Flex Ltd (FLEX) 2016 Q1 法說會逐字稿

Good afternoon, and welcome to the Flextronics first-quarter FY16 earnings conference call.

下午好，歡迎參加 Flextronics 2016 財年第一季財報電話會議。

Today's call is being recorded.

今天的通話正在錄音。

(Operator Instructions)

（操作員說明）

After the speaker's remarks, there will be a question and answer session.

演講者發言後，將進行問答環節。

At this time for opening remarks and introductions, I would like to turn the call over to Mr. Kevin Kessel, Flextronics' Vice President of Investor Relations.

現在，我想將電話轉給偉創力投資者關係副總裁凱文·凱塞爾 (Kevin Kessel) 先生進行開場發言和介紹。

Sir, you may begin.

先生，您可以開始了。

Thank you, and welcome to our call to discuss the results of our FY16 first quarter ended June 26, 2015.

謝謝您，歡迎來電討論截至 2015 年 6 月 26 日的 2016 財年第一季業績。

We have published slides for today's discussion that can be found on the Investor Relations section of our new website.

我們已經發布了今天討論的幻燈片，您可以在我們新網站的投資者關係部分找到這些幻燈片。

Joining me today is our Chief Executive Officer, Mike McNamara, and our Chief Financial Officer, Chris Collier.

今天與我一起出席的是我們的執行長 Mike McNamara 和財務長 Chris Collier。

Today's call is being webcast live and recorded, and contains forward-looking statements, which are based on current expectations and assumptions that are subject to risks and uncertainties, and actual results could materially differ.

今天的電話會議正在進行網路直播和錄音，其中包含前瞻性陳述，這些陳述基於當前的預期和假設，受到風險和不確定性的影響，實際結果可能存在重大差異。

Such information is subject to change, and we undertake no obligation to update these forward-looking statements.

此類資訊可能會發生變化，我們不承擔更新這些前瞻性聲明的義務。

For a discussion of the risks and uncertainties, see our most recent filings with the Securities and Exchange Commission, including our current annual and quarterly reports.

有關風險和不確定性的討論，請參閱我們最近向美國證券交易委員會提交的文件，包括我們目前的年度和季度報告。

If this call references non-GAAP financial measures, these measures are located on the Investor Relations section of our website, along with the required reconciliation to the most comparable GAAP financial measures.

若本次電話會議引用非 GAAP 財務指標，這些指標以及與最具可比性 GAAP 財務指標所需的對帳資訊均位於我們網站的投資者關係部分。

With that, I will pass the call to Chris.

這樣，我會將電話轉給克里斯。

Chris?

克里斯？

Thank you, Kevin.

謝謝你，凱文。

And to all joining us today, we appreciate your time and interest in Flextronics.

對於今天加入我們的所有人，我們感謝您抽出寶貴的時間以及對偉創力的興趣。

I would like to first start by framing out this recent quarter.

我想先概述最近一個季度的情況。

As seen in our earnings release earlier today, we continued to evolve our portfolio of products and solutions, and remain focused on operating with discipline, regardless of the macro environment.

正如我們今天早些時候發布的財報所示，無論宏觀環境如何，我們都在繼續發展我們的產品和解決方案組合，並繼續專注於嚴格營運。

We launched key new sales and operating initiatives, and took further steps towards driving a richer product mix.

我們推出了重要的新銷售和營運舉措，並採取進一步措施推動更豐富的產品組合。

Our results this quarter reflect our continued progress on fulfilling our financial commitments.

我們本季的業績反映了我們在履行財務承諾方面的持續進展。

We generated strong cash flows, and through our smart, consistent, and sound capital deployment we are returning value to our shareholders.

我們產生了強勁的現金流，並透過明智、一致和健全的資本配置，為股東回報價值。

Please turn to slide 3 for income statement highlights from our first quarter.

請參閱投影片 3，以了解我們第一季損益表的重點內容。

Revenue was just under $5.6 billion in the first quarter, which was slightly below the low end of our guidance range of $5.6 billion to $6.2 billion, reflecting a weak demand, particularly in our integrated network solutions or INS business, and in our consumer technology group or CTG business specifically related to smartphones.

第一季營收略低於 56 億美元，略低於我們 56 億至 62 億美元指導範圍的下限，反映出需求疲軟，特別是在我們的整合網路解決方案或 INS 業務以及我們的消費技術部門或專門與智慧型手機相關的CTG 業務。

Our revenue decreased 16% or $1.1 billion on a year-over-year basis, and decreased $386 million or 6% on a sequential basis.

我們的營收年減 16%，即 11 億美元，季減 3.86 億美元，即 6%。

Mike will expand on our revenue, and the overall demand environment shortly.

麥克將很快擴大我們的收入和整體需求環境。

Our first quarter adjusted operating income was $159 million, which was within our guidance range of $150 million to $190 million.

我們第一季調整後的營業收入為 1.59 億美元，在我們 1.5 億至 1.9 億美元的指導範圍內。

However, it reflected a decline of $24 million year-over-year due to the reduction in quarterly revenue of over $1 billion.

然而，由於季度收入減少超過 10 億美元，年減了 2,400 萬美元。

Adjusted net income was $134 million, decreasing $14 million year over year.

調整後淨利為 1.34 億美元，年減 1,400 萬美元。

Our adjusted earnings per diluted share for the first quarter was $0.23, which was at the mid point of our adjusted EPS guidance range of $0.20 to $0.26.

我們第一季調整後每股攤薄收益為 0.23 美元，處於我們調整後每股收益指引範圍 0.20 美元至 0.26 美元的中點。

Now turn to slide 4, for our trended quarterly financial highlights.

現在轉到投影片 4，了解我們的季度財務亮點趨勢。

Our first quarter adjusted gross profit totaled $354 million, reflecting a decrease of 7% year over year.

第一季調整後毛利總計 3.54 億美元，年減 7%。

However, our gross margin expanded 60 basis points from the prior year to 6.4%.

然而，我們的毛利率比去年增加了 60 個基點，達到 6.4%。

This year-over-year gross margin improvement was led by a richer business mix, due to a greater concentration of our higher margin HRS business, coupled with improved operational efficiencies.

毛利率的同比改善得益於更豐富的業務組合，這是由於我們更集中於利潤率較高的 HRS 業務，再加上營運效率的提高。

Our quarterly adjusted operating income decreased year over year by $24 million to $159 million.

我們的季度調整後營業收入年減 2,400 萬美元，至 1.59 億美元。

However, on an adjusted operating margin basis, we increased 10 basis points year-over-year to 2.9%, despite the significant quarterly revenue decline, as we again benefited from the richer business mix and strong discipline over our operating expenses.

然而，儘管季度收入大幅下降，但在調整後的營業利潤率基礎上，我們仍同比增長了 10 個基點，達到 2.9%，因為我們再次受益於更豐富的業務組合和對營運費用的嚴格控制。

Our SG&A expense was reduced year over year, as we continued to derive productivity and efficiency improvements.

隨著生產力和效率的不斷提高，我們的銷售、一般行政費用逐年減少。

Our discipline over operating expenses is enabling us to subsidize our investments in R&D and innovation initiatives, as well as to expand our strategic sales and marketing efforts.

我們對營運費用的嚴格控制使我們能夠補貼研發和創新計劃的投資，並擴大我們的策略銷售和行銷工作。

For the September quarter, we expect our SG&A expense to be in the range of $210 million, which reflects the incremental SG&A and R&D associated with our MCi acquisition.

對於第二季度，我們預計 SG&A 費用將在 2.1 億美元左右，這反映了與我們收購 MCi 相關的 SG&A 和研發增量。

Return on invested capital or ROIC was 22.9% in the quarter, off a little bit from last quarter, but up slightly from a year ago.

本季投資資本報酬率 (ROIC) 為 22.9%，比上季略有下降，但比去年同期略有上升。

Overall, ROIC remains well above our cost of capital, and above our targeted level of 20%.

整體而言，ROIC 仍遠高於我們的資本成本，也高於我們 20% 的目標水準。

Please turn to slide 5 for our operating performance by business group.

請參閱投影片 5 以了解我們依業務部門劃分的經營績效。

Now breaking down our operating profit and margin by business group, shows that our INS segment generated $57 million in operating profit and a 2.9% operating margin, which is slightly below our targeted range of 3% to 4%, reflecting the underabsorption of manufacturing overhead from reduced revenue levels.

現在按業務組細分我們的營業利潤和利潤率，顯示我們的INS 部門產生了5700 萬美元的營業利潤和2.9% 的營業利潤率，略低於我們3% 至4% 的目標範圍，反映出製造費用的吸收不足收入水準下降。

Our CTG business generated $39 million in operating profit which results in an operating margin of 2.5%, which is within our targeted range of 2% to 3%, as we continue to benefit from deeper engagement with our customers, where we are providing more meaningful design and innovation efforts which results in a richer margin.

我們的CTG 業務產生了3,900 萬美元的營業利潤，營業利潤率為2.5%，在我們2% 至3% 的目標範圍內，因為我們繼續受益於與客戶的更深入接觸，我們在其中提供更有意義的服務設計和創新的努力帶來了更豐厚的利潤。

Industrial and emerging industries or IEI produced $29 million in operating profit and a 2.6% margin, which is lower than our targeted range of 4% to 6% for this segment, primarily due to underperformance on certain program ramps, and a heavier investment in segment resources.

工業和新興產業（IEI）產生了2,900 萬美元的營業利潤和2.6% 的利潤率，低於我們對該細分市場4% 至6% 的目標範圍，這主要是由於某些計劃的表現不佳，以及對該細分市場的大量投資資源。

Lastly, our high reliability solutions or HRS business generated $60 million in operating profit, which equates to roughly a 6.6% operating margin, reflecting a healthy and stable execution of this segment, despite the numerous new program and product ramps, as it remains nicely within our targeted operating margin range of 5% to 7%.

最後，我們的高可靠性解決方案或HRS 業務產生了6000 萬美元的營業利潤，相當於大約6.6% 的營業利潤率，反映出該細分市場的健康和穩定的執行，儘管有大量的新計劃和產品升級，因為它仍然很好地保持在我們的目標營業利潤率範圍為 5% 至 7%。

Please turn to slide 6, other income statement highlights.

