捷普科技 (JBL) 2021 Q2 法說會逐字稿

Greetings, and welcome to the Jabil Second Quarter of Fiscal Year 2021 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Adam Berry, Vice President of Investor Relations. Please go ahead, sir.

您好，歡迎參加捷普 2021 財年第二季度財報電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。我現在想將會議轉交給您的主持人，投資者關係副總裁亞當貝瑞。請繼續，先生。

Good morning, and welcome to Jabil's Second Quarter of Fiscal 2021 Earnings Call. Joining me on today's call are Chief Executive Officer, Mark Mondello; and Chief Financial Officer, Mike Dastoor.

早上好，歡迎來到捷普 2021 財年第二季度財報電話會議。與我一起參加今天電話會議的還有首席執行官 Mark Mondello；和首席財務官 Mike Dastoor。

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

請注意，今天的電話會議正在進行網絡直播，在我們準備好的講話中，我們將參考幻燈片。要跟隨幻燈片，請訪問我們網站投資者部分的 jabil.com。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 the slides on the website beginning with our forward-looking statements. 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 2021 net revenue, earnings and cash flows. These statements are based on current expectations, forecasts and assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially. An extensive list of these risks and uncertainties are identified in our annual report on Form 10-K for the fiscal year ended August 31, 2020, and other filings. Jabil disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

在將電話轉給 Mark 之前，我現在要求您按照我們的收益演示文稿以及網站上的幻燈片，從我們的前瞻性陳述開始。在本次電話會議期間，我們將做出前瞻性陳述，其中包括有關我們業務預期前景的陳述，例如我們目前預計的第三季度和 2021 財年淨收入、收益和現金流量。這些陳述基於當前的預期、預測和假設，其中涉及可能導致實際結果和結果存在重大差異的風險和不確定性。我們在截至 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 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. Good morning. I appreciate everyone taking time to join our call today. I'll begin by offering a warm thanks to all of our people here at Jabil. Thank you for your commitment, and thank you for always making safety your top priority.

謝謝，亞當。早上好。我感謝大家今天抽出時間加入我們的電話會議。首先，我要向 Jabil 的所有員工表示熱烈的感謝。感謝您的承諾，感謝您始終將安全放在首位。

Stepping back and reflecting for a moment, it's hard to believe that 12 months have passed since we first encountered COVID. I think about sitting alongside Mike and Adam 1 year ago during our March 2020 earnings call, when clarity vanished and uncertainty ran wild. Yes, in typical Jabil fashion, our people did what they do. They dove in and gave their very best to combat the pandemic. They did so by looking after one another while taking outstanding care of our customers. It's a point in time that I'll never forget. It's a point in time that highlights the level of respect and admiration that I have for our team here at Jabil. Their attitude and their actions continue to impress, and for sure, there's no other team I'd rather be part of. Again, much thanks to all of our employees who simply make Jabil, Jabil.

退一步思考片刻，很難相信自我們第一次遇到 COVID 以來已經過去了 12 個月。我想到一年前在我們 2020 年 3 月的財報電話會議上與邁克和亞當坐在一起，當時清晰度消失了，不確定性氾濫。是的，以典型的 Jabil 方式，我們的員工做了他們該做的事。他們全力以赴，全力以赴抗擊疫情。他們這樣做的方式是互相照顧，同時出色地照顧我們的客戶。這是我永遠不會忘記的時間點。這是一個時間點，凸顯了我對捷普團隊的尊重和欽佩。他們的態度和行動繼續給人留下深刻印象，而且可以肯定的是，沒有其他團隊我更願意加入。再次，非常感謝我們所有的員工，他們只是讓 Jabil 成為 Jabil。

Please turn to Slide 5, where we'll take a look at our 2Q results. Our second quarter came in well ahead of expectations, driven by stronger-than-expected product demand, solid execution and a well-balanced contribution throughout the entire company. The team delivered core earnings per share of $1.27 on revenue of $6.8 billion, resulting in a core operating margin of 4.2%.

請轉到幻燈片 5，我們將在其中查看我們的第二季度業績。在產品需求強於預期、執行穩健以及整個公司貢獻均衡的推動下，我們的第二季度業績遠超預期。該團隊的核心每股收益為 1.27 美元，收入為 68 億美元，核心營業利潤率為 4.2%。

I'm really pleased with our financial results for the quarter. Although what's quite interesting to me is the overall construct of the business in combination with the improvements we've made to our balance sheet. All in all, our performance during the first half of the year gives us excellent momentum as we push towards the back half of fiscal '21. It also set a firm foundation for further margin expansion as we look to FY '22. As customary, Mike will provide more detail around our second quarter results during his prepared remarks.

我對本季度的財務業績感到非常滿意。儘管對我來說非常有趣的是業務的整體結構以及我們對資產負債表所做的改進。總而言之，我們在上半年的表現為我們提供了極好的動力，因為我們正在推進 21 財年的後半部分。當我們展望 22 財年時，它還為進一步擴大利潤率奠定了堅實的基礎。按照慣例，邁克將在準備好的講話中提供有關我們第二季度業績的更多詳細信息。

I'd now like to share a pie chart, which is indicative of our commercial portfolio. Slide 6 underscores the effectiveness of our approach and the base from which we operate. Today, our business is wide-ranging and resilient. This is especially true when any individual product-to-product family is faced with a macro disruption or cyclical demand. Furthermore, our current business mix provides a unique set of capabilities, innovative capabilities openly shared across the enterprise with speed and precision as we simplify the complex for our customers. It's a proven formula that's trusted by many of the world's most remarkable brands.

我現在想分享一個餅圖，它表示我們的商業組合。幻燈片 6 強調了我們方法的有效性以及我們運營的基礎。今天，我們的業務範圍廣泛且具有彈性。當任何單個產品到產品系列面臨宏觀中斷或週期性需求時，尤其如此。此外，我們目前的業務組合提供了一套獨特的能力，在我們為客戶簡化複雜的過程中，以速度和精確度在整個企業中公開共享的創新能力。這是一個久經考驗的配方，受到許多世界上最卓越品牌的信賴。

Moving to Slide 7. I'll address our updated outlook for the year. We now believe core earnings will be in the neighborhood of $5 a share, an increase of 25% from what we anticipated back in September with top line revenue coming in around $28.5 billion. This incremental revenue improves our portfolio as evidenced by another 10 basis point increase to core operating margin, which we now forecast to be 4.2% for the year.

轉到幻燈片 7。我將介紹我們今年的最新展望。我們現在認為核心收益將在每股 5 美元左右，比我們在 9 月份的預期增長 25%，頂線收入約為 285 億美元。這一增加的收入改善了我們的投資組合，核心營業利潤率又增加了 10 個基點，我們現在預測今年的利潤率為 4.2%。

Lastly, we remain committed to generating a minimum of $600 million in free cash flow, a testament to how we're managing our capital investments. As I wrap up the outlook, it's notable that our strategy is working, our path is well understood, and how we go about producing results is important.

最後，我們仍然致力於產生至少 6 億美元的自由現金流，這證明了我們如何管理我們的資本投資。在我總結展望時，值得注意的是，我們的戰略正在發揮作用，我們的道路得到了很好的理解，我們如何取得成果也很重要。

On this last point, when we think about the how, we think about purpose: a purpose that guides us in our journey, a purpose which is grounded in a series of behaviors, behaviors, such as keeping our people safe, servant leadership, ensuring a fully inclusive environment and giving back to our communities around the world. I'm just so proud that our team is hitting the mark in all of these areas.

關於最後一點，當我們考慮如何做時，我們會考慮目的：一個指導我們前進的目的，一個基於一系列行為、行為的目的，例如確保我們的員工安全、僕人式領導、確保一個完全包容的環境，並回饋我們在世界各地的社區。我很自豪我們的團隊在所有這些領域都達到了目標。

As we transition to my final slide, I want to once again say thanks to our team. Their efforts over the past 2 to 3 years have allowed us to reshape the business as we've targeted growth in select markets, markets that largely align with secular trends, a few example of these being 5G, personalized health care, electric vehicles, digital learning, cloud computing, clean energy and eco-friendly packaging.

當我們過渡到我的最後一張幻燈片時，我想再次感謝我們的團隊。他們在過去 2 到 3 年的努力使我們能夠重塑業務，因為我們的目標是特定市場的增長，這些市場在很大程度上符合長期趨勢，其中一些例子是 5G、個性化醫療保健、電動汽車、數字學習、雲計算、清潔能源和環保包裝。

Our team continues to develop deep domain expertise in concert with these secular tailwinds. I like the decisions we're making and what we're doing, and we do what we do while respecting the environment and safeguarding our workplace. We're committed to a workplace which encompasses tolerance, respect and acceptance. We encourage each and every employee here at Jabil to be their true self. We strive to make the world just a little bit better, a little bit healthier and a little bit safer each and every day.

