捷普科技 (JBL) 2022 Q1 法說會逐字稿

Greetings, and welcome to the Jabil First Quarter of Fiscal Year 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加捷普 2022 財年第一季度收益電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

I would now like to turn the call over to Adam Berry, Vice President of Investor Relations. Thank you. You may begin.

我現在想將電話轉給投資者關係副總裁 Adam Berry。謝謝你。你可以開始了。

Good morning, and welcome to Jabil's First Quarter of Fiscal 2022 Earnings Call. Joining me on today's call is Chief Executive Officer, Mark Mondello; and Chief Financial Officer, 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 entire call will be posted for audio playback on our website.

早上好，歡迎參加捷普 2022 財年第一季度財報電話會議。和我一起參加今天電話會議的是首席執行官馬克蒙德羅；和首席財務官 Mike Dastoor。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，請在今天電話會議結束時訪問我們投資者關係部分的 jabil.com，整個電話會議將在我們的網站上發布以供音頻播放。

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

我現在想請您通過網站上的幻燈片關注我們的收益演示，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二季度和財政年度淨收入和收益。這些陳述基於當前的預期、預測和假設，其中涉及可能導致實際結果和結果存在重大差異的風險和不確定性。

An extensive list of these risks and uncertainties are identified on our annual report on Form 10-K for the fiscal year ended August 31, 2021, and other filings. Jabil disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. With that, I'd now like to shift our focus to our strong quarter and outstanding results.

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盡清單。 Jabil 不承擔任何更新或修改任何前瞻性陳述的意圖或義務，無論是由於新信息、未來事件或其他原因。有了這個，我現在想把我們的注意力轉移到我們強勁的季度和出色的業績上。

First off, the team delivered $400 million of core operating income on roughly $8.6 billion in revenue, resulting in a core operating margin of 4.7%. These results were primarily driven by broad-based strength in several key end markets, including health care; industrial and semi cap; and of course, mobility as customary for our first fiscal quarter. And finally, it's worth noting that our team was able to accomplish all of this in spite of the chaotic global supply chain environment.

首先，該團隊以大約 86 億美元的收入實現了 4 億美元的核心營業收入，核心營業利潤率為 4.7%。這些結果主要是由包括醫療保健在內的幾個關鍵終端市場的廣泛實力推動的；工業和半帽；當然，流動性也是我們第一財季的慣例。最後，值得注意的是，儘管全球供應鏈環境混亂，我們的團隊還是能夠完成這一切。

In summary, we delivered strong results, grew in key end markets and successfully navigated a dynamic global supply chain, clearly demonstrating the power of Jabil by way of our scale, tools, team and relationships. In a few moments, both Mike and Mark will provide more details on the quarter, while also addressing our improved outlook for the year. But before I hand it over, I'll pass along some thoughts from Jabil's procurement and supply chain team, as you may find it helpful when modeling our year.

總之，我們取得了強勁的業績，在關鍵終端市場取得了增長，並成功駕馭了充滿活力的全球供應鏈，通過我們的規模、工具、團隊和關係清楚地展示了 Jabil 的力量。稍後，邁克和馬克都將提供有關本季度的更多詳細信息，同時還將討論我們對今年前景的改善。但在我交出它之前，我將傳遞 Jabil 採購和供應鏈團隊的一些想法，因為您可能會發現它對我們的年度建模很有幫助。

In short, demand continues to outstrip supply, particularly as it relates to semiconductors, an issue that has persisted since 2019. That said, Jabil continues to leverage best-in-class tools and relationships to maximize our allocation and keep the factories in production to the best of our ability. So far, we have been extremely successful, and we would like to thank our supplier partners for their continued support and commitment to Jabil.

簡而言之，需求繼續超過供應，尤其是與半導體有關的問題，這一問題自 2019 年以來一直存在。也就是說，捷普繼續利用一流的工具和關係來最大化我們的分配，並使工廠的生產保持在盡我們所能。到目前為止，我們取得了巨大的成功，我們要感謝我們的供應商合作夥伴對捷普的持續支持和承諾。

As we move ahead, we anticipate continued supply chain challenges, which have been incorporated in our guidance similar to previous quarters. We do expect some relief towards the back half of the fiscal year, but the general consensus is that demand will remain ahead of supply for the next 6 months.

隨著我們向前邁進，我們預計供應鏈將面臨持續挑戰，這些挑戰已納入我們與前幾個季度類似的指導。我們確實預計本財年下半年會有所緩解，但普遍共識是，未來 6 個月需求將繼續領先於供應。

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

有了這個，我現在想把電話轉給邁克。

Thank you, Adam, and thank you for joining us today. As Adam just highlighted, Q1 was an exceptional quarter. The team delivered strong results on 3 fronts: revenue, core operating income and core diluted earnings per share. Our results were better than expected due to a combination of continued end-market strength and excellent operational execution by the entire Jabil team, along with lower tax and interest expense.

謝謝你，亞當，謝謝你今天加入我們。正如亞當剛剛強調的那樣，第一季度是一個特殊的季度。該團隊在三個方面取得了強勁的業績：收入、核心營業收入和核心每股攤薄收益。由於整個 Jabil 團隊持續的終端市場實力和出色的運營執行，以及較低的稅收和利息費用，我們的業績好於預期。

Net revenue for the first quarter was $8.6 billion, up 9.4% over the prior year quarter. GAAP operating income was $350 million, and our GAAP diluted earnings per share was $1.63. Core operating income during the quarter was $400 million, an increase of 9.6% year-over-year, representing a core operating margin of 4.7%. Core diluted earnings per share was $1.92, a 20% improvement over the prior year quarter.

第一季度的淨收入為 86 億美元，比去年同期增長 9.4%。 GAAP 營業收入為 3.5 億美元，我們的 GAAP 攤薄後每股收益為 1.63 美元。本季度核心營業收入為 4 億美元，同比增長 9.6%，核心營業利潤率為 4.7%。每股核心攤薄收益為 1.92 美元，比去年同期增長 20%。

Now turning to our first quarter segment results on the next slide. Revenue for our DMS segment was $4.7 billion, an increase of 11.1% on a year-over-year basis. The strong year-over-year performance in our DMS segment was broad-based with strength across our healthcare, automotive and mobility businesses. Core margin for the segment came in at 5.4%. Revenue for our EMS segment came in at $3.9 billion, an increase of 7.4% 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 3.8%, 40 basis points higher than the prior year, reflecting solid execution by the team.

現在轉到下一張幻燈片上的第一季度部分結果。我們 DMS 部門的收入為 47 億美元，同比增長 11.1%。我們 DMS 部門的強勁同比表現基礎廣泛，在我們的醫療保健、汽車和移動業務方面表現強勁。該部門的核心利潤率為 5.4%。我們 EMS 部門的收入為 39 億美元，同比增長 7.4%。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、工業和半導體以及 5G 無線和雲業務均表現強勁。該部門的核心利潤率為 3.8%，比上年高 40 個基點，反映了團隊的穩健執行。

Turning now to our cash flows and balance sheet. In Q1, inventory days came in at 66 days, a decline of 5 days sequentially. The management team continues to be fully focused on this metric, particularly in the current environment. And I expect over the medium to longer term, our inventory days to normalize below 60.

現在轉向我們的現金流和資產負債表。第一季度，庫存天數為 66 天，環比下降 5 天。管理團隊繼續完全專注於這一指標，尤其是在當前環境下。我預計在中長期內，我們的庫存天數將正常化低於 60。

Cash flows used in operations were $46 million in Q1, and net capital expenditures totaled $73 million. We exited the quarter with total debt-to-core EBITDA levels of approximately 1.3x and cash balances of $1.2 billion. During Q1, we repurchased approximately 2.1 million shares or $127 million.

第一季度用於運營的現金流為 4600 萬美元，淨資本支出總計 7300 萬美元。我們以約 1.3 倍的總債務與核心 EBITDA 水平和 12 億美元的現金餘額退出了本季度。在第一季度，我們回購了大約 210 萬股或 1.27 億美元。

Turning now to our second quarter guidance on the next slide. DMS segment revenue is expected to increase 4% on a year-over-year basis to $3.8 billion, while the EMS segment revenue is expected to increase 14% on a year-over-year basis to $3.6 billion. We expect total company revenue in the second quarter of fiscal '22 to be in the range of $7.1 billion to $7.7 billion. Core operating income is estimated to be in the range of $290 million to $350 million. GAAP operating income is expected to be in the range of $266 million to $326 million. Core diluted earnings per share is estimated to be in the range of $1.35 to $1.55. GAAP diluted earnings per share is expected to be in the range of $1.19 to $1.39. The tax rate on core earnings in the second quarter is estimated to be approximately 24%.

