Flex Ltd (FLEX) 2016 Q4 法說會逐字稿

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

下午好，歡迎參加 Flex 2016 財年第四季財報電話會議。

Today's call is being recorded.

今天的通話正在錄音。

(Operator Instructions)

（操作員說明）

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 and welcome to Flex's conference call to discuss the results of our fourth quarter and FY16 ended March 31, 2016.

感謝並歡迎您參加偉創力的電話會議，討論我們截至 2016 年 3 月 31 日的第四季度和 2016 財年的業績。

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

我們已經發布了今天討論的幻燈片，可以在我們網站的投資者關係部分找到。

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 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網路直播和記錄中，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.

如果本次電話會議引用非 GAAP 財務指標，則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。

Before I hand the call over to Chris, I want to briefly mention two things.

在將電話轉交給克里斯之前，我想簡單提及兩件事。

The first is that our Investor and Analyst Day is rapidly approaching.

首先是我們的投資者和分析師日即將到來。

We are hosting it on May 12, in Silicon Valley on the campus of our Customer Innovations Center.

我們將於 5 月 12 日在矽谷客戶創新中心園區舉辦此活動。

For more information and registration details, please check out our website.

欲了解更多資訊和註冊詳情，請查看我們的網站。

The second is that throughout today's call, Chris and Mike's remarks will use acronyms to reference our four business groups rather than their full formal names to better streamline our dialogue.

第二個是，在今天的電話會議中，克里斯和麥克的演講將使用縮寫詞來引用我們的四個業務部門，而不是他們的正式全名，以更好地簡化我們的對話。

These acronyms are CTG, which stands for Consumer Technology Group; HRS, or High Reliability Solutions; IEI or Industrial and Emerging Industries; and INS, which is Integrated Network Solutions.

這些縮寫詞是 CTG，代表消費者技術集團； HRS，即高可靠性解決方案； IEI 或工業和新興產業； INS，即綜合網路解決方案。

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, and good afternoon to everyone.

謝謝你，凱文，祝大家下午好。

We appreciate you joining our fourth quarter and FY16 earnings call.

我們感謝您參加我們的第四季和 2016 財年財報電話會議。

Our fourth quarter income statement highlights begin on slide 3. Our financial performance for the fourth quarter and FY16 illustrates our improving trend of execution and the evolution of our sketch-to-scale value proposition.

我們的第四季損益表亮點從投影片 3 開始。我們第四季和 2016 財年的財務表現說明了我們執行力的改善趨勢以及我們從草圖到規模的價值主張的演變。

Our quarterly sales were $5.8 billion, hitting the mid-point of our guidance range as our HRS, IEI and CTG businesses each met or exceeded our expectations, while our INS business missed.

我們的季度銷售額為 58 億美元，達到我們指導範圍的中點，因為我們的 HRS、IEI 和 CTG 業務均達到或超出了我們的預期，而我們的 INS 業務未達預期。

On a year-over-year basis, our quarterly revenue declined $179 million, or 3%, almost entirely driven by the anticipated decline in sales from our largest customer, Lenovo Motorola.

與去年同期相比，我們的季度收入下降了 1.79 億美元，即 3%，這幾乎完全是由於我們最大的客戶聯想摩托羅拉的預期銷售額下降所致。

Consolidated Flex revenue rose almost 5% on a year-over-year basis, excluding this customer impact.

剔除客戶影響後，Flex 綜合營收年增近 5%。

Of particular note, our HRS group, which comprises our automotive and medical businesses, achieved its 25th consecutive quarter of year-over-year revenue growth by expanding more than 12%.

特別值得注意的是，我們的 HRS 集團（包括汽車和醫療業務）實現了連續 25 個季度營收年增，增幅超過 12%。

Our profitability is reflecting a richer mix of business and improving execution as our fourth quarter adjusted operating income totaled $200 million, which was above the midpoint of our guidance range.

我們的獲利能力反映了業務組合的更加豐富和執行力的提高，第四季度調整後營業收入總計 2 億美元，高於我們指導範圍的中點。

On a year-over-year basis, this reflected a strong 13% increase, which is a great accomplishment given the soft macro environment.

與去年同期相比，這一數字實現了 13% 的強勁增長，考慮到疲軟的宏觀環境，這是一項巨大的成就。

Our adjusted net income was $161 million, increasing 2% year-over-year.

我們調整後的淨利潤為 1.61 億美元，年增 2%。

GAAP operating income and net income totaled $118 million and $61 million, respectively, reflecting year-over-year declines primarily driven by a bad debt charge recognized this quarter as a result of the bankruptcy filing by SunEdison.

GAAP 營業收入和淨利潤總計分別為 1.18 億美元和 6,100 萬美元，年減主要是由於 SunEdison 申請破產而本季度確認的壞帳費用造成的。

Our adjusted earnings per diluted share for our fourth quarter was $0.29, which was above the midpoint of our guidance range.

我們在第四季度調整後每股攤薄收益為 0.29 美元，高於我們指導範圍的中點。

This represents a 7% year-over-year improvement and set a new record for our Q4 EPS.

這意味著年增 7%，並創下了我們第四季每股收益的新紀錄。

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。

Over the past couple of years, it has been our strategic objective to evolve our portfolio towards a greater mix of businesses that have longer product life cycles and higher margins.

在過去的幾年裡，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的更廣泛的業務組合。

So while our margin remains fundamentally a function of our business mix, we continue to actively manage our investments and resources to deliver continued progress in evolving our business towards a higher margin opportunities.

因此，雖然我們的利潤率從根本上仍然是我們業務組合的函數，但我們將繼續積極管理我們的投資和資源，以不斷取得進展，將我們的業務發展到更高的利潤率機會。

We're pleased with our fourth quarter margin performance and our overall margin trend.

我們對第四季的利潤率表現和整體利潤率趨勢感到滿意。

Our improved operational execution on multiple new product ramps, together with a richer business mix, resulted in the meaningful Q4 adjusted gross margin expansion to 7.1%, gaining 40 basis points sequentially, and 70 basis points versus last year.

我們在多個新產品上改進了營運執行力，再加上更豐富的業務組合，導致第四季度調整後毛利率有意義地擴張至7.1%，比上一季增長40 個基點，比去年增長70 個基點。

This quarter represented our 10th straight quarter of year-over-year margin expansion, with our adjusted operating margin gaining 50 basis points to 3.5%.

本季是我們利潤率連續第十個季度同比增長，調整後的營業利潤率增長了 50 個基點，達到 3.5%。

Our adjusted operating income increased by $23 million, or 13% year-over-year, to $200 million.

調整後營業收入增加 2,300 萬美元，年增 13%，達到 2 億美元。

This improved operating profit performance continues to be supported by our disciplined operating expense management combined with improved operational execution.

我們嚴格的營運費用管理和改進的營運執行力繼續支持營運利潤績效的提高。

Our return on invested capital was 22% in the quarter, exceeding our targeted level of 20% and remaining above our cost of capital.

本季我們的投資資本回報率為 22%，超出了 20% 的目標水平，並且仍高於我們的資本成本。

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。

Our tenth straight quarter of year-over-year margin expansion has been driven by the continued execution across our four business segments, each of which operated at or above their targeted adjusted operating margin ranges in Q4.

我們的利潤率連續第十個季度同比增長是由我們四個業務部門的持續執行推動的，每個部門在第四季度的營運利潤率均達到或高於調整後的目標營業利潤率範圍。

Our INS business generated $67 million in operating profit, and its operating margin of 3% was in line with our targeted range of 3% to 4% as we continue to operate this business with solid control.

我們的 INS 業務產生了 6,700 萬美元的營業利潤，其 3% 的營業利潤率符合我們 3% 至 4% 的目標範圍，因為我們繼續以穩健的控制來經營該業務。

I would note that a slight sequential decline in margin was led by less absorption of overhead costs on lower revenue, coupled with some incremental engineering spend as we continued to invest in expanding our technical solution capabilities.

我要指出的是，利潤率環比略有下降是由於收入下降而吸收的管理費用減少，加上我們繼續投資擴大技術解決方案能力而導致工程支出增加。

Our CTG business generated $35 million in operating profit, which resulted in an operating margin of 2.5%, remaining within our targeted range of 2% to 3%.

我們的 CTG 業務產生了 3,500 萬美元的營業利潤，營業利潤率為 2.5%，仍在我們 2% 至 3% 的目標範圍內。

We continue to experience strong adoption of our sketch-to-scale offering and are confident that this deeper engagement model where we are providing more meaningful product design and innovation will result in higher value-added revenue being captured in our consumer business.

我們繼續體驗到我們的草圖到規模產品的廣泛採用，並相信，我們提供更有意義的產品設計和創新的這種更深入的參與模式將為我們的消費者業務帶來更高的增值收入。

Our IEI business produced $47 million in operating profit and a 4% operating margin.

我們的 IEI 業務產生了 4,700 萬美元的營業利潤和 4% 的營業利潤率。

Throughout the year, we have made significant progress resolving operational challenges that were present in earlier quarters.

全年，我們在解決前幾季出現的營運挑戰方面取得了重大進展。

We continue to gain many new customers in ramp up programs while simultaneously making focused investments into sales support, business development and at advanced engineering to support future business growth.

