Flex Ltd (FLEX) 2026 Q4 法說會逐字稿

Thank you for standing by. Welcome to Flex's fourth quarter and fiscal 2026 earnings conference call.

感謝您耐心等候。歡迎參加 Flex 第四季及 2026 會計年度財報電話會議。

(Operator Instructions) As a reminder, this call is being recorded.

(接線員指示) 提醒您，本次通話將被錄音。

I will now turn the call over to Mrs. Michelle Simmons. You may begin.

我現在把電話交給 Michelle Simmons 女士。您可以開始了。

Good morning, and thank you for joining us today for Flex's fourth quarter and fiscal year 2026 earnings conference call.

各位早安，感謝您今天加入 Flex 第四季及 2026 會計年度財報電話會議。

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

今天與我一同出席的有：我們的執行長 Revathi Advaithi、財務長 Kevin Krumm，以及商務長 Michael Hartung。我們將先做簡短說明，接著進行問答。今日電話會議的簡報投影片以及財報新聞稿副本，均可於 flex.com 的投資人關係專區取得。本次通話將被錄音，並將於公司網站提供重播。

Today's call contains forward-looking statements, which are based on our current expectations and assumptions. These statements involve risks and uncertainties that could cause actual results to differ materially. These statements reflect expected results for the full fiscal year and do not give effect to the planned spin-off of the Cloud and Power Infrastructure segment.

今天的電話會議包含前瞻性陳述，係基於我們目前的預期與假設。這些陳述涉及風險與不確定性，可能導致實際結果出現重大差異。這些陳述反映對整個會計年度的預期結果，且未納入規劃中將雲端與電力基礎設施（Cloud and Power Infrastructure）事業部門分拆的影響。

For a full discussion of these risks and uncertainties, please see the cautionary statements in our presentation, press release or in the Risk Factors section in our most recent filings with the SEC. Note, this information is subject to change, and we undertake no obligation to update these forward-looking statements.

關於上述風險與不確定性的完整討論，請參閱我們簡報、新聞稿中的警示性聲明，或我們最近向美國證券交易委員會（SEC）提交文件中的「風險因素」章節。請注意，此資訊可能變更，我們不承擔更新這些前瞻性陳述的義務。

Please note, all growth metrics will be on a year-over-year basis unless stated otherwise. Additionally, all results will be on a non-GAAP basis unless we specifically state it's a GAAP results. The full non-GAAP to GAAP reconciliations can be found in the appendix slides of today's presentation as well as in the summary financials posted on the Investor Relations website.

請注意，除非另有說明，所有成長指標均以年對年為基礎。此外，除非我們特別說明為 GAAP 結果，否則所有結果均以非 GAAP 基礎呈現。完整的非 GAAP 與 GAAP 調節表可見於今日簡報的附錄投影片，以及投資人關係網站上所發布的財務摘要。

In addition to our earnings presentation, we also published a separate presentation regarding the proposed transaction will be -- which will be discussed on today's call. Please refer to the earnings presentation to follow along.

除財報簡報外，我們也另行發布了一份關於擬議交易的簡報——該交易將於今日電話會議中討論。請參閱財報簡報以便跟進。

Before we begin, I want to share a brief update on our Investor Day. In light of yesterday's announcement, we are postponing the event until the fall when we expect to have more information to share. We will provide more details as the year progresses.

在開始之前，我想先簡要更新我們的投資人日（Investor Day）。鑑於昨日的公告，我們將該活動延後至秋季，屆時我們預期能分享更多資訊。我們將隨著年度進展提供更多細節。

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。Revathi？

Thank you, Michelle. Good morning, and thank you for joining us today. We have a lot to cover this morning, so let me begin with an important milestone that reflects how our business has evolved and where we are headed.

謝謝你，Michelle。各位早安，感謝大家今天加入我們。今天早上我們有很多內容要談，所以我先從一個重要里程碑開始，這反映了我們業務如何演進以及未來的方向。

Seven years ago, we set out to transform Flex. The strategy was simple: focus on the right end markets, divest non-core assets, invest in the technologies that matter and execute with discipline. Since then, we have exited consumer-focused markets, spun off Nextracker into a leading solar business and created tremendous value for our shareholders and invested ahead of the curve in electrical products, recognizing early that compute would become power hungry and that data centers would need an integrated architecture.

七年前，我們著手推動 Flex 的轉型。策略很簡單：聚焦正確的終端市場、處分非核心資產、投資於關鍵技術，並以紀律執行。自那時起，我們退出以消費者為導向的市場，將 Nextracker 分拆成領先的太陽能事業，為股東創造了可觀價值；同時也超前布局電氣產品，及早洞察運算將變得更耗電，且資料中心將需要整合式架構。

We have built a productivity machine in our factories and most importantly, we have invested in our teams, creating one of the best high-performing values-based culture. Yesterday brought the next milestone in that journey. We announced our intent to spin off our Cloud and Power Infrastructure business into a new publicly traded company with the spin expected to complete in the first quarter of calendar 2027. This decision reflects our conviction that the business has achieved the scale, growth profile and strategic importance to stand on its own.

我們在工廠建立了高效率的生產力體系；更重要的是，我們投資於團隊，打造出最優秀、以價值觀為基礎的高績效文化之一。昨日為這段旅程帶來下一個里程碑。我們宣布擬將雲端與電力基礎設施（CPI）業務分拆為一家新的上市公司，預計於 2027 年曆年第一季完成分拆。此決策反映我們的信念：該業務已達到足夠的規模、成長特性與策略重要性，能夠獨立運作。

It also positions Flex to sharpen its identity and invest more aggressively in its highest-growth, highest-technology opportunities.

同時，這也使 Flex 能更清晰地強化自身定位，並在最高成長、最高技術含量的機會上更積極投資。

Turning to slide 5. SpinCo, historically our data center business, now captured in our CPI segment, will be a global critical digital infrastructure company, delivering end-to-end power and thermal management from grid to chip for AI data centers and mission-critical applications like utilities. What differentiates SpinCo is its depth across power, thermal and compute integration. That depth lets us replace the fragmented multi-vendor approach market-leading customers are actively moving away from and gives us the opportunity to build one of the largest electrical companies purpose-built to deliver from utility to chip with cooling and compute integration designed in from day one.

請看第 5 頁投影片。SpinCo（分拆後公司）歷來為我們的資料中心業務，目前納入 CPI 事業部門，將成為一家全球關鍵數位基礎設施公司，為 AI 資料中心及公用事業等關鍵任務應用提供從電網到晶片的端到端供電與散熱管理。SpinCo 的差異化在於其在電力、散熱與運算整合方面的深度能力。這種深度使我們能取代市場領先客戶正積極遠離的碎片化多供應商模式，並讓我們有機會打造一家規模最大的電氣公司之一，從公用事業端到晶片端提供解決方案，且自第一天起即將冷卻與運算整合納入設計。

The timing is clear for two reasons. First, AI is driving compute density to levels that require power and thermal to be engineered as a unified system, not bolted on after the fact. Customers no longer want individual subsystems, they want a single partner who can deliver from grid to chip.

時機明確，原因有二。第一，AI 正推動運算密度提升至必須將電力與散熱作為統一系統來工程化設計的水準，而不是事後再加裝。客戶不再只要單一子系統，他們需要一個能從電網到晶片交付的單一合作夥伴。

SpinCo is purpose-built for this moment. Secondly, electrical infrastructure is entering a generational transformation. The shift to solid-state transformers and 800-volt DC distribution will reshape how power moves from grid to chip, unlocking the density and efficiency AI demands, and SpinCo is the only company with embedded power, distributed power, thermal and systems depth to lead it.

SpinCo 正是為此時刻量身打造。第二，電氣基礎設施正進入世代性的轉型。向固態變壓器與 800 伏直流配電的轉變，將重塑電力從電網到晶片的傳輸方式，釋放 AI 所需的密度與效率；而 SpinCo 是唯一一家同時具備嵌入式電力、分散式電力、散熱與系統層深度能力、足以引領此趨勢的公司。

Following the spin, Flex will continue to execute its proven playbook as a leading advanced manufacturing company, designing and building highly complex products at global scale for premier brands across diversified end markets.

