捷普科技 (JBL) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Jabil First Quarter of Fiscal Year 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the call over to Adam Berry, Vice President of Investor Relations. Thank you. You may begin.

大家好，歡迎來到 Jabil 2023 財年第一季度財報電話會議。 （操作員說明）提醒一下，正在錄製此會議。我現在想把電話轉給投資者關係副總裁 Adam Berry。謝謝你。你可以開始了。

Good morning, and welcome to Jabil's First Quarter of Fiscal 2023 Earnings Call. Joining me on today's call is Chairman and Chief Executive Officer, Mark Mondello; and Chief Financial Officer, Mike Dastoor.

早上好，歡迎來到捷普 2023 財年第一季度財報電話會議。與我一起參加今天電話會議的是董事長兼首席執行官 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 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，在我們準備好的發言中，我們將參考幻燈片。要跟隨幻燈片，請訪問我們的投資者關係部分中的 jabil.com。在今天的電話會議結束時，全部內容將發佈在我們的網站上以進行音頻播放。

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 second 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. An extensive list of these risks and uncertainties are identified on our annual report on Form 10-K for the fiscal year ended August 31, 2022, 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.

我現在想請您在網站上用幻燈片觀看我們的收益演示，從前瞻性聲明開始。在本次電話會議期間，我們將發表前瞻性陳述，其中包括有關我們業務預期前景的陳述，例如我們目前預計的第二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，涉及可能導致實際結果和結果大不相同的風險和不確定性。我們在截至 2022 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列出了這些風險和不確定性的詳盡清單。 Jabil 不承擔更新或修改任何前瞻性陳述的任何意圖或義務，無論是由於新信息、未來事件或其他原因。

With that, I'd now like to shift our focus to our solid quarter. To kick off the fiscal year, the team delivered approximately $9.6 billion in revenue, well ahead of our forecast and at the top end of our guidance range, driven by even better-than-expected revenue in automotive, health care and industrial. All other end-markets largely performed consistent to our expectations from 90 days ago.

有了這個，我現在想把我們的注意力轉移到我們堅實的季度。在本財年開始之際，該團隊實現了約 96 億美元的收入，遠超我們的預測並處於我們指導範圍的高端，這得益於汽車、醫療保健和工業領域的收入甚至好於預期。所有其他終端市場的表現基本符合我們 90 天前的預期。

When you put all of this together, at the enterprise level, revenue grew by 12% year-over-year and 7% sequentially. Core operating income during the quarter was $461 million, an increase of 15% year-over-year, representing a core operating margin of 4.8%. This is up 10 basis points over the prior year and in line with expectations. From a GAAP perspective, operating income was $362 million, and our GAAP diluted earnings per share was $1.61.

當你將所有這些放在一起時，在企業層面，收入同比增長 12%，環比增長 7%。本季度核心營業收入為 4.61 億美元，同比增長 15%，核心營業利潤率為 4.8%。這比上一年上升了 10 個基點，符合預期。從 GAAP 的角度來看，營業收入為 3.62 億美元，我們的 GAAP 攤薄後每股收益為 1.61 美元。

Net interest expense in the quarter came in higher than expectations at $66 million as the combination of higher interest rates and better-than-expected demand drove our working capital needs higher during the quarter. During the quarter, we also repurchased 2.6 million shares for $161 million. Core diluted earnings per share was $2.31, a 20% improvement over the prior year quarter and at the higher end of our range as core operating income grew much faster than net interest expense.

本季度的淨利息支出高於預期，為 6600 萬美元，這是由於較高的利率和好於預期的需求共同推動了我們在本季度的營運資金需求。本季度，我們還以 1.61 億美元回購了 260 萬股股票。每股核心攤薄收益為 2.31 美元，比去年同期增長 20%，處於我們範圍的高端，因為核心營業收入的增長速度遠快於淨利息支出。

Now turning to the segments. Revenue for the DMS segment was $5.1 billion, an increase of 8% on a year-over-year basis and ahead of our plan from September, while core operating margin for the segment came in at 5.2%, slightly below expectations as upside strength in automotive and health care was offset by operational inefficiencies associated with mobility in China.

現在轉向細分市場。 DMS 部門的收入為 51 億美元，同比增長 8%，高於我們 9 月份的計劃，而該部門的核心營業利潤率為 5.2%，略低於預期，因為汽車和醫療保健業務被與中國移動相關的運營效率低下所抵消。

Revenue for our EMS segment came in at $4.5 billion, an increase of 18% on a year-over-year basis, while core margins for the segment was 4.3%, up 50 basis points year-over-year, reflecting solid operational execution on strong revenue growth.

我們的 EMS 部門的收入為 45 億美元，同比增長 18%，而該部門的核心利潤率為 4.3%，同比增長 50 個基點，反映了可靠的運營執行強勁的收入增長。

So in summary, another strong quarter is in the books for Jabil. And I know the team here is extremely proud of the strides we've made to not only improve our business over the last 10 years but also make it stronger and more resilient.

因此，總而言之，Jabil 將迎來另一個強勁的季度。我知道這裡的團隊對我們在過去 10 年中取得的進步感到非常自豪，這些進步不僅改善了我們的業務，而且使它變得更強大、更有彈性。

In a moment, I'll turn the call over to Mark and Mike to provide some additional thoughts on our performance in the quarter and update our outlook for fiscal '23. And I think you'll see there's still so much opportunity as we move into fiscal '23 and beyond. Thanks for your time today. It's now my pleasure to turn the call over to Mike.

稍後，我會將電話轉給馬克和邁克，就我們本季度的表現提供一些額外的想法，並更新我們對 23 財年的展望。而且我認為，隨著我們進入 23 財年及以後，您會看到仍然有很多機會。感謝您今天的時間。現在我很高興將電話轉給邁克。

Thanks, Adam. As Adam just detailed, our performance in Q1 was quite strong. I continue to be extremely pleased with the strength of our business, which delivered double-digit growth in revenue, core operating income and core diluted earnings per share in the quarter. Our diversified portfolio and continued participation in end-markets with long-term secular trends was once again reflected in our Q1 performance.

謝謝，亞當。正如 Adam 剛剛詳述的那樣，我們在第一季度的表現非常強勁。我仍然對我們的業務實力感到非常滿意，該業務在本季度的收入、核心營業收入和核心攤薄後每股收益實現了兩位數的增長。我們多元化的投資組合和對具有長期長期趨勢的終端市場的持續參與再次反映在我們第一季度的業績中。

I'd now like to walk you through our balance sheet and cash flow performance in the quarter. In Q1, cash flow from operations was $166 million and net capital expenditures totaled $164 million. As a reminder, our customers routinely coinvest in plant, property and equipment with us as part of our ongoing business model. We often pay for these coinvestments upfront, which are then later reimbursed to us by customers.

我現在想向您介紹本季度的資產負債表和現金流量表現。第一季度，運營現金流為 1.66 億美元，淨資本支出總計 1.64 億美元。提醒一下，我們的客戶經常與我們共同投資廠房、財產和設備，這是我們持續經營模式的一部分。我們經常預先支付這些共同投資的費用，然後由客戶報銷給我們。

Due to the high dollar value of these coinvestments from our customers and how they are reflected on our cash flow statement, it is important to net the 2 line items shown on the slide to reflect the true CapEx number and what we refer to as net capital expenditures. For the quarter, inventory days came in at 78, down 1 day sequentially on improved working capital management by the team. As a reminder, we offset a portion of our inventory levels with inventory deposits from our customers. Net of these deposits, inventory days were 61 in Q1, also down 1 day from Q4. We continue to be fully focused on bringing this metric down further in FY '23 as some of the supply chain constraints continue to improve. We exited the quarter with total debt to core EBITDA levels of approximately 1.2x on cash balances of $1.2 billion.

由於我們客戶的這些共同投資的美元價值很高以及它們在我們的現金流量表中的反映方式，重要的是將幻燈片中顯示的 2 個項目進行淨額計算以反映真實的資本支出數字和我們所說的淨資本開支。本季度，由於團隊改善了營運資金管理，庫存天數為 78 天，環比下降 1 天。提醒一下，我們用客戶的庫存存款抵消了部分庫存水平。扣除這些存款後，第一季度庫存天數為 61 天，也比第四季度減少了 1 天。隨著一些供應鏈限制的繼續改善，我們將繼續完全專注於在 23 財年進一步降低該指標。本季度結束時，我們的總債務約為核心 EBITDA 水平的 1.2 倍，現金餘額為 12 億美元。

Turning now to our second quarter guidance on the next slide. We expect total company revenue in the second quarter of fiscal '23 to be in the range of $7.8 billion to $8.4 billion. At the midpoint, this anticipates DMS and EMS revenue to be $4.1 billion and $4 billion, respectively. Core operating income is estimated to be in the range of $347 million to $407 million. GAAP operating income is expected to be in the range of $319 million to $379 million. Core diluted earnings per share is estimated to be in the range of $1.64 to $2.04. GAAP diluted earnings per share is expected to be in the range of $1.44 to $1.84. Interest expense in the second quarter is estimated to be approximately $67 million and for the year to be in the range of $265 million to $270 million, which is higher than we forecasted in September due to more conservative interest rate and working capital assumptions.

