Celestica Inc (CLS) 2021 Q4 法說會逐字稿

Good morning. My name is Julianne, and I will be your conference operator today. At this time, I would like to welcome everyone to Celestica's Fourth Quarter 2021 Earnings Conference Call. (Operator Instructions)

早上好。我叫 Julianne，今天我將擔任你們的會議運營商。在這個時候，我想歡迎大家參加 Celestica 的 2021 年第四季度收益電話會議。 （操作員說明）

Craig Oberg, Vice President of Investor Relations and Corporate Development, you may begin your conference.

投資者關係和企業發展副總裁 Craig Oberg，您可以開始會議了。

Good morning, and thank you for joining us on Celestica's Fourth Quarter 2021 Earnings Conference Call. On the call today are Rob Mionis, President and Chief Executive Officer; and Mandeep Chawla, Chief Financial Officer.

早上好，感謝您加入我們參加 Celestica 2021 年第四季度收益電話會議。今天接聽電話的是總裁兼首席執行官羅伯·米奧尼斯 (Rob Mionis)；首席財務官 Mandeep Chawla。

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. 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，在本次電話會議期間，我們將根據 1995 年美國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。此類前瞻性陳述基於管理層當前的預期、預測和假設，這些預期、預測和假設受風險、不確定性和其他因素的影響，這些因素可能導致實際結果和結果與此類陳述中表達的結論、預測或預測存在重大差異。

For identification and discussion of such factors and assumptions as well as further information concerning forward-looking statements, please refer to yesterday's press release, including the cautionary note regarding forward-looking statements therein, our most recent Annual Report on Form 20-F and other public filings which can be accessed at sec.gov and sedar.com. We assume no obligation to update any forward-looking statement except as required by law.

有關此類因素和假設的識別和討論以及有關前瞻性陳述的更多信息，請參閱昨天的新聞稿，包括其中有關前瞻性陳述的警示說明、我們最近的 20-F 表格年度報告和其他可在 sec.gov 和 sedar.com 訪問的公開文件。除非法律要求，否則我們不承擔更新任何前瞻性聲明的義務。

In addition, during this call we will refer to various non-IFRS financial measures, including operating earnings, operating margin, adjusted gross margin, adjusted return on invested capital or adjusted ROIC, free cash flow, gross debt to non-IFRS trailing 12-month adjusted EBITDA leverage ratio, adjusted net earnings, adjusted EPS, adjusted SG&A, Lifecycle Solutions revenue, and adjusted effective tax rate.

此外，在本次電話會議中，我們將參考各種非 IFRS 財務指標，包括營業收入、營業利潤率、調整後的毛利率、調整後的投資資本回報率或調整後的 ROIC、自由現金流、尾隨 12- 的非 IFRS 債務總額調整後的 EBITDA 槓桿率、調整後的淨收益、調整後的每股收益、調整後的 SG&A、生命週期解決方案收入和調整後的有效稅率。

Listeners should be cautioned that references to any of the foregoing measures during this call denote non-IFRS financial measures, whether or not specifically designated as such. These non-IFRS financial measures do not have any standardized meanings prescribed by IFRS and may not be comparable to similar measures presented by other public companies that use IFRS or who report under U.S. GAAP and use non-GAAP financial measures to describe similar operating metrics. We refer you to yesterday's press release and our Q4 2021 earnings presentation, which are available at Celestica.com under the Investor Relations tab.

應提醒聽眾，在本次電話會議中提及任何上述措施均表示非 IFRS 財務措施，無論是否明確指定為非 IFRS 財務措施。這些非 IFRS 財務指標沒有 IFRS 規定的任何標準化含義，可能無法與其他使用 IFRS 或根據美國 GAAP 報告並使用非 GAAP 財務指標描述類似運營指標的上市公司提出的類似指標相比較。我們建議您參閱昨天的新聞稿和我們的 2021 年第四季度收益演示文稿，可在 Celestica.com 的“投資者關係”選項卡下獲取。

For more information about these and certain other non-IFRS financial measures, including a reconciliation of historical non-IFRS financial measures to the most directly comparable IFRS financial measures from our financial statements. Unless otherwise specified, all references to dollars on this call are to U.S. dollars. And per share information is based on diluted shares outstanding.

有關這些和某些其他非 IFRS 財務措施的更多信息，包括歷史非 IFRS 財務措施與我們財務報表中最直接可比的 IFRS 財務措施的調節。除非另有說明，否則本次電話會議中所有提及的美元均指美元。每股信息基於稀釋後的流通股。

Let me now turn the call over to Rob.

現在讓我把電話轉給 Rob。

Thank you, Craig. Good morning, everyone, and thank you for joining us on today's conference call.

謝謝你，克雷格。大家早上好，感謝您參加今天的電話會議。

In the fourth quarter, Celestica achieved several important milestones, capping a challenging but successful year. Our company closed the acquisition of PCI, our first acquisition in 3 years, which has been immediately accretive to our financial performance and accelerated our portfolio diversification efforts. We achieved the return to top line year-over-year revenue growth in the fourth quarter, after successfully disengaging with Cisco and we recorded the highest non-IFRS operating margin ever for the second straight quarter in a row.

在第四季度，Celestica 實現了幾個重要的里程碑，為充滿挑戰但成功的一年畫上了句號。我們公司完成了對 PCI 的收購，這是我們 3 年來的首次收購，這立即增加了我們的財務業績，並加快了我們投資組合多元化的努力。在成功脫離思科之後，我們在第四季度實現了營收同比增長，並且我們連續第二個季度創下了有史以來最高的非 IFRS 營業利潤率。

In spite of a dynamic macro environment, Celestica continues to execute well on our key objectives, while advancing our long-term strategy. Our fourth quarter revenue came in at $1.51 billion, slightly higher than the midpoint of our guidance, while non-IFRS adjusted EPS of $0.44, our highest quarterly adjusted EPS in more than 20 years, came in well above the high end of our guidance range. Our non-IFRS operating margin of 4.9% was another high watermark for Celestica. This represented our eighth consecutive quarter of year-over-year operating margin improvement and was higher than the guidance midpoint of 4.5%.

儘管宏觀環境瞬息萬變，Celestica 在推進我們的長期戰略的同時，繼續很好地執行我們的主要目標。我們第四季度的收入為 15.1 億美元，略高於我們指引的中點，而非 IFRS 調整後每股收益為 0.44 美元，是我們 20 多年來最高的季度調整後每股收益，遠高於我們指引範圍的高端.我們的 4.9% 的非 IFRS 營業利潤率是 Celestica 的另一個高水位線。這是我們連續第八個季度營業利潤率同比提高，高於 4.5% 的指導中點。

With our solid progress on margin expansion over the last 2 years, we believe we are in a strong position to maintain our operating margin in our target range of 4% to 5% for 2022. 2021 was a great year for our CCS segment, as our Hardware Platform Solutions business or HPS achieved a record $1.15 billion in sales, which represented growth of 34% compared to 2020, as we continue to gain share and grow faster than the market. Despite the challenges presented by the constrained global supply chain environment, demand from service providers in our HPS business is expected to remain a driver of growth in CCS for 2022.

隨著過去兩年我們在利潤率擴張方面取得的穩步進展，我們相信我們有能力將我們的營業利潤率維持在 2022 年 4% 至 5% 的目標範圍內。2021 年對我們的 CCS 部門來說是偉大的一年，因為我們的硬件平台解決方案業務或 HPS 實現了創紀錄的 11.5 億美元銷售額，與 2020 年相比增長了 34%，因為我們繼續獲得市場份額並以高於市場的速度增長。儘管受限的全球供應鏈環境帶來了挑戰，但我們 HPS 業務中服務提供商的需求預計仍將是 2022 年 CCS 增長的驅動力。

Our ATS segment saw strong revenue growth in 2021, led by our Capital Equipment business which achieved sales of approximately $750 million. We also experienced a return to growth in the fourth quarter of 2021 in our industrial business.

我們的 ATS 部門在 2021 年實現了強勁的收入增長，其中資本設備業務實現了約 7.5 億美元的銷售額。 2021 年第四季度，我們的工業業務也恢復了增長。

Looking ahead to 2022, we expect revenue growth in ATS of 10% or more. Our outlook is supported by continued strength in our Capital Equipment business, incremental growth in our industrial business, further accelerated by the addition of PCI and continuing commercial aerospace recovery, aided by new program ramps in defense. While 2022 is by no means anticipated to be without its share of challenges, we expect to build on the positive momentum we have established in 2021 and lead the company to another strong year of financial performance by executing on our strategic and operational objectives.

展望 2022 年，我們預計 ATS 的收入將增長 10% 或更多。我們的前景得到了我們資本設備業務持續強勁的支持，我們工業業務的增量增長，通過增加 PCI 和持續的商業航空航天復蘇進一步加速，以及在國防新計劃的幫助下。雖然預計 2022 年絕不會沒有挑戰，但我們希望在 2021 年建立的積極勢頭的基礎上，通過執行我們的戰略和運營目標，帶領公司再創佳績。

Before I offer some additional detail on our business outlook, I would like to turn the call over to Mandeep, who will provide you with additional color on our fourth quarter financial performance as well as our guidance for the first quarter and our outlook for 2022. Mandeep, over to you.

在我提供有關我們業務前景的更多細節之前，我想將電話轉給 Mandeep，他將為您提供有關我們第四季度財務業績的更多信息以及我們對第一季度的指導和我們對 2022 年的展望。曼迪普，交給你了。

Thank you, Rob, and good morning, everyone.

謝謝羅布，大家早上好。

Fourth quarter 2021 revenue came in at $1.51 billion, in line with the midpoint of our guidance range. Revenue was up 9% year-over-year and up 3% sequentially. Our return to year-to-year growth was driven by double-digit organic revenue growth in our ATS segment, further accelerated by our acquisition of PCI. We delivered non-IFRS operating margin of 4.9%, 40 basis points ahead of the midpoint of our non-IFRS adjusted EPS guidance range, driven by strong performance in both segments. Non-IFRS operating margin was up 130 basis points year-over-year and up 70 basis points sequentially. Non-IFRS adjusted earnings per share were $0.44, above the high end of our guidance range of $0.35 to $0.41. This was up $0.18 year-over-year and up $0.09 sequentially.

