Celestica Inc (CLS) 2016 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Celestica earnings call for the fourth quarter of 2016. At this time, all lines are in a listen-only mode.

女士們、先生們，下午好，歡迎參加 Celestica 2016 年第四季財報電話會議。此時，所有線路均處於只聽模式。

I would now like to turn the meeting over to one of your hosts for today's call, Lisa Headrick Harpell, Senior Director, Investor Relations. Please go ahead.

現在，我想將會議交給今天電話會議的主持人之一、投資者關係高級總監 Lisa Headrick Harpell。請繼續。

Good afternoon and thank you for joining us on Celestica's fourth quarter of 2016 earnings conference call. On the call today are Rob Mionis, President and Chief Executive Officer, and Darren Myers, Chief Financial Officer. This conference call will last approximately 45 minutes. Rob and Darren will provide some comments on the quarter and then we will open the call for questions. During the Q&A session, please limit yourself to one question and a brief follow-up. We will be available after the conference call for additional follow-up. Please visit www.celestica.com to view the supporting slides accompanying this webcast.

下午好，感謝您參加 Celestica 2016 年第四季財報電話會議。今天參加電話會議的有總裁兼執行長 Rob Mionis 和財務長 Darren Myers。本次電話會議將持續約45分鐘。Rob 和 Darren 將對本季度發表一些評論，然後我們將開始提問。在問答環節，請限制自己只提出一個問題並進行簡短的後續。電話會議結束後，我們將為您提供進一步的後續追蹤。請造訪 www.celestica.com 查看本次網路廣播的支援幻燈片。

As a reminder, during this call we will make forward-looking statements within the meanings of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including those related to our plans for future growth, trends in our industry and end markets, our anticipated financial and operational results and performance and financial guidance. Such forward-looking statements are based on management's current expectations, forecasts and assumptions, which are subject to risks, uncertainties and other factors that could cause actual outcomes and results to differ materially from conclusions, forecasts or projections expressed in such statements.

提醒一下，在本次電話會議中，我們將根據美國 1995 年私人證券訴訟改革法案和適用的加拿大證券法做出前瞻性陳述，包括與我們未來增長計劃、行業和終端市場趨勢、我們預期的財務和運營結果和業績以及財務指導相關的陳述。此類前瞻性陳述是基於管理階層目前的預期、預測和假設，受風險、不確定性和其他因素的影響，可能導致實際結果與此類陳述中表達的結論、預測或預期有重大差異。

For identification and discussion of such factors and the material assumptions on which such forward-looking statements are based, please refer to the Company's various public filings, including our most recent MD&A, annual report on Form 20-F, including the risk factors section therein, and reports on Form 6-K filed with or furnished to the U.S. Securities and Exchange Commission and our annual information form filed with the Canadian Securities Administrators. Please also refer to our cautionary statements regarding forward-looking information in such filings and in today's press release. Our public filings can be accessed at sec.gov and sedar.com.

要識別和討論此類因素以及此類前瞻性陳述所依據的重大假設，請參閱公司的各種公開文件，包括我們最近的 MD&A、20-F 表年度報告（包括其中的風險因素部分）、向美國證券交易委員會提交或提供的 6-K 表報告以及我們向加拿大證券管理局提交的年度資訊表。另請參閱我們在此類文件和今天的新聞稿中關於前瞻性資訊的警告聲明。我們的公開文件可以在 sec.gov 和 sedar.com 上查閱。

During the call we will also refer to certain non-IFRS financial measures, which include adjusted gross margin; adjusted SG&A; adjusted operating earnings or adjusted EBIAT; adjusted operating margin, which is adjusted operating earnings as a percentage of revenue; adjusted net earnings and adjusted EPS; inventory turns; cash cycle days; and free cash flow. Other non-IFRS financial measures that we will refer to are return on invested capital or ROIC, which for all purposes of this call means adjusted ROIC, and adjusted tax rate, which for all purposes of this call means adjusted effective tax rate. These non-IFRS measures do not have any standardized meanings under IFRS and may not be comparable with other non-U. S. GAAP or non-IFRS financial measures presented by other issuers.

在電話會議中，我們也會參考某些非國際財務報告準則的財務指標，其中包括調整後的毛利率；調整後的銷售、一般及行政開支；調整後的營業收入或調整後的 EBIAT；調整後的營業利潤率，即調整後的營業收入佔收入的百分比；調整後的淨收益和調整後的每股收益；庫存週轉率；現金週轉天數；和自由現金流。我們將參考的其他非國際財務報告準則財務指標是投資資本回報率或 ROIC（就本電話會議的所有目的而言，其含義為調整後的 ROIC）和調整後的稅率（就本電話會議的所有目的而言，其含義為調整後的有效稅率）。這些非國際財務報告準則指標在國際財務報告準則下不具有任何標準化意義，並且可能無法與其他非美國指標進行比較。其他發行人提供的 S. GAAP 或非 IFRS 財務指標。

We refer you to today's press release, which is available at celestica.com, for more information about these and certain other non-IFRS measures, including a reconciliation of the historical non-IFRS measures to the corresponding IFRS measures. Unless otherwise specified, all references to dollars on this call are to U.S. dollars.

有關這些和其他某些非國際財務報告準則指標的更多信息，包括歷史非國際財務報告準則指標與相應的國際財務報告準則指標的對賬，請參閱今天的新聞稿（可在 celestica.com 上查閱）。除非另有說明，本次電話會議中所有提及的美元均指美元。

I will now turn the call over to Rob Mionis.

現在我將電話轉給 Rob Mionis。

Thank you, Lisa, and good afternoon, everyone, and thank you for joining today's call. Celestica delivered a solid 2016, with strong growth in revenue and earnings, while generating over $100 million of free cash flow. For the year we delivered 7% revenue growth and grew adjusted operating earnings by 14% to 3.7% of revenue, our highest level of operating margin since 2001. I am very pleased with the progress we have made in setting the foundation for our strategy and delivering on our priorities. I believe that the actions we have been implementing are beginning to yield results and will set us up for the longer-term success.

謝謝你，麗莎，大家下午好，謝謝你們參加今天的電話會議。Celestica 2016 年業績穩健，營收和獲利強勁成長，同時產生了超過 1 億美元的自由現金流。我們全年的收入成長了 7%，調整後的營業利潤成長了 14%，達到營收的 3.7%，這是自 2001 年以來最高的營業利潤率。我對我們在製定策略基礎和實現優先事項方面所取得的進展感到非常高興。我相信，我們所採取的行動已開始取得成效，並將為我們取得長期成功奠定基礎。

Before we dive into the quarter and the 2016 fiscal results, I would like to acknowledge the Celestica team for their accomplishments and thank them for their relentless drive and commitment to enabling our customers' success and helping us to meet our company's goals. On the call today, Darren will review our financial results for the fourth quarter and fiscal year 2016, I will conclude the call with some additional color on 2016 and outline our key priorities for 2017, then Darren and I will open the call for questions.