現在轉向我們在下一張幻燈片上的第二季度指導。我們預計公司 23 財年第二季度的總收入將在 78 億美元至 84 億美元之間。在中點，這預計 DMS 和 EMS 收入分別為 41 億美元和 40 億美元。核心營業收入估計在 3.47 億美元至 4.07 億美元之間。 GAAP 營業收入預計在 3.19 億美元至 3.79 億美元之間。每股核心攤薄收益估計在 1.64 美元至 2.04 美元之間。 GAAP 攤薄後每股收益預計在 1.44 美元至 1.84 美元之間。第二季度的利息支出估計約為 6700 萬美元，全年將在 2.65 億美元至 2.7 億美元之間，這高於我們在 9 月份的預測，原因是利率和營運資金假設更為保守。

The tax rate on core earnings in the second quarter is estimated to be approximately 19%.

第二季度核心收益的稅率估計約為 19%。

Moving to the next slide, where I'll offer an update on the end-market demand assumptions that we noted in September. As a reminder, our FY '23 guidance assumed a moderate economic slowdown and some moderation in growth in the second half of our fiscal year. Based on what we know today, our assumptions from a demand perspective remain largely consistent. Across many of our end-markets, demand has been extremely resilient, particularly in areas that continue to benefit from strong secular tailwinds like electric vehicles, health care, renewable energy, infrastructure 5G and cloud. We continue to expect these secular markets to expand in the pace of an economic slowdown.

轉到下一張幻燈片，我將在其中提供我們在 9 月份提到的終端市場需求假設的最新情況。提醒一下，我們的 23 財年指導假設經濟溫和放緩，我們財政年度下半年的增長有所放緩。根據我們今天所知道的，我們從需求角度的假設在很大程度上是一致的。在我們的許多終端市場中，需求都極具彈性，尤其是在電動汽車、醫療保健、可再生能源、基礎設施 5G 和雲等持續受益於強勁長期順風的領域。我們繼續預計這些長期市場會隨著經濟放緩的步伐而擴張。

At the same time, we also continue to expect some consumer-centric end-markets to underperform year-on-year consistent with our thoughts in September. All together, we still expect good growth in FY '23, as you'll see detailed on the next slide. Starting with our automotive business, which continues to outperform despite global supply chain issues as the transition to EV accelerates.

與此同時，我們還繼續預計，一些以消費者為中心的終端市場同比表現不佳，這與我們 9 月份的預期一致。總之，我們仍然預計 23 財年會有良好的增長，您將在下一張幻燈片中看到詳細信息。從我們的汽車業務開始，儘管隨著向電動汽車的加速過渡，全球供應鏈出現問題，但該業務仍繼續表現出色。

We've seen this rapid acceleration manifest in FY '23, automotive revenue growth expected to be in excess of 40% year-on-year. We're also expecting double-digit year-over-year growth in our health care business, which continues to benefit from an outsourcing of manufacturing trend and has historically been recession-resistant with long product life cycles, accretive margins and stable cash flows. Further, our Industrial business is also expected to expand by double digits this year, fueled by growth in clean and smart energy infrastructure as government legislation, such as the Inflation Reduction Act in the U.S. accelerates investment in the space.

我們在 23 財年看到了這種快速加速，預計汽車收入同比增長將超過 40%。我們還預計我們的醫療保健業務將實現兩位數的同比增長，該業務將繼續受益於製造趨勢的外包，並且歷來具有較長的產品生命週期、增加的利潤率和穩定的現金流，能夠抵禦衰退。此外，我們的工業業務預計今年也將以兩位數的速度增長，這得益於清潔和智能能源基礎設施的增長，以及政府立法，例如美國的《通脹減少法案》加速了對該領域的投資。

And in 5G Wireless, we continue to expect solid year-on-year growth. Infrastructure rollouts are accelerating, and our localized manufacturing capabilities are leading to growth in other geos such as India. We expect these rollouts to play out over the next several years regardless of near-term economic conditions. Within our Cloud business in September, we detailed our plan to shift certain components we procure and integrate from a purchase and resale model to a customer control consignment service model. This transition, in fact, began in November, which is earlier than our expectations 90 days ago. As a result, revenue will be lower than previously expected as an incremental $300 million of components was shipped to the new model. This is in addition to the $500 million of consignment impact we announced in September. Adjusting for this shift, we expect continued robust unit growth in the cloud space in FY '23 and beyond.

在 5G 無線領域，我們繼續期待穩健的同比增長。基礎設施的推出正在加速，我們的本地化製造能力正在引領印度等其他地區的增長。無論近期經濟狀況如何，我們預計這些推出將在未來幾年內發揮作用。在 9 月份的雲業務中，我們詳細說明了將採購和集成的某些組件從採購和轉售模式轉變為客戶控制寄售服務模式的計劃。這個轉變，其實從11月就開始了，比我們90天前的預期還要早。因此，由於向新型號運送了價值 3 億美元的增量組件，收入將低於之前的預期。這是我們在 9 月份宣布的 5 億美元寄售影響的補充。針對這一轉變進行調整，我們預計 23 財年及以後雲空間的單位增長將持續強勁。

In summary, we feel the outlook for our business is solid and expect demand across many of our end-markets to remain strong with year-over-year revenue growth at an enterprise level to be approximately 3% for FY '23 despite an assumed economic slowdown in the second half of the fiscal year.

總而言之，我們認為我們的業務前景穩固，並預計我們許多終端市場的需求將保持強勁，儘管假設經濟增長，但 23 財年企業層面的收入同比增長約為 3%本財年下半年放緩。

Now turning to the next slide. We have intentionally structured our business with the aim of delivering core operating margin expansion, sustainable earnings growth, strong predictable cash flows and shareholder returns. With that in mind, while we continue to expect growth in our business despite recessionary headwinds, we have identified certain cost savings mainly in our SG&A and support organization for the second half of our fiscal year as we continue to look at doing more with less. And noncore expenses associated with our optimization activities will be approximately $45 million, with the benefits expected in the back half of the fiscal year. We anticipate these costs will result in a net benefit to core earnings per share of approximately $0.10 in FY '23 and $0.20 in FY '24. This benefit has been considered in our updated core EPS outlook for FY '23 of $8.40. We expect the cash outlay associated with our optimization efforts to be incurred over the next 2 quarters, and we continue to expect free cash flow of more than $900 million in the fiscal year.

現在轉到下一張幻燈片。我們有意構建我們的業務，旨在實現核心運營利潤率擴張、可持續盈利增長、強勁的可預測現金流和股東回報。考慮到這一點，雖然我們繼續期望我們的業務在經濟衰退的逆風中實現增長，但我們已經確定了一些成本節省，主要是在我們的 SG&A 和我們財政年度下半年的支持組織中，因為我們繼續考慮用更少的錢做更多的事情。與我們的優化活動相關的非核心費用約為 4500 萬美元，預計將在本財年下半年產生收益。我們預計這些成本將導致 23 財年和 24 財年每股核心收益的淨收益分別約為 0.10 美元和 0.20 美元。我們更新的 23 財年核心每股收益展望為 8.40 美元，這一收益已被考慮在內。我們預計與我們的優化工作相關的現金支出將在未來兩個季度發生，我們繼續預計本財年的自由現金流量將超過 9 億美元。

We expect the momentum underway across our business to continue even in a subdued economic environment and feel the steps we've taken to optimize our business are appropriate and make us stronger.

我們預計，即使在低迷的經濟環境中，我們業務的發展勢頭也將繼續，並認為我們為優化業務而採取的措施是適當的，並使我們更加強大。

I would like to wish everyone a safe and happy holiday. Thank you for your time today, and thank you for your interest in Jabil. I'll now turn the call over to Mark.

祝大家度過一個平安快樂的假期。感謝您今天抽出時間，感謝您對 Jabil 的關注。我現在將電話轉給馬克。

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. Thank you for your attention to detail, and thank you for the way you care for and accept one another. Your attitude is amazing, and your dedication is incredible.

謝謝，邁克。早上好。感謝大家今天抽出時間加入我們的電話會議。首先，我要感謝我們在 Jabil 的團隊。感謝您對細節的關注，感謝您關心和接納彼此的方式。你的態度令人驚嘆，你的奉獻精神令人難以置信。

With that, let's move to our next slide. It's staggering when I think about what our team has built and tailored over the past 5 to 6 years. A large-scale portfolio of business sectors, 8 discrete, yet interwoven sectors, which offer Jabil a high degree of resiliency during times of macro and geopolitical disruption as well as gearing times when we simply welcome the ongoing demands placed on us by our customers.

