Plexus Corp (PLXS) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for joining us and welcome to the Plexus fiscal 4th quarter and fiscal year end 2025 conference call. After today's prepared remarks, we will host a question-and-answer session. I will now hand the conference over to Shawn Harrison, Vice President of Investor Relations. Please go ahead.

女士們、先生們，感謝各位的到來，歡迎參加 Plexus 2025 財年第四季及全年業績電話會議。在今天的演講結束後，我們將進行問答環節。現在我將把會議交給投資者關係副總裁肖恩·哈里森。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 and administrative expense, operating margin, other income and expense, taxes, cash cycle, capital allocation, and future business outlook. Forward-looking statements are not guarantees that there are inherent difficulties in predicting future results, and actual results could differ materially from those expressed or implied in the forward-looking statements.

早安，感謝各位今天收看我們的節目。今天電話會議中所做的一些陳述和提供的資訊屬於前瞻性陳述，包括但不限於有關收入、毛利率、銷售和管理費用、營業利潤率、其他收入和支出、稅收、現金週期、資本配置和未來業務展望的陳述。前瞻性陳述並未保證預測未來結果的準確性，實際結果可能與前瞻性陳述中明示或暗示的結果有重大差異。

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. It's supplemented by our Form 10 filings, the 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，特別是截至 2024 年 9 月 28 日的財政年度的 10-K 表格文件中的風險因素。此外，我們的 10 號表格備案文件、安全港聲明和新聞稿中的公平披露聲明也對此進行了補充。

We encourage participants on the call this morning to access the live webcast and supporting materials at Plexus's website at www.lexus.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人員造訪 Plexus 的網站 www.lexus.com，點擊頁面頂部的「投資者」即可存取即時網路直播和相關資料。今天與我一同出席的有總裁兼執行長托德·凱爾西、執行副總裁兼營運長奧利佛·米姆、執行副總裁兼財務長派崔克·傑曼。

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 now turn the call over to Todd Kelsey Todd.

在今天的財報電話會議上，Todd 將作簡要評論，然後將電話會議交給 Oliver 和 Pat，讓他們提供更多細節。那麼，現在讓我把電話交給托德·凱爾西·托德。

Thank you, Sean. Good morning, everyone. Please advance to slide 3. Fiscal 2025 was an outstanding year for Plexus, highlighted by our ongoing delivery of a differentiated value proposition for our customers that created the opportunity for Plexus to expand customer relationships and gain market share. Our robust and well balanced new program win results across our solutions that will support future growth. Our team's dedication to innovating responsibly to help create a better world.

謝謝你，肖恩。各位早安。請翻到第3張投影片。2025 財年對 Plexus 來說是傑出的一年，我們持續為客戶提供差異化的價值主張，這為 Plexus 拓展客戶關係和獲得市場份額創造了機會。我們強大而均衡的新項目在我們的解決方案中取得了成功，這將支持未來的成長。我們團隊致力於以負責任的方式進行創新，以幫助創造一個更美好的世界。

In our strong financial performance with a 40-basis point expansion of non-GAAP operating margin, 30% non-GAAP EPS growth, another year of tremendous free cash flow generation, and robust ROIC. I'm excited that the momentum gained during fiscal 2025 across these areas positions plexus during fiscal 2026 to deliver revenue growth in excess of our end markets through new program ramps inclusive of market share gains.

我們財務業績強勁，非GAAP營業利潤率成長40個基點，非GAAP每股盈餘成長30%，又一年產生了龐大的自由現金流，且ROIC強勁。我很高興，2025 財年在這些領域取得的勢頭使 Plexus 在 2026 財年能夠透過新專案的啟動（包括市場份額的成長）實現超過終端市場的營收成長。

Accelerated revenue growth positioning flexes toward our 9% to 12% goal. Strong financial performance with a focus on achieving our goal of a 6% non-GAAP operating margin while also investing in talent, technology, facilities, and advanced capabilities to support sustained future revenue growth and greater operational efficiency and robust. Free cash flow generation that will be deployed to create additional shareholder value.

加速營收成長，目標是實現 9% 到 12% 的營收成長目標。強勁的財務業績，專注於實現 6% 的非 GAAP 營業利潤率目標，同時投資於人才、技術、設施和先進能力，以支持未來持續的收入成長和更高的營運效率和穩健發展。產生的自由現金流將用於創造額外的股東價值。

Please advance to slide 4.

請翻到第4張投影片。

Revenue of $1.058 billion approached the high end of our guidance range, marking our third consecutive quarter of sequential growth. Our team's ability to support late quarter demand upside from semi cap and energy customers more than offset minor delays in new program transitions in our Aerospace and Défense market sector.

營收達 10.58 億美元，接近我們預期範圍的高端，標誌著我們連續第三個季度實現環比增長。我們團隊有能力滿足半導體和能源客戶在季度末的需求成長，這足以彌補我們在航空航太和國防市場領域新專案過渡方面的一些小延誤。

Non-GAAP EPS of $2.14 substantially exceeded our guidance due to favourable discrete tax items with in-line non-GAAP operating margin of 5.8%. We expanded non-GAAP operating margin by 40 basis points and non-GAAP EPS over 30% in fiscal 2025 as compared to fiscal 2024.

非GAAP每股收益為2.14美元，由於有利的個別稅收項目，遠超我們的預期，非GAAP營業利潤率為5.8%，符合預期。與 2024 財年相比，2025 財年我們的非 GAAP 營業利潤率提高了 40 個基點，非 GAAP 每股收益提高了 30% 以上。

Finally, we delivered fiscal 4th quarter free cash flow of $97 million resulting in fiscal 2025 free cash flow of $154 million an amount that substantially exceeded our projections. We have now generated $495 million of free cash flow for the past two fiscal years while deploying excess cash to reduce our borrowing and accelerate our share repurchase activity.

最後，我們實現了 4 財年第四季 9,700 萬美元的自由現金流，預計 2025 財年自由現金流將達到 1.54 億美元，這筆金額遠超我們的預期。在過去的兩個財政年度中，我們已經產生了 4.95 億美元的自由現金流，同時利用多餘的現金來減少借款並加快股票回購活動。

Please advance to slide 5. For the fiscal fourth quarter, we secured 28 new manufacturing programs worth $274 million in revenue annually when fully ramped into production. Included in these wins were expanded relationships with commercial aerospace customers, growth in our exposure to unmanned aircraft, expansion of share with existing healthcare life sciences and industrial customers, and notable market share gains within seIA.

請翻到第5張投影片。第四財季，我們獲得了 28 個新的製造項目，這些項目全面投產後，每年可帶來 2.74 億美元的收入。這些勝利包括擴大與商業航空航太客戶的關係、增加我們在無人機領域的業務、擴大在現有醫療保健生命科學和工業客戶的份額，以及在 seIA 領域取得顯著的市場份額成長。

For fiscal 2025, our team generated 400, 141 manufacturing wins representing $941 million in annualized revenue. In addition, efforts to diversify our engineering solutions engagements successfully drove increased winds for fiscal 2025, including a record result in aerospace and defense.

2025 財年，我們的團隊獲得了 400,141 個製造業訂單，年化收入達 9.41 億美元。此外，我們努力使工程解決方案業務多元化，成功推動了 2025 財年風能業務的成長，其中航空航太和國防領域取得了創紀錄的業績。

Finally, our sustaining services team achieved record wins for the fiscal year, positioning the offering for stronger future financial performance. In addition, while producing the strong winds performance, we expanded our funnel of qualified opportunities versus the prior quarter and year over year.

最後，我們的持續服務團隊在本財年取得了創紀錄的業績，為未來更強勁的財務表現奠定了基礎。此外，在取得強勁的業績表現的同時，與上一季和去年同期相比，我們擴大了合格機會的管道。

Please advance to slide 6. At Plexus, we are committed to boldly driving positive change and promoting 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.

請翻到第6張投影片。在 Plexus，我們致力於大膽推動積極變革，並透過我們的員工、解決方案和運營，為我們的人民和企業創造可持續的未來，而這一切都建立在信任和透明的基礎之上。

The following are recent highlights of how Plexus lives our value of innovating responsibly. In September, GE Vernova presented Plexus its supplier Innovation Award at the Gas Power Supplier Conference in Shanghai, China. This award recognized Plexus's strategic engagement and collaboration in supporting a successful program transition to our facility in Xiamen, China, well ahead of GE Vernovaʼs original timeline.

以下是Plexus近期實踐「負責任地創新」價值觀的一些亮點。9 月，GE Vernova 在中國上海舉行的燃氣發電供應商大會上向 Plexus 頒發了供應商創新獎。該獎項表彰了 Plexus 在支持專案成功過渡到我們位於中國廈門工廠方面所發揮的戰略參與和合作，遠早於 GE Vernova 的原定時間表。

Next, as we reflect on the accomplishments of fiscal 2025 and our guiding principle that people are the heart of who we are and what we do, I'm thrilled to share that our global team members completed over 32,000 volunteer hours during the fiscal year. This incredible achievement is a 47% increase compared to fiscal 2024 and serves as a powerful testament to how our team members live our vision of building a better world.

