Flex Ltd (FLEX) 2016 Q3 法說會逐字稿

Good afternoon and welcome to the Flex third-quarter FY16 earnings conference call.

下午好，歡迎參加 Flex 2016 財年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

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

此時此刻，我想將電話轉給偉創力投資者關係副總裁 Kevin Kessel 先生。

Sir, you may begin.

先生，您可以開始了。

Thank you, operator, and welcome to Flex's conference call to discuss the results of our FY16 third quarter ended December 31, 2015.

謝謝您，電信商，歡迎參加偉創力的電話會議，討論截至 2015 年 12 月 31 日的 2016 財年第三季業績。

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.

今天加入我的是我們的執行長 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，其中包含基於當前預期和假設的前瞻性陳述，這些預期和假設受到風險和不確定性的影響，實際結果可能會存在重大差異。

Such information is subject to change and we undertake no obligation to update those 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 in the Investor Relations section of our website along with the required reconciliation to the most comparable GAAP financial measures.

如果本次電話會議引用非公認會計原則財務指標，則這些指標以及與最具可比性的公認會計原則財務指標所需的調節一起位於我們網站的投資者關係部分。

Before I hand the call over to Chris, I want to mention a save the date for our investor and analyst day, which will be hosted on May 12, 2016.

在將電話轉交給 Chris 之前，我想提一下我們的投資者和分析師日的日期，該日將於 2016 年 5 月 12 日舉行。

We're particularly excited to be bringing it back to Silicon Valley where we last hosted it two years ago and had a fantastic event.

我們非常高興能夠將其帶回矽谷，兩年前我們上次在矽谷舉辦了一場精彩的活動。

More details will be forthcoming from us via email.

我們將透過電子郵件提供更多詳細資訊。

With that, I will pass the call to our CFO, Chris Collier.

接下來，我會將電話轉給我們的財務長 Chris Collier。

Chris?

克里斯？

Thank you, Kevin.

謝謝你，凱文。

And good afternoon to those joining us on the conference call and also listening in online.

對於那些參加我們電話會議並在線收聽的人們下午好。

We appreciate your time and interest in Flex.

感謝您抽出寶貴時間並關注 Flex。

Our third-quarter income statement highlights begin on slide 3. As you can see, our third-quarter financial performance reflects the substantial progress we are making as we continue to evolve our sketch-to-scale portfolio and focus on fulfilling our financial commitments.

我們的第三季損益表重點從投影片3 開始。如您所見，我們第三季的財務表現反映了我們在繼續發展我們的草圖到規模的投資組合併專注於履行我們的財務承諾的過程中所取得的實質進展。

Revenue grew $446 million or 7% sequentially to approximately $6.8 billion and was at the high end of our guidance range.

營收季增 4.46 億美元，即 7%，達到約 68 億美元，處於我們指引範圍的高端。

Every one of our business groups grew sequentially and met or exceeded our expectations.

我們的每一個業務集團都在持續成長，並達到或超越了我們的預期。

While our revenue declined $262 million or 4% year-over-year, it was entirely driven by a decline in sales to our largest customer.

雖然我們的營收年減 2.62 億美元或 4%，但這完全是由於我們最大客戶的銷售額下降所致。

Excluding our largest customer, on a year-over-year basis every one of our business groups grew and our overall business rose over 6%.

除我們最大的客戶外，我們的每個業務群均較去年同期成長，整體業務成長超過 6%。

Our profitability is reflecting a richer mix of business and improving execution as our third-quarter adjusted operating income increased 14% over the prior year to $236 million, which was above the high end of our guidance range and up 20% sequentially.

我們的獲利能力反映了更豐富的業務組合和不斷提高的執行力，第三季調整後營業收入比上年同期增長14%，達到2.36 億美元，高於我們指導範圍的上限，比上一季度增長20%。

Our adjusted net income totaled $196 million, reflecting a solid 12% increase year-over-year and a 28% increase sequentially.

我們的調整後淨利潤總計 1.96 億美元，年增 12%，季增 28%。

Our adjusted earnings per diluted share for our third quarter was $0.35, which represented a 17% year-over-year improvement and a 30% sequential growth.

第三季調整後每股攤薄收益為 0.35 美元，年增 17%，季增 30%。

This was above our adjusted EPS guidance range of $0.28 to $0.34 and represents the highest quarterly adjusted earnings per share the Company has ever reported.

這高於我們 0.28 美元至 0.34 美元的調整後每股收益指引範圍，代表了公司有史以來報告的最高季度調整後每股收益。

Turning to slide 4, you will see our quarterly financial highlights.

翻到投影片 4，您將看到我們的季度財務亮點。

Our third-quarter adjusted gross profit increased 14% sequentially and 11% year-over-year to $455 million.

我們第三季調整後毛利較上季成長 14%，年增 11%，達到 4.55 億美元。

Our improving operational execution on the many new product ramps coupled with a richer business mix resulted in an adjusted gross margin of 6.7%, expanding 40 basis points sequentially and 90 basis points from the prior year.

我們在許多新產品上不斷改進營運執行力，再加上更豐富的業務組合，調整後的毛利率達到 6.7%，比上一季度增長 40 個基點，比上年增長 90 個基點。

Our execution continues to improve across all our business groups while we simultaneously bring on many new customers across a variety of new technologies and markets.

我們所有業務部門的執行力不斷提高，同時我們在各種新技術和市場上吸引了許多新客戶。

Our margin is fundamentally a function of our business mix, and it has been our strategic objective over the past couple of years to evolve our portfolio towards a greater mix of businesses that have longer product life cycles and higher margins.

我們的利潤率從根本上來說是我們業務組合的函數，過去幾年我們的策略目標是將我們的產品組合發展為具有更長產品生命週期和更高利潤率的更大業務組合。

And we continue to actively manage our investments and resources to deliver on this commitment.

我們將繼續積極管理我們的投資和資源，以兌現這項承諾。

This quarter our adjusted operating income increased by $29 million, or 14% year-to-year to $236 million.

本季度，我們調整後的營業收入增加了 2,900 萬美元，年增 14%，達到 2.36 億美元。

This quarter also represented our ninth straight quarter of year-over-year margin expansion with our adjusted operating margin expanding 60 basis points year-over-year to 3.5%.

本季也是我們利潤率連續第九個季度年增，調整後的營業利潤率年增 60 個基點，達到 3.5%。

Our improved operating profit performance continues to be supported by sustaining a strong discipline over our operating expenses combined with improved operational execution.

透過對營運支出保持嚴格的紀律以及改善營運執行力，我們持續提高營運利潤表現。

Our return on invested capital was 22.4% in the quarter, exceeding our targeted level of 20% and remains above our cost of capital.

本季我們的投資資本回報率為 22.4%，超出了 20% 的目標水平，並且仍然高於我們的資本成本。

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

請參閱投影片 5，以了解我們按業務部門劃分的季度經營業績。

This quarter every one of our business segments operated at or above their targeted adjusted operating margin ranges.

本季度，我們每個業務部門的營運均達到或高於調整後的目標營業利潤率範圍。

Our Integrated Network Solutions or INS business generated $76 million in operating profit and its operating margin increased to 3.1%, which was within our targeted range of 3% to 4%.

我們的整合網路解決方案或 INS 業務產生了 7,600 萬美元的營業利潤，營業利潤率增至 3.1%，在我們 3% 至 4% 的目標範圍內。

This expansion was aided by solid sequential top line growth providing for improved utilization levels and our strong operational execution over the multiple new programs that have been ramping.

此次擴張得益於營收的連續穩定成長，提高了利用率，以及我們對多個新專案的強大營運執行力。

Our Consumer Technologies Group, or CTG business, generated $49 million in operating profit, which resulted in an operating margin of 2.4%.

我們的消費科技集團（CTG）業務創造了 4,900 萬美元的營業利潤，營業利潤率為 2.4%。

This was within our targeted range of 2% to 3% as we continue to drive a deeper consumer engagement model where we are providing more meaningful product design and innovation in a sketch-to-scale value proposition.

這在我們 2% 到 3% 的目標範圍內，因為我們將繼續推動更深入的消費者參與模式，在從草圖到規模的價值主張中提供更有意義的產品設計和創新。

We're consciously making investments into our capabilities to support this model today, which should allow us to push our CTG business to a richer margin profile.

今天，我們有意識地對支持此模式的能力進行投資，這將使我們能夠將我們的 CTG 業務推向更豐富的利潤狀況。

Our Industrial and Emerging Industries, or IEI business, produced $49 million in operating profit with a 4.1% operating margin.

我們的工業和新興產業 (IEI) 業務產生了 4,900 萬美元的營業利潤，營業利潤率為 4.1%。

This fulfilled our expectations for meaningful sequential improvement and now sits within our targeted range of 4% to 6% for this segment.

這滿足了我們對有意義的連續改進的期望，現在處於我們對該細分市場 4% 至 6% 的目標範圍內。

Our margin performance this period reflects the incremental benefit of our new solar tracking acquisition, NEXTracker, as well as improvement in our operations as we continue to drive further productivity and yield improvements.

我們本期的利潤率表現反映了我們新收購的太陽能追蹤 NEXTracker 帶來的增量收益，以及我們在繼續推動生產力和產量進一步提高的過程中營運的改善。

Lastly our High Reliability Solutions, or HRS business, generated $83 million in operating profit, which equates to 8.1% operating margin.

最後，我們的高可靠性解決方案（HRS 業務）創造了 8,300 萬美元的營業利潤，相當於 8.1% 的營業利潤率。

Again this quarter, it exceeded our targeted operating margin range of 5% to 7%, reflecting the continued solid execution of this business, while we're managing numerous new programs, new product ramps, and the successful integration of our MCi acquisition earlier this fiscal year.

本季度，它再次超出了我們5% 至7% 的目標營業利潤率範圍，反映出該業務的持續穩健執行，同時我們正在管理眾多新計劃、新產品升級以及今年早些時候收購的MCi 的成功整合財政年度。

This performance placed HRS as our highest operating profit business group this quarter.

這一業績使 HRS 成為我們本季營業利潤最高的業務部門。

Let's turn to slide 6 for some insight around our other income statement elements.

讓我們轉向投影片 6，了解損益表其他要素的一些見解。

Net interest and other expense was approximately $22 million for this quarter, which was better than our guidance of $25 million.

本季的淨利息和其他費用約為 2,200 萬美元，優於我們 2,500 萬美元的指引。

For our March quarter, we believe that modeling quarterly net interest and other expense at $25 million remains appropriate.