2021 年第四季度的收入為 15.1 億美元，符合我們指導範圍的中點。收入同比增長 9%，環比增長 3%。我們的 ATS 部門實現了兩位數的有機收入增長，推動了我們恢復同比增長，而我們對 PCI 的收購進一步加速了這一增長。我們實現了 4.9% 的非 IFRS 營業利潤率，比我們的非 IFRS 調整後每股收益指導範圍的中點高出 40 個基點，這得益於兩個部門的強勁表現。非 IFRS 營業利潤率同比增長 130 個基點，環比增長 70 個基點。非 IFRS 調整後每股收益為 0.44 美元，高於我們 0.35 美元至 0.41 美元指導範圍的上限。同比上漲 0.18 美元，環比上漲 0.09 美元。

In late 2021, we experienced a brief IT outage that temporarily impacted our operations. Based on the nature of the incident, it did not have a material impact on our financial results in Q4 of 2021. Our operations are functioning at normal capacity and we do not expect any material impact to our Q1 2022 financial results from this brief outage.

2021 年底，我們經歷了一次短暫的 IT 中斷，暫時影響了我們的運營。根據事件的性質，它沒有對我們 2021 年第四季度的財務業績產生重大影響。我們的運營正常運作，我們預計這次短暫的中斷不會對我們 2022 年第一季度的財務業績產生任何重大影響。

ATS revenue was up 23% year-over-year, in line with our expectations of a low 20 percentage year-over-year increase. Sequentially, CCS revenue was up 8%. The year-over-year revenue growth in ATS was driven by continuing strength in Capital Equipment, organic growth in our base industrial business and 2 months of contribution from the PCI acquisition. We are pleased that ATS has achieved 10% or more of year-over-year revenue growth for the past 3 quarters.

ATS 收入同比增長 23%，符合我們對同比增長 20% 的預期。隨後，CCS 收入增長了 8%。 ATS 的收入同比增長是由資本設備的持續強勁、我們基礎工業業務的有機增長以及 PCI 收購的 2 個月貢獻推動的。我們很高興 ATS 在過去 3 個季度實現了 10% 或更多的同比收入增長。

CCS segment revenue was up 1% year-over-year and flat sequentially. Year-over-year, the Cisco disengagement offset the 5% growth we experienced from our non-Cisco portfolio, driven by strength from service provider customers. Note, going forward, the disengagement from Cisco will no longer impact our comparatives.

CCS 部門收入同比增長 1%，環比持平。與去年同期相比，在服務提供商客戶實力的推動下，思科脫離抵消了我們從非思科產品組合中獲得的 5% 的增長。請注意，展望未來，脫離思科將不再影響我們的比較。

Communications revenue increased by 1% year-over-year, in line with our expectation of a low single-digit percentage increase and was up 4% sequentially. Year-over-year, results were driven by growth in our HPS business, which was largely offset by the Cisco disengagement. Enterprise revenue in the quarter was flat year-over-year, better than our expectation of a low single-digit percentage decrease. Sequentially, Enterprise revenue was down 7%.

通信收入同比增長 1%，符合我們對低個位數百分比增長的預期，環比增長 4%。與去年同期相比，我們的 HPS 業務增長推動了業績增長，這在很大程度上被思科的脫離所抵消。本季度企業收入同比持平，好於我們預期的低個位數百分比下降。隨後，企業收入下降了 7%。

Our HPS business delivered revenue of $350 million in the fourth quarter, up 66% year-over-year, led by demand strength and new program ramps with service providers, supported by continuing datacenter growth.

我們的 HPS 業務在第四季度實現了 3.5 億美元的收入，同比增長 66%，這主要得益於需求強勁和服務提供商的新計劃增加，以及數據中心持續增長的支持。

Turning to segment margins. ATS delivered a segment margin of 5.6% in the fourth quarter, up 170 basis points year-over-year and up 130 basis points sequentially. We are pleased to have delivered on our goal of having our ATS segment margin enter our target margin range of 5% to 6% in Q4 2021. It's also represented our eighth straight quarter of sequential margin expansion in our ATS segment.

轉向部門利潤率。 ATS 第四季度的分部利潤率為 5.6%，同比增長 170 個基點，環比增長 130 個基點。我們很高興實現了我們的目標，即我們的 ATS 部門利潤率在 2021 年第四季度進入我們 5% 至 6% 的目標利潤率範圍。這也代表我們的 ATS 部門連續第八個季度實現連續利潤率擴張。

CCS segment margin of 4.4%, the highest since 2015, was up 100 basis points year-over-year and up 30 basis points sequentially. The year-over-year margin increase was driven by continuing strength in our HPS business.

CCS 部門利潤率為 4.4%，為 2015 年以來的最高水平，同比上升 100 個基點，環比上升 30 個基點。利潤率的同比增長是由我們 HPS 業務的持續強勁推動的。

Moving on to some additional financial metric. IFRS net earnings for the quarter were $31.9 million or $0.26 per share, compared to net earnings of $20.1 million or $0.16 per share in Q4 2020 and net earnings of $35.2 million or $0.28 per share last quarter. Adjusted gross margin was 9.6%, up 120 basis points year-over-year and up 80 basis points sequentially. The year-over-year improvement was driven by growth in our HPS business and our ATS segment as well as lower variable spend.

繼續討論一些額外的財務指標。本季度的 IFRS 淨收益為 3190 萬美元或每股 0.26 美元，而 2020 年第四季度的淨收益為 2010 萬美元或每股 0.16 美元，上一季度的淨收益為 3520 萬美元或每股 0.28 美元。調整後毛利率為 9.6%，同比增長 120 個基點，環比增長 80 個基點。同比改善是由我們的 HPS 業務和 ATS 部門的增長以及較低的可變支出推動的。

Non-IFRS operating earnings were $74.3 million, up $24.3 million year-over-year, and up $13.0 million sequentially. Our non-IFRS adjusted effective tax rate for the fourth quarter was 16%, an improvement of 3% year-over-year and sequentially. For the fourth quarter, non-IFRS adjusted net earnings were $55.2 million, compared to $33.3 million for the prior-year period and $43.4 million in the last quarter. Fourth quarter non-IFRS adjusted ROIC of 16.6% was up 4.2% year-over-year and up 1.4% sequentially.

非 IFRS 營業利潤為 7,430 萬美元，同比增長 2,430 萬美元，環比增長 1,300 萬美元。我們第四季度的非 IFRS 調整後有效稅率為 16%，同比和環比提高 3%。第四季度，非 IFRS 調整後淨收益為 5520 萬美元，上年同期為 3330 萬美元，上一季度為 4340 萬美元。第四季度非國際財務報告準則調整後的 ROIC 為 16.6%，同比增長 4.2%，環比增長 1.4%。

Moving on to working capital. Our inventory at the end of the quarter was $1.7 billion, up $606 million year-over-year and up $291 million sequentially. We continue to maintain higher inventory levels to support growth across Lifecycle Solutions, while also increasing strategic inventory purchases in light of the current supply chain environment. The increase in inventory was also driven in part by the PCI acquisition. To offset the working capital impact of higher inventory, we continue to work with our customers to obtain higher cash deposits when appropriate. Inventory turns in the fourth quarter were 3.5 turns, down from 4.4 turns in the prior-year period and down from 4.1 turn last quarter.

轉向營運資金。本季度末我們的庫存為 17 億美元，同比增長 6.06 億美元，環比增長 2.91 億美元。我們繼續保持較高的庫存水平以支持整個生命週期解決方案的增長，同時根據當前的供應鏈環境增加戰略庫存採購。庫存的增加也部分受到 PCI 收購的推動。為了抵消較高庫存對營運資金的影響，我們繼續與客戶合作，在適當的時候獲得更高的現金存款。第四季度的庫存周轉率為 3.5 周轉，低於去年同期的 4.4 周轉和上一季度的 4.1 周轉。

Capital expenditures for the fourth quarter were $14.4 million or approximately 1% of revenue. Capital expenditures for 2021 totaled $52 million. Non-IFRS free cash flow was $36 million in the fourth quarter, compared to $90 million in the prior-year period and $27 million last quarter. This is our 12th consecutive quarter of delivering positive non-IFRS free cash flow. Our free cash flow generation in 2021 was $115 million, delivering on our target of at least $100 million in annual non-IFRS free cash flow. Cash cycle days were 75 in the fourth quarter, up 2 days year-over-year and up 3 days sequentially. Cash cycle days increased on a year-over-year basis primarily due to higher inventory.

第四季度的資本支出為 1440 萬美元，約佔收入的 1%。 2021 年的資本支出總計 5200 萬美元。第四季度非 IFRS 自由現金流為 3600 萬美元，上年同期為 9000 萬美元，上季度為 2700 萬美元。這是我們連續第 12 個季度實現正的非 IFRS 自由現金流。我們在 2021 年產生的自由現金流為 1.15 億美元，實現了我們每年非 IFRS 自由現金流至少 1 億美元的目標。第四季度現金周轉天數為 75 天，同比增加 2 天，環比增加 3 天。現金周轉天數同比增加主要是由於庫存增加。

Moving on to some additional key metrics. Our cash balance at the end of the fourth quarter was $394 million, down $70 million year-over-year and down $83 million sequentially. Combined with availability under our recently expanded revolver, we continue to believe that our current liquidity of nearly $1 billion is sufficient to meet our anticipated business needs.

繼續討論一些其他關鍵指標。第四季度末我們的現金餘額為 3.94 億美元，同比下降 7000 萬美元，環比下降 8300 萬美元。結合我們最近擴大的左輪手槍的可用性，我們仍然相信我們目前近 10 億美元的流動資金足以滿足我們預期的業務需求。

Following the closing of the PCI acquisition in November, we ended the quarter with gross debt of $650 million, up $220 million from the previous quarter, leaving us with a net debt position of $266 million. Our fourth quarter gross debt to non-IFRS trailing 12-month adjusted EBITDA leverage ratio was 2.0x, up 0.6 turns sequentially and up 0.4 turns from the same quarter last year.

