捷普科技 (JBL) 2021 Q4 法說會逐字稿

Greetings, and welcome to Jabil's Fourth Quarter and Fiscal Year 2021 Earnings Conference Call and Webcast.

您好，歡迎來到 Jabil 的第四季度和 2021 財年收益電話會議和網絡直播。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員說明）作為提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Adam Berry, Vice President, Investor Relations.

現在我很高興向您介紹您的主持人，投資者關係副總裁 Adam Berry。

Thank you.

謝謝你。

You may begin.

你可以開始了。

Good morning, and welcome to Jabil's Fourth Quarter of Fiscal 2021 Earnings Call and Investor Briefing.

早上好，歡迎來到捷普 2021 財年第四季度財報電話會議和投資者簡報會。

We have a great session planned for you today.

我們今天為您安排了一場精彩的會議。

And as an organization, we're excited to provide you with a little extra detail about our business as typical for our September call.

作為一個組織，我們很高興為您提供一些關於我們業務的額外細節，這是我們 9 月電話會議的典型代表。

Over the next 60 minutes or so, we will review our strong fourth quarter and fiscal 2021 results, followed by yet another great outlook for fiscal 2022.

在接下來的 60 分鐘左右，我們將回顧我們強勁的第四季度和 2021 財年業績，然後是對 2022 財年的又一次展望。

As usual, you will hear from both Mark Mondello, our CEO; as well as Mike Dastoor, our CFO.

像往常一樣，您將聽到我們首席執行官 Mark Mondello 的消息；以及我們的首席財務官 Mike Dastoor。

Along this journey, we'll discuss our approach to the end markets we serve, the uniqueness of our supply chain solutions and the innovation underway within our global network of factories.

在此過程中，我們將討論我們服務的終端市場的方法、我們供應鏈解決方案的獨特性以及我們全球工廠網絡中正在進行的創新。

Additionally, throughout our presentation today, we will do our very best to help you understand what makes Jabil so unique and so special.

此外，在我們今天的演講中，我們將盡最大努力幫助您了解是什麼讓 Jabil 如此獨特和如此特別。

And we'll kick that right off with the following brief video.

我們將通過以下簡短視頻開始。

(presentation)

（介紹）

Such a great video.

這麼棒的視頻。

As we all know, the world is complex and only getting more so each and every day.

眾所周知，世界是複雜的，而且每天都在變得越來越複雜。

But as Mark often says, our people are our greatest differentiator and that couldn't be more apparent as you visit our global network of factories and meet the roughly 260,000 people that make Jabil's foundation so strong.

但正如馬克經常說的那樣，我們的員工是我們最大的差異化因素，當您訪問我們的全球工廠網絡並會見使 Jabil 的基礎如此強大的大約 260,000 人時，這一點再明顯不過了。

To our people, thank you again for all you do to help keep the world connected despite a seemingly never endless set of new challenges thrown your way.

對於我們的員工，再次感謝您為幫助保持世界聯繫所做的一切，儘管您面臨著看似永無止境的新挑戰。

Our foundation is solid.

我們的基礎是堅實的。

Through over 50 million square feet of manufacturing space and 100-plus sites, our people strive to make anything possible and everything better for over 400 of the world's most recognizable brands.

通過超過 5000 萬平方英尺的製造空間和 100 多個站點，我們的員工努力為 400 多個世界上最知名的品牌創造一切，讓一切變得更好。

Our agility and global scale enable us to respond quickly and flexibly to meet customer needs in key end markets, like mobility, industrial and semi cap, automotive and health care, just to name a few.

我們的敏捷性和全球規模使我們能夠快速靈活地響應關鍵終端市場的客戶需求，例如移動性、工業和半導體、汽車和醫療保健等。

These wide-ranging end markets represent a diverse and thoughtfully designed portfolio that, over the years, has helped reduce volatility and improve the reliability of our financial results.

這些範圍廣泛的終端市場代表了一個多樣化且精心設計的投資組合，多年來，這些投資組合幫助減少了波動性並提高了我們財務業績的可靠性。

To help illustrate our diversification strategy over the past few years, I'd now ask that you turn to the next slide, which shows our revenue growth and the end markets we serve.

為了幫助說明我們過去幾年的多元化戰略，我現在請您轉到下一張幻燈片，該幻燈片顯示了我們的收入增長和我們服務的終端市場。

As you may know, the EMS industry has long struggled with customer concentration, and this dynamic has created a lot of variability in operating performance from one year to the next.

如您所知，EMS 行業長期以來一直在努力解決客戶集中度問題，而這種動態導致一年到下一年的運營績效出現很大變化。

In 2016, our management team concluded that our model was missing an important characteristic if we were going to deliver upon our financial priorities consistently and sustainably.

2016 年，我們的管理團隊得出結論，如果我們要始終如一且可持續地實現我們的財務優先事項，我們的模式缺少一個重要特徵。

This important characteristic was product diversification.

這一重要特徵是產品多樣化。

So beginning roughly in the 2017 time frame, we embarked on a journey to grow and diversify our business in areas such as 5G, cloud, health care, packaging, connected devices, automotive and semi capital equipment.

因此，大致從 2017 年開始，我們開始了在 5G、雲、醫療保健、包裝、連接設備、汽車和半資本設備等領域發展和多元化業務的旅程。

As a result of our efforts to diversify the business, revenue has grown rapidly.

由於我們努力多元化業務，收入增長迅速。

And since 2017, we have added more than $10 billion in revenue across several key end markets.

自 2017 年以來，我們在幾個關鍵終端市場增加了超過 100 億美元的收入。

And it's important to note this growth has been very intentional and focused.

重要的是要注意這種增長是非常有目的和集中的。

Moving to the right side of the chart, you'll see the composition of our $29.3 billion in revenue, and you'll likely notice that no end market dominates our diverse portfolio.

移動到圖表的右側，您會看到我們 293 億美元收入的構成，您可能會注意到沒有終端市場主導著我們多樣化的投資組合。

In each of these areas, Jabil partners with some of the world's most recognizable companies to accelerate their speed to market through product engineering, supply chain design and, of course, manufacture.

在這些領域中的每一個，Jabil 都與一些世界上最知名的公司合作，通過產品工程、供應鏈設計，當然還有製造來加快他們的上市速度。

In health care, think of drug delivery systems, such as inhalers and insulin pens, diagnostics, medical devices, orthopedics and instruments that all meet exacting FDA standards.

在醫療保健領域，想想藥物輸送系統，例如吸入器和胰島素筆、診斷儀、醫療設備、骨科和儀器，它們都符合嚴格的 FDA 標準。

Our health care business serves programs and products with long stable life cycles of 10 to 20 years with high cost of change, thus providing stable earnings and cash flows.

我們的醫療保健業務服務的項目和產品具有 10 至 20 年的長期穩定生命週期，且變更成本高，從而提供穩定的收益和現金流。

In packaging, we design and manufacture highly engineered rigid plastic packaging for many leading consumer brands, bringing to bear capabilities in ideation, product design, material scientists and ecofriendly barrier technologies.

在包裝方面，我們為許多領先的消費品牌設計和製造高度工程化的硬質塑料包裝，在構思、產品設計、材料科學家和環保屏障技術方面發揮作用。

Within mobility and connected devices, we generally focus on machining, tooling and molding of highly engineered plastic and metal parts, leveraging a strong product development skill set.

在移動和連接設備方面，我們通常專注於高度工程塑料和金屬零件的加工、加工和成型，利用強大的產品開發技能。

In areas such as digital print and retail, we're focused on 3D print, large form factor printing and retail automation.

在數字打印和零售等領域，我們專注於 3D 打印、大尺寸打印和零售自動化。

And in industrial and semi cap, 5G wireless and cloud and networking and storage, we participate in the design, product development, industrialization and manufacturing of some of the most sophisticated tech products on the marketplace today.

在工業和半導體、5G 無線和雲以及網絡和存儲領域，我們參與了當今市場上一些最複雜的技術產品的設計、產品開發、工業化和製造。

And then in automotive, the bulk of our business focuses on the electrification of auto supported by a nearly 10-year relationship with the world's leading EV company.

然後在汽車領域，我們的大部分業務都集中在汽車電氣化上，並與全球領先的電動汽車公司建立了近 10 年的合作關係。

So from mobility to retail automation to complex heavy industrial equipment, Jabil helps customers navigate large complex material supply chains while effectively managing change, mitigating risks and delivering quickly and efficiently.

因此，從移動性到零售自動化再到復雜的重型工業設備，捷普幫助客戶駕馭大型複雜材料供應鏈，同時有效地管理變革、降低風險并快速高效地交付。

In summary, our business has grown rapidly over the last several years to serve a diverse blend of end markets that today are benefiting from long-term secular trends.

總而言之，我們的業務在過去幾年中迅速增長，為今天受益於長期長期趨勢的各種終端市場提供服務。

And again, this gives us the confidence and comfort to not only provide financial guidance more than one quarter out, but also invest in things like factory innovation.

再一次，這給了我們信心和安慰，不僅提供超過四分之一的財務指導，而且還投資於工廠創新等事情。

And when you drill down one level deeper, you'll again notice an incredibly diverse set of customers, representing some of the largest, most innovative and successful organizations in the world today.

當您深入一層時，您會再次注意到一組極其多樣化的客戶，代表著當今世界上一些最大、最具創新性和最成功的組織。

This by no means is a complete list of the customers we serve, but it's certainly impressive by any standard, especially when considering many of these customers rely on Jabil as the sole source for their products.

這絕不是我們服務的客戶的完整列表，但無論以任何標準衡量，這都令人印象深刻，尤其是考慮到這些客戶中的許多人都依賴 Jabil 作為其產品的唯一來源。

I'm sure most of you recognized some of our incredible partners such as Apple, HP, Ericsson, Amazon, Cisco, John Deere, Tesla and J&J.

我敢肯定，你們中的大多數人都認可我們一些令人難以置信的合作夥伴，例如 Apple、HP、Ericsson、Amazon、Cisco、John Deere、Tesla 和 J&J。

In all of our customer relationships, we're incredibly focused on delivering consistent value and reliable value from early in the product life cycle, like product innovation and design, to more mature products where we offer planning, automation, supply chain management and, of course, manufacturing.

在我們所有的客戶關係中，我們非常專注於從產品生命週期的早期（如產品創新和設計）到更成熟的產品提供一致的價值和可靠的價值，我們提供規劃、自動化、供應鏈管理和當然，製造。

At the end of the day, we build stuff at Jabil, and we do it really, really well.

歸根結底，我們在 Jabil 製造東西，而且我們做得非常非常好。

This leads me to our financial priorities as a management team.

這讓我想到了我們作為管理團隊的財務優先事項。

We're squarely focused on 3 areas: expanding operating margins, increasing earnings per share and generating strong cash flows.

我們專注於三個領域：擴大營業利潤率、增加每股收益和產生強勁的現金流。

In fact, this focus has been further sharpened as we've embedded core margins, core earnings per share and free cash flow within our short-term and long-term compensation programs as we believe this effectively aligns management and shareholders.

事實上，隨著我們在短期和長期薪酬計劃中嵌入核心利潤率、核心每股收益和自由現金流，這一重點得到了進一步加強，因為我們相信這有效地使管理層和股東保持一致。

And over the next several minutes, we plan to provide you with a credible plan to improve all of these 3 metrics in fiscal '22.

在接下來的幾分鐘內，我們計劃為您提供一個可靠的計劃，以在 22 財年改進所有這 3 個指標。

Following me today will be Mike who joined Jabil in 2000 as a regional controller based in Hong Kong.

今天跟隨我的是 Mike，他於 2000 年加入 Jabil，擔任駐香港的區域總監。

Mike will walk you through our fiscal '21 results and our robust financial plan for fiscal '22.

邁克將帶您了解我們的 '21 財年業績和我們強大的 '22 財年財務計劃。

He will also spend some time highlighting our end markets and discussing some of the trends which should drive our business for many years to come.

他還將花一些時間重點介紹我們的終端市場，並討論一些將在未來許多年推動我們業務發展的趨勢。

Then Mark, who joined Jabil in 1992 as a manufacturing supervisor, will share some of the value that Jabil provides to its customers through our people, our culture and our best-in-class manufacturing capabilities.

然後，1992 年加入捷普擔任製造主管的馬克將分享捷普通過我們的員工、我們的文化和一流的製造能力為其客戶提供的一些價值。

Before handing the call over to Mike, I'd now ask that you follow our presentation with the slides on the website, beginning with our forward-looking statement.

在將電話轉給邁克之前，我現在要求您通過網站上的幻燈片來關注我們的演示文稿，從我們的前瞻性聲明開始。

During today's presentation, we will be making forward-looking statements, including, among other things, those regarding the anticipated outlook for our business in the first quarter of fiscal '22 and beyond.

在今天的演講中，我們將做出前瞻性陳述，其中包括關於我們在 22 財年第一季度及以後的業務預期前景的陳述。

These statements are based on current expectations, forecasts and assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially.

這些陳述基於當前的預期、預測和假設，其中涉及可能導致實際結果和結果存在重大差異的風險和不確定性。

An extensive list of these risks and uncertainties are identified in our annual report on Form 10-K for the fiscal year ended August 31, 2020, and other filings.

我們在截至 2020 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 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, it's now my pleasure to turn the call over to Mike.

有了這個，現在我很高興將電話轉給邁克。

Thank you, Adam, and thank you for joining us today and for your interest in Jabil.

謝謝你，亞當，感謝你今天加入我們，感謝你對捷普的興趣。

As Adam highlighted, our business model is fundamentally structured to deliver core margin expansion and strong predictable cash flows, and our capital structure has been optimized to maximize our flexibility.

正如亞當所強調的那樣，我們的業務模式從根本上構建以實現核心利潤率擴張和強大的可預測現金流，並且我們的資本結構已經過優化，以最大限度地提高我們的靈活性。

This flexibility has enabled us to reshape our end market portfolio over the last several years, and in the last 18 months, our strategy has been pressure tested.

這種靈活性使我們能夠在過去幾年中重塑我們的終端市場組合，在過去的 18 個月中，我們的戰略已經過壓力測試。

And our diversified, well-balanced portfolio performed extremely well evidenced by a solid Q4 and exceptionally strong FY '21 results.

我們多元化、均衡的投資組合表現非常出色，第四季度穩健，21 財年業績異常強勁。

In Q4, the teams in both segments successfully managed to navigate an incredibly dynamic supply chain environment.

