Flex Ltd (FLEX) 2026 Q1 法說會逐字稿

Thank you for standing by. Welcome to Flex's first quarter fiscal 2026 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded.

感謝您的支持。歡迎參加 Flex 2026 財年第一季財報電話會議。（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 Ms. Michelle Simmons. You may begin.

現在我將把電話轉給米歇爾·西蒙斯女士。你可以開始了。

Thank you. Good morning and thank you for joining us today for Flex's first quarter fiscal 2026 earnings conference call. With me today is our Chief Executive Officer, Revathi Advaithi; and Chief Financial Officer, Kevin Krumm, will give brief remarks followed by Q&A.

謝謝。早安，感謝您今天參加 Flex 2026 財年第一季財報電話會議。今天與我一起出席的是我們的執行長 Revathi Advaithi；財務長 Kevin Krumm 將發表簡短講話，然後進行問答。

Slides for today's call as well as a copy of the earnings press release 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.

今日電話會議的投影片以及收益新聞稿副本可在 flex.com 的投資者關係版塊取得。本次電話會議已錄音，可在公司網站重播。

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 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.

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完整討論，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, all growth metrics will be on a year-over-year basis unless stated otherwise. Additionally, all results will be on a non-GAAP basis, unless we specifically state it's a GAAP results. 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 on our Investor Relations website.

請注意，除非另有說明，所有成長指標均以同比計算。此外，所有結果均以非 GAAP 為基礎，除非我們明確聲明它是 GAAP 結果。完整的非 GAAP 與 GAAP 對帳表可在今天簡報的附錄投影片以及我們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。瑞瓦蒂？

Thank you, Michelle. Good morning and thank you for joining us today.

謝謝你，米歇爾。早安，感謝您今天加入我們。

So starting on slide 4. Flex just wrapped up an exceptional quarter, delivering positive results against our guidance. The groundwork we have laid out over the last several years continues to position us well in driving profitable growth with a growing data center business as well as serving as a manufacturer of choice for our partners. The benefits we are seeing from our global footprint are a result of our actions that started years ago as we focused on being able to meet the needs of our customers wherever there in the world.

從投影片 4 開始。Flex 剛結束了一個出色的季度，並取得了超越我們預期的積極成果。我們在過去幾年中打下的基礎將繼續幫助我們透過不斷成長的資料中心業務推動獲利成長，並成為我們合作夥伴的首選製造商。我們從全球業務中看到的好處是我們多年前開始採取行動的結果，當時我們專注於滿足世界各地客戶的需求。

Our revenues were up -- were $6.6 billion, up 4%. Our adjusted operating margin was 6%, and we delivered adjusted EPS of $0.72, a record Q1 number for Flex. Our great start to fiscal year '26 gives us improved confidence in our ability to hit our fiscal year commitments, which has been reflected in our improved FY26 guidance. But we're not done.

我們的收入增加了——達到 66 億美元，成長了 4%。我們的調整後營業利潤率為 6%，調整後每股收益為 0.72 美元，創下了 Flex 第一季的記錄。26 財年的良好開局增強了我們履行財年承諾的能力，這反映在我們改進的 26 財年指引中。但我們還沒完成。

So let's turn to slide 5. Our portfolio mix continues to shift as data center becomes a larger and more strategic contributor, and this quarter was no exception. We delivered strong performance across both our cloud and power portfolios, and we continue to expect this business to deliver approximately $6.5 billion in revenue, growing at least 35% year-over-year and representing 25% of our total revenue. But what makes this business truly compelling isn't just the size of the growth. It's the architecture and integration behind it.

讓我們翻到幻燈片 5。隨著資料中心成為更大、更具策略性的貢獻者，我們的投資組合組合繼續發生變化，本季也不例外。我們的雲端和電力產品組合均表現強勁，我們繼續預期該業務將帶來約 65 億美元的收入，年成長至少 35%，占我們總收入的 25%。但這項業務真正引人注目的不僅僅是其成長規模。它是其背後的架構和整合。

So let's take a moment to unpack what this means. On the cloud side, we deliver vertically integrated IT hardware and infrastructure solutions, including metal fabrication, custom rack assembly, and direct to chip liquid cooling technology. On the power side, our solutions span the full stack, from board level modules managing power to the chip all the way to the facility level with modular power pods.

因此，讓我們花點時間來解釋一下這意味著什麼。在雲端，我們提供垂直整合的 IT 硬體和基礎設施解決方案，包括金屬製造、客製化機架組裝和直接晶片液體冷卻技術。在電源方面，我們的解決方案涵蓋了整個堆疊，從管理電源的板級模組到晶片，一直到具有模組化電源艙的設施級。

Flex is the only provider providing both end-to-end cloud IT integration and a full power and cooling portfolio at scale. And that matters because customers today are in an arms race to scale. They don't just need custom rack solutions, but they also need power for their chips. They need to cool it and they need to deploy it quickly. Delivering integrated scalable solutions from grid to chip is essential, and it's a key reason why it continues to be a strategic partner of choice.

Flex 是唯一一家提供端對端雲端 IT 整合以及大規模全套電力和冷卻產品組合的供應商。這很重要，因為現今的客戶正在進行規模競賽。他們不僅需要客製化機架解決方案，還需要為晶片提供電源。他們需要冷卻它並需要快速部署它。提供從電網到晶片的整合可擴展解決方案至關重要，這也是它繼續成為首選策略合作夥伴的關鍵原因。

That brings me to our broader geographic footprint and scale on slide 6. Our global operational scale remains one of Flex's most significant competitive advantages not just in data center, but across all our end markets. And it's not just the size of our footprint, but our ability to shift and scale complex production across regions to meet evolving customer needs.