對於我們 3 月的季度，我們認為將季度淨利息和其他費用建模為 2500 萬美元仍然是合適的。

The adjusted income tax expense for the third quarter was $18 million, reflecting an adjusted income tax rate of approximately 8.4%, which is within our targeted tax rate range of 8% to 10%.

第三季調整後所得稅費用為1,800萬美元，調整後所得稅稅率約為8.4%，介於我們8%至10%的目標稅率範圍內。

Our estimated annual FY16 effective tax rate remains between 8% and 10%.

我們預計 2016 財年的年度有效稅率仍維持在 8% 至 10% 之間。

When reconciling between our quarterly GAAP and adjusted EPS, you will see an $0.08 impact.

當調整我們的季度 GAAP 和調整後每股收益時，您將看到 0.08 美元的影響。

This impact relates to a few different elements.

這種影響與幾個不同的因素有關。

$0.03 is driven from $19 million of intangible amortization expense and $0.04 is the result of $24 million of stock-based compensation expense.

0.03 美元來自 1,900 萬美元的無形攤銷費用，0.04 美元來自 2,400 萬美元的股票補償費用。

The remaining $0.01 comes from combined impacts of a non-cash loss on a small divestiture and investment impairments offset by a tax benefit.

剩餘的 0.01 美元來自小額資產剝離的非現金損失和稅收優惠抵消的投資減值的綜合影響。

Turning to slide 7, I will review our cash flows.

轉向幻燈片 7，我將回顧我們的現金流。

We continue to operate with discipline as this quarter we generated $278 million in cash flow from operations in bringing our year-to-date cash flow from operations to $940 million.

我們繼續嚴格運營，本季我們產生了 2.78 億美元的營運現金流，使年初至今的營運現金流達到 9.4 億美元。

We efficiently managed our operations as our net working capital decreased by 3% sequentially despite the 7% sequential growth in our business.

我們有效地管理了我們的運營，儘管我們的業務環比增長了 7%，但我們的淨營運資本環比下降了 3%。

Net working capital as a percentage of sales declined sequentially to 6.7%.

淨營運資本佔銷售額的百分比連續下降至 6.7%。

Most notable for our net working capital was our reduction in inventory days, which we brought down by three days sequentially to 51 days, reflecting inventory turns of 7.2 times.

我們的淨營運資本最引人注目的是庫存天數的減少，我們將庫存天數連續減少三天至 51 天，反映庫存週轉率為 7.2 倍。

Our cash conversion cycle totaled 24 days, which decreased by a1 day sequentially.

我們的現金週轉週期總計 24 天，比上一季減少了 1 天。

Given our current and prospective mix of business, we continue to believe that our net working capital as a percentage of sales will remain within our targeted range of 6% to 8%.

考慮到我們目前和未來的業務組合，我們仍然相信我們的淨營運資本佔銷售額的百分比將保持在 6% 至 8% 的目標範圍內。

We remain committed to investing in technologies and capacity that support our future growth.

我們仍然致力於投資支持我們未來成長的技術和能力。

This quarter our net capital expenditures were $120 million, exceeding depreciation by $10 million as we continue to invest in additional capability and capacity expansion to primarily support our growing automotive, medical and energy businesses.

本季我們的淨資本支出為 1.2 億美元，超過折舊 1000 萬美元，因為我們繼續投資於額外的能力和產能擴張，主要支持我們不斷增長的汽車、醫療和能源業務。

Strong sustainable free cash flow generation remains a cornerstone of Flex.

強大、可持續的自由現金流生成仍然是偉創力的基石。

We generated $158 million of free cash flow during the quarter and over the last 12 months our free cash flow generation totaled $575 million.

本季我們產生了 1.58 億美元的自由現金流，過去 12 個月我們產生的自由現金流總計為 5.75 億美元。

This provides a clear illustration of why we remain 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.

這清楚地說明了為什麼我們保持基本結構、紀律，並穩步實現我們的承諾，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。

Lastly we continue to use our strong cash flow generation to consistently return value to our shareholders through repurchasing our shares.

最後，我們持續利用強大的現金流量產生能力，透過回購股票持續為股東回報價值。

This quarter we invested $90 million to repurchase over 8 million shares or roughly 2% of our ordinary shares during the quarter.

本季度，我們投資了 9,000 萬美元，回購了超過 800 萬股股票，約佔本季普通股的 2%。

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

我們本季的行動凸顯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。

Our capital structure is sound and provides us with ample flexibility to support our business.

我們的資本結構健全，為我們提供了足夠的靈活性來支持我們的業務。

We have no significant debt maturities until calendar 2018, and our maximum debt maturity in any given year is below our expected average annual free cash flow generation.

在 2018 年之前，我們沒有重大債務到期日，任何特定年份的最大債務到期日都低於我們預期的平均年度自由現金流產生量。

We have over $3.1 billion in liquidity; total cash of approximately $1.6 billion; and our debt to EBITDA ratio was 2.3 times.

我們擁有超過 31 億美元的流動資金；現金總額約16億美元；我們的負債與 EBITDA 的比率是 2.3 倍。

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

我們第三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 summarize that our results clearly demonstrate that we are executing on our strategy, delivering on our sketch-to-scale solutions, transforming our portfolio, and providing our customers with more value than ever before.

在將電話轉給麥克之前，我想總結一下，我們的結果清楚地表明我們正在執行我們的策略，交付從草圖到規模的解決方案，轉變我們的產品組合，並為我們的客戶提供比以往更多的價值前。

We continue to be focused on improving our execution, operating with discipline, and consistently delivering on our commitments amid this very dynamic macro environment.

在這個充滿活力的宏觀環境中，我們繼續專注於提高執行力，遵守紀律，並始終如一地履行我們的承諾。

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。

We continued to compatibly position our Company as a leader in the IoT space, or as we call it, the Intelligence of Things.

我們繼續將公司定位為物聯網領域（或我們所謂的物聯網智慧）領域的領導者。

Our Company is well-positioned to take advantage of many new opportunities across multiple industries by providing design, engineering, manufacturing and Supply Chain Solutions for all products.

我們公司處於有利位置，可以透過為所有產品提供設計、工程、製造和供應鏈解決方案來利用多個行業的許多新機會。

This provides us with new markets and opportunities that will grow our business, diversify, and bring increased value to our customers from sketch-to-scale.

這為我們提供了新的市場和機會，可以發展我們的業務、實現多元化，並為我們的客戶帶來從草圖到規模的更大價值。

This progress is evident in earnings.

這項進步在收益中顯而易見。

Please turn to slide 9 for our Q3 2016 highlights and key trends.

請參閱投影片 9，以了解 2016 年第三季的亮點和主要趨勢。

Our focus strategy and richer engagement model, coupled with our continued diversification in industries resulted in an exceptionally strong performance in our third quarter of FY16.

我們的重點策略和更豐富的參與模式，加上我們在業界的持續多元化，導致我們在 2016 財年第三季取得了異常強勁的業績。

This was evidenced by broad sequential growth across all four of our business groups, resulting mostly from new program wins.

我們所有四個業務集團的廣泛連續成長證明了這一點，這主要歸功於新專案的成功。

These factors helped us overcome some of the macro headwinds during the quarter.

這些因素幫助我們克服了本季的一些宏觀阻力。

All four of our business groups grew sequentially and met or surpassed our guidance and revenue projections.

我們的所有四個業務集團都連續成長，並達到或超越了我們的指導和收入預測。

We reached the highest levels of quarterly revenue in the Company's history in our medical, automotive, industrial, and energy businesses.

我們的醫療、汽車、工業和能源業務的季度收入達到了公司歷史上的最高水準。

Our High Reliability Solutions business, which contained automotive and medical, eclipsed $1 billion in quarterly revenue.

我們的高可靠性解決方案業務（包括汽車和醫療）季度收入超過 10 億美元。

The evolving mix of our business and margins continue to improve.

我們的業務組合不斷發展，利潤率不斷提高。

All four of our business groups also ended the quarter within or above their respective target adjusted operating margin ranges.

我們的所有四個業務集團在本季結束時也都在各自目標調整後的營業利潤範圍之內或之上。

In addition, the combined revenue of HRS and IEI rose to 33% of sales, up 11% year-over-year and above 29% last year.

此外，HRS 和 IEI 的合併收入佔銷售額的比例升至 33%，較去年同期成長 11%，高於去年的 29%。

Further, the combined operating profit of HRS and IEI accounted for over 55% of total operating profit, up 69% year-over-year and further evidencing our progress in building a more balanced and diversified portfolio.

此外，HRS和IEI的合併營業利潤佔總營業利潤的55%以上，年增69%，進一步證明了我們在建立更平衡和多元化的投資組合方面取得的進展。

Lastly we continue to effectively manage our business and deploy capital in a disciplined way, remain focused on driving return on invested capital above our cost of capital.

最後，我們繼續有效地管理我們的業務並以嚴格的方式部署資本，繼續專注於將投資資本回報率提高到高於我們的資本成本。

This focus drives free cash flow, which at $526 million through three quarters of the year is solid and keeps us on track for our five-year free cash flow commitment of $3 billion to $4 billion.

這一重點推動了自由現金流，今年三個季度的自由現金流穩定在 5.26 億美元，並使我們能夠實現 30 億至 40 億美元的五年自由現金流承諾。

Our consistent free cash flow generation provides us the availability to grow our business through smart capital investments or acquisitions like our recent MCi NEXTracker and Wink transactions while still continuing to return significant 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（例如我們最近的 MCi NEXTracker 和 Wink 交易）來發展我們的業務，同時仍繼續向股東返還大量資本。

Our capital returned to shareholders continued this quarter as we invested $90 million to repurchase 8.4 million shares at an average price of $11.12.

本季我們繼續向股東返還資本，投資 9,000 萬美元以平均價格 11.12 美元回購 840 萬股股票。

Year-to-date we have bought back $332 million in stock, which equates to 63% of our year-to-date free cash flow.

年初至今，我們已回購了 3.32 億美元的股票，相當於我們年初至今自由現金流的 63%。

Since beginning our current capital return program in FY11, we have now repurchased nearly one-third of our net shares.

自 2011 財年開始目前的資本回報計畫以來，我們現已回購了近三分之一的淨股份。

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

請翻到投影片 10 查看按業務組別劃分的收入。

INS increased 12% sequentially and was well above our expectation for mid to high single-digit increase.

