捷普科技 (JBL) 2021 Q3 法說會逐字稿

Hello, and welcome to Jabil's Third Quarter 2021 Earnings Call and Webcast.

您好，歡迎來到 Jabil 的 2021 年第三季度財報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's now my pleasure to turn the call over to Adam Berry, Vice President, Investor Relations.

現在，我很高興將電話轉給投資者關係副總裁 Adam Berry。

Please go ahead, sir.

請繼續，先生。

Good morning, and welcome to Jabil's third quarter of fiscal 2021 earnings call.

早上好，歡迎參加捷普 2021 財年第三季度財報電話會議。

Joining me on today's call are Chief Executive Officer, Mark Mondello; and Chief Financial Officer, Mike Dastoor.

與我一起參加今天電話會議的還有首席執行官 Mark Mondello；和首席財務官 Mike Dastoor。

Please note that today's call is being webcast live, and during our prepared remarks, we will be referencing slides.

請注意，今天的電話會議正在進行網絡直播，在我們準備好的講話中，我們將參考幻燈片。

To follow along with slides, please visit jabil.com with our -- within our Investor Relations section.

要跟隨幻燈片，請訪問 jabil.com 並訪問我們的投資者關係部分。

At the conclusion of today's call, the entire call will be posted for audio playback on our website.

在今天的電話會議結束時，整個電話會議將發佈在我們的網站上以供音頻播放。

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

在將電話轉給馬克之前，我現在要求您按照我們的收益演示文稿在網站上播放幻燈片，並以我們的前瞻性聲明開頭。

During this conference call, we will be making forward-looking statements, including, among other things, those regarding the anticipated outlook for our business, such as our currently expected third quarter and fiscal year net revenue and earnings.

在本次電話會議期間，我們將做出前瞻性陳述，其中包括有關我們業務預期前景的陳述，例如我們目前預期的第三季度和財政年度淨收入和收益。

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

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 Mark.

有了這個，現在我很高興將電話轉給 Mark。

Thanks, Adam.

謝謝，亞當。

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 thank you to all of our people here at Jabil.

首先，我要感謝 Jabil 的所有員工。

Thanks for the attention you give to our customers and the care you offer one another.

感謝您對我們客戶的關注以及您對彼此的關懷。

At Jabil, it's people that drive our success, and it's these same people that truly make us who we are.

在 Jabil，正是這些人推動了我們的成功，也正是這些人真正成就了我們。

Each day, they carry our culture, and they cement our values.

每一天，他們都承載著我們的文化，鞏固著我們的價值觀。

Again, thanks to all.

再次感謝大家。

Please turn to Slide 5. We will now take a look at our Q3 financial results.

請轉到幻燈片 5。我們現在來看看我們的第三季度財務業績。

The quarter came in ahead of expectations driven by solid execution and a moderate uptick in demand.

在穩健執行和需求溫和上升的推動下，本季度超出預期。

Said differently, we saw well-balanced contributions across the company.

換句話說，我們看到整個公司的貢獻均衡。

Altogether, the team delivered core operating income of $277 million on revenue of $7.2 billion, creating a core operating margin of 3.8% for the quarter.

該團隊總共實現了 2.77 億美元的核心營業收入和 72 億美元的收入，本季度的核心營業利潤率為 3.8%。

For sure, I'm pleased with these results, although what's most interesting to me is the current construct of the business and the improvements we've made to our balance sheet.

當然，我對這些結果感到滿意，儘管對我來說最有趣的是當前的業務結構以及我們對資產負債表所做的改進。

This powerful combination has us feeling confident as we look towards fiscal '22.

這種強大的組合讓我們在展望 22 財年時充滿信心。

As customary, Mike will provide more detail around the quarter and speak to our forward guidance during his prepared remarks.

按照慣例，邁克將在本季度提供更多詳細信息，並在他準備好的講話中談到我們的前瞻性指導。

Moving to Slide 6. You'll see a pie chart, a colorful chart that represents our commercial portfolio and underscores the effectiveness of our team.

轉到幻燈片 6。您將看到一個餅圖，這是一個代表我們的商業組合併強調我們團隊的有效性的彩色圖表。

Today, our business is diversified, and it's diversified at scale, providing more resiliency than ever before.

今天，我們的業務多元化，規模多元化，比以往任何時候都更具彈性。

And in my opinion, it offers Jabil a real competitive advantage, especially when we consider our performance and the sustainability of the business.

在我看來，它為捷普提供了真正的競爭優勢，尤其是當我們考慮到我們的業績和業務的可持續性時。

Furthermore, each individual piece of the pie harbors specific domain expertise and deep technical knowledge, all of which make up our library of essential and valuable capabilities.

此外，餡餅的每一塊都包含特定的領域專業知識和深厚的技術知識，所有這些都構成了我們的基本和有價值的能力庫。

Add to this the method in which our team weaves together these capabilities, it elevates the way in which we serve our customers, particularly when we move with speed and precision.

再加上我們的團隊將這些能力整合在一起的方法，它提升了我們為客戶服務的方式，特別是當我們以速度和精確度移動時。

This approach is enabled by our structure and open collaboration across the enterprise.

這種方法是由我們的結構和跨企業的開放式協作實現的。

And when it's done correctly, it yields a proven formula that allows us to simplify the complex for many of the world's most remarkable brands.

如果做得正確，它會產生一個經過驗證的公式，使我們能夠為許多世界上最卓越的品牌簡化複雜的過程。

With that, let's turn to Slide 7, where you'll see management's outlook for the year.

有了這個，讓我們轉到幻燈片 7，您將在其中看到管理層對今年的展望。

In looking at this slide, you can see the earnings power of the company and imagine our potential as we look to FY '22 and beyond.

在查看這張幻燈片時，您可以看到公司的盈利能力，並在我們展望 22 財年及以後想像我們的潛力。

For this year, we now anticipate core earnings per share to be in the range of $5.50 on revenue of $29.5 billion.

今年，我們現在預計核心每股收益將在 5.50 美元範圍內，收入為 295 億美元。

But most importantly, we're maintaining our outlook of 4.2% for core operating margin and increasing our outlook for free cash flow by 5% to $630 million.

但最重要的是，我們維持核心營業利潤率 4.2% 的預期，並將自由現金流的預期提高 5% 至 6.3 億美元。

For me, a positive testament on how the team is managing the business.

對我來說，這是對團隊如何管理業務的積極證明。

In wrapping up our forecast for FY '21, I'd like to note, when we communicate inside the company, our strategy is understood, and our path is clear.

在總結我們對 21 財年的預測時，我想指出，當我們在公司內部進行溝通時，我們的戰略是被理解的，我們的道路是明確的。

During these internal discussions, the thing that stands out to me is our team's obsession with how we produce outcomes.

在這些內部討論中，讓我印象深刻的是我們的團隊對我們如何產生結果的痴迷。

And when we think about the how, we think about our behaviors, behaviors such as keeping our people safe, servant leadership, ensuring a fully inclusive work environment and giving back to our communities.

當我們考慮如何做時，我們會考慮我們的行為，例如確保員工安全、服務型領導、確保完全包容的工作環境和回饋社區等行為。

I'm proud that our team is dialed in on all of these areas.

我很自豪我們的團隊參與了所有這些領域。

In fact, their conduct is exceptional.

事實上，他們的行為是異常的。

Consistent with the past few years, we're looking forward to hosting our annual investor briefing.

與過去幾年一致，我們期待舉辦年度投資者簡報會。

This year, the briefing will be held on the morning of September 29.

今年的吹風會將於9月29日上午舉行。

We'll open the session by reporting our fourth quarter and full year results.

我們將通過報告我們的第四季度和全年業績來開啟會議。

We'll then follow with a complete review of our priorities, and we'll connect the dots on how these priorities will guide us throughout fiscal '22.

然後，我們將對我們的優先事項進行全面審查，並將這些優先事項將如何指導我們整個 22 財年聯繫起來。

Add to this a discussion on end markets and our observations specific to the macro environment.

再加上對終端市場的討論和我們對宏觀環境的觀察。

Our management team will also share how we plan to expand core operating margin year-on-year.

我們的管理團隊還將分享我們計劃如何按年擴大核心營業利潤率。

In addition, we'll also describe the hard work put forth that reinforces our goal to deliver double-digit growth in core earnings per share and free cash flow for fiscal '22.

此外，我們還將描述為加強我們在 22 財年實現每股核心收益和自由現金流實現兩位數增長的目標所付出的辛勤工作。

In wrapping up the September session, Mike will break down the shape of the year and share our capital return framework for the coming 1 to 2 years ahead.

在結束 9 月會議時，Mike 將分解今年的形狀並分享我們未來 1 至 2 年的資本回報框架。

We have lots to share, and we have a good story to tell.

我們有很多東西要分享，我們有一個好故事要講。

As we transition to my final slide, I'll once again say thanks to our team.

當我們過渡到最後一張幻燈片時，我將再次感謝我們的團隊。

Their efforts over the past 2 to 3 years have allowed us to reshape the business as we've targeted growth in select markets.

他們在過去 2 到 3 年的努力使我們能夠重塑業務，因為我們的目標是在特定市場實現增長。

A few examples of these markets are areas of 5G infrastructure, electric vehicles, personalized health care, cloud computing, clean energy and eco-friendly packaging.

