Plexus Corp (PLXS) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Liz and I'll be your conference operator today. At this time, I would like to welcome everyone to the first-quarter 2025 earnings conference call. (Operator Instructions)

謝謝你的支持。我叫莉茲，今天我將擔任您的會議操作員。此刻，我歡迎大家參加 2025 年第一季財報電話會議。（操作員說明）

Thank you. I would now like to turn the call over to Mr. Shawn Harrison, Vice President of Investor Relations. Please go ahead.

謝謝。我現在想將電話轉給投資者關係副總裁肖恩·哈里森先生。請繼續。

Thanks, Liz.

謝謝，莉茲。

Good morning, and thank you, everyone for joining us today.

早安，謝謝大家今天加入我們。

Some of the statements made and information provided during our call today will be forward-looking statements. Including without limitation, those regarding revenue, gross margin, selling and administrative expense, operating margin, other income and expense taxes, cash cycle, capital allocation and future business outlook.

我們今天的電話會議中所做的一些陳述和提供的資訊將是前瞻性陳述。包括但不限於有關收入、毛利率、銷售和管理費用、營業利潤、其他所得稅和費用稅、現金週期、資本配置和未來業務前景的資訊。

Forward-looking statements are not guaranteed since there are inherent difficulties in predicting future results and actual results could differ materially from those expressed or implied in the forward-looking statements. A list of factors that could cause actual results to differ materially from those discussed. Please refer to the company's periodic SEC filings, particularly the risk factors in our Form 10-K filing for the fiscal year ended September 28, 2024, is supplemented by the Safe Harbor and Fair Disclosure statement in our press release. We encourage participants on the call this morning to access the live webcast and supporting materials at Plexus' website at www.plexus.com, clicking on investors at the top of that page.

前瞻性陳述不受保證，因為預測未來結果存在固有的困難，實際結果可能與前瞻性陳述中明示或暗示的結果有重大差異。可能導致實際結果與討論結果有重大差異的因素清單。請參閱本公司定期向 SEC 提交的文件，特別是截至 2024 年 9 月 28 日的財年 10-K 表格文件中的風險因素，並由我們新聞稿中的安全港和公平揭露聲明進行補充。我們鼓勵今天早上電話會議的參與者訪問 Plexus 網站 www.plexus.com 上的現場網路廣播和支援資料，點擊該頁面頂部的投資者。

Joining me today are Todd Kelsey, President and Chief Executive Officer; Oliver Mihm, Executive Vice President and Chief Operating Officer; and Pat Jermain, Executive Vice President and Chief Financial Officer. With today's earnings call, Todd will provide summary comments before turning the call over to Oliver and Pat for further details.

今天與我一起出席的還有總裁兼執行長 Todd Kelsey； Oliver Mihm，執行副總裁兼營運長；以及執行副總裁兼財務長 Pat Jermain。在今天的財報電話會議上，托德將提供摘要評論，然後將電話轉交給奧利弗和帕特以了解更多詳細資訊。

With that, let me now turn the call over to Todd Kelsey.

現在，讓我將電話轉給托德·凱爾西。

Thank you, Sean. Good morning, everyone. Please advance to slide 3.

謝謝你，肖恩。大家早安。請前進至幻燈片 3。

Our team's agility and responsiveness in support of customer success enabled strong operating performance in the fiscal first quarter and robust financial results to begin fiscal 2025. We continue to forecast revenue growth across each of our market sectors for fiscal 2025. This growth is driven by new program ramps and share gains as trends in our sectors remain mixed associated with shifts in the timing of certain customer program ramps and changes in customer forecasts.

我們的團隊在支援客戶成功方面表現出敏捷性和響應能力，從而在第一財季實現了強勁的營運業績，並在 2025 財年開始取得了強勁的財務業績。我們持續預測 2025 財年每個市場領域的營收成長。這種成長是由新計劃的增加和份額成長推動的，因為我們行業的趨勢仍然與某些客戶計劃增加的時間變化和客戶預測的變化有關。

We continue to build upon our efforts to drive sustained improvement in working capital efficiency and now forecast fiscal 2025 free cash flow of up to $100 million, which we will continue to utilize to create additional shareholder value. We remain confident in achieving meaningful non-GAAP EPS growth in fiscal 2025, benefiting from revenue growth in each of our market sectors, continued strong operating margin performance and free cash flow deployment toward debt reduction in our share repurchase program.

我們繼續努力推動營運資本效率的持續提高，目前預測 2025 財年自由現金流將高達 1 億美元，我們將繼續利用這些現金流創造額外的股東價值。我們仍然有信心在2025 財年實現有意義的非公認會計準則每股收益增長，這得益於我們每個市場領域的收入增長、持續強勁的營業利潤率表現以及在股票回購計劃中減少債務的自由現金流部署。

Please advance to slide 4.

請前進至幻燈片 4。

Our team continues to execute at a high-level. Fiscal first-quarter revenue of $976 million met our guidance. As the quarter progressed, we experienced stronger demand with some customers in our industrial and Healthcare/Life Sciences market sectors but also demand degradation with other customers in these sectors.

我們的團隊繼續保持高水準執行。第一財季營收為 9.76 億美元，符合我們的指引。隨著本季度的進展，我們的工業和醫療保健/生命科學市場領域的一些客戶的需求更加強勁，但這些領域的其他客戶的需求也有所下降。

In our Aerospace and Defense market sector, we experienced negative forecast adjustments related to well publicized reductions in near-term commercial aerospace production rates. With our team driving incremental operating efficiencies, non-GAAP operating margin of 6.0% was near the high end of our guidance range and met our long term goal. Non-GAAP EPS of $1.73 exceeded our guidance benefiting from strong operating margin performance, further reduction in interest expense and a slightly favorable tax rate. In addition, we delivered $27 million of free cash flow significantly better than our expectations entering the quarter.

在我們的航空航太和國防市場領域，我們經歷了與廣為人知的近期商業航空航太生產率下降相關的負面預測調整。隨著我們的團隊不斷提高營運效率，6.0% 的非 GAAP 營運利潤率接近我們指導範圍的上限，並實現了我們的長期目標。受益於強勁的營業利潤率表現、利息支出的進一步減少以及略微優惠的稅率，非公認會計準則每股收益為 1.73 美元，超出了我們的指導。此外，我們在進入本季時交付了 2,700 萬美元的自由現金流，這明顯優於我們的預期。

Please advance to slide 5.

請前進至幻燈片 5。

For the fiscal first quarter, we won 30 manufacturing programs worth $212 million in revenue annually when fully ramped into production while expanding our funnel of qualified opportunities to $3.6 billion. Included in the wins result is another strong quarterly contribution within our Healthcare/Life Sciences market sector of $130 million, an exciting new growth opportunities for our Aerospace and Defense and industrial market sectors.

在第一財季，我們贏得了 30 個製造項目，全面投產後每年收入達 2.12 億美元，同時將合格機會管道擴大到 36 億美元。勝利結果包括我們的醫療保健/生命科學市場領域的另一個強勁季度貢獻，達 1.3 億美元，這為我們的航空航天、國防和工業市場領域帶來了令人興奮的新增長機會。

In addition, our engineering solutions team delivered a wind total that approached a two year high while our funnel of engineering opportunities continues to see increased diversification. We believe both are strong leading indicators of future Plexus revenue growth.

此外，我們的工程解決方案團隊交付的風電總量接近兩年來的最高水平，而我們的工程機會管道繼續呈現多元化趨勢。我們相信兩者都是未來 Plexus 營收成長的強勁領先指標。

Please advance to slide 6.

請前進至幻燈片 6。

As part of our commitment to sustainable and responsible business practices, we engaged in a materiality assessment with our key stakeholders that helped identify important priorities and inform our fiscal 2025 areas of focus. These initiatives include furthering the development of innovative capabilities to design manufacture and service products to be more sustainable for our customers, including product life cycle assessments and creative packaging solutions.

作為我們對永續和負責任的商業實踐承諾的一部分，我們與主要利益相關者進行了重要性評估，這有助於確定重要的優先事項並為我們 2025 財年的重點領域提供資訊。這些措施包括進一步發展創新能力，設計製造和服務產品，使我們的客戶更具永續性，包括產品生命週期評估和創意包裝解決方案。

Continuing efforts to reduce our own environmental impact and operational efficiencies through setting enterprise emissions, waste and water reduction goals. And building deeper intelligence on our suppliers related to the environment, labor, human rights and ethics.

透過設定企業排放、廢棄物和水減少目標，不斷努力減少我們自身的環境影響和營運效率。並為我們的供應商建立與環境、勞工、人權和道德相關的更深入的情報。

Additionally, I'm proud to highlight our continued recognition as an employer and partner of choice. Since our update last quarter, we were recognized as one of the best employers in Penang by the Employer's Provident Fund of Malaysia. And we were awarded HR Asia's Best Companies to Work For in Asia for the third consecutive year. We were named a finalist for Wisconsin Manufacturers and Commerce, Manufacturer of the Year. Our Kelso, Scotland team was shortlisted for the Business of the Year Award and received Scotland's Developing the Young Workforce Champion Award.