現在轉到下一張幻燈片上的第二季度指導。 DMS 部門收入預計將同比增長 4% 至 38 億美元，而 EMS 部門收入預計將同比增長 14% 至 36 億美元。我們預計 22 財年第二季度的公司總收入將在 71 億美元至 77 億美元之間。核心營業收入估計在 2.9 億美元至 3.5 億美元之間。 GAAP 營業收入預計在 2.66 億美元至 3.26 億美元之間。每股核心攤薄收益估計在 1.35 美元至 1.55 美元之間。 GAAP 攤薄後每股收益預計在 1.19 美元至 1.39 美元之間。第二季度核心收益的稅率估計約為24%。

Next, I'd like to take a few moments to highlight our balanced portfolio of businesses by end market. Today, both segments are in incredibly good shape. In September, I highlighted several long-term sustainable secular trends in strategically important end markets, such as Healthcare, Automotive, Cloud, Semi-Cap, 5G Infrastructure and the associated connected devices, along with power generation and energy storage. For the remainder of FY '22 and beyond, we continue to expect these secular trends to drive strong growth.

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，這兩個部分的狀態都非常好。 9 月，我強調了具有戰略重要性的終端市場的幾個長期可持續的長期趨勢，例如醫療保健、汽車、雲、半資本、5G 基礎設施和相關的連接設備，以及發電和儲能。在 22 財年及以後的剩餘時間裡，我們繼續預計這些長期趨勢將推動強勁增長。

Our electric vehicle business, in particular, continues to outperform in spite of global supply chain issues as the transition to ED accelerates. And importantly, our broad-based growth associated with these secular trends is expected to drive solid year-over-year core operating margin expansion in both segments, all of which gives us confidence in our ability to deliver strong financial results for FY '22. And a balanced capital allocation framework approach is aligned and focused on driving long-term value creation to shareholders.

尤其是我們的電動汽車業務，儘管隨著向 ED 過渡的加速出現全球供應鏈問題，但仍繼續表現出色。重要的是，我們與這些長期趨勢相關的廣泛增長預計將推動這兩個領域的核心營業利潤率同比穩健增長，所有這些都讓我們對我們在 22 財年實現強勁財務業績的能力充滿信心。平衡的資本分配框架方法是一致的，並專注於為股東創造長期價值。

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

我祝愿你們每一個人度過一個安全快樂的假期。感謝您今天的寶貴時間，也感謝您對 Jabil 的關注。我現在將把電話轉給馬克。

Thanks, Mike. Good morning. I'll begin today by thanking our folks here at Jabil for making safety their personal priority. I'd also like to recognize their hard work and tireless commitment, which drove solid results for our first fiscal quarter. Again, thank you. And before I get into my prepared remarks, I'd like to wish all of you a safe and peaceful holiday season.

謝謝，邁克。早上好。我今天首先要感謝 Jabil 的員工將安全作為個人優先事項。我還要感謝他們的辛勤工作和不懈的承諾，這為我們的第一財季帶來了可觀的業績。再次謝謝你。在我開始準備發言之前，我想祝大家度過一個安全祥和的假期。

With that, let's move to our next slide, where I'd like to expand on what Mike and Adam addressed in their prepared remarks. Not only did our team deliver a favorable first quarter, but the diversification of our business was fundamental to the results, with each sector having a material contribution in the solutions we offer our customers and with each sector having a material contribution to our financial results. Specifically, the 4 sectors in our DMS segment focus on margins while offering reliable cash flows, while the 4 sectors in our EMS segment focus on cash flows, while offering reliable margins, a perfect complement as the well-diversified construct of Jabil continues to drive our execution.

有了這個，讓我們轉到下一張幻燈片，我想在其中擴展 Mike 和 Adam 在他們準備好的發言中談到的內容。我們的團隊不僅在第一季度取得了良好的業績，而且我們業務的多元化對業績至關重要，每個部門都對我們為客戶提供的解決方案做出了重大貢獻，每個部門都對我們的財務業績做出了重大貢獻。具體來說，我們 DMS 部門的 4 個部門專注於利潤率，同時提供可靠的現金流，而我們的 EMS 部門的 4 個部門專注於現金流，同時提供可靠的利潤率，這是 Jabil 多元化結構繼續推動的完美補充我們的執行。

If we dig a little deeper, we find secular trends embedded within certain sectors, secular markets where we now play and have a substantial presence, we believe these markets will drive our growth with the overwhelming majority of such growth occurring organically as we place our attention on secular opportunities, opportunities such as 5G, electric vehicles, personalized healthcare, cloud computing and clean energy. Furthermore, our commercial portfolio is intentional, and we think quite special.

如果我們深入挖掘，我們會發現長期趨勢嵌入某些行業，我們現在從事並擁有大量業務的長期市場，我們相信這些市場將推動我們的增長，絕大多數此類增長在我們關注時有機地發生關於長期機遇，5G、電動汽車、個性化醫療、雲計算和清潔能源等機遇。此外，我們的商業組合是有意的，我們認為非常特別。

Each slice of this pie harbors domain expertise, affording us an essential collection of valuable capabilities, although what's most impactful is the way in which we merge these capabilities with precision and speed as we serve our customers. Our approach is further enhanced by seamless collaboration across the organization, combined with our unique Jabil structure. And when done correctly, we simplify the complex for many of the world's most remarkable brands. And we do so as we lean into a massive market, where things need to be built and supply chains need to be optimized.

這個餡餅的每一塊都包含領域專業知識，為我們提供了一系列重要的寶貴能力，儘管最有影響力的是我們在為客戶服務時以精確和速度合併這些能力的方式。我們的方法通過整個組織的無縫協作以及我們獨特的 Jabil 結構得到進一步增強。如果做得正確，我們可以簡化許多世界上最卓越品牌的複雜性。我們這樣做是因為我們要進入一個龐大的市場，那裡需要建造東西，需要優化供應鏈。

One of the key outcomes of our approach is the fact that with each passing year, our results become less dependent on any single product or product family, which improves our resiliency, especially during times of macro disruption and cyclical demand.

我們方法的主要成果之一是，隨著時間的流逝，我們的結果對任何單一產品或產品系列的依賴程度降低，這提高了我們的彈性，尤其是在宏觀中斷和周期性需求時期。

I'll now take you through an update to our fiscal '22 financial plan, where you'll see the continued earnings power of the company. We've increased core earnings per share to $6.55 for the year, up $0.20 from our September outlook. We've also increased revenue to $31.8 billion, up from our initial guide of $31.5 billion. In addition, we're committed to delivering free cash flow in excess of $700 million, while maintaining a core margin of 4.5% for the year as we navigate this challenging environment. In concert with these strong numbers, please note that our path forward is well understood throughout the company, and what needs to be done remains crystal clear.

我現在將帶您了解我們 22 財年財務計劃的更新，您將在其中看到公司持續的盈利能力。我們已將今年的核心每股收益提高至 6.55 美元，比 9 月份的展望增加了 0.20 美元。我們還將收入從最初的 315 億美元增加到 318 億美元。此外，我們致力於提供超過 7 億美元的自由現金流，同時在這一充滿挑戰的環境中保持全年 4.5% 的核心利潤率。與這些強勁的數字相一致，請注意，我們的前進道路在整個公司中都很清楚，需要做的事情仍然一清二楚。

Quite simply, what we're doing is working, a positive testament on how our team is managing the business.

很簡單，我們正在做的是工作，這是對我們團隊如何管理業務的積極證明。

Moving on from the financials, I'd like to talk about purpose. At Jabil, purpose serves as our guidepost. When we think about purpose, we think about our behaviors, behaviors such as keeping our people safe, servant leadership, DE&I, protecting the environment and giving back to the many communities where we live. Please note that these behaviors, as displayed by our team, are exceptional.

從財務繼續說下去，我想談談目的。在 Jabil，目標是我們的路標。當我們考慮目標時，我們會考慮我們的行為，例如確保員工安全、僕人式領導、DE&I、保護環境和回饋我們所居住的許多社區等行為。請注意，我們團隊所展示的這些行為是異常的。

In closing, our improvement is steady, and our strategy is consistent. And as a team, we value our role as a responsible and reliable partner to those we serve. All in all, I feel good about where we've been, but I feel even better about where we're going. In simple terms, at Jabil, we build stuff, and we do so really, really well. We also solve problems over and over again. That's why we welcome the challenges put forth by our customers.

