Celestica Inc. (CLS) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Celestica second-quarter 2026 financial results and conference call. After today's prepared remarks, we will host a question-and-answer session. (Operator Instructions)

各位好。感謝各位加入我們，歡迎參加 Celestica 2026 年第二季財務業績與電話會議。在今天的預先準備發言之後，我們將進行問答環節。(接線員指示)

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

我現在把會議交給投資人關係主管 Matthew Pallotta。請開始。

Good morning, and thank you for joining us on Celestica's Q2 2026 financial results conference call. On the call today, we have Rob Mionis, Chair of the Board and Chief Executive Officer; and Mandeep Chawla, Chief Financial Officer.

各位早安，感謝各位參加 Celestica 2026 年第二季財務業績電話會議。今天與會者包括董事會主席兼執行長 Rob Mionis，以及財務長 Mandeep Chawla。

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 third quarter of 2026, our 2026 annual outlook, and anticipated trends in our industry and their anticipated impact on our business. These are based on management's current expectations, forecasts, and assumptions as of July 27.

請注意，在本次電話會議過程中，我們將發表前瞻性陳述，包括與 Celestica 未來表現、我們的業務展望、2026 年第三季指引、2026 年全年展望，以及我們產業的預期趨勢及其對我們業務的預期影響相關的陳述。這些陳述係基於管理層截至 7 月 27 日的目前預期、預測與假設。

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

這些前瞻性陳述受到風險與不確定性影響，可能導致實際結果與我們的預期有重大差異，而其對我們業績的潛在影響目前無法可靠預測。關於重大假設、風險與不確定性的辨識與討論，請參閱我們向 SEC 及於 CDAR+ 提交的公開文件，以及我們網站投資人關係專區。除非法律明確要求，否則我們不承擔更新這些前瞻性陳述之義務。

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，我們將提及多項非 GAAP 財務衡量指標，這些指標已納入我們的財報新聞稿（可於我們網站的投資人關係專區取得），其中包含對該等非 GAAP 財務衡量指標的說明，以及與最可比 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；所有每股資訊均以稀釋後流通在外股數為基礎；所有比較數字均為年對年比較。

With that, I will now turn the call over to Rob.

接下來，我把電話交給 Rob。

Thank you, Matt, and good morning, everyone, and thank you for joining us on today's call.

謝謝你，Matt。各位早安，也感謝各位參加今天的電話會議。

As we cross the mid-year mark, we continue to see sustained and accelerating momentum across our portfolio. In the second quarter, we delivered revenue of $4.7 billion, and adjusted EPS of $2.54, both exceeding the high end of our guidance ranges. This performance was backed by an adjusted operating margin of 8.2%, a new high for the company. These results reflect strong operational execution across both segments, alongside record demand from our CCS customers.

隨著我們跨過年中，我們持續看到整體產品組合呈現持續且加速的動能。第二季我們實現營收 47 億美元，調整後每股盈餘（adjusted EPS）為 2.54 美元，兩者皆超越我們指引區間的上緣。此表現由 8.2% 的調整後營業利益率支撐，創公司新高。這些結果反映我們在兩大事業部門皆有強勁的營運執行力，同時也受惠於 CCS 客戶創紀錄的需求。

Within CCS, we continue to expand with leading hyperscale customers through close alignment on multi-year capacity roadmaps. Rapid progression in technology upgrade cycles in networking and AI compute are driving broad demand, and we are in the process of ramping a number of significant new programs expected to launch in the second half of the year and into 2027. At the same time, our ATS Segment continues to see strong profitability improvements alongside solid revenue growth during the quarter.

在 CCS 方面，我們透過與領先的超大規模（hyperscale）客戶就多年期產能藍圖緊密對齊，持續擴張合作。網路與 AI 運算的技術升級週期快速推進，帶動廣泛需求；我們正逐步量產多個重要新專案，預計於今年下半年至 2027 年陸續啟動。同時，我們的 ATS 事業部門在本季營收穩健成長之際，獲利能力也持續顯著改善。

Before I provide an update on our longer-term business outlook, I would like to turn the call over to Mandeep, who will take us through our Q2 results and Q3 guidance. Mandeep, over to you.

在我提供較長期的業務展望更新之前，我想先把電話交給 Mandeep，由他帶領大家回顧第二季業績與第三季指引。Mandeep，交給你。

Thank you, Rob, and good morning, everyone.

謝謝你，Rob。各位早安。

Revenue in the second quarter was $4.70 billion, up 62% and above the high end of our guidance range as strong demand and solid operational execution led to higher-than-expected revenue in our ATS segment and both of our CCS and markets.

第二季營收為 47.0 億美元，年增 62%，並高於我們指引區間的上緣；強勁需求與穩健的營運執行，使我們 ATS 事業部門以及 CCS 的兩個終端市場營收均高於預期。

Our non-GAAP operating margin was 8.2%, up of robust 80 basis points, with solid margin expansion in both segments, resulting primarily from improved operating leverage. Our adjusted earnings per share was $2.54, exceeding the high end of our guidance range and an increase of $1.15, or 83%.

我們的非 GAAP 營業利益率為 8.2%，大幅提升 80 個基點；兩大事業部門皆有穩健的利潤率擴張，主要來自營運槓桿改善。調整後每股盈餘為 2.54 美元，超越我們指引區間的上緣，並增加 1.15 美元，增幅為 83%。

Moving on to some additional metrics, adjusted gross margin was 11.5%, down 20 basis points, largely due to mix in our CCS segment. Our second-quarter adjusted effective tax rate was 20%. Lastly, our strong earnings growth and disciplined working capital management led to adjusted ROIC of approximately 55%, higher by 20 percentage points compared to the prior year.

再看其他指標，調整後毛利率為 11.5%，下降 20 個基點，主要由於 CCS 事業部門的產品組合影響。第二季調整後有效稅率為 20%。最後，強勁的獲利成長與嚴謹的營運資金管理，使調整後投入資本報酬率（ROIC）約為 55%，較去年提高 20 個百分點。

Turning now to our segment performance. Revenue in our CCS segment was $3.81 billion, up 84% compared to the prior year period, driven by very strong growth in both our communications and enterprise end markets. In the second quarter, the CCS segment accounted for 81% of total company revenue.

接著看各事業部門表現。CCS 事業部門營收為 38.1 億美元，較去年同期成長 84%，主要由通訊與企業兩個終端市場的強勁成長所帶動。第二季 CCS 事業部門占公司總營收的 81%。

Our communications end market revenue was up 62%, higher than our outlook of approximately 50%, primarily driven by growth in our 800G networking switch programs, complemented by continued strong demand in our 400G programs.

我們的通訊終端市場營收年增 62%，高於我們約 50% 的展望，主要由 800G 網路交換器專案成長所驅動，並由 400G 專案持續強勁需求所補強。

Revenue in our enterprise end market was up by 167%, well above our outlook of approximately 130%, driven by the accelerated ramp of an AI/ML compute program with a hyperscaler customer, and supported by stronger than expected demand in storage programs.

企業終端市場營收年增 167%，顯著高於我們約 130% 的展望，主要由與某超大規模客戶的 AI/ML 運算專案加速量產所帶動，並受惠於儲存（storage）專案需求強於預期。

In our HPS business, revenue was $1.9 billion in the second quarter, representing growth of 58%, driven by ramping 800G switch programs across multiple hyperscaler customers. Our HPS business accounted for 41% of total company revenue in the second quarter.

