Celestica Inc (CLS) 2021 Q3 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，謝謝你的支持。

And welcome to the Celestica Q3 2021 Earnings Conference Call.

歡迎參加 Celestica 2021 年第三季度收益電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員說明）請注意，今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to your speaker today, Mr. Craig Oberg, Vice President of Investor Relations and Corporate Development.

我現在想把會議交給今天的演講者，投資者關係和企業發展副總裁 Craig Oberg 先生。

Please go ahead.

請繼續。

Good morning, and thank you for joining us on Celestica's Third Quarter 2021 Earnings Conference Call.

早上好，感謝您參加 Celestica 2021 年第三季度收益電話會議。

On the call today are Rob Mionis, President and Chief Executive Officer; and Mandeep Chawla, Chief Financial Officer.

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.

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。

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.

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.

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性說明、我們最近的 20-F 表年度報告和其他公開信息文件，可在 sec.gov 和 sedar.com 上訪問。

We assume no obligation to update any forward-looking statement except as required by law.

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 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、調整後毛利率、調整後投資資本回報率或調整後 ROIC、自由現金流、尾隨 12 的非 IFRS 債務總額-月調整後的 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 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.

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。

These non-IFRS financial measures do not have any standardized meaning 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.

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。

We refer you to yesterday's press release and our Q3 2021 earnings presentation, which are available at celestica.com under the Investor Relations tab, 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.

我們建議您參閱昨天的新聞稿和我們的 2021 年第三季度收益演示文稿，可在 celestica.com 的“投資者關係”選項卡下獲取，以了解有關這些和某些其他非 IFRS 財務指標的更多信息，包括歷史非 IFRS 財務指標的對賬措施與我們財務報表中最直接可比的 IFRS 財務措施相比較。

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.

除非另有說明，否則本次電話會議中所有提及的美元均為美元，每股信息均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.

謝謝你，克雷格。

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

大家早上好，感謝您參加今天的電話會議。

Celestica's strong third quarter results reflect the resiliency of our business and build on the positive momentum that has propelled our performance in recent quarters.

Celestica 強勁的第三季度業績反映了我們業務的彈性，並建立在推動我們最近幾個季度業績的積極勢頭之上。

Despite the pervasive supply chain challenges impacting our industry, we continue to build on our progress, push ahead and gain new ground towards achieving our long-term objectives.

儘管普遍存在的供應鏈挑戰影響著我們的行業，但我們繼續在進步的基礎上繼續前進，並為實現我們的長期目標取得新的進展。

Our third quarter revenue came in at $1.47 billion, firmly in the center of our guidance range.

我們第三季度的收入為 14.7 億美元，穩居我們指導範圍的中心。

Our non-IFRS adjusted EPS of $0.35 came in towards the high end of our guidance range.

我們的非 IFRS 調整後每股收益為 0.35 美元，接近我們指導範圍的高端。

And our non-IFRS adjusted operating margin of 4.2% was above the midpoint of our guidance range.

我們的非 IFRS 調整後營業利潤率為 4.2%，高於我們指導範圍的中點。

Despite the challenging macro environment during the third quarter, our strong results underscore the importance of the strategic transformation initiatives we have recently completed.

儘管第三季度宏觀環境充滿挑戰，但我們的強勁業績凸顯了我們最近完成的戰略轉型舉措的重要性。

Our third quarter represented our seventh straight quarter of year-to-year operating margin improvement and the second straight quarter within our target operating margin range of 3.75% to 4.5%.

我們的第三季度是我們連續第七個季度實現營業利潤率同比增長，並且連續第二個季度保持在我們 3.75% 至 4.5% 的目標營業利潤率範圍內。

This marks our highest quarterly operating margin in the history as a publicly traded company.

這標誌著我們作為上市公司歷史上最高的季度營業利潤率。

We continue to diversify our business as our Lifecycle Solutions portfolio grew 15% year-to-year driven by another quarter of double-digit growth in our ATS segment and 20% plus growth in our Hardware Platform Solutions or HPS business.

我們繼續實現業務多元化，因為我們的生命週期解決方案組合同比增長 15%，這得益於我們的 ATS 部門又一個季度實現兩位數增長，以及我們的硬件平台解決方案或 HPS 業務增長超過 20%。

Lifecycle Solutions represented 60% of our consolidated revenues in the third quarter, up from 50% a year ago.

生命週期解決方案占我們第三季度綜合收入的 60%，高於一年前的 50%。

In the fourth quarter, we are targeting to achieve 2 important objectives that we set out at the beginning of the year.

在第四季度，我們的目標是實現我們在年初制定的兩個重要目標。

First, a return to top line growth since our disengagement with Cisco.

首先，自從我們與思科脫離接觸後，收入恢復增長。

And second, we anticipate that our ATS segment will reenter its target margin range.

其次，我們預計我們的 ATS 部門將重新進入其目標利潤率範圍。

We also anticipate the closing of our acquisition of PCI to take place next month, which we expect will further enhance our portfolio and add key capabilities to bolster our presence in attractive growth markets.

我們還預計下個月將完成對 PCI 的收購，我們預計這將進一步增強我們的產品組合併增加關鍵能力，以加強我們在有吸引力的增長市場中的地位。

We believe that achieving these important milestones during the fourth quarter will position us for a strong finish to 2021 with solid momentum as we head into 2022.

我們相信，在第四季度實現這些重要的里程碑將使我們在進入 2022 年時以強勁的勢頭在 2021 年結束。

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 third quarter financial performance as well as our guidance for the fourth quarter.

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三季度財務業績的更多信息以及我們對第四季度的指導。

Mandeep, over to you.

曼迪普，交給你了。

Thank you, Rob, and good morning, everyone.

謝謝羅布，大家早上好。

Third quarter 2021 revenue came in at $1.47 billion, at the midpoint of our guidance range.

2021 年第三季度的收入為 14.7 億美元，處於我們指導範圍的中點。

Revenue decreased 5% year-over-year and increased 3% sequentially.

收入同比下降 5%，環比增長 3%。

Our non-Cisco revenues grew 6% year-over-year and grew 4% sequentially.

我們的非思科收入同比增長 6%，環比增長 4%。

We delivered non-IFRS operating margin of 4.2%, 20 basis points ahead of the midpoint of our guidance range, driven by strong performance in both segments.

在兩個部門的強勁表現推動下，我們實現了 4.2% 的非 IFRS 營業利潤率，比我們的指導範圍中點高出 20 個基點。

Non-IFRS operating margin was up 30 basis points on both a year-over-year and sequential basis.

非 IFRS 營業利潤率同比和連續增長 30 個基點。

Non-IFRS adjusted earnings per share were $0.35, towards the high end of our guidance range of $0.30 to $0.36, and up $0.03 year-over-year and up $0.05 sequentially.

非 IFRS 調整後每股收益為 0.35 美元，接近我們 0.30 美元至 0.36 美元指導範圍的高端，同比增長 0.03 美元，環比增長 0.05 美元。

This marks our highest EPS in nearly 5 years.

這是我們近 5 年來最高的每股收益。

ATS revenue was up 12% compared to a year ago, in line with our expectations of a low double-digit percentage year-over-year increase.

ATS 收入與一年前相比增長了 12%，符合我們對低兩位數百分比同比增長的預期。

Sequentially, ATS revenue was up 5%.

隨後，ATS 收入增長了 5%。

The year-over-year revenue growth in ATS was driven by a continuing recovery in our Industrial business, another quarter of strong demand in Capital Equipment and solid performance in our HealthTech business.

ATS 的收入同比增長是由我們的工業業務的持續復甦、資本設備的又一個季度的強勁需求以及我們的健康科技業務的穩健表現推動的。

This was partly offset by softness in A&D, specifically in our commercial aerospace business.

這部分被 A&D 的疲軟所抵消，特別是在我們的商業航空航天業務中。

CCS segment revenue was down 14% year-over-year and up 2% sequentially.

CCS 部門收入同比下降 14%，環比增長 2%。

The year-over-year decline was largely driven by the Cisco disengagement and demand volatility within certain programs in our Enterprise end market.

同比下降主要是由於我們企業終端市場某些項目中的思科脫離和需求波動。

These declines were partly offset by strong demand from service provider customers, including in our HPS business, and an increase in demand from certain other programs in our Enterprise end market.

