Flex Ltd (FLEX) 2026 Q3 法說會逐字稿

Thank you for standing by. Welcome to Flex's third-quarter fiscal year 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 2026 財政年度第三季財報電話會議。（操作員說明）提醒您，本次通話正在錄音。

I will 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, Rob. Good morning, and thank you for joining us today for Flex's third-quarter fiscal 2026 earnings conference call.

謝謝你，羅布。早安，感謝各位今天參加 Flex 公司 2026 財年第三季財報電話會議。

With me today is our Chief Executive Officer, Revathi Advaithi; and Chief Financial Officer, Kevin Krumm, will 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.

今天與我一同出席的有我們的執行長雷瓦蒂·阿德瓦蒂；首席財務官凱文·克魯姆將作簡短講話，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，錄音回放將在公司網站上提供。

Today's call contains forward-looking statements, which are based on current expectations and assumptions. These statements involve risks and uncertainties that could cause actual results to differ materially. For a full discussion of these risks and uncertainties, please see the cautionary statements in our presentation, press release, or in the Risk Factors section in our most recent filings with the SEC.

今天的電話會議包含前瞻性陳述，這些陳述是基於當前的預期和假設。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。

Note, this information is subject to change, and we undertake no obligation to update these forward-looking statements. 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 that 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 the summary of financials posted on the Investor Relations website.

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。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？

Good morning, and thank you for joining us today. As you know, this is an exciting time for Flex. There's a lot happening here. Our portfolio is continuing to evolve, and I look forward to sharing with you as to where we are headed. But let's start with the quarter.

早安，感謝各位今天收看我們的節目。如您所知，對於 Flex 而言，這是一個令人興奮的時刻。這裡發生了很多事。我們的產品組合正在不斷發展，我期待與您分享我們的未來發展方向。但我們先從季度開始。

So beginning on slide 4, we had another exceptional quarter, delivering results above our guidance across all metrics. Revenue came in at $7.1 billion, up 8% versus last year, and adjusting operating margin was 6.5%, that was yet another quarter above 6%. We reported adjusted EPS of $0.87, up 13%, and that was another record for Flex. So this performance reflects the strength of our differentiated business model. Let's start with Data Center first.

從第 4 張投影片開始，我們又迎來了一個卓越的季度，所有指標都超出預期。營收達 71 億美元，較去年成長 8%；調整後營業利潤率為 6.5%，連續第二季高於 6%。我們公佈的調整後每股收益為 0.87 美元，成長 13%，這對 Flex 來說又是一個新的紀錄。因此，這項業績反映了我們差異化商業模式的優勢。我們先從資料中心開始。

As you all know, there's tremendous complexity in the Data Center deployment and the market needs an ecosystem of integrated products, capabilities, technologies, and services. Flex's holistic approach is resonating with customers, enabling them to build at this scale, speed and quality demanded by the AI era, while drawing on Flex's more than five decades of experience navigating major technology shifts across industries.

眾所周知，資料中心部署非常複雜，市場需要一個整合產品、功能、技術和服務的生態系統。Flex 的整體方法引起了客戶的共鳴，使他們能夠以人工智慧時代所需的規模、速度和品質進行構建，同時借鑒 Flex 五十多年來在各行業引領重大技術變革的經驗。

The growth we're seeing in Data Center is being driven by rapidly expanding computer and AI workloads, and those demands are here to stay. As customers continue to scale, complexity increases. Every design choice has downstream implications across the ecosystem and requires a systems-level approach. This is where Flex is uniquely positioned to help.

資料中心領域的成長是由電腦和人工智慧工作負載的快速成長所驅動的，而這些需求將會持續存在。隨著客戶規模的不斷擴大，複雜性也隨之增加。每個設計選擇都會對整個生態系統產生下游影響，需要採用系統層級的方法。而這正是 Flex 能夠發揮獨特優勢的地方。

Our Data Center portfolio is built around three tightly connected capabilities. That is computer integration, cooling, and power. At the same time, scaling IT infrastructure adds additional layers of complexity. To scale effectively, power, cooling, and IT infrastructure must be designed to move together and adapt these technologies and workloads evolve. While many companies address individual elements of this ecosystem, very few can integrate all three in a cohesive and end-to-end way.

我們的資料中心產品組合圍繞著三個緊密相關的能力而建構而成。這就是電腦整合、冷卻和電源。同時，IT基礎設施的擴展也增加了額外的複雜性。為了有效擴展，電力、冷卻和 IT 基礎架構必須設計成能夠協同發展並適應這些技術和工作負載的演變。雖然許多公司都關注這個生態系統中的個別要素，但很少有公司能夠以連貫一致、端到端的方式將所有三個要素整合起來。

This quarter, we reinforced that leadership through several milestones. We announced the development of modular Data Center systems with NVIDIA to reimagine deployment for speed and scale as well as a partnership with LG to advance thermal management solutions designed for gigawatt scale Data Centers. We also deployed our advanced rack-level vertically integrated liquid cooling solution at the Equinix Co-Innovation Facility, demonstrating these capabilities in real-world environments.

本季度，我們透過幾個里程碑事件鞏固了這一領先地位。我們宣布與 NVIDIA 合作開發模組化資料中心系統，以重新構想部署方式，提高速度和規模；同時也與 LG 合作，推進專為千兆瓦級資料中心設計的散熱管理解決方案。我們還在 Equinix 聯合創新中心部署了我們先進的機架級垂直整合液冷解決方案，在真實環境中展示了這些功能。

In addition, we introduced a new AI infrastructure platform, the first globally manufactured Data Center platform to integrate power, cooling, compute and services into modular design. And this is capable of accelerating deployment timelines by up to 30%. These milestones demonstrate what sets Flex apart. Our ability to understand the interdependencies and translate that insight into a comprehensive, differentiated offering that helps customers move faster, scale with confidence, and stay ahead in a rapidly evolving industry.

