非常強勁，達到 100% 以上，這得益於下一代 AI/ML 超大規模運算計畫的進展。

With that, I will now turn the call back over to Rob for an update on our 2026 annual financial outlook and to provide additional color on the latest developments in our business.

接下來，我將把電話轉回給羅布，請他介紹我們 2026 年的年度財務展望，並進一步闡述我們業務的最新發展。

Thank you, Mandeep. Given the strengthening demand forecast across our portfolio, we are raising our 2026 annual financial outlook. We are increasing our revenue outlook to $17 billion and raising our adjusted EPS outlook to $8.75, representing year to year growth of 37% and 45%, respectively.

謝謝你，曼迪普。鑑於我們投資組合中各業務板塊的需求預測不斷增強，我們上調了 2026 年年度財務預期。我們將營收預期上調至 170 億美元，並將調整後每股盈餘預期上調至 8.75 美元，分別代表年增 37% 和 45%。

This represents our high confidence view for 2026, which we will continue to refine and update as the year progresses. We are also maintaining our free cash flow outlook of $500 million. This demonstrates the inherent cash-generating power of our business, allowing us to organically fund a significant increase in capital investments while continuing to generate cash to fund other investment opportunities.

這代表了我們對 2026 年的高度信心，我們將在這一年中不斷改進和更新這一觀點。我們維持先前5億美元的自由現金流預期。這證明了我們業務固有的現金創造能力，使我們能夠在持續產生現金以資助其他投資機會的同時，為資本投資的大幅增長提供有機資金。

Since our Investor and Analyst Day this past October, the velocity and scale of awarded programs and growth opportunities for Celestica continues to expand. As Mandeep discussed, we have responded by significantly increasing our capital investment plans in order to grow our global footprint in alignment with our customers' multi-year requirements.

自去年十月舉辦投資者和分析師日以來，Celestica 的中標項目和成長機會的速度和規模持續擴大。正如曼迪普所討論的那樣，我們已經透過大幅增加資本投資計畫來應對這一挑戰，以擴大我們的全球業務版圖，從而滿足客戶多年的需求。

These investments are intended to provide us with the necessary scale to support the accelerated growth we anticipate in 2026 and which we believe will be sustained in 2027.

這些投資旨在為我們提供必要的規模，以支持我們預計在 2026 年實現的加速成長，我們相信這種成長將在 2027 年得以持續。

In undertaking these investments, we have closely collaborated on demand planning with our largest customers, which has informed our decisions on the location, capabilities, and scale of the new capacity we are developing.

在進行這些投資的過程中，我們與最大的客戶密切合作進行需求規劃，這為我們決定正在開發的新產能的地點、能力和規模提供了基礎。

These investments are targeted to strategically support our customer base and their program-specific requirements over the long-term. On this note, we are proud of our decade-long partnership with Google and are excited to continue supporting the acceleration of leading AI data center architecture.

這些投資旨在從長遠角度策略性地支持我們的客戶群及其特定專案需求。在此，我們為與Google長達十年的合作關係感到自豪，並很高興能夠繼續支援領先的人工智慧資料中心架構的加速發展。

Celestica remains closely aligned with Google on the development of complex data center hardware and systems. As a preferred manufacturing partner for Google's Tensor Processing unit or TPU systems, Celestica is committed to making long-term investments in both capacity and capabilities, both in the United States and across our global footprint, which includes our planned investments to expand manufacturing capacity in 2026 and 2027.

Celestica 在開發複雜的資料中心硬體和系統方面與 Google 保持著密切的合作關係。作為Google張量處理單元 (TPU) 系統的首選製造合作夥伴，Celestica 致力於在美國和全球範圍內對產能和能力進行長期投資，其中包括我們計劃在 2026 年和 2027 年擴大製造能力的投資。

These investments are designed to support the scaling of production for current and future generations of Google's custom silicon TPU systems, as well as leading edge networking technologies.

這些投資旨在支持Google當前和未來幾代客製化矽 TPU 系統以及領先網路技術的規模化生產。

Based on our latest outlook, we anticipate full-year revenue growth of approximately 50% in our CCS segment, supported by strong demand and new program ramps across both end markets.

根據我們最新的展望，我們預計在強勁的需求和兩個終端市場新項目的推動下，CCS 業務全年營收將成長約 50%。

In communications, demand from hyperscale is driving strong volumes for our 800G programs, while 400G remains highly resilient. We continue to expect mass production for our first 1.6T switching programs to begin ramping in the latter part of the year.

在通訊領域，超大規模的需求推動了我們 800G 專案的強勁成長，而 400G 仍然保持著很高的穩定性。我們仍預計，我們首批 1.6T 交換器專案的量產將於今年下半年開始逐步增加產能。

Over the past 90 days, we have continued to add to our pipeline of newly won business and networking, adding to an already robust view of demand into 2027. We are pleased to announce that we have secured the design and manufacturing award for the 1.6T networking switch platform with a third hyperscale customer. This HPS engagement is expected to ramp production beginning in 2027 with design work already underway.

在過去的 90 天裡，我們不斷拓展新業務和人脈網絡，進一步增強了我們對 2027 年市場需求的強勁預期。我們很高興地宣布，我們已獲得第三家超大規模客戶的 1.6T 網路交換器平台的設計和製造合約。HPS 的這項合作預計將於 2027 年開始逐步提高產量，目前設計工作已經展開。

This new program award, along with strengthening demand forecasts from our largest customers and a significant funnel of opportunities, gives us confidence and optimism regarding the growth trajectory of our networking businesses.

這項新項目獎勵，加上我們最大客戶不斷增強的需求預測以及大量潛在機會，讓我們對網路業務的成長軌跡充滿信心和樂觀。

In our enterprise end market, demand signals remain solid. As anticipated, we saw a meaningful ramp in our next generation AI/ML compute program of a hyperscale a customer during the fourth quarter, and we continue to expect that volumes will accelerate into 2026.

在我們的企業終端市場，需求訊號依然強勁。正如預期的那樣，我們在第四季度看到了超大規模客戶的下一代 AI/ML 運算計畫的顯著成長，我們繼續預計到 2026 年，業務量將加速成長。

Looking towards 2027, we continue to anticipate strong demand from our hyperscalar and digital native customers driven by ramps in next-gen AI/ML compute programs.

展望 2027 年，我們預計，隨著下一代 AI/ML 運算專案的推進，我們的超大規模和數位原生客戶將繼續保持強勁的需求。

Now moving on to our ATS segment. We are maintaining our outlook for revenues to remain approximately flat to up in the mid-single-digits percentage range for the full year 2026, consistent with the targets we shared at our Investor and Analyst Day in October.

接下來我們進入ATS部分。我們維持對 2026 年全年營收將保持平穩或成長 5% 的預期，這與我們 10 月在投資者和分析師日上公佈的目標一致。

We continue to expect growth in our industrial and HealthTech business supported primarily by the ramping of new programs. We anticipate this growth will be at least partially moderated by lower volumes in our capital equipment business in the near term.