請參閱投影片 6，其他損益表亮點。

Net interest and other expense amounted to approximately $17 million in the quarter, which was better than our guidance range of $20 million as we realized favorable foreign currency gains, and despite an increase in our interest expense associated with our new 4.75% senior notes that we had issued at the start of June.

本季的淨利息和其他費用約為1,700 萬美元，優於我們2,000 萬美元的指導範圍，因為我們實現了有利的外幣收益，儘管與我們新的4.75% 優先票據相關的利息費用有所增加，但我們在六月初發布。

For our September quarter, we believe that modeling quarterly net interest and other expense at around $25 million captures the full quarterly interest expense impact of roughly $7 million for this newly-issued senior note.

對於我們 9 月的季度，我們認為，對大約 2500 萬美元的季度淨利息和其他費用進行建模，可以捕捉到這張新發行的高級票據大約 700 萬美元的全部季度利息費用影響。

Our adjusted income tax expense for the first quarter was $8 million, reflecting an adjusted income tax rate of approximately 6%.

我們第一季調整後的所得稅費用為 800 萬美元，反映調整後的所得稅率為約 6%。

This was lower than the 8% to 10% tax rate range we had estimated for the quarter, primarily due to favorable audit settlements in certain countries.

這低於我們預計的本季 8% 至 10% 的稅率範圍，主要是由於某些國家的審計和解協議有利。

As we move forward throughout FY16, we continue to believe that our operating effective income tax rate will remain in the 8% to 10% range, absent any unknown discrete items.

隨著我們在 2016 財年的前進，我們仍然相信，在沒有任何未知的離散項目的情況下，我們的營運有效所得稅率將保持在 8% 至 10% 的範圍內。

When reconciling between our quarterly GAAP and adjusted EPS, you can see the impacts of stock-based compensation expense and intangible amortization expense, net of tax benefits.

當調整我們的季度公認會計準則和調整後每股收益時，您可以看到股票補償費用和無形攤銷費用（扣除稅收優惠）的影響。

Turn to slide 7, let us review our cash flows.

轉到幻燈片 7，讓我們回顧一下我們的現金流。

Cash flow generation, and more specifically free cash flow generation, continues to be our cornerstone.

現金流生成，更具體地說是自由現金流生成，仍然是我們的基石。

This quarter we generated $362 million in cash flow from operations, resulting from good discipline and execution over our networking capital and capital investments.

本季度，我們從營運中產生了 3.62 億美元的現金流，這得益於我們對網路資本和資本投資的良好紀律和執行力。

Our networking capital decreased by $136 million to $1.7 billion, representing 7.8% of our net sales.

我們的網路資本減少了 1.36 億美元，降至 17 億美元，佔淨銷售額的 7.8%。

Inside of our networking capital, our inventory sequentially declined $75 million or 2%, and our accounts receivable balance has declined sequentially by approximately $200 million or 9%.

在我們的網路資本中，我們的庫存連續下降了 7,500 萬美元或 2%，我們的應收帳款餘額連續下降了約 2 億美元或 9%。

Our resulting cash conversion cycle days totaled 28 days, which increased by a day sequentially, and was at the same level it was as a year ago.

我們最終的現金轉換週期天數總計 28 天，比上一季增加了一天，與一年前持平。

Given our current and prospective mix of business, we continue to believe that our networking capital as a percentage of sales will remain in the range of 6% to 8% of our sales, and we are confident in our ability to drive further reductions in our inventory positions as we progress this year, despite the anticipated growth in our revenues.

考慮到我們目前和未來的業務組合，我們仍然相信我們的網路資本佔銷售額的百分比將保持在銷售額的 6% 至 8% 範圍內，並且我們對推動進一步減少網路資本的能力充滿信心。儘管我們的收入預計會成長，但今年我們的庫存狀況仍取得進展。

We continue to be disciplined around capital investment, as this quarter our net CapEx was $137 million, which was above our quarterly depreciation level for the first time in several quarters.

我們繼續嚴格控制資本投資，本季我們的淨資本支出為 1.37 億美元，這是幾個季度以來首次高於我們的季度折舊水準。

This past quarter, we made significant investments in capability, in capacity expansion to support our automotive, medical and energy businesses where we are ramping many new programs.

上個季度，我們在能力和產能擴張方面進行了大量投資，以支持我們的汽車、醫療和能源業務，我們正在這些業務中推出許多新項目。

Our global system has been thoughtfully built, and we are well-positioned in terms of technologies and capacity to support our future growth.

我們的全球體係是經過深思熟慮建立的，我們在技術和能力方面處於有利地位，可以支持我們未來的成長。

This should allow us continue to manage our CapEx investment levels to be at or below our depreciation levels for FY16.

這將使我們能夠繼續將資本支出投資水準控制在或低於 2016 財年的折舊水準。

We generated over $225 million of free cash flow during the first quarter of FY16, and on an LTM basis, we have generated $934 million of free cash flow.

2016 財年第一季度，我們產生了超過 2.25 億美元的自由現金流，以 LTM 計算，我們產生了 9.34 億美元的自由現金流。

Clearly, as evidenced again this quarter with our performance, Flex remains fundamentally structured, disciplined, and on pace to achieve our commitment to generate free cash flow of $3 billion to $4 billion for the five-year period ending in FY17.

顯然，正如本季度我們的業績再次證明的那樣，偉創力仍然具有基本的結構性、紀律性，並且正在穩步實現我們的承諾，即在截至2017 財年的五年期間產生30 億至40 億美元的自由現金流。

The final key cash flow highlight this quarter, would be our use of cash to repurchase our shares.

本季最後一個關鍵現金流亮點將是我們使用現金回購股票。

We continue to consistently return value to shareholders through repurchasing of our shares.

我們繼續透過回購股票持續為股東回報價值。

This quarter, we repurchased almost 8 million, or 1.4%, of our ordinary shares for approximately $100 million.

本季度，我們以約 1 億美元的價格回購了近 800 萬股（即 1.4%）普通股。

Our actions this quarter reflect our unwavering commitment to return over 50% of our annual free cash flow to our shareholders.

我們本季的行動反映了我們堅定不移的承諾，將年度自由現金流的 50% 以上回饋給股東。

Now turning to slide 8, let's review our balanced capital structure.

現在轉到投影片 8，讓我們回顧一下我們的平衡資本結構。

We continue to operate a very balanced and flexible capital structure.

我們繼續運作非常平衡和靈活的資本結構。

This past June, we raised an additional $600 million with our issuance of 4.75% 10-year investment grade senior notes that are due in 2025.

今年 6 月，我們發行了 4.75% 的 10 年期投資等級優先票據，並於 2025 年到期，另外籌集了 6 億美元。

We can see that we have no near-term debt maturities, and a strong financial condition with approximately $3.8 billion in liquidity, and just over $2.3 billion in cash.

我們可以看到，我們沒有短期債務到期，財務狀況良好，流動性約 38 億美元，現金略高於 23 億美元。

It should be noted that we have just closed on our MCi acquisition that we had announced back in our FY15 year-end.

應該指出的是，我們剛剛完成了我們在 2015 財年年底宣布的 MCi 收購。

And as a result, you'll see over $500 million of cash outflow in our September quarter to reflect our cash payment for this acquisition.

因此，您將在 9 月季度看到超過 5 億美元的現金流出，以反映我們為此次收購支付的現金。

Our credit metrics remain healthy with our debt to EBITDA ratio at 2.1 times, and we are pleased with our recent upgrade by S&P to join our already established investment grade rating by Fitch.

我們的信用指標保持健康，債務與 EBITDA 的比率為 2.1 倍，我們對標準普爾最近升級我們的評級以加入惠譽已經建立的投資評級感到高興。

And that concludes the recap of our financial performance for this first quarter.

我們第一季的財務業績回顧就到此結束。

Before I turn the call over to Mike, I would like to highlight that we are pleased with our execution, and continued evolution of our business.

在將電話轉給麥克之前，我想強調我們對我們的執行力以及業務的持續發展感到滿意。

While the broader macro remains dynamic and uncertain, we continue to operate with discipline, improve our financial trajectory, while working hard to consistently deliver on our commitments.

雖然更廣泛的宏觀仍然充滿活力和不確定性，但我們繼續遵守紀律，改善我們的財務軌跡，同時努力持續履行我們的承諾。

Now I'll turn the call over to Mike.

現在我將把電話轉給麥克。

Thanks, Chris.

謝謝，克里斯。

Please turn to slide 9 for our Q1 FY16 highlights and key trends.

請參閱投影片 9，以了解 2016 財年第一季的亮點和主要趨勢。

The first quarter of FY16 was exemplified by operating with discipline, driving a richer product mix, and thoughtfully deploying capital.

2016 財年第一季的典範是嚴格運作、推動更豐富的產品組合以及深思熟慮的資本配置。

Our Q1 revenue was more challenging than a quarter ago, and certainly a year ago.

我們第一季的營收比一個季度前，尤其是一年前更具挑戰性。

Nevertheless, our focus remains on operating and managing our business with continued discipline.

儘管如此，我們的重點仍然是持續遵守紀律來運作和管理我們的業務。

By doing this, we are better positioned to expand our relationships with existing customers, while simultaneously bringing new relationships onto the Flex platform.

透過這樣做，我們能夠更好地擴大與現有客戶的關係，同時將新的關係引入 Flex 平台。

Operating with discipline starts on the cost side of our business.

遵守紀律的營運始於我們業務的成本方面。

We remain cost disciplined, as you just heard from Chris.

正如您剛剛從克里斯那裡聽到的那樣，我們仍然嚴格控製成本。

Whether it is our SG&A or capital expenditures, we are controlling all spend carefully, to make sure we continue to invest wisely in our business, in our future, but also remain prudent given the current environment.

無論是我們的銷售管理費用還是資本支出，我們都在謹慎控制所有支出，以確保我們在未來繼續明智地投資於我們的業務，但在當前環境下也保持謹慎。

Operating with discipline also translates to managing our business and assets effectively, so we can maximize our return on invested capital, and in turn, our free cash flow generating ability.

