捷普科技 (JBL) 2022 Q2 法說會逐字稿

Hello, and welcome to the Jabil Second Quarter Fiscal 2022 Earnings Call and Webcast (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎來到 Jabil 2022 財年第二季度收益電話會議和網絡廣播（操作員說明）作為提醒，本次會議正在錄製中。

It's now my pleasure to turn the call over to Adam Berry, Investor Relations. Please go ahead.

現在，我很高興將電話轉給投資者關係部的 Adam Berry。請繼續。

Good morning, and welcome to Jabil's second quarter of fiscal 2022 earnings call. Joining me on today's call are Chief Executive Officer, Mark Mondello; and Chief Financial Officer, Mike Dastoor.

早上好，歡迎參加捷普 2022 財年第二季度財報電話會議。與我一起參加今天電話會議的還有首席執行官 Mark Mondello；和首席財務官 Mike Dastoor。

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

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

I'd like to now ask that you follow our earnings presentation with the 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.

我現在想請您按照我們網站上的幻燈片進行收益演示，從前瞻性聲明開始。在本次電話會議期間，我們將做出前瞻性陳述，其中包括有關我們業務預期前景的陳述，例如我們目前預期的第三季度和財政年度淨收入和收益。

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 in our annual report on Form 10-K for the fiscal year ended August 31, 2021, and other filings.

這些陳述基於當前的預期、預測和假設，其中涉及可能導致實際結果和結果存在重大差異的風險和不確定性。我們在截至 2021 年 8 月 31 日的財政年度的 10-K 表格年度報告和其他文件中確定了這些風險和不確定性的詳細清單。

Jabil disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Jabil 不承擔任何更新或修改任何前瞻性陳述的意圖或義務，無論是由於新信息、未來事件或其他原因。

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

有了這個，我現在將把電話轉給馬克。

Thanks, Adam. Good morning. I appreciate everyone taking time to join our call today.

謝謝，亞當。早上好。我感謝大家今天抽出時間加入我們的電話會議。

To begin with, our hearts go out to everyone impacted by the war in Ukraine. When I think about our team, along with their families, what comes to mind are words like admiration, courage and heart. Please know, we're in constant communication with those on the ground, and we continue to provide resources and financial assistance, as the safety and security of those in Ukraine is our top priority.

首先，我們向所有受烏克蘭戰爭影響的人表示同情。當我想到我們的團隊以及他們的家人時，我想到的就是欽佩、勇氣和心之類的詞。請注意，我們一直在與當地人保持聯繫，我們將繼續提供資源和財政援助，因為烏克蘭人的安全和保障是我們的首要任務。

At Jabil, we're one corporate family with people located all over the world. And despite the physical distance between us, we'll always face difficult situations together. To all of our employees, thank you for being servant leaders, thank you for your spirit, and thank you for looking after one another.

在 Jabil，我們是一個企業大家庭，員工遍布世界各地。儘管我們之間的身體距離很遠，但我們總是會一起面對困難的情況。感謝我們所有的員工，感謝你們成為僕人式的領導者，感謝你們的精神，感謝你們互相照顧。

Let's now turn to Slide 6, where we'll take a look at our second quarter results. Q2 was another strong quarter, both top line and bottom line, driven by double-digit revenue growth year-on-year and exceptional execution, respectively. Altogether, the team delivered core earnings per share of $1.68 and revenue of $7.6 billion, resulting in a core operating margin of 4.6%, a 40 basis point increase year-on-year.

現在讓我們轉到幻燈片 6，我們將在其中看看我們的第二季度業績。第二季度是另一個強勁的季度，無論是收入還是利潤，分別受到兩位數的收入同比增長和出色的執行力的推動。團隊共實現每股核心收益 1.68 美元和收入 76 億美元，核心營業利潤率為 4.6%，同比增長 40 個基點。

All in all, I'm pleased with the quarter, as our performance during the first half of the year gives us positive momentum as we push towards the back half of fiscal '22 and into fiscal '23. And when I think about a key catalyst driving our momentum, what comes to mind is the makeup of our commercial portfolio, which I'll now address on the next slide.

總而言之，我對本季度感到滿意，因為我們在上半年的表現為我們提供了積極的動力，因為我們正在推進 22 財年的後半期和 23 財年。當我想到推動我們發展勢頭的關鍵催化劑時，我想到的是我們商業投資組合的構成，我現在將在下一張幻燈片中討論這個問題。

Slide 7 is a wonderful picture, which shows the construct of our portfolio today. Jabil's large-scale diversification serves as a solid foundation from which we run our business. The team has built this foundation over the past 5 to 6 years, as we target new end markets and optimize our legacy business.

幻燈片 7 是一張精彩的圖片，展示了我們今天的投資組合結構。捷普的大規模多元化是我們經營業務的堅實基礎。隨著我們瞄準新的終端市場並優化我們的傳統業務，該團隊在過去 5 到 6 年中建立了這一基礎。

The output of this effort is twofold: one, a higher level of resiliency across the company; and two, a substantial presence in secular end markets, markets that include 5G, electric vehicles, personalized health care, cloud computing and clean energy.

這項工作的成果是雙重的：第一，提高整個公司的彈性；第二，在長期終端市場的大量存在，包括 5G、電動汽車、個性化醫療保健、雲計算和清潔能源等市場。

If we dissect the pie chart a bit differently with an emphasis on financial contribution and economic relevance, we see a terrific blend of reliable margins and sustainable cash flows, again, a real tribute to the diversified nature of our business today.

如果我們以不同的方式剖析餅圖，強調財務貢獻和經濟相關性，我們會看到可靠的利潤率和可持續的現金流完美結合，這再次是對我們當今業務多元化性質的真正貢獻。

Lastly, if we look at a third dimension of our portfolio, we find a library of essential capabilities, capabilities that allow us to simplify the complex for many of the world's most notable brands. And when done correctly, our unique set of capabilities offer Jabil a real competitive advantage, as we lean into a massive market where things need to be built and supply chains need to be developed or modified.

最後，如果我們查看我們產品組合的第三個維度，我們會發現一個基本功能庫，這些功能使我們能夠為許多世界上最知名的品牌簡化複雜性。如果做得正確，我們獨特的功能集將為 Jabil 提供真正的競爭優勢，因為我們傾向於進入一個需要構建東西並且需要開發或修改供應鏈的巨大市場。

Moving on to Slide 8. You'll see management's outlook for the year. We've increased core earnings per share to $7.25, an increase of nearly 30% year-on-year. As for revenue, FY '22 now looks to be in the range of $32.6 billion, up more than 10% year-on-year.

轉到幻燈片 8。您將看到管理層對今年的展望。我們已將每股核心收益提高至 7.25 美元，同比增長近 30%。至於收入，22 財年現在看起來在 326 億美元的範圍內，同比增長超過 10%。

In addition, we remain committed to delivering a minimum of $700 million in free cash flow for the year, while increasing core operating margin to 4.6%, a 40 basis point improvement year-on-year.

此外，我們仍致力於在今年提供至少 7 億美元的自由現金流，同時將核心營業利潤率提高至 4.6%，同比提高 40 個基點。

For me, this is a positive testament on how the team is managing the business as our strategy has been consistent, and what needs to be done is well understood throughout our company.