這些市場的幾個例子是 5G 基礎設施、電動汽車、個性化醫療保健、雲計算、清潔能源和環保包裝等領域。

I really like the decisions we're making, and we're doing so while ensuring each employee can be their true self, while respecting the environment in which we work.

我真的很喜歡我們所做的決定，我們這樣做的同時確保每位員工都能成為真實的自己，同時尊重我們工作的環境。

In closing, we've made tremendous progress financially, operationally and commercially.

最後，我們在財務、運營和商業上都取得了巨大進步。

At Jabil, we solve problems over and over again.

在 Jabil，我們一遍又一遍地解決問題。

It's why we welcome the continued challenges put forth by our customers.

這就是為什麼我們歡迎客戶提出的持續挑戰。

Thank you.

謝謝你。

I'll now turn the call over to Mike.

我現在將把電話轉給邁克。

Thank you, Mark, and good morning, everyone.

謝謝你，馬克，大家早上好。

As Mark just highlighted, our third quarter results were very strong driven higher by the combination of continued end market strength and excellent operational execution by the entire Jabil team.

正如馬克剛剛強調的那樣，由於持續的終端市場實力和整個 Jabil 團隊出色的運營執行力，我們的第三季度業績非常強勁。

In Q3, we saw continued strength, with notable revenue upside during the quarter in mobility, cloud, connected devices and semi-cap relative to our plan 90 days ago.

在第三季度，我們看到了持續的強勁勢頭，與我們 90 天前的計劃相比，該季度在移動、雲、連接設備和半市值方面的收入顯著上升。

Given the additional revenue, I'm particularly pleased with the strong leverage we achieved during the quarter, which enabled us to deliver a solid core operating margin of 3.8%, approximately 30 basis points higher than expected.

鑑於額外的收入，我對我們在本季度實現的強大槓桿特別滿意，這使我們能夠實現 3.8% 的穩定核心營業利潤率，比預期高出約 30 個基點。

In Q3, our interest and tax expense also came in better than expected.

在第三季度，我們的利息和稅收支出也好於預期。

The compounding effects of higher revenue and the associated leverage, along with lower interest and tax expense, allowed us to deliver strong core diluted earnings per share in Q3.

更高收入和相關槓桿的複合效應，以及更低的利息和稅收支出，使我們能夠在第三季度實現強勁的核心每股攤薄收益。

Putting it all together on the next slide.

將它們放在下一張幻燈片上。

Net revenue for the third quarter was $7.2 billion, approximately $300 million above the midpoint of our guidance range.

第三季度的淨收入為 72 億美元，比我們的指導範圍中點高出約 3 億美元。

On a year-over-year basis, revenue increased 14%.

與去年同期相比，收入增長了 14%。

GAAP operating income was $240 million, and our GAAP diluted earnings per share was $1.12.

GAAP 營業收入為 2.4 億美元，我們的 GAAP 攤薄後每股收益為 1.12 美元。

Core operating income during the quarter was $277 million, an increase of 61% year-over-year, representing a core operating margin of 3.8%, 110 basis point improvement over the prior year.

本季度核心營業收入為 2.77 億美元，同比增長 61%，核心營業利潤率為 3.8%，比上年提高 110 個基點。

Net interest expense in Q3 was $36 million, and core tax rate came in at approximately 18%.

第三季度的淨利息支出為 3600 萬美元，核心稅率約為 18%。

Core diluted earnings per share was $1.30, a 251% improvement over the prior year quarter.

每股核心攤薄收益為 1.30 美元，比去年同期增長 251%。

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

現在轉到下一張幻燈片上的第三季度部分結果。

Revenue for our DMS segment was $3.6 billion, an increase of 21% on a year-over-year basis.

我們 DMS 部門的收入為 36 億美元，同比增長 21%。

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

我們 DMS 部門的強勁同比表現是基礎廣泛的，在我們的連接設備、醫療保健、汽車和移動業務方面表現強勁。

Core margins for the segment came in at 3.9%, 140 basis points higher than the previous year, an incredible performance by the team.

該部門的核心利潤率為 3.9%，比上一年高出 140 個基點，這是該團隊令人難以置信的表現。

Revenue for our EMS segment also came in at $3.6 billion, reflecting strong year-over-year growth in our cloud and semi-cap businesses.

我們的 EMS 部門的收入也達到了 36 億美元，這反映了我們的雲和半市值業務的強勁同比增長。

Core margins for the segment were 3.8%, up 90 basis points over the prior year, reflecting solid execution by the team.

該部門的核心利潤率為 3.8%，比上一年增加 90 個基點，反映了團隊的穩健執行。

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。

Cash flows provided by operations were $585 million in Q3, and capital expenditures net of customer co-investments totaled $197 million.

第三季度運營提供的現金流為 5.85 億美元，扣除客戶共同投資的資本支出總計 1.97 億美元。

We exited the quarter with cash balances of $1.2 billion.

我們以 12 億美元的現金餘額退出了本季度。

We ended Q3 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的能力結束了第三季度。

With this available capacity, along with our quarter-end cash balance, Jabil ended Q3 with access to more than $5 billion of available liquidity, which we believe provides us ample flexibility.

憑藉這一可用容量以及我們季度末的現金餘額，捷普在第三季度末獲得了超過 50 億美元的可用流動性，我們相信這為我們提供了充足的靈活性。

During Q3, we repurchased approximately 2.5 million shares for $130 million.

在第三季度，我們以 1.3 億美元回購了大約 250 萬股股票。

At the end of the quarter, $124 million remain outstanding in our current stock repurchase authorization, and we intend to complete this authorization during Q4 as we remain committed to returning capital to shareholders in FY '21 and beyond.

在本季度末，我們當前的股票回購授權中仍有 1.24 億美元未償還，我們打算在第四季度完成這項授權，因為我們仍然致力於在 21 財年及以後向股東返還資本。

Turning now to our fourth quarter guidance.

現在轉向我們的第四季度指導。

EMS segment revenue is expected to increase 11% on a year-over-year basis to $3.95 billion.

EMS 部門收入預計將同比增長 11% 至 39.5 億美元。

This is mainly due to strong end market outlook.

這主要是由於終端市場前景強勁。

EMS segment revenue is expected to be $3.65 billion, a decrease of 2% on a year-over-year basis.

EMS部門收入預計為36.5億美元，同比下降2%。

It's worth noting, our EMS business remains strong and healthy.

值得注意的是，我們的 EMS 業務保持強勁和健康。

The modest decrease is reflective of our previously announced transition to a consignment model, offset by higher server volumes in the cloud business.

適度的下降反映了我們之前宣布的向寄售模式的過渡，但被雲業務中更高的服務器數量所抵消。

We expect total company revenue in the fourth quarter of fiscal 2021 to be in the range of $7.3 billion to $7.9 billion for an increase of 4% on a year-over-year basis at the midpoint of the range.

我們預計 2021 財年第四季度的公司總收入將在 73 億美元至 79 億美元之間，在該範圍的中點同比增長 4%。

Core operating income is estimated to be in the range of $280 million to $340 million for a margin range of approximately 3.8% to 4.3%.

核心營業收入估計在 2.8 億美元至 3.4 億美元之間，利潤率約為 3.8% 至 4.3%。

Core diluted earnings per share is estimated to be in the range of $1.25 to $1.45.

每股核心攤薄收益估計在 1.25 美元至 1.45 美元之間。

GAAP diluted earnings per share is expected to be in the range of $1 to $1.20.

GAAP 攤薄後每股收益預計在 1 美元至 1.20 美元之間。

Next, I'd like to take a few moments to highlight our balanced portfolio of businesses by end market.

接下來，我想花點時間來強調一下我們在終端市場上平衡的業務組合。

Today, both segments are in incredibly good shape.

今天，這兩個部分的狀態都非常好。

Last quarter, I highlighted some long-term sustainable secular trends in strategically important end markets, such as health care, automotive, connected devices, 5G, cloud and semi-cap, all of which continue to show strong performance for the balance of FY '21 and beyond.

上個季度，我強調了具有戰略重要性的終端市場的一些長期可持續的長期趨勢，例如醫療保健、汽車、連接設備、5G、雲計算和半市值，所有這些都在財年的平衡中繼續表現出強勁的表現。 21 歲及以上。

In tandem with this, in more foundational areas of businesses, like print, retail, mobility, networking and storage, we've retooled, reoptimized and reimagined our longstanding partnerships with some of the best brands in the world by leveraging Jabil's differentiated capabilities to deliver successful solutions to our customers.

與此同時，在更基礎的業務領域，如印刷、零售、移動、網絡和存儲，我們通過利用捷普的差異化能力來重組、重新優化和重新構想我們與世界上一些最佳品牌的長期合作夥伴關係。為我們的客戶提供成功的解決方案。

The resiliency in our portfolio, coupled with the long-term secular trends underway across our businesses, we believe, will continue to drive sustainable growth across the enterprise in FY '21 and beyond.

我們相信，我們投資組合的彈性，加上我們業務中正在進行的長期長期趨勢，將在 21 財年及以後繼續推動整個企業的可持續增長。

Putting it all together for the year on the next slide.