此外，我很自豪地強調我們作為首選雇主和合作夥伴的持續認可。自從上個季度更新以來，我們被馬來西亞雇主公積金評為檳城最佳雇主之一。我們連續第三年榮獲《HR Asia》亞洲最佳雇主獎。我們被評為威斯康辛州製造商和商業年度製造商決賽入圍者。我們位於蘇格蘭凱爾索的團隊入圍年度企業獎，並榮獲蘇格蘭青年勞動力發展冠軍獎。

Finally, last quarter, we highlighted the amazing engagement of our team members within their local communities through our volunteer time off charitable giving program. Through this program, we made financial donations to 24 global charities voted on by our team members in the fiscal first quarter.

最後，在上個季度，我們強調了我們的團隊成員透過志工休假慈善捐贈計畫在當地社區的出色參與。透過該計劃，我們向我們的團隊成員在第一財季投票選出的 24 個全球慈善機構提供了財務捐款。

Thank you to our Plexus team partners and local communities whose commitment and dedication leads to our ongoing success and our ability to fulfill our vision to build a better world.

感謝我們的 Plexus 團隊合作夥伴和當地社區，他們的承諾和奉獻使我們不斷取得成功，並有能力實現建立更美好世界的願景。

Please advance to slide 7.

請前進至幻燈片 7。

Considering current market sector dynamics and typical seasonal cost pressures, we are guiding fiscal second quarter revenue in the range of $960 million to $1.00 billion. Non-GAAP operating margin of 5.3% to 5.7% and non-GAAP EPS of $1.46 to $1.61.

考慮到當前市場部門動態和典型的季節性成本壓力，我們預計第二財季營收將介於 9.6 億至 10 億美元之間。非公認會計原則營業利潤率為 5.3% 至 5.7%，非 GAAP 每股收益為 1.46 美元至 1.61 美元。

As we consider fiscal 2025, I would highlight the following.

當我們考慮 2025 財年時，我想強調以下幾點。

Our outlook reflects the trends revealed through our constant dialogue with our customers and the current status of global trade policies while acknowledging an evolving geopolitical environment. At Plexus, we have, and we will continue to invest in tools, technology, people and capacity to ensure we are proactive in supporting the needs of our customers in any of the regions. We operate with a non-negotiable focus on zero defects and perfect delivery. Our historic focus on organic growth is a competitive advantage that provides a consistent OnePlus experience to our customers in any of our global sites.

我們的展望反映了我們與客戶不斷對話所揭示的趨勢以及全球貿易政策的現狀，同時承認不斷變化的地緣政治環境。在 Plexus，我們已經並將繼續在工具、技術、人員和能力方面進行投資，以確保我們積極主動地支持任何地區客戶的需求。我們堅定不移地致力於零缺陷和完美交付。我們歷史上對有機成長的關注是一種競爭優勢，可以為我們全球任何站點的客戶提供一致的 OnePlus 體驗。

Looking at the remainder of fiscal 2025, we expect to deliver sequential revenue growth during the back half of the fiscal year with strong operating performance as our ongoing focus on operational efficiency bears incremental dividends. In addition, we expect another year of solid free cash flow generation which we will deploy to create additional shareholder value.

展望 2025 財年剩餘時間，我們預計將在本財年後半段實現收入環比增長，並實現強勁的營運業績，因為我們對營運效率的持續關注帶來了增量股息。此外，我們預計又一年會產生穩定的自由現金流，我們將利用它來創造額外的股東價值。

We continue to expect year-over year-growth from our Aerospace and Defense market sector albeit more subdued than anticipated entering the fiscal year. We expect new program ramps and share gains to offset a more challenged, near-term commercial aerospace market and our continued conservatism in forecasting that market. We continue to expect moderate growth in our Healthcare/Life Sciences market sector as we navigate through any remaining inventory corrections while benefiting from new program ramps, share gains and a modest rebound in healthcare market demand.

我們繼續預期航空航太和國防市場領域的年增率將比進入本財年的預期更為疲軟。我們預計新項目的增加和份額成長將抵消近期商業航空市場面臨的更大挑戰以及我們對該市場預測的持續保守態度。我們繼續預期醫療保健/生命科學市場領域將出現溫和成長，因為我們將克服任何剩餘的庫存調整，同時受益於新計畫的增加、股票收益和醫療保健市場需求的溫和反彈。

We continue to expect growth in our industrial market sector. This expectation reflects robust growth and semi cap, associated with an increasing contribution from new program wins and share gains realized during the past few years but a broader global industrial market that remains challenged by inventory corrections and weak demand. Finally, we anticipate meaningful EPS expansion in fiscal 2025, leveraging revenue growth in each of our market sectors, ongoing strong operating margin performance and continued deployment of our substantial free cash flow generation to create additional shareholder value.

我們繼續預期工業市場領域的成長。這一預期反映了強勁的成長和半上限，與過去幾年新項目獲勝和份額收益的貢獻不斷增加有關，但更廣泛的全球工業市場仍然受到庫存調整和需求疲軟的挑戰。最後，我們預計 2025 財年每股收益將大幅成長，利用我們每個市場領域的收入成長、持續強勁的營業利潤率表現以及繼續部署大量自由現金流來創造額外的股東價值。

I will now turn the call over to Oliver for additional analysis of the performance of our market sectors.

我現在將把電話轉給奧利佛，以進一步分析我們市場部門的表現。

Thank you, Todd.

謝謝你，托德。

Good morning.

早安.

I will begin with the review of the fiscal first-quarter performance of each of our market sectors. Our expectations for each sector for the fiscal second quarter and some directional sector commentary for fiscal 2025. I will also review the annualized revenue contribution of our wins performance for each market sector and then provide an overview of a funnel of qualified manufacturing opportunities.

我將首先回顧我們每個市場部門的第一財季業績。我們對第二財季每個部門的預期以及 2025 財年的一些方向性部門評論。我也會檢視我們對每個市場領域的勝利表現的年化收入貢獻，然後概述合格的製造機會的漏斗。

Starting with our Aerospace and Defense sector on slide 8, revenue decreased 13% sequentially in the fiscal first quarter, below our expectation for a high single-digit decline. Near-term market challenges in the commercial aerospace subsector and a delay in the ramp of a recent manufacturing win more than offset strength in the space subsector.

從投影片 8 中的航空航太和國防部門開始，第一財季營收季減 13%，低於我們對高個位數降幅的預期。商業航空航太子行業的近期市場挑戰以及近期製造業勝利的延遲，足以抵消航太子行業的實力。

We expect revenue for the Aerospace and Defense sector to be up high single digits in the fiscal second quarter. Reflective of the broad-based increases in customer demand more than offsetting the near-term commercial aerospace market challenges.

我們預計第二財季航空航太和國防部門的收入將出現高個位數成長。這反映出客戶需求的廣泛成長，足以抵銷近期商業航空市場的挑戰。

Our wins for the fiscal first quarter for the Aerospace and Defense sector were healthy at $29 million. As evidence of our growing success and momentum in supporting our US defense customers and those of our allies, wins included our largest single award with any defense prime contractor. We also want the engineering development of a control unit for a defense aerospace program, reflecting our diversification efforts for our engineering solutions to enable growth. And finally, our position as the partner of choice for an existing customer was further strengthened with the award of a product line expansion for advanced air mobility and markets.

我們在航空航太和國防領域的第一財季獲利為 2,900 萬美元。作為我們在支持美國國防客戶和盟友方面不斷取得成功和勢頭的證據，我們獲得的獎項包括我們與任何國防主承包商獲得的最大的單一獎項。我們也希望為國防航空航太專案進行控制單元的工程開發，這反映了我們為實現成長而為工程解決方案所做的多元化努力。最後，我們作為現有客戶首選合作夥伴的地位得到了進一步加強，獲得了針對先進空中交通和市場的產品線擴展。

Although we anticipate a stronger second half of fiscal 2025, the reduction in near term commercial aerospace production rates is limiting the anticipated growth contribution among ongoing wins and share gains. Long term, we remain optimistic in delivering robust growth in the commercial aerospace subsector. Given a substantial backlog of demand for new and more fuel-efficient airplanes.

儘管我們預計 2025 財年下半年將表現強勁，但近期商業航空航太生產力的下降限制了持續勝利和份額收益的預期成長貢獻。從長遠來看，我們對商業航空航太分行業的強勁成長保持樂觀。鑑於對新的、更省油的飛機的需求大量積壓。

As such for fiscal 2025, we now anticipate modest growth for our Aerospace and Defense market sector with strong defense and space subsector demand being substantially offset by the commercial aerospace market production challenges and conservatism in our forecasting process.

