Sanmina Corp (SANM) 2025 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Sanmina's fourth quarter fiscal 2025 earnings conference call. (Operator Instructions) his call is being recorded on Monday, November 3, 2025.

女士們、先生們，下午好，歡迎參加Sanmina公司2025財年第四季財報電話會議。 （操作說明）本次電話會議將於2025年11月3日星期一進行錄音。

I would not like to turn the conference over to Paige Melching, senior Vice President of Investor communications. Please go ahead.

我不想把會議交給投資人溝通高級副總裁佩奇·梅爾欽。請繼續。

Thank you, John. Good afternoon, ladies and gentlemen, and welcome to Sanmina's fourth quarter in fiscal 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，約翰。女士們、先生們，下午好，歡迎參加 Sanmina 2025 財年第四季財報電話會議。您可以在我們網站 sanmina.com 的投資者關係欄位中找到我們今天的新聞稿和討論幻燈片。今天與我一起參加電話會議的是董事長兼執行長 Jure Sola。

Good afternoon, ladies and gentlemen.

女士們、先生們，午安。

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

還有執行副總裁兼財務長喬恩·福斯特。

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.

在將電話交給 Jure 之前，請允許我提醒大家，今天的電話會議將進行網路直播和錄音，並將在我們的網站上提供。您可以參考我們網站上提供的幻燈片，並跟隨我們一起學習我們的發言稿。

Please turn to slide 3 of the presentation and take note of our safe harbor statement. During this conference call, we may make projections or other forward-looking statements regarding the future events or the future financial performance of the company. We caution you that such statements are just projections. The company's actual results could differ materially from those projections in these statements as a result of factors set forth in the Safe Harbor statement.

請翻到簡報的第3頁，並注意我們的安全港聲明。在本次電話會議中，我們可能會對本公司的未來事件或未來財務表現做出預測或其他前瞻性陳述。我們提醒您，這些說法只是預測。由於安全港聲明中列出的因素，公司的實際業績可能與這些聲明中的預測有重大差異。

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 the earnings release, the earnings presentation, this conference call, or investor relations section of the website, whether as a result of new information, future events, or otherwise unless otherwise required by law.

本公司沒有義務，且明確聲明不承擔任何義務，對盈利報告、盈利演示、本次電話會議或網站投資者關係部分中作出的任何前瞻性陳述進行更新或修改，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 fourth quarter and fiscal year ending September 27, 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 the website.

在今天發布的新聞稿和幻燈片中，我們提供了截至 2025 年 9 月 27 日的第四季和財政年度的 GAAP 財務報表，以及一些非 GAAP 財務資訊。新聞稿和網站上發布的幻燈片中還提供了 GAAP 和非 GAAP 財務資訊的調整表。

In general, our non-GAAP information excludes restructuring costs, acquisition and integration costs, non-cash stock-based compensation expense, amortization expenses, 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.

一般來說，我們的非GAAP資訊不包括重組成本、收購和整合成本、非現金股票選擇權費用、攤銷費用以及其他不尋常或不經常發生的項目。在本次電話會議中，我們將就損益表指標發表任何評論，這些評論將針對我們的非GAAP財務表現。

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're referring to our non-GAAP information.

因此，除非本次電話會議另有說明，否則當我們提及毛利、毛利率、營業收入、營業利益率、稅金、淨收入和每股盈餘時，我們指的是我們的非GAAP資訊。

I now like to turn the call over to Jure.

我現在想把電話交給尤爾。

Thanks, Paige. Good afternoon, ladies and gentlemen. Welcome and thank you all for being here with us today. Please turn to slide number 4. 1st, I would like to take this opportunity to recognize Sanmina's leadership team, our employees for doing a great job. So, to you, Sanmina's team, thank you for your dedication, hard work, and delivering excellent service to our customers.

謝謝你，佩奇。女士們、先生們，午安。歡迎各位，感謝你們今天蒞臨現場。請翻到第 4 張投影片。首先，我想藉此機會表揚 Sanmina 的領導團隊和我們的員工，感謝他們所做的出色工作。所以，我要感謝Sanmina團隊的各位，感謝你們的奉獻、辛勤工作以及為我們的客戶提供的優質服務。

Ladies and gentlemen, I can tell you that I'm very pleased with our performance for fiscal year 2025. Revenue came in at $8.13 billion, growth of 7.4% year over year. Non-GAAP operating margin came in at 5.7%. We're able to expand these margins by 30 basis points year over year. Non-GAAP EPS came in at $6.04. That's growth of 14.4% year over year. We also delivered very strong cash flow from operations of $641 million. And for the fourth quarter fiscal year 2025, we delivered a solid revenue of $2.1 billion and non-GAAP EPS of dollar $0.67 per share.

女士們、先生們，我可以告訴大家，我對我們2025財年的表現非常滿意。營收達 81.3 億美元，年增 7.4%。非GAAP營業利益率為5.7%。我們能夠將這些利潤率逐年提高 30 個基點。非GAAP每股收益為6.04美元，較去年同期成長14.4%。我們也實現了非常強勁的營運現金流，達到 6.41 億美元。2025 財年第四季度，我們實現了 21 億美元的穩健營收，非 GAAP 每股收益為 0.67 美元。

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

現在，讓我們來看看今天電話會議的議程。我們的財務長約翰會為您詳細審核業績報告。我稍後將對Sanmina的成績和未來目標發表更多評論。接下來，我和喬恩將開放問答環節，現在我想把電話交給喬恩。

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

太好了，謝謝你，Jure。女士們、先生們，午安。感謝您參加今天的財報電話會議。

Before I discuss our financial results, I would like to thank the entire Sanmina team for their hard work and dedication and for executing a strong close to the fiscal year. The team has demonstrated exceptional focus and agility in meeting our customers' evolving needs all year long. Jure and I, along with the entire Sanmina management team, commend these efforts, which have resulted in strong fourthquarter and fiscal 2025 performance.

在討論我們的財務表現之前，我要感謝 Sanmina 全體團隊成員的辛勤工作和奉獻精神，感謝他們為本財年畫上了圓滿的句號。團隊全年都展現出卓越的專注力和敏捷性，並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，這些努力帶來了強勁的第四季度和 2025 財年業績。

Now, please turn to slide 6, where I'll speak to the financial highlights. We're very pleased to report that our fourth quarter results either met or exceeded our previously communicated outlook. To be specific, our non-GAAP gross margin of 9.4% and our non-GAAP diluted earnings per share of $1.67 both exceeded our outlook.

現在，請翻到第 6 張投影片，我將在那裡講解財務要點。我們非常高興地報告，我們第四季度的業績達到或超過了我們之前公佈的預期。具體來說，我們的非GAAP毛利率為9.4%，非GAAP稀釋後每股收益為1.67美元，都超過了我們的預期。

Furthermore, our revenue of $2.1 billion and our non-GAAP operating margin of 6.0% were both at the high end of our outlook. These strong quarterly results, as well as our performance throughout the year, contributed to our ability to achieve fiscal 2025 results in line with our expectations, as Jure mentioned at the beginning of the call.

此外，我們的營收為 21 億美元，非 GAAP 營業利潤率為 6.0%，均處於我們預期的高端。正如 Jure 在電話會議開始時所提到的那樣，這些強勁的季度業績以及我們全年的表現，使我們能夠實現 2025 財年預期業績。

Now, please turn to slide 7, where I'll speak to our P&L performance for the fourth quarter. As previously noted, we generated revenue of $2.1 billion which represents an increase of 3.9% year over year. This growth was primarily driven by broad-based demand across the majority of our end markets with particular strength in the communication networks and cloud and AI and markets which Jure will speak to in more detail in his prepared remarks.

現在，請翻到第 7 張投影片，我將在這裡談談我們第四季的損益表現。如前所述，我們創造了 21 億美元的收入，年增 3.9%。這一成長主要得益於我們大多數終端市場的廣泛需求，尤其是在通訊網路、雲端運算和人工智慧市場，Jure 將在他準備好的演講稿中更詳細地談到這些市場。

Non-GAAP gross profit was $196 million representing 9.4% of revenue and a 70-basis point improvement versus the same period a year ago. This expansion in our gross margin was a result of favorable product mix and ongoing operational efficiencies.