有了這個，讓我們轉到下一張幻燈片。當我想到我們的團隊在過去 5 到 6 年中構建和定制的內容時，我感到很震驚。大規模的業務部門組合，8 個獨立但相互交織的部門，在宏觀和地緣政治動盪時期以及我們只是歡迎客戶對我們提出的持續需求的調整時期，為 Jabil 提供了高度的彈性。

IN looking at this slide, I think about a world where countless products and a massive number of supply chains need to be created, redesigned or modified, therefore placing Jabil deep in the heart of essential end-markets.

在看這張幻燈片時，我想到了一個需要創建、重新設計或修改無數產品和大量供應鏈的世界，因此將 Jabil 置於重要終端市場的核心位置。

Before moving to our next slide, it's worth revisiting the topic that we addressed during our Investor Day event back in September, the topic being the intentional output of the portfolio you see in front of you with the intention being that no single product contributes more than 5% to Jabil's overall earnings. This result is a good thing. It's a really good thing, especially when we think about dependability and sustainability. It also shines a bright light on the strategic importance of diversification and scale and the clear impact it has when operating our business.

在轉到下一張幻燈片之前，值得重新審視我們在 9 月份的投資者日活動中討論的主題，該主題是您在您面前看到的投資組合的有意輸出，目的是沒有任何單一產品的貢獻超過捷普總收入的 5%。這個結果是好事。這是一件非常好的事情，尤其是當我們考慮可靠性和可持續性時。它還清楚地表明了多元化和規模化的戰略重要性及其在經營我們的業務時產生的明顯影響。

In recognizing our Q1 results, along with our 2Q guide as detailed by Adam and Mike, combined with a watchful eye on the back half of the year, we find ourselves with an updated financial plan for FY '23 and an outlook which has us increasing core earnings per share to $8.40, an increase of $0.25 from our forecast roughly 90 days ago.

在認識到我們的第一季度業績以及亞當和邁克詳述的第二季度指南，再加上對今年下半年的關注，我們發現自己有了更新的 23 財年財務計劃和前景，這讓我們增加了每股核心收益為 8.40 美元，比我們大約 90 天前的預測增加了 0.25 美元。

In addition, we believe that core operating margin will hold at 4.8% for the year on revenue of roughly $34.5 billion. While free cash flow remains north of $900 million. Integral to this outlook is the fact that our team is doing an exceptional job of proactively managing costs and controlling what they can control in today's environment.

此外，我們認為全年核心營業利潤率將保持在 4.8%，收入約為 345 億美元。雖然自由現金流仍保持在 9 億美元以上。這一前景不可或缺的事實是，我們的團隊在主動管理成本和控制他們在當今環境中可以控制的方面做得非常出色。

Moving to our next slide. I'll share thoughts on our path forward. Shown here are fundamental catalysts, which are key to favorable results and future outcomes for Jabil. The unique combination of our approach, structure and experience, our ability to execute, combined with our engineering expertise, financial plans that are grounded in rational assumptions and our commitment to returning capital to shareholders. And rounding on our path forward, maybe it makes sense to step back a bit and think about the past few years. The data suggests that what we're doing is working, a testament of just how well our team is managing the business. I'd now like to transition from our path to our purpose. Here at Jabil, we're never confused about our obligation to deliver a fair return to shareholders. With this obligation well understood, and considering the upcoming holiday season, we're taking a little extra time to heighten our focus on ensuring a meaningful purpose in all we do. We're encouraging our employees to take a deep breath and a short pause, creating a little time for reflection, reflect on our team, reflect on their personal lives and reflect on giving back to those in need.

轉到我們的下一張幻燈片。我將分享關於我們前進道路的想法。這裡顯示的是基本面催化劑，它們是 Jabil 取得有利結果和未來成果的關鍵。我們的方法、結構和經驗的獨特組合，我們的執行能力，結合我們的工程專業知識，基於理性假設的財務計劃以及我們對向股東返還資本的承諾。在我們前進的道路上四捨五入，也許退一步思考一下過去幾年是有意義的。數據表明我們正在做的事情是有效的，這證明了我們的團隊管理業務的能力。我現在想從我們的道路過渡到我們的目標。在 Jabil，我們從不混淆我們為股東提供公平回報的義務。鑑於這項義務已得到充分理解，並考慮到即將到來的假期，我們將花一些額外的時間來更加專注於確保我們所做的一切都具有有意義的目的。我們鼓勵我們的員工深呼吸和短暫的停頓，創造一點時間來反思，反思我們的團隊，反思他們的個人生活，反思回饋有需要的人。

And speaking a reflection, when it comes to helping those in need, I'm proud to report that our employees around the world just surpassed 1 million hours of personal volunteer time for calendar 2022. What a positive difference created for so many around the world, so many who need it most.

回顧一下，在幫助有需要的人方面，我很自豪地宣布，我們在世界各地的員工在 2022 年的個人誌願服務時間剛剛超過 100 萬小時。這為世界各地的許多人帶來了多麼積極的變化，那麼多最需要它的人。

Our team's effort was extraordinary. And in multiple ways, their effort was life-changing. Here at Jabil, we fully embraced the meaning and importance of carrying a purpose, both at home and in the workplace. And we do so with exceptional conduct and care.

我們團隊的努力非同尋常。在很多方面，他們的努力改變了生活。在 Jabil，我們完全接受了實現目標的意義和重要性，無論是在家裡還是在工作場所。我們以非凡的行為和謹慎來做到這一點。

I'm just so honored to serve such a strong and steady team. Their approach is responsible and reliable. They value the relationships we have with all of those that we serve. Each day, we welcome the challenges put forth by our customers. And in doing so, Jabil's making the world just a little bit better.

我很榮幸能為這樣一支強大而穩定的團隊服務。他們的方法是負責任和可靠的。他們重視我們與我們所服務的所有人之間的關係。每一天，我們都歡迎客戶提出的挑戰。通過這樣做，Jabil 讓世界變得更美好了一點點。

In closing, to all of you here at Jabil, please know that you can be your true self without anxiety or fear recourse each day when you come to work. And to everyone on the call today, I wish you a safe and peaceful holiday season. With that, I'll now turn the call back over to Adam.

最後，對於 Jabil 的所有人，請知道，當您每天上班時，您可以做真實的自己，而無需焦慮或恐懼。對於今天接聽電話的每一個人，祝你們度過一個安全祥和的假期。有了這個，我現在將把電話轉回給亞當。

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

謝謝，馬克。接線員，我們現在可以進行問答了。

(Operator Instructions) Our first questions come from the line of Steven Fox with Fox Advisors.

（操作員說明）我們的第一個問題來自 Steven Fox 與 Fox Advisors 的對話。

Two questions, if I could, please. First, on inventories, Mike. A little bit of improvement there quarter-over-quarter, and it looks like you were able to get more components on the auto side. I wonder how close we are to just sort of calling spring in terms of normalizing inventories during the course of the next 12 months. And then I had a follow-up.

如果可以的話，請問兩個問題。首先，關於庫存，邁克。每個季度都有一點改進，看起來你能夠在汽車方面獲得更多組件。我想知道在接下來的 12 個月中，就庫存正常化而言，我們離春天有多近。然後我進行了跟進。

Hey, Steve. Yes, so the inventory days that we just printed, 61 days, down 1 day from Q4. A normalized run rate, Steve, would be around that 55, 57. That's what I expect. Not anytime soon, but that is the ultimate sort of aim. I do expect that 61 days to continue to go down to that 58, 59 level. There will be quarterly nuances, timing nuances, et cetera. But overall, the trend would be in the downward direction, particularly with the supply chain constraints easing, as you mentioned.

嘿，史蒂夫。是的，所以我們剛剛打印的庫存天數是 61 天，比第四季度減少了 1 天。標準化的運行率，史蒂夫，大約是 55、57。這就是我的預期。不會很快，但這是最終的目標。我確實希望 61 天繼續下降到 58、59 的水平。會有季度的細微差別、時間的細微差別等等。但總的來說，趨勢將是向下的，特別是隨著供應鏈限制的放鬆，正如你提到的那樣。

That's helpful. And then as a follow-up, I was wondering if you could talk a little bit more of some of the stuff you're doing on the energy infrastructure side. It seems to be supporting some good growth in Industrial from the standpoint of how the new program backlog looks. What your right to play in those markets, whether it's increasing and where you're seeing production interest?

