捷普科技 (JBL) 2020 Q2 法說會逐字稿

Greetings, and welcome to the Jabil Second Quarter 2020 Financial Results Conference Call and Webcast.

您好，歡迎參加 Jabil 2020 年第二季度財務業績電話會議和網絡直播。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

It's now my pleasure to introduce your host, Adam Berry, Vice President Investor Relations for Jabil.

現在我很高興向您介紹您的主持人，Jabil 投資者關係副總裁 Adam Berry。

Please go ahead, sir.

請繼續，先生。

Good morning, and welcome to Jabil's Second Quarter of Fiscal 2020 Earnings Call.

早上好，歡迎參加捷普 2020 財年第二季度財報電話會議。

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

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

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

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

To follow along with the discussion and view the slides, you will need to be logged into our webcast on jabil.com.

要繼續討論並查看幻燈片，您需要登錄我們在 jabil.com 上的網絡廣播。

At the end of today's call, both the presentation and a replay of the call will be available on Jabil's Investor Relations website.

在今天的電話會議結束時，Jabil 的投資者關係網站上將提供演示文稿和電話會議的重播。

During today's call, we may be using forward-looking statements, including, among other things, those regarding the outlook for our business.

在今天的電話會議中，我們可能會使用前瞻性陳述，其中包括關於我們業務前景的陳述。

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

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

An extensive list of these risks and uncertainties are identified in our forward-looking statements and in our annual report on Form 10-K for the fiscal year ended August 31, 2019, and other filings.

我們的前瞻性陳述和截至 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廣泛清單。

Jabil disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Jabil 不承擔因新信息、未來事件或其他原因而更新或修改任何前瞻性陳述的任何意圖或義務。

Now before we begin, I'd like to take a few minutes to discuss the agenda and objective for today's call.

現在，在我們開始之前，我想花幾分鐘時間討論一下今天電話會議的議程和目標。

As a reminder, on February 25, 2020, we announced that the COVID-19 outbreak would negatively impact our second quarter results relative to the guidance that we had provided on December 17, 2019.

提醒一下，我們在 2020 年 2 月 25 日宣布，相對於我們在 2019 年 12 月 17 日提供的指導，COVID-19 的爆發將對我們的第二季度業績產生負面影響。

And as forewarned, our second quarter results were, in fact, below our initial range of expectations driven by approximately $53 million in direct costs associated with labor, supplies and supply chain inefficiencies, all caused by the disruptive impact of COVID-19.

正如預先警告的那樣，我們第二季度的業績實際上低於我們最初的預期範圍，這是由於與勞動力、供應和供應鏈效率低下相關的直接成本約為 5300 萬美元，所有這些都是由 COVID-19 的破壞性影響造成的。

As customary, Mike will walk through our second quarter results, while also detailing the intra-quarter sequence of events that resulted in a material deceleration in earnings towards the end of the quarter.

按照慣例，邁克將介紹我們的第二季度業績，同時詳細說明導致本季度末收益大幅下降的季度內事件序列。

Although demand remains strong, and our manufacturing capacity continues to improve each day, the overall impact of COVID-19 on our business is still yet to be determined.

儘管需求依然強勁，而且我們的製造能力每天都在不斷提高，但 COVID-19 對我們業務的總體影響仍有待確定。

Consequently, we're going to deviate from our standard quarterly call format in 2 distinct ways.

因此，我們將以兩種不同的方式偏離標準的季度電話會議格式。

First, we're currently not in a position to provide third quarter or fiscal '20 guidance or outlooks for each of our end markets in fiscal '20 as usual.

首先，我們目前無法像往常一樣在 20 財年為我們的每個終端市場提供第三季度或 20 財年的指導或展望。

Second, following Mike's prepared comments, we will move directly into Q&A in an effort to efficiently address your questions.

其次，根據 Mike 準備好的評論，我們將直接進入問答環節，以有效地解決您的問題。

We do, however, expect to resume to our normal cadence of call in the future.

但是，我們確實希望將來恢復到正常的通話節奏。

As Mark expressed in our press release on February 25, our first priority throughout this global pandemic has been the safety of our people.