我們預計工業和醫療科技業務將繼續成長，這主要得益於新項目的逐步推進。我們預計，短期內資本設備業務的銷售下降將至少部分抑制這一成長。

As we progress through 2026, we anticipate overall ATS revenues to be higher in the second half of the year, led by a recovery in capital equipment volumes as broader market growth tailwinds come into effect.

隨著我們邁入 2026 年，我們預計下半年 ATS 整體營收將有所成長，這主要得益於資本設備銷售的復甦，以及更廣泛的市場成長利好因素的顯現。

We also expect year over year growth to improve as we lap the impact from the strategic portfolio reshaping activities we undertook in A&D during the first half of 2025.

我們也預計，隨著我們在 2025 年上半年在航空航太與國防領域開展的戰略組合重組活動的影響逐漸消退，同比增速將有所改善。

Overall, we expect 2026 to be another year of transformational progress in the growth and evolution of our business.

整體而言，我們預計 2026 年將是公司業務成長和發展取得變革性進展的另一年。

We are experiencing an unprecedented level of demand supported by the sustained large scale multi-year investments from our largest data center customers. We believe our company is uniquely positioned as a critical enabler of the AI/ML revolution, helping to solve the most difficult challenges in the data center, from advanced liquid cooling solutions throughout the rack to the transition to next-generation networking platforms.

我們正經歷前所未有的需求水平，這得益於我們最大的資料中心客戶持續多年的大規模投資。我們相信，我們公司在人工智慧/機器學習革命中扮演著至關重要的推動者角色，擁有獨特的優勢，能夠幫助解決資料中心面臨的最棘手挑戰，從機架中的先進液冷解決方案到向下一代網路平台的過渡。

It's our ability to deliver these complex system-level solutions that allows us to win new mandates and solidify our leadership in the technologies of tomorrow. Today our team is intently focused on our operational execution as we scale our global footprint to meet this growing demand.

正是我們交付這些複雜系統級解決方案的能力，使我們能夠贏得新的項目，並鞏固我們在未來技術領域的領導地位。今天，我們的團隊正全力以赴地提升營運效率，擴大全球業務規模，以滿足不斷增長的需求。

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

接下來，我將把電話轉回給接線生，開始問答環節。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。現在開始問答環節。（操作說明）

Ruplu Bhattacharya, Bank of America.

Ruplu Bhattacharya，美國銀行。

So it looks like you've taken up both the top-line and the bottom line guide for fiscal '26. If we take the midpoint of the guidance literally, then there seems to be a slowdown coming in the fiscal second half, and also some loss of operating leverage. I mean, the revenue guidance is 51% year on year for fiscal 1Q, but the full year is 37%, so implying some slower growth in the remaining three quarters. Likewise in EPS, it's 71%. 1% for the first quarter, but full year is 45%.

看來你們已經採納了 2026 財年的營收和利潤目標。如果我們按字面意思理解指引的中點，那麼下半年經濟成長似乎會放緩，而且經營槓桿也會下降。我的意思是，第一財季的營收預期是年增 51%，但全年預期是 37%，這意味著剩餘三個季度的成長速度會放緩。同樣，每股收益為 71%。第一季為 1%，但全年為 45%。

So EPS is definitely growing faster than revenue, and there is leverage in the model, but it looks like some operating leverage declined in the remaining three quarters. So can you just clarify for us, is there something specific that's causing this slowdown, or should investors just chalk this up to conservatism in the guide?

因此，每股盈餘 (EPS) 的成長速度肯定快於收入，而且該模型中存在槓桿效應，但看起來在剩餘的三個季度中，一些經營槓桿效應有所下降。所以您能否為我們澄清一下，造成這種放緩的具體原因是什麼，還是投資者應該僅僅將其歸因於該指南中的保守主義？

Good morning, Ruplu, and first of all, welcome back. We're always very happy to work with you, so thank you for the coverage.

早安，Ruplu，首先歡迎回來。我們一直非常樂意與您合作，非常感謝您的報道。

Yeah, look, we're very confident on our 2026 outlook, and as we said in our commentary and Rob mentioned, it's our high confidence view. Our customer forecasts right now for 2026 are higher than the $17 billion that we are guiding, and what's also really nice to see right now is that the demand outlook with their customers is actually extending beyond sometimes our typical fourth quarter outlook. Similar to past outlooks that we've had, Ruplu, we're taking a pretty pragmatic view -- our views on next quarter and the quarter after that are typically going to be very much dialed in, and we're going to share it with you -- what that visibility exactly looks like.

是的，你看，我們對 2026 年的前景非常有信心，正如我們在評論中所說，羅布也提到過，這是我們高度有信心的觀點。我們客戶目前對 2026 年的預測高於我們預期的 170 億美元，而且令人欣喜的是，他們客戶的需求前景實際上已經超過了我們通常的第四季度預期。和我們過去的展望類似，Ruplu，我們採取了相當務實的態度——我們對下一季和下個季度的看法通常會非常明確，我們會與你們分享——這種可見性究竟是什麼樣的。

But when we look beyond the two quarters, we're just being pragmatic. We're focusing on securing supply, we have no concerns at this time, but we just want to make sure that the supply base can also ramp as fast as we are ramping. And then we take into account the macro uncertainties which, as you know, there's a lot of them. But as we go through the year we are working towards a higher number and we'll look to be updating the numbers as we go.

但當我們把目光放得更遠時，我們只是務實地看待問題。我們目前專注於保障供應，暫時沒有其他擔憂，但我們只是想確保供應基礎也能像我們一樣快速提升產能。然後我們也要考慮宏觀層面的不確定因素，如你所知，這些不確定因素很多。但隨著時間的推移，我們將努力實現更高的數字，我們將隨時更新這些數字。

Okay, thanks for the details there. If I can ask a quick follow-up, I want to ask about risk management. So, you've obviously have a lot of opportunity in both your white box switching business and the custom [ASIC] server business. One thing you've mentioned is you're increasing CapEx to fund the growth.

好的，謝謝你提供的詳細資訊。如果可以的話，我想問一個後續問題，是關於風險管理的。所以，顯然你在白盒交換機業務和客製化[ASIC]伺服器業務方面都有很多機會。您提到過，為了支持業務成長，您正在增加資本支出。

Can I ask if you're concerned about any potential funding for future AI related projects? And is there any risk to programs materializing, and have you taken that into account? And also you've you've kept free cash flow at $500 million. Given that the CapEx is going up and you're probably going to need more working capital to support revenue growth, can you just tell us like, is there a risk to the story here and what is giving you confidence to maintain the free cash flow guide? And again, congrats on the quarter, thanks for taking my questions.

請問您是否擔心未來人工智慧相關項目的潛在資金問題？專案實施是否存在風險？您是否考慮過這些風險？而且你們還保持了5億美元的自由現金流。鑑於資本支出不斷增加，而且您可能需要更多營運資金來支持收入成長，您能否告訴我們，這裡是否存在風險，以及是什麼讓您有信心維持自由現金流預期？再次恭喜你本季取得好成績，謝謝你回答我的問題。

I'll start off, I'll let Mandeep finish up. With respect to programs materializing, the build-out that we're doing is based on both business. It's -- we had a record booking in 2025, and we're really just building out the support those bookings. So there's very little risk in those programs materializing. We have been in the development cycle right now, and we're doing proof of concepts with respect to validation testing and they're well underway to ramping in 2026.