這很有幫助。然後作為後續行動，我想知道你是否可以多談談你在能源基礎設施方面所做的一些事情。從新計劃積壓的情況來看，它似乎支持了工業領域的一些良好增長。您在這些市場中的權利是什麼，它是否在增加以及您在哪裡看到生產興趣？

Steve, that's an area of our business. As you know, it's embedded in our Industrial business. We don't tend to break out all the individual products. But in terms of overall energy management, clean energy, et cetera, that's an area where, if you take a look at our overall Industrial growth, I would say that the growth rate of that component of our industrial business is greater than most of the other industrial business.

史蒂夫，那是我們的業務領域。如您所知，它嵌入在我們的工業業務中。我們不傾向於分解所有單個產品。但就整體能源管理、清潔能源等領域而言，如果你看一下我們的整體工業增長，我會說我們工業業務的這一部分的增長率高於大多數其他工業企業。

So whether it be solar, whether it be off-grid battery storage, whether it be new efficiency of off-grid power generation, mobile power generation, it's an area that's, from a strategy standpoint, very important in the next 3 to 4 years of the overall Industrial business.

所以無論是太陽能，離網電池儲能，離網發電新效率，移動發電，從戰略的角度來看，這是未來3到4年非常重要的領域的整體工業業務。

I'd equate it -- I don't know that the growth will be as secular as maybe EVs. But 5, 6 years ago, when we made decisions to go hard into the EV market and move a lot of our resources that way, you could think of it a bit the same in terms of our overall Industrial business. That part of our Industrial business is getting a lot of attention.

我會把它等同起來——我不知道增長會像電動汽車一樣長期。但是 5、6 年前，當我們決定進軍電動汽車市場並向該市場轉移我們的大量資源時，你可以認為它與我們的整體工業業務有點相同。我們工業業務的這一部分受到了很多關注。

Any skill set you would point out as to why you guys are winning in that segment in particular?

關於為什麼你們特別是在該領域獲勝，您會指出什麼技能？

Yes. You're welcome. I guess I'd make a general statement and a specific statement. I think one of the interesting characteristics of Jabil is to be really effective in this business over the long term, I think scale matters. And then in one of the slides that we just indexed through, if you look at the overall portfolio today that make up the $34 billion, $35 billion of revenue, the balance of the portfolio is substantial.

是的。別客氣。我想我會做一個一般性聲明和一個具體聲明。我認為 Jabil 的一個有趣特徵是從長遠來看在這項業務中真正有效，我認為規模很重要。然後在我們剛剛索引的其中一張幻燈片中，如果你看看今天構成 340 億美元、350 億美元收入的整體投資組合，投資組合的餘額是可觀的。

And so again, coming back to your specific question, when I think about the markets that you're referring to, a, we've got a whole set of engineering staff that are, let's just say, expert in that area. But much like all of our businesses, they also have a vast pool of engineering resources in other sectors that they also get to confer with and talk to and think about being creative in terms of overall solutions in the industrial space. And I think that makes a big difference.

再次回到你的具體問題，當我想到你所指的市場時，我們有一整套工程人員，可以說，他們是該領域的專家。但就像我們所有的企業一樣，他們在其他領域也擁有大量的工程資源，他們也可以與這些資源進行交流，並考慮在工業領域的整體解決方案方面發揮創造力。我認為這有很大的不同。

Our next question is coming from the line of Jim Suva with Citi.

我們的下一個問題來自花旗銀行的 Jim Suva。

You mentioned a little bit of manufacturing challenges with the DMS segment. I assume that has to do with the COVID closures and things. Can you just update us as we sit here now around December 15, have those kind of been back to normalized? Are there still inefficiencies going on? Or any changes in how we should think about those efficiencies and inefficiencies?

您提到了 DMS 部分的一些製造挑戰。我認為這與 COVID 關閉和其他事情有關。您能否在 12 月 15 日左右坐在這裡更新我們的情況，這些是否已經恢復正常？是否仍然存在效率低下的問題？或者我們應該如何思考這些效率和低效率的任何變化？

Jim, I think for the quarter, so if we backward look to September, October, November with the kind of zero-COVID policy, everything that was in the media around China and then kind of our exposure to that and our experience with that, in very round numbers, I would say that the kind of overall China COVID activities probably impacted Q1 by about $10 million, give or take. As you've seen recently, and maybe you're referring to this with some recent changes around the zero-COVID policy, we'll continue to manage that in much the same way, being very careful, practical, thoughtful in terms of managing China coming out of a zero-COVID policy.

吉姆，我認為對於這個季度，如果我們回顧 9 月、10 月、11 月的零 COVID 政策，中國媒體上的所有內容，然後我們對它的曝光和我們的經驗，在非常整數的情況下，我會說中國整體 COVID 活動的類型可能對第一季度產生了大約 1000 萬美元的影響，或多或少。正如你最近看到的，也許你指的是最近圍繞零 COVID 政策的一些變化，我們將繼續以幾乎相同的方式管理它，在管理方面非常謹慎、務實、周到中國開始實行零 COVID 政策。

We've been doing that around the world since January of 2020. I think our protocols around the world and in China are kind of best-in-class. And I think protocols and processes aside, Jim, I give a huge amount of credit to our leadership team and our supervisors on the ground in China. We have a fabulous relationship with our people and our employees, and that in and of itself makes a huge difference. So anyway, that's our intent.

自 2020 年 1 月以來，我們一直在世界各地這樣做。我認為我們在世界各地和中國的協議都是一流的。我認為除了協議和流程之外，吉姆，我非常感謝我們的領導團隊和我們在中國的實地主管。我們與我們的員工和員工建立了良好的關係，這本身就產生了巨大的影響。所以無論如何，這就是我們的意圖。

And then as a follow-up on a different topic, you mentioned some more consigning. That was kind of the same customer? Or is it expanding more or the relationship getting deeper? Or is it kind of getting broader for the consignment? I'm just kind of curious, it seems like to me, I should think about the consignment as a good thing for like more sticky business and sticky relationships.

然後作為不同主題的後續，你提到了更多的委託。那是同一個客戶？還是擴大更多或關係更深？還是寄售範圍越來越廣？我只是有點好奇，在我看來，對於更粘性的業務和粘性關係，我應該將寄售視為一件好事。

Yes. I'm not going to get into customer-specific. I think when it comes to parts of our cloud business, Jim, we've been very, very consistent. And I don't know the first time we came out on a call and started talking about our entry into the cloud business based on our right to play and the solutions that our team wanted to bring forward. But what we talked about maybe back in 2018 and through 2019 and even through 2020 and COVID and on and on and on, we've been extremely consistent with the fact that our value proposition in that area of our business is very geocentric and very asset-light.

是的。我不打算進入特定於客戶的領域。我認為，在談到我們的部分雲業務時，吉姆，我們一直非常、非常一致。我不知道我們第一次打電話開始談論我們基於我們的參與權和我們團隊想要提出的解決方案進入雲業務。但我們談論的內容可能早在 2018 年、2019 年甚至 2020 年和 COVID 等等，我們一直非常認同這樣一個事實，即我們在該業務領域的價值主張非常以地心為中心，非常資產-光。

And said differently, we do a very good job of aligning variable costs with the puts and takes of the revenue. This is nothing more than that continuing. And the team has done an absolutely fantastic job of growing that business. I think on one of the slides again that we showed, you can see our Cloud business or let's just say, Cloud and 5G and is now $6 billion, give or take. So I think that's a proxy for how successful they've been. And again, we'll continue, and our intent is to continue to run that an asset-light way.

換句話說，我們在將可變成本與收入的投入和投入保持一致方面做得很好。這無非就是繼續。該團隊在發展該業務方面做得非常出色。我認為在我們再次展示的其中一張幻燈片上，您可以看到我們的雲業務，或者說，雲和 5G，現在是 60 億美元，給予或接受。所以我認為這是他們取得成功的一個指標。再一次，我們將繼續，我們的目的是繼續以輕資產的方式運行。

And Jim, if I could just add, I think when we gave guidance in September, our assumption was that the consignment would start sometime in March. We actually managed to get it done far earlier in November. So you're seeing an earlier impact of this consignment piece showing up in our -- a little bit in Q1 but mainly in Q2.

吉姆，如果我可以補充一點，我想當我們在 9 月份給出指導時，我們的假設是貨物將在 3 月份的某個時候開始。實際上，我們在 11 月早些時候就設法完成了它。所以你看到了這個寄售件的早期影響出現在我們的 - 第一季度有一點但主要是第二季度。

Our next questions come from the line of Shannon Cross with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Shannon Cross。

I wanted to understand a little bit more about the decision to reduce costs. I understand there's continued productivity improvements that you can do. But I'm wondering sort of what you saw out there that led you to do this? And how much of it is proactive versus changes you've already seen in customer behavior? And then I have a follow-up.