我們的團隊繼續發展深厚的領域專業知識，以配合這些長期順風。我喜歡我們正在做出的決定和我們正在做的事情，我們在做我們所做的事情的同時尊重環境和保護我們的工作場所。我們致力於打造一個包容、尊重和接受的工作場所。我們鼓勵 Jabil 的每一位員工做真實的自己。我們每天都在努力讓世界變得更美好、更健康、更安全。

One factor that makes good companies great is possessing a value system which allows them to solve problems over and over again. We embrace this way of thinking and welcome the challenges put forth by our customers.

使優秀公司變得偉大的一個因素是擁有一個價值體系，使他們能夠一次又一次地解決問題。我們接受這種思維方式，並歡迎客戶提出的挑戰。

Thank you, and I'll now turn the call over to Mike.

謝謝，我現在把電話轉給邁克。

Thank you, Mark, and good morning, everyone. As Mark just detailed, our second quarter performance was outstanding, driven by the combination of broad-based end market strength and associated leverage and improved portfolio mix and excellent operational execution by the entire Jabil team. We saw broad-based revenue strength across the business, most notably in mobility, cloud, health care, connected devices, automotive and semi-cap.

謝謝你，馬克，大家早上好。正如馬克剛剛詳述的那樣，我們第二季度的表現非常出色，這得益於廣泛的終端市場實力和相關槓桿以及整個 Jabil 團隊改進的投資組合組合和出色的運營執行力。我們看到了整個業務的廣泛收入實力，尤其是在移動、雲計算、醫療保健、連接設備、汽車和半市值方面。

Given the additional revenue, I am particularly pleased with the strong leverage we achieved during the quarter, which enabled us to deliver a strong core operating margin of 4.2%. And finally, our net interest expense came in better than expected during the quarter due in large part to better working capital management, coupled with the proactive steps we've taken over the past year to optimize our capital structure.

鑑於額外的收入，我對我們在本季度實現的強大槓桿作用特別滿意，這使我們能夠實現 4.2% 的強勁核心營業利潤率。最後，我們在本季度的淨利息支出好於預期，這在很大程度上是由於更好的營運資金管理，加上我們在過去一年中採取的積極措施來優化我們的資本結構。

Putting it all together on the next slide, net revenue for the second quarter was $6.8 billion, $300 million above the midpoint of our guidance range. On a year-over-year basis, revenue increased by $700 million, or 11%. GAAP operating income was $236 million and our GAAP diluted earnings per share was $0.99. Core operating income during the quarter was $285 million, an increase of 78% year-over-year representing a core operating margin of 4.2%, 160 basis point improvement over the prior year. Net interest expense in Q2 was $33 million, and core tax rate came in at approximately 23%. Core diluted earnings per share was $1.27, a 154% improvement over the prior year quarter.

將所有這些放在下一張幻燈片上，第二季度的淨收入為 68 億美元，比我們的指導範圍中點高出 3 億美元。與去年同期相比，收入增加了 7 億美元，即 11%。 GAAP 營業收入為 2.36 億美元，我們的 GAAP 攤薄後每股收益為 0.99 美元。本季度核心營業收入為 2.85 億美元，同比增長 78%，核心營業利潤率為 4.2%，比上年提高 160 個基點。第二季度的淨利息支出為 3300 萬美元，核心稅率約為 23%。每股核心攤薄收益為 1.27 美元，比去年同期增長 154%。

Now turning to our second quarter segment results on the next slide. Revenue for our DMS segment was $3.6 billion, an increase of 26% on a year-over-year basis. The strong performance in our DMS segment was extremely broad-based as several of the end markets we serve are becoming increasingly critical, such as connected devices, health care, automotive and mobility. Core margins for the segment came in at an impressive 5.1%, 210 basis points higher than the previous year, an incredible performance by the team. Revenue for our EMS segment was $3.2 billion, also reflecting strong broad-based demand. Core margins for the segment were 3.1%, 80 basis points over the prior year.

現在轉到下一張幻燈片上的第二季度部分結果。我們 DMS 部門的收入為 36 億美元，同比增長 26%。我們 DMS 部門的強勁表現非常廣泛，因為我們服務的幾個終端市場變得越來越重要，例如連接設備、醫療保健、汽車和移動性。該部門的核心利潤率達到了令人印象深刻的 5.1%，比上一年高出 210 個基點，這是該團隊令人難以置信的表現。我們 EMS 部門的收入為 32 億美元，這也反映了廣泛的強勁需求。該部門的核心利潤率為 3.1%，比上年提高 80 個基點。

Turning now to our cash flows and balance sheet. Cash flows provided by operations were $20 million in Q2, and capital expenditures net of customer co-investments totaled $152 million. We exited the quarter with cash balance of $838 million. We ended Q2 with committed capacity under the global credit facilities of $3.8 billion. With this available capacity, along with our quarter end cash balance, Jabil ended Q2 with access to more than $4.6 billion of available liquidity, which we believe provides us ample flexibility.

現在轉向我們的現金流和資產負債表。第二季度運營提供的現金流為 2000 萬美元，扣除客戶共同投資後的資本支出總計 1.52 億美元。我們以 8.38 億美元的現金餘額退出了本季度。我們以 38 億美元的全球信貸額度承諾的能力結束了第二季度。憑藉這一可用容量以及我們季度末的現金餘額，捷普在第二季度末獲得了超過 46 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 Q2, we repurchased approximately 1.9 million shares for $82 million. At the end of the quarter, $254 million remain outstanding in our current stock repurchase authorization, and we intend to complete this authorization during the second half of FY '21 as we remain committed to returning capital to shareholders.

在第二季度，我們以 8200 萬美元回購了大約 190 萬股股票。在本季度末，我們當前的股票回購授權中仍有 2.54 億美元未償還，我們打算在 21 財年下半年完成這項授權，因為我們仍然致力於向股東返還資本。

Turning now to our third quarter guidance. DMS segment revenue is expected to increase 19% on a year-over-year basis to $3.5 billion. This is mainly to strong end market outlook. EMS segment revenue is expected to be $3.4 billion, an increase of 1% on a year-over-year basis. It's worth noting our EMS business remains strong and healthy. The modest increase is reflective of our previously announced transition to a consignment model in the cloud business.

現在轉向我們的第三季度指導。 DMS 部門的收入預計將同比增長 19% 至 35 億美元。這主要是為了強勁的終端市場前景。 EMS部門收入預計為34億美元，同比增長1%。值得注意的是，我們的 EMS 業務保持強勁和健康。適度的增長反映了我們之前宣布的雲業務向寄售模式的過渡。

We expect total company revenue in the third quarter of fiscal '21 to be in the range of $6.6 billion to $7.2 billion for an increase of 9% on a year-over-year basis at the midpoint of the range. Core operating income is estimated to be in the range of $220 million to $270 million. Core diluted earnings per share is estimated to be in the range of $0.90 to $1.10. GAAP diluted earnings per share is expected to be in the range of $0.69 to $0.89.

我們預計 21 財年第三季度的公司總收入將在 66 億美元至 72 億美元之間，在該範圍的中點同比增長 9%。核心營業收入估計在 2.2 億美元至 2.7 億美元之間。每股核心攤薄收益估計在 0.90 美元至 1.10 美元之間。 GAAP 攤薄後每股收益預計在 0.69 美元至 0.89 美元之間。

Next, I'd like to take a few moments to provide an update on the long-term secular trends underway across our businesses, which we believe will drive sustainable growth across the enterprise in FY '21 and beyond.

接下來，我想花點時間介紹一下我們業務中正在進行的長期長期趨勢的最新情況，我們相信這將在 21 財年及以後推動整個企業的可持續增長。

In health care today, 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. Consequently, we're witnessing health care companies shifting their core competencies away from manufacturing towards innovative and connected product solutions. We're in the early days of outsourcing of manufacturing in the health care space. So on top of this, we're also seeing the impact of connectivity and digitization across health care. I expect these trends to accelerate over the next few years. Our deep domain expertise within the health care industry uniquely positions us to build technology-enabled products that help our customers excel in today's evolution of health care.

在當今的醫療保健領域，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。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。我們正處於醫療保健領域外包製造的早期階段。因此，除此之外，我們還看到了連接性和數字化對醫療保健的影響。我預計這些趨勢將在未來幾年加速。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. Today, electric vehicles account for less than 2% of total vehicles in the market. Climate change, fuel efficiency and emissions are ongoing concerns, and regulatory policies worldwide are beginning to mandate more eco-friendly technologies. As a result, OEMs are making a substantial investment into vehicle electrification effort. Jabil's long-standing capabilities and over 10 years of experience and credibility in this space has positioned us extremely well to benefit from this ongoing trend.