非GAAP毛利為1.96億美元，佔營收的9.4%，比去年同期提高了70個基點。毛利率的提升得益於有利的產品組合和持續的營運效率提高。

Non-GAAP operating expenses totalled $70 million slightly above our outlook, reflecting our continued strategic investments aimed at driving future growth. Non-GAAP operating income was $126 million or 6.0% of revenue, representing a 70-basis point improvement versus the same period a year ago. This improvement was driven by a combination of revenue growth, favorable mix, and disciplined execution.

非GAAP營運支出總計7000萬美元，略高於我們的預期，這反映了我們為推動未來成長而進行的持續策略投資。非GAAP營業收入為1.26億美元，佔營收的6.0%，比去年同期提高了70個基點。這項改善得益於收入成長、有利的產品組合和嚴格的執行。

Non-GAAP other income and expense resulted in a net expense of $5.1 million slightly above our outlook, largely due to foreign currency. And finally, non-GAAP diluted earnings per share was $1.67 based on approximately 54.9 million shares outstanding, representing a 16.7% increase compared to the same period a year ago.

非GAAP其他收入和支出導致淨支出為510萬美元，略高於我們的預期，主要是由於外匯波動。最後，根據約 5,490 萬股流通股計算，非 GAAP 稀釋後每股收益為 1.67 美元，比去年同期成長 16.7%。

Now please turn to slide 8, or I'll speak to our segment results. IMS revenue came in at $1.68 billion up 3.3% year over year. This was driven by growth across most and markets with particular strength in the communication networks and cloud and AI and markets. IMS's non-GAAP gross margin was 7.8%, up 50 basis points versus the same period a year ago.

現在請翻到第 8 張投影片，否則我將介紹我們的細分市場結果。IMS 營收達 16.8 億美元，年增 3.3%。這主要得益於大多數市場的成長，其中通訊網路、雲端運算和人工智慧市場表現尤為強勁。IMS 的非 GAAP 毛利率為 7.8%，比去年同期成長 50 個基點。

GPS revenue came in at $448 million up 7.3% year over year. And CPS non-GAAP gross margin was 14.5%, up 90 basis points versus the same period a year ago. The strong performance in CPS was driven by revenue growth, favorable mix, and ongoing operational efficiencies. While we're pleased with the performance of both the IMS and CPS businesses this quarter, we have not yet reached our full potential. We recognize the ongoing opportunity for further improvement in both revenue growth and margin expansion, which will remain key focus areas going forward.

GPS 營收為 4.48 億美元，年增 7.3%。CPS的非GAAP毛利率為14.5%，比去年同期成長了90個基點。CPS 的強勁表​​現得益於收入成長、有利的產品組合以及持續的營運效率提升。雖然我們對本季IMS和CPS業務的表現感到滿意，但我們尚未發揮出全部潛力。我們認識到在營收成長和利潤率擴張方面仍有進一步提升的空間，這些仍將是未來重點關注的領域。

Now, please turn to slide 9, where I'll speak to our P&L performance for fiscal 2025 as compared to the same period a year ago. At the beginning of the year when we provided our outlook for fiscal 2025, we said we expected revenue to grow high single-digits, that non-GAAP diluted earnings per share would grow faster than revenue, and that we'd generate strong cash flow. And I'm pleased to report that we delivered on all of those commitments.

現在，請翻到第 9 張投影片，我將在這裡談談我們 2025 財年的損益表現與去年同期相比的情況。今年年初，我們在發布 2025 財年展望時表示，我們預計收入將實現高個位數增長，非 GAAP 稀釋後每股收益的增長速度將超過收入增長速度，並且我們將產生強勁的現金流。我很高興地報告，我們兌現了所有這些承諾。

In fiscal 2025, we executed to our plan, and we continue to see positive trends as we move into fiscal 2026. Revenue for the 12 months increased by 7.4% year over year. This growth was driven by solid performance across the majority of our end markets with notable strength in the communication networks and cloud and AIN markets. Non-GAAP gross profit was $744 million or 9.2% of revenue, up 50 basis points compared to the prior year. Non-GAAP operating income was $465 million or 5.7% of revenue, up 30 basis points compared to the prior year. These improvements were the result of revenue growth, favorable product mix, and strong operational execution. Non-GAAP diluted earnings per share was $6.04 which equates to an increase of 14.4% year over year.

在 2025 財年，我們按計劃執行，隨著我們進入 2026 財年，我們繼續看到積極的趨勢。過去 12 個月的營收年增 7.4%。這一成長得益於我們在大多數終端市場的穩健表現，尤其是在通訊網路、雲端和 AIN 市場表現強勁。非GAAP毛利為7.44億美元，佔營收的9.2%，較上年成長50個基點。非GAAP營業收入為4.65億美元，佔營收的5.7%，較上年成長30個基點。這些改進得益於收入成長、有利的產品組合和強有力的營運執行。非GAAP稀釋後每股收益為6.04美元，較去年同期成長14.4%。

Now, please turn to slide 10, 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 continued to add to that strong foundation this quarter. Cash and cash equivalents were $926 million.

現在，請翻到第 10 張投影片，我將在那裡講解資產負債表的要點。多年來，Sanmina 一直擁有業內最強勁的資產負債表之一，本季我們繼續鞏固了這一堅實的基礎。現金及現金等價物為9.26億美元。

At quarter end, we had no outstanding borrowings on our $800 million dollar revolver, leaving us with substantial liquidity of approximately $1.8 billion. We ended the quarter with inventory, net of customer advances of $1.1 billion representing a 12.1% decrease in absolute dollar terms versus the same period a year ago.

截至季末，我們 8 億美元的循環信貸額度中沒有未償還的借款，使我們擁有約 18 億美元的充足流動資金。本季末，扣除客戶預付款後，庫存淨額為 11 億美元，與去年同期相比，以絕對美元計算下降了 12.1%。

Inventory terms, net of customer advances improved to 6.7 times for the quarter as compared to 5.7 times in the same period a year ago. Our non-GAAP pre-tax ROIC for the quarter was 28.3%, well above our weighted average cost of capital, and a sizable improvement from 23.0% in the same period a year ago.

扣除客戶預付款後，本季庫存週轉天數改善至 6.7 倍，去年同期為 5.7 倍。本季我們的非GAAP稅前ROIC為28.3%，遠高於我們的加權平均資本成本，並且比去年同期的23.0%有了顯著提高。

The company continued to be in a net cash position at the end of the quarter, and our gross leverage ratio was 0.32 times. This robust financial profile enables us to effectively execute on our strategic initiatives while still navigating macroeconomic uncertainties.

截至季末，公司仍保持淨現金頭寸，總槓桿率為 0.32 倍。穩健的財務狀況使我們能夠在應對宏觀經濟不確定性的同時，有效地執行我們的策略性舉措。

Now, please turn to slide 11, or I'll speak to the cash flow highlights. Thanks to the disciplined working capital management of the Sanminateam, cash flow from operations for the fourth quarter was $199 million and came in very strong for the fiscal year at $621 million. Net capital expenditures for the quarter were $62 million and totalled $142 million for the fiscal year or 1.8% of revenue. This is in line with historic levels of CapEx spending, which typically ranges between 1% to 2% of revenue.

現在，請翻到第 11 頁投影片，否則我將重點放在現金流狀況。由於 Sanminateam 的營運資金管理嚴格，第四季經營活動產生的現金流為 1.99 億美元，本財年現金流更是高達 6.21 億美元，表現非常強勁。本季淨資本支出為 6,200 萬美元，本財年淨資本支出總額為 1.42 億美元，佔營收的 1.8%。這與資本支出的歷史水準相符，通常佔收入的 1% 到 2%。

As we move forward into the new year, we remain committed to making strategic investments in the capabilities and technologies necessary to strengthen our market position and support our long-term financial goals. To that end, we anticipate ongoing targeted investments in both capacity and technologies across our operations in the US, India, and Mexico.