接下來，當我們回顧 2025 財年的成就以及我們「以人為本」的指導原則時，我很高興地宣布，我們的全球團隊成員在本財年完成了超過 32,000 小時的志願服務。這項驚人的成就比 2024 財年成長了 47%，有力地證明了我們的團隊成員是如何實踐我們建立更美好世界的願景的。

Additionally, in fiscal 2025, we granted $1.4 million to global nonprofits through our Plexus Community Foundation, deepening our connections to causes and organizations in the communities where we live and work. Further, through a focused effort across our operations, we reduced our waste to landfill by over 30% globally in fiscal 2025, far exceeding our goal. This achievement is underscored by a remarkable 8 sites reaching zero waste to landfill status, which accounts for over 40% of our manufacturing sites.

此外，在 2025 財年，我們透過 Plexus 社區基金會向全球非營利組織捐贈了 140 萬美元，加深了我們與我們生活和工作所在社區的事業和組織的聯繫。此外，透過我們營運中的集中努力，我們在 2025 財年將全球垃圾掩埋量減少了 30% 以上，遠遠超過了我們的目標。值得一提的是，我們有 8 個生產基地實現了零廢棄物填埋，占我們生產基地總數的 40% 以上，這充分體現了我們的成就。

Finally, we reduced absolute scope 1 and 2 emissions by over 10% across our global manufacturing sites versus our fiscal 2023 baseline. This reduction represents the second consecutive year of exceeding our emissions reduction goal. I'm incredibly proud of and grateful for the contributions of our global team members as they deliver a consequential environmental and social impact in support of our vision of building a better world.

最後，與 2023 財年基準相比，我們全球製造基地的範圍 1 和範圍 2 的絕對排放量減少了 10% 以上。這項減排量標誌著我們連續第二年超額完成減排目標。我為我們全球團隊成員的貢獻感到無比自豪和感激，他們為實現我們建立更美好世界的願景，帶來了意義深遠的環境和社會影響。

Please advance to slide 7. For our fiscal first quarter, we are guiding revenue of $1.05 to $1.09 billion non-GAAP operating margin of 5.6% to 6.0%, and non-GAAP EPS of $1.66 to $1.81. With modest and market growth across the majority of our sectors, we expect to deliver revenue growth through ongoing new program ramps inclusive of market share gains.

請翻到第7張投影片。我們預計第一財季營收為10.5億美元至10.9億美元，非GAAP營業利益率為5.6%至6.0%，非GAAP每股收益為1.66美元至1.81美元。鑑於我們大部分業務板塊的溫和市場成長，我們預計將透過持續的新項目拓展以及市場份額的提升來實現營收成長。

In addition, during the fiscal first quarter, we will continue to invest in talent, technology, facilities, and advanced capabilities to expand our industry leading solutions, drive greater long-term operational efficiency, and prepare for accelerated fiscal 2026 revenue growth.

此外，在第一財季，我們將繼續投資於人才、技術、設施和先進能力，以擴展我們行業領先的解決方案，推動更高的長期營運效率，並為 2026 財年收入的加速成長做好準備。

For fiscal 2026, we anticipate another year of strong operational and financial performance. Currently we expect to deliver revenue growth in excess of our end markets, realizing year over year growth in each of our market sectors while accelerating momentum toward our 9% to 12% revenue growth goal. We also anticipate delivering another strong year of operating margin and free cash flow performance even as we continue to make significant investments to increase our long-term competitiveness.

對於 2026 財年，我們預計營運和財務表現將持續保持強勁成長。目前，我們預計營收成長將超過終端市場，在每個市場領域實現同比成長，同時加快實現 9% 至 12% 的營收成長目標。我們預計，即使我們繼續進行重大投資以提高長期競爭力，今年的營業利潤率和自由現金流表現仍將保持強勁。

In closing, thank you to our global team for making fiscal 2025 outstanding through the support of our customers, communities, and each other. We're excited to leverage this momentum during fiscal 2026 into generating growth in excess of our end markets, delivering strong financial performance, and creating long-term shareholder value.

最後，感謝我們的全球團隊，在客戶、社區和彼此的支持下，使 2025 財年取得了卓越的成績。我們很高興能在 2026 財年利用這一勢頭，實現超過終端市場的成長，取得強勁的財務業績，並創造長期的股東價值。

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

現在我將把電話交給奧利佛，讓他對我們市場各板塊的表現進行進一步分析。奧利佛斯。

Thank you, Todd. Good morning. I will begin with a review of the fiscal 4th quarter performance of each of our market sectors. Our expectations for each sector for the fiscal first quarter and directional sector commentary for fiscal 2026. I will also review the annualized revenue contribution of our W's performance for each market sector and then provide an overview or a funnel of qualified manufacturing opportunities.

謝謝你，托德。早安.我將先回顧我們各個市場板塊在第四財季的表現。我們對各產業在第一財季的預期以及對 2026 財年的產業發展方向性評論。我也會審查我們 W 在每個市場領域的年度收入貢獻，然後提供合格製造機會的概覽或管道。

Starting with our aerospace and defense sector on slide 8, revenue decreased 6% sequentially in the fiscal fourth quarter below our expectation of flat revenue. Minor delays in the timing of new program ramps contributed to the performance.

從第 8 頁的航空航太和國防部門開始，第四財季的收入環比下降了 6%，低於我們預期的收入持平。新專案啟動時間上的輕微延誤對業績產生了一定影響。

Fiscal 2025 saw essentially flat revenue for the aerospace and defense sector as various new product launch delays and inventory adjustments in the commercial aerospace supply chain more than offset double-digit growth in the defense and space subsectors.

2025 財年，航空航太和國防領域的收入基本上持平，因為商業航空航太供應鏈中各種新產品發布延遲和庫存調整抵消了國防和航太子領域兩位數的成長。

For the fiscal first quarter, we expect revenue for the aerospace and defense sector to be up mid single-digits from strength and new program ramps within the commercial aerospace, defense, and unmanned aircraft subsectors.

預計本財年第一季度，航空航太和國防領域的收入將實現中等個位數成長，這得益於商業航空航太、國防和無人機子領域的強勁增長和新項目的啟動。

Our wins for the fiscal 4th quarter for the aerospace and defense sector were $54 million. This is the strongest winds performance for the sector since the fiscal first quarter of 2021. Our Boise, Idaho site won a follow-on award from an existing customer and our unmanned aircraft subsector based on the strength of the partnership that we've built with this customer.

我們在第四財季航空航太和國防領域的得標金額為 5,400 萬美元。這是自 2021 財年第一季以來該產業風電表現最強勁的一次。我們位於愛達荷州博伊西的工廠憑藉與現有客戶建立的牢固合作關係，贏得了現有客戶和無人機子行業的後續獎項。

We also captured share gain through two new programs and the commercial aerospace subsector that were awarded to our team in Penang, Malaysia. Our robust growth outlook for fiscal 2026 is supported by Strong defense sector growth. New program ramps and unmanned aircraft subsector. And a return to growth and commercial aerospace associated with new program ramps and the expectation of modest market growth.

我們還透過兩個新項目和商業航空航太子行業獲得了市場份額的成長，這兩個項目都授予了我們在馬來西亞檳城的團隊。強勁的國防工業成長支撐了我們對 2026 財年的穩健成長預期。新項目坡道和無人機子領域。隨著新項目的啟動和市場預期溫和成長，商業航空航太業將恢復成長。

We've advanced to slide 9. Revenue in our healthcare life sciences market sector was up 1% sequentially for the fiscal 4th quarter, aligned to our expectation of a low single-digit increase. Fiscal 2025 for our Healthcare/Life Sciences sector saw a 5% revenue increase based on strength from the imaging and monitoring subsectors. New program ramp revenue and demand increases with previously ramped products contributed to the result.

我們已經進入第9張投影片。我們醫療保健生命科學市場部門的收入在第四財季環比增長了 1%，符合我們對個位數低增長的預期。2025 財年，我們醫療保健/生命科學部門的收入成長了 5%，這主要得益於影像和監測子部門的強勁表現。新專案的啟動收入和先前已啟動產品的需求成長共同促成了這一結果。

For the fiscal first quarter, we expect the healthcare life sciences market sector to be up high single to low double-digits, driven by multiple ongoing program ramps and strengthening customer demand and the monitoring and imaging subsectors.

