Celestica Inc (CLS) 2020 Q4 法說會逐字稿

Thank you for standing by, and welcome to the Celestica Fourth Quarter 2020 Earnings Call. (Operator Instructions) Please be advised that today's call is being recorded. (Operator Instructions) Thank you.

感謝您的支持，歡迎參加 Celestica 2020 年第四季財報電話會議。（操作員指示）請注意，今天的通話正在錄音。（操作員指示）謝謝。

I'd now like to hand the conference over to Craig Oberg, Vice President, Investor Relations. Mr. Oberg, please go ahead.

現在，我想將會議交給投資者關係副總裁 Craig Oberg。奧伯格先生，請繼續。

Good morning, and thank you for joining us on Celestica's Fourth Quarter 2020 Earnings Conference Call. On the call today are Rob Mionis, President and Chief Executive Officer; and Mandeep Chawla, Chief Financial Officer.

早安，感謝您參加 Celestica 2020 年第四季財報電話會議。今天參加電話會議的有總裁兼執行長 Rob Mionis；以及財務長 Mandeep Chawla。

As a reminder, during this call we will make forward-looking statements within the meanings of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian Securities laws. Such forward-looking statements are based on management's current expectations, forecasts and assumptions, which are subject to risks, uncertainties and other factors that could cause actual outcomes and results to differ materially from conclusions, forecasts or projections expressed in such statements.

提醒一下，在本次電話會議中，我們將根據 1995 年美國私人證券訴訟改革法案和適用的加拿大證券法做出前瞻性陳述。此類前瞻性陳述是基於管理階層目前的預期、預測和假設，受風險、不確定性和其他因素的影響，可能導致實際結果與此類陳述中表達的結論、預測或預期有重大差異。

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

有關此類因素和假設的識別和討論以及有關前瞻性陳述的更多信息，請參閱今天的新聞稿，包括其中有關前瞻性陳述的警告說明、我們最近的 20-F 表年度報告以及我們的其他公開文件，可在 sec.gov 和 sedar.com 上查閱。除法律要求外，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 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，我們將參考各種非國際財務報告準則指標，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投資資本回報率、自由現金流、總債務與非國際財務報告準則過去 12 個月調整後 EBITDA 槓桿率、調整後淨收益、調整後每股收益、調整後銷售、一般稅率調整後。

Listeners should be cautioned that references to any of the foregoing measures during this call denote non-IFRS measures whether or not specifically designated as such. These non-IFRS 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 measures to describe similar operating metrics.

聽眾請注意，本次電話會議中對任何上述措施的引用均表示非國際財務報告準則的措施，無論是否特別指定。這些非國際財務報告準則指標不具有國際財務報告準則規定的任何標準化含義，並且可能無法與使用國際財務報告準則或根據美國公認會計準則報告並使用非公認會計準則指標描述類似營運指標的其他上市公司提出的類似指標進行比較。

We refer you to today's press release and our Q4 2020 earnings presentation, which are available at celestica.com under the Investor Relations tab for more information about these and certain other non-IFRS measures, including a reconciliation of historical non-IFRS measures to our most directly comparable IFRS measures from our financial statements.

請您參閱今天的新聞稿和我們的 2020 年第四季度收益報告，您可以在 celestica.com 的“投資者關係”選項卡下找到這些內容，以獲取有關這些內容和某些其他非國際財務報告準則指標的更多信息，包括歷史非國際財務報告準則指標與我們財務報表中最直接可比的國際財務報告準則指標的對指標。

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，本次電話會議中所有提及的美元均指美元，每股資訊基於稀釋的流通股。

Let me now turn the call over to Rob.

現在讓我把電話轉給羅布。

Thank you, Craig. Good morning, everyone, and thank you for joining us on today's conference call. Celestica delivered a solid fourth quarter to end a year of unprecedented challenges.

謝謝你，克雷格。大家早安，感謝您參加今天的電話會議。Celestica 在第四季表現穩健，為充滿空前挑戰的一年畫上了圓滿的句點。

Fourth quarter revenue was within our guidance range, while operating margin and adjusted EPS were above the midpoint of our ranges. Within our ATS segment, we achieved strong revenue growth in HealthTech and Capital Equipment, and reported sequential improvement in segment margin for the third consecutive quarter as well as improvement in segment margin on a year-over-year basis. Despite these successes, demand weakness in commercial aerospace offset the strong growth in other businesses.

第四季的營收在我們的預期範圍內，而營業利潤率和調整後每股收益高於我們預期的中點。在我們的 ATS 部門內，我們在健康科技和資本設備方面實現了強勁的收入成長，並連續第三個季度報告部門利潤率環比提高，同時部門利潤率同比也有所提高。儘管取得了這些成功，但商用航空需求的疲軟抵消了其他業務的強勁成長。

Within CCS, we successfully concluded our Cisco disengagement in the fourth quarter. Q4 revenue decreased year-over-year and sequentially, with Cisco revenue declines more than offsetting growth in other areas. Despite the revenue decline, the segment posted expanded margin on a year-over-year basis for the fourth consecutive quarter and operated above our 2% to 3% target range.

在 CCS 內部，我們在第四季度成功完成了與思科的脫離。第四季營收年減，思科營收的下降幅度超過了其他領域的成長。儘管收入下降，但該部門的利潤率連續四個季度同比增長，並高於我們 2% 至 3% 的目標範圍。

Our JDM business continues to experience impressive growth. JDM revenues were $211 million in the fourth quarter, up 53% year-over-year. JDM represented approximately 15% of our total company revenues in Q4.

我們的 JDM 業務持續實現令人矚目的成長。JDM 第四季營收為 2.11 億美元，年增 53%。JDM 約占我們第四季公司總營收的 15%。

Many of you attended our JDM roundtable in December, where we discussed key elements of the business. For example, we noted that we have more than 500 JDM design engineers across the globe working on current and next-generation hardware platform solutions. We have over 280 patents safeguarding our hardware technical advantage, and we drive a robust IP management process. Since the inception of JDM, we have launched over 150 programs and shipped more than 2.5 million units to our customers worldwide.

你們中的許多人參加了我們 12 月的 JDM 圓桌會議，我們在會議上討論了業務的關鍵要素。例如，我們注意到我們在全球擁有 500 多名 JDM 設計工程師致力於當前和下一代硬體平台解決方案。我們擁有超過 280 項專利來保障我們的硬體技術優勢，並且我們推動強大的 IP 管理流程。自 JDM 成立以來，我們已經推出了 150 多個項目，並向全球客戶運送了超過 250 萬台設備。

The term Joint Design and Manufacturing, or JDM, describes its offering as it began over a decade ago as a co-development model. However, we feel the term does not fully reflect the extensive evolution of our business over the last 10 years. It does not describe the breadth and depth of our current offering and road map. The scope of our capabilities across the product life cycle, the leading-edge solutions, which have been fueled by more than 10 years of significant R&D investment.

聯合設計與製造（JDM）這個術語描述了其十多年前作為一種共同開發模式開始提供的產品。然而，我們認為這個術語並不能充分反映我們業務在過去十年中的廣泛發展。它沒有描述我們目前產品和路線圖的廣度和深度。我們的能力範圍涵蓋整個產品生命週期，我們提供的尖端解決方案得益於十多年來大量的研發投入。

Therefore, moving forward, we will be referring to JDM as Hardware Platform Solutions, or HPS. Said more simply, JDM is an engagement model and capability that we offer within our broader Hardware Platform Solutions offering.

因此，展望未來，我們將把 JDM 稱為硬體平台解決方案（HPS）。簡單地說，JDM 是我們在更廣泛的硬體平台解決方案產品中提供的一種參與模式和功能。

We believe that HPS is a highly strategic offering within Celestica's portfolio, currently enabled by a comprehensive slate of more than 40 hardware platforms. Moreover, our HPS offerings support customers across the product life cycle and generates accretive margins, sharing many of the highly valued attributes of our ATS segment. Additionally, HPS has a diverse patent portfolio, comprehensive product road maps and a deep ecosystem of partnerships with industry leading companies.

我們認為，HPS 是 Celestica 產品組合中具有高度策略性的產品，目前由 40 多個硬體平台組成的綜合產品支援。此外，我們的 HPS 產品可在整個產品生命週期中為客戶提供支援並產生增值利潤，並具有我們 ATS 部門的許多備受推崇的屬性。此外，HPS 擁有多樣化的專利組合、全面的產品路線圖以及與行業領先公司建立的深度合作生態系統。

HPS revenue and ATS segment revenue together represent what we call lifecycle solutions. In 2020, lifecycle solutions represented more than half of our total revenue and had an average growth rate of 8% over the last 3 years. We expect the revenue growth of lifecycle solutions to continue in the coming years and for it to represent a larger portion of our total revenues. This is in line with our diversification strategy and provides higher value-added solutions to enable our customers.

HPS 收入和 ATS 部門收入共同代表了我們所謂的生命週期解決方案。2020 年，生命週期解決方案占我們總收入的一半以上，過去 3 年平均成長率為 8%。我們預計生命週期解決方案的收入將在未來幾年繼續增長，並占我們總收入的更大份額。這符合我們的多元化策略，並為我們的客戶提供更高附加價值的解決方案。

I will provide some additional color on our end markets and outlook shortly. But first, I will turn the call over to Mandeep to give you some details on the fourth quarter and our first quarter '21 guidance.

我將很快提供有關我們的終端市場和前景的更多詳細資訊。但首先，我將把電話轉給 Mandeep，向您提供有關第四季度和我們 21 年第一季指引的一些詳細資訊。

Thank you, Rob, and good morning, everyone. For the fourth quarter of 2020, revenue of $1.39 billion was within our guidance range, and decreased 7% year-over-year and 11% sequentially.

謝謝你，羅布，大家早安。2020 年第四季度，營收 13.9 億美元，符合我們的預期範圍，年減 7%，季減 11%。

Our non-IFRS operating margin for Q4 2020 was 3.6%, 10 basis points above the midpoint of our revenue and adjusted EPS guidance ranges, up 70 basis points year-over-year and down 30 basis points sequentially. The year-over-year improvement was driven by improved productivity and mix across several of our businesses. The sequential decrease was due to mix in CCS, partly offset by improvement in ATS.

我們 2020 年第四季的非國際財務報告準則營業利潤率為 3.6%，高出我們營收和調整後每股盈餘指引範圍中點 10 個基點，較去年同期成長 70 個基點，較上季下降 30 個基點。與去年同期相比，成長的動力來自於我們多​​項業務的生產效率和產品組合的提升。連續下降是由於 CCS 的混合，但被 ATS 的改善部分抵消。

Non-IFRS adjusted earnings per share were $0.01 above the midpoint, up $0.08 year-over-year and down $0.06 sequentially. Fourth quarter IFRS earnings per share were $0.16, up $0.21 year-over-year and down $0.08 sequentially.