我想更多地了解降低成本的決定。我知道您可以持續提高工作效率。但我想知道你在那裡看到了什麼導致你這樣做？與您已經在客戶行為中看到的變化相比，其中有多少是主動的？然後我有一個後續行動。

I think it's a natural decision. We -- the word's -- I don't know if I'd use the word difficult, but let's just, for lack of a better word, things are a bit choppy right now, a little bit difficult. And whether it's running our business in each sector of our business in a different way based on what customers need, whether it's our execution, whether it's overall cost management, I think when we sat here in August, September, and we're taking a hard look at the year. Our belief is that we should be maybe a bit more cautious to the back half of the year as we sit today.

我認為這是一個自然的決定。我們——這個詞的——我不知道我是否會用困難這個詞，但讓我們，因為沒有更好的詞，現在情況有點不穩定，有點困難。以及是否根據客戶需求以不同的方式在我們業務的每個部門開展業務，是否是我們的執行，是否是整體成本管理，我認為當我們在 8 月、9 月坐在這裡時，我們正在採取努力看看當年。我們的信念是，我們今天應該對今年下半年更加謹慎。

So Mike and I got together with our leadership team, and I'm really pleased with the outcome. And by the way, this was a hard press by the overall team. We're just being proactive in terms of -- largely in terms of overhead costs and maybe costs that sit on top of the factories. I think that Mike said in his prepared remarks. And I think one thing, I think it's worth differentiating, being proactive in the methods -- in the way we're being proactive in terms of cost management is, to me, way different than say, writing off or writing down assets.

所以邁克和我與我們的領導團隊聚在一起，我對結果非常滿意。順便說一句，這對整個團隊來說是一個沉重的壓力。我們只是在 - 主要是在管理費用和可能位於工廠之上的成本方面積極主動。我認為邁克在他準備好的發言中說過。我認為有一件事，我認為值得區分，在方法上積極主動——在我看來，我們在成本管理方面積極主動的方式與註銷或減記資產有很大不同。

It's really about taking a look at the business, being aggressive and proactive and then being sure that shareholders get a very fair return on that in short order. And I think Mike in his prepared remarks somewhere said, on our cost management and the charge we took in the quarter, investors will get about a dime back at the back half of this year. But more importantly is I think the payback for '24 and into perpetuity will be $0.20, $0.25. So I think it's good use of our effort and nice returns for shareholders.

這實際上是關於審視業務，積極主動，然後確保股東在短期內獲得非常公平的回報。我認為邁克在他準備好的發言中說，關於我們的成本管理和我們在本季度收取的費用，投資者將在今年下半年收回大約一毛錢。但更重要的是，我認為 24 年和永續期的回報將是 0.20 美元，0.25 美元。所以我認為這很好地利用了我們的努力，並為股東帶來了可觀的回報。

And Shannon, our business assumptions continue to be extremely robust. I think I highlighted some of the secular trends that we're actually participating in. All of those continue to show very decent growth.

香農，我們的業務假設仍然非常穩健。我想我強調了我們實際參與的一些長期趨勢。所有這些都繼續顯示出非常可觀的增長。

Great. And then just one other question. How -- when you talk to your customers, how are they thinking about geographic distribution of manufacturing these days. Given the challenges in China, I know it's starting to open up again, but obviously, it comes and goes. I'm wondering how much of a discussion customers are having about Eastern Europe and India? And obviously, you're pretty well positioned to help them as they move production around.

偉大的。然後是另一個問題。如何——當你與客戶交談時，他們如何看待如今製造業的地理分佈。考慮到中國面臨的挑戰，我知道它正在重新開放，但顯然，它來來去去。我想知道客戶對東歐和印度有多少討論？很明顯，您可以很好地幫助他們轉移生產。

Thank you. Happy holidays to you too. I don't know that there's a general theme. I think we have 400-plus customers, and I think our customers' thoughts are all over the map, and they're doing the best for their business based on their products. Everything -- and this will give you a little bit of a feel for the complexity of it. And by the way, it's why our structure is so efficient and so optimal in terms of customer solutions.

謝謝你。也祝你節日快樂。我不知道有一個普遍的主題。我認為我們有 400 多個客戶，我認為我們客戶的想法無處不在，他們正在根據自己的產品為自己的業務做最好的事情。一切——這會讓你對它的複雜性有一點感覺。順便說一句，這就是為什麼我們的結構在客戶解決方案方面如此高效和最佳的原因。

Here at Jabil, we don't run our business on a factory basis. We run it customer by customer, line item by line item. And the reason we do that is, let's just take a product that, let's say, the unit cost is x, but the ability to move that product around the world in terms of distributing the product is very expensive. Well, that would suggest maybe we build it in-region.

在 Jabil，我們不以工廠為基礎開展業務。我們逐個客戶，逐個項目地運行它。我們這樣做的原因是，讓我們假設一個產品，比方說，單位成本是 x，但是就分銷產品而言，在全球範圍內移動該產品的能力非常昂貴。好吧，這表明我們可能會在區域內建造它。

We have other products that cost y and moving that product around the world is very small relative to the cost of the product, and we might consolidate that to a single spot in the world. Then you add to it, all the different geopolitical issues, the very unfortunate issue that continues to wane on in the Ukraine. So it's hard for me to go, geez, this is kind of the herd mentality of our customers because the business just doesn't act that way. Also, I would suggest that when you look at our portfolio, and you look at the 8 sectors that we define and then you think about all the subsectors of the business, Again, one of the things I think is a huge strength at Jabil is the diversification. And with that diversification becomes endless amounts of solutions.

我們還有其他成本為 y 的產品，相對於該產品的成本，將該產品運往世界各地的成本非常小，我們可能會將其整合到世界上的一個地點。然後你再加上所有不同的地緣政治問題，非常不幸的問題在烏克蘭繼續減弱。所以我很難去，天哪，這是我們客戶的一種從眾心理，因為企業不會那樣做。此外，我建議當你查看我們的投資組合時，查看我們定義的 8 個部門，然後考慮業務的所有子部門，同樣，我認為 Jabil 的巨大優勢之一是多元化。隨著這種多樣化變成了無窮無盡的解決方案。

And again, I take you back to our approach and our structure. We kind of work with each customer in a very unique way, accommodating their needs. With that being said, I would say that you'll probably see us do some expansion in Eastern Europe. You'll probably see us continue to expand in Mexico. I think we feel pretty good about our footprint in China. And you'll probably see some expansion over the next couple of years in India.

再一次，我帶你回到我們的方法和結構。我們以一種非常獨特的方式與每個客戶合作，滿足他們的需求。話雖如此，我想說你可能會看到我們在東歐進行一些擴張。您可能會看到我們繼續在墨西哥擴張。我認為我們對我們在中國的足跡感到非常滿意。未來幾年您可能會在印度看到一些擴張。

Our next questions come from the line of Matt Sheerin with Stifel.

我們的下一個問題來自 Stifel 的 Matt Sheerin。

Yes. I have a question, Mark, regarding your updated revenue guidance for FY '23. You're raising the outlook for auto and health care. Is that related to just better supply conditions or demand related? Why taking that number up -- taking those numbers up?

是的。馬克，我有一個關於你更新的 23 財年收入指南的問題。你提高了汽車和醫療保健的前景。這與更好的供應條件有關還是與需求有關？為什麼要增加這個數字——增加這些數字？

We're taking them up because we can. I mean, as we sit here today, one could look at it and go, why would you guys take the numbers up, if you're somewhat cautious about the back half of the year or gosh knows what's going to happen in '23 based on what the U.S. Fed is doing in the markets, et cetera, et cetera. But I think we use very good judgment. Again, a real good charm about Jabil is we break our business up into really, really, really small pieces. And it gives us really good acuity, high resolution of all elements of our business.

我們接受它們是因為我們可以。我的意思是，當我們今天坐在這裡時，人們可以看看它然後走，如果你們對今年下半年有點謹慎或者天哪知道 23 年會發生什麼，你們為什麼要接受這些數字關於美聯儲在市場上的所作所為等等。但我認為我們的判斷力非常好。同樣，Jabil 的真正魅力在於我們將我們的業務分解成非常、非常、非常小的部分。它使我們對業務的所有要素都具有非常好的敏銳度和高分辨率。

So in a more general sense, I think the -- again, referring back to one of the slides that one of us spoke to, is we're -- as we sit today, we're going to -- we think we'll see double-digit growth in the areas of auto and transportation, largely driven by EVs. Health care, I think we showed on the slide would be maybe north of 10%. And then same with our Industrial & Semi-Cap business, largely being led on the industrial side.