在我們的 HPS 業務方面，第二季營收為 19 億美元，年增 58%，主要由多家超大規模客戶的 800G 交換器專案量產所帶動。第二季 HPS 業務占公司總營收的 41%。

ATS revenue for the quarter was $888 million, higher by 8% and above our outlook of a mid-single-digit percentage increase. The solid performance was driven by revenue growth in each of our businesses. Our ATS segment accounted for 19% of total company revenue in the second quarter.

本季 ATS 營收為 8.88 億美元，成長 8%，並高於我們「中個位數百分比」成長的展望。此穩健表現來自我們各項業務的營收成長。第二季 ATS 事業部門占公司總營收的 19%。

Moving on to segment margins. Our CCS segment margin was 8.7% in the second quarter, an improvement of 40 basis points, driven by strong operating leverage from significantly higher volumes. Our ATS segment margin was 6.3%, up 100 basis points year to year, driven by operating leverage and higher engineering-driven product mix. In the second quarter, three customers each accounted for 10% or more of total revenue, accounting for 32%, 17%, and 14%, respectively.

接著看部門利潤率。第二季 CCS 事業部門利潤率為 8.7%，改善 40 個基點，主要由出貨量顯著提升帶來的強勁營運槓桿所驅動。ATS 事業部門利潤率為 6.3%，年對年提升 100 個基點，主要由營運槓桿與較高的工程導向產品組合所帶動。第二季有三家客戶各自占總營收 10% 或以上，分別占 32%、17% 與 14%。

Turning to working capital, at the end of the second quarter, our inventory balance was $3.4 billion, a sequential increase of $0.7 billion and higher by $1.5 billion compared to the prior year, driven by continued scaling to support significant growth and upcoming program ramps in our CCS segment, as anticipated.

再看營運資金，截至第二季末，我們的存貨餘額為 34 億美元，較前一季增加 7 億美元，並較去年增加 15 億美元；如先前預期，主要因持續擴大規模以支援 CCS 事業部門的顯著成長與即將到來的專案量產爬坡。

Cash cycle days for the quarter were 47, representing a 19-day improvement over the prior year and an 8-day improvement sequentially.

本季現金週轉天數為 47 天，較去年改善 19 天，並較前一季再改善 8 天。

Moving on to cash flows, we generated $147 million of free cash flow in the second quarter, and $285 million year to date. Our capital expenditures were $264 million, or approximately 5.6% of revenue, compared to 1.1% of revenue in the prior year quarter. Consistent with our prior outlook, our full-year 2026 capital expenditure guidance remains unchanged at approximately $1 billion.

接著看現金流，第二季我們產生自由現金流 1.47 億美元，年初至今為 2.85 億美元。資本支出為 2.64 億美元，約占營收 5.6%，相較去年同期為占營收 1.1%。與我們先前展望一致，2026 年全年資本支出指引維持不變，約為 10 億美元。

Our capital expenditure investments are intended to support the significant anticipated growth from currently ramping and awarded programs. They are underpinned by strong demand visibility and close alignment on multi-year capacity planning with our key customers.

我們的資本支出投資旨在支援目前正在爬坡及已獲授予之專案所帶來的顯著預期成長。這些投資以強勁的需求能見度為基礎，並與我們主要客戶在多年期產能規劃上保持緊密一致。

At the end of the second quarter, our cash balance was $536 million, while our gross debt was $740 million, resulting in a net debt position of $204 million. We had no draw outstanding on our revolver at the end of the quarter. Our gross debt to non-GAAP trailing 12-month adjusted EBITDA leverage ratio was 0.5 turns, an improvement of 0.1 turns sequentially, and 0.4 turns versus prior year. Our cash balance, in combination with our recently upsized revolver provides us with approximately $2.3 billion of available liquidity.

截至第二季末，我們的現金餘額為5.36億美元，而總負債為7.40億美元，淨負債部位為2.04億美元。截至季末，我們的循環信貸額度（revolver）並無任何動用餘額。我們的總負債對非GAAP過去12個月調整後EBITDA之槓桿比率為0.5倍，較前一季改善0.1倍，較去年同期改善0.4倍。我們的現金餘額加上近期擴增的循環信貸額度，為我們提供約23億美元的可用流動性。

As of June 30, we were in compliance with all financial covenants under our credit agreement. We did not repurchase shares for cancellation during the second quarter. While we continue to approach share repurchases on an opportunistic basis, our highest priority at this time is to reinvest in our business to support the unprecedented growth we anticipate over the coming years. We maintained a disciplined approach to capital allocation, deploying to the highest return opportunities in order to drive long-term shareholder value.

截至6月30日，我們符合信貸協議下所有財務契約條款。我們在第二季未回購股份以註銷。雖然我們仍以機會主義方式進行股份回購，但目前我們的最高優先事項是再投資於業務，以支援我們預期未來數年將出現的前所未有成長。我們維持嚴謹的資本配置方式，將資金投入回報最高的機會，以推動長期股東價值。

Now moving on to our guidance for the third quarter. Third-quarter revenue is projected to be between $5.25 billion and $5.55 billion, representing growth of 69% at the midpoint. Adjusted earnings per share is anticipated to be between $2.88 and $3.08, representing an increase of $1.40 at the midpoint or 89% growth compared to the prior year.

接下來談我們對第三季的財測指引。第三季營收預估介於52.5億至55.5億美元之間，以中位數計算成長69%。調整後每股盈餘（EPS）預期介於2.88至3.08美元之間，以中位數計算增加1.40美元，或較去年同期成長89%。

Assuming the achievement of the midpoint of our revenue and adjusted EPS guidance ranges, our adjusted operating margin is expected to be 8.4%, which would represent an increase of 80 basis points.

假設達成我們營收與調整後EPS指引區間的中位數，我們的調整後營業利益率預期為8.4%，將提高80個基點。

We anticipate our adjusted effective tax rate for the third quarter to be approximately 20%.

我們預期第三季的調整後有效稅率約為20%。

Finally, let's review our revenue outlook for each of our end markets. In our CCS segment, we expect revenue in our communications end market to grow approximately 60%, driven primarily by hyperscaler-led growth in 800G programs, as well as the commencement of mass production ramps in our first 1.6 terabit programs.

最後，讓我們檢視各終端市場的營收展望。在CCS事業部門，我們預期通訊終端市場營收約成長60%，主要由超大規模客戶（hyperscaler）帶動的800G專案成長所驅動，並且我們首批1.6太比特（terabit）專案將開始量產爬坡。

In our Enterprise end market, we expect growth of approximately 190%, driven in large part by the continued ramp in hyperscaler AI/ML compute, as well as improved demand in storage.

在企業（Enterprise）終端市場，我們預期約成長190%，主要受惠於超大規模客戶AI/ML運算持續爬坡，以及儲存需求改善。

In our ATS segment, we anticipate revenue to be up in the mid-teens percentage range, driven primarily by strong demand in our capital equipment business, as well as by new program ramps in our other businesses.

在ATS事業部門，我們預期營收將以十幾個百分點的幅度成長，主要由資本設備業務的強勁需求所帶動，並受其他業務中新專案爬坡的推動。

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

接下來，我將把電話會議交回給Rob，請他更新我們2026年全年財務展望，並就近期業務最新進展提供更多說明。

Thank you, Mandeep. We are once again raising our full-year 2026 annual outlook, driven by our strong first-half performance and strengthening second-half customer forecasts supported by improved component supply.