此外，我們還推出了新的 AI 基礎設施平台，這是全球首個將電力、冷卻、運算和服務整合到模組化設計的資料中心平台。這樣一來，部署時間最多可縮短 30%。這些里程碑事件展現了 Flex 的獨特性。我們能夠理解相互依存關係，並將這種洞察力轉化為全面、差異化的產品和服務，幫助客戶更快地發展、更有信心地擴展規模，並在快速發展的行業中保持領先地位。

While our Data Center business growth reflects where the industry is headed, that momentum extends across our diversified portfolio. Flex remains a trusted global manufacturing partner across a wide range of industries as we continue to move into higher value, more complex product categories that also helped drive margin improvement.

雖然我們的資料中心業務成長反映了產業的發展方向，但這種勢頭也延伸到了我們多元化的業務組合。隨著我們不斷進軍更高價值、更複雜的產品類別，Flex 仍然是眾多產業值得信賴的全球製造合作夥伴，這也有助於提高利潤率。

Beyond Data Centers, we continue to see robust momentum across our diversified end markets, each benefiting from long-term secular trends. In Health Solutions, demand for medical devices remained strong, and we saw an improvement in the medical equipment category. In Core Industrial, we're seeing demand in productivity-driven areas like warehouse automation and robotics, along with strength in select semiconductor-related capital equipment programs.

除了資料中心之外，我們在多元化的終端市場也持續保持強勁的成長勢頭，每個市場都受益於長期的市場發展趨勢。在醫療解決方案領域，對醫療器材的需求依然強勁，我們看到醫療設備類別有所改善。在核心工業領域，我們看到對生產力驅動型領域（如倉庫自動化和機器人）的需求，以及部分半導體相關資本設備專案的強勁需求。

Another area of strength not reflected in Data Center is high-performance networking and satellite communication products serving next-generation network and infrastructure platforms. So we are pleased to see that AI is driving momentum in our portfolio outside of what we include in Data Centers.

資料中心領域未體現的另一個優勢領域是為下一代網路和基礎設施平台服務的高效能網路和衛星通訊產品。因此，我們很高興地看到，人工智慧正在推動我們資料中心以外的投資組合的發展。

Looking ahead, we believe in the strategic choices we have made to support both near- and long-term success for Flex and our customers. We continue to expand and optimize our global footprint, while investing in advanced technologies and capabilities that help customers manage complexity at scale across industries and geographies.

展望未來，我們相信我們所做的策略選擇能夠支援 Flex 和我們客戶的近期和長期成功。我們不斷擴大和優化我們的全球佈局，同時投資先進技術和能力，以幫助客戶在各個行業和地區大規模地管理複雜性。

The challenges our customers face are increasingly interconnected, whether supporting highly regulated healthcare devices, large-scale Data Center deployment, next-generation mobility platforms, or cutting-edge consumer technologies, success today demand speed, flexibility, and resilience. Flex is well positioned to adapt as markets evolve, technologies mature, and customer requirements continue to change. We see ourselves as a strategic enabler, helping leading brands navigate complexity, improve performance, and scale with confidence in the fast-moving world.

我們的客戶面臨的挑戰日益相互關聯，無論是支援高度監管的醫療保健設備、大規模資料中心部署、下一代行動平台，還是尖端的消費技術，如今的成功都需要速度、靈活性和韌性。隨著市場發展、技術成熟和客戶需求不斷變化，Flex 已做好充分準備進行調整。我們把自己定位為策略賦能者，幫助領導品牌應對複雜局面，提升業績，並在瞬息萬變的世界中充滿信心地擴大規模。

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

現在我將把電話交給凱文，讓他詳細介紹我們的財務狀況。

Thank you, Revathi, and good morning, everyone. I'll now review our third-quarter performance, which reflects disciplined execution and continued progress against our strategic priorities. I'll start with our key financials on slide 8. Third-quarter revenue came in at $7.1 billion, up 8% year over year, driven by continued strong performance in Data Center and improving momentum in our Industrial and Health Solutions businesses.

謝謝你，雷瓦蒂，大家早安。接下來，我將回顧我們第三季的業績，這反映了我們嚴謹的執行力以及在策略重點方面取得的持續進展。我將從第 8 頁投影片上的關鍵財務數據開始。第三季營收達 71 億美元，年增 8%，主要得益於資料中心業務的持續強勁表現以及工業和醫療解決方案業務的良好發展勢頭。

Adjusted gross profit totaled $690 million and adjusted gross margin improved to 9.8%, up 50 basis points year over year. Adjusted operating profit was $460 million, with adjusted operating margins at 6.5%, up 40 basis points year over year, a record for Flex. The margin improvement reflects disciplined cost management and our deliberate shift towards higher-value products and services. Finally, adjusted earnings per share for the quarter increased 13% year over year to $0.87 per share, underscoring strength in our execution.

經調整後的毛利總計 6.9 億美元，經調整後的毛利率提高至 9.8%，年增 50 個基點。調整後的營業利潤為 4.6 億美元，經調整後的營業利潤率為 6.5%，較去年同期成長 40 個基點，創 Flex 的歷史新高。利潤率的提高反映了嚴格的成本管理以及我​​們向更高價值產品和服務方向的有意轉型。最後，經調整後的本季每股盈餘年增 13% 至每股 0.87 美元，凸顯了我們執行力的強勁表現。

Turning to our quarterly segment results on the next slide. Reliability revenue accelerated this quarter totaling $3.2 billion, up 10% year over year. Power continues to drive strong growth alongside Core Industrial and Health Solutions. Adjusted operating income improved to $233 million and adjusted operating margin was 7.2%, up 50 basis points year over year, driven by Power and Core Industrial.