在我們深入了解本季和 2016 財年業績之前，我想對 Celestica 團隊所取得的成就表示感謝，並感謝他們為幫助客戶取得成功和幫助我們實現公司目標所付出的不懈努力和承諾。在今天的電話會議上，達倫將回顧我們 2016 年第四季和財年的財務業績，我將在電話會議結束時對 2016 年的情況進行一些補充介紹，並概述我們 2017 年的主要優先事項，然後達倫和我將開始回答問題。

Now I'd like to turn it over to Darren.

現在我想把話題交給 Darren。

Thank you, Rob, and good afternoon, everyone. Celestica delivered a solid fourth quarter with year-over-year growth in revenue, earnings per share, adjusted operating margin and return on invested capital. Fourth-quarter revenue of $1.62 billion was above the high end of our guidance range, led by program strength in our communications end market. Fourth-quarter adjusted earnings were $0.41 per share and included net positive tax-related impacts of $0.07. Excluding this benefit, adjusted earnings per share of $0.34 would have been at the high end of our guidance range.

謝謝你，羅布，大家下午好。Celestica 第四季業績表現穩健，營收、每股盈餘、調整後營業利益率和投資資本報酬率均較上年同期成長。第四季營收為 16.2 億美元，高於我們預期範圍的高位，這主要得益於我們通訊終端市場的專案實力。第四季調整後每股收益為 0.41 美元，其中包括 0.07 美元的淨正稅務相關影響。除去這項福利，調整後的每股收益 0.34 美元將處於我們預期範圍的高點。

Before discussing the fourth-quarter details, I would like to highlight some of our financial results for the full year. Our full-year revenue of $6 billion was up 7% relative to 2015. We delivered over 10% year-over-year revenue growth in our two largest markets, communications and diversified, resulting from new program revenue and strength in certain sub-markets of communications, most notably optical.

在討論第四季度的細節之前，我想先強調一下我們的一些全年財務表現。我們的全年營收為 60 億美元，較 2015 年成長 7%。我們在兩個最大的市場——通訊和多元化——實現了超過 10% 的同比增長，這得益於新項目收入和某些通訊子市場（尤其是光纖通訊）的強勁成長。

Full-year adjusted operating margin of 3.7% was up 20 basis points as compared to 2015. Adjusted operating margin dollars increased 14% year over year.

全年調整後營業利益率為 3.7%，較 2015 年上升 20 個基點。調整後的營業利益率年增14%。

IFRS net earnings of $136 million or $0.95 per share increased $0.53 per share relative to last year. Adjusted earnings per share were $1.40, up $0.48 relative to 2015. Year to year, both IFRS and adjusted earnings per share were positively impacted by improved earnings, net tax-related benefits and a lower weighted average share count. We achieved full-year ROIC of 20.8%, up 1% from 2015, and we generated $110 million of annual free cash flow.

根據 IFRS 計算，淨收益為 1.36 億美元，即每股 0.95 美元，較去年同期增加 0.53 美元。調整後每股收益為 1.40 美元，較 2015 年增長 0.48 美元。與去年同期相比，IFRS 和調整後每股盈餘均受到獲利提高、淨稅收相關收益和加權平均股數降低的正面影響。我們全年的 ROIC 達到 20.8%，比 2015 年成長 1%，並且產生了 1.1 億美元的年度自由現金流。

Moving on to the fourth-quarter details, let me begin with revenue from an end-market perspective. Relative to our beginning of-quarter expectations, we had stronger-than-expected performance from our communication and server end markets. Diversified represented 27% of revenue, decreased 4% sequentially and was relatively flat year over year. Relative to the same period last year, strong growth in our semiconductor market partially offset reductions from declining demand in the solar panel market.

談到第四季的細節，讓我先從終端市場的角度談談收入。相對於我們季度初的預期，我們的通訊和伺服器端市場表現優於預期。多元化業務佔營收的27%，較上一季下降4%，與去年同期相比基本持平。與去年同期相比，我們半導體市場的強勁成長部分抵消了太陽能板市場需求下降的影響。

Our communications end market performed better than expected, representing 44% of total revenue, and was up 6% sequentially due to strong demand, including from new programs. Compared with the fourth quarter of 2015, communications revenue was up 24% as a result of new programs, program-specific strength and continued demand strength in optical.

我們的通訊終端市場表現優於預期，佔總收入的 44%，並且由於新項目等強勁需求而環比增長 6%。與2015年第四季相比，由於新項目的推出、特定項目的強勁成長以及光纖市場需求的持續強勁，通訊收入成長了24%。

Our storage business was in line with our expectations and represented 19% of total revenue for the fourth quarter. Storage revenue increased 15% on a sequential basis, primarily due to seasonal demand. Compared to the fourth quarter of 2015, revenue from our storage business was up 6%, largely due to new program ramps, which more than offset declines in end-market demand for certain legacy technologies.

我們的儲存業務符合我們的預期，佔第四季總營收的19％。儲存收入季增 15%，主要原因是季節性需求。與 2015 年第四季相比，我們的儲存業務收入成長了 6%，這主要歸功於新專案的推出，這足以抵消終端市場對某些傳統技術的需求下降。

Our server business represented 8% of total revenue and was up 7% sequentially, due to seasonality, and down 19% compared to the fourth quarter of 2015, due to overall demand weakness in this market.

我們的伺服器業務佔總營收的 8%，由於季節性原因，季增 7%，由於該市場整體需求疲軟，季減 19%。

Our top 10 customers represented 72% of revenue for the fourth quarter, up 4% from the third quarter of 2016 and relative to the same period last year, driven by higher demand from select customers in the fourth quarter. For the year, our top 10 customers represented 68% of total revenue. For the fourth quarter and full year 2016 we had two customers, Cisco and Juniper, individually contributing greater than 10% of total revenue.

