Jabil 公佈了 23 財年第二季度的強勁業績,收入為 81 億美元,核心營業收入為 3.91 億美元,核心攤薄後每股收益為 1.88 美元。儘管宏觀經濟環境充滿活力,但該公司的多元化投資組合和提高的業務彈性被強調為促成其出色業績的因素。
Jabil 的首席執行官 Mark Mondello 強調了公司以客戶為中心的方法、對其獨特文化的承諾以及對提高利潤率和提供可持續的自由現金流的關注。該公司預計其業務領域的長期長期增長趨勢將實現穩健的同比增長,但會被一些更以消費者為中心的市場和半市值略微抵消。
霍尼韋爾報告其 5G 無線基礎設施和雲業務有所增長,收入水平恢復到 9 月份的水平。
使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主
Operator
Operator
Hello, and welcome to the Jabil's Second Quarter Fiscal Year 2023 Earnings Conference Call and Webcast. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Adam Berry, Vice President, Investor Relations. Please go ahead, Adam.
大家好,歡迎收看 Jabil 2023 財年第二季度收益電話會議和網絡直播。 (操作員說明)提醒一下,正在錄製此會議。現在我很高興將電話轉給投資者關係副總裁 Adam Berry。請繼續,亞當。
Adam Berry
Adam Berry
Good morning, and welcome to Jabil's Second Quarter of Fiscal 2023 Earnings Call. Joining me on today's call is Chairman and CEO, Mark Mondello; incoming CEO, Kenny Wilson; and CFO, Mike Dastoor. In terms of agenda, Mike, Kenny and I will be offering today's prepared remarks, while Mark will join for the question-and-answer session. Please note that today's call is being webcast live. And during our prepared remarks, we will be referencing slides.
早上好,歡迎來到捷普 2023 財年第二季度財報電話會議。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;即將上任的首席執行官肯尼·威爾遜 (Kenny Wilson);和首席財務官 Mike Dastoor。在議程方面,邁克、肯尼和我將發表今天準備好的發言,而馬克將參加問答環節。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。
To follow along with the slides, please visit jabil.com within the Investor Relations section of our website. At the conclusion of today's call, a recording of the entirety will be posted for audio playback on our website. 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 third quarter and fiscal year net revenue and earnings.
要跟隨幻燈片,請在我們網站的投資者關係部分訪問 jabil.com。在今天的電話會議結束時,完整的錄音將發佈在我們的網站上以供音頻播放。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三季度和本財年的淨收入和收益。
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.
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 second quarter results, where the team delivered approximately $8.1 billion in revenue, in line with our forecast. As you dig a little deeper, it's worth noting we saw strength in areas such as industrial driven by continued robust demand for renewable energy generation and storage, automotive driven by the transition to electric vehicles. And health care as large OEMs in that space continue to partner with Jabil to deliver best-in-class personal care.
有了這個,我現在想把我們的注意力轉移到我們第二季度的業績上,該團隊的收入約為 81 億美元,符合我們的預測。當你深入挖掘時,值得注意的是,我們看到了在可再生能源發電和存儲的持續強勁需求推動下的工業、向電動汽車過渡推動的汽車等領域的實力。醫療保健領域的大型原始設備製造商繼續與 Jabil 合作,提供一流的個人護理。
Conversely, a portion of the year-over-year strength was offset by weakness in Semi-Cap and other consumer-oriented portions of our business. Putting it all together at the enterprise level, revenue grew by an impressive 8% year-over-year. Core operating income during the quarter was $391 million, an increase of 14% year-over-year, representing a core operating margin of 4.8%. This is up 20 basis points over the prior year and just ahead of our expectations from 90 days ago based on great operational execution within our EMS businesses.
相反,部分同比增長被半市值和我們業務的其他面向消費者的部分的疲軟所抵消。在企業層面將所有這些放在一起,收入同比增長了 8%,令人印象深刻。本季度核心營業收入為 3.91 億美元,同比增長 14%,核心營業利潤率為 4.8%。這比上一年高出 20 個基點,略高於我們 90 天前的預期,這是基於我們 EMS 業務的出色運營執行力。
Net interest in the quarter came in higher than expectations at $74 million. In the quarter, we also repurchased 1.7 million shares for $127 million leaving us with $975 million remaining on our current repurchase authorization. From a GAAP perspective, operating income was $359 million our GAAP diluted earnings per share was $1.52. Core diluted earnings per share was $1.88, a 12% improvement over the prior year quarter and slightly ahead of the midpoint of our range. Now turning to the segments. Revenue for the DMS segment was $4.1 billion, an increase of 8% on a year-over-year basis and in line with our expectations while core operating margin for the segment came in at 4.6% as expected as a result of strong returns in auto and health care, offset by weakness in consumer markets.
本季度的淨利息為 7400 萬美元,高於預期。在本季度,我們還以 1.27 億美元回購了 170 萬股股票,使我們目前的回購授權剩餘 9.75 億美元。從 GAAP 的角度來看,營業收入為 3.59 億美元,我們的 GAAP 攤薄後每股收益為 1.52 美元。每股核心攤薄收益為 1.88 美元,比去年同期增長 12%,略高於我們區間的中點。現在轉向細分市場。 DMS 部門的收入為 41 億美元,同比增長 8%,符合我們的預期,而由於汽車業務的強勁回報,該部門的核心營業利潤率為 4.6%,符合預期和醫療保健,被消費市場的疲軟所抵消。
Revenue for our EMS segment came in at $4.1 billion, an increase of 7% year-over-year, while core margins for the segment was 5.1%, up 110 basis points year-over-year reflecting solid leverage on strong revenue growth. So in summary, a strong close to the first half of our fiscal year. As we sit today, I know the team here is extremely proud of the strides we've made to not only improve our business over the last several years, but also make it more strong and more resilient. This improved resiliency in our business was reflected in the Q2 results.
我們的 EMS 部門的收入為 41 億美元,同比增長 7%,而該部門的核心利潤率為 5.1%,同比增長 110 個基點,反映出強勁的收入增長帶來的穩固槓桿作用。因此,總而言之,我們財政年度的上半年表現強勁。當我們今天坐在一起時,我知道這裡的團隊為我們在過去幾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,而且使它更強大、更有彈性。第二季度的業績反映了我們業務彈性的提高。
In a moment, I'll turn the call over to Mike and Kenny 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 so much opportunity as we look towards fiscal '24 and beyond. Thanks for your time today. It's now my pleasure to turn the call over to Mike.
稍後,我會將電話轉給邁克和肯尼,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,在我們展望 24 財年及以後的財年時,您會看到很多機會。感謝您今天的時間。現在我很高興將電話轉給邁克。
Michael Dastoor - Executive VP & CFO
Michael Dastoor - Executive VP & CFO
Thanks, Adam. Good morning, everyone. Q2 marked a solid close to the first half of the fiscal year. Through the first 2 quarters of FY '23, the team delivered strong year-over-year growth in revenue, core operating income and core earnings per share, while also expanding core margins by 20 basis points compared to the first half of FY '22. Growth year-to-date has been headlined by areas of our businesses experiencing long-term secular growth trends, offset slightly by some of our more consumer-centric markets and Semi-Cap.
謝謝,亞當。大家,早安。第二季度標誌著本財年上半年的穩健表現。在 23 財年的前兩個季度,該團隊在收入、核心營業收入和核心每股收益方面實現了強勁的同比增長,同時與 22 財年上半年相比,核心利潤率也擴大了 20 個基點.年初至今的增長主要是我們的業務領域經歷了長期的長期增長趨勢,但被我們一些更以消費者為中心的市場和半市值略有抵消。
The team's impressive performance through the first half of our fiscal year despite what continues to be an extremely dynamic macroeconomic environment underscores the strength of our diversified portfolio and the improved resiliency of our business. Next, I'd like to begin with an update on our cash flow and balance sheet metrics as of the end of Q2, beginning with inventory which came in higher than expected, mainly due to timing and continued component constraints on the automotive supply chain.