接下來請看下一張投影片，了解我們的季度分部業績。本季可靠性業務收入加速成長，總計達 32 億美元，年增 10%。電力業務與核心工業和醫療解決方案業務一起，繼續推動強勁成長。經調整後的營業收入增至 2.33 億美元，經調整後的營業利潤率為 7.2%，較去年同期成長 50 個基點，主要得益於 Power 和 Core Industrial 的業績成長。

Agility revenue totaled $3.8 billion, up 6% from the previous year. Data Center-related end markets continue to drive strong growth, but were partially offset by softness in our consumer-related end markets. Adjusted operating income was $239 million, and adjusted operating margin for the segment was 6.3%, unchanged in Q3 last year.

Agility 的營收總計 38 億美元，比上年成長 6%。資料中心相關終端市場持續保持強勁成長，但部分被消費者相關終端市場的疲軟所抵消。經調整後的營業收入為 2.39 億美元，該部門的經調整營業利潤率為 6.3%，與去年第三季持平。

Moving to cash flow on slide 10. Cash flow in the quarter was $275 million, showing robust conversion driven by efficient working capital management. Inventory was up 5% sequentially, and up 5% year over year. Inventory, net of working capital advances was 56 days, flat from the prior year. Net CapEx totaled $145 million or approximately 2% of revenue, and we repurchased around $200 million of stock in the quarter, which was approximately 3.3 million shares.

第 10 頁講解現金流。本季現金流為 2.75 億美元，顯示在高效的營運資本管理推動下，現金流實現了強勁成長。庫存較上季成長 5%，較去年同期成長 5%。扣除營運資金預付款後的庫存週轉天數為 56 天，與前一年持平。本季淨資本支出總計 1.45 億美元，約佔營收的 2%；我們回購了約 2 億美元的股票，約 330 萬股。

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

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，同時透過擇機回購股票向股東返還資本。

Turning to our full-year guidance on slide 11. For Reliability Solutions, we expect revenue to be up mid-single digits driven by strong Data Center Power demand and solid growth in Core Industrial and Health Solutions. For Agility Solutions, we expect revenue to be up mid-single digits, driven by continued strength in Cloud, offset by softness in demand in Consumer Devices and Lifestyle.

接下來請看第 11 頁的全年業績指引。對於可靠性解決方案，我們預計收入將實現中等個位數成長，這主要得益於資料中心電力需求強勁以及核心工業和醫療解決方案的穩健成長。對於敏捷解決方案，我們預計營收將實現中等個位數成長，這主要得益於雲端業務的持續強勁成長，但消費設備和生活方式領域的需求疲軟將抵消這一成長。

Finishing with our guidance for the fourth quarter on slide 13. We expect to exit the year with very good momentum. We anticipate Reliability Solutions revenue to be up low double digits to mid-teens, driven by continued strength in power and further growth in Core Industrial and Health Solutions. We expect Agility Solutions revenue to be up low- to mid-single digits as Cloud and Networking growth is offset by softer demand for Consumer Devices and Lifestyle.

最後，我們在第 13 頁公佈了第四季的業績指引。我們預計今年將以非常良好的發展勢頭結束。我們預計可靠性解決方案收入將實現兩位數低至兩位數中段的成長，這主要得益於電力業務的持續強勁增長以及核心工業和健康解決方案的進一步增長。我們預計敏捷解決方案的收入將實現個位數低至中等的成長，因為雲端和網路業務的成長將被消費設備和生活方式領域需求的疲軟所抵消。

As we enter the last quarter of our fiscal year, we are pleased to see our team's hard work translate into meaningful progress against our strategy. Our disciplined execution and focus on portfolio management is reflected in our full-year results.

隨著本財年進入最後一個季度，我們很高興看到團隊的辛勤工作轉化為策略上的實質進展。我們嚴謹的執行力和對投資組合管理的專注體現在我們的全年績效。

For the fiscal year, we now expect the following. Revenue to be between $27.2 billion and $27.5 billion, which is $350 million higher at the midpoint versus our prior guide. Adjusted operating margin of approximately 6.3%, adjusted EPS between $3.21 and $3.27 per share, a midpoint increase of $0.11 per share. And finally, we anticipate further strong cash generation and maintain our guidance of 80% plus free cash flow conversion for the year.

對於本財年，我們目前預計如下。營收預計在 272 億美元至 275 億美元之間，比我們先前的預期高出 3.5 億美元（取中間值）。調整後的營業利潤率約為 6.3%，調整後的每股收益在 3.21 美元至 3.27 美元之間，中間值增長 0.11 美元。最後，我們預期現金流將進一步強勁成長，並維持全年自由現金流轉換率超過 80% 的預期。

Moving to our segment outlook for the year, for total Flex, we expect revenue to be between $6.75 billion and $7.05 billion, with adjusted operating income of $445 million to $475 million. We expect an adjusted tax rate of 21%. And finally, we anticipate adjusted EPS to be between $0.83 and $0.89 per share on approximately 375 million weighted average shares.

接下來談談我們對全年各業務板塊的展望。就 Flex 整體業務而言，我們預計營收將在 67.5 億美元至 70.5 億美元之間，調整後的營業收入將在 4.45 億美元至 4.75 億美元之間。我們預計調整後的稅率為21%。最後，我們預計調整後的每股盈餘將在 0.83 美元至 0.89 美元之間，加權平均股數約為 3.75 億股。

As we close FY26, we remain focused on disciplined execution, margin expansion, driven by our product and services mix, underscores the resiliency of our model, and with our improving revenue momentum, positions us for continued profitable growth in FY27.

在 2026 財年即將結束之際，我們將繼續專注於嚴謹的執行和利潤率的提升，這得益於我們的產品和服務組合，凸顯了我們模式的韌性，並且隨著收入勢頭的改善，我們預計在 2027 財年繼續實現盈利增長。

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

接下來，我將把電話轉交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。

Revathi, you're seeing strong growth in Data Center, where do you see the bigger opportunity? Is it in Power or in Compute? And correspondingly, where are you focusing Flex's investments this year? I ask because, as we look out over the next couple of years, there's a bunch of new AI programs that are scheduled to come online.

