Flex Ltd (FLEX) 2004 Q1 法說會逐字稿

Excuse me, this is the Conference Coordinator.

打擾一下，我是會議協調員。

I would like to thank everyone for holding for today’s conference call.

我要感謝大家參加今天的電話會議。

All lines will be in a listen-only mode until the question and answer session of today’s conference.

在今天會議的問答環節之前，所有線路都將處於監聽模式。

I would also like to inform everyone that the conference call is being recorded today.

我還想通知大家，今天的電話會議正在進行錄音。

If you have any objections you may disconnect.

如果您有任何異議，您可以斷開連接。

Now at this time, I would like to turn it over to your speaker, Mr. Michael Marks, CEO of Flextronics.

現在這個時候，我想把它交給你的演講者，偉創力首席執行官邁克爾·馬克斯先生。

Thank you, sir.

謝謝你，先生。

You may begin.

你可以開始了。

Thank you.

謝謝。

Ladies and gentlemen, thank you for joining the conference call to discuss the results of Flextronics’ first quarter ended June 30th, 2003.

女士們、先生們，感謝你們參加電話會議，討論偉創力截至 2003 年 6 月 30 日的第一季度業績。

On the call with me today are Bob Dykes and Tom Smach.

今天與我通話的是鮑勃·戴克斯 (Bob Dykes) 和湯姆·斯馬赫 (Tom Smach)。

To help communicate the data in this call you can also view our presentation on the internet.

為了幫助傳達本次通話中的數據，您還可以在互聯網上查看我們的演示文稿。

Go to the investors section of our web site, and select earnings presentation.

轉到我們網站的投資者部分，然後選擇收益演示。

You will need to click through the slides, and so I will give you the slide number I am referring to.

您需要點擊瀏覽幻燈片，因此我將為您提供我所指的幻燈片編號。

Slide two.

幻燈片二。

Please note that this conference call contains forward-looking statements within the meaning of the Federal Securities Laws, including statements related to our future growth, trends in our industry, expected charges and level of future restructuring requirements, expansion of and expected changes in our client base, end market demand, our ODM initiative, earnings leverage, and our anticipated operating results, financial position, cash flows, and profitability.

請注意，本次電話會議包含聯邦證券法含義內的前瞻性陳述，包括與我們未來增長、行業趨勢、未來重組要求的預期費用和水平、我們客戶的擴展和預期變化相關的陳述基礎、終端市場需求、我們的 ODM 計劃、盈利槓桿以及我們的預期經營業績、財務狀況、現金流和盈利能力。

These statements are subject to attendant risks that can cause actual results to differ materially.

這些陳述存在可能導致實際結果出現重大差異的附帶風險。

Information about these risks is noted in the earnings press release at the end of this presentation and in our SEC filings.

有關這些風險的信息已在本演示文稿末尾的收益新聞稿和我們向 SEC 提交的文件中註明。

The term ‘pro forma’ used throughout today’s discussion excludes amortization, costs associated with the early retirement of debt and restructuring charges as applicable and set forth in the accompanying slides.

今天的討論中使用的“預計”一詞不包括攤銷、與提前償還債務相關的成本以及適用的並在隨附幻燈片中列出的重組費用。

Reconciliations of pro forma results to GAAP results are included in Schedule 1 to the earnings release and in the investor section of our web site.

預計業績與 GAAP 業績的對照表包含在收益發布的附表 1 以及我們網站的投資者部分中。

Slide three.

幻燈片三。

As announced in the press release, revenue in the quarter as $3.1b which was up sequentially from the March quarter, and was approximately the same as the first quarter last year.

正如新聞稿中宣布的那樣，該季度的收入為 3.1b 美元，比 3 月份季度連續增長，與去年第一季度大致相同。

Pro forma net income was $20.4m or four cents per share for the quarter.

該季度預計淨利潤為 2040 萬美元，即每股 4 美分。

As we discussed in the mid-quarter call, the operating results in the June quarter were almost identical to our results in the March quarter except for an additional $4m in net interest expense resulting primarily from the addition of long-term debt during the quarter.

正如我們在季度中期電話會議中討論的那樣，6 月份季度的運營業績幾乎與 3 月份季度的業績相同，除了主要由於該季度增加長期債務而導致的額外 400 萬美元淨利息支出。

After including after-tax amortization expense of $7.9m, restructuring costs of 293.5m, and debt retirement costs of $8.7m we incurred a loss of $289.7m on a GAAP basis which is a 56 cent loss on a diluted per share basis.

計入 790 萬美元的稅後攤銷費用、2.935 億美元的重組成本和 870 萬美元的債務清償成本後，按照 GAAP 計算，我們虧損了 2.897 億美元，攤薄後每股虧損 56 美分。

I will address these charges in more detail later in the call.

我將在稍後的電話會議中更詳細地討論這些費用。

Slide four.

幻燈片四。

On a sequential basis gross margin declined 10 basis points to 5.3 percent.

毛利率環比下降 10 個基點至 5.3%。

As expected, the weakening U.S. dollar had a slight adverse impact on our operating margins.

正如預期的那樣，美元走軟對我們的營業利潤率產生了輕微的不利影響。

Gross margin was the same as it was in the first quarter a year ago, and SG&A decreased 10 basis points to 3.7 percent of sales in the June quarter.

毛利率與去年第一季度持平，SG&A 下降 10 個基點，佔 6 月份季度銷售額的 3.7%。

Slide five.

幻燈片五。

As has been the case through much of this downturn, our balance sheet management continues to be quite good.

正如本次經濟低迷時期的情況一樣，我們的資產負債表管理仍然相當良好。

At the end of the quarter we had $860m in cash.

截至本季度末，我們擁有 8.6 億美元現金。

Total debt increased by $349m during the quarter, primarily as a result of issuing $400m of new 6.5 percent senior subordinated notes offset by the early retirement of $150m of 8-3/4 percent senior subordinated notes.

本季度總債務增加了 3.49 億美元，主要是由於發行了 4 億美元新的 6.5% 高級次級票據，並被提前收回的 1.5 億美元 8-3/4% 高級次級票據所抵消。

Our leverage ratio of 25 percent at quarter end and liquidity increased to more than $1.7b which is one of the strongest in our sector after adjusting for near-term maturities.

季度末我們的槓桿率為 25%，流動性增加至超過 1.7b 美元，在對近期到期日進行調整後，這是我們行業中最強的之一。

Slide six.

幻燈片六。

Inventory management was also very good with turns of 10.3 times which is our best performance other than the December quarter of last year which would normally be the highest performance during the year due to the seasonal strength in that quarter.

庫存管理也非常好，周轉率為 10.3 倍，這是我們除去年 12 月季度之外的最佳表現，由於該季度的季節性優勢，去年季度通常是年內最高的表現。

On slide six you can see the improvement in inventory turns over the past couple of years, with seven turns in June of 2001, improving to 9.2 turns last June, and now to 10.3 this past quarter.

在第六張幻燈片上，您可以看到過去幾年庫存周轉率的改善，2001 年 6 月庫存周轉率為 7，去年 6 月提高到 9.2，現在上個季度提高到 10.3。

We continue to strive for 12 inventory turns and believe we can accomplish it this year.

我們繼續爭取 12 次庫存周轉，並相信今年可以實現這一目標。

Not including the finished goods inventory from our Logistics business which we did not have two years ago our turns in the June quarter would have been over 12 times.

不包括兩年前我們沒有的物流業務的成品庫存，我們在 6 月季度的周轉率將超過 12 倍。

Slide seven.

幻燈片七。

Depreciation and amortization was $91m, and net capital expenditures were $32m in the quarter.

本季度折舊和攤銷為 9100 萬美元，淨資本支出為 3200 萬美元。

During the quarter cash flow from operations was just over $246m.

本季度運營現金流略高於 2.46 億美元。

Slide eight.

幻燈片八。

We continue to deliver an industry leading cash conversion cycle which came in at 25 days for the quarter.

我們繼續提供行業領先的現金轉換週期，本季度為 25 天。

In addition to excellent inventory turns DSO was a very respectable 43 days while accounts payable declined to 54 days.

除了出色的庫存周轉率之外，DSO 的周轉期也達到了 43 天，而應付賬款周轉期則下降至 54 天。

Slide nine.

幻燈片九。

Customers continued to move their production to the lowest cost locations, and as a result Asia and Central Europe have been growing rapidly.

客戶繼續將生產轉移到成本最低的地點，因此亞洲和中歐一直在快速增長。

Slide 10.

幻燈片 10。

For the current quarter Sony Ericsson represented approximately 12 percent of revenues, and Hewlett-Packard represented approximately 11 percent of revenues.

本季度索尼愛立信約佔收入的 12%，惠普約佔收入的 11%。

Our top 10 customers accounted for approximately 61 percent of revenues in the quarter .

我們的十大客戶約佔本季度收入的 61%。

Slide 11.

幻燈片 11。

In discussing the results for the quarter let me first talk about end markets which everyone asks about, and then discuss the restructuring activities.

在討論本季度的業績時，我首先談談大家都關心的終端市場，然後討論重組活動。

I will then comment on our prospects going forward.

然後我將評論我們的未來前景。

As I indicated earlier in this call and as we’ve been [suggesting] in previous conference calls the end markets have clearly stabilized.

正如我早些時候在本次電話會議中指出的以及我們在之前的電話會議中[建議]的那樣，終端市場已經明顯穩定。

The June quarter was almost identical to the March quarter with the exception of interest expense, and to us that is what we mean by stable.

除了利息費用外，六月季度與三月季度幾乎相同，對我們來說，這就是我們所說的穩定。

The quarter was predictable and came in right where we expected.

該季度是可預測的，並且符合我們的預期。

Clearly we believe the downturn is behind us.

顯然，我們相信經濟低迷已經過去。

Now the question for all of us is if there is an upturn underway, or whether this is still to come?

現在我們所有人面臨的問題是，經濟復甦是否正在發生，或者是否還會到來？

Our view is that demand is slightly improving but not in a big way.

我們的觀點是，需求略有改善，但幅度不大。

Restructuring activities and cost reductions are continuing, and there is still pressure on margins.

重組活動和成本削減仍在繼續，利潤率仍然面臨壓力。

But there are many new products being developed, and customers are focused on their markets improving in coming quarters.

但有許多新產品正在開發中，客戶也關注未來幾個季度市場的改善。

You may have read ‘The Wall Street Journal’ article earlier this week, which highlighted improving cash flow out in the European telecom carriers.

您可能已經閱讀了本週早些時候《華爾街日報》的文章，其中強調了歐洲電信運營商現金流出的改善。

We believe this will translate into increased spending on telecom infrastructure which will benefit the entire technology industry.

我們相信這將轉化為電信基礎設施支出的增加，從而使整個科技行業受益。

But while the impact is not immediate and we don’t anticipate any change to the up side in our own numbers we do believe that in the next few quarters we will begin to see some customers increasing their demand.

但是，雖然影響不是立竿見影的，而且我們預計我們自己的數據不會出現任何上升的變化，但我們確實相信，在接下來的幾個季度中，我們將開始看到一些客戶的需求增加。

As we have discussed in previous conference calls we continue to believe that our business will return to more normal operating characteristics with improved margins over the next two to four quarters.

正如我們在之前的電話會議中所討論的那樣，我們仍然相信，我們的業務將在未來兩到四個季度恢復到更正常的運營特徵，並提高利潤率。

The EMS industry continues to be restructured and we believe that will work its way to conclusion in this timeframe.

EMS 行業繼續進行重組，我們相信這將在這段時間內完成。

Slide 12.

幻燈片 12。

This brings to our own restructuring activities which fall into a couple of categories.

這導致我們自己的重組活動分為幾類。

By far the largest portion is related to Multek.

到目前為止，最大的一部分與 Multek 有關。

As we’ve clearly indicated previously, we have been committed to getting Multek to breakeven before yearend, and with that in mind we decided to close the U.S. and Mexico Facilities as those capabilities exist in Germany and China, respectively.

正如我們之前明確指出的那樣，我們一直致力於讓 Multek 在年底前實現收支平衡，考慮到這一點，我們決定關閉美國和墨西哥工廠，因為這些能力分別存在於德國和中國。

As a consequence of the poor condition of this industry in which most suppliers are losing money we also were required by generally accepted accounting principles to record a charge for the impairment of the long lived assets in our remaining Multek operations.

由於該行業狀況不佳，大多數供應商都在虧損，因此根據公認的會計原則，我們還需要記錄我們剩餘的 Multek 業務中的長期資產減值費用。

During the June quarter we recognized a total after-tax restructuring charge of $230m for Multek.

在六月季度，我們確認 Multek 的稅後重組費用總額為 2.3 億美元。

While the restructuring charge is large it is important to note the underlying statistics and the resulting impact on Multek’s operations.

雖然重組費用很大，但重要的是要注意基本統計數據以及由此對 Multek 運營產生的影響。

We are reducing Multek’s global headcount by approximately 500, or only about 10 percent of the total employee base.

我們將 Multek 的全球員工人數減少約 500 人，僅佔員工總數的 10% 左右。

In addition, Multek’s revenues will be reduced by about seven percent, while total available capacity is being reduced by about 15 percent.

