Celestica Inc (CLS) 2021 Q2 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。

Welcome to the Celestica Q2 2021 Earnings Call.

歡迎來到 Celestica 2021 年第二季度財報電話會議。

(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) I would now like to hand the conference over to your speaker today, Craig Oberg.

（操作員說明）我現在想把會議交給今天的演講者 Craig Oberg。

Please go ahead.

請繼續。

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

早上好，感謝您參加 Celestica 2021 年第二季度收益電話會議。

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說明、我們最近的 20-F 表格年度報告和其他公開文件，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 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.

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 Q2 2021 earnings presentation which are available at celestica.com under the Investor Relations tab.

我們建議您參閱昨天的新聞稿和我們的 2021 年第二季度收益報告，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.

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。

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。

Our strong performance in the second quarter is attributable to the execution of a multiyear transformation.

我們在第二季度的強勁表現歸功於多年轉型的執行。

It also reflects the stability and resilience of our global operations and our ability to operate under challenging conditions.

它還反映了我們全球業務的穩定性和彈性，以及我們在充滿挑戰的條件下運營的能力。

Our second quarter revenue of $1.42 billion was at the high end of our guidance range, driven by another quarter of year-over-year double-digit growth in our Hardware Platform Solutions, our HPS business and double-digit growth in our ATS segment.

我們第二季度的收入為 14.2 億美元，處於我們指導範圍的高端，這是由於我們的硬件平台解決方案、我們的 HPS 業務和我們的 ATS 部門實現了兩位數的同比兩位數增長。

A non-IFRS adjusted EPS of $0.30 and non-IFRS operating margin of 3.9%, both meaningfully exceeded the high end of our guidance range.

非 IFRS 調整後每股收益為 0.30 美元，非 IFRS 營業利潤率為 3.9%，均明顯超出了我們指導範圍的上限。

Our second quarter operating margin performance represented our sixth straight quarter of year-to-year operating margin improvement and was within our target range of 3.75% to 4.5%.

我們第二季度的營業利潤率表現代表我們連續第六個季度實現營業利潤率同比增長，並且在我們 3.75% 至 4.5% 的目標範圍內。

Our strong Q2 performance and multiyear margin expansion efforts are a result of the execution of our strategy, including portfolio reshaping and driving operational excellence across the enterprise.

我們強勁的第二季度業績和多年的利潤擴張努力是我們戰略執行的結果，包括重組投資組合和推動整個企業的卓越運營。

Our non-IFRS adjusted free cash flow came in at $31 million for the quarter or $52 million year-to-date, and we continue to target $100 million of free cash flow in 2021.

本季度我們的非 IFRS 調整後自由現金流為 3100 萬美元，年初至今為 5200 萬美元，我們繼續將 2021 年的自由現金流目標定為 1 億美元。

Throughout the quarter, we continue to face operational challenges in the form of supply chain constraints and workforce curtailments in locations such as Malaysia due to the resurgence of COVID-19.

在整個季度中，由於 COVID-19 的捲土重來，我們在馬來西亞等地繼續面臨供應鏈限制和勞動力削減形式的運營挑戰。

But our team's operational agility and advanced planning tools are enabling us to effectively navigate this dynamic environment.

但我們團隊的運營敏捷性和先進的規劃工具使我們能夠有效地駕馭這個動態環境。

We believe that our portfolio is stronger than ever with an improved margin profile and the fundamentals to drive long-term organic growth.

我們相信，我們的投資組合比以往任何時候都更強大，利潤率狀況得到改善，並且具備推動長期有機增長的基本面。

We expect our operating margin to continue to expand in the coming quarters, driven by our anticipation for higher HPS concentration in our CCS segment as well as volume leverage fueled by steady growth in our ATS segment.

我們預計我們的營業利潤率將在未來幾個季度繼續擴大，這是由於我們預期 CCS 部門的 HPS 集中度更高以及我們的 ATS 部門穩步增長推動的銷量槓桿。

Despite being tempered by continued softness in our commercial aerospace business, ATS segment revenue grew by 12% year-to-year in Q2, driven by another exceptionally strong quarter in our Capital Equipment business, as well as return to growth in our Industrial business.

儘管我們的商業航空航天業務持續疲軟，但 ATS 部門的收入在第二季度同比增長了 12%，這得益於我們的資本設備業務又一個異常強勁的季度，以及我們的工業業務恢復增長。

Our ATS segment reported its fifth consecutive quarter of sequential segment margin expansion and remains on track to achieving segment margin within our 5% to 6% target range by the end of the year.

我們的 ATS 部門報告了其連續第五個季度的連續部門利潤率擴張，並有望在年底前實現我們 5% 至 6% 的目標範圍內的部門利潤率。

Within CCS, our non-Cisco portfolio experienced another quarter of year-to-year growth as both Enterprise and Communications end market revenues exceeded our expectations.

在 CCS 中，我們的非思科產品組合經歷了又一個季度的同比增長，因為企業和通信終端市場收入都超出了我們的預期。

The CCS segment continues to perform well, with segment margin of 3.7% in the second quarter.

CCS 部門繼續表現良好，第二季度的部門利潤率為 3.7%。

With double-digit year-to-year growth, our HPS business recorded sales of more than $300 million in the second quarter.

憑藉兩位數的同比增長，我們的 HPS 業務在第二季度錄得超過 3 億美元的銷售額。

HPS grew 13% on a year-to-year basis, and year-to-date HPS revenues of $501 million are up 24% compared to 2020.

HPS 同比增長 13%，年初至今的 HPS 收入為 5.01 億美元，與 2020 年相比增長了 24%。

Demand for our Hardware Platform Solutions continues to be robust.

對我們的硬件平台解決方案的需求持續強勁。

And our current expectations are that revenue for HPS will exceed $1 billion for 2021.

我們目前的預期是 HPS 的收入將在 2021 年超過 10 億美元。

In recent quarters, we have begun to highlight the financial performance of our life cycle solutions business which combines the revenues of our HPS business and ATS segment.

在最近幾個季度，我們開始強調我們的生命週期解決方案業務的財務業績，該業務結合了我們的 HPS 業務和 ATS 部門的收入。

As we noted during our previous quarterly conference calls, our Lifecycle Solutions portfolio generates higher margins, presents greater barriers to entry for competitors and offers a more robust growth profile compared to our traditional EMS portfolio.

正如我們在之前的季度電話會議中指出的那樣，與我們的傳統 EMS 產品組合相比，我們的生命週期解決方案產品組合產生了更高的利潤，為競爭對手提供了更大的進入壁壘，並提供了更強勁的增長前景。

We are encouraged by the performance of our Lifecycle Solutions portfolio which has exhibited double-digit revenue growth on a year-over-year and sequential basis.

我們對生命週期解決方案產品組合的表現感到鼓舞，該產品組合的收入同比和環比均實現兩位數增長。

Looking ahead, we are pleased to provide third quarter revenue guidance in the $1.4 billion to $1.55 billion range.

展望未來，我們很高興提供 14 億美元至 15.5 億美元範圍內的第三季度收入指引。

and non-IFRS operating margin guidance of 4%, representing the midpoint of our revenue and adjusted EPS guidance ranges.

和 4% 的非 IFRS 營業利潤率指導，代表我們的收入和調整後的 EPS 指導範圍的中點。

Achievement of 4% operating margin would represent the highest quarterly operating margin at Celestica in the last 20 years.

實現 4% 的營業利潤率將是 Celestica 在過去 20 年中最高的季度營業利潤率。

Additionally, we currently expect our performance in the fourth quarter to be at third quarter levels or better.

此外，我們目前預計第四季度的業績將達到第三季度的水平或更好。

I am pleased with the progress we have made in executing our strategy and transforming our business.

我對我們在執行戰略和業務轉型方面取得的進展感到高興。

Year-over-year operating margin has been expanding for the last 6 quarters.

過去 6 個季度的同比營業利潤率一直在擴大。

Revenue from our Lifecycle Solutions business continues to grow as a percentage of overall revenue, and Celestica is currently on track to post year-over-year revenue growth on an absolute basis in the fourth quarter.

我們生命週期解決方案業務的收入佔總收入的百分比繼續增長，Celestica 目前有望在第四季度實現絕對收入同比增長。

Additionally, our bookings performance has been strong, driven by our engineering-led approach, and our efforts have resulted in a diversified portfolio with strong secular tailwinds.

此外，在我們以工程為主導的方法的推動下，我們的預訂表現一直很強勁，我們的努力帶來了多元化的投資組合，並帶來了強勁的長期順風。

Before I offer some additional detail on the outlook for each of our end markets and the overall business, I would like to turn the call over to Mandeep who will provide you with more color on our financial performance in the second quarter as well as more detail on our third quarter guidance.

在我提供有關我們每個終端市場和整體業務前景的更多詳細信息之前，我想將電話轉給 Mandeep，他將為您提供有關我們第二季度財務業績的更多信息以及更多詳細信息關於我們第三季度的指導。

Thank you, Rob, and good morning, everyone.

謝謝羅布，大家早上好。

Second quarter 2021 revenue came in at $1.42 billion at the high end of our guidance range.

2021 年第二季度的收入為 14.2 億美元，處於我們指導範圍的高端。

Revenue decreased 5% year-over-year and increased 15% sequentially.

收入同比下降 5%，環比增長 15%。

Our non-Cisco revenues grew 6% year-over-year and grew 15% sequentially.

我們的非思科收入同比增長 6%，環比增長 15%。

We delivered non-IFRS operating margin of 3.9%, 40 basis points ahead of the midpoint of our guidance range, driven by stronger-than-expected performance in both segments.

我們實現了 3.9% 的非 IFRS 營業利潤率，比我們的指導範圍的中點高 40 個基點，這得益於兩個部門的業績都強於預期。

Non-IFRS operating margin was up 50 basis points year-over-year and up 40 basis points sequentially.

非 IFRS 營業利潤率同比增長 50 個基點，環比增長 40 個基點。

The year-over-year improvement was driven by improved operating leverage in ATS, resulting from double-digit revenue growth and improved CCS performance, including higher HPS revenue concentration.

同比改善是由 ATS 的運營槓桿改善推動的，這是由於兩位數的收入增長和改善的 CCS 績效，包括更高的 HPS 收入集中度。

The sequential improvement was due to higher volumes and favorable mix across several businesses as well as strong performance in our CCS business.

環比改善是由於銷量增加和多個業務的有利組合以及我們 CCS 業務的強勁表現。

Non-IFRS adjusted earnings per share were $0.30, above the high end of our guidance of $0.27 and up $0.05 year-over-year; and up $0.08 sequentially.

非 IFRS 調整後每股收益為 0.30 美元，高於我們 0.27 美元的指導上限，同比增長 0.05 美元；並連續上漲 0.08 美元。

The IFRS earnings per share were $0.21, up $0.11 year-over-year and up $0.13 sequentially.

IFRS 每股收益為 0.21 美元，同比增長 0.11 美元，環比增長 0.13 美元。

ATS revenue was up 12% compared to a year ago, slightly below our expectations of a mid-teens percentage year-over-year increase.

