捷普科技 (JBL) 2022 Q4 法說會逐字稿

Good morning, and welcome to Jabil's Fourth Quarter of Fiscal 2022 Earnings Call and Fifth Annual Investor Briefing. My name is Adam Berry, I'm Head of Investor Relations at Jabil. And I represent a team here that's pretty excited to share our 2022 results with you today while also providing additional detail around our focus and outlook as typical for our September call.

早上好，歡迎參加捷普 2022 財年第四季度財報電話會議和第五屆年度投資者簡報會。我叫 Adam Berry，是 Jabil 的投資者關係主管。我在這裡代表一個團隊，很高興今天與您分享我們 2022 年的結果，同時還提供有關我們 9 月電話會議典型的重點和前景的更多細節。

In terms of agenda over the next 60 minutes or so, we aim to accomplish the following: discuss the trends underway within the end markets we serve, review our fourth quarter and fiscal year '22 results, provide first quarter guidance, offer a fiscal '23 outlook that includes enterprise-level growth while also remaining sensible and grounded given the realities of the dynamic global macro environment surrounding us today. And finally, we'll refresh our capital allocation and shareholder return policies.

在接下來的 60 分鐘左右的議程方面，我們的目標是完成以下工作：討論我們服務的終端市場的趨勢，審查我們的第四季度和財政年度 '22 業績，提供第一季度指導，提供財政' 23 展望，其中包括企業級增長，同時考慮到當今我們周圍動態的全球宏觀環境的現實，保持明智和紮實。最後，我們將更新我們的資本分配和股東回報政策。

And most importantly, as our session unfolds, I hope that we're able to provide you with further perspective on Jabil, which I believe is uniquely positioned to grow and win in an environment where supply chain and global manufacturing capabilities have never been so important.

最重要的是，隨著我們會議的展開，我希望我們能夠為您提供對捷普的進一步看法，我相信捷普在供應鍊和全球製造能力從未如此重要的環境中發展並獲勝.

Joining me on today's call is Mike Dastoor, our Chief Financial Officer; and Mark Mondello, our Chairman and CEO, who together account for over 50 years of Jabil experience. And importantly, when you think about their respective tenures, you can't help but also think about how they have guided Jabil through periods of economic expansion and times where macro conditions were a bit more challenged, a tenure that gives me great confidence as we move into fiscal '23.

與我一起參加今天電話會議的是我們的首席財務官 Mike Dastoor；和我們的董事長兼首席執行官 Mark Mondello，他們共同擁有超過 50 年的 Jabil 經驗。重要的是，當你想到他們各自的任期時，你不禁還要想想他們是如何引導捷普度過經濟擴張時期和宏觀條件更具挑戰性的時期，這個任期讓我對我們充滿信心進入財政'23。

So with that, there's just one more housekeeping item before we begin. Please note the following. During today's presentation, we will be making forward-looking statements, including, among other things, those regarding the anticipated outlook for our business such as our currently expected first quarter and fiscal year net revenue, earnings and cash flow. These statements are based on current expectations, forecasts and assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially.

因此，在我們開始之前，還有一件家務用品。請注意以下事項。在今天的演講中，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一季度和財政年度淨收入、收益和現金流量。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 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。

As you can see on Slide 4, Jabil has vastly improved since we began these investor briefing sessions in 2018. Today, Jabil is a $33.5 billion enterprise with over 50 million square feet of manufacturing space across 100-plus sites.

正如您在幻燈片 4 上看到的那樣，自 2018 年我們開始這些投資者簡報會以來，捷普已經有了很大的進步。今天，捷普是一家價值 335 億美元的企業，在 100 多個地點擁有超過 5000 萬平方英尺的製造空間。

Our cash flow generation is strong, allowing us to invest in key end market growth while also returning considerable cash to shareholders, which in fiscal '22 was $744 million. And our roughly 260,000 people move with purpose and agility to meet customer needs within a wide-ranging composition of the end markets you see here.

我們的現金流產生強勁，使我們能夠投資於關鍵的終端市場增長，同時還向股東返還大量現金，在 22 財年為 7.44 億美元。我們大約 260,000 名員工有目的地和敏捷地移動，以滿足您在這裡看到的廣泛的終端市場組合中的客戶需求。

Moving to our next slide. You can't help but notice the global nature of our manufacturing footprint, which enables us to manufacture on a local level for a global set of customers. No matter whether it's mobility products in Asia, health care products in North America or 5G infrastructure in Europe, we work with our customers to design and develop the most impactful manufacturing solutions irrespective of region with a focus on speed and urgency and a crisp sense of consistency from plant to plant.

轉到我們的下一張幻燈片。您不禁會注意到我們製造足蹟的全球性，這使我們能夠在本地為全球客戶進行製造。無論是亞洲的移動產品、北美的醫療保健產品還是歐洲的 5G 基礎設施，我們都與客戶合作設計和開發最具影響力的製造解決方案，不受地域限制，注重速度和緊迫性以及清晰的感知從植物到植物的一致性。

This is critical because in today's geopolitical climate, the ability to adjust and move with urgency has never been more important as we help customers react to changes in tariffs, the rise of pandemics and natural disasters, energy shortages, conflict and many other unforeseen events. The Jabil of 2022 is also diversified and robust, thereby allowing us to meet challenges head-on in one part of the business while outperforming in others.

這一點至關重要，因為在當今的地緣政治氣候下，在我們幫助客戶應對關稅變化、流行病和自然災害、能源短缺、衝突和許多其他不可預見的事件時，及時調整和行動的能力從未如此重要。 2022 年的 Jabil 也是多元化和穩健的，從而使我們能夠在業務的某一部分正面迎接挑戰，同時在其他方面表現出色。

So just exactly how did we get here? Well, I'm here to tell you, it was very purposeful. In the 2016 time frame, our management team concluded that our model was missing an important characteristic if we were going to deliver upon our financial priorities consistently and sustainably. This important characteristic was diversification.

那麼我們到底是怎麼到這裡的呢？好吧，我在這裡告訴你，這是非常有目的的。在 2016 年的時間框架內，我們的管理團隊得出結論，如果我們要持續且可持續地實現我們的財務優先事項，我們的模型缺少一個重要特徵。這個重要的特點是多樣化。

So beginning in roughly 2017, we embarked on a journey to grow and diversify our business in areas such as 5G, cloud, health care, packaging, connected devices, semi capital equipment and electric vehicles. Our intentional and deliberate focus on these emerging end markets, combined with our already robust traditional businesses in print and retail, networking and storage and mobility, resulted in considerable enterprise-level growth over the past 4 to 5 years, as you can see here.

因此，大約從 2017 年開始，我們開始了在 5G、雲、醫療保健、包裝、連接設備、半資本設備和電動汽車等領域發展和多元化業務的旅程。正如您在此處看到的那樣，我們有意和有意地專注於這些新興終端市場，再加上我們在印刷和零售、網絡、存儲和移動領域已經很強大的傳統業務，在過去 4 到 5 年裡實現了相當大的企業級增長。

And as a result, today, no product or product family represents more than 5% of our business, creating an added level of comfort as demand fluctuates up and down, global tastes change and technology constantly evolves. Given our intentional focus on diversification, over the next couple of minutes, I'd like to take a moment and review some of the end markets that have fueled our growth leading to the portfolio mix you see today.

因此，今天，沒有任何產品或產品系列占我們業務的 5% 以上，隨著需求的上下波動、全球口味的變化和技術的不斷發展，創造了額外的舒適度。鑑於我們有意專注於多元化，在接下來的幾分鐘內，我想花點時間回顧一下推動我們增長的一些終端市場，這些市場導致了你今天看到的投資組合。

In automotive, we're supporting a rapid shift in technology to electric vehicles as evidenced by our 121% revenue growth since fiscal '18. The growth has been driven by our best-in-class portfolio of customers in an addressable market that is growing by the day.

在汽車領域，我們支持技術向電動汽車的快速轉變，自 18 財年以來我們的收入增長 121% 就是明證。這一增長是由我們在一個日益增長的目標市場中一流的客戶組合推動的。

In EV, our manufacturing processes support the industrialization and production of complex technology for electric vehicles, including battery management systems, inverters, converters, cables, off-board and onboard charging. And importantly, all of this increased complexity translates to increased content per vehicle for Jabil.

在電動汽車領域，我們的製造工藝支持電動汽車複雜技術的工業化和生產，包括電池管理系統、逆變器、轉換器、電纜、非車載和車載充電。重要的是，所有這些增加的複雜性都轉化為 Jabil 增加每輛車的內容。

Since fiscal '18, our 5G wireless and cloud business has nearly tripled in spite of the asset-light nature of the cloud model as our Design-to-Dust value proposition resonates with existing and new customers. From secure supply chain design and manufacturing to rack integration and ultimately recycling, Jabil is winning in an expanding market.

自 18 財年以來，儘管雲模型具有輕資產性質，但我們的 5G 無線和雲業務增長了近兩倍，因為我們的 Design-to-Dust 價值主張與現有和新客戶產生了共鳴。從安全的供應鏈設計和製造到機架集成和最終回收，捷普在不斷擴大的市場中獲勝。

In health care, our business has doubled since fiscal '18 as the industry is experiencing tremendous change due to rising costs, aging populations and the demand for better health care in emerging markets. To address these trends, doctors, hospitals and patients are adopting new and more innovative ways to deliver better, more personalized treatment.

在醫療保健方面，我們的業務自 18 財年以來翻了一番，因為由於成本上升、人口老齡化以及新興市場對更好醫療保健的需求，該行業正在經歷巨大的變化。為了應對這些趨勢，醫生、醫院和患者正在採用新的、更具創新性的方法來提供更好、更個性化的治療。

Consequently, health care OEMs are partnering with Jabil to navigate these changes. Today, we support customers in the development of solutions across medical devices, diagnostics, pharmaceutical delivery and orthopedics. From rapid prototyping using additive manufacturing to high-volume production, tooling, injection molding, robotics and rigorous test procedures for regulatory compliance, Jabil health care offers an unmatched suite of capabilities, all of which uniquely positions us to offer technology-enabled solutions to our customers.

因此，醫療保健 OEM 正在與 Jabil 合作應對這些變化。今天，我們支持客戶開發跨醫療設備、診斷、藥物輸送和骨科的解決方案。從使用增材製造的快速原型設計到大批量生產、工具、注塑成型、機器人技術和嚴格的合規測試程序，捷普醫療提供了一套無與倫比的能力，所有這些都使我們能夠為我們的企業提供技術支持的解決方案。顧客。

In industrial and semi cap, our business has grown 43% since fiscal '18, driven mainly by the increasing need for green energy and with incredibly strong global demand for semiconductors. Within our industrial business, alternative energy generation and consumption are driving increased need for power conversion, power optimization, line balancing and storage at the end points of generation and consumption, including accelerated adoption of EVs as well as on the grid. Jabil has been investing in this space with reference designs and scaled manufacturing partnerships globally.

在工業和半導體領域，我們的業務自 18 財年以來增長了 43%，主要是由於對綠色能源的需求不斷增長以及全球對半導體的強勁需求。在我們的工業業務中，替代能源的發電和消費正在推動對發電和消費端點的電力轉換、電力優化、線路平衡和存儲的需求增加，包括加速採用電動汽車以及電網。 Jabil 一直在通過參考設計和全球規模的製造合作夥伴關係在這一領域進行投資。

On the semi cap side of our business, semiconductor equipment has become increasingly complex and precise, driving new generations of equipment at large scale. And when you take a step back, you'll again notice an incredibly well-diversed set of business sectors in support of some of the largest, most innovative and successful brands in the world today.

在我們業務的半導體設備方面，半導體設備變得越來越複雜和精密，大規模推動了新一代設備的發展。當您退後一步時，您會再次注意到一組非常多樣化的業務部門，這些業務部門支持當今世界上一些最大、最具創新性和成功的品牌。

In each of these end markets, we're incredibly focused on delivering consistent and reliable value from early in the product life cycle like product innovation and design to more mature products where we offer planning, automation, supply chain management and, of course, manufacturing. At the end of the day, we build stuff here at Jabil, and we do it really, really well.

在每個終端市場，我們都非常專注於從產品生命週期的早期（如產品創新和設計）到更成熟的產品提供一致和可靠的價值，在這些產品中，我們提供規劃、自動化、供應鏈管理，當然還有製造.歸根結底，我們在 Jabil 製造東西，而且我們做得非常非常好。

In summary, so far today, I've discussed the benefits of our global footprint, our focused and intentional growth in key end markets and the high level of consistency brought forth through diversification.

總而言之，今天到目前為止，我已經討論了我們全球足蹟的好處、我們在關鍵終端市場的集中和有意識的增長以及通過多樣化帶來的高度一致性。

Before turning the call over to Mike, I'll try to tie this together through the use of real-life examples within the business to demonstrate the importance of diversification while also walking through our Q4 results. For the quarter, revenue was approximately $9 billion, ahead of our forecast, driven by much better-than-expected revenue in 5G wireless and cloud and networking and storage as our ability to secure critical parts on higher end demand created meaningful revenue upside during the quarter.