我們繼續在提升計畫中贏得許多新客戶，同時對銷售支援、業務開發和先進工程進行重點投資，以支持未來的業務成長。

Lastly, our HRS business generated $81 million in operating profit, equating to a 7.9% operating margin.

最後，我們的 HRS 業務產生了 8,100 萬美元的營業利潤，相當於 7.9% 的營業利潤率。

Once again, it exceeded our targeted operating margin range of 5% to 7%, reflecting the strong execution of this business while managing several new programs and product ramps and the successful integration of our MCi acquisition earlier this fiscal year.

它再次超出了我們5% 至7% 的目標營業利潤率範圍，反映出該業務在管理多個新項目和產品升級的同時的強大執行力，以及我們本財年早些時候收購的MCi 的成功整合。

This performance placed HRS as our highest operating profit business group again this quarter and is an excellent example of the sketch-to-scale engagement model we are focused on.

這項業績使 HRS 再次成為我們本季營業利潤最高的業務部門，也是我們所關注的從草圖到規模的參與模式的一個很好的例子。

Let us turn to slide 6 for other income statement comments.

讓我們轉向投影片 6 了解其他損益表評論。

Net interest and other expense was approximately $26 million this quarter, slightly above our guidance of $25 million.

本季淨利息和其他費用約為 2,600 萬美元，略高於我們 2,500 萬美元的指引。

For our June quarter, we believe that approximately $25 million in net interest and other expense remains appropriate.

對於我們 6 月的季度，我們認為大約 2500 萬美元的淨利息和其他費用仍然合適。

The adjusted income tax expense for the fourth quarter was $13 million, reflecting an adjusted income tax rate of approximately 8%.

第四季調整後所得稅費用為 1,300 萬美元，反映調整後所得稅率約為 8%。

For the June quarter, we believe that our estimated effective tax rate will continue to be in the 8% to 10% range.

對於 6 月季度，我們認為我們估計的有效稅率將繼續在 8% 至 10% 的範圍內。

Reconciling between our quarterly GAAP and adjusted EPS, you will see an $0.18 impact.

協調我們的季度 GAAP 和調整後 EPS，您將看到 0.18 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 derived by $17 million of net intangible amortization expense and another $0.04 is the result of $21 million of stock-based compensation expense.

0.03 美元來自 1,700 萬美元的淨無形攤銷費用，另外 0.04 美元來自 2,100 萬美元的股票補償費用。

Lastly, as publicly announced on April 21, SunEdison filed for Chapter 11 bankruptcy protection and as a result, we recognized a bad debt reserve charge of $61 million associated with our outstanding SunEdison receivables, which equates to an $0.11 EPS impact.

最後，正如4 月21 日公開宣布的那樣，SunEdison 申請了第11 章破產保護，因此，我們確認了與未清SunEdison 應收帳款相關的6,100 萬美元壞帳準備金，這相當於對EPS 的影響為0.11 美元。

Please turn to slide 7 while we review our cash flows.

當我們審查我們的現金流時，請翻到幻燈片 7。

We continue to generate strong operating cash flows, which enables us to operate, invest and grow our business.

我們繼續產生強勁的營運現金流，這使我們能夠營運、投資和發展我們的業務。

This strength is evident as we generated over $1.1 billion for FY16 and have generated seven straight quarters of positive cash flow from operations.

這種優勢是顯而易見的，因為我們 2016 財年創造了超過 11 億美元的收入，並且已經連續七個季度產生正現金流。

A key feature of our operating cash flows is our disciplined management of networking capital, which remained relatively flat sequentially at approximately $1.8 billion and was 7.7% of sales for the quarter.

我們營運現金流的關鍵特徵是我們對網路資本的嚴格管理，網路資本與上一季持平，約 18 億美元，佔本季銷售額的 7.7%。

Our cash conversion cycle days were 27 days, which was exactly in line with one year ago.

我們的現金轉換週期天數為 27 天，與一年前完全一致。

We believe that our targeted net working capital to sales range of 6% to 8% remains valid given the mix of our business.

我們相信，考慮到我們的業務組合，我們的淨營運資本佔銷售額 6% 至 8% 的目標範圍仍然有效。

We consciously elevated the level of our capital expenditures in FY16, but we under spent our depreciation level in our fourth quarter.

我們有意識地提高了 2016 財年的資本支出水平，但第四季的折舊水平卻低於我們的水平。

For the year, our net capital expenditures amounted to $497 million, or roughly $70 million higher than our annual depreciation.

今年，我們的淨資本支出達 4.97 億美元，比年度折舊高出約 7,000 萬美元。

We have thoughtfully invested in capabilities and capacity in advance of revenue to reinforce our growing automotive, medical and energy businesses, as well as support our innovation and sketch-to-scale offering.

我們在收入之前對能力和產能進行了深思熟慮的投資，以加強我們不斷增長的汽車、醫療和能源業務，並支持我們的創新和從草圖到規模的產品。

These targeted business captured greater than 50% of our FY16 investments.

這些目標業務占我們 2016 財年投資的 50% 以上。

We remain disciplined and thoughtful around the level of advanced investment required to adequately secure future business opportunities and grow our business.

我們對充分確保未來商業機會和發展業務所需的高級投資水準保持嚴格和深思熟慮。

Free cash flow generation continues to be the hallmark for Flex and remains a core focus.

自由現金流的產生仍然是偉創力的標誌，並且仍然是核心關注點。

We generated $114 million and $639 million in free cash flow during the fourth quarter and FY16, respectively.

我們在第四季和 2016 財年分別產生了 1.14 億美元和 6.39 億美元的自由現金流。

We have now generated roughly $2.6 billion of free cash flow over the past four years, which provides credibility as to how we remain fundamentally structured, disciplined and on pace to deliver on our commitment of $3 billion to $4 billion for the five-year period ending our FY17.

在過去的四年裡，我們已經產生了大約26 億美元的自由現金流，這為我們如何保持基本結構、紀律和步伐以兌現我們在截至2017 年5 月期間30 億至40 億美元的承諾提供可信度了。我們的 2017 財政年度。

Lastly, we continued to use our strong cash flow generation to consistently return value to our shareholders through repurchasing of 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 approximately $89 million to repurchase roughly 2% of our outstanding shares, or over 8 million shares.

本季度，我們投資了約 8,900 萬美元，回購了約 2% 的流通股，即超過 800 萬股。

And for the year, we repurchased over $420 million, which represent 66% of our FY16 free cash flow generation.

今年，我們回購了超過 4.2 億美元，佔 2016 財年自由現金流產生的 66%。

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

我們的行動凸顯了我們堅定不移的承諾，即向股東返還 50% 以上的年度自由現金流。

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

在 2018 日曆年之前，我們沒有重大債務到期日，並且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自由現金流產生量。

We have over $3.1 billion in liquidity, total cash is approximately $1.6 billion, and our average cost of debt is roughly 3.5%.

我們擁有超過 31 億美元的流動資金，總現金約 16 億美元，平均債務成本約為 3.5%。

Our debt-to-EBITDA ratio was 2.2 times, and during this past year, we were upgraded to investment grade by S&P.

我們的債務與 EBITDA 比率為 2.2 倍，去年，標準普爾將我們升級至投資等級。

We are extremely pleased with our capital structure, which is sound and provides us with ample flexibility to support our business.

我們對我們的資本結構非常滿意，該結構健全，為我們提供了足夠的靈活性來支持我們的業務。

This concludes the recap of our financial performance for the fourth quarter and fiscal year.

我們第四季和本財年的財務表現回顧到此結束。

We are extremely proud of the efforts and execution of the entire Flex team as FY16 demonstrated how we're transforming our portfolio, strengthening our operational execution and delivering improving financial performance.

我們對整個 Flex 團隊的努力和執行力感到非常自豪，因為 2016 財年展示了我們如何轉變我們的產品組合、加強我們的營運執行力並改善財務表現。

We believe we are fundamentally structured and perfectly positioned to continue to make steady progress on our strategic vision and to deliver on our commitments as we embark on FY17.

我們相信，我們已經從根本上建立並處於完美位置，可以繼續在我們的策略願景上穩步取得進展，並在 2017 財年開始時兌現我們的承諾。

I'll now turn the call over to Mike, who will provide you with his perspective on our performance for the year, the current business trends, as well as discussed next quarter's financial guidance.

我現在將電話轉給麥克，他將向您提供他對我們今年業績、當前業務趨勢的看法，並討論下季度的財務指導。

Thanks, Chris.

謝謝，克里斯。

At the beginning of this year, we stated we would deliver a continually better portfolio of businesses that would have longer product life cycles, higher margins and more predictable earnings.

今年年初，我們表示將提供持續更好的業務組合，這些業務組合將具有更長的產品生命週期、更高的利潤率和更可預測的收益。

We have shifted our portfolio in IEI and HRS business segments from 31% to 35%, improved gross margin from 5.9% to 6.6%, improved operating margin from 2.9% to 3.2%.

我們已將 IEI 和 HRS 業務部門的投資組合從 31% 調整至 35%，毛利率從 5.9% 提高至 6.6%，營業利潤率從 2.9% 提高至 3.2%。

As a result, we generated FY16 earnings per share of $1.14, a new record.

結果，我們 2016 財年每股收益達到 1.14 美元，創下新紀錄。

We delivered these results in spite of a soft macro economy.