ATS 收入與一年前相比增長了 12%，略低於我們對同比增長 15% 的預期。

Sequentially, ATS revenue was up 6%.

隨後，ATS 收入增長了 6%。

The year-over-year revenue growth in ATS was driven by a recovery in demand and a return to growth in our Industrial business and new program wins and market share gains in our Capital Equipment business.

ATS 的收入同比增長是由需求復蘇和我們的工業業務恢復增長以及我們的資本設備業務贏得新項目和市場份額增長所推動的。

This was partly offset by continued softness in commercial aerospace.

這在一定程度上被商業航空領域的持續疲軟所抵消。

Sequential growth was driven by continuing strength in Capital Equipment, partly offset by HealthTech.

連續增長是由資本設備的持續強勁推動的，部分被 HealthTech 所抵消。

CCS segment revenue was down 14% year-over-year, largely driven by the Cisco disengagement partly offset by strong demand from service provider customers, including in our HPS business.

CCS 部門收入同比下降 14%，這主要是受思科脫離的推動，部分被服務提供商客戶（包括我們的 HPS 業務）的強勁需求所抵消。

Sequentially, CCS revenue was up 22%, led by strong demand from service provider customers, strong demand in our HPS business as well as normal seasonality in our Enterprise business.

由於服務提供商客戶的強勁需求、我們的 HPS 業務的強勁需求以及我們企業業務的正常季節性，CCS 收入因此增長了 22%。

Revenue in our CCS portfolio from businesses other than Cisco increased by 2% year-over-year.

來自思科以外業務的 CCS 產品組合收入同比增長 2%。

Communications revenue was down 7% year-over-year, less than our expectation of a low double-digit percentage decrease.

通信收入同比下降 7%，低於我們預期的低兩位數百分比下降。

The decline was largely due to the Cisco disengagement, partly offset by strong demand from service provider customers.

下降的主要原因是思科的脫離，部分被服務提供商客戶的強勁需求所抵消。

Sequentially, Communications revenue was up 20%, reflecting strength with service providers.

相應地，通信收入增長了 20%，反映出服務提供商的實力。

Enterprise revenue in the quarter was down 25% year-over-year, less than our expectation of a low 30s percentage decrease.

本季度企業收入同比下降 25%，低於我們預期的 30% 的低降幅。

Lower revenues were the result of program-specific demand dynamics with several of our server customers.

較低的收入是我們的幾個服務器客戶的特定程序需求動態的結果。

Sequentially, Enterprise revenue was up 26%, driven by normal seasonality and program-specific strength with certain storage customers.

隨後，受某些存儲客戶的正常季節性和特定項目實力的推動，企業收入增長了 26%。

Our HPS business delivered its highest revenue quarter ever, with sales of $302 million, up 13% year-over-year, led by consistent demand strength and new program ramps with service providers due to continued data center growth.

我們的 HPS 業務實現了有史以來最高的季度收入，銷售額為 3.02 億美元，同比增長 13%，這主要得益於持續的需求強勁以及數據中心持續增長導致服務提供商推出的新計劃。

As Rob mentioned, our Lifecycle Solutions business, a combination of the revenue from our ATS and HPS businesses continued its robust growth trajectory.

正如 Rob 所提到的，我們的生命週期解決方案業務，結合了我們的 ATS 和 HPS 業務的收入，繼續保持強勁的增長軌跡。

Lifecycle Solutions accounted for 60% of sales on a year-to-date basis, compared to 51% in the first half of 2020.

生命週期解決方案佔年初至今銷售額的 60%，而 2020 年上半年為 51%。

We continue to believe that Lifecycle Solutions is the best representation of our diversified portfolio.

我們仍然相信生命週期解決方案是我們多元化產品組合的最佳代表。

Our top 10 customers represented 67% of revenue during the second quarter, down 1% year-over-year and up 2% sequentially.

我們的前 10 大客戶佔第二季度收入的 67%，同比下降 1%，環比增長 2%。

For the second quarter, one customer represented 10% or more of our total revenue versus one in the same quarter last year and none in the prior period.

對於第二季度，一名客戶占我們總收入的 10% 或更多，而去年同期只有一名客戶，而上一季度則沒有。

Turning to segment margins.

轉向部門利潤率。

ATS delivered a segment margin of 4.1% in the second quarter, up 100 basis points year-over-year and 10 basis points sequentially.

ATS 第二季度的分部利潤率為 4.1%，同比增長 100 個基點，環比增長 10 個基點。

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

這標誌著 ATS 部門利潤率連續第五個季度擴大。

The year-over-year margin improvement was driven by double-digit percentage revenue growth in Capital Equipment and growth in HealthTech, which more than offset a soft commercial aerospace demand environment.

利潤率的同比增長是由資本設備收入的兩位數百分比增長和健康科技的增長推動的，這大大抵消了疲軟的商業航空航天需求環境。

The sequential improvement was due primarily to strong growth in Capital Equipment, driving better operating leverage.

連續改善主要是由於資本設備的強勁增長，推動了更好的運營槓桿。

CCS segment margin of 3.7% came in above our target range of 2% to 3%, and was up 10 basis points year-over-year, and up 60 basis points sequentially.

CCS 部門利潤率為 3.7%，高於我們 2% 至 3% 的目標範圍，同比上升 10 個基點，環比上升 60 個基點。

This represents the sixth consecutive quarter of year-to-year margin improvement in our CCS segment.

這代表我們的 CCS 部門連續第六個季度實現利潤率同比增長。

The year-over-year margin improvement was primarily driven by favorable mix due to our portfolio reshaping activities and an increasing concentration of revenue from our HPS business and strong commercial recoveries.

利潤率的同比增長主要是由於我們的投資組合重塑活動以及來自我們的 HPS 業務的收入越來越集中以及強勁的商業復甦所帶來的有利組合。

The sequential margin improvement was due to demand strength in HPS.

連續利潤率的提高是由於 HPS 的需求強勁。

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 $26.3 million or $0.21 per share, compared to net earnings of $13.3 million or $0.10 per share in Q2 2020, and net earnings of $10.5 million or $0.08 per share in the previous quarter.

本季度的 IFRS 淨收益為 2630 萬美元或每股 0.21 美元，而 2020 年第二季度的淨收益為 1330 萬美元或每股 0.10 美元，上一季度的淨收益為 1050 萬美元或每股 0.08 美元。

Adjusted gross margin of 8.4% was up 90 basis points compared to the same period last year and down 20 basis points sequentially.

調整後毛利率為 8.4%，較去年同期上升 90 個基點，環比下降 20 個基點。

The year-over-year improvement was driven by strength in HPS and Capital Equipment, partly offset by headwinds in A&D, while the sequential decline was largely due to higher variable compensation.

同比改善是由 HPS 和資本設備的實力推動的，部分被 A&D 的逆風所抵消，而環比下降主要是由於較高的可變薪酬。

Second quarter adjusted SG&A of $54.7 million was up $1.4 million year-over-year, primarily due to investments in the business.

第二季度調整後的 SG&A 為 5470 萬美元，同比增長 140 萬美元，這主要是由於對該業務的投資。

Adjusted SG&A was up $1.1 million sequentially.

調整後的 SG&A 環比增長 110 萬美元。

Non-IFRS operating earnings were $55.0 million, up $4.2 million from the prior year period and up $11.7 million sequentially.

非 IFRS 營業利潤為 5500 萬美元，比上年同期增長 420 萬美元，比上一季度增長 1170 萬美元。

Our non-IFRS adjusted effective tax rate for the second quarter was 20%, compared to 24% for the prior year period, and 21%, last quarter.

我們第二季度的非國際財務報告準則調整後有效稅率為 20%，而去年同期為 24%，上一季度為 21%。

For the second quarter, non-IFRS adjusted net earnings were $37.9 million, compared to $31.7 million for the prior year period, and $27.8 million in the first quarter.

第二季度，非 IFRS 調整後淨收益為 3790 萬美元，上年同期為 3170 萬美元，第一季度為 2780 萬美元。

Non-IFRS adjusted earnings per share of $0.30 was up $0.05 year-over-year due to higher non-IFRS operating earnings and lower interest expense.

非 IFRS 調整後每股收益為 0.30 美元，同比增長 0.05 美元，原因是非 IFRS 營業收入增加和利息支出減少。

Sequentially, non-IFRS adjusted earnings per share were up $0.08 driven by higher non-IFRS operating earnings.

在非 IFRS 營業收入增加的推動下，非 IFRS 調整後每股收益環比增長 0.08 美元。

Second quarter non-IFRS adjusted ROIC of 13.7% was up 0.8% compared to the same quarter of last year and up 2.9% sequentially.

第二季度非國際財務報告準則調整後的 ROIC 為 13.7%，比去年同期增長 0.8%，環比增長 2.9%。

Moving on to working capital.

轉向營運資金。

Our inventory at the end of the quarter was $1.22 billion, up $71 million sequentially and up $19 million compared to the same period last year as we continue to support growth in our HPS business.

本季度末我們的庫存為 12.2 億美元，環比增加 7100 萬美元，與去年同期相比增加 1900 萬美元，因為我們繼續支持 HPS 業務的增長。

Inventory turns were 4.4 turns in the second quarter, up from 4.0 turns last quarter, but down from 4.9 turns in the prior year period.

第二季度的庫存周轉率為 4.4 周轉，高於上一季度的 4.0 周轉，但低於去年同期的 4.9 周轉。

Capital expenditures for the second quarter were $10 million or just less than 1% of revenue.

第二季度的資本支出為 1000 萬美元，佔收入的不到 1%。

Non-IFRS free cash flow was $31.2 million in the second quarter, compared to $37.9 million for the same period last year and up from $20.9 million in the prior quarter.

第二季度非 IFRS 自由現金流為 3120 萬美元，去年同期為 3790 萬美元，高於上一季度的 2090 萬美元。

This is now our tenth consecutive quarter of delivering positive non-IFRS free cash flow.

現在，這是我們連續第十個季度實現正的非 IFRS 自由現金流。

Cash cycle days in the second quarter were 71 days, up 11 days year-over-year and down 11 days sequentially.

第二季度現金周轉天數為 71 天，同比增加 11 天，環比減少 11 天。

The sequential improvement of our cash cycle days reflects normal seasonality and our continuing efforts to improve working capital performance despite the well-known challenges in the supply chain environment.

儘管供應鏈環境面臨眾所周知的挑戰，但我們現金周期天數的連續改善反映了正常的季節性以及我們為提高營運資本績效而做出的持續努力。

In the second quarter, we incurred $3 million of restructuring charges or $0.02 per share to further adjust our cost base to better align with changing demand levels in several of our businesses and geographies.

在第二季度，我們產生了 300 萬美元的重組費用或每股 0.02 美元，以進一步調整我們的成本基礎，以更好地適應我們多個業務和地區不斷變化的需求水平。

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 second quarter was $467 million, up $31 million year-over-year and up $18 million sequentially.

