Plexus Corp (PLXS) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Angela and I'll be your conference operator today. At this time, I would like to welcome everyone to the Q2 2025 Plexus earnings conference call. (Operator Instructions). Thank you. I would now like to turn the call over to Mr. Shawn Harrison, Vice President of Investor Relations. You may begin.

感謝您的支持。我叫安琪拉，今天我將擔任您的會議接線生。現在，我歡迎大家參加 2025 年第二季 Plexus 收益電話會議。（操作員指令）。謝謝。現在我想將電話轉給投資者關係副總裁肖恩·哈里森先生。你可以開始了。

Good morning and thank you for joining us today. 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.

早安，感謝您今天加入我們。我們今天電話會議上所做的一些聲明和提供的資訊將是前瞻性的聲明，包括但不限於有關收入、毛利率、銷售和管理費用、營業利潤率、其他收入和支出、稅收、現金週期、資本配置和未來業務前景的聲明。

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.

前瞻性陳述不具保證，因為預測未來結果有固有的困難，實際結果可能與前瞻性陳述中表達或暗示的結果有重大差異。

For a list of factors that could cause actual results that differ materially from those discussed, please refer to the company's periodic SEC filings, particularly the risk factors in our Form-10K filing for the fiscal year ended September 28, 2024, is supplemented by our Form-10Q filings in the Safe Harbor and fair disclosure statement in a press release.

有關可能導致實際結果與討論結果有重大差異的因素列表，請參閱公司定期向美國證券交易委員會提交的文件，特別是我們截至 2024 年 9 月 28 日的財政年度的 Form-10K 文件中的風險因素，以及我們在安全港中提交的 Form-10Q 文件和新聞稿中的公平披露聲明。

We encourage participants on the call this morning to access the live webcast and supporting materials at Plexus's website at www.plexus.com, clicking on investors at the top of that page. Joining me today are Todd Kelsey, President and Chief Executive Officer, Oliver Mihm, Executive Vice President and Chief Operating Officer, and Pat Jermaine, Executive Vice President and Chief Financial Officer. With today's earnings call, I will provide summary comments before turning the call over to Oliver and Pat for further details. With that, let me now turn the call over to Todd Kelsey. Todd.

我們鼓勵今天早上的電話會議參與者訪問 Plexus 網站 www.plexus.com 上的現場網路直播和支援資料，點擊該頁面頂部的「投資者」。今天與我一起出席的還有總裁兼執行長 Todd Kelsey、執行副總裁兼營運長奧利佛‧米姆 (Oliver Mihm) 和執行副總裁兼財務長 Pat Jermaine。在今天的收益電話會議上，我將提供總結性評論，然後將電話轉給奧利佛和帕特以了解更多詳細資訊。說完這些，現在讓我把電話轉給 Todd Kelsey。托德。

Thank you, Sean. Good morning, everyone. Please advance to slide 3. Our commitment to our customers' success during dynamic market environments is enabling a growing breadth of new program wins across Plexus's solutions. During our fiscal second quarter, we achieved our largest ever win for our sustaining services and our best quarterly engineering solutions wins performance in more than five years.

謝謝你，肖恩。大家早安。請翻到幻燈片 3。我們致力於幫助客戶在動態的市場環境中取得成功，這使得 Plexus 的解決方案能夠贏得越來越多的新專案。在我們的第二財季，我們取得了有史以來最大的持續服務勝利，並且取得了五年多來最佳的季度工程解決方案勝利業績。

In addition, our continued progress with initiatives to increase our operational and working capital efficiency resulted in robust fiscal second quarter financial performance. We see this momentum sustaining as we drive actions to navigate the current environment. In order to proactively help customers navigate current market complexities, we are strategically investing in talent such as our trade compliance and logistics organization.

此外，我們不斷推動提高營運和營運資本效率的舉措，帶來了強勁的第二季財務表現。當我們採取行動應對當前環境時，我們看到這種勢頭正在持續。為了積極幫助客戶應對當前的市場複雜情況，我們正在對貿易合規和物流組織等人才進行策略性投資。

We also continue to invest in technology including our growing internal use of AI. Facilities, including our new site in Malaysia that will open this summer, and advanced capabilities, including numerous tools focused on process automation, efficiency, and achieving zero defects.

我們也將繼續投資技術，包括我們內部日益增長的人工智慧使用。設施包括我們將於今年夏天在馬來西亞開放的新工廠，以及先進的功能，其中包括專注於流程自動化、效率和實現零缺陷的眾多工具。

As we look ahead, we continue to anticipate up to $100 million of free cash flow for fiscal 2025. Our substantial liquidity and robust free cash flow generation provides the opportunity to create additional shareholder value.

展望未來，我們預計 2025 財年的自由現金流將達到 1 億美元。我們充足的流動性和強勁的自由現金流為創造額外的股東價值提供了機會。

Finally, while conservatively assessing the remainder of the fiscal year and acknowledging the uncertainty associated with tariffs, we continue to anticipate achieving meaningful EPS growth in fiscal 2025, capitalizing upon revenue growth in each of our market sectors, sequential revenue growth for the remainder of the fiscal year, robust operating margin performance, and ongoing free cash flow deployment.

最後，在保守評估本財年剩餘時間並承認與關稅相關的不確定性的同時，我們仍然預計在 2025 財年實現有意義的每股收益增長，利用我們每個市場部門的收入增長、本財年剩餘時間的連續收入增長、強勁的營業利潤率表現以及持續的自由現金流部署。

Please advance to Slide 4. Revenue of $980 million met our guidance.

請前進至幻燈片 4。9.8 億美元的收入符合我們的預期。

As the fiscal second quarter progressed, we saw signs of incremental strengthening and outlooks from healthcare customers, which offset modest reductions in other markets. Non-GAAP operating margin of 5.7% met the high end of our guidance range.

隨著第二財季的進展，我們看到了醫療保健客戶逐步加強和前景的跡象，這抵消了其他市場的適度減少。非公認會計準則營業利潤率為 5.7%，符合我們的預期範圍的高端。

Our operational efficiency efforts and stronger performance from our engineering solutions and sustaining services help to offset a portion of the typical seasonal cost headwinds. Non-GAAP EPS of $1.66 exceeded our guidance, benefiting from strong operating margin performance as well as slightly favorable tax rate and lower than anticipated non-operating expenses.

我們的營運效率努力以及工程解決方案和維持服務的更強勁表現有助於抵消部分典型的季節性成本阻力。非公認會計準則每股收益 1.66 美元超出我們的預期，受益於強勁的營業利潤率表現以及略微優惠的稅率和低於預期的非營業費用。

Finally, we delivered $16.5 million of free cash flow, significantly better than our expectations. Please advance to Slide 5. For the fiscal second quarter, we won 42 manufacturing programs worth $205 million in revenue annually when fully ramped into production. During the quarter, we closed our largest ever sustaining services win in support of creating success for an industry leading healthcare customer.

最終，我們實現了 1,650 萬美元的自由現金流，遠遠好於我們的預期。請前進至幻燈片 5。在第二財季，我們贏得了 42 個製造項目，全面投入生產後年收入為 2.05 億美元。在本季度，我們贏得了有史以來最大的持續服務合同，以支持行業領先的醫療保健客戶創造成功。

Also included in the quarterly wins are exciting manufacturing share gains and opportunities to support growth technologies in all of our market sectors. Furthermore, we generated the highest quarterly winds performance for our engineering solutions since the fiscal fourth quarter of 2019.

季度勝利還包括令人興奮的製造業份額增長和支持所有市場領域成長技術的機會。此外，我們的工程解決方案創造了自 2019 財年第四季以來最高的季度風電表現。

The engineering wind's performance reflected strong engagement across all of our market sectors, highlighting the extensiveness of our capabilities and effectiveness of the team's diversification efforts. The breadth of this quarter's winds performance across our solutions, market sectors, and technologies is a strong leading indicator of future plexus revenue growth.

工程風的表現反映了我們所有市場領域的強勁參與度，凸顯了我們能力的廣泛性和團隊多元化努力的有效性。本季風電解決方案、市場領域和技術的廣泛表現是未來 Plexus 營收成長的強勁領先指標。

Please advance to Slide 6. Our commitment to sustainability is integrated with our core value of innovating responsibly as we boldly drive positive change and promote a sustainable future. Our people are the heart of who we are and what we do.