在第四季度，這兩個部門的團隊都成功地駕馭了令人難以置信的動態供應鏈環境。

During the quarter, demand continued to be broad-based and robust, but revenue came in slightly lower than expected due to some incremental tightness in the supply chain, mainly in health care, industrial and cloud.

本季度，需求繼續廣泛且強勁，但由於供應鏈（主要是醫療保健、工業和雲計算）出現一些增量緊張，收入略低於預期。

This was partly offset by upsides in connected devices and networking and storage.

這部分被連接設備、網絡和存儲的優勢所抵消。

Despite this, our core operating margin performance in the quarter was quite strong coming in at 4.2%, approximately 10 basis points higher than expected, a testament to our team's execution in the quarter, solid cost optimization and our ever more resilient end market portfolio.

儘管如此，我們本季度的核心營業利潤率表現相當強勁，達到 4.2%，比預期高出約 10 個基點，這證明了我們團隊在本季度的執行力、穩健的成本優化以及我們更具彈性的終端市場組合。

In Q4, our interest and tax expense also came in better than expected, which when combined with the strong margin performance allowed us to deliver strong core diluted earnings per share in Q4, putting it all together on the next slide.

在第四季度，我們的利息和稅收支出也好於預期，再加上強勁的利潤率表現，使我們能夠在第四季度實現強勁的核心攤薄每股收益，將它們放在下一張幻燈片中。

Net revenue for the fourth quarter was $7.4 billion, up 1% over the prior year quarter.

第四季度的淨收入為 74 億美元，比去年同期增長 1%。

GAAP operating income was $265 million, and our GAAP diluted earnings per share was $1.16.

GAAP 營業收入為 2.65 億美元，我們的 GAAP 攤薄後每股收益為 1.16 美元。

Core operating income during the quarter was $314 million, an increase of 23% year-over-year, representing a core operating margin of 4.2%, a 70 basis point improvement over the prior year.

本季度核心營業收入為 3.14 億美元，同比增長 23%，核心營業利潤率為 4.2%，比上年提高 70 個基點。

Net interest expense in Q4 was $36 million, and core tax rate came in at approximately 22.3%.

第四季度的淨利息支出為 3600 萬美元，核心稅率約為 22.3%。

Core diluted earnings per share was $1.44, a 47% improvement over the prior year quarter.

每股核心攤薄收益為 1.44 美元，比去年同期增長 47%。

Now turning to our fourth quarter segment results on the next slide.

現在轉到下一張幻燈片上的第四季度部分結果。

Revenue for our DMS segment was $3.9 billion, an increase of 9.7% on a year-over-year basis.

我們 DMS 部門的收入為 39 億美元，同比增長 9.7%。

The strong year-over-year performance in our DMS segment was broad-based with strength across our health care, automotive and mobility businesses.

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。

Core margin for the segment came in at 4.1%, 20 basis points higher than the previous year.

該部門的核心利潤率為 4.1%，比上一年高出 20 個基點。

Revenue for our EMS segment came in at $3.5 billion, down 6.4%, primarily driven by our previously announced transition to a consignment model.

我們 EMS 部門的收入為 35 億美元，下降 6.4%，主要是由於我們之前宣布過渡到寄售模式。

Core margin for the segment was 4.3%, up 120 basis points over the prior year reflecting solid execution by the team.

該部門的核心利潤率為 4.3%，比上一年增加 120 個基點，反映了團隊的穩健執行。

For the year, our DMS segment revenue was $15.4 billion, an increase of 17% over the prior year, while core operating income for the segment was up an impressive 49% year-over-year.

全年，我們的 DMS 部門收入為 154 億美元，同比增長 17%，而該部門的核心營業收入同比增長 49%，令人印象深刻。

This resulted in core margins expanding 110 basis points to 4.8%, reflective of our improved mix.

這導致核心利潤率擴大 110 個基點至 4.8%，反映了我們改進的組合。

In EMS for the year, core margins were also up strong, coming in at 3.7%, 100 basis points higher than the prior year on revenue of $13.9 billion.

在 EMS 中，核心利潤率也強勁增長，達到 3.7%，比上年高出 100 個基點，收入為 139 億美元。

Turning now to our cash flows and balance sheet.

現在轉向我們的現金流和資產負債表。

Net capital expenditures for the fourth quarter were $202 million and for the full fiscal year came in better than expected at $793 million or 2.7% of net revenue.

第四季度的淨資本支出為 2.02 億美元，整個財年的淨資本支出為 7.93 億美元，占淨收入的 2.7%，好於預期。

We sometimes hear from investors seeking clarification on our net CapEx, so I'd like to take a moment to walk you through the components.

我們有時會聽到投資者尋求澄清我們的淨資本支出，所以我想花點時間向您介紹這些組件。

As a reminder, our customers sometimes co-invest in plant, property and equipment with us as part of our ongoing business model.

提醒一下，我們的客戶有時會與我們共同投資廠房、物業和設備，作為我們持續業務模式的一部分。

We often pay for these co-investments upfront, which are then subsequently reimbursed to us by customers.

我們經常預先支付這些共同投資，然後由客戶償還給我們。

The line item acquisition of property, plant and equipment on our statement of cash flows includes the full upfront payment made by us.

我們現金流量表上的物業、廠房和設備的單項收購包括我們支付的全部預付款。

The reimbursements by our customers are reflected as a sale of assets in the line item proceeds and advances from sale of property, plant and equipment on our statement of cash flows.

我們客戶的報銷在我們的現金流量表中反映為項目收益中的資產銷售和出售物業、廠房和設備的預付款。

The net of these 2 items reflects our true spend and what we refer to as net capital expenditures.

這兩項的淨值反映了我們的真實支出以及我們所說的淨資本支出。

In Q4, inventory days came in higher than expected at 71 days, an increase of 3 days sequentially, driven by the previously mentioned incremental tightness in the supply chain.

在第四季度，庫存天數高於預期，為 71 天，環比增加了 3 天，這是由前面提到的供應鏈日益緊張的推動。

While these higher inventory days may continue in the short term, we expect it to normalize below 60 over the mid- to longer term.

雖然這些較高的庫存天數可能會在短期內持續，但我們預計在中長期內將正常化至 60 以下。

The management team continues to be fully focused on this metric, particularly in the current environment.

管理團隊繼續完全專注於這一指標，尤其是在當前環境下。

In spite of this, our fourth quarter cash flows from operations were very strong, coming in at $762 million.

儘管如此，我們第四季度的運營現金流非常強勁，達到 7.62 億美元。

As a result of the strong fourth quarter performance and cash flow generation, adjusted free cash flow for the fiscal year came in higher than expected at approximately $640 million.

由於強勁的第四季度業績和現金流產生，本財年調整後的自由現金流高於預期，約為 6.4 億美元。

We exited the quarter with total debt to core EBITDA levels of approximately 1.4x and cash balances of $1.6 billion.

我們在本季度結束時的總債務約為核心 EBITDA 水平的 1.4 倍，現金餘額為 16 億美元。

During the fourth quarter, we repurchased 2.9 million shares, bringing total shares repurchased in FY '21 to 8.8 million shares or $477 million.

在第四季度，我們回購了 290 萬股，使 21 財年回購的股份總數達到 880 萬股或 4.77 億美元。

This brings our cumulative shares repurchased since FY '13 to approximately 90 million shares at an average price under $27, bringing our total returns to shareholders, including repurchases and dividends, to approximately $3 billion, reflective of our ongoing commitment to return capital to shareholders.

這使我們自 13 財年以來以低於 27 美元的平均價格回購的累計股份達到約 9000 萬股，使我們對股東的總回報（包括回購和股息）達到約 30 億美元，反映了我們向股東返還資本的持續承諾。

In summary, I'm extremely pleased with the resiliency of our portfolio and sustainable broad-based momentum underway across the business, which has allowed us to deliver exceptionally strong results in fiscal '21.

總而言之，我對我們的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，這使我們能夠在 21 財年取得異常強勁的業績。

Next, I'd like to take a few moments to highlight Jabil's unique position across multiple end markets benefiting from long-term secular trends and the convergence of technology in our day-to-day lives.

接下來，我想花一點時間來強調捷普在多個終端市場中的獨特地位，這得益於長期的長期趨勢和我們日常生活中技術的融合。

We believe these trends will continue to drive sustainable growth and margins across the enterprise in FY '22 and beyond.

我們相信這些趨勢將在 22 財年及以後繼續推動整個企業的可持續增長和利潤率。

In health care today, on the next slide, the industry is undergoing tremendous change due to rising costs, aging populations, the demand for better health care in emerging markets and the accelerated pace of change and innovation.

在今天的醫療保健領域，在下一張幻燈片中，由於成本上升、人口老齡化、新興市場對更好醫療保健的需求以及變革和創新步伐的加快，該行業正在發生巨大變化。

Consequently, we're witnessing health care companies shifting their core competencies away from manufacturing towards innovative and connected product solutions.

因此，我們正在目睹醫療保健公司將其核心競爭力從製造轉向創新和互聯的產品解決方案。

We continue to be in the early days of outsourcing of manufacturing in the health care space.

我們仍處於醫療保健領域製造外包的早期階段。

Our strategic collaboration, which we have highlighted in previous years, has enhanced our credibility within the industry and has further enabled Jabil to benefit from this outsourcing trend.

我們在前幾年強調的戰略合作提高了我們在行業內的信譽，並進一步使 Jabil 從這一外包趨勢中受益。

On top of this, we are also seeing the impact of connectivity, digitization and personalized care across health care.

除此之外，我們還看到了醫療保健領域的連通性、數字化和個性化護理的影響。

I expect these trends to accelerate over the next few years.

我預計這些趨勢將在未來幾年加速。

Our deep domain expertise within the health care industry uniquely positions us to build technology-enabled products which help our customers excel in today's evolution of health care.

我們在醫療保健行業的深厚專業知識使我們能夠構建技術支持的產品，幫助我們的客戶在當今醫療保健的發展中脫穎而出。

Another end market experiencing a rapid shift in technologies is the automotive market.

另一個經歷技術快速轉變的終端市場是汽車市場。

Climate change, fuel efficiency and emissions are ongoing concerns, and regulatory policies worldwide are beginning to mandate more ecofriendly technologies.

氣候變化、燃油效率和排放是持續關注的問題，全球監管政策開始要求採用更環保的技術。

As a result, OEMs are making substantial investments into vehicle electrification efforts.

因此，原始設備製造商正在對汽車電氣化工作進行大量投資。

The bulk of our automotive business is focused on electrification of cars, which we believe still has plenty of room to grow.

我們的大部分汽車業務都集中在汽車電氣化上，我們認為這仍有很大的增長空間。

Over the next 3 years, we expect the fastest-growing area of our auto business will be in what's known as ACE, autonomous, connectivity and electrification.

在接下來的 3 年中，我們預計我們汽車業務增長最快的領域將是所謂的 ACE、自動駕駛、連接和電氣化。

Today, electric vehicles account for a small fraction of total vehicles in the market, but the EV segment overall is growing rapidly and gaining a larger share of the total vehicle market.

如今，電動汽車僅佔市場汽車總量的一小部分，但總體而言，電動汽車市場增長迅速，並在整個汽車市場中佔據了更大的份額。

Jabil's long-standing capabilities and over 10 years of experience and credibility in this space have positioned us extremely well to benefit from this ongoing trend.

捷普在這一領域的長期能力和超過 10 年的經驗和信譽使我們非常有能力從這一持續趨勢中受益。

We are also extremely well positioned to build the infrastructure that will power tomorrow, be it cloud, semi cap, 5G infrastructure and the associated connected devices, or power generation and energy storage.

我們也非常有能力構建明天供電的基礎設施，無論是雲、半容量、5G 基礎設施和相關的連接設備，還是發電和能源存儲。

5G is expected to transform the way we live, work, play and educate.

5G 有望改變我們的生活、工作、娛樂和教育方式。

As the underlying infrastructure continues to roll out, 5G adoption is accelerating.

隨著底層基礎設施的不斷推出，5G 的採用正在加速。

Jabil is well positioned to benefit from both, the worldwide infrastructure rollouts and with the devices, which will be needed to recognize the full potential of a robust 5G network.

Jabil 處於有利地位，可以從全球基礎設施部署和設備中受益，這將是認識到強大 5G 網絡的全部潛力所必需的。

5G is also accelerating secular expansion of cloud adoption and infrastructure growth.

5G 還加速了雲採用的長期擴張和基礎設施的增長。

This, coupled with the value proposition Jabil offers to cloud hyperscalers, is helping us gain market share in an expanding market, evidenced by the significant growth over the last 3 years.

這一點，再加上 Jabil 為雲超大規模企業提供的價值主張，正在幫助我們在不斷擴大的市場中獲得市場份額，過去 3 年的顯著增長就是明證。

In power generation and energy storage, we offer differentiated solutions across the entire energy value chain from energy generation, power conversion, transmission, storage and metering to the management of power inside of homes and buildings.

在發電和儲能方面，我們提供貫穿整個能源價值鏈的差異化解決方案，從能源生產、電力轉換、傳輸、存儲和計量到家庭和建築物內的電力管理。

In this space, we serve a diversified set of customers across numerous markets, including oil and gas, wind, power inverters and converters, smart meters, smart grid communications, building automation, home automation and energy storage.

在這一領域，我們為眾多市場的多元化客戶提供服務，包括石油和天然氣、風能、電力逆變器和轉換器、智能電錶、智能電網通信、樓宇自動化、家庭自動化和儲能。

As the convergence of technology in our day-to-day lives accelerates, demand for semiconductors has increased exponentially, which has generated a huge backlog in this industry.

隨著我們日常生活中技術融合的加速，對半導體的需求呈指數級增長，這在該行業產生了巨大的積壓。

Jabil is well positioned to help customers in the semi cap space with end-to-end solutions spanning the front end with design and complex fabrication equipment along with the back end with validation and test solutions.

Jabil 能夠很好地幫助半導體領域的客戶提供端到端解決方案，包括前端的設計和復雜的製造設備以及後端的驗證和測試解決方案。

So what do all these trends translate to in terms of Jabil?

那麼所有這些趨勢對捷普來說意味著什麼呢？

You can see our revenue growth expectations by end market in the coming fiscal year.

您可以看到我們在下一財年按終端市場劃分的收入增長預期。

In FY '22, in spite of supply chain headwinds, we expect incredibly strong growth in automotive and continued solid growth in health care and packaging, industrial, semi cap, 5G wireless and cloud.

