Flex Ltd (FLEX) 2025 Q4 法說會逐字稿

Thank you for standing by. Welcome to Flex's fourth quarter and fiscal year 2025 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded.

感謝您的支持。歡迎參加 Flex 第四季和 2025 財政年度收益電話會議。（操作員指示）提醒一下，此通話正在被錄音。

I will now turn the call over to Mr. David Rubin, you may begin.

現在我將把電話轉給大衛·魯賓先生，您可以開始。

Thank you, Melissa. Good morning, and welcome to Flex's fourth quarter and fiscal 2025 earnings conference call. With me today is our Chief Executive Officer, Revathi Advaithi; and Chief Financial Officer, Kevin Krumm. We will give brief remarks followed by Q&A. 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 of flex.com. This call is being recorded and will be available for replay on our corporate website.

謝謝你，梅麗莎。早上好，歡迎參加 Flex 第四季和 2025 財政年度收益電話會議。今天與我一起的是我們的執行長 Revathi Advaithi；以及財務長 Kevin Krumm。我們將進行簡短發言，然後進行問答。今日電話會議的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。本次通話將會被錄音，並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 statements in our presentation, press release or in the risk factors section on 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，請參閱我們的簡報、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-over-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 financials posted in the Investor Relations website. Now I'd like to turn the call over to our CEO, Revathi.

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。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. Starting with our fiscal Q4 results on slide 4. We had a very strong finish to the year. revenue came in at $6.4 billion, growing almost 4% year-over-year. Adjusted operating margin came in at 6.2% and which is another quarterly record and the second quarter in a row with adjusted operating margin above 6%. We delivered adjusted EPS of $0.73, up 28% over last year.

謝謝你，大衛。早安，感謝您今天加入我們。從投影片 4 上的第四季財務表現開始。我們今年的收官非常出色。營收達到 64 億美元，年增近 4%。調整後的營業利益率為 6.2%，創下另一個季度紀錄，也是連續第二季調整後的營業利益率超過 6%。我們實現的調整後每股收益為 0.73 美元，較去年同期成長 28%。

Now looking at the full year results. We achieved another year of record annual adjusted operating margins coming in at 5.7% despite continued macroeconomic headwinds. And this is our fifth consecutive year of double-digit adjusted EPS growth, reaching a record level of $2.65 per share.

現在來看全年業績。儘管宏觀經濟持續面臨阻力，我們仍再次創下年度調整後營業利益率 5.7% 的新高。這是我們連續第五年實現兩位數調整後每股收益成長，達到每股 2.65 美元的創紀錄水準。

Also, we generated over $1 billion in free cash flow, another record high and for the second consecutive year, we exceeded our 80%-plus adjusted free cash flow conversion target. This year, we drove strong growth in key markets such as the data center as we continue to shift the portfolio towards more profitable business.

此外，我們創造了超過 10 億美元的自由現金流，再創歷史新高，並且連續第二年超過了 80% 以上的調整後自由現金流轉換目標。今年，隨著我們繼續將投資組合轉向利潤更高的業務，我們在資料中心等關鍵市場實現了強勁成長。

We executed on multiple program ramps, completed several key acquisitions and we won two PACE awards in the automotive space with our NVIDIA DRIVE AGX powered Jupiter Compute Platform and our Backup DC/DC Converter. Throughout all of this, we maintained a relentless focus on operational efficiency.

我們執行了多個項目，完成了幾項關鍵收購，並憑藉由 NVIDIA DRIVE AGX 驅動的 Jupiter 計算平台和備用 DC/DC 轉換器在汽車領域贏得了兩項 PACE 獎。在整個過程中，我們始終堅持不懈地專注於營運效率。

Another year of strong results once again demonstrates our ability to effectively navigate a challenging macroeconomic environment and deliver value to our shareholders. These achievements also speak to the extraordinary dedication of our team who delivered these results under challenging market conditions. This has been the theme for the last several years, and it's important to understand how we got here. Now turning to the next slide.

又一年的強勁業績再次證明了我們有能力有效應對充滿挑戰的宏觀經濟環境並為股東創造價值。這些成就也證明了我們團隊的非凡奉獻精神，他們在充滿挑戰的市場條件下取得了這些成果。這是過去幾年的主題，了解我們是如何走到這一步的非常重要。現在翻到下一張投影片。

From the beginning, I have emphasized our focus on winning the right kind of growth that would ultimately transform this company. Since 2020, we have executed our Flex Forward strategy. We've made aggressive portfolio management decisions that positioned us to shift towards higher-value businesses. And by integrating thoughtful organization changes and operational innovation, we have built a more efficient and resilient company.

從一開始，我就強調我們要專注於贏得正確的成長，最終實現公司的轉型。自2020年起，我們開始實施Flex Forward策略。我們做出了積極的投資組合管理決策，使我們能夠轉向更高價值的業務。透過整合周到的組織變革和營運創新，我們建立了一個更有效率、更有彈性的公司。

From this transformational strategy, we've delivered multiple years of consecutive record level adjusted operating margins and earnings per share. This performance validates our strategic direction and shows our ability to create sustainable value through the cycles.

透過這項轉型策略，我們連續多年實現了創紀錄的調整後營業利潤率和每股盈餘。這項績效驗證了我們的策略方向，並展現了我們在整個週期中創造永續價值的能力。

As you will recall, on our Investor Day last May, we formally unveiled the next phase in our evolution, our EMS plus Products plus Services strategy. This approach builds on our world-class advanced manufacturing and supply chain capabilities, adding proprietary products and expanded value-added services that provide greater vertical integration and customization at scale.

您可能還記得，在去年 5 月的投資者日上，我們正​​式公佈了我們發展的下一階段，即我們的 EMS 加產品加服務策略。這種方法以我們世界一流的先進製造和供應鏈能力為基礎，增加了專有產品和擴展的增值服務，從而提供了更大的垂直整合和大規模客製化。

Our power products further differentiates Flex as the only provider with a comprehensive portfolio spanning the data center from grid to chip. We believe that this evolved strategy will generate greater value for our customers, more integrated engagements and, of course, margin accretive growth opportunities. Now turning to the next slide.

我們的電源產品進一步使 Flex 成為唯一一家擁有涵蓋從電網到晶片的資料中心的全面產品組合的供應商。我們相信，這項演變策略將為我們的客戶創造更大的價值、更全面的合作，當然還有利潤成長的機會。現在翻到下一張投影片。

Our data center business exemplifies this strategy in action. Total data center revenue grew about 50% year-over-year in both Q4 and for the full year and reached approximately $4.8 billion in fiscal '25 at accretive margins. We also strengthened our competitive position through several acquisitions aimed at solving critical challenges around power, heat and scale.

我們的資料中心業務就是這項策略的具體體現。第四季和全年資料中心總營收年增約 50%，25 財年利潤率達到約 48 億美元。我們也透過多項收購加強了我們的競爭地位，旨在解決電力、熱能和規模方面的關鍵挑戰。

Our data center revenue is comprised of two parts: cloud and power. In FY25, our cloud programs generated about $3.5 billion as we provide end-to-end customized hyperscale rack solutions. Cloud operations are increasingly seeking more complete solutions to improve efficiency and cost at the scale they require.

我們的資料中心收入由兩部分組成：雲端和電力。在25財年，透過提供端到端客製化的超大規模機架解決方案，我們的雲端專案創造了約35億美元的收入。雲端營運越來越多地尋求更完整的解決方案，以在所需的規模上提高效率和成本。

This year, we further enhanced our solution with direct to chip liquid cooling capabilities through our JetCool acquisition. Our power Products, which is a combination of our embedded and critical power solutions generated about $1.3 billion in revenue in fiscal '25. As you can see in the graphic, embedded power solutions starts at the board level with our power modules managing power to the GPU or custom ASIC all the way through the rack.

今年，我們透過收購 JetCool，進一步增強了我們的解決方案的直接晶片液體冷卻功能。我們的電源產品是嵌入式和關鍵電源解決方案的組合，在 25 財年創造了約 13 億美元的收入。如您在圖中看到的，嵌入式電源解決方案從板級開始，我們的電源模組管理整個機架中 GPU 或自訂 ASIC 的電源。

Critical power solutions is the other part of our power portfolio, which covers everything above the rack and through data center facilities, including our power pods that provide a fully customized modular data center power in a box, which is critical in supporting faster time to market and future flexibility as data centers evolve. Through our Crown Technical acquisition, we enhanced our critical power capabilities in the data center and expanded our addressable market into grid modernization.

關鍵電源解決方案是我們電源產品組合的另一部分，涵蓋機架上方和資料中心設施的所有內容，包括我們的電源艙，可在盒子中提供完全客製化的模組化資料中心電源，這對於支援更快的上市時間和資料中心發展過程中的未來靈活性至關重要。透過收購 Crown Technical，我們增強了資料中心的關鍵電力能力，並將我們的目標市場擴展到電網現代化。

As you can see, we have truly differentiated ourselves as the only company providing both end-to-end IT cloud integration and an innovative power portfolio that spans from grid to chip. This synergistic combination reinforces our position in the evolving AI data center ecosystem given the convergence between compute and power. Our value proposition is evident in the strength of our data center revenue growth at accretive margins.