在將電話轉給邁克之前，我將嘗試通過使用業務中的真實示例將其聯繫在一起，以展示多元化的重要性，同時也回顧我們的第四季度業績。本季度的收入約為 90 億美元，超過了我們的預測，這得益於 5G 無線和雲以及網絡和存儲領域的收入遠好於預期，因為我們在高端需求上保護關鍵部件的能力創造了有意義的收入增長。四分之一。

At the same time, health care and packaging, connected devices, mobility, digital print and retail and industrial and semi cap all performed really well and consistent to our expectations. All of this growth was slightly offset by component shortages in automotive where supply chain challenges remain the most pronounced. Altogether, at the enterprise level, revenue grew by 22% year-over-year and 8% sequentially, reflecting continued strong demand.

與此同時，醫療保健和包裝、連接設備、移動性、數字印刷和零售以及工業和半導體行業的表現都非常好，符合我們的預期。所有這些增長都被汽車零部件短缺所抵消，汽車零部件供應鏈的挑戰仍然最為明顯。總體而言，在企業層面，收入同比增長 22%，環比增長 8%，反映出需求持續強勁。

In Q4, our GAAP operating income was $409 million, and our GAAP diluted earnings per share was $2.25. Core operating income during the quarter was $447 million, an increase of 42% year-over-year, representing a core operating margin of 5%, up 80 basis points over the prior year driven by the aforementioned strength in certain end markets, slightly offset by unanticipated costs associated with the power shortages in Chengdu during the month of August.

第四季度，我們的 GAAP 營業收入為 4.09 億美元，我們的 GAAP 攤薄後每股收益為 2.25 美元。本季度核心營業收入為 4.47 億美元，同比增長 42%，核心營業利潤率為 5%，在某些終端市場的上述實力推動下，比上年增長 80 個基點，略有抵消8 月份成都電力短缺帶來的意外成本。

Net interest expense in the quarter came in higher than expectations at $53 million primarily associated with rising interest rates, while our tax rate came in better than expected by approximately 70 basis points, resulting in core diluted earnings per share of $2.34, a 63% improvement over the prior year quarter and at the higher end of our range.

本季度的淨利息支出高於預期，為 5300 萬美元，主要與利率上升有關，而我們的稅率好於預期約 70 個基點，導致核心攤薄後每股收益為 2.34 美元，提高了 63%在上一季度和我們範圍的高端。

Revenue for the DMS segment was $4.4 billion, an increase of 13% on a year-over-year basis, while core operating margin for the segment came in at 5.1%, slightly lower due to the temporary power shutdowns in China. Revenue for our EMS segment came in at $4.6 billion, an increase of 32% on a year-over-year basis and well ahead of our plan from June. Core margins for the segment was 4.8%, up 50 basis points year-over-year, reflecting good operating leverage on strong growth.

DMS 部門的收入為 44 億美元，同比增長 13%，而該部門的核心營業利潤率為 5.1%，由於中國暫時停電而略有下降。我們 EMS 部門的收入為 46 億美元，同比增長 32%，遠遠超過了我們從 6 月開始的計劃。該部門的核心利潤率為 4.8%，同比增長 50 個基點，反映出強勁增長帶來的良好經營槓桿。

I believe the fourth quarter is the perfect illustration of our global network of factories adjusting, adapting and ultimately, delivering for our customers and shareholders alike. It feels as though the days of single end markets creating outsized issues for the company seem well off in the rearview mirror. And if you're buying Jabil today, it's not for a single product but rather a tenured leadership team, strong manufacturing capabilities and the general assumption that technology is converging with our day-to-day lives.

我相信第四季度是我們全球工廠網絡調整、適應並最終為我們的客戶和股東提供服務的完美例證。感覺好像單一終端市場為公司帶來巨大問題的日子在後視鏡中似乎很順利。如果您今天購買 Jabil，它不是為了單一產品，而是為了一個終身領導團隊、強大的製造能力以及技術正在與我們的日常生活融合的普遍假設。

Thanks for your time today. It's now my pleasure to turn the call over to Mike.

感謝您今天的時間。現在我很高興將電話轉給邁克。

Thanks, Adam. Good morning, everyone. Thank you for joining us today and for your interest in Jabil. Our business model has been intentionally structured with the aim of delivering core operating margin expansion, sustainable earnings growth and strong predictable cash flows.

謝謝，亞當。大家，早安。感謝您今天加入我們並感謝您對 Jabil 的興趣。我們的業務模式經過精心設計，旨在實現核心營業利潤率擴張、可持續盈利增長和強大的可預測現金流。

On top of this, our capital structure has been optimized to maximize our flexibility. This flexibility has enabled us to reshape our end market portfolio over the last several years, which has performed extremely well evidenced by a very strong FY '22 results.

最重要的是，我們的資本結構得到了優化，以最大限度地提高我們的靈活性。這種靈活性使我們能夠在過去幾年中重塑我們的終端市場組合，22 財年非常強勁的業績證明了我們的表現非常好。

I'm extremely pleased with the resiliency of our business, particularly considering the numerous challenges throughout the year with ongoing COVID waves, war in the Ukraine, global inflation, supply chain challenges and multiple energy shortages. Despite these challenges, we delivered year-on-year growth in revenue of 14%, core operating income of 24% and core EPS of 36%, all while increasing core operating margin by 40 basis points over FY '21.

我對我們業務的彈性感到非常滿意，特別是考慮到全年面臨的眾多挑戰，包括持續的 COVID 浪潮、烏克蘭戰爭、全球通貨膨脹、供應鏈挑戰和多重能源短缺。儘管存在這些挑戰，但我們實現了 14% 的收入同比增長、24% 的核心營業收入和 36% 的核心每股收益，同時將核心營業利潤率比 21 財年提高了 40 個基點。

At a segment level for the year, our DMS revenue was $16.7 billion, an increase of 9% over the prior year, while core operating income for the segment was up 12% year-over-year. This resulted in core margin expanding 10 basis points to 4.9%.

在這一年的細分市場層面，我們的 DMS 收入為 167 億美元，同比增長 9%，而該部門的核心營業收入同比增長 12%。這導致核心利潤率擴大 10 個基點至 4.9%。

In EMS for the year, core operating income growth was incredibly strong, up 43% over the prior year. This resulted in core margin expanding an impressive 60 basis points over '21 on revenue of $16.7 billion. The strength in our EMS margins is reflective of our improving mix and strong leverage on 20% year-over-year revenue growth.

在 EMS 中，核心營業收入增長非常強勁，比上年增長 43%。這導致核心利潤率比 21 年擴大了 60 個基點，收入為 167 億美元。我們 EMS 利潤率的優勢反映了我們不斷改善的組合以及對 20% 同比收入增長的強大影響。

Turning now to our cash flows and balance sheet. In FY '22, fourth quarter cash flow from operations was $1.65 billion. For the quarter, inventory days came in at 79, down 6 days sequentially on improved working capital management by the team. It's worth noting that we offset a portion of our higher inventory levels with inventory deposits from our customers, which reside within the accrued expenses line item on the balance sheet.

現在轉向我們的現金流和資產負債表。在 22 財年，第四季度的運營現金流為 16.5 億美元。本季度，庫存天數為 79，環比下降 6 天，原因是團隊改善了營運資金管理。值得注意的是，我們用來自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。

Net of inventory deposits, inventory days was 62 in Q4, down 8 days from Q3. While I am pleased with the sequential decline in inventory days, the team continues to be fully focused on bringing this metric down further in FY '23 as some of the supply chain constraints continue to ease.

扣除庫存存款後，第四季度的庫存天數為 62 天，比第三季度減少了 8 天。雖然我對庫存天數的連續下降感到滿意，但隨著一些供應鏈限制繼續緩解，團隊繼續完全專注於在 23 財年進一步降低這一指標。

Net capital expenditures for the fiscal year were $841 million or 2.5% of net revenue. As a result of the strong Q4 cash flow generation, adjusted free cash flow for fiscal year came in higher than expected at approximately $810 million.

本財年的淨資本支出為 8.41 億美元，占淨收入的 2.5%。由於第四季度現金流強勁，本財年調整後的自由現金流高於預期，約為 8.1 億美元。

And finally, we exited the quarter with total debt to core EBITDA levels of approximately 1.2x and cash balances of $1.5 billion. Next, I would like to provide some clarity on our CapEx as shown in our cash flow statement. As a reminder, our customers routinely co-invest in plant, property and equipment with us as part of our ongoing business model. We often pay for these co-investments upfront, which is then later reimbursed to us by customers. Due to the high dollar value, these co-investments from our customers and how they are reflected on our cash flow statement, it is important that the 2 line items shown on the slide to reflect the true CapEx number and what we refer to as net capital expenditures. Our net capital expenditures for the fiscal year amounted to $841 million.

最後，我們以約 1.2 倍的核心 EBITDA 水平和 15 億美元的現金餘額退出了本季度。接下來，我想澄清一下我們的資本支出，如我們的現金流量表所示。提醒一下，作為我們持續業務模式的一部分，我們的客戶經常與我們共同投資廠房、物業和設備。我們經常預先支付這些共同投資，然後由客戶報銷給我們。由於美元價值高，我們客戶的這些共同投資以及它們如何反映在我們的現金流量表中，幻燈片上顯示的 2 行項目反映真實的資本支出數字和我們所說的淨值是很重要的資本支出。我們本財年的淨資本支出為 8.41 億美元。

Moving now to our capital returns to shareholders on the next slide. During the fourth quarter, we repurchased 3.8 million shares, bringing total shares repurchased in FY '22 to 11.8 million shares of $696 million.

現在轉到下一張幻燈片上我們對股東的資本回報。在第四季度，我們回購了 380 萬股，使 22 財年回購的股份總數達到 1180 萬股，價值 6.96 億美元。

To date, we have utilized $737 million of our $1 billion authorization granted in July of last year at an average price of $30, bringing our total returns to shareholders, including repurchases and dividends to approximately $3.6 billion, reflective of our ongoing commitment to return capital to shareholders.

迄今為止，我們以平均 30 美元的平均價格使用了去年 7 月授予的 10 億美元授權中的 7.37 億美元，使我們對股東的總回報（包括回購和股息）達到約 36 億美元，這反映了我們對返還資本的持續承諾給股東。

In summary, I'm extremely pleased with the resiliency of our portfolio and the sustainable momentum underway across the business, which has allowed us to deliver exceptionally strong results in fiscal '22.

總而言之，我對我們的投資組合的彈性和整個業務的可持續發展勢頭感到非常滿意，這使我們能夠在 '22 財年取得異常強勁的業績。

Moving to the next slide, where I'll offer some insight about how we're thinking about the business this year by end market. Across most of our end markets, demand has been extremely resilient, particularly in end markets that continue to benefit from strong secular tailwinds, many of which Adam highlighted a moment ago. We continue to expect these secular markets to expand in FY '23.

轉到下一張幻燈片，我將在其中提供一些關於我們如何看待今年終端市場業務的見解。在我們的大多數終端市場中，需求一直非常有彈性，特別是在繼續受益於強勁的長期順風的終端市場，其中許多是亞當剛才強調的。我們繼續預計這些長期市場將在 23 財年擴張。

We also expect some consumer-centric end markets to underperform compared to the robust growth for the past 18 months. Unlike in past economic slowdowns where Jabil was highly concentrated in a particular product or end market, today, it is critical to think of Jabil not as one company, but as a well-diversified accumulation of many end markets, a number of which we expect will continue to benefit from long-term secular tailwinds.

我們還預計，與過去 18 個月的強勁增長相比，一些以消費者為中心的終端市場將表現不佳。與過去 Jabil 高度集中在特定產品或終端市場的經濟放緩不同，今天，重要的是不要將 Jabil 視為一家公司，而是將其視為許多終端市場的多元化積累，其中一些我們預計將繼續受益於長期的長期順風。

This product and end market diversification, coupled with our global network of connected factories, global best-in-class supply chain management and deep domain expertise, makes Jabil today markedly more resilient than we were 5 to 10 years ago as evidenced by our strong results in the last few years in the face of multiple significant global challenges. Our FY '23 guidance assumes a moderate economic slowdown and some moderation in growth, which will impact certain end markets more than others.

這種產品和終端市場的多樣化，再加上我們的全球互聯工廠網絡、全球一流的供應鏈管理和深厚的領域專業知識，使今天的捷普比 5 到 10 年前更具彈性，我們的強勁業績證明了這一點在過去的幾年裡，面對多重重大的全球挑戰。我們的 23 財年指導假設經濟溫和放緩且增長有所放緩，這將對某些終端市場產生比其他市場更大的影響。

I'd now like to walk you through each end market and describe how we're thinking about our business in the coming year. In our automotive and transportation end market, we expect the global transition to EVs to continue to drive robust growth within our automotive business despite choppy overall demand in global automotive purchases. Our view is that EV adoption will continue to accelerate and gain a larger share of the auto market in FY '23 regardless of the near-term global growth dynamics.