因此，對於 2025 財年，我們現在預計航空航太和國防市場領域將出現溫和成長，強勁的國防和航太子產業需求將被商業航空航太市場生產挑戰和我們預測過程中的保守態度所抵消。

Please advance to slide 9.

請前進至幻燈片 9。

Revenues in our Healthcare/Life Sciences market sector was down 10% sequentially for the fiscal first quarter. Below our expectations of a high single-digit decrease driven by demand, softening inside the quarter.

第一財季醫療保健/生命科學市場部門的收入較上季下降了 10%。低於我們對受需求驅動的高個位數下降的預期，本季內需求疲軟。

For the fiscal second quarter, we expect the Healthcare/Life Sciences sector to grow revenue high single-digits, driven primarily by strength and new program ramps. Fiscal first quarter, sector wins of $130 million marked the third consecutive quarter of strong performance. Wins included a substantial expansion of our engagement with an existing customer which also establishes Plexus as a strategic supplier for this customer's ultrasound products. We will build this assembly in our Guadalajara, Mexico campus. We also won a substantial follow-on award for a monitoring device in our Penang, Malaysia campus.

對於第二財季，我們預計醫療保健/生命科學產業的收入將實現高個位數成長，這主要是由實力和新項目的成長所推動的。第一財季，該部門贏得了 1.3 億美元的利潤，標誌著連續第三個季度表現強勁。勝利包括大幅擴大我們與現有客戶的合作，這也使 Plexus 成為該客戶超音波產品的策略供應商。我們將在墨西哥瓜達拉哈拉園區建造這個組件。我們也為馬來西亞檳城園區的監控設備贏得了後續重大獎項。

An existing customer provided a significant award for our team in Scotland. The product is an AI enabled surgical visualization guidance system that supports robotic surgery. We will now be engaged with this customer in all three regions. All three of these awards resulted from our focus on operational excellence, which we define as zero defects and perfect delivery.

一位現有客戶為我們在蘇格蘭的團隊提供了重要獎項。該產品是一款支援機器人手術的人工智慧手術視覺化引導系統。我們現在將在所有三個地區與該客戶接洽。這三個獎項都源自於我們對卓越營運的關注，我們將其定義為零缺陷和完美交付。

As we look to our fiscal 2025, we remain optimistic for a return to growth for the Healthcare/Life Sciences sector driven primarily from the strength of program ramps and share gains.

展望 2025 財年，我們對醫療保健/生命科學產業恢復成長仍持樂觀態度，這主要是由於計劃增加和股票收益的強勁推動。

Advancing to the industrial sector on slide 10. Revenue decreased 2% sequentially in the fiscal first quarter. The result was above our expectation of a mid-single digit decrease and primarily driven by inside the quarter demand increases from customers and our semi cap and test and measurement subsectors.

進入投影片 10 中的工業部門。第一財季營收季減 2%。結果高於我們預期的中個位數下降，主要是由於客戶以及我們的半導體和測試與測量子行業的季度內需求成長所致。

Our fiscal second quarter outlook for the industrial sector of a high single digit to low double digit revenue decline reflects continued soft end markets, more than offsetting growth in the semi cap subsector.

我們對工業部門第二財季收入預期從高個位數到低兩位數的收入下降反映了持續的軟終端市場，足以抵消半盤子行業的成長。

The industrial market sector wins for the fiscal first quarter were $53 million. Included in this result is a significant win with a new customer for an enhanced industrial vision technology product to be built in our Guadalajara, Mexico campus. We awarded the work based on our proactive engagement and the breadth of our offering including engineering product development and automation services.

第一財季工業市場部門的獲利為 5,300 萬美元。這項成果包括與一位新客戶的重大勝利，該客戶將在我們墨西哥瓜達拉哈拉園區建造增強型工業視覺技術產品。我們授予這項工作是基於我們的積極參與和我們提供的產品的廣度，包括工程產品開發和自動化服務。

Our wins also included the addition of sustaining services for an existing manufacturing customer and the energy management subsector. This product is built in our Appleton Wisconsin facility.

我們的勝利還包括為現有製造客戶和能源管理子行業增加持續服務。該產品是在我們威斯康辛州阿普爾頓工廠製造的。

We're also awarded a new product launch with an existing semi cap customer. The product will be built in our Penang, Malaysia campus. This strategic award is a reflection of the responsiveness and success we've demonstrated on prior product watches.

我們也獲得了與現有半帽客戶一起推出新產品的機會。該產品將在我們馬來西亞檳城園區生產。該戰略獎項反映了我們在先前的產品手錶上所表現出的響應能力和成功。

Supporting our outlook of growing semi cap momentum per Plexus, our wins this quarter included awards from all of our top five semi cap customers. Our expectation of growth for the industrial sector in fiscal 2025 remains unchanged. Share gains and new program ramps are driving growth for our semi cap subsector while the broader industrial markets continue to reflect instability and soft demand.

支持我們對 Plexus 半上限成長勢頭的展望，我們本季的勝利包括來自我們所有前五名半上限客戶的獎項。我們對 2025 財年工業部門成長的預期保持不變。股價上漲和新計劃的增加正在推動我們的半盤子行業的成長，而更廣泛的工業市場繼續反映不穩定和需求疲軟。

Please advance to slide 11 for a review of our funnel of qualified manufacturing opportunities.

請前進至投影片 11，查看我們的合格製造機會漏斗。

The funnel of qualified manufacturing opportunities remains robust at $3.6 billion and reflects a mid-single digit sequential increase. In summary, the strength conveyed through our share gains and multiple new program ramps positive leading indicators from our engineering solutions and our robust, qualified funnel of manufacturing opportunities, creates optimism for growth. Even as many market subsectors are currently experiencing uncertain near-term outlooks or demand softness.

合格製造機會的漏斗仍然強勁，達到 36 億美元，並反映出中個位數的環比增長。總而言之，透過我們的份額成長和多個新計劃所傳達的實力，使我們的工程解決方案和強大、合格的製造機會漏斗的積極領先指標不斷上升，為成長帶來了樂觀情緒。儘管許多市場子行業目前近期前景不確定或需求疲軟。

I will now turn the call over to Pat.

我現在將把電話轉給帕特。

Thank you, Oliver. And good morning, everyone. Our fiscal first quarter results are summarized on slide 12.

謝謝你，奧利佛。大家早安。我們的第一個財季業績總結於投影片 12 中。

Gross margin of 10.3% was to the top end of our guidance and consistent with the previous quarter. Selling and administrative expense of $49 million was slightly above our guidance. Primarily due to additional stock-based compensation expense. Non-GAAP operating margin of 6% was also toward the top end of our guidance and delivered on our target margin of 6% or above for the second consecutive quarter.

10.3% 的毛利率達到了我們指導值的上限，並且與上一季保持一致。銷售和管理費用為 4900 萬美元，略高於我們的指導。主要是由於額外的股票補償費用。6% 的非 GAAP 營業利潤率也接近我們指導的上限，並連續第二個季度實現了 6% 或以上的目標利潤率。

Our regional teams drove operational efficiencies and managed spending, which helped mitigate the impact of losing substantial fixed cost leverage given the lower sequential revenue.

我們的區域團隊提高了營運效率並管理了支出，這有助於減輕因連續收入較低而失去大量固定成本槓桿的影響。

Non-operating expense of $3.4 million was favorable to expectations due to improved foreign exchange performance and lower than anticipated interest expense as we deployed free cash flow to reduce debt. Non-GAAP diluted EPS of $1.73 exceeded the top end of our guidance due to the previously mentioned factors and a slightly favorable tax rate.

由於外匯表現改善，以及我們利用自由現金流減少債務而導致的利息支出低於預期，營業外支出為 340 萬美元，符合預期。由於前面提到的因素和略微優惠的稅率，非 GAAP 攤薄後每股收益為 1.73 美元，超出了我們指導的上限。

Turning to our cash flow and balance sheet on slide 13. We were extremely pleased with our free cash flow performance to start fiscal 2025. We delivered $54 million in cash from operations and spent $27 million capital expenditures resulting in free cash flow of $27 million. This result was above our expectations and represented our best fiscal first-quarter cash flow performance in five years.

轉向投影片 13 上的現金流量和資產負債表。我們對 2025 財年開始的自由現金流表現非常滿意。我們從營運中交付了 5,400 萬美元的現金，並花費了 2,700 萬美元的資本支出，產生了 2,700 萬美元的自由現金流。這結果超出了我們的預期，代表了我們五年來最好的第一財季現金流表現。

We utilized our strong free cash flow to continue support of our share repurchase program, acquiring approximately 85,000 shares of our stock during the quarter for $13 million. We have approximately $37 million available under the current $50 million authorization.