在 11 月完成對 PCI 的收購後，我們在本季度結束時的總債務為 6.5 億美元，比上一季度增加了 2.2 億美元，淨債務頭寸為 2.66 億美元。我們第四季度的總債務與過去 12 個月調整後的 EBITDA 槓桿比率的非 IFRS 比率為 2.0 倍，環比上升 0.6 倍，比去年同期上升 0.4 倍。

On September 31, 2021, we were compliant with all financial covenants under our credit agreement. We ended the quarter with 124.7 million shares outstanding, a reduction of approximately 3% from the prior-year period. In early December, the TSX accepted our notice to launch a new normal course issuer bid, allowing us to purchase up to 10% of the public float or up to approximately 9 million shares through December of 2022.

2021 年 9 月 31 日，我們遵守了信貸協議下的所有財務契約。本季度末，我們的流通股為 1.247 億股，較上年同期減少約 3%。 12 月初，多倫多證券交易所接受了我們的通知，啟動新的正常發行人投標，允許我們在 2022 年 12 月之前購買最多 10% 的公眾持股量或最多約 900 萬股。

Now turning to our guidance for the first quarter of 2022. We are projecting first quarter revenue to be in the range of $1.4 billion to $1.55 billion. At the midpoint of this range, revenue would be up 19% year-over-year and down 2% sequentially. First quarter non-IFRS adjusted earnings per share are expected to range from $0.31 to $0.37 per share.

現在轉向我們對 2022 年第一季度的指導。我們預計第一季度收入將在 14 億美元至 15.5 億美元之間。在此範圍的中點，收入將同比增長 19%，環比下降 2%。第一季度非 IFRS 調整後每股收益預計在 0.31 美元至 0.37 美元之間。

At the midpoint of our revenue and non-IFRS adjusted EPS guidance ranges, non-IFRS operating margin would be approximately 4.2%, an increase of 70 basis points over the same period last year and a decrease of 70 basis points sequentially. Non-IFRS adjusted SG&A expense for the first quarter is expected to be in the range of $57 million to $59 million. We anticipate our non-IFRS adjusted effective tax rate to be approximately 18%, excluding any impacts from taxable foreign exchange.

在我們的收入和非 IFRS 調整後每股收益指導範圍的中點，非 IFRS 營業利潤率約為 4.2%，比去年同期增加 70 個基點，環比減少 70 個基點。第一季度非 IFRS 調整後的 SG&A 費用預計在 5700 萬至 5900 萬美元之間。我們預計我們的非 IFRS 調整後有效稅率約為 18%，不包括應稅外彙的任何影響。

Turning to our end market outlook for the first quarter of 2022. In our ATS end market, we anticipate revenue to be up in the low 20 percentage range year-over-year driven by continued demand strength in Capital Equipment, the continuing recovery in A&D as well as the first full quarter of contribution from PCI. In CCS, we anticipate our communications end market revenue to be up in the high-teens percentage range year-over-year, driven by strong demand from service provider customers, supported by our HPS offering. In our Enterprise end market, we anticipate revenue to increase in the mid-teens percentage range year-over-year, supported by strength in storage demand.

轉向我們對 2022 年第一季度的終端市場展望。在我們的 ATS 終端市場，我們預計收入將同比增長 20 個百分點，這是由於資本設備的持續需求強勁、A&D 的持續復甦以及 PCI 的第一個完整季度貢獻。在 CCS 中，我們預計在我們的 HPS 產品支持下，受服務提供商客戶強勁需求的推動，我們的通信終端市場收入將同比增長十幾%。在我們的企業終端市場，我們預計在存儲需求強勁的支持下，收入將同比增長 15% 左右。

Finally, we would like to reiterate our outlook for 2022, which we discussed last quarter. We expect revenues to be at least $6.3 billion, with Lifecycle Solutions growing at least 10% organically and our non-IFRS operating margin between 4% and 5%.

最後，我們想重申我們上個季度討論的 2022 年展望。我們預計收入至少為 63 億美元，Lifecycle Solutions 有機增長至少 10%，我們的非 IFRS 營業利潤率在 4% 至 5% 之間。

I'll now turn the call back over to Rob for additional color on our end markets and our overall business outlook.

我現在將電話轉回給 Rob，以了解我們的終端市場和整體業務前景的更多信息。

Thank you, Mandeep. As we take stock of our performance for the past fiscal year, we are pleased with our financial performance and the progress we have made towards our long-term objectives. Our return to year-over-year revenue growth, record operating margin and near-record adjusted EPS, demonstrates that we have been effectively executing against our strategy and our transformation is complete. We are also pleased that our shareholders were rewarded in 2021 as our share price, which outperformed the primary Canadian and U.S. indices, reported a strong performance. However, we have no intention of resting on our laurels and we are constantly striving for further improvement.

謝謝你，曼迪普。在我們評估上一財年的業績時，我們對我們的財務業績和我們在實現長期目標方面取得的進展感到滿意。我們恢復了同比收入增長、創紀錄的營業利潤率和接近創紀錄的調整後每股收益，表明我們一直在有效地執行我們的戰略，我們的轉型已經完成。我們也很高興我們的股東在 2021 年獲得了回報，因為我們的股價表現強勁，表現優於加拿大和美國主要指數。然而，我們不打算固步自封，我們正在不斷努力，以求進一步改進。

Our focus is now squarely set on meeting our performance expectations for 2022, which includes solid top line growth in combination with anticipated record non-IFRS operating margin for the year, which if achieved, will lead to the highest ever annual non-IFRS adjusted EPS. Our efforts to diversify our commercial portfolio remained our centerpiece of a long-term strategy. And we are pleased with the progress we are making.

我們現在的重點是滿足我們對 2022 年的業績預期，其中包括穩健的收入增長以及今年預期創紀錄的非 IFRS 營業利潤率，如果實現，將導致年度非 IFRS 調整後每股收益達到有史以來最高水平.我們使商業組合多樣化的努力仍然是我們長期戰略的核心。我們對我們正在取得的進展感到高興。

Our Lifecycle Solutions business saw another quarter of solid revenue growth, up 36% year-over-year in the fourth quarter, recording nearly $1 billion in sales and accounted for a record 65% of total revenue during the quarter.

我們的生命週期解決方案業務在第四季度實現了另一個季度的穩健收入增長，同比增長 36%，銷售額接近 10 億美元，佔本季度總收入的 65%，創歷史新高。

For the full year 2021, Lifecycle Solutions accounted for 61% of total sales, compared to just 39% in 2017. Looking forward to 2022, we reiterate our expectation for Lifecycle Solutions revenue growth of at least 10%. As I mentioned in my opening remarks, the year ahead will not be without its share of challenges. The global supply chain environment continues to be the most challenging we have dealt with in recent memory. And the new viral variants leading to further outbreaks of COVID-19 may further exacerbate these issues.

2021 年全年，生命週期解決方案佔總銷售額的 61%，而 2017 年僅為 39%。展望 2022 年，我們重申我們對生命週期解決方案收入增長至少 10% 的預期。正如我在開場白中提到的那樣，未來的一年將充滿挑戰。全球供應鏈環境仍然是我們最近記憶中處理過的最具挑戰性的環境。而導致 COVID-19 進一步爆發的新病毒變種可能會進一步加劇這些問題。

The fact that these hurdles have not stood in the way of us meeting our financial performance objectives is a testament to the resourcefulness, effort and commitment of our entire global team. However, we believe that the component shortages do gate our true growth potential, as we believe the demand backdrop with our customers' support materially higher revenues in the absence of these challenges. Our first quarter and full year 2022 outlook have accounted for these macro conditions to the best of our ability and we expect the supply chain environment will remain constrained for the medium term.

這些障礙並未阻礙我們實現財務業績目標，這一事實證明了我們整個全球團隊的足智多謀、努力和承諾。然而，我們認為組件短缺確實限制了我們真正的增長潛力，因為我們相信在沒有這些挑戰的情況下，客戶支持的需求背景會大幅提高收入。我們對 2022 年第一季度和全年的展望已盡我們所能考慮到這些宏觀條件，我們預計供應鏈環境在中期仍將受到限制。

Now turning to the outlook for our segments. In our ATS segment, we achieved 2 important goals in 2021. First, we realized our long-term annual revenue growth target, ending the year with 11% growth compared to 2020. Second, we achieved our goal of re-entering our ATS segment target margin range of 5% to 6%, with a strong fourth quarter. We continue to target a long-term annual revenue growth rate of 10% in our ATS segment.

現在轉向我們細分市場的前景。在我們的 ATS 細分市場，我們在 2021 年實現了 2 個重要目標。首先，我們實現了長期年度收入增長目標，與 2020 年相比增長 11%。其次，我們實現了重新進入 ATS 細分市場的目標目標利潤率範圍為 5% 至 6%，第四季度表現強勁。我們繼續將 ATS 部門的長期年收入增長率定為 10%。

For 2022, as a result of organic growth and the addition of PCI, we expect ATS segment revenue of approximately $2.8 billion and segment margin of approximately 5.5%. If achieved, this would represent approximately 20% revenue growth compared to 2021 and approximately a 100 bps of year-over-year segment margin expansion.

到 2022 年，由於有機增長和 PCI 的加入，我們預計 ATS 部門收入約為 28 億美元，部門利潤率約為 5.5%。如果實現，這將意味著與 2021 年相比收入增長約 20%，並且部門利潤率同比增長約 100 個基點。

Our Capital Equipment business continues to exhibit exceptional strength, driven by market share gains, new wins and a robust demand backdrop, which we expect to continue through all of 2022. Our outsized growth is supported by a global footprint, which we believe is tailor-made for success in this market, including our presence in South Korea, which we are leveraging to capitalize on significant from the cap growth opportunities in that geography.

在市場份額增長、新勝利和強勁需求背景的推動下，我們的資本設備業務繼續展現出非凡的實力，我們預計這將持續到 2022 年全年。我們的超額增長得到了全球足蹟的支持，我們認為這是量身定制的-為在這個市場取得成功做出了貢獻，包括我們在韓國的業務，我們正在利用該地區的重要增長機會。

Our industrial business is expected to be a key contributor to ATS revenue growth in 2022, supported by both organic growth in our base industrial business, coupled with the addition of PCI, a number of new program ramps as well as secular demand tailwinds in several areas including EV charging, smart metering, factory automation and telematics, are expected to drive year-over-year gains, which are expected to be accretive to our targeted long-term ATS revenue growth rate. Demand in our A&D business continues to stabilize, posting modest year-over-year growth in the fourth quarter.