我現在想帶您了解每個終端市場，並描述我們對來年業務的看法。在我們的汽車和運輸終端市場，儘管全球汽車採購的整體需求波動，我們預計全球向電動汽車的過渡將繼續推動我們汽車業務的強勁增長。我們的觀點是，無論近期全球增長動態如何，電動汽車的採用將繼續加速並在 23 財年獲得更大的汽車市場份額。

Jabil's content per vehicle, which can be as high as $3,000 or more dollars for a fully electric vehicle, continues to increase, which provides further confidence in future growth. It's also worth pointing out that project life cycles in this end market run as high as 7 or more years, providing a high level of stability and stickiness.

捷普的每輛車的內容，一輛全電動汽車可能高達 3,000 美元或更多美元，繼續增加，這為未來的增長提供了進一步的信心。還值得指出的是，這個終端市場的項目生命週期長達 7 年或更長時間，提供了高水平的穩定性和粘性。

In health care today, the industries are undergoing tremendous change due to rising costs, aging populations and the demand for better health care in emerging markets. OEMs are seeking to address these dynamics by shifting the focus away from manufacturing to a [space] improving patient outcomes.

在當今的醫療保健領域，由於成本上升、人口老齡化以及新興市場對更好醫療保健的需求，這些行業正在發生巨大變化。原始設備製造商正在尋求通過將重點從製造轉移到改善患者結果的[空間]來解決這些動態。

Jabil's credibility in the health care space has positioned us well to take advantage of the outsourcing of manufacturing trend. Should we enter an economic slowdown, it is our view that OEMs would in fact look to accelerate this outsourcing trend. A recession-resistant end market with long product life cycles and accretive margins and stable cash flows is why health care continues to be such an important component of our diversified portfolio.

捷普在醫療保健領域的信譽使我們能夠很好地利用製造外包的趨勢。如果我們進入經濟放緩，我們認為原始設備製造商實際上會尋求加速這種外包趨勢。抗衰退的終端市場具有較長的產品生命週期、可增加的利潤率和穩定的現金流，這就是為什麼醫療保健仍然是我們多元化投資組合中如此重要的組成部分。

Within connected devices, which I remind you is made up of a number of different customers, demand generally remains resilient. But given the consumer-centric nature of this end market, as we move from the pandemic-fueled consumer spending to a more normalized environment, we feel it's appropriate to take a conservative outlook and expect some moderation in growth.

在連接設備中，我提醒您由許多不同的客戶組成，需求通常保持彈性。但鑑於這個終端市場以消費者為中心的性質，隨著我們從大流行推動的消費者支出轉向更加正常化的環境，我們認為採取保守的前景並預期增長會有所放緩是合適的。

And in mobility, demand signals continue to be strong as we navigate through our Q1 quarter. This quarter, which has historically been associated with channel fill during the seasonal product launch, is our highest revenue quarter.

在移動性方面，隨著我們度過第一季度，需求信號繼續強勁。本季度歷來與季節性產品發布期間的渠道填充有關，是我們收入最高的季度。

It's worth noting we have a long track record of operating successfully in this end market, which is being uniquely positioned within the portfolio as we partner with the most innovative brand and market leader in the space to supply key capabilities that are critical and hard to replicate.

值得注意的是，我們在這個終端市場上有著長期的成功運營記錄，在我們與該領域最具創新性的品牌和市場領導者合作以提供關鍵且難以復制的關鍵能力時，該市場在產品組合中具有獨特的定位.

In summary, for DMS to me, the key takeaway this year is the considerable mix shift underway. In FY '23, automotive and transportation and health care and packaging are expected to be more than half of our DMS business with estimated revenue growth of approximately $1.2 billion combined in FY '23. Putting it all together for DMS in FY '23, we're expecting 20 basis points of margin expansion on a low to mid-single-digit revenue growth.

總而言之，對我而言，對於 DMS 而言，今年的主要收穫是正在進行的相當大的組合轉變。在 23 財年，汽車和運輸以及醫療保健和包裝預計將占我們 DMS 業務的一半以上，預計 23 財年的總收入增長約為 12 億美元。將 23 財年的 DMS 放在一起，我們預計在低到中個位數收入增長的情況下，利潤率將擴大 20 個基點。

Turning now to EMS. In digital print and retail, we expect some moderation in consumer print as people return to office to slightly offset growth in industrial print and e-commerce and warehouse automation systems. Within retail, both in customer-facing stores and in the warehouse, technology is shifting rapidly. As a result, we're building and ramping some of the most complex e-commerce and warehouse automation systems in the industry, which gives us confidence in our FY '23 outlook.

現在轉向EMS。在數字印刷和零售方面，我們預計隨著人們重返辦公室，消費印刷品會有所放緩，這將略微抵消工業印刷品、電子商務和倉庫自動化系統的增長。在零售業中，無論是在面向客戶的商店還是在倉庫中，技術都在迅速變化。因此，我們正在構建和提升業內一些最複雜的電子商務和倉庫自動化系統，這讓我們對 23 財年的前景充滿信心。

Within our industrial business, we expect clean and smart energy infrastructure to drive growth for FY '23. There are a few major trends which drive growth in this space, but the overarching one is the green energy revolution.

在我們的工業業務中，我們預計清潔和智能能源基礎設施將推動 23 財年的增長。有一些主要趨勢推動了這一領域的增長，但最重要的趨勢是綠色能源革命。

Government legislation such as the recently enacted Inflation Reduction Act in the U.S. with the sizable subsidies and incentives is already beginning to increase investment in this space. As a reminder, we play across the entire energy value chain from energy generation and solar panels, power conversion, transmission, storage and metering to the management of power inside of homes and buildings. These projects have multiyear investment time lines independent of underlying short-term economic growth forecast, so we feel comfortable with the visibility we have in this space.

政府立法，例如美國最近頒布的《通脹降低法案》，以及大量補貼和激勵措施，已經開始增加對這一領域的投資。提醒一下，我們在整個能源價值鏈中發揮作用，從能源生產和太陽能電池板、電力轉換、傳輸、存儲和計量到家庭和建築物內的電力管理。這些項目的多年投資時間表獨立於潛在的短期經濟增長預測，因此我們對我們在這個領域的知名度感到滿意。

Within semi cap, so far, customers continue to march ahead with CapEx investments executing to their investment road maps with the recently introduced CHIP Act providing an additional catalyst in this space. I remind you our strategy in this end market has been very thoughtful due to the high cyclicality of the semi-cap market. And we have been very conservative around how we have invested in this business and our forecast for FY '23.

到目前為止，在半市值範圍內，客戶繼續推進資本支出投資，執行他們的投資路線圖，最近推出的 CHIP 法案在這一領域提供了額外的催化劑。我提醒您，由於半盤股市場的高週期性，我們在這個終端市場的策略非常周到。對於我們如何投資這項業務以及我們對 23 財年的預測，我們一直非常保守。

On the 5G side, infrastructure rollouts are going extremely well, and demand remains high in the U.S. and Europe. Rollouts are accelerating, and our localized manufacturing capabilities are leading to market share gains in other geo's such as India.

在 5G 方面，基礎設施部署進展順利，美國和歐洲的需求仍然很高。部署正在加速，我們的本地化製造能力正在導致印度等其他地區的市場份額增加。

We expect these rollouts to play out over the next several years regardless of near-term economic conditions. Therefore, we anticipate the 5G end market to continue to be resilient even in the face of a moderate global slowdown.

無論近期經濟狀況如何，我們預計這些部署將在未來幾年內發揮作用。因此，我們預計即使面對全球溫和放緩，5G 終端市場仍將繼續保持彈性。

And in the cloud space, our expectation is that the ongoing shift away from on-prem will continue to accelerate, driving long-term growth in the space. If economic conditions weaken, our views of the cloud space should be a beneficiary as companies look to reduce costs in a moderating growth environment.

在雲領域，我們預計從本地的持續轉變將繼續加速，推動該領域的長期增長。如果經濟狀況減弱，我們對雲空間的看法應該會受益，因為公司希望在放緩的增長環境中降低成本。

It's worth reminding everyone we have deliberately structured our cloud business as a geo-centric, asset-light service offering with very low levels of CapEx and working capital. To ensure this business remains asset-light, we routinely look for mutually beneficial arrangements with our customers to optimize our asset-light model.

值得提醒大家的是，我們有意將我們的雲業務構建為以地理為中心的輕資產服務產品，其資本支出和營運資本水平非常低。為確保該業務保持輕資產，我們經常與客戶尋求互惠互利的安排，以優化我們的輕資產模式。

With this in mind, in FY '23, approximately $500 million in components we procure and integrate will shift from the current purchase and resale model to a customer control consignment service model. This is in addition to the consignment of certain components we had announced in earlier years. This change will allow us to use our assets more efficiently in addition to improving margins. Adjusting for this shift, we expect continued robust unit growth in the cloud space in FY '23.

考慮到這一點，在 23 財年，我們採購和集成的大約 5 億美元的組件將從當前的購買和轉售模式轉變為客戶控制寄售服務模式。這是我們在早些年宣布的某些組件的寄售之外的。除了提高利潤率外，這一變化將使我們能夠更有效地使用我們的資產。針對這種轉變進行調整，我們預計 23 財年雲空間的單位將繼續強勁增長。

And then finally, within legacy networking and storage end markets, the value proposition that Jabil provides, the best-in-class supply chain management, deep domain expertise and engineering capabilities and manufacturing in multiple geo's is resonating with our customers. And we expect market share already gained in the second half FY '22 to drive growth in FY '23 with higher margins and robust cash flows. With the current mix of business in EMS, we expect 20 basis points of core margin expansion in fiscal '23 on low single-digit revenue growth.

最後，在傳統網絡和存儲終端市場中，捷普提供的價值主張、一流的供應鏈管理、深厚的領域專業知識和工程能力以及在多個地區的製造正在與我們的客戶產生共鳴。我們預計 22 財年下半年的市場份額已經增加，以更高的利潤率和強勁的現金流推動 23 財年的增長。鑑於 EMS 目前的業務組合，我們預計 23 財年的核心利潤率將擴大 20 個基點，因為收入增長較低。

In summary, Jabil is not only well-diversified, but also markedly more resilient due to our multiyear proactive alerts to diversify our business and align to tomorrow's trends. As a result, we feel the outlook for our business is solid and expect demand to be resilient with year-over-year revenue growth at an enterprise level to be approximately 3% for FY '23 in spite of an economic slowdown.

總而言之，Jabil 不僅多元化，而且由於我們多年主動警報以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穩健，並預計儘管經濟放緩，但 23 財年企業層面的收入同比增長約為 3%，需求將保持彈性。

Moving to the next slide. For FY '23, we expect core operating margins to improve by a conservative 20 basis points over the prior year mainly driven by end market growth and improved mix of business. We also expect the investments we've made in areas such as IT, automation and factory digitization will drive improved optimization across our footprint, which will translate to higher margins in the future.

轉到下一張幻燈片。對於 23 財年，我們預計核心營業利潤率將比上一年保守地提高 20 個基點，主要受終端市場增長和業務組合改善的推動。我們還預計，我們在 IT、自動化和工廠數字化等領域的投資將推動我們的足跡優化，這將在未來轉化為更高的利潤率。

Turning now to our CapEx guidance for FY '23. Net capital expenditures are expected to be in the range of $875 million or 2.5% of net revenue. This will [run] through a combination of both maintenance and strategic investments for future growth and efficiency gains. In FY '23, we expect to continue to invest in targeted areas of our business with the bulk of our strategic growth CapEx aimed at the automotive EV space, along with the health care, 5G wireless, power generation and industrial end markets, generating multiyear returns in FY '23 and beyond. Our improved profitability, strong operational performance and disciplined investment has yielded significant cash flow over the last few years, which has allowed the company to strategically invest in higher return areas of our business.

現在轉向我們對 23 財年的資本支出指導。淨資本支出預計將在 8.75 億美元或淨收入的 2.5% 範圍內。這將通過維護和戰略投資的結合來實現未來的增長和效率提升。在 23 財年，我們預計將繼續投資於我們業務的目標領域，我們的大部分戰略增長資本支出針對汽車電動汽車領域，以及醫療保健、5G 無線、發電和工業終端市場，產生多年在 23 財年及以後返回。在過去幾年中，我們提高了盈利能力、強勁的運營業績和嚴格的投資，產生了可觀的現金流，這使公司能夠戰略性地投資於我們業務的更高回報領域。

Moving forward, we expect to continue generating strong cash flows. This is possible as a result of earnings expansion, along with our team's disciplined approach and ability to execute.

展望未來，我們預計將繼續產生強勁的現金流。這可能是由於收益的擴大，以及我們團隊嚴謹的方法和執行能力的結果。

In FY '23, we expect to generate adjusted free cash flow of more than $900 million. It is important to note that this estimate is based on our current expectations of a moderation in growth and continuing supply chain constraints in certain secular end markets. Paradoxically, a more severe recession is likely to improve cash flows due to the working capital nature of our business.

