Flex Ltd (FLEX) 2025 Q3 法說會逐字稿

Thank you for standing by. Welcome to Flex's third-quarter fiscal 2025 earnings conference call. (Operator Instructions)

感謝您的支持。歡迎參加 Flex 2025 財年第三季財報電話會議。（操作員指令）

As a reminder, this call is being recorded. I'll now turn the call over to Mr. David Rubin. You may begin.

提醒一下，本次通話正在錄音。現在我將電話轉給大衛·魯賓先生。你可以開始了。

Thank you, Kevin. Good morning, and welcome to Flex's third-quarter fiscal 2025 earnings conference call. With me today is our Chief Executive Officer, Revathi Advaithi; our new Chief Financial Officer, Kevin Krumm; and our recent Interim Chief Financial Officer, Jaime Martinez. We'll give brief remarks followed by Q&A.

謝謝你，凱文。早安，歡迎參加 Flex 2025 財年第三季財報電話會議。今天與我一起的是我們的執行長 Revathi Advaithi；我們的新任財務長 Kevin Krumm；以及我們最近的臨時財務長 Jaime Martinez。我們將發表簡短的講話，然後進行問答。

Slides for today's call as well as a copy of the earnings press release and summary financials are available on the Investor Relations section at flex.com. This call is being recorded and will be available for replay on our corporate website.

今天的電話會議幻燈片以及收益新聞稿和財務摘要的副本可在 flex.com 的投資者關係部分找到。本次通話正在錄音，可在我們公司網站上重播。

As a reminder, today's call contains forward-looking statements, which are based on our current expectations and assumptions. These statements involve risks and uncertainties that could cause actual results to differ materially. For a full discussion of these risks and uncertainties, please see the cautionary statement in our presentation, press release or in the Risk Factors section in our most recent filings with the SEC. Note this information is subject to change, and we undertake no obligation to update these forward-looking statements.

提醒一下，今天的電話會議包含前瞻性陳述，這些陳述是基於我們目前的預期和假設。這些聲明涉及風險和不確定性，可能導致實際結果大不相同。有關這些風險和不確定性的全面討論，請參閱我們簡報、新聞稿或我們最近向美國證券交易委員會提交的文件中的風險因素部分中的警示聲明。請注意，此資訊可能會發生變化，我們不承擔更新這些前瞻性聲明的義務。

Please note, unless otherwise stated, all results provided will be non-GAAP measures, and all growth metrics will be on a year-on-year basis. The full non-GAAP to GAAP reconciliations can be found in the appendix slides of today's presentation as well as in the summary of financials posted on the Investor Relations website.

請注意，除非另有說明，所有提供的結果均為非 GAAP 指標，所有成長指標均以同比為基礎。完整的非 GAAP 與 GAAP 對帳表可在今天簡報的附錄投影片以及投資者關係網站上發布的財務摘要中找到。

Now I'd like to turn the call over to our CEO, Revathi?

現在我想將電話轉給我們的執行長 Revathi？

Thank you, David. Good morning and thank you for joining us today. So let us begin with results on slide 4. We had a very strong Q3, delivering another record quarterly operating margin and EPS. Revenue came in at $6.6 billion, with operating margins at 6.1% and EPS of $0.77. Now this is the first quarter we achieved operating margin above 6%. And not to jump ahead, we expect a 6% [handle] again in Q4.

謝謝你，大衛。早安，感謝您今天加入我們。讓我們從投影片 4 上的結果開始。我們的第三季表現非常強勁，季度營業利潤率和每股盈餘再創歷史新高。營收為 66 億美元，營業利潤率為 6.1%，每股收益為 0.77 美元。這是我們第一個季度實現營業利潤率超過 6%。我們預計第四季的成長率將達到 6%。

There could still be some fluctuations in the quarters ahead as we work through the current dynamics, but clearly, we're performing at incrementally higher levels. It's important to point out this consistent margin improvement comes from strong execution on our strategy to improve mix and efficiency in every business unit across Flex. And that is exactly what drove another quarter of record margin performance.

在我們處理當前的動態時，未來幾季仍可能出現一些波動，但顯然，我們的表現正在逐步提高。值得指出的是，利潤率的持續提升得益於我們強而有力地執行策略，即改善 Flex 每個業務部門的組合和效率。這正是推動利潤率再創季度紀錄的因素。

Pointing out a few other highlights in the quarter. We closed on our previously announced JetCool and Crown Systems acquisitions, both adding key technologies to our data center portfolio. JetCool expands our direct to chip liquid cooling capabilities and Crown Systems adds to our data center critical power capabilities as well as expanding our opportunities in grid modernization. We're also very excited to join the S&P MidCap 400.

指出本季的其他一些亮點。我們完成了先前宣布的 JetCool 和 Crown Systems 收購，這兩項收購均為我們的資料中心產品組合增添了關鍵技術。JetCool 擴展了我們的直接晶片液體冷卻能力，而 Crown Systems 增強了我們的資料中心關鍵電源能力，並擴大了我們在電網現代化方面的機會。我們也非常高興加入標準普爾中型股 400 指數。

Now turning to slide 5. Before I discuss the trends in the quarter, I want to acknowledge that there has been a lot of noise this week. It's early, and I think there's plenty for people to sift through in the coming days. In a minute, you'll hear how our data center business grew 45% year over year this quarter, and we expect similar growth to continue next quarter.

現在翻到投影片 5。在討論本季的趨勢之前，我想承認本週出現了很多噪音。現在還為時過早，我認為在接下來的幾天裡人們還有很多事情需要篩選。一會兒，您就會看到我們資料中心業務本季同比增長 45%，我們預計下個季度還將繼續保持類似的成長。

But the why is important here. Our opportunity comes from the major underlying technology transition towards increasingly dense compute, and this is driven by more than just AI. So even if you take the most pessimistic view from this week's headlines, we're still headed down this road. This transition will still drive increasing power needs from the chip level and echoing throughout the data center.

但這裡「為什麼」很重要。我們的機會來自於向日益密集的運算方向的重大底層技術轉變，而這不僅僅是由人工智慧推動的。因此，即使你從本週的頭條新聞中得出最悲觀的看法，我們仍然會走上這條道路。這種轉變仍將推動晶片層面的電力需求不斷增加，並在整個資料中心產生影響。

Also remember, we have consistently said we expect a multiyear data center CAGR closer to 20%. That's because we have seen these cycles before in the previous data center markets.

還記得，我們​​一直表示，我們預計資料中心的多年複合年增長率將接近 20%。這是因為我們之前在資料中心市場已經看過這些週期。

Lastly, the truth is there's been a lot of noise over the last five years, and yet we have continued to deliver. This is because we've improved the mix across our entire portfolio, becoming a more efficient company and executed better through the cycles. So whatever headlines comes tomorrow, we'll continue to focus on this strategy.

最後，事實是，過去五年來雖然出現了許多噪音，但我們仍在繼續努力。這是因為我們改善了整個投資組合的組合，成為了一家更有效率的公司，並且在整個週期中執行得更好。因此，無論明天的頭條新聞是什麼，我們都會繼續關注這項策略。

Now moving on. The trends in Q3 were largely as expected, with some additional strength coming from data center, from health solutions, and consumer-related markets. This quarter, our data center business grew a robust 45% year over year despite increasingly difficult comps. We continue to see sustained demand in our hyperscale cloud integration programs and our power portfolio resulting from AI-driven cloud expansion. We're seeing hyperscalers place greater emphasis on tailored solutions and looking for more help from fewer suppliers.