展望新的一年，我們將繼續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。為此，我們預計將在美國、印度和墨西哥的業務運營中，持續有針對性地投資於產能和技術。

Free cash flow for the quarter was $137 million and $478 million for the full fiscal year. We repurchased 1.44 million shares for $113.7 million for the year, and as of September 27, 2025, we had $239 million remaining under our authorized share repurchase program. Our strong cash flow performance has provided us with the financial flexibility to allow for continued investments in the business while also returning capital to shareholders, all within a disciplined and balanced capital allocation framework.

本季自由現金流為 1.37 億美元，全年自由現金流為 4.78 億美元。本年度我們以 1.137 億美元的價格回購了 144 萬股股票，截至 2025 年 9 月 27 日，我們根據授權的股票回購計畫還剩下 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，使我們能夠在維持穩健均衡的資本配置框架的前提下，繼續對業務進行投資，同時向股東返還資本。

Now, please turn to slide 13, where I'll speak to the transaction details around the ZT Systems acquisition. This is an exciting time for Sanmina as the acquisition of ZT Systems is truly transformative. It increases our scale, expands our capabilities, and enables us to capitalize on the significant growth opportunities in the cloud and AI and market.

現在，請翻到第 13 張投影片，我將在那裡談談 ZT Systems 收購案的交易細節。對 Sanmina 而言，這是一個令人興奮的時刻，因為收購 ZT Systems 具有真正的變革意義。它擴大了我們的規模，擴展了我們的能力，使我們能夠抓住雲端運算、人工智慧和市場領域的巨大成長機會。

On this slide, I'm comparing the original transaction details to our latest estimates as of the closing date, some of which are still pending a 90 day working capital through up process. First, as a result of the hard work and dedication of all the teams involved, we were able to close the transaction earlier than expected.

在這張幻燈片中，我將原始交易細節與我們截至交割日的最新估計進行了比較，其中一些交易仍在等待 90 天的營運資金周轉流程。首先，由於所有相關團隊的辛勤工作和奉獻精神，我們得以比預期更早完成交易。

Second, pending the working capital true up process I mentioned earlier and assuming a full earnout of the contingent consideration, we estimate the closing purchase price to be $2.05 billion which is based on $1.05 billion of net networking capital. The lower networking capital dollar amount is primarily the result of production seasonality, given the earlier than anticipated closing date, as well as discipline inventory management.

其次，在完成我之前提到的營運資本調整過程並假設或有對價全部支付後，我們估計最終收購價格為 20.5 億美元，這是基於 10.5 億美元的淨營運資本。網路資本金額較低主要是由於生產季節性因素、提前結束日期以及嚴格的庫存管理造成的。

Third, as we discussed in May, the purchase price reflects a premium of $300 million to the book value of the acquired network in capital and property plants and equipment with $150 million of this premium in cash and $150 million in Sanmina equity.

第三，正如我們在 5 月討論的那樣，收購價格較被收購網路的資本、固定資產和設備帳面價值溢價 3 億美元，其中 1.5 億美元為現金，1.5 億美元為 Sanmina 的股權。

At closing, AMD received approximately 1.15 million shares based on a share price of $130.32 calculated based on the volume weighted average price for the five trading days prior to closing. We believe that having AMD as a shareholder will only further align our interests, especially as it relates to our new strategic partnership. Lastly, as referenced earlier, there is also a contingent consideration of up to $450 million which is based on the financial performance of the business over the next 3 years.

交易結束時，AMD 獲得了約 115 萬股股票，按交易完成前五個交易日的成交量加權平均價格計算，每股價格為 130.32 美元。我們相信，AMD 成為股東只會進一步協調我們的利益，尤其是在我們新的策略夥伴關係方面。最後，如前所述，還有高達 4.5 億美元的或有對價，該對價取決於公司未來 3 年的財務表現。

Now, please turn to slide 14, where I'll speak to our strong balance sheet and liquidity position. As a result of our industry leading balance sheet, we were able to secure the necessary financing for this transaction on attractive terms.

現在，請翻到第 14 頁，我將在那裡談談我們強勁的資產負債表和流動性狀況。憑藉我們行業領先的資產負債表，我們得以以優惠的條件獲得此交易所需的融資。

This puts us in a position to capitalize on future opportunities both for ZT Systems and for the legacy Sanminabusiness. We secured a term loan of $2.0 billion of which $600 million is a delayed draw and a term loan B of $800 million. With these funds, we repaid Sanmina's existing term loan A, and at closing, we have $2.2 billion of funded debt. As a reminder, we are targeting a net leverage ratio of 1.0 times to 2.0 times over time with the goal of achieving an investment grade rating. At the end of the fourth quarter, stand-alone Sanmina had $926 million of cash and cash equivalents.

這使我們能夠抓住未來機遇，無論是對 ZT Systems 還是對原 Sanmina 業務而言。我們獲得了一筆 20 億美元的定期貸款，其中 6 億美元為延期提取，以及一筆 8 億美元的 B 類定期貸款。有了這些資金，我們償還了 Sanmina 現有的 A 類定期貸款，交易完成後，我們有 22 億美元的已融資債務。再次提醒大家，我們的目標是隨著時間的推移，將淨槓桿率控制在 1.0 倍至 2.0 倍之間，以期達到投資等級。截至第四季末，獨立營運的 Sanmina 擁有 9.26 億美元的現金及現金等價物。

As a part of the new financing structure, we also increased our revolver from $800 million to $1.5 billion. The combination of cash, our revolver, and the delayed draw on our term loan A gives us a significant amount of liquidity to support the growth of both ZT Systems and the legacy Sanmina business. Also, I want to emphasize our commitment to maintaining a healthy balance sheet, which means carefully managing the liquidity needed to invest in the business and capitalize on the strategic opportunities that further excel our position in the market with strong fiscal policies and controls.

作為新融資結構的一部分，我們也將循環信貸額度從 8 億美元增加到 15 億美元。現金、循環信貸額度以及延期提取的定期貸款 A 相結合，為我們提供了大量的流動資金，以支持 ZT Systems 和原 Sanmina 業務的成長。此外，我想強調我們致力於維持健康的資產負債表，這意味著要謹慎管理投資業務所需的流動性，並抓住策略機遇，透過強有力的財政政策和控制措施，進一步提升我們在市場上的地位。

Now please turn to slide 15 where I'll cover our first quarter 2026 outlook. Our guidance is based on current customer forecasts, 2 months of the ZT Systems acquisition and ongoing market uncertainties stemming from tariffs and the geopolitical landscape. Our first quarter outlook is as follows. We expect revenue between $2.9 billion to $3.2 billion. We expect legacy Sanmina revenue to be in the range of $2.05 billion to $2.15 billion which at the midpoint reflects 4.7% growth versus the same period a year ago. We expect ZT Systems to be in the range of $850 million to $1.05 billion for the two months after closing pending final accounting policy alignment.

現在請翻到第 15 頁，我將在那裡介紹我們 2026 年第一季的展望。我們的指導意見是基於當前的客戶預測、ZT Systems 收購後的兩個月情況以及關稅和地緣政治格局帶來的持續市場不確定性。我們第一季的展望如下。我們預計營收將在29億美元至32億美元之間。我們預計 Sanmina 的傳統業務收入將在 20.5 億美元至 21.5 億美元之間，其中數值反映出與去年同期相比成長 4.7%。我們預計，在完成最終會計政策調整後的兩個月內，ZT Systems 的營收將在 8.5 億美元至 10.5 億美元之間。

At the midpoint of $3.05 billion for the total company, that reflects 52% growth versus the same period a year ago. Non-GAAP operating margin of 5.6% to 6.1%. We expect other income and expense to be a net expense of approximately $23 million. An effective tax rate of 21% to 23%, which is up slightly from legacy Sanmina due to the US-based earnings pickup from ZT Systems. We estimate an approximate $4 million non-cash reduction to our net income to reflect our India joint venture partners' equity interest. Non-GAAP diluted earnings per share in the range of $1.95 to $2.25 based on approximately $56 million fully diluted shares outstanding.