我們利用強大的自由現金流繼續支持我們的股票回購計劃，本季以 1,300 萬美元的價格收購了約 85,000 股我們的股票。根據目前 5000 萬美元的授權，我們大約有 3700 萬美元可用。

Similar to the prior quarter, we ended the fiscal first quarter in a net cash position. We had $15 million outstanding under our revolving credit facility with $485 million available to borrow under the facility.

與上一季類似，我們以淨現金部位結束了第一財季。我們的循環信貸安排下有 1,500 萬美元未償還，其中 4.85 億美元可根據該安排借款。

In addition to increasing our cash balance, we have also reduced our borrowing by more than half over the past year. Our gross EBITDA ratio is conservative at less than one.

除了增加現金餘額外，過去一年我們還減少了一半以上的借款。我們的總 EBITDA 比率保守地低於 1。

For the fiscal first quarter, we delivered return on invested capital of 13.8%, which was 490 basis points above our weighted average cost of capital. Our invested capital base is significantly lower due to our efforts to drive sustained improvements in working capital. This combined with improved operating performance drove better ROIC over the comparative periods.

第一財季，我們的投資資本報酬率為 13.8%，比加權平均資本成本高出 490 個基點。由於我們努力推動營運資本的持續改善，我們的投資資本基礎顯著降低。這與營運績效的改善相結合，推動了比較期間更好的投資報酬率。

Cash cycle at the end of the fiscal first quarter was 68 days, five days favorable to expectations and sequentially higher by four days. This result represents close to a 30% improvement in our cash cycle days from one year ago.

第一財季末的現金週期為 68 天，有 5 天符合預期，比上一季增加了 4 天。這一結果表明我們的現金週期天數比一年前提高了近 30%。

Please turn to slide 14 for details on our cash cycle.

請參閱投影片 14 以了解我們現金週期的詳細資訊。

Lower revenue was a leading factor to the sequential increase in several cash cycle categories. While days and inventory sequentially increased, gross inventory dollars continued to decline this quarter by over $20 million. This reduction represents the fourth consecutive quarter of decline with gross inventory now of $360 million lower than the fiscal 2023 high point.

收入下降是幾個現金週期類別連續成長的主導因素。儘管週轉天數和庫存有所增加，但本季總庫存金額仍持續下降超過 2,000 萬美元。這一減少是連續第四個季度下降，目前總庫存比 2023 財年高點低 3.6 億美元。

Days in accounts payable sequentially increased by 10 days due to the lower revenue and timing of supplier payments and inventory receipts. With the return of close to $85 million in customer deposits, we experienced a three-day reduction in advance payment days.

由於收入減少以及供應商付款和庫存收貨的時間安排減少，應付帳款天數連續增加了 10 天。隨著近 8,500 萬美元客戶存款的返還，我們的預付款天數減少了三天。

As Todd has already provided the revenue and EPS guidance for the fiscal second quarter, I'll review some additional details which are summarized on 515. Fiscal second-quarter gross margin is expected to be in the range of 9.7% to 10%. At the midpoint, gross margin would be approximately 50 basis points lower than the fiscal first quarter. This reduction is primarily due to our typical seasonal compensation cost increases and the reset of payroll taxes for US employees.

由於托德已經提供了第二財季的收入和每股收益指導，我將回顧 515 中總結的一些其他詳細資訊。第二財季毛利率預計在9.7%至10%之間。中點時，毛利率將比第一財季低約 50 個基點。這項減少主要是由於我們典型的季節性薪資成本增加以及美國員工薪資稅的重置。

We expect selling and administrative expense in the range of $48.5 million to $49.5 million, which is consistent with the prior quarter despite seasonal compensation headwinds of more than $1 million. Note that the estimate for selling and administrative expense is inclusive of approximately $6.2 million of stock-based compensation expense.

我們預計銷售和管理費用將在 4,850 萬美元至 4,950 萬美元之間，儘管季節性薪酬不利因素超過 100 萬美元，但與上一季持平。請注意，銷售和管理費用的估計包括約 620 萬美元的股票補償費用。

Fiscal second-quarter non-GAAP operating margin is expected to be in the range of 5.3% to 5.7%, exclusive of stock-based compensation expense. Non-operating expense is anticipated to be approximately $4.5 million. We continue to anticipate low interest expense with our reduced borrowing.

第二財季非公認會計準則營業利潤率預計在 5.3% 至 5.7% 之間，不包括股票薪資費用。營業外支出預計約 450 萬美元。我們繼續預計，隨著借款減少，利息支出將會降低。

For the fiscal second quarter, we are estimating an effective tax rate between 14% and 16% and diluted shares outstanding of $27.7 million. In support of anticipated program ramps, our expectation for the balance sheet is that working capital investments will increase compared to the fiscal first quarter. Based on our revenue forecast, we expect this level of working capital will result in cash cycle days in the range of 69 to 73 days. At the midpoint, cash cycle days would be sequentially higher by 3 but lower by 20 days compared to last year's fiscal second quarter.

對於第二財季，我們預計有效稅率為 14% 至 16%，稀釋後的流通股數為 2,770 萬美元。為了支持預期的計畫提升，我們對資產負債表的預期是營運資本投資將比第一財季增加。根據我們的收入預測，我們預計這一營運資金水準將導致現金週期天數在 69 至 73 天之間。與去年第二財季相比，中期現金週期天數將增加 3 天，但減少 20 天。

With investments to support anticipated program ramps, we expect break even to a slight usage of cash for the fiscal second quarter.

透過投資支持預期的計畫提升，我們預計第二財季現金使用量將略有收支平衡。

Fiscal 2025 capital spending is still expected to be in the range of $120 million to $150 million, increase from the $95 million spent in fiscal 2024. Despite higher capital spending and investments in working capital to support growth, our strong fiscal first-quarter free cash flow positions us to now generate up to $100 million of free cash flow for fiscal 2025.

2025 財年的資本支出預計仍將在 1.2 億至 1.5 億美元之間，較 2024 財年的 9,500 萬美元增加。儘管資本支出和營運資本投資增加以支持成長，但我們強勁的第一財季自由現金流使我們能夠在 2025 財年產生高達 1 億美元的自由現金流。

With that, Liz, let's now open the call for questions.

麗茲，現在讓我們開始提問。

(Operator Instructions)

（操作員說明）

David Williams, Benchmark.

大衛威廉斯，《基準》。

Hey, good morning, gentlemen. Thank you for taking my questions.

嘿，早上好，先生們。感謝您回答我的問題。

I guess, maybe first, if you could talk a little bit about the industrial segment. And you talked about the semi cap being strong, but it degradation and some of the demand trends in the broader areas. Can you maybe run through that a little bit deeper? Maybe some puts and takes and where you're seeing that weakness? And is this something you expect to continue through the year or is this more short term. If any color there, I think would be helpful.

我想，也許首先，您可以談談工業領域。您談到半上限很強勁，但它的退化以及更廣泛領域的一些需求趨勢。能更深入地講一下嗎？也許有一些看跌期權和看跌期權，以及您在哪裡看到了弱點？您預計這種情況會持續一整年還是短期內？如果有任何顏色，我認為會有幫助。

Yeah, David, this is Todd, and good morning. I'll start with a discussion around semi cap and then I'll turn it over to Oliver and he can get into some of the broader dynamics within the industrial market.

是的，大衛，我是陶德，早安。我將首先討論半上限，然後將其交給奧利弗，他可以了解工業市場中的一些更廣泛的動態。

So semi cap, we're expecting a really strong growth here. I would say high teens on order for us as we look at it right now. We realize and understand that above market growth right now, but it continues a trend we've had over the past near decade of outgrowing the market because of share gains and new program wins. So, we expect to continue that trend and it's supported even further out as Oliver mentioned through the program wins that we had this quarter that are reflected across all five of our top customers.

因此，我們預計這裡會有非常強勁的成長。我想說的是，當我們現在看的時候，我們已經訂購了十幾歲的孩子。我們意識到並理解目前的成長高於市場成長，但它延續了我們在過去近十年中由於份額成長和新項目獲勝而超過市場成長的趨勢。因此，我們預計將繼續這一趨勢，並且正如奧利弗透過本季我們所獲得的計劃勝利所提到的那樣，這一趨勢將得到進一步的支持，這些勝利反映在我們所有五個頂級客戶中。

Yeah, and it's reflecting on the broader industrial markets, really. I mean, we're seeing it across, David, most of our other subsectors. So communication, the measurement, electrification, automation, all seeing software demand. We do anticipate that in the longer term that it will rectify, but as Todd noted, that's currently offsetting from that semi cap growth.