在 22 財年，儘管存在供應鏈逆風，但我們預計汽車行業將出現難以置信的強勁增長，醫療保健和包裝、工業、半導體、5G 無線和雲計算將繼續穩健增長。

Today, both segments are in great shape.

今天，這兩個部分都處於良好狀態。

We've repositioned our business to serve critical and long life cycle products while also providing the foundation for predictable, yet strong cash flows and margins.

我們重新定位了我們的業務，以服務於關鍵和長生命週期的產品，同時也為可預測但強勁的現金流和利潤奠定了基礎。

For FY '22, we expect both gross profit margins and core operating margins to improve 30 basis points over the prior year, mainly driven by our end market growth and improved mix of business.

對於 22 財年，我們預計毛利率和核心營業利潤率都將比上一年提高 30 個基點，這主要受我們終端市場增長和業務組合改善的推動。

We also expect the investments to be made in areas such as IT, automation and factory digitization will drive improved optimization across our footprint, which will translate to higher margins.

我們還預計，在 IT、自動化和工廠數字化等領域的投資將推動我們的足跡優化，這將轉化為更高的利潤率。

We expect these gains will be slightly offset by continued tightness in the supply chain, especially in the first half of our fiscal year.

我們預計這些收益將被供應鏈的持續緊張略微抵消，特別是在我們財政年度的上半年。

However, we're incredibly confident in our team's ability to successfully execute in this market given our track record over the last several years.

然而，鑑於我們過去幾年的業績記錄，我們對我們團隊在這個市場上成功執行的能力充滿信心。

Key to executing amidst an incredibly dynamic environment is our expertise and the investments we made in our IT and supply chain.

在令人難以置信的動態環境中執行的關鍵是我們的專業知識以及我們在 IT 和供應鏈中所做的投資。

We've got the tools and technologies that allow us to progressively manage with analytics and data some of the most complex supply chains in the world.

我們擁有使我們能夠通過分析和數據逐步管理世界上一些最複雜的供應鏈的工具和技術。

This has certainly been evident over the last 2 years.

這在過去 2 年中肯定很明顯。

Let's hear from our supply chain leaders and how they're executing for our customers.

讓我們聽聽我們的供應鏈領導者的意見，以及他們如何為我們的客戶執行任務。

(presentation)

（介紹）

I would like to take a moment to thank the entire supply chain team from the leaders we just heard from to our teams in our factories who have helped our customers navigate through some very complex supply chains.

我想花一點時間感謝整個供應鏈團隊，從我們剛剛聽到的領導到我們工廠的團隊，他們幫助我們的客戶在一些非常複雜的供應鏈中導航。

Turning now to our CapEx guidance for FY '22.

現在轉向我們對 22 財年的資本支出指導。

Net capital expenditures are expected to be in the range of $830 million or 2.6% of net revenue.

淨資本支出預計將在 8.3 億美元或淨收入的 2.6% 範圍內。

This will come through a combination of both maintenance and strategic investments for future growth.

這將通過對未來增長的維護和戰略投資相結合來實現。

Let's talk about our maintenance CapEx for a moment.

讓我們暫時談談我們的維護資本支出。

We now have 100 sites in more than 30 countries.

我們現在在 30 多個國家/地區擁有 100 個站點。

At this scale, our factories require approximately $500 million in annual maintenance investments.

在這種規模下，我們的工廠每年需要大約 5 億美元的維護投資。

Areas of investment are inclusive of IT and data analytics, automation and factory digitization, which will drive innovation across our footprint.

投資領域包括 IT 和數據分析、自動化和工廠數字化，這將推動我們整個足蹟的創新。

This, along with upgrading of our equipment sets based on appropriate cost benefit analysis, will improve first pass yields and help reduce ongoing maintenance costs.

這與基於適當的成本效益分析升級我們的設備組一起，將提高一次通過率，並有助於降低持續的維護成本。

We are also investing in strategic growth in targeted areas of our business that are expected to deliver strong margin expansion and free cash flow.

我們還投資於我們業務的目標領域的戰略增長，這些領域預計將帶來強勁的利潤率擴張和自由現金流。

The bulk of our strategic growth CapEx will be in the health care, automotive, 5G wireless, power generation and energy storage, semi cap and ecofriendly packaging end markets.

我們戰略性增長資本支出的大部分將用於醫療保健、汽車、5G 無線、發電和儲能、半帽和環保包裝終端市場。

All of this positions us well to deliver higher margins as highlighted earlier in my margin waterfall slide.

正如我之前在保證金瀑布幻燈片中強調的那樣，所有這些都使我們能夠很好地提供更高的利潤。

Our improved profitability, strong operational performance and disciplined investments have yielded significant cash flows over the last few years, which has allowed the company to strategically invest in higher return areas of our business.

在過去幾年中，我們提高的盈利能力、強勁的運營業績和嚴格的投資產生了可觀的現金流，這使公司能夠戰略性地投資於我們業務的更高回報領域。

Moving forward, we expect to continue generating strong cash flows in spite of higher working capital associated with our robust growth in targeted areas I highlighted earlier.

展望未來，儘管我之前強調的目標領域的強勁增長帶來了更高的營運資金，但我們預計將繼續產生強勁的現金流。

This is possible as a result of earnings expansion, along with our team's disciplined approach and ability to execute.

這可能是由於收益的擴大，以及我們團隊嚴謹的方法和執行能力的結果。

In FY '22, we expect to generate adjusted free cash flow of $700 million.

在 22 財年，我們預計將產生 7 億美元的調整後自由現金流。

As I mentioned earlier, we've intentionally targeted higher return areas.

正如我之前提到的，我們有意瞄準更高回報的領域。

In doing so, we're focused on end markets that offer higher profitability and good cash flow dynamics.

為此，我們專注於提供更高盈利能力和良好現金流動態的終端市場。

This discipline has translated to much higher returns on invested capital.

這一紀律已轉化為投資資本的更高回報。

Moving forward, we will continue to prioritize investments in areas of our business with higher margins, which we expect will translate into strong returns.

展望未來，我們將繼續優先投資利潤率較高的業務領域，我們預計這將轉化為強勁的回報。

Another key aspect of delivering higher returns and delivering long-term value to shareholders is ensuring our capital structure is appropriately balanced and optimized.

為股東提供更高回報和長期價值的另一個關鍵方面是確保我們的資本結構得到適當平衡和優化。

Over the last few years, our team has done an outstanding job of building a solid and flexible debt and liquidity profile with current maturities appropriately staggered and at very attractive interest rates.

在過去的幾年裡，我們的團隊在建立穩固而靈活的債務和流動性狀況方面做得非常出色，當前期限適當交錯，利率非常有吸引力。

We ended FY '21 with committed capacity under the global credit facilities of $3.8 billion.

我們以 38 億美元的全球信貸額度承諾能力結束了 21 財年。

With this available capacity, along with our year-end cash balance, Jabil ended the year with access to more than $5.3 billion of available liquidity, which we believe causes forges ample flexibility.

憑藉這一可用容量以及我們的年終現金餘額，捷普在年底獲得了超過 53 億美元的可用流動性，我們認為這會帶來足夠的靈活性。

And importantly, we are fully committed to maintaining our investment-grade credit profile.

重要的是，我們完全致力於維持我們的投資級信用狀況。

Turning now to our capital allocation framework.

現在轉向我們的資本配置框架。

In fiscal '22 and beyond, we expect to generate significant free cash flow.

在 22 財年及以後，我們預計將產生可觀的自由現金流。

Given this dynamic, I thought it would be appropriate to reiterate our capital allocation priorities and at a high level how we plan to deploy our capital over the next 2 years.

鑑於這種動態，我認為有必要重申我們的資本配置優先事項以及我們計劃在未來 2 年內如何部署資本。

As a reminder, in July earlier this year, we announced a $1 billion buyback authorization from our Board of Directors over the next 2 years.

提醒一下，今年 7 月初，我們宣布董事會在未來 2 年內授予 10 億美元的回購授權。

Our capital return framework beyond organic investments will continue to prioritize commitment to our dividend, share repurchases and a combination of targeted M&A and capital structure optimization.

除了有機投資之外，我們的資本回報框架將繼續優先考慮對我們的股息、股票回購以及有針對性的併購和資本結構優化相結合的承諾。

Moving forward, we are comfortable with our ability to generate strong cash flows and will remain balanced and thoughtful in how we allocate our capital.

展望未來，我們對產生強勁現金流的能力感到滿意，並將在如何分配資本時保持平衡和深思熟慮。

Turning now to our first quarter guidance on the next slide.

現在轉到下一張幻燈片上的第一季度指導。

DMS segment revenue is expected to increase 10% on a year-over-year basis to $4.7 billion, while the EMS segment revenue is expected to be $3.6 billion, consistent with the prior year.

DMS 部門收入預計將同比增長 10% 至 47 億美元，而 EMS 部門收入預計為 36 億美元，與去年持平。

We expect total company revenue in the first quarter of fiscal '22 to be in the range of $8 billion to $8.6 billion.

我們預計 22 財年第一季度的公司總收入將在 80 億美元至 86 億美元之間。

Core operating income is estimated to be in the range of $365 million to $425 million.

核心營業收入估計在 3.65 億美元至 4.25 億美元之間。

GAAP operating income is expected to be in the range of $321 million to $381 million.

GAAP 營業收入預計在 3.21 億美元至 3.81 億美元之間。

Core diluted earnings per share is estimated to be in the range of $1.70 to $1.90.

每股核心攤薄收益估計在 1.70 美元至 1.90 美元之間。

GAAP diluted earnings per share is expected to be in the range of $1.40 to $1.61 (sic, see slide 6, "$1.41-$1.61").

GAAP 攤薄後每股收益預計在 1.40 美元至 1.61 美元之間（原文如此，見幻燈片 6，“1.41 美元至 1.61 美元”）。

The tax rate on core earnings in the first quarter is estimated to be approximately 25%.

第一季度核心收益的稅率估計約為 25%。

As we transition to my final slide, you can really begin to see the earnings power of a diversified and balanced Jabil.

當我們過渡到我的最後一張幻燈片時，您可以真正開始看到多元化和平衡的捷普的盈利能力。

Today, our business serves a diverse blend of end markets in areas that provide confidence in future earnings and cash flows.

今天，我們的業務在為未來收益和現金流提供信心的領域為各種終端市場提供服務。

We have deep domain expertise complemented by investments we made in capabilities, all of which gives us confidence in our ability to deliver 4.5% in core margins in FY '22 along with $6.35 in core EPS and $700 million in free cash flow.

我們擁有深厚的領域專業知識，加上我們在能力方面的投資，所有這些都讓我們有信心在 22 財年實現 4.5% 的核心利潤率、6.35 美元的核心每股收益和 7 億美元的自由現金流。

And importantly, our balanced capital allocation framework approach is aligned and focused on driving long-term value creation to shareholders.

重要的是，我們的平衡資本分配框架方法一致並專注於為股東創造長期價值。

I'd like to thank you for your time today, and thank you for your interest in Jabil.

我要感謝您今天的寶貴時間，並感謝您對 Jabil 的興趣。

I'll now turn the call over to Mark.

我現在將把電話轉給馬克。

Thanks, Mike.

謝謝，邁克。

Good morning.

早上好。

I appreciate everyone taking time to join our call today.

我感謝大家今天抽出時間加入我們的電話會議。

I'll begin by saying thanks to all of our employees here at Jabil.

首先，我要感謝捷普的所有員工。

Thank you for hanging in there during these trying times, while never compromising the safety of our people.

感謝您在這些艱難時期堅持不懈，同時從不損害我們人民的安全。

Your attitude is amazing and your stamina is incredible.

你的態度令人驚嘆，你的耐力令人難以置信。

It was your collective body of work that drove the terrific results we just posted.

正是你們的集體工作推動了我們剛剛發布的出色成果。

Results you delivered while overcoming COVID quarantine mandates, supply chain challenges, factory inefficiencies and in many cases, a lack of face-to-face interaction.

您在克服 COVID 檢疫要求、供應鏈挑戰、工廠效率低下以及在許多情況下缺乏面對面互動的情況下交付的結果。

Fiscal '21 came in well ahead of plan, resulting in a core operating margin of 4.2%.

'21 財年遠超計劃，核心營業利潤率為 4.2%。

All in all, a really nice year across all fronts.

總而言之，在各個方面都是非常美好的一年。

Today marks our fourth annual investor session, a session where we take a little extra time to lay out the groundwork for the upcoming year.

今天是我們的第四次年度投資者會議，我們需要額外的時間來為來年奠定基礎。

As you heard earlier from Adam and Mike, our business is strong and what we're doing is working.

正如您之前從亞當和邁克那裡聽到的那樣，我們的業務很強大，我們正在做的事情正在發揮作用。

Much of our progress comes from the construct and the pedigree of our company.

我們的大部分進步來自我們公司的結構和血統。

So let's start with our approach, beginning with diversity, equity and inclusion.

因此，讓我們從我們的方法開始，從多樣性、公平和包容開始。

We know that each employee is critical to our success and has the right to be treated with dignity and respect each day and every day.

我們知道，每位員工對我們的成功都至關重要，並且每天和每一天都有權得到有尊嚴和尊重的對待。

At Jabil, we operate our business in 30-plus countries.

在 Jabil，我們在 30 多個國家開展業務。

We employ people that don't look the same, don't talk the same, people that practice different religions, have different sexual orientations, people with physical limitations and neurodiversities.

我們僱傭的人長得不一樣，說話不一樣，信奉不同宗教，有不同性取向的人，身體有限制和神經多樣性的人。

We understand that the current diversity of our team simply makes us better, but we have so much more work to do, and we're holding ourselves accountable through actions.

我們知道，我們團隊目前的多樣性只會讓我們變得更好，但我們還有很多工作要做，我們通過行動讓自己承擔責任。

An example of the type of actions we're taking is the addition of our internal DE&I council, which was established in 2020, a 9-person council which guides us and advocates for the broader Jabil.

我們正在採取的行動類型的一個例子是增加了我們的內部 DE&I 委員會，該委員會成立於 2020 年，這是一個由 9 人組成的委員會，負責指導我們並倡導更廣泛的 Jabil。

We also co-chaired an external DE&I certification program, a program attended by 165,000 participants, of which the vast majority earned their formal certificates.

我們還共同主持了一項外部 DE&I 認證計劃，該計劃有 165,000 名參與者參加，其中絕大多數人獲得了正式證書。

And one other example is around the upcoming 2022 Special Olympics, where Jabil is a premium sponsor for the U.S. games.