如您所見，我們真正脫穎而出，成為唯一一家提供端到端 IT 雲端整合和從電網到晶片的創新電源產品組合的公司。鑑於計算和電力之間的融合，這種協同組合加強了我們在不斷發展的人工智慧資料中心生態系統中的地位。我們的價值主張體現在資料中心營收以增值利潤率強勁成長。

As we look to next year, we expect data center revenue to grow around the mid-30% level with power likely a little above that rate as we ramp domestic capacity and cloud to be slightly below difficult comps. Now turning to slide 7.

展望明年，我們預計資料中心收入將成長 30% 左右，隨著我們提高國內容量，電力收入可能略高於此成長率，而雲端運算收入將略低於困難水準。現在翻到幻燈片 7。

Regarding tariffs, here are a few things to keep in mind as we navigate the evolving situation. As we previously stated, tariffs are a pass-through cost. Mexico is our largest revenue center and over 90% of what we produce there is USMCA compliant. Very little of the product manufactured in China comes to the US. However, we do procure raw materials from China and other countries that may still be impacted by higher grass tariffs. So this does add cost that we will ultimately pass through. As a trusted global manufacturing partner with deep supply chain expertise, we have become the first call for customers to help navigate today's complex trade and tariff environment.

關於關稅，在我們應對不斷變化的情況時，需要記住以下幾點。正如我們之前所說，關稅是一種轉嫁成本。墨西哥是我們最大的收入中心，我們在那裡生產的 90% 以上產品都符合 USMCA 規定。中國生產的產品很少銷往美國。然而，我們確實從中國和其他國家採購原料，這些國家仍可能受到草稅上漲的影響。所以這確實增加了我們最終將要承擔的成本。作為擁有深厚供應鏈專業知識的值得信賴的全球製造合作夥伴，我們已成為客戶在當今複雜的貿易和關稅環境中尋求幫助的首選。

Through our proprietary Pulse Simulation platform and our team of supply chain experts, we have visibility and potential tariff impact by customer and by country and are currently working with many customers to develop durable tariff mitigation strategies. This approach builds on our success guiding customers through tariff 1.0 and other recent major geopolitical events.

透過我們專有的脈衝模擬平台和我們的供應鏈專家團隊，我們可以了解客戶和國家的潛在關稅影響，目前正在與許多客戶合作制定持久的關稅緩解策略。這種方法建立在我們成功指導客戶應對關稅 1.0 和其他近期重大地緣政治事件的基礎上。

What's particularly noteworthy is how quickly the situation has progressed from conversations about potential location scenarios to customers moving forward with transition plans for North American manufacturing capacity. We believe these moves are reflective of a longer-term trend towards regionalization as well as the value of our footprint and the trust customers place in our execution.

尤其值得注意的是，情況進展得非常快，從討論潛在的選址方案到客戶推進北美製造能力轉型計劃。我們相信這些舉措反映了區域化的長期趨勢以及我們的足跡的價值和客戶對我們執行的信任。

We were early in establishing the right footprint capabilities and labor pools in key markets. Our actions and strategic investments have enabled us to have the right ecosystem in place today. Flex's global operational footprint now covers over 48 million square feet. Last year, we expanded four new strategic locations, predominantly in the US, which now encompasses 7 million square feet across 17 facilities and further expandability.

我們很早就開始在主要市場建立正確的足跡能力和勞動力資源。我們的行動和策略投資使我們今天擁有了正確的生態系統。Flex 的全球營運足跡現已覆蓋超過 4,800 萬平方英尺。去年，我們擴展了四個新的戰略地點，主要在美國，目前涵蓋 17 個設施，總面積達 700 萬平方英尺，並且具有進一步擴展的潛力。

When combined with our 9 million square feet in Mexico, we now command one of the largest advanced manufacturing footprints in North America. This expansion has been tied to current customer demand, especially with cloud and power programs. We'll continue to be selective on new programs in North America as we prioritize capacity for initiatives that deliver maximum value and align with our longer-term strategy.

加上我們在墨西哥的 900 萬平方英尺的面積，我們現在擁有北美最大的先進製造業基地之一。此次擴張與當前客戶需求息息相關，尤其是雲端和電力計畫。我們將繼續在北美選擇性地開展新項目，因為我們優先考慮能夠帶來最大價值並符合我們長期策略的計劃。

Additionally, our EMEA footprint now exceeds 11 million square feet, also maintaining our position as one of the region's largest diversified manufacturing providers. You can see how our extensive footprint and operational agility have now become tremendous strategic assets. Of course, there are still risks in the current tariff environment, particularly to demand and a potential slowdown in the broader economy. Still, we believe that we are well positioned to support customers and expect Flex to remain both the facilitator and beneficiary of regionalization in the coming years. Kevin will provide our full guidance in just a moment, but I want to make a few comments as we look ahead to fiscal 2026.

此外，我們在歐洲、中東和非洲地區的業務範圍現已超過 1,100 萬平方英尺，同時保持了我們作為該地區最大的多元化製造供應商之一的地位。您可以看到，我們廣泛的業務範圍和營運靈活性現在已成為巨大的策略資產。當然，當前的關稅環境仍然存在風險，特別是需求和整體經濟可能放緩的風險。儘管如此，我們相信我們已做好準備為客戶提供支持，並期望 Flex 在未來幾年繼續成為區域化的推動者和受益者。凱文 (Kevin) 馬上就會為我們提供全面的指導，但我想在展望 2026 財年時發表一些評論。

Once again, this year is off to a dynamic start. As I've said before, resiliency and adaptability are embedded in our core, enabling us to navigate years of disruptions while still executing our longer-term growth and margin expansion strategy. The strength of this foundation becomes evident when you consider that despite current market uncertainty, our fiscal 2026 guidance indicates, we expect to achieve 6% adjusted operating margin reaching our fiscal 2027 target a full year ahead of schedule.

今年又是充滿活力的開始。正如我之前所說，彈性和適應性是我們的核心，使我們能夠度過多年的混亂，同時仍然執行我們的長期成長和利潤擴張策略。儘管當前市場存在不確定性，但我們的 2026 財年指引表明，我們預計將實現 6% 的調整後營業利潤率，提前一年實現 2027 財年的目標，當您考慮到這一點時，這一基礎的強大就顯而易見了。

Stepping back, I remain deeply confident in our strategy and distinctive value proposition. I believe our current capabilities and competitive advantage present the strongest opportunity in our company's history. And I'm very excited about our future and the exceptional value we'll continue to deliver to our stakeholders. Lastly, I want to thank the Flex team again for your continued dedication and hard work. I also want to thank our customers for their trust and partnership.

回顧過去，我仍然對我們的策略和獨特的價值主張充滿信心。我相信我們目前的能力和競爭優勢為我們公司歷史上帶來了最強勁的機會。我對我們的未來以及我們將繼續為利害關係人提供的卓越價值感到非常興奮。最後，我要再次感謝 Flex 團隊的持續奉獻和辛勤工作。我還要感謝客戶的信任與合作。

And with that, I'll turn it over to Kevin. Kevin?

說完這些，我就把麥克風交給凱文。凱文？

Thank you, Revathi, and good morning, everyone. Starting with our Q4 results on slide 9. Fourth quarter revenue came in at $6.4 billion, up nearly 4% versus prior year. Gross profit totaled $602 million, and gross margin improved to a record level of 9.4%, up 80 basis points. Operating profit was $396 million, with operating margins at 6.2% and up 80 basis points. And as Revathi mentioned, this was a new record for Flex.

謝謝你，Revathi，大家早安。從幻燈片 9 上的第四季業績開始。第四季營收達 64 億美元，較上年同期成長近 4%。毛利總計 6.02 億美元，毛利率提高至創紀錄的 9.4%，上升 80 個基點。營業利益為 3.96 億美元，營業利益率為 6.2%，成長 80 個基點。正如 Revathi 所提到的，這對 Flex 來說是一個新紀錄。

Finally, earnings per share for the quarter increased 28% year-over-year to $0.73 per share. Turning to our quarterly segment results on the next slide. In reliability, revenue was $2.9 billion, down 1.3%, largely driven by strength in power, offset by continued softness in core industrial and renewables. Operating income was $180 million, with segment operating margin up 40 basis points, finishing at 6.2%.

最後，本季每股收益較去年同期成長 28% 至每股 0.73 美元。下一張投影片介紹我們的季度分部業績。在可靠性方面，營收為 29 億美元，下降 1.3%，主要受電力強勁推動，但被核心工業和再生能源的持續疲軟所抵消。營業收入為 1.8 億美元，分部營業利益率上漲 40 個基點，達 6.2%。

Agility revenue totaled $3.5 billion, growing a very strong 8.2% driven by cloud demand and networking share gains offsetting weak enterprise IT and consumer end markets. Operating income was $230 million, with operating margins up 100 basis points, improving to a new quarterly record of 6.6% on continued mix improvements.