我們的工業業務預計將成為 2022 年 ATS 收入增長的主要貢獻者，這得益於我們基礎工業業務的有機增長，加上 PCI 的增加，一些新項目的增加以及多個領域的長期需求順風包括 EV 充電、智能計量、工廠自動化和遠程信息處理，預計將推動同比增長，預計這將增加我們的目標長期 ATS 收入增長率。我們 A&D 業務的需求繼續穩定，第四季度同比溫和增長。

We expect commercial aerospace demand to experience a modest recovery in 2022, compared to the trough level seen in 2021, as commercial air traffic begins to normalize. While overall defense spending is expected to remain stable in 2022, Celestica has a number of new program ramps supported by our new facility in Maple Grove, Minnesota, which we opened in July of last year.

隨著商業航空交通開始正常化，與 2021 年的低谷水平相比，我們預計商業航空航天需求將在 2022 年出現溫和復蘇。雖然總體國防開支預計在 2022 年將保持穩定，但 Celestica 在我們於去年 7 月開設的位於明尼蘇達州 Maple Grove 的新設施的支持下，有許多新的計劃坡道。

In our HealthTech business, while we expect to see some softness in early 2022 due to ramping down of certain COVID-19-related programs, we expect this demand to be replaced by new program ramps throughout the year in surgical, imaging and patient monitoring equipment markets.

在我們的 HealthTech 業務中，雖然我們預計由於某些 COVID-19 相關項目的減少，我們預計在 2022 年初會出現一些疲軟，但我們預計這一需求將被全年在外科、成像和患者監測設備方面的新項目所取代市場。

Turning to CCS. Our CCS segment recorded its highest CCS segment margin in the past 5 years. With the strong demand from service providers expected to continue supporting HPS growth, we reiterate our view that CCS will maintain strong segment margin in 2022. The margin outlook for our Hardware Platform Solutions business remains strong, supported by robust demand from our service provider customers. We expect another year of strong growth in 2022 despite the challenges presented by the current supply chain environment. We continue to anticipate HPS to deliver strong growth compared to 2021.

轉向 CCS。我們的 CCS 分部錄得過去 5 年最高的 CCS 分部利潤率。由於服務提供商的強勁需求預計將繼續支持 HPS 增長，我們重申我們的觀點，即 CCS 將在 2022 年保持強勁的分部利潤率。在服務提供商客戶強勁需求的支持下，我們的硬件平台解決方案業務的利潤率前景依然強勁。儘管當前的供應鏈環境帶來了挑戰，但我們預計 2022 年將是又一個強勁增長的一年。與 2021 年相比，我們繼續預計 HPS 將實現強勁增長。

In the communications end market, we anticipate year-to-year growth to continue throughout 2022, driven by strong demand from service provider customers, particularly in our HPS business, it was mentioned, we believe that our growth prospects will remain tempered relative to their potential as a result of component constraints.

在通信終端市場，我們預計在服務提供商客戶的強勁需求推動下，我們預計到 2022 年將繼續逐年增長，特別是在我們的 HPS 業務中，有人提到，我們相信我們的增長前景將相對於他們的增長前景有所緩和潛在的組件限制的結果。

In our Enterprise end market, we anticipate that year-over-year declines in our Enterprise business have largely stabilized. We expect the annual revenue to be higher in 2022 compared to 2021. We continue to operate in an unprecedented environment. As we turn the page on another year, we enter 2022 with a sense of optimism and the confidence that our company is solidly positioned to deal with the challenges ahead and capitalize on the opportunities at hand. Our recent successes in the context of these challenges speak to our ability to execute on our plan and serves to validate our strategic vision.

在我們的企業終端市場，我們預計我們的企業業務同比下降已基本穩定。我們預計 2022 年的年收入將高於 2021 年。我們將繼續在前所未有的環境中運營。當我們翻過新的一年時，我們懷著樂觀的心情和信心進入 2022 年，相信我們公司有能力應對未來的挑戰並抓住眼前的機遇。我們最近在這些挑戰的背景下取得的成功說明了我們執行計劃的能力，並有助於驗證我們的戰略願景。

I would like to thank our entire global team and commend their efforts during 2021. With your dedication and focus, our company will push ahead once again in 2022 and continue to make that vision a reality.

我要感謝我們的整個全球團隊，並讚揚他們在 2021 年所做的努力。憑藉你們的奉獻和專注，我們公司將在 2022 年再次向前推進，並繼續使這一願景成為現實。

And with that, I would now like to turn the call over to the operator for Q&A.

有了這個，我現在想把電話轉給接線員進行問答。

(Operator Instructions) Your first question comes from Thanos Moschopoulos from BMO Capital Markets.

（操作員說明）您的第一個問題來自 BMO Capital Markets 的 Thanos Moschopoulos。

On the supply chain, clearly it had a bigger impact on revenue in Q4 than in Q3. Can you provide some color in terms of how you're thinking about that impact heading into Q1 and through 2022? Are you assuming that it gets stable from here, a bit worse, or what's in your assumptions?

在供應鏈上，顯然它對第四季度收入的影響比第三季度更大。您能否提供一些顏色來說明您如何看待進入第一季度和 2022 年的影響？您是否假設它從這裡變得穩定，更糟，或者您的假設是什麼？

This is Rob. Yes, as we go into Q1 we assume that the impact in Q1 is very similar to Q4. And as we look out for the full year '22, we don't expect any meaningful improvements throughout the year. If you just think about what's going on in the macro environment, there's strong OEM growth, the semi cap capacity that is coming online will probably be late in the year. Inventories are low, lead times are up, pricing is up.

這是羅布。是的，當我們進入第一季度時，我們假設第一季度的影響與第四季度非常相似。當我們展望 22 年全年時，我們預計全年不會有任何有意義的改進。如果你只考慮宏觀環境中正在發生的事情，OEM 增長強勁，上線的半導體產能可能會在今年晚些時候上線。庫存低，交貨時間延長，價格上漲。

So we've aligned ourselves and assume that we're not going to see meaningful improvement in supply chain constraints throughout the year. That being said, as you can see we've been faring fairly well through the environment. It's driven by our strong processes, our strong people and we're also working closely with our customers on our customer side just to add some more color. We've been very transparent with them and as such they have opened up the horizons. And in many cases, we have increased cash deposits so we can secure strategic inventory for them.

因此，我們已經調整了自己，並假設我們不會在全年看到供應鏈限制方面的有意義的改善。話雖這麼說，正如您所看到的，我們在環境中的表現相當不錯。它是由我們強大的流程、我們強大的人員驅動的，我們還在客戶方面與我們的客戶密切合作，只是為了增加一些顏色。我們對他們非常透明，因此他們開闊了視野。在許多情況下，我們增加了現金存款，因此我們可以為他們確保戰略庫存。

And on the process side, we've developed a series of new automated tools, and in many cases, we actually understand our customers' demands better than they do, which allows us to more clearly communicate with our suppliers and get the critical supply that we need.

在流程方面，我們開發了一系列新的自動化工具，在很多情況下，我們實際上比客戶更了解客戶的需求，這使我們能夠更清晰地與供應商溝通並獲得關鍵供應我們需要。

Thanos, this is...

薩諾斯，這是...

Just -- sorry, go ahead.

只是 - 抱歉，請繼續。

Sorry, Thanos, Mandeep here. Just going to add some numbers to what Rob had just mentioned. As you know for Q1, we are continuing to have a little bit of a wider guidance range, plus or minus $75 million. So we have taken into account material constraints to the best of our ability for the first quarter. And then when we talk about 2022, as you know, we're targeting at least $6.3 billion in revenue. Our demand outlook is north of that. And so we've done to the best of our ability, we've taken into account the supply environment when communicating the $6.3 billion plus.

對不起，Thanos，這裡是 Mandeep。只是想為 Rob 剛才提到的內容添加一些數字。如您所知，對於第一季度，我們將繼續提供更廣泛的指導範圍，上下浮動 7500 萬美元。因此，我們已盡最大努力考慮第一季度的物質限制。然後當我們談論 2022 年時，如您所知，我們的目標是至少 63 億美元的收入。我們的需求前景遠不止於此。因此，我們已盡最大努力，在傳達 63 億美元以上時，我們已經考慮了供應環境。

Great. Just going to backlog, but I have to assume that your backlog is growing in a weighted average of your backlog is probably increasing setting up your longer-term visibility, is that fair?

偉大的。只是要積壓，但我必須假設您的積壓在您積壓的加權平均值中增長可能會增加建立您的長期可見性，這公平嗎？

Yes, that is fair. Our customers' backlog is increasing and sometimes, 2 to threefold. And as such our backlog is also increasing to the same extent.

是的，這很公平。我們客戶的積壓訂單不斷增加，有時甚至增加了 2 到 3 倍。因此，我們的積壓工作也在以同樣的程度增加。

And then finally on the cash cycle days, obviously inventory is increasing and you're up-selling it to some extent with higher deposits? How do you think that dynamic kind of progresses over the coming months?

然後最後在現金周期日，顯然庫存在增加，你在一定程度上以更高的存款進行銷售？您如何看待未來幾個月這種充滿活力的進展？

Yes, so it's been a tough environment as you know this year, but we're pleased that we were able to generate over $100 million of cash in 2021 despite it. Inventory has been growing, but we've been doing that strategically and then at the same time working with customers on deposits. As we go into 2022, we expect again the environment is going to remain largely consistent. Inventory will be elevated for a period of time, but again supported by deposits.

是的，正如你所知，今年的環境很艱難，但我們很高興儘管如此，我們還是能夠在 2021 年產生超過 1 億美元的現金。庫存一直在增長，但我們一直在戰略性地這樣做，同時與客戶合作處理存款問題。隨著我們進入 2022 年，我們再次預計環境將基本保持一致。庫存將在一段時間內升高，但再次受到存款的支撐。

We are still targeting strong free cash flow in 2022, but as that inventory unwinds, we should expect that some deposits will unwind as well. So it doesn't all fall to the bottom line in terms of cash, but we've taken that into account in our projections.

我們的目標仍然是在 2022 年實現強勁的自由現金流，但隨著庫存的減少，我們應該預計一些存款也會減少。因此，就現金而言，它並沒有全部落入底線，但我們已經在我們的預測中考慮到了這一點。

Your next question comes from Robert Young from Canaccord.

