捷普科技 (JBL) 2020 Q4 法說會逐字稿

Hello, and welcome to the Jabil Fourth Quarter Fiscal Year 2020 Earnings Call and Investor Briefing. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎來到捷普 2020 財年第四季度財報電話會議和投資者簡報會。 （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 your host, Adam Berry, Vice President, Investor Relations. Adam, please go ahead.

現在，我很高興將電話轉給您的主持人，投資者關係副總裁 Adam Berry。亞當，請繼續。

Good morning, and welcome to Jabil's fourth quarter of fiscal 2020 earnings call and investor briefing. Joining me on today's call are Chief Executive Officer, Mark Mondello; and Chief Financial Officer, Mike Dastoor.

早上好，歡迎參加捷普 2020 財年第四季度財報電話會議和投資者簡報會。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。

We'll begin today with Mike, who will review our fourth quarter and fiscal 2020 results. These slides are currently posted on our website at jabil.com. Following those comments, we will transition to our third annual investor briefing, where Mark will review our business overview and Mike will provide an outlook for our first quarter and fiscal 2021. We will then open it up for your questions.

我們今天將從邁克開始，他將審查我們的第四季度和 2020 財年業績。這些幻燈片目前發佈在我們的網站 jabil.com 上。在這些評論之後，我們將過渡到我們的第三次年度投資者簡報，馬克將在那裡審查我們的業務概覽，邁克將提供我們第一季度和 2021 財年的展望。然後我們將向您提出問題。

Please note, to view our investor briefing slides during today's session, you will need to be logged into our webcast at jabil.com. Following today's session, you will find our entire slide deck for both our fourth quarter earnings and investor briefing on our website. The entirety of today's call will be recorded and posted for audio playback on jabil.com within the Investors section. Our fourth quarter press release, slides and corresponding webcast are also available on our website. In these materials, you will find the earnings information that we cover during this conference call.

請注意，要在今天的會議期間查看我們的投資者簡報幻燈片，您需要在 jabil.com 上登錄我們的網絡廣播。在今天的會議之後，您將在我們的網站上找到我們第四季度收益和投資者簡報的整個幻燈片。今天通話的全部內容將被記錄下來並發佈在 jabil.com 投資者部分的音頻播放中。我們的網站也提供了我們第四季度的新聞稿、幻燈片和相應的網絡廣播。在這些材料中，您將找到我們在本次電話會議期間介紹的收益信息。

Before handing the call over to Mike, I'd now ask that you follow our earnings presentation with slides on the website, beginning with our forward-looking statement. During this conference call, we will be making forward-looking statements, including, among other things, those regarding the anticipated outlook for our business, such as our currently expected first quarter net revenue and earnings. These statements are based on current expectations, forecasts and assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially. 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, 2019, 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.

在將電話轉給邁克之前，我現在要求您通過網站上的幻燈片來關注我們的收益演示，從我們的前瞻性聲明開始。在本次電話會議期間，我們將做出前瞻性陳述，其中包括有關我們業務預期前景的陳述，例如我們目前預期的第一季度淨收入和收益。這些陳述基於當前的預期、預測和假設，其中涉及可能導致實際結果和結果存在重大差異的風險和不確定性。我們在截至 2019 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 Mike.

有了這個，現在我很高興將電話轉給邁克。

Thank you, Adam, and good morning, everyone. I'm very pleased with our fourth quarter performance. Both segments executed extremely well and delivered financial results that came in well above the guidance we provided on June '19.

謝謝你，亞當，大家早上好。我對我們第四季度的表現感到非常滿意。這兩個部門都執行得非常好，並提供了遠高於我們在 19 年 6 月提供的指導的財務業績。

The overperformance was driven mainly by 2 factors. First, during Q4, we experienced fewer COVID-related disruptions than we anticipated in June, which resulted in higher-than-expected throughput in our plants, a more efficient supply chain and lower COVID-related expenses. And second, our teams in both segments quickly moved to capitalize on upside demand, mainly in the mobility, 5G wireless and cloud end markets.

業績超常主要受兩個因素驅動。首先，在第四季度，我們經歷的與 COVID 相關的中斷比 6 月份的預期要少，這導致我們工廠的吞吐量高於預期，供應鏈更高效，與 COVID 相關的費用更低。其次，我們在這兩個領域的團隊迅速採取行動以利用上行需求，主要是在移動性、5G 無線和雲終端市場。

The compounding effects of higher-than-expected sales, improved productivity and lower costs allowed us to deliver strong revenue, core operating income and core diluted earnings per share in Q4, well above our expectations in June.

高於預期的銷售額、提高生產力和降低成本的複合效應使我們能夠在第四季度實現強勁的收入、核心營業收入和核心每股攤薄收益，遠高於我們 6 月份的預期。

With that, I'll now review our Q4 and fiscal '20 financial results. Net revenue for the fourth quarter was $7.3 billion, an increase of 11% year-over-year. GAAP operating income was $197 million, and our GAAP diluted earnings per share was $0.44. Core operating income during the quarter was $255 million, well above our expectations in June, driven mainly by the aforementioned higher sales and lower COVID-related impact that came in approximately $25 million lower than anticipated.

有了這個，我現在將回顧我們的第四季度和 20 財年的財務業績。第四季度淨收入為 73 億美元，同比增長 11%。 GAAP 營業收入為 1.97 億美元，我們的 GAAP 攤薄後每股收益為 0.44 美元。本季度的核心營業收入為 2.55 億美元，遠高於我們 6 月份的預期，這主要是由於上述較高的銷售額和較低的 COVID 相關影響比預期低約 2500 萬美元。

Net interest expense during the quarter was $46 million. Our core tax rate for the quarter was 24%. Core diluted earnings per share was $0.98, an 11% improvement over the prior year quarter. For the full fiscal year, net revenue was $27.3 billion, up 8% year-over-year.

本季度的淨利息支出為 4600 萬美元。我們本季度的核心稅率為 24%。每股核心攤薄收益為 0.98 美元，比去年同期增長 11%。整個財年，淨收入為 273 億美元，同比增長 8%。

FY '20 GAAP operating income was $500 million, with GAAP net income of $54 million. GAAP net diluted earnings per share was $0.35 for the year. Core operating income was $864 million, representing a core operating margin of 3.2%. Core diluted earnings per share for the year was $2.90.

20 財年 GAAP 營業收入為 5 億美元，GAAP 淨收入為 5400 萬美元。當年美國通用會計準則每股攤薄淨收益為 0.35 美元。核心營業收入為 8.64 億美元，核心營業利潤率為 3.2%。當年核心攤薄後每股收益為 2.90 美元。

Now turning to our fourth quarter and FY '20 segment results. Revenue for our DMS segment was $2.8 billion, up 17% year-over-year. This growth was mainly due to our mobility and health care end markets. Core margins for the segment improved 60 basis points year-over-year to 3.5%.

現在轉向我們的第四季度和 20 財年分部業績。我們 DMS 部門的收入為 28 億美元，同比增長 17%。這一增長主要歸功於我們的移動和醫療保健終端市場。該部門的核心利潤率同比增長 60 個基點至 3.5%。

Revenue for our EMS segment increased by 8% year-over-year to $4.5 billion, driven mainly by the semi cap, 5G wireless and cloud end markets. Core margins for the segment were 3.5% during the quarter.

我們的 EMS 部門的收入同比增長 8% 至 45 億美元，主要受半導體、5G 無線和雲終端市場的推動。本季度該部門的核心利潤率為 3.5%。

For the year, our DMS segment revenue was $10.7 billion, up 8% year-over-year, mainly due to our health care business. Core margins for the segment were 3.9%.

全年，我們的 DMS 部門收入為 107 億美元，同比增長 8%，主要歸功於我們的醫療保健業務。該部門的核心利潤率為 3.9%。

Moving to EMS. In FY '20, revenue increased by 8% year-over-year to $16.6 billion as our value proposition continues to be well received in the areas of 5G wireless, cloud and semi cap. Core margins for the segment were 2.7%.

轉移到EMS。在 20 財年，收入同比增長 8% 至 166 億美元，因為我們的價值主張在 5G 無線、雲和半導體領域繼續受到好評。該部門的核心利潤率為2.7%。

Turning now to our cash flows and balance sheet. In Q4, inventory days came in better than expected at 56 days, a decline of 11 days sequentially. Net capital expenditures for the fourth quarter were $241 million and for the full fiscal year came in as expected at $796 million. Our fourth quarter cash flows from operations were very strong, coming in at $687 million. As a result, the strong fourth quarter performance in cash flow generation, adjusted free cash flow for the fiscal year came in higher than expected at approximately $461 million. We exited the quarter with total debt to core EBITDA levels of approximately 1.7x and cash balances of $1.4 billion.

現在轉向我們的現金流和資產負債表。第四季度，庫存天數為 56 天，好於預期，環比下降 11 天。第四季度的淨資本支出為 2.41 億美元，整個財年的淨資本支出為 7.96 億美元，符合預期。我們第四季度的運營現金流非常強勁，達到 6.87 億美元。因此，第四季度現金流產生的強勁表現，本財年調整後的自由現金流高於預期，約為 4.61 億美元。我們在本季度結束時，總債務約為核心 EBITDA 水平的 1.7 倍，現金餘額為 14 億美元。

To further strengthen our balance sheet, during Q4, we issued a $600 million 3% senior note maturing in January of 2031. We used the proceeds to redeem our $400 million 5.625% senior notes due in December 2020.

為了進一步加強我們的資產負債表，在第四季度，我們發行了 6 億美元、利率為 3% 的優先票據，將於 2031 年 1 月到期。我們用所得款項贖回了 2020 年 12 月到期的 4 億美元、利率為 5.625% 的優先票據。

We ended Q4 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 Q4 with access to more than $5.2 billion of available liquidity, which we believe provides us ample flexibility to navigate the current market environment. During Q4, we repurchased approximately 760,000 shares for $25 million, bringing our total year-to-date repurchases to $215 million.

在第四季度末，我們在全球信貸額度下的承諾容量為 38 億美元。憑藉這一可用容量以及我們季度末的現金餘額，捷普在第四季度末獲得了超過 52 億美元的可用流動性，我們相信這為我們提供了足夠的靈活性來駕馭當前的市場環境。在第四季度，我們以 2500 萬美元回購了大約 760,000 股股票，使我們年初至今的回購總額達到 2.15 億美元。

In closing, I'm very pleased with our strong execution and resiliency in a challenging environment, and I'm encouraged by the positive momentum we carry into fiscal '21.

最後，我對我們在充滿挑戰的環境中的強大執行力和彈性感到非常滿意，我對我們進入 21 財年的積極勢頭感到鼓舞。

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

有了這個，我現在將把電話轉給馬克。

Thanks, Mike. Good morning. I appreciate everyone taking time to join our call today. I'll begin by offering my sincere gratitude to all of you here at Jabil. Thanks for hanging in there during these trying times, while never compromising the safety of our people. Your response, stamina and attitude have been amazing and so appreciated. Again, thank you all.

謝謝，邁克。早上好。我感謝大家今天抽出時間加入我們的電話會議。我將首先向 Jabil 的所有人表示誠摯的謝意。感謝您在這些艱難時期堅持不懈，同時從不損害我們人民的安全。你的反應、耐力和態度令人驚嘆，非常感謝。再次感謝大家。

Today is our third consecutive year where we not only share our results and give a quarterly guide, but we also provide a complete outlook for the year ahead, so I'll get us started with thoughts on our outlook, and Mike will offer additional detail during his follow-on remarks.