我們在第二季度末的現金餘額為 4.67 億美元，同比增長 3100 萬美元，環比增長 1800 萬美元。

Combined with our $450 million revolver, which remains undrawn, we continue to have a very strong liquidity position of approximately $900 million in available funds.

加上我們仍未動用的 4.5 億美元左輪手槍，我們繼續擁有非常強大的流動性頭寸，可用資金約為 9 億美元。

We continue to believe that our liquidity is sufficient to meet our current business needs.

我們仍然相信我們的流動性足以滿足我們當前的業務需求。

We ended the quarter with gross debt of $440 million, unchanged from the previous quarter, leaving us with a net cash position of $27 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 2700 萬美元。

Our second quarter gross debt to non-IFRS trailing 12-month adjusted EBITDA leverage ratio was 1.4 turns, flat sequentially, and an improvement of 0.3 turns from the same quarter last year.

我們第二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 0.3 倍。

At the end of June 2021, we were compliant with all financial covenants under our credit agreement.

截至 2021 年 6 月底，我們遵守了信貸協議下的所有財務契約。

During the quarter, we repurchased approximately 1.6 million shares at a cost of $13.4 million.

本季度，我們以 1340 萬美元的成本回購了大約 160 萬股股票。

Since commencing our NCIB program last November, we have repurchased a total of 2.2 million shares at a cost of $18.7 million, and we intend to deploy capital towards share repurchases in the third quarter of 2021.

自去年 11 月啟動我們的 NCIB 計劃以來，我們已經以 1870 萬美元的成本回購了總計 220 萬股股票，我們打算在 2021 年第三季度將資金用於股票回購。

We ended the quarter with 126.8 million shares outstanding, a reduction of approximately 2% from the prior year period.

本季度結束時，我們有 1.268 億股流通股，比去年同期減少約 2%。

We remain committed to our previously stated capital allocation priorities.

我們仍然致力於我們之前聲明的資本配置優先事項。

We are focused on generating positive free cash flow and balancing the paying down of our debt with maintaining optimal financial flexibility and dry powder to enable the acceleration of our strategy through disciplined M&A.

我們專注於產生正的自由現金流，並在償還債務與保持最佳財務靈活性和乾火藥之間取得平衡，以通過有紀律的併購加速我們的戰略。

We continue to target returning 50% of non-IFRS free cash flow to shareholders with the other 50% to be reinvested in our business over the long term.

我們的目標繼續是將 50% 的非 IFRS 自由現金流返還給股東，另外 50% 將長期再投資於我們的業務。

Given our strong balance sheet and levels of our share price relative to our view of our fundamentals, we will continue to opportunistically purchase shares for cancellation under our NCIB program.

鑑於我們強勁的資產負債表和我們的股價水平相對於我們對基本面的看法，我們將繼續根據我們的 NCIB 計劃機會主義地購買股票以註銷。

Our current NCIB plan expires in November of 2021 and has up to approximately 6.8 million shares remaining that are eligible for repurchase.

我們目前的 NCIB 計劃將於 2021 年 11 月到期，剩餘約 680 萬股股票有資格回購。

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

現在轉向我們對 2021 年第三季度的指導。

We are projecting third quarter revenue to be in the range of $1.4 billion to $1.55 billion.

我們預計第三季度收入將在 14 億美元至 15.5 億美元之間。

We note that we have widened our typical guidance range for revenue this quarter from $100 million to $150 million to account for the potential impacts from a dynamic supply chain environment.

我們注意到，我們已將本季度收入的典型指導範圍從 1 億美元擴大到 1.5 億美元，以考慮動態供應鏈環境的潛在影響。

At the midpoint of this range, revenue would be up 4% sequentially and down 5% year-over-year.

在此範圍的中點，收入將連續增長 4%，同比下降 5%。

For our non-Cisco portfolio, achievement of the midpoint of our guidance range would represent revenue growth of 6% year-over-year.

對於我們的非思科產品組合，實現我們指導範圍的中點將代表收入同比增長 6%。

Third quarter non-IFRS adjusted earnings per share are expected to range from $0.30 to $0.36.

第三季度非 IFRS 調整後每股收益預計在 0.30 美元至 0.36 美元之間。

At the midpoint of our revenue and adjusted EPS guidance ranges, non-IFRS operating margin would be approximately 4.0%, an increase of 10 basis points over the same period last year and up 10 basis points sequentially.

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 4.0%，比去年同期增加 10 個基點，比上一季度增加 10 個基點。

Non-IFRS adjusted SG&A expense for the third quarter is expected to be in the range of $56 million to $58 million.

第三季度非 IFRS 調整後的 SG&A 費用預計在 5600 萬至 5800 萬美元之間。

We anticipate our non-IFRS adjusted effective tax rate to be approximately 20%, 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 20%，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 third quarter of 2021.

轉向我們對 2021 年第三季度的終端市場展望。

In our ATS end market, we anticipate revenue to be up in the low double-digit percentage range year-over-year, driven by continued demand strength in our Capital Equipment and HealthTech businesses and a continued recovery in Industrial, partially offset by continuing demand softness in commercial aerospace as a result of COVID-19.

在我們的 ATS 終端市場，我們預計收入將同比增長在較低的兩位數百分比範圍內，這是由於我們的資本設備和 HealthTech 業務的持續需求強勁以及工業的持續復甦，部分被持續需求所抵消由於 COVID-19，商業航空航天的軟性。

In CCS, we anticipate our Communications end market revenue to be down in the high single-digit percentage range year-over-year driven by our disengagement from Cisco.

在 CCS 中，我們預計我們的通信終端市場收入將在與思科脫離接觸的推動下同比下降高個位數的百分比範圍。

The remainder of our communications portfolio is growing, driven by strength in demand from our service provider customers as well as our HPS business.

在我們的服務提供商客戶以及我們的 HPS 業務需求強勁的推動下，我們的其他通信產品組合正在增長。

In our Enterprise end market, we anticipate revenue to decrease in the low 20s percentage range year-over-year due to market demand softness, particularly from server customers and a relatively strong comparative quarter last year.

在我們的企業終端市場，由於市場需求疲軟，特別是來自服務器客戶和去年相對強勁的比較季度，我們預計收入將同比下降 20% 左右。

Our outlook sees Lifecycle Solutions continuing to account for a growing portion of our consolidated revenue as we continue to diversify our portfolio.

我們的展望認為，隨著我們繼續使我們的產品組合多樣化，生命週期解決方案將繼續占我們合併收入的越來越大的部分。

It will serve as our long-term driver of operating margin improvement.

它將成為我們提高營業利潤率的長期驅動力。

We maintain our expectation for Lifecycle Solutions revenue to grow in the low double-digit percentage range in 2021.

我們維持對生命週期解決方案收入在 2021 年以較低的兩位數百分比增長的預期。

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。

Our financial metrics are beginning to reflect the benefits of the critical decisions we made to improve the business over the last 24 months.

我們的財務指標開始反映我們在過去 24 個月中為改善業務所做的關鍵決策的好處。

We believe we have strong momentum and are opportunistic regarding our ability to capitalize on the opportunities that lie ahead.

我們相信我們有強勁的勢頭，並且對我們利用未來機會的能力持機會主義態度。

However, the road ahead does not come without its challenges.

然而，前進的道路並非沒有挑戰。

Material constraints are becoming more severe in the second half of 2021.

2021年下半年，物質約束愈加嚴峻。

And in certain geographies, concerns are rising regarding the resurgence of COVID-19.

在某些地區，人們越來越擔心 COVID-19 捲土重來。

To the best of our ability, we have factored these dynamics into our outlook and feel confident that our talented team can effectively address any challenges ahead.

盡我們最大的能力，我們已將這些動態納入我們的前景，並相信我們的才華橫溢的團隊能夠有效應對未來的任何挑戰。

Now turning to the outlook for our segments.

現在轉向我們細分市場的前景。

In ATS, we remain on track to achieve our targeted 10% revenue growth in 2021.

在 ATS 方面，我們仍有望在 2021 年實現 10% 的收入增長目標。

With continued strength in Capital Equipment, growing momentum in Industrial and an expectation of a modest recovery in commercial aerospace, as we ramp new wins in the second half of the year, we are on our way towards reaching our target segment margin range of 5% to 6% by the end of the year.

憑藉資本設備的持續實力、工業增長的勢頭以及對商業航空溫和復甦的預期，隨著我們在今年下半年取得新的勝利，我們正在朝著 5% 的目標細分市場利潤率範圍邁進到年底達到 6%。

Our Capital Equipment business continues to experience very strong growth, supported by demand tailwinds and market share gains.

在需求順風和市場份額增長的支持下，我們的資本設備業務繼續經歷非常強勁的增長。

The demand environment in the semiconductor Capital Equipment market remains robust.

半導體資本設備市場的需求環境依然強勁。

As we have noted before, we believe that the factors driving this growth have an extended runway and are not short term in nature.

正如我們之前所指出的那樣，我們認為推動這種增長的因素有很長的路要走，而不是短期的。

We expect these conditions to persist for the remainder of the current year and into 2022.

我們預計這些情況將持續到今年剩餘時間和 2022 年。

In the display market, we believe that spending is shifting to subsequent periods as component shortages are delaying new program ramps and capacity expansion plans.

在顯示器市場，我們認為支出正在轉移到後續時期，因為組件短缺正在推遲新項目的啟動和產能擴張計劃。

We continue to anticipate CapEx spending growth to resume in future periods, supported by new OLED technology shifts and demand tailwinds in key end markets, including mobile, TV and IT applications.

我們繼續預計，在新的 OLED 技術轉變和關鍵終端市場（包括移動、電視和 IT 應用）需求順風的支持下，資本支出支出將在未來恢復增長。

We reiterate our expectation for our Capital Equipment business to exceed $700 million in revenue in 2021, which would represent 30% plus growth compared to 2020.

我們重申，我們預計我們的資本設備業務在 2021 年的收入將超過 7 億美元，與 2020 年相比增長 30% 以上。

In Industrial, we are seeing the beginning of a demand recovery with double-digit growth during Q2 2021 compared to the prior year period driven by new wins, largely in energy storage and EV charger markets.

在工業領域，我們看到 2021 年第二季度的需求開始復蘇，與去年同期相比，在新勝利的推動下實現兩位數增長，主要是在儲能和電動汽車充電器市場。

As an example, we are excited by our recently announced win with Luminar, where we will partner to produce its Iris LiDAR system with engineering-led wins like this and continuing demand strength across our Industrial business.

例如，我們對最近宣布與 Luminar 的合作感到興奮，我們將合作生產其 Iris LiDAR 系統，並在我們的工業業務中以工程為主導的勝利和持續的需求增長。

We expect year-over-year growth in Industrial to continue into the second half of 2021.

我們預計工業的同比增長將持續到 2021 年下半年。

In A&D, while demand appears to have stabilized on a sequential basis, headwinds in the commercial aerospace market persist, and the market remains meaningfully softer than a year ago.