我先開始，讓曼迪普完成。就專案落地而言，我們正在進行的建設工作是基於業務需求的。我們2025年的預訂量創下了紀錄，我們現在正在努力完善對這些預訂的支援。因此，這些計劃實現的風險很小。我們目前正處於開發週期中，正在進行概念驗證測試，這些測試進展順利，預計將於 2026 年全面量產。

In terms of risks to the entire story, Mandeep talked about it. We view it more as uncontrollable, like geoclinical risks. There's always an opportunity of tightening supply chain. But frankly, our suppliers realize now that we have a lot of leverage these days given our scale. And we're also a design agent, which has given us some leverage in the supply chain.

曼迪普談到了整個故事可能面臨的風險。我們認為它更像是不可控的，就像地質臨床風險一樣。供應鏈始終存在收緊的機會。但坦白說，我們的供應商現在意識到，鑑於我們的規模，我們現在擁有很大的議價能力。我們同時也是一家設計代理商，這使我們在供應鏈中擁有了一定的影響力。

We also have a lot of opportunities, as Mandeep mentioned. Demand continues to well outstrip our ability to provide it in the very short term. We have very strong demand from networking, we expect 400G, 800G and 1.60 ramps that are happening later on this year. And on top of this, we have some very strong demand for AI/ML compute. And within the enterprise market, we're also seeing signs of very significant growth. Overall, we see more opportunities and risk at the stack.

正如曼迪普所提到的那樣，我們也有很多機會。短期內，需求仍遠超過我們的供應能力。我們從網路領域獲得了非常強勁的需求，我們預計今年稍後將出現 400G、800G 和 1.60 的產能提升。除此之外，我們對人工智慧/機器學習運算的需求也非常強勁。在企業市場，我們也看到了非常顯著的成長跡象。整體而言，我們認為技術棧方面存在更多機會和風險。

(multiple speakers) talk about cash generation. And look, we're very comfortable with our ability to invest. And frankly, we're willing to invest even more as we go through the year. That's what's in front of us. We think we'll generate at least $500 million of free cash flow this year. That's after paying for $1 billion of CapEx.

（多位發言者）談論現金流的創造。而且，我們對自身的投資能力非常有信心。坦白說，我們願意在今年內加大投入。這就是我們眼前面臨的情況。我們預計今年至少能產生 5 億美元的自由現金流。這是在支付了10億美元的資本支出之後的結果。

I know that those on the call already are aware of this. We generated positive free cash flow every quarter for almost seven years now. And it's because we are very focused on generating strong positive free cash flow every quarter. And so with the growth plans that we have in front of us, we don't see that they have risk. And this is even going beyond the fact that we have an incredibly healthy balance sheet. And so we think that we can fund these with cash generation and not have to even use the balance sheet.

我知道參與通話的人都已經意識到了這一點。近七年來，我們每季都實現了正的自由現金流。這是因為我們非常注重每季都產生強勁的正自由現金流。因此，就我們目前製定的成長計劃而言，我們認為它們不存在風險。而且，這甚至還沒考慮到我們擁有非常健康的資產負債表。因此，我們認為可以透過現金流來為這些項目提供資金，甚至無需動用資產負債表。

Thanks for your questions.

謝謝你的提問。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Hopefully, you can hear me. Maybe if I can start with the CapEx investment and the ramp here. I know you provided us an update at the Investor Day and you mentioned that activity really ramp with customers again since then engagement did ramp.

希望你能聽到我說話。或許我可以先從資本支出投資和產能提升入手。我知道您在投資者日上向我們提供了最新情況，您提到自那以後，與客戶的互動確實再次加速成長。

I'm trying to think like when you are sort of going ahead and doing this investment, should we think about this as something that drives revenue in 2027 itself? Or are these sort of programs as well as the ramp sort of more to address customer demand in 2028, 2029. Just trying to get a sense of what kind of program visibility customers are giving you already to drive this significant investment from you? Just trying to get a sense of that? And I have a follow-up.

我在想，既然你決定進行這項投資，我們是否應該把它看作是能在 2027 年帶來收入的事情？或者，這些項目以及類似的計劃，更多是為了滿足 2028 年、2029 年的客戶需求。我只是想了解一下，客戶目前給予你們怎樣的專案可見性，才能促使你們進行如此重大的投資？只是想了解一下？我還有一個後續問題。

Samik, yeah, the capacity that -- the CapEx that we're investing in now, as I mentioned earlier, is based on book business. With respect to 2026, we do have the capacity to grow beyond our current high confidence outlook. So the investments we're making are enabling additional capacity for 2027 and 2028 based on booked business.

Samik，是的，正如我之前提到的，我們現在投資的資本支出是基於圖書業務的產能。展望 2026 年，我們有能力實現比目前高度樂觀的預期更高的成長。因此，我們所做的投資將根據已預訂的業務，為 2027 年和 2028 年提供額外的產能。

Now as we continue to win in the marketplace, we'll further evaluate our capacity expansion plans, and then there will be an opportunity to expand our revenue outlook for '27 and to '28. But right now, the investments we're making in '26, which also will have a follow-on effect into '27 is really just on the backlog we have right now.

隨著我們在市場上不斷取得成功，我們將進一步評估我們的產能擴張計劃，屆時將有機會擴大我們對 2027 年和 2028 年的收入預期。但就目前而言，我們在 2026 年進行的投資，以及對 2027 年的後續影響，實際上只是針對我們目前積壓的項目。

Got you. Got it. Okay. And then maybe for the follow-up, the outlook that you're sharing for CCS to maintain these sort of strong growth rates into 2027. Just wondering, does that sort of incorporate the digital native customer and the ramp with that customer -- and any updates in terms of over the last sort of 90 days? Anything -- any updates in relation to your timing or sort of how you think about the magnitude of that ramp in 2027?

抓到你了。知道了。好的。那麼，接下來我們或許可以討論一下，您分享的關於 CCS 能否在 2027 年保持這種強勁增長速度的展望。我想知道，這是否涵蓋了數位原生客戶以及如何與該客戶群建立聯繫——以及在過去90天左右的時間裡是否有任何更新？有什麼最新消息嗎？例如關於你們的時間安排，或是你們對2027年產能提升規模的看法？

Yeah, Samik. So we are seeing accelerating growth happening within CCS. If you go back to our commentary for three months ago versus today, three months ago we were saying that when you break down the numbers that 2020 (technical difficulty) that CCS would be growing by about $3.5 billion in '26. And then when we put a 40% growth rate on that, it was implying about a $5 billion of CCS growth in 2027. We're now updating those numbers and going off of a higher base.

是的，薩米克。因此，我們看到碳捕獲與封存領域正在加速成長。如果你回顧我們三個月前和今天發表的評論，三個月前我們曾說過，如果把2020年（技術困難）的數據細化，CCS到2026年將增長約35億美元。然後，當我們假設成長率為 40% 時，這意味著到 2027 年 CCS 的成長額將達到約 50 億美元。我們現在正在更新這些數據，並以更高的基數為基礎。

And now what we're implying is that 2026. CCS will grow probably closer to $4.5 billion, so about $1 billion higher than what we talked about three months ago. And because we're saying that we're seeing very strong trajectory continuing, we're now seeing CCS grow close to $7 billion in 2027, and that's also a higher base. And so the demand outlook is very robust.