遵守紀律也意味著有效管理我們的業務和資產，因此我們可以最大限度地提高投資資本回報率，進而提高我們的自由現金流產生能力。

We have remained focused on driving return on invested capital above our cost of capital.

我們仍然致力於將投資資本報酬率提高到高於資本成本。

This effort drives free cash flow, which is off to a good start in Q1 at $225 million.

這項努力推動了自由現金流，第一季的自由現金流開局良好，達到 2.25 億美元。

Driving a richer engagement model has been a corridor strategy in evolution over the past few years.

推動更豐富的參與模式一直是過去幾年不斷演變的走廊策略。

As part of that, we are introducing our new brand and website today, to help us more efficiently manage the new business opportunities ahead of us, reflect our current strategy, and better explain our engagement model, and improved product and service offerings.

作為其中的一部分，我們今天推出新品牌和網站，以幫助我們更有效地管理擺在我們面前的新商機，反映我們當前的策略，並更好地解釋我們的參與模式以及改進的產品和服務。

We are shortening our name from Flextronics to Flex, to signify that our business continues to evolve past the boundaries and confines of electronics alone.

我們將公司名稱從 Flextronics 縮短為 Flex，以表明我們的業務不斷發展，超越了電子產品的界限和限制。

Our new tag line, Live Smarter, highlights our belief that all devices are becoming intelligent, and that value will ultimately be created in the intelligence of things, and the convergence of technologies and digitization of products across multiple industries and market segments.

我們的新口號「Live Smarter」強調了我們的信念：所有設備都在變得智能化，而價值最終將在物的智能以及跨多個行業和細分市場的技術融合和產品數位化中創造。

Creating a richer engagement model requires smart investments, whether it's our product and customer innovation centers, our recently launched Flex Pulse, our Customer Experience center, we are dedicated to providing customers with additional and unique value-added solutions throughout the entire supply chain, and especially around the sketch-to-scale value proposition.

創造更豐富的參與模式需要明智的投資，無論是我們的產品和客戶創新中心、我們最近推出的Flex Pulse、我們的客戶體驗中心，我們都致力於在整個供應鏈中為客戶提供額外且獨特的增值解決方案，以及特別是圍繞按比例繪製草圖的價值主張。

Simply put, we aim to help our customers innovate faster and smarter, through more intelligent design and engineering practices, while also optimizing the current supply chains for unique regionalization and scale requirements.

簡而言之，我們的目標是透過更智慧的設計和工程實踐，幫助客戶更快、更聰明地創新，同時優化當前的供應鏈，以滿足獨特的區域化和規模要求。

Deploying capital thoughtfully is top of mind when running our business.

在經營我們的業務時，深思熟慮地部署資本是首要考慮的事情。

Our consistent free cash flow generation affords us the ability to grow our business through smart capital investments or acquisitions, like the recently closed MCi deal, while still continuing to enable the return of meaningful capital to shareholders.

我們持續產生的自由現金流使我們能夠透過明智的資本投資或收購（例如最近完成的 MCi 交易）來發展我們的業務，同時仍繼續向股東返還有意義的資本。

Our capital return to shareholders continued this quarter, as we invested $100 million to retire 7.7 million shares.

本季我們繼續向股東回報資本，我們投資了 1 億美元，註銷了 770 萬股股票。

Since beginning our capital return program in FY11, we have repurchased approximately 305 million shares for over $2.2 billion, and reduced our net shares outstanding by 30%.

自 2011 財年開始資本回報計畫以來，我們已以超過 22 億美元的價格回購了約 3.05 億股股票，並將我們的流通股淨額減少了 30%。

Please turn to slide 10, for a look at revenue by business groups.

請翻到投影片 10，查看按業務部門劃分的收入。

If we were to summarize the overall Company revenue shortfall for the June quarter, it would be two factors, weaker INS demand and CTG Smartphones.

如果我們總結 6 月季度公司整體營收缺口，則有兩個因素：INS 需求疲軟和 CTG 智慧型手機。

All other segments and product categories were very close, if not above expectations.

所有其他細分市場和產品類別即使沒有超出預期，也非常接近。

INS declined 4% sequentially, and was below our expectation for a low single-digit increase.

INS 環比下降 4%，低於我們對低個位數成長的預期。

Revenue was $1.97 billion, reflecting an $85 million decrease from last quarter.

營收為 19.7 億美元，較上季減少 8,500 萬美元。

In the quarter, our telecom, server and storage businesses were softer than expected, due to general wireless infrastructure, industry weakness and storage push-outs, while our networking business grew sequentially, and performed in line with our expectation.

本季度，由於普遍的無線基礎設施、產業疲軟和儲存退出，我們的電信、伺服器和儲存業務弱於預期，而我們的網路業務則是環比成長，表現符合我們的預期。

We are expecting meaningful INS revenue growth beginning this quarter, driven by the ramp up of multiple new programs and bookings secured over the past 12 to 24 months, which are forecasted to offset any headwinds in our core business.

我們預計，在過去 12 至 24 個月內多個新項目和預訂量增加的推動下，INS 收入將從本季開始出現有意義的成長，預計這將抵消我們核心業務中的任何不利因素。

As a result, for next quarter, we expect INS revenues to be up high single-digits.

因此，我們預計 INS 下季度的營收將出現高個位數成長。

CTG's revenues declined 16% sequentially, below our expectation of a mid single-digit decline, resulting in revenue of $1.56 billion, down $296 million sequentially.

三峽集團的營收季減 16%，低於我們預期的中個位數下降，導致營收為 15.6 億美元，比季減 2.96 億美元。

The revenue shortfall at CTG was due to weaker than expected demand for smartphones.

CTG 的收入短缺是由於智慧型手機需求低於預期。

Demand for wearables, connected home, and another CTG product categories fared much better, and were actually above our expectation.

穿戴式裝置、連網家居和其他 CTG 產品類別的需求表現要好得多，實際上超出了我們的預期。

We are guiding CTG to grow 15% to 25% sequentially, as seasonality and program ramps in areas such as gaming, wearables, connected home, and digital health drive strong sequential growth.

我們指導 CTG 環比成長 15% 至 25%，因為遊戲、穿戴式裝置、連網家庭和數位健康等領域的季節性和專案增加推動了強勁的環比成長。

IEI remained at $1.1 billion, and was flat sequentially, slightly below our expectations for low single-digit growth, primarily as a result of forecast reductions in home appliance and industrial products that offset strength in energy.

IEI 維持在 11 億美元，與上一季持平，略低於我們對低個位數成長的預期，這主要是由於家用電器和工業產品的預測減少抵消了能源的強勁增長。

Next quarter, we expect IEI to be up mid to high single-digits sequentially, as new program ramps drive strong growth in home appliances, energy and industrial products.

下個季度，隨著新計劃的推進推動家用電器、能源和工業產品的強勁增長，我們預計 IEI 將連續增長中高個位數。

Our HRS group performed slightly better than our expectations for a low single-digit decline, as sales were stable sequentially, and remained above $900 million.

我們的 HRS 集團表現略好於我們對低個位數下降的預期，因為銷售額連續穩定，並維持在 9 億美元以上。

This marked HRS's 22nd straight quarter of year-over-year revenue growth.

這標誌著 HRS 收入連續第 22 個季度實現同比增長。

Our automotive business rose 1%, while our medical business was down 1%.

我們的汽車業務成長了 1%，而醫療業務則下降了 1%。

Strength in disposable medical devices was more than offset by weakness in medical equipment.

一次性醫療器材的強勢被醫療設備的弱勢所抵消。

Next quarter, we expect HRS to be up mid to high single-digits sequentially.

下個季度，我們預計 HRS 將連續成長中高個位數。

Both IEI and HRS remain focused and well-positioned to achieve their target of growing sales above 10% on an annual basis.

IEI 和 HRS 仍然專注並處於有利位置，以實現銷售額每年增長 10% 以上的目標。

As Chris mentioned, we recently closed on our acquisition of Mirror Controls International or MCi, a global market leader in exterior automotive mirror controls, which has very broad geographic and customer diversification.

正如 Chris 所提到的，我們最近完成了對 Mirror Controls International 或 MCi 的收購，該公司是汽車外後視鏡控制領域的全球市場領導者，擁有非常廣泛的地理和客戶多元化。

We are very excited to have the MCi team on board, and look forward to MCi further complementing our existing automotive motion controls business.

我們非常高興 MCi 團隊加入，並期待 MCi 進一步補充我們現有的汽車運動控制業務。

Additionally, we look forward to MCi providing a valuable technology platform and IP in the area of sensors and actuators that we intend to apply across multiple business groups for use in numerous industries.

此外，我們期待 MCi 在感測器和執行器領域提供有價值的技術平台和 IP，我們打算將其應用於多個業務組，以便在眾多行業中使用。

This acquisitions enhances our operating margins, enhances operating profit and free cash flow, and is expected to be EPS accretive, further strengthening our shareholder return initiative.

此次收購提高了我們的營業利潤率、營業利潤和自由現金流，預計將增加每股收益，進一步加強我們的股東回報計畫。

Now turning to September quarter guidance on slide 11.

現在轉向幻燈片 11 上的 9 月季度指引。

For the September quarter or Q2 FY16, revenue is expected to be $5.9 billion to $6.5 billion.

9 月季度或 2016 財年第二季的營收預計為 59 億美元至 65 億美元。

This range reflects a sequential increase of 6% to 11%, or 11% at the mid point.

此範圍反映了 6% 至 11% 的連續成長，或中點為 11%。

This is above our historical seasonality for the September quarter of 6% growth, driven by the ramp-up of multiple new programs across all four of our business groups, and overcoming a low starting point due to our soft June quarter.

這高於我們 9 月季度 6% 的歷史季節性增長，這是由於我們所有四個業務集團的多個新項目的增加所推動的，並克服了由於 6 月份季度疲軟而導致的低起點。

Our adjusted operating income is forecasted be in the range of $165 million to $205 million.

我們調整後的營業收入預計在 1.65 億美元至 2.05 億美元之間。

This equates to an adjusted EPS guidance range of $0.22 to $0.28 per share, based on the weighted average shares outstanding of 577 million.

這相當於根據已發行股數 5.77 億股的加權平均數，調整後每股盈餘指引範圍為 0.22 至 0.28 美元。

The adjusted earnings per share guidance is approximately $0.05 per share higher than the quarterly GAAP earnings per diluted share, due to intangible amortization and stock-based compensation.