你的下一個問題來自 Canaccord 的 Robert Young。

Just a question on the semi cap outlook, obviously take this very strong for 2022, but just curious relative to last quarter, would you think that the outlook is better or worse. There's been a lot of capacity expansion announcements. I'm trying to put that into context from what we know in the public domain versus what you might have known ahead of time from your customers, is the environment better today than it was 3 months ago?

只是一個關於半市值前景的問題，顯然 2022 年的前景非常強勁，但只是好奇相對於上個季度，你認為前景是好是壞。有很多產能擴張公告。我試圖將我們在公共領域所了解的內容與您可能提前從客戶那裡了解到的內容進行比較，今天的環境是否比 3 個月前更好？

Would you mean (inaudible) the environment, you mean our Q4 performance relative to Q3 performance within our business or more broadly speaking?

你是指（聽不清）環境，你指的是我們第四季度的業績相對於我們業務中第三季度的業績，還是更廣泛地說？

More broadly, I'm thinking about 2022.

更廣泛地說，我正在考慮 2022 年。

Yes, so 2022 is the external environment what we're hearing from our customers. The market should be growing about 14%, 15% is what we're hearing internally here we are aligned to grow much faster than the market, due to the fact that we've been frankly just taking share and we have a number of new program ramps that are scheduled to happen during the course of the year in the areas of high-level assembly, machining robotics, new customers and display, et cetera. But the external market that we are hearing from is about 15%, 14% increase year-over-year from a wafer fab equipment.

是的，所以 2022 年是我們從客戶那裡聽到的外部環境。市場應該增長大約 14%，15% 是我們在這裡聽到的內部消息，我們的增長速度比市場快得多，因為坦率地說，我們只是在分享，我們有一些新的計劃在年內在高級裝配、機械加工機器人、新客戶和展示等領域進行的計劃坡道。但我們聽到的外部市場約為 15%，晶圓廠設備同比增長 14%。

Okay. And that does sound better, I think you said the market was 12% growth last quarter. So the market, it sounds like it's better than it was last quarter, is that a fair statement?

好的。這聽起來確實更好，我想你說過上個季度市場增長了 12%。所以市場，聽起來比上個季度好，這是一個公平的說法嗎？

It is. Yes.

這是。是的。

The outlook I'm talking, not about the quarter.

我說的是前景，而不是這個季度。

Yes, the outlook is higher than it was last quarter. So the outlook is increasing. And it's also extending as well. What we're hearing from the market folks and our customers is that they expect this cycle, if you will, to certainly last throughout '22 and well into '23 and many are asking us for capacity plans through '24 as well to make sure that we're able to grow with them.

是的，前景高於上一季度。所以前景越來越大。而且它也在擴展。我們從市場人士和我們的客戶那裡聽到的是，他們希望這個週期，如果你願意的話，肯定會持續整個 22 年並一直持續到 23 年，許多人還要求我們提供到 24 年的容量計劃，以確保我們能夠與他們一起成長。

Okay. And then on the HPS growth for 2022, 10% or greater. I was just looking at the comps expectations for Q1 of growth of high teens. And I would think of that normally as a slower quarter Q1 and so I'm trying to reconcile the 10% plus guide with the high teens expectation in Q1. Is visibility just lower as you go through the year or is Q1 just higher than it might normally be?

好的。然後是 2022 年 HPS 增長 10% 或更高。我只是在看對第一季度青少年成長的補償預期。我通常認為這是第一季度較慢的季度，所以我試圖將 10% 以上的指導與第一季度的青少年高預期相協調。一年中的能見度是否會降低，或者第一季度的能見度是否會高於正常水平？

Within communication, the majority of the ramps that we are seeing in comms is coming from HPS and continued demand strength and new program ramps and networking, which is largely fueled by HPS. We're also seeing some demand strength in some existing programs as well, but the high teens is really a reflection of HPS growth that we're seeing.

在通信中，我們在通信中看到的大部分斜坡來自 HPS 和持續的需求強度以及新的程序斜坡和網絡，這在很大程度上是由 HPS 推動的。我們也看到了一些現有項目的需求強度，但高青少年確實反映了我們所看到的 HPS 增長。

Yes. And Rob, what I would just add is, it goes back to our 2022 commentary. We're expecting growth of 10% or more in Lifecycle Solutions, which of course is inclusive of HPS, and going back to the comment I shared, but then of the demand outlook remains robust. What we're doing is, we're also taking into account the materials environment when we provide that color. And so as we just look at Q1, which is right in front of us, we're feeling quite comfortable based on the supply environment, but of course we continue to be cautiously optimistic as you go beyond Q1.

是的。羅布，我想補充的是，它可以追溯到我們 2022 年的評論。我們預計生命週期解決方案增長 10% 或更多，這當然包括 HPS，回到我分享的評論，但需求前景依然強勁。我們正在做的是，當我們提供那種顏色時，我們也會考慮材料環境。因此，當我們只看一下就在我們面前的第一季度時，根據供應環境，我們感覺相當舒服，但當然，隨著你超越第一季度，我們繼續保持謹慎樂觀。

Okay. Great. And then I didn't see an update on the target margins for CCS and ATS. You said 5.5% for 2020. Is the 2% to 3% still relevant for CCS and 5% to 6% for ATS in general?

好的。偉大的。然後我沒有看到 CCS 和 ATS 的目標利潤率的更新。你說 2020 年是 5.5%。2% 到 3% 是否仍然與 CCS 相關，而 5% 到 6% 與一般 ATS 相關？

What I would say is that, yes, we expect that the performance in CCS is going to continue coming out of 2021. And as you know, throughout 2021, they were above their target margin range. And so we expect strength to continue. On the ATS side, we're pleased that they entered back into their target margin range of 5% to 6% and we expect strong performance at those levels or possibly higher throughout the year. We gave a full year number of around 5.5%.

我要說的是，是的，我們預計 CCS 的表現將在 2021 年之後繼續。正如你所知，在整個 2021 年，它們都高於目標利潤率範圍。因此，我們預計實力將繼續。在 ATS 方面，我們很高興他們回到了 5% 至 6% 的目標利潤率範圍，我們預計全年在這些水平或可能更高的水平上表現強勁。我們給出的全年數字約為 5.5%。

What I would say in terms of target margin, so as you know, we did increase the company's range to 4% to 5% for 2022. We will relook at what the right target margin ranges are for the individual segments as we go through the year. Frankly, we want to operate in the range for a few quarters first. We also want to complete the integration of PCI. So right now, the higher margins from both segments is being reflected in the total company number. And we'll revisit what the right ranges are over the long term for segments later on.

我想說的是目標利潤率，如你所知，我們確實將公司的範圍提高到 2022 年的 4% 到 5%。我們將重新審視各個細分市場的正確目標利潤率範圍是多少，因為我們正在經歷年。坦率地說，我們想先在這個範圍內運營幾個季度。我們還想完成 PCI 的整合。所以現在，這兩個部門的較高利潤率都反映在公司總數上。稍後我們將重新審視細分市場的長期正確範圍。

Your next question comes from Todd Coupland from CIBC.

您的下一個問題來自 CIBC 的 Todd Coupland。

I wanted to ask you about margins as well. I think street expectations for 2022 EPS is $1.45 to $1.50 and it's more or less implying the low end of your 4% to 5% target range, 4.1% or something like that. At the start of the year, is that the right place to be in that target range or given you've increased the guidance range, should people start to move towards the middle of that range given the momentum in your business? Just a little color around that would be helpful.

我也想問你關於利潤率的問題。我認為市場對 2022 年每股收益的預期為 1.45 美元至 1.50 美元，這或多或少意味著您 4% 至 5% 目標範圍的低端，即 4.1% 或類似水平。在今年年初，這是處於該目標範圍內的正確位置還是考慮到您已經增加了指導範圍，鑑於您的業務勢頭，人們是否應該開始向該範圍的中間移動？周圍只有一點顏色會有所幫助。

Sure. Thanks for the question, Todd. Yes, what I would say is that we do know what the consensus numbers are, it's around $6.3 billion in revenue, $1.47 or so of EPS. And then the implied margins are in the 4.2%, 4.3% range. What I would say is that that's at the low end of what we're targeting. As you can see from our guidance for the first quarter at 4.2%, which historically is our weakest quarter based on seasonality, we are targeting stronger margins and 4.2% as we go through the remainder of the year.

當然。謝謝你的問題，托德。是的，我要說的是，我們確實知道共識數字是多少，收入約為 63 億美元，每股收益約為 1.47 美元。然後隱含利潤率在 4.2%、4.3% 的範圍內。我要說的是，這處於我們目標的低端。從我們對第一季度 4.2% 的指導可以看出，這在歷史上是我們基於季節性的最弱季度，我們的目標是在今年餘下時間實現更高的利潤率和 4.2%。

Also from a revenue perspective, to reiterate my comment to others. We are targeting $6.3 billion or more as we go through the year. We're just tempering demand right now with some of the material constraint dynamics. So all in all, we believe that consensus right now is reflecting the low end of what we are targeting here, certainly targeting higher than that.

同樣從收入的角度來看，重申我對其他人的評論。我們今年的目標是 63 億美元或更多。我們現在只是通過一些物質限制動態來緩和需求。因此，總而言之，我們認為目前的共識反映了我們在此設定的目標的低端，當然目標更高。

Okay. And is -- at this point in the year, beyond seasonality, is the biggest swing factor how supply chain plays out?

好的。並且是 - 在今年的這個時候，除了季節性之外，供應鏈如何發揮最大的搖擺因素？

It is the biggest dynamic I would say that could flex our revenue. Again, the demand outlook remains robust. It's remained robust throughout 2021. We think we've done a nice job of managing through it. But the impact is anywhere between $30 million to $50 million a quarter of revenue that we could have done had we not had any supply constraints. So we think we've accounted for that in the $6.3 billion. We don't see it getting significantly worse. But at the same time, based on what we're seeing right now, we also don't see it getting better in 2022.