我們前十大客戶佔第四季營收的 72%，較 2016 年第三季和去年同期成長 4%，這得益於第四季特定客戶需求的增加。全年，我們前十大客戶的收入佔總收入的 68%。2016 年第四季和全年，我們有兩家客戶，思科和瞻博網絡，它們分別貢獻了超過 10% 的總收入。

Moving to the financial highlights for the quarter, revenue in the quarter increased 7% compared to the fourth quarter of 2015, primarily due to strong demand and new programs in our communication market. Adjusted gross margin of 7.2% was down slightly sequentially and up 20 basis points year over year. Relative to the fourth quarter of 2015, improved performance in our diversified markets and the higher overall revenue drove the gross margin increase.

回顧本季的財務亮點，本季營收較 2015 年第四季成長 7%，主要得益於我們通訊市場的強勁需求和新計畫。調整後毛利率為 7.2%，比上一季略有下降，比去年同期上升 20 個基點。相對於2015年第四季度，我們多元化市場表現的改善以及整體收入的增加推動了毛利率的增加。

Our adjusted SG&A expense for the fourth quarter was $47 million, within our expected range of $47 million to $49 million for the quarter and up from $45 million for the same period last year, due to increased investments, partly in sales and strategy.

我們第四季的調整後銷售、一般及行政開支為 4,700 萬美元，在我們預期的 4,700 萬美元至 4,900 萬美元範圍內，高於去年同期的 4,500 萬美元，原因是投資增加，部分用於銷售和策略。

Adjusted operating earnings for the quarter were $61 million or 3.8% of revenue. which was in line with the midpoint of our guidance, flat sequentially and up 30 basis points relative to the same period last year. On a year-over-year basis, the improved adjusted operating margin was driven by higher revenue and improvements across our diversified submarkets, including the turnaround of our semiconductor business.

本季調整後的營業收入為 6,100 萬美元，佔營收的 3.8%。這與我們的預期中位數一致，環比持平，比去年同期上漲 30 個基點。與去年同期相比，調整後營業利潤率的提高得益於收入的增加和我們多元化子市場的改善，包括我們半導體業務的轉變。

During the quarter our adjusted earnings and IFRS earnings benefited from $10 million or $0.07 per share of net tax-related benefits. This was comprised of $2 million of net favorable tax and $8 million of interest refunded, primarily due to the final settlement of our Canadian transfer pricing appeal. Largely as a result of those benefits, our adjusted tax rate in the fourth quarter was 11% and was below our expected annual range of 17% to 19%. For the full year, our adjusted tax rate was also 11%.

本季度，我們的調整後收益和 IFRS 收益受益於 1000 萬美元或每股 0.07 美元的淨稅收相關收益。其中包括 200 萬美元的淨優惠稅和 800 萬美元的退還利息，主要歸因於我們加拿大轉讓定價上訴的最終解決。很大程度上由於這些福利，我們第四季的調整後稅率為 11%，低於我們預期的 17% 至 19% 的年度範圍。全年而言，我們的調整後稅率也為 11%。

Adjusted net earnings for the fourth quarter of $60 million and adjusted earnings per share of $0.41 increased over 50% relative to the prior year, resulting primarily from improved adjusted operating margin as well as the net tax-related benefits discussed.

第四季調整後淨收益為 6,000 萬美元，調整後每股收益為 0.41 美元，較上年同期成長 50% 以上，主要得益於調整後營業利潤率的提高以及上述淨稅收相關收益。

Fourth-quarter IFRS net earnings were $20.9 million or $0.15 per share compared to $12.1 million or $0.08 per share in the fourth quarter of 2015. The year-over-year improvement reflects higher operating earnings and net tax-related benefits, which were partially offset by higher restructuring costs largely related to the closure of our solar panel manufacturing operation. Return on invested capital for the quarter was 22.7%, up from 21.4% for the same period last year.

第四季 IFRS 淨利為 2,090 萬美元，即每股 0.15 美元，而 2015 年第四季為 1,210 萬美元，即每股 0.08 美元。與去年同期相比，業績的成長反映了更高的營業利潤和淨稅收相關收益，但這被主要與我們關閉太陽能板製造業務有關的更高的重組成本所部分抵消。本季投資資本報酬率為22.7%，高於去年同期的21.4%。

Let me now take a moment to talk about our decision to exit the manufacturing of solar panels. The recent oversupply of solar panels in the market and unprecedented declines in market pricing have slowed demand. Although we can't predict the duration of the market instability, we expect the downturn to be prolonged and that the changes in the market will negatively impact the future profitability of our solar panel manufacturing business. As a result, we made a decision to exit this business in the fourth quarter, which resulted in restructuring charges of $21 million. Notwithstanding this decision, we remain very excited and committed to our strong and growing energy products business. Rob will provide further color on our energy business shortly.

現在，請允許我花點時間談談我們退出太陽能電池板製造的決定。近期市場上太陽能板供應過剩，以及市場價格前所未有的下跌，導致需求放緩。雖然我們無法預測市場不穩定的持續時間，但我們預計低迷期將會持續，市場的變化將對我們的太陽能板製造業務未來的獲利能力產生負面影響。因此，我們決定在第四季度退出該業務，這產生了 2,100 萬美元的重組費用。儘管做出了這一決定，我們仍然感到非常興奮並致力於我們強大且不斷成長的能源產品業務。Rob 很快就會進一步介紹我們的能源業務。

Moving on to working capital, our inventory decreased $39 million from the end of the third quarter of 2016 to $891 million at December 31. Inventory turns for the quarter were 6.6, improving from 6.3 turns in the third quarter. Capital expenditures were approximately $18 million or 1.1% of revenue for the fourth quarter. For the full year we paid approximately $64 million for capital expenditures or 1.1% of revenue.

談到營運資金，我們的庫存從 2016 年第三季末減少了 3,900 萬美元至 12 月 31 日的 8.91 億美元。本季庫存週轉率為 6.6，高於第三季的 6.3。第四季資本支出約 1,800 萬美元，佔營收的 1.1%。全年我們支付了約 6,400 萬美元的資本支出，佔收入的 1.1%。

Cash cycle days for the fourth quarter was 44 days, a two-day improvement relative to the third quarter of 2016. Our free cash flow for the quarter was $69 million compared to free cash flow of $76 million for the same period last year.

第四季的現金週期天數為 44 天，較 2016 年第三季改善了兩天。我們本季的自由現金流為 6,900 萬美元，而去年同期的自由現金流為 7,600 萬美元。

Moving on to our balance sheet, our balance sheet remains strong. Our cash balance increased by $15 million sequentially to $557 million. During the quarter we repaid $31 million of our outstanding debt. Our net cash position at December 31 was $330 million, reflecting amounts outstanding on our term loan of $213 million and $15 million drawn on our revolving credit facility.

