捷普科技 (JBL) 2022 Q3 法說會逐字稿

Greetings. Welcome to Jabil's Third Quarter Fiscal Year 2022 Earnings Call. (Operator Instructions). Please note, this conference is being recorded.

問候。歡迎來到捷普 2022 財年第三季度財報電話會議。 （操作員說明）。請注意，本次會議正在錄製中。

At this time, I'll turn the conference over to Adam Berry, Vice President of Investor Relations. Adam, you may now begin.

此時，我將把會議交給投資者關係副總裁亞當貝瑞。亞當，你現在可以開始了。

Good morning, and welcome to Jabil's Third Quarter of Fiscal 2022 Earnings Call. Joining me on today's call are Chief Executive Officer, Mark Mondello; and Chief Financial Officer, Mike Dastoor.

早上好，歡迎參加捷普 2022 財年第三季度財報電話會議。與我一起參加今天電話會議的還有首席執行官 Mark Mondello；和首席財務官 Mike Dastoor。

Please note that today's call is being webcast live, and during our prepared remarks, we will be referencing slides. To follow along with the slides, please visit jabil.com within our Investor Relations section. At the conclusion of today's call, the entirety of today's session will be posted for audio playback on our website.

請注意，今天的電話會議正在進行網絡直播，在我們準備好的講話中，我們將參考幻燈片。要跟隨幻燈片，請訪問我們投資者關係部分的 jabil.com。在今天的電話會議結束時，今天會議的全部內容將發佈在我們的網站上以供音頻播放。

I'd now like to ask that you follow our earnings presentation with slides on the website, beginning with the forward-looking statement. During this conference call, we will be making forward-looking statements, including, among other things, those regarding the anticipated outlook for our business, such as our currently expected fourth quarter and fiscal year net revenue and earnings. These statements are based on current expectations, forecasts and assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially.

我現在想請您按照我們網站上的幻燈片進行收益演示，從前瞻性聲明開始。在本次電話會議期間，我們將做出前瞻性陳述，其中包括有關我們業務預期前景的陳述，例如我們目前預期的第四季度和財政年度淨收入和收益。這些陳述基於當前的預期、預測和假設，其中涉及可能導致實際結果和結果存在重大差異的風險和不確定性。

An extensive list of these risks and uncertainties are identified in our annual report on Form 10-K for the fiscal year ended August 31, 2021, and other filings. Jabil disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

我們在截至 2021 年 8 月 31 日的財政年度的 10-K 表格年度報告和其他文件中確定了這些風險和不確定性的詳細清單。 Jabil 不承擔任何更新或修改任何前瞻性陳述的意圖或義務，無論是由於新信息、未來事件或其他原因。

With that, I'd now like to turn the call over to Mark.

有了這個，我現在想把電話轉給馬克。

Thanks, Adam. Good morning. I appreciate everyone taking time to join our call today. I'll begin by saying thanks to all of our people here at Jabil. Thank you for the tireless attention you offer our customers, and thank you for the manner in which you care for and accept one another.

謝謝，亞當。早上好。我感謝大家今天抽出時間加入我們的電話會議。首先，我要感謝捷普的所有員工。感謝您對我們客戶的孜孜不倦的關注，感謝您對彼此的關心和接納。

Let's now turn to Slide 5 and review our third quarter results. Q3 was another strong quarter, driven by double-digit revenue growth and outstanding execution. Altogether, the team delivered core earnings per share of $1.72 on revenue of $8.3 billion. This resulted in a core operating margin of 4.2%, a 40 basis point increase year-on-year.

現在讓我們轉到幻燈片 5 並回顧我們的第三季度業績。在兩位數的收入增長和出色的執行力的推動下，第三季度又是一個強勁的季度。總而言之，該團隊的核心每股收益為 1.72 美元，收入為 83 億美元。這導致核心營業利潤率為 4.2%，同比增長 40 個基點。

All in all, I'm quite pleased with the quarter. We're carrying good momentum as we start to think about FY '23. And when I think about momentum, I think about the primary catalysts behind our business, that being the makeup and scale of our commercial portfolio, which I'll now address on the next slide, Slide 6.

總而言之，我對這個季度感到非常滿意。當我們開始考慮 23 財年時，我們正保持著良好的勢頭。當我考慮動力時，我會想到我們業務背後的主要催化劑，即我們商業投資組合的構成和規模，我現在將在下一張幻燈片（幻燈片 6）中討論。

The pie chart shown here reflects Jabil's commercial portfolio, which our team has built over the past 5 to 6 years. In essence, a large-scale, well-diversified foundation from which we run our business today. And the resulting output in having built this business is threefold.

此處顯示的餅圖反映了捷普的商業投資組合，這是我們的團隊在過去 5 到 6 年中建立的。從本質上講，這是我們今天經營業務的大規模、多元化的基礎。建立這項業務的結果是三倍。

One, a higher level of resiliency for the corporation, either during trying times of macro and geopolitical disruptions or during more typical times when we're simply faced with never-ending demand fluctuations. Two, Jabil's presence in new markets, markets that include 5G, electric vehicles, personalized healthcare, cloud computing and clean energy, markets that we believe will drive earnings growth, especially when combined with the continued refinement and improvement of our traditional businesses. And finally, the third resultant output of our team's hard work is the assembly and collection of our many capabilities, capabilities that allow us to simplify the complex for many of the world's most notable brands as we lean into a massive market where things need to be built and supply chains need to be developed or modified.

第一，無論是在宏觀和地緣政治動蕩的艱難時期，還是在我們面臨永無止境的需求波動的更典型時期，公司都具有更高水平的彈性。第二，捷普在新市場的存在，包括 5G、電動汽車、個性化醫療保健、雲計算和清潔能源等市場，我們認為這些市場將推動盈利增長，尤其是在與我們傳統業務的持續完善和改進相結合的情況下。最後，我們團隊辛勤工作的第三個結果是組裝和收集我們的許多能力，這些能力使我們能夠簡化世界上許多最著名品牌的複雜性，因為我們要進入一個需要做事情的巨大市場建立和供應鏈需要開發或修改。

Moving to Slide 7. You'll see management's outlook for the year. We're anticipating core earnings per share to be $7.45, an increase of 33% year-on-year. As for revenue, fiscal '22 now looks to be $32.8 billion, while our outlook for core operating margin remains steady at 4.6%, a 40 basis point improvement year-on-year. In addition, we remain committed to delivering a minimum of $700 million in free cash flow for FY '22.