此外，Multek 的收入將減少約 7%，而總可用產能將減少約 15%。

With this major restructuring underway there’s a lot of good news here.

隨著這次重大重組的進行，有很多好消息。

Our equipment and facilities now consist of a small operation in Brazil, one of the few remaining world class high end facilities in Germany, and five facilities in China.

我們的設備和設施現在包括巴西的一個小型工廠、德國僅存的少數世界級高端設施之一以及中國的五個設施。

This leaves Multek with about 70 percent of the global capacity in China with very advanced capabilities for that region of the world.

這使得 Multek 在中國擁有全球約 70% 的產能，為世界該地區提供非常先進的能力。

We believe this is an enviable footprint.

我們相信這是一個令人羨慕的足跡。

We have recently won some very good new business in Germany, and expect to be nearly [full] in China by the end of this year.

我們最近在德國贏得了一些非常好的新業務，預計到今年年底我們在中國的業務將接近[滿]。

With our own demand from ODM products and with the stable base of customers using these facilities we can now operate at approximately breakeven.

憑藉我們對 ODM 產品的需求以及使用這些設施的穩定客戶群，我們現在可以實現大致盈虧平衡的運營。

The second part of the restructuring charge we recognized is an after-tax impairment charge of $45.8m for [non-printed] circuit board related assets.

我們確認的重組費用的第二部分是[非印刷]電路板相關資產的稅後減值費用 4580 萬美元。

All of this charge is non-cash as it relates mostly to buildings that we will be selling for less than their net book values.

所有這些費用都是非現金的，因為它主要與我們將以低於賬面淨值的價格出售的建築物有關。

I would like to point out that we have many buildings on our books at below fair market value, particularly in our very valuable industrial parks which are not written up according to accounting rules.

我想指出的是，我們的賬面上有許多建築物的價格低於公平市場價值，特別是在我們非常有價值的工業園區，這些建築物沒有根據會計規則進行記錄。

And lastly, we recorded an after-tax restructuring charge of $17.7m for the consolidation of facilities that could have remained open as most of them were generating positive cash flows, but we decided there were more economies of scale and better earnings leverage in combining certain operations.

最後，我們記錄了 1770 萬美元的稅後重組費用，用於整合設施，這些設施本來可以保持開放，因為大多數設施都產生正現金流，但我們認為，將某些設施合併起來可以產生更大的規模經濟和更好的盈利槓桿。操作。

We expect to do a little more of this during the remainder of this fiscal year.

我們預計在本財年剩餘時間裡會做更多這樣的事情。

I want to highlight that these restructuring charges were not taken as the results of closing money losing operations or deteriorating business conditions.

我想強調的是，這些重組費用並未被視為關閉虧損業務或經營狀況惡化的結果。

These restructuring charges are a result of strategic decisions to optimize the operating efficiencies provided by our global footprint to reduce the overall risk profile of the company, and to provide for additional margin up sides in the future.

這些重組費用是戰略決策的結果，旨在優化我們的全球業務所提供的運營效率，以降低公司的整體風險狀況，並在未來提供額外的利潤增長。

To summarize, we recognize that total after-tax restructuring charge in the June quarter of $293m, of which only approximately $21m is cash.

總而言之，我們認識到 6 月份季度的稅後重組費用總額為 2.93 億美元，其中只有約 2100 萬美元是現金。

Of the total restructuring charge recognized in June $230m relates to Multek.

6 月份確認的重組費用總額中有 2.3 億美元與 Multek 相關。

Because the accounting rules have changed with regard to the timing of recognizing restructuring charges and because we will do some final optimizing with facilities we expect to recognize additional charges over the next three quarters that total approximately $85m.

由於會計規則在確認重組費用的時間方面發生了變化，並且由於我們將對設施進行一些最終優化，因此我們預計將在未來三個季度確認總計約 8500 萬美元的額外費用。

In addition to the $293m restructuring charge we also recognize $8.7m of after-tax unusual charges associated with the early retirement of the $150m in debt.

除了 2.93 億美元的重組費用外，我們還確認了與提前償還 1.5 億美元債務相關的 870 萬美元的稅後異常費用。

Slide 13.

幻燈片 13。

Now let me talk about our ODM activities, which along with the restructuring should lead us to significant improvement in future periods.

現在讓我談談我們的 ODM 活動，這些活動與重組一起應該會讓我們在未來的時期取得顯著的進步。

During the September quarter we will deliver our first cell phones on an ODM basis in both GSM and PDMA versions.

在九月季度，我們將以 ODM 方式交付第一批 GSM 和 PDMA 版本的手機。

We are having quite some success in this arena.

我們在這個領域取得了相當大的成功。

Customers and suppliers like what we are doing and are committing to long-term relationships.

客戶和供應商喜歡我們所做的事情，並致力於建立長期合作關係。

During this quarter we hope to provide more detail about these activities.

在本季度，我們希望提供有關這些活動的更多詳細信息。

When we host our Annual Analysts Meeting in the Fall we will show many of the products we are working on, some of which fall into other product categories besides handheld.

當我們在秋季舉辦年度分析師會議時，我們將展示我們正在開發的許多產品，其中一些產品屬於手持設備之外的其他產品類別。

While we are still in investing mode we believe that the types of revenue and profits in this business that we have previously talked about are very possible.

雖然我們仍處於投資模式，但我們相信我們之前討論過的這項業務的收入和利潤類型是很有可能的。

We believe that this business should be profitable by the end of this year, and can make meaningful contributions to our performance next fiscal year.

我們相信這項業務應該會在今年年底之前實現盈利，並且可以為我們下一財年的業績做出有意義的貢獻。

Slide 14.

幻燈片 14。

In March Goldman Sachs and [REIT] [ph] business information published a global survey of OEMs that ranked Flextronics the ‘number one EMS company in customer satisfaction.’ Then in June we were elected Microsoft’s ‘vendor of the year.’ We are extremely proud of this, but it is also extremely important.

3 月份，高盛和 [REIT] [ph] 商業信息發布了一項針對 OEM 的全球調查，將 Flextronics 評為“客戶滿意度排名第一的 EMS 公司”。然後在 6 月份，我們被選為 Microsoft 的“年度供應商”。對此感到自豪，但也極其重要。

Customer satisfaction is the lifeblood of any service industry.

客戶滿意度是任何服務行業的命脈。

Notwithstanding the difficult recent industry dynamics we are extremely proud that Flextronics’ employees continue to provide customers with the highest quality of service in the EMS industry.

儘管最近的行業動態困難重重，但偉創力的員工繼續為客戶提供 EMS 行業最高質量的服務，對此我們感到非常自豪。

Slide 15.

幻燈片 15。

Now let me say a few words about our outlook going forward.

現在讓我談談我們的未來展望。

As I have indicated, our business is stable and we continue to generate cash.

正如我所指出的，我們的業務穩定，並且持續產生現金。

As you know, we continued to invest aggressively over the last several years to expand our portfolio of value added services.

如您所知，我們在過去幾年中繼續積極投資，以擴大我們的增值服務組合。

We are making excellent progress in a number of very important initiatives, and we expect to see results from these efforts this fiscal year.

我們在許多非常重要的舉措中取得了巨大進展，我們期望在本財年看到這些努力的成果。

Our company is in fine financial shape, and is well respected in the industry and by our customer base.

我公司財務狀況良好，深受業界和客戶群的尊重。

For the next two quarters we believe the range of our estimates in revenue and profits is consistent with previous statements and Street consensus.

對於未來兩個季度，我們認為我們對收入和利潤的估計範圍與之前的聲明和華爾街共識一致。

I would note that many analysts have not adjusted their estimates for the increased interest resulting from the incremental debt we issued last year.

我要指出的是，許多分析師沒有調整他們對我們去年發行的增量債務帶來的利息增加的估計。

We suggest you do so for the remainder of the year which is a reduction in earnings of one cent per share per quarter.

我們建議您在今年剩餘時間內這樣做，即每季度每股收益減少 1 美分。

As a reminder, this is extra interest we are incurring to put some 10-year capital on our balance sheet at historically low interest rates.

提醒一下，這是我們以歷史低利率將一些 10 年期資本存入資產負債表而產生的額外利息。

So our expectation for the September quarter is for revenue of $3.3b to $3.5b which may be a bit higher than the range many of the analysts have, and pro forma earnings of 6 to 8 cents per share.

因此，我們對 9 月份季度的收入預期為 3.3b 至 3.5b 美元，這可能略高於許多分析師的預期範圍，預計每股收益為 6 至 8 美分。

For December reasonable expectations at this point are for revenues of $3.5b to $3.9b, and pro forma earnings of 11 to 15 cents per share.

對於 12 月份，目前的合理預期是收入為 3.5b 至 3.9b 美元，預計每股收益為 11 至 15 美分。

Obviously, it’s a bit wider range as we get farther out, but our pipeline is strong and we don’t see any reason to change expectations at this point.

顯然，隨著我們走得更遠，範圍會更大一些，但我們的渠道很強大，目前我們認為沒有任何理由改變預期。

Of course, while customers are feeling more optimistic about the second half of this year we think caution is still appropriate.

當然，雖然客戶對今年下半年感到更加樂觀，但我們認為謹慎仍然是適當的。

I would also like to address the impact of the charges we have taken in the June quarter and the additional restructuring which is planned for the next two or three quarters.

我還想談談我們在六月份季度收取的費用以及計劃在未來兩三個季度進行的額外重組的影響。

We are essentially eliminating a few additional facilities that are operating at around breakeven.

我們基本上正在取消一些在盈虧平衡附近運營的額外設施。

When we close them we get a charge without an immediate improvement in earnings.

當我們關閉它們時，我們會收到一筆費用，但收入並沒有立即改善。

We do reduce our down side immediately.

我們確實會立即減少我們的不利影響。

On the other hand, if we can transition that business to another facility it does have a positive impact on margins, and in most cases this is what we should be able to do.

另一方面，如果我們能夠將該業務轉移到另一家工廠，它確實會對利潤率產生積極影響，並且在大多數情況下，這是我們應該能夠做到的。

But that, obviously, takes a couple of quarters to implement.

但顯然，這需要幾個季度的時間才能實施。

Our guidance for the next two quarters is for pro forma earnings per share of about what we had last year.

我們對未來兩個季度的預計每股收益與去年的水平相當。

And, as you know, we are committed to getting back to around 20 percent or more of the year-over-year pro forma earnings improvement.

而且，如您所知，我們致力於將預計盈利同比改善恢復到 20% 左右或更多。

We believe that we will achieve those kinds of numbers beginning in the March quarter, and as we move into next fiscal year.

我們相信，從三月份季度開始以及進入下一個財年，我們將實現這些數字。

If our ODM activities pan out as we hope or if there is a more generalized recovery in the end markets we should do even better.

如果我們的 ODM 活動如我們所希望的那樣成功，或者終端市場出現更普遍的複蘇，我們應該做得更好。

Slide 16.

幻燈片 16。

There are real risks of operating in this business that investors should appreciate, and we have laid out some examples here.

投資者應該意識到經營這項業務確實存在風險，我們在這裡列出了一些例子。

Please pay particular attention to this slide in light of current market conditions.

鑑於當前的市場狀況，請特別關注這張幻燈片。

With that, let me turn the conference over to the Operator to poll for questions.

接下來，讓我將會議轉交給操作員來輪詢問題。

Please limit yourself to one question and one follow-up.

請限制自己提出一個問題和一項後續行動。

Thank you. (Caller Instructions.)

謝謝。 （來電者指示。）

Your first question comes from Lou Miscioscia of Lehman Brothers.

你的第一個問題來自雷曼兄弟的盧·米西奧西亞。

Okay, great.

好的，太好了。

Michael, could you go into, I guess, obviously the ODM strategy a little bit more?

Michael，我想您能詳細介紹一下 ODM 策略嗎？

I was out on your web site today, and you have a PDA watch which seemed pretty interesting.

我今天訪問了你們的網站，你們有一款 PDA 手錶，看起來很有趣。

Probably that came from Casio.

可能是卡西歐出品的。

But I see [inaudible] recently acquired a company that’s going to work in the low end server area.

但我看到[聽不清]最近收購了一家將在低端服務器領域開展業務的公司。

And I guess my initial thought is that that might still be a type of product where IP was important to the company.

我想我最初的想法是，這可能仍然是一種知識產權對公司很重要的產品。

But after talking to a couple of OEMs today that might actually be an area that there’s some interest and demand for.

但今天與幾家原始設備製造商交談後，這實際上可能是一個有一些興趣和需求的領域。

So can you just, besides the cell phones, can you just go into some of the areas where you’re doing things?

那麼，除了手機之外，你能不能進入一些你正在做的事情的領域呢？

Yeah, I can, Lou.

是的，我可以，盧。

The PDA watch that you talked about was actually a product that we did in conjunction with Fossil, which is a watch company, and not part of the Casio relationship.

你說的PDA手錶實際上是我們和Fossil合作做的產品，Fossil是一家手錶公司，不屬於卡西歐的關係。

A pretty cool product, also.

也是一個非常酷的產品。

Yeah, this is probably the crux of the matter, I think, for the EMS industry in the longer term.