敏捷收入總計 35 億美元，成長 8.2%，受雲端需求和網路份額成長的推動，抵消了企業 IT 和消費者終端市場的疲軟。營業收入為 2.3 億美元，營業利潤率上升 100 個基點，由於產品組合持續改善，營業利潤率升至 6.6% 的季度新高。

Looking at our full year FY25 results on slide 11. Revenue was $28.5 billion (sic – see slide 4, "25.8 billion") down 2%, driven by strength in cloud and power, primarily offset by continued softness in core industrials and renewables. Gross profit totaled $2.3 billion and gross margin improved to 8.8%, up 100 basis points, driven by strong mix. Operating income totaled $1.5 billion, up 15%, leading to a 5.7% operating margin, up 90 basis points, driven by favorable mix impacts and operational efficiency.

查看投影片 11 上的 2025 財年全年業績。營收為 285 億美元（原文如此 - 參見投影片 4「258 億美元」），下降 2%，主要受雲端運算和電力業務強勁成長的推動，但主要被核心工業和再生能源業務的持續疲軟所抵消。受強勁產品組合的推動，毛利總計 23 億美元，毛利率提高至 8.8%，上升 100 個基點。營業收入總計 15 億美元，成長 15%，營業利益率達到 5.7%，成長 90 個基點，這得益於有利的組合影響和營運效率。

I'll point out, we hit record levels for both annual gross and operating margins this year. For the full year, Flex achieved EPS of $2.65, up 23%, driven by record operating profit and strong free cash flow conversion, which contributed to another year of strong share buybacks.

我要指出的是，今年我們的年度毛利率和營業利潤率都達到了創紀錄的水平。全年來看，Flex 每股收益達到 2.65 美元，成長 23%，這得益於創紀錄的營業利潤和強勁的自由現金流轉換，也促成了另一年強勁的股票回購。

Moving to our cash flow on slide 12. Free cash flow in the quarter was $325 million. And for the full fiscal year, we delivered a record $1.1 billion in free cash flow. The strong performance is coming from CapEx discipline and continued focus on working capital management with outsized reductions in inventory.

轉到第 12 張投影片上的現金流量。本季自由現金流為 3.25 億美元。在整個財政年度，我們實現了創紀錄的 11 億美元自由現金流。強勁的表現源於資本支出紀律和對營運資本管理的持續關注以及庫存的大幅減少。

In Q4, net inventory was down 4% sequentially and 18% year-on-year. Inventory, net of working capital advances was 56 days, a reduction of 14 days versus the prior year. For the quarter, net CapEx totaled $108 million, bringing full year CapEx to $423 million or approximately 1.6% of revenue. In the fourth quarter, we repurchased about $300 million of stock or approximately 8 million shares.

第四季度，淨庫存季減4%，年減18%。扣除營運資金預付款後的庫存為 56 天，比前一年減少 14 天。本季淨資本支出總計 1.08 億美元，全年資本支出達 4.23 億美元，約佔營收的 1.6%。第四季度，我們回購了價值約 3 億美元的股票，約 800 萬股。

Our capital allocation priorities remain intact. We are focused on maintaining our investment-grade balance sheet, funding CapEx to support organic growth, deploying capital towards accretive M&A and returning capital to our shareholders opportunistically through our share repurchase program. This was evident in FY25 as we deployed CapEx judiciously, spent about $400 million on strategic accretive M&A and repurchased nearly $1.3 billion of stock representing about 9% of our outstanding shares. Turning to our segment results for FY25 on Slide 13.

我們的資本配置優先順序保持不變。我們專注於維持投資等級資產負債表、為支持有機成長而提供的資本支出、將資本部署用於增值性併購，並透過股票回購計畫適時向股東返還資本。這在 25 財年得到了明顯體現，因為我們明智地部署了資本支出，花費了約 4 億美元用於戰略增值併購，並回購了近 13 億美元的股票，約占我們流通股的 9%。轉向投影片 13 上的 25 財年分部業績。

FY25 was a highly dynamic year. Still, we delivered exceptional performance in key end markets such as data center as well as achieving growth in medical devices and automotive power electronics, where we continue to benefit from content gains.

25 財年是充滿活力的一年。儘管如此，我們在資料中心等關鍵終端市場表現優異，並在醫療設備和汽車電力電子領域實現了成長，我們繼續受益於內容的成長。

Macro-driven headwinds affected several end markets, including core industrial, renewables and medical equipment. We believe these headwinds are temporary and expect these end markets to support growth in the future. Our diversified end market strategy has enhanced our resilience through market cycles, while simultaneously driving growth in our strategic focus areas. Additionally, active portfolio management to improve mix, growth in our products business and expanding value-added services has helped drive strong margin expansion through the cycles and in both segments.

宏觀驅動的不利因素影響了多個終端市場，包括核心工業、再生能源和醫療設備。我們相信這些不利因素是暫時的，並預計這些終端市場將在未來支持成長。我們多元化的終端市場策略增強了我們在市場週期中的適應力，同時推動了我們策略重點領域的成長。此外，積極的投資組合管理改善了產品組合，促進了產品業務的成長，並擴大了增值服務，從而推動了兩個部門在周期內利潤率的強勁增長。

Finally, our focus on operational excellence and efficiency is contributing to record level operating margins. In our Reliability segment, revenue was $11.7 billion, with operating margin finishing at 5.8%. Again, that's a record level for the segment. And despite the top line pressure, the team still delivered 50 basis points of margin improvement.

最後，我們對卓越營運和效率的關注有助於實現創紀錄的營運利潤率。在我們的可靠性部門，營收為 117 億美元，營業利潤率為 5.8%。再次，這是該領域的最高紀錄。儘管面臨營收壓力，團隊仍實現了 50 個基點的利潤率提高。

In our Agility segment, revenue totaled $14.1 billion delivering a 6.1% operating margin, also a record. I'm reminded Agility margins used to be around 2%. So that's quite a transformation, and it reflects purposeful mix shift towards higher value business in all three business units.

在我們的敏捷部門，總收入達到 141 億美元，營業利潤率為 6.1%，也創下了新高。我記得敏捷利潤率曾經在 2% 左右。這是一個相當大的轉變，它反映了三個業務部門有目的的組合轉向更高價值的業務。

Looking at our full year '26 guidance on slide 14. With respect to the current macro environment, we're taking a conservative approach to our initial guidance. We believe it's prudent to provide a wider-than-usual revenue range recognizing there are a lot of variables that create uncertainty for our customers. That said, we have not expanded the range for our operating margin or operating profit as we are confident in our ability to navigate this environment from a profitability standpoint as we've done over the last few years and in other challenging situations. Additionally, we have not incorporated direct tariff impacts to our expected cost or revenues given the rapidly changing nature of the situation. I'll explain that in further detail in a moment.

查看投影片 14 上的 26 年全年指引。就當前的宏觀環境而言，我們對初步指導採取保守態度。我們認為，提供比平常更廣泛的收入範圍是明智之舉，因為有許多變數會為我們的客戶帶來不確定性。話雖如此，我們並沒有擴大營業利潤率或營業利潤的範圍，因為我們有信心從盈利的角度應對這種環境，就像過去幾年和其他具有挑戰性的情況一樣。此外，鑑於情勢的快速變化，我們尚未將直接關稅影響納入預期成本或收入。我稍後會更詳細地解釋這一點。

Another factor to consider as we look to FY26 revenue guidance, we are seeing an increasing number of customers moving to our customer-sourced inventory models, particularly in our cloud business. Financial reporting requires that the value of the customer source inventory under these contracts be excluded from revenue.

當我們展望 26 財年收入指引時，需要考慮的另一個因素是，我們看到越來越多的客戶轉向我們的客戶來源庫存模式，尤其是在我們的雲端業務中。財務報告要求將這些合約項下的客戶來源庫存價值排除在收入之外。

The net effect is that this shift in contract mix is muting our reported growth rate by excluding this activity, which is growing significantly year-on-year from revenue. With the strong growth in our data center business, cloud is becoming a more material contributor. And within cloud, we are seeing an increase in adoption of these models.

淨效應是，合約組合的這種轉變透過排除這項活動而降低了我們報告的成長率，而這項活動的收入則是同比增長顯著。隨著我們資料中心業務的強勁成長，雲端運算正在成為更重要的貢獻者。在雲端運算領域，我們看到這些模型的採用率正在增加。

In FY25, this customer source inventory activity increased $1.5 billion and represented approximately 17% of revenue. This is versus approximately 11% of revenue in FY24 and is expected to increase an additional $1 billion plus in FY25 -- FY26, which would represent approximately 20% of revenue.

