Plexus Corp (PLXS) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining us and welcome to the Q3 2025 Plexus Corp earnings conference call. (Operator Instructions)

女士們，先生們，感謝你們的到來，歡迎參加 2025 年第三季 Plexus Corp 收益電話會議。（操作員指示）

I will now hand the conference over to Shawn Harrison, Vice President of Investor Relations. Shawn, please go ahead.

現在我將會議交給投資者關係副總裁 Shawn Harrison。肖恩，請繼續。

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 administrative expense, operating margin, other income and expense, taxes, cash cycle, capital allocation, and future business outlook. Forward-looking statements are not guarantees since there are inherent difficulties predicting future results, and actual results could differ materially from those expressed or implied in the forward-looking statements.

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。前瞻性陳述不構成保證，因為預測未來結果有其固有困難，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 to 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 ending September 28, 2024, which is supplemented by our Form 10-Q filings and Safe Harbor and fair disclosure statement in our press release.

有關可能導致實際結果與討論結果大不相同的因素列表，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 日的財年的 Form-10K 文件中的風險因素，該表格由我們的 Form 10-Q 文件以及新聞稿中的安全港和公平披露聲明補充聲明。

We encourage participants on the call this morning to access a 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; Patrick Jermain, Executive Vice President, Chief Financial Officer.

我們鼓勵今天早上參加電話會議的參與者造訪 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 Oliver Mihm 和執行副總裁兼財務長 Patrick Jermain。

With today's earnings call, Todd will provide summary comments before turning the call over to Oliver and Pat for further details. With that, let me turn the call over to Todd Kelsey. Todd?

在今天的收益電話會議上，托德將提供總結性評論，然後將電話轉給奧利弗和帕特以了解更多詳細資訊。說完這些，讓我把電話轉給 Todd Kelsey。托德？

Thank you, Shawn. Good morning, everyone. Please advance to slide 3. Plexus continues to gain momentum as we design, manufacture, and service some of the world's most transformative products. For the fiscal third quarter, Plexus received national and regional recognition as a top workplace.

謝謝你，肖恩。大家早安。請翻到幻燈片 3。隨著我們設計、製造和維修一些世界上最具變革性的產品，Plexus 繼續獲得發展動力。在第三財季，Plexus 獲得了國家和地區的頂級工作場所認可。

We grew revenue sequentially. We generated solid new program wins, including opportunities supporting new customers with products aligned to exciting growth technologies. We delivered non-GAAP operating margin of 6%, matching our stated goal. We once again generated better-than-expected free cash flow. And finally, we reduced our debt while accelerating our share repurchase activity and concurrently increasing our share repurchase authorization.

我們的收入連續成長。我們贏得了穩固的新專案勝利，包括為新客戶提供符合令人興奮的成長技術的產品的機會。我們實現了 6% 的非公認會計準則營業利潤率，符合我們的既定目標。我們再次產生了好於預期的自由現金流。最後，我們減少了債務，同時加快了股票回購活動，並同時增加了股票回購授權。

Through our commitment to enabling customer success, we are seeing ongoing strength in new program wins and opportunities to gain share in support of delivering growth outpacing our end markets. In addition, our ongoing strategic investments that drive organizational and operational efficiency are generating strong profitability and free cash flow in support of creating long-term shareholder value.

透過我們致力於幫助客戶成功的承諾，我們看到新專案勝利的持續力量和獲得市場份額的機會，以支持實現超越終端市場的成長。此外，我們正在進行的推動組織和營運效率的策略性投資正在產生強勁的獲利能力和自由現金流，以支持創造長期股東價值。

Please advance to slide 4. Revenue of $1.018 billion met our guidance. As the fiscal third quarter progressed, we saw improved order activity from some industrial and European customers. In addition, we observed early signs of increasing European defense sector activity, a market we are uniquely qualified and positioned to support. This offset the impact of evolving program ramp timelines and tariff-related uncertainties on our market sectors.

請翻到幻燈片 4。10.18 億美元的營收符合我們的預期。隨著第三財季的進展，我們看到一些工業和歐洲客戶的訂單活動有所改善。此外，我們觀察到歐洲國防部門活動增加的早期跡象，我們有獨特的資格和優勢來支持這個市場。這抵消了不斷變化的計劃進度時間表和與關稅相關的不確定性對我們的市場部門的影響。

Non-GAAP operating margin of 6.0% was near the high end of our guidance, increasing 30 basis points sequentially and meeting our stated goal of 6% or greater operating margin. We have now achieved this goal and delivered operating margin at or above 6% for three of the last four quarters. Continued strong performance from our engineering solutions and sustaining services, operational efficiencies, and volume leverage drove the sequential expansion.

非公認會計準則營業利潤率為 6.0%，接近我們預期的高端，比上一季增加 30 個基點，達到了我們既定的 6% 或更高的營業利潤率目標。我們現在已經實現了這一目標，並且在過去四個季度中有三個季度的營業利潤率達到或超過 6%。我們的工程解決方案和維持服務、營運效率和產量槓桿持續強勁表現推動了連續擴張。

Non-GAAP EPS of $1.90 exceeded our guidance, benefiting from strong operating performance, lower-than-anticipated interest expense and a favorable tax rate. Finally, we delivered $13.2 million of free cash flow, significantly better than our expectations entering the quarter as we continue to drive strong working capital management.

非公認會計準則每股收益 1.90 美元超出我們的預期，得益於強勁的營運表現、低於預期的利息支出和優惠的稅率。最後，我們實現了 1,320 萬美元的自由現金流，由於我們繼續推動強勁的營運資本管理，這大大優於我們進入本季的預期。

Please advance to slide 5. For the fiscal third quarter, we secured 41 new manufacturing programs, with $250 million in revenue annually when fully ramped into production. Included in these wins, which were well balanced across all of our market sectors, our share gains resulting from our sustained focus, and zero defects and perfect delivery.

請翻到投影片 5。在第三財季，我們獲得了 41 個新的製造項目，全面投入生產後，年收入將達到 2.5 億美元。這些勝利包括我們各個市場領域的均衡發展，以及我們持續的專注、零缺陷和完美交付所帶來的份額成長。

We also added in each of our market sectors, new customers with products aligned to exciting growth technologies. Furthermore, similar to last quarter, the revenue contribution and diversification of the wins performance of our engineering solutions was strong. Finally, our funnel of qualified opportunities expanded sequentially once again with balanced diversification across our market sectors, as well as a strong contribution from our sustaining services.