是的，我認為，從長遠來看，這可能是 EMS 行業問題的癥結所在。

Clearly, we at Flextronics have been talking about this for some time.

顯然，我們偉創力已經討論這個問題有一段時間了。

The – over the 10 years that I’ve been the CEO of this company I mean we have continued to transition our business from a very low value added company up to various additions of services.

在我擔任這家公司首席執行官的 10 年裡，我的意思是，我們不斷將我們的業務從一家附加值非常低的公司轉型為提供各種附加服務。

Which I think everybody knows about.

我想每個人都知道這一點。

I don’t need to recount them here.

我不需要在這裡重述它們。

But in the last couple of years, you know, we’ve added the Logistics business and design services.

但在過去的幾年裡，你知道，我們增加了物流業務和設計服務。

To me it’s exceptionally clear that the future of our business and our industry is going to be design related.

對我來說，非常明顯的是，我們業務和行業的未來將與設計相關。

It’s – the reason for it is, you know, we’re going through this huge restructuring of the industry.

原因是，你知道，我們正在經歷這個巨大的行業重組。

A very painful process.

一個非常痛苦的過程。

And I’ve looked at all of our competitors, everybody is taking charges, you know, more or less every quarter.

我觀察了我們所有的競爭對手，每個季度每個人或多或少都在承擔費用。

And I do believe we’re near the end of this for the whole industry, not just for Flextronics.

我確實相信，對於整個行業，而不僅僅是偉創力來說，我們已經接近這個終點了。

The next few quarters, you know, that ends.

接下來的幾個季度，你知道，一切都會結束。

And what you have at the end of that time is an industry that’s been restructured to where virtually all of the high volume electronics products in the world will be manufactured in low cost locations.

到那時，你所擁有的是一個已經重組的行業，世界上幾乎所有大批量電子產品都將在低成本地區製造。

So you’ve had margins under pressure, and prices – sorry, and manufacturing that’s moved into the low cost areas.

因此，你的利潤率和價格都面臨壓力——抱歉，製造業已經轉移到低成本地區。

When that’s over there’s no place left to lower costs for customers.

當這一切結束後，就沒有地方可以為客戶降低成本了。

You can’t lower costs any more from a margin perspective.

從利潤角度來看，你無法再降低成本。

I think everybody understands that the margins are going to have to go up in our industry.

我想每個人都明白我們行業的利潤率必須提高。

And you can’t lower costs any more by moving products to low cost countries because we’ll already be there.

而且你不能再通過將產品轉移到低成本國家來降低成本，因為我們已經在那裡了。

Which leaves, besides the Logistics arena, it really only leaves design as an areas where we can really implement cost savings.

除了物流領域之外，實際上只剩下設計作為我們可以真正實現成本節約的領域。

And that’s what’s driving everybody to this place.

這就是驅使每個人來到這個地方的原因。

And so what I believe, I think that [SCI’s] [ph] acquisition makes perfect sense to me.

因此，我相信，我認為收購 [SCI] [ph] 對我來說非常有意義。

I mean it’s in an area where they have a huge amount of their business, just like our original ODM, our initial ODM activities were in the handheld area where we’re particularly strong.

我的意思是，這是他們擁有大量業務的領域，就像我們最初的 ODM 一樣，我們最初的 ODM 活動是在我們特別強大的手持設備領域。

And I think that five years from today we’re going to look back on this period of time and go ‘that was completely obvious.’

我認為五年後的今天，當我們回顧這段時期時，我們會說“這是完全顯而易見的”。

So if you look at SCI’s server move, I mean I think that all, virtually every segment of the industries in which we operate, the low ends are beginning to move towards an ODM model.

因此，如果你看看 SCI 的服務器遷移，我的意思是，我認為我們所經營的行業的幾乎所有細分市場、低端產品都開始轉向 ODM 模式。

And the rate at which this happens, and the rate at which ODM activities move-up into more complicated product that’s a little bit more open to interpretation.

以及這種情況發生的速度，以及 ODM 活動升級為更複雜的產品的速度，這些產品更容易解釋。

I mean we have our own view of that, and I’m sure SCI and our other competitors have their own views of that.

我的意思是我們對此有自己的看法，我相信 SCI 和我們的其他競爭對手對此也有自己的看法。

But I think that it’s perfectly obvious.

但我認為這是非常明顯的。

And so we view, in final answer to your question, we view that over the next five years there will be no products that we manufacture that we don’t touch from a design standpoint.

因此，我們認為，在對你的問題的最終回答中，我們認為在未來五年內，從設計的角度來看，我們生產的任何產品都將是我們不接觸的。

And some of those will be pure, we design everything, and some of them will be products we jointly design, and some of them will be products where we do subsets of the product and our customer takes the primary responsibility.

其中一些將是純粹的，我們設計一切，其中一些將是我們共同設計的產品，其中一些將是我們做產品子集並且我們的客戶承擔主要責任的產品。

And if I’m right about that none of the EMS companies will be successful if they don’t move down the same path, and that’s what I think will happen.

如果我的觀點是對的，如果 EMS 公司不走同樣的道路，那麼它們就不會成功，而這就是我認為將會發生的事情。

Okay, great.

好的，太好了。

One quick follow-up, if you can, I guess, look at through the next two quarters for which you gave revenue guidance can you break-down how much of that is just, I guess, business re-ramping up with cell phones, [ex boxing to printers], and how much is, I guess, is new wins?

我想，如果您可以快速跟進一下您給出的收入指導的未來兩個季度，您能否詳細說明其中有多少只是，我想，手機業務的重新增長， [從拳擊到打印機]，我猜，新的勝利是多少？

And then, also, can you also throw-out how the pipeline looks for new wins as I guess we look out to the next calendar year?

然後，你能否也拋棄管道如何尋找新的勝利，因為我想我們期待下一個日曆年？

Yeah, sure.

好，當然。

Actually, it’s – you know, the revenue forecasts are fairly similar to what we did last year.

事實上，你知道，收入預測與我們去年的預測非常相似。

And that is a mix as you can imagine between new product coming on.

這是你可以想像的新產品之間的混合。

And actually, we’ve added quite a few customers.

事實上，我們已經增加了相當多的客戶。

Let’s come back to that in a second.

讓我們稍後再回到這一點。

But you also have it offset by, you know, pretty quickly dropping revenues in a number of areas, which are not, you know, not business deterioration just cost reduction.

但你知道，許多領域的收入迅速下降，這也抵消了它的影響，你知道，這不是業務惡化，只是成本降低。

And so if you look at what’s happening to the end pricing of cell phones, for example, you know this year’s cell phones cost less than last year’s cell phones.

例如，如果你看看手機的最終定價發生了什麼，你就會知道今年的手機價格低於去年的手機。

And so, you know, you have to make-up that revenue, some of which is being done by volume from those customers but most of which is actually being brought in by new customers.

因此，你知道，你必須彌補這些收入，其中一些是通過這些客戶的數量來完成的，但其中大部分實際上是由新客戶帶來的。

You know, XBox, you know, the same thing.

你知道，XBox，你知道，同樣的事情。

You know, the costs are dropping.

你知道，成本正在下降。

And so XBox, I think, it’s a very public company.

所以我認為 Xbox 是一家非常公開的公司。

We’re thrilled with our relationship.

我們對我們的關係感到非常興奮。

You know, they gave us the ‘Vendor of the Year Award,’ and all of that’s going great.

你知道，他們給了我們“年度供應商獎”，所有這一切都進展順利。

But clearly, the cost basis of those products has dropped quite a bit in the last year, even though their unit volume is going up, and it’s actually being quite a successful product.

但顯然，這些產品的成本基礎在去年已經下降了很多，儘管它們的單位數量在增加，而且它實際上是一個相當成功的產品。

And so what you see is relatively flat revenue year-over-year but that’s being made-up by increased business from a number of customers.

因此，您看到的收入同比相對持平，但這是由許多客戶的業務增長所彌補的。

I thought about going through some customer stuff this call, and decided not to.

我想在這次通話中處理一些客戶的事情，但決定不這樣做。

I think what I’ll do is give you some more discussion around customers at the mid-quarter call.

我想我要做的是在季度中期電話會議上就客戶進行更多討論。

The reason is that, you know, we’ve added eight or 10 really nice new customers.

原因是，你知道，我們增加了八到十個非常好的新客戶。

And, you know, relationships that we think will be meaningful over time.

而且，你知道，我們認為隨著時間的推移，這種關係將變得有意義。

But a lot of these programs are, you know, $10m, $20m, $40m to get started.

但很多項目的啟動成本為 1000 萬美元、2000 萬美元、4000 萬美元。

And I didn’t really want to hype all that stuff because, you know, a lot of times I read about, you know, how many new customers there are.

我真的不想炒作所有這些東西，因為，你知道，我很多次讀到，你知道，有多少新客戶。

And I don’t want to make a big deal about that.

我不想對此小題大做。

I do want to say, though, that, you know, you can see our revenues going up.

不過，我確實想說，你知道，你可以看到我們的收入在增加。

And I actually think our revenues in the September quarter will be a little bit more than we had previously indicated.

事實上，我認為我們在九月季度的收入將比我們之前表示的要多一點。

And we’re obviously doing a good job winning customers to make that happen.

顯然，我們在贏得客戶方面做得很好，以實現這一目標。

There’s also, what I didn’t say in the script, there’s also, you know, a number of fairly big projects we’re working on.

還有，我在劇本中沒有說的，還有，你知道，我們正在做一些相當大的項目。

You know, $500m to $1b.

你知道，5 億美元到 10 億美元。

And, you know, we won’t win them all, but we’ll probably win some.

而且，你知道，我們不會贏得全部，但我們可能會贏得一些。

I mean they are complicated transactions.

我的意思是它們是複雜的交易。

There’s still lots of companies out there that have factories.

仍然有很多公司擁有工廠。

Look at all of the restructuring we’re going through, and the other EMS companies, you know, our OEM and customers still have a lot of factories they wish they didn’t have.

看看我們正在經歷的所有重組，以及其他 EMS 公司，你知道，我們的 OEM 和客戶仍然擁有很多他們希望沒有的工廠。

And there continues to be a lot of discussions about how we can help our customers in that arena.

關於我們如何在該領域為客戶提供幫助的討論仍在繼續。

So I think you’ll see at least one meaningful transaction in the next couple of quarters from us.

因此，我認為您將在接下來的幾個季度中看到我們至少完成一項有意義的交易。

And I think the pipeline is quite healthy.

我認為管道非常健康。

Okay, great.

好的，太好了。

Thank you.

謝謝。

You bet.

你打賭。

Your next question comes from [Alex Blanton] [ph] of [Ingalls and Schneider] [ph].

您的下一個問題來自 [Ingalls 和 Schneider] [ph] 的 [Alex Blanton] [ph]。

Hi, Michael.

嗨，邁克爾。

Hi, Alex.

嗨，亞歷克斯。

Could you break-down that – I think you mentioned $232m …

你能詳細解釋一下嗎——我想你提到了 2.32 億美元……

Yeah, Multek was about $230m.

是的，Multek 的價值約為 2.3 億美元。

It was $230m?

是2.3億美元？

You said $232m.

你說的是 2.32 億美元。

And how does that break-down – what was the goodwill part?

那麼如何分解——商譽部分是什麼？

Actually, none of it was goodwill.

事實上，這一切都不是善意的。

There was an asset impairment charge.

存在資產減值支出。

Asset impairment, okay.

資產減值，好吧。

Right.

正確的。

And what that is is taking the value, you know, the value of the assets which are primarily real estate and equipment and writing those down to a market value.

這就是獲取主要是房地產和設備的資產的價值，並將其減記為市場價值。

And the accounting issue here is that if you have a – it’s actually required by GAAP.

這裡的會計問題是，如果你有——它實際上是公認會計原則所要求的。

And what it basically says is that if you cannot generate a profit in the foreseeable future on the asset values you have to write-down the value of those assets, which is really what we did.

它基本上說的是，如果你無法在可預見的未來通過資產價值產生利潤，你就必須減記這些資產的價值，這正是我們所做的。

It’s a non-cash charge.

這是非現金費用。

And what the impact has there is it reduces depreciation and it reduces losses.

其影響是減少折舊並減少損失。

So that’s really what happens here.

這就是這裡發生的事情。

You have a lower asset base.

您的資產基礎較低。

Now your depreciation is less.

現在你的折舊減少了。

And instead of having a loss then, you know, I mean that goes into income.

你知道，我的意思是，這不會帶來損失，而是會轉化為收入。

The end result is really no change in cash flow from that.

最終的結果是現金流量實際上沒有變化。

But these were plants that were closed, right?

但這些工廠都關閉了，對嗎？

No, no, no.

不不不。

This is two things.

這是兩件事。

And so we closed two factories.

所以我們關閉了兩家工廠。

We closed one in the United States and one in Mexico.

我們關閉了美國的一家和墨西哥的一家。

And so those are completely gone, and they’re severed.

所以這些都完全消失了，並且被切斷了。

The reason that this is such a low cash charge is that the majority of the impairment was in Germany, Brazil, and China.

現金費用如此之低的原因是大部分減值發生在德國、巴西和中國。

Oh, okay.