INS 持續成長 12%，遠高於我們對中高個位數成長的預期。

Revenue was $2.5 billion, reflecting a $264 million increase from last quarter.

營收為 25 億美元，較上季增加 2.64 億美元。

With this performance, INS is up over $0.5 billion over the last two quarters representing over 25% growth.

憑藉這一業績，INS 在過去兩個季度的收入增長了超過 5 億美元，增幅超過 25%。

This strong performance is reflective of the significant new business we captured over the past year and outstanding resolve, given the muted growth environment for our end customers.

這一強勁的業績反映了我們在過去一年中獲得的重要新業務以及在終端客戶成長乏力的情況下的出色決心。

In the quarter, all businesses within INS group were above forecast.

本季度，INS 集團內的所有業務均高於預期。

Our strength was led by telecom and converged infrastructure or what we call Ci3.

我們的優勢在於電信和整合基礎設施，也就是我們所說的 Ci3。

In our fourth quarter we expect INS revenues to be down mid to high single digits primarily driven by general seasonality off a higher revenue base in December and a challenging macro.

在我們的第四季度，我們預計 INS 收入將下降中到高個位數，這主要是由於 12 月份收入基礎較高和充滿挑戰的宏觀經濟的總體季節性因素所致。

This guidance reflects a continuation of year-over-year growth for INS.

該指引反映了 INS 持續的同比增長。

CTG's revenue was up 2% sequentially, above our expectation for a low single-digit decline.

三峽集團的營收季增 2%，高於我們對低個位數降幅的預期。

This resulted in revenue of $2 billion.

這帶來了 20 億美元的收入。

The better-than-forecasted performance in CTG was due to strong demand in connected home and wearables along with better demand in gaming.

CTG 的表現優於預期是由於連網家庭和穿戴式裝置的強勁需求以及遊戲需求的增加。

Roughly in line with what CTG has experienced in three out of the last four quarters, we are guiding it to decline 30% to 35% sequentially in Q4 as most products we build experience strong seasonality.

與 CTG 在過去四個季度中的三個季度的經歷大致一致，我們指導其在第四季度連續下降 30% 至 35%，因為我們生產的大多數產品都經歷了強烈的季節性。

We do not expect our largest customer to be a 10% customer in the future.

我們預計未來最大的客戶不會是10%的客戶。

This improves our CTG mix toward products that are more technology driven in sketch-to-scale businesses with better margin profiles.

這改善了我們的 CTG 組合，使其產品在從草圖到規模的業務中更具技術驅動力，並具有更好的利潤狀況。

INI rose 6% sequentially to $1.2 billion and saw its year-over-year growth climb to 10%.

INI 環比成長 6%，達到 12 億美元，年增幅攀升至 10%。

This performed in better sequential growth expectations of mid to high single digits.

這表現在中高個位數的更好的連續成長預期。

The growth was driven by strong contributions from new business ramps in our NEXTracker acquisition, which we closed earlier in the quarter.

這一成長得益於我們在本季稍早完成的 NEXTracker 收購中新業務成長的強勁貢獻。

However, the broader macro pressures we highlighted last quarter remained present and impact our core business.

然而，我們在上季度強調的更廣泛的宏觀壓力仍然存在，並影響我們的核心業務。

NEXTracker is a global market leader, leading smart solar tracking solutions companies that nicely complements our existing $1 billion- plus energy business.

NEXTracker 是全球市場領導者，領先的智慧太陽能追蹤解決方案公司，很好地補充了我們現有的價值超過 10 億美元的能源業務。

During its first quarter with us, NEXTracker performed well and met or exceeded all of our expectations.

在與我們合作的第一季度，NEXTracker 表現良好，達到或超越了我們的所有預期。

The NEXTracker Management team also provided a huge boost to our talent base and ability to drive a stronger Flex energy offering.

NEXTracker 管理團隊也大大增強了我們的人才基礎和推動更強大的 Flex 能源產品的能力。

For the March quarter, we are forecasting IEI sales to decline mid- single digits sequentially as we continue to see macro pressures weighing on our IEI business.

對於 3 月季度，我們預計 IEI 銷售額將連續下降中個位數，因為我們繼續看到宏觀壓力對我們的 IEI 業務造成壓力。

Our HRS group performed exceptionally well, growing year-over-year for its 24th straight quarter.

我們的 HRS 集團表現異常出色，連續 24 個季度年增。

Sales continued to reach record levels, rising 7% sequentially and 12% year-over-year.

銷售額持續創下歷史新高，季增 7%，年增 12%。

Growth in our automotive and medical businesses outpaced our expectations on successful new program ramps.

我們的汽車和醫療業務的成長超出了我們對成功的新計劃的預期。

We continued to leverage our strong technology and engineering position within HRS to drive very strong bookings.

我們繼續利用我們在 HRS 中強大的技術和工程地位來推動非常強勁的預訂。

Our automotive business remains on an upward trajectory and continues to outperform.

我們的汽車業務保持上升趨勢，並繼續跑贏大盤。

We now have automotive solutions and content in over 250 different models worldwide.

我們現在擁有全球 250 多種不同車型的汽車解決方案和內容。

On the medical front, we had one of the best bookings quarters ever, which bolsters the long-term growth in that business.

在醫療方面，我們經歷了有史以來最好的預訂季度之一，這促進了該業務的長期成長。

For the next quarter we expect HRS to be stable sequentially, as automotive strength is offset by medical seasonality.

對於下個季度，我們預計 HRS 將連續穩定，因為汽車行業的強勁勢頭被醫療季節性因素所抵消。

Now turning to our March quarter guidance on slide 11.

現在轉向幻燈片 11 上的 3 月季度指引。

Our expectations are for revenue to be in the range of $5.5 billion to $6.1 billion.

我們預計營收將在 55 億美元至 61 億美元之間。

This range reflects a sequential increase of 14% at the mid point, in line with our historical five-year seasonality for the March quarter as the growth from our new program ramps are offset by macro pressures and seasonality.

這一範圍反映了中點 14% 的環比增長，與我們 3 月份季度的歷史五年季節性相符，因為我們新計劃的增長被宏觀壓力和季節性所抵消。

Our guidance for adjusted operating income is to be in the range of $175 million to $215 million.

我們對調整後營業收入的指引是在 1.75 億美元至 2.15 億美元之間。

This equates to an adjusted EPS guidance range of $0.25 to $0.31 per share based on weighted average shares outstanding on 558 million.

這相當於根據 5.58 億股流通股的加權平均數調整後每股收益指引範圍為 0.25 美元至 0.31 美元。

The adjusted EPS guidance is expected to be approximately $0.07 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補償，調整後的每股收益指引預計將比季度 GAAP 攤薄每股收益高出約 0.07 美元。

Before I open the call for Q&A, I would like to thank the entire team at Flex.

在開始問答之前，我要感謝 Flex 的整個團隊。

It takes a lot of focus and hard work to deliver the exceptionally strong results we had this quarter, despite the challenging macro circumstances.

儘管宏觀環境充滿挑戰，但我們仍需要大量的專注和努力才能在本季度取得異常強勁的業績。

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）

Steven Milunovich, UBS.

史蒂文‧米盧諾維奇，瑞銀。

Thank you very much.

非常感謝。

Could you talk about your largest customer and what's going on there?

您能談談您最大的客戶以及那裡發生了什麼事嗎？

You indicated it's going to be less than 10% going forward.

您表示未來這一比例將低於 10%。

Is that a change relative to where you expected it would be three months ago?

與您三個月前的預期相比，這是否有變化？

No.

不。

This continues to be kind of at expectations.

這仍然符合預期。

We've always expected a slight adjustment in terms of the revenue profile, particularly in our China operations.

我們一直預期收入狀況會略有調整，特別是在我們的中國業務方面。

We actually expected around the rest of the world that it would be -- we would continue to perform well and have quite a bit of business.

事實上，我們預計世界其他地區會是這樣——我們將繼續表現良好，並擁有相當多的業務。

And we just continued to see that play out as certain products roll off and new products come on board.

隨著某些產品的推出和新產品的推出，我們繼續看到這種情況的發生。

It's a continuing of a transition that was well expected.

這是人們期待已久的過渡的繼續。

And as a result, the ability to manage down the cost structure as we've moved along has gone very, very well.

因此，隨著我們的發展，管理成本結構的能力已經非常非常好。

And we continue to be a very strong partner in Brazil and India.

我們仍然是巴西和印度非常強大的合作夥伴。

And that's really where we expected to be when this transaction was announced probably 1.5 years ago now.

這確實是我們在大約 1.5 年前宣布這筆交易時所期望的結果。

And regarding IEI, could you talk a bit about the program ramp difficulties that you had the last couple quarters?

關於 IEI，您能談談過去幾季遇到的計畫升級困難嗎？

How far through those we are and what's going on macro.

我們離這些目標還有多遠，宏觀正在發生什麼。

You mentioned macro in a couple categories, I think, but particularly in IEI.

我認為，您在幾個類別中提到了宏，尤其是在 IEI 中。

What are you seeing from the macro side of things and where regionally are you seeing weakness?

您從宏觀看到了什麼？您在哪些地區看到了弱點？

As far as the macro, what we see is kind of broadly across the Industrial set of businesses, particularly probably more so in the United States but also in Europe, we see it's just been a challenge.

就宏觀而言，我們看到的是廣泛的工業企業，尤其是在美國，而且在歐洲，我們認為這只是一個挑戰。

We started seeing the macro push probably in the September quarter.

我們可能在九月季度開始看到宏觀推動。

We talked a little bit about it maybe even at the end of the June quarter.

我們甚至可能在六月季度末就這個問題進行了一些討論。

We continue to see it going into the December quarter and our forecast for March reflects kind of a weaker Industrial demand pull-through.

我們繼續看到它進入 12 月季度，我們對 3 月的預測反映了工業需求拉動的疲軟。

Steve, with regards to the performance around the operational execution.

史蒂夫，關於營運執行方面的績效。

In the prepared remarks I was highlighting, for the group OP grew to $49 million, grew over 50% sequentially and rose to the 4.1%, which is inside our target range.

在準備好的發言中，我強調，集團 OP 增長至 4,900 萬美元，環比增長超過 50%，並上升至 4.1%，這在我們的目標範圍內。

That was definitely a lion's share, was built off of the improvements that have been taking shape last quarter that we had actually spent a fair amount of time discussing.