另一個例子是即將到來的 2022 年特殊奧運會，捷普是美國奧運會的高級贊助商。

And the best part of our partnership with Special Olympics is that it offers our employees the opportunity to spend time with the athletes and their coaches.

我們與特奧會合作的最佳部分是它為我們的員工提供了與運動員及其教練共度時光的機會。

So in summary, our team continues to safeguard our work environment and does so with the acceptance of individual differences.

總而言之，我們的團隊繼續保護我們的工作環境，並在接受個體差異的情況下這樣做。

A second aspect of our approach pertains to the area of ESG, where we aim to always do what's right.

我們方法的第二個方面與 ESG 領域有關，我們的目標是始終做正確的事。

Much like our effort with DE&I, our behavior around ESG is grounded on actions.

就像我們在 DE&I 方面所做的努力一樣，我們圍繞 ESG 的行為基於行動。

An example of one of our actions is our greenhouse gas emissions, where our goal is a 25% reduction by 2025 and a 50% reduction by 2030.

我們行動的一個例子是我們的溫室氣體排放，我們的目標是到 2025 年減少 25%，到 2030 年減少 50%。

Another set of actions that we have underway are directed towards our heightened focus on mental health, a topic that impacts most all of us, either directly or indirectly.

我們正在進行的另一套行動是針對我們對心理健康的高度關注，這是一個直接或間接影響我們所有人的話題。

And one final action worth mentioning is our commitment to giving back.

最後一個值得一提的行動是我們對回饋的承諾。

Our employees will look to complete 1 million volunteer hours in aggregate during calendar 2022.

我們的員工希望在 2022 年期間總共完成 100 萬小時的志願服務。

What a positive difference this will make throughout the communities where we work and we live.

這將對我們工作和生活的整個社區產生多麼積極的影響。

As you might sense, DE&I and ESG are important elements of who we are, and they set the foundation for our approach.

您可能會感覺到，DE&I 和 ESG 是我們的重要組成部分，它們為我們的方法奠定了基礎。

Next, I'd like to talk about our solutions and how they're enabled by our structure, our investments and our customers.

接下來，我想談談我們的解決方案，以及我們的結構、投資和客戶如何實現這些解決方案。

Our structure enables our collaboration, which allows us to move with precision and speed.

我們的結構使我們能夠合作，這使我們能夠以精確和快速的方式行動。

Our investments enable our execution which allows us to take the ordinary and apply the extraordinary.

我們的投資使我們能夠執行，這使我們能夠接受平凡並應用非凡。

And our customers enable our obsession, which allows us to solve the complex.

我們的客戶使我們著迷，這使我們能夠解決複雜的問題。

So not to be overly simplistic, but at the center of Jabil's core, we build stuff.

因此，不要過於簡單化，而是在 Jabil 的核心核心，我們構建東西。

That's just what we do.

這就是我們所做的。

Therefore, we'll continue to be aggressive with our investments in the areas of factory automation, robotics and machine learning.

因此，我們將繼續積極投資於工廠自動化、機器人和機器學習領域。

And to help illustrate how we apply and leverage these investments, I'd now like to share a short video.

為了幫助說明我們如何應用和利用這些投資，我現在想分享一個短片。

(presentation)

（介紹）

Thanks, JJ.

謝謝，JJ。

Thank you, May.

謝謝你，梅。

What powerful messages.

多麼強大的信息。

And to all of our employees that spend long hours on our factory floor day in and day out, thank you.

感謝所有日復一日在工廠車間長時間工作的員工，謝謝你們。

Thank you for taking great care of our customers.

感謝您對我們客戶的悉心照顧。

As we move to our next slide, you'll see a colorful pie chart which illustrates the current makeup of our commercial portfolio.

當我們轉到下一張幻燈片時，您會看到一個彩色餅圖，它說明了我們商業組合的當前構成。

Today, our business is diversified and diversified at scale.

今天，我們的業務多元化，規模多元化。

This provides Jabil a real competitive advantage when we consider the performance and balance of earnings.

當我們考慮業績和收益平衡時，這為捷普提供了真正的競爭優勢。

I'd now like to go a degree deeper into the makeup of our business.

我現在想更深入地了解我們業務的構成。

These 8 sectors exhibit the diversified nature of our revenue, with each sector having a material contribution to our results.

這 8 個行業展示了我們收入的多元化性質，每個行業都對我們的業績做出了重大貢獻。

We've been very diligent in pursuing the end markets we serve.

我們一直非常努力地追求我們所服務的終端市場。

We've also spent significant time successfully positioning the company to capture possible tailwinds offered by various secular trends.

我們還花費了大量時間成功地定位公司，以捕捉各種長期趨勢可能帶來的順風。

This portfolio is a wonderful mix of cash flows and margins.

這個投資組合是現金流和利潤率的完美結合。

And for sure, the composition of our business is a catalyst for our FY '22 outlook.

可以肯定的是，我們的業務構成是我們 22 財年展望的催化劑。

As we now look at our plan for fiscal '22, you can see the earnings power of the company.

當我們現在查看我們的 22 財年計劃時，您可以看到公司的盈利能力。

We look to deliver a core operating margin of 4.5% on revenues of $31.5 billion, a 30 basis point expansion when compared to fiscal '21.

我們希望以 315 億美元的收入實現 4.5% 的核心營業利潤率，與 21 財年相比擴大 30 個基點。

This translates to $6.35 in core earnings per share or 13% earnings growth year-on-year.

這意味著每股核心收益為 6.35 美元，或同比增長 13%。

In wrapping up our fiscal '22 forecast, I'd like to note that our strategy is well understood across the company.

在總結我們的 22 財年預測時，我想指出，我們的戰略在整個公司中都得到了很好的理解。

and what needs to be done is crystal clear.

需要做的事情一清二楚。

If we take our FY '21 results and our FY '22 guidance and step back just a bit, this aperture suggests that what we're doing is in fact working.

如果我們將 21 財年的結果和 22 財年的指導退後一點，這個光圈表明我們正在做的事情實際上是有效的。

This slide offers a fantastic backdrop to our ongoing story.

這張幻燈片為我們正在進行的故事提供了一個絕妙的背景。

All in all, I feel good about where we've been, but I feel even better about where we're going.

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。

Moving on from our financials.

繼續我們的財務。

I'd like to talk a bit about our purpose.

我想談談我們的目的。

As a management team, we have a purpose that serves as our ultimate guidepost.

作為一個管理團隊，我們有一個目標作為我們的終極指南。

Our purpose enables our path and does so with an emphasis on caring, integrity and proper intentions.

我們的目標使我們能夠走上我們的道路，並且強調關懷、正直和正確的意圖。

Speaking of our path, our path forward is formed by the beliefs shown on this slide.

說到我們的道路，我們前進的道路是由這張幻燈片上顯示的信念形成的。

For FY '22, we'll trust in these beliefs as we work to deliver to our commitments.

對於 22 財年，我們將相信這些信念，因為我們努力兌現我們的承諾。

For me, we'll measure our success based on financial performance.

對我來說，我們將根據財務業績來衡量我們的成功。

But we'll also measure our success based on keeping our people safe, customer care and improving in the areas of ESG and DE&I.

但我們還將根據確保員工安全、客戶關懷以及在 ESG 和 DE&I 領域的改進來衡量我們的成功。

If our team accomplishes all of the above, it will be another year of humble achievement.

如果我們的團隊完成了上述所有工作，那將是又一年的卑微成就。

One additional thought as I wrap up my prepared remarks.

當我結束我準備好的評論時，還有一個想法。

As we consider our outlook for fiscal '22 and the current trajectory of margins and cash flows, it's clear that our journey is nowhere near complete.

當我們考慮我們對 22 財年的展望以及當前的利潤率和現金流軌跡時，很明顯我們的旅程還遠未完成。

In closing, we've made tremendous progress as customers and shareholders remain at the forefront of our actions.

最後，隨著客戶和股東始終站在我們行動的最前沿，我們取得了巨大的進步。

To our entire Jabil team, thank you for making Jabil, Jabil.

對於我們整個 Jabil 團隊，感謝您製作 Jabil，Jabil。

Most importantly, I want each of you to always be your true self without fear or anxiety, without harm or recourse.

最重要的是，我希望你們每個人永遠成為真正的自己，沒有恐懼或焦慮，沒有傷害或追索權。

I'm honored to serve such a trustworthy team.

我很榮幸能夠為這樣一個值得信賴的團隊服務。

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.

謝謝，馬克。

As planned, we shared quite a bit over the past hour.

按照計劃，我們在過去的一個小時里分享了很多東西。

To summarize, we began by describing how Jabil has undergone deep and sustainable improvements to its business model.

總而言之，我們首先描述了捷普如何對其業務模式進行深入和可持續的改進。

And we highlighted the solid foundation upon which Jabil sits today.

我們強調了 Jabil 今天所處的堅實基礎。

Then Mike walked you through our financial results and outlook, which demonstrate the strength of our portfolio, which has been structured to navigate varying fluctuations in demand while also benefiting from long-term secular tailwinds.

然後，邁克向您介紹了我們的財務業績和前景，這證明了我們投資組合的實力，該投資組合的結構可以應對不同的需求波動，同時也受益於長期的長期順風。

And finally, Mark shared with you our unique approach, solutions, portfolio and path forward.

最後，Mark 與您分享了我們獨特的方法、解決方案、產品組合和前進的道路。

These truly are exciting times at Jabil.

這些確實是捷普的激動人心的時刻。

I'd like to thank you for your time, and we appreciate your interest.

感謝您抽出寶貴時間，我們感謝您的關注。

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 is coming from the line of Adam Tindle with Raymond James.

（操作員說明）我們的第一個問題來自 Adam Tindle 和 Raymond James 的台詞。

Mark, you talked about diversification into secular trends, auto, health care, cloud.

馬克，你談到了長期趨勢、汽車、醫療保健、雲計算的多元化。

And I couldn't help but notice reference customers like Tesla, J&J and Amazon.

我不禁注意到特斯拉、強生和亞馬遜等參考客戶。

I was just wondering if you could maybe talk through the new customer acquisition efforts, the sales motion to perhaps leverage this reference customer list.

我只是想知道您是否可以討論新客戶獲取工作，以及可能利用此參考客戶列表的銷售動議。

And if you could maybe tap into pipeline and timing because I couldn't help but notice over 40% auto growth expected in fiscal '22.

如果你可以利用管道和時間安排，因為我不禁注意到 22 財年預計汽車增長將超過 40%。

I'm wondering if maybe there's some new logos in there.

我想知道那裡是否有一些新的標誌。

Thanks, Adam.

謝謝，亞當。

I want to get into -- we just -- over the years, we may be right or wrong, we have a reluctancy or hesitancy to dig too deep into new wins and new customer wins.

我想進入 - 我們只是 - 多年來，我們可能對或錯，我們不願意或猶豫深入挖掘新的勝利和新的客戶勝利。

A lot of that is at the beck and call of the customers themselves.

其中很多是由客戶自己決定的。

I'd say this.

我會說這個。

Just very rough math, right?

只是非常粗略的數學，對吧？

If you look at kind of fiscal '19 to fiscal '20, we grew our top line at scale like 7%, 8%.

如果你看一下 19 財年到 20 財年，我們的營收規模增長了 7%、8%。

So in '19, we're just a hair over $25 billion.

所以在 19 年，我們只是超過 250 億美元。

We took the company to like $27 billion in '20.

我們在 20 年將公司帶到了 270 億美元。

That was a COVID year, as everybody knows.

眾所周知，那是 COVID 年。

Then we go from '20 to '21, we had another $2 billion of revenues.

然後我們從 20 年到 21 年，我們又獲得了 20 億美元的收入。

That's another 7%, 8% growth at scale.

這又是 7%、8% 的規模增長。

And now if you take a look at the outline that Mike and I provided, outlook for '22 is, call it, $31.5 billion.

現在，如果你看一下邁克和我提供的大綱，22 年的前景是，稱之為 315 億美元。

That's another 7% or 8%.

那是另外的7％或8％。

The vast majority of those gains from, say, fiscal '18 to fiscal '22 are organic in nature.

例如，從 '18 財年到 '22 財年的絕大多數收益本質上是有機的。

And I would say that our organic pipeline continues to remain awfully robust.

我想說的是，我們的有機管道繼續保持非常強勁。

Again, we gave a lot of thought to the outlook and how we wanted to guide '22.

同樣，我們對前景以及我們希望如何指導 '22 進行了很多思考。

We wanted to be sure we handicapped it appropriately for things like the ongoing supply chain issues.

我們想確保我們為持續的供應鏈問題等問題適當地設置了障礙。

So I -- and when you think about the growth rates on both Mike's -- I think Mike had 3 areas where growth rates were double digits.

所以我 - 當你考慮到邁克的增長率時 - 我認為邁克有 3 個領域的增長率是兩位數。

Automotive and transport or transportation was one.

汽車和運輸或運輸是其中之一。

I think digital print and retail was one, and then the health care area.

我認為數字印刷和零售是其中之一，然後是醫療保健領域。

So -- and then right behind that, we had other areas of growth of the 8 sectors that were strong single digits.

所以 - 然後緊隨其後，我們有 8 個部門的其他增長領域是強勁的個位數。

So I think maybe a way to think about that, Adam, is, I would say, our organic pipeline today on a gross basis is probably $4 billion, $5 billion.

所以我認為也許一種思考方式，亞當，我想說，我們今天的有機管道總額可能是 40 億美元，50 億美元。

Again, as we think about fiscal '23 and the maturation and how long it takes to kind of germinate all those organic opportunities.

同樣，當我們考慮 23 財年和成熟以及需要多長時間才能萌發所有這些有機機會時。

But if we were to divvy that up, I think the -- I think what you'd see is, is we got pretty good growth across the board or at least 6 of the 8 sectors.

但是，如果我們將其分開，我認為 - 我認為您會看到，我們是否全面實現了相當不錯的增長，或者至少 8 個行業中的 6 個。

And I do think, I think I feel like the grossly overused term in the world today is the secular trends.

而且我確實認為，我認為我覺得當今世界被嚴重過度使用的術語是世俗趨勢。

It seems like, it's kind of like back in the day with IoT and digitization and other things, I think it's used a lot.

看起來，這有點像在物聯網、數字化和其他事物的時代，我認為它被大量使用。

But I think Mike did a really nice job of hitting some secular trends that, at least for our business where we sit today, are very, very real.