這讓我想到了第 6 張投影片上我們更廣泛的地理覆蓋範圍和規模。我們的全球營運規模仍然是 Flex 最顯著的競爭優勢之一，不僅在資料中心，而且在我們所有的終端市場。這不僅關乎我們的足跡規模，還關乎我們跨地區轉移和擴大複雜生產以滿足不斷變化的客戶需求的能力。

We operate more than 49 million square feet globally, including 7 million square feet in the US and 9 million square feet in Mexico, giving us one of the largest advanced manufacturing footprints in North America. But what truly sets us apart is how we operate.

我們在全球擁有超過 4,900 萬平方英尺的經營面積，其中包括在美國 700 萬平方英尺和在墨西哥 900 萬平方英尺，這使我們成為北美最大的先進製造業基地之一。但真正讓我們與眾不同的是我們的運作方式。

Across our sites, we have embedded AI-enabled systems, advanced automation, and localized supply chains designed for speed, flexibility and resilience. These capabilities are critical not only in data center, but also across our other end markets, including automotive, healthcare, industrials, and more, which account for 75% of total Flex revenue. These are highly regulated, complex products that require global design and delivery.

在我們的所有站點中，我們嵌入了支援人工智慧的系統、先進的自動化系統以及旨在提高速度、靈活性和彈性的本地化供應鏈。這些功能不僅對資料中心至關重要，而且對我們的其他終端市場也至關重要，包括汽車、醫療保健、工業等，這些市場佔 Flex 總收入的 75%。這些是受到嚴格監管的複雜產品，需要全球設計和交付。

Now, this scale paired with deep supply chain expertise enables Flex to help customers navigate challenges like tariffs, regional regulations, and supply disruptions. We have led the shift towards regionalization and the impact is clear. Americas revenue for us rose to 49% in fiscal year '25, up from 38% in fiscal year '20, while Asia declined to 30%, down from 41% over the same period. These shifts reflect evolving customer needs and Flex's ability to execute.

現在，這種規模加上深厚的供應鏈專業知識使 Flex 能夠幫助客戶應對關稅、區域法規和供應中斷等挑戰。我們引領了區域化的轉變，其影響是顯而易見的。2025財年，美洲地區的營收佔比從2020財年的38%上升至49%，而亞洲地區的營收佔比則從同期的41%下降至30%。這些轉變反映了不斷變化的客戶需求和 Flex 的執行能力。

So looking ahead, we're especially bullish on our advanced manufacturing capabilities where we see continued productivity gains from deploying AI and intelligence systems across our factories. You can see by bringing together advanced manufacturing services and Flex IP products, all supported by advanced automation and AI capabilities are powering transformation across industries and geographies.

因此，展望未來，我們特別看好我們的先進製造能力，我們看到在工廠部署人工智慧和智慧系統將持續提高生產力。您可以看到，透過整合先進的製造服務和 Flex IP 產品，所有這些都由先進的自動化和 AI 功能支持，推動跨行業和跨地區的轉型。

While there is no shortage of news flow around uncertainty in the market, we remain confident in our positioning. The Flex you see today is not the same company it was 10 years ago, from the people to the portfolio of businesses. We have positioned ourselves to lead in our markets, focusing on profitability and transformational acquisitions that continue to evolve who we are as a company.

儘管市場不確定性的新聞層出不窮，但我們仍對自己的定位充滿信心。您今天看到的 Flex 與 10 年前的公司不再一樣，從員工到業務組合都是如此。我們已將自己定位為市場領導者，專注於獲利能力和轉型收購，以不斷發展我們作為一家公司。

We were early to focus on high-growth end markets such as the data center and power, build a scaled and regionalized footprint, and integrate services in a way that transforms Flex from a contract manufacturer into a strategic end-to-end partner. I remain deeply confident in our strategy and the unique value we deliver. The solutions we provide and capabilities we have built have positioned us for one of the most compelling opportunity in Flex's history.

我們很早就開始關注資料中心和電力等高成長終端市場，建立規模化和區域化的足跡，並整合服務，將 Flex 從合約製造商轉變為策略端到端合作夥伴。我對我們的策略和我們提供的獨特價值仍然充滿信心。我們提供的解決方案和建置的功能使我們獲得了 Flex 歷史上最引人注目的機會之一。

With that, I'll turn it over to Kevin to walk through the financials. Kevin?

說完這些，我會把問題交給凱文 (Kevin) 來介紹一下財務狀況。凱文？

Thank you, Revathi. And good morning, everyone. I'll start with our key financials on slide 8. First quarter revenue came in at $6.6 billion, up 4%, driven by strong data center growth across both cloud and power end markets. Gross profit totaled $596 million, and gross margin improved to 9.1%, up 130 basis points. Operating profit was $395 million, with operating margins at 6%, up 120 basis points. Finally, earnings per share for the quarter increased more than 40% to $0.72 per share.

謝謝你，Revathi。大家早安。我將從第 8 張投影片開始介紹我們的主要財務狀況。第一季營收達到 66 億美元，成長 4%，這得益於雲端和電力端市場資料中心的強勁成長。毛利總計5.96億美元，毛利率提高至9.1%，上升130個基點。營業利益為 3.95 億美元，營業利益率為 6%，上漲 120 個基點。最後，本季每股收益成長超過 40%，達到每股 0.72 美元。

Turning to our quarterly segment results on the next slide. In Reliability Solutions, revenue was $2.9 billion, down 2% year-over-year, in line with our expectations. Results reflected continued macro-related pressure in automotive and renewables, which was partially offset by strength in power. While all three reporting units saw modest declines, operating income improved to $172 million and segment margin expanded 100 basis points to 6%, demonstrating strong execution, continued focus on mix and disciplined cost management.