儘管宏觀經濟疲軟，我們還是取得了這些成果。

All year long, we strategically evolved our portfolio, which has led to even more geographical, segment and customer diversification.

全年以來，我們策略性地發展了我們的產品組合，從而實現了地理、細分市場和客戶的更加多元化。

FY16 also saw us broadening our capabilities through several strategic acquisitions, most notably MCi and NEXTracker.

2016 財年，我們也透過多項策略收購擴大了我們的能力，其中最著名的是 MCi 和 NEXTracker。

These are now well integrated into our solutions offering.

這些現在已很好地整合到我們的解決方案中。

Please turn to slide 9 for our FY16 business highlights.

請參閱投影片 9 以了解我們 2016 財年的業務亮點。

Chris covered how we performed on a sequential basis for the quarter, so instead, I would like to focus us on our overall fiscal year.

克里斯介紹了我們本季連續表現的情況，因此，我想專注於我們的整個財政年度。

Despite the revenue challenges we faced during FY16, we grew gross profit dollars by 4%, operating profit dollars by 5% and earnings per share by 6%.

儘管我們在 2016 財年面臨收入挑戰，但我們的毛利成長了 4%，營業利潤成長了 5%，每股盈餘成長了 6%。

We were successful in evolving our portfolio towards a richer mix of businesses as HRS and IEI's revenue rose to $8.6 billion, up 7% from last year, and over 21% from two years ago.

我們成功地將我們的投資組合發展為更豐富的業務組合，HRS 和 IEI 的收入升至 86 億美元，比去年增長 7%，比兩年前增長超過 21%。

This portfolio shift has further strengthened the earnings contribution coming from our HRS and IEI businesses as operating profit dollars rose 26% from last year, and the group now contributes 51% of total Flex operating profits.

這項投資組合的轉變進一步增強了我們的 HRS 和 IEI 業務的獲利貢獻，營業利潤比去年增長了 26%，目前該集團貢獻了 Flex 營業利潤總額的 51%。

Overall diversification continues to improve with no 10% customers in the quarter and our top 10 customers accounting for only 46% of sales, which is equal to the lowest level ever for a March quarter.

整體多元化持續改善，本季沒有 10% 的客戶，前 10 位客戶僅佔銷售額的 46%，相當於 3 月季度的最低水準。

We believe diversification across market segments across customers within each segment and focusing on segments with longer product life cycles is the best way to deliver more predictable earnings.

我們相信，跨細分市場的多元化是每個細分市場內客戶的多元化，並專注於產品生命週期較長的細分市場，是提供更可預測收益的最佳方式。

Free cash flow for the year was $639 million, up 15% year-over-year.

全年自由現金流為 6.39 億美元，較去年同期成長 15%。

And we have generated roughly $2.6 billion over the past four years.

過去四年我們創造了大約 26 億美元。

Our free cash flow yield remains very attractive at roughly 10%.

我們的自由現金流收益率仍然非常有吸引力，約為 10%。

Our commitment to providing capital return to shareholders continued in FY16 as we bought over 37 million shares for $420 million funded by 66% of our free cash flow.

2016 財年，我們繼續致力於為股東提供資本回報，我們用 66% 的自由現金流以 4.2 億美元的價格購買了超過 3,700 萬股股票。

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

自 2011 財年開始資本回報計畫以來，我們已回購了超過三分之一的淨股。

As you know, this achievement can only be accomplished on the back of exceptional free cash flow.

如您所知，這項成就只有在出色的自由現金流的支持下才能實現。

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 decreased 11% sequentially, which was below our expectation for a mid to high single-digit decline.

INS 環比下降 11%，低於我們對中高個位數下降的預期。

Revenue was $2.2 billion, reflecting a $268 million decrease from last quarter.

營收為 22 億美元，較上季減少 2.68 億美元。

However for the second quarter in a row, INS grew year-over-year as it saw a 7% increase this quarter.

然而，INS 連續第二個季度同比增長，本季增長了 7%。

The year-over-year growth is a function of new customers and new programs that have ramped up over the past three quarters helping to offset continually challenging industry dynamics.

同比成長是新客戶和新計畫在過去三個季度中不斷增加的結果，有助於抵消持續充滿挑戰的行業動態。

In the quarter, telecom was flat and networking, servers and storage were down sequentially.

本季，電信業務持平，網路、伺服器和儲存業務連續下降。

In our first quarter of FY17, we expect INS revenue to be stable which would mark its third straight quarter of year-over-year growth.

在 2017 財年第一季度，我們預計 INS 營收將保持穩定，這將標誌著其連續第三個季度同比增長。

CTG's revenue was down 34% sequentially, in line with our expectation for 30% to 35% decline.

三峽集團的營收季減 34%，符合我們 30% 至 35% 下降的預期。

Revenue was $1.4 billion, or 24% of sale, reflecting its lowest percentage ever.

營收為 14 億美元，佔銷售額的 24%，創下歷史最低比例。

We are very encouraged and see strong momentum in CTG's ICE and strategic businesses as a result of moving into a more technologically-oriented consumer business.

我們感到非常鼓舞，並看到三峽集團的 ICE 和戰略業務由於轉向更加以技術為導向的消費業務而呈現強勁勢頭。

Again, revenue growth is not a strategic objective for CTG, but rather it is focused on developing a richer business mix built around our strong sketch-to-scale solutions offering.

同樣，營收成長並不是 CTG 的策略目標，而是專注於圍繞我們強大的從草圖到規模的解決方案產品開發更豐富的業務組合。

In reference to Lenovo Motorola, we remain the primary strategic partner in Brazil and have successfully ramped up in the operations.

就聯想摩托羅拉而言，我們仍然是巴西的主要策略合作夥伴，並已成功擴大業務。

This past year, we manage down the majority of our China operations, which approximated $1.5 billion, and we expect this customer to remain below 10% of sales going forward.

去年，我們管理了大部分中國業務，價值約 15 億美元，我們預計該客戶在未來銷售額中所佔比例將保持在 10% 以下。

For next quarter, we are guiding CTG revenue to decline high single-digits as we see the conclusion of our Lenovo Motorola China ramp down.

下個季度，我們預計 CTG 收入將出現高個位數下降，因為我們看到聯想摩托羅拉中國業務的下滑已經結束。

Offsetting this decline is growth across the balance of our CTG business, which added many new customers.

我們的 CTG 業務的成長抵消了這一下降，增加了許多新客戶。

IEI was roughly $1.2 billion, reflecting a modest decline of 2% sequentially.

IEI 約 12 億美元，比上一季小幅下降 2%。

Year-over-year grew 5%.

較去年同期成長5%。

This result was slightly ahead of our expectation for a mid single-digit decline as the business continues to be supported by new business ramps and strength in energy, offset by a continued challenging macro for most industrials.

這一結果略高於我們對中個位數下降的預期，因為該業務繼續受到新業務成長和能源實力的支持，但被大多數工業持續面臨的宏觀挑戰所抵消。

Our Management team has been successful expanding and diversifying our business in terms of products, geographies and customers across our IEI portfolio and in particular, our solar business.

我們的管理團隊在我們的 IEI 產品組合中，特別是我們的太陽能業務中，成功地在產品、地理和客戶方面擴展了我們的業務並使其多元化。

We now have a very impressive set of solutions in solar managed by a continually more impressive and experienced executive team.

我們現在擁有一套非常令人印象深刻的太陽能解決方案，由不斷令人印象深刻且經驗豐富的管理團隊管理。

The result of which should allow us to grow despite reduced sales from our former energy customer SunEdison.

儘管我們的前能源客戶 SunEdison 的銷售額有所減少，但其結果應該使我們能夠實現成長。

For the June quarter, we are forecasting IEI sales to grow low single-digits sequentially, as we continue to see strength in our energy business and continued softness in the broader industrial markets.

對於六月季度，我們預計 IEI 銷售額將連續成長低個位數，因為我們繼續看到我們的能源業務強勁，而更廣泛的工業市場持續疲軟。

In our HRS group, sales were flat sequentially at just over $1 billion, which was in line with our expectations for stable performance.

在我們的 HRS 集團中，銷售額與上一季持平，略高於 10 億美元，符合我們對穩定業績的預期。

We are very proud of our HRS business growing 12% year-over-year, and marking the 25th consecutive quarter of year-over-year growth.

我們對 HRS 業務年增 12% 感到非常自豪，這也是連續 25 個季度同比增長。

Growth in our automotive business continued with successful new program ramps.

隨著新項目的成功實施，我們的汽車業務繼續成長。

We continue to leverage our strong technology and engineering position within HRS to win new customers and expanding existing relationships.

我們繼續利用我們在 HRS 中強大的技術和工程地位來贏得新客戶並擴大現有關係。

Our medical business has momentum as we further enhance its competitive position with capacity and capability investment this past year.

去年，我們透過產能和能力投資進一步增強了競爭地位，我們的醫療業務勢頭強勁。

Additionally, we made two small acquisitions this year, including a medical plastics tooling operation in Europe, and a product design firm with strong industrial design experience for the medical device and diagnostics industry located in the United States.