公司總營收中位數為 30.5 億美元，較去年同期成長 52%。非GAAP營業利益率為5.6%至6.1%。我們預計其他收入和支出淨額約為 2300 萬美元。實際稅率為 21% 至 23%，由於 ZT Systems 在美國的獲利成長，比先前的 Sanmina 略有上升。我們預計淨收入將減少約 400 萬美元的非現金部分，以反映我們在印度的合資夥伴的股權。根據約 5,600 萬股完全稀釋後的流通股計算，非 GAAP 稀釋後每股收益在 1.95 美元至 2.25 美元之間。

At the midpoint of $2.10 that represents a 46.3% increase versus the same period a year ago. Capital expenditures are expected to be around $85 million as we continue to invest strategically to support our future growth expectations. And finally, depreciation of approximately $45 million. In summary, we're very pleased with our Q4 and fiscal 2025 performance as we've made great progress towards our financial goals. Also, now that we've completed the ZT Systems acquisition, we're very excited about our growth potential both in that part of the business and the legacy Sanmina business too.

以 2.10 美元的中點計算，這比去年同期增長了 46.3%。預計資本支出約為 8500 萬美元，我們將繼續進行策略性投資，以支持我們未來的成長預期。最後，還有大約 4500 萬美元的折舊。總而言之，我們對第四季和 2025 財年的業績非常滿意，因為我們在實現財務目標方面取得了巨大進展。此外，既然我們已經完成了對 ZT Systems 的收購，我們對這部分業務以及原有的 Sanmina 業務的成長潛力感到非常興奮。

And with that, let me turn the call back over to jure.

那麼，現在讓我把電話轉回給jure。

Thank you, Jon. Ladies and gentlemen, let me add more comments about the results for fiscal year 2025 and also, I'll talk to you what we are planning to do for fiscal year 2026 and beyond.

謝謝你，喬恩。女士們、先生們，讓我再補充一些關於 2025 財年業績的評論，另外，我還會和大家談談我們 2026 財年及以後的計劃。

As Sanmina completed a position of ZT System data center AI infrastructure business from AMD last week. So, before I talk about our results, I would like to take this opportunity to welcome ZT System team to Sanmina's family. As we said, together, now we are a stronger company. And I can tell you this is an exciting time for all of us.

上週，Sanmina 完成了對 AMD 旗下 ZT System 資料中心 AI 基礎設施業務的收購。所以，在談到我們的結果之前，我想藉此機會歡迎 ZT System 團隊加入 Sanmina 大家庭。正如我們所說，團結一致，我們現在是一家更強大的公司。我可以告訴大家，這對我們所有人來說都是一個令人興奮的時刻。

Please turn to slide 17. As you heard from John, we delivered strong results for the fourthquarter, revenue, non-GAAP operating margin at the high end of our outlook. A non-GAAP gross margin and non-GAAP diluted EPS exceeded our outlook. For fiscal year 2025 was a good year for Sanmina. Most importantly is that we positioned our company for a better and stronger future. In summary, our consistent execution is driving financial performance.

請翻到第17頁。正如約翰所說，我們第四季業績強勁，營收和非GAAP營業利潤率均達到預期上限。非GAAP毛利率和非GAAP稀釋後每股盈餘都超出預期。對Sanmina來說，2025財年是業績不錯的一年。最重要的是，我們為公司更美好、更強大的未來做好了準備。總之，我們始終如一的執行力正在推動財務績效的成長。

Please turn to slide 18. Let me talk to you about revenue by end market for the fourth quarter of fiscal year '25. Industrial, energy, medical, defense, aerospace, and automotive segments have been very consistent segment for us. For a quarter, there was 59% of our revenue, and for a year, there was 62%. For a year we saw the growth 2.2% year over year. Communication networks and cloud and AI infrastructure, overall, we had a strong demand with that was 41% of our quarterly revenue. And for a year that was 38%, and we saw great growth of 17% year over year.

請翻到第18頁幻燈片。讓我來談談 2025 財年第四季按終端市場劃分的營收。工業、能源、醫療、國防、航空航太和汽車產業一直是我們非常穩定的業務部門。季度營收的 59%，年度營收的 62%。一年內，我們實現了同比增長 2.2%。通訊網路、雲端運算和人工智慧基礎設施整體需求強勁，占我們季度營收的 41%。這一年增長率為 38%，年增 17%。

For fiscal year 25, TOP10 customers represented 51.7% of our revenue. As you can see, we are well diversified and no customers over 10%. Overall, bookings were solid. Book to build came around 1 to 1. We see very positive trends for the future. To tell you more about it, please turn to slide 19. As we look at our end markets, we see positive trends. For industrial and energy, we have strong customer base. A new project in the pipeline that should drive the growth in fiscal year '26. For medical, we're well diversified within the market itself, and we expect to see nice growth in fiscal year '26. For defense and aerospace, we continue to see solid demand.

在第 25 財年，前 10 名客戶占我們營收的 51.7%。如您所見，我們的業務多元化程度很高，沒有一個客戶的佔比超過 10%。整體而言，預訂情況良好。這本書的建造比例大約是 1:1。我們看到未來發展趨勢非常正面。想了解更多詳情，請翻到第 19 頁投影片。從終端市場來看，我們看到了正面的趨勢。我們在工業和能源領域擁有強大的客戶基礎。一個正在籌備中的新項目預計將推動 2026 財年的成長。在醫療領域，我們在市場內部實現了良好的多元化，我們預計在 2026 財年將取得良好的成長。國防和航空航太領域的需求仍然強勁。

This segment continues to do well, from technology components segment to a full system assembly. Automotive transportation short-term we see some sadness in the market. But we do have a great customer base. And some good new opportunities and we expect to see some growth in fiscal year '26. For communication networks and cloud and AI infrastructure, overall, we saw a strong demand for high performance switches and enterprise storage.

從技術組件到整套系統組裝，這一領域持續表現良好。短期來看，汽車運輸市場出現了一些低迷跡象。但我們的確擁有龐大的客戶群。還有一些不錯的新機遇，我們預計在 2026 財年將看到一些成長。整體而言，通訊網路、雲端和人工智慧基礎設施對高效能交換器和企業級儲存的需求強勁。

We're also growing our optical advanced packaging. And we have a strong pipeline for the second half of calendar year 26 and calendar year 27. For cloud and AI infrastructure, we feel good about the future. New programs will drive the growth for calendar year 26 and beyond.

我們也在發展光學先進封裝技術。我們為 2026 年下半年和 2027 年制定了強而有力的計畫。對於雲端運算和人工智慧基礎設施，我們對未來充滿信心。新項目將推動2026年及以後的成長。

Please turn to slide 20. Now let me talk to you a little bit more about Sanmina AIZT system. This strategic acquisition from AMD complements Sanmina Advanced cloud AI technology and gives us the ability to do full system integration at scale. Our strategy is to provide industry leading capabilities from design to full system end to end solutions for cloud, AI infrastructure and markets. As you can see in this slide, what Sanmina brings to the table. Combining the ZT is providing end to end. We get involved early stage of product design.

請翻到第20頁。現在讓我再跟大家詳細談談Sanmina AIZT系統。此次從 AMD 進行的策略性收購完善了 Sanmina 的先進雲端 AI 技術，使我們能夠大規模地進行完整的系統整合。我們的策略是為雲端、人工智慧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。正如你在這張投影片中看到的，Sanmina 能帶來什麼。ZT 的結合提供了端到端的解決方案。我們在產品設計的早期階段就介入其中。

We are expanding this group and we're transferring a fair amount of engineering individuals to our Viking enterprise that will support the ZT going forward. We provide high-tech technology printer circuit boards. We provide high-tech technology board assembly and tests. We provide mechanical racks enclosure, both custom and open compute. We provide liquid comp liquid cooling both with our partners and ourselves.