下一張投影片介紹我們的季度分部業績。可靠性解決方案業務的收入為 29 億美元，年減 2%，符合我們的預期。業績反映出汽車和再生能源領域持續的宏觀相關壓力，但電力產業的強勁表現部分抵銷了這一壓力。雖然三個報告單位均出現小幅下滑，但營業收入增至 1.72 億美元，分部利潤率擴大 100 個基點至 6%，這體現出強大的執行力、對產品組合的持續關注以及嚴格的成本管理。

Agility Solutions revenue totaled $3.7 billion, up a strong 10% year-over-year, driven by robust cloud and AI demand that more than offset continued softness in traditional telecom and consumer-facing end markets. Operating income was $240 million with operating margin expanding 120 basis points to 6.5%, supported by effective cost management and favorable mix shift, including increased penetration of value-added services.

敏捷解決方案營收總計 37 億美元，年增 10%，這得益於強勁的雲端運算和人工智慧需求，遠遠抵消了傳統電信和麵向消費者的終端市場的持續疲軟。營業收入為 2.4 億美元，營業利潤率擴大 120 個基點至 6.5%，這得益於有效的成本管理和有利的組合轉變，包括增值服務滲透率的提高。

Moving to cash flow on slide 10. Free cash flow in the quarter was $268 million, representing a conversion of 98%. Net inventory was up 3% sequentially driven by increased volumes and down 11% year-over-year. Inventory, net of working capital advances was 55 days, a reduction of seven days versus the prior year. Net CapEx totaled $131 million or approximately 2% of revenue, and we purchased around $247 million of stock, which was approximately 7 million shares.

轉到第 10 張投影片上的現金流量。本季自由現金流為 2.68 億美元，轉換率為 98%。受銷量增加的推動，淨庫存較上季成長 3%，年減 11%。扣除營運資金預付款後的庫存為 55 天，比前一年減少 7 天。淨資本支出總計 1.31 億美元，約佔營收的 2%，我們購買了價值約 2.47 億美元的股票，約 700 萬股。

Our capital allocation priorities remain unchanged. We are committed to maintaining our investment-grade balance sheet, funding strategic investments to support organic growth, pursuing accretive M&A opportunities, and returning capital to our shareholders through opportunistic share repurchases.

我們的資本配置重點維持不變。我們致力於維持投資等級資產負債表，為支持有機成長的策略投資提供資金，尋求增值的併購機會，並透過機會性股票回購向股東返還資本。

In the quarter, we acquired a new manufacturing site in Poland, which will produce low- and medium-voltage switchgear power pods and bus ways. This doubles our power capacity in Europe, allowing us to meet the rising global demand for reliable data center power. It is also a great example of Flex deploying capital in a margin-accretive way to grow our capabilities and our products portfolio.

本季度，我們在波蘭收購了一個新的製造工廠，該工廠將生產低壓和中壓開關設備電源艙和母線槽。這使得我們在歐洲的電力容量翻了一番，使我們能夠滿足全球對可靠資料中心電力日益增長的需求。這也是 Flex 以增加利潤的方式部署資本以增強我們的能力和產品組合的一個很好的例子。

Looking at our full year guidance on slide 11. As we head in the second quarter and we look out to the rest of the year, the macro environment remains dynamic. That said, we're continuing to execute well and the steps we've taken to focus Flex on high-growth, strategically important end markets are delivering results.

查看幻燈片 11 上的全年指南。隨著我們進入第二季並展望今年剩餘時間，宏觀環境依然充滿活力。話雖如此，我們仍在繼續良好執行，我們為使 Flex 專注於高成長、具有戰略重要性的終端市場所採取的措施正在取得的措施正在取得成果。

One of the key enablers of our performance is our global scale. It has allowed us to support customers in accelerating their regionalization strategies, bringing manufacturing closer to end markets to improve agility, reduce risk, and meet evolving trade requirements. While the situation continues to evolve, a few key points to keep in mind.

我們業績優異的關鍵因素之一是我們的全球規模。它使我們能夠支援客戶加速其區域化策略，使製造業更貼近終端市場，從而提高靈活性、降低風險並滿足不斷變化的貿易需求。隨著情勢不斷發展，需要牢記以下幾個關鍵點。

We expect tariffs to remain largely pass-through costs with strong contractual protections in place. Importantly, while last quarter, we did not incorporate the direct impact of tariffs into our revenue guidance, this quarter, we're doing so. With greater clarity around the scope and timing of the tariff impact, we believe this adjustment provides a more accurate view of expected revenue performance.

我們預計，在強而有力的合約保護下，關稅仍將主要轉嫁成本。重要的是，雖然上個季度我們沒有將關稅的直接影響納入我們的收入預測中，但我們本季這樣做了。隨著關稅影響範圍和時間的更加清晰，我們相信，這項調整可以更準確地反映預期收入表現。

That said, incorporating our current view to tariffs does not have a material impact on our full year guided growth rates. With that context, our updated FY26 expectations are revenue between $25.9 billion and $27.1 billion, which increases our midpoint by approximately $600 million.

也就是說，納入我們目前對關稅的看法不會對我們全年的預期成長率產生重大影響。在此背景下，我們更新後的 26 財年預期收入為 259 億美元至 271 億美元之間，這使我們的中間值增加了約 6 億美元。

Adjusting operating margin -- adjusted operating margin between 6% and 6.1%, adjusted EPS between $2.86 and $3.06 per share, adjusted tax rate of 21% and we continue to expect strong cash generation and maintain our 80%-plus free cash flow conversion target for FY26. We'll continue to monitor the tariff environment and adjust as needed. But as it stands today, we're confident in our ability to navigate these shifts while delivering against our financial commitments.