此外，我們今年還進行了兩項小型收購，包括歐洲的一家醫用塑膠模具業務以及一家位於美國的在醫療設備和診斷行業擁有豐富工業設計經驗的產品設計公司。

We are pleased to have recently announced the new medical President, John Carlson.

我們很高興最近宣布了新任醫學主席約翰·卡爾森 (John Carlson)。

John has over 20 years of experience leading technology teams and setting strategy for a broad range of medical technologies.

John 擁有 20 多年領導技術團隊和製定廣泛醫療技術策略的經驗。

New leadership combined with a broader offering, provides us with confidence in revenue and profit growth.

新的領導層與更廣泛的產品相結合，使我們對收入和利潤成長充滿信心。

For the next quarter, we expect HRS to be stable sequentially, which reflects a 10% year-over-year growth.

對於下個季度，我們預計 HRS 將環比穩定，年增 10%。

Now, turning to our June quarter guidance on slide 11.

現在，轉向幻燈片 11 上的 6 月季度指引。

Our expectation is for revenue to be in the range of $5.5 billion to $5.9 billion.

我們預計營收將在 55 億美元至 59 億美元之間。

This range reflects the continued soft macro and the final expected decline of revenue from our Lenovo Motorola China operation.

這個範圍反映了宏觀經濟持續疲軟以及聯想摩托羅拉中國業務收入最終預期下降。

The midpoint also shows growth versus our year-ago levels.

中點也顯示了與去年同期水準相比的成長。

Our guidance for adjusted operating income is to be in the range of $175 million to $205 million.

我們對調整後營業收入的指引是在 1.75 億美元至 2.05 億美元之間。

This equates to an adjusted EPS guidance range of $0.25 to $0.29 per share based on weighted average shares outstanding of 551 million.

這相當於根據已發行股數 5.51 億股的加權平均數調整後每股收益指引範圍為 0.25 美元至 0.29 美元。

The adjusted earnings percent guidance is expected to be approximately $0.08 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，調整後的獲利百分比指引預計將比季度 GAAP 稀釋每股收益高出約 0.08 美元。

Before I open up the call for Q&A, I would also like to thank our team at Flex for an impressive FY16.

在開始問答之前，我還要感謝 Flex 團隊在 2016 財政年度取得了令人印象深刻的成績。

While operating in a sluggish global environment in much of 2016, we still grew gross profit, operating profit and earnings per share year-over-year on the back of a continually better mix of business and increased diversification.

儘管2016年大部分時間全球經營環境低迷，但由於業務組合不斷改善和多元化程度不斷提高，我們的毛利、營業利潤和每股收益仍然同比增長。

The team's focus and hard work continued to enable our success and the evolution of our business to a sketch-to-scale supply chain solutions providers.

團隊的專注和辛勤工作繼續使我們取得成功，並使我們的業務發展成為從草圖到規模的供應鏈解決方案提供者。

We enter our FY17 structured to deliver continued operating profit and margin expansion.

我們進入 2017 財年，旨在實現持續的營業利潤和利潤率擴張。

We're also looking forward to a more detailed conversation with you all at our upcoming May 12, Investor and Analyst Day in Silicon Valley.

我們也期待在即將舉行的 5 月 12 日矽谷投資者和分析師日上與大家進行更詳細的對話。

With that, I'd 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）

Jim Suva, Citi.

吉姆·蘇瓦，花旗銀行。

Thank you and congratulations to your team at Flex.

謝謝您並祝賀您在 Flex 的團隊。

Strategically longer-term, can you help us assess your priorities for use of cash as recently there's been a couple industry dynamic changes?

從長遠來看，您能否幫助我們評估您使用現金的優先順序，因為最近發生了一些行業動態變化？

Most notably, one of your competitors, Sanmina, has been acquiring customer assets.

最值得注意的是，您的競爭對手之一 Sanmina 一直在收購客戶資產。

Some of the smaller EMS companies have been focused on design and healthcare and design of others.

一些較小的 EMS 公司一直專注於設計和醫療保健以及其他公司的設計。

And also, with your customer of Lenovo Motorola cell phones, that customer has now -- it sounds like you have been winding down in China, yet you spent more in CapEx this year than originally planned.

而且，對於您的聯想摩托羅拉手機客戶來說，該客戶現在 - 聽起來您在中國已經逐漸減少，但您今年的資本支出比原計劃要多。

And I assume that that plant you're going to need to repurpose.

我認為你需要重新調整該植物的用途。

So how should we think about CapEx going forward?

那我們該如何考慮未來的資本支出呢？

You did mention a couple of acquisitions.

您確實提到了幾項收購。

Is that more higher priority now or how should we think about the dynamics?

現在是更優先考慮還是我們應該如何考慮動態？

Thank you

謝謝

Thanks for your questions, Jim.

謝謝你的提問，吉姆。

As far as the strategy around the use of cash, it actually won't change very much.

至於圍繞現金使用的策略，實際上不會有太大變化。

We continue to remain committed to a 50% return -- no less than a 50% return, to our shareholders.

我們繼續致力於為股東提供 50% 的回報——不少於 50% 的回報。

And in terms of use of that capital, we do expect CapEx to be roughly similar to depreciation levels going forward.

就資本的使用而言，我們確實預期資本支出將與未來的折舊水準大致相似。

There's going to be -- sometimes in these newer programs in automotive and medical, there tends to be a little bit more CapEx than, what I would call, the more traditional INS kind of EMS SMT operations business.

有時，在汽車和醫療領域的這些新項目中，資本支出往往比我所說的更傳統的 INS 類型 EMS SMT 營運業務要多一些。

So sometimes there's a little bit more capital and that capital is a little bit more delayed in terms of hitting revenue.

因此，有時會有更多的資本，而這些資本在影響收入方面會延遲一些。

And as far as M&A, I don't anticipate changing very much.

就併購而言，我預計不會發生太大變化。

We are focused at M&A that's going to deliver free cash flow as we do those deals so that we can do M&A, and side-by-side also, be able to maintain our commitment of 50% return to our shareholders.

我們專注於併購，這將在我們進行這些交易時提供自由現金流，以便我們能夠進行併購，同時也能夠維持我們向股東提供 50% 回報的承諾。

And at the same time, every time we do an M&A, we're going to tilt it -- not every time, but on average, we are going to tilt it towards the portfolio shift that we are trying to make, which typically drives higher margins, longer product life cycle and hopefully, higher macro growth rates associated with it.

同時，每次我們進行併購時，我們都會將其傾斜——不是每次，但平均而言，我們將使其向我們試圖進行的投資組合轉變傾斜，這通常會推動更高的利潤、更長的產品生命週期以及與之相關的更高的宏觀成長率。

So, I don't see it changing that much.

所以，我認為它沒有太大變化。

This last year, we did about $900 million of acquisitions.

去年，我們進行了約 9 億美元的收購案。

That's untypical and its way above average.

這是不典型的，而且遠高於平均水平。

So as opportunities present themselves and we think that there are opportunities that can be accretive and particularly accretive at free cash flow, we will obviously take advantage of it.

因此，當機會出現時，我們認為這些機會可以增值，尤其是自由現金流增值，我們顯然會利用它。

But even in doing the $900 million in acquisitions last year, we still did free cash flow of $649 million and spent $420 million of shares, which is roughly 66%, as we mentioned.

但即使去年進行了 9 億美元的收購，我們仍然獲得了 6.49 億美元的自由現金流，並花費了 4.2 億美元的股票，大約是 66%，正如我們所提到的。

So I think the overall segment is working really well.

所以我認為整個細分市場運作得非常好。

The capital allocation is very balanced and I think you will see a lot of the same theme resonating through our actions this coming year.

資本配置非常平衡，我認為您會看到我們明年的行動會產生許多相同的主題。

And Jim, this is Chris.

吉姆，這是克里斯。

I would just expand on a couple pieces here.

我只想在這裡擴展幾部分。

We're going to be giving you a real good update on our strategic vision at our Investor Day, but just to clarify one piece.

我們將在投資者日向您提供有關我們戰略願景的真正最新信息，但只是為了澄清一點。

In terms of CapEx, we've had a very disciplined approach and one where we've actually invested over $1.3 billion over the last three years.

在資本支出方面，我們採取了非常嚴格的方法，在過去三年中我們實際投資了超過 13 億美元。

This year, as I alluded to in the prepared remarks, we actually purposely invested in advance of depreciation levels and exceeded it by around $70 million.

今年，正如我在準備好的發言中提到的，我們實際上特意提前投資了折舊水平，並超出了折舊水平約 7000 萬美元。

I'll correct one piece that Mike said that we'll also dig deeper on in another couple weeks.

我將糾正麥克所說的一篇文章，我們也將在接下來的幾週內進行更深入的研究。

We would anticipate a very similar type of approach this coming year.

我們預計明年會採取非常類似的方法。

We are very focused on putting in place sufficient capacity and capability to support our growing automotive, medical and energy businesses.

我們非常注重建立足夠的產能和能力來支持我們不斷成長的汽車、醫療和能源業務。

And as I highlighted in the prepared remarks, over 50% of our CapEx this past year went to those businesses.

正如我在準備好的演講中所強調的那樣，去年我們超過 50% 的資本支出都流向了這些業務。

And in a great example of where that goes to use could be even when you think about the state of the art medical facility that we put in place in Tijuana that we brought on this past year with the rate announced in September.