我們正在擴充這個團隊，並將相當數量的工程人員轉移到我們的 Viking 企業，以支持 ZT 的未來發展。我們提供高科技印表機電路板。我們提供高科技電路板組裝和測試服務。我們提供機械機架外殼，包括客製化和開放式計算設備。我們透過與合作夥伴合作以及自主研發的方式提供液冷系統。

We provide server and storage both from a joint development with our customers through ODM. Custom memory, custom optical modules, all the way to the full system. And you can see why ZT system aligns very well with Sanmina's strategic growth priorities. And as Jon said, we will continue to invest in this key and market.

我們透過與客戶共同開發ODM方案，提供伺服器和儲存解決方案。客製化記憶體、客製化光碟機模組，直到整套系統。因此，您不難理解為什麼 ZT 系統與 Sanmina 的策略性成長重點非常契合。正如喬恩所說，我們將繼續投資於這個關鍵市場。

Please turn to slide 21. Let me talk to you right now about priorities for 26, actually today. Number one is focus on our customers. Part of our strategy is always to focus on our customers and build around customer needs. We have a strong long-term partnership with many market leaders already. We're expanding our customer base in these key markets. And our technology is continued to be competitive advantage as we've been investing and we'll continue to invest in a key technologies.

請翻到第21頁。讓我現在就和你們談談26日的優先事項，實際上是今天。第一要關注我們的客戶。我們策略的一部分始終是專注於客戶，並圍繞客戶需求進行建立。我們已與許多市場領導者建立了牢固的長期合作關係。我們正在這些重點市場擴大客戶群。我們的技術將繼續保持競爭優勢，因為我們一直在投資關鍵技術，並將繼續投資。

Number two is to how we're going to execute on ZT system opportunities. As we said, we believe there's a lot of great opportunities in front of us. First of all, we're keeping the same. Management team at ET. They will be led by our founder, Frank Zhang. He's been running this operation for 30 years plus. We learned a lot about the management, and we believe with additional help from our President, Chief Operating Officer Mike Landy, I believe we have a number one theme in a company to to really lead this organization going forward. We expect very smooth integration of ZT systems with Sanmina. And as we both said, Jon and I, we have large opportunities for ZT system right in front of us to build on.

第二點是我們將如何掌握零排放系統所帶來的機會。正如我們所說，我們相信眼前有許多絕佳的機會。首先，我們保持不變。ET的管理團隊。他們將由我們的創辦人張先生領導。他經營這項業務已經超過30年了。我們對管理有了很多了解，我們相信，在總裁兼營運長麥克蘭迪的額外幫助下，我們已經找到了公司最重要的主題，可以真正引領這個組織向前發展。我們預計 ZT 系統與 Sanmina 的整合將非常順利。正如我和喬恩所說，ZT 系統在我們面前擁有巨大的發展機會。

And number three for us is to drive the profitable growth. It's easy to get the growth but driving the right segments to allow us to improve the to have a customer they're going to be with us for many years, but also to improve the margin. We are optimizing our capital structure to drive the growth in the next 2 to 3 years, 26 or 28. ZT Systems, as John said current annual run rate revenue is about $5 billion to $6 billion.

對我們來說，第三點是推動獲利成長。要實現成長很容易，但要推動正確的細分市場，才能讓我們擁有一個能夠與我們長期合作的客戶，同時也能提高利潤率。我們正在優化資本結構，以推動未來 2 到 3 年、26 或 28 年的成長。正如約翰所說，ZT Systems 目前的年運行收入約為 50 億至 60 億美元。

Last quarter, we told you that within the next 3 years, we would double Sanmina revenue to around $16 billion. Now, we see opportunity to do it sooner within the next 2 years. As I mentioned, we are focused on margin expansion by delivering competitive advantage for our customers. Short-term, we forecast the margin to be in a range of 5.6% to 6.1% plus. Longer-term, we expect to expand our margin, and our goal to be in a range of 6% to 7% plus. In a simple English, our strategy is to build a bigger and stronger company for the future.

上個季度，我們告訴大家，未來 3 年內，我們將把 Sanmina 的營收翻一番，達到約 160 億美元。現在，我們看到了在未來兩年內提前實現這一目標的機會。正如我之前提到的，我們專注於透過為客戶提供競爭優勢來擴大利潤率。短期內，我們預測利潤率將在 5.6% 至 6.1% 以上。從長遠來看，我們希望擴大利潤率，目標是達到 6% 到 7% 以上。簡單來說，我們的策略是為未來打造一個更大更強大的公司。

Please turn to slide 22. In summary, we finished the fiscal year 2025 with a strong momentum. We're focused on executing and transformation from position of strength. For growth, we expect legacy Sanmina business to continue to grow high single-digits. And we expect solid growth in cloud and AI and market in the second half of calendar year 26 and continue through calendar year 27 and beyond.

請翻到第22頁。總而言之，我們以強勁的發展勢頭結束了 2025 財年。我們專注於從優勢地位出發，執行和轉型。對於成長而言，我們預計 Sanmina 的傳統業務將繼續保持高個位數成長。我們預計雲端運算和人工智慧市場將在 2026 年下半年實現穩健成長，並持續到 2027 年及以後。

Our capabilities in cloud and AI will bring solutions from concept to development with quality, speed, and flexibility at scale. This is competitive advantage for Sanmina. Also, Sanmina has efficient manufacturing footprint. It is aligned to support customers, global production requirements, and we have strong USA presence in place. Overall, great opportunities to drive profitable growth.

我們在雲端運算和人工智慧方面的能力將以高品質、高速度和高靈活性，大規模地提供從概念到開發的解決方案。這是Sanmina的競爭優勢。此外，Sanmina擁有高效率的生產佈局。它旨在支援客戶、滿足全球生產需求，並且我們在美國擁有強大的業務基礎。整體而言，存在著推動獲利成長的巨大機會。

So, ladies and gentlemen, now I would like to thank you all for your time and support. Operator, we're not, we're now ready to open the lines for questions and answers.

女士們、先生們，現在我要感謝大家抽空給予支持。接線員，我們現在已經準備好開通問答熱線了。

Thank you again.

再次感謝。

(Operator Instructions) Ruplu Bhattacharya. BofA.

（操作說明）Ruplu Bhattacharya。美國銀行

Hello. Hi Jure, hey, thanks for taking my questions. Congrats on the closing the ZT Systems acquisition. Just to confirm, did you say that it's still at a $5 to $6 billion annual run rate, and one of the slides says that it's at corporate average margins. You're guiding margins, operating margin to 5.9%. Should we assume that the ZT systems business is also in that range of high 5%? So around 5.9% operating margin. So can you just first confirm the revenue and operating margins for the ZT system?

你好。嗨 Jure，謝謝你回答我的問題。恭喜完成ZT Systems的收購。我確認一下，您剛才說它的年運行率仍然保持在 50 億至 60 億美元之間，而且其中一張幻燈片上說它的利潤率達到了企業平均水平。你們的指導利潤率，營業利益率達到 5.9%。我們是否應該假設 ZT 系統業務也處於 5% 以上的高位區間？因此，營業利益率約為 5.9%。那麼，您能否先確認ZT系統的營收和營業利益率呢？

Well, first of all, thank you for a compliment. I'm very excited about ZT acquisitions. We got to know the team at ZT. We got an excellent people there and it fits to our culture, so we're really excited in front of us. Maybe I'll turn it over to Jon when it comes to the margins, but we are very optimistic. Go Ahead.

首先，謝謝你的讚美。我對ZT的收購感到非常興奮。我們認識了ZT團隊。我們在那裡找到了非常優秀的人才，而且這與我們的企業文化很契合，所以我們對未來的發展感到非常興奮。利潤方面或許我會交給 Jon 處理，但我們非常樂觀。前進。

Yeah, Group on the first point about the revenues, so we did want to give some color on ZT systems for that two month, and we guided a range of $850 million to $1.05 billion. You take that midpoint to $950 for the two months and annualize it, puts you to like $5.7 billion. So, check the box, we said that we close in that $5 to $6 billion dollar run rate on an annual basis, and we did that.