非國際財務報告準則調整後每股收益比中點高出 0.01 美元，年增 0.08 美元，季減 0.06 美元。第四季 IFRS 每股收益為 0.16 美元，年增 0.21 美元，季減 0.08 美元。

Our ATS segment was 37% of our consolidated revenues during the quarter, down from 39% in the fourth quarter of last year. ATS revenue was down 12% compared to last year and in line with our expectation of a low double-digit percentage year-over-year decline. Sequentially, ATS revenue was down 2%.

本季度，ATS 部門占我們綜合收入的 37%，低於去年第四季的 39%。ATS 收入與去年同期相比下降了 12％，符合我們預期的同比低兩位數百分比下降。與上一季相比，ATS 收入下降了 2%。

The year-over-year and sequential decline was driven primarily by continued pressure in A&D, specifically in our commercial aerospace and Industrial businesses, largely due to COVID-19. This was partly offset by continued strength in HealthTech and Capital Equipment driven by new program ramps.

年比和環比下降主要是由於航空航天和國防業務持續面臨壓力，特別是商用航空航天和工業業務，而這很大程度上是由於新冠肺炎疫情造成的。但新項目的成長帶動健康科技和資本設備業務的持續強勁成長，在一定程度上抵消了這一成長。

Our CCS segment revenue was down 4% year-over-year, in line with our expectations of a low single-digit year-over-year decline due to the Cisco disengagement. Sequentially, CCS revenue was down 15%.

我們的 CCS 部門營收年減 4%，符合我們預期，由於思科的退出，年減幅度將達到個位數以下。與上一季相比，CCS 收入下降了 15%。

As we look forward to the next few quarters, the disengagement from Cisco will continue to impact our year-over-year comparables. However, we are pleased with the growth we are seeing in the rest of the CCS portfolio. Revenue from our remaining CCS customers grew by 15% in Q4 2020 compared to the prior year period.

展望接下來的幾個季度，與思科的脫離將繼續影響我們的年比業績。然而，我們對 CCS 其餘投資組合的成長感到滿意。2020 年第四季度，來自我們剩餘 CCS 客戶的營收與去年同期相比成長了 15%。

Within our CCS segment, the communications end market represented 43% of our consolidated fourth quarter revenue, up from 39% in the fourth quarter of last year, driven by growth in HPS. Communications revenue in the quarter was up 2% year-over-year, primarily due to robust demand from service provider customers, offsetting the impact from the Cisco disengagement. Sequentially, communications revenue was down 15%, mainly driven by the Cisco disengagement.

在我們的CCS部門中，由於HPS的成長，通訊終端市場占我們第四季度綜合收入的43％，高於去年第四季的39％。本季通訊營收年增 2%，主要由於服務供應商客戶的強勁需求，抵銷了思科撤資的影響。與上一季相比，通訊收入下降了 15%，主要原因是思科的撤資。

Our enterprise end market represented 20% of consolidated revenue in the fourth quarter, down from 22% in the same period last year. Enterprise revenue in the quarter was down 13% year-over-year and down 14% sequentially. Year-over-year and sequential declines were mainly driven by demand softness.

我們企業端市場在第四季的綜合營收中佔 20%，低於去年同期的 22%。本季企業營收年減 13%，季減 14%。年比和環比下降主要是由於需求疲軟。

Our HPS business continued to be an area of strength in the fourth quarter, with revenue up 53% year-over-year driven by new program ramps and our ability to deliver on increased demand from our hyperscaler customers. For 2020, HPS achieved $862 million of revenue, up 80% compared to 2019, and accounted for 15% of our total company full year revenue.

我們的 HPS 業務在第四季度繼續保持強勁增長勢頭，得益於新項目的推出以及我們滿足超大規模客戶日益增長的需求的能力，收入同比增長 53%。2020年，HPS實現營收8.62億美元，較2019年成長80%，占公司全年總營收的15%。

As Rob mentioned, lifecycle solutions revenue is comprised of the revenues from our ATS segment and HPS business. For the full year 2020, lifecycle solutions represented $2.95 billion in revenue, up 7% year-over-year and accounted for 51% of our 2020 consolidated revenue.

正如 Rob 所提到的，生命週期解決方案收入由我們的 ATS 部門和 HPS 業務的收入組成。2020 年全年，生命週期解決方案的收入為 29.5 億美元，年增 7%，占我們 2020 年合併收入的 51%。

Our top 10 customers represented 67% of revenue during the fourth quarter, down 1% from the same period last year and last quarter. Top 10 customers represented 66% of our 2020 revenue, up 1% from last year.

我們前十大客戶在第四季的營收佔比為 67%，較去年同期和上季下降 1%。前十大客戶占我們 2020 年營收的 66%，比去年成長了 1%。

For the fourth quarter, Celestica had 2 customers who represented 10% or more of our total revenue compared to 1 in the prior quarter and 2 in the fourth quarter of 2019. No customer represented more than 10% of 2020 revenues.

第四季度，Celestica 有 2 個客戶占我們總收入的 10% 或以上，而上一季為 1 個，2019 年第四季為 2 個。沒有一位客戶的收入佔 2020 年總收入的 10% 以上。

Turning to segment margins. ATS segment margin continued on a positive trajectory, achieving a margin of 3.9%, up 90 basis points year-over-year and up 20 basis points sequentially. The year-over-year improvement was driven by volume leverage in our Capital Equipment and HealthTech businesses, combined with our productivity actions, which more than offset the headwinds in our A&D business. The sequential's improvement was driven by improved performance across a number of businesses.

轉向段邊距。ATS 部門利潤率持續保持正面趨勢，達到 3.9% 的利潤率，年增 90 個基點，較上季成長 20 個基點。與去年同期相比，這一成長主要得益於資本設備和健康科技業務的銷售槓桿作用，加上我們的生產力提高，這足以抵消 A&D 業務面臨的阻力。環比成長主要得益於多項業務績效的改善。

CCS segment margin of 3.4% was above our target range of 2% to 3%, up 50 basis points year-over-year, but down 60 basis points sequentially. The year-over-year margin improvement was driven by our productivity actions and favorable mix. The sequential margin decline, which was anticipated, was mainly due to normalizing demand and fewer onetime recoveries.

CCS 部門利潤率為 3.4%，高於我們 2% 至 3% 的目標範圍，年增 50 個基點，但環比下降 60 個基點。利潤率年增率主要得益於我們的生產效率提升和有利的產品組合。利潤率環比下降在意料之中，主要由於需求正常化和一次性回收減少。

Moving on to some additional financial highlights for the quarter. IFRS net earnings for the quarter were $20.1 million or $0.16 per share compared to a net loss of $7 million or a $0.05 loss per share in the same quarter of last year and net earnings of $30.4 million or $0.24 per share in the third quarter of this year.

接下來介紹本季的一些其他財務亮點。本季 IFRS 淨收益為 2,010 萬美元或每股 0.16 美元，而去年同期淨虧損為 700 萬美元或每股虧損 0.05 美元，今年第三季淨收益為 3,040 萬美元或每股 0.24 美元。

Adjusted gross margin of 8.4% was up 140 basis points compared to the same period last year and up 30 basis points sequentially. Year-over-year and sequential improvements were largely driven by improved mix and productivity efforts across the business despite lower revenues.

調整後毛利率為 8.4%，較去年同期上升 140 個基點，較上一季上升 30 個基點。儘管收入較低，但同比和環比的成長主要得益於整個業務組合的改善和生產力的提高。

Fourth quarter adjusted SG&A of $56.5 million was up $4.1 million versus a year ago, primarily due to higher variable compensation. Adjusted SG&A was relatively flat sequentially.

第四季調整後的銷售、一般及行政開支為 5,650 萬美元，較去年同期增加 410 萬美元，主要由於浮動薪資增加。調整後的銷售、一般及行政開支與上一季相比相對持平。

Non-IFRS adjusted operating earnings were $50 million, up $6.3 million from the same quarter last year and down $10.1 million sequentially.

非國際財務報告準則調整後營業利潤為 5,000 萬美元，較去年同期增加 630 萬美元，較上一季減少 1,010 萬美元。

Our non-IFRS adjusted effective tax rate for the fourth quarter was 19% compared to 27% for the prior year period and 20% last quarter. We are pleased with the improvement in our overall tax rate, largely due to a normalization of profit mix.

我們第四季的非國際財務報告準則調整後有效稅率為 19%，而去年同期為 27%，上季為 20%。我們對整體稅率的改善感到滿意，這主要歸功於利潤結構的正常化。

For the fourth quarter, adjusted net earnings were $33.3 million compared to $23.7 million for the prior year period and $40.9 million last quarter. Non-IFRS adjusted earnings per share of $0.26 were within our guidance range and up $0.08 year-over-year due to higher operating earnings, lower taxes and lower interest expense. Sequentially, non-IFRS adjusted earnings per share were down $0.06, mainly due to lower operating earnings partly offset by lower taxes.

第四季調整後淨利為 3,330 萬美元，去年同期為 2,370 萬美元，上季為 4,090 萬美元。非國際財務報告準則調整後每股收益為 0.26 美元，符合我們的預期範圍，較上年同期增加 0.08 美元，原因是營業利潤增加、稅收減少和利息支出減少。與上一季相比，非國際財務報告準則調整後每股收益下降 0.06 美元，主要由於營業利潤下降但被稅收降低部分抵銷。

Fourth quarter non-IFRS adjusted ROIC of 12.4% was up 1.8% compared to the same quarter of last year and down 2.8% sequentially. Annual adjusted ROIC for 2020 was 12.4%, up 3.2% compared to 2019.

第四季非國際財務報告準則調整後的 ROIC 為 12.4%，比去年同期成長 1.8%，比上一季下降 2.8%。2020 年調整後投資資本報酬率為 12.4%，較 2019 年成長 3.2%。

Moving on to working capital. Our inventory at the end of the quarter was $1.09 billion, down $114 million sequentially and up $99 million relative to the prior year period, largely driven by investments in our HPS business. Inventory turns were 4.4 in the fourth quarter, down 0.3 turns sequentially and down 1.1 turns year-over-year.

轉向營運資金。我們本季末的庫存為 10.9 億美元，比上一季減少 1.14 億美元，比去年同期增加 9,900 萬美元，主要得益於對 HPS 業務的投資。第四季庫存週轉率為 4.4，季減 0.3，年減 1.1。

Capital expenditures for the fourth quarter were $19 million, or approximately 1% of revenue. Non-IFRS free cash flow was $18.5 million in the fourth quarter compared to $43.8 million for the same period last year. We are pleased to have been able to generate positive free cash flow for 8 quarters in a row despite the unprecedented challenges in 2020. Looking at the full year 2020, we generated non-IFRS free cash flow of $126 million, in line with our full year target of generating $100 million or more.