另一個經歷技術快速轉變的終端市場是汽車市場。如今，電動汽車在市場上的汽車總量中佔比不到 2%。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。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。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。

Turning now to 5G. 5G will transform the way we live, work, play and educate. As the underlying infrastructure continues to roll out, 5G adoption is accelerating. Jabil is well positioned to benefit from both the worldwide infrastructure rollouts and with devices which will be needed to recognize the full potential of a robust 5G network.

現在轉向5G。 5G 將改變我們的生活、工作、娛樂和教育方式。隨著底層基礎設施的不斷推出，5G 的採用正在加速。 Jabil 處於有利地位，可以從全球基礎設施部署和設備中受益，這些設備將需要認識到強大的 5G 網絡的全部潛力。

5G is also accelerating secular expansion of cloud adoption and infrastructure growth. 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. The value proposition that continues to resonate with our customers is our design to test capabilities, which incorporates engineering, manufacturing and eco-friendly decommissioning of servers, all within co-located facilities. This is incredibly powerful as accelerating cycle times, security and transparency at every step the hardware life cycle become continually more important to our U.S. domiciled hyperscalers.

5G 還加速了雲採用的長期擴張和基礎設施的增長。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。繼續與我們的客戶產生共鳴的價值主張是我們的測試能力設計，其中包括服務器的工程、製造和環保退役，所有這些都在同一地點的設施內。這非常強大，因為加速硬件生命週期的每一步的周期時間、安全性和透明度對我們在美國的超大規模生產商來說變得越來越重要。

Shifting now to packaging. We are uniquely positioned to benefit from the global shift to smart and eco-friendly packaging. As consumers become more informed about the environmental impact of plastic waste, demand for sustainable packaging solutions is accelerating.

現在轉向包裝。我們具有獨特的優勢，可以從全球向智能和環保包裝的轉變中受益。隨著消費者越來越了解塑料廢物對環境的影響，對可持續包裝解決方案的需求正在加速。

And then finally, within semi-cap, the demand for semiconductors has never been higher with the accelerated convergence of technologies and the associated data generation and storage needs. Nearly every part of the economy runs on silicon today. Jabil serves 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.

最後，在半市值中，隨著技術加速融合以及相關的數據生成和存儲需求，對半導體的需求從未如此高漲。今天，經濟的幾乎每一個部分都在矽上運行。 Jabil 為半帽空間提供端到端的解決方案，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。

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 in the first half of FY '21. As we turn our attention to the back half of the year and beyond, we fully expect the long-term secular tailwinds that are driving our business to continue. This, coupled with our improving portfolio mix and lower interest and tax expenses, has given us the confidence to meaningfully raise our FY '21 estimates for revenue, core operating income, core margins and core earnings per share. We now expect core operating margins to be 4.2% on revenue of approximately $28.5 million. This improved outlook translates to core earnings per share of approximately $5. And importantly, despite the stronger growth, we remain committed to delivering free cash flow in excess of $600 million for the year. We've been working extremely hard as a team to grow margins, cash flows and positively impact our interest and tax. I am very pleased with our team's exceptional execution of our strategy on all fronts.

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 財年上半年取得好於預期的業績。隨著我們將注意力轉向今年下半年及以後，我們完全期待推動我們業務繼續發展的長期長期順風。再加上我們不斷改進的投資組合組合以及較低的利息和稅收支出，使我們有信心顯著提高我們對 21 財年收入、核心營業收入、核心利潤率和核心每股收益的估計。我們現在預計核心營業利潤率為 4.2%，收入約為 2850 萬美元。這種改善的前景轉化為每股約 5 美元的核心收益。重要的是，儘管增長強勁，但我們仍致力於在今年提供超過 6 億美元的自由現金流。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。我很高興我們的團隊在各個方面都出色地執行了我們的戰略。

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

有了這個，我現在將把電話轉給亞當。

Thanks, Mike. 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 information. We appreciate your understanding and cooperation. Operator, we're now ready for Q&A.

謝謝，邁克。在我們開始問答環節時，我想提醒我們的電話參與者，根據我們的客戶協議，我們不會處理任何客戶或產品特定的信息。感謝您的理解與合作。接線員，我們現在準備好進行問答了。

(Operator Instructions) Our first question today is from Ruplu Bhattacharya of 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。

Congrats on the strong results. I had a couple of questions. Maybe, Mark, first question on the EMS side. You're guiding now to $13.4 billion. That's almost $1 billion higher than the previous guidance but the operating margin is still guided at 3.6%. So just curious, I mean, why isn't the operating margin target for that -- for this year for EMS moving up a little bit more. Just -- if you can just talk about the puts and takes on that.

恭喜取得了不錯的成績。我有幾個問題。也許，馬克，EMS 方面的第一個問題。你現在的目標是 134 億美元。這比之前的指引高出近 10 億美元，但營業利潤率仍為 3.6%。所以只是好奇，我的意思是，為什麼今年 EMS 的營業利潤率目標沒有上升一點。只是 - 如果你能談談看跌期權和承擔。

Yes. Thanks, Ruplu. I feel good about where the margin -- if -- I think, you're right. When we look at the overall corporate margin for the year, we think we'll be around 4.2%, and EMS will be in the range of, I would guess, 3.6%, 3.7%. I look at that relative to fiscal '19, if I go back that far, and I think EMS in '19 was around 3% all in. Last year, we were below that. And I acknowledge that was a COVID year with excessive COVID expenses. But I feel pretty good about that business overall. I think we're doing the right things in cloud. I look at that business today in terms of a mix of legacy business, some businesses that we've gotten a bit of a nudge or help with COVID.

是的。謝謝，魯普魯。我對邊距的位置感覺很好——如果——我認為，你是對的。當我們查看今年的整體公司利潤率時，我們認為我們將在 4.2% 左右，而 EMS 將在 3.6%、3.7% 的範圍內。相對於 19 財年，如果我回溯到那麼遠，我認為 19 財年的 EMS 大約是 3%。去年，我們低於這個數字。我承認那是一個 COVID 年，COVID 開支過多。但我對這項業務總體感覺很好。我認為我們在雲中做正確的事情。我今天從傳統業務的組合來看該業務，有些業務我們在 COVID 方面得到了一些推動或幫助。

But most importantly, Ruplu, I think about things that Mike was talking about in his prepared remarks in terms of trends that we think are going to be around for a while, things like 5G, electric vehicles, cloud computing, clean energy. So I feel good about the year. We continue to make OpEx investments as well in the EMS segment, but I think we're on a good trajectory. I don't -- of the things I obsessed about or worry about, the condition of the EMS business for the next 2, 3 years isn't one of them.

但最重要的是，Ruplu，我想到了邁克在準備好的講話中談到的一些我們認為會持續一段時間的趨勢，比如 5G、電動汽車、雲計算、清潔能源。所以我對這一年感覺很好。我們繼續在 EMS 領域進行 OpEx 投資，但我認為我們正處於良好的軌道上。我不——在我癡迷或擔心的事情中，未來 2、3 年 EMS 業務的狀況不是其中之一。

Okay. Okay. And that makes sense. Just on the mobility side, I want to ask a general question. I mean are you concerned or how concerned are you about any configuration changes that might come up in the rest of the year? Can you maybe, at a high level, just talk about how prepared Jabil is this year versus in prior years about handling mobility-related volatility that can come up in the rest of the year?

好的。好的。這是有道理的。就移動性而言，我想問一個一般性問題。我的意思是您是否擔心或您對今年餘下時間可能出現的任何配置更改是否擔心？您能否在高層次上談談捷普今年與往年相比在處理今年餘下時間可能出現的與移動相關的波動方面準備得如何？

I don't want to speculate on any configuration changes or anything like that. Our relationship in that space with our main customer there is super solid. And when I just think back about the last 2, 3 years of execution, I've got, again, very little doubt in our ability to execute on the mobility side, configuration changes or not. So again, not an area that I'm losing a lot of sleep over.

我不想推測任何配置更改或類似的事情。我們在那個領域與我們的主要客戶的關係非常穩固。當我回想過去 2、3 年的執行情況時，我再次對我們在移動性方面的執行能力、配置更改與否毫無疑問。再說一次，這不是我失眠的地方。

The next question is from Adam Tindle of Raymond James.

下一個問題來自 Raymond James 的 Adam Tindle。

Mark, I wanted to start with a question on operating margin and acknowledge it's been very strong so far. Two-parter just on near term and long term moving forward. So first, on near term, your Q3 guidance implies that total company operating margin is going to be down maybe somewhere around mid-3% range or so and then back up to around 4% or so in Q4 based on the EPS guide, if I got that correct. It doesn't look like that's volume-related because revenue is going to be flattish during this time. So maybe just more color on drivers of the Q3 dip and rebound in Q4.