在 25 財年，該客戶來源庫存活動增加了 15 億美元，約佔營收的 17%。相較之下，24 財年的營收約為 11%，預計 25 財年至 26 財年將增加 10 億美元以上，約佔營收的 20%。

We've said in the past, we support our customers in either standard purchase and resale models or these consignment-like models because they both drive operating profit dollar growth, which you saw increased 15% year-on-year in FY25. The simple takeaway is that we are winning new higher-value data center business, not fully reflected in growth rates, which is driving growth in operating profit and EPS and generating greater value for our shareholders.

我們過去曾說過，我們支持客戶採用標準購買和轉售模式或類似寄售的模式，因為它們都能推動營業利潤的成長，您會看到 25 財年的營業利潤同比增長了 15%。簡單來說，我們正在贏得新的更高價值的資料中心業務，這並未完全反映在成長率中，而是推動了營業利潤和每股盈餘的成長，並為我們的股東創造了更大的價值。

As we look ahead, our FY26 expectations are revenue to be between $25 million and $26.8 billion. Adjusted operating margin to be between 6% and 6.1%. As we said in the past, our global tax rates increase -- excuse me, as we've said in the past, as global tax rates increase, we expect some headwinds. So for FY26, we expect our adjusted tax rate to land at about 21%.

展望未來，我們預計 26 財年的營收將在 2,500 萬美元至 268 億美元之間。調整後的營業利益率在6%至6.1%之間。正如我們過去所說，我們的全球稅率會增加——對不起，正如我們過去所說，隨著全球稅率的增加，我們預計會出現一些阻力。因此，對於 26 財年，我們預計調整後的稅率將達到 21% 左右。

We expect adjusted EPS to be between $2.81 to $3.01 per share and we expect to generate strong free cash flow and maintain our 80%-plus free cash flow conversion target. As Revathi said, our adjusted operating margin guidance implies that we hit our FY27 target of 6%-plus operating margins a year earlier than expected.

我們預計調整後的每股收益將在 2.81 美元至 3.01 美元之間，並且我們預計將產生強勁的自由現金流並保持 80% 以上的自由現金流轉換目標。正如 Revathi 所說，我們調整後的營業利潤率指引意味著我們比預期提前一年實現了 2027 財年 6% 以上的營業利潤率目標。

With regards to tariffs, it is a highly dynamic situation, but a few things to keep in mind. We expect tariffs to be a pass-through cost, and we typically have strong contractual protections to allow for this. Tariffs can affect cash flow timing if there is a lag between when we pay the tariff at the border and receive the recoveries from customers. Depending on the magnitude, tariff recoveries could have an impact similar to inflation recoveries during the supply chain crisis where we saw a slight increase in revenue growth and slight pressure on operating margins as recoveries came in as low calorie revenue.

關於關稅，情況瞬息萬變，但需要牢記一些事項。我們預計關稅將成為轉嫁成本，並且我們通常有強有力的合約保護來實現這一點。如果我們在邊境支付關稅和從客戶收到退款之間存在滯後，關稅可能會影響現金流時間。根據幅度的不同，關稅恢復可能會產生類似於供應鏈危機期間通膨恢復的影響，我們看到收入成長略有增加，而營業利潤率略有壓力，因為恢復的熱量收入較低。

Lastly, some Flex power products could be subject to tariffs due to current material and component sourcing. While we don't anticipate this to be a material issue, we do have pricing actions underway to offset these impacts where needed.

最後，由於目前的材料和零件採購，一些 Flex 電源產品可能會被徵收關稅。雖然我們預計這不會成為一個重大問題，但我們確實正在採取定價措施，以在必要時抵消這些影響。

Obviously, this is all still rapidly evolving, which is why we've excluded these direct tariff factors from our guidance. I just want to reiterate, we have a strong footprint in the right geographies, which we are confident will allow us to help our customers navigate this environment and position Flex well to benefit from the longer-term trends in regionalization.

顯然，這一切仍在快速發展，這就是為什麼我們將這些直接關稅因素排除在指導之外。我只想重申，我們在正確的地區擁有強大的影響力，我們相信這將使我們能夠幫助客戶駕馭這種環境，並使 Flex 能夠從區域化的長期趨勢中受益。

Moving on to our initial FY26 segment outlook. For Reliability Solutions, we expect revenue to be flat at the midpoint with continued strength in data center power, offsetting macro-related softness in automotive, core industrial and renewables. For Agility Solutions, we expect revenue to be flat to slightly up, driven by sustained strength in cloud demand, networking share gains and lifestyle wins tempered by soft enterprise IT, telco and consumer devices.

接下來我們來看看我們最初的 FY26 細分市場展望。對於可靠性解決方案，我們預期營收將在中間點持平，資料中心電力持續走強，抵消汽車、核心工業和再生能源等宏觀相關的疲軟。對於 Agility Solutions，我們預計營收將持平或略有上升，這得益於雲端需求的持續強勁、網路份額的成長以及受軟企業 IT、電信和消費設備影響的生活方式的提升。

Finishing off with our guidance for the first quarter on slide 16. We expect Reliability Solutions to be flat to down high single digits, largely due to expected auto weakness on tariff-related disruptions affecting customer volumes. We expect Agility Solutions revenue to be down low single to up mid-single digits based on strong cloud balanced against softer enterprise IT and consumer-related end markets.

在第 16 張投影片上結束我們對第一季的指導。我們預期可靠性解決方案業務將持平或下降個位數，這主要是由於預期汽車產業因關稅相關中斷而疲軟，進而影響客戶數量。我們預計，由於雲端運算業務強勁，而企業 IT 和消費者相關終端市場較弱，Agility Solutions 的營收將下降低個位數至上升中個位數。

For total Flex, we expect revenue in the range of $6 billion to $6.5 billion, with adjusted operating income between $330 million and $370 million. Interest and other expense is estimated to be around $50 million and the adjusted tax rate to be around 21%. Lastly, we anticipate adjusted EPS to be between $0.58 and $0.66 per share based on approximately 385 million weighted average shares outstanding.

對於 Flex 的整體收入，我們預計在 60 億美元至 65 億美元之間，調整後的營業收入在 3.3 億美元至 3.7 億美元之間。利息和其他費用估計約為 5,000 萬美元，調整後的稅率約為 21%。最後，我們預計調整後的每股盈餘將在 0.58 美元至 0.66 美元之間，基於約 3.85 億股加權平均流通股。

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)

（操作員指示）

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Hi, thank you. Good morning and thank you for taking my questions and congratulations on the strong margin guide here. Maybe if I can start off with that, as we look at the margin guide for fiscal '26, which is for 6%, a bit more than 6%, how should we think about the drivers relative to fiscal '25 outside of maybe mix on the cloud business as that grows rapidly outside of mix on increasing contribution from cloud. What are the other drivers you're sort of penciling in there in relation to the strong margin guide for fiscal '26. And I have a follow-up.

你好，謝謝。早安，感謝您回答我的問題，並祝賀這裡的強勁利潤指南。也許我可以從這個開始，當我們看一下 26 財年的利潤率指南（為 6%，略高於 6%）時，我們應該如何看待與 25 財年相關的驅動因素，除了雲端業務之外，雲端業務也在快速增長，貢獻率不斷增加。關於 26 財年的強勁利潤率指南，您還考慮了哪些其他驅動因素？我還有一個後續問題。

Hi, Samik, this is Kevin. I'll start on that. Yeah, you know that a big driver of the mix year-on-year is going to be our continued growth in the cloud, also data center product business as we are in our power business, we should continue to see favorable mix impacts from that as well. I will point out our service business, we expect continued growth there year-on-year, which should have some favorable mix impacts.

你好，薩米克，我是凱文。我先從那裡開始。是的，您知道，同比增長的一大驅動力將是我們在雲端運算領域的持續成長，以及資料中心產品業務和我們的電力業務，我們應該繼續看到由此帶來的有利的組合影響。我要指出的是，我們預計我們的服務業務將繼續同比增長，這應該會產生一些有利的組合影響。

And then lastly, what I'll say is the drivers of mix that you've seen benefit our business in FY25, we expect to continue in FY26, which is in each one of our segments. We expect them to continue to drive mix improvement in those segments through operational efficiency and continued productivity and leverage.

最後，我想說的是，您已經看到混合驅動因素使我們的 25 財年業務受益，我們預計這種受益將在 26 財年繼續，並且將惠及我們的每個部門。我們預計他們將透過提高營運效率、持續提高生產力和槓桿率來繼續推動這些領域的組合改善。

Okay. Got it. And for my follow-up, given the -- I think you referenced this in your prepared remarks as well that customers are now looking for capacity, which you have in Mexico as well as US. Can you just give us bit of sort of the lay of the land, what you're hearing from customers in relation to demand for either US footprint in Mexico, how much sort of capacity -- flexible capacity do you have on that front?

