Flex Ltd (FLEX) 2026 Q2 法說會逐字稿

Thank you for standing by. Welcome to Flex's second quarter fiscal 2026 earnings conference call. (Operator Instructions). I'll now turn the call over to Mrs. Michelle Simmons. You may begin.

感謝您的支持。歡迎參加 Flex 公司 2026 財年第二季財報電話會議。（操作說明）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, Kevin. Good morning and thank you for joining us today for Flex's second quarter fiscal 2026 earnings conference call. With me today is our Chief Executive Officer Revathi Advaithi and Chief Financial Officer Kevin Krumm. We'll give brief remarks followed by Q&A. 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.

謝謝你，凱文。早安，感謝各位今天參加 Flex 公司 2026 財年第二季財報電話會議。今天陪同我的是我們的執行長雷瓦蒂·阿德瓦蒂和財務長凱文·克魯姆。我們將作簡短發言，隨後進行問答環節。今天電話會議的幻燈片以及獲利新聞稿副本可在 flex.com 的投資者關係部分取得。

This call is being recorded and will be available for replay on our corporate website. 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.

本次通話將會被錄音，錄音後可在公司網站回放。今天的電話會議包含一些前瞻性陳述，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，可能導致實際結果與預期結果有重大差異。

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 of 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.

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的風險因素部分中的警示性聲明。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 result. 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 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，所有成長指標均以同比為基礎。此外，除非我們特別聲明是依照公認會計準則 (GAAP) 計算的結果，否則所有結果均以非公認會計準則 (non-GAAP) 為基礎。完整的非GAAP與GAAP調整表可在今天簡報的附錄投影片中找到，也可在投資者關係網站上發布的財務摘要中找到。現在我想把電話交給我們的執行長雷瓦蒂。

Thanks, Michelle. Good morning and thank you for joining us today. Before we get into the results, I want to start by thanking our Flex team around the world for their disciplined execution and commitment to delivering for our customers. In particular, I want to acknowledge our colleagues in Ukraine.

謝謝，米歇爾。早安，感謝各位今天收看我們的節目。在公佈結果之前，我想先感謝我們遍布全球的 Flex 團隊，感謝他們嚴謹的執行力和對客戶的承諾。我尤其要感謝我們在烏克蘭的同事。

As we shared in August, our Mukachevo facility was damaged during a missile strike, but thanks to our emergency protocols, all team members were safely evacuated. Their strength and resilience in the face of unthinkable circumstances reflect the best of our team in Ukraine and our company as a whole. We remain committed to our colleagues in Ukraine as we focus on rebuilding our operations.

正如我們在 8 月分享的那樣，我們的穆卡切沃設施在導彈襲擊中受損，但多虧了我們的應急預案，所有團隊成員都安全撤離了。他們在難以想像的困境中所展現出的堅強和韌性，體現了我們烏克蘭團隊以及我們公司的整體優秀品質。我們將繼續致力於支持我們在烏克蘭的同事，同時專注於重建我們的業務。

Starting on slide four, we had an exceptional quarter, delivering great results on all metrics. Revenue came in at $6.8 billion, growing 4% over last year. Operating margin was an impressive 6%, the fourth quarter in a row that we remained at or above this level, and we delivered adjusted EPS of $0.79, up 23% over last year another record for Flex.

從第四張投影片開始，我們度過了一個非常出色的季度，在所有指標上都取得了優異的成績。營收達 68 億美元，比去年成長 4%。營業利潤率達到令人矚目的 6%，連續第四個季度保持在該水平或以上，調整後每股收益為 0.79 美元，比去年增長 23%，再次刷新了 Flex 的紀錄。

This performance reflects the strength of our model anchored in disciplined execution and a continued shift towards higher value technology driven businesses. Now turning to slide five, our data center business continues to deliver outstanding results across both cloud and power.

這項業績體現了我們以嚴謹的執行力為基礎，並不斷向更高價值的技術驅動型業務轉型的商業模式的優勢。現在來看第五張投影片，我們的資料中心業務在雲端和電力方面持續取得卓越的成果。

With proprietary products, deep systems expertise, and global manufacturing scale, we provide fully integrated power and IT solutions that help hyperscale co-location and silicon customers deploy faster, operate more efficiently while strengthening our margin profile. We remain b****** in our outlet and continue to expect our data center revenue to grow at least 35% this year.

憑藉專有產品、深厚的系統專業知識和全球製造規模，我們提供完全整合的電力和 IT 解決方案，幫助超大規模託管和晶片客戶更快地部署、更有效率地運營，同時增強我們的利潤率。我們對我們的管道仍然充滿信心，並繼續預計今年資料中心的收入將增加至少 35%。

Sustaining this level of growth at our scale validates the value we're delivering to the world's leading technology companies and the strength of our execution in a dynamic market. We're outperforming industry growth rates and continuing to strategically shift our portfolio towards higher margin, critical technology driven businesses, shaping today's market evolution.

在我們目前的規模下保持這樣的成長水平，證明了我們為世界領先的科技公司創造的價值，以及我們在充滿活力的市場中的執行力。我們的成長速度超過了行業平均水平，我們將繼續策略性地將投資組合轉向利潤率更高、關鍵技術驅動型業務，從而塑造當今市場的演變。

As you all know, AI is driving one of the largest infrastructure buildouts in modern history, and Flex is at the forefront of this transformation. We are partnering directly with the world's leading technology companies to design, build, and deliver the power, cooling, and systems infrastructure that enables faster, more reliable data center deployments at scale.

眾所周知，人工智慧正在推動現代史上規模最大的基礎設施建設之一，而 Flex 正處於這場變革的前沿。我們正與世界領先的科技公司直接合作，設計、建造和交付電力、冷卻和系統基礎設施，從而實現更快、更可靠的大規模資料中心部署。

Our data center offerings span from the grid to chip, combining our product portfolio with advanced manufacturing capabilities and global scale to meet unprecedented demand for performance and efficiency. Some of this activity is already reflected in our current results, while other programs will ramp over the coming quarters and years.

我們的資料中心產品涵蓋從電網到晶片的各個層面，將我們的產品組合與先進的製造能力和全球規模相結合，以滿足前所未有的性能和效率需求。部分活動已反映在我們目前的業績中，而其他項目將在未來幾季和幾年內逐步推進。

The broader trend is clear. AI is shaping industries for the long-term, and Flex's position to be a driving force in its continuing infrastructure build out. A couple of weeks ago at the OCP Global summit, we unveiled Flex's new AI infrastructure platform a unified approach that brings together power, cooling, and compute in pre-engineered scalable designs.

大趨勢很明顯。人工智慧正在從長遠角度重塑各行各業，而 Flex 將成為其持續基礎設施建設的驅動力。幾週前在 OCP 全球高峰會上，我們推出了 Flex 的全新 AI 基礎設施平台，這是一種統一的方法，將電源、冷卻和運算整合到預先設計的可擴展方案中。

The platform helps data center operators deploy up to 30% faster, reduce execution risk, and scale reliability reliably to meet the pace of AI demand. We partnered with NVIDIA as part of their ecosystem on NextGen 800-volt DCAI factories. These systems improve energy efficiency, lower cooling costs, and eliminate points of failure as data centers grow in size and complexity.

