Flex Ltd (FLEX) 2027 Q2 法說會逐字稿

Greetings, and welcome to Flex's second-quarter fiscal year 2027 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Flex 2027 會計年度第二季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

(Operator Instructions) It's now my pleasure to turn the call over to Michelle Simmons, Senior Vice President, Global Investor Relations and Public Relations. Michelle, please go ahead.

(接線員指示) 現在我很高興把電話交給 Flex 全球投資人關係與公共關係資深副總裁 Michelle Simmons。Michelle，請開始。

Good morning, and thank you for joining us today for Flex's second-quarter fiscal 2027 earnings conference call. With me today is Revathi Advaithi, our Chief Executive Officer; Kevin Krumm, our Chief Financial Officer; Michael Hartung, our Chief Commercial Officer; and Amy Schwetz, who we previously announced as the expected CFO of Flex post spin, will give brief remarks followed by Q&A.

各位早安，感謝各位今天參加 Flex 2027 會計年度第二季財報電話會議。今天與我一同出席的有：我們的執行長 Revathi Advaithi；財務長 Kevin Krumm；商務長 Michael Hartung；以及我們先前已宣布、預計在分拆後擔任 Flex 財務長的 Amy Schwetz。她將先做簡短發言，隨後進入問答。

Slides for today's call as well as a copy of the earnings press release are available on the Investor Relations section of flex.com. This call is being recorded and will be available for a replay on our corporate website. Today's call contains forward-looking statements, which are based on our current expectations and assumptions. These statements involve risks and uncertainties that could cause actual results to differ materially. These statements reflect expected results for the full fiscal year and did not give effect to the planned spin-off of the Cloud and Power Infrastructure segment.

今日電話會議的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。本次電話會議將被錄音，並可於我們的公司網站回放。今日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，且未將規劃中的雲端與電力基礎設施（Cloud and Power Infrastructure）事業部門分拆計畫之影響納入。

Any references to the planned spin-off, including its timing, Form 10 status and the leadership of each company following the separation are forward-looking and remain subject to applicable approvals and completion of the spin-off. 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.

任何對規劃中分拆的提及（包括其時程、Form 10 申報狀態，以及分離後各公司之領導團隊）均屬前瞻性陳述，並仍須取得適用之核准並完成分拆。關於這些風險與不確定性的完整討論，請參閱我們簡報與新聞稿中的警示性陳述，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，相關資訊可能變更，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 result. The full non-GAAP to GAAP reconciliations can be found in the appendix slides of today's presentation as well as in the summary financials posted on the Investor Relations website.

請注意，除非另有說明，所有成長指標均以年對年為基礎。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？

Thank you, Michelle. Good morning, and thank you for joining us to discuss Flex's second-quarter fiscal 2020 results. Before I begin, I'd like to start by welcoming Amy Schwetz to the team, who will become the Chief Financial Officer of Flex after the spin-off. I look forward to working with both her and Michael Hartung, who will lead Flex as CEO through this transition and to seeing Flex continue to excel under their leadership.

謝謝你，Michelle。各位早安，感謝各位加入我們，一同討論 Flex 2020 會計年度第二季的業績表現。在開始之前，我想先歡迎 Amy Schwetz 加入團隊；她將在分拆後出任 Flex 的財務長。我期待與她以及 Michael Hartung 一同合作；Michael 將在此過渡期間擔任 Flex 的執行長，並期待在他們的領導下，Flex 持續卓越表現。

Now, I'll start with our performance for the quarter. We delivered another fantastic quarter in Q2 revenue growth accelerated. We expanded margin across all three segments and earnings reached a new record of $1.18 per share. Our results reflect continued execution across the portfolio and demonstrate the strength of our strategy, our diversified end markets and our ability to help customers navigate an increasingly dynamic environment. At the same time, we continue to make significant progress on one of the most important milestones in our company history, the planned spin-off of our Cloud and Power Infrastructure segment now known as Axiom.

接下來我先談本季表現。我們在第二季再度交出亮眼成績，營收成長加速。我們在三大事業部門全面擴大利潤率，每股盈餘達到每股 1.18 美元的新紀錄。我們的成果反映出在整體產品組合上的持續執行力，並展現我們策略的強勁、終端市場的多元化，以及協助客戶因應日益動態環境的能力。同時，我們也在公司歷史上最重要的里程碑之一持續取得重大進展：規劃將雲端與電力基礎設施事業部門分拆，該部門現稱為 Axiom。

Since our last earnings call, we have reached several important milestones as we've moved from announcing the transaction to building two focused industry-leading companies. Last month, Axiom filed a Form 10 registration statement, providing a more detailed view of Axiom's strategy, financial profile, leadership team and growth opportunities. That filing marked an important step forward and reflects the tireless work of our teams have been doing behind the scenes to prepare for the separation. We also announced the expected leadership teams for both Flex and Axiom.

自上次財報電話會議以來，隨著我們從宣布交易邁向打造兩家更聚焦、業界領先的公司，我們已達成數個重要里程碑。上個月，Axiom 提交了 Form 10 註冊聲明，提供對 Axiom 策略、財務概況、領導團隊與成長機會更為詳細的說明。該申報是重要的前進一步，也反映我們團隊在幕後為分離作業所付出的不懈努力。我們也公布了 Flex 與 Axiom 兩家公司預期的領導團隊。

One of the things that gives me great confidence in this next chapter is the strength of our leadership bench. Across both organizations, we have experienced leaders with deep expertise in technology, in manufacturing, operations, customer engagement and innovation who are ready to lead from day 1. And perhaps most exciting for me, we officially unveiled the Axiom name and brand. Building a new company is a rare opportunity. Over the past several months, we have spent a great deal of time defining not only what Axiom will do, but what it will stand for. For me personally, the name review was a meaningful milestone because it made something we've been building become more tangible.

讓我對下一篇章充滿信心的一點，是我們領導人才梯隊的實力。在兩個組織中，我們都有具備深厚科技、製造、營運、客戶互動與創新專長的資深領導者，準備從第一天起就帶領團隊前進。而對我而言最令人振奮的是，我們正式揭曉了 Axiom 的名稱與品牌。打造一家新公司是難得的機會。過去幾個月，我們投入大量時間，不僅定義 Axiom 將做什麼，也定義它所代表的意義。就我個人而言，名稱審視是一個重要里程碑，因為它讓我們一直在打造的事物變得更具體可感。

Axiom is no longer just an idea. It's taking shape as a company with its own identity, leadership team, culture and purpose. It has been incredibly rewarding to share that vision with employees, customers, partners and our investors. As we've discussed before, we believe Axiom is uniquely positioned to lead the next generation of critical digital and electrical infrastructure. By bringing together power, thermal management and compute expertise Axiom helps customers deploy increasingly complex infrastructure with greater speed and scale as AI demands more of the physical infrastructure behind it.

Axiom 不再只是一個想法。它正逐步成形，成為一家具備自身身分、領導團隊、文化與使命的公司。能與員工、客戶、合作夥伴以及投資人分享這個願景，令人非常有成就感。如同我們先前所討論的，我們相信 Axiom 具備獨特優勢，可引領下一代關鍵的數位與電力基礎設施。透過整合電力、熱管理與運算專業，Axiom 能協助客戶以更快速度與更大規模部署日益複雜的基礎設施，因為 AI 對其背後的實體基礎設施提出更高要求。

The future of AI infrastructure goes beyond the chip itself. It depends on power, cooling, compute and the ability to deploy and operate infrastructure at scale. Those are the capabilities we've spent years building and honing and they're the reason we believe the company is uniquely positioned for the opportunities ahead. We have outlined our strategy for Axiom, and we are working diligently through the spin-off to position the company for further success. Earlier this month, we announced the closing of our acquisition of EPC Power which further strengthens Axiom's portfolio of end-to-end solutions and EPC's engineering expertise complements our existing research and development into 800-volt architecture and solid-state transformers, technologies that will define the next-generation data center.

AI 基礎設施的未來不僅止於晶片本身。它取決於電力、散熱、運算，以及以規模化方式部署與營運基礎設施的能力。這些正是我們多年來持續打造並精進的能力，也是我們相信公司能在未來機會中具備獨特定位的原因。我們已闡述 Axiom 的策略，並在分拆過程中勤勉推進，以使公司為進一步成功做好準備。本月稍早，我們宣布完成對 EPC Power 的收購，進一步強化 Axiom 端到端解決方案的產品組合；EPC 的工程專長也補強我們既有在 800 伏特架構與固態變壓器方面的研發，這些技術將定義下一代資料中心。

The success of this strategy is evident in the results we are producing even before the spin. Our CPI segment grew 54% year-over-year in Q2 and delivered margin expansion of over 200 basis points. At OCP, earlier this month, we introduced prefabricated AI modules, which help accelerate AI factory deployment by up to 50%. The work we're doing leading up to the spin is building upon the strength of what is already an incredibly successful business. The spin is about creating two stronger companies with distinct identities focused strategies and ability to pursue their respective opportunities.