現在繼續。第三季的趨勢基本上符合預期，資料中心、健康解決方案和消費者相關市場也帶來了一些額外的推動力。本季度，儘管年增速愈發艱難，我們的資料中心業務仍較去年同期強勁成長 45%。由於人工智慧驅動的雲端擴展，我們繼續看到超大規模雲端整合計畫和電力組合的持續需求。我們看到超大規模企業更加重視客製化解決方案，並尋求更少供應商的更多協助。

Through our EMS plus products plus services strategy, Flex is the only provider whose cloud offering encompasses fully integrated racks, vertical services, and a power product portfolio that spans all the way from the grid to chip. This comprehensive offering is a true differentiator, and you can see from our growth that's resonating with our customers.

透過我們的 EMS 加產品加服務策略，Flex 是唯一一家雲端產品涵蓋完全整合機架、垂直服務以及從電網到晶片的電源產品組合的供應商。這種全面的產品是我們真正的差異化因素，您可以從我們的成長中看到它與客戶產生了共鳴。

As I mentioned before, we saw a very strong medical device demand in Q3. To give some perspective, we have exceptional capabilities in FDA-regulated medical technology design and advanced manufacturing at scale.

正如我之前提到的，我們看到第三季醫療設備需求非常強勁。從某些方面來看，我們在 FDA 監管的醫療技術設計和大規模先進製造方面擁有卓越的能力。

Looking out, we see a diverse set of longer-term opportunities in the med tech space. Of course, this includes medical devices, but also the med equipment markets as well as drug delivery technologies where we had a recent win with our GLP-1 injectors. Now med tech ramps take time, but the contracts tend to be long lived. So our strategy is about building the pipeline for future growth.

放眼未來，我們看到醫療科技領域存在著多樣化的長期機會。當然，這包括醫療設備，也包括醫療設備市場以及藥物傳輸技術，我們最近憑藉 GLP-1 注射器取得了成功。現在，醫療技術的提升需要時間，但合約往往是長期的。所以我們的策略是建構未來成長的管道。

As we previously mentioned, we are seeing softer near-term trends in automotive. Still, the longer-term trends towards advanced compute and powertrain modernization remains intact, and we have demonstrated we have market-leading technology and capabilities in both of these areas. So as these trends progress, we are confident we will enable our auto OEM customers to succeed in these important technology transitions.

正如我們之前提到的，我們看到汽車產業的短期趨勢較為疲軟。儘管如此，先進運算和動力系統現代化的長期趨勢仍然完好無損，並且我們已經證明我們在這兩個領域都擁有市場領先的技術和能力。因此，隨著這些趨勢的發展，我們有信心幫助我們的汽車 OEM 客戶在這些重要的技術轉型中取得成功。

Now reflecting on the portfolio overall, diversification is an important part of our strategy. Cycles come and go, but we have evolved to better create and capture opportunities in all of our end markets.

現在回顧整個投資組合，多樣化是我們策略的重要組成部分。週期來來去去，但我們已經進化到能夠在所有終端市場中更好地創造和抓住機會。

I also want to briefly address some of the questions we're getting around tariffs. We are frequently asked, does more manufacturing shift to the US? Or does it continue to expand across multiple geographies? Only time will tell, but the reality is that the global manufacturing environment has been in flux for a few years now. Remember, we have helped our customers navigate through tariffs 1.0 and then COVID, then the supply chain crisis and an ugly list of other major geopolitical events.

我還想簡單回答一下有關關稅的一些問題。我們常被問到，是否會有更多的製造業轉移到美國？還是它會繼續跨多個地區擴張？只有時間才能證明一切，但現實情況是全球製造業環境幾年來一直處於變化之中。請記住，我們已經幫助我們的客戶度過了關稅1.0、隨後的新冠疫情、供應鏈危機以及一系列其他重大地緣政治事件。

Stepping back, Flex is clearly one of the pre-eminent global manufacturing partners, who have been both a facilitator and beneficiary of [rationalization] trends set in motion by these previous events. We have established massive supply chains and a diversified global footprint. This includes one of the largest footprints in North America, with significant capabilities in the US.

退一步來說，Flex 顯然是全球傑出的製造合作夥伴之一，它既是這些先前事件引發的（合理化）趨勢的推動者，也是受益者。我們已經建立了龐大的供應鏈和多元化的全球足跡。其中包括在北美最大的業務之一，並且在美國擁有強大的實力。

Now for Flex, tariffs are a pass-through cost, and that is how it played out in the last round. I'd just add, there can sometimes be a lag in recovery timing, but it hasn't been a big issue. That's not to say there are no risks such as potential broader macro impact on slowing volumes, it is a very dynamic environment and something that we are monitoring closely.

現在對 Flex 來說，關稅是一種轉嫁成本，這就是上一輪的結果。我只想補充一點，恢復時間有時會有所滯後，但這不是什麼大問題。這並不是說不存在風險，例如潛在的更廣泛的宏觀影響導致交易量放緩，這是一個非常動態的環境，我們正在密切關注。

The resiliency and adaptability are embedded in our core competency. And as we have in the past, we're ready to help our customers adapt their manufacturing and supply chain strategies. However, the landscape evolves.

彈性和適應性是我們的核心競爭力。正如我們過去所做的那樣，我們已準備好幫助我們的客戶調整他們的製造和供應鏈策略。然而，情況不斷變化。

Lastly, I want to thank Jaime Martinez for stepping in as our Interim CFO. Jaime, you did an excellent job managing this transition, and I look forward to your future contributions at Flex.

最後，我要感謝 Jaime Martinez 擔任我們的臨時財務長。Jaime，你在管理這次過渡方面做得非常出色，我期待你未來在 Flex 做出貢獻。

Along with that, I'm excited to welcome our new CFO, Kevin Krumm. Kevin brings very strong financial experience across multiple industries that align with our longer-term strategy. He joined us a few weeks ago, but I'm sure he's ready for all the tough questions.

除此之外，我很高興歡迎我們的新任財務長 Kevin Krumm。Kevin 擁有多個行業的豐富財務經驗，這與我們的長期策略一致。他幾週前才加入我們，但我相信他已經準備好回答所有難題。

So I'll turn the call over to Kevin, who will take you through our financial results and guidance. Kevin?

因此，我將把電話轉給凱文，他將向您介紹我們的財務結果和指導。凱文？

Thank you, Revathi, and good morning, everyone. Before I get started, I too would like to thank Jaime. The leadership he has provided throughout this transition has been excellent, and I look forward to partnering with him as we both help move Flex forward. So thank you, Jaime.

謝謝你，Revathi，大家早安。在我開始之前，我也想感謝 Jaime。他在整個過渡期間發揮的領導作用非常出色，我期待與他合作，共同推動 Flex 向前發展。所以謝謝你，傑米。

Starting with our financial performance on slide 7. Third-quarter revenue was up 2% to $6.6 billion. The above expectations growth was driven primarily by our data center, health solutions, and consumer-related end markets. Gross profit totaled a new quarterly record of $610 million, and gross margin increased 150 basis points to 9.3%, driven by favorable mix improvements across all business units. Adjusted operating income was $399 million with operating margins at 6.1%, a substantial year-over-year improvement, up 120 basis points.