我想說這是可以增加我們收入的最大動力。同樣，需求前景依然強勁。它在整個 2021 年都保持強勁。我們認為我們在管理它方面做得很好。但如果我們沒有任何供應限制，我們本可以做到的每季度收入的影響在 3000 萬到 5000 萬美元之間。所以我們認為我們已經在 63 億美元中考慮到了這一點。我們認為情況不會變得更糟。但與此同時，根據我們目前所看到的情況，我們也不認為 2022 年情況會好轉。

Great. And my second question relates to the PCI acquisition, apologies if you disclosed this, but how much did it contribute to revenue and EPS in the fourth quarter?

偉大的。我的第二個問題與 PCI 收購有關，如果您披露了這一點，我深表歉意，但它對第四季度的收入和每股收益貢獻了多少？

We don't break it up specifically. I will this time because it was a partial quarter in the business closed -- transaction closed on November the 1st. They gave us about 1% of our overall growth. So ex-PCI, we would have been about 1% to 2% lower on a year-over-year basis and as we're going into next year, as we've communicated, we're expecting an incremental amount of around $300 million or so on a year-over-year basis.

我們不具體分解它。我這次會，因為這是業務關閉的部分季度——交易於 11 月 1 日結束。他們給了我們大約 1% 的整體增長。因此，如果不考慮 PCI，我們將同比下降約 1% 至 2%，隨著我們進入明年，正如我們所傳達的那樣，我們預計增量約為 300 美元同比增長 100 萬左右。

Your next question comes from Paul Steep from Scotia Capital.

你的下一個問題來自 Scotia Capital 的 Paul Steep。

Maybe just to go back a little bit, either Rob or Mandeep, can we talk about non-HPS CCS and just the cadence there? Obviously the basis as implies that there has been growth in health and (inaudible) programs, but I think my question is longer term, how should we think about recalibrating that portfolio? We went through a lengthy period of maybe removing revenues and client work that might be better placed on other places, where are we in that trending, because it looks like you've replaced capacity in HPS as a percent of CCS, so sort of ticked down a little bit on a percentage basis of the mix this year. How do I sort of reconcile?

也許只是稍微回顧一下，Rob 或 Mandeep，我們可以談談非 HPS CCS 以及那裡的節奏嗎？顯然，基礎意味著健康和（聽不清）計劃有所增長，但我認為我的問題是長期的，我們應該如何考慮重新調整該投資組合？我們經歷了很長一段時間，可能會刪除可能更好地放在其他地方的收入和客戶工作，我們在那個趨勢中的位置，因為看起來你已經將 HPS 中的容量替換為 CCS 的百分比，所以有點勾選今年的組合百分比略有下降。我該如何調和？

Paul, I'll start off, I'll let Rob finish. What I would say is that the non-HPS portfolio in CCS is still very good business. It's about $2 billion of our overall revenue, gives us terrific utilization in some of our key factories, gives us the ability to have better buying power with our suppliers, getting better pricing across the entire network. And so it is a very attractive piece of business. The other thing too is that it is becoming stickier because of our HPS business, because when you can service a customer with both the traditionally [NF] offering as well as HPS offering, you become a more strategic supplier to that customer.

保羅，我會開始，我會讓羅布完成。我要說的是，CCS 中的非 HPS 產品組合仍然是非常好的業務。它大約占我們總收入的 20 億美元，使我們的一些主要工廠得到了驚人的利用，使我們能夠與供應商一起擁有更好的購買力，在整個網絡中獲得更好的定價。因此，這是一項非常有吸引力的業務。另一件事是，由於我們的 HPS 業務，它變得更具粘性，因為當您可以同時使用傳統 [NF] 產品和 HPS 產品為客戶提供服務時，您將成為該客戶更具戰略意義的供應商。

And so as we look into next year, if you look at the overall growth rates of markets, it's in the low single-digit rate. That's something that is not too far off of what we would expect of our non-HPS portfolio within CCS. But again, we're pleased with the portfolio that we do have. We've already made the tough decision that we've had to make around portfolio shaping. And for the portfolio we have today, we think it's still very strategic for us.

因此，當我們展望明年時，如果你看一下市場的整體增長率，就會發現它處於較低的個位數增長率。這與我們對 CCS 中非 HPS 產品組合的預期相差不遠。但同樣，我們對我們擁有的產品組合感到滿意。我們已經做出了我們必須圍繞投資組合塑造做出的艱難決定。對於我們今天的投資組合，我們認為它對我們來說仍然非常具有戰略意義。

And the only thing I would add...

我唯一要補充的是......

Sure, Rob.

當然，羅伯。

The only thing I would add would be that our non-HPS portfolio in the areas of comms and in the Enterprise also enables us to actually gain more HPS content over time. So it allows us to kind of move up the rack and also fill up solutions to our customers and also transition customers from EMF to HPS over a period of time. So an enabler as well.

我唯一要補充的是，我們在通信和企業領域的非 HPS 產品組合也使我們能夠隨著時間的推移實際獲得更多的 HPS 內容。因此，它使我們能夠在某種程度上提昇機架並為我們的客戶提供解決方案，並在一段時間內將客戶從 EMF 過渡到 HPS。所以也是一個推動者。

Okay. Maybe, Rob or Mandeep, either one who wants to start and I'll sort of 2-part this one. But talk to us about what you're thinking about the global footprint in terms of where production is and maybe shifting factories around, you talked about opening the Minnesota facility last year, but that's against a CapEx backdrop that's maybe been maybe more constrained. I guess the second part of it for Mandeep is, Mandeep, how should we think about CapEx this year and next?

好的。也許，Rob 或 Mandeep，任何一個想要開始的人，我都會將這個分為兩部分。但是，請與我們談談您在生產地點和可能轉移工廠方面對全球足蹟的看法，您去年談到了在明尼蘇達州開設工廠，但這是在可能受到更多限制的資本支出背景下進行的。我想 Mandeep 的第二部分是，Mandeep，我們應該如何考慮今年和明年的資本支出？

And then maybe the other one, I believe we've cleared most of the real estate opportunity, but I think there still are some owned facilities, what's the opportunity to maybe realize some real estate, unlock some value in real estate or maybe deploy that capital?

然後也許是另一個，我相信我們已經清除了大部分房地產機會，但我認為仍然有一些自有設施，有什麼機會可以實現一些房地產，釋放房地產的一些價值或者部署它首都？

Good question. From a footprint perspective, there has been certainly an increased trend for regionalization and we've been capitalizing on that from a couple of different aspects. First, from a growth perspective, our supply chains become more complex and also as our customers want to regionalize more, it's actually been increasing the amount of outsourcing that we've seen from the customer base. So we've been capitalizing on that and growing specifically to support our new customers' regionalization efforts.

好問題。從足蹟的角度來看，區域化趨勢肯定有所增加，我們一直在從幾個不同的方面利用這一點。首先，從增長的角度來看，我們的供應鏈變得更加複雜，而且隨著我們的客戶希望更多地區域化，它實際上一直在增加我們從客戶群中看到的外包量。因此，我們一直在利用這一點並專門發展以支持我們新客戶的區域化工作。

And then secondly, based on the footprint that we have, many customers either to be just the supply chain or just improve total landed cost of (inaudible) help support multi-node solutions. So we've been kind of supporting them doing that. So that's been heavy activity or I would say over the last 18 months or so. It still will be fairly active this year in terms of maybe repositioning some of our customers' products to better align them with where they need it to be. But I think we have the right footprint right now to support our customers. We are looking at niche capacity expansions as our company continues to grow though in key spots.

其次，根據我們的足跡，許多客戶要么只是供應鏈，要么只是提高（聽不清）的總到岸成本，以幫助支持多節點解決方案。所以我們一直支持他們這樣做。所以這是繁重的活動，或者我會說在過去的 18 個月左右。今年它仍然會相當活躍，可能會重新定位我們客戶的一些產品，以更好地使它們與他們需要的地方保持一致。但我認為我們現在擁有正確的足跡來支持我們的客戶。隨著我們公司在關鍵領域的持續發展，我們正在考慮利基產能擴張。

Yes. And Paul, just continuing on the CapEx front. So we spent about $50 million of CapEx in 2021, around 1% of our revenue, lower than we had originally set out to do and that's just because some projects that we were anticipating to start at the back end of this year and push to the right along with the supply environment. As we look into 2022, we are targeting closer to 1.5% of revenue. You can think about it from a modeling perspective as $90 million to $100 million. That's in line with the guidance that we traditionally give which is 1.5% to 2% of overall revenue. And we're pleased though that we're spending that money is to support customer programs and new wins. So it's largely growth-oriented.

是的。保羅，只是繼續在資本支出方面。因此，我們在 2021 年花費了大約 5000 萬美元的資本支出，約占我們收入的 1%，低於我們最初的計劃，這只是因為我們預計一些項目將在今年年底開始並推進到與供應環境一起。展望 2022 年，我們的目標是接近收入的 1.5%。您可以從建模的角度將其視為 9000 萬到 1 億美元。這符合我們傳統上給出的指導，即佔總收入的 1.5% 至 2%。我們很高興我們花這筆錢來支持客戶計劃和新的勝利。所以它主要是以增長為導向的。

To your point about owned versus leased real estate, it is something that we look at from time-to-time and being in 14 different countries, the dynamics may be different in various locations. We don't feel right now that is a compelling reason to take any of our assets at this point and necessarily do a sale leaseback. The business cases don't make sense in various scenarios, but it is something that we constantly evaluate and we know that that is a source of capital if we wanted it to be.

就您關於自有和租賃房地產的觀點而言，這是我們不時關注的問題，並且在 14 個不同的國家/地區，不同地點的動態可能不同。我們現在覺得這不是一個令人信服的理由，可以在這一點上拿走我們的任何資產，並且必須進行售後回租。業務案例在各種情況下都沒有意義，但這是我們不斷評估的東西，我們知道如果我們願意的話，這是一種資本來源。

Great. Last one and then I'll pass on. Just obviously close PCI leverage is up, but it's going to quickly delever at least

偉大的。最後一個，然後我會繼續。很明顯 PCI 槓桿率上升了，但至少會迅速去槓桿化

(technical difficulty)

（技術難度）

Paul, I'm sorry, I think your phone broke out. Wasn't able to hear the question.

保羅，對不起，我想你的手機壞了。無法聽到問題。

(technical difficulty)

（技術難度）

Paul, I'm sorry, I think the reception broke out. The question didn’t come through. Let me give you another chance. Otherwise we can always put you back in the queue as well.