請前進至幻燈片 6。我們對永續發展的承諾與負責任創新的核心價值相結合，我們大膽地推動積極變革並促進永續的未來。我們的員工是我們存在和所做工作的核心。

I'm therefore incredibly proud to share that Wisconsin manufacturers and commerce selected plexus as manufacturer of the year mega category in recognition of our innovation, philanthropy, technological advancements, commitment to customer satisfaction, financial performance, and creation of quality jobs. Thank you to our incredible team members, partners, and local communities whose contributions support fulfilling our vision of helping to create the products that build a better world.

因此，我非常自豪地告訴大家，威斯康辛州製造商和商業將 Plexus 評選為年度製造商，以表彰我們的創新、慈善事業、技術進步、對客戶滿意度的承諾、財務業績以及創造優質就業機會。感謝我們優秀的團隊成員、合作夥伴和當地社區，他們的貢獻支持我們實現幫助創造建立更美好世界的產品的願景。

We also continue to deliver innovative solutions to create customer success. During our fiscal second quarter, our Plexus Xiamen team celebrated a new partnership with GE Healthcare China to advance the green supply chain ecosphere initiative by focusing on maximizing the recycling and reuse of valuable medical equipment and promoting sustainability.

我們也將繼續提供創新的解決方案來創造客戶的成功。在我們的第二個財季，我們的 Plexus 廈門團隊慶祝了與 GE 醫療中國建立的新合作夥伴關係，透過專注於最大限度地回收和再利用有價值的醫療設備並促進永續發展，推進綠色供應鏈生態圈計畫。

We also recently partnered with our customer Bevy to celebrate Earth Day. Bevy's mission is to unbottle the future through their smart bottle less water dispensers. Throughout our partnership, Bevy's Smart Water dispenser, which is manufactured at our Appleton, Wisconsin facility, has saved the equivalent of over 218 million plastic water bottles from landfills.

我們最近也與客戶 Bevy 合作慶祝地球日。Bevy 的使命是透過其智慧無瓶飲水機打破未來的瓶裝水。在我們合作期間，Bevy 智慧飲水機（在我們位於威斯康辛州阿普爾頓的工廠生產）已為垃圾掩埋場節省了相當於超過 2.18 億個塑膠水瓶的量。

Our commitment to delivering excellence includes reducing our environmental impact. Our team members in Aradia, Romania joined the Planning Hope Initiative, working with over 100 volunteers to plant 1,000 trees. And finally, we are excited to announce the release of our annual sustainability report later in the fiscal third quarter. The 2024 report highlights our continued commitment to innovating responsibly as we've always been driven to do more for our customers, our team members in the world.

我們致力於提供卓越的服務，包括減少對環境的影響。我們在羅馬尼亞阿拉迪亞的團隊成員加入了「規劃希望」倡議，與 100 多名志工一起種植了 1,000 棵樹。最後，我們很高興地宣布，我們將在第三財季稍後發布年度永續發展報告。2024 年報告強調了我們對負責任地創新的持續承諾，因為我們始終致力於為我們的客戶和全球團隊成員做更多的事情。

Please advance to Slide 7. We're getting fiscal third quarter revenue of $1.00 billion to $1.04 billion non-GAAP operating margin of 5.7% to 6.1%, and non-GAAP EPS of $1.65 to $1.80.

請前進至幻燈片 7。我們第三財季的營收為 10 億美元至 10.4 億美元，非 GAAP 營業利潤率為 5.7% 至 6.1%，非 GAAP 每股收益為 1.65 美元至 1.80 美元。

While conservatively assessing the remainder of the fiscal year and acknowledging the uncertainty associated with tariffs, we continue to anticipate sequential revenue growth for our fiscal fourth quarter combined with another quarter of strong operating margin performance.

雖然我們對本財年剩餘時間的評估較為保守，並且承認與關稅相關的不確定性，但我們仍然預計本財年第四季度的收入將實現連續增長，並且本季度的營業利潤率將再次表現強勁。

This outlook supports a continued view that Plexus will achieve meaningful EPS growth in fiscal 2025, with revenue growth in each of our market sectors, robust operating margin performance, and ongoing free cash flow deployment. We continue to expect year over year growth for our aerospace and defense market sector supported by robust demand for our solutions supporting defense and commercial space products.

這一前景支持了以下持續的觀點：Plexus 將在 2025 財年實現有意義的每股收益增長，我們每個市場領域的收入都將增長，營業利潤率表現強勁，並且自由現金流部署也將持續進行。我們繼續預計，由於對支援國防和商業太空產品的解決方案的需求強勁，我們的航空航太和國防市場部門將實現同比增長。

Growth forecasts improved slightly in our healthcare life sciences market sector. We continue to benefit from new program ramps and share gains while healthcare customer demand is improving after a prolonged period of inventory correction.

我們對醫療生命科學市場領域的成長預測略有改善。我們繼續受益於新項目的增加和市場份額的成長，同時醫療保健客戶的需求在經過長期的庫存調整後正在改善。

We continue to expect growth in our industrial market sector. This expectation reflects robust growth and semi cap associated with contributions from new program wins and share gains amidst an outlook of modest semi-cap market growth. In addition, we see some early signs that inventory corrections may have peaked in the broader industrial market.

我們繼續期待工業市場部門的成長。這一預期反映了在半資本市場溫和成長的前景下，新項目勝利和份額成長帶來的強勁成長和半資本化。此外，我們看到一些早期跡象表明，更廣泛的工業市場的庫存調整可能已經達到頂峰。

Finally, Plexus uniquely supports customer success, leveraging our comprehensive product life cycle solutions and passion for operational excellence delivered through our globally united team.

最後，Plexus 以獨特的方式支持客戶成功，利用我們全面的產品生命週期解決方案和透過我們全球團結的團隊實現的卓越營運熱情。

Our ongoing strategic investments in talent, technology, facilities, and advanced capabilities position plexus to proactively navigate evolving landscapes and dynamic market environments to enable our customers' success. I will now turn the call over to Oliver for additional analysis of the performance of our market sectors. Oliver.

我們對人才、技術、設施和先進能力的持續策略投資使 Plexus 能夠主動應對不斷變化的情況和動態的市場環境，從而幫助我們的客戶取得成功。現在我將把電話轉給奧利佛，讓他對我們各個市場部門的表現進行進一步分析。奧利佛。

Thank you, Todd. Good morning. I will begin with a review of the fiscal second quarter performance of each of our market sectors, our expectations for each sector for the fiscal third quarter, and some directional sector commentary for fiscal 2025.

謝謝你，托德。早安.我將首先回顧我們各個市場部門在第二財季的表現、我們對第三財季各部門的預期以及對 2025 財年的一些方向性部門評論。

I will also review the annualized revenue contribution of our wins performance for each market sector and then provide an overview of our funnel of qualified manufacturing opportunities. Starting with our aerospace and defense sector on Slide 8, revenue increased 8% sequentially in the fiscal second quarter, meeting our expectation of a high single digit increase.

我也會回顧我們在每個市場領域的成功表現對年度收入的貢獻，然後概述我們的合格製造機會管道。從投影片 8 上的航空航太和國防部門開始，第二財季營收季增 8%，符合我們對高個位數成長的預期。

Continued softness in the commercial aerospace subsector was offset by demand increases in both the defense and space subsectors. We expect revenue for the aerospace and defense sector to be up mid-single digits in the fiscal third quarter, reflective of broad-based increases in customer demand and an increase in volume for a new product rampant.

商業航空航太子產業的持續疲軟被國防和航太子產業需求的成長所抵消。我們預計航空航太和國防部門第三財季的收入將成長中等個位數，這反映了客戶需求的廣泛增長和新產品銷售的增加。

Our wins for the fiscal second quarter for the aerospace and defense sector were healthy at $27 million. Reflective of our continued strength of execution, we received awards for products currently manufactured in-house at two of our customers in the defense sub-sector.