該平台可協助資料中心營運商將部署速度提高 30%，降低執行風險，並可靠地擴展可靠性，以滿足人工智慧的需求。我們與 NVIDIA 合作，作為其下一代 800 伏特直流人工智慧工廠生態系統的一部分。隨著資料中心規模和複雜性的成長，這些系統能夠提高能源效率、降低冷卻成本並消除故障點。

Looking ahead, I could not be more excited. The data center opportunity continues to expand, and we're executing remarkably well as we support our customers through this next wave of growth. Beyond our strength and cloud and power, the rest of our diversified portfolio is performing well. In health solutions, we see steady medical device demand and anticipate improvement in medical equipment later this year.

展望未來，我無比興奮。資料中心市場機會持續擴大，我們在支援客戶應對下一波成長浪潮方面表現出色。除了我們的優勢業務、雲端運算和電力業務之外，我們多元化投資組合的其他部分也表現良好。在醫療解決方案領域，我們看到醫療器材需求穩定，並預計今年稍後醫療設備將有所改善。

In communications and enterprise, we see strength in optical switches and SAT com devices supporting next generation connectivity requirements and in automotive we see the market stabilizing compared to prior quarters. In the first half of FY '26, we added compute deals with new logos validating our continued investment and focus on software defined vehicles.

在通訊和企業領域，我們看到光開關和衛星通訊設備表現強勁，能夠滿足下一代連線需求；在汽車領域，我們看到市場與前幾季相比趨於穩定。在 2026 財年上半年，我們新增了計算領域的合作協議，並啟用了新的標識，這證明了我們對軟體定義汽車的持續投資和關注。

As we look back over the first half, we are proud of our teams for their execution and persistence. We started the year with volatility from tariffs and the uncertainty that continues to this day. Despite this backdrop, we've been able to exceed our expectations and raise our guidance. Our customers depend on us for our scale, our technical depth, and our global footprint.

回顧上半季，我們為團隊的執行力和堅持不懈感到自豪。年初我們就面臨關稅帶來的波動，這種不確定性一直持續至今。儘管面臨這樣的背景，我們仍然能夠超越預期，並提高我們的業績指引。我們的客戶依賴我們的規模、技術深度和全球佈局。

That foundation positions us to keep delivering for our customers in any market environment. Now I'll turn the call over to Kevin to walk through the details of our financials, Kevin.

這項基礎使我們能夠在任何市場環境下繼續為客戶提供優質服務。現在我把電話交給凱文，請他來詳細介紹我們的財務狀況。

Thank you, Revathi. Good morning, everyone. I'll start with our key financials on slide eight. Second quarter revenue came in at $6.8 billion up 4%, driven by strong data center growth across both power and cloud. Gross profit totaled $632 million and gross margin improved to 9.3%, up 80 basis points. Operating profit was $409 million with operating margins at 6%, up 55 basis points.

謝謝你，雷瓦蒂。各位早安。我將從第八張投影片開始介紹我們的關鍵財務數據。第二季營收達 68 億美元，成長 4%，主要得益於電力和雲端運算資料中心業務的強勁成長。毛利總計 6.32 億美元，毛利率提高至 9.3%，上升 80 個基點。營業利益為 4.09 億美元，營業利益率為 6%，成長 55 個基點。

Finally, earnings per share for the quarter increased 23% to $0.79 per share. Turning to our quarterly segment results on the next slide. In reliability, revenue was $3 billion up 3% year over year as strong growth in power and moderate growth in health solutions and core industrial was slightly offset by continued pressure and auto.

最後，該季度每股收益成長 23%，達到每股 0.79 美元。接下來請看下一張投影片，了解我們的季度分部業績。在可靠性方面，營收為 30 億美元，年增 3%，電力業務的強勁成長和醫療解決方案及核心工業業務的適度成長略微抵消了汽車業務的持續壓力。

Operating income improved to $197 million and segment margin expanded by 105 basis points to 6.5%, driven by favorable mixed impacts from power and strong execution and cost management across the entire segment. Agility revenue totaled $3.8 million an increase of 4% year over year driven by robust cloud demand that more than offset softness in communications and consumer and markets.

營業收入提高至 1.97 億美元，分部利潤率提高 105 個基點至 6.5%，這得益於電力業務帶來的有利的混合影響，以及整個分部強有力的執行和成本管理。Agility 的營收總計 380 萬美元，年增 4%，這主要得益於強勁的雲端需求，足以抵銷通訊、消費和市場領域的疲軟。

Operating income was $227 million with operating margin down 5 basis points to 6%. This is comparing against a very strong quarter last year. Moving to cash flow on slide 10, free cash flow in the quarter increased to $305 million despite sequential investments in CapEx to support organic growth. Net inventory was up 1% sequentially and down 4% year over year.

營業收入為 2.27 億美元，營業利潤率下降 5 個基點至 6%。與去年同期強勁的表現相比，情況並非如此。在第 10 張投影片中，我們來看現金流狀況。儘管為了支持內生成長而連續進行資本支出投資，但本季的自由現金流仍增加至 3.05 億美元。淨庫存較上季成長 1%，年減 4%。

Inventory, net working capital advances was 55 days, a reduction of three days versus the prior year. Net CapEx totaled $148 million or approximately 2% of revenue, and we repurchased $297 million of stock, which was approximately 5.6 million shares our capital allocation priorities remain unchanged.

庫存淨營運資本預付款為 55 天，比前一年減少了 3 天。淨資本支出總計 1.48 億美元，約佔收入的 2%；我們回購了價值 2.97 億美元的股票，約 560 萬股；我們的資本配置優先事項保持不變。

We're committed to maintaining our investment grade balance sheet, funding strategic investments to support organic growth, and pursuing a creative M&A opportunities while returning capital to shareholders through opportunistic share repurchases. Looking at full year guidance on slide 11.

我們致力於維持投資等級資產負債表，為支持內生成長的策略投資提供資金，並尋求創造性的併購機會，同時透過機會性股票回購向股東返還資本。請查看第 11 頁投影片中的全年業績指引。

As our customers navigate a dynamic tariff landscape, our teams are partnering closely with them to deliver resilient, forward-looking solutions. Our global scale and capacity enables their regionalization strategies, bringing manufacturing closer to markets to improve agility, reduce risk, and meet the evolving trade requirements.

隨著客戶應對不斷變化的關稅環境，我們的團隊正與他們緊密合作，提供具有韌性和前瞻性的解決方案。我們的全球規模和產能使他們能夠實施區域化策略，使生產更靠近市場，從而提高靈活性、降低風險並滿足不斷變化的貿易需求。

As of last quarter, we incorporated the direct impact of tariffs into our revenue guidance and are doing the same this quarter. The situation remains fluid, but as a reminder, tariffs are largely a pass through for us. We will continue to monitor and adjust as needed.