從幻燈片 7 上的財務表現開始。第三季營收成長2%至66億美元。上述預期成長主要受到我們的資料中心、健康解決方案和消費者相關的終端市場的推動。由於所有業務部門組合的良好改善，毛利創下季度新高，達到 6.1 億美元，毛利率增加 150 個基點，達到 9.3%。調整後營業收入為 3.99 億美元，營業利益率為 6.1%，較去年同期大幅提升，上升了 120 個基點。

This was driven by strong gross margin performance and continued cost execution. Finally, adjusted earnings per share for the quarter increased 43% year over year to a new Flex record of $0.77 per share.

這是由強勁的毛利率表現和持續的成本執行所推動的。最後，本季調整後的每股盈餘年增 43%，達到每股 0.77 美元的 Flex 新紀錄。

I'd like to reiterate something Revathi said, that's really stood out to me as I've dug into this company. This consistent margin improvement over multiple years now is coming from improving mix and efficiency in every business unit. It's not just one or two driving it. I think that really speaks to the power of building a diversified portfolio and doing it in the right end markets.

我想重申 Revathi 說過的一句話，當我深入了解這家公司時，這句話給我留下了深刻的印象。多年來利潤率持續提高得益於各業務部門結構和效率的改善。這不是僅由一兩個人推動的。我認為這確實體現了建立多元化投資組合併在正確的終端市場中進行投資的力量。

You can see this broad-based improvement again playing out this quarter as we turn to our quarterly segment results on the next slide. In Reliability, revenue was flat at $3 billion, driven by continued strength in power and medical devices offsetting auto, which remains challenged by a weak macro environment. Operating income was $198 million, and operating margin for the segment improved both sequentially and year over year to a quarterly record of 6.7% on favorable mix and strong cost execution in all business units.

當我們在下一張投影片中轉到季度分部業績時，您可以看到本季再次出現了這種廣泛的改善。可靠性業務方面，營收持平於 30 億美元，這得益於電力和醫療設備業務的持續走強，抵消了汽車業務的疲軟宏觀環境帶來的挑戰。營業收入為 1.98 億美元，由於所有業務部門的良好組合和強勁的成本執行，該部門的營業利潤率環比和同比均有所提高，達到季度創紀錄的 6.7%。

In Agility, revenue was up 4% to $3.6 billion, driven by strong cloud and consumer-related end markets. Operating income was $227 million with operating margins also improving sequentially and year over year to a record 6.3% on continued mix improvements and strong cost execution.

在 Agility 方面，受強勁的雲端和消費者相關終端市場的推動，營收成長 4% 至 36 億美元。營業收入為 2.27 億美元，由於產品組合持續改善和成本執行強勁，營業利潤率環比和同比均有所提高，達到創紀錄的 6.3%。

Moving to cash flow on slide 9. Free cash flow in the quarter was $306 million, driven by strong continued working capital management. Fiscal year-to-date, we have delivered $757 million of free cash flow, which firmly positions us to deliver our full-year target of $800 million-plus.

轉到幻燈片 9 上的現金流量。得益於強勁的持續營運資本管理，本季自由現金流為 3.06 億美元。本財年迄今為止，我們已實現 7.57 億美元的自由現金流，這有信心實現 8 億美元以上的全年目標。

On the topic of working capital, net inventory continued to improve, down 4% sequentially and 20% year over year. Inventory days net of working capital advances are now at a normalized level of approximately 56 days. In the third quarter, we repurchased $200 million of stock, totaling approximately 5.5 million shares, and fiscal year-to-date, we have repurchased over $950 million of stock.

在營運資本方面，淨庫存持續改善，季減 4%，年減 20%。扣除營運資金預付後的庫存天數目前處於正常水平，約 56 天。第三季度，我們回購了價值 2 億美元的股票，總計約 550 萬股，而本財年迄今為止，我們已經回購了超過 9.5 億美元的股票。

Third-quarter net CapEx totaled $107 million as we continue to target 2% of revenue for full year capital expenditures. Having completed the Crown and JetCool acquisitions, our cash balance at the end of the third quarter was approximately $2.3 billion.

第三季淨資本支出總計 1.07 億美元，我們持續將全年資本支出目標定為營收的 2%。完成 Crown 和 JetCool 收購後，我們在第三季末的現金餘額約為 23 億美元。

Please turn to slide 4 for our fiscal fourth quarter business outlook. For Reliability Solutions, we expect revenue to be flat to down mid-single digits with continued strength in power balanced against a soft automotive landscape. Agility Solutions revenue is expected to be flat to up mid-single digits driven by continued strong cloud demand.

請翻到投影片 4 查看我們第四財季的業務展望。對於可靠性解決方案，我們預計收入將持平或下降中位數個位數，但動力持續強勁，與汽車市場疲軟形成平衡。受持續強勁的雲端需求推動，Agility Solutions 營收預計將持平至中位數個位數成長。

I'll now focus on guidance for the fiscal fourth quarter on slide 11. For Q4, we expect revenue in the range of $6 billion to $6.4 billion, with adjusted operating income between $360 million and $400 million. Interest and other expense is estimated to be around $45 million, and we expect the adjusted tax rate to be around 19% for the quarter, which is in line with our full-year expectations.

我現在將重點放在投影片 11 上的第四財季業績指引。對於第四季度，我們預計營收在 60 億美元至 64 億美元之間，調整後的營業收入在 3.6 億美元至 4 億美元之間。利息和其他費用預計約為 4500 萬美元，我們預計本季調整後的稅率約為 19%，與我們的全年預期一致。

Lastly, we anticipate adjusted EPS to be between $0.65 and $0.73 per share based on approximately $394 million weighted average diluted shares outstanding.

最後，基於約 3.94 億美元的加權平均稀釋流通股，我們預計調整後的每股盈餘將在 0.65 美元至 0.73 美元之間。

Looking at our full-year guidance on the following slide. At this point, we expect fiscal 2025 to finish as follows. We now expect full year revenue to be between $25.4 billion and $25.8 billion, adjusted operating margin to be between 5.6% and 5.7% and adjusted EPS to be between $2.57 and $2.65 per share.

請看下面這張投影片中的我們的全年指引。目前，我們預計 2025 財年將完成如下。我們現在預計全年營收在 254 億美元至 258 億美元之間，調整後營業利潤率在 5.6% 至 5.7% 之間，調整後每股收益在 2.57 美元至 2.65 美元之間。

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

說完這些，我現在將電話轉回接線生開始問答。

(Operator Instructions) Mark Delaney, Goldman Sachs.

（操作員指示）高盛的馬克·德萊尼。

Starting with cloud and recognizing the north of 40% growth from a revenue standpoint that you've had for a few quarters in a row now and expecting good growth again next quarter. I am hoping to better understand the pace of the cloud ramp from here. And if have seen any change in the timing or magnitude that customers want to build out AI infrastructure over the near to intermediate term, perhaps due to factors like Blackwell supply chain readiness or to evaluate potential lower-cost AI training approaches?

從雲端運算開始，從營收角度來看，我們已經連續幾季實現了 40% 以上的成長，並且預計下個季度還會繼續實現良好的成長。我希望從這裡更了解雲端上升的速度。並且，是否看到客戶希望在中短期內建立 AI 基礎設施的時間或規模發生任何變化，也許是由於 Blackwell 供應鏈準備情況等因素，或者為了評估潛在的低成本 AI 培訓方法？

Yeah, Mark, I'll start off. I'd say first is, I think we said in the script that we expect the 40-plus percent growth to continue in the next quarter, too.