哦好的。

And so it was …

原來是這樣……

And in the go forward operations, and that’s why we wind-up now at approximately a breakeven situation.

在未來的運營中，這就是為什麼我們現在大約處於收支平衡的情況。

All right.

好的。

And so, what was the U.S. Plant?

那麼，美國工廠是什麼？

Irvine?

歐文？

No, it was Roseville.

不，是羅斯維爾。

Irvine was closed a few quarters ago.

爾灣幾個季度前關閉。

I’m losing track here!

我在這裡迷失了方向！

Yeah!

是的！

Roseville and Mexico.

羅斯維爾和墨西哥。

And that was part of the charge?

那是費用的一部分嗎？

You’re taking a loss on that, right?

你在這方面吃虧了，對嗎？

That’s correct.

這是正確的。

And then you had an impairment charge on the rest?

然後你對其餘部分進行了減值準備？

That’s correct.

這是正確的。

And have you broken that down between how much was the impairment and how much was the other?

您是否已將其細分為損害程度和其他損害程度？

No, but the – you know, a lot of it is the impairment charge.

不，但是——你知道，其中很大一部分是減值費用。

You can see that the charge is $230m and [tax] on that was less than $20m.

您可以看到費用為 2.3 億美元，而[稅費] 不到 2000 萬美元。

Okay.

好的。

There was a lot of impairment here.

這裡有很多損傷。

Okay.

好的。

And secondly, and you bring up the point of depreciation going down.

其次，你提出了折舊下降的點。

Capex was $50m – I mean depreciation was $50m more than capex during the quarter, 82 versus 32.

資本支出為 5000 萬美元——我的意思是本季度的折舊比資本支出多了 5000 萬美元，分別為 82 比 32。

And last time you talked to us in the mid-quarter call you related that to future improvements in pricing.

上次您在季度中期的電話會議上與我們交談時，您將其與未來定價的改進聯繫起來。

You said …

你說 …

[Profit.]

[利潤。]

And prices first, and then in profit by saying that as you take equipment out of production your depreciation drops, that adds to profit.

首先是價格，然後是利潤，因為當你停止生產設備時，你的折舊會下降，這會增加利潤。

But also, your capacity drops and so your capacity utilization goes up and you’re in a better position to raise prices?

而且，您的產能下降，因此您的產能利用率上升，您更有能力提高價格？

That’s correct, that’s right.

沒錯，就是這樣。

Could you update us on what that looks like right now?

您能否向我們介紹一下目前情況？

I think you said that it might be two to four quarters before general pricing improvement in the industry?

我想您說過行業整體定價可能需要兩到四個季度才會改善？

Yeah.

是的。

I can …

我可以 …

Is that still the case?

現在還是這樣嗎？

Yes, and thanks for correcting me about that, Alex.

是的，謝謝你糾正我的錯誤，亞歷克斯。

You’re exactly right.

你是完全正確的。

And so two different issues.

這是兩個不同的問題。

When I interrupted there, and excuse me for that, about the profits.

當我在那裡打斷時，請原諒我談到利潤。

There’s something I want to point out.

有件事我想指出。

Our capex as a company has been pretty reliable between $30m and $50m per quarter lately.

作為一家公司，我們的資本支出最近在每季度 3000 萬美元到 5000 萬美元之間相當可靠。

And it’s actually been going down.

事實上它一直在下降。

You see the $32m this quarter.

您會看到本季度的收入為 3200 萬美元。

We have that very much under control, which is really a good thing.

我們已經完全控制住了，這確實是一件好事。

The difference between capex and depreciation, you know, which as you correctly point out is around $50m, if we continue to play this out quarter-over-quarter and we continue to spend $30m in capex and depreciate $80m, you know, little by little that depreciation will [asentonically] [ph] arrive at $30m.

你知道，資本支出和折舊之間的差異約為 5000 萬美元，如果我們繼續按季度進行計算，我們繼續在資本支出上花費 3000 萬美元，並折舊 8000 萬美元，你知道，漸漸地，折舊將[自動][ph]達到3000萬美元。

Right.

正確的。

And then you get, you know, quite a bit of additional earnings power.

然後你就會獲得相當多的額外盈利能力。

The second issue is what – I think you’re exactly right – our, and of course, we chose to close a few more factories this quarter, you know, on the assembly side.

第二個問題是——我認為你是完全正確的——我們的，當然，我們選擇在本季度關閉更多工廠，你知道，在裝配方面。

And we’ve indicated we’ll close a few more, but not much more.

我們已經表示我們將關閉更多一些，但不會更多。

And part of the reason we’re doing that, if you’ll recall when I talked about it at mid-quarter and I can update you on that, part of what we are doing here is if we have a facility that’s operating at breakeven, and it’s got five [surface mount lines] and we’re more or less out of equipment, which I indicated continues to be the case.

我們這樣做的部分原因是，如果您還記得我在季度中期談論過這件事，我可以向您介紹最新情況，我們在這裡所做的部分原因是我們是否擁有一家以盈虧平衡運營的工廠，它有五個[表面貼裝線]，我們或多或少沒有設備，我表示情況仍然如此。

Now you get two gains by closing that facility.

現在，關閉該設施可以帶來兩個好處。

You obviously have a negative impact of the charge, which we’re all getting tired of, and I am sure you guys are, we certainly are.

顯然，這項指控對你產生了負面影響，我們都已經厭倦了，我相信你們，我們當然也厭倦了。

But we have that on the negative side, and on the positive side you get two gains.

但我們有消極的一面，而積極的一面你會得到兩個好處。

One is you can transfer this business to another factory where you have better utilization, and the exact same business, priced the exact same way, gives you better margins.

一是你可以將此業務轉移到另一家工廠，在那裡你有更好的利用率，並且完全相同的業務，以完全相同的方式定價，可以為你帶來更好的利潤。

And so these things that we’re doing now will have an impact in the next fiscal year.

因此，我們現在正在做的這些事情將在下一財年產生影響。

But the other benefit you get is that you take those surface mount lines now to where you maybe had surface mount lines in the factory, move the products till they’re running at 60 percent.

但您獲得的另一個好處是，您現在可以將這些表面貼裝生產線帶到工廠中可能有表面貼裝生產線的地方，移動產品直到它們以 60% 的速度運行。

And so you don’t need any more lines in those places to do the same business.

因此，您不需要在這些地方設置更多的線路來完成相同的業務。

We free-up that equipment to move it into places where we’re going.

我們釋放該設備，將其移動到我們要去的地方。

But typically, those lines are coming out of factories, you know, that we’re closing in the higher cost locations, and going into Eastern Europe or into Asia where things are really booming.

但通常情況下，這些生產線是從工廠出來的，你知道，我們正在關閉成本較高的地區，然後進入東歐或亞洲，那裡的東西正在蓬勃發展。

And so, that gives us an opportunity to grow our revenue base without spending any capex, so that’s a second benefit.

因此，這使我們有機會在不花費任何資本支出的情況下擴大我們的收入基礎，這是第二個好處。

The third benefit is the one that you indicated too, which is that our facilities, you know, are becoming more utilized from a capacity standpoint we are more willing, I should say to only do the business at higher prices.

第三個好處也是您所指出的，那就是我們的設施，您知道，從容量的角度來看，我們的設施利用率越來越高，我應該說，我們更願意以更高的價格開展業務。

The ability to raise prices is more of an industry of that.

提高價格的能力更多的是一個行業。

I mean you have, you know, not very good capacity utilization still in some of our competitors who are offering very low prices.

我的意思是，你知道，我們的一些提供非常低價格的競爭對手的產能利用率仍然不是很好。

And our factories can be filled and theirs are half filled, and then, you know, pricing is still going to be down.

我們的工廠可以滿員，而他們的工廠只能滿員，然後，你知道，價格仍然會下降。

But it does put us in a position where our utilization is high but we’re not willing to make an investments for new equipment in order to do business at breakeven.

但這確實使我們處於利用率很高的境地，但我們不願意投資新設備以實現盈虧平衡。

There’s no value to it, and so we can cut that out, and we’re doing that.

它沒有任何價值，所以我們可以將其刪除，而且我們正在這樣做。

I mean there’s business opportunities that we just don’t bid on now because there’s no reason to go buy new equipment for it.

我的意思是，有些商機我們現在不競標，因為沒有理由去購買新設備。

And I think that’s fundamentally healthier for us than to chase business at very low margins, and have to go continue to invest in the business.

我認為這對我們來說從根本上來說比以極低的利潤追逐業務並必須繼續投資該業務更健康。

And so I like our position on that with respect to most of the other competitors in the business.

因此，相對於業內大多數其他競爭對手，我喜歡我們在這方面的立場。

So it’s kind of a longwinded answer but I hope I can separate those different issues for you.

所以這是一個冗長的答案，但我希望我能為你區分這些不同的問題。

Thank you.

謝謝。

You bet.

你打賭。

Thank you.

謝謝。

Your next question comes from [Stephen Savas] [ph] of Goldman Sachs.

您的下一個問題來自高盛的 [Stephen Savas] [ph]。

Good afternoon.

下午好。

Hi, Stephen.

嗨，斯蒂芬。

I guess just a clarification, I guess, on the ODM business.

我想這只是對 ODM 業務的澄清。

I think in your prepared remarks you had said that you’d be profitable in the ODM business by yearend.

我認為您在準備好的發言中曾說過，到年底您將在 ODM 業務中實現盈利。

First, is that calendar or fiscal yearend?

首先，這是日曆還是財政年度？

That’s fiscal.

那是財政方面的。

Okay, and that sounds a little bit sooner than what you had been thinking I think after the March quarter where you thought there might be a two cent loss or so per quarter for the first half of calendar ’04.

好吧，這聽起來比你想像的要早一些，我認為在 3 月份的季度之後，你認為 04 年上半年每季度可能會出現 2 美分左右的損失。

Is that improvement just because contracting has been going, you know, quite well and better than you expected?

這種改善只是因為合同進展得很好，而且比你預期的更好嗎？

Are you changing anything on the investment front in the business?

您在業務投資方面有什麼改變嗎？

No, we’re not changing anything on the investment front.

不，我們不會改變投資方面的任何內容。

And, you know, you have your numbers right.

而且，你知道，你的數字是正確的。

You know, it’s costing us $10m or $12m a quarter right now.

你知道，目前我們每個季度的成本為 1000 萬美元或 1200 萬美元。

We, I think, back when I first, I [raised it], we originally expected to spend about $5m a quarter, and now we’re spending a little bit more.

我想，當我第一次[提出這個問題]時，我們最初預計每季度支出約 500 萬美元，現在我們的支出增加了一點。

And that’s because we thought the opportunities were really better than we had hoped they would be.

那是因為我們認為機會確實比我們希望的要好。

And clearly, we’re driving very hard to get the margins up in this company.

顯然，我們正在非常努力地提高這家公司的利潤率。

We think this is a big avenue for it.

我們認為這是一個很大的途徑。

And so you’ve got this figured right, which is that, you know, the business, the margins are turning out to be about what we had hoped that they would be.

所以你的想法是正確的，那就是，你知道，業務、利潤率正在變成我們所希望的那樣。

And the business opportunity is at least as good as we had hoped it would be.

而且商業機會至少和我們希望的一樣好。

You know, I am not – and the guidance we’ve given a number, and we’re not really assuming we’ll be profitable in the March quarter.

你知道，我不是——我們給出了一個數字，但我們並沒有真正假設我們會在三月份的季度實現盈利。

But we do believe that that’s doable.

但我們確實相信這是可行的。

And if that happens then our numbers will be better than we’ve provided in the guidance.

如果發生這種情況，那麼我們的數字將比指南中提供的更好。

And so I think the conservative number is two cents a quarter for the first calendar half of 2004, but our current look is that it’s likely to be better than that.

因此，我認為 2004 年上半年的保守數字是每季度 2 美分，但我們目前的看法是，它可能會比這個數字更好。

Okay, that’s great.

好的，太好了。

I’ll let other people ask questions.

我會讓其他人提問。

Thanks.

謝謝。

You bet.

你打賭。

Thank you, your next question comes from Michael Morris of Citi Group.

謝謝，您的下一個問題來自花旗集團的邁克爾·莫里斯。

Yes, thank you.

是的，謝謝。

Good afternoon.

下午好。

Hi.

你好。

Michael, it’s a somewhat multi-part question about Multek.

Michael，這是一個關於 Multek 的多部分問題。

Now that you have closed the facility in the United States and Mexico have you lost any technology or capabilities that you otherwise possessed had you retained those facilities?

既然您已經關閉了美國和墨西哥的設施，您是否失去了保留這些設施時所擁有的任何技術或能力？

Could you talk a little bit about the capabilities that you have in China, not necessarily prototyping or so forth, but really your average competencies in China?

您能否談談您在中國擁有的能力，不一定是原型設計等，而是您在中國的平均能力？

And I don’t know if you can give us the investor capital base in Multek after the closures?

我不知道您能否向我們提供關閉後 Multek 的投資者資本基礎？

That’s my first question which is actually multi-part.

這是我的第一個問題，實際上是由多個部分組成的。

Okay, sure.