我們還在每個市場領域增加了新客戶，其產品符合令人興奮的成長技術。此外，與上一季類似，我們的工程解決方案的營收貢獻和勝利表現的多樣化非常強勁。最後，我們的合格機會管道再次連續擴大，我們的市場領域實現了均衡的多樣化，並且我們的持續服務做出了強有力的貢獻。

Please advance to slide 6. At Plexus, our commitment to advancing sustainability is aligned to our value of innovating responsibly. We boldly drive positive change and promote a sustainable future for and through our people, our solutions, and our operations, all of which is built on a foundation of trust and transparency. Our people are at the heart of who we are and what we do.

請翻到幻燈片 6。在 Plexus，我們致力於推動永續發展，這與我們的負責任創新價值觀相一致。我們大膽推動積極的變革，並透過我們的員工、我們的解決方案和我們的營運促進永續的未來，所有這些都建立在信任和透明的基礎上。我們的員工是我們存在的意義和我們所做的一切的核心。

With that in mind, I'm incredibly proud to share that Newsweek listed Plexus as one of America's greatest workplaces in manufacturing 2025. Further, our Chicago site was recognized as one of the 2025 Best and Brightest Companies to Work For nationally and regionally. 2025 marks the 18th consecutive year the site has received regional recognition, and the third consecutive year receiving national recognition. Thank you to our incredible team members for living our values and enabling our success.

考慮到這一點，我非常自豪地告訴大家，《新聞周刊》將 Plexus 列為 2025 年美國製造業最佳工作場所之一。此外，我們的芝加哥工廠也被評為 2025 年全國和地區最適合工作的最佳和最有才華的公司之一。 2025 年是該工廠連續第 18 年獲得地區認可，也是連續第三年獲得國家認可。感謝我們優秀的團隊成員實踐我們的價值觀並幫助我們取得成功。

Our people are also at the heart of strengthening our communities. In celebration of Earth Day, our teams around the globe participated in a number of local volunteer activities, including community cleanup and recycling events. Here in Wisconsin, our team members recycled an amazing 8,000 pounds of electronics waste. In June, we released our 2024 Sustainability Report, building trust through transparency, and highlighting the many ways we're committed to doing something more for our customers, our team members in the world.

我們的人民也是加強我們社區的核心。為了慶祝世界地球日，我們遍布全球的團隊參加了許多當地志工活動，包括社區清潔和回收活動。在威斯康辛州，我們的團隊成員回收了高達 8,000 磅的電子垃圾。6 月，我們發布了 2024 年永續發展報告，透過透明度建立信任，並強調我們致力於為客戶和全球團隊成員做更多事情的多種方式。

Finally, our commitment to customer success drove our historically strong customer satisfaction score to a seven-year high in our recently completed customer Net Promoter Survey. We believe this positive customer sentiment is manifesting into share gains and expanded outsourcing opportunities across our market sectors.

最後，我們對客戶成功的承諾推動了我們在最近完成的客戶淨推薦值調查中歷史性地獲得高客戶滿意度評分，達到了七年來的最高水平。我們相信，這種積極的客戶情緒將轉化為我們各個市場領域的份額成長和外包機會的擴展。

Please advance to slide 7. For our fiscal fourth quarter, we are forecasting sequential revenue growth and expect to realize another strong quarterly financial performance. We anticipate delivering this revenue expansion through share gains, new program ramps, and growth with new customers, overcoming modest end market demand, evolving new product ramp timelines and uncertainties created by tariffs.

請翻到幻燈片 7。對於我們的第四財季，我們預測營收將連續成長，並有望再次實現強勁的季度財務業績。我們預計透過份額成長、新項目拓展、新客戶成長、克服終端市場需求不旺、新產品拓展時間表以及關稅帶來的不確定性來實現收入成長。

Our fiscal fourth-quarter guidance is for revenue of $1.025 billion to $1.065 billion. Non-GAAP operating margin of 5.7% to 6.1%, inclusive of greater incentive compensation and the opening of our new facility in Penang, Malaysia. And non-GAAP EPS of $1.82 to $1.97. At the midpoint, our fiscal fourth quarter would result in impressive non-GAAP EPS growth of 26% for fiscal 2025. Additionally, we are now forecasting approximately $100 million of free cash flow for fiscal 2025, which would represent cumulative two-year free cash flow generation of nearly $450 million.

我們預計第四財季營收為 10.25 億美元至 10.65 億美元。非公認會計準則營業利潤率將從 5.7% 增加到 6.1%，其中包括更高的激勵薪酬和在馬來西亞檳城開設新工廠。非公認會計準則每股收益為1.82美元至1.97美元。以中位數計算，我們第四財季的非公認會計準則每股收益將在2025財年實現令人印象深刻的26%的成長。此外，我們現在預測 2025 財年的自由現金流約為 1 億美元，這意味著兩年累計自由現金流將達到近 4.5 億美元。

As previously noted, in recognition of our robust free cash flow performance, and our long-term value creation potential, we accelerated our share repurchase activity during the fiscal third quarter, while also engaging with our Board of Directors to approve a follow-on authorization of $100 million, creating additional shareholder value.

如前所述，鑑於我們強勁的自由現金流表現和長期價值創造潛力，我們在第三財季加快了股票回購活動，同時也與董事會合作批准了 1 億美元的後續授權，從而創造了額外的股東價值。

Finally, while early, for fiscal 2026, we currently anticipate delivering healthy year-over-year revenue growth from each of our market sectors without assuming end market demand improvement. We also anticipate sustaining our strong operating margin and free cash flow performance. In closing, we are committed to creating long-term shareholder value. Plexus continues to gain momentum through enabling customer success, and through focused initiatives that drive organizational and operational efficiency.

最後，雖然還為時過早，但對於 2026 財年，我們目前預計各個市場部門的收入都將實現健康的同比增長，而無需假設終端市場需求會改善。我們也預計將維持強勁的營業利潤率和自由現金流表現。最後，我們致力於創造長期股東價值。Plexus 持續透過幫助客戶成功以及推動組織和營運效率的重點措施來獲得發展動力。

We're bullish on the growth opportunities our solutions and our market sectors provide. Our strategy is creating opportunities to sustain strong financial performance, and gain share in support of delivering growth outpacing our end markets.

我們對我們的解決方案和市場領域提供的成長機會充滿信心。我們的策略是創造機會來維持強勁的財務表現並獲得份額，以支持實現超越終端市場的成長。

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

現在我將把電話轉給奧利佛，請他對我們各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 third-quarter performance of each of our market sectors, our expectations for each sector for the fiscal fourth quarter, and some directional sector commentary for fiscal 2026. 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.