預計在第一財季，醫療保健生命科學市場領域將實現個位數高成長至兩位數低成長，這主要得益於多個正在進行的專案規模擴大、客戶需求增強以及監測和成像子領域的成長。

Fiscal fourth quarter healthcare life sciences sector wins of $55 million included a follow-on award for the remediation and repair of a therapeutics product for our Guadalajara, Mexico campus. Our sustaining services team's exceptional quality and delivery performance drove the win. Our Aradia Romania facility is welcoming a new customer to Plexus as we were awarded the assembly for an AI-powered digital cell analysis platform. Our proactive, flexible, and collaborative engagement through the quoting process, as well as a strong cultural alignment between the two organizations contributed to the win.

在第四財季醫療保健生命科學領域獲得的5,500萬美元訂單中，包括一項後續訂單，用於修復和改進我們位於墨西哥瓜達拉哈拉園區的治療產品。我們後勤服務團隊卓越的品質和交付績效是贏得這場勝利的關鍵。我們位於羅馬尼亞阿拉迪亞的工廠迎來了一位新客戶，Plexus 獲得了人工智慧驅動的數位細胞分析平台的組裝專案。我們在報價過程中積極主動、靈活配合，以及兩家公司之間高度的文化契合，都為最終贏得合約做出了貢獻。

As we look to the next fiscal year, revenue contributions from ongoing and new program ramps, as well as improved and market demand, support our robust growth outlook.

展望下一個財政年度，持續和新項目推進帶來的收入貢獻，以及不斷改善的市場需求，都將支撐我們強勁的成長前景。

Advancing to the industrial sector on slide 10, revenue was up 11% sequentially in the fiscal fourth quarter. The result exceeded our guidance for up low single-digits. Increase and market demand for specific customers in the semi cap, broadband communications and energy subsectors more than offset various other demand changes.

在第 10 張投影片中，我們來看工業部門，該部門第四財季的營收季增了 11%。結果超出了我們先前預期的個位數小幅成長。半導體、寬頻通訊和能源子行業特定客戶的成長和市場需求超過了其他各種需求變化。

Revenue is flat for fiscal 2025. Low double-digit growth in the semi-ca sub-sector, offset reductions in industrial equipment and vehicle electrification. Our fiscal first quarter outlook for the industrial sector of a high single-digit decrease is driven by seasonality within our energy subsector and generally muted near-term demand. The industrial market sector wins for the fiscal 4th quarter were strong at $165 million.

2025財年營收與上年持平。半自動車子產業的低兩位數成長抵消了工業設備和車輛電氣化的下滑。受能源次產業的季節性因素和近期需求普遍疲軟的影響，我們對工業部門第一財季的預期是出現高個位數百分比的下降。第四財季工業市場部門的業績表現強勁，達到 1.65 億美元。

This marks a 9-quarter high for the sector. Our semi cap wins were robust, including an award for two substantial programs from an existing customer for our Bangkok, Thailand facility. Continued operational excellence contributed to the awards, which included share gains on a growth platform.

這標誌著該行業創下九個季度以來的新高。我們在半成品專案方面取得了不錯的成績，其中包括現有客戶為我們在泰國曼谷的工廠提供的兩個重要專案。持續卓越的營運為公司贏得了這些獎項，其中包括在成長平台上獲得的市場份額。

Our Appleton, Wisconsin facility was awarded the assembly of a high voltage complex product supporting the global rail industry. The flexibility of our engagement and supply chain solutions contributed to the award from this new customer. Our modest growth outlook for the industrial sector for fiscal 2026 is supported by strength in both the semic cap and energy subsectors, offsetting otherwise muted demand.

我們位於威斯康辛州阿普爾頓的工廠獲得了為全球鐵路行業組裝高壓複雜產品的合約。我們靈活的合作方式和供應鏈解決方案為我們贏得這位新客戶的青睞做出了貢獻。我們對 2026 財年工業部門的溫和成長預期，得益於半導體和能源次產業的強勁表現，抵銷了其他方面疲軟的需求。

Please advance to slit 11 for a review of our funnel of qualified manufacturing opportunities. The funnel of qualified opportunities is up 2% sequentially. Positive performance given the strength of quarterly wins and robust at $3.7 billion inclusive of a record high value of aerospace and defense sector opportunities. The sector's momentum is further supported by a record high aerospace and defense funnel for engineering solutions, reflecting the continued progress of our diversification efforts.

請跳到第 11 部分，查看我們合格的製造機會管道。合格商機通路季增 2%。鑑於季度業績強勁，加上航空航太和國防領域機會創歷史新高，業績表現積極，達到 37 億美元。該產業的成長動能也得益於航空航太和國防工程解決方案領域創紀錄的高額資金流入，這反映了我們多元化努力的持續進展。

In summary, our continued focus on delivering excellence and creating customer success is being recognized by our customers. Ongoing a new program ramps, market share gains and specific sub-sector and market growth supports our view that we will deliver revenue growth in excess of our end markets and accelerate growth for fiscal 2026 toward our 9% to 12% goal.

總而言之，我們持續專注於提供卓越服務和創造客戶成功，這一點得到了客戶的認可。持續推進的新項目、市場份額的成長以及特定子行業和市場的成長，支持了我們的觀點，即我們將實現超過終端市場的收入成長，並加速 2026 財年的成長，朝著 9% 至 12% 的目標邁進。

I'll now turn the call over to Pat. Pat.

現在我將把電話交給帕特。拍。

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

謝謝你，奧利佛，大家早安。我們的第四財季業績總結在第12頁投影片。

Gross margin of 9.9% was consistent with our guidance. As anticipated, gross margin was slightly lower than the fiscal third quarter due to mix and additional incentive compensation expense.

毛利率為 9.9%，與我們的預期一致。正如預期的那樣，由於產品組合變化和額外的激勵性薪酬支出，毛利率略低於第三財季。

At the same time, we experience improved fixed cost leverage from higher revenue and continued productivity gains realized across our manufacturing sites. selling an administrative expense of $51.7 million was slightly above our guidance due to the additional incentive compensation expense, mainly driven by our strong performance.

同時，由於收入成長和各生產基地持續提高生產效率，我們的固定成本槓桿率得到改善。由於業績強勁，激勵性薪資支出增加，導致銷售管理費用為 5,170 萬美元，略高於預期。

As a percentage of revenue, SG&A was consistent with the fiscal third quarter. Non-GAAP operating margin of 5.8% was within our guidance range. Non-operating expense of $3.4 million was favorable to expectations due to lower than anticipated interest expense and foreign exchange losses. Non-GAAP diluted EPS of $2.14 exceeded the top end of our guidance due to the items mentioned and a favorable tax rate.

銷售、一般及行政費用佔收入的百分比與第三財季持平。非GAAP營業利益率為5.8%，符合我們的預期範圍。非營運支出為 340 萬美元，低於預期，原因是利息支出和外匯損失低於預期。由於上述因素和有利的稅率，非GAAP稀釋後每股收益為2.14美元，超過了我們預期的上限。

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. We were extremely pleased with our free cash flow performance as we wrapped up the fiscal year.

接下來請看第 13 頁的現金流量表和資產負債表。從這些財務指標可以看出，我們的績效和流動性持續改善。我們對本財年結束時的自由現金流表現非常滿意。

For the fiscal quarter, we delivered $132 million in cash from operations and spent $35 million on capital expenditures, generating free cash flow of approximately $97 million. Over the past two years we have generated close to $5 billion in free cash flow, an outstanding result.

本財季，我們從營運活動中獲得了 1.32 億美元的現金，並在資本支出上花費了 3,500 萬美元，產生了約 9,700 萬美元的自由現金流。過去兩年，我們創造了近 50 億美元的自由現金流，這是一個非常出色的成績。

For fiscal 2025, we reduced our debt by over $100 million while continuing to return cash to shareholders through our expanded share repurchase program. For the fiscal fourth quarter, we acquired approximately 161,000 shares of our stock for $21.5 million. At the end of the fiscal year, we had approximately $85 million remaining on the current repurchase authorization. Similar to last quarter, we ended the fiscal year in a net cash position. We had $40 million outstanding under our revolving credit facility with $460 million available to borrow.

2025 財年，我們減少了 1 億美元的債務，同時透過擴大股票回購計畫繼續向股東返還現金。在本財年第四季度，我們斥資 2,150 萬美元收購了約 161,000 股公司股票。截至財政年度末，我們目前的回購授權還剩下約 8,500 萬美元。與上個季度類似，我們在本財年結束時實現了淨現金部位。我們在循環信貸額度下有 4,000 萬美元未償還，而可藉款額度為 4.6 億美元。

For fiscal 2025, we delivered a return on invested capital of 14.6%, which was 570 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 in ROIC over the prior year and represents the highest ROIC in 4 years.

2025 財年，我們的投資資本報酬率為 14.6%，比我們的加權平均資本成本高出 570 個基點。由於我們努力持續改善營運資本，我們的投入資本基礎比前一年大幅下降。再加上營運表現的改善，ROIC 較前一年有所成長，並創下 4 年來的最高 ROIC 紀錄。

Cash cycle at the end of the fiscal year was 63 days, favorable to expectations, and 6 days lower than the fiscal 3rd quarter and 1 day lower than last year. This level of cash cycle was the best result delivered in the past 5 years.