即使在分拆之前，我們所產出的成果已清楚展現此策略的成功。我們的 CPI 事業部門在第二季年對年成長 54%，並帶來超過 200 個基點的利潤率擴張。在 OCP 上，本月稍早我們推出了預製式 AI 模組，可協助將 AI 工廠部署加速最高達 50%。我們在分拆前所做的工作，是建立在一個已極為成功的業務基礎之上。分拆的目的，是打造兩家更強大的公司，具備清晰且各自獨立的身分、更聚焦的策略，並能追求各自的機會。

While Axiom will be purpose-built to help power the AI infrastructure revolution Flex will emerge as a more focused industrial technology, manufacturing and supply chain leader. I'm extremely excited about what Flex will become after the spin. Flex enters this next chapter from a position of strength with leadership positions in attractive end markets and a proven track record of profitable growth and cash generation. In Q2, our RMS and ITS segments together grew 16%, representing the fourth consecutive quarter of year-over-year growth.

Axiom 將以量身打造的方式，協助推動 AI 基礎設施革命；而 Flex 將以更聚焦的姿態，成為工業科技、製造與供應鏈領域的領導者。我對分拆後 Flex 的樣貌感到非常振奮。Flex 以強勁的基礎進入下一篇章：在具吸引力的終端市場中擁有領先地位，並具備獲利成長與現金創造的良好實績。在第二季，我們的 RMS 與 ITS 事業部門合計成長 16%，為連續第四季年對年成長。

Over the last several years, we have transformed Flex into a stronger, more focused companies with higher margin, improved returns and a more attractive portfolio. Under Michael's leadership, Flex will build on that transformation. The company will be focused on markets for its engineering, vertically integrated manufacturing and supply chain capabilities create meaningful competitive advantage and long-term value for customers. As a stand-alone company, Flex will have greater ability to continue evolving its portfolio and allocating capital towards its highest return opportunities. Many of the markets where Flex has been investing in building leadership position over time sit at the intersection of a long-term technology and industrial trends, including health care, energy, infrastructure and communications.

在過去幾年中，我們已將 Flex 轉型為一家更強大、更聚焦的公司，具備更高的毛利率、更佳的報酬率，以及更具吸引力的產品組合。在 Michael 的領導下，Flex 將在此轉型基礎上持續深化。公司將聚焦於那些能讓我們的工程能力、垂直整合製造與供應鏈能力創造具實質意義的競爭優勢，並為客戶帶來長期價值的市場。作為一家獨立公司，Flex 將更有能力持續演進其產品組合，並將資本配置至報酬率最高的機會。Flex 長期投入並逐步建立領導地位的許多市場，位於長期科技與工業趨勢的交會點，包括醫療保健、能源、基礎設施與通訊。

We believe these are attractive markets where complexity, reliability and speed matter and where our capabilities can continue to drive differentiated growth and returns over time. These businesses are supported by durable secular growth drivers strong customer relationships and capabilities that are difficult to replicate. Combined with our financial discipline, our cash generation ability, productivity culture and commitment to shareholder returns we believe Flex is exceptionally well positioned for its next chapter.

我們相信這些都是具吸引力的市場，在這些市場中，複雜度、可靠性與速度至關重要，而我們的能力可在時間推移中持續帶動差異化的成長與報酬。這些業務由持久的長期結構性成長驅動因素、穩固的客戶關係，以及難以複製的能力所支撐。結合我們的財務紀律、現金創造能力、生產力文化，以及對股東報酬的承諾，我們相信 Flex 已為下一個篇章做好極佳準備。

At Innovation Day, you will directly hear from the Flex leadership team, where they will take Flex from here. What excites me most is that we're not creating two companies searching for their future. We are creating 2 industry leaders, each with clear purpose, differentiated capabilities and substantial opportunities to create value. As we look ahead, I believe both companies are entering some of the most exciting periods in their history.

在創新日（Innovation Day）上，您將直接聽取 Flex 領導團隊的分享，了解他們將如何帶領 Flex 從此邁向下一步。最令我振奮的是，我們並不是在打造兩家仍在尋找未來方向的公司。我們正在打造兩家產業領導者，各自具備清晰的使命、差異化能力，以及創造價值的龐大機會。展望未來，我相信兩家公司都正進入其歷史上最令人興奮的時期之一。

And we're looking forward to sharing much more on November 10 at our Innovation Day, where investors will hear directly from the expected leadership teams of both Flex and Axiom, and we'll provide a deeper look at the strategies, the market opportunities and long-term plans that will guide both companies going forward, including how each intends to strengthen its competitive position and create long-term shareholder value. Most importantly, we'll show why we believe both companies are built to win, built with clear purpose built with the right capabilities and leadership and build to create long-term value for customers, employees and shareholders.

我們也期待在 11 月 10 日的創新日分享更多內容，屆時投資人將直接聽取 Flex 與 Axiom 預期領導團隊的說明；我們也將更深入介紹未來將引導兩家公司前進的策略、市場機會與長期計畫，包括各自將如何強化競爭地位並創造長期股東價值。最重要的是，我們將說明為何我們相信兩家公司都具備致勝條件——以清晰使命打造、以正確的能力與領導力打造，並以為客戶、員工與股東創造長期價值為目標而打造。

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，由他更詳細地說明財務狀況。

Thank you, Revathi, and good morning, everyone. Before I go through the quarter, I'd also like to welcome Amy Schwetz to the team. I'm confident in her leadership and her impact, and I'm excited to be working with her through the remainder of the spin-off process.

謝謝你，Revathi，各位早安。在我回顧本季之前，我也想歡迎 Amy Schwetz 加入團隊。我對她的領導力與影響力充滿信心，也很期待在分拆流程剩餘期間與她一同合作。

I'll now review our results for the second quarter of fiscal year '27. We are continuing to execute well. We've got a great group of businesses and a great team and all are performing at a high level as we approach the spin-off in early 2027.

我現在將回顧 2027 會計年度第二季的業績。我們持續執行得很到位。隨著我們邁向 2027 年初的分拆，我們擁有一組優秀的業務組合與團隊，且各項表現都維持在高水準。

I'll start with our key financials on slide 8. Second quarter revenue came in at $8.5 billion, up 25% versus the prior year. Adjusted gross profit totaled $842 million, and adjusted gross margin improved to 9.9%, up 60 basis points year-over-year. Adjusted operating profit was $607 million, up 48% from the prior year, with adjusted operating margins at 7.1%, up 110 basis points year-over-year, driven by continued productivity improvements as well as business mix. Finally, adjusted earnings per share for the quarter increased to $1.18 per share, up 49% versus the prior year.

我先從第 8 頁投影片的關鍵財務數據開始。第二季營收為 85 億美元，較去年同期成長 25%。調整後毛利總額為 8.42 億美元，調整後毛利率提升至 9.9%，年增 60 個基點。調整後營業利益為 6.07 億美元，較去年同期成長 48%；調整後營業利益率為 7.1%，年增 110 個基點，主要受持續的生產力改善以及業務組合帶動。最後，本季調整後每股盈餘提升至每股 1.18 美元，較去年同期成長 49%。

Turning to our quarterly segment results on the next slide, regulated Manufacturing Solutions revenue was $2.7 billion, an increase of 9% versus the prior year driven by industrial. Adjusted operating income was $172 million adjusted operating margin was 6.4%, up 50 basis points year-over-year, primarily driven by industrial. Revenue from our Integrated Technology Solutions segment totaled $3.3 billion, up 22% versus the prior year, driven by continued strong growth in communications. Adjusted operating income was $181 million and adjusted operating margin was 5.5%, an increase of 20 basis points year-over-year driven by communications and offset by weakness in consumer-related end markets.

接著看下一頁投影片的季度分部業績，受監管製造解決方案（RMS）營收為 27 億美元，較去年同期增加 9%，主要由工業業務帶動。調整後營業利益為 1.72 億美元，調整後營業利益率為 6.4%，年增 50 個基點，主要同樣由工業業務驅動。整合技術解決方案（ITS）分部營收合計為 33 億美元，較去年同期成長 22%，主要受通訊業務持續強勁成長帶動。調整後營業利益為 1.81 億美元，調整後營業利益率為 5.5%，年增 20 個基點，通訊業務帶動的改善部分被消費相關終端市場疲弱所抵銷。

Finally, Cloud and Power Infrastructure revenue totaled $2.5 billion, up 54% versus the prior year, driven by continued strength in both Power and Cloud and cooling.

最後，雲端與電力基礎設施（CPI）營收合計為 25 億美元，較去年同期成長 54%，主要受電力與雲端及散熱業務持續強勁表現帶動。

Adjusted operating income was $268 million and adjusted operating margin was 10.7%, and up 240 basis points year over year driven by margin expansion in both power and cloud and cooling as well as favorable mix impacts from power growth. Power segment operating margin increased to approximately 16% and up roughly 550 basis points year-over-year driven by strong volume growth and the benefits of scaling the investments we made last year.