由於無形攤銷和基於股票的薪酬，調整後每股收益指引比季度 GAAP 稀釋每股收益高出約 0.05 美元。

Before I open the call up to Q&A, I would like to once again, thank all of our employees worldwide for their hard work during Q1.

在開始問答之前，我想再次感謝我們全球所有員工在第一季的辛勤工作。

Our One Plan, One Team attitude and culture continues to enable us to deliver on our commitments, increase our customers' competitiveness, and return value to our shareholders.

我們的「一個計劃、一個團隊」態度和文化繼續使我們能夠兌現我們的承諾，提高客戶的競爭力，並為股東回報價值。

With that, I would like to open up the call for Q&A.

至此，我想開始問答環節。

Operator?

操作員？

(Operator Instructions)

（操作員說明）

The first question comes from the line of Jim Suva from Citigroup.

第一個問題來自花旗集團的 Jim Suva。

Thank you, and congratulations to your team.

謝謝您，並祝賀您的團隊。

Just a quick clarification.

只是快速澄清一下。

The MCi acquisition is now included into your outlook, I'm correct; is that right?

MCi 收購現在已包含在您的展望中，而我是對的；是對的嗎？

Yes, that is correct.

對，那是正確的。

And what's the contribution year-over-year or quarter-over-quarter that we should think about, that were now included, so we can think about organic versus what acquisition brought in?

我們應該考慮的逐年或逐季貢獻是什麼，現在已經包括在內，這樣我們就可以考慮有機貢獻與收購帶來的貢獻是什麼？

So back at our Investor Day, Jim, we laid out a framework that defined kind of where MCi was.

吉姆，回到投資者日，我們制定了一個框架，定義了 MCi 的定位。

Think about it, what we defined was, the LTM sales for that business was roughly $200 million, and it was -- we were saying it was growing around 20%.

想想看，我們定義的是，該業務的 LTM 銷售額約為 2 億美元，我們說它成長了 20% 左右。

We closed that transaction during this quarter.

我們在本季完成了該交易。

So you can understand that that will be a contributor to some of that incremental growth in that segment for us.

因此，您可以理解，這將有助於我們在該領域實現增量成長。

We also highlighted at the Investor Day that, it's an accretive from a margin profile, in that it also would be EPS accretive greater than $0.01 a quarter upon full integration.

我們也在投資者日強調，它是利潤率的增值，因為全面整合後，每季每股收益的增值將超過 0.01 美元。

So if you think about those attributes, I think you can frame out what would be organic versus inorganic for the Company for September quarter.

因此，如果您考慮這些屬性，我認為您可以確定該公司九月份季度的有機與無機。

Perfect.

完美的。

And then, my follow-up is on the softness you cited in smartphones.

然後，我的後續行動是關於您在智慧型手機中提到的柔軟性。

Is your view that's the market, or is it that your OEM there is looking at insourcing newer models, and this is just a concern of a continual underperformance or worked down, as the new models may be in-sourced away from Flextronics?

您認為這就是市場，還是您的 OEM 正在考慮內購較新的型號，而這只是對持續表現不佳或性能下降的擔憂，因為新型號可能是從偉創力內購的？

Yes, I think the number one driver of the demand that we'll be seeing in smartphones is really a function of the marketplace, and how strongly they are selling through.

是的，我認為我們將在智慧型手機中看到的需求的首要驅動因素實際上是市場的功能，以及它們的銷售力度。

And I think that's both on the Motorola side and on the Lenovo side.

我認為摩托羅拉和聯想都是如此。

So the cumulative capacity that's going to be driven and needed for our customer Lenovo as it goes forward, is going to dictate how much they outsource, how much they insource, and what the balance is.

因此，隨著我們的客戶聯想的發展，將驅動和需要的累積產能將決定他們外包的數量、內包的數量以及餘額是多少。

So and I think that's probably very accurate for a China answer.

所以我認為這對中國來說可能是非常準確的答案。

Alternatively, once it gets to be in Brazil, as you know we have a pretty big presence in Brazil with Lenovo.

或者，一旦進入巴西，如你所知，我們的聯想在巴西擁有相當大的影響力。

Once it gets into Brazil, it's really more a function of the Brazilian marketplace, and the individual competitiveness on the phones in that marketplace.

一旦進入巴西，它實際上更多地取決於巴西市場以及該市場中手機的個人競爭力。

Because our customer doesn't really have capacity in those regions, in that region.

因為我們的客戶在這些地區並沒有真正的產能。

So I think it's really a -- overall, it's dependent on the total volume needed from our customers.

所以我認為這實際上是——總的來說，它取決於我們客戶所需的總量。

And then as a result, the geographic balance and the balance within their own factories.

結果就是地理平衡和自己工廠內部的平衡。

Great.

偉大的。

Thank you very much.

非常感謝。

Your next question comes from the line of Amit Daryanani with RBC Capital Markets.

您的下一個問題來自 RBC Capital Markets 的 Amit Daryanani。

Thanks for the -- good evening guys.

謝謝大家——晚上好。

Two questions for me.

有兩個問題問我。

One, Mike, I was wondering if you could just talk about -- there was a lot of articles intra-quarter on the Alcatel Lucent site acquisition that you guys did.

第一，麥克，我想知道你是否可以談談——你們在季度內發表了很多關於阿爾卡特朗訊網站收購的文章。

What was the scope of that acquisition?

此次收購的範圍是？

And when you talk about this business being up high single-digits, at or close to $200 million in next quarter sequentially, how much of that is program ramps or asset acquisitions like this versus organic trends?

當您談到該業務在下個季度連續實現高個位數成長或接近 2 億美元時，與有機趨勢相比，其中有多少是像這樣的計劃升級或資產收購？

Well, Amit, I always kind of look at this as being really organic growth.

嗯，阿米特，我一直認為這是真正的有機成長。

And I know you don't really think about it that way, but if we go book $200 million of business, we have to buy inventory, and we have to buy equipment.

我知道你並沒有真正這麼想，但如果我們要預訂 2 億美元的業務，我們必須購買庫存，我們必須購買設備。

And maybe it goes into an existing facility, maybe we need more.

也許它會進入現有的設施，也許我們需要更多。

So I actually view this as kind of an organic transaction.

所以我實際上認為這是一種有機交易。

So this is roughly a $200 million transaction.

所以這大約是一筆 2 億美元的交易。

As you said, it will begin this for the quarter, and it will be part of that ramp up, and you can probably do the math, as we think about a high single-digit target for INS's business group this time.

正如您所說，它將在本季度開始，這將是成長的一部分，您可能可以計算一下，因為我們這次考慮了 INS 業務部門的高個位數目標。

So this is the only facility transaction that we're doing this quarter.

這是我們本季進行的唯一一筆設施交易。

We have about four to five major ramps, that we would consider to be multi-hundred million dollar ramps that are actually hitting, that have been booked over the even 12 to 18 months.

我們有大約四到五個主要坡道，我們認為這些坡道實際投入使用的價值數億美元，甚至在 12 到 18 個月內都已預訂。

They are hitting at different times.

他們在不同的時間進行擊球。

But the first one really is -- this Alcatel Lucent transaction has already started this month, and we will see more of these -- this growth off these transactions over the next six months.

但第一個確實是——阿爾卡特朗訊的交易已經在本月開始，我們將看到更多這樣的交易——在未來六個月內這些交易的增長。

So we're driving our -- what's our bullishness around the growth rate in this particular region, or in this particular segment is built around these new programs, not necessarily the market recovery.

因此，我們正在圍繞這些新計劃推動我們對該特定地區或特定細分市場成長率的樂觀態度，而不一定是市場復甦。

So we kind of view these as layering in on top of those, and that is one of the reason we have a pretty good -- that's why we have a pretty good forecast.

因此，我們認為這些是疊加在這些之上的，這就是我們有一個相當好的預測的原因之一 - 這就是為什麼我們有一個相當好的預測。

And in addition, we are pretty excited about the competence we are going to pick up in optical, because we view this as being one of the premier capabilities in optical in the world today.

此外，我們對我們將在光學領域獲得的能力感到非常興奮，因為我們認為這是當今世界光學領域最重要的能力之一。

Got it.

知道了。

That's really helpful.

這真的很有幫助。

And then, I guess just to follow-up.

然後，我想只是為了跟進。

Chris, for you, the free cash flow generation in Q1 seems extremely impressive.

克里斯，對你來說，第一季自由現金流的產生似乎非常令人印象深刻。

Especially if I go back and look historically, Q1 tends to be one of the softer, if not negative free cash flow quarters for you guys.

特別是如果我回顧歷史，第一季對你們來說往往是最疲軟的季度之一，即使不是負的自由現金流季度。

So if you could just -- I realize you have a five year target that you're working towards, but given the strength you had in fiscal Q1 at least, could that suggest you might be better than average for FY16 from a free cash flow generation, since you are starting on such a high base?

因此，如果你能——我知道你有一個正在努力實現的五年目標，但考慮到你至少在第一財季的實力，這是否表明你在2016 財年的自由現金流方面可能會好於平均水平一代人，既然你們的起點這麼高？

Yes, I'd go back to -- we're fundamentally structured for solid free cash flow generation.

是的，我想回到——我們的根本結構是為了產生穩定的自由現金流。

Looking back in the last three years, we generated just shy of $2 billion.

回顧過去三年，我們的收入接近 20 億美元。

How we envision FY16 is very similar.

我們對 2016 財年的設想非常相似。

We're going to have continued earnings improvement which is a benefit.

我們的盈利將持續改善，這是一個好處。

We're going to operate with discipline around working capital, and we should maintain CapEx at or below depreciation levels.

我們將按照營運資本的紀律進行運營，並且我們應該將資本支出維持在折舊水準或以下。

Putting it altogether, you should see something very similar how we've been transacting historically.

總而言之，您應該看到與我們歷史上的交易方式非常相似的東西。

We came off to a good start, and we're still believing that we're on track for that $3 billion-plus in five years.

我們有了一個良好的開端，並且仍然相信我們將在五年內實現 30 億美元以上的目標。

Next quarter, there's a lot of things that move around.