在 23 財年，我們預計將產生超過 9 億美元的調整後自由現金流。值得注意的是，這一估計是基於我們目前對某些長期終端市場增長放緩和供應鏈持續受限的預期。矛盾的是，由於我們業務的營運資金性質，更嚴重的衰退可能會改善現金流。

Moving to the next slide. A key aspect of delivering high returns and delivering long-term value to shareholders is ensuring our capital structure is appropriately balanced and optimized. Over the last year, the team has done an outstanding job of building a solid and flexible debt and liquidity profile with current maturities appropriately staggered at an attractive interest rate.

轉到下一張幻燈片。為股東提供高回報和長期價值的一個關鍵方面是確保我們的資本結構得到適當的平衡和優化。在過去的一年裡，該團隊在建立穩固而靈活的債務和流動性狀況方面做得非常出色，當前到期日以具有吸引力的利率適當交錯。

We ended FY '22 with committed capacity on global credit facilities of $3.8 billion. With this available capacity, along with our year-end cash balance, Jabil ended the year with access to more than $5.3 billion of available liquidity, which we believe affords us ample flexibility. And importantly, we're fully committed to maintaining our investment-grade credit profile.

我們在 22 財年結束時承諾的全球信貸額度為 38 億美元。憑藉這一可用容量以及我們的年終現金餘額，捷普在年底獲得了超過 53 億美元的可用流動性，我們相信這為我們提供了足夠的靈活性。重要的是，我們完全致力於維護我們的投資級信用狀況。

Turning now to our capital allocation framework. In fiscal '23 and beyond, we expect to generate significant free cash flow. Given this dynamic, it's an appropriate time to reiterate our capital allocation priorities and at a high level, how we plan to deploy our capital over the next 2 years.

現在轉向我們的資本配置框架。在 23 財年及以後，我們預計將產生大量的自由現金流。鑑於這種動態，現在是重申我們的資本配置優先事項以及我們計劃在未來 2 年如何部署資本的高水平的合適時機。

This morning, included in our earnings filing, we announced a $1 billion share repurchase program authorization from our Board of Directors. With this incremental authorization, we have approximately $1.3 billion in total share repurchase authorization, reflecting our belief and confidence in Jabil's ability to generate strong earnings and free cash flows.

今天上午，在我們的收益文件中，我們宣布了董事會批准的 10 億美元股票回購計劃。通過這一增量授權，我們擁有約 13 億美元的總股票回購授權，反映了我們對 Jabil 產生強勁收益和自由現金流的能力的信心和信心。

Turning now to our first quarter guidance on the next slide. EMS segment revenue is expected to increase 2% on a year-over-year basis to $4.8 billion. And EMS segment revenue is expected to be $4.5 billion, an increase of approximately 15% over the prior year. We expect total company revenue in the first quarter of fiscal '23 to be in the range of $9 billion to $9.6 billion. Core operating income is estimated to be in the range of $415 million to $475 million. 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 $2 to $2.40. GAAP diluted earnings per share is expected to be in the range of $1.65 to $2.05. Interest expense in the first quarter is estimated to be in the range of $56 million to $60 million and for FY '23 to be approximately $230 million.

現在轉到下一張幻燈片上的第一季度指導。 EMS 部門的收入預計將同比增長 2% 至 48 億美元。 EMS 部門的收入預計為 45 億美元，比上年增長約 15%。我們預計 23 財年第一季度的公司總收入將在 90 億美元至 96 億美元之間。核心營業收入估計在 4.15 億美元至 4.75 億美元之間。 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 2 美元至 2.40 美元之間。 GAAP 攤薄後每股收益預計在 1.65 美元至 2.05 美元之間。第一季度的利息支出估計在 5600 萬美元到 6000 萬美元之間，23 財年約為 2.3 億美元。

On fiscal '23, we will adopt an annual normalized tax rate for the computation for our core income tax provision to provide better consistency across reporting periods. As a result, the tax rate on core earnings in the first quarter and for the fiscal year is estimated to be 19%.

在 23 財年，我們將採用年度標準化稅率來計算我們的核心所得稅撥備，以在報告期間提供更好的一致性。因此，第一季度和本財年的核心收益稅率估計為 19%。

As we transition to our final slide, we expect the momentum underway across our business to continue even in a subdued economic environment. Today, our business serves a diverse plan of end markets and areas that provide confidence in future earnings and cash flows.

隨著我們過渡到最後一張幻燈片，我們預計即使在經濟低迷的環境中，我們業務的發展勢頭也將繼續。今天，我們的業務服務於終端市場和領域的多樣化計劃，為未來的收益和現金流提供信心。

We have deep domain expertise complemented by investments we made in capabilities, all of which gives us confidence in our ability to deliver 4.8% in core margins in FY '23 along with $8.15 in core EPS and more than $900 million in free cash flow. And importantly, our balanced capital allocation framework approach is aligned and focused on driving long-term value creation to shareholders.

我們擁有深厚的領域專業知識，加上我們在能力方面的投資，所有這些都讓我們有信心在 23 財年實現 4.8% 的核心利潤率、8.15 美元的核心每股收益和超過 9 億美元的自由現金流。重要的是，我們的平衡資本分配框架方法一致並專注於為股東創造長期價值。

I'd like to thank you for your time today, and thank you for your interest in Jabil. I'll now turn the call over to Mark.

我要感謝您今天的寶貴時間，並感謝您對 Jabil 的興趣。我現在將把電話轉給馬克。

Thanks, Mike. Good morning. I appreciate everyone taking time to join our call today. I'll begin by saying thanks to our team here at Jabil. I applaud the terrific care you give our customers while also keeping our people safe. Your attitude is amazing, and your stamina is incredible. Again, thank you.

謝謝，邁克。早上好。我感謝大家今天抽出時間加入我們的電話會議。我首先要感謝我們在 Jabil 的團隊。我為您在確保我們員工安全的同時為我們的客戶提供的極好的關懷而喝彩。你的態度令人驚嘆，你的耐力令人難以置信。再次謝謝你。

Today marks our fifth annual investor session, a day where we share insights and lay out the groundwork for our business. Adam and Mike discussed our progress, which largely stems from the construct and pedigree of the company. I'll expand on this and offer more thoughts, starting with our approach.

今天是我們第五次年度投資者會議，我們分享見解並為我們的業務奠定基礎。亞當和邁克討論了我們的進步，這在很大程度上源於公司的結構和血統。我將對此進行擴展並提供更多想法，從我們的方法開始。

At Jabil, each employee is critical to our success, and everyone deserves to be treated with dignity and respect. As you know, we operate our business across a broad range of geographies with team members that don't look the same, don't talk the same, that have physical limitations and neurodiversities, team members that practice different religions and team members that have different sexual orientations. The diversity we have throughout the company simply makes us better, better as a team and better for our customers.

在 Jabil，每位員工對我們的成功都至關重要，每個人都應該得到尊嚴和尊重。如您所知，我們在廣泛的地區開展業務，團隊成員看起來不一樣，說話不一樣，有身體限制和神經多樣性，團隊成員信奉不同的宗教，團隊成員有不同的性取向。我們在整個公司擁有的多樣性只會讓我們變得更好，更好地作為一個團隊，更好地為我們的客戶服務。

Second element of our approach pertains to ESG and sustainability. At Jabil, we aim to always do what's right. This includes doing right for our planet and doing right for our communities. Our focus when it comes to ESG is grounded by our actions.

我們方法的第二個要素與 ESG 和可持續性有關。在 Jabil，我們的目標是始終做正確的事。這包括為我們的星球做正確的事和為我們的社區做正確的事。我們對 ESG 的關注以我們的行動為基礎。

An example is our goal of a 50% reduction in our greenhouse gas emissions by 2030. Another example that we have underway is directed towards mental health, a topic that impacts all of us either directly or indirectly.

一個例子是我們到 2030 年將溫室氣體排放量減少 50% 的目標。我們正在進行的另一個例子是針對心理健康，這是一個直接或間接影響我們所有人的話題。

Lastly, another action worth mentioning is our commitment to giving back. Our employees collectively are donating 1 million hours of their time during calendar 2022. Although it isn't the 1 million hours per se, it's the positive difference our Jabil team is making around the world. Their efforts are extraordinary and life-changing.

最後，另一個值得一提的行動是我們對回饋的承諾。在 2022 年期間，我們的員工集體貢獻了 100 萬小時的時間。雖然這不是 100 萬小時本身，但這是我們 Jabil 團隊在全球範圍內做出的積極改變。他們的努力是非凡的，改變了生活。

Next, I'd like to talk about our solutions and how they're enabled by our structure, our investments and our customers. You see, our structure enables our collaboration, which allows us to act with precision and speed. Our investments enable our execution, which allows us to take the ordinary and apply the extraordinary. And our customers enable our obsession. It allows us to solve the complex.

接下來，我想談談我們的解決方案，以及我們的結構、投資和客戶如何實現這些解決方案。你看，我們的結構使我們能夠合作，這使我們能夠精確和快速地採取行動。我們的投資使我們能夠執行，這使我們能夠接受平凡並應用非凡。我們的客戶使我們著迷。它使我們能夠解決複雜問題。

Moving to Slide 41. You'll see a pie chart, which reflects our end markets, a portfolio which provides the foundation from which we run our business today, a foundation that offers a high degree of resiliency for the corporation, resiliency during times of macro and geopolitical disruptions and doing more typical times when we're faced with the demands put forth by our customers.

轉到幻燈片 41。您將看到一個餅圖，它反映了我們的終端市場，一個為我們今天經營業務提供基礎的投資組合，一個為公司提供高度彈性的基礎，在宏觀和地緣政治中斷，以及在我們面臨客戶提出的要求時做更多典型的事情。

A real strength of our portfolio is the presence we have in essential end markets that include 5G, electric vehicles, personalized health care, cloud computing and clean energy, markets that we believe will stimulate continued growth in earnings, especially when combined with ongoing refinement and improvement of our more traditional businesses.

我們產品組合的真正優勢在於我們在包括 5G、電動汽車、個性化醫療保健、雲計算和清潔能源在內的重要終端市場的存在，我們認為這些市場將刺激收益的持續增長，尤其是在與持續改進和改善我們更傳統的業務。

Let's now take a look at how our business has performed over the last 4 to 5 years. The 8 sectors shown here exhibit the diversified nature of our revenue with each sector having a meaningful contribution to our overall financial results.

現在讓我們來看看我們的業務在過去 4 到 5 年的表現如何。此處顯示的 8 個行業展示了我們收入的多元化性質，每個行業都對我們的整體財務業績做出了有意義的貢獻。

What's also captured on this slide are the end markets where we've seen good growth, growth that we think will continue on a relative basis as we benefit from secular trends.

這張幻燈片還捕捉到了我們看到良好增長的終端市場，我們認為隨著我們從長期趨勢中受益，增長將在相對基礎上繼續。

Please turn to Slide 43, where we'll review our outlook. As Mike alluded to, for FY '23, we plan to deliver revenue of $34.5 billion with a core operating margin of 4.8%, a 20 basis point expansion when compared to FY '22. This translates to $8.15 in core earnings per share, a growth of 7% year-on-year. In addition, we believe our free cash flow for FY '23 will be in excess of $900 million.

請轉到幻燈片 43，我們將在其中回顧我們的前景。正如邁克所暗示的，對於 23 財年，我們計劃實現 345 億美元的收入，核心營業利潤率為 4.8%，與 22 財年相比擴大了 20 個基點。這意味著每股核心收益為 8.15 美元，同比增長 7%。此外，我們相信我們 23 財年的自由現金流將超過 9 億美元。

Next, if we take our FY '22 results and our FY '23 guidance, step back a bit and look at the past few years, the data would suggest that what we're doing is working. And as I've said previously, being well-diversified in our business is a significant catalyst. But diversification for the sake of being diversified isn't all that special. What is special is the composition of our diversification.

接下來，如果我們採用 22 財年的結果和 23 財年的指導，退後一步，看看過去幾年，數據會表明我們正在做的事情正在奏效。正如我之前所說，我們業務的多元化是一個重要的催化劑。但為了多元化而多元化並不是那麼特別。特殊之處在於我們多元化的構成。

And if we expand on the current composition of our business, we don't anticipate any single product or any single product family to contribute more than 5% to 6% to our overall earnings in FY '23. And that's a good thing.

如果我們擴大我們目前的業務構成，我們預計任何單一產品或任何單一產品系列對我們 23 財年整體收益的貢獻都不會超過 5% 到 6%。這是一件好事。

Moving on from our financials, I'd like to talk a bit about our purpose. At Jabil, we have a purpose that serves as our ultimate guidepost. And this guidepost places an emphasis on caring, perspective, proper intentions and truthfulness. These characteristics drive our behaviors in all we do. I'm proud of our team as they embrace our purpose, and with their firm embrace comes exceptional conduct.