調整營業利潤率——調整後的營業利潤率在 6% 至 6.1% 之間，調整後的每股收益在 2.86 美元至 3.06 美元之間，調整後的稅率為 21%，我們繼續預期強勁的現金產生，並維持 26 財年 80% 以上的自由現金流轉換目標。我們將繼續監測關稅環境並根據需要進行調整。但就目前情況而言，我們有信心有能力應對這些變化，同時履行我們的財務承諾。

Moving to our segment outlook for the year. Our segment outlook remains largely consistent with last quarter's as end market demand trends continue to track in line with our expectations. For Reliability Solutions, we now expect revenue to be down low single digit to up mid-single digit, a marginal improvement from our prior view. Continued strength in data center power is helping offset macro-related softness in automotive, core industrial, and renewables.

轉向我們對今年的細分市場的展望。由於終端市場需求趨勢持續符合我們的預期，我們的分部前景與上一季基本一致。對於可靠性解決方案，我們現在預計收入將下降低個位數至上升中個位數，與我們先前的看法相比略有改善。資料中心電力的持續強勁有助於抵消汽車、核心工業和再生能源領域的宏觀相關疲軟。

For Agility Solutions, we anticipate modest year-over-year growth in the low to mid-single-digit range, reflecting a slight improvement from our prior year outlook. Growth will be driven by sustained demand in cloud, ongoing benefit from previously secured lifestyle wins and strategic share gains in networking. These tailwinds are expected to be partially offset by continued softness in enterprise IT, telco, and consumer devices.

對於 Agility Solutions，我們預計其年增長率將在低至中等個位數範圍內，比我們上一年的預期略有改善。成長將受到雲端運算的持續需求、先前獲得的生活方式勝利的持續利益以及網路策略份額成長的推動。預計這些順風因素將被企業 IT、電信和消費性設備的持續疲軟所部分抵銷。

Finishing off with our guidance for the second quarter on slide 13. We expect Reliability Solutions revenue to be down low single digit to up low single digit with continued weakness in automotive and parts of health, offset by solid performance in our Power business. We expect Agility Solutions revenue to be up low single digit to up mid-single digits with strength in cloud and continued momentum in networking, offset ongoing softness in traditional telecom and consumer-facing end markets.

在第 13 張投影片上結束我們對第二季的指導。我們預計可靠性解決方案部門的收入將下降低個位數至上升低個位數，因為汽車和醫療零件業務持續疲軟，但電力業務的穩健表現將抵消這一影響。我們預計，由於雲端運算的強勁成長和網路的持續發展勢頭，Agility Solutions 的營收將成長低個位數至中個位數，抵消傳統電信和麵向消費者的終端市場的持續疲軟。

For Total Flex, we expect revenue in the range of $6.5 billion to $6.8 billion, with adjusted operating income between $375 million and $415 million. Interest and other expense is estimated to be around $38 million, and the adjusted tax rate to be approximately 21%. Lastly, we anticipate adjusted EPS to be between $0.70 and $0.78 per share based on approximately 381 million weighted average shares outstanding.

對於 Total Flex，我們預計營收在 65 億美元至 68 億美元之間，調整後的營業收入在 3.75 億美元至 4.15 億美元之間。利息和其他費用估計約為 3800 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 0.70 美元至 0.78 美元之間，基於約 3.81 億股加權平均流通股。

With that, I'll 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) Samik Chatterjee, JPMorgan Chase & Company.

（操作員指示）Samik Chatterjee，摩根大通公司。

Strong print here, maybe and strong margins as well, maybe if I can start with the margin outlook for the year. You did a 6% in 1Q. You're guiding to hold that level. I'm a bit surprised along with the increase in the midpoint of the revenue, you're not seeing more leverage on the margin side for the full year outlook. Maybe you can clarify that as to why the margin outlook doesn't -- isn't improving along with the revenue guide? And then I have a quick follow-up.

這裡的印刷效果很好，利潤率也很高，如果我可以從今年的利潤率前景開始的話。您在第一季的業績為 6%。您正在指導如何保持該水平。我有點驚訝，隨著收入中點的增加，你並沒有看到全年前景中利潤率方面的更多槓桿。也許您可以澄清一下為什麼利潤率前景沒有隨著收入指南而改善？然後我有一個快速的跟進。

Samik, this is Kevin. What I would say is we held our prior margin guided range of 6% to 6.1%. The math would be, if you were looking at operating profit dollars, we did pass through and therefore, improve our operating profit outlook as well.

薩米克，這是凱文。我想說的是，我們維持先前的 6% 至 6.1% 的保證金指導範圍。計算結果是，如果你看的是營業利潤，我們確實通過了，因此也改善了我們的營業利潤前景。

What I would say on the revenue volume, especially in the back half of the year, we remain cautiously optimistic there. We have brought in tariffs, as I said before, that's largely low-calorie revenue and actually is a headwind to our margin performance. So that's an element in the back half of the year and we are making a few investments in the back half of the year as well.

我想說的是，對於收入，特別是下半年的收入，我們仍然持謹慎樂觀的態度。正如我之前所說，我們引入了關稅，這主要是低熱量收入，實際上對我們的利潤率表現是一個阻力。這是下半年的因素，我們也會在下半年進行一些投資。

Samik, I would say first is its first quarter. It was a very strong set of numbers for Q1. And as you can see, pretty much you're seeing the 6% kind of flow through. So we feel -- we're always conservative about our kind of how we forecast the year, but it's a really strong set of numbers, both for the current quarter and the full year.

Samik，我想首先說的是它的第一季。對於第一季來說，這是一組非常強勁的數據。如您所見，您看到的流量基本上都是 6%。因此，我們感覺——我們對今年的預測一直比較保守，但無論是對於本季還是全年而言，這都是一組非常強勁的數據。

Okay. Got it. And for my follow-up, I see for the data center revenue, you're outlining the target of 35% year-over-year. Maybe you can sort of give us a bit more details on what the trends were in 1Q itself? And if you can break it out between cloud and power? And are your expectations still consistent for power to maybe have a stronger year than cloud this year?