我們第二財季在航空航太和國防部門的獲利達到了 2,700 萬美元，表現十分出色。由於我們持續的執行力，我們目前在國防子行業的兩個客戶內部生產的產品獲得了獎項。

We also received an award for further new product launch builds for a customer that continues to invest in their space product portfolio. Plexus is the sole provider for these new product launch builds.

我們也因向一位繼續投資其太空產品組合的客戶推出更多新產品而獲得了獎勵。Plexus 是這些新產品發布版本的唯一提供者。

And our focus to expand our engineering design services with aerospace and defense customers continues to build momentum with the award of our largest ever aerospace and defense sector design project. Consistent with our outlook last quarter, we expect continued sequential growth as we finish the fiscal year, resulting in modest growth for our aerospace and defense market sector in fiscal 2025.

我們致力於擴大與航空航天和國防客戶的工程設計服務，隨著我們贏得有史以來最大的航空航天和國防部門設計項目，這一勢頭繼續增強。與我們上個季度的展望一致，我們預計本財年結束時將繼續保持連續成長，從而使我們的航空航太和國防市場部門在 2025 財年實現溫和成長。

Strength and the defense and space subsectors is being substantially offset by reduced near-term demand in the aerospace subsector, muting the impact of robust underlying long-term commercial aerospace market demand and the anticipated growth contribution from our ongoing wins and share gains.

國防和航太子行業的強勁表現被航空航天子行業短期需求的減少所大幅抵消，從而削弱了長期商業航空航天市場強勁需求的影響以及我們持續的勝利和份額增長所帶來的預期增長貢獻。

Please advance to Slide 9. Revenue in our healthcare life sciences market sector was up 10% sequentially for the fiscal second quarter, beating our expectation of a high single digit increase. Inside the quarter, demand increases across a number of customers contributed to the strong results.

請前進至幻燈片 9。我們醫療生命科學市場部門的營收在第二財季環比成長 10%，超過了我們預期的高個位數成長。本季度，眾多客戶的需求增加促成了強勁的業績。

For the fiscal third quarter, we expect the healthcare life sciences sector to grow revenue mid single digits, driven primarily by increased and market demand and supported by strength from new program ramps. Fiscal second quarter health care life sciences sector wins of $118 million included our largest ever award for sustaining services.

對於第三財季，我們預計醫療生命科學領域收入將實現中等個位數成長，主要受市場需求成長和新專案成長的支持。第二財季醫療保健生命科學部門獲得 1.18 億美元的獎金，其中包括我們有史以來最大的維持服務獎金。

This substantial award from an existing customer marks a shift in the strategy from in-house to outsourced services. Our strong history of execution with this customer and the strength of our executive relationships contributed to the award.

此次來自現有客戶的巨額獎勵標誌著該公司的策略從內部服務轉向外包服務。我們與該客戶的良好合作歷史以及我們與高管的牢固關係為我們贏得該獎項做出了貢獻。

This product will be serviced in our Guadalajara, Mexico campus. Our wins also included subassemblies for a customer's next generation MRI support equipment. Again, our historical strength of execution and executive partnerships contributed to the award. In this instance, our customer engaged exclusively with Plexus on this opportunity.

本產品將在我們位於墨西哥瓜達拉哈拉的園區提供服務。我們的合約還包括為客戶下一代 MRI 支援設備提供子組件。再次，我們歷來的執行力和執行夥伴關係為該獎項做出了貢獻。在這種情況下，我們的客戶專門與 Plexus 合作，爭取這個機會。

These assemblies will be built on our Penang, Malaysia campus. Our Penang Malaysia campus also received an award to build subassemblies in support of an orthopedic robotic assisted surgical system. As we look to the full year, our outlook for fiscal 2025 for the healthcare life scientist sector has slightly improved on the strength of new program ramps and multiple customers increasing demand.

這些組件將在我們位於馬來西亞檳城的園區內建造。我們位於馬來西亞檳城的園區還獲得了一項獎項，用於製造支持骨科機器人輔助手術系統的子組件。展望全年，由於新專案的強勁成長和眾多客戶需求的增加，我們對 2025 財年醫療保健生命科學家領域的前景略有改善。

Advancing to the industrial sector on Slide 10, revenue decreased 10% sequentially in the fiscal second quarter. The result was in line with our expectation of a high single digit to low double digit revenue decline. Near term demand increases across a number of customers for both existing and new product production offset other forecast changes in the portfolio.

進入第 10 張投影片的工業領域，第二財季營收季減 10%。此結果符合我們預期的收入下降幅度（高個位數至低兩位數）。近期，眾多客戶對現有產品和新產品生產的需求增加抵銷了產品組合中的其他預測變化。

Our first goal third quarter outlook for the industrial sector of a low single digit increase reflects demand strength in our semi cap subsector and new program ramp strength in our energy management subsector. The industrial market sector wins for the second quarter for $60 million.

我們對工業領域第三季的首要目標是實現低個位數成長，這反映了我們半導體子產業的需求強勁以及我們能源管理子產業的新專案成長強勁。工業市場部門第二季獲勝，金額為 6,000 萬美元。

As a result of the continued nonlinearity of the new technology transition within the broadband communication subsector, our customer has awarded us further production of legacy products, as some men customers invest to optimize their installed infrastructure. We also expanded our engagement with a leading construction and mining equipment customer as they awarded us production for a safety system that was part of a recent acquisition.

由於寬頻通訊子產業內新技術轉型的持續非線性，我們的客戶授予我們進一步生產傳統產品的權利，因為一些男性客戶投資優化其已安裝的基礎設施。我們還擴大了與一家領先的建築和採礦設備客戶的合作，他們授予我們最近收購的安全系統生產權。

His ability to support the resulting transition reflects a high value add offering and the strength of our partnership. Finally, our wins performance continued to show strength across the portfolio of our semi cap customers with both new program wins and share gains.

他支持由此產生的轉變的能力反映了高附加價值產品的提供和我們合作夥伴關係的實力。最後，我們的獲勝表現繼續顯示出我們半資本客戶投資組合的強勁勢頭，包括新項目的獲勝和份額的增加。

Our expectation of growth for the industrial sector in fiscal 2025 remains unchanged. She gains and new program ramps are driving robust growth for our semi-cap sub-sector. While, despite some early green shoots, trends remain generally uneven across the majority of our industrial submarkets.

我們對2025財年工業部門成長的預期保持不變。她的收益和新計劃的推出正在推動我們半資本子行業的強勁增長。儘管早期出現了一些復甦跡象，但大多數工業子市場的趨勢總體上仍然不均衡。

Please advance to Slide 11 for a review of our funnel of qualified manufacturing opportunities. The funnel of qualified manufacturing opportunities remains robust at $3.5 billion. Our positive outlook for funnel health is in part supported by the strength of early stage opportunities in our industrial and aerospace and defense sectors.

請翻到投影片 11，查看我們合格製造機會的管道。合格製造業機會的規模仍然強勁，達到 35 億美元。我們對漏斗健康的積極展望在一定程度上受到了工業、航空航太和國防領域早期機會的強勁支持。

In summary, after considering Current dynamic market conditions, our share gains, program ramps, continued strength in certain subsectors, and increased demand in recently challenged subsectors, we continue to forecast sequential revenue growth during the second half of fiscal 2025.

綜上所述，考慮到當前動態的市場條件、我們的份額成長、專案成長、某些子產業的持續強勁以及近期面臨挑戰的子產業需求的成長，我們繼續預測 2025 財年下半年的營收將實現連續成長。

Before turning the call over to Pat, reflecting on the recent tariff volatility, I'd like to take a moment to recognize and appreciate the efforts of our trade compliance team and our global plexus team as we continue to provide agile, proactive, and competitive analysis and responses in support of our customers' success. Our customers have noted their appreciation, and we'd like to add our appreciation to theirs. Thank you. I will now turn the call over to Pat.