今天是我們連續第三年，我們不僅分享我們的結果並提供季度指南，而且我們還提供了對未來一年的完整展望，所以我會讓我們開始思考我們的展望，邁克將提供更多細節在他的後續講話中。

Moving to Slide 11. I'll offer a few thoughts on our approach, beginning with diversity and inclusion. Being that Jabil is a service business, we know that each employee is critical to our success. We also know that each employee has the right to be treated with dignity and respect all day and every day. We operate our business in 30-plus countries, employing people that don't look the same, don't talk the same, people that practice different religions, have different sexual orientations, people with physical limitations and neurodiversities. Diversity and inclusion is top of mind as we employ folks all around the world, but we've got more work to do.

轉到幻燈片 11。我將就我們的方法提出一些想法，從多樣性和包容性開始。由於 Jabil 是一家服務企業，我們知道每位員工對我們的成功都至關重要。我們也知道，每位員工都有權在每一天和每一天都得到尊嚴和尊重。我們在 30 多個國家/地區開展業務，僱用長相不一樣、說話不一樣的人、信奉不同宗教、有不同性取向的人、有身體限制和神經多樣性的人。當我們在世界各地僱傭員工時，多樣性和包容性是首要考慮因素，但我們還有更多工作要做。

We won't abide racism or lack of human rights. We won't accept discrimination or social injustice. Our team challenges the status quo, and we hold ourselves accountable through action. Most recently, we formed a 9-person council to assist and guide our internal D&I efforts. This council will provide advocacy as we push to improve our own shortcomings. These 9 council leaders are talented and, without a doubt, will make us better.

我們不會容忍種族主義或缺乏人權。我們不會接受歧視或社會不公。我們的團隊挑戰現狀，我們通過行動對自己負責。最近，我們成立了一個由 9 人組成的委員會來協助和指導我們內部的 D&I 工作。當我們努力改善自己的缺點時，該委員會將提供倡導。這 9 位理事會領導人才華橫溢，毫無疑問，他們會讓我們變得更好。

Consistent with this focus, we're pleased to be a premium sponsor for the upcoming Special Olympics U.S. Games. This sponsorship has evolved into a partnership, granting our employees the remarkable opportunity to engage with the athletes and their coaches. This will also make us better.

與這一重點一致，我們很高興成為即將舉行的美國特奧會的優質贊助商。這種贊助已經發展成為一種合作夥伴關係，為我們的員工提供了與運動員及其教練互動的絕佳機會。這也會讓我們變得更好。

In summary, our team continues to safeguard our work environment and ensure that everyone can be their true self without fear or anxiety, without harm or recourse and with full acceptance of our individual differences.

總而言之，我們的團隊繼續保護我們的工作環境，確保每個人都可以成為真正的自己，沒有恐懼或焦慮，沒有傷害或追索，並完全接受我們的個體差異。

A second aspect of our approach pertains to ESG and sustainability. At Jabil, we aim to always do what's right. This includes doing right by our planet and doing right in helping others. We'll expand our use of clean energy as we strive to reduce our greenhouse gas emissions by 25% within the next 5 to 6 years.

我們方法的第二個方面與 ESG 和可持續性有關。在 Jabil，我們的目標是始終做正確的事。這包括在我們的星球上做正確的事，以及在幫助他人方面做正確的事。我們將擴大清潔能源的使用，努力在未來 5 到 6 年內將溫室氣體排放量減少 25%。

Equally important is the pursuit of our sustainability goals as influenced by the United Nations Decade of Action. We're determined to lead our industry by attaining highest standards in the areas of employee safety, water usage, hazardous waste and supply chain management.

同樣重要的是追求受聯合國行動十年影響的可持續發展目標。我們決心通過在員工安全、用水、危險廢物和供應鏈管理領域達到最高標準來引領我們的行業。

Also we understand what gets measured gets done, so we've applied this mantra to our people and their incredible generosity, which allows us to quantify their contributions as they volunteer their personal time.

此外，我們了解衡量標準的工作，因此我們將這一口號應用於我們的員工和他們令人難以置信的慷慨，這使我們能夠在他們自願提供個人時間時量化他們的貢獻。

Let's now turn to Slide 13. This slide paints a terrific picture, underscoring the effectiveness of our team and the strength of our commercial portfolio. What you see is 2 segments, where 1 plus 1 equals 3; 2 segments that complement one another, both in terms of end markets and capabilities, relevant capabilities that, when properly combined, fuel our services and our solutions; 2 segments that, when placed side by side, suggest resiliency at scale.

現在讓我們轉到幻燈片 13。這張幻燈片描繪了一幅極好的畫面，強調了我們團隊的有效性和我們商業組合的實力。你看到的是2段，其中1加1等於3； 2 個相互補充的細分市場，無論是在終端市場和能力方面，還是在適當組合時，為我們的服務和解決方案提供動力的相關能力； 2 個部分，當並排放置時，表明具有規模彈性。

So let's break down each segment. Please flip to Slide 14. Roughly 50% of our DMS segment is comprised of Jabil businesses that operate in a regulated-type environment, businesses such as health care and automotive. These end markets share similar certification and validation requirements and must meet certain standards as they bring products to market. At the same time, capital investments align with the longer, more stable product life cycles.

因此，讓我們分解每個部分。請翻到幻燈片 14。我們的 DMS 部門大約 50% 由 Jabil 業務組成，這些業務在受監管的環境中運營，例如醫療保健和汽車等業務。這些終端市場具有相似的認證和驗證要求，並且在將產品推向市場時必須滿足某些標準。同時，資本投資與更長、更穩定的產品生命週期保持一致。

The other half of our DMS segment is also comprised of 2 divisions: our connected devices; and mobility divisions. These divisions excel at high-volume production, advanced material sciences, aesthetically complex molding, precision mechanics and flexible automation. We're excited about the balanced portfolio within our DMS segment, with a focus on expanding margins, while offering reliable cash flows.

我們 DMS 部門的另一半也由 2 個部門組成：我們的連接設備；和流動部門。這些部門在大批量生產、先進材料科學、美學複雜成型、精密機械和靈活自動化方面表現出色。我們對 DMS 部門的平衡投資組合感到興奮，重點是擴大利潤率，同時提供可靠的現金流。

Let's now move to Slide 15, where I'll share a few thoughts on our EMS segment. Jabil's ability to combine years of manufacturing know-how and process standards with data analytics set us apart. Our longstanding customers leverage Jabil's unique IT network, as we manage all types of sophisticated global supply chains. Today, we serve a wonderful blend of markets across our EMS segment, markets that include 5G and cloud, industrial and semi cap, digital print and retail, networking and storage. We're excited about the broad range of customers in our EMS segment, with a focus on growing cash flows, while offering stable margins.

現在讓我們轉到幻燈片 15，我將在其中分享一些關於我們的 EMS 部分的想法。 Jabil 將多年的製造技術和流程標準與數據分析相結合的能力使我們與眾不同。當我們管理所有類型的複雜全球供應鏈時，我們的長期客戶利用 Jabil 獨特的 IT 網絡。今天，我們為 EMS 部門的各種市場提供服務，這些市場包括 5G 和雲、工業和半導體、數字印刷和零售、網絡和存儲。我們對 EMS 部門的廣泛客戶感到興奮，他們專注於增加現金流，同時提供穩定的利潤率。

Putting this all together, let's look at our outlook on Slide 16. For fiscal '21, we plan to deliver a core operating margin of 4% on revenues of $26.5 billion. This mirrors what we committed to you one year ago. It's important to note that the 4% operating margin on the $26 billion correlates to $4 in core EPS, again, mirroring what we said last September.

綜上所述，讓我們看看我們對幻燈片 16 的展望。對於 21 財年，我們計劃實現 4% 的核心營業利潤率和 265 億美元的收入。這反映了我們一年前對您的承諾。值得注意的是，260 億美元的 4% 營業利潤率與 4 美元的核心每股收益相關，這再次反映了我們去年 9 月所說的情況。

Three primary actions give us confidence in our outlook: one, the improved makeup of our commercial portfolio; two, reduced levels of overhead; and three, lower costs associated with COVID. These 3 actions sum to roughly $180 million to $190 million of additional income year-on-year FY '20 to FY '21.

三項主要行動使我們對我們的前景充滿信心：一，改善我們的商業投資組合；二、降低開銷水平；第三，降低與 COVID 相關的成本。這 3 項行動總計為 20 財年至 21 財年增加了大約 1.8 億至 1.9 億美元的額外收入。

If I step back and think about where we're at today, much of our success here at Jabil is because we place the needs of the customer first, and we do so through nonparochial sharing of all resources and all capabilities. I think about this sharing as frictionless collaboration. When this collaboration is combined with the experience and actions of our team, you have a winning recipe, a recipe which delivers optimized solutions and services to our customers.

如果我退後一步想想我們今天所處的位置，我們在 Jabil 取得的成功很大程度上是因為我們將客戶的需求放在首位，並且我們通過非狹隘地共享所有資源和所有能力來做到這一點。我認為這種共享是無摩擦的協作。當這種合作與我們團隊的經驗和行動相結合時，您就有了成功的秘訣，即為我們的客戶提供優化的解決方案和服務的秘訣。

I ask that you now please turn to Slide 18. In closing, our outlook for fiscal '21 is indicative of the positive momentum we're carrying into the year. It's an outlook that's grounded by the continuation of our straightforward strategy, a strategy built on 5 basic pillars: ensuring our business mix remains well diversified; obsessing over our customers, while leading with engineering; driving growth through sharing and integrating our capabilities; expanding margins by contouring our portfolio; and leveraging our varied end markets to deliver reliable cash flows.

我要求您現在請轉到幻燈片 18。最後，我們對 21 財年的展望表明我們今年將保持積極勢頭。這一前景以我們直接戰略的延續為基礎，該戰略建立在 5 個基本支柱之上：確保我們的業務組合保持良好的多元化；以工程為先導，以客戶為中心；通過共享和整合我們的能力來推動增長；通過調整我們的投資組合來擴大利潤率；並利用我們多樣化的終端市場提供可靠的現金流。

Lastly, to our entire leadership team, once again, thank you for making Jabil, Jabil. Most importantly, thank you for being your true self. As CEO, I'm honored to serve you year in and year out.

最後，對於我們整個領導團隊，再次感謝您讓 Jabil 成為 Jabil。最重要的是，感謝你成為真正的自己。作為首席執行官，我很榮幸能夠年復一年地為您服務。

I'll now turn the call back over to Mike.

我現在將電話轉回給邁克。

Thanks, Mark. I would also like to thank our employees for their hard work, dedication and excellent execution during a challenging FY '20. Over the next few minutes, I plan to provide you with a framework that highlights how we will execute on our strategy and deliver on our financial commitments in the coming year.

謝謝，馬克。我還要感謝我們的員工在充滿挑戰的 20 財年期間的辛勤工作、奉獻精神和出色的執行力。在接下來的幾分鐘內，我計劃為您提供一個框架，重點介紹我們將如何執行我們的戰略並在來年兌現我們的財務承諾。

As we turn our focus to 2021, our financial priorities remain unchanged. First, we're fully focused on expanding margins. To position the company to deliver higher margins over the last few years, we've targeted growth in areas of our business that have higher return profiles, that offer accretive margins and strong cash flow streams. At the same time, we're focused on optimizing costs to ensure we deliver SG&A leverage across the worldwide Jabil footprint.

隨著我們將重點轉向 2021 年，我們的財務重點保持不變。首先，我們完全專注於擴大利潤。為了使公司在過去幾年中實現更高的利潤率，我們的目標是在具有更高回報率、利潤率和強勁現金流的業務領域實現增長。同時，我們專注於優化成本，以確保我們在 Jabil 全球範圍內提供 SG&A 槓桿作用。

Secondly, in FY '21, we're forecasting core earnings per share to improve nearly 40% over FY '20.