儘管宏觀經濟環境仍然充滿活力,但該團隊在本財年上半年的出色表現突顯了我們多元化投資組合的實力以及我們業務彈性的提高。接下來,我想首先更新我們截至第二季度末的現金流和資產負債表指標,首先是高於預期的庫存,這主要是由於汽車供應鏈的時間和持續的組件限制。
The team did a good job offsetting a portion of our inventory levels with inventory deposits from our customers. Net of these deposits, inventory days was 69 in Q2. We continue to be fully focused on bringing this metric down further in FY '23 and beyond targeting net inventory days ranging between 60 to 65 days in the medium term and expecting to normalize in the 55 to 60 days range in the long term. Our second quarter cash flows from operations came in at $414 million, while net capital expenditures totaled $304 million. With this, we ended the quarter with cash balances of $1.2 billion and a total debt to core EBITDA level of approximately 1.1.
該團隊很好地用客戶的存貨存款抵消了我們的部分存貨水平。扣除這些存款後,第二季度的庫存天數為 69 天。我們將繼續完全專注於在 23 財年進一步降低該指標,並超越中期目標淨庫存天數在 60 至 65 天之間,並預計在長期內在 55 至 60 天範圍內正常化。我們第二季度的運營現金流為 4.14 億美元,而淨資本支出總計 3.04 億美元。因此,我們在本季度末的現金餘額為 12 億美元,總債務與核心 EBITDA 的比率約為 1.1。
Turning now to our third quarter guidance on the next slide. We expect total company revenue in the third quarter of fiscal '23 to be in the range of $7.9 billion to $8.5 billion. At the midpoint, this anticipates DMS and EMS revenue will both be $4.1 billion. Core operating income is estimated to be in the range of $363 million to $423 million. GAAP operating income is expected to be in the range of $336 million to $396 million. Core diluted earnings per share is estimated to be in the range of $1.70 to $2.10. GAAP diluted earnings per share is expected to be in the range of $1.50 to $1.90.
現在轉向我們在下一張幻燈片上的第三季度指導。我們預計 23 財年第三季度公司總收入將在 79 億美元至 85 億美元之間。在中點,這預計 DMS 和 EMS 收入均為 41 億美元。核心營業收入估計在 3.63 億美元至 4.23 億美元之間。 GAAP 營業收入預計在 3.36 億美元至 3.96 億美元之間。每股核心攤薄收益估計在 1.70 美元至 2.10 美元之間。 GAAP 攤薄後每股收益預計在 1.50 美元至 1.90 美元之間。
Net interest expense in the third quarter is estimated to be approximately $80 million and for the year to be in the range of $295 million to $300 million, which is higher than we forecasted in December due to more conservative interest rate and working capital assumptions. As inventory levels normalize, I expect these interest costs to gradually decrease over the mid to long term. Tax rate on core earnings in the third quarter is estimated to be approximately 19%. Moving to the next slide, where I'll offer an update on the end market demand assumptions and how these translate to our FY '23 revenue expectations.
第三季度的淨利息支出估計約為 8000 萬美元,全年將在 2.95 億美元至 3 億美元之間,這高於我們在 12 月份的預測,原因是利率和營運資金假設更為保守。隨著庫存水平正常化,我預計這些利息成本將在中長期內逐漸下降。第三季度核心收益的稅率估計約為 19%。轉到下一張幻燈片,我將在其中提供有關終端市場需求假設的最新信息,以及這些假設如何轉化為我們 23 財年的收入預期。
At a high level, our year so far is playing out consistent with our assumptions in December. The industry continues to benefit from outsourcing of manufacturing as a macro trend due to dynamics such as onshoring closer to end consumers, complex supply chain dynamics and greater content due to ever-increasing design complexities and products. We continue to expect areas of our businesses benefiting from strong long-term secular growth trends like electric vehicles, health care, renewable energy infrastructure, 5G and cloud to drive solid year-over-year growth.
在較高的水平上,我們今年迄今為止的表現與我們在 12 月的假設一致。該行業繼續受益於製造外包這一宏觀趨勢,這是由於離岸更接近最終消費者、複雜的供應鏈動態以及由於不斷增加的設計複雜性和產品而帶來的更多內容等動態。我們繼續預計我們的業務領域將受益於強勁的長期長期增長趨勢,例如電動汽車、醫療保健、可再生能源基礎設施、5G 和雲計算,以推動穩健的同比增長。
An area where our outlook has improved since December is in our industrial business where we see robust demand for renewable energy infrastructure, which we expect to drive double-digit year-over-year revenue growth. Electric vehicle demand also continues to remain extremely strong as we continue to gain share in an end market with strong robust growth as we navigate product manufacturing life cycles and ramps at different stages in their maturity curves, constrained by a tight component supply chain. We expect a portion of the solid growth from our secular markets to be offset by lower demand in our consumer-facing markets and in Semi-Cap.
自去年 12 月以來,我們的前景有所改善的一個領域是我們的工業業務,我們看到對可再生能源基礎設施的強勁需求,我們預計這將推動收入實現兩位數的同比增長。電動汽車需求也繼續保持非常強勁,因為我們在產品製造生命週期和成熟曲線的不同階段的斜坡上繼續獲得強勁增長的終端市場份額,受到緊張的組件供應鏈的限制。我們預計我們長期市場的部分穩健增長將被我們面向消費者的市場和半導體市場的需求下降所抵消。
In summary, we feel the outlook for our business is solid and expect the secular demand across many of our end markets to remain strong. Considering this updated demand picture, let's now turn to the next slide to get a view of our updated guidance for FY '23. We expect our improved mix of business will drive incremental operating leverage, thereby giving us the confidence to raise our core margins by 10 basis points to 4.9% for FY '23 on revenue of $34.5 billion. We continue to anticipate core EPS will be $8.40, which is reflective of our improved core operating income, offset by higher interest expense.
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長期需求將保持強勁。考慮到這一更新的需求情況,讓我們現在轉到下一張幻燈片,以查看我們對 FY '23 的更新指南。我們預計我們改進的業務組合將推動增加運營槓桿,從而使我們有信心在 23 財年將核心利潤率提高 10 個基點至 4.9%,收入為 345 億美元。我們繼續預計核心每股收益將為 8.40 美元,這反映了我們提高的核心營業收入,但被更高的利息支出所抵消。
Importantly, for the year, we also remain committed to generating an excess of $900 million in free cash flow. Overall, our performance during the first half of the year gives us excellent momentum as we look to close out another strong year and drive the company to core margins beyond 5%. And with that, I would now like to turn the call over to Kenny.
重要的是,今年,我們還致力於產生超過 9 億美元的自由現金流。總體而言,我們上半年的業績為我們提供了良好的動力,因為我們希望結束又一個強勁的一年,並推動公司的核心利潤率超過 5%。有了這個,我現在想把電話轉給肯尼。
Kenneth S. Wilson - Executive VP & CEO of Jabil Green Point
Kenneth S. Wilson - Executive VP & CEO of Jabil Green Point
Thanks, Mike. I am pleased to be joining the call today. It is truly humbling to reflect back 23 years to when I joined Jabil in our manufacturing facility in Livingston, Scotland. Since then, I have been afforded the opportunity to grow and lead several areas of our business. Most recently, I had the privilege to live and work in Asia, leading our Jabil Green Point organization, which has played a major role in building out multiple key capabilities that continue to be leverage across the company.
謝謝,邁克。我很高興今天能加入電話會議。回想起 23 年前我在蘇格蘭利文斯頓的製造工廠加入 Jabil 時,真的感到非常羞愧。從那時起,我得到了發展和領導我們業務多個領域的機會。最近,我有幸在亞洲生活和工作,領導我們的 Jabil Green Point 組織,該組織在構建多項關鍵能力方面發揮了重要作用,這些能力將繼續在整個公司發揮作用。
Going forward, I'm excited to lead Jabil as CEO, alongside a team of extremely talented and long-tenured industry leaders. I would like to share a few thoughts on what you should expect from us going forward. As Mark mentioned 90 days ago, think of this as evolutionary, not revolutionary. It is our term to carry the torch and prepare our organization for future growth. First, we have a customer-centric organization, always have been, always will be. As such, we will continue to work tirelessly on behalf of our customers and shareholders to deliver long-term value.