在將電話轉給帕特並回顧最近的關稅波動之前，我想花點時間認可和讚賞我們的貿易合規團隊和全球 plexus 團隊的努力，我們將繼續提供靈活、主動和有競爭力的分析和回應，以支持客戶的成功。我們的客戶表達了他們的感激之情，我們也想表達他們的感激之情。謝謝。現在我將電話轉給帕特。

Pat, thank you, Oliver, and good morning, everyone. Our fiscal second quarter results are summarized on Slide 12. Gross margin of 10% was at the top end of our guidance due to a favorable mix of service offerings and better fixed cost leverage. Productivity improvements associated with operational efficiency initiatives help to reduce the impact from our typical seasonal compensation cost increases.

派特，謝謝你，奧利佛，大家早安。我們的第二財季業績總結在第 12 張投影片。由於服務產品組合良好且固定成本槓桿較高，10% 的毛利率處於我們預期的最高水準。與營運效率措施相關的生產力改善有助於減少我們典型的季節性薪資成本增加所帶來的影響。

Selling an administrative expense of $49 million was at the midpoint of our guidance, non-gap operating margin of 5.7% was at the top end of our guidance due to the strength and gross margin. Non-operating expense of $3.8 million is favorable to expectations due to improved foreign exchange performance and lower than anticipated interest expense.

4,900 萬美元的管理費用處於我們預期的中間值，由於強勁的業績和毛利率，5.7% 的非差距營業利潤率處於我們預期的最高值。由於外匯表現改善且利息支出低於預期，380 萬美元的非營業支出符合預期。

Non-gap diluted the EPS of $1.66 exceeded our guidance due to the items mentioned and a slightly favorable tax rate. Turning to our cash flow and balance sheet on Slide 13. As shown across these financial metrics, our performance was strong and consistent with the fiscal first quarter.

由於上述項目和略微優惠的稅率，非差距稀釋每股收益為 1.66 美元，超出了我們的預期。前往投影片 13 上的現金流量和資產負債表。從這些財務指標可以看出，我們的業績強勁，與第一財季的業績一致。

As a result, we delivered $36.7 million in cash from operations and spent $20.2 million on capital expenditures, generating free cash flow of $16.5 million. This performance exceeded expectations and positions us well to meet our fiscal 2025 free cash flow projection of up to $100 million.

結果，我們從營運中獲得了 3,670 萬美元的現金，並在資本支出上花費了 2,020 萬美元，產生了 1,650 萬美元的自由現金流。這項業績超出了預期，並使我們預計將實現 2025 財年高達 1 億美元的自由現金流預測。

During the quarter, we continued to return cash to shareholders through our share repurchase program by acquiring approximately 86,000 shares of our stock for $12.2 million. We have approximately $25 million available under the current $50 million dollar authorization.

本季度，我們繼續透過股票回購計畫向股東返還現金，以 1,220 萬美元的價格回購了約 86,000 股股票。在目前的 5000 萬美元授權下，我們還有大約 2500 萬美元可用。

We are taking advantage of our strong financial performance and robust balance sheet to hold an earlier review with our board of directors to discuss an additional buyback authorization once the current program is completed. This review is planned for next month.

我們正在利用強勁的財務表現和穩健的資產負債表與董事會進行早期審查，討論當前計劃完成後的額外回購授權。此次審查計劃於下個月進行。

Similar to the prior quarter, we ended the fiscal second quarter in a net cash position. We have $15 million outstanding under our revolving credit facility with $485 million available to borrow. Given our available capacity, we anticipate borrowing under this facility when our $100 million private placement notes mature this June.

與上一季類似，我們在第二財季結束時處於淨現金狀態。我們的循環信貸額度下未償還金額為 1500 萬美元，可供借款金額為 4.85 億美元。考慮到我們的可用容量，我們預計今年 6 月我們的 1 億美元私募債券到期時將透過該機制進行借款。

We will take market conditions into consideration if and when we would refinance any longer term. For the fiscal second quarter, we delivered a return on invested capital of 13.7%, which was 480 basis points above our weighted average cost of capital.

我們將考慮市場狀況來決定是否以及何時進行長期再融資。在第二財季，我們的投資資本報酬率為 13.7%，比加權平均資本成本高出 480 個基點。

Our invested capital base is significantly lower than the prior year due to our efforts to drive sustained improvement in working capital. This combined with improved operating performance drove the expansion in ROIC over the prior year.

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明顯低於前一年。這與經營績效的改善相結合，推動了 ROIC 較前一年的成長。

Cash cycle at the end of the fiscal second quarter was 68 days, three days favorable to expectations and consistent with the fiscal first quarter. This result represents a 25% improvement in our cash cycle days from one year ago.

第二財季末的現金週期為 68 天，比預期好三天，與第一財季一致。這一結果顯示我們的現金週期天數比一年前提高了 25%。

Please turn to Slide 14 for details on our cash cycle. With a continued sequential reduction in gross inventory dollars this quarter by $10 million we experienced a two-day improvement in inventory days. We have now reduced the dollar value of inventory for five consecutive quarters with gross inventory $370 million lower than the fiscal 2023 high point.

請翻到投影片 14 了解我們的現金週期的詳細資訊。本季庫存總額持續連續減少 1,000 萬美元，庫存天數改善了兩天。我們現在已經連續五個季度降低庫存的美元價值，總庫存比 2023 財年的高點低 3.7 億美元。

For days in advance payments, we experienced a two-day reduction with $14 million being returned to customers during the quarter. As Todd has already provided the revenue and EPS guidance for the fiscal third quarter, I'll review some additional details which are summarized at 5:15.

對於預付款，我們經歷了兩天的減少，本季向客戶退還了 1,400 萬美元。由於 Todd 已經提供了第三財季的收入和每股盈餘預測，我將在 5:15 回顧一些額外的細節。

Fiscal third quarter gross margin is expected to be in the range of 9.9% to 10.2%, that the midpoint gross margin would be slightly improved from last quarter. We expect selling an administrative expense in the range of $50 to $51 million which is fairly consistent with the prior quarter. Note that this estimate is inclusive of approximately $6.4 million of stock-based compensation expense.

預計第三財季毛利率在9.9%至10.2%之間，中點毛利率將較上一季略有改善。我們預計銷售管理費用將在 5,000 萬至 5,100 萬美元之間，與上一季基本一致。請注意，該估算包含約 640 萬美元的股票薪酬費用。

Fiscal third quarter non-GAAP operating margin is expected to be in the range of 5.7% to 6.1% exclusive of stock-based compensation expense. Non operating expense is anticipated to be approximately $4.5 million. We continue to anticipate lower interest expense consistent with our reduced borrowing. For the fiscal third quarter, we are estimating an effective tax rate between 14% and 16% and diluted shares outstanding of approximately $27.6 million.

預計第三財季非公認會計準則營業利潤率將在 5.7% 至 6.1% 之間（不包括股票薪資費用）。預計非營業支出約 450 萬美元。我們繼續預期隨著借款減少，利息支出也會降低。對於第三財季，我們預計有效稅率在 14% 至 16% 之間，稀釋流通股數約為 2,760 萬美元。

In support of anticipated program ramps, our expectation for the balance sheet is that working capital investments will increase compared to the fiscal second quarter. However, based on our anticipated sequential revenue growth, we expect our cash cycle days to remain consistent with the fiscal second quarter. Hence we are guiding a cash cycle range of 66 to 70 days.

為了支持預期的計畫成長，我們對資產負債表的預期是，營運資本投資將比第二財季增加。然而，根據我們預期的連續收入成長，我們預計我們的現金週期天數將與第二財季保持一致。因此，我們指導的現金週期範圍為 66 至 70 天。

With investments to support anticipated program ramps and a higher level and higher levels of capital spending associated with completing the build out of our new facility in Penang, Malaysia, we expect break even to a slight generation of free cash flow for the fiscal third quarter.

透過投資支持預期的項目成長，以及完成馬來西亞檳城新工廠建設所需的越來越高的資本支出，我們預計第三財季將實現收支平衡，並產生少量自由現金流。

Fiscal 2025 capital spending is expected to be in the range of $110 million to $130 million slightly lower than our previous guidance. Once again, given our improved performance through the first half of the fiscal year, we anticipate generating up to $100 million of free cash flow for fiscal 2025. With that, Angela, let's now open the call for questions.