現在我們暗示的是 2026 年。CCS 的規模可能會接近 45 億美元，比我們三個月前討論的要高出約 10 億美元。因為我們看到強勁的成長動能仍在持續，所以我們預計到 2027 年，CCS 市場規模將接近 70 億美元，而且這還是一個更高的基數。因此，需求前景非常強勁。

Your question on the digital native customer, that continues to progress just as we would have expected it to. We still expect it to be a meaningful contribution in 2027. We are actively working on the design aspects of the program. And we do believe that that program will still ramp in the '27, and that's included in the numbers sharing.

您提出的關於數位原生客戶的問題，正如我們預期的那樣，這一趨勢仍在持續發展。我們仍然期待它在 2027 年做出有意義的貢獻。我們正在積極進行該專案的設計工作。我們確實相信該計劃將在 2027 年繼續推進，這一點也包含在數據分享中。

(Operator Instructions) Thanos Moschopoulos, BMO Capital Markets.

（操作員說明）Thanos Moschopoulos，BMO 資本市場。

Can you speak to how we should think about the margin trajectory? Just given the mix shift dynamic where you've got some enterprise becoming the larger part of the CCS mix, would that imply that there might be some compression in CCS margins as the year progresses and into '27? Or are there offsets to that?

您能談談我們該如何看待利潤率走勢嗎？鑑於企業在 CCS 組合中所佔比例不斷增加，這是否意味著隨著時間的推移，CCS 利潤率可能會有所下降，尤其是在 2027 年？或者說，這其中是否存在偏移量？

Yeah, we're seeing tremendous amount of growth that's happening right now in enterprise. We are really pleased with the trajectory that's already underway. You saw that we had a very nice growth number in the fourth quarter, and that's accelerating as we go into Q1. We expect that program to continue to grow all through 2026. And then just as a reminder, we've already won the next generation of that program.

是的，我們目前看到企業領域正在發生巨大的成長。我們對目前的發展軌跡感到非常滿意。您可以看到，我們在第四季度取得了非常不錯的成長，而且隨著我們進入第一季度，成長速度還在加快。我們預計該計畫將持續發展至 2026 年。最後提醒一下，我們已經贏得了該專案的下一代。

And so we would expect those programs to actually ramp into 2027. That's our outlook for enterprise continues very healthy. We are seeing very strong operating leverage. And so we don't necessarily expect a large mix headwind, if you will, from growing of the enterprise business, we do make more money on networking in general. But with the leverage that we're getting and the very disciplined cost management, we still think that the enterprise business is going to be able to generate very strong profitability.

因此，我們預計這些項目將在 2027 年真正加速推進。我們對企業前景的展望依然非常健康。我們看到了非常強勁的營運槓桿效應。因此，我們並不認為企業業務的成長會帶來太大的不利影響，因為我們整體上在網路業務方面賺的錢更多。但憑藉我們獲得的槓桿作用和非常嚴格的成本管理，我們仍然認為企業業務能夠產生非常強勁的獲利能力。

And so for that reason, it's embedded in our numbers. 2026, we're giving an outlook right now where margins expand by 30 basis points. And what I would just say is that that's our -- that's the power of our expectation. We would be to do better than that hopefully.

因此，這一點已體現在我們的數據中。我們目前對2026年的展望是，利潤率將提高30個基點。我想說的是，這就是我們的——這就是我們期望的力量。希望我們能做得更好。

I would also add setup that networking is also very strong in 2026 and going into 2027 and 2026, we see 400G very resilient. The 800G very strong on we see 1.60 ramping in the back half of the year. So we have all three major programs on cocurrently, which is helping the operating revenue of (inaudible).

我還想補充一點，網路架構在 2026 年以及 2027 年和 2026 年都將非常強大，我們看到 400G 網路具有很強的彈性。800G 非常強勁，我們預計下半年價格將達到 1.60。因此，我們三大主要項目同時進行，有助於提高營運收入。（聽不清楚）

Michael Ng, Goldman Sachs.

Michael Ng，高盛。

Great. My question is just around the CapEx. Encouraging to hear about all the visibility your partners are giving you. I wanted to ask whether the capital intensity in the business has changed at all -- or does the $1 billion CapEx support 2% to 2.5% revenue over time, kind of implying a path to $40 billion to $50 billion of revenue over time. Is that a fair way to think about it? Or how is the capital intensity in the business changed at all?

偉大的。我的問題僅與資本支出有關。很高興聽到合作夥伴們為你提供的所有曝光機會。我想問一下，該業務的資本密集度是否有所變化——或者說，10億美元的資本支出能否隨著時間的推移支持2%到2.5%的收入增長，這是否意味著隨著時間的推移，收入有望達到400億到500億美元？這種思考方式合理嗎？或者說，企業的資本密集度究竟發生了什麼樣的變化？

Michael, I'm not going to help you back into that number, but I completely understand the way that you look at it. What I would say is that we have -- in the last number of years, been investing the majority of our CapEx -- growth CapEx. We spent probably $70 million to $80 million on maintenance and that's not going to change very much.

邁克爾，我不會幫你把答案改回那個數字，但我完全理解你的想法。我想說的是，在過去的幾年裡，我們一直將大部分資本支出用於成長資本支出。我們在維護方面可能花了7000萬到8000萬美元，這種情況不會有太大改變。

And so as a percentage of revenue, we expect that our maintenance CapEx is going to be very predictable and not a huge driver. And so therefore, the delta is really on growth CapEx. To the point that we're on this made, we are making this sizable investment to tie to program that we've already won that are going to be generating material revenue in 2027 and 2028.

因此，我們預期維護資本支出佔收入的比例將非常可預測，且不會成為主要驅動因素。因此，差額實際上體現在成長資本支出上。就目前而言，我們正在進行這項重大投資，以配合我們已經贏得的項目，這些項目將在 2027 年和 2028 年產生實質的收入。

So those wings continue and we expect that they would. We have no hesitation in increasing our CapEx. But you almost want to think of it as like at a project level. We are building these investments to support specific wins at this time. At a certain point, we would expect the CapEx to moderate because again, the vast majority of its growth. And so when we get back to a maintenance level, we would be back to what we would only expect.

所以這些翅膀會繼續生長，我們也期待它們會如此。我們毫不猶豫地增加資本支出。但你幾乎應該把它看作是專案層面的事情。我們正在進行這些投資，以支持當前的具體勝利。在某個階段，我們預期資本支出會放緩，因為其大部分成長都來自資本支出。因此，當我們恢復到維護水準時，我們就能恢復到我們預期的狀態。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

So I know you have deep engagements on the 400 gig and 800 gig switch programs, but could you speak to the opportunity you have to address multi-rack scale-up XPU networks, essential as opposed to switches and Co-Packaged Optics spaces which is perhaps in terms of the breadth of customer engagements.