謝謝你，托德。早安.我將首先回顧我們各個市場部門在第三財季的表現、我們對第四財季各部門的預期以及對 2026 財年的一些方向性部門評論。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。從第 8 張投影片開始介紹我們的航空航太和國防部門。

Revenue increased 6% sequentially in the fiscal third quarter, meeting our expectation of a mid-single-digit increase. New program ramps contributed to the performance. We expect revenue for the Aerospace and Defense sector to be flat in the fiscal fourth quarter, as improving defense subsector demand and new program ramp revenue balances muted performance from the other subsectors.

第三財季營收季增 6%，符合我們預期的中等個位數成長。新的程序提升了性能。我們預計航空航太和國防部門的收入將在第四財季持平，因為國防部門子部門需求的改善和新專案收入的增加抵消了其他部門的低迷表現。

Our wins for the fiscal third quarter for the Aerospace and Defense sector were $51 million, the best in more than two years, and nearly a record result. Our reputation for customer service excellence and our highly collaborative engagement yielded a substantial award with a new customer in the space subsector for our facility in Kelso, Scotland.

我們在航空航太和國防部門第三財季的獲利為 5,100 萬美元，這是兩年多來的最佳業績，幾乎創下了歷史新高。我們以卓越的客戶服務和高度協作的參與而聞名，為我們位於蘇格蘭凱爾索的工廠贏得了航太領域新客戶的重大獎項。

Strength of execution yielded a number of follow-on awards and new programs with existing customers in our Defense and Space subsectors. Our robust growth outlook for fiscal 2026 is supported by a combination of new program ramps, new customer additions, and modest market growth, that collectively drive strong defense sector growth and a return to growth in commercial aerospace.

強大的執行力為我們在國防和航太領域現有客戶帶來了一系列後續獎項和新專案。我們對 2026 財年的強勁成長前景受到新專案增加、新客戶增加和適度市場成長的共同支持，這些因素共同推動了國防部門的強勁成長和商業航空航太業的恢復成長。

Please advance to slide 9. Revenue in our Healthcare/Life Sciences market sector was up 2% sequentially for the fiscal third quarter, below our expectations of a mid-single-digit increase. This variance was due to a customer design update that resulted in a temporary production delay for their program. For the fiscal fourth quarter, we expect the Healthcare/Life Sciences market sector to be up low-single digits, driven by multiple ongoing program ramps.

請翻到第 9 張投影片。我們的醫療保健/生命科學市場部門第三財季的收入環比增長 2%，低於我們預期的中等個位數增長。這種差異是由於客戶設計更新導致其程序生產暫時延遲。對於第四財季，我們預計醫療保健/生命科學市場部門將實現低個位數成長，這得益於多個正在進行的專案的成長。

Fiscal third quarter Healthcare/Life Sciences sector wins of $116 million included a substantial follow-on award from an existing customer, with the global rollout of a platform that treats atrial fibrillation. Our historical strength of execution with both new product launches, and ongoing production for the device -- of the device for its US rollout enabled the win. This program will be built in our Chicago facility.

第三財季醫療保健/生命科學部門獲得 1.16 億美元的收益，其中包括現有客戶的一筆巨額後續獎勵，以及在全球推出治療心房顫動的平台。我們在新產品發布和設備持續生產方面的一貫執行力——該設備在美國的推出使我們取得了勝利。該項目將在我們位於芝加哥的工廠內實施。

We also won work with a new customer for our sustaining services organization. Our work will support our cardiovascular platform and be performed in our Guadalajara, Mexico facility. Our Neenah, Wisconsin facility won a substantial award with a new customer for a surgical generator product used in a novel new cancer treatment. Our ability to effectively collaborate and develop trust during the quoting process contributed to the win. As we look to the next fiscal year, revenue contributions from both ongoing and new program ramps support our strong growth outlook.

我們也為我們的持續服務組織贏得了一位新客戶的合作。我們的工作將支持我們的心血管平台並在我們位於墨西哥瓜達拉哈拉的工廠進行。我們位於威斯康辛州尼娜的工廠憑藉用於新型癌症治療的手術發電機產品贏得了新客戶的青睞，並獲得了豐厚的獎勵。我們在報價過程中有效協作和建立信任的能力有助於取得勝利。展望下一個財政年度，現有項目和新項目的收入貢獻將支持我們強勁的成長前景。

Advancing to the Industrial sector on slide 10. Revenue was up 4% sequentially in the fiscal third quarter. The result was in line with our expectation of a low single-digit increase. Inside the quarter, demand increases, and the broadband communications and energy markets offset demand pushouts in our semi-cap subsector. Our fiscal fourth quarter outlook for the industrial sector of a low single-digit increase is supported by strength of orders for legacy equipment and the broadband communications subsector and new program ramp revenue in both the semi-cap and energy subsectors.

進入幻燈片 10 上的工業領域。第三財季營收季增 4%。此結果符合我們預期的低個位數成長。本季度內，需求增加，寬頻通訊和能源市場抵消了我們半資本子行業的需求推動。我們對工業部門第四財季的低個位數成長預期，得益於傳統設備和寬頻通訊子產業的訂單強勁以及半導體和能源子產業新項目收入的成長。

Industrial market sector wins for the fiscal third quarter were strong at $83 million. This marks a five-quarter high for the sector. Continued strength of execution and our ability to redesign for cost reduction yielded wins with three of our top semi-cap customers. These products will be built in our Penang, Malaysia and Guadalajara, Mexico campuses.

第三財季工業市場部門獲利強勁，達 8,300 萬美元。這標誌著該行業五個季度以來的最高水平。持續的執行力和我們重新設計以降低成本的能力使我們贏得了三個頂級半導體客戶的青睞。這些產品將在我們位於馬來西亞檳城和墨西哥瓜達拉哈拉的園區生產。

Wins also included a substantial award from a new customer for an automated vehicle inspection system. This product will be assembled in our Guadalajara, Mexico facility. Our positive fiscal 2026 growth outlook is supported by the better-than-market growth rate we anticipate in the energy and semi-cap subsectors as a result of continued share gains and new program ramps.

獲獎還包括來自新客戶對自動車輛檢查系統頒發的巨額獎勵。該產品將在我們位於墨西哥瓜達拉哈拉的工廠組裝。由於市場佔有率持續成長和新項目增加，我們預期能源和半資本子產業的成長率將高於市場，這支持了我們對 2026 財年成長前景的樂觀看法。

Please advance to slide 11 for a review of our funnel of qualified manufacturing opportunities. The funnel qualified manufacturing opportunities is up 4% sequentially, and robust at $3.6 billion. I'm pleased with the increasing breadth of opportunities we are seeing in our funnel across engineering, manufacturing, and sustaining services.