這些下降部分被服務提供商客戶（包括我們的 HPS 業務）的強勁需求以及我們企業終端市場中某些其他項目的需求增加所抵消。

Our CCS revenues from customers other than Cisco increased by 2% year-over-year.

我們來自思科以外客戶的 CCS 收入同比增長 2%。

Communications revenue declined 17% year-over-year, greater than our expectation of a high single-digit percentage decrease.

通信收入同比下降 17%，高於我們預期的高個位數百分比下降。

The year-to-year decline was primarily driven by the Cisco disengagement and demand volatility in certain programs, partly offset by strong demand from service provider customers.

同比下降的主要原因是思科在某些項目中的脫離和需求波動，部分被服務提供商客戶的強勁需求所抵消。

Sequentially, Communications revenue was down 4%.

相應地，通信收入下降了 4%。

Enterprise revenue in the quarter was down 7% year-over-year, better than our expectation of a low 20s percentage decrease.

本季度企業收入同比下降 7%，好於我們預期的 20% 的低降幅。

Sequentially, Enterprise revenue was up 16%.

隨後，企業收入增長了 16%。

Our HPS business delivered revenue of $300 million, up 22% year-over-year, led by demand strength and new program ramps with service providers due to continued data center growth.

我們的 HPS 業務實現了 3 億美元的收入，同比增長 22%，這主要是由於數據中心的持續增長導致需求強勁以及服務提供商的新計劃增加。

Turning to segment margins.

轉向部門利潤率。

ATS delivered a segment margin of 4.3% in the third quarter, up 60 basis points year-over-year and 20 basis points sequentially.

ATS 第三季度的分部利潤率為 4.3%，同比增長 60 個基點，環比增長 20 個基點。

This marks the sixth consecutive quarter of sequential ATS segment margin expansion.

這標誌著 ATS 部門利潤率連續第六個季度擴大。

The year-over-year margin improvement was driven by profitable growth in Capital Equipment, which more than offset softness in aerospace and defense.

利潤率的同比增長是由資本設備的盈利增長推動的，這大大抵消了航空航天和國防領域的疲軟。

CCS segment margin of 4.1% came in above our target range of 2% to 3%, up 10 basis points year-over-year and up 40 basis points sequentially.

CCS 部門利潤率為 4.1%，高於我們 2% 至 3% 的目標範圍，同比增長 10 個基點，環比增長 40 個基點。

The year-over-year margin increase was driven by improved mix including continued growth in our HPS business.

利潤率同比增長是由改善的組合推動的，包括我們的 HPS 業務的持續增長。

Moving on to some additional financial metrics.

繼續討論一些額外的財務指標。

IFRS net earnings for the quarter were $35.2 million or $0.28 per share, compared to net earnings of $30.4 million or $0.24 per share in Q3 2020 and net earnings of $26.3 million or $0.21 per share last quarter.

本季度的 IFRS 淨收益為 3520 萬美元或每股 0.28 美元，而 2020 年第三季度的淨收益為 3040 萬美元或每股 0.24 美元，上一季度的淨收益為 2630 萬美元或每股 0.21 美元。

Adjusted gross margin was 8.8%, up 70 basis points year-over-year and up 40 basis points sequentially.

調整後毛利率為 8.8%，同比增長 70 個基點，環比增長 40 個基點。

The year-over-year improvement was driven by growth in our HPS and Capital Equipment businesses and lower variable compensation, partly offset by softness in A&D.

同比改善是由我們的 HPS 和資本設備業務的增長以及較低的可變薪酬推動的，部分被 A&D 的疲軟所抵消。

Non-IFRS operating earnings were $61.3 million, up $1.2 million year-over-year and up $6.3 million sequentially.

非 IFRS 營業利潤為 6130 萬美元，同比增長 120 萬美元，環比增長 630 萬美元。

Our non-IFRS adjusted effective tax rate for the third quarter was 19%, an improvement of 1% year-over-year and sequentially.

我們第三季度的非 IFRS 調整後有效稅率為 19%，同比和環比提高 1%。

For the third quarter, non-IFRS adjusted net earnings were $43.4 million compared to $40.9 million for the prior-year period and $37.9 million in the second quarter.

第三季度，非 IFRS 調整後淨收益為 4340 萬美元，上年同期為 4090 萬美元，第二季度為 3790 萬美元。

Third quarter non-IFRS adjusted ROIC of 15.2% was flat year-over-year and up 1.5% sequentially.

第三季度非 IFRS 調整後的 ROIC 為 15.2%，同比持平，環比增長 1.5%。

Moving on to working capital.

轉向營運資金。

Our inventory at the end of the quarter was $1.41 billion, up $201 million year-over-year and up $181 million sequentially, as we continue to support growth in our HPS business, and increase inventory to support our customers in light of the current supply chain environment.

本季度末我們的庫存為 14.1 億美元，同比增長 2.01 億美元，環比增長 1.81 億美元，因為我們繼續支持 HPS 業務的增長，並根據當前供應增加庫存以支持我們的客戶鏈環境。

To offset the working capital impacts of higher inventory, we continue to work with our customers on cash deposits when appropriate.

為了抵消較高庫存對營運資金的影響，我們繼續在適當的時候與客戶合作處理現金存款。

Inventory turns in the third quarter were 4.1x, down from 4.7x in the prior year period and down from 4.4x last quarter.

第三季度的庫存周轉率為 4.1 倍，低於去年同期的 4.7 倍和上一季度的 4.4 倍。

Capital expenditures for the third quarter were $16 million or approximately 1% of revenue.

第三季度的資本支出為 1600 萬美元，約佔收入的 1%。

Non-IFRS free cash flow was $27 million in the third quarter compared to $16 million in the prior-year period and $31 million last quarter.

第三季度非 IFRS 自由現金流為 2700 萬美元，上年同期為 1600 萬美元，上季度為 3100 萬美元。

This is now our 11th consecutive quarter of delivering positive non-IFRS free cash flow, bringing our year-to-date total to $79 million.

這是我們連續第 11 個季度實現正的非 IFRS 自由現金流，使我們今年迄今的總額達到 7900 萬美元。

Cash cycle days in the third quarter were 72 days, up 11 days year-over-year and up 1 day sequentially.

第三季度現金周轉天數為 72 天，同比增加 11 天，環比增加 1 天。

Cash cycle days increased on a year-over-year basis primarily due to higher inventory.

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.

繼續討論一些其他關鍵指標。

Our cash balance at the end of the third quarter was $477 million, up $26 million year-over-year and up $10 million sequentially.

我們在第三季度末的現金餘額為 4.77 億美元，同比增長 2600 萬美元，環比增長 1000 萬美元。

Combined with availability under our revolver, we continue to believe that our current liquidity of over $900 million is sufficient to meet our anticipated business needs.

結合我們左輪手槍的可用性，我們仍然相信我們目前超過 9 億美元的流動資金足以滿足我們預期的業務需求。

We ended the quarter with gross debt of $440 million, unchanged from the previous quarter, leaving us with a net cash position of $37 million.

本季度末，我們的總債務為 4.4 億美元，與上一季度持平，淨現金頭寸為 3700 萬美元。

Our third quarter gross debt to non-IFRS trailing 12-month adjusted EBITDA leverage ratio was 1.4x, flat sequentially and an improvement of 0.2x from the same quarter last year.

我們第三季度的總債務與非國際財務報告準則的跟踪 12 個月調整後 EBITDA 槓桿比率為 1.4 倍，環比持平，比去年同期提高 0.2 倍。

As we announced last month, following the anticipated closing of the PCI acquisition in November, we expect to add approximately $220 million of additional debt to our balance sheet through a new term loan.

正如我們上個月宣布的那樣，在 11 月預期完成 PCI 收購之後，我們預計將通過新的定期貸款為我們的資產負債表增加約 2.2 億美元的額外債務。

At September 30, 2021, we were compliant with all financial covenants under our credit agreement.

截至 2021 年 9 月 30 日，我們遵守了信貸協議下的所有財務契約。

During the quarter, we repurchased approximately 2.1 million shares for cancellation at a cost of $17.2 million.

本季度，我們以 1720 萬美元的成本回購了約 210 萬股註銷股票。

Since commencing our NCIB program in November of 2020, we have repurchased a total of 4.4 million shares at a cost of $35.9 million.