調整後營業利益為 2.68 億美元，調整後營業利益率為 10.7%，年增 240 個基點，主要由電力與雲端及散熱兩者的利潤率擴張，以及電力成長帶來的有利組合影響所驅動。電力分部營業利益率提升至約 16%，年增約 550 個基點，主要受強勁的出貨量成長，以及我們去年投資規模化所帶來的效益推動。

Moving to cash flow on slide 10, free cash flow in the quarter was $261 million and was negatively impacted by onetime cash costs of $61 million, driven by activity related to the announced spin-off. Q2 inventory was up 13% sequentially and 39% year over year, driven by revenue growth. Inventory net of working capital days was 60 days, an increase of five days from the prior year. The increase in inventory is primarily mix related, reflecting the inventory required to support our higher growth, higher value programs. Second quarter net CapEx totaled $240 million or approximately 3% of revenue.

接著看第 10 頁投影片的現金流，本季自由現金流為 2.61 億美元，並受到一次性現金成本 6,100 萬美元的負面影響，該成本主要來自已宣布分拆相關活動。第二季存貨較前一季增加 13%，較去年同期增加 39%，主要由營收成長所致。以營運資金天數衡量的存貨天數為 60 天，較去年同期增加 5 天。存貨增加主要與組合有關，反映為支援我們成長更快、價值更高的專案所需的存貨。第二季淨資本支出（CapEx）合計為 2.40 億美元，約占營收 3%。

Turning to our updated outlook on slide 11, for fiscal year '27, our expectations are the following: revenue to be between $34.9 million and $35.9 billion, up 27% at the midpoint. Specifically, we expect CPI revenue to increase between 75% and 85%, while we expect combined RMS and ITS revenue to increase between 8% and 11%. Adjusted operating margin is expected to be between 7.6% and 7.8%, an increase of approximately 140 basis points year over year at the midpoint. For CPI, we expect adjusted operating margin to be between 11.5% and 11.7%. And for combined RMS and ITS, we expect adjusted operating margins to be between 5.9% and 6.1%.

接著看第 11 頁投影片更新後的展望，針對 2027 會計年度，我們的預期如下：營收介於 349 億美元至 359 億美元之間，以中位數計年增 27%。具體而言，我們預期 CPI 營收將成長 75% 至 85%；同時，我們預期 RMS 與 ITS 合計營收將成長 8% 至 11%。調整後營業利益率預期介於 7.6% 至 7.8% 之間，以中位數計年增約 140 個基點。就 CPI 而言，我們預期調整後營業利益率介於 11.5% 至 11.7%。而就 RMS 與 ITS 合計而言，我們預期調整後營業利益率介於 5.9% 至 6.1%。

We expect an adjusted tax rate of approximately 21%. We expect adjusted EPS to be between $4.84 and $5.16 per share, up 52% at the midpoint. Finally, we expect CapEx to be in the range of $1.5 billion to $1.6 billion, and we expect free cash flow conversion of approximately 40%. As previously announced, we completed our acquisition of EPC Power on October 14. We also announced on October 5, an agreement to sell $2 billion of Axiom convertible preferred stock.

我們預期調整後稅率約為 21%。我們預期調整後每股盈餘介於每股 4.84 美元至 5.16 美元之間，以中位數計成長 52%。最後，我們預期資本支出介於 15 億美元至 16 億美元之間，並預期自由現金流轉換率約為 40%。如先前宣布，我們已於 10 月 14 日完成對 EPC Power 的收購。我們也於 10 月 5 日宣布，已達成協議出售 20 億美元的 Axiom 可轉換優先股。

The net proceeds of which will repay approximately $2 billion of the $4.4 billion in debt incurred as part of the EPC acquisition. As such, we expect elevated interest expense associated with debt from the acquisition in the short term, which will be reduced upon completion of the convertible preferred equity transaction. Despite the increased interest expense, we expect the EPC power acquisition to be accretive in fiscal 2027.

其淨收益將用於償還因 EPC 收購而產生的 44 億美元債務中的約 20 億美元。因此，我們預期短期內將承擔與收購相關債務所帶來的較高利息費用；待可轉換優先股權交易完成後，該利息費用將下降。儘管利息費用增加，我們仍預期 EPC Power 的收購將在 2027 會計年度帶來增益（accretive）。

Moving to our updated FY27 segment outlook. For RMS, we expect revenue to be up mid-single digits to high single digits driven by strength in industrial, including energy infrastructure, warehouse automation and robotics. For ITS, we expect revenue to be up low double digits to low teens on continued strong growth in communications.

接著說明我們更新後的 FY27 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，主要受工業領域的強勁表現帶動，包括能源基礎設施、倉儲自動化與機器人。就 ITS 而言，我們預期營收將成長低雙位數至十位數出頭，受惠於通訊業務持續強勁成長。

As previously referenced, for CPI, we expect revenue to be up 75% to 85% and driven by both power and cloud and cooling with power growing faster than cloud. This guidance now includes our acquisition of EPC Power, which closed on October 14. We now expect CPI operating margins to expand approximately 240 basis points year over year, assuming the midpoint of our guidance, up from our prior expectation of approximately 100 basis points. Looking ahead, we expect continued margin improvement supported by volume growth, productivity gains and the contribution from EPC power.

如先前所提及，就 CPI 而言，我們預期營收將成長 75% 至 85%，並由電力以及雲端與散熱共同驅動，其中電力成長速度快於雲端。此一指引現已納入我們對 EPC Power 的收購，該交易已於 10 月 14 日完成交割。我們目前預期 CPI 營業利潤率將在年對年基礎上擴張約 240 個基點（以指引中點假設），高於先前預期的約 100 個基點。展望未來，我們預期在出貨量成長、生產力提升以及 EPC Power 貢獻的支持下，利潤率將持續改善。

Finishing off with our guidance for the third quarter on slide 13, we expect RMS to be up low single digits to mid-single digits, driven primarily by industrial and health care. We expect ITS revenue to be up mid-single digits to high single digits as strong growth in communications is offset by weakness in consumer-related end markets. We expect CPI revenue to be up 105% to 115% and as recent investments in both cloud and cooling and power contribute to strong growth. For Total Flex, we expect revenue in the range of $8.87 billion to $9.17 billion, up 28% at the midpoint, with adjusted operating income between $685 million and $715 million.

最後看投影片 13 上我們對第三季的指引，我們預期 RMS 將成長低個位數至中個位數，主要由工業與醫療保健帶動。我們預期 ITS 營收將成長中個位數至高個位數，通訊的強勁成長將被消費相關終端市場的疲弱部分抵銷。我們預期 CPI 營收將成長 105% 至 115%，近期在雲端與散熱以及電力方面的投資將帶來強勁成長。就 Flex 合計而言，我們預期營收介於 88.7 億美元至 91.7 億美元之間，以中點計成長 28%，調整後營業利益介於 6.85 億美元至 7.15 億美元之間。

Interest and other expense, which now includes debt associated with the EPC acquisition is estimated to be around $120 million and the adjusted tax rate to be around 21%. Lastly, we anticipate adjusted EPS to be between $1.19 and $1.25 per share up 40% at the midpoint based on approximately 375 million weighted average shares outstanding. In summary, we delivered a strong first half of fiscal year '27 and we are carrying that momentum forward into the second half of the year.

利息及其他費用（現已包含與 EPC 收購相關的債務）估計約為 1.2 億美元，調整後稅率約為 21%。最後，我們預期調整後 EPS 介於每股 1.19 美元至 1.25 美元之間，以中點計成長 40%，係以約 3.75 億股加權平均流通股數為基礎。總結而言，我們在 27 會計年度上半年交出強勁表現，並將把這股動能延續至下半年。

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

接下來，我將把電話交回給主持人，開始問答環節。

(Operator Instructions) Ruben Roy, Stifel.

（主持人指示）Stifel 的 Ruben Roy。

Kevin, maybe we could start with some of the guidance commentary and the fiscal '27 guide, you've got a $950 million increase from the prior guide. Can you help us out with organic growth embedded in that increase versus the acquisitions, EPC and others, et cetera.

Kevin，也許我們可以先從一些指引評論與 27 會計年度指引談起；相較先前指引，你們上調了 9.5 億美元。能否協助我們拆解一下，這個增量中隱含的有機成長與併購（EPC 及其他等）各占多少？

Yes, Ruben. So for the full year, we increased -- I'll talk first with CPI because that's where the line -- all the acquisitions this year have happened. So we guided to an increased range of 75% to 85% for the year. And inside of that, I would say about 10 percentage points of that is going to be growth related to acquisitions we've completed during the year. So you can -- the two that we've completed are the EP Squared acquisition, which we announced in the first quarter and then EPC recently.