但我認為邁克在觸及一些世俗趨勢方面做得非常好，至少對於我們今天所處的業務而言，這些趨勢非常非常真實。

And we think will -- all things being equal, will provide some nice tailwinds for us for the next 3 years.

我們認為，在所有條件相同的情況下，未來 3 年將為我們提供一些不錯的順風。

Got it.

知道了。

That's helpful, Mark.

這很有幫助，馬克。

And just maybe as a follow-up, Mike, I wanted to touch on normalized free cash flow.

邁克，也許作為後續行動，我想談談標準化的自由現金流。

I know you're guiding to $700 million for the year.

我知道你今年的目標是 7 億美元。

How much is related to supply constraint or working capital?

多少與供應限製或營運資金有關？

Because I think if I back into your net income guidance, it's over $900 million.

因為我認為如果我回到你的淨收入指導，它會超過 9 億美元。

So wondering how to think about normalized free cash flow.

所以想知道如何考慮標準化的自由現金流。

There is an element of supply chain constraints and the impact on inventory that's included in that $700 million.

這 7 億美元中包含供應鏈限制因素和對庫存的影響。

I think you've got to look at it from a growth perspective as well.

我認為你也必須從增長的角度來看待它。

We're growing revenue by $2.2 billion over '21 to '22.

從 21 年到 22 年，我們的收入增加了 22 億美元。

That comes with associated working capital as well.

這也伴隨著相關的營運資金。

So for us to go from $640 million to $700 million in spite of us growing revenues by $2.2 billion or 8%, is pretty healthy.

因此，儘管我們的收入增長了 22 億美元或 8%，但我們從 6.4 億美元增加到 7 億美元，這是非常健康的。

And I think the management team is fully, fully focused on free cash flow.

我認為管理團隊完全、完全專注於自由現金流。

So I feel good.

所以我感覺很好。

We're looking at working capital.

我們正在研究營運資金。

We're looking at CapEx.

我們正在關注資本支出。

So it will be $700 million.

所以這將是7億美元。

Can it go higher if things loosen their grip a little bit on the supply chain constraints?

如果事情稍微放鬆了對供應鏈限制的控制，它還能走得更高嗎？

Absolutely.

絕對地。

But at this stage, $700 million is a pretty strong free cash flow number, I think.

但在這個階段，我認為 7 億美元是一個相當強勁的自由現金流數字。

Adam, if I could interject, I think, and listening to Mike respond to that, if you do think about the growth, we've been on largely organic, the working capital needs and then you do think we've gotten a little bit fluffy on inventory based on the supply chain challenges.

亞當，如果我可以插話，我想，聽邁克回應，如果你考慮增長，我們基本上是有機的，營運資金需要，然後你認為我們已經得到了一點基於供應鏈挑戰的庫存蓬鬆。

As that stuff kind of plays out through fiscal '22, if we could imagine fiscal '23, there's an opportunity in fiscal '23 for us to deliver even stronger cash flows.

由於這些東西一直持續到 22 財年，如果我們可以想像 23 財年，那麼在 23 財年我們有機會提供更強勁的現金流。

Our next question is coming from Steven Fox with Fox Advisors.

我們的下一個問題來自 Steven Fox 和 Fox Advisors。

Mark, you guys took a much earned victory lap on the diversification story with the presentation.

馬克，你們通過演示在多元化故事中贏得了勝利。

So I was just curious, as we think about diversification going out maybe 2, 3, 4 years, how do you think your mix changes?

所以我只是好奇，當我們考慮到多元化可能會在 2、3、4 年後出現，你認為你的組合會發生什麼變化？

And what would the impact be on operating margins?

對營業利潤率有何影響？

And then I have a follow-up.

然後我有一個跟進。

I don't know.

我不知道。

To try to speculate how it changes, I would tell you that we have no intention of -- we've been on a journey for 5, 6, 7 years.

為了推測它是如何變化的，我會告訴你，我們無意——我們已經踏上了 5、6、7 年的旅程。

We've talked repeatedly about the fact that back 6, 7 years ago, and I think Adam alluded to it, which I really liked in his prepared remarks in terms of historically in our industry -- and the industry has changed substantially.

我們一再談到 6 、 7 年前的事實，我認為亞當暗示了這一點，我真的很喜歡他在準備好的評論中就我們行業的歷史而言——而且行業已經發生了巨大的變化。

But EMS companies would get overweighted on, on a single customer.

但 EMS 公司會在單一客戶上過重。

And I think with that comes risk.

我認為隨之而來的是風險。

I look at the job our team has done and it's unbelievable in this one area for sure.

我看看我們團隊所做的工作，在這一領域肯定是難以置信的。

And you look at that pie chart that we put up during the presentation.

你看看我們在演示過程中放置的那個餅圖。

We think diversification is so important again, just because it absolutely drives resiliency.

我們認為多元化再次變得如此重要，只是因為它絕對會推動彈性。

How that might look -- how might that look 3, 4, 5 years from now?

那會是什麼樣子——從現在起 3、4、5 年後會是什麼樣子？

I can tell you that it will look however it needs to look for us to continue to drive margins and cash flows.

我可以告訴你，它會看起來但是它需要尋找我們繼續推動利潤率和現金流。

And when you look at our business today and you go back to that pie chart in the presentation, there are some slices of that pie chart that deliver both margin and cash flows.

當您今天查看我們的業務並返回演示文稿中的餅圖時，該餅圖的某些部分同時提供了利潤率和現金流量。

There's some parts of that pie chart that deliver very strong cash flows and support margins.

該餅圖的某些部分提供了非常強勁的現金流並支持利潤率。

And then there's other parts of that pie chart that deliver really good margins and support cash flows.

然後該餅圖的其他部分提供了非常好的利潤率並支持現金流。

So when I think about the collective pie, if you will, boy, it has us positioned really well.

所以當我想到集體派時，如果你願意，男孩，它讓我們的定位非常好。

And I do think that hangs with us for the next 2, 3, 4 years.

我確實認為這在接下來的 2 年、3 年、4 年都會伴隨著我們。

Great.

偉大的。

That's helpful.

這很有幫助。

And then just secondly, at the risk of using the word secular trend, but the 5G trend is pretty strong.

其次，冒著使用長期趨勢這個詞的風險，但 5G 趨勢非常強勁。

But your connectivity and mobility markets, it doesn't look like you're looking for much growth this year.

但是你的連接和移動市場，看起來你今年並沒有尋求太大的增長。

I was just curious if you could tie those points together and explain that a little bit more.

我只是好奇你是否可以將這些觀點聯繫在一起並再解釋一下。

Yes.

是的。

I think there's a couple of things going on there.

我認為那裡發生了幾件事。

We're -- depending on whether you're looking at a proxy of kind of '19, '20 to '21, '22 or you're looking '21 to '22, one thing that we've transitioned to in that sector is a consignment model.

我們 - 取決於您是在尋找 19 年、20 年到 21 年、22 年的代理，還是您正在尋找 21 年到 22 年的代理，這是我們已經過渡到的一件事部門是寄售模式。

Again, that should have -- that will play out by the end of '21, early '22.

同樣，這應該有——這將在 21 年底、22 年初發揮作用。

So -- and then overall, I think one of the things that's going on in that marketplace is, I think we're doing a very, very good job in terms of our solutions and services to hyperscalers and cloud.

所以 - 總體而言，我認為該市場正在發生的事情之一是，我認為我們在為超大規模和雲計算的解決方案和服務方面做得非常非常好。

But the other thing that's going on there is the -- we were a very, very material partner in terms of wireless infrastructure.

但另一件事是——就無線基礎設施而言，我們是一個非常非常重要的合作夥伴。

And so in some of that as infrastructure comes forward, there's going to be kind of a swap out or a conversion from legacy 2.5G, 3G, LTE, et cetera, to 5G.

因此，隨著基礎設施的出現，在其中一些方面，將會出現從傳統 2.5G、3G、LTE 等到 5G 的換出或轉換。

So on a net revenue basis, maybe the growth rates won't be as reflective as maybe what you alluded to is.

因此，在淨收入的基礎上，增長率可能不會像你提到的那樣具有反映性。

For sure, 5G cloud-based infrastructure, I would agree with you in I think it is a secular trend.

當然，5G 基於雲的基礎設施，我同意你的觀點，我認為這是一個長期趨勢。

But in terms of Jabil's portfolio, there's going to be kind of a swap out or a conversion of hardware.

但就 Jabil 的產品組合而言，將會有某種換出或硬件轉換。

So I don't -- I forget the number that Mike put up, but I think the growth rate in that area was like strong single digits, which, by the way, we really like.

所以我不 - 我忘記了邁克提出的數字，但我認為該領域的增長率就像強勁的個位數，順便說一句，我們真的很喜歡。

But I think that's the main reason for it.

但我認為這是主要原因。

We are positioned very, very well for anything to do with wireless 5G cloud infrastructure type of secular trends, we're positioned very, very well.

對於與無線 5G 雲基礎設施類型的長期趨勢有關的任何事情，我們的定位都非常非常好，我們的定位非常非常好。

And Steve, if I could just add a little bit on the mobility piece.

還有史蒂夫，如果我可以在移動性方面添加一點。

We've been pushing for diversification as a company.

作為一家公司，我們一直在推動多元化。

We've been pushing for diversification from a product standpoint.

從產品的角度來看，我們一直在推動多樣化。

We think we're getting there.

我們認為我們正在到達那裡。

We're being extremely disciplined on CapEx and on our free cash flow.

我們在資本支出和自由現金流方面非常自律。

So I think the mobility piece, the lack of growth there is something we watch very carefully, and it's something we're actually pushing towards.

所以我認為流動性，缺乏增長是我們非常仔細觀察的事情，這是我們實際上正在推動的事情。

Our next question is coming from Jim Suva with Citigroup.

我們的下一個問題來自花旗集團的 Jim Suva。

Regarding the challenges in the supply chain, kind of where you sit today, is it kind of stabilizing a little bit or getting incrementally better or incrementally more challenged?

關於供應鏈中的挑戰，你今天所處的位置，是有點穩定還是逐漸變得更好還是越來越受到挑戰？

And the reason why I ask is, hopefully, COVID at some point gets behind us.

我問的原因是，希望 COVID 在某個時候落後於我們。

But you also now hear discussions about power outages in China and rationing of power and things like that.

但是你現在也聽到關於中國停電和電力配給之類的討論。

Are those impacting you?

那些對你有影響嗎？

Or how should we think about that?

或者我們應該怎麼想？

And relative to your outlook, is it kind of the same amount of cushion?

相對於你的看法，它是不是同樣數量的緩衝？

Or are you building in a little bit more?

或者你要建造更多的東西？

Thanks, Jim.

謝謝，吉姆。

I don't know where to start with that.

我不知道從哪裡開始。

I would say we've -- as we've indexed through '21, you take a look at -- every single quarter, Mike and I get together along with Steve Borges, Mike Loparco, Kenny Wilson, our ops group, and we kind of hold hands, look hard, hard at the business.

我想說我們已經 - 正如我們在 21 年編制的索引一樣，你看一下 - 每個季度，邁克和我都會與史蒂夫博爾赫斯、邁克洛帕科、肯尼威爾遜、我們的運營團隊和我們一起那種牽手，認真看，認真做生意。

And then risk adjust accordingly, give guidance and then work really hard to deliver to our guidance and our commitments.

然後進行相應的風險調整，給予指導，然後努力兌現我們的指導和承諾。

I think we did that really, really well, Q1, Q2, Q3.

我認為我們在第一季度、第二季度、第三季度做得非常非常好。

And in fact, we kind of topped off revenue to the upside in each of those quarters.

事實上，我們在每個季度的收入都達到了上升的水平。

Q4, if I look back on that, maybe we should have risk adjusted a little bit differently back in June.

第四季度，如果我回顧一下，也許我們應該在 6 月份對風險進行稍微不同的調整。

But boy, we certainly felt good about our guide.

但是男孩，我們當然對我們的導遊感覺很好。

And then what happened, Jim, is literally 2, 3 weeks after our call in June, the supply chain issues inside of our 4Q just we saw incremental tightness, and I think Mike used that term.

然後發生的事情，吉姆，實際上是在我們 6 月份的電話會議之後的 2 到 3 週，我們第四季度內的供應鏈問題只是我們看到了日益緊張的情況，我認為邁克使用了這個詞。

And I think that term is very reflective of exactly the kind of the situation and the way the world looked to us as we marched through most of the fourth quarter.

我認為這個詞非常準確地反映了我們在第四季度的大部分時間裡前進的情況和世界對我們的看法。

As we sit today and we gave a lot of very, very careful thought in terms of our outlook for '22, the $31.5 billion that we have in our outlook for '22, again, a 7%, 8% upside, the $6.35 in core EPS, again, a substantial uplift to the $5.60 or $5.61 for '21.

當我們今天坐下來時，我們對 22 年的前景進行了非常非常仔細的思考，我們對 22 年的展望為 315 億美元，再次上漲 7%、8%，6.35 美元核心每股收益再次大幅提升至 21 年的 5.60 美元或 5.61 美元。

The cash flows.

現金流量。

And then I think as important or more importantly than any of those is the 4.5% margin and the trajectory in margins.

然後我認為比任何一個都重要或更重要的是 4.5% 的利潤率和利潤率的軌跡。

We spent a lot of time talking through COVID variants.

我們花了很多時間討論 COVID 變體。

We spent a lot of time talking through every single element of supply chain risk, and we did our best to handicap that.

我們花了很多時間討論供應鏈風險的每一個要素，並儘最大努力阻止這一點。

So I -- when does the fever break on that?

所以我——什麼時候發燒？

It's really hard to tell because I think it's going to be a combination of the demand and the supply side.

這真的很難說，因為我認為這將是需求和供應方面的結合。

Does demand start to soften a bit?

需求是否開始有所減弱？

Does the supply start to strengthen a bit?

供應是否開始有所加強？

And there's a significant amount of variables there.

那裡有很多變量。

The way that we think about it is, we think our first quarter and second quarter of fiscal '22, we're going to still see tightness about equivalent to what we saw in the last 2 months of '21.

我們的想法是，我們認為 22 財年的第一季度和第二季度，我們仍會看到與 21 財年最後兩個月相同的緊縮情況。

So very tight supply in components Q1, Q2 of '22.