好吧，當然。

Yeah, for the Mexico Facilities for us was a relatively low capability factory.

是的，對於我們來說，墨西哥工廠是一個能力相對較低的工廠。

And there was for sure nothing we could do in Mexico that we can’t do in China.

毫無疑問，沒有什麼是我們在墨西哥能做而在中國不能做的。

We had invested in the Mexico Facility under the assumption which later turned out to be erroneous that customers were going to want to have an outlet for circuit board manufacturing in North America.

我們投資墨西哥工廠的假設是客戶希望在北美擁有電路板製造的出口，後來證明這是錯誤的。

You know, on even sort of the middle-of-the-road technologies.

你知道，甚至是中間技術。

And that turns out just not to be the case.

但事實證明事實並非如此。

You know, Mexico has also changed in that a lot of the volume products that were in Mexico, you know, have now moved to Asia themselves.

你知道，墨西哥也發生了變化，墨西哥的許多批量產品現在已經轉移到亞洲。

And so the demand there is – the demand has gone down.

所以需求是存在的——需求已經下降了。

And it just wasn’t adding to the long-term, and so we didn’t lose anything from a capability standpoint there.

從長遠來看，這並沒有增加任何東西，所以從能力的角度來看，我們並沒有損失任何東西。

And just reduced the facility [to try to fill].

並且只是減少了設施[試圖填補]。

Roseville had capabilities which break-down into three categories.

羅斯維爾的能力分為三類。

One is stuff that we can clearly do in China, and we’re going to.

一是我們在中國顯然可以做的事情，而且我們將會這樣做。

Some of which could clearly be done in Germany, and I’ll come back to Germany in a second, which we plan to do.

其中一些顯然可以在德國完成，我很快就會回到德國，這是我們計劃做的。

The only capability that’s gone away all together is that we were doing some large form factor back planes in Roseville.

唯一一起消失的功能是我們在羅斯維爾製作了一些大型背板。

And we now no longer have that capability.

而我們現在已經不具備這種能力了。

That was only, you know, probably less than $10m a year, and we just felt like that was not important enough to what we were doing to maintain that.

你知道，每年可能還不到 1000 萬美元，我們只是覺得這對於我們為維持這一目標所做的努力來說還不夠重要。

And we still have the equipment in it, and some day if we think the demand is there we’ll install that in one of the other facilities.

我們仍然擁有設備，有一天，如果我們認為有需求，我們會將其安裝在其他設施之一。

But at the moment we just decided to get out of that part of the business.

但目前我們剛剛決定退出這部分業務。

Germany, and I’d like to make this point, you know for those of you who follow other printed circuit board companies, I’ll talk a little bit about Germany and China.

德國，我想強調這一點，對於那些關注其他印刷電路板公司的人來說，我將談談德國和中國。

Our capability, and just remember in China we’ve been operating since about 1990.

我們的能力，請記住，我們從 1990 年左右就開始在中國開展業務。

And we are really, really good in China.

我們在中國真的非常非常好。

And which is part of what’s driven all the stuff.

這是推動所有事情的一部分。

I mean you get to the place where you’re really good in China, and people want to do it there because it’s clearly cheaper.

我的意思是，你到達了中國真正擅長的地方，人們想要在那裡做，因為它顯然更便宜。

And so now we’ve basically driven our business down to one facility in Germany and a number in China.

因此，現在我們基本上已經將業務集中到德國的一家工廠和中國的多家工廠。

Germany is one of only half a dozen factories in the world that can really do very high end, complicated product.

德國是世界上僅有的六家能夠真正生產非常高端、複雜產品的工廠之一。

And we’re only doing things in Germany we cannot do in China.

我們只在德國做在中國做不到的事情。

And truly the stuff we do in Germany cannot be done in China today.

事實上，我們在德國做的事情今天在中國是做不到的。

And that’s, you know, high end server boards for HP, and IBM, and you know, Sun Microsystems boards, and Juniper.

這就是 HP、IBM、Sun Microsystems 和 Juniper 的高端服務器主板。

And you know, really the high end stuff.

你知道，確實是高端產品。

These are, you know, 24, 20 to 34, 36 layer boards that are not just a lot of layers but also real fine geometry’s, and real complex stuff, and all of that.

你知道，這些是 24、20 到 34、36 層板，它們不僅有很多層，而且還有真正的精細幾何形狀、真正複雜的東西，等等。

Germany is still losing a little bit of money for us, and most of that is because of the exchange rate change which was unfortunate.

德國仍然為我們損失了一點錢，其中大部分是由於不幸的匯率變化。

But we, when we got into doing these closures we talked to all of the customers and they really want Germany to exist because [Sanmena] [ph] has got a couple of facilities, [VS Systems] [ph] has one, we have one, and you know, [Merricks] [ph] has one, and then there’s a few Japanese facilities that can really do high end complicated work.

但是，當我們開始進行這些關閉時，我們與所有客戶進行了交談，他們真的希望德國存在，因為 [Sanmena] [ph] 有幾個設施，[VS Systems] [ph] 有一個，我們有一個，你知道，[Merricks] [ph] 有一個，然後有一些日本設施可以真正完成高端複雜的工作。

And that’s part of the reason we’ve got more business in Germany because these customers want to make sure that that capability survives, and we’re real pleased about it.

這就是我們在德國獲得更多業務的部分原因，因為這些客戶希望確保這種能力得以生存，我們對此感到非常高興。

In China we do things from cell phone boards which are very complicated boards but just small form factor up through, you know, a reasonably high layer count, pretty complex stuff.

在中國，我們從手機電路板開始生產，這些電路板非常複雜，但外形尺寸很小，你知道，層數相當高，相當複雜的東西。

It is our belief longer term, and those of you who follow the various end markets, it’s going to take very little demand up side from these high end guys.

我們相信，從長遠來看，對於那些關注各種終端市場的人來說，這些高端產品的需求只會很小。

Cisco, and IBM, and HP, and Sun, and all of these companies before there’s really not going to be enough capacity here.

思科、IBM、惠普、Sun，以及之前所有這些公司，這裡的產能確實不夠。

In the down time a lot of people have moved from this product to China, and we believe that as volume becomes more, as demand goes up that a lot of this product is going to get shifted out of China.

在停工期間，很多人已經從這種產品轉移到中國，我們相信，隨著數量的增加，隨著需求的增加，很多這種產品將被轉移出中國。

And the reason for that is there’s a lot of capacity in China but it’s new capacity, these are hard things to do, they’re much easier to do when you don’t have a lot of volume.

原因是中國有很多產能，但這是新產能，這些都是很難做到的事情，當你沒有大量產能時，它們會更容易做到。

But if you start to run a lot of volume you begin to come into uniformity and consistency that can really bring down an expensive product.

但如果你開始大量生產，你就會開始變得均勻和一致，這確實可以降低昂貴的產品的價格。

So our own belief is that Germany will fill-up, you know, pretty quickly.

所以我們相信德國很快就會填滿。

There’s a little bit of up turn demand there.

那裡的需求有一點上升。

And that we’ll be in quite good shape.

我們會保持良好的狀態。

And so that’s why we didn’t close any more, and that’s why we’re not selling the business, that’s why we like having what we’ve got left.

這就是為什麼我們不再關閉，這就是為什麼我們不出售業務，這就是為什麼我們喜歡擁有剩下的東西。

Great.

偉大的。

Let me just stay on the design thread for my second question, you mentioned that you thought that was the way of the future.

讓我繼續討論第二個問題的設計思路，​​您提到您認為這是未來的方式。

And I think you know we agree with that.

我想你知道我們同意這一點。

One of the regions that is implicated, I think, is India.

我認為，受到牽連的地區之一是印度。

And I was wondering if you could perhaps give us your thoughts on that market as a potential place for you to install some of your design work or design services?

我想知道您是否可以告訴我們您對該市場的看法，作為您安裝一些設計作品或設計服務的潛在場所？

And then I guess, secondarily, if many of your competitors in the North American market also become ODMs or start to offer these kinds of services do you think there’s a risk that that becomes just table stakes for your customers?

其次，我想，如果您在北美市場的許多競爭對手也成為 ODM 或開始提供此類服務，您是否認為這存在成為您客戶的賭注的風險？

And they come to expect it as part of the service, and it gets harder to get paid for that?

他們開始期望將其作為服務的一部分，並且為此獲得報酬變得更加困難？

Yeah, two very good questions.

是的，兩個非常好的問題。

Let me answer that first one first.

讓我先回答第一個。

And so, you know, India is actually an increasing EMS market, which isn’t the question that you asked.

所以，你知道，印度實際上是一個不斷增長的 EMS 市場，這不是你問的問題。

But we’re actually growing our business there, and [inaudible] some of our competitors.

但我們實際上正在那裡發展我們的業務，[聽不清]我們的一些競爭對手。

That seems to be somewhat of an emerging market, finally after the 10 years I’ve been here, and everybody has been talking about it.

這似乎是一個新興市場，我在這里呆了 10 年，終於，每個人都在談論它。

We actually are expanding our operations there somewhat.

事實上，我們正​​在某種程度上擴大我們在那裡的業務。

From a design standpoint we do a little bit of work in India.

從設計的角度來看，我們在印度做了一些工作。

It is not a major site for us today.

對於我們今天來說，它並不是一個主要站點。

It’s – I saw that [inaudible] is opening a site there.

這是 – 我看到 [聽不清] 正在那裡開設一個網站。

I think everybody knows that India is a marketplace that has good, solid, low cost, particularly software engineering.

我想每個人都知道印度是一個良好、穩定、低成本的市場，尤其是軟件工程。

And we’re looking at that market.

我們正在關注這個市場。

As we’re developing our design services we don’t – I don’t have an answer yet to your question.

當我們開發設計服務時，我們還沒有——我還沒有回答你的問題。

I am not dodging it, because we are spending a lot of time right now.

我不會迴避它，因為我們現在花了很多時間。

I am personally spending a lot of time looking at the places.

我個人花了很多時間看這些地方。

Because we have design capabilities and design services today in probably eight countries.

因為我們目前在大約八個國家/地區擁有設計能力和設計服務。

And they have very different characteristics, and very different capabilities.

他們具有非常不同的特徵和非常不同的能力。

And we’re going to try to over time make that, you know, fewer larger centers.

隨著時間的推移，我們將努力減少大型中心的數量。

And in fact, we’re doing it on the manufacturing side.

事實上，我們正​​在製造方面這樣做。

But different cultures have different styles about design, and it’s quite a bit different than it is on the manufacturing side.

但不同的文化有不同的設計風格，與製造方面也有很大不同。

And so I would say today we do not plan a major design thrust into India.

所以我今天想說的是，我們不打算在印度進行重大設計。

We do a lot of software right now in South Africa, which surprised me, is a very stable and relatively low cost location.

我們現在在南非做了很多軟件，令我驚訝的是，南非是一個非常穩定且成本相對較低的地方。

It’s got very good capabilities there, our group.

我們的團隊有非常好的能力。

And so it’s hard to [inaudible] with some stuff in India over time.

因此，隨著時間的推移，在印度很難[聽不清]有些東西。

But that’s not a big thrust at the moment.

但目前這還不是一個大推動力。

In terms of the margins.

就利潤率而言。

I think not, actually.

我認為實際上不是。

In terms of market pressure about design.

就設計的市場壓力而言。

Design services per se, in other words, the amount of dollars that you can charge for an hour of work.

設計服務本身，換句話說，就是你可以為一小時的工作收取的費用。

You know, that already is somewhat of a commodity [inaudible] in the sense that everybody buys their services in dollars per hour.

你知道，這已經在某種程度上成為了一種商品[聽不清]，因為每個人都以每小時美元的價格購買他們的服務。

And so from that standpoint there can be some pressures.

因此從這個角度來看，可能會存在一些壓力。

But on the other hand, one of the reasons we like design, and one of the reasons we’re becoming so aggressive in it is that it’s much more differnenterable.

但另一方面，我們喜歡設計的原因之一，以及我們在設計上變得如此積極的原因之一是，它更具差異性。

I mean, you know, look at end product companies.

我的意思是，你知道，看看最終產品公司。

I mean some companies have great products, and other companies don’t.

我的意思是有些公司擁有出色的產品，而其他公司則沒有。

And that has to do with your process of design.

這與你的設計過程有關。

With, you know, how you think about the products.

你知道，你如何看待產品。

What I think you’re going to find more than all of a sudden this becomes a commodity-like service is that you’ll see over time the EMS companies evolving to providing design services in the areas where they are strong.

我想你會發現，這會突然變成一種類似商品的服務，隨著時間的推移，你會看到 EMS 公司不斷發展，在他們擅長的領域提供設計服務。

And while the tier one EMS companies, they’re all very large companies, there’s still some definition around what we’re all really good at.

雖然一級 EMS 公司都是非常大的公司，但我們真正擅長的領域仍然存在一些定義。

You know, we’re really good at handheld stuff, and everybody knows that.

你知道，我們非常擅長手持設備，這是每個人都知道的。

It’s a big part of our business.

這是我們業務的重要組成部分。

We’ve been in the business a lot.

我們在這個行業已經做了很多。

You know, SCI does a lot of PCs, which we don’t.