下個季度，會有很多事情發生變化。

Next quarter, we'll be cash flow positive again, free cash flow, as well as operating cash flow positive, and I think you should see that sustain itself throughout this year.

下個季度，我們將再次實現正現金流、自由現金流以及營運現金流，我認為您應該會看到這種情況在今年持續下去。

We will succumb timing on some of these periods, but when you look back at an annual basis, you should see ourselves up in that $500 million-plus type of target range consistently.

我們會在其中一些時期屈服於時間安排，但當您回顧每年的情況時，您應該會看到我們始終處於 5 億美元以上的目標範圍內。

Thanks for all your time, guys.

謝謝你們花這麼多時間，夥計們。

Yes.

是的。

Your next question comes from the line of Mark Delaney with Goldman Sachs.

你的下一個問題來自高盛的馬克·德萊尼（Mark Delaney）。

Good afternoon.

午安.

Thanks very much for taking the questions.

非常感謝您提出問題。

To start, just a couple of follow-up housekeeping questions on a couple of the earlier topics.

首先，我們先就幾個早期主題提出一些後續的內務管理問題。

First on MCi, could you just clarify exactly when that closed, so we can figure out how much of a quarterly impact we should be assuming is coming into in September?

首先，關於 MCi，您能否準確說明關閉時間，以便我們可以計算出我們應該假設 9 月會產生多少季度影響？

And then also on the Alcatel transaction, Mike you said $200 million transaction, was that the purchase price for the facilities, or annualized revenue?

然後還有關於阿爾卡特的交易，麥克，你說2億美元的交易，這是設施的購買價格，還是年化收入？

I apologize, I didn't totally understand, what you were referring to there.

抱歉，我完全不懂你指的是什麼。

Hi, Mark.

嗨，馬克。

Let me start with the MCi.

讓我從 MCi 開始。

So MCi closed earlier this month.

因此 MCi 在本月初關閉。

So in this first, this will be the first quarter, so we'll probably get near to our full integration during this period.

因此，首先，這將是第一季度，因此我們可能會在此期間接近完全整合。

But you'll really see the impact completely fulfill itself in the December quarter.

但您確實會看到這種影響在 12 月季度完全體現出來。

But that was closed earlier in July.

但該中心已於 7 月初關閉。

And the other question was?

另一個問題是？

On Alcatel Lucent, what I was talking about Mark, the $200 million was like the annual revenue that we're expecting out of the transaction, just so you can get an idea of what to layer in.

關於阿爾卡特朗訊，我所說的馬克，2 億美元就像我們預期從交易中獲得的年收入一樣，這樣你就可以知道要分入哪些內容。

Okay.

好的。

Understood, very helpful.

了解了，很有幫助。

Thank you for that.

謝謝你。

And then for a follow-up question on CTG, the weakness that the Company was talking about in smartphones, Lenovo has been pretty open about needing to accelerate some of the cost savings from Motorola, and looking to execute upon that this year.

然後，對於關於 CTG 的後續問題，即該公司在智慧型手機領域所討論的弱點，聯想一直非常開放地表示需要加速摩托羅拉的部分成本節約，並希望在今年執行這一點。

Can you just update us all on what your expectations are about your ability to keep the business in China?

您能否向我們介紹一下您對繼續在中國開展業務的能力的期望？

And then, what exactly is assumed within your guidance for the September quarter related to that?

那麼，您對 9 月季度的指導中與此相關的具體假設是什麼？

Yes, I think -- well, first of all the guidance obviously, reflects everything that we know about their current demand, their current operating strategies, our current products that we're building today.

是的，我認為 - 嗯，首先，顯然，指導反映了我們所了解的有關他們當前需求、他們當前運營策略以及我們今天正在構建的當前產品的一切。

So it's the sum of all information, I would say.

所以我想說，這是所有資訊的總和。

But once again, as I think about our demand in China, it's going to really revolve around three things.

但當我再次思考我們在中國的需求時，它實際上將圍繞著三件事。

So it's going to depend on the Motorola sell-through, which is predominantly what we're building in China for Lenovo.

因此，這將取決於摩托羅拉的銷量，這主要是我們在中國為聯想打造的銷售量。

It's going to revolve around the Lenovo sell-through.

它將圍繞著聯想的銷量展開。

Because if there is excess capacity in on the Lenovo factory building traditional Lenovo phones, if they have excess capacity, it could affect how much we end up doing for them.

因為如果聯想工廠生產傳統聯想手機的產能過剩，如果它們產能過剩，可能會影響我們最終為它們做多少事情。

And it also depends on the product cycle that it's on.

它也取決於它所處的產品週期。

If a piece of business is in a product cycle the one year, and it's six months into the product cycle, no one is going to take that and move it and in-source.

如果一項業務處於產品週期一年，並且進入產品週期六個月，那麼沒有人會接受它並將其轉移並內源化。

So I think those are the three drivers to determine what we end up keeping in China.

所以我認為這是決定我們最終在中國保留什麼的三個驅動因素。

So I think a lot of it, there's a lot of market data that suggests what China looks like, what Motorola demand looks like, and as a result of that we expect some changes.

所以我認為很多，有很多市場數據顯示中國是什麼樣的，摩托羅拉的需求是什麼樣的，因此我們預期會發生一些變化。

We're actually seeing the changes as a result.

我們實際上看到了結果的變化。

You're seeing some of those come through in our quarterly revenue forecast results for this last quarter.

您可以在我們上個季度的季度收入預測結果中看到其中一些內容。

So you're going to see that.

所以你會看到這一點。

And when it comes outside of China then, we are the kind of the strategic partner for the rest of the world.

當它出現在中國之外時，我們就是世界其他地區的戰略合作夥伴。

So when it comes outside of China, I am going to expect Brazil is going act like -- it depends on the economy in Brazil and the individual product competitiveness of the Lenovo Motorola product categories that will be coming into our factory.

因此，當它出現在中國境外時，我預計巴西會採取這樣的行動——這取決於巴西的經濟以及將進入我們工廠的聯想摩托羅拉產品類別的單一產品競爭力。

Or as they move elsewhere in the world that need capacity, like in India, I would expect Flex to be a very, very strong partner for them going forward.

或者，當他們搬到世界其他需要產能的地方（例如印度）時，我希望偉創力能夠成為他們未來非常非常強大的合作夥伴。

So I think you can think about is -- China they have capacity, capability, they have know how, and it will be rationalized based on optimizing that particular region.

所以我認為你可以考慮的是——中國他們有能力、有能力、有專業知識，並且將在優化該特定地區的基礎上進行合理化。

And when it comes outside of China, I think you'd expect to see Flextronics continue to be a very, very strategic partner going forward (multiple speakers).

當它來到中國境外時，我想你會期望看到偉創力繼續成為一個非常非常策略性的合作夥伴（多位發言者）。

Okay.

好的。

Yes, sorry.

是的，抱歉。

Mark, just to be clear again.

馬克，再次澄清一下。

I think one of the things you and I and others have talked about, is the risk profile that we had defined for the investors back before, and nothing has changed in our view.

我認為你和我以及其他人討論過的一件事是我們之前為投資者定義的風險狀況，我們的觀點沒有任何改變。

Remember the risk profile, that we had established for that China potential exit, centered around $0.02 to $0.03 type impact to Flextronics.

請記住，我們針對中國潛在退出建立的風險狀況主要集中在對偉創力 0.02 至 0.03 美元的影響。

We didn't anticipate meaningful restructuring charges.

我們預計不會產生有意義的重組費用。

The underlying inventory and assets can quickly and efficiently be converted into cash.

基礎庫存和資產可以快速有效地轉換為現金。

We have relatively low levels of investment in the assets underneath that machinery and equipment, all of which can be easily deployed.

我們對機器和設備下的資產的投資水準相對較低，所有這些都可以輕鬆部署。

So again, nothing has materially changed at all-in our view around that risk profile.

再說一遍，我們認為風險狀況沒有任何實質變化。

That's very helpful.

這非常有幫助。

And just one last question, on the assumed or the implied gross margin guidance for the September quarter.

最後一個問題是關於九月季度假設或隱含的毛利率指引。

Just working through the math, it looks like at the mid point, the implied gross margin guidance is between 6.3% and 6.4%, which is comparable to what you did this quarter, even though consumer mix actually increases again next quarter.

透過數學計算，看起來在中點，隱含的毛利率指引在 6.3% 到 6.4% 之間，這與本季的結果相當，儘管消費者組合實際上在下個季度再次增加。

Maybe you can just help us understand a little bit more, what's driving the gross margin strength in this upcoming quarter, despite some of the mix headwinds that you may be seeing?

也許您可以幫助我們更多地了解，儘管您可能會看到一些混合阻力，但是是什麼推動了即將到來的季度的毛利率強勁？

Certainly, Mark.

當然，馬克。

Yes, we are pretty excited going back to back quarters here at 6.4%.

是的，我們很高興能夠連續幾季保持 6.4% 的成長率。

And you're right, if you look at the mid point, if you do certain modeling of our guidance, you'll see it right around that 6.4% again next quarter.

你是對的，如果你看中間點，如果你對我們的指導進行某些建模，你會看到下個季度再次在 6.4% 左右。

That's despite the significant ramp or uplift in terms of revenue, especially the contribution from CTG.

儘管收入顯著增加，尤其是三峽集團的貢獻，但情況仍然如此。

One of the things we've highlighted before is that we continue to believe that we're fundamentally structured to have much greater earnings power.

我們之前強調的一件事是，我們仍然相信我們的基本架構具有更大的獲利能力。

Some of that has also been through us, working through various operational inefficiencies that have existed.

其中一些也是透過我們解決的，解決了存在的各種營運效率低下的問題。

You'll see some of that evidencing itself next quarter, as we continue to make progress in, and drive on those improvement plans.

隨著我們繼續取得進展並推動這些改進計劃，您將在下個季度看到其中的一些證據。

So you think about the mix shifts that happen, plus an improving operational execution, and it kind of lends you to that same range.

因此，您考慮所發生的組合轉變，再加上營運執行的改進，這可以讓您達到相同的範圍。

Thanks very much.

非常感謝。

Your next question comes from the line of Brian Alexander with Raymond James.