最後，我們的改進是穩定的，我們的戰略是一致的。作為一個團隊，我們重視我們作為服務對象負責任和可靠合作夥伴的角色。總而言之，我對我們去過的地方感覺很好，但我對我們要去的地方感覺更好。簡而言之，在 Jabil，我們製造東西，而且我們做得非常非常好。我們也一次又一次地解決問題。這就是為什麼我們歡迎客戶提出的挑戰。

To our entire Jabil team, thank you for making Jabil, Jabil. I want each of you to always be your true self without fear or anxiety as you care for one another. To everyone on the call today, I wish you a safe and peaceful holiday.

對於我們整個 Jabil 團隊，感謝您製作 Jabil，Jabil。我希望你們每個人在彼此關心時，永遠做真實的自己，沒有恐懼或焦慮。今天電話會議上的每一個人，祝大家度過一個平安祥和的假期。

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

有了這個，我現在將電話轉回給亞當。

Thanks, Mark. Before we begin our Q&A session, I'd like to remind everyone on our call that we cannot address customer- or product-specific questions. Otherwise, we're now ready for your Q&A. Operator?

謝謝，馬克。在我們開始問答環節之前，我想提醒我們電話中的每個人，我們無法解決客戶或產品特定的問題。否則，我們現在已準備好接受您的問答。操作員？

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

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

You talked about component shortages. Is there a way for us to -- for you to quantify for us what was the revenue impact in the November quarter from component shortages? And what have you factored in for the February quarter? And how you see these component shortages lasting into 2022?

你談到了組件短缺。我們有沒有辦法——讓您為我們量化組件短缺對 11 月季度的收入影響是什麼？您在 2 月季度考慮了哪些因素？您如何看待這些組件短缺持續到 2022 年？

Thanks for the question. Jeez, I don't know that we really look at it that way. How I would answer it maybe would be maybe getting away from Q1, and I'm not doing that for any reason other than I kind of think about the year a bit deeper. I'd say that -- We've taken the year now from $31.5 billion to $31.8 billion. I think that's up from like $29.3 billion last year. And I think we've done a really good job spending a lot of time with our commercial folks, our operations folks and our supply chain procurement folks. So I believe that we've handicapped supply chain properly to deliver the $31.8 billion.

謝謝你的問題。天哪，我不知道我們真的是這樣看的。我將如何回答它可能會遠離第一季度，除了我更深入地考慮這一年之外，我不會這樣做。我想說——我們今年已經從 315 億美元增加到 318 億美元。我認為這比去年的 293 億美元有所增加。我認為我們在與我們的商業人員、運營人員和供應鏈採購人員共度大量時間方面做得非常好。所以我相信我們已經適當地限制了供應鏈來交付 318 億美元。

I guess, in an unconstrained environment, I don't know, maybe the $31.8 billion would be somewhere 32-something in terms of top line. But again, I think we spend more time really kind of looking at our factories, looking at the pipeline of materials and then a lot of communication and connectivity between our supply chain procurement folks, our operations folks and our commercial folks. So I think maybe the main takeaway is, is assuming supply chain continues to be kind of bumpy and a bit unpredictable for the next couple of quarters, we believe we've handicapped that properly to deliver the year or, said differently, the $31.8 billion.

我想，在一個不受約束的環境中，我不知道，就收入而言，也許 318 億美元會是 32 多歲。但同樣，我認為我們會花更多的時間來看看我們的工廠，看看材料的管道，然後我們的供應鏈採購人員、我們的運營人員和我們的商業人員之間進行大量的溝通和連接。所以我認為也許主要的收穫是，假設供應鏈在接下來的幾個季度中繼續有點顛簸並且有點不可預測，我們相信我們已經適當地阻礙了這一年的交付，或者換句話說，318 億美元.

In terms of when we see things getting better, I like the question because it allows me to give a shout out to our supply chain procurement team for what they did in 4Q of last year and Q1 of this year in delivering the numbers. We overshot revenue by about $300 million for the quarter, and a lot of that had to do with the whole team, but just tremendous work from the supply chain procurement group. I think that we'll continue to be in this environment in one way, shape or form, probably through the spring into early summer. But I think we start seeing things getting better 6 to 9 months from now.

至於我們什麼時候看到情況好轉，我喜歡這個問題，因為它讓我可以對我們的供應鏈採購團隊在去年第四季度和今年第一季度在交付數據方面所做的大喊大叫。我們本季度的收入超出了大約 3 億美元，其中很多都與整個團隊有關，但這只是供應鏈採購小組的巨大工作。我認為我們將繼續以一種方式、形狀或形式處於這種環境中，可能會從春季到初夏。但我認為，從現在起 6 到 9 個月，我們開始看到情況有所好轉。

Okay. That's helpful. Mike, I wanted to ask you on free cash flow. It looks like inventory was up 6% sequentially after 2 quarters of -- I think it was double-digit growth. And that's understandable given the component environment. But can you help us -- you've maintained the $700 million-plus guide for the full year. Can you help us think about the pace of free cash flow over the next 2-3 quarters? How should we think about which quarters are stronger, which quarters are weaker?

好的。這很有幫助。邁克，我想問你關於自由現金流的問題。看起來庫存在兩個季度之後環比增長了 6%——我認為這是兩位數的增長。考慮到組件環境，這是可以理解的。但是你能幫助我們嗎——你已經維持了全年超過 7 億美元的指南。您能幫我們考慮一下未來 2-3 個季度的自由現金流的速度嗎？我們應該如何考慮哪些季度更強，哪些季度更弱？

Ruplu, I'd sort of move in the same direction as in previous years and previous quarters, in past years. The trend will be pretty similar, the seasonality attached to our free cash flow. So that doesn't change much through these times. We do expect the supply chain constraints to open up a little bit. And in Q4, I think the cash flow will be a lot higher. So I think overall, similar trends to last year with a slightly stronger performance in Q4 is the best way to model that Ruplu.

Ruplu，在過去的幾年裡，我會朝著與前幾年和前幾個季度相同的方向前進。趨勢將非常相似，即與我們的自由現金流相關的季節性。因此，在這些時候，這並沒有太大變化。我們確實預計供應鏈限制會有所開放。在第四季度，我認為現金流會高很多。所以我認為總體而言，與去年相似的趨勢，第四季度的表現略強，是對 Rupl 進行建模的最佳方式。

Okay. And maybe for my last question, Mike, if I can just ask you, how should we think about your capital allocation priorities? Specifically, if you can talk about how you're thinking about buybacks versus maybe M&A. And also the tax rate was a little bit lower this quarter than expected. How should we think about that for the full year?

好的。也許對於我的最後一個問題，邁克，如果我可以問你，我們應該如何考慮你的資本配置優先事項？具體來說，如果你能談談你是如何考慮回購與併購的。而且本季度的稅率也比預期的要低一些。全年我們應該如何看待這個問題？

Sure, Ruplu. So we have -- on buybacks, we have $1 billion authorization. I think we still have about -- I think it's about $830 million of that authorization left. We'll continue to be well balanced in our capital allocation. I personally feel the stock is still highly undervalued. So buyback will be an integral part of our capital allocation framework.

當然，魯普魯。所以我們有 - 在回購方面，我們有 10 億美元的授權。我認為我們仍然有大約 - 我認為剩下大約 8.3 億美元的授權。我們將繼續保持良好的資本配置平衡。我個人認為該股仍然被嚴重低估。因此，回購將成為我們資本配置框架中不可或缺的一部分。

M&A, as we've done in the past, Ruplu, we've done tuck-in M&A capability-driven M&As. And I think in September, we highlighted a little bit of a capital allocation framework there as well. At this stage, no changes to that M&A tuck-ins will continue as we progress through the year.

併購，正如我們過去所做的那樣，Ruplu，我們已經完成了以併購能力為導向的併購。我認為在 9 月，我們也強調了一些資本配置框架。在這個階段，隨著我們全年的進展，併購活動不會繼續發生變化。

And on the tax rate, any guidance for the full year?

關於稅率，全年有什麼指導嗎？

Tax? So for Q2, I think we've said 24% in that range, Ruplu. The reason it was good is purely because of the mix issue income coming through in different jurisdictions were in 30 countries. So there's a lot of moving parts. But in that 24% range should be a good guide for now.

稅？所以對於第二季度，我認為我們已經說過該範圍內的 24%，Ruplu。它之所以好，純粹是因為來自不同司法管轄區的混合發行收入來自 30 個國家/地區。所以有很多活動部件。但目前在 24% 的範圍內應該是一個很好的指導。

Our next questions come from the line of Jim Suva with Citigroup.

