Flex Ltd (FLEX) 2027 Q1 法說會逐字稿

Thank you for standing by. Welcome to Flex's first quarter fiscal 2027 earnings conference call.(Operator Instructions) As a reminder, this call is being recorded.

感謝您耐心等候。歡迎參加 Flex 2027 會計年度第一季財報電話會議。（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. Mrs. Simmons, you may begin

現在我將把電話交給 Michelle Simmons 女士。Simmons 女士，您可以開始了

Good morning, and thank you for joining us today for Flex's first quarter fiscal 2027 earnings conference call. With me today is Revathi Advaithi, our Chief Executive Officer; Kevin Krumm, our Chief Financial Officer; and Michael Hartung, our Chief Commercial Officer. 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. Today's call contains forward-looking statements, which are based on current expectations and assumptions.

各位早安，感謝今天加入 Flex 2027 會計年度第一季財報電話會議。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。今日會議簡報以及財報新聞稿副本，可於 flex.com 的投資人關係專區取得。本通話將被錄音，並可於公司網站回放。今天的通話包含前瞻性陳述，係基於目前的預期與假設。

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. For a full discussion of these risks and uncertainties, please see the cautionary statement 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.

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，且未納入計畫中將雲端與電力基礎設施（Cloud and Power Infrastructure）事業部進行分拆的影響。如需完整了解相關風險與不確定性，請參閱我們簡報與新聞稿中的警示聲明，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之義務。

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

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

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？

Good morning, and thank you, Michelle. In Q1, our teams delivered another exceptional quarter while continuing to prepare two industry-leading companies for the next phase of growth as stand-alone businesses. We delivered strong revenue growth, margin expansion across all 3 segments and record adjusted earnings per share of $1. Our Cloud and Power Infrastructure segment grew 35% year-over-year. And as we stated before, our investments in this business are on track to drive accelerated growth and margin expansion in the second half of the fiscal year.

各位早安，謝謝你，Michelle。在第一季，我們的團隊再度交出卓越的一季，同時持續為兩家業界領先公司在下一階段以獨立企業身分成長做好準備。我們實現強勁的營收成長、三大事業部全面的利潤率擴張，並創下調整後每股盈餘 1 美元的紀錄。我們的雲端與電力基礎設施事業部年對年成長 35%。正如我們先前所述，我們在該業務的投資正按計畫推進，預期將在本會計年度下半年帶動加速成長與利潤率擴張。

We also saw strong growth in our Communications and Industrial Business units, driven by high-value markets such as networking, automation and energy infrastructure. Now we are in the midst of a generational build-out driven by AI and demand is not slowing down. We have built 2 focused companies to win in the AI era, and these results reflect the strength of our strategy.

我們也看到通訊與工業事業單位的強勁成長，主要由網路、自動化與能源基礎設施等高價值市場帶動。目前我們正處於由 AI 驅動的世代級建置浪潮之中，需求並未放緩。我們打造了兩家聚焦的公司，以在 AI 時代勝出，而這些成果反映了我們策略的強度。

Our results also reflect our focus on long-term execution. Our addition to the S&P 500 last month reflects our progress over the last several years and the enduring strength of our strategy. We also continue to build momentum in some of our fastest-growing markets, expanding our partnership with Cerebras to scale manufacturing of the CS-3, one of the world's most advanced AI accelerator systems right here in the United States.

我們的業績也反映了我們對長期執行的專注。上個月我們納入標普 500 指數，反映了過去數年來的進展，以及我們策略的持久韌性。我們也持續在部分成長最快的市場累積動能，並擴大與 Cerebras 的合作，在美國本土擴大 CS-3 的製造規模；CS-3 是全球最先進的 AI 加速器系統之一。

We also launched a new liquid cooling solution through JetCool and showcased our next-generation power and infrastructure technologies at COMPUTEX. As we continue executing our long-term strategy for both Flex and SpinCo, I want to reiterate our vision for both companies. We have built two great businesses that are entering different phases of growth. The spin allows each company to sharpen its strategic focus, align capital allocation with its growth priorities and create greater value for customers and shareholders.

我們也透過 JetCool 推出新的液冷解決方案，並在 COMPUTEX 展示我們的下一代電力與基礎設施技術。在我們持續執行 Flex 與 SpinCo 的長期策略之際，我想再次重申我們對兩家公司的願景。我們打造了兩個優秀的事業，正進入不同的成長階段。分拆將使每家公司得以更聚焦其策略重點，使資本配置與成長優先事項更一致，並為客戶與股東創造更大價值。

SpinCo requires a capital allocation framework designed for rapid growth as demand for AI infrastructure accelerates. Many people still think about AI as a compute story. I think it's increasingly becoming an infrastructure story and more specifically, a power story. AI may live in the cloud, but the infrastructure behind it is very physical. It must be built, powered, cooled, integrated and deployed at scale.

隨著 AI 基礎設施需求加速，SpinCo 需要一套為快速成長而設計的資本配置架構。許多人仍將 AI 視為運算（compute）的故事。我認為它正日益成為一個基礎設施的故事，更具體而言，是一個電力的故事。AI 也許存在於雲端，但其背後的基礎設施非常實體。它必須被建置、供電、冷卻、整合，並以規模化方式部署。

As AI scales, the constraint is no longer just the chip. It's everything around the chip. Power, cooling, electrical systems and ultimately, the grid capacity. That's the challenge customers are trying to solve today. We saw this coming years ago, and that's why we invested in power, compute and thermal management technologies long before AI became front-page news.

隨著 AI 規模擴大，限制因素不再只是晶片。而是晶片周邊的一切。電力、冷卻、電氣系統，最終還包括電網容量。這正是客戶今天試圖解決的挑戰。我們多年前就預見了這一點，因此在 AI 成為頭條新聞之前很久，我們就已投資於電力、運算與熱管理技術。

What started inside Flex as a set of businesses supporting the next generation of data centers has evolved into a leading solutions provider. I want to be very clear. SpinCo is not a data center components company. It's a digital and electrical infrastructure company, built to help customers solve the power, cooling and scaling challenges that come with AI. That's where we believe SpinCo is uniquely positioned to excel.

起初在 Flex 內部，這是一組支援下一代資料中心的業務，如今已演進為領先的解決方案供應商。我想非常清楚地說明。SpinCo 不是一家資料中心元件公司。它是一家數位與電氣基礎設施公司，旨在協助客戶解決 AI 所帶來的供電、冷卻與擴展（scaling）挑戰。我們相信這正是 SpinCo 具備獨特優勢、能夠卓越表現的領域。

We see our ability to bring together power, thermal management and compute technologies, combined with the ability to deploy these capabilities at global scale as a true differentiator in this space. We have spent years working alongside the world's leading technology companies as they design, build and expanded capital infrastructure.

我們認為，能夠整合電力、熱管理與運算技術，再加上以全球規模部署這些能力的實力，是我們在此領域真正的差異化優勢。多年來，我們與全球領先的科技公司並肩合作，協助其設計、建置並擴大資本基礎設施。

That combination of power expertise, systems integration and execution is difficult to replicate. And I would say we're still early. We believe we're at the beginning of one of the largest electrical transformations happening today. What's happening in the data centers is just the starting point.

這種電力專業、系統整合與執行力的組合，難以複製。而且我會說，我們仍處於早期階段。我們相信，我們正站在當今最大規模之一的電氣轉型的起點。資料中心正在發生的事情只是開端。

As AI scales, demand will extend far beyond compute, driving investment across power systems, cooling technologies, electrical infrastructure and ultimately, the grid itself. That's why we don't view this as a short-term investment cycle. The work required to power the next generation of AI will take years, creating ongoing opportunity across the broader electrical ecosystem with a very long tail. We are building SpinCo to lead that transformation.