是的，這確實反映了更廣泛的工業市場。我的意思是，大衛，我們在大多數其他子部門都看到了這一點。因此，通訊、測量、電氣化、自動化，都看到了軟體需求。我們確實預計，從長遠來看，它會得到糾正，但正如托德指出的那樣，目前這正在抵消半上限的增長。

Great, thanks. And then maybe secondly, I know that Aerospace and Defense has been an area that you've been really optimistic about just the growth trends there. And it seems like clear that the Palmero is having some way or weighing that down this year. But is there anything else we should be thinking about there? It feels like maybe that Boeing business should come back this year and just wondering if there's any catch up there and then if there's anything else within that Aerospace and Defense outside of that, that you're seeing real weakness in that gives you any indication that it's going to be a softer year this year. Thank you.

太好了，謝謝。其次，我知道航空航太和國防一直是您對其成長趨勢非常樂觀的領域。很明顯，今年帕爾梅羅正在採取某種方式或對此進行權衡。但還有什麼我們該考慮的嗎？感覺也許波音業務今年應該回來，只是想知道那裡是否有任何追趕，然後航空航天和國防領域是否還有其他業務，你看到了真正的弱點，這給了你任何跡象今年將會是較為疲軟的一年。謝謝。

Yeah, I think, David, you're hitting on some of the key points. I think, long term, the dynamics in our Aerospace and Defense sector are fantastic and we're really bullish about the long-term growth prospects for the sector. We had been quite bullish about fiscal '25 entering the year. But with some of the production challenges and challenges getting production rates up within of the OEMs in that space, it's had a dampening of demand for this fiscal year that's offsetting some of our other sectors.

是的，我認為，大衛，你說到了一些關鍵點。我認為，從長遠來看，我們的航空航太和國防部門的動態非常好，我們非常看好該產業的長期成長前景。我們對進入今年的 25 財年非常樂觀。但由於該領域的原始設備製造商面臨一些生產挑戰和提高生產力的挑戰，本財年的需求受到抑制，抵消了我們其他一些行業的影響。

So if we look at our other subsectors, excuse me, if we look at those which Defense, Space and security all are showing nice growth trajectories this year, particularly Defense and Space. So, longer term outlook is great for the whole sector. I mean, one of the things I'd like to come back to is when we look at commercial aerospace, there's actually an 11.5-year backlog with the OEMs in that space. So that demand, it will pick up as the production rates pick up. One other point too is we've taken a conservative bias in our forecasting as well too because we really don't want to get caught by another slowdown of production within that space.

因此，如果我們看看其他子行業，請原諒，如果我們看看國防、太空和安全領域今年都表現出良好的成長軌跡，特別是國防和太空。因此，整個行業的長期前景良好。我的意思是，我想回顧的一件事是，當我們審視商業航空航太時，該領域的原始設備製造商實際上已經積壓了 11.5 年。因此，隨著生產力的提高，需求也會增加。另一點是，我們在預測中也採取了保守的偏見，因為我們真的不想陷入該領域生產的另一次放緩。

Great. Thanks so much. Certainly, appreciate it. I'll jump back in the queue.

偉大的。非常感謝。當然，欣賞它。我會跳回到隊列中。

Great. Thanks, David.

偉大的。謝謝，大衛。

Jim Ricchiuti, Needham & Company.

吉姆‧里奇烏蒂 (Jim Ricchiuti)，李約瑟公司。

Hi, good morning. A question just -- I'm sure you've been getting quite a bit from investors. How are you guys, as well as your customers, just thinking about and tariffs, which admittedly is a moving target? And maybe you can remind us of the impact during the first go around with this administration and you know, possibly the differences we might see this time around, again, recognizing that this is still pretty fluid.

嗨，早安。只是一個問題——我相信你已經從投資者那裡得到了很多資訊。你們以及你們的客戶如何看待關稅，這無疑是一個不斷變化的目標？也許你可以提醒我們本屆政府第一次執政期間的影響，你知道，這次我們可能會看到差異，再次意識到這仍然相當不穩定。

Yeah, so Jim, good morning. This is Todd. I'm going to start and I'm going to talk about how we're thinking about tariffs today and I'm going to pass it over to Oliver and he can provide a little bit more detail as to what we did previously.

是的，吉姆，早安。這是托德。我將首先談談我們今天如何考慮關稅問題，然後我將把它轉交給奧利弗，他可以提供有關我們之前所做的更多細節。

But I would say, as you mentioned, it's very fluid. So, what we do is we're continuing to monitor it very closely. One of the things we've done over the course of the past year is we've invested quite heavily in our trade compliance organization to monitor and help our customers. So we've invested in people, organization and tools to be better equipped to provide great solutions on that front.

但我想說，正如你所提到的，它非常流暢。因此，我們所做的就是繼續密切監視它。我們在過去一年中所做的事情之一是，我們對貿易合規組織進行了大量投資，以監控和幫助我們的客戶。因此，我們在人員、組織和工具方面進行了投資，以便更好地在這方面提供出色的解決方案。

A couple of things though that just to remind people of is one, from a footprint standpoint, we're in really good shape. So if we need to move products around based off of tariffs as they would potentially occur, we're well positioned to be able to do that. Also, point out that when we look at the cost of tariffs, those are costs that we pass on to our customers. So we're cognizant that it could impact demand overall, but we shouldn't bear those costs directly within our business. So that -- so again, we're continuing to monitor it very closely and just taking a wait and see, but we'll respond very rapidly as things occur and change.

不過，有幾件事只是提醒人們，從足跡的角度來看，我們的狀況非常好。因此，如果我們需要根據可能發生的關稅轉移產品，我們完全有能力做到這一點。另外，請指出，當我們考慮關稅成本時，這些成本是我們轉嫁給客戶的。因此，我們認識到這可能會影響整體需求，但我們不應該在我們的業務範圍內直接承擔這些成本。因此，我們將繼續密切監視並等待觀望，但隨著事情的發生和變化，我們將非常迅速地做出反應。

Yeah, this is all maybe just to add a little more color and support of Todd's commentary there.

是的，這可能只是為了增加一點色彩並支持托德的評論。

As Todd talked about our global trade organization, we've aligned that all under one global trade organization. And one of the things that enables us to do is be very nimble, consistently execute across the globe and flow resources to wherever they're needed. Todd also mentioned investment and tools, so specifically their trade management system and what that enables us to do is our folks are more efficient and they can focus on value-add activities for our customers. By way of example, we can assess their supply chain risk of a customer's bond; and then offer scenario planning, back to the customer.

正如托德談到我們的全球貿易組織時，我們已將所有這些都納入一個全球貿易組織之下。讓我們能夠做到的事情之一就是非常靈活，在全球範圍內持續執行，並將資源流向任何需要的地方。托德也提到了投資和工具，特別是他們的貿易管理系統，這使我們能夠做的是我們的員工效率更高，他們可以專注於為我們的客戶提供增值活動。舉例來說，我們可以評估他們的客戶債券的供應鏈風險；然後提供場景規劃，回饋給客戶。

And then the last thing I'll mention is the fact that just with our strong playbook and recent history here, we've got really strong customer engagements, trade organization, leadership to trade organization, leadership. And we think that will be far out well, here in the coming quarters.

我要提到的最後一件事是，憑藉我們強大的劇本和最近的歷史，我們擁有非常強大的客戶參與、貿易組織、貿易組織的領導力、領導力。我們認為，在未來幾個季度，這將是遙不可及的事。

And a couple of points I'll add on to, Jim, your comments about how do we address the tariffs last time. We ended up moving facilities on a few different products, not a huge amount. We certainly source components into different regions and these are primarily China impacted tariffs at that point so we did that. But also, again, going back to the whole cost of tariffs, we did not absorb cost when it came to tariffs.

吉姆，我將補充幾點關於您上次關於我們如何解決關稅問題的評論。我們最後遷移了幾種不同產品的設施，但數量不多。當然，我們將零件採購到不同的地區，這些主要是當時受中國影響的關稅，所以我們這樣做了。但同樣，回到關稅的整體成本，我們在關稅方面並沒有吸收成本。

Got it. Thank you. And I wanted to go back to the earlier question just about industrial and semi cap. You know, there are clearly some areas of strength and weakness in industrial which I think we appreciate.

知道了。謝謝。我想回到之前關於工業和半資本的問題。你知道，工業領域顯然存在一些優勢和劣勢，我認為我們對此表示讚賞。

It's a little interesting to hear you guys talk about the robust growth, you're anticipating in semi cap. Just given the increased uncertainty around the WFE market in the last couple of months, are you having, I assume you're having ongoing conversations with customers. Has anything changed with respect to what you're hearing from some of those customers?

聽到你們談論半上限的強勁增長有點有趣。鑑於過去幾個月 WFE 市場的不確定性不斷增加，我想您正在與客戶進行持續的對話。您從其中一些客戶那裡聽到的情況有什麼變化嗎？

Yeah, I wouldn't say it's changing markedly. And I think when we look at semi cap on a customer-by-customer basis, I think some are bullish and some are maybe a little bit more conservative based off of what their market.