是的，關於集團的第一點收入，我們確實想對ZT系統這兩個月的收入狀況做一些說明，我們給出的預期範圍是8.5億美元至10.5億美元。以這兩個月的中點 950 美元為基準，年化後約為 57 億美元。所以，勾選這個選項，我們說過要將年收入控制在 50 億至 60 億美元之間，我們也做到了。

And then to your second question on the margin profile, like as it shows on the slide, we expect ZT, we can, guided on a combined basis, but said that, ZT is in line with Sanina. So yes, the short answer to the question is, we expect both sides of the business to be within that 56 to 6.1 range.

至於你提出的第二個關於利潤率的問題，就像幻燈片上顯示的那樣，我們預計 ZT，我們可以，在綜合的基礎上進行指導，但話說回來，ZT 與 Sanina 一致。所以，是的，這個問題的簡短回答是，我們預期業務的雙方都將在 56 到 6.1 的範圍內。

Okay great for my next question, can I ask on the legacy business if we look at the guide Jon for the first quarter, 2.05 to 2.15, so it's growing like mid-single-digits at this point in in the first quarter, but I think one of the slides. Later on talks about the legacy business grows high single-digits. Is that, are you expecting high single-digit growth for the legacy business X ZT in fiscal '26 and what drives, if so, what drives that acceleration in the second half for the legacy business?

好的，我的下一個問題，關於傳統業務，如果我們看一下 Jon 的第一季業績指引，2.05 到 2.15，那麼在第一季度的這個階段，它的增長率大約是中等個位數，但我認為其中一張幻燈片。後來，關於傳統業務的討論逐漸增多，達到個位數百分比。也就是說，您是否預期傳統業務 X ZT 在 2026 財年實現高個位數成長？如果是，是什麼因素推動了傳統業務在下半年的加速成長？

Yeah, that's exactly right, Ruplu, and you know we just closed ZT a week ago, so we didn't want to touch too much on a full year basis for that, but we'll come back in January in our next earnings call and give some more specifics. But at least for the legacy Sanmina business, very similar to how we guided fiscal year 2025, we expect 26 to have revenue growth in that high single-digit range. To your point, the midpoint would be just shy of 5%, so in the mid single-digit range, but we expect that to accelerate. And that's based on all the opportunities that Jure spoke to on the end market slide. We see a lot of opportunity ahead. In the first quarter here it'll be more in that mid-range, but as we continue on throughout the year, particularly into the back half or the second half of the fiscal year, we expect that to accelerate.

是的，Ruplu，你說得完全正確。你也知道，我們一周前剛完成了 ZT 的收購，所以我們不想過多地談論全年業績，但我們會在 1 月份的下一次財報電話會議上提供更多細節。但至少對於傳統的 Sanmina 業務而言，與我們對 2025 財年的預測非常相似，我們預計 2026 年的營收成長將達到較高的個位數。正如您所說，中點略低於 5%，也就是個位數中段，但我們預期這一趨勢將會加速。這是基於 Jure 在終端市場幻燈片中提到的所有機會得出的結論。我們看到未來有很多機會。第一季度，這個數字會更接近中等水平，但隨著全年的推進，特別是進入下半年，我們預計這個數字會加快成長。

Yeah, if I can add to that, definitely we're seeing more positive activities as we go into next year around industrial energy, medical defense continued to be stable. We are expanding our components capabilities there. Our military circuit boards are doing well, very profitable business, automotive only short-term is slightly down, excuse me, but we do have some new programs that will offset that.

是的，我還可以補充一點，進入明年，我們肯定會看到工業能源領域出現更多積極的活動，醫療國防領域也持續保持穩定。我們正在擴大在那裡的零件生產能力。我們的軍用電路板業務發展良好，利潤非常豐厚；汽車業務短期內略有下滑，抱歉，但我們有一些新項目可以彌補這一損失。

Communication networks and cloud AI infrastructure without a ZT was really looking at the integration infrastructure, but if you look at the AI what Sanmina provides, including our capabilities around the storage ODM. Circuit boards, mechanical rocks, that part of the business is very active right now, and we expect it to grow more than we did last year. So overall we feel very strong with Sanmina.

沒有 ZT 的通訊網路和雲端 AI 基礎設施實際上關注的是整合基礎設施，但如果你看看 Sanmina 提供的 AI，包括我們在儲存 ODM 方面的能力。電路板、機械零件，這部分業務目前非常活躍，我們預計其成長速度將超過去年。總的來說，我們對Sanmina充滿信心。

A legacy business and also, we've been, as we said last year, our goal is how do we take this business back to the $9 $10.11 $12 billion dollar run rate. That's our still plan. So, the key for Sanmina is to be a diversified company, not just to depend on one segment of the market or not. So we're excited about the growth. We're excited about what we can build around the AI with the ZT, and I said earlier. It fits like a glove, and most important, we have great management in there. We're going to be investing. Well, first of all, AMD invest a fair amount of money in last year plus, and we'll continue to do that. And we have, some of the best capabilities for new technology that is coming out the end of this year in the future. So overall, I think there's a lot of upside. It's all about how well do we execute.

這是一個歷史悠久的企業，而且，正如我們去年所說，我們的目標是如何讓這項業務恢復到 90 億美元、101.1 億美元、120 億美元的年化水準。那仍然是我們的計劃。因此，Sanmina 的關鍵在於成為一家多元化公司，而不僅僅依賴某個細分市場。所以我們對這一增長感到興奮。我們對能夠圍繞 ZT 的 AI 構建的東西感到興奮，正如我之前所說。它非常合身，最重要的是，我們的管理團隊非常出色。我們將進行投資。首先，AMD在去年投入了相當多的資金，我們將繼續這樣做。我們擁有一些最先進的新技術能力，這些技術將於今年年底及以後問世。所以總的來說，我認為有很多上升空間。關鍵在於我們執行得如何。

Okay, if we put all of what you said together, so if the legacy business grows high single-digits, that would be about 8.9 billion in fiscal 26, and then ZT is 5.7 at the midpoint like Jon said. So, total for fiscal '26 looks like the implied guidance is about $14.5 billion or $14.6 billion. Did you say then that looking forward, the comment that you made, Jure on the 16 billion one year ahead of time, so are we essentially saying that that $14.5 billion in fiscal '26 can then grow to $16 billion, so about 10% year on year growth between fiscal '26 and fiscal 27?

好的，如果我們把您說的所有內容放在一起，那麼如果傳統業務以接近兩位數的速度增長，那麼在 2026 財年將達到約 89 億美元，然後 ZT 的中點就像 Jon 說的那樣是 57 億美元。因此，2026 財年的總業績預期約為 145 億美元或 146 億美元。那麼，您當時是說，展望未來，您之前提到的160億美元，是指一年後達到160億美元，所以我們實際上是在說，2026財年的145億美元可以增長到160億美元，也就是2026財年到2027財年之間大約10%的年增長率嗎？

First of all, I'm very optimistic what's in front of us. Okay, that's number one. Number two, we're going to give you a lot more chance. Said we're going to give you a lot more details in January because we just, as for legal reasons we couldn't get all the details about forecast and so on and so we'll share a lot more with you in January. But looking at what's in front of us, we basically said about 6 months ago or 3 months ago. I think we can double the size of Sanmina within 3 years. What we see in front of our legacy business plus what we believe that we can grow around ZT plus AI opportunities that are in a pipeline that we can accomplish that hopefully in the next 2 years. So that's all I'm saying.

首先，我對眼前的前景非常樂觀。好的，這是第一點。第二，我們會給你更多機會。我們說過，一月份我們會提供更多細節，因為出於法律原因，我們無法獲得所有關於預測等方面的細節，所以我們會在一月份與大家分享更多資訊。但看看我們眼前的情況，我們基本上是在大約 6 個月前或 3 個月前說的。我認為我們可以在 3 年內將 Sanmina 的規模擴大一倍。我們看到，在我們現有的傳統業務基礎上，加上我們相信可以圍繞 ZT 和人工智慧發展壯大的機會，我們有望在未來 2 年內實現這些目標。這就是我要說的全部。

Right, and the two years would put it at calendar 27 for the 16, yeah, okay, but maybe one last question.