隨著 AI 規模擴大，需求將遠超運算本身，並帶動對電力系統、冷卻技術、電氣基礎設施，乃至電網本身的投資。因此，我們不將其視為短期投資循環。為下一代 AI 供電所需的工作將耗時多年，並在更廣泛的電氣生態系中創造持續機會，且具有非常長的尾端效應。我們正在打造 SpinCo 以引領這場轉型。

At the same time, Flex is exceptionally well positioned to drive long-term value creation as a leading global manufacturing platform. Following the separation, Flex will remain a global manufacturing leader with a proven playbook and strategy with deep customer relationships across diversified end markets, and exposure to attractive long-term secular growth trends. These include health care, where an aging population and increasing prevalence of chronic disease are driving demand for medical devices and drug delivery solutions, and robotics and warehouse automation, where regionalization and labor shortages support meaningful operations opportunities for continued growth.

同時，Flex 作為領先的全球製造平台，在推動長期價值創造方面具備極佳的定位。分拆完成後，Flex 仍將是全球製造領導者，擁有經驗證的作戰手冊與策略，與多元終端市場的客戶維持深厚關係，並受惠於具吸引力的長期結構性成長趨勢。這些趨勢包括醫療保健領域：人口老化與慢性疾病盛行率上升，正推動對醫療器材與藥物輸送解決方案的需求；以及機器人與倉儲自動化領域：區域化與勞動力短缺，為持續成長帶來具意義的營運機會。

While SpinCo will focus on digital and electrical infrastructure, Flex will continue to benefit from pull-through demand in data centers, providing contract manufacturing services in the advanced networking and energy infrastructure market. What remains underappreciated is the strength of the Flex portfolio and the related opportunity ahead. The same disciplined playbook that has driven our transformation over the last 7 years will continue to guide Flex as it enters this next phase of growth. Ultimately, we are creating 2 distinct and focused leaders, each with the scale, strategy and opportunity to succeed on its own.

當 SpinCo 將聚焦於數位與電氣基礎設施之際，Flex 仍將受惠於資料中心的帶動需求（pull-through demand），在先進網路與能源基礎設施市場提供委外製造服務。外界尚未充分認識的是 Flex 產品組合的實力，以及未來相關機會。過去 7 年推動我們轉型的同一套嚴謹作戰手冊，將持續引導 Flex 進入下一階段的成長。最終，我們正在打造兩家各自獨立且聚焦的領導者，兩者皆具備規模、策略與機會，能夠各自成功。

Now turning to our transaction update on Slide 6. Our dedicated separation management office and cross-functional teams continue to make tremendous progress towards the separation, and we are on track for tax-free spin-off in the first quarter of calendar 2027. Today, we're also pleased to announce additional leadership appointments for both SpinCo and Flex, effective upon completion of the separation.

接著更新我們在第 6 張投影片上的交易進度。我們專責的分拆管理辦公室與跨職能團隊，持續在分拆工作上取得重大進展；我們正按計畫於 2027 年曆年第一季完成免稅分拆（tax-free spin-off）。今天我們也很高興宣布，針對 SpinCo 與 Flex 的額外領導職任命，將於分拆完成時生效。

Thanks to the strong bench and depth of expertise we have built at Flex in recent years, we have strong leadership teams in place for both companies ready to execute from day one, providing confidence, clarity and continuity for our customers, employees and shareholders.

憑藉我們近年在 Flex 建立的強大人才梯隊與深厚專業能力，我們已為兩家公司配置了強而有力的領導團隊，從第一天起即可執行到位，為我們的客戶、員工與股東帶來信心、清晰度與延續性。

For more details on the extended leadership teams of each company, please refer to the press release we issued this morning. While it's certainly an exciting and dynamic time at Flex, we're executing from a position of strength. Our teams are winning by delivering incredibly well for our customers and at the same time, executing with discipline to deliver exceptional results. We are excited about what's ahead, and we look forward to sharing more in the months to come, including at our Investor Day on November 10, where we will provide additional details on the path forward for both companies.

關於各公司擴大的領導團隊之更多細節，請參閱我們今早發布的新聞稿。儘管這對 Flex 而言確實是一個令人振奮且充滿動能的時刻，我們是以實力為基礎在推進執行。我們的團隊透過為客戶提供極為出色的交付而持續取勝，同時以紀律執行以交出卓越成果。我們對未來充滿期待，並期待在未來幾個月分享更多內容，包括在 11 月 10 日的投資人日上，我們將就兩家公司未來前進的路徑提供更多細節。

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

接下來，我把電話交給 Kevin，他將更詳細地說明財務表現。

Thank you, Revathi, and good morning, everyone. I'm honored to be a part of this exciting journey and to work alongside both teams during this transformative period. It has been an incredible journey so far, and I'm energized about the opportunities in front of these businesses.

謝謝你，Revathi，各位早安。我很榮幸能成為這段令人振奮旅程的一部分，並在這個轉型期間與兩個團隊並肩合作。到目前為止這是一段不可思議的旅程，我也對這些業務面前的機會感到振奮。

I'll now review our results for the first quarter fiscal year '27, which reflects strong execution as we continue preparing for the upcoming spin-off of our Cloud and Power Infrastructure segment.

我現在將回顧 27 會計年度第一季的業績，這反映出我們在持續為即將到來的雲端與電力基礎設施（CPI）事業部門分拆做準備的同時，仍展現出強勁的執行力。

I'll start with our key financials on Slide 8. First quarter revenue came in at $7.9 billion, up 21% year-over-year. Adjusted gross profit totaled $761 million and adjusted gross margin improved to 9.6%, up 50 basis points from the prior year. Adjusted operating profit was $534 million, up 35% year-over-year with adjusted operating margins at 6.7%, up 70 basis points from the prior year, driven by business mix and underlying productivity improvements. Finally, adjusted earnings per share in the quarter increased to $1 per share, up 39% year-over-year.

我先從第 8 頁投影片的關鍵財務數據開始。第一季營收為 79 億美元，年增 21%。調整後毛利合計 7.61 億美元，調整後毛利率提升至 9.6%，較去年增加 50 個基點。調整後營業利益為 5.34 億美元，年增 35%；調整後營業利益率為 6.7%，較去年增加 70 個基點，主要受惠於業務組合與基礎生產力改善所帶動。最後，本季調整後每股盈餘提升至每股 1 美元，年增 39%。

Turning to our quarterly segment results on the next slide. Regulated Manufacturing Solutions revenue were $2.7 billion, up 12% year-over-year, driven by strength in industrial. Adjusted operating income was $176 million and adjusted operating margin was 6.6%, up 130 basis points year-over-year, driven by the aforementioned strong performance in Industrial.

接著看下一頁投影片的季度分部業績。受工業領域強勁表現帶動，受監管製造解決方案（RMS）營收為 27 億美元，年增 12%。調整後營業利益為 1.76 億美元，調整後營業利益率為 6.6%，年增 130 個基點，主要由前述工業領域的強勁表現所驅動。

Revenue from Integrated Technology Solutions segment totaled $3.1 billion, an increase of 20% year-over-year, driven by exceptional growth in communications. Adjusted operating income was $158 million and adjusted operating margin was 5.2%, up 10 basis points year-over-year, driven by the strong performance in communications and offset by weakness in consumer-related end markets.

整合式技術解決方案（ITS）分部營收合計 31 億美元，年增 20%，主要由通訊業務的卓越成長所帶動。調整後營業利益為 1.58 億美元，調整後營業利益率為 5.2%，年增 10 個基點，受惠於通訊業務的強勁表現，但部分被消費相關終端市場的疲弱所抵銷。

Finally, Cloud and Power Infrastructure revenue totaled $2.2 billion, up 35% from the prior year, driven by strong growth in power as cloud and cooling continues to ramp new programs. Adjusted operating income was $214 million, and adjusted operating margin was 9.7%, up 20 basis points year-over-year, driven by growth and margin expansion in power.