22 年第一季度和第二季度的組件供應非常緊張。

We think that -- our estimate is -- and as Frank McKay said in our supply chain video that you just saw, I think our team is rated well to have strong opinions on the supply chain because of the 400 customers we serve, our geographic landscape and just the amount of overall parts we buy.

我們認為 - 我們的估計是 - 正如 Frank McKay 在您剛剛看到的供應鏈視頻中所說，我認為我們的團隊在供應鏈上的評價很高，因為我們服務的 400 名客戶，我們的地理景觀和我們購買的整體零件的數量。

I think that things will start to maybe move in a better direction as we get into the back half of '22.

我認為隨著我們進入 22 年下半年，事情可能會開始朝著更好的方向發展。

We're by no means suggesting that the supply chain is back to normalized levels by the back half of the year.

我們絕不是暗示供應鏈在今年下半年恢復到正常水平。

But again, just to be repetitive because I think it's that important, Q1, Q2, we've kind of handicapped those with the same level of tightness that we experienced in July and August as we rounded out FY '21.

但是，再次重複，因為我認為這很重要，第一季度，第二季度，我們在 21 財年結束時對那些與我們在 7 月和 8 月經歷的緊張程度相同的人造成了障礙。

We think things will get a bit better as we get into the back half of '22, if demand holds, and we're working through this solely on the supply side, then I would think that we don't see normal conditions in the supply chain until we get into maybe the first half of '23, the way things sit today.

我們認為，如果進入 22 年下半年，情況會好一些，如果需求保持不變，並且我們僅在供應方面解決這個問題，那麼我認為我們看不到正常情況供應鏈，直到我們進入 23 年上半年，就像今天的情況一樣。

The one thing, Jim, and I think Mike said this in -- during his prepared remarks when we showed the supply chain video.

一件事，吉姆，我認為邁克在我們展示供應鏈視頻時在他準備好的講話中說過這一點。

For us to have delivered a year in '21, where top line was up 7%, 8% in this marketplace, it's congrats to the entire team.

對於我們在 21 年交付的一年，頂線增長了 7%，在這個市場上增長了 8%，這是對整個團隊的祝賀。

But boy, the job our supply chain folks have done in the last 6 to 8 months is outstanding.

但是男孩，我們的供應鏈人員在過去 6 到 8 個月內所做的工作非常出色。

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

我們的下一個問題來自美國銀行的 Ruplu Bhattacharya。

I think I heard in the prepared remarks something about a change in the compensation program to focus more on operating margins, cash flows and EPS.

我想我在準備好的評論中聽到了一些關於薪酬計劃的變化，以更多地關注營業利潤率、現金流和每股收益。

Mark, you're guiding about 30 basis points improvement in operating margin overall for fiscal '22 and also to $31-plus billion in terms of revenues.

馬克，你正在指導 22 財年的整體營業利潤率提高約 30 個基點，收入也達到 31 億美元以上。

But going forward, should we take this as an indication that there's more focus now on margins versus revenue growth?

但展望未來，我們是否應該將此視為現在更多關注利潤率而不是收入增長的跡象？

And in that vein, can you remind us what is the long-term range for margins for DMS as well as the EMS segment?

就此而言，您能否提醒我們 DMS 和 EMS 部門的長期利潤率範圍是多少？

I mean you're projecting 5% operating margin for DMS for fiscal '22.

我的意思是您預計 22 財年 DMS 的營業利潤率為 5%。

How much more upside do you think there is in that segment?

您認為該細分市場還有多少上漲空間？

And the same question for EMS, I mean, 3.8% margins in fiscal '22.

對於 EMS，我的意思是，22 財年的利潤率為 3.8%。

How should investors think about the long-term range for that segment?

投資者應如何考慮該細分市場的長期範圍？

Okay, Ruplu, there was a lot there.

好的，Rupl，那裡有很多東西。

Let me process for a second and figure out which order I want to try to address that.

讓我處理一下，然後弄清楚我想嘗試解決哪個訂單。

So if I forget something, bring me back because there's a lot of content in a short question.

因此，如果我忘記了什麼，請帶我回來，因為一個簡短的問題包含很多內容。

Let me start with compensation.

讓我從補償開始。

So I think we're a company led by our Board and highly, highly supported by myself and Mike, where we have a huge belief in pay for performance.

所以我認為我們是一家由董事會領導的公司，並得到我和邁克的高度支持，我們堅信績效薪酬。

And I don't know if Adam said change in comp or alluded to comp, and I don't -- I wasn't listening that closely to that portion of his prepared remarks.

而且我不知道 Adam 是說改變了比賽還是暗示了比賽，我沒有——我沒有仔細聽他準備好的那部分評論。

But for sure, I think what Adam was communicating is, is when it comes to our leadership team and our management team, we absolutely want a significant amount of our compensation tied to the commitments we're making to shareholders and customers.

但可以肯定的是，我認為亞當所傳達的是，當涉及到我們的領導團隊和管理團隊時，我們絕對希望我們的大量薪酬與我們對股東和客戶做出的承諾相關聯。

And we've had that mindset for many years.

我們多年來一直有這種心態。

I think that what you would see in the forward proxy, if I had to guess, is you'll see another year where the commitments that we're making to everybody on this call and our shareholders, specifically, in terms of the 4.5% margin, the $700 million in cash flow and then the $6.35 in EPS, I think you'll see those firmly embedded in our compensation plans.

我認為，如果我不得不猜測的話，你會在遠期代理中看到的是，你會看到另一年，我們在這次電話會議上對每個人以及我們的股東做出的承諾，特別是 4.5%利潤率、7 億美元的現金流以及每股 6.35 美元的每股收益，我想你會看到這些都牢牢地嵌入到我們的薪酬計劃中。

In terms of where margins might go, I think, again, as we've talked about many, many times, starting 2 years ago, there's just a -- there's an intense focus on we love the portfolio that we have.

就利潤率的去向而言，我認為，正如我們在 2 年前開始多次討論過的那樣，我們非常關注我們所擁有的投資組合。

I'll say it again.

我再說一遍。

Being well diversified with some of the greatest brands on the planet across 8 different sectors has given us a foundation inside the company that we love.

與地球上 8 個不同行業的一些最偉大的品牌進行多元化合作，這為我們在公司內部奠定了我們所熱愛的基礎。

And with that foundation, it's -- I don't know, a goofy analogy would be building a house.

有了這個基礎，我不知道，一個愚蠢的類比就是蓋房子。

You can have a really nice kitchen and really firm walls.

你可以擁有一個非常漂亮的廚房和非常堅固的牆壁。

If you don't have a firm foundation, it doesn't last very long.

如果沒有堅實的基礎，它不會持續很長時間。

And I think I bring that up because our commercial portfolio, the way it exists today, is really the foundation of the company.

我想我之所以提出這一點，是因為我們的商業組合，它今天的存在方式，確實是公司的基礎。

And then you add to it some of the things that we talked about in prepared remarks.

然後你添加一些我們在準備好的評論中談到的事情。

You look at our structure, you look at our team, you look at our approach.

你看看我們的結構，你看看我們的團隊，你看看我們的方法。

Those would be the walls and the trust is in the roof of the Jabil house.

那些將是牆壁，信任在 Jabil 房子的屋頂上。

And from that, I think that we took margins up.

從那開始，我認為我們提高了利潤率。

We took -- when we were building the foundation, our margin ranges were around -- the core op margins were -- as an enterprise were around 3.5%.

我們認為——當我們建立基礎時，我們的利潤率範圍約為——核心運營利潤率——作為一家企業，約為 3.5%。

And we came into '21, in fact, it was a year ago now where we made a commitment and gave an outlook to everybody to say, we think we can deliver 4% this year, and we end up delivering 20 basis points higher than that at 4.2%.

我們進入 21 年，事實上，一年前我們做出了承諾，並給大家一個展望，我們認為我們今年可以實現 4%，我們最終實現了 20 個基點，高於4.2%。

And now what we're sitting is, is saying, okay, we think we can stretch that 30 basis points in '22 to get to 4.5%.

現在我們坐的是，是說，好吧，我們認為我們可以在 22 年將這 30 個基點擴大到 4.5%。

And again, I would suggest that all that's around just the foundational strength of the company, again, as well as solutions approach, structure and team.

再一次，我建議所有這些都只是公司的基礎實力，以及解決方案方法、結構和團隊。

And then I said something in my prepared remarks around I think we've got more to do and maybe there's 2 parts of that comment.

然後我在我準備好的評論中說了一些話，我認為我們還有更多工作要做，也許該評論有兩部分。

For sure, we've got a lot of hard work ahead of us to deliver what I think is a very appropriate outlook for '22.

當然，我們還有很多艱苦的工作要做，以實現我認為非常適合 22 年的前景。

So therefore, that's kind of derivative number one of my comment on we got more to do.

因此，這是我對我們還有更多工作要做的第一條評論。

But a big part of why I made the comment on more to do has to do with fiscal '23 and '24.

但我之所以對更多工作發表評論，很大程度上與 23 和 24 財年有關。

And I would like to see us and hope that we can keep the positive trajectory on margins and drive margins past the 4.5%.

我希望看到我們，並希望我們能夠保持利潤率的積極軌跡，並將利潤率提高到 4.5% 以上。

In terms of DMS.

在 DMS 方面。

DMS, I don't know.

DMS，我不知道。

I don't want to get into that breakdown now.

我現在不想陷入那種崩潰。

I think your math is correct.

我認為你的數學是正確的。

And I validated the math on one of the blue green slides that -- I think the one I showed that we think diversified will be 5% this year.

我在一張藍綠色幻燈片上驗證了數學——我認為我展示的那張我們認為今年多元化將是 5%。

Giving a range to that, I don't know.

給出一個範圍，我不知道。

We kind of have thoughts in our head and -- but I look at the diversified groupings of businesses that Kenny and Steve run, and we've taken that from 3.7% in '20 to an outlook now of 5%.

我們腦子裡有點想法，但我看看肯尼和史蒂夫經營的多元化企業集團，我們已經把這個比例從 20 年的 3.7% 提高到現在的 5%。

I think that expansion is tremendous.

我認為這種擴展是巨大的。

And then you look at our legacy business that's run by Mike Loparco and his team, and we've taken that from 2.7%, and that's all of EMS.

然後你看看我們由 Mike Loparco 和他的團隊經營的傳統業務，我們從 2.7% 中提取了這一點，這就是 EMS 的全部內容。

That's our former high velocity business, et cetera, et cetera.

那是我們以前的高速業務，等等。

And now we've got an outlook of 3.8%.

現在我們的前景為 3.8%。

I don't know if we get there in '22, but we keep doing what we're doing on the legacy kind of EMS side of our business, which, by the way, I think I'm doing it a huge disservice to even use the word legacy because the business that we're running on the EMS side of the house today is distinctly different than it looked 5 years ago.

我不知道我們是否會在 22 年到達那裡，但我們會繼續在我們業務的傳統 EMS 方面做我們正在做的事情，順便說一下，我認為我這樣做對甚至使用“遺產”這個詞，因為我們今天在 EMS 方面經營的業務與 5 年前明顯不同。

But if things went right there, I don't see any reason why we can't run the electronics side of our business at 4%.

但如果事情進展順利，我看不出有什麼理由不能以 4% 的速度經營我們業務的電子業務。

So again, you kind of do the math on a weighted average basis and all that, and I think you get margins higher than 4.5% going forward.

所以再一次，你在加權平均基礎上做數學等等，我認為你的利潤率未來會高於 4.5%。

Great.

偉大的。

I mean I appreciate all the details on that.

我的意思是我很欣賞這方面的所有細節。

For my follow-up, if I can just ask Mike, I think you guided another $330 million, I think, for growth CapEx this year.

對於我的後續行動，如果我可以問邁克，我認為你為今年的資本支出增長提供了另外 3.3 億美元的指導。

Can you remind us like based on your existing infrastructure, how much revenue can that support today?

您能否根據您現有的基礎設施提醒我們，今天可以支持多少收入？

And then once you have that $330 million of investment, what would be the max revenue that your infrastructure would be able to support?

然後，一旦您獲得了 3.3 億美元的投資，您的基礎設施能夠支持的最大收入是多少？

Sure.

當然。

So the thing -- we look at it from a different perspective.

所以事情 - 我們從不同的角度看待它。

We look at it from an end market perspective because different end markets have different CapEx requirements.

我們從終端市場的角度來看待它，因為不同的終端市場有不同的資本支出要求。

It's not just about existing capacity and forward-looking capacity.

這不僅僅是關於現有產能和前瞻性產能。

I think we've been on a journey.

我想我們一直在旅行。

We're continuing on this growth path, the secular trends are very much alive and doing well in Jabil.

我們正在繼續這條增長道路，長期趨勢非常活躍，並且在 Jabil 中表現良好。

So our growth CapEx in that $300-plus million range is what will drive our capacity going forward as well.

因此，我們在 300 多萬美元範圍內的增長資本支出也將推動我們的產能向前發展。

But it's all over the place, Ruplu, is the simplest answer.

但它無處不在，Ruplu，是最簡單的答案。

It's -- I can't put my hand on a particular, what this capacity lapped or this will take us to x dollars of revenue.

這是 - 我無法確定具體的容量，或者這將使我們獲得 x 美元的收入。

Ruplu, maybe I could interject.

魯普魯，也許我可以插話。

I think I know where you're going with some of that, but one of the things that we had some shareholders climbing all over us 5, 6 years ago on having strong opinions around our capital allocation, use of cash and some other things, and that's how shareholders should be and will be.

我想我知道你的一些想法，但其中一件事是我們有一些股東在 5、6 年前對我們的資本分配、現金使用和其他一些事情持有強烈的意見，這就是股東應該和將來的樣子。

As I look at the landscape today, I don't know of a time where we've ever been more diligent in use of cash both internal capital investments, OpEx investments and then returns to shareholders.

當我審視今天的情況時，我不知道我們曾經在內部資本投資、運營支出投資以及回報股東方面更加勤奮地使用現金。

So here we sit in the current landscape.

因此，我們坐在當前的景觀中。

A few weeks back, we announced $1 billion -- another $1 billion buyback.

幾週前，我們宣布了 10 億美元——另外 10 億美元的回購。

I think capital returns to shareholders will always be part of our plans -- in our plans, especially for the next number of years.

我認為股東的資本回報將永遠是我們計劃的一部分——在我們的計劃中，尤其是在未來幾年。

And then I think about the processes we have inside the company today in terms of the diligence to which we allocate capital internally.

然後我會考慮我們今天在公司內部的流程，即我們在內部分配資本的勤勉程度。

And again, these won't be exact numbers, but it will be directionally correct.