Revathi，你認為資料中心領域成長強勁，那麼你認為更大的機會在哪裡？是在電力方面還是在計算方面？相應地，Flex今年的投資重點是什麼？我這麼問是因為，展望未來幾年，有許多新的人工智慧程式計畫上線。

Do you think Flex has the opportunity to benefit from one or more of those? And does Flex have the manufacturing capacity to handle these opportunities or do you expect to need to retrofit any facility to handle more AI-related work? And I have a follow up.

你認為Flex有機會從其中一項或多項中受益嗎？Flex 是否具備應對這些機會的製造能力？或者您預計需要對現有設施進行改造，以處理更多與人工智慧相關的工作？我還有一個後續問題。

Thanks, Ruplu. First is we're really thrilled with the performance that we're showing across all the business segments that we have. Now with regard to Data Centers, we're still in line with the very strong year-over-year growth that we talked about earlier in the year, and we'll update that at the completion of the full year next quarter.

謝謝你，魯普魯。首先，我們對公司所有業務部門的業績表現感到非常滿意。至於資料中心方面，我們仍然保持著年初時提到的非常強勁的同比增長，我們將在下個季度全年結束後更新相關數據。

This year, if you look at our investments, first thing is both Power and Compute growing very, very strongly, whether it's Embedded Power or Critical Power or the Compute side, for the year, if you look at it. And our investments, I would say, have been in both parts of our businesses. Power has been more heavy this year in terms of investments for capacity. But we expect that because of the large AI infrastructure spend that you continue to see and new programs coming on board for Compute, that we will be investing more in Compute capacity in the next few years.

今年，如果你看一下我們的投資，首先是電源和運算領域的成長都非常強勁，無論是嵌入式電源、關鍵電源還是運算方面，今年都是如此。我認為，我們的投資涵蓋了我們業務的這兩個方面。今年電力業的產能投資力度更大。但我們預計，由於人工智慧基礎設施的大量投入持續增加，以及新的運算項目不斷湧現，未來幾年我們將增加對運算能力的投資。

So -- but that is normal Ruplu, as far as I'm concerned, right? Some years, one segment will be a little higher investment than the other. As you add in capacity, you digest that capacity and you move forward. So next year, I think we'll be adding probably more capacity in our Embedded Power business, not as much in our Critical Power business because we'll be digesting the capacity we're adding this year.

所以——但就我而言，這才是正常的魯普魯，對吧？有些年份，某一領域的投資會比其他領域略高一些。隨著產能的增加，你會消化這些產能，然後繼續前進。所以我認為明年我們可能會在嵌入式電源業務方面增加更多產能，而在關鍵電源業務方面不會增加太多，因為我們需要消化今年新增的產能。

And then we'll have to continue to add capacity in Compute because of AI programs coming into play, as you just mentioned. So yeah, I think that's a continuous process. It's a good problem to have with the tremendous growth we're seeing. So we're pretty excited about the opportunity.

正如你剛才提到的，由於人工智慧程式的出現，我們還必須繼續增加運算能力。是的，我認為這是一個持續的過程。對於我們目前所看到的迅猛增長而言，這無疑是個幸福的煩惱。所以我們對這個機會感到非常興奮。

Okay. Thanks for the details there, Revathi. Can I ask a follow up? You guided fiscal '26 operating margins to 6.3%. I'm wondering, conceptually, is there a ceiling on how high operating margin for Flex can go, given the business mix that you currently have. I mean, you've done a great job of focusing the company on the longer life cycle, higher-margin segments.

好的。謝謝你提供的詳細信息，Revathi。我可以問個後續問題嗎？您預計 2026 財年的營業利益率為 6.3%。我想知道，從概念上講，考慮到你們目前的業務組合，Flex 的營業利潤率最高能達到多少，是否存在上限。我的意思是，你們在引導公司專注於生命週期更長、利潤更高的細分市場方面做得非常出色。

Do you think it would be now strategic to maybe focus Flex more on AI and other higher growth opportunities and maybe exit completely the lower-margin consumer-related segments? Thanks for taking my questions. Appreciate it.

您認為現在Flex的策略是否應該是將更多精力集中在人工智慧和其他高成長機會上，並完全退出利潤率較低的消費相關領域？謝謝您回答我的問題。謝謝。

Ruplu, this is Kevin. I'll take the first stab at answering this question. I would say that -- we got this question last year at this time are our margins stable and sustainable? And I would say, last year, as we looked into this year, we answered it, yeah, we believe our margins are sustainable when you look across our underlying business units. And then -- and we expect our underlying business units to continue to drive margin improvement, plus there'll be mix impacts.

魯普魯，這位是凱文。我先來嘗試回答這個問題。我想說的是──去年這個時候我們也被問到過這個問題：我們的利潤率是否穩定且可持續？我想說，去年當我們展望今年時，我們已經回答了這個問題，是的，我們相信，從我們各個業務部門來看，我們的利潤率是可持續的。此外，我們預期各業務部門將持續推動利潤率提升，同時也會對產品組合產生影響。

So when you look at our margins this year, I think we've delivered against that. Our underlying businesses have improved, across -- from a margin standpoint, and we've seen positive mix impacts. As we go forward here, our answer isn't going to change when you look across our business units. We expect them to continue to deliver margin expansion year on year, and we expect there to be mix impacts in our business.

所以，從我們今年的利潤率來看，我認為我們已經實現了目標。從利潤率的角度來看，我們各項基礎業務都有改善，而且我們看到了正面的產品組合影響。展望未來，縱觀我們各個業務部門，我們的答案不會改變。我們預計它們將繼續逐年擴大利潤率，並預計這將對我們的業務產生影響。

So that's how I would answer your question right now. As it relates to the overall portfolio, we're comfortable with where we are. I'll leave it at that.

