Sanmina Corp (SANM) 2025 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Sanmina's third-quarter fiscal 2025 earnings conference call. (Operator Instructions) This call is being recorded on Monday, July 28, 2025.

女士們、先生們，下午好，歡迎參加 Sanmina 2025 財年第三季財報電話會議。（操作員指示）此通話於 2025 年 7 月 28 日星期一錄製。

I would now like to turn the conference over to Paige Melching, Senior Vice President of Investor Communications. Please go ahead.

現在，我想將會議交給投資者通訊高級副總裁 Paige Melching。請繼續。

Thank you, Chloe. Good afternoon, ladies and gentlemen, and welcome to Sanmina's third-quarter fiscal year 2025 earnings call. A copy of our press release and slides for today's discussion are available on our website at sanmina.com in the Investor Relations section. Joining me on today's call is Jure Sola, Chairman and Chief Executive Officer.

謝謝你，克洛伊。女士們、先生們，下午好，歡迎參加 Sanmina 2025 財年第三季財報電話會議。您可在我們的網站 sanmina.com 的「投資者關係」部分找到我們今天討論的新聞稿和幻燈片的副本。參加今天電話會議的還有董事長兼執行長 Jure Sola。

Good afternoon.

午安.

And Jon Faust, Executive Vice President and Chief Financial Officer.

以及執行副總裁兼財務長喬恩‧福斯特 (Jon Faust)。

Good afternoon.

午安.

Before I turn the call over to Jure, let me remind everyone that today's call is being webcasted and recorded and will be available on our website. You can follow along with our prepared remarks in the slides provided on our website.

在我將電話轉給 Jure 之前，請允許我提醒大家，今天的電話會議正在進行網路直播和錄音，並將在我們的網站上提供。您可以透過我們網站上提供的幻燈片來關注我們準備好的評論。

Please turn to slide 3 of our presentation and take note of our safe harbor statement. During this conference call, we may make projections or other forward-looking statements regarding future events or the future financial performance of the company.

請翻到我們簡報的第 3 張投影片並注意我們的安全港聲明。在本次電話會議中，我們可能會對未來事件或本公司未來財務表現做出預測或其他前瞻性陳述。

We caution you that such statements are just projections. The company's actual results could differ materially from those projected in these statements as a result of factors set forth in the safe harbor statement.

我們提醒您，這些聲明只是預測。由於安全港聲明中列出的因素，該公司的實際結果可能與這些聲明中預測的結果有重大差異。

The company is under no obligation to and expressly disclaims any such obligation to update or alter any of the forward-looking statements made in this earnings release, the earnings presentation, the conference call or the Investor Relations section of our website whether as a result of new information, future events or otherwise, unless otherwise required by law.

本公司沒有義務且明確否認有任何義務更新或更改本收益報告、收益介紹、電話會議或我們網站的投資者關係部分中的任何前瞻性陳述，無論是由於新資訊、未來事件或其他原因，除非法律另有規定。

Included in our press release and slides issued today, we have provided you with statements of operations for the third quarter ended June 28, 2025, on a GAAP basis as well as certain non-GAAP financial information. A reconciliation between the GAAP and non-GAAP financial information is also provided in the press release and slides posted on our website.

在我們今天發布的新聞稿和幻燈片中，我們向您提供了截至 2025 年 6 月 28 日第三季的 GAAP 營運報表以及某些非 GAAP 財務資訊。我們網站上發布的新聞稿和幻燈片還提供了 GAAP 和非 GAAP 財務資訊之間的對帳。

In general, our non-GAAP information excludes restructuring costs, acquisition and integration costs, noncash stock-based compensation expense, amortization expense and other unusual or infrequent items. Any comments we make on this call as it relates to the income statement measures will be directed at our non-GAAP financial results.

一般而言，我們的非公認會計準則資訊不包括重組成本、收購和整合成本、非現金股票薪酬費用、攤銷費用和其他不尋常或不頻繁的項目。我們在本次電話會議上發表的任何與損益表指標相關的評論都將針對我們的非公認會計準則財務結果。

Accordingly, unless otherwise stated in this conference call, when we refer to gross profit, gross margin, operating income, operating margin, taxes, net income and earnings per share, we are referring to our non-GAAP information.

因此，除非本次電話會議另有說明，當我們提到毛利、毛利率、營業收入、營業利潤率、稅金、淨收入和每股盈餘時，我們指的是非公認會計準則資訊。

I'd now like to turn the call over to Jure.

現在我想將電話轉給 Jure。

Thanks, Paige. Good afternoon, ladies and gentlemen. Welcome, and thank you all for being here with us today. First, I would like to take this opportunity to recognize Sanmina leadership team, our employees for doing a great job. So to you, Sanmina's team, thank you for your dedication, hard work and most important, delivering excellent service to our customers.

謝謝，佩奇。女士們、先生們，午安。歡迎大家，感謝大家今天的到來。首先，我想藉此機會表彰 Sanmina 領導團隊和我們的員工所做的出色工作。所以，Sanmina 團隊，感謝你們的奉獻、辛勤工作，最重要的是，為我們的客戶提供優質的服務。

For the third quarter fiscal year 2025, you delivered solid revenue of $2.04 billion and non-GAAP EPS of $1.53 per share. Again, to Sanmina employees, thank you. Let's keep it up. This is a hard work, and I know that.

2025 財年第三季度，您實現了 20.4 億美元的穩健收入，非 GAAP 每股收益為 1.53 美元。再次向 Sanmina 員工表示感謝。讓我們繼續努力。我知道這是一項艱苦的工作。

Now let's go to our agenda for today's call. We have Jon, our CFO, to review details of the results for you. I will follow up with additional comments about Sanmina's results and future goals. Then Jon and I will open for question and answers. And now I'd like to turn this call over to Jon.

現在讓我們開始討論今天電話會議的議程。我們的財務長喬恩 (Jon) 將為您審查結果的詳細資訊。我將繼續對 Sanmina 的成果和未來目標發表更多評論。然後喬恩和我將開始問答環節。現在我想把這通電話轉給喬恩。

Jon?

喬恩？

Great. Thank you, Jure, and good afternoon, ladies and gentlemen. We appreciate your participation in today's earnings call.

偉大的。謝謝您，Jure。女士們、先生們，午安。感謝您參加今天的收益電話會議。

Before I discuss our third quarter performance, I would like to thank the entire Sanmina team for their dedication, diligent execution and support. In a highly dynamic environment, the team has demonstrated exceptional agility in meeting our customers' evolving needs. Jure and I, along with the entire Sanmina management team, commend these efforts, which have resulted in a solid third quarter and year-to-date fiscal 2025 performance.

在討論我們第三季的業績之前，我想感謝整個 Sanmina 團隊的奉獻、勤奮執行和支持。在高度動態的環境中，團隊展現了卓越的靈活性，能夠滿足客戶不斷變化的需求。Jure 和我以及整個 Sanmina 管理團隊都對這些努力表示讚賞，這些努力帶來了 2025 財年第三季和年初至今的穩健業績。

Now please turn to slide 5, where I'll speak to the financial highlights. We're very pleased to report that our fiscal third quarter results either met or exceeded are previously communicated outlook. More specifically, our revenue of $2.04 billion, non-GAAP gross margin of 9.1% and our non-GAAP diluted earnings per share of $1.53, all exceeded our outlook.

現在請翻到投影片 5，我將在這裡介紹財務亮點。我們非常高興地報告，我們的第三財季業績達到或超過了先前公佈的預期。更具體地說，我們的營收為 20.4 億美元，非公認會計準則毛利率為 9.1%，非公認會計準則每股攤薄收益為 1.53 美元，均超出了我們的預期。

Furthermore, our non-GAAP operating margin of 5.7% was at the high end of our outlook. These strong results, along with our Q1 and Q2 performance, have established a solid foundation for the fiscal year and have positioned us well to achieve our long-term financial goals of driving growth and expanding margins.

此外，我們的非公認會計準則營業利潤率為 5.7%，處於我們預期的高點。這些強勁的業績，加上我們第一季和第二季的表現，為本財年奠定了堅實的基礎，並使我們有能力實現推動成長和擴大利潤率的長期財務目標。

Now please turn to slide 6, where I'll speak to our P&L performance for the third quarter. As previously noted, we generated revenue of $2.04 billion which represents an increase of 10.9% year over year. This growth was primarily driven by broad-based demand across all of our end markets with particular strength in the communications networks and cloud infrastructure end markets, which Jure will speak to in more detail in his prepared remarks.