自 2020 年 11 月啟動我們的 NCIB 計劃以來，我們已經以 3590 萬美元的成本回購了總計 440 萬股股票。

We ended the quarter with 124.7 million shares outstanding, a reduction of approximately 3% from the prior-year period.

本季度末，我們的流通股為 1.247 億股，較上年同期減少約 3%。

We are pleased with our history of returning cash to shareholders while also investing in our business.

我們對我們在投資業務的同時向股東返還現金的歷史感到滿意。

While our long-term capital allocation strategy remains unchanged, our focus in 2022, as a result of our acquisition of PCI, will be to reduce our net debt.

雖然我們的長期資本配置策略保持不變，但由於我們收購了 PCI，我們在 2022 年的重點將是減少我們的淨債務。

That being said, given what we see as a modest leverage balance, we believe we also have the flexibility to opportunistically repurchase shares for cancellation when warranted.

話雖這麼說，鑑於我們認為適度的槓桿平衡，我們相信我們也可以靈活地在必要時機會主義地回購股票以註銷。

As such, we intend to commence a new NCIB program during the fourth quarter, subject to necessary approvals after our existing NCIB program expires in November.

因此，我們打算在第四季度開始一項新的 NCIB 計劃，並在我們現有的 NCIB 計劃於 11 月到期後獲得必要的批准。

Now turning to our guidance for the fourth quarter of 2021.

現在轉向我們對 2021 年第四季度的指導。

We would like to note that our Q4 guidance assumes a partial quarter of financial results from PCI.

我們想指出，我們的第四季度指南假設了 PCI 的部分季度財務結果。

We are projecting fourth quarter revenue to be in the range of $1.425 billion to $1.575 billion.

我們預計第四季度收入將在 14.25 億美元至 15.75 億美元之間。

At the midpoint of this range, revenue would be up 2% sequentially and up 8% year-over-year.

在此範圍的中點，收入將連續增長 2%，同比增長 8%。

This will be our first quarter with top line growth on a year-to-year basis since the third quarter of 2020.

這將是我們自 2020 年第三季度以來第一個實現收入同比增長的季度。

Fourth quarter non-IFRS adjusted earnings per share are expected to range from $0.35 to $0.41 per share.

第四季度非 IFRS 調整後每股收益預計在 0.35 美元至 0.41 美元之間。

At the midpoint of our revenue and adjusted EPS guidance ranges, non-IFRS operating margin would be approximately 4.5%, an increase of 30 basis points sequentially and up 90 basis points over the same period last year.

在我們的收入和調整後的每股收益指導範圍的中點，非 IFRS 營業利潤率約為 4.5%，環比增長 30 個基點，比去年同期增長 90 個基點。

This would represent Celestica's highest ever non-IFRS operating margin in our history as a publicly traded company.

這將代表 Celestica 作為上市公司歷史上最高的非 IFRS 營業利潤率。

Non-IFRS adjusted SG&A expense for the fourth quarter is expected to be in the range of $62 million to $64 million.

第四季度非 IFRS 調整後的 SG&A 費用預計在 6200 萬至 6400 萬美元之間。

We anticipate our non-IFRS adjusted effective tax rate to be approximately 19%, excluding any impacts from taxable foreign exchange or unanticipated tax settlements.

我們預計我們的非 IFRS 調整後有效稅率約為 19%，不包括應稅外匯或意外稅收結算的任何影響。

Turning to our end market outlook for the fourth quarter of 2021.

轉向我們對 2021 年第四季度的終端市場展望。

In our ATS end market, we anticipate revenue to be up in the low 20s percentage range year-over-year, driven by continued demand strength in Capital Equipment, sustained momentum in Industrial as well as a partial quarter of financial results from PCI.

在我們的 ATS 終端市場，我們預計收入將同比增長 20% 左右，這是受資本設備需求持續強勁、工業持續增長以及 PCI 部分季度財務業績的推動。

In CCS, we anticipate our Communications end market revenue to be up in the low single-digit percentage range year-over-year, driven by strong demand from service provider customers, supported by our HPS offering and the beginning of Cisco's revenue lapsing from our comparatives.

在 CCS 中，我們預計我們的通信終端市場收入將同比增長在較低的個位數百分比範圍內，這是受到服務提供商客戶的強勁需求的推動，我們的 HPS 產品支持以及思科的收入開始從我們的比較級。

In our Enterprise end market, we anticipate revenue to decrease in the low single-digit percentage range year-over-year.

在我們的企業終端市場，我們預計收入將同比下降個位數的低百分比範圍。

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

謝謝你，曼迪普。

We continue to execute on our long-term strategic objectives and build on our momentum quarter after quarter.

我們繼續執行我們的長期戰略目標，並在每個季度都保持勢頭。

With the heavy lifting of reshaping and restructuring now behind us, we are squarely focused on growth and maintaining strong margins as our top priorities moving forward.

隨著重塑和重組的繁重工作現在已經過去，我們正專注於增長和保持強勁的利潤率，這是我們前進的首要任務。

However, we recognize the road ahead is not without its challenges.

然而，我們認識到前方的道路並非沒有挑戰。

The pressure on component availability remains persistent and pervasive in the current business environment.

在當前的業務環境中，組件可用性的壓力仍然存在並且普遍存在。

The dedicated efforts and proactive approach to demand planning by our global procurement and planning teams has allowed us to secure the necessary supply to continue to achieve our revenue and profitability targets.

我們的全球採購和規劃團隊在需求規劃方面的不懈努力和積極主動的方法使我們能夠確保必要的供應，以繼續實現我們的收入和盈利目標。

While dynamic, we have accounted for the impact of these supply chain challenges in our fourth quarter 2021 guidance and fiscal 2022 outlook to the best of our ability.

雖然充滿活力，但我們已在我們的 2021 年第四季度指南和 2022 財年展望中盡最大努力考慮了這些供應鏈挑戰的影響。

However, we believe that our growth remains constrained relative to its potential, as we feel that current customer demand supports materially higher revenues.

然而，我們認為，相對於其潛力，我們的增長仍然受到限制，因為我們認為當前的客戶需求支持實質性更高的收入。

As Mandeep mentioned, despite material constraints, we anticipate a return to top line growth in the fourth quarter at operating margins of 4.5%, the highest in Celestica's history as a publicly traded company.

正如 Mandeep 提到的，儘管存在物質限制，我們預計第四季度營業利潤率將恢復到 4.5%，這是 Celestica 作為上市公司歷史上的最高水平。

In addition, I would like to reaffirm our 2022 outlook of at least $6.3 billion in revenues with Lifecycle Solutions growing 10% or more and operating margins between 4% and 5%.

此外，我想重申我們 2022 年的收入前景至少為 63 億美元，生命週期解決方案增長 10% 或更多，營業利潤率在 4% 至 5% 之間。

Now turning to the outlook for our segments.

現在轉向我們細分市場的前景。

In ATS, we are on track to achieve our 10% revenue growth target for 2021 on an organic basis.

在 ATS 方面，我們有望在有機基礎上實現 2021 年 10% 的收入增長目標。

Additionally, we continue to expect our ATS segment margin to reenter our target margin range of 5% to 6% during the fourth quarter.

此外，我們繼續預計我們的 ATS 部門利潤率將在第四季度重新進入我們 5% 至 6% 的目標利潤率範圍。

Our ATS segment results for the fourth quarter are expected to include a partial quarter of results from PCI.

我們第四季度的 ATS 部門業績預計將包括 PCI 的部分季度業績。

Our Capital Equipment business continues to experience exceptional strength supported by robust secular tailwinds and market share gains.

在強勁的長期順風和市場份額增長的支持下，我們的資本設備業務繼續表現出非凡的實力。

With another quarter of strong performance, our Capital Equipment business remains on track to exceed $700 million in revenues in 2021, which would represent greater than 30% growth compared to 2020.

憑藉又一個季度的強勁表現，我們的資本設備業務有望在 2021 年實現超過 7 億美元的收入，與 2020 年相比增長超過 30%。

We continue to believe that the dynamics supporting this growth are not short term in nature, providing an extended runway for continued strength and demand.

我們仍然相信，支持這種增長的動力本質上不是短期的，為持續的實力和需求提供了一條延伸的跑道。

As such, we reiterate our expectations for strong growth into 2022.