轉到幻燈片 7。您將看到管理層對今年的展望。我們預計每股核心收益為 7.45 美元，同比增長 33%。至於收入，22 財年現在看起來為 328 億美元，而我們對核心營業利潤率的展望保持穩定在 4.6%，同比提高 40 個基點。此外，我們仍致力於在 22 財年提供至少 7 億美元的自由現金流。

Altogether, this year is a terrific blend of reliable margins and sustainable cash flows. And although we're navigating a tough environment, we have ample opportunities to consider as we formalize our business plan for fiscal '23. With this in mind, we look forward to hosting our fifth Annual Investor Briefing. And consistent with past years, the briefing will be held in late September. Adam will be confirming an exact date later this summer.

總而言之，今年是可靠利潤率和可持續現金流的完美結合。儘管我們在艱難的環境中航行，但在我們正式製定 23 財年的商業計劃時，我們有充足的機會考慮。考慮到這一點，我們期待舉辦第五屆年度投資者簡報會。與往年一樣，簡報會將於 9 月下旬舉行。亞當將在今年夏天晚些時候確認一個確切的日期。

We'll open the session by reporting our fourth quarter and full year results. We'll then follow with a complete review of our priorities, and explain how these priorities will guide us through FY '23. Management will also share how we plan to further expand our core operating margin while sharing observations on end markets. And wrapping up the September session, Mike will share our capital return framework for FY '23 and FY '24. We have lots to share and a wonderful story to tell financially, operationally and commercially.

我們將通過報告我們的第四季度和全年業績來開啟會議。然後，我們將對我們的優先事項進行全面審查，並解釋這些優先事項將如何引導我們度過 23 財年。管理層還將分享我們計劃如何進一步擴大我們的核心運營利潤率，同時分享對終端市場的觀察。在 9 月會議結束時，邁克將分享我們 23 財年和 24 財年的資本回報框架。我們有很多東西要分享，還有一個精彩的故事要在財務、運營和商業上講述。

With that, let's look at my final slide, where I'd like to talk about the importance of purpose. At Jabil, we act with purpose. And with purpose comes expectations, expectations around certain behaviors, behaviors such as keeping our people safe, protecting the environment, giving back to our communities and ensuring a workplace of tolerance, respect and acceptance. Within Jabil, these behaviors have never been as important as they are today. I'm proud of our team as they embrace our purpose and, in doing so, their conduct is exceptional.

有了這個，讓我們看看我的最後一張幻燈片，我想在這裡談談目標的重要性。在 Jabil，我們有目的地行事。有目的的期望，對某些行為的期望，諸如保證我們的人民安全、保護環境、回饋我們的社區和確保一個寬容、尊重和接受的工作場所等行為。在 Jabil 內部，這些行為從未像今天這樣重要。我為我們的團隊感到自豪，因為他們接受了我們的目標，並且在這樣做的過程中，他們的行為非常出色。

In closing, I like the decisions we're making. At Jabil, we build stuff, and we do it really, really well. It's why we welcome the challenges put forth by our customers. And when addressing these challenges, we do our best to make the world a little bit better, a little bit healthier and a little bit safer each and every day.

最後，我喜歡我們正在做出的決定。在 Jabil，我們製造東西，而且我們做得非常非常好。這就是為什麼我們歡迎客戶提出的挑戰。在應對這些挑戰時，我們每天都盡最大努力讓世界變得更美好、更健康、更安全。

As I alluded to earlier in my prepared remarks, the world is a bit messy at the moment. What I do believe is Jabil executes well when times are steady, but I'm even more passionate in my belief that Jabil executes really well when times are difficult.

正如我之前在準備好的評論中提到的那樣，目前的世界有點混亂。我確實相信 Jabil 在時間穩定時執行得很好，但我更堅信 Jabil 在困難時執行得非常好。

Thank you for joining our call, and thanks for your interest in Jabil. I'll now turn the call over to Mike.

感謝您加入我們的電話，並感謝您對 Jabil 的興趣。我現在將把電話轉給邁克。

Thanks, Mark, and thank you for joining us today.

謝謝，馬克，謝謝你今天加入我們。

Our third quarter was a great illustration of our diversification in action. I'm really pleased with the resiliency of our portfolio and the sustainable momentum at the enterprise level. In spite of a challenging supply chain environment and well-publicized shutdowns in China, the team still delivered exceptional results in revenue, core operating margin and core diluted earnings per share.

我們的第三季度很好地說明了我們的多元化行動。我對我們產品組合的彈性和企業層面的可持續發展勢頭感到非常滿意。儘管中國面臨充滿挑戰的供應鏈環境和廣為人知的停工，但該團隊在收入、核心運營利潤率和核心每股攤薄收益方面仍取得了優異的成績。

For the quarter, revenue was approximately $8.3 billion, ahead of our forecast, driven by very strong demand within EMS, partially offset by sporadic COVID challenges within DMS. Altogether, on an enterprise level, revenue grew by 15% year-over-year and 10% sequentially as demand across end markets remain well ahead of supply.

本季度的收入約為 83 億美元，超過了我們的預測，這是由 EMS 內部非常強勁的需求推動的，部分被 DMS 內部零星的 COVID 挑戰所抵消。總之，在企業層面，收入同比增長 15%，環比增長 10%，因為終端市場的需求仍遠超供應。

In Q3, our GAAP operating income was $321 million, and our GAAP diluted earnings per share was $1.52. Core operating income during the quarter was $352 million, an increase of 27% year-over-year, representing a core operating margin of 4.2%, up 40 basis points over the prior year. Net interest expense in Q3 came in above expectations at $45 million due to a combination of higher working capital and rising interest rates. Core diluted earnings per share was $1.72, a 32% improvement over the prior year quarter.

第三季度，我們的 GAAP 營業收入為 3.21 億美元，我們的 GAAP 攤薄後每股收益為 1.52 美元。本季度核心營業收入為 3.52 億美元，同比增長 27%，核心營業利潤率為 4.2%，比上年提高 40 個基點。由於營運資金增加和利率上升，第三季度的淨利息支出為 4500 萬美元，高於預期。每股核心攤薄收益為 1.72 美元，比去年同期增長 32%。

Now turning to our third quarter segment results on the next slide. Revenue for our DMS segment was $3.8 billion, an increase of 7% on a year-over-year basis. Although upside in the quarter was limited in Automotive, Healthcare and Mobility, we still experienced year-over-year growth in every end market within DMS. Core margin for the segment came in at 3.8%.