從我們的財務開始，我想談談我們的目的。在 Jabil，我們有一個目標作為我們的終極指南。本指南強調關懷、觀點、正確的意圖和真實性。這些特徵在我們所做的一切中驅動著我們的行為。我為我們的團隊感到自豪，因為他們接受了我們的目標，而他們的堅定擁抱帶來了卓越的行為。

If we could now move to Slide 46, where we can go over our path forward. As we think about fiscal '23, we'll certainly measure our success based on financial performance. But we'll also grade ourselves on keeping our people safe, exceptional customer care and how we interact with our suppliers, suppliers who stood by us and supported us during these most recent difficult times. By the way, thanks to everyone listening today who partners with Jabil on the supply side of our business. We're grateful.

如果我們現在可以移動到第 46 張幻燈片，我們可以在其中重新走上前進的道路。當我們考慮 23 財年時，我們肯定會根據財務業績來衡量我們的成功。但我們也會在確保員工安全、卓越的客戶服務以及我們如何與供應商互動以及在最近這些困難時期支持我們並支持我們的供應商方面對自己進行評分。順便說一句，感謝今天在我們業務的供應方面與 Jabil 合作的每一個人。我們很感激。

As our path forward, it's clear that our journey is based on our unique combination of approach, structure and experience, our confidence in our ability to execute combined with our engineering expertise, our financial outlook which was formed with rational assumptions and our continued commitment to returning capital to shareholders.

作為我們前進的道路，很明顯，我們的旅程基於我們獨特的方法、結構和經驗、我們對執行能力的信心以及我們的工程專業知識、我們在合理假設下形成的財務前景以及我們對以下方面的持續承諾向股東返還資本。

In closing, we believe Jabil is making the world just a little bit better, a little bit healthier and a little bit safer. To our entire Jabil team, thank you for making Jabil, Jabil. And in doing what you do each day, I want all of you to be your true self without fear or recourse. I'm honored to serve such a reliable team. With that, I'll now turn the call back to Adam.

最後，我們相信捷普正在讓世界變得更美好、更健康、更安全。對於我們整個 Jabil 團隊，感謝您製作 Jabil，Jabil。在做你們每天所做的事情時，我希望你們所有人都成為真正的自己，沒有恐懼或追索。我很榮幸能夠為這樣一個可靠的團隊服務。有了這個，我現在將電話轉回給亞當。

Thanks, Mark. There's clearly a lot to like about Jabil today. To summarize, we began by describing how Jabil has undergone deep and sustainable improvements to its business model. And we highlighted the solid foundation upon which the company sits today. Then Mike walked you through our financial playbook, highlighted by the strength of our portfolio, fueled by long-term secular tailwinds. And importantly, Mike talked about our financial outlook against a challenged macroeconomic background.

謝謝，馬克。今天顯然有很多關於 Jabil 的優點。總而言之，我們首先描述了捷普如何對其業務模式進行深入和可持續的改進。我們強調了公司今天所處的堅實基礎。然後，邁克向您介紹了我們的財務手冊，突出了我們投資組合的實力，並受到長期長期順風的推動。重要的是，邁克談到了我們在充滿挑戰的宏觀經濟背景下的財務前景。

To reiterate, today, demand still remains strong and well ahead of supply. But as Mike noted, conservatism has been baked into today's model, which anticipates good revenue growth, expanding margins and strong cash flows. And finally, to wrap up our session today, Mark offered insight into our unique approach, solutions, portfolio and purpose.

重申一下，今天，需求仍然強勁，遠遠超過供應。但正如邁克所指出的，保守主義已融入當今的模型中，該模型預計收入增長良好、利潤率擴大和現金流強勁。最後，為了結束我們今天的會議，Mark 提供了對我們獨特的方法、解決方案、產品組合和目的的見解。

I want to thank you for your time today, and we appreciate your interest in Jabil. Operator, we're now ready for Q&A.

我要感謝您今天的寶貴時間，我們感謝您對 Jabil 的興趣。接線員，我們現在準備好進行問答了。

(Operator Instructions) Our first question today is coming from Jim Suva from Citi.

（操作員說明）我們今天的第一個問題來自花旗的 Jim Suva。

Congratulations on the results and very strong outlook for both the quarter and the year. Our thoughts and of course, (inaudible) you and your loved ones and families as the weather looks like it's getting quite negative there with the hurricane.

祝賀本季度和年度的結果和非常強勁的前景。我們的想法，當然還有（聽不清）你和你的親人和家人，因為颶風在那裡的天氣看起來變得非常不利。

In lieu of that, just wanted to know your outlook for the first quarter and full year. Does it build in a little bit for hurricane? I know it's hard to predict, and I'm sure you've got a playbook for closing up factories and making sure, importantly, employees are safe and communicating with customers. But I assume that there's something built in there. Is that true? And I assume you're probably going through procedures for the negative weather situation.

取而代之的是，只是想知道您對第一季度和全年的展望。它會為颶風建造一點點嗎？我知道這很難預測，而且我相信你有一本關閉工廠的手冊，重要的是要確保員工安全並與客戶溝通。但我認為那裡有一些內置的東西。真的嗎？而且我假設您可能正在處理負面天氣情況的程序。

Thanks for the comments, Jim. Yes, we -- if I think about the last number of years, starting with COVID and indexing all the way through today, we've dealt with a lot of challenges, which, by the way, to me, as I said in my prepared remarks, makes our team, I don't know, even more reliable and more terrific when we think about power outages and COVID and COVID lingering and COVID shutdowns and geopolitical issues and the unfortunate continued war in Ukraine and inflation and rising costs. And now we've -- we're dealing with what looks to be a fairly nasty storm in the Tampa Bay area.

感謝您的評論，吉姆。是的，我們——如果我考慮過去幾年，從 COVID 開始一直到今天，我們已經應對了很多挑戰，順便說一句，對我來說，正如我在我的當我們考慮到停電和 COVID 和 COVID 揮之不去、COVID 停工和地緣政治問題以及不幸的烏克蘭持續戰爭以及通貨膨脹和成本上升時，準備好的評論使我們的團隊（我不知道）更加可靠和出色。現在我們已經 - 我們正在處理坦帕灣地區看起來相當嚴重的風暴。

Specific to the storm, these things ebb and flow by the hour. Right now, the outlook doesn't look so good. To put that in context, we've got about 250,000-plus people in the company around the world. We've got around 3,000 in the Tampa Bay area.

具體到暴風雨，這些事情按小時起起落落。目前，前景看起來不太好。綜上所述，我們公司在全球擁有約 250,000 多名員工。我們在坦帕灣地區有大約 3,000 個。

So first and foremost, right after we get off the call, we'll go around again and check to be sure everybody is doing the right things. And after the storm passes, we'll be sure everybody is okay, much like we do in any geography.

所以首先，在我們掛斷電話後，我們會再次檢查以確保每個人都在做正確的事情。風暴過去後，我們將確保每個人都沒事，就像我們在任何地理環境中所做的那樣。

So -- and we do have our defense and aerospace factory here, and we'll use standard Jabil protocols. We've closed the campus starting this afternoon, and the campus will be closed through the end of the week. There'll be no material impact whatsoever to Q1 or our guide for '23. And again, Jim, appreciate the kind words.

所以——我們確實在這裡有我們的國防和航空航天工廠，我們將使用標準的 Jabil 協議。我們從今天下午開始關閉校園，校園將關閉到本週末。不會對第一季度或我們的 23 年指南產生任何實質性影響。再一次，吉姆，感謝你的客氣話。

Great. And then as my quick follow-up, it sounds like your consignment model and cloud business is actually progressing to be a more deeper relationship than, say, a couple of years ago. Is that true? And does this lead to kind of increasingly more opportunities both on maybe less so revenues because it's a net model, but more so profitability and more potential improvement in margins?

偉大的。然後作為我的快速跟進，聽起來您的寄售模式和雲業務實際上正在發展為比幾年前更深的關係。真的嗎？這是否會帶來越來越多的機會，因為它是一種淨模型，可能會導致收入減少，但盈利能力和利潤率可能會增加更多？

Maybe I could break that into 2. First, on the depth of the relationship. The depth of the relationship we have with our largest customer in the cloud business is substantial. And we really appreciate that, and we work really hard to earn that, but that relationship is in great shape.

也許我可以把它分成2個。首先，關於關係的深度。我們與雲業務中最大的客戶之間的關係非常深厚。我們真的很感激這一點，我們非常努力地贏得了這一點，但這種關係非常好。

When I think about all of our relationships in the cloud, 5G wireless area, we're really pleased with the areas in which we get to participate and feel pretty bullish about that through '23 and hopefully going into '24.

當我想到我們在雲、5G 無線領域的所有關係時，我們對能夠參與的領域感到非常滿意，並且對 23 年和 24 年的發展感到非常樂觀。

Specific to the cloud business, Jim, you alluded to the fact that I think we first started talking about our strategy that we had around a geo-centric configuration type of solution in the cloud space, largely around enhanced flexibility, agility and taking a lot of inventory and slack out of the supply chain. That's proven to be a good assumption. I think we started talking about this back in 2018, '19 time frame.

具體到雲業務，Jim，你提到了這樣一個事實，我認為我們首先開始談論我們的戰略，我們在雲空間中圍繞以地理為中心的配置類型的解決方案，主要圍繞增強靈活性、敏捷性和採取很多措施庫存和供應鏈的鬆弛。事實證明這是一個很好的假設。我想我們早在 2018 年 19 年的時間框架就開始討論這個問題。

We also, at that same point in time early on, we crafted this business to be -- and Mike talked about this a bit, what we kind of talk about is asset light. So lots of agility, lots of speed in the configuration, moving very quickly, low count of fixed assets on a relative basis to other parts of our business and then very efficient working capital management.

我們也在早期的同一時間點將這項業務設計為 - 邁克談到了這一點，我們談論的是輕資產。非常靈活，配置速度快，移動速度非常快，相對於我們業務的其他部分而言，固定資產數量較少，然後是非常有效的營運資金管理。

As part of that, we use this term consignment, and I don't want people to be confused about what consignment is. Consignment isn't any type of financial tool or anything we do to juice up margins per se. Consignment is simply around -- when we take a look at what we do in the supply chain, what values we add, there's simply some materials based with our relationship with the suppliers as well as our customers where we add very little value. And so based on that, we continue to evolve and craft the supply chain in our cloud business, where we're spending most of our time adding great value.

作為其中的一部分，我們使用寄售這個術語，我不希望人們對寄售是什麼感到困惑。寄售不是任何類型的金融工具，也不是我們為提高利潤而做的任何事情。寄售很簡單——當我們看看我們在供應鏈中所做的事情，我們增加了什麼價值時，我們與供應商以及我們的客戶的關係只是一些材料，我們增加的價值很少。因此，在此基礎上，我們繼續發展和打造雲業務中的供應鏈，我們將大部分時間用於增加巨大價值。

The impact of that, and again, Mike talked about this in his prepared remarks, is that for fiscal '23, roughly, give or take a bit, about $500 million of material content will come out of the natural cloud business for '23. And so the impact of that is if you look at the slides we presented, our cloud business going from FY '22 to FY '23 on a dollar basis, I think, shows a $200 million decline, '22 to '23. I don't remember the exact slides, but we've been through the numbers enough.

這樣做的影響，在他準備好的講話中，Mike 再次談到了這一點，即對於 23 財年，大致而言，給予或接受一點，大約 5 億美元的材料內容將來自 23 年的自然雲業務。因此，如果你看一下我們展示的幻燈片，我認為我們的雲業務以美元為基礎從 22 財年到 23 財年下降了 2 億美元，從 22 財年到 23 財年下降了 2 億美元。我不記得確切的幻燈片，但我們已經足夠了解這些數字了。

So cloud, 5G wireless was about a $6.5 billion business in '22. Cloud, 5G wireless in '23 will be a bit lower than that in the $6.3 billion, $6.4 billion range. But on a unit volume basis, volumes are up. And growth is exactly where we thought it would be for '23. So again, the dollars can appear a little bit distorted, but that is all about the fact that it's a continuation of running the cloud business in an asset-light manner.

因此，雲計算、5G 無線在 22 年的業務價值約為 65 億美元。 23 年的雲、5G 無線將略低於 63 億美元、64 億美元的範圍。但在單位數量的基礎上，數量是上升的。增長正是我們認為 23 年的增長。再說一次，美元可能看起來有點扭曲，但這完全是因為它是以輕資產方式運行雲業務的延續。

Congratulations once again.

再次恭喜。

Thanks, Jim.

謝謝，吉姆。

Our next question is coming from Ruplu Bhattacharya from Bank of America.

我們的下一個問題來自美國銀行的 Ruplu Bhattacharya。

It's Ruplu, and I hope you guys are staying safe over there in Florida. Mark, I have a couple of questions for you. First, on the EMS business. Can you talk a little bit about the seasonality of that business? I mean, there's so many different end markets there. You're guiding for strong growth. But just as we think about fiscal '23, how should we think about seasonality in that business?