現在請翻到投影片 6，我將在此介紹我們第三季的損益表現。如前所述，我們的營收為 20.4 億美元，年增 10.9%。這一增長主要得益於我們所有終端市場的廣泛需求，尤其是通訊網路和雲端基礎設施終端市場，Jure 將在其準備好的演講中更詳細地談論這些市場。

Non-GAAP gross profit was $186 million, representing 9.1% of revenue and a 60 basis point improvement versus the same period last year. This expansion in our gross margin was a result of favorable product mix and ongoing operational efficiencies.

非公認會計準則毛利潤為 1.86 億美元，佔營收的 9.1%，比去年同期增加 60 個基點。我們的毛利率擴大是有利的產品組合和持續的營運效率的結果。

Non-GAAP operating expenses totaled $70.3 million slightly above our outlook, reflecting our continued strategic investments aimed at driving future growth. Non-GAAP operating income was $115.7 million or 5.7% of revenue, representing a 40 basis point improvement versus the same period last year.

非公認會計準則營運費用總計 7,030 萬美元，略高於我們的預期，反映了我們為推動未來成長而持續進行的策略性投資。非公認會計準則營業收入為 1.157 億美元，佔營收的 5.7%，比去年同期提高了 40 個基點。

This improvement was driven by a combination of revenue growth, favorable mix and disciplined execution. It is important to note that our non-GAAP operating margin consistently remains within our previously communicated short-term target range of 5% to 6%. Non-GAAP other income and expense resulted in a net expense of $4.5 million, which was slightly favorable to our guidance, largely due to our strong cash flow generation.

這項改善是由收入成長、良好的產品組合和嚴格的執行共同推動的。值得注意的是，我們的非公認會計準則營業利潤率始終保持在我們先前公佈的 5% 至 6% 的短期目標範圍內。非公認會計準則其他收入和支出導致淨支出為 450 萬美元，這略高於我們的預期，這主要歸功於我們強勁的現金流產生。

Finally, non-GAAP diluted earnings per share was $1.53 based on approximately 54.5 million shares outstanding, representing a 22.8% increase versus the same period last year.

最後，基於約 5,450 萬股流通股，非 GAAP 稀釋每股收益為 1.53 美元，比去年同期成長 22.8%。

Now please turn to slide 7, where I'll speak to our P&L performance for the nine months of fiscal year 2025 as compared to the same period last year. Revenue for the nine months increased by 8.7% year over year. This growth was driven by a solid performance across all end markets with notable improvements in the communications networks and cloud infrastructure end markets.

現在請翻到第 7 張投影片，我將在此介紹我們 2025 財年九個月的損益表現與去年同期相比的情況。前九個月的營收年增8.7%。這一成長得益於所有終端市場的強勁表現，其中通訊網路和雲端基礎設施終端市場取得了顯著改善。

Non-GAAP diluted earnings per share for the nine months increased by 13.5% year over year. As communicated at the start of the year and in our earnings call since then, we anticipated fiscal 2025 to be a growth year for both revenue and profitability and our nine months results puts us on the right trajectory to achieve this objective.

前九個月非公認會計準則每股攤薄收益年增 13.5%。正如我們在年初以及此後的財報電話會議上所傳達的那樣，我們預計 2025 財年將成為收入和盈利能力雙雙增長的一年，而我們前九個月的業績使我們走上了實現這一目標的正確軌道。

Now please turn to slide 8, where I'll speak to our segment results. IMS revenue came in at $1.65 billion, up 11.6% year over year. This was driven by growth across all end markets, with particular strength in the communications networks and cloud infrastructure end markets.

現在請翻到投影片 8，我將在此介紹我們的分部績效。IMS 營收達到 16.5 億美元，年增 11.6%。這是由所有終端市場的成長所推動的，尤其是通訊網路和雲端基礎設施終端市場的成長。

IMS non-GAAP gross margin was 7.5% down 10 basis points versus the same period last year. CPS revenue came in at $422 million, up 8.8% year over year driven by increased demand across all end markets.

IMS 非 GAAP 毛利率為 7.5%，較去年同期下降 10 個基點。CPS 營收達到 4.22 億美元，年增 8.8%，這得益於所有終端市場需求的成長。

CPS non-GAAP gross margin was 14.7%, an impressive 320 basis point improvement year over year. This performance was driven by higher revenue, favorable mix and ongoing operational efficiencies. While we're pleased with the performance of both the IMS and CPS businesses this quarter, we recognize the ongoing opportunity for further improvement in both revenue growth and margin expansion, which will remain key focus areas going forward.

CPS 非 GAAP 毛利率為 14.7%，較去年同期大幅提高 320 個基點。這一業績得益於更高的收入、良好的產品組合和持續的營運效率。雖然我們對本季 IMS 和 CPS 業務的表現感到滿意，但我們認識到收入成長和利潤率擴大仍有進一步改善的機會，這仍將是未來的重點關注領域。

Now please turn to slide 9, where I'll speak to the balance sheet highlights. For many years, Sanmina has had one of the strongest balance sheets in the industry, and we continue to add to that strong foundation this quarter.

現在請翻到投影片 9，我將在這裡介紹資產負債表的重點。多年來，Sanmina 一直擁有業內最強勁的資產負債表之一，本季我們將繼續鞏固這一強勁基礎。

Cash and cash equivalents were $798 million. At quarter end, we had no outstanding borrowings on our $800 million revolver, leaving us with substantial liquidity of approximately $1.7 billion. We ended the quarter with inventory net of customer advances of $1.2 billion, representing a 12% decrease in absolute dollar terms versus the same period a year ago.

現金和現金等價物為7.98億美元。截至本季末，我們的 8 億美元循環信貸中已無未償還借款，因此我們擁有約 17 億美元的大量流動資金。本季末，扣除客戶預付款後的庫存淨額為 12 億美元，以絕對美元計算，與去年同期相比下降了 12%。

Inventory turns, net of customer advances improved to 6.3 times for the quarter as compared to 5.1 times in the same period a year ago. While we're pleased with these results, we still see room for further optimization. Our non-GAAP pretax ROIC for the quarter was 24.8%, well above our weighted average cost of capital and an improvement from 21.1% in the same period a year ago.

本季扣除客戶預付款後的庫存週轉率提高至 6.3 次，去年同期為 5.1 次。雖然我們對這些結果感到滿意，但我們仍然看到進一步優化的空間。本季我們的非公認會計準則稅前資本報酬率為 24.8%，遠高於我們的加權平均資本成本，且較去年同期的 21.1% 有所改善。

The company continues to be in a net cash position and our gross leverage ratio was 0.38 times. This robust financial profile enables us to effectively execute on our strategic initiatives while still navigating macroeconomic uncertainties.

公司繼續處於淨現金狀況，總槓桿率為0.38倍。強勁的財務狀況使我們能夠有效執行策略性舉措，同時應對宏觀經濟的不確定性。

Now please turn to slide 10, where I'll speak to the cash flow highlights. As a direct result of our team's disciplined working capital management, Cash flow from operations for the third quarter was a strong $201 million and $422 million for the nine months of the fiscal year.

現在請翻到第 10 張投影片，我將在這裡介紹現金流的亮點。由於我們團隊嚴格的營運資本管理，第三季的營運現金流達到強勁的 2.01 億美元，本財年九個月的營運現金流達到 4.22 億美元。

Capital expenditures for the quarter were $33 million, which was lower than our outlook driven by the timing of receipts and totaled $80 million for the nine months of the fiscal year. As previously communicated, we remain committed to making strategic investments in the capabilities and technologies necessary to strengthen our market position and support our long-term financial objectives.

本季的資本支出為 3,300 萬美元，由於收款時間的原因，低於我們的預期，本財年九個月的資本支出總計 8,000 萬美元。正如先前所傳達的，我們仍然致力於對必要的能力和技術進行策略性投資，以加強我們的市場地位並支持我們的長期財務目標。

To that end, we anticipate ongoing targeted investments in both capacity and technology across our operations in the US, India, and Mexico. Based on our spend for the first nine months and our fourth quarter projections, we now expect full year capital expenditures to be about 1.8% of revenue.