好的。知道了。在我的後續關注中，我看到您提出的資料中心收入目標是年增 35%。也許您可以向我們提供一些有關第一季趨勢的更多細節？那麼是否可以將其分解為雲和電力呢？您是否仍預期今年電力可能會比雲端運算表現更強勁？

Yes. Samik, I'll say that first is we feel very good about our 35% growth forecast that we gave for this fiscal year. It's the first time we've given a full year fiscal forecast for our data center business, and that's because of -- it's becoming a large percent of our overall portfolio. We're in line with that 35% and I would say from a quarterly perspective, we don't want to give quarterly guidance and quarterly numbers because they tend to move around, but the 35% we feel very strong about.

是的。薩米克，首先我要說的是，我們對本財年 35% 的成長預測感到非常滿意。這是我們第一次對資料中心業務做出全年財務預測，這是因為它在我們整體投資組合中所佔的比例越來越大。我們與 35% 的目標一致，我想說，從季度角度來看，我們不想提供季度指導和季度數字，因為它們往往會變動，但我們對 35% 的目標感到非常強勁。

We're still in line with what we had said earlier in the start of the year that power will be stronger. And that's because they had a little bit softer year last year relative to the cloud business, but they're both going to be pretty significantly strong in terms of the overall 35%. So on track for that and continued also margin accretion to the overall Flex portfolio. So pretty robust numbers, I would say, data center for both cloud and power.

我們仍然堅持年初所說的「權力將會更加強大」。這是因為去年他們的雲端業務表現略顯疲軟，但從整體 35% 來看，他們的表現相當強勁。因此，這一目標正在按計劃進行，整個 Flex 產品組合的利潤率也在持續增長。所以我想說，對於雲端運算和電力資料中心來說，數字是相當可觀的。

Mark Delaney, Goldman Sachs Asset Management.

高盛資產管理公司馬克·德萊尼。

Flex's products assembly and services capabilities has allowed it to do very well in the data center. I'm hoping to better understand how the market for products may be evolving. Amazon recently announced it plans to use some of its own internally designed [cooling] products going forward. So do you think this may be a trend of hyperscaler is doing more power on [clean] products in-house more generally long term? And if so, how may Flex fit into those plans?

Flex 的產品組裝和服務能力使其在資料中心領域表現非常出色。我希望更了解產品市場如何發展。亞馬遜最近宣布，計劃未來使用一些自己內部設計的[冷卻]產品。那麼，您是否認為這可能是超大規模企業在內部為[清潔]產品投入更多精力的長期趨勢？如果是這樣，Flex 如何適應這些計劃？

Yes. I'd say, Mark, that as we look at our capability around IT rack integration around cooling and power we've toggled towards having product capability and our own technology capability around both power and on cooling.

是的。馬克，我想說，當我們審視我們在冷卻和電源方面的 IT 機架整合能力時，我們已經轉向擁有產品能力以及我們自己的電源和冷卻方面的技術能力。

How I feel about cooling is very bullish. I think Amazon's announcement really validates the fact that we needed the capability both for manufacturing capability, but also technology capabilities. So having both is really important. You can't have one or the other.

我對冷卻的感覺非常樂觀。我認為亞馬遜的聲明確實證實了我們不僅需要製造能力，還需要技術能力。因此，兩者兼具非常重要。你不能只擁有其中一個。

I would say that hyperscale is continuing to invest in their capability, see as a positive thing. So whether it is providing it as an advanced manufacturing solution or bringing our own IP and technology into the manufacturing side of it or into the design side of it, giving a fully integrated solution is the right way to go. And again, as I've said this before, Mark, is having both compute and power cooling overall, we think, is a good way to go. So we view this announcement as a positive.

我想說，超大規模正在繼續投資他們的能力，這被視為一件積極的事情。因此，無論是將其作為先進的製造解決方案提供，還是將我們自己的 IP 和技術引入製造方面或設計方面，提供完全整合的解決方案都是正確的方法。而且，正如我之前所說的那樣，馬克，我們認為，總體而言，同時擁有計算和電源冷卻是一種很好的方法。因此我們認為這項聲明是正面的。

That's helpful. My other question was just to better contextualize the full year guidance compared to 1Q results. The 1Q earnings results were very strong. Earnings were $0.10 above the midpoint of your prior guidance. You only raised the full year outlook for earnings at the midpoint by $0.05.

這很有幫助。我的另一個問題是為了更好地將全年指引與第一季業績進行比較。第一季的獲利結果非常強勁。收益比您之前預測的中點高出 0.10 美元。您僅將全年獲利預期中位數上調了 0.05 美元。

I'm hoping to better understand is the implied lower level of earnings for the balance of the year compared to your previous guidance. Is that just a question of timing and some conservatism? Or are there any businesses that are weakening more than you had previously expected?

我希望更好地理解與您之前的指導相比，今年餘額的隱含收益水平較低。這僅僅是時間和一些保守主義的問題嗎？或者有哪些業務的疲軟程度超出了您先前的預期？

Mark, this is Kevin. I'll take that. So first, First quarter was a great quarter, above expectations. The team navigated really well. As Revathi alluded to earlier, 1 quarter does not necessarily make the entire year. So -- but as we look at it, we did raise revenue. And as I said earlier, sort of the midpoint of OP profit dollars. You don't see that pass all the way through to EPS because we lost a little guide to guide in the interest and other line item.

馬克，這是凱文。我會接受的。首先，第一季表現非常好，超乎預期。該團隊的導航非常出色。正如 Revathi 之前提到的，1 個季度並不一定代表全年。所以——但從我們的角度來看，我們確實增加了收入。正如我之前所說，這是 OP 利潤美元的中點。您看不到該資料一直傳遞到 EPS，因為我們在利息和其他項目中丟失了一些指導。

That said, when you look at first half versus back half, which I think was the other part of your question, especially maybe looking at EPS or OP growth rates, I would say, the first half of this year, we are getting a benefit from a prior year comparison, prior year revenue was down pretty significantly in the first half of the year.