是魯普盧，我希望你們在佛羅里達那邊保持安全。馬克，我有幾個問題要問你。首先，關於EMS業務。您能談談該業務的季節性嗎？我的意思是，那裡有很多不同的終端市場。您正在指導強勁的增長。但就像我們考慮 23 財年一樣，我們應該如何考慮該業務的季節性？

How should you think about seasonality? I just don't -- Ruplu, I know where you're getting at, right? I don't -- I just don't think seasonality -- I don't think of seasonality in the EMS space. It's really about the evolving construct of the business. So what might appear on the surface as seasonality is just a continuance of reshaping that business again as we focus on a good blend of margins and cash flows.

你應該如何看待季節性？我只是不——Ruplu，我知道你在說什麼，對吧？我不——我只是不認為季節性——我不認為 EMS 領域的季節性。這實際上是關於不斷發展的業務結構。因此，當我們專注於利潤和現金流的良好結合時，表面上可能出現的季節性只是繼續重塑該業務。

I guess for modeling purposes, I don't want to be too prescript here, but I think with the guide that Mike provided for Q1 of '23, I think our margins on the EMS side year-on-year, I would guess we'll be up 20, 30 basis points. So if you take a look at EMS by -- and in and of itself, if you take a look at Q1 '22, you match that to Q1 '23, I would think the EMS margins will be up again 20, 30 basis points.

我想出於建模目的，我不想在這裡過於規範，但我認為根據 Mike 為 23 年第一季度提供的指南，我認為我們在 EMS 方面的利潤率同比下降，我猜我們將上漲 20、30 個基點。因此，如果您看一下 EMS 本身，如果您看一下 22 年第一季度，您將其與 23 年第一季度相匹配，我認為 EMS 利潤率將再次上升 20、30 個基點.

And then if you kind of extrapolate out Q2, Q3, Q4, I would guess margins will be similar as they were in '22. And I think the best part of the overall story with EMS is in FY '21, I think our EMS margins were sub 4%. I think in FY '22, our EMS margins were 4.3%. And I think in FY '23, the EMS margins will be closer to 4.5% to 4.6%, somewhere in that range.

然後，如果您推斷出 Q2、Q3、Q4，我猜利潤率將與 22 年相似。而且我認為 EMS 整體故事中最好的部分是在 21 財年，我認為我們的 EMS 利潤率低於 4%。我認為在 22 財年，我們的 EMS 利潤率為 4.3%。我認為在 23 財年，EMS 利潤率將接近 4.5% 到 4.6%，在這個範圍內的某個地方。

Our next question today is coming from Matt Sheerin from Stifel.

我們今天的下一個問題來自 Stifel 的 Matt Sheerin。

A couple of questions for me. One, just in your outlook. You're guiding networking and storage up roughly 6% for next year. A little surprising and strong, given concerns about IT spending slowdown. Is there -- are you getting a positive forecast from customers of the supply constraints easing? And is that giving you some more confidence in your guide? Any color there would be great.

我有幾個問題。一，就在你的視野中。您正在指導明年的網絡和存儲增長大約 6%。考慮到對 IT 支出放緩的擔憂，這有點令人驚訝和強烈。有沒有 - 您是否從客戶那裡得到供應限制緩解的積極預測？這會讓你對你的導遊更有信心嗎？任何顏色都會很棒。

Sure, Matt. I don't think it's -- I think we would agree with you on the demand side. In overall general terms, I would say the 5, 6 points of upside is 2 things. A, there is still a decent amount of backlog that needs to be replenished. And supply chain is getting better, albeit slowly, but moving in the right direction.

當然，馬特。我認為不是——我認為我們在需求方面會同意你的看法。總的來說，我會說 5、6 點的上漲是兩件事。 A，仍然有相當數量的積壓需要補充。供應鏈正在變得越來越好，儘管進展緩慢，但正朝著正確的方向發展。

And number 2 is a lot of that is what I would kind of consider wonderful customers but legacy customers nonetheless. And we continue to pick up small pockets of share in the business. So I would say those are the main 2 components driving the growth from '22 to '23.

第 2 位是很多我認為是優秀客戶但仍然是老客戶的客戶。我們繼續在業務中獲得少量份額。所以我會說這些是推動從 22 年到 23 年增長的主要 2 個組成部分。

Okay. And then just a couple of smaller questions. One, just on your outlook. I don't think you provided a share count guide for Q1 or for '23. Does your '23 guide contemplate lower shares with the buyback?

好的。然後只是幾個小問題。一，只看你的觀點。我認為您沒有為第一季度或 23 年提供股票計數指南。您的 23 年指南是否考慮通過回購降低股票？

Matt, yes, it does. I would use so for the year were about 138 million to 140 million and for Q1 in the 141, 142 range.

馬特，是的，確實如此。今年我會使用大約 1.38 億到 1.4 億，第一季度在 141、142 範圍內。

Okay. And just lastly, on the consignment shift with the cloud business, that 500 million, does that begin this quarter so that's reflected in the year-over-year growth rates in Q1?

好的。最後，關於雲業務的寄售轉移，即 5 億，是否從本季度開始，這是否反映在第一季度的同比增長率中？

I would say the -- our best estimate is if you notice, as you guys build out your models, I think you'll see what could appear to be maybe a little bit of distortion first half to second half if you compare '22 to '23, specifically on the EMS side. That would suggest that the -- most of the consignment impact for the year will be towards the back half.

我會說 - 我們最好的估計是，如果你注意到，當你們建立你的模型時，如果你比較 '22 和'23，特別是在 EMS 方面。這表明 - 今年的大部分寄售影響將在後半部分發生。

Your next question is coming from Steven Fox from Fox Advisors.

您的下一個問題來自 Fox Advisors 的 Steven Fox。

Two questions from me if I could. First of all, Mark, can you give us a sense of how your manufacturing footprint has changed over, say, the past year and into -- how you're planning to change it next year, not so much like where things are located but maybe capabilities in different regions. And if you could just maybe dial in a little bit on India and Southeast Asia ex China.

如果可以的話，我有兩個問題。首先，馬克，你能告訴我們你的製造足跡是如何變化的嗎也許不同地區的能力。如果你能撥通一下印度和東南亞（中國除外）的情況。

And then as a follow-up, Mark -- Mike, can you talk about the cash flows a little bit more? So the buybacks are -- now you have a pretty huge percentage relative to your market cap sort of earmarked for buybacks. You're saying 80% of cash flows. And obviously, there's a range of cash flow outcomes depending on what you do with inventories. Can we assume that, that 80% is solid no matter what cash flows turn out? Or if you wind up with a lot more free cash flow because of inventories that maybe you would dial down the buybacks?

然後作為後續行動，馬克-邁克，你能多談談現金流嗎？因此，回購是——現在相對於你的市值，你有相當大的比例被指定用於回購。你說的是80%的現金流。顯然，根據您對庫存的處理方式，會產生一系列現金流量結果。我們可以假設，無論現金流量如何，這 80% 都是可靠的嗎？或者，如果您因庫存而獲得更多的自由現金流，那麼您可能會減少回購？

Let me comment on the last comment first. And I know Mike will add to it and correct me -- he'll correct me where I'm wrong for sure. But I think the 80%, I think, is firm. And I think that will include the buybacks plus our dividend over the next couple of years, and Mike can expand on that.

讓我先評論最後一條評論。而且我知道邁克會補充並糾正我——他肯定會糾正我的錯誤。但我認為 80% 是堅定的。我認為這將包括未來幾年的回購和我們的股息，邁克可以對此進行擴展。

In terms of the footprint, Steve, there's no big changes to our footprint anticipated '22 to '23. We really like the footprint that we have. We think that our current footprint with the number of factories you have in the U.S. and our ability to expand those factories might serve us well to the extent there's some reshoring with clean energy. We'll see what happens with the CHIPS Act. We've been staying very close to that directly with our friends in D.C. There's a lot of details that need to be worked out there.

就足跡而言，史蒂夫，我們預計 22 到 23 年的足跡沒有太大變化。我們真的很喜歡我們擁有的足跡。我們認為，我們目前在美國擁有的工廠數量以及我們擴大這些工廠的能力可能會為我們提供很好的服務，因為在某種程度上有一些清潔能源的回流。我們將看看 CHIPS 法案會發生什麼。我們一直與我們在華盛頓特區的朋友保持非常密切的聯繫。那裡有很多細節需要解決。

But that's one thing I could think about. But as we often say, the nice thing about Jabil is if you take a look at our capabilities, you take a look at our scale, almost independent of geopolitical issues, there's going to be some bumpiness for sure on the macro. But over the next 3 to 5 years, there's a lot of things that still need to be built. And we build stuff, and we do it awfully well. And we can accommodate the needs of nearly any geography either on the supply side or the demand side.

但這是我能想到的一件事。但正如我們常說的，捷普的好處在於，如果你看看我們的能力，看看我們的規模，幾乎不受地緣政治問題的影響，宏觀上肯定會有一些坎坷。但在接下來的 3 到 5 年裡，還有很多東西需要建造。我們製造東西，我們做得非常好。我們可以滿足供應方或需求方幾乎任何地區的需求。

I would -- I think you asked about Southeast Asia and India. Over the last number of years, we've expanded into and continue to grow in Malaysia. We've ramped up a wonderful campus in Vietnam. We'll continue -- Southeast Asia will certainly continue to be of interest to us.

我會- 我想你問的是東南亞和印度。在過去的幾年裡，我們已經擴展到馬來西亞並繼續在馬來西亞發展。我們在越南建設了一個美妙的校園。我們會繼續——東南亞肯定會繼續引起我們的興趣。

By the way, we also have a wonderful footprint in Mainland China that we're pleased with. And then lastly, for India, I think India, we've done what I would consider moderate, maybe even modest on a relative basis investments in India around the Mumbai area in Pune. And that campus continues to scale. If I had to wave a magic wand and kind of guess what things might look like in India, say, in FY '24 or '25, my guess would be our footprint in India will be greater in fiscal '24 and '25 than it is today.

順便說一句，我們在中國大陸也有很好的足跡，我們很高興。最後，對於印度，我認為印度，我們已經做了我認為適度的，甚至相對於在印度浦那孟買地區周圍的相對基礎上的適度投資。那個校園還在繼續擴大。如果我不得不揮動魔杖並猜測印度的情況會是什麼樣子，比如在 24 財年或 25 財年，我的猜測是我們在 24 財年和 25 財年在印度的足跡會比它更大是今天。

And Steve, on your buyback question, if you look at what we've done in FY '22, we repurchased almost $700 million of our shares. We'll continue to be well-balanced in our approach and opportunistic at the same time.

史蒂夫，關於你的回購問題，如果你看看我們在 22 財年所做的事情，我們回購了近 7 億美元的股票。我們將繼續在我們的方法和機會主義方面保持平衡。

But we have an additional authorization of another $1 billion, bringing our total authorized almost $1.3 billion. If you look at the end markets that we play in, the secular tailwinds that we continue to see, our margin accretion, our EPS accretion, cash flow accretion, all leads me to think that we're highly undervalued. And we feel buybacks is the best way to tackle that issue.

但我們還有另外 10 億美元的額外授權，使我們的總授權接近 13 億美元。如果你看看我們所涉足的終端市場，我們繼續看到的長期順風，我們的利潤增長，我們的每股收益增長，現金流增長，所有這些都讓我認為我們被高度低估了。我們認為回購是解決該問題的最佳方式。

Your next question is coming from Mark Delaney from Goldman Sachs.

您的下一個問題來自高盛的 Mark Delaney。

Let me add my thoughts for everyone in Florida. The company's fiscal '23 guidance assumes a slowdown in certain end markets, even though, as I understand it, demand is generally strong. So double-click on that a bit, better understand. Are there end markets where the company has seen signs of macro-related slowness as you start fiscal '23? Or is it really related to your assumptions about what may materialize based on your history with the business?

讓我為佛羅里達州的每個人補充一下我的想法。該公司的 23 財年指導假設某些終端市場放緩，儘管據我了解，需求普遍強勁。所以雙擊那一點，更好理解。在您開始 '23 財年時，公司是否已經看到與宏觀相關的放緩跡象的終端市場？或者它是否真的與您根據您的業務歷史有關可能實現的假設有關？

Well, this is ever changing. And we'll see what the next 60, 90, 120 days hold between monetary policy and everything else. I would say, as we sit today, Mark, the only area that we're seeing distinct decline in demand is around connected devices and consumers. Other than that, everything is either flat to up.

嗯，這是不斷變化的。我們將看到未來 60、90、120 天貨幣政策與其他一切之間的關係。我想說，正如我們今天坐下來的那樣，馬克，我們看到需求明顯下降的唯一領域是聯網設備和消費者。除此之外，一切都是平的。

I spoke about the 5G cloud. Again, unit volumes are up. So of the 8 sectors that we talk about in our business, the one that's down based on demand or our belief of what's going to happen in demand is in the area of consumer products and connected devices.

我談到了 5G 雲。再次，單位數量增加。因此，在我們在業務中談論的 8 個行業中，由於需求或我們對需求將發生的事情的信念而下降的行業是消費產品和連接設備領域。

On supply chain, you said it's getting somewhat better but still issues. Are the issues semiconductor supply demand? Or are there other supply chain constraints that the company is dealing with? And can you just elaborate a little bit more on how you see that playing out over the course of fiscal '23?