上個季度，我們將關稅的直接影響納入了收入預期，本季也將繼續這樣做。情況仍然瞬息萬變，但需要提醒的是，關稅對我們來說基本上只是轉嫁。我們將繼續監測並根據需要進行調整。

As we conclude our first half of the year with 4% revenue growth, we are confident in our ability to continue our strong top-line momentum in the second half of FY '26 with an acceleration in Q4 driven by demand and power and cloud. This confidence and revenue, coupled with our favorable mix and discipline cost execution.

隨著上半年營收成長 4%，我們有信心在 2026 財年下半年繼續保持強勁的營收成長勢頭，並在第四季度在需求、電力和雲端運算的推動下加速成長。這種信心和收入，再加上我們有利的產品組合和嚴格的成本控制。

Has allowed us to improve our full year expectations across all key metrics while overcoming headwinds in lifestyle due to our facility shutdown in Ukraine and unfavorable FX impacts across the business versus our Q1 guide. Despite these challenges, we are raising our FY '26 expectations to the following.

這使我們能夠在所有關鍵指標上提高全年預期，同時克服因烏克蘭工廠關閉和不利的外匯影響而導致的生活方式方面的不利因素，與我們第一季的預期相比。儘管面臨這些挑戰，我們仍將 2026 財政年度的預期提高如下。

Revenue between $26.7 billion and $27.3 billion a $500 million improvement from the midpoint of our prior guide, adjusted operating margin between 6.2% and 6.3%, demonstrating consistency above 6%. Adjusted EPS between $3.09 and $3.17 per share. Increasing our midpoint by $0.17 per share, and we continue to expect strong cash generation and maintain our 80% plus free cash flow conversion target for FY '26.

營收預計在 267 億美元至 273 億美元之間，比我們先前預測的中點提高了 5 億美元；調整後的營業利潤率預計在 6.2% 至 6.3% 之間，表明其持續高於 6%。調整後每股收益在 3.09 美元至 3.17 美元之間。我們將每股中位數上調 0.17 美元，並繼續預期強勁的現金流生成，維持 2026 財年 80% 以上的自由現金流轉換率目標。

Moving on to our segment outlook for the year, for reliability solutions, we expect revenue to be up low to mid-single-digits, driven by strong demand and data center power and medical devices offset by a soft but stabilizing environment and renewables and auto.

接下來談談我們對今年各業務板塊的展望。在可靠性解決方案方面，我們預計收入將實現個位數低至中等的增長，這主要得益於強勁的需求以及數據中心電力和醫療設備的增長，但同時也會被疲軟但趨於穩定的環境以及可再生能源和汽車行業的增長所抵消。

For Agility solutions, we expect revenue to be up mid to high single-digits driven by continued strength and cloud offset by a weakening trend in consumer devices and lifestyle and a temporary loss of operations at our Mukachevo facility in Ukraine. Finishing off with our guidance for the third quarter.

對於敏捷解決方案，我們預計收入將實現中高個位數成長，這主要得益於持續強勁的雲端業務，但消費設備和生活方式的疲軟趨勢以及我們在烏克蘭穆卡切沃工廠的暫時停產會抵消這一增長。最後，我們來看看第三季的業績預期。

We expect reliability solutions revenue to be up mid to high single-digits, driven by continued robust power demand and increased growth in medical devices. We expect agility solutions revenue to be down to up, low single-digits as cloud growth is offset by weakening trends in consumer devices and reduced expectations in lifestyle for the reasons previously mentioned.

我們預計可靠性解決方案收入將實現中高個位數成長，這主要得益於持續強勁的電力需求和醫療設備業務的成長。我們預期敏捷解決方案收入將下降至個位數低位，因為雲端業務的成長將被消費設備趨勢的疲軟以及由於上述原因導致的生活方式預期降低所抵消。

For Total Flex, we expect revenue in the range of $6.65 billion to $6.95 billion. With adjusted operating income between $405 million and $435 million. We expect an adjusted tax rate of $0.21 or 21%, and lastly, we anticipate adjusted EPS to be between $0.74 and $0.80 per share based on approximately 377 million weighted average shares outstanding.

對於 Total Flex，我們預計營收將在 66.5 億美元至 69.5 億美元之間。調整後營業收入在 4.05 億美元至 4.35 億美元之間。我們預計調整後的稅率為 0.21 美元或 21%，最後，我們預計根據約 3.77 億股加權平均流通股計算，調整後的每股收益將在 0.74 美元至 0.80 美元之間。

As Revathi mentioned, we remain a partner of choice for our customers as they navigate a rapidly evolving business environment shaped by AI acceleration and dynamic supply chains. We're constantly exploring new ways to collaborate with our partners to meet their evolving needs and see strong opportunities to support their growth as we exit FY '26 and move towards FY 2027. With that, I'll now turn the call back over to the operator to begin Q&A.

正如雷瓦蒂所提到的，在人工智慧加速發展和動態供應鏈塑造的快速變化的商業環境中，我們仍然是客戶的首選合作夥伴。我們不斷探索與合作夥伴合作的新方式，以滿足他們不斷變化的需求，並且我們看到了在 2026 財年結束、邁向 2027 財年之際，支持他們發展的巨大機會。接下來，我將把電話轉回給接線生，開始問答環節。

Thank you. We now begin the question-and-answer portion of today's call. (Operator Instructions). Our first question today is coming from Ruplu Bhattacharya from Bank of America. Your line is now live.

謝謝。現在開始今天的電話會議問答環節。（操作說明）今天我們收到的第一個問題來自美國銀行的 Ruplu Bhattacharya。您的線路已開通。

Hi, thanks for taking my questions. Revathi, you took up revenues for the full year by $500 million at the midpoint. You beat 2Q by $150 million, so there is about $350 million upside in the second half.

您好，感謝您回答我的問題。Revathi，你使全年營收中期減少了 5 億美元。你比第二季多賺了 1.5 億美元，所以下半年還有大約 3.5 億美元的成長空間。

But interestingly, you didn't raise the guide for data center revenues, although the commentary seemed like there's still a lot of strength and cloud and power. So just curious why there was no upside to that part of the business and I have a follow-up.

但有趣的是，儘管評論似乎表明雲端運算和電力產業仍然有很多強勁的勢頭，但你並沒有提高對資料中心收入的預期。所以我很好奇為什麼這部分業務沒有帶來任何收益，我還有一個後續問題。

Yeah, Ruplu, I'll start by saying that we said that we are going to do our give a full year guide for data centers. We said that at the beginning of the year and not update that through the quarter. I'll just remind you data center is not a reporting segment for us. We've given you extra information at the beginning of the year considering that it's meaningful growth for us and so we're just not updating the quarterly guidance.

是的，Ruplu，首先我要說的是，我們說過我們將為資料中心提供一整年的指導。我們在年初就說過這件事，但本季沒有更新。我只想提醒您，資料中心不是我們的報告板塊。鑑於年初的業績成長對我們來說意義重大，我們已經向大家提供了更多信息，因此我們不再更新季度業績指引。

But it is obvious that it's at least 35%. I will remind you that 35% is a very strong number compared. To the industry and the market itself, so we feel very good about that. So your math is directionally correct. So there's at least 35% obviously will be better than that, and we'll update that in our full year guide when we do it at the end of the year. Kevin, anything to add?