最後，雲端與電力基礎設施（CPI）營收合計 22 億美元，較去年成長 35%，主要由電力業務強勁成長所帶動，因雲端與散熱持續推進新專案的量產爬坡。調整後營業利益為 2.14 億美元，調整後營業利益率為 9.7%，年增 20 個基點，主要由電力業務的成長與利潤率擴張所驅動。

Moving to cash flow on Slide 10. Free cash flow in the quarter was $41 million. Free cash flow was negatively impacted by onetime cash costs of $24 million, driven by activity related to the announced spin-off. Q1 inventory was up 10% sequentially and 24% year-over-year, largely driven by revenue growth. Inventory, net of working capital advances was 56 days, an increase of one day from the prior year.

接著看第 10 頁投影片的現金流。本季自由現金流為 4,100 萬美元。自由現金流受到一次性現金成本 2,400 萬美元的不利影響，主要來自與已宣布分拆相關的活動。第一季庫存較前一季增加 10%，較去年同期增加 24%，主要由營收成長所帶動。扣除營運資金預收款後的庫存天數為 56 天，較去年增加 1 天。

First quarter net CapEx totaled $235 million or approximately 3% of revenue. Turning to our updated outlook on Slide 11. For fiscal year '27, our expectations are the following. Revenue to be between $33.7 billion and $35.2 billion, up 23% at the midpoint. Adjusted operating margin to be between 7% and 7.2%, an increase of approximately 80 basis points year-over-year at the midpoint. We expect an adjusted tax rate of approximately 21%.

第一季淨資本支出（CapEx）合計 2.35 億美元，約占營收 3%。接著看第 11 頁投影片更新後的展望。對於 27 會計年度，我們的預期如下。營收介於 337 億至 352 億美元，中位數年增 23%。調整後營業利益率介於 7% 至 7.2%，以中位數計較去年約增加 80 個基點。我們預期調整後稅率約為 21%。

We expect adjusted EPS to be between $4.42 and $4.74 a share, up 39% at the midpoint. Finally, we expect CapEx to be in the range of $1.5 billion to $1.6 billion.

我們預期調整後每股盈餘（EPS）介於每股 4.42 美元至 4.74 美元，以中位數計年增 39%。最後，我們預期資本支出（CapEx）將落在 15 億至 16 億美元區間。

As a reminder, our prior guidance for free cash flow conversion of 60% excluded costs associated with the spin-off of our CPI segment. Incorporating costs associated with the spin-off, we now expect free cash flow conversion to be approximately 40%.

提醒一下，我們先前對自由現金流轉換率 60% 的指引，並未包含與 CPI 分部分拆相關的成本。納入分拆相關成本後，我們目前預期自由現金流轉換率約為 40%。

Moving to our updated fiscal year '27 segment outlook. For RMS, we expect revenue to be up mid-single digits to high single digits due to continued strength in high-value end markets within industrial, including warehouse automation, robotics and energy infrastructure.

接著看更新後的 27 會計年度分部展望。就 RMS 而言，我們預期營收將成長中個位數至高個位數百分比，主要因工業領域內高價值終端市場持續強勁，包括倉儲自動化、機器人與能源基礎設施。

For ITS, we expect revenue to be up high single digits to low double digits, driven by continued strong performance in communications. And for CPI, we expect revenue to be up 65% to 75%, driven by both cloud and power with power's growth rate exceeding cloud's.

就 ITS 而言，我們預期營收將成長高個位數至低雙位數百分比，主要由通訊業務持續強勁表現所帶動。至於 CPI，我們預期營收將成長 65% 至 75%，由雲端與電力雙引擎帶動，其中電力的成長率將高於雲端。

Finishing off with our guidance for the second quarter on Slide 13. We expect RMS revenue to be up mid-single digits to high single digits on continued strength in industrial. We expect ITS revenue to be up high single digits to low double digits on continued strength in communications, offset by weakness in consumer-related end markets. We expect CPI revenue to be up 45% to 55% as new programs continue to ramp in both cloud and power.

最後是第 13 頁投影片的第二季指引。我們預期 RMS 營收在工業持續強勁的帶動下，將成長中個位數至高個位數百分比。我們預期 ITS 營收將成長高個位數至低雙位數百分比，主要受惠於通訊業務持續強勁，但部分被消費相關終端市場的疲弱所抵銷。我們預期 CPI 營收將成長 45% 至 55%，因雲端與電力的新專案持續量產爬坡。

For total Flex, we expect revenue in the range of $7.95 billion to $8.25 billion, up 19% at the midpoint with adjusted operating income between $535 million and $565 million. Interest and other expense is estimated to be around $58 million and the adjusted tax rate to be around 21%. Lastly, we anticipate adjusted EPS to be between $1 and $1.07 per share, up 32% at the midpoint based on approximately 375 million weighted average shares outstanding.

就 Flex 整體而言，我們預期營收介於 79.5 億至 82.5 億美元，以中位數計成長 19%；調整後營業利益介於 5.35 億至 5.65 億美元。利息及其他費用估計約為 5,800 萬美元，調整後稅率約為 21%。最後，我們預期調整後每股盈餘介於每股 1 美元至 1.07 美元，以中位數計成長 32%，係以約 3.75 億股加權平均流通股數為基礎。

In summary, we are off to a strong start for fiscal year '27, and we are well positioned to deliver upon the commitments we made at the beginning of the year.

總結來說，我們在 27 會計年度有一個強勁的開局，並且已做好充分準備，以兌現我們在年初所做出的承諾。

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

接下來，我把電話交回給接線員，開始問答環節。

(Operator Instructions)

（接線員指示）

Ruplu Bhattacharya, Bank of America.

Ruplu Bhattacharya，美國銀行。

Hi, thanks for taking my questions. Revathi, my first question is on margins in the CPI segment. It looks like revenues grew sequentially, but op margin was slightly lower, maybe 20 bps. Is that because of program ramps that you're focused on? And in a broader sense, can you talk about growth drivers for margins in this segment? Power has good margins, but today lower than some of its peers.

嗨，謝謝讓我提問。Revathi，我的第一個問題是關於 CPI 分部的利潤率。看起來營收較前一季成長，但營業利益率略低，可能低了 20 個基點。這是否是因為你們正專注於專案量產爬坡所致？更廣泛地說，你能談談這個分部利潤率的成長驅動因素嗎？電力業務的利潤率不錯，但目前仍低於一些同業。

So how do you plan to grow margins in the Power segment? And then for compute, what guardrails do you have to make sure margins remain within your target range as some AI projects could have lower margins? And I have a follow-up.

那麼你們計畫如何提升電力分部的利潤率？另外就運算（compute）而言，你們有哪些護欄機制，以確保在某些 AI 專案可能利潤率較低的情況下，利潤率仍能維持在你們的目標區間內？我還有一個追問。

Yes, Ruplu, thanks for that question. I would say that margins in CPI is pretty much in track with the guidance we gave for the quarter and the year. We said that in the CPI segment that the revenue is kind of back-half loaded. We have been making investments in that. And then we also said that we expect to have at least 100 basis points improvement in margin in the CPI segment for the year from a year-over-year perspective, and we're on track with that.

是的，Ruplu，謝謝你的提問。我會說，CPI 的利潤率基本上符合我們對本季與全年所給出的指引。我們提到過，在 CPI 部門，營收有點偏向下半年集中。我們一直在對此進行投資。此外，我們也說過，從年對年的角度來看，我們預期 CPI 部門全年利潤率至少改善 100 個基點，而目前進度符合預期。

So we feel very good about that.

所以我們對此感到非常有信心。

I would say what guides margins for this segment, obviously, on the compute side, we have been executing on that strategy for a while, and we're fairly mature in these. When there are new programs, which there are always significant new programs, initially, there's some investment, but when the program matures, then kind of the margin flow-through rate is pretty good. So those ups and downs in the cloud side and the compute integration side is part of the game. But as you have seen in our full year results, typically, that through the year, we do pretty well in terms of both revenue and our margin.