在供應鏈方面，您說情況有所好轉，但仍然存在問題。問題是半導體供應需求嗎？還是公司正在處理其他供應鏈限制？您能否詳細說明一下您如何看待 23 財年的情況？

I'd say if we go back 1 year ago, say, 9 to 12 months ago, we had tremendous challenges more broad-based across the supply chain. As we sit today, we still have pockets of challenges.

我想說，如果我們回到 1 年前，比如 9 到 12 個月前，我們在整個供應鏈中面臨著更廣泛的巨大挑戰。當我們坐在這裡時，我們仍然面臨許多挑戰。

I'd say the biggest challenges we have are around legacy semiconductors, and probably the biggest friction points continue to be around the EV space and the health care space. But on a relative basis, what we said the last number of calls is our Jabil team is doing a wonderful job in securing parts relative to others. So we'll continue to secure the parts.

我想說我們面臨的最大挑戰是圍繞傳統半導體，而最大的摩擦點可能仍然是圍繞電動汽車領域和醫療保健領域。但在相對基礎上，我們所說的最後一個電話號碼是我們的 Jabil 團隊在確保部件相對於其他部件方面做得非常出色。因此，我們將繼續保護這些部件。

Our -- the nice thing about how we look to forecast the business, whether it's on an annual basis like today where we go a degree deeper, it's on our quarterly calls, with our systems, our IT systems, how everything is linked together in terms of our factories, it really allows us real time to understand the puts and the takes of the business from the bottoms up. So we start every single session with input and data from the factories as well as the customers. So I think we've contemplated all of the supply chain issues that are at hand at the moment as we've offered the outlook for '23.

我們的 - 關於我們如何預測業務的好處，無論是像今天這樣我們每年進行一次更深入的學位，還是在我們的季度電話會議上，我們的系統，我們的 IT 系統，一切如何在就我們的工廠而言，它確實讓我們能夠實時了解自下而上的業務的看跌期權和收益。因此，我們從工廠和客戶的輸入和數據開始每一個會話。因此，我認為我們已經考慮了目前手頭的所有供應鏈問題，因為我們已經提供了 23 年的前景。

If I could sneak one last question in. The company mentioned electricity costs going higher in China, although I think, unfortunately, they're also higher in Europe. Maybe you could remind us to what extent those are typically part of the cost-plus structure? And are you expecting you can pass on higher electricity costs in fiscal '23? Or is that maybe a headwind you baked into the guidance? And congratulations on the good results.

如果我能偷偷問最後一個問題。該公司提到中國的電費上漲，儘管不幸的是，我認為歐洲的電費也更高。也許你可以提醒我們這些通常在多大程度上是成本加成結構的一部分？您是否期望您可以在 23 財年轉嫁更高的電費？或者這可能是您在指導中加入的逆風？並祝賀取得好成績。

So I think things are very -- are different. Maybe they're both going to be rising. You talked about China. Again, we saw some power outages there in the fourth quarter. We baked in some conservatism there for '23, although it's modest.

所以我認為事情是非常不同的。也許他們倆都會上升。你談到了中國。同樣，我們在第四季度看到了一些停電情況。我們在 23 年的時候加入了一些保守主義，儘管它是溫和的。

In terms of Europe, our 2 big revenue generators are Poland and Hungary. We've taken a hard look at and kind of done a deep dive in the construct of Poland and Hungary generate their power. We think the impact to us through the winter months in Europe will be modest as well.

在歐洲，我們的兩大收入來源是波蘭和匈牙利。我們對波蘭和匈牙利的建設進行了仔細研究並進行了深入研究，以產生他們的力量。我們認為整個歐洲冬季對我們的影響也將是適度的。

And I would just say that if I just kind of wrap that up into Jabil's more global footprint, we have seen and we'll continue to see rising costs in various areas of our business. And we handle that differently with every single customer depending on the relationship, the terms and the overall economics.

我只想說，如果我將其納入捷普的全球足跡，我們已經看到並將繼續看到我們業務各個領域的成本上升。我們會根據關係、條款和整體經濟情況對每一位客戶進行不同的處理。

The good news is I think we've given appropriate if not deep consideration to all of that. And we're still bringing forward an outlook for '23 that takes margins up 20 basis points to 4.8%.

好消息是我認為我們已經對所有這些進行了適當的考慮。我們仍在提出 23 年的展望，將利潤率提高 20 個基點至 4.8%。

Your next question is coming from Shannon Cross from Credit Suisse.

您的下一個問題來自瑞士信貸的 Shannon Cross。

I was wondering sort of big picture, as you talk to your customers, industry 4.0 with robotics, 3D printing, AI, ML, all of the technology that people are bringing to bear with regard to manufacturing, I'm wondering how much of that is part of a discussion with your customers, both from sort of a competitive advantage standpoint as well as the ability to increase margins over time? And as I look at your margin profile, obviously, it's improving, but I'm wondering how much of this is increased automation and things you can do yourself versus mix? And then I have a follow-up.

我想知道一個大局，當你和你的客戶交談時，工業 4.0 與機器人、3D 打印、人工智能、機器學習，以及人們在製造方面帶來的所有技術，我想知道其中有多少是與您的客戶討論的一部分，無論是從競爭優勢的角度還是隨著時間的推移增加利潤的能力？當我查看您的利潤率概況時，顯然，它正在改善，但我想知道其中有多少是增加了自動化以及您可以自己做的事情而不是混合？然後我有一個跟進。

I like your question because whether it's industry 3.0 or 4.0, I'm not quite sure. But at Jabil, it's kind of 1.0. It's right at the heart of what we do. Our business is complicated at times. Our strategy is really straightforward. Our strategy gets driven by each of the individual sectors because that's where all the domain expertise lies.

我喜歡你的問題，因為無論是工業 3.0 還是 4.0，我都不太確定。但在 Jabil，它是 1.0。這正是我們所做工作的核心。我們的業務有時很複雜。我們的策略非常簡單。我們的戰略由每個單獨的部門驅動，因為這是所有領域專業知識所在。

And then at an enterprise level, we build stuff. And the better we build stuff, the more flexible we are in building stuff, the better our geography is in serving customers, the better engineering is, the more market share gains we'll continue to capture as we move forward. And Shannon, a big part of that is, again, I think if we're not the largest, we're one of the largest large-scale manufacturing services company in the world.

然後在企業層面，我們構建東西。我們建造的東西越好，我們建造的東西就越靈活，我們的地理環境在為客戶服務方面越好，工程越好，隨著我們的前進，我們將繼續獲得更多的市場份額。香農，其中很大一部分是，我認為，如果我們不是最大的，我們就是世界上最大的大型製造服務公司之一。

And a huge, huge amount of that is always our OpEx and our CapEx investments. And we just believe deeply in investing in the business because, again, we don't want to be making decisions for today that aren't great decisions long term. And those investments are great decisions long term.

其中很大一部分始終是我們的運營支出和資本支出投資。而且我們只是堅信投資於業務，因為我們不想為今天做出長期不是偉大決定的決定。從長遠來看，這些投資是偉大的決定。

So whether it's AR, VR, whether it's artificial intelligence, whether it's additional data analytics, whether it's robotics, automation, by the way, we make significant investments in those areas. I would guess that independent of our customers between our overall advancement in IT, data analytics, robotics, all of that stuff, our OpEx investments are probably $400 million to $500 million a year. And we think those are terrific investments for the company and will be very material as we move forward and run this company north of 5% at a very large scale.

因此，無論是增強現實、虛擬現實，還是人工智能，無論是附加數據分析，還是機器人、自動化，順便說一句，我們都在這些領域進行了大量投資。我猜想，在我們在 IT、數據分析、機器人技術等所有方面的整體進步之間，獨立於我們的客戶，我們每年的運營支出投資可能在 4 億到 5 億美元之間。我們認為這些對公司來說是非常棒的投資，隨著我們向前推進並以非常大的規模經營這家公司的 5% 以上，這將是非常重要的。

And this is kind of a derivative question but currency. I'm wondering how that comes into the conversations with customers in terms of where you're manufacturing versus some of the currency moves or if it's a topic of discussion at all, given where everything has moved in the last, say, 6 months, there have been some pretty aggressive currency swings. So I'm just wondering if that comes up in any of your discussions.

這是一個衍生問題，但貨幣。我想知道在與客戶的對話中，你在哪裡製造與一些貨幣變動，或者這是否是一個討論的話題，考慮到過去，比如 6 個月，一切都發生了變化，出現了一些相當激進的貨幣波動。所以我只是想知道你們的討論中是否會出現這種情況。

Sure. So I'll answer that. I think if you look at how we structure our pricing, et cetera, the revenue is mainly predominantly U.S. dollar-based bill of material that we buy from suppliers is mainly predominantly U.S. dollar-based. The value add that you get, the local labor, the local cost, yes, those fluctuate.

當然。所以我會回答這個問題。我認為，如果您看一下我們如何構建定價等，收入主要是我們從供應商那裡購買的以美元為基礎的材料清單，主要是以美元為基礎的。您獲得的附加值，當地勞動力，當地成本，是的，這些都是波動的。

We do have true-up mechanisms with our customers to reprice if there's a significant move. And we also hedge our FX on the value-add portion as well. So overall, FX is not something I lose sleep over.

如果有重大變動，我們確實與客戶建立了正確的機制來重新定價。我們還在增值部分對沖我們的外匯。所以總的來說，FX 不是我失眠的東西。

Our next question today is coming from Paul Chung from JPMorgan.

我們今天的下一個問題來自摩根大通的 Paul Chung。

So just some follow-ups on cap allocation. Very strong free cash flow here at the end of the year and pretty nice outlook here kind of approaching $1 billion annually. So why not increase the authorization higher?

所以只是一些關於上限分配的後續行動。今年年底這裡的自由現金流非常強勁，而且這裡的前景非常好，每年接近 10 億美元。那麼為什麼不提高授權呢？

And then secondly, on the kind of acquisitions front, where should we expect the firm to be a little bit more active here? Should we expect kind of this continued in-house investments for customers and reimbursement? Or where can the firm be a little bit more active given some depressed private valuations here?

其次，在收購方面，我們應該期望公司在哪裡更加活躍？我們是否應該期待這種對客戶和報銷的持續內部投資？或者考慮到私人估值低迷，該公司在哪裡可以更加活躍？

Thanks for the questions, Paul. Just on the buybacks, I think your comment was, why not be more aggressive. I think we're being very aggressive. If we just take a look at cash flows we dealt -- we delivered in '22 and the level of buyback, the level of buybacks, and Mike talked about this level of buybacks in '22 was north of $700 million on free cash flows of $800 million. I consider that extremely aggressive. By the way, that doesn't include our dividend.

謝謝你的問題，保羅。就回購而言，我認為你的評論是，為什麼不更積極一點。我認為我們非常激進。如果我們只看一下我們處理的現金流——我們在 22 年交付了回購水平，回購水平，邁克談到 22 年的這種回購水平超過 7 億美元，自由現金流為8億美元。我認為這非常具有侵略性。順便說一句，這不包括我們的股息。

If I think about '23 and '24, Mike talked about the fact that we got authorization for an extra $1 billion. We add that to the unused portion of the prior authorization, that puts in play about $1.3 billion.

如果我想到 23 年和 24 年，邁克談到了我們獲得額外 10 億美元授權的事實。我們將其添加到事先授權的未使用部分中，即投入約 13 億美元。

If I think about our free cash flow this year being $900 million, and we're saying nothing about fiscal '24, but hypothetically, let's say it was around $1 billion, you got $1.9 billion in free cash flow. And now you're talking about a total authorization of $1.3 billion plus another $100 million plus for dividend, you're talking about us returning $1.4 billion or give or take against free cash flows of $1.9 billion.

如果我認為我們今年的自由現金流為 9 億美元，我們對 24 財年隻字未提，但假設它約為 10 億美元，那麼您將獲得 19 億美元的自由現金流。現在你說的是總授權 13 億美元加上另外 1 億美元加上股息，你說的是我們返還 14 億美元，或者在 19 億美元的自由現金流中給予或索取。

So I think that's appropriate, and we could debate whether or not it's aggressive enough. But I think it's a very nice returning capital directly to shareholders.

所以我認為這是合適的，我們可以討論它是否足夠激進。但我認為直接向股東返還資本是非常好的。

In terms of M&A, we think -- so again, I think one of the charm, the real charming part of being in our business with all the complexities is it's a big world out there. And I said earlier, there's lots and lots and lots of things that need to be built.

在併購方面，我們認為 - 所以我再次認為，在我們的業務中，所有復雜性的魅力之一，真正迷人的部分是它是一個廣闊的世界。我之前說過，有很多很多很多東西需要建造。

And the world is not going to become virtual completely, and the world is not going to become kind of holographic. It's like there's hard things. We talk internally sometimes, a big part of the way we run the business is digital with 1s and 0s. But the output of that is based in atoms.