這就是我現在對你問題的回答。就整體投資組合而言，我們對目前的狀況感到滿意。我就說到這兒吧。

Yeah, Ruplu, I'd say -- the only thing I'd add is all of you know that we got to the 6% a year ahead of the long-term guide that we had given. And it is the continued focus on shifting our mix, which is exactly what you're talking about. And we make investments into the highest areas of return and the highest areas of growth, and that has driven the mix shift and improved our operating margin.

是的，Ruplu，我想說——我唯一要補充的是，你們都知道，我們比之前給出的長期指導目標提前一年實現了 6% 的增長。而我們持續關注的重點在於調整我們的產品組合，這正是你所說的。我們投資於回報最高的領域和成長最快的領域，這推動了業務組合的轉變，提高了我們的營業利潤率。

Now with the growth in Data Centers continuing to be strong that we expect in the next few years, I think you'll see that mix shift. But we've also done a tremendous job on productivity. And I expect with AI implementation in our own facilities, that'll also continue to be strong for us. So -- more to come on Investor Day in May in terms of long-term guide on margins. So stay tuned for that.

鑑於未來幾年資料中心將繼續保持強勁成長勢頭，我認為你會看到這種組合發生轉變。但我們在提高生產力方面也取得了巨大的成功。我預計，隨著人工智慧在我們自身設施中的應用，這方面也將持續保持強勁勢頭。因此，關於利潤率的長期指引，我們將在五月的投資者日上公佈更多資訊。敬請期待。

Okay. Thank you for all the detail. Appreciate it.

好的。謝謝你提供的所有細節。謝謝。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Maybe Revathi, I appreciate your comments on the Power business doing robust growth right now. If you can help us differentiate a bit between Embedded Power and Critical Power? Just in terms of what you're seeing from a competitive landscape perspective, where do you see sort of more opportunity for share gains for Flex? Is it more on Embedded and Critical? And where do you see more opportunity to like gain large customers -- large cloud customers that would make a more material impact on that growth or inflection growth?

Revathi，我很欣賞你對電力產業目前強勁成長的評論。如果您能幫我們稍微區分一下嵌入式電源和關鍵電源，那就太好了？光從競爭格局的角度來看，您認為Flex在哪些方面還有更大的市佔率提昇機會？它更側重於嵌入式和關鍵應用嗎？那麼，您認為在哪些方面更有機會獲得大型客戶—能夠對成長或轉折點成長產生更實質影響的大型雲端客戶？

Sort of help us just differentiate between the two as much as you sort of have a high-margin business across both of them? And I have a follow up.

能否幫我們區分這兩者，因為你們在這兩方面都擁有很高的利潤率？我還有一個後續問題。

Yeah. Samik, again, we'll talk more about this in our Investor Day, but at a high level, I would say both businesses, Embedded Power and Critical Power are growing very, very strongly, right, for -- through this year. So we feel good about that.

是的。Samik，我們會在投資者日上詳細討論這個問題，但總的來說，我認為嵌入式電源和關鍵電源這兩個業務今年都發展得非常強勁。所以我們對此感到很滿意。

Critical Power is driven by -- it's all about how quickly can you manage your lead times, how quickly can you manage installations. Innovation does play a role, but it's all about kind of putting these large power pods and schedule management is a huge part of what people expect from that particular group of products. And that we compete with the traditional electrical players that you all know about.

關鍵在於－你能多快管理好交貨週期，你能多快管理好安裝進度。創新固然重要，但關鍵在於如何將這些大型電源模組和日程管理功能整合起來，而日程管理正是人們對這類產品的一大期望。我們與你們都知道的傳統電力公司競爭。

I would say the Embedded Power is very different in the sense that it is going through huge technology shift with what is happening in the 800-volt DC category, larger 1-megawatt deployments in terms of rack power itself. So big technology shift that is happening there.

我認為嵌入式電源非常不同，因為它正在經歷巨大的技術變革，尤其是在 800 伏特直流電領域，以及機架電源本身更大的 1 兆瓦部署方面。那裡正在發生巨大的技術變革。

We are in the forefront of that technology shift. There are only a very small group of competitors who play in that space, which is a significant advantage for us. And we're very excited about the changes that is happening in 800-volt DC and larger megawatt deployments that are happening across hyperscalers.

我們正處於這場技術變革的前沿。在這個領域競爭的競爭對手非常少，這對我們來說是一個很大的優勢。我們對 800 伏特直流電以及超大規模資料中心正在發生的兆瓦級更大規模部署的變更感到非常興奮。

So I would say that business is growing very well. We expect that to accelerate with these large power deployments and power-hungry data racks that are happening. So in both spaces, we're seeing strong growth. And the 35% guide this year is pretty strong. And if it continues at a pretty double-digit pace, I will be quite excited about the growth in these categories.

所以我覺得公司業務發展得非常好。我們預計隨著大規模電力部署和耗電量大的數據機架的出現，這種情況會加速發展。因此，在這兩個領域，我們都看到了強勁的成長。今年的35%的指導價相當強勁。如果這種成長勢頭繼續保持兩位數的速度，我會對這些類別的成長感到非常興奮。

But I would stay tuned for what comes out of Embedded Power just because of the technology shift that is happening and a very small set of competitors in that space.

但我會密切關注嵌入式電源領域的發展，因為該領域正在發生技術變革，而且競爭對手非常少。

Got it. No, very helpful. And for my follow up, the full-year revenue guide expectation for Agility was sort of walked down a bit, and I'm assuming it's the consumer end markets being soft, that's sort of probably impacting it, but it's a bit more also a bit surprising on the flip side to see not more upside from the Compute side to sort of offset that where you're clearly growing much faster in Power, and that's driving the Reliability acceleration. But as you didn't have as much upside on Compute to offset that.