其次，在 21 財年，我們預計核心每股收益將比 20 財年提高近 40%。

And finally, we're focused on generating strong free cash flow through optimization of working capital and disciplined CapEx management.

最後，我們專注於通過優化營運資金和嚴格的資本支出管理來產生強大的自由現金流。

Next, let's take a look at each of our operating segments, and I'd like to walk you through what we're seeing in the different end markets we serve and how each of these plays a role in delivering our financial targets.

接下來，讓我們來看看我們的每個運營部門，我想向您介紹我們在我們服務的不同終端市場中所看到的情況，以及每個部門如何在實現我們的財務目標方面發揮作用。

Our DMS team's strong performance over the last few years reflects our improving business mix as a result of our intense focus on diversifying our end markets, products and customers to create a more sustainable business. The team continues to do a tremendous job leveraging our deep capabilities in this segment like tooling, precision mechanics, acoustics, optics, automation and material sciences to capture new opportunities in high-value adjacent markets.

我們的 DMS 團隊在過去幾年的強勁表現反映了我們不斷改進的業務組合，這是由於我們高度關注終端市場、產品和客戶的多樣化以創造更可持續的業務。該團隊繼續利用我們在工具、精密機械、聲學、光學、自動化和材料科學等領域的深厚能力，在高價值的相鄰市場中捕捉新機遇，繼續做著巨大的工作。

Nowhere is this clear than in our health care and packaging businesses, which have grown tremendously over the last few years through several key wins, including a transformational strategic health care collaboration. Today, we are one of the largest health care manufacturing solutions companies in the world, and we're well positioned to capture future similar opportunities.

這一點在我們的醫療保健和包裝業務中最為明顯，在過去幾年中，這些業務通過多項關鍵勝利實現了巨大增長，其中包括轉型戰略醫療保健合作。今天，我們是世界上最大的醫療保健製造解決方案公司之一，我們已經準備好抓住未來的類似機會。

In packaging, we are uniquely positioned to benefit from the convergence of electronics and smart and eco-friendly packaging.

在包裝方面，我們具有獨特的優勢，可以從電子產品與智能環保包裝的融合中受益。

As we move to automotive, the bulk of our business focuses on electrification of auto based on a nearly 10-year relationship with the leading electric automotive company in the world. In the near term, this market is recovering faster than we expected just a few months ago. Looking forward, we remain well positioned as demand for increased safety, governmental emission regulations and the race towards electrification and autonomous vehicles are all playing a significant role in shaping the future of driving, as we know it.

隨著我們轉向汽車行業，我們與全球領先的電動汽車公司建立了近 10 年的合作關係，因此我們的大部分業務都集中在汽車電氣化上。在短期內，這個市場的複蘇速度快於我們幾個月前的預期。展望未來，我們仍然處於有利地位，因為對提高安全性的需求、政府排放法規以及電動化和自動駕駛汽車的競賽都在塑造未來的駕駛中發揮著重要作用，正如我們所知。

Moving to connected devices. As more people worked and learned from home, we saw good demand for products, such as tablets, headphones and smart watches in FY '20. As we move forward into FY '21, we expect this dynamic to remain.

移動到連接的設備。隨著越來越多的人在家工作和學習，我們看到了 20 財年對平板電腦、耳機和智能手錶等產品的良好需求。隨著我們進入 21 財年，我們預計這種動態將繼續存在。

Beyond these devices, we're also continuing to shape the portfolio with products that meet our margin and cash flow profiles. Consequently, this will result in lower revenue for FY '21. Beyond FY '21, we believe the adoption of 5G will provide a further catalyst for future growth.

除了這些設備之外，我們還繼續通過符合我們利潤率和現金流狀況的產品來塑造產品組合。因此，這將導致 21 財年的收入下降。在 21 財年之後，我們相信 5G 的採用將為未來的增長提供進一步的催化劑。

And finally, within mobility, we remain extremely well positioned across all models and components, as we continue to benefit from our diversification strategy. The out-of-season launch continues to perform extremely well. In tandem with this, the upcoming next-generation launch, which began in Q4, is going extremely well. Our team's technical expertise and focus on operational efficiencies continues to contribute to a very strong customer relationship.

最後，在移動性方面，我們在所有模型和組件中都處於非常有利的位置，因為我們繼續從我們的多元化戰略中受益。淡季的發布繼續表現非常出色。與此同時，即將於第四季度開始的下一代產品發布進展順利。我們團隊的技術專長和對運營效率的關注繼續為建立非常牢固的客戶關係做出貢獻。

In summary, for DMS, to me, the key takeaway this year is the considerable mix shift underway. In FY '21, health care and packaging is expected to be more than 1/3 of our DMS business, with estimated revenue growth of approximately $600 million in FY '21. Putting it all together for DMS in FY '21, we're expecting an impressive 80 basis points of margin expansion on mid- to high single-digit revenue growth.

總而言之，對我而言，對於 DMS 而言，今年的主要收穫是正在進行的相當大的混合轉變。在 21 財年，醫療保健和包裝預計將超過我們 DMS 業務的 1/3，預計 21 財年收入增長約為 6 億美元。將 21 財年的 DMS 放在一起，我們預計在中高個位數收入增長的情況下，利潤率將增長 80 個基點，令人印象深刻。

Turning now to EMS. The trends in technologies disrupting the IT industry today are numerous and accelerating at a rate never seen before. The interplay between a dramatic increase in bandwidth brought about by 5G and the ever-growing power of computing in the cloud is creating a technology and business ecosystem that is changing at faster rates than earlier generations. All of this is happening in the context of increased consumption of silicon chips, unprecedented change in the retail landscape, additive manufacturing and software-driven architectures.

現在轉向EMS。當今顛覆 IT 行業的技術趨勢眾多，並且以前所未有的速度加速發展。 5G 帶來的帶寬急劇增加與雲計算能力不斷增長之間的相互作用正在創造一個比前幾代更快地變化的技術和商業生態系統。所有這一切都發生在矽芯片消費量增加、零售業格局發生空前變化、增材製造和軟件驅動架構的背景下。

In digital print and retail, we continue to expect softness during the first half of FY '21 driven by office and retail closures. However, longer term, we are well positioned in these end markets as we partner with our customers to bring next-generation print and retail technologies to market.

在數字印刷和零售方面，我們繼續預計 21 財年上半年由於辦公室和零售關閉而出現疲軟。然而，從長遠來看，我們在這些終端市場中處於有利地位，因為我們與客戶合作將下一代印刷和零售技術推向市場。

Shifting gears to industrial. Demand has been relatively consistent to date, but moving forward, we're seeing signs that new building starts are being delayed, which could have an impact on demand in the first half of our fiscal year. However, in the medium to longer term, we are well positioned to take advantage of favorable macro tailwinds through capturing growth in the smart metering, power conversion and energy storage spaces.

轉向工業。迄今為止，需求一直相對穩定，但展望未來，我們看到新建築開工推遲的跡象，這可能會對我們財年上半年的需求產生影響。然而，從中長期來看，我們有能力通過捕捉智能計量、電力轉換和儲能領域的增長來利用有利的宏觀順風。

In semi cap, during the slowdown, the team did an excellent job of aggressively managing our costs, while capturing market share and diversifying our business across both the front end and back end. With the ongoing recovery in the space, our efforts over the last 18 months are manifesting in stronger results. We are seeing solid demand. And so far, customers continue to march ahead with new fab plant investments executing to their 2020 and 2021 roadmaps.

在半市值方面，在經濟放緩期間，團隊在積極管理我們的成本方面做得非常出色，同時在前端和後端佔領了市場份額並使我們的業務多樣化。隨著該領域的持續復甦，我們在過去 18 個月中的努力正在取得更強勁的成果。我們看到了強勁的需求。到目前為止，客戶繼續推進新的晶圓廠投資，以執行其 2020 年和 2021 年的路線圖。

In cloud, our unique offering continues to resonate with the hyperscalers, evidenced by the significant growth over the last 3 years, and this growth has only accelerated in the near term as, work and learn from home has significantly increased the demand for cloud infrastructure.

在雲方面，我們獨特的產品繼續引起超大規模企業的共鳴，過去 3 年的顯著增長就是明證，而且這種增長在短期內只會加速，因為在家工作和學習顯著增加了對雲基礎設施的需求。

Our customers are looking for much more flexibility in their server and storage hardware supply chains, while greatly reducing their cycle times. The message that is resonating with our customers is our design to dust capability to provide a consistent experience across capabilities, functions and geographies. Keep in mind that when we talk about our design to dust value prop, we can design, create, make and recycle all within the same 4 walls, which is incredibly powerful as security and transparency at every step of the hardware life cycle become continually more important to our customers. Coupled with our vertical integration strategy, this level of engagement creates very sticky relationships with our customers.

我們的客戶希望在他們的服務器和存儲硬件供應鏈中獲得更大的靈活性，同時大大縮短他們的周期時間。與我們的客戶產生共鳴的信息是我們設計的防塵能力，以提供跨能力、功能和地域的一致體驗。請記住，當我們談論我們對灰塵價值道具的設計時，我們可以在相同的 4 道牆內設計、創建、製造和回收所有內容，隨著硬件生命週期的每一步的安全性和透明度不斷提高，這非常強大對我們的客戶很重要。再加上我們的垂直整合戰略，這種參與度與我們的客戶建立了非常緊密的關係。

It's worth reminding everyone, our cloud business is a bit unique and has been deliberately structured as a geocentric asset-light service offering. With this in mind, in FY '21, approximately $1 billion in components we procure and integrate will shift from the current purchase and resale model to a consignment service model. We will benefit from higher margins and lower cash used in this business as a result of the transition, which will further bolster the asset-light nature of our offering.

值得提醒大家的是，我們的雲業務有點獨特，並且被刻意構建為以地心為中心的輕資產服務產品。考慮到這一點，在 21 財年，我們採購和集成的大約 10 億美元的組件將從當前的購買和轉售模式轉變為寄售服務模式。由於過渡，我們將受益於該業務中更高的利潤率和更低的現金，這將進一步增強我們產品的輕資產性質。

Another area undergoing rapid disruption is the 5G wireless end market. Over the last several years, we have invested in accelerated NPI, test processes and R&D, increasing our stickiness with customers and so maintaining our leadership role in the manufacture of base stations and radios, as we transition to a 5G world. We continue to see growth in 5G, offset by legacy wireless as the market transitions to newer technology. In FY '21, we expect 5G infrastructure rollouts to continue, as network operators upgrade their services.

另一個正在快速中斷的領域是 5G 無線終端市場。在過去幾年中，我們在加速 NPI、測試流程和研發方面進行了投資，提高了我們與客戶的粘性，從而在我們向 5G 世界過渡的過程中保持了我們在基站和無線電製造領域的領導地位。隨著市場向新技術過渡，我們繼續看到 5G 的增長，但被傳統無線技術所抵消。在 21 財年，隨著網絡運營商升級其服務，我們預計 5G 基礎設施的部署將繼續。

And then finally, within the legacy networking and storage end markets, we expect consistent networking demand, but reduced storage demand driven by cautious overall enterprise spend and the ongoing shift to the cloud. In FY '21, this demand dynamic, coupled with our decision not to pursue other products that do not meet our margin and cash flow profiles, will result in lower revenue.