話雖如此，當你比較上半年和下半年時，我認為這是你問題的另一部分，特別是看看每股收益或營業利潤增長率，我想說，今年上半年，與去年同期相比，我們獲得了好處，去年上半年的收入下降相當明顯。

So we had some absorption issues that impacted operating profit pretty significantly. So that is a comparison benefit that the first half of the year is getting. The other thing I would say is we're seeing growth this year in the data center. We talked about that. So we're going to continue making investments in programs and capability in the back half of the year to support that.

因此，我們遇到了一些吸收問題，這對營業利潤產生了相當大的影響。這是上半年獲得的比較效益。我想說的另一件事是，今年我們看到資料中心的成長。我們討論過這個。因此，我們將在今年下半年繼續對專案和能力進行投資以支持這一點。

Mark, what I would say is none of our end markets have changed in terms of what -- how we guided for the year and how we felt the markets were performing. So that's good news. I think in all this uncertainty, our guide is pretty strong in terms of how we felt the markets were going to perform. So we feel good about that. And then again, first quarter, like I said before, and we are generally conservative in how we guide. And I think that's -- people expect that from us, and that goes into the mix master.

馬克，我想說的是，就我們對今年的指導以及我們對市場表現的感受而言，我們的終端市場都沒有改變。這是個好消息。我認為，在所有這些不確定性中，我們對市場表現的預測是相當強烈的。因此我們對此感到很高興。再說一次，第一季度，就像我之前說的，我們的指導總體上是保守的。我認為這是——人們對我們抱持這樣的期望，而這也影響了混音大師的水平。

Congratulations again on the good results.

再次恭喜您取得的好成績。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

I had a couple of questions as well. First off, I was wondering if you can give us a sense for where you stand on some of the capacity constraints you had 90 days ago. I know you just mentioned you're making investments in the second half. You bought a plant in Poland. But how constrained are you now versus 90 days ago? When do you think you sort of catch up with demand, if that's the right terminology? And then I have a follow-up.

我也有幾個問題。首先，我想知道您是否可以讓我們了解一下 90 天前你們面臨的一些產能限制的情況。我知道您剛才提到您正在下半年進行投資。您在波蘭購買了一家工廠。但是與 90 天前相比，您現在受到的限制有多大？如果這是正確的術語，您認為什麼時候可以滿足需求？然後我有一個後續問題。

Yes. I would say, Steven, first is I think it's a good problem to have, where we have so much growth that we have to continue to invest in capacity. And you are well aware of all the supply-demand equation in terms of AI infrastructure, which we see both in cloud and power. I feel good about the investments that we have announced and making. Our Dallas facility is ramping up very well.

是的。我想說，史蒂文，首先我認為這是件好事，我們的成長如此之快，因此我們必須繼續投資產能。而且您非常清楚人工智慧基礎設施方面的所有供需方程，我們在雲端和電力方面都看到了這一點。我對我們宣布和正在進行的投資感到滿意。我們的達拉斯工廠發展非常順利。

We just bought this facility in Poland, which is a fully capable facility that really helps us kind of from a European perspective. So we feel really good about the new investments we are making. My hope is that we continue to make investments in growth for AI infrastructure, both in power and cloud. And our goal would always be not to have so much capacity, but just enough capacity where we're able to bring down lead times and keep up with the demand. And I feel like we're in the right place. You see that with our numbers, right? 35% is a very strong number for data center growth. And we're delivering that because we have new capacity and we'll continue to add more.

我們剛剛在波蘭購買了這家工廠，這家工廠功能齊全，從歐洲的角度來看確實對我們有幫助。因此，我們對正在進行的新投資感到非常滿意。我希望我們繼續對人工智慧基礎設施（包括電力和雲端運算）的成長進行投資。我們的目標始終不是擁有太多的產能，而是擁有足夠的產能，以便能夠縮短交貨時間並滿足需求。我覺得我們來對地方了。您可以從我們的數字中看到這一點，對嗎？對於資料中心的成長來說，35%是一個非常強勁的數字。我們之所以能夠實現這一目標，是因為我們擁有新的產能，我們將繼續增加更多產能。

That's helpful. And then I know you just said there wasn't much change in some of your non-data center markets versus 90 days ago. But I was curious if there's any green shoots, especially in like automotive, industrial, for example, where maybe some companies are seeing some better cyclical trends.

這很有幫助。然後我知道您剛才說過，與 90 天前相比，一些非資料中心市場沒有太大變化。但我很好奇是否有任何復甦跡象，特別是在汽車、工業等領域，也許有些公司正在看到一些更好的週期性趨勢。

Yes. I would say that for automotive, at least our -- I know that from the end markets externally are hearing that there are some upside. I think we gave a fairly conservative guide, and so we're in line with the guide in terms of numbers itself. So I feel good that we took this view because I think how the year will turn out is pretty much how we thought it's going to work out.

是的。我想說，對於汽車產業來說，至少我們的——我知道從外部終端市場來看，汽車產業存在一些上漲空間。我認為我們給出了一個相當保守的指導，因此就數字本身而言，我們是符合該指導的。所以我很高興我們採取了這種觀點，因為我認為今年的結果和我們預想的差不多。

And then our -- if you look at our auto portfolio, we're kind of more geared towards North America. And so that kind of fits into the overall kind of how we compare the global numbers. I'd say industrial is also performing as we've expected, right? In kind of end markets that are infrastructure related, there is green shoots on areas like renewables. You know the story there.