你知道，SCI 做很多 PC，而我們不做。

And so, you know, you look at their design move makes sense in the product area that they’re in.

所以，你知道，你看看他們的設計舉措在他們所處的產品領域是有意義的。

In some ways I think it’s going to enable everybody to increase their margins because they’re going to provide more value – we’ll be able to provide more value to the customer, and therefore, get paid for it.

在某些方面，我認為這將使每個人都能增加利潤，因為他們將提供更多價值——我們將能夠為客戶提供更多價值，並因此獲得報酬。

I mean it’s very hard to imagine that any of our competitors would have the same kind of design skills that we have in handheld.

我的意思是，很難想像我們的競爭對手會擁有與我們在手持設備領域相同的設計技能。

We’re already charging ahead in that, and you know, rapidly outpacing from a capability standpoint our Taiwan competitors in handheld.

我們已經在這方面領先，而且你知道，從能力的角度來看，我們在手持設備方面迅速超過了我們的台灣競爭對手。

And it’s hard to imagine that any of our tier one competitors are going to get anywhere near as good as we are in that space.

很難想像我們的任何一級競爭對手都能在這個領域達到與我們一樣好的水平。

And conversely, I think it would be inappropriate to suggest we’re going to be able to match our competitors over time in some of the areas where they really have a lot of experience.

相反，我認為建議我們隨著時間的推移能夠在競爭對手真正擁有豐富經驗的某些領域與他們匹敵是不合適的。

And so, no, I think this is really an opportunity for the whole industry to become more healthy.

所以，不，我認為這確實是整個行業變得更加健康的機會。

Great.

偉大的。

Thanks very much.

非常感謝。

You bet.

你打賭。

thank you.

謝謝。

Your next question comes from [Joseph Wolf] [ph] of Banc of America.

您的下一個問題來自美國銀行的[約瑟夫·沃爾夫][ph]。

Thanks.

謝謝。

Two questions regarding the restructuring.

關於重組的兩個問題。

One is with the shutdown of the facilities in North America did you take any business to Germany and China?

一是北美工廠關閉後，你們有沒有把業務帶到德國和中國？

Or is that business now on the open market for the remaining PCV factories in the United States?

或者，該業務現在是否已在美國剩餘 PCV 工廠的公開市場上開放？

The Mexico operations we did not move, we really didn’t move anything.

墨西哥業務我們沒有移動，我們真的沒有移動任何東西。

Mexico is a low volume, high mix, you know, not very many dollars.

墨西哥是一個低產量、高混合的國家，你知道，美元不多。

I don’t even know the dollars off hand.

我什至不知道現有的美元。

But you know, we’re talking about just $10m or $12m.

但你知道，我們談論的只是 1000 萬美元或 1200 萬美元。

And that business will wind-up somewhere else for sure.

而且這筆生意肯定會在其他地方結束。

The Roseville was also not very big.

羅斯維爾也不是很大。

I think, as I indicated, we’re only taking out about seven percent of our business.

我認為，正如我所指出的，我們只拿走了大約百分之七的業務。

It’s roughly a $300m business.

這大約是一項價值 3 億美元的業務。

And so, you know, $10m or $12m out of Roseville, and about half of that we’ll transfer to our other facilities, and the other half will wind-up in the rest of the merchant market somewhere.

所以，你知道，羅斯維爾的 1000 萬美元或 1200 萬美元，其中大約一半我們將轉移到我們的其他設施，另一半將最終進入商業市場的其他地方。

And then my second question is part of the impairment seems to be a shut-down of facilities that seem to be operating at capacity but you’re making a strategic decision to shift.

然後我的第二個問題是，部分損害似乎是關閉了似乎正在滿負荷運轉的設施，但你正在做出轉移的戰略決策。

Could you run through for us, Michael, your philosophy on whether that kind of restructuring should be a one-time charge?

邁克爾，您能否向我們介紹一下您對於這種重組是否應該一次性收費的理念？

Is this a facility which you didn’t want to have but were stuck with for some historical legacy, and it’s a real one-time write-down?

這是不是您不想擁有但因某些歷史遺產而被困住的設施，而且是真正的一次性減記？

Or are these the kinds of things that are going to happen constantly?

或者這些事情會不斷發生嗎？

Yeah, I think that’s a very good question.

是的，我認為這是一個非常好的問題。

And I know that a lot of – I mean I get asked that question a lot.

我知道很多——我的意思是我經常被問到這個問題。

And, you know, with the restructuring having gone on for three years now I think that there’s a healthy amount of skepticism in the investment community about what this all means.

而且，你知道，隨著重組已經持續了三年，我認為投資界對這一切意味著什麼存在相當程度的懷疑。

And I don’t – and I think that’s a healthy skepticism.

我不這麼認為——而且我認為這是一種健康的懷疑態度。

So let me break it down for you.

那麼讓我為你分解一下。

First of all, you said – we’re not closing any factories of capacity, absolutely not.

首先，你說——我們不會關閉任何產能工廠，絕對不會。

So one of the factories we closed during this period of time was our factory in Switzerland.

所以這段時間我們關閉的工廠之一就是我們在瑞士的工廠。

And you know, the Switzerland factory was a factory that was acquired some years ago by the igroup from Ascom, which was the telecommunications company there, and as was historical in that period of time, you know, companies, all of us were acquiring facilities and taking on that business when everything was onward and upward.

你知道，瑞士工廠是幾年前 igroup 從 Ascom 收購的工廠，Ascom 是那裡的電信公司，正如那段時期的歷史一樣，你知道，公司，我們所有人都在收購設施當一切都在向前發展時，就接手這項業務。

And you know what’s happened to that, good management team, good factory, and all that stuff.

你知道發生了什麼，優秀的管理團隊，優秀的工廠，以及所有這些東西。

It’s been three or four years.

已經三四年了。

You know, it’s been making a little bit of money, and it’s still making a little bit of money.

要知道，它已經賺了一點錢，而且還在賺一點錢。

But so the issue there is that we don’t see how to get more business into Switzerland ever, really.

但問題是，我們真的不知道如何讓更多的業務進入瑞士。

I mean not that we couldn’t continue to drive it, but the major customer there was Ascom, and a lot of their products have become commodity.

我的意思並不是說我們不能繼續推動它，而是那裡的主要客戶是 Ascom，他們的很多產品已經成為商品。

It moved off of the commodity markets, and all of that.

它脫離了大宗商品市場，等等。

And so we looked at that as saying ‘well, we can continue to go along here and, you know, try to break-even, or something, but meanwhile we’ve got [surface mount lines], we’d have to buy in other places.

所以我們認為，‘好吧，我們可以繼續在這裡前進，你知道，嘗試收支平衡，或者其他什麼，但同時我們有[表面貼裝線]，我們必須購買在其他地方。

And so why not transition that business, and all of that.’ Which is what we’ve done, and there are a few more facilities in that category.

那麼為什麼不轉型該業務以及所有這些呢？這就是我們所做的，並且該類別中還有更多設施。

Not many, to be honest with you.

老實說，不多。

I mean, you know, we talk about another $80m or $85m of charges, but about half of that is just the rolling out the way accounting is done, of activities we’ve already taken in the June quarter.

我的意思是，你知道，我們談論了另外 8000 萬美元或 8500 萬美元的費用，但其中大約一半只是我們在 6 月季度已經採取的活動中推出的會計處理方式。

And we just have to run them through the books as those charges take place.

當這些指控發生時，我們只需要把它們過一遍就可以了。

And so it’s a relatively small number for of operations like this.

因此，此類操作的數量相對較少。

And so we had this discussion with our Board, because obviously – and I’m glad you asked this question because I wanted Lester to hear this from me directly.

因此，我們與董事會進行了討論，因為顯然 - 我很高興你問這個問題，因為我希望萊斯特直接從我這裡聽到這個問題。

We could not do that stuff.

我們不能做那種事。

I mean I think, you know, your question is appropriate.

我的意思是，我認為，你知道，你的問題是恰當的。

And you go along, we wouldn’t have those charges, and we would just go along with lower margin.

如果你同意的話，我們就不會收取這些費用，而且我們只會接受較低的利潤。

And then that wouldn’t be horrible.

那樣就不會那麼可怕了。

But neither would it be great.

但這也不會很棒。

And then you run the risk that you’ve got these factories, and all of a sudden the customer with 20 or 30 percent goes out of business or their products get commodity and then you have to move.

然後你就面臨這樣的風險：你擁有這些工廠，突然之間，擁有 20% 或 30% 股份的客戶倒閉了，或者他們的產品變成了商品，然後你就必須搬遷。

And then you’re stuck with losses.

然後你就會陷入虧損。

And we just don’t want to have that anymore.

我們只是不想再這樣了。

In terms of whether these are operating expenses or one-time charges, let me give you my view about that.

至於這些是運營費用還是一次性費用，我來說說我的看法。

To a certain extent, not to be cavalier, it doesn’t matter from the following standpoint.

在某種程度上，不要漫不經心，從以下角度來看，這並不重要。

I mean we’re taking these charges, and so we clearly could decide not to.

我的意思是我們正在接受這些指控，所以我們顯然可以決定不這樣做。

We could have not done it with Multek.

如果使用 Multek，我們可能無法做到這一點。

We could have gone along losing $10 or $15m a quarter, hoping that the market would eventually improve.

我們本可以繼續每個季度虧損 10 或 1500 萬美元，希望市場最終會好轉。

And so we could have probably avoided all of these charges, plus the ones that we expect we’ll take the rest of this year.

因此，我們本來可以避免所有這些費用，加上我們預計今年剩餘時間將收取的費用。

The question you asked is is this – and so we’re all going through this.

你問的問題是這樣的——所以我們都在經歷這個。

And I think when it’s all said and done we’re going to look back and say ‘this is essentially a four year restructuring process for the whole industry.’ And there are two things here that I think are not repeatable, which is the crux of the matter.

我認為當這一切都說完了，我們會回顧並說“這本質上是整個行業的四年重組過程。”這裡有兩件事我認為是不可重複的，這是關鍵的事情。

One is no deal that I’ve seen happen in the last year or 18 months has the open-ended, you know, I’ll take your factory and you give me three years of business, and after that I am on my own.

一個是我在過去一年或 18 個月內看到的任何交易都沒有開放式的，你知道，我會拿走你的工廠，你給我三年的生意，之後我就只能靠自己了。

I mean I haven’t seen anything like that.

我的意思是我還沒有見過這樣的東西。

Now everybody has got religion about this stuff, which is not to suggest that we won’t take on factories in the future, because we will.

現在每個人都對這些東西抱有信仰，這並不是說我們將來不會建造工廠，因為我們會的。

But we will not take on factories that we don’t have cost coverage for the transition expenses, which most of them have.

但我們不會承接那些我們沒有過渡費用成本覆蓋的工廠，而大多數工廠都有過渡費用。

Most of these factories, you know, you have to transition over a three to five-year timeframe.

你知道，大多數這些工廠都必須在三到五年的時間內完成轉型。

And we’re just building in the costs of that so we don’t have to make more charges.

我們只是在增加成本，這樣我們就不必收取更多費用。

So that’s the first thing.

這是第一件事。

The second thing is we’re going to look back on this historically, and I think you can look back on it historically right now, and look at what’s happened to the manufacturing base in the electronics industry in the world.

第二件事是我們要回顧一下歷史，我想你現在可以回顧一下歷史，看看世界電子行業的製造基地發生了什麼。

And this is not just the EMS companies but the OEM companies.

這不僅僅是EMS公司，還有OEM公司。

So you have an $800b industry with tens of thousands of factories all around the globe.

因此，你擁有一個價值 800 億美元的產業，在全球擁有數万家工廠。

And what you’re going to see is that the manufacturing base is moving out of higher – particularly the high volume base, I mean almost entirely the high volume base is moving out of countries where these companies got started and moving into the low cost regions of the world.

你將看到的是，製造基地正在從更高的地區遷出——尤其是高產量基地，我的意思是幾乎所有的高產量基地正在從這些公司起步的國家轉移到低成本地區世界的。

That’s happening because of price pressure, but more importantly it’s happening because it’s easier to do today.

之所以發生這種情況是因為價格壓力，但更重要的是因為現在更容易做到。

You have information transfer, you have, you know, you have the internet.

你有信息傳輸，你知道，你有互聯網。

It’s much easier to communicate around the world than it used to be.

與以前相比，與世界各地的溝通更加容易。

And in some senses, not to be overly philosophical, but in some senses it’s like the textile industry, which over a long period of time transitioned from local factories in countries all around the world to what is clearly a low cost business.

從某種意義上說，不要過於哲學化，但在某種意義上，它就像紡織業一樣，在很長一段時間內從世界各國的當地工廠轉變為顯然是低成本的行業。

That’s what’s going on here, and it’s not going to get repeated.

這就是這裡正在發生的事情，而且不會再重複。

And so let’s take Multek.

讓我們以 Multek 為例。

So now Multek, when Alex Blanton was correct in saying ‘I lose track here.’ I mean I understand that, because we’ve closed three different times, we’ve closed factories in the United States.

