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) As a reminder, this call is being recorded.

感謝您的耐心等待。歡迎參加 Flex 公司 2026 財年第二季財報電話會議。（操作員說明）提醒您，本次通話正在錄音。

I'll now turn the call over to Ms. Michelle Simmons. You may begin.

現在我將把電話交給米歇爾·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. This call is being recorded and will be available for replay on our corporate website.

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 (Revathi Advaithi) 和財務長凱文·克魯姆 (Kevin Krumm)。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網站的投資者關係頁面查看。本次電話會議正在錄音，錄音回放可在公司網站上查看。

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 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.

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，可能導致實際結果與預期結果有重大差異。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「風險因素」部分的警示性聲明。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.

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以及投資者關係網站上發布的財務摘要中找到。

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

現在我想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.

謝謝你，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月所報導的那樣，我們的穆卡切沃工廠在飛彈襲擊中遭到破壞。但多虧了我們的緊急應變計畫，所有隊員都安全撤離了。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 4, 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. This performance reflects the strength of our model, anchored in disciplined execution and a continued shift towards higher-value technology-driven businesses.

從第 4 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%，這是我們連續第四個季度保持或超過這一水平，調整後每股收益為 0.79 美元，比去年增長 23%，這是 Flex 的另一個紀錄。這項業績反映了我們模式的優勢，建立在嚴謹的執行和不斷向更高價值的技術驅動型業務轉型之上。

Now turning to slide 5, our data center business continues to deliver outstanding results across both cloud and power. With proprietary products, deep systems expertise, and global manufacturing scale, we provide fully integrated power and IT solutions that help hyperscale colocation and silicon customers deploy faster, operate more efficiently while strengthening our margin profile.

現在就來看看第 5 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。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。

We remain bullish in our outlook and continue to expect our data center revenue to grow at least 35% this year. Sustaining this level of growth at our scale validates the value we are delivering to the world's leading technology companies and the strength of our execution in a dynamic market. We are outperforming industry growth rates and continuing to strategically shift our portfolio towards higher-margin critical technology-driven businesses, shaping today's market evolution.

我們對前景依然保持樂觀，並繼續預計今年資料中心營收將至少成長 35%。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的關鍵技術驅動型業務，從而塑造當今的市場發展趨勢。

As we 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. The broader trend is clear. AI is shaping industries for the long term, and Flex is positioned to be a driving force in its continuing infrastructure buildout.

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。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 預計將成為其持續基礎設施建設的驅動力。

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. The platform helps data center operators deploy up to 30% faster, reduce execution risk, and scale reliably to meet the pace of AI demand.

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。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，並可靠地擴展以滿足人工智慧需求的成長速度。

We partnered with NVIDIA as part of their ecosystem on next-gen 800-volt DC AI factories. These systems improve energy efficiency, lower cooling costs, and eliminate points of failure as data centers grow in size and complexity. Looking ahead, I could not be more excited. The data center opportunity continues to expand, and we are executing remarkably well as we support our customers through this next wave of growth.

我們與 NVIDIA 合作，作為其生態系統的一部分，共同開發下一代 800 伏特直流 AI 工廠。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。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。

Beyond our strength in 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. In communications and enterprise, we see strength in optical switches and SATCOM devices supporting next-generation connectivity requirements. And in automotive, we see the market stabilizing compared to prior quarters. In the first half of FY26, we added compute deals with new logos, validating our continued investment and focus on software-defined vehicles.

除了我們在雲端運算和電力領域的優勢外，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市場將有所改善。在通訊和企業領域，我們看到光開關和衛星通訊設備在滿足下一代連接需求方面具有優勢。汽車市場方面，與前幾季相比，我們看到市場趨於穩定。在 2026 財年上半年，我們新增了計算業務合作項目，並獲得了新的客戶標識，這證明了我們對軟體定義汽車的持續投資和關注是正確的。

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. That foundation positions us to keep delivering for our customers in any market environment.

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。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。

Now I'll turn the call over to Kevin to walk through the details of our financials. Kevin?

現在我將把電話交給凱文，讓他詳細介紹我們的財務狀況。凱文？

Thank you, Revathi. And good morning, everyone. I'll start with our key financials on slide 8. 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. Finally, earnings per share for the quarter increased 23% to $0.79 per share.