但很明顯，至少有 35%。我提醒各位，35%是一個非常高的數字。對整個行業和市場而言，我們對此感到非常滿意。所以你的計算方向是對的。所以至少有 35% 的提升空間，顯然會比這更好，我們會在年底發布全年指南時更新這個數據。凱文，還有什麼要補充的嗎？

No, nothing to add on that,

不，沒什麼要補充的了。

Okay.

好的。

Okay, thanks for that clarification. That makes sense. Revathi, can I also ask you for the cloud business, can you comment on the mix as it relates to custom silicon versus merchant silicon. I'm curious because AMD is going to launch a whole set of new GPUs, GPU racks next year.

好的，謝謝你的解釋。這很有道理。Revathi，我還可以問你一些關於雲端業務的問題嗎？能否談談客製化晶片與商用晶片的組合？我很好奇，因為 AMD 明年將推出一整套新的 GPU 和 GPU 機架。

Would that be a business that Flex would bid for and how do you see this mix of custom versus merchant silicon evolving as things like OpenAI Broadcom, OpenAI AMD, OpenAI NVIDIA, all of these big projects are coming up. So how do you see your data center business benefiting from these large projects? Thank you.

Flex 會競標這樣的業務嗎？隨著 OpenAI Broadcom、OpenAI AMD、OpenAI NVIDIA 等大型專案的出現，您認為這種客製化晶片與商用晶片的混合模式將如何發展？那麼，您認為您的資料中心業務將如何從這些大型專案中受益？謝謝。

Yeah, so Ruplu, I'll start by saying, obviously, considering the fact that we're growing at least 35% year over year, we are benefiting pretty significantly from not only hyperscale growth but from kind of the neo cloud players as you have talked about. That is adding to our overall growth rate.

是的，Ruplu，首先我想說，顯然，考慮到我們每年至少增長 35%，我們不僅從超大規模增長中受益匪淺，而且正如你所說，也從新型雲端運算參與者中受益匪淺。這提高了我們的整體成長率。

I would say that as we update our forward-looking guidance for cloud that we will do in May during our investor day, that should reflect all these new projects that are getting announced that will be built. Out over the next kind of two years, three years or five years, so you should, wait for our updated guide in terms of custom versus merchant silicon.

我想說，我們將在五月的投資者日上更新我們對雲端運算的前瞻性指引，屆時應該會反映出所有這些正在宣布並將要建造的新項目。預計在未來兩到三年或五年內，我們將發布關於客製化晶片與商用晶片的更新指南，敬請期待。

I would say that anywhere there is in custom silicon where there is more specialization involved typically Flex tends to do really well because it requires customization for the requested hyperscaler we're working with and drives more complex products, and we tend to do really better in that in general.

我認為，在定制晶片領域，凡是涉及更多專業化的地方，Flex 通常都會表現得非常好，因為它需要根據我們合作的超大規模數據中心的要求進行定制，並推動更複雜的產品，而我們在這方面通常做得更好。

But in terms of custom versus merchant, we obviously participate in both, and I would say that we lean one way more than the other, but we are prevalent in the market in both the spaces. I think the real benefit at the end of the day is if you look at all the announcements that are coming in, if you look at our forward-looking pipeline for a cloud.

但就顧客與商家而言，我們顯然兩者都參與，而且我認為我們更傾向於其中一方，但我們在這兩個領域都佔據市場主導地位。我認為最終真正的好處在於，如果你看看所有即將發布的公告，看看我們面向未來的雲端計畫。

We feel very strongly and very good about kind of participation in this space at the growth rates we're delivering this year and we're really looking forward to give you guys updated guides in May that we will see you, and we feel like you'll see very strong growth rate, continue to see very strong growth rate in our cloud business driven by all the investments you're hearing from.

我們對今年在這個領域的參與度以及我們所取得的成長速度感到非常有信心和信心，我們非常期待在五月為大家提供更新的指南，屆時我們將與大家見面。我們相信，在大家所聽到的所有投資的推動下，我們的雲端業務將繼續保持強勁的成長勢頭。

Okay. Thank you for all the details.

好的。謝謝您提供的所有細節。

Thank you. Next question today is coming from Tim Long from Barclays your line is now live.

謝謝。今天的下一個問題來自巴克萊銀行的蒂姆·朗，您的提問熱線已開通。

Thank you. I appreciate the questions here too for me as well. First one maybe on the op margin front, looks like, some good increases coming in the second half. Maybe if you could just talk at a high level, at what's driving some of the second half over first half op margin, improvements, and then second, back to the cloud data center piece. If you could understanding the 35% number, just curious.

謝謝。我也很感謝大家在這裡提出的問題。首先，可能是營業利潤率方面，看起來下半年會有一些不錯的成長。或許您可以先從宏觀層面談談，是什麼因素推動了下半年的營運利潤率高於上半年，有哪些改進措施，然後再回到雲端資料中心這方面。如果你能理解35%這個數字就太好了，我只是好奇。

If you can talk a little bit about kind of how you see the economics of that business evolving for you. Are you seeing opportunities as you mentioned, some more specialization, are you seeing that business evolve to where it could be newer programs with that are a little bit more margin and creative, so anything on kind of how you view that you're playing that ecosystem changing from a value standpoint. Thank you.

如果您能談談您如何看待該業務的經濟前景發展就太好了。正如你所提到的，你是否看到了機會，一些更專業化的領域，你是否看到業務發展到可以推出利潤更高、更具創意的新項目？所以，從價值的角度來看，你如何看待你在這個生態系統中扮演的角色？謝謝。

Hey Tim, this is Kevin. I'll take the first question on margins in the back half of the year. As we said, six Q2 was another quarter at or above 6%, so four quarters there at or above 6%. We feel good about that as we move from Q2 to Q3 and Q4 in the back half of the year.

嗨，提姆，我是凱文。我將在今年下半年回答關於利潤率的第一個問題。正如我們所說，第二季有六個季度達到或超過 6%，所以有四個季度達到或超過 6%。我們對此感到樂觀，因為從第二季度過渡到第三季和第四季度，也就是下半年。

We do expect continued margin improvement, and you see that when you look at the midpoint of our guide for Q3 and obviously sort of do your own math to get to where we think Q4 is going to be to get to our full year guide. The primary drivers there are going to be mixed. We have two businesses that continue to grow and grow well as we move through the year, and that's our products and services business.

我們預期利潤率將持續改善，這一點可以從我們對第三季度業績指引的中點看出，當然，您也可以自己計算一下，得出我們認為第四季度會達到的水平，從而得出我們全年的業績指引。那裡的主要驅動因素將是多種因素共同作用的結果。隨著一年的推進，我們有兩項業務持續成長，而且發展勢頭良好，那就是我們的產品和服務業務。

We're expecting both those businesses to perform well from a top-line standpoint, and we've talked in the past about the margin performance of those businesses. Both those businesses perform. Above the Flex average. So really it's just the continued growth in those businesses Q2 to Q3, Q4 becoming a bigger piece of revenue and pulling margins up with them as we move forward here.