知道了。不，非常有幫助。至於我的後續問題，敏捷業務的全年營收預期有所下調，我估計是消費終端市場疲軟造成的，但另一方面，計算業務的成長空間不足以彌補這一缺口，這有點出乎我的意料。而電力業務的成長速度明顯更快，這推動了可靠性業務的加速發展。但由於你在計算領域沒有太多的上漲空間來彌補這一點。

I mean, anything going on specifically on that front because the cloud companies have obviously been pretty strong in their spending. So anything you can help us there.

我的意思是，這方面具體有什麼進展嗎？因為很明顯，雲端運算公司在這方面投入了相當多的資金。所以，如果您能在這方面幫助我們，那就太好了。

No. Actually, I mean, we're very pleased with Agility's kind of growth. And if you think about, first is, I'd say Data Center growth remains on track for what we have said for the full-year guide, and we will update that when we finish the year. And so that remains on track, and we are comfortable with that.

不。實際上，我的意思是，我們對 Agility 的發展速度非常滿意。首先，我認為資料中心的成長仍然符合我們全年預測的預期，我們將在年底更新預測結果。所以這件事目前仍在按計劃進行，我們對此感到滿意。

I think the additional upside that you're seeing in Agility is driven by kind of what is happening in high-speed networking or network interface cards. And I'll just remind you that we don't include those end markets in our Data Center business. But these are Data Center-related infrastructure deployments that are happening that is really driving very good growth for Agility.

我認為敏捷性帶來的額外成長是由高速網路或網路卡的發展所驅動的。我還要提醒各位，我們的資料中心業務並不包括這些終端市場。但這些與資料中心相關的基礎設施部署正在推動 Agility 實現非常好的成長。

The place that I see softness for Agility is basically consumer-related end markets, which is Lifestyle and Consumer Devices. So very pleased with the growth in Data Centers. And Data Center supported infrastructure deployment like networking or NIC cards that we don't report in our overall, that we don't talk about in our overall Data Center numbers.

我認為敏捷性薄弱的環節主要在於與消費者相關的終端市場，即生活風格和消費性電子設備。我對資料中心的發展感到非常滿意。資料中心支援的基礎設施部署，例如網路或網路卡，我們沒有在整體資料中心資料中報告，也沒有在整體資料中心資料中提及。

So I'd say, really strong growth in Agility, just offset by consumer end markets.

所以我覺得，敏捷領域的成長非常強勁，只是被消費終端市場的成長所抵銷。

Okay. Clear. Thank you. Thanks for taking my questions.

好的。清除。謝謝。謝謝您回答我的問題。

Mark Delaney, Goldman Sachs.

馬克‧德萊尼，高盛集團。

First, I was hoping to better understand if Flex is already seeing material upside that it would attribute specifically to the Amazon warrant deal that you reached in calendar '25? And if not, when might that be additive to your business in a more meaningful way?

首先，我希望更了解 Flex 是否已經獲得了實質的成長，而這是否完全歸功於您在 2025 年達成的亞馬遜認股權證交易？如果不是，那麼什麼時候它才能以更有意義的方式為您的業務帶來益處呢？

Mark, this is Kevin. I'll take the first part of your question. Short answer is the warrants are not incremental nor were they expected to be material incremental to FY26. So it's really that program as we move forward. It is where we'd expect to see that.

馬克，這是凱文。我來回答你問題的第一部分。簡而言之，這些認股權證既沒有增加收入，也沒有預期會對 2026 財年產生實質的增量影響。所以，接下來我們真正要推進的就是這個計畫。這正是我們預期會看到的地方。

Deployments are complex, and they scale over time. And so that's kind of how we expect the upside and the additional revenue to come to us.

部署過程很複雜，而且會隨著時間的推移而擴展。所以，我們預期收益和額外收入將以這種方式到來。

Mark, the only thing I'd add is that in our overall growth rate that we gave for the year, which is a 35% growth rate for Data Center, we were expecting pretty decent growth with our hyperscale customers. And it is playing out the way we imagine it to be. The only other thing a lot is when we'll update you with kind of the customer consigned inventory mix shift, that does play into some of these growth rate numbers.

馬克，我唯一要補充的是，在我們給出的年度整體成長率中，資料中心的成長率為 35%，我們原本預期超大規模客戶的成長會相當不錯。事情的發展正如我們想像的那樣。唯一要注意的是，我們會及時向您通報客戶寄售庫存組合的變化情況，這確實會影響到一些成長率數據。

But our growth with AWS is very strong and is going as expected, and we continue to expect to see that growth rate continue into the next few years. And then more to update that in our Investor Day.

但我們與 AWS 的合作成長非常強勁，並且正按預期進行，我們預計這種成長速度將在未來幾年持續維持。我們將在投資者日上提供更多相關資訊。

Very helpful. Thank you, both. And my other question was on margins in the Reliability segment. You spoke a bit already around company-wide margins and the longer-term path you're on. You spoke a bit about mix. But Reliability margins were quite strong, over 7%. Let me better understand if there's anything episodic in Reliability margins that might be more one-time in nature or is this just indicative of mix in some of the longer-term potential of that business segment?

很有幫助。謝謝你們兩位。我的另一個問題是關於可靠性領域的利潤率。您之前已經談到了一些關於公司整體利潤率和您所採取的長期發展路徑的問題。你剛才談到了混合。但可靠性利潤率相當高，超過 7%。我想更了解可靠性利潤率中是否存在一些偶發性因素，這些因素可能只是一次性的，或者這僅僅表明該業務板塊的長期潛力存在一些差異？

Mark, this is Kevin. I'll answer that. Reliability margins in Q3 were strong. Really, what you're seeing there is underlying mix impacts from continued growth in Power, year-on-year improvements in our Core Industrial business, some of that's related to what Revathi was referencing earlier, which is strong performance in industrial and our non-Data Center related end markets that still have exposure to some of the secular AI trends.