好的，兩年後就是日曆上的第 27 年（16 年），好的，但也許還有一個問題。

Let me just say what we'll trust me we're going to give you a lot more information in January.

我只想說，請相信我，我們將在1月提供更多資訊。

Okay, understood, thanks for the details. Let me just ask one more quick question on working capital because you're taking on working capital, Jon, how should we think about cash conversion cycle, and free cash flow going forward? Thanks.

好的，明白了，謝謝你的詳細說明。Jon，既然你談到了營運資金，那我再快速問一個關於營運資金的問題，我們該如何看待現金週轉週期和未來的自由現金流？謝謝。

Yeah, I mean, first of all, I'm very pleased with how we performed in Q4 and all fiscal year 25, right? Jure and I both talked about that, cash flow from operations for the whole year being at $621 million which you don't see very often when you're driving growth, and we drove revenue growth to 7%. So our cash conversion cycle, exiting Q4 is back in the 50s, which is a good place to be. That's where we wanted to get to. Now we still see some room for improvement, and I'm talking about the legacy business right now. We still see the opportunity to generate cash from that perspective. And for ZT, it'll really depend, as Jure was saying at this point we're just guiding Q1 because we just closed the transaction last week. Now depending on growth and working capital needs, that might become a draw on cash, but we think we're in a good position, right now. So bottom line being legacy business, continue to expect to to generate cash flow from from operations and ZT more more to come on what we think for the full year and what that'll mean from a cash perspective.

是的，我的意思是，首先，我對我們在第四季以及整個2025財年的表現非常滿意，對吧？Jure 和我都談到了這一點，全年的經營現金流為 6.21 億美元，這在推動成長時並不常見，而且我們的營收成長達到了 7%。因此，截至第四季末，我們的現金轉換週期已回升至 50 左右，這是一個不錯的水平。那就是我們想到達的地方。現在我們仍然看到一些改進的空間，我指的是傳統業務。我們仍然看到從這個角度創造現金流的機會。至於 ZT，這真的要看情況，正如 Jure 所說，目前我們只是對第一季做出預測，因為我們上週才完成交易。現在，根據成長情況和營運資金需求，這可能會消耗現金，但我們認為我們目前處境良好。所以，歸根結底，對於傳統業務，我們預計將繼續從營運中產生現金流，而對於 ZT，我們將對全年情況進行更多分析，並說明從現金角度來看這意味著什麼。

Okay, thank you for all the details, really appreciate it. Thanks a lot.

好的，非常感謝您提供的所有細節，真的非常感謝。多謝。

(Operator Instructions) Steven Fox, Fox Advisors.

（操作說明）史蒂文‧福克斯，福克斯顧問公司。

Hi good afternoon, everyone couple questions for me so without putting numbers around it, I was just curious, how you think about the opportunity to rebuild the accelerated compute arm of ZT. There's been, I guess, public questions about the ability to do that, relative competition. And there were some hints in here, but I was just wondering how we should think about how long that takes to sort of get going and how broad you can be with the opportunity, and then I had a follow-up please.

大家好，下午好，我有幾個問題想問大家，不涉及具體數字，只是好奇，你們如何看待重建 ZT 加速計算部門的機會？我想，大眾對這種能力以及相對競爭情況提出了質疑。這裡有一些暗示，但我只是想知道我們應該如何考慮啟動這個過程需要多長時間，以及你可以將機會擴展到多廣，然後我還有一個後續問題。

Yeah, first of all, as I said, I'm very excited about the talent that that we got through in the ZT acquisitions. So this is a very strong team, the founder is going to stay with us to help us take this business to the next level. He's excited. I'm excited. We're putting a great team around it. We're going to invest in it. We are also taking our, Viking Enterprise Group, and moving it over to support, ZT, as ZT is an ODM, operations.

首先，正如我所說，我對我們在 ZT 收購中獲得的人才感到非常興奮。所以這是一支非常強大的團隊，創辦人將繼續和我們在一起，幫助我們把這項業務提升到一個新的水平。他很興奮。我很興奮。我們正在組建一支優秀的團隊。我們將投資這個項目。我們也將把我們的 Viking Enterprise Group 轉移到支援 ZT 的營運中，因為 ZT 是一家 ODM 公司。

And we also transfer in a fair amount. We have an engineering services group. We're going to transfer a big portion of that into the Viking to build the Viking team bigger so that we have a stronger engineering team and we are hiring, to really drive our ODM business. At a high level. So, Sanmina has a lot of technology and the goal here for us, to provide and basically connect these two together, from a system, architecture, electrical, mechanical design. Providing, as especially in AI, there's a demand for a lot of high technology circuit boards.

我們也匯入了相當數量的資金。我們有一個工程服務團隊。我們將把其中很大一部分資金轉移到 Viking 項目，以壯大 Viking 團隊，從而擁有更強大的工程團隊，我們正在招聘，以真正推動我們的 ODM 業務。高水平。所以，Sanmina 擁有很多技術，而我們的目標是提供並將這兩者從系統、架構、電氣、機械設計等方面連接起來。尤其是在人工智慧領域，對高科技電路板的需求量很大。

We believe we can add value there through assembly of the subsystems through mechanical design around the liquid cooling. We're using partners in some of our own rock enclosures, both customs and open compute. You know a lot about the Viking storage. We also have a Viking technology around, custom memory, custom optical modules, and we believe, buzz bars, we believe all of these things will help us improve the margin, for our communication and AI business. So, a lot of work in front of us, but good things don't happen easy Steve.

我們相信，透過圍繞液冷進行機械設計，組裝子系統，我們可以增加價值。我們在一些我們自己的岩石外殼中與合作夥伴合作，包括客製化的和開放式的計算。你對維京人的儲藏方式了解很多。我們還擁有 Viking 技術、客製化記憶體、客製化光模組，我們相信，所有這些技術，包括 Buzz Bar，都將有助於我們提高通訊和人工智慧業務的利潤率。所以，我們面前還有很多工作要做，但好事不會輕易發生，史蒂夫。

Yeah, absolutely not, I guess just to interpret what you said though, Jure, is that you're implying that you need to pull the full system solution from soups to nuts together first before you can then sort of go after the accelerated compute business again. Is that fair to say?

是的，絕對不是。不過，Jure，我理解你的意思，你的意思是說，你需要先把整個系統解決方案從頭到尾整合起來，然後再去進軍加速計算業務。這樣說公平嗎？

No, we're going to go out first of all, we have a great partner to, with AMD through NPI so we into that part right away. And we are expanding our engineering team to work with, AMD and other platforms immediately. Yes, we have to, as ZT had a, big engineering team, and we expect to to build that whatever is necessary to be able to support our customer requirements.

不，我們首先要出去，我們還有一個很棒的合作夥伴，透過 NPI 與 AMD 合作，所以我們會立即進入這個領域。我們正在擴充工程團隊，以便立即與 AMD 和其他平台合作。是的，我們必須這樣做，因為 ZT 擁有一支龐大的工程團隊，我們希望能夠建立任何必要的系統來滿足客戶的需求。

That's helpful. And then just on the cash flows and the transaction, just to be clear, Jon, the $2 billion dollar purchase price is that close to what the final number would be, or could it bloom back to 3? And then when we think about cash flows, I, it sounded like you can grow cash flows on Legacy Semina. And then depending on growth, we'll see if you need to invest in working capital on the ZT business. Am I reading all that right if you can provide some color there? Yeah.