正如馬克在 2 月 25 日的新聞稿中所說，在這場全球大流行中，我們的首要任務是確保我們人民的安全。

It simply makes sense to take care of our people, and we believe it's in the best interest of shareholders too.

照顧我們的員工很有意義，我們相信這也符合股東的最大利益。

I can speak on behalf of everyone in this room when I thank all of those who jumped into action with a typical Jabil energy.

當我感謝所有以典型 Jabil 能量投入行動的人時，我可以代表這個房間裡的每個人發言。

The team's swift response and hard work allowed us to be in a position to report our second quarter results today.

該團隊的迅速反應和辛勤工作使我們能夠在今天報告我們的第二季度業績。

With that, I'll now hand the call over to Mike.

有了這個，我現在把電話交給邁克。

Thanks, Adam.

謝謝，亞當。

Good morning, everyone.

大家，早安。

Thank you for joining us today.

感謝您今天加入我們。

As Adam stated, our Q2 results were negatively impacted by the COVID-19 outbreak.

正如亞當所說，我們的第二季度業績受到 COVID-19 爆發的負面影響。

Before I cover our Q2 results, I'd like to take a moment to walk you through the dynamics that unfolded during the quarter.

在介紹我們的第二季度業績之前，我想花點時間向您介紹本季度的動態。

We began Q2 with a stronger-than-anticipated start to the fiscal quarter.

我們在第二季度開始時的財政季度開局強於預期。

As we moved into February, demand held, but our ability to meet demand was greatly diminished as virus containment efforts ramped in China.

隨著我們進入二月份，需求保持不變，但隨著中國病毒控制工作的加強，我們滿足需求的能力大大降低。

During the quarter, we incurred approximately $53 million in direct costs associated with the COVID-19 outbreak.

在本季度，我們因 COVID-19 爆發而產生了大約 5300 萬美元的直接成本。

I'd now like to provide you with the makeup of these costs.

我現在想為您提供這些費用的構成。

First, we incurred additional labor costs in Q2.

首先，我們在第二季度產生了額外的勞動力成本。

During February, we strategically made the decision to compensate our employees who are restricted and quarantined.

在 2 月份，我們戰略性地做出了對受到限制和隔離的員工進行補償的決定。

These factors contributed to higher labor costs than we expected going into the quarter.

這些因素導致勞動力成本高於我們在本季度的預期。

Second, our factory utilization in China was negatively impacted in February due to travel disruptions and restrictions.

其次，由於旅行中斷和限制，我們在中國的工廠利用率在 2 月份受到了負面影響。

To add further context to the higher labor costs and lower utilization, February began with the Chinese New Year holiday being extended by 10 to 14 days depending on location.

為了進一步增加勞動力成本上升和利用率下降的背景，2 月開始的農曆新年假期根據地點延長了 10 至 14 天。

Most of our larger sites in China began to come back online later than anticipated.

我們在中國的大多數大型網站開始恢復上線的時間比預期的要晚。

And by February 14, we were only operating at 45% to 50% capacity.

到 2 月 14 日，我們的產能僅為 45% 到 50%。

We exited the quarter at approximately 80% utilization in China.

本季度我們在中國的利用率約為 80%。

Third, during the quarter, we also incurred lost revenue associated with both upstream and downstream supply chain disruptions, which impacted our worldwide footprint.

第三，在本季度，我們還遭受了與上游和下游供應鏈中斷相關的收入損失，這影響了我們的全球足跡。

And finally, in an effort to keep our employee base safe and healthy, we incurred unanticipated costs to procure necessary supplies to keep our people safe, items, such as face masks, hand sanitizers, thermometers and personal protection equipment.

最後，為了確保我們員工的安全和健康，我們產生了意想不到的成本來採購必要的用品以確保我們的員工安全，這些物品包括口罩、洗手液、溫度計和個人防護設備。

I would like to highlight that February was an anomaly.

我想強調，二月是一個反常現象。

Under normal circumstances, if demand diminished, our variable costs would have been materially lower as we would have adjusted our costs to the demand environment.

在正常情況下，如果需求減少，我們的可變成本會大大降低，因為我們會根據需求環境調整成本。

Turning now to our Q2 financial results.

