Flex Ltd (FLEX) 2017 Q1 法說會逐字稿

Good afternoon and welcome to the Flex first-quarter FY17 earnings conference call.

下午好，歡迎參加 Flex 2017 財年第一季財報電話會議。

(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 Vice President of Investor Relations.

現在，我想將電話轉給 Flex 投資者關係副總裁 Kevin Kessel 先生進行開場發言和介紹。

Sir, you may begin.

先生，您可以開始了。

Thank you and welcome to Flex's conference call to discuss the results of our first quarter of FY17 ended July 1, 2016.

感謝並歡迎您參加偉創力的電話會議，討論截至 2016 年 7 月 1 日的 2017 財年第一季的業績。

We have published 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.

今天加入我的是我們的執行長 Mike McNamara；以及我們的財務長 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進行網路直播和記錄，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 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。

Please refer to the appendix section of this presentation for the reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures for the current period results.

請參閱本簡報的附錄部分，以了解非 GAAP 財務指標與本期業績最直接可比較的 GAAP 指標的調整表。

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

如果本次電話會議引用其他非公認會計準則財務指標，這些指標以及所需的對帳資訊均位於我們網站的投資者關係部分。

Before I had the call over to Chris, I want to provide a few definitions for acronyms that will be used throughout today's call to streamline our comments and which reference our four business groups.

在打電話給克里斯之前，我想提供一些縮寫的定義，這些定義將在今天的電話會議中使用，以簡化我們的評論，並引用我們的四個業務部門。

These acronyms are CTG, which stands for consumer technologies group; HRS, or high-reliability solutions; IEI, or Industrial and Emerging Industries; and CEC, which is communications and enterprise compute.

這些縮寫詞是 CTG，代表消費者技術集團； HRS，或高可靠性解決方案； IEI，即工業和新興產業； CEC，即通訊和企業計算。

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 thank you to everyone joining us today.

謝謝你，凱文，也謝謝今天加入我們的所有人。

We appreciate your time and interest in Flex.

感謝您抽出寶貴時間並關注 Flex。

Please turn to slide 2 for our first-quarter income statement highlights.

請參閱投影片 2，以了解我們第一季損益表的重點內容。

Revenue was just under $5.9 billion, coming in near the high end of our guidance range of $5.5 billion to $5.9 billion, as all four of our business groups either met or exceeded our expectations.

收入略低於 59 億美元，接近我們指導範圍 55 億至 59 億美元的上限，因為我們的所有四個業務集團都達到或超出了我們的預期。

Our revenue increased 6%, or $311 million on a year-over-year basis, and increase $104 million, or 2%, on a sequential basis, despite operating in what remains a sluggish demand environment.

儘管需求依然低迷，但我們的營收年增了 6%，即 3.11 億美元，環比成長了 1.04 億美元，即 2%。

Both our IEI and HRS business groups displayed solid growth sequentially and year over year.

我們的 IEI 和 HRS 業務部門均顯示出連續和同比的穩健成長。

Our first-quarter adjusted operating income was $190 million, which was at the midpoint of our guidance range of $175 million to $205 million.

我們第一季調整後的營業收入為 1.9 億美元，位於我們 1.75 億至 2.05 億美元指引範圍的中點。

This rose 20%, or $31 million year over year, as we continued to evolve our portfolio towards a greater concentration of our higher margin businesses.

隨著我們繼續發展我們的投資組合，更加集中於利潤率較高的業務，這一數字同比增長了 20%，即 3,100 萬美元。

Adjusted net income was $149 million, increasing $14 million, or 11% year over year.

調整後淨利為 1.49 億美元，年增 1,400 萬美元，即 11%。

Our adjusted earnings per diluted share for the first quarter was $0.27, which was at the midpoint of our adjusted EPS guidance range of $0.25 to $0.29, and was up 17% year over year, or $0.04.

我們第一季調整後每股攤薄收益為 0.27 美元，處於我們調整後每股收益指引範圍 0.25 至 0.29 美元的中點，年增 17%，即 0.04 美元。

Please turn to slide 3 for our [trended] quarterly financial highlights.

請參閱投影片 3 以了解我們的[趨勢]季度財務亮點。

Our first-quarter adjusted gross profit totaled $408 million, reflecting an increase of 15% year over year, and our adjusted gross margin expanded over 50 basis points from the prior-year quarter to 6.9%.

第一季調整後毛利總計 4.08 億美元，年增 15%，調整後毛利率較上年同期成長 50 個基點至 6.9%。

This year-over-year adjusted gross margin expansion was led by an improved business mix coupled with improved operational efficiencies.

調整後毛利率的年增率是由於業務組合的改善以及營運效率的提高所致。

Our quarterly adjusted operating income increased year over year by $31 million to $190 million.

我們的季度調整後營業收入年增 3,100 萬美元，達到 1.9 億美元。

And on an adjusted operating margin basis, rose over 30 basis points year over year to 3.2%.

以調整後的營業利益率計算，年增 30 個基點至 3.2%。

We continue to make investments in design and engineering, as well as focused innovation initiatives, as we evolve our portfolio and expand Flex's Sketch-to-Scale capabilities and solutions offering.

隨著我們不斷發展我們的產品組合併擴展 Flex 的 Sketch-to-Scale 功能和解決方案，我們將繼續在設計和工程以及重點創新計劃方面進行投資。

Even while continuously investing to expand our capabilities, it's noteworthy that we have increased our adjusted operating margin for 11 straight quarters on a year-over-year basis.

即使在不斷投資以擴大我們的能力的同時，值得注意的是，我們的調整後營業利潤率連續 11 個季度同比增長。

Return on invested capital, or ROIC, remains strong at 22% and remains well above our cost of capital.

投資資本回報率 (ROIC) 仍保持在 22% 的強勁水平，並且仍遠高於我們的資本成本。

Turning to slide 4, we display our operating performance by business group.

轉向投影片 4，我們按業務組顯示了我們的經營績效。

Our CEC business generated $62 million in adjusted operating profit and posted a 2.8% adjusted operating margin, operating within our targeted range of 2.5% to 3.5% The 20-basis-point sequential decline in adjusted operating margin resulted from incremental costs associated with our proactive positioning on certain programs and actions to better align CEC's cost structure.

我們的CEC 業務產生了6,200 萬美元的調整後營業利潤，調整後營業利潤率為2.8%，在我們2.5% 至3.5% 的目標範圍內運營。調整後營業利潤率環比下降20 個基點是由於我們積極主動的成本增加所致。對某些計劃和行動進行定位，以更好地調整 CEC 的成本結構。

Our CTG business generated $25 million in adjusted operating profit, which resulted in an adjusted operating margin of 1.9%.

我們的 CTG 業務產生了 2,500 萬美元的調整後營業利潤，調整後營業利潤率為 1.9%。

This performance was as expected, as the June quarter reflects the wind down of production from our China operation dedicated to Lenovo Motorola, and the overall reduced CTG quarterly revenue level put that pressure on margin.

這一業績符合預期，因為 6 月季度反映了聯想摩托羅拉中國業務的生產逐漸減少，而 CTG 季度收入水平的整體下降給利潤率帶來了壓力。

Our CTG business continues to make progress, winning new customers and expanding strategic relationships, such as the recently announced partnership with Bose, as well as capturing higher value-added revenue.

我們的 CTG 業務不斷取得進展，贏得了新客戶並擴大了策略關係（例如最近宣布與 Bose 的合作夥伴關係），並獲得了更高的增值收入。

All this provides us with confidence that CTG's ability to achieve it's targeted margin range of 2% to 4%.

所有這些都讓我們對三峽集團實現 2% 至 4% 的目標利潤率範圍的能力充滿信心。

IEI produced $50 million in adjusted operating profit and a 3.9% adjusted operating margin, which is slightly below the targeted range of 4% to 6% for this segment.

IEI 調整後營業利潤為 5,000 萬美元，調整後營業利潤率為 3.9%，略低於該細分市場 4% 至 6% 的目標範圍。

IEI's operating profit is up 70% year over year, reflective of the NEXTracker acquisition and our improved operational execution.

IEI 的營業利潤年增 70%，這反映了 NEXTracker 的收購和我們營運執行力的提高。

We would like to highlight that our current IE performance, while improved, has been impacted by our former largest energy customer, SunEdison, going bankrupt.

我們想強調的是，我們目前的 IE 表現雖然有所改善，但受到我們前最大能源客戶 SunEdison 破產的影響。

This bankruptcy has reduced our revenue and corresponding operating profits on both our NEXTracker and our IEI module business.

這次破產減少了我們 NEXTracker 和 IEI 模組業務的收入和相應的營業利潤。

Additionally, this bankruptcy has created some demand pushouts on utility scale and distributed generation energy projects.

此外，這次破產也對公用事業規模和分散式發電能源專案產生了一些需求推動。

We expect much of this demand to come back when some of the utility scale projects that were previously awarded are either resold or restarted.

我們預計，當先前授予的一些公用事業規模項目被轉售或重新啟動時，大部分需求將會恢復。

Lastly, our HRS business continued its strong performance generating $88 million in adjusted operating profit, which equates to an 8.2% adjusted operating margin.

最後，我們的 HRS 業務持續保持強勁業績，調整後營業利潤達 8,800 萬美元，相當於調整後營業利潤率為 8.2%。

We continue to display solid operational execution on numerous new auto and medical program and product ramps, enabling HRS to deliver financial results well within our adjusted operating margin range of 6% to 9%.