所以現在 Multek，當 Alex Blanton 正確地說“我在這裡迷失了方向”時。我的意思是我理解這一點，因為我們已經關閉了三個不同的時間，我們已經關閉了在美國的工廠。

Now we don’t have any more factories – now we don’t have any printed circuit board factories in the United States, and we’re never going to build one again.

現在我們沒有更多的工廠了——現在我們在美國沒有任何印刷電路板工廠，而且我們永遠不會再建一家工廠。

So that’s never going to get repeated.

所以這種情況永遠不會重複。

And then you can say ‘well, is it going to get repeated in other [parts]?’ The only thing in that market we could do now is Germany.

然後你可以說“好吧，這種情況會在其他地區重演嗎？”我們現在在這個市場上唯一能做的就是德國。

And as I’ve indicated, that’s really a high, high capability, high complexity.

正如我所指出的，這確實是一種高、高性能、高複雜性。

And the rest of the stuff is already in low cost areas, and so I just don’t see any more moves there.

其餘的東西已經在低成本地區，所以我看不到那裡有任何更多的動作。

And so our view with Flextronics about this, as painful as it’s been, as painful as it is to announce the charges, as painful as it is to take them, as difficult as it is on the employees and the morale of our company, our position is just take it to the long-term sustainable thing and learn what we’ve learned and don’t make these mistakes again.

因此，我們對 Flextronics 的看法是，儘管宣布這些指控是痛苦的，儘管接受這些指控也是痛苦的，儘管這對我們公司的員工和士氣造成了困難，但我們的士氣也受到了影響。我們的立場就是把它放在長期可持續的事情上，學習我們所學到的東西，不要再犯這些錯誤。

And I think that our – I think the whole industry looks that way.

我認為我們的——我認為整個行業都是這樣的。

And so I think what you’re going to see here is more announcements of charges and stuff from the basic industry through the next two to four quarters, as I’ve said, and then it’s going to drop to the noise level.

因此，正如我所說，我認為在接下來的兩到四個季度裡，您將在這裡看到更多來自基礎行業的收費和內容公告，然後它將降至噪音水平。

And certainly that’s our commitment.

當然，這是我們的承諾。

Thanks.

謝謝。

Thank you.

謝謝。

Your next question comes from Thomas Hopkins of Bear Stearns.

您的下一個問題來自貝爾斯登的托馬斯·霍普金斯。

Yes, good afternoon, Michael.

是的，下午好，邁克爾。

Hi.

你好。

A different kind of take on all of this.

對這一切有不同的看法。

I think what investors are really interested in is how much money, and what’s the earnings power of Flextronics, and what’s the earnings power now of Multek with this reduction in the United States and in Mexico?

我認為投資者真正感興趣的是多少錢，偉創力的盈利能力有多大，隨著美國和墨西哥的降價，Multek 現在的盈利能力有多大？

One of the reasons for buying the stock is that you have may more leverage than the other EMS companies and up turn.

購買股票的原因之一是你可能比其他 EMS 公司擁有更多的槓桿和上升趨勢。

If Multek is being reduced that takes away from the story a little bit, although you still have the plastics and enclosure businesses which have higher operating leverage.

如果 Multek 的規模被減少，那麼故事的內容就有點模糊了，儘管您仍然擁有運營槓桿較高的塑料和外殼業務。

So just in terms of revenues and say operating income what can Multek earn right now?

那麼就收入而言，就營業收入而言，Multek 現在能賺多少錢？

And what could it earn if we had a recovery in 2004 and 2005?

如果我們在 2004 年和 2005 年實現復甦，它能賺到什麼？

Okay, good question.

好吧，好問題。

I can give you some information about that.

我可以給你一些相關信息。

And so, you know, we’ll operate at a loss here in the September quarter because, you know, we still have to transition the stuff and do the other things, and we should be around breakeven in the December quarter.

因此，您知道，我們將在 9 月份季度出現虧損，因為我們仍然需要過渡這些內容並做其他事情，並且我們應該在 12 月份季度實現盈虧平衡。

At today’s pricing which is the real big issue, at today’s pricing we don’t think we’ve impacted the numbers by a lot.

按照今天的定價，這是真正的大問題，按照今天的定價，我們認為我們對數字的影響並不大。

Let me give you just some sort of rough numbers.

讓我給你一些粗略的數字。

We only took capacity out by 15 percent.

我們只削減了 15% 的產能。

And so, you know, we probably, before we did this probably could have earned at today’s pricing $10m to $15m.

所以，你知道，在我們這樣做之前，按照今天的定價，我們可能可以賺到 1000 萬到 1500 萬美元。

And now that’s probably $5m to $10m.

現在這可能是 500 萬到 1000 萬美元。

And it’s not a noticeable difference.

這並不是一個明顯的差異。

The big issue in the circuit board business is when does pricing go up, because you’ve got to remember that the prices we have in our factories today are about half what they were three years ago.

電路板業務的一個大問題是價格何時上漲，因為你必須記住，我們現在工廠的價格大約是三年前的一半。

But, you know, by dollars per square foot.

但是，你知道，按每平方英尺美元計算。

And so the amount of capacity we’ve taken out will not have a meaningful impact on our up side.

因此，我們削減的產能不會對我們的上漲產生有意義的影響。

The biggest impact on up side is when supply and demand in that industry gets rationalized, and you know, there’s no reason we still can’t make $20m or $25m if we ever get a price increase.

對上行的最大影響是當該行業的供需趨於合理化時，而且你知道，如果我們的價格上漲，我們仍然沒有理由不能賺取 2000 萬美元或 2500 萬美元。

But for the moment we’re just trying to get ourselves into really no more down side.

但目前我們只是努力讓自己不再陷入困境。

And I think that’s what we’ve done.

我認為這就是我們所做的。

The other good news is, you know, a $300m ‘ish’ you know for revenues out of our $14b is not a meaningful revenue number.

另一個好消息是，你知道，我們 140 億美元的收入中“大約”3 億美元並不是一個有意義的收入數字。

And, you know, we kind of got tired of talking about that.

而且，你知道，我們有點厭倦談論這個了。

You know, breakeven, it’s not a meaningful number there.

你知道，盈虧平衡並不是一個有意義的數字。

I’m not concerned that we won’t get some up side here because we are going to use it for ODM products.

我不擔心我們不會在這裡獲得一些優勢，因為我們將把它用於 ODM 產品。

It is a strategically valuable asset to us.

它對我們來說是一項具有戰略價值的資產。

The enclosures business for us is many times larger.

我們的機櫃業務要大很多倍。

And you also might remember that we have made a foray into power supplies and we’re going to build-up that area also, which we think has some of the same kind of leverage for us and a big opportunity.

您可能還記得，我們​​已經進軍電源領域，我們也將建設該領域，我們認為這對我們有一些同樣的影響力和巨大的機會。

And so I think this will be fine.

所以我認為這會很好。

I don’t think we’ve had a meaningful reduction in the opportunity to make money going forward.

我認為我們未來賺錢的機會並沒有顯著減少。

Okay, great.

好的，太好了。

And then the follow-up.

然後是後續。

For you to, you know, do some of these numbers and earn some money in the September and really in the December quarter you obviously need to see some good movement or volume in handsets, and we obviously typically see the seasonal up tick in December versus September.

對於你來說，你知道，做一些這些數字並在 9 月份賺一些錢，實際上在 12 月份的季度，你顯然需要看到手機的一些良好的變動或數量，我們顯然通常會看到 12 月份與 12 月份相比的季節性上漲。九月。

With SARS inventories obviously got backed up globally in the handset market, especially at the low end.

受非典影響，全球手機市場的庫存明顯增加，尤其是低端市場。

What are you seeing in terms of orders, in terms of inventories, in terms of what your customers are saying?

從訂單、庫存、客戶的評價來看，您有何看法？

Obviously, August is a blind spot, and then you have to do everything in September, but I mean it’s kind of, you know, with the exposure you have here it’s obviously critical to the next four months.

顯然，八月是一個盲點，然後你必須在九月做所有事情，但我的意思是，你知道，根據你在這裡的曝光度，這顯然對接下來的四個月至關重要。

Yeah, actually, July is a bit of a blind spot, too.

是的，實際上，七月也有一點盲點。

When you have the European customers we do July and August are just a bit of a drag because everybody goes away.

當你有歐洲客戶時，我們的七月和八月只是有點拖累，因為每個人都離開了。

You know, it’s a very stable business for us.

你知道，這對我們來說是一項非常穩定的業務。

We, you know, you’ve seen some pretty dramatic share shifts.

我們，你知道，你已經看到了一些相當戲劇性的份額變化。

I mean every quarter these guys all announce their numbers, and you know, Nokia takes some share, Motorola takes some or loses some, and Sony Ericsson has been dropping and now it’s picked up a little bit, as you see.

我的意思是，每個季度這些公司都會公佈他們的數據，你知道，諾基亞佔據了一些份額，摩托羅拉佔據了一些份額，或者失去了一些份額，而索尼愛立信一直在下降，現在又有所回升，正如你所看到的。

And, you know, we have enough business across enough customers in this category that we're a reasonable proxy for the overall market which is not a rapidly growing market.

而且，您知道，我們在這一類別中擁有足夠多的客戶和足夠的業務，因此我們是整個市場的合理代表，而整個市場並不是一個快速增長的市場。

But it’s a very solid and stable market.

但這是一個非常堅實和穩定的市場。

And so we don’t think that there’s going to be anything meaningful in our numbers one way or the other in terms of what we’re forecasting for the rest of the year.

因此，我們認為，就我們對今年剩餘時間的預測而言，我們的數字不會有任何意義。

I mean it will, maybe – I mean because we don’t have orders for the rest of the year from these guys.

我的意思是，也許會——我的意思是因為我們今年剩餘時間沒有收到這些人的訂單。

And so, you know, maybe that one or the other of our guys will buy more or less, and another one will compensate for it.

所以，你知道，也許我們的一個或另一個人會購買更多或更少的東西，而另一個人會補償它。

But we feel pretty comfortable that this will be, you know, a 400m to 450m unit overall market.

但我們對這將是一個 400m 至 450m 的整體市場感到非常滿意。

And we’ll get our proper share of that, and so pretty stable stuff.

我們將得到適當的份額，以及非常穩定的東西。

Any concern that any of your key customers have too much inventory for this time of the year?

您是否擔心您的主要客戶在一年中的這個時候庫存過多？

Not really.

並不真地。

I really don’t.

我真的不知道。

I mean we, you know, if they have too much we would see it in the near term orders.

我的意思是，你知道，如果他們有太多，我們會在近期訂單中看到它。

I mean because customers if they don’t have long lead-times on the orders, I mean we wouldn’t have the orders for September that we’ve got if they had inventory problems.

我的意思是，因為如果客戶的訂單交貨時間不長，我的意思是，如果他們有庫存問題，我們就不會收到九月份的訂單。

It’s complicated, it’s very difficult for me to give a very good flavor for all of this when I am on a call like this because inventory is one thing but there’s, you know, there’s also product shift.

這很複雜，當我接到這樣的電話時，我很難對這一切做出很好的描述，因為庫存是一回事，但你知道，還有產品轉移。

You know, colors coming rapidly, and so some companies are out of position because their colored stuff isn’t as cheap as it should be, and they have too much inventory of black and white.

你知道，彩色產品來得很快，所以一些公司處於不利地位，因為他們的彩色產品沒有應有的便宜，而且他們有太多的黑白庫存。

Or, you know, there’s some growth in the smart phone marketplace now.

或者，你知道，現在智能手機市場出現了一些增長。

And so it’s just very complicated to break all of that down.

因此，分解所有這些非常複雜。

But if you average it all, from Flextronics’ standpoint which is really all I can comment on, I don’t see any particular risk.

但如果你把這一切平均下來，從偉創力的角度來看，這確實是我所能評論的，我沒有看到任何特別的風險。

Did Siemens add incrementally any revenue in the quarter from that ramp in that new contract?

西門子在本季度是否因新合同的增加而增加了任何收入？

They did.

他們做到了。

Siemens is a bigger customer today than they’ve been in previous quarters and in previous years.

與前幾個季度和前幾年相比，西門子現在是一個更大的客戶。

Okay, thank you.

好的謝謝。

In force.

現行。

Thanks.

謝謝。

Your next question comes from Scott Craig of Morgan Stanley.

你的下一個問題來自摩根士丹利的斯科特·克雷格。

Thanks.

謝謝。

Michael, on the restructuring for a second again.

邁克爾，再次談一下重組。

Sure.

當然。

If Multek came back to breakeven then I can assume roughly that the Multek charge is going to have savings of around $40m, $50m on an annual basis, correct?

如果 Multek 恢復盈虧平衡，那麼我可以粗略地假設 Multek 費用每年將節省約 4000 萬美元、5000 萬美元，對嗎？

That’s correct.

這是正確的。

And then when you look at the other charges can you maybe outline what you think you’ll save on those including the $85m charge that you’re going to realize over the next couple of quarters?

然後，當您查看其他費用時，您是否可以概述一下您認為您會節省哪些費用，包括您將在接下來的幾個季度實現的 8500 萬美元費用？

Yeah, let me try and break it down.

是的，讓我嘗試打破它。

Most of the rest of the charges, you know, there was a small charge which was just related to retiring $150m of debt.