最後，在傳統網絡和存儲終端市場中，我們預計網絡需求將保持一致，但由於謹慎的整體企業支出和持續向雲的轉移，存儲需求將減少。在 21 財年，這種需求動態，加上我們決定不追求其他不符合我們利潤率和現金流狀況的產品，將導致收入下降。

Following 3 years of tremendous growth, as part of our diversification efforts, we expect EMS revenues to be down year-over-year mainly due to the consignment shift within our cloud business and lower networking and storage revenue. With the current mix of business in EMS, we expect a healthy 80 basis points of core margin expansion in fiscal '21.

經過 3 年的巨大增長，作為我們多元化努力的一部分，我們預計 EMS 收入將同比下降，主要是由於我們雲業務的寄售轉移以及網絡和存儲收入下降。鑑於 EMS 目前的業務組合，我們預計 21 財年的核心利潤率將健康增長 80 個基點。

Turning to the next slide. As I mentioned earlier, we expect to expand overall core margins through cost optimization and targeted growth. We also anticipate a COVID-related negative impact of approximately $30 million to $50 million for the year, significantly less than FY '20, due to fewer COVID-related disruptions in our plants and the supply chain, along with lower PP&E costs. As a result, at an enterprise level, we are well positioned to deliver 4% in core margins for FY '21.

轉到下一張幻燈片。正如我之前提到的，我們希望通過成本優化和目標增長來擴大整體核心利潤率。我們還預計，由於我們的工廠和供應鏈中與 COVID 相關的中斷較少，以及 PP&E 成本降低，今年與 COVID 相關的負面影響約為 3000 萬至 5000 萬美元，大大低於 20 財年。因此，在企業層面，我們有能力在 21 財年實現 4% 的核心利潤率。

Turning now to our CapEx guidance for FY '21. Net capital expenditures are expected to be in the range of $800 million, consistent with FY '20. This will come through a combination of both maintenance and strategic investments for future growth.

現在轉向我們對 21 財年的資本支出指導。淨資本支出預計在 8 億美元範圍內，與 20 財年一致。這將通過對未來增長的維護和戰略投資相結合來實現。

Let's talk about our maintenance CapEx for a moment. We now have over 100 sites in 31 countries. At this scale, our factories require approximately $550 million in annual maintenance investments. This is inclusive of investments in areas such as IT, automation and factory digitization, which will drive optimization across our footprint and position us to deliver higher profitability. We are also investing in strategic growth in targeted areas of our business that are expected to deliver strong margin expansion and free cash flow. The bulk of our strategic growth CapEx will be in the health care, automotive, 5G wireless, semi cap and packaging end markets.

讓我們暫時談談我們的維護資本支出。我們現在在 31 個國家/地區擁有 100 多個站點。在這種規模下，我們的工廠每年需要大約 5.5 億美元的維護投資。這包括對 IT、自動化和工廠數字化等領域的投資，這將推動我們的足跡優化，並使我們能夠提供更高的盈利能力。我們還投資於我們業務的目標領域的戰略增長，這些領域預計將帶來強勁的利潤率擴張和自由現金流。我們的大部分戰略增長資本支出將用於醫療保健、汽車、5G 無線、半導體和封裝終端市場。

Turning now to free cash flow. In FY '21, we intend to continue generating strong cash flows as a result of earnings expansion, along with our team's ability to execute and efficiently manage working capital. Working capital improvements will come mainly through improved inventory levels. These factors, coupled with our disciplined CapEx, gives me confidence in our ability to deliver adjusted free cash flows of more than $600 million in FY '21.

現在轉向自由現金流。在 21 財年，我們打算通過盈利擴張以及我們團隊執行和有效管理營運資金的能力繼續產生強勁的現金流。營運資金的改善將主要通過提高庫存水平來實現。這些因素，加上我們嚴格的資本支出，讓我對我們在 21 財年提供超過 6 億美元的調整後自由現金流的能力充滿信心。

Turning now to our capital allocation framework. Our capital return framework beyond organic investments will prioritize a commitment to our dividend, share repurchases and a combination of targeted M&A and optimizing our capital structure. We are comfortable with our ability to generate strong cash flows, which will allow us to continue to return capital to shareholders, maintain investment-grade ratings and ensure we maintain an optimal capital structure.

現在轉向我們的資本配置框架。除了有機投資之外，我們的資本回報框架將優先承諾我們的股息、股票回購以及有針對性的併購和優化我們的資本結構。我們對產生強勁現金流的能力感到滿意，這將使我們能夠繼續向股東返還資本，保持投資級評級並確保我們保持最佳資本結構。

Turning now to our first quarter guidance on the next slide. DMS segment revenue is expected to increase 1% on a year-over-year basis to $3.8 billion, while the EMS segment revenue is expected to decrease 15% on a year-over-year basis to $3.2 billion.

現在轉到下一張幻燈片上的第一季度指導。 DMS 部門收入預計將同比增長 1% 至 38 億美元，而 EMS 部門收入預計將同比下降 15% 至 32 億美元。

We expect total company revenue in the first quarter of fiscal '21 to be in the range of $6.7 billion to $7.3 billion. Core operating income is estimated to be in the range of $295 million to $335 million, with core operating margin in the range of 4.4% to 4.6%.

我們預計 21 財年第一季度的公司總收入將在 67 億美元至 73 億美元之間。核心營業收入估計在 2.95 億美元至 3.35 億美元之間，核心營業利潤率在 4.4% 至 4.6% 之間。

GAAP operating income is expected to be in the range of $238 million to $283 million. Core diluted earnings per share is estimated to be in the range of $1.15 to $1.35. GAAP diluted earnings per share is expected to be in the range of $0.79 to $1.02. The tax rate on core earnings in the first quarter is estimated to be in the range of 26% to 28%.

GAAP 營業收入預計在 2.38 億美元至 2.83 億美元之間。每股核心攤薄收益估計在 1.15 美元至 1.35 美元之間。 GAAP 攤薄後每股收益預計在 0.79 美元至 1.02 美元之間。第一季度核心收益的稅率估計在 26% 至 28% 之間。

As we transition to our final slide, you can really begin to see the earnings power of a diversified and balanced Jabil. Today, our business serves a diverse plan of end markets in areas that provide confidence in future earnings and cash flows. We have deep domain expertise complemented by investments we made in capabilities, all of which gives us confidence in our ability to deliver 4% in core margins in FY '21, along with $4 in core EPS and more than $600 million in free cash flow. And importantly, our balanced capital allocation framework approach is aligned and focused on driving long-term value creation to shareholders.

當我們過渡到最後一張幻燈片時，您可以真正開始看到多元化和平衡的捷普的盈利能力。今天，我們的業務為終端市場的多樣化計劃提供服務，這些領域使人們對未來的收益和現金流充滿信心。我們擁有深厚的領域專業知識，加上我們在能力方面的投資，所有這些都讓我們有信心在 21 財年實現 4% 的核心利潤率、4 美元的核心每股收益和超過 6 億美元的自由現金流。重要的是，我們的平衡資本分配框架方法一致並專注於為股東創造長期價值。

I'd like to thank you for your time today, and thank you for your interest in Jabil. I'll now turn the call back over to Adam.

我要感謝您今天的寶貴時間，並感謝您對 Jabil 的興趣。我現在將電話轉回給亞當。

Thanks, Mike. As we begin our Q&A session, I'd like to remind our call participants that per our customer agreements, we will not address customer or product-specific questions. We appreciate your understanding and cooperation. Operator, we are now ready for Q&A.

謝謝，邁克。在我們開始問答環節時，我想提醒我們的通話參與者，根據我們的客戶協議，我們不會解決客戶或產品特定的問題。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 coming from Adam Tindle from Raymond James.

（操作員說明）我們今天的第一個問題來自 Raymond James 的 Adam Tindle。

And congrats on a strong finish to fiscal '20. Mark, I just wanted to start on COVID costs. It was, I think, you said $25 million lower than expected in the quarter, so I think, in the quarter, a little under $10 million a month. Thinking about where you sit here towards the end of September, is that still getting better? I'm just trying to understand how much you have to go to get to this $30 million to $50 million that you talked about for the full year in fiscal '21.

並祝賀 20 財年取得圓滿成功。馬克，我只是想從 COVID 費用開始。我認為，您說本季度比預期低 2500 萬美元，所以我認為本季度每月略低於 1000 萬美元。想想九月底你坐在這裡的地方，情況還在好轉嗎？我只是想了解你需要付出多少才能達到你在 21 財年全年談到的 3000 萬到 5000 萬美元。

And secondly, just to clarify. Is the $50 million or so restructuring program the reason that this came down? Or is that separate and on top of this? I just want to make sure I'm not double counting.

其次，只是為了澄清。 5000 萬美元左右的重組計劃是失敗的原因嗎？或者是獨立的並且在此之上？我只是想確保我沒有重複計算。

Adam, thanks for the nice comment. I'll let Mike talk about the restructuring. And maybe, we'll ask you to clarify that a little bit.

亞當，謝謝你的好評論。我會讓邁克談談重組。也許，我們會要求你澄清一點。

In terms of COVID, geez, I am really happy with how we've handled it all in a really, really kind of opaque, murky deal. I mean, we take you back to February. Things were blowing up. I think our COVID costs in February, on a total monthly basis, were like $55 million, $60 million for the month. Then we moved into Q3 and COVID costs were around $50 million. And then Q4, as we were sitting in the June call, I think either Mike or I said Q4 would be around $40 million, $50 million. And as we got into 4Q, June was still kind of along that run rate, that it started to dissipate a bit in July and a more normalized run rate when compared to FY '21 as we are leaving August. And as we continue to index through September, our run rate in September looks to be much like August. So assuming that the whole world doesn't blow up again, at that point, all bets are off. But with everything kind of the way we see it, we feel pretty confident in the $30 million to $50 million.

就 COVID 而言，天哪，我對我們以一種非常、非常不透明、晦澀難懂的方式處理這一切感到非常滿意。我的意思是，我們帶你回到二月。事情鬧得沸沸揚揚。我認為我們在 2 月份的 COVID 成本每月總計約為 5500 萬美元，當月為 6000 萬美元。然後我們進入第三季度，COVID 成本約為 5000 萬美元。然後是第四季度，當我們參加 6 月的電話會議時，我想邁克或我說第四季度將是 4000 萬美元左右，5000 萬美元。當我們進入第 4 季度時，6 月的運行速度仍然有點像，在 7 月份開始消散，並且與我們離開 8 月時的 21 財年相比，運行速度更加正常化。隨著我們在 9 月繼續指數化，我們 9 月的運行率看起來很像 8 月。因此，假設整個世界不會再次爆炸，那麼到那時，所有的賭注都沒有了。但從我們所看到的一切來看，我們對 3000 萬到 5000 萬美元感到非常有信心。

I think a way to think about those costs are maybe 60%, 65% in the first half of the year and something like 35% to 40% in the back half of the year. With that, maybe you could expand a little bit on the restructuring question. I'll let Mike address that.

我認為考慮這些成本的一種方式可能是上半年的 60%、65% 和下半年的 35% 到 40%。有了這個，也許你可以稍微擴展一下重組問題。我會讓邁克解決這個問題。

Yes. I was just trying to understand, with the restructuring, is that what is helping the COVID cost to get better? Or is the restructuring program on top of this and going to help in Q1?

是的。我只是想了解，通過重組，是什麼幫助 COVID 成本變得更好？或者重組計劃是否在此之上並會在第一季度有所幫助？

The restructuring effort is on top of that. Nothing to do with the COVID reduction at all, Adam.