我們繼續在眾多新的汽車和醫療項目以及產品升級中展示可靠的營運執行力，使 HRS 能夠在我們調整後的 6% 至 9% 的營運利潤率範圍內提供良好的財務表現。

Please turn to slide 5 for other income statement highlights.

請參閱投影片 5 以了解其他損益表亮點。

Net interest and other expense for the quarter was $28 million, exceeding our guidance range of $25 million.

本季的淨利息和其他費用為 2800 萬美元，超出了我們 2500 萬美元的指導範圍。

This quarter's results include a minor loss on the sale of a nonstrategic facility.

本季的業績包括出售非戰略設施的輕微虧損。

We continue to believe that $25 million is the appropriate level for our quarterly net interest and other expense going forward.

我們仍然認為 2500 萬美元是我們未來季度淨利息和其他費用的適當水平。

Our adjusted income tax expense for the quarter was $14 million, reflecting an adjusted income tax rate of approximately 8.4%.

本季調整後所得稅費用為 1,400 萬美元，反映調整後所得稅率為約 8.4%。

This was within our 8% to 10% estimated adjusted tax rate range, and absent any unknown discrete items we expect to remain in that range this year.

這在我們 8% 至 10% 的估計調整稅率範圍內，並且沒有任何未知的離散項目，我們預計今年將保持在該範圍內。

When reconciling between our quarterly GAAP and adjusted EPS, you can see an $0.08 impact for stock-based compensation expense and intangible amortization expense net of tax benefits.

當調整我們的季度 GAAP 和調整後 EPS 時，您可以看到股票補償費用和扣除稅收優惠的無形攤銷費用產生 0.08 美元的影響。

Turning to slide 6, let us review our cash flows and net working capital.

轉向幻燈片 6，讓我們回顧一下我們的現金流量和淨營運資本。

Cash flow generation continues to be the cornerstone of our business.

現金流生成仍然是我們業務的基石。

This quarter we generated $264 million in cash flow from operations and have generated over $1 billion during the last 12 months.

本季我們從營運中產生了 2.64 億美元的現金流，並且在過去 12 個月中產生了超過 10 億美元。

Net working capital remained relatively flat sequentially at $1.8 billion, and was 7.6% of our net sales.

淨營運資本與上一季持平，為 18 億美元，佔淨銷售額的 7.6%。

Our resulting cash conversion cycle totaled 27 days, which was at the same level sequentially and declined by a day from a year ago.

我們最終的現金轉換週期總計 27 天，與上一季持平，但比一年前減少了一天。

We firmly believe that our current and prospective business mix results in our net working capital as a percentage of sales to remain inside our targeted range of 6% to 8%.

我們堅信，我們目前和未來的業務組合將使我們的淨營運資本佔銷售額的百分比保持在 6% 至 8% 的目標範圍內。

And we have confidence that we will make progress throughout the year to reduce our inventory levels and to reflect steady improvement in our inventory turns.

我們有信心，全年將在降低庫存水準方面取得進展，並反映庫存週轉率的穩定改善。

This quarter our net capital expenditures totaled $143 million, reflecting our focused investments to expand capability and capacity in support of our automotive and medical businesses, as well as further investments in automation and expanding technologies to support our innovation services.

本季我們的淨資本支出總計 1.43 億美元，反映了我們對擴大能力和容量以支持我們的汽車和醫療業務的重點投資，以及對自動化和擴展技術的進一步投資以支持我們的創新服務。

Overall, as we highlighted at investor day, we expect to manage our CapEx investment levels to be roughly $50 million to $75 million higher than depreciation in FY17, as we make investments in advance of the ramp stages for key strategic programs such as Nike.

總體而言，正如我們在投資者日強調的那樣，我們預計我們的資本支出投資水準將比2017 財年的折舊高出約5,000 萬至7,500 萬美元，因為我們在耐吉等關鍵策略項目的爬坡階段之前進行了投資。

During the quarter, we generated over $121 million in free cash flow and remained fundamentally structured and disciplined to continue to generate strong free cash flow.

本季度，我們產生了超過 1.21 億美元的自由現金流，並保持基本結構和紀律，以繼續產生強勁的自由現金流。

This enables us to consistently return value to shareholders through repurchasing our shares.

這使我們能夠透過回購股票持續為股東回報價值。

This quarter we repurchased over 7 million shares, or 1.3% of our outstanding share, for approximately $95 million.

本季度，我們回購了超過 700 萬股股票，佔已發行股票的 1.3%，價值約 9,500 萬美元。

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

我們的行動體現了我們堅定不移的承諾，即每年將 50% 以上的自由現金流返還給股東。

Now turning to slide 7, let's review our balanced capital structure.

現在轉到投影片 7，讓我們回顧一下我們的平衡資本結構。

This past quarter we saw Moody's join S&P and Fitch, providing Flex with an across- the-board investment-grade rating.

上個季度，我們看到穆迪加入標準普爾和惠譽的行列，為 Flex 提供了全面的投資等級。

Moody's upgrade highlighted our more stable and profitable business and the balanced and flexible capital structure we our operating.

穆迪的評級升級突顯了我們的業務更加穩定和盈利，以及我們營運的平衡和靈活的資本結構。

You can see that we have no near-term debt maturities and a strong financial condition, with approximately $3.2 billion in liquidity and just under $1.7 billion in cash.

您可以看到，我們沒有短期債務到期，財務狀況良好，流動性約 32 億美元，現金略低於 17 億美元。

Our credit metrics remain healthy with our debt-to-EBITDA ratio at 2.2 times.

我們的信用指標保持健康，債務與 EBITDA 比率為 2.2 倍。

Before I turn the call over to Mike, I would like to reiterate our confidence in our strategy, which has helped us to forge a new path and to be perfectly positioned to capture the large market opportunity in front of us as we are providing unparalleled sketch-to-scale supply chain solutions.

在我把電話轉給麥克之前，我想重申我們對我們的策略的信心，這幫助我們開闢了一條新的道路，並在我們提供無與倫比的草圖時處於完美的位置，以抓住我們面前的巨大市場機會規模化供應鏈解決方案。

To seize this opportunity, we will continue to operate with discipline and consistently deliver on our commitments.

為了把握這個機會，我們將繼續恪守紀律，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。

Please turn to slide 8 for our FY17 Q1 business highlights.

請參閱投影片 8 以了解我們 2017 財年第一季的業務亮點。

I concluded last quarter's earnings call by stating that we are entering our FY17 structured to deliver continued operating profit and margin expansion.

我在上個季度的財報電話會議結束時表示，我們即將進入 2017 財年，其結構旨在實現持續的營業利潤和利潤率擴張。

Our first quarter of FY17 demonstrates this, as our adjusted operating profit dollars of $190 million were up 20% year over year, and adjusted operating margin rose 30 basis points year over year to 3.2%.

2017 財年第一季就證明了這一點，調整後營業利潤為 1.9 億美元，年增 20%，調整後營業利潤率同比增長 30 個基點，達到 3.2%。

This performance helped us to deliver our 11th straight quarter of year-over-year adjusted operating margin growth.

這一業績幫助我們實現了連續 11 個季度調整後營業利潤率同比增長。

The first quarter also provided further evidence of the successful execution of our strategy that delivers a unique engagement model through sketch-to-scale solutions.

第一季也進一步證明了我們策略的成功執行，該策略透過從草圖到規模的解決方案提供了獨特的參與模式。

Many of you saw this firsthand during our recent May Investor and Analyst Day hosted in Silicon Valley.

你們中的許多人在最近於矽谷舉辦的五月投資者和分析師日上親眼目睹了這一點。

We believe our model is a differentiating capability for our customers.

我們相信我們的模式對我們的客戶來說是一種差異化能力。

We continue to make meaningful progress, shifting our portfolio towards a richer mix of business, as both HRS and IEI grew revenue sequentially above expectations.

我們繼續取得有意義的進展，將我們的投資組合轉向更豐富的業務組合，HRS 和 IEI 的收入成長連續高於預期。

Sales from these two business were 40% of our total.

這兩項業務的銷售額占我們總銷售額的40%。

Even more powerful is that the portfolio evolution yields an even greater concentration of earnings into these longer product life-cycle businesses.

更強大的是，投資組合的演變使收益更加集中於這些產品生命週期較長的業務。

The total adjusted operating profit for both businesses amounted to 61% of total.

兩項業務調整後營業利潤合計佔總利潤的61%。

Our ongoing portfolio shift also resulted in improved customer diversification, as this was the second straight quarter with no customers above 10% of sales.

我們正在進行的產品組合轉變也改善了客戶多元化，因為這是連續第二季沒有客戶佔銷售額的 10% 以上。

Our top 10 customers accounted for only 43% of sales, the highest level of diversification ever.

我們的前 10 名客戶僅佔銷售額的 43%，這是有史以​​來最高的多元化水平。

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

我們相信，跨細分市場、跨細分市場內的客戶以及專注於產品生命週期較長的細分市場的多元化是實現穩定、可預測和不斷擴大收益的最佳方式。

On June 16th, Bose announced that it was extending its strategic partnership with Flex.

6 月 16 日，Bose 宣布延長與 Flex 的策略合作夥伴關係。

We will take over multiple supply chains for Bose and significantly expand our design service for this new product category.

我們將接管 Bose 的多個供應鏈，並大幅擴展我們針對此新產品類別的設計服務。

This is a great example of how CTG continues to diversify its customer base with world-class iconic leaders where we can provide our sketch-to-scale supply chain solutions.