然後，如果你看看我們的汽車產品組合，你會發現我們更專注於北美。因此，這與我們比較全球數據的整體方式相符。我想說工業的表現也如我們預期的那樣，對嗎？在與基礎設施相關的終端市場中，再生能源等領域出現了復甦的跡象。你知道那裡的故事。

And then I'd say the other areas to think about is on the networking side, we've talked about that we've had really good strong gain -- share gains, and that's a big plus for us. And then on the healthcare side, equipment has performed in line, but devices has been extremely strong. So that's kind of how the overall markets have evolved. And being good at predicting the end markets in this environment, I would say, is quite a plus, and we feel good about kind of how we have looked at the year.

然後我想說的是，需要考慮的其他領域是在網路方面，我們已經討論過，我們獲得了非常好的強勁收益——份額收益，這對我們來說是一個很大的優勢。在醫療保健方面，設備表現良好，但設備表現非常強勁。這就是整個市場的發展。我想說，善於預測這種環境下的終端市場是一個很大的優勢，我們對今年的展望感到滿意。

Ruplu Bhattacharya, Bank of America.

美國銀行的 Ruplu Bhattacharya。

I have one for Kevin, one for Revathi. Maybe I'll start with Kevin. Can you give us a little bit more detail in terms of what you factored in, in terms of tariff impact to the full year guide on the top line operating margin and EPS? Are you assuming any impact to the USMCA exceptions?

我有一個給 Kevin，一個給 Revathi。也許我應該從凱文開始。您能否更詳細地說明您所考慮的因素，以及關稅對全年營業利潤率和每股盈餘的影響？您是否認為這會對 USMCA 例外情況產生任何影響？

What do you think about the 232 tariff impact? And I think you said to an earlier question that there is some impact on the interest and expense line that's impacting EPS guide or the increase of $0.05. Can you clarify how much that is? And then I have a follow-up for Revathi.

您如何看待232關稅的影響？我記得您在之前的問題中提到過，利息和費用項目會受到一定影響，從而影響每股收益指南，或者說增加了0.05美元。您能解釋一下具體是多少嗎？然後我對 Revathi 進行跟進。

So on tariffs, basically, our view that we're pushing through is as of the June view, sort of the pause, okay? So that's what we brought in. We do not see any US MCA impact. And as I said earlier, it's dynamic. Our customers are making moves to offset impacts of tariffs, et cetera. So we're not guiding to a tariff number this year.

因此，關於關稅，基本上，我們認為我們正在推動的是六月的觀點，有點暫停，好嗎？這就是我們引入的。我們沒有看到任何美國 MCA 的影響。正如我之前所說，它是動態的。我們的客戶正在採取措施抵消關稅等的影響。因此我們今年不會公佈關稅數字。

What I said on the release, I'll repeat -- or on the script, I'll repeat here, which is tariffs are going to have -- will not have a material impact on our growth rate when you look at our revenue growth year-on-year. They do have an impact on margin performance. We've talked about that in the past because you're passing it through. They're largely a pass-through for us. So you see that in this updated guide as well.

我在新聞稿中說過的話，我在這裡重複一遍——或者在腳本中，我在這裡重複一遍，那就是關稅將不會對我們的增長率產生實質性影響，當你看我們收入同比增長時。它們確實對利潤表現有影響。我們以前討論過這個問題，因為你正在傳遞它。它們對我們來說基本上是一種通道。因此您也可以在此更新的指南中看到這一點。

You asked on interest expense. I would say there's really two elements to that. One is we are looking at the timing of interest rate. We have variable interest rates that are included in there. We also have time in and refinancing. That's included in our view to the rest of the year. And then we also have costs associated with currency exposures. We brought all those views into this revised guidance, which is why you're seeing an increase in that line item guide to guide.

您詢問的是利息費用。我想說這其實有兩個因素。一是我們正在關注利率的時機。我們有包含在其中的浮動利率。我們也有時間進行再融資。這已包含在我們對今年剩餘時間的展望中。然後我們還有與貨幣風險相關的成本。我們將所有這些觀點都納入了修訂後的指南中，這就是為什麼您會看到指南中的項目增加。

Okay. Revathi, can I ask when we look at the two segments, reliability and agility, can you help us rank order for each of those segments? How -- like which end markets you expect to grow stronger, which ones grow weaker? And how does that impact your decision to invest in different end markets? So I mean, I'm sure you're going to be investing in cloud and power. But beyond that, as you think about investing for growth, I mean, which end markets or which segments should we expect more spend from Flex on?

好的。Revathi，我可以問一下，當我們查看可靠性和敏捷性這兩個部分時，您能否幫助我們對每個部分進行排序？您預計哪些終端市場會變得更強，哪些終端市場會變得更弱？這對您在不同終端市場投資的決策有何影響？所以我的意思是，我相信你會投資雲端運算和電力。但除此之外，當您考慮投資成長時，我的意思是，我們應該預期 Flex 在哪些終端市場或哪些領域投入更多資金？

Yes. So I'd say, Ruplu, our view on kind of what weaker and stronger despite all the noise and the end market hasn't changed very significantly. So as an example, automotive where we kind of projected the year it was going to be weak and somewhat spotty, and it is going to turn out to be that way.

是的。所以我想說，Ruplu，儘管有各種噪音，但對於終端市場強弱的看法並沒有太大變化。舉個例子，我們預測今年汽車產業將會疲軟且不穩定，事實也確實如此。

I would say our consumer kind of end markets, both in lifestyle and consumer devices are kind of holding its own. I would say that we were expecting that to be slow for the year, and it is definitely playing out that way. The places that we expected kind of strong growth in, which is in our medical device business in healthcare and infrastructure-related items for industrial, power and cloud, networking, all those are pretty much in line with what we were expecting it to be. So I would say how the end markets are playing out are fairly in line with what we were expecting.