因此，從更一般的意義上說，我認為——再一次，回顧我們其中一個人談到的其中一張幻燈片，我們是——正如我們今天坐的那樣，我們將——我們認為我們”在電動汽車的推動下，汽車和交通領域將實現兩位數的增長。醫療保健，我認為我們在幻燈片上顯示的可能超過 10%。然後與我們的工業和半導體業務相同，主要在工業方面處於領先地位。

And the growth in all 3 of those areas, a, supply chain is getting better and getting better faster. One caveat there is, is legacy semiconductors in the EV space are still tight. But supply chain is getting markedly better. Our ability to gather parts relative to others is very strong. And then in certain aspects of those, based on certain trends, demand is holding reasonably well.

所有這三個領域的增長，a，供應鏈越來越好，越來越好。需要注意的是，電動汽車領域的傳統半導體仍然供不應求。但供應鏈正在明顯好轉。我們相對於他人收集零件的能力非常強。然後在某些方面，根據某些趨勢，需求保持得相當好。

Okay. Great. And then a question, Mike, regarding the incremental consignment revenue that you talked about. So total $800 million in revenue going to consignment for your cloud customer. Does that move the needle on gross margin at all? Is there any change in terms of the operating margin or operating income on that business?

好的。偉大的。然後是一個問題，邁克，關於你談到的增量寄售收入。因此，為您的雲客戶寄售的總收入為 8 億美元。這是否會改變毛利率？該業務的營業利潤率或營業收入是否有任何變化？

So yes, it does move the needle a little bit on margin, but there's been some offsets. I think Adam highlighted some inefficiencies that we had on the mobility side in China, particularly in Q1. We've made some assumptions around further COVID, et cetera, as well in parts of the world, and that does have a little bit of an impact on margin. But you're right, on the consigned side, it has a small margin improvement impact. And that's one of the reasons we pursue this with -- along with the customer.

所以，是的，它確實在保證金上移動了一點點，但有一些抵消。我認為亞當強調了我們在中國移動方面的一些低效率，特別是在第一季度。我們已經圍繞進一步的 COVID 等以及世界部分地區做出了一些假設，這確實對利潤率產生了一些影響。但你是對的，在委託方面，它對利潤率的改善影響很小。這就是我們與客戶一起追求這一點的原因之一。

If I could add to that, here's a real simple way to think about it in very round numbers. Two years ago, the overall op margin for the company was 4.2%. Last year, it was 4.6%. This year, at the beginning of the year, we suggested that the op margin for the year will be 4.8%. We're holding to that 4.8%, which we're proud of. So there's a 20 bps expansion between '22 and '23. About half of that is based on our cost management for the back half of the year as well as continuing to advance our asset-light nature of our cloud business and the other half of that is the lack of a better word, the core business.

如果我可以補充一點，這裡有一個非常簡單的方法來考慮它的整數。兩年前，該公司的整體營業利潤率為 4.2%。去年，這一比例為 4.6%。今年年初，我們建議全年的營業利潤率為 4.8%。我們堅持 4.8%，我們為此感到自豪。所以在 22 年和 23 年之間有 20 個基點的擴展。其中大約一半是基於我們今年下半年的成本管理以及繼續推進我們雲業務的輕資產性質，另一半是缺乏更好的詞，即核心業務。

But what's interesting is, I don't even like differentiating that because for me, -- all of this activity goes hand in hand with running a good business. So -- but in terms of your modeling and the way to think about it, I think that's a reasonable way to think about it.

但有趣的是，我什至不喜歡區分它，因為對我來說，所有這些活動都與經營好企業密切相關。所以 - 但就您的建模和思考方式而言，我認為這是一種合理的思考方式。

Our next questions come from the line of Ruplu Bhattacharya with Bank of America.

我們的下一個問題來自美國銀行的 Ruplu Bhattacharya。

Congrats on the quarter. My first question is on the DMS segment. Mark, you're seeing strong growth in automotive and health care, and you've taken up those 2 segments combined by $600 million for the full year. Like you said, the consumer-facing end-markets in that segment are weaker, and you're taking that down by 200 basis points. Net, when I look at operating margin, it's down 10 bps. So my question to you is if the consumer-facing end-markets get weaker, can you talk us through your thoughts on margin risk in DMS? I mean, how -- do you think margins can go lower in that segment? Or what offsets do you have -- and typically, the reason I'm asking this is because typically one would think automotive and health care to be higher-margin end-markets. So if you're seeing a mix shift into that, what's driving the 10 basis points lower? And how do you see risk to that if the consumer-facing markets go lower?

祝賀這個季度。我的第一個問題是關於 DMS 部分。馬克，您看到了汽車和醫療保健領域的強勁增長，並且您全年在這兩個領域的總收入達到了 6 億美元。正如您所說，該細分市場中面向消費者的終端市場較弱，您將其降低了 200 個基點。淨值，當我查看營業利潤率時，它下降了 10 個基點。所以我問你的問題是，如果面向消費者的終端市場變弱，你能談談你對 DMS 保證金風險的看法嗎？我的意思是，你認為該細分市場的利潤率會如何降低？或者你有什麼抵消——通常，我問這個的原因是因為通常人們會認為汽車和醫療保健是利潤率更高的終端市場。所以，如果你看到混合轉變，是什麼推動了 10 個基點的下跌？如果面向消費者的市場走低，您如何看待風險？

Ruplu, that's a little bit of an open-ended question because I don't know if you mean it this way, but I'll answer it how I understand it, which is if the bottom falls out of all consumer-facing products, could the overall DMS margins go down further? Maybe. As we sit today, I think we've done a reasonably good job of for what we know, handicapping the back half of the year. And you -- the way you stated it is largely correct. We've really kind of haircut and handicap any consumer-facing products. And again, the reciprocal of that is we feel good about industrial, automotive and health care.

Ruplu，這是一個有點開放性的問題，因為我不知道你是不是這個意思，但我會按照我的理解來回答，也就是說，如果所有面向消費者的產品都出現底部問題，整體 DMS 利潤率能否進一步下降？可能是。正如我們今天所坐的那樣，我認為我們在我們所知道的方面做得相當不錯，阻礙了今年下半年的發展。而你——你陳述的方式在很大程度上是正確的。我們真的有點理髮和阻礙任何面向消費者的產品。同樣，與之相反的是我們對工業、汽車和醫療保健感覺良好。

If you -- as you're putting your model together for the year, we just reported first quarter -- we just gave you a hard guide on 2Q. As I think about Q3 and Q4, our DMS margins, as you start putting numbers together and do your after calls and whatnot, I think what you'll find is doing the math is to have our DMS business end up being at 5% or 5.1% margin. Whatever it ends up being, Q4 is going to end up being a pretty strong quarter. And I think that's reflective of exactly what you said, which is some of the higher margins in auto and health care.

如果你 - 當你將你的模型放在一起時，我們剛剛報告了第一季度 - 我們只是給了你一個關於第二季度的硬性指南。當我考慮第 3 季度和第 4 季度時，我們的 DMS 利潤率，當你開始把數字放在一起並做你的電話後等等，我想你會發現做數學是讓我們的 DMS 業務最終達到 5% 或5.1% 的保證金。無論最終結果如何，第四季度都將是一個非常強勁的季度。我認為這正好反映了你所說的，這是汽車和醫療保健領域的一些較高利潤率。

I would also -- why we're on the topic of the year is let's not be -- let's be sure it's not lost on us. The hard work and the complementary work that our EMS team is doing in terms of their business and margins for the year as well. When we went into 1Q, on the EMS side, we thought margins would be in the 4%, 4.1% range, that came in 4.3%. If you take a look at our guide and do your math on that, you'll see the strong margin returns. And then if you think about the year on the EMS side, last year, I don't remember the exact number, but EMS was 4.2%, 4.3%. Beginning of the year, we thought EMS would be -- for the year, EMS would be around 4.4%, 4.5%. And I think EMS is going to come in closer to 4.6%, 4.7%. So again, let's step back and just have an appreciation for the fact that the business is kind of an entire portfolio. And I say that respectfully I understand your question was around DMS. I hope that helps.

我也會——為什麼我們討論年度主題是讓我們不要——讓我們確保它不會迷失在我們身上。我們的 EMS 團隊在今年的業務和利潤方面所做的辛勤工作和補充工作。當我們進入第一季度時，在 EMS 方面，我們認為利潤率將在 4%、4.1% 的範圍內，實際為 4.3%。如果您查看我們的指南並對其進行計算，您將看到強勁的利潤回報。然後如果你考慮一下 EMS 方面的年份，去年，我不記得確切的數字，但 EMS 是 4.2%、4.3%。今年年初，我們認為 EMS 將是 - 今年，EMS 將在 4.4% 左右，4.5% 左右。我認為 EMS 將接近 4.6%、4.7%。因此，讓我們再次退後一步，欣賞一下該業務是一個完整的投資組合這一事實。我恭敬地說，我知道你的問題是關於 DMS 的。我希望這有幫助。

Yes. I appreciate that. For my second question, if I can ask, Mike, 4.8% operating margin total for the company. Can you help us quantify the inflation pass-through impact on that. I'm assuming like other EMS companies as component costs have gone up, you're passing that through. I'm not sure if it's a dollar for dollar, but if it is, then your revenue should be hurting -- but sorry, your margin should be hurting because of that. And so what would that 4.8% have been if there was no inflation pass-through?