在下一張幻燈片上將這一年的所有內容放在一起。

For FY '21, we expect core operating margins to be 4.2% on revenue of approximately $29.5 billion.

對於 21 財年，我們預計核心營業利潤率為 4.2%，收入約為 295 億美元。

This improved outlook translates to core earnings per share of approximately $5.50.

這種改善的前景轉化為每股核心收益約為 5.50 美元。

And importantly, we now expect to deliver more than $630 million in free cash flow, despite the stronger growth.

重要的是，儘管增長強勁，我們現在預計將提供超過 6.3 億美元的自由現金流。

In summary, I'm extremely pleased with the sustainable broad-based momentum underway across the business, which has allowed us to deliver much better-than-expected results through the first 9 months of fiscal '21.

總而言之，我對整個企業持續的廣泛發展勢頭感到非常滿意，這使我們能夠在 21 財年的前 9 個月取得好於預期的結果。

As we enter Q4 and look beyond, we fully expect the long-term secular tailwinds that are driving our business to continue.

隨著我們進入第四季度並展望未來，我們完全期待推動我們業務繼續發展的長期長期順風。

This, coupled with our improved portfolio mix and lower interest and tax expenses, gives me confidence around continued margin accretion and strong earnings growth in FY '22.

再加上我們改進的投資組合組合以及較低的利息和稅收支出，讓我對 22 財年持續的利潤率增長和強勁的盈利增長充滿信心。

We've been working extremely hard as a team to grow margins, cash flows and positively impact our interest and tax.

作為一個團隊，我們一直在努力提高利潤率、現金流並積極影響我們的利息和稅收。

Seeing this hard work manifest in strong financial results is a testament to the exceptional execution by our teams on all fronts.

看到這項辛勤工作體現在強勁的財務業績中，證明了我們團隊在各個方面的出色執行。

I want to offer my sincere thanks to our team for their tremendous commitment and execution during FY '21.

我要衷心感謝我們的團隊在 21 財年的巨大承諾和執行力。

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

感謝您今天加入我們並感謝您對 Jabil 的興趣。

I'll now turn the call over to Adam.

我現在將把電話轉給亞當。

Thanks, Mike.

謝謝，邁克。

As we begin the Q&A session, I'd like to remind our call participants that per our customer agreements, we will not address any customer- or product-specific questions.

在我們開始問答環節時，我想提醒我們的通話參與者，根據我們的客戶協議，我們不會解決任何客戶或產品特定的問題。

We appreciate your understanding.

感謝您的理解。

Operator, we are now ready for Q&A.

接線員，我們現在準備好進行問答了。

(Operator Instructions) Our first question today is coming from Ruplu Bhattacharya from Bank of America.

（操作員說明）我們今天的第一個問題來自美國銀行的 Ruplu Bhattacharya。

And congrats on the quarter and on the guide.

並祝賀本季度和指南。

I have 2 questions.

我有 2 個問題。

The first one is on margins.

第一個是邊緣。

So you talked about margin accretion in fiscal '22.

所以你談到了 22 財年的利潤增長。

Mark, when I look at fiscal '20 versus fiscal '21, you're having strong margin improvement, 100 basis points to 4.2%.

馬克，當我查看 20 財年與 21 財年的對比時，您的利潤率提高了 100 個基點，達到 4.2%。

But going forward, should we think that the margin improvement will be more on the DMS, the Diversified Manufacturing side versus EMS?

但展望未來，我們是否應該認為 DMS、多元化製造方面與 EMS 相比，利潤率的提高會更多？

Because it looks like, from your last quarter's guidance, EMS revenues are going from $13.4 billion to $14.1 billion, but the margins are still 3.6%.

因為看起來，根據您上一季度的指導，EMS 收入將從 134 億美元增至 141 億美元，但利潤率仍為 3.6%。

So just your thoughts on what you can do to improve margins.

所以只是你的想法，你可以做些什麼來提高利潤率。

And what are the areas -- what are the leverage factors you have to improve margins going forward?

有哪些領域——你必須利用哪些槓桿因素來提高未來的利潤率？

So Ruplu, if I could take the liberty of maybe answering the question directly, but maybe slightly indirectly, right?

所以 Ruplu，如果我可以冒昧地直接回答這個問題，但也許稍微間接一點，對吧？

We -- I think one of the interesting things about the way we've shaped the company the last 4, 5 years is we have a portfolio where we balance constantly, and the balancing really is about the team.

我們——我認為過去 4、5 年我們塑造公司的方式的一個有趣的事情是我們有一個我們不斷平衡的投資組合，而平衡實際上是關於團隊的。

It's led by the likes of Mike Loparco, Steve Borges to Kenny Wilson, the guys running the segments.

它由邁克·洛帕科、史蒂夫·博爾赫斯和肯尼·威爾遜等人領導，這些人負責管理這些細分市場。

And then our operational team, our supply chain team, day in and day out, we're balancing between cash flows and margins.

然後我們的運營團隊，我們的供應鏈團隊，日復一日，我們在現金流和利潤之間取得平衡。

And they're not mutually exclusive.

它們並不相互排斥。

So one of the things I said something in my prepared remarks around FY '22, our objective internally, and we decided to share it on the call, is in terms of margin accretion, we think we'll get margin accretion year-on-year.

因此，我在準備好的 22 財年評論中說的一件事，我們內部的目標，我們決定在電話會議上分享它，是在保證金增加方面，我們認為我們將獲得保證金增加 -年。

And then in terms of core EPS off of the $5.50 that we talked about today for '21, our goal is to try to get EPS next year with a 6 handle on it, which is the double-digit growth, and then as importantly is the cash flows, which we think next year, we can get a 7 handle on the cash flows.

然後就我們今天談到的 21 年 5.50 美元的核心每股收益而言，我們的目標是嘗試在明年獲得 6 倍的每股收益，這是兩位數的增長，然後同樣重要的是現金流，我們認為明年，我們可以對現金流進行 7 處理。

Where does all that come from?

這一切從何而來？

I just -- I think it comes from things that we continually talk about internally, and we've talked about on the call.

我只是 - 我認為它來自我們在內部不斷談論的事情，我們已經在電話會議上討論過。

It comes with our approach, the solutions we're taking to the marketplace, and then again, Ruplu, the portfolio overall.

它伴隨著我們的方法、我們向市場推出的解決方案，以及整體產品組合 Ruplu。

If we look at our DMS business, very round numbers, right?

如果我們看看我們的 DMS 業務，非常整數，對嗎？

Our DMS business in fiscal '20, $13 billion.

我們在 20 財年的 DMS 業務，130 億美元。

In '22, it will be substantially higher.

在 22 年，它將大大提高。

If we look at our EMS business, $13.5 billion, $14 billion.

如果我們看看我們的 EMS 業務，135 億美元，140 億美元。

I don't think the top line will grow as much as DMS.

我認為收入增長不會像 DMS 那樣增長。

But I think, in terms of what that team has done reshaping the business, they've been very, very selective and intentional in terms of where we're making investments.

但我認為，就該團隊為重塑業務所做的工作而言，他們在我們進行投資的地方非常、非常有選擇性和有意。

So I would say it's approach.

所以我會說這是一種方法。

I would say it's portfolio.

我會說這是投資組合。

And I don't think we need -- we don't need substantial tailwinds to deliver '22.

而且我認為我們不需要 - 我們不需要大量的順風來交付'22。

Now if the macro goes sideways on all of us, all bets are off, but I don't think we would have -- Mike and I had a long talk the last couple of days, and we just felt it was appropriate to give, again, a little bit of color on kind of what we're up to internally in terms of '22.

現在，如果宏觀形勢對我們所有人都不利，那麼所有的賭注都會被取消，但我認為我們不會——邁克和我在過去幾天進行了長時間的交談，我們只是覺得放棄是合適的，再一次，對我們在 22 年內部所做的事情有點色彩。

Quite frankly, when I get together with my direct reports at this point in the year, we spend very little time talking about 4Q.

坦率地說，當我在今年這個時候與我的直接下屬聚在一起時，我們很少花時間談論第四季度。

We've got a wonderful team of folks that, we hope, touch wood, will deliver the year.

我們有一個很棒的團隊，我們希望，觸摸木頭，將交付這一年。

We're spending all of our efforts on '22.

我們將所有的努力都花在了 22 年。

So again, I don't know if that answers your question, but we'll provide a lot more color on that on the September 29 meeting.

再說一次，我不知道這是否能回答你的問題，但我們將在 9 月 29 日的會議上提供更多的顏色。

Okay.

好的。

I appreciate the color.

我很欣賞這種顏色。

Maybe for my last question, Mark, if you can just kind of talk a little bit about the health care and packaging side.

也許對於我的最後一個問題，馬克，如果你能稍微談談醫療保健和包裝方面的話。

How is the J&J business trending?

強生的業務趨勢如何？

How is the core medical business trending?

核心醫療業務趨勢如何？

And any thoughts on packaging?

對包裝有什麼想法嗎？

So any color on the growth of that market?

那麼這個市場的增長有什麼顏色嗎？

Yes.

是的。

I'd say we like it all.

我想說我們都喜歡。

We continue to make investments and capabilities.