我們的下一個問題來自花旗集團的 Jim Suva。

Question for Mark. When all of this hit with COVID and before that, even trade wars, we're talking 2, 3, 4 years ago, there was discussions about your customers may be changing the sourcing of where they're going to actually have you do the work for it and not be as concentrated to mitigate risk.

馬克的問題。當所有這一切都受到 COVID 的影響，在此之前，甚至是貿易戰，我們談論的是 2、3、4 年前，有人討論過你的客戶可能正在改變他們實際上讓你做的地方的採購為它工作，而不是集中精力來降低風險。

Just curious as we roll it forward now several years, has a lot of that materialized? Are they still in discussions? Is it off the table? Or has it already come to pass? Or some of it has and some of it's still being talked about? I'm just kind of curious about how that all ended up. Because we've been in a world of trade wars, uncertainties, COVID and supply constraints now for a couple of years. I'm just kind of wondering what the materiality of actions from your customers.

只是好奇我們現在將它向前推進了幾年，有很多實現了嗎？他們還在討論嗎？它不在桌子上嗎？還是已經實現了？還是其中一些已經存在，而其中一些仍在討論中？我只是有點好奇這一切是如何結束的。因為幾年來，我們一直處於貿易戰、不確定性、COVID 和供應限制的世界中。我只是想知道您的客戶採取的行動的重要性。

Yes. Thanks, Jim. I'm trying to figure out time frame. Let's keep with the 3 to 4 years you talked about. I'd say that -- I'd say for the last, I don't know, dozen years, we have a bunch of tools that have kind of migrated from manual tools to more digital tools to more data analytics as the companies matured and advanced forward. But tools nonetheless, where we've always gone from kind of manual spreadsheets to the new digital tools in terms of optimizing supply chains for customers.

是的。謝謝，吉姆。我想弄清楚時間框架。讓我們繼續你所說的 3 到 4 年。我會這麼說——我會說最後，我不知道，十幾年來，隨著公司的成熟，我們有一堆工具已經從手動工具遷移到更多的數字工具，再到更多的數據分析並向前推進。但儘管如此，在為客戶優化供應鏈方面，我們總是從手動電子表格轉向新的數字工具。

Kind of the thesis to your question, though, around trade wars and tariffs and geopolitical issues and risk in COVID this and other issues, I would say that in the last 24 to 30 months, there has been a heightened sensitivity in terms of working with customers on a proactive basis to be sure that their overall supply chain manufacturing solutions are optimized, derisked as well as supported with backup plans.

不過，關於你的問題的論文類型是關於貿易戰和關稅、地緣政治問題以及 COVID 和其他問題的風險，我想說的是，在過去的 24 到 30 個月裡，在與客戶主動確保他們的整體供應鏈製造解決方案得到優化、降低風險並得到備份計劃的支持。

So as an example, one of the things we talk about a lot is, I think there's a huge advantage of building stuff when you have scale and then you have diversification, either top line or factories around the world. Today, we're sitting in a really good place because a lot of our customers put a lot of trust in Jabil, and we do the vast majority of their work. And even though they are of inside of Jabil, we can provide fabulous redundancy plans if things go a bit sideways.

舉個例子，我們經常談論的一件事是，我認為當你有規模，然後你有多元化時，無論是頂級還是世界各地的工廠，建造東西都有巨大的優勢。今天，我們坐在一個非常好的地方，因為我們的很多客戶都非常信任 Jabil，我們完成了他們的絕大多數工作。即使他們在 Jabil 內部，如果事情有點偏離，我們也可以提供出色的裁員計劃。

So I'd say, Jim, some of the things that you alluded to have been very real catalyst to maybe increase the priority in terms of supply chain and where we build stuff. And then the other neat thing about our tools today is with the advancement of the data analytics and how we're positioned in the supply chain, both front end and back end, we also spent a significant amount of time with customers today mapping their entire supply chain. So from the most basic precious metals through components, consideration of design, where the product is going to be manufactured and then how it's going to be distributed.

所以我想說，吉姆，你提到的一些事情是非常真實的催化劑，可能會增加供應鍊和我們製造產品的優先級。然後，今天我們工具的另一件巧妙的事情是隨著數據分析的進步以及我們在供應鏈中的定位，包括前端和後端，我們今天還花費了大量時間與客戶一起繪製他們的整個供應鏈。所以從最基本的貴金屬到組件，考慮設計，產品將在哪裡製造，然後是如何分銷。

So I'd say, all in all, today, it's perpetual. I don't think it's ever done. But I think to your point, we've done an awful lot of work, and there's been a lot of prime catalysts for that type of work to be done. And I think overall, we do a pretty good job in that area for our customers.

所以我想說，總而言之，今天，它是永恆的。我不認為它曾經做過。但我認為就你的觀點而言，我們已經做了很多工作，並且有很多主要的催化劑來完成這類工作。我認為總的來說，我們在這方面為我們的客戶做得很好。

Our next questions come from the line of Mark Delaney with Goldman Sachs.

我們的下一個問題來自高盛的馬克德萊尼。

I have two. Maybe starting on margins, if I could. I was hoping you could comment a little bit on how you're thinking about the sustainability of margins. Obviously, you guided fiscal '22, but over the longer term. And on the one hand, the company has been having to deal with supply chain costs, COVID and some of those challenges. Although I've also been getting questions from investors about whether or not factory utilization is perhaps unusually high when we think about how strong global demand for goods has been in and some of the government stimulus programs that have been in place. And so any thoughts you can share on the puts and takes and sustainability of margins over the longer term, please?

我有兩個。如果可以的話，也許從利潤開始。我希望你能就你如何看待利潤率的可持續性發表一些評論。顯然，您指導了 '22 財年，但從長遠來看。一方面，該公司不得不應對供應鏈成本、COVID 和其中一些挑戰。儘管當我們考慮到全球對商品的強勁需求以及已經實施的一些政府刺激計劃時，我也收到了投資者關於工廠利用率是否異常高的問題。因此，您可以分享關於長期利潤的看跌期權和可持續性的任何想法嗎？

Thanks, Mark. I think that let me start with factory utilization. I think factory utilization in 4Q and Q1 was mixed and choppy. We had -- and the biggest issue there is, again, the supply chain dynamics. So I wouldn't conclude that any portion or a material portion of our results was due to hyper factory utilization. In fact, I think it was maybe a little bit of the opposite. So let's just call that maybe a very slight net negative through Q1, and yet the results, I think, were very, very good.

謝謝，馬克。我認為讓我從工廠利用率開始。我認為第四季度和第一季度的工廠利用率參差不齊。我們有 - 最大的問題是供應鏈動態。因此，我不會得出結論，我們的結果的任何部分或重要部分是由於超工廠利用率造成的。事實上，我認為這可能有點相反。因此，讓我們稱之為可能在第一季度出現非常輕微的淨負面影響，但我認為結果非常非常好。

If I then move through maybe the back half. So now we've posted Q1. We've given you a fairly explicit numbers for Q2. If I think about the back half of the year, as I think about margins, I think the back half of fiscal '21 margins for the whole company were around 4%. If I think about the back half of '22, the overall margins for the company are going to be 30-40 basis points greater than that. And I think that's a good indication of the composition of the business mix today and where we're focused.

如果我然後移動通過也許後半部分。所以現在我們已經發布了第一季度。我們為您提供了第二季度的相當明確的數字。如果我考慮今年下半年，就像我考慮利潤率一樣，我認為整個公司的 21 財年下半年利潤率約為 4%。如果我考慮 22 年的後半段，公司的整體利潤率將比這高出 30-40 個基點。我認為這很好地表明了當今業務組合的構成以及我們的重點。

And one of the things that we did in the slide deck today and the prepared remarks between Adam, Mike and myself, is we're reinforcing the 4.5% for the year. By the way, when, again, a decent portion of the year is going to be fraught with the supply chain challenges. So that's up 30 basis points from last year, which last year was, I think, a pretty good year for us.

我們今天在幻燈片中所做的一件事以及亞當、邁克和我本人之間準備好的評論是，我們正在加強今年的 4.5%。順便說一句，當一年中的相當一部分時間再次充滿供應鏈挑戰時。所以這比去年增加了 30 個基點，我認為去年對我們來說是非常好的一年。

And I think where you're going is beyond this year, I don't want to get into too much speculation about where the business might be going in '23 and '24, although I made a comment some time -- I don't remember when, sometime in the last 12 months or something like that during the JPMorgan conference, the question came up. And we were going back and forth talking about kind of the midterm outlook for the company. And I suggested that we -- we're a company where we focus the vast, vast majority of our growth organically. We're not big on big M&A deals. And if that continues and we continue to be successful in the marketplace, I do think we're on a trajectory where margins can be above the 4.5%. I think maybe next step would be 4.6%, 4.7%. And our internal efforts are going to be around running the company at 5% on the op income line.