這是 CTG 如何繼續透過世界一流的標誌性領導者實現客戶群多元化的一個很好的例子，我們可以在其中提供從草圖到規模的供應鏈解決方案。

Cash flow from operations from the quarter was $264 million, and free cash flow totaled $121 million.

該季度營運現金流為 2.64 億美元，自由現金流總計 1.21 億美元。

This was the eighth straight quarter of positive free-cash-flow generation.

這是連續第八個季度產生正的自由現金流。

In the past five years, we have generated positive free cash flow in 17 of the past 20 quarters.

在過去的五年裡，我們在過去 20 個季度中有 17 個季度產生了正的自由現金流。

Our commitment to providing consistent capital return to shareholders continued in Q1, as we bought 7.3 million shares for $95 million, funded by 79% of our free cash flow.

我們在第一季繼續致力於為股東提供持續的資本回報，我們以 9,500 萬美元的價格購買了 730 萬股股票，資金來源為我們自由現金流的 79%。

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

自 2011 財年開始資本回報計畫以來，我們已經回購了約三分之一的淨股。

Please turn to slide 9 as we review revenue by business group in detail.

請參閱投影片 9，我們將詳細檢視按業務組別劃分的收入。

CEC, formerly called INS, was stable sequentially and in line with our expectations.

CEC（原名 INS）持續穩定，符合我們的預期。

Revenue was roughly $2.2 billion, essentially flat with last quarter, over Flex's strong 12% growth year over year.

營收約 22 億美元，與上季基本持平，而 Flex 年比強勁成長 12%。

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

同比成長是過去四個季度不斷增加的新客戶和新計劃的結果，有助於抵消持續充滿挑戰的行業動態。

In the quarter, networking and security and cloud solutions were up, while telecom and legacy server and storage were down sequentially.

本季度，網路、安全性和雲端解決方案有所成長，而電信、遺留伺服器和儲存則依序下降。

For next quarter, we expect CEC revenue to be don mid-single digits as we see weakness in telecom and legacy server and storage offsetting modest growth in networking and security and cloud solutions.

對於下個季度，我們預計 CEC 收入將達到中個位數，因為我們看到電信和傳統伺服器和儲存的疲軟抵消了網路、安全和雲端解決方案的溫和增長。

CTG's revenue was down 4% sequentially.

三峽集團的營收季減4%。

This was better than our expectations for high single digit, as we saw approximately $50 million in higher-than-expected revenue from our Lenovo Motorola smartphone business.

這好於我們對高個位數的預期，因為我們看到聯想摩托羅拉智慧型手機業務的收入高於預期約 5,000 萬美元。

Revenue was $1.3 billion, our roughly 22% of sales, its lowest percentage yet.

收入為 13 億美元，約佔銷售額的 22%，是迄今為止的最低比例。

In reference to Lenovo Motorola, we remain their strategic partner in Brazil and have successfully ramped in the operations while completely phasing out our China operations.

就聯想摩托羅拉而言，我們仍然是他們在巴西的戰略合作夥伴，並成功擴大了業務，同時完全逐步淘汰了中國業務。

They are now below 10% of our total sales but remain a very important customer.

他們現在占我們總銷售額的 10% 以下，但仍然是非常重要的客戶。

For September quarter, we are guiding CTG revenue to increase 15% to 25%, as we see positive impact of consumer seasonality combined with the ramping of new products and programs.

對於 9 月季度，我們預計 CTG 收入將成長 15% 至 25%，因為我們看到消費者季節性以及新產品和計劃的增加帶來的正面影響。

IEI was close to $1.3 billion, exhibiting 8% sequential growth and 14% year over year.

IEI 銷售額接近 13 億美元，季增 8%，年增 14%。

This result was about our expectation for low single-digit growth, mostly due to our semi-cap equipment business having greater-than-expected demand upside.

這一結果與我們對低個位數成長的預期有關，主要是由於我們的半帽設備業務的需求上升幅度大於預期。

For next quarter we are forecasting IEI sales to be stable, which is up greater than 10% year over year.

我們預計下季 IEI 銷售額將保持穩定，年增 10% 以上。

In our HRS group, sales grew 6% sequentially to almost $1.1 billion.

在我們的 HRS 集團中，銷售額環比成長 6%，達到近 11 億美元。

It was above expectations for stable performance.

業績穩定，超乎預期。

This also marked the 26th quarter in a row that HRS has delivered year-over-year revenue growth.

這也標誌著 HRS 連續第 26 季實現營收年增。

Our automobile business continued its stellar performance with a successful new program ramps.

我們的汽車業務透過成功的新計劃繼續保持出色的業績。

Our medical business also saw a nice growth as we expanded revenue with some new programs [embedded] from some demand pull in, especially in our diabetes business.

我們的醫療業務也出現了良好的成長，因為我們透過一些需求拉動而[嵌入]的新項目擴大了收入，特別是在我們的糖尿病業務中。

In both automotive and medical, we are leveraging our enhanced competitive position with new capacity and new capabilities that we added in the past few years.

在汽車和醫療領域，我們正在透過過去幾年增加的新產能和新功能來利用我們增強的競爭地位。

For next quarter, we expect HRS to be down mid single digits sequentially, which reflects roughly 5% year-over-year growth.

對於下個季度，我們預計 HRS 將環比下降中個位數，這反映了約 5% 的同比增長。

The decline is mostly the result of negative automotive summer seasonality and our medical business coming down slightly from a very strong Q1.

下降主要是由於汽車夏季季節性因素的負面影響以及我們的醫療業務較第一季的強勁表現略有下降。

Now turning to our September quarter guidance on slide 10.

現在轉向幻燈片 10 上的 9 月季度指引。

Our expectation is for revenue to be in the range of $5.8 billion to $6.2 billion.

我們預計營收將在 58 億美元至 62 億美元之間。

The midpoint is a 2% increase sequentially but a 5% decline versus our year-ago levels and almost entirely as a result of the wind down of the Lenovo Motorola business in China.

中點是環比成長 2%，但與去年同期相比下降 5%，幾乎完全是由於聯想摩托羅拉中國業務的縮減所致。

Our year-over-year revenue comparison will be impacted for the next four quarters as a result of the absence of the Motorola operations in China.

由於摩托羅拉在中國沒有業務，我們未來四個季度的年比收入比較將受到影響。

Our guidance for adjusted operating income is to be in the range of $180 million to $210 million, or $195 million at midpoint.

我們對調整後營業收入的指引為 1.8 億美元至 2.1 億美元，中間值為 1.95 億美元。

This equates to adjusted earnings per share range of $0.26 to $0.30 per share based on a weighted average shares outstanding of 550 million.

這相當於根據 5.5 億股加權平均計算，調整後每股收益範圍為 0.26 至 0.30 美元。

The adjusted EPS guidance 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.

由於無形攤銷和股票薪酬，調整後每股收益指引預計將比季度 GAAP 攤薄每股收益高出約 0.08 美元。

Before I open the call up for Q&A, I would also like to thank our team at Flex for their focus and efforts in the first quarter.

在開始問答之前，我還要感謝 Flex 團隊在第一季的專注和努力。

We remain in a sluggish global economic environment, but our focus and committed to evolve our business into a sketch-to-scale supply chain solutions provider opens up numerous opportunities for us to continue to improve our business and serve our customers better.

我們仍然處於低迷的全球經濟環境中，但我們的重點和致力於將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商，為我們繼續改進我們的業務並更好地為我們的客戶提供大量機會。

With that, I would like to open 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）

Amit Daryanani, RBC Capital Markets

Amit Daryanani，加拿大皇家銀行資本市場

Hey guys this is Irvin Lu calling in for Amit.

大家好，我是歐文·盧 (Irvin Lu) 為阿米特 ​​(Amit) 打電話。

First within CSC -- CEC, sorry, your margins were well below your targeted range due to -- I think was it positive -- better-than-expected Lenovo Motorola business.

首先在 CSC 內部——CEC，抱歉，你們的利潤率遠低於目標範圍，因為——我認為這是積極的——聯想摩托羅拉業務好於預期。

I was just wondering if these will be the trough levels and we're going to see improvement going forward once the phase out of Lenovo Motorola in China is completed.

我只是想知道這些是否會是低谷水平，一旦聯想摩托羅拉在中國的淘汰完成，我們就會看到未來的改善。

Yes.

是的。

Certainly.

當然。

So you're talking about our CTG business, and in particular as we had guided for the period --

所以你談論的是我們的 CTG 業務，特別是我們在此期間的指導——

Operator, we are getting a lot of feedback on our end.

運營商，我們收到了很多回饋。

Maybe you could mute Irvin's line.

也許你可以將歐文的線靜音。

Is now muted.

現在已靜音。

Okay.

好的。

Thank you.

謝謝。

Going back, you were asking about the CTG operating margin performance for the period coming in at 1.9%, which is below our targeted range.

回想一下，您問的是 CTG 本期營業利潤率表現為 1.9%，低於我們的目標範圍。

That was exactly as expected.

這完全符合預期。

We had discussed back at our Q4, as well as over a period of time, that we have been in the process of exiting our Lenovo Motorola China smartphone operation.

我們在第四季以及一段時間內就曾討論過，我們一直在退出聯想摩托羅拉中國智慧型手機業務。

And we ceased activities in our June quarter.

我們停止了六月季度的活動。

With that, we had always been identifying a burden to the Company that we had absorbed during that period, and that is what is reflective in those results.

因此，我們一直在確定我們在此期間承受的公司負擔，這也反映在這些結果中。

So we exited China Lenovo's business.