我知道你們在 400 千兆和 800 千兆交換器專案方面有著深入的參與，但是你們能否談談在多機架擴展 XPU 網路方面的機會？這與交換器和共封裝光元件領域截然不同，後者在客戶參與的廣度方面可能更為重要。

Yeah, sure. So we see increasing activity and increasing R&D expenditures. Some of it's a little premature to talk about now, but do more AI/ML and networking integrated -- fully integrated systems, both supporting scale-up and scale-out fabrics. Based on a proof point with our digital native and some other early engagements that we have with other providers, we see this as a major growth driver for our business moving forward.

當然可以。因此，我們看到企業活動日益活躍，研發支出也不斷增加。現在談論其中一些還為時過早，但要更多地將人工智慧/機器學習和網路整合起來——完全整合的系統，既支援向上擴展，也支援向外擴展。基於我們與數位原生企業的合作以及我們與其他供應商的一些早期合作，我們認為這將是我們業務未來發展的主要驅動力。

As these AI models continue to grow and GPU, the GPU interconnects become more and more important. Scale up will be as much as an opportunity as scale out. So we this as a major growth opportunity for us. And we're well underway in capturing a lot of those growth opportunities and we hope to have -- want to share with you in coming months.

隨著這些人工智慧模型不斷發展，GPU 互連變得越來越重要。擴大規模和擴大規模一樣，都是機會。因此，我們認為這是一個重要的發展機會。我們正在穩步推進，抓住許多成長機會，並希望在接下來的幾個月與大家分享。

Karl, what I would just add to Rob's comment is that when you look at the 1.60 that we've already had to date, they are both being used for scale up and scale in. And with the funnel of opportunities that we have in front of us that diversification continues, and we would expect that we would continue to grow in that area.

Karl，我只想補充Rob的評論，當你查看我們迄今為止擁有的1.60版本時，它們既用於擴展規模，也用於縮減規模。鑑於我們面前的許多機遇，這種多元化發展勢頭將會持續，我們預計我們將在該領域繼續成長。

In addition, I think to the question that you already about Co-Packaged Optics, we are starting to see, conversations with our customers increase on this -- in this area. We still believe that in terms of mass adoption, it's going to be more towards 3.2% which are programs that we're working on in our R&D group. But we haven't seen customers looking for mass adoption of CPO as of yet and so that's pretty similar to what we said a few months ago.

此外，關於您已經提出的共封裝光學元件的問題，我們開始看到，我們與客戶就此領域的討論越來越多。我們仍然相信，就大規模採用而言，其比例將更接近 3.2%，這些是我們研發團隊正在研究的項目。但到目前為止，我們還沒有看到客戶尋求大規模採用 CPO，這和我們幾個月前所說的非常相似。

Tim Long, Barclays.

提姆朗，巴克萊銀行。

I did want to just talk about a few comments on the call you guys made about new programs and new program wins. Could you talk a little bit about kind of -- you talked about some strong backlog and visibility and wins as well as, obviously, the capacity expansions. You obviously got a lot of large switching and AI/ML and digital native rack wins.

我想就你們在電話會議上提到的新項目和新項目取得的成績談幾點看法。您能否稍微談談——您談到了一些強勁的積壓訂單、可見性和取得的成功，以及明顯的產能擴張。顯然，你們在大型交換機、人工智慧/機器學習和數位原生機架方面取得了許多勝利。

Can you talk about the outlook for the next few years? What we should expect to see from newer programs, where they could be centered with this more be around new switching customers or new applications or use cases from some of the existing customers? Anything you could give us on that would be helpful.

能談談未來幾年的前景嗎？我們應該期待在新專案中看到什麼？這些項目可能會更多地圍繞新客戶轉換、新應用或現有客戶的一些用例。您能提供的任何資訊都將對我們很有幫助。

Yeah. The visibility, Tim, that we're seeing with our customers at this stage is unprecedented, where certainly into '27 and many customers were talking into 2028. Our customers now are viewing us less as a supply chain partner and more as a technology leader.

是的。提姆，我們目前從客戶那裡看到的可見性是前所未有的，而許多客戶原本預計要到 2027 年，甚至到 2028 年。我們的客戶現在不再把我們視為供應鏈合作夥伴，而是更把我們視為技術領導者。

And part of that problem is aligning on our technology road maps, which is informing our investment decisions. And these investment decisions are enabling and informing all the future products moving forward.

而部分問題在於我們在技術路線圖上缺乏一致性，這影響著我們的投資決策。這些投資決策將為未來所有產品的開發和發展提供基礎和資訊。

And those products are more in the lines of a fully integrated RAC systems supporting again scale-up and scale-out. Also staying on the leading edge of switching 3.2T samples are due in probably towards the end of 2026 and we're already excited to work on that.

這些產品更像是完全整合的 RAC 系統，支援向上擴展和向外擴展。此外，我們將繼續保持技術領先地位，3.2T 樣品預計將於 2026 年底面世，我們已經迫不及待地想要投入這項工作了。

Mandeep alluded to some of the proof of concepts that we have on Co-Packaged Optics, so we're certainly going to be ready for when that hits during the 3.2 cycle as well. So our -- broadly speaking, our portfolio is getting broader and deeper with our customers moving forward.

Mandeep 提到了我們在共封裝光學元件方面的一些概念驗證，所以我們肯定會為 3.2 週期中這項技術的應用做好準備。因此，總的來說，隨著客戶的發展，我們的產品組合正在變得越來越廣泛和深入。

David Vogt, UBS.

David Vogt，瑞銀集團。

So I have a question about sort of the scope of work and the economics of the digital native customer. Can you kind of update us on where we stand in terms of what that relationship looks like as we go into '26 into '27? And then Mandeep, on the CapEx numbers, that $1 billion, can you help us parse through how much of that CapEx is tied to sort of the existing customer base and the expansion of programs and projects with your largest customers versus incremental customers like the DNC or any other incremental customers that you see in the pipeline for '26, '27? Thanks.

所以我想問一下關於數位原生代客戶的工作範圍和經濟效益的問題。能否請您簡單介紹一下，在進入 2026 年到 2027 年這段關係的發展現況？Mandeep，關於資本支出數字，這 10 億美元，你能幫我們分析一下，其中有多少資本支出與現有客戶群以及與最大客戶的項目和計劃擴展有關，又有多少與像民主黨全國委員會 (DNC) 或您在 2026 年、2027 年看到的任何其他潛在新增客戶有關嗎？謝謝。

Yeah, I'll start off. With respect to the digital customer, we have a very tight engineering-driven relationship with our customer in 2026. So we're going to be shipping them largely settled and get ready for the ramp that should be starting in the early parts of 2027.

好的，我先來。對於數位化客戶而言，到 2026 年，我們將與客戶建立非常緊密的、以工程技術為驅動的關係。因此，我們將以基本穩定的狀態出貨，並為 2027 年初開始的產能爬坡做好準備。

At this stage, as gating the program is on track, and we're just getting ready for the ramp working with them and the silicon provider and all the ecosystem partners, but it's relationships -- a solid relationship.