為此，我們預計將在美國、印度和墨西哥的業務中持續對產能和技術進行有針對性的投資。根據我們前九個月的支出和第四季的預測，我們現在預計全年資本支出約佔收入的 1.8%。

Free cash flow for the quarter was $168 million, bringing the nine months total to $341 million. During the quarter, we repurchased 0.2 million shares for approximately $13 million, and year-to-date, we have repurchased 1.4 million shares for $114 million.

本季自由現金流為 1.68 億美元，九個月總額達 3.41 億美元。本季度，我們以約 1,300 萬美元回購了 20 萬股，年初至今，我們已以 1.14 億美元回購了 140 萬股。

As of June 28, 2025, we have $239 million remaining under our authorized share repurchase program. Our strong cash flow performance has provided us with the financial flexibility to allow continued investments in the business while also returning capital to shareholders, all within a disciplined and balanced capital allocation framework.

截至 2025 年 6 月 28 日，我們授權的股票回購計畫剩餘金額為 2.39 億美元。我們強勁的現金流表現為我們提供了財務靈活性，使我們能夠在嚴格且均衡的資本配置框架內繼續投資業務，同時向股東返還資本。

Now please turn to slide 11, where I'll cover our outlook for the fourth quarter. Our guidance is based on current customer forecasts and incorporates market uncertainties stemming from tariffs and the geopolitical landscape.

現在請翻到第 11 張投影片，我將在此介紹我們對第四季的展望。我們的指導是基於當前客戶預測，並考慮了關稅和地緣政治格局帶來的市場不確定性。

Our fourth quarter outlook is as follows: we expect revenue between $2.0 billion to $2.1 billion. At the midpoint of $2.05 billion, that would put us up 6.8% on a full year basis, in line with our prior outlook. Non-GAAP gross margin is projected to be between 8.7% and 9.2%, subject to mix considerations.

我們對第四季的展望如下：我們預期營收在 20 億美元至 21 億美元之間。以 20.5 億美元的中點計算，全年銷售額將成長 6.8%，與我們先前預期的一致。非公認會計準則毛利率預計在 8.7% 至 9.2% 之間，具體取決於綜合因素。

Operating expenses of $64 million to $68 million; non-GAAP operating margin of 5.5% to 6.0%. We expect other income and expense to be a net expense of approximately $4 million, an effective tax rate of 20% to 22%.

營運費用為 6,400 萬美元至 6,800 萬美元；非 GAAP 營運利潤率為 5.5% 至 6.0%。我們預計其他收入和支出的淨支出約為 400 萬美元，有效稅率為 20% 至 22%。

We estimate an approximate $4 million noncash reduction to our net income to reflect our India JV partners' equity interest. Non-GAAP diluted earnings per share in the range of $1.52 to $1.62 based on approximately 54 million fully diluted shares outstanding.

我們估計，為了反映我們印度合資夥伴的股權，我們的淨收入將減少約 400 萬美元的非現金。基於約 5,400 萬股完全稀釋流通股，非 GAAP 稀釋每股收益在 1.52 美元至 1.62 美元之間。

At the midpoint of $1.57, that would put us up 9.8% as compared to the same period a year ago and up 12.9% on a full year basis. Capital expenditures are expected to be around $65 million. And finally, depreciation of approximately $30 million.

以 1.57 美元的中間價計算，與去年同期相比，這一數字將上漲 9.8%，全年則將上漲 12.9%。預計資本支出約 6,500 萬美元。最後，折舊約 3000 萬美元。

In summary, we are very pleased with our Q3 performance despite the uncertainty around tariffs and the geopolitical landscape and we're confident in our ability to deliver solid revenue and profitability growth in Q4 and beyond.

總而言之，儘管關稅和地緣政治格局存在不確定性，但我們對第三季度的業績非常滿意，並且我們有信心在第四季度及以後實現穩健的收入和盈利增長。

Now please turn to slide 12 where I'll provide an update on our previously announced planned acquisition of the ZT Systems manufacturing business. We are progressing nicely and remain on track to close the transaction near the end of the 2025 calendar year pending regulatory approvals.

現在請翻到第 12 張投影片，我將在其中提供有關我們先前宣布的收購 ZT Systems 製造業務計劃的最新資訊。我們的進展很順利，預計在獲得監管部門批准後於 2025 年底完成交易。

We are also on track with all of our required regulatory filings. As we mentioned, when we announced the transaction, we expect it will add $5 billion to $6 billion of annual net revenue on a run rate basis and anticipate it will double Sanmina's net revenue within the next three years.

我們也正在按計劃完成所有必要的監管備案。正如我們在宣布該交易時提到的那樣，我們預計它將在運行率基礎上增加 50 億至 60 億美元的年度淨收入，並預計它將在未來三年內將 Sanmina 的淨收入翻一番。

As a reminder, we expect the transaction to be accretive to non-GAAP diluted earnings per share in the first year after closing, with additional non-GAAP EPS accretion from both growth and synergies over time. The syndication of our permanent debt financing is also on track, and we'll provide further updates on that front very soon.

提醒一下，我們預計該交易將在交易完成後的第一年增加非公認會計準則稀釋每股收益，並且隨著時間的推移，非公認會計準則每股收益將透過成長和協同效應進一步增加。我們的永久性債務融資銀團貸款工作也在按計劃進行，我們很快就會提供這方面的進一步更新資訊。

I also want to briefly discuss what this transaction means for our balance sheet and how it fully aligns with our capital allocation strategy which will continue to focus on growth and cash generation while following a disciplined ROI-based approach.

我還想簡要討論一下這筆交易對我們的資產負債表意味著什麼，以及它如何與我們的資本配置策略完全一致，該策略將繼續關注成長和現金創造，同時遵循基於投資回報率的嚴謹方法。

We've built one of the strongest balance sheets in the industry, with a net positive cash position, strong liquidity and a low gross leverage ratio of 0.38 times as of our third quarter. I want to emphasize our commitment to maintaining a strong balance sheet, having ample liquidity to invest in the business and execute on our strategy. This transaction is an investment in working capital, primarily inventory, property, plant and equipment and a critical set of capabilities, which we believe will generate solid returns over time.

我們已建立業內最強勁的資產負債表之一，截至第三季度，擁有淨正現金部位、強勁的流動性和 0.38 倍的低總槓桿率。我想強調我們致力於保持強勁的資產負債表，擁有充足的流動性來投資業務並執行我們的策略。這項交易是對營運資本的投資，主要是庫存、財產、廠房和設備以及一系列關鍵能力，我們相信這些投資將隨著時間的推移產生可觀的回報。

At the time the transaction closes, we expect our net leverage ratio to be well within our target range of 1 times to 2 times and in line with our peer group. For a period of time after closing, we expect working capital to build to support investment in the growth of the business, which we anticipate will temporarily push our net leverage ratio above 2 times.

交易結束時，我們預計我們的淨槓桿率將遠低於我們的目標範圍（1 倍至 2 倍），並與同業保持一致。在交易結束後的一段時間內，我們預計營運資本將會增加，以支持對業務成長的投資，我們預計這將暫時將我們的淨槓桿率推高至 2 倍以上。

To reiterate, we are committed to preserving our existing credit rating, and our goal is to become investment grade over time. This is a compelling transaction for Sanmina as it positions the company to capitalize on long-term growth trends in the data center and AI infrastructure end market.

重申一下，我們致力於維護我們現有的信用評級，我們的目標是隨著時間的推移達到投資級。對於 Sanmina 來說，這是一筆引人注目的交易，因為它使公司能夠利用資料中心和人工智慧基礎設施終端市場的長期成長趨勢。

In summary, we're excited about the opportunities ahead, and we look forward to discussing the financial profile of the business in more detail at the time the transaction closes. And with that, I will now turn the call over to Jure.

總而言之，我們對未來的機會感到興奮，並期待在交易結束時更詳細地討論業務的財務狀況。現在，我將發言權交給 Jure。

Thank you, Jon. Ladies and gentlemen, let me add a few more comments about our results for the third quarter and the rest of the fiscal year '25.

謝謝你，喬恩。女士們，先生們，請允許我對我們 2025 財年第三季和剩餘時間的業績再補充一些評論。

Please turn to slide 14. As you heard from Jon, our team delivered solid execution and excellent service to our customers. Revenue, non-GAAP gross margin and non-GAAP EPS exceeded our outlook. We delivered non-GAAP operating margin of 5.7%. And long term, we expect to improve our operating margin to greater than 6-plus percent.