現在轉到下一張幻燈片上的第三季度部分結果。我們 DMS 部門的收入為 38 億美元，同比增長 7%。儘管本季度汽車、醫療保健和移動領域的上行空間有限，但我們在 DMS 的每個終端市場中仍然經歷了同比增長。該部門的核心利潤率為 3.8%。

Revenue for our EMS segment came in at $4.5 billion, an increase of 23% on a year-over-year basis and well ahead of our plans for March. The stronger year-over-year performance in our EMS segment was extremely broad-based, with strength in our 5G Wireless & Cloud and Networking & Storage businesses, where we gained additional share during the quarter as a result of our ability to execute in complex supply chains and deliver critical parts and components. Core margin for the segment was 4.6%, up 80 basis points over the prior year, reflecting exceptional cost control on higher-than-anticipated revenue.

我們 EMS 部門的收入為 45 億美元，同比增長 23%，遠超我們 3 月份的計劃。我們的 EMS 部門同比表現強勁，基礎非常廣泛，我們在 5G 無線和雲以及網絡和存儲業務方面表現出色，由於我們在復雜領域的執行能力，我們在本季度獲得了額外的份額供應鏈並交付關鍵零部件。該部門的核心利潤率為 4.6%，比上年增長 80 個基點，反映出對高於預期的收入進行了出色的成本控制。

Turning now to our cash flows and balance sheet. In Q3, inventory days came in at 85 days, down 1 day sequentially and above our expectations in March, mainly due to the shutdowns in Shanghai, which also impacted upstream and downstream supply chains. We offset a portion of higher inventory levels with inventory deposits from our customers, and these deposits reside within the accrued expenses line item on the balance sheet. Net of inventory deposits, inventory days were 70 in Q3, down 1 day from the previous quarter.

現在轉向我們的現金流和資產負債表。第三季度庫存天數為 85 天，環比下降 1 天，高於我們 3 月份的預期，主要是由於上海的停工，這也影響了上下游供應鏈。我們用客戶的庫存存款抵消了部分較高的庫存水平，這些存款位於資產負債表上的應計費用項目中。扣除存貨存款後，第三季度的存貨天數為 70，比上一季度減少 1 天。

As a quick reminder, our business model is designed such that we do not take risk on inventory in anticipation of sales. All inventory orders require a customer purchase order before triggering a purchase request within our MRP system. The majority of our inventory continues to be mainly associated with raw materials as a result of kitting issues and timing of components. At the end of Q3, finished goods represented a very small level at approximately 11% of inventory, consistent with Q2.

快速提醒一下，我們的商業模式的設計使我們不會在預期銷售時承擔庫存風險。在我們的 MRP 系統中觸發採購請求之前，所有庫存訂單都需要客戶採購訂單。由於配套問題和組件的時間安排，我們的大部分庫存仍然主要與原材料有關。在第三季度末，成品僅佔庫存的 11% 左右，與第二季度一致。

Our third quarter cash flows from operations were $545 million, and net capital expenditures totaled $324 million. From a total debt-to-core EBITDA level, we exited the quarter approximately 1.3x and with cash balances of $1.1 billion. During Q3, we repurchased approximately 3.6 million shares for $203 million, and for the year, we've repurchased 7.9 million shares for $475 million as we remain committed to returning capital to shareholders.

我們第三季度的運營現金流為 5.45 億美元，淨資本支出總計 3.24 億美元。從總債務與核心 EBITDA 水平來看，我們本季度的退出率約為 1.3 倍，現金餘額為 11 億美元。在第三季度，我們以 2.03 億美元回購了大約 360 萬股股票，而在這一年，我們以 4.75 億美元回購了 790 萬股股票，因為我們仍然致力於向股東返還資本。

Turning now to our fourth quarter guidance on the next slide. DMS segment revenue is expected to increase 14% on a year-over-year basis to approximately $4.5 billion, while the EMS segment revenue is expected to increase 11% on a year-over-year basis to approximately $3.9 billion. We expect total company revenue in the fourth quarter of fiscal '22 to be in the range of $8.1 billion to $8.7 billion. Core operating income is estimated to be in the range of $390 million to $450 million, representing a core margin range of 4.8% to 5.2%. At the midpoint, this is an improvement of 80 basis points over the prior year.

現在轉到下一張幻燈片上的第四季度指導。 DMS 部門收入預計將同比增長 14% 至約 45 億美元，而 EMS 部門收入預計將同比增長 11% 至約 39 億美元。我們預計 22 財年第四季度的公司總收入將在 81 億美元至 87 億美元之間。核心營業收入估計在 3.9 億美元至 4.5 億美元之間，核心利潤率範圍為 4.8% 至 5.2%。在中點，這比上一年提高了 80 個基點。

In Q4, GAAP operating income is expected to be in the range of $367 million to $427 million. Core diluted earnings per share is estimated to be in the range of $1.94 to $2.34. GAAP diluted earnings per share is expected to be in the range of $1.78 to $2.18. The core tax rate in the fourth quarter is estimated to be approximately 17%.

第四季度，GAAP 營業收入預計在 3.67 億美元至 4.27 億美元之間。每股核心攤薄收益估計在 1.94 美元至 2.34 美元之間。 GAAP 攤薄後每股收益預計在 1.78 美元至 2.18 美元之間。第四季度的核心稅率估計約為 17%。

Next, I'd like to take a few moments to highlight our dynamic and resilient portfolio of businesses by end market. Across the majority of our end markets, demand has been extremely resilient and continues to outstrip supply across our business, particularly in end markets that continue to benefit from strong secular tailwinds, markets such as electric vehicles, personalized medicine and healthcare, clean and smart energy infrastructure, 5G infrastructure, cloud and semi-cap.

接下來，我想花一點時間來重點介紹我們按終端市場劃分的充滿活力和彈性的業務組合。在我們的大多數終端市場中，需求一直非常有彈性，並且在我們的業務中繼續超過供應，特別是在繼續受益於強勁的長期順風的終端市場，如電動汽車、個性化醫療和醫療保健、清潔和智能能源等市場基礎設施、5G 基礎設施、雲和半帽。

These end markets represent a large majority of the overall Jabil portfolio today, and we believe sustained growth in these markets will continue, even if overall global economic growth slows from the solid levels over the last few years. The end markets we serve that may be more susceptible to economic slowdowns have been strategically positioned within the portfolio as we partner with market-leading brands to provide key capabilities that are critical and hard to replicate. This product diversification provides resiliency to our portfolio.