所以我們退出了中國聯想的業務。

We did it in a well-managed way.

我們以管理良好的方式做到了這一點。

We mitigated it and absorbed all of the associated costs and risks exposure, and now that is behind us.

我們減輕了它的影響並吸收了所有相關的成本和風險，現在這一切都已經過去了。

And so, we remain really excited about the opportunities moving forward.

因此，我們對未來的機會仍然感到非常興奮。

As you think about the business, you have a CTG that's moving up 15% to 25% demand into the September quarter.

當您考慮該業務時，您會發現 CTG 的需求在 9 月季度增長了 15% 至 25%。

You don't have the headwind that was upon us with regards to the operation in China no longer.

我們不再面臨在中國營運方面的阻力。

So you're going to see meaningful recapture of margin in CTG as you move into Q2 and beyond.

因此，當您進入第二季度及以後時，您將看到 CTG 的利潤率有意義地重新獲得。

Hopefully that answers your question.

希望這能回答你的問題。

I was also curious, can you just talk about the revenue potential of the Nike opportunity?

我也很好奇，您能談談耐吉機會的收入潛力嗎？

I understand you guys previously said that it would be material to FY18.

我知道你們之前說過這對 2018 財年很重要。

Just wondering what it means to CTG, whether it can't reach 10% of CTG revenue by then?

只是想知道這對CTG意味著什麼，到時候是不是無法達到CTG收入的10%？

Yes, I think what will end up -- we're in development period.

是的，我認為最終會發生什麼——我們正處於開發階段。

We actually are building shoes today, but they continued to remain, the volumes continue to remain quite slow.

我們今天實際上正在生產鞋子，但它們仍然存在，產量仍然相當緩慢。

We will see a ramp of that business, really not just FY18; it doesn't just ramp to a high level and then call that material revenue.

我們將看到該業務的成長，不僅僅是 2018 財年；它不只是上升到一個高水平，然後稱之為物質收入。

We'll see a continuous improvement in revenue over the course of the next three, four, maybe even years.

在未來三年、四年甚至幾年內，我們將看到收入持續改善。

So we view it as a linear progression of movement toward what we consider to be material revenue.

因此，我們將其視為朝著我們認為的物質收入方向發展的線性進程。

So I think it's -- we're well on our track to bringing on the technologies that we need to, to reinvent this industry and reimagine how actually shoes are manufactured.

所以我認為，我們正在順利引入我們需要的技術，重塑這個行業並重新想像鞋子的實際製造方式。

But we're talking about a huge industry here.

但我們這裡談論的是一個龐大的產業。

We're talking about an industry that is getting completely disrupted with new technologies and it's going to take time to do that.

我們談論的是一個正在被新技術徹底顛覆的產業，而這需要時間。

So we're going to start to seeing revenue ramp in FY18, but really the meaningful part will come over the next several years.

因此，我們將開始看到 2018 財年的營收成長，但真正有意義的部分將在未來幾年內出現。

Got it.

知道了。

That's all I had for now.

這就是我現在所擁有的一切。

Thanks.

謝謝。

Steve Milunovich, UBS

史蒂夫·米盧諾維奇，瑞銀

Thank you very much.

非常感謝。

Two quick questions.

兩個簡單的問題。

First on CTG, would you look for the September quarter to perhaps be the bottom in the year-over-year revenue comparison as that Motorola business falls off?

首先就 CTG 而言，隨著摩托羅拉業務的下滑，您是否認為 9 月份的季度收入可能會成為年收入的底部？

Should that be the worst compare and then we see improvement after September?

這是否應該是最糟糕的比較，然後我們會在 9 月之後看到改善？

And second, on IEI, kind of the same margin question.

其次，在 IEI 上，也存在同樣的利潤率問題。

How quickly do you expect to see the margins come back there?

您預計利潤率多久會恢復到原來水準？

I would guess with the SunEdison situation, maybe it would take a little bit longer than you're talking about in CTG.

我猜想，就 SunEdison 的情況而言，也許需要的時間比您在 CTG 中所說的要長一些。

Yes, I think CTG, we ran Motorola all year long in our China operations.

是的，我想三峽集團，我們在中國的業務全年都在經營摩托羅拉。

So it was a -- what we had considered to be almost a full run rate for that period.

所以我們認為這幾乎是那個時期的全部運行率。

So we would actually expect to see a year-over-year comp problem in CTG for four quarters, for the next four quarters.

因此，我們實際上預計 CTG 在接下來的四個季度中將出現四個季度的年比補償問題。

The cute -- last quarter in the June quarter, we completely exit.

可愛的是——六月季度的最後一個季度，我們完全退出了。

So this is from an operational cost standpoint and that it's completely behind us.

因此，從營運成本的角度來看，這完全落後於我們。

As a result of that, we should see margins move up a little bit at the same time, but we'll actually see it as year-over-year comp comparisons for a full four quarters.

因此，我們應該會看到利潤率同時略有上升，但實際上我們會將其視為整整四個季度的同比比較。

But Q2 will probably be the greatest impact.

但第二季可能是影響最大的。

On an IEI standpoint, yes, we're seeing some pressures.

從 IEI 的角度來看，是的，我們看到了一些壓力。

As SunEdison moves out of the picture, we had good, strong revenue in both our NEXTracker business and in the IEI module business with SunEdison.

隨著 SunEdison 退出市場，我們在 NEXTracker 業務以及與 SunEdison 合作的 IEI 模組業務中都獲得了良好、強勁的收入。

And those revenues have now come out of our system, the operating profit associated with those revenues have come out of our system.

這些收入現在已經從我們的系統中出來，與這些收入相關的營業利潤也已經從我們的系統中出來了。

Some of those projects will get picked up, and some of the programs that SunEdison was preparing to implement on a utility scale will be done by other customers.

其中一些項目將得到實施，SunEdison 準備在公用事業規模上​​實施的一些項目將由其他客戶完成。

And we've already been awarded some of those programs, so we'll see some benefit to a lot of those.

我們已經獲得了其中一些計劃，因此我們將看到其中許多計劃的一些好處。

So I would expect that SunEdison revenue and OP to wash over the next quarter, maybe one-and-a-half quarters.

因此，我預計 SunEdison 的營收和營運成本將在下個季度（可能是一個半季度）下滑。

And at that point, I would expect us to be back to trying to move towards the middle of the range of IEI margins over the course of the remainder of the year.

到那時，我預計我們將在今年剩餘時間內重新努力朝著 IEI 利潤率範圍的中間方向邁進。

Brian Alexander, Raymond James.

布萊恩·亞歷山大，雷蒙德·詹姆斯。

Thank you.

謝謝。

This is Adam on for Brian tonight.

這是亞當今晚為布萊恩做的節目。

Based on your guidance, September's going to mark the first quarter where operating profit dolls don't grow in some time; I think you've had only two declines in the past 10 quarters or so.

根據您的指導，九月將標誌著第一季營業利潤在一段時間內不會成長；我認為在過去 10 個季度左右的時間裡，您只出現過兩次下降。

So the question is how long of a pause will this be before you resume growth in operating profit dollars and what are the primary drivers of this?

因此，問題是，在營業利潤恢復成長之前，這會暫停多久？其主要驅動因素是什麼？

Certainly, Adam.

當然，亞當。

Let me try to frame this up for you.

讓我試著為你描述一下。

As you look into this next quarter, as Mike just talked about, one of the headwinds facing us is our IEI energy business and what we believe to be a transitory impact as we still strongly believe in the strategic value and vision around energy.

當你展望下個季度時，正如麥克剛才談到的，我們面臨的阻力之一是我們的 IEI 能源業務，我們認為這是暫時的影響，因為我們仍然堅信能源方面的戰略價值和願景。

So what you see sequentially is some pressure, a stable environment for IEI.

所以你接下來看到的是一些壓力，對於威強電來說是一個穩定的環境。

No meaningful contribution.

沒有有意義的貢獻。

You see a CEC business that as I mentioned in my prepared remarks, we are taking some activities to reposition people, assets, and programs, and to optimize our cost structure in CEC given the demand environment that we see.

正如我在準備好的演講中提到的那樣，您看到了 CEC 業務，我們正在採取一些活動來重新定位人員、資產和計劃，並根據我們看到的需求環境優化我們在 CEC 的成本結構。

So you're seeing a little pressure that you otherwise wouldn't see inside of that business.

因此，您會看到一些在該行業內部不會看到的壓力。

You see also a HRS business that actually, given some of the favorable performance we had in Q1, being a bit softer in September.

您還可以看到 HRS 業務實際上，考慮到我們在第一季的一些良好表現，9 月的表現有些疲軟。

So that also has a flow through in terms of the contribution in terms of profit.

因此，這也體現在利潤貢獻方面。

So if you put it all together, you're flat; you actually have the high end of our guidance and ability to go beyond and grow again in September.

所以如果你把所有的東西放在一起，你會發現你是平的；事實上，你擁有我們指導的高端，並且有能力在九月超越並再次成長。

I think it it's really going to be determined around the book of business that we have and the growth attributes that reemerge inside of our IEI business.

我認為這實際上將取決於我們擁有的業務範圍以及我們 IEI 業務中重新出現的成長屬性。

And as you see, our HRS business continued to perform and grow as we expect it to.

正如您所看到的，我們的 HRS 業務繼續按照我們的預期表現和成長。

Okay, thanks.

好的謝謝。

And just one quick follow-up, I was curious on the CEC business strategically.

快速跟進一下，我對 CEC 業務的策略感到好奇。

We continue to hear competitors talk about walking away from businesses that doesn't meet their returns profile in that segment.