你的下一個問題來自布萊恩亞歷山大和雷蒙詹姆斯的對話。

Okay, thank you.

好的謝謝。

I want to go back to the revenue outlook.

我想回到收入前景。

I think the last two quarters, you've come in around 4% to 6% below the mid point of your guidance.

我認為過去兩個季度，您的業績比指導中位數低了 4% 到 6% 左右。

And for the September quarter, you're guiding for a pretty healthy recovery, and all of your businesses well above seasonality, if there really is such a thing anymore.

對於九月份的季度，您將實現相當健康的復甦，並且您的所有業務都遠高於季節性（如果真的存在這種情況的話）。

So I guess, number one, what kind of visibility do you have to support the snapback?

所以我想，第一，你需要什麼樣的可見性來支援快速恢復？

And number two, what are your underlying end market assumptions?

第二，您對終端市場的基本假設是什麼？

It sounds like all the growth, or at least most of it is Flex-specific program ramps, but what are your underlying end market assumptions?

聽起來所有的成長，或至少大部分成長都是針對 Flex 的特定計畫的成長，但您的基本終端市場假設是什麼？

Are you expecting recoveries, or just ongoing weakness in some of the areas that have been weak?

您是否期待經濟復甦，或只是某些疲軟領域持續疲軟？

That would be helpful.

那會有幫助的。

Thanks.

謝謝。

Yes, well, the one thing I'd like to remind, the last two quarters, I can summarize it by two things again.

是的，嗯，我想提醒的一件事，過去兩個季度，我可以再次用兩件事來總結。

One is INS weakness, and the other one is smartphone demand.

一是 INS 疲軟，二是智慧型手機需求。

So once you get outside of those two very specific items, we're actually on target with the rest of our things.

因此，一旦你擺脫了這兩個非常具體的項目，我們實際上就完成了其餘事情的目標。

So we're actually not finding the economy anything more difficult to understand or predict, with the exception of those two.

因此，除了這兩者之外，我們實際上並沒有發現經濟有什麼更難以理解或預測的地方。

I think as it relates to Motorola, we've -- or Lenovo or smartphone demand, we've actually taken our demand down to where we think it is the right place to be.

我認為，就摩托羅拉、聯想或智慧型手機的需求而言，我們實際上已經將需求降低到了我們認為正確的水平。

We continue to get more feedback from the marketplace, from the customer, we think it's the right place.

我們不斷從市場、客戶那裡獲得更多回饋，我們認為這是正確的地方。

So this has been our highest risk area, and just the fact that it's lower to start with, is already put less risk into the model.

因此，這是我們風險最高的領域，事實上，它一開始就較低，因此模型中的風險也較小。

On the INS standpoint, we aren't forecasting an increase.

從 INS 的角度來看，我們預計不會增加。

We aren't forecasting the core business to be going up at all, or we are not forecasting recovery.

我們並沒有預測核心業務會出現任何成長，或是我們也不預測會出現復甦。

But we are looking at the new programs that are layering in, which are new and additive, and calculating those into our numbers.

但我們正在研究分層的新計劃，這些計劃是新的和附加的，並將它們計算到我們的數字中。

So those two places, we think we've derisked.

因此，我們認為我們已經避免了這兩個地方的風險。

Now once you get outside of that, we've actually been quite accurate in our forecast.

現在，一旦你擺脫了這一點，我們的預測實際上就相當準確了。

So we don't think that the market variability is something that we can't understand it, we can't predict it.

所以我們不認為市場的變化是我們無法理解、無法預測的。

We continued to view that we are going to have healthy growth this year in HRS and IEI.

我們仍然認為今年 HRS 和 IEI 將實現健康成長。

That continues to be reflected in our thinking, in our forecast.

這繼續反映在我們的想法和預測中。

And so, I think once we take out the INS variability, and we take out the smartphone variability, I actually think we've been actually quite accurate.

因此，我認為一旦我們排除了 INS 的可變性，並且排除了智慧型手機的可變性，我實際上認為我們實際上已經相當準確了。

Okay, and maybe switching gears to IEI and HRS.

好的，也許可以切換到 IEI 和 HRS。

It looks like you're expecting that to get back to double-digit growth for the September quarter.

看起來您預計九月季度將恢復兩位數成長。

And so, do you expect the growth rates to accelerate for the rest of the fiscal year, because I think that needs to happen for those businesses to get to double-digits for the full year, which you reiterated today, Mike.

那麼，您是否預計本財年剩餘時間的成長率會加快，因為我​​認為這些企業需要在全年達到兩位數，正如您今天重申的那樣，麥克。

And when you talk about double-digit growth for these businesses, I just wanted to clarify, is that organic or is that total growth?

當你談論這些業務的兩位數成長時，我只是想澄清一下，這是有機成長還是整體成長？

Well, any time we talk about the business, we're talking about total.

好吧，任何時候我們談論業務時，我們談論的都是整體。

We're not sure if it's going to be acquisition-driven or anything else, So I mean, just on average, we're trying to structure our business to have a 10% growth rate as a bundle for both those businesses.

我們不確定它是由收購驅動還是其他什麼，所以我的意思是，平均而言，我們正在嘗試建立我們的業務，使這兩項業務捆綁在一起，實現 10% 的成長率。

And on average, we're trying to focus the M&A dollars into those businesses.

平均而言，我們正在努力將併購資金集中到這些業務上。

So it's hard to split hairs, because we don't necessarily know which acquisitions we are going to be doing, and how big they are going to be, and whether they are more operating profit based, or if they are revenue based, quite frankly.

所以很難吹毛求疵，因為我們不一定知道我們將要進行哪些收購，它們的規模有多大，坦白說，它們是否更多地基於營業利潤，或者是否基於收入。

So you can have lower revenue and higher operating profit and have a pretty big contribution, but not really have very much revenue.

因此，您可以擁有較低的收入和較高的營業利潤，並做出相當大的貢獻，但實際上並沒有太多收入。

So but anyway, getting back to your original question, about what the ramp needs to look like over time, we do expect both HRS and IEI to have nice, strong sequential growth going through the rest of the year.

因此，無論如何，回到你最初的問題，隨著時間的推移，成長需要是什麼樣子，我們確實預計 HRS 和 IEI 在今年剩餘時間都會有良好、強勁的連續成長。

So do the math, that's what you need to hit in order to get to those double-digit numbers.

所以算一下，這就是你需要達到的數字才能得到兩位數的數字。

And it's actually what we see in our forecast.

這實際上就是我們在預測中看到的。

So I made the prepared remarks that, we continue to see, as we think about that bundle, we hope to -- we expect it to be able achieve pretty close to its stated goal of 10%.

因此，我發表了準備好的評論，我們繼續看到，當我們考慮該捆綁包時，我們希望 - 我們預計它能夠實現非常接近其既定的 10% 目標。

And Brian, I'd just add -- back about 60 days ago at our Investor Day, both of those businesses spent time trying to define the activities that were in play last year, that actually give us the confidence around the double-digit growth.

Brian，我想補充一下，大約 60 天前的投資者日，這兩家公司都花了時間試圖定義去年開展的活動，這實際上讓我們對這兩位數的成長充滿信心。

For instance, at IEI, we had 44 new accounts that were booked last year, and we actually booked $1.6 billion in new manufacturing wins last year.

例如，在 IEI，我們去年登記了 44 個新客戶，去年我們實際上登記了 16 億美元的新製造訂單。

So that's an attribute that gives us the confidence in that IEI strength.

因此，這項屬性讓我們對 IEI 的實力充滿信心。

As well as in HRS, Paul Humphries did a good job of defining all the broad wins across automotive and medical, where we're ramping 60-plus new programs, and we had new relationships with global OEMs.

與 HRS 一樣，Paul Humphries 出色地定義了汽車和醫療領域的所有廣泛勝利，我們正在推動 60 多個新項目，並與全球 OEM 建立了新的關係。

And again, another $1.8 billion in lifetime revenue and bookings last year.

去年，終身收入和預訂量又增加了 18 億美元。

So we're pretty confident in the organic capabilities of those businesses to grow, and we really don't need M&A to get there.

因此，我們對這些業務的有機成長能力非常有信心，而且我們真的不需要併購來實現這一目標。

But that is always going to be an accelerator.

但這永遠是一個加速器。

There is a lot of ways we're competing in the marketplace in those businesses to win, and you know you have been seeing it.

我們可以透過多種方式在這些業務的市場競爭中獲勝，而且您知道您已經看到了這一點。

We've been growing those businesses healthy double-digits, the last couple years, and think we have a very strong competitive position, and way out in front in terms of our engagement model.

過去幾年，我們這些業務一直以兩位數的速度健康成長，並且認為我們擁有非常強大的競爭地位，並且在參與模式方面遙遙領先。

Okay.

好的。

Thanks a lot guys.

非常感謝大家。

You're welcome.

不客氣。

Your next question comes from the line of Sherri Scribner with Deutsche Bank.

您的下一個問題來自德意志銀行的雪莉‧斯克里布納 (Sherri Scribner)。

Hi, thank you.

嗨，謝謝你。

I think there is a little static on my line, but I wanted to ask about the IEI margins.

我認為我的線路上有一點靜電，但我想詢問一下 IEI 利潤率。

You guys are below target there, based on program ramps and some investments you're making.

根據計劃的進度和正在進行的一些投資，你們的目標低於目標。

How long do those program ramps impact margins and the investments?

這些計劃的提升會對利潤和投資產生多長時間的影響？

When do you think you can get those margins back into the targeted range?

您認為什麼時候可以將這些利潤恢復到目標範圍？

Hi, Sherri.

嗨，雪莉。

So yes, we actually closed this past quarter, with IEI at around $29 million of contribution and 2.6%, and those programs are a bit more complicated than we had anticipated.

所以，是的，我們實際上在上個季度結束了，IEI 的貢獻約為 2900 萬美元，佔 2.6%，這些計劃比我們預期的要複雜一些。

And so, these have been in place for a couple quarters now, and have been impacting us.

因此，這些措施已經實施了幾個季度，並對我們產生了影響。

We are actually very confident in our ability to have set in place corrective actions.