馬克，我想從關於營業利潤率的問題開始，並承認到目前為止它非常強勁。短期和長期向前發展的兩方。因此，首先，在短期內，您的第三季度指導意味著公司總營業利潤率可能會下降大約 3% 左右，然後根據每股收益指導在第四季度回升至 4% 左右，如果我猜對了。看起來這與數量無關，因為在此期間收入將持平。因此，第三季度下跌和第四季度反彈的驅動因素可能只是更多色彩。

And secondly, you mentioned, longer term, as you exit this year with a 4 handle, the trajectory that, that puts you on as you think about fiscal '22 and beyond because you said you wanted to build on that.

其次，您提到，從長遠來看，當您今年以 4 手柄退出時，您在考慮 22 財年及以後的情況時會走上這條軌跡，因為您說您想在此基礎上再接再厲。

Yes. Thanks, Adam. Q3 is always a little bit of a divot for us. And as much as we take a lot of, I don't know if the word is pride, we feel really good about the overall mix of the business, what we've done in the last 2, 3 years. But again, we always see a little bit of a soft spot in terms of enterprise level, in terms of op margin. I think you're right. Enterprise margins for Q3 will be around the 3.5% range. And again, I compare that to last year, which maybe it's nonsense because of COVID, but it's up substantially year-on-year.

是的。謝謝，亞當。 Q3 對我們來說總是有點像草皮。儘管我們做了很多，但我不知道這個詞是不是驕傲，我們對業務的整體組合感覺非常好，我們在過去 2、3 年所做的事情。但同樣，我們總是在企業層面和運營利潤率方面看到一點點情有獨鍾。我想你是正確的。第三季度的企業利潤率將在 3.5% 左右。再一次，我將其與去年進行比較，這可能是因為 COVID 的緣故，這可能是無稽之談，但同比大幅增長。

I'm going off of memory, but I got to believe that if we went back to fiscal '19, we'd be up year-on-year in terms of Q3 to Q3 as well. So none of it has anything to do with reflection of the business other than for certain parts of our business, as you know, Q3 tends to be more of an investment quarter on an FX line than the other quarters. The thing that I'm focused on more than anything is beginning of the year. So we've had -- we've stung together, I don't know, Adam, 4 or 5 years where the overall enterprise op margin line has been bouncing around 3.5%. That's as we've really been focused on adding good quality growth to the company. And September, we gave an outlook that said, for the year, we'd do a 4 handle on op margin. 90 days ago, in December, we took that up to 4.1. Now we're taking that up to 4.2. So I feel -- I'm more focused on that trajectory than the quarter-on-quarter results.

我要失去記憶了，但我必須相信，如果我們回到 19 財年，我們在第三季度到第三季度也會同比增長。因此，除了我們業務的某些部分之外，所有這些都與業務反映無關，如您所知，第三季度往往比其他季度更像是外匯線上的投資季度。我最關注的事情是年初。所以我們已經 - 我們已經在一起了，我不知道，亞當，4 或 5 年，整體企業運營利潤率線一直在 3.5% 左右反彈。那是因為我們一直專注於為公司增加高質量的增長。 9 月，我們給出的展望是，對於這一年，我們將在運營利潤率上進行 4 次處理。 90 天前的 12 月，我們將其提升到 4.1。現在我們將其提高到 4.2。所以我覺得 - 我更關注這一軌跡而不是季度業績。

And in terms of your comment, forward-looking beyond '21, we'll give more detail around that in the Investor Day in September. I had said something in my prepared remarks today around the fact that we're very focused on continuing a positive direction with margins as we get into fiscal '22, and that would be relative to the 4.2 that we hope to post this year.

就您的評論而言，展望 21 年後，我們將在 9 月的投資者日提供更多詳細信息。我在今天準備好的講話中說了一些事實，即我們非常專注於在進入 22 財年時繼續保持利潤率的積極方向，這與我們希望今年發布的 4.2 相關。

Got it. And maybe just as a follow-up for Mike. You talked about being able to -- or the plan to generate over $600 million of free cash flow this year. Wondering if that's also something that you can build on, like Mark's comments on operating margin as we think about a go-forward basis. Or are there CapEx investments to achieve that operating margin improvement? And maybe you can just tie in your capital allocation priorities as you answer that question.

知道了。也許只是作為邁克的後續行動。您談到了能夠或計劃在今年產生超過 6 億美元的自由現金流。想知道這是否也是你可以建立的東西，就像馬克在我們考慮前進基礎時對營業利潤率的評論一樣。或者是否有資本支出投資來實現營業利潤率的提高？也許你可以在回答這個問題時將你的資本配置優先級聯繫起來。

Thanks, Adam. Yes, definitely, free cash flow will -- I think, we've said more than $600 million for this year as we continue into FY '22, I expect that to continue to grow. Well, again, we've said this before, CapEx is something that we've been extremely disciplined on in that 2.9%, 3% range. So free cash flows next year, again, we'll give guidance in September, but I expect that to go up on a similar run rate as it's done in FY '21.

謝謝，亞當。是的，毫無疑問，自由現金流將——我認為，隨著我們繼續進入 22 財年，今年我們已經說過超過 6 億美元，我預計這將繼續增長。好吧，再一次，我們之前說過，資本支出是我們在 2.9%、3% 的範圍內非常嚴格的東西。因此，明年的自由現金流再一次，我們將在 9 月給出指導，但我預計這將以與 21 財年相似的運行速度上升。

As it relates to capital allocation, Adam, we continue to be sort of well balanced. We continue with our buybacks. I talked about our buybacks. In my prepared remarks, we have $254 million left of our authorization. We intend to complete that authorization in Q3 and Q4 or in the second half of the year. So that shows that we're extremely committed to the buyback program, and that will continue into '22, '23. I don't want to preempt anything. But I'm sure we'll be continuing that progress from a buyback standpoint. Most of the -- I think we laid out a few quarters ago the capital allocation percentages. Roughly half is into buybacks, dividends. Some of it -- the balance of it goes into debt -- sort of debt restructuring and the balance would be opportunistic sort of M&A as well. So well-balanced capital allocation continues going forward, Adam.

由於它與資本分配有關，亞當，我們繼續保持平衡。我們繼續回購。我談到了我們的回購。在我準備好的講話中，我們的授權還剩 2.54 億美元。我們打算在第三季度和第四季度或下半年完成該授權。這表明我們非常致力於回購計劃，並將持續到 22 年和 23 年。我不想搶占任何東西。但我敢肯定，從回購的角度來看，我們將繼續取得進展。大多數——我認為我們在幾個季度前就列出了資本分配百分比。大約一半用於回購和分紅。其中一些——它的餘額變成了債務——類似於債務重組，而餘額也將是機會主義的併購。如此均衡的資本分配將繼續向前，亞當。

The next question is from Jim Suva of Citigroup.

下一個問題來自花旗集團的 Jim Suva。

Good results. If I look at your updated guidance, on the buy segment, am I correct that the 5G wireless and cloud is the one that kind of is giving you the most surprise there? And if so, are any of your segments or all of them or any of them experiencing semiconductor shortages? Or are you able to procure all the components and items needed?

好結果。如果我查看您在購買部分的最新指導，我是否正確地認為 5G 無線和雲是那種給您最驚喜的東西？如果是這樣，您的任何細分市場或所有細分市場或其中任何一個都面臨半導體短缺的問題？或者您是否能夠採購所需的所有組件和物品？

Thanks, Jim. I assume you're talking about our 8 sectors on the blue-green slide.

謝謝，吉姆。我假設你在談論藍綠色幻燈片上的 8 個部門。

Yes. Correct. Correct.

是的。正確的。正確的。

Yes. So I'm not quite sure what you mean in terms of surprise, in terms of the uplift for sure. So I don't know that it's a surprise to us that we're seeing strength in 5G and cloud. Back in December, we knew that there was going to be some component shortages and constraints, but we've been very bullish on the 5G wireless infrastructure and cloud area of our business. So whether it's a surprise or not, it's certainly an area where we continue to see strength. And I think that's largely both on the 5G side and the cloud side. Our services and our solutions are being well accepted and embraced out in the marketplace. So I feel really good about that area of the business.

是的。所以我不太確定你所說的驚喜是什麼意思，當然就提升而言。因此，我不知道我們看到 5G 和雲計算的實力讓我們感到驚訝。早在 12 月，我們就知道會出現一些組件短缺和限制，但我們一直非常看好我們業務的 5G 無線基礎設施和雲領域。因此，無論是否令人驚訝，這肯定是我們繼續看到實力的領域。我認為這主要是在 5G 方面和雲方面。我們的服務和我們的解決方案在市場上被廣泛接受和接受。所以我對這個業務領域感覺非常好。

In terms of supply constraints, I would say that -- we talked about this a bit in December. Let's say, 9 months ago or so, there was demand drops everywhere based on COVID. I think that people took a lot of their demand signals, cut them abruptly. And then at least our conversations with our customers, very few people anticipated the rebound that we've seen, which largely started August-September time frame and, a bit to our surprise, has continued to be very strong through early stages of 2021. And on the supply side, again, all of that drove constraints.