在 A&D 領域，雖然需求似乎已連續穩定，但商業航空航天市場的逆風依然存在，市場仍然比一年前明顯疲軟。

While we expect demand in commercial aerospace market to remain depressed compared to pre-COVID levels into 2022, we do expect a modest recovery to materialize in the latter half of this year and should begin to see sequential improvement as new programs begin to ramp.

雖然我們預計到 2022 年，與 COVID 之前的水平相比，商業航空航天市場的需求將繼續低迷，但我們確實預計今年下半年將出現溫和復蘇，並且隨著新項目的開始實施，應該會開始出現連續改善。

In our HealthTech business, demand remains robust, supported by new program ramps and COVID-19-related projects.

在我們的 HealthTech 業務中，需求依然強勁，這得益於新計劃的增加和與 COVID-19 相關的項目。

Our outlook calls for continued year-to-year growth for the duration of 2021.

我們的展望要求在 2021 年期間繼續實現逐年增長。

In the second half, while we do anticipate a moderation in demand for some COVID-19 products, we expect growth in other programs such as surgical instruments.

下半年，雖然我們確實預計對某些 COVID-19 產品的需求會有所放緩，但我們預計手術器械等其他項目的需求將會增長。

Now turning to CCS.

現在轉向CCS。

Our CCS segment continues to perform well.

我們的 CCS 部門繼續表現良好。

The strong performance is driven by our portfolio reshaping initiatives and the continued growth of our HPS business, both in absolute terms and as a portion of our CCS segment revenues.

強勁的業績是由我們的投資組合重塑計劃和我們的 HPS 業務的持續增長推動的，無論是絕對值還是 CCS 部門收入的一部分。

We expect both of these factors to continue to support strong margins in our CCS segment into 2022.

我們預計，到 2022 年，這兩個因素都將繼續支持我們 CCS 部門的強勁利潤率。

Although CCS revenues remain lower on a year-to-year basis, our non-Cisco CCS business is up nearly 8% year-to-date, compared to the first half of 2020.

儘管 CCS 收入同比仍然較低，但與 2020 年上半年相比，我們的非思科 CCS 業務今年迄今增長了近 8%。

Our Hardware Platform Solutions business continues to deliver strong results with year-to-year growth of 24%, primarily driven by robust demand from service providers in our Communications end market.

我們的硬件平台解決方案業務繼續取得強勁業績，同比增長 24%，這主要是受到通信終端市場服務提供商強勁需求的推動。

Our order book and general market outlook continue to be very positive, and we reiterate our expectations for HPS to achieve double-digit percentage revenue growth for 2021.

我們的訂單和總體市場前景繼續非常樂觀，我們重申我們對 HPS 2021 年實現兩位數百分比收入增長的預期。

In the Communications end market, we expect market demand to remain strong in 2021, largely comprised by service provider customers.

在通信終端市場，我們預計 2021 年市場需求將保持強勁，主要由服務提供商客戶組成。

Both of these customers have backfilled our capacity from their Cisco disengagement.

這兩個客戶都從他們與思科的分離中回填了我們的能力。

As noted, although we expect Communications year-to-year revenues to be lower compared to 2020 as a result of the Cisco disengagement, we expect Communications revenue growth to resume on an unadjusted basis in the fourth quarter compared to the prior year period.

如前所述，儘管我們預計由於思科脫離，通信收入同比將低於 2020 年，但我們預計第四季度通信收入將在未經調整的基礎上恢復增長，與去年同期相比。

In our Enterprise end market, the demand environment continues to be relatively soft, notably from server customers.

在我們的企業終端市場，需求環境繼續相對疲軟，尤其是來自服務器客戶。

We expect that these market conditions will persist for at least the duration of the year.

我們預計這些市場狀況將至少持續一年。

As we enter the second half of 2021, we are pleased that our transformational efforts are yielding results.

隨著我們進入 2021 年下半年，我們很高興我們的轉型努力正在取得成果。

Our momentum continues to build, and we believe we are positioned where we need to be in order to achieve our strategic goals and financial targets.

我們的勢頭繼續增強，我們相信我們處於實現戰略目標和財務目標所需的位置。

Our areas of focus for the balance of the year remain unchanged, a return to absolute growth, margin expansion, including ATS returning to its target margin range and executing a disciplined capital allocation strategy.

我們今年餘下時間的重點領域保持不變，恢復絕對增長，利潤率擴張，包括 ATS 回到其目標利潤率範圍並執行有紀律的資本配置策略。

As we look to 2022, we expect the market to remain dynamic.

展望 2022 年，我們預計市場將保持活力。

However, we believe that robust secular tailwinds, strong operational performance and the ramping of new programs bode well for Celestica.

然而，我們認為強勁的長期順風、強勁的運營業績和新項目的增加對 Celestica 來說是個好兆頭。

As a result, assuming that the severity of supply chain constraints expected for the remainder of 2021 do not worsen, we anticipate revenue to grow in 2022 compared to 2021, and are targeting to generate $6 billion or more of revenue for 2022, with operating margin within our target range of 3.75% to 4.5%.

因此，假設預計 2021 年剩餘時間內供應鏈限制的嚴重性不會惡化，我們預計 2022 年的收入將比 2021 年增長，目標是在 2022 年產生 60 億美元或更多的收入，營業利潤率在我們 3.75% 至 4.5% 的目標範圍內。

We are also anticipating that adjusted EPS will expand by approximately 10% or more in 2022, compared to 2021.

我們還預計，與 2021 年相比，2022 年調整後的每股收益將增長約 10% 或更多。

Our entire team remains focused on executing our game plan and driving the evolution of our business while effectively navigating any challenges.

我們的整個團隊仍然專注於執行我們的遊戲計劃並推動我們的業務發展，同時有效應對任何挑戰。

Their commitment, talent and resiliency of our entire global team remains the driving force behind our success.

他們的承諾、才華和我們整個全球團隊的韌性仍然是我們成功的推動力。

Their ability to consistently meet the challenges faced by our business and deliver on expectations instills me with the utmost confidence and optimism for the immediate and long-term future of our company.

他們始終如一地應對我們業務面臨的挑戰並實現期望的能力使我對公司近期和長期的未來充滿信心和樂觀。

We look forward to updating you on our progress over the coming quarters.

我們期待著向您通報我們在未來幾個季度取得的進展。

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 the line of 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。

Congrats on the very strong quarter.

祝賀這個非常強勁的季度。

Rob, historically, you haven't been as specific in terms of providing color on the subsequent year.

Rob，從歷史上看，你在下一年提供顏色方面沒有那麼具體。

And so just curious as what more that you did this time.

所以很好奇你這次還做了什麼。

Do you have a higher level of visibility perhaps given the supply constraints, or are customers giving you maybe longer lead times as a result of that?

考慮到供應限制，您是否具有更高水平的可見性，或者客戶是否因此給了您更長的交貨時間？

Or does that also speak maybe to your confidence on the sustainability of some of the macro trends like in Capital Equipment?

或者這是否也說明了您對資本設備等一些宏觀趨勢的可持續性的信心？

Yes.

是的。

A little bit of both, Thanos, and thanks for the recognition on a strong quarter.

兩者兼而有之，Thanos，並感謝您對強勁季度的認可。

In much of our business because the supply chain constraints are so prevalent and the lead times have extended, we have several customers that are saying -- they're extending their order horizon and basically saying listen, if you could build it, we will take it.

在我們的大部分業務中，由於供應鏈限制如此普遍並且交貨時間延長，我們有幾個客戶說 - 他們正在擴大他們的訂單範圍並且基本上說聽著，如果你能建造它，我們會接受它。

So that's giving us some increased confidence.

所以這給了我們更多的信心。

And then just looking more broadly at our wins over the last 18 to 24 months in terms of what we've been able to book gives us this confidence.

然後更廣泛地審視我們過去 18 到 24 個月的勝利，就我們能夠預訂的內容而言，這給了我們這種信心。

And then lastly, I would say, just the broad secular tailwinds that we're seeing in the majority of our markets.

最後，我想說的是，我們在大多數市場中看到的廣泛的長期順風。

And I would even say, even in A and B, we're starting to see recovery starting to happen, gives us the confidence to kind of do some foreshadowing of what we think of 2022 coming on.

我什至會說，即使在 A 和 B 中，我們也開始看到復蘇開始發生，這讓我們有信心為我們認為 2022 年即將到來的事情做一些預示。

Great.

偉大的。

And in terms of the supply constraints, it was $30 million impact on revenue this quarter.

就供應限製而言，本季度對收入的影響為 3000 萬美元。

What are you assuming it's going to be in the upcoming quarter.

您認為下個季度會發生什麼。

I think you commented that it seems to be getting worse rather than better.

我想你評論說它似乎變得更糟而不是更好。

Yes, it is certainly getting more severe.

是的，它肯定會變得更加嚴重。

Just stepping back for a minute, I think we got a jump on it.

退後一步，我想我們已經跳上了它。

We saw this happening in the second half of last year.

我們在去年下半年看到了這種情況。

So we extended our lead times with our suppliers.

因此，我們延長了與供應商的交貨時間。

We asked -- worked closely with our customers to make sure they open up their order books.

我們要求 - 與我們的客戶密切合作，以確保他們打開他們的訂單簿。

So for the first half of this year, I think we were only modestly impacted.

因此，今年上半年，我認為我們受到的影響不大。

Going into the back half of the year, I think everyone else has caught up, frankly.

進入下半年，坦率地說，我認為其他所有人都趕上了。

So it's going to get a little bit more severe.

所以它會變得更嚴重一點。

That being said, the demand that we're seeing is largely not perishable.

話雖這麼說，我們看到的需求在很大程度上是不易腐爛的。

In fact, the demand is coming in stronger than our guidance range.

事實上，需求正在強於我們的指導範圍。

So if we're able to push through and solve some of these shortages, there's a possibility for upside as well.

因此，如果我們能夠解決並解決其中的一些短缺問題，那麼也有可能上漲。

And lastly, I would say that within HPS, we've got a lot of supply chain resiliency into our design process, which has proven to be a benefit and being a design authority within HPS has given us some incremental leverage versus some of the other EMS players.

最後，我要說的是，在 HPS 內部，我們在設計過程中加入了很多供應鏈彈性，這已被證明是一種優勢，並且作為 HPS 內部的設計權威，與其他一些公司相比，我們獲得了一些增量影響力EMS播放器。

So at this stage of the game, I would say it would be, we're starting off the quarter with a higher amount of revenue that's gated by material, hence, our larger revenue guidance range.

因此，在遊戲的這個階段，我想說的是，我們從本季度開始，收入會受到材料的限制，因此我們的收入指導範圍會更大。

But at the same time, we got to beat on it in terms of working it down.

但與此同時，我們必須在降低它方面擊敗它。

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

你的下一個問題來自美國銀行的 Ruplu Bhattacharya。

The CCS segment saw a pretty strong sequential margin improvement.

CCS 部分的連續利潤率出現了相當強勁的改善。

I think in the prepared remarks, you also talked about some onetime disengagement gain.

我認為在準備好的發言中，您還談到了一些一次性的脫離接觸收益。

Can you just help us bridge the sequential improvement from 3.1% to 3.7%.