重組工作是最重要的。亞當，與減少 COVID 無關。

Okay. And maybe just as a quick follow-up. I wanted to understand from a seasonality perspective as we think about fiscal '21. It's just a little bit unusual based on your Q1 guidance to see revenue down sequentially in November quarter for Jabil. So maybe you could touch on why that's occurring. Is that -- is the full move to the consignment shift in Q1 and what it means for the out quarters and also the cadence of margin as that occurs? It looks like you're starting at such a high point, about mid-4% range in Q1, but the full year has guided to around 4%. Just trying to understand the cadence of the drop-off in margins as well.

好的。也許只是作為一個快速跟進。當我們考慮 21 財年時，我想從季節性的角度來理解。根據您的第一季度指導，捷普在 11 月季度的收入連續下降，這有點不尋常。所以也許你可以談談為什麼會發生這種情況。這是否是第一季度寄售轉移的全面轉變，以及這對季度末的影響以及發生這種情況時的利潤率節奏？看起來你的起點很高，第一季度約為 4% 的中間區間，但全年已指導至 4% 左右。只是想了解利潤率下降的節奏。

Yes. So there's a couple of things in that. One is if I take a look at kind of our DMS business, I think kind of year-on-year Q1 '20 to '21, '21 is in the range of around 1%, so on the DMS Q1 to Q1. And I would think about our DMS business, Adam, more kind of first half to first half just based on timing of some products.

是的。所以有幾件事。一個是如果我看一下我們的 DMS 業務，我認為 20 年第一季度到 21 年的同比增長率在 1% 左右，因此 DMS 第一季度到第一季度。我會考慮我們的 DMS 業務，Adam，更多的是基於某些產品的時間安排的上半年到上半年。

So if I take a look at -- and I don't know the exact numbers, but rough numbers would be kind of DMS first half of '20 to first half of '21, we'll probably see growth in the 6% to 8% range. And then I think if you look at the blue green slide, overall for the year, DMS will be up about $800 million from, call it, 13%, 13.2% up to around 14%. So I wouldn't get too caught up in the Q1 revenue numbers.

因此，如果我看一下 - 我不知道確切的數字，但粗略的數字將是 20 年上半年到 21 年上半年的 DMS，我們可能會看到 6% 到8% 範圍。然後我認為，如果你看一下藍綠色的幻燈片，今年總體而言，DMS 將從 13%、13.2% 到 14% 左右上漲約 8 億美元。所以我不會太關注第一季度的收入數字。

And then overall for the enterprise, if we execute well in Q1, like Mike said in his prepared remarks, we expect margins to be around the 4.5% range. If we -- with that same execution kind of total comparison, we could have a 6% handle on our margins for DMS in Q1. So off to a relatively strong start, which is typically how our years kick off.

然後對企業整體而言，如果我們在第一季度表現良好，就像邁克在他準備好的評論中所說的那樣，我們預計利潤率將在 4.5% 左右。如果我們使用相同的執行方式進行總體比較，我們可以在第一季度獲得 6% 的 DMS 利潤率。所以開始一個相對強勁的開端，這通常是我們的歲月開始的方式。

And I would say, as I think about kind of Q2, Q3, Q4, if I'm thinking about shaping the year at an enterprise level, margins should be pretty stable. So if we kick off with a 4.5 %, I think Q4, we could end somewhere around 4%. And then Q2, Q3, in between in the high 3s, something like that. And if you sum all that up kind of on a weighted average basis, EMS to DMS, we're shooting for 4% overall for the enterprise for '21.

我會說，當我考慮第二季度、第三季度、第四季度時，如果我正在考慮在企業層面塑造這一年，利潤率應該相當穩定。因此，如果我們以 4.5% 開始，我認為第四季度，我們可能會在 4% 左右結束。然後是第二季度，第三季度，在三分球之間，類似的。如果你在加權平均基礎上總結所有這些，從 EMS 到 DMS，我們預計 21 年企業的總體增長率為 4%。

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

我們今天的下一個問題來自美國銀行的 Ruplu Bhattacharya。

And congrats on the strong guide and the $4 target for fiscal '21, which is pretty much what you had guided in fiscal 4Q '19. So that's -- congrats on the guide. Just my first question, conceptually, I'm wondering why add automotive and transport into DMS. So just your thoughts on why that segment was added into the DMS segment.

並祝賀 '21 財年的強大指導和 4 美元目標，這幾乎是你在 '19 財年第四季度所指導的。這就是-- 祝賀指南。只是我的第一個問題，從概念上講，我想知道為什麼要將汽車和運輸添加到 DMS 中。所以只是你對為什麼將該段添加到 DMS 段中的想法。

I think it's because, every couple of years, Ruplu, we've been on, I don't know, a 5 -- 4-, 5-, 6-year journey. And we disengaged with BlackBerry back in the day. We sold our services business. We were really successful with -- in the mobility sector, and we've been working really, really hard to continue to diversify the portfolio. I don't think that work's ever done.

我認為這是因為每隔幾年，Ruplu，我們一直在，我不知道，5-4-，5-，6年的旅程。而我們當年就與黑莓脫節了。我們出售了我們的服務業務。我們在移動領域非常成功，我們一直在非常非常努力地繼續使投資組合多樣化。我認為這項工作從未完成。

But where we sit today, if you just kind of sit back and look at the -- for lack of a better word, the portfolio slide and the blue and the green, geez, we've got 8 areas of our business reflected there, and I just love the way it looks. I said something like that in my prepared remarks.

但是我們今天坐在那裡，如果你只是坐下來看看 - 因為沒有更好的詞，投資組合幻燈片和藍色和綠色，天哪，我們有 8 個業務領域反映在那裡，我只是喜歡它的外觀。我在準備好的發言中說了類似的話。

As part of kind of always reshaping or, I think I used the word, contouring the portfolio, we'd like to have businesses together that make sense from a capability perspective and market perspective. And we just felt like automotive and transport fits really well with our health care business in terms of overall regulated markets and then the other shift we made.

作為一種總是重塑的一部分，或者我想我用了這個詞，勾勒出投資組合的輪廓，我們希望從能力角度和市場角度來看，我們希望將業務結合在一起。我們只是覺得汽車和運輸在整體受監管市場方面非常適合我們的醫療保健業務，然後是我們做出的另一個轉變。

And again, I know this can be aggravating to investors because it ends up being a lot to follow. That's not our intention. Our intention is just to give us a good platform again for the next 24 to 36 months. We took our Smart Home business, which had been in our networking storage because a lot of devices in home were networked together, and we moved some of that over to connected devices just because of 5G coming onboard. And when we think about things throughout the home, from a capabilities and an end market perspective, it fit really well into connected devices. The good news is those modest shifts don't change the enterprise level numbers, but that's the logic behind it.

再說一次，我知道這可能會讓投資者更加惱火，因為它最終會引起很多關注。這不是我們的意圖。我們的目的只是在接下來的 24 到 36 個月內再次給我們一個好的平台。我們採用了智能家居業務，該業務一直在我們的網絡存儲中，因為家裡的很多設備都聯網了，我們將其中一些轉移到連接設備上，只是因為 5G 的到來。當我們從功能和終端市場的角度考慮整個家庭的事物時，它非常適合連接設備。好消息是這些適度的轉變不會改變企業級別的數字，但這就是其背後的邏輯。

Okay. And for my follow-up, just on the EMS segment, just looking at industrial and semi cap. You're guiding year-on-year flat at $3.5 billion. That just seems a little conservative given industrial end markets should improve next year, and I assume semi cap is not a target revenue or margins. It should be improving. So just your thoughts on what are the puts and takes in that segment. Why are you guiding flat revenues year-on-year?

好的。對於我的後續行動，就在 EMS 領域，只關注工業和半帽。你指導的同比持平為 35 億美元。鑑於工業終端市場明年應該會有所改善，這似乎有點保守，而且我認為半帽不是目標收入或利潤率。它應該在改進。所以只是你對那個部分的看跌期權的想法。你為什麼要引導收入同比持平？

I don't want to get into all the puts and takes only because, Ruplu, our industrial business has all kinds of puts and takes. I'd say, I'd -- if I were to -- knowing that we're not going to be right on any of these numbers exactly, if I had to handicap industrial and semi cap, I would say, I agree with your comments. If there's -- if we're going to handicap that one way or the other, sitting here today for the year, there's probably more upside than not, I would say, certainly in semi cap, and that's offset by some softness at the moment in industrial.

我不想涉及所有的看跌期權，只是因為，Ruplu，我們的工業業務有各種各樣的看跌期權。我會說，我會 - 如果我要 - 知道我們在這些數字上的任何一個都不會完全正確，如果我不得不限制工業和半帽，我會說，我同意你的評論。如果有 - 如果我們要以一種或另一種方式阻礙這一年，今天坐在這裡，我會說，肯定會有更多的上漲空間，當然是半帽，而這被目前的一些疲軟所抵消在工業。

And I think Mike talked in his prepared remarks about construction starts. Both residential and commercial, we think, will soften a bit certainly through the first half of the year and then regain some momentum towards the back half of the year. But I think you're thinking about that the right way.

我認為邁克在他準備好的關於開工的評論中談到了。我們認為，住宅和商業在今年上半年肯定會有所放緩，然後在下半年恢復一些勢頭。但我認為你正在以正確的方式考慮這一點。

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

我們今天的下一個問題來自花旗集團的 Jim Suva。

Could you spend a little bit of time talking about the shift to consignment model? And not that there's anything wrong with doing that, but was it -- is it across all your customers or a particular customer driving that? And is it all completed in calendar -- I'm sorry, fiscal Q1 and the revenue impact? Because I believe it would be a -- revenue comes out of the model for it. And then I'm just wondering, does it impact seasonality going forward?

您能花點時間談談向寄售模式的轉變嗎？並不是說這樣做有什麼問題，而是——是在你的所有客戶身上還是在推動這一點的特定客戶身上發生？這一切都在日曆中完成了嗎——對不起，第一季度財政和收入影響？因為我相信這將是一個 - 收入來自它的模型。然後我只是想知道，它會影響未來的季節性嗎？

Thanks, Jim. Sure. So I think it's really important for everybody to understand that our move to consignment wasn't reactionary. It wasn't something that we just thought of. If you go back, and I don't remember when we first started talking about our cloud business, it was 4, 5, 6 earnings calls ago. I remember, at that point in time, we gave it enough attention. We were doing the JJMD deal. And we also -- in one of those calls, we had 2 separate slides, one talking about our JJMD engagement and collaboration, which, by the way, is going very well.

謝謝，吉姆。當然。所以我認為讓每個人都明白我們轉向寄售並不是反動的，這一點非常重要。這不是我們剛剛想到的。如果你回去，我不記得我們什麼時候開始談論我們的雲業務，那是在 4、5、6 次財報電話會議之前。我記得，在那個時候，我們給予了足夠的重視。我們正在做 JJMD 的交易。我們還 - 在其中一次電話會議中，我們有兩張單獨的幻燈片，一張談論我們的 JJMD 參與和協作，順便說一句，進展非常順利。

And then we had a slide on cloud. There was a lot of questions at the time about are we getting into white box manufacturing in this set and the other. And we've been very, very consistent in our approach strategically in the cloud business that we are going to go into this in a geocentric service model. It's going to be a very asset light, very agile model, both on the fixed asset and net working capital side.

然後我們在雲上做了一張幻燈片。當時有很多問題，關於我們是否在這組和其他組中進入白盒製造。我們在雲業務中的戰略方法一直非常非常一致，我們將在以地為中心的服務模型中進入這一點。在固定資產和淨營運資本方面，這將是一個非常輕資產、非常靈活的模型。

As that business is scaled through, call it, back half of '19 all through '20, we've always had a thought process in terms of, again, keeping the net working capital asset light as well, so this has been in the works for quite some time. And I would say the consignment model that we went to is largely around our cloud business, and it's largely in place.