展望未來,我很高興能以首席執行官的身份領導 Jabil,與一群才華橫溢、經驗豐富的行業領導者並肩作戰。我想就您對我們未來的期望分享一些想法。正如馬克在 90 天前提到的那樣,將其視為進化而非革命。我們的任期是傳遞火炬,讓我們的組織為未來的發展做好準備。首先,我們有一個以客戶為中心的組織,過去是,將來也是。因此,我們將繼續為我們的客戶和股東不懈努力,以實現長期價值。
Second, we will continue to cultivate our unique culture, which attracts, retains, empowers and enables our people, allowing their true self to turn up to work every day. Third, we will remain focused on increasing margins and delivering sustainable free cash flow through a combination of enhancing the mix of our business and excellent operational execution. It's my belief that this, in turn, will allow us to earn an appropriate return on investment for the value we provide. Moving on to our business. Today, we see incredible tailwinds driving our business forward.
其次,我們將繼續培養我們獨特的文化,吸引、留住、授權和賦能我們的員工,讓他們每天在工作中展現真實的自我。第三,我們將繼續專注於通過加強業務組合和出色的運營執行來提高利潤率和提供可持續的自由現金流。我相信,這反過來將使我們能夠根據我們提供的價值獲得適當的投資回報。繼續我們的業務。今天,我們看到令人難以置信的順風推動我們的業務向前發展。
For instance, this year, we are seeing robust growth in our industrial business in areas like renewable energy generation and storage. In automotive, the team continues to navigate multiple complex program introductions, increasing both our scale and addressable content per vehicle. And in health care, we continue to win new business in areas such as digital health and precision medicine as the industry outsource trend accelerates.
例如,今年,我們的工業業務在可再生能源發電和存儲等領域實現了強勁增長。在汽車領域,該團隊繼續導航多個複雜的程序介紹,增加我們的規模和每輛車的可尋址內容。而在醫療健康方面,隨著行業外包趨勢的加速,我們在數字健康、精準醫療等領域不斷贏得新業務。
The success we are seeing in these areas is a key proof point of our team's ability to leverage multiple capabilities across this per end markets as we continue to diversify our service offerings. Moving on to the year. I'm pleased with the momentum underway in the business. We expect good growth and operating leverage, which gives us the confidence to raise our expectations for core margins to 4.9% for fiscal '23. At the same time, we remain highly focused on delivering more than $900 million in free cash flow. And when I think about Jabil beyond fiscal year '23, there is a tremendous amount of opportunity ahead. Between the mix of business and the growth trends underpinned by our long-tenured management team, I'm confident that we can drive the company at above 5% core margins with sustainable strong cash flows.
我們在這些領域取得的成功是我們團隊在繼續實現服務產品多樣化的過程中跨終端市場利用多種能力的關鍵證明。繼續這一年。我對業務的發展勢頭感到滿意。我們預計會有良好的增長和經營槓桿,這使我們有信心將我們對 23 財年核心利潤率的預期提高到 4.9%。與此同時,我們仍然高度專注於提供超過 9 億美元的自由現金流。當我想到 23 財年以後的 Jabil 時,前面有大量機會。在我們長期任職的管理團隊支持的業務組合和增長趨勢之間,我相信我們可以通過可持續的強勁現金流推動公司實現 5% 以上的核心利潤率。
This will afford us tremendous flexibility in our capital allocation. In the coming years, we will remain focused on executing buybacks when they produce strong returns for shareholders and remain committed to a dividend. As it relates to M&A, you will see us continue to focus on capability building deals consistent with the past several years. And finally, we will ensure our capital structure is optimized and remain committed to maintaining our investment-grade credit profile. In closing, I feel it is appropriate to send a message to our people here at Jabil.
這將為我們的資本配置提供極大的靈活性。在未來幾年,我們將繼續專注於在回購為股東帶來豐厚回報時執行回購,並繼續致力於派發股息。由於涉及併購,您將看到我們繼續專注於與過去幾年一致的能力建設交易。最後,我們將確保我們的資本結構得到優化,並繼續致力於維持我們的投資級信用狀況。最後,我覺得有必要向 Jabil 的員工傳達一條信息。
I've spent over 20 years at our company, and I'm excited to be a leader. I will strive to make you proud. At Jabil, our people are our greatest asset. Our strength is in our ability to bring together a collection of people from diverse backgrounds, different experiences and multiple generations and moved into a culture that across the world is both consistent and a true differentiator. Being no doubt that all that matters every day is that you give away your best, focus on performance and strive to be the leader or coworker you wish you had. In summary, bring your true self to work each and every day without anxiety or fear of recourse. I am truly grateful to each and every one of you for all that you do. I will now turn the call over to Adam.
我在我們公司工作了 20 多年,我很高興能成為一名領導者。我會努力讓你驕傲。在 Jabil,我們的員工是我們最大的資產。我們的優勢在於我們能夠將來自不同背景、不同經歷和不同世代的一群人聚集在一起,並融入一種在世界範圍內既一致又真正與眾不同的文化中。毫無疑問,每天最重要的是你付出最好的,專注於表現並努力成為你希望擁有的領導者或同事。總而言之,每天都帶著真實的自己去工作,不要焦慮或害怕求助。我真的很感謝你們每一個人所做的一切。我現在將把電話轉給亞當。
Adam Berry
Adam Berry
Thanks, Kenny. Operator, we're now ready for Q&A.
謝謝,肯尼。接線員,我們現在可以進行問答了。
Operator
Operator
(Operator Instructions) Our first question today is coming from Ruplu Bhattacharya from Bank of America.
(操作員說明)我們今天的第一個問題來自美國銀行的 Ruplu Bhattacharya。
Ruplu Bhattacharya - Director & Research Analyst
Ruplu Bhattacharya - Director & Research Analyst
Kenny, good to have you on Board and on the earnings call. Let me start by asking you a question on automotive. Jabil's revenue from automotive has been pretty strong, and you've been manufacturing components like you said for EVs for a long time. However, this space may get crowded over the next 2 to 3 years, I'm thinking about media reports indicating at least one large Taiwanese EMS company looking to manufacture EVs. So when you look over the next 2, 3 years, do you think Jabil has a competitive advantage in this space that can sustain over the medium term? And how much of your auto revenues today are from EVs? And do you see that percent growing over the next few years?
肯尼,很高興你能加入董事會並參加財報電話會議。首先讓我問你一個關於汽車的問題。 Jabil 的汽車收入一直非常強勁,而且你們長期以來一直在製造電動汽車零部件,就像你們所說的那樣。然而,這個空間在未來 2 到 3 年內可能會變得擁擠,我在想媒體報導表明至少有一家大型台灣 EMS 公司希望製造電動汽車。因此,當您展望未來 2、3 年時,您認為 Jabil 在這個領域是否具有可以在中期持續的競爭優勢?您今天的汽車收入中有多少來自電動汽車?你認為未來幾年這個百分比會增長嗎?
Kenneth S. Wilson - Executive VP & CEO of Jabil Green Point
Kenneth S. Wilson - Executive VP & CEO of Jabil Green Point
Thanks for the message, Ruplu. I really appreciate it. Yes. So as you know, the EMS, the automotive industry when you do automotive business, you've got to be -- it takes you a while to get qualified. The programs run for 5, 6, 7 years. You also got to be able to leverage that capability consistently in multiple geographies across the world. So that kind of plays to our strength. And we see that -- for sure, we think there's enough opportunity and enough heeding for multiple different suppliers or competitors.