馬克，這是凱文。我會回答這個問題。第三季可靠性優勢強勁。實際上，你看到的是電力業務持續成長帶來的潛在組合影響，以及我們核心工業業務逐年改善的影響，其中一些與Revathi之前提到的有關，即工業和非數據中心相關終端市場的強勁表現，這些市場仍然受到一些長期人工智慧趨勢的影響。

But generally, what you're seeing in Q3 is Power improvement, Power mix and strong underlying performance in Core Industrial. And as we move to Q4, we would expect those to continue.

但總的來說，第三季我們看到的是電力產業的改善、電力結構的變化以及核心工業領域的強勁基礎表現。進入第四季度，我們預計這種情況還會持續。

Thank you.

謝謝。

(Operator Instructions) Steven Fox, Fox Advisors.

（操作說明）史蒂文‧福克斯，福克斯顧問公司。

Just a follow up on that last question. Kevin, I'm looking at incremental margins just from the last quarter that are like 20%, you dropped like $250 million more profits quarter over quarter on $250 million of sales. So can you just maybe dig into that a little bit more? It feels like we're glossing over some pretty powerful moves there. Like how would you force rank those incremental margins?

關於上一個問題，我還有一個後續問題。凱文，我看到上個季度的利潤率成長了大約 20%，這意味著你們的銷售額為 2.5 億美元，但利潤卻比上個季度增加了 2.5 億美元。所以能否再深入探討這個問題？感覺我們忽略了一些非常重要的措施。例如，你會如何強制對這些增量利潤進行排名？

Thanks. And then I have a follow up.

謝謝。然後我還有後續問題。

Mark, I'm going to have to ask a clarifying question -- Steven, sorry. You're referring to Q3 margin performance, noting that we had in revenue?

馬克，我需要問一個澄清問題——史蒂文，抱歉。您指的是第三季的利潤率表現，並注意到我們的營收情況嗎？

I'm just looking Q3 versus Q2, and sales were up $250 million-plus and profits were up like $50 million-plus quarter over quarter. So that's like you're dropping 20% sequential margins incrementally. I'm just not sure why it's that strong.

我只看了第三季和第二季的數據，銷售額環比成長了 2.5 億美元以上，利潤季增了 5,000 萬美元以上。這就像你每季利潤率遞減 20% 一樣。我不太明白為什麼它的效力這麼強。

We have a strong quarter. A lot of that is related to the question we just had, which is underlying margin performance and reliability. Our Power business continued to drive margin improvement in Q3, Steven. And then we also saw improvement sequentially in Core Industrial for some of the reasons I said. So I would just reiterate our strong margin performance in Q3 sequentially or year on year was related to continued mixed impacts and growth in our Power business and continued margin improvement in our Core Industrial business.

本季業績強勁。這與我們剛才提出的問題有關，即潛在的利潤率表現和可靠性。史蒂文，我們的電力業務在第三季繼續推動利潤率提升。然後，由於我剛才提到的一些原因，我們也看到核心工業板塊出現了環比改善。因此，我只想重申，我們第三季強勁的利潤率表現，無論是環比還是同比，都與電力業務持續的喜憂參半的影響和增長，以及核心工業業務利潤率的持續改善有關。

So not to tin you down, but should we take away that it's mainly Power that drove sort of that outperformance?

所以，我不想打擊你，但我們是不是應該得出這樣的結論：正是動力才是這種超常表現的主要原因？

No. I would say it was Power, Power mix, and Core Industrial, Steven.

不。史蒂文，我會說是 Power、Power mix 和 Core Industrial。

Okay. That's helpful. And then Revathi, I noticed this morning's Wall Street Journal the headline is US manufacturing is in retreat. I was curious if you could react to that headline and based on what you're seeing in the US.

好的。那很有幫助。然後，雷瓦蒂，我注意到今天早上的《華爾街日報》頭條新聞是美國製造業正在衰退。我很好奇你對這個標題有何反應，以及你根據你在美國看到的情況會有什麼看法。

Yeah. Steven, I would say we are definitely not seeing that. We are not only investing in our own capacity in US manufacturing, but we continue to get a lot of inbound requests from customers on future projects that require US manufacturing.

是的。史蒂文，我想說我們絕對沒有看到這種情況。我們不僅在投資提升我們在美國的生產能力，而且還不斷收到客戶關於未來項目需要在美國生產的大量請求。

So we're not seeing that at all. We're one of the world's largest manufacturers. We see a lot of activity in terms of what goes on in these multiple end markets.

所以我們完全沒有看到這種情況。我們是全球最大的製造商之一。我們看到這些多個終端市場都非常活躍。

So I would say our biggest investments are still happening in North America, and US is continuing to expand across many of our facilities. So I have to go read that article. I haven't read it yet and see what the macros are saying, but we're not seeing that being reflected, Steven, at all in our businesses. In fact, most of our investments are being driven by what's expected in US and in Mexico.

所以我認為，我們最大的投資仍然發生在北美，而且我們在美國的許多工廠也不斷擴張。所以我得去讀讀那篇文章。我還沒看過那份報告，也不知道宏觀經濟層面是怎麼說的，但是史蒂文，我們完全沒有在我們的業務中看到任何反映出來。事實上，我們的大部分投資都是由對美國和墨西哥市場的預期所驅動的。

Great. I appreciate that color. And congrats on the great performance.

偉大的。我喜歡這個顏色。恭喜你們取得如此精彩的成績。

Thanks, Steven.

謝謝你，史蒂文。

Jacob Moore, KeyBanc Capital Markets

雅各摩爾，KeyBanc資本市場

This is Jacob, on for Steve Barger. First for us is on Automotive. I think we're all glad to hear that stabilization is the trend. But if we could just dig into that a little bit, what trends does that assume between unit volume versus content? And how do you think that those trends inform your view of growth from here or do you think the Automotive maintains at these levels for a while?