是的，馬克，我先開始了。我首先要說的是，我想我們在腳本中說過，我們預計下個季度仍將繼續保持 40% 以上的成長。

And then long term, when we gave the guidance for data centers, we said it was around 20%. And the reason we said that is because we have seen these capacity digestion kind of moments in the data center market, at least to my history of the last 25 years of being in this space, and that's why we were giving a longer-term guidance of 20% because that's pretty common in this space.

從長期來看，當我們給予資料中心的指導時，我們說這個比例大約是 20%。我們之所以這麼說，是因為我們已經看到了數據中心市場中這些容量消化的時刻，至少就我過去 25 年在這個領域的經歷而言，這就是為什麼我們給出了一個長期的指導20%，因為這在該領域相當常見。

I'd say, most importantly, we haven't heard of anything changing from our customers and our suppliers in terms of AI infrastructure build-out and all of that. I would say particularly in all the noise associated with DeepSeek over the last couple of days, we're really hearing nothing new or different in terms of infrastructure build out other than we expect more applications related to AI.

我想說，最重要的是，我們沒有聽說我們的客戶和供應商在人工智慧基礎設施建設等方面有任何變化。我想說，特別是在過去幾天與 DeepSeek 相關的各種喧囂中，除了我們期待更多與 AI 相關的應用程式之外，我們在基礎設施建設方面沒有聽到任何新的或不同的東西。

As a result of this, lower cost is good for everyone. And so we feel overall pretty bullish about the infrastructure build-out and the continued need for power with dense compute. So feel good about our next quarter's growth, but also our long-term growth that we have given. We think that 20% is a very achievable number for this space.

因此，降低成本對每個人都是有利的。因此，我們總體上對基礎設施建設以及對密集運算能力的持續需求持非常樂觀的態度。因此，我們對下一季的成長以及我們已經實現的長期成長感到滿意。我們認為 20% 對於這個領域來說是一個非常容易實現的數字。

Very helpful. And my other question was on margins, and congratulations on getting to the 6%, so much sooner than you previously guided to, I think the prior outlook was to get there by fiscal '27. You spoke to some factors that led you to get to the 6% already this year.

非常有幫助。我的另一個問題是關於利潤率的，祝賀您達到 6%，這比您之前預測的要快得多，我認為之前的預期是到 27 財年達到這個目標。您談到了一些促使您今年已經達到 6% 的因素。

Maybe you can just expand how much is from mix versus some of these other factors like operational efficiencies? And you recognize it's quite early to get fiscal '26 guidance, but maybe just talk about some of the key variables investors should be considering about whether or not you can sustain the 6% level next year. Thank you.

也許您可以擴展一下混合因素與營運效率等其他因素之間的關係？而且您也意識到現在獲得 26 財年指引還為時過早，但也許可以談談投資者應該考慮的一些關鍵變量，以確定明年是否能夠維持 6% 的水平。謝謝。

Yeah. I think -- Mark, I think I said in my opening remarks that we expect next quarter to be 6%. But I don't want you guys to take it to the bank yet because I'm sure there'll be some fluctuations up and down until we stabilize around this level.

是的。我認為——馬克，我想我在開場白中說過，我們預計下個季度的成長率將達到 6%。但我不希望你們現在就把它存入銀行，因為我確信在我們穩定在這個水平之前，會有一些波動。

In terms of long-term guidance, we've always been prudent about our long-term guidance and how we look at that. Our margin improvement has come from two very important stories consistently over the last six years. It's mix and efficiency. And I'm not sure I fully want to break out for you exactly how much is from mix and how much is from efficiency. But I'd say almost every business is focused on their portfolio mixing up, and factory efficiencies have been a huge and important part of our overall margin improvement efforts.

在長期指導方面，我們始終對我們的長期指導以及我們對此的看法保持謹慎。過去六年來，我們的利潤率持續提高主要得益於兩個非常重要的因素。這是混合和效率。我不確定我是否想完全向您說明有多少來自混合，有多少來自效率。但我想說，幾乎每家企業都專注於混合他們的投資組合，而工廠效率一直是我們整體利潤率提高努力的重要組成部分。

So yeah, we're a little ahead of what we told you in terms of long-term guidance, but not willing to yet give you FY26 and revise anything for full year. In a couple of months, we'll come back with our FY26 guide, and then we'll talk more about kind of longer-term margin guide.

所以是的，就長期指導而言，我們比我們告訴您的要早一些，但還不願意給您 FY26 並修改全年的任何內容。幾個月後，我們將發布 FY26 指南，然後我們將進一步討論長期利潤率指南。

Kevin, anything to add?

凱文，還有什麼要補充嗎？

No.

不。

Ruplu Bhattacharya, Bank of America.

美國銀行的 Ruplu Bhattacharya。

Kevin, good to have you on board. Look forward to working with you.

凱文，很高興你能加入我們。期待與您合作。

Revathi, I wanted to start with a high-level question. I mean -- with respect to manufacturing and especially in the US, I mean, with the new administration and policies, whether tariffs or otherwise, some companies may wish to move manufacturing. Can you talk about how much white space does Flex have? And how easy is it for you guys to move manufacturing lines around?

Revathi，我想從一個高層次的問題開始。我的意思是——就製造業而言，特別是在美國，隨著新政府和新政策，無論是關稅還是其他政策，一些公司可能希望轉移製造業。可以說說 Flex 有多少空白嗎？你們移動生產線的難易度如何？

And is there a way to lower the total landed cost in the US? I mean, how is that possible? Is it a matter of installing more automation. So I mean, is there a way to drive more manufacturing efficiency in the US?

有沒有辦法可以降低美國的總到岸成本？我的意思是，這怎麼可能？這是安裝更多自動化設備的問題嗎？所以我的意思是，有沒有辦法可以提高美國的製造業效率？

Yeah. I would first say is Ruplu for the last six years, we've been moving manufacturing footprint around the world as we've gone through all these rebalancing of supply chains across the world, right? So -- and we've done that very efficiently as you can see, both in terms of our efficiency and also our metrics of PP&E across the world.

是的。我首先要說的是，Ruplu 在過去六年裡，一直致力於將製造業務轉移到世界各地，因為我們經歷了全球供應鏈的重新平衡，對嗎？所以 — — 正如您所看到的，無論是從我們的效率還是從我們在全球範圍內的 PP&E 指標來看，我們都做得非常有效率。

So we've been very efficient in how we have managed this. I see the -- all the conversation about manufacturing moving to the US to be similar to that. We've had manufacturing moving to the US for the last few years. And space is not a constraint because space is very easily and readily available in the US. I think the larger issue will be finding people, which labor constraints tends to be the bigger issue in the US more than anything else.

所以我們的管理效率非常高。我發現所有關於製造業轉移到美國的討論都與此類似。過去幾年來，我們已經將製造業轉移到美國。空間並不是限制因素，因為在美國很容易就能獲得空間。我認為更大的問題是找到人才，而勞動力限制往往是美國最大的問題。

But in terms of landed costs, I'd say I'm very optimistic on this. The amount of work that's going on around efficiency, the use of AI in factories, all the progress made around automation, I would say landed costs will continue to come down in the US with all those being kind of added into future projection.