我會說，這個部門的利潤率驅動因素，顯然在運算（compute）端，我們執行這項策略已經有一段時間了，而且在這些方面相當成熟。當有新專案時——而且總是會有重大的新專案——一開始會需要一些投資，但當專案成熟後，利潤率的轉化率（flow-through rate）就會相當不錯。因此，雲端端與運算整合端的這些起伏，是這個產業的一部分。但如你在我們全年結果中所看到的，通常在一年之中，我們在營收與利潤率兩方面的表現都相當不錯。

I would say on the power side, we have said that, Hey, we've built the power business through a whole bunch of acquisitions, which requires investment, particularly when these businesses are growing at 70-plus percent. So we're making those investments, and that drives kind of requirement for the margin to be slightly muted compared to our peers, but we're very comfortable with moving it in the direction of where the peers in the electrical infrastructure are. So I'd say, Ruplu, in summary, CPI is absolutely where we said the quarter would be and where the guide would be for the year. And we're on track to deliver the margin improvement just as we said for kind of our current fiscal year.

至於電力（power）端，我們也說過：我們是透過一系列併購建立起電力業務的，而這需要投資，特別是當這些業務以 70% 以上的速度成長時。因此我們正在進行這些投資，這也使得相較同業，我們的利潤率需求會略為受到壓抑，但我們非常有信心能把它朝向電力基礎設施同業的水準推進。所以，Ruplu，總結來說，CPI 完全符合我們所說的本季表現與全年指引。而且我們也正按計畫交付利潤率改善，正如我們對本財年所說的那樣。

Okay. The follow-up, maybe, is for Michael or for Kevin. When you think about the segments in RemainCo, the regulated markets and especially the ITS segments, are you happy with the product portfolio? I mean if the focus is on longer life cycle, higher-margin segments, is there more potential to do more pruning or more optimization of both the portfolio as well as the footprint? So how are you thinking about that as you look out over the next couple of years? Thank you.

好的。追問可能是給 Michael 或 Kevin。當你們思考 RemainCo 的各個部門、受監管市場，尤其是 ITS 部門時，你們對產品組合滿意嗎？我的意思是，如果重點是更長生命週期、更高毛利的部門，是否還有更多空間去做更多修剪（pruning）或更多優化，包含產品組合以及營運據點（footprint）？所以，展望未來幾年，你們是如何思考這件事的？謝謝。

Good morning, Yes, Ruplu, thanks for the question. I'd say we're absolutely happy with where we're starting from in the business. And if you might recall, our strategy going forward will be to continue to emphasize the high-value growth markets that are tied to these longer-term secular trends. And these markets exist in both the RMS business and the ITS business. So up to this point in time, we've been deploying capital, both human and financial, towards the highest returns, and that's been the data center.

早安。是的，Ruplu，謝謝你的問題。我會說，我們對目前業務的起點非常滿意。如果你還記得，我們未來的策略將是持續強調與這些長期結構性趨勢（secular trends）相關的高價值成長市場。而這些市場同時存在於 RMS 業務與 ITS 業務中。因此截至目前，我們一直在把資本——不論人力或財務——配置到報酬最高的領域，而那就是資料中心。

The strategic clarity as a result of the spin enables us to provide greater focus on those high-value growth markets. In terms of optimization, a regular part of our process here in the business is to always look to optimize the portfolio. You've seen the benefits of that in our Q4 results, our Q1 results and our guide, and we expect to continue to optimize the portfolio as we go forward in the theme of emphasizing high-value markets and deemphasizing low-value markets along the way. So in short, really pleased with the starting point of where we jump off from on this business.

分拆（spin）所帶來的策略清晰度，使我們能更聚焦於那些高價值成長市場。就優化而言，我們在業務中的例行流程之一，就是持續檢視並優化產品組合。你已在我們第四季結果、第一季結果以及我們的指引中看到這樣做的效益；我們也預期未來會持續優化產品組合，沿著強調高價值市場、並逐步降低低價值市場比重的主軸前進。所以簡而言之，我們對這項業務的起跑點非常滿意。

Thank you for all the details.

謝謝你提供這麼多細節。

Mark Delaney, Goldman Sachs.

Mark Delaney，高盛。

Yes, good morning. Thank you very much for taking the questions. I was hoping to start on CPI. I think the full year guidance for CPI revenue implies 2H revenue is up closer to 100%, so some acceleration. I know the company has program wins as you were just describing, but can you speak more on your visibility into that acceleration for 2H? And on that kind of broader theme of visibility into the CPI growth, any change in your views for CPI into next year because I think you're expecting an acceleration to over 80% growth for fiscal '28.

是的，早安。非常感謝讓我提問。我想先從 CPI 開始。我認為 CPI 全年營收指引意味著下半年營收年增更接近 100%，也就是會有一些加速。我知道公司如你們剛才所描述的有專案得標，但你們能否多談談對下半年加速成長的能見度？另外，關於 CPI 成長能見度這個更廣泛的主題，你們對 CPI 明年的看法是否有任何改變？因為我想你們預期到 2028 財年成長會加速到超過 80%。

Mark, this is Kevin. From a CPI perspective, yes, directionally, the ramp that you were referring to is what's going to happen as we move through the year. So we started at 35% in Q1. We're guiding to 45% to 55% in Q2 and then still the 65% to 75% for the full year. So certainly, strong growth in the back half of the year, as you referenced.

Mark，我是 Kevin。就 CPI 而言，是的，方向上你所提到的那個爬坡（ramp）會在我們今年推進的過程中發生。所以我們第一季是 35%。我們第二季指引是 45% 到 55%，而全年仍維持 65% 到 75%。因此，如你所說，下半年確實會有強勁成長。

I would say from a visibility standpoint, we've talked about our demand see-through in this business, and it remains strong. We're still at that 90% plus booked business at this point for the next three quarters. So we feel good and remain confident in our visibility around this business. I would say, as we think about next year, while we're not going to guide to next year on a quarterly basis, the framework that we offered earlier in the year still holds, and we expect the investments that we're making this year in CapEx and the ramp we see in the back half of the year to continue strong growth performance next year and our visibility next year still remains robust.

就能見度而言，我們談過這項業務的需求穿透（demand see-through），而它仍然很強。就未來三個季度而言，我們目前仍有 90% 以上的業務已簽訂（booked）。因此我們對這項業務的能見度感覺良好，並且仍然有信心。至於明年，雖然我們不會以季度為基礎提供明年指引，但我們在年初提出的框架仍然成立；我們預期今年在資本支出（CapEx）上的投資，以及我們在下半年看到的爬坡，將延續到明年並帶來強勁的成長表現，而我們對明年的能見度仍然相當穩健。

That's helpful context. My other question was on cooling. And Revathi, you mentioned JetCool and you spoke about cooling. So I was hoping you could give a bit more detail on how big that market might be for Flex today? And maybe more qualitatively, if you could speak around the traction that you're seeing in areas like cold plates and CDUs.

這些背景資訊很有幫助。我另一個問題是關於散熱（cooling）。Revathi，你提到了 JetCool，也談到了散熱。所以我希望你能更詳細說明，對 Flex 而言，這個散熱市場目前可能有多大？另外更偏質性的問題，你能否談談你們在冷板（cold plates）與 CDU（冷卻液分配單元）等領域看到的進展與動能？

Yes. I'd say, Mark, the market itself for cooling, liquid cooling, as you're aware, is growing quite well and the market size is increasing as more air cooling is getting replaced with liquid cooling. I'd say our acquisition with JetCool really got us some cold plate capability, I'd say industry-leading cold plate capability, and then we had to develop and introduce CDUs into the market. So we're in the process of qualifying those products with the right end customers to scale that business up. It also gave us kind of manufacturing capability and co-design capability with some customers who already have their cooling product that helps us co-design with them.