我們不斷聽到競爭對手談論放棄那些不符合其回報狀況的業務。

I understand you've reshaped the business to mix with more emerging vendors.

據我所知，您已經重塑了業務，以與更多新興供應商合作。

But can you talk about the decision to continue to engage in the more legacy area of this business versus perhaps walking away from proportions that have become less attractive?

但您能否談談繼續涉足該業務更傳統領域的決定，而不是放棄吸引力已降低的部分？

Well I think the businesses definitely has some headwinds on it, as you well know, which I won't go into.

嗯，我認為企業肯定會遇到一些阻力，正如你所知，我不會討論這一點。

But as a result of having headwinds from a revenue standpoint, you're going to have associated operating margin headwinds at the same time.

但由於從收入的角度來看存在阻力，您將同時遇到相關的營業利潤率阻力。

So I think that's a reality of this business and participating in this business today.

所以我認為這就是這個行業以及今天參與這個行業的現實。

We're going to do our best to reshape our portfolio so that we're spending more of our time delivering cloud solutions and we've been under that strategy for several years now and we expect to -- we would hope to have a more meaningful contribution as a result of cloud solutions over time.

我們將盡最大努力重塑我們的產品組合，以便我們能夠花更多的時間來提供雲端解決方案，而且我們已經遵循這一策略好幾年了，我們希望——我們希望有更多隨著時間的推移，雲端解決方案將做出有意義的貢獻。

All we can do is hope to continue to move the business into different, more value-added, more engineering intensive and engineering solution businesses.

我們能做的就是希望繼續將業務轉移到不同的、更具附加價值的、更工程密集和工程解決方案的業務。

So we are repositioning the business as we do that.

因此，我們正在重新定位業務。

But at the same time as revenue is more challenged on the legacy parts of the business, I think the operating margin inevitably is going to adjust down a little bit.

但同時，由於業務遺留部分的收入面臨更大的挑戰，我認為營業利潤率不可避免地會略有調整。

We 're pretty please by the fact we have got a big portfolio that can absorb a lot of the challenges in the marketplace.

我們非常高興我們擁有一個龐大的產品組合，可以應對市場上的許多挑戰。

But if you do remember, one of the things that we did this last Analyst Day was we took the CEC target margins from 2 to a 3.5 -- or a 3 to a 4 down to a 2.5 to 3.5.

但如果你還記得的話，我們在上個分析師日所做的一件事就是將 CEC 的目標利潤率從 2 降低到 3.5，或者從 3 到 4 降低到 2.5 到 3.5。

So we're recognizing the situation that business is in.

因此，我們正在認識到企業所處的狀況。

We'll do our best to reshape the business going forward to try to drive margin in it.

我們將盡最大努力重塑未來的業務，以提高利潤率。

We'll try to drive more and more engineering competence and capability into the solutions that we offer and use those strategies to try to offset the headwinds of the industry.

我們將努力將越來越多的工程能力融入我們提供的解決方案中，並利用這些策略來抵消行業的不利因素。

Okay.

好的。

Thank you.

謝謝。

Paul Coster, JPMorgan.

保羅‧科斯特，摩根大通。

Thanks for taking my question.

感謝您提出我的問題。

First off, can you share with us whether these incremental sketch-to-scale is a proportion of revenue, this [print]?

首先，您能否與我們分享一下，這些增量草圖是否佔收入的一部分，這個[印刷]？

Your question is do we have a higher percentage of sketch-to-scale revenue this quarter?

您的問題是，本季我們的按比例繪製的收入百分比是否更高？

Yes.

是的。

Yes.

是的。

I actually -- we actually don't know.

我實際上——我們實際上不知道。

It's too -- it's an indicator that we more look like on a -- I think on a yearly basis, our expectation is we'll give you what that looks like every year at Analyst Day for the next few years and -- but boy, to try to deal with the difficulties of trying to estimate that number on a quarter-by-quarter basis is difficult to do.

這也是——它是一個指標，表明我們更像是——我認為每年，我們的期望是我們會在接下來的幾年裡每年在分析師日向您提供情況——但是天哪，試圖解決逐季度估計該數字的困難是很難做到的。

I can tell one thing is our demand for engineering is tremendous.

我可以看出一件事是我們對工程的需求是巨大的。

We'll add over 600 engineers we expect this year.

預計今年我們將增加 600 多名工程師。

We've had over 220 open reqs in our engineering organization as we speak.

截至目前，我們的工程組織已收到超過 220 個開放請求。

So the demand for this kind of services continues to go up; we'll have even incremental demand as a result of the Bose relations.

因此，對此類服務的需求持續上升；由於與 Bose 的關係，我們的需求甚至會增加。

So I think that this sketch-to-scale and this transition into more and more engineering value-added services that we believe will drive more -- higher and higher margins on a continuous basis over the next few years is very much intact and the demand remains very, very high if I measure by the amount of engineers that we need to -- that we're bringing on this year.

因此，我認為這種從草圖到規模的轉變以及向越來越多的工程增值服務的轉變，我們相信這些服務將在未來幾年持續推動越來越高的利潤率，並且需求非常完整如果以我們今年需要的工程師數量來衡量的話，這個數字仍然非常非常高。

Okay.

好的。

And then as you scale up the Bose business, and then to an greater extent, the Nike business, do the margins -- are the margins fixed right from the get-go or do they flex up with scale?

然後，當你擴大 Bose 業務，然後在更大程度上擴大 Nike 業務時，利潤率是從一開始就固定的還是會隨著規模的擴大而變化？

Well we would always hope our margins, as we get into programs and work on them, that we tried efficiencies and productivity.

好吧，當我們進入專案並開展工作時，我們總是希望我們的利潤是我們嘗試的效率和生產力。

So both the Bose program and the Nike program are multiple years, much longer than any of our traditional deals, which gives us a chance to work with our customer and drive value-created solutions out of it.

因此，Bose 計劃和 Nike 計劃都是多年的，比我們任何傳統交易都要長得多，這讓我們有機會與客戶合作，並從中推動創造價值的解決方案。

And hopefully as a result of that, we'll be able to drive more margins.

希望我們能夠因此獲得更多利潤。

So we sure think there is a direct relationship between the length of the program and the amount of margins that we'll be able to drive in those programs.

因此，我們確信該計劃的長度與我們能夠在這些計劃中獲得的利潤之間存在直接關係。

Okay.

好的。

Got it.

知道了。

Maybe a better way of phrasing it is are they margin drag initially?

也許更好的表達方式是，它們最初是利潤拖累嗎？

Nike for sure is a margin drag because we have almost no revenue, and it's a tremendous program and effort and cost to reimagine and revinvent how shoes are manufactured.

耐吉肯定會拖累利潤，因為我們幾乎沒有收入，而重新構想和重新發明鞋子的製造方式需要巨大的計劃、努力和成本。

So that is pretty significant headwinds.

所以這是相當大的阻力。

The Bose program doesn't have much of headwind because we're actually taking over existing supply chains and operations from Bose.

Bose 計劃沒有太多阻力，因為我們實際上正在接管 Bose 現有的供應鏈和營運。

So those will come into the system at pretty much our normal rate and the integration will be pretty minimal.

因此，這些將以我們正常的速度進入系統，並且整合將非常小。

So two very different programs.

所以兩個非常不同的程序。

One, you're recreating how an industry actually creates business, and as a result, we have a very, very long-term contract so that we can recover our investments up front.

第一，你正在重現一個行業如何實際創造業務，因此，我們有一份非常非常長期的合同，這樣我們就可以預先收回我們的投資。

And a secondary program like Bose where we just come out of the gate with margins that are pretty much along with our normal business.

還有像 Bose 這樣的二級項目，我們剛推出時的利潤率基本上與我們的正常業務持平。

Jim Suva, Citi.

吉姆·蘇瓦，花旗銀行。

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

謝謝您並祝賀您和您在 Flex 的團隊。

A question regarding the outlook, and understanding that your quarter ended before Brexit happened.

關於前景的問題，以及了解您的季度在英國脫歐發生之前結束的問題。

Have you seen any demand pause or have you had to adjust your forward-looking September quarter guidance for anything around Brexit or any feedback around Brexit?

您是否看到任何需求暫停，或者您是否不得不調整有關英國脫歐的任何前瞻性九月季度指導或有關英國脫歐的任何反饋？

Thanks.

謝謝。

We see what I'd say is virtually no impact of Brexit.

我想說的是，英國脫歐幾乎沒有影響。

The fact that the pound has dropped significantly really doesn't have much of an impact on our operations, as you probably know, there's not a huge and not electronics companies in the UK.

英鎊大幅下跌這一事實確實對我們的營運沒有太大影響，正如您可能知道的那樣，英國沒有大型電子公司。

The implication for Brexit is whether or not it will impact any of the GDP growth for the world or for Europe.

英國脫歐的影響在於它是否會影響世界或歐洲的 GDP 成長。

So far we haven't really seen any meaningful impact at all out of the Brexit decision.

到目前為止，我們還沒有真正看到英國脫歐決定產生任何有意義的影響。

So it does leave us -- there's still some uncertainty in it.

所以它確實讓我們——仍然存在一些不確定性。

It creates a little pause from our standpoint of understanding what it means.

從我們理解其意義的角度來看，它造成了一點停頓。

But we at this point are not anticipating much of an impact at all.

但目前我們根本預計不會產生太大影響。

Okay.

好的。

So it sounds like you're year-over-year revenue headwind is solely attributable to the disengagement from China operations of Motorola and not other external factors.