請翻到第 14 張投影片。正如喬恩所說，我們的團隊為客戶提供了可靠的執行和優質的服務。收入、非公認會計準則毛利率和非公認會計準則每股收益都超出我們的預期。我們實現了 5.7% 的非公認會計準則營業利潤率。從長遠來看，我們預計營業利潤率將提高至 6% 以上。

We generated a strong cash flow for the quarter, and we expect to continue to generate positive cash flow from operations to drive future growth. We delivered year-over-year growth for all end markets.

我們本季產生了強勁的現金流，我們預計將繼續從營運中產生正現金流以推動未來的成長。我們在所有終端市場都實現了同比增長。

So I can tell you that our customers are still positive about their future. And we are starting to see a strong pipeline of new opportunities. So overall, a good quarter, but there's still room, as you heard from Jon, for improvements.

因此我可以告訴你們，我們的客戶對他們的未來仍然充滿信心。我們開始看到大量新的機會。總體而言，這是一個不錯的季度，但正如喬恩所說，仍有改進的空間。

To talk more about it, please turn to slide 15. Let's look at -- now revenue by end market for the third quarter. Industrial, energy, medical, defense, aerospace and automotive segment came in at $1.256 billion. Growth of 6.2% year over year, very strong overall segment. For communication networks and cloud infrastructure that came in at $786 million, growth of 19.1% year over year.

如需進一步了解，請翻到投影片 15。讓我們來看看第三季終端市場的收入。工業、能源、醫療、國防、航空航太和汽車領域的收入為 12.56 億美元。年比成長 6.2%，整體表現非常強勁。通訊網路和雲端基礎設施投資達到 7.86 億美元，年增 19.1%。

For the third quarter, total revenue of $2.04 billion, we delivered another solid quarter up 11% year over year. Top 10 customers for the quarter was 52.8% of our revenue. Bookings continued to see solid demand overall, book-to-bill came around 1:1.

第三季度，我們的總營收為 20.4 億美元，年增 11%，再創佳績。本季前十大客戶占我們收入的52.8%。整體而言，預訂需求持續強勁，訂單出貨比約為 1:1。

As you can see, we are a well-diversified company. We continue to see positive trends for fiscal year '25 and beyond. For industrial and energy, we have very solid customer base that is doing well. We have some great opportunities and pipeline around energy and safety equipment. We see exciting new projects in our pipeline that should drive the growth in fiscal year '26.

如您所見，我們是一家多元化的公司。我們繼續看到 25 財年及以後的正面趨勢。對於工業和能源領域，我們擁有非常穩固的客戶群，並且表現良好。我們在能源和安全設備方面擁有一些很好的機會和管道。我們看到我們正在進行的令人興奮的新項目將推動 26 財年的成長。

For medical, we see stable demand driven by medical devices and digital health. Again, we have a strong customer base of customers, well diversified within market. We also see a good pipeline of new opportunities for the future fiscal year '26 and '27.

對於醫療領域，我們看到醫療設備和數位健康推動的穩定需求。再次，我們擁有強大的客戶群，市場多元化。我們也看到了 2026 和 2027 財年將出現的大量新機會。

For Defense and Aerospace segments, we continue to see solid demand from critical defense projects. Our advanced printed circuit board fabrication business in this segment is doing well. We are growing and expanding Defense and Aerospace segment and other capabilities of Sanmina.

對於國防和航空航太領域，我們繼續看到來自關鍵國防專案的強勁需求。我們在該領域的先進印刷電路板製造業務表現良好。我們正在發展和擴大 Sanmina 的國防和航空航天部門以及其他能力。

Overall, we expect this segment to continue to grow nicely from technology components all the way to full systems. For Automotive and Transportation segment, short term, we've seen some softness in this market overall slower demand. For this segment long term, we have some good opportunities in pipeline that we expect to grow again in fiscal year '26.

總體而言，我們預計這一領域將從技術組件一直到完整系統繼續保持良好的成長勢頭。對於汽車和運輸領域，短期內，我們看到該市場整體需求有所放緩。從長遠來看，對於這一領域，我們有一些很好的發展機會，我們預計這些機會在 26 財年將再次成長。

For communication networks and cloud infrastructure, we see very positive trends. Solid demand for high-performance routers and switches optical network system, optical advanced packaging and enterprise storage. We're also starting to see some positive signs about our mobile 5G business driven both by cloud and service providers.

對於通訊網路和雲端基礎設施，我們看到非常積極的趨勢。高效能路由器和交換器光網路系統、光學先進封裝和企業儲存的需求強勁。我們也開始看到由雲端和服務供應商推動的行動 5G 業務的一些積極跡象。

For this segment, Sanmina is well positioned and we should continue nice growth in '26 and beyond. Let me talk a little bit more about fourth quarter and fiscal year '25 outlook. As you heard from Jon, we are pleased with our performance for the first nine months of fiscal year '25.

對於這一領域，Sanmina 處於有利地位，我們應該能在 26 年及以後繼續保持良好的成長。讓我再多談談第四季和 25 財年的展望。正如喬恩所說，我們對 25 財年前九個月的表現感到滿意。

As revenue was up 8.7% compared to the same period a year ago. We have grown non-GAAP EPS for the first nine months to 13.5%, and we generated strong cash flow from operations. Based on our results for the first nine months and outlook for the fourth quarter at midpoint, this puts us on a track to deliver nice growth in fiscal year '25, we expect to see a growth of 6% to 8%.

與去年同期相比，營收成長了 8.7%。前九個月，我們的非公認會計準則每股收益成長至 13.5%，並產生了強勁的營運現金流。根據我們前九個月的業績以及對第四季度中期的展望，我們預計在 25 財年實現良好的成長，我們預計成長率將達到 6% 至 8%。

While we continue to manage through a very dynamic environment, we remain focused on operational execution, customer satisfaction, cost management and consistently delivering value to our customers.

雖然我們繼續在非常動態的環境中管理，但我們仍然專注於營運執行、客戶滿意度、成本管理以及持續為客戶提供價值。

Please turn to slide 16. Now let me talk to you about our strategic acquisition or ZT Systems from AMD. Let me add a few more comments to Jon's comments. This acquisition advances Sanmina's strategic data center AI strategy. It positions Sanmina to capitalize on our long-term growth trends in data center, AI infrastructure spend.

請翻到第 16 張投影片。現在讓我來和大家談談我們從 AMD 收購 ZT Systems 的策略事宜。讓我對喬恩的評論補充幾點。此次收購推進了Sanmina的戰略資料中心AI戰略。它使 Sanmina 能夠利用我們在資料中心、人工智慧基礎設施支出方面的長期成長趨勢。

If you look at the chart, next year, the forecast is to -- that the global data center investments will be over $500 billion. And as we go into '28, that number could be over $800 billion, potentially over $1 trillion. So there's plenty of opportunity for us.

如果你看一下圖表，預計明年全球資料中心投資將超過 5,000 億美元。當我們進入28年時，這個數字可能會超過8,000億美元，甚至可能超過1兆美元。因此，我們有很多機會。

I can tell you that we are getting a lot of great interest in our new capabilities both from existing and new potential customers. We do expect to expand our relationship with hyperscalers and OEM customers across all platforms and technologies in the industry.

我可以告訴你們，現有客戶和新潛在客戶都對我們的新功能表現出濃厚的興趣。我們確實希望擴大與業內所有平台和技術的超大規模企業和 OEM 客戶的關係。

This strategic acquisition brings industry-leading manufacturing capabilities and capacity here in US and Europe, reinforcing Sanmina's existing footprint. This complements Sanmina well-established vertical integration strategy, our strategy is to provide end-to-end solution for data center, AI and market.

此次策略收購為美國和歐洲帶來了領先業界的製造能力和產能，並增強了 Sanmina 現有的影響力。這補充了 Sanmina 完善的垂直整合策略，我們的策略是為資料中心、人工智慧和市場提供端到端解決方案。

So please turn to slide 17. So I can tell you more about our end-to-end capabilities for data center AI. On this slide, you can see Sanmina end-to-end solution for data center AI end markets. Data center AI requirements continue to evolve at a rapid pace and is driving technology advancement. Sanmina has been investing and expanding our capabilities to meet this present and future demand.