對我來說，這是對團隊如何管理業務的積極證明，因為我們的戰略一直是一致的，並且整個公司都很好地理解了需要做的事情。

With that, let's move to my final slide, where I'd like to start with the importance of our purpose. At Jabil, with purpose comes expectations, expectations around certain behaviors, behaviors such as keeping our people safe; servant leadership; protecting the environment; giving back to our communities; and offering a workplace, which encompasses tolerance, respect and acceptance.

有了這個，讓我們轉到我的最後一張幻燈片，我想從我們目標的重要性開始。在 Jabil，有目的的期望，對某些行為的期望，諸如保證我們的員工安全的行為；僕人式領導；保護環境;回饋我們的社區；並提供一個包容、尊重和接受的工作場所。

Within Jabil, these behaviors have never been more important than they are today. I'm proud of our team as they fully grasp our purpose. And in doing so, their conduct is exceptional.

在 Jabil 內部，這些行為從未像今天這樣重要。我為我們的團隊感到自豪，因為他們完全理解我們的目標。在這樣做的過程中，他們的行為是異常的。

In closing, our improvement is steady commercially, financially and operationally. Quite simply, here at Jabil, we build stuff, and we do it really well.

最後，我們在商業、財務和運營方面的改進是穩定的。很簡單，在 Jabil，我們製造東西，而且做得非常好。

One factor that makes good companies great is having a value set, a culture, if you will, that enhances the way in which they solve problems. As a team, we embrace this as we take on the challenges put forth by our customers each and every day. To our entire Jabil team, thank you for making Jabil, Jabil.

讓優秀公司變得偉大的一個因素是擁有一套價值觀，一種文化，如果你願意的話，它可以增強他們解決問題的方式。作為一個團隊，我們在每天應對客戶提出的挑戰時接受這一點。對於我們整個 Jabil 團隊，感謝您製作 Jabil，Jabil。

I'll now turn the call over to Mike.

我現在將把電話轉給邁克。

Thanks, Mark, and thank you for joining us today. I'm really pleased with the resiliency of our diversified portfolio and the sustainable broad-based momentum underway across the business, as several of our end markets continue to benefit from long-term secular trends.

謝謝，馬克，謝謝你今天加入我們。我對我們多元化投資組合的彈性和整個業務持續的廣泛發展勢頭感到非常滿意，因為我們的幾個終端市場繼續受益於長期長期趨勢。

As Mark just summarized, our Q2 results were very strong. During the quarter, revenue, core operating income, core EPS and free cash flow all exceeded our December expectations. Given the higher revenue, I'm particularly pleased with our ability to drive an extra 30 basis points of margin improvement compared to our expectations in December mainly through broad-based strength in several key end markets benefiting from long-term secular trends as well as outstanding execution by our business, operations and supply chain teams.

正如馬克剛剛總結的那樣，我們的第二季度業績非常強勁。本季度，收入、核心營業收入、核心每股收益和自由現金流均超出了我們 12 月份的預期。鑑於更高的收入，我對我們能夠將利潤率提高額外 30 個基點的能力感到特別高興，這與我們在 12 月的預期相比，主要是通過受益於長期長期趨勢的幾個關鍵終端市場的廣泛實力以及我們的業務、運營和供應鏈團隊的出色執行力。

For the quarter, revenue was approximately $7.6 billion, up 10.6% over the prior year quarter and ahead of the midpoint of our guidance from December. The additional upside was mainly driven by our 5G and cloud businesses, while our automotive, health care and retail end markets remain very strong.

本季度收入約為 76 億美元，比去年同期增長 10.6%，高於我們 12 月指導的中點。額外的上漲主要來自我們的 5G 和雲業務，而我們的汽車、醫療保健和零售終端市場仍然非常強勁。

Our GAAP operating income during the quarter was $313 million, and our GAAP diluted earnings per share was $1.51. Core operating income during the quarter was $344 million, an increase of 21% year-over-year, representing a core operating margin of 4.6%, up 40 basis points over the prior year. Core diluted earnings per share was $1.68, a 32% improvement over the prior year quarter.

本季度我們的 GAAP 營業收入為 3.13 億美元，我們的 GAAP 攤薄後每股收益為 1.51 美元。本季度核心營業收入為 3.44 億美元，同比增長 21%，核心營業利潤率為 4.6%，比上年提高 40 個基點。每股核心攤薄收益為 1.68 美元，比去年同期增長 32%。

Now turning to our second quarter segment results on the next slide. Revenue for our DMS segment was $3.8 billion, an increase of 4% on a year-over-year basis. The solid year-over-year performance in our DMS segment was broad based, with strength across our health care, automotive and connected devices businesses. Core margin for the segment came in at 5.1%.

現在轉到下一張幻燈片上的第二季度部分結果。我們 DMS 部門的收入為 38 億美元，同比增長 4%。我們 DMS 部門的穩健同比表現基礎廣泛，在我們的醫療保健、汽車和連接設備業務方面表現強勁。該部門的核心利潤率為 5.1%。

Revenue for our EMS segment came in at $3.8 billion, an increase of 19% on a year-over-year basis. The stronger year-over-year performance in our EMS segment was also broad based, with strength across our digital print and retail, industrial and semi-cap and 5G wireless and cloud businesses. Core margin for the segment was 4%, up 90 basis points over the prior year, reflecting improved mix and solid execution by the team.

我們 EMS 部門的收入為 38 億美元，同比增長 19%。我們的 EMS 部門的同比表現也更為強勁，我們的數字印刷和零售、工業和半市值以及 5G 無線和雲業務均表現強勁。該部門的核心利潤率為 4%，比上一年增加 90 個基點，反映了團隊改進的組合和穩健的執行力。

Turning now to our cash flows and balance sheet. In Q2, inventory days came in at 86 days. The sequential increase in days was driven largely by 2 factors. Firstly, the ongoing tightness in the supply chain continues to weigh on our inventory balances. It's worth noting that we've offset a portion of these increases with inventory deposits from our customers, and these deposits reside within the accrued expenses line item on the balance sheet. Net of these inventory deposits, inventory days was 71 in Q2.

現在轉向我們的現金流和資產負債表。在第二季度，庫存天數為 86 天。天數的連續增加主要是由兩個因素驅動的。首先，供應鏈的持續緊張繼續影響我們的庫存餘額。值得注意的是，我們已經用客戶的存貨存款抵消了這些增長的一部分，這些存款位於資產負債表上的應計費用項目中。扣除這些存貨存款後，第二季度的存貨天數為 71。

And second, at the end of the quarter, we experienced a timing difference on the sell-through of finished goods within our DMS segment. I anticipate this timing difference to reverse in Q3.

其次，在本季度末，我們在 DMS 部門的成品銷售方面遇到了時間差異。我預計這種時間差異將在第三季度逆轉。

In spite of these 2 factors impacting inventory, our second quarter cash flows from operations were very robust, coming in at $246 million, and net capital expenditures totaled $201 million.

儘管這兩個因素會影響庫存，但我們第二季度的運營現金流非常強勁，達到 2.46 億美元，淨資本支出總計 2.01 億美元。

From a total debt to core EBITDA level, we exited the quarter at approximately 1.3x and with cash balances of $1.1 billion.