謝謝你，雷瓦蒂。大家早安。我將從第 8 頁投影片上的關鍵財務數據開始。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領域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。最後，該季度每股收益成長 23%，達到每股 0.79 美元。

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 in auto. Operating income improved to $197 million and segment margin expanded by 105 basis points to 6.5%, driven by favorable mix impacts from power and strong execution and cost management across the entire segment.

接下來，我們將在下一張投影片中介紹我們的季度分部業績。在可靠性業務方面，營收為 30 億美元，年成長 3%，電力業務的強勁成長以及健康解決方案和核心工業業務的適度成長被汽車業務的持續壓力略微抵消。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%，這得益於電力業務的有利組合影響以及整個分部強有力的執行和成本管理。

Agility revenue totaled $3.8 billion, an increase of 4% year over year, driven by robust cloud demand that more than offset softness in communications and consumer end markets. Operating income was $227 million, with operating margin down 5 basis points to 6%. This is comparing against a very strong quarter last year.

Agility 的營收總計 38 億美元，年增 4%，這主要得益於強勁的雲端需求，足以抵銷通訊和消費終端市場的疲軟。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。

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. Inventory net of working capital advances was 55 days, a reduction of three days versus the prior year.

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%。扣除營運資金預付款後的存貨週轉天數為 55 天，比前一年減少了 3 天。

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. We're committed to maintaining our investment-grade balance sheet, funding strategic investments to support organic growth, and pursuing accretive M&A opportunities while returning capital to shareholders through opportunistic share repurchases.

淨資本支出總計 1.48 億美元，約佔營收的 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。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，並尋求增值併購機會，同時透過機會性股票回購向股東返還資本。

Looking at full-year guidance on slide 11, 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 end markets to improve agility, reduce risk, and meet the evolving trade requirements. 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.

從第 11 頁的全年業績指引來看，隨著我們的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，提供具有韌性的前瞻性解決方案。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。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。局勢仍不穩定。但需要提醒的是，關稅對我們來說基本上是轉嫁的。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 FY26, with an acceleration in Q4 driven by demand in power and cloud. This confidence in revenue, coupled with our favorable mix and disciplined cost execution, 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.

上半年營收成長 4%，我們充滿信心，相信在 2026 財年下半年能夠繼續保持強勁的營收成長勢頭，預計第四季將因電力和雲端需求的推動而加速成長。憑藉對收入的信心，加上我們有利的產品組合和嚴格的成本控制，我們得以提高全年所有關鍵指標的預期，同時克服了因烏克蘭工廠關閉和不利的匯率影響而導致的Lifestyle業務的不利因素（與第一季度預期相比）。

Despite these challenges, we are raising our FY26 expectations to the following, 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 FY26.

儘管面臨這些挑戰，我們仍將 2026 財年的預期上調如下：營收在 267 億美元至 273 億美元之間，比之前預期的中位數提高了 5 億美元；調整後的營業利潤率在 6.2% 至 6.3% 之間，保持 6% 以上的穩定水平；調整後的每股收益水平在 3.70. 3.701 美元之間的每股收益。美元；我們繼續預期強勁的現金流產生能力，並維持 2026 財年自由現金流轉換率超過 80% 的目標。

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 in data center power and medical devices, offset by a soft but stabilizing environment in renewables and auto. For Agility Solutions, we expect revenue to be up mid to high single digits, driven by continued strength in cloud, offset by a weakening trend in consumer devices and lifestyle and a temporary loss of operations at our Mukachevo facility in Ukraine.

接下來談談我們對今年各業務板塊的展望。在可靠性解決方案板塊，我們預計收入將實現個位數低至中等的成長，這主要得益於資料中心電力和醫療設備的強勁需求，但再生能源和汽車產業疲軟但趨於穩定的環境將抵消這一成長。對於敏捷解決方案，我們預計收入將實現中高個位數成長，這主要得益於雲端運算的持續強勁成長，但同時也受到消費設備和生活方式趨勢疲軟以及我們在烏克蘭穆卡切沃工廠暫時停工的影響。

Finishing off with our guidance for the third quarter, 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.