請翻到第 17 張投影片。因此我可以向您詳細介紹我們資料中心 AI 的端到端功能。在這張投影片上，您可以看到 Sanmina 針對資料中心 AI 終端市場的端到端解決方案。資料中心 AI 要求持續快速發展並推動技術進步。Sanmina 一直在投資並擴展我們的能力以滿足當前和未來的需求。

We expanded and grown our high-technology printed circuit boards. We've been assembling most advanced systems that are available out there, continue to fabricate and invest in mechanical racks and enclosures, we're expanding our little cooling rock systems. We're investing at cooling manifolds and rocks, buzz bars for rocks.

我們擴大並發展了我們的高科技印刷電路板。我們一直在組裝市場上最先進的系統，繼續製造和投資機械機架和外殼，我們正在擴展我們的小型冷卻岩石系統。我們正在投資冷卻歧管和岩石以及岩石的嗡嗡聲棒。

We're growing our ODM services and storage business, custom memory and custom optical module. And with this strategic acquisition, our strategy now provides industry-leading capabilities from design to full system end-to-end solution for data center AI infrastructure and market.

我們正在發展我們的 ODM 服務和儲存業務、客製化記憶體和客製化光學模組。透過此次策略收購，我們的策略現在為資料中心 AI 基礎設施和市場提供從設計到完整系統端到端解決方案的行業領先能力。

These strategic acquisitions from AMD complements Sanmina advanced data center AID technology and gives us the ability to do a full system integration at scale. I can also tell you that we'll continue to invest in this market to drive the future growth.

AMD 的這些策略性收購補充了 Sanmina 先進的資料中心 AID 技術，並使我們能夠大規模地進行完整的系統整合。我也可以告訴大家，我們將繼續投資這個市場，以推動未來的成長。

Please turn now to slide 18. In summary, we are executing well in this dynamic environment. Third quarter results were in line or exceeded our outlook. We delivered strong year-to-date and year-to-year performance across the majority of our end markets. Fourth quarter outlook aligns with achieving our fiscal year '25 growth and profitability objectives.

現在請翻到第 18 張投影片。總而言之，我們在這個動態環境中表現良好。第三季的業績符合或超出了我們的預期。我們在大多數終端市場都實現了強勁的年初至今和年比業績。第四季的展望與我們實現 25 財年的成長和獲利目標一致。

As you heard both from Jon and I, third quarter was a busy time for us. We signed a definitive agreement with AMD to acquire ZT Systems. It's a strategic transaction for us, very exciting. This fits well with Sanmina's strategic growth priorities. We feel good about our future.

正如喬恩和我所說的那樣，第三季對我們來說是一段忙碌的時期。我們與 AMD 簽署了收購 ZT Systems 的最終協議。這對我們來說是一項策略性交易，非常令人興奮。這與 Sanmina 的策略性成長重點非常契合。我們對我們的未來充滿信心。

New programs wins, and we expect demand improvements to drive the growth in fiscal year '26. Sanmina is well positioned to be a bigger and stronger company in the future. And I'm personally excited about opportunities ahead.

新項目獲勝，我們預計需求改善將推動 26 財年的成長。Sanmina 已做好準備，在未來成為一家更大、更強的公司。我個人對未來的機會感到非常興奮。

So ladies and gentlemen, now I would like to thank you all for your time and support. Operator, we're now ready to open the lines for question and answers. Again, thank you again.

女士們、先生們，現在我要感謝大家的時間和支持。接線員，我們現在可以開始問答了。再次感謝您。

(Operator Instructions) Ruplu Bhattacharya. BofA.

（操作員指示）Ruplu Bhattacharya。美國銀行。

Hi. Thanks for taking my questions. Jure, on slide 12, you gave an update for the ZT Systems acquisition, and it still says $5 billion to $6 billion of net revenue run rate. Is that still your expectation for annual revenue. Is this still a declining revenue business? Or have the revenues now stabilized? And Jure, if you can also talk about your plan to turn this business around.

你好。感謝您回答我的問題。Jure，在第 12 張投影片上，您更新了 ZT Systems 收購案的最新情況，其中仍提到淨收入運行率為 50 億至 60 億美元。這仍然是您對年收入的預期嗎？這仍然是收入下滑的業務嗎？還是現在收入已經穩定了？Jure，您能否也談談扭轉這項業務的計畫？

Do you think you need to hire any sales force to go after hyperscale customers and AMD kept the design engineers, are you planning to hire any engineer that invest in this -- the RAG configurations, but just talk about what you see as the annual revenue run rate as of today? And what is your plan to turn and expand this business?

您是否認為需要聘請銷售人員來爭取超大規模客戶，而 AMD 保留了設計工程師，您是否計劃聘請投資於此的工程師 - RAG 配置，但只談談您認為截至今天的年收入運行率是多少？您有什麼計劃來轉變和擴大這項業務？

All right. It's a great question, and I will give you a lot of information. As you know, we are -- we're not the owners of this organization yet. So I have to be careful what I can say, what I cannot say. But first of all, Ruplu, we are very excited.

好的。這是一個很好的問題，我會給你很多資訊。如你所知，我們還不是這個組織的所有者。所以我必須小心什麼可以說，什麼不能說。但首先，Ruplu，我們非常興奮。

Today, we announced this deal in May 19, I believe, personally, I am more excited today than I was then. And I was very excited then. And the reason we're decided today as we are -- talk to basically the critical customers out there with hyperscalers and critical OEM potential customers, we find out there's a lot of interest. Also, we found out a lot more about ZT Systems itself. We believe they have some advanced capabilities, some great people.

今天，我們在5月19日宣布了這筆交易，我相信，就我個人而言，我今天比當時更興奮。當時我非常興奮。我們今天做出這項決定的原因是——透過與超大規模企業和關鍵 OEM 潛在客戶的關鍵客戶進行交談，我們發現他們對此很感興趣。此外，我們還發現了更多有關 ZT Systems 本身的資訊。我們相信他們擁有一些先進的能力，一些優秀的人才。

In this business, it's all about people. I believe they got some great people and when I look at what's the potential, it's a great potential. When AMD acquired this thing, their goal was to eventually find the right partner and separate engineering and manufacturing. And I will say that we are fortunate that we're becoming a critical partner to AMD and taking over this operation.

在這個行業裡，一切都與人有關。我相信他們擁有一些優秀的人才，當我看到他們的潛力時，我發現他們的潛力非常大。當 AMD 收購這個公司時，他們的目標是最終找到合適的合作夥伴並分開工程和製造。我想說，我們很幸運能夠成為 AMD 的重要合作夥伴並接管這項業務。

We believe working together will give us a lot of opportunities, not believe. I see it today, all these key capabilities that we have and industry really needs capacity and capabilities that we have. So I'll be honest with you, I wish we can close this deal today because there's -- I'd be able to tell you a lot more. Personally, I'm not worried about revenue, and Jon can comment later on on that. I think the revenue is there.

我們相信合作會為我們帶來很多機會，不相信。我今天看到，我們擁有的所有這些關鍵能力以及行業確實需要我們擁有的能力和才能。所以我會坦誠地告訴你，我希望我們今天能夠完成這筆交易，因為——我可以告訴你更多。就我個人而言，我並不擔心收入，喬恩可以稍後對此發表評論。我認為收入是存在的。

I think there's a lot more -- ZT has some some older products that they've been doing for a long time. This place is profitable. It was profitable. It is profitable today, and we expect it to continue to be profitable in the future, but opportunities are bigger for the future than the past.

我認為還有很多——ZT 有一些他們已經做了很長時間的老產品。這個地方很有利可圖。這是有利可圖的。它目前是盈利的，我們預計未來它還會繼續盈利，但未來的機會比過去更大。

Let me leave it at that. Today, we are already selling Sanmina plus ZT to our critical partners. That's going on every day across all our critical people. We are adding some technical support more about technology to add more value to our customers. We know exactly what that is.

我就不多說了。今天，我們已經向我們的重要合作夥伴銷售 Sanmina plus ZT。我們所有的關鍵人員每天都在經歷這樣的事情。我們正在增加一些有關技術的技術支持，以便為我們的客戶增加更多價值。我們確切地知道那是什麼。

But we're also picking a lot of great people from ZT. They've got a lot of network people in the manufacturing and also around testing and so on. So this is a very, very strong team. I think partnering with AMD is very critical. They got a lot of exciting technology.