保羅，對不起，我想招待會爆發了。問題沒有通過。讓我再給你一次機會。否則，我們也可以隨時將您放回隊列中。

I'll get on the line and wrap this up.

我會掛斷電話並將其結束。

Okay.

好的。

You should be using Celestica equipment would be so much better, Paul.

Paul，你應該使用 Celestica 設備會好得多。

Your next question comes from Ruplu Bhattacharya from Bank of America.

你的下一個問題來自美國銀行的 Ruplu Bhattacharya。

Can you help us bridge the 70 basis points of margin decline between 4Q and 1Q? I mean your CCS margins looks like you have consistently been above the 2% to 3% long-term range for over 2 years now, I mean for the last 8 quarters. And on the ATS side, you're guiding I guess for sequential growth in revenues. So I'm trying to figure out what are some of the factors that are driving that margin decline. Can you help us break that into how much is mix? How much is FX, how much is volume-related? And if you could just give us any guidance on how you're thinking about margins for both segments in the first quarter?

您能幫助我們彌補第 4 季度和第 1 季度之間 70 個基點的利潤率下降嗎？我的意思是，您的 CCS 利潤率看起來在 2 年多的時間裡一直高於 2% 到 3% 的長期範圍，我的意思是過去 8 個季度。在 ATS 方面，我猜你正在指導收入的連續增長。因此，我試圖找出導致利潤率下降的一些因素。你能幫我們把它分解成多少是混合的嗎？外匯有多少，與交易量相關的有多少？如果你能給我們任何關於你如何考慮第一季度這兩個部門的利潤率的指導？

Sure. So what the margin decline quarter-to-quarter is reflecting is some moderation within CCS. As you know, we don't give guidance ranges specifically at the end market level. But I can tell you that we are targeting above the guidance range or the target range in CCS. So it's about 3%, but the 4.4% that we saw in the fourth quarter was exceptionally strong, driven by a strong mix and some strong recoveries as well.

當然。因此，季度利潤率下降反映的是 CCS 內部的一些緩和。如您所知，我們不會專門在終端市場層面給出指導範圍。但我可以告訴你，我們的目標是高於指導範圍或 CCS 中的目標範圍。所以它大約是 3%，但我們在第四季度看到的 4.4% 非常強勁，這是由強勁的組合和一些強勁的複蘇推動的。

On the ATS side, we're targeting to be above 5%, again the full year outlook for ATS is 5.5%, so they are both approximately. And we are expecting to be at 5% or more, we are working towards that in each of the quarters next year. And then to answer your question maybe a little more specifically on what's driving some of the moderation within CCS, that is the business where we traditionally see seasonality, particularly with our Enterprise customers.

在 ATS 方面，我們的目標是超過 5%，ATS 的全年前景同樣是 5.5%，所以它們都是大約的。我們預計將達到 5% 或更多，我們正在努力在明年的每個季度實現這一目標。然後回答你的問題，也許更具體一點是什麼在推動 CCS 中的一些節制，這是我們傳統上看到季節性的業務，特別是對於我們的企業客戶。

And so our goal would be to see margin strength in CCS going beyond the first quarter as well, but it's not unusual for CCS to have "weakest" quarter in the first quarter.

因此，我們的目標是看到 CCS 的利潤率也超過第一季度，但 CCS 在第一季度出現“最弱”的季度並不罕見。

Okay. Maybe related to margins, I'm going to ask a more theoretical question. As your Capital Equipment business grows, I mean that should be accretive to your ATS segment margins. I think you reported $750 million of revenues in that business -- Capital Equipment business in fiscal '21. I'm trying to estimate how much more margin expansion can that business create, so is there like a revenue level at which you reach steady-state margins in that business?

好的。也許與邊距有關，我要問一個更理論化的問題。隨著您的資本設備業務的增長，我的意思是這應該會增加您的 ATS 部門的利潤率。我認為你在 21 財年報告了該業務的收入為 7.5 億美元——資本設備業務。我正在嘗試估計該業務可以創造多少利潤率擴張，那麼是否存在您在該業務中達到穩態利潤率的收入水平？

So we're already experiencing strong margins in the business right now. We've talked about this at some previous calls where as we continue to grow that business we would expect that it could perform above 6% operating margin. It's not there yet from a consistency perspective, but like also going to what we talked about for 2022, we're expecting further growth in CCS.

所以我們現在已經在業務中獲得了豐厚的利潤。我們在之前的一些電話會議上討論過這個問題，隨著我們繼續發展該業務，我們預計它的營業利潤率可能超過 6%。從一致性的角度來看，它還不存在，但就像我們談到的 2022 年一樣，我們期待 CCS 的進一步增長。

So we do expect incremental margin accretion from -- I'm sorry Capital Equipment -- incremental margin accretion from Capital Equipment as we go through 2022. That being said, we want to just make sure that we temper expectations because Capital Equipment demand will not continue forever. And we do expect that eventually, it will moderate. We have been very disciplined on adding fixed costs to that business so that we are able to weather the next inevitable downturn.

因此，我們確實預計到 2022 年，資本設備的利潤率會增加——對不起，資本設備會增加利潤率。話雖這麼說，我們只想確保降低預期，因為資本設備的需求不會永遠繼續。我們確實希望它最終會緩和。我們在為該業務增加固定成本方面一直非常自律，以便我們能夠度過下一個不可避免的低迷時期。

But the reason that we continue to be optimistic for the ATS business is because our very large segment in aerospace and defense is operating below expectations. And so we do expect that eventually when Capital Equipment moderates, our A&D business will hopefully be able to come right by and pick up any of the margin dilution. So we think we're set up for a good margin story over the next few years. But we just want to make sure that we balance our expectations on Capital Equipment.

但我們繼續對 ATS 業務持樂觀態度的原因是我們在航空航天和國防領域的很大一部分的運營低於預期。因此，我們確實希望最終當資本設備放緩時，我們的 A&D 業務有望能夠及時趕上並彌補任何利潤稀釋。因此，我們認為我們已經為未來幾年的良好利潤率故事做好了準備。但我們只想確保平衡我們對資本設備的期望。

Appreciate that. And for the last question, Mandeep, can I ask you about your priorities for use of cash? Now that you have the new NCIB, how should we think about debt reduction versus share buybacks versus further M&A?

感謝。關於最後一個問題，Mandeep，我可以問一下您使用現金的優先順序嗎？既然有了新的 NCIB，我們應該如何考慮減少債務、股票回購和進一步併購？

So it all starts with free cash flow generation. So again, pleased with the cash generation that we had in the 2021, $115 million. We are targeting $100 million or more for 2022 albeit it is a challenging environment. We have a very healthy balance sheet. Our gross leverage ratio is at 2.0x. It will reduce as we go through the year. And then also our liquidity remains very strong with our refinance credit facility close to $1 billion, up almost $400 million from where it was a quarter ago.

所以這一切都始於產生自由現金流。因此，再次對我們在 2021 年獲得的 1.15 億美元現金產生感到高興。我們的目標是到 2022 年達到 1 億美元或更多，儘管這是一個充滿挑戰的環境。我們的資產負債表非常健康。我們的總槓桿率為 2.0 倍。隨著我們度過這一年，它會減少。此外，我們的流動性仍然非常強勁，我們的再融資信貸額度接近 10 億美元，比一個季度前增加了近 4 億美元。

So we feel like we have a lot of flexibility. When it comes to share buybacks, we're going to continue to be opportunistic on those buybacks. And what I mean by that is, does the stock price reflect what we are actually doing from an operational execution perspective? Right now we believe that consensus estimates does not fully reflect what we are aiming to do in 2022 and frankly the multiple on the company is still trading at a discount relative to historical averages.

所以我們覺得我們有很大的靈活性。在股票回購方面，我們將繼續對這些回購持機會主義態度。我的意思是，從運營執行的角度來看，股價是否反映了我們實際在做什麼？目前，我們認為共識估計並未完全反映我們在 2022 年的目標，坦率地說，該公司的市盈率仍低於歷史平均水平。

And so when there is weakness, we are comfortable going and buying back shares because we think that's a good use of cash for shareholders. That being said, we maintain flexibility to do M&A. Our long-term priorities don't change, 50% back to shareholders, largely through (inaudible), 50% of our cash generation being investing in the business. But on the M&A side, as you know, we maintain a very, very tight filter.

因此，當出現疲軟時，我們很樂意回購股票，因為我們認為這對股東來說是一種很好的現金使用方式。話雖如此，我們保持進行併購的靈活性。我們的長期優先事項不會改變，50% 回饋給股東，主要是通過（聽不清），我們 50% 的現金產生投資於業務。但在併購方面，如您所知，我們保持非常非常嚴格的過濾。

And it needs to be EPS-accretive in year one. ROI has to be above our cost of capital by year 2 or sooner, has to be strategic fit for the business. We have to be able to integrate it well and so we'll continue to look at M&A transactions as you go through 2022. We have both the balance sheet and the management capacity to do a transaction should the right one come in front of us, but we're going to be very disciplined and -- before we pull the trigger on anything.

而且它需要在第一年增加 EPS。投資回報率必須在第 2 年或更早之前高於我們的資本成本，必須與業務戰略相適應。我們必須能夠很好地整合它，因此我們將在 2022 年繼續關注併購交易。如果合適的交易擺在我們面前，我們既有資產負債表又有管理能力來進行交易，但我們會非常有紀律——在我們扣動扳機之前。

Congrats on the quarter and the strong margin performance.

祝賀本季度和強勁的利潤率表現。

Next question comes from Jim Suva from Citigroup.

下一個問題來自花旗集團的 Jim Suva。

I have 2 questions and I'll ask them at the same time so you can figure out which way you want to answer them, but one of them is just mostly a clarification. When you mentioned about that you saw some recoveries in the quarter, there is lots of ways to define that, some call it like recovery of COVID costs, other may call it the recovery of utilization rates, others may call it like recovery from bad debt accruals or lots of other things. Can you just help us what you meant -- understand what you meant by recoveries?