從總債務到核心 EBITDA 水平，我們以大約 1.3 倍的速度退出本季度，現金餘額為 11 億美元。

During Q2, we repurchased approximately 2.3 million shares for $145 million. And for the year, we've repurchased 4.4 million shares for $272 million, as we remain committed to returning capital to shareholders.

在第二季度，我們以 1.45 億美元回購了大約 230 萬股股票。今年，我們以 2.72 億美元回購了 440 萬股股票，因為我們仍然致力於向股東返還資本。

Turning now to our third quarter guidance on the next slide. DMS segment revenue is expected to increase 17% on a year-over-year basis to approximately $4.2 billion, while the EMS segment revenue is expected to increase 11% on a year-over-year basis to approximately $4 billion. We expect total company revenue in the third quarter of fiscal '22 to be in the range of $7.9 billion to $8.5 billion.

現在轉到下一張幻燈片上的第三季度指導。 DMS 部門收入預計將同比增長 17% 至約 42 億美元，而 EMS 部門收入預計將同比增長 11% 至約 40 億美元。我們預計 22 財年第三季度的公司總收入將在 79 億美元至 85 億美元之間。

Core operating income is estimated to be in the range of $300 million to $360 million, representing a core margin range of 3.8% to 4.2%. At the midpoint, this is an improvement of 20 basis points over the prior year and down sequentially, reflecting planned investments in our Q3 quarter.

核心營業收入估計在 3 億美元至 3.6 億美元之間，核心利潤率範圍為 3.8% 至 4.2%。在中點，這比上一年提高了 20 個基點，並環比下降，反映了我們第三季度的計劃投資。

It's also worth noting, sequentially in Q4, we expect robust core margins driven by our scaling automotive business, along with typical seasonality in our mobility and EMS businesses.

同樣值得注意的是，在第四季度，我們預計汽車業務規模的擴大以及我們的移動和 EMS 業務的典型季節性將推動強勁的核心利潤率。

In Q3, GAAP operating income is expected to be in the range of $276 million to $336 million. Core diluted earnings per share is estimated to be in the range of $1.40 to $1.80. GAAP diluted earnings per share is expected to be in the range of $1.24 to $1.64. The core tax rate in the third quarter is estimated to be approximately 21%.

第三季度，GAAP 營業收入預計在 2.76 億美元至 3.36 億美元之間。每股核心攤薄收益估計在 1.40 美元至 1.80 美元之間。 GAAP 攤薄後每股收益預計在 1.24 美元至 1.64 美元之間。第三季度的核心稅率估計約為21%。

Next, I'd like to take a few moments to highlight our balanced portfolio of businesses by end market. Today, the outlook for our business is strong, with end markets across both segments continuing to benefit from multiyear secular trends.

接下來，我想花點時間來強調一下我們在終端市場上平衡的業務組合。今天，我們的業務前景強勁，兩個細分市場的終端市場繼續受益於多年的長期趨勢。

We believe these markets will continue to drive our growth, as we concentrate our efforts on long-term secular growth markets with strong margin and cash flow dynamics, markets such as electric vehicles, personalized medicine and health care, semi-cap, clean and smart energy infrastructure, cloud, 5G infrastructure and the associated connected devices.

我們相信這些市場將繼續推動我們的增長，因為我們將精力集中在具有強勁利潤率和現金流動態的長期長期增長市場，如電動汽車、個性化醫療和保健、半市值、清潔和智能市場能源基礎設施、雲、5G 基礎設施和相關的連接設備。

Our electric vehicle business, in particular, continues to outperform, in spite of global supply chain issues as the transition to EV accelerates. We've seen this rapid acceleration manifest in top line revenue growth in excess of 50% this year alone in our automotive end market.

尤其是我們的電動汽車業務，儘管隨著向電動汽車的加速過渡，全球供應鏈出現問題，但仍繼續表現出色。我們已經看到這種快速加速體現在我們的汽車終端市場僅今年就超過 50% 的收入增長。

We're also expecting double-digit growth from the health care, automotive retail, industrial and semi-cap and 5G wireless and cloud end markets. And importantly, the broad-based growth associated with these secular trends is expected to drive solid year-over-year core operating margin and free cash flow expansion.

我們還預計醫療保健、汽車零售、工業和半市值以及 5G 無線和雲終端市場將實現兩位數的增長。重要的是，與這些長期趨勢相關的廣泛增長預計將推動穩健的同比核心營業利潤率和自由現金流擴張。

All in all, our performance during the first half of the year gives us excellent momentum as we look to close out another strong year. We're now anticipating core EPS will be in the neighborhood of $7.25 per share on revenue of approximately $32.6 billion.

總而言之，我們在上半年的表現為我們提供了良好的動力，因為我們希望結束另一個強勁的一年。我們現在預計核心每股收益將接近每股 7.25 美元，收入約為 326 億美元。

Notably, this incremental revenue will improve mix and drive operating leverage, thereby giving us the confidence to raise our core margin by 10 basis points to 4.6% for FY '22, as we continue to drive the organization to 5% and beyond.

值得注意的是，這種增加的收入將改善組合併推動運營槓桿，從而使我們有信心在 22 財年將我們的核心利潤率提高 10 個基點至 4.6%，因為我們將繼續推動該組織達到 5% 甚至更高。

Importantly, for the year, we also remain committed to generating in excess of $700 million in free cash flow, in spite of the higher revenue and associated working capital. We've been working extremely hard as a team to expand margins and drive strong cash flows. I am very pleased with our team's exceptional execution of our strategy on all fronts.

重要的是，儘管收入和相關營運資金有所增加，但今年我們仍致力於創造超過 7 億美元的自由現金流。作為一個團隊，我們一直在非常努力地工作，以擴大利潤並推動強勁的現金流。我很高興我們的團隊在各個方面都出色地執行了我們的戰略。

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

有了這個，我現在將把電話轉給亞當。

Thanks, Mike. Before we move into the Q&A portion of the call, I'd like to remind our participants that we cannot address customer-specific or product-specific questions. Thanks.

謝謝，邁克。在我們進入電話的問答部分之前，我想提醒我們的參與者，我們無法解決客戶特定或產品特定的問題。謝謝。

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

接線員，我們現在準備好進行問答了。

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

（操作員說明）我們今天的第一個問題來自花旗集團的 Jim Suva。

Congratulations on the results and extremely strong outlook, despite all the uncertainty in the world. I was wondering if you could give us a little bit of confidence or conviction about the operating margins and sustainability. Of course, your full year guidance increase is so big, you have to assume the operating margins continue to see the strength.

儘管世界上充滿了不確定性，但還是祝賀了結果和極其強勁的前景。我想知道你是否能給我們一點關於營業利潤率和可持續性的信心或信念。當然，您的全年指導增長如此之大，您必須假設營業利潤率繼續看到實力。

But I'm just curious, is that due to mix or the location and visibility from customer contracts that you're getting or the value added or maybe a combination of all? But if you could just pontificate a little bit on operating margins and your confidence in the sustainability of them.