第四季的資本支出為1,900萬美元，約佔營收的1%。第四季非國際財務報告準則下的自由現金流為 1,850 萬美元，去年同期為 4,380 萬美元。儘管 2020 年面臨前所未有的挑戰，但我們很高興能夠連續 8 個季度產生正的自由現金流。放眼 2020 年全年，我們產生的非國際財務報告準則自由現金流為 1.26 億美元，與我們全年產生 1 億美元或以上的目標一致。

Cash cycle days in the fourth quarter were 73 days, up 11 days year-over-year and up 12 days sequentially. Our cash deposits at the end of December 2020 were $175 million, down $32 million sequentially.

第四季現金週期天數為73天，較去年增加11天，較上季增加12天。截至 2020 年 12 月底，我們的現金存款為 1.75 億美元，季減 3,200 萬美元。

Moving on to some additional key metrics. We've continued to maintain a strong balance sheet. Our cash balance at the end of the fourth quarter was $464 million, down $16 million compared to 2019 and up $12 million sequentially. Combined with our $450 million revolver, which remains undrawn, we have a very strong liquidity position of over $900 million in available funds. We believe we have sufficient liquidity to meet our current business needs.

接下來討論一些額外的關鍵指標。我們繼續保持強勁的資產負債表。我們第四季末的現金餘額為 4.64 億美元，較 2019 年減少 1,600 萬美元，較上一季增加 1,200 萬美元。加上我們尚未動用的 4.5 億美元循環信貸，我們的流動資金狀況非常強勁，可用資金超過 9 億美元。我們相信我們有足夠的流動資金來滿足當前的業務需求。

Our gross debt position was $470 million at the end of December 2020, while our net debt was $6 million, an improvement of $13 million versus the end of the third quarter of 2020. Our fourth quarter gross debt to non-IFRS trailing 12-month adjusted EBITDA leverage ratio was 1.6 turns, flat sequentially and a 0.6 turn improvement from Q4 2019. The year-over-year improvement is the result of strong free cash flow generation, disciplined debt reduction and improved operating profitability. At the end of December 2020, we were compliant with all financial covenants under our credit agreement.

截至 2020 年 12 月底，我們的總債務狀況為 4.7 億美元，而淨債務為 600 萬美元，比 2020 年第三季末改善了 1,300 萬美元。我們第四季的總負債與非國際財務報告準則過去 12 個月調整後的 EBITDA 槓桿比率為 1.6 倍，與上一季持平，比 2019 年第四季提高 0.6 倍。與去年同期相比，業績改善得益於強勁的自由現金流產生、嚴格的債務削減和經營獲利能力的提高。截至 2020 年 12 月底，我們已遵守信用協議下的所有財務契約。

As we have shared previously, our capital priorities are to return 50% of free cash flow to shareholders and to invest the remaining amount in the business over the long term. We are pleased with our track record over the last 10 years, making strategic investments in the business, while at the same time returning over $1.2 billion to shareholders through buyback.

正如我們之前所分享的，我們的資本重點是將 50% 的自由現金流返還給股東，並將其餘金額長期投資於業務。我們對過去 10 年的業績感到滿意，對業務進行了戰略投資，同時透過回購向股東返還了超過 12 億美元。

When looking at investments, we are focused on both organic opportunities and capability-based acquisitions. When approaching an acquisition, our approach and filter are well defined. We look for investments that are aligned to our strategic road maps, with a filter intended to ensure that they drive accretive EPS in year 1 and an ROI that exceeds our cost of capital by year 2 or sooner.

在考慮投資時，我們既關注有機機會，也關注基於能力的收購。當進行收購時，我們的方法和過濾器是明確定義的。我們尋找符合我們策略路線圖的投資，並透過篩選確保它們在第一年推動每股盈餘成長，並在第二年或更早實現超過我們資本成本的投資報酬率。

We also weighed these investment decisions against alternative uses of cash, such as share buybacks. Recently, our stock price has been undervalued, having traded below tangible book value for the majority of 2020. In response to this undervaluation and in order to opportunistically purchase shares, we launched a share buyback program on November 19.

我們也權衡了這些投資決策與現金的其他用途，例如股票回購。最近，我們的股價被低估，在 2020 年的大部分時間裡，我們的股價都低於有形帳面價值。為了應對這種低估，並為了投機性地購買股票，我們於 11 月 19 日啟動了股票回購計畫。

In the fourth quarter, we incurred $7 million of restructuring charges to adjust our cost base to better adapt to fluctuating levels of demand, including in our A&D business, and as we completed the Cisco disengagement. For the full year 2020, we have recorded $26 million of restructuring charges against our earlier estimate of $30 million.

在第四季度，我們發生了 700 萬美元的重組費用，以調整我們的成本基礎，以更好地適應不斷變化的需求水平，包括我們的 A&D 業務，以及我們完成與思科的脫離。就 2020 年全年而言，我們記錄的重組費用為 2,600 萬美元，而我們先前估計為 3,000 萬美元。

Now turning to our guidance for the first quarter of 2021. We are projecting first quarter revenue to be in the range of $1.175 to $1.275 billion. At the midpoint of this range, revenue would be down approximately 7% year-over-year and down 12% sequentially. First quarter non-IFRS adjusted earnings per share are expected to range between $0.18 to $0.24 per share.

現在來談談我們對 2021 年第一季的指導。我們預計第一季的營收將在 11.75 億美元至 12.75 億美元之間。在這個範圍的中間點，收入將年減約 7%，環比下降 12%。預計第一季非國際財務報告準則調整後每股收益在 0.18 美元至 0.24 美元之間。

At the midpoint of our revenue and adjusted EPS guidance ranges, our non-IFRS operating margin would be approximately 3.4%, an increase of 50 basis points over the same period last year and a decrease of 20 basis points sequentially. Non-IFRS adjusted SG&A expense for the first quarter is expected to be in the range of $51 million to $53 million.

在我們的收入和調整後的每股盈餘指引範圍的中間點，我們的非國際財務報告準則營業利潤率約為 3.4%，比去年同期增加 50 個基點，比上一季減少 20 個基點。第一季非國際財務報告準則調整後的銷售、一般及行政開支預計在 5,100 萬美元至 5,300 萬美元之間。

Based on the projected geographical mix of our profit in the first quarter, we anticipate our non-IFRS adjusted effective tax rate to be approximately 20%, excluding any impacts from taxable foreign exchange or unanticipated tax settlements.

根據我們第一季利潤的預期地理結構，我們預期非國際財務報告準則調整後的有效稅率約為 20%，不包括應稅外匯或意外稅款結算的影響。

Turning to our end market outlook for the first quarter of 2021. In our ATS end market, we anticipate revenue to be down in the mid-single-digit percentage range year-over-year due to sustained weakness in commercial aerospace as a result of COVID-19, partly offset by growth in our Capital Equipment and HealthTech businesses.

談談我們對 2021 年第一季的終端市場展望。在我們的 ATS 終端市場，由於 COVID-19 導致商業航空航天業持續疲軟，我們預計收入將同比下降中個位數百分比範圍，但我們的資本設備和健康科技業務的成長部分抵消了這一影響。

For 2021, however, we are targeting ATS revenue to grow 10% year-over-year, largely driven by ramping programs in Capital Equipment and HealthTech. 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. The remainder of our portfolio is growing, driven by strength in HPS.

然而，對於 2021 年，我們的目標是 ATS 營收年增 10%，這主要得益於資本設備和健康科技專案的推動。在 CCS，我們預計我們的通訊終端市場收入將同比下降高個位數百分比範圍，原因是我們脫離了思科。在 HPS 實力的推動下，我們剩餘的投資組合也在成長。

In our enterprise end market, we anticipate revenue to decrease in the low-teen percentage range year-over-year, driven by weaker end market demand.

在我們的企業端市場，由於終端市場需求疲軟，我們預期營收將年減百分之十幾。

I'll now turn the call over to Rob for additional color and an update on our business priorities.

現在我將把電話轉給 Rob，以了解更多詳情並更新我們的業務重點。

Thank you, Mandeep. 2020 was an unprecedented year due to the COVID-19 pandemic. However, our entire global team mobilized quickly and stepped up to meet the challenges head on. As the number of COVID-19 cases rises again around the globe, we are seeing governments respond with additional restrictions to slow the spread of the virus. We continue to effectively manage COVID-19-related challenges and are currently experiencing minimal disruption to our operations. As circumstances evolve, we will continue to adapt to any new challenges and work to maintain operational continuity.

謝謝你，Mandeep。由於新冠疫情的爆發，2020 年是前所未有的一年。然而，我們整個全球團隊迅速動員起來，迎接挑戰。隨著全球新冠肺炎病例數量再次上升，我們看到各國政府採取額外的限制措施來減緩病毒的傳播。我們繼續有效應對與新冠肺炎疫情相關的挑戰，目前我們的營運受到的干擾極小。隨著情況的發展，我們將繼續適應任何新的挑戰，並努力保持營運的連續性。

Now turning to our segments. In APS, strong bookings momentum has us excited about our prospects to grow this portion of our business. We continue to see strong demand in our capital equipment business, driven by increased demand in our base semi business as well as new program ramps across a number of adjacent capital equipment markets. Industry sources are forecasting continued growth in wafer fab equipment in 2021.

現在轉向我們的部分。在 APS，強勁的預訂勢頭讓我們對這部分業務的成長前景感到興奮。我們繼續看到資本設備業務的強勁需求，這得益於我們基礎半導體業務的需求增長以及多個相鄰資本設備市場的新項目增長。業內人士預測，2021年晶圓廠設備將持續成長。

In our display business, we anticipate growth towards the end of the year as site utilization rates to small form factor displays are expected to drive increased demand.

在我們的顯示器業務中，我們預計到今年年底將實現成長，因為小型顯示器的場地利用率預計將推動需求成長。

In A&D, headwinds continue in our commercial aerospace business as operators continue to work to reduce overall expenses in light of reduced demand. We continue to take cost productivity actions given that we anticipate market headwinds to persist through 2021.

在航空航太與國防領域，由於需求減少，營運商繼續努力降低整體開支，我們的商用航空航太業務持續面臨阻力。鑑於我們預期市場逆風將持續到 2021 年，我們將繼續採取提高成本生產力的措施。

Demand in our defense business remains stable, and we continue to make investments to grow this business. We are encouraged by the bookings momentum in A&D as we have added 9 new customers, including major airframers and defense contractors.

我們的國防業務需求保持穩定，我們將繼續投資以發展這項業務。我們對 A&D 訂單量的成長勢頭感到鼓舞，因為我們增加了 9 個新客戶，其中包括主要的飛機製造商和國防承包商。

In Industrial, we continue to experience a recovery of demand across our customer base as the impact of COVID-19 begins to moderate.