我們繼續進行投資和能力。

If I take that in reverse order, we've had a couple of press releases come out, and we're not big on press releases in terms of -- I think companies get over press released, so we try to be very selective.

如果我按相反的順序來考慮，我們已經發布了一些新聞稿，而且我們對新聞稿的關注度並不高——我認為公司會接受新聞稿，所以我們盡量有選擇性。

But on the packaging side, a lot of focus on integration in terms of smart packaging and then a lot of efforts in terms of the environment, what we call eco-friendly packaging.

但在包裝方面，在智能包裝方面非常注重整合，然後在環境方面做出很多努力，我們稱之為環保包裝。

And we're bullish on that.

我們看好這一點。

And in terms of health care, we've been banging the drum on health care for 3 or 4 years.

在醫療保健方面，我們已經鼓吹醫療保健三四年了。

And again, I would just say health care overall, whether it be on the pharma side, med device, diagnostics, et cetera, is performing above plan.

再說一次，我只想說整體醫療保健，無論是在製藥方面、醫療設備、診斷等方面，都在執行上述計劃。

And we've got a pretty interesting path forward for FY '22, Ruplu.

我們在 22 財年有一條非常有趣的前進道路，Ruplu。

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

我們今天的下一個問題來自 Fox Advisors 的 Steven Fox。

Two questions, if I could.

兩個問題，如果可以的話。

First, on the 30 basis points of upside in the quarter, could you break that down a little bit in terms of how much was just pure revenue driven versus some execution and what the headwinds might have been in the quarter related to supply chain and COVID?

首先，在本季度 30 個基點的上行空間中，您能否將其細分為純粹的收入驅動與一些執行的關係，以及本季度與供應鍊和 COVID 相關的逆風可能是什麼？ ?

And then secondly, Mark, you mentioned how on the EMS side, you're reimagining some OEM relationships in the last couple of years.

其次，馬克，您提到了在 EMS 方面，您在過去幾年中如何重新構想一些 OEM 關係。

Can you just give us a couple of examples of what that exactly means and how it's driving growth?

您能否舉幾個例子來說明這究竟意味著什麼以及它如何推動增長？

I like your term reimagining.

我喜歡你的術語重新想像。

I'll come back to that in a minute.

我會在一分鐘內回到那個。

For the quarter, it was just -- I forget the words I used in my prepared remarks, but it was modest top line strength.

對於本季度，這只是 - 我忘記了我在準備好的評論中使用的詞，但它是適度的頂線實力。

It cut across.

它橫穿了。

I think the upside for Q3 was just under $300 million versus guide.

我認為第三季度的收益與指導相比略低於 3 億美元。

If I had to think through the areas where we saw that, this is an overused term, an overly generic term, but when it's -- the truth is it was really across lots of our different sectors.

如果我必須仔細考慮我們看到的領域，這是一個過度使用的術語，一個過於籠統的術語，但當它是 - 事實上它確實跨越了我們許多不同的部門。

If I had to pick a couple, network and storage was stronger than we expected.

如果我必須選擇一對，網絡和存儲比我們預期的要強大。

Connected device, I think, was a bit stronger than we expected.

我認為，聯網設備比我們預期的要強大一些。

Cloud, a bit in mobility, but it was a broad scatter of brand.

Cloud，有點移動性，但它是一個廣泛分散的品牌。

And in terms of the 30 bps upside on margin, again, I just think it's an indication how we're running the business.

就保證金上漲 30 個基點而言，我只是認為這表明我們是如何經營業務的。

We got a little bit of a leverage on the $300 million, and then it was really good execution by the team.

我們在 3 億美元上獲得了一點籌碼，然後團隊的執行力非常好。

And touch wood, I think that -- I think the good execution continues.

觸摸木頭，我認為 - 我認為良好的執行仍在繼續。

In terms of the reimagining, I don't know if I said that or Mike said that, but I think it's an interesting way to think about it.

在重新構想方面，我不知道是我說的還是邁克說的，但我認為這是一種有趣的思考方式。

It's -- I think we start with -- Steve, I think it's the huge around obsession around our customers, and it's about starting every conversation about what's best for the customers.

它是——我認為我們從——史蒂夫開始，我認為這是圍繞我們客戶的巨大癡迷，它是關於開始每一次關於什麼對客戶最有利的對話。

It's not necessarily what's best for Jabil, but then we've got to do a lot of processing to be sure that what's best for the customer aligns with our path forward for the next couple of years.

這不一定對捷普最有利，但我們必須進行大量處理，以確保對客戶最有利的方法與我們未來幾年的前進道路保持一致。

Again, if you think about -- you've been connected with us a long time.

同樣，如果您考慮一下-您已經與我們聯繫了很長時間。

We've been on this 3-, 4-year path of really good intentional growth with a long-term eye on margins and cash flows because the margins and cash flows going forward are going to give us a decent amount of optionality, a decent amount of levers to turn for shareholders.

我們一直在這 3 年或 4 年的非常好的有意增長的道路上，長期關注利潤率和現金流，因為未來的利潤率和現金流將為我們提供相當多的選擇權，體面的為股東轉向的槓桿數量。

The team has done a nice job.

團隊做得很好。

If you look at where our revenue was back in '17, and you look at where it's going in '22, I think the top line of the company has grown -- or will grow like close to 50%.

如果你看看我們在 17 年的收入又回到了 22 年的情況，我認為公司的收入已經增長——或者將增長接近 50%。

And it's not growth for the sake of growth because what's coming along with that is, again, potentially in '22, a 7 handle on cash flows and a 6 handle on core EPS.

這不是為了增長而增長，因為隨之而來的是，再次，可能在 22 年，現金流量為 7 個手柄，核心每股收益為 6 個手柄。

Again, those are goals, those are objectives, but that's where we're spending all of our time.

同樣，那些是目標，那些是目標，但這就是我們花費所有時間的地方。

In terms of the reimagining part, looping back to that, Steve, we ask ourselves all the time, are we or are we not providing great value for every single customer in every single subset of customers?

就重塑部分而言，史蒂夫，我們一直在問自己，我們是否為每個客戶子集中的每個客戶提供了巨大的價值？

And if we're not providing the best value and they can go find that value at a different price somewhere else, we kind of encourage that because I think when we're doing our job, when we're providing good value, everything kind of works.

如果我們沒有提供最好的價值，他們可以在其他地方以不同的價格找到那個價值，我們鼓勵這樣做，因為我認為當我們做我們的工作時，當我們提供好的價值時，一切都是善良的的作品。

The tension in the system comes out, so we've been spending a lot of time on that.

系統中的緊張局勢出現了，所以我們在這方面花費了很多時間。

And then I think somewhere in your question, I think for the quarters, but maybe I'd talk about it, Steve, for Q3 and Q4, we're still seeing some supply chain headwinds.

然後我認為在你的問題的某個地方，我認為是季度，但也許我會談論它，史蒂夫，對於第三季度和第四季度，我們仍然看到一些供應鏈逆風。

But as I said in the March call, and I said on -- I was doing something with Paul with JPMorgan, we just have the best supply chain team.

但正如我在 3 月份的電話會議中所說的那樣，我在摩根大通和保羅一起做一些事情，我們只有最好的供應鏈團隊。

And I don't say those things often, although I love our team.

而且我不經常說這些話，儘管我愛我們的團隊。

I just think we've got -- I think we have the best supply chain team in the industry.

我只是認為我們已經 - 我認為我們擁有業內最好的供應鏈團隊。

Our approach to demand planning, the analytics we use, the fact that our supply chain team is tightly linked to their commercial folks, and then the trust and long-term relationships we have with suppliers, and that spans across things, whether it's semis, PCBs, interconnects, passives.

我們的需求計劃方法，我們使用的分析，我們的供應鏈團隊與他們的商業人員緊密聯繫的事實，然後是我們與供應商的信任和長期關係，這跨越了各個方面，無論是半成品， PCB、互連、無源器件。

And then we -- I think we've done a very good job in terms of bulk purchases, locking in pricing on raw commodities.

然後我們 - 我認為我們在大宗採購方面做得非常好，鎖定了原始商品的定價。

So yes, there's headwinds.

所以，是的，有逆風。

I think I said in the March call, Steve, that we thought the supply chain headwinds would probably be with us through the early part of '22 as we sit today.

我想我在 3 月的電話會議中說過，史蒂夫，我們認為供應鏈的逆風可能會在 22 年早期與我們同在，因為我們今天坐著。

I think that's true for about half of the challenges, and the other half of the challenges may actually creep into the summer of '22.

我認為大約一半的挑戰都是如此，而另一半的挑戰實際上可能會蔓延到 22 年夏天。

But I think a large catalyst to that is going to be does demand hold or not across all the different end markets.

但我認為一個重要的催化劑將是需求是否在所有不同的終端市場中保持不變。

Our next question today is coming from Adam Tindle from Raymond James.

我們今天的下一個問題來自 Raymond James 的 Adam Tindle。

Mark, I just want to start from a high level.

馬克，我只想從高水平開始。

You're wrapping up another strong year here.

你在這裡結束了又一個強勁的一年。

And if I look back over the past 5 years or so, it's been kind of 2 different eras.