謝謝你的消息,Ruplu。對此,我真的非常感激。是的。所以正如你所知,EMS,汽車行業,當你從事汽車業務時,你必須——你需要一段時間才能獲得資格。這些計劃運行 5、6、7 年。您還必須能夠在全球多個地區一致地利用該功能。所以那種發揮我們的力量。我們看到了——當然,我們認為對多個不同的供應商或競爭對手有足夠的機會和足夠的關注。
So yes, we are pretty confident that we've got a value proposition that's going to see us continue to grow our business in automotive in the longer term. In terms of -- in the EV space, if we look at our total automotive business, it's in the order of 80% to 90% of our business now is kind of EV and autonomous. So I think you should expect -- we're pretty confident that we're well positioned. We've got business with most of the large OEMs, and we're very, very confident that's going to grow and continue across multiple geographies in the future.
所以是的,我們非常有信心我們有一個價值主張,從長遠來看,我們將繼續發展我們在汽車領域的業務。就電動汽車領域而言,如果我們看一下我們的整個汽車業務,我們現在 80% 到 90% 的業務都是電動汽車和自動駕駛業務。所以我認為你應該期待——我們非常有信心我們已經做好了準備。我們與大多數大型原始設備製造商都有業務往來,我們非常、非常有信心未來會在多個地區不斷發展壯大。
Ruplu Bhattacharya - Director & Research Analyst
Ruplu Bhattacharya - Director & Research Analyst
Okay. Kenny, for the details there. For my follow-up, let me ask a question to Mike. So you beat the midpoint of your fiscal 2Q EPS guide by about $0.04. And you're raising the operating margin outlook for fiscal '23 looks like by 10 bps, but you kept the full year EPS guide of $840 million. So my question is, Mike, when you look at the remaining year, at the second half of the year, do you see a weaker operating environment in the second half? Or is there some conservatism in the guidance? Just if you can give us your thoughts? And also, EMS had a very strong margin performance in fiscal 2Q. Do you think that's (inaudible) going forward?
好的。肯尼,那裡有詳細信息。對於我的後續行動,讓我問邁克一個問題。因此,您比第二財季每股收益指南的中點高出約 0.04 美元。你將 23 財年的營業利潤率前景提高了 10 個基點,但你保持了 8.4 億美元的全年每股收益指南。所以我的問題是,邁克,當你回顧下半年剩下的一年時,你是否看到下半年的經營環境較弱?還是指南中存在一些保守主義?只要你能告訴我們你的想法?此外,EMS 在第二財季的利潤率表現非常強勁。你認為這是(聽不清)前進嗎?
Michael Dastoor - Executive VP & CFO
Michael Dastoor - Executive VP & CFO
Well, if you look at EBIT, EBIT has grown from December by about $25 million, but on the other side of the coin, interest costs have gone up as well. Our business, our operating business, our secular trends, all the end markets that we perform in, that's actually going really well. Performance is stronger than we have anticipated. So we've taken EBIT up. Unfortunately, we've had a slightly higher level of inventory, mainly due to couple of reasons.
好吧,如果你看一下息稅前利潤,息稅前利潤自 12 月以來增長了約 2500 萬美元,但另一方面,利息成本也有所上升。我們的業務,我們的運營業務,我們的長期趨勢,我們開展業務的所有終端市場,實際上都進展順利。性能比我們預期的要強。所以我們已經提高了息稅前利潤。不幸的是,我們的庫存水平略高,這主要是由於幾個原因。
There's timing where inventory came in at the end of the quarter. The opposite side of that shows up in AP. So I'm not that worried about that piece. But the auto supply chain continues to be tight. We sort of anticipated it improving over the quarter and the rest of the year. We're not seeing that. So it's not getting worse, but it's not getting any better either. So there's inventory. And then on the interest side, obviously, the short end of the interest rate curve, has steepened over the last 10, 12 weeks, notwithstanding the last 3 or 4 days, the short-term borrowings that we have to finance our working capital has gone up as well.
存貨在季度末出現的時間。 AP 中出現了相反的一面。所以我並不那麼擔心那件作品。但汽車供應鏈仍然緊張。我們有點預計它會在本季度和今年餘下時間有所改善。我們沒有看到這一點。所以它沒有變得更糟,但也沒有變得更好。所以有庫存。然後在利率方面,很明顯,利率曲線的短端在過去 10、12 週內變陡了,儘管過去 3 或 4 天,我們必須為流動資金提供資金的短期借款已經變陡了也漲了。
So it's a little bit of a positive story and that our underlying business is performing really well. We're having some level of temporary issues with inventory and interest rates. If you look at the other side of that, when we come out of this at some point in time over the next 3, 4 quarters, interest rates, interest costs, everything should subside at our inventory levels should be much better as well. So right now, our inventory is in that 68, 69 days sort of the net inventory that we've announced. The expectation is for it to be in the 60, 65 days in the medium term. And I actually expect it to go down to 55, 60 days in the long term as well. So plenty of positive momentum to come at some point in the future as well, Rob.
所以這是一個積極的故事,我們的基礎業務表現非常好。我們在庫存和利率方面存在一定程度的暫時性問題。如果你從另一方面看,當我們在接下來的 3、4 個季度的某個時間點擺脫這種情況時,利率、利息成本,一切都應該在我們的庫存水平上消退,也應該好得多。所以現在,我們的庫存處於我們宣布的 68、69 天的淨庫存中。預期是在中期的 60、65 天。實際上,從長遠來看,我預計它也會減少到 55、60 天。所以在未來的某個時候也會有很多積極的勢頭,羅布。
Mark T. Mondello - Chairman & CEO
Mark T. Mondello - Chairman & CEO
Ruplu, this is Mark. If I could add a comment, listening to Mike's response, with everything we got going on, the macro the way it is today, if you think about the back half of the year and again, adding to what Mike said, our DMS margins for the second half are going to be in the range of 5%, which is right where they thought -- we thought they would be in September.
Ruplu,這是馬克。如果我可以添加評論,聽聽 Mike 的回應,我們正在進行的所有事情,今天的宏觀,如果你想想今年下半年,再加上 Mike 所說的,我們的 DMS 利潤率下半年將在 5% 的範圍內,這正是他們所想的——我們認為他們會在 9 月。
And by the way, that's with consumer getting hit pretty hard, at least temporarily. The EMS margins for the second half of the year are going to be in the range now of about 5%, maybe even slightly stronger, that's going to be 30, 40 bps higher than where we thought we'd be in September. And the enterprise margin for the second half of the year is now also going to be in the range of 5%. That's 10, 20 bps higher than what we thought it would be back in September. And then if you kind of take that tangentially in a different manner, we've got margins from 22% at an enterprise level of being 4.6% and as you alluded to in your question, we're going to be up 30 bps at an enterprise level year-on-year. So all things considered, the business has been run and executed really, really well.
順便說一句,這是因為消費者受到了相當大的打擊,至少是暫時的。今年下半年的 EMS 利潤率現在將在 5% 左右,甚至可能略高,這將比我們 9 月份的水平高出 30、40 個基點。而下半年的企業利潤率現在也將在5%的區間內。這比我們 9 月份的預期高 10、20 個基點。然後,如果您以不同的方式切線地看待它,我們的企業級利潤率從 22% 變為 4.6%,正如您在問題中提到的那樣,我們將以 30 個基點的速度增長 30 個基點企業級同比。因此,考慮到所有因素,該業務的運行和執行非常非常好。
Ruplu Bhattacharya - Director & Research Analyst
Ruplu Bhattacharya - Director & Research Analyst
Okay. Mark, congrats on the strong execution.
好的。馬克,祝賀你的執行力很強。
Operator
Operator
Next question is coming from Steven Fox from Fox Advisors.