隨著這項業務的規模擴大，稱之為 19 年下半年一直到 20 年，我們一直有一個思考過程，再次保持淨營運資本資產輕，所以這一直在工作了相當長的一段時間。我想說的是，我們採用的寄售模式主要圍繞我們的雲業務，並且基本上已經到位。

So again, if you look at the shape of our EMS business, I think our guide for Q1, per Mike's comments and the press release, is like $3.2 billion for EMS. You compare that to a $3.7 billion Q1 '20, Q1 '21. That's just reflective largely around consignment. And then we also have some intentional reshaping of our networking storage business on top of that. But I would say you can consider it in place, and it will be reflective quarter-to-quarter throughout the year.

再說一次，如果你看看我們的 EMS 業務的形狀，我認為我們的第一季度指南，根據 Mike 的評論和新聞稿，對於 EMS 來說是 32 億美元。您將其與 20 年第一季度和 21 年第一季度的 37 億美元進行比較。這只是在很大程度上反映了寄售。然後，我們還對我們的網絡存儲業務進行了一些有意的重塑。但我會說你可以考慮它，它會在全年按季度反映。

Got you. So you said effectively in place in Q1, so that would mean the revenue impact, it's pretty much all absorbed in Q1. And going beyond Q1, it sounds like revenue seasonality should be closer to normal because it seems like Q1 would be hindered a little bit because of the shift to consignment model, if I understand consignment correctly where you won't recognize the revenue, you're just going to pass that through.

得到你。所以你說第一季度有效，這意味著收入影響，它幾乎都被第一季度吸收了。並且超出第一季度，聽起來收入季節性應該更接近正常，因為看起來第一季度會因為轉向寄售模式而受到一點阻礙，如果我正確理解寄售，你不會承認收入，你只是要通過它。

Yes. I want to be careful that I understand your comment because this is kind of an important topic. The $3.2 billion -- saying it straight up, right, the $3.2 billion guide for EMS in Q1 is fully reflective of the consignment model. So you -- there's no, geez, we're going to come back and go, the $3.2 billion turned into $2.5 billion because of consignment. It's all in. So again, if you take that and you take a look at our Q1 '21 relative to our Q1 '20 on EMS, I think you'll see the distinction there. Q1 '20 in EMS was around $3.7 billion, something like that. Q1 of '21 is $3.2 billion. So again, it's fully reflected.

是的。我想小心我理解你的評論，因為這是一個重要的話題。 32 億美元——直截了當地說，對，第一季度 32 億美元的 EMS 指南完全反映了寄售模式。所以你 - 沒有，天哪，我們要回來了，因為寄售，32億美元變成了25億美元。這一切都在。所以再次，如果你接受它並看看我們的 Q1 '21 相對於我們在 EMS 上的 Q1 '20，我想你會看到那裡的區別。 EMS 的 20 年第一季度大約是 37 億美元，差不多。 21 年第一季度為 32 億美元。所以再次，它充分體現。

In addition to that, Jim, I believe that the blue-green slides that we shared, I spoke to it a bit, Mike went a bit deeper, shows our overall company revenue for the year, around $26.5 billion. The EMS segment, which is where our cloud business sits, shows $12.5 billion. So again, overall for the company for the year, $26.5 billion midpoint. About $14 billion of that is our DMS segment. $12.5 billion is our EMS segment. That's where our cloud business sits. Those numbers also are fully reflective of any and all consignment.

除此之外，吉姆，我相信我們分享的藍綠色幻燈片，我和它談了一點，邁克更深入一點，顯示我們今年的整體公司收入約為 265 億美元。我們的雲業務所在的 EMS 部門顯示 125 億美元。再說一次，公司今年的總體中位數為 265 億美元。其中約 140 億美元是我們的 DMS 部門。 125 億美元是我們的 EMS 部門。這就是我們的雲業務所在。這些數字也完全反映了任何和所有寄售。

Got you. And my last follow-up is with the U.S. political entity list of can't build to, can't ship to, things like that, is any of that impacting your company? And how should we think about that?

得到你。我最後一次跟進的是美國政治實體清單，其中包括無法建造、無法運送到諸如此類的事情，這是否會影響您的公司？我們應該如何考慮呢？

Well, we talked about that last year. That was a hot topic as we were coming out of '19 into '20. Then COVID kind of dominated everything. But that's something we watch every week, every month. And I think we had talked about the fact that the first half of '19, I may have -- I may be off a quarter or 2, Jim. But directionally, as we exited fiscal '19 going into first half of '20, somewhere in that time frame, when the tariff talks were hot and heavy and relatively new and front headlines, we had said we were going to have a 2- to 3-quarter portion of our business, where we were going to spend upwards of $20 million, $25 million in terms of moving product around for customers.

好吧，我們去年談過這個。當我們從 19 年進入 20 年時，這是一個熱門話題。然後 COVID 有點主宰一切。但這是我們每週、每月都會看的東西。而且我認為我們已經討論過這樣一個事實，即 19 年上半年，我可能有 - 我可能會缺席四分之一或兩節，吉姆。但在方向上，當我們退出 19 財年進入 20 年上半年時，在那個時間框架的某個地方，當關稅談判火熱、沉重、相對較新和頭條新聞時，我們曾說過我們將有一個 2 到我們業務的 3 個季度部分，我們將花費超過 2000 萬美元，其中 2500 萬美元用於為客戶移動產品。

At that point in time, we had suggested that if the macro holds or even weakens a little bit, all of this product needs to get built, and I can't think of a better place for customers to build it than at Jabil just because of our global footprint.

那時，我們建議如果宏觀保持甚至減弱一點，所有這些產品都需要構建，我想不出比 Jabil 更好的客戶構建它的地方，因為我們的全球足跡。

So we can continue to keep an eye on that. I've mentioned previously that if we kind of collate up all of our business in Mainland China, as we sit today, and I've said this in the past, there are certain parts of that business that we just don't think will move based on the indigenous supply chain and other factors.

所以我們可以繼續關注這一點。我之前提到過，如果我們整理一下我們在中國大陸的所有業務，就像我們今天坐的那樣，我過去也說過，我們認為該業務的某些部分不會移動基於本土供應鍊和其他因素。

We've also said that there's a significant amount of our China revenue today that's China for other parts of the world, non-U.S. And then the China revenue that we have that happens to be products to be consumed and shipped to the U.S., some of that has already shifted. And some of it, customers look at it, and they're comfortable keeping it in China for now.

我們還說過，我們今天在中國的收入有很大一部分是來自世界其他地區（非美國）的中國收入，然後我們擁有的中國收入恰好是要消費並運往美國的產品，有些其中已經發生了變化。其中一些，客戶看了看，他們現在很樂意把它留在中國。

Our next question is coming from Steven Fox from Cross Research.

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

Mark, I was wondering if you could talk a little bit about as you -- not to put the cart before the horse and actually hitting $4, but you've been messaging that, that wasn't a major top line driver to getting to $4 over the last couple of years. It was more about improving margins on the different new programs you win -- have won. So can you just talk about how much of that is still holding true? And then as you transition through those new programs, what is the messaging to the go-to-market teams beyond this year? Is it to return to growth, leverage more internally, et cetera? And then I had a follow-up.

馬克，我想知道你能不能像你一樣談一談——不要本末倒置，實際上達到了 4 美元，但你一直在發信息說，這不是主要的頂級驅動因素過去幾年 4 美元。這更多是關於提高你贏得的不同新項目的利潤——已經贏得了。那麼你能談談其中有多少仍然適用嗎？然後，當您過渡到這些新計劃時，今年以後對上市團隊的信息是什麼？是恢復增長，更多地利用內部槓桿，等等？然後我進行了跟進。

Okay. Well, there's a couple of questions in there, and I appreciate you not putting the cart before the horse, although I think we kind of asked for it because we came out with $4 and the 4%. So we got a lot of work to do to deliver the $4 and the 4%, but we wouldn't have put it out there if we didn't see a clear path.

好的。好吧，裡面有幾個問題，我很感激你沒有本末倒置，儘管我認為我們有點要求它，因為我們得到了 4 美元和 4%。所以我們有很多工作要做才能交付 4 美元和 4%，但如果我們沒有看到明確的路徑，我們就不會把它放在那裡。

Yes. For the last 3, 4 years, we've been talking about diversifying the top line, but at the same time, we've been caveating those comments with the fact that we're not going to chase revenue for the sake of chasing revenue. We're going to diversify income and cash flows, which is exactly what I think we've been up to. And I would suggest our team has been quite successful in that.

是的。在過去的 3、4 年裡，我們一直在談論使收入多樣化，但與此同時，我們一直在警告這些評論，因為我們不會為了追逐收入而追逐收入.我們將使收入和現金流多樣化，這正是我認為我們一直在做的事情。我建議我們的團隊在這方面非常成功。

If I think about FY '21, we're certainly not chasing revenue because, on an absolute basis, some of this is consignment. Revenue is going down. But again, I would say, overall, it is about us kind of continually taking a file and not a chisel and filing the portfolio with a real kind of no-kidding focus on the margins and the cash flows. So that's what we're up to, and we're going to work really hard to do our best to deliver the $4 and the 4%.

如果我考慮 21 財年，我們當然不會追逐收入，因為在絕對基礎上，其中一些是寄售。收入正在下降。但是，我要再說一遍，總的來說，它是關於我們不斷地歸檔而不是鑿子，並以一種真正的嚴肅的關注利潤率和現金流來歸檔投資組合。所以這就是我們要做的，我們將努力工作，盡最大努力提供 4 美元和 4%。

And then just as a quick follow-up. I understand the accounting math behind the consignment shift, but what does it mean in terms of your ability to drive better engagements with those cloud customers? Is that competitive advantage? Is it something everyone's doing? Or what would you say that means in sort of at the customer level for this shift?

然後作為快速跟進。我了解寄售轉變背後的會計數學，但就您推動與這些雲客戶更好地互動的能力而言，這意味著什麼？這是競爭優勢嗎？這是每個人都在做的事情嗎？或者你會說這在客戶層面對這種轉變意味著什麼？

I would say it's neutral. That one aspect is neutral. It's -- there's -- in our geocentric asset-light service business, there's high dollar components where we don't provide much value. And so having those pass-through materials is distortive to the real returns we should be getting on the value add we provide the customer.

我會說它是中性的。那一方面是中性的。這是 - 在我們的地心輕資產服務業務中，有一些高美元的組件，我們沒有提供太多價值。因此，擁有這些傳遞材料會扭曲我們應該從我們為客戶提供的附加值中獲得的實際回報。

I would say our cloud business is founded on the services our team provides, the geocentric nature of it, the flexibility, the agility. I mean I think about COVID was unplanned. And COVID hits, and all of a sudden, people are working remotely, working from homes. And the ability of our cloud team to react, oh, by the way, as well as our mobility team and our connected devices team, I mean, those volumes spiked up.

我想說我們的雲業務建立在我們團隊提供的服務、它的地心特性、靈活性和敏捷性之上。我的意思是我認為 COVID 是計劃外的。新冠病毒來襲，突然之間，人們開始遠程工作，在家工作。順便說一句，我們的雲團隊以及我們的移動團隊和我們的連接設備團隊的反應能力，我的意思是，這些數量激增。

So I would say it's -- the most important part of our approach to that model is -- or that business is the model itself and the relationships that we have, Steve.