就供應限製而言，我想說——我們在 12 月談到了這一點。比方說，大約 9 個月前，基於 COVID 的需求到處都有下降。我認為人們接受了很多需求信號，突然切斷它們。然後至少在我們與客戶的對話中，很少有人預料到我們所看到的反彈，這主要是從 8 月到 9 月的時間框架開始的，有點令我們驚訝的是，在 2021 年的早期階段一直非常強勁。在供應方面，所有這些再次引發了限制。

One good piece of information, I think, to share is any type of supply constraints, whether it be around resin, whether it be around silicon, whether it be around passives, whether it be around mechanicals, all that's handicapped into our numbers. And I would actually say that we took a fairly deep handicap to that for Q3 and Q4. So I feel, if anything, maybe there's some slight upsides to what we've put out today, assuming that the supply constraints don't worsen.

我認為，要分享的一個很好的信息是任何類型的供應限制，無論是圍繞樹脂，是否圍繞矽，是否圍繞無源器件，是否圍繞機械，所有這些都限制了我們的數量。我實際上會說，我們在第三季度和第四季度受到了相當大的阻礙。所以我覺得，如果有的話，假設供應限制沒有惡化，我們今天推出的產品可能會有一些小幅上漲。

The other thing I would say is, I think, the procurement team at Jabil is just simply the best team in the business. And if I think about our scale, if I think about our holistic approach to demand planning, whether that cuts across health care or mobility or EMS business or automotive, our team's knowledge of the marketplace, the knowledge of the commodities, knowledge of technologies and then the long-standing relationships we have, is really allowing us to navigate what otherwise is a tough component market at the moment. So I feel we're getting along and getting by quite well, all things considered on a relative basis.

我要說的另一件事是，我認為 Jabil 的採購團隊只是業內最好的團隊。如果我考慮我們的規模，如果我考慮我們對需求規劃的整體方法，無論是跨越醫療保健、移動、EMS 業務還是汽車，我們團隊的市場知識、商品知識、技術知識和那麼我們擁有的長期合作關係，確實讓我們能夠駕馭目前艱難的零部件市場。所以我覺得我們相處得很好，所有事情都是在相對的基礎上考慮的。

The next question is from Steven Fox of Fox Advisors.

下一個問題來自 Fox Advisors 的 Steven Fox。

Two questions, if I could, please. First, Mark, could you just give a little more color on where the health care solutions business is on its margin journey and how it did in the quarter, maybe referencing back to when you first did the J&J deal and what you were thinking for next year?

兩個問題，如果可以的話，請。首先，馬克，您能否就醫療保健解決方案業務在其利潤之旅中的位置以及本季度的表現提供更多的色彩，也許可以參考您第一次進行強生交易的時間以及您接下來的想法年？

And then secondly, just so I'm clear, based on what you just said about constraints and potential inventory builds, Mike, you're talking about still doing $600 million in cash flow -- free cash flow. Is the difference between prior thinking just basically higher EBIT offset by more inventory investments? Or are there other puts and takes?

其次，我很清楚，根據你剛才所說的限制和潛在的庫存增加，邁克，你說的是仍然在做 6 億美元的現金流——自由現金流。之前的想法之間的差異基本上只是更高的 EBIT 被更多的庫存投資所抵消嗎？還是有其他的看跌期權？

(technical difficulty)

（技術難度）

Please stand by, the presentation will begin again momentarily. This is the operator. The presenters have been rejoined.

請稍候，演示會馬上重新開始。這是運營商。主持人已重新加入。

Steve, somehow you cut off.

史蒂夫，不知怎的，你切斷了。

Sorry for breaking the conference call. Did you hear any of my questions? Or should I repeat?

很抱歉打斷電話會議。你聽到我的任何問題了嗎？還是我應該重複？

If you could repeat them, that would be great.

如果你能重複它們，那就太好了。

Yes, sure. So first question, again, was on the health care area. So if you can provide some color into how it performed during the quarter, both top line and margin, and where you are on the margin journey, referencing back to when you first did the J&J deal.

是的，當然。所以第一個問題再次是關於醫療保健領域。因此，如果您可以提供一些顏色來了解它在本季度的表現，包括頂線和保證金，以及您在保證金旅程中的位置，請參考您第一次進行強生交易的時間。

And then secondly, I'm just trying to understand -- make sure I understand the cash flow target staying at $600 million-plus. You have higher EBIT, but it sounds like higher inventory investments. Is that basically the puts and takes versus 90 days ago? Or is there anything else?

其次，我只是想了解——確保我了解現金流目標保持在 6 億美元以上。你有更高的息稅前利潤，但這聽起來像是更高的庫存投資。與 90 天前相比，這基本上是看跌期權嗎？或者還有什麼別的嗎？

Yes. Thank you. So on the health care side, I think, we're -- I think, we continue to hit it on all cylinders. Steve Borges and his team run that business. We started talking about the JJMD relationship. I don't even know how long ago now, 2, 2.5 years ago. We kind of laid out a roadmap there. And our health care team has executed nearly flawlessly to the roadmap that we laid out. So feel good about that. And then the business around the JJMD, and I talked in my prepared remarks about different trends, and the team is really focused on things like core health care, like personalized health, like digital health.

是的。謝謝你。所以在醫療保健方面，我認為，我們 - 我認為，我們繼續全力以赴。史蒂夫博爾赫斯和他的團隊經營著這項業務。我們開始談論 JJMD 的關係。我什至不知道現在多久了，2、2.5年前。我們在那裡制定了路線圖。我們的醫療團隊幾乎完美地執行了我們制定的路線圖。所以感覺很好。然後是圍繞 JJMD 的業務，我在準備好的評論中談到了不同的趨勢，該團隊真正專注於核心醫療保健、個性化健康、數字健康等事情。

We announced sometime during the quarter another relationship that has everything to do with technology around auto injection and auto injectors. And so I just look at the technology, the investments that our health care teams are making and feel really good about that. Our health care and packaging business, Steve, last year, I think, was in the neighborhood of $4.1 billion, $4.2 billion. And I would guess as we exit this year, health care and packaging will be bumping up against $5 billion. And I think we'll continue to see good solid growth in that area for the next 2 to 3 years.

我們在本季度的某個時候宣布了另一項與自動噴射和自動噴射器技術有關的關係。所以我只看技術，我們的醫療團隊正在進行的投資，對此感覺非常好。我認為，我們的醫療保健和包裝業務史蒂夫去年的收入約為 41 億美元，42 億美元。我猜隨著我們今年退出，醫療保健和包裝將達到 50 億美元。而且我認為我們將在未來 2 到 3 年繼續看到該領域的良好穩健增長。

In terms of the $600 million of cash flow, it's another number that I feel really good about. And on the surface, maybe it's a little bit confusing because EBITDA is going up and margins are going up. So why wouldn't cash flow go up? We have been working diligently to continue to shape the portfolio. Our #1 focus as a leadership team is cash flows and management over the next 2, 3, 4 years. I think if we ever get to a point where, as a leadership team, we decide not to grow the company, that would be a perilous thing to do and makes no sense to us as long as we're adding good quality business, again, attached to secular trends that allow us to continue to expand margins as we look at '22 and '23.

就 6 億美元的現金流而言，這是另一個讓我感覺非常好的數字。從表面上看，這可能有點令人困惑，因為 EBITDA 正在上升，利潤率也在上升。那麼為什麼現金流不會增加呢？我們一直在努力工作以繼續塑造投資組合。作為領導團隊，我們的第一重點是未來 2、3、4 年的現金流和管理。我認為，如果我們作為領導團隊決定不發展公司，那將是一件危險的事情，對我們來說毫無意義，只要我們再次增加優質業務，附於長期趨勢，使我們能夠在我們查看 '22 和 '23 時繼續擴大利潤率。

So if I take you back to the beginning of the year, we said we'd do $26.5 billion, $27 billion in revenue. Now we're bumping up against $28 billion, $28.5 billion. And so with that -- with the additional top line, with the way the team's managing working capital, with the way the team's managing CapEx, and then Mike alluded to the fact that we're going to complete our buyback authorization by August 31 the year, so I think we're being well balanced in terms of both capital investments, OpEx investments and shareholders. I feel good about the $600 million-plus. And then we'll give an update to what I think you should anticipate as stronger cash flows as we get into the Investor Day in September.

所以如果我帶你回到年初，我們說我們會做 265 億美元，270 億美元的收入。現在我們的目標是 280 億美元，285 億美元。因此，有了額外的頂線，團隊管理營運資金的方式，團隊管理資本支出的方式，然後邁克暗示我們將在 8 月 31 日之前完成我們的回購授權。年，所以我認為我們在資本投資、運營支出投資和股東方面都處於很好的平衡狀態。我對 6 億美元以上的資產感覺良好。然後，我們將更新我認為隨著我們進入 9 月份的投資者日，您應該預期的更強勁的現金流。

The next question is from Paul Coster of JPMorgan.