因此，我們重申我們對 2022 年強勁增長的預期。

Our Industrial business continues to build momentum and posted another quarter of year-to-year revenue growth.

我們的工業業務繼續保持增長勢頭，收入又實現了四分之一的同比增長。

We expect this momentum to continue and anticipate year-to-year and sequential growth in the fourth quarter driven by new program ramps in such areas as EV charging, energy generation and smart metering.

我們預計這種勢頭將持續下去，並預計在電動汽車充電、能源生產和智能計量等領域的新計劃推動下，第四季度將實現同比增長和環比增長。

With the anticipated completion of our acquisition of PCI next month, we will also begin to consolidate PCI's revenues into our Industrial business, further boosting our revenue outlook and margin profile to exposure to new customers and end markets.

隨著我們預計下個月完成對 PCI 的收購，我們還將開始將 PCI 的收入整合到我們的工業業務中，進一步提高我們的收入前景和利潤率，以接觸新客戶和終端市場。

We expect PCI's portfolio as well as our existing Industrial business to achieve solid organic growth in 2022.

我們預計 PCI 的投資組合以及我們現有的工業業務將在 2022 年實現穩健的有機增長。

Our A&D business continues to show signs of stabilization, registering modest sequential growth for the second straight quarter.

我們的 A&D 業務繼續顯示出穩定跡象，連續第二個季度實現溫和的環比增長。

We expect this initial momentum to continue into the fourth quarter and into 2022, supported by new program wins.

我們預計，在新項目獲勝的支持下，這種初步勢頭將持續到第四季度和 2022 年。

However, we expect commercial aerospace demand to remain depressed relative to prepandemic levels into 2022.

然而，我們預計到 2022 年，商業航空航天需求相對於大流行前的水平仍將低迷。

In spite of the soft near-term outlook, we continue to make long-term investments to enhance our capabilities in our A&D business.

儘管近期前景疲軟，但我們繼續進行長期投資，以增強我們在 A&D 業務方面的能力。

In July, we announced the opening of our AbelConn electronics facility in Maple Grove, Minnesota.

7 月，我們宣佈在明尼蘇達州 Maple Grove 開設 AbelConn 電子工廠。

A state-of-the-art 110,000 square-foot facility designed to support customers in the highly regulated aerospace and defense markets, as well as the Industrial and Energy spaces.

最先進的 110,000 平方英尺設施旨在為高度監管的航空航天和國防市場以及工業和能源領域的客戶提供支持。

Bookings have been strong since the opening of the facility.

自設施開放以來，預訂一直很旺盛。

Additionally, the site is also in the process of obtaining the necessary regulatory certifications to support customers in the HealthTech market.

此外，該網站還在獲得必要的監管認證，以支持 HealthTech 市場的客戶。

Our HealthTech business registered a very strong third quarter.

我們的 HealthTech 業務在第三季度表現非常強勁。

While demand remains robust, we expect growth rates to moderate in the short term, as COVID-related demand is replaced by new program ramps.

雖然需求依然強勁，但我們預計短期內增長率將放緩，因為與 COVID 相關的需求將被新計劃的增加所取代。

We expect our HealthTech market to continue to grow into 2022, fueled by these new program ramps.

在這些新計劃的推動下，我們預計我們的健康科技市場將在 2022 年繼續增長。

Now turning to CCS.

現在轉向CCS。

Our CCS segment continues to achieve excellent results, registering its sixth straight quarter with segment margin above our target range, despite revenues being lower year-to-year as a result of improved mix, including growth in our HPS business and our disengagement with Cisco.

我們的 CCS 部門繼續取得優異成績，連續第六個季度實現部門利潤率高於我們的目標範圍，儘管由於組合改善（包括 HPS 業務的增長和我們與思科的脫離）導致收入同比下降。

Our HPS business continues to perform well and remains on track to exceed $1 billion in revenue in 2021.

我們的 HPS 業務繼續表現良好，並有望在 2021 年實現超過 10 億美元的收入。

With this growth momentum anticipated to continue into 2022, we expect to maintain CCS segment margins comfortably within our 2% to 3% target range or higher.

由於預計這種增長勢頭將持續到 2022 年，我們預計 CCS 部門的利潤率將輕鬆保持在我們 2% 至 3% 的目標範圍內或更高。

Looking ahead, we also expect our CCS segment to realize a return to top line growth in the fourth quarter on a year-to-year basis as the revenues from Cisco start to lapse on our comparative period.

展望未來，我們還預計我們的 CCS 部門將在第四季度實現同比增長，因為思科的收入在我們的比較期間開始下滑。

Our Hardware Platform Solutions business has posted year-to-date revenues of more than $800 million, representing 23% growth compared to 2020, with the primary driver being consistent demand strength from our service provider customers.

我們的硬件平台解決方案業務年初至今的收入已超過 8 億美元，與 2020 年相比增長了 23%，主要驅動力是我們服務提供商客戶的持續需求強勁。

Our HPS business has achieved this impressive growth in spite of the challenges related to component constraints.

儘管存在與組件限制相關的挑戰，我們的 HPS 業務仍取得了令人矚目的增長。

Component constraints notwithstanding, our opportunity funnel and general market outlook remains very positive.

儘管存在組件限制，但我們的機會漏斗和總體市場前景仍然非常樂觀。

We now expect HPS to achieve greater than 20% revenue growth for 2021 versus 2020, and anticipate growth of 10% or more in 2022 compared to this year.

我們現在預計 HPS 到 2021 年將比 2020 年實現超過 20% 的收入增長，並預計到 2022 年將比今年增長 10% 或更多。

Given its growth prospects, we continue to invest in HPS and recently expanded our footprint by establishing a center of excellence that will support HPS Engineering in Richardson, Texas.

鑑於其增長前景，我們繼續投資於 HPS，並且最近通過在得克薩斯州理查森建立卓越中心來支持 HPS Engineering 擴大了我們的足跡。

This 750,000 square-foot facility not only addresses our customers' desire for additional U.S.-based capacity, but bolsters our rack integration capabilities, thereby strengthening our relationship with hyperscalers or aiming to consolidate their supply base to partners with full Lifecycle Solutions.

這個佔地 750,000 平方英尺的設施不僅滿足了我們客戶對額外美國容量的需求，而且增強了我們的機架集成能力，從而加強了我們與超大規模企業的關係，或旨在通過完整的生命週期解決方案鞏固他們對合作夥伴的供應基礎。

In Communications end market, demand is expected to remain strong through the fourth quarter, largely driven by service provider customers.

在通信終端市場，需求預計將在第四季度保持強勁，主要受服務提供商客戶的推動。

We anticipate year-to-year growth in our Communications end market to resume on an absolute basis in Q4 2021, for the first time since the completion of our disengagement with Cisco in 2020.

我們預計我們的通信終端市場的同比增長將在 2021 年第四季度恢復絕對增長，這是自 2020 年我們與思科完成脫離以來的首次增長。

However, as mentioned, our growth outlook remains tempered as Communications revenues are likely to continue to be impacted by material constraints despite strong demand.

然而，如前所述，儘管需求強勁，但由於通信收入可能繼續受到材料限制的影響，我們的增長前景仍然溫和。

In our Enterprise end market, the strong demand we are seeing in storage is expected to be largely offset by continued softness in compute.

在我們的企業終端市場，我們在存儲方面看到的強勁需求預計將在很大程度上被計算領域的持續疲軟所抵消。

We expect these dynamics to persist during the fourth quarter, though year-to-year declines in Enterprise revenues are stabilizing.

我們預計這些動態將在第四季度持續存在，儘管企業收入的同比下降正在趨於穩定。

As we look to the fourth quarter, our business has reached an important inflection point.

展望第四季度，我們的業務已經達到了一個重要的拐點。

Our focus has shifted from reshaping and transforming our portfolio to achieving a return to absolute growth and building on the momentum.

我們的重點已經從重塑和轉變我們的投資組合轉向實現絕對增長的回歸併在勢頭的基礎上再接再厲。

I want to thank our entire global team for their dedicated efforts, which drive our performance and enable us to achieve our goals.