財年末現金週期為 63 天，符合預期，比財年第三季減少了 6 天，比去年減少了 1 天。這是過去 5 年中取得的最佳現金週轉率。

Please turn to slide 14 for details on this exceptional performance. Along with the 7th consecutive quarterly reduction in gross inventory dollars, we experienced a 10-day sequential improvement in inventory days. Increased revenue and continued progress on working capital initiatives contributed to the sizable reduction in inventory days.

請翻到第 14 頁查看有關這場精彩表演的詳情。隨著庫存總額連續第七個季度下降，庫存週轉天數也比上季改善了 10 天。收入增加和營運資金計畫的持續進展促成了庫存週轉天數的大幅減少。

Our teams delivered a year over year reduction in gross inventory of $82 million and a reduction of over $330 million when compared to the fiscal 2023 year-end balance. For days in advance payments, we experience a 4-day reduction with a net of $17 million being returned to customers during the quarter.

我們的團隊實現了庫存總額年減 8,200 萬美元，與 2023 財年末餘額相比減少了 3.3 億美元以上。對於預付款天數，我們減少了 4 天，本季淨額為 1,700 萬美元退還給客戶。

As Todd has already provided the revenue and EPS guidance for the fiscal first quarter, I'll review some additional details which are summarized on slide 15. Fiscal first quarter gross margin is expected to be in the range of 9.8% to 10.1%. At the midpoint, gross margin would be slightly above last quarter, despite additional investments in talent, technology, facilities, and advanced capabilities to support future revenue growth and greater operational efficiency.

由於 Todd 已經提供了第一財季的營收和每股盈餘預期，我將回顧一些其他細節，這些細節總結在第 15 頁。預計第一財季毛利率將在 9.8% 至 10.1% 之間。儘管公司在人才、技術、設施和先進能力方面進行了額外投資，以支持未來的收入成長和更高的營運效率，但毛利率中位數仍將略高於上一季。

We expect selling an administrative expense in the range of $51.5 million to $52.5 million which is fairly consistent with the prior quarter. Note that this estimate is inclusive of approximately $6.6 million of stock-based compensation expense. Fiscal first quarter non-GAAP operating margin is expected to be in the range of 5.6% to 6% exclusive of stock-based compensation expense.

我們預計銷售管理費用將在 5,150 萬美元至 5,250 萬美元之間，與上一季基本一致。請注意，此估算包含約 660 萬美元的股票選擇權費用。預計第一財季非GAAP營業利益率（不含股權激勵費用）將介於5.6%至6%之間。

Looking towards the fiscal second quarter, we expect to maintain margins at a similar level with an opportunity to meet or exceed our 6% margin target as the year progresses.

展望第二財季，我們預計利潤率將保持在類似水平，並有機會在年底前達到或超過 6% 的利潤率目標。

Non-operating expense is anticipated to be approximately $4.6 million which is sequentially higher primarily due to an increase in interest expense. Prior quarters had benefited from the capitalization of interest expense associated with site additions. Consistent with our expectations, we are anticipating an increase to our effective tax rate with the impact of global minimum tax taking effect in certain jurisdictions.

預計非經營性支出約 460 萬美元，季增，主要原因是利息支出增加。前幾季受益於與場地擴建相關的利息支出資本化。正如我們預期的那樣，隨著全球最低稅在某些司法管轄區生效，我們的實際稅率預計將會上升。

As such, we are estimating an effective tax rate between 16% and 18% for both the fiscal first quarter and for fiscal 2026. Diluted shares outstanding are expected to be approximately 27.3 million. Our expectation for the balance sheet is that working capital investments will increase compared to the fiscal 4th quarter.

因此，我們預計本財年第一季和 2026 財年的實際稅率將在 16% 至 18% 之間。預計稀釋後流通股數約2730萬股。我們預期資產負債表顯示，營運資本投資將比上一財年第四季增加。

Based on our revenue forecasts, we expect this level of working capital will result in cash cycle days in the range of 66 to 70 days. We anticipate improvements in our cash cycle as we progress through the year and would expect to end the fiscal year at a similar level to fiscal 2025, despite greater investments in working capital to support revenue growth.

根據我們的收入預測，我們預計這種水準的營運資金將導致現金週轉天數在 66 至 70 天之間。我們預計隨著年內現金週期的推進，現金流將有所改善，儘管為了支持收入增長而加大了營運資本投資，但我們預計本財年結束時的現金流水準將與 2025 財年相似。

With these higher investments and working capital, we expect a usage of cash for the fiscal first quarter, a trend we have experienced the last several years. While a usage this quarter, we expect to follow-up fiscal 2025 with robust free cash flow of approximately $100 million for fiscal 2026. We plan to continue to deploy any excess cash to create additional shareholder value.

由於投資和營運資金增加，我們預計第一財季將出現現金使用，這是過去幾年我們一直經歷的趨勢。儘管本季使用量有所下降，但我們預計在 2025 財年之後，2026 財年將有強勁的自由現金流，約 1 億美元。我們計劃繼續利用任何剩餘現金來創造更多股東價值。

One final comment on fiscal 2026, we expect capital spending to be in the range of $90 to $110 million which would be consistent with our fiscal 2025 spending. With that, John, let's now open the call for questions.

關於 2026 財年，最後再補充一點，我們預計資本支出將在 9,000 萬至 1.1 億美元之間，這將與我們 2025 財年的支出保持一致。約翰，那麼現在我們開始接受提問。

(Operator Instructions) David Williams, The Benchmark Company.

（操作說明）David Williams，基準公司。

Hey, good morning.

嘿，早安。

Everyone. Congrats on the solid results and thank you for letting me ask.

每個人。恭喜你取得如此優異的成績，謝謝你允許我提問。

The question here.

問題是這樣的。

Yeah, thanks David, appreciate it.

謝謝你，大衛，感激不盡。

Yeah, I guess maybe first, this quarter seems like there was a lot of discussion around the investments that you're making across the business, and it feels like, you've really pointed to that to, for to support your future growth. It sounds to me like you're getting at least a little more confident in that kind of growth trajectory and I guess, first question, is that fair to say? And then secondly, what gives you that confidence, I guess if you look out into this year in terms of the growth opportunities?

是的，我想首先，本季似乎有很多關於你們在整個業務領域進行的投資的討論，而且感覺你們確實也強調了這一點，以支持你們未來的成長。聽起來你對這種成長軌跡至少多了一些信心，我想，第一個問題，這麼說是否公平？其次，展望今年的發展機遇，是什麼讓你充滿信心？

Yeah, so David, yeah, it does imply that we're getting more confident in the future growth potential. So we think we're on a nice growth trajectory in creating substantial momentum as we go into fiscal 2026. Well, with regards to investments we do and we've talked about our new Penang facility coming online which is having a bit of a near term impact, but amazingly in one quarter that site will break even and in two quarters. Be close to corporate profitability.

是的，David，這確實意味著我們對未來的成長潛力越來越有信心。因此，我們認為我們正處於良好的成長軌道上，並將在進入 2026 財年時創造巨大的發展勢頭。關於我們的投資，我們已經談到了檳城新工廠的投產，這在短期內會產生一些影響，但令人驚訝的是，該工廠將在一個季度內實現收支平衡，並在兩個季度內實現盈利。力求接近公司獲利能力。

So it'll be a very near term drag for us. Hence Pat's projection that Q2 will recover nicely and be better than a typical quarter, which is usually down for us, but back to the confidence and the growth trajectory, a lot of it comes back to the new program ramps. So we have a number of substantial new program ramps in play. Oliver highlighted a few substantial shared takeaways in the semi-cap market.

所以短期內這會對我們造成很大的影響。因此，Pat 預測第二季度將會好轉，並且會比我們通常的低迷季度要好，但回到信心和成長軌跡上來，很大程度上取決於新專案的啟動。因此，我們有許多重要的全新項目正在推進中。Oliver重點介紹了小型股市場的一些重要共同點。

This quarter, which are certainly play into this. There's others that are well underway. In addition, I would say from an end market standpoint on aggregate, I would say we're seeing a modest improvement in end markets as we look forward, which is really nice to see, although we still haven't factored factored in any substantial aerospace rebounds, so that could be additional offside for us as we look to fiscal '26.

本季的情況肯定會對此產生影響。還有一些項目正在順利進行中。此外，從終端市場整體來看，展望未來，我們看到終端市場略有改善，這確實令人欣喜，儘管我們尚未考慮航空航天業的任何實質反彈，因此，展望 2026 財年，這可能會給我們帶來額外的利好。

Great, no, great color there. Thanks so much for that. And then maybe the secondly here, just kind of curious, I know that on the AI side there hasn't, there's been a lot of discussion at least in terms of your participation there and those potential opportunities. It sounds like, yeah, and forgive me if I'm wrong here, but it sounds like you said Romania, you picked up the new AI platform there. Just kind of curious if you give us a little more color around that and maybe what your opportunities are in the the AI space overall. Thanks.