這些終端市場目前佔 Jabil 整體產品組合的絕大部分，我們相信這些市場的持續增長將繼續，即使全球經濟整體增長從過去幾年的穩健水平放緩。我們服務的可能更容易受到經濟放緩影響的終端市場已在產品組合中進行戰略定位，因為我們與市場領先品牌合作，提供至關重要且難以復制的關鍵能力。這種產品多樣化為我們的產品組合提供了彈性。

In summary, Jabil is not only well-diversified, but also markedly more resilient due to our multi-year proactive efforts to diversify our business and align to tomorrow's trends. As a result, we feel the outlook for our business is strong and anticipate demand to be resilient for the balance of this year and into FY '23..

總而言之，捷普不僅多元化，而且由於我們多年來積極努力使我們的業務多樣化並與明天的趨勢保持一致，因此其彈性也明顯增強。因此，我們認為我們的業務前景強勁，並預計今年剩餘時間和 23 財年的需求將具有彈性。

All in all, our performance during the first 9 months of FY '22 gives us excellent momentum as we look to close out another strong year. We're now anticipating core EPS will be in the neighborhood of $7.45 per share on revenue of approximately $32.8 billion. Notably, we see income and cash flow coming through with the increase to revenue. We now expect strong core margin and free cash flow of 4.6% and $700 million, respectively.

總而言之，我們在 22 財年前 9 個月的表現為我們提供了極好的動力，因為我們希望結束又一個強勁的一年。我們現在預計核心每股收益將接近每股 7.45 美元，收入約為 328 億美元。值得注意的是，我們看到收入和現金流隨著收入的增加而增加。我們現在預計強勁的核心利潤率和自由現金流分別為 4.6% 和 7 億美元。

With that, I'll now turn the call over to Adam.

有了這個，我現在將把電話轉給亞當。

Thanks, Mike. Before we move into Q&A, I'd like to remind all participants that we cannot address customer or product-specific questions. Thank you for your understanding.

謝謝，邁克。在進入問答環節之前，我想提醒所有參與者，我們無法解決客戶或產品特定的問題。感謝您的理解。

Operator, we're now ready for Q&A.

接線員，我們現在準備好進行問答了。

(Operator Instructions) Our first question comes from the line of Ruplu Bhattacharya with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Rupl Bhattacharya。

Congrats on the strong execution in the quarter. My first question, Mark, is on revenue growth. Revenues in EMS looks like it saw a much stronger growth than you had expected. Was there any pull-forward of revenue from a fiscal 4Q? Or did you just see higher demand in all end markets?

祝賀本季度的強勁執行。馬克，我的第一個問題是關於收入增長的。 EMS 的收入看起來比您預期的要強勁得多。第四財季的收入是否有任何拉動？還是您剛剛看到所有終端市場的需求增加？

And the same question for the DMS segment, where revenue growth was 7% versus your guidance of 17%. Looks like you've reduced your estimate for fiscal year Mobility and Auto revenues a little bit. So do you see lower end market demand? Or is it that supply constraints are limiting your ability to fulfill the demand?

對於 DMS 部門，同樣的問題，收入增長 7%，而您的指導為 17%。看起來您已經稍微降低了對財年移動和汽車收入的估計。那麼您看到低端市場需求了嗎？還是供應限制限制了您滿足需求的能力？

Ruplu, so those are, I think, 2 fundamental questions for the quarter, and there's a lot there. But if I missed something, bring me back to it.

Ruplu，所以我認為這是本季度的兩個基本問題，而且還有很多。但是，如果我錯過了什麼，請帶我回來。

I'll start with EMS. The EMS business, overall, I think if you're looking at comps relative to what we thought we'd do at the beginning of the quarter, which is, I think, where you're indexing your numbers from. One, we're probably a little bit conservative in our guide at the beginning of the quarter with everything going on. Number two, the execution through the quarter was exceptional, and it was really broad-based.

我將從EMS開始。總體而言，EMS 業務，我認為如果您正在查看相對於我們在本季度初我們認為我們會做的事情的比較，我認為這是您從哪里索引您的數字。一，我們在本季度初的指南中可能有點保守，一切都在進行。第二，整個季度的執行情況非常出色，而且基礎非常廣泛。

So I know I use that term in other conversations as well. But if you take a look at -- maybe a good data point for you. If you go back and look at our blue-green slide from March and you look at it, what we presented today, it's kind of the annual numbers on the EMS side are reflective of where we saw some strength and where our execution, I think, was exceptional for the year.

所以我知道我在其他對話中也使用了這個詞。但是，如果您看一下-也許對您來說是一個很好的數據點。如果你回頭看看我們從 3 月份開始的藍綠色幻燈片，然後再看看我們今天展示的內容，這是 EMS 方面的年度數據，反映了我們在哪裡看到了一些優勢以及我們的執行力，我認為, 在這一年裡很特別。

So I think it's a combination of, A, a little bit conservative at the beginning of the quarter with everything going on. Number two, execution was great. There was a little bit of uptick in demand. And I don't know if I'd say pull forward, I would say that in this environment, customers are -- have a really good appreciation of our ability to help in the supply chain situations and navigating some continued supply chain issues. And I think that allowed us to pick up some share during the quarter. So that's kind of EMS.

所以我認為這是一個組合，A，在本季度初有點保守，一切都在發生。第二，執行力很棒。需求略有上升。而且我不知道我是否會說向前推進，我會說在這種環境下，客戶非常欣賞我們在供應鏈情況下提供幫助並解決一些持續的供應鏈問題的能力。我認為這讓我們在本季度獲得了一些份額。所以這是一種EMS。

I also think, on the EMS side, if I speak to it on a relative basis, Ruplu, I said something in my prepared remarks about the world being a little bit difficult at the moment. The EMS side of our business, we were saying, internally, I think we did a good job controlling the controllables. And that's just what Jabil does really, really well at our scale is the execution side, whether it be the factory or supply chain.

我還認為，在 EMS 方面，如果我在相對的基礎上與它交談，Ruplu，我在準備好的評論中說了一些關於目前世界有點困難的事情。我們業務的 EMS 方面，我們在內部說，我認為我們在控制可控性方面做得很好。這就是捷普在我們的規模上真正做得很好的地方是執行方面，無論是工廠還是供應鏈。

On the DMS side, I think it was threefold: one, it was a bit on Healthcare; two, it was a bit on Auto; and three, it was a bit on Mobility. And although, again, we were somewhat conservative in our guide, we certainly didn't anticipate the length of time in terms of the shutdown in Shanghai.