現在轉向我們的第二季度財務業績。

Net revenue for the second quarter was $6.1 billion.

第二季度的淨收入為 61 億美元。

GAAP operating income was $91 million, and our GAAP diluted loss per share was $0.02.

GAAP 營業收入為 9100 萬美元，我們的 GAAP 攤薄每股虧損為 0.02 美元。

Core operating income during the quarter was $159 million.

本季度的核心營業收入為 1.59 億美元。

Net interest expense during the quarter was $52 million.

本季度的淨利息支出為 5200 萬美元。

Our core tax rate for the quarter was 26.6%, in line with expectations.

我們本季度的核心稅率為 26.6%，符合預期。

Core diluted earnings per share were $0.50.

每股核心攤薄收益為 0.50 美元。

It's worth noting that the additional costs associated with the outbreak negatively impacted our diluted earnings per share by approximately $0.25.

值得注意的是，與疫情相關的額外成本對我們攤薄後的每股收益產生了約 0.25 美元的負面影響。

Now moving to our GAAP results.

現在轉到我們的 GAAP 結果。

As expected, we incurred $30 million in restructuring and severance-related charges in Q2, predominantly associated with the 2020 restructuring plan we announced in September of last year.

正如預期的那樣，我們在第二季度產生了 3000 萬美元的重組和遣散費相關費用，主要與我們去年 9 月宣布的 2020 年重組計劃有關。

This plan continues to remain on track and as a reminder, is expected to result in an incremental cost savings benefit of $25 million, mainly in the second half of FY '20.

該計劃將繼續按計劃進行，並提醒一下，預計將帶來 2500 萬美元的增量成本節約收益，主要是在 20 財年的下半年。

Also during the quarter, we incurred a onetime noncash impairment charge of approximately $12 million in connection with the sale of an investment in the optical networking segment.

同樣在本季度，我們因出售對光網絡部門的投資而產生了約 1200 萬美元的一次性非現金減值費用。

Now turning to our second quarter segment results.

現在轉向我們的第二季度部分業績。

Revenue for our DMS segment was $2.3 billion.

我們 DMS 部門的收入為 23 億美元。

From an end-market perspective, we experienced good demand in the health care and mobility end markets.

從終端市場的角度來看，我們在醫療保健和移動終端市場經歷了良好的需求。

Revenue for our EMS segment was $3.8 billion.

我們 EMS 部門的收入為 38 億美元。

From an end-market perspective, we saw additional strength in the semi cap space, while demand in the balance of the business came in largely as expected.

從終端市場的角度來看，我們看到了半盤股空間的額外實力，而其他業務的需求基本上符合預期。

Turning now to our cash flows and balance sheet.

現在轉向我們的現金流和資產負債表。

During Q2, our total days of inventory came in at 70 days, an increase of 13 days sequentially driven mainly by idle capacity and supply chain constraints due to COVID-19.

在第二季度，我們的總庫存天數為 70 天，環比增加了 13 天，主要是由於 COVID-19 導致的閒置產能和供應鏈限制。

Higher inventory levels during the quarter were offset slightly by lower days of sales outstanding at the end of the quarter driven mainly by lower February sales.

本季度較高的庫存水平被本季度末主要由於 2 月份銷售額下降所導致的未完成銷售天數減少所抵消。

Cash flows provided by operations were $63 million in Q2, and net capital expenditures totaled $205 million.

第二季度運營提供的現金流為 6300 萬美元，淨資本支出總計 2.05 億美元。

We exited the quarter with a total debt to core EBITDA level of approximately 1.7x and cash balances of $697 million.

本季度末，我們的總債務佔核心 EBITDA 水平約為 1.7 倍，現金餘額為 6.97 億美元。

Jabil has over $3 billion of global revolver credit facilities, and at the end of Q2, over 90% of these facilities were available.

捷普在全球擁有超過 30 億美元的循環信貸額度，到第二季度末，這些額度的 90% 以上可用。

During Q2, we repurchased approximately 1.8 million shares for $72 million as part of our 2-year, $600 million authorization we announced in September.

在第二季度，我們以 7200 萬美元回購了大約 180 萬股股票，作為我們在 9 月宣布的 2 年 6 億美元授權的一部分。

In closing, as always, Jabil's #1 priority is the health and well-being of our employees.