因此，聽起來您的同比收入逆風完全歸因於摩托羅拉脫離中國業務，而不是其他外部因素。

Is that fair?

這樣公平嗎？

Yes.

是的。

I would say there is zero impact from Brexit, and the biggest impact is Motorola.

我想說，英國脫歐的影響是零，影響最大的是摩托羅拉。

As you know, I think we talked to it's well over $1 billion in our operations in China on a year-over-year basis.

如您所知，我認為我們在中國的業務同比增長超過 10 億美元。

So our year-over-year comp is going to be affected by over $1 billion.

因此，我們的年收入將受到超過 10 億美元的影響。

So that's a significant headwind for us from a revenue standpoint.

因此，從收入的角度來看，這對我們來說是一個重大的阻力。

Great.

偉大的。

And then maybe a more accounting-related probably (inaudible) question is, yes I think you bought back about $65 million worth of cash for the stock and about 7.3 million shares.

然後，也許一個與會計相關的（聽不清楚）問題是，是的，我認為您回購了價值約 6500 萬美元的現金和約 730 萬股股票。

But your diluted share count actually went up quarter over quarter, despite that.

但儘管如此，你的稀釋後股票數量實際上逐季增加。

Was that due to annual vesting or maybe the Black-Scholes model of the vesting of stock conversation due to the Flex stock price?

這是由於年度歸屬還是由於 Flex 股價而導致股票對話的 Black-Scholes 歸屬模型？

Or how should we think about you guys spending money to buy back stock that your share count went up?

或者我們該如何看待你們花錢回購股票數量增加的股票？

Certainly Jim, so if you look back to this quarter, we bought back roughly 1.3% of our shares for a total of -- using $95 million of cash.

當然，吉姆，如果你回顧本季，我們總共使用 9,500 萬美元的現金回購了大約 1.3% 的股票。

What you're talking to is regarding the outstanding shares.

你說的是流通股。

Our diluted share count did not go up; it actually went down.

我們的稀釋後股票數量沒有增加；它實際上下降了。

But our outstanding shares go up, and it's very similar to what you would have seen in each of the other years in the first quarter Because that is where there is a large -- the larger amount of employee-related shares being issued upon vesting.

但我們的流通股上漲了，這與您在第一季看到的其他年份非常相似，因為這是在歸屬時發行大量與員工相關的股票的地方。

So they move out into the market as tradable shares.

因此，它們以流通股的形式進入市場。

So outstanding shares certainly went up nominally from the end of the year to the June period.

因此，從年底到六月期間，流通股名義上肯定有所上漲。

It was much bigger last year than this year.

去年的規模比今年大得多。

But the actual diluted impact, our diluted share count has gone down sequentially as we continued to be focused on buying back our shares.

但實際稀釋的影響，隨著我們繼續專注於回購股票，我們的稀釋股票數量已經連續下降。

Okay.

好的。

And going forward that commitment is still in place to return that shareholder cash to shareholders via stock buyback as well as growing the Company organically?

展望未來，透過股票回購以及有機發展公司，將股東現金回饋給股東的承諾仍然存在嗎？

Yes.

是的。

Specifically, Jim, in the prepared remarks we wanted to stress once again that we have an unwavering commitment to increase shareholder value, and that unwavering commitment to deliver a greater than 50% of our free cash flow in the form of the share repurchase, as well as look like we did last year at identifying and pursuing accretive expansive M&A.

具體來說，吉姆，在準備好的發言中，我們想再次強調，我們堅定不移地致力於增加股東價值，並堅定不移地承諾以股票回購的形式提供超過50% 的自由現金流，因為就像我們去年在識別和追求增值性擴張併購方面所做的那樣。

Thank you very much and congratulations to you and your team.

非常感謝並祝賀您和您的團隊。

Thanks, Jim.

謝謝，吉姆。

Mark Delaney, Goldman Sachs.

馬克·德萊尼，高盛。

Good afternoon and thanks very much for taking the questions.

下午好，非常感謝您提出問題。

The first question is on the Bose announcement.

第一個問題是關於 Bose 的公告。

Can you help us size the revenue potential from that business and any visibility on when the transaction may close?

您能否幫助我們評估該業務的收入潛力以及交易何時完成的可見度？

Yes.

是的。

We expect the transaction to close in the Q3 timeframe, in our Q3 timeframe.

我們預計交易將在第三季的時間範圍內完成，即我們的第三季時間範圍內。

So we would expect to be incrementing our revenue as a result of that.

因此，我們預計我們的收入將因此而增加。

And over time, it remains to be seen, but this is a significant engagement with Bose.

隨著時間的推移，結果還有待觀察，但這是與 Bose 的重要合作。

We are in process of -- we'll be in process of taking over significant portions of their supply chain.

我們正在——我們將接管他們供應鏈的重要部分。

So we view it as to be meaningful revenue.

因此，我們認為這是有意義的收入。

But I think we're going to wait until we actually close before we give out any more detailed information on that.

但我認為我們將等到我們真正關閉後再給出任何更詳細的資訊。

But once again, we expect the Q3 close, [super] strategic partner, a whole new product category that we haven't done before, and believe it's going to create all kinds of new capabilities for Flex as a result.

但我們再次期待第三季緊密的[超級]策略合作夥伴，這是我們以前從未做過的全新產品類別，並相信它將因此為 Flex 創造各種新功能。

Okay.

好的。

That's helpful.

這很有幫助。

For second question on CEC, if I plug in guidance for September quarter and look at typical seasonality in December and March, it seems like revenue for FY17 may be down by more than 5%.

關於 CEC 的第二個問題，如果我插入 9 月季度的指導並查看 12 月和 3 月的典型季節性，似乎 2017 財年的收入可能會下降 5% 以上。

And I think the adjusted target was flat to down 5% from the Analyst Day.

我認為調整後的目標與分析師日持平，下降 5%。

Is there any with mix changing or anything in backlog that can bring you back into that flat to down 5% target?

是否有任何組合變化或積壓的任何事情可以讓您回到下降 5% 的目標？

Or is there potential for it to come in lower than that for FY17?

或者它是否有可能低於 2017 財年的水平？

Yes.

是的。

We just about 60 days ago had laid out that vision at our Investor Day, and that is a long-term -- how should think about that business long term.

就在大約 60 天前，我們在投資者日上闡述了這個願景，這是一個長期的願景——應該如何長期考慮這項業務。

But also is how we think about that business in this year.

但這也是我們今年對該業務的看法。

We see it as being down 0 to 5%.

我們認為下降了 0% 到 5%。

We've had some incremental pressure coming, but it is still something that we think is an achievable range.

我們面臨著一些增量壓力，但我們認為這仍然是一個可以實現的範圍。

We're obviously going to be at that lower end of that, around that 5%, but that's where it still sits for us today.

顯然我們會處於這個較低的水平，大約是 5%，但今天我們仍然處於這個水平。

And in fact, you see that in our Q2 guide down mid-single digits, it reflects that broad malaise that exists across the IT enterprise, and specifically visibly for us inside the Telecom portion of our business.

事實上，您會看到，我們第二季的業績指引下降了中個位數，這反映了整個 IT 企業普遍存在的問題，尤其是我們業務的電信部分。

Thank you very much.

非常感謝。

Steven Fox, Cross Research

史蒂文·福克斯，交叉研究

Good afternoon.

午安.

Two questions from me, please.

請問我兩個問題。

First, just looking at the -- your SG&A levels this quarter versus a year ago on a ratio basis it's up about basis points year over year.

首先，看看本季的銷售管理及行政費用水準與一年前相比，以比率計算，較去年同期成長了約基點。

Is there a need to invest more, given the program ramps?

鑑於計劃的進展，是否需要增加投資？

And then secondly, Mike, I've noticed you guys have had a couple of announcements around partnerships as opposed to acquisitions in the last few weeks.

其次，麥克，我注意到你們在過去幾週發布了一些關於合作夥伴關係而不是收購的公告。

I was wondering if you'd just lay out what makes you consider some of these partnerships as opposed to maybe acquiring capabilities.

我想知道您是否願意列出是什麼讓您考慮其中一些合作夥伴關係，而不是可能獲得能力。

Thanks.

謝謝。

Yes.

是的。

So I think one of the most -- the two big ones that we've announced over the last couple of weeks is Bose, of course, where it's a great customer, has a very strong growth profile within the customer and it actually adds additional capabilities.

因此，我認為過去幾週我們宣布的兩個大客戶之一是 Bose，當然，它是一個偉大的客戶，在客戶中擁有非常強勁的成長概況，而且它實際上增加了額外的服務能力。

And the other thing that's interesting about Bose is it will be reflective of a very significant design engagement so very much on the back of our sketch-to-scale initiative.

Bose 的另一件有趣的事情是，它將反映出非常重要的設計參與，這在很大程度上是我們按比例繪製草圖計劃的結果。

The other one that we announced that we're pretty excited about is this MAS Holdings.

我們宣布另一家令我們非常興奮的公司是 MAS Holdings。

This is a relationship we've been developing over -- really over the last year.

這是我們去年一直在發展的關係。

And this is basically an apparel company and our objective is to develop new wearable technologies that actually accelerate the intelligence of things into clothing.

這基本上是一家服裝公司，我們的目標是開發新的穿戴式技術，真正加速服裝的智慧化。

It enables a lot more technology in the clothes and any fabric-based kind of product.

它為服裝和任何基於織物的產品提供了更多的技術。

So we continue to be pretty excited about being able to bring our whole wearable technology and our connected technologies into a broader range of product categories.