顏色真棒！非常感謝。其次，我只是有點好奇，我知道在人工智慧領域，至少就您的參與和潛在機會而言，已經有很多討論了。聽起來好像是這樣，如果我說錯了請原諒，但你好像說的是羅馬尼亞，你在那裡引進了新的人工智慧平台。我有點好奇，您能否再詳細說說這方面的情況，以及您在人工智慧領域整體上有哪些機會。謝謝。

Yeah, what I was talking about there was a new product and the product itself, it has AI technology in it to help with that cell analysis.

是的，我剛才說的是一款新產品，而這款產品本身就內建了人工智慧技術，可以幫助進行細胞分析。

And what I'd add, David, is we're seeing a lot of opportunity within power generation and thermal management within AI. We're still, as we've talked about in the past, we believe the compute market is not the right space for us to be in. We believe that's going to commoditize quite heavily.

大衛，我還要補充一點，我們看到人工智慧在發電和熱管理領域有很多機會。正如我們過去所討論過的，我們仍然認為計算市場不適合我們進入。我們認為這將很快趨於商品化。

But we're focused on power and thermal. In addition, we participate via the semi-ca business and also Oliver pointed out an example within healthcare, but a number of the technologies that we're engaged with are leveraging AI, and I would say healthcare is a real leader in leveraging AI. So we have a number of programs in play where the product itself is leveraging.

但我們主要關注的是功率和散熱。此外，我們也透過半自動電腦業務參與其中，奧利佛也指出了醫療保健領域的一個例子，但我們參與的許多技術都在利用人工智慧，我認為醫療保健是利用人工智慧的真正領導者。因此，我們目前有多個專案正在實施，而產品本身正是利用這些專案的優勢。

AI.

人工智慧.

Great. Thanks so much. Best of luck on the qua Dylan. Thanks.

偉大的。非常感謝。祝迪倫在誇誇比賽中一切順利。謝謝。

(Operator Instructions) James Ricchiuti, Needham & Company LLC - Analyst

（操作說明）James Ricchiuti，Needham & Company LLC - 分析師

Sorry about that. First question is, I was wondering, are you anticipating, any fallout, in any of the major market verticals from the government shutdown, particularly the defense area or maybe some of the other markets. Any sense of that yet if this continues?

抱歉。第一個問題是，我想知道，您是否預期政府停擺會對任何主要市場垂直領域造成任何影響，特別是國防領域，或其他一些市場。如果這種情況持續下去，目前是否有任何跡象表明會如此？

Yeah, well, so far, we're not seeing any indications of slowdown as a result of the government shutdown. I mean, we're certainly keeping our eyes open on that. I don't know, Oliver, if you have any additional color you want to add on that.

是的，目前為止，我們還沒有看到任何因政府停擺而導致經濟放緩的跡象。我的意思是，我們當然會密切關注此事。奧利弗，我不知道你是否還想在上面添加其他顏色。

Yeah, I'll just corroborate what Todd said, so no indication of any change from our customers. Yeah, and I mean broadly just in terms of continued government regulatory changes, we keep watching from a supply chain perspective, partnering with our customers and ensuring that we have good diversification of supply so we can ensure we have components to build the products.

是的，我同意托德的說法，我們的客戶方面沒有任何變化跡象。是的，我的意思是，就政府監管政策的持續變化而言，我們會從供應鏈的角度持續關注，與客戶合作，確保供應來源多元化，從而保證我們有足夠的零件來生產產品。

Got it. And The second question I have is I was hoping to drill down into your comments a little bit more about the strength in semi cap and the growth in energy. I'm wondering, has your view of semicap for fiscal '26 changed at all versus, a few months ago? Just given the modest expectations for WFE in 2026 and then on the energy side you highlighted, I think power is how big a driver is that in terms of what we're hearing in the data center build out.

知道了。我的第二個問題是，我希望能夠更深入地探討您對半導體產業強勢和能源產業成長的看法。我想知道，您對 2026 財年半導體產業的看法與幾個月前相比是否有所改變？考慮到 2026 年 WFE 的預期較為保守，再加上您提到的能源方面，我認為電力是資料中心建設中一個重要的驅動因素。

Yeah, I, I'll start with the with the semi cap and Oliver can jump into the power generation, but with regards to semi cap, we're at this point we're viewing. 25 and 26 to be pretty similar. I mean, the forecasts we're seeing are are WFE growth in the low single-digits, and I think overall that kind of corroborates where the the sweet spot of our customer forecasts are, but we do expect some pretty significant share gain and if you look at fiscal 25, we ended as we had been. Targeting during the the our commentary over the course of the past year in the low double-digits, so in the low 10s within semi cap growth, and we'd expect to do something fairly similar as we look to fiscal 2026 on the back of share gains.

是的，我會先從半封閉式電容器開始，然後奧利佛可以接手發電部分，但就半封閉式電容器而言，我們目前看到的是第25和26個非常相似的情況。我的意思是，我們看到的預測是WFE成長將達到個位數低水平，我認為這總體上證實了我們客戶預測的最佳點，但我們確實預計會有一些相當大的市場份額增長，如果你看看25財年，我們最終的業績與之前一樣。在過去一年的評論中，我們的目標成長率為兩位數低段，即半導體市值成長的 10% 左右，我們預計在 2026 財年，在股價上漲的推動下，我們將取得類似的成績。

And then from an energy perspective I'll jump in there a couple of things that we're seeing one is, more specifically what we're seeing is customer revenue growth inside infrastructure and power generation as well as electrification. We talked about the fact program winds are helping to accelerate that revenue growth through FY '26, and we're also seeing increased opportunity in a me in energy. Thank you.

然後從能源的角度來看，我想補充幾點，我們看到的情況之一是，更具體地說，我們看到的是基礎設施和發電以及電氣化方面的客戶收入成長。我們討論了風電項目如何幫助加速 2026 財年的收入成長，以及我們在能源領域看到更多機會。謝謝。

(Operator Instructions) Melissa Fairbanks, Raymond James - Analyst

（操作說明）梅麗莎·費爾班克斯，雷蒙德·詹姆斯 - 分析師

Hi guys. Excuse me, not sure if you can hear me. Yeah, I had a question. Okay, great, good morning. Good to hear from you guys. I had a question probably for Oliver on the healthcare life sciences business, finally seeing some strength and imaging and some of the monitoring stuff. This was an area over the past year, couple of years where there was a lot of inventory overhang. Limiting your growth opportunities there, just kind of wondering how much of the strength in this area is from maybe we finally mitigated that inventory overhang or if it's new program ramps that are driving that revenue.

嗨，大家好。不好意思，不知道您能不能聽我說話。是的，我有個問題。好的，太好了，早安。很高興收到你們的消息。我可能想問 Oliver 一個關於醫療保健生命科學業務的問題，終於看到了一些力量、成像和一些監測方面的東西。過去一兩年，這個領域一直存在大量庫存積壓。限制了你們在那裡的成長機會，我只是想知道，這個領域的強勁成長有多少是源自於我們終於緩解了庫存積壓，還是源自於新專案的啟動推動了營收成長。

Mm.

毫米。

Yeah, Melissa, good morning. I'll say it's a bit of both, so we are certainly as we as we. Gave directional guidance here for fiscal '2026 of robust growth that does include strength of new program ramps, but in general I think the inventory overhang has worked itself through the system, so we also noted that, some modest market growth is expected and that was intended to be indicative of the fact that that.

是的，梅麗莎，早安。我覺得兩者兼而有之，所以我們當然還是我們自己。這裡給出了 2026 財年強勁增長的方向性指導，其中包括新項目啟動的強勁勢頭，但總的來說，我認為庫存過剩問題已經自行解決，因此我們也指出，預計市場將出現一些溫和的增長，這旨在表明這一事實。

Inventory. Okay, great. Another one for you, Oliver. So in industrial, it's pretty clear that semicap is pretty strong. You did also highlight broadband communications which had been a driver over this past fiscal year. I know that business tends to be kind of lumpy, driven around, geographic upgrade cycles. Just wondering what you're seeing going forward in that business.

存貨。好的，太好了。奧利佛，再給你一個。因此，在工業領域，很明顯半導體產業實力強勁。您還重點提到了寬頻通信，這在過去一個財政年度一直是推動成長的因素。我知道商業往往呈現出一種波動不定、受地域性升級週期影響的局面。想知道您對該業務未來的發展有何看法。

Yeah, I think we previously used the term nonlinear. I think lumpy is a good term as well. We see the industry still working through, and I'd say, testing solutions and figure out what they're going to, where they're going to go with that. We did highlight that part of our Q4 be was from some strength in that specific subsector as we got some orders for legacy product from our customers. Yeah, and just looking at F 26, I mean, difficult to call exactly when is that going to become more linear. I generally lump that into the broader or the recognition that broader industrial was muted for years.