下一個問題來自 Fox Advisors 的 Steven Fox。
Steven Bryant Fox - Founder & CEO
Steven Bryant Fox - Founder & CEO
Two questions, if I could. Just one follow-up on the auto details that you provided. When we think about the really tremendous growth you've had the last 2 years, I assume it slows next year. How do we think about sort of the impact this growth has had on margin mix, et cetera? And as it slows, what's the impact to margins overall? And as a second question, I was just curious if you could expand on the comment about outsourcing accelerating in digital health and precision medicine, like any further color around what that means for Jabil?
兩個問題,如果可以的話。只需跟進您提供的汽車詳細信息。當我們考慮過去 2 年的真正巨大增長時,我認為它明年會放緩。我們如何看待這種增長對利潤率組合等產生的影響?隨著它的放緩,對整體利潤率有何影響?作為第二個問題,我只是想知道你是否可以擴展關於數字健康和精準醫學外包加速的評論,比如關於這對 Jabil 意味著什麼的任何進一步顏色?
Mark T. Mondello - Chairman & CEO
Mark T. Mondello - Chairman & CEO
Steve, are you saying or suggesting, I couldn't quite hear you correctly. Are you saying automotive is going to slow next year?
史蒂夫,你是在說還是在暗示,我沒聽清楚。你是說汽車明年會放緩嗎?
Steven Bryant Fox - Founder & CEO
Steven Bryant Fox - Founder & CEO
Well, I'm assuming hitting 50% growth again for the third year in a row might be difficult, but I could be wrong on that.
好吧,我假設連續第三年再次達到 50% 的增長率可能很困難,但我的看法可能是錯誤的。
Mark T. Mondello - Chairman & CEO
Mark T. Mondello - Chairman & CEO
Okay. I didn't know. I just wanted to clarify, I don't know if you're asking in terms of a macro slowdown, slowdown to Jabil, slowdown in absolute dollars or slowdown on our CAGR growth rates, so?
好的。我不知道。我只是想澄清一下,我不知道你問的是宏觀經濟放緩、Jabil 放緩、絕對美元放緩還是我們的 CAGR 增長率放緩,所以?
Steven Bryant Fox - Founder & CEO
Steven Bryant Fox - Founder & CEO
Yes. I was talking about your specific growth rate market.
是的。我在談論你的特定增長率市場。
Mark T. Mondello - Chairman & CEO
Mark T. Mondello - Chairman & CEO
Yes, that's -- I think that's fair. We've come off of -- I don't remember the exact numbers, but I think '21 to '22, the business grew north of 40%, '22 to '23 if things hold, it will grow north of 40%. I don't think next year, it's going to grow north of 40%. But I think if I had to speculate, I think of our 8 sectors, I think automotive and transport will certainly be towards the top in terms of growth, '23 to '24 on a relative basis. I mentioned on Ruplu's question on how the margins -- I think, again, when we look at the back half of the year, we're really, really satisfied with overall margins and really satisfied with margins taking it up 10 bps for the year.
是的,那是——我認為這很公平。我們已經結束了——我不記得確切的數字,但我認為從 21 到 22 年,業務增長超過 40%,如果情況保持下去,從 22 到 23 年,它將增長到 40% 以上.我認為明年不會超過 40%。但我認為,如果我不得不推測,我認為我們的 8 個行業,我認為汽車和運輸肯定會在增長方面名列前茅,從 23 年到 24 年的相對增長。我在 Ruplu 關於利潤率的問題中提到過——我認為,再一次,當我們回顧今年下半年時,我們對整體利潤率非常、非常滿意,並且對今年利潤率上升 10 個基點非常滿意.
Intertwined in that, though, is we have a ton of activity going on in auto EVs at the moment. And there's a lot of that activity that hasn't reached maturity yet, and we expect it to do so in '24. So almost independent of whether the growth is 10%, 20%, 30% next year. I think the activity and the efforts we're putting into that space at the moment are going to have a good result and a good outlook and outcome in '24.
然而,與此交織在一起的是,我們目前在汽車電動汽車方面正在進行大量活動。還有很多活動尚未成熟,我們預計它會在 24 年成熟。所以幾乎與明年的增長率是 10%、20%、30% 無關。我認為我們目前在該領域所做的活動和努力將在 24 年取得良好的結果和良好的前景和成果。
Steven Bryant Fox - Founder & CEO
Steven Bryant Fox - Founder & CEO
And then in terms of the health care outsourcing accelerating?
然後在醫療保健外包加速方面?
Mark T. Mondello - Chairman & CEO
Mark T. Mondello - Chairman & CEO
I think we -- we've been saying this since we did the JJMD deal, and then we got hit with COVID. I think philosophically, we're directionally correct in our hypothesis around opportunities to be able to capture more and more outsourcing in the personalized digital overall health care space. As you know, it's a very, very let's just say, formal marketplace.
我認為我們——自從我們與 JJMD 達成交易以來,我們一直在這麼說,然後我們受到了 COVID 的打擊。我認為從哲學上講,我們關於能夠在個性化數字整體醫療保健領域捕獲越來越多外包的機會的假設在方向上是正確的。如您所知,這是一個非常非常正式的市場。
So decisions are very well thought as they should be with a lot of patients being involved. But nothing's changed at all in terms of our overall thoughts and commentary we've been making the last couple of years in terms of how that market looks for us and how we're positioned for that market. I think timing has been a little bit slower than we anticipated, but nonetheless, the trajectory of that is still in really good shape.
因此,決策是經過深思熟慮的,因為它們應該涉及很多患者。但就過去幾年我們在市場對我們的看法以及我們如何為該市場定位方面所做的總體想法和評論而言,沒有任何改變。我認為時間比我們預期的要慢一點,但儘管如此,它的軌跡仍然處於非常好的狀態。
Operator
Operator
The next question is coming from Melissa Fairbanks from Raymond James.
下一個問題來自 Raymond James 的 Melissa Fairbanks。
Melissa Ann Dailey Fairbanks - Research Analyst
Melissa Ann Dailey Fairbanks - Research Analyst
I've got 2 questions. They may be related, so I'll just ask them both at once. It's great to see you raise the full year revenue target for industrial and Semi-Cap. You did mention the strong growth in renewables. I was wondering if you could give us an update on your expectations for the other businesses in that segment, Semi-Cap and elsewhere? And then as a second, very nice move higher on the operating margin target for EMS, as Mark highlighted, what's driving that upside?
我有兩個問題。他們可能是相關的,所以我會同時問他們兩個。很高興看到您提高了工業和半市值的全年收入目標。您確實提到了可再生能源的強勁增長。我想知道您是否可以向我們更新您對該領域的其他業務、Semi-Cap 和其他業務的期望?然後,正如 Mark 強調的那樣,作為 EMS 營業利潤率目標的第二個非常好的舉措,是什麼推動了這一上升?
Mark T. Mondello - Chairman & CEO
Mark T. Mondello - Chairman & CEO
Okay. I'll start, and Mike and Kenny can chime in. I think the beginning of the year, we thought industrial Semi-Cap would be, I don't remember the exact numbers, but say around $4.2 billion, $4.3 billion. We've got that now indexed around $4.5 billion. The nice thing is we are seeing and again, this is just another statement of how important it is to lean into the diversification of the business today. But we're seeing some overall weakness in Semi-Cap.
好的。我會開始,Mike 和 Kenny 可以插話。我認為今年年初,我們認為工業半市值將是,我不記得確切的數字,但說大約 42 億美元,43 億美元。我們現在的指數約為 45 億美元。好消息是我們再次看到,這只是對當今業務多元化的重要性的另一種說法。但我們看到 Semi-Cap 整體存在一些弱點。
Again, down the road, we think that, that makes a nice recovery. Even with that combined industrial Semi-Cap compared to September is going to be up $200 million and maybe a little bit more than that. I think a big part of that is we are absolutely seeing benefit from the Inflation Reduction Act. So when we think about the portion of our industrial business that leans hard into solar, hard into clean energy, renewables, that's beneficial. And we -- as we think about FY '24, we think there'll be continued benefit there. What was the second part of your question?