如果我回顧過去 5 年左右的時間，那是兩個不同的時代。

Prior to this, it's been a heavy focus -- it was a heavy focus on diversification, adding revenue, while operating margin was kind of flattish hovering in the mid-3s, and CapEx was a little bit heavier.

在此之前，它一直是一個重點——重點是多元化、增加收入，而營業利潤率在 3 年代中期有點持平，資本支出有點重。

This recent era has focused on digesting and optimizing margin and cash flow.

最近這個時代的重點是消化和優化利潤率和現金流。

What inning are we in on that second journey for margin and cash flow?

在利潤和現金流的第二次旅程中，我們處於哪一局？

It sounds like you're expecting it to continue into 2022.

聽起來你預計它會持續到 2022 年。

I'm thinking beyond that.

我的想法不止於此。

And how do you think about the right timing to perhaps step on the gas with CapEx for an outsized growth era again?

您如何看待再次利用資本支出為超大增長時代加油的正確時機？

Yes.

是的。

I'm pausing because I'm thinking.

我停下來，因為我在思考。

I think it's a great question.

我認為這是一個很好的問題。

I think -- I don't want to be dismissive of your question at all.

我想——我根本不想對你的問題不屑一顧。

I think that you can hold us accountable to offer some of those details in September, but I don't want to duck the question altogether.

我認為你可以要求我們負責在 9 月份提供其中一些細節，但我不想完全迴避這個問題。

I think what inning are we in, I don't separate the -- or bifurcate the journey.

我認為我們在哪一局，我不會分開 - 或分叉旅程。

I think it's all -- I think it's a holistic journey.

我認為這就是全部——我認為這是一個整體的旅程。

So I look at it and say, this strategy, this whole path started in around fiscal '16, something like that.

所以我看著它說，這個策略，整個路徑開始於 16 財年左右，類似的東西。

Where we're at today and heading into fiscal '22, I don't know.

我不知道我們今天所處的位置並進入 '22 財年。

To use an American phrase, I guess, maybe seventh inning, something like that.

用一個美國短語，我猜，也許是第七局，類似的。

But I wouldn't want to take that it's over.

但我不想接受它已經結束了。

Like if we do our job right with the margins -- by the way, we're still going to press on growth.

就像我們在邊際上做正確的工作一樣——順便說一句，我們仍然會推動增長。

I think sheer numbers and math on that, Adam, is I said on the JPMorgan thing, I said I can envision us being a $40 billion company at some point, so that would suggest continued growth.

亞當，我認為純粹的數字和數學是我在摩根大通的事情上所說的，我說我可以設想我們在某個時候成為一家價值 400 億美元的公司，因此這意味著持續增長。

But with the sheer math, I think the top line growth starts to attenuate a little bit, although still grow.

但從純粹的數學角度來看，我認為收入增長開始有所減弱，儘管仍在增長。

If we can control our overhead costs, continue to get leverage on the factory network, scale matters for sure, we continue to be really selective in the customers we serve, and I go back to something I said in Steve's comment, every single dollar of revenue we bring in, if we stress test that around, are we or are we not providing great value for the customer, again, it takes some of the friction in -- out in the relationships.

如果我們能控制我們的間接成本，繼續利用工廠網絡，規模肯定很重要，我們繼續對我們服務的客戶進行真正的挑剔，我回到我在史蒂夫的評論中所說的話，每一美元我們帶來的收入，如果我們對周圍進行壓力測試，我們是否為客戶提供了巨大的價值，再次，它會在關係中產生一些摩擦。

I don't know.

我不知道。

I would think that in '22, we'll see margins greater than '21.

我認為在 22 年，我們會看到比 21 年更大的利潤。

And I would think in '23, we'll see margins greater than '22.

我認為在 23 年，我們會看到比 22 年更大的利潤。

And the one thing about our business is, especially if top line growth, let's say, hypothetically, and this is a complete hypothetical.

關於我們業務的一件事是，特別是如果頂線增長，假設，這是一個完整的假設。

But let's just say top line growth for the next 5 years normalizes at 4%, 5%, 6%, and I don't know what that's going to be.

但是，假設未來 5 年的收入增長正常化為 4%、5%、6%，我不知道會是什麼。

I think '22 will be greater than that.

我認為'22會比這更大。

But let's just say longer term, this machine now, with this portfolio, boy, the cash flows look awfully good in the modeling in that story, and I sit around and play with.

但是，讓我們從長遠來看，現在這台機器，有了這個投資組合，男孩，在那個故事的建模中，現金流看起來非常好，我坐在那裡玩。

So I don't know where we're at, but it's been a lot of hard work, and pretty excited about the next couple of years, Adam.

所以我不知道我們在哪裡，但這是一項艱鉅的工作，並且對接下來的幾年感到非常興奮，亞當。

Understood.

明白了。

I wanted to follow up on that cash flow question for Mike.

我想跟進邁克的現金流問題。

Mike, Mark mentioned the composition of balance sheet in his remarks is a key positive.

邁克、馬克在講話中提到資產負債表的構成是一個關鍵的積極因素。

Net leverage is tracking the multiyear lows as EBITDA continues to build.

隨著 EBITDA 的持續增長，淨槓桿率正在追踪多年低點。

And I think Mark mentioned perhaps a 7 handle on cash flow next year.

而且我認為馬克可能提到了明年的現金流量 7 處理。

So maybe just talk about how you think about optimal capital structure and timing and priorities for deployment of capital to create shareholder value.

因此，也許只是談談您如何看待最佳資本結構以及部署資本以創造股東價值的時機和優先事項。

Why not just return all that 700-plus next year?

為什麼不明年歸還這 700 多件呢？

So Adam, that's a great question.

所以亞當，這是一個很好的問題。

I think we'll provide a lot more color in September around our capital allocation.

我認為我們將在 9 月份圍繞我們的資本配置提供更多色彩。

I think it will be a balanced capital allocation methodology as we've done in the past.

我認為這將是一種平衡的資本分配方法，就像我們過去所做的那樣。

We're committed to returning to shareholders, and I absolutely think it's on the cards to look at that 7 handle and see how much we can return to shareholders.

我們致力於回報股東，我絕對認為有可能看看這 7 個手柄，看看我們可以回報股東多少。

Having said that, the discipline we're seeing in our working capital, the discipline we're seeing in our CapEx spend, et cetera, just gives me a lot of comfort that there's a lot of optionality, I think, was the word Mark used, going forward in terms of what we can do with our free cash flow.

話雖如此，我們在營運資本中看到的紀律，我們在資本支出中看到的紀律等等，只是讓我很欣慰，我認為有很多可選性，就是馬克這個詞使用，在我們可以用我們的自由現金流做些什麼方面向前發展。

And returning to shareholders will be -- in my opinion, will be #1, for sure.

回歸股東將是 - 在我看來，肯定會是第一名。

Our next question today is coming from Jim Suva from Citigroup Investment Research.

我們今天的下一個問題來自花旗集團投資研究部的 Jim Suva。

And I just got to say, wow, congratulations on the results and the recovery of your teams through COVID.

我只想說，哇，祝賀你們的團隊通過 COVID 取得的成果和恢復。

Looking ahead, both for the next quarter and maybe further out, how should we think about seasonality of your reporting segments?

展望未來，無論是下一季度還是未來，我們應該如何考慮您的報告部分的季節性？

I know we've been a long time since it's been normal, but how should we think about seasonality and maybe strip out the layer of the consignment?

我知道我們已經很久沒有正常了，但是我們應該如何考慮季節性並可能去掉寄售的層？

So it sounds like there's 2 questions there, Jim, and thanks for the kind comments.

所以聽起來那裡有 2 個問題，Jim，感謝您的友好評論。

Seasonality and consignment, for sure, us, transitioning to consignment in some of our business distorts the seasonality because it has an impact on top line, which is just fine, by the way, because our -- again, our focus is on bottom line, margin and cash flow.

季節性和寄售，當然，我們在某些業務中過渡到寄售會扭曲季節性，因為它會影響收入，順便說一句，這很好，因為我們 - 再次，我們的重點是底線、保證金和現金流。

In terms of seasonality externally, so if I try to net out the impact of consignment, I think that, as long as the portfolio exists the way it exists today, so things like automotive and transport and health care and packaging and mobility and connected devices and then the digital print, retail, industrial, semi-cap, wireless, et cetera, network storage, I would say that as the company grows, depending on where that growth comes from, and again, I think we're doing -- I think the team is doing an exceptional job of what they're saying yes to and what they're saying no to.

就外部的季節性而言，所以如果我試圖消除寄售的影響，我認為，只要投資組合以今天的方式存在，汽車、運輸、醫療保健、包裝、移動和連接設備之類的東西然後是數字印刷、零售、工業、半帽、無線等、網絡存儲，我會說隨著公司的發展，取決於增長的來源，我認為我們正在做——我認為團隊在他們說是的和他們說不的方面做得非常出色。

I would guess as we go from, say, a $30 billion company to maybe a $34 billion, $36 billion company, the -- what you think of as historical seasonality going back to, say, the shape of the year in fiscal '17 or '18, that probably flattens a bit.

我猜想，當我們從一家 300 億美元的公司發展到一家 340 億美元、360 億美元的公司時，你所認為的歷史季節性可以追溯到 17 財年或'18，這可能會變平一點。

So I think the seasonality, I think there'll be some of that there.