您能否幫助我們將連續改進從 3.1% 縮小到 3.7%。

Ruplu, Mandeep here.

Ruplu，這裡是 Mandeep。

Yes.

是的。

So I would say that overall, the strong performance in CCS was in line with our expectations, high concentration of HPS, and HPS performed very well in the quarter.

所以我想說，總體而言，CCS 的強勁表現符合我們的預期，HPS 高度集中，並且 HPS 在本季度表現非常好。

And then, of course, revenues were up sequentially.

然後，當然，收入依次增加。

In terms of the recoveries, we're actually quite pleased by it.

就恢復而言，我們實際上對此感到非常滿意。

As you know, we went through a long disengagement.

如你所知，我們經歷了長期的脫離接觸。

And along the way, there's a number of various items that need to be negotiated with our end customers.

在此過程中，有許多不同的項目需要與我們的最終客戶協商。

We were able to operationally execute very well and had a number of signed releases in the quarter where we were able to essentially get those recoveries that we would have been working towards for quite some time.

我們能夠在運營上執行得非常好，並且在本季度有許多已簽名的版本，我們能夠從根本上獲得我們本來會努力很長時間的那些恢復。

But even as we go forward, we continue to expect the CCS business is going to perform very well as the HPS concentration continues to grow.

但即使我們向前邁進，我們仍預計隨著 HPS 集中度的持續增長，CCS 業務將表現良好。

Got it, Mandeep.

明白了，曼迪普。

I wanted to ask on the guidance for fiscal '22.

我想詢問 22 財年的指導意見。

I think the margin guidance was that -- it would be within the 3.75% to 4.5% range.

我認為保證金指導是——它將在 3.75% 至 4.5% 的範圍內。

I just wanted to clarify that because even this quarter, you were in that range.

我只是想澄清一下，因為即使在這個季度，你也在那個範圍內。

Are you saying that for the full year fiscal '22, you're going to be in that range?

你是說 22 財年全年，你會在那個範圍內嗎？

Or do you think that every quarter of the year you're going to be in the range?

還是您認為一年中的每個季度您都會在該範圍內？

It's probably a little bit early for us to give the specifics on the quarters because, of course, we're not giving guidance for the full year.

我們現在給出季度的具體細節可能有點早，因為我們當然不會給出全年的指導。

But what I would say is this, the performance that we had in the third quarter, we're clearly seeing carryforward right now into the back half of the year.

但我要說的是，我們在第三季度的表現，我們現在清楚地看到結轉到今年下半年。

And the strength that we are seeing in the second half is continuing into 2022.

我們在下半年看到的力量將持續到 2022 年。

As you know, we do have a little bit of seasonality in our business, in a sense, Q1 is lower than when you look at the trailing quarters.

如您所知，我們的業務確實有一點季節性，從某種意義上說，第一季度比您查看尾隨季度時要低。

But overall, the fundamentals are continuing to strengthen.

但總體而言，基本面正在繼續加強。

We do feel comfortable to be in the target margin range for the entire year and how each of the quarters play out, we'll get more color as we get closer to it.

我們確實對全年處於目標利潤率範圍內以及每個季度的表現感到很自在，隨著我們越來越接近它，我們會得到更多的顏色。

Okay.

好的。

And just for my last question.

就我的最後一個問題。

I think you talked about the display market pushing out a bit.

我想你談到了顯示器市場的發展。

Do you expect that to come back in the first half of next year?

你預計它會在明年上半年回歸嗎？

Or is there any color on when that market can come back?

或者市場什麼時候可以回來？

Ruplu, it's -- right now, I think we're seeing the majority of the ramping happening in '23, relative to '22, reason being some of the chip shortages that are slowing down the introduction of new technologies.

Ruplu，它是——現在，我認為我們看到大部分的增長發生在 23 年，相對於 22 年，原因是一些芯片短缺正在減緩新技術的引入。

So the OEMs, the people buying the CapEx equipment are actually flowing new product launches.

所以原始設備製造商，購買資本支出設備的人實際上正在推出新產品。

And as a result of that, it's slowing down some of our capacity expansion plans.

因此，它正在放慢我們的一些產能擴張計劃。

So we're expecting the majority of the ramps actually have been pushing away, and we expect it to happen until the end of '22 or into '23 at this stage of -- again.

因此，我們預計大部分坡道實際上已經被推開，我們預計它會在 22 年底或 23 年的這個階段再次發生。

Got it.

知道了。

Congrats on the quarter.

祝賀這個季度。

Your next question comes from Todd Coupland of CIBC.

你的下一個問題來自 CIBC 的 Todd Coupland。

Yes.

是的。

I also wanted to ask about 2022, 6% above FactSet in terms of, $6 billion, versus consensus expectations, between this quarter and last quarter, what's sort of the biggest changes that you've seen in the market?

我還想問一下 2022 年，比 FactSet 高出 6% 的 60 億美元，與普遍預期相比，在本季度和上一季度之間，您在市場上看到的最大變化是什麼？

And if you could sort of rank order those as we think about 2022?

如果你能按照我們對 2022 年的看法對這些進行排序？

Todd, thinking about -- I think the biggest change is our conviction in what we're seeing in Capital Equipment.

托德，考慮 - 我認為最大的變化是我們對我們在資本設備中看到的東西的信念。

The severity of the chip shortages, the spending strength that we see out of the end OEMs on adding capacity.

芯片短缺的嚴重性，我們從終端 OEM 中看到的增加產能的支出強度。

The investments that people are making, and we'll be making in the adoption of 3-nanometer nodes is all expected to accelerate and keep semiconductor Capital Equipment spending very robust.

人們正在進行的投資以及我們將在採用 3 納米節點方面進行的投資都有望加速並保持半導體資本設備支出非常強勁。

So that's giving us a lot of confidence moving forward.

所以這給了我們很大的信心前進。

On top of that, we've been -- actually within Capital Equipment, we've been growing much faster than the market, certainly, this year and looking at the wins that we've been able to clock up over the last 18 months, we're also anticipating to go faster than the market in next year.

最重要的是，我們一直 - 實際上在資本設備中，我們的增長速度比市場快得多，當然，今年，看看我們在過去 18 個月中取得的勝利，我們也預計明年會比市場走得更快。

We've been gaining share in high-level assembly and machining and also new investments in robotics.

我們在高級裝配和加工領域的份額不斷增加，在機器人技術方面的新投資也不斷增加。

We've picked up some new customers in display.

我們在展示中找到了一些新客戶。

We've been making some investments in new verticals, and frankly, being the largest and the most capable player out there relative to our peers.

我們一直在對新的垂直領域進行一些投資，坦率地說，相對於我們的同行，我們是最大、最有能力的參與者。

Our customers are turning to us, especially in these times because we've been able to meet their capacity -- basically deliver on time and be able to ramp efficiently.

我們的客戶正在轉向我們，尤其是在這些時候，因為我們已經能夠滿足他們的能力——基本上是按時交貨並且能夠高效地增加產量。

So that's giving us a lot of confidence.

所以這給了我們很大的信心。

On top of that, the strength that we're seeing in our HPS business in terms of pure data center growth is giving us a lot of confidence as well.

最重要的是，我們在純數據中心增長方面看到的 HPS 業務的實力也給了我們很大的信心。

And lastly, just in some of the other segments, we're seeing increased outsourcing in HealthTech.

最後，就在其他一些領域，我們看到 HealthTech 的外包越來越多。

We're seeing a recovery in our industrial markets.

我們正在看到工業市場的複蘇。

And our defense markets are starting to pick up based on new program wins, and we're seeing some good growth.

基於新項目的勝利，我們的國防市場開始回暖，我們看到了一些良好的增長。

coming out of commercial aerospace, again, moving into the back half of the year and into next year.

再次從商業航空領域走出來，進入今年下半年和明年。

(inaudible) has been picking up a little bit.

（聽不清）一直在回升。

The MRO markets have started to turn.

MRO 市場已經開始轉向。

So it's a combination of a lot of different things, Todd.

所以這是很多不同事物的組合，托德。

And just on Aerospace and Defense.

僅在航空航天和國防領域。

It sounds like you're being cautiously optimistic.

聽起來你是謹慎樂觀的。

Is that potentially a material swing factor as we go through 2022, could you just share what some of the upside items could be in that area, what should we watch for in terms of that actually coming through?

在我們經歷 2022 年時，這是否可能是一個重大的搖擺因素，您能否分享一下該領域可能存在的一些上行項目，就實際情況而言，我們應該注意什麼？

Yes.

是的。

In terms of 2022 in A&D, I wouldn't call it a material swing factor.

就 A&D 的 2022 年而言，我不會將其稱為重大搖擺因素。

We are counting on a gradual recovery of the A&D market.

我們指望 A&D 市場逐漸復蘇。

What we're seeing into the back half of the year, we're seeing a little bit of a pickup in defense, I'll say about -- that's about 25% of the growth.

我們在今年下半年看到的情況是，我們看到國防有所回升，我要說的是——這大約是增長的 25%。

The balance of the growth is coming out of commercial aerospace.

增長的平衡來自商業航空航天。

It's being led by new programs wins and market recovery in single aisle, and also in business aviation.

它是由單通道和公務航空的新項目獲勝和市場復甦所引領的。

Some of the dual aisle is starting to pick up a little bit as well.

一些雙通道也開始有所回升。

So what the analysts are saying, the industry analysts regarding commercial aerospace is they're not expecting full recovery before 2024, but it's more of a modest recovery.

因此，分析師們所說的，關於商業航空航天的行業分析師，他們預計在 2024 年之前不會全面復甦，但更像是溫和的複蘇。

And I think we're in line with that modest recovery in terms of how we see our business -- A&D business tracking?

而且我認為，就我們如何看待我們的業務——A&D 業務跟踪而言，我們與適度復甦保持一致？

Right.

正確的。

Just one last question on commercial aerospace.

關於商業航空航天的最後一個問題。

You had been on the 737 MAX program.

你參加過 737 MAX 項目。

Is -- does that need to have a significant turnaround for you to achieve these goals?

是 - 是否需要有重大轉變才能實現這些目標？

Or is it the single aisle and the defense that can still get you there regardless of what happens there?

還是不管那裡發生什麼，單通道和防守仍然可以讓你到達那裡？

Yes, it's the latter.

是的，是後者。

Our exposure to 737 at this stage of the game from a percent of revenue is very low single digits.

我們在遊戲的這個階段從收入的百分比中接觸到 737 是非常低的個位數。

So it's just a broad market.

所以這只是一個廣闊的市場。

Your next question comes from Rob Young of Canaccord Genuity.

您的下一個問題來自 Canaccord Genuity 的 Rob Young。

You reiterated the expectations for the Capital Equipment business at, I think, $700 million but the display is pushed out.

你重申了對資本設備業務的預期，我認為是 7 億美元，但顯示器被推遲了。

So the -- I guess, the semi capital business is materially better than where you thought it was, even a couple of months ago.