分拆完成後，Flex 將持續以其經驗證的策略手冊執行，作為領先的先進製造公司，為多元終端市場中的頂尖品牌，以全球規模設計並製造高度複雜的產品。

As global supply chains undergo structural changes, shorter technology cycles, rising system complexity and persistent constraints, customers are rethinking how products are designed, manufactured and scaled. These shifts are expanding opportunities for Flex to deepen customer relationships and capture greater system-level engagement.

隨著全球供應鏈出現結構性變化、技術週期縮短、系統複雜度上升以及限制持續存在，客戶正在重新思考產品如何被設計、製造與擴產。這些變化正在擴大 Flex 加深客戶關係並取得更多系統層級參與的機會。

Post spin, as Flex allocates capital towards higher growth industries such as health care, robotics, warehouse automation and networking, we believe the company is entering its next phase of transformation. With a simplified portfolio and a sharpened strategic focus, Flex is positioned to expand margins and continue to actively optimizing its portfolio towards higher-growth opportunities that will drive strong cash flows and shareholder returns.

分拆後，隨著 Flex 將資本配置至醫療保健、機器人、倉儲自動化與網路等更高成長產業，我們相信公司正進入下一階段的轉型。在產品組合更精簡、策略聚焦更清晰之下，Flex 有望擴大利潤率，並持續積極優化產品組合、轉向更高成長機會，以帶動強勁現金流與股東報酬。

Now turning to slide 6. We believe spinning Flex into two distinct companies positions both to sharpen strategic focus, improve operating discipline and align capital allocation with their respective growth and margin priorities. This is not about changing our strategy. It is about unlocking value through simplification and clarity for customers, for employees and for our shareholders.

接著看第 6 頁投影片。我們相信，將 Flex 分拆為兩家各自獨立的公司，可使雙方都能更聚焦策略、提升營運紀律，並使資本配置與各自的成長與利潤率優先事項一致。這不是要改變我們的策略。而是要透過簡化與清晰化，為客戶、員工與股東釋放價值。

Now from a financial perspective, both businesses have demonstrated strong fundamentals, and we expect the spin to enhance transparency while allowing each management team to pursue tailored investment priorities. We plan to provide additional details over the upcoming quarters, including stand-alone financials at the appropriate time.

從財務角度來看，兩項業務皆展現強勁基本面；我們預期分拆將提升透明度，同時讓各自的管理團隊得以追求量身打造的投資優先順序。我們計畫在未來幾季提供更多細節，包括在適當時點提供獨立公司（stand-alone）財務資訊。

Now turning to slide 7. Now to our recently announced acquisition. Over the past several years, we have deliberately evolved our portfolio across thermal technologies around integrated structure and power.

接著看第 7 頁投影片。接下來談我們近期宣布的收購案。過去幾年，我們有意識地圍繞整合式結構與電力，推動散熱技術相關的產品組合演進。

Earlier this week, we closed our acquisition of Electrical Power Products or EP2, strengthening our power portfolio with utility-grade specification-driven solutions for grid modernization and electrification. These capabilities are becoming critical as data center growth places greater demands on power availability and reliability. Combined with our existing power distribution, switchgear, thermal management and integrated rack-scale capabilities, EP2 enhances our ability to deliver end-to-end solutions for utility and infrastructure customers, and it increases our exposure to long-cycle margin-accretive programs that support grid resiliency.

本週稍早，我們完成對 Electrical Power Products（EP2）的收購，透過符合公用事業等級、以規格驅動的解決方案，強化我們在電網現代化與電氣化方面的電力產品組合。隨著資料中心成長對電力可用性與可靠性提出更高要求，這些能力正變得至關重要。結合我們既有的配電、開關設備、散熱管理與整合式機架級能力，EP2 強化了我們為公用事業與基礎設施客戶提供端到端解決方案的能力，並提高我們對長週期、可增厚利潤（margin-accretive）的專案之曝險，這些專案有助於提升電網韌性。

To put a point on that momentum, we've recently secured substantial incremental business with several hyperscaler and data center customers, including Google. These are not single product manufacturing engagements. They span power infrastructure, thermal systems and complex hardware manufacturing deployed at scale across our global footprint.

為了更具體說明這股動能，我們近期已與多家超大規模雲端業者與資料中心客戶（包括 Google）取得可觀的新增業務。這些並非單一產品的製造合作案。其範圍涵蓋電力基礎設施、散熱系統，以及在我們全球佈局中以規模化方式部署的複雜硬體製造。

Capital deployment for these projects is already underway, and it will remain elevated through FY27 as this growth alongside broader CPI growth requires expanded investment. We expect this level of investment to be unique to fiscal year '27. We have line of sight into fiscal year '28 and '29 requirements and expect CapEx to normalize in fiscal year '28. Awards of this scope are exactly why we believe the spin is the right move. These deployments require the integrated end-to-end capability that SpinCo will deliver as a focused company.

這些專案的資本投入已經展開，並將在 FY27 之前維持在較高水準，因為這項成長以及更廣泛的 CPI 成長需要擴大投資。我們預期這樣的投資水準將是 2027 會計年度所特有。我們已能掌握 2028 與 2029 會計年度的需求，並預期資本支出將在 2028 會計年度回歸常態。正是這種規模的得標，讓我們相信分拆是正確的決策。這些部署需要 SpinCo 作為一家聚焦公司所能提供的整合式端到端能力。

Now turning to slide 8. Let me put some numbers around the growth opportunities. For SpinCo, we're targeting revenue growth of 65% to 75% in fiscal year 2027, a significant step-up from fiscal year 2026. And for FY28, we expect further acceleration with growth of over 80%.

現在請看第 8 頁投影片。我用一些數字來說明成長機會。就 SpinCo 而言，我們的目標是在 2027 會計年度達成 65% 至 75% 的營收成長，較 2026 會計年度顯著提升。而在 FY28，我們預期成長將進一步加速，增幅超過 80%。

Going to slide 9. Flex, post spin, is targeting low to mid-single-digit revenue growth in that same time frame and will invest in areas where growth is accelerating, including regulated and technology-driven markets such as healthcare, warehouse automation and networking tied to data center infrastructure growth. Now when you put all this together, it is clear that this is the right moment for this milestone. It is also clear that this leadership team has the credibility to deliver this milestone, having already executed and delivered spins like Nextracker.

請看第 9 頁投影片。分拆後的 Flex，在同一時間範圍內的目標是低至中個位數的營收成長，並將投資於成長正在加速的領域，包括受監管與科技驅動的市場，例如醫療保健、倉儲自動化，以及與資料中心基礎設施成長相關的網路。綜合以上內容，很明顯現在正是達成這項里程碑的最佳時機。同樣明顯的是，這個領導團隊具備交付此里程碑的可信度，因為我們已經執行並完成過像 Nextracker 這樣的分拆。

Now talking about leadership, I want to briefly address leadership as we take our next step. Turning to slide 10. I'm excited to share that I will serve as CEO of SpinCo as we build a focused, purpose-driven platform designed to lead the future of compute infrastructure.

談到領導團隊，我想在邁出下一步之際，簡要說明領導安排。請看第 10 頁投影片。我很高興分享，我將擔任 SpinCo 的執行長（CEO），我們將打造一個聚焦且以使命為導向的平台，旨在引領運算基礎設施的未來。

I'm equally confident in the future of Flex, and I'm pleased to leave it in Michael Hartung's very capable hands as CEO. Michael joined Flex in 2007 through the acquisition of Solectron and has since held a range of senior leadership roles, most recently as our Chief Commercial Officer. Over the past seven years, Michael and I have worked closely to transform this company, driving disciplined portfolio optimization, margin expansion, targeted acquisitions and building a stronger and a more resilient Flex. This playbook has delivered stronger customer relationships and meaningful returns for shareholders.