但我只是好奇，這是由於您獲得的客戶合同的混合或位置和可見性，還是附加值，或者可能是所有這些的組合？但是，如果您可以稍微誇大一下營業利潤率以及您對它們可持續性的信心。

Jim, I think the overall margin profile, if you just go back to, let's say, pre-COVID to fiscal '19, we were running the business at around 3.5% margins. And our focus at that point in time was really about reshaping the overall portfolio and a big focus on diversification, both top line and bottom line. I think the team did a really nice job of that over a 4- or 5-year period.

吉姆，我認為整體利潤率概況，如果你回到 COVID 之前的 19 財年，我們的業務利潤率約為 3.5%。我們當時的重點實際上是重塑整體投資組合，並重點關注收入和底線的多元化。我認為團隊在 4 或 5 年的時間裡在這方面做得非常好。

And then starting in fiscal '21, so last year, we really started taking that portfolio at scale and focusing hard on the margin side of the business, largely around cost and optimization, while still being what I think is very competitive in the marketplace in terms of our pricing.

然後從 21 財年開始，所以去年，我們真正開始大規模採用該投資組合，並努力關注業務的利潤率方面，主要圍繞成本和優化，同時我認為仍然是我認為在市場上非常有競爭力的我們的定價條款。

This year, we've taken margins up. I think September, we said margins would go up to 4.5% from the 4.2% last year. And then this morning, we're taking it up another 10 basis points to 4.6% for the year.

今年，我們提高了利潤率。我認為 9 月份，我們說利潤率將從去年的 4.2% 上升到 4.5%。然後今天早上，我們將今年的利率再提高 10 個基點至 4.6%。

I think the main catalyst driving it is our execution has been outstanding and, I think, sustainable. I think the overall platform around the operational network, the tools, our IT systems also sustainable, and the advances we've made there are terrific.

我認為推動它的主要催化劑是我們的執行非常出色，而且我認為是可持續的。我認為圍繞運營網絡的整體平台、工具、我們的 IT 系統也是可持續的，而且我們在這方面取得的進展非常好。

And then lastly, and maybe most importantly, is just the overall portfolio that we have, Jim. When we think about how diverse we are, when we think about the contributions of the business, we look at the blend between automotive and transportation, health care, connected device, mobility, digital print, retail, industrial, cloud, 5G, networking, semi-cap, et cetera, it's just a wonderful, wonderful book of business today. We think that will continue to scale.

最後，也許是最重要的，就是我們擁有的整體投資組合，Jim。當我們考慮我們的多樣性時，當我們考慮業務的貢獻時，我們會考慮汽車與交通運輸、醫療保健、連接設備、移動性、數字印刷、零售、工業、雲計算、5G、網絡、 semi-cap 等等，今天它只是一本精彩絕倫的商業書籍。我們認為這將繼續擴大。

And as I said, at some point in the last 18 months or so, I really believe, as this business continues to get beyond $35 billion, $37 billion, $40 billion, we're going to effort internally to run the business at 5 points of margin on the operating line.

正如我所說，在過去 18 個月左右的某個時間點，我真的相信，隨著這項業務繼續超過 350 億美元、370 億美元、400 億美元，我們將在內部努力以 5 個點的速度運營業務經營線上的保證金。

Next question today is coming from Steven Fox from Fox Advisors.

今天的下一個問題來自 Fox Advisors 的 Steven Fox。

Two questions, if I could. First of all, just building off of that last answer, Mark, can you help us conceptualize a little bit how you're growing at scale so quickly? The challenges there, given the global footprint that you have and managing new programs into, like, we're talking about 8%, 10% growth off of a $35 billion type of sales base.

兩個問題，如果可以的話。首先，在最後一個答案的基礎上，馬克，你能幫助我們概念化一下你是如何如此迅速地大規模增長的嗎？考慮到您擁有的全球足跡和管理新計劃的挑戰，例如，我們談論的是 350 億美元的銷售基礎增長 8% 到 10%。

And then secondly, how is your global footprint? Just maybe a better way to ask this, how is your -- can you give us an update on your global footprint and how maybe it's changing versus what you would have thought 6 or 9 months ago?

其次，您的全球足跡如何？或許是一個更好的方式來問這個問題，您的情況如何？您能否向我們提供有關您全球足蹟的最新信息，以及與您 6 或 9 個月前的想法相比，它可能正在發生怎樣的變化？

Okay. There was a lot, let me try to break that out. So if I think about the growth at scale, which I think was the first part of your question, I think I break that up to say, one, the team, as we went through diversified the company, and really, we're able to step back once we got to what I maybe call significant scale. The team, call it a little bit of luck, call it some good planning, call it a lot of thoughtfulness. We have really, really been fortunate to get into some like really substantial, very real secular markets. And I think in my prepared remarks, I talked about things like electric vehicles, personalized health, cloud computing, clean energy, et cetera.

好的。有很多，讓我試著打破它。因此，如果我考慮大規模增長，我認為這是您問題的第一部分，我想我將其分解為一個，團隊，因為我們經歷了公司多元化，真的，我們能夠一旦我們達到我所說的顯著規模，就退後一步。團隊，稱之為運氣，稱之為良好的計劃，稱之為深思熟慮。我們真的非常幸運地進入了一些非常龐大、非常真實的世俗市場。我認為在我準備好的發言中，我談到了電動汽車、個性化健康、雲計算、清潔能源等。

So strategically, the way we run strategy in the company is not so much top down, but through each of our sectors, and that's where our experts are. So the last 2, 3, 4 years, we've done a really nice job of placing our bets from a revenue perspective into some pretty powerful secular trends. That's number one.

所以從戰略上講，我們在公司執行戰略的方式不是自上而下，而是通過我們的每個部門，這就是我們的專家所在的地方。因此，在過去的 2、3、4 年中，我們從收入的角度將賭注押在了一些非常強大的長期趨勢上，做得非常好。那是第一名。

Number two is we continue to pick up market share. So sometimes, it's always difficult when people are trying to triangulate our numbers to current macro situations because what ends up getting left behind is the market share gains. And I think in my prepared remarks today, I used -- I think I used a term like massive. There's -- the market is massive, and there's always going to be a need for things to be built and supply chains to be reconstructed, and we're pretty good at both of those things.

第二是我們繼續增加市場份額。因此，有時，當人們試圖將我們的數字與當前的宏觀情況進行三角測量時，總是很困難，因為最終被拋在後面的是市場份額的增長。我認為在我今天準備好的發言中，我使用了——我想我使用了像大規模這樣的術語。有 - 市場是巨大的，總是需要建造東西和重建供應鏈，我們在這兩件事上都很擅長。

And then lastly is just the continued growth that we've seen. What I'd say, more of our core legacy business has been strong over the last 18, 24 months. So I would say those are the catalysts.

最後是我們所看到的持續增長。我想說的是，在過去的 18、24 個月裡，我們更多的核心遺留業務一直很強勁。所以我會說這些是催化劑。

I don't foresee the company, as we get to $35 billion, $37 billion, $40 billion, I wouldn't imagine the company is going to continue to grow strong double digits. But at least, as we look at the horizon, I think the company is going to grow nonetheless over the next 3 to 5 years for sure.