好的，Ruben。就全年而言，我們上調了——我先從 CPI 談起，因為今年所有的併購都發生在這條線上。因此，我們將全年指引上調至成長 75% 至 85% 的區間。在這之中，我會說大約有 10 個百分點來自於我們今年完成的併購所帶來的成長。所以你可以——我們完成的兩筆是第一季宣布的 EP Squared 收購，以及近期的 EPC。

Right. But I was wondering if you could kind of split that. So, I guess what you're saying is that there's not a lot of --

了解。但我想知道你是否可以再更細分一下。所以，我想你在說的是，沒有太多——

I think, Ruben, your question is only EPC power, right?

我想，Ruben，你的問題是只針對 EPC Power，對嗎？

Yes. I guess, is there any way to think about the contribution from PTC?

是的。我想，有沒有辦法思考一下 PTC 的貢獻？

Okay. Yes. So we've talked about EPC next year in our announcement and the growth that we were going to have, which was approximately $800 million this year growing next year inside of our guide -- increase guide to guide, if that's your question, we increased about $950 million of which, I would say, approximately half of that is underlying improvement in Flex and the other half would approximately would be the EPC acquisition we brought in.

好的。是的。所以我們在公告中已談到 EPC 明年的情況，以及我們將會有的成長；也就是今年約 8 億美元，明年在我們的指引中成長——如果你的問題是指「指引對指引」的上調，我們上調了約 9.5 億美元，其中我會說大約一半來自 Flex 的基本面改善，另一半大約來自我們納入的 EPC 收購。

Perfect. And Revathi, for a follow-up, let me ask a sort of a bigger picture question here. You've done a few acquisitions now. You're spanning the embedded to critical power (inaudible) power conversion. And a lot of investors asked us about the power strategy longer term.

太好了。Revathi，追問一下，我想問一個更宏觀的問題。你們現在已做了幾筆收購。你們橫跨嵌入式到關鍵電力（聽不清）電力轉換。很多投資人也會問我們你們長期的電力策略。

But there's a lot of other things going on, cooling, compute, et cetera. How are you thinking about sort of having a broader set of technologies combined with Power? Is that showing up in your win rates and customer economics from a margin perspective? Or should we still focus mostly on power is sort of the key area of the strategy going forward?

但同時還有很多其他事情在進行，像是散熱、運算等等。你們如何思考把更廣泛的一組技術與電力結合？這是否反映在你們的得標率以及從利潤率角度來看的客戶經濟性？或者我們仍應主要聚焦在電力，作為未來策略的關鍵領域？

Yes, Ruben, say, we'll talk a lot more about this on November 10 in our Innovation Day. But when I think about CPI or Axiom moving forward, I'd say all three compute, cooling and power, all three are important in terms of how we are building up the overall systems capability. Today our areas of strength where we are market share leaders and our technology leaders are both in compute and in power.

是的，Ruben，我們會在 11 月 10 日的創新日更深入談這個。但當我思考 CPI 或 Axiom 未來的方向時，我會說運算、散熱與電力三者都很重要，因為這關係到我們如何建立整體系統能力。目前我們的強項、也是我們在市占與技術上領先的領域，主要在運算與電力兩方面。

I'd say cooling, our presence is still nascent. It is something that we are growing into with new product launches that are planned over the next six months. So that I believe will accelerate in our overall capability. But both compute and power are pretty integral to our overall strategy, both from where we stand today as market share leaders and where we move forward with in terms of our overall capability.

至於散熱，我們目前的布局仍屬起步階段。我們正透過未來六個月規劃推出的新產品逐步擴張。因此我相信這將加速我們整體能力的提升。但運算與電力兩者對我們整體策略都相當關鍵，無論是就我們目前作為市占領先者的地位，或是就我們未來在整體能力上的推進而言。

Mark Delaney, Goldman Sachs.

高盛的 Mark Delaney。

So I'm going to start on the power business and putting the EPC deal aside for the moment, can you share more on the competitive positioning of Flex in the power portfolio? And has there been any meaningful change in the company's market share for either fiscal '27 or beyond? And then more broadly on CPI, how is that segment tracking relative to the prior (inaudible) outlook for fiscal '28?

我先從電力業務開始，先暫時把 EPC 交易放一邊，你們能否多分享一些 Flex 在電力產品組合中的競爭定位？公司在 27 會計年度或更長期而言，市占是否有任何顯著變化？另外更廣泛地談 CPI，該分部相較於先前對 28 會計年度的（聽不清）展望，目前進展如何？

Yes, I'll start off, Mark. I would say if you think about power overall, both our embedded power and our Critical Power business are both fantastically positioned from a technology perspective and a growth perspective. If you think about our Power segment growth this year and even what we'll share later in Innovation Day, I'd say well about its peers in our existing segments. And it's a good indication of where our technology stands and kind of how the teams are performing with our capacity execution we talked about that happened last year.

好的，Mark，我先回答。我會說，如果你從整體電力來看，我們的嵌入式電力與關鍵電力業務，無論在技術面或成長面都具備非常好的定位。如果你看我們今年電力分部的成長，以及我們稍後在創新日會分享的內容，我會說其表現明顯優於同業在我們既有分部中的表現。這也很好地反映了我們技術所處的位置，以及團隊在我們去年提到的產能執行方面的表現。

So feel really good about our positioning, both in embedded power and in critical power. As you know well, embedded is all about technology and where we are positioned in the technologies. So right now, embedded is all about continuing to execute on capacity and additions to drive the growth. CPI, I would say, performing extremely well. So both businesses, I feel really good about overall in terms of the position.

因此，我們對自身在嵌入式電力與關鍵電力兩方面的定位都感到非常有信心。如你所熟知，嵌入式的核心在於技術，以及我們在相關技術上的布局位置。所以目前嵌入式的重點在於持續把產能與新增產能的執行做好，以推動成長。至於 CPI，我會說表現非常出色。因此，整體而言，這兩項業務在定位方面我都感到非常樂觀。

I'd say for -- your second part of your question on CPI for next year. Kevin, do you want to handle that in terms of the 80%?

我想就您問題的第二部分，也就是明年 CPI 的部分來回答。Kevin，你要不要就 80% 的部分來說明？

Yes, sure. So as we move through -- we started the year mark 65 to 75. We increased that -- so underlying there, there is -- even excluding the EPC acquisition, we've been performing well. And our momentum this year has been north of our original expectations in CPI. While we're not going to offer a new guide for FY28 right now, I would just say that momentum we expect it to carry through. And of course, as time has passed, we have better line of sight into next year, and we'll update you on that at Investor Day.

好的，當然。所以隨著我們推進——我們年初的指引是 65 到 75。我們把它上調了——因此在底層來看，即使不包含 EPC 的收購，我們的表現也很不錯。而且今年我們在 CPI 上的動能高於原先的預期。雖然我們現在不會提供 FY28 的新指引，但我想說的是，我們預期這股動能會延續下去。當然，隨著時間推進，我們對明年的能見度更高，我們會在投資人日向各位更新。

Understood. My other question was also on CPI. I mean the incremental EBIT margins in the just completed quarter were very strong and accelerated. I don't know if you could double click a bit more on what was driving the strong incremental margins and just how you see the potential for CPI organic EBIT margins going forward?

了解。我另一個問題也與 CPI 有關。我的意思是，剛結束這一季的增量 EBIT 利潤率非常強，而且還在加速。不知道你們能否再深入說明一下，是什麼在推動如此強勁的增量利潤率，以及你們如何看待未來 CPI 有機 EBIT 利潤率的潛力？

So yes, in the quarter, we talked about a strong quarter. We finished with power margins in the mid-teens. The power growth is a big piece of the incremental margins you're seeing there. Although our cloud business continues to perform with different expectations with good incrementals as well. Across the board, we saw mix favorability, pricing and volume leverage.

是的，關於本季，我們談到這是一個很強勁的季度。我們最終的 power（電力）利潤率在十幾%的中段。電力業務的成長是你看到增量利潤率的主要來源之一。同時，我們的雲端業務也持續表現，雖然與預期有所不同，但增量表現也不錯。整體而言，我們看到產品組合有利、定價，以及量的槓桿效益。

We talked about the investments we made last year. We're scaling through those, and we're seeing that volume leverage pull through from an incremental perspective as well. So those are the really the big drivers.

我們也談到去年所做的投資。我們正在把這些投資規模化，從增量的角度也看到量的槓桿效益逐步顯現。所以這些確實是主要的驅動因素。

As we go forward here, again, expectations on the power side of the business continue to drive margins up. Cloud and cooling, as we talked about it, we had expectations there. We just don't expect them to move sequentially at the same rate as power as we continue to climb towards industry averages.

展望未來，同樣地，電力業務端的預期仍會持續推升利潤率。至於雲端與散熱（cooling），如我們所談，我們對那邊有既定預期。只是我們不預期它們在序列上會以與電力相同的速度變動，因為我們仍在持續朝產業平均水準攀升。

Ruplu Bhattacharya, Bank of America.

Ruplu Bhattacharya，美國銀行。

I have two. Revathi, it was interesting to hear Chris and Rob at OCP. I think their presentation was stressing that you can achieve 97% power efficiency to the rack even without (inaudible). So as you start off as a new company, where do you see Axiom focusing on in terms of R&D and development? Is 800-volt and SSD development a priority for you?