這絕對是最大的份額，是基於上個季度已經形成的改進而建立的，我們實際上花了相當多的時間討論這些改進。

It stems from gaining better control over the various programs that we've been driving, whether it's in workforce and material planning, better execution around yield and scrap improvements, and even reductions in terms of logistic-type fees, freight inbound and outbound.

它源於對我們一直在推動的各種計劃的更好控制，無論是在勞動力和材料規劃方面，還是在產量和廢品改善方面更好的執行，甚至是物流類型費用、進出貨物的減少。

So a whole host of things that the IEI team has been focused on and it was great to see the improvement.

因此，IEI 團隊一直關注很多事情，很高興看到這些改進。

And we see ourselves fundamentally structured to deliver inside that range as we move forward.

我們認為，隨著我們的前進，我們的結構從根本上可以在這個範圍內交付。

Thank you.

謝謝。

You're welcome.

不客氣。

Amit Daryanani, RBC Capital Markets.

Amit Daryanani，加拿大皇家銀行資本市場部。

Hi.

你好。

This is [Irvin Lu] calling in for Amit.

我是 [Irvin Lu] 打電話給阿米特。

First question, within CTG could you just talk about what you saw on the December quarter?

第一個問題，在 CTG 內部，您能談談您在 12 月季度看到的情況嗎？

It looks to be a little bit below normal seasonal uptick we seen in the past.

它看起來略低於我們過去看到的正常季節性上漲。

And your March quarter guide looks consistent with historical seasonality.

您的三月季度指南看起來與歷史季節性一致。

Can you just provide some color on what's going on in this business, perhaps within smart phones and other CTG markets?

您能否提供一些有關該行業（也許是智慧型手機和其他 CTG 市場）中正在發生的事情的資訊？

We actually were slightly above our forecast for what we thought we'd see in the December quarter.

實際上，我們對 12 月季度的預期略高於我們的預期。

December has usually a small increase in what's typical, so if I think about the normal seasonality in the December quarter, it's like 2% growth.

12 月通常會有小幅​​成長，所以如果我考慮 12 月所在季度的正常季節性，成長約為 2%。

So it's really pretty -- it was a little bit slower this year.

所以它真的很漂亮——今年有點慢了。

So we actually expected low- to mid-single digits down.

因此，我們實際上預計會出現低至中個位數的下降。

September was very, very strong.

九月非常非常強勁。

A large part of that is basically some of the smartphone sell through, but we kind of expected it to be down.

其中很大一部分基本上是智慧型手機的銷量，但我們預計它會下降。

As far as the rest of the business, they all performed pretty normally.

至於其他業務，他們都表現得相當正常。

We have a pretty strong base of business in gaming.

我們在遊戲領域擁有相當強大的業務基礎。

We have a pretty strong base of business in wearables, all of which seemed to work very, very well and has quite a bit of penetration in the connected home market with a variety of different products.

我們在穿戴式裝置領域擁有相當強大的業務基礎，所有這些產品似乎都運作得非常非常好，並且透過各種不同的產品在連網家庭市場中具有相當大的滲透力​​。

So I would say everything was pretty much at expectation or typical seasonality.

所以我想說，一切都符合預期或典型的季節性。

I think our smartphone business was down a little bit, maybe partly because of the transition.

我認為我們的智慧型手機業務略有下降，部分原因可能是轉型。

If I think about it from some of the China business with our largest customer.

如果我從我們最大客戶的一些中國業務來考慮。

But relative to where we expected the quarter to go, we were actually up a little bit.

但相對於我們對本季的預期，我們實際上有所上升。

Got it.

知道了。

Thanks.

謝謝。

I was also wondering if you could touch on the magnitude of your Brazil exposure from a revenue basis today and what sort of headwinds you may be seeing in the March quarter as it relates to Brazil?

我還想知道您是否可以從今天的收入基礎上談談您在巴西的風險敞口，以及您在三月季度可能會看到與巴西相關的什麼樣的阻力？

Brazil for us is roughly nearing a $2 billion type of a revenue for the region.

對我們來說，巴西該地區的收入大約接近 20 億美元。

All of that is primarily consumption within that economy.

所有這些主要是該經濟體內的消費。

There's not much export for that.

沒有太多的出口。

We've seen revenue drop in Brazil this year, as everybody, in the range of 30%-plus, and even as we move into our Q4, we anticipate seeing the similar type of an erosion year-over-year.

我們看到今年巴西的收入下降，每個人都在 30% 以上，即使進入第四季度，我們預計也會出現類似的同比侵蝕。

It's been a challenged market.

這是一個充滿挑戰的市場。

It has a lot of different aspects, whether it's the currency, whether it's the general macro softness.

它有很多不同的方面，無論是貨幣，還是整體宏觀疲軟。

Our larger segment down there is around our consumer side of things.

我們更大的部分是圍繞消費者方面的事情。

And even within our mobile handset side, so that's actually reflected in some of the performance that you are seeing this year.

即使在我們的行動手機方面，這實際上也反映在您今年看到的一些性能中。

Brazil definitely has an impact on our overall growth in those two segments.

巴西肯定會對我們這兩個領域的整體成長產生影響。

Got it.

知道了。

Thanks.

謝謝。

Jim Suva, Citi.

吉姆·蘇瓦，花旗銀行。

Thank you and congratulations to you and your team at Flextronics.

謝謝您並祝賀您和您在 Flextronics 的團隊。

I have a question and a follow-up and I'll give them both at the same time.

我有一個問題和一個後續行動，我會同時提出。

The HRS, you had really, really strong execution, I think you mentioned Auto and Medical which was great.

HRS，您的執行力非常非常強，我認為您提到了汽車和醫療，這非常棒。

Was there anything in there to say -- hey, we benefited this quarter and it shouldn't reoccur or is this something that we could see reoccurring.

有什麼話要說嗎——嘿，我們在本季度受益，這種情況不應該再次發生，或者我們可以看到這種情況再次發生。

Maybe that range actually needs to be brought up for your target range, given how performance there -- or maybe there's something in there we should be mindful of so we don't put in overly exuberant expectations.

考慮到那裡的表現，也許這個範圍實際上需要提高到你的目標範圍——或者也許那裡有一些我們應該注意的東西，所以我們不要抱持過於樂觀的期望。

At then my follow-up question is on the stock buyback.

接下來我的問題是關於股票回購。

You have been very diligent with returning cash to shareholders with your cash flow and stock buyback over the past few years.

過去幾年，您一直非常努力地透過現金流和股票回購向股東返還現金。

Given the market volatility, especially calendar year-to-date, the past four weeks or so, and including the Flextronics stock has been under pressure.

鑑於市場波動，尤其是今年迄今的波動，過去四週左右，偉創力的股票一直面臨壓力。

Have you guys been active in the market and can you help us understand about, if so, how should we model in stock buyback for this quarter given the recent pullback?

你們在市場上是否活躍？如果是的話，考慮到最近的回調，我們應該如何為本季的股票回購建模？

Are you being even more aggressive or are you more at steady cadence of just every single quarter, the X percent of free cash flow?

您是更積極進取，還是更穩定地每季（自由現金流的 X%）？

Thank you

謝謝

Hey, Jim.

嘿，吉姆。

Let me talk a little bit about the sustainability of Automotive and Medical and the range we have as a target price.

讓我談談汽車和醫療的可持續性以及我們的目標價格範圍。

We don't have any one-time effects that's boosting that up.

我們沒有任何一次性效應可以促進這一點。

This is basically how this group is performing right now.

這基本上就是這個團隊現在的表現。

One of the reasons we like the way the group is performing is because it's actually been very predictable and very stable.

我們喜歡該團隊表現方式的原因之一是因為它實際上非常可預測且非常穩定。

It's one of the reasons that we've pushed so hard to try to tilt some of our acquisitions, and as well a lot of the resources internally at Flex into these business groups.

這就是我們如此努力地嘗試將我們的一些收購以及偉創力內部的大量資源傾斜到這些業務部門的原因之一。

It is sustainable.

它是可持續的。

It doesn't move as much, either up or down, quite frankly, across seasonality, and it doesn't move that much year on year.

坦白說，無論是上升還是下降，無論是季節性還是同比變化都沒有那麼大。

So it's a very sustainable business.

所以這是一項非常永續的業務。

The numbers you are seeing are something that we expect to continue to move forward.

您所看到的數字是我們預計會繼續向前發展的數字。

And I guess evidence of that is we talked about a few business groups being down in March, due to normal seasonality and HRS we have relatively flat.

我想這方面的證據是，我們談到了一些業務部門在 3 月的業績下滑，因為正常的季節性和 ​​HRS 相對持平。

So it continues to -- we continue to see how this business is going to performer.

因此，我們將繼續關注這項業務的表現。

And whether or not we will change the range, we'll obviously talk a lot about it when we get to Analyst Day as to whether or not we will consider moving that range.

無論我們是否會改變這個範圍，當我們進入分析師日時，我們顯然都會談論很多關於我們是否會考慮改變這個範圍的問題。

But we continue to be real excited about that business and the operating profit year on year, I'll note, grew like 48%, so it's a strong driver for us and very stable.

但我們仍然對這項業務感到非常興奮，我要指出的是，營業利潤同比增長了 48%，所以這對我們來說是一個強大的驅動力，而且非常穩定。

And then, Jim, with regards to the inquiry on the share repurchase and the appetite.

然後，吉姆，關於股票回購和興趣的詢問。

For us, we've stated all along, we have an unwavering commitment to increase shareholder value and that's been taking the shape through our share repurchase plan.

對我們來說，我們一直表示，我們堅定不移地致力於增加股東價值，而這項承諾已透過我們的股票回購計畫得到體現。

The share repurchase plan has been, is and will continue to be the key feature on returning value.

股票回購計畫過去、現在和將來都是價值回報的關鍵特徵。

Whether it's last year or over a five-year period, we've been returning roughly 75% of our free cash flow to shareholders.

無論是去年還是過去五年，我們都將大約 75% 的自由現金流返還給股東。

If you look on a year-to-date basis, we've generated $526 million of free cash flow and we've repurchased $332 million of shares.

從年初至今來看，我們已經產生了 5.26 億美元的自由現金流，並回購了 3.32 億美元的股票。

So we're well north of 60%, 63%, in terms of taking that strong cash flow and returning it.

因此，就獲取強勁現金流和返還現金流而言，我們遠遠超出了 60%、63%。

We don't guide to specific quarterly amounts.