而且我認為您將在今年之後去哪裡，我不想過多猜測 23 年和 24 年的業務可能會走向何方，儘管我有一段時間發表了評論——我沒有不記得在過去 12 個月的某個時候或類似的時間，在摩根大通會議期間，這個問題出現了。我們來回討論公司的中期前景。我建議我們——我們是一家我們有機地專注於絕大多數、絕大多數增長的公司。我們不擅長大型併購交易。如果這種情況繼續下去並且我們繼續在市場上取得成功，我確實認為我們正處於利潤率可能高於 4.5% 的軌道上。我認為下一步可能是 4.6%、4.7%。我們的內部努力將圍繞在運營收入線上以 5% 的速度運營公司。

That's really helpful. I appreciate all the thoughts on that, Mark. My follow-up was about an award the company just received, the optical business unit was awarded some recognition for one of its sensors. I'm just hoping you could speak a little bit more on what that business unit is doing, I know it you are behind a lot of the different product areas. And perhaps where you're seeing the best growth on some of your optical and sensor technology.

這真的很有幫助。我很欣賞所有關於這方面的想法，馬克。我的後續行動是關於公司剛剛獲得的一個獎項，光學業務部門的一個傳感器獲得了一些認可。我只是希望你能多談談那個業務部門在做什麼，我知道你在很多不同的產品領域背後。也許您在某些光學和傳感器技術上看到了最好的增長。

Well, I think we've -- if I -- geez, I go way back to -- I go all the way back to an acquisition we made that has been -- has proven quite good for us, both in knowledge in terms of R&D, which is active alignment on sensors as well as optics, and we think that's a really nice tool to have in our tool set because it cuts across so many different end markets. It's everything from consumer on kind of the consumer robotics side. It's in retail in terms of our robots in terms of the retail space, and it's certainly helping us in terms of autonomous driving and in the EV market. And then we're also using it in some areas of industrial.

好吧，我認為我們已經 - 如果我 - 天哪，我回到 - 我一直回到我們所做的收購 - 已經證明對我們非常有益，無論是在知識方面研發，這是對傳感器和光學的主動校準，我們認為這是我們工具集中的一個非常好的工具，因為它跨越了許多不同的終端市場。這是從消費者到消費者機器人方面的一切。就零售空間而言，就我們的機器人而言，它是零售業，而且它肯定會在自動駕駛和電動汽車市場方面幫助我們。然後我們還在某些工業領域使用它。

So I think that when I think about -- I think in my prepared remarks, I talked about kind of how we weaved together kind of a library full of capabilities. The active alignment sensors and optic side is an important part of that. And again, we like it because it's not pigeonholed into 1 particular business or one particular sector. It cuts across probably 50% of our 8 sectors. So it's something that can be leveraged quite well.

所以我認為，當我想到——我認為在我準備好的評論中，我談到了我們如何將一種充滿功能的圖書館編織在一起。主動對準傳感器和光學側是其中的重要部分。再說一次，我們喜歡它，因為它沒有被歸類到一個特定的業務或一個特定的部門。它可能涉及我們 8 個部門中的 50%。所以這是可以很好地利用的東西。

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

我們的下一個問題來自 Matt Sheerin 和 Stifel。

My first question, Mark, is just regarding your guidance for DMS in the quarter, up 4% year-over-year, yet you're guiding more than 10% for the fiscal year. Is that just a reflection of a pronounced seasonality in the Mobility business? Or do some of the supply chain constraints and expectations of that improving through the year also play into that?

馬克，我的第一個問題只是關於您在本季度對 DMS 的指導，同比增長 4%，但您在本財年的指導超過 10%。這僅僅是移動業務明顯季節性的反映嗎？還是供應鏈的一些限制和對這一年改善的預期也起到了作用？

Matt, can you help me a little bit? So the 4% being what, if I heard you correct. Are you talking about -- you're not talking about op margin. You're talking about growth?

馬特，你能幫我一點嗎？所以 4% 是什麼，如果我沒聽錯的話。你在談論 - 你不是在談論運營保證金。你說的是成長？

That's right.

那就對了。

Are you talking about growth rate for -- on the Q2?

您是在談論第二季度的增長率嗎？

That's right.

那就對了。

Okay. When you started, I was getting a little bit confused on whether you were talking about...

好的。當你開始時，我有點困惑你是否在談論......

No, I was talking about the growth -- about the year-over-year growth.

不，我說的是增長——關於同比增長。

Yes, yes. I think that's based on 2 things. I think it's largely based on -- I think that there's a distortion in the comps year-on-year because last year, with various product road maps and whatnot in DMS, they were a little bit different. And so I think the year-on-year comps are a little bit distortive.

是的是的。我認為這是基於兩件事。我認為這主要是基於 - 我認為年復一年的比較有失真，因為去年有各種產品路線圖和 DMS 中的其他東西，它們有點不同。所以我認為年復一年的比較有點扭曲。

I would say, if I back up and open the aperture a little bit, where I really like the DMS construct. And aside from the Q2 year-on-year comp, we still think -- and I think it was shown this way on the blue green slide that our DMS business is still going to grow 10%, and that's at significant scale. So I appreciate the question because it is a one-off. I think every single quarter this year will be bumping up against double digits, except for Q2. And again, largely due to the fact that I think Q2 of '21 was a little bit of an odd comp.

我會說，如果我稍微打開光圈，我真的很喜歡 DMS 結構。除了第二季度的同比比較之外，我們仍然認為——我認為藍綠色幻燈片上的這種方式表明，我們的 DMS 業務仍將增長 10%，而且規模相當大。所以我很欣賞這個問題，因為它是一次性的。我認為今年每個季度都會達到兩位數，除了第二季度。再說一次，很大程度上是因為我認為 21 年的第二季度有點奇怪。

Okay. That makes sense. And then I wanted to just ask about the Auto business. You're one of the few companies actually taking auto numbers up despite the ongoing supply constraints. And I know there's a lot of momentum in EV. So could you discuss Jabil's position there, your areas of expertise and how you may be differentiated from competitors?

好的。這就說得通了。然後我想問一下汽車業務。儘管供應持續受限，但您是少數幾家實際增加汽車數量的公司之一。而且我知道電動汽車有很大的發展勢頭。那麼，您能否討論一下 Jabil 在那裡的位置、您的專業領域以及您如何與競爭對手區分開來？

Yes. Well, first off, I'd give all the credit to -- the real cool part about Jabil is at an enterprise level, what we do is, in terms of our path, is pretty simple, we build stuff. And we got the company broken up into 8 segments as you see every time we get on one of these calls or an Investor Day. And the strategies are bottoms-up, which I think is different than a lot of companies. And I love the strategy that's been put in place with our automotive and transportation group. And it started a number of years ago, and they became hyper-focused on a belief in electric vehicles. And we're starting to see that moving forward.

是的。嗯，首先，我將所有功勞歸於 - 關於 Jabil 真正酷的部分是在企業層面，我們所做的是，就我們的路徑而言，非常簡單，我們構建東西。每次我們接到這些電話或投資者日時，我們都會將公司分為 8 個部分。而且這些策略是自下而上的，我認為這與許多公司不同。我喜歡我們的汽車和運輸集團實施的戰略。它始於幾年前，他們開始高度關注對電動汽車的信念。我們開始看到這一點正在向前發展。

I think that even with component constraints through the back half of '21 and certainly through a portion of '22, when I -- when we meet with that group, we handicap it. We've got the supply chain dynamics going on. We're still looking at an automotive and transportation growth rate year-on-year north of 40%. And I think that has to do with our solution set. I think that has to do with some very deep relationships we've built in the EV space. And I think we're continuing to add to that and continuing to diversify that business. But all in all, as we sit today, our automotive business, if you go back to, let's say, fiscal '18, '19, it was about $1.5 billion business. And we think going forward, that will be a $3.5 billion, $4 billion business for us. And again, I think it's a reflection of the service offerings largely in the EV space.

我認為，即使在 21 年的後半部分以及 22 年的部分時間裡存在組件限制，當我 - 當我們與該組會面時，我們會阻礙它。我們已經掌握了供應鏈動態。我們仍在關注汽車和運輸業的同比增長率超過 40%。我認為這與我們的解決方案集有關。我認為這與我們在電動汽車領域建立的一些非常深厚的關係有關。而且我認為我們將繼續增加這一點，並繼續使該業務多樣化。但總而言之，就我們今天而言，我們的汽車業務，如果你回到 18 財年和 19 財年，那是大約 15 億美元的業務。我們認為未來，這對我們來說將是 35 億、40 億美元的業務。再說一次，我認為這主要反映了電動汽車領域的服務產品。

Our next questions come from the line of Steven Fox with Fox Advisors.