我有兩個問題。Revathi，在 OCP 聽到 Chris 和 Rob 的分享很有意思。我想他們的簡報強調，即使沒有（聽不清），也能把機櫃端的電力效率做到 97%。所以作為一家新公司起步時，你認為 Axiom 在研發與開發方面會把重點放在哪裡？800 伏特與 SSD 的開發對你們而言是優先事項嗎？

And just as you look at your competitors, which are larger companies, how do you see yourselves attacking this market? And how do you see yourself focusing on R&D versus acquisitions?

另外，當你們看競爭對手——那些規模更大的公司——你們打算如何切入這個市場？以及你們會如何在研發與併購之間做取捨與聚焦？

Yes. I'd say, Ruplu, first is, we are very, very committed to and focused on both the 800-volt technology. We're the market leaders in that, as we have talked about before, there's a couple of players who are very strong in this space. And Flex or Axiom is definitely one of them. Solid-state transformers.

是的。我會說，Ruplu，首先，我們對 800 伏特技術非常、非常投入並且聚焦。如同我們先前談過的，我們是這方面的市場領導者；在這個領域也有幾家非常強的玩家。而 Flex 或 Axiom 絕對是其中之一。固態變壓器（Solid-state transformers）。

We've talked about we had our own organic program that was going on, which will now get added on to with the EPC power acquisition with their own organic technology development program that was going on.

我們也談過，我們原本就有自己的內生（organic）計畫在進行；現在透過收購 EPC power，對方也有其內生技術開發計畫，兩者將會整合疊加。

But the way I think about this having done this for a very long time, Ruplu, is that it is important to drive incremental efficiency in the overall powertrain value without waiting for the SST transition to happen. And I think that's important to really have the focus on that because as most of you know, electrical transitions take a long time because of the regulatory and safety environment associated with it. So our view is, in the meantime, you can achieve the 97% power efficiency with digital rectifiers that exist in the marketplace today, which is a huge part of the reason why we bought the EPC acquisition because it provides a transition technology solution that is very strong and can get deployed today, while we wait for things like SSDs and all of that to show up.

但以我做這件事很長一段時間的角度來看，Ruplu，我認為重要的是：在不必等待 SST 轉換發生的情況下，就能推動整體 powertrain（電力傳動/電力鏈）價值的增量效率提升。我覺得把焦點放在這點非常重要，因為如各位所知，電氣轉換往往需要很長時間，原因在於相關的法規與安全環境。因此我們的看法是：在此期間，你可以用目前市場上已存在的數位整流器達到 97% 的電力效率；這也是我們收購 EPC 的重要原因之一，因為它提供了一個非常強的過渡技術解決方案，今天就能部署，同時我們也在等待像 SSD 等等這些技術逐步到位。

So we feel very good about both but feel even strongly about the fact that we can deploy that power efficiency today, which a lot of customers are very excited about, Ruplu.

所以我們對兩者都很有信心，但我們更堅信的是：我們今天就能部署這樣的電力效率，很多客戶對此都非常興奮，Ruplu。

My follow-up is for Kevin or Michael. RMS revenues were flat sequentially, but margins declined 20 bps sequentially. Can you maybe just talk about the puts and takes and which segments, which end markets are coming back, Michael, and what the levers do you have for margin improvement going forward?

我的追問是給 Kevin 或 Michael。RMS 營收季比持平，但利潤率季比下滑 20 個基點。你們能否談談其中的增減因素（puts and takes），以及哪些部門、哪些終端市場正在回溫，Michael？另外，未來你們有哪些槓桿可以用來改善利潤率？

Thank you for the question, Ruplu. Probably the easiest place to start is to really look at the business overall when you think about RMS and ITS combined. So as Revathi mentioned in her prepared remarks, Q2 actually represents the fourth consecutive quarter where both RMS and ITS delivered year-on-year growth. Because that growth was driven by our higher value markets, we are also able to expand margins at a higher rate than we were growing revenue. So the business is in very good shape and positioned from strength.

謝謝你的問題，Ruplu。我想最容易切入的方式，是把 RMS 與 ITS 合併來看整體業務表現。如同 Revathi 在事先準備的談話中提到的，Q2 實際上是 RMS 與 ITS 連續第四個季度都實現年對年成長。由於這個成長是由我們較高價值的市場所帶動，我們也能以高於營收成長的速度擴大利潤率。因此整體業務狀況非常好，並且是在強勢基礎上定位。

When you think about Q2, very strong result, high-value markets driving that growth across both RMS and ITS. As Kevin mentioned, on the ITS side, communications continues to be strong on the RMS side, Industrial continues to be strong. And so when you think about where we were at the beginning of the year, a couple of things are important to note. In the first half, we performed better than we expected across both ITS and RMS. Again, in ITS Communications driving that strength, but primarily from our advanced networking business which is one of our high-value markets and are tied to those AI-related trends for data center buildout. RMS also over-delivered in the first half.

談到 Q2，這是非常強勁的結果；高價值市場帶動了 RMS 與 ITS 兩邊的成長。正如 Kevin 提到的，在 ITS 端，通訊持續強勁；在 RMS 端，工業持續強勁。因此回到年初的狀況，有幾點很重要。在上半年，我們在 ITS 與 RMS 兩邊的表現都優於預期。同樣地，在 ITS 方面，通訊帶動了這股強勢，但主要來自我們的先進網路業務——這是我們的高價值市場之一，並且與資料中心建置的 AI 相關趨勢相連結。RMS 在上半年也超出預期。

Automotive performed as expected in a stable environment. Health care grew as expected, which should be no surprise. These are longer product life cycle businesses to perform on a consistent, steady basis. And then as mentioned, industrial over delivered primarily on the strength in our energy infrastructure business where those businesses are tied to the AI and data center build-out, but also our robotics business was strong. And those things are tied to the deployment of physical AI and regionalization of the supply chain.

汽車在穩定的環境中如預期表現。醫療保健如預期成長，這應該不令人意外。這些都是產品生命週期較長的業務，通常會以一致、穩健的方式表現。另外如前所述，工業業務超出預期，主要是因為我們能源基礎設施業務的強勁表現；這些業務與 AI 與資料中心建置相關，同時我們的機器人業務也很強。而這些又與實體 AI（physical AI）的部署以及供應鏈區域化（regionalization）相關。

Now as you look forward into the second half, keep in mind, we also highlighted that we're going to be lapping stronger comparables given that the second half of last year is really where that momentum started to build. And so in the second half, we're still delivering growth on top of growth. Now there is some nuance to that. And underlying that, we are seeing incremental weakness in lifestyle, but that is being offset by communication in the ITS business. And in RMS, we are continuing to see consistent performance.

接著展望下半年，請記得我們也強調過：由於去年下半年正是動能開始累積的時點，我們將面臨更強的比較基期。因此在下半年，我們仍是在「成長之上再成長」的基礎上交付成長。當然其中有一些細微差異。在底層來看，我們看到 lifestyle（生活風格/消費生活）領域出現額外走弱，但這被 ITS 業務中的通訊所抵銷。而在 RMS 方面，我們持續看到一致且穩健的表現。

And although it might not be linear in every single quarter, you can rest assured that when we think about the guide for the year, we expect both revenue growth and margin expansion.

而且即使每一個季度未必都呈線性成長，您也可以放心：當我們思考全年指引時，我們預期營收成長與利潤率擴張都會發生。

Tim Long, Barclays.

Tim Long，巴克萊。

Two questions, if I could as well. First, maybe a little bit more generic thinking about the strong growth in CPI specifically for fiscal '27 and '28. I guess, both 80% at this point. Could you just touch a little bit on kind of capacity components, CapEx needed, power availability, things like that, that give you confidence that we can meet those numbers and what still could be a tight supply area?

我有兩個問題，如果可以的話。第一個，可能比較概括性地談一下，關於CPI在特別是27與28財年的強勁成長。我想目前看起來兩年都是80%。能否請你稍微談談讓你有信心能達成這些數字的因素，例如產能構成、所需資本支出（CapEx）、電力供應可得性等；以及目前仍可能屬於供應吃緊的環節會在哪裡？

And then secondly, I was hoping you could just touch on the cloud-related business. Maybe you could just give us a little sense on some of the subparts there, that might be more driving growth, whether it's rack assembly or custom ASIC programs or the growth in liquid cooling that you mentioned as a nascent business. So if you could just give us a little color there, that would be helpful.

第二個，我想請你談談雲端相關業務。也許你可以讓我們稍微了解其中一些子項目，哪些更在驅動成長——不論是機櫃組裝（rack assembly）、客製化ASIC專案，或是你提到仍屬新興業務的液冷成長。如果你能提供一些補充說明，會很有幫助。

Yes, Tim, I'll start off. I'd say in CPI, for the guide we gave for FY27, which is the $65 million to $75 million midpoint of $70 million. And then the one for next year, which is 80%, I will update here in Investor Day. The capacity plans were already in place starting last year. And for the 80% guide, obviously, capacity plans have been in place this year.