是的。我很感激。關於我的第二個問題，邁克，如果我可以問的話，公司的總營業利潤率為 4.8%。你能幫我們量化通貨膨脹的傳遞影響嗎？我假設像其他 EMS 公司一樣，隨著組件成本的上升，你正在通過它。我不確定這是否是一美元兌一美元，但如果是，那麼你的收入應該會受到影響——但抱歉，你的利潤率應該因此受到影響。那麼，如果沒有通貨膨脹，那 4.8% 會是多少？

And when we think about modeling margins, if we look back, the Slide 13 that you have, you've kind of shown us the last 5 years and how the margins have progressed since fiscal '19, very strong performance. But I mean, as we model out going forward, what are the puts and takes here? Like I mean you're going to get a benefit as inflation goes down. That should help margins. But what are the other things that can drive margins? And any guidance you can give to -- how do you think about what the target margins can be in the long term?

當我們考慮建模利潤率時，如果我們回顧一下，您擁有的幻燈片 13，您已經向我們展示了過去 5 年以及自 19 財年以來利潤率的進展情況，表現非常強勁。但我的意思是，隨著我們向前發展，這裡的 puts 和 takes 是什麼？就像我的意思是，隨著通貨膨脹下降，你將獲得好處。這應該有助於利潤率。但是還有哪些其他因素可以推動利潤率呢？您可以提供任何指導 - 您如何看待長期目標利潤率？

Ruplu, I'll stop that one for a minute. Wow, that was a lot. Let me bring you back to what I think was the first part of the question, which is, yes, you're correct, in the first quarter, at an enterprise level, margins were 4.8%. I kind of think you answered your own question, which is 1Q of last year, margins were 4.7%. We thought that the first quarter would come in back in August, September. We were guiding and anticipating the margins for Q1 would be 4.8%. They came in right on top of the 4.8%. Again, I'll bring you back to DMS margins, were down about 20 basis points. EMS margins were up 20 basis points. Again, indication of the size, scale, but again, the wonderful diversification we have.

Ruplu，我會停止那個一分鐘。哇，那太多了。讓我帶你回到我認為是問題的第一部分，是的，你是對的，在第一季度，在企業層面，利潤率為 4.8%。我覺得你回答了你自己的問題，那是去年第一季度，利潤率為 4.7%。我們認為第一季度會在 8 月、9 月回來。我們指導並預計第一季度的利潤率為 4.8%。他們排在 4.8% 之上。再一次，我會帶你回到 DMS 利潤率，下降了大約 20 個基點。 EMS 利潤率上升了 20 個基點。再次表明規模，規模，但再次表明我們擁有的奇妙多元化。

If we didn't have good understandings with our customers in terms of equitable sharing when variable costs go up and down, we wouldn't have delivered the 4.8%. So I don't say that to drive a concern. I say that much in an opposite way, which is the way we have our business set up, the way we have our customer relationship set up are very satisfactory to our leadership team.

如果我們在可變成本上下波動時沒有在公平分攤方面與客戶有很好的理解，我們就不會交付 4.8%。所以我這麼說並不是為了引起關注。我說的是相反的方式，這是我們建立業務的方式，我們建立客戶關係的方式讓我們的領導團隊非常滿意。

In terms of what else could have impacts on the overall margins for the year, it could be anything. On the downside, it could be that -- the macro gets worse on the -- so what do I worry about? Yes, the macro could collapse is that and the other, but then that instability will be there for everybody. What I don't worry about is -- I don't worry about our team's ability to execute. I don't worry about our team in and of itself. I love the portfolio that we have. I don't worry about the size of the market. I don't worry about our ability to continue to gain share. And maybe you wrap all that up, I think our team, both at a factory level and above factory does a really, really nice job of controlling what we can control.

就其他可能對今年整體利潤率產生影響的因素而言，它可能是任何因素。在不利方面，可能是 - 宏觀經濟變得更糟 - 那麼我擔心什麼？是的，宏觀經濟可能會崩潰，但那樣一來，每個人都會面臨不穩定。我不擔心的是——我不擔心我們團隊的執行能力。我不擔心我們的團隊本身。我喜歡我們擁有的投資組合。我不擔心市場的規模。我不擔心我們繼續獲得份額的能力。也許你總結了所有這些，我認為我們的團隊，無論是在工廠層面還是在工廠層面，都在控制我們能控制的方面做得非常非常好。

Got it. I mean I really appreciate all those details. And wondering, maybe now if I can sneak 1 more quick 1 in. I know you've announced Kenny Wilson to be the new CEO effective May 1, and you're going to take on more of a strategy, corporate development role. So can you just talk about from now until then, what are some of the handover activities you're going to do? And should we think of any change in direction to the company? Or how should we think about this transition? Congrats again on the quarter.

知道了。我的意思是我真的很感激所有這些細節。想知道，也許現在我能不能再快一點。我知道你已經宣布肯尼·威爾遜 (Kenny Wilson) 成為新任首席執行官，從 5 月 1 日起生效，你將承擔更多的戰略和企業發展角色。那麼您能否談談從現在到那時，您將要進行哪些交接活動？我們是否應該考慮改變公司的方向？或者我們應該如何考慮這種轉變？再次祝賀本季度。

Well, that's an interesting question. I've been at this a long time, and I'd make this comment not directly around my relationship with Kenny. Whether my relationships with Kenny or Borges or Dastoor or McCoy or JJ or all the folks that you've met, we are -- we have a significantly tight-knit group. We've all been at this a long time. Sometimes that becomes problematic because it feels sometimes like we've complete each other's sentences. So we've got to continue to challenge ourselves so we don't have a group think.

嗯，這是一個有趣的問題。我已經這樣做了很長時間，我不會直接圍繞我與肯尼的關係發表評論。無論我與 Kenny、Borges、Dastoor、McCoy 或 JJ 還是你見過的所有人的關係，我們都是——我們有一個非常緊密的團隊。我們都在這很長時間了。有時這會成為問題，因為有時感覺我們已經完成了彼此的句子。所以我們必須繼續挑戰自己，這樣我們就不會抱有集體思維。

But Kenny has been with us a long time, so has the balance of the team. I don't envision any of this being revolutionary. I think it will be evolutionary. We also added some other new leadership to the team recently with LaShawne and [Christine] in Legal. So I think we'll carry on.

但是肯尼已經和我們在一起很長時間了，團隊的平衡也是如此。我不認為這是革命性的。我認為這將是進化的。我們最近還為團隊增加了一些其他新的領導層，包括法務部的 LaShawne 和 [Christine]。所以我想我們會繼續。

With that being said, as I continue to move more and more throughout the year into an active Chairman role, and you're right, I'll have my hands firmly involved with investors and our foundation and strategy and other stuff, I hope the team takes my 10 or 11 years and is disruptive in a positive sense. I think one of the things that this team has done over and over and over and over in time and time again, over 30 years is I think we're proactive. I think we changed when we need to change, we don't change for the sake of changing.

話雖如此，隨著我在這一年中越來越多地擔任主席的積極角色，你是對的，我將堅定地參與投資者以及我們的基金會和戰略以及其他事務，我希望團隊需要我 10 或 11 年的時間，並且在積極意義上具有破壞性。我認為這個團隊在 30 多年來一次又一次地一次又一次地做的事情之一就是我認為我們是積極主動的。我認為我們在需要改變的時候改變了，我們不會為了改變而改變。

And I'd say, Kenny and some of the expanded leadership team is probably, in some sense, a little bit more edgy than I can be. And I think that's a good thing. So I think there'll be I think there'll be some good changes. You can think of them as evolutionary, not revolutionary changes because the foundation we've built for this business has never been stronger. And I'm really, really, really looking forward to the next 2, 3, 4 years to see how things shake out.

我想說，從某種意義上說，肯尼和一些擴大後的領導團隊可能比我更急躁。我認為這是一件好事。所以我認為會有一些好的變化。您可以將它們視為進化性而非革命性的變化，因為我們為這項業務建立的基礎從未如此強大。我真的、真的、真的很期待接下來的 2、3、4 年，看看事情會如何發展。

Our next questions come 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 cash flow, you've typically seen more cash investments in 1Q, but you actually squeezed out some free cash flow this quarter. So is this more about timing or maybe less need for working capital investments kind of given elevated build last year? And any comments there in the kind of the shape of free cash flow for the year? And then also on guidance, it remains unchanged. So how are you kind of offsetting the increase in interest expense and kind of cash outlays on optimization? Or was that kind of included in your projections last quarter?