所以我想說的是——我們對該模型的方法中最重要的部分是——或者說業務就是模型本身和我們擁有的關係，史蒂夫。

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

我們的下一個問題來自高盛的 Mark Delaney。

And congratulations on the strong quarter. The first question was just following up on what Steven was just talking about in the cloud business. And the company has been driving some very nice growth in cloud. I think one customer, in particular, hasn't been good, but Jabil has talked about having a handful of customers in the cloud and some opportunities to grow. Obviously, that's a market that should exhibit growth, but grow as Jabil becomes bigger within the cloud market. Can you give a little bit more what sort of opportunity Jabil sees either in FY '21 or longer term to continue to take share within the cloud business?

並祝賀強勁的季度。第一個問題只是跟進 Steven 剛剛談到的雲業務。該公司一直在推動雲計算方面的一些非常好的增長。我認為，特別是一個客戶並不好，但 Jabil 談到了在雲中擁有少數客戶和一些增長機會。顯然，這是一個應該呈現增長的市場，但隨著 Jabil 在雲市場中變得越來越大，它也會增長。您能否多介紹一下 Jabil 在 21 財年或更長期看到的繼續在雲業務中佔有一席之地的機會？

Mark, I really, really appreciate the question. I'm not trying to duck the question, but we're in the process now of varying conversations going on with current customers, hyperscale customers, smaller customers. So I just -- I don't want to get into it on a customer-by-customer basis.

馬克，我真的非常感謝這個問題。我不是想迴避這個問題，但我們現在正在與當前客戶、超大規模客戶、小客戶進行不同的對話。所以我只是 - 我不想逐個客戶地進入它。

I think what we've said in the past is we've got reasonably good confidence in our approach to the -- to what we're doing in that market overall. And we certainly expect that market to be kind of multi-customer-faceted, if you will, and that's still our path and still our intent.

我認為我們過去所說的是，我們對我們在整個市場上所做的事情的方法有相當好的信心。我們當然希望這個市場是多客戶的，如果你願意的話，這仍然是我們的道路，仍然是我們的意圖。

Okay. No, that's helpful, and I understand the sensitivities. One other question I wanted to understand, I think, is on the mind of one of investors who I speak to is just thinking through some of the cyclical dynamics and the risk that either because some of the geopolitical tensions with China or just with COVID supply chain uncertainties, there's potentially been prebuying taking place in certain end markets. Can you talk about how Jabil is thinking about that risk and what you may have factored in as you were contemplating your 2021 outlook?

好的。不，這很有幫助，我理解其中的敏感性。我想，我想了解的另一個問題是與我交談的一位投資者的想法，他正在思考一些週期性動態以及由於與中國的某些地緣政治緊張局勢或僅與 COVID 供應有關的風險鏈的不確定性，在某些終端市場可能已經發生了預購。您能否談談 Jabil 是如何考慮這種風險的，以及您在考慮 2021 年前景時可能考慮的因素？

Which risk in particular?

特別是哪個風險？

Well, I think in a few areas. One is, to the extent you're helping -- there's many customers in China, and they're worried about some of these geopolitical tension. Have they pulled in? But even just more broadly with -- there's been some uncertainties around what ability has the supply chain been able to service customers and if customers are worried about companies not being able to manufacture or maybe they are prebuilding products because they just didn't know how COVID may impact just the overall supply chain. So had they maybe built -- pulled in any of their plans? So just high level, to the extent you've seen for either COVID or geopolitical reasons, customers building more than maybe they otherwise would have, do you think you've seen any of that? Or did you try and think about that risk at all when you're contemplating your 2021 outlook?

嗯，我認為在幾個方面。一個是，在你幫助的範圍內——中國有很多客戶，他們擔心其中的一些地緣政治緊張局勢。他們拉進來了嗎？但更廣泛地說，關於供應鏈能夠為客戶提供服務的能力以及客戶是否擔心公司無法製造或者他們可能正在預構建產品，因為他們只是不知道如何COVID 可能只會影響整個供應鏈。那麼他們有沒有可能建造——拉進他們的任何計劃？所以只是高水平，就你所看到的 COVID 或地緣政治原因而言，客戶建造的數量可能比他們原本可能擁有的更多，你認為你已經看到了嗎？或者，當您考慮 2021 年的前景時，您是否嘗試過考慮這種風險？

Okay. I understand the question, and it's appreciated. I would say, if I'm sitting on your side of the table, along with kind of the buy side folks, it's immaterial. I'll give you an example, and I'm not suggesting that there's not pockets that are material. But in the big picture of what we just guided to, our outlook for Q1 and then certainly for '21, I think all those puts and takes, there's a lot of them. I think they're immaterial.

好的。我理解這個問題，並表示讚賞。我會說，如果我坐在你那一邊，還有一些買方，那是無關緊要的。我給你舉個例子，我並不是說沒有口袋是物質的。但在我們剛剛指導的大局中，我們對第一季度的展望，當然還有對 21 年的展望，我認為所有這些投入和投入，有很多。我認為它們無關緊要。

I'll give you an example. There's certainly been -- on Steve Borges business with health care, there's certainly been some upside -- near-term upside in health care through the back half of '20 and probably the first quarter or 2 in '21, demand driven solely by COVID. Yes, there's been a fall-off in this business due to COVID with elective surgeries as an example. You spin all that up and you kind of get kind of a normalized business plan. And the same holds true with some puts and takes in industrial. Same holds true with some puts and takes in connected devices, although that ended up being a net strength.

我給你舉個例子。在史蒂夫·博爾赫斯（Steve Borges）的醫療保健業務中，肯定有一些上行空間，到 20 年下半年，可能是 21 年的第一季度或第二季度，醫療保健的近期上行空間，需求完全由 COVID 驅動.是的，以選擇性手術為例，由於新冠疫情，這項業務出現了下滑。你把這一切都轉起來，你就會得到一種標準化的商業計劃。工業領域的一些看跌期權也是如此。一些連接設備的投入和投入也是如此，儘管這最終成為一種淨實力。

So I would say, all in all, we don't have a crystal ball, but our Q1 guide and our overall outlook for the year, Mark, we've taken kind of all those puts and takes, we've stress tested it with all the teams, and we feel like we've kind of normalized it to the 4%, the $4 and $26.5 billion of revenue.

所以我想說，總而言之，我們沒有水晶球，但我們的第一季度指南和我們今年的總體展望，馬克，我們已經接受了所有這些看跌期權，我們已經對其進行了壓力測試與所有團隊一起，我們覺得我們已經將其標準化為 4%、4 美元和 265 億美元的收入。

(Operator Instructions) Our next question today is coming from Matt Sheerin from Stifel.

（操作員說明）我們今天的下一個問題來自 Stifel 的 Matt Sheerin。

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。

I had more of a big picture question as you look forward over the next few years. You talked about the investment that you're making in terms of CapEx and maintenance in that within your facilities. But I'm curious, what kind of drivers do you see really improving productivity and providing more of a margin either to you or to your customers from a technology perspective within your factories? And sort of how do you see the -- I don't know, the factory of the future in the next few years? And then I have a follow-up.

當您期待未來幾年時，我有更多的全局問題。您談到了您在設施內的資本支出和維護方面所做的投資。但我很好奇，從您工廠的技術角度來看，您認為什麼樣的驅動因素能夠真正提高生產力並為您或您的客戶提供更多利潤？你如何看待——我不知道，未來幾年的未來工廠？然後我有一個跟進。

Okay. Shannon, that's a cool question. That's kind of what we're all about. We're a company at the core that builds stuff, and so we're -- if -- I think Mike, when he talked about CapEx in his prepared remarks, talked about a split between growth and maintenance.

好的。香農，這是一個很酷的問題。這就是我們的全部。我們是一家以製造產品為核心的公司，所以我們——如果——我認為邁克在他準備好的講話中談到資本支出時，談到了增長和維護之間的分歧。

I would say in terms of productivity in the factories, that's probably a split between maintenance and growth. We -- I would say we're one of the leading companies that I know of in terms of automation, what I would call flexible automation, what I would call automated -- real, useful automated platforms. You combine that with augmented reality, that will start hitting our factory floors. You combine that with machine learning.

我想說，就工廠的生產力而言，這可能是維護和增長之間的分裂。我們——我想說我們是我所知道的自動化方面的領先公司之一，我稱之為靈活自動化，我稱之為自動化——真正有用的自動化平台。你將它與增強現實結合起來，這將開始影響我們的工廠車間。你將它與機器學習結合起來。

And then the other thing, I think, that sets Jabil apart is, as you take all of that, Shannon, we've got a ton of factories, call it -- we run our -- we largely run most of our business on 35, 40 sites, although we have more. If I take those -- if I take the sites that are most impactful to our earnings, they're all wrapped together in a single holistic IT system, and I don't know that anyone else has that.

然後，我認為，讓捷普與眾不同的另一件事是，正如你所了解的那樣，香農，我們有很多工廠，稱之為——我們經營我們的——我們主要經營我們的大部分業務35、40 個站點，雖然我們還有更多。如果我選擇那些——如果我選擇對我們的收入影響最大的網站，它們都會被包裹在一個單一的整體 IT 系統中，我不知道其他人有這樣的系統。

So we will always continue to invest and invest aggressively in terms of the technology, the productivity that you alluded to. I think what shareholders should hold us accountable for is with those investments and with the aggression around that type of investing, I would hold us accountable for continued margin expansion and good cash flows.

因此，我們將始終在您提到的技術和生產力方面繼續投資和積極投資。我認為股東應該讓我們對這些投資和圍繞這種投資的侵略負責，我會讓我們對持續的利潤率擴張和良好的現金流負責。

If I think about the journey we've been on, on top line diversification, where we've been going through that, our margins for 2, 3 years have been stuck around 3.5%. We're starting to see the efforts come through on the margin line. That's why we -- that's why Q1 is looking at 4.5% and the year around 4%. So I think the returns we're getting on those investments are coming through in terms of our bottom line.

如果我考慮我們一直在進行的旅程，在頂線多元化方面，我們一直在經歷的，我們 2、3 年的利潤率一直停留在 3.5% 左右。我們開始看到努力在邊緣線上實現。這就是為什麼我們 - 這就是為什麼第一季度的增長率為 4.5%，而今年的增長率約為 4%。所以我認為我們從這些投資中獲得的回報是從我們的底線來看的。

Okay. That's helpful. And then can you talk -- you talked about strength in health care, but maybe if you could be a bit more specific. I know, obviously, there was pressure from electives not happening and benefit from COVID in the near term. But what other key drivers, maybe talk about the Johnson & Johnson relationship, are benefiting health care?

好的。這很有幫助。然後你能談談 - 你談到了醫療保健方面的實力，但也許你可以更具體一點。我知道，很明顯，短期內沒有選修課並從 COVID 中受益的壓力。但是，還有哪些其他關鍵驅動因素，比如強生公司的關係，正在使醫療保健受益？

Well, I don't want to -- the -- yes, I look at the J&J collaboration, and that's kind of business as usual now. We spoke about that for a number of calls. That partnership, the team that's responsible for that, that has gotten so deep. And boy, has that turned out. I think from both sides, we had high expectations. I think it's turning out better than even we expected, and I hope J&J would feel the same.

好吧，我不想 - 是的，我看強生的合作，現在這就像往常一樣。我們在多次電話中談到了這一點。這種夥伴關係，負責這件事的團隊，已經變得如此深入。男孩，結果是這樣嗎？我認為從雙方來看，我們都抱有很高的期望。我認為結果比我們預期的要好，我希望強生也會有同樣的感覺。

But the business is so far beyond that. I mean, I think we're talking about health care and packaging combined bumping up towards $5 billion. I think about that business, Shannon. I'll have -- I always have my timing a little bit off, but it's typically directionally correct. Our health care and packaging business in FY -- late '17, early '18 was like a $2 billion business. Then it started bumping up against $2.5 billion. FY '19 health care and packaging was probably closer to $3 billion. Last year, it was closer to $4 billion, and now we're bumping up against $5 billion.