但我們也從 ZT 中挑選了許多優秀人才。他們在製造和測試等領域擁有大量網路人員。所以這是一支非常非常強大的團隊。我認為與 AMD 合作非常關鍵。他們獲得了許多令人興奮的技術。

They're coming up. And again, I believe that we can help them get that product to the market at a faster rate with the technology that is required for hyperscalers and OEM customers. We are definitely investing in sales.

他們上來了。而且，我相信我們可以透過超大規模企業和 OEM 客戶所需的技術來幫助他們以更快的速度將產品推向市場。我們肯定會對銷售進行投資。

As you can see, our SG&A is a little bit higher because of that. And again, I don't know what else to say except to tell you I'm excited. I think there's a lot of opportunity there. As I said before in my prepared statement, I think we're ready to build a lot bigger Sanmina from a very, very strong position. We have a strong foundation.

如您所見，我們的銷售、一般及行政費用因此略高一些。再說一次，除了告訴你我很興奮之外，我不知道還能說什麼。我認為那裡有很多機會。正如我之前在準備好的聲明中所說的那樣，我認為我們已經準備好從非常非常強大的地位出發，建立更大的 Sanmina。我們擁有堅實的基礎。

So give us some time here, at least for the next 6 to 12 months to give you some good results. So with that, Jon, you want to add comments to that.

所以請給我們一些時間，至少在接下來的 6 到 12 個月內為您提供一些好的結果。因此，喬恩，你想對此添加評論。

Yes. Just one point, Jure, I'll add, Ruplu, just to help answer the question around revenue. So back at the time of the announcement, on May 19, we said that we expected revenue run rate, the net revenue run rate to be about $5 billion to $6 billion or between $5 billion and $6 billion at the time of the close. And we don't intend to change that forecast. As Jure mentioned, we'll come out with a lot more details when we close the transaction, but that's still the case.

是的。Jure，我還要補充一點，Ruplu，只是為了幫助回答有關收入的問題。因此，在 5 月 19 日發佈公告時，我們表示，我們預計收入運行率、淨收入運行率在收盤時約為 50 億美元至 60 億美元，或介於 50 億美元至 60 億美元之間。我們不打算改變這個預測。正如 Jure 所提到的，當我們完成交易時，我們會公佈更多細節，但情況仍然如此。

The business has a very stable foundation of general purpose compute and also storage. It's the accelerated compute component that's going through a transition, as we had mentioned, but we've got full confidence in what's happening on that part of the business, too. But more to come when we close the deal.

該企業擁有非常穩定的通用運算和儲存基礎。正如我們所提到的，加速運算元件正在經歷轉型，但我們對業務該部分的發展也充滿信心。但當我們達成交易時，還會有更多事情發生。

And Ruplu, just let me add to that, I didn't answer the question. We are adding -- at Viking, we have a very strong core engineering team that basically can do the same or similar thing that all ZT engineering thing could have now ZT was a bigger scale, but we're expanding our team, but we do have a core right now that specifically for this data center that can do the job today, and we are going to be expanding and growing the team.

還有 Ruplu，我補充一下，我沒有回答這個問題。我們正在增加——在 Viking，我們擁有一支非常強大的核心工程團隊，基本上可以做與 ZT 工程相同或類似的事情，現在 ZT 的規模更大了，但我們正在擴大我們的團隊，但我們現在確實有一個核心，專門針對這個數據中心，可以完成今天的工作，我們將擴大和發展這個團隊。

Okay. Now I appreciate all the details. For my follow-up, can I ask -- you had very strong growth in fiscal 3Q. I mean you reported 11% year-on-year growth. When we look at the guide for fiscal 4Q, there seems to be somewhat of a meaningful slowdown.

好的。現在我很欣賞所有的細節。作為我的後續問題，我可以問一下——你們在第三財季實現了非常強勁的成長。我的意思是你們報告了同比增長 11%。當我們查看第四季度財報指南時，似乎出現了某種程度的明顯放緩。

I think the midpoint of the guidance implies 1.6% year-on-year growth. Can you just talk about if any markets are weaker than you expected?

我認為該指導的中點意味著同比增長1.6％。您能否談談是否有市場比您預期的要弱？

And then like you said, Jure, if you look at the full year, you're going to be growing revenues in fiscal '25 at 7% almost year on year. Can you give us your early thoughts into fiscal '26. I mean, let's say, even without ZT Systems, do you think the base business can continue the 7% year-on-year growth. So just any thoughts you have on fiscal 4Q, what is driving that and your thoughts on fiscal '26?

然後就像你說的，Jure，如果你看一下全年，你會發現 25 財年的收入幾乎比去年同期成長 7%。您能否向我們介紹一下您對 26 財年的初步想法？我的意思是，即使沒有 ZT Systems，您認為基礎業務能否繼續維持 7% 的年成長？那麼，您對第四財季有什麼看法，是什麼推動了這一趨勢，您對 26 財年有什麼看法？

First of all, comparison from this fourth quarter to the last -- to the '24, you're right, it's not a huge growth, but the business is not slowing down. I would say the business is expanding. If you look at the last year, we were coming out of inventory. It was choppy. It was a transition year.

首先，將今年第四季與上一季（24 年）進行比較，您說得對，雖然成長幅度不是很大，但業務並沒有放緩。我想說業務正在擴大。如果你回顧去年，你會發現我們的庫存已經用完了。波濤洶湧。這是過渡的一年。

So it was really choppy for most of our competitors, too. It just happened to be a fourth quarter last year better than what it was third than second. Today, the business is a lot more stable. Yes, we have some uncertainties out there with this geopolitical issue, the tariffs and so on. It looks like that temperature is coming down. So we feel a little bit more comfortable and we can predict the future better.

因此，對於我們的大多數競爭對手來說，情況也確實很不穩定。只是去年第四季的表現比第三季好，比第二季好。如今，業務已經穩定多了。是的，我們在地緣政治問題、關稅等方面存在一些不確定性。看起來溫度正在下降。因此我們感覺更舒服一些，並且可以更好地預測未來。

Our customer is a lot more positive about the future. If I look at the customers' forecast, they look very positive. And we -- today, we're discounting those. So for us to forecast '26, we'll like to wait more, probably another 90 days, but I can tell you right now and what I said earlier in the prepared statements, we're excited. We expect to grow our core business, hopefully at the same or faster rate next year.

我們的客戶對未來更加樂觀。如果我看一下客戶的預測，他們看起來非常積極。而我們——今天，我們將對這些打折。因此，對於 26 年的預測，我們可能還需要等待一段時間，可能還要再等 90 天，但我現在就可以告訴你，正如我之前在準備好的聲明中所說的那樣，我們很興奮。我們期望明年我們的核心業務能夠以相同或更快的速度成長。

But overall, I wish you have a -- unless something really falls off the cliff that we are -- completely out of our control, we expect to have a great year next year.

但總的來說，我希望你們——除非真的發生一些我們完全無法控制的事情，否則我們預計明年將會是美好的一年。

Okay. If I can just put in one more quick question. Jon, CPS margins were up 320 bps sequentially. Was there any onetime items that can discontinue?

好的。我可以再問一個簡單的問題嗎？喬恩，CPS 利潤率環比上漲 320 個基點。有沒有什麼一次性物品可以停止使用？

No, it's primarily driven just by the business mix, Ruplu. And as you know, CPS margins in that profile, that's an area that we've been focused on for a long time. We've been making a lot of investments there. So we're very pleased with the results for many -- from one quarter to the next, you can see some ups and downs just because of the nature of that business. There are so many different components within it.

不，它主要由業務組合驅動，Ruplu。如您所知，該概況中的 CPS 利潤率是我們長期關注的領域。我們在那裡進行了大量投資。因此，我們對許多公司的業績感到非常滿意——從一個季度到下一個季度，你會看到一些起伏，這只是因為業務的本質。其中有很多不同的組件。

But pretty much across the board, we've been looking to improve the margin profile of each individual division. So what I believe that we're seeing now is the result of some of those investments coming through to fruition.

但從總體上看，我們一直在尋求改善每個部門的利潤率。因此我相信我們現在看到的是部分投資有成果的結果。

So very happy with the results, nothing onetime in nature that we'd want to call out and as far as the future goes, we're going to continue to drive that profile. Both Jure and I have said before that we expect that business to be above 15%, and we're getting very close to that number already today.