但就到岸成本而言，我對此非常樂觀。圍繞著效率開展的工作量、工廠中人工智慧的使用、自動化方面取得的所有進展，我想說，美國的到岸成本將繼續下降，所有這些都將納入未來的預測中。

So I'd say the biggest focus will be on automation and efficiency. Space is not an issue. It will be all about hiring people at the right place at the right time if we add more manufacturing to the US.

因此我認為最大的重點是自動化和效率。空間不是問題。如果我們在美國增加製造業，那麼一切都取決於在正確的時間在正確的地點僱用人才。

Okay. Thanks for that. Can I ask you about your data center business and if you can dig a little bit deeper into that, specifically on the power business, now with Crown Technologies, how do you see your target audience?

好的。謝謝。我可以問一下您的資料中心業務嗎？

And you've had good growth, you're growing 45%. And long term, you said 20%, but does that 20% rely on you getting new customers? Or can you grow with your existing customers? If you can just give investors a sense for your target client base on both the power side and on the compute side, is this still just one hyperscale customer? Or do you have plans to expand? Any details would be appreciated.

而且你們的成長勢頭良好，成長率達到了 45%。您說長期來看是 20%，但這 20% 是否依賴您獲得新客戶？或者你能與現有客戶一起成長嗎？如果您能讓投資人了解您在電力和運算方面的目標客戶群，這是否仍然只是一個超大規模客戶？或者您有擴張的計劃嗎？如能提供任何詳細資訊我將不勝感激。

Yeah. Ruplu, I'd first start by saying is that we have on the kind of system integration side of our business, we've never been one hyperscaler as we work across multiple hyperscalers, and I would say, cover most of them in terms of our revenue and our growth associated in that space. The same in power. We cover hyperscalers, we cover colos. So our customer base today is very diversified in terms of data centers.

是的。Ruplu，首先我想說的是，在系統整合業務方面，我們從來都不是一個超大規模企業，因為我們與多家超大規模企業合作，我想說的是，我們涵蓋了大多數超大規模企業。的收入和與該領域相關的成長。力量上也一樣。我們涵蓋超大規模企業，我們涵蓋託管企業。因此，就資料中心而言，我們今天的客戶群非常多樣化。

And as you well know, it's a pretty small space, right? There are a few hyperscalers. There are a handful of colos, and we cover all of them today. So the growth will come from continuing to grow with existing customers, and there's a lot of available growth with existing customers.

而且您也知道，這個空間非常小，對吧？有少數超大規模企業。託管服務提供者有很多，今天我們將對它們全部進行介紹。因此，成長將來自於現有客戶的持續成長，而現有客戶具有很大的成長潛力。

So I see, overall, the big difference being adding more to our portfolio. So what Crown does is increase our capability to participate in power pods in the US that we couldn't do before. It gives us a utility business to connect from the grid to the data center, which we couldn't do before in the US, it gives us medium voltage capability. So we get some level of growth from adding new portfolio, but all with existing customers because we cover all of them today.

因此，我認為總體而言，最大的區別在於我們的投資組合中增加了更多內容。因此，Crown 所做的就是提高我們參與美國電力艙的能力，這是我們以前無法做到的。它為我們提供了從電網到資料中心的公用事業業務連接，這是我們以前在美國無法做到的，它為我們提供了中壓能力。因此，我們透過增加新的產品組合獲得了一定程度的成長，但所有成長都來自現有客戶，因為我們今天涵蓋了所有客戶。

So I feel pretty good about how our data center business has been set up. And we're adding new capabilities like JetCool. So the 45% growth you're seeing today, the long-term kind of prudent guidance of 20% is based on portfolio expansion and organic growth in the current space.

我對我們的資料中心業務的建立感到非常滿意。我們還新增了 JetCool 等新功能。因此，您今天看到的 45% 的成長率和 20% 的長期審慎預期是基於當前空間內的投資組合擴張和有機成長。

I don't know if I can make one more in quick. Kevin, I know it's early days for you, but how do you think about capital returns to shareholders? Prior CFO of Flex at one said that a dividend is not a matter of if, but just when. I mean how are you thinking about this? I mean I know it's early, but any thoughts you have?

我不知道我是否可以快速再做一個。凱文，我知道現在還為時過早，但您如何看待股東的資本回報？Flex 公司的前財務長曾表示，分紅不是是否的問題，而是何時的問題。我的意思是您是如何看待這個問題的？我知道現在還早，但是你有什麼想法嗎？

Thanks for the question, Ruplu. I'll say that I'll have a better answer for you after three months versus three weeks.

謝謝你的提問，Ruplu。我想說的是，三個月後而不是三週後我會給你一個更好的答案。

But when I look at where we are today and what our capital allocation priorities are, I think, the right ones for this business, Flex has stated that they're balancing, and we'll continue to balance return on capital with investing in the business. We got a lot of opportunities to invest in the business.

但當我回顧我們目前的狀況以及我們的資本配置優先事項時，我認為，對於這項業務來說，正確的選擇是Flex 已表示他們正在平衡，我們將繼續在資本回報率和投資之間取得平衡。我們有很多投資商業的機會。

And our priorities of securing organic growth via CapEx opportunistically looking at shares. We think those are still a good long-term return for our shareholders. And looking to add technologies and capabilities via M&A are going to continue to be sort of -- will continue to be our priorities as we move forward.

我們的首要任務是透過資本支出來把握股票機會，確保有機成長。我們認為，對於我們的股東來說，這仍然是良好的長期回報。透過併購來增加技術和能力將繼續成為我們今後的首要任務。

Samik Chatterjee, JPMorgan Chase.

摩根大通的 Samik Chatterjee。

Kevin, looking forward to working with you. I guess maybe if I can start a bit more near term. You did have a strong quarter in terms of revenue, beating your own revenue guide by about $400 million. And you talked about the strength you saw in data centers amongst sort of the drivers as well as consumer.

凱文，期待與您合作。我想也許如果我能更近期地開始的話。就營收而言，你們本季確實表現強勁，超出了你們自己設定的收入預期約 4 億美元。您談到了資料中心在驅動因素和消費者方面所展現的優勢。

As we think about F4Q, why are we not seeing some of that sort of sustainability of that upside into the 4Q numbers, which you seem to be sort of implying a sequential moderation in the revenue? Just curious if sort of you're seeing more incremental headwinds just specifically to 4Q in terms of autos? Or is there sort of any concern that there might have been some pull forward that's driving that sequential moderation on the revenue guide for 4Q?

當我們思考 F4Q 時，為什麼我們沒有在第四季的數據中看到這種持續性的上漲趨勢，這似乎暗示著收入會連續放緩？我只是好奇，您是否看到更多增量阻力，特別是第四季度汽車行業阻力？或者是否有人擔心，可能存在一些提前因素，導致第四季度收入指南持續放緩？

Samik, I would say Q4 is very much in line with the seasonality that we expect usually between Q3 and Q4, which is usually down like 6% sequentially between the quarters. And our guide very much takes that into account. So we think Q4 plays out in terms of mix very much like Q3. Data centers health being very strong. But our Q4 -- our guide is very much in line with what we see sequentially.

薩米克，我想說，第四季與我們通常預期的第三季和第四季之間的季節性非常一致，通常兩個季度之間會環比下降 6%。我們的指南非常考慮到這一點。因此，我們認為第四季的組合情況與第三季非常相似。資料中心的健康狀況非常好。但我們的第四季指南與我們連續看到的非常一致。

And then on margins, we have said it's kind of flat to Q3 around 6.1%. EPS is down sequentially, a little bit 10%, but that's mainly due to the tax rate change. It will still be up 20% year over year. So the revenue guide for Q4 is, I would say, pretty spot on compared to our historical levels of seasonality we have seen even with upside in Q3. So I feel quite good about that guide we're giving you.