預計 2025 財年的資本支出將在 1.1 億美元至 1.3 億美元之間，略低於我們先前的預期。再次，鑑於我們在本財年上半年的業績改善，我們預計 2025 財年將產生高達 1 億美元的自由現金流。安琪拉，現在讓我們開始提問。

Thank you. We will now begin the question and answer session. (Operator Instructions). David Williams from the Benchmark Company.

謝謝。我們現在開始問答環節。（操作員指令）。Benchmark Company 的 David Williams。

Hey, good morning, everyone. Thanks for taking my question and congratulations on just navigating this environment as well as you are here.

嘿，大家早安。感謝您回答我的問題，並祝賀您能夠順利地適應這個環境。

Thank you, David.

謝謝你，大衛。

Yeah, so lots, I think there's lots of things that we could talk about here, but I guess first it's really around the tariffs, and this has been obviously a big topic of discussion, but in the past you've talked about your in-country for country kind of strategy that has helped there, and you talked about hiring some logistics and some support staff.

是的，有很多，我認為我們可以在這裡談論很多事情，但我想首先是關於關稅的問題，這顯然是一個很大的討論話題，但在過去你談到了你的國內對國內戰略，這種戰略在那裡有所幫助，你還談到了僱用一些物流和一些支持人員。

But just can you talk maybe a little more about how the tariffs are impacting you and are you hearing anything from your customers? Are you seeing their forecast shift and what are those discussions that you're having today with them?

但是，您能否再多談談關稅對您的影響以及您是否聽到了客戶的任何消息？您是否看到他們的預測改變了？今天您與他們進行了哪些討論？

Sure, so, I mean, first of all, what I would say is we would all like to get to a steady state because I think that will help us plan for the future and move forward with our customers because right now our customers are largely taking a wait and see type approach. We're doing a bit of modeling for some customers and potentially moving regions, although those aren't necessarily to the US. They could just be to.

當然，首先，我想說的是，我們都希望達到穩定的狀態，因為我認為這將有助於我們規劃未來並與客戶一起前進，因為現在我們的客戶大多採取觀望態度。我們正在為一些客戶和潛在的搬遷地區做一些建模，儘管這些地區不一定是美國。他們可能只是這樣。

Lower tariff jurisdictions or things such as that, but in general we believe we're positioned really well as we move forward through this. One is the investments in trade compliance from a standpoint of people, tools and process. Again, to remind everybody on the call, we pass the tariffs on to our customers so we don't absorb those costs ourselves, and that's moving forward fine as we would anticipate it to right now.

降低關稅管轄區或諸如此類的事情，但總的來說，我們相信，隨著我們在這方面的推進，我們處於非常有利的位置。一是從人員、工具和流程的角度對貿易合規的投資。再次提醒電話中的每個人，我們將關稅轉嫁給我們的客戶，這樣我們自己就不會承擔這些成本，而且正如我們現在預期的那樣，一切進展順利。

And we think we're positioned well from a footprint standpoint and a services and tools standpoint that we'll be able to adjust and help our customers achieve a successful solution regardless of what that final. State we have available capacity in each of our regions, including within the US, so we're well positioned to be able to do that.

我們認為，從足跡角度以及服務和工具角度來看，我們處於有利地位，無論最終結果如何，我們都能夠進行調整併幫助我們的客戶獲得成功的解決方案。我們聲明我們在每個地區（包括美國境內）都有可用容量，因此我們有能力做到這一點。

We still think an in region for region is the likely end state as this continues to migrate. We think that's the typical solution that we'd get towards, but we again believe we're well positioned to continue to adjust as our customers see the final end state. One of the things from a standpoint of demand to David, at this point we're seeing no impact to demand, and that includes no demand degradation or no pull forward into the current into earlier time periods right now.

我們仍然認為，隨著遷移的持續，區域內的遷移可能是最終狀態。我們認為這是我們能得到的典型解決方案，但我們再次相信，隨著我們的客戶看到最終狀態，我們已準備好繼續進行調整。從需求的角度來看，對戴維來說，目前我們看到的需求並沒有受到影響，包括需求沒有下降，也沒有拉動當前需求進入早期時期。

Okay, very good, certainly appreciate the color there and then maybe you talked a little bit about having excess capacity, but if you think about new facilities, if you were to build that, can you talk a little bit about that CapEx investment and then the timing in order to bring up a new facility? How quickly can that happen if a customer came to you and said, hey, we want to move to US but you didn't have capacity.

好的，非常好，當然很欣賞那裡的色彩，然後也許你談到了一點關於產能過剩的問題，但是如果你考慮新設施，如果你要建造它，你能談談資本支出投資以及建立新設施的時機嗎？如果有個客戶來找你說，嘿，我們想搬到美國，但你們沒有能力，那這一切能多快發生呢？

Yeah, well, the good news, David, this is Pat. We've got really good capacity in all three of our regions, as we mentioned, we've got the Penang, Malaysia site coming on board this summer. We've got available capacity in Europe and then in Mexico and the US, so all three of those regions can handle any additional.

是的，好消息，大衛，我是帕特。正如我們所提到的，我們在所有三個地區都擁有非常好的容量，今年夏天我們將在馬來西亞檳城開設分店。我們在歐洲、墨西哥和美國都有可用產能，因此這三個地區都可以處理任何額外的產能。

A volume that's put into it, how quickly if the need would arise in the future, it's probably a four to six quarter period to do that build, but with some of the improvements we're making within our facilities and Oliver could talk more about this, but we're trying to expand capacity within our existing facilities through automation efforts and a number of other initiatives. That can delay the need for a new site after we put the one in in Malaysia.

投入的數量，如果未來需要的話，多快完成建設可能需要四到六個季度的時間，但隨著我們在設施內進行的一些改進，奧利弗可以更多地談論這一點，但我們正在嘗試通過自動化努力和其他一些舉措來擴大現有設施的產能。這可以延緩我們在馬來西亞建立站點後對新站點的需求。

Yeah, I can just expanding on that as we drive operational improvements into our manufacturing facilities. Not only are we working on improvements that would reduce our cost basis, but also on our asset utilization. And so Pat mentioned automation that could be process automation, material handling automation as a specific example there.

是的，隨著我們推動製造設施的營運改進，我可以進一步擴展這一點。我們不但致力於降低成本基礎的改進，而且還致力於提高資產利用率。因此，帕特提到了自動化，可以是流程自動化、物料處理自動化，作為具體例子。

We've automated our warehouse in Penang last fiscal year and through doing that we saw a 60% reduction in space utilization as we automated that warehouse, 300% increase in pick rates and also better labor efficiency. And so we're now rippling that through another three facilities this fiscal year, and that's a way that we can continue to make and create additional capacity with the existing bricks and mortar that we have.

我們在上個財政年度對檳城的倉庫進行了自動化改造，透過這項舉措，我們看到倉庫自動化後空間利用率降低了 60%，揀貨率提高了 300%，勞動效率也提高了。因此，我們在本財年將透過另外三個工廠進行推廣，這樣我們就可以繼續利用現有的實體設施來製造和創造額外的產能。

Melissa Fairbanks with Raymond James.

梅麗莎·費爾班克斯和雷蒙德·詹姆斯。

Hey guys, thanks so much. Pat, I just wanted to touch on the cash cycle days since this is the last topic that you spoke about before we went into Q&A. We have seen it leveling out around 68 days. Obviously a significant improvement from where we were a year ago.

嘿夥計們，非常感謝。派特，我只是想談談現金週期日，因為這是我們進入問答環節之前你談到的最後一個話題。我們已經看到它在 68 天左右趨於平穩。顯然，與一年前相比，我們已經有了顯著的進步。

Just wondering, understanding that there is going to be some fluctuation on a quarterly basis, but wondering what your longer term target is for those cash cycle days.

只是想知道，了解每季都會有一些波動，但想知道這些現金週期日的長期目標是什麼。

Yeah, thanks, Melissa. I mean, it, it's changed a bit because as you recall last year I was probably in the kind of low 70s, mid 70s, and then we frankly were a bit surprised ending the fiscal year in '24 at 64 days. And we've kind of continued in the 60s and that's where I'm guiding the fiscal third quarter. I think we have opportunity though to get back into kind of the mid to low 60s. I think that's a good target for us. I think there is opportunity around gross.