我有 2 個問題，我會同時問它們，這樣你就可以弄清楚你想用哪種方式回答它們，但其中一個問題主要是為了澄清。當你提到你在本季度看到了一些復甦時，有很多方法可以定義它，有些人稱之為 COVID 成本的複蘇，其他人可能稱之為利用率的複蘇，其他人可能稱之為從壞賬中復蘇應計費用或許多其他東西。你能幫我們理解你的意思——理解你所說的恢復是什麼意思嗎？

And then the second question is am I right that the Celestica we're looking at now since its post the Cisco disengagement that this is the alignment and kind of the vehicle that we should look at going forward? Or do you still have some things in your portfolio for repositioning that we should be mindful of? I know you of course have to do the integration of PCI, but it seems like we're probably close to the point of the true clear vehicle that we should be looking at going forward?

然後第二個問題是，自從思科脫離接觸以來，我們現在正在研究的 Celestica 是否正確？或者您的投資組合中是否還有一些我們應該注意的重新定位的東西？我知道你當然必須進行 PCI 的集成，但看起來我們可能已經接近我們應該關注的真正清晰的工具的地步了？

It's Mandeep here, nice to talk to you this morning. So to answer your first question, when we're talking about recoveries, it was largely related to premiums that we were paying or freight expenses that we were able to successfully recover from our customers during the quarter and that did help us. I'll let Rob maybe add on to a starting of an answer for the second one, which is, as we have said, our portfolio shaping actions are complete. We went through a multi-year transformation. The transformation is done. We're now in the growth phase. And so what we're really pleased with is that we are now posting absolute growth numbers as we go into Q4 or as we finish Q4 and as we're going now into Q1 and all through 2022, we're looking to see absolute growth across the company.

我是 Mandeep，今天早上很高興和你交談。因此，要回答你的第一個問題，當我們談論回收時，這主要與我們在本季度能夠從客戶那裡成功收回的保費或運費有關，這確實對我們有所幫助。我會讓 Rob 為第二個答案添加一個開始，正如我們所說，我們的投資組合塑造行動已經完成。我們經歷了多年的轉型。轉換完成。我們現在正處於成長期。因此，我們真正感到高興的是，隨著我們進入第四季度或第四季度結束，以及我們現在進入第一季度和整個 2022 年，我們都希望看到絕對增長整個公司。

Of course, our strategic objectives are to continue to grow our diversified sets of businesses, HPS and ATS. And again we're targeting 10% or more growth in those businesses in 2022. And we think that as we continue to improve the mix from those very high-reliability businesses, it just continues to strengthen the company. I'll let Rob add on to that.

當然，我們的戰略目標是繼續發展我們的多元化業務、HPS 和 ATS。我們的目標是在 2022 年使這些業務實現 10% 或更多的增長。我們認為，隨著我們繼續改善這些可靠性非常高的業務的組合，它只會繼續加強公司的實力。我會讓 Rob 補充一點。

I think you covered the majority of the points, Mandeep, but I would just say I'm really pleased with the progress we've improved diversification, as a result of that we've improved our margins and our -- we've also improved our customer concentration. So we think we have a much more resilient portfolio and a portfolio that's much better aligned to take advantage of some of the secular tailwinds that we're seeing. So I would mark the transformation as complete, but our work is not yet done because there's always room for improvement.

Mandeep，我認為你涵蓋了大部分要點，但我只想說，我對我們在多元化方面取得的進展感到非常高興，因此我們提高了利潤率，而且我們的——我們也提高了我們的客戶集中度。因此，我們認為我們擁有更具彈性的投資組合和更適合利用我們所看到的一些長期順風的投資組合。所以我會將轉換標記為完成，但我們的工作尚未完成，因為總有改進的餘地。

Congratulations to you and your team for lots of effort and work, which is now manifesting itself.

祝賀您和您的團隊所做的大量努力和工作，現在正在顯現。

Your last question comes from Paul Treiber from RBC Capital Markets.

你的最後一個問題來自 RBC Capital Markets 的 Paul Treiber。

Just could you speak to the labor environment? You mentioned supply chain constraints. But to what degree is -- are you seeing any shortages in labor if any, or absenteeism, or also wage inflation and how do you think about the labor environment through 2022?

你能談談勞動環境嗎？您提到了供應鏈限制。但在多大程度上——您是否看到勞動力短缺（如果有）、缺勤或工資上漲以及您如何看待到 2022 年的勞動力環境？

Good question, Paul. We're certainly seeing pockets of wage inflation of higher absenteeism, and difficulty in attracting talent. I would call it pockets largely in the Americas on the West Coast and also in the northwest area. In terms of just kicking it off, in terms of absenteeism driven by COVID, we had a rush of it I think earlier in January, but frankly, given the new CDC guidelines, people are back at work and we've returned to normal levels.

問得好，保羅。我們肯定會看到更高的缺勤率導致工資上漲，並且難以吸引人才。我認為它主要分佈在美洲西海岸和西北部地區。就剛剛開始的情況而言，就 COVID 導致的缺勤率而言，我認為我們在 1 月初就匆匆忙忙，但坦率地說，鑑於新的 CDC 指南，人們已經恢復工作，我們已經恢復到正常水平.

So it's really for a very short, limited amount of time early in Q1. In terms of the inflationary environment, I do think that's alive and well if you will. We've been taking that into account and working with our customers and re-pricing accordingly.

所以這真的是在第一季度初期非常短、有限的時間內。就通貨膨脹環境而言，我確實認為如果你願意的話，它仍然存在並且很好。我們一直在考慮這一點，並與我們的客戶合作並相應地重新定價。

In the terms of finding talent, we're doing our best to our partnerships with local universities and doing all the normal things to find the right talent to enable the strong demand that we have in some key sites, but I wouldn't say it's a broad global issue. We're just seeing certain pockets in certain geographies, Paul.

在尋找人才方面，我們正在盡最大努力與當地大學建立合作夥伴關係，並做所有正常的事情來尋找合適的人才，以滿足我們在一些關鍵地點的強烈需求，但我不會說這是一個廣泛的全球性問題。保羅，我們只是在某些地區看到了某些口袋。

And you mentioned being able to pass along wage inflation. Is there any explicit cost related to the labor shortages or absenteeism that's constraining you that maybe you just refer to supply chain constraints or is it immaterial at this point?

你提到能夠傳遞工資通脹。是否有任何與勞動力短缺或缺勤相關的明確成本限制了您，也許您只是指供應鏈限制，或者在這一點上並不重要？

Right now the labor constraints are probably just impeding our ability to get product out the door in a certain time frame, but we have other tools in mind in terms of overtime or shift patterns or things like that to compensate for that. So I wouldn't view it as a major barrier in terms of fulfilling demand.

目前，勞動力限制可能只是阻礙了我們在特定時間範圍內將產品推出市場的能力，但我們在加班或輪班模式等方面考慮了其他工具來彌補這一點。因此，我不會將其視為滿足需求方面的主要障礙。

I think right now the major barrier is really around material. We have the material that could typically get the product out the door. And we've been combating the labor shortage with -- it sounds -- I wouldn't call it a top-tier ratio, I would call it a second tier ratio right now.

我認為現在的主要障礙實際上是圍繞材料。我們擁有通常可以將產品推出市場的材料。我們一直在與勞動力短缺作鬥爭——聽起來——我不會稱之為頂級比率，我現在稱之為二級比率。

Okay. And then the last question from me. The SG&A in the quarter was lower than what we anticipated. Could you speak to -- I know you spoke to margins on a percentage basis, but how do we think about like SG&A dollars in Q4 and then also through 2022?

好的。然後是我的最後一個問題。本季度的 SG&A 低於我們的預期。你能談談——我知道你是按百分比談利潤的，但我們如何看待第四季度以及 2022 年的 SG&A 美元？

So I'd say in Q4 we saw a little bit of a reduction in some variable spend items that turned out to be favorable for us. And as you go into 2022, largely we're looking to maintain our SG&A dollars and to see leverage benefit as the top line growth. That being said, there are 2 things I would call out that will add to the SG&A dollars. The first one of course is the PCI integration. PCI's SG&A is going to be somewhere around $1 million a month. So look for about $12 million sort of be added going into 2022.

所以我想說，在第四季度，我們看到一些可變支出項目有所減少，結果證明對我們有利。當你進入 2022 年時，我們主要希望維持我們的 SG&A 美元，並將槓桿收益視為收入增長。話雖這麼說，但我會指出兩件事會增加 SG&A 美元。第一個當然是 PCI 集成。 PCI 的 SG&A 每月約為 100 萬美元。因此，預計到 2022 年將增加約 1200 萬美元。

The second one is, is that we would anticipate that as we move towards the back end of the year that travel is going to be picking up from a management team perspective. We're in 14 countries. We travel to those locations frequently. And so we will expect to see a little bit more SG&A spend in that area 2022 compared to 2021. But largely, we are expecting at the top line growth that we will continue to see cost productivity and we are aiming to be very disciplined on our SG&A spend outside of those items to drive good levels of productivity to offset inflation.

第二個是，我們預計，隨著我們接近年底，從管理團隊的角度來看，旅行將會增加。我們在 14 個國家/地區。我們經常去那些地方旅行。因此，與 2021 年相比，我們預計 2022 年該領域的 SG&A 支出會增加一些。但在很大程度上，我們預計在收入增長方面，我們將繼續看到成本生產率，我們的目標是在我們的SG&A 在這些項目之外進行支出，以提高生產力水平以抵消通貨膨脹。

We have no further questions. I would like to turn the call back over to Rob Mionis for closing remarks.

我們沒有其他問題了。我想將電話轉回給 Rob Mionis 以作結束語。

Thank you, Julianne. I'm pleased with our performance in the fourth quarter and our full year 2021 results. We continue to execute well through a difficult supply chain environment and we've completed our transformation and now focused on continued growth and earnings expansion.

謝謝你，朱麗安。我對我們第四季度的表現和 2021 年全年的業績感到滿意。我們在困難的供應鏈環境中繼續表現良好，我們已經完成轉型，現在專注於持續增長和盈利擴張。

As we head into 2022 with strong tailwinds and continued conviction that we are on the right path, I'd like to thank our global team for a strong '21. I'd also like to thank all of you for joining today's call. I look forward to updating you as we progress throughout the year. Stay safe and best to you.

當我們帶著強勁的順風進入 2022 年並繼續堅信我們走在正確的道路上時，我要感謝我們的全球團隊在 21 年的強大表現。我還要感謝大家參加今天的電話會議。隨著我們全年的進展，我期待著為您更新。保持安全，對你最好。

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。您現在可以斷開連接。