最後，我們給出第三季的業績指引，預期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的收入將下降至個位數低位，因為雲端業務的成長被消費設備趨勢疲軟和生活方式領域預期因上述原因而降低所抵消。

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，調整後的營業收入將在 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，調整後每股盈餘將在 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 FY26 and move towards FY 2027.

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。

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

接下來，我將把電話轉回給接線生，開始問答環節。

(Operator Instructions) Ruplu Bhattacharya, Bank of America.

（操作員說明）Ruplu Bhattacharya，美國銀行。

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

你好。謝謝您回答我的問題。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。但有趣的是，儘管評論似乎表明雲端運算和電力產業仍然非常強勁，但你並沒有提高資料中心收入的預期。所以，我只是好奇為什麼這部分業務沒有任何收益？我還有一個後續問題。

Yes, 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.

是的，Ruplu，首先我要說的是，我們說過我們將要－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。考慮到這對我們來說是意義重大的成長，我們在年初就向大家提供了更多資訊。

And so we're just not updating the quarterly guidance, 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 end market itself, so we feel very good about that. So your math is directionally correct. So there's at least 35%. Obviously, we'll 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?

因此，我們暫不更新季度業績指引，但很明顯，至少成長了 35%。我要提醒各位，35% 這個數字相對於整個產業和終端市場而言都非常可觀，所以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%。顯然，我們會做得更好，我們會在年底發布全年指南時更新這一點。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. 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.

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運算業務的問題嗎？您能否就客製化晶片與商用晶片的混合使用情況發表一下看法？我很好奇，因為 AMD 明年將推出一整套新的 GPU 和 GPU 機架。Flex會競標這家公司嗎？您認為隨著 OpenAI Broadcom、OpenAI AMD、OpenAI NVIDIA 等專案的出現，這種客製化晶片與商用晶片混合使用的發展趨勢會如何？這些大型專案即將啟動，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。

Yes, 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 new cloud players, as you have talked about, that is adding to our overall growth rate. 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, three, five years. So you should wait for our updated guide.

是的，Ruplu，首先我要說，顯然，考慮到我們每年至少成長 35%，我們不僅從超大規模成長中受益匪淺，而且正如你所說，也從新興雲端服務商那裡受益匪淺，這都提高了我們的整體成長率。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導，屆時應該會反映出所有這些正在宣布的新項目，這些項目將在未來兩到三年甚至五年內逐步建成。所以您應該等待我們更新後的指南。

In terms of custom versus merchant silicon, I would say that anywhere there is -- in custom silicon where there is more specialization involved, typically, Flex tends to do really, 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. 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.

就定制晶片與商用晶片而言，我認為在任何情況下——在定制晶片領域，由於涉及的專業化程度更高，Flex 通常表現得非常好，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，並驅動更複雜的產品，而我們在這方面通常做得更好。但就顧客與商家而言，我們顯然兩者都參與其中。我認為我們更偏向其中一方，但我們在這兩個領域都佔據了市場主導地位。

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 cloud, 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 guidance 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業務發展計劃，我們對今年在這個領域的成長速度充滿信心，我們非常期待在五月份向大家提供最新的業績指引，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. Thanks for all the details.

好的。謝謝你提供的所有細節。

Tim Long, Barclays.

提姆朗，巴克萊銀行。

Thank you. Appreciate the questions here. Two for me as well. First one maybe on the op margin front, it 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?

謝謝。感謝大家提出的問題。我也是兩個。首先，營業利潤率方面可能會有所提升，下半年看起來會有一些不錯的成長。或許您可以簡單談談是什麼因素推動了下半年營業利潤率較上半年有所提升？

And then second, back to the cloud data center piece, if you could -- understanding the 35% number, just curious 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 accretive? So anything on kind of how you view that, your play in that ecosystem changing from a value standpoint? Thank you.

其次，回到雲端資料中心這個主題，如果您可以的話——我理解您提到的 35% 這個數字，只是好奇您能否談談您如何看待這項業務的經濟前景？正如你所說，你是否看到了更多專業化發展的機會？您是否看到業務正在發展，可能會推出一些利潤率更高的新項目？那麼，從價值角度來看，您如何看待您在該生態系統中的角色變化？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, 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, 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.