在工業領域，隨著新冠肺炎疫情的影響開始減弱，我們的客戶群需求持續復甦。

And within HealthTech, we continue to experience strong growth as we continue to ramp recent wins. We expect this strong momentum to continue into 2021.

在健康科技領域，我們隨著近期勝利的不斷取得而繼續經歷強勁增長。我們預計這一強勁勢頭將持續到 2021 年。

Now turning to CCS. We continue to reap the benefits of our portfolio-shaping efforts, resulting in improved revenue mix and margins. Our Hardware Platform Solutions business posted another quarter of growth, partly offsetting the impact from our Cisco disengagement. I'm pleased that we have achieved our backfill target with a richer mix of programs.

現在轉向 CCS。我們繼續從投資組合塑造努力中獲得收益，從而改善了收入結構和利潤率。我們的硬體平台解決方案業務又實現了一個季度的成長，部分抵銷了我們脫離思科帶來的影響。我很高興我們透過更豐富的專案組合實現了我們的填補目標。

As I look back on our performance in 2020, we improved our operating results on a year-over-year basis, driving significant segment margin and adjusted EPS growth, while also generating strong free cash flow.

回顧我們 2020 年的業績，我們的經營業績同比有所改善，推動了分部利潤率和調整後每股收益的大幅增長，同時也產生了強勁的自由現金流。

Additionally, we made meaningful progress in a number of areas towards executing our strategy. First, our global team responded to the difficulties posed by the pandemic, maintained a high standard of service despite the challenges posed to operations. As a result of this effort, over 90% of the participating customers rank Celestica either #1 or #2 on their customer scorecards.

此外，我們在執行策略的多個領域取得了有意義的進展。首先，我們的全球團隊應對疫情帶來的困難，在營運面臨挑戰的情況下仍維持了高水準的服務。此項努力的結果是，超過 90% 的參與客戶在客戶記分卡上將 Celestica 評為第一名或第二名。

Second, despite meaningful headwinds in some of our key markets, we improved ATS segment margin by 50 basis points in 2020 compared to 2019, and CCS operated above its target segment margin in the last 3 quarters of 2020. Non-IFRS operating margin of 3.5% improved 80 basis points in 2020 as compared to 2019 and non-IFRS adjusted EPS in 2020 was up 80% year-over-year.

其次，儘管我們的一些主要市場面臨重大阻力，但 2020 年我們的 ATS 部門利潤率與 2019 年相比提高了 50 個基點，CCS 在 2020 年最後三個季度的營運利潤率也超過了目標部門利潤率。2020 年非國際財務報告準則下的營業利潤率為 3.5%，較 2019 年提高了 80 個基點，2020 年非國際財務報告準則下的調整後每股收益年增 80%。

Third, despite the volatility seen in customer demand and the difficult macro environment, we successfully executed on a number of new program ramps, which allowed for double-digit percentage revenue growth in our HPS business as well as other markets. Our HPS business saw impressive growth of 80% compared to 2019 as a result of investments made over many years. We believe HPS will continue to be a driver of growth for the company in the future.

第三，儘管客戶需求出現波動且宏觀環境艱難，我們仍然成功執行了一系列新的項目，這使得我們的HPS業務以及其他市場的收入實現了兩位數的百分比成長。由於多年的投資，我們的HPS業務與2019年相比實現了80%的驚人成長。我們相信HPS將繼續成為公司未來的成長動力。

And finally, we strengthened our balance sheet by generating over $100 million of free cash flow, reducing our net debt position to $6 million and launching an NCIB program to opportunistically repurchase shares. We believe that our transformational efforts over the last 2 years have positioned our business to capitalize on new opportunities and overcome challenges that may lie ahead.

最後，我們透過產生超過1億美元的自由現金流、將淨債務頭寸減少到600萬美元以及啟動NCIB計劃以適時回購股票，從而增強了我們的資產負債表。我們相信，過去兩年的轉型努力已使我們的業務能夠利用新的機會並克服未來可能面臨的挑戰。

As we enter 2021, we remain committed to our strategy of diversifying our business, growing revenue in targeted areas and improving margins. As such, we have set the following targets for ourselves. First, within our ATS segment, we are targeting 10% year-to-year revenue growth in 2021 and for the business to return to its target margin range of 5% to 6% by the end of the year, driven by growth in Capital Equipment, Industrial and HealthTech as well as ongoing cost productivity actions.

進入 2021 年，我們將繼續致力於業務多元化、在目標領域增加收入和提高利潤率的策略。因此，我們為自己設定了以下目標。首先，在我們的 ATS 部門內，我們的目標是在 2021 年實現 10% 的同比增長，並在年底前使業務利潤率恢復到 5% 至 6% 的目標範圍，這得益於資本設備、工業和健康科技的增長以及持續的成本生產力行動。

Second, within our CCS segment, we are targeting high-single-digit percentage growth in our HPS business, which will partially offset by non-HPS revenue decline, primarily as a result of the disengagement with Cisco. CCS segment margin is expected to be firmly in our target range of 2% to 3% in 2021.

其次，在我們的 CCS 部門內，我們的目標是實現 HPS 業務的高個位數百分比成長，這將被非 HPS 收入的下降部分抵消，這主要是由於與思科的脫離關係。預計 2021 年 CCS 部門利潤率將穩定在我們 2% 至 3% 的目標範圍內。

Third, we are targeting to generate $100 million or more of free cash flow in 2021, and we'll continue to have a disciplined approach towards capital allocation.

第三，我們的目標是在 2021 年產生 1 億美元或更多的自由現金流，我們將繼續採取嚴謹的資本配置方式。

And lastly, we expect lifecycle solutions revenue, which is comprised of ATS segment and HPS business revenues, to grow in the high single digits, further enabling us to achieve our objective of materially diversifying our revenue in the next few years.

最後，我們預計由 ATS 部門和 HPS 業務收入組成的生命週期解決方案收入將以高個位數成長，這進一步使我們能夠實現未來幾年大幅實現收入多元化的目標。

To sum up, I'm pleased with our performance in a very challenging environment. The last 2 years required some difficult decisions and focused efforts, but we believe that these decisions and our strong execution are paying dividends. We remain committed to executing on our strategy to drive long-term sustainable profitable growth.

總而言之，我對我們在極具挑戰性的環境中的表現感到滿意。過去兩年需要做出一些艱難的決定並集中精力，但我們相信這些決定和強有力的執行正在帶來回報。我們將繼續致力於執行我們的策略，推動長期可持續的獲利成長。

I would like to acknowledge and thank our employees for their hard work and dedication to our business. Their efforts have been tremendous. As a global team, we have overcome the unprecedented challenges faced in 2020. I have the utmost confidence that we will continue to deliver results and execute on our priorities for 2021.

我要認可並感謝我們的員工為我們的業務所做的努力和奉獻。他們做出了巨大的努力。作為一支全球團隊，我們克服了2020年面臨的前所未有的挑戰。我完全有信心，我們將繼續取得成果並執行 2021 年的重點任務。

And finally, I would also like to thank our customers for their trust and loyalty, and our shareholders for their continued support of Celestica. We look forward to updating you on our progress over the coming quarters.

最後，我還要感謝客戶的信任與忠誠，以及股東對 Celestica 的持續支持。我們期待在未來幾季向您通報我們的進展。

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

現在，我想將電話轉給接線員，開始我們的問答環節。

(Operator Instructions) Paul Steep with Scotia Capital.

(操作員指示) 蘇格蘭資本公司的 Paul Steep。

Rob, maybe talking a little bit, like it's been a consistent theme across, I guess, almost the last year where your HealthTech business has been cited as new program ramps. Maybe talk to us a little bit more about what the outlook is for that business in terms of expanding it? And how meaningful it is within the portfolio?

羅布，也許可以稍微談一下，我想，這幾乎是去年的一致主題，您的健康科技業務一直被認為是新項目的亮點。您可以跟我們進一步談談該業務的擴張前景嗎？它在投資組合中有多大意義？

Yes, the HealthTech business has been growing quite nicely for us over the last year and is expected to be a source of growth for us going forward. It is the smallest segment within our ATS business. That being said, it grew by over 30% in 2020 and we're looking for very strong growth in '21.

是的，健康科技業務在過去一年發展得相當不錯，預計它將成為我們未來的成長源。它是我們的 ATS 業務中最小的部分。話雖如此，2020 年的成長仍超過 30%，我們預計 21 年將實現非常強勁的成長。

We've recently won lots of new programs in the areas of ultrasound, PPE, diagnostic equipment and frankly, all equipment related to combating this terrible virus that we have on our hands. On the flip side, some of the demand for surgical instruments is a little bit sluggish as well. But we continue to win new programs, we continue to have a very capable team and we're very bullish on the outlook for the full year for our HealthTech business.

我們最近在超音波、個人防護裝備、診斷設備等領域贏得了許多新項目，坦白說，所有與對抗這種可怕病毒相關的設備都是如此。另一方面，部分手術器械的需求也略顯疲軟。但我們繼續贏得新的項目，我們繼續擁有一支非常有能力的團隊，我們對我們的健康科技業務全年前景非常樂觀。

Fantastic. And then just maybe to clarify overall on the comments here, Mandeep or Rob, either of you, could you weigh in, I guess, one, on what your expectations would be around CapEx?

極好的。然後也許只是為了澄清這裡的評論，Mandeep 或 Rob，你們中的任何一個人，能否談談，第一，你們對資本支出的預期是什麼？

And then maybe help us frame how we should think about the working cap moves in the business? Obviously, with growth in, I guess, what we're now calling HPS, it seems like that sort of held up? Or is that unrelated in terms of maybe a little bit more upfront working cap demand?

然後也許可以幫助我們構思我們應該如何考慮業務中的工作上限變動？顯然，我想，隨著我們現在所說的 HPS 的增長，這種情況似乎有所阻礙？或者這與前期工作上限需求可能稍微多一點無關？

Sure. Paul, so maybe I'll start at the highest level, which is we're targeting to generate over $100 million of free cash flow in 2021. We continue to see improvements in our overall working capital. But there are dynamics happening, and you're hitting on a couple of them.

當然。保羅，也許我會從最高層次開始，也就是我們的目標是在 2021 年產生超過 1 億美元的自由現金流。我們的整體營運資本持續改善。但有一些動態正在發生，而你正在觸及其中的幾個。

Our inventory has been growing to support the HPS business over 2020, so we believe we have sufficient levels of inventory. But as that business continues to grow, and again, we're targeting high single-digits growth in 2021, we'll proportionately build the inventory. But to help offset some of that, we still have inventory builds in other parts of our business that we still need to continue to unwind, and we're working very diligently towards doing that. The rest of the working capital is largely in line with our expectations.