再說一次，這些不是確切的數字，但它在方向上是正確的。

We're going from maybe historics where our CapEx investments might have been 3.2%, 3.3% of revenue, I think Mike had a chart there somewhere that shows CapEx as a percent of revenue down at 2.6%.

我們可能從歷史上看，我們的資本支出投資可能是 3.2%，收入的 3.3%，我認為邁克在某處有一張圖表，顯示資本支出佔收入的百分比下降到 2.6%。

And I see no reason why we might not even drive that a little bit or drive that a little bit lower.

而且我看不出我們為什麼不開那麼一點點或開一點點低一點的理由。

But the other thing that we look at is, with that CapEx investments, with our EBITDA, et cetera, et cetera, again, the $700-plus million of free cash flow, and I believe Mike also shared a slide talking about our real ROIC on all-in investments is upwards of 30%.

但我們看到的另一件事是，通過資本支出投資，以及我們的 EBITDA 等，等等，再一次，700 多萬美元的自由現金流，我相信邁克還分享了一張幻燈片，討論了我們真正的投資回報率全押投資的比例高達 30% 以上。

So we feel pretty good about how closely we're watching each and every penny in terms of both OpEx and CapEx investments.

因此，我們對在運營支出和資本支出投資方面關注每一分錢的密切程度感到非常滿意。

Our next question is coming from Shannon Cross with Cross Research.

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

I just -- the inflationary pressures that are out there right now and how you're looking at managing them, whether it's headcount or commodities or logistics as you look to next year as well as going forward, how much do you think is transitory and how much you think is here to stay?

我只是 - 現在存在的通脹壓力以及您如何看待管理它們，無論是員工人數還是商品或物流，因為您期待明年以及未來，您認為多少是暫時的和你認為要留下多少？

Yes.

是的。

Thanks for the question.

謝謝你的問題。

It's a complicated one, isn't it?

這是一個複雜的，不是嗎？

Think about half of the smart people that you listen to suggest it's transitory and half of the smart people you listen to believe something different.

想想你聽過的聰明人中有一半認為它是暫時的，而你聽過的聰明人中有一半相信不同的東西。

I think the way -- the way we're handling it inside the company is, we showed -- I'd start with, we showed 3 videos and one of the videos was around kind of the factory investments, automation, factory productivity.

我認為我們在公司內部處理它的方式是，我們展示了 - 我首先展示了 3 個視頻，其中一個視頻是關於工廠投資、自動化、工廠生產力的。

And I think factory productivity is something we continually focus on.

我認為工廠生產力是我們一直關注的事情。

When you think about the construct of Jabil today, you're talking about a company that has, I don't know, 55 million square feet of factory space all around the world.

當你想到今天的捷普建築時，你說的是一家在全球擁有 5500 萬平方英尺工廠空間的公司，我不知道。

So driving productivity, driving cost optimization, it's just what we do.

所以提高生產力，推動成本優化，這正是我們所做的。

It's integral to what we do.

它是我們所做工作不可或缺的一部分。

It's -- and a lot of that effort year in and year out is to offset wage increase, inflationary costs.

這是 - 年復一年的大量努力是為了抵消工資增長和通貨膨脹成本。

It keeps us competitive.

它使我們保持競爭力。

It allows us to offer customers cost reductions when appropriate.

它使我們能夠在適當的時候為客戶降低成本。

We eliminate waste.

我們消除浪費。

But the other thing that's happening with all of that is the fact that a big part of those efforts are also helping with our margin expansion.

但所有這一切發生的另一件事是，這些努力的很大一部分也有助於我們的利潤率擴張。

So again, I think it was my response to either Jim or Ruplu, we will continue to obsess about taking great customer -- great care of our customers and at the same time keeping our people safe.

再說一次，我認為這是我對 Jim 或 Ruplu 的回應，我們將繼續痴迷於吸引優秀的客戶——非常關心我們的客戶，同時保證我們的員工安全。

That's at the forefront, along with the purpose that I talked about in my prepared remarks.

這是最重要的，以及我在準備好的發言中談到的目的。

If we do that, then I think the financial returns come along with that.

如果我們這樣做，那麼我認為財務回報也會隨之而來。

But one of the things that adds a little bit of complexity to it is the dynamics around inflationary costs.

但增加一點複雜性的一件事是圍繞通脹成本的動態。

I think that we've done a good job having long conversations around what we think those could be, how much of that will be offset by the factory productivity and cost management.

我認為我們已經做得很好，圍繞我們認為可能的情況進行了長時間的對話，其中有多少將被工廠生產力和成本管理所抵消。

I think we've been very aggressive going into '22 in terms of our base cost because that's directly inside of our control.

我認為我們在基本成本方面一直非常積極地進入 22 年，因為這直接在我們的控制範圍內。

And again, I think that's fully embedded in our FY '22 guide.

再說一次，我認為這完全包含在我們的 22 財年指南中。

What we're trying to do is, is we're trying to do our part in serving our customers in an environment that, at least currently, has inflation embedded in it.

我們正在努力做的是，我們是否正在努力在一個至少目前已經嵌入通貨膨脹的環境中為我們的客戶提供服務。

Whether that goes beyond '22 or not, I don't know.

這是否超出了 22 年，我不知道。

Okay.

好的。

And then just one specific.

然後只有一個具體的。

I'm just wondering, the 13% growth in digital print and retail, is that just a return to normal?

我只是想知道，數字印刷和零售業 13% 的增長，這只是恢復正常嗎？

Or what's driving that?

或者是什麼驅動了它？

I don't think it's return to normal.

我不認為它會恢復正常。

I think our digital -- let me make a comment that will be inaccurate in some ways, but it will give you an idea of what I'm trying to get at.

我認為我們的數字——讓我發表一些在某些方面不准確的評論，但它會讓你了解我想要表達的意思。

A number of years ago, when we would talk about print as a business or a sector, you would think about print.

幾年前，當我們將印刷作為一個業務或一個部門談論時，您會想到印刷。

So you think about putting ink on paper and this out and the other.

所以你考慮把墨水放在紙上，然後這個和另一個。

And by the way, that's still a very important aspect to that business.

順便說一句，這仍然是該業務的一個非常重要的方面。

But when we look at digital print and retail today, there's a reason that we use the term digital.

但是，當我們看今天的數字印刷和零售時，我們使用數字這個詞是有原因的。

I think I said earlier, it's an overused term and so maybe we're overusing it too.

我想我之前說過，這是一個過度使用的術語，所以也許我們也過度使用了它。

But I think it's so appropriate in this business sector from the standpoint of when we look at what's in that sector today, along with whether it be any type of office printing or large form factor printing, I also think about digitization and mobile printing.

但我認為從我們今天看這個行業的角度來看，它在這個行業非常合適，無論是任何類型的辦公室打印還是大尺寸打印，我也會考慮數字化和移動打印。

I think about scanners and printing in terms of factory efficiencies.

我從工廠效率的角度考慮掃描儀和打印。

If inflation is here to stay, factory productivity, warehouse productivity, retail productivity is going to be hugely important.

如果通脹持續下去，工廠生產力、倉庫生產力、零售生產力將變得非常重要。

Because dollar for dollar, all of that effort is going to help to offset passing on inflationary cost to customers, which for those businesses and those customers is going to be huge in terms of them protecting their cash flows and margins.

因為美元兌美元，所有這些努力都將有助於抵消將通脹成本轉嫁給客戶，這對於這些企業和客戶而言，在保護他們的現金流和利潤方面將是巨大的。

So we're doing a ton in that area.

所以我們在那個領域做了很多工作。

And then the other area is Fred McCoy and his team who oversee that sector of our business, they're doing a bunch of amazing things in terms of kind of the transformation going on in the retail space in terms of automation.

然後另一個領域是 Fred McCoy 和他的團隊，他們負責監督我們的業務部門，他們在零售領域的自動化轉型方面做了很多令人驚奇的事情。

And again, overall productivity optimization and efficiencies, where the retail space connects with the consumer.

再次，零售空間與消費者聯繫的整體生產力優化和效率。

So those are the areas that are driving growth in that sector.

因此，這些是推動該行業增長的領域。

Our next question is coming from Paul Chung with JPMorgan.

我們的下一個問題來自摩根大通的 Paul Chung。

So you called out health care where you're seeing an acceleration from kind of a small penetration rate of in-sourcing.

所以你呼籲醫療保健，你看到內包滲透率很小。

So given the kind of attractive margin profiles there, do you expect to see continued structural step-up in margins as we look further out beyond '22 as this trend accelerates, given it's kind of your second largest segment today?

因此，鑑於那裡具有吸引力的利潤率概況，您是否期望看到利潤率繼續結構性增長，因為隨著這一趨勢的加速，我們會進一步展望 22 年之後的情況，因為它是您今天的第二大細分市場？

And then I have a follow-up.

然後我有一個跟進。

Sure.

當然。

So are we going to see a step up in margin?

那麼我們會看到利潤率上升嗎？

I don't know.

我不知道。

What I believe is, I think that there's a really good opportunity for a step up of margins.

我相信，我認為這是一個提高利潤率的好機會。

If we continue to do our job and the macro holds, blah, blah, blah, I think we're not done at enterprise level margins at 4.5%.

如果我們繼續做我們的工作並且宏觀保持，等等，等等，等等，我認為我們還沒有完成 4.5% 的企業級利潤率。

And I think that you stated it.

我認為你已經說過了。

It's interesting, isn't it, that in FY '22, our health care and packaging business is now our second largest sector.

有趣的是，在 22 財年，我們的醫療保健和包裝業務現在是我們的第二大部門。

Oh, by the way, that sector has doubled in size in like 3 or 4 short years.

哦，順便說一句，該行業的規模在短短 3 或 4 年內翻了一番。

So I think this gives me a nice opportunity to give a shout out to Steve Borges and his whole team, what they've done there and then the contributions we're getting from our consumer packaging team.

所以我認為這給了我一個很好的機會向史蒂夫博爾赫斯和他的整個團隊大聲疾呼，他們在那裡所做的事情以及我們從消費者包裝團隊獲得的貢獻。

I think that -- maybe Mike or Adam alluded to this.

我認為——也許邁克或亞當暗示了這一點。

I think that there's a -- maybe a newer found trust between the most awesome health care brands out there, whether it be diagnostics, whether it be pharma, whether it be med device, I think that -- whether it be, by the way, personalized health, personalized health care, on-body diagnostics and tracking, I think that there's a newer found trust with the capabilities that a company like Jabil has today, which again are night and day compared to what we were doing 6, 7 years ago.

我認為在最棒的醫療保健品牌之間存在一種——也許是一種新發現的信任，無論是診斷、製藥還是醫療設備，我認為——不管是，順便說一句，個性化健康，個性化醫療保健，身體診斷和跟踪，我認為像捷普這樣的公司今天擁有的能力有了新的信任，與我們6、7年所做的相比，這些能力又是日夜前。

I think that trust will open up more and more conversation around opportunities where maybe they'll look a little bit like what we did with JJMD.

我認為這種信任將圍繞機會展開越來越多的對話，也許它們看起來有點像我們對 JJMD 所做的事情。

I think the other thing that plays well for us there is if you can imagine maybe hardware businesses that maybe we take our experience in connected devices and sensors and things like that, and we start leveraging those parts of our business, along with our wireless expertise, et cetera, et cetera, again for personalized health care, on-body health monitoring and again, individual medicine, I think that also is going to drive continued growth in the health care space for us.

我認為另一件對我們有利的事情是，如果你能想像硬件業務，也許我們會利用我們在連接設備和傳感器等方面的經驗，然後我們開始利用我們業務的這些部分，以及我們的無線專業知識, 等等, 等等, 再次用於個性化醫療保健、身體健康監測和個人醫療, 我認為這也將推動我們醫療保健領域的持續增長。

Okay.

好的。

Great.

偉大的。

And then, Mike, on free cash flow, you've hit highest level in 4 fiscal years, despite some higher-than-usual working cap drag, nice guide for '22, and you mentioned some baked-in supply constraints there.

然後，邁克，在自由現金流方面，你已經達到了 4 個財政年度的最高水平，儘管有一些高於往常的工作上限拖累，22 年的指南很好，而且你提到了那裡存在的一些供應限制。

So assume kind of some working cap drag continues, if you could talk about the puts and takes in operating cash and your view on timing of normalization.

因此，假設某種工作上限拖累仍在繼續，如果您可以談論看跌期權和運營現金以及您對正常化時間的看法。

Yes.

是的。

I think the -- like I said before, I really feel comfortable with the $700 million free cash flow guidance that we provided for '22.

我認為——就像我之前說的，我對我們為 22 年提供的 7 億美元的自由現金流指導感到非常滿意。

I think that, that discipline in our working capital, discipline in our CapEx, all of that continues.

我認為，我們營運資本的紀律，資本支出的紀律，所有這些都在繼續。

Our earnings potential is extremely strong.

我們的盈利潛力非常強大。

Our revenue is growing by a couple of billion dollars.

我們的收入增長了數十億美元。

And that comes with some level of associated working capital.

這伴隨著一定程度的相關營運資金。

I think over time, as supply chain constraints normalize, I expect the $700 million to go higher if that happens sooner rather than later.

我認為隨著時間的推移，隨著供應鏈限制的正常化，如果這種情況早日發生，我預計 7 億美元會更高。

So it's -- I think at this time, it's appropriately sort of derisked at the $700 million level.

所以它 - 我認為在這個時候，它在 7 億美元的水平上被適當地降低了風險。

It can go higher if supply chain constraints ease earlier.

如果供應鏈限制更早緩解，它可能會更高。

And I think that sort of growth level would be possible beyond '22 as well.

而且我認為這種增長水平在 22 年之後也是可能的。

Our next question is coming from Matt Sheerin with Stifel.

我們的下一個問題來自 Matt Sheerin 和 Stifel。

Yes.

是的。

I wanted to get back to an earlier question regarding your strong guide for automotive for FY '22, particularly against the backdrop of global production cuts due to the chip shortage.

我想回到早先的一個問題，關於您對 22 財年汽車行業的強有力指導，尤其是在由於芯片短缺導致全球減產的背景下。

So is this more of a function of new program wins with existing or new customers and is primarily around EV?

那麼，這是否更多地是新計劃贏得現有或新客戶的一項功能，並且主要圍繞電動汽車？

Or are there other growth drivers there such as autonomous, safety and entertainment or infotainment.