嘿，提姆。這是凱文。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，第二季度又是一個達到或超過 6% 的季度，所以已經連續四個季度達到或超過 6% 了。我們對此感到欣慰。隨著我們從第二季度過渡到第三季和第四季度，進入下半年，我們預計利潤率將持續改善。當你查看我們第三季業績指引的中點時，你會發現，顯然你需要自己進行一些計算，才能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。

The primary drivers there are going to be mix. 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. 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.

主要驅動因素將是混合因素。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。我們預計這兩家企業的營收都會表現良好。我們之前也討論過這些企業的利潤率表現。這兩家企業的表現都高於 Flex 的平均水準。所以實際上，這只是這些業務的持續成長，從第二季到第三季度，第四季營收佔比越來越大，隨著我們不斷前進，利潤率也隨之提高。

Yes. I'll say, Tim, on the second part of your question on the economics 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 accretive business to us. How I see the economics evolve is super positive for us, and that's based on a couple of things. Just a quick reminder, we're one of the few players who actually integrate compute, power, and cooling in this space.

是的。提姆，關於你問題的第二部分，即雲端運算和電力業務的經濟效益，正如你從下半部分關於利潤率的指南中看到的那樣——總的來說，這對我們來說是一項非常有利可圖的業務。我認為經濟的發展趨勢對我們來說非常有利，這主要基於以下兩點。簡單提醒一下，我們是少數幾家真正將運算、電力和散熱整合到這個領域的廠商之一。

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 have our own products. 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.

我們的計算業務不僅從事計算產品的合約製造和組裝，還在機架製造和計算產品所需的所有金屬外殼方面實現了垂直整合。所以對我們來說，利潤率非常高。在冷凍和電力方面，我們有自己的產品。所以我們擁有自己的智慧財產權和設計。顯然，這些對我們來說也是有利可圖的，因為它的整體運作方式更像 OEM 廠商。

So I see in terms of evolving, as you see the mix shift for us between in the cloud power -- in the cloud and data center space between compute and power, and power continues to grow, 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.

因此，就發展而言，正如你所看到的，我們在雲端運算和資料中心領域中運算和電力之間的組合正在發生變化，而且電力需求持續增長，我認為該業務的利潤增長將相當顯著。我們期望它能夠像整體的產品企業一樣運作，整個領域都能如此。

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. 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.

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。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。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

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 end market front, you're raising your guidance for the full year by about $500 million or so. I mean, it seems like from an end market perspective, data center is doing better, but also maybe medical is a bit better.

你好。謝謝您回答我的問題。或許對於第一個問題，如果我可以回到業績指引的問題，並從終端市場著手解決，你們將全年業績指引提高了約 5 億美元左右。我的意思是，從終端市場的角度來看，資料中心似乎發展得更好，但醫療領域可能也略好一些。

Can you just parse out if most of the increase in the guide is because of the data center market, or are there other end markets that are tracking better than you expected at this time? And how much of a headwind is the Ukraine facility shutdown to the sort of raise in the guide that you're issuing today? And I have a follow up.

您能否具體說明一下，此次指導價上漲的大部分原因是資料中心市場成長，還是其他終端市場目前的表現也超出了您的預期？烏克蘭設施關閉對您今天發布的指導價上漲幅度造成了多大的負面影響？我還有一個後續問題。

Yes. I would say, Samik, is that obviously, you guys have done the math. You can tell, right? Full year, we have raised the guide by $500 million. We've beat 2Q, and so you can see that second half is going to be strong the way we have 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。薩米克，我想說的是，很明顯，你們已經計算過了。你一定能看出來，對吧？全年來看，我們的指導價上漲了 5 億美元。我們已經戰勝了第二季度，所以你可以看出，從我們提高預期來看，下半年將會表現強勁。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，這兩個領域在發展方向上都對我們有利。

We also have said 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 will see that reflected in our full-year number.

我們也說過，汽車等領域的趨勢正在趨於穩定，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，您將在我們的全年資料中看到這一點。

Yes. 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 $100 million impact to us from a revenue headwind standpoint in the back half of the year.

是的。嗨，Samik，我再補充一下你關於烏克蘭的問題。8 月出現這個問題時，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這件事對下半年的影響。所以，從之前的水平降到 0%，你可以說——從下半年的收入逆風角度來看，這將對我們造成略高於 1 億美元的影響。

Yes, 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——我們認為這是非常顯著的結果。

And for my follow up, I wanted 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 will announce in terms of the cloud data center business. But is that -- is the Amazon partnership part of that optimism that you have as you think about what you would sort of talk about in the May Investor Day as well? Thank you.