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

Two questions from me. First of all, I am just curious like with new variants of COVID, how you budget that into different factory attendance utilization going forward. It looks like maybe you could have more people with COVID hopefully with less serious symptoms, but they'd still be out of work for a little while. And then secondly, Mark, the Healthcare business is turning into this boring, but very nice growth business. I'm just curious where you think you are on the margin trajectory, whether there's further margin upside? And anything you would highlight in the quarter.

我的兩個問題。首先，我只是對 COVID 的新變體感到好奇，您如何將其預算到未來不同的工廠出勤率中。看起來也許你可以讓更多的 COVID 患者出現症狀不那麼嚴重的情況，但他們仍然會失業一段時間。其次，馬克，醫療保健業務正在變成這個無聊但非常好的增長業務。我只是好奇你認為你在保證金軌跡上的位置，是否還有進一步的保證金上漲空間？以及您在本季度強調的任何內容。

Yes. First off, we hope to see you down here in Tampa. I think your team is playing in the outback ball. So let us know if you're going to pop down.

是的。首先，我們希望在坦帕見到你。我認為你的球隊正在打內陸球。所以讓我們知道你是否要彈出。

In terms of your question, the COVID situation, our team has done a first-rate job. We -- as we were going through the back half of '21, we had cases largely driven on the Delta variant all over the world. And we were able to serve our customers, do so really, really well, not without some pain points. But again, I don't like to -- I don't want to start with our financial results. I want to start with the fact that we did a great job serving customers. And an outcome for that was through it all, fiscal '21, and for that sake, fiscal '20, I think we navigated everything quite well, especially considering our geographic reach and the scale of the company.

就您的問題而言，在 COVID 的情況下，我們的團隊已經完成了一流的工作。我們——當我們經歷 21 年的後半段時，我們的案例主要是在世界各地的 Delta 變體上驅動的。我們能夠為我們的客戶服務，做得非常非常好，並非沒有一些痛點。但同樣，我不喜歡 - 我不想從我們的財務業績開始。我想從我們在為客戶服務方面做得很好的事實開始。其結果是通過這一切，'21 財年，為此，'20 財年，我認為我們很好地駕馭了一切，特別是考慮到我們的地理範圍和公司的規模。

As we sit today more with Omicron, I -- let's keep our fingers crossed that maybe it appears to be a bit more contagious, maybe not as severe, time will tell, but we continue to do a really, really nice job in terms of managing that as well. As we think about some of the disruptions we had in Southeast Asia, disruptions are still there, but not to the magnitude that we've seen in the past. So fingers crossed.

當我們今天更多地與 Omicron 坐在一起時，我 - 讓我們祈禱吧，也許它看起來更具傳染性，也許沒有那麼嚴重，時間會證明一切，但我們繼續在以下方面做得非常非常好管理它也是如此。當我們想到我們在東南亞遇到的一些干擾時，干擾仍然存在，但沒有我們過去看到的那麼嚴重。於是十指相扣。

As we think about China, Mexico, U.S. and Eastern Europe, as we sit today, disruptions on a relative basis. So let's just say, for the last 18 months of hard COVID, we see some periodic issues. But disruptions, I think, today are less than they've been in the last 14, 18 months. We continue to promote vaccinations around the world. We continue to promote booster shots. We continue to try to provide those on site.

當我們想到中國、墨西哥、美國和東歐時，就在我們今天坐的位置上，干擾是相對的。所以讓我們說，在過去 18 個月的硬 COVID 中，我們看到了一些週期性的問題。但我認為，今天的中斷比過去 14、18 個月要少。我們繼續在世界範圍內推廣疫苗接種。我們繼續推廣助推器。我們將繼續嘗試在現場提供這些。

We sat in a status meeting last week where, as we get to the end of this calendar year, 70%-75% of our employees will be vaccinated. So I think that's helpful. I think we drive a lot of awareness. And then we also have very disciplined protocols inside of our factories' mess or otherwise. I think all that is helping. And again, let's keep good thoughts about this next derivation of the virus. And hopefully, as we get into calendar 2022, it will be manageable like it has been in the last couple of years.

我們上週參加了一次狀態會議，到今年年底，我們將有 70%-75% 的員工接種疫苗。所以我認為這很有幫助。我認為我們提高了很多意識。然後我們在工廠的混亂或其他地方也有非常嚴格的協議。我認為所有這些都是有幫助的。再一次，讓我們對病毒的下一個衍生保持良好的想法。希望隨著我們進入 2022 年日曆，它會像過去幾年一樣是可控的。

In terms of our Healthcare business, I would -- I don't know that I'd call it boring. I think I'd take that term as a positive, where I take boring as consistent and reliable. And boy, if that's the context to which you offer that, it -- I think it's spot on. Here's a business where, in fiscal '19, we thought we would do about $3 billion in the health care space. We overshot that by $100 million, $200 million. And in '20 and '21, we grew past $4 billion. And our Healthcare and Packaging business, as we reflected today, at the beginning of the year, we thought we would do about $5 billion and those numbers are holding. And by the way, that's with the handicap on the supply chain dynamics.

就我們的醫療保健業務而言，我會 - 我不知道我會稱之為無聊。我想我會認為這個詞是積極的，我認為無聊是一致和可靠的。男孩，如果這是你提供的上下文，它 - 我認為它是正確的。這是一項業務，在 19 財年，我們認為我們將在醫療保健領域做大約 30 億美元。我們超過了 1 億美元，2 億美元。在 20 和 21 年，我們的增長超過了 40 億美元。正如我們今天所反映的，在今年年初，我們的醫療保健和包裝業務認為我們會做大約 50 億美元，而且這些數字還在繼續。順便說一句，這是供應鏈動態的障礙。

And what the team is doing there has gone so far beyond base electronics. When you think about all the things we're doing in the pharma space, when you think about what we're doing in terms of precision machining and then also next-evolution 3D printing in terms of orthopedics, it's really, really fascinating to me. So it's an area of our business that gets a lot of attention, both internally and externally, and it's very, very material to the next couple of years for the company.

團隊在那裡所做的遠遠超出了基礎電子產品。當您想到我們在製藥領域所做的所有事情時，當您想到我們在精密加工方面所做的事情以及骨科方面的下一代 3D 打印時，我真的非常非常著迷.因此，這是我們業務的一個領域，在內部和外部都受到了廣泛關注，這對公司未來幾年非常重要。

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

我們的下一個問題來自 Cross Research 的 Shannon Cross。

Two for me as well. I guess the first is, in conversations with several companies we cover, the managements are talking about looking to longer-term contracts with the supply chain, sort of changing the discussions they're having to lock in business on a longer-term basis. So I'm curious if you've heard that. I know some of this is component-based, but I think it also just goes to broader supply chain challenges.

兩個對我來說也是如此。我想首先是，在與我們報導的幾家公司的對話中，管理層正在討論尋求與供應鏈的長期合同，這在某種程度上改變了他們必須長期鎖定業務的討論。所以我很好奇你是否聽說過。我知道其中一些是基於組件的，但我認為它也只是針對更廣泛的供應鏈挑戰。

And I don't know if you can talk about it, but I'm curious, what percent of revenue is sort of locked in for a given quarter at the start of the quarter? Or maybe when we think about guidance for the full year, what percent of the year is locked in on the first day of the fiscal year?

而且我不知道你是否可以談論它，但我很好奇，在本季度開始時某個特定季度的收入百分比是多少？或者也許當我們考慮全年的指導時，在財政年度的第一天鎖定了一年的百分之幾？

Thanks, Shannon. I would say on the speculation or rumors or fact that you're hearing in terms of people locking in allocation both component and then maybe capacity for Jabil, I -- we sit kind of in the middle of all of that. And as I mentioned on one of the prior questions, I think a lot of our customers do a really nice job. They do things independent. We do things independent for them, and we bring our thoughts together. And then we have a lot of relationships where we work all of this collaboratively. And by the way, that's becoming more and more because of our tools.