是的，謝謝，梅麗莎。我的意思是，它發生了一些變化，因為正如你記得的，去年我的收入大概在 70 多歲，70 多歲之間，然後坦率地說，我們對 24 年財政年度結束時的 64 天感到有點驚訝。我們的業績一直維持在 60 年代的水平，這也是我對第三財季的預期。我認為我們有機會重新回到 60 年代中期到初期的水平。我認為這對我們來說是一個很好的目標。我認為總體上存在機會。

Inventory to bring that down, but we do have to recognize we have sizable customer deposits also offsetting that gross inventory that some of that's going to be returned to customers in 25 and 26. But keep in mind that every one of those days that we're able to reduce frees up $10 million of cash flow for us, and it's been a huge improvement to our balance sheet from a borrowing standpoint and ability to support our buyback and other growth initiatives.

庫存可以降低這一水平，但我們必須認識到，我們有相當數量的客戶存款，這也抵消了總庫存，其中一些將在 25 和 26 年返還給客戶。但請記住，我們減少的每一天都會為我們釋放 1000 萬美元的現金流，從借貸的角度來看，這對我們的資產負債表來說是一個巨大的改善，並且能夠支持我們的回購和其他增長計劃。

Yeah, absolutely, Oliver, I had a follow up for you. One thing that you said was kind of interesting in the aerospace and defense segment, you noted that you won some new product launches, two of which had previously been done in-house by the customer.

是的，奧利佛，我當然有後續消息給你。您說的一件事在航空航天和國防領域很有趣，您指出您贏得了一些新產品的發布，其中兩個之前是由客戶內部完成的。

Correct me if I'm misunderstanding what you said. But I'm curious what some of the dynamics are, this is kind of something that we've talked about a lot of outsourcing of manufacturing. If it's in aerospace and defense, that's always an area that tends to move very slowly. And so I'm curious what some of the dynamics behind two of those wins or some of your newer product launch wins was.

如果我誤解了你的意思，請糾正我。但我很好奇其中的一些動態，這有點像是我們討論過的許多製造業外包的事情。如果是在航空航太和國防領域，這個領域的發展往往非常緩慢。因此，我很好奇這兩場勝利或一些新產品發布勝利背後的動力是什麼。

Yeah, I think just Melissa, in general, so you did hear correctly and just in general I think as customers are experiencing different external market conditions as well as if they have significant changes in capacity, so relative to demand, so I should say significant changes in demand relative to their capacity, those are the types of instances that we've historically seen them cause the question, hey, should we take this outside instead of doing this inside?

是的，我認為梅麗莎，總的來說，你沒聽錯，總的來說，我認為由於客戶正在經歷不同的外部市場條件，以及他們的產能發生重大變化，所以相對於需求，所以我應該說需求相對於他們的產能發生了重大變化，這些都是我們歷史上看到的情況，它們引發了一個問題，嘿，我們應該把它拿到外面而不是在裡面做嗎？

I think the other piece here that we also talked about with the aerospace and defense sector, largest ever engineering design win, and as we talked about historically, as we do that engineering product development, we're often then doing well basically all the time doing the production on the tail end of that. And so that would be another circumstance that would cause that production to come to plexus.

我認為，我們還討論了航空航天和國防部門的另一部分，這是有史以​​來最大的工程設計勝利，正如我們在歷史上討論的那樣，當我們進行工程產品開發時，我們通常基本上在最後的生產過程中一直做得很好。所以那將是導致該生產進入神經叢的另一種情況。

I think one of the things from a broader trend standpoint that we're seeing is more of an openness to outsource. I mean, these are long term historical industrial companies that are becoming that have manufacturing assets that are becoming much more open to outsourcing and see the benefits of it. So I think it's a good long term trend for us.

我認為，從更廣泛的趨勢角度來看，我們看到的一件事就是對外包更加開放。我的意思是，這些都是擁有長期歷史的工業公司，它們擁有製造資產，對外包越來越開放，並看到了外包的好處。所以我認為這對我們來說是一個很好的長期趨勢。

Steven Fox with Fox Advisors LLC.

史蒂文福克斯 (Steven Fox) 與 Fox Advisors LLC 合作。

Hi, good morning, guys. I had two questions also. First of all, I was wondering if you could provide a little bit more color on the healthcare sustainable services program that you highlighted. I think you said you're doing it in Guadalajara, but can you give us a sense for just sort of what exactly you're doing, how it ramps, and what it could mean for other winds in the future then follow up.

大家好，早安。我也有兩個問題。首先，我想知道您是否可以更詳細地介紹您強調的醫療保健可持續服務計劃。我想您說過您正在瓜達拉哈拉做這件事，但是您能否讓我們了解一下您到底在做什麼，它是如何發展的，以及它對未來其他風力發電意味著什麼，然後再跟進。

Yeah, so we can't get into a lot of details around the product itself, Steve. I mean, other than to say it involves a single use aspect of a piece of capital equipment is what I would say. The potential, the program has potential to ramp though over a two to three quarter time period and the volumes could be fairly large.

是的，所以我們不能談論產品本身的許多細節，史蒂夫。我的意思是，除了說它涉及一件資本設備的單一用途方面之外，我還會說其他的。該計劃有潛力在二至三個季度的時間內逐步擴大規模，而且規模可能相當大。

And does it open up for any other opportunities if you prove yourself capable of ramping it?

如果您證明自己有能力提升這一水平，那麼這是否會為您帶來其他機會？

Well, it's definitely follow on with the similar programs, so the volumes that we're considering right now could go up from there and could result in future wins and the relationship with the customer itself is a very strong and very long term partnership with one of our top healthcare customers.

嗯，這肯定是類似項目的後續，所以我們現在考慮的數量可能會從那裡上升，並可能帶來未來的勝利，與客戶本身的關係是我們與頂級醫療保健客戶之一建立的非常牢固和長期的合作夥伴關係。

Understood. Thank you. And then just as a follow up, I couldn't help but notice that like your June quarter guidance for operating margins at the high end has a 6 handle, and I thought after the September quarter we were sort of assuming you wouldn't get back to like 6% margins to the fourth quarter of this fiscal year.

明白了。謝謝。然後作為後續問題，我不禁注意到，您 6 月份季度的營業利潤率指引高端是 6%，而我認為在 9 月份季度之後，我們有點假設您不會在本財年第四季度回到 6% 的利潤率。

Is there any reason for thinking that can happen sooner than previously assumed or anything else we should think about with the high end of the guidance? Thanks.

是否有理由認為這種情況會比之前假設的更早發生，或者我們是否應該考慮指導上限的其他事項？謝謝。

Yeah, I think it's on two fronts, Steve, and it has to do a lot with what we saw in the results for Q2, but I think we're seeing the benefits of our operational efficiencies flow through quicker than we had anticipated. We're also seeing a nice mix of services with.

是的，史蒂夫，我認為這是兩個方面的問題，而且這與我們在第二季度的業績中看到的情況有很大關係，但我認為，我們看到營運效率提高帶來的好處比我們預期的要快得多。我們也看到了很好的服務組合。

Engineering and sustaining services being quite strong, so I think the two of those are leading to accelerating margin growth a little bit faster than we had anticipated. So we think Q3 is certainly a potential that it could start with a 6, as is Q4.

工程和維持服務相當強勁，所以我認為這兩項服務將導致利潤率成長速度比我們預期的要快一些。因此，我們認為 Q3 肯定有可能以 6 開頭，Q4 也是如此。

Ruben Roy with Stifel.

Ruben Roy 與 Stifel 合作。

Thank you. Hi guys, Todd, I wanted to, have a quick follow up on your tariff, Answers to David's questions and you know obviously a lot of uncertainty out there at this point, a lot of moving pieces, but in terms of, it sounds like you've had some discussions with customers. You know how the how the costs would look like and pastors, etc. Have you gotten any feedback on movement of products, based on tariffs at this point, or is that still on the come?

謝謝。大家好，托德，我想快速跟進一下你們的關稅，回答大衛的問題，你知道現在顯然有很多不確定性，有很多變動，但就此而言，聽起來你已經與客戶進行了一些討論。您知道成本情況如何，牧師等。目前您是否根據關稅收到了有關產品流動的任何回饋，還是仍在進行中？

Yeah, it's still pretty early, Ruben. What we're seeing is there's a handful of customers that I would say we're doing some modeling on about potential movement of product.