我對 Flex 的未來同樣充滿信心，也很高興將公司交由 Michael Hartung 這位能力卓越的執行長帶領。Michael 於 2007 年因收購 Solectron 而加入 Flex，此後擔任過多項資深領導職務，最近則是我們的首席商務長（Chief Commercial Officer）。過去七年，Michael 與我密切合作推動公司轉型，推進嚴謹的投資組合優化、毛利率擴張、策略性併購，並打造更強健、更具韌性的 Flex。這套作法帶來更緊密的客戶關係，並為股東創造具意義的回報。

Michael, thank you for your trusted partnership over the years and for stepping into this role. I look forward to supporting you and the entire leadership team as we embark on this next chapter.

Michael，感謝你多年來值得信賴的合作夥伴關係，以及你願意接下這個職務。我期待在我們開啟下一篇章之際，持續支持你與整個領導團隊。

Thank you, Revathi. I'm honored to step into the role of CEO of Flex and to build on the strong foundation this team has created. As we sharpen our focus, I'm confident Flex is well positioned to build on its legacy of global manufacturing and supply chain excellence while serving customers across diversified end markets. I'm excited about the opportunities ahead and what this team can accomplish together.

謝謝你，Revathi。我很榮幸接任 Flex 的執行長，並在這個團隊所建立的堅實基礎上繼續前進。隨著我們更加聚焦，我相信 Flex 已具備良好定位，能在服務多元終端市場客戶的同時，延續其全球製造與供應鏈卓越的傳承。我對未來的機會，以及這個團隊能共同完成的成果感到振奮。

With that, I'll turn the call over to Kevin, who will walk through the financials in more detail.

接下來，我把電話會議交給 Kevin，他將更詳細地說明財務狀況。

Thank you, Michael, and good morning, everyone. I'd like to add that I, too, am excited about yesterday's announcement of the spin, and I'm looking forward to working with Revathi and Michael throughout this transition.

謝謝你，Michael，各位早安。我也想補充，我同樣對昨天宣布分拆感到振奮，並期待在這段過渡期間與 Revathi 和 Michael 一起合作。

Before I discuss our financial results, I'd like to take a moment to explain our new segmentation outlined on slide 12. From this quarter, moving forward, we will be reporting in three new segments: Regulated Manufacturing Solutions, Integrated Technology Solutions and Cloud and Power Infrastructure. This new segmentation will provide clear visibility into our business units as our portfolio evolves.

在我討論財務結果之前，我想先花點時間說明第 12 頁投影片所列的新分部架構。自本季起，我們將以三個新分部進行揭露：受監管製造解決方案（Regulated Manufacturing Solutions）、整合式技術解決方案（Integrated Technology Solutions）以及雲端與電力基礎設施（Cloud and Power Infrastructure）。隨著我們的投資組合演進，這項新分部架構將讓外界更清楚看見各事業單位的表現。

So upfront, I will make a few comments about our new segments. Regulated Manufacturing Solutions, or RMS, like Reliability Solutions before it, will house our industrial, automotive and health care business units. RMS is focused on specialized products with longer life cycles that demand a greater level of precision and consistency.

因此，我先對新分部做幾點說明。受監管製造解決方案（RMS）與先前的可靠性解決方案（Reliability Solutions）類似，將納入我們的工業、汽車與醫療保健事業單位。RMS 聚焦於生命週期較長、且對精密度與一致性要求更高的專業產品。

Our critical and embedded power businesses have been removed from industrial and are now reported in a new segment. Integrated Technology Solutions, or ITS, consists of our communications and lifestyle business units.

我們的關鍵與嵌入式電力業務已自工業分部移出，並改在一個新分部中揭露。整合式技術解決方案（ITS）由我們的通訊與生活風格事業單位組成。

Similar to our previous Agility Solutions segment, ITS serves customers in fast-moving industries with shorter product life cycles with a focus on adaptability and time to market to meet the ever-changing needs of evolving industries. Communications includes what was previously our non-cloud CEC businesses and lifestyle now includes our former consumer device businesses.

ITS 與我們先前的敏捷解決方案（Agility Solutions）分部相似，服務產品生命週期較短、變化快速的產業客戶，並著重於適應力與上市時間，以滿足不斷演進產業的快速變化需求。通訊包含先前的非雲端 CEC 業務，而生活風格則包含我們先前的消費性裝置業務。

Finally, we have consolidated our data center power and cloud businesses, once housed within industrial and CEC, into a new segment, Cloud and Power Infrastructure or CPI. This new segment represents the business previously included in our data center disclosures and will now be reported via our cloud and cooling and power business units. As Revathi previously announced, we intend to spin this segment into a new publicly traded company and will provide segment-level disclosures until the transaction closes next year.

最後，我們已將先前分散於工業與 CEC 之下的資料中心電力與雲端業務整併為一個新分部：雲端與電力基礎設施（CPI）。這個新分部代表先前納入我們資料中心揭露中的業務，未來將透過雲端與散熱，以及電力事業單位進行揭露。如 Revathi 先前宣布，我們計畫將此分部以分拆方式成立一家新的上市公司，並將在交易於明年完成前提供分部層級的揭露。

I will now discuss our financial results for the fourth quarter of fiscal '26. Starting with our key financials on slide 13. Fourth quarter revenue came in at $7.5 billion, up 17% year-over-year. Adjusted gross profit totaled $737 million, and adjusted gross margin improved to a record level 9.9%, up 50 basis points from the prior year. Adjusted operating profit was $500 million with adjusted operating margins at 6.7%, up 50 basis points from the prior year and another company record due to improved operational efficiency and product mix.

我現在將說明 2026 會計年度第四季的財務結果。先從第 13 頁投影片的主要財務數據開始。第四季營收為 75 億美元，年增 17%。調整後毛利為 7.37 億美元，調整後毛利率提升至創紀錄的 9.9%，較去年增加 50 個基點。調整後營業利益為 5.00 億美元，調整後營業利益率為 6.7%，較去年增加 50 個基點，並再創公司紀錄，主要受惠於營運效率提升與產品組合改善。

Finally, adjusted earnings per share for the quarter increased 27% year-over-year to $0.93 per share. Turning to our quarterly segment results on the next slide. RMS revenue was $2.7 billion, up 13% from the prior year, driven by strong growth in industrial and health care. Adjusted operating income totaled $180 million, and adjusted operating margin was 6.6%, up 80 basis points year-over-year, driven by strong improvements in industrial and automotive.

最後，本季調整後每股盈餘年增 27% 至每股 0.93 美元。接著請看下一頁投影片的季度分部結果。RMS 營收為 27 億美元，較去年成長 13%，主要由工業與醫療保健的強勁成長帶動。調整後營業利益為 1.80 億美元，調整後營業利益率為 6.6%，年增 80 個基點，主要來自工業與汽車業務的顯著改善。

ITS revenue totaled $2.9 billion, an increase of 13% year-over-year. The increase in revenue was primarily driven by strength in communications. Adjusted operating income was $147 million and adjusted operating margin was 5%, unchanged from the prior year.

ITS 營收合計 29 億美元，年增 13%。營收增加主要由通訊業務的強勁表現帶動。調整後營業利益為 1.47 億美元，調整後營業利益率為 5%，與去年持平。

Finally, CPI revenue totaled $1.8 billion, up 31% versus the prior year, driven by growth in both business units with power's growth rate exceeding cloud's. Adjusted operating income was $182 million, and adjusted operating margin was 9.9%, largely in line with the prior year with favorable mix impacts from power, offset by infrastructure investment in critical power and ramp costs in cloud.

最後，CPI 營收合計 18 億美元，較去年成長 31%，由兩個事業單位的成長所帶動，其中電力的成長率高於雲端。調整後營業利益為 1.82 億美元，調整後營業利益率為 9.9%，大致與去年一致；電力業務帶來的有利產品組合影響，被關鍵電力的基礎設施投資以及雲端業務的爬坡成本所抵銷。

Looking at our full year results on slide 15. Revenue was $27.9 billion, up 8% on continued strong growth in cloud, power and industrial, offset by persistent softness in our consumer-related end markets. Adjusted gross profit totaled $2.7 billion and adjusted gross margin improved to 9.5%, up 70 basis points from the prior year.