好的，Tim，我先開始。我想在CPI方面，就我們給出的FY27指引，是6,500萬到7,500萬美元，中位數7,000萬美元。然後明年的那個指引，也就是80%，我會在投資人日（Investor Day）這裡更新。產能規劃其實從去年就已經到位。

So that have been putting in place for a bit. The power requirements required for that also have been ongoing for a while.

所以這些都已經推動一段時間了。相應所需的電力需求也已經持續規劃與落實了一段時間。

In some cases, you have to connect utilities and substations into these factories for the power requirements, so these have been very, very stringent project planning by our teams to get the capacity in place for the CPI ramps that we have been talking about. So it will be -- it's a couple of year journey for this kind of growth, right? So I feel good about the things we control, that is capacity, power availability. And our teams are very good at standing up these types of facilities and ramping them up. So that is going really well.

在某些情況下，為了滿足用電需求，你必須把公用事業（utilities）與變電站（substations）接入這些工廠；因此，我們團隊在專案規劃上一直非常、非常嚴謹，以確保能為我們一直在談的CPI爬坡（ramps）把產能建置到位。所以這會是——這種成長是一段為期數年的旅程，對吧？因此，對於我們可控的部分，也就是產能與電力可得性，我感覺很有把握。而且我們的團隊非常擅長建置這類型的設施並把它們順利爬坡。所以目前進展非常順利。

I'd say on the components side, I mean, the shortage issue, I think you all know extremely well. We are going into -- we have been in a situation in the last 12 months, which will continue over the next I think few years in terms of component shortage and availability, the supply-demand equation is definitely tilted. But again, Flex is very good at being able to chase suppliers, look at open market availability. That's why customers come to us. And we take some of that into account, Tim, as we give our guidance, we estimate what kind of shortages we think we'll have, and we plan for that.

至於零組件端，我想缺料問題你們都非常清楚。我們正進入——過去12個月我們一直處於一種狀態，而我認為未來幾年仍會持續：就零組件短缺與可得性而言，供需關係明顯失衡。但同樣地，Flex非常擅長追蹤供應商、尋找公開市場的可得供應。這也是客戶會來找我們的原因。而且Tim，我們在給出指引時也會把這些因素納入考量：我們會估計可能出現哪些短缺，並據此做規劃。

You know very well how our guiding process was, and you guys give me a lot of pushback about being conservative. So I'd say component shortage is definitely plays into how we think about the guide, and we have included that and how we -- all the forecast that we have.

你也很清楚我們的指引流程，而你們也常常對我「太保守」提出很多反饋。所以我會說，零組件短缺確實會影響我們如何思考指引；我們已把這點納入，並反映在我們所有的預測之中。

On the cloud-related business, I would say, Tim, our focus always in the cloud-related business has been more in the custom configuration. We have been very clear before that. Our focus is around where there is specialty work, where there's complicated work, highly technical in terms of testing capability. So while it is around rack integration and things like that, it is in the custom space. We don't do standard configurations in general.

談到雲端相關業務，Tim，我會說我們在雲端相關業務上的重點一直更偏向客製化配置（custom configuration）。我們之前也講得很清楚。我們的重點在於有專業性工作、複雜工作，且在測試能力方面高度技術性的領域。所以雖然也包含機櫃整合（rack integration）等，但我們做的是客製化領域。一般而言，我們不做標準化配置。

The places we are -- I would say, pushing further into this space is more in terms of vertical integration. I've talked before about we like to be able to be the ones who are cutting metal and doing all of that. So doing most of the rack work is really important to us. So we can take that from industrial players who tend to do it today. So I would say vertical integration into that.

我們——我會說——進一步加碼的方向，更多是在垂直整合（vertical integration）。我之前談過，我們希望能由我們來負責切割金屬並完成所有相關工作。因此，承作大部分機櫃相關工作對我們非常重要。這樣我們就能從目前往往由工業類業者承作的部分把業務拿過來。所以我會說，是往那個方向做垂直整合。

The other big play is the service side, which is fairly nascent in some cases. We have a big ramp going on in Memphis as a result of that. So really doubling down into the aftermarket service because a lot of these racks are going to get pulled out over the next couple of years and need to get reconfigured and put back in.

另一個重要布局是服務端，在某些情況下仍相當新興。因此我們在孟菲斯（Memphis）正進行一個大幅爬坡。也就是在售後服務（aftermarket service）上加倍投入，因為未來幾年很多這些機櫃會被拆下來，需要重新配置後再裝回去。

And then I'd say on the cooling side, like I said, nascent for us, but we have big product lines coming out that is really going to position us extremely well. It will take a few months to get all the testing done and to deploy them, but feel really good about being able to ramp into the cooling business. So cloud overall, strong growth. And like Kevin said, we feel good about the incrementals in that business and how we are delivering. And for us, it's never been about just go get volume.

再來是散熱（cooling）方面，如我所說，對我們而言仍屬新興，但我們有一些大型產品線即將推出，將使我們處於非常有利的位置。完成所有測試並部署還需要幾個月，但我們對於能夠把散熱業務爬坡起來非常有信心。所以整體雲端業務成長強勁。而且如Kevin所說，我們對該業務的增量（incrementals）以及我們的交付方式感到很有把握。對我們而言，從來不是只為了去拿量。

We want the volume to come with great operating margins that are incremental to what we do, and we wanted to have good working capital metrics. Only those are the kinds of business we go pursue and cloud, which is a very high ROIC business as all of you know.

我們希望量的成長能伴隨優異的營業利潤率，而且這些利潤率要高於我們既有業務的增量水準；同時我們也希望有良好的營運資金（working capital）指標。只有符合這些條件的業務，我們才會去追求；而雲端，如各位所知，是一個ROIC（投入資本報酬率）非常高的業務。

Steven Fox, Fox Advisors.

Steven Fox，Fox Advisors。

First question I had was you guys mentioned in the prepared remarks, focus on the legacy business with health, energy and comms, difficult to replicate capabilities I was wondering if you could just sort of dig into that a little bit, give us an idea of what you're thinking about when you make that statement? And then I had a follow-up.

我的第一個問題是，你們在事先準備的發言中提到，聚焦於傳統業務中的醫療、能源與通訊，並強調那些難以複製的能力；我想請你們再深入談一下，當你們做出這樣的陳述時，具體是在想哪些事情？然後我還有一個追問。

Michael?

Michael？

I'd say when you think about the high-value markets and where we intend to emphasize, they're really based on two underlying principles. One, the end market growth enables us to grow at double digits. And also, those markets tend to require complex solutions that enable us to earn margins above the company average. And those types of things include everything from, call it, regulatory environment. So on our health care business.

我會說，當你思考高價值市場以及我們打算加強著墨的領域時，主要是基於兩個底層原則。第一，終端市場的成長能讓我們實現兩位數成長。第二，這些市場往往需要複雜的解決方案，使我們能賺取高於公司平均的利潤率。而這類因素包含各種面向，例如可稱之為法規環境。以我們的醫療保健業務為例。

We have an extensive footprint that is FDA certified that can not just ramp new programs, but sustain those over the long term. And that provides us with a certain amount of protection over the long term because the switching costs tend to be so high and the investments tend to be more considerable when you start up those businesses. So regulatory was one aspect.

我們擁有廣泛的、通過FDA認證的據點，不僅能導入（ramp）新專案，也能長期維持這些專案的運作。這在長期為我們提供一定程度的保護，因為轉換成本往往非常高，而在啟動這些業務時所需投資也通常更為可觀。因此，法規是其中一個面向。

When you think about automotive, I think it was also part of your question, similar things, highly regulated environments, long product life cycles and those things create a moat for a competitive advantage over the long term. When you think about communications, what we think about is this really unique offering that we now have, but you consider both our communications business that we've built over years, our recently talked about Advanced Networking business and our satellite communications business. So we now have a portfolio of solutions that scales from space to earth to end user. And those combined capabilities are truly differentiated in the marketplace, when you consider that they operate at scale in multiple regions across the globe. So those are the types of things, whether they be regulatory, technology or scale related items that provide us with that protection, that long-term competitive advantage.

再看汽車領域——我想這也是你問題的一部分——類似的因素同樣存在：高度受監管的環境、較長的產品生命週期，這些都會在長期形成護城河，帶來競爭優勢。至於通訊領域，我們所思考的是我們現在擁有的一個非常獨特的產品/服務組合：你把我們多年建立的通訊業務、我們最近談到的先進網路（Advanced Networking）業務，以及我們的衛星通訊業務一起看。因此，我們現在擁有一套可從太空延伸到地面、再到終端使用者的解決方案組合。當你考量到這些能力能在全球多個地區以規模化方式運作時，這些綜合能力在市場上確實具有明顯差異化。所以，無論是法規、技術或規模等因素，都是為我們提供保護、並帶來長期競爭優勢的關鍵。

Great. That's helpful. And then as a follow-up, Revathi, I think one of the things people have been sort of dialing in on is just going to be the customer concentration of Axiom post-spin. And I was just curious -- maybe you can give us a little bit more color on how diversified you are with your top 2 customers, how maybe that business flow gives you sort of confidence in the visibility, things like that, to get comfortable with the idea that you have 2 customers that could be like 60%, 70% of sales.