請翻到第 11 張投影片來查看我們合格製造機會的管道。合格製造機會漏斗季增 4%，達到 36 億美元。我很高興看到我們在工程、製造和維持服務領域中看到越來越多的機會。

In summary, our focus on delivering excellence and creating customer success continues to contribute to strong wins performance. Our new program ramps, share gains and new customer additions are contributing to a healthy outlook for our growth in the coming fiscal year. As Todd previously noted, this sentiment is without assuming improvements in the current end market environment.

總而言之，我們專注於提供卓越服務並創造客戶成功，這將繼續為強勁的成功業績做出貢獻。我們的新項目不斷增加、市場份額不斷擴大、新客戶不斷增加，這些都為我們下一財年的健康成長前景做出了貢獻。正如托德之前指出的那樣，這種情緒並不假設當前終端市場環境有所改善。

I will now turn the call over to Pat. Pat?

現在我將電話轉給帕特。拍？

Thank you, Oliver, and good morning, everyone. Our fiscal third-quarter results are summarized on slide 12. While revenue was at the midpoint of our guidance, gross margin at 10.1% was slightly above the midpoint due to a favorable mix of service offerings and better fixed cost leverage. Productivity improvements associated with our operational efficiency initiatives, continue to benefit our manufacturing sites. Selling and administrative expense of $50 million was at the low end of our guidance, and consistent with expectations as a percentage of revenue.

謝謝你，奧利佛，大家早安。我們的第三財季業績總結在第 12 張投影片。雖然收入處於我們預期的中間點，但由於服務產品組合良好且固定成本槓桿更高，毛利率達到 10.1%，略高於中間點。與我們的營運效率措施相關的生產力改善繼續使我們的製造工廠受益。5000 萬美元的銷售和管理費用處於我們預期的低端，並且與收入百分比的預期一致。

Non-GAAP operating margin of 6% was towards the top end of our guidance due to the strength in gross margin. Nonoperating expense of $3.8 million was favorable to expectations due to lower-than-anticipated interest expense. Non-GAAP diluted EPS of $1.90 exceeded our guidance due to the items mentioned and a favorable tax rate. The lower tax rate was primarily attributed to a state tax law change, and allowed for the release of a valuation allowance against deferred tax assets.

由於毛利率強勁，非公認會計準則營業利潤率為 6%，接近我們預期的最高水準。由於利息支出低於預期，380 萬美元的非營業支出符合預期。由於上述項目和優惠的稅率，非公認會計準則稀釋每股收益為 1.90 美元，超出了我們的預期。較低的稅率主要歸因於州稅法的變化，並允許釋放遞延稅務資產的估值準備金。

Turning to our cash flow and balance sheet on slide 13. As shown across these financial metrics, we continue to improve our performance and liquidity. As a result, we delivered $27 million in cash from operations and spent $14 million on capital expenditures, generating free cash flow of approximately $13 million. This performance exceeded expectations and positions us well to meet our increased fiscal 2025 free cash flow projection of approximately $100 million.

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，我們的績效和流動性不斷在改善。結果，我們從營運中獲得了 2,700 萬美元的現金，並在資本支出上花費了 1,400 萬美元，產生了約 1,300 萬美元的自由現金流。這一業績超出了預期，使我們能夠很好地實現 2025 財年自由現金流預測的約 1 億美元成長。

During the quarter, we continued to return cash to shareholders through our share repurchase program by acquiring approximately 143,000 shares of our stock for $18.4 million. As of today, we have completed the fiscal 2025 authorization of $50 million and have now begun executing upon the $100 million authorization approved by our Board last quarter.

本季度，我們繼續透過股票回購計畫向股東返還現金，以 1,840 萬美元的價格回購了約 143,000 股股票。截至今天，我們已經完成了 2025 財年 5,000 萬美元的授權，並且已經開始執行董事會上個季度批准的 1 億美元授權。

Similar to the prior quarter, we ended the fiscal third quarter in a net cash position. We had $45 million outstanding under our revolving credit facility, with $455 million available to borrow. As we had anticipated, our strong balance sheet position allowed us to use excess cash and minimal borrowing under the revolver, we paid a $100 million of private placement notes, which matured last month.

與上一季類似，我們以淨現金狀況結束了第三財季。我們的循環信貸額度下未償還金額為 4,500 萬美元，可供借款金額為 4.55 億美元。正如我們預期的那樣，我們強勁的資產負債表狀況使我們能夠使用多餘的現金和循環信貸下的最低限度的借款，我們支付了上個月到期的 1 億美元私募票據。

For the fiscal third quarter, we delivered return on invested capital of 14.1%, which was 520 basis points above our weighted average cost of capital. 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 of ROIC over the prior year, and represents the highest ROIC in nearly four years.

第三財季，我們的投資資本報酬率為 14.1%，比加權平均資本成本高出 520 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明顯低於前一年。再加上經營業績的改善，推動了投資資本回報率 (ROIC) 較上年同期有所擴大，並創下了近四年來的最高水平。

Cash cycle at the end of the fiscal third quarter was 69 days, consistent with expectations, and one day higher than the fiscal second quarter. Please turn to slide 14 for details on our cash cycle.

第三財季末現金週期為69天，與預期一致，比第二財季高出一天。請翻到第 14 張投影片來了解我們的現金週期的詳細資訊。

Along with the sixth consecutive quarterly reduction in gross inventory dollars, we experienced a four-day improvement in inventory days. This is another quarter of our team demonstrating the relentless focus on driving working capital initiatives. For days in advance payments, we experienced a four-day reduction, with a net of $19 million being returned to customers during the quarter.

隨著庫存總額連續第六個季度下降，我們的庫存天數也改善了四天。這是我們團隊的另一個季度，展現了對推動營運資本計畫的不懈關注。對於預付款的天數，我們經歷了四天的減少，本季淨退還給客戶 1,900 萬美元。

As Todd has already provided the revenue and EPS guidance for the fiscal fourth quarter, I'll review some additional details, which are summarized on slide 15. Fiscal fourth-quarter gross margin is expected to be in the range of 9.8% to 10.1%. At the midpoint, gross margin would be slightly lower than last quarter. While gaining fixed cost leverage on anticipated sequential revenue growth, some additional variable incentive compensation expense is expected, along with a slight margin drag from the startup of our new Malaysian facility.