事實上，我們對採取糾正措施的能力非常有信心。

To get more granular, we've revamped parts of management that are operating that.

為了變得更精細，我們對營運該系統的部分管理人員進行了修改。

We've improved workforce planning activities, and we've been driving yield improvements, which in turn will lower expedite fees, and other ancillary costs that have been burdening that business.

我們改進了勞動力規劃活動，並一直在推動產量提高，這反過來又會降低加急費和其他一直給該業務帶來負擔的輔助成本。

So we actually are confident in our ability to get this business to its target margin range, and you'll see that stepping forward next quarter.

因此，我們實際上對使這項業務達到目標利潤範圍的能力充滿信心，並且您將在下個季度看到這一進展。

Okay, great.

好的，太好了。

Sherri, you'll find a pretty significant kick up into the -- well into the 3% range next quarter.

Sherri，您會發現下個季度的增幅相當顯著，達到 3% 的範圍。

Okay, great.

好的，太好了。

And then, Mike, I think last quarter you talked about the potential to have revenue flat this year.

然後，麥克，我想上個季度您談到了今年收入持平的可能性。

It seems like, with the miss now, it's going to be a bit of a hole to dig out of, as we move through the year.

看起來，隨著​​現在的錯過，隨著我們度過這一年，這將是一個需要挖掘的坑。

What is your thinking in terms of growth for FY16 now?

您現在對 2016 財年的成長有何看法？

Thanks.

謝謝。

So I think there is a -- our Q1 has created a reasonably big hole, that we have to dig out of.

所以我認為我們的第一季已經造成了一個相當大的洞，我們必須把它挖出來。

Alternatively, I talked about the four or five different programs that are going to kick in.

另外，我談到了即將啟動的四、五個不同的計劃。

Some of those programs are going to offset natural kind of attrition if you will.

如果你願意的話，其中一些計劃將抵消自然消耗。

I think you'll see the INS revenue kick up pretty significantly this next quarter, as I mentioned high single-digits.

我認為您會看到下個季度 INS 收入大幅成長，正如我提到的高個位數。

I think we are going to have some also significant increases the quarter after that, But I think that it's -- we're going to be chasing it all the way to the end to get close to a breakeven.

我認為在那之後的季度我們也會有一些顯著的成長，但我認為我們將一直追到最後以接近收支平衡。

And as you know, last year I had hoped to get to breakeven.

如你所知，去年我曾希望能夠達到收支平衡。

I consider breakeven in INS business to be a victory, and we'll be chasing it again this year.

我認為 INS 業務的損益平衡就是一場勝利，今年我們將再次追求這場勝利。

We've got a big hole, but we also have a lot of very concrete bookings that sit on top of the existing core business that will absolutely contribute.

我們有一個很大的漏洞，但我們也有很多非常具體的預訂，這些預訂位於現有的核心業務之上，絕對會做出貢獻。

So we're hopeful, but it's going to be a challenge to get to 0%.

所以我們充滿希望，但要達到 0% 將是一個挑戰。

But you'll see the revenue on a quarterly basis move up pretty nicely.

但你會看到季度收入成長得相當不錯。

Thank you.

謝謝。

You're welcome.

不客氣。

Your next question comes from the line of Matt Sheerin with Stifel Nicolaus.

你的下一個問題來自 Matt Sheerin 和 Stifel Nicolaus 的對話。

Yes, thanks.

對了謝謝。

Just wanted to ask another question regarding the consumer technology group.

只是想問另一個有關消費科技組的問題。

It was strong guidance.

這是強而有力的指導。

You talked about growth opportunities pretty much in every area except for smartphones.

除了智慧型手機之外，您幾乎談到了每個領域的成長機會。

So just wanted to clarify your expectations for the smartphone portion of that?

所以只是想澄清一下您對智慧型手機部分的期望？

And given, that the product mix has changed for you in that space, what should we be thinking about as seasonality for the December quarter, which typically has been a strong quarter for you?

鑑於您在該領域的產品組合發生了變化，我們應該如何看待 12 月季度的季節性，這個季度通常對您來說是一個強勁的季度？

So I think, if you think about it in two different bundles, there's a smartphone business and there's a CTG business.

所以我認為，如果你把它分成兩個不同的業務組合來考慮，那就是智慧型手機業務和 CTG 業務。

And if you think about how we're trying to balance our CTG portfolio is, that the CTG business tends to work on things that are more next-generation, more IOT-related, things like wearables and connected homes and digital health.

如果你考慮我們如何努力平衡我們的 CTG 產品組合，你會發現 CTG 業務往往致力於更下一代、更與物聯網相關的事物，例如穿戴式裝置、連網家庭和數位健康。

And many of those actually are also seasonal.

其中許多實際上也是季節性的。

So we would expect that portion of the CTG business to perform nicely, actually across the balance of the next two quarters in a very, very typical seasonal kind of nature.

因此，我們預計 CTG 業務的這一部分將在未來兩個季度的剩餘時間內表現良好，這是非常非常典型的季節性特徵。

So those -- and I think as I mentioned in my remarks earlier, they actually overachieved their target for this last June quarter.

因此，我認為正如我之前在演講中提到的，他們實際上超額實現了上個六月季度的目標。

So their revenue, and their profile of business, and the diversification that they are achieving, and the investments they are putting into do have a better kind of CTG, consumer kind of business is working really well.

因此，他們的收入、他們的業務概況、他們正在實現的多元化以及他們投入的投資確實有更好的 CTG，消費者類型的業務運作得非常好。

Now if I think about the consumer business, I mean, if I think about the smartphone business portion of the computer business, it's going to be -- it's already come down quite a bit.

現在，如果我考慮消費者業務，我的意思是，如果我考慮電腦業務的智慧型手機業務部分，它已經下降了很多。

And maybe it will come down some more, but we don't necessarily think so.

也許還會下降一些，但我們不一定這麼認為。

We also think there's opportunities for upside in India.

我們也認為印度存在上升的機會。

So we baked that into our forecast.

所以我們將其納入我們的預測中。

And as a result of that, I'm not sure we're seeing same traditional seasonalities in a smartphone business that you would normally see.

因此，我不確定我們在智慧型手機業務中是否會看到與您通常看到的相同的傳統季節性。

So the way we're forecasting that, is we're being a little bit more conservative, and we're seeing very typical seasonality in the non-smartphone CTG business.

因此，我們的預測方式是更保守一些，我們看到非智慧型手機 CTG 業務具有非常典型的季節性。

Which is going really well, and we're super confident about it, and believe that that whole portfolio, that whole non-smartphone CTG portfolio is going to deliver a tremendous amount of shareholder value over time.

進展非常順利，我們對此非常有信心，並相信整個投資組合，整個非智慧型手機 CTG 投資組合將隨著時間的推移帶來巨大的股東價值。

Yes, that's helpful.

是的，這很有幫助。

And the margins in that segment were better than expected, despite the revenue shortfall, and it seems like mix had something to do with that.

儘管收入不足，但該細分市場的利潤率仍優於預期，而且似乎與此有關。

And if you think about margins in the non-smartphone part of CTG, particularly given you're still making investments, are you comfortable with the margin targets?

如果您考慮 CTG 非智慧型手機部分的利潤率，特別是考慮到您仍在進行投資，您對利潤率目標是否滿意？

Or should there -- could there be upside based on the mix of that business?

或者說，基於該業務的組合，是否會有上漲空間？

Well, like you said, it does depend on the mix.

嗯，就像你說的，這確實取決於組合。

To be right in the middle of that range of 2.5%, is actually very healthy, as you can imagine, considering it's a bundle of those two groups.

正如您可以想像的那樣，考慮到這是這兩組的捆綁，處於 2.5% 範圍的中間實際上是非常健康的。

So you guys could probably do the math, that our non-smartphone CTG business is actually performing really well.

所以你們可以算一下，我們的非智慧型手機 CTG 業務實際上表現得非常好。

And that's always been the objective, is to try to get into CTG business that has more -- technologically advanced, where we add actually a lot more value, and enabling these customers to be -- to get to market.

這一直是我們的目標，就是嘗試進入技術先進的 CTG 業務，我們實際上增加了更多價值，並使這些客戶能夠進入市場。

So I think that's the correct observation to make out of there.

所以我認為這是正確的觀察。

And so, as within CTG, we're trying to be balanced, we're trying to have a balanced portfolio, and hopefully you'll continue to see us perform in the range of 2% to 3%.

因此，就像在 CTG 內部一樣，我們正在努力保持平衡，我們正在努力擁有一個平衡的投資組合，希望您能繼續看到我們的表現在 2% 到 3% 的範圍內。

But it will depend on what percentage of each type of business is in there.

但這將取決於每種類型的業務所佔的比例。

Okay, thanks a lot.

好的，非常感謝。

Your next question comes from the line of Shawn Harrison with Longbow Research.

您的下一個問題來自 Longbow Research 的 Shawn Harrison。

Hi, good afternoon.

嗨，下午好。

I guess, two follow-up questions on some prior topics.

我想，關於一些先前主題的兩個後續問題。

But with the IEI business, stepping up into the high 3[%]s, it sounded like this quarter, do you believe exiting the year you'll be at the low end of the target EBIT margin range for the IEI business?

但隨著 IEI 業務的成長，進入 3[%] 的高位，聽起來這個季度，您是否認為今年結束時您將處於 IEI 業務目標 EBIT 利潤率範圍的低端？

Hi, Shawn, this is Chris.

嗨，肖恩，我是克里斯。

Yes, I don't know -- what I wanted to define for you, was that we clearly have action plans in place, and confident on our ability to move that business to its target margins.

是的，我不知道 - 我想為您定義的是，我們顯然已經制定了行動計劃，並且對我們將該業務提升到目標利潤的能力充滿信心。

I didn't say high 3[%]s next quarter.

我沒有說下個季度會出現高 3[%] 的情況。

We're going to continue to make progress.

我們將繼續取得進步。

You'll see up into the 3[%]s, and you are going to continue to see that improve.

您將看到 3[%]，並且您將繼續看到這種改進。

We actually have been at this -- at changing around some of the underlying operational activities, which will drive the yield improvements, which will reduce some of the ancillary costs that we've been having to absorb there.