下一個問題來自摩根大通的 Paul Coster。

You talked earlier of improved -- a platform for better margins in the future. And they're already improving. And I'm just wondering, Mark, if you can talk about how much of this is structural in the industry itself and how much of it is under your control. What is it you are doing today that makes you feel sure that you're locking in higher margins in the sort of medium term?

您之前談到了改進——一個未來利潤更高的平台。他們已經在改進。我只是想知道，馬克，如果你能談談這個行業本身有多少是結構性的，有多少是在你的控制之下的。你今天在做什麼讓你確信你在中期鎖定了更高的利潤？

I don't know that it's structural to the -- to our industry. Yes, I hope so. I think if our competition can lock in higher margins, that's always good, but we're pretty inwardly focused, Paul. I think about, first and foremost, we obsess about customer care and customer solutions. And I think if we don't get that out of order, Paul, and we continue to obsess about our customers and what they need and solving their issues, the financials are following.

我不知道這對我們的行業來說是結構性的。是的，我也希望如此。我認為如果我們的競爭對手能夠鎖定更高的利潤，那總是好的，但我們非常專注於內心，保羅。我認為，首先，我們痴迷於客戶服務和客戶解決方案。我認為，如果我們不把事情搞砸，保羅，我們會繼續關注我們的客戶以及他們需要什麼並解決他們的問題，財務狀況就會隨之而來。

If I step back and I look at this fiscal year, I was noticing something over the weekend. This will be -- along with the margin trajectory, I think, this will be the first year we've ever had in the history of the company, if we execute, and that's a big capital I-F, but if we execute, we're going to string together 4 consecutive quarters where every single quarter is at or exceeds $1 per share. And that just kind of jumped off the page. But in terms of margin expansion, you asked about, is it structural, I think so. That's our plan. And that's what will allow us to take margins up from the 4.2% as we get into next year.

如果我退後一步，看看這個財政年度，我會在周末注意到一些事情。這將是 - 連同利潤率軌跡，我認為，如果我們執行，這將是我們公司歷史上的第一年，這是一筆巨大的資本 I-F，但如果我們執行，我們'將連續 4 個季度串連起來，其中每個季度都達到或超過每股 1 美元。而這只是一種跳出頁面。但就利潤率擴張而言，我認為是結構性的。這就是我們的計劃。這就是讓我們在進入明年時能夠從 4.2% 的利潤率上升的原因。

And I think about everything from our balance sheet, if you take a look at -- and again, now I'm coming at it a little bit more from an EPS perspective. But since you asked the question around is it structural, our balance sheet continues to improve. Net debt is going down. Interest expense is going down. Overall, liquidity has gone up. And then I take a look at the business and I look at things like, I think we have very, very good overhead and overhead costs. I think about overall demand. I think about the secular trends that we've talked about. And sometimes, that's a really, really overused term, but we are truly embedded in so many of those markets which I think are going to be around for the next 2 or 3 years.

如果你看一下，我會從我們的資產負債表中考慮一切——再說一次，現在我從每股收益的角度來看更多一點。但是，由於您問的是結構性問題，我們的資產負債表繼續改善。淨債務正在下降。利息支出正在下降。總體而言，流動性有所上升。然後我看一下業務，我認為我們有非常非常好的管理費用和管理費用。我考慮整體需求。我想到了我們討論過的長期趨勢。有時，這是一個非常非常過度使用的術語，但我們確實融入了很多我認為未來 2 或 3 年將存在的市場。

And then the whole COVID thing, it's not behind us yet. But with the vaccine being here, we hope to have 70%, 80% of our employees globally have access to the vaccine. Over the next 6 to 8 months. It's just -- and then I think lastly, and we've been talking about this for 10 to 12 quarters is the mix of our business is as healthy as it's ever been. So I think you shake all that stuff up together. And again, I take a look at the last couple of years, margins have been around 3.5%. I think that there's a real opportunity here for us to, on a structural basis, increase margins by 100 basis points as we look forward off of that 3%, 3.5% base.

然後是整個 COVID 的事情，它還沒有落後於我們。但是隨著疫苗的出現，我們希望全球 70%、80% 的員工能夠獲得疫苗。在接下來的 6 到 8 個月內。只是 - 然後我認為最後，我們已經討論了 10 到 12 個季度，我們的業務組合與以往一樣健康。所以我認為你把所有這些東西都攪在一起。再一次，我看看過去幾年，利潤率一直在 3.5% 左右。我認為我們有一個真正的機會，在結構性的基礎上，將利潤率提高 100 個基點，因為我們期待著 3%、3.5% 的基數。

Well, maybe the follow-up then, Mark, is what is it that you're not doing? Are you able to -- it sounds like you had the choice of not doing some business because you could be satisfying your customers, delighting them even, but it could be bad business that you're doing ultimately from a margin perspective. So can you talk to us a little bit about how you shape the portfolio and what you do at the front end to prevent low-margin business coming in and hurting the overall business model?

好吧，馬克，也許接下來的事情是你沒有做什麼？你能做到嗎——聽起來你可以選擇不做一些生意，因為你可以讓你的客戶滿意，甚至讓他們高興，但從利潤的角度來看，你最終做的可能是壞生意。那麼，您能否與我們談談您如何塑造投資組合以及您在前端做了哪些工作以防止低利潤業務進入並損害整體商業模式？

I think it starts with absolute clarity of communication to the troops internally. I can tell you this. I've been with the company a long time. Where I screw things up is when I have stuff in my head with the leadership team and we don't communicate it to the group. What I can tell you on the reciprocal of that is when the group understands where we're going and why we're going there and what our purpose is, there's no better team. There just isn't. And so people understand that there's 2 things that we're focused on for the next 2, 3, 4 years, and that's continued expansion of cash flows and continued expansion of margins.

我認為首先要在內部與部隊進行絕對清晰的溝通。我可以告訴你這個。我在公司工作了很長時間。我把事情搞砸的地方是當我在領導團隊的腦海裡有一些東西，而我們沒有與團隊溝通。我可以告訴你的是，當團隊了解我們要去哪裡、為什麼要去那里以及我們的目的是什麼時，沒有比這更好的團隊了。就是沒有。因此人們明白，我們在接下來的 2、3、4 年關注兩件事，那就是現金流的持續擴張和利潤率的持續擴張。

So -- and I -- and by the way, our portfolio, we kind of refer to it as a portfolio for a reason. We have some business that might be a little softer on the margin side but, based on terms, based on the business itself, have tremendous cash flows. And we have other businesses that have tremendous margin but maybe the working capital is a little richer. We have some of that in our health care space and other areas. But when you blend all that together, boy, I think there's just a picture here that we're just starting to paint. And again, we feel pretty good for the next 2 to 3 years.

所以 - 我 - 順便說一下，我們的投資組合，我們將其稱為投資組合是有原因的。我們有一些業務在利潤率方面可能會稍弱一些，但根據條款，基於業務本身，擁有巨大的現金流。我們還有其他業務利潤豐厚，但營運資金可能更豐富一些。我們在醫療保健領域和其他領域有一些這樣的東西。但是當你把所有這些融合在一起時，男孩，我想這裡只是一幅我們剛剛開始畫的畫。再一次，我們在接下來的 2 到 3 年感覺很好。

To answer your question directly, we're just going to stay away from bad business. And that could mean a variety of things. But I think internally, people are pretty clear on what we're going to go after. Certainly, if we can go after business where there's going to be positive trends going forward, it's good news for everybody. But I think the organization is pretty clear about the type of businesses we're not going to go after.

為了直接回答您的問題，我們將遠離不良業務。這可能意味著各種各樣的事情。但我認為在內部，人們很清楚我們要追求什麼。當然，如果我們能夠在未來有積極趨勢的地方開展業務，這對每個人來說都是個好消息。但我認為該組織非常清楚我們不會追求的業務類型。

The next question is from Shannon Cross of Cross Research.

下一個問題來自 Cross Research 的 Shannon Cross。

I wanted to dig a bit more into the 5G wireless and cloud outlook, the increase. I'm just curious, specifically, maybe you can give some more details on what's driving that. And what I'm trying to figure out is, is this demand that would have come in the future but is being pulled in now as people start to ramp 5G? Or are you seeing market share gains? And I don't want to say, actual end market growth because, obviously, the market is growing. But how much of it is being driven by increased end demand overall? And then I have a follow-up.