由於 Todd 已經提供了第四財季的收入和每股盈餘預測，我將回顧一些額外的細節，這些細節總結在第 15 張投影片中。預計第四財季毛利率在9.8%至10.1%之間。中期來看，毛利率將略低於上一季。雖然預期的連續收入成長可以獲得固定成本槓桿，但預計會產生一些額外的可變激勵薪酬支出，同時我們新馬來西亞工廠的啟動也會對利潤率造成輕微拖累。

We expect selling and administrative expense in the range of $50 million to $51 million, which is fairly consistent with the prior quarter. Note that this estimate is inclusive of approximately $6.3 million of stock-based compensation expense. Fiscal fourth-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, a reduction of nearly 50% from the prior year fiscal fourth quarter.

我們預計銷售和管理費用在 5,000 萬美元至 5,100 萬美元之間，與上一季基本一致。請注意，該估算包含約 630 萬美元的股票薪酬費用。預計第四財季非公認會計準則營業利潤率將介於 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，較去年第四季減少近 50%。

As we have shared before, our strong cash flow has resulted in much lower debt levels and associated interest expense. Since last year's fiscal third quarter, we have reduced our total debt by over $200 million. For the fiscal fourth quarter, we are expecting to release additional tax reserves, following the closure of the statute of limitations for certain tax years. As such, we are estimating an effective tax rate between 8% and 10%.

正如我們之前所分享的，我們強勁的現金流導致債務水準和相關利息支出大幅降低。自去年第三財季以來，我們已減少了2億多美元的總債務。對於財政第四季度，隨著某些納稅年度的訴訟時效結束，我們預計會釋放額外的稅收儲備。因此，我們估計實際稅率在 8% 至 10% 之間。

While our fiscal 2025 effective tax rate will be lower due to reserve releases, a more normalized rate for us moving forward is in the upper teens. Diluted shares outstanding are expected to be 27.5 million. Our expectation for the balance sheet is that working capital investments will slightly reduce compared to the fiscal third quarter. With this improvement, combined with our anticipated sequential revenue growth, we expect our cash cycle days to improve compared to the fiscal third quarter.

雖然由於儲備金釋放，我們的 2025 財年有效稅率將會降低，但對於我們未來而言，更正常的稅率將在十幾個百分點點左右。預計稀釋流通股數為 2,750 萬股。我們對資產負債表的預期是，營運資本投資將與第三財季相比略有減少。有了這種改善，再加上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比第三財季有所改善。

Hence, we are guiding a cash cycle range of 64 to 68 days. Fiscal 2025 capital spending is expected to be in the range of $80 million to $100 million, lower than our previous guidance, as certain payments related to our new facility in Malaysia will now be made early in fiscal 2026. Once again, given our improved performance through the first three quarters of the fiscal year, we now anticipate generating approximately $100 million of free cash flow for fiscal 2025.

因此，我們指導的現金週期範圍為 64 至 68 天。2025 財年的資本支出預計在 8,000 萬美元至 1 億美元之間，低於我們先前的預期，因為與我們馬來西亞新工廠相關的某些付款現在將在 2026 財年初支付。再次，鑑於我們在本財年前三個季度的業績改善，我們現在預計 2025 財年將產生約 1 億美元的自由現金流。

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

妮可，現在讓我們開始提問。

(Operator Instructions) David Williams, The Benchmark Company.

（操作員指示）大衛威廉斯（David Williams），基準公司。

So maybe first, the execution has been very strong financially, but I guess my question is on the semi-cap. You talked about some of those pushouts there and can you provide maybe a little more color there? Is that more on maybe a demand side or forecast changes or is that more driven by maybe changes to that product ramp or the product itself?

因此，也許首先，從財務角度來看，執行情況非常強勁，但我想我的問題是關於半上限的。您談到了其中的一些推廣，您能否提供更多詳細資訊？這是否更多地取決於需求方面或預測變化，或更多地受到產品坡道或產品本身變化的驅動？

David, this is Oliver. I'll take that. That had to do with just some idiosyncrasies specific to those programs, and I think it's important to note that that push out is just moving the revenue to the right, it's not perishable demand. And so from an overall subsector perspective, we also noted that our Q4 is buoyed by a number of new program ramps in the semi-cap subsector. That's how we do that.

大衛，這是奧利佛。我會接受的。這與這些項目的一些特殊性有關，我認為需要注意的是，這種推動只是將收入向右移動，而不是易逝的需求。因此，從整體子行業的角度來看，我們也注意到，我們的第四季度受到了半資本子行業的一些新項目推動。我們就是這樣做的。

Great, thanks so much. And then maybe just on the Aerospace and Defense side, typically when you see the semi-cap that has the cushion pulls, you're able to offset that through the strength and other segments. Just kind of curious what you're seeing on the defense side and -- excuse me, the aerospace side, and are you seeing the pull in from those the aerospace customers as you would have anticipated?

太好了，非常感謝。然後也許只是在航空航天和國防方面，通常當你看到有緩衝拉力的半帽時，你就能夠透過強度和其他部分來抵消它。我只是有點好奇您在國防方面看到了什麼——對不起，在航空航天方面，您是否看到了來自航空航天客戶的吸引力，正如您預期的那樣？

Yeah, we're still not seeing, David, the pulling from Boeing or Airbus for the increased production ramps. So we'd expect that to happen at some point as we move forward, but the demand just hasn't flown through yet to us. We are seeing strong demand within our defense and our space subsectors though, and particularly defense. And as I mentioned in the prepared comments as well too, we're starting to see signs of increased European defense demand as well, which we view as a great opportunity for us moving forward.

是的，大衛，我們仍然沒有看到波音或空中巴士為增加產量而採取的措施。因此，我們預計這種情況會在我們前進的過程中發生，但需求尚未傳到我們這裡。我們看到國防和航太領域的需求強勁，尤其是國防領域。正如我在準備好的評論中提到的那樣，我們也開始看到歐洲國防需求增加的跡象，我們認為這是我們向前邁進的絕佳機會。

David, it's Shawn. Just one thing to be clear, our preliminary outlook into fiscal '26 does not include a recovery in production from current rates from Boeing and Airbus and the impact to our end customers, so it's steady state. So if that were to change, that would positively affect our view into 2026.

大衛，我是肖恩。需要明確的是，我們對 26 財年的初步展望並不包括波音和空中巴士當前產量的恢復以及對我們最終客戶的影響，因此它處於穩定狀態。因此，如果這種情況發生變化，這將對我們對 2026 年的看法產生積極影響。

Great. Appreciate the color there. Thanks so much. I'll get back in the queue.