關於利潤率，我們已經說過，利潤率與第三季持平，約 6.1%。EPS 環比下降了 10%，但這主要是由於稅率變化造成的。與去年同期相比仍將成長20%。因此，我想說，即使第三季有所上行，第四季的收入指南與我們歷史上的季節性水平相比還是相當準確的。因此，我對我們給您的指南感到非常滿意。

Okay. Got it. And then maybe every just to dive into the data center piece back again a bit more in detail. I think we are now seeing different sort of growth forecast for where hyperscalers are spending in relation to sort of traditional GPU clusters versus custom ASICs. And as you mentioned, you work across hyperscalers with some sort of engagement with all.

好的。知道了。然後也許只是為了更詳細地重新深入資料中心部分。我認為，我們現在看到了超大規模企業在傳統 GPU 叢集與客製化 ASIC 方面的支出不同類型的成長預測。正如您所提到的，您可以與超大規模企業合作，並與所有人進行某種形式的接觸。

Can you sort of ballpark for us or help us think about how much of your exposure to the hyperscalers or to your data center customers overall is to some of these custom ASIC programs and helping them on that front with rack versus the traditional sort of servers, CPU servers and GPU servers?

您能否為我們大致介紹一下，或者幫助我們思考一下，您對超大規模資料中心客戶的整體曝光度有多少是針對這些定制 ASIC 程序，以及在機架伺服器和傳統伺服器方面為他們提供幫助， CPU伺服器和GPU 伺服器？

Yeah, I would say I don't think we have broken that out specifically. And one of the reasons being Samik, as you're well aware, there's only a few hyperscaler customers. We work with all of them, and we have not been willing to give that kind of clarity and transparency on their end markets. And that's not for us to do, but you pretty much know what the hyperscalers are doing between GPU and ASIC, right?

是的，我想我們還沒有具體闡述這一點。其中一個原因是 Samik，如您所知，只有少數超大規模客戶。我們與所有這些公司都有合作，但我們不願意在他們的終端市場上提供這種清晰度和透明度。這不是我們要做的，但你很清楚超大規模運算裝置在 GPU 和 ASIC 之間做什麼，對吧？

So -- but I'd say the larger question, Samik, would be around what I briefly touched with Mark is we don't think that our exposure in data centers both for hyperscalers and colo is impacted in any significant way with all the recent news that you're seeing.

所以——但我想說，更大的問題是，薩米克，我和馬克簡要談到的問題是我們不認​​為我們在超大規模和託管數據中心的風險敞口受到最近所有重大影響您看到的新聞。

And most importantly being because we think that the way DeepSeek is working and driving cost down in such a competitive and hyper-performance type of open source model is a good thing. It's a good thing for the industry as a whole because it's going to generate more applications, not from even the non-MAG7 companies. and also accelerate efforts towards AGI.

最重要的是，我們認為 DeepSeek 在這種競爭激烈、效能超強的開源模式下的工作方式和降低成本的方式是一件好事。這對整個行業來說是一件好事，因為它將產生更多的應用程序，甚至不是來自非 MAG7 公司。並加速推進AGI的實現。

So in general, that acceleration towards high-density compute, more applications, all that is good. And we've had a lot of conversations with customers even in the last few weeks, and we don't see any of that changing.

因此總的來說，加速高密度計算和更多應用程式的發展都是好的。甚至在過去幾周里，我們也與客戶進行了許多對話，但我們沒有發現任何變化。

And the same on power, right? Power infrastructure in this country is really weak, the same in Europe. So I would say our forecasts are very much in line with what we're hearing from customers. And I don't see any concern with our exposure on GPU versus ASIC and hyperscale. And I'm not sure I want to give the breakout between the two.

權力也是一樣的，對嗎？這個國家的電力基礎設施確實很薄弱，歐洲也是如此。所以我想說我們的預測與我們從客戶那裡聽到的非常一致。而且我不認為我們在 GPU 與 ASIC 和超大規模方面有任何擔憂。我不確定是否想給出這兩者之間的突破。

Steven Fox, Fox Advisors.

史蒂文·福克斯（Steven Fox），福克斯顧問公司。

Maybe just following up on that. It makes sense why you wouldn't want to break out the silicon exposure. But I was wondering, Revathi, you mentioned in the prepared remarks how you're doing more tailored solutions with the hyperscale companies. Can you maybe give us some color on how that's maybe helping your growth in margins? And then I had a follow-up.

也許只是跟進這一點。這解釋了為什麼你不想打破矽的曝光。但是我想知道，Revathi，您在準備好的演講中提到瞭如何與超大規模公司合作制定更量身定制的解決方案。您能否向我們詳細說明這對您提高利潤有何幫助？然後我進行了後續行動。

I'd say if you look at the hyperscalers and how the -- their products are structured, right? Whether it is -- they're using their own silicon or they're using their own kind of cooling technology in terms of how they're configuring their racks, each one is very unique and different.

我想說如果你看看超大規模企業以及他們的產品是如何結構的，對嗎？無論是他們使用自己的矽片，還是在配置機架方面使用自己的冷卻技術，每個都是非常獨特和不同的。

And also the same on power, right? You would think all of power products are the same, but each one configures and customizes their power applications differently. So the ability to configure complex products for each individual hyperscaler is really important.

權力也是一樣的，對嗎？您可能會認為所有電源產品都是相同的，但每個產品以不同的方式配置和自訂其電源應用。因此，為每個超大規模器配置複雜產品的能力非常重要。

And we have seen now with the addition of things like JetCool, that gives us even more engineering capability to customize to what the hyperscalers want. And that's what drives their growth today. If anything that gets only stronger with the products portfolio we've added with things like JetCool and Crown.

現在我們看到，隨著 JetCool 等產品的加入，我們擁有了更強的工程能力，可以根據超大規模企業的需求進行客製化。這正是推動他們今天成長的動力。如果有什麼能透過我們添加的 JetCool 和 Crown 等產品組合變得更強大的話。

So I'd say, Steve, I feel quite bullish about our not just our integration capability but our specialty capability to customize for each of our customers.

所以我想說，史蒂夫，我對我們的整合能力以及為每個客戶量身定制的專業能力都非常樂觀。

Great. That's super helpful. And then I just had a medical question. So you're talking about devices. It sounds like leading the medical growth right now. But how -- can you give us a sense for sort of the relative strength of that maybe over the next few quarters? And any kind of view on when maybe equipment piece of that business could come back? Thank you.

偉大的。這非常有幫助。然後我有一個醫療問題。所以你談論的是設備。這聽起來就像是引領當前的醫療成長。但是，您能否讓我們了解一下未來幾季的相對強度？您認為該業務的設備部分何時能夠恢復？謝謝。

Yeah, I would say that first on med-device itself, I mean, what's really driving the growth is just that you see in that smaller form factors are a huge part of just disease management in general, right? We talk about diabetes a lot.