是的。Mark，我會說，散熱、液冷（liquid cooling）這個市場本身，如你所知，成長相當不錯；隨著更多氣冷被液冷取代，市場規模也在擴大。我會說，我們併購 JetCool 讓我們獲得了冷板能力，我會說是業界領先的冷板能力；接著我們也必須開發並把 CDU 導入市場。因此我們正在與合適的終端客戶進行這些產品的認證（qualifying），以便把這項業務規模化。這也讓我們具備了製造能力，以及與一些已經有自家散熱產品的客戶進行共同設計（co-design）的能力，幫助我們與他們一起共同設計。

The way I think about cooling in the CPI portfolio is that it's still nascent, and it will be a pretty important part of our growth strategy overall for CPI within the cloud segment. So we're pretty bullish about it, I would say, but there's work to be done in terms of scaling that business to where we need it to go.

我看待 CPI 產品組合中的散熱，是它仍處於萌芽階段（nascent），但它會是我們在雲端部門內、CPI 整體成長策略中相當重要的一部分。所以我會說我們對此相當看好，但在把這項業務擴大到我們需要的規模方面，仍有一些工作要做。

Tim Long, Barclays.

Tim Long，巴克萊。

Thank you. Yes, Just one and then a follow-up, if I could. On the communications business, it sounds like it was really strong. The outlook is very favorable there. But just give us a little bit of color on kind of visibility, sustainability of that strength? How broad-based is it in the customer base?

謝謝。是的，如果可以的話，我只有一個問題，然後再追問一個。關於通訊業務，聽起來表現非常強勁。那邊的展望也非常有利。但能否請你們補充一些細節，談談對這種強勁表現的能見度與可持續性？在客戶基礎中，這種強勁表現的涵蓋面有多廣？

And then I'll come back with a follow-up.

然後我會再回來追問一個後續問題。

Good morning, Tim, thanks for the question. Yes, we've identified within our communications business that our advanced networking business, in particular, is one of those high-value growth markets that we expect to drive growth over a sustained period in our business. And that's being positively influenced by pull-through demand from the data center. So if you step back and think about this business, communications continues to be one of our largest, healthiest businesses in RemainCo going forward. It will continue to really spread across not just high-speed switches, but optical switches, network interface cards.

早安，Tim，謝謝你的提問。是的，我們已在通訊業務中辨識到，特別是先進網路業務，是我們預期能在相當長一段期間內帶動公司成長的高價值成長市場之一。而這也正受到來自資料中心的帶動需求（pull-through demand）的正面影響。所以如果你退一步來看這項業務，通訊在未來的 RemainCo 仍將是我們最大且最健康的業務之一。它將持續涵蓋的不只是高速交換器，還包括光交換器、網路介面卡。

So it's fairly broad-based within that advanced networking ecosystem and very much tied to the sustained demand from the data center.

因此在那個先進網路生態系中，它的覆蓋面相當廣，而且與資料中心的持續需求高度連動。

Okay. Great. Great. And then maybe a follow-up for Revathi. You mentioned kind of being able to bundle or a little bit more, have a full solution power, cooling, rack.

好的。很好。很好。然後也許給 Revathi 一個後續問題。你提到能夠把方案打包，或更進一步提供完整解決方案：電力、散熱、機櫃。

Could you just touch on kind of -- I know it's early on the cooling side, but maybe just give us some examples or some thoughts of customer activity where you're seeing the benefit of having these multiple pieces?

你能否談談——我知道散熱這塊還在早期——但能否給我們一些例子或想法，說明你看到客戶活動中，擁有這些多個組件所帶來的好處？

Yeah, I'd say, Tim, that we are seeing it across multiple customers, hyperscalers without naming any, I would say that -- you can see that most customers now are quickly thinking about, Hey, we need to -- before we deploy the next-generation silicon, we need to be thinking about power capability and power requirements. They're already thinking about how does life look like when we go to an SST technology.

是的，Tim，我會說我們在多個客戶身上都看到了這點；不點名的話，包含一些超大規模客戶（hyperscalers）。我會說——你可以看到現在大多數客戶都很快在思考：嘿，在我們部署下一代矽晶片之前，我們需要先思考供電能力與電力需求。他們也已經在思考，當我們轉向 SST 技術時，整體會是什麼樣子。

So we're seeing a lot of conversations at a very high level and strategic level with customers on kind of silicon, cooling, power, how all that comes together for next-generation products, which we didn't see two and three years ago because what customers don't want to be is in the situation they are today, where the power requirement becomes an afterthought, and then we are in a struggle to make sure that we have enough power to -- for these data centers. So I'd say in the last kind of few months, several hyperscaler customers at a very high level, we've had strategic conversations around power, cooling and kind of thinking about next-generation silicon.

所以我們看到很多與客戶在非常高層級、策略層級的對話，圍繞著矽晶片、散熱、電力，以及這些如何整合成下一代產品；而這在兩、三年前我們並沒有看到，因為客戶不希望落入他們今天的處境：電力需求變成事後才想到的事，然後我們就得苦戰，確保這些資料中心有足夠的電力來——支撐它們。所以我會說在過去幾個月裡，我們與數個超大規模客戶在非常高層級上，進行了關於電力、散熱，以及如何思考下一代矽晶片的策略性對話。

And that really puts us in the unique position of one of the few people who are able to do this. So I feel pretty good that 3 years ago, we thought this is where it would go, but now the conversations are actually heading in that direction. I'd say, from a platform perspective, what we announced with NVIDIA a few months ago in terms of developing an overall modular platform, which encompasses everything that we do is a good example of a customer who's thinking about it and moving it in that direction.

而這也讓我們處於一個獨特的位置：能做到這件事的人其實屈指可數。所以我覺得相當有信心——三年前我們就認為會往這個方向走，而現在對話確實正朝這個方向前進。我會說，從平台角度來看，我們幾個月前與 NVIDIA 宣布共同開發整體模組化平台，涵蓋我們所做的一切，就是一個很好的例子，顯示客戶正在這樣思考並推動往那個方向走。

Joseph Cardoso, JPMorgan.

Joseph Cardoso，摩根大通（JPMorgan）。

Hi, good morning and thank you for the question. Maybe just for the first one. Relative to the CPI growth outlook that you provided, maybe can you just discuss the constraints that you're seeing just given the current backdrop that we're in? Just interested in hearing potentially what's limiting you from calling for further upside here and where things are maybe more acute in terms of the constraints that you guys are seeing? And how are you thinking about those trending going forward? And any levers you have internally in terms of how you're thinking about offsetting some of them?

嗨，早安，謝謝讓我提問。也許先問第一個。關於你們提供的 CPI 成長展望，能否談談在目前的大環境下，你們看到的限制因素？我想了解的是，可能是什麼讓你們沒有在此上調更多、喊出更大的上行空間，以及你們看到哪些限制更為急迫？以及你們如何看待這些限制未來的趨勢？另外，在內部你們有哪些槓桿，來思考如何抵消其中一些影響？

And then I have a follow-up.

然後我還有一個後續問題。

Yeah, Joseph, I'll start by saying that our guide for CPI for the year was 70%, so growth year-over-year. So it's a pretty strong and robust number in terms of year-over-year growth. So we feel really good about that. I would say we beat the midpoint of our guide for Q1.

好的，Joseph，我先說明一下：我們對今年 CPI 的指引是 70%，也就是年增成長。所以就年增幅度而言，這是一個相當強勁且穩健的數字。因此我們對此感覺非常好。我會說我們在第一季超過了指引的中位數。

We said 30%, we came in higher than that. So obviously, the year is accelerating exactly like we planned and Q2 is higher than Q1. And we had clearly mentioned that this is back half loaded, which is mainly driven by the capacity investments we are making. We announced a big CapEx, which involves pretty significant investment in terms of facilities, cooling infrastructure, manufacturing infrastructure, all of those are going in place. And that, combined with the customers' generational shift in platforms is what has driven our -- kind of the way we've given our guidance for the full year.