所以——我想，半資本業務實際上比你想像的要好，甚至幾個月前也是如此。

And so I was wondering if you could confirm that, if there's any color around the magnitude of the improvement?

所以我想知道你是否可以確認，是否有關於改進幅度的任何顏色？

And then if the display business comes back, in the second half of 2022, what does that imply on the margin structure of the Capital Equipment business for those 2 businesses going strong?

然後，如果顯示器業務在 2022 年下半年回歸，這對這兩項業務走強的資本設備業務的利潤率結構意味著什麼？

Rob, I'll start off, and I'll let Mandeep finish up on that one.

Rob，我會開始，我會讓 Mandeep 完成那個。

So yes, I think our views on the strength of the semiconductor Capital Equipment business have gotten more bullish as the year has gotten longer.

所以是的，我認為隨著時間的推移，我們對半導體資本設備業務實力的看法變得更加樂觀。

And that's been bolstered by an uptick in our customers' forecast in the mid to -- short to midterm, I would say, and also been bolstered by some new wins that we have.

我想說，我們的客戶在中期到中期的預測有所上升，這得到了支持，而且我們取得的一些新勝利也得到了支持。

So again, we're growing much faster than the market, this year.

所以，今年我們的增長速度比市場快得多。

We anticipate to grow much faster than the market next year.

我們預計明年的增長速度將比市場快得多。

So that's giving us a lot more confidence.

所以這給了我們更多的信心。

In terms of the display market, it is pushing -- continues to push to the right.

就顯示器市場而言，它正在推動——繼續向右推進。

The end fundamentals, and I'll let Mandeep talk about the margin profile, but the end fundamentals of that market are still intact, in that, when the spending does resume based on the availability of chip to support the new product launches, it's going to come in the form of increased IT spend.

最終基本面，我會讓 Mandeep 談談利潤率概況，但該市場的最終基本面仍然完好無損，因為當支出確實根據芯片的可用性恢復以支持新產品發佈時，它將會以增加 IT 支出的形式出現。

There's broad OLED adoption for PCs and monitors, automotive spending in terms of OLED displays in cars for high contrast and robustness is picking up, obviously, mobile phones in terms of [foldables] and new advanced smartphones and large-sized TVs, mini or micro LEDs, advanced technology OLEDs, all on the horizon.

PC 和顯示器廣泛採用 OLED，汽車在高對比度和堅固性方面的 OLED 顯示器方面的支出正在增加，顯然，[可折疊] 手機和新型高級智能手機以及大型迷你或微型電視LED、先進技術的 OLED，都在地平線上。

It's just a question of when these product launches will occur and back to that a little bit of time, and that's when spending will happen.

問題只是這些產品何時發布以及回到那一點點時間，這就是支出發生的時間。

And I'll turn it over to Mandeep to talk about the margin profile.

我會把它交給 Mandeep 來談談保證金概況。

Yes.

是的。

So as Rob has mentioned, we are growing faster than the overall market right now.

因此，正如 Rob 所提到的，我們現在的增長速度超過了整個市場。

We grew over 30% last year.

我們去年增長了 30% 以上。

We're attracted towards growing 30% or more this year as well.

我們也被吸引到今年增長 30% 或更多。

And a lot of it is because of market share gains overall.

其中很大一部分是因為整體市場份額的增加。

So semi is performing very, very well.

所以 semi 的表現非常非常好。

From a margin perspective, we're operating at the high end of the target margin range.

從利潤率的角度來看，我們在目標利潤率範圍的高端運營。

And that's with display being at slightly depressed levels.

那是在顯示略有下降的情況下。

Eventually, we do expect semi to go moderate, but if display and semi are both coming in very strong, we do have an opportunity to perform above the target margin range.

最終，我們確實預計半成品會溫和，但如果顯示器和半成品都非常強勁，我們確實有機會在目標利潤率範圍內表現出色。

I think you're hitting on it, though, which is as we look forward, eventually, the semi demand will normalize, but we have 2 areas of strength that will, we believe, keep the ATS overall segment in a strong margin profile.

不過，我認為你正在努力，正如我們期待的那樣，最終，半成品需求將正常化，但我們有兩個優勢領域，我們相信，這將使 ATS 整體細分市場保持強勁的利潤率。

One of course, is display, which still needs to come online.

其中之一當然是展示，它仍然需要上線。

And then Aerospace and Defense, which we expect will be a multiyear recovery, and should also help over the coming years.

然後是航空航天和國防，我們預計這將是一個多年的複蘇，並且在未來幾年也應該有所幫助。

Okay.

好的。

That's great.

那太棒了。

And then the HPS revenue expectation, you said over $1 billion in 2021.

然後是 HPS 收入預期，您說 2021 年超過 10 億美元。

That is -- do you need to be below the pace for this current quarter and the first half.

也就是說 - 您是否需要低於本季度和上半年的速度。

So are you expecting maybe a moderation there?

那麼你是否期待那裡可能會適度？

And then I was just trying to reconcile that with the comments around the demand from hyperscale and comms, since it is a big driver behind HPS now.

然後我只是試圖將其與超大規模和通信需求的評論相協調，因為它現在是 HPS 背後的重要驅動力。

How durable is that demand?

這種需求有多持久？

And how strong is that pipeline?

那條管道有多強？

Yes.

是的。

So it's a great question, Rob, because HPS is just performing very, very well.

所以這是一個很好的問題，Rob，因為 HPS 的表現非常非常好。

We mentioned that the year-to-date revenue was around $500 million.

我們提到年初至今的收入約為 5 億美元。

And the reason that we shared that we expect it to be $1 billion or more is to basically confirm that our second half expectations are in line with the first half, if not more.

我們分享我們預計它會達到 10 億美元或更多的原因是基本上確認我們下半年的預期與上半年一致，如果不是更多的話。

And so we continue to see very strong growth coming into the back half of the year.

因此，我們繼續看到今年下半年出現非常強勁的增長。

It also goes to one of their earlier questions in terms of why are we seeing strength for the $6 billion going into next year as we've been dealing with the mature constrained environment.

這也涉及他們早期的一個問題，即為什麼我們在處理成熟的受限環境時看到明年的 60 億美元的實力。

We have been working with our customers to get longer order lead times, and in some cases, far more POs.

我們一直在與我們的客戶合作，以獲得更長的訂單提前期，並且在某些情況下，獲得更多的 PO。

And as Rob also mentioned, from a macro perspective, data center growth rates are very, very high.

正如 Rob 還提到的，從宏觀角度來看，數據中心的增長率非常非常高。

And we believe that that's continuing into next year.

我們相信這種情況將持續到明年。

And all of that bodes very well for HPS.

所有這些對 HPS 來說都是好兆頭。

So basically to say the second half is going to be as strong as the first half or stronger and that momentum should be carrying into next year.

所以基本上可以說下半年將與上半年一樣強勁或更強勁，這種勢頭應該會延續到明年。

Okay.

好的。

So you're a bit -- you're just a bit afraid that material constraints are going to have a bigger impact on these high-growth programs.

所以你有點 - 你只是有點害怕物質限制會對這些高增長計劃產生更大的影響。

Is that the key factor?

這是關鍵因素嗎？

Yes.

是的。

I mean, we've taken that into account, in our guidance.

我的意思是，我們已經在我們的指南中考慮到了這一點。

And so you're hitting on it, which is we believe that we have been able to account for what the challenges of material constraints would be, but we are -- we have an order book that is higher than the guidance that we're providing.

所以你說對了，我們相信我們已經能夠解決材料限制的挑戰，但我們 - 我們的訂單高於我們的指導提供。

And Rob touched on this briefly, but so far, the impact from a material constraint environment has been basically our inability to deal with the drop in orders and upside.

Rob 簡要談到了這一點，但到目前為止，物質限制環境的影響基本上是我們無法應對訂單下降和上行。

It actually hasn't had a material impact on the revenue that we had in the quarter.

它實際上並沒有對我們本季度的收入產生實質性影響。

So on the HPS side, if we're able to secure all of the materials that we want, we could be growing faster than what we're outlining.

因此，在 HPS 方面，如果我們能夠確保我們想要的所有材料的安全，我們的增長速度可能會比我們概述的更快。

Your next question comes from Paul Steep of Scotia Capital.

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

Could you talk just a little bit -- maybe a different way to think about the visibility into the $6 billion.

你能不能談談——也許是一種不同的方式來考慮 60 億美元的可見性。

What -- how much of that would actually be sort of booked and secured today, or maybe stated another way, what else needs to occur to sort of exceed the $6 billion range based on what you already have in hand.

什麼 - 今天實際上會預訂和保護其中有多少，或者換句話說，根據您現有的資產，還需要發生什麼才能超過 60 億美元的範圍。

I want to make (inaudible), and I think it's Jim Suva actually, on the phone.

我想（聽不清）打電話，我想實際上是 Jim Suva。

So is that right, Jim?

是這樣嗎，吉姆？

We're talking to you?

我們在跟你說話？

No, it's Paul.

不，是保羅。

Sorry, Paul.

對不起，保羅。

Okay it is you.

好的，是你。

Paul, what I would say is that overall, the growth rate that we're expecting on Lifecycle Solutions is 10% or more.

保羅，我要說的是，總體而言，我們預期生命週期解決方案的增長率為 10% 或更高。

And so we talked already about the growth rates that we're seeing on the HPS side and then the ATS fundamentals, we're targeting 10% or more next year as well.

所以我們已經談到了我們在 HPS 方面看到的增長率，然後是 ATS 基本面，我們明年的目標也是 10% 或更多。

So if we can achieve 10% growth rate in Lifecycle Solutions or more, we feel that we have a very good line of sight to the $6 billion.

因此，如果我們能夠在生命週期解決方案方面實現 10% 或更高的增長率，我們覺得我們對 60 億美元的目標有很好的預期。

On the remaining parts of the CCS portfolio, we are targeting growth in key areas that are strategic for us, and that could possibly present some upside opportunity as well.

在 CCS 投資組合的其餘部分，我們的目標是在對我們具有戰略意義的關鍵領域實現增長，這也可能帶來一些上行機會。

Great.

偉大的。

And then maybe just the other question related to that would be, how far through the sort of, let's call it, portfolio rationalization are we?

然後可能只是與此相關的另一個問題是，我們稱之為投資組合合理化有多遠？

Like I know you've discontinued a lot and there's always moving parts quarter-to-quarter.

就像我知道你已經停產了很多，而且總是每季度都在移動零件。

But how sort of happy are you with the overall state of the business, things seem to be definitely heading in the right direction, but I'm just wondering how much more is sort of left to be done and which areas do you think broadly.

但是你對公司的整體狀況有多滿意，事情似乎肯定在朝著正確的方向發展，但我只是想知道還有多少事情要做，你認為哪些領域更廣泛。

I'll start and I'll let Rob finish off maybe.

我會開始，也許我會讓 Rob 結束。

But from a revenue perspective, look, the only tailwind right now in our numbers is from Cisco.

但從收入的角度來看，我們的數字中目前唯一的順風來自思科。

That's continuing to impact us on a year-to-year growth basis.