是的，我想我們之前用過「非線性」這個詞。我覺得「凹凸不平」這個詞也挺貼切的。我們看到該行業仍在摸索，我認為他們仍在測試解決方案，並弄清楚他們要做什麼，以及他們將如何發展。我們確實強調，第四季度業績的部分成長來自於該特定子行業的強勁表現，因為我們從客戶那裡獲得了一些傳統產品的訂單。是的，就拿 F 26 來說，很難準確預測它何時會變得更線性。我通常把這歸結為更廣泛的認知，即更廣泛的工業領域多年來一直處於低迷狀態。

Okay, great. Thank you. Having covered that space for a while, I would say it's probably never going to be linear, but thank you very much, guys. That's it for me. Yeah.

好的，太好了。謝謝。我已經在這個領域探索了一段時間，我想說它可能永遠不會是線性的，但我非常感謝大家。就這些了。是的。

(Operator Instructions) Ruben Roy, Stifel Financial Corp. - Analyst

（操作說明）魯本·羅伊，斯蒂費爾金融公司 - 分析師

Hey guys, thanks for letting me ask a question. Todd, I want to ask a maybe a bigger picture question on sort of customer conversations. There was a lot of, kind of, volatility earlier this year with tariffs and otherwise inventories moving around some customers maybe not ramping, as quickly as we thought they might, and I'm wondering if you kind of get towards the end of the year here calendar year, you know how the customer conversations are going in terms of. I know tariffs is maybe not, discussed as much, but how are you feeling about sort of visibility that you're getting from your customers that you think as you think about, I guess calendar 26, fiscal 2026, however you want to, sort of talk about that, topic. Thank you.

大家好，感謝你們讓我提問。托德，我想問一個可能更宏觀的問題，關於與客戶的溝通。今年早些時候，由於關稅和其他因素，庫存出現了很大的波動，一些客戶的產能提升速度可能不如我們預期的那麼快，我想知道，到了年底，我們與客戶的溝通情況會如何。我知道關稅問題可能沒有得到足夠的討論，但是，您如何看待您從客戶那裡獲得的關於2026財年（或2026年日曆年，無論您怎麼稱呼它）的可見性，以及您如何看待這個話題？謝謝。

Yeah, well, I think in general visibility seems okay right now. Markets have kind of stabilized and are trending up a bit. The programs that we have underway that are ramping are generally progressing well, so we feel good about that.

嗯，我覺得目前整體能見度還不錯。市場已經趨於穩定，並且略有上升趨勢。我們正在進行的各項計劃整體進展順利，對此我們感到很滿意。

And a lot of focus on making sure that they they continue in that direction. When we think about, I mean, you mentioned tariffs and tariffs, the situation's fairly similar internally than what we as to what we've talked about, not really any movement of existing products just given the uncertainty of the end state as well as the cost to That's associated with moving and moving the supply chain, but a lot of thought about where to source next generation programs and and next programs and a lot of efforts from our trade compliance team just around mitigating challenges that that come up on a regular basis, USMCA being one, but there's certainly others around various components and what have you that need to be worked through.

而且，他們非常注重確保他們繼續朝著這個方向前進。當我們思考這個問題時，我的意思是，你提到了關稅，實際上，我們內部的情況與我們之前討論的非常相似，現有產品並沒有真正發生任何變動，只是因為最終結果的不確定性以及與供應鏈轉移相關的成本。但我們一直在認真思考下一代專案和後續專案的採購來源，我們的貿易合規團隊也投入了大量精力來應對經常出現的挑戰，例如美墨加協定（USMCA），當然還有其他一些涉及各種組成部分的問題需要解決。

That's helpful. Thanks, Todd. And then I'm going to follow-up on the energy discussion because there's been a lot of discussion even last week at a trade event conference on, sort of. Well, kind of going forward, power generation into data centres and around data centres, etc. Is that something that you would characterize as, I think you just, kind of mentioned how you're going and sourcing, new programs, etc. Is that something that you put more focus or emphasis into just given, how much activity there is around power and data center and obviously AI?

那很有幫助。謝謝你，托德。然後，我打算繼續討論能源議題，因為就在上週的貿易活動會議上，也有很多關於能源議題的討論。嗯，展望未來，資料中心及週邊地區的電力供應等等。您剛才好像提到了你們的發展方向、採購方式、新項目等等，您覺得這會是你們更重視或重視的領域嗎？考慮到電力、資料中心以及人工智慧領域目前非常活躍？

Yeah, we're definitely putting more focus around there, Ruben, and I mean we talked about an award we got from a pretty substantial player within that space. We've got some other customers in that space as well, so we're positioned well we believe, to capitalize on that demand.

是的，魯本，我們肯定會更加關注那方面，我的意思是，我們談到了我們從該領域相當有影響力的人物那裡獲得的獎項。我們在這個領域還有其他一些客戶，所以我們相信我們處於有利地位，能夠充分利用這一需求。

Perfect. And then last.

完美的。最後。

Question for Pat. Pat, you mentioned that as the year progresses just for 26, you, potentially have the ability to meet or exceed the operating margin target, and I'm wondering if you could maybe just walk through some puts and takes. Is that, based on getting towards that 9% to 12% revenue goal, or are there other, factors that might, impact the operating margin?

給帕特的問題。Pat，你提到隨著今年的推進，僅26年，你就有可能達到或超過營業利潤率目標，我想知道你是否可以簡單講解一下買賣策略。這是基於實現 9% 至 12% 的營收目標，還是還有其他因素可能會影響營業利潤率？

Thank you.

謝謝。

Yeah, sure, definitely revenue growth will benefit us from a fixed cost leverage perspective, although I would point out we do expect higher incentive compensation this year given that a key component of that program is based on revenue growth. So we do have to overcome that headwind which we expect to do.

是的，當然，從固定成本槓桿的角度來看，收入成長肯定會對我們有利，不過我想指出的是，鑑於該計劃的一個關鍵組成部分是基於收入增長的，我們預計今年的激勵性薪酬會更高。所以我們必須克服這個不利因素，我們也相信自己能夠做到。

But Todd had mentioned. How quickly we're ramping the Malaysia facility. The other one I'm really pleased about is Thailand. Oliver had mentioned new programs going into Thailand, and year over year, we expect a nice margin improvement.

但托德曾提過。我們在馬來西亞工廠的產能提升速度非常快。另一個讓我很高興的國家是泰國。奧利佛曾提到一些進軍泰國的新項目，我們預計每年利潤率都會有不錯的提升。

Within that facility that will benefit us overall and then I talked about some of the productivity and automation efforts that we're investing in. We've seen some of that take hold in fiscal '25 with the 40 basis point improvement in operating margin from 24 to 25. We expect that to continue in 26. So yeah, as as Todd pointed out, we're looking at pretty similar margins for Q2 and then that ability to. Improve as the year goes on with automation, continuous improvement efforts. Great, thanks guys.

在該設施內，這將使我們整體受益，然後我談到了我們正在投資的一些提高生產力和自動化水平的舉措。我們已經看到其中一些成果在 2025 財年得以實現，營業利潤率從 24% 提高到 25%，提高了 40 個基點。我們預計這種情況將在26年繼續。所以，正如 Todd 指出的那樣，我們預計第二季的利潤率將非常相似，並且具有這樣的能力。隨著自動化和持續改善工作的開展，情況會逐年改善。太好了，謝謝各位。

(Operator Instructions) Anja Soderstrom Sidoti & Company LLC - Equity Analyst

（操作說明）Anja Soderstrom Sidoti & Company LLC - 股票分析師

Hi and thank you for taking my questions. Covered a lot of the ground here already, but I'm curious, with a quick ramp of Malaysia, are you going to, reach full capacity there pretty quickly then, and how should we think about further expansions in CapEx?

您好，感謝您回答我的問題。這裡已經討論了很多內容，但我很好奇，如果馬來西亞的產能迅速提升，你們是否很快就能達到滿載運轉？我們該如何考慮進一步的資本支出擴張？

No, we won't reach full capacity. In fact, there's enormous amount of expansion capacity within that facility, but it's just the efficiency with which our sites run it in Malaysia. So, they'll be at a fraction of their full capacity but still be at corporate margins just because of the way that the facilities are run there.

不，我們不會達到滿載運轉。事實上，該設施擁有巨大的擴建能力，但問題在於我們在馬來西亞的工廠運作效率很高。因此，儘管它們的產能利用率只有滿載的一小部分，但由於這些設施的運作方式，它們仍然能夠達到公司規定的利潤率。

Excuse me, Sean, one of the things we're doing with our automation and efficiency efforts is really looking to create more revenue capacity within our existing sites. And so whether it's warehouse automation, whether it's machines within our facilities utilizing them more efficiently, driving down you know cap X long-term by being more efficient within the sites we have to drive more revenue out of each as well as more profitability.