我們說 30%，實際結果高於此。所以很明顯地，今年的加速正如我們規劃，且第二季高於第一季。而我們也清楚提到這是下半年比重較高（back half loaded），主要由我們正在進行的產能投資所驅動。我們宣布了大規模資本支出（CapEx），其中包含在廠房、散熱基礎設施、製造基礎設施等方面相當可觀的投資，這些都在到位中。而這再加上客戶平台的世代轉換，驅動了我們——也就是我們給出全年指引的方式。

So we feel very good about the 70% guide that we've given for this year and the 80% that we have given for next year because those are pretty significant numbers. Don't see any significant constraints per se other than putting the capacity investments in place and making sure those factories are ramped up, which we know how to manage really well. So Joseph, I feel really good about the guidance we gave, and we're on track to deliver that.

所以我們對今年給出的 70% 指引，以及明年給出的 80% 指引都非常有信心，因為這些都是相當可觀的數字。就限制而言，我們並沒有看到什麼重大的瓶頸，除了把產能投資落地並確保那些工廠順利爬坡（ramp up），而這是我們非常擅長管理的。所以 Joseph，我對我們給出的指引感覺非常好，而且我們正按計畫交付。

That's great to hear. And then maybe just as my follow-up, you mentioned the engagement with Cerebras. I'm not sure how much you can talk about it. But any way you can kind of frame out how representative this engagement to Flex, a broader AI accelerator opportunity. And really, what I'm trying to get at is, for example, is this mostly advanced manufacturing?

很高興聽到。那作為我的後續問題，你提到與 Cerebras 的合作互動。我不確定你能談到多少。但你能否說明一下，這項合作對 Flex 而言，在更廣泛的 AI 加速器機會中有多具代表性？而我真正想問的是，例如，這主要是先進製造嗎？

Or are you also seeing some pull-through around power, cooling in the rest of the portfolio there?

還是你們也在產品組合的其他部分看到一些帶動效應（pull-through），例如電力、散熱？

Yes. I would say we've talked -- we have been quite public about and Cerebras has been about our engagement with them, and we have -- I think there's videos published by us and them in terms of our full engagement. We've been working on this for a while, right, with them. And I would say that it is definitely a manufacturing cooling engagement because those go hand-in-hand. But it is also -- we're also working on things like next-generation power, which is things that we will be thinking about with them in the future.

是的。我會說我們已經相當公開地談過我們與 Cerebras 的合作，而 Cerebras 也同樣如此；我們——我想我們與他們都發布過影片，介紹我們全面性的合作內容。我們和他們合作已經有一段時間了，對吧。我會說這確實是一個製造與散熱的合作，因為兩者是相輔相成的。但同時——我們也在合作一些像是下一代電力相關的事情，這些是我們未來會與他們一起思考的方向。

So it's a pretty holistic partnership with Cerebras. It's going extremely well. We're scaling up a lot for them. So I would say that this is a good example of us diversifying our hyperscaler involvement in our CPI business that we have talked about, and it's a great example of scaling up with another customer.

所以這是與 Cerebras 相當全面性的夥伴關係。進展非常順利。我們正在為他們大幅擴產。因此我會說，這是我們在 CPI 業務中談到的、分散超大規模客戶參與度的一個好例子，也是與另一位客戶一起擴大規模的絕佳例子。

(Operator Instructions)

（接線員指示）

Ruben Roy, Stifel.

Ruben Roy，Stifel。

First question, I had a follow-up on Tim's question on ITS. Kevin, you mentioned Advanced Networking, and we've got the guide moving higher for the year. Can you talk a little bit about some of the dynamics there? Are you seeing share gains in advanced networking versus just broader market growth, which we're hearing from a lot of your peers? And I guess the kind of the longer-term question is how you're thinking about durability into fiscal '28 on that business?

第一個問題，我想延續 Tim 關於 ITS 的問題追問。Kevin，你提到先進網路，而我們也看到你們把今年的指引上調。你能談談其中的一些動態嗎？你們在先進網路方面看到的是市占提升，還是只是更廣泛的市場成長——我們從你們許多同業那邊也聽到類似說法？我想更長期的問題是，你們如何看待這項業務到 2028 財年的持久性（durability）？

Thanks for the question, Ruben. This is actually Michael. In terms of the communications business and the underlying strength in the advanced networking business itself, first, it was a driver in our Q4 results. It was a big driver in our Q1 result, and that strength is continuing into our Q2 guide and in our FY '27 guide. So we're seeing continued strength in that business.

謝謝你的提問，Ruben。其實我是 Michael。就通訊業務以及先進網路業務本身的底層強勁動能而言，首先，它是我們第四季業績的驅動因素。它也是我們第一季業績的重要驅動因素，而這股強勁動能也延續到我們第二季指引以及 2027 財年指引。所以我們看到這項業務持續走強。

I'd say it's a combination of 2 of the things that you mentioned. One is ongoing increased demand from the customers that we have had for a number of years in many cases. And we're actually winning share in some of those product segments as well. So we have good diversity across a number of large OEMs in the advanced networking space. And we also cover a number of product categories as well from high-speed switching, to optical products, to interface technologies as well.

我會說這是你提到的兩個因素的組合。其一是在許多情況下，我們多年來既有客戶的需求持續增加。而且我們也在其中一些產品區隔中持續提升市占。因此，在先進網路領域，我們在多家大型 OEM 之間具備良好的客戶多元性。同時我們也涵蓋多個產品類別，從高速交換器、光學產品到介面技術等。

So I'd say 2 things. One, yes, sustained demand in our advanced networking business, good diversity across customers and good diversity across product segments as well.

所以我會說有兩點。第一，沒錯，我們先進網路業務的需求持續強勁，且在客戶與產品區隔方面都具備良好的多元性。

And we feel good about the durability into FY '28 because it's all related to AI infrastructure spending, right? So as that continues, right, you're going to continue to see this business ramp with that.

而我們對其延續到 2028 會計年度的韌性很有信心，因為這一切都與 AI 基礎設施支出相關，對吧？因此，隨著這股趨勢持續，你會持續看到這項業務隨之加速成長。

Great. Revathi, if I could follow up on -- for the follow-up on the CPI discussion and thinking through capacity adds and that type of thing, you talked a little bit about that in May. But 90 days later, can you give us an update on sort of installed capacity against sort of the large second half ramp? What -- I don't know if you can give us a percentage or a high-level view on what's customer qualified today or what you still have to commission towards kind of meeting the strong growth you're expecting in the second half?

很好。Revathi，如果我可以追問一下——關於 CPI 的討論後續，以及在思考產能擴增之類的事情，你在 5 月時有稍微談到。但 90 天之後，你能否更新一下目前已裝置產能相對於下半年大幅拉升的情況？我不確定你是否能提供一個百分比或高層次的觀點，說明目前已通過客戶認證的比例，或為了滿足你們預期下半年強勁成長，還需要完成哪些投產/驗收（commission）？

Yes, Ruben, I'd say we feel very good about our full year plan here for this business. These capacity investments and movements have been going on for a bit. So it just didn't start like 90 days ago. We've been doing that before that. So we feel very good about it.

是的，Ruben，我會說我們對這項業務的全年計畫非常有信心。這些產能投資與調整已進行一段時間了。所以並不是像 90 天前才開始。在那之前我們就已經在做了。因此我們感覺非常好。

And you can see that in the acceleration in Q2, just like we planned and then we see the back half pretty much going per plan. And most of the CapEx that we announced is for this acceleration in FY '27 and FY '28. So we're installing that CapEx.

你也可以從第二季的加速看出來，正如我們所規劃的，而下半年基本上也按計畫推進。而我們所宣布的大部分資本支出（CapEx）是為了 2027 與 2028 會計年度的這波加速。所以我們正在安裝/導入這些資本支出。

I don't see any major concerns about how that capacity installing is going. It's going really well. Flex knows how to do this extremely well. We run large projects well. And this is both in cloud and power, right?