我要感謝我們整個全球團隊的不懈努力，他們的努力推動了我們的業績並使我們能夠實現我們的目標。

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

有了這個，我現在想把電話轉給接線員，開始我們的問答環節。

(Operator Instructions) Your first question comes from the line of Ruplu Bhattacharya with Bank of America.

（操作員說明）您的第一個問題來自美國銀行的 Ruplu Bhattacharya。

First question for Mandeep, I guess.

我猜是曼迪普的第一個問題。

It looks like inventory was up 15% sequentially, and you're guiding 4Q revenues up 2%.

看起來存貨環比增長了 15%，而您指導的第四季度收入增長了 2%。

So can you give us some details, Mandeep, on what that mix of inventory was, how much raw materials, how much of it?

那麼你能給我們一些細節嗎，Mandeep，關於庫存的組合是什麼，有多少原材料，有多少？

And how should we think about cash conversion cycle and free cash flow in fiscal '22?

我們應該如何考慮 22 財年的現金轉換週期和自由現金流？

Thanks for the question.

謝謝你的問題。

So inventory is up, as you've mentioned, and we are taking a long-term view right now on how we're managing the balance sheet.

因此，正如您所提到的，庫存增加了，我們現在正在從長遠角度看待我們如何管理資產負債表。

The demand, as we've talked about a few different times, is quite strong for 2022.

正如我們多次談到的那樣，2022 年的需求非常強勁。

And we're working with our customers to bring in the inventory that's needed in order to satisfy that demand.

我們正在與客戶合作，引入所需的庫存以滿足該需求。

Now we are very mindful, though, of maintaining the right level of returns.

不過，現在我們非常注意保持適當的回報水平。

We're working with our customers when we can to get cash deposits.

我們正在與客戶合作以獲取現金存款。

One of the things you'll notice is that our deposits are also up materially on a year-over-year basis.

您會注意到的一件事是，我們的存款也同比大幅增加。

And then we're also working with our customers on carrying charges when we're not able to necessarily get the deposits because we continue to focus on ROIC.

然後，由於我們繼續關注 ROIC，當我們不一定能拿到存款時，我們還與客戶合作收取費用。

From a cash perspective, too early to tell what the 2022 is going to look like yet.

從現金的角度來看，現在判斷 2022 年會是什麼樣子還為時過早。

But what I will say is that despite the inventory growing almost $200 million on a year-to-year basis, we still generated almost $80 million of free cash flow on a year-to-date basis.

但我要說的是，儘管存貨同比增長近 2 億美元，但我們今年迄今仍產生了近 8000 萬美元的自由現金流。

We're targeting positive free cash flow in the fourth quarter, but we're mindful that we do want to get over the $100 million mark.

我們的目標是在第四季度實現正自由現金流，但我們注意到我們確實希望超過 1 億美元大關。

And we're working through, right now, our plans for 2022, but right now, our focus really is on being able to fulfill as much of the demand as we can because it is quite strong.

我們現在正在製定 2022 年的計劃，但現在，我們的重點實際上是能夠滿足盡可能多的需求，因為它非常強勁。

Okay.

好的。

Thanks for the details on that.

感謝您提供詳細信息。

It looks like you're going to ask for a new NCIB in 4Q.

看起來您將在第四季度要求新的 NCIB。

You announced the PCI acquisition, which is supposed to close in the fourth quarter.

您宣布了對 PCI 的收購，該收購預計將在第四季度完成。

Given this, can you help us -- or can you remind us of your capital allocation priorities?

鑑於此，你能幫助我們——或者你能提醒我們你的資本配置優先事項嗎？

How should we think about the priority of further acquisitions versus buybacks versus debt paydown?

我們應該如何考慮進一步收購、回購和償還債務的優先順序？

Yes, absolutely.

是的，一點沒錯。

As you know, Ruplu, we have a good track record of generating strong free cash flow and we also have maintained our long-term strategy of returning half of it to shareholders through share buybacks over the long term.

如你所知，Ruplu，我們在產生強勁的自由現金流方面有著良好的記錄，並且我們還維持了我們的長期戰略，即通過長期股票回購將其中一半返還給股東。

And we've done a very nice job on that, if you go back over 5 years, frankly, even over 10 years.

我們在這方面做得非常好，如果你回顧 5 年，坦率地說，甚至超過 10 年。

On the existing NCIB program, it does expire in November.

在現有的 NCIB 計劃中，它確實會在 11 月到期。

Under the program that we have right now, so far we've repurchased 4.4 million shares for cancellation.

根據我們目前的計劃，到目前為止，我們已經回購了 440 萬股股票以供註銷。

So not the entire program was used, but enough of it was used to take advantage of opportunities in the market at certain times.

因此，並沒有使用整個程序，而是使用了足夠的程序來在特定時間利用市場上的機會。

On a go-forward basis, we are looking to open up a new program, likely in December, so that we can continue to be opportunistic on share buybacks.

在前進的基礎上，我們正在尋求開啟一個新計劃，可能在 12 月，這樣我們就可以繼續在股票回購方面投機取巧。

Just for your understanding, under the filing that we intend to make with the TSX, we can repurchase for cancellation up to 9 million shares.

僅供您理解，根據我們打算向 TSX 提交的文件，我們可以回購最多 900 萬股股票以註銷。

We, however, will probably use about 3 million of that for stock-based compensation.

然而，我們可能會將其中約 300 萬美元用於股票補償。

So you can think about it as a maximum amount of around 6 million shares under the new program.

因此，您可以將其視為新計劃下最多約 600 萬股。

That being said, our priority right now, as we go into 2022, is, number one, to generate strong free cash flow.

話雖如此，隨著我們進入 2022 年，我們現在的首要任務是產生強勁的自由現金流。

And then to pay down debt as we go through the year.

然後在我們度過這一年時償還債務。

We think that, that puts the company in a strong position.

我們認為，這使公司處於有利地位。

Our balance sheet will still be strong even after the PCI acquisition, but this just gives us additional flexibility.

即使在收購 PCI 之後，我們的資產負債表仍將保持強勁，但這只會給我們帶來額外的靈活性。

But we will and we are willing to and we have the capacity to act on share buybacks if we need to.

但我們願意而且我們願意並且我們有能力在需要時對股票回購採取行動。

If we find that the stock price is not reflective of what we're doing, we are willing to go in there and make opportunistic purchases.

如果我們發現股票價格不能反映我們正在做的事情，我們願意進入那裡並進行機會主義購買。

Okay.

好的。

Thanks for that.

感謝那。

And if I can just sneak 1 more in for Rob.

如果我能為 Rob 再偷偷帶走 1 個。

On the Communications side, you had guided down high single digits.

在通信方面，您已經引導了高個位數。

It looks like it actually was down 17% year-on-year.

看起來它實際上同比下降了 17%。

So can you just give us some details on the end markets?

那麼你能給我們一些關於終端市場的細節嗎？

Like what did you see in optical?

就像您在光學中看到的一樣？

Was there any -- or networking?

有沒有——或網絡？

Was there anything stronger or weaker than the other?

有什麼比另一個更強或更弱的嗎？

Yes.

是的。

What we saw in the third quarter, Ruplu, was very good strength in networking, good strength in HPS and also some EMS programs as well.

我們在第三季度看到的 Ruplu 在網絡方面非常強大，在 HPS 以及一些 EMS 程序方面也很強大。

But it was a little down from our initial expectations driven by some shortages that cleared late in the quarter, but not in time for us to get it out the door.

但這比我們最初的預期略有下降，原因是本季度末出現了一些短缺，但還沒有及時將其推出市場。

Congrats on the execution.

祝賀執行死刑。

And your next question comes from the line of Paul Treiber with RBC Capital Markets.

你的下一個問題來自 RBC Capital Markets 的 Paul Treiber。

I was just hoping that you could speak to the sequential quarter-over-quarter trend in HPS from Q3 to Q4, at least what's implied in guidance?

我只是希望你能談談 HPS 從第三季度到第四季度的連續季度趨勢，至少指導中暗示了什麼？

Is there any seasonality there?

那裡有季節性嗎？

Or is -- or component shortages that may be headwinds to that business, that growth, the deceleration in growth expected for Q4?

或者是 - 或組件短缺可能對該業務、增長、第四季度預期的增長減速造成不利影響？

Yes.

是的。

And we saw some very good growth in HPS in Q3, Paul.