我們不提供具體的季度金額指引。

And I think you're going to see the Company continue to maintain its disciplined approach and optimizing where we see fit and using the strong cash flow to continue to enact a share repurchase.

我認為您將看到公司繼續保持其嚴格的方法，並在我們認為合適的地方進行最佳化，並利用強勁的現金流繼續實施股票回購。

Great.

偉大的。

And it's good to see you guys hitting corporate-wide operating margins at 3.5% and so.

很高興看到你們公司的營業利益率達到 3.5% 左右。

Is it fair to say, like in your stronger mix quarters that now this is hopefully the new norm?

公平地說，就像在你們更強大的混合季度中，現在這有望成為新常態嗎？

I'm just very encouraged about that, but I want to make sure there wasn't something one-off that should cause that to be a bit of a bubble or blip this quarter?

我對此感到非常鼓舞，但我想確保沒有任何一次性事件會導致本季出現一點泡沫或曇花一現？

Jim, as you know, we've been on the same mission for probably four years now about moving the portfolio into a more balanced portfolio where a greater percentage of that portfolio was coming from longer-product life cycle products with a lot more stability, both from a seasonality standpoint and year-to-year.

吉姆，如你所知，我們可能四年來一直在執行同樣的使命，即將產品組合轉變為更平衡的產品組合，其中更大比例的產品組合來自產品生命週期更長、穩定性更高的產品，無論是從季節角度還是逐年角度來看。

We're now up to, like, 55% of the total operating profit is -- are out of our two target business groups, HRS and IEI.

現在，我們的總營業利潤的 55% 都來自於我們的兩個目標業務集團：HRS 和 IEI。

And if you're looking across these guys over the last three or four years, I think you'll see that they're probably running pretty close to double-digit growth on average across that period.

如果你在過去的三、四年裡觀察這些人，我想你會發現他們在這段時間內的平均成長率可能非常接近兩位數。

So we feel that we've structurally moved the profitability of the Company.

因此，我們認為我們已經從結構上改變了公司的獲利能力。

We've structurally move the margin profile of the Company, and have structurally moved the stability of earnings.

我們結構性地改變了公司的利潤狀況，並結構性地改變了獲利的穩定性。

So this is real.

所以這是真的。

And what's also really interesting as we've grown -- compounded 10% growth over the last three, four, five years maybe, it's also given us a stronger and stronger position in those industries.

隨著我們的成長，真正有趣的是——在過去三、四年、五年裡複合成長率可能達到 10%，這也讓我們在這些產業中的地位越來越強大。

So our ability to penetrate even more business in those industries is actually being enhanced every single year.

因此，我們在這些行業滲透更多業務的能力實際上每年都在增強。

And we feel we've got a very, very strong profile by which to compete and win going forward.

我們覺得我們擁有非常非常強大的形象，可以在未來競爭和獲勝。

So we actually think, while we've moved the portfolio over to where it's like 33% of the revenue, 55% of the operating profit, we also feel we've moved the portfolio where we can compete even more aggressively and more competitively in the marketplace and there's no reason for this continued shift to decelerate going forward.

所以我們實際上認為，雖然我們已經將投資組合轉移到了收入的 33%、營業利潤的 55%，但我們也認為我們已經將投資組合轉移到了可以更積極、更有競爭力地競爭的地方。市場沒有理由讓這種持續的轉變減速。

And, Jim, just to complement some of what Mike just said and to address one point, there is nothing unusual inside of the quarter that you saw.

吉姆，只是為了補充麥克剛才所說的一些內容並解決一點，您所看到的本季度內部沒有任何異常情況。

And like we've said always, margin is fundamentally the result of the mix of our business.

正如我們一直所說，利潤率從根本上來說是我們業務組合的結果。

And if I was actually to point you to the guide next quarter, it's a good example.

如果我真的要在下個季度向您指出該指南，那麼這是一個很好的例子。

Even at the midpoint, you see, again, a healthy return to around a 3.4% margin at the midpoint.

即使在中點，您也會再次看到利潤率健康地回歸到中點 3.4% 左右。

Year on year, up over 10 basis points, 10% in operating profit and, again, 40 basis points plus in margin expansion.

較去年同期成長超過 10 個基點，營業利益成長 10%，利潤率擴張再次超過 40 個基點。

So you see another quarter where it will be our 10th straight quarter of year-over-year margin expansion and, again, it goes back to our strategic focus (technical difficulty).

因此，您會看到另一個季度，這將是我們連續第十個季度實現利潤率同比擴張，這又回到了我們的策略重點（技術難度）。

Thank you and congratulations to you and your team there at Flextronics.

謝謝您並祝賀您和您在 Flextronics 的團隊。

I guess I actually should call it the new Flex.

我想我實際上應該稱其為新的 Flex。

Congratulations.

恭喜。

Thank you.

謝謝。

Brian Alexander, Raymond James.

布萊恩·亞歷山大，雷蒙德·詹姆斯。

All right, thanks.

好的，謝謝。

Chris, I just wanted to follow up on what you just said.

克里斯，我只是想跟進你剛才說的話。

So the margins in the March quarter, you were looking for them to be roughly flattish sequentially.

因此，您預計三月季度的利潤率與上一季大致持平。

Obviously mix will help with CTG down, but it implies that you can hold or improved margins in each of the individual segments despite revenue that's going to be flat to down in each of those segments.

顯然，混合將有助於降低 CTG，但這意味著您可以保持或提高每個細分市場的利潤率，儘管每個細分市場的收入將持平甚至下降。

So can you talk about that a little bit and just how you're able to hold margins or perhaps even improve them in the individual businesses, what looks to be across the board, while volumes are coming down?

那麼，您能否談談這一點，以及如何在銷量下降的情況下保持利潤率，甚至提高各個業務的利潤率，這看起來是全面的？

Certainly, Brian.

當然，布萊恩。

Actually at the midpoint you'll see a 3.4%.

實際上，在中間位置您會看到 3.4%。

That's actually 10 basis points down.

這實際上下降了 10 個基點。

And, again, it comes into the implications of the leverage of the downshift in that type of a revenue.

而且，這又涉及到此類收入下降的槓桿影響。

If you look across each of the businesses, IEI we spent a fair amount at the front end of this discussion, first Q&A, talking about its improving operational execution, moving its performance back into that range, so sustaining at the 4%-plus.

如果你看看每項業務，IEI 我們在這次討論的前端，首先是問答，花了相當多的時間，談論其改善運營執行力，將其業績移回該範圍，從而維持在 4% 以上。

You see an INS business that's now back into its range.

您會看到 INS 業務現在又回到了它的範圍內。

The pressure comes from in the CTG group where you see the significant 30% to 35% decline in the revenue that puts some leverage pressure on.

壓力來自於 CTG 集團，您可以看到收入大幅下降 30% 至 35%，這給槓桿帶來了一定的壓力。

But overall you are seeing a disciplined approach to the way we invest in our spend.

但總體而言，您會看到我們在支出投資方面採取了嚴格的方法。

It allows us to sustain within this range.

它使我們能夠維持在這個範圍內。

We're feeling very comfortable setting a mid-point at targets around a 3.4% operating margin which, again, is 10% in dollars up year-over-year.

我們非常願意將目標中點設定為 3.4% 左右的營業利潤率，以美元計算，年增了 10%。

We will be up 40 basis points from a year ago, so it continues to see that improvement.

我們將比一年前成長 40 個基點，因此這種改善仍在繼續。

Brian I'd like to add a little bit.

布萊恩，我想補充一點。

Independent of the performance of each of the individual business groups as the mix, which is to the higher margin businesses, those individual business groups don't even need to have margin improvement in order for the Company to have margin improvement, because we'll continue to move the percentage mix in a really positive way.

獨立於每個單獨業務集團作為組合的業績，即利潤率較高的業務，這些單獨業務集團甚至不需要提高利潤率就能使公司提高利潤率，因為我們將繼續以真正積極的方式改變百分比組合。

And not just the margin, but I'll also say the stability of earnings.

不只是利潤率，我還要說說收益的穩定性。

So once you've moved to those kind of business groups, you have a significantly lower risk profile associated with the business and significantly more predictability.

因此，一旦您轉移到此類業務組，與業務相關的風險狀況就會顯著降低，並且可預測性也會顯著提高。

Yes, that make sense.

是的，這是有道理的。

Just a quick follow-up.

只是快速跟進。

Would you break out how much acquisitions contributed to revenue and operating profits in the quarter?

您能否透露一下收購對本季營收和營業利潤的貢獻有多少？

And then, Mike, didn't hear much about Nike on the call, so I don't know if there's anything new to talk about there?

然後，麥克在電話會議上沒有聽到太多有關耐吉的信息，所以我不知道那裡是否有什麼新的內容可以談論？

Brian, we're not specifically carving out the impacts of the acquisitions on it.

布萊恩，我們並沒有特別考慮收購對其的影響。

However, in our discussions along the way, it's a combination of the benefits of the strategic investments in these acquisitions plus an overall improving execution within the business.

然而，在我們一路走來的討論中，這是這些收購中策略性投資的好處加上業務內整體執行力的提高的結合。

So it's not slanted to an acquisition-benefited performance here.

因此，這裡並不傾向收購帶來效益的表現。

It's a combination of all that in our execution.

這是我們執行過程中所有這些的結合。

Just on Nike, we continue to make really good progress.

僅就耐吉而言，我們繼續取得非常好的進展。

I think the relationship with our customer is very, very strong.

我認為我們與客戶的關係非常非常牢固。

We're moving to a new way of manufacturing, a new way of managing the supply chain, a new way of delivering products to the marketplace quicker and with more automation.

我們正在轉向一種新的製造方式、一種管理供應鏈的新方式、一種更快、更自動化地向市場交付產品的新方式。

So I do think about this as being kind of a long-term journey, and we continue to make really strong progress and we're very pleased with it.

所以我確實認為這是一個長期的旅程，我們繼續取得真正強勁的進展，我們對此感到非常滿意。

Like I said, I think our customer is very pleased with it.

就像我說的，我認為我們的客戶對此非常滿意。

But think about that as being more of a long-term journey that's going to build.

但請把這看作是一個將要建立的長期旅程。

It is going to be more like a locomotive.

它會更像一個機車。

Okay, thank you so much.

好的，非常感謝。

Steven Fox, Cross Research.

史蒂文·福克斯，交叉研究。

Thanks, good afternoon.