謝謝你，Mandeep。在上半年強勁表現，以及在零組件供應改善支持下、客戶對下半年預測轉強的帶動下，我們再次上調2026年全年展望。

Our revenue outlook increases from $19 billion to $20.5 billion, representing very strong growth of 65%. We are also raising our adjusted EPS outlook to $11.30, up from $10.15, representing growth of 87%. Reflected in our outlook is full-year adjusted operating margin of 8.4%, higher than our previous outlook of 8.1%. Finally, we are increasing our free cash flow outlook for 2026 from $500 million to $600 million which includes approximately $1 billion in planned CapEx.

我們的營收展望由190億美元上調至205億美元，代表非常強勁的65%成長。我們也將調整後EPS展望上調至11.30美元，先前為10.15美元，代表成長87%。我們的展望反映全年調整後營業利益率為8.4%，高於先前展望的8.1%。最後，我們將2026年自由現金流展望由5億美元上調至6億美元，其中包含約10億美元的計畫性資本支出（CapEx）。

Our outlook maintains a prudent view on component availability and the timing of new program reps. Looking beyond 2026, our visibility is very strong. This is driven by multi-year global capacity alignment with our key customers, along with improved component supply planning to effectively manage extended component lead times.

我們的展望仍對零組件可得性及新專案重複訂單（reps）的時點採取審慎看法。展望2026年之後，我們的能見度非常強。這主要來自與主要客戶進行多年期的全球產能對齊，以及改善零組件供應規劃，以有效管理延長的零組件交期。

For 2027, as a result of exceptionally strong customer demand and new program wins, we expect our revenue growth rate to accelerate as compared to the 65% growth expected in our 2026 annual outlook. Furthermore, as we continue expanding our adjusted operating margins, we anticipate our adjusted EPS growth rate to outpace our revenue growth. We look forward to providing a detailed full-year outlook for 2027 later this year.

對於2027年，受惠於異常強勁的客戶需求與新專案得標，我們預期營收成長率將較2026年全年展望所預期的65%成長進一步加速。此外，隨著我們持續擴大調整後營業利益率，我們預期調整後EPS成長率將超越營收成長。我們期待在今年稍晚提供2027年更詳細的全年展望。

Now moving on to discuss the business outlook for our segments and beginning with CCS. Based on our updated 2026 annual outlook, we now anticipate CCS revenue to grow by approximately 85%.

接下來討論各事業部門的業務展望，先從CCS開始。根據我們更新後的2026年全年展望，我們目前預期CCS營收約成長85%。

In Communications, we expect strong momentum to continue through the rest of the year, driven by continued growth in 800G Ethernet switch programs. Alongside the launch of mass production for 1.6T programs with two hyperscaler customers beginning in the third quarter. In 2027, we expect that the combination of continued growth in 800G volumes alongside the acceleration of 1.6T ramps across our customer base will drive very strong growth.

在通訊領域，我們預期強勁動能將延續至今年其餘時間，主要由800G乙太網路交換器專案持續成長所帶動。同時，自第三季起，將與兩家超大規模客戶啟動1.6T專案的量產。在2027年，我們預期800G出貨量持續成長，加上1.6T在客戶群中的爬坡加速，將帶動非常強勁的成長。

Within our eEnterprise end market, our outlook for the second half of 2026 remains exceptionally robust. As we see strengthening demand in our AI compute portfolio. We expect to continue this strong growth into 2027, driven by the ramp of multiple compute programs.

在我們的企業（Enterprise）終端市場中，對於2026年下半年的展望仍然極為強勁。因為我們看到AI運算產品組合的需求持續增強。我們預期在多個運算專案爬坡的帶動下，這股強勁成長將延續至2027年。

Additionally, later this year, we expect to commence initial deliveries of custom racks for our digital native customer, whom we are pleased to share is OpenAI. In our role as a strategic systems partner, Celestica will collaborate with OpenAI and Broadcom in support of their multi-generational custom accelerator roadmaps, beginning with a Jalapeno accelerator with mass production planned in 2027. As OpenAI's custom accelerator roadmaps advance towards future generations, Celestica will continue to provide its expertise to support their multi-gigawatt scale deployments.

此外，我們預期在今年稍晚開始向我們的數位原生客戶交付客製化機櫃（custom racks）的初期出貨；我們很高興分享該客戶為OpenAI。作為策略性系統合作夥伴，Celestica將與OpenAI及Broadcom合作，支援其跨世代客製化加速器藍圖，首先是Jalapeno加速器，並計畫於2027年量產。隨著OpenAI的客製化加速器藍圖推進至未來世代，Celestica將持續提供專業能力，以支援其多GW（gigawatt）規模的部署。

Now, moving on to our ATS segment, we are updating our full-year outlook, which now calls for revenue growth of approximately 10%. Growth is accelerating in the second half of the year, largely driven by sequential growth in our capital equipment business, where stronger wafer fab equipment demand tailwinds are anticipated to continue into 2027. This momentum will be complemented by continued growth across the rest of our portfolio, supported by new program wraps.

接著談我們的ATS事業部門，我們更新了全年展望，目前預期營收約成長10%。下半年成長加速，主要由資本設備業務的季對季成長所帶動；我們預期更強勁的晶圓廠設備需求順風將延續至2027年。此動能亦將由我們其餘產品組合的持續成長所補強，並受新專案收尾（wraps）支持。

We also remain positive on the trajectory of strengthening ATS segment margins. We anticipate that this momentum will continue as the portfolio benefits from both improving mix and leverage from returning revenue growth.

我們對ATS事業部門利潤率走勢持續改善亦保持正向看法。我們預期隨著產品組合受惠於組合改善與營收成長回升所帶來的營運槓桿，此動能將持續。

Looking ahead, our demand pipeline remains at record levels. Across key customer programs, we continue to see improving multi-year visibility into AI infrastructure investments, which reinforces our confidence in our growth trajectory through the remainder of 2026, and into 2027. Combined with strong operational execution and disciplined capital allocation, we believe we are well-positioned to expand margins, deliver EPS growth, and return strong long-term value for our shareholders.

展望未來，我們的需求管線仍處於歷史高位。在主要客戶專案方面，我們持續看到AI基礎設施投資的多年期能見度改善，這強化了我們對2026年剩餘期間以及2027年成長軌跡的信心。結合強勁的營運執行與嚴謹的資本配置，我們相信公司已具備良好條件以擴大利潤率、實現EPS成長，並為股東帶來強勁的長期價值回報。

With that, I will now turn the call over to the operator to open the line for questions.

接下來，我將把電話會議交給接線員，開放提問。

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

我們現在開始問答環節。（接線員指示）

Tim Long, Barclays.

Tim Long，巴克萊。

Thank you. Yeah, one question and then I'll have a follow-up after. Maybe, I know you don't want to get too into the 2027, but the acceleration of growth is obviously pretty meaningful. So we're looking at $13 billion or so incremental revenues. Could you just maybe at a high-level talk about how much those new programs are contributing? I think there's the OpenAI that you mentioned and two others. AMD and 1.6T CPO switch.

謝謝。是的，一個問題，之後我還會再追問一個。或許，我知道你們不想太深入談 2027 年，但成長加速顯然相當有意義。所以我們看到大約 130 億美元左右的增量營收。你能否在高層次談談這些新專案各自貢獻了多少？我想有你提到的 OpenAI，還有另外兩個。AMD 以及 1.6T CPO 交換器。

So if you could just give us a little bit of color on new versus existing, and then I'll have a follow-up right after that.

所以如果你能就新專案與既有專案的占比提供一些說明，之後我會立刻再追問。

Sure, Tim. Good morning. What we're seeing in 2027, first is we see scaling of 800G programs and also the scaling of the 1.6T switch programs. And this is complemented on top of very strong growth or I should say continued growth of 400G. So 400G as we go from '26 to '27 is remarkably resilient. Then on top of that, half of 2027, we have ramps of next-generation AI/ML compute programs.