是的，我不會說它正在發生顯著變化。我認為，當我們逐一客戶看待半上限時，我認為有些人看漲，有些人可能會根據他們的市場更加保守。

You know, we're certainly not betting on WFE and Wafer fab equipment. And a lot of this again comes back to share gains that we've been able to take over the course of the last couple of years.

你知道，我們當然不會把賭注押在 WFE 和晶圓廠設備上。其中許多再次回來分享我們在過去幾年中所取得的成果。

Got it. Okay. Thanks. I'll jump back in the queue.

知道了。好的。謝謝。我會跳回到隊列中。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi, good morning. I was wondering if you talk a little bit about, excuse me, trends in Europe. It looks like your revenues in Europe were down particularly strong. You just turned the corner in terms of turning that region profitable. So what was driving most of the decline? How -- what's the outlook for profitability out of the region this year? And then I'll have a follow up.

嗨，早安。對不起，我想知道您是否能談談歐洲的趨勢。看起來你們在歐洲的收入下降得特別厲害。您剛剛扭轉了該地區盈利的局面。那麼是什麼導致了大部分下降呢？今年該地區的獲利前景如何？然後我會跟進。

Yeah, I'll start and then see if any of my colleagues want to add anything, and this is Oliver.

是的，我會開始，然後看看我的同事是否想添加任何內容，這是奧利佛。

Yeah. Just in terms of our outlook at Europe, what you're seeing is essentially of the same trends that Todd talked to from our various subsectors in Europe with the extra dynamic that I would say that the industrial softness that we're seeing on a macroeconomic basis is hitting Europe harder than our other regions. And so I think that's what you're seeing in the numbers there.

是的。就我們對歐洲的前景而言，您所看到的趨勢基本上與托德在歐洲各個分行業中談到的趨勢相同，而且我想說的是，我們在宏觀經濟中看到的工業疲軟基礎對歐洲的打擊比我們其他地區更嚴重。所以我認為這就是你在數字中看到的。

Yeah. And Steven, from a profitability standpoint, I mean, we have seen improved utilization. We have done some restructuring in that region. We've had a real focus on profitability with customers. And I think that's starting to show through with the profitability and our expectations for the remainder of this year.

是的。史蒂文，從獲利能力的角度來看，我的意思是，我們已經看到了利用率的提高。我們在該地區進行了一些重組。我們真正專注於客戶的獲利能力。我認為這已經開始體現在盈利能力和我們對今年剩餘時間的預期中。

That's helpful. And then just as a follow up, I know it's early days with the new Trump administration. But is it affecting maybe what type of end markets look attractive to you? Maybe over the next couple of years, obviously, you've had some electrification winds, policies changing, maybe diverting resources based on that or based on what your customers are saying. Is that something we should be watching for as maybe this year unfolds?

這很有幫助。作為後續行動，我知道川普新政府還處於早期階段。但這是否會影響哪種類型的終端市場對您有吸引力？也許在接下來的幾年裡，顯然，你會經歷一些電氣化風潮，政策發生變化，可能會基於此或基於客戶的意見轉移資源。這是我們今年應該關注的事情嗎？

Yeah, I think its potential there, Steve, that it could impact markets. I mean, one of the things that we're seeing in electrification in particular is there's extreme softness in Europe. There's actually a bit of a growing demand in the US just from the standpoint that it's starting from zero in essence. So while it may slow the ramp, I think it'll help us from an end market standpoint, but we're going into our strategy planning process right now. And we're looking pretty deeply at markets and where do we think we need to potentially expand our markets and our market focus a bit further than what it's maybe been today. And that will certainly have an impact on what happens within the Trump administration and what I would say becomes more favored industries.

是的，我認為它有潛力，史蒂夫，它可以影響市場。我的意思是，我們在電氣化方面看到的一件事尤其是歐洲的極度疲軟。事實上，從本質上從零開始的角度來看，美國的需求確實在成長。因此，雖然它可能會減緩成長速度，但我認為從終端市場的角度來看，這對我們有所幫助，但我們現在正在進入策略規劃流程。我們正在深入研究市場，我們認為我們需要在哪些方面擴大我們的市場，我們的市場關注點可能比現在更進一步。這肯定會對川普政府內部發生的事情產生影響，我想說的是，這些產業將成為更受青睞的產業。

Great. That's all helpful.

偉大的。這很有幫助。

Steve Barger, KeyBanc Capital Markets.

Steve Barger，KeyBanc 資本市場。

Hey, good morning, gentlemen.

嘿，早上好，先生們。

Hey, Steve.

嘿，史蒂夫。

For semi cap, I hear you on outgrowth due to share gains. But for your existing programs, does this seem like a really durable demand increase or does it feel like some of these orders are in excess of demand to build some inventory?

對於半盤股，我聽到你說股票報酬帶來的成長。但對於您現有的計劃來說，這似乎是真正持久的需求成長，還是感覺其中一些訂單超出了建立庫存的需求？

Yeah, I don't think it seems an excessive demand. Now, as I mentioned though, Steve, it varies on a customer-by-customer basis. I mean, certain process steps and certain customers have more bullish demand than others do and it varies. So, I wouldn't call it necessarily a strong demand environment in semi cap right now, but it's certainly stable on aggregate.

是的，我不認為這似乎是一個過度的要求。現在，正如我所提到的，史蒂夫，它因客戶而異。我的意思是，某些流程步驟和某些客戶比其他人有更樂觀的需求，而且情況各不相同。因此，我現在不一定稱之為半盤股的強勁需求環境，但總體而言肯定是穩定的。

And presumably see sequentially increasing as you think about the back half of the year?

當您考慮下半年時，您可能會看到連續增加？

Modestly.

謙虛地。

Okay. And then you mentioned conservatism in your guidance for Aerospace and Defense several times. Can you just talk about what that means from an internal modeling process? How are you approaching those assumptions and staging the production arm relevant to that conservatism?

好的。然後您在航空航天和國防指南中多次提到了保守主義。您能從內部建模過程中談談這代表什麼嗎？您如何處理這些假設並安排與保守主義相關的生產部門？

Yeah, I'm going to start here, Steve, and Shawn may have some stuff he wants to add as well too. But when we look at the Aerospace and Defense sector, we have a really good understanding of what we build, what planet goes on, in essence, so we understand where it's headed what the end markets are. And when we talk about conservative, what we do is we look at production rates for certain models and we derate those based on what we think could be more of a call it a worst-case scenario.

是的，我要從這裡開始，史蒂夫，肖恩可能也有一些他想添加的東西。但當我們審視航空航太和國防領域時，我們對我們所建造的東西、地球的本質有很好的了解，因此我們了解它的發展方向和最終市場。當我們談論保守時，我們所做的是查看某些模型的生產率，並根據我們認為可能更稱為最壞情況的情況來降低生產力。

Understood. Shawn, anything?

明白了。肖恩，有什麼事嗎？

Nothing bad.

沒什麼不好的。

Thanks.

謝謝。

Ruben Roy, Stifel.

魯本·羅伊，斯蒂菲爾。

Yes, hi. Thank you for letting me ask a question.

是的，嗨。謝謝你讓我問一個問題。

Todd, you talked, I think, probably about my question a bit here so sorry if I'm repeating. But I did want to tie back some of the commentary around customer discussions, tariffs, et cetera to one of the comments you made in your prepared remarks, which was you were seeing some changes in customer forecasts. So talk about Aerospace and Defense being down a little bit more than you had expected and then Oliver talked about demand softening inside of the quarter in Healthcare and Life Sciences. Just wondering if that's driving the bulk of the changes in customer forecasts or if it was broader based, if the customers are pausing a little bit, given some uncertainty out there. Would love a little more detail around that comment. Thank you.

托德，我想，你可能在這裡談到了我的問題，如果我重複的話，我很抱歉。但我確實想將一些有關客戶討論、關稅等的評論與您在準備好的發言中發表的評論之一聯繫起來，即您看到客戶預測發生了一些變化。因此，談論航空航天和國防的下降幅度比您預期的要大一些，然後奧利弗談到本季度醫療保健和生命科學領域的需求疲軟。只是想知道這是否推動了客戶預測的大部分變化，或者是否有更廣泛的基礎，考慮到存在的一些不確定性，客戶是否會稍微暫停一下。希望能提供更多有關該評論的細節。謝謝。

Yeah. I mean, what I'd say, Ruben, is that there's just a fair amount of volatility particularly around well the Healthcare and the Industrial sectors, some ups, some downs. Probably slightly biased to down and then Aerospace is really commercial. Aerospace is the trend that has been impacted and that's just a result of production rates that are going on within commercial aerospace right now.

是的。我的意思是，魯本，我想說的是，存在相當大的波動，特別是在醫療保健和工業領域，有的上漲，有的下跌。可能稍微偏向下，然後航空航太才真正商業化。航空航太是受到影響的趨勢，這只是目前商業航空航太領域生產力的結果。

Yeah. Hey Ruben. It's good to hear you on the call. It's Shawn.