謝謝，香農。我會根據猜測或謠言或事實說，你聽到的人鎖定分配兩個組件，然後可能是 Jabil 的容量，我 - 我們坐在所有這些的中間。正如我在之前的一個問題中提到的那樣，我認為我們的很多客戶都做得非常好。他們獨立做事。我們為他們獨立做事，我們把我們的想法放在一起。然後我們有很多關係，我們在這些關係中協同工作。順便說一句，由於我們的工具，這變得越來越多。

And I would say that what this most recent supply chain disruption has driven is, there is a significant amount of activity going on today, where we're already modeling what-if scenarios and demand planning, which would result in allocation for late calendar 2022 and into the first half of 2023. So I think that -- I think people are trying to get out in front of it. Again, we're doing a lot of what-if scenarios. And I think people are trying to do a better job with forward-looking communication in terms of guard banding their overall demand and their needs maybe 18 to 24 months out, where maybe previously for some companies, it might have been more like 6 to 9 months out. And again, I think some of the data analytic tools are helping with that.

我想說的是，最近的供應鏈中斷所驅動的是，今天正在進行大量活動，我們已經在模擬假設情景和需求規劃，這將導致 2022 年晚些時候的分配一直到 2023 年上半年。所以我認為——我認為人們正試圖走出困境。同樣，我們正在做很多假設場景。而且我認為人們正在努力通過前瞻性溝通來更好地完成他們的整體需求，他們的需求可能需要 18 到 24 個月，而以前對於某些公司來說，可能更像是 6 到 9 個月幾個月了。再一次，我認為一些數據分析工具正在幫助解決這個問題。

In terms of what percentage of our revenue is booked or secured going into a quarter, I would say, I don't know, 98% of our revenue going into a quarter. So as we're sitting here today -- so here, we sit on November, whatever today is, 16th into our 2Q, and let's just say 95%-98% of the revenue is booked, it's just a matter of execution. And that's not always so simple, but I think we do that pretty well. So I think a very high percentage as we have calls giving guide for the quarters.

就我們進入一個季度的收入的預定或擔保百分比而言，我會說，我不知道，我們 98% 的收入進入一個季度。因此，正如我們今天坐在這裡 - 所以在這裡，我們坐在這裡，無論今天是什麼，第 16 天進入我們的第二季度，假設 95%-98% 的收入已被預訂，這只是執行問題。這並不總是那麼簡單，但我認為我們做得很好。所以我認為一個非常高的百分比，因為我們有電話指導季度。

I think where some of the distortion comes in relative to Jabil is I think we tend -- I think we've proven that we tend to be a bit conservative sometimes in the top line guide where we try to handicap a little bit of everything, and we've kind of gotten into this mode where revenue comes in a little bit than we expected sometimes. And again, we're trying to get better at that. But in this environment, with things being so dynamic, I think we try to be sure we handicap it properly.

我認為相對於 Jabil 的一些失真是我認為我們傾向於 - 我認為我們已經證明我們有時在頂線指南中傾向於有點保守，我們試圖讓所有事情都有點障礙，我們已經進入了這種模式，有時收入比我們預期的要少。再一次，我們正努力在這方面做得更好。但在這種環境中，事情如此動態，我認為我們會努力確保我們適當地設置障礙。

And then Shannon, in terms of the year, I would also say that maybe a critique of myself and Mike is, the last couple of years, it feels like maybe we've been hypersensitive to handicap in the year. Because last year, from what we said at the beginning of the year, we ended up driving a bit higher revenue. I think the same was in '20. I would -- if I had to guess today because of the supply chain challenges, we probably won't have revenue run away from us. I think we feel good about the $31.8 billion. And if some of the supply chain issues clear up faster, I think the $31.8 billion turns into $32 billion or maybe a little bit more. So all in all, with what we do, how we do it, I think we're typically in pretty good shape for a quarter, and I think we do a pretty good job for the year on the top line.

然後香農，就這一年而言，我還要說，也許是對我自己和邁克的批評，在過去的幾年裡，感覺好像我們在這一年裡對障礙過度敏感。因為去年，從我們年初所說的來看，我們最終推動了更高的收入。我認為 20 世紀也是如此。我會 - 如果我今天因為供應鏈挑戰而不得不猜測，我們可能不會有收入流失。我認為我們對 318 億美元感覺良好。如果一些供應鏈問題能更快地得到解決，我認為 318 億美元會變成 320 億美元，或者更多一些。總而言之，就我們所做的事情，我們如何做到這一點而言，我認為我們通常在一個季度內都處於非常好的狀態，而且我認為我們在這一年的收入上做得非常好。

Great. That was really helpful. I'm wondering, from a bigger picture standpoint, from a long-term planning, I guess, are there areas, once we get past -- if we get past whatever we're going through in supply chain and COVID, where you're looking at big CapEx projects or new segments on technology? I'm just -- I'm wondering sort of how you think about the next several years? Or are you just extremely focused as everybody is right now on kind of getting through this period of time? So I don't know, maybe how you're doing long-term planning in the days of COVID right now?

偉大的。那真的很有幫助。我想，從大局的角度來看，我想，從長遠規劃來看，一旦我們過去了——如果我們克服了供應鍊和 COVID 中正在經歷的一切，你會在哪裡？重新審視大型資本支出項目或新的技術領域？我只是——我想知道你對未來幾年的看法？或者你只是非常專注，因為現在每個人都在努力度過這段時間？所以我不知道，也許你現在在 COVID 時代是如何進行長期規劃的？

Yes. I'd start with -- the supply chain issues are going to -- we're going to get to the other side of the supply chain issues. It's a matter of when, but that's 100% for sure. Because there's going to be a normalization between demand and supply, that's going to get remedied, 100% fact just a matter of when.

是的。我將從供應鏈問題開始——我們將討論供應鏈問題的另一面。這是時間問題，但這是100％肯定的。因為需求和供應之間將會正常化，這將得到補救，100% 的事實只是時間問題。

In terms of all the COVID thing, I don't know how that all ends. Maybe we end up fortunate where it ends up being flu-like and we just learn to live with it. So I don't want to speculate on that.

就所有 COVID 而言，我不知道這一切是如何結束的。也許我們最終很幸運，它最終像流感一樣，我們只是學會了忍受它。所以我不想猜測。

In terms of how we run the business, I think we run it in a couple of different dimensions. We're -- we try to be -- again, we lead with obsessing around solutions and services for our customers. And we believe that with the commitments we make to customers, those commitments are then rolled into a financial forecast, and then we handicap or haircut that a little bit with good management judgment. So if we continue to do what we say and deliver for customers, the financial results tend to be an output of that. And boy, we obsess about that on a weekly, daily, monthly basis.

就我們如何經營業務而言，我認為我們在幾個不同的方面經營它。我們 - 我們試圖成為 - 再次，我們為我們的客戶著迷於解決方案和服務。我們相信，通過我們對客戶做出的承諾，這些承諾會被納入財務預測，然後我們會通過良好的管理判斷對其進行一些限製或削減。因此，如果我們繼續按照我們所說的去做並為客戶提供服務，那麼財務結果往往就是這樣的結果。男孩，我們每週、每天、每月都對此著迷。

In terms of maybe a little bit bigger picture on CapEx and whatnot, we're focused on -- there's an endless amount of things. When you think about how big the market is in terms of building stuff, the market is just substantial. And so there's more stuff out there than we can possibly do, which I think is a good thing. And so based on how the platform the company looks today and how well diversified we are today, and by the way, that wasn't the case 10 years ago, we're really being disciplined in terms of what we do, why we do it at starting with, do we add great value? And if we add good to great value, again, the financials are an outcome of that.

就資本支出和其他方面的更大圖景而言，我們關注的是——有無窮無盡的事情。當您考慮建築材料方面的市場有多大時，市場就是巨大的。所以那裡有比我們可能做的更多的東西，我認為這是一件好事。因此，基於公司今天的平台外觀以及我們今天的多元化程度，順便說一句，10 年前的情況並非如此，就我們所做的事情，我們為什麼這樣做而言，我們確實受到了紀律處分它在開始時，我們是否增加了巨大的價值？如果我們再一次將好的價值添加到巨大的價值中，那麼財務狀況就是這樣的結果。

And then from that, we also -- the next derivative of that is we do have an obligation, both to ourselves internally as well as shareholders in terms of margin construct as well as cash flow generation. So those are the filters that we use. In terms of do we spend a lot of time thinking 3 to 4 years out? We do. But I think we start with the fact that with how we're positioned today, what we do for customers, all the customers that are out there and again, and generally, just how big the market is in terms of things that need to be built, we don't obsess around the size of the market. We -- I think that's going to be there.