當然可以，Tim。早安。我們在 2027 年看到的，首先是 800G 專案的擴量，以及 1.6T 交換器專案的擴量。此外，在 400G 方面也有非常強勁的成長，或者我應該說是持續成長。因此，400G 從 2026 年到 2027 年的表現相當有韌性。再加上 2027 年下半年，我們將開始放量下一代 AI/ML 運算專案。

And then to your question, we have our new customer act deployments with OpenAI and AMD, both are several billion-dollar opportunities that we see in 2027. Specifically on the AMD Helios scale-up platform, the pipeline on that program continues to grow. And again, that's a multi-billion dollar program in 2027.

然後回到你的問題，我們與 OpenAI 和 AMD 的新客戶 ACT 部署，兩者在 2027 年都是我們看到的數十億美元等級機會。特別是在 AMD Helios scale-up 平台上，該專案的管線仍在持續成長。而且同樣地，這在 2027 年是一個數十億美元等級的專案。

On top of that, ATS is also really coming into its own. Its margins are improving and the growth fueled by capital equipment is really adding fuel to the fire for 2027.

此外，ATS 也正逐步展現其實力。其毛利率正在改善，而由資本設備帶動的成長，確實為 2027 年火上加油。

Great. If I could just follow-up on gross margin. It seems like a solid performance in the quarter. Maybe just a little bit how we should think of that as the complexion of the business changes. A lot of these newer programs are pretty scale and some of them, I think they're mostly HPS. So with just a high level on profitability and how HPS can impact that over the next year?

很好。我想追問一下毛利率。本季看起來表現穩健。隨著業務組合改變，我們應該如何看待毛利率走勢？許多較新的專案規模都很大，而且其中一些我認為主要是 HPS。所以能否從高層次談談獲利能力，以及未來一年 HPS 可能如何影響？

Hey, Tim, it's Mandeep here. So we're pleased with where gross margin is coming in at right now, up a little bit sequentially, and we do believe that we should be able to maintain being around the mid-11s as we go through 2026. As we look into 2027, still dialing in some of the specifics, to your point, we do have some positive benefits coming through. We're going to be seeing accelerated growth in HPS. The ramping of networking switches, which are primarily HPS.

Tim 你好，我是 Mandeep。我們對目前毛利率的表現感到滿意，較前一季小幅上升；我們也相信在 2026 年期間，毛利率應可維持在 11% 中段左右。展望 2027 年，我們仍在敲定一些細節；如你所說，我們確實會看到一些正面效益逐步顯現。我們將看到 HPS 的加速成長。以及網路交換器的放量，而這些主要屬於 HPS。

And so, that definitely helps us. We're still working through the mix impacts as we look at the rest of the portfolio. But what I'll point you back to then is operating profit. We have a lot of confidence right now that we will see operating profit expansion for yet another year as we go into next year.

因此，這確實對我們有幫助。我們仍在評估其餘產品組合的組合影響。不過我想請你回到營業利益來看。我們目前非常有信心，明年我們將再度看到營業利益擴張。

Joseph Cardoso, JP Morgan.

Joseph Cardoso，摩根大通。

Good morning, and thanks for the question. Maybe as a follow-up to the revenue guidance, it's great to see the increase here for this year and next year as well. But maybe just given the context of the broader supply constraints we're seeing in the industry, both perhaps direct and indirect, can you maybe talk to how those have tracked through the quarter or the quarter today and to what extent are they acting or still acting as limiters to the guidance? Are you seeing it materialize worse or are you seeing it more easier to navigate?

早安，謝謝讓我提問。或許作為營收指引的追問，很高興看到今年以及明年的上修。但在目前產業中我們看到更廣泛的供應限制背景下，無論是直接或間接的，你能否談談這些限制在本季或截至目前的變化情況，以及它們在多大程度上正在、或仍在，成為指引的限制因素？你們看到情況變得更糟，還是更容易應對？

Thanks, Joe. Yes, we performed better than we expected this quarter. The team has really been outstanding in navigating a very tight supply chain. Demand across the AI data center infrastructure continues to outpace the global component supply. However, in our '26 commitments and our '27 outlook, we are appropriately hedged. In fact, frankly, we find it manageable. We're continuing to work closely with our customers and our suppliers to secure even improved capacity as we move into 2027 and it's an ongoing process.

謝謝你，Joe。是的，本季我們的表現優於預期。團隊在應對非常緊張的供應鏈方面表現確實出色。AI 資料中心基礎設施的需求持續超過全球零組件供給。不過，針對我們 2026 年的承諾與 2027 年的展望，我們已做了適當的避險安排。事實上，坦白說，我們認為是可控、可管理的。我們會持續與客戶及供應商緊密合作，在邁向 2027 年的過程中爭取更好的產能，這是一個持續進行的流程。

But ultimately, the positive side of this is that the supply tightness that we're seeing really reflects the strength in the multiyear durability of the underlying demand pipeline that we see. And frankly, the unprecedented levels of demand visibility is enabled by extended lead times. So this supply chain constraint is really helping us do a better job of planning with our suppliers and with our customers, and it's giving us confidence in our longer-term outlook.

但最終，正面的一點是，我們看到的供應緊張其實反映了我們所見到的、底層需求管線在多年期的強勁與持久性。坦白說，前所未有的需求能見度，是由延長的交期所促成。因此，這些供應鏈限制反而幫助我們與供應商及客戶做更好的規劃，也讓我們對長期展望更有信心。

Just one thing to maybe add to that would be, if you just look at holistically through '26 and through '27, we have the capacity in place to execute the demand that's there for 2026. We have the capacity plans in place to execute the demand in 2027. However, the constraint is really around materials. And so, we've taken that into our -- into consideration when providing the figures that we're providing. But the demand does exceed the revenue figures that we've been sharing.

另外補充一點，如果你從整體來看 2026 年與 2027 年，我們已具備執行 2026 年現有需求所需的產能。我們也已制定產能規劃，以執行 2027 年的需求。不過，限制主要是在材料端。因此，我們在提供目前這些數字時，已將其納入—納入考量。但需求確實高於我們所分享的營收數字。

Ruben Roy, Stifel.

Ruben Roy，Stifel。

Yes, thank you, Rob, to start with, can you maybe spend a minute on how you're thinking about 1.6T ramps? There's been a lot of discussion about pace of those ramps, et cetera. Obviously, 800 gig is continuing to do well for you guys and you're talking about continued expansion in '27. So I'm just wondering if you could maybe talk about what customers are thinking in terms of 1.6T ramps, and if you think there's a crossover coming in '27 or if not, if you give us how you're thinking about the mix, that would be helpful. Thank you.

是的，謝謝你，Rob。首先，你能否花一點時間談談你們如何看待 1.6T 的放量？市場對於放量速度等議題有很多討論。顯然 800G 對你們而言仍表現良好，而且你們也提到 2027 年會持續擴張。所以我想了解一下，客戶對 1.6T 放量的想法是什麼，以及你是否認為 2027 年會出現交叉點；若不是，也請談談你們對產品組合的看法，這會很有幫助。謝謝。

Sure. So 1.6T really starts ramping coming into its own in the back half of '26 and really surging in 2027. Again, we have 10 active 1.6T programs in the mix, and they'll start really picking up in 2027 on top of some very strong growth, year-over-year growth in 800G.