看看我們的資產負債表，我們的資產負債表依然強勁。我們的現金餘額季增 1,500 萬美元，達到 5.57 億美元。本季度，我們償還了 3,100 萬美元的未償債務。截至 12 月 31 日，我們的淨現金狀況為 3.3 億美元，其中定期貸款未償還金額為 2.13 億美元，循環信貸額度已提取 1,500 萬美元。

Within the quarter no shares were purchased for cancellation. At the end of the fourth quarter we had approximately 141 million subordinate and multiple voting shares outstanding.

本季內未購買任何股票以供取消。截至第四季末，我們擁有約 1.41 億股從屬股份和多重投票權股份。

Moving on to our guidance for the first quarter of 2017, for the first quarter we are projecting revenue to be in the range of $1.4 billion to $1.5 billion. At the midpoint revenue is projected to increase 7% year over year and would represent our sixth straight quarter of year-over-year revenue growth. Sequentially, revenue is anticipated to be down 11%, largely due to seasonality.

根據我們對 2017 年第一季的預測，我們預計第一季的營收將在 14 億美元至 15 億美元之間。預計中間值營收將比去年同期成長 7%，這將是我們連續第六個季度實現營收年增。預計收入將環比下降 11%，主要原因是季節性因素。

At the midpoint of our expectation, we anticipate non-IFRS adjusted operating margin to be approximately 3.5%, a 20 basis point improvement relative to the first quarter of 2016.

依照我們預期的中間值，我們預期非國際財務報告準則調整後的營業利潤率約為 3.5%，比 2016 年第一季提高 20 個基點。

First-quarter adjusted net earnings are expected to range from $0.24 to $0.30 per share. Adjusted SG&A expense for the first quarter is projected to be in the range of $46 million to $48 million and we estimate an annual adjusted tax rate range of 17% to 19%. Our first-quarter guidance assumes the annual rate and excludes any impacts from taxable foreign exchange.

預計第一季調整後淨收益在每股 0.24 美元至 0.30 美元之間。第一季調整後的銷售、一般及行政開支預計在 4,600 萬美元至 4,800 萬美元之間，我們預計年度調整後稅率範圍為 17% 至 19%。我們的第一季指引採用年利率，且不包括應稅外匯的任何影響。

Now let me provide some further color on our first quarter 2017 outlook in our overall end markets. First I'd like to highlight some changes we're going to be making to our end-market reporting. Due to converging technologies in the storage and service end market, going forward the reporting of these markets will be combined into one, the enterprise market. Our consumer end market, which represented 2% of total revenue in 2016, will now be reported as part of our diversified markets. These changes will take effect beginning when we release our March 31, 2017 earnings results.

現在，讓我進一步介紹一下我們對 2017 年第一季整體終端市場的展望。首先，我想強調我們將對終端市場報告做出的一些改變。由於儲存和服務端市場的技術融合，未來這些市場的報告將合併為一個，即企業市場。我們的消費終端市場在 2016 年佔總收入的 2%，現在將作為我們多元化市場的一部分進行報告。這些變更將從我們發布 2017 年 3 月 31 日收益結果時開始生效。

In our diversified markets business, we are anticipating revenue to be relatively flat year to year, as anticipated new program revenue and energy products and increased demands in our semiconductor business is expected to offset lower revenue resulting from the exit from the solar panel manufacturing market.

在我們的多元化市場業務中，我們預計收入將比去年同期相對持平，因為預期的新項目收入和能源產品以及半導體業務的需求增加預計將抵消退出太陽能板製造市場導致的收入下降。

Moving to our communications end market, we continue to perform very well in this end-market and expect to continue to benefit from new program revenue and demand strength in our optical programs. Our communications end market revenue is expected to increase in the low 20% range year to year.

轉向我們的通訊終端市場，我們在這個終端市場繼續表現良好，並期望繼續受益於新專案收入和光學專案的需求強勁。我們的通訊終端市場收入預計將逐年成長20%左右。

Our enterprise end market, which will be comprised of both storage and server programs, is anticipated to decline in the low single digits relative to the same period last year, as new program ramps in our storage business partly offset lower anticipated market demand within server.

我們的企業端市場由儲存和伺服器專案組成，預計與去年同期相比將出現個位數低點下降，因為我們儲存業務中新專案的成長部分抵消了伺服器市場需求預期下降的影響。

In summary, despite the challenging dynamics in some of our end markets, I am very pleased that we expect to continue to drive year-over-year growth in revenue and operating margin in the first quarter.

總而言之，儘管我們的一些終端市場面臨挑戰，但我很高興我們預計第一季營收和營業利潤率將繼續實現同比增長。

Now I'd like to turn over the call to Rob for some additional comments on 2016 and our outlook heading into 2017.

現在，我想將電話轉給 Rob，請他對 2016 年以及我們對 2017 年的展望發表一些補充評論。

Thank you, Darren. 2016 was a strong year for the Company, with solid financial results. We delivered consistent quarterly year-to-year growth in revenue and earnings per share and achieved our highest annual operating margin percentage performance in 15 years.

謝謝你，達倫。2016 年對公司來說是強勁的一年，財務表現穩健。我們的季度收入和每股收益持續同比增長，並實現了 15 年來最高的年度營業利潤率百分比。

We successfully navigated a challenging business environment in 2016 and delivered double-digit growth in our diversified and our communications end markets. I'm especially pleased with the successful ramps of a number of programs within our diversified markets. We also drove new programs in our traditional markets, continued to make progress with our JDM offerings and offered pockets of market strength including optical programs within the communications end market, resulting largely from the data center expansion and upgrades to 100G.

2016年，我們成功應對了充滿挑戰的商業環境，並在多元化和通訊終端市場實現了兩位數的成長。我對我們多元化市場中多個專案的成功推進感到特別高興。我們還在傳統市場推動了新項目，繼續在 JDM 產品方面取得進展，並在通訊終端市場中提供了包括光學項目在內的市場優勢，這主要得益於數據中心的擴展和向 100G 的升級。

As Darren mentioned, we have decided to narrow our smart energy focus to energy products, an area we believe represents high growth and requires partners that can deliver high-complexity solutions. We believe that our experience and expertise in panel manufacturing have enabled Celestica to build a strong power electronics business, where we are achieving strong levels of growth. We are winning business with the leaders in this market and plan to expand, with a focus on energy conversion, energy controls, storage and monitoring.