我們的庫存一直在成長，以支援 2020 年的 HPS 業務，因此我們相信我們有足夠的庫存。但隨著業務的持續成長，我們再次瞄準 2021 年的高個位數成長，我們將按比例增加庫存。但為了抵消部分影響，我們業務的其他部分仍有庫存，我們仍需要繼續清理這些庫存，我們正在努力做到這一點。其餘營運資金基本上符合我們的預期。

For CapEx, CapEx came in lower in 2020. We typically generate around 1.5% of our revenue in CapEx or maybe -- more simplistically, maybe around $80 million we spend per year. We spent about $55 million in 2020. And a lot of that had to do with COVID and just putting projects that weren't of the highest priority on hold and some of them shifting into 2021.

就資本支出而言，2020 年的資本支出較低。我們的資本支出通常占我們收入的 1.5% 左右，或者更簡單地說，每年大約花費 8000 萬美元。2020 年我們花了大約 5500 萬美元。這在很大程度上與新冠疫情有關，一些非優先項目被擱置，一些項目推遲到 2021 年。

Our outlook right now is somewhere in the $80 million to $90 million range for CapEx in 2021, so back to more normalized levels.

我們目前的預期是 2021 年的資本支出將在 8,000 萬美元至 9,000 萬美元之間，因此將回到更正常的水平。

Great. Actually, the last one, just to clarify, Mandeep, I know you've mentioned cost actions a few times. I'm assuming all those are buried and baked into sort of the higher level commentary you guys provided this morning?

偉大的。實際上，最後一個，只是為了澄清一下，Mandeep，我知道你已經多次提到成本行動。我認為所有這些都被埋沒並融入你們今天早上提供的更高級別的評論中了？

It is. So we've been taking restructuring actions, as you know, for a number of years. This year, we took $26 million of restructuring. We had an original estimate of $30 million. We were able to spend a little bit less because of the good progress that we made on ramping new programs and facilities where we were losing revenue. But we will be taking some tuck-in actions in 2021 as well. I would assume that the restructuring charges, looking into next year, will be more at our normalized levels, somewhere in the $10 million to $15 million range.

這是。如你所知，我們多年來一直在採取重組行動。今年我們進行了2600萬美元的重組。我們最初的估計是3000萬美元。由於我們在增加新項目和設施方面取得了良好進展，所以我們能夠稍微減少開支，而這些新項目和設施原本是我們的損失。但我們在 2021 年也將採取一些後續行動。我認為，展望明年，重組費用將更加接近正常水平，介於 1,000 萬美元至 1,500 萬美元之間。

Todd Coupland with CIBC.

加拿大帝國商業銀行 (CIBC) 的 Todd Coupland。

Great. I also wanted to ask about a segment. In ATS, the semiconductor segment, you're calling it out as a growth area in 2021. Can you talk about the pace of growth in the semi business? And whether that forecast is locked in or could there be pockets of strength? And the reason I'm asking is investors often want to connect what has been -- appears to have been a surge in the semi market and link that back to how it impacts your customers in your business.

偉大的。我也想問一個片段。在 ATS（半導體領域），您將其稱為 2021 年的成長領域。您能談談半導體業務的成長速度嗎？這個預測是否已經確定或是否會出現一些強勢表現？我之所以問這個問題，是因為投資者通常想將半導體市場近期出現的激增與其對你業務的客戶產生的影響聯繫起來。

Thanks, Todd. Yes, Capital Equipment has been strong in '20, and we expect it to be strong in '21. As you know, just from a broad market perspective, what we're seeing here is the long-term secular growth seen in the semi industry, including the build-out of data centers, the expansion of high-speed communication networks, all being accelerated because we also read in the news that the auto industry (inaudible) are saying that they're running out of chips. It's largely for the older 200-millimeter technology equipment. And they're also upgrading their designs, which is, again, bodes well for wafer fab equipment growth.

謝謝，托德。是的，資本設備在20年表現強勁，我們預期它在21年也會表現強勁。如你所知，從廣泛的市場角度來看，我們看到的是半導體行業的長期增長，包括數據中心的建設、高速通信網絡的擴展，所有這些都在加速，因為我們還在新聞中看到汽車行業（聽不清楚）表示他們的晶片快用完了。它主要用於較舊的200毫米技術設備。他們也在升級他們的設計，這對晶圓廠設備的成長來說再次是一個好兆頭。

UBS just raised their prediction for '21 from 8.5% to 12%. And on top of that, a good portion of our wins and our growth in '21 is coming from new program growth and share gains going into '21. So all that being said, we're bullish on the outlook. We think Capital Equipment will get strong as the year gets longer.

瑞銀剛剛將對21年的預測從8.5％上調至12％。最重要的是，我們在 21 年的大部分勝利和成長來自於新項目的成長和 21 年的份額成長。綜上所述，我們對前景持樂觀態度。我們認為，隨著時間的推移，資本設備將會變得更加強勁。

In terms of our visibility, customers typically provide us slot plans, I guess, out for 6 months, supplement to a full year slot plan for 6 months. And then inside of a quarter, they tend to firm things up and tend to wiggle around, obviously. But I would say that's kind of the visibility that we have.

就我們的可見性而言，客戶通常會向我們提供 6 個月的時段計劃，作為 6 個月的全年時段計劃的補充。然後在一個季度內，他們顯然傾向於堅定立場，並且傾向於搖擺不定。但我想說，這就是我們所擁有的可見度。

But broadly speaking, industry analysts and our customers are bullish about the year and secular trends.

但總體而言，產業分析師和我們的客戶對今年和長期趨勢都持樂觀態度。

Okay. And those slot plans, if you were to compare them now to where they were, I guess, at the end of September, can you sort of characterize the change from 1 quarter to the next?

好的。如果您將現在的這些時段計劃與 9 月底的計劃進行比較，您能否描述出從一個季度到下一個季度的變化？

Yes. There's certainly increasing aligned with the forecast for '21. It's been picking up a little bit relative to the September time frame. Again, it takes a little time for those slot plans to turn into POS and it is capital equipment. So the industry is certainly cyclical and somewhat dynamic. But the trends are certainly there.

是的。與 21 年的預測一致，這一數字肯定是成長的。相對於九月份的時間範圍，它已經有所回升。再次強調，這些老虎機計畫需要一點時間才能轉變為 POS，而且它是一種資本設備。因此，這個行業肯定具有週期性並且有一定的動態。但趨勢確實存在。

One last question for me, if I could. The margin impact from this pickup in ATS, just talk about the rhythm over the course of the year. And how it fits with that 5% to 6% outlook by the fourth quarter?

如果可以的話，我還有最後一個問題。ATS 成長對利潤率的影響，只討論全年的節奏。這與第四季 5% 至 6% 的預期如何相符？

Great. Todd, so we've been happy with the performance that -- and the momentum that we've been seeing in ATS. As you know, we did 3.9% just this last quarter, and we are expecting to continue to see improvement going into 2021. We're targeting to get back into the target margin range of 5% to 6% by the end of the year. And really, the drivers to get us from where we are to there is continuing growth in Capital Equipment, that would be the largest driver.

偉大的。托德，我們對 ATS 的表現和發展勢頭感到非常滿意。如您所知，光是上個季度我們的成長率就達到 3.9%，我們預計到 2021 年將繼續實現改善。我們的目標是在今年年底將利潤率恢復到 5% 至 6% 的目標範圍。而實際上，推動我們從目前的位置到達那裡的驅動力是資本設備的持續成長，這將是最大的驅動力。

We expect continuing performance from the HealthTech business as we ramp programs and have a strong margin profile. But Capital Equipment, because of its heavy fixed cost structure as we continue to grow the revenue, we will see disproportionate benefits. And so we expect that we will see some margin improvement, especially as we go towards the second half of 2021.

隨著我們加強專案並擁有強勁的利潤率，我們預計健康科技業務將繼續表現出色。但是，由於資本設備的固定成本結構很沉重，隨著我們收入的不斷增長，我們將看到不成比例的收益。因此，我們預計利潤率將有所提高，尤其是在進入 2021 年下半年時。

Robert Young with Canaccord.

Canaccord 的羅伯特楊 (Robert Young)。

The -- I think you'd said that the revenue from customers outside of Cisco and the CCS business had grown. I think it was 15%. Maybe if you could reconfirm that number. And if you could talk about that relative to the capacity that's left unused by Cisco. How is that backfilling? Is that -- are these new customers -- are you -- part of this -- you're backfilling some of that capacity? And where are you in backfilling the Cisco business?

我認為您說過來自思科和 CCS 業務以外的客戶的收入有所增長。我認為是 15%。也許您可以重新確認一下該號碼。您能否談談思科尚未使用的容量？回填情況如何？這些是新客戶嗎？您在填補思科業務方面處於什麼位置？

Great. I'll take the first part, and I'll let Rob take the second part. So yes, CCS did grow excluding the Cisco disengagement. We grew by 15% in the fourth quarter when you exclude Cisco. And another KPI, if you look at it on a full year basis, CCS actually grew by 9%, excluding the Cisco disengagement.

偉大的。我負責第一部分，讓羅布負責第二部分。因此，是的，除去思科的退出，CCS 確實實現了成長。如果排除思科，我們第四季的成長率為 15%。另一個 KPI，如果從全年角度來看，不包括思科的撤資，CCS 實際上成長了 9%。

And I'll let Rob touch on the second piece.

我讓羅布談談第二部分。

Rob, so as we previously mentioned, we're not looking to backfill the Cisco revenue dollar for dollar, but we'll just focus on revenue that has a higher value-add content. We put a target in place for ourselves at the end of last year, and we fulfilled that target.

羅布，正如我們之前提到的，我們並不打算一美元一美元地填補思科的收入，但我們只專注於具有更高附加價值的收入。我們在去年年底為自己設定了一個目標，我們也實現了這個目標。

I would say the mix is largely on our HPS business in terms of backfilling that target. And we're very pleased that we're able to achieve that goal and very pleased with how our portfolio-shaping initiatives are coming along.

我想說，為了實現這一目標，我們的組合主要集中在 HPS 業務上。我們非常高興能夠實現這一目標，並且對我們的投資組合塑造舉措的進展感到非常滿意。

Okay. Great. And then the way that you're going to go forward reporting the JDM or HPS business, it's still going to be reported under the CCSs. So the margin target of 2% to 3% in 2021, that includes HPS. Am I correct with that?

好的。偉大的。然後，您繼續報告 JDM 或 HPS 業務的方式仍將根據 CCS 進行報告。因此，2021 年的利潤率目標為 2% 至 3%，其中包括 HPS。我這樣說對嗎？

That's correct, Rob. We continue to have 2 operating businesses, ATS and CCS. But when we just talk about the revenue as lifecycle solutions, we're putting the revenue of HPS and ATS together just to highlight the fact that they have very similar attributes.

沒錯，羅布。我們繼續擁有兩項營運業務，即 ATS 和 CCS。但是，當我們只談論生命週期解決方案的收入時，我們將 HPS 和 ATS 的收入放在一起，只是為了強調它們具有非常相似的屬性。

But our HPS business is firmly in the CCS segment, and the 2% to 3% margin target range is inclusive of that.