當然。1.6T 會在 2026 年下半年開始真正放量並逐步成形，並在 2027 年大幅加速。同樣地，我們目前組合中有 10 個正在進行的 1.6T 專案，它們會在 2027 年開始明顯放量，同時 800G 也將維持非常強勁的年對年成長。

On top of that, the pipeline for 1.6T in terms of sales pipeline is continuing to grow, and we probably will end up booking some additional awards here in the coming quarters. And there's some programs still in development that will also start kicking in the latter half of 2027.

此外，1.6T 的銷售管線仍在持續成長，我們可能會在接下來幾季再拿下一些新增案子。也有一些仍在開發中的專案，將在 2027 年下半年開始貢獻。

Thanks, Rob. I know I only have one question, but if you could maybe just comment on CPO as well, any of the one win. Is that on track with the way you're thinking about timing and any additional customer discussions around CPO? That's all I have.

謝謝你，Rob。我知道我只能問一題，但也想請你順便評論一下 CPO，以及那個單一的得標案。它的進度是否符合你們對時程的預期？以及是否有更多與客戶就 CPO 的討論？我就這些。

(inaudible) The samples for that CPO win will come out in the first half of '27, and mass production for that program will start in the second half of 2027. And we continue to work with that customer on next-generation technologies to further their technology roadmap.

(聽不清) 那個 CPO 得標案的樣品將在 2027 年上半年出來，而該專案的量產將在 2027 年下半年開始。我們也持續與該客戶合作下一代技術，以進一步推進其技術路線圖。

Michael Ng, Goldman Sachs.

Michael Ng，高盛。

Hi, good morning. Thank you so much for the question. I just wanted to ask for a few more details on the 2027 revenue growth guidance improvement. Could you just talk a little bit about what changed most significantly to raise the growth outlook? Was it more on the communication side or the enterprise side? Any specific programs or deals that give you that confidence and visibility to increase the outlook at this stage of the year.

嗨，早安。非常感謝讓我提問。我想再請教一些關於 2027 年營收成長指引上修的細節。能否談談是哪些最關鍵的變化，讓你們提高了成長展望？是通訊端的變化較多，還是企業端較多？是否有任何特定專案或交易，讓你們在今年這個時間點就有信心與能見度去上調展望？

So just from 90 days ago, our AI/ML compute demand has significantly increased for 2026 and also leading into 2027. That has given us confidence. The demand pipeline for the next generation racks for AMD next generation racks also continue to increase. And then our base demand across networking for 800G programs has also just dramatically increased for 2027. As Mandeep mentioned earlier, we do have the capacity to support that demand and hence we raised our outlook for 2027.

相較於 90 天前，我們在 2026 年以及延伸到 2027 年的 AI/ML 運算需求已顯著增加。這讓我們更有信心。針對 AMD 下一代機櫃（racks）的下一代機櫃需求管線也持續增加。此外，我們在網路領域、針對 800G 專案的基礎需求，對 2027 年而言也大幅提升。如同 Mandeep 先前提到的，我們具備支援該需求的產能，因此上調了 2027 年展望。

Michael, maybe I'll just add on to Rob's comments. We've talked about this a little bit over the last six months or so, but the capacity planning discussions we're having are allowing us to have some very forward-looking conversations with our customers. We're having demand conversations in 2027 for 2028, and in some cases even for 2029. And to Rob's point, the demand is continuing to strengthen. The forecast visibility in many cases is widening.

Michael，我補充一下 Rob 的說法。過去大約六個月我們多少談過一些，但我們正在進行的產能規劃討論，使我們能與客戶進行非常前瞻性的對話。我們正在談 2027、2028 的需求，在某些情況下甚至談到 2029。如 Rob 所說，需求持續轉強。在許多情況下，預測能見度正在擴大。

But really, what's changed in the last three to six months is you've got to start ordering the materials. And with extended lead times now, with some products being well above 52 weeks, we really needed to solidify the demand outlook for next year. And so, with those orders now in place, it gives us just that one extra level of confidence to be able to share the numbers that we did.

但真正過去三到六個月的變化是：你必須開始下單採購材料。而在目前交期延長的情況下，有些產品的交期遠超過 52 週，我們確實需要把明年的需求展望敲定。因此，隨著這些訂單現在已到位，我們就多了一層信心，能夠分享我們所提供的那些數字。

Ruplu Bhattacharya, Bank of America.

Ruplu Bhattacharya，美國銀行。

Hi, thanks for taking my question. I have one question, but as you may have guessed, it's going to be in two parts. The first question is, Rob, you're guiding very strong growth for fiscal '27, much stronger than we had expected. What are some of the -- what are two or three of the key assumptions that are embedded in this outlook that investors should monitor over the next six months or so? I'm trying to get at what are some of the risk factors that investors should keep in mind.

嗨，謝謝讓我提問。我有一個問題，但如你們所料，會分成兩個部分。第一個問題是，Rob，你們對 2027 財年的成長指引非常強勁，遠高於我們原先預期。在這個展望中內含的兩到三個關鍵假設是什麼？投資人未來大約六個月應該關注哪些？我想了解的是，投資人應該留意哪些風險因素。

And the follow-up for Mandeep, because of all the geopolitical uncertainty, are you getting requests for more regional manufacturing and do you see this as an opportunity to expand in North America versus in Southeast Asia and other places?

接著問 Mandeep：由於地緣政治不確定性，你們是否收到更多「區域化製造」的要求？你是否將此視為在北美（相較於東南亞及其他地區）擴張的機會？

Sure. In terms of the risk factors, they always continue to be the same. It's largely at this stage of the game around continued material supply and continued resupply. That being said, as Mandeep mentioned earlier, the lead times for components are quite long and our suppliers, I mean, our customers have placed non-cancel, non-refundable orders for long lead silicon which gives us confidence for that. We've also have supply agreements on hard to find components such as memory and PWBs, things along those lines. So we think we've effectively managed the risk on the downside.

好的。就風險因素而言，一直都差不多。在目前這個階段，主要仍是持續的材料供應以及持續補貨（resupply）。不過，如同 Mandeep 先前提到的，零組件交期相當長，而我們的供應商——我是說，我們的客戶——已針對長交期矽料下了不可取消、不可退款的訂單，這讓我們對此更有信心。我們也針對一些難以取得的零組件（例如記憶體與 PWB 印刷線路板等）簽有供應協議。因此我們認為已有效管理下行風險。

In terms of the upside, just unprecedented demand increases across the board, specifically in AI/ML compute and also in networking, we feel like we're gaining share across the board, driven by our ability to execute and execute well at scale. And that's also enabling us to provide solid 2027 guidance. Again, for 2027, we feel that it's continuing to unfold and we're refining it. So we're not placing a ceiling on the upside at this time, but the guidance that we gave, we felt very comfortable at this stage.

至於上行面，整體需求出現前所未見的增加，尤其是在 AI/ML 運算以及網路領域；我們覺得自己在各方面都在提升市占，這是由我們能夠執行、並且在規模化下良好執行所帶動。這也使我們能提供穩健的 2027 年指引。再次強調，對 2027 年而言，我們認為情勢仍在持續發展，我們也在持續精煉。所以目前我們不會對上行設下天花板，但就我們所給出的指引而言，在這個階段我們感到非常有把握。

And Ruplu, just to also address your question around the operational footprint, and I'll tie it back to dollars as well because I'm sure that this is top of mind as well. We still think the $1 billion of CapEx for this year is the right number, around a little bit just based on the timing of payments. We think the $1.5 billion is a good placeholder still for next year. We'll give a number in October because if that number is to go up in May, it'll really be reflective of the demand that we're seeing in 2028.