我們預期這兩項業務的營收都會表現良好，而且我們過去也討論過這些業務的利潤率表現。這兩家企業都運作良好。高於 Flex 平均。所以實際上，就是這些業務在第二季到第三季持續成長，第四季營收佔比越來越大，隨著我們繼續前進，利潤率也隨之提高。

Yeah, I'll see Tim on the second part of your question on the economics of the of the cloud and power business for us. As you can see from the second half guide on margins, and generally it's a very creative business to us. How I see the economics evolve is super positive for us, and that's based on a couple things, just a quick reminder, we're one of the few players who actually integrate compute power and cooling.

是的，關於您問題的第二部分，即雲端運算和電力業務對我們的經濟影響，我會和 Tim 討論的。從下半部關於利潤率的指南中可以看出，總的來說，對我們來說，這是一個非常有創意的產業。我認為經濟情勢的發展對我們來說非常樂觀，這主要基於兩點，簡單提醒一下，我們是少數真正將運算能力和冷卻功能整合在一起的公司之一。

In this space and our compute business, which not only does contract manufacturing and assembling of compute products, also does vertical integration in terms of manufacturing racks and all the metal enclosures that goes in terms of compute products, so very positive in terms of margins for us in the cooling and in the power play, we are, we have our own products.

在這個領域以及我們的計算業務中，我們不僅從事計算產品的合約製造和組裝，還進行垂直整合，製造機架和所有與計算產品相關的金屬外殼，因此，在冷卻和電源領域，我們的利潤率非常高，我們擁有自己的產品。

So we have our own IP and design and obviously those are also margin positive for us, because it runs more like an OEM play overall. So I see in terms of evolving as you see the mixed shift for us between in the cloud power in the cloud and data center space between compute and power and power continues to grow,

所以我們擁有自己的智慧財產權和設計，顯然這些也為我們帶來了正利潤，因為它的整體運作方式更像是OEM模式。因此，就發展而言，正如你所看到的，雲端運算和資料中心領域之間的運算和電力需求正在發生混合轉變，電力需求持續成長。

I see that the margin progression for that business being fairly significant, and we expect that to work and behave like a products business overall the whole space. So I'll step back and say feel very good about kind of the 35% growth rate we have talked about, which we said is at least that much for the year.

我認為該業務的利潤率成長相當顯著，我們預計它在整個領域將像產品業務一樣運作和發展。所以，我退一步說，我對我們之前討論過的 35% 的成長率感到非常滿意，我們說過今年的成長率至少會達到這個水準。

But I feel even strongly about the updated forward-looking guide we'll come back and give you in May in terms of growth rate of that business and then the margin improvement of that business driven by the mix of compute and power and cooling within that space. So feel really good about the economics of the business and how it's evolving.

但我對我們將在 5 月發布的更新版前瞻性指南更有信心，該指南將預測該業務的成長率，以及該領域計算、電力和冷卻的組合將帶來的利潤率提升。所以我對公司的經濟狀況及其發展方向感到非常滿意。

Okay, thank you very much.

好的，非常感謝。

Thank you. Next question is coming from Samik Chatterjee from JP Morgan. your line is now live.

謝謝。下一個問題來自摩根大通的薩米克·查特吉。您的電話線路已接通。

Hi, thank you for taking my questions. Maybe for the first one, if I can sort of go back to the question on guidance and just tackle it more on the market front, you're raising your guidance for the full year by about $500 million or so I mean it seems like from an in market perspective data centers doing better but also maybe is a bit better.

您好，感謝您回答我的問題。或許對於第一個問題，如果我可以回到關於業績指引的問題，並從市場方面更多地探討一下，你們將全年業績指引提高了大約 5 億美元左右。我的意思是，從市場角度來看，資料中心似乎表現得更好，但也可能略好一些。

Can you just pass out if most of the increase in the guide is because of the data center market or other markets that are tracking better than you expected at this time and how much of a headwind is the Ukraine shut down to these sort of rays in the guide that you're issuing today and have a follow-up.

您能否說明一下，指南中大部分的成長是由於資料中心市場還是其他市場目前的表現優於您的預期？烏克蘭的封鎖對您今天發布的指南中的這類利好因素造成了多大的阻力？並請您跟進。

Yeah, I would say submit is that obviously you guys have done the math. You can tell, right? Full year we've raised the guide by $500 million. We've beat two and so you can see that second half is going to be strong the way we've raised our guide. It will come from the spaces you have talked about, which is data center and health solutions, and we have been very clear about both of those spaces being directionally good for us.

是的，我想說的是，提交的前提是你們顯然已經計算過了。你一定能看出來，對吧？全年我們已將指導價提高了 5 億美元。我們已經贏了兩場，所以你可以看出，根據我們提升的排名來看，下半季將會非常強勁。它將來自你剛才提到的領域，也就是資料中心和醫療解決方案，我們已經非常明確地表示，這兩個領域對我們來說都是發展方向正確的領域。

We also have said that. You know that there is stabilizing trends in areas like automotive, which also is a good thing for us. So if you look at the forward-looking guide, while we're not updating our data center growth rates, it's obvious that it's going to be better in the second half, and you'll see that reflected in our full year number.

我們也說過這一點。你知道，像汽車產業這樣的領域正在出現趨於穩定的趨勢，這對我們來說也是一件好事。因此，如果您查看前瞻性指南，雖然我們沒有更新資料中心成長率，但很明顯下半年情況會好轉，您會在我們的全年資料中看到這一點。

Yeah, hi Samik, and I'll just add on your question on the Ukraine. When we had the issue in August, we issued a release that identified the business being approximately 1% of Flex revenue, and I think that's how you should think about the impact of that in the back half of the year. So going from, basically where it was to 0%. You can, it's slightly north of a $100 million impact to us from a revenue headwind standpoint in the back half of the year.

嗨，薩米克，我再補充一下你關於烏克蘭的問題。8 月我們遇到這個問題時，我們發布了一份聲明，指出該業務約佔 Flex 收入的 1%，我認為你應該這樣看待它在今年下半年的影響。所以基本上是從原來的位置降到了 0%。可以，從下半年的收入逆風角度來看，這會對我們造成略高於 1 億美元的影響。

Yeah, so overall raising our guide with the impact of that, I think we think is very strong results.

是的，所以總的來說，提高我們的指導方針及其影響，我認為我們認為取得了非常顯著的效果。

And for my follow-up to see if you can give us some sense of what to expect from the Amazon partnership that you have now to the extent that you can talk about and you're sort of sounding positive about what you announce in terms of the business, but that is the Amazon partnership part of that optimism that you have as you think about what you talk about in the main.

接下來我想問的是，您能否就您目前與亞馬遜的合作關係，談談我們能期待些什麼？您聽起來對宣布的業務進展持樂觀態度，但這種樂觀情緒主要來自於您與亞馬遜的合作關係。

Yeah, Samik, I will just step back and say that I feel very b****** about kind of where things are in the data center cloud space for us combination of the partnership that we announced with Amazon, but continued growth in other hyper scalers and Colo businesses and neo clouds, that we mentioned earlier in the in the call.