所以我認為季節性，我認為那裡會有一些。

But if you went from peak to trough, it probably narrows.

但如果你從高峰到低谷，它可能會變窄。

I think that's happening a bit this year.

我認為今年發生了一些事情。

So -- but with that said, I think this fiscal year, if you take the midpoint of our guide we just presented for Q4, I think the op income we just provided midpoint was [3 10].

所以 - 但話雖如此，我認為本財年，如果您採用我們剛剛為第四季度提出的指南的中點，我認為我們剛剛提供的中點運營收入是 [3 10]。

Q1 was around [3 65].

Q1 約為 [3 65]。

Q2, [2 85].

Q2，[2 85]。

So Q3 was a soft quarter, and I think that aligns a little bit with historical.

所以第三季度是一個疲軟的季度，我認為這與歷史有點吻合。

Although going forward, again, I think the shape of the year really starts to flatten.

雖然展望未來，但我認為今年的形狀真的開始變平了。

And quarter-to-quarter, I think the bend narrows.

我認為每個季度都會變窄。

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

我們今天的下一個問題來自 Cross Research 的 Shannon Cross。

My first question is with regard to 5G and cloud.

我的第一個問題是關於 5G 和雲。

Can you just provide some more details?

你能提供更多細節嗎？

Does it seem like, especially from cloud, ignoring consignment, that this is people buying to sort of, I don't know, pre-buy for capacity needs in the future or fulfill what's the hole that they have right now?

看起來，尤其是從雲計算，忽略寄售，這是人們購買的，我不知道，是為了未來的容量需求而預購還是填補他們現在的漏洞？

I'm just kind of curious about how you see this trend and if you think there's any pull-through from fiscal 2022.

我只是有點好奇你如何看待這種趨勢，以及你是否認為 2022 財年有任何突破。

I don't know that there's pull-through for -- by the way, thanks for the question, Shannon.

我不知道有沒有辦法——順便說一句，謝謝你的問題，Shannon。

I don't know that there's pull-through for '22.

我不知道 22 年有沒有過關。

I think hyperscalers, I think cloud and I think 5G wireless, I think all of that has good runway.

我認為超大規模，我認為雲計算和我認為 5G 無線，我認為所有這些都有很好的發展。

So I'm not overly concerned about demand evaporating as long as, again, we go back to -- we're providing a great service with great quality to the customers.

因此，只要我們再次回到 - 我們正在為客戶提供優質服務，我就不會過度擔心需求蒸發。

I see the -- although they're different, they're the same.

我看到了——儘管它們不同，但它們是相同的。

I see both the cloud markets as part of now a robust ecosystem that the world is heavily reliant on.

我認為這兩個雲市場現在都是世界嚴重依賴的強大生態系統的一部分。

And I see 5G much the same, although a bit different.

我看到的 5G 大致相同，雖然有點不同。

So if we were to take a look at -- and don't hold me to these numbers, Shannon, but 5G wireless cloud for us as we exited last year was a little over $5 billion.

因此，如果我們要看看 - 不要讓我拘泥於這些數字，香農，但我們去年退出時的 5G 無線雲計算價值略高於 50 億美元。

And I think as we go into '22, we'll see a reasonable uptick to that.

我認為隨著我們進入 22 年，我們會看到一個合理的增長。

Again, I just think it's a great fit to our portfolio.

同樣，我只是認為它非常適合我們的產品組合。

I think the solutions and the technologies that we're providing, both on the design side and the process side and the configuration and distribution side, they just fit that marketplace today.

我認為我們提供的解決方案和技術，無論是在設計方面、過程方面還是配置和分發方面，它們都適合今天的市場。

So that's my thinking on the 5G cloud wireless stuff.

這就是我對 5G 云無線的想法。

Okay.

好的。

And then I was just wondering, in theory, we're coming out of COVID and things are opening up at least in some geographies.

然後我只是想知道，從理論上講，我們正在擺脫 COVID 並且至少在某些地區情況正在開放。

How have the conversations with customers sort of changed?

與客戶的對話發生了怎樣的變化？

And I'm wondering, is it -- are people focused on onshoring, diversity of supply chain, looking more to outsource?

我想知道，是不是人們專注於外包，供應鏈的多樣性，更多地尋求外包？

Or I don't know, how have things changed maybe when you discuss potential new business versus conversations you would have had in 2019?

或者我不知道，當您討論潛在的新業務與您在 2019 年進行的對話時，情況可能發生了怎樣的變化？

I want to make a comment that I'm not sure is linked to your question, so bear with me.

我想發表一個我不確定是否與您的問題相關的評論，所以請耐心等待。

And I just think that maybe a bit unrelated to COVID, but maybe related to COVID, I'm really not sure, but I do believe I'm sure in my next comment, which is when you get to be our scale, and you think about the OpEx we spend in IT, and I think about the OpEx we spend in terms of automation and data analytics and artificial intelligence and machine learning, and all the things that are going off every day in our ecosystem, I think we, for sure, have the most efficient IT system of any manufacturing services provider out there because I don't think anybody else has the holistic connection that we have of their IT systems factory to factory and then linked in with supply chain and ops.

我只是認為這可能與 COVID 有點無關，但可能與 COVID 有關，我真的不確定，但我相信我在下一個評論中確定，那就是當你成為我們的規模時，你想想我們在 IT 上花費的 OpEx，我想我們在自動化和數據分析、人工智能和機器學習方面花費的 OpEx，以及我們生態系統中每天都在發生的所有事情，我認為我們，當然，擁有任何製造服務提供商中最高效的 IT 系統，因為我認為沒有其他人擁有我們的 IT 系統工廠與工廠之間的整體連接，然後與供應鍊和運營相關聯。

By the way, huge, huge advantage.

順便說一句，巨大的，巨大的優勢。

But I think about the expertise, I think about the experience, I think about our lessons learned, mistakes we've made, and then I think about the global reach or people and everything else, I think, because of that, there's just less and less people in the world that want to take on the task of building stuff.

但是我會考慮專業知識，我會考慮經驗，我會考慮我們的經驗教訓，我們所犯的錯誤，然後我會考慮全球影響力或人員以及其他所有事情，我認為，正因為如此，我們就更少了世界上想要承擔建造任務的人越來越少。

Customers still want it for sure, and they're expert in this, by the way, our customers are expert in branding, marketing, and they're expert in product design.

客戶仍然肯定想要它，而且他們是這方面的專家，順便說一下，我們的客戶是品牌、營銷方面的專家，他們是產品設計方面的專家。

But there's just less interest.

但是興趣少了。

The capital intensity of the business, sometimes people look and go, "Geez.

企業的資本密集度，有時人們會看走就走，“天哪。

You guys want a business at 4% to 5% operating margin with huge barrier to entry?" I think -- in some weird way, I think building stuff is a secular trend at scale because, again, the barrier to entry is way, way high.

你們想要一家營業利潤率在 4% 到 5% 且進入門檻很高的企業嗎？”我認為——以某種奇怪的方式，我認為大規模構建東西是一種長期趨勢，因為再次進入壁壘就是方式，高。

And it's just really, really hard, but it's what we do, and we do it well.

這真的非常非常難，但這就是我們所做的，而且我們做得很好。

So I think that's a general comment.

所以我認為這是一般性評論。

I'm not sure it has much to do with COVID.

我不確定這與 COVID 有多大關係。

Although maybe COVID has slowed people down a little bit to think and figure out, are they doing the right things for their businesses strategically versus tactically.

儘管 COVID 可能讓人們思考和弄清楚的速度慢了一點，但他們在戰略上還是在戰術上為自己的業務做正確的事情。

So maybe there's a little bit of a catalyst there, Shannon.

所以也許那裡有一點催化劑，香農。

In terms of onshoring, offshoring, China, yes; China no; Asia, yes; Latin America, yes; Mexico, U.S., Northern Europe, Western Europe, Southern Europe, et cetera, I still end up being a big believer that the capital markets are always, over the long term, going to decide where stuff gets built, where the supply chains get designed.

在離岸外包方面，中國，是的；中國沒有；亞洲，是的；拉丁美洲，是的；墨西哥、美國、北歐、西歐、南歐等等，我仍然堅信資本市場在長期內總是會決定在哪裡建造東西，在哪裡設計供應鏈.

And again, there's pockets of friction, whether it be geopolitical or whatever.

再一次，無論是地緣政治還是其他方面，都存在摩擦。

But however which way that goes, I'll come back to, boy, does scale matter.

但是無論哪種方式，我都會回來，男孩，規模很重要。

And when you take a hard look at our footprint, our expertise and where that exists around the globe, I think we're in really, really good shape, regardless of how that plays out.

當你仔細審視我們的足跡、我們的專業知識以及在全球範圍內的存在時，我認為我們的狀態非常非常好，無論結果如何。

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

我們今天的下一個問題來自高盛的馬克德萊尼。

And let me add my congratulations to the good results and outlook that the company reported today.

讓我對公司今天報告的良好業績和前景表示祝賀。

I was hoping to talk a little bit more on health care.