Ruplu，我也回應你關於營運據點（operational footprint）的问题；我也會把它和金額連結起來，因為我相信這也是大家很關心的。我們仍認為今年 10 億美元的資本支出（CapEx）是合適的數字，可能會因付款時點而略有上下。我們也認為明年 15 億美元仍是個不錯的暫定基準。我們會在 10 月給出數字，因為如果該數字要在 5 月上調，那將真正反映我們在 2028 年看到的需求。

So then, when you look at where that capacity is being deployed, it really is quite global in nature. We are adding capacity in Thailand, which is one of our flagship locations. Supporting a number of the highest growth customers, just a fantastic execution track record in Thailand. But we're making expansions in Japan at the request of our customers as well and moving some switching business into Japan.

接著看產能部署的位置，其實本質上是相當全球化的。我們正在泰國增加產能，泰國是我們的旗艦據點之一。泰國支援了多家成長最快的客戶，且在泰國的執行紀錄非常出色。但我們也依客戶要求在日本擴產，並把部分交換器（switching）業務移到日本。

But we're making significant investments in the United States. In particular, in Richardson, Texas, we're expanding our existing footprint. In Fort Worth, Texas, we are already bringing online some new capacity and more capacity will come online next year as well. And so, we're finding that our customers right now are looking for an equal amount of growth in Asia as well as in the United States.

同時我們也在美國進行重大投資。特別是在德州 Richardson，我們正在擴大既有據點。在德州 Fort Worth，我們已經開始導入一些新產能，明年也會有更多產能上線。因此我們發現，目前客戶在亞洲與美國都希望有同等幅度的成長。

David Vogt, UBS.

David Vogt，瑞銀。

Great. Thanks, guys, for taking my questions. I have more of a thematic philosophical question for you guys. When you think about the demand that you're seeing that I think you called out, Rob, as unprecedented demand over the next several years. Can you help us understand -- I understand all the programs that are ramping 800 1.6 CPO, but are the bands wider in terms of what you're hearing from your customers? And what I mean by that is, are you seeing a wider range of potential outcomes from your customers given the supply chain uncertainty?

很好。謝謝各位回答我的問題。我有一個比較偏主題性、哲學性的問題。當你們思考你們所看到的需求——我記得 Rob 你提到未來幾年是前所未見的需求——能否幫我們理解一下：我了解所有正在爬坡的 800、1.6、CPO 專案，但你們從客戶那邊聽到的「區間」是否更寬？我的意思是，在供應鏈不確定性下，你們是否看到客戶端的潛在結果範圍更大？

And outside of CapEx, maybe Mandeep, what kind of capital support or working capital support are your customers asking for at this part of the cycle, given how strong demand is and potentially some limitations on capital at some of your potential customers going forward?

另外，除了資本支出之外，Mandeep，在這個週期的這個階段，考量需求如此強勁、且你們部分潛在客戶未來可能在資本上有所限制，你們的客戶正在要求哪些資金支持或營運資金（working capital）支持？

I would say earlier in the year, as the demand started picking up, our customers' demand signals were very dynamic. Just to use an analogy, I think all our customers threw a bunch of spaghetti on the wall, and they tried to figure out what would stick or not. And then after the supply chain, the broad supply chain tried to understand its true capacity and what it could scale, the demand signals then normalized and strengthened around the theory of constraints, if you will.

我會說在今年稍早、當需求開始回升時，我們客戶的需求訊號非常動態。打個比方，我覺得所有客戶都把一堆義大利麵丟到牆上，想看看哪些會黏住、哪些不會。接著，在供應鏈——整體供應鏈——試著理解其真正產能以及可擴張到什麼程度之後，需求訊號便開始正常化，並且在所謂的「限制理論」（theory of constraints）框架下轉而更為強勁。

So right now, what we're really just seeing is a very constant and growing set of demand signals from our customers. And hence, we've been working methodically with our suppliers to expand it. So I think the noise has calmed down quite a bit. Our customers, again, continue to want more than the supply chain could supply, but that is, again, not perishable demand. It's just giving us more visibility into the future when we're able to responsibly scale to achieve it.

所以就目前而言，我們真正看到的是來自客戶一組非常穩定且持續成長的需求訊號。因此，我們一直在與供應商有系統地合作以擴充產能。所以我認為雜音已經平息了不少。我們的客戶再次持續想要的量仍高於供應鏈所能供應的量，但那同樣不是會消失的需求。這只是讓我們在能夠負責任地擴大規模以達成需求時，對未來有更高的能見度。

And David, to your question around the engagement with our customers, we're surfacing the best customers in the world right now. We have very open and detailed conversations around balance sheet strength on both sides, ensuring that the commitments that we're making are supported by strong credit, to be very blunt about it.

David，針對你關於我們與客戶互動的問題，我們現在接觸到的是全球最優質的客戶。我們就雙方的資產負債表強度進行非常開放且深入的對話，確保我們所做出的承諾都有強健的信用作為支撐，坦白說就是如此。

To be equally blunt, we're not a bank, so we don't go and fund our customers' ability to grow. And so, we feel comfortable that when we're signing up for programs that we have the right contractual terms in place to protect both sides.

同樣坦白地說，我們不是銀行，所以我們不會去資助客戶的成長能力。因此，我們有信心在簽訂各項專案時，已具備適當的合約條款來保護雙方。

We do work very collaboratively with our customers. Long-term forecasting and increasing levels of visibility is where it really starts. In some cases, we have binding forecasts that go out 12 to 18 months in order to secure the materials. We do work with our customers on specialized equipment or non-recurring expenses to be covered by them, and we'll cover the majority of the rest of it.

我們確實與客戶非常協作。真正的起點在於長期預測以及提升能見度的程度。在某些情況下，為了確保材料供應，我們會有具約束力、涵蓋12到18個月的預測。我們也會與客戶就專用設備或一次性費用（非經常性費用）由客戶承擔的部分合作，而其餘大部分則由我們承擔。

But really, we take a dynamic approach by customer. Based on their individual situations, but we have no concerns across our customer base at this time.

但基本上，我們會依不同客戶採取動態做法。會根據各自的個別情況調整，不過目前我們對整體客戶群沒有任何疑慮。

Thanos Moschopoulos, BMO Capital Markets.

Thanos Moschopoulos，BMO Capital Markets。

On AMD Helios, there's obviously been a lot of programs announced. Could you give us some color in terms of, at this point, how many you're involved in, what might represent potential opportunities and to what extent do you expect some of this revenue to start kicking in later this year?

關於AMD Helios，顯然已宣布了很多專案。你能否提供一些背景說明：截至目前你們參與了多少個、哪些可能代表潛在機會，以及你們預期其中部分營收在今年稍晚開始貢獻的程度？

So again, for the AMD Helios, we're the R&D design and manufacturing partner for the scale-up networking switch. And this switch forms the interconnect backbone for the entire rack. We are shipping samples towards the end of 2026, and the ramp begins in earnest in the first half of 2027. Again, this rack has interest and demand and orders from several customers, and the pipeline is growing. At this stage of the game in 2027, we view this as a multibillion-dollar pipeline and growing.

再談AMD Helios，我們是其scale-up網路交換器的研發設計與製造合作夥伴。而這個交換器構成整個機櫃（rack）的互連骨幹。我們將在2026年底前後出貨樣品，並在2027年上半年開始正式放量爬坡。同樣地，這個機櫃已獲得多家客戶的興趣、需求與訂單，而且管線仍在成長。以2027年這個階段來看，我們認為這是一個數十億美元規模且持續成長的管線。

And should we assume that you're involved in most of those programs or is it up to each hyperscaler to determine the configuration of the rack?