我看不出產能安裝進度有任何重大疑慮。進展非常順利。Flex 非常擅長做這件事。我們很擅長執行大型專案。而且這同時涵蓋雲端與電力，對吧？

Our power business is also growing in the 70-plus percent range. So feel very good about the progress in terms of both cloud and power and feel very good about the guide for the year. We are on track for it, definitely to do the 70% or better than that.

我們的電力業務也以 70% 以上的幅度成長。所以就雲端與電力兩方面的進度而言，我們都非常有信心，也對今年的指引非常有信心。我們確實按軌道前進，肯定能做到 70% 或更高。

Luke Junk, Baird.

Luke Junk，Baird。

Good morning. Thanks for taking the questions. To start with, Revathi, it'd just be great to get your updated perspective on the transition to high voltage, both 400-volt plus or minus and 800-volt. And specifically, to the extent there might be any risk of delays or push out, just how we should think through what impacts might or might not be relative to the CPI guidance, I think, especially for fiscal '28.

早安。謝謝讓我提問。首先，Revathi，很希望聽聽你對高電壓轉換（包括 400 伏左右以及 800 伏）的最新看法。特別是，若存在任何延遲或時程後移的風險，我們應該如何思考其可能或不可能對 CPI 指引造成的影響，我想尤其是對 2028 會計年度。

Yeah, I would say first is on 400-volt, which is kind of the immediate programs that we are working on, followed by 800-volt. We feel very good about the progress on those programs. Don't see any major limitations at least to the guide we have given for '27 and '28. We feel pretty good about that guide.

是的，我會說首先是 400 伏，這是我們目前正在推進的近期專案，接著才是 800 伏。我們對這些專案的進展非常有信心。至少就我們對 2027 與 2028 的指引而言，看不出任何重大限制。我們對這個指引相當有信心。

I'm sure there's lots of conversations about component constraints and all of that, but we have planned all of that in the guide we have given. And if anything, there should be some upside to that, I would say, as availability becomes better.

我確定外界有很多關於元件供應受限等等的討論，但我們在所給出的指引中已把這些因素納入規劃。而且我會說，隨著供應可得性改善，反而可能帶來一些上行空間。

But the technology transition itself is going well. We feel good about the pace of customers and how that is being deployed. So I'd say we have mentioned this before, Flex is kind of the leader in this transition on the embedded power side, and I would say that our ability to develop and deploy that 400-volt technology followed by 800-volt is really, really strong. So I feel really good about that we're on track for it, and we'll see kind of as we update our long-term guidance in the Investor Day, we will give you some more clarity around that.

但技術轉換本身進展順利。我們對客戶採用的速度以及部署情況感到樂觀。所以我會說我們之前提過，Flex 在嵌入式電力（embedded power）這一端的轉換上算是領導者；而我們開發並部署 400 伏技術、接著推進到 800 伏的能力非常、非常強。因此我對我們按計畫推進很有信心；而在投資人日更新長期指引時，我們也會就此提供更清楚的說明。

Okay. Yes, we look forward to that. For my follow-up, Revathi, hoping you could just double-click on the company's modular capabilities in CPI. Certainly, we're getting more questions about this. You outlined some pretty interesting capabilities in the past.

好的。是的，我們很期待。我的追問是，Revathi，希望你能更深入說明公司在 CPI 的模組化能力。當然，我們收到更多關於這點的提問。你過去曾概述一些相當有意思的能力。

Just wondering how that figures into the expanding infrastructure opportunity overall that you reviewed in the prepared comments this morning.

想請教這在你今天早上準備稿中提到的整體基礎設施機會擴張之中，扮演什麼角色。

Yeah, I'd say, Luke, when I think about modular, right, you can think about modular in terms of -- like I talked about earlier, the partnership we announced with NVIDIA, which is putting everything in a modular capability and deploying kind of mini data centers. That's one way to think about modular. The other way to think about modular is power businesses have been doing modular deployment for power for a long period of time, whether it's in the utility space or the data center space. And for that, we added capacity in Dallas after our Crown acquisition.

是的，Luke，我會說，當我想到模組化（modular）時，你可以從幾個面向來看——例如我先前提到我們與 NVIDIA 宣布的合作夥伴關係，把所有東西整合成模組化能力，並部署類似迷你資料中心。這是一種看待模組化的方式。另一種方式是，電力業務長期以來就以模組化方式部署電力，不論是在公用事業領域或資料中心領域。為此，在收購 Crown 之後，我們在達拉斯擴增了產能。

Now with EP2 acquisition, we're adding capacity in Iowa to really continue to drive that modular power business. So we are very mature in that.

現在透過收購 EP2，我們正在愛荷華州擴增產能，以持續推動這項模組化電力業務。所以我們在這方面非常成熟。

And if anything, that is growing pretty significantly. So I think about it in terms of the holistic like modular deployment, which is what people are doing in terms of IT deployment or power deployment. It should become a bigger and bigger part of kind of, I would say, all customers' requirements. And if anything, I think we're fighting against capacity constraints in that space to do more of it, but it's the direction everyone is heading, Luke, because it's just so much easier to pick it up and deploy it at the customer site.

而且如果要說的話，這塊成長相當顯著。所以我會從整體的模組化部署來看——也就是人們在 IT 部署或電力部署上所採用的方式。我會說，這應該會成為越來越大的一部分，逐步納入所有客戶的需求之中。而且如果要說的話，我認為我們在這個領域反而是在與產能限制對抗，因為大家都朝這個方向前進，Luke，原因是把它搬到客戶現場並部署實在容易太多了。

Steven Fox, Fox Advisors.

Steven Fox，Fox Advisors。

Hi, good morning. I was wondering if you could do a deep dive into some of the industrial strength you mentioned. How much of it is cyclical versus secular? And how -- what you're doing to continue to address that demand? And then I have a follow-up.

嗨，早安。我想請你深入談談你提到的一些工業領域的強勁表現。其中有多少是景氣循環因素、又有多少是結構性（長期趨勢）因素？以及——你們正在做什麼來持續滿足那樣的需求？然後我還有一個追問。

Yeah, good morning, Steven, this is Michael. Thanks for the question. I'd say when you think about our industrial business, that's been identified as one of the business units that will be really containing multiple high-value markets that will be our growth focus going forward. Within that group, you have 2 different markets that I'd like to point out. The first one is around energy infrastructure.

是的，早安 Steven，我是 Michael。謝謝你的問題。我會說，當你想到我們的工業業務時，它已被定位為未來成長重點之一的事業單位，因為其中涵蓋多個高價值市場。在這個群組裡，有兩個不同的市場我想特別指出。第一個是能源基礎設施。

Now as you already know, we're spinning our power product portfolio into SpinCo, and we're maintaining our contract manufacturing capability for that industry. And so we will be a contract manufacturer for things ranging from power generation, transmission, distribution and storage.

如你所知，我們正把電力產品組合分拆到 SpinCo，而我們會保留該產業的委外製造（contract manufacturing）能力。因此，我們將作為合約製造商，涵蓋從發電、輸電、配電到儲能等各類產品。

And that energy infrastructure business has great pull-through demand from not just data center infrastructure, but also utility scale infrastructure as well. So we see sustained demand from that segment within industrial. On the other side, we have our robotics and warehouse automation business. And again, tied to the longer-term secular trend in this case around regionalization. As we talked about, regionalization is accelerating, and many of those regions are now suffering from things like wage inflation, labor scarcity, and they're on the constant search for productivity improvements.

而且該能源基礎設施業務不僅來自資料中心基礎設施，也來自公用事業級基礎設施，具有很強的帶動性需求。因此，我們看到工業領域中該細分市場的需求持續存在。另一方面，我們有機器人與倉儲自動化業務。同樣地，在此案例中它與區域化這一更長期的結構性趨勢相連。如我們所談到的，區域化正在加速，而許多地區如今正面臨例如工資通膨、勞動力短缺等問題，並且持續尋求提升生產力。

Our warehouse automation business is perfectly aligned to help solve those problems for our OEM partners. So both of those markets we've called out as being high-value growth markets, and both are tied to these longer-term secular trends that we think are sustainable over the long term.