我想更深入地了解 5G 無線和雲的前景，即增長。我只是好奇，具體來說，也許您可以提供更多有關驅動因素的詳細信息。我想弄清楚的是，這種需求是否會在未來出現，但現在隨著人們開始使用 5G 而被拉進來？或者你看到市場份額增加了嗎？我不想說實際的終端市場增長，因為很明顯，市場正在增長。但其中有多少是由整體終端需求增加推動的？然後我有一個跟進。

Shannon, I'd say -- and I don't want to be -- and I don't want to be offensive by not getting into details. I would say this with a high degree of confidence. For sure, we're seeing secular trends and trends that are very positive in terms of cloud and, finally, what looks to be reasonable plans in terms of the 5G wireless rollout. So that's going to be helpful. And we think that's here to stay for not a number of months but a number of years.

香農，我想說——我不想成為——而且我不想因為不深入細節而被冒犯。我會以高度的信心這麼說。可以肯定的是，我們看到長期趨勢和在雲方面非常積極的趨勢，最後，在 5G 無線部署方面看起來是合理的計劃。所以這會很有幫助。我們認為這不會持續幾個月，而是幾年。

And by the way, we think that's going to have all kind of tangents tied to it as well once the 5G rollout gets underway in terms of derivatives to other parts of our business. And then I think I complement that with saying, there's just been good acceptance of our solutions and our services in the space, both on the design side, I think, Mike alluded to. He was using some fancy terms around what we call kind of design to dust and repurposing older servers, and he did a nice job explaining it. It sounds a little, I don't know, overly technical or whatever.

順便說一句，我們認為，一旦 5G 的推出開始，就我們業務的其他部分的衍生品而言，這將與各種切線相關聯。然後我想我補充說，我認為，在設計方面，我們的解決方案和我們在空間中的服務得到了很好的接受，我認為，邁克提到了。他使用了一些花哨的術語來圍繞我們所謂的設計來除塵和重新利用舊服務器，並且他很好地解釋了這一點。這聽起來有點，我不知道，過於技術性或其他什麼。

But we've got -- when we talk about the design side all the way to repositioning and disposing of older hardware kind of front to back, I think, Shannon, the solutions we have in that space, again, it's still what I would call early days, but it have been received quite well. And I would also suggest that there is some market share wins in there as well.

但是我們已經有了 - 當我們一直談論設計方面，從前到後重新定位和處理舊硬件時，我想，香農，我們在那個領域擁有的解決方案，再說一次，這仍然是我想要的早點打電話，但收到的還是不錯的。而且我還建議那裡也有一些市場份額的勝利。

Great. That was helpful. And then my second question is just on stimulus. If you think back to last summer and maybe what you -- I know it's somewhat hard to determine how much benefit you guys saw directly from stimulus. But how are you thinking about it when you gave us the guidance for this year in terms of the checks that are going to be hitting in the next few weeks?

偉大的。那很有幫助。然後我的第二個問題只是關於刺激。如果你回想去年夏天，也許你的情況——我知道很難確定你們直接從刺激中看到了多少好處。但是，當您就未來幾週將要實施的檢查向我們提供今年的指導時，您是如何考慮的？

Yes, thanks. Let me break up the back half of '21 with '22 and '23. I can't make sense of the U.S. equity markets anymore because I don't know how they got detached from fundamentals in so many ways. I just think that when you put $4 trillion of stimulus into the system and there's dollars everywhere, they got to go somewhere. I think that stimulus will be a bit of a driver for the next couple of quarters, maybe into 1Q of '22. But the nice thing is, so as we navigate '21, I see two things. I see certain parts of our business being driven by what I would call COVID-type behaviors. Some of those will dissipate. Some of those will maintain. I see certain parts of our business that are stimulus-related.

是啊謝謝。讓我將 21 年的後半部分與 22 年和 23 年分開。我再也無法理解美國股市，因為我不知道它們是如何在很多方面脫離基本面的。我只是認為，當您向系統中投入 4 萬億美元的刺激措施並且到處都有美元時，它們必須去某個地方。我認為刺激措施將成為未來幾個季度的驅動力，可能會持續到 22 年的第一季度。但好消息是，當我們瀏覽 21 年時，我看到了兩件事。我看到我們業務的某些部分是由我稱之為 COVID 類型的行為驅動的。其中一些會消散。其中一些將保持不變。我看到我們業務的某些部分與刺激相關。

In certain parts of the United States right now, you go and you try to buy a truck, a car, an appliance, whatever it may be, there's backlogs everywhere, and I think that's stimulus-related. But as the impact of stimulus and the impact to COVID start to attenuate a bit and fall off a bit, I think what's right behind that is kind of no-kidding, no-nonsense secular trends.

現在在美國的某些地區，你去嘗試購買卡車、汽車、電器，無論是什麼，到處都有積壓，我認為這與刺激措施有關。但隨著刺激措施的影響和對 COVID 的影響開始有所減弱並有所下降，我認為這背後是一種嚴肅的、嚴肅的世俗趨勢。

And again, Mike talked about it, I talked about it in our prepared remarks. And I think those specific trends certainly will be a driver for our business the next 2, 3, 4 years. So it's not like I'm sitting here going, geez, when stimulus abates, when COVID types of hardware either go away or reduce, that there's not going to be other elements that continue to give us a little bit of an uplift. So I don't know if that helps or gets at your question, but that's how I see it.

再一次，邁克談到了它，我在我們準備好的評論中談到了它。我認為這些特定趨勢肯定會成為我們未來 2、3、4 年業務的驅動力。因此，天哪，當刺激減弱時，當 COVID 類型的硬件消失或減少時，我不會坐在這裡繼續前進，不會有其他元素繼續給我們帶來一點點提升。所以我不知道這是否有助於或解決你的問題，但這就是我的看法。

The next question is from Matt Sheerin of Stifel.

下一個問題來自 Stifel 的 Matt Sheerin。

Yes. Mark, your commentary across end markets, extremely positive. One area that you're still guiding down year-over-year is networking and storage. It looks like you took that up a little bit from $2.3 billion to $2.4 billion but still down. Could you tell us what you're seeing in that market? Is this still weakness in on-prem spend and expectations of that improving as the recovery continues post COVID?

是的。馬克，您對終端市場的評論非常積極。您仍在逐年引導的一個領域是網絡和存儲。看起來你把它從 23 億美元增加到 24 億美元，但仍然下降。你能告訴我們你在那個市場上看到了什麼嗎？這是否仍然是本地支出的弱點，以及隨著 COVID 後繼續復甦而改善的預期？

Yes, sure. So the network storage business was around 2.8 in fiscal '20. September, we took that all the way down to 2.2. And again, that's a reflection of a couple of things. It's a reflection of some of the legacy business maybe starting to lose footing and lose a little traction out in the marketplace. Number two is, again, as we continue to think about our portfolio for fiscal '22 and '23, there are certain areas of that business that, when we think about our overall invested capital, might not make sense for us any longer. But the nice thing is from the September time frame to the December time frame to today, we've actually been on a trajectory back-up.

是的，當然。因此，20 財年的網絡存儲業務約為 2.8。 9 月，我們將其一直降低到 2.2。再說一次，這反映了幾件事。這反映了一些傳統業務可能開始失去立足點並在市場上失去一點吸引力。第二，當我們繼續考慮我們在 22 財年和 23 財年的投資組合時，第二個問題是，當我們考慮我們的整體投資資本時，該業務的某些領域可能對我們不再有意義。但好消息是從 9 月的時間框架到 12 月的時間框架到今天，我們實際上一直處於備份軌道上。

So that's nothing more than, a, we have tremendous relationships with certain customers in that space, and we'll continue to serve those customers, serve them well. And as long as they'll have us and appreciate the value we provide, we're all in. And so again, I think about 2.8 in '20, dipped down 2.2 in the last, I think, December. And today, we've taken it back up by $200 million roughly. And I would just look at -- I'd look at network and storage as a very key element of our 8-sector makeup. And I would say that even though in some of those businesses' margins might be tight, cash flows are quite good. So it's a very good complement to the other 7 sectors.

因此，這無非是，a，我們與該領域的某些客戶建立了良好的關係，我們將繼續為這些客戶服務，為他們提供良好的服務。只要他們擁有我們並欣賞我們提供的價值，我們就會全力以赴。因此，我再次認為 20 年是 2.8，我認為在去年 12 月下降了 2.2。而今天，我們已經收回了大約 2 億美元。而且我只想看看 - 我會將網絡和存儲視為我們 8 部門構成的一個非常關鍵的元素。我想說的是，儘管其中一些業務的利潤率可能很緊，但現金流還是相當不錯的。因此，它是對其他 7 個部門的一個很好的補充。

Okay. And then just a question regarding your packaging initiatives, particularly the eco-friendly initiatives, you just announced a big paper bottle solutions investment and plan. Could you talk more about that, the opportunity? And how important is that in terms of a growth driver for Jabil?

好的。然後只是一個關於您的包裝計劃的問題，特別是環保計劃，您剛剛宣布了一項大紙瓶解決方案的投資和計劃。你能多談談那個，機會嗎？就捷普的增長動力而言，這有多重要？

Well, it won't be much of a growth driver this year. We have to be very, very, very selective in our M&A. We are committed to returning capital to shareholders. But at the same time, and I made this comment around growth, if we ever get to a point where we're not growing the company, then shame on us. But we have to do so in a margin-friendly cash flow-friendly way, which is, I think what I hope this year's results will start to prove out.