一個很好的例子就是，即使你想到我們在蒂華納建立的最先進的醫療設施，我們去年在 9 月宣布了費率，也可以使用它。

That's 500,000 square feet facility with 120,000 square feet of Class 7, Class 8 cleanrooms, high automation.

該工廠佔地 50 萬平方英尺，擁有 12 萬平方英尺的 7 級、8 級無塵室，自動化程度高。

So we're making investments where we need to to help position ourselves to capture and win more customers and business as we go forward.

因此，我們正在需要的地方進行投資，以幫助我們定位自己，以便在我們前進的過程中捕獲並贏得更多客戶和業務。

So you're seeing some elevated levels of CapEx now purposely put in place to support and grow our business in the future.

因此，您將看到現在有意提高資本支出水平，以支持和發展我們未來的業務。

We'll expand a bit more on that at Investor Day.

我們將在投資者日對此進行更多闡述。

Thanks and congratulations to you and your team at Flex.

感謝並祝賀您和您在 Flex 的團隊。

Thank you.

謝謝。

Steve Milunovich, UBS.

史蒂夫·米盧諾維奇，瑞銀集團。

Good afternoon.

午安.

Last quarter, you indicated that macro had weakened a little bit, particularly in the US.

上個季度，您表示宏觀經濟略有疲軟，特別是在美國。

Was curious if you think the economic situation is better or worse than last quarter and what the linearity in the quarter was?

想知道您認為經濟狀況比上季好還是壞，以及本季的線性度如何？

I think linearity was pretty typical and we actually have a reasonable linear quarter on average.

我認為線性度非常典型，而且我們實際上平均有一個合理的線性季度。

So I would say that's very normal and nothing really to read into it.

所以我想說這很正常，沒有什麼值得深究的。

As far as the macro, we've been mentioning that the macro's been soft, particularly that we see it in the industrials, for quite some period of time.

就宏觀經濟而言，我們已經提到宏觀經濟在相當長一段時間內一直疲軟，特別是在工業領域。

We've probably been talking about it for at least three quarters.

我們可能已經討論了至少四分之三的時間。

We continue to see the same kind of softness.

我們繼續看到同樣的柔軟。

We consider it to be a reasonably weak market and we don't see the market getting stronger, but we see it somewhat stable.

我們認為這是一個相當疲軟的市場，我們認為市場不會變得更強，但我們認為它有些穩定。

We don't see a significant downside.

我們沒有看到明顯的缺點。

We just see it very slow and very weak.

我們只是看到它非常慢而且非常弱。

And we took a lot of the brunt of that weakness over the course of this last year in our industrial business.

去年，我們的工業業務首當其沖地受到了這種疲軟的影響。

I was wondering if I could also ask about your move more to sketch-to-scale and design?

我想知道我是否也可以詢問一下您更多地轉向按比例繪製草圖和設計的情況？

Roughly what percentage of your products do you feel you are adding design value-added with?

您認為您的產品中大約有多少比例增加了設計附加價值？

We met recently with one of your industrial executives and I think in his group he said it was 25%.

我們最近會見了你們的一位工業主管，我想他在他的團隊中說這個比例是 25%。

I don't think that's the Company average, but I was curious where you are?

我不認為這是公司的平均水平，但我很好奇你在哪裡？

Steve, I think I would just wait until Analyst Day.

史蒂夫，我想我會等到分析師日。

We're going to end up giving you a little bit more detail around sketch-to-scale and we're planning on giving you some detail around sketch-to-scale within each of the different business groups so that you actually see how each one of them is going to evolve as we embrace that concept and strategy as a Company.

我們最終將為您提供有關按比例繪製草圖的更多詳細信息，並且我們計劃為您提供有關每個不同業務組內按比例繪製草圖的一些詳細信息，以便您實際了解每個業務組的情況隨著我們作為一家公司接受這個概念和策略，其中之一將會不斷發展。

So I would just say, it continues to go up.

所以我只想說，它繼續上漲。

We're very pleased with the progress we are making.

我們對所取得的進展感到非常滿意。

We're going to be a little bit more detailed in a couple weeks and I would just wait for that.

我們將在幾週內提供更詳細的信息，我會等待。

I can't wait.

我等不及了。

Thanks.

謝謝。

Brian Alexander, Raymond James.

布萊恩·亞歷山大，雷蒙德·詹姆斯。

Okay, thank you very much.

好的，非常感謝。

Chris, the guidance for operating income for the June quarter is down about 5% sequentially with revenue down about 1%.

Chris，6 月季度營業收入指引較上季下降約 5%，營收下降約 1%。

Implies operating margins will be down somewhere around 14 basis points if I use the midpoint of your ranges.

意味著如果我使用你們範圍的中點，營業利潤率將下降約 14 個基點。

I'm just curious, where are you expecting to see the negative leverage at the business segment level?

我只是好奇，您預期業務部門層級的負槓桿會在哪裡出現？

Especially given that the segment mix should put upward pressure on margins in the June quarter?

特別是考慮到細分市場組合應該會對六月季度的利潤率帶來上行壓力？

And then I have a follow-up.

然後我有一個後續行動。

Certainly, thanks for the question, Brian.

當然，謝謝你的提問，布萊恩。

I will calibrate it two different ways.

我將用兩種不同的方式來校準它。

First, if you also look at it from a year-over-year basis, midpoint of guidance, it'll put us at our eleventh straight quarter of year-over-year margin expansion.

首先，如果你也從年比、指導中點來看，這將使我們連續第十一季實現利潤率年增。

Midpoint puts us at a revenue of up 2%, but almost 20% in terms of operating profit and up around 17% in terms of EPS at that midpoint.

中點使我們的收入成長 2%，但營業利潤成長近 20%，每股收益成長約 17%。

Certainly, you are seeing an erosion, and your math was pretty good, erosion of the margin down from the 3.5%, down roughly that 15 basis points or 16 basis points.

當然，你會看到侵蝕，你的數學計算得很好，利潤率從 3.5% 下降，大約下降了 15 個基點或 16 個基點。

If you think about it, in the prepared remarks, we highlighted that we're in the final legs here of managing down the business levels out of our China operation, which has pushed a headwind on us.

如果你想一想，在準備好的發言中，我們強調，我們正處於管理中國業務業務水平的最後階段，這給我們帶來了阻力。

And this current quarter has a little bit residual.

目前季度還有一些剩餘。

If you go back in time to when we quantified and tried to quarantine the risk attributes for that business for us, it was roughly $0.02 to $0.03 and then we took that down this past year to $0.01 to $0.02.

如果你回顧我們量化並試圖隔離該業務的風險屬性時，你會發現大約為 0.02 至 0.03 美元，然後我們在去年將其降低至 0.01 至 0.02 美元。

You see that play its way out in this last quarter here.

您會看到這種情況在最後一個季度發揮了作用。

If you think about eliminating that headwind, absorbing a little pain with regards to some operating margin leverage pressure from that, as well as a result of the downward revenues in the quarter, coupled with some position investments, you kind of get to that $190 million midpoint 3.3%, 3.4% type of margin.

如果你考慮消除這種逆風，吸收一些營運利潤率槓桿壓力帶來的痛苦，以及本季營收下降的結果，再加上一些頭寸投資，你就可以得到 1.9 億美元中點3.3%，保證金類型3.4 %。

Not a concern to us.

我們不關心。

There's nothing fundamentally different in any of the businesses.

任何企業都沒有什麼本質上的不同。

And again, I'd take you to thinking about how we have a consistent approach to continuously gain expansion in both margin and profit dollars as we move forward.

再次，我會帶您思考我們如何採取一致的方法，在我們前進的過程中不斷擴大利潤和利潤。

And Brian, I would just add a little bit to that and say we always anticipated some of these China pressures.

布萊恩，我只想補充一點，我們總是預料到其中一些中國壓力。

We gave you some numbers on shutdown costs and that even when the transaction occurred almost 2 years ago.

我們向您提供了一些有關停工成本的數字，即使交易發生在大約兩年前也是如此。

This is now playing out.

現在這一切正在上演。

The only change I would add in addition to Chris's comments, is we actually expect no charges of any kind associated with this.

除了克里斯的評論之外，我要添加的唯一變化是，我們實際上預計不會產生任何與此相關的費用。

So these are all absorbed into our earnings.

所以這些都被吸收到我們的收入中。

We think the risk profile of the revenue associated with Lenovo Motorola as a result of Lenovo taking over it, has now gone and we think it's business as usual.

我們認為，由於聯想收購摩托羅拉而導致的與聯想摩托羅拉相關的收入風險狀況現已消失，我們認為業務一切如常。

So we think any kind of hangover associated with this that's been previously discussed about, we feel is completely gone at this point.

因此，我們認為之前討論過的任何與此相關的宿醉，我們認為此時已經完全消失了。

And along those lines, it looks like for your guidance, you are actually tightening the ranges.

沿著這些思路，看起來你的指導其實是在收緊範圍。

Revenue used to be a $600 million range and now it's $400 million.

收入以前為 6 億美元，現在為 4 億美元。

Operating income is going from $40 million to $30 million.

營業收入將從 4,000 萬美元增至 3,000 萬美元。

EPS range used to be $0.06, now it's $0.04.