請看投影片15上我們的全年業績。營收為279億美元，年增8%，主要受雲端、電力與工業持續強勁成長帶動，但部分被消費相關終端市場持續疲弱所抵銷。調整後毛利合計27億美元，調整後毛利率提升至9.5%，較去年增加70個基點。

Adjusted operating income totaled $1.8 billion, up 21%. And adjusted operating margin was 6.3%, up 70 basis points year-over-year, primarily driven by favorable product mix and continued improvements in operational efficiency. For the full year, Flex achieved adjusted EPS of $3.30 per share, up 25%, driven by increased adjusted operating income and strong share repurchases.

調整後營業利益合計18億美元，年增21%。調整後營業利益率為6.3%，年增70個基點，主要受惠於有利的產品組合以及營運效率持續改善。全年而言，Flex達成每股調整後盈餘（EPS）3.30美元，年增25%，主要由調整後營業利益增加及強勁的庫藏股回購所帶動。

Turning to our segment results for the year on slide 16. Similar to fiscal '25, fiscal '26 was a dynamic year, characterized by macroeconomic uncertainties and rapidly accelerating AI deployment. I'm proud to say that, once again, we delivered on our expectations for growth, exceeding our revenue expectations for all segments.

接著看投影片16上我們今年的分部業績。與2025會計年度類似，2026會計年度是充滿變動的一年，其特徵為總體經濟不確定性以及AI部署快速加速。我很自豪地說，我們再次達成成長預期，且所有分部的營收皆超越我們的預期。

We have also maintained our focus on operational efficiency and execution, which led to another record year for adjusted gross and adjusted operating margins. RMS revenue was $10.2 billion for the year, a year-over-year increase of 5%, driven by industrial and health care, and delivered an adjusted operating margin of 6%, up 80 basis points, primarily driven by improvements in industrial.

我們也持續聚焦於營運效率與執行力，帶動調整後毛利率與調整後營業利益率再創紀錄的一年。RMS全年營收為102億美元，年增5%，主要由工業與醫療保健帶動；調整後營業利益率為6%，提升80個基點，主要來自工業業務改善。

ITS revenue totaled $11.1 billion, down 2% from the prior year due to persistent softness in lifestyle, offset by growth in communications. Adjusted operating margin was 5.4%, an increase of 60 basis points, driven by improvements in communications.

ITS營收合計111億美元，較去年下滑2%，原因是生活風格（lifestyle）領域持續疲弱，但部分被通訊業務成長所抵銷。調整後營業利益率為5.4%，提升60個基點，主要由通訊業務改善所帶動。

CPI revenue was $6.6 billion, up 38% year-over-year, exceeding our target of 35%. Adjusted operating margin was 9.2%, down 100 basis points year-over-year, reflecting incremental infrastructure investments in critical power and ramp costs in cloud. While these investments temporarily weighed on our margins, we expect to recoup the full 100 basis points in FY27 and see further expansion of 50 to 100 basis points in FY28 as we grow into these investments.

CPI營收為66億美元，年增38%，超越我們35%的目標。調整後營業利益率為9.2%，年減100個基點，反映在關鍵電力的增量基礎設施投資，以及雲端業務的爬坡成本。雖然這些投資短期內壓抑了我們的利潤率，但我們預期在FY27可收回全部100個基點，並在FY28隨著我們逐步消化這些投資而再擴張50至100個基點。

Moving to cash on slide 18. Free cash flow in the quarter was $212 million, and for the full fiscal year, we delivered approximately $1.1 billion in free cash flow. Q4 inventory was up 5% sequentially and 15% year-over-year, mostly supporting our CPI and RMS segment growth year-over-year. Inventory, net of working capital advances was 55 days, a reduction of one day versus the prior year.

接著看投影片18的現金狀況。本季自由現金流為2.12億美元，全年我們實現約11億美元的自由現金流。第四季庫存較前一季增加5%、較去年同期增加15%，主要用於支援CPI與RMS分部的年增成長。扣除營運資金預收款後的庫存天數為55天，較去年減少1天。

Fourth quarter net CapEx totaled $201 million, bringing full year CapEx to $625 million or approximately 2.2% of revenue. In the fourth quarter, we repurchased $200 million of stock or approximately 3 million shares. And for the full year, we repurchased $944 million of stock or approximately 19 million shares.

第四季淨資本支出（CapEx）合計2.01億美元，使全年CapEx達到6.25億美元，約占營收的2.2%。第四季我們回購2億美元股票，約300萬股。全年我們回購9.44億美元股票，約1,900萬股。

Moving on to our fiscal '27 outlook on slide 19. For fiscal '27, our expectations are the following: revenue to be between $32.3 billion and $33.8 billion, up 18% at the midpoint. Adjusted operating margin to be between 7% and 7.1%, an increase of approximately 80 basis points, driven in large part by recouped FY26 investments in CPI.

接著看投影片19上我們對2027會計年度的展望。對於2027會計年度，我們的預期如下：營收介於323億至338億美元，中位數年增18%。調整後營業利益率介於7%至7.1%，約提升80個基點，主要由CPI在FY26的投資回收所帶動。

We expect an adjusted tax rate of 21%. We expect adjusted EPS to be between $4.21 and $4.51, up 32% at the midpoint. Finally, we expect CapEx to be in the range of $1.4 billion to $1.6 billion and free cash flow conversion of approximately 60%, excluding costs associated with the spin transaction.

我們預期調整後稅率為21%。我們預期調整後每股盈餘（EPS）介於4.21至4.51美元，中位數年增32%。最後，我們預期CapEx介於14億至16億美元，自由現金流轉換率約為60%，不含與分拆交易相關的成本。

As Revathi mentioned, we secured significant business with multiple customers, including a multiyear contract with Google, underpinning our strong CPI growth expectations of 65% to 75% in FY27 and 80% plus for FY28. What we're putting in place today is foundational, power and cooling infrastructure to manufacture for the data center market to support a broad set of hyperscaler and AI programs, products and partnerships through FY28 and FY29.

如Revathi所提到，我們與多家客戶取得重大業務，包括與Google簽訂多年期合約，支撐我們對FY27 CPI強勁成長65%至75%以及FY28達80%以上的預期。我們今天所建置的是基礎性的電力與散熱基礎設施，用於為資料中心市場進行製造，以在FY28與FY29期間支援廣泛的超大規模業者（hyperscaler）與AI方案、產品與合作夥伴關係。

As we scale these investments, we expect incremental investments, but at levels materially lower than the upfront investment required to establish the core infrastructure and capabilities for this next phase of robust growth. To put a finer point on it, we expect CapEx to return to historical levels in FY28 with CPI returning to approximately 2.5% to 3% of revenue and ITS and RMS below 2% of revenues. Post spin, both companies will be well positioned to capture growth from this generational AI-driven buildout.

隨著我們擴大這些投資規模，我們預期仍會有增量投資，但其水準將顯著低於為建立下一階段強勁成長所需之核心基礎設施與能力的前期投入。更明確地說，我們預期FY28的CapEx將回到歷史水準，其中CPI約回到營收的2.5%至3%，而ITS與RMS低於營收的2%。分拆後，兩家公司都將具備良好定位，以掌握這波世代級AI驅動建置所帶來的成長。

Moving on to our fiscal '27 segment outlook. For RMS, we expect revenue to be up low to mid-single digits, driven by strength in industrial and health care as automotive continues to stabilize. For ITS, we expect revenue to be flat to up low single digits as strength in communications is offset by softness and our continued deemphasis of low-value markets in lifestyle.

接著看我們對2027會計年度各分部的展望。RMS方面，我們預期營收將呈低至中個位數成長，主要由工業與醫療保健的強勁表現帶動，同時汽車業務持續趨於穩定。ITS方面，隨著通訊業務的強勁表現被生活風格領域的疲弱以及我們持續降低對低價值市場的比重所抵銷，我們預期營收將持平至低個位數成長。

And for CPI, we expect revenue to be up 65% to 75%, driven by continued accelerating demand in both cloud and power with power growth again outpacing cloud growth.