我沒有預見到公司，當我們達到 350 億美元、370 億美元、400 億美元時，我無法想像公司會繼續以兩位數的強勁增長。但至少，當我們展望未來時，我認為公司肯定會在未來 3 到 5 年內繼續增長。

In terms of footprint, our footprint is exceptional. And whether we look at cutting Asia, Southeast Asia, China, Europe, Brazil, Mexico, U.S., again, when I -- this common theme, and I know it sounds redundant, but this common theme around diversification, we just -- we think about diversification in so many different ways, and a subset of that, certainly our overall global footprint.

在足跡方面，我們的足跡非常出色。無論我們是否再次考慮切割亞洲、東南亞、中國、歐洲、巴西、墨西哥、美國，當我——這個共同的主題，我知道這聽起來多餘，但圍繞多元化的這個共同主題，我們只是——我們以多種不同的方式思考多元化，其中的一部分，當然是我們的全球足跡。

Today, our big focus, economics aside, of course, is our footprint in Eastern Europe. And as I said in my prepared remarks, our hearts go out to everyone there at the moment on the ground because what they're going through is horrific, and that's where a lot of our thoughts and time are spent over the last couple of weeks.

今天，除了經濟之外，我們的重點當然是我們在東歐的足跡。正如我在準備好的講話中所說，我們的心此刻與現場的每一個人同在，因為他們正在經歷的事情是可怕的，這就是過去幾週我們花費大量思想和時間的地方.

But I -- of all the things I worry about -- or said differently, the things I feel good about, our footprint, I feel very, very good about where our footprint is today, Steve.

但是我 - 在我擔心的所有事情中 - 或者說不同的事情，我感覺良好的事情，我們的足跡，我對我們今天的足跡在哪裡感覺非常非常好，史蒂夫。

Next question today is coming from Ruplu Bhattacharya from Bank of America.

今天的下一個問題來自美國銀行的 Ruplu Bhattacharya。

Maybe I'll build on some of the prior questions and say that Jabil's performance this quarter is impressive, and you raising the guide annual by $800 million, $0.70 is impressive given what's happening with the supply chain and logistics costs and oil prices and geopolitical stuff.

也許我會在之前的一些問題的基礎上說捷普本季度的表現令人印象深刻，而且你每年將指南提高 8 億美元，考慮到供應鍊和物流成本、油價和地緣政治的情況，0.70 美元是令人印象深刻的.

So can I ask you maybe what gives you the most concern when you look into the second half of this year, fiscal '22? And what happened in the past 90 days that is giving you confidence to raise the annual guide? Or was your prior guidance just too conservative?

所以我能問你，當你展望今年下半年，22 財年時，你最關心的是什麼？過去 90 天發生了什麼讓您有信心提高年度指南？還是您之前的指導過於保守？

Yes. I'm hesitating because I'm thinking. I'm always concerned about a lot of things all the time. There's a war going on, and obviously, that's a concern. And for me, that concern, this will be the third time I'll say it, right, is really about the well-being and the safety and security of our people.

是的。我在猶豫，因為我在思考。我一直都在擔心很多事情。一場戰爭正在進行，顯然，這是一個令人擔憂的問題。對我來說，這種擔憂，這將是我第三次說它，對，真的是關於我們人民的福祉和安全保障。

And I don't know how to say this, but in terms of a pure financial economic perspective, that doesn't give me a lot of concern. Saying that, though, I do want to emphasize, it's a bit heartbreaking to me and very emotional with that situation over there, and it has our full attention.

我不知道該怎麼說，但從純粹的金融經濟角度來看，這並沒有給我太多的擔憂。儘管如此，我確實想強調，這對我來說有點令人心碎，並且對那裡的情況非常情緒化，而且它引起了我們的充分關注。

So I would say supply chains, we tend to navigate that as good as anybody at the moment. Does that give me concern through the rest of the fiscal year? Maybe. A collapse in the macro in the very near term, not so much. Inflation, I think we're managing that quite well.

所以我會說供應鏈，我們目前傾向於像任何人一樣駕馭它。這會讓我在本財年的剩餘時間裡感到擔憂嗎？可能是。短期內宏觀經濟崩潰，並沒有那麼多。通貨膨脹，我認為我們管理得很好。

And I would say, I don't know, there's been a dust-up here recently with some more COVID issues in Mainland China. And Ruplu, I would say we've been dealing with that literally, like firsthand, since the issues in Wuhan in January of 2020. And when I think about our campuses in places like Wuxi and Weihai and Huangpu and Shenzhen and Shanghai and Tianjin and Chengdu, we got a great team over there. We've been navigating that quite well.

我想說，我不知道，最近中國大陸出現了一些新冠病毒問題。還有 Rupl，我想說，自從 2020 年 1 月武漢的問題以來，我們一直在處理這個問題。當我想到我們在無錫、威海、黃浦、深圳、上海和天津等地的校園時，成都，我們在那裡有一支很棒的隊伍。我們一直在很好地導航。

So as we think about the balance of the year and maybe first part of '23, as I sit today, as we sit today as a management team, we got pretty good confidence in the guide for the balance of the year and the beginning outlook for '23.

因此，當我們考慮今年的餘額以及 23 年的第一部分時，就像我今天坐的那樣，當我們今天作為一個管理團隊坐下來時，我們對今年的餘額和初始前景指南充滿信心23 年。

Okay. Can I ask about maybe if you can give us an update on your capital allocation priorities? Specifically, when I look in the past, you've focused on small tuck-in M&A. But given valuations have pulled back, do you see the possibility of any larger M&A? And how would you contrast that to the possibility of a dividend increase or focus on buybacks?

好的。我可以問一下您是否可以向我們提供有關您的資本配置優先事項的最新信息？具體來說，當我回顧過去時，您一直專注於小型併購。但鑑於估值已經回落，您是否認為有更大併購的可能性？您如何將其與增加股息或專注於回購的可能性進行對比？

Okay. So I'll split that into two. We're always out in the market shopping. We do a very nice job, I think, in terms of small M&A. I would say our focus is going to be on maybe further transactions that look like -- a little bit like the JJMD transaction in terms of big brands getting out of manufacturing. That would be one area we continue to spend quite a bit of time on.

好的。所以我會把它分成兩部分。我們總是在市場上購物。我認為，在小型併購方面，我們做得非常好。我想說，我們的重點可能會放在看起來像的進一步交易上——有點像 JJMD 交易，就大品牌退出製造而言。這將是我們繼續花費大量時間的一個領域。

Small M&A around capabilities, I wouldn't imagine anything too sizable in terms of direct M&A just because, even with the recent correction in the U.S. equity markets, the prices are still quite high.

圍繞能力的小規模併購，我認為直接併購不會有太大的規模，因為即使最近美國股市出現回調，價格仍然很高。

And then if I think of the other derivative of capital allocation in terms of buyback and dividend, we're still -- we've got authorization out to complete our $1 billion buyback. And if there's any benefit whatsoever in the recent equity market correction is the fact we're out in the market buying back our stock.

然後，如果我從回購和股息的角度考慮資本配置的另一種衍生品，我們仍然——我們已經獲得授權來完成我們 10 億美元的回購。如果最近的股市調整有任何好處，那就是我們在市場上回購我們的股票。

So I think, today, with the outlook for the business over the next couple of years, where I think we're headed, what we could do in terms of margin, what we could do in terms of some continued growth, I think buybacks make a lot more sense than any type of change to our dividend. I do believe at some point in time that a well-thought multiyear dividend plan will make sense, just not now.