是的，現在還很早，魯本。我們看到的是，我們正在對少數客戶進行一些有關產品潛在流動的建模。

There's a small amount of product that we're locating. We're moving out of China into different geographies right now, but it's relatively limited, I would say at this point, and I think in general our customers are waiting to see what the end state looks like before they make any decisions or really push too far in that area.

我們正在尋找少量產品。我們目前正在從中國向不同的地區拓展，但我想說，目前我們的擴張範圍相對有限，而且我認為，總的來說，我們的客戶正在等待觀察最終狀態，然後再做出任何決定或在該地區進一步推進。

Got it. Thank you Todd. And then a quick follow up as well for Oliver on the industrial commentary Oliver and the green shoots, it sounded to me like, that was sort of a Statement that that it had to do more with inventory than demand or you know sort of new programs, etc. Is that the way to think about it or are you actually, starting to see some movement in terms of demand on on some of your industrial from some of your industrial customers?

知道了。謝謝你，托德。然後，我想快速跟進奧利佛關於工業評論和綠芽的問題。在我看來，這聽起來像是在說，這與庫存有關，而不是需求，或者你知道一些新的計劃等等。是這樣思考的嗎？或者，您是否真的開始看到一些工業客戶對您的某些工業產品的需求有所改變？

Yeah, I guess I conflate those two, right? And so I think what we had been seeing over prior quarters was customers had a lot of extra inventory in the channel, and that was muting their demand to us. And so now that that inventory, it seems like we've maybe bottomed out in aspects of our broader industrial portfolio and then that that manifests to us as a stronger demand signal. So does that answer the question?

是的，我想我把這兩者混為一談了，對嗎？因此，我認為我們在前幾個季度看到的情況是，客戶在通路中有很多多餘的庫存，這抑制了他們對我們的需求。因此，現在庫存似乎已經從我們更廣泛的工業投資組合的各個方面觸底，這對我們來說表現為更強勁的需求訊號。那麼這回答了問題嗎？

Ruben, it's Sean, I would say there are some pockets where we believe the end demand is strengthening above some of the moderation and inventory headwinds, but it's small pockets right now, it's spring in the Midwest, so green shoots is an appropriate term.

魯本，我是肖恩，我想說，我們認為在某些領域，最終需求正在增強，超過一些放緩和庫存逆風，但現在只是小範圍的，中西部地區正值春天，所以“綠芽”是一個恰當的術語。

Chris Grega with Needham.

克里斯·格雷加 (Chris Grega) 和尼德姆 (Needham)。

Hi, good morning. This is Chris on Offer Gem. Thank you for taking the question.As you are approaching the opening of the new Penang site this summer, it sounds like sounds like the capacity is filling up and particularly with the MRI assembly win and others. Do you see any gross margin headwind as that facility ramps over the course of the next few quarters?

嗨，早安。這是 Chris on Offer Gem。感謝您回答這個問題。隨著今年夏天檳城新工廠的開業，聽起來產能已經滿了，尤其是 MRI 組裝廠的勝利和其他工廠的勝利。隨著該工廠在未來幾季逐步擴張，您是否認為毛利率會面臨阻力？

Yeah, Chris, this is Pat. We'll see a little, but it's going to be very minimal, and Asia, especially Malaysia, has a great track record of getting up to profitability within a 3 to 4 quarter period and then getting to corporate averages soon after that.

是的，克里斯，這是派特。我們會看到一些變化，但變化幅度會很小，亞洲，尤其是馬來西亞，有著在 3 到 4 個季度內實現盈利並在不久之後達到企業平均水平的良好記錄。

So I'm pretty confident in that and I mean, occasionally we have this, we have that with Thailand and so it's something we factor into our margin targets that we will be expanding periodically, but I think in this case it'll come pretty quick.

所以我對此非常有信心，我的意思是，我們偶爾會有這種情況，我們在泰國就有這種情況，所以這是我們的利潤目標中的一個因素，我們會定期擴大利潤，但我認為在這種情況下它會很快實現。

Got it. Thank you. And just looking at the funnel chart, healthcare, it bumps around, but it looks like it ticked down a bit sequentially in Q2. And just wondering how I should think about that relative to the improvements that you're seeing in underlying demand and a new program ramps.

知道了。謝謝。僅從漏斗圖來看，醫療保健產業表現不穩定，但在第二季似乎有所下降。我只是想知道我應該如何看待這一點，相對於您所看到的潛在需求和新計劃的改善。

Yeah, so I think just talking about the funnel a couple of things I'll, we've mentioned this in prior calls but I haven't maybe talked about it in a while. We don't manage funnel and wins to quarterly boundaries like we would say operational results, and so you'll see some ebb and flow from one quarter to the next.

是的，所以我認為只談論漏斗的幾個方面，我們在之前的電話會議中提到過這一點，但我可能有一段時間沒有談論它了。我們不會像管理營運結果那樣按季度來管理管道和勝利，因此您會看到從一個季度到下一個季度的起伏。

I'd also highlight for healthcare versus prior year the funnel is up, sorry, our winds are up 8% versus prior year. And so just generally I think we continue to be optimistic about our ability to grow there. We've also mentioned with the extra demand increases we're seeing from customers, we expect that to flow through to additional decision making which would then flow through to additional wins.

我還要強調的是，與去年相比，醫療保健產業的漏斗有所上升，抱歉，我們的風力發電量與去年相比上升了 8%。因此，總的來說，我認為我們仍然對我們在那裡發展的能力持樂觀態度。我們也提到，隨著客戶額外需求的增加，我們預期這將轉化為額外的決策，進而帶來額外的勝利。

Great, thank you very much.

太好了，非常感謝。

Steve Barger with KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Steve Barger。

Thanks. Good morning. I wanted to go back to industrial. If you exclude semi cap equipment, is the net effect of the other industrial markets showing growth, or is that still flat or down? And any specifics you can give around heavy equipment, power management, automation would be great.

謝謝。早安.我想回到工業界。如果排除半封閉設備，其他工業市場的淨效應是否呈現成長，還是仍持平或下降？如果您能提供有關重型設備、電源管理、自動化等具體信息，那就太好了。

Yeah, Steve, good morning. This is Todd. So just to give you a little bit of insight, the balance of industrial ex except excluding semi cap is down and it's down fairly reasonably because our semi cap business is up. I would call it in the high 10s for the fiscal year.

是的，史蒂夫，早安。這是托德。因此，只是為了給你一點了解，除半導體業務外，工業支出的餘額是下降的，而且下降得相當合理，因為我們的半導體業務正在上升。我認為本財政年度的業績將達到 10% 以上。

So the sectors that are seeing some pressure are test and measurement, heavy equipment. Energy and electrification, so it's pretty broad based of seeing headwinds right now excluding semi cap with maybe the exception being communications, which is a bit volatile though as well.

因此，面臨一定壓力的產業是測試和測量、重型設備。能源和電氣化，因此目前普遍面臨阻力，不包括半資本股，也許通訊是例外，但通訊也有點不穩定。

Yeah, that's great. I appreciate it and and I understand the comments about maybe seeing inventory stabilization. You said there hasn't been demand degradation or pull forward, I guess. To the extent that are you seeing any uptick in aftermarket service business for industrial products, meaning end users may be slowing CapEx decisions and that's driving an uptick in MRO, and if that did happen, what's the margin benefit for you? For the margin impact.

是的，太棒了。我很感激並且我理解關於可能看到庫存穩定的評論。我想，您說的是需求沒有下降或提早。您是否看到工業產品售後服務業務有所成長，這意味著最終用戶可能會放慢資本支出決策，從而推動 MRO 的成長，如果確實發生這種情況，您的利潤收益是多少？對於利潤的影響。

Yeah, Steve, it's Sean. So just to put a fine point on Todd's comments, that was on a year over year basis, quarter over quarter, the non-semi cap industrial is looking up. We aren't seeing any kind of sustaining services uptick for that market sector or incremental demand of someone trying to sweat the assets in a time of uncertainty. This is either, less inventory headwinds or better P/E demand.