再一次,我們認為,這會帶來不錯的複蘇。即使與 9 月份相比,合併後的工業半市值也將增加 2 億美元,甚至可能比這多一點。我認為其中很大一部分是我們絕對看到了《降低通脹法案》的好處。因此,當我們考慮我們的工業業務中非常依賴太陽能、清潔能源和可再生能源的部分時,這是有益的。而且我們 - 當我們考慮 24 財年時,我們認為那裡會持續受益。你問題的第二部分是什麼?
Melissa Ann Dailey Fairbanks - Research Analyst
Melissa Ann Dailey Fairbanks - Research Analyst
Just wondering if that's kind of what's driving the higher operating margin target for EMS, just a mix up? Or is there is internal efficiencies or what else?
只是想知道這是否是推動 EMS 實現更高營業利潤率目標的原因,只是一種混淆?還是有內部效率或其他什麼?
Mark T. Mondello - Chairman & CEO
Mark T. Mondello - Chairman & CEO
I would say, if you're talking about the OI line year-on-year, boy, it's one of the best financial metrics we have in the company. I would say, it starts with the composition of the team led by Fred McCoy and his whole team. The job they're doing on an execution basis is tremendous. If you think about some of the catalysts for sure, the Inflation Reduction Act, overall industrial are strong. Parts of wireless infrastructure and cloud remains strong. And then again, on the income line, I would say, it's a combination of just tremendous execution, customer care and again, our -- the overall EMS portfolio, although we report it in 4 different sectors, just has an endless number of customers, and I think that diversification plays into that as well.
我會說,如果你談論的是同比 OI 線,男孩,這是我們公司最好的財務指標之一。我會說,這要從 Fred McCoy 領導的團隊和他的整個團隊的組成說起。他們在執行基礎上所做的工作是巨大的。如果你確實考慮了一些催化劑,那麼通貨膨脹減少法案,整個工業都是強勁的。部分無線基礎設施和雲依然強勁。再一次,在收入線上,我想說,它是巨大執行力、客戶服務和我們的整體 EMS 產品組合的結合,儘管我們在 4 個不同的部門報告它,但只有無數的客戶,我認為多元化也起到了作用。
Operator
Operator
Next question is coming from Paul Chung from JPMorgan.
下一個問題來自摩根大通的 Paul Chung。
Paul Chung - VP & IT Hardware Analyst
Paul Chung - VP & IT Hardware Analyst
So just on the manufacturing footprint in Mexico and North America. Are you seeing some increasing competition from some of the Asian competitors and any resulting price-based competition there? And if you could expand on some of the competitive advantages you have here in North America, just seems some favorable growth trends? And then I have a follow-up.
因此,僅就墨西哥和北美的製造足跡而言。您是否看到一些亞洲競爭對手的競爭越來越激烈,以及由此產生的基於價格的競爭?如果你能擴大你在北美的一些競爭優勢,似乎是一些有利的增長趨勢?然後我有一個後續行動。
Mark T. Mondello - Chairman & CEO
Mark T. Mondello - Chairman & CEO
We always see competition. I feel without -- I don't really want to get into quantifying it. I just think -- we're a U.S. domiciled company. And if there was ever a geography that I feel really, really good -- again, I think we compete really well all over the globe. I feel very good about our ability to compete in the Americas. We've always -- we have a long-standing track record in how to run, execute and offer great customer care out of Mexico and the U.S. in terms of getting into the competition of who they are it's the same competition we have all over the globe. If you're inferring that over the next coming years, maybe overall growth rates might be quite good in North America and Mexico. If you're theory on that or your inference on that is correct, we're very, very well positioned both in U.S. and Mexico.
我們總是看到競爭。我覺得沒有——我真的不想對其進行量化。我只是想——我們是一家在美國註冊的公司。而且,如果有一個地理位置讓我感覺真的非常好——再一次,我認為我們在全球範圍內的競爭非常好。我對我們在美洲競爭的能力感到非常滿意。我們一直——我們在如何從墨西哥和美國運營、執行和提供出色的客戶服務方面有著長期的記錄,在參與他們是誰的競爭方面,這與我們在各地的競爭是一樣的全球。如果你推斷在接下來的幾年裡,北美和墨西哥的整體增長率可能會相當不錯。如果你的理論或推論是正確的,那麼我們在美國和墨西哥都處於非常非常有利的位置。
Paul Chung - VP & IT Hardware Analyst
Paul Chung - VP & IT Hardware Analyst
Got you. Nice home-field advantage. And then on connected devices and mobility here, are we kind of seeing a bottom here in guidance revisions? And can we start to see maybe rebounding order flow as we head into second half of calendar year? Just your thoughts on those key markets and how kind of margins also evolve?
明白了不錯的主場優勢。然後在此處的連接設備和移動性方面,我們是否在指南修訂中看到了底部?當我們進入日曆年的下半年時,我們是否可以開始看到反彈的訂單流?只是您對這些關鍵市場的看法以及利潤率如何演變?
Mark T. Mondello - Chairman & CEO
Mark T. Mondello - Chairman & CEO
You're welcome. For us, mobility, if I think about FY '22, if I think about our outlook in September and if I think about where it is today, mobility hasn't changed much. It's plus or minus $100 million on nearly a $4 billion base. So mobility is kind of turning out about how we thought it would and both on an absolute scale and a relative scale to September in FY '22, and there's a lot of puts and takes there.
不客氣。對我們來說,流動性,如果我考慮 22 財年,如果我考慮我們 9 月份的展望,如果我考慮今天的情況,流動性並沒有太大變化。在將近 40 億美元的基礎上,它正負 1 億美元。因此,流動性有點像我們認為的那樣,無論是在絕對規模上還是在相對於 22 財年 9 月的相對規模上,那裡都有很多投入和投入。
Our overall consumer business though, is we -- it's weak compared to '22, it's weak compared to what we thought in September. Has it bottomed? Not sure. Let's see what happens. There are so many moving parts. You've seen what has happened this week in the banking industry. We'll see what the interaction is both from the government, both from the Fed. So again, the nice thing is, is our consumer business is well diversified. In terms of the sector or end market as a whole, I don't know if I would have enough insight to suggest it's bottomed or not, I would say that we've taken a very significant hit in consumer.
不過,我們的整體消費者業務是——與 22 年相比疲軟,與我們 9 月份的想法相比疲軟。見底了嗎?沒有把握。讓我們看看發生了什麼。有很多活動部件。你已經看到了本周銀行業發生的事情。我們將看到來自政府和美聯儲的互動是什麼。所以,好消息是,我們的消費者業務非常多元化。就整個行業或終端市場而言,我不知道我是否有足夠的洞察力來表明它是否已經觸底,我想說我們在消費者方面受到了非常大的打擊。
I think our outlook for the back half of the year is rational and with that, we're taking the year up in terms of margins by 10 bps, and we feel really, really good about that. And again, I think it's illustrative of the composition of the overall company today.
我認為我們對今年下半年的展望是理性的,因此,我們將把今年的利潤率提高 10 個基點,我們對此感覺非常非常好。再一次,我認為這說明了今天整個公司的構成。
Operator
Operator
(Operator Instructions) Our next question is coming from Shannon Cross from Credit Suisse.
(操作員說明)我們的下一個問題來自瑞士信貸的 Shannon Cross。
Shannon Siemsen Cross - Research Analyst
Shannon Siemsen Cross - Research Analyst
Speaking of turmoil in the banking system, we're still here.
說到銀行系統的動盪,我們還在。
Kenneth S. Wilson - Executive VP & CEO of Jabil Green Point
Kenneth S. Wilson - Executive VP & CEO of Jabil Green Point
Congratulations.
恭喜。
Shannon Siemsen Cross - Research Analyst
Shannon Siemsen Cross - Research Analyst
Thank you, yes. To all the clients out there, we are alive and kicking. So just a couple of questions. On the EMS margin, you attributed the improvement to scale leverage. Can you elaborate more on that? And then maybe just talk about how you see scale versus mix versus cost optimization playing through as you look forward on operating margin? And I have a follow-up.