謝謝，下午好。

Just two questions from me.

我只想問兩個問題。

First of all, I think in the prepared remarks you talked about the deeper engagement model in CTG starting to take hold.

首先，我認為您在準備好的發言中談到了 CTG 中更深層的參與模式開始紮根。

I was curious if -- and also that it leads to a richer margin profile going forward.

我很好奇這是否會帶來更豐富的利潤狀況。

I was curious if there's any examples you could provide of some of that success and how that scales?

我很好奇您是否可以提供一些成功的例子以及如何擴展？

Because I guess my understanding is that a lot of the design work is with smaller companies.

因為我想我的理解是很多設計工作都是由小公司完成的。

So I'm curious how it eventually impacts margins.

所以我很好奇它最終會如何影響利潤率。

And then just a second quick question would be around the converged infrastructure wins that you are getting.

然後第二個簡單的問題是圍繞您所獲得的融合基礎設施的勝利。

Can you talk about how you expect that to play out over the next, I don't know, few quarters and how it also affects INS margins?

您能否談談您預計這種情況在接下來的幾個季度（我不知道）會如何發展，以及它如何影響 INS 的利潤率？

Thanks.

謝謝。

Sure.

當然。

When we think about what we call, like in CTG, like a much richer engagement model, more sketch-to-scale, more technology-enabled businesses, a lot of those our new companies.

當我們思考我們所說的東西時，就像在 CTG 中一樣，更豐富的參與模式、更多的草圖規模、更多技術支援的業務，其中許多都是我們的新公司。

But process technologies and the techniques and the strategies used on those apply across to many different companies.

但流程技術以及其中使用的技術和策略適用於許多不同的公司。

And, in fact, we find consumer being kind of a leading indicator of bringing technologies to the marketplace that then can apply across into Automotive and Medical and Industrial.

事實上，我們發現消費者是將技術推向市場的領先指標，這些技術隨後可以應用於汽車、醫療和工業領域。

So we kind of view that -- a lot of these small companies, while the individual profitability or the individual operating dollars of the small companies don't add that much, they actually do add a lot in terms of applying them across to every other industry.

所以我們認為，很多這樣的小公司，雖然小公司的個人盈利能力或個人營業收入並沒有增加那麼多，但在將它們應用於其他公司方面，它們實際上確實增加了很多行業。

So that's a huge part of our consumer play.

所以這是我們消費者遊戲的重要組成部分。

And as we do these new companies, we're still going to have some business segments within those consumer companies that are going to hit pretty high volumes.

當我們經營這些新公司時，我們仍然會在這些消費品公司中擁有一些業務部門，這些部門的銷售量將達到相當高的水平。

And, I guess, a good example of that, I might suggest, would be Fitbit, where there was a tremendous amount of co-innovation that needed to occur in order to bring those products to the marketplace.

我想，我可能會建議 Fitbit 就是一個很好的例子，為了將這些產品推向市場，需要大量的共同創新。

We worked significantly with Fitbit to go bring those products to marketplace and to solve some of the technological challenges associated with the wristbands.

我們與 Fitbit 進行了大量合作，將這些產品推向市場並解決與腕帶相關的一些技術挑戰。

And it ended up turning into a pretty high volume product.

它最終變成了一個相當大批量的產品。

So there's really two ways to create value out of that CTG engagement model.

因此，實際上有兩種方法可以從 CTG 參與模型中創造價值。

One is the process technologies we developed as a result of those learnings and apply them across the big companies and also sometimes these smaller companies will end up taking off.

一是我們根據這些經驗所發展出來的流程技術，並將其應用於大公司，有時這些小公司最終也會成功。

Thanks for that.

感謝那。

And then just on the converged business?

然後只是融合業務？

Yes.

是的。

So on the converged business, we're clearly seeing a transition of products into a place, which everybody calls converged technologies, where you are getting routers and storage and switches and all integrated into a single box with software loaded on it.

因此，在融合業務方面，我們清楚地看到產品正在轉變為一個大家稱之為融合技術的地方，在這裡你可以將路由器、儲存和交換器全部整合到一個裝有軟體的盒子中。

So a lot of our investment is built around that set of capabilities.

因此，我們的許多投資都是圍繞著這組能力進行的。

It continues to be a small part, but significant, quite frankly, of our business.

坦白說，它仍然是我們業務的一小部分，但很重要。

But it's been growing double digits for, like, the last few years and this is going to continue to build as we move forward.

但在過去幾年裡，它一直以兩位數的速度成長，隨著我們的前進，這個數字也將繼續增長。

I would say this also is going to have better margins.

我想說這也會有更好的利潤。

It's going to have better growth rates and, over time, if you give it a few years, with the solid double-digit growth and the amount of new logos we are securing, you are going to see -- it's going to make -- well, it's already contributing, but it is going to contribute even more as a percentage of total.

它將會有更好的成長率，隨著時間的推移，如果你給它幾年的時間，隨著穩定的兩位數增長和我們獲得的新標誌的數量，你會看到——它將會——嗯，它已經做出了貢獻，但它在總數中所佔的比例將會更高。

Great.

偉大的。

That's very helpful.

這非常有幫助。

It's an evolving business trend that we need to be in the middle of.

這是一個不斷發展的商業趨勢，我們需要融入其中。

Great.

偉大的。

Thank you so much.

太感謝了。

You are welcome.

不客氣。

Mark Delaney, Goldman Sachs.

馬克·德萊尼，高盛。

Hi.

你好。

This is Austin Bone filling in for Mark.

這是奧斯汀·博恩（Austin Bone）接替馬克。

Can you help us think about the size of the Auto business within HRS and what's the geographic exposure of the Auto business?

您能否幫助我們考慮一下 HRS 內汽車業務的規模以及汽車業務的地理分佈？

It's roughly $2 billion, to give you some nice, round numbers on the Automotive.

給你一些關於汽車的漂亮的整數數字，大約是 20 億美元。

It's obviously grown pretty rapidly over the last four or five years.

顯然，在過去的四、五年裡，它的成長速度相當快。

We have operations in Automotive, certified factories in virtually every region.

我們幾乎在每個地區都有汽車業務和經過認證的工廠。

I think we're probably more exposed in the United States market than anywhere else, but we have significant exposure to the European market.

我認為我們在美國市場的曝險可能比其他任何地方都大，但我們在歐洲市場的曝險也很大。

I would say China is a little bit less, but I actually don't know the percentage breakthrough -- or breakout of end demand in that market.

我想說中國要少一些，但實際上我不知道突破的百分比——或者說該市場最終需求的突破。

Got it.

知道了。

Thanks.

謝謝。

That's very helpful.

這非常有幫助。

And then as a follow-up, can you talk about the trends you are seeing for the energy business that's now surpassed $1 billion?

作為後續行動，您能談談您所看到的目前已超過 10 億美元的能源業務的趨勢嗎？

And then also within that, do you have an estimate of how much you think that business is compressed given the recent headwinds from low oil prices?

此外，考慮到近期低油價帶來的不利因素，您是否估計您認為業務受到了多大程度的壓縮？

Most of our energy business is -- we do -- just to summarize, we have quite a bit of capacity, over 1.5 gigawatts of capacity to do solar panels.

我們的大部分能源業務——我們確實如此——總而言之，我們擁有相當多的產能，超過 1.5 吉瓦的太陽能板產能。

We do a huge percentage of the micro converters today.

今天我們生產很大一部分微型轉換器。

We do a huge percentage of the Smart Meters.

我們生產很大一部分智慧電錶。

And now we own the leading tracker system in the world today.

現在我們擁有當今世界領先的追蹤系統。

We think it probably has more market share than anybody else and a very, very strong and compelling value statement.

我們認為它可能比其他任何公司都擁有更多的市場份額，並且擁有非常非常強大和令人信服的價值主張。

And we're doing -- probably work with 8 or 10 different energy storage companies, which is also going to be part of that whole renewable thing.

我們正在做——可能與 8 或 10 家不同的能源儲存公司合作，這也將成為整個再生能源的一部分。

So when we think about electricity generation, which these newer technologies are all built on focusing on, oil is a very small part of it.

因此，當我們考慮發電時，這些新技術都是以發電為重點的，石油只佔其中很小的一部分。

I don't know what percent of the overall energy -- or electricity generation market oil is, but in the United States it is less than 5%.

我不知道石油佔整個能源或發電市場的百分比是多少，但在美國這個比例還不到 5%。

So the reality is the lower oil price doesn't really matter that much.

因此，現實情況是，較低的油價並不那麼重要。

But we think the trend over a 10-year period is phenomenal, because we think technology can solve a lot of the problems with energy generation.

但我們認為十年期間的趨勢是驚人的，因為我們認為科技可以解決能源生產的許多問題。

It gets 10% to 50% cheaper every year.

每年都會便宜 10% 到 50%。

Once we add on energy storage later on, it's going to even be more compelling and it has a lot of environmental implications.

一旦我們稍後添加能量存儲，它就會變得更加引人注目，並且會對環境產生大量影響。

So it's got technology.

所以它有技術。

It's got lower -- continuously lower cost.

它變得更低——成本持續降低。

It's got a sustainable feature to it and we're -- so we think it's got a long run.

它具有可持續發展的特點，所以我們認為它有長期的發展前景。

And oil doesn't matter that much when it comes to electricity generation.

就發電而言，石油並不那麼重要。

We also had something happened this last quarter, which was the ITC came back.

上個季度我們還發生了一些事情，就是 ITC 回來了。

It was set to expire in 2017 and it was now extended for multi-years, which is just going to take what's already a pretty strong double-digit growth business with very strong decades-long macros and it is going to improve it.

它原定於 2017 年到期，現在已延長多年，這將使已經相當強勁的兩位數增長業務與非常強勁的長達數十年的宏觀經濟相結合，並將對其進行改進。

So we just think our positioning is very good.

所以我們只是認為我們的定位非常好。

We have a Management team that is just killer on the energy system, very strong and very broad.

我們的管理團隊是能源系統的殺手鐧，非常強大且廣泛。

And we have all these different technologies and all these different penetrations in the variety of different markets within energy.

我們擁有所有這些不同的技術，並在能源領域的各種不同市場中擁有所有這些不同的滲透力。

So we're pretty excited about it.

所以我們對此感到非常興奮。

Got it.

知道了。

Thanks very much.

非常感謝。

Sherri Scribner, Deutsche Bank.