所以我認為，今天，隨著未來幾年的業務前景，我認為我們的發展方向，我們在利潤率方面可以做些什麼，在一些持續增長方面我們可以做些什麼，我認為回購比對我們的股息進行任何類型的更改都更有意義。我確實相信在某個時間點，一個經過深思熟慮的多年股息計劃是有意義的，只是不是現在。

Okay. And if I can just squeeze one more, a quick one in for Mike. Looks like inventory was up 15% sequentially, but you are maintaining your free cash flow guide of $700 million plus on higher revenues and earnings.

好的。如果我能再擠一擠，邁克就快擠一擠。看起來庫存環比增長了 15%，但您仍保持 7 億美元的自由現金流指導，加上更高的收入和收益。

So can you just talk about your CapEx requirements for this year? I don't know if you mentioned that on the call yet. And how should we think about the cash conversion cycle and the cadence of free cash flow?

那麼您能談談您今年的資本支出要求嗎？我不知道你是否在電話中提到了這一點。我們應該如何看待現金轉換週期和自由現金流的節奏？

Thanks, Ruplu. So if you go back a couple of years, we were in the 3%-plus range for CapEx over time. We brought it down to about 2.6%. I feel pretty comfortable with that level. Obviously, revenues have gone up a little bit.

謝謝，魯普魯。因此，如果你回到幾年前，隨著時間的推移，我們的資本支出在 3% 以上的範圍內。我們將其降至約 2.6%。我覺得這個水平很舒服。顯然，收入略有增加。

At the start of the year, we said about $825 million, maybe that's now $850-ish million. So we're still maintaining that 2.6% CapEx level. And our free cash flow yield is something we focus on quite a bit.

今年年初，我們說大約 8.25 億美元，現在可能是 8.5 億美元左右。因此，我們仍維持 2.6% 的資本支出水平。我們的自由現金流收益率是我們非常關注的事情。

We're not where we want it to be, yes, and we'll be taking it up slowly through the next few quarters and get in the 50% range at some point in time, and that's what the management team is focused on.

是的，我們不是我們想要的，是的，我們將在接下來的幾個季度慢慢地接受它，並在某個時間點達到 50% 的範圍，這就是管理團隊所關注的。

Next question is coming from Matt Sheerin from Stifel.

下一個問題來自 Stifel 的 Matt Sheerin。

Yes. Mark, I had a couple of questions regarding your segments. If you look at your forward guide for FY '22, it looks like you're taking up the 5G wireless and cloud segment and industrial and semi-cap segment fairly significantly.

是的。馬克，我有幾個關於你的片段的問題。如果您查看 22 財年的前瞻性指南，您似乎正在相當顯著地佔據 5G 無線和雲領域以及工業和半市值領域。

Could you give us color there? Specifically on the 5G and cloud, is that from both segments? Or are you still seeing more strength on the cloud side versus 5G?

你能給我們顏色嗎？特別是在 5G 和雲上，是來自這兩個領域嗎？或者您是否仍然看到雲端與 5G 相比更有優勢？

It's both. We are -- I mentioned earlier in the last response about the good fortune we've had with really, really smart people in our company at a sector level that really, really understand the end markets. And much like we did with personalized health care per se, much like we did with electric vehicles, our focus on kind of the networking, cloud, 5G wireless part of our business got us integrated heavily into the 5G rollout. So that's starting to pay good dividends in terms of growth.

兩者都是。我們是 - 我在上一個回復中提到過，我們很幸運，在我們公司的部門層面上，非常非常聰明的人非常非常了解終端市場。就像我們對個性化醫療保健本身所做的那樣，就像我們對電動汽車所做的那樣，我們對網絡、雲、5G 無線業務部分的關注使我們大量融入了 5G 的推出。因此，就增長而言，這開始帶來良好的紅利。

And then I don't even remember the time frame, but it was around the same time frame when we did the JJMD deal because I remember talking about both of them together. Our team has come up -- or did come up and is executing to an asset-light cloud configuration type of service in region that has just been adopted and performing quite well.

然後我什至不記得時間框架，但我們做 JJMD 交易的時間框架大致相同，因為我記得他們一起談論過。我們的團隊已經出現 - 或者確實出現了並且正在執行該地區的資產輕量雲配置類型的服務，該服務剛剛被採用並且表現非常好。

So I would say, when you see -- I don't remember the exact numbers, but I think what we said at the beginning of the year was the 5G wireless business would be around $5.5 billion, something like that. Last year, it was just over $5 billion. And I think we're now saying it will be bumping up against $6 billion. It's equally split.

所以我想說，當你看到時——我不記得確切的數字，但我認為我們在年初所說的 5G 無線業務將達到 55 億美元左右，類似這樣。去年，它剛剛超過 50 億美元。而且我認為我們現在說它將達到 60 億美元。它是平分的。

And then I think your other comment was around industrial and our semi-cap business, and again, that's just -- that's very broad based. So again, if I look at our industrial semi-cap business, a couple of years ago, it was sub $3 billion, and now that business will be bumping up against $4 billion.

然後我認為你的其他評論是圍繞工業和我們的半市值業務，再說一次，這只是 - 這是非常廣泛的。再說一次，如果我看看我們的工業半盤股業務，幾年前它不到 30 億美元，而現在該業務將突破 40 億美元。

But I wouldn't want to break that out just because the contributions or everything from semi-cap to solar to light industrial, heavy industrial, it's sprinkled across that whole sector.

但我不想僅僅因為從半市值到太陽能再到輕工業、重工業的貢獻或一切，它遍布整個行業。

Okay. Great. And just as a follow-up just regarding the supply constraints that everyone is seeing. Jabil seems to be managing it as well, if not better, than any of your peers.

好的。偉大的。就像每個人都看到的供應限制的後續行動一樣。捷普似乎比你的任何同行都在管理它，如果不是更好的話。

Are you seeing any signs of ease in terms of supply opening up, particularly the legacy semiconductor parts that seem to be hard to get? Any signs of relief there?

您是否看到供應開放方面的任何緩解跡象，尤其是似乎難以獲得的傳統半導體部件？那裡有緩解的跡象嗎？

Let me start with your last part first. I think when it comes to what you'd characterize or think about as legacy semiconductors, it's still challenging when I step back though and I look at the whole business in terms of Jabil. So this isn't a proxy for maybe the market per se. I'm talking about strictly what we use, what we consume, our supply chain across mobility, connected devices, EVs, health care packaging, digital print, retail, the whole deal.

讓我先從你的最後一部分開始。我認為，當談到您對傳統半導體的描述或思考時，當我退後一步並從 Jabil 的角度審視整個業務時，它仍然具有挑戰性。因此，這可能不能代表市場本身。我說的是嚴格意義上的我們使用什麼，我們消費甚麼，我們的移動供應鏈、連接設備、電動汽車、醫療保健包裝、數字印刷、零售，以及整個交易。

I believe that we started talking last fall that we thought, with our team, the supply chain issues might start showing some improvement in the spring time of 2022. So that's kind of where we sit today, and I think we're starting to see some relief.