是的。嘿魯本。很高興在通話中聽到你的聲音。是肖恩。

I would say of the volatility, of the variances we had seen in customer forecast in the quarter, there was almost no mention of the change in administration or tariffs or anything of that nature, either pushing out demand, pulling in demand. It was a rounding year if that occurred. And so, the changes we've seen forecasts are more based around the market fluctuations Todd mentioned than any other factor.

我想說的是，談到我們在本季看到的客戶預測的波動性和差異，幾乎沒有提到管理或關稅或任何類似性質的變化，要么推動需求，要么拉動需求。如果發生這種情況，那就是四捨五入的一年。因此，我們看到的預測變化更多是基於托德提到的市場波動，而不是其他任何因素。

Great. I appreciate that.

偉大的。我很欣賞這一點。

Just quick follow up. It's great to hear about the engineering solutions and getting to your high. Wondering, you did talk about increasing diversification, I would imagine that gives you a little more visibility as well into shorter of revenue albeit, could be further out. But am I thinking about that correctly? You know, as you get involved on the solution side, are you gaining more visibility into the timing of program ramps and that type of thing?

只需快速跟進即可。很高興聽到工程解決方案並達到高潮。想知道，您確實談到了增加多元化，我想這可以讓您對收入的減少有更多的了解，儘管可能會更遠。但我的想法正確嗎？您知道，當您參與解決方案方面時，您是否可以更清楚地了解程式升級的時間表以及此類事情？

Yeah, definitely, Ruben. And I mean, one of the things that's important is that when we take on an engineering program, it's almost a near certainty that we're going to manufacture that program as well too. So, it tends to be a nice predictor for, call it future manufacturing wins and future manufacturing growth, and we particularly like the increased diversification from a couple of different fronts. One is, I think, it gives us an ability to be able to grow that service faster and it's also a high margin in addition to driving revenue growth. And it also gives us better insights into the rest of our markets as well, too.

是的，當然，魯本。我的意思是，重要的事情之一是，當我們承擔一個工程專案時，幾乎可以肯定我們也會製造該專案。因此，它往往是一個很好的預測指標，稱之為未來製造業的勝利和未來製造業的成長，我們特別喜歡來自幾個不同領域的多元化程度的提高。我認為，一是它使我們能夠更快地發展該服務，除了推動收入成長之外，它還帶來了高利潤。它也讓我們能夠更好地了解其他市場。

Good stuff. Thank you.

好東西。謝謝。

Thank you, Ruben.

謝謝你，魯本。

Anja Soderstrom, Sidoti.

安雅·索德斯特羅姆，西多蒂。

Hi. Thank you for taking my questions.

你好。感謝您回答我的問題。

I'm wondering about the CapEx spend for the year, you guided that to be up this year compared to last year. Do you still expect that? And how should we think about that for 2026?

我想知道今年的資本支出支出，您指導今年的資本支出與去年相比增加。你還期待這樣嗎？2026 年我們該如何思考這一點？

We do expect that, Anja. And we had mentioned last quarter that we do have a new facility going up in Malaysia and that's about $60 million of that range of 120 to 150.

我們確實希望如此，安雅。我們上個季度曾提到，我們確實在馬來西亞建立了一家新工廠，在 120 至 150 家工廠中，耗資約 6,000 萬美元。

For '26, I think we'll see that come back in line and if you look at capital spending the last couple of years, the way I look at it is trying to peg between 2.5% to 3% of revenue. Fiscal '23 and '24 were below that range. Fiscal '25 may be slightly above that range. On average will be with pretty much right in the middle of that 2.5% to 3% range

對於 26 年，我認為我們會看到這種情況回歸正常，如果你看看過去幾年的資本支出，我的看法是試圖將收入的比例固定在 2.5% 到 3% 之間。'23 和 '24 財年低於該範圍。25 財年可能會略高於該範圍。平均而言，幾乎處於 2.5% 至 3% 範圍的中間

I would mention, though, I think it's important to note that even with that higher capital spending and some investments in working capital for our program ramps this year, we're going to deliver a really nice free cash flow year of up to $100 million. So pleased with the results this year, especially coming off the year last year where we saw a lot of reductions in working capital.

不過，我想提一下，我認為值得注意的是，即使今年我們的計劃增加了更高的資本支出和一些營運資本投資，我們仍將實現高達 1 億美元的非常好的自由現金流年。對今年的結果非常滿意，尤其是去年我們看到營運資金大幅減少。

Okay, thank you. And then just in terms of the growth margin, it seems like that's going to be hit a bit this quarter from the marriage case or sub compensation. How should we think about that for the second half?

好的，謝謝。就成長幅度而言，本季似乎會受到婚姻案件或次級補償的影響。下半年我們該如何思考？

Yeah. We, typically, I mean this quarter, we're going to be hit with about 60 basis points of margin from the compensation and payroll reset. We, typically, start to see productivity improvements even this quarter to help absorb that impact. And so growing the margin back up to around 10% gross margin the rest of the year I think is is reasonable to model.

是的。通常情況下，我的意思是這個季度，我們將因薪資和工資重置而受到大約 60 個基點的影響。通常，我們甚至在本季就開始看到生產力的提高，以幫助吸收這種影響。因此，我認為今年剩餘時間的毛利率將恢復到 10% 左右，建模是合理的。

Okay. Thank you. That was all for me.

好的。謝謝。這就是我的全部。

(Operator Instructions)

（操作員說明）

Jim Ricchiuti, Needham & Company.

吉姆‧里奇烏蒂 (Jim Ricchiuti)，李約瑟公司。

Yeah. I wanted to go back to some of the larger program wins you alluded to, congrats first on those. What I'm trying to understand is, I assume that this also started with engineering services activities you had with these customers. And you know what, when did the original work start to the point where you actually are in a position now where you see the program, you see the size of the program, I mean, trying to get a better understanding of that lag that you guys had talked about between engineering services and seeing those program revenues.

是的。我想回到你提到的一些更大的專案勝利，首先要祝賀這些。我想了解的是，我認為這也是從您與這些客戶進行的工程服務活動開始的。你知道嗎，最初的工作是什麼時候開始的，你現在實際上處於這樣一個位置，你看到了程序，你看到了程序的大小，我的意思是，試圖更好地理解你所看到的滯後。

Yeah. Yeah, Jim, this is Oliver. I'll start and then if any of my colleagues want to add anything in.

是的。是的，吉姆，這是奧利佛。我將開始，然後如果我的任何同事想要添加任何內容。

I would say that for some of the specific programs that I've mentioned here today, relative to the larger wins, those were not engineering developments. And then the other thing I'll point out is that from a sales cycle, it can be long. So from the first mention with the customer that there's something there that they might have interest for us to produce for them to the point at which we have that closed a contract, a forecast and we can announce that to yourself as a win could be multiple quarters.

我想說，對於我今天在這裡提到的一些具體計劃，相對於更大的勝利來說，這些都不是工程開發。然後我要指出的另一件事是，從銷售週期來看，它可能會很長。因此，從第一次與客戶提到他們可能有興趣為他們生產一些東西，到我們簽訂合約、進行預測，我們可以向自己宣布，因為勝利可能是多重的宿舍。

And then, Jim, once we announce that manufacturing win, it can be from a year and a half to three years before we're producing product close to the expectation of normalized volume depending upon the regulatory dynamics associated with the product where it's being launched.

然後，吉姆，一旦我們宣布製造獲勝，我們可能需要一年半到三年的時間才能生產接近正常產量預期的產品，這取決於與所推出產品相關的監管動態。

And so just because we win something today, the likelihood of it actually affecting fiscal '25 is low, but '26, '27 gives us a lot of momentum. And so if you think back the last year of all those Healthcare wins, that provides us a lot of momentum. But let's say, for example, within the Healthcare/Life Science sector in years to come.

因此，僅僅因為我們今天贏得了一些東西，它實際上影響 25 財年的可能性很低，但 26、27 財年給了我們很大的動力。因此，如果您回想去年所有醫療保健領域的勝利，您會發現這為我們提供了很大的動力。但比如說，在未來幾年的醫療保健/生命科學領域。

Just one real quick, Jim, example of what Shawn is talking about there is if you compare a win with a customer versus a target with a customer, it's likely they might have engaged us earlier to start allowing us to pipeline the supply chain, which can obviously be a number of quarters long. Whereas if it's a new customer to collect, we're only going to start that after we get the program award. So, that could also cause some variation across program.

吉姆，肖恩所說的一個非常簡單的例子是，如果你將與客戶的勝利與與客戶的目標進行比較，他們可能會更早地與我們合作，開始允許我們建立供應鏈，這顯然可以有幾季那麼長。然而，如果是要收集新客戶，我們只會在獲得計劃獎勵後才開始收集。因此，這也可能導致程式之間出現一些差異。

But some of the major things you talked about today potentially could impact the business in fiscal '26.