EPS 範圍以前為 0.06 美元，現在為 0.04 美元。

So, am I reading too much into that or is that related to a greater level of visibility and greater confidence that you have in execution perhaps in part due to the improved mix that you have talked about?

那麼，我是否對此理解過多，或者這是否與您在執行中擁有更高水平的可見性和更大信心有關，也許部分原因是您所談論的改進組合？

I think you said it well.

我覺得你說得很好。

As we shift this portfolio into a more predictable range of business, ones that have longer product life cycles, we're going to get more and more stability and predictability out of both revenue and out of earnings.

當我們將這項投資組合轉向更可預測的業務範圍（產品生命週期更長）時，我們將從收入和收益中獲得越來越多的穩定性和可預測性。

And we think we continue to get closer to that very nice level of stability.

我們認為我們正在繼續接近這種非常好的穩定水平。

We mentioned in the prepared remarks that the combination of the businesses were up, over 50% now of our operating profit is coming out of what we consider to be a more stable group of businesses.

我們在準備好的演講中提到，業務組合增加，現在我們超過 50% 的營業利潤來自我們認為更穩定的業務組。

So you are seeing us reflect that by taking the range and moving it from a $600 million into a $400 million.

因此，您會看到我們透過將範圍從 6 億美元調整為 4 億美元來反映這一點。

That's probably something you're going to see going forward and it's more a feature of the portfolio shift that we have been undergoing.

這可能是你未來會看到的事情，而且它更多的是我們一直在經歷的投資組合轉變的一個特點。

Okay, thank you very much.

好的，非常感謝。

You are welcome.

不客氣。

Amit Daryanani, RBC Capital Markets.

Amit Daryanani，加拿大皇家銀行資本市場部。

Thanks a lot.

多謝。

I have a question and a follow-up as well.

我還有一個問題和後續行動。

Just to start with, could you just talk about the SunEdison relationship?

首先，您能談談與 SunEdison 的關係嗎？

Is the $61 million charge you're taking the entirety of the relationship you have with them?

您收取的 6,100 萬美元費用是否代表了您與他們之間的全部關係？

Or is there something else that we have to see through?

還是還有什麼事情需要我們看穿？

As it relates to that, the NEXTracker deal, I believe they had a fair amount of SunEdison exposure.

與 NEXTracker 交易相關的是，我相信他們有相當多的 SunEdison 曝光度。

There's an $85 million piece of a that deal, the transaction (inaudible) that was contingent on a certain performance target.

該交易中有 8500 萬美元的一部分，該交易（聽不清楚）取決於特定的績效目標。

Should we presume that that doesn't get paid out at this point?

我們是否應該假設此時還沒有得到支付？

Hello, Amit.

你好，阿米特。

So, the situation with SunEdison, as you know, they filed Chapter 11 bankruptcy back a couple of weeks ago.

所以，正如你所知，SunEdison 的情況，他們在幾週前根據美國破產法第 11 章申請了破產保護。

The charge we took, which was $61 million in Q4, was associated with all our outstanding SunEdison receivables.

我們在第四季收取的費用為 6,100 萬美元，與我們所有未償還的 SunEdison 應收帳款相關。

We've been derisking our relationship with SunEdison over the past several quarters, and so, if you're looking for a broader type of risk exposure, we've quarantined it and put it in place there.

在過去的幾個季度中，我們一直在消除與 SunEdison 的關係風險，因此，如果您正在尋找更廣泛的風險暴露類型，我們已將其隔離並放置在那裡。

As it relates to NEXTracker, I will let you know that business has been performing exactly as planned, exactly as anticipated from inception.

就 NEXTracker 而言，我會讓您知道，業務一直在完全按照計劃、從一開始就預期的方式進行。

It's been shifting into a very diverse offering, diversity across customers, diversity across regions.

它正在轉向提供非常多樣化的產品、跨客戶、跨地區的多樣性。

So, it's performing very well.

所以，它的表現非常好。

And in fact, if you look back to Mike's prepared remarks, we talked about how energy remains a $1 billion plus business with significant growth for us.

事實上，如果你回顧一下 Mike 準備好的演講，我們談到了能源如何仍然是一個價值超過 10 億美元的業務，並且對我們來說有著顯著的成長。

So there's many different ways we're playing within energy and even despite a former large customer of ours having diminished demand in the future here, we're seeing a lot of opportunities to continue to grow and operate in this space.

因此，我們在能源領域有很多不同的方式，儘管我們以前的大客戶未來的需求減少，但我們看到了許多在這個領域繼續發展和運作的機會。

Perfect, and if I could just follow-up on the CTG segment?

完美，我是否可以跟進 CTG 部分？

Could you just talk about what percent of that revenue (inaudible) today is smartphone broadly versus everything else?

您能否談談目前智慧型手機佔收入（聽不清楚）的比例與其他收入的比例？

And do you think you have reached a point of stability at least as you go beyond the June quarter, winning the smartphone piece of that bucket as well?

您是否認為至少在六月季度之後您已經達到了穩定點，並且贏得了智慧型手機市場份額？

So the smartphone piece is going always have a little more volatility.

因此，智慧型手機領域的波動性總是會更大。

It runs on shorter product life cycles.

它的產品生命週期較短。

We talked about ramping India up in the operations, so with that, it's going to carry some uncertainty because it's a new place for the customer to operate in.

我們談到了加強印度的業務，因此，它將帶來一些不確定性，因為這是客戶運營的新地方。

The Brazil marketplace, as you know, is struggling from an economic standpoint.

如您所知，從經濟角度來看，巴西市場正在陷入困境。

So, I would say it still going to carry a certain amount of volatility with it but as an overall total, it's probably going to run somewhere around one-quarter to one-third or even less than of the CTG.

因此，我想說它仍然會帶來一定程度的波動，但作為總體總量，它的波動可能約為 CTG 的四分之一到三分之一，甚至更少。

And then, as you think about that in terms of the overall Flex, like we talked about, it's well below a 10%.

然後，當你考慮到整體 Flex 的情況時，就像我們談到的那樣，它遠低於 10%。

And we have already taken adjustments, so to speak, with China coming out.

可以說，隨著中國的出現，我們已經做出了調整。

The Brazil economy has been weak for the last year.

去年巴西經濟疲軟。

We feel like we have already adjusted down to the new norm, if you will, in the Brazil economy.

我們覺得巴西經濟已經適應了新常態（如果你願意的話）。

And we view India as pure upside.

我們認為印度具有純粹的優勢。

So, those are the good parts of it.

所以，這些都是它的優點。

I think it's always going to carry a little bit of volatility with it, but think about it being one-quarter to one-third or so of the overall CTG business.

我認為它總是會帶來一點波動，但考慮一下它佔整個 CTG 業務的四分之一到三分之一左右。

And I would only add that we are going to spend more deeply with Mike Dennison at our Investor Day.

我只想補充一點，我們將在投資者日與麥克丹尼森進行更深入的交流。

But if you think about the trajectory here, Q1 will mark the bottom for CTG in terms of its revenue.

但如果你考慮這裡的軌跡，第一季將標誌著三峽集團收入的底部。

And you know, we are focused again on a richer mix and as that develops, we continue to see improving margins in that space.

你知道，我們再次專注於更豐富的組合，隨著這種組合的發展，我們繼續看到該領域的利潤率不斷提高。

So we'll expand further with you in another 10 days, but think of it that way.

因此，我們將在接下來的 10 天內與您一起進一步擴展，但請這樣想。

Perfect.

完美的。

Look forward to May 12.

期待5月12日。

Paul Coster, JPMorgan.

保羅‧科斯特，摩根大通。

Yes, thanks for taking my questions.

是的，感謝您回答我的問題。

A couple of quick questions here.

這裡有幾個簡單的問題。

First, there's two segments here where the operating margins are locked in at the lower end of your target range.

首先，這裡有兩個部分的營業利潤率被鎖定在目標範圍的下限。

I'm just wondering to what extent it's outside of your control and just a function of demand and the product cycles at your customers versus your intended product mix?

我只是想知道它在多大程度上超出了您的控制範圍，而只是您客戶的需求和產品週期與您預期的產品組合的函數？

And if you can lift yourself off the bottom of that range, how long does it take for you to move up the value chain and do so?

如果您能夠擺脫該範圍的底部，那麼您需要多長時間才能向價值鏈上游移動？

If I pull those two pieces -- let me take IEI first.

如果我拉這兩塊——讓我先拿 IEI。

It's now at 4%.

現在是4%。

We have the range at 4% to 6%.

我們的範圍是 4% 到 6%。

Last year in FY15, we ran that at 3.0%.

去年 2015 財年，我們的利率為 3.0%。

For the total year, we ran at about 3.4%.

全年的成長率約為 3.4%。

So we moved from 3.0% to 3.4% this FY15 to FY16.

因此，從 2015 財年到 2016 財年，我們將利率從 3.0% 提高到了 3.4%。

The last two quarters, we ran it at about 4.0%.

過去兩個季度，我們的收益率約為 4.0%。

So it's on an upward trajectory and we would actually expect that upward trajectory to continue through the course of the year.

因此，它處於上升軌道，我們實際上預計這種上升軌道將在今年持續下去。

So we believe this is a business unit where we can move more to the middle of the goal post over the coming quarters or year.