在 DMS 方面，我認為它是三方面的：一是醫療保健方面的；二，有點自動；第三，它有點關於移動性。而且，儘管我們的指南再次有些保守，但我們當然沒有預料到上海停工的時間長度。

Although we're doing -- on a general basis, if you look at the enterprise results overall for the quarter and what's stacking up to be a very good year in a really tough environment, there were some challenges, again, with some specific silicon, probably impacted us mostly on Auto but not in a vacuum. And then there were some timing and shifts going on in volumes with Mobility.

雖然我們正在做——總的來說，如果你看一下本季度的整體企業業績，以及在非常艱難的環境中積累起來的非常好的一年，同樣存在一些挑戰，一些特定的芯片，可能主要對我們產生了影響 Auto 但不是在真空中。然後，Mobility 在數量上發生了一些時間和變化。

So I would say, that's kind of a summary of what happened with the results in terms of EMS and DMS in terms of our guide back in March.

所以我想說，這是對 EMS 和 DMS 方面結果的總結，就我們三月份的指南而言。

Thanks for all the details there, Mark. That's helpful. And can I ask, given all the strengths that you're seeing in various EMS end markets and also in DMS, how should we think about CapEx this year? And which specific areas are you -- do you think you need to invest more in this year?

謝謝你提供的所有細節，馬克。這很有幫助。我可以問一下，鑑於您在各種 EMS 終端市場和 DMS 中看到的所有優勢，我們應該如何看待今年的資本支出？你在哪些特定領域——你認為今年需要更多投資嗎？

Well, this year's about over. So I think CapEx is going to be what it's going to be this year. I think it will be, I don't know, somewhere between 2.5% and 3% of overall revenue. It's probably closer to 2.5%, and I think we talked about that back in September. So the way we're managing CapEx, I think, is exceptional. I actually have an opinion, too, on the fact that I think our overall capital allocation throughout the year has been quite good.

嗯，今年快結束了。所以我認為資本支出將成為今年的樣子。我認為，我不知道，它會佔總收入的 2.5% 到 3% 之間。它可能接近 2.5%，我想我們早在 9 月份就討論過這個問題。因此，我認為我們管理資本支出的方式非常獨特。事實上，我也有自己的看法，我認為我們全年的整體資本配置非常好。

We'll get into CapEx for FY '23 during the upcoming Investor Day in September. I would expect, in terms of indexing CapEx off of revenue, FY '23 will look similar to FY '22. And in terms of the last part of your question, we'll continue to invest in areas that have great cash flows, sustainable businesses and help drive our margins to 5%.

我們將在 9 月即將到來的投資者日期間進入 23 財年的資本支出。我預計，就收入中的資本支出指數而言，23 財年看起來與 22 財年相似。關於你問題的最後一部分，我們將繼續投資於擁有大量現金流、可持續業務並幫助將我們的利潤率提高到 5% 的領域。

Congrats again on the quarter.

再次祝賀本季度。

Thank you.

謝謝你。

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

下一個問題來自 Matt Sheerin 和 Stifel 的台詞。

Yes. I just -- a question just regarding the guidance, and specifically on the margins. It looks like you're guiding margins to, call it, 5% or so. And is that driven by mix? Do you expect gross margin to improve here or continued OpEx leverage? And you're talking very strong leverage on OpEx in the last couple of quarters. So what is driving those margins?

是的。我只是 - 一個關於指導的問題，特別是關於邊緣的問題。看起來你正在引導利潤率，稱之為 5% 左右。這是由混合驅動的嗎？您預計毛利率會在這裡提高還是繼續保持運營支出槓桿？你說的是過去幾個季度對 OpEx 的強大影響力。那麼是什麼推動了這些利潤率？

Well, I think, one, it's -- again, it's a little bit of a mix across the business, which I think is a big thesis of our story around where the company is today. I think we see -- quarter-on-quarter, we'll see decent strength in Auto. I think we'll see -- assuming Shanghai doesn't shut down hard again, we'll see relative strength in Healthcare & Packaging. Q4 always ends up being a strong quarter for us because of mix, not intentional on our EMS business.

嗯，我認為，一個，它是 - 再次，它是整個業務的一點點混合，我認為這是我們關於公司今天所處位置的故事的一個重要論點。我認為我們看到 - 季度環比，我們將看到汽車行業的強勁實力。我想我們會看到 - 假設上海不會再次嚴重關閉，我們將看到醫療保健和包裝的相對實力。由於混合，第四季度總是對我們來說是一個強勁的季度，而不是我們的 EMS 業務。

And the EMS business is substantial in the fourth quarter. And I think, if I step back and I look at the bigger picture, it's the overall health of the business and it's the overall execution. I mean, I think Q4 is a good marker for the business on where we want to take it further for '23 and '24, again, in driving the entire enterprise on an annual basis to 5% op margins.

EMS業務在第四季度可觀。而且我認為，如果我退後一步，放眼全局，那就是企業的整體健康狀況和整體執行情況。我的意思是，我認為第四季度對於我們希望在 23 年和 24 年進一步發展的業務來說是一個很好的標誌，再次將整個企業的運營利潤率提高到 5%。

And Matt, if I could just add. DMS and EMS businesses have slightly different gross margin profiles. I think the EMS, which outperformed in Q3, which should have a good quarter in Q4 as well, the gross margin can be low, but the SG&A OpEx can be lower as well, and vice versa. On the DMS side, where your gross margin is higher, but your SG&A percentages are higher because of FDA qualification requirements because of regulated industries, sort of the regulations that go around that.

還有馬特，如果我可以補充的話。 DMS 和 EMS 業務的毛利率略有不同。我認為在第三季度表現出色的 EMS 在第四季度也應該有一個不錯的季度，毛利率可能很低，但 SG&A OpEx 也可能較低，反之亦然。在 DMS 方面，您的毛利率較高，但由於受監管行業的 FDA 資格要求，您的 SG&A 百分比較高，類似於圍繞這一點的法規。

So it's a very different gross margin profile for EMS and DMS. I would encourage folks to look at operating margin. That's what we, as a management team, look at internally. We're marching towards 5% and beyond, and we'll continue to deliver that. Gross margin profiles will go change up and down quarter-by-quarter, depending on the mix. So I'll just encourage you to focus more on operating margin than gross margin.