偉大的。欣賞那裡的色彩。非常感謝。我會回到隊列中。

Jim Ricchiuti, Needham and Company.

吉姆·里基烏蒂（Jim Ricchiuti），李約瑟公司。

A couple of questions. Just as we think about the industrial business, it sounds like, at least as we went through the -- most of the first nine months of the year, you were seeing pretty healthy demand in semi-cap. So I'm curious, your implied guidance for Q4, what does that kind of assume for semi-cap in fiscal '25, just given that, that is a big part of the industrial business? Isn't it?

有幾個問題。正如我們思考工業業務時所見，至少在我們經歷的今年前九個月的大部分時間裡，你會看到半資本市場的需求相當健康。所以我很好奇，您對第四季度的隱含指導，對於 25 財年的半上限有什麼假設，因為這是工業業務的重要組成部分？不是嗎？

It is a big part. It's close to half of our industrial business. Now we have seen the forecast weaken a bit from a quarter ago. So while we had been talking about revenue growth in the mid-teens for semi-cap for fiscal '25, it's looking like it will be low-double digits, call it, right now. So we had some of the pushouts that Oliver had talked about in some of the semi-cap business that we have.

這是很大的一部分。這幾乎占到我們工業業務的一半。現在我們看到預測比一個季度前有所減弱。因此，雖然我們一直在談論 25 財年半上限的營收成長，但目前看來，它將達到兩位數的低點。因此，我們在一些半資本業務中採取了奧利佛談到的一些延遲措施。

Now within the broader industrial, though, we are starting to see some signs of demand recovery in certain subsectors, energy is one that we've highlighted in particular. And we've got a real strong position there and good growth prospects as we move forward.

不過，現在在更廣泛的工業領域，我們開始看到某些次產業的需求復甦跡象，其中能源是我們特別強調的一個。我們在那裡擁有真正強勢的地位，隨著我們的發展，我們擁有良好的成長前景。

Got it. That's helpful, Todd. Pat, maybe I wanted to just turn to Malaysia. You talked about some of the start-up expense, the potential for some of that to be a drag in Q4. I'm wondering if you can give us a sense, or help us size that? And how you see that going forward in the early part of fiscal '26?

知道了。這很有幫助，托德。派特，也許我只是想轉向馬來西亞。您談到了一些啟動費用，其中一些費用可能會對第四季度造成拖累。我想知道您是否可以給我們一個概念，或者幫助我們確定其大小？您如何看待 26 財年初期的發展？

Yeah, it's going to be a pretty minimal drag in Q4. And what we've seen in the past when we've started up facilities, especially in Malaysia, is how quickly we can bring those sites to profitability. Part of it is the campus environment we've got, where we can move programs pretty easily into new sites. So I think it's a four-quarter period to get us to profitability and closer to our corporate average.

是的，這對第四季的影響將非常小。我們過去啟動設施時，特別是在馬來西亞，看到我們能夠多快地使這些設施獲利。部分原因在於我們擁有的校園環境，我們可以輕鬆地將專案轉移到新的地點。所以我認為我們需要四個季度的時間才能實現盈利並更接近公司平均水平。

Yeah. Just to add a little bit of additional color to that, Jim. We have that site seated with a significant amount of new business already. So the ramp to profitability will be quick, I think in terms of a small number of quarters, and even to get to corporate targeted profitability levels, I wouldn't expect it to take very long.

是的。只是為了給它添加一點額外的色彩，吉姆。我們的網站上已經有大量新業務。因此，我認為獲利能力的成長將會很快，就幾個季度而言，甚至達到企業目標獲利水平，我預計不會花很長時間。

And maybe you could just remind us what the focus -- if there's a sector-focused -- market sector focus for this site?

也許您可以提醒我們這個網站的重點是什麼——如果以行業為重點——市場行業重點是什麼？

Yeah, well, the initial focus is going to be semi-cap, but it will be broad-based though, and we'll quickly move on to healthcare within that site. And in the future, it could take on other sectors as well.

是的，最初的重點是半資本化，但它將是廣泛的，我們很快就會轉向該網站內的醫療保健。未來它還可能進軍其他領域。

Thank you.

謝謝。

(Operator Instructions) Steve Barger, KeyBanc Capital Markets.

（操作員指示）KeyBanc 資本市場 Steve Barger。

This is Jacob Moore on for Steve Barger today. Thanks for taking the questions.

今天是雅各布摩爾 (Jacob Moore) 為史蒂夫巴格 (Steve Barger) 主持的節目。感謝您回答這些問題。

Just first from us, knowing that you're ramping that new facility in Malaysia, can you just comment on current capacity and utilization across the business? Where does utilization stand today and roughly what sort of revenue run rate could you hit if you're at your target yield?

首先，我們知道您正在擴大馬來西亞的新工廠，您能否評論一下目前的產能和整個業務的利用率？目前的利用率是多少？如果達到目標殖利率，大概可以達到什麼樣的營收運轉率？

Yeah, sure. From an overall utilization perspective, the way we look at our capacity is that if we fill that up, we will be able to execute an excess of $5 billion. And I would say that utilization rate relative to where we are at today is pretty consistent across all of our regions.

是的，當然。從整體利用率的角度來看，我們看待產能的方式是，如果我們填滿產能，我們將能夠執行超過 50 億美元的超額產能。我想說的是，相對於我們目前的狀況，我們所有地區的使用率都相當一致。

Understood. That's helpful. Thank you. And then the second one from us. You mentioned that engineering solutions did well in the quarter. Can you just sort of expand on your strategy for that part of your business and maybe provide a little bit of basic info for it? Like what size is it today? Where do you want it to be? And what's the relative margin profile look like?

明白了。這很有幫助。謝謝。接下來是我們的第二個。您提到工程解決方案在本季表現良好。您能否詳細說明您針對該部分業務的策略並提供一些基本資訊？例如今天它的尺寸是多少？你想把它放在哪裡？相對利潤率狀況如何？

Sure. So where I'd start with engineering is the first thing I'd say is we view it as one of the most significant differentiators for Plexus. I mean, we've historically -- we've had engineering and product development and been well versed in it throughout our history. In fact, I even started in our engineering over 30 years ago. So it gives you an idea of the longevity of that business, something that we consider strategically important.