因此，我們相信這是一個業務部門，我們可以在未來幾季或一年內向目標的中間方向邁進更多。

As far as the INS, I think it's going to be really challenging to move into the middle of the goal post in that business.

就 INS 而言，我認為進入該業務的球門柱中間確實具有挑戰性。

I think it's more likely that we stay at the lower end and it's been running that way for several years now.

我認為我們更有可能停留在低端，而且這種情況已經持續了好幾年了。

Last year, we actually ran at 2.8%.

去年，我們的實際成長率為 2.8%。

This year, we ran at 3.0%, so we actually made some progress.

今年我們的成績是3.0%，所以我們實際上取得了一些進步。

But I don't anticipate -- I think the competitive pressures and the changes in the industry are sufficient enough that it will be very difficult to move that to the middle of the goal post.

但我並不預期——我認為競爭壓力和行業變化已經足夠大，以至於很難將其轉移到球門柱的中間。

So I expect that to actually stay at the low-end.

所以我預計這實際上會停留在低端。

Thank you and a quick follow-up, which is obviously, you have contained the credit exposure to SunEdison.

謝謝您和快速跟進，很明顯，您已經控制了 SunEdison 的信用風險。

But their disappearing from the scene takes away a pretty significant customer.

但他們的消失奪走了一個相當重要的客戶。

I'm just wondering in backfilling, you have talked of many opportunities.

我只是想知道在回填中，你談到了很多機會。

You can either go to alternative developers or you can go to some of the end customers yourself directly.

您可以去找替代開發商，也可以自己直接去找一些最終客戶。

You seem to be getting pretty sophisticated.

看來你已經變得相當老練了。

I'm wondering if a direct channel is the preferred route?

我想知道直接通路是否是首選路線？

We're going to end up with a very broad set of customers, both for NEXTracker and for solar modules and we will obviously, evolve into storage, we have a big inverter business.

我們最終將擁有非常廣泛的客戶群，包括 NEXTracker 和太陽能模組，顯然我們將發展到儲存領域，我們擁有龐大的逆變器業務。

So, we actually play in a lot of different places.

所以，我們實際上在很多不同的地方玩。

But without doubt, actually people buying the trackers from us directly, rather than going through a SunEdison, may be a wave of the future and a way to move products.

但毫無疑問，實際上人們直接從我們這裡購買追蹤器，而不是透過 SunEdison，可能是未來的一股浪潮，也是一種行動產品的方式。

As we think about the energy customers now moving into selling energy as opposed to really that excited about building hardware.

當我們想到能源客戶現在開始銷售能源，而不是真正對建立硬體感到興奮。

I think we will see -- actually I don't think we will see, we are seeing an evolution of that customer base.

我認為我們會看到——實際上我認為我們不會看到，我們正在看到客戶群的演變。

We're seeing a very significant acceleration of deals into multiple geographies.

我們看到多個地區的交易顯著加速。

We're seeing a large accelerations into different kind of customers.

我們看到不同類型的客戶大幅加速。

And we will see a different type of customer for that kind of business.

我們將看到此類業務的不同類型的客戶。

And that's exactly why we have been able to take what we consider to be a pretty significant customer in our energy business and actually, slow down for a quarter and then accelerate.

這正是為什麼我們能夠抓住我們認為是我們能源業務中相當重要的客戶，實際上，放慢一個季度的速度，然後加速。

We now view this business even on the back of that larger customer having their difficulties, we actually see that as being the fastest growing segment by far in industrial group going into this next year.

我們現在認為，即使在大客戶遇到困難的情況下，我們也認為這項業務，實際上我們認為這是明年工業集團中迄今為止成長最快的部分。

So we're really pleased with how this is transitioning.

所以我們對這種轉變的方式感到非常滿意。

We're not happy about SunEdison going away because they were a great customer, but we are certainly excited about the leadership team we put in place and the go-forward opportunities.

我們對 SunEdison 的離開並不滿意，因為他們是一位很棒的客戶，但我們當然對我們組建的領導團隊和前進的機會感到興奮。

They are exceptional.

他們很出色。

Thank you.

謝謝。

Matt Sheerin, Stifel.

馬特謝林，史蒂菲爾。

Yes, thank you.

是的，謝謝。

Related to your guidance for INS being flat or stable quarter-on-quarter, is that a sign that end demand from your customers is finally stabilized?

與您對 INS 的季度環比指導持平或穩定相關，這是否表明您的客戶的最終需求最終穩定了？

Or, will you see further weakness offset by some of these new program wins that have been rolling in?

或者，您會看到一些已經推出的新計劃的勝利抵消了進一步的弱點嗎？

I think the reality of that business is that it's a -- it has typically had negative growth within hardware.

我認為該業務的現實是，它在硬體方面通常出現負成長。

And with the evolution that we are seeing in the industry, it's going to be hard to buck what we see as a 0% to minus 5% growth rate.

隨著我們所看到的行業的發展，將很難扭轉我們所看到的 0% 到負 5% 的成長率。

We've always tried to have an aspirational goal, as we called it, of flat revenue on a year-on-year basis.

我們一直試圖實現一個我們所謂的理想目標，就是營收同比持平。

We haven't been able to achieve that aspirational goal, but we have achieved running at the industry average.

我們未能實現這一理想目標，但我們已經達到了行業平均水平。

And like I said, margins actually came up this last year.

正如我所說，去年的利潤率實際上有所上升。

So I think we're going to see a continuation of that business being challenged in terms of a top line revenue for all of our customers pretty much across the board as we evolve into data centers in the cloud.

因此，我認為，隨著我們向雲端中的資料中心發展，我們將看到該業務的持續性在所有客戶的收入方面幾乎全面面臨挑戰。

And I think that's something that's a multi-year transition that we're going to have to absorb and deal with and we will do our best to keep our margins higher while we likely move towards participating similar to what the industry is -- to what our customers are, which is probably a 0% to minus 5% number.

我認為這是一個我們必須吸收和處理的多年過渡，我們將盡最大努力保持更高的利潤率，同時我們可能會像行業那樣參與進來——我們的客戶是，這可能是0% 到負5 % 的數字。

Okay, as it relates to the cloud and obviously taking share from your legacy customers, are there opportunities there in the cloud in terms of things you can do on the white box server side?

好的，因為它與雲端相關，並且顯然從您的傳統客戶那裡獲取份額，所以在您可以在白盒伺服器端執行的操作方面，雲端中是否存在機會？

Or is it just too competitive and commoditized?

還是競爭太激烈、商品化太嚴重？

The answer is, absolutely, we have started a business group a couple years ago called Ci3, which is targeted at this whole converged space, at the changes that are required to be competitive in the data center world.

答案是肯定的，幾年前我們成立了一個名為 Ci3 的業務集團，它的目標是整個融合領域，以及在資料中心領域保持競爭力所需的變革。

The white box server is kind of a tough market.

白盒伺服器是一個艱難的市場。

It probably has lower margins than we would like.

它的利潤率可能比我們希望的要低。

But I think putting together a fully integrated systems, providing interesting ways to integrate those systems and provide solutions to the customers, I think it's going to evolve over the coming years.

但我認為，建立一個完全整合的系統，提供有趣的方法來整合這些系統並向客戶提供解決方案，我認為它將在未來幾年內持續發展。

And we're actively working to participate in what we view as a reasonably good growth market, which is the cloud-based converged marketplace.

我們正在積極努力參與我們認為相當良好的成長市場，即基於雲端的融合市場。

Our division called Ci3 is targeted to go after that and you'll see us continue to make investments in that area as we work to reposition the portfolio into those kind of solutions.

我們名為 Ci3 的部門的目標是實現這一目標，您會看到我們繼續在該領域進行投資，同時我們努力將產品組合重新定位到此類解決方案中。

Okay, thanks a lot, Mike

好的，非常感謝，麥克

Steve Fox, Cross Research

史蒂夫福克斯，交叉研究

Thanks, good afternoon.

謝謝，下午好。

First question, just in terms of some of the investments you highlighted during the quarter.

第一個問題，就您在本季強調的一些投資而言。

How are you deciding when to make these investments and how far ahead of revenues and returns on investments are you thinking about them?

您如何決定何時進行這些投資以及您對收入和投資回報的考慮有多遠？

And is this something that is more of a regular quarterly event or is it something that in the past quarter was a little bit greater than usual?

這是更多的常規季度活動，還是上個季度比平常稍微多一點的活動？

And then I had a follow-up.

然後我進行了跟進。

We look at these kind of things continuously.

我們不斷地關注這些事情。

If you just think about the discussion we've just had over the last 15 minutes, we are involved with a lot of different places in the supply chain as a result of having an extraordinarily diversified portfolio.

如果您想一下我們在過去 15 分鐘內進行的討論，您會發現，由於擁有極其多元化的產品組合，我們參與了供應鏈中的許多不同環節。

But if I think about how do we look at them?

但如果我想一想我們如何看待他們呢？

I think there's really two different kinds of acquisitions.

我認為確實有兩種不同類型的收購。

I think one is what we consider to be lower cost technology driven businesses that add capability, that once we put into our large system, we can leverage off it.

我認為其中之一是我們認為成本較低的技術驅動型企業可以增加功能，一旦我們將其放入大型系統中，我們就可以利用它。

And those are the kind of places that we are trying to go where we can move into a little bit more technology advanced position with the acquisition, leverage our big system and try to drive revenue that way.