那很有幫助。然後，就現金流和交易而言，Jon，為了明確起見，20億美元的收購價格與最終數字非常接近，還是有可能回升到3億美元？然後，當我們考慮現金流時，我感覺 Legacy Semina 的現金流似乎可以成長。然後，根據成長情況，我們會看看你是否需要為 ZT 業務投資營運資金。我理解的對嗎？如果可以的話，請您補充一些細節。是的。

You got that correct, Steve. So, on the first point, I don't think the number will move too much. So, it's subject to a 90-day true up process, and that's because we're closing in the middle of the quarter, we worked on some estimates, so we'll have to work through that to reconcile it, but I wouldn't expect it to move materially.

你說得對，史蒂夫。所以，關於第一點，我認為這個數字不會有太大變化。因此，它需要經過 90 天的調整過程，這是因為我們在季度中期完成結算，我們做了一些估算，所以我們必須解決這個問題來進行核對，但我預計它不會有實質性的變化。

So that should be pretty close to where we land. And then as far as future cash flow generation, yeah, and the legacy side of the business, still some opportunity to generate cash even though we'll be growing, this year we made huge progress in inventory this past year, I mean in fiscal 2025, and that's how we were able to generate the $621 million. Now, there's not as much opportunity as that anymore, but we still think we can generate cash. And then ZT, yeah, still early days just closed a week ago, we'll see how the trajectory of the business continues, particularly as we get into the back half, and that could become a use of cash, but more, as we guide each quarter we'll provide more specifics on that.

所以，這應該跟我們的著陸點差不多。至於未來的現金流產生，是的，以及業務的傳統方面，即使我們將繼續成長，仍然有一些產生現金的機會。去年，我們在庫存方面取得了巨大的進步，我是指在 2025 財年，這就是我們能夠產生 6.21 億美元收入的原因。現在機會不如以前那麼多了，但我們仍然認為我們可以創造現金流。至於 ZT，是的，目前還處於早期階段，一周前剛結束交易，我們將觀察業務的發展軌跡，尤其是在下半年，這可能會消耗現金，但更多細節，我們將在每個季度的業績指引中提供。

Great, thank you very much.

太好了，非常感謝。

Thanks, Steve.

謝謝你，史蒂夫。

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

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

Hello.

你好。

Hi, thank you for taking my question and congrats on crossing that.

您好，感謝您回答我的問題，也恭喜您成功跨越了那道坎。

The city systems application so early. Well, you mentioned you see a lot of air opportunity in the pipeline for ZT systems. What do you see potential beyond what you currently have in there? Okay.

城市系統應用開發得這麼早。您提到您認為 ZT 系統在航空領域有許多發展機會。你覺得除了目前擁有的之外，還有哪些潛在的可能性？好的。

Could you repeat the question, Anja.

安雅，你能再說一次問題嗎？

Yeah, you see a lot of the air op opportunity in the pipeline for the ZT systems. Yes. What kind of opportunities do you see there?

是的，你可以看到 ZT 系統在空中作業方面有很多機會正在醞釀中。是的。你認為那裡有哪些機會？

Okay. Well, first of all, we've been building our capability to support the data center AI all the way from high-tech technology boards to assembly, mechanical, liquid cooling, ODM, JDM, and so on, both in a custom memory, and custom optical modules we've been expanding it.

好的。首先，我們一直在建立支援資料中心人工智慧的能力，從高科技電路板到組裝、機械、液冷、ODM、JDM 等等，無論是在客製化記憶體還是客製化光模組方面，我們都一直在擴展這項能力。

ZT brings to us is that complete, what we call strategic acquisition. That compliments I mean advanced cloud AI technology that gives us the ability to fill system integration at scale. We have that today. So when you really look at the ZT today, specifically, there, there's a great opportunities in a pipeline that will allow us to really to grow in, 26, 27, 28, let me, let's focus on the next three years. Who knows what's going to happen five years from now, but at least next three years, we see a lot of opportunities that based on our capabilities today, we can compete in this segment with anybody.

ZT 為我們帶來的是完整的，我們稱之為策略性收購。我的意思是，先進的雲端人工智慧技術使我們能夠大規模地完成系統整合。我們今天就擁有了這一點。所以，當你真正審視今天的 ZT 時，你會發現，這裡有一個巨大的發展機遇，它將使我們在 26、27、28 年真正成長。讓我們聚焦未來三年。誰也不知道五年後會發生什麼，但至少在未來三年內，我們看到了很多機會，憑藉我們目前的能力，我們可以在這個領域與任何人競爭。

And especially as I said earlier, I think the key for us is to make sure that we execute on these opportunities, and I have a very high confidence because we have a strong leadership in there. We're basically letting them go ahead and take it to the next level. We took one of our top managers from Sanmina that ran all our IMS business for the last 25 years. To basically help us together with the founder to take this to the next level. So opportunities are great, a lot of work in front of us, but we're excited. We think we can build something big, something good that's going to be good for our employees, for our investors, and we'll be able to provide some great capabilities for our customers and give them a competitive advantage.

尤其是我之前說過的，我認為對我們來說，關鍵是要確保我們抓住這些機會，我對此非常有信心，因為我們擁有強大的領導團隊。我們基本上是讓他們放手去做，把事情推向新的高度。我們從 Sanmina 公司挖來了一位高級經理，他在過去 25 年裡一直負責我們所有的 IMS 業務。基本上是為了幫助我們和創辦人一起將這個專案提升到一個新的水平。所以機會很多，擺在我們面前的工作也很多，但我們感到很興奮。我們認為我們可以創造一些偉大的、有益於員工和投資者的事物，我們將能夠為客戶提供一些強大的功能，並賦予他們競爭優勢。

Okay, thank you. And then how do you expect this to affect your Indian joint venture?

好的，謝謝。那麼，您預計這將如何影響您在印度的合資企業？

Well, actually it can complement India joint venture. There's a lot of opportunities in India when it comes to the cloud AI growth. We are working with our partners in India right now for opportunities that are happening in India. We have a new factory that we are building right now that will have, we will, how do I say, expand our AI capabilities. We're investing right now and that will come online early next year and It's going to be very positive. Okay, thank you.

實際上，它可以與印度的合資企業形成互補。印度在雲端運算人工智慧發展方面有許多機會。我們目前正與我們在印度的合作夥伴一起，尋找印度正在出現的各種機會。我們正在建造一座新工廠，它將…怎麼說呢，擴展我們的人工智慧能力。我們正在進行投資，該項目將於明年初上線，並將產生非常積極的效果。好的，謝謝。

And then it seemed like auto was a bit challenging for you. What do you see there and you were also talking about new opportunities there that could help you drive growth there.

然後看來，自動擋對你來說似乎有點挑戰。你覺得那裡有什麼發展前景？你剛才也提到了一些新的機遇，這些機會可以幫助你推動那裡的發展。

Yeah, and automotive overall for us automotive was pretty strong beginning of the year. The slowed down a little bit at the end of the year, but overall it's pretty good, we have some new programs that we won in the last 60, 90 days for, end of the 26, 27, and beyond. So overall, we are pretty optimistic and we're well positioned with a couple, very critical customers.

是的，就我們而言，汽車產業今年的開局相當強勁。年底的時候速度稍微慢了一點，但總體來說還不錯，我們在過去 60 到 90 天裡贏得了一些新項目，包括 26 月底、27 月底以及之後的項目。所以總的來說，我們相當樂觀，而且我們與幾位非常重要的客戶關係良好。

Okay, thank you. That was all for me.

好的，謝謝。這就是我全部的內容了。

Thank you, Anja.

謝謝你，安雅。

You don't have any other questions at this time. Please continue, sir.

您目前沒有其他問題了嗎？請繼續，先生。

Operator, is there any other question?

操作員，還有其他問題嗎？

We don't have any other questions at this.

我們目前沒有其他問題了。

Time. Well, first of all, I'd like to thank everybody on this call. If there's any questions, please let us know. Otherwise, looking forward to talking to you in 90 days from now. Thanks a lot for your support. Bye-bye. Thank you.

時間。首先，我要感謝所有參加這次電話會議的人。如有任何疑問，請告知我們。否則，期待90天後與您再次交談。非常感謝您的支持。再見。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，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了。