保羅，我們在第三季度看到了 HPS 的一些非常好的增長。

And moving into Q4, we still see some very strong growth.

進入第四季度，我們仍然看到一些非常強勁的增長。

What's really happening on a sequential basis is really just tougher comps.

在連續的基礎上真正發生的事情實際上只是更艱難的比賽。

We're seeing some nice ramps and growth in networking.

我們看到了一些不錯的網絡增長和增長。

And also moving into Q4, we're also seeing some growth in compute as well.

進入第四季度，我們也看到了計算方面的一些增長。

And shifting gears and looking at the supply environment.

並換檔並查看供應環境。

In regards to the constraints, you commented a $30 million headwind this quarter was similar to last quarter.

關於限制，您評論說本季度 3000 萬美元的逆風與上一季度相似。

I think on the last call, your comments said that the environment will get more challenging.

我認為在上次電話會議上，您的評論表明環境將變得更具挑戰性。

So what happened during the quarter that allowed you to mitigate that potential greater headwind?

那麼本季度發生了什麼讓您減輕了潛在的更大阻力？

Thanks for the question.

謝謝你的問題。

Mid-last year, I think we realized that we're going to be heading into a supply chain constrained environment for at least to the end of '22.

去年年中，我認為我們意識到我們將至少在 22 年底前進入供應鏈受限環境。

So we started adopting our processes, our procedures, our organization structure, put new tools in place.

所以我們開始採用我們的流程、我們的程序、我們的組織結構，並使用新的工具。

And all those things are now in full force.

而所有這些事情現在都在充分發揮作用。

So I have to say, right now, we have very good visibility into our supply chain with these new tools and processes.

所以我不得不說，現在，我們可以通過這些新工具和流程很好地了解我們的供應鏈。

And while the situation is very dynamic, I think we've demonstrated some very good resilience thus far.

雖然情況非常多變，但我認為到目前為止我們已經展示了一些非常好的彈性。

And frankly, we're very good at managing volatile variables.

坦率地說，我們非常擅長管理可變變量。

That's what you have to do in these days, and we've just been managing through the dynamic environment.

這就是這些天你必須做的，我們一直在通過動態環境進行管理。

And every quarter is a new quarter, but we feel good about our team, our processes and our ability to navigate through the roads ahead.

每個季度都是一個新的季度，但我們對我們的團隊、我們的流程以及我們在未來道路上導航的能力感到滿意。

And just still related on the supply chain, but when you think about it from a downstream point of view, just in terms of like global freight and getting the products to your customers and the backlog that we're hearing about imports and whatnot, are you seeing challenges in terms of shipping products to your customers?

而且仍然與供應鏈相關，但是當你從下游的角度考慮它時，就像全球貨運和將產品送到你的客戶以及我們聽到的關於進口的積壓等等，是您是否看到向客戶運送產品方面的挑戰？

Is it -- are you seeing delays in lengthening of goods in transit compared to historical ranges that you've seen?

與您所看到的歷史範圍相比，您是否看到過境貨物延長的延誤？

Yes, that is -- we are certainly seeing that.

是的，那就是——我們當然看到了這一點。

That hasn't been the main impact for us.

這還不是對我們的主要影響。

We've been using different modes of transportation.

我們一直在使用不同的交通方式。

We also have done a very nice job of regionalization and localization of the supply chain.

我們在供應鏈的區域化和本地化方面也做得非常好。

So we have less product going across the ocean, if you will, based on where our final mile was done, and that certainly helped us to be able to navigate through these turbulent times.

因此，根據我們完成最後一英里的地點，如果你願意的話，我們跨越海洋的產品更少了，這無疑幫助我們能夠度過這些動蕩的時代。

And your next question comes from the line of Thanos Moschopoulos with BMO Capital Markets.

你的下一個問題來自 BMO Capital Markets 的 Thanos Moschopoulos。

Rob, can you speak to just overall demand visibility?

Rob，你能談談總體需求可見性嗎？

I mean, obviously, there's uncertainty in the supply side.

我的意思是，顯然，供應方面存在不確定性。

But given longer lead times, I'd have to imagine that your demand visibility is probably exceptionally strong at this point.

但是考慮到更長的交貨時間，我不得不想像此時您的需求可見性可能非常強。

Would that be a fair characterization?

這是一個公平的描述嗎？

Yes, Thanos, that would be.

是的，Thanos，就是這樣。

I mean based on the extended lead times that's going on, we've been working with our customers and pretty successful in doing that to extend their order books to cover at least the long-lead material.

我的意思是，基於正在延長的交貨時間，我們一直在與我們的客戶合作，並且非常成功地將他們的訂單擴展到至少涵蓋長周期材料。

So our demand visibility is quite strong.

所以我們的需求可見性很強。

Many of our customers, especially in the hyperscaler space, are -- if you could build it, we will take it type of mentality and giving us firm purchase orders.

我們的許多客戶，尤其是超大規模領域的客戶——如果你能構建它，我們就會採取這種心態並給我們堅定的採購訂單。

And in those types of environments, we've been doing our best to fulfill their demand.

在這些類型的環境中，我們一直在盡最大努力滿足他們的需求。

But frankly, what we don't get in 1 quarter, we'll try to get in the subsequent quarter, i.e., the majority of what we're seeing is nonperishable demand.

但坦率地說，我們在 1 個季度沒有得到的東西，我們將嘗試在下一個季度得到，即我們看到的大部分是不易腐爛的需求。

Okay.

好的。

And remind us, in terms of your current expectations for flat panel, is the expectation that they will remain subdued for much of '22, perhaps picking up in the latter part?

並提醒我們，就您目前對平板顯示器的期望而言，是否期望它們在 22 年的大部分時間裡保持低迷，也許在後半部分回升？

Or what's your end thinking there?

或者你到底在想什麼？

Yes.

是的。

The display market is, I think, going to be a little subdued into 2022.

我認為，到 2022 年，顯示器市場會有所減弱。

But the positive news is that because of our Korean footprint, we've been actually able to gain a lot of market share with semi cap equipment in Korea based on the location and the capabilities of that site.

但好消息是，由於我們在韓國的足跡，我們實際上已經能夠根據該站點的位置和能力在韓國的半帽設備上獲得大量市場份額。

So within semi cap, we're the market share leader in there, we've been gaining shares.

因此，在半市值內，我們是那裡的市場份額領導者，我們一直在增加份額。

We've been growing faster than the broader market.

我們的增長速度一直快於大盤。

We have a fantastic footprint.

我們有一個夢幻般的足跡。

We do new product introduction in the U.S. and we have factories in Malaysia and again in Korea.

我們在美國做新產品介紹，我們在馬來西亞和韓國都有工廠。

So while the display business is down in Korea, we're happy that we're able to ramp new semi cap programs.

因此，儘管韓國的顯示器業務不景氣，但我們很高興能夠推出新的半上限計劃。

(Operator Instructions) Your next question comes from the line of Jim Suva with Citigroup.

（操作員說明）你的下一個問題來自花旗集團的 Jim Suva。

Could you shed some insights on the Enterprise trends, what you're seeing there?

您能否就企業趨勢發表一些見解，您在那裡看到了什麼？

It looks like that they were down year-over-year on the reported quarter and your outlook also.

看起來他們在報告的季度和您的展望中同比下降。

And, I don't know, if that's comparisons or some inventory digestion or kind of what's going on there?

而且，我不知道，如果這是比較或一些庫存消化或那裡發生了什麼？

Sure, Jim.

當然，吉姆。

So in Enterprise in Q3, we saw some demand softness in compute that was partially offset with the strength in storage.

因此，在第三季度的企業中，我們看到計算方面的需求疲軟部分被存儲方面的優勢所抵消。

Seeing the same dynamic into Q4 as well, growth in storage, both in flash and HDD, but some softness in compute.

在第四季度也看到同樣的動態，閃存和 HDD 的存儲增長，但計算有些疲軟。

The softness in compute is really driven by tough comps from a year ago.

計算的軟性實際上是由一年前的強硬組合驅動的。

And your next question comes from the line of Robert Young with Canaccord Genuity.

你的下一個問題來自 Robert Young 與 Canaccord Genuity 的合作。

Just curious, some of the challenges around supply chain and some of the challenges your customers are seeing.