好的。知道了。就我的後續問題而言，鑑於——我認為您在準備好的演講中也提到了這一點，即客戶現在正在尋找產能，而您在墨西哥和美國都擁有這樣的產能。您能否向我們介紹一下當地情況，您從客戶那裡了解到的有關美國在墨西哥的業務需求，以及您在這方面擁有多少產能 - 靈活產能？

And does that present at all a margin opportunity as well in relation to picking some high-margin business or as you go through fiscal '26? Thank you.

並且，就選擇一些高利潤業務或經歷 26 財年而言，這是否也代表著利潤機會？謝謝。

Yeah, Samik, I would say first is definitely, for our teams, the phones are ringing off the hook as customers are trying to figure out. One is what's the impact of tariffs and then longer term, what this means to their footprint. The good part is that we have worked through this in the whole tariff 1.0 scenario, and we've been -- done a lot of work already in terms of moving footprint around for our customers over the last kind of five years. So it's not new to us.

是的，薩米克，我想說，首先，對於我們的團隊來說，電話響個不停，因為客戶正在試圖弄清楚情況。一是關稅的影響是什麼，二是長期來看這對他們的足跡意味著什麼。好的方面是，我們已經在整個關稅 1.0 方案中解決了這個問題，並且在過去的五年裡，我們已經在為客戶轉移足跡方面做了很多工作。所以這對我們來說並不新鮮。

The good news for us is that our footprint is so strong in Europe and in North America that we have some available capacity, and we have also announced new capacity expansions over the last year, as you have seen and heard from us in these regions that we're able to really be thoughtful about what is the right kind of mix we want as we look at these capacity expansions.

對我們來說，好消息是，我們在歐洲和北美的業務非常強大，我們有一些可用的產能，而且我們還在去年宣布了新的產能擴張，正如您在這些地區看到和聽到的那樣，在考慮這些產能擴張時，我們能夠真正認真考慮我們想要的正確組合類型。

But at the end of the day, we want to help our customers, right? And that is our big focus. So a lot of conversations with customers on open capacity, increasing utilizations in terms of our existing equipment to drive productivity, so we can drive more volume for them from these factories. All of those things are continuing conversations.

但歸根究底，我們還是想幫助我們的客戶，對嗎？這是我們關注的重點。因此，我們與客戶就開放產能進行了大量對話，提高現有設備的利用率以提高生產力，以便我們可以從這些工廠為他們增加產量。所有這些事情都是持續的對話。

And we expect the continued shift that has happened in our footprint, that has happened in our PPE. And then as a result, continued improved margin as a result of these changes. So while tariffs create a lot of noise and are not helpful in many ways, the changes that are happening to regionalization and to customer locations as a result of this, are really, really important to us. And so only the last thing I'd say in closing is, as customers look at things from a longer-term perspective, regionalization will continue. We will need open capacity in North America. It could be Mexico or the US. And I believe we are very well equipped to deal with that and support them through that transition.

我們預計我們的足跡和個人防護裝備將繼續發生轉變。因此，由於這些變化，利潤率持續提高。因此，儘管關稅引起了很多噪音，並且在許多方面沒有幫助，但由此產生的區域化和客戶位置的變化對我們來說真的非常重要。最後我想說的是，隨著客戶從更長遠的角度看待問題，區域化將會持續下去。我們需要北美的開放產能。可能是墨西哥或美國。我相信我們有能力應對這個問題並支持他們度過這段過渡期。

Got it. Thank you. Thanks for all the color.

知道了。謝謝。感謝所有的色彩。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Good morning and thanks for taking my questions. I had two. First off, Revathi, I was curious if you could expand on your comments. You highlighted around data centers, your scale advantages. How does that play out in the new fiscal year? What are you seeing in the marketplace that is sort of playing into those advantages?

早上好，感謝您回答我的問題。我有兩個。首先，Revathi，我很好奇你是否可以詳細說明你的評論。您強調了資料中心的規模優勢。新財年將會如何發展？您在市場上看到了哪些可以發揮這些優勢的東西？

And then Kevin, just from an inventory standpoint, obviously, a lot of improvement there. How do we think about sort of inventories and working capital impacting the cash flows in fiscal '26.

然後凱文，僅從庫存的角度來看，顯然那裡有很多改進。我們如何看待庫存和營運資本對 26 財年現金流的影響。

Thanks.

謝謝。

Okay, Steven, I'll start off. I'd say in data centers, as I think about our overall kind of footprint and capability, right, is, one is in the IT integration side that comes under our CEC business. First is having the ability to have a fully vertically integrated capability. That is where you're cutting the sheet metal, putting all the equipment together with server storage switching devices, having the power available to do it. Then also today having liquid cooling capability to scale these customer orders up are all important.

好的，史蒂文，我先開始了。我想說，在資料中心，當我考慮我們的整體足跡和能力時，其中一個是屬於我們 CEC 業務的 IT 整合方面。首先是擁有完全垂直整合的能力。在這裡，您要切割金屬板，將所有設備與伺服器儲存交換設備組裝在一起，並提供可用的電源。那麼今天擁有液體冷卻能力來擴大這些客戶訂單也是非常重要的。

And so we have the ability to not only have the footprint, but have the power availability for these IT integration and the equipment and the utilization capability for rack integration, I would say, unlike almost any other competitors in this region -- in this area. So scale is really, really important in the IT integration side.

因此，我想說，我們不僅有能力佔據空間，而且還有能力為這些 IT 整合提供電力，並為機架整合提供設備以及利用能力，這與該地區幾乎所有其他競爭對手都不一樣。因此，規模在 IT 整合方面確實非常重要。

On the power side, the engineering and design capability in terms of not only designing, what is happening today, which is we're talking about kind of 100-kilowatt power in a rack or higher in some cases, being able to design that with kind of the silicon providers is really significantly important. So there, the scale of engineering capability and designing that and deploying that, I think, is very important for us.

在電源方面，工程和設計能力不僅體現在設計上，而且在今天發生的事情上，我們談論的是機架中 100 千瓦或更高功率的電源，在某些情況下，能夠與矽片供應商一起設計這種電源非常重要。因此，我認為，工程能力的規模以及設計和部署對我們來說非常重要。

So on the power side, the scale comes not only from footprint, but from the engineering scale and the depth of experience that exists there. And then the thing I said in my prepared remarks that I've said a few times before is, what is coming together is compute and power. And there's really no supplier who can put the two together other than Flex, right?

因此，在電力方面，規模不僅來自於足跡，也來自於工程規模和現有的經驗深度。然後，我在準備好的發言中說過，並且之前已經說過幾次，結合在一起的是計算和力量。除了 Flex 之外，真的沒有其他供應商可以將這兩者結合在一起，對嗎？

And so that is a very unique capability we have that totally differentiates us. And more and more customers are asking for that today not only in terms of the programs they're working on today, but what they're designing for the future. And that's a very unique differentiation that we have.

因此，這是我們擁有的一項非常獨特的能力，使我們完全與眾不同。如今，越來越多的客戶不僅在他們目前正在進行的專案方面提出這樣的要求，而且在他們為未來設計的專案方面也提出這樣的要求。這是我們非常獨特的差異化優勢。

Kevin, I'll turn it over to you for the inventory question.

凱文，我將把庫存問題交給你。

All right, Steven, thanks for the question. On inventory, as you asked on FY26, I'll point to sort of inventory trends over the last couple of years. As you know, coming out of COVID, we invested heavily in inventory, and we've been harvesting that investment over the last couple of years and certainly did so again in FY25, which was a big driver in our record level free cash flow, which was about $1.1 billion.

好的，史蒂文，謝謝你的提問。關於庫存，正如您在 FY26 中詢問的那樣，我將指出過去幾年的庫存趨勢。如您所知，在擺脫 COVID 之後，我們在庫存上投入了大量資金，並且在過去幾年中我們一直在收穫這些投資，並且在 2025 財年再次收穫了這些投資，這極大地推動了我們創紀錄的自由現金流，約為 11 億美元。

As we end the year, our team has done a great job, and we see inventories really ending FY25 at more normal levels. All that said, we do expect some improvement in our inventory rate and in our working capital rate in FY26, but not at the levels we've seen over the last couple of years. And that's really what's informing our 80%-plus free cash flow conversion target.

隨著今年的結束，我們的團隊做得非常出色，我們看到庫存在 2025 財年結束時確實處於更正常的水平。儘管如此，我們確實預期 26 財年的庫存率和營運資本率會有所改善，但不會達到過去幾年的水準。這其實就是我們實現 80% 以上的自由現金流轉換目標的原因。

The other thing I'll point out with respect to FY25 as we move into FY26 is in FY25, CapEx as a percent of revenue was about 1.6%. That's a little below our target rate, historical target rate of about 2%. So as we go back into -- or as we go into FY26, I expect our CapEx as a percent of revenue to normalize closer to that historical rate. Again, that's a contributor to our full year guide of 80%-plus free cash flow conversion.