作為後續問題，我想請您談談您目前與亞馬遜的合作關係，以及您可以就此談談我們能期待些什麼。聽起來你對即將宣布的雲端資料中心業務方面的內容持樂觀態度。但是，亞馬遜的合作關係是否也包含在你對五月投資人日活動內容的樂觀預期中呢？謝謝。

Yes. Samik, I will just step back and say that I feel very bullish 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 hyperscalers and colo businesses and Neo clouds that we mentioned earlier in the call. 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-, two-, three-, five-year cycle.

是的。Samik，我只想說，我對我們在資料中心雲端領域的現狀非常樂觀。結合我們先前在電話會議中提到的與亞馬遜的合作，以及其他超大規模資料中心、託管業務和新雲端的持續成長。所以我認為，重要的是要意識到，你從我們的客戶那裡看到的許多公告和資本支出公告都將在接下來的一、二、三、五年周期內逐步落實。

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, you'll see that reflected as we move forward in our CapEx numbers and the investments we continue to make in this space.

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，你都會在我們未來的資本支出數據和我們在這個領域持續的投資中看到這一點。

So as you wait for our updated guide coming out in May and you see our long-term growth rates, you would see the bullishness reflected in that coming from the growth rate in this space. So I view this as a long-term play, feel very good about kind of what we're delivering this year and the investments we are 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.

因此，當您等待我們五月發布的更新指南，並看到我們的長期成長率時，您會發現該領域的成長率反映了這種樂觀情緒。所以我認為這是一項長期策略，我對我們今年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，我們將在五月與您見面時為您提供一份更新的長期發展指南。這將反映我們正在進行的這些合作和其他投資。

Thank you. Thanks for taking my questions.

謝謝。謝謝您回答我的問題。

(Operator Instructions) Steven Fox, Fox Advisors.

（操作說明）史蒂文‧福克斯，福克斯顧問公司。

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

你好。各位早安。我也有幾個問題。首先，看看指導意見，正如一些人提到的。這似乎暗示著本財年第四季成長速度將有所加快。暫且不談明年的具體數字，我們是否可以考慮繼續保持這種勢頭，並以此為基礎，在下一個財政年度實現一些新的、不同的增長？如果是這樣，你認為是什麼因素在驅動這種現象？然後我還有後續問題。

Thanks, 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, we've talked about our power business this year with data center being made up of cloud and power.

謝謝你，史蒂文。這是凱文。早安.我來回答問題的第一部分。你說得對。在查看我們全年的指南時，我們為您介紹了第三季。您可以開始回溯到加速發展的第四季—或第三季到第四季的環境和對我們的期望。導致這種情況發生的因素，正是我們在電話會議上已經討論過的一些事情。顯然，資料中心的基礎是我們今年的電力業務，資料中心由雲端和電力組成。

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 in the back half of the year as we exit the year in medical device and some other areas like capital equipment. So yes, 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.

我們預計，尤其是在下半年，我們的電力業務成長將高於資料中心平均。所以，這不僅推動了我們之前討論的部分利潤率表現，也影響了我們對整體營收的預期。在醫療器材和資本設備等其他一些領域，我們看到下半年也出現了良好的成長，為年底做好了準備。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 a pretty attractive growth market for you guys. You mentioned some new compute wins and the business and I guess production kind of stabilizing. So do you see a path now for like that segment returning to growth? And if there's any color you can provide on the new compute wins, that would be helpful too. Thanks.

偉大的。這太有幫助了。雷瓦蒂，不久之前，汽車市場對你們來說還是個相當有吸引力的成長市場。你提到了一些新的運算業務上的成功案例，我想業務和生產也逐漸趨於穩定。那你認為現在這類細分市場有恢復成長的途徑嗎？如果您能提供一些關於新計算結果的顏色信息，那也很有幫助。謝謝。

Yes. I would say, Steve, is that 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. 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 are seeing continued investment in terms of power electronics.