當然。因此，從工程角度出發，我首先要說的是，我們認為它是 Plexus 最顯著的差異因素之一。我的意思是，從歷史上看，我們一直擁有工程和產品開發經驗，並且在整個歷史中都非常精通。事實上，我早在 30 多年前就開始從事工程工作了。因此，它可以讓您了解該業務的壽命，我們認為這具有戰略重要性。

About a third of the revenue that we have in manufacturing, we've had a direct impact on in -- through our engineering services. Right now, that business is in excess of $100 million. We don't give a lot of specifics about it, but excess of $100 million, having a really excellent year from a standpoint of both growth and profitability within the business.

我們的工程服務對製造業約三分之一的收入產生了直接影響。目前，該業務的營業額已超過 1 億美元。我們沒有透露太多具體細節，但超過 1 億美元的收入，從業務成長和獲利能力的角度來看，這確實是出色的一年。

One of the other real keys to our engineering business that's been exciting over the course of this past fiscal year, in particular, has been the diversification we've achieved throughout the business. Historically, we've had a strong focus within our Healthcare business in particular. We've seen this expand into Aerospace and Defense, Industrial semi-cap, as well as life sciences over the course of the past year in more meaningful ways. So the diversification is particularly exciting.

在過去的財政年度中，我們的工程業務的另一個真正關鍵令人興奮，那就是我們在整個業務中實現的多元化。從歷史上看，我們尤其註重醫療保健業務。在過去的一年裡，我們看到這種趨勢以更有意義的方式擴展到航空航太和國防、工業半資本以及生命科學領域。因此多樣化尤其令人興奮。

Yeah, and from a margin standpoint we can typically see double the manufacturing margins, so very profitable business for us.

是的，從利潤的角度來看，我們通常可以看到製造利潤率翻倍，因此對我們來說這是非常有利可圖的業務。

Understood. Thank you very much.

明白了。非常感謝。

Anja Soderstrom, Sidoti.

安雅·索德斯特羅姆，西多蒂。

Okay. Sorry. It's a new system that I am not used to. So I'm just curious within Malaysia, when that's fully ramped, the margins there, is that above corporate average or how does the margin compare to the rest of the business?

好的。抱歉。這是一個我不習慣的新系統。所以我只是很好奇，在馬來西亞，當業務全面擴張時，那裡的利潤率是否高於企業平均水平，或者與其他業務相比利潤率如何？

Yeah. Generally, our Malaysia sites performed quite well.

是的。總體而言，我們的馬來西亞站點表現相當不錯。

Yeah.

是的。

Okay. And then we haven't really touched on the tariffs. What are you sort of seeing there? Or have you seen any sort of (inaudible) to orders or -- what can we expect?

好的。我們還沒有真正談到關稅問題。你在那裡看到了什麼？或者您是否看到任何形式的（聽不清楚）命令或—我們可以期待什麼？

Yeah, there hasn't been a lot of change from the previous call, or the previous quarter with respect to tariffs. We're still seeing customers in a wait-and-see mode. Again, just to remind everybody on the call, we passed tariff costs on to our customers. And we haven't gotten pushback on that front. We think we're really well positioned to help our customers with a lot of strength in our trade compliance organization.

是的，與上次通話或上一季相比，關稅沒有太大變化。我們仍然看到客戶處於觀望狀態。再次提醒大家，我們將關稅成本轉嫁給了客戶。我們在這方面還沒有遇到阻力。我們認為，憑藉我們貿易合規組織的強大實力，我們完全有能力幫助我們的客戶。

We've invested heavily in there in people and process and tools. And from a standpoint of demand, we've only seen maybe one customer pull in any demand, and we've seen pretty limited pushouts of demand. So demand isn't really moving much because of the tariffs as of this point.

我們在人員、流程和工具方面投入了大量資金。從需求的角度來看，我們可能只看到一個客戶帶來需求，而我們看到的需求推出相當有限。因此，到目前為止，由於關稅的影響，需求實際上並沒有太大變化。

One of the things that we have done is within our Mexico operations, there's been a big push to drive for USMCA compliance within our -- for our customers' products, and we're north of 80% right now, which we think is really an excellent number that we have on that front.

我們在墨西哥的業務中採取的措施之一是大力推動客戶產品符合 USMCA 規定，目前這一比例已超過 80%，我們認為這方面已經取得了非常出色的成績。

Okay. I'm just going to squeeze in one more about the cash cycle days. Are you still expect that to come down to the low 60s eventually?

好的。我只是想再多說一點有關現金週期日的事情。您還預計最終會降到 60 出頭嗎？

Yeah. Well, that's kind of where we're guiding Q4 to mid-60s. I think there's opportunity as we move into fiscal '26 with efforts we're doing around inventory. We'll see gross inventory days, I think, still come down. There will be a return of deposits associated with some of those reductions. But I think, Anja, being in the mid- to low 60s is very realistic for us.

是的。嗯，這就是我們對第四季度預測的 60 年代中期水準。我認為，隨著我們進入 26 財年，隨著我們在庫存方面所做的努力，我們將迎來機會。我認為，我們會看到總庫存天數仍然會下降。部分減免將退還相關的押金。但我認為，安雅，60 年代中期到早期對我們來說是非常現實的。

Okay, thank you. I'll get back into the queue.

好的，謝謝。我會回到隊列中。

(Operator Instructions) David Williams, The Benchmark Company.

（操作員指示）大衛威廉斯（David Williams），基準公司。

Thanks for letting me jump back in here. Maybe, Todd, just wanted to ask on -- or Pat, on the new tax legislation. Is there anything there that changes your point of view on maybe the CapEx? I know you're pushing some of that, sounds like more for timing on Malaysia. But does that change anything from maybe the -- on the tax side of things in terms of CapEx or the way you're thinking about the business in any way?

謝謝你讓我回到這裡。也許，托德，或者帕特，只是想問一下有關新稅法的問題。有什麼事情會改變您對資本支出的看法嗎？我知道您正在推動其中的一些，聽起來更像是馬來西亞的時機。但是，從資本支出的稅收方面或您對業務的看法來看，這是否會改變任何事情？

Not from a CapEx standpoint. Obviously, there's a lot of strategies we're looking at to minimize the effect of the global minimum tax, but not necessarily anything we're seeing around capital spending at this point.

從資本支出角度來看並非如此。顯然，我們正在研究許多策略來盡量減少全球最低稅率的影響，但目前我們並不一定是在資本支出方面看到任何策略。

One of the things, David, that we are looking at more from a market standpoint, or maybe a couple of things, is with the expensing of R&D, that may be some potential -- that could have some positive pull-through for our engineering solutions, we believe. There's also some components of the bill that are around rural health and providing rural health as well as potentially some pull forward of clean energy demand, given some of those credits going away in the future. And not to mention the increased defense budget that's out there.