是的，Samik，我只想說，我對我們在資料中心雲端領域的現狀感到非常失望，這包括我們與亞馬遜宣布的合作關係，以及其他超大規模資料中心、託管業務和新雲端的持續增長，正如我們在電話會議中早些時候提到的。

So I think it's important to reflect on the fact that a lot of these announcements and CapEx announcements that you're seeing from our customers are all going to play out in the next one year, two-year, three year, or five-year cycle. So I think that's really important to reflect on that. That these are all kind of long-term plays whether it's our partnership with Amazon or the growth rate that we're seeing with all our other customers.

所以我認為，我們應該意識到，我們客戶發布的許多公告和資本支出公告都將在未來一年、兩年、三年或五年內逐步實施。所以我認為認真思考這一點非常重要。這些都是長期策略，無論是我們與亞馬遜的合作，還是我們與其他客戶的成長速度。

You'll see that reflected as we move forward in our CapEx numbers and the investments we continue to make in this space. So as you wait for our updated guide coming out in May. You see our long-term growth rates, you would see the bullishness reflected in that coming from the growth rate in this in this space. So I view this as a long-term play.

隨著我們資本支出數據的增加以及我們在這個領域持續進行的投資，您將會看到這一點的反映。所以，請耐心等待我們五月發布的更新版指南。從我們的長期成長率來看，你會發現這種樂觀情緒正是源自於這個領域的成長率。所以我認為這是一項長期投資。

I feel very good about kind of what we're delivering this year and the investments we're making for forward-looking growth, and we'll give you an updated kind of long-term guide when we see you in May, and that will reflect these partnerships and other investments we are making.

我對我們今年所取得的成果以及為實現未來成長所做的投資感到非常滿意。五月我們再見面時，我們會向大家提供一份更新的長期發展指南，其中將反映出我們正在進行的這些合作和其他投資。

Thank you, thanks for taking the questions.

謝謝，感謝您回答這些問題。

Thank you. As a reminder that one to be placed in the question queue. Our next question is coming from Steven Fox from Fox Advisors. Your line is now live.

謝謝。提醒一下，這個問題需要放入問題隊列。下一個問題來自福克斯顧問公司的史蒂文·福克斯。您的線路已開通。

Hi, good morning, everyone. I had a couple of questions as well. First off, looking at the guidance, it's like some people have mentioned, it seems to imply some accelerating growth into the fourth quarter of the fiscal year. Is that something without getting into numbers for next year?

大家早安。我也有幾個問題。首先，從業績指引來看，正如一些人所提到的那樣，這似乎暗示著本財年第四季的成長速度將會加快。如果不考慮明年的具體數字，這是怎麼回事？

Is that something that we can think about sort of continuing and use that as as a base for some new and different growth for the next fiscal year? And if so, what, how, what would you sort of say is driving it and then it'll follow-up.

我們是否可以考慮繼續沿用這種模式，並以此為基礎，在下一個財政年度實現一些新的、不同的成長？如果是這樣，是什麼、如何、又是什麼在驅動它？接下來我會繼續追問。

Hey Steven, this is Kevin. Good morning. I'll take the first part of the question. So you are right, as you look at our guide for the full year, we gave you Q3, you can start to back into an accelerating Q4 or Q3 to Q4 environment and expectation from us the drivers of that are going to be some of the things we've talked about already on the call, obviously data center underlying.

嗨，史蒂文，我是凱文。早安.我來回答問題的第一部分。所以你說得對，看看我們全年的業績指南，我們已經給出了第三季度的業績，你可以開始預測第四季度或第三季度到第四季度的業績將加速增長，而我們預計，推動這一增長的因素將是我們在電話會議上已經討論過的一些事情，顯然是數據中心的基礎架構。

We've talked about our power business this year, with data center being made up of cloud and power, our power business, especially in the back half of the year, we expect that to grow above the data center average, so that's driving some of the margin performance we talked about, but also our overall top-line expectations, also seeing good growth.

我們今年談到了電力業務，資料中心由雲端和電力組成，我們的電力業務，尤其是在下半年，我們預計其成長將高於資料中心平均水平，這推動了我們之前提到的部分利潤率表現，同時也推動了我們整體營收預期，我們看到了良好的成長。

In the back half of the year as we exit the year and medical device and some other areas like capital equipment. So yeah, that growth rate in the back half of the year that we're exiting with, we feel good about it and we expect that momentum to continue into the first half of FY 2027.

下半年，隨著年底臨近，醫療器材和其他一些領域（如資本設備）也將迎來發展。所以，是的，我們對今年下半年的成長率感到滿意，並預計這種勢頭將延續到 2027 財年上半年。

Great, that's super helpful and then Revathi, it wasn't that long ago where the auto markets were pretty attractive growth market for you guys. You mentioned some new compute wins and the business and the, I guess, production kind of stabilizing. So do you see a path now for like this, that segment returning the growth and if there's any color you can provide on that new compute wins, that would be helpful too. Thanks.

太好了，這非常有幫助。還有，Revathi，不久前汽車市場對你們來說還是一個很有吸引力的成長市場。您提到了一些新的計算業務成長，以及業務和生產方面的一些穩定情況。所以你現在看到這樣的發展路徑了嗎？這個領域正在恢復成長，如果你能提供一些關於新的計算成果的信息，那也很有幫助。謝謝。

Yeah, I would say Steve, is that you know we're being very thoughtful in terms of giving the right projections for our automotive business. We feel good about kind of stabilizing what we're hearing from our customers on which platforms they're going to grow with.

是的，史蒂夫，我想說的是，你知道，我們在為汽車業務做出正確的預測方面非常謹慎。我們很高興能夠大致穩定我們從客戶那裡聽到的關於他們將在哪些平台上發展的訊息。

I have mentioned this before that we're being platform agnostic is helpful for us because even as you shift powertrains within automotive and there's a shift from EV to ICE vehicles, it still helps us because, even in ICE vehicles we're seeing continued investment in terms of power electronics. So being agnostic to the platform is really important to us.

我之前提到過，我們採取平台無關的態度對我們很有幫助，因為即使在汽車領域動力系統發生變化，從電動車轉向內燃機汽車，這仍然對我們有幫助，因為即使在內燃機汽車領域，我們也看到電力電子方面的持續投資。因此，對平台保持中立對我們來說非常重要。

So as I look moving forward, compute winds happen in hybrid and EV in all platforms. So that is the good part about it is that we continue to win agnostic to the platform, and that is helpful in terms of how we think about growth rates. All that being said, I would say is that our view on kind of continuing to grow in the automotive space is that it has to show the returns that we expect.

展望未來，我認為所有平台上的混合動力和電動車都會出現計算風力發電問題。所以好處在於，我們能夠繼續取得成功，而無需依賴任何平台，這有助於我們思考成長率。綜上所述，我認為，我們對於繼續在汽車領域發展的看法是，它必須帶來我們預期的回報。

And if it shows the returns we expect, then we will continue to invest and grow in that business as you can tell, we have enough growth coming from other vectors and it's a balance in terms of the decision we make. So we look for good growth, healthy growth, long-term commitments, and if that works for us, we'll take that business and grow with it.