我相信我們從去年秋天開始討論，我們認為，與我們的團隊一起，供應鏈問題可能會在 2022 年春季開始出現一些改善。所以這就是我們今天所處的位置，我認為我們開始看到一些解脫。

I would say the overall supply chain challenges, again, whether it's raw metals availability, and I'm strictly talking about continuity of supply, have gotten moderately better. I would probably take legacy semiconductors and still put that in the bucket of constrained. Although with our relationships, we tend to be managing that quite well as well.

我想說的是，整體供應鏈的挑戰，無論是原材料的可用性，我嚴格地說是供應的連續性，都已經有所改善。我可能會採用傳統半導體，但仍將其放在受限的桶中。儘管在我們的關係方面，我們往往也能很好地管理它。

I would also, maybe from a relativity standpoint or a contextual standpoint, suggest that the current guide that Mike gave and the $7.25, I think we've done a pretty good job of contemplating all the supply chain issues and events in terms of weaving that into our guide for the balance of the year.

我也會，也許從相對論的角度或上下文的角度來看，建議邁克給出的當前指南和 7.25 美元，我認為我們在考慮所有供應鏈問題和事件方面做得很好進入我們的年度餘額指南。

Next question today is coming from Mark Delaney from Goldman Sachs.

今天的下一個問題來自高盛的馬克德萊尼。

Congratulations on the good results. I was first hoping to talk about the inventory. The company talked about carrying some additional inventory and also taking some deposits from customers to help manage that.

祝賀取得好成績。我最初希望談論庫存。該公司談到攜帶一些額外的庫存，並從客戶那裡收取一些存款來幫助管理。

Would you say that the extra inventory you're holding, is some of that strategic buffer inventory that the customers are compensating Jabil for to hold some extra stock? Or is this also partly an incomplete kitting issue?

您是否會說您持有的額外庫存是客戶為持有一些額外庫存而補償 Jabil 的一些戰略緩衝庫存？或者這在一定程度上也是一個不完整的配套問題？

I think it's all of the above, Mark. Obviously, we have some kitting issues that drives the inventory up. There's a little bit of buffering. There's a little bit of strategic hold, and that's where we offset it with the inventory deposits.

我想就是以上所有，馬克。顯然，我們有一些配套問題導致庫存增加。有一點緩衝。有一點戰略持有，這就是我們用庫存存款抵消它的地方。

So depending on what -- how we're balancing our inventory numbers, the deposits do offset a considerable amount. I think I talked about 86 days. Sounds like a very high number. But if you take the inventory deposits out, it's about 70 days.

因此，取決於我們如何平衡我們的庫存數量，存款確實抵消了相當大的數量。我想我談了86天。聽起來是一個很高的數字。但是如果你把存貨押金拿出來，大約是70天。

So I think, overall, am I worried about the inventory? Not so much. I think we're having a temporary tightness in the supply chain, which is causing some of this.

所以我想，總的來說，我擔心庫存嗎？沒那麼多。我認為我們的供應鏈暫時緊張，這是造成這種情況的原因之一。

I also talked a little bit about -- there was a little bit of a timing difference in our DMS business with the launch of new products. I fully expect that to reverse in Q3 as well, and that's what gives us confidence to maintain a $700 million plus free cash flow number as well.

我還談到了一點——我們的 DMS 業務與新產品的推出有一點時間上的差異。我完全預計這種情況也會在第三季度逆轉，這也讓我們有信心保持 7 億美元外加自由現金流的數字。

So overall, a little bit of a challenge right now in inventory. Am I concerned mid- to long term? The answer is no.

所以總的來說，現在在庫存方面有點挑戰。我是否擔心中長期？答案是不。

That's helpful, Mike. And then my follow-up was on the China region and the operational situation there given the rising COVID cases. And you touched on it a bit already, but could you comment more about to what extent any of the Jabil facilities are having to take shutdowns? And if so, do you have an expectation for how long those could last?

這很有幫助，邁克。然後我的後續行動是關於中國地區以及考慮到不斷上升的 COVID 病例的運營情況。你已經談到了一點，但你能否更多地評論一下捷普的設施在多大程度上不得不關閉？如果是這樣，你對這些能持續多久有期望嗎？

And then on the related topic, to what extent are other companies that are either suppliers or customers, are you seeing any indirect effects from shutdowns in the region on your business?

然後在相關主題上，作為供應商或客戶的其他公司在多大程度上認為該地區的停工對您的業務有任何間接影響？

Yes. I think you'd be neglectful to suggest that's not a risk. Again, we've got a great global footprint. Moving stuff in and out of China, we've done that as efficiently as anybody.

是的。我認為你會疏忽暗示這不是風險。同樣，我們在全球範圍內擁有巨大的足跡。將貨物運入和運出中國，我們的工作效率不亞於任何人。

But in terms of in-region or in Mainland China, it's a risk. We -- and I don't want to make light of the risk. But again, it's something that we've been handling in terms of quarantines, dormitory quarantines, campus quarantines, different province quarantines, city quarantines for 2 years. And at least as we sit today, this time doesn't feel any different.

但就區域內或中國大陸而言，這是一個風險。我們——而且我不想輕視風險。但同樣，這是我們在隔離、宿舍隔離、校園隔離、跨省隔離、城市隔離等方面處理了 2 年的事情。至少在我們今天坐著的時候，這一次並沒有什麼不同。

I think where probably the biggest risk is, is when I think about the stringent protocols that Jabil uses on our own campuses. I feel very good about how we're managing the situation. I think the bigger risk element would be the greater supply chain, getting materials in and out of campuses and/or logistics, et cetera.

我認為最大的風險可能在於，當我想到 Jabil 在我們自己的校園中使用的嚴格協議時。我對我們如何處理這種情況感覺非常好。我認為更大的風險因素將是更大的供應鏈，將材料進出校園和/或物流等。

As we sit today, assuming that there continues to be pockets of COVID, and it's not extensive in terms of timing of shutdowns, all of that's been considered in our numbers. If the COVID issues inside of Mainland China were to get maybe a magnitude more severe than -- again, that's certainly a risk for consideration.

正如我們今天所坐的那樣，假設仍然存在一些 COVID，並且在關閉時間方面並不廣泛，所有這些都已在我們的數據中考慮在內。如果中國大陸內部的 COVID 問題可能會變得比以往更嚴重，那肯定是需要考慮的風險。

But as we sit today, we're 2 years in. I've got a lot of experience dealing with it, got a great team on the ground there. And again, if things stay kind of like-for-like as they sit today, we'll be fine through the end of the fiscal year.

但是當我們今天坐下來時，我們已經 2 年了。我有很多處理它的經驗，在那裡有一支很棒的團隊。再說一次，如果事情像今天一樣保持不變，我們會在本財年結束時過得很好。

Next question is coming from Melissa Fairbanks from Raymond James.

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

Congrats on the great quarter and guide. I was wondering if you could give a little more detail on expectations for core margin per segment. I think we all saw the press release on stepping up hiring in the health care business. Just wondering how that's flowing through margins or if that's not yet expected to impact them.