只是好奇，圍繞供應鏈的一些挑戰以及您的客戶所看到的一些挑戰。

Are they looking more closely at outsourcing opportunities with companies like Celestica?

他們是否更密切地關注像 Celestica 這樣的公司的外包機會？

Do you see the addressable market starting to grow, particularly in the diversified side of the business?

您是否看到潛在市場開始增長，尤其是在業務的多元化方面？

On the diversified -- with respect to the supply chain challenges, what we're seeing is a higher renewal rate.

在多元化方面——關於供應鏈挑戰，我們看到的是更高的更新率。

Given the supply chain challenges on existing business, it's hard, frankly, to transfer work from 1 supplier to another supplier or go out on a competitive bid based on the supply chain constraints.

鑑於現有業務的供應鏈挑戰，坦率地說，很難將工作從一個供應商轉移到另一個供應商或基於供應鏈限制進行競爭性投標。

So we're seeing higher renewal rates.

所以我們看到了更高的續訂率。

We're also seeing, in terms of increasing outsourcing trends, there's a tremendous amount of new product ramps that we have in ATS that we've won a year ago, 1.5 years ago.

我們還看到，就外包趨勢的增加而言，我們在 ATS 中擁有大量新產品，我們在一年前，1.5 年前贏得了這些產品。

And those are just starting to ramp now and into next year.

從現在到明年，這些才剛剛開始增加。

So going through a digestion period of growth now.

所以現在正在經歷一個成長的消化期。

Once we are able to get these products certified and get the supply chain flush, we're looking forward to a very strong 2022.

一旦我們能夠讓這些產品獲得認證並使供應鏈暢通無阻，我們就期待著非常強勁的 2022 年。

Okay.

好的。

And then I wanted to ask maybe an extension to Paul's question earlier around the HPS growth, but more focused on 2022.

然後我想問一下保羅早些時候關於 HPS 增長的問題的擴展，但更側重於 2022 年。

The 10% growth in 2022 seems as though it's a deceleration even if you consider the tougher comp.

2022 年 10% 的增長似乎是一種減速，即使你考慮到更艱難的競爭。

And especially, I think you said the inventory growth is related to HPS.

特別是，我認為你說過庫存增長與 HPS 有關。

So I'm trying to reconcile the growth in inventory against this HPS guide of 10% growth in 2022.

因此，我試圖將庫存增長與 2022 年 10% 增長的 HPS 指南相協調。

Yes, Rob, thanks for the question.

是的，羅布，謝謝你的提問。

I think we said 10% or more.

我想我們說的是 10% 或更多。

I think at this stage of the game, we certainly believe it will be more from where we are now.

我認為在遊戲的這個階段，我們當然相信我們現在所處的位置會更多。

We have a very full pipeline.

我們有一個非常完整的管道。

The end market dynamics are still quite strong.

終端市場動態仍然相當強勁。

We have leading positions in each element of the rack, if you will, in storage and compute and in networking.

我們在機架的每個元素（如果您願意）、存儲和計算以及網絡方面都處於領先地位。

And the demand environment remains strong.

需求環境依然強勁。

So I think that's probably a conservative estimate on our part.

所以我認為這可能是我們的保守估計。

Yes.

是的。

I would just add to that, Rob.

我只想補充一點，羅伯。

As you're aware, a lot of our HPS product does go into data centers.

如您所知，我們的很多 HPS 產品都用於數據中心。

And the -- if you just look at the data center market itself, it has a pretty attractive growth profile next year, high single digits or so.

而且 - 如果你只看數據中心市場本身，它明年的增長前景非常有吸引力，高個位數左右。

And we have -- as we've shown this year and last year, we are growing in excess of what the market is doing.

我們已經 - 正如我們今年和去年所展示的那樣，我們的增長超過了市場正在做的事情。

Okay.

好的。

One last little modeling question, if I could.

最後一個小建模問題，如果可以的話。

The guidance for SG&A is a big step-up.

SG&A 的指導是一個很大的進步。

I assume part of that is related to PCI.

我假設其中一部分與 PCI 有關。

So should we...

那麼我們應該...

Yes, part of it is related to PCI and then the other part of it has to just do with the timing of how we model our variable compensation.

是的，它的一部分與 PCI 有關，然後它的另一部分只與我們如何為可變薪酬建模的時間有關。

We have a larger expense in the fourth quarter.

我們在第四季度有更大的支出。

So while it looks like a bigger number sequentially, it's not as big on a year-to-year basis.

因此，雖然按順序看起來數字更大，但按年計算並沒有那麼大。

Okay.

好的。

So we shouldn't expect that to go up again in Q1 given the part contribution from PCI, it should come down after the compensation?

因此，鑑於 PCI 的部分貢獻，我們不應該期望它在第一季度再次上升，它應該在補償後下降嗎？

Yes, it will start to normalize.

是的，它將開始正常化。

We typically have lower SG&A at the first half of the year versus the second half.

與下半年相比，我們上半年的 SG&A 通常較低。

And your next question comes from the line of Todd Coupland with CIBC.

你的下一個問題來自 Todd Coupland 與 CIBC 的對話。

I had a couple of questions, if I could.

如果可以的話，我有幾個問題。

Firstly, on PCI.

首先，關於PCI。

What is the implied contribution in fourth quarter, I guess, on revenue and EPS or margins?

我猜第四季度對收入和每股收益或利潤率的隱含貢獻是多少？

Yes.

是的。

So no problem.

所以沒問題。

The revenue, right now, we've assumed is $50 million in the $1.5 billion guidance number.

目前，我們假設的收入為 15 億美元的指導數字中的 5000 萬美元。

I will say that on a go-forward basis, we won't be talking about the profitability, specifically of PCI, but we have put it in at approximately 10% EBIAT, so operating profit in the fourth quarter.

我要說的是，在前進的基礎上，我們不會談論盈利能力，特別是 PCI，但我們已經把它放在大約 10% EBIAT，所以第四季度的營業利潤。

And then as you know, as we go into getting the actuals, it will be part of our Industrial business and then the profit will just be included in overall ATS.

然後正如你所知，當我們開始獲取實際數據時，它將成為我們工業業務的一部分，然後利潤將只包含在整個 ATS 中。

Great.

偉大的。

I appreciate the granularity.

我很欣賞粒度。

Second question, if we think about that roughly 10% growth into 2022 or $6.3 billion in revenue, given extended lead times in your view of supply chain for 2022, how much additional investment in inventory is required to get to that $6.3 billion?

第二個問題，如果我們考慮到 2022 年大約增長 10% 或 63 億美元的收入，考慮到您認為 2022 年供應鏈的交貨時間延長，需要多少額外的庫存投資才能達到 63 億美元？

Can you just talk about the puts and takes around that?

你能談談看跌期權嗎？

So sure.

所以肯定。

Why don't we start off with the $6.3 billion.

為什麼我們不從 63 億美元開始。

So as you know, before the PCI acquisition was announced, it was a $6 billion number.

如您所知，在 PCI 收購宣布之前，這是一個 60 億美元的數字。

And essentially, what it implies is a 10% growth on our Lifecycle Solutions portfolio.

從本質上講，這意味著我們的生命週期解決方案產品組合增長了 10%。

We've indicated that we are expecting ATS to grow 10% next year and that we are expecting HPS to grow 10% or more.

我們已經表示，我們預計 ATS 明年將增長 10%，我們預計 HPS 將增長 10% 或更多。

So if you put 10% on our Lifecycle Solutions, that pretty much gets you from 2021's numbers to a $6 billion number next year, and then we add PCI to that.

因此，如果您在我們的生命週期解決方案上投入 10%，那幾乎可以使您從 2021 年的數字增加到明年的 60 億美元，然後我們將 PCI 添加到其中。

In terms of the inventory build, it's a dynamic situation right now because some of the inventory that we've already brought in-house is to go and support some of the revenue growth as we go through the year.

就庫存建設而言，這是一個動態的情況，因為我們已經在內部引入的一些庫存將在我們度過這一年時支持一些收入增長。

So we've never, of course, given an inventory forecast.

所以我們當然從來沒有給出庫存預測。

But what I would say is that we have already been investing in our inventory, and we don't expect material amounts on a go-forward basis.

但我要說的是，我們已經對我們的庫存進行了投資，我們不希望在未來的基礎上有實質性的數量。

If we were to make some additional strategic investments, though, we would be working with our customers to help support us on that.