因此，EMS 和 DMS 的毛利率非常不同。我會鼓勵人們看看營業利潤率。這就是我們，作為一個管理團隊，在內部看到的。我們正在朝著 5% 甚至更高的目標邁進，我們將繼續實現這一目標。毛利率狀況將逐季度上下變化，具體取決於組合。所以我只是鼓勵你更多地關注營業利潤率而不是毛利率。

Okay. And then regarding the supply chain headwinds that hit most of your DMS businesses, are you seeing any signs of easing there, either on the semiconductor supply side or the COVID-related restrictions? And how is that impacting your guidance? In other words, would you have even more upside if there were more available supply or production?

好的。然後關於打擊您的大多數 DMS 業務的供應鏈逆風，您是否看到任何緩解跡象，無論是在半導體供應方面還是與 COVID 相關的限制？這對您的指導有何影響？換句話說，如果有更多的可用供應或生產，你會有更多的上漲空間嗎？

I've been saying this the last couple of quarters. First off, there was multiple variables that impacted DMS. And by the way, demand remains strong. So I think that's an interesting takeaway from this call. And our -- the DMS delta relative to our guide wasn't all supply chain at all. Again, it was a timing and shift in volumes in Mobility. It was, again, the number of weeks of our shutdown in Shanghai. And then I did say and acknowledge that we had some issues with some very specialized silicon, and that impacted probably auto more than other end markets.

過去幾個季度我一直在說這個。首先，有多個變量影響 DMS。順便說一句，需求仍然強勁。所以我認為這是這次電話會議的一個有趣的收穫。而且我們的 - 相對於我們的指南的 DMS 三角洲根本不是所有的供應鏈。再一次，這是移動業務量的時機和轉變。這又是我們在上海停工的周數。然後我確實說過並承認我們在一些非常專業的芯片方面存在一些問題，這可能對汽車的影響比其他終端市場更大。

But I think -- I continue to think that, as a whole, across the company, our supply chain challenges are getting better. The overall supply chain is getting better. And I'll caveat that as I did, I think, in the March call and the December call, which is, when we think about supply chain, it's not just semiconductors, it's not just the last golden screw. We have everything from resins to metals in our precision machining to just run the gamut of everything that we buy.

但我認為 - 我仍然認為，作為一個整體，在整個公司中，我們的供應鏈挑戰正在變得更好。整體供應鏈越來越好。我會警告說，就像我在 3 月和 12 月的電話會議中所做的那樣，也就是說，當我們考慮供應鏈時，它不僅僅是半導體，不僅僅是最後的金螺絲。我們在精密加工中擁有從樹脂到金屬的所有物品，以涵蓋我們購買的所有物品。

So again, I think supply chain continues to get better. I thought and have said that I thought supply chain normalizes towards the end of this calendar year. That may push a bit into '23. But overall, A, supply chains are getting a bit better. There's still some hard constraints around some select components. But I would also say that one of the things that played for us in the third quarter and is also helping us drive the 5% margins in the fourth quarter is our ability to navigate supply chain on a relative basis better than most.

再說一次，我認為供應鏈會繼續變得更好。我曾想過並說過，我認為供應鏈會在今年年底實現正常化。這可能會推動到 23 年。但總體而言，A，供應鏈正在變得更好。一些精選組件仍然存在一些硬性限制。但我還要說，在第三季度為我們發揮作用並幫助我們在第四季度提高 5% 的利潤率的一件事是我們在相對基礎上比大多數人更好地駕馭供應鏈的能力。

The next question is from the line of Steven Fox with Fox Advisors.

下一個問題來自 Steven Fox 與 Fox Advisors 的對話。

Two questions, if I could. First of all, when you think -- I know you don't want to give too much on next year, but your operating margins are up 80 basis points year-over-year. I think you mentioned some of that was because of mix. Can you just sort of talk about how much more is left in terms of improving margins just based on your sales mix? And then I have a follow-up.

兩個問題，如果可以的話。首先，當您考慮時-我知道您不想在明年付出太多，但是您的營業利潤率同比增長了 80 個基點。我想你提到的其中一些是因為混合。您能否談談僅根據您的銷售組合在提高利潤率方面還剩下多少？然後我有一個跟進。

You're right. We don't want to say much about '23 at the moment. I think we'll go deep into that, Steve, in our Investor Day in September.

你是對的。我們現在不想多說 23 年。史蒂夫，我想我們將在 9 月的投資者日深入探討這一點。

I just -- I guess, I'd look at it and say, a few years back, we ran about a 6-year stretch where we were growing the heck out of the company and diversifying and building the platform we have today, and the op margin line was around 3.5%. And then in '21, we took it up substantially to 4.2%. This year, we're going to deliver around 4.6%. I guess, I would say, and maybe I alluded to some of this in my prepared remarks is, I think -- sitting here today, I think FY '23's margins will be greater than FY '22's margins.

我只是 - 我想，我會看看它並說，幾年前，我們跑了大約 6 年的時間，我們正在從公司發展壯大，多元化並建立我們今天擁有的平台，並且營業利潤率線約為 3.5%。然後在 21 年，我們將其大幅提升至 4.2%。今年，我們將交付 4.6% 左右。我想，我會說，也許我在準備好的評論中提到了一些，我認為 - 今天坐在這裡，我認為 23 財年的利潤率將大於 22 財年的利潤率。

And I think Q4 is a little bit of a proxy in terms of kind of where the company is headed. So overall, there's a lot of things going on around us at the moment. We're navigating them reasonably well on an absolute scale, I think very well on a relative scale. So more to come in September.

而且我認為第四季度有點代表公司的發展方向。所以總的來說，目前我們周圍發生了很多事情。我們在絕對規模上很好地導航它們，我認為在相對規模上很好。 9 月還有更多。

That's helpful. And then just as a follow-up, you mentioned some market share gains on some of the more mature product areas. I'm just curious if there's any other color you can provide on that? And do we think about that as being sustainable? Or were you feeling sort of an interim gap?

這很有幫助。然後，作為後續，您提到了一些更成熟的產品領域的市場份額增加。我只是好奇你是否可以提供其他顏色？我們認為這是可持續的嗎？或者你是不是感覺到了一種暫時的差距？

And before I forget, I guess I'll wish the Lightning luck in the rest of the Stanley Cup finals.

在我忘記之前，我想我會祝愿閃電隊在剩下的斯坦利杯決賽中好運。

I was hoping you were going to say that. You know what, your Rangers are an awfully good team. And I think they're going to be really, really good the next 3 to 4 years. So thanks for that. And we're rooting them on. They had a tough loss last night. But we appreciate the -- we appreciate the Ranger fan converting to a Lightning fan, at least for the next couple of weeks. Thank you.