是的，我想說，首先就醫療設備本身而言，真正推動其增長的是您看到較小的外形尺寸是一般疾病管理的重要組成部分，對嗎？我們經常談論糖尿病。

But I don't see med device growth, I would say, going down much moving forward just because we're seeing more increases in terms of chronic devices, more focus on smaller devices and the complexity of manufacturing those products is what we are very excited about. So devices I feel pretty strong about. On the drug delivery side, we've had some wins around GLP-1 injectors, but again, longer term to ramp up, so that will take time.

但我認為，未來醫療設備的成長不會大幅下降，因為我們看到慢性病設備的成長，人們更加關注小型設備，而製造這些產品的複雜性正是我們非常關注的。所以我對這些設備的感覺非常強烈。在藥物傳遞方面，我們在 GLP-1 注射器方面取得了一些進展，但同樣，從長遠來看，還需要時間才能實現。

On the med equipment place, we have talked about some slowing over the last few years and particularly as there was excess inventory left over from COVID. And we think that, that has started to stabilize and through calendar '25, it will continue to stabilize. We're not planning for a lot of growth there right now, but we think that we -- at least it will be muted, but it will start to recover from there.

在醫療設備領域，我們談到了過去幾年的一些放緩現象，特別是由於 COVID 留下的過剩庫存。我們認為，這種情況已開始穩定，到 2025 年，這種情況將繼續穩定。我們目前還沒有計劃在那裡實現很大的成長，但我們認為——至少成長會比較緩慢，但會從那裡開始復甦。

So overall, feel really good about health solutions and growth prospects for that business.

因此總體而言，對該業務的健康解決方案和成長前景感到非常滿意。

George Wang, Barclays.

巴克萊銀行的喬治王 (George Wang)。

Congrats on the quarter to guide. Just a double-click on liquid cooling direct to chip in JetCool. And just curious of whether the kind of beef-up capability in the liquid cooling could likely lead to more sharings within some of the CSP rack integration. So can you kind of talk about whether you're already seeing share gains just because of vertical approved through JetCool versus kind of maybe prior a bit more focus on Al tools rack integration?

恭喜本季取得指引。只需雙擊液體冷卻即可直接進入 JetCool 晶片。我只是好奇液體冷卻的增強能力是否可能導致某些 CSP 機架整合中的更多共享。那麼，您能否談談，您是否已經看到了份額增長，僅僅是因為通過 JetCool 批准的垂直市場，而不是之前對 Al 工具架集成的更多關注？

Yeah. I would say, George, I would say our 45% growth speaks for itself, right? And you can compare that to relatively what the industry is seeing in terms of whether we are gaining share or not. So without commenting directly on the -- on share gain in this space, I would say, our overall growth has been very, very bullish. That being said, I would say our acquisition with JetCool just closed.

是的。我想說，喬治，我們的 45% 的成長率是不言而喻的，對吧？你可以將其與行業目前的情況進行比較，看看我們的份額是否增加。因此，在不直接評論該領域的份額增長的情況下，我想說，我們的整體成長非常非常樂觀。話雖如此，我想說我們與 JetCool 的收購剛剛完成。

So a lot more to come on that. And then air versus liquid, the industry is going to continue to move from air to liquid. I think we've been very clear about that transition. We've talked a lot about that in the past. That's what drove us to make this decision about investing in JetCool.

關於這一點，還有更多內容。然後是空氣與液體，產業將繼續從空氣轉向液體。我想我們已經非常清楚這一轉變了。我們過去已經討論過很多次這個問題。這就是促使我們做出投資 JetCool 決定的原因。

Air will always continue to play a role, but with so much power needs and heat generated directly in the chip itself, it's really important to have liquid cooling as an overall part of the solution of the portfolio, and we don't see a better way to solve that today.

空氣將永遠發揮作用，但由於晶片本身直接產生如此多的功率需求和熱量，將液體冷卻作為產品組合解決方案的整體組成部分確實非常重要，我們還沒有看到更好的解決方案今天解決這個問題的方法。

So having such high-performing capability from JetCool on liquid cool definitely has changed the conversation in terms of our pipeline and what we're working with our customers. But I don't think that's really in our results today. So I'd say more to come on that.

因此，JetCool 在液體冷卻方面擁有如此高性能的能力無疑地改變了我們的產品線以及我們與客戶合作的方式。但我不認為這確實體現在我們今天的成果中。因此我接下來還會就此展開更多討論。

Great. And also just a follow-up, Revathi, just on the GPU power flash embedded power, can you unpack how much sort of pressure you are seeing from the share gain within some of the GPU rack in terms of PSU/PDU versus kind of the overall pie growing, especially as we head into Blackwell B200, B300 in the back half, just maybe likely you are seeing increased content per rack in terms of more power shops and PSU? And how should we think about kind of which side should have more weight in the medium term, just on the embedded power side?

偉大的。另外，Revathi，關於 GPU 電源快閃記憶體嵌入式電源，您能否解釋一下，在 PSU/PDU 方面，與 GPU 機架相比，您從份額增長中看到了多大的壓力？ ，尤其是當我們進入後半部分Blackwell B200、B300 時，也許您會看到每個機架的電源商店和PSU 內容有所增加？那麼，我們該如何思考，就嵌入式電力方面而言，哪一方應該在中期內佔據更大的比重？

Yes. I would say that I don't think it has changed much in the medium term at all, George. I'd say, if anything, it's not lower power in terms of these racks, I think it's more content in the overall kind of integration and the solution itself.

是的。我想說，我認為中期情況不會發生太大變化，喬治。我想說，如果有的話，問題並不在於這些機架的功率是否降低，而是整體整合和解決方案本身是否滿意。

So I haven't seen any change in terms of kind of overall I'd say, power requirements from the requirements from our customers itself. And we have said before, in our embedded power business, we are working on some very interesting technology moving up to 100 to 200 kilowatt capability within the rack itself. And those are all kind of just improving content, improving density and all of that as we deal with kind of heat issues and scale issues within the rack itself. So George, I'd say no major change.

所以就整體而言，我沒有看到客戶本身的電力需求有任何變化。我們之前說過，在嵌入式電源業務中，我們正在研究一些非常有趣的技術，將機架本身的電源能力提升至 100 至 200 千瓦。這些都只是改善內容，提高密度等等，因為我們要處理機架本身的熱問題和規模問題。所以喬治，我認為沒有什麼重大改變。

And then the only thing I'd say overall is, if you step back and take this noise around kind of AI and what has happened with DeepSeek and see if it changes the industry in a big way. Net-net, at the end of the day, compute density is still a big deal. We think lower cost in applications like DeepSeek is a good thing for the industry as a whole because it's going to drive a stronger growth in terms of the market itself.

總的來說，我唯一想說的是，如果你退一步考慮一下這些關於人力智慧的聲音以及 DeepSeek 發生的事情，看看它是否會極大地改變這個行業。總而言之，計算密度仍然是一件大事。我們認為 DeepSeek 等應用程式的成本降低對整個產業來說是一件好事，因為它將推動市場本身更強勁的成長。

There's going to be more applications that will be developed with this lower barrier cost to entry. So we'll see a lot of new market entrants. And so far, because of how expensive it is and how difficult it is to get your hands on those products, we haven't seen enough growth from non-MAG7 companies, and we'll start to see a lot more of that. So we see net-net, this is all good for the industry as a whole. It actually accelerates the move towards AI.