這將繼續影響我們逐年增長。

But when you look at the portfolio, excluding Cisco, we're growing, and our guidance in the third quarter indicated the same thing.

但是當你看一下不包括思科的投資組合時，我們正在增長，我們在第三季度的指導也表明了同樣的事情。

When we look towards the fourth quarter, Cisco is essentially going to lapse by then.

當我們展望第四季度時，思科基本上將在那時倒閉。

And so we are targeting to show revenue growth on an absolute basis, starting in the fourth quarter.

因此，我們的目標是從第四季度開始在絕對基礎上顯示收入增長。

And I'll let Rob talk about the rest of the portfolio.

我會讓 Rob 談談投資組合的其餘部分。

Paul, so with respect to the portfolio actions, as I mentioned before, portfolio management is an active part of our strategy.

保羅，所以關於投資組合行動，正如我之前提到的，投資組合管理是我們戰略的積極組成部分。

That being said, we're ranking #1 and #2 on close to 95% of our customer scorecard.

也就是說，我們在接近 95% 的客戶記分卡上排名第一和第二。

I think we've proven that we're pretty disciplined.

我認為我們已經證明我們非常有紀律。

So we're not pursuing revenue for revenue's sake.

所以我們不是為了收入而追求收入。

We make sure that the revenue aligns with our capabilities and our strategy.

我們確保收入與我們的能力和戰略保持一致。

So at times, we might feel that it's better to step away, but that would be through a strategic lens.

所以有時，我們可能會覺得最好離開，但這是通過戰略視角。

But right now, I think we're happy with our portfolio.

但現在，我認為我們對我們的投資組合感到滿意。

And I think we're growing in all the areas that we want to grow in.

我認為我們在所有我們想要發展的領域都在發展。

And just to pick up a little bit on your first question with respect to next year's $6 billion or anticipation.

關於明年 60 億美元或預期的第一個問題，請稍作回答。

We just finished our strategic planning process that we do.

我們剛剛完成了我們所做的戰略規劃過程。

We do it formally once a year and we refresh it quarterly.

我們每年正式進行一次，每季度更新一次。

So we went market by market, account by account.

所以我們一個市場一個市場，一個賬戶一個賬戶地去。

We went through the bookings, we went through our technology roadmap.

我們經歷了預訂，我們經歷了我們的技術路線圖。

And taking all that into account in the micro and macro environment, we feel pretty good about our ability to flash to everyone here on the call that we plan on doing $6 billion or more next year.

考慮到微觀和宏觀環境中的所有這些因素，我們很高興能夠在我們計劃明年完成 60 億美元或更多的電話會議上向這裡的每個人閃現。

We plan on expanding our EPS, and we expect to stay within our target margin range for the full year.

我們計劃擴大我們的每股收益，我們希望全年保持在我們的目標利潤率範圍內。

Great.

偉大的。

That's helpful.

這很有幫助。

Last one for me.

最後一個給我。

Just maybe a broader market question, Rob.

羅布，也許只是一個更廣泛的市場問題。

What are you seeing in terms of maybe contracting dynamics within A&D, if we think about more specifically the Capital Equipment business, any changes out there in terms of how your competitors are going to market?

如果我們更具體地考慮資本設備業務，您在 A&D 的合同動態方面看到了什麼，您的競爭對手的市場營銷方式有何變化？

Or do we think we've sort of sustained a nice, healthy environment with strong demand?

或者我們是否認為我們已經維持了一個需求強勁的良好、健康的環境？

Well, within Capital Equipment, the supply chain, the order visibility is certainly longer given the ordering lead time.

那麼，在 Capital Equipment 供應鏈中，考慮到訂購提前期，訂單可見性肯定會更長。

So we have a much more robust slot plans with our customers.

因此，我們與客戶有更強大的插槽計劃。

So that's certainly helpful.

所以這肯定有幫助。

And within A&D, a lot of our growth right now is on the heels of new program wins.

在 A&D 內部，我們現在的很多增長都是在贏得新項目之後實現的。

And it's also on the heels of just, broad market recovery.

而且它還緊隨廣泛的市場復甦之後。

If you want to look at some leading indicators, if you look at air traffic and the amount of the fleet that's actually parked as soon as traffic picks up and some of these parked aircraft start getting back in service.

如果你想查看一些領先指標，如果你查看空中交通以及一旦交通恢復並且其中一些停放的飛機開始重新投入使用時實際停放的機隊數量。

And the OEM build rates pick up, we're expecting our order book to book up.

並且 OEM 構建率回升，我們希望我們的訂單簿能夠預訂。

But the contracting process, it's pretty disciplined.

但是簽約過程非常有紀律。

And we haven't seen a lot of dysfunctional behavior I would add.

我們還沒有看到很多我要補充的功能失調行為。

Your next question comes from Paul Treiber of RBC Capital Markets.

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

Just wanted to ask a couple of questions on the production side of the equation.

只是想問幾個關於等式生產方面的問題。

Can you speak at a high level what was the strategy you took to mitigate some of the challenges in Malaysia this past quarter?

您能否在高層發言，您在上個季度採取了哪些策略來緩解馬來西亞的一些挑戰？

And then also, to what degree can you move production between various facilities that you may have?

然後，您可以在多大程度上在您可能擁有的各種設施之間轉移生產？

Yes.

是的。

So in Malaysia, the team has been very adept at making sure that we understand the government restrictions with respect to material control orders in terms of where people could go, how many people work at different times.

因此，在馬來西亞，該團隊一直非常善於確保我們了解政府對物質控制命令的限制，包括人們可以去哪裡、有多少人在不同時間工作。

So we've been pretty innovative with shift patterns, and other things along the lines to minimize the impact to our customers and also impact the -- impact to our financial performance.

因此，我們在輪班模式和其他方面一直非常創新，以盡量減少對我們客戶的影響，並影響 - 對我們財務業績的影響。

We also have a pretty broad network.

我們也有一個相當廣泛的網絡。

So if we're not able to fulfill work out of Malaysia, then we're able to potentially fill it out of other regions.

因此，如果我們無法在馬來西亞以外完成工作，那麼我們可能會在其他地區完成工作。

And that's been helpful as we move forward as well, to answer your second question.

這也有助於我們繼續前進，回答你的第二個問題。

Paul, I'll just add to that.

保羅，我只是補充一點。

To date, when we've seen challenges in various countries because, as you know, we're in 14 countries around the world.

迄今為止，當我們在不同國家/地區看到挑戰時，因為如您所知，我們在全球 14 個國家/地區開展業務。

And we do get impacted by short-term closures.

我們確實受到短期關閉的影響。

We very quickly are deemed to this point to be an essential service.

我們很快就被認為是一項必不可少的服務。

And so while we need to work with the local authorities to get the proper documentation in place, we normally, and as we saw in the case of Malaysia, are able to keep the factors running very soon after.

因此，雖然我們需要與地方當局合作以獲得適當的文件，但我們通常能夠很快保持這些因素的運行，正如我們在馬來西亞的案例中看到的那樣。

And a bigger picture question in terms of production, just in regards to 2022, to what extent is your outlook constrained by production capacity?

就生產而言，一個更大的問題是關於 2022 年，您的前景在多大程度上受到生產能力的限制？

Or maybe another way to ask it is, at what point in revenue, annual revenue, do you need to expand capacity, either bring more facilities on or add existing lines to those facilities?

或者另一種問法是，在收入、年收入的什麼時候，您需要擴大產能、增加更多設施或為這些設施增加現有線路？

How do we think about CapEx going into 2022 and beyond?

我們如何看待 2022 年及以後的資本支出？

Yes.

是的。

For the most part, we have ample capacity.

在大多數情況下，我們有足夠的能力。

There are -- I wouldn't say any of the investments that we need to make are going to support 2022.

有——我不會說我們需要進行的任何投資都將支持 2022 年。

But looking at a long-range plan, we probably need to make some investments on building out some additional North American capacity, and those are some of the things that we're looking into right now.

但是從長期計劃來看，我們可能需要進行一些投資來建設一些額外的北美產能，而這些正是我們目前正在研究的一些事情。

Some of it might be in Mexico, some of it might be in other areas as we enter into new lines of business.

隨著我們進入新的業務領域，其中一些可能在墨西哥，一些可能在其他地區。

Yes.

是的。

And just to build on Rob's answer.

並且只是為了建立 Rob 的答案。

As he mentioned, we've just gone through a very detailed strategic planning process, which includes understanding the investments that we need to make to support the order book that we have.

正如他所提到的，我們剛剛完成了一個非常詳細的戰略規劃過程，其中包括了解我們需要進行的投資以支持我們擁有的訂單。

And we feel that for the large part, we have sufficient utilization across the factories to support a pretty robust revenue level of growth.

我們認為，在很大程度上，我們在工廠中有足夠的利用率來支持相當強勁的收入增長水平。

On the investments that we're making in the U.S., these are really on the back of customer orders and customer requests.

關於我們在美國進行的投資，這些實際上是基於客戶訂單和客戶要求。

When we're investing green dollars in the U.S. for facility expansion as an example, we have an order book that follows behind it.

例如，當我們在美國投資綠色美元用於設施擴建時，我們後面有一個訂單簿。

And then in terms of just overall CapEx as we look forward, we continue to think that the 1.5% to 2% of revenue range will be sufficient.

然後就我們期待的整體資本支出而言，我們仍然認為收入範圍的 1.5% 至 2% 就足夠了。

We don't really need to build out a lot more capacity in order to support the revenue.

我們真的不需要建立更多的能力來支持收入。

One of the things -- just one other thing to add, and later on this week, we're having a grand opening in our New Hope facility in Minnesota.

其中一件事——只是要補充的另一件事，本週晚些時候，我們將在明尼蘇達州的新希望工廠舉行盛大的開業典禮。

That's our ITAR facility to support increased defense work.

這是我們支持增加國防工作的 ITAR 設施。

So I'm looking forward to seeing our brand-new facility and meeting some of our customers there.

所以我很期待看到我們全新的設施並在那裡會見我們的一些客戶。

And not only is the defense side, but it's also supporting some of our HealthTech business as well.

不僅是國防方面，它還支持我們的一些健康科技業務。

And we expanded that facility, Paul, from 50,000 feet to 100,000 feet, from where we were to where we are now.

保羅，我們將該設施從 50,000 英尺擴展到 100,000 英尺，從我們原來的位置到現在的位置。

Your next question comes from Jim Suva of Citigroup.

你的下一個問題來自花旗集團的吉姆蘇瓦。

It's very encouraging to hear a company like Celestica talk about 2022.

聽到 Celestica 這樣的公司談論 2022 年是非常令人鼓舞的。

Behind that, can you let us know, is it -- you have like contracts that are giving you more confidence?

在這背後，您能否讓我們知道，是不是——您擁有類似的合同讓您更有信心？

Or that the Lifecycle business is just much stronger?

還是生命週期業務更強大？

Or was it -- you just want to send a message to people out there?