世界不會完全變成虛擬的，世界也不會變成全息的。好像有什麼難的事。我們有時會在內部交談，我們經營業務的很大一部分方式是數字化的 1 和 0。但是它的輸出是基於原子的。

I mean, they're hard, tangible things we build. And again, the market is massive. So I just -- we will continue to do small acquisitions, largely around acquiring engineering talent and technical capabilities.

我的意思是，它們是我們建造的堅硬、有形的東西。再次，市場是巨大的。所以我只是 - 我們將繼續進行小型收購，主要是圍繞收購工程人才和技術能力。

But the best use of our capital, A, is exactly what you alluded to is at these valuations, returning capital to shareholders via dividends and buyback. And then also the best use of our cash is both CapEx and OpEx investments, again, with an eye on continuing to pick up share, continuing to position us in a very dominant portion of the overall supply chain and also with an eye on getting the margins for the company over 5% on a sustainable basis.

但是，我們的資本 A 的最佳用途正是您提到的這些估值，通過股息和回購將資本返還給股東。然後，我們現金的最佳用途是資本支出和運營支出投資，同樣，著眼於繼續增加份額，繼續將我們定位在整個供應鏈的一個非常重要的部分，並著眼於獲得在可持續的基礎上，公司的利潤率超過 5%。

And then just a quick follow-up on component inflation. Are you starting to see kind of more normalized prices in the market today? And then if we start to see more kind of deflationary environment on components, how do we think about the impact on margins and cash flows?

然後只是對組件通脹的快速跟進。您是否開始在今天的市場上看到一種更加正常化的價格？然後，如果我們開始看到組件出現更多類型的通縮環境，我們如何看待對利潤率和現金流的影響？

I would say to your -- the first part of your question is the overall -- if I take a look at all of our bill of materials, which are in the tens of thousands and extrapolate this comment over all of it, the supply chain is very mixed. There's some part of the supply chain that's already more normalized, and there's some part of the supply chain remaining that's inflationary. I think that continues to move in the direction of over time of being more normalized.

我要對你說——你的問題的第一部分是整體——如果我看看我們所有的材料清單，這些材料有成千上萬，並將這個評論推斷到所有這些，供應鏈很複雜。供應鏈的某些部分已經更加正常化，而供應鏈的某些部分仍然存在通貨膨脹。我認為隨著時間的推移，這將繼續朝著更加規範化的方向發展。

And in terms of the bill of materials becoming deflationary, I don't think we have to worry about that so much in '23. We'll see what happens in the first half of '24. But we've been doing this a long time. And if you just kind of think about the 55 years that Jabil has been in business and maybe focus on the last 30, it's just been a continuous sine wave of up, down, up, down, up, down in terms of our variable costs or fixed costs and cost of bill of material.

就材料清單變得通貨緊縮而言，我認為我們在 23 年不必擔心太多。我們將看看 24 年上半年會發生什麼。但我們已經這樣做了很長時間。如果你只是想想捷普公司經營的 55 年，也許專注於過去的 30 年，就我們的可變成本而言，這只是一個持續的正弦波上升、下降、上升、下降、上升、下降或固定成本和物料清單成本。

I think we'll continue to navigate. We'll continue to navigate that quite well with customers. And I don't envision -- I certainly don't envision -- we wouldn't have guided the 4.8% this year if we thought there was a risk to that.

我想我們會繼續導航。我們將繼續與客戶一起很好地導航。而且我沒有想到——我當然沒有想到——如果我們認為這有風險，我們今年就不會指導 4.8%。

And I think this morning alone, I've mentioned the idea of running the company at 5% with, I think, a purposeful consideration of what might happen to the materials market, the component market and our bill of materials, we feel pretty confident of driving the margins to 5%.

而且我認為僅在今天早上，我就提到了以 5% 運營公司的想法，我認為，有目的地考慮材料市場、組件市場和我們的材料清單可能會發生什麼，我們感到非常有信心將利潤率提高到 5%。

Next question today is coming from Melissa Fairbanks from Raymond James.

今天的下一個問題來自 Raymond James 的 Melissa Fairbanks。

Great. I'm hunkering down just south of you. It looks like they're calling for a direct hit here now. So quite an eventful day for all of us, I guess.

偉大的。我正蹲在你的南邊。看起來他們現在正在呼籲直接打擊這裡。所以對我們所有人來說，這是一個多事的一天，我猜。

You mentioned supply is starting to ease. Can you share if that's more due to just Jabil sourcing, just improved efficiency on your part? Or are you seeing it free up more generally? And then I've got a follow-up to that.

你提到供應開始緩解。您能否分享這是否更多是由於 Jabil 採購，只是您提高了效率？或者您是否看到它更普遍地釋放？然後我對此進行了跟進。

Well, Melissa, first off, keep yourself safe. And I don't think today is going to be all that exciting, but certainly, starting at noon tomorrow, I think things will get interesting. So please keep safe.

好吧，梅麗莎，首先，保證自己的安全。而且我認為今天不會那麼令人興奮，但可以肯定的是，從明天中午開始，我認為事情會變得有趣。所以請注意安全。

In terms of the overall bill of material, I think some of it is our scale and our leverage. And I mentioned in my prepared remarks, we just have a wonderful network of suppliers. So I think that's part of it.

就整體物料清單而言，我認為其中一些是我們的規模和我們的影響力。我在準備好的評論中提到，我們只是擁有一個很棒的供應商網絡。所以我認為這是其中的一部分。

I think the other part of it is with the current monetary policies and things going on around the world, I think in general, and this is now becoming maybe a little bit more, and I used the word a little bit, a little bit more of the rule versus the exception. But I think demand in general on a macro basis will start to soften a bit.

我認為另一部分是當前的貨幣政策和世界各地正在發生的事情，我認為總的來說，現在可能會變得更多一點，我用了一點點，更多一點這個詞規則與例外的區別。但我認為總體上宏觀需求將開始有所減弱。

I mentioned earlier that we're seeing it largely around consumer product, connected devices. But I think demand will start to soften a bit. And I think that's going to help with overall supply chain, both continuity and supply as we move forward in the next 9, 12, 18 months.

我之前提到過，我們主要圍繞消費產品、連接設備看到它。但我認為需求將開始有所減弱。我認為這將有助於整個供應鏈，包括我們在接下來的 9、12、18 個月內前進的連續性和供應。

Okay. Great. And then you mentioned inventories would be worked down over time. What would be your ideal inventory target? Is there excess inventory that you're holding that you're specifically looking to destock?

好的。偉大的。然後你提到庫存會隨著時間的推移而減少。您理想的庫存目標是什麼？是否有多餘的庫存是您特別希望去庫存的？

So there's inventories we're holding today that -- yes, I love your term. We would like to destock those, and we're going to work very hard to destock some of these things in FY '23.

所以我們今天持有的庫存 - 是的，我喜歡你的任期。我們想去庫存，我們將非常努力地在 23 財年去庫存。

They were put there with purpose. They're there to support the customers. The old adage of the golden Screw deal. We've been dealing with that for a long, long time. We think that starts to normalize the back half of '23.

他們是故意放在那裡的。他們在那裡支持客戶。黃金螺絲交易的古老格言。我們已經處理了很長時間。我們認為這開始使 23 年的後半部分正常化。

And so I would guess we're very pleased, by the way, with the progress that we've made in terms of days of inventory reduction as we got to the back half of fiscal '22. And I would guess we'll see a similar trajectory as we move through '23 on a relative basis. So I'd be really disappointed if we're sitting here, let's say, in the second half of '23 and our overall inventory levels are not down in a material way.

因此，順便說一句，我猜我們對我們在 22 財年下半年在減少庫存天數方面取得的進展感到非常高興。我猜想我們會看到類似的軌跡，因為我們在 23 年的相對基礎上移動。因此，如果我們坐在這裡，比方說，在 23 年下半年，並且我們的整體庫存水平沒有實質性下降，我會感到非常失望。

And Melissa, just as a reminder, most of our inventory is actually raw materials and WIP. There is very little finished goods. So we don't have a finished good problem or any such lag. It's the raw materials and WIP.

還有梅麗莎，提醒一下，我們的大部分庫存實際上是原材料和在製品。成品很少。所以我們沒有完成好的問題或任何這樣的滯後。這是原材料和在製品。

As Mark said, we bring it in for our customers after they place a piece. So they're legally contractually obligated with that inventory as well. So it's just a matter of the golden screw coming through and our manufacturing churning our products. It's a relatively different inventory situation than perhaps retailers or any other type of market.

正如馬克所說，我們在客戶放置一塊後將其帶入。因此，他們在法律上也對該庫存負有法律義務。所以這只是金螺絲通過和我們的製造攪動我們的產品的問題。與零售商或任何其他類型的市場相比，這是一個相對不同的庫存情況。

Your next question is a follow-up from Ruplu Bhattacharya from Bank of America.

您的下一個問題是來自美國銀行的 Rupl Bhattacharya 的後續問題。

I wanted to ask you a question on risk management in the DMS segment. If we look at mobility revenues, right, so fiscal '22 came in a little bit lower than what you had expected $100 million, and you're guiding another $100 million lower for fiscal '23. But now connected devices, as you said, is a consumer-facing end market, and you're guiding that down 9%.

我想問你一個關於 DMS 領域風險管理的問題。如果我們看一下移動收入，對，那麼 22 財年的收入比您預期的 1 億美元略低，而您在 23 財年的指導下又減少了 1 億美元。但是，正如您所說，現在連接設備是面向消費者的終端市場，您將其引導至 9%。

So when I look at these 2 things, mobility and connected devices, they're about 47% of the fiscal '23 guide for DMS. In case these markets are weaker than what you expect, how would your playbook change? Are there areas of investment that you would switch to other areas?

因此，當我查看移動性和連接設備這兩件事時，它們大約佔 23 財年 DMS 指南的 47%。如果這些市場比您預期的要弱，您的劇本將如何改變？您是否會轉向其他領域的投資領域？

And overall, do you think that there's enough strength in the automotive and health care segments that, that strength can balance any weakness in these other 2 segments? So just your thoughts on if there's incremental weakness in these 2 end markets, mobility and connected devices, how your playbook changes.

總體而言，您是否認為汽車和醫療保健領域有足夠的實力來平衡其他兩個領域的任何弱點？因此，請考慮一下這兩個終端市場（移動性和連接設備）是否存在增量弱點，以及您的劇本如何變化。

Just a general comment that I don't think has much to do with your question. I think the one area I'd look at is in overall DMS, we continue to see awfully good growth in EVs, automotive and transport. And we see a good, stable, growing business in health care and packaging.

只是一般性評論，我認為與您的問題沒有太大關係。我認為我會關注的一個領域是整體 DMS，我們繼續看到電動汽車、汽車和運輸領域的良好增長。我們在醫療保健和包裝領域看到了良好、穩定、不斷增長的業務。

So I'm not sure on your math on connected devices and mobility being 47% other than -- and then we give it to you on the chart. I'm just thinking about as we move into '24, '25 from an overall risk standpoint, I would -- I think we're going to continue to see good trajectory of growth in the automotive, transport, health care, packaging as we move beyond '23. That's point number one.

所以我不確定你在連接設備和移動性上的數學是 47%，然後我們在圖表上給你。我只是在考慮，從整體風險的角度來看，當我們進入 24 年、25 年時，我會——我認為我們將繼續看到汽車、運輸、醫療保健、包裝等領域的良好增長軌跡我們超越了'23。這是第一點。

Point number two is I think trying to put together at least in regards to Jabil-specific, trying to put together connected devices with mobility, I wouldn't do that because there's different elements of those businesses beyond just raw demand that are material to Jabil in terms of our realized demand versus the overall marketplace.

第二點是我認為至少在 Jabil 特定方面嘗試整合，嘗試整合具有移動性的連接設備，我不會這樣做，因為除了原始需求之外，這些業務的不同元素對 Jabil 很重要就我們實現的需求與整體市場而言。

And last point to your question, I think on connected devices and mobility in general, as we sit today, the way in which we run both of those businesses and the way in which we have agreed commercial terms with the customers puts us in a situation where we feel pretty good in terms of risk management to both areas of the business. Yes, sorry, I think you got cut off earlier. I apologize for that.

最後一點是你的問題，我認為在連接設備和一般移動性方面，正如我們今天所坐的那樣，我們經營這兩項業務的方式以及我們與客戶達成商業條款的方式使我們處於一種境地我們在這兩個業務領域的風險管理方面感覺都很好。是的，對不起，我想你之前被切斷了。我為此道歉。

We have reached the end of our question-and-answer session. I'd like to turn the floor back over for any further closing comments.

我們的問答環節已經結束。我想把地板翻過來，以便有任何進一步的結束評論。

Our call has concluded. Thank you for your interest in Jabil.

我們的電話已經結束。感謝您對捷普的興趣。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝你。今天的電話會議和網絡直播到此結束。你可以在這個時候斷開你的線路，並有一個美好的一天。我們感謝您今天的參與。