其餘的大部分費用，你知道，有一項小費用只是與償還 1.5 億美元的債務有關。

All of the rest that we took in this quarter were really the writedowns of buildings.

我們在本季度採取的所有其餘措施實際上都是建築物的減記。

And buildings are depreciated over a long period of time and so it doesn’t have much impact.

而且建築物會在很長一段時間內折舊，因此不會產生太大影響。

And those were mostly buildings associated with facilities we’re closing, and we’re writing them down to market value because we’re going to wind-up selling them.

這些大多是與我們要關閉的設施相關的建築物，我們將它們減記為市場價值，因為我們最終將出售它們。

And so we’re just taking that cost right now, and so most of that stuff is just non-cash building related costs and don’t really have any, have a very minor impact on earnings because of 20-year or 30-year depreciation.

所以我們現在只是考慮這個成本，所以大部分都是非現金建築相關成本，實際上沒有任何成本，因為 20 年或 30 年，對收益的影響非常小折舊。

Let me just on that take a moment to emphasize what I said in the conference call in the prepared remarks, which is we have a lot of real estate in this company that’s really valuable.

讓我花點時間強調一下我在電話會議中在準備好的發言中所說的話，那就是我們在這家公司擁有很多非常有價值的資產。

You know, we have these big industrial parks, we own most of the stuff.

你知道，我們有這些大型工業園區，我們擁有大部分的東西。

And you know, we’ll writedown the stuff that is below market value but we obviously don’t write-up the stuff that’s below market, and if we adjusted all of the stuff to market value this would clearly be a big gain not a loss.

你知道，我們會減記低於市場價值的東西，但我們顯然不會減記低於市場價值的東西，如果我們將所有東西調整為市場價值，這顯然會是一個巨大的收益，而不是一個巨大的收益。損失。

You know, we do get a little bit of overhead cost reduction from some of these, from some of the charges.

你知道，我們確實從其中的一些費用中獲得了一些管理成本的降低。

When you look at what we’re doing in terms of plant optimizing, in all of these numbers we’ve given you that’s about, you know, what is it, $17m in the June quarter and probably around $40m or $50m, you know, going forward.

當你看看我們在工廠優化方面所做的事情時，在我們給你的所有這些數字中，你知道，這是什麼，六月季度的 1700 萬美元，可能約為 4000 萬美元或 5000 萬美元，你知道，繼續前進。

And that stuff, you know, it’s not that big of an event.

而且，你知道，這並不是什麼大事件。

We do expect it will have some margin improvement in that.

我們確實預計這方面的利潤率會有所改善。

You know, it’s hard to know what that is.

你知道，很難知道那是什麼。

It’s probably an annual number of $5m to $10m, sort of on a rough number basis.

粗略估計，每年的金額可能為 500 萬至 1000 萬美元。

It’s not that many factories, it’s not that much stuff we’re doing.

工廠沒有那麼多，我們做的事情也沒有那麼多。

You know, what’s harder to quantify is the value of the equipment that we transfer and then don’t have to buy more equipment, and so it reduces our future cash requirements, as well.

你知道，更難量化的是我們轉讓的設備的價值，這樣我們就不必購買更多設備，因此也減少了我們未來的現金需求。

Okay, and then just a quick follow-up.

好的，然後快速跟進。

For the ODM model can you maybe outline what you think the ODM model on a revenue basis can breakeven at?

對於 ODM 模式，您能否概述一下您認為 ODM 模式在收入基礎上可以實現盈虧平衡？

Thanks.

謝謝。

Yeah, let’s see, that’s a good question because we have a lot of movement.

是的，讓我們看看，這是一個很好的問題，因為我們有很多動作。

But just rough numbers, you know, we’re saying that that’s an eight percent operating profit business.

但只是粗略的數字，你知道，我們說的是營業利潤率為 8% 的業務。

And, you know, rough numbers, around $40m or $45m of expense.

而且，你知道，粗略數字約為 4000 萬美元或 4500 萬美元的費用。

And so I can do the math in my head that fast, but you can do the math on where the breakeven is there.

所以我可以在腦子裡快速計算，但你可以計算盈虧平衡點在哪裡。

Okay, thank you.

好的謝謝。

I’ll take one more question.

我再問一個問題。

Okay, your last question comes from [Patrick Carr] [ph] of UBS.

好的，你的最後一個問題來自瑞銀集團的 [Patrick Carr] [ph]。

Great, and under the wire!

太棒了，而且是在電線下！

Good evening.

晚上好。

Good evening!

晚上好！

You talked a lot about the PCV business, but I wanted to talk about some of the other vertical businesses, enclosures particularly.

您談了很多關於 PCV 業務的內容，但我想談談其他一些垂直業務，特別是機櫃業務。

Since you hadn’t been taking charges in there I would assume that the profitability there and the utilization rates are much higher?

既然你們沒有在那裡收費，我想那裡的盈利能力和利用率會高得多？

Yes, let me – a couple of things there.

是的，讓我——有幾件事。

First of all, we took a lot of charges in the enclosure business in the early part of our restructuring.

首先，我們在重組初期，在圍欄業務上承擔了很多費用。

We probably closed 30 factories.

我們可能關閉了 30 家工廠。

I mean I don’t have the number off the top of my head, but a big number.

我的意思是，我腦子裡沒有這個數字，但是一個很大的數字。

Because we, you know, we acquired all of the stuff, and we basically transitioned all of that to our industrial park.

因為我們，你知道，我們獲得了所有的東西，並且我們基本上將所有這些都轉移到了我們的工業園區。

And you know that’s essentially complete.

你知道這基本上已經完成了。

And so that business is solid.

所以這項業務是穩固的。

It’s profitable, and better utilization.

它是有利可圖的，並且利用率更高。

Okay.

好的。

And, you know, you mentioned the power supplies.

而且，您知道，您提到了電源。

I mean how does that fit within your kind of handheld expertise?

我的意思是，這如何適合您的手持式專業知識？

Or is that part of a different growth strategy moving forward?

或者這是未來不同增長戰略的一部分？

Yeah, well the handheld is about 40, 35 to 40 percent of our business.

是的，手持設備約占我們業務的 40%、35% 到 40%。

And the power supplies are primarily oriented at the other 60 percent.

電源主要面向另外 60%。

Okay.

好的。

And it’s the same kind of thing as with enclosures.

這與外殼是一樣的。

I mean you know we do a lot of enclosures for base stations, and for PCs, and for all kinds of stuff.

我的意思是你知道我們為基站、個人電腦和各種東西製造了很多外殼。

And power supplies are a big part of the cost outside of the main – I mean let’s take printer circuit boards, for example – I am sorry, let me take PCs as an example.

電源是主要成本之外的很大一部分——我的意思是讓我們以打印機電路板為例——對不起，讓我以個人電腦為例。

You know, we do a lot of PC enclosures and we don’t do motherboards.

你知道，我們生產很多電腦機箱，但不生產主板。

And we don’t intend to do motherboards, because there’s a lot of good motherboard guys out there.

我們不打算做主板，因為那裡有很多好的主板。

But we do intend to continue to do all the rest, and that’s enclosures, cables, riser cards, and power supplies.

但我們確實打算繼續完成其餘所有工作，即外殼、電纜、轉接卡和電源。

And that’s one of the reasons, you know, we’re getting into the power supply business.

你知道，這就是我們進入電源業務的原因之一。

I think that’s a good profit opportunity and makes sense to do in the same campuses where we are doing our other work so that we can integrate that stuff for less money.

我認為這是一個很好的盈利機會，並且在我們進行其他工作的同一園區中進行是有意義的，這樣我們就可以以更少的錢整合這些東西。

And so we’re optimistic about that part.

所以我們對此部分持樂觀態度。

Okay.

好的。

And then a final question, I guess I got the sense that you were, and you probably made some public comments to this recently about moving more into areas outside of the consumer and handheld area.

最後一個問題，我想我感覺到你是這樣的，你最近可能對此發表了一些公開評論，關於更多地進入消費者和手持設備領域之外的領域。

That’s right.

這是正確的。

You know, could you give us a sense of what’s happened there recently?

您知道嗎，您能給我們介紹一下最近那裡發生了什麼嗎？

Yeah, I can.

是的，我可以。

And so actually, we’re making some pretty good progress there.

事實上，我們在這方面取得了一些相當好的進展。

We have, you know, a number of new companies in the datacom, telecom space.

你知道，我們在數據通信和電信領域有許多新公司。

And as I said earlier in the call, I think we will try to give you some more flavor of this by name.

正如我之前在電話中所說，我想我們會嘗試通過名字為您提供更多的信息。

You know, the companies and some of the activities.

你知道，這些公司和一些活動。

We have a number of earlier stage companies, newer companies, that are getting some real traction in both the datacom and the telecom markets.

我們有許多處於早期階段的公司和較新的公司，它們在數據通信和電信市場上都獲得了一些真正的吸引力。

These are companies that we’ve been doing, basically, sort of, you know, $5m or $10m of business annually with that are starting to look like $50m or $100m customers.

這些公司基本上是我們每年營業額 500 萬美元或 1000 萬美元的公司，而這些公司的客戶開始看起來像是 5000 萬美元或 1 億美元的客戶。

And that’s really good for us.

這對我們來說確實有好處。

And there’s a number of those.

其中有很多。

You know, four or five of those.

你知道，有四五個。

And so I’ll try to give you a little bit more – I have to get permissions, and this and that, but I’ll try to do that before this quarter is over.

因此，我會盡力為您提供更多信息 - 我必須獲得許可，等等，但我會盡力在本季度結束之前做到這一點。

And we’ve made good progress in some automotive initiatives, in some industrial companies, and so, you know, as I said a year ago this is real important to Flextronics that we get some more diversification there.

我們在一些汽車項目和一些工業公司中取得了良好進展，所以，正如我一年前所說，這對偉創力來說非常重要，我們在那裡獲得了更多的多元化。

And we’re making big progress, we’re making good progress on it.

我們正在取得巨大進展，我們正在這方面取得良好進展。

But the issue is you win a cell phone, or like from Siemens you get $500m of business.

但問題是你贏得了一部手機，或者像從西門子獲得 5 億美元的業務一樣。

You know, you don’t get a $500m order from automotive, or from a new datacom or telecom entrant.

您知道，您不會從汽車行業或新的數據通信或電信進入者那裡獲得 5 億美元的訂單。

You just don’t.

你只是不知道。

You know, you get $40m, even if it’s a big established company – and we’ve got some.

你知道，你會得到 4000 萬美元，即使它是一家大公司——而我們已經有一些了。

They’ve given us $20m or $40m to start, and if that goes well that can become $100m, or $200m, or $300m.

他們給了我們 2000 萬美元或 4000 萬美元的啟動資金，如果進展順利，可能會變成 1 億美元、2 億美元或 3 億美元。

But the handheld markets are just so big.

但手持設備市場就這麼大。

You know, we wouldn’t want to tend to dwarf them from a revenue standpoint, and not necessarily from a margin standpoint.

你知道，我們不想從收入的角度來看讓他們相形見絀，但不一定從利潤的角度來看。

And so, yeah, we’re doing fine.

所以，是的，我們做得很好。

We have a good pipeline for this.

我們為此擁有良好的管道。

Won a lot of different stuff, and we’ll try and update you a little more specifically from a customer standpoint later in the quarter.

贏得了很多不同的東西，我們將在本季度晚些時候嘗試從客戶的角度為您提供更具體的更新信息。

Okay, great.

好的，太好了。

Thanks a lot.

多謝。

Okay.

好的。

Just a couple of quick comments before we end here.

在我們結束之前，先簡單說幾句。

I mean these are all good questions.

我的意思是這些都是好問題。

I appreciate it.

我很感激。

This is obviously a time, what I wanted to give you a last minute feel for about Flextronics is that, you know, we’re coming near the end of all of this restructuring.

這顯然是一個時間點，我想讓您對偉創力有最後一刻的感受是，您知道，我們的所有重組工作即將結束。

And we don’t like it any more than anybody else does as I indicated.

正如我所指出的，我們並不比其他人更喜歡它。

We are really gearing up here for a good year in our next fiscal year.

我們確實正在為下一財年的美好一年做好準備。

We’re trying to get all this stuff out of the way.

我們正在努力解決所有這些問題。

We got our design initiatives underway.

我們的設計計劃正在進行中。

We should be shipping good quantities of this stuff as we get into the [end] of the calendar year, and certainly on into the next fiscal year.

當我們進入日曆年[年底]時，我們應該運送大量的這些東西，當然也會進入下一個財政年度。

You know, we’re going to optimize wherever we can, and we’re really driving our company towards a very strong year, next fiscal year.

你知道，我們將盡我們所能進行優化，我們確實正在推動我們的公司在下一個財年邁向非常強勁的一年。

And we’re getting more optimistic all the time that that’s doable.

我們越來越樂觀地認為這是可行的。

And so that’s what you’re going to hear from us over the next few conference calls.

這就是您在接下來的幾次電話會議中將聽到的內容。

Thanks very much for dialing in.

非常感謝您撥入。

Talk to you in the quarter.

本季度與您交談。

Bye, now.

再見了。