關於 25 財年，隨著我們進入 26 財年，我要指出的另一件事是，25 財年的資本支出佔收入的百分比約為 1.6%。這略低於我們的目標利率，歷史目標利率約為 2%。因此，當我們回到 - 或者當我們進入 26 財年時，我預計我們的資本支出佔收入的百分比將接近歷史水平。再次，這對我們全年 80% 以上的自由現金流轉換指南有所貢獻。

Great. Thank you very much.

偉大的。非常感謝。

Thank you.

謝謝。

Ruplu Bhattacharya, Bank of America.

美國銀行的 Ruplu Bhattacharya。

Hi, thanks for taking my questions. Revathi, you talked about strong growth in power and cloud, and I think you guided to 30% year-on-year growth. Can you delve a little bit deeper into who the customer said that you're targeting now for both cloud and power. In cloud, I mean, can you maintain that growth with just the top customers that you had? Or do you -- are you planning to expand beyond that customer, is hyperscale the customer set? Or is it enterprise?

你好，謝謝你回答我的問題。Revathi，您談到了電力和雲端運算的強勁成長，我認為您預測的年成長率為 30%。您能否更深入地了解客戶所說的您現在在雲端運算和電力方面的目標客戶是誰。我的意思是，在雲端運算領域，你能僅靠現有的頂級客戶來維持這種成長嗎？或者您計劃擴展該客戶以外的業務，超大規模是客戶群嗎？還是企業？

And power, can you give some details on what the customer set is and which region do you see power products growing? Any kind of details to help us get comfortable with the 30% year-on-year growth rate? And I have a follow-up.

對於電力，您能否詳細說明客戶群以及您認為哪個地區的電力產品會成長？有哪些細節可以幫助我們適應 30% 的年成長率？我還有一個後續問題。

Yeah, I'd say, Ruplu, I'd start with saying, one is, you should be very comfortable with the 30% because you have just seen what we have executed in the last few years, right? So that is one thing. And then second is -- the second is, as you all point out to me all the time is that we're always conservative in kind of what we say long term, right, in terms of our guidance. So I would say that 30% is, you should absolutely feel comfortable with.

是的，我想說，Ruplu，我首先要說的是，你應該對 30% 感到非常滿意，因為你剛剛看到了我們過去幾年所取得的成績，對嗎？這是一回事。其次，正如大家一直向我指出的那樣，就我們的指導而言，我們對長期發展始終持保守態度。所以我想說，30% 這個數字絕對會讓你感到滿足。

Now where is it coming from? I would say on our IT integration side, I think one of the things that is really important to know what's different about us is, we have multiple hyperscaler customers, right? So almost all large hyperscaler customers are part of our customer mix.

那麼它從哪裡來？我想說，在我們的 IT 整合方面，我認為了解我們的不同之處真正重要的事情之一是，我們有多個超大規模客戶，對嗎？因此，幾乎所有大型超大規模客戶都是我們的客戶組合的一部分。

So we're not really geared towards or targeted towards one large hyperscaler and they're all growing fairly significantly and have very big long-term programs that are up and coming. And we're also growing with kind of the smaller cloud customers who -- now you're seeing a lot of offsets to also hyperscalers where there are smaller cloud customers that are coming up in various regions, and we are also supporting them. So that is also very significantly important. So very diversified end customers in our IT integration side.

因此，我們實際上並不是針對或瞄準某個大型超大規模企業，它們都在快速發展，並且都有正在醞釀的大型長期計劃。而且，我們也正在與小型雲端客戶一起成長——現在，您會看到很多偏移量，即超大規模客戶，這些小型雲端客戶正在各個地區湧現，我們也在為他們提供支援。所以這也非常重要。因此，我們的 IT 整合的最終客戶非常多樣化。

In the power side, on the embedded power business, where we design power that goes on the chip, we mainly work with the silicon providers because those -- they are the ones who are driving actually what the significant compute requirements that's required. So we start by working with the silicon providers, which, in some cases, are also hyperscalers who are making their own silicon. And there also, there is pretty significant diversification in terms of end customers. And in our critical power, we work with almost every large colo and almost every large hyperscaler mainly in Europe and North America.

在電源方面，在嵌入式電源業務中，我們設計晶片上的電源，我們主要與矽片供應商合作，因為那些供應商實際上正在推動所需的重要運算需求。因此，我們先與矽片供應商合作，在某些情況下，他們也是生產自己的矽片的超大規模廠商。而且，最終客戶方面也存在相當明顯的多樣化。在我們的關鍵電力領域，我們幾乎與所有大型託管公司和幾乎所有大型超大規模企業都有合作，主要集中在歐洲和北美。

I'd say we do less in terms of Asia and critical power, but very diversified from a geography and an end customer standpoint, so that's what really makes our data center business very unique as a diversification in all these three businesses, which is really important. And then the critical thing is as technology puts compute and power together, we're the only ones who can really work on that technology in terms of putting that together. So that's also a very important thing.

我想說，我們在亞洲和關鍵電力方面做得較少，但從地理和最終客戶的角度來看，我們的業務非常多樣化，所以這才是我們的資料中心業務非常獨特的原因，因為我們在這三個業務中都實現了多樣化，這非常重要。關鍵在於，當技術將計算和電力結合在一起時，我們是唯一能夠真正致力於將兩者結合在一起的技術的人。所以這也是一件非常重要的事情。

Okay, thanks for all the details there. I appreciate that. Can I ask about the customer sourced inventory and the impact of that on both revenues and margins. I think you talked about a $1 billion impact in fiscal '26. Is that all in hyperscale? Or is it in other end markets as well, including -- are you seeing that in both the power business as well as in the cloud business? And what is the impact on margins of customers going to a customer-sourced inventory model? Is it positive for margins or negative? Any details would be appreciated. Thank you.

好的，感謝您提供的所有詳細資訊。我很感激。我可以詢問客戶採購庫存及其對收入和利潤的影響嗎？我認為您談到了 26 財年 10 億美元的影響。這些都是超大規模的嗎？或者它也存在於其他終端市場，包括—您是否在電力業務和雲端業務中看到了這一點？那麼，採用客戶採購庫存模式對客戶利潤有何影響？這對於利潤率是有利的還是不利的？任何詳細資訊都將不勝感激。謝謝。

Yeah, Kevin.

是的，凱文。

Yeah, hi Ruplu, I'll take that. Just answering your question. So your first question on hyperscale, I would say, no, it is not isolated. Those contracting arrangements are not isolated to our cloud business, although I would say a majority of the contracts are in the cloud business. Your question on margins, the short answer is yes, margins get a bump when you look year-on-year, but it's important to note that FY25 and as we think about margins as we go into FY26, our margins, we do expect our margins to grow without this bump.

是的，嗨，Ruplu，我會接受的。只要回答你的問題。所以你關於超大規模的第一個問題，我想說，不，它不是孤立的。這些合約安排並不局限於我們的雲端業務，儘管我想說大多數合約都屬於雲端業務。關於利潤率的問題，簡短的答案是肯定的，如果按年計算，利潤率會有所上升，但需要注意的是，25 財年以及進入 26 財年時我們考慮利潤率時，我們確實預計利潤率會在沒有這種上升的情況下增長。

Right, thank you for all the details. I really appreciate it.

好的，感謝您提供的所有詳細資訊。我真的很感激。

You're welcome.

不客氣。

George Wang, Barclays.

巴克萊銀行的喬治王 (George Wang)。

Thank you guys. thanks for taking my question and congrats on the quarter. I have two quick ones. Firstly, maybe for Kevin. I noticed implied OPM percentage for 1Q '26 is a bit lower sequentially kind of drive with first quarter a year ago as well, kind of a step down from 4Q to 1Q, is this just due to typical seasonality or kind of startup cost with the program ramping? Can you kind of call out the drivers kind of pointing to implied OP percentage maybe kind of 5.6% for the 1Q.

謝謝你們。感謝您回答我的問題，並祝賀本季取得佳績。我有兩個簡短的。首先，也許對凱文來說是這樣。我注意到 2026 年第一季的隱含 OPM 百分比比去年第一季略低，從第四季到第一季度有所下降，這僅僅是由於典型的季節性因素還是由於專案增加而產生的啟動成本？您能否指出一些驅動因素，表明第一季隱含的 OP 百分比可能為 5.6%。

Yeah, hi George. So the question on why our margins -- implied margins stepping down 4Q '25 to Q1 '26. I'd say there's really two drivers in there. One is just sequentially our revenue. We expect our revenue to step down. And in some of our business, we're going to have lower fixed cost absorption.

是的，你好，喬治。所以問題是為什麼我們的利潤率——隱含利潤率從 2025 年第四季下降到 2026 年第一季。我想說這裡面確實有兩個驅動因素。一是我們的連續收入。我們預計我們的收入將會下降。在我們的某些業務中，我們將降低固定成本吸收。

The other thing I would say is as we go into the first quarter, our automotive business, we're expecting a step down there sequentially Q4 to Q1. And with that and due to the nature of the cost structure in that business, there's going to be a little more margin drag in the first quarter than we would expect as we move through the year there as well. So those are really your two primary drivers of the step down in operating margin Q4 to Q1.