但業務遠不止於此。我的意思是，我認為我們談論的是醫療保健和包裝加起來達到 50 億美元。我想到了那件事，香農。我會——我的時間總是有點偏，但它通常是方向正確的。我們在 17 財年末、18 年初的醫療保健和包裝業務就像是一項價值 20 億美元的業務。然後它開始飆升至 25 億美元。 19 財年的醫療保健和包裝可能接近 30 億美元。去年，它接近 40 億美元，而現在我們正在突破 50 億美元。

And again, as pleased as we are with the Johnson & Johnson collaboration, it's just -- it's a lot more than that. Steve and his team are focused in areas so broad based today relative to 4 years ago, with things like pharma, the med device, orthopedics, diagnostics, et cetera. And then I think they'll also start to gravitate towards digital analytics and digital diagnosis as well.

再說一次，儘管我們對強生公司的合作感到高興，但它只是 - 它遠不止於此。與 4 年前相比，Steve 和他的團隊如今專注於基礎如此廣泛的領域，如製藥、醫療設備、骨科、診斷等。然後我認為他們也將開始傾向於數字分析和數字診斷。

And then you add to it, I'm very, very excited about what the next couple of years hold for the -- for our consumer packaging business as well. So that line item, when you look at it on the green-blue slide, again, this is a little bit of a commentary around the whole company, but the health care packaging line is as diverse, both end market and customer base, as it's ever been.

然後你補充說，我對未來幾年對我們的消費包裝業務的影響感到非常非常興奮。因此，當您在綠色-藍色幻燈片上查看該產品線時，這又是對整個公司的一點評論，但保健品包裝線在終端市場和客戶群方面都是多樣化的，如它曾經是。

Next question today is coming from Paul Coster from JPMorgan.

今天的下一個問題來自摩根大通的保羅科斯特。

Obviously, a lot to like here. I was particularly impressed by the statement of intent around diversity and inclusion, so that was welcome. A couple of quick things. One is it sounded, Mike, like you intentionally called some business in the DMS segment. I think I heard that correct. What was the criteria for doing so? What impact does that have in terms of the year-on-year sort of base percentage growth or headwind, I suppose, in 2021?

顯然，這裡有很多值得喜歡的地方。關於多樣性和包容性的意向聲明給我留下了特別深刻的印象，因此這是受歡迎的。幾件快速的事情。一個是聽起來，邁克，就像你故意打電話給 DMS 領域的一些業務一樣。我想我沒聽錯。這樣做的標準是什麼？我想，這對 2021 年的同比基本百分比增長或逆風有什麼影響？

Paul, thanks for the question. We did call some. We're constantly reshaping the portfolio as we see it right now on the networking and storage side, in particular. We have been looking at all businesses we have. I think we've declared a couple of years ago that we're focusing on margins, we're focusing on free cash flow, and we're tightening up all our financial metrics around existing and future customers. So that's one of the areas that we've looked at.

保羅，謝謝你的問題。我們確實打電話給了一些人。正如我們現在在網絡和存儲方面看到的那樣，我們不斷地重塑產品組合。我們一直在關注我們擁有的所有業務。我認為幾年前我們已經宣布我們專注於利潤率，我們專注於自由現金流，我們正在收緊圍繞現有和未來客戶的所有財務指標。這是我們研究的領域之一。

In particular, I talked about connected devices as well in my prepared remarks. That's another one where we've gone and called some customers there. So it's all directional. We've said we'll do that, we'll focus on that, and that is exactly what we're doing.

特別是，我在準備好的評論中也談到了聯網設備。那是我們去那裡打電話給一些客戶的另一個地方。所以都是有方向的。我們已經說過我們會這樣做，我們會專注於此，這正是我們正在做的事情。

And can you quantify in terms of headwinds on the -- for that segment year-on-year?

您能否量化該細分市場的同比逆風？

Yes. If you look at the blue and green slide, I'll just highlight the networking and storage, that's the last line on the blue side. That's down by about $600 million. A lot of that is a simple, straightforward, "Hey, let's get this to our financial metric levels."

是的。如果你看藍色和綠色的幻燈片，我只會突出顯示網絡和存儲，這是藍色一側的最後一行。這減少了大約6億美元。其中很多都是簡單直接的，“嘿，讓我們把它提高到我們的財務指標水平。”

And then you have connected devices on the green side as well. That's -- those parts of businesses that are doing really well on the connected devices. And then there's parts that we feel the financial metrics don't justify moving ahead with them.

然後你也連接了綠色一側的設備。那就是——那些在聯網設備上做得很好的業務部分。然後有些部分我們認為財務指標並不能證明繼續推進它們是合理的。

Okay. Got it. And I think, Mark, you mentioned that you're starting to see sort of green shoots in the auto space, especially with electrification, which is good. But it's really confusing monitoring that space at the moment. The big Tier 1s all seem poised, but not active. And instead, you're seeing a lot of small companies kind of sneaking into the space at the moment, and that seems to be where most of the action is. And they're focused on sort of niche markets that seems to have the best payback, perhaps, on electrification. Do you concur that, that's the kind of business that you're seeing now? Or are you actually starting to see the beginnings of the passenger vehicle market kicking into your business?

好的。知道了。我想，馬克，你提到你開始在汽車領域看到一些綠芽，尤其是在電氣化方面，這很好。但目前監控該空間確實令人困惑。大的 1 級似乎都準備好了，但並不活躍。相反，你現在看到很多小公司潛入這個領域，而這似乎是大部分行動的地方。他們專注於似乎有最好回報的利基市場，也許是電氣化。你同意嗎，這就是你現在看到的那種業務？或者您是否真的開始看到乘用車市場開始進入您的業務？

What I would concur is it is confusing from the outside in. It's an interesting market. I think -- I don't want to generalize, but a portion of the automotive market is starting to be just a big rolling mobile device, and that's a really good spot for us, and that's where we're focused most of our attention.

我同意的是它從外到內都是令人困惑的。這是一個有趣的市場。我認為——我不想一概而論，但汽車市場的一部分開始只是一個大型滾動移動設備，這對我們來說是一個非常好的地方，也是我們最關注的地方.

We do support legacy automotive technology. But as we continue to look forward, a lot of our attention will be, again, if you just think of the automotive industry in the next 10 years, being a connected device on 4 wheels, that's kind of how we look at it, and that's where we're making most of our investments.

我們確實支持傳統的汽車技術。但隨著我們繼續向前看，我們的很多注意力將再次放在未來 10 年的汽車行業，作為 4 個輪子上的連接設備，這就是我們看待它的方式，並且這就是我們進行大部分投資的地方。

Do you think that the inflection point there is in a couple of years still? I mean, that's the impression I get is 2022, 2023 that the action really starts to heat up.

你認為拐點還會在幾年後出現嗎？我的意思是，我得到的印像是 2022 年，2023 年，行動真正開始升溫。

I would say that's probably best case. Yes, we're thinking somewhere -- I would say volumes and whatnot start to heat up, call it, 2025, something like that. But there's a lot of work. There's a lot of work that goes in between now and then, so we'll be busy.

我會說這可能是最好的情況。是的，我們正在考慮某個地方——我會說成交量之類的東西開始升溫，稱之為 2025 年，類似的東西。但是有很多工作。中間有很多工作要做，所以我們會很忙。

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

您今天的下一個問題來自 Stifel 的 Matt Sheerin。

One follow-up question regarding your guidance for the storage and networking segment. I understand that you're reshaping it, walking away from some programs that are not profitable or don't meet your returns goals. But could you talk about how you see those end markets playing out, particularly storage? It sounds like you're looking at your further weakness there because of the move to the cloud.

關於您對存儲和網絡部分的指導的一個後續問題。我了解您正在重塑它，放棄一些無利可圖或不符合您的回報目標的計劃。但是您能否談談您如何看待這些終端市場，尤其是存儲市場？由於遷移到雲端，聽起來您正在尋找進一步的弱點。

And then beyond that, we are seeing not as stable, but some of your peers also walking away from some of these programs in the data hub space, where they're not meeting certain metrics and goals. And at some point, it looks like the leverage might swing back to the EMS guys like you, where you make win deals because customers really have nowhere to go.

然後除此之外，我們看到不穩定，但您的一些同行也離開了數據中心空間中的一些程序，他們沒有達到某些指標和目標。在某些時候，看起來槓桿可能會回到像你這樣的 EMS 人身上，因為客戶真的無處可去，所以你會贏得交易。

Yes. I don't know. I'd look at it quite simply as I want -- I don't ever want to walk away from a relationship, but there are certain relationships where, if we get to a point that customers can provide others than Jabil business and get better value add for it, then so be it.

是的。我不知道。我會按照自己的意願簡單地看待它——我不想離開一段關係，但在某些關係中，如果我們達到客戶可以提供 Jabil 業務以外的其他業務並變得更好的地步為它增值，那就這樣吧。

And I think in the network storage space, it's been a market that we've played in actively since the early '90s. We've got some longstanding relationships that are -- I don't want to lose. But again, if we get to a point where things start to change, our value proposition starts to fall off, there's no reason to force that.

而且我認為在網絡存儲領域，這是我們自 90 年代初以來一直積極參與的市場。我們有一些長期的關係——我不想失去。但同樣，如果我們到了事情開始發生變化的地步，我們的價值主張就會開始下降，沒有理由強迫它。

And I think if I think about how well diversified the company is today, when those situations occur, we don't need to force it. I think that, that's a -- of the 8 different business line items you're seeing there on the blue-green slide, that's an area, at least, specific to Jabil that probably isn't going to have a lot of hyper growth to it for some of the reasons you described and others. If I had to handicap it today, again, knowing that our numbers aren't going to be exact, the $2.2 billion we're showing on that line item, I think it might come in a little bit stronger than that. But again, directionally, I think network and storage will be down year-on-year.

而且我認為，如果我考慮一下公司今天的多元化程度，當這些情況發生時，我們不需要強迫它。我認為，這是您在藍綠色幻燈片上看到的 8 個不同業務項目中的一個，至少，這是一個特定於 Jabil 的領域，可能不會有太多的超增長出於您描述的一些原因和其他原因。如果我今天不得不再次限制它，知道我們的數字不會準確，我們在該項目上展示的 22 億美元，我認為它可能會比這更強大一些。但再一次，定向地，我認為網絡和存儲將同比下降。

Okay. And Mike, regarding the inventories, which came down nicely and your inventory gains were down, and you did talk about the supply chain being a little bit more efficient than it has been, do you expect to maintain those low inventory levels as we get through next year? And is that part of your pretty strong free cash flow guidance?

好的。邁克，關於庫存下降得很好，你的庫存收益下降了，你確實談到供應鏈比以前更有效率，你是否希望在我們度過難關時保持低庫存水平明年？那是您非常強大的自由現金流指導的一部分嗎？

Yes. That is certainly part of our guidance. That is part of our assumption. We are constantly working on inventory levels in the organization, and I feel good about continuing to take that down further over the year.

是的。這當然是我們指導的一部分。這是我們假設的一部分。我們一直在努力提高組織中的庫存水平，我對在一年中繼續進一步降低庫存水平感到滿意。

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

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

Thank you. That's it for our call today. This call is concluded. Please reach out to us if you have any further questions. Thank you.

謝謝你。這就是我們今天的電話。本次通話結束。如果您有任何其他問題，請與我們聯繫。謝謝你。

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

今天的電話會議到此結束。你可以在這個時候斷開你的線路，並度過美好的一天。我們感謝您今天的參與。