因此，我們仍然對能夠將我們的整個可穿戴技術和互聯技術引入更廣泛的產品類別感到非常興奮。

We think MAS is a great partner to go make that happen.

我們認為 MAS 是實現這一目標的絕佳合作夥伴。

We think it makes more sense if they stay on apparel and not do an acquisition and that we stay more in the electronics portion and the connected and develop a relationship instead of a partnership.

我們認為，如果他們留在服裝領域而不是進行收購，而我們更多地留在電子產品和互聯領域並發展關係而不是合作夥伴關係，那就更有意義了。

And one other thing I also might -- that I neglected to mention on the Bose relationship is that a significant portion of that relationship is all built around the automobile business.

關於與 Bose 的關係，我可能忽略的另一件事是，這種關係的很大一部分都是圍繞著汽車業務建立的。

They actually have an auto audio business, and that is something we expect to participate on right away.

他們實際上擁有汽車音響業務，我們希望立即參與其中。

So there's really multiple ways of engaging with these customers.

因此，與這些客戶互動的方式確實有很多種。

But two very significant engagements with two new, very new product categories that we're driving.

但我們正在推動兩個非常新的產品類別的兩項非常重要的合作。

And I think both of them are just great relationships.

我認為他們兩個都是很好的關係。

And as it relates to the SG&A, as you see year over year, we're up $23 million.

正如你所看到的，與 SG&A 相關，我們比去年同期成長了 2300 萬美元。

About half of that is related to the M A that we executed this past year, be it MCI, NEXTracker, the Wink transaction and the [pharm] inside of our medical offering.

其中大約一半與我們去年執行的併購有關，無論是 MCI、NEXTracker、Wink 交易還是我們醫療產品中的[醫藥]。

So if you think about those having the impact.

所以如果你考慮一下那些有影響力的人。

You also have seen us -- seen that growth reflective of higher marketing and branding spend, as we've been doing some targeted efforts there in this past quarter.

您也看到了我們的成長反映了行銷和品牌支出的增加，因為我們在上個季度一直在這方面做了一些有針對性的努力。

That will fluctuate period to period.

這會隨著時間的推移而波動。

But more importantly, has been, as Mike talked about, the open reqs inside of our design and engineering.

但更重要的是，正如麥克所說，我們的設計和工程內部存在著開放的要求。

We continue to find a lot of opportunity to advance our sketch-to-scale and our innovation offerings.

我們繼續尋找很多機會來推進我們的草圖到規模和我們的創新產品。

So we've been making discrete and distinct investments inside of innovation and design, so we can expand -- such as the innovation centers, these centers of excellence that we displayed as well at our Investor Day.

因此，我們一直在創新和設計領域進行離散和獨特的投資，這樣我們就可以擴展——例如我們在投資者日展示的創新中心和卓越中心。

And more broadly, expand the capabilities and competencies around the globe.

更廣泛地說，擴大全球範圍內的能力和能力。

And I would say the lastly would be we've been increasing some of the S in the SG&A, some selling efforts more in terms of the technical selling as we get after some of the sketch-to-scale programs.

我想說的最後一點是，我們在 SG&A 中增加了一些 S，在技術銷售方面更多地進行了一些銷售工作，因為我們在完成了一些按比例繪製的項目之後。

So it's been very disciplined.

所以它非常有紀律。

It seems to be pronounced, but it's something we are very focused around driving efficiently.

這似乎很明顯，但這是我們非常關注高效駕駛的事情。

As you look forward, we think it sits right around that 215 type of a range, and we're always thinking about how to subsidize those incremental elements with more productivity and efficiency from our system.

正如您所期待的，我們認為它正好位於 215 類型的範圍內，並且我們一直在考慮如何透過我們的系統提高生產力和效率來補貼這些增量元素。

Great.

偉大的。

That is very helpful.

這非常有幫助。

Thanks very much.

非常感謝。

Ruplu Bhattacharya, Bank of America Merrill Lynch.

巴普盧‧巴塔查亞 (Ruplu Bhattacharya)，美銀美林。

Mike, the first one on HRS, I just wanted to get your viewpoint on the slowdown for next quarter.

麥克，第一個關於 HRS 的人，我只是想了解您對下個季度經濟放緩的看法。

The segment is going to be up 7%, which is less than the double-digit growth that we are seeing.

該細分市場將成長 7%，低於我們看到的兩位數成長。

But just wanted to see if there's anything in particular going on, and do you still think that the segment can grow double digits for the full year?

但只是想看看是否有什麼特別的事情發生，您是否仍然認為該細分市場全年可以實現兩位數增長？

Yes.

是的。

I just think this is normal quarter-to-quarter deviation.

我只是認為這是正常的季度偏差。

Q1 was up year over year 19%, so it was up very, very significantly.

第一季年增 19%，所以成長非常非常顯著。

We had a strong auto and we had a really strong medical.

我們有一輛強大的汽車，我們也有非常強大的醫療照護。

We think a lot of the medical was rebuilding some inventory channels and some upside, which is not necessarily sustainable going into Q2.

我們認為許多醫療產業正在重建一些庫存管道和一些上行空間，這在第二季不一定是可持續的。

So we think Q2 is going to come down a little bit.

所以我們認為第二季會略有下降。

But on a year -- and also in auto, very typically the summer quarter tends to be a little bit lower because there is some -- there's usually some factory shutdowns and such.

但在一年中——汽車行業也是如此，夏季季度的情況往往會稍微低一些，因為通常會有一些工廠關閉等情況。

So I the whole HRS strategy and objective of hitting -- of 10% percent double-digit growth, 10%, is very much intact.

因此，我的整個 HRS 策略和目標——兩位數成長 10%，10%，非常完好。

And I think over the course of the year, we'll see us move towards hitting those -- that kind of number and then hopefully sustaining into the next year.

我認為在這一年中，我們將看到我們朝著實現這些目標邁進——這樣的數字，然後希望能維持到明年。

Our bookings are very, very strong.

我們的預訂量非常非常大。

We have really good visibility into those bookings.

我們對這些預訂有很好的了解。

A lot of really good programs.

很多非常好的節目。

So I think the whole strategy is intact and I think this next quarter is just a normal -- everything is not going to be perfectly linear across the year.

因此，我認為整個策略是完整的，我認為下一個季度只是正常現象——全年一切都不會完全線性。

Right.

正確的。

Great.

偉大的。

And Chris, just one for you.

克里斯，只為你準備一份。

Are there any costs to lift from the Lenovo Motorola China transaction that can still hit margins in the next quarter?

聯想摩托羅拉中國交易是否會帶來任何成本的提升，而這些成本仍會影響下一季的利潤率？

I just wanted to clarify that.

我只是想澄清這一點。

And then on free cash flow, do you still think -- you had a target of $3 billion to $4 billion that we return to shareholders by the end of FY17.

然後在自由現金流方面，您是否仍然認為 - 您的目標是在 2017 財年年底前向股東返還 30 億至 40 億美元。

Do you still think that you can make the $3 billion lower-end target?

您還認為可以實現 30 億美元的低端目標嗎？

Certainly, let me take the CTG and Lenovo comment first.

當然，我先談談三峽集團和聯想的評論。

I tried to be very explicit in the prepared remarks, and then in earlier response.

我試著在準備好的發言中以及先前的回應中非常明確地表達自己的意思。

We have completely exited that operation, and we think we managed that very well.

我們已經完全退出了該業務，我們認為我們做得很好。

We mitigated and absorbed all of the associated costs and eliminated the risk exposure to that.

我們減輕並吸收了所有相關成本，並消除了由此帶來的風險。

So really pleased with how we've gone through that.

我們對我們的經驗非常滿意。

It did put some pressure on the June quarter.

這確實給六月季度帶來了一些壓力。

It was as expected, but that's behind us and we have moved to a more standard relationship with them focused in terms of supporting them both in India and in Brazil.

正如預期的那樣，但這已經成為過去，我們已經與他們建立了更標準的關係，重點是支持他們在印度和巴西的業務。

Then as you think about cash flows, it goes back to our -- it's a cornerstone for us.

然後，當你考慮現金流時，它會回到我們的——它是我們的基石。

We're fundamentally structured and disciplined to deliver strong free cash flow.

我們從根本上建立和遵守紀律，以提供強勁的自由現金流。

This past quarter, we generated $121 million.

上個季度，我們創造了 1.21 億美元的收入。

We're well on our way to what we targeted, the $600 million to $700 million cash flow in FY17.

我們正順利實現 2017 財年現金流 6 億至 7 億美元的目標。

And what that will do is that will push us to roughly $3.2 billion to $3.3 billion in that same five-year period that you're alluding to, which actually is up 10% over the prior five-year period.

這將使我們在您提到的同一五年期內達到約 32 億至 33 億美元，實際上比前一個五年期增長了 10%。

So our vision and sustainability around cash flows remains intact.

因此，我們圍繞現金流的願景和可持續性仍然完好無損。

We're going to continue to drive earnings contribution to it.

我們將繼續推動其獲利貢獻。

We're going to continue to have disciplined management of our working capital, and we're going to be very thoughtful about the CapEx investments.

我們將繼續對營運資金進行嚴格的管理，並且我們將非常考慮資本支出投資。

Okay.

好的。

Great.

偉大的。

Thanks.

謝謝。

[Nick Yilkimeir] with Stifel.

[Nick Yilkimeir] 與 Stifel。

This is Nick for Matt Sheran.