我想說的另一件事是，隨著我們進入第一季度，我們預計我們的汽車業務將從第四季度到第一季出現環比下滑。由於這個原因以及該業務成本結構的性質，第一季的利潤率拖累將比我們預期的要大一些，因為我們預計全年的利潤率也會如此。因此，這實際上是導致第四季度營業利潤率較第一季下降的兩個主要驅動因素。

And I'd say, George, the only thing I'd add to that is you've seen this in the last year also, right, our Q1 was somewhat soft and had a fairly strong year in terms of our margin performance. And we -- as you can see our FY26 guide is really strong, 6% operating margin that we're going to hit a year ahead of schedule. So I'm not worried about kind of the sequentials. I feel very good about kind of how we have laid this out. It's going to be a strong year.

我想說，喬治，我唯一要補充的是，你在去年也看到了這種情況，對吧，我們的第一季表現有些疲軟，但就利潤率表現而言，今年表現相當強勁。如您所見，我們的 26 財年指引非常強勁，6% 的營業利潤率將提前一年實現。所以我並不擔心這類連續性問題。我對我們的安排感到非常滿意。這將是強勁的一年。

Yeah, I agree. And also a quick follow-up for Revathi. You guys called out networking schedules, which caught my eye. I'm just curious if you can double-click on the networking share gains. Can you talk about which specific customer set or it's mostly broad-based? And in terms of share gain, this gain from Asia competitors or could be just a share gain from US-based EMS guys as well. Just if you can give any color on that. Thanks.

是的，我同意。這也是對 Revathi 的快速跟進。你們公佈了社交時間表，吸引了我的注意。我只是好奇您是否可以雙擊網路份額收益。能談談哪些特定的客戶群嗎？或主要是廣泛的客戶群？就份額增長而言，這種增長可能是來自亞洲競爭對手的份額增長，也可能是來自美國 EMS 公司的份額增長。但願你能對此給予任何解釋。謝謝。

Yeah, the only thing I would say is, George, is that it's -- we mainly grow with kind of large players in the networking space and they're all fairly well known to you and to everyone. So we've continued to grow with them in the last few years. And I would say in terms of geography, it is across the world with the share gains and these customers. So I think that's all I can add to it, right? I'm not going to share names and all that, but it's a pretty significant part of where we have grown, and it's a very good business for us.

是的，喬治，我唯一想說的是——我們主要與網路領域的大型企業一起成長，你和每個人都非常熟悉他們。因此，在過去的幾年裡，我們一直與他們一起成長。我想說，從地理角度來看，它的市場份額和客戶遍布全球。所以我想我能補充的就這些了，對嗎？我不會透露姓名和所有信息，但這是我們成長中相當重要的一部分，對我們來說是一項非常好的業務。

Okay. Just a quick one, if I can squeeze in. Just in terms of value-added services. Last year, you guys have talked about $1 billion. In the prepared remarks, you talked about year-over-year growth. Just curious any color beyond that, just how to quantify growth rate for FY26 for the value-added services, which is margin-accretive.

好的。如果我能擠進去的話，就快速說一句。僅就增值服務而言。去年，你們談到了 10 億美元。在準備好的發言中，您談到了同比增長。我只是好奇除此之外的任何顏色，如何量化 FY26 的增值服務的成長率，這是利潤成長。

Yeah. I don't think we are sharing growth rate for FY26 in terms of the services business. I think we give you enough as we look back. Usually on the services business, all I'll say is, we expect it to grow again in fiscal '26 in almost all aspects of that business. As you know very well, it really drives vertical integration for us across multiple end markets, and it is important in terms of how we improve margins because that is a key part of our strategy.

是的。我認為我們不會分享 2026 財年服務業務的成長率。回首往事，我想我們給你的已經夠多了。通常關於服務業務，我只想說，我們預計該業務的幾乎所有方面在 26 財年都會再次成長。如您所知，它確實推動了我們在多個終端市場的垂直整合，這對於我們提高利潤率至關重要，因為這是我們策略的關鍵部分。

Revenue-wise, it's not big numbers compared to our overall kind of $25 billion, $26 billion revenue that we have, but really important in terms of building customer affinity and driving margins. But really, no numbers to share for you in terms of exact growth rates and things like that, but we expect it to grow in FY26.

從收入方面來看，與我們 250 億美元、260 億美元的總收入相比，這個數字並不大，但對於建立客戶親和力和提高利潤率而言卻非常重要。但實際上，我們無法提供確切的成長率等數字，但我們預計 2026 財年成長率將會成長。

Great, thank you. Congrats again on the quarter end, guys. I'll go back to the queue.

太好了，謝謝。再次恭喜大家本季順利結束。我將回到隊列。

Thanks, George.

謝謝，喬治。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Yes, good morning. Thank you very much for taking my questions. Nice to see the margin strength and recognizing you're guiding to reach the 6% a year earlier than you'd previously targeted. I do want to better understand how tariffs may affect the margin guidance, though I believe you said your guidance excludes tariffs, both with respect to revenue and cost, and you'd expect tariff costs to be passed through at a low margin.

是的，早安。非常感謝您回答我的問題。很高興看到利潤率的強勁增長，並認識到您計劃比之前的目標提前一年達到 6%。我確實想更了解關稅如何影響利潤率指導，但我相信您說過您的指導不包括關稅，無論是收入還是成本，並且您預計關稅成本將以較低的利潤率轉嫁。

So if tariff levels are sustained, and I realize tariffs are quite dynamic. But in a scenario where tariff levels are sustained around levels they are today, do you still think you'll be at 6% margins for this coming year?

因此，如果關稅水準維持下去，我意識到關稅是相當動態的。但是在關稅水準維持在當前水準的情況下，您是否仍然認為今年的利潤率將達到 6%？

Hey Mark, this is Kevin. Thanks for the question. I would say -- so you're thinking about it the right way. Our guide excludes any impacts from direct impacts from tariffs, which would impact both revenue and cost really coming through at flat to zero margin. So we would expect a drag versus our current guide at margins. If tariffs were applied at sort of the current guidance that's out there. We wouldn't expect it to be significant, but there would be some basis points drag versus our current guide.

嘿，馬克，我是凱文。謝謝你的提問。我想說——所以你的想法是正確的。我們的指南不包括關稅的直接影響，關稅的直接影響實際上會影響收入和成本，利潤率實際上是零。因此，我們預期利潤率將與目前指導值相比出現下滑。如果按照目前的指引徵收關稅。我們預計其影響不會很大，但與我們目前的指導相比，會有一些基點的拖累。

Okay, thanks for clarifying, Kevin. My other question also related to tariffs and more trying to better understand what kind of knock-on FX tariffs are having to end demand. You said you're factoring in some weakness into the auto market. But if you think about some of the other end markets, are you seeing any weakness in customer schedules? Perhaps if prices are going higher, you're expecting some negative elasticity of demand? Or if you're not seeing that, is this something you try to factor into the revenue guidance? Thanks.

好的，謝謝你的澄清，凱文。我的另一個問題也與關稅有關，我想更了解什麼樣的連鎖外匯關稅會終止需求。您說您已經將汽車市場的一些疲軟因素考慮在內。但是，如果您考慮一下其他一些終端市場，您是否發現客戶日程安排方面有任何疲軟跡象？也許如果價格上漲，您預期需求會出現一些負彈性？或者如果您沒有看到這一點，您是否會嘗試將其納入收入預測中？謝謝。

Yeah, I'd say, Mark, we're really not seeing anything in terms of outside of what we have talked about in automotive and any kind of significant weakness in terms of customers itself. And I'll just remind you that if you think about our current business mix, right, even in our lifestyle and consumer and market businesses, we are with kind of really high-end consumers and complex products. And so don't -- we're not seeing any significant impact there. Of course, our data center business is very strong.

是的，我想說，馬克，除了我們在汽車領域討論的內容之外，我們真的沒有看到客戶本身有任何重大弱點。我只是想提醒你，如果你考慮我們目前的業務組合，即使在我們的生活方式、消費者和市場業務中，我們也擁有真正高端的消費者和複雜的產品。所以，我們沒有看到任何重大影響。當然，我們的資料中心業務非常強大。

We don't see any significant impact there. Industrial businesses are still holding. As you have seen in terms of CapEx for industrials are still pretty strong, driven by investments that they're making. So we're not really seeing any significant impact in terms of end market demand outside of automotive.