現階段，由於專案審批工作進展順利，我們正在與他們、晶片供應商以及所有生態系統合作夥伴一起準備啟動項目，但關鍵在於關係——牢固的關係。

Yeah. And to add on to that in terms of question for CapEx and how it's kind of being allocated. So geographically, now you're aware of how we're allocating it. We're putting in significant investments in areas like Thailand, Richardson, Texas as well as Fort Worth, and it's really to support multiple customers.

是的。此外，關於資本支出及其分配方式，我也想提出一些問題。所以從地理角度來看，現在您知道我們是如何分配資源的了。我們正在泰國、德克薩斯州理查森市以及沃斯堡等地區進行大量投資，這實際上是為了支持眾多客戶。

And so we are largely investing in programs that we've won across the major hyperscalers. Those are very -- we have a high competence (technical difficulty) to work with these customers, sometimes for well over a decade. But with our digital native customer we are willing to make investments as well, and so some of the investment is going towards enabling the ramp in 2027. But I would say the vast majority of the expenditures are tied to programs with our hyperscalers.

因此，我們主要投資於我們在各大超大規模資料中心營運商中贏得的專案。這些客戶非常——我們擁有很高的能力（技術難度），能夠與這些客戶合作，有時甚至超過十年。但是，對於我們的數位原生客戶，我們也願意進行投資，因此部分投資將用於實現 2027 年的成長目標。但我認為，絕大部分支出都與我們的超大規模資料中心計畫有關。

Paul Treiber, RBC Capital Markets.

Paul Treiber，加拿大皇家銀行資本市場。

Just a question, just in light of the new program when momentum that you're seeing, can you speak to how the returns and expected returns in those programs compare against existing programs? And really what I'm going to add is, also, are you seeing competition changing the returns on new programs versus what you saw in the past?

請問，鑑於您目前看到的良好勢頭，您能否談談這些項目的回報和預期回報與現有項目相比如何？我還要補充一點，您是否發現競爭正在改變新項目的回報，與過去的情況相比呢？

Yeah. Paul, just -- I'll take the first part of the question, and I'll let Rob talk about the competitive intensity that's happening in the marketplace. Look, the approach that we take when we make investments with our customers is really a holistic view. We look at it on a global basis. We want to ensure that we're generating strong profitability.

是的。保羅，我就回答問題的第一部分，至於市場上的競爭激烈程度，就讓羅布來談談。你看，我們在與客戶進行投資時所採取的方法是一種整體性的方法。我們從全球角度來看這個問題。我們希望確保能夠創造強勁的獲利能力。

But more importantly, we want to make sure we're supporting our customers in the geographies that they need. And so we will look at investments at the customer level on a global basis. But of course, we want to ensure that specific investments tie it on their own as well.

但更重要的是，我們希望確保在客戶需要的地區為他們提供支援。因此，我們將從全球範圍，以客戶為單位檢視投資情況。當然，我們也希望確保具體的投資本身也能發揮同樣的作用。

I know you know this, which is we're a very ROIC-driven company. We're focused on strong profitability, but just as much we're focused on a very disciplined level of investment. And so we'll make sure that business cases hold. And so from a returns perspective, what I would just say is that we continue to focus on expanding our ROIC. We continue to focus on expanding our margins while generating very strong top line growth. And so those are always factors whenever looking at business cases.

我知道你也明白這一點，我們是一家非常注重投資報酬率（ROIC）的公司。我們注重強勁的獲利能力，但同時也非常注重維持嚴格的投資水準。因此，我們將確保商業論證站得住腳。因此，從回報的角度來看，我想說的是，我們將繼續專注於提高我們的投資報酬率。我們將繼續專注於擴大利潤率，同時實現強勁的營收成長。因此，在分析商業案例時，這些始終都是需要考慮的因素。

In terms of competitive intensity and I would say as time goes on, the programs that we're bidding on and winning are becoming more and more complex. In many cases, some of the business that we decided not to play the pricing game on in 2025 have come back to us in 2026, because others could not execute on it.

就競爭強度而言，隨著時間的推移，我們競標和贏得的項目變得越來越複雜。在許多情況下，一些我們在 2025 年決定不參與價格戰的業務，在 2026 年又回到了我們這裡，因為其他人無法執行這些策略。

So when we look at our competitive mode, we have some fantastic engineering to be able to design these complex products. But even more so, very few of our competition can produce these products at scale. And when you combine those two together, it's really giving us a lot of tailwinds in '26 and also moving into 2027. That combination has proven to be very powerful for us.

所以，當我們審視我們的競爭模式時，我們擁有一些非常出色的工程技術，能夠設計這些複雜的產品。但更重要的是，我們的競爭對手中很少人能夠大規模生產這些產品。當這兩件事結合起來時，真的會為我們帶來很多利好，不僅在 2026 年，而且在 2027 年也會如此。事實證明，這種組合對我們來說非常有效。

Ruben Roy, Stifel.

魯本·羅伊，斯蒂費爾。

Rob, maybe you could follow up where you left off there, and I had a question on the 1.6T win, the new win at a new hyperscaler. Are you seeing a shift towards HPS design-led solutions and away from cost plus? You've got the design center that you talked about in Austin. Just wondering if that's something that's happening as you move towards these more complex switching technologies and how you see that playing out from a margin perspective as you think about 2027, '28 timeframe?

Rob，也許你可以接著上次的話題繼續討論，我有一個關於 1.6T 的勝利的問題，這是在一個新的超大規模資料中心取得的新勝利。您是否注意到，市場正在從成本加成模式轉向以高效能儲存系統（HPS）設計為主導的解決方案？你們在奧斯汀有你們之前提到的那個設計中心。我想知道，隨著你們朝著更複雜的交換技術發展，這是否會發生？從利潤率的角度來看，你們認為在 2027 年、2028 年期間，這種情況會如何發展？

Yeah. Certainly, thanks for the question. 1.6T and even as we move into 3.2Ts, the complexity that's required, the engineering complexity that's required on these things is moving more towards HPS engagements. So on the networking and the density and the complexity is only going to increase at every node.

是的。當然，謝謝你的提問。從 1.6T 到 3.2T，這些設備所需的複雜性，以及所需的工程複雜性，正朝著 HPS 專案的方向發展。因此，網路密度和複雜性只會隨著每個節點的增加而增加。

On the AI/ML compute side, we like to play really on the HPS and JDM design oriented a AI/ML compute, and we also see as that gets more and more sophisticated, be more opportunity for us to play in that area and we have several projects in the pipeline to improve those engagements on the HPS side as well.

在人工智慧/機器學習運算方面，我們喜歡真正專注於面向人工智慧/機器學習運算的高效能運算和聯合資料管理設計，我們也看到隨著這項技術變得越來越複雜，我們將有更多機會參與其中，我們還有幾個專案正在籌備中，以改善我們在高效能運算方面的參與。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

First of all, congratulations on reaching a point where people are complaining about 37% growth. I thought that was great.

首先，恭喜你們達到了人們開始抱怨 37% 成長率的地步。我覺得這很棒。

In terms of my question, there's been a bunch of confusion around with your largest customer, how the supply chain works on those AI/ML compute programs and where you are sort of positioned versus there are other suppliers? Or is there any -- can you just sort of clarify how you're playing there? What kind of competition you see? And then it looks like you're also expanding directly to support some more programs on that. So anything on that would be helpful.