那我們是否可以假設你們參與了其中大多數專案？還是由各家超大規模業者（hyperscaler）自行決定機櫃的配置？

No, we're involved in all of these programs.

不，我們參與了所有這些專案。

Robert Young, Canaccord Genuity.

Robert Young，Canaccord Genuity。

Hi, I just wanted to dig deeper on the CCS margin outlook. It looks like the non-HPS elements of that business are tracking that margins approaching HPS. I was curious what the driver is. And if you could also discuss the margin profile for 400, which is remaining at higher levels of demand than you expected, and then what it looks like in 800 and 1.6 terabyte going forward. Is it a similar margin profile or is there something to understand there?

嗨，我想更深入了解CCS的毛利率展望。看起來該業務中非HPS的部分，其毛利率走勢正接近HPS。我想知道驅動因素是什麼。另外也請你談談400的毛利率輪廓：其需求仍維持在高於你們預期的水準；以及往後在800與1.6TB的情況會如何。毛利率輪廓是否相近，或其中有什麼需要特別理解的地方？

Hey, Rob. Nice to talk to you. Look, the CCS business is performing very well from a margin perspective, record margins in the last quarter, and we think that there continues to be an opportunity to see expansion there. You're hitting on a couple of different points, but how I would maybe bring it up a level is, are we growing in HPS or are we not? And the vast majority of our switching programs are HPS, meaning a lot of our designs incorporated in there. A lot of our know-how, and that does allow us to have that reflected in price.

嗨，Rob。很高興和你交流。你看，從毛利率角度來看，CCS業務表現非常好，上季創下歷史新高的毛利率，我們也認為那裡仍有持續擴張的機會。你提到了幾個不同面向，但如果我把層次拉高一點來說，就是：我們是否在HPS上成長？而我們絕大多數的交換器專案都是HPS，代表其中納入了大量我們的設計。也包含大量我們的know-how，而這確實讓我們能在價格上反映出來。

And so, as we see an acceleration of networking growth next year, that will clearly be a benefit. We're still working through mixed impacts. Non-HPS business is not as margin rich as HPS products, so we're working through that piece right now.

因此，當我們看到明年網路成長加速時，這將明顯帶來助益。我們仍在消化產品組合（mix）帶來的影響。非HPS業務的毛利率不如HPS產品那麼高，所以我們目前正在處理這一塊。

But then the other area that we have very clear line of sight to is the operating leverage. We will continue to be very disciplined on our OpEx spend. And we do believe that we're going to see another year of very good operating leverage coming through on the back of really double-digit productivity across the majority of our sites. And so CCS is performing very well.

但另外一個我們有非常清楚能見度的領域是營運槓桿。我們將持續在營運費用（OpEx）支出上保持高度紀律。我們確實相信，憑藉我們在多數據點實現的兩位數生產力提升，將會再看到一年非常好的營運槓桿釋放。因此CCS表現非常好。

Just lastly, I'll talk about ATS. ATS is really benefiting us as well. We're really happy to see that the businesses return to growth. We see that growth accelerating in the back end of this year. We see growth next year as well. But from a margin perspective as well, ATS just has its highest margins in its history at 6.3%. And we think that based on the mix of our portfolio that there's an opportunity for expansion there as well as we go into next year. So really, multiple contributors right now to the margin story.

最後我也談一下ATS。ATS同樣也讓我們受益良多。我們很高興看到該業務重回成長。我們看到今年下半年成長將加速。我們也看到明年仍會成長。而從毛利率角度來看，ATS也創下歷史最高毛利率，達6.3%。我們認為，基於我們投資組合的組合結構，進入明年後那裡也有擴張的機會。所以目前毛利率故事有多個貢獻來源。

George Notter, Wolfe Research.

George Notter，Wolfe Research。

Hey guys, this is Aaron on for George. Can you talk a little bit more about what you're seeing in the scale-up landscape? Are there any other scale-up program opportunities beyond Helios? What you guys are seeing over the next school years? Great, thanks.

各位好，我是Aaron，代George提問。你們能否多談一些你們在scale-up版圖中看到的情況？除了Helios之外，是否還有其他scale-up專案機會？你們在接下來幾個學年會看到什麼？好的，謝謝。

Yeah, on scale-up, obviously there is Helios, but there's also the OpenAI rack that we're doing with respect to OpenAI timing. We're starting to deliver samples in 2026, and then that program will ramp in 2027 well into 2028 as well. We view this revenue opportunity, again, as a multi-billion dollar revenue opportunity from this.

是的，談到scale-up，當然有Helios，但也有我們正在做的OpenAI機櫃（rack），就OpenAI的時程而言。我們將在2026年開始交付樣品，接著該專案會在2027年放量，並一路延續到2028年。我們同樣將這個營收機會視為數十億美元規模的營收機會。

Regarding broader scale-up opportunities, broadly speaking, we have numerous engagements and discussions with folks to go into scale-up. Scale-up for us really started with 1.6T, and as we continue to win awards for integrated access, we expect this to be a huge opportunity for us.

至於更廣泛的scale-up機會，概括而言，我們與多方有許多合作接觸與討論，準備切入scale-up。對我們來說，scale-up其實是從1.6T開始的，而隨著我們持續在整合式接入（integrated access）方面贏得專案，我們預期這將是我們的一個巨大機會。

And to add from a customer logo perspective, to Rob's point, we're going to be seeing a lot of scale-up demand with OpenAI as well as AMD, but we're also winning a number of networking programs from one of our largest customers that is also in scale up. And so, we find this to be really encouraging. The TAM is expected to grow in scale up between now and the next three years quite substantially. And that's tracking for us because we're seeing it come through in the winds that we have.

另外，從客戶logo的角度補充一下，呼應Rob的觀點，我們將會看到來自OpenAI以及AMD的大量scale-up需求，但我們也正從我們最大客戶之一那裡贏得多個網路專案，而該客戶同樣也在scale-up領域。因此，我們覺得這非常令人鼓舞。預期scale-up的TAM將在現在到未來三年之間大幅成長。而這也符合我們的觀察，因為我們看到它已反映在我們贏得的訂單上。

John Shao, TD Cowan.

John Shao，TD Cowan。

Good morning, guys. Thanks for taking my question. I just wanted to ask about the turnkey versus consignment consideration, especially for new programs in 2027. So any changes on how you recognize the revenue, given some of your peers are choosing more consignment. And any implications when it comes to OpenAI program, given that it's more end to end? Thank you.

各位早安。感謝讓我提問。我想請教關於 turnkey（交鑰匙）與 consignment（寄售）模式的考量，特別是針對 2027 年的新專案。鑑於你們的一些同業正選擇更多寄售模式，在收入認列方式上是否會有任何變化？另外，考量到 OpenAI 專案更偏端到端（end-to-end），在這方面會有什麼影響嗎？謝謝。

Yeah, hey, John. So the answer is, maybe I'll start with OpenAI. I think it's fair to assume right now that that will have the dynamics of a consigned program. And so therefore, the material costs will not be flowing through our revenue. As you know, the vast majority of our networking has the silicon included, and the vast majority of our compute does not have the silicon included. And those dynamics are really holding as we go into next year. So no big change in the accounting side that's impacting our revenue.

好的，嗨，John。答案是——我先從 OpenAI 談起。我認為目前可以合理假設，那會具有寄售專案的特性。因此，材料成本不會流經我們的營收。如你所知，我們絕大多數的網通業務是包含晶片（silicon）的，而我們絕大多數的運算業務則不包含晶片。而這些動態在我們進入明年時基本上仍然維持不變。所以在會影響我們營收的會計處理面，沒有什麼重大變化。

Bastien Faucon-Morin, SIG.