我們沒有看到任何重大影響。工業企業仍在維持。正如您所看到的，工業企業的資本支出仍然相當強勁，這要歸功於它們正在進行的投資。因此，我們實際上並沒有看到汽車以外的終端市場需求受到任何重大影響。

So if you think about our guide today, it really reflects that. And you can see that from a lot of the results that are coming out also that demand is holding pretty well in all the major end markets we're in. So highly dynamic, of course, things could change. But I would say both dealing with tariffs pass-through and demand, we feel like we have kind of included what we see today in our guide.

因此，如果您考慮我們今天的指南，它確實反映了這一點。從大量公佈的結果中你也可以看到，我們所在的所有主要終端市場的需求都保持良好。當然，事情是如此高度動態，可能會發生變化。但我想說，無論是處理關稅轉嫁還是需求，我們都覺得我們已經將今天看到的內容納入了我們的指南中。

Hey Mark, the only thing I want to add, because you asked your question based on OP margin, which I understand why you positioned it that way. But when we think about tariffs, while there will be a drag on OP margin, as we've thought about our guide, we do not expect there to be an impact on OP profit dollars this year or EPS dollars, for that matter. So I just wanted to clarify that because that was a critical element of our guidance, we thought about it for FY26.

嘿，馬克，我唯一想補充的是，因為你是根據 OP 邊距提出的問題，我理解你為什麼這樣定位它。但是，當我們考慮關稅時，雖然會對營業利潤率產生拖累，但正如我們在指南中所考慮的那樣，我們預計今年的營業利潤或每股收益不會受到影響。所以我只是想澄清一下，因為這是我們指導的關鍵要素，我們在 FY26 時考慮過這個問題。

Yeah, that makes sense, Kevin, and Revathi, thanks for all your thoughts on what you're seeing by a market.

是的，這很有道理，Kevin，還有Revathi，感謝你們對市場所見所聞的所有想法。

Thanks, Mark.

謝謝，馬克。

(Operator Instructions)

（操作員指示）

Steve Barger, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Steve Barger。

Morning. This is this is Christian Zyla on for Steve Barger. Thanks for taking our questions. First question, just going back to the Husqvarna facility acquisition, could you just give us some additional color on how that deal came about? Was that opportunistic timing? Or is that business that you were vying for? And then just more broadly, is the current operating environment across the globe getting more potential customers to the table to consider and pursue your entire suite of outsourcing capabilities?

早晨。這是 Christian Zyla 為 Steve Barger 主持的節目。感謝您回答我們的問題。第一個問題，回到 Husqvarna 工廠收購的問題，您能否向我們詳細介紹這筆交易是如何達成的？這是機會時機嗎？或者這就是您所爭奪的業務？那麼從更廣泛的角度來看，當前全球的營運環境是否能夠吸引更多潛在客戶來考慮和追求您的全套外包能力？

Yeah, I'd say, Christian, on the deal with Husqvarna, we constantly talk to customers and engage with them about kind of how we can help them with their supply chain, right? So that's a constant conversation with them. As this whole regionalization conversation has become stronger and stronger, and we are looking to build our footprint in North America. This was a really good opportunistic deal for us and for the customer, where we're able to take on their capability and then add to our footprint and our capability in a region that we are very interested in growing more aggressively.

是的，我想說，克里斯蒂安，在與 Husqvarna 的交易中，我們不斷與客戶交談並與他們溝通如何幫助他們改善供應鏈，對嗎？所以這就是與他們的持續對話。隨著整個區域化對話變得越來越強烈，我們正在尋求在北美建立我們的足跡。對於我們和客戶來說，這都是一個非常好的機會交易，我們能夠承擔他們的能力，然後在我們非常感興趣的地區擴大我們的影響力和能力，以便更積極地發展。

So it was really a win-win for us. And more and more conversations like that with customers are happening where not only can we help them with their footprint, existing footprint, but we can expand our capability with that, too. So it was a perfect deal, perfect timing and really excited to welcome that group into our fold and looking to expand that capability pretty well. What was the second question? Christian, can you repeat your second question?

所以這對我們來說確實是雙贏的。我們與客戶進行的類似對話越來越多，我們不僅可以幫助他們擴大現有足跡，還可以藉此擴展我們的能力。所以這是一筆完美的交易，時機也完美，我們非常高興歡迎這個團隊加入我們的行列，並希望能很好地擴展這項能力。第二個問題是什麼？克里斯蒂安，你能重複你的第二個問題嗎？

Yes, absolutely. Just is it getting more customers to the table to consider outsourcing over your entire suite of outsourcing capabilities?

是的，絕對是。它是否能讓更多的客戶考慮外包您的整個外包能力？

I would say we are getting a lot of customer conversations with our teams in terms of regionalization, but also as you're doing regionalization taking on more end-to-end capability because the hardest part about regionalization is going to be, where is your raw material coming from? Who's going to be making that everything that's vertically down, not just the final test and assembly. So it's better for customers if they hand over things to us more end-to-end, everything from a planning perspective, managing their supply chain to then vertically integrating it into all the aspects that go into the final product does make it easier for them.

我想說，在區域化方面，我們的團隊與很多客戶進行了交流，但在進行區域化時，我們也需要更多的端到端能力，因為區域化最困難的部分是，你的原材料來自哪裡？誰來製作所有垂直向下的東西，而不僅僅是最後的測試和組裝。因此，如果客戶將產品以端到端的方式交給我們，從規劃的角度、管理他們的供應鏈到將其垂直整合到最終產品的所有方面，這對他們來說確實更容易。

So we are seeing more of those conversations. It is pushing us to develop our own capability even further in markets like Mexico and in the US, but also develop our supply chain even more aggressively. So Christian, you're right, it is driving more end-to-end conversations at a faster speed today than it's ever been before.

因此，我們看到了更多這樣的對話。它推動我們在墨西哥和美國等市場進一步發展自己的能力，同時也更積極地發展我們的供應鏈。克里斯蒂安，你說得對，如今它正在以比以往任何時候都更快的速度推動更多的端到端對話。

That's great. And then if I could just sneak in my second question. It's a follow-up on the earlier inventory question. I know the last few years, you guys have been working to bring down the inventory levels. But if we were to see inflection sooner in, say, core agility or auto markets, should we expect to see an equal uptick in inventories or anything on the working capital side? Just help us think about the inflection in kind of the future. Thank you.

那太棒了。然後我可以偷偷問第二個問題嗎？這是對先前庫存問題的後續回答。我知道過去幾年，你們一直在努力降低庫存水準。但是，如果我們在核心敏捷性或汽車市場等較早看到拐點，我們是否應該預期庫存或營運資本方面會出現同等的上升？只是幫助我們思考未來的改變。謝謝。

Hi, this is Kevin. I'll take that. I mean sure, when you think about our inventory to the extent that we see a significant pivot in growth, you would see some investment in our working capital rate as we need that -- or sorry, working capital, not working capital rate, but we would need that investment to support growth in our model. All that said, there will continue to be opportunity in working capital rate that would offset that investment. So yes, as we pivot to growth, you asked on automotive, but I would say this across all of our SBUs you would see some working capital investment.

你好，我是凱文。我會接受的。我的意思是，當然，當你考慮到我們的庫存時，我們看到成長出現了顯著的變化，你會看到我們對營運資本率進行了一些投資，因為我們需要它——或者抱歉，是營運資本，而不是營運資本率，但我們需要這種投資來支持我們模型中的成長。儘管如此，營運資本率仍有機會抵銷該項投資。是的，隨著我們轉向成長，您問到汽車產業的問題，但我想說，在我們所有的 SBU 中，您都會看到一些營運資金投資。

But we have rate opportunity we're going to continue to work on, and that's going to help offset some of that investment as we go forward here.

但我們有利率機會，我們將繼續努力，這將有助於抵消我們前進過程中的部分投資。

Yeah, the only thing I would add, Kevin, to that is one thing we learned through the supply chain crisis is getting really good in terms of managing inventory end-to-end, right? So not just for us, but for our customers and then through the supply chain. So all of those learnings and systems and processes we have developed will all come into play as overall. At the end of the day, we want to make sure our days are well in control for us and our customers.

是的，凱文，我唯一要補充的是，我們透過供應鏈危機學到的一件事就是在端到端管理庫存方面做得非常好，對嗎？因此，這不僅對我們而言，對我們的客戶以及整個供應鏈都是如此。因此，我們開發的所有這些知識、系統和流程都將發揮整體作用。歸根究底，我們希望確保我們和我們的客戶都能掌控好每一天。

So yes, we'll need more inventory to support growth. But the important part is, we will manage our days of inventory really well across the supply chain.

所以是的，我們需要更多的庫存來支持成長。但重要的是，我們將在整個供應鏈中很好地管理庫存天數。

Thank you guys.

謝謝你們。

Thank you.

謝謝。

Ladies and gentlemen, this concludes our question-and-answer session, and thus concludes our call today. We thank you for your interest and participation. You may now disconnect your lines.

女士們、先生們，我們的問答環節到此結束，今天的電話會議也到此結束。我們感謝您的關注與參與。現在您可以斷開線路了。