我們對結果非常滿意，本質上沒有什麼特別之處，就未來而言，我們將繼續推動這項進程。Jure 和我之前都說過，我們預計業務成長率將超過 15%，而今天我們已經非常接近這個數字了。

All right. Thank you so much.

好的。太感謝了。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi. Good afternoon, guys. First of all, just -- I had another question on the ZT deal now that you've had a little bit more time with it. Can you just talk about the risk on the inventory side, Jon? I know you it's a big piece of the valuation.

你好。大家下午好。首先，既然您已經有更多時間討論 ZT 交易了，我還有另一個問題。喬恩，你能談談庫存方面的風險嗎？我知道這是估值的很大一部分。

Do you guys get a last look at valuing that -- the inventories before you close? And I guess my bigger concern is like anything that you might inherit that could be lagging generation on the GPU side that you might have write-downs on. Can you just talk about that risk? Then I had a follow-up.

在結束交易之前，你們會最後一次評估庫存嗎？我想我更擔心的是，你可能繼承的任何東西都可能是 GPU 方面的落後一代，你可能會因此而受到減記。您能談談這個風險嗎？然後我進行了後續跟進。

Yes. No, absolutely, Steve. Thanks for the question. So yeah, we do have a working capital target of about $2 billion as a part of the transaction, we talked about that when we announced the deal back on May 19, you can basically think of that as primarily related to inventory. There's the property, plant and equipment too of $250 million, but the $2 billion is primarily around inventory.

是的。不，絕對不，史蒂夫。謝謝你的提問。是的，作為交易的一部分，我們確實有一個約 20 億美元的營運資本目標，我們在 5 月 19 日宣布交易時就談到了這一點，基本上可以認為這主要與庫存有關。其中還有價值 2.5 億美元的財產、廠房和設備，但這 20 億美元主要用於庫存。

And as a part of the deal, we spent a lot of time evaluating that inventory position, a lot of discussions with AMD and so we'll make sure, just like we always do in this business and our business around manufacturing, to make sure that, that inventory is supported by customer demand and forecasts. So there's always risk. There are some risks there, but our intent is to fully evaluate that and both AMD and ZT are committed to that as well.

作為交易的一部分，我們花了很多時間評估庫存狀況，與 AMD 進行了大量的討論，因此我們會確保，就像我們在這個行業和製造業務中一直在做的那樣，確保庫存得到客戶需求和預測的支持。所以總是有風險的。這其中存在一些風險，但我們的目的是全面評估這一點，AMD 和 ZT 也致力於此。

Great. That's helpful. And then on the legacy business, Jure, I know you just mentioned what you've been doing on the CPS side. I was wondering if you could just start -- because I'm looking -- it looks like that was like a record margin. So I was wondering if you can maybe help us step back a little bit more, talk about how CPS is helping your business by served markets a little bit? Like it seems like you must be helping growth not just margin. Any help there would be useful.

偉大的。這很有幫助。然後關於遺留業務，Jure，我知道您剛才提到了您在 CPS 方面所做的事情。我想知道您是否可以開始——因為我正在看——這看起來像是一個創紀錄的利潤。所以我想知道您是否可以幫助我們稍微回顧一下，談談 CPS 如何透過服務市場幫助您的業務？看起來你不僅要幫助利潤，還要幫助成長。任何幫助都會有用。

Yes, Steve, first of all, yes, we -- not everything is perfect at CPS today, but we believe, as John mentioned, we always target over 15, but I will say that our target is higher than 15 right now because we know there's more opportunity. We still have some softness in some of the semiconductor business that typically we have, and -- but we also have some great opportunities in defense business.

是的，史蒂夫，首先，是的，我們——今天 CPS 並不是一切都完美，但我們相信，正如約翰提到的，我們的目標始終是超過 15，但我要說的是，我們現在的目標是高於 15，因為我們知道還有更多機會。我們的一些半導體業務仍然存在一些疲軟，但我們在國防業務方面也有一些很好的機會。

If you look at our advanced printed circuit boards here in North America, that's mainly high-technology product for defense. That business is doing well. We're expanding that business, and we expect to continue to have at least a few great years in that segment when it comes to demand.

如果你看看我們北美的先進印刷電路板，你會發現它主要是用於國防的高科技產品。那件生意做得很好。我們正在擴大該業務，我們預計在需求方面該領域至少還能繼續保持幾年的良好勢頭。

Our mechanical business is doing well, especially around the data center. As I mentioned earlier, we are expanding investing in liquid cooling rocks. Demand for rocks is very strong. It's all around for the data center and we expect that business actually to increase now with the position of ZT. So we see a lot of positive things there.

我們的機械業務表現良好，尤其是在資料中心周圍。正如我之前提到的，我們正在擴大對液體冷卻岩石的投資。對岩石的需求非常強勁。一切都圍繞著資料中心，我們預計，隨著 ZT 的地位提升，業務實際上會有所成長。所以我們在那裡看到了很多積極的事情。

We also expanding our precision machining into the military side of the business. We are expanding and been investing a fair amount and hopefully, we'll get a lot of returns on optical modules specifically pluggables, custom memory around the military for jet fighters and so on. So there's a lot of exciting stuff that we have in our segment of what we call components technology group with a lot of upside potential and a lot of growth opportunities.

我們也將精密加工業務擴展到軍事領域。我們正在擴張並投入大量資金，希望我們能在光學模組（特別是可插拔光學模組）、軍用噴射戰鬥機的客製化記憶體等方面獲得大量回報。因此，我們在所謂的組件技術集團中擁有許多令人興奮的東西，具有很大的上升潛力和許多成長機會。

So yes, we are very comfortable with our core business, and we're still pushing those plants that we talked about a year ago. We need to grow our core business at a higher rate, and we believe we are positioning right now that we're going to start seeing that nice growth in '26 and beyond.

所以是的，我們對我們的核心業務非常滿意，並且我們仍在推動一年前談到的那些工廠。我們需要以更高的速度發展我們的核心業務，我們相信，我們現在的定位是，我們將在26年及以後開始看到良好的成長。

Great. That's super helpful. Thank you.

偉大的。這非常有幫助。謝謝。

Thanks, Steve.

謝謝，史蒂夫。

Anja Soderstrom, Sidoti.

安雅·索德斯特羅姆，西多蒂。

Hi. Thanks for taking my questions.

你好。感謝您回答我的問題。

Hi, Anja. How are you doing?

你好，安雅。你好嗎？

Good. Congrats on a nice performance here in the third quarter. With the additional revenue that I expect from the ZT acquisition and doubling the revenue in three years, where do you expect the operating margins to be?

好的。恭喜您在第三季的出色表現。我預計收購 ZT 會帶來額外收入，而且三年內收入將翻一番，您預計營業利潤率會達到多少？

Well, definitely first of all, we are improving our margin across existing business, and we believe that the end-to-end solution that we will be providing for data center AI and market, we're adding a lot of value to our customers and a lot of capabilities that will allow us to deliver the better margins than historical.

嗯，首先，我們正在提高現有業務的利潤率，我們相信，我們將為資料中心人工智慧和市場提供的端到端解決方案，為我們的客戶增加了很多價值，也增加了許多功能，讓我們能夠提供比歷史更好的利潤率。

So I'm saying today, higher than 6%, but I believe there's an upside to that, and we like to talk to you more about it 90 days from now. And hopefully, will be in control of ZT by that time. So we'll talk more. But we're excited what's in front of us.

所以我今天說的是，高於 6%，但我相信這有一個好處，我們希望在 90 天後與您進一步討論這個問題。希望到那時能夠控制 ZT。所以我們會多談談。但我們對即將發生的事情感到興奮。

Like I said, we -- there are some great people at ZT. We are committed -- we're investing -- we've been investing a fair amount of money in these critical components that go for data center. And I think with now capabilities for full system integration at the scale we should be able to continue to improve our margin going forward.

就像我說的，我們——ZT 有一些很棒的人才。我們致力於——我們正在投資——我們已經在資料中心的這些關鍵組件上投入了大量資金。我認為，憑藉現在大規模完整系統整合的能力，我們應該能夠繼續提高未來的利潤率。

Okay. And for the Indian joint venture, how is that progressing? It seems like you had a little bit higher payout to them or actually it was in line with what you had expected. But you didn't really give a guidance for us for the fourth quarter, either I think, or maybe I just missed it.