至於CPI，我們預期營收將成長65%至75%，主要由雲端與電力兩者持續加速的需求所帶動，且電力成長將再次快於雲端成長。

Finishing off with our guidance for the first quarter on slide 21, we expect RMS to be up high single digits to low double digits, driven by industrial and health care. We expect ITS to be up high single digits to low double digits based on strength in communications, offset by weakness in lifestyle. We expect CPI revenue to be up 20% to 30%, driven by continued growth in power and cloud.

最後看投影片21上我們對第一季的指引：我們預期RMS將成長高個位數至低雙位數，主要由工業與醫療保健帶動。我們預期ITS將成長高個位數至低雙位數，基於通訊業務強勁，但部分被生活風格領域的疲弱所抵銷。我們預期CPI營收將成長20%至30%，主要由電力與雲端持續成長所帶動。

We expect CPI growth to ramp in the second half of fiscal '27 as investments made in fiscal '26 allow us to deliver against robust demand from recent program wins. For total Flex, we expect revenue in the range of $7.35 billion to $7.65 billion, up 14% at the midpoint with adjusted operating income between $469 million and $499 million. Interest and other expense is estimated to be around $65 million and the adjusted tax rate to be around 21%. Lastly, we anticipate adjusted EPS to be between $0.86 and $0.92 per share, up 24% at the midpoint based on approximately 374 million weighted average shares outstanding. In summary, we finished FY26 in a position of strength, delivering record margins, strong cash flow and growth across critical end markets.

我們預期CPI成長將在2027會計年度下半年加速，因為FY26所做的投資使我們能夠因應近期贏得的專案所帶來的強勁需求。就Flex整體而言，我們預期營收介於73.5億至76.5億美元，中位數年增14%，調整後營業利益介於4.69億至4.99億美元。利息及其他費用估計約為6,500萬美元，調整後稅率約為21%。最後，我們預期調整後每股盈餘（EPS）介於0.86至0.92美元，中位數年增24%，係以約3.74億股加權平均流通股數為基礎。總結而言，我們以強勁態勢結束FY26，創下紀錄的利潤率、強勁的現金流，以及在關鍵終端市場的成長。

As we look ahead to fiscal '27 and our announcement yesterday to spin off our Cloud and Power Infrastructure segment, we believe both companies are well positioned for their next phases of value creation. Flex's disciplined playbook under Revathi and Michael has driven shareholder returns that have consistently outperformed market benchmarks and current planned investments are intended to support continued progress post-spin. We are excited about the prospects of these businesses moving forward, and we are confident in the continued value they will create for investors, customers and our employees.

展望2027會計年度，以及我們昨日宣布將雲端與電力基礎設施分部進行分拆，我們相信兩家公司都已為下一階段的價值創造做好準備。在Revathi與Michael的帶領下，Flex嚴謹的作戰手冊推動股東報酬持續優於市場基準，而目前規劃的投資旨在支持分拆後的持續進展。我們對這些業務未來的前景感到振奮，並有信心它們將持續為投資人、客戶與員工創造價值。

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

那麼，我現在把電話交回給接線員，開始問答環節。

(Operator Instructions) Samik Chatterjee, JPMorgan.

(接線員指示) Samik Chatterjee，摩根大通。

A lot to digest here in terms of information over last night and today morning. Revathi, maybe if I can start with the decision to do a SpinCo here with the power and cloud assets. I understand the sort of value unlock that might create, but how did you sort of balance that against looking at the scale of the business, the sort of diversification across end markets and also customer concentration that, that business might have? How did you weigh those opportunities and those drivers before taking -- I'm interested to hear your thoughts on that.

昨晚到今天早上資訊量很大，需要消化的內容很多。Revathi，也許我先從這次決定把電力與雲端資產成立 SpinCo 談起。我理解這可能帶來的價值釋放，但你們如何在這與業務規模、終端市場的多元化，以及該業務可能存在的客戶集中度之間取得平衡？在做出這個決定之前，你們是如何權衡這些機會與驅動因素的——我很想聽聽你的想法。

And I have a follow-up.

我還有一個追問。

Yes. Samik, thank you for the question. I would say that value unlock story is absolutely very clear, like you said. I think the important part to understand is if you look at what's happening in the AI data center space, and across power infrastructure in the US and across the world, it is a one-time change that is happening in the architecture of power and in the architecture of data centers.

好的。Samik，謝謝你的提問。我會說，如你所言，價值釋放的故事非常清楚。我認為重要的是要理解：如果你看 AI 資料中心領域正在發生的事情，以及美國乃至全球的電力基礎設施，你會發現電力架構與資料中心架構正在發生一次性的變革。

And if you look at the portfolio that we have very thoughtfully built out in the last four, five years, we do everything from rack and pod-scale system integration, we have the power and thermal architecture we talk about. And then we've been investing in building out all the way from the data center out to the substation with our utility investments that we have done.

而如果你看我們在過去四、五年非常有策略地建立起來的產品組合，我們涵蓋從機櫃與 pod 規模的系統整合，到我們所談到的電力與散熱架構。此外，透過我們已進行的公用事業投資，我們也一直在投資建構從資料中心一路延伸到變電站的能力。

So we've built a very diversified portfolio across power, across thermal, across compute. And I think the beauty of the whole thing is with a very diversified customer base, not just hyperscalers, but also across colos, across neoclouds, then across a wide variety of utility customers. So diversified customers, diversified product portfolio, fantastic forward-looking growth rates, which is clear in terms of the value unlock story.

因此，我們在電力、散熱與運算方面建立了非常多元的產品組合。而整體最精彩之處在於，我們擁有非常多元的客戶基礎，不僅是超大規模雲端業者（hyperscalers），也涵蓋共置機房（colos）、新雲（neoclouds），以及各式各樣的公用事業客戶。客戶多元、產品組合多元、前瞻性的成長率也非常亮眼，這些都清楚支撐了價值釋放的論述。

So Samik, it definitely felt like it was a no-brainer to do it at this point in time with the business that we have built. And it is very well set up to run as a stand-alone company.

所以 Samik，在我們已打造出的這個業務基礎上，選在此時進行確實是顯而易見的選擇。而且它也非常適合以一家獨立公司來運作。

Got it. And maybe just a quick follow-up, the acceleration that you're expecting in CPI's growth rate, can you just flesh that out a bit more? How much of that is attributable to your multiyear agreement with Google relative to maybe power, which you've obviously also invested in over the last year?

了解。再快速追問一下，你們預期 CPI 的成長率會加速，能否再多說明一些？其中有多少可歸因於你們與 Google 的多年期協議，相較於你們在過去一年也明顯加大投資的電力業務？

Yes. I would say, Samik, that the acceleration of the CPI growth rate is related to Google and multiple other hyperscalers and including the growth that we're going to see across colos and neoclouds. So it's a very diversified kind of customer growth rate. It feels like almost every utility customer and almost every data center AI customer is seeing some very significant expansion. So we feel really good about the 65% to 75% and the 80%-plus growth rate that we're seeing that we have set.

是的。我會說，Samik，CPI 成長率的加速與 Google 有關，也與多家其他超大規模雲端業者有關，並且也包括我們在共置機房與新雲所將看到的成長。因此，這是一種非常多元的客戶成長動能。幾乎每一家公用事業客戶、以及幾乎每一家 AI 資料中心客戶，都在進行非常顯著的擴張。所以我們對我們所設定、目前看到的 65% 到 75% 以及 80% 以上的成長率感到非常有信心。

And it's across all the three end markets, so which is product lines, cooling, compute integration and power, and across multiple customers. So well distributed between power and cloud, well distributed across multiple customers. And as I said earlier -- in my interview earlier today is that we are also booked out in terms of capacity and backlog for the next couple of years.

而且這是橫跨三個終端市場，也就是產品線：散熱、運算整合與電力，並且涵蓋多個客戶。因此在電力與雲端之間分布良好，也在多個客戶之間分布良好。另外，如我今天稍早的訪談中提到的，我們在未來幾年的產能與在手訂單（backlog）方面也已經排滿。

Luke Junk, Baird.

Luke Junk，Baird。

I'd be curious just to get some additional color now that it's a bigger part of the SpinCo on the power franchise and just how we should think about some of the major subcomponents in terms of embedded and critical power in that business. And just thinking about relative growth rates backwards-looking and as you think about some of the discrete opportunities for those parts of the business going forward as well.