我希望能多談談醫療保健。

And the company has built a very good set of capabilities, I think, not just in traditional medical products, but also some things that sit directly with consumers to help with consumer health and wellness.

我認為，該公司已經建立了一套非常好的能力，不僅在傳統醫療產品方面，而且在一些與消費者直接相關的東西上，以幫助消費者健康和保健。

And given everything the world and some countries still going through, but has gone through over the last year with COVID, I'm interested in what sort of trends Jabil has seen when you talk with your customers and potential strength of the intermediate to longer term around some of those products targeting things like wearables, consumer health and wellness, patient monitoring, those sorts of areas.

考慮到世界和一些國家仍在經歷的一切，但在過去一年中經歷了 COVID，我對 Jabil 在與客戶交談時看到的趨勢以及中長期的潛在實力感興趣圍繞其中一些針對可穿戴設備、消費者健康和保健、患者監測等領域的產品。

Well, I think you answered part of your question, Mark.

好吧，我想你回答了部分問題，馬克。

By the way, thanks for the nice comment at the opening.

順便說一句，感謝您在開幕式上的精彩評論。

I think Steve and his team, they're the experts.

我認為史蒂夫和他的團隊，他們是專家。

But if I -- if we just step back, the reason we're bullish in that area is a lot of what you alluded to.

但是，如果我 - 如果我們只是退後一步，我們看漲該領域的原因很多你提到的。

It's a long-term industry that has historically been heavily around kind of pharma, big eye on diagnostics, med device.

這是一個長期的行業，歷史上一直圍繞著一種製藥、診斷和醫療設備大放異彩。

And in some ways, there's been such amazing focus on the patient that maybe there's been a little bit of a fall behind in some of the technology, whether that be connecting to 5G or whatever it might be, Mark.

在某些方面，對患者的關注是如此驚人，以至於某些技術可能有點落後，無論是連接到 5G 還是任何可能的技術，馬克。

As we look at it the next couple of years, I think one thing COVID did is it reshaped activity at hospitals around the world.

當我們在接下來的幾年裡審視它時，我認為 COVID 所做的一件事就是它重塑了世界各地醫院的活動。

Elective surgeries were kind of put on the shelf.

選擇性手術被擱置了。

I think as vaccines take hold, there's a pent-up demand for elective surgeries.

我認為隨著疫苗的流行，對擇期手術的需求被壓抑。

So I think that will be goodness for that whole industry for a period of time.

所以我認為這在一段時間內對整個行業都是好事。

And then maybe at a more strategic long-term deal, for sure, personalized medicine, telehealth, prevention in terms of physiological, biological makeup, DNA chains and then monitoring, aging population and on-body monitoring, that started years ago.

然後可能是更具戰略性的長期交易，當然，個性化醫療、遠程醫療、生理、生物構成、DNA鍊和監測方面的預防、人口老齡化和身體監測，這些都是幾年前開始的。

But the output from the monitoring was poor, unreliable.

但是監控的輸出很差，不可靠。

I think that's gotten substantially better.

我認為這已經變得更好了。

We're playing in the middle of that, not just with health care customers, but others that want to make a real difference in that space.

我們正在參與其中，不僅與醫療保健客戶合作，還與其他希望在該領域產生真正影響的人合作。

So I think those are some of the catalysts why we've got a pretty bullish outlook on health care.

所以我認為這些是我們對醫療保健前景相當樂觀的一些催化劑。

And then I think the other part that's beneficial for Jabil is, I think, the trajectory where Steve Borges and our team are taking health care, whether it be on med device, pharma, diagnostics, on body, off body, personalized health.

然後我認為對捷普有利的另一部分是，我認為，史蒂夫博爾赫斯和我們的團隊正在進行醫療保健的軌跡，無論是在醫療設備、製藥、診斷、身體上、身體外、個性化健康方面。

They're able to look around the company and say, wow.

他們能夠環顧公司並說，哇。

And I ironically said some of this in my prepared remarks.

在我準備好的發言中，我諷刺地說了其中的一些話。

Steve and his team can weave together lots of interesting capabilities, whether he borrow some capabilities for Mike Loparco's group or Kenny Wilson's group, both on tooling, both on mechanics, both on how to connect to 5G wireless, industrial design, et cetera.

Steve 和他的團隊可以將許多有趣的功能組合在一起，無論是他為 Mike Loparco 的團隊還是 Kenny Wilson 的團隊借用了一些功能，無論是在工具方面，還是在機械方面，都在如何連接到 5G 無線、工業設計等方面。

So, a, we like where the market is going; and b, I think our -- as the term I used in my prepared remarks, I think our library of collective capabilities is going to serve us well as we take solutions to the marketplace.

所以，a，我們喜歡市場的走向； b，我認為我們的 - 正如我在準備好的評論中使用的術語，我認為我們的集體能力庫將為我們提供良好的服務，因為我們為市場提供解決方案。

That's very helpful.

這很有幫助。

My second question was on how the tight component and supply chain environment may be impacting some of your customers.

我的第二個問題是緊密的組件和供應鏈環境可能如何影響您的一些客戶。

And there's been a lot of discussion across various end markets of many big companies unable to get all of the supply that they would like.

許多大公司無法獲得他們想要的所有供應，在各個終端市場上進行了大量討論。

I'm curious how you think that may be impacting some of the orders and inventory strategy from some of your customers and how you're trying to plan for that in terms of your operations, financial planning and potentially factor that into some of the comments you gave about what next fiscal year may look like.

我很好奇您認為這可能會如何影響您的一些客戶的一些訂單和庫存策略，以及您如何嘗試在運營、財務規劃方面進行計劃，並可能將其納入一些評論你提供了下一個財政年度的情況。

Yes.

是的。

We, I don't know, take these as very round numbers.

我們，我不知道，把這些當作非常整數。

We haircut our Q3 outlook.

我們下調了第三季度的展望。

Unconstrained in Q3 just rough numbers was probably $7.1 billion.

第三季度不受限制，粗略的數字可能是 71 億美元。

We cut it to a midpoint of $6.9 billion because of concerns around supply chain components, silicon, passes, the whole deal.

由於對供應鏈組件、芯片、通行證和整個交易的擔憂，我們將其削減至 69 億美元的中點。

And we ended up delivering $7.2 billion, which I think is just stellar recognition from the job our team has done managing the supply chain.

我們最終交付了 72 億美元，我認為這只是對我們團隊在管理供應鏈方面所做工作的出色認可。

Oh, by the way, again, day in, day out, not without challenges.

哦，順便說一下，日復一日，並非沒有挑戰。

So the challenges are real, and I mentioned it earlier on the call.

所以挑戰是真實的，我之前在電話會議上提到過。

We -- unconstrained, would 4Q be a little bit higher?

我們——不受約束，第四季度會高一點嗎？

Probably.

大概。

Have we haircut it a little bit?

我們剪頭髮了嗎？

Yes.

是的。

But we got a lot of confidence in our supply chain folks, and we'll see what happens.

但是我們對我們的供應鏈人員很有信心，我們會看看會發生什麼。

So I don't want to make a kind of peanut butter, vanilla statement on supply chain because, truthfully, Mark, there's so many variables that go into it, everything from which end market, what's the construct of the technology, which part of the supply chain are people leveraging, what kind of relationships are there, how quickly and how agile are the design teams to maybe alter some designs, et cetera, et cetera.

所以我不想在供應鏈上做一種花生醬，香草聲明，因為，說實話，馬克，其中有很多變量，來自哪個終端市場，技術的構造是什麼，哪個部分供應鍊是人們利用的，那裡有什麼樣的關係，設計團隊改變某些設計的速度和敏捷性等等。

So it's everything across the board that we're dealing with.

所以這是我們正在處理的所有事情。

The one nice thing about Jabil is because we build a little bit of everything, and we have so many good relationships both on the customer side and the supply side, we have a very good vantage point, we believe, in being able to triangulate what's really going on.

Jabil 的一個好處是我們在所有方面都建立了一點點，而且我們在客戶和供應方面都有如此多的良好關係，我們相信，我們有一個非常好的優勢，能夠三角測量什麼是真的在進行。

And again, I think that allows us to help our customers and, again, gives us a bit of a competitive advantage.

再一次，我認為這使我們能夠幫助我們的客戶，並再次給我們帶來一點競爭優勢。

But as I said before, I don't think we come out of this choppiness of supply chain until the spring or summer of '22.

但正如我之前所說，我認為我們要到 22 年春季或夏季才能擺脫供應鏈的這種波動。

What you can be rest assured is, as we did on this call for 4Q and as we'll do for September, we'll take all that into consideration and try to handicap that appropriately before we give any forward-looking numbers.

您可以放心的是，正如我們在第四季度的電話會議中所做的那樣，以及我們將在 9 月所做的那樣，我們將考慮所有這些因素，並在給出任何前瞻性數據之前嘗試適當地限制這一點。

Next question is coming from Paul Coster from JPMorgan.

下一個問題來自摩根大通的 Paul Coster。

This is Paul Chung on for Coster.

這是Coster的Paul Chung。

So just on the outsourcing versus insourcing, which industries are you kind of seeing a greater priority to outsource?

那麼就外包與內包而言，您認為哪些行業更優先考慮外包？

And are those higher-margin opportunities as well in terms of the industry?