正如 Darren 所說，我們決定將智慧能源重點縮小到能源產品，我們認為該領域代表著高成長，需要能夠提供高複雜性解決方案的合作夥伴。我們相信，我們在面板製造方面的經驗和專業知識使 Celestica 能夠建立強大的電力電子業務，我們正在實現強勁的成長。我們正在與該市場的領導者合作併計劃擴大業務，重點關注能源轉換、能源控制、儲存和監控。

I would now like to highlight a few key accomplishments that contributed to our successful year and that will help to deliver long-term value. To accelerate growth, we have increased investments in the front end of the business, including bringing on new leadership to help drive our market and product diversification strategy. 2016 represented a strong bookings year across our business. Although there is more work to be done, I am pleased with the progress we have made. We have increased our focus on strategy and corporate development with the addition of a chief strategy officer. We are building out our team and organizing our efforts to accelerate our transformation. I expect to see more momentum in the back half of 2017 as a result of our efforts. We continue to add to our capabilities, including our acquisition of Karel, a manufacturing services company that specializes in aerospace and defense. We continue to invest in our product solutions through our joint design and manufacturing offerings and I'm excited by the breadth of our comprehensive solutions in the areas of storage, network switching, converged storage and server. We continue to make investments in automation and the connected factory, streamlining our processes and reorganizing to reduce costs, complexity and to improve our responsiveness to support our goal of continued profitable growth. Lastly, we continue to perform well for our customers, consistently ranking high on their scorecards.

現在，我想強調促成我們今年成功並有助於實現長期價值的幾項關鍵成就。為了加速成長，我們增加了對業務前端的投資，包括引進新的領導層來幫助推動我們的市場和產品多元化策略。2016 年是我們整個業務預訂量強勁的一年。儘管還有很多工作要做，但我對我們的進展感到滿意。透過增加首席策略官，我們更加重視策略和企業發展。我們正在組建團隊並組織努力加速我們的轉型。我預計，透過我們的努力，2017 年下半年將會取得更大的進展。我們繼續增強我們的能力，包括收購專門從事航空航太和國防的製造服務公司 Karel。我們透過聯合設計和製造產品繼續投資於我們的產品解決方案，我對我們在儲存、網路交換、融合儲存和伺服器領域的綜合解決方案的廣度感到興奮。我們將繼續對自動化和聯網工廠進行投資，簡化流程並進行重組，以降低成本和複雜性並提高回應能力，從而支持我們持續獲利成長的目標。最後，我們繼續為客戶提供良好的服務，在他們的記分卡上始終名列前茅。

Overall, 2016 was a year of rapid change and evolution. I am very pleased with our results and confident with the progress we have made to strengthen our foundation for longer-term value creation.

整體而言，2016年是快速變化和發展的一年。我對我們的業績感到非常滿意，並對我們為創造長期價值所取得的進展充滿信心。

Now let's look ahead to 2017. As we enter 2017 I am pleased that we are forecasting continued year-over-year growth in revenue and adjusted operating margin in the first quarter. We are focused on continuing the momentum gained in 2016 in driving growth in revenue and profit. Our teams will be working hard to continue to grow our diversified business and address continued pressure in the communications and enterprise end market. Continue to evolve and diversify our customer and product portfolios to better drive long-term consistency in growth and operating margins. We are focused on driving double-digit organic growth rates over the long term within our diversified markets, while augmenting with acquisitions to build out our capabilities, proof points and relationships.

現在讓我們展望2017年。當我們進入 2017 年時，我很高興我們預測第一季的營收和調整後營業利潤率將繼續同比增長。我們致力於延續 2016 年取得的勢頭，推動營收和利潤的成長。我們的團隊將努力繼續發展我們的多元化業務，並應對通訊和企業端市場的持續壓力。繼續發展和多樣化我們的客戶和產品組合，以更好地推動長期持續的成長和營業利潤率。我們專注於在多元化市場中長期實現兩位數的有機成長率，同時透過收購來增強我們的能力、證明點和關係。

Our next priority is to achieve continued margin enhancement in diversified, while balancing investments needed to drive continued growth. A great deal of progress was made in driving margin improvement in diversified markets in 2016 and we see further opportunity for 2017.

我們的下一個重點是實現多元化利潤率的持續提高，同時平衡推動持續成長所需的投資。2016 年，我們在推動多元化市場利潤率提高方面取得了很大進展，我們認為 2017 年還會有更多機會。

Continuing to generate strong free cash flow and return on invested capital is also our priority. Our balance sheet remains strong and we plan to continue our disciplined approach to the use of cash to invest in our business, drive growth and to continue to return capital to our shareholders over the long term. Finally, we continue to strive for flawless execution while driving increased productivity and simplification throughout our organization.

持續產生強勁的自由現金流和投資資本回報也是我們的首要任務。我們的資產負債表依然強勁，我們計劃繼續採取嚴謹的方式，使用現金投資於我們的業務，推動成長，並長期繼續向我們的股東返還資本。最後，我們將繼續努力實現完美的執行，同時提高整個組織的生產力和簡化程度。

In closing, I am proud of our accomplishments in 2016 and I am confident with the progress we are making through our foundation to drive longer-term value creation. I look forward to sharing our progress in coming quarters.

最後，我為我們在 2016 年所取得的成就感到自豪，我對我們透過基金會推動長期價值創造所取得的進展充滿信心。我期待在未來幾季分享我們的進展。

Now I would like to open the call to questions. Thank you, [Kristin].

現在我想開始提問。謝謝你，[克里斯汀]。

(Operator Instructions). Robert Young, Canaccord Genuity.

（操作員指令）。Canaccord Genuity 的 Robert Young。

Hi. Good evening. First question from me would be around the comms business. Could you talk about the visibility you have? Has anything changed there? How sustainable is the growth you've seen recently when you look forward into 2017?

你好。晚安.我的第一個問題是關於通訊業務的。您能談談您的知名度嗎？那裡有什麼改變嗎？展望 2017 年，您最近看到的成長有多可持續？

Sure. With respect to comms, we have in the near term fair optimism around some of the new programs we won, the trends in optical space driven by datacenter demand and the build-out of 100G. So we're fairly optimistic in the short term, as indicated by our guidance. In the longer term, the communications demand remains fairly dynamic so we'll have to see how that plays out.

當然。在通訊方面，我們對近期贏得的一些新項目、由資料中心需求和 100G 建設推動的光學領域趨勢持相當樂觀的態度。因此，正如我們的指導所表明的那樣，我們對短期內相當樂觀。從長遠來看，通訊需求仍然相當活躍，因此我們必須觀察其如何發展。

So is it still like a 90-day visibility window or is it strengthening? Do you see a little more now?