我想更深入了解一下，既然電力業務在 SpinCo 中占比更大了，能否提供一些額外的說明，特別是我們應如何看待該業務中嵌入式電源與關鍵電力等主要子組成？以及回頭看相對成長率，並展望未來這些業務部分有哪些具體機會。

Yes. Luke, I would say that in terms of subcomponents of power, I've said this before is what started our journey was the fact that Flex was already doing work around embedded power, which was power for the chip itself. Small business many years ago. But with the acceleration and the focus on power density for chip, obviously, that business is accelerating pretty significantly looking forward. And plus with the change in technology happening with 400-volt DC and 800-volt DC, embedded power is growing significantly.

好的。Luke，我會說，就電力的子組成而言，我以前也提過，我們旅程的起點是 Flex 早已在做嵌入式電源相關工作，也就是為晶片本身供電。那在很多年前是一個小型業務。但隨著晶片功率密度加速提升並成為焦點，展望未來，該業務正在相當顯著地加速成長。再加上 400 伏直流與 800 伏直流等技術變革，嵌入式電源正在大幅成長。

But you can't grow by yourself just with embedded power, right? What affects the power in the rack also affects all the power outside. So distributed power, which is low-voltage switchgear, medium-voltage switchgear, all the way out to power pods outside the data center, all the way up to the substation or utility-grade power infrastructure. We are seeing growth across all of it end-to-end. I'd say in terms of growth rates, we're going to share more as -- we've already given a lot of transparency into the new segmentation.

但你不可能只靠嵌入式電源就自己成長，對吧？機櫃內的電力配置也會影響到外部所有電力系統。因此，分配式電力——包括低壓開關設備、中壓開關設備，一直到資料中心外的電力 pods，再一路延伸到變電站或公用事業等級的電力基礎設施。我們看到端到端各環節都在成長。至於成長率方面，我們會在後續分享更多——我們已經對新的分部（segmentation）提供了相當多的透明度。

And as every quarter gets announced, you will see all the comparisons get more clear. And so I'd say, feeling very good in terms of how the business is performing across the power franchise, and then you'll see further information on all the financials as we look forward.

隨著每一季的公告，你會看到各項比較會更清楚。因此我會說，我們對電力業務整體表現感到非常滿意；而展望未來，隨著我們往前推進，你也會看到更多關於所有財務資訊的進一步揭露。

And then for my follow-up, just hoping maybe you could give us some more texture on the multiyear contract with Google that you mentioned and the pipeline and sort of opportunities that you're seeing in total. It sounds like these awards are fairly foundational in terms of materiality. And I'm just hoping you can maybe double-click on where customers are coming from incrementally, and it feels like this is maybe a different type of opportunity. You mentioned meeting the moment of this generational change. Is that what you're seeing in these awards opportunities as well?

接著我的追問是，希望你能再多提供一些關於你提到的與 Google 的多年期合約、以及整體管線與機會的細節。聽起來這些得標在重要性（materiality）方面相當具基礎性。我也希望你能更深入說明新增的客戶來源，以及這是否看起來是一種不同類型的機會。你提到要把握這一代際變革的時刻。你在這些得標機會中也看到同樣的趨勢嗎？

Yes. I would say that the multiyear contract is with Google, as we talked about in the call itself, but it's also across multiple hyperscalers. I think that's -- and it's also across neoclouds and across colos. So I think that's a very important diversification story. But I think the cool part about all of this is it's not just in the compute integration side or in terms of building mechanical structures like racks and enclosures, but it's also across things like 400-volt DC, 800-volt DC power architecture for hyperscalers or distributed power in terms of the data center and the utility itself.

是的。我會說，多年期合約如我們在電話會議中所談到的，包含 Google，但也涵蓋多家超大規模雲端業者。我認為那是——同時也涵蓋新雲與共置機房。所以我認為這是一個非常重要的多元化故事。但我覺得最有意思的是，這不僅是在運算整合端，或是建置機械結構如機櫃與機箱（enclosures），也涵蓋像是為超大規模雲端業者提供的 400 伏直流、800 伏直流電力架構，或是資料中心與公用事業本身的分配式電力。

So these multi-year contracts are really across multiple product lines, across multiple hyperscalers and other customers like neoclouds, colos and utilities. Let's not forget utilities also. And we feel good about the fact that we're adding capacity to meet this kind of multiyear commitment that we had from numerous customers, and we're setting up our factories to enable that kind of growth.

因此，這些多年期合約實際上橫跨多條產品線、涵蓋多家超大規模雲端業者，以及新雲、共置機房與公用事業等其他客戶。別忘了公用事業客戶也很重要。我們對於正在擴充產能以履行來自眾多客戶的這類多年期承諾感到很有信心，並且也在調整我們的工廠配置，以支援這樣的成長。

Ruben Roy, Stifel.

Ruben Roy，Stifel。

This is Sahej Singh on for Ruben Roy. Revathi, Kevin called out power as the favorable mix driver in the fourth quarter and cloud as the ramp cost drag. So as cloud, that's the same compute, cooling, data center architecture business units, as they scale through fiscal '27 now with the Google multiyear contract that you've mentioned and the GPU programs that we know of, does cloud's margin profile, once ramp costs digest, converge toward the segment average? And to the degree you're able to speak to it in a normalized FY28, what's the rough margin spread between the two business units within CPI?

我是代替 Ruben Roy 的 Sahej Singh。Revathi，Kevin 指出第四季電力是有利的組合驅動因素，而雲端則是爬坡成本的拖累。因此就雲端而言，也就是同一套運算、散熱、資料中心架構等事業單位，隨著你提到的 Google 多年合約以及我們所知的 GPU 專案，這些業務一路擴張到 2027 財年；在爬坡成本消化後，雲端的毛利率輪廓是否會收斂至該事業群的平均水準？以及在你能談到的範圍內，以常態化的 2028 財年來看，CPI 內兩個事業單位之間的毛利率差距大約是多少？

Kevin, do you want to take that?

Kevin，你要回答這題嗎？

Yes. I'll take that question. So your question on sort of cloud margins. As we move into FY28, we do -- we do have ramp costs in FY27. We do expect to absorb those costs and continue to scale through that.

是的。我來回答這個問題。所以你問的是雲端毛利率的大致情況。當我們進入 2028 財年時——我們在 2027 財年確實有爬坡成本。我們預期會吸收這些成本，並在此基礎上持續擴張。

And when looking at CPI, though, I will say that our cloud margins are lower than our power margins, and we've been talking about that for the last few years. And power in FY27, we also invested in infrastructure costs that we expect to grow into in FY28 as well, and that's the improvement that I pointed to in the script, where we think -- where we see CPI margin improving 100 basis points, largely driven by us growing into those investments that we made. But just to put a finer point on your question, our power margins are going to be and will continue to be higher than our cloud margins in that segment.

不過談到 CPI，我要說的是，我們的雲端毛利率低於電力毛利率，這點我們過去幾年一直都有提到。而在 2027 財年，我們在電力方面也投資了基礎設施成本，我們預期在 2028 財年也會逐步「長進」這些投資；這就是我在講稿中提到的改善之處，也就是我們認為——我們看到 CPI 毛利率可改善 100 個基點，主要由於我們的營收成長將攤提並消化先前所做的投資。但更精準地回答你的問題：在該事業群中，我們的電力毛利率將會、也將持續高於雲端毛利率。

That's helpful. Just a follow-up. Michael, congrats on the role. RMS came in at, I believe, you said 6% adjusted operating margin in fiscal '26 and ITS is a tad below that. So I guess without running the -- front-running the long-term framework you'll lay out in the fall, can you help us directionally think about the margin progression for RemainCo?