是的，史蒂夫，我是肖恩。因此，為了更好地理解托德的評論，我們來看一下，與去年同期相比，與上一季相比，非半導體產業正在呈現上升趨勢。我們沒有看到該市場領域出現任何持續性的服務成長，也沒有看到有人在不確定時期試圖榨取資產以增加需求。這要么是庫存阻力減少，要么是市盈率需求提高。

Anja Soderstrom with Sidoti.

Anja Soderstrom 和 Sidoti。

Hi and thank you for taking my question. I'm curious within the engineering winds that you mentioned that was very strong, helped by diversification efforts. Can you elaborate on what those are?

您好，感謝您回答我的問題。我對您提到的工程風潮感到很好奇，這種風潮在多元化努力的推動下非常強勁。能詳細說明一下這些是什麼嗎？

Yeah, so historically our engineering winds were dominated by the healthcare market sector, and we saw some over recent quarters some substantial diversification within those markets where it's really hitting all of our sectors. Oliver had mentioned the very large aerospace and defense wind that.

是的，從歷史上看，我們的工程風向主要由醫療保健市場領域主導，我們在最近幾季看到這些市場出現了一些實質的多樣化，這確實影響了我們所有的領域。奧利佛曾提到非常大的航空航太和國防風能。

Had, which was our largest ever, we had a large life sciences win this quarter, and we performed very well in both industrial and semi cap as well. So it's been pretty broad based and it's like I say, it's a good sign for the future in that we see that diversification because engineering winds lead to manufacturing winds.

這是我們有史以來最大的勝利，本季我們在生命科學領域取得了巨大的勝利，我們在工業和半導體領域也表現得非常出色。所以它的基礎相當廣泛，就像我說的，這對未來來說是一個好兆頭，因為我們看到了這種多樣化，因為工程風會帶來製造風。

Thank you. And also you mentioned shared gains. Who are you taking shares from?

謝謝。您也提到了共同利益。您從誰那裡獲得股份？

On you, Sean, it's broad based and so based upon and market, based upon submarket, we are seeing share gains based upon, as Oliver highlighted, the strength of our executive relationships, the strength of our execution, our focus on our customers.

肖恩，對你來說，它的基礎很廣泛，所以基於市場，基於子市場，正如奧利弗強調的那樣，我們看到的份額增長是基於我們高管關係的強度、我們執行的強度、我們對客戶的關注。

In some cases with the one the one example Oliver highlighted, we were the sole EMS company our customer engaged with just because of the strength of the relationship. So I'm not going to put a fine point and make it that easy for you on where we're winning share gains, but I would say it's broad based across our market sectors and subsectors.

在某些情況下，正如奧利佛所強調的一個例子，我們是客戶唯一合作的 EMS 公司，只是因為我們之間關係的牢固。因此，我不會詳細闡述我們的市佔率成長點，讓您輕鬆了解我們的市佔率成長點，但我想說，我們的市佔率成長點遍布整個市場部門和子部門。

Okay, thank you. I'm also curious in terms of the weakening dollar. Are you hedging for that or? How are you thinking about the current volatility there?

好的，謝謝。我對美元疲軟的情況也很好奇。您是否正在為此進行對沖？您如何看待那裡當前的波動？

Yeah, we are hedging. We do a portion of our non-US currencies hedging, so we do have some exposure and with the volatility, especially that we saw the last month, we could see some impact on our P&L. But we are hedging for it and we'll watch for it.

是的，我們正在進行對沖。我們對部分非美元貨幣進行了對沖，因此我們確實存在一些風險敞口，而且隨著波動，尤其是上個月的波動，我們可能會看到對我們的損益表的一些影響。但我們正在對此進行對沖，並會密切注意。

Okay, thank you. That was all for me.

好的，謝謝。對我來說這就是全部了。

Steve Barger with Key Bank Capital Markets.

Key Bank Capital Markets 的 Steve Barger。

Great, thanks for taking the follow up. Really good to hear something cap is running at mid 10s. Can you talk through what you're seeing for leading edge metrology versus memory versus trailing edge?

太好了，感謝您的跟進。很高興聽到一些上限在 10 年代中期運行。您能否談談您所看到的前沿計量、記憶體和後沿計量的差異？

Yeah, it's better than mid-teens, Steve, so I'm not going to dilute the strength they're seeing, but where we're seeing is, as Oliver highlighted growth across semi cap in terms of wins with customers. We play front end to back end. We're seeing, growth across the customers in all areas, and some customers, maybe they were a little over inventory the past two years and so demand is coming back.

是的，這比十幾歲的時候要好，史蒂夫，所以我不會削弱他們所看到的實力，但我們看到的是，正如奧利佛所強調的那樣，半資本化企業在贏得客戶方面的成長。我們從前端到後端進行遊戲。我們看到，各個地區的客戶都在成長，有些客戶過去兩年的庫存可能有點過剩，因此需求正在回升。

There as well, but I wouldn't put it into a single bucket of technology or front end or back end where we're seeing strength. It's pretty broad based and I would. I'll just go back to the fact that we've won a lot of market share over the past couple of years from competitors as well as new programs coming to market.

那裡也是如此，但我不會將其歸類為我們看到優勢的單一技術或前端或後端類別。它的基礎相當廣泛，我願意這麼做。我只想回顧一下這個事實：過去幾年，我們從競爭對手以及進入市場的新項目中贏得了大量市場份額。

We had an effort as highlighted in engineering, but also in manufacturing to diversify, and that's bearing fruit as well. And so it's really broad-based strength for us. I wouldn't. I'd hesitate to characterize it as one area of semi cap versus another because it's broad-based.

我們在工程領域和製造業都做出了努力，以實現多元化，而且也取得了成果。所以這對我們來說確實是一種廣泛的力量。我不會。我不太願意將其描述為半導體產業的一個領域而非另一個領域，因為它涉及範圍很廣。

Got it. Okay. And then one last one, some of the semi cap names have been talking about a memory to upgrade cycle rather than new tool builds. If that happens, do you get that business if it was your original build? Yes, Perfect, thanks.

知道了。好的。最後一點，一些半導體公司一直在談論記憶體升級週期，而不是新工具的建構。如果發生這種情況，如果這是您最初建立的，您會獲得該業務嗎？是的，非常好，謝謝。

That concludes our question and answer session. I will now turn the conference back over to Mr. Todd Kelsey, President and CEO, for closing remarks.

我們的問答環節到此結束。現在，我將會議交還給總裁兼執行長托德·凱爾西先生，請他致閉幕詞。

All right, thank you, Angela. I'd like to thank shareholders, investors, analysts, and our Plexus team members who joined the call this morning. Concluding with a few summary comments, with our investment in talent, technology facilities, and tools, we believe Plexus is well positioned to enable our customers' success in this dynamic environment in support of our vision to help create the products that build a better world.

好的，謝謝你，安吉拉。我要感謝今天早上參加電話會議的股東、投資者、分析師和 Plexus 團隊成員。最後總結幾點，憑藉我們在人才、技術設施和工具方面的投資，我們相信 Plexus 完全有能力幫助我們的客戶在這個充滿活力的環境中取得成功，從而支持我們幫助創造建立更美好世界的產品的願景。

Evidence of this view is the breadth of our new program winds across our solutions, markets, and technologies. Further, while we are acknowledging the macroeconomic uncertainty, we continue to anticipate meaningful EPS growth in fiscal 2025, driven by revenue growth in each of our market sectors, strong operating margin performance, and continued free cash flow generation used to create additional shareholder value. Thank you again and have a nice day.b

這一觀點的證據是我們的新計劃涵蓋了我們的解決方案、市場和技術的廣度。此外，雖然我們承認宏觀經濟的不確定性，但我們仍然預計 2025 財年的每股收益將實現有意義的增長，這得益於我們各個市場部門的收入增長、強勁的營業利潤率表現以及用於創造額外股東價值的持續自由現金流。再次感謝您，祝您有個愉快的一天。 b

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

女士們、先生們，今天的會議到此結束。感謝大家的加入。您現在可以斷開連線。