因此，就現金流而言，您通常會在第一季度看到更多現金投資，但實際上本季度您擠出了一些自由現金流。那麼，這更多是關於時機，還是考慮到去年高架建築對營運資本投資的需求減少？還有關於今年自由現金流的任何評論嗎？然後在指導方面，它也保持不變。那麼，您如何抵消利息支出的增加和優化方面的現金支出呢？還是您上個季度的預測中包含了這種情況？

Yes. So the free cash flow assumptions that we have today that reflect everything reflect -- they reflect the sort of charge that we've taken, the cash outlay associated with that. Don't forget that the savings on the other side of that as well. So there is definitely everything that's out there is reflected in the free cash flow. From a Q1 standpoint, I think it's more timing. We've talked about our CapEx being in that 2.5% range, not much changes from that 2.5% guidance that we provided in September. You'll always have timing differences, you'll have nuances. From a shape of the year perspective, I sort of -- I just use shapes from previous years. I think it will be very similar to that. Obviously, timing moves things here and there a little bit. But overall, we still feel committed to our $900 million free cash flow number for the year as well.

是的。因此，我們今天擁有的反映一切的自由現金流假設反映了——它們反映了我們所收取的費用，以及與之相關的現金支出。別忘了另一面的儲蓄也是如此。所以肯定有一切都反映在自由現金流中。從第一季度的角度來看，我認為這是更多的時機。我們已經談到我們的資本支出在 2.5% 的範圍內，與我們 9 月份提供的 2.5% 的指導相比變化不大。你總會有時間差異，你會有細微差別。從年度形狀的角度來看，我有點——我只是使用前幾年的形狀。我認為這將與此非常相似。顯然，時機會稍微改變一些事情。但總的來說，我們仍然致力於實現今年 9 億美元的自由現金流量。

Got you. And then just a follow-up on op margins in very kind of good progression here over the last 2 years, some nice benefits from cloud consignment, but can you expand on the drivers to get to that 5% mark and kind of the pace beyond fiscal year '23. You're doing some cost optimization here, but will it be more a function of mix kind of efficiencies or even scale as you guys are approaching $10 billion in quarterly revenue run rate now.

明白了然後只是跟進運營利潤率在過去 2 年裡取得了非常好的進展，雲寄售帶來了一些不錯的好處，但是你能否擴大驅動因素以達到 5% 的目標和超越的速度財政年度'23。你們在這裡進行了一些成本優化，但隨著你們現在的季度收入運行率接近 100 億美元，它會更多地成為混合效率甚至規模的函數。

I would suggest all of you about, Paul, I think it's definitely a mix, operational efficiency, something we always execute on. We've always invested in the past around automation, robotics, et cetera. So we feel good about that as well. And overall, the margin, does it go beyond 5%, 5.5% as well. We're not stopping at 4.8%, and we're definitely not stopping it at 5% either. So it's something we're actively engaged in and feel very strongly about.

我建議你們所有人，保羅，我認為這絕對是一種混合，運營效率，我們一直在執行的事情。過去，我們一直圍繞自動化、機器人技術等進行投資。所以我們對此也感覺良好。總體而言，利潤率是否超過 5%，也超過 5.5%。我們不會停在 4.8%，我們也絕對不會停在 5%。因此，這是我們積極參與並強烈關注的事情。

Our next questions come from the line of David Vogt with UBS.

我們的下一個問題來自瑞銀集團的 David Vogt。

I have a big picture macro question on sort of demand. And you talked about your demand characteristics being relatively consistent with 90 days ago. But I'm trying to square it with your commentary being a little bit more cautious as we move through the back half of this year. I guess my question is when you think about what's happening in the marketplace, we're seeing some intensity drop from a capital per spend in telcos and cloud. How much of your demand visibility or your revenue visibility has to do with elevated backlogs because supply chain has been sort of elevated for quite some time versus the in-period demand that you're seeing today from your customers? And then I have another question.

我有一個關於需求的宏觀宏觀問題。並且您談到您的需求特徵與90天前比較一致。但我正試圖將它與你的評論保持一致，因為我們在今年下半年移動時會更加謹慎。我想我的問題是，當你考慮市場上正在發生的事情時，我們看到電信公司和雲計算的人均支出資本強度有所下降。您的需求可見性或收入可見性有多少與積壓增加有關，因為與您今天從客戶那裡看到的周期內需求相比，供應鏈已經上升了相當長一段時間？然後我有另一個問題。

David, well, first off, welcome to the group. I think you just started coverage on us, and we look forward to spending more time with you so you can better understand the business. In terms of your questions, there's pent-up demand, but I would caveat answering your question similar to a prior question, which is I don't want to make a blanket statement because, as an example, let's take networking or, say, legacy telco, that part of our business today is about $3 billion on a $35 billion base.

大衛，好吧，首先，歡迎來到這個小組。我認為您剛剛開始報導我們，我們期待與您共度更多時光，以便您更好地了解我們的業務。就你的問題而言，有被壓抑的需求，但我會警告你的問題類似於之前的問題，我不想做一個籠統的聲明，因為，例如，讓我們以網絡為例，傳統電信公司，我們今天業務的這一部分在 350 億美元的基礎上約為 30 億美元。

So in terms of what type of backlog we see from the telco folks or the networking folks, I guess it's relevant. But in terms of our overall corporate results, I'm not sure how impactful that might be. I think 100%, we have seen pent-up demand and backlog across almost every single area of our business where supply chain constraints existed.

因此，就我們從電信人員或網絡人員那裡看到的積壓類型而言，我想這是相關的。但就我們的整體企業業績而言，我不確定這會有多大影響。我認為 100%，我們已經看到幾乎所有存在供應鏈限制的業務領域都存在被壓抑的需求和積壓。

If I could paint it with a broad brush and take this with a degree of inaccuracy, I guess, because I'm trying to paint it with a broad brush across a large-scale portfolio, I think that most of the pent-up demand and the backlog, in general, will probably be alleviated by late 1Q of '23 or into the second quarter of '23 to say the first half of '23. So I think most of the pockets of backlog clear and normalize, as we get back -- as we get to the back half of calendar '23. Again, I don't know if that's helpful or not, but that's kind of a general statement as we look across the business.

如果我可以用寬泛的畫筆來描繪它並且在一定程度上不准確地接受它，我想，因為我正試圖在大規模的投資組合中用寬泛的畫筆來描繪它，我認為大部分被壓抑的需求總的來說，積壓可能會在 23 年第一季度末或 23 年第二季度，即 23 年上半年得到緩解。所以我認為大部分積壓的口袋都在我們回來時清除和正常化 - 當我們到達日曆 '23 的後半部分時。同樣，我不知道這是否有幫助，但這是我們審視整個業務時的一般性陳述。

No, that's helpful. What we're trying to kind of understand is sort of the normal cadence of sort of order trajectory of the business, stripping aside what we've kind of lived through the last couple of years. So that's helpful. We appreciate it.

不，那很有幫助。我們試圖了解的是業務訂單軌蹟的正常節奏，撇開過去幾年我們所經歷的一切。所以這很有幫助。我們很感激。

And then maybe just a final question on cash flow and capital priorities. You've done a great job in terms of returning shareholder capital and managing cash flow over the last couple of years. Does your commentary about the second half or maybe some of the cash used for the restructuring change any of your priorities in the balance of this year? I wouldn't think so, but just wanted to just confirm with you.

然後可能只是關於現金流和資本優先級的最後一個問題。在過去的幾年裡，你在返還股東資本和管理現金流方面做得很好。您對下半年或用於重組的一些現金的評論是否會改變您今年餘額中的任何優先事項？我不這麼認為，只是想和你確認一下。

No, there's no change to our capital allocation. We've talked about in September, we have another $1.1 billion left of our authorization. We continue to use it. We use quite a bit of that in Q1, and we'll be doing in the range of $150 million, $200-plus million type of buybacks every quarter. So nothing that happens in the second half for -- also that, that actually be an opportunity to do some more in fact, if things start going south.

不，我們的資本配置沒有變化。我們在 9 月份談過，我們還剩下 11 億美元的授權。我們繼續使用它。我們在第一季度使用了相當多的回購，每個季度我們將進行 1.5 億美元、200 多萬美元的回購。因此，下半場沒有發生任何事情——而且，如果事情開始向南發展，那實際上是一個做更多事情的機會。

Thank you. We have reached the end of our question-and-answer session. With that, this does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day, and happy holidays.

謝謝你。我們的問答環節已經結束。這樣，今天的電話會議就結束了。感謝您的參與。此時您可以斷開線路。享受你剩下的一天，祝你假期愉快。