不過，如果我們要進行一些額外的戰略投資，我們將與客戶合作以幫助支持我們。

And so as I mentioned at the beginning of the call, we work with our customers on cash deposits to help offset our inventory.

因此，正如我在電話開始時提到的那樣，我們與客戶合作處理現金存款，以幫助抵消我們的庫存。

Frankly, internally, we look at inventory on a cash adjusted basis.

坦率地說，在內部，我們在現金調整的基礎上查看庫存。

And then in other instances, we'll look to them for carrying charges in order to maintain the ROIC.

然後在其他情況下，我們會要求他們收取費用以維持 ROIC。

Great.

偉大的。

And then just if we were to sort of think through the unwinding of that, given the view of the world, it sounds like you wouldn't get the working capital flow back into the business likely until 2023.

然後，如果我們要通過這種方式來考慮，考慮到世界的觀點，聽起來您可能要到 2023 年才能讓營運資金流回業務。

Is that the right way to think about that?

這是思考這個問題的正確方法嗎？

I think it's fair to assume that inventory will be elevated as we go through 2022.

我認為可以公平地假設到 2022 年庫存將增加。

Now of course, understanding that AP is also elevated, and so when 1 starts to unwind, the other will unwind as well.

現在當然知道 AP 也升高了，所以當 1 開始放鬆時，另一個也會放鬆。

Right.

正確的。

Okay.

好的。

And then the last question, if I could, on the cap business -- semi cap equipment business.

然後是最後一個問題，如果可以的話，關於上限業務——半上限設備業務。

What is the implied growth rate in that for 2022?

2022 年的隱含增長率是多少？

Any color around that would be appreciated.

周圍的任何顏色都會受到讚賞。

I guess the implied growth rate for 2022, I would say, is double digits.

我想我會說 2022 年的隱含增長率是兩位數。

And again, the market for 2022, the way we're looking at it, is about 12%.

再一次，2022 年的市場，按照我們的看法，大約是 12%。

And we're feeling that we're going to be able to grow faster than the market based on market share gains.

而且我們覺得，基於市場份額的增加，我們將能夠比市場增長得更快。

And a lot of those -- a lot of that is bolstered by a fact that those programs are won and now ramping.

其中很多 - 其中很多都是因為這些項目已經贏得併且現在正在增加這一事實得到了支持。

(Operator Instructions) Your next question comes from the line of Daniel Chan with TD Securities.

（操作員說明）您的下一個問題來自道明證券的 Daniel Chan。

Rob, just a follow-up on the higher visibility getting from the longer lead times.

Rob，只是對從更長的交貨時間獲得的更高知名度的跟進。

Do you think this trend of having these higher visibility continues after these disruptions are over?

您認為在這些中斷結束後，這種具有更高知名度的趨勢還會繼續嗎？

I'm sure this is helping you with your planning and you'd like to -- like for it to continue going this way.

我確信這對您的計劃有幫助，並且您希望 - 希望它繼續以這種方式進行。

It's an interesting question.

這是一個有趣的問題。

I would like to think, yes, because the tools that we've developed, the new SIOP rhythms that we've developed, the use of analytical tools that we've been working with our customers on to help forecast them and moving forward.

我想，是的，因為我們開發的工具，我們開發的新 SIOP 節奏，使用我們一直與客戶合作的分析工具來幫助預測他們並向前發展。

But it's hard to predict if we'll go back to prior world or if this increased visibility will be maintained moving forward.

但是很難預測我們是否會回到以前的世界，或者這種增加的能見度是否會繼續保持下去。

So I'm uncertain of what that will be.

所以我不確定那會是什麼。

At least for 2022, though, I think this visibility will stay strong.

不過，至少在 2022 年，我認為這種能見度將保持強勁。

Okay.

好的。

And then has your diverse geographic footprint and you being -- you seem to be less impacted by the lockdowns than maybe some of your peers.

然後是你多樣化的地理足跡，你是——你似乎比你的一些同齡人受到封鎖的影響更小。

Has that allowed you to have any competitive displacements as customers try to get more supply?

當客戶試圖獲得更多供應時，這是否讓您有任何競爭優勢？

Yes.

是的。

We've been navigating through the Malaysian issue and also some of the power issues in China as well based on our footprint and our shift patterns and other creative ideas.

我們一直在解決馬來西亞問題以及中國的一些權力問題，也是基於我們的足跡、我們的輪班模式和其他創造性的想法。

In terms of picking up share, relative to that, I wouldn't say that, that has been a driver 1 way or another.

就獲得份額而言，相對於此，我不會說，這是一種或另一種方式的驅動因素。

It's just allowing us to remain resilient, if you will, and serve our customers through the turbulent times.

如果您願意，這只是讓我們保持彈性，並在動盪時期為我們的客戶提供服務。

And Dan, maybe I'll just add to that.

丹，也許我會補充一點。

As Rob mentioned in his remarks -- prepared remarks, we have -- we are investing in expansions in geographies like the U.S. We have opened up a new facility in Minnesota to service a lot of our ATS customers.

正如 Rob 在他的評論中提到的——準備好的評論，我們有——我們正在投資於美國等地區的擴張。我們在明尼蘇達州開設了一家新工廠，為我們的許多 ATS 客戶提供服務。

And we've also taken over a facility in Texas in order to support our growth in HPS and rack integration.

我們還接管了德克薩斯州的一家工廠，以支持我們在 HPS 和機架集成方面的發展。

And so I think the way to think about it is those are customer-driven expansions where we have either customers that are already tied to the sites or customers who are now awarding new business to us because we have those sites.

因此，我認為思考它的方式是那些以客戶為導向的擴展，在這些擴展中，我們要么有已經綁定到網站的客戶，要么因為我們擁有這些網站而正在向我們授予新業務的客戶。

And so we'll continue to be nimble to respond to what customers are asking us to do.

因此，我們將繼續靈活地響應客戶要求我們做的事情。

It's a very good point, Mandeep.

這是一個非常好的觀點，Mandeep。

We're really quite excited about our investment in Richardson, Texas.

我們對在得克薩斯州理查森的投資感到非常興奮。

It's really the next logical progression and the value we provide to our customers and a lot of strong interest from customers in filling up that site.

這真的是下一個合乎邏輯的進展和我們為客戶提供的價值，以及客戶對填寫該網站的強烈興趣。

And at this time, sir, there are no further audio questions.

先生，目前沒有進一步的音頻問題。

I'll now hand the call back over to Mr. Rob Mionis for closing remarks.

我現在將電話轉回給 Rob Mionis 先生作結束語。

Thank you.

謝謝。

I'm pleased with our performance in the third quarter and our momentum as we move into the final quarter of the year and close out 2021.

我對我們在第三季度的表現以及我們進入今年最後一個季度並結束 2021 年的勢頭感到滿意。

Based on the midpoint of our fourth quarter guidance, we're on track to print a very strong year.

根據我們第四季度指導的中點，我們有望實現非常強勁的一年。

In the fourth quarter, the company is on track to achieve absolute year-over-year growth as the revenues from Cisco start to lapse on our comparative period.

在第四季度，隨著來自思科的收入在我們的比較期間開始下降，該公司有望實現絕對同比增長。

And operating margins in 2021 are on track to increase by 50 basis points year-over-year to 4% while adjusted EPS is on track to increase by more than 25% compared to 2020.

與 2020 年相比，2021 年的營業利潤率有望同比增長 50 個基點至 4%，而調整後的每股收益有望增長 25% 以上。

And while the world continues to react to the supply chain constrained environment, we have successfully adapted our operations to navigate through this dynamic environment.

雖然世界繼續對供應鏈受限環境做出反應，但我們已成功調整我們的運營以應對這種動態環境。

And we're excited that our efforts to transform our business are yielding results.

我們很高興我們為轉型業務所做的努力正在取得成果。

I'd like to thank our global team for remaining vigilant and keeping themselves and each other safe.

我要感謝我們的全球團隊保持警惕並確保自己和彼此的安全。

And thank you all for joining today's call.

感謝大家參加今天的電話會議。

I look forward to updating you as we progress throughout the year.

隨著我們全年的進展，我期待著為您更新。

And thank you.

謝謝你。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。