謝謝,是的。對於那裡的所有客戶,我們還活著並且在踢球。所以只有幾個問題。在 EMS 利潤率上,您將改善歸因於規模槓桿。你能詳細說明一下嗎?然後也許只是談談你如何看待規模、組合和成本優化,因為你期待營業利潤率?我有一個後續行動。
Mark T. Mondello - Chairman & CEO
Mark T. Mondello - Chairman & CEO
Let me clarify, you're talking about the margin expansion in EMS?
讓我澄清一下,您是在談論 EMS 的利潤擴張?
Shannon Siemsen Cross - Research Analyst
Shannon Siemsen Cross - Research Analyst
Yes.
是的。
Mark T. Mondello - Chairman & CEO
Mark T. Mondello - Chairman & CEO
Yes. I don't think I -- maybe I said it and maybe I forgot already, but I don't think I suggested that it's solely around scale and leverage. It's -- I think it's mainly around the fact -- I think it's composition of the business, and I think it's about the experience and the execution of -- in terms of our overall company, I feel this way. Our -- there's no team in the industry -- in our industry that has the experience and just the overall approach that our EMS team does. So I think leadership matters, I think the team matters.
是的。我不認為我——也許我說過,也許我已經忘記了,但我不認為我建議這僅僅是圍繞規模和槓桿。這是——我認為這主要是圍繞事實——我認為這是業務的組成,我認為這是關於經驗和執行——就我們整個公司而言,我有這種感覺。我們的 - 行業中沒有團隊 - 在我們的行業中擁有我們的 EMS 團隊所擁有的經驗和整體方法。所以我認為領導力很重要,我認為團隊很重要。
I'm giving you mixed thoughts because the results are very good, but it's not like a coincidence. I think it's a combination of the leadership team. We've restructured that organization a bit. We took some costs out at the beginning of the year that Mike talked about back in December, the composition, the overall diversification, our opportunity to continue to gain share in areas that we want to gain share in. We've also made some very tough decisions on maybe some relationships that weren't performing as well.
我給你的想法很複雜,因為結果非常好,但這不像是巧合。我認為這是領導團隊的結合。我們對該組織進行了一些重組。我們在今年年初削減了一些成本,邁克在 12 月份談到,組合、整體多元化,我們有機會繼續在我們想要獲得份額的領域獲得份額。我們也取得了一些非常對一些表現不佳的關係做出艱難的決定。
And by the way, in general, I think that in our industry, scale gives us a huge competitive advantage for lots of different reasons and not just scale for the sake of scale, but add to that our geographic reach, our geographic know-how and then weave into that the sophistication of our IT systems, the investments we've made on the manufacturing floor which is hundreds of millions of dollars over the last 3 or 4 years in automation, AI, robotics, data analytics, I think all that plays, Shannon.
順便說一下,總的來說,我認為在我們的行業中,出於許多不同的原因,規模給了我們巨大的競爭優勢,而不僅僅是為了規模而規模,而是增加了我們的地理覆蓋範圍,我們的地理知識然後融入我們 IT 系統的複雜性,我們在過去 3 或 4 年中在製造車間進行的投資數億美元,用於自動化、人工智能、機器人技術、數據分析,我認為所有這些戲劇,香農。
Shannon Siemsen Cross - Research Analyst
Shannon Siemsen Cross - Research Analyst
Okay. And then, I guess, as you think about capital allocation, obviously, shareholder -- or sorry, share repurchase remains a key focus. How are you balancing the opportunity, say, in auto where obviously, there's significant growth potential versus returning cash to shareholders? What's -- I know you go through probably just a returns-based analysis. But how are you sort of thinking about it holistically and potential for, I don't know, small acquisitions as well?
好的。然後,我想,當你考慮資本分配時,顯然,股東 - 或者抱歉,股票回購仍然是一個關鍵焦點。你如何平衡機會,比如說,在汽車領域,顯然有巨大的增長潛力與向股東返還現金?什麼是 - 我知道你可能只是進行了基於回報的分析。但是,您如何從整體上考慮它以及小型收購的潛力,我不知道?
Mark T. Mondello - Chairman & CEO
Mark T. Mondello - Chairman & CEO
I don't want to answer this. I think I'll waive the Jabil flag a little bit. I believe, in my opinion, and I've had lots and lots and lots of debates with sell-side, buy-side folks. I think from June of 2016 through today, we never get it right, we never get it perfect, and we'll never be exactly aligned with the sell-side, buy-side partners. But I think we've done an exceptional job with our capital allocation strategy, both strategically, tactically and financially.
我不想回答這個問題。我想我會稍微放棄 Jabil 旗幟。我相信,在我看來,我已經與賣方、買方進行了很多很多的辯論。我認為從 2016 年 6 月到今天,我們永遠不會做對,永遠不會完美,我們永遠不會與賣方、買方合作夥伴完全一致。但我認為我們在戰略、戰術和財務方面的資本配置戰略都做得非常出色。
And it is a lot of about a lot of data, a lot of data analytics, and we've come at that all the time with an eye on what do we truly believe is best for the long-term health of the business and then, of course, shareholders and customers, and we'll continue to behave in that exact manner.
它涉及大量的數據,大量的數據分析,我們一直關注這一點,著眼於我們真正相信什麼對企業的長期健康是最好的,然後,當然,股東和客戶,我們將繼續以這種方式行事。
Operator
Operator
Your next question is coming from Matt Sheerin from Stifel.
您的下一個問題來自 Stifel 的 Matt Sheerin。
Matthew John Sheerin - MD & Senior Equity Research Analyst
Matthew John Sheerin - MD & Senior Equity Research Analyst
A couple of questions from me. First, on your wireless and cloud segment. Just looking for more color what you're seeing in demand there. I know you're guiding that segment down for fiscal '23, but part of that is due to the incremental consigned inventory at your cloud customers. We're hearing, obviously, from some competitors and suppliers that, that business has been weakening and pretty lumpy. So any color there would be great?
我有幾個問題。首先,在您的無線和雲領域。只是尋找您在那裡看到的更多顏色。我知道您正在引導該細分市場在 23 財年下降,但部分原因是您的雲客戶的寄售庫存增加。顯然,我們從一些競爭對手和供應商那裡聽到,該業務一直在走弱並且相當不穩定。那麼任何顏色都會很棒嗎?
Mark T. Mondello - Chairman & CEO
Mark T. Mondello - Chairman & CEO
So if you think about the business, and again, we combine 5G wireless infrastructure and cloud together, as you know, from what we thought it was going to be 90 days ago in December, I actually think we guided it up by, I think, roughly $100 million relative to December. And we're getting back to levels that actually we thought it would be back in September.
因此,如果您考慮業務,再一次,我們將 5G 無線基礎設施和雲結合在一起,如您所知,根據我們 90 天前的 12 月的預期,我認為我們實際上是通過以下方式引導它的,我認為,與 12 月相比約為 1 億美元。我們正在回到實際上我們認為會在 9 月份恢復的水平。
So there's pockets of that where we're seeing a little bit of weakening. Overall, though, a reminder, our 5G wireless business is very global in nature. So to the extent that there's any -- and I'm not suggesting there is or isn't, but to the extent there's any type of pockets of weakening in North America, we're really fortunate to have that business well diversified and our overall cloud solution cloud business today is continuing to execute and operate slightly above the plan.
所以有一些地方我們看到了一點點疲軟。總的來說,提醒一下,我們的 5G 無線業務本質上是非常全球化的。因此,在某種程度上,我並不是說有或沒有,但在某種程度上,北美有任何類型的弱化口袋,我們真的很幸運能夠使該業務多元化,我們的整體雲解決方案 今天的雲業務繼續執行和運營,略高於計劃。
Matthew John Sheerin - MD & Senior Equity Research Analyst
Matthew John Sheerin - MD & Senior Equity Research Analyst
Okay. And then on the supply constraints that you're seeing in automotive. I know in previous quarters, you've had supply issues across other businesses, including health care and some other markets. Could you comment on the availability of parts in those areas? And on the automotive side, are you getting a sense that, that supply will improve over the next few quarters?