但我們的HPS業務牢牢地處於CCS領域，2%到3%的利潤率目標範圍是包含該業務的。

Okay. Great. And then, I mean, the growth in the JDM business since 2020 is very strong, and you're declining now to single digits is still good. But I mean, is there any potential for upside? Or -- like why is it declining? Why is the growth declining so much? And then is there potential for the growth to be higher than what you're guiding today based on opportunity in front of you?

好的。偉大的。然後，我的意思是，自 2020 年以來，JDM 業務的成長非常強勁，現在下降到個位數仍然是好的。但我的意思是，還有上漲的潛力嗎？或者——為什麼它正在下降？成長為何下降如此之多？那麼，基於您面前的機遇，成長是否有可能比您目前預期的更高？

Rob, yes, we had some very strong growth, 80% growth year-over-year with JDM. It is still -- or HPS, I should say. It is still growing in '21, and there is certainly opportunity for upside. It all just depends on the long-term secular trends in terms of switching, edge, compute and the expansion of data centers around the world. We have a very healthy portfolio of products.

羅布，是的，我們的成長非常強勁，JDM 年比成長了 80%。它仍然是——或者我應該說是 HPS。到21年它仍在成長，而且肯定還有上漲的機會。這一切都取決於交換、邊緣、運算和全球資料中心擴展的長期趨勢。我們擁有非常健康的產品組合。

So we'll have to see how the year plays out. But right now, we think high single digits is where it's going to land. It certainly could be higher.

因此我們必須觀察今年的情況如何。但現在，我們認為其最終會下降到高個位數。當然可能更高。

And I guess part of what I was asking is that the HPS business has the cycle time. Is it the type of business where you could book and then convert business in 2021 that you don't have in your plan today?

我想我問的部分是HPS業務有周期時間。這是您可以預訂然後在 2021 年轉換的業務類型，而您目前的計劃中還沒有這種業務類型嗎？

Yes, absolutely. It's a business we can actually book and do have book and build inside the year. No question about it.

是的，絕對是如此。這是一個我們實際上可以在年內預訂、並且已經預訂和建立的業務。毫無疑問。

Okay. And maybe last question for me. I'll pass the line. The margin recovery in the ATS business, would you say that that's more driven by the cost takeout efficiencies that you guys are looking for? Or would you say it's more driven by the strength in the other areas, the semi cap that you were talking about earlier and other areas of strength?

好的。這也許對我來說是最後一個問題。我會通過這條線。ATS 業務的利潤率回升，您是否認為這更多的是由您所追求的成本削減效率所驅動？或者你會說它更多的是由其他領域的力量所驅動，例如你之前談到的半導體產業和其他領域的實力？

Yes. Rob, I would say it's a combination of the 2. On the A&D side, we are needing to take cost actions to align to the demand outlook. And so we've already taken a number of actions, and we'll be prepared to continue to take some if we need to. But in the areas of HealthTech and Capital Equipment, we're seeing good revenue growth -- very strong revenue growth, frankly, in '21, which is giving us the benefit of scale.

是的。羅布，我想說這是兩者的結合。因此，我們已經採取了一些行動，如果需要，我們準備好繼續採取一些行動。但在健康科技和資本設備領域，我們看到了良好的收入成長——坦白說，21年的收入成長非常強勁，這為我們帶來了規模優勢。

And then on the Industrial side, we are starting to see some sequential improvement. And again, because we've already taken cost productivity actions, a lot of that growth does help come to the bottom line.

然後在工業方面，我們開始看到一些連續的改善。而且，因為我們已經採取了提高成本生產力的行動，所以很大一部分成長確實有助於獲利。

Paul Treiber with RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Paul Treiber。

I just wanted to delve in a little bit more into the outlook for '21 on the ATS segment, the 10% growth. What do you see when you're looking at that forecast building up to it as a potential upside opportunities and conversely, potential downside risk when you built that outlook?

我只是想更深入地探討一下 ATS 領域 21 年的前景，也就是 10% 的成長率。當您將該預測視為潛在的上行機會時，您看到了什麼？

Rob, yes, when we look forward, I would say, first, we have a comprehensive road map and engagements across all the core technologies in the data center. This past year and also going into '21, we see 400G as a key driver of service provider growth. We have strong positions with market leaders and other speeds and also a healthy white box business.

羅布，是的，當我們展望未來時，我想說，首先，我們有一個全面的路線圖和涵蓋資料中心所有核心技術的參與。過去的一年以及進入21年，我們將 400G 視為服務提供者成長的關鍵驅動力。我們在市場領導者和其他速度方面都佔據強勢地位，同時也擁有健康的白盒業務。

We see the edge as being a source of growth. We have developing edge programs such as MEC, multiaccess edge compute servers, that are resonating with emerging customers, and we're continuing to focus on enabling these customers with the right edge solution as their requirements evolve.

我們將優勢視為成長的來源。我們正在開發邊緣程序，例如 MEC、多接入邊緣運算伺服器，這些程式正在引起新興客戶的共鳴，並且我們將繼續專注於隨著這些客戶需求的發展為他們提供正確的邊緣解決方案。

We're seeing some strength from our communications customers on the wired side, driven by expansion of 4G to 4G+ to 5G. And we also have strong data center cloud offering and portfolio positions also across the broader edge.

隨著4G、4G+、5G的擴展，我們看到有線通訊客戶表現出一定的實力。我們還擁有強大的資料中心雲端產品和更廣泛的邊緣領域的投資組合地位。

And then lastly, I would say compute is the source of growth for us. We have a healthy business as data centers continue to expand AI and ML applications, they continue to grow. We also have had to compute positions with our enterprise customers and service provider customers as well.

最後，我想說計算是我們成長的來源。隨著資料中心不斷擴展人工智慧和機器學習應用，我們的業務也保持健康發展，並且持續成長。我們還必須計算我們企業客戶和服務提供者客戶的地位。

So I would say the broader trend is just additional growth by web scale demand strength. The downsides could be just over-buffering perhaps or a broader slowdown in some of these secular trends. These tend -- service providers tend to buy equipment and consume their own demand. So sometimes, we may have a built out that had a little bit of a paused demand until the next technology products hit. So I would think that would be on the flip side.

因此，我認為更廣泛的趨勢是透過網路規模需求強度來實現額外成長。缺點可能只是緩衝過度，或是某些長期趨勢出現更大範圍的放緩。服務提供者傾向於購買設備並滿足自己的需求。因此，有時，我們可能會暫停一些需求，直到下一代科技產品的問世。所以我認為這是另一回事。

I think you're referring to HPS there. Is that correct?

我認為您指的是 HPS。那正確嗎？

Yes. I was talking about -- I'm sorry, did you say ATS or HPS?

是的。我在談論——對不起，您說的是 ATS 還是 HPS？

Yes. I mean (inaudible) specifically for ATS, when you look at the very...

是的。我的意思是（聽不清楚）特別是對於 ATS，當你看到非常...

ATS, I'm sorry.

ATS，對不起。

I didn't know the (inaudible).

我不知道（聽不清楚）。

Well, hopefully, that was helpful for you on HPS -- for ATS. I'm sorry about that. For ATS, we see growth in capital equipment, as I mentioned before, again, good long-term secular trends in terms of build-out of data centers, expansion of high-speed communication networks, things like that. We certainly see HealthTech expanding in '21 as the need for diagnostic equipment continues to be very strong, PPE, ultrasounds, things on those lines.

好吧，希望這對您在 HPS 和 ATS 方面有所幫助。我很抱歉。對於 ATS，我們看到資本設備的成長，正如我之前提到的，在資料中心建置、高速通訊網路擴展等方面再次呈現良好的長期趨勢。我們肯定會看到 HealthTech 在 21 年擴展，因為對診斷設備的需求持續強勁，包括個人防護裝備、超音波等等。

We see aerospace still being sluggish, but I mentioned during the call that we won 9 new customers. Those programs should be turning into revenue in the back half of '21 and helping out our commercial aerospace business.

我們看到航空航太產業仍然低迷，但我在電話會議中提到，我們贏得了 9 個新客戶。這些項目應該會在21年下半年轉化為收入，並幫助我們的商業航空業務。

And then lastly, our Industrial business is flattening out and fully starting to turn the corner, and we're expecting some growth from our Industrial business in '21 as well as COVID-19 subsides.

最後，我們的工業業務正在趨於平穩並開始全面好轉，我們預計，隨著 COVID-19 的消退，我們的工業業務在 21 年將實現一些成長。

And just delving a little bit more into commercial aerospace. I mean, typically, how long are the lead times in that segment? And are you -- I mean you mentioned that those new programs may lead to revenue in the second half of the year. In terms of your other programs, the existing programs, I mean, do you see them normalizing by the end of the year? Or is it -- there are still likely headwinds on the existing programs in that segment?

並進一步深入探討商業航空航太領域。我的意思是，通常該部分的交貨週期是多久？您——我的意思是您提到這些新項目可能會在今年下半年帶來收入。就您的其他項目、現有項目而言，您認為它們會在年底前恢復正常嗎？或者是——該領域現有的項目仍可能面臨阻力？

Yes. It comes along. I mean that's a good thing and a bad thing. The programs that are ramping in the back half of the year, we actually won those programs in -- early in 2020. So they'll start ramping in the back of '21. I would say commercial aerospace still has a little bit of ebbs and flows, but I would say it's flattening out right now at trough levels.

是的。它來了。我認為這是一件好事，也是一件壞事。這些在下半年正在加緊進行的項目，我們實際上在 2020 年初就贏得了這些項目。因此，他們將在21世紀後期開始加強。我想說的是，商業航空航太業仍然有一些起伏，但我想說的是，現在它正處於低谷水平，趨於平穩。

Thanos Moschopoulos with BMO Capital Markets.

BMO 資本市場的 Thanos Moschopoulos。

Just looking back on ATS margins, I mean, if your message is, you can get back to 5% to 6% with what sounds like only a modest improvement in commercial aerospace, does that imply that as we head into '22, there might be upside to that range as commercial aerospace has more of a recovery?

回顧一下 ATS 利潤率，我的意思是，如果您的信息是，您可以回到 5％到 6％的利潤率，這聽起來像是商業航空領域的小幅改善，這是否意味著當我們進入'22年時，隨著商業航空的進一步復蘇，該範圍可能會有上行空間？

Yes. So as you know, before the pandemic, aerospace and defense was our largest segment within ATS and had very strong margins overall. And frankly, we're the largest contributor of profitability within ATS. That's not the case right now. And so working towards getting back to the 5% to 6% range, we're expecting a nominal contribution from A&D. And so when A&D does return and it will, and we continue to have the capabilities to support the market when that demand does come back, that would be a positive thing for overall ATS.