然後，我們也 - 下一個衍生品是我們確實對內部以及股東在保證金結構和現金流產生方面都有義務。所以這些是我們使用的過濾器。就我們是否花費大量時間思考 3 到 4 年而言？我們的確是。但我認為我們從這樣一個事實開始，即我們今天的定位，我們為客戶所做的事情，所有的客戶，一般來說，就需要做的事情而言，市場有多大建成後，我們不會糾結於市場的規模。我們——我認為那會在那裡。

It's really about the makeup of the company, the margin structure, hopefully, the advancement of margins. And then we're going to be in really good shape if we continue to generate strong cash flows because those cash flows continue to reduce our net debt position and give us an awful lot of optionality in terms of capital allocation over the next 3 to 4 years.

這實際上是關於公司的構成，利潤率結構，希望是利潤率的提高。然後，如果我們繼續產生強勁的現金流，我們將處於非常好的狀態，因為這些現金流會繼續減少我們的淨債務頭寸，並在未來 3 到 4 年的資本分配方面給我們很大的選擇權年。

Our next questions come from the line of Paul Chung with JPMorgan.

我們的下一個問題來自摩根大通的 Paul Chung。

Great quarter. Looks like a recording in revenue and operating profit despite a challenging environment. So a great job there.

很棒的季度。儘管環境充滿挑戰，但收入和營業利潤似乎都在記錄。所以那裡的工作很棒。

So just a follow-up on customer preferences on facilities location. So what occurs when a customer decides to move, align from China or some other location in Asia or even move to North America? If you can talk about kind of the incremental cost of that move and how that gets allocated? Do you kind of pass on most of that cost to the customer? Is this kind of a margin cash-neutral move for the company? And are those discussions kind of accelerating? Or a lot of customers are kind of in wait-and-see mode?

因此，只需跟進客戶對設施位置的偏好。那麼，當客戶決定從中國或亞洲其他地方搬家、結盟，甚至搬到北美時，會發生什麼？如果你能談談這一舉措的增量成本以及如何分配？您是否會將大部分成本轉嫁給客戶？對公司來說，這種利潤率現金中性的舉措嗎？這些討論是否正在加速？還是很多客戶都處於觀望狀態？

Thanks for the question, Paul. I think I'd start with, there's nobody better in the world -- and I don't make bold statements like this often. There's nobody better in terms of giving optionality to customers in terms of what geography the product gets built. And I say that largely because if we're not the largest, we're one of the largest manufacturing services company in the world today with a broad-based footprint. And the art around your question is really around the hard assets, our global footprint, the broad-based nature of that footprint and then the fact that we wrap really sophisticated IT systems around that footprint in a very, very consistent way, which also is very unique, especially when combined with our ability and our scale. So -- and it's an ongoing iterative process.

謝謝你的問題，保羅。我想我會先說，世界上沒有比這更好的了——而且我不經常做出這樣的大膽聲明。就產品構建的地理位置而言，沒有人能更好地為客戶提供選擇權。我這麼說主要是因為如果我們不是最大的，我們就是當今世界上最大的製造服務公司之一，擁有廣泛的足跡。圍繞您的問題的藝術實際上是圍繞硬資產、我們的全球足跡、該足蹟的廣泛性質以及我們以非常、非常一致的方式圍繞該足跡包裹真正複雜的 IT 系統這一事實，這也是非常獨特，尤其是與我們的能力和規模相結合時。所以——這是一個持續的迭代過程。

So we talked earlier in Q&A around the fact that there's been catalysts over the last couple of years going back to when Trump was in the office in the U.S. and the geopolitical issues and the macro issues and the supply chain issues. So there's been some -- it's always been in our business. I think it's been maybe more prevalent the last 24 months, 36 months, something like that. But how it gets done is, is we're continually rerunning and rerunning and rerunning the data analytics for customers working side-by-side with them on an absolute scale in a perfect world. As we look at their product road maps and their overall endpoint consumptions, here's what an optimal supply chain looks like, and there tends to be a lot of variables that are all different for each product that go into those models. And then we end up having very practical conversations with the customers.

因此，我們早些時候在問答環節中談到了一個事實，即過去幾年可以追溯到特朗普在美國任職時的催化劑，以及地緣政治問題、宏觀問題和供應鏈問題。所以有一些 - 它一直在我們的業務中。我認為在過去的 24 個月、36 個月之類的情況下，這種情況可能更為普遍。但它是如何完成的，我們是否在一個完美的世界中不斷地為與他們並肩工作的客戶重新運行、重新運行和重新運行數據分析。當我們查看他們的產品路線圖和他們的整體終端消費時，這就是最佳供應鏈的樣子，並且對於進入這些模型的每種產品來說，往往存在很多不同的變量。然後我們最終與客戶進行了非常實際的對話。

In terms of who bears the cost on that, it depends. If assets are fungible, reusable, a lot of times that we'll bear the cost in that. If assets tend to be unique, difficult to move, have to be recreated, redundancies needed, things like that, we end up having appropriate commercial discussions with our customers. But again, if one were to take a proxy or a wide range conversation with our customers in terms of this part of our business, I think it's something we do really, really well. I think it's very good value. And it also -- overall, when companies do get concerned around backup plans or redundancy plans, knowing that this is an area that we do especially well, I think, gives a lot of our customers good comfort.

至於誰承擔這方面的成本，這取決於。如果資產是可替代的、可重複使用的，很多時候我們將為此承擔成本。如果資產往往是獨一無二的、難以移動、必須重新創建、需要冗餘等，我們最終會與客戶進行適當的商業討論。但同樣，如果要就我們業務的這一部分與我們的客戶進行代理或廣泛的對話，我認為這是我們做的非常非常好的事情。我認為這是非常好的價值。而且 - 總體而言，當公司確實關心備份計劃或冗餘計劃時，我認為，知道這是我們做得特別好的一個領域，我認為這會給我們的很多客戶帶來很好的安慰。

And then last question. Can you kind of provide an update on the pricing environment? You mentioned very strong demand ahead of supply. So are you kind of raising prices in certain areas? And then how is the competitive pricing environment kind of evolving, particularly with new customers? Are you seeing any acceleration of new customers as they want to kind of outsource the complexities of supply chain, logistics, et cetera?

然後最後一個問題。您能否提供有關定價環境的更新？你提到供應之前的需求非常強勁。那麼，你們是否會在某些地區提高價格？那麼競爭性定價環境是如何演變的，尤其是對於新客戶？您是否看到新客戶的加速增長，因為他們希望將供應鏈、物流等的複雜性外包出去？

I'd start first with, I think, during our Investor Day in September, I made a comment -- I think I made the comment. Our organic pipeline today is substantial. So in answering your question in terms of are we adding new customers? We're always adding new customers. Again, I think that's a reflection of -- I think that's the reflection of the size of the market.

首先，我想，在 9 月的投資者日期間，我發表了評論——我想我發表了評論。我們今天的有機管道是巨大的。因此，在回答您的問題時，我們是否會增加新客戶？我們一直在增加新客戶。同樣，我認為這反映了 - 我認為這是市場規模的反映。

But I think, again, if our pipeline is, call it, $5 billion-$6 billion, $7 billion organically, we plan to try to confirm and book a decent portion of that for the next -- for FY '23, '24.

但我再次認為，如果我們的管道是 50 億至 60 億美元，有機地稱為 70 億美元，我們計劃嘗試確認並為下一個 - 為 23 財年和 24 財年預訂相當一部分。

In terms of are we raising prices? I don't know that I'd look at it that way. The way I look at it is I think our margin expansion is not coming from anything to do with raising prices. It has to do with the total holistic makeup of the company. What we are doing is, is we're not in a high-margin business, as all of you know. And we can't bear the cost when the macro inflationary transitory, permanent, whatever it may be, when hard costs start to move against us, I think we do a very good job of sharing in that with our customers.

就我們是否提高價格而言？我不知道我會這樣看。我的看法是，我認為我們的利潤率擴張與提高價格無關。這與公司的整體構成有關。我們正在做的是，正如你們都知道的那樣，我們不是從事高利潤業務。當宏觀通脹暫時的、永久性的，無論它是什麼，當硬成本開始對我們不利時，我們無法承擔成本，我認為我們在與客戶分享這一點方面做得很好。

And so I look at it more on -- based on the data, based on the macro, based on the facts, we do a good job of sharing on increasing costs. I don't look at it so much as us being out there raising prices.

所以我更多地看待它 - 基於數據，基於宏觀，基於事實，我們在增加成本方面做得很好。我不這麼看它，因為我們在那裡提高價格。

Thank you. There are no further questions at this time. With that, we do thank you and appreciate your participation. This does conclude today's teleconference. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝你。目前沒有其他問題。有了這個，我們非常感謝您並感謝您的參與。今天的電話會議到此結束。此時您可以斷開線路。享受你一天的剩餘時間。