好的。然後是您在汽車行業看到的供應限制。我知道在前幾個季度,您在其他業務中遇到了供應問題,包括醫療保健和其他一些市場。您能否評論一下這些區域的零件供應情況?在汽車方面,您是否感覺到未來幾個季度供應會有所改善?
Mark T. Mondello - Chairman & CEO
Mark T. Mondello - Chairman & CEO
Yes, this is a recurring topic and rightfully so because it's been awful the last 18 months. We started tapping the drum and then maybe pounding the drum as we exited the summer of '22, moved into fall of '23 with opinions that the supply chain would probably get better sooner relative to maybe some other projections. It also, I think, is illustrative of advantage point we have with our scale cutting across so many different end markets. That's played out to be true.
是的,這是一個反復出現的話題,這是理所當然的,因為過去 18 個月的情況很糟糕。我們開始敲擊鼓,然後可能在我們退出 22 年夏天時敲擊鼓,進入 23 年秋天,我們認為供應鏈可能會比其他一些預測更快地變得更好。我認為,這也說明了我們的優勢點,我們的規模跨越了這麼多不同的終端市場。事實證明這是真的。
And I would say, in general terms, I believe we talked about maybe during the September Investor Day, that we thought the supply chain, although maybe not fully back to normal, would normalize by late winter, spring time of '23, and that's shown to be true. So all in all, as we continue to move into the summertime of calendar '23 and into the fall, we see the supply chain getting better and better.
我想說,一般來說,我相信我們可能在 9 月的投資者日討論過,我們認為供應鏈雖然可能不會完全恢復正常,但會在冬末、23 年春季恢復正常,那是證明是真的。因此,總而言之,隨著我們繼續進入日曆 '23 的夏季和秋季,我們看到供應鏈變得越來越好。
Operator
Operator
Next question is coming from Mark Delaney from Goldman Sachs.
下一個問題來自高盛的馬克德萊尼。
Mark Trevor Delaney - Equity Analyst
Mark Trevor Delaney - Equity Analyst
Kenny, congratulations on the expanding responsibilities. First, on full year revenue guidance, I recognize there's no change to the overall guidance. If I look at the second half, in particular, it does imply year-over-year revenue declines, especially in the EMS segment. I recognize there's a high base that's perhaps a factor. But could you double-click a little bit on what's happening in the second half? How much is maybe that high base in program timing? And how much might be macro factors that are contributing to that one?
肯尼,祝賀你的責任越來越大。首先,關於全年收入指引,我認識到總體指引沒有變化。如果我特別看一下下半年,它確實意味著收入同比下降,尤其是在 EMS 領域。我承認有一個高基數可能是一個因素。但是你能雙擊一下下半場發生的事情嗎?程序時間的高基數可能是多少?促成這一因素的宏觀因素有多少?
Mark T. Mondello - Chairman & CEO
Mark T. Mondello - Chairman & CEO
Mark, you're breaking up a little bit. There's some static on the line. So I'm not sure I understood your question correctly. So let me offer an answer, and if I miss your question, please tell me, and I'll do a better job trying to dial in on exactly what you're asking. So I think what I heard you ask was back half of the year in terms of revenue. So if I could break that into 3 buckets. And if I, again, bring me back to the genesis of your question, if I missed it. If we look at the back half, our DMS revenue is down about $200 million relative to where we thought we'd be in September. And almost all of that is the consumer space.
馬克,你有點分手了。線路上有一些靜電。所以我不確定我是否正確理解了你的問題。所以讓我提供一個答案,如果我錯過了你的問題,請告訴我,我會更好地嘗試撥入你的問題。所以我想我聽到你問的是半年的收入。所以如果我能把它分成 3 個桶。如果我再次讓我回到你問題的起源,如果我錯過了它。如果我們看一下後半部分,我們的 DMS 收入與我們 9 月份的預期相比下降了約 2 億美元。幾乎所有這些都是消費領域。
Our EMS revenue is within $50 million, $100 million where we thought it would be in September. So let's just say that's flat and largely as we expected. At an enterprise level, the second half is off about $150 million, $200 million. And again, that captures the consumer business as a subset. So in the most simplistic terms, that's how we look at the back half revenue-wise relative to the outlook we provided in September.
我們的 EMS 收入在 5000 萬美元以內,我們認為 9 月份的收入為 1 億美元。所以我們只能說這是持平的,並且在很大程度上符合我們的預期。在企業層面,下半年減少了約 1.5 億美元、2 億美元。再一次,這將消費者業務作為一個子集。因此,用最簡單的術語來說,這就是我們相對於 9 月份提供的前景看待後半部分收入的方式。
Mark Trevor Delaney - Equity Analyst
Mark Trevor Delaney - Equity Analyst
That's helpful, Mark. Hopefully, you can hear me a little bit better now, I removed my headset. But I was also trying to get at whether or not you thought the declines in the second half was due to program timing and just a high base from last year or you'd attribute it to macroeconomic trends?
這很有幫助,馬克。希望你現在能聽得更清楚一些,我摘下了耳機。但我也想知道你是否認為下半年的下降是由於計劃時間和去年的高基數,或者你將其歸因於宏觀經濟趨勢?
Mark T. Mondello - Chairman & CEO
Mark T. Mondello - Chairman & CEO
Which declines are you speaking to?
你說的是哪些拒絕?
Mark Trevor Delaney - Equity Analyst
Mark Trevor Delaney - Equity Analyst
Well, specifically in the EMS part of the business being down year-on-year, it looked like it was a tough comp. So was it kind of more program timing or would you attribute it more to macroeconomic factors?
好吧,特別是在業務的 EMS 部分同比下降,看起來這是一個艱難的競爭。那麼這是更多的計劃時間還是您將其更多地歸因於宏觀經濟因素?
Mark T. Mondello - Chairman & CEO
Mark T. Mondello - Chairman & CEO
You're talking about on a year-on-year basis?
你說的是按年計算?
Mark Trevor Delaney - Equity Analyst
Mark Trevor Delaney - Equity Analyst
Correct.
正確的。
Mark T. Mondello - Chairman & CEO
Mark T. Mondello - Chairman & CEO
Okay. The vast majority of that is consignment. If you take a look at year-on-year and again, I'll round the numbers, and my numbers might not be exact, but if you break it into the 4 sectors in which we report our business, digital print and retail, I believe, is up year-on-year. Industrial Semi-Cap is up a lot year-on-year, and that's with hopefully a temporary weak situation in Semi-Cap. Our network and storage business is up for the year. And 5G wireless and cloud is down for the year, of which all of that is consignment from a financial perspective, and that sector is up in terms of unit volumes.
好的。其中絕大多數是寄售。如果你再看一次同比,我會四捨五入這些數字,我的數字可能不准確,但如果你把它分成我們報告業務、數字印刷和零售的 4 個部門,我相信,是同比增長。 Industrial Semi-Cap 同比上漲很多,希望 Semi-Cap 暫時處於疲軟狀態。我們的網絡和存儲業務全年都在增長。 5G 無線和雲在今年有所下降,從財務角度來看,所有這些都是寄售,而該行業在單位數量方面有所上升。
Operator
Operator
We have reached the end of our question-and-answer session. I'd like to turn the floor back to management for any further or closing comments.
我們的問答環節已經結束。我想將發言權轉回管理層以徵求任何進一步意見或結束意見。
Adam Berry
Adam Berry
Thank you for your time today. Please reach out if you have any further questions.
謝謝你今天的時間。如果您有任何其他問題,請聯繫我們。
Operator
Operator
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。今天的電話會議和網絡廣播到此結束。您可以在此時斷開您的線路,並度過美好的一天。感謝您今天的參與。