不好意思，肖恩，我們正在透過自動化和提高效率來努力，其中一項工作就是希望在我們現有的網站內創造更多的收入能力。因此，無論是倉庫自動化，還是提高我們設施內機器的利用效率，從而長期降低資本成本，透過提高各個站點的效率，我們必須從每個站點獲得更高的收入和利潤。

And just to add just a hair moron to that as well too, I think given our current footprint and the efforts that are underway, we feel pretty comfortable that we're set for a bit, barring any major changes in the geopolitical landscape that would make 11 locations significantly more desirable than it is today. But right now, we have good capacity in each of our locations.

另外，我還要補充一點，鑑於我們目前的規模和正在進行的努力，我們感覺暫時應該沒問題，除非地緣政治格局發生重大變化，使得這 11 個地點比現在更有吸引力。但目前，我們各個地點的產能都很充足。

Okay, thank you. And also, you mentioned that the target for this year in revenue doesn't count for a return of the commercial aerospace. What are you seeing there?

好的，謝謝。另外，您也提到，今年的收入目標不包括商業航空航太業的回報。你在那裡看到了什麼？

Yeah, you want to jump in, Oliver? Why don't you take.

是啊，奧利佛，你想加入嗎？為什麼不拿呢？

It? Yeah, so we are, as we noted earlier, we're expecting some commercial aerospace tailwind here as we look at the broader fiscal year or the FY '26, I should say, but that's not contemplating any. Boeing or Airbus demand changed, so to speak, so the recent news just last week, regulatory bodies allowing them to increase their demand, increase their production rates, I should say that has not trickled through to a demand signal change for us yet.

它？是的，正如我們之前提到的，我們預計在更廣泛的財政年度（或應該說是 2026 財年）內，商業航空航太領域會有一些利好因素，但這並不意味著會有任何利多因素。波音或空中巴士的需求可以說發生了變化，所以就在上週，監管機構允許他們增加需求、提高產量的消息，應該說，這還沒有轉化為我們這邊的需求變化訊號。

Okay, and you don't have any sort of indication on when you would expect that to happen or it seems like you're not expecting it to happen this year.

好的，你沒有給出任何關於預計何時發生此事的跡象，或者看起來你並不打算在今年發生此事。

It could happen this year. I mean, it needs to happen at some point as Boeing and Airbus run through the inventory that they have at their facilities and through the gliders and other situations. So it just remains to be seen. There just isn't visibility to us as to when that's going to happen.

今年就可能發生。我的意思是，隨著波音和空中巴士逐步清點其工廠的庫存、滑翔機和其他相關情況，這種情況遲早會發生。所以，最終結果還有待觀察。我們目前無法預知這件事何時會發生。

Yeah, I mean, the announcement was made, last Friday. If we see a change in a demand signal, we can pick that up typically within 90 days, and so, if it flows through to the customers we support, that will begin to potentially help us out and you know sometime in calendar 2026.

是的，我的意思是，公告是在上週五發布的。如果我們發現需求訊號發生變化，通常可以在 90 天內發現，因此，如果這種變化傳遞到我們支援的客戶，那麼在 2026 年的某個時候，這可能會開始對我們有所幫助。

Okay, great. Thank you.

好的，太好了。謝謝。

That will start for me.

這對我來說就是個開始。

(Operator Instructions) Steven Fox, Fox Advisors - Analyst

（操作說明）史蒂文·福克斯，福克斯顧問公司 - 分析師

Hi, good morning. Sorry about that. A couple of clarifications if I could first, on the comment that you could accelerate towards like 9% to 12% revenue growth, is that an indication that maybe exiting the year, second half of the year you can get there and like what are the biggest sort of wildcards to sort of getting to that pace of growth, over time.

您好，早安。抱歉。首先，關於您提到的營收成長可能會加速到 9% 到 12% 的說法，我想先澄清幾點。這是否意味著到今年年底，也就是下半年，您就能達到這個目標？隨著時間的推移，實現這種成長速度的最大不確定因素是什麼？

Yeah, I don't think it's necessarily, we're not thinking of a hockey stick kind of revenue ramp to the year. It's more of a call it a linear ramp is the way that we're looking at it right now, I think the things to getting in the 9% to 12% is continued steadiness to modest improvement in the market and then just continued focus on product or on new program ramps that are underway.

是的，我不認為一定會如此，我們並沒有設想今年的收入會像曲棍球棒一樣爆炸性成長。我們現在更傾向於稱之為線性成長，我認為要達到 9% 到 12% 的成長率，關鍵在於市場持續穩定並略有改善，然後繼續專注於產品或正在進行的新項目。

Okay, that's helpful. And then secondly, just another clarification in terms of the investments because you mentioned it several times, are we, should we consider the level of investments to be mainly focused around Penang or if it's not just Penang, can you sort of call out what the next sort of biggest items are and how this sort of the investments relate. So like, the fiscal year just complete. I'm trying to understand like if there's an unusual drag on margins for the investment level.

好的，這很有幫助。其次，關於投資方面，您多次提到，我想再澄清一下，我們是否應該認為投資主要集中在檳城，或者不僅僅是檳城？您能否指出下一個最大的投資項目是什麼，以及這些投資是如何關聯的？財政年度剛結束。我想了解一下，投資層面的利潤率是否有異常下滑。

Yeah, and I'll thanks Stephen. This is Oliver. I'll start by saying Pat noted that our CapEx guide for the year is 90 million to 110 million, so that encompasses all of that, and that's fairly consistent the prior year. And so what we're looking at is less about bricks and mortar and more about specific investments to help either improve operational efficiency or enable further revenue growth. So some examples would be one, we're investing in IT infrastructure to support CMMC compliance, which enables further defense opportunity.

是的，我會謝謝你，史蒂芬。這是奧利佛。首先我想說的是，帕特指出我們今年的資本支出指導價為 9,000 萬至 1.1 億美元，這涵蓋了所有這些項目，而且與前一年基本一致。因此，我們現在關注的重點與其說是磚瓦建築，不如說是具體的投資，以幫助提高營運效率或促進收入進一步成長。例如，我們正在投資 IT 基礎設施以支援 CMMC 合規性，這將帶來更多國防機會。

We continue to invest in a number of different tools and technology. We previously talked about automating our warehouse and based on our initial pilot that we did in fiscal 24, we saw a 300% increase in pick rate, a 60% reduction in space, and similar. In labour and so we roll that out for two additional sites in fiscal '2025. We're looking at doing another 4ish sites in fiscal '2026 and by the end of the fiscal '2026 we'll probably have captured about half of our opportunity across our sites there.

我們持續投資於多種不同的工具和技術。我們之前討論過倉庫自動化，根據我們在 2024 財年進行的初步試點，我們看到揀貨率提高了 300%，空間減少了 60%，等等。在勞動力方面，我們將在 2025 財年為另外兩個地點推出該方案。我們計劃在 2026 財年再建 4 個左右的站點，到 2026 財年末，我們可能會在這些站點上抓住大約一半的機會。

Based on where that would be applicable, other tools that we have, Sean mentioned earlier, there's tools that we're using to to essentially optimize machine performance. So if you think about a surface mount technology line, we've decommissioned and turned off a number of lines, so that creates improved operating costs for us and then we less CapEx as we continue to grow and utilize those in the future. We're deploying.

根據其適用範圍，我們還有其他工具，正如肖恩之前提到的，我們正在使用一些工具來優化機器性能。因此，如果您考慮表面貼裝技術生產線，我們已經停用和關閉了多條生產線，這為我們降低了營運成本，並且隨著我們未來繼續發展和利用這些技術，我們的資本支出也會減少。我們正在部署。

Material robots across the organization that has quite a fast ROI and we're looking at having that deployed at all of our sites by spring of 2026. So that's the kind of stuff that we're investing in tools, advanced capabilities to drive operational efficiency.

在整個組織內部署物料機器人，投資回報率相當快，我們計劃在 2026 年春季之前在所有站點部署機器人。所以，這就是我們投資於工具和先進功能來提高營運效率的領域。

And the one thing I'd add to, Steve, is that it's not a long-term drag that we're anticipating on margins. We have a near term drag mostly driven by Bridgeview, the new site that we have in Penang, Malaysia, but that will quickly be overcome. And in the meantime, in the background, we continue to invest in these other technologies, but we believe we'll we'll overcome them very quickly and then they'll they'll start to provide additional productivity improvements as we move forward.

史蒂夫，我還要補充一點，我們預期這不會對利潤率造成長期拖累。短期內，我們主要受到位於馬來西亞檳城的新地點 Bridgeview 的影響，但這種情況很快就會得到改善。同時，我們也在幕後繼續投資這些其他技術，我們相信我們很快就會克服它們，然後隨著我們不斷前進，它們將開始帶來額外的生產力提升。

Great, that's all very helpful. Thank you.