是的。如您所知，在疫情爆發之前，航空航太和國防是我們 ATS 中最大的部門，整體利潤率非常高。坦白說，我們是 ATS 獲利能力的最大貢獻者。現在情況並非如此。因此，為了回到 5% 到 6% 的範圍，我們預計 A&D 會做出名義上的貢獻。因此，當 A&D 確實恢復時，並且當需求恢復時我們繼續有能力支持市場，這對整體 ATS 來說是一件好事。

Okay. And then if you could expand on your comments for display equipment, you mentioned the uptick you're expecting later this year with small screens. Should we think of that as kind of a gradual ramp? Or might that be more of a step function as new capacity is slated to come online?

好的。然後，如果您可以擴展您對顯示設備的評論，您提到了預計今年稍後小螢幕的銷量將出現增長。我們是否應該將其視為一種漸進的過程？或者這可能更像是階梯函數，因為新產能即將上線？

Are you talking about capital equipment, Thanos?

你是在談論資本設備嗎，薩諾斯？

4

4

Display equipment.

顯示設備。

Display equipment. I have to check twice now before I answer. Yes, display, I would think it's -- it would be more of a gradual ramp. I think it will be a tale of 2 halves. I think it will be a sluggish first half and a stronger second half. But as we go from half to half, it will build as the year gets long.

顯示設備。我現在必須檢查兩次才能回答。是的，顯示，我認為它將是一個漸進的過程。我認為這將是兩個部分的故事。我認為上半年會比較疲軟，下半年會比較強。但隨著我們從一半走向另一半，隨著時間的推移，它將會逐漸增加。

What we're seeing in the second half of the year is hopefully drove by mobile orders and new program ramps coming from China, Japan and Korea-based OEMs. We've also seen some improvements in panel prices and panel makers' profitability, which bodes well to them spending additional CapEx.

我們希望看到下半年的業績能夠受到來自中國、日本和韓國的 OEM 廠商的行動訂單和新項目推動。我們也看到面板價格和麵板製造商的獲利能力有所改善，這對他們增加資本支出來說是一個好兆頭。

As far as new large fabs going online, that might be more about '22 possibility?

至於新的大型晶圓廠上線，可能更與 22 年的可能性有關？

Yes. I think display will get stronger as time goes on. I think we're expecting the back half of '21 to be much stronger than the first half of '21, but we're also expecting '22 to be much stronger than the back half of '21 as well. So the long-term trends for display are positive. But I think '22 will be much stronger than '21 for display, all things considered.

是的。我認為隨著時間的推移，顯示效果會變得更強。我認為，我們預計 21 年下半年將比 21 年上半年強勁得多，但我們也預計 22 年也將比 21 年下半年強勁得多。因此，展示的長期趨勢是正面的。但我認為，從各方面考慮，'22 的展示效果將比 '21 強得多。

Ruplu Bhattacharya with Bank of America.

美國銀行的 Ruplu Bhattacharya。

The first one, just to clarify, the CCS segment revenues for fiscal '21, are they still expected to decline double digits year-on-year? Because you've guided HPS to grow high single, then that would mean the rest of the CCS segment would be declining somewhere in the mid-teens year-on-year. Would that be all Cisco? I'm just trying to reconcile this because, I think, you said, in 2020, CCS ex Cisco grew high single digits. So I mean is -- or maybe just to clarify, I mean, is CCS revenues -- I mean, do you expect them to decline double digits year-on-year in fiscal '21?

第一個問題，需要澄清的是，21 財年的 CCS 部門收入是否仍預期會比去年同期下降兩位數？因為您已經指導 HPS 實現高單成長，所以這意味著 CCS 部門的其餘部分將比去年同期下降約 15%。那全都是思科的嗎？我只是想調和這一點，因為我認為，您說過，2020 年，CCS（前思科）的成長率高達個位數。所以我的意思是 — — 或者可能只是為了澄清一下，我的意思是，CCS 的收入 — — 我的意思是，您是否預計它們在 21 財年的收入將同比下降兩位數？

Yes. We're not giving specific guidance on overall CCS revenue, but I'll tell you the dynamics to think about. The first one is we are targeting HPS, again, to grow in the high single-digit range. It's a $850 million business right now. And so that will generate growth.

是的。我們沒有給出關於 CCS 整體收入的具體指導，但我會告訴您需要考慮的動態。第一個目標是，HPS 再次實現高個位數的成長。目前它的業務價值是 8.5 億美元。這會帶來成長。

Cisco will be coming out and Cisco is going to come out for the entire year, so that is going to be a headwind for the remainder of the portfolio. And then for the rest of CCS, we're expecting right now for it to be relatively flat going into 2021. There was a very strong level of demand that took place in 2020 because of the -- all the dynamics that we've been talking about.

思科即將推出產品，而且思科全年都將推出產品，因此這對其剩餘的投資組合來說將是一個阻力。對於 CCS 的其餘部分，我們目前預計到 2021 年它將相對穩定。由於我們一直在談論的所有動態，2020 年的需求水準非常強勁。

And so some of that will subside, and that will be offset by programs that we're ramping. So growth in HPS, Cisco comes out and the rest of the portfolio to be flattish.

因此，部分影響將會消退，並透過我們正在推行的項目得到補償。因此，HPS、思科的成長將會出現，而其餘產品組合將持平。

And the only thing I would add, Ruplu, is that most importantly, CCS is growing in our targeted areas is what we're focused on.

我唯一想補充的是，Ruplu，最重要的是，我們關注的是 CCS 在我們的目標領域的發展。

Okay. And then just on the ATS side, you're guiding mid-single-digit decline for the first quarter and the full year is still up 10%. So any comments on the seasonality we should expect throughout the year? Can we expect like from 2Q onwards year-on-year revenue growth? Or would you expect that the growth to be more in the second half versus the first half?

好的。然後僅從 ATS 方面來看，您預計第一季將出現中等個位數下滑，但全年仍將成長 10%。那麼，對於我們全年應該預期的季節性，您有什麼評論嗎？我們是否可以預期從第二季開始營收將年增？或者您預計下半年的成長會比上半年更高嗎？

Ruplu, so yes, we are showing a decline in the first quarter, and then we are expecting a full year of 10% growth. A lot of that growth is going to be back half oriented, although it could lead to year-on-year growth even in the second quarter. We're not going to give quarterly guidance at this point, but what I would say is that we think that the first quarter will be -- in terms of growth rates, to be the largest headwind for the full year.

Ruplu，是的，我們在第一季出現了下滑，然後我們預計全年將成長 10%。儘管第二季也可能實現同比成長，但很大一部分成長將以回落為主。我們目前還不會提供季度指引，但我想說的是，我們認為，就成長率而言，第一季將是全年最大的阻力。

And then where that growth is coming from, Rob's touched on a few of them. Within A&D, we have been winning some new programs, and so we should see some growth towards the back end of the year. We are already seeing strong demand on the semiconductor side, which will continue, but we think could accelerate towards the end of the year. And then display is also expected to come online a little bit more in the back end of the year. So first quarter, we expect to be a drag and then some growth coming after that.

那麼這種增長來自哪裡，Rob 已經談到了其中的幾點。在 A&D 領域，我們已經贏得了一些新項目，因此我們應該在今年年底看到一些成長。我們已經看到半導體方面的需求強勁，這種需求將會持續下去，但我們認為到今年年底可能會加速。預計顯示器也將在今年底推出更多產品。因此，我們預計第一季會出現拖累，隨後會出現一些成長。

Okay. And for my last question, I think you're guiding SG&A to $51 million to $53 million for the first quarter. What were COVID-related expenses in the quarter? How should we think about that going forward? And should we think about SG&A at this level for the rest of the year at least -- or maybe in terms of percent of revenue, can you maintain that for the rest of the year?

好的。我的最後一個問題是，我認為您預計第一季的銷售、一般及行政開支為 5,100 萬美元至 5,300 萬美元。本季與 COVID 相關的費用是多少？我們今後該如何思考這個問題？我們是否應該至少將今年剩餘時間的銷售、一般和行政費用維持在這個水平上 - 或者以收入百分比計算，您能否在今年剩餘時間內維持這個水平？

Yes. So to answer both questions, Ruplu, we did have COVID costs in the quarter. It was in the range of around $8 million, some in SG&A, some in COGS as well. We did generate a number of recoveries, both from customers as well as from various government programs in the countries that we're in, which mostly offset that. So we had about $10 million of recoveries. But when you look at the full year, we had a negative impact. We ended up having far greater COVID costs than we did overall recoveries.

是的。因此，為了回答這兩個問題，Ruplu，我們本季確實存在 COVID 成本。其範圍約為 800 萬美元，一部分為銷售、一般及行政費用，一部分為銷貨成本。我們確實從客戶以及我們所在國家的各種政府項目中獲得了一些收益，這在很大程度上抵消了這種影響。因此，我們收回了大約1000萬美元的資金。但從全年來看，我們受到了負面影響。我們最終承受的新冠疫情成本遠高於整體復甦成本。

In terms of our SG&A going into next year, we are looking to maintain our SG&A at dollar levels that are similar to 2020. We're driving productivity in a number of areas, but we're also taking the opportunity to invest in some of the areas where we're seeing very rapid growth.

就明年的銷售、一般及行政開支而言，我們希望將銷售、一般及行政開支維持在與 2020 年相似的美元水準。我們正在多個領域提高生產力，但我們也藉此機會在一些成長非常迅速的領域進行投資。

We will be making further investments in the HPS business. We are making engineering investments within the ATS business, and those are really aligned with road maps that we have, where the businesses are showing good, strong growth for a number of years.

我們將對HPS業務進行進一步投資。我們正在 ATS 業務中進行工程投資，這些投資與我們的路線圖完全一致，這些業務在未來幾年中都呈現出良好、強勁的成長勢頭。

And so we want to maintain our capabilities in 2021 because we are bullish on the longer-term revenue outlook.

因此，我們希望在 2021 年保持我們的能力，因為我們對長期收入前景充滿信心。

Jim Suva with Citi.

花旗銀行的 Jim Suva。

You have been very clear with the Cisco disengagement. Now that that's behind us and we look more forward positively to the future, is your book of business pretty stable with those customers as well as your profit profile going to additional disengagements or pruning or realignments to products that we should be mindful of as you look ahead?

您對於思科的撤軍已經說得非常清楚了。現在這些都已經成為過去，我們對未來抱持著更正面的期待，您的業務記錄是否與這些客戶保持穩定，您的利潤狀況是否需要我們在展望未來時注意額外的脫離、修剪或產品重新調整？

Jim, yes, I would say, overall, things are generally stable. As I mentioned on the call, one of the things we do measure is how we rank in our customer scorecard, and we either rank #1 and #2 in over 90% of our customer scorecards. We're keeping cost-effective networks and taking the appropriate actions to stay that way. I think we've proven that we're quite disciplined, so we're not pursuing revenue for revenue sake. We're staying aligned to our strategy.