這很有幫助。再追問一題。Michael，恭喜你就任新職。RMS 在 2026 財年我記得你說調整後營業利益率是 6%，而 ITS 略低於此。所以我想，在不搶先你們秋季將提出的長期架構之前，你能否協助我們從方向上思考 RemainCo 的毛利率/利潤率推進路徑？

Is it -- is mid-6s achievable through fiscal '27, '28 on the trajectory you're laying out? Or is that more -- is that further out as health care and auto recovery take time to play through? And I guess on the continued deemphasis on lifestyle, low-value markets, should we think of that as a more meaningful revenue exit that benefits margin or just more a portfolio refinement at the edges? I'll stop there.

依你們所描述的軌跡，在 2027、2028 財年達到 6% 中段是否可行？還是說那會更晚一些，因為醫療保健與汽車的復甦需要時間發酵？另外，關於持續淡化生活風格、低價值市場，我們應該把它視為更有意義的營收退出、從而有利於利潤率？還是只是邊際上的投資組合微調？我先問到這裡。

Michael?

Michael？

Yes. First, thank you for the congratulations. I appreciate it. In terms of the story for this year, if we start with the margin perspective, let's start with first what our result was in the FY26 period where both ITS and RMS were up 80 basis points from 4.6% to 5.4%. And that strength came from across the portfolio with the exception of lifestyle.

是的。首先，謝謝你的祝賀。我很感謝。就今年的敘事而言，如果從利潤率角度切入，先從 2026 財年的結果談起：ITS 與 RMS 的利潤率都提升了 80 個基點，從 4.6% 到 5.4%。這股強勁表現來自整個投資組合，生活風格業務除外。

And remember that lifestyle now includes our consumer devices business. So this does reflect our deliberate repositioning away from those lower value end markets. I would also say that when you think about the playbook going forward, that we will continue to, from a financial perspective, prioritize high-quality earnings that maximize cash generation, we'll continue to drive the margin expansion story through some of the similar themes we've talked about in the past, starting with productivity on the very early stages of driving improvement in our cost structure on the advent of using AI-enabled technologies going forward. And then we'll continue to optimize the mix going forward as well. So from a margin standpoint, strength in Q4, similar progress into Q1.

而且請記得，生活風格現在包含我們的消費性裝置業務。因此，這確實反映了我們有意識地重新定位、遠離那些較低價值的終端市場。我也想說，當你思考未來的作戰手冊時，從財務角度我們會持續優先追求高品質獲利、最大化現金創造；我們也會延續過去談過的一些相似主題來推動利潤率擴張，首先是生產力提升——在導入 AI 賦能技術的背景下，於非常早期階段就開始推動成本結構改善。接著我們也會持續優化產品/業務組合。因此就利潤率而言，第四季表現強勁，第一季也有類似進展。

As you think about going forward, we think there's a lot of room for improvement given that productivity improvement that we've been driving, the value of AI in the future. And still, there's gas in the tank to continue optimizing that portfolio. If you think about the near term, we're early in the year, strong Q4, strong guide in Q1, still have a balanced perspective, first half, second half, relatively measured view on the second half today. And don't forget, we're lapping a really strong comparable in the second half, including that strong Q4.

展望未來，我們認為仍有很大的改善空間，因為我們一直在推動生產力提升，且 AI 在未來的價值可期。同時，我們在持續優化投資組合方面仍然「油箱裡還有油」。就短期來看，現在是一年之初，第四季強勁、第一季指引也強勁，但我們仍維持均衡觀點：上半年、下半年；目前對下半年的看法相對審慎。而且別忘了，我們下半年將面臨非常強勁的比較基期，其中也包括那個強勁的第四季。

So really pleased with how we're positioned and really optimistic about where we can take this story from here, in particular, from a margin perspective and a revenue story.

所以我們對目前的布局非常滿意，也對接下來能把這個故事帶到哪裡感到非常樂觀，特別是在利潤率面向以及營收故事上。

Yes. I think the only thing I would add, Michael, is that just to put a finer point on everything you've said is the framework for Flex, post-SpinCo, is to basically focus on the things we're focused on. So you'll see strong margin improvement, you'll see focus on growth in the areas of highest return. You'll see great cash generation and buyback invested with it and investments into new areas and technologies we want to lean into like areas like health care or associated with other infrastructure spend you're seeing. So the game plan is to continue to replicate what we have done and really lean into areas of investment that we haven't been able to focus on because of the focus on data centers.

是的。Michael，我想我唯一要補充的是，為了更精準地總結你所說的一切：Flex 在 SpinCo 分拆之後的架構，就是基本上聚焦在我們正在聚焦的事情上。所以你會看到強勁的利潤率改善，你會看到把成長重心放在報酬率最高的領域。你會看到很好的現金創造，以及用這些現金進行回購與投資，並投入我們想加碼的新領域與新技術，例如醫療保健，或與你所看到的其他基礎設施支出相關的領域。因此，整體計畫是持續複製我們已經做到的事情，並真正加大對一些投資領域的投入——過去因為資料中心的重點而未能充分聚焦的那些領域。

Mark Delaney, Goldman Sachs.

Mark Delaney，Goldman Sachs。

Yes. Congratulations on the strong results and to both Revathi and Michael on the upcoming new roles. My first question was related to the plans for the spin. I'm hoping you can help investors better understand the potential for the two companies to grow faster on a stand-alone basis than they could together, perhaps with some examples. And if an aspect is to be able to better grow the products portion of the CPI business?

是的。恭喜你們交出強勁的成果，也恭喜 Revathi 與 Michael 即將擔任新職。我的第一個問題與分拆計畫有關。我希望你們能協助投資人更好地理解：兩家公司在獨立運作後，相較於合在一起，是否有可能成長得更快——也許可以舉一些例子。以及其中一個面向是否是能更好地推動 CPI 業務中「產品」部分的成長？

Yes, Mark, first off, thank you for the congratulations. We've been seeing the story with Flex together for a few years. I would say for the spin portion of the business, so CPI, we've already given a pretty strong guide in terms of growth. We've talked about 65% to 75% and 80-plus percent for the year after. I would say the focus -- and you've also seen us focus on adding more to the product portfolio.

是的，Mark，首先謝謝你的祝賀。我們把 Flex 合在一起的故事已經講了好幾年。我會說，就分拆出去的那部分業務，也就是 CPI，我們已經在成長方面給出了相當強勁的指引。我們談到今年 65% 到 75%，而隔年是 80% 以上。我會說重點——而且你也看到我們著重於把更多內容加入產品組合。

We just announced the acquisition of EP2. So we're obviously continuing to expand our geographic reach and our product portfolio within the CPI portion of the business. I feel very good about the overall architecture we have put together with thermal management on cooling; with power, both in the rack outside the rack, now heading all the way to the utilities and then the whole focus in terms of rack and scale integration, bringing that together.

我們剛宣布收購 EP2。因此我們顯然正在持續擴大 CPI 這部分業務的地理覆蓋與產品組合。我對我們所建立的整體架構感到非常有信心：在散熱方面有熱管理與冷卻；在電力方面，涵蓋機櫃內與機櫃外，現在一路延伸到公用事業端；以及在機櫃與規模整合方面的整體聚焦，把這些整合在一起。

So I would say the potential to grow is pretty significant. It is going to be all about kind of continuing to focus on adding capacity and bringing it on in a disciplined way, which is our biggest focus right now, and we'll keep looking for areas of technology that we can invest in.

所以我會說，成長的潛力相當可觀。這將完全取決於我們能否持續專注於以有紀律的方式擴充產能並逐步導入——這是我們目前最大的重點——同時我們也會持續尋找可投資的技術領域。

Understood. My other question was to better understand the medium- to longer-term outlook for CPI. You guided for 65% to 75% growth for fiscal '27, another 80% plus in fiscal '28. Does that growth represent Flex getting to the full run rate of the deals that you already signed across multiple hyperscalers in that fiscal '28 time frame? Or do the deals that you signed ramp even beyond '28?

了解。我另一個問題是想更好地理解 CPI 的中長期展望。你們指引在 27 財年成長 65% 到 75%，28 財年再成長 80% 以上。這樣的成長是否代表 Flex 在 28 財年這個時間點，已經把你們先前與多家超大規模雲端業者簽下的交易拉升到完整的運行速率（run rate）？還是你們已簽的交易在 28 年之後還會繼續爬坡？

And then maybe help investors understand where margins in CPI can get to over that two to three-year out time frame, I mean, already 9.2% in fiscal '26, but maybe give us a sense of where that could go over the medium to longer term as you ramp the programs you discussed today?