太好了，這些都很有幫助。謝謝。

(Operator Instructions) Steve Barger, KeyBanc Capital Markets.

（操作員說明）史蒂夫·巴格爾，KeyBanc Capital Markets。

Hey, good morning, guys. It Just a longer-term question. You drove about 40 basis points of annual margin expansion over the past three years to the 5.9% in FY '25, and that's on revenue that really didn't grow much since 2022 or FY22. Looking forward, I know this is an investment year, but after this, do you expect you can get back onto a margin expansion plan similar to that, or, how are you kind of thinking about long-term ability to drive operating margin expansion, given the current investments you're making and the and the mix you see going forward?

嘿，大家早安。這只是一個長期問題。過去三年，你們推動了年利潤率成長約 40 個基點，在 2025 財年達到 5.9%，而自 2022 年或 2022 財年以來，營收並沒有真正成長多少。展望未來，我知道今年是投資年，但之後，您是否預計能夠恢復類似先前的利潤率擴張計劃？或者，考慮到您目前的投資以及您未來看到的組合，您是如何考慮長期推動營業利潤率擴張的能力的？

Yeah, Steve, this is Pat. As a few years ago we re-evaluated our operating margin target and set it at 6% or above, and you're right, the last several quarters we've been able to hit that 6%. What I'd like to see is kind of getting through fiscal '26 and our performance and our ability to hit that 6%, but I could see us sitting here a year from now, re-evaluating that margin target. And what gives me some confidence in that is something I said earlier about this year we do have to overcome. The incentive compensation headwind. Once we do that, I think we have that ability to see better fixed cost leverage with revenue growth.

是的，史蒂夫，這是帕特。幾年前，我們重新評估了營業利潤率目標，並將其設定為 6% 或更高，你說得對，在過去的幾個季度裡，我們都達到了 6% 的目標。我希望看到的是，我們能夠順利度過 2026 財年，並且取得良好的業績，實現 6% 的利潤率目標。但我可以預見，一年後，我們可能會重新評估這個利潤率目標。讓我對此感到有信心的是我之前說過的關於今年我們必須克服的一些困難。激勵性薪酬面臨阻力。一旦我們做到這一點，我認為我們就能夠更好地利用收入成長來降低固定成本。

And as Oliver pointed out, a lot of the automation efforts that we're investing in now, I think will drive productivity improvements for us in the future. Again, and one last thing Sean mentioned was just improving capacity within our existing sites to cut down on. Footprint expansions as quickly as we would normally have had to put up new sites. So I think all of that combined could have us sitting here next year looking at what what's our next target to go after.

正如奧利佛所指出的那樣，我們現在投資的許多自動化工作，我認為將在未來推動我們提高生產力。最後，肖恩也提到了一點，那就是提高我們現有站點的產能，以減少…業務規模擴張的速度，相當於我們正常情況下需要新建站點的速度。所以我認為，所有這些因素加在一起，可能會讓我們明年坐在這裡，思考我們下一個要追求的目標是什麼。

Understood. Yeah, and I guess kind of a related question. I I know engineering and sustaining services are a small part of the mix, but they are good for margin. Are the winds there causing you to think differently about your pricing strategy broadly?

明白了。是的，我想這算是一個相關的問題。我知道工程和維護服務在整體業務組成中所佔比例很小，但它們對利潤率很有幫助。那裡的風向是否讓你對整體定價策略有了不同的思考？

I wouldn't say they're causing us to think broadly different about our pricing strategy, but we certainly feel optimistic about our ability to be able to grow those businesses, which, we engineering is already well above corporate target margins and sustaining we believe has the potential to get there as it scales.

我不會說它們導致我們對定價策略有了截然不同的看法，但我們對發展這些業務的能力確實感到樂觀，我們認為工程業務的利潤率已經遠遠高於公司目標利潤率，並且隨著規模的擴大，我們相信它有潛力達到目標利潤率。

Got it. Thanks.

知道了。謝謝。

Sure.

當然。

(Operator Instructions) James Ricchiuti Needham & Company LLC - Analyst

（操作說明）James Ricchiuti Needham & Company LLC - 分析師

Sorry, I thought I was on muted. Just on the program ramp timing issue for Q4, was that mainly in the in the defense area that you alluded to.

抱歉，我以為我已靜音。關於第四季專案進度安排問題，主要是指您提到的國防領域嗎？

Yeah, sorry, I thought there's maybe something else coming on your question there.

是的，抱歉，我以為你的問題後面可能還有其他內容。

Yeah, so 4, timing, yeah, minor delays in defense is what is the big contributor to the quarter's result.

是的，所以第四點，時機，是的，防守方面的一些小延誤是導致本季業績不佳的主要原因。

And that is behind you looking into 1, Q2, and then maybe just a follow-up. The A&D wins that you talked about again is that mainly coming from defense and to what extent is unmanned going to be a bigger driver for you just given all the activity we're hearing in that market?

而這已經是過去式了，接下來你需要考慮第一季、第二季度，以及可能還有一些後續問題。您再次提到的A&D項目主要來自國防領域，鑑於我們聽到的該市場的所有動態，無人化在多大程度上會成為您更大的驅動力？

Thank you.

謝謝。

Yeah, so that is behind us. We are, as I noted previously guiding Q1 up mid-single for aerospace and defense for the sector as a whole. I want to make sure I catch all your components for your question that you talked about unmanned aircraft, yeah, so we do see that as being a bigger factor going forward.

是的，那件事已經過去了。正如我之前提到的，我們預計第一季航空航太和國防產業整體將實現中季成長。我想確保我理解你問題中的所有組成部分，你提到了無人機，是的，所以我們確實認為這將是未來一個更重要的因素。

That market, like, as we've been watching it has evolved. We saw a good fit. We see a strong opportunity for us to be a value add player there. And so that's what warranted the explicit focus in the commentary today around that specific subsector. I also talked about the fact that we had additional follow-on wind there, so that just further corroborates our ability to grow that subsector as we go forward here in F26. Did I catch all the components of your question?

正如我們一直在觀察的那樣，那個市場已經發生了變化。我們認為他們很合適。我們看到了一個絕佳的機會，可以成為那裡的增值參與者。因此，今天評論中特別關注這一特定子行業的原因就在於此。我還談到，我們那裡還有後續的風能，這進一步證實了我們在F26期間發展該子行業的能力。我是否理解了您問題的所有組成部分？

You.

你。

You want.

你想要。

Thank you, Jim and Sean, just one. I mean, we do expect, a really strong growth here in defense in fiscal 2026. We've picked up new wins, expanded engagements over the past. A couple quarters as well as a couple of years.

謝謝吉姆和肖恩，就一個。我的意思是，我們預計2026財年國防領域將會強勁成長。過去一段時間，我們取得了新的勝利，擴大了合作範圍。幾個季度，還有幾年時間。

Todd and Oliver mentioned investments, we're doing some particularly technology and cybersecurity investments to make us an even more relevant player in that market as we see, future growth opportunities expanding our competitive mode, and then, we are investing in. In looking to gain additional businesses, we expect to see, over time additional military spending in both the US and Europe. So really strong outlook for defense, really strongly positioned there to capture new business with market share. Thank you guys.

Todd 和 Oliver 提到了投資，我們正在進行一些特別的技術和網路安全投資，以使我們在市場上成為更重要的參與者，因為我們看到了未來的成長機會，擴大了我們的競爭模式，然後，我們正在投資。為了拓展業務，我們預計隨著時間的推移，美國和歐洲的軍事開支將會增加。因此，國防領域的前景非常強勁，我們在該領域佔據了非常有利的地位，能夠透過市場份額來贏得新業務。謝謝大家。

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

目前沒有其他問題了。現在我將把電話轉回給托德·凱爾西，請他作總結發言。

All right, thank you, John. I'd like to thank shareholders, investors, analysts, and all of our lexus team members who joined the call this morning.

好的，謝謝你，約翰。我要感謝今天早上參加電話會議的股東、投資者、分析師以及我們所有雷克薩斯團隊成員。

In summary, I'd like to reiterate that we're pleased with our strong finish to fiscal 2025 with three quarters of sequential revenue growth, strong winds across all of our services, a 40 basis point expansion to our non-GAAP operating margin. 30% non-GAAP EPS growth and greater than $150 million of free cash flow generation. We believe we are well positioned to carry this momentum into fiscal 2026 and anticipate accelerating revenue growth and strong financial performance. Thank you again and have a nice day.

總而言之，我想重申，我們對2025財年強勁的收官表現感到滿意，實現了連續三個季度的收入增長，所有服務業務均表現強勁，非GAAP營業利潤率提升了40個基點，非GAAP每股收益增長了30%，自由現金流超過1.5億美元。我們相信，我們已做好充分準備，將這一勢頭延續到 2026 財年，並預計營收成長將加速，財務業績將表現強勁。再次感謝，祝您愉快。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。