事實上，我們一直在改變一些基本的營運活動，這將推動產量的提高，這將減少我們必須承擔的一些輔助成本。

So with some of the growth in that business, with improved operational execution, we are going to continue to move that towards that target margin range, and we have not come off that range as our target margin.

因此，隨著該業務的一些成長，隨著營運執行力的改善，我們將繼續朝著目標利潤率範圍邁進，而且我們的目標利潤率尚未超出該範圍。

Okay.

好的。

And then, as a follow-up on the MCi integration, SG&A stepping up because of that, does SG&A decline a little bit into the December quarter, or we just flatten out here, going forward at this kind of dollar range?

然後，作為 MCi 整合的後續行動，SG&A 會因此而加強，SG&A 是否會在 12 月份季度略有下降，或者我們只是在這裡持平，在這種美元區間繼續前進？

Yes, not getting too far ahead, I would think that you should be thinking about it as kind of flattening out.

是的，不要走得太遠，我認為你應該將其視為一種扁平化。

You'll see a step-up for the incremental costs from, not only the selling and general administrative functions in that business, but also the research and Development and engineering efforts that are in there.

您將看到增量成本的增加，不僅來自該業務的銷售和一般管理職能，而且還來自其中的研發和工程工作。

So that steps up.

這樣就提高了。

If you think about it, there is a step from where we're at today at [$195 million], up and part of it is going to be, as revenues go up and where we get back to some of the investments, you'll see us with roughly at core say, around [$203 million].

如果你想一想，我們現在的 [1.95 億美元] 水平還有一個台階，隨著收入的增加以及我們收回一些投資，其中一部分將會上升。我們將看到我們的大致核心，大約[2.03 億美元]。

And then, you add another [$7 million] or so for MCi, and you're at the [$210 million] type of range.

然後，您再為 MCi 添加 [700 萬美元] 左右，您就處於 [2.1 億美元] 的範圍。

So looking back historically, the core is operating just as it had been last December, last March.

所以回顧歷史，核心的運作情況與去年 12 月、去年 3 月一樣。

And then, one brief follow-up if I may.

然後，如果可以的話，我會做一個簡短的跟進。

Significant new wins here in INS.

INS 取得了重大新勝利。

Is the environment out there, that after you ramp these wins, there is opportunities like that, as we progress in the calendar 2016 for additional large wins like that, to drive incremental growth?

外部環境是否存在，在您取得這些勝利之後，隨著我們在 2016 年日曆中取得更多類似的重大勝利，還會有類似的機會來推動增量成長？

Yes, I think it's hard to see a set of wins like we had.

是的，我認為很難看到像我們這樣的一系列勝利。

One of the things that Caroline Dowling, who runs this segment for us, said at an Analyst day, is that she had record bookings last year.

為我們負責該部門的卡洛琳道林 (Caroline Dowling) 在分析師日表示，她去年的預訂量創下了紀錄。

Sometimes these take a long time to mature.

有時這些需要很長時間才能成熟。

I don't know that we're going to see the same kind of nice four to five programs, and multi-hundred million dollars that we can layer on again this year.

我不知道今年我們是否會看到同樣好的四到五個項目，以及我們可以再次投入的數億美元。

I am still of the belief that if you can hit literally just a flat growth or a flat performance on a revenue basis year on year, it's actually [beating] the market.

我仍然相信，如果你能在收入基礎上實現逐年持平的成長或持平的業績，那麼它實際上是[擊敗]市場。

So I think that's more what you should think about.

所以我認為這是你應該考慮的更多問題。

I mean, this is going to be our goal, is to try to hit a flat growth rate.

我的意思是，這將是我們的目標，就是努力實現平穩的成長率。

And so, I wouldn't think you'd be able to -- so I would not plan on revenue growth going into the future.

所以，我不認為你能夠——所以我不會計劃未來的收入成長。

Thanks a lot, Mike.

非常感謝，麥克。

Yes.

是的。

Operator, we have time for one more question.

接線員，我們還有時間再問一個問題。

Your final question comes from the line of Osten Bernardez with Cross Research.

你的最後一個問題來自 Cross Research 的 Osten Bernardez。

Hi, thanks for taking my questions.

您好，感謝您回答我的問題。

I just wanted to learn a little bit more about these new investments that you highlighted earlier, to help support growth within your HRS and IEI business.

我只是想更多地了解您之前強調的這些新投資，以幫助支持您的 HRS 和 IEI 業務成長。

I am assuming these are -- you're investing in more people.

我假設這些是──你正在投資更多的人。

Could you sort of highlight whether you are adding any kind of new skills, or is this just a matter of capacity from a design and engineering standpoint?

您能否強調一下您是否正在添加任何新技能，或者這只是從設計和工程角度來看的能力問題？

Yes, the MCi is a good example.

是的，MCi 就是一個很好的例子。

I mean, why did we do the MCi acquisition?

我的意思是，我們為什麼要收購 MCi？

One it was, it has higher margin, it has longer product life cycles.

其一，它的利潤率更高，產品生命週期更長。

It has a stronger growth profile than the rest of Flextronics.

與偉創力其他公司相比，該公司的成長動能更為強勁。

I mean, all these are very, very positive.

我的意思是，所有這些都是非常非常積極的。

One of the comments I made is that they have a very strong actuator and sensors, an actuator kind of business in it, that we think we can apply across the rest of Flex.

我的評論之一是，他們有非常強大的執行器和感測器，其中有執行器類型的業務，我們認為我們可以將其應用到 Flex 的其餘部分。

So when we think about adding on new skills and capabilities, we're always looking to expand our capabilities, and expand our sketch to scale kind of product and engineering offering if you will.

因此，當我們考慮添加新的技能和功能時，我們總是尋求擴展我們的能力，並擴展我們的草圖以擴展產品和工程產品（如果您願意）。

So that's not going to change.

所以這不會改變。

We're focused in particular on -- in the HRS area for these acquisitions, because this is the place which has longer product life cycles, and more stable earnings, and in a more [elete] and it's yielding a more predictable Flextronics.

我們特別關注 HRS 領域的這些收購，因為這個領域的產品生命週期更長，收益更穩定，並且在更多[elete]方面，它正在產生更可預測的 Flextronics。

I think the fact that we actually went down to $5.5 billion in revenue, yet we held free cash flow ROIC, and hit earnings per share targets is really a testament to the resiliency of the model that we're bringing forward.

我認為，我們的收入實際上下降到了 55 億美元，但我們持有自由現金流 ROIC，並達到了每股收益目標，這一事實確實證明了我們所提出的模型的彈性。

And this has been the objective of what we're trying to accomplish with the HRS business, is to be able to bring that forward.

這就是我們透過 HRS 業務努力實現的目標，就是能夠推動這一目標的實現。

You can see we're hitting about a 6.6% operating margin.

您可以看到我們的營業利潤率約為 6.6%。

So the only way we're going to get that is to continually expand the capabilities, to look for more opportunities to create a richer engineering offering for those customers.

因此，我們要實現這一目標的唯一方法就是不斷擴展能力，尋找更多機會為這些客戶創造更豐富的工程產品。

And you're seeing that with MCi as a great example of it.

您會看到 MCi 就是一個很好的例子。

But that's not the only place, we're looking for it.

但這不是唯一的地方，我們正在尋找它。

Anywhere we can expand those capabilities and provide a richer offering to the customer, we're doing that.

只要我們能夠擴展這些功能並為客戶提供更豐富的產品，我們就會這樣做。

And that's how we're moving that business forward with a good growth rate.

這就是我們如何以良好的成長率推動該業務向前發展。

It's how we are being able to deliver the operating margin improvement, and the operating margin result as you see.

這就是我們能夠實現營業利潤率改善以及您所看到的營業利潤率結果的方式。

And like I said, it's creating resiliency of the overall business model.

正如我所說，它正在創造整體商業模式的彈性。

If you go on down to $5.5 billion in revenue, and yet still be able to generate the free cash flow, and the ROIC, and hit the earnings per share target is, I think, the proof point of that.

如果你的收入繼續下降到 55 億美元，但仍然能夠產生自由現金流和投資回報率，並達到每股收益目標，我認為，這就是證明點。

Okay.

好的。

And just lastly for me.

最後對我來說。

With respect to the new program wins you're expecting to drive sequential growth going forward for INS, you noted that you viewed these as incremental to your core business.

關於新專案的勝利，您預計將推動 INS 的持續成長，您指出，您將這些視為對您的核心業務的增量。

So can you sort of give some examples of what we should be expecting from the types of programs there?

那麼您能否舉一些例子來說明我們應該從那裡的程式類型中期待什麼？

I'm assuming this is beyond converged infrastructure programs, given the size of the growth that we're expecting here?

考慮到我們預期的成長規模，我假設這超出了融合基礎設施計畫的範圍？

Yes, that's correct.

對，那是正確的。

Most of these programs are programs that are, what you'd kind of consider more core programs.

這些程序中的大多數都是您認為更核心的程序。

A good example is just what we're doing with Alcatel Lucent, in basically just taking over that optical business.

一個很好的例子就是我們與阿爾卡特朗訊所做的事情，基本上只是接管了光學業務。

So we would consider this more of a core business.

所以我們會認為這更像是一項核心業務。

It's not really part of the converged infrastructure initiative, which tend to be -- are going to tend to be smaller wins, with hopefully higher growth rates, or were currently exhibiting high growth rates.

它實際上並不是融合基礎設施計劃的一部分，而融合基礎設施計劃往往會取得較小的勝利，預計將實現更高的成長率，或目前表現出較高的成長率。

But to get these big multi-hundred million dollar wins in, we're typically seeing just opportunities to work with the customers, to really be able to add some value, and take out nice chunks of business that we could do a good job on.

但是，為了獲得這些數億美元的巨大勝利，我們通常會看到與客戶合作的機會，真正能夠增加一些價值，並獲得我們可以做得很好的業務。 。

Thanks.

謝謝。

Okay.

好的。

Thank you very much for joining us today on our call.

非常感謝您今天參加我們的電話會議。

We really appreciate it.

我們真的很感激。

We know there are a lot of earnings going on today, so thank you for spending the time.

我們知道今天有很多收入，所以感謝您抽出時間。

This concludes our conference call.

我們的電話會議到此結束。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。