關於我的問題，大家對貴公司最大的客戶、AI/ML 計算程式的供應鏈運作方式以及貴公司與其他供應商相比的定位存在很多疑問？或者還有什麼——你能稍微解釋一下你在那裡的玩法嗎？你認為競爭類型有哪些？而且看起來你們也在擴大規模，直接支持更多相關的項目。所以，任何相關資訊都會很有幫助。

Certainly, I would chalk this up to you can't believe everything you read. What I can emphatically say is that our partnership with Google has never been stronger or more integrated. We have absolutely no indication there, new entrants into that market. As you know, these are very complex products manufacturer, especially at scale. And we have been doing it for a very long time with this family of products.

當然，我認為這說明你不能相信你讀到的所有東西。我可以肯定地說，我們與Google的合作關係從未如此牢固、如此緊密。我們完全沒有跡象表明有新企業進入該市場。如您所知，這些產品製造非常複雜，尤其是在大規模生產的情況下。我們一直以來都用這一系列產品來做到這一點。

As a preferred partner with Google on these remix compute programs, we have a joint commitment to each other moving forward not just for the generation, but for future generations of their PPUs. And we've been supporting this technology for generations and we hope to continue to do so going well into the future, which is warranting a portion of the investments moving forward. And I would also add that the capacity expansion that we're making certainly isn't support of Google, but it's also in support of growth from other hyperscalers and digital native.

作為谷歌在這些混音計算計劃中的首選合作夥伴，我們不僅對這一代，而且對未來幾代的 PPU 都做出了共同的承諾。我們幾代以來一直支持這項技術，我們希望在未來繼續支持這項技術，這也意味著我們將在未來進行部分投資。我還要補充一點，我們進行的產能擴張當然不是為了支持谷歌，也是為了支持其他超大規模資料中心營運商和數位原生企業的發展。

John Shao, TD Cowen.

John Shao，TD Cowen。

So within your guidance, how much do you bake in the price increase of key components or materials? At this point, are you still comfortable with the supply chain? Do you think this is going to be any source of potential margin compression given right now we're getting this inflationary environment in supply chain?

那麼，在您的指導下，您會將關鍵零件或材料的價格上漲幅度控制在多大？目前，您對供應鏈仍感到滿意嗎？鑑於目前供應鏈正處於通膨環境，你認為這是否會成為利潤率收窄的潛在原因？

So we factored in inflation and pricing into the numbers that we've already shared. Just as a reminder to everyone on the call, when we have networking, we have it at a turnkey basis, which is our typical approach, meaning it includes the silicon, where on the compute side, it typically does not. And so there is a lot of price inflation is happening on the silicon side. So you're not going to necessarily see our growth in our enterprise numbers being driven by that.

因此，我們將通貨膨脹和物價上漲因素納入了我們已經公佈的數據中。再次提醒各位參加電話會議的同學，我們的網路解決方案是交鑰匙式的，這是我們通常的做法，這意味著它包含了晶片，而計算方面通常不包含晶片。因此，矽晶片領域出現了嚴重的價格上漲。所以，你不一定會看到我們企業績效的成長是由這個因素所驅動的。

On the networking side, we're growing in terms of overall volume, but yeah, there is inflation happening at the silicon side which we're able to pass on to our customers. And so are we seeing margin compression? No, not right now, but if silicon becomes a much larger part of the bill of materials, then perhaps it will, but that's not in our line of sight at this time. But there is a little bit of contribution in our revenue growth year over year coming from just the fact that ASPs are going up, but the vast majority of the growth is due to units.

在網路方面，我們的整體銷售正在成長，但是，晶片方面確實存在通貨膨脹，我們可以將這部分成本轉嫁給我們的客戶。所以，我們是否看到了利潤率壓縮？不，目前還不會，但如果矽在材料清單中所佔比例大大增加，那麼也許會，但這不在我們目前的考慮範圍之內。雖然平均售價上漲對我們的營收年增率做出了一些貢獻，但絕大部分成長還是歸功於銷售成長。

Thank you. Todd Coupland, CIBC.

謝謝。Todd Coupland，加拿大帝國商業銀行。

I wanted to ask about the 1.6 programs in the second half of the year. And at this point, what are the range of outcomes and gating factors for those programs to start to ramp this year. Just talk about that a little bit.

我想問一下下半年的1.6個項目的情況。那麼，目前這些專案在今年開始加速推進的預期成果和關鍵因素有哪些呢？就簡單談談這件事吧。

Yeah, we have 10 active 1.60 programs in the pipeline right now. And about 5 of them we'll start ramping in the back half of the year and certainly into 2027, and several -- the balance of them are in the development pipeline and we'll be ramping later in '27 into '28.

是的，我們目前有 10 個正在籌備中的 1.60 版本項目。其中大約 5 個項目我們將在今年下半年開始逐步推進，肯定會持續到 2027 年；其餘幾個項目——其餘項目——正在開發中，我們將在 2027 年晚些時候到 2028 年逐步推進。

The gating factors, really is just completing the development cycle as planned and things are on track. Silicon is on track, so I just think it's business as usual in terms of supporting our customers around.

關鍵因素其實就是按計畫完成開發週期，目前一切進展順利。矽谷方面進展順利，所以我認為在支持我們全球客戶方面，一切都將照常進行。

Though if I could maybe add to that, when we look at our -- the overall switching demand that's out there right now, what we're really encouraged by is there's been a tremendous amount of growth happening in 800G that happened in 2025 and that's continued in 2026.

不過，如果我可以補充一點的話，當我們審視目前的整體交換機需求時，真正讓我們感到鼓舞的是，800G 在 2025 年實現了巨大的增長，並且這種增長勢頭在 2026 年仍在繼續。

And 400G continues to hold. So 400G will be a strong contributor in 2026. 800 will continues to hold. And then you got 1.60 coming on as well towards the end of the year. And so the dynamic that's really been playing out in the last couple of years is that the next generation technology is not necessarily cannibalizing the previous generation. And so this is one of the reasons that we have a lot of optimism on the networking space, exiting '26 even and going into '27.

400G 仍然有效。因此，400G將在2026年成為強勁的貢獻者，而800G將繼續保持領先地位。然後，到了年底，還有 1.60 的版本即將推出。因此，近年來真正上演的動態是，下一代科技不一定會蠶食上一代科技。所以，這也是我們對網路領域充滿樂觀的原因之一，即便是在 2026 年結束、2027 年到來之際。

Atif Malik, Citi.

阿提夫‧馬利克，花旗銀行。

Hi, thank you for taking my questions. We've got a couple of questions from investors on this yesterday. In your press release you called out Google or TPUs as a preferred manufacturing partner versus sole source. Is that a new disclosure?

您好，感謝您回答我的問題。昨天我們收到了一些投資人關於這方面的問題。在你的新聞稿中，你明確指出Google或TPU是首選的製造合作夥伴，而不是單一供應商。這是新的披露資訊嗎？

And then just as a follow-up, if some of your hyper scalers were to adopt more TPUs, do they all go through you guys, or are there other entities like dotcom and others that can participate in the TPU rack or trade business?