是的。史蒂夫，我想說的是，我們在為汽車業務做出正確的預測方面考慮得非常周全。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。我之前提到過，保持平台無關對我們很有幫助。即使汽車動力系統轉變，從電動車轉向內燃機汽車，這仍然對我們有所幫助，因為即使在內燃機汽車領域，我們也看到電力電子的持續投資。

So the -- being agnostic to the platform is really important to us. So as I look moving forward, compute wins happen in ICE, 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.

所以，對平台保持中立對我們來說非常重要。展望未來，我認為運算能力的提升將在內燃機、混合動力和電動車的所有平台上實現。所以好處在於，無論使用哪個平台，我們都能繼續成功，這對我們思考成長率很有幫助。

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. 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.

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。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，這需要我們在決策上取得平衡。所以我們尋求的是良好的成長、健康的成長和長期的承諾。如果這對我們有利，我們會接受這項業務並與之共同發展。

Great. Thank you very much.

偉大的。非常感謝。

Steve Barger, KeyBanc Capital Markets.

史蒂夫·巴格爾，KeyBanc Capital Markets。

Hi, good morning. This is Jacob Moore on 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. 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 they contribute compared to the overall portfolio and if there are any barriers to further penetration?

您好，早安。這裡是雅各摩爾，他代替史蒂夫巴格爾為您報道。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。能否透露一下這些項目的營收規模？那麼，您認為更廣泛的機會規模有多大？然後，您能否分析它們對整體投資組合的貢獻利潤率，以及是否存在任何阻礙其進一步滲透的障礙？

Yes. I'll say, Jacob, is that in the past, we have kind of shared a number that's in the range of kind of $1 billion for this space. We haven't updated that in a while. So my overall take will be that value-added services, which includes 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. So it is a very important focus for us and our teams across the businesses.

是的。雅各布，我想說的是，過去我們曾大致估算過，這個領域的投資金額大約在 10 億美元左右。我們很久沒更新了。因此，我的總體看法是，增值服務（包括某種垂直整合以及我們所涉足的所有終端市場）對我們來說很重要，因為這確實能推動我們整體利潤率的提高。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。

It's even more important in the data center space because we do have products we deploy. And so that is really important because you have to be able to service those products. I would say, overall, we are 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. But we like what we do in 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.

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售後服務。總的來說，我們對成長率感到滿意，但我無法提供具體數字，雅各布，因為我們不會公佈這些數字。但我們喜歡我們在增值服務領域所做的工作，這對我們來說非常重要，無論是在資料中心內還是資料中心外。我們對其發展現狀和利潤率感到滿意。

Understood. That's helpful. Thank you. And then second one for me is on op margin, but maybe a little more specifically on the fiscal fourth quarter. The math suggested 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 the sort of mid to high 6% margin level sustainable moving forward from 4Q?

明白了。那很有幫助。謝謝。第二個問題是關於營業利潤率，但更具體地說，是關於第四財季。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 4Q 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.

嘿，雅各。這是凱文。我來回答這個問題。首先，我們討論了第四季的成長率、我們的預期以及推動成長的因素。在會議上，我們談到了我們的產品業務和服務業務在下半年的成長，以及它們在第四季度加速發展的情況。

That acceleration of those businesses, and as we've talked about, they're 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 FY27. And our margin expectation would be similar.

這些業務的加速發展，正如我們之前討論過的，它們對我們來說是利潤率更高的業務，它們對損益表的貢獻率都高於 Flex 的平均水平，這正是我們對利潤率預期上升的原因。聽起來你的計算方向是對的。因此，正如我們所說，展望明年，我們預計這些業務的成長動能將推遲到 2027 財年初期。我們的利潤預期也與此類似。

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. 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-accretive business, we feel good about continued growth rates and margin performance of what you'll see moving forward.

然後我想說——我記得就在一年前，你們還在催促我實現 6% 的可持續發展目標，問我什麼時候更新這個指南，因為我們現在已經比我們給你們的長期指南提前了一年。看來你已經把它推向更高的境界了，雅各。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利潤率提升業務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樂觀。

Got it, very helpful. Thank you very much.

明白了，很有幫助。非常感謝。

Thank you.

謝謝。

Mark Delaney, Goldman Sachs.