雪莉‧斯克里布納，德意志銀行。

Hi, it's Adrienne Colby for Sherri Scribner.

大家好，我是雪莉·斯克里布納的艾德麗安·科爾比。

Thanks for taking my question.

感謝您提出我的問題。

Can you comment on how important the absolute volume of global Auto sales is for Flex's overall business?

您能否評論一下全球汽車銷售的絕對量對於偉創力的整體業務有多重要？

Some of the December and January data have suggested a leveling off in US sales.

12 月和 1 月的一些數據顯示美國銷售趨於平穩。

I'm just wondering what the implications that might have for the CTG segment?

我只是想知道這對 CTG 細分市場可能產生什麼影響？

Yes, HRS segment.

是的，HRS 段。

But like we talked about, the overall Automotive business was about $2 billion out of our $25 billion or nice round numbers.

但正如我們所說，在我們 250 億美元或不錯的整數中，整個汽車業務約為 20 億美元。

So it's small.

所以它很小。

If those numbers move.

如果這些數字發生變化。

If the [SAR] ends up being [17] instead of [17.5], it's not going to have a huge impact on us.

如果[SAR]最終是[17]而不是[17.5]，它不會對我們產生巨大影響。

And remember the volume is just one indication.

請記住，音量只是一個指標。

If we were doing tires, then we'd be real concerned about volume.

如果我們生產輪胎，那麼我們會真正關心體積。

But as the electrification of the vehicle occurs, as people start heading toward zero emissions and zero accidents and connected cars and more and more technologies in those head units, those themselves, even with a flat total vehicle model, can continue to be a growth rate.

但隨著車輛電氣化的發生，隨著人們開始走向零排放和零事故，連網汽車以及這些主機中越來越多的技術，即使整體車輛模型平坦，這些技術本身也可以繼續保持成長率。

Those are the areas that we're focused in and where a lot of our bookings have occurred over the last few years.

這些是我們重點關注的領域，也是過去幾年我們大量預訂的領域。

So it definitely impacts us a little bit.

所以它肯定對我們有一點影響。

But, again, it's $2 billion of the $25 billion and within that $2 billion, most of it's driven by new technologies, which as a percentage of content of the cars, is going to keep going up pretty significantly.

但同樣，這只是 250 億美元中的 20 億美元，而在這 20 億美元中，大部分是由新技術驅動的，新技術在汽車內容中所佔的比例將繼續大幅上升。

Thanks.

謝謝。

And as a follow-up, I wanted to go back to the question about the IEI margins, ask maybe slightly differently.

作為後續行動，我想回到有關 IEI 利潤率的問題，問的問題可能略有不同。

If you could just quantify maybe qualitatively how much of the benefit to margin was from the ramping of the new programs versus contribution from NEXTracker?

如果您可以定性地量化新計劃的增加與 NEXTracker 的貢獻所帶來的利潤收益有多少？

And also too how we should think about the cadence of margin improvement going forward?

我們還應該如何考慮未來利潤率改善的節奏？

Just wondering if there's a clear runway now to achieving the higher end of the target range you've given?

只是想知道現在是否有一條清晰的道路可以實現您給出的目標範圍的高端？

I'm not sure the exact margin contribution of NEXTracker versus the other.

我不確定 NEXTracker 相對於其他產品的確切利潤貢獻。

NEXTracker is obviously additive.

NEXTracker 顯然是累加性的。

But to actually move -- but we moved both the margins of the core business as well as the NEXTracker.

但實際上，我們改變了核心業務和 NEXTracker 的利潤。

Both went up.

兩人都漲起了。

And that's how we were able to move this thing all the way into 4.1%, which was a pretty big jump right away in the quarter.

這就是我們如何能夠將這個數字一路提升到 4.1%，這在本季度是一個相當大的跳躍。

The biggest challenge we have of moving that even farther -- and, by the way, it would be farther if it wasn't for the macro.

我們面臨的最大挑戰是進一步推動這個目標——順便說一句，如果沒有宏觀調控，這個目標將會更遠。

So if we weren't having a number of different slowdowns on the number of different industrial companies.

因此，如果不同工業公司的數量沒有出現不同程度的放緩。

So what's happening is the revenue is coming down in a lot of different customers and we're offsetting that with new program wins, so you've got lower revenue because of the macro, but you have a simultaneously more revenue as a result of new programs which tend to have [set across].

因此，正在發生的情況是，許多不同客戶的收入都在下降，我們正在透過新項目的勝利來抵消這一點，因此，由於宏觀因素，您的收入有所下降，但同時，由於新的項目，您的收入也增加了。往往有[交叉]的計劃。

Even with that, we're able to drive the margins higher this last quarter.

即便如此，我們仍能在上個季度提高利潤率。

So if we had any kind of macro pickup, we would see those margins probably move into the middle of that range relatively quickly.

因此，如果我們有任何形式的宏觀回升，我們會看到這些利潤率可能會相對快速地進入該範圍的中間。

So that's the biggest challenge that we're having right now.

所以這是我們現在面臨的最大挑戰。

A lot of the margin profiles or the startup costs we're having are very normal and typical, and usually can be offset by more and more revenue, that absorbs more cost.

我們的許多利潤狀況或啟動成本都是非常正常和典型的，通常可以被越來越多的收入所抵消，從而吸收更多的成本。

So in absence of that more and more revenue absorbing more costs as a result of the weak macro, we are fighting and keeping our revenues even or a little bit even stronger.

因此，由於宏觀疲軟，沒有越來越多的收入吸收更多的成本，我們正在努力保持我們的收入持平或稍微強一些。

But it would be more efficient if we had some help with the core customers and they weren't struggling with revenue on a quarter and quarter basis.

但如果我們對核心客戶提供一些幫助，並且他們不會在每個季度的收入方面陷入困境，那麼效率會更高。

Thank you.

謝謝。

And maybe to try to put it in quantitative terms, north of 50% of the growth, the $17 million sequential growth, was due to our own operational execution in the improvements that I had explained earlier.

也許嘗試用定量的方式來表達，除了 50% 的增長（即 1700 萬美元的環比增長）之外，還歸功於我們自己在我之前解釋過的改進中的運營執行力。

Great; that's helpful.

偉大的;這很有幫助。

Andrew Huang, B. Riley.

安德魯·黃，B.萊利。

Thanks for taking my questions.

感謝您回答我的問題。

So it seems like you've done a pretty good job of preparing for the worst and hoping for the best.

所以看來你在做最壞的打算和抱最好的希望方面做得很好。

So I was curious if you were able to sign any new multi-$100 million outsourcing agreements in the December quarter that could ramp over the next 12 to 18 months?

因此，我很好奇你們是否能夠在 12 月季度簽署任何新的價值 1 億美元的外包協議，並在未來 12 至 18 個月內逐步增加？

Yes, we definitely have some.

是的，我們肯定有一些。

I'm trying to think through those.

我正在嘗試思考這些。

That's a good question.

這是個好問題。

I'm not sure I can give you the details on that but, without question, we have one in INS.

我不確定能否向您提供相關詳細信息，但毫無疑問，我們在 INS 中有一個。

We have one in Medical, which we are pretty excited about and have one in Consumer Technology Group.

我們在醫療領域有一個，對此我們感到非常興奮，在消費科技集團也有一個。

So I'm just looking at the list -- there are two in Consumer Technology Group.

所以我只是看一下這個清單——消費者技術組有兩個。

So I'd say there's almost no quarter that we don't have a multi-$100 million -- hundred or a multi-$100 million win.

所以我想說，我們幾乎每季都贏得了數億美元、數百美元或數億美元的勝利。

And the Medical one will ramp not for 18 months.

醫療方面的成長不會持續 18 個月。

And the consumer one will ramp next year.

明年消費者的需求將會增加。

So they all have different profiles associated with them in terms of [implementation], but alternatively one of the things we mentioned like, for example, in Medical is that we have very strong bookings.

因此，他們在[實施]方面都有不同的相關資料，但我們提到的一件事，例如在醫療領域，我們的預訂量非常大。

In fact, our Medical bookings last quarter were the highest they've ever been.

事實上，我們上個季度的醫療預訂量是有史以來最高的。

But they may not ramp for 12 to 18 months.

但它們可能在 12 至 18 個月內不會增加。

But we've been -- so a lot of the growth we're having in all these industries are a function of what we've done a year ago or even two years ago.

但我們一直以來——所以我們在所有這些行業中取得的很大一部分增長都是我們一年前甚至兩年前所做的事情的結果。

So we continue to make very good progress.

所以我們繼續取得很好的進展。

Almost never is there a quarter that we don't bring on a couple hundred -- some $100 million businesses.

幾乎每個季度我們都會引進數百家——大約價值 1 億美元的企業。

And, to me, it wasn't anything more than normal; wasn't anything less than normal.

而且，對我來說，這並沒有什麼特別的。一點也不比平常少。

It was just a continuous strong quarter for us.

對我們來說，這是一個持續強勁的季度。

Okay.

好的。

Thanks.

謝謝。

And then on the topic of operating margin improvement streak, it's almost as good as the Warriors' home-game streak, but I'm just worried, wondering what you are worried about?

然後說到營業利潤率的持續改善，這幾乎和勇士隊的主場連續改善一樣好，但我只是擔心，不知道你擔心什麼？

What would cause that streak to end?

什麼會導致這種連續紀錄結束？

The one thing, what I talked about earlier, is I actually think by the time you move into the 55% operating profit, you've actually structurally moved into a different margin profile.

我之前談到的一件事是，我實際上認為，當你達到 55% 的營業利潤時，你實際上已經在結構上進入了不同的利潤狀況。

We've talked and pushed that a little bit.

我們已經討論並推動了這一點。

The HRS business, coming in with 8%-plus is sustainable.

HRS 業務的成長超過 8%，是可持續的。

We believe it's sustainable; not a one-time hit.

我們相信這是可持續的；不是一次性的打擊。

It's actually a structurally improved business.

這實際上是一項結構性改進的業務。

[EII], we talked a little bit about, it's moved into 4% and it is pressured by the macro.

[EII]，我們談了一點，它進入了4%，受到宏觀壓力。

If it wasn't pressured by the macro, I think we'd be heading more towards the middle of that range.

如果沒有宏觀壓力，我認為我們會更接近該範圍的中間。

And both of those, this coming year, will again have a target of growing those 10% as a bundle.

來年，這兩家公司將再次設定捆綁成長這 10% 的目標。

We'll continue -- we believe we have good visibility into these programs.