那麼它是否仍然像 90 天的可見性窗口，還是正在增強？現在你看得更多了嗎？

Yes, broadly speaking, the optical world seems very strong but we have visibility into the guidance window, so 90 days I think is appropriate. Going out beyond that, it gets a little more murkier.

是的，從廣義上講，光學世界似乎非常強大，但我們對指導視窗有可見性，所以我認為 90 天是合適的。再往外走，就會變得有些模糊。

Hey Rob, I would just add, certainly communications has legs right now. How long that lasts I think is hard to say but continuing to grow in the low double or low 20% range is not what you should expect as the year goes on. That will temper somewhat as the year goes on.

嘿，羅布，我想補充一點，現在通訊確實很發達。我認為很難說這種情況會持續多久，但隨著時間的推移，繼續以低兩倍或低 20% 的範圍增長並不是你應該期望的。隨著時間的推移，這種情況將有所緩和。

Okay, that's great. Then on the solar panel business, is there any way to sort of dimension how big that is, how much of the impact was in Q4 and how much might be coming in Q1? Then if you can just talk about how tightly coupled the energy business is to that solar panel business? Then I'll pass the line.

好的，太好了。那麼，就太陽能板業務而言，有沒有辦法衡量其影響有多大，第四季度的影響有多大，第一季的影響又有多大？那麼，您能不能談談能源業務和太陽能板業務之間的聯繫有多緊密？那我就通過這條線。

Hey Rob, I'll take the first part of that and then Rob can jump in for the second part. From a sizing point of view, the overall business was about 1% of revenue in Q4; it will be about 1% in Q1 as we wind it down. I'd say on a profit point of view, it made a little bit of money in the fourth quarter and won't have a significant impact in the first quarter, as the team is doing a good job of winding that down. When I look at the whole 2016, just to give you some perspective, it was 3% of revenue for the full year.

嘿，Rob，我先負責第一部分，然後 Rob 可以參與第二部分。從規模來看，第四季整體業務約佔營收的1%；隨著我們逐步淘汰該技術，第一季的增幅將達到 1% 左右。我想說，從利潤的角度來看，它在第四季度賺了一點錢，但不會對第一季產生重大影響，因為團隊正在很好地結束這一局面。當我回顧整個 2016 年時，只給你一些了解，它佔全年收入的 3%。

Okay, that's great.

好的，太好了。

Rob, to your second question, it's not coupled that tightly for couple of different reasons. Our power products business products are less commoditized. They're a little bit more complex. There is more differentiation. We also serve a multitude of markets; it's not just solar but it's wind and turbine. It's also a multiple of technologies -- solar conversion, monitoring storage and control. So we have a very strong growth pipeline for this products business and the supply/ demand dynamics that we've seen in solar panels aren't existing right now in our power products business.

Rob，對於你的第二個問題，由於幾個不同的原因，它並沒有緊密結合。我們的電力產品業務產品商品化程度較低。它們有點複雜。還有更多的差異化。我們也服務於眾多市場；不只是太陽能，還有風能和渦輪機。這也是多種技術——太陽能轉換、監控儲存和控制。因此，我們在該產品業務方面擁有非常強勁的成長管道，而且我們在太陽能板中看到的供需動態目前在我們的電力產品業務中並不存在。

Okay, great. Thanks a lot, guys.

好的，太好了。非常感謝大家。

Thanks, Rob.

謝謝，羅布。

Daniel Chan, TD Securities.

道明證券 (TD Securities) 的 Daniel Chan。

Hi, guys. Thanks for taking my question.

嗨，大家好。感謝您回答我的問題。

Hi, Dan.

你好，丹。

What specifically happened in the solar panels business to make you change your decision? It just seemed to turn sour pretty quickly after you secured some really long-term supplies and leased out some new space (inaudible). So just kind of wondering what happened to catch you off guard there.

太陽能板業務中具體發生了什麼事情，促使您改變了決定？在你獲得了一些長期供應並租賃了一些新空間（聽不清楚）之後，情況似乎很快就變糟了。我只是有點想知道發生了什麼讓你措手不及的事情。

Yes, as we mentioned in previous calls, Dan, the supply/demand dynamics kind of got out of whack with respect to the impact of the feed-in tariff programs in China, the change of regulations coming out of the U.S. side, so the sense of urgency on products kind of got taken out of the pipeline. China kind of overbuild its capacity, which drove down pricing and increased a lot of uncertainty. So when we stepped back from it all and we looked at the new reality, both in the short term, the midterm and the long term, in terms of what the market might be moving forward, we came to the conclusion that we probably will not be able to make reasonable returns moving forward and we decided to exit the business and focus in on the higher-value power products business I just went over.

是的，正如我們在之前的電話會議中提到的那樣，丹，由於中國上網電價計劃的影響以及美國出台的法規變化，供需動態有點失衡，因此產品的緊迫感有點消失了。中國的產能過剩，導致價格下跌，並增加了許多不確定性。因此，當我們退一步考慮這一切，並審視短期、中期和長期的新現實，就市場未來發展而言，我們得出的結論是，我們可能無法在未來獲得合理的回報，所以我們決定退出該業務，專注於我剛才提到的更高價值的電力產品業務。

For us, solar panels was never an end state; it was always a means to an end. We're very happy with our portfolio that we've been able to build and frankly we're looking to grow it quite substantially moving forward.

對我們來說，太陽能板從來都不是最終狀態；它始終是一種達到目的的手段。我們對已經建立的投資組合感到非常高興，坦白說，我們希望在未來大幅擴大它。

Dan, panel prices have dropped upwards of 50% in the last 12 months and really over the last six months, most of that. So, certainly nobody anticipated that happening.

丹，面板價格在過去 12 個月中下降了 50% 以上，而實際上在過去六個月中，面板價格下降了大部分。因此，肯定沒有人預料到會發生這樣的事。

Okay, great. That's really helpful. Thanks. Just switching gears a little bit, what are the impacts from some of the things the new U.S. administration are proposing, including the border adjustment tax? How are you thinking about the risk and how does that change the way you're thinking about your strategy as well as capital deployment as you move forward?