我是雅各布，代史蒂夫巴格爾報道。我們首先關注的是汽車產業。我想我們都樂於聽到穩定是目前的趨勢。但如果我們能深入探討一下，單位體積與內容之間呈現出什麼樣的趨勢呢？您認為這些趨勢將如何影響您對未來成長的看法？或者您認為汽車產業會在目前的水平上維持一段時間？

First, Jacob, thank you for asking a question that's not Data Center-related, but still all good. I'd say the comment on Auto stabilizing was more. If you recall what we have said in the last few quarters is that programs were at Flex -- were in flux, right? Because people are trying to decide what EV programs to put on hold, how to switch to some hybrid programs or combustion engine programs. So there was a lot of confusion in terms of which platforms we're going to grow for which customers.

首先，Jacob，感謝你提出一個與資料中心無關的問題，不過沒關係。我覺得關於自動穩定功能的評論更多。如果你還記得我們過去幾季說過的話，那就是專案處於靈活調整狀態——處於變化之中，對吧？因為人們正在努力決定暫停哪些電動車項目，以及如何轉向一些混合動力項目或內燃機項目。因此，對於我們要為哪些客戶拓展哪些平台，存在著許多困惑。

So the stabilization comment is more in terms of clarity, which you can see from a lot of auto OEMs in terms of what programs are going on hold, which cars are being pulled off, and what platform investments are being made. And that helps us a lot in terms of being able to make forecasts and really understand where we see the end market growth.

因此，穩定化的說法更多是指清晰度，你可以從許多汽車原始設備製造商那裡看到這一點，例如哪些項目暫停了，哪些車型停產了，以及正在進行哪些平台投資。這有助於我們進行預測，並真正了解我們所看到的終端市場成長方向。

In terms of unit volume versus content itself, I would say, you as well as I know kind of what the global car forecasts are right now. They haven't moved significantly, if anything, that only dropped. So for us, any automotive growth actually comes from continuing to invest in future Compute platforms. And because Compute is needed in every vehicle, whether it is a combustion engine or hybrid or an EV, that is what drives our Automotive growth for us is continuing to win in these software-defined Compute platform, which is agnostic of any platform itself.

就單位銷售與內容本身而言，我想說，你我都清楚目前全球汽車市場的預測情況。它們並沒有發生顯著變化，甚至可能只是下降了。因此，對我們來說，任何汽車產業的成長實際上都來自於對未來運算平台的持續投資。因為每輛車都需要計算，無論是燃油車、混合動力車還是電動車，所以推動我們汽車業務成長的動力就是在這些與任何平臺本身無關的軟體定義運算平台上繼續取得成功。

And that is super helpful for us. And so we like the -- first, the stabilization and clarity of platforms. And it is definitely not unit volume. It is driven more by these Compute platforms accelerating.

這對我們來說非常有幫助。因此，我們喜歡——首先是平台的穩定性和清晰度。而且它絕對不是單位體積。這主要是由這些計算平台加速發展所驅動的。

Got it. Thanks. That's helpful. And then the second one from us is -- it's on the effect of skyrocketing memory prices. I think, naturally, more price-sensitive markets like consumer are most vulnerable to that trend. But could you just talk through any dynamics that you're planning for as memory prices jump sharply? Are you seeing or anticipating any demand effects on the consumer products or other high memory content platforms?

知道了。謝謝。那很有幫助。其次，我們提出的第二個問題是──記憶體價格飛漲的影響。我認為，自然而然地，像消費者這樣對價格更敏感的市場最容易受到這種趨勢的影響。但您能否談談隨著記憶體價格大幅上漲，您計劃採取哪些應對措施？您是否觀察到或預期到消費產品或其他高記憶體含量平台的需求會受到影響？

Yeah. I would say the good news for us, Jacob, is that most of our customers outside of what we use in our own products in the Power side are all procured by our customers. Our volume of memory procurement is happening by our customers directly from the memory suppliers. And so I'm sure -- I mean, you hear this in the calls that the memory companies have, they are selecting few end markets more than the others. So you are seeing a bigger distribution go to Data Centers and those types of end markets.

是的。雅各布，對我們來說的好消息是，除了我們自己產品中使用的電力設備之外，我們的大部分客戶都是由我們的客戶採購的。我們的記憶體採購量主要來自客戶直接從記憶體供應商採購。所以我相信——我的意思是，你在記憶體公司的電話會議中也能聽到這一點，他們正在選擇性地專注於某些終端市場。因此，你會看到越來越多的產品銷往資料中心和這類終端市場。

That being said, we're not seeing a significant effect in terms of consumer end markets because those end markets are soft to begin with. So memory is not driving any kind of demand issue or a supply issue in terms of consumer end markets. But I think you're hearing from memory companies that there is allocation of material that is happening, and we baked that into our forecast.

也就是說，我們並沒有看到對消費終端市場產生重大影響，因為這些終端市場本身就比較疲軟。因此，就消費終端市場而言，記憶體既沒有引發需求問題，也沒有引發供應問題。但我認為，從記憶體公司可以了解到，目前存在材料分配的情況，而我們也已將這種情況納入了我們的預測中。

All right. Understood. And I appreciate you taking the questions.

好的。明白了。感謝您回答這些問題。

I'll now turn the call back over to the CEO for any closing remarks.

現在我將把電話轉回給首席執行官，請他作總結發言。

Thank you. So on behalf of our leadership team, I wanted to give a sincere thank you to all our customers for their trust and partnership, our shareholders for their continued support, and to all our employees across Flex. We're looking forward to speaking to all of you again when we report our fourth-quarter results.

謝謝。因此，我謹代表我們的領導團隊，衷心感謝所有客戶的信任與合作，感謝股東們的持續支持，並感謝 Flex 的所有員工。我們期待在公佈第四季業績時再次與大家交流。

And most importantly, I'm hoping to see most of you in person at our Investor Day, which will be held on May 13 here in Austin. Thank you, all.

最重要的是，我希望能在5月13日於奧斯汀舉行的投資者日活動上見到你們中的大多數人。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。