另外，也請協助投資人理解，在未來兩到三年的時間範圍內，CPI 的利潤率可以提升到什麼程度；我的意思是，26 財年已經有 9.2%，但當你們把今天談到的專案逐步放量時，能否讓我們對中長期可能走到哪裡有個概念？

Kevin, do you want to start off?

Kevin，你要先開始嗎？

Yes, sure. Mark, so your questions on the programs that we've signed up, commensurate with the investments we're making, I would say that we would continue to see those programs expand beyond FY28. So the numbers we're giving you today is through FY28, but we would see some of those programs continue to grow into FY29. From a margin standpoint, we've talked about it, and CPI, we expect to recoup the investment we made this year. We've said that's 100 basis points plus.

好的，當然。Mark，關於你問到我們已簽下的專案，配合我們正在進行的投資，我會說我們預期這些專案會在 FY28 之後仍持續擴張。所以我們今天給你的數字是到 FY28 為止，但我們會看到其中一些專案在 FY29 仍會持續成長。就利潤率而言，我們也談過，對 CPI 來說，我們預期能收回今年所做的投資。我們說過那是 100 個基點以上。

As we move into FY28, we expect additional margin expansion in CPI. On the script, I said 50 to 100 basis points. The drivers of that are going to be mix from the product businesses continuing to grow faster as a percent of revenue than the cloud side. But additionally, it's continued improvement on margins in our products business, really both, but our products business as we move through FY28. And so moving FY28 to FY29, I guess I would say our expectations are we'll continue to raise the bar as we move through FY28 and our expectations will continue to go up as we move into FY29.

進入 FY28 時，我們預期 CPI 會有額外的利潤率擴張。在講稿中我提到是 50 到 100 個基點。其驅動因素將來自組合效應：產品業務的成長速度將持續快於雲端端，因而在營收中的占比提高。此外，還包括我們產品業務利潤率的持續改善——其實兩邊都有，但尤其是我們的產品業務在 FY28 期間的改善。因此從 FY28 到 FY29，我想我會說，我們的預期是：在 FY28 期間我們會持續把標準拉高，而進入 FY29 時，我們的預期也會持續上修。

Yes. So Mark, our framework of -- whether it's for CPI or for Flex won't change in the sense that we will focus on growth, but margin expansion will be a huge part of the story. So again, we're going to do both in both of the companies. And whether it's coming from mix or accelerated growth or continued investment in our products business, our expectation is that we will see margin expansion in both businesses.

是的。所以 Mark，我們的框架——不論是對 CPI 或對 Flex——在意義上不會改變：我們會聚焦成長，但利潤率擴張也會是故事中非常重要的一部分。所以再次強調，我們會在兩家公司同時做到兩者。不論是來自組合、加速成長，或是對我們產品業務的持續投資，我們的預期是兩個業務都會看到利潤率擴張。

(Operator Instructions) Steve Barger, KeyBanc.

(接線員指示) Steve Barger，KeyBanc。

Revathi, how much of the CPI growth forecast is just this incredible demand environment versus your own success in pitching the full product and service integration model to customers? And are you allocating capacity to customers who are willing to commit to the full suite?

Revathi，CPI 成長預測中，有多少只是這個極度強勁的需求環境所帶動， versus 你們自己在向客戶推廣「完整產品與服務整合」模式上的成功？另外，你們是否會把產能分配給願意承諾採用完整套件的客戶？

Yes. I would say, Steve, first, that's a really important question because a lot of what you're seeing today in terms of expectations from customers is still individual product-based, but what you're seeing moving forward from a technology architecture perspective and what we're working with customers in the next generation of products is more a full architecture based. So you'll continue to see that migration from individual products to complete architecture. And I would say that there's more to come on that. You're definitely seeing that both hyperscalers, colos, neoclouds are re-architecting their organizations to be able to deal with this change.

是的。Steve，我會說首先這是一個非常重要的問題，因為你今天看到的很多客戶需求預期仍以單一產品為主；但從技術架構的角度來看，以及我們正與客戶在下一代產品上合作的方向，更多是以完整架構為基礎。因此你會持續看到從單一產品向完整架構的遷移。我會說這方面還有更多內容會陸續揭露。你也確實看到超大規模雲端業者、共置機房（colo）、新雲（neocloud）都在重新架構其組織，以便因應這項變化。

And so today, I would say a lot of our growth is individual products, but a lot of our technology road maps are based on a complete architecture.

因此就今天而言，我會說我們的成長很大一部分來自單一產品，但我們許多技術路線圖是以完整架構為基礎。

Got it. And then obviously, the addressable market is just expanding really fast. It's hard to know how that -- where that stops, if it does. But just thinking about the portfolio you've assembled what has become the hardest part of the business to replicate? Just talk about how you view your durable moat in a business that's growing the way it is.

了解。另外，很明顯可服務市場正在非常快速地擴張。很難知道那會——或是否會——在哪裡停止。但從你們已建立的產品組合來看，現在最難被複製的業務部分是什麼？請談談在這樣高速成長的市場中，你們如何看待自身可持續的護城河。

Yes. I'd say, Steve, first is the addressable market does continue to expand. I'd say US data center capacity still is seeing a considerable shortfall in terms of what we're seeing today, but even the future-looking projections we're seeing in terms of what we're hearing from customers and what you're all seeing publicly. I'd say in terms of the addressable moat, for me, the addressable moat always comes down to two things.

是的。Steve，我會說首先，可服務市場確實仍在擴張。我會說，美國資料中心產能就我們今天看到的情況而言仍存在相當大的缺口；即便是我們從客戶那裡聽到的、以及你們在公開資訊中看到的前瞻性預測，也同樣如此。至於護城河，我認為最終總是歸結為兩件事。

One is, what is your performance in terms of capacity growth and schedule. Today, customers want everything fully assembled, fully tested, just drop it off, ready to go in my data centers. And to do that at scale with the complexity that customers are expecting, very few companies can do this. This is -- I've done 3 decades of this, and it's very hard to bring that scale together and that architecture together and deploy it fully tested at customers. So I'd say that is a very significant moat that we have.

第一是，你在產能成長與交付時程方面的表現如何。如今客戶希望所有東西都能完整組裝、完整測試，直接送達，放進我的資料中心就能立即運作。而要在客戶期待的複雜度下做到規模化交付，能做到的公司非常少。我做這行三十年了，這非常難：要把這樣的規模與這樣的架構整合起來，並以完整測試的狀態在客戶端部署。所以我會說，這是我們非常重要的一道護城河。

And I saw that day one when I came to Flex is you can combine the complexity of power and cooling and compute and then put it together in one architecture with Flex's scale. I think that's the big moat that we're seeing, Steve. And I expect that, that will continue and actually will get even more complex as we move forward.

而我第一天加入 Flex 就看到的是：你可以把電力、散熱與運算的複雜性結合起來，然後再以 Flex 的規模把它整合成一個架構。我認為這就是我們看到的最大護城河，Steve。而且我預期，隨著我們往前走，這不但會持續，甚至會變得更複雜。

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

我現在把電話會議交回給執行長，請他做結語。

Thank you. Hey, yesterday's announcement marks another foundational step in the transformation of our business, and we are really excited about the opportunities ahead of us. On behalf of the entire Flex leadership team, I want to say a sincere thank you to our customers for their trust and partnership, of course, to our shareholders for their support and the global Flex team for their dedication and contributions. We look forward to sharing further updates in the coming months. Thank you, everyone.

謝謝。各位，昨天的公告標誌著我們業務轉型的另一個基礎性里程碑，我們對未來的機會感到非常振奮。我謹代表整個 Flex 領導團隊，向我們的客戶致上誠摯的感謝，感謝你們的信任與合作；當然也感謝股東的支持，以及全球 Flex 團隊的投入與貢獻。我們期待在未來幾個月分享更多最新進展。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。感謝各位參與。您現在可以掛線。