或者是——您只是想向外面的人發送消息？

It's just kind of interesting to see that you have so much conviction which is quite positive to talk about 2022, when we saw 6 months left in this year.

很有趣的是，當我們看到今年還剩 6 個月時，您有如此多的信念，這對於談論 2022 年是非常積極的。

Jim, we do have a lot of conviction as we move into 2022.

吉姆，隨著我們進入 2022 年，我們確實有很多信念。

As I mentioned, when we stepped back, we've really been working very hard on transforming our business, and we think we're to the knothole, if you will, we're really pleased with the growth of our HPS portfolio.

正如我所提到的，當我們退後一步時，我們確實一直在非常努力地轉變我們的業務，我們認為我們已經走到了盡頭，如果你願意的話，我們對 HPS 產品組合的增長非常滿意。

We're really pleased with the investments that we've made in our engineering capability to drive improved margin in across the -- our ATS segment.

我們對我們在工程能力方面所做的投資感到非常高興，這些投資可以提高整個 ATS 部門的利潤率。

And going through our strategic planning process, going market by market, account by account, we thought it was the right time in our transformation as we went from transformation to optimization, and now we're going from optimization to growth to kind of let our investors know that we feel really good as we move into 2022 and to kind of set some guardrails of where we are targeting our business to be in terms of revenue and margin and earnings expansion.

通過我們的戰略規劃流程，一個市場一個市場，一個賬戶一個賬戶，我們認為現在是我們轉型的正確時機，因為我們從轉型到優化，現在我們從優化到增長，讓我們的投資者知道，隨著我們進入 2022 年，我們感覺非常好，並為我們在收入、利潤率和盈利擴張方面的目標設定了一些護欄。

We've been getting, I guess, a little bit of top headline news headwinds from the Cisco disengagement.

我猜，我們已經從思科脫離接觸中得到了一些頭條新聞的不利影響。

And frankly, when you step back from it all, we have emerged a much stronger company and we just want to let our investors know that we feel really good about where we have been and where we're going.

坦率地說，當你從這一切中退一步時，我們已經成為一家更強大的公司，我們只想讓我們的投資者知道，我們對過去和未來的發展感到非常滿意。

Congratulations.

恭喜。

Your next question comes from Daniel Chan of TD Securities.

你的下一個問題來自道明證券的 Daniel Chan。

There are some comments in the industry of the chip shortage lasting even longer than expected.

業內有一些評論稱，芯片短缺的持續時間比預期的還要長。

Do you think that potentially extends the semi cap strength you're seeing?

您認為這可能會擴大您所看到的半市值強度嗎？

Repeat the second part of that.

重複第二部分。

I missed -- I got the first part in terms of extending, but what was the second part of the sentence, Dan?

我錯過了——我在延伸方面得到了第一部分，但是句子的第二部分是什麼，Dan？

Yes.

是的。

Do you think that potentially extends the semi cap strength you're seeing?

您認為這可能會擴大您所看到的半市值強度嗎？

Yes, there's different views on how long the chip shortage lasts.

是的，對於芯片短缺會持續多久存在不同的看法。

I mean we heard it from the Intel CEO, not so long ago, about it will end in well into -- through the end of '23, I think he mentioned.

我的意思是，不久前我們從英特爾首席執行官那裡聽說，它將在 23 年底結束，我想他提到過。

My crystal ball is a little murky right now.

我的水晶球現在有點模糊。

I do think the chip shortage probably lasts certainly through the end of this year into mid-next year.

我確實認為芯片短缺肯定會持續到今年年底到明年年中。

But as it gets into CapEx spending, I think the peak of CapEx spending as we see it right now, might be in '22.

但是當它進入資本支出時，我認為我們現在看到的資本支出的峰值可能會在 22 年出現。

But then frankly, as you look into '23, '24, '25, some of the adoption of the advanced nodes, 3-nanometer at sellers, should stabilize it.

但坦率地說，當你研究 23 年、24 年、25 年時，一些先進節點的採用，賣家的 3 納米，應該會穩定它。

So I don't think it's going to be -- again, my word, I don't think it's going to be a sharp decline.

所以我不認為它會 - 再一次，我的話，我不認為它會急劇下降。

I do think we have very strong secular tailwinds for years to come in this space.

我確實認為我們在這個領域未來幾年會有非常強勁的長期順風。

And again, we have been and yes, we are anticipating it to still grow faster than the market.

再一次，我們一直是，是的，我們預計它的增長速度仍將超過市場。

Yes.

是的。

Dan, just to build on it, which is while the very strong growth that we're seeing in semiconductor has maybe accelerated a little bit because of the material constraint environment, the industry itself has been growing now since 2019.

丹，在此基礎上，雖然我們在半導體領域看到的非常強勁的增長可能由於物質限制環境而加速了一點，但自 2019 年以來，該行業本身一直在增長。

And so even without a constrained environment, we continue to see various good long-term trends happening in the Capital Equipment space for the things that Rob is talking about, the applications that semiconductor is supporting or increasing and becoming more diverse than cycles before.

因此，即使沒有受限的環境，我們也繼續看到資本設備領域發生各種良好的長期趨勢，如 Rob 所說的那樣，半導體支持或增加的應用程序比以前的周期更加多樣化。

Your next question comes from Kurt Swartz of Stifel.

你的下一個問題來自 Stifel 的 Kurt Swartz。

On the supply side, hoping you can just maybe discuss in a bit more detail, which component areas you're seeing as most constrained right now and whether there have been any particular areas that have significantly sort of pushed out from a lead time perspective over the past 3 months.

在供應方面，希望您可以更詳細地討論一下，您現在認為哪些組件領域最受限制，以及是否有任何特定領域從交貨時間的角度來看已經被顯著推遲過去 3 個月。

And then can you also detail any pricing pressure you may be seeing and the extent to which you're able to pass on those elevated costs to customers?

然後您能否詳細說明您可能看到的任何定價壓力以及您能夠在多大程度上將這些增加的成本轉嫁給客戶？

Sure.

當然。

So I think the most constrained would be semi cap -- semiconductors, I should say, excuse me, semiconductor lead times are about 31 weeks right now, which, frankly, is about 100% higher than normal levels.

所以我認為最受限制的是半導體——我應該說，對不起，半導體交貨時間現在大約是 31 週，坦率地說，這比正常水平高出大約 100%。

Several semi suppliers are asking for order coverage through the end of 2022.

幾家半成品供應商要求訂單覆蓋到 2022 年底。

We're seeing wafer fabs above max capacity at 95%.

我們看到晶圓廠的產能超過了最大產能的 95%。

Right behind it, we're actually seeing capacitors becoming more constrained, capacitors commodities have seen about a 30% increase in lead times over the last 6 months, whether it's MLCCs or resistors or capacitors.

緊隨其後的是，我們實際上看到電容器變得更加受限，在過去 6 個月中，電容器商品的交貨時間增加了約 30%，無論是 MLCC 還是電阻器或電容器。

We expect the lead times to further increase as in the back half of this year.

我們預計交貨時間將在今年下半年進一步增加。

We might even get back into allocation, [Kurt], time will tell.

我們甚至可能會重新分配，[Kurt]，時間會證明一切。

And lastly, to your point, Kurt, Material pricing has been on the rise.

最後，根據你的觀點，庫爾特，材料價格一直在上漲。

But I would say, for the most part, the majority of that has been being passed on through the entire value chain.

但我要說的是，在大多數情況下，其中大部分已經通過整個價值鏈傳遞。

Understood.

明白了。

And then -- Maybe just on the working capital and cash flow side, how should we be thinking about cadence through the balance of the year and into fiscal '22, given some of the dynamics you've discussed?

然後——也許只是在營運資本和現金流方面，考慮到您討論的一些動態，我們應該如何考慮通過今年餘下時間和進入 22 財年的節奏？

Yes.

是的。

So Kurt, we're pleased with the cash generation that we've already been able to have about $52 million in the first half of the year.

所以庫爾特，我們對今年上半年已經能夠擁有約 5200 萬美元的現金產生感到滿意。

we'll continue to target $100 million for the full year of 2021.

我們將繼續為 2021 年全年設定 1 億美元的目標。

And as we look into 2022, we're targeting $100 million or more of free cash flow.

展望 2022 年，我們的目標是實現 1 億美元或更多的自由現金流。

We're pleased with the performance that we've had on the working capital side despite the very challenging materials environment.

儘管材料環境非常具有挑戰性，但我們對我們在營運資金方面的表現感到滿意。

We've generated positive free cash flow for the last 10 quarters.

我們在過去 10 個季度產生了正的自由現金流。

And so we're expecting that to continue as well.

因此，我們希望這種情況也能繼續下去。

And then just in terms of the balance sheet that goes with that, with our leverage at 1.4x, the balance sheet is very healthy right now.

然後就隨之而來的資產負債表而言，我們的槓桿率為 1.4 倍，資產負債表現在非常健康。

And it gives us an opportunity to really continue to invest in the business by getting money back to the shareholders as well.

它讓我們有機會通過將資金返還給股東來真正繼續投資於業務。

And so we've been buying so far on our share buyback program.

因此，到目前為止，我們一直在購買我們的股票回購計劃。

We're buying so far this quarter, and we will continue to be opportunistic on deploying that cash.

本季度到目前為止，我們正在購買，我們將繼續在部署現金方面保持機會主義。

There are no further questions at this time.

目前沒有其他問題。

I would now like to hand the conference back to Rob for any closing remarks.

我現在想把會議交還給 Rob，讓他發表任何閉幕詞。

Thank you.

謝謝。

Thank you.

謝謝。

Overall, I'm pleased with our performance for the first half of 2021.

總的來說，我對我們 2021 年上半年的表現感到滿意。

Our efforts to diversify our portfolio are yielding results with Lifecycle Solutions, representing 60% of the company's revenue, up 9% from a year ago.

我們使產品組合多樣化的努力正在通過生命週期解決方案取得成果，占公司收入的 60%，比一年前增長 9%。

And in Q2, the revenue of the company's non-Cisco business grew 6% year-over-year.

而在第二季度，公司非思科業務收入同比增長6%。

And in the fourth quarter, we are currently on track to post year-over-year revenue growth on an absolute basis.

在第四季度，我們目前有望實現絕對收入同比增長。

Additionally, our operating margins continue to expand in Q2, and we posted our sixth sequential quarter of year-over-year non-IFRS margin expansion.

此外，我們的營業利潤率在第二季度繼續擴大，並且我們公佈了連續第六個季度的非 IFRS 利潤率同比增長。

As we move into 2022, we are targeting to generate $6 billion or more of revenue with operating margin within our target margin range of 3.75% to 4.5%.

隨著我們進入 2022 年，我們的目標是產生 60 億美元或更多的收入，營業利潤率在 3.75% 至 4.5% 的目標利潤率範圍內。

We are also currently anticipating that adjusted EPS will expand by approximately 10% or more in '22 compared to '21.

我們目前還預計，與 21 年相比，22 年調整後的每股收益將增長約 10% 或更多。

We are 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 for joining today's call.

感謝您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。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。