隨著進入門檻成本的降低，將會有更多的應用程式被開發出來。因此我們將看到很多新的市場進入者。到目前為止，由於這些產品價格昂貴、獲取難度高，我們還沒有看到非 MAG7 公司取得足夠的成長，但我們即將看到更多這樣的成長。因此我們看到，總體而言，這對整個行業來說是有利的。它實際上加速了向人工智慧的轉變。

The infrastructure spend both on data centers and power associated with data centers, we feel will continue to be very bullish both in the near term and the long term. And so we feel good about kind of our growth projections for this space.

我們認為，無論是短期還是長期，資料中心基礎設施支出以及與資料中心相關的電力支出都將繼續保持強勁勢頭。因此，我們對該領域的成長預測感到滿意。

Steve Barger, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Steve Barger。

I appreciate all the great detail you've given. I just want to go back to a high-level question, thinking about cyclicality across the portfolio. What percentage of the business has clear lines of sight to sustainable growth versus the percentage where you have less confidence? And I'm just trying to understand how long it takes before you see a path to both segments consistently showing positive growth?

我感謝您提供的所有詳細資訊。我只想回到一個高層次的問題，思考整個投資組合的週期性。有多少比例的企業能夠清楚地實現永續成長，有多少比例的企業你不太有信心？我只是想知道，需要多長時間才能看到兩個領域持續呈現正成長？

I'd say, Steve, first, that's a very good question. I think we have clear lines of growth for both segments, both Agility and Reliability. Where we haven't grown, particularly on some consumer-related end markets, we have chosen not to grow, right? We have made decisions around our portfolio and our mix shift. And we are choosing where to grow and where not to grow.

首先我想說，史蒂夫，這是一個非常好的問題。我認為我們在敏捷性和可靠性這兩個領域都有明確的成長路線。在我們沒有成長的地方，特別是在一些與消費者相關的終端市場，我們選擇不成長，對嗎？我們已經針對我們的投資組合和組合轉變做出了決策。我們正在選擇哪裡發展，哪裡不發展。

And that's a very important part of the mix shift you've seen in our overall portfolio. So I've always said growth in this space is not hard to achieve, but the right kind of growth is very, very important. So we pick and choose where we want to grow.

這是您在我們整體投資組合中看到的組合轉變中非常重要的一部分。所以我一直說，在這個領域成長並不難，但正確的成長非常非常重要。因此，我們會選擇我們想要發展的地方。

The other thing, Steve, I'll point out is think about all the volatility that's happened over the last five years. So where I want to tell you that every business has a clear line of sight to growth, you see all this new noise that gets introduced that really is hard to project and forecast.

史蒂夫，我要指出的另一件事是思考過去五年發生的所有波動。所以我想告訴大家的是，每個企業都有一條清晰的成長路線，你會看到所有這些新的噪音真的很難預測和預報。

I would say a perfect example is automotive, right? We've had a really fantastic share growth, good technology that has really driven our growth directly with OEMs, but there's a lot of product transitions and noise in the automotive space, which will make the next few years interesting in terms of projecting what kind of growth to get. So I'd say I feel very good about our pipeline and where we want to grow and a clear line of sight for growth.

我想說一個完美的例子就是汽車，對嗎？我們的份額成長非常驚人，良好的技術確實直接推動了我們與原始設備製造商的成長，但汽車領域有許多產品轉型和噪音，這將使未來幾年在預測什麼樣的成長。因此我想說，我對我們的產品線、我們想要成長的方向以及清晰的成長路線感到非常滿意。

What I can't really commit to is how the macros will impact things. And that's been the hardest I would say, for us more than anything else. And you know better than me that that's really hard to forecast at this point in time.

我真正無法承諾的是宏將如何影響事物。我想說，這對我們來說是最困難的，比其他任何事情都更困難。你比我更清楚，目前這確實很難預測。

It's been a very tough cycle. My second question is kind of related to what you were saying about where you want to choose to grow. I understand not wanting to talk about FY26 margin yet, but with a lot of margin progress already accomplished, I'm just curious about next steps.

這是一個非常艱難的循環。我的第二個問題與您所說的想要選擇在哪裡發展有關。我知道現在還不想談論 FY26 利潤率，但由於已經取得了巨大利潤率進展，我只是對下一步感到好奇。

Meaning, are there still large pools of dollars with less favorable margins, so there's big opportunities? Or is the incremental benefit from here going to come from trimming or fixing smaller lines of business with less favorable unit economics? I'm just trying to get a sense of where this can go from here.

意思是，是否仍有大量資金但利潤率較低，因此存在巨大機會？或者，這裡的增量收益是否來自於削減或修復單位經濟效益不太好的小型業務線？我只是想知道接下來會發生什麼事。

Yes. I would say, the same question was asked three years ago when we improved our margins from like 3% to 4.5%, 5%, if there's more to grow. And then we talked about 6%. And obviously, we've gotten there a little faster. This year, we'll be around between 5.6% and 5.7% overall -- our overall operating margin.

是的。我想說，三年前當我們將利潤率從 3％ 提高到 4.5％ 或 5％ 時，我們也問過同樣的問題，如果還有更多的增長的話。然後我們談到了 6%。顯然，我們到達那裡的速度更快了。今年我們的整體營業利潤率將在 5.6% 至 5.7% 左右。

So I feel very bullish, there's lots more opportunities both in terms of mix and efficiency in this business. It has been all about selling value to customers to make sure how you run towards complexity and gain value on those is our focus on all our portfolio. And then we have clearly focused on a few things. One is adding more products to key end markets like data centers and automotive. So that drives more margin improvement, and we are in the beginning stages of that.

因此我感到非常樂觀，這個行業在組合和效率方面都有很多機會。我們一直致力於向客戶推銷價值，以確保您如何應對複雜性並從中獲得價值，這是我們所有產品組合的重點。然後我們明確地關注了幾件事。一是為資料中心和汽車等關鍵終端市場增加更多產品。這將推動利潤率的進一步提高，而我們正處於這一進程的起步階段。

The second is focusing more on mix shift using our services business, value-added services business, and that is also a margin improvement for us. So I would say the margin story is yet to be written and there's a lot more to be done, I would say, not just in terms of mix driven by value-added services and products, continued efficiency in our factories with all the robotics and automation.

第二是更重視利用我們的服務業務、加值服務業務進行組合轉變，對我們來說也是一個利潤率的提高。因此，我認為利潤的故事尚未寫成，還有很多工作要做，不僅僅是在增值服務和產品驅動的組合方面，在我們工廠中繼續使用機器人和自動化。

So yes, we are ahead of what we told you guys, but we'll come back with some revised estimates in here in a few months for FY26. So Kevin, you'd add anything to that.

所以是的，我們確實提前完成了預定目標，但我們將在幾個月後對 2026 財年做出一些修訂的估計。那麼凱文，你會添加任何東西嗎？

We reached the end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

我們的問答環節已經結束。我想將發言權轉回給大家，以便大家可以發表進一步的評論或結束語。

I'd just say thank you. And I just wanted to close and thank the Flex team for all their hard work and contributions and also to our customers and our suppliers, and then most importantly, our shareholders for all your support. So thank you, everyone. Have a nice day.

我只想說聲謝謝。最後，我想感謝 Flex 團隊的辛勤工作和貢獻，也感謝我們的客戶和供應商，最重要的是，感謝我們股東的所有支持。謝謝大家。祝你今天過得愉快。

Thank you. That does conclude today's teleconference webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議網路直播到此結束。此時您可以斷開您的線路，並享受美好的一天。我們感謝您今天的參與。