我希望你會這麼說。你知道嗎，你的流浪者隊是一支非常優秀的球隊。而且我認為他們會在接下來的 3 到 4 年變得非常非常好。所以謝謝你。我們正在支持他們。他們昨晚輸得很慘。但我們很感激——至少在接下來的幾週內，我們很感激 Ranger 粉絲轉變為 Lightning 粉絲。謝謝你。

On the share gain, I would -- I don't know how to handicap that. We did a number of customers some favors by navigating supply chain and helping them out when they needed some help. Is that sustainable? I don't know. Some of it will be, some of it won't.

關於份額收益，我會 - 我不知道如何限制它。我們通過導航供應鏈並在他們需要幫助時幫助他們，為許多客戶提供了一些幫助。那是可持續的嗎？我不知道。有些會，有些不會。

I do think, though, if you take a look at the blue-green slide, and I know the one that we post in the deck kind of gives you relativity: FY '20, FY '21, FY '22. But if you pull the blue-green slide out of your last deck from the March call and you take a look at what we said in March versus where we sit today, again, for the year, I think -- I don't remember the exact numbers, but I think Digital Print & Retail is up from what we said 90 days ago; 5G Wireless & Cloud is up from what we said 90 days ago; Networking & Storage.

不過，我確實認為，如果您看一下藍綠色幻燈片，我知道我們在甲板上發布的那張幻燈片會給您帶來相對論：20 財年、21 財年、22 財年。但是，如果您從 3 月份的電話會議中將藍綠色幻燈片從您的最後一副牌中拉出來，然後再看一下我們在 3 月份所說的話與我們今天的位置，我想，對於這一年，我不記得了確切的數字，但我認為數字印刷和零售比我們 90 天前所說的有所增加； 5G 無線和雲比我們 90 天前所說的有所提升；網絡和存儲。

So I think that's a good proxy of where we picked up some share, again, largely around our ability to execute supply chain and getting product to factories for customers. Will some of that stick with us? I think so. And I think you'll hear about some of that in September.

所以我認為這很好地代表了我們在哪裡獲得了一些份額，再次，主要是圍繞我們執行供應鍊和為客戶將產品送到工廠的能力。其中一些會堅持下去嗎？我認同。我想你會在 9 月份聽到其中的一些消息。

Our next question is from the line of Mark Delaney with Goldman Sachs.

我們的下一個問題來自高盛的 Mark Delaney。

The first one is on the macroeconomic environment. And Mark, you commented on some of these uncertain headlines that are out there. And I'm curious, is this just something you guys are seeing in terms of the economic data points that are being reported? Or are there actual customer schedules for 6 to 12 months out that are starting to slow? And if there are actual customers that are indicating things may be slowing, are there any end markets you can point to?

第一個是宏觀經濟環境。馬克，你評論了一些不確定的頭條新聞。我很好奇，這只是你們在報告的經濟數據點方面看到的嗎？還是有 6 到 12 個月的實際客戶計劃開始放緩？如果有實際客戶表示情況可能正在放緩，您是否可以指出任何終端市場？

Well, I'm not going to get into customer data. I would say that -- I would say, what's good news is, if we go back to -- so again, the world is a tough place, and it's a tough place for any large corporation at the moment. But boy, I like our chances.

好吧，我不打算進入客戶數據。我想說——我想說，好消息是，如果我們回到過去——那麼，世界是一個艱難的地方，目前對於任何大公司來說都是一個艱難的地方。但是男孩，我喜歡我們的機會。

If you go back in a tough environment with everything, I think in September, if I remember right, we thought the year would be like $31.5 billion or something like that, and now we're up at $32.8 billion. So again, I think that's reflective of our ability to execute in a tough environment. And again, I think it speaks to how we're positioned with the portfolio we have.

如果你回到一個艱難的環境，我想在 9 月份，如果我沒記錯的話，我們認為這一年會是 315 億美元或類似的東西，現在我們增加了 328 億美元。再說一次，我認為這反映了我們在艱難環境中執行的能力。再說一次，我認為這說明了我們對我們擁有的投資組合的定位。

In terms of what -- we always see puts and takes. Are some of those puts and takes maybe, I don't know, peak to trough? Peak to trough. Are some of those maybe more abrupt in an environment like this? Maybe. But again, as I step back and I look at -- if you take our current guide and look where the year is going to end up, I feel pretty good about the year overall.

就什麼而言 - 我們總是看到投入和投入。我不知道，其中一些看跌期權可能是從高峰到低谷嗎？高峰到低谷。在這樣的環境中，其中一些可能更突然嗎？也許。但是再一次，當我退後一步，我看看——如果你看一下我們目前的指南，看看今年將在哪裡結束，我對這一年的整體感覺很好。

So -- and I think the other thing we've been talking about, and I think it gets way overspoken on earnings calls and people talk about secular this and secular that, but what I think is very real is we have some wonderful opportunities for '23 and '24 that have started to come through the P&L this year. And we talked about electric vehicles. We talked about personalized healthcare. We talked about some of the changes and advancements in connected devices.

所以 - 我認為我們一直在談論的另一件事，我認為它在收益電話會議上被誇大了，人們談論世俗的這個和世俗的那個，但我認為非常真實的是我們有一些很好的機會'23 和 '24 今年已經開始出現損益表。我們談到了電動汽車。我們談到了個性化醫療保健。我們討論了連接設備的一些變化和進步。

I think about what's going on in terms of automation in the retail space. I think about what's going on with new fabs being built in our Semi-Cap business. I think about what's going on in the 5G build-out. So they're certainly not -- those types of businesses, if we get into a massive recession, will have impact to the negative.

我想在零售領域的自動化方面正在發生什麼。我想在我們的 Semi-Cap 業務中建造新的晶圓廠會發生什麼。我想到了 5G 建設中正在發生的事情。所以他們當然不是——如果我們陷入大規模衰退，那些類型的企業將會產生負面影響。

But all things being equal, when you look at those businesses, and then I also think about how we've refined and improved what you might think of as our more legacy business, all in all, I feel good about the fourth quarter. And again, I think we'll have some reasonably good things to say in September.

但是，在所有條件相同的情況下，當您查看這些業務時，我還會想到我們如何完善和改進您可能認為是我們更傳統的業務，總而言之，我對第四季度感覺良好。再說一次，我認為我們將在 9 月有一些相當好的事情要說。

Okay. That's helpful. My second question is on the China region. And we're seeing some headlines of business resuming post some of these shutdowns in different parts of China. Could you better characterize to what extent things are back open, maybe relative to March when Shanghai, for example, went into lockdown? To what extent are things back to those sorts of levels? Or is it still 70%, 80%? And if it's not back at full volumes, when do you think you may be back to full volumes in China?