很好。這很有幫助。接著作為追問，Revathi，我想大家一直在關注的一點是，Axiom 分拆後的客戶集中度。我只是好奇——也許你可以再多補充一些細節：你們前兩大客戶的分散程度如何？以及這些業務流量如何讓你們對可見度更有信心等等，讓大家能更安心地接受「兩個客戶可能占銷售額 60%、70%」這樣的情況。

Yes, Steven, I think as I've talked about diversity and customer concentration in the light of first is who's investing in this build-out that is happening. So if you start with that, it is clear obviously that of the $1 trillion expansion that is going on a significant portion of that comes from a few hyperscalers. And within those hyperscalers, it's very clear in terms of who do custom configuration where we can win, and where the spend is coming from. So our focus around hyperscalers is we want to be very diversified in these hyperscalers. So we just -- we don't want to do only cloud compute integration we want to be able to do everything from designing your power modules to designing your custom embedded power to our 800-volt (inaudible) to the entire distributed power now all the way to beyond the meter with our solutions around Crown, our EP Square and our EPC power capability.

是的，Steven，我想如同我談到多元化與客戶集中度時，首先要看的是：是誰在投資目前正在進行的這一波擴建。所以如果從這點出發，很明顯，正在進行的 1 兆美元擴張中，有相當大一部分來自少數幾家超大規模雲端業者（hyperscalers）。而在這些 hyperscalers 之中，哪些會做客製化配置、我們在哪裡能贏、支出從哪裡來，也都非常清楚。因此，我們在 hyperscalers 上的重點是：希望在這些 hyperscalers 之間做到高度分散。所以我們——我們不想只做雲端運算整合；我們希望能涵蓋從設計電源模組、設計客製化嵌入式電源、到我們的 800 伏特（聽不清）方案、到整個分散式電源，現在甚至延伸到表後（beyond the meter），包含我們在 Crown 相關解決方案、EP Square，以及我們的 EPC 電力能力。

So we want to start all the way from utility substation to be able to take it to the chip itself, and we want to be fully diversified inside each hyperscaler. So I think about customer concentration can't walk away from the fact that hyperscalers are spending the most amount of money. If you want to be able to grow your market share, you have to grow with these hyperscalers. So that is important, but we want to be diversified in our full portfolio across all of them. So -- and each of the business units have to have multiple programs for each of these hyperscalers not just individually 1 program that they're working on.

我們希望從公用事業變電站一路做到晶片本身，並且在每一家 hyperscaler 內部也要做到充分分散。所以談到客戶集中度，不能迴避的一點是：hyperscalers 的資本支出最多。如果你想提升市占，就必須跟著這些 hyperscalers 一起成長。這很重要，但我們希望在所有 hyperscalers 之間，以完整產品組合來達成分散。因此——每個事業單位都必須針對每一家 hyperscaler 同時有多個專案，而不是各自只做 1 個專案。

I would say it's interesting, I've been in the electrical space for a very, very long time, Steven, as you know, even the very traditional electrical players are now ending up with more concentration around hyperscalers because that's where the spend is. Even power spend is more concentrated towards hyperscalers. So I think this is a good story because if you are not concentrated towards hyperscalers, you're going to be losing market share in this space. So -- and our focus is across multiple products, multiple programs with these hyperscalers.

我會說這很有意思，Steven，如你所知，我在電力/電氣領域待了非常、非常久；即便是非常傳統的電氣業者，現在也開始在 hyperscalers 上呈現更高的集中度，因為支出就在那裡。甚至電力相關支出也更集中在 hyperscalers。所以我認為這其實是個好故事，因為如果你沒有在 hyperscalers 上形成一定集中度，你在這個領域就會流失市占。所以——我們的重點是在這些 hyperscalers 上，跨多項產品、跨多個專案。

(Operator Instructions) Luke Junk, Baird.

（接線員指示）Luke Junk，Baird。

Kevin, I want to circle back to supply chain. It's been topical recently, especially in CPI. Just hoping you can walk us through some of the levers that you're pulling there in terms of inventory investment getting support from some of the larger customers or similar dynamics? And just maybe speak to your level of contents as well or maybe some specific buffers that you've included in guidance for supply chain.

Kevin，我想回到供應鏈的話題。最近這一直是熱門議題，尤其在 CPI 方面。希望你能帶我們了解一下，你們在供應鏈上採取了哪些槓桿，例如庫存投資、是否獲得一些大型客戶的支持或類似的動態？另外也請談談你們的信心程度，或是你們在指引中針對供應鏈納入了哪些具體緩衝。

Luke, thanks for the question. As we look towards our guide in Q1 when we gave our full year guide, we had understood it was going to be a difficult year from a supply chain sourcing standpoint. So that's been reflected in our guide through the year and is, of course, reflected in our current guide. As Revathi talked about it, we have a unique capability here in this organization to manage through those elements in a year like this year, and our team is doing a fantastic job.

Luke，謝謝你的問題。回顧我們在第一季給出全年指引時，我們就已理解從供應鏈採購/尋源的角度來看，這會是艱難的一年。因此，這點已反映在我們全年指引中，當然也反映在我們目前的指引裡。如同 Revathi 所說，我們這個組織在這方面有獨特能力，能在像今年這樣的年度裡把這些因素管理好，而我們的團隊做得非常出色。

Our customers, as you know, as we think about inventory and the ramps that we have in place, of course, our inventory build is not going to be linear. As we move through the year, we've seen some inventory increases. Generally, our model requires our customers to participate in that. So we have -- we generally talk about inventory, net of working capital advances. But we've been working -- when you look at working capital across the board, our teams have been doing a good job to stay really well balanced from a working capital investment standpoint, rates specifically our teams have managed well too.

至於客戶端，如你所知，當我們考量庫存以及我們正在推進的產能爬坡（ramps）時，我們的庫存建立當然不會是線性的。隨著年度推進，我們確實看到庫存有所增加。一般而言，我們的模式要求客戶參與其中。所以我們——我們通常談的是「扣除營運資金預收款（working capital advances）後」的庫存。但當你看整體營運資金時，我們的團隊一直做得很好，讓營運資金投資維持相當平衡；特別是在費率（rates）方面，我們的團隊也管理得很好。

So rocky environment, it's been in our guide we're going to see it in inventory, especially as we ramp these programs, but we don't expect it to longer term to have any negative impact from a rate standpoint.

所以在這種顛簸的環境下，這已經反映在我們的指引裡；我們會在庫存上看到影響，尤其是在這些專案爬坡時，但我們不預期從費率角度來看，長期會有任何負面影響。

Got it. And then for my follow-up, Revathi, just be great to get your perspective on the power portfolio margins and CPI now that the Form 10 is out, just how you think about the embedded portfolio today relative to critical and some of the major chunks moving towards industry averages, I'm sure we'll get into that more at Investor Day as well.

了解。那我的追問是，Revathi，隨著 Form 10 已經公布，想請你談談你對電力產品組合毛利率以及 CPI 的看法；也就是你如何看待目前的嵌入式產品組合相對於關鍵電力（critical power），以及一些主要板塊朝向產業平均水準移動的情況。我想我們在投資人日也會更深入討論。

Yes. Look, we'll share a lot more at the Investor Day. But I'd say that if you think about embedded power and critical power they both play and then now EPC, they all have different roles to play in the powertrain. But why it makes more sense to build this out end-to-end is -- when you think about all the step-up step down that happens in power conversion starting all the way from utilities to the trip itself, having an end-to-end kind of 800-volt transition (inaudible) sales will drive maximum power efficiency someday, right?

是的。你看，我們會在投資人日分享更多。不過我會說，如果你把嵌入式電源與關鍵電源，再加上現在的 EPC 來看，它們在整個電力傳動鏈（powertrain）中各自扮演不同角色。但為什麼更合理的是把它從端到端建起來——當你想到電力轉換中一路從公用事業端到晶片本身所發生的各種升壓、降壓（step-up、step-down），擁有端到端、類似 800 伏特轉換（聽不清）的完整布局，最終將能在某一天帶來最大的電力效率，對吧？

And so when we're working with kind of the semiconductor and the chip providers 2, 3 years ahead when they're developing their chip and developing the right kind of future power technology for the chip itself, then we can start getting ready with our critical power business and now with our EPC power business to be way ahead of the game compared to where everyone else is at in terms of driving the right technology. So that's why building this out end-to-end has been very important because if you do it piecemeal, you're still going to lose out on power efficiency because you'll have all the step up, step down that will happen through the power chain.