好吧，今年它不會成為增長的動力。我們必須非常、非常、非常有選擇性地進行併購。我們致力於向股東返還資本。但與此同時，我就增長發表了這一評論，如果我們達到了我們沒有發展公司的地步，那就讓我們感到羞恥。但我們必須以一種對利潤有利的現金流友好的方式這樣做，也就是說，我認為我希望今年的結果將開始證明。

And as part of that, the good news is, almost all of our material growth is organic, which is the best growth to have by two magnitudes. But we will continue to complement that with select M&A activity. And for us to put some dollars in play with the acquisition you're talking about is a wonderful company with wonderful people and great leadership, a company called Ecologic. We are very excited about the platform that they've developed.

作為其中的一部分，好消息是，我們幾乎所有的物質增長都是有機的，這是兩個數量級的最佳增長。但我們將繼續通過精選的併購活動來補充這一點。對我們來說，在你所說的收購中投入一些資金是一家很棒的公司，擁有優秀的人才和出色的領導力，一家名為 Ecologic 的公司。我們對他們開發的平台感到非常興奮。

And we always ask ourselves the question, when we're looking at acquisitions, we start with culture alignment, we start with capability and competency. And then what are we going to do with the business when we own it strategically, we have a wonderful roadmap internally around sustainable packaging. And this is kind of a second or third step for us. We believe that we'll be able to take that technology. And as we look towards fiscal '22, '23, give that technology its due in terms of further R&D, and then giving that technology exposure to maybe bigger brands that we support based on our balance sheet, our scale and our relationships.

我們總是問自己一個問題，當我們考慮收購時，我們從文化調整開始，我們從能力和能力開始。然後，當我們戰略性地擁有該業務時，我們將如何處理它，我們在內部有一個圍繞可持續包裝的精彩路線圖。這對我們來說是第二步或第三步。我們相信我們將能夠採用這項技術。當我們展望 22 財年和 23 財年時，在進一步研發方面給予該技術應有的權利，然後根據我們的資產負債表、我們的規模和我們的關係，將該技術暴露給我們支持的更大品牌。

The next question is from Mark Delaney of Goldman Sachs.

下一個問題來自高盛的馬克德萊尼。

The company is doing very well on margin and guiding to 4.2% for this year despite what I would think are some temporary cost headwinds related to the supply chain environment, including shipping costs or some of these component shortages that the whole industry is having to deal with. Can you talk about how much of a headwind the company may be seeing from some of those supply chain types of costs this year? And if we were to add that back, do you think that's more representative of the underlying margin levels that the company can hopefully build off of going forward? Or are there any other temporal factors that we should be thinking about that's influencing margins this year?

儘管我認為與供應鏈環境相關的一些臨時成本逆風，包括運輸成本或整個行業必須應對的一些組件短缺，該公司的利潤率表現非常好，今年指導為 4.2%和。您能否談談公司今年可能從這些供應鏈類型的成本中看到多少不利因素？如果我們把它加回來，你認為這是否更能代表公司未來有望建立的潛在利潤率水平？或者還有其他我們應該考慮的影響今年利潤率的時間因素嗎？

Yes. Thanks, Mark. Geez, I said earlier, we've certainly handicapped the business for Q3 and Q4, and I think our handicap has been appropriate. So I think that in and of itself might suggest that if we didn't handicap the business, maybe margins would be 4.3% for the year. I wouldn't get much ahead of that. But I also mentioned earlier, Mark, the method. The method to our madness in terms of supply chain management, it's wonderful.

是的。謝謝，馬克。天啊，我之前說過，我們確實限制了第三季度和第四季度的業務，我認為我們的限制是適當的。因此，我認為這本身可能表明，如果我們不妨礙業務，那麼今年的利潤率可能為 4.3%。我不會提前太多。但我之前也提到過，馬克，方法。我們在供應鏈管理方面的瘋狂方法，太棒了。

And just listening to others, either a few customers, suppliers or folks in our industry, we're navigating this thing beautifully. And it's a tough deal. But the impact to us, I think, will be minimal on a relative basis. And again, as we sit here today, we had a debrief from our entire procurement team last week, and we feel like this thing will start to show levels of relief as we get into 1Q of '22 and for sure, as we get into calendar '22. So to frame out that time frame, call it, September-October-November time frame, we'll start seeing relief. And then I think things will be back to more normal conditions, call it, January, February, March of '22.

只是聽取其他人的意見，無論是少數客戶、供應商還是我們行業的人，我們都在完美地駕馭這件事。這是一個艱難的交易。但我認為，相對而言，對我們的影響將是微乎其微的。再一次，當我們今天坐在這裡時，上週我們聽取了整個採購團隊的匯報，我們覺得隨著我們進入 22 年的第一季度，並且可以肯定的是，隨著我們進入'22 日曆。因此，為了確定這個時間框架，稱之為 9 月至 10 月至 11 月的時間框架，我們將開始看到緩解。然後我認為事情會恢復到更正常的狀態，稱之為 22 年的 1 月、2 月、3 月。

With that said, again, we gave the guidance we gave to today for Q3 and Q4 and it's something we feel confident in. And as I mentioned earlier, when you look at margins, 4.2 for the year, I think, we're going to continue the effort to have an upward trajectory of that as we get into '22, even with considerations of near-term supply chain issues.

話雖如此，我們再次為第三季度和第四季度提供了今天的指導，我們對此充滿信心。正如我之前提到的，當您查看利潤率時，我認為今年的利潤率為 4.2隨著我們進入 22 世紀，即使考慮到近期的供應鏈問題，也要繼續努力實現這一目標的上升軌跡。

That's very helpful. My follow-up question was on the EV opportunity, and automotive has been a growing business for Jabil and an area, I realize, that Jabil has a lot of capabilities in already. Foxconn is moving to diverse -- or brought it out its business and doing full electric vehicle architectures and even final car assembly. I'm interested if that's the type of business that Jabil would also consider expanding into within the automotive and EV space.

這很有幫助。我的後續問題是關於電動汽車的機會，汽車對捷普來說是一個不斷增長的業務，我意識到捷普已經在這個領域擁有很多能力。富士康正在走向多元化——或將其推出業務並進行全電動汽車架構甚至汽車總裝。如果這也是 Jabil 考慮在汽車和電動汽車領域擴展的業務類型，我很感興趣。

I think it's far as to think that we're all set up automotive factories. The capital intensity of that is enormous, and I don't want our people focused away from what we do really, really well, which is sensors, components, subassemblies for the entire automotive space, and thank you for the compliment on that. We do have a very good track record in automotive. One of the strategic decisions we made 2.5, 3 years ago was -- is all hands-on in terms of really focusing hard on electrification and EV not just with automobiles but all the transportation. And I think that decision is paying dividends to us.

我認為我們都在建立汽車工廠。其資本強度是巨大的，我不希望我們的員工專注於我們真正做得很好的事情，即傳感器、組件、整個汽車領域的子組件，感謝您對此的稱讚。我們在汽車領域確實有很好的記錄。 3 年前，我們在 2.5 年做出的戰略決策之一是——真正專注於電氣化和電動汽車，不僅僅是汽車，而是所有交通工具。我認為這個決定給我們帶來了紅利。

When you think about the term electrification, that would suggest right in our core, and the R&D dollars and the investments we've made in that area have been substantial. So I feel pretty good about how we're positioned there, and we'll see how that plays out for '22 and '23. If I had to speculate and make a little bit of a guess today, I think, today, we look at that, the 8-sector chart in FY '20, automotive transport was about $1.7 billion; September, we took that up to $1.9 billion. We're sitting here today saying it will be a bit over $2.2 billion. And I would -- if I had to venture a guess today, I would say that the trajectory of that sector as we move through '22 is going to continue to be up and to the right.

當您考慮電氣化一詞時，這將表明我們的核心，研發資金和我們在該領域所做的投資是可觀的。所以我對我們在那裡的定位感覺很好，我們將看看它在 22 年和 23 年會如何發揮作用。如果我今天必須推測並做出一點猜測，我認為，今天，我們看一下 20 財年的 8 個行業圖表，汽車運輸約為 17 億美元； 9 月，我們將其增加到 19 億美元。我們今天坐在這裡說這將超過 22 億美元。我會 - 如果我今天不得不冒險猜測，我會說隨著我們進入 22 世紀，該行業的軌跡將繼續向上和向右。

This now concludes our call. Thank you for your interest in Jabil. You may disconnect your lines at this time. Thank you for your participation.

現在結束我們的通話。感謝您對捷普的興趣。此時您可以斷開線路。感謝您的參與。