祝賀偉大的季度和指導。我想知道您是否可以詳細說明每個細分市場的核心利潤率預期。我想我們都看到了關於加強醫療保健行業招聘的新聞稿。只是想知道這是如何通過利潤流動的，或者預計這是否會影響它們。

Sure. Well, I think on one of the slides today that was posted or shown during the call, if you look at the green box, which we talk about as kind of our diversified manufacturing business, I think what we're suggesting there is, collectively, that group of businesses will run on the core margin line around 5%. And then the blue box on the -- on what we characterized our EMS business is running about 4%.

當然。好吧，我認為在今天在電話會議期間發布或展示的一張幻燈片上，如果您看一下綠色框，我們將其稱為我們的多元化製造業務，我認為我們所建議的總體上是，這組業務將在 5% 左右的核心利潤率線上運行。然後是我們描述的EMS業務中的藍色框，其運行率約為4％。

Both of those margin, call them goals, targets or guide, both of those, I think, on an annual basis -- and again, if I go back 15 years, those are probably the strongest margins we've posted in terms of as we bifurcated the business, EMS, DMS.

這兩個利潤，稱為目標、目標或指南，我認為，這兩者都是每年一次的——如果我回到 15 年，這可能是我們發布的最強利潤，因為我們將業務分叉，EMS，DMS。

We don't break out margins in terms of, I think, both the green box, the DMS box and the EMS box, the blue box. Each of them have 4 sectors defined, and we share the kind of the revenue trends there. But we don't break out margins. I would -- and again, maybe at some point, we'll start breaking those up. But today, we don't.

我認為，我們不會根據綠色框、DMS 框和 EMS 框、藍色框來劃分利潤。他們每個人都定義了 4 個部門，我們分享了那裡的收入趨勢。但我們不打破利潤。我會 - 再一次，也許在某個時候，我們會開始打破這些。但是今天，我們沒有。

Okay. Great. And then finally, on inventories, you noted, ex deposits, your inventory days are running around 70 days. Can you give us a comparison what that number was last quarter? Or maybe historically what that number has trended toward?

好的。偉大的。最後，您指出，在庫存方面，除存款外，您的庫存天數約為 70 天。你能給我們一個比較一下這個數字是上個季度嗎？或者從歷史上看，這個數字的趨勢是什麼？

Yes. I would say, all in all, whether you look at the gross line or the net line, we're probably 12 to 14 days of additional fluff with overall inventory. And as Mike just commented on, we're not overly concerned about that.

是的。我想說，總而言之，無論你看的是毛線還是淨線，我們可能會在 12 到 14 天的時間內增加整體庫存。正如邁克剛剛評論的那樣，我們並不過分擔心這一點。

The balance sheet is in great shape. And we think, in the relative near term, that corrects. And again, I think our goal internally is, at a minimum, to take that down by 12, 14 days.

資產負債表狀況良好。我們認為，在相對近期內，這會糾正。再說一次，我認為我們的內部目標是至少將其減少 12、14 天。

Next question is coming from Paul Chung from JPMorgan.

下一個問題來自摩根大通的 Paul Chung。

So just on the market share gains you mentioned, is this from -- more from Asian-based players or some of your domestic peers or both, and then scale players versus more fragmented, smaller players? And what are some key factors that are kind of closing those deals for you?

因此，僅就您提到的市場份額增長而言，這是來自 - 更多來自亞洲玩家或您的一些國內同行或兩者兼而有之，然後是規模化玩家與更分散、更小的玩家？有哪些關鍵因素可以為您完成這些交易？

Again, it will sound redundant, but it's kind of -- it's across the board. And again, I just think that the market is so sizable, and we've just gotten pretty good at kind of pulling together the IT solutions, the product design solutions. The way we're performing and executing on the factory floors, I think it's been a testament to our supply chain folks the last 2 years in terms of how they've navigated the market.

再一次，這聽起來很多餘，但它有點——它是全面的。再說一次，我只是認為市場如此龐大，而且我們剛剛非常擅長將 IT 解決方案和產品設計解決方案整合在一起。我們在工廠車間的表現和執行方式，我認為這證明了我們的供應鏈人員在過去 2 年中如何駕馭市場。

And I think, all in all, I'd characterize that as people see Jabil as a safe pair of hands. And I also think there's not much good that's come out of COVID. But one of the things COVID has done is really have companies sit back and give much deeper thought to their overall supply chain strategically forward-looking. And I think, all in all, that's what's generated a lot of the conversations in terms of market share gains.

我認為，總而言之，我認為人們將捷普視為安全的雙手。而且我還認為 COVID 帶來的好處並不多。但是，COVID 所做的其中一件事就是讓公司坐下來，對他們的整體供應鏈進行更深入的思考，具有戰略性的前瞻性。我認為，總而言之，這就是在市場份額增長方面產生大量對話的原因。

I wouldn't want to sit and handicap whether it's Asian based or domestic based or European based. I think it's across the board.

無論是亞洲還是國內還是歐洲，我都不想坐視不管。我認為這是全面的。

Okay. Great. And then just on the strong free cash flow guide, most of the strength there is from earnings, which is great. So how big of a drag in your view is working cap for the fiscal year?

好的。偉大的。然後只是在強大的自由現金流指南上，大部分力量來自收益，這很棒。那麼，在您看來，本財年的工作上限有多大的拖累？

Just want to get a sense for more normalized free cash flow, which hopefully reverts later this calendar year and into your kind of next fiscal year.

只是想了解更多標準化的自由現金流，希望在本日曆年晚些時候恢復到您的下一個財政年度。

So Paul, yes, when we started the year, I think we guided to $31.5 billion of revenues. We took that up to $31.8 million. And now we've taken it up to $32.6 billion. So there's been a decent amount of growth in our revenue numbers.

所以保羅，是的，當我們年初時，我認為我們的收入達到了 315 億美元。我們將其增加到 3180 萬美元。現在我們已經把它帶到了 326 億美元。因此，我們的收入數字有了可觀的增長。

That obviously drives a higher level of working capital. But we've managed -- we've worked out how to manage working capital really well as a team. We feel confident with our $700 million free cash flow. In fact, I think we might be able to deliver a little bit more than $700 million.

這顯然推動了更高水平的營運資金。但是我們已經做到了——我們已經弄清楚瞭如何作為一個團隊真正很好地管理營運資金。我們對 7 億美元的自由現金流充滿信心。事實上，我認為我們可能能夠提供超過 7 億美元的收益。

I think the inventory probably normalizes not fully by the end of the year, but a little bit. I think I mentioned it's 3 or 4 days of inventory due to timing differences. I expect that to reverse completely in Q3. And overall, our collections, our AP payments, et cetera, give me full confidence in the $700 million-plus of free cash flow.

我認為庫存可能在年底前不會完全正常化，但會稍微正常化。由於時間差異，我想我提到了 3 或 4 天的庫存。我預計這將在第三季度完全逆轉。總的來說，我們的收款、我們的 AP 付款等等，讓我對超過 7 億美元的自由現金流充滿信心。

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

我們的問答環節已經結束。我想將發言權交還給管理層，以徵求任何進一步或結束的意見。

Thank you. Thank you for your interest in Jabil. This now concludes our call.

謝謝你。感謝您對捷普的興趣。現在結束我們的通話。

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

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