好的。印度合資企業進展如何？看起來你給他們的付款有點高，或者實際上符合你的預期。但我認為，您並沒有真正為我們提供第四季度的指導，或者也許我只是錯過了。

Yeah. On that point, Anja, we always guide on the adjustment to our net income to reflect their equity interest, but the JV overall has done very well. I mean, we're very pleased. It's coming up on almost three years now that we've had the JV in place. But India is a very important market to us.

是的。在這一點上，安雅，我們總是指導對淨收入的調整以反映他們的股權，但合資企業總體上做得很好。我的意思是，我們非常高興。我們的合資公司成立至今已經快三年了。但印度對我們來說是一個非常重要的市場。

We expect to see a lot of growth in that market. And as far as the business goes, we're looking to expand the different end markets that we serve. It's an area that we're investing in as well. I mentioned that from a CapEx perspective, and Jure might want to comment on that as well, but we see a lot of opportunity in there. But yeah, we do just guide and comment specifically on the net income adjustment to --

我們預計該市場將大幅成長。就業務而言，我們正在尋求擴大我們所服務的不同終端市場。這也是我們正在投資的領域。我從資本支出的角度提到了這一點，Jure 可能也想對此發表評論，但我們看到其中有很多機會。但是是的，我們確實只是指導和評論淨收入調整--

Yeah. India is a very exciting project for us. First couple of years, when you do a joint venture, it takes to get to know each other pretty well, what are our goals but I believe Reliance and Sanmina in a page -- on the same page, we're going to build something big in India.

是的。印度對我們來說是一個非常令人興奮的計畫。在最初幾年，當你進行合資時，需要彼此非常了解，了解我們的目標是什麼，但我相信 Reliance 和 Sanmina 有共同的目標，我們將在印度做出一番大事業。

We are expanding -- and we'll also make more comments on that end of this year, but a lot of opportunities in India across all our markets, from industrial, medical, India defense, automotive in India, transportation, definitely for data center AI opportunities that will be, we believe, in India, and we are positioned to play across all of those key markets. So a great decision on our part to go with the JV with the Reliance.

我們正在擴張——我們也將在今年年底對此發表更多評論，但印度在我們所有市場都有很多機會，從工業、醫療、印度國防、印度汽車、交通運輸，當然還有數據中心人工智慧機會，我們相信，這些機會都會在印度，我們已準備好在所有這些關鍵市場中發揮作用。因此，對我們來說，與 Reliance 建立合資企業是一個明智的決定。

We still run that thing 100%, but I think having a good partner in a market like this is very critical, and I believe we have a great partner.

我們仍然全力經營這個項目，但我認為在這樣的市場中擁有一個好的合作夥伴非常關鍵，而且我相信我們有一個很棒的合作夥伴。

Okay. And just one last one in terms of the tariffs. What are you seeing in terms of the tariffs and potential headwinds from that?

好的。關於關稅，我只想說最後一個問題。您認為關稅以及由此帶來的潛在阻力是什麼？

I'll give that to Jon.

我會把它交給喬恩。

Yes. I mean, so there's still a very dynamic environment out there when you think about tariffs and percentages, changes and things of that nature. So our approach has been the same as it's been since all of this started very close to our customers, understand what they're trying to do and what they're trying to achieve.

是的。我的意思是，當你考慮關稅、百分比、變化和諸如此類的事情時，外面的環境仍然非常活躍。因此，我們的方法一直與從一開始一樣，非常貼近我們的客戶，了解他們想要做什麼以及想要實現什麼。

But based on the footprint that we have, we can certainly move programs around, but it's up to them at the end of the day. And typically, what we're seeing is current programs are staying in place, but there's a lot of discussion and an evaluation for new programs because we think supply chain on a broad basis, is becoming more regionalized.

但根據我們現有的足跡，我們當然可以移動程序，但最終還是由他們決定。通常情況下，我們看到的是目前的計劃保持不變，但對新計劃進行了大量討論和評估，因為我們認為廣泛的供應鏈正在變得更加區域化。

And we've got the right footprint to enable that and support that, not just our footprint but also our system structure, our single ERP, our single shop floor system with 42Q, all of those things enable us to be able to support our customers regardless of where they want to do manufacturing.

我們擁有正確的足跡來實現和支援這一點，不僅是我們的足跡，還有我們的系統結構、我們的單一 ERP、我們的 42Q 的單一車間系統，所有這些都使我們能夠支援我們的客戶，無論他們想在哪裡進行製造。

And then just as a reminder, from a business model perspective, these costs are actually borne by our customers who are essentially a pass-through from that point of view. But our objective at the end of the day is to help them make those decisions, decide where to manufacture and what makes the most sense for their business.

然後提醒一下，從商業模式的角度來看，這些成本實際上是由我們的客戶承擔的，從這個角度來看，他們基本上是轉嫁成本。但我們最終的目標是幫助他們做出這些決定，決定在哪裡生產以及什麼對他們的業務最有意義。

Do you see any customers having a wait and see then looking maybe for the new programs, I guess?

我猜，您是否看到一些客戶正在觀望，然後尋找新的程式？

Yes. We have -- at this point, we haven't seen anything like any current programs on a material basis shift because that does take time and investment to do that. But certainly, for new programs, there's a lot of evaluation and discussion going on.

是的。目前，我們還沒有看到任何類似現有材料基礎轉變的計劃，因為這確實需要時間和投資。但可以肯定的是，對於新項目，需要進行大量的評估和討論。

So our goal or our objective is to make sure that we understand the rules and regulations as they're changing and then partner closely with our customers to help them do that analysis and decide what makes the most sense for them.

因此，我們的目標或宗旨是確保我們了解不斷變化的規則和法規，然後與我們的客戶密切合作，幫助他們進行分析並決定對他們最有意義的方案。

Yes. But Anja, just to add to that, I think the model is that we are going more in this geopolitical world in the future, we're going more to a regional type of manufacturing. Definitely, there will be more business manufactured here in North America, but it's not going to happen overnight because it takes time to bring the technology up to date and so on.

是的。但是安雅，補充一點，我認為未來我們將更多地參與地緣政治世界，並更多地轉向區域性製造業。毫無疑問，北美將會有更多的製造業，但這不會在一夜之間發生，因為科技的更新需要時間等等。

But there's our customers are trying to balance. They look at their market globally, what are they going to do in Asia, what are they going to do in India? What are they going to do in Europe? -- what we're doing in North America. And then we're trying to help them balance those requirements not just for short term but also long term. So there's a lot of talk about the long-term how do -- their strategy is going to play.

但我們的客戶正在努力保持平衡。他們從全球角度看待自己的市場，他們打算在亞洲做什麼，他們打算在印度做什麼？他們將在歐洲做什麼？ ——我們在北美做什麼。然後我們嘗試幫助他們平衡這些需求，不僅是短期的，而且是長期的。因此，有許多關於長期策略如何實施的討論。

We had a customer last couple of days ago here, it's a European customer that they're basically looking at the whole world how they're going to supply and service their customers in the future. So a lot of work, but I think it will be positive for us. It's just the way we are structured. We've got a very good structure globally. I believe that will structure is lean.

幾天前我們這裡有一位客戶，他是一位歐洲客戶，他們正在從全球角度考慮未來如何為客戶提供供貨和服務。所以有很多工作要做，但我認為這對我們來說是積極的。這只是我們的結構方式。我們在全球範圍內擁有非常好的結構。我相信結構是精實的。

It's a state of art structure and I think we'll be fine.

這是一個最先進的結構，我認為我們會沒事的。

Okay. Thank you. That was all for me.

好的。謝謝。對我來說這就是全部了。

Thanks, Anja.

謝謝，安雅。

(Operator Instructions) There are no further questions at this time. I would like to turn the conference back to Jure. Please go ahead, sir.

（操作員指示）目前沒有其他問題。我想將會議重新轉回法理。先生，請繼續。

Well, ladies and gentlemen, again, thanks for your time that you spend with us today. Looking forward to talking to you. If you have any questions, give us a call. Otherwise, we'll be talking to you 90 days from now. Hopefully, we'll continue to deliver some great news for you. Thanks a lot.

好吧，女士們、先生們，再次感謝你們今天抽出時間與我們交談。期待與您交談。如果您有任何疑問，請致電我們。否則，我們將在 90 天後與您交談。希望我們能繼續為您帶來一些好消息。多謝。

Thank you, everyone. Bye-bye.

謝謝大家。再見。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。