馬克‧德萊尼，高盛集團。

Yes, good morning. Thank you very much for taking the 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 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。非常感謝您回答這些問題。我希望更了解 Flex 在資料中心業務方面的產能和支援能力，以及鑑於你們目前看到的成長，你們在該業務中是否開始遇到任何供應限制。從長遠來看，您是否認為需要大幅增加資本支出水準以支持業務成長？

Yes. I would say, Mark, first is 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 Poland, and we feel really strongly about kind of overall capability on compute power and cooling in EMEA. In North America, which is where you're seeing the largest amount of growth being deployed and CapEx being deployed by our customers, we have incrementally invested pretty significantly in our compute operations in Guadalajara and in US.

是的。馬克，我想說，首先我會按地區來分析，對吧？我對我們在歐洲、中東和非洲地區的實力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，並且我們對 EMEA 地區的運算能力和冷卻能力的整體實力感到非常有信心。在北美，我們的客戶投入了最多的成長和資本支出，我們已經逐步增加了在瓜達拉哈拉和美國的運算營運方面的投資。

We have continued to invest pretty significantly in cooling and ramping up that manufacturing capability as 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. All that being said, I would say that 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.

我們一直在大力投資冷凍技術，並在收購 JetCool 的過程中持續提升冷凍製造能力。然後，我們宣佈在達拉斯新建工廠，並繼續擴大我們在豐塔納、哥倫比亞等地的工廠，以增強美國的電力能力。綜上所述，我認為我們還有很多投資要做，因為你們已經看到我們的客戶發布了一些重大公告。你會發現 Flex 在資本支出轉向終端市場部署方面發生了重大轉變。

So as I look towards the next kind of cycle, two, three, five years, I would say, yes, you will see meaningful deployment in terms of CapEx and growth and investments required and OpEx, both R&D and support required for those businesses, that will shift 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.

因此，展望下一個週期，兩三年五年後，我認為，是的，你會看到資本支出、成長和所需投資以及營運支出（包括研發和對這些企業的支援）方面出現有意義的部署，這些都將轉向這些企業。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，而且你的整體營業利潤率也在提高。所以很明顯，我們在部署這項技術時做出了正確的選擇，馬克。

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. So as 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.

非常有用的背景資訊。我的另一個問題是關於 Flex 自身的營運情況。您過去曾談到利用人工智慧和自動化來提高效率。昨天，你們聽到了一些關於與英偉達合作開展試點計畫的消息，或許可以嘗試在那裡取得更好的成績。當然，人工智慧和機器人領域也湧現了許多創新。那麼，當您思考您正在努力與這些領域相關的一些事情時，包括您昨天宣布的內容，您能否指出一些有意義的方面，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。

Yes, 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.

是的，馬克，我得承認，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，就像我們在 OCP 中展示的那樣。

So if you're ramping up a data center and you need a modular, scalable architecture and solution, then that's the partnership that we showed with NVIDIA yesterday, and we showed in 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? So if you want to take out -- if you want to reduce lead time to deploy this infrastructure, you'll be able to do that with this partnership we've announced. So that's one thing.

因此，如果您正在擴建資料中心，並且需要模組化、可擴展的架構和解決方案，那麼這就是我們昨天與 NVIDIA 合作展示的，也是我們在 OCP 上展示的，隨著這些資料中心投資的出現，我們將大規模部署的。所以這主要涉及我們客戶在資料中心基礎設施的投資。超級令人興奮？因此，如果您想縮短部署此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。這是其中一件事。

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. That being said, I'm super excited about kind of what the future holds 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 productivities in our factory and drive efficiency in everything from our back office to how we operate.

我認為第二點，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。過去你們也看到了，我們確實提高了工廠的生產效率。話雖如此，我對未來充滿期待，因為顯然有很多事情要做，不僅是硬體機器人方面，還有利用人工智慧的軟體能力，這將真正提高我們工廠的生產力，並提高從後台到運營各個方面的效率。

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 the productivity we deploy and the efficiency we deploy in how we work with our customers. So 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，並提高我們與客戶合作的效率。馬克，所以有很多事情要做，但對於製造業以及我們如何使用這些工具和能力來說，這確實是令人興奮的時刻。

Thank you.

謝謝。

Thank you. We reached the end of our question-and-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。我們期待下個季度再次與您交流。我謹代表全體領導團隊，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了。