好的。這很有幫助。我的第二個問題是關於中國地區的。我們看到一些關於在中國不同地區停工後恢復業務的頭條新聞。您能否更好地描述一下事情恢復到何種程度，例如，相對於上海進入封鎖的 3 月份？事情在多大程度上回到了那種水平？還是還是70%、80%？如果它沒有恢復到滿負荷，你認為你什麼時候可以在中國恢復到滿負荷？

I think we'll be back to full volumes in China now. And we've handicapped that a little bit in the fourth quarter. But our assumption is, is that China runs at, say, let's -- let me just -- let me say something to you illustratively and don't pay too much attention to the numbers, but you'll get what I'm trying to say.

我認為我們現在將在中國恢復全量。而且我們在第四季度稍微阻礙了這一點。但是我們的假設是，中國的運行速度，比如說，讓我們——讓我只是——讓我對你說點什麼，不要太在意數字，但你會得到我正在嘗試的東西說。

If you take our overall China capacity, and let's just say that we assume that, that capacity is going to run at 80%, 85%, when things do get shut down or things go bump in the night, we have enough residual capacity there, if you will, to make things up pretty quickly. I would say, for 4Q, we're assuming that our capacity is going to run at 80%, 85%, and all indications are that's a good assumption set. And things -- we're not assuming things will be quite as difficult as they were in Q3. By the way, I think that's also a variable in why the margins Q3 to Q4 are up.

如果您考慮我們在中國的整體產能，假設我們假設，該產能將以 80%、85% 的速度運行，當事情確實關閉或事情在夜間發生顛簸時，我們在那裡有足夠的剩餘產能，如果你願意的話，可以很快彌補。我想說，對於第 4 季度，我們假設我們的產能將以 80%、85% 的速度運行，所有跡像都表明這是一個很好的假設集。事情——我們並不認為事情會像第三季度那樣困難。順便說一句，我認為這也是第三季度到第四季度利潤率上升的一個變量。

That's very helpful. Congratulations on the good results.

這很有幫助。祝賀取得好成績。

Thank you.

謝謝你。

Our next question is from the line of Paul Chung with JPMorgan.

我們的下一個問題來自摩根大通的 Paul Chung。

So just on free cash flow, pretty steady guidance here despite tough macro backdrop. Talk about some of the puts and takes there on offsetting some heavy investments in inventory. And then you mentioned some normalization later this year, but are you expecting some structural step-ups here on working cap offers maybe moving forward?

因此，儘管宏觀背景嚴峻，但僅就自由現金流而言，這裡的指導相當穩定。談論一些看跌期權並在那裡抵消一些對庫存的大量投資。然後您在今年晚些時候提到了一些正常化，但是您是否期望在工作上限報價方面出現一些結構性的提升可能會向前發展？

So Paul, thanks for that question. I think if you look at our earnings, earnings are up. It's up from the beginning of the year. It's up again quarter-over-quarter. I think the inventory number was slightly higher than what we expected. Working capital was up a little bit. I think the reasons for those are very clear. It's a complex sort of supply chain, the COVID shutdowns didn't help.

所以保羅，謝謝你的問題。我認為，如果您查看我們的收益，收益就會上升。從年初開始就漲了。它再次環比上升。我認為庫存數量略高於我們的預期。營運資金略有上升。我認為其中的原因很清楚。這是一種複雜的供應鏈，COVID 的關閉沒有幫助。

But overall, we still feel we can get to our free cash flow number. We will see some reduction in working capital in Q4. In fact, if you look at our free cash flow this year versus last year, at this point in time, we're actually ahead of what we were last year. So I feel good about that $700 million free cash flow number, Paul.

但總的來說，我們仍然覺得我們可以得到我們的自由現金流量。我們將在第四季度看到營運資金有所減少。事實上，如果你看看我們今年與去年的自由現金流，在這個時間點上，我們實際上領先於去年。所以我對 7 億美元的自由現金流量感到滿意，保羅。

Great. And then just a follow-up on the automation side. So where are you seeing kind of incremental opportunities for CapEx and M&A to kind of enhance the firm's capabilities? It seems like you have some momentum here at Badger, from what I can see. I know that part of the business is small, but how are you kind of leveraging some robotics technology across the business?

偉大的。然後只是自動化方面的後續行動。那麼，您在哪裡看到資本支出和併購增加公司能力的機會呢？據我所知，您在 Badger 似乎有一些動力。我知道這部分業務很小，但是您如何在整個業務中利用一些機器人技術？

I think we're doing a really good job of that. One of the things that we spend a lot of time internal about is, A, control what we can control. And if you think about our business, at the very, very core of our business is we build stuff, and it's that simple.

我認為我們在這方面做得非常好。我們在內部花費大量時間的一件事是，A，控制我們可以控制的東西。如果你想想我們的業務，我們業務的核心是我們構建東西，就這麼簡單。

And if we're going to build stuff, we should have the best factories in the world. I would say, of our overall factory network today, we're really, really proud of about 80% of our factories. And we got 20% of the factories that operate really well. So far from perfect.

如果我們要製造東西，我們應該擁有世界上最好的工廠。我想說，在我們今天的整個工廠網絡中，我們為大約 80% 的工廠感到非常非常自豪。我們有 20% 的工廠運作良好。遠非完美。

But also, I would say the OpEx investments we've made, along with the CapEx investments, both in IT, operations, automation, AI, data analytics, et cetera, are starting to come through in the factories. And we think that will carry through for '23 and '24. And I think, overall, we're going to be able to continue to do more with less. And I think that's also reflected in our overall SG&A numbers as well, which I think is a good thing.

而且，我想說的是，我們在 IT、運營、自動化、人工智能、數據分析等方面的運營支出投資以及資本支出投資開始在工廠中體現出來。我們認為這將在 23 年和 24 年持續下去。而且我認為，總的來說，我們將能夠繼續用更少的資源做更多的事情。我認為這也反映在我們的整體 SG&A 數據中，我認為這是一件好事。

We've reached the end of the question-and-answer session. I'll now turn the call over to Adam Berry for closing remarks.

我們已經到了問答環節的尾聲。我現在將把電話轉給 Adam Berry 做閉幕詞。

Thanks, everyone, for joining. This now concludes our call.

謝謝大家的加入。現在結束我們的通話。

This will conclude today's conference. Thank you for your participation.

今天的會議到此結束。感謝您的參與。