吉姆，是的，我想說，總的來說，情況總體上是穩定的。正如我在電話中提到的，我們衡量的一件事是我們在客戶記分卡中的排名，我們在 90% 以上的客戶記分卡中排名第一或第二。我們正在維持具有成本效益的網絡，並採取適當的措施來保持這種狀態。我認為我們已經證明我們相當自律，所以我們不會為了收入而追求收入。我們將繼續堅持我們的策略。

So at times, we might feel that it's better to step away from very low-margin business, but we do that through a strategic lens. And our goal really is to grow our business profitably in the right segments. And across CCS specifically, I think we're doing that. And very happy with the progress we're making in HPS and also the -- because of the value adds that we're providing to our customers, the margin profile of that incremental business that we're booking.

因此，有時我們可能會覺得最好放棄利潤率極低的業務，但我們是從策略角度來做到這一點的。我們的目標確實是在正確的領域實現業務的獲利成長。特別是在 CCS 中，我認為我們正在這樣做。我們對 HPS 所取得的進展感到非常高興，而且由於我們為客戶提供的增值服務，我們正在預訂的增量業務的利潤率也很高。

Kurt Swartz with Stifel.

Kurt Swartz 和 Stifel。

Hoping to get a little bit more color on the supply environment, given all the headlines regarding component shortages. I'm hoping you can talk about any constraints you may be seeing and how you're responding from an inventory procurement perspective?

鑑於有關零件短缺的頭條新聞，希望能夠對供應環境有更多的了解。我希望您能談談您可能遇到的任何限制以及從庫存採購的角度您如何應對？

Yes, it's certainly very dynamic out there. The situation is fluid. What we're seeing is a demand increase coupled with the impact of COVID. We've been preparing for this. We probably saw this coming a couple of quarters ago. So we've been preparing for 1 or 2 quarters of uncertainty.

是的，那裡確實非常活躍。形勢瞬息萬變。我們看到的是需求增加，同時又受到新冠疫情的影響。我們一直在為此做準備。我們可能在幾個季度前就預見了這一點。因此，我們已經為未來一兩個季度的不確定性做好了準備。

Just across the market, we're seeing, which bodes well for our semi cap business that sounds these are reaching capacity, the 8-inch wafers are running tight in '21, the high-end semiconductors, logic MOSFETs, transistors, memory, all commodities having increasing lead times, or we're seeing auto levels spike for chip resistors and even MLCCs, again. And several manufacturers have started to implement order entry controls based on customers' historical consumption to make sure we don't get into too much buffering.

就整個市場而言，我們看到，這對我們的半導體業務來說是個好兆頭，聽起來這些產品正在達到產能，8英寸晶圓在'21年供不應求，高端半導體、邏輯MOSFET、晶體管、內存，所有商品的交貨時間都在增加，或者我們看到芯片電阻器甚至MLCC的汽車水平再次飆升。一些製造商已經開始根據客戶的歷史消費實施訂單輸入控制，以確保我們不會陷入過多的緩衝。

That being said, we've opened up our windows -- ordering windows and placing our orders at the new stated lead times and paying very close attention to the dynamics in the marketplace and working with our customers to make sure we secure supply. We've also increased our resources in this area to make sure we stay on top of the dynamic situation.

話雖如此，我們已經打開了我們的窗口——訂購窗戶並按照新的規定的交貨時間下訂單，密切關注市場動態並與我們的客戶合作，以確保我們的供應安全。我們也增加了該領域的資源，以確保我們掌握動態局勢。

Understood. Great. And then on the HealthTech side, I'm hoping you could maybe elaborate a bit more on where we stand with COVID product-related ramps versus electric product demand? And how those 2 should sort of reconcile in the coming quarters?

明白了。偉大的。然後，在健康科技方面，我希望您能更詳細地闡述我們在 COVID 產品相關成長與電動產品需求方面的狀況？那麼未來幾季這兩者該如何協調呢？

Yes. COVID-related products and more diagnostic-related products, so the ones that are certainly driving the majority of our growth, ultrasounds, PPE, diagnostic equipment, anesthesia, respiratory, patient monitoring, imaging devices, things like that. Surgical instruments, things that require elective surgery has been sluggish. We expect that to uptick in the back part of the year, but time will tell. It's really going to be a function of how quickly COVID subsides.

是的。COVID 相關產品以及更多診斷相關產品，因此這些產品肯定推動了我們大部分成長，包括超音波、個人防護裝備、診斷設備、麻醉、呼吸、病患監測、影像設備等等。手術器械、需要選擇性手術的東西一直銷售不景氣。我們預計這一數字將在今年下半年上升，但時間會證明一切。這實際上取決於 COVID 消退的速度。

Understood. And then maybe one more, if I could. Just on the defense business, given the new U.S. administration and maybe any expectations for defense budgets, I'm wondering how that should sort of factor into the long-term ATS growth profile of roughly 10%?

明白了。如果可以的話，也許還會再來一個。僅就國防業務而言，考慮到新美國政府以及對國防預算的任何預期，我想知道這對 ATS 長期成長約 10% 有何影響？

Yes. So within our A&D business, about 60% is commercial, about 40% is defense. Our defense business is stable. We're looking to grow that more. We've recently doubled the size of our New Hope Minneapolis facility, which was part of the Atrenne acquisition from 50,000 square feet to 100,000 square feet, and it is now open for business.

是的。因此，在我們的 A&D 業務中，大約 60％ 是商業，大約 40％ 是國防。我們的國防業務穩定。我們希望實現進一步發展。我們最近將新希望明尼阿波利斯工廠的規模擴大了一倍，該工廠是 Atrenne 收購的一部分，從 50,000 平方英尺擴大到 100,000 平方英尺，目前已開始營業。

We have a full funnel. A lot of the business that we have booked is headed into that facility. So we're looking to increase our defense business moving forward. And also, the Biden administration recently just signed the Buy America Act as well, and that bodes well for having ITAR facilities in the U.S., especially as it relates to providing the U.S. government product for their use.

我們有一個完整的漏斗。我們預訂的許多業務都進入了該設施。因此，我們希望進一步擴大我們的國防業務。此外，拜登政府最近也剛簽署了《購買美國產品法案》，這對在美國設立 ITAR 設施來說是一個好兆頭，特別是在為美國政府提供產品方面。

We have one more question from Daniel Chan with TD Securities.

我們還有一個來自道明證券的 Daniel Chan 的問題。

Your net debt position is getting to breakeven here. And if you hit your $100 million target this year, you'll be in a nice net cash position throughout the year. So just any thoughts on how you want to deploy that capital? You did talk about the NCIB and the share price. Are you kind of leaning towards that versus acquisitions? And maybe any comments you have about the acquisition pipeline would be helpful.

您的淨債務狀況即將達到損益兩平。如果您今年達到了 1 億美元的目標，那麼您全年都會擁有良好的淨現金狀況。那麼您對於如何運用這些資本有什麼想法嗎？您確實談到了 NCIB 和股價。與收購相比，您是否更傾向此？也許您對收購管道的任何評論都會有所幫助。

Yes. Dan, so to your point, we're at almost a breakeven level right now. We are looking to generate strong free cash flow going into next year. We have the NCIB program at this point open to be opportunistic. As you know, we have a track record within the industry of buying back, frankly, the most shares relative to the rest of the peer group. And so we are willing to act opportunistically when we believe the share price is undervalued. It was undervalued for the majority of 2020.

是的。丹，正如你所說，我們現在幾乎處於收支平衡的水平。我們希望明年能夠產生強勁的自由現金流。目前，我們已經準備好 NCIB 計劃，以備不時之需。如您所知，我們在業界有著回購股票的良好記錄，坦白說，與同業相比，我們回購了最多的股票。因此，當我們認為股價被低估時，我們願意採取機會行動。2020 年的大部分時間裡，它都被低估了。

But we'll take an opportunistic approach as we go through the year because we're going to continue to weigh that against organic and inorganic alternatives, alternatives such as continuing to build dry powder by paying down some more debt, reducing our interest expense, working towards expanding our EPS, investing in other types of growth programs and capabilities.

但是，我們今年將採取機會主義的方法，因為我們將繼續權衡有機和無機替代方案，這些替代方案包括透過償還更多債務來繼續累積現金流、降低利息支出、努力擴大每股收益、投資於其他類型的成長計劃和能力。

But we do continue to have an active M&A pipeline, but we're just very disciplined with our filter. We've looked at a significant amount of transactions through 2020 and for one of the few reasons that we have in our filter didn't get our support. So we'll continue to do that. We're looking to invest in areas where we have good, solid strategic road maps, and where we know that we can plug in the capabilities and do something really good with it, whether that's in our ATS business or in our HPS business.

但是我們確實繼續擁有活躍的併購管道，但我們對我們的篩選非常嚴格。我們研究了 2020 年的大量交易，但由於我們篩選出的幾個原因之一，這些交易未獲得我們的支持。因此我們會繼續這樣做。我們希望在擁有良好、穩健的策略路線圖的領域進行投資，並且我們知道我們可以在這些領域插入能力並利用這些能力做出真正的好事，無論是在我們的 ATS 業務還是 HPS 業務中。

So we'll continue to take a similar approach. But it is nice when you have a net debt position that it opens up a lot of alternatives.

因此我們將繼續採取類似的方法。但當你擁有淨債務部位時，這會給你帶來很多選擇，這是件好事。

There are no further questions at this time. I'd now like to turn the call back over to Robert for final remarks.

目前沒有其他問題。現在我想將電話轉回給羅伯特，請他做最後的評論。

Thank you, Jack. After a strong finish to 2020, our focus is on continuing to execute for our customers in 2021. Our margins in ATS are expanding, and we anticipate entering back into our target margin range by the end of the year on the back of strong forecasted growth. And in CCS, we expect Hardware Platform Solutions to continue growing and for CCS to deliver margins firmly in their target range for this year.

謝謝你，傑克。在 2020 年取得強勁成績後，我們的重點是繼續在 2021 年為客戶提供服務。我們的 ATS 利潤率正在擴大，我們預計在強勁預測成長的推動下，到今年年底將重新進入目標利潤率範圍。在 CCS 方面，我們預計硬體平台解決方案將持續成長，並且 CCS 今年的利潤率將穩居其目標範圍內。

I'd like to thank our global team for remaining vigilant and keeping themselves safe and each others safe. And thank you for joining today's call. I look forward to updating you as we progress throughout the year. Please stay safe.

我要感謝我們的全球團隊保持警惕，並保護自己和他人的安全。感謝您參加今天的電話會議。我期待著向您報告我們全年的進展。請注意安全。

This concludes today's call. We thank you for your participation. You may now disconnect.

今天的電話會議到此結束。我們感謝您的參與。您現在可以斷開連線。