這是馬特·謝蘭的尼克。

Could you talk about overall demand environment beyond September quarter and how should we think about that for the rest of the year?

您能談談九月份季度之後的整體需求環境嗎？我們該如何考慮今年剩餘時間的情況？

Yes.

是的。

I think every product category is a little bit different, but maybe I can just break it down a bit.

我認為每個產品類別都有點不同，但也許我可以稍微細分一下。

I think, in general, we're in a slow economy, and I think demand is reasonably flat.

我認為，總的來說，我們正處於經濟緩慢時期，而且需求相當穩定。

And to have any kind of upside over revenue is usually going to come from new programs or additional bookings.

任何形式的收入成長通常都來自新節目或額外預訂。

So I would say, in general, across the board if I take a weighted average of all of our product categories, that is the demand environment we're in.

所以我想說，總的來說，如果我對我們所有產品類別進行加權平均，那就是我們所處的需求環境。

From CEC standpoint we're just going to have continuous revenue pressure, and we have had for many years now.

從 CEC 的角度來看，我們將面臨持續的收入壓力，而且我們已經承受了很多年了。

That is not going to abate this year.

今年這種情況不會減弱。

We've talked at some of those challenges.

我們已經討論了其中一些挑戰。

We have changed our range to a 0 to minus 5%, so we're actually going to see some revenue challenges across the year.

我們已將範圍更改為 0 至負 5%，因此我們實際上會在全年看到一些收入挑戰。

But no different than last year or the year before.

但與去年或前年沒有什麼不同。

In our automotive and medical, a little bit different.

在我們的汽車和醫療領域，有點不同。

We have very, very strong program wins.

我們有非常非常強大的計劃勝利。

The fundamentals of both the automotive and the medical business continued to remain reasonably strong, and there is growth in those industries.

汽車和醫療業務的基本面繼續保持相當強勁，並且這些行業都有成長。

And the fact that we're topping up bookings on top of the growth rates within the industry creates an environment where we can hit our 10% numbers.

事實上，我們在行業內成長率之上增加預訂量，這創造了一個我們可以達到 10% 數字的環境。

And if I think across the industrial segment, from an energy standpoint, we continue to look for that to be a double-digit growth category for us.

如果我從能源的角度來看整個工業領域，我們將繼續尋找兩位數的成長類別。

It would be a lot better if it wasn't for the SunEdison bankruptcy.

如果不是SunEdison破產的話，情況會好很多。

But even despite that, we still expect to grow more than double digits in their energy business.

但即便如此，我們仍預期他們的能源業務將實現兩位數以上的成長。

And then across the other broad cross-sections of industrial, we consider to be a very flat market that's driven by a slow macro.

然後，在工業的其他廣泛領域，我們認為這是一個由緩慢的宏觀經濟驅動的非常平坦的市場。

And the only way we'll get upside on that is new programs.

我們能夠獲得好處的唯一方法就是推出新計劃。

But we are winning new programs, and we continue to -- so we do expect that also to hit our target range of 10% growth year over year.

但我們正在贏得新項目，而且我們將繼續贏得新項目，因此我們確實預計這也能達到我們同比增長 10% 的目標範圍。

So that continues to play out well.

因此，這種情況繼續發揮良好的作用。

And then CTG, it's always dependent on what other programs we're actually running, but our objective in CTG is to continuously -- to reposition this into more value-added engagements more sketch-to-scale, more technology.

然後是 CTG，它始終取決於我們實際運行的其他計劃，但我們在 CTG 中的目標是不斷地將其重新定位為更具附加價值的業務、更多的草圖到規模、更多的技術。

You're seeing some of the programs we are bringing on; things like Nike, where we're reinventing how manufacturing is done with shoes.

您正在看到我們正在推出的一些計劃；像耐吉這樣的公司，我們正在重塑鞋子的製造方式。

You're seeing Bose, which is bringing out a whole new acoustic program.

您看到的是 Bose，它正在推出全新的聲學方案。

You're seeing a wearables program with MAS, which is creating a whole collective -- bringing collective intelligence into fabric.

您正在看到 MAS 的可穿戴設備項目，該項目正在創建一個完整的集體——將集體智慧帶入織物中。

And all of these are creating new and interesting opportunities within CTG.

所有這些都在 CTG 內創造了新的、有趣的機會。

So really within CTG, we're almost creating and inventing our solution there, not just waiting for end demand.

因此，實際上在 CTG 內，我們幾乎在那裡創建和發明我們的解決方案，而不僅僅是等待最終需求。

So that gives you a summary segment by segment.

這樣您就可以逐段進行摘要。

But if I was just to summarize and put it on an overall characterization, very slow revenue, don't expect it to change, and you have to really create your own destiny in order to have any kind of revenue growth.

但如果我只是總結一下，並把它放在一個總體特徵上，那就是收入非常緩慢，不要指望它會改變，你必須真正創造自己的命運，才能有任何形式的收入成長。

That's helpful.

這很有幫助。

Thank you.

謝謝。

One other thing I would add, Nick, despite that revenue and that languishing revenue, if we continue to move more toward sketch-to-scale programs and more and more value-added activities, we start creating our destiny and we leverage many of the different tools and technologies we have.

我要補充的另一件事是，尼克，儘管收入不斷增加，但如果我們繼續更多地轉向按比例繪製計劃和越來越多的增值活動，我們就會開始創造我們的命運，並且我們會利用許多我們擁有不同的工具和技術。

Even in a flat revenue growth environment, we can continue to have margin expansion.

即使在營收成長平穩的環境下，我們也可以繼續實現利潤率擴張。

Operator, I think we have time for one last question.

接線員，我想我們還有時間回答最後一個問題。

Herve Francois, B Riley.

埃爾韋·弗朗索瓦，B·萊利。

Nice.

好的。

Save the best for last.

把最好的留到最後。

Thanks, guys.

多謝你們。

Can you talk about, now that the Lenovo in China is behind you, where can you see the CTG business in regards to margins going, considering you're looking to grow 15% in the September quarter.

您能否談談，既然中國的聯想已在您身後，考慮到您希望在 9 月份的季度實現 15% 的增長，您能看到 CTG 業務的利潤率走向嗎？

You're not going to have that headwind with Motorola in China anymore.

在中國，你不會再遇到摩托羅拉的逆風了。

So yes, I think you said before that you certainly expect the operating margin to go higher, but how much higher should we be thinking about?

所以，是的，我想你之前說過，你當然預期營業利潤率會更高，但我們應該考慮提高多少？

Back at our investor day, we actually increased the range for CTG to a 2% to 4%, and there's just so many different ways.

回到我們的投資者日，我們實際上將 CTG 的範圍提高到 2% 到 4%，而且有很多不同的方法。

Mike alluded to it several times in some of the responses earlier, there's just so many different ways that we're partnering and engaging with customers.

麥克在之前的一些回覆中多次提到這一點，我們與客戶合作和互動的方式有很多不同。

We're having a much richer engagement model.

我們擁有更豐富的參與模式。

And again it goes back to the overall thesis for CTG that it's about a richer business' it's not necessarily targeted growth.

這又回到了 CTG 的整體論點，即它是關於更豐富的業務，而不一定是有針對性的成長。

Even if you look to this next quarter, sequentially, we're going to go up meaningful into that range.

即使你展望下個季度，我們也會繼續有意義地上升到這個範圍。

So we are moving from a 1.9 up into that range.

所以我們將從 1.9 上升到這個範圍。

We set a 4% at the high end.

我們將 4% 定為高端。

We have programs today that are beyond the 4%.

我們今天的計劃超出了 4%。

So overall, we just continued to see a nice migration of that business.

總的來說，我們繼續看到該業務的良好遷移。

We continued to make strategic investments into expanding new vectors and capabilities.

我們持續進行策略性投資，拓展新的載體和能力。

And we see just a natural progression well into that 2% to 4% range.

我們看到自然進展到 2% 到 4% 的範圍。

So I think you just should think about us seeing that progression take the shape starting in the next quarter.

所以我認為你應該考慮一下我們看到進展在下個季度開始形成。

So I want to close up and thank you for your questions and interest in Flex.

最後，我想感謝您提出的問題以及對 Flex 的興趣。

In summary, Flex's evolving sketch-to-scale strategy remains firmly on track.

總而言之，偉創力不斷發展的從草圖到規模的策略仍然堅定地走在正軌上。

This quarter was our 11th straight quarter showing year-over-year adjusted operating margin growth.

本季是我們連續第 11 季顯示調整後營業利潤率年增。

And at the midpoint of your guidance, next quarter will be our 12th great quarter of achieving this.

在您指導的中期，下個季度將是我們實現這一目標的第 12 個偉大季度。

The portfolio of diversification has never been better with longer product lifecycle businesses accounting for the highest percentage of revenue and adjusted operating profit in our history.

多元化投資組合從未如此出色，產品生命週期較長的業務在我們歷史上佔收入和調整後營業利潤的比例最高。

Our top 10 customers diversification is also the best it has ever been.

我們的十大客戶多元化也是有史以來最好的。

And free cash flow remains very strong, enabler of our consistent capital return program to shareholders.

自由現金流仍然非常強勁，這推動了我們對股東持續的資本回報計劃。

So we're performing well.

所以我們表現很好。

We're on track.

我們步入正軌。

We like our strategy.

我們喜歡我們的策略。

Execution is really pretty strong.

執行力確實非常強。

And with that summary, I would like to conclude today's call and thank you all for joining.

我想以此總結來結束今天的電話會議，並感謝大家的加入。

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。