我想說的是，我們的消費者終端市場，無論是生活方式或消費設備，都保持著自己的地位。我想說的是，我們預計今年的進展會比較緩慢，而事實也確實如此。我們預期會出現強勁成長的領域包括醫療保健領域的醫療器材業務以及工業、電力、雲端和網路等基礎設施相關項目，所有這些都與我們的預期基本一致。所以我想說終端市場的表現與我們的預期基本一致。

In terms of investments, it will always be the prioritized towards the higher growth, higher return end markets for us. And so I would say data center is driving a large part of our investment, both in cloud and in power, not just for kind of this year, but we are investing for the future. 35% growth does require investment.

在投資方面，我們始終優先考慮成長更快、回報更高的終端市場。因此我想說，資料中心推動了我們很大一部分投資，包括雲端運算和電力，這不僅是今年的投資，也是對未來的投資。 35% 的成長確實需要投資。

So you heard Kevin talk about continued investment this year for kind of what will drive growth next year. And -- but it doesn't mean that other businesses aren't getting their share healthcare is getting its share of investment -- but we -- it's our job to prioritize towards the higher growth, higher return end markets.

所以你聽到凱文談論今年的持續投資，以推動明年的成長。但這並不意味著其他企業沒有獲得他們的份額，醫療保健正在獲得他們的投資份額——但我們——我們的工作是優先考慮更高成長、更高回報的終端市場。

Steve Barger, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Steve Barger。

Revathi, for data centers, what percentage of customers engage with the entire suite of IT integration and power products? And for customers that are partial users, how successful have you been at converting them to more content?

Revathi，對於資料中心來說，有多少比例的客戶使用整套 IT 整合和電源產品？對於部分用戶，您在將他們轉化為更多內容方面有多成功？

Yes, Steve, I'd say that's a great question. First is, as you know very well, the host of customers, whether it's hyperscale or kind of these neo cloud folks who are coming up or [colo] is a small set of customers at the end of the day, right? So it's not a large population.

是的，史蒂夫，我認為這是一個很好的問題。首先，如您所知，客戶群，無論是超大規模還是正在興起的新型雲端運算公司或 [colo]，最終都是一小部分客戶，對嗎？所以人口不多。

So most of them particularly the hyperscalers will be buying a whole suite of products, whether it is IT integration, cooling or power. And so we do see kind of them going across the spectrum. And then on kind of colos, it will tend to be a little bit more spotty. I'd say, lean more towards kind of the power side, but heading more towards kind of cooling and IT integration when scale presents itself as an opportunity.

因此，大多數人，特別是超大規模企業，都會購買整套產品，無論是 IT 整合、冷卻還是電源。因此，我們確實看到它們跨越了整個範圍。然後在某種顏色上，它會趨向於更加斑點化。我想說的是，更傾向於電力方面，但當規模成為機會時，更傾向於冷卻和 IT 整合。

So I would say -- and then our ability to convert the compute and power coming together, is becoming more and more reality because as you see technology heading towards the higher power density, the 1-megawatt rack that you hear about, having an integrated cooling solution power solution and having your compute all integrated together is going to become part of reality. So technology is heading in that direction. We were ahead of the game and now customers want that integrated solution, which puts us in a sweet spot because nobody else is doing that.

所以我想說——我們將計算和電力結合在一起的能力正變得越來越現實，因為正如你所看到的，技術正朝著更高的功率密度發展，你所聽到的 1 兆瓦機架，具有集成冷卻解決方案電源解決方案並將你的計算全部集成在一起將成為現實的一部分。所以科技正朝著這個方向發展。我們一直處於領先地位，現在客戶想要的是整合解決方案，這讓我們處於有利地位，因為沒有其他人這樣做。

Yes, I agree. To your earlier comment on hyperscalers making some internal investments, are you seeing customers standardizing on solutions? Or is each DC still more custom even if it's the same owner?

是的，我同意。對於您之前關於超大規模企業進行一些內部投資的評論，您是否看到客戶對解決方案進行標準化？或者即使是同一個所有者，每個 DC 是否仍然更具定制性？

Yes. I would say each hyperscalers is kind of their own solution. And each colo kind of tends to gravitate towards kind of whoever is their largest customer base in terms of the standardized solution that they usually implement, so that hasn't changed in a significant way.

是的。我想說每個超大規模企業都有自己的解決方案。而且，就他們通常實施的標準化解決方案而言，每種託管服務都傾向於選擇其最大的客戶群，因此這種情況並沒有發生重大變化。

I think the biggest places that we get to really influence technologies, Steve, for all of them would be like if you need high power density to power your chip, then we're designing a power for you that really needs to work well with heat and cooling. So there, we will -- may use their technology, but most of the time, we are using our technology, integrating that and providing them an end-to-end solution. So it will be a mix, I would say, to your question.

史蒂夫，我認為我們對所有技術真正影響最大的領域是，如果你需要高功率密度來為你的晶片供電，那麼我們正在為你設計一個真正需要在散熱和冷卻方面配合良好的電源。因此，我們可能會使用他們的技術，但大多數時候，我們使用自己的技術，將其整合起來並為他們提供端到端的解決方案。所以我想說，對於你的問題，這將是一個混合問題。

Thank you. I will now turn the call back over to the CEO for any closing remarks.

謝謝。現在我將把電話轉回給首席執行官，請他做最後發言。

Okay. Great. Thank you so much. So we look forward to speaking with you again next quarter. And on behalf of my entire leadership team, I do want to thank our customers our shareholders and, of course, the Flex team around the world for all your hard work, dedication and your contributions. Thank you, everyone.

好的。偉大的。太感謝了。因此，我們期待下個季度再次與您交談。我謹代表我的整個領導團隊，感謝我們的客戶、股東，當然還有全球的 Flex 團隊的辛勤工作、奉獻和貢獻。謝謝大家。

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

謝謝。今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。