這些都是我們正在努力實現的目標，透過收購我們可以進入技術更先進的位置，利用我們的大系統並嘗試以這種方式增加收入。

So on average, we are looking for knowledge.

所以平均而言，我們正在尋找知識。

I mentioned two medical acquisitions that we did this last year.

我提到了我們去年進行的兩項醫療收購。

They're very -- they're just $10 million, small amounts of dollars, but add a lot of capability and a lot of access into technology.

它們非常——它們只有 1000 萬美元，很少的美元，但增加了很多功能和大量技術訪問。

There's a second class of acquisitions, which I will put NEXTracker and MCi into, where we are trying to -- where there may be a more substantial revenue element.

還有第二類收購，我將把 NEXTracker 和 MCi 納入我們正在嘗試的領域——可能會有更實質的收入要素。

If those acquisitions don't drive free cash flow then we're not going to consider them.

如果這些收購不能帶來自由現金流，那麼我們就不會考慮它們。

So they have to be accretive -- they have to be free cash flow accretive because we don't want to do any acquisitions that take us off the 50% return to shareholders.

所以它們必須是增值的——它們必須是自由現金流增值的，因為我們不想進行任何讓我們失去 50% 股東回報的收購。

In particular, when we do those bigger acquisitions, we'll look for the big macro economic trends to layer into.

特別是，當我們進行更大的收購時，我們會尋找宏觀經濟趨勢來分層。

We think some of those things are things like energy, technically and with technical solutions around energy, is a good market.

我們認為其中一些東西例如能源，從技術上來說，以及圍繞能源的技術解決方案，是一個很好的市場。

When you look at the solar business, it's going to grow double-digits for the next 10 years.

當你觀察太陽能業務時，你會發現它在未來 10 年將以兩位數的速度成長。

We've been heavily focused around medical.

我們一直非常關注醫療。

Why medical?

為什麼是醫療？

You have got an emerging market that's developing, that's bringing middle class consumers into the marketplace as well as in the developed worlds, you have an aging population.

新興市場正在發展，正在將中產階級消費者帶入市場，而在已開發國家，人口正在老化。

So you have these really good trends.

所以你有這些非常好的趨勢。

And then in automotive, you can have a zero growth rate in automotive in terms of the number of vehicles, but the whole transition into autonomous vehicles and mobility and how will it change will all be -- will drive growth for the next 10 years from a technology standpoint.

然後在汽車領域，就車輛數量而言，汽車行業的成長率可能為零，但向自動駕駛汽車和移動出行的整個轉變以及它將如何變化將推動未來 10 年的成長技術角度。

So we're going to stay focused at doing the big acquisitions where we play into a good macro.

因此，我們將繼續專注於進行大型收購，從而發揮良好的宏觀作用。

And simultaneously, we make sure that it has the right free cash flow characteristic so we don't get in the way of our 50% return to shareholder commitment.

同時，我們確保它具有正確的自由現金流特徵，這樣我們就不會妨礙我們向股東承諾 50% 的回報。

The only thing I would add to that would be, as we highlighted, in 2016, over 50% of the CapEx investments that we put forth went into automotive, medical, energy capability and capacity.

我唯一要補充的是，正如我們所強調的，2016 年，我們投入的資本支出投資中有超過 50% 投入了汽車、醫療、能源能力和產能。

And underpinning those, is those key technology investments are very sustainable.

支撐這些的是那些非常永續的關鍵技術投資。

They are not easily disrupted and they are also supported by very long underlying product life cycles.

它們不容易被破壞，也得到很長的基礎產品生命週期的支持。

So you are seeing some variability quarter-to-quarter in terms of overspending depreciation.

因此，您會看到超支折舊的季度與季度之間存在一些變化。

It's about prepositioning around where we see targets for growth and putting those in place where we have defined customer ramps and programs that we'll be fulfilling for a long period of time.

這是圍繞我們看到的成長目標進行預先定位，並將這些目標落實到我們定義的客戶成長和計畫中，我們將在很長一段時間內完成這些目標。

Great, that's very helpful.

太好了，這非常有幫助。

And then just as a quick follow-up, understanding the margins you just gave by business segment, but under the covers of those, were there two or three specific drivers that you would point to in terms of helping your mix in the quarter that stood out?

然後，作為快速跟進，了解您剛剛按業務部門給出的利潤，但在這些利潤的背後，您是否會指出兩三個特定的驅動因素來幫助您在當前季度的組合出去？

For this past quarter, we came out at 3.5%, 50 basis points year-over-year, profit up $23 million year-over-year.

上個季度，我們的成長率為 3.5%，年成長 50 個基點，利潤年增 2,300 萬美元。

I think it was across the board.

我認為這是全面的。

You ended up having each and every one of our segments now at or above their target margin range.

最終，我們的每個細分市場現在都達到或高於其目標利潤範圍。

The only thing I would put my eye towards the HRS, where it has now been three quarters where it's been above that range.

我唯一會關注的是 HRS，現在它已經超過該範圍的四分之三了。

Very healthy execution across a wide variety of ramps.

在各種坡道上都有非常健康的執行力。

So I think that contribution there probably elevated the overall mix a little bit better.

所以我認為那裡的貢獻可能會更好地提高整體組合。

Okay, thank you very much.

好的，非常感謝。

Herve Francois, B. Riley.

埃爾夫·弗朗索瓦，B.萊利。

Great, thanks very much.

太好了，非常感謝。

I was hoping if you can help out just on as you continue this mix towards HRS in your high-margin areas, what kind of impact do you see over the next several quarters, even over the next year or so in regards to your working capital commitment cash conversion cycles and things like that?

我希望，當您在高利潤領域繼續採用HRS 組合時，您能提供幫助嗎？在接下來的幾個季度，甚至在未來一年左右的時間裡，您會看到對您的營運資本產生什麼樣的影響承諾現金轉換週期之類的？

You've done it seems like a good job managing that so far, but that continues to improve.

到目前為止，您似乎在管理方面做得很好，而且還在繼續改進。

And you talk about the longer product life cycles out of medical and energy and auto, what kind of stresses, if any, do you see that on your ROIC and cash conversion cycle?

您談到了醫療、能源和汽車領域更長的產品生命週期，您在投資回報率和現金轉換週期中看到了什麼樣的壓力（如果有的話）？

Thank you for that question.

謝謝你提出這個問題。

We definitely continue to evolve the portfolio.

我們肯定會繼續發展產品組合。

And in that mix shift as in my prepared remarks I stated, we do not see us needing to move off of our range which has been stated and sustained for many, many quarters now of 6% to 8% net working capital as a percentage of our sales.

正如我在準備好的發言中所說的那樣，在這種混合轉變中，我們認為我們不需要脫離我們已經聲明並維持了很多很多季度的範圍，目前淨營運資本佔淨營運資本的百分比為6 % 至8%。我們的銷售。

So regardless of the mix shift, we have been mix shifting this mix quite significantly over the several years staying within that type of range.

因此，無論混合變化如何，我們在過去幾年中一直在相當大地混合變化，保持在這種範圍內。

So I think that you should be able to anticipate modeling yourself staying within those parameters.

所以我認為你應該能夠預測自己在這些參數範圍內進行建模。

Got it.

知道了。

Thank you very much.

非常感謝。

Operator, I think we have time now for one final question.

接線員，我想我們現在有時間回答最後一個問題。

Sherri Scribner, Deutsche Bank.

雪莉‧斯克里布納，德意志銀行。

Hello, thanks for taking the question.

您好，感謝您提出問題。

It's Adrienne Colby for Sherri.

這是雪莉的艾德麗安‧科爾比。

I was wondering, as medical continues to grow and become a more important part of the business, can you remind us what the big seasonal drivers are?

我想知道，隨著醫療不斷發展並成為業務中更重要的一部分，您能否提醒我們主要的季節性驅動因素是什麼？

I think your guidance for the March quarter called for some seasonal impact.

我認為您對三月季度的指導需要一些季節性影響。

So, I'm just wondering if the March quarter is typically the slowest for that business?

所以，我只是想知道三月的季度是否通常是該業務最慢的？

The seasonal impacts on medical are actually pretty muted.

季節性對醫療的影響其實相當輕微。

And in fact, I won't even think too much about them really being a driver and being in the decision process.

事實上，我甚至不會過多地考慮他們是否真的是司機並參與決策過程。

I think you should see a reasonably balanced level of revenue across the year.

我認為全年收入水準應該相當平衡。

So I think it's diversified enough.

所以我認為它已經夠多元化了。

I think we have enough blend between diagnostics and hospital equipment and consumer use devices.

我認為我們在診斷、醫院設備和消費者使用設備之間有足夠的整合。

We have so many different things that I think it's going to -- it may have some cycles, but it's going to be very, very muted.

我們有很多不同的事情，我認為它會發生——它可能會有一些週期，但它會非常非常安靜。

Thank you.

謝謝。

Okay, we want to thank everybody for joining us on our call today.

好的，我們要感謝大家今天加入我們的電話會議。

We look forward to seeing many of you in two weeks at our Investor Day.

我們期待在兩週後的投資者日見到你們中的許多人。

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。