大衛，我們從市場角度考慮更多的一件事，或者可能是幾件事，就是研發費用化，這可能具有一定的潛力——我們相信這可能會對我們的工程解決方案產生一些積極的影響。該法案還有一些內容涉及農村健康和提供農村醫療服務，以及可能提前滿足清潔能源需求，因為未來其中一些信貸將消失。更不用說增加的國防預算了。

So there's some reasonable market inputs that could be positive. So we haven't seen any of that flow through as of yet though.

因此，一些合理的市場投入可能會產生正面作用。因此，到目前為止我們還沒有看到任何此類流動。

Great. Thanks so much for the help.

偉大的。非常感謝您的幫忙。

Jim Ricchiuti, Needham and Company.

吉姆·里基烏蒂（Jim Ricchiuti），李約瑟公司。

Just a question on the healthcare life science part of the business. It sounds like you're looking at fiscal '26. You're optimistic of a pickup in growth. That's going to be more difficult part of the business to forecast. Hasn't it been? It seems -- and this is not just you. We are hearing this from other players as well, including the OEMs. Just given -- I'm trying to get a sense as to what gives you the confidence about fiscal '26?

我只是想問一下有關醫療生命科學業務部分的問題。聽起來您正在考慮 26 財年。您對經濟成長回升持樂觀態度。這將是業務中更難預測的部分。不是嗎？看起來——而且這不只是你一個人的情況。我們也從其他參與者（包括 OEM）那裡聽說了這一點。只是——我想知道是什麼讓您對 26 財年充滿信心？

Yeah, Jim, I'll offer and refer back to my prepared remarks that the strength of ongoing and new program ramps gives us: a, contributes to our Q4 outlook, also that carries into [F26]. Two other things I'll mention is two new customers added this quarter, so that's expected to provide us some additional tailwind as we work through F26.

是的，吉姆，我會提供並回顧我準備好的發言，即正在進行的和新的項目的增長給我們帶來了：a，有助於我們第四季度的前景，也延續到[F26]。我要提到的另外兩件事是本季度增加了兩個新客戶，因此預計這將為我們在 F26 工作中提供一些額外的順風。

And then the other thing I'll talk about is we talked earlier about our engineering design services. And they typically act as a leading indicator for us. And while we had seen -- if I reference back to a few quarters ago and the inventory correction that, that sector went through, healthcare kind of got out ahead of life sciences.

然後我要談的另一件事是我們之前談論過的工程設計服務。它們通常充當我們的領先指標。雖然我們已經看到 - 如果回顧幾個季度前以及該行業經歷的庫存調整，醫療保健行業在某種程度上領先於生命科學行業。

And then more recently, we've seen an increase in activity and discussion with both new customers and existing customers, with our engineering design services relative to life sciences. So given that that's a leading indicator that gives us further optimism as we anticipate strong growth in F26.

最近，我們發現，就我們與生命科學相關的工程設計服務而言，與新客戶和現有客戶的活動和討論都有所增加。因此，鑑於這是一個領先指標，我們預計 F26 將出現強勁成長，這讓我們更加樂觀。

Thanks, Oliver. That's helpful. And just maybe one quick follow up. You alluded to the potential for stronger defense in Europe. What are you seeing there? And is that -- how big is that in terms of the defense business overall? And as you look at fiscal '26, do you see that as a bigger driver?

謝謝，奧利佛。這很有幫助。也許只需要一個快速的跟進。您提到了歐洲加強防禦的潛力。你在那裡看到了什麼？那麼，就整個國防業務而言，這有多大？當您展望 26 財年時，您是否認為這是一個更大的驅動力？

Yeah, I'll just start by what we're seeing there is certainly an increase in activity and interest, and then also highlight back to the fact that we just added a new sector -- or sorry, a new customer in that sector, I guess specifically space whenever I was talking earlier and contributing to our optimism that we're going to see additional activity in Europe in defense.

是的，我首先要說的是，我們看到的活動和興趣肯定有所增加，然後還要強調的是，我們剛剛增加了一個新領域 - 或者抱歉，是該領域的一個新客戶，我想具體地說，就是我之前所說的領域，這讓我們對將看到歐洲在國防領域開展更多活動感到樂觀。

And Jim, it's Shawn. A couple of things. We do -- Defense in aggregate is maybe a little more than a third of that sector. European defense is a smaller component of the mix. But we do forecast in 2026, really robust growth overall for our defense exposure.

吉姆，我是肖恩。有幾件事。我們確實如此——國防總體上可能只佔該領域的三分之一多一點。歐洲防務只是整個防衛體系中較小的一部分。但我們確實預測，到 2026 年，我們的國防業務將整體強勁成長。

Our team just came back from the Paris Air Show a couple of weeks ago. Significantly more conversations about how we can support European defense companies. With our strong footprint in region, as we mentioned, some good initial gains here, we think there's a significant amount of opportunities. There's different TAMs out there that have been discussed. But given how we play, and where our footprint is in that market, we think we're strongly positioned to capture market share and support the upside potential out there.

我們的團隊幾週前剛從巴黎航展回來。關於我們如何支持歐洲國防公司的討論顯著增加。正如我們所提到的，憑藉我們在該地區的強大影響力，我們取得了一些良好的初步成果，我們認為這裡有大量的機會。有多種不同的 TAM 已被討論過。但考慮到我們的經營方式以及我們在該市場的足跡，我們認為我們完全有能力佔領市場份額並支持那裡的上行潛力。

Got it. Thank you.

知道了。謝謝。

There are no further questions at this time. I will now hand 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，請他作最後發言。

All right. Thank you, Nicole. I'd like to thank the shareholders, investors, analysts, and our Plexus team members who joined the call this morning. In closing, I'd like to reiterate that we're poised for a solid finish for fiscal 2025, with quarterly sequential revenue growth in the back half of the year, strong operating and free cash flow performance, as well as exceptional EPS growth. We're positioned to carry this momentum into fiscal 2026 and anticipate another good year.

好的。謝謝你，妮可。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，我想重申，我們已準備好為 2025 財年取得圓滿成功，下半年將實現季度連續收入增長、強勁的運營和自由現金流表現以及卓越的每股收益增長。我們準備將這一勢頭延續到 2026 財年，並期待另一個豐收的一年。

Thank you again and have a nice day.

再次感謝您並祝您有愉快的一天。