0001048268-26-000130
SEC filing营收与净利大幅增长，数据中心需求强劲，但盈利质量受市场证券浮盈影响。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $1,242,697K | $890,158K | +39.6% |
| Gross Profit | $340,662K | $239,597K | +42.2% |
| Gross Margin | 27.4% | 26.9% | +50 bps |
| Operating Income | $178,547K | $111,902K | +59.6% |
| Operating Margin | 14.4% | 12.6% | +180 bps |
| Net Income | $153,546K | $79,287K | +93.7% |
| Diluted EPS | $7.57 | $3.81 | +98.7% |
| Operating Cash Flow | $239,421K (九个月) | $154,095K (九个月) | +55.4% |
| Free Cash Flow | $116,379K (九个月) | $106,825K (九个月) | +8.9% |
本季度营收增长39.6%，主要由数据中心需求驱动，Communications和Commercial & Industrial分部贡献显著。毛利率提升50 bps至27.4%，主要得益于Communications和Commercial & Industrial分部毛利率提升，但Residential分部毛利率大幅下降590 bps至22.2%，拖累整体。经营利润率提升180 bps至14.4%，SG&A费用率下降130 bps至13.0%，规模效应显现。
盈利质量方面，净利增长93.7%至$153.5M，但其中包含$26.2M的市场证券浮盈（非经营性），剔除后净利约为$127.3M，同比增长约60%。经营现金流$239.4M（九个月）高于净利$355.6M，但营运资本占用增加，应收账款增加$149.1M，主要因业务增长。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Communications | $453,081K | +51.4% | $83,613K | 18.5% | 数据中心需求强劲 |
| Residential | $324,098K | -6.3% | $16,290K | 5.0% | 住房需求疲软 |
| Infrastructure Solutions | $224,123K | +73.1% | $53,387K | 23.8% | Gulf Island贡献$51.7M |
| Commercial & Industrial | $241,395K | +109.1% | $54,275K | 22.5% | 大型数据中心项目 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $77,278K | $127,171K |
| Total Debt | $0 | $0 |
| Inventory | $133,602K | $111,536K |
| RPO/Deferred revenue | $2,801,635K | $1,686,583K |
| Operating Cash Flow | $239,421K | $154,095K |
| Capex | $123,042K | $47,270K |
| Free Cash Flow | $116,379K | $106,825K |
| FCF 转化率 | 32.7% | 51.0% |