Bastien Faucon-Morin，SIG。

Hi, Rob and Mandeep. Thank you for taking my question. I guess my question is on the fiscal year '26 outlook. You've raised both revenues and margin outlook for the year. When I look at the incremental margins on that $1.5 billion revenue, I get about 12% of operating margin of incremental. And I was wondering, how should we think about the drivers behind that margin improvement? Is that your cost of component supply that is improving or are you able to capture more value at those customers?

嗨，Rob 和 Mandeep。感謝讓我提問。我想問的是 2026 會計年度（fiscal year '26）的展望。你們上調了今年的營收與毛利率展望。當我看這增加的 15 億美元營收所對應的增量利潤率時，我算出大約是 12% 的營業利潤增量。我想請問，我們應該如何理解推動這項利潤率改善的因素？是零組件供應成本在改善，還是你們能在這些客戶身上取得更多價值？

And as a follow-up, if you were to have more supply unlocked, how should we think about the incremental margins on this subside.

另外追問一下，如果你們能解鎖更多供應量，我們應該如何看待在這種情況下的增量利潤率？

Hi, Bastien. I'm going to try and answer that at a little bit of a higher level, which is we are seeing margin expansion quarter to quarter, and it's being driven by two main things. The first one is that CCS margins are accretive to the company., and CCS is growing at a record rate this year. CCS is going to be growing close to 85% year over year. And then we're going to see a similar level of growth next year. Just naturally, as CCS becomes a bigger part of the pie, margins do have that benefit.

嗨，Bastien。我會試著用更高層次來回答：我們看到利潤率逐季擴張，主要由兩個因素驅動。第一，CCS 的利潤率對公司是增厚（accretive）的，而 CCS 今年正以創紀錄的速度成長。CCS 年增將接近 85%。而明年我們也會看到類似水準的成長。很自然地，當 CCS 在整體組合中的占比變大時，利潤率就會因此受益。

Within CCS, it's the two things that I had talked about. One is we're seeing an increasing level of HPS or ODM content. That allows strong pricing because of the value add that we're bringing. But then we're seeing operating leverage. Our factories right now are running at a high level of utilization. And it is not by accident. It's intentional because we know that you can drive very strong productivity in that type of environment. And so, we are seeing the benefits of operating leverage.

在 CCS 之內，就是我先前提到的兩件事。第一，我們看到 HPS 或 ODM 內容占比提高。由於我們帶來的附加價值，這讓我們能有更強的定價能力。第二，我們也看到營運槓桿。我們的工廠目前維持在高稼動率。這不是偶然。這是刻意為之，因為我們知道在那樣的環境下可以帶來非常強的生產力提升。因此，我們正在看到營運槓桿的效益。

To your point on if revenue was to continue to accelerate, well, we don't expect to add an SG&A dollar for every revenue dollar. So I would say the operating leverage flow-through should be there. The rest of it would really be mixed dependent.

至於你提到如果營收持續加速，我們不預期每增加 1 美元營收就要增加 1 美元的 SG&A（銷售、一般及行政費用）。所以我會說，營運槓桿的流入（flow-through）應該會存在。其餘部分則會更取決於組合（mix）。

Paul Treiber, RBC Capital Markets.

Paul Treiber，RBC Capital Markets。

Thanks so much and good morning. You mentioned that you're gaining market share across the board. Can you elaborate further on market share momentum within both Enterprise and Communications? And then specifically with programs becoming larger and larger, are you seeing the competitive intensity of those programs increasing and how you're working to retain share going forward?

非常感謝，早安。你們提到正在全面提升市占率。能否進一步說明在企業（Enterprise）與通訊（Communications）兩個領域的市占動能？另外，隨著專案規模越來越大，你們是否看到這些專案的競爭強度在提高？以及你們未來將如何維持市占？

Yeah. Sure, Paul. So broadly speaking, our customers are valuing continuity and surety of supply. One of the things that we do very well is that we are able to deliver high complex products to our customers reliably at scale. So in many cases where products were dual-sourced, and that's very common in our industry as products get awarded initially, we're usually the ramp partner. And then as they get mature, sometimes they get offloaded a second source for us to ramp the next generation.

是的。當然可以，Paul。整體而言，我們的客戶重視的是供應的連續性與確定性。我們做得非常好的一點是：我們能以可靠且可規模化的方式，為客戶交付高複雜度產品。因此在很多情況下，產品在最初得標時會採雙來源（dual-sourced），這在我們產業很常見；而我們通常是負責爬坡量產（ramp）的合作夥伴。等到產品成熟後，有時會把部分量轉給第二來源，讓我們去爬坡下一代產品。

In many cases, what we're seeing is our customers are asking us to pick up, take back some share that was potentially awarded to other providers because we can more reliably produce those products at scale, if you will. So we've seen that across the board and why we're able to rise to the occasion is that material is already pipelined so we don't have to get back in line. We're actually able to pick up that supply chain and just put it through our proven manufacturing processes. And we're seeing that certainly in Enterprise and also in Communications.

而在許多案例中，我們看到客戶要求我們接手、拿回一些原本可能分配給其他供應商的份額，因為我們能更可靠地以規模化方式生產這些產品。所以我們在各領域都看到這種情況；而我們之所以能挺身而出，是因為材料早已在供應鏈中排程到位（pipelined），我們不需要重新排隊。我們其實能把那條供應鏈接過來，直接導入我們經過驗證的製造流程。我們在企業領域以及通訊領域都確實看到了這點。

One thing I would add to that, Paul, is one of the things that we're hearing from our customers is the amount of value that is placed on the transition from designing a program to ramping a program. It is not easy. One of the differentiators we think that Celestica has is we have a very sizable design engineering organization, which we've been investing in for over a decade. That organization will be close to 2000 engineers by the end of this year.

另外我想補充一點，Paul：我們從客戶那裡聽到的是，從專案設計轉換到專案量產爬坡的過程，其價值被高度重視。這並不容易。我們認為 Celestica 的一項差異化優勢是，我們擁有相當龐大的設計工程組織，且已投資超過十年。到今年年底，該組織的工程師人數將接近 2000 人。

And so, being able to design the product in collaboration with our customer and then being able to work very collaboratively with the manufacturing side of the business to ramp it successfully. We believe, to Rob's point, has led to some market share gains.

因此，能與客戶協同設計產品，並且能與製造端非常緊密合作、成功完成量產爬坡。我們相信，正如 Rob 所說，這帶來了一些市占率提升。

Some people do design, some people do manufacturing, we do both and that's part of our secret sauce.

有些人做設計，有些人做製造；我們兩者都做，這也是我們的獨門秘訣之一。

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

目前沒有其他問題。我現在把電話會議交回給執行長 Rob Mionis 進行結語。

Thank you. Our strong second-quarter performance and momentum carrying us into the second half of the year gives us confidence to raise our full-year 2026 outlook. And continued exceptionally strong custom demand and strategic investments in our infrastructure are enabling us to accelerate our 2027 revenue growth past the 2026 65% mark.

謝謝。我們第二季強勁的表現，以及延續到下半年 的動能，讓我們有信心上調 2026 全年展望。此外，持續異常強勁的客製化需求，以及我們在基礎設施上的策略性投資，正使我們能將 2027 年的營收成長加速，超越 2026 年 65% 的水準。

Again, thank you for your support, and we are looking forward to update you next quarter.

再次感謝各位的支持，我們期待在下個季度向各位更新。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。