因此，當我們與半導體與晶片供應商在 2、3 年前、他們還在開發晶片並打造適用於晶片本身的下一代電力技術時就開始合作，我們就能讓我們的關鍵電力業務，以及現在的 EPC 電力業務，提前做好準備，在推動正確技術方面領先其他人。所以，這也是為什麼端到端的建置非常重要；因為如果你零碎地做，你仍然會在電力效率上吃虧，因為在整條電力鏈上會發生各種升壓、降壓。

And that's why EPC power is a good addition because we add more to the end of the line where we were -- didn't have as much product and then having all the digital rectifier, we can get to that power efficiency today. So Luke, we'll show this in great detail in terms of Innovation Day, you'll be able to see this end-to-end and why it makes sense as a complete portfolio.

這也是為什麼 EPC 電力是一個很好的補強，因為我們把產品延伸到末端——過去我們在那一段的產品相對不足；再加上所有的數位整流器（digital rectifier），我們今天就能達到那樣的電力效率。所以 Luke，我們會在 Innovation Day 以非常詳細的方式展示這一點，你將能看到端到端的全貌，以及為什麼把它作為完整產品組合是合理的。

Steve Barger, KeyBanc Capital Markets.

Steve Barger，KeyBanc Capital Markets。

Revathi, I think the prior question mentioned CapEx and maybe I missed the answer. Can you talk about capital intensity to support growth over the next year or two for Axiom. And then same question for Michael. Any change to CapEx to revenue for Flex from here?

Revathi，我想前一個問題提到了資本支出（CapEx），也許我漏聽了你的回答。你能談談為了支持 Axiom 在未來一到兩年的成長，所需的資本密集度（capital intensity）嗎？然後同樣的問題問 Michael。Flex 這邊從現在起，CapEx 相對營收的比率有沒有任何變化？

Okay. Kevin, you'll talk about CapEx.

好的。Kevin，你來談談資本支出（CapEx）。

Yes, sure. I'm happy to. So Steve, thanks for the question. From a CapEx standpoint, we talked about this year being a year of outsized investment. We've guided to a number of about $1.5 billion to $1.6 billion.

是的，當然。我很樂意。Steve，謝謝你的提問。從資本支出（CapEx）的角度來看，我們談到今年是一個投資規模偏大的年度。我們給出的指引大約是15億到16億美元。

The work we've done with respect to CapEx in the first half of the year was largely to secure the capacity we needed to perform at the levels we are this year. So that's the work that's largely been done. As we go into the back half of the year, Revathi mentioned it earlier, that CapEx is largely focused on building out the capacity and the requirements we need power included to deliver the results that we're guiding towards or looking towards, I'll say, in FY28.

我們在今年上半年就資本支出（CapEx）所做的工作，主要是為了確保我們所需的產能，以便在今年達到我們目前的營運水準。所以這部分工作基本上已經完成了。進入下半年，如Revathi先前提到的，資本支出（CapEx）主要聚焦在擴建產能，以及我們所需的各項要求（包含電力），以交付我們在FY28所給出的或所展望的成果。

So that's really how it's stacked up. We also have talked about the outsized investment this year being largely for CPI. So I'd say rough numbers, about a third of the investment this year is related to ITS and RMS and about two-thirds of that is related to CPI. And you can see in the first half of the year, we've done about a third of it. So about a third of it this year was related to FY27 and about two-thirds is related to current capacity for FY28.

大致上就是這樣的配置。我們也談過，今年偏大的投資主要是為了CPI。因此我會說，粗略來看，今年約三分之一的投資與ITS和RMS相關，約三分之二與CPI相關。而你可以看到在上半年，我們已經完成了大約三分之一。所以今年大約三分之一與FY27相關，約三分之二與FY28的當前產能相關。

Michael?

Michael？

Yes. And then on the Flex side post spend, you should see RMS and ITS revert back to historical levels, which should mean we should be at that 2% or below level for the foreseeable future.

是的。另外在Flex這邊，支出告一段落之後，你應該會看到RMS和ITS回到歷史水準，這也意味著在可預見的未來，我們應該會維持在2%或更低的水準。

Got it. And then, Michael, you mentioned the Robotics business has been a growth driver for industrial this year. Does that feel like the beginning of a multiyear production ramp? And can you talk about trends across cobot robot, AMR and maybe humanoid if you're seeing any inquiry or prototype activity there?

了解。另外，Michael，你提到今年機器人業務是工業領域的成長驅動因素。這是否讓你覺得是多年期量產爬坡的開始？你能談談協作機器人（cobot）、AMR，以及如果你們有看到任何詢問或原型活動的話，也談談類人型（humanoid）的趨勢嗎？

Yes, great question, and thanks for it. So, when you think about robotics, we've named robotics as one of the six high-value markets that we're emphasizing, and that's because we do believe that, that industry is tied to these longer-term secular trends that our capabilities are well aligned against. When you think about robotics, think about it on a spectrum of opportunities, and they range from, call it, warehouse automation and fixed automation all the way through humanoids. And when we think about that range of possible, we also think about the unique role that we play in the industry as a consumer, as a supplier and as an innovator.

是的，這是個很好的問題，謝謝。談到機器人，我們已將機器人列為我們重點強調的六個高價值市場之一，因為我們確實相信這個產業與較長期的結構性趨勢相連結，而我們的能力與之高度契合。當你思考機器人時，可以把它視為一個機會光譜，範圍從所謂的倉儲自動化與固定式自動化，一直到類人型機器人。而在思考這個可能性的範圍時，我們也會思考我們在產業中所扮演的獨特角色：既是使用者（consumer）、也是供應商（supplier）、同時也是創新者（innovator）。

So let me build on what we're seeing there. So inside of Flex, we've already deployed our own manufacturing automation platform, which is standard automation that we can deploy across our network. To make sure that we've got not only standardized platform, but also that we're automating what were previously manual processes to set the stage, not just for automation, but also for physical AI deployment.

我再補充一下我們在那裡看到的情況。在Flex內部，我們已經部署了自有的製造自動化平台，這是一套標準化自動化方案，可在我們的網路中推廣部署。以確保我們不僅擁有標準化平台，也能將過去的人工流程自動化，為後續不只是自動化、也包括實體AI（physical AI）的部署奠定基礎。

In the industry, we're starting with warehouse automation. It tends to be more fixed in nature, but still provides the benefit of automation and lays the groundwork for physical AI. We are also not just a consumer of but a supplier of cobots. These cobots, we've talked about in our relationship with Teradyne, as an example, where we utilize their equipment on our production floor and where we build elements of that cobot for them that they in turn bring to the market.

在產業端，我們從倉儲自動化開始。它通常更偏固定式，但仍能帶來自動化效益，並為實體AI打下基礎。我們不僅是協作機器人（cobot）的使用者，同時也是供應商。以我們與Teradyne的合作為例，我們在生產線上使用他們的設備，同時也為他們製造該協作機器人的部分元件，而他們再將其推向市場。

And then when you think about humanoid, although I don't envision that we'll deploy humanoid-type technologies in the next year or two we are on road map developing that technology. And we're in a position where we can leverage both the capability that we've developed in automotive with our centralized compute capability with our actuation capability, combine that with our mechanical aptitude to actually help customers bring those solutions to market more quickly than they could otherwise do on their own. So short answer, yes, we believe this is the beginning of a long-term trend, and we're looking forward to participate in that over the next years.

再談到類人型（humanoid），雖然我不預期我們會在未來一兩年內部署類人型技術，但我們正依照路線圖在開發該技術。而且我們具備條件去整合我們在汽車領域所建立的集中式運算能力與致動（actuation）能力，再結合我們的機械專長，實際協助客戶比他們單靠自己更快把解決方案推向市場。所以簡短回答：是的，我們相信這是長期趨勢的開端，我們也期待在未來幾年參與其中。

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

我們的問答環節到此結束。我想把時間交回去，看看是否還有任何進一步的結語。

Thank you, everyone. We had a strong first half for the fiscal year and we're carrying that momentum forward to the second half and the spinoff. I want to thank our customers and our shareholders, and then a big shout out to the Global Flex team for executing so well in this environment as they work through kind of the spin and everything else that's going on. I also want to encourage all of you to join us for Innovation Day, where you can take all this from seeing it in PowerPoints and slides to touching and feeling and seeing how the products really work. So I'd like to see all of your innovation date November 10. Thank you.

謝謝各位。我們在本會計年度上半年表現強勁，並將把這股動能延續到下半年以及分拆（spinoff）。我要感謝我們的客戶與股東，也要特別感謝全球Flex團隊，在這樣的環境下仍能出色執行，並在處理分拆及其他各項進行中的事情時表現優異。我也鼓勵各位參加我們的Innovation Day，屆時你可以把在PowerPoint和投影片上看到的內容，轉化為親手觸摸、親眼看到產品如何真正運作。所以我希望在11月10日的Innovation Day見到各位。謝謝。

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

謝謝。今天的電話會議到此結束。你現在可以掛線，祝你有美好的一天。感謝你今天的參與。

Good-bye.

再見。