好的，太好了。這真的很有幫助。謝謝。稍微轉換一下話題，美國新政府提出的一些政策，包括邊境調整稅，會帶來什麼影響？您如何看待風險？

I'll start off and I'll let Darren finish but it's certainly early days, Dan, and we're keeping abreast of the policy and we're in constant contact with our customers. It's really very difficult to predict how everything will play out. As you know, supply chains -- more specifically electronic supply chains -- are very complex and very well entrenched around the world. If and when there are policy changes on trade, I believe frankly that industry and the market will have the opportunity to adapt to the changes as they occur. One thing is that our supply chains are becoming more complex, our customers' supply chains are becoming more complex and frankly, we're a supply chain solutions company and we're looking forward to continuing to assist our customers in navigating through these uncertain waters and making sure that they optimize our total cost of ownership moving forward. We have a long history of adapting to changes in the marketplace and we see this one as no different but still early in the game.

我先開始，然後讓達倫完成，但丹，現在肯定還為時過早，我們正密切關注政策並與我們的客戶保持密切聯繫。確實很難預測一切會如何發展。眾所周知，供應鏈——更具體地說是電子供應鏈——非常複雜，並且在世界各地根深蒂固。如果貿易政策發生變化，我坦率地相信，產業和市場將有機會適應所發生的變化。一件事是我們的供應鏈變得越來越複雜，我們客戶的供應鏈也變得越來越複雜，坦白說，我們是一家供應鏈解決方案公司，我們期待繼續幫助我們的客戶渡過這些不確定的水域，並確保他們優化我們未來的總擁有成本。我們長期以來一直在適應市場的變化，我們認為這次也不例外，但仍處於早期階段。

Yes, not much I would add to that, Dan. I mean, early days and so we'll need a little bit more and everybody will need a little bit more color on the actual changes and we're all speculating until then. So right now, it's still business as usual and just helping our customers navigate as we learn more.

是的，丹，我沒有什麼好補充的。我的意思是，現在還處於早期階段，所以我們需要更多信息，每個人都需要對實際變化有更多的了解，在此之前我們都在猜測。所以現在，我們仍照常營業，只是在了解更多資訊的同時幫助客戶導航。

Great, thank you.

太好了，謝謝。

Thanos Moschopoulos, BMO Capital Markets.

Thanos Moschopoulos，BMO 資本市場。

Hi. Good afternoon. Rob, just to clarify, with the change in segmentation with servers and storage going into the enterprise unit, is that more of a change from reporting or does it actually reflect a change in go-to-market? And if so, what implication might that have for the business?

你好。午安.Rob，我只是想澄清一下，隨著伺服器和儲存進入企業部門的細分變化，這是否更多的是報告上的變化，還是實際上反映了市場進入方式的變化？如果是這樣，這對企業有何影響？

It's more a change in reporting.

這更多是一種報道方式的改變。

Okay.

好的。

I mean, those businesses, from the converged point of view we've been driving that for quite some time now and they're working together already but it's more for the external reporting.

我的意思是，從融合的角度來看，我們已經推動這些業務很長一段時間了，而且他們已經在合作，但這更多的是為了外部報告。

Okay. Do you have an update on the aerospace business on the back of -- I guess it's been over a year now -- with the Honeywell assets and then the most recent tuck-in acquisition? What are you seeing on that part of the business?

好的。您是否能介紹一下航空航太業務的最新情況？您對這部分業務有何看法？

Yes, as you know, Thanos, we're the leading supplier for aerospace and defense EMS. Karel I think was a great acquisition which really improves our capability within that space. We're getting some nice traction with respect to taking the offering that we've established with Honeywell and other customers and taking it to future customers. In the toolbox of things that we're doing is also this operate-in-place that we've done with Honeywell and we expect to be active in 2017 on that front and perhaps others as we move forward.

是的，如您所知，Thanos，我們是航空航太和國防 EMS 領域的領先供應商。我認為 Karel 的收購非常成功，它真正提升了我們在該領域的能力。我們在將與霍尼韋爾和其他客戶建立的產品提供給未來客戶方面取得了一些良好的進展。我們目前正在進行的工作還包括與霍尼韋爾合作的現場營運工作，我們預計 2017 年將在這一方面積極開展工作，並且在未來的工作中或許還會涉及其他方面。

Great. At this stage, would aerospace comprise more than half of diversified?

偉大的。在這個階段，航空航太業是否會占到多元化資產的一半以上？

Not quite half.

還不到一半。

Okay. All right. Thanks, guys. I'll pass the line.

好的。好的。謝謝大家。我會通過這條線。

Gus Papageorgiou, Macquarie.

麥格理的 Gus Papageorgiou。

Thanks. Darren, just a quick clarification. Did you say that diversified, you expected this coming quarter to be flat year over year? Just if you can clarify that.

謝謝。達倫，我只是想快速澄清一下。您是否說過多元化，您預計下一季的業績將與去年同期持平？如果你能澄清這一點就好了。

Then just -- Rob, I know you talked about you're building up your strategy team and your corporate development team. You are flush with cash. If you look at your capital structure, I mean, how comfortable are you taking on a net debt position and what would you have to see in order to do that?

然後只是——羅布，我知道你談到你正在建立你的策略團隊和你的企業發展團隊。你有很多現金。如果你看一下你的資本結構，我的意思是，你對淨債務狀況的承受能力有多強，以及為了做到這一點你需要看到什麼？

Let me do the first part. Yes, I mentioned the diversified flat year over year really from the panel impact. We are growing in energy products and we are growing in semiconductor. As the year goes on, we certainly would expect and we're driving for growth in the diversified markets but starting the year with flat year over year.

讓我來做第一部分。是的，我提到了從面板影響來看多元化同比持平的情況。我們在能源產品領域正在成長，我們在半導體領域也在成長。隨著時間的推移，我們肯定會預期，我們正在推動多元化市場的成長，但今年年初我們的業績與去年同期相比持平。

Gus, as we mentioned on other calls, we are looking to be more acquisitive in 2017, but more likely in the back half of 2017. For the right target and the right opportunity and the right investment thesis, we are comfortable in levering up to 3 to 3.5 times. But we have been and will always be very disciplined in our use of cash to make sure that we're finding the right opportunities, with the right investment theses and the right value creation opportunity for us.

格斯，正如我們在其他電話會議中提到的那樣，我們希望在 2017 年進行更多收購，但更有可能是在 2017 年下半年。對於正確的目標、正確的機會和正確的投資論點，我們願意將槓桿率提高到 3 到 3.5 倍。但我們一直並將始終嚴格控制現金的使用，以確保我們找到正確的機會、正確的投資論點和正確的價值創造機會。

Sorry, when you say 3 to 3.5 times, 3.5 times what?

抱歉，當您說 3 到 3.5 倍時，3.5 倍是什麼？

EBITDA. So certainly a net debt position, yes.