我們將繼續——我們相信我們對這些計劃有很好的了解。

We know what Automotive looks like next year.

我們知道明年的汽車產業會是什麼樣子。

We know what Medical looks like next year, with some degrees of freedom and we'll continue to try to drive those into 10% growth next year, so that's something we can see today already.

我們知道明年醫療產業會是什麼樣子，有一定程度的自由度，我們將繼續努力推動明年醫療產業成長 10%，所以這是我們今天已經可以看到的。

So I think we feel really good about it, that operating margin performance is sustainable.

所以我認為我們對此感覺非常好，營業利潤率表現是可持續的。

And, in fact, we would hope to move it even forward.

事實上，我們希望進一步推動它。

One of the things about our business, it's not like we're taking an existing business and just grinding productivity and moving the margins up and then margins get stuck.

關於我們業務的一件事是，我們並不是拿現有業務來提高生產力並提高利潤率，然後利潤率就陷入困境。

We actually have a belief that we can continually move the portfolio into a continuously higher margin profile and can do this sustainably over the next few years.

我們實際上相信，我們可以不斷地將投資組合提升到持續更高的利潤率，並且可以在未來幾年內可持續地做到這一點。

Operator, we have time for one more question.

接線員，我們還有時間再問一個問題。

Sean Hannan, Needham & Company.

肖恩漢南，李約瑟公司。

Thanks.

謝謝。

Sean Hannan.

肖恩·漢南.

There were a lot of mentionings of new programs through the course of the commentary.

評論過程中多次提到了新節目。

Is there a way to mention a little bit more in detail where some of these new programs were ramping, perhaps on a subsegment basis?

有沒有辦法更詳細地提及其中一些新計劃的進展情況，也許是在細分市場的基礎上？

And particularly within the CTG group, are there any types of those subsegments or ramping programs -- I don't know if wearables might be a part of them, that are explicitly a part of the net margin profile that you were looking to accomplish over a longer period?

特別是在 CTG 集團內，是否有任何類型的子細分或斜坡計劃 - 我不知道可穿戴設備是否可能是其中的一部分，這明確是您希望實現的淨利潤概況的一部分更長的時期？

Thanks.

謝謝。

That's kind of a tough question.

這是一個很難回答的問題。

We have such a broad business where the bookings go anywhere from $10 million to $300 million and they ramp anywhere from six months from now to two years from now.

我們的業務非常廣泛，預訂量從 1000 萬美元到 3 億美元不等，並且從現在起的六個月到兩年後的增幅不等。

So it's hard to draw a direct correlation between each -- and go through each one of these bookings where we have hundreds and hundreds of customers and when they actually hit.

因此，很難在每個預訂之間建立直接關聯，並仔細檢查我們擁有數百名客戶的每項預訂以及他們實際到達的時間。

So, what I'd say -- (multiple speakers)

那麼，我要說的是──（多個發言者）

Mike, just to clarify, what I was getting at is the commentary you had provided for the quarter, that there was a benefit of ramping programs for each four of your segments.

麥克，只是為了澄清一下，我得到的是您為本季提供的評論，即為您的每四個細分市場增加計劃都有好處。

So, for example, if I looked at INS, the degree of ramping programs may have been particularly more pronounced within telecom and that's where you got the strength.

因此，舉例來說，如果我查看 INS，就會發現電信業的提升計畫程度可能尤其明顯，而這正是您的優勢所在。

So just trying to get some color in that sense?

那麼只是想在這個意義上獲得一些顏色嗎？

Let me try to answer them segment by segment, and I'll start with the telecom piece.

讓我試著逐段回答這些問題，我將從電信部分開始。

So we talked about maybe two or three, maybe even four quarters ago that we booked four multi-$100 million programs that would ramp over the next year to 1.5 years, and that started a year ago.

因此，我們在兩三個季度、甚至四個季度前討論過，我們預訂了四個價值數億美元的項目，這些項目將在明年到1.5 年期間逐步推進，並且該項目在一年前就開始了。

And what you saw is a lot of strength come into the September quarter where we grew double digits and then also in the December quarter where we grew double digits.

您看到的是，9 月季度出現了很大的成長，我們實現了兩位數的成長，然後在 12 月季度我們也實現了兩位數的成長。

Those programs offset any kind of macro weakness and it provided a tremendous amount of growth.

這些計劃抵消了任何宏觀疲軟，並帶來了巨大的成長。

The growth over the last two quarters was like 25%.

過去兩個季度的成長率約為 25%。

Those programs largely played their way out in the December quarter.

這些計劃在去年第四季基本上發揮作用。

So as a result, what we're seeing is a normal seasonality going into the March quarter for the INS business.

因此，我們看到 INS 業務進入 3 月季度是正常的季節性。

Still nice growth on a year-and-year basis on the [back run].

在[回溯]中，逐年成長仍然不錯。

On the CTG, it's a different kind of style.

在CTG上，則是另一種風格。

We ended up having -- we'll have less of the larger smartphone business, but we'll have more connected home.

我們最終將擁有更少的更大的智慧型手機業務，但我們將擁有更多的連網家庭。

We expect to continue to penetrate into wearables.

我們預計將繼續滲透到穿戴式裝置領域。

All of which have a little bit more uncertain and longevity to them, but the startup is much quicker.

所有這些都具有更多的不確定性和更長的壽命，但啟動速度要快得多。

In IEI, everything that the macro takes us down, we actually offset with new programs.

在 IEI，巨集讓我們失望的一切，我們實際上用新程式來抵消。

And we're booking those programs in appliances and we're booking those programs in kind of a variety of different things.

我們正在設備中預訂這些程序，並且我們正在以各種不同的方式預訂這些程序。

But those tend to be a lot of singles and doubles, just in terms of the type of business it is.

但就業務類型而言，這些往往是很多單打和雙打。

They tend to be $20 million, $30 million, $40 million programs on average.

這些項目的平均金額往往為 2000 萬美元、3000 萬美元、4000 萬美元。

And all those things take time to start up.

所有這些事情都需要時間來啟動。

So what we're doing is we're fighting a bad macro with a nice set of bookings, but they are kind of washing, to a certain standpoint.

因此，我們正在做的是，我們正在用一系列不錯的預訂來對抗糟糕的宏觀環境，但從某種角度來看，它們有點像洗牌。

And HRS does really well.

HRS 確實做得很好。

So we continue to book very large Automotive programs.

因此，我們繼續預訂非常大型的汽車項目。

We continue to book large Medical programs.

我們繼續預訂大型醫療項目。

We actually booked those programs even last year and even two years ago, so it's not like we will actually see those ramping this coming year.

事實上，我們甚至在去年甚至兩年前就預訂了這些項目，所以我們實際上不會在明年看到這些項目的增加。

And that's why we believe we can continue to drive a 10% growth rate.

這就是為什麼我們相信我們可以繼續推動 10% 的成長率。

So I think each one -- anyway, it's kind of a complicated question to answer, because there are so many different puts and takes, there's so many different product life cycles, and there's so many different segments that we operate in.

所以我認為每一個——無論如何，這是一個需要回答的複雜問題，因為有很多不同的投入和投入，有很多不同的產品生命週期，而且我們經營的領域有很多不同的部分。

That's helpful.

這很有幫助。

I think the perspective is helpful.

我認為這個觀點很有幫助。

But it sounds like the new win momentum in winning those programs, with all this momentum that you have had over the course of the last couple of years, and I think it's been pretty consistent [comps for you] folks, the degree and the substance of that new win momentum, it sounds like, has continued in the December quarter into present.

但這聽起來像是贏得這些項目的新的獲勝動力，在過去幾年中你們所擁有的所有這些動力，我認為這是相當一致的[對你們來說]夥計們，程度和實質聽起來，這種新的勝利勢頭從12 月的季度一直持續到現在。

Yes.

是的。

So just to give you some numbers, because we don't really like to talk about bookings because bookings are complicated.

所以只是給你一些數字，因為我們不太喜歡談論預訂，因為預訂很複雜。

It's hard to drive bookings directly into revenue because, like I said, sometimes it takes 18 months, sometimes it takes 3 months.

很難將預訂直接轉化為收入，因為就像我說的，有時需要 18 個月，有時需要 3 個月。

So it's hard to draw the causality into revenue.

因此很難將因果關係引入收入。

But what I can tell you, in this last quarter, three out of four of our business groups, we actually had the highest bookings that we had all year.

但我可以告訴你的是，在上個季度，我們四分之三的業務部門的預訂量實際上是全年最高的。

Okay.

好的。

The only one we didn't have the highest bookings was INS, and that's the group where we booked everything already.

我們唯一預訂量不是最高的團體是 INS，我們已經在那個團體預訂了所有的東西。

A lot of stuff already, but both in IEI, CTG and HRS, every one of those things we have outbooked the last five quarters.

已經有很多東西了，但在 IEI、CTG 和 HRS 中，我們在過去五個季度中的每一項都超出了預訂量。

Sean, maybe to tie out one last thing, when we talked about the December quarter and the multiple ramps throughout the different businesses, in the prepared remarks we isolated -- if you take away the largest customer that had a decline, every single one of our groups grew year-over-year and as a Company we're growing north of 6%.

肖恩，也許要說最後一件事，當我們談論12 月季度和不同業務的多個增長時，在我們準備好的評論中，我們隔離了- 如果你拿走下降的最大客戶，那麼每一個客戶我們的團隊逐年成長，作為一家公司，我們的成長率超過 6%。

That same feature set plays its way out when you even think of our March quarter.

當您想到我們的三月季度時，同樣的功能集就會發揮作用。

You actually take away the largest customer and the declines that we've seen on a year on year compare, you are actually seeing the Company again growing, at its core, 6%-plus.

事實上，你拿走了最大的客戶，我們看到的同比下降，你實際上看到公司再次成長，其核心成長了 6% 以上。

That's great feedback, folks.

夥計們，這是很好的回饋。

Thank you.

謝謝。

Thank you for joining the call.

感謝您加入通話。

We appreciate all the questions and interest.

我們感謝所有的問題和興趣。

Please remember to mark your calendars for May 12 for our Investor and Analyst Day.

請記得在您的日曆上標記 5 月 12 日為我們的投資者和分析師日。

And we'll be sending an email with more information soon.

我們很快就會發送一封包含更多資訊的電子郵件。

This concludes our call.

我們的通話到此結束。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。