我們的倉儲自動化業務與協助我們的 OEM 合作夥伴解決這些問題完全契合。因此，我們點名的這兩個市場都是高價值成長市場，且兩者都與我們認為可長期持續的這些長期結構性趨勢相連。

And just to be clear, Michael, right now, you're saying that this is all more secular in nature than any kind of cyclical recovery?

再確認一下，Michael，你現在的意思是，這些都更偏向結構性因素，而不是任何形式的景氣循環復甦？

Yes. We see this tied very much to an ongoing infrastructure build-out, both directly with the energy infrastructure businesses and then supporting productivity over the long term in our warehouse automation business.

是的。我們認為這與持續進行的基礎設施建置高度相關：一方面是能源基礎設施業務本身，另一方面則是我們的倉儲自動化業務在長期上支援生產力提升。

Got it. And then as a follow-up, can you give us an update on the Amazon partnership? You had a big commercial agreement announced, I guess, it's been over a year now, maybe longer. And then how does that work out as you split the business? Is that all tied to one side of the business or another?

了解。接著追問一下，你能否更新一下與 Amazon 的合作夥伴關係？你們宣布了一項大型商業協議，我想已經超過一年了，可能更久。那麼在你們拆分業務之後，這項合作會如何運作？它是完全歸屬於某一邊的業務，還是另一邊？

Can you just sort of give us a feel for that, too? Thank you.

也請你大概讓我們感受一下這部分。謝謝。

I'll answer the -- Steven, this is Kevin. I'll answer the last part of that question first, which is the benefit to the Amazon arrangement really is across all of our businesses. So you'll see that both on the CPI business that we're spinning out as well as the existing businesses that we have. And Michael talked about some of the end markets that we work in there. So I would say from that perspective, it's broad across the Flex portfolio.

我來回答——Steven，我是 Kevin。我先回答你問題的最後一部分：與 Amazon 的安排所帶來的效益其實橫跨我們所有業務。因此，你會在我們即將分拆出去的 CPI 業務，以及我們現有的業務中都看到這一點。Michael 也談到我們所服務的一些終端市場。所以我會說，從這個角度來看，它涵蓋 Flex 的整體產品組合。

From an update standpoint, there's really nothing to update. I would say that we'll continue to assess the arrangement with them as we move through this year and get ready to spin the CPI business in early 2027. And when we have an update, of course, we'll update everybody.

就更新而言，其實沒有什麼需要更新的。我會說，我們會在今年推進的過程中持續評估與他們的安排，並為 2027 年初分拆 CPI 業務做準備。當我們有更新時，當然會向大家說明。

Steve Barger, KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Steve Barger。

Revathi, you talked about your first-mover advantage in terms of serving broad segments of the data center. But it does look like other EMS companies are also expanding capabilities in a similar way. What percentage of your engagements are contracting for the unified power, cooling and compute portfolio versus taking a more selective approach to your products and services?

Revathi，你談到你在服務資料中心廣泛細分領域方面的先行者優勢。但看起來其他 EMS 公司也在以類似方式擴充能力。你們的合作案中，有多少比例是針對整合式電力、散熱與運算產品組合進行簽約，而不是對你們的產品與服務採取較為選擇性的方式？

Yeah, I would say, Steve, first is when we are talking about other EMS companies moving into the same space, I think maybe there's some misconception around it because our power business is based on having true IP and product capability. It is where we do contract manufacturing for end markets there. That will stay with kind of the base energy infrastructure business that Michael talked about. So I think there is some confusion around kind of what the real capability is.

是的，Steve，我會說首先，當我們談到其他 EMS 公司進入同一領域時，我認為可能存在一些誤解，因為我們的電力業務是建立在真正的 IP 與產品能力之上。在那裡，我們也為相關終端市場提供代工製造服務。那部分會保留在 Michael 所談到的基礎能源基礎設施業務中。所以我認為大家對於真正的能力是什麼，確實有些混淆。

So the real requirement in the power business is not just being able to develop products for what is needed, but then be able to integrate that in, like I talked about with 400-volt design, 800-volt design, and then the future of solid state that is going to be coming our way. So integrated design, like I had mentioned earlier in the call today, which is thinking about sidecars on power, cooling racks, and a fully integrated modular design is becoming a bigger and bigger conversation at very high levels in the hyperscalers.

因此，電力業務的真正要求不僅是能夠開發符合需求的產品，還要能夠把它整合進去——就像我談到的 400 伏設計、800 伏設計，以及未來即將到來的固態技術。所以整合式設計——如我今天稍早在電話會議中提到的——也就是思考電力 sidecar、散熱機櫃，以及完全整合的模組化設計，正成為超大規模業者高層越來越常討論的議題。

So to be able to do that, you have to have true product technology. You need to be able to design and develop 400-volt and 800-volt design to be able to have those conversations. So I would say where I see the differentiation is we're an electrical player with true product capability, cooling player with true product capability, and then an integrated design capability, including all of compute integration. I would say I haven't seen anybody just have that capability yet.

要做到這一點，你必須具備真正的產品技術。你需要能夠設計與開發 400 伏與 800 伏的方案，才能進行這些對話。所以我會說，我看到的差異化在於：我們是具備真正產品能力的電氣領域玩家、具備真正產品能力的散熱領域玩家，並且擁有整合式設計能力，包含所有運算整合。我會說，我還沒看到有人已經具備這樣的完整能力。

No, I agree. I do think you have a really good model. And I'm just -- can you tell us, are most of your conversation at a high level talking about taking that full suite of integrated products?

不，我同意。我確實認為你們有一個非常好的模式。我只是——你能否告訴我們，你們大多數在高層的對話是否都在談採用那一整套整合式產品？

I wouldn't say it's more about taking the full suite of integrated products, but it's about designing that full suite of integrated products, which is kind of more important than anything else, right? So that is how I see about it. I want us to win in each individual category, Steve, whether it's cooling or sidecar or computer integration or even just building and developing your metal for fabricating all of that. But I want to lead the technology conversation with our customers in terms of what is the future of power look like with your next-generation silicon? How can we cool it enough?

我不會說重點在於採用整套整合式產品，而是在於設計那整套整合式產品——這在某種程度上比其他任何事情都更重要，對吧？所以我就是這樣看待的。Steve，我希望我們在每一個單獨的類別都能勝出，無論是散熱、sidecar、運算整合，甚至只是建置並開發用於製作所有這些的金屬加工能力。但我希望在技術層面引領與客戶的對話，例如：在你們下一代矽技術之下，電力的未來會是什麼樣子？我們要如何把它冷卻到足夠的程度？

What kind of cooling makes sense? Those are the conversations we're having, and I think that is the most important part of how we lead this conversation.

哪一種散熱方式才合理？這些就是我們正在進行的對話，而我認為這是我們如何引領這場對話最重要的部分。

We reached the end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

我們的問答環節到此結束。我想把時間交回去，看看是否有任何進一步或結語評論。

Thank you. We delivered another strong quarter, and we're executing our proven strategy as we move towards the spin-off. As always, I want to thank our customers for their trust and partnership, of course, our shareholders for their support and then the global Flex team for their continued dedication and contributions. We look forward to speaking with you again next quarter. Thank you, everyone.

謝謝。我們又交出了一個強勁的季度表現，並且在邁向分拆的過程中執行我們已被驗證的策略。一如既往，我要感謝客戶的信任與合作，當然也感謝股東的支持，以及全球 Flex 團隊持續的投入與貢獻。我們期待在下個季度再次與各位交流。謝謝大家。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議與網路直播到此結束。您現在可以掛斷電話，祝您有美好的一天。感謝您今天的參與。

Goodbye.

再見。