如果它能帶來我們預期的回報，那麼我們將繼續投資並發展這項業務。正如你所看到的，我們從其他方面獲得了足夠的成長，所以我們在做決定時會權衡各方因素。所以我們尋找的是良好的成長、健康的成長、長期的承諾，如果這對我們來說是合適的，我們就會收購這家企業並與之共同發展。

Great, thank you very much.

太好了，非常感謝。

Thank you. Next question is coming from Steve Barger from KeyBanc Capital Markets. Your line is now live.

謝謝。下一個問題來自 KeyBanc Capital Markets 的 Steve Barger。您的線路已開通。

Hi, good morning. This is Jacob Moore I'm for Steve Barger. Thanks for taking our questions. First, I just wanted to ask about the value add from engineering and services in terms of penetration and margin impact. I think you've emphasized those as margin levers outside of data center and power.

您好，早安。我是雅各·摩爾，我支持史蒂夫·巴格爾。謝謝您回答我們的問題。首先，我想問工程和服務在市場滲透率和利潤率影響方面的增值作用。我認為你已經強調了資料中心和電力以外的這些利潤槓桿。

Could you share the revenue size of those programs and what do you see the broader opportunity size to be? And then maybe could you frame up the margin to contribute compared to the overall portfolio and if there are any barriers to further penetration?

能否分享一下這些項目的收入規模，以及您認為更廣泛的市場機會規模有多大？然後，您能否分析一下與整體投資組合相比，該利潤率能做出怎樣的貢獻，以及在進一步滲透方面是否存在任何障礙？

Yeah, I'll say Jacob is that in the past we've kind of shared a number that's in the range of kind of billion dollars for this space. We haven't updated that in a while, so my overall take will be that value-added services, which kind of vertical integration and all the end markets we play in is important to us because that does drive margin improvement for us overall.

是的，雅各布，我想說的是，過去我們曾經分享過一個數字，這個領域的價值大約在十億美元左右。我們已經有一段時間沒有更新這方面的數據了，所以我的總體看法是，增值服務、垂直整合以及我們所涉足的所有終端市場對我們來說都很重要，因為這確實能推動我們整體利潤率的提高。

So it is a very important focus for us and our teams across the businesses. It's even more important in the data center space because we do have products we deploy and so that is really important so because you have to be able to service those products I would say overall we're happy with the growth rates, but I don't have specifics I can give you, Jacob, because those are not numbers that we give out.

因此，這對我們以及我們各個業務團隊來說都是一個非常重要的關注點。在資料中心領域，這一點尤其重要，因為我們確實有需要部署的產品，所以這一點非常重要。因為你必須能夠為這些產品提供服務，所以總的來說，我們對成長率感到滿意，但我無法提供具體數據，Jacob，因為我們不會公佈這些數字。

So but we like what we do and what value-added services super important to us both in data center and outside of data centers and we feel good about kind of how it's growing and the margin it's providing.

所以，我們喜歡我們所做的事情，以及對我們來說非常重要的增值服務，無論是在資料中心內還是資料中心外，我們都對它的發展方式和它帶來的利潤感到滿意。

Understood. That's helpful. Thank you and then the second one for me is on op margins, but maybe a little more specifically on the fiscal fourth quarter.

明白了。這很有幫助。謝謝。我的第二個問題是關於營業利潤率，更具體地說是關於第四財季。

The math suggests a pretty decent sized step up from Q3 to Q4. Could you just walk us through the puts and takes assumed in that sequential step up? And then similar to the question on the growth acceleration in the back half, is a sort of mid to high 6% margin level sustainable moving forward from Q4?

數學計算表明，從第三季度到第四季度，會有相當大的提升。能否請您詳細解釋一下在這一步遞增過程中所做的賣出和賣出操作？與下半年成長加速的問題類似，從第四季開始，6%到6%的中高利潤率水準是否可持續？

Hey Jacob, this is Kevin. I'll take that question. So first we talked about the growth rate in Q4 and our expectation there and what was driving it, and in that we talked about our products business and our services businesses growing in the back half and accelerating into Q4. That acceleration of those businesses and as we've talked about.

嗨，雅各布，我是凱文。我來回答這個問題。首先，我們討論了第四季度的成長率、我們的預期以及推動成長的因素，其中我們談到了我們的產品業務和服務業務在下半年的成長，以及在第四季度加速成長的情況。正如我們之前討論過的，這些企業的加速發展。

There are higher margin businesses for us both accrue to the P&L at margins north of the Flex average are what's driving our expectation for margins. It sounds like your math is directionally correct there and so as we move into next year, as we said, we expect that growth momentum in those businesses to carry forward into early FY '27, and our margin expectation would be similar.

對我們來說，利潤率較高的業務能夠為損益表帶來高於 Flex 平均水準的利潤，這正是我們對利潤率預期的主要驅動因素。聽起來你的計算方向是正確的，因此，正如我們所說，隨著我們進入明年，我們預計這些業務的成長勢頭將推遲到 2027 財年初，我們的利潤率預期也將類似。

And then I'd say that I think that it was only a year ago where you guys were pressing me on a 6% sustainable and when are you going to update that guide because we're a year ahead of the long-term guide we gave you, so I can see you're already taking it north of that Jacob.

然後我想說，就在一年前，你們還在催促我實現 6% 的可持續發展目標，問我什麼時候更新那份指南，因為我們已經比我們給你們的長期指南提前了一年，所以我看得出來，雅各布，你們已經把目標推得更高了。

And as long as we continue to, change our mix which we're doing and continuing to have growth rates in the right end markets where we have products and services and margin of creative business, we feel good about continued growth rates and margin performance of what you'll see moving forward.

只要我們繼續改變我們的產品組合（我們正在這樣做），並在我們擁有產品和服務以及創意業務利潤率的正確終端市場繼續保持增長率，我們就對未來您將看到的持續增長率和利潤率表現感到滿意。

Very helpful. Thank you very much.

很有幫助。非常感謝。

Thank you.

謝謝。

Thank you. Our final question today is coming from Mark Delaney from Goldman Sachs. The line is now live.

謝謝。今天最後一個問題來自高盛的馬克·德萊尼。線路已開通。

Yes, good morning. Thank you very much for taking my questions. I was hoping to better understand where Flex stands with its capacity and ability to support the data center opportunity and if there are any supply constraints that you're starting to encounter in that business given the growth you're seeing and you know as you think about that business over the longer-term, do you envision needing to make meaningful increases in your CapEx levels in order to support the growth?

是的，早安。非常感謝您回答我的問題。我希望更了解 Flex 在資料中心業務方面的能力和規模，以及鑑於你們目前看到的成長，是否開始遇到任何供應限制。從長遠來看，你們是否預計需要大幅增加資本支出水準以支持業務成長？

Yeah, I would say, Mark, first I'll parse this out by region, right? I feel very good about our capacity and capability in the EMEA region, we announced a new asset acquisition in in Poland and we feel really strongly about kind of overall capability on compute power and cooling and EMEA in North America, which is where you're seeing the largest amount of growth being deployed and CapEx being deployed by our customers.