或者那裡還有其他增長動力，例如自動駕駛、安全和娛樂或信息娛樂。

And any color you could add would be great.

你可以添加的任何顏色都會很棒。

Well, I think you said it well.

嗯，我覺得你說得很好。

I think it's all of the above.

我想就是以上所有。

I mean it seems so incongruent that we can sit here in this environment and offer up a presentation, which suggests that our auto and transportation sector is going to go from $2 billion, $2.2 billion in '21 and be over $3 billion in '22.

我的意思是，我們可以在這種環境中坐在這裡做一個演示，這似乎很不一致，這表明我們的汽車和運輸行業將從 20 億美元到 21 年的 22 億美元，到 22 年超過 30 億美元。

It maybe lacks logic in this environment.

在這種環境下，它可能缺乏邏輯。

But I think you said it well.

但我覺得你說得很好。

I think, a, I'd start with, we worked with Chad Morley and his team that run that sector and gave a lot of thought to how to handicap or risk adjust that for '22.

我認為，首先，我們與 Chad Morley 和他的管理該部門的團隊合作，並考慮瞭如何為 22 年的障礙或風險進行調整。

We went through a lot of discussion points around supply chain risk.

我們圍繞供應鏈風險進行了很多討論。

And for sure, there's risk around silicon and semiconductor supply chain headwinds in automotive as everybody on the call knows.

誠然，正如每個參加電話會議的人都知道的那樣，汽車領域的矽和半導體供應鏈逆風存在風險。

But in doing that, we also looked at kind of our current relationships, new customer relationships.

但在這樣做的過程中，我們還研究了我們當前的關係，新的客戶關係。

And again, I think a couple of the positive variables there is, we started down a path probably 3.5, 4 years ago, where we overindexed hard towards autonomous driving and maybe more accurately electrification of vehicles.

再說一次，我認為有幾個積極的變量，我們可能在 3.5 年、4 年前開始走上一條道路，我們對自動駕駛和更準確的車輛電氣化的過度評價。

I think Mike had a slide during his presentation, and there's this acronym ACE that Mike alluded to.

我認為邁克在他的演講中放了一張幻燈片，邁克提到了這個首字母縮略詞 ACE。

I have you go back and look at that particular slide because I think it's -- for a single slide, there's a lot there, and it's very illustrative of the areas that we're focused on, both from an engineering standpoint, a capability standpoint, a design standpoint.

我讓你回去看看那張特定的幻燈片，因為我認為它——對於一張幻燈片，那裡有很多東西，它非常說明我們關注的領域，無論是從工程角度還是能力角度, 設計觀點。

So you take that slide, you combine it with some of the marquee brands that I think actually Adam showed on a slide under automotive and transportation.

所以你拿這張幻燈片，你把它和我認為亞當在汽車和運輸下面的幻燈片上展示的一些大品牌結合起來。

And I think you shake all that up, and that gives -- that's what gives us the confidence that automotive and transportation sector will be over $3 billion in '22.

而且我認為你動搖了這一切，這讓我們相信，汽車和運輸行業在 22 年將超過 30 億美元。

Okay.

好的。

Great.

偉大的。

That's very helpful.

這很有幫助。

And then just for my follow-up.

然後只是為了我的後續行動。

Regarding your outlook for the networking and storage segment, which you're modeling down.

關於您正在建模的網絡和存儲領域的前景。

Is that a function of end market outlook?

這是終端市場前景的函數嗎？

Or a function of you deemphasizing some programs as you're continuing to focus on higher value add, higher margin areas?

還是因為您繼續專注於更高附加值、更高利潤的領域而不再強調某些項目？

It's both.

兩者都是。

And I don't want to at all suggest that networking and storage customers aren't higher value-add.

而且我根本不想暗示網絡和存儲客戶沒有更高的附加值。

I think that even though we're indexing networking and storage down, I think, from what was like $2.7 billion, $2.8 billion in '21, down to like $2.6 billion in '22, that's not a reflection of most of our customer relationships in that area.

我認為，即使我們正在降低網絡和存儲的索引，我認為，從 21 年的 27 億美元、28 億美元到 22 年的 26 億美元，這並不能反映我們在那個區域。

That sector is still extremely material for us.

該部門對我們來說仍然非常重要。

And more than anything, that sector, although margins arguably are very tight in that sector for us, it comes off of some of the long-lasting legacy brands.

最重要的是，這個領域，雖然對我們來說，這個領域的利潤可以說非常緊張，但它來自一些長期存在的傳統品牌。

The cash flows on that sector are very good.

該部門的現金流非常好。

And again, it has a very, very integral part to our overall composition and forward-looking for '22 and '23 in terms of appropriate contributions to the overall financial returns of the company.

再一次，它對我們的整體構成非常非常重要，並且在對公司整體財務回報的適當貢獻方面具有前瞻性。

So I think that kind of gives you an idea of why that might look like it looks.

所以我認為這讓你知道為什麼它看起來像這樣。

Our next question is coming from Mark Delaney with Goldman Sachs.

我們的下一個問題來自高盛的 Mark Delaney。

A number of companies have talked about trying to improve the resiliency of their supply chains going forward in terms of inventory management strategies, adding new suppliers.

許多公司已經談到試圖在庫存管理戰略方面提高其供應鏈的彈性，增加新的供應商。

And so I think there'll be opportunities for Jabil as a result of that.

因此，我認為捷普將因此而獲得機會。

Can you talk about to what extent you're expecting to see any benefits from some of those supply chain resiliency efforts in fiscal '22?

您能否談談您希望從 22 財年的一些供應鏈彈性工作中看到什麼好處？

Or is the supply chain still so tight in '22 that it's going to be hard to implement any of those sort of improvements and that's perhaps more of an opportunity for Jabil in fiscal '23 and beyond?

或者供應鏈在 22 財年仍然如此緊張，以至於很難實施任何這些改進，而這對於 Jabil 在 23 財年及以後來說可能是更多的機會？

I think in the near term, there's little to no opportunities because we're scratching, clawing, fighting day in and day out just to get the parts we need to build the products to hit our commitments.

我認為在短期內，幾乎沒有機會，因為我們日復一日地抓撓、抓撓、戰鬥，只是為了獲得製造產品所需的零件來兌現我們的承諾。

So in the near term, it's kind of hand-to-hand combat and very tactical in nature.

所以在短期內，這是一種肉搏戰，本質上是戰術性的。

Oh, by the way, if we're going to be in hand-to-hand combat and it's going to be very tactical in nature, I'll take our supply chain team every day.

哦，順便說一句，如果我們要進行肉搏戰，而且本質上是非常戰術性的，我每天都會帶上我們的供應鏈團隊。

So again, I think that's kind of the fogginess on the horizon right now.

再說一次，我認為這就是現在地平線上的迷霧。

And I think I alluded to it earlier, I think we're in that stage.

我想我之前提到過，我認為我們正處於那個階段。

Certainly, the first half of '22 could be a little bit longer.

當然，22 年上半年可能會更長一些。

What I then think happens, assuming that the macro holds and assuming the world is still somewhat round and assuming that, because of that, there's still decent demand, then maybe there is a little bit of an uptick as pipelines are getting filled, as people think about supply chains, again.

然後我認為會發生什麼，假設宏觀成立並假設世界仍然有點圓，並假設，因此，仍然有不錯的需求，那麼隨著管道被填滿，也許會有一點上升，因為人們再次考慮供應鏈。

I don't think it will be a good idea if the reaction to all of this, but we've been through this before.

我認為如果對所有這些做出反應不是一個好主意，但我們之前已經經歷過。

We went through the tech wreck, we went through the financial crisis, we've been through these ebbs and flows.

我們經歷了技術崩潰，我們經歷了金融危機，我們經歷了這些潮起潮落。

I think there'll be maybe a period of time where there'll be a rebuilding of inventory and maybe that provides kind of a small degree of upside over a small time frame.

我認為可能會在一段時間內重建庫存，這可能會在很短的時間內提供一定程度的上行空間。

But I think that -- I don't think building inventory and having redundancies here and there are a good solution.

但我認為——我不認為在這裡建立庫存和裁員是一個很好的解決方案。

I think a better solution is, is we invest, I don't know the exact number, but we invest, call it, $250 million, $300 million of OpEx a year.

我認為更好的解決方案是，我們是否投資，我不知道確切的數字，但我們每年投資 2.5 億美元，3 億美元的運營支出。

And a portion of those investments are around very sophisticated supply chain tools, data analytics.

其中一部分投資圍繞著非常複雜的供應鏈工具和數據分析。

And I think Jabil continuing to invest in tools like that, so that we can go back and challenge customers in terms of historical behavior, forward-looking forecasts and do it with kind of, again, data analytics and a higher degree of sophistication from an IT standpoint.

而且我認為 Jabil 會繼續投資於類似的工具，這樣我們就可以回過頭來在歷史行為、前瞻性預測方面挑戰客戶，並再次通過數據分析和更高程度的複雜性來做到這一點。 IT 立場。

I think tools like that will become more and more valuable.

我認為這樣的工具將變得越來越有價值。

And then you add to it the fact that we're going to connect those tools to what we're doing in our factories in terms of machine learning, robotics and automation.

然後你補充一點，我們將把這些工具與我們在機器學習、機器人技術和自動化方面在工廠所做的事情聯繫起來。

And you think about that inside of a company like Jabil that will be bumping up against $34 billion, $35 billion in scale, factories all over the globe, I think the way we're thinking about that, boy, we're going to be really well positioned to help a lot of the customers we serve in terms of how to further optimize supply chains going forward.

你想想像捷普這樣的公司內部，它的規模將達到 340 億美元，350 億美元的規模，遍布全球的工廠，我認為我們正在考慮的方式，男孩，我們將成為非常有能力幫助我們服務的許多客戶進一步優化供應鏈。

That's helpful.

這很有幫助。

And for my second question, was on the EMS segment margins in the fourth quarter.

對於我的第二個問題，是關於第四季度 EMS 部門的利潤率。

The company already spoke to the reasons for the strength in margins on a year-over-year basis.

該公司已經談到了利潤率同比增長的原因。

But I was hoping you could touch on the reasons for strength on a sequential basis.

但我希望你能按順序談到實力的原因。

Revenue was slightly down quarter-to-quarter, but margins were up nicely.

收入環比略有下降，但利潤率上升良好。

Maybe it's the same reason around the inventory strategy with cloud, but perhaps it's something else on a quarter-to-quarter basis?

也許這與雲計算庫存策略的原因相同，但也許是按季度計算的其他原因？

And if so, I was hoping to better understand what it may be.

如果是這樣，我希望能更好地理解它可能是什麼。

Yes, sure, Mark.

是的，當然，馬克。

I think the year-on-year comp is distorted because Q4 of '20, we were still wrestling around with COVID stuff.

我認為同比數據是扭曲的，因為 20 年第四季度，我們仍在與 COVID 的東西搏鬥。

And I think all our metrics in '20 were distorted to the downside.

而且我認為我們在 20 年的所有指標都被扭曲到了下行空間。

This isn't intentional, but we've kind of -- the way -- this is more coincidental than anything.

這不是故意的，但我們有點 - 方式 - 這比任何事情都更巧合。

So the way the construct of Mike's and his team's electronics business stacks up is, is the -- it just aligns with the fact that our 4Q ends up typically being stronger for that part of our business.

因此，邁克和他的團隊的電子業務的構建方式是——它與我們的第四季度最終通常對我們業務的這一部分更強大的事實相一致。

And that's not an intentional thing.

這不是故意的。

That's just -- that's how -- we run our business from a bottoms-up makeup.

這就是——就是這樣——我們從下到上經營我們的業務。

So I think what you're seeing -- I think what you saw in the fourth quarter was just a repeat of, again, another strong 4Q by the electronics side of our business.

所以我認為你所看到的 - 我認為你在第四季度看到的只是我們業務電子方面又一個強勁的第四季度的重複。

And in fact, if you kind of map what we said for '22, we kind of gave you everything you need to map out Q1.

事實上，如果你把我們所說的 22 年繪製成地圖，我們就會為你提供繪製第一季度所需的一切。

If you think about the fact that we believe -- and I think we gave you the full year.

如果你想想我們相信的事實——我認為我們給了你一整年的時間。

So I think revenue for '22, first half to second half is going to be about 50-50 for the company.

所以我認為 22 年上半年到下半年的收入對公司來說將是 50-50 左右。

You'll probably be able to get to some math that says, once again, we think our electronics business in terms of margin will be stronger in the second half of '22 and probably strongest in the fourth quarter.

您可能會得出一些數學結論，再次表明，我們認為我們的電子業務在利潤率方面將在 22 年下半年更加強勁，並且可能在第四季度最為強勁。

And again, that's really just a makeup of customer sectors and markets and it happens to fall into our fourth quarter.

再說一次，這實際上只是客戶部門和市場的組成部分，它恰好屬於我們的第四季度。

What I'm more interested in, for sure, is we have an electronics business that if you just go back to, I don't know, like fiscal '19, the electronics part of our business, the way we define it today was in the 2.9%, 3% range all in.

當然，我更感興趣的是我們有一個電子業務，如果你回到我不知道的 19 財年，我們業務的電子部分，我們今天定義它的方式是在 2.9%、3% 的範圍內。

And I'm most interested in our ability to try to get that part of our business bumping up against 4% margins.

我最感興趣的是我們是否有能力嘗試讓我們這部分業務的利潤率達到 4%。

By the way -- and -- the numbers that we just -- we offered during the presentation, which also has a high degree of satisfaction, if we can execute, is I think we gave you numbers that would suggest that, that part of our business is going to grow nearly 5% on the top line.

順便說一句 - 以及 - 我們剛剛在演示期間提供的數字，如果我們能夠執行，我們也非常滿意，我認為我們給你的數字表明，那部分我們的業務收入將增長近 5%。

And so with that growth, at that scale, if we can get that part of our business bumping up against 4%, boy, that does wonders for our overall portfolio.

因此，隨著這種規模的增長，如果我們能夠讓我們的這部分業務增長到 4%，男孩，這對我們的整體投資組合來說是個奇蹟。

Thank you.

謝謝你。

Ladies and gentlemen, we have reached the end of our question-and-answer session.

女士們，先生們，我們的問答環節已經結束。

And this does conclude today's teleconference and webcast.

這確實結束了今天的電話會議和網絡廣播。

We thank you for your participation, and you may disconnect your lines at this time.

我們感謝您的參與，此時您可以斷開您的線路。