就行業而言，這些利潤率更高的機會是否也是如此？

And then what are the kind of margin dynamics when you're working with existing customers that accelerate this move from insourcing to outsourcing?

那麼，當您與現有客戶合作時，會加速從內包到外包的轉變，這種利潤率動態又是怎樣的呢？

Do you see some operating leverage benefits there on that shift as well?

您是否在這種轉變中也看到了一些運營槓桿優勢？

And then I have a follow-up.

然後我有一個跟進。

Okay.

好的。

I guess my first answer will be pretty short, which is a great question.

我想我的第一個答案會很短，這是一個很好的問題。

It's just the insource to outsource, it's all over the map.

這只是外包的內包，它無處不在。

It's not -- as we sit today, I mean, there are certain industries that are fully outsourced, and we're all aware of what those are.

不是——正如我們今天所坐的那樣，我的意思是，有些行業是完全外包的，我們都知道這些是什麼。

I really do believe, though, that in Boardrooms, talking to my counterparts at lots of our customers, again, there's just -- there's not a lot of interest in people wanting to build their own stuff because it is capital intensive.

不過，我確實相信，在 Boardrooms 中，與我們許多客戶的同行交談，再次，人們對想要構建自己的東西並沒有太多興趣，因為它是資本密集型的。

It is hard.

很難。

If you don't have the OpEx and the reinvestments, constantly, you fall behind.

如果您沒有運營支出和再投資，那麼您就會不斷落後。

And -- but I don't -- I wouldn't point to any specific end market or sector at this point in time.

而且 - 但我不 - 我現在不會指出任何特定的終端市場或部門。

It's kind of all over the map.

有點像地圖上的東西。

And in terms of is it margin-rich or not margin-rich, that's all speculative on a relative basis.

至於它是利潤豐厚還是利潤不豐厚，這都是相對的投機性。

I can tell you for Jabil, again, we'll deliver, again, on a relative basis fairly modest margins, but very good margins for us.

對於捷普，我可以再次告訴你，我們將再次提供相對適度的利潤，但對我們來說利潤非常好。

At -- looking to deliver this year at 4.2%.

在——希望今年實現 4.2%。

We're looking to accrete margins and have them be higher in fiscal '22.

我們希望增加利潤率，並在 22 財年提高利潤率。

But in combination with that, Paul, is the importance of the cash flows as well.

但與此相結合，保羅也是現金流的重要性。

So I'll say something, like I said earlier, we are spending a lot of time with the very first question being, if we're going to add a single dollar of revenue to our top line, are we or are we not providing great value to that customer.

所以我想說點什麼，就像我之前說的，我們花了很多時間來解決第一個問題，如果我們要為我們的收入增加一美元的收入，我們是否提供對那個客戶來說很有價值。

And if we can get by that yes-or-no question, then it becomes, can we make it work for Jabil, either on the cash flow side or the margin side.

如果我們能解決這個是或否的問題，那麼我們可以讓它為捷普工作，無論是在現金流方面還是在利潤方面。

And then we try to keep that well balanced going forward.

然後我們試圖在未來保持良好的平衡。

And I would suggest that even though FY '20 was a COVID year, the team did a nice job navigating COVID in '20, and I think the team is doing a nice job this year.

而且我建議即使 20 財年是 COVID 年，該團隊在 20 年導航 COVID 方面做得很好，我認為該團隊今年做得很好。

And if we continue to work hard and do what we think we can do, I think it's setting up for a nice fiscal year '22.

如果我們繼續努力工作並做我們認為可以做的事情，我認為這將為 22 財年做好準備。

Got you.

得到你。

And then can you talk about the $250 billion tech bill passed by the Senate recently?

然後你能談談參議院最近通過的 2500 億美元的科技法案嗎？

Do you expect the firm to kind of participate here and in what magnitude or kind of too early to tell?

您是否期望該公司參與其中，以何種程度或何種程度參與其中還為時過早？

You said $250 billion, right?

你說的是 2500 億美元，對吧？

Yes.

是的。

Yes.

是的。

Okay.

好的。

I didn't -- you broke up a bit.

我沒有——你們分手了一點。

I want to be sure we're talking about the same bill.

我想確定我們談論的是同一個法案。

It's too early to tell.

現在說還為時過早。

I -- we have great relationships around the D.C. area in terms of understanding it.

我——就理解它而言，我們在華盛頓地區有著很好的關係。

It's just too early to tell, so TBD.

現在說還為時過早，所以待定。

I can tell you that I think we'll benefit from that indirectly, whether we were to -- there's nothing in our forward-looking numbers that anticipate us participating in that directly, but we'll see.

我可以告訴你，我認為我們會間接地從中受益，無論我們是否 - 我們的前瞻性數據中沒有任何內容可以預測我們直接參與其中，但我們會拭目以待。

But again, we're staying well informed on that because it has the potential to be an important bill for us.

但同樣，我們對此保持充分了解，因為它有可能成為我們的一項重要法案。

Our next question today is coming from Matt Sheerin from Stifel.

我們今天的下一個問題來自 Stifel 的 Matt Sheerin。

Mark, your early outlook for 2022 implies the DMS segment growing faster than EMS.

馬克，您對 2022 年的早期展望意味著 DMS 細分市場的增長速度快於 EMS。

Do you see that coming from all of 4 key subsegments as you've seen this year?

您是否看到這一點來自您今年看到的所有 4 個關鍵子細分市場？

Or is that from one any particular market?

還是來自某個特定市場？

And if you are seeing that broad-based strength, is that just from underlying demand?

如果您看到這種基礎廣泛的優勢，那僅僅是來自潛在需求嗎？

Or are you also seeing share gains or new program wins there?

或者您是否也看到了股票收益或新計劃的勝利？

So your observation on the math is correct, and I know this isn't very satisfying, but it is really kind of across the board.

所以你對數學的觀察是正確的，我知道這不是很令人滿意，但它確實有點全面。

I'd like to be able to point to something, but let's just say, on a collective basis, Matt, I think it's a combination of change in technologies, as an example, a higher percentage of vehicles moving more towards electric content, electrification or EV altogether.

我想指出一些事情，但讓我們說，在集體的基礎上，馬特，我認為這是技術變革的結合，例如，更高比例的車輛更多地轉向電動內容，電氣化或完全是電動汽車。

That's just a broad example.

這只是一個廣泛的例子。

So it's technology.

所以它是技術。

I think it's human behavior in terms of -- we just -- when Delaney was asking earlier around health care, we talked about personalized medicine, connected health, on-body monitoring.

我認為這是人類行為——我們只是——當德萊尼早些時候詢問醫療保健時，我們談到了個性化醫療、互聯健康、身體監測。

That doesn't mean that market is getting bigger.

這並不意味著市場越來越大。

It means that the activities in the market are shifting, and some of those activities work well in our favor.

這意味著市場活動正在發生變化，其中一些活動對我們有利。

So I think it's technology shift.

所以我認為這是技術轉變。

I think it's lifestyle shift for sure.

我認為這肯定是生活方式的轉變。

Some of it's market share gains.

其中一些是市場份額的增長。

And then for sure, some of it is just kind of continued global GDP growth and things like that.

然後可以肯定的是，其中一些只是全球 GDP 的持續增長之類的。

So it's a combination of all of the above, and I don't really have a specific sector in DMS I'd point to.

所以它是上述所有內容的組合，我並沒有真正指出我要指出的 DMS 中的特定部門。

Okay.

好的。

Great.

偉大的。

And question for Mike regarding the inventory situation.

並向邁克詢問有關庫存情況的問題。

Inventory was up sequentially in dollars and also on a days basis, which makes sense given the strong seasonal guide for Q4.

考慮到第四季度強勁的季節性指導，庫存按美元和天數連續增加是有道理的。

But should we expect you to be at that somewhat elevated levels for a while now?

但是，我們是否應該期望您在一段時間內處於某種較高的水平？

And are customers compensated you in any way such as in the form of deposits or anything else?

客戶是否以任何方式補償您，例如存款或其他形式？

Yes.

是的。

So Matt, I think the inventory balance you see at the end of Q3 was largely timing.

所以馬特，我認為你在第三季度末看到的庫存平衡主要是時機。

All that disappears or reverts back in Q4.

所有這些都在第四季度消失或恢復。

I expect inventory levels by the end of Q4 to be around the 60-day number.

我預計到第四季度末的庫存水平將在 60 天左右。

And in the longer term, mid-50s, for sure, that's what we're working towards.

從長遠來看，50 年代中期，當然，這就是我們正在努力的方向。

We reached the end of our question-and-answer session.

我們的問答環節結束了。

I'd like to turn the floor back over to management for any further or closing comments.

我想將發言權交還給管理層，以徵求任何進一步或結束的意見。

Thank you for joining our call today, everyone.

謝謝大家今天加入我們的電話會議。

If you have any follow-ups, please reach out to me.

如果您有任何後續行動，請與我聯繫。

Thank you.

謝謝你。

This concludes our call.

我們的電話到此結束。

That does conclude today's teleconference and webcast.

今天的電話會議和網絡直播到此結束。

You may disconnect your lines at this time, and have a wonderful day.

你可以在這個時候斷開你的線路，並度過美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。