是的，馬克，我會先按地區分類，對吧？我對我們在歐洲、中東和非洲地區的產能和能力感到非常滿意。我們宣佈在波蘭收購了一項新的資產，我們對我們在計算能力和冷卻方面的整體能力以及在北美地區（也就是我們的客戶部署和資本支出最大的地區）的能力都非常有信心。

We have incrementally invested pretty significantly in our compute operations in Guadalajara and in the US. We have continued to invest pretty significantly in cooling in ramping up that manufacturing capability. We got through the acquisition of JetCool and then we announced new facilities in Dallas, and we continue to expand our facilities in Fontana, in Colombia, in those regions to add to kind of power capability in the US.

我們已逐步增加對瓜達拉哈拉和美國計算業務的投資。我們持續加大對冷凍設備的投入，以提高生產能力。我們完成了對 JetCool 的收購，然後宣佈在達拉斯新建工廠，並且我們繼續在豐塔納、哥倫比亞等地擴建工廠，以增強我們在美國的業務能力。

All that being said, I would say that you know we have a lot more investment to do because you are seeing those big announcements coming from our customers and you see a meaningful shift within Flex in terms of how we're deploying our CapEx towards those end markets. So as I look towards the next kind of cycle two-year, three year or five years. I would say yes, you will see meaningful deployment in terms of CapEx.

綜上所述，我認為我們還有很多投資要做，因為我們的客戶發布了一些重大公告，而且Flex在資本支出轉向終端市場部署方面也發生了重大轉變。因此，我展望下一個週期，兩年、三年或五年。我會說是的，你會看到在資本支出方面有實質的部署。

And growth and investments required and OpEx, both R&D and support required for those businesses that will shift towards. Towards those businesses, I think what's important is that despite all those moves we're making, you're seeing kind of overall cash flow improving and you're seeing our overall operating margin improving. So obviously we're making the right choices as we deploy this mark.

而這些轉型所需的成長和投資以及營運支出，包括研發和支持，都是企業轉型所必需的。對於這些業務而言，我認為重要的是，儘管我們採取了所有這些措施，但你會看到整體現金流有所改善，你會看到我們的整體營業利潤率有所改善。顯然，我們在部署這項標誌時做出了正確的選擇。

Very helpful context. My other question was around Flex's own operations you've spoken in the past about utilizing AI and automation, to be efficient. Yesterday you had some news around a pilot with NVIDIA to maybe even try and get better there and of course there's a lot of innovation happening with AI and robotics.

非常有用的背景資訊。我的另一個問題是關於 Flex 自身的運營，您過去曾談到利用人工智慧和自動化來提高效率。昨天有一些與英偉達合作試點計畫的消息，或許是為了在這個領域取得一些進展。當然，人工智慧和機器人領域也正在發生許多創新。

So you think about some of the things you're working on, to tie to those areas, including with what you announced yesterday, anything meaningful you could point to and what we could expect for where Flex may take its own operating and logistics in the future. Thanks.

所以，你要思考你正在做的一些事情，與這些領域聯繫起來，包括你昨天宣布的內容，你能指出哪些有意義的事情，以及我們可以期待 Flex 未來在營運和物流方面會朝著什麼方向發展。謝謝。

Yeah, Mark, I'll step back and say that the announcement we had with NVIDIA yesterday is a really exciting announcement. It is more around deploying ready to use modular infrastructure for data centers, which is inclusive of compute power and cooling like we showed in the OCP. So if you're ramping up a data center and you need a modular scalable architecture and solution.

是的，馬克，我得先說明一點，昨天我們和英偉達一起發布的公告確實令人振奮。它更側重於部署即用型模組化資料中心基礎設施，其中包括運算能力和冷卻系統，就像我們在 OCP 中展示的那樣。因此，如果您正在擴建資料中心，並且需要一個模組化、可擴展的架構和解決方案。

Then that's the partnership that we showed with NVIDIA yesterday and we showed an OCP that we'd be deploying in large scale as you see these data center investments come out. So that is more around data center infrastructure investment from our customers so super exciting, right?

這就是我們昨天與 NVIDIA 展示的合作關係，我們展示了一個 OCP，隨著這些資料中心投資的出現，我們將大規模部署該 OCP。所以這更涉及到我們客戶的資料中心基礎設施投資，是不是很令人興奮？

So if you want to take out Want to reduce lead time to deploy these infrastructure, you'll be able to do that with this partnership we've announced. So that's one thing I'd say the second internally to our own factories, I'd say there's a significant amount of work to be done within our own factories in terms of deploying AI and robotics. You have seen that in the past we have, really delivered a lot of productivity within our factories.

因此，如果您想要縮短部署這些基礎架構的準備時間，您可以透過我們宣布的這項合作關係來實現這一點。所以，我想說的第二點是，就我們自己的工廠而言，在部署人工智慧和機器人技術方面，我們自己的工廠還有很多工作要做。你們也看到了，過去我們確實提高了工廠的生產力。

That being said, I'm super excited about kind of what the future hold because obviously there's a lot to be done not just in terms of hardware robotics but in terms of software capabilities using AI that will really drive productivity in our factory and drive efficiency in everything from our back office to how we operate.

話雖如此，我對未來充滿期待，因為顯然有很多事情要做，不僅在硬體機器人方面，而且在使用人工智慧的軟體能力方面，這將真正提高我們工廠的生產力，並提高從後台到運營方式等各個方面的效率。

So whether it's projects that are in processes and functions or whether it's projects that is how we do planning or scheduling or any part of that in our factories, AI is going to really accelerate kind of the productivity we deploy and the efficiency we deploy and how we work with our customers. It's a lot to do there, Mark, but really exciting times, I would say for the manufacturing space and how we use these tools and capabilities.

因此，無論是流程和功能方面的項目，還是工廠中規劃、調度或任何相關環節的項目，人工智慧都將真正加速我們部署的生產力、效率以及我們與客戶的合作方式。馬克，那裡有很多事情要做，但對於製造業以及我們如何使用這些工具和能力來說，這確實是一個令人興奮的時代。

Thank you.

謝謝。

Thank you. We reached the end of our question answer session. I'd like to turn the floor back over to our CEO for the closing remarks.

謝謝。我們的問答環節結束了。現在我把發言權交還給我們的首席執行官，請他做總結發言。

Thank you. So we look forward to speaking to you again next quarter on behalf of the entire leadership team. I want to sincerely thank our customers for their trust, our shareholders for your continued support, and the Flex team around the world for your dedication and your contributions. Thank you, everyone.

謝謝。因此，我們期待下個季度再次代表整個領導團隊與您交流。我衷心感謝客戶的信任，感謝股東們的持續支持，感謝全球 Flex 團隊的奉獻與貢獻。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。感謝您的參與。您現在可以斷開連線。