最後，我想問一下，如果你們的一些超大規模資料中心要採用更多的TPU，他們是否都透過你們公司進行採購，還是像dotcom等其他實體也可以參與TPU機架或交易業務？

On the first one, no, I don't think it's a new disclosure. We're not sole sourced or single sourced on the TPU programs, nor have we -- frankly, nor have I think we've ever said that. For BCP purposes, most, if not all, of our hyperscale customers remain a second source. But we are a primary source for them on the TPU programs and continue to do so with Google and with all of our hyper scales share is largely awarded on performance. Our performance has been very strong and as a result, they make the decisions accordingly.

關於第一個問題，不，我不認為這是一項新的披露。我們並非 TPU 專案的唯一供應商或單一供應商，坦白說，我們以前也從未說過這樣的話。就業務連續性計劃而言，我們的大多數（如果不是全部）超大規模客戶仍然是第二來源。但是，我們是 TPU 專案的主要參與者，我們將繼續與 Google 合作，我們所有的超大規模資料中心的份額主要根據效能來分配。我們的表現非常出色，因此，他們也據此做出了相應的決定。

And then to the question that you're raising about as Google's CPU gets adopted beyond just Google itself, how does that play out? Right now our view is that that increased level of demand for their types of products will flow through their supply chain and as their preferred manufacturing partner we would expect to be able to support them with that. And so right now, it's wonderful to see that their product is being adopted in the marketplace and we do expect to be able to support them with that growth.

那麼，對於你提出的關於谷歌 CPU 被谷歌自身以外的公司採用的問題，結果會如何呢？目前我們認為，對他們這類產品日益增長的需求將透過他們的供應鏈傳遞下去，作為他們首選的製造合作夥伴，我們希望能夠在這方面為他們提供支援。因此，我們很高興看到他們的產品正在被市場接受，我們也期待能夠支持他們的發展。

Robert Young, Cannacord Genuity.

Robert Young，Cannacord Genuity。

Hopefully, you can hear me now. On the third hyperscaler 1.6 win, how was this one? Was it an extension of 800? Was it tied to your Tomahawk ASIC experience and like, is it a part of a rack integration with another outside vendor, or is that being done by the hyperscale or just some context around that?

希望你現在能聽到我說話了。第三次超大規模資料中心 1.6 版本發布，這次的情況如何？是800的擴充號碼嗎？這是否與您在 Tomahawk ASIC 方面的經驗有關？或者，這是與另一家外部供應商進行機架整合的一部分，還是由超大規模資料中心完成的，或者只是相關的一些背景資訊？

And then if you could also talk about how you expect operating margins to evolve as you move into 1.6 terabytes programs and how that might differ between, I think you have two full rack and then two standalone if I understand the large programs. Now how would the margin structure differ and evolve?

然後，如果您還能談談隨著您進軍 1.6 TB 項目，您預計營運利潤率將如何變化，以及大型項目之間可能存在哪些差異，我認為您有兩個完整的機架，然後還有兩個獨立的機架。那麼，利潤結構會如何改變和演變呢？

Yeah, on the third, 1.60, so with this hyper scaler, we're predominant share on the 400G. We were predominant share on the 800G, and this is just an extension of going to the 1.6T. The engagement started with a design win. They were happy with the performance with this switch, it's based on the 400G and 800G. And we were awarded the mass production for this switch as well.

是的，第三個是 1.60，所以有了這家超大規模資料中心，我們在 400G 市場佔據了主導地位。我們在 800G 處理器領域佔據了主導地位，而這次進軍 1.6T 處理器領域只是這一優勢的延伸。合作始於我們贏得的一個設計項目。他們對這款交換器的性能感到滿意，它是基於 400G 和 800G 設計的。我們也獲得了這款交換器的大量生產合約。

Yeah, and then in terms of the margins, Rob, good morning. What I would just say is that we approach our switching portfolio in a similar way even as we go into the next generation. We typically make more money during the ramping and the development cycle of a program and then as it gets to mass production, we try to offset that pricing with operating leverage and so we do expect the 1.6 program to be as profitable as we've seen on some of our packaging programs.

是的，至於利潤率方面，羅布，早安。我想說的是，即使進入下一代，我們對待產品轉換組合的方式也類似。我們通常在專案的啟動和開發週期中賺更多的錢，然後當專案進入大規模生產階段時，我們會嘗試透過營運槓桿來抵消價格上的差異，因此我們預計 1.6 專案將像我們的一些包裝專案一樣獲利。

But one interesting dynamic though is that more and more of our switching portfolios should be moving towards HPS. We have some of our switching portfolios today in the EMS and just typically as we embed more of our engineering that leads to better pricing. And so we are happy with the way that the margin profiles look like for 1.6.

但一個有趣的趨勢是，我們越來越多的轉換投資組合應該會轉向高淨值股票。我們目前在EMS中擁有一些開關產品組合，通常情況下，隨著我們更多地融入工程技術，這將帶來更好的定價。因此，我們對 1.6 的利潤率分佈感到滿意。

And is there any context on between the full rack deployment and standalone?

完整的機架部署和獨立部署之間有什麼區別嗎？

Yeah, it's integrated, and so we take a look holistically when we are doing this for our customers because guys, as you mentioned, it's integrated, so there's 1.6 switches. But then there's also compute, and then there's the integration activities and we're doing testing for them. And then at certain points we may be able to do services as well.

是的，它是整合式的，所以我們在為客戶做這件事時會進行整體考慮，因為正如你們所提到的，它是整合式的，所以有 1.6 個交換器。但還有計算，還有整合活動，我們正在對它們進行測試。然後在某些時候，我們或許也能提供服務。

We look at it on a holistic basis, and we ensure that the value that we're bringing on the switching side which has the most engineering that we have, is getting captured in overall price.

我們從整體上看待這個問題，並確保我們在交換機方面（我們投入了最多的工程技術）所帶來的價值能夠體現在整體價格中。

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

謝謝。目前沒有其他問題了，現在我將把電話轉回給執行長羅伯·米奧尼斯，請他作總結發言。

Thank you again for joining us this morning. 2025 was an exceptional year for Celestica characterized by record financial results. We're excited to build on this momentum in '26 and as we raise our annual revenue outlook to $17 billion.

再次感謝您今天早上的參與。 2025年對於Celestica來說是非凡的一年，公司取得了創紀錄的財務表現。我們很高興能在 2026 年延續這一勢頭，並將年度收入預期上調至 170 億美元。

The strategic investments we are making provide us with the capacity to support our customers' multi-year AI roadmaps, and our deep partnership with industry leaders like Google and our expanding global footprint in Texas and Asia reinforces our confidence that our growth trajectory will be sustained into 2027 and beyond. We look forward to updating you on our continued progress next quarter and thank you again for joining the call.

我們正在進行的策略性投資使我們能夠支援客戶多年的人工智慧路線圖，我們與Google等行業領導者的深度合作以及我們在德克薩斯州和亞洲不斷擴大的全球業務，增強了我們對增長勢頭將持續到 2027 年及以後的信心。我們期待在下個季度向您報告我們的進度，再次感謝您參加本次電話會議。

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

今天的電話會議到此結束。感謝各位的出席。您現在可以斷開連線了。