息稅折舊攤提前利潤。所以肯定有淨債務狀況。

Great. Thank you very much.

偉大的。非常感謝。

Great. Thanks, Gus.

偉大的。謝謝，格斯。

Todd Coupland, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Todd Coupland。

Yes, good evening, everyone. Thanks for taking my questions. I had a couple of questions, if I could. On optical, is the demand that you're seeing mostly in the U.S. or are you benefiting from Chinese upgrading of optical networks as well?

是的，大家晚上好。感謝您回答我的問題。如果可以的話我有幾個問題。在光纖方面，您所看到的需求主要來自美國嗎，還是您也受益於中國光纖網路的升級？

I would say we don't see exactly in all the end market, where it goes every time. I would say it's probably more centric to the U.S. though.

我想說的是，我們並沒有確切地看到整個終端市場每次都會走向何處。但我想說它可能更以美國為中心。

Okay. I mean, most views of that 100G upgrade is that is going to stay strong all year. If that's the case, would you be positively surprised in the comms business?

好的。我的意思是，大多數人認為 100G 升級將會在全年保持強勁。如果事實確實如此，您會對通訊業務的進展感到驚喜嗎？

I think we can have a very strong comms year but we don't want to -- there's many programs within communications and we're starting the year very strong. As always, we're not giving guidance outside of 90 days because things will change. But I mean, the business is doing quite well today.

我認為，我們可以擁有非常強勁的通訊年，但我們不想這樣——通訊領域有許多項目，而我們以非常強勁的勢頭開啟新的一年。像往常一樣，我們不會在 90 天之外提供指導，因為情況會改變。但我的意思是，今天生意很好。

Based on the broad trends, Todd, of dataset expansion, the upgrades to 100G, the build-out of the infrastructure in Asia, the trends certainly point to broad strength in the use of optical components and about a third of our communications portfolio is in optical. So the broad trends are in our favor but as Darren mentioned, seeing out that far into the future, that's a little bit murky for us.

Todd，根據資料集擴展、100G 的升級、亞洲基礎設施的建設等總體趨勢，這些趨勢無疑表明光學元件的使用具有廣泛的優勢，而我們通訊產品組合中約有三分之一是光學元件。因此，整體趨勢對我們有利，但正如 Darren 所提到的，展望未來，我們仍感到有點模糊。

Okay. Second question, so in terms of your exposure in Mexico, could you just remind us -- I don't know, percent of footprint or percentage of revenue that's coming from Mexico?

好的。第二個問題，就您在墨西哥的業務而言，您能否提醒我們—我不知道，來自墨西哥的足跡百分比或收入百分比是多少？

Gus, I'd have to get that after, I don't have that exactly in front of me so I don't want to misquote on the call. I don't have the exact number in front -- certainly within our filings, you can find the square feet there.

格斯，我必須在之後得到它，我面前並沒有確切的信息，所以我不想在通話中錯誤引用。我沒有前面的確切數字——當然在我們的文件裡，你可以找到平方英尺。

Okay. But at this point, customers are not making any requests for changes or anything along those lines in terms of supply chain moves to the U.S.

好的。但目前，客戶還沒有對供應鏈轉移到美國提出任何變更或類似的要求。

Correct. There's a lot of customers and people around the world running a bunch of what-if analysis but it's all desktop work and frankly very speculative at this point.

正確的。世界各地有很多客戶和人員在進行大量的假設分析，但這些都還只是桌面工作，坦白說，目前還只是推測。

I mean, you've seen a lot of symbolic moves in the automotive space already and I guess it's reasonable to assume that there are U.S.-based companies may at least make similar types of symbolic moves, if not material moves?

我的意思是，您已經看到汽車領域出現了很多像徵性舉措，我想可以合理地假設，即使沒有實質舉措，美國公司至少也會做出類似的象徵性舉措？

We also read that a lot of the symbolic moves have been planned for a long period of time and they're just trying to get off the list, if you will, to make sure they don't end up in a bad tweet, if you know what I mean. So it's hard to really characterize whether these things are as a result of some of the hyperbole in the market or if they've been planned for a long time.

我們也讀到，許多像徵性的舉措已經籌劃了很長一段時間，他們只是想從名單上除名，以確保他們不會出現在糟糕的推文中，如果你明白我的意思的話。因此，很難真正確定這些事情是市​​場誇張報道的結果還是早已計劃好的。

Yes, no, that's certainly fair. Then just lastly on M&A, so I know you want to be a consolidator in the market. Just wanted to know your updated opinion. Do you expect Tier 1 EMS consolidation with the type of move that you seem to be stepping towards or is it still tuck-in? Not necessarily for Celestica but within the sector.

是的，不，這當然公平。最後談談併購，我知道你想成為市場整合者。只是想知道您的最新意見。您是否預期一級 EMS 的整合將與您目前所邁進的措施類型一致，還是仍處於停滯狀態？對於 Celestica 來說不一定如此，但對於該行業而言卻如此。

Yes, that's a good question. Our strategy that we're pursuing will be capability-based kind of oriented. So we look at targets that will increase our capabilities and increase our proof points. As you know, the EMS industry has probably a tainted history of EMS consolidation destroying value at that level and for lots of reasons people have not done that. On the flipside, there certainly is a lot of capacity out there at that level. So one would think if your customers are consolidating, so should EMS. But our strategy that we're pursuing is more of a capabilities-based, proof-point-based strategy moving forward.

是的，這是個好問題。我們奉行的策略將是基於能力的導向。因此，我們著眼於能夠增強我們的能力和增加我們的證明點的目標。如您所知，EMS 產業可能有一段不良歷史，EMS 整合破壞了該層面的價值，而且出於許多原因，人們並沒有這樣做。另一方面，這一層面上確實存在著很大的產能。因此人們會想，如果您的客戶正在合併，那麼 EMS 也應該合併。但我們推行的戰略更多的是基於能力和證明點的未來戰略。

Okay. That's great. Thanks for the color. I appreciate it.

好的。那太棒了。謝謝你的顏色。我很感激。

Thanks, Gus.

謝謝，格斯。

I am showing no further questions at this time. I would now like to turn the conference back to Rob.

我目前沒有其他問題。現在我想將會議交還給 Rob。

Thank you for your continued support and we look forward to updating you on our progress next quarter.

感謝您一直以來的支持，我們期待下個季度向您通報我們的進展。

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for your participation and have a wonderful day. You may all disconnect.

謝謝各位，女士們、先生們。今天的會議到此結束。感謝您的參與並祝您有美好的一天。你們都可以斷開連線。