但您今天談到的一些主要事情可能會影響 26 財年的業務。

Yeah, definitely. Definitely. It could even be a little bit in late '25 but it'll be small compared to '26.

是的，絕對是。確實。25 年末甚至可能會增加，但與 26 年相比會很小。

Okay. And then final question for me. Pat you know, the improvement that you are seeing in cash flow just relative to a few months ago, how much of that is due to just Q1 being better or is it? And I assume it's due to greater working capital efficiencies, did you think about the year as a whole?

好的。然後是我的最後一個問題。帕特，您知道，您所看到的現金流量相對於幾個月前有所改善，其中有多少是由於第一季的改善所致，或者是這樣嗎？我認為這是由於營運資金效率提高，您是否考慮過全年的整體情況？

Yeah. I'd say that's the case, Jim. I mean, we were really pleased with the first quarter around activities around past due receivables, aged inventory collections from customers for deposits. A lot of effort put in. And I think the last four years, we've seen negative free cash flow in the fiscal first quarter and this is the first time in five years we've seen positive. So there is some movement probably from Q2 to Q1 of that improvement, but we're still overall improving the full year for free cash flow.

是的。我想說的是，吉姆。我的意思是，我們對第一季圍繞逾期應收帳款、向客戶收取押金的陳舊庫存收集的活動感到非常滿意。付出了很多努力。我認為在過去的四年裡，我們在第一財季看到了負的自由現金流，這是五年來我們第一次看到正的自由現金流。因此，從第二季度到第一季度，這種改善可能會出現一些變化，但我們仍然在整體上改善全年的自由現金流。

Just to add a little extra color there. This is Oliver. Part of what we're experiencing today is the sustained work and benefit from the focus that we put on free cash flow across the organization in fiscal 2024. So we talked about some of that previously, we really drove organizational awareness and education down into the organization at the decision making level. Lots of good visual management tools to help connect action to outcome. And all of that, I think, created momentum for us and part of what we're experiencing here is the continued momentum from us as we built that into our systems of management.

只是為了在那裡添加一點額外的顏色。這是奧利佛。我們今天所經歷的部分原因是我們在 2024 財年對整個組織的自由現金流的關注所帶來的持續工作和收益。因此，我們之前討論過其中的一些內容，我們確實將組織意識和教育深入組織的決策層面。許多優秀的視覺化管理工具可以幫助將行動與結果連結起來。我認為，所有這些都為我們創造了動力，而我們在這裡經歷的部分原因是我們將其納入我們的管理系統時所產生的持續動力。

Thanks. Thanks a lot.

謝謝。多謝。

Melissa Fairbanks, Raymond and James.

梅麗莎·費爾班克斯、雷蒙德和詹姆斯。

Hey, guys. Thanks so much.

嘿，夥計們。非常感謝。

At the risk of belaboring a subject, I wanted to kind of dig in a little bit on what you're seeing in Industrial. On the semi cap side of things, excuse me, are you willing to quantify how much semi cap or maybe semi cap plus test is as a percentage of the total industrial revenue?

冒著繁瑣主題的風險，我想深入了解您在工業領域所看到的內容。在半上限方面，請問，您願意量化半上限或半上限加測試佔工業總收入的百分比嗎？

Yes, it's right around half of the overall industrial revenue.

是的，它大約佔工業總收入的一半左右。

Okay, great. That's super helpful.

好的，太好了。這非常有幫助。

On the comps side of things, I know that business, you had seen a little bit of tailwinds there, that business tends to be a little bit more cyclical than maybe some of your other broader based or less mature end markets. I was just wondering if you could give a little bit of detail what you're seeing there on the comps side. I know it's a relatively smaller piece of the business, but still, obviously impactful.

在比較方面，我知道該業務，您在那裡看到了一些順風，該業務往往比其他一些基礎更廣泛或不太成熟的終端市場更具週期性。我只是想知道您是否可以提供一些您在比較方面看到的細節。我知道這是業務中相對較小的一部分，但仍然具有明顯的影響力。

Yeah, it's a small chunk and probably the best way to describe it if I was going to use a word would be choppy. It was up and down is kind of the way I would call it. So we're looking at that, I mean, there's still the potential of some of the efforts around the Beat initiative too, that could provide some upside as we look further out.

是的，它只是一小塊，如果我要用一個字來描述它，可能最好的方式就是斷斷續續。我稱之為「上下」。所以我們正在考慮這一點，我的意思是，圍繞 Beat 倡議的一些努力仍然有潛力，當我們進一步展望時，這可能會提供一些好處。

Okay. How short cycle does that business tend to be? I mean, do you get at least a little bit, I've dealt with choppy in that end market for my whole career. But it tends to be a little bit shorter cycle than some of the things that you see in Aerospace or the rest of Industrial.

好的。該業務的周期有多短？我的意思是，你至少明白一點嗎，在我的整個職業生涯中，我一直在終端市場上遇到波濤洶湧的情況。但它的周期往往比航空航天或其他工業領域看到的一些東西要短一些。

Yes. As you well know, forecast change in order. And so that market there is a long term trajectory there, there's technology transitions which we are participating. But the intra quarter and quarter-to-quarter dynamics can be, I said choppy.

是的。眾所周知，預測順序的變化。因此，這個市場有一個長期的發展軌跡，我們正在參與技術轉型。但我說，季度內和季度間動態可能會不穩定。

Okay, great. Good to know that hasn't changed.

好的，太好了。很高興知道這一點沒有改變。

Maybe one quick question for Pat. just looking at the tax rate, you had a little bit of a favorable tax rate benefit in the December quarter, March quarter, we're looking at full tax. Is that geographic mix based or is there something going on there that we need to contemplate going forward?

也許有一個簡單的問題想問帕特。僅看稅率，您在 12 月季度和 3 月季度獲得了一些優惠的稅率優惠，我們正在考慮全額稅。這種地理組合是基於地理組合還是我們需要考慮未來發生的事情？

No, you're right. It's geographic. There is nothing significant that jumps out in the last couple quarters impacting that tax rate. It's more the profitability we're recognizing in certain countries that may have a benefit from a tax holiday. And obviously we're watching closely the new administration and what that could mean for tax legislation over the next several years.

不，你是對的。這是地理上的。過去幾季沒有任何重大事件影響該稅率。我們認識到，某些國家可能受益於免稅期的獲利能力。顯然，我們正在密切關注新政府及其對未來幾年稅收立法的影響。

Okay, great. Thanks. guys. That's all for me.

好的，太好了。謝謝。夥計們。這就是我的全部。

All right, thanks, Melissa.

好的，謝謝，梅麗莎。

There are no further questions at this time. I will now turn the call back over to Todd Kelsey, President and CEO, for closing remarks.

目前沒有其他問題。現在，我將把電話轉回給總裁兼執行長 Todd Kelsey，他將發表結束語。

All right. Thank you, Liz. I wanted to take us back to our expectations around fiscal '25 before exiting the call. And what I want to point out is that our expectations haven't changed much from what they were a quarter ago, other than the exception of commercial aerospace. So, we're still expecting low to mid-single digit revenue growth in the year and growth across each of our market sectors.

好的。謝謝你，莉茲。在退出電話會議之前，我想讓我們回到 25 財年左右的預期。我想指出的是，除了商業航空航天之外，我們的預期與一個季度前相比沒有太大變化。因此，我們仍然預計今年收入將實現低至中個位數的成長，以及每個市場領域的成長。

We started off the year in Q1 with hitting our target margin of 6% non-GAAP and we anticipate that we'll get back to that level as we move through the fiscal year. And that's despite the 70 or so basis point headwind that we faced from merit and US payroll Q2 of which we've already overcome a piece of that as we're entering into Q2.

我們在第一季開始達到了 6% 的非公認會計準則利潤率目標，預計隨著本財年的推進，我們將恢復到這一水平。儘管我們在第二季的業績和美國薪資方面面臨著 70 個基點左右的逆風，但在進入第二季時我們已經克服了其中的一部分。

The other thing I want to remind is our free cash flow is looking strong and approaching $100 million. So when you combine all those factors together, we're expecting solid EPS leverage throughout the fiscal year. And finally, again, I would like to thank everybody who joined us today, our shareholders, investors, analysts, and our Plexus team members so we appreciate your support.

我想提醒的另一件事是，我們的自由現金流看起來很強勁，接近 1 億美元。因此，當你將所有這些因素結合在一起時，我們預計整個財政年度的每股盈餘槓桿將保持穩定。最後，我要再次感謝今天加入我們的每一個人，我們的股東、投資者、分析師和 Plexus 團隊成員，感謝你們的支持。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。