最後，與往常一樣，捷普的第一要務是我們員工的健康和福祉。

We are also focused on providing the best possible service to our customers.

我們還專注於為我們的客戶提供最好的服務。

We take our responsibility as a global corporate citizen very seriously.

我們非常重視作為全球企業公民的責任。

These values motivate our teams to take significant measures to prevent the spread of COVID-19 and minimize business disruption in this very challenging environment.

這些價值觀激勵我們的團隊採取重大措施防止 COVID-19 的傳播，並在這個極具挑戰性的環境中最大限度地減少業務中斷。

I'll now turn the call over to Adam.

我現在將把電話轉給亞當。

Thanks, Mike.

謝謝，邁克。

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

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

We appreciate your cooperation.

我們感謝您的合作。

Operator, we're now ready for Q&A.

接線員，我們現在準備好進行問答了。

(Operator Instructions) Our first question today is coming from Jim Suva from Citigroup.

（操作員說明）我們今天的第一個問題來自花旗集團的 Jim Suva。

If I heard correctly, you gave some utilization rates.

如果我沒聽錯，你給出了一些利用率。

And I believe -- did you say 80% was as you exited the quarter or as you stand now?

我相信——你是說 80% 是在你退出本季度時還是現在？

And maybe you can update us on kind of where you stand now?

也許你可以告訴我們你現在的立場？

Because it's been a couple of weeks since the quarter has ended, and then I'll probably have a follow-up.

因為這個季度已經結束了幾個星期，然後我可能會有後續行動。

Jim, maybe stepping back to -- if we go back to Chinese New Year, as people were coming back to our factories in China immediately after that with various quarantine protocols, our factories mid-February were running probably between 10% and 20%.

吉姆，也許回過頭來——如果我們回到中國新年，因為人們在那之後立即回到我們在中國的工廠，並遵守各種隔離協議，我們的工廠在 2 月中旬的運轉率可能在 10% 到 20% 之間。

As we indexed through mid-February, it moved to 40% to 50%.

當我們在 2 月中旬編制索引時，它升至 40% 至 50%。

And I think Mike said in his prepared remarks as we exited the month, we were closer to 80%.

我認為邁克在本月結束時在他準備好的講話中說，我們接近 80%。

As we sit here in mid-March, our China factories are actually near normal, and we have some pockets around the globe where factories are suboptimal.

當我們在 3 月中旬坐在這裡時，我們的中國工廠實際上已經接近正常，而且我們在全球範圍內也有一些工廠處於次優狀態。

But I would say, from a utilization perspective, suboptimal by only 5% to 10%.

但我想說，從利用率的角度來看，次優只有 5% 到 10%。

Most of that is due to supply chain issues.

其中大部分是由於供應鏈問題。

In some odd way, as we sit today, I think China is the least of our concerns.

以某種奇怪的方式，當我們今天坐下來時，我認為中國是我們最不關心的問題。

But again, as we look forward in terms of overall global factory utilization, we're able to accommodate all of the demand that's in front of us as long as we can get parts.

但同樣，當我們展望全球工廠的整體利用率時，只要我們能得到零件，我們就能滿足擺在我們面前的所有需求。

Perfect.

完美的。

And then that would -- led exactly to my follow-up question was, is now the concern, kind of, focused on hey, it's great efforts that China is recovering is now the kind of the efforts keeping an eye on your other locations outside in case it spreads, and it sounds like you, kind of, alluded to, yes, but any thoughts on, I guess, that would be the next thing that you're watching and working on?

然後這將導致我的後續問題是，現在是關注，有點，專注於嘿，中國正在復甦的巨大努力現在是關注你在外面其他地方的努力以防它傳播，聽起來像你，有點，暗示，是的，但我想，你有什麼想法，這將是你接下來要關注和努力的事情嗎？

Yes, that's fair.

是的，這很公平。

If you think about what Mike said, we had this $50 million hit to core earnings in Q2 that was broken out by -- again, we had onetime quarantine infrastructure costs, idle labor, incremental labor costs, largely around China.

如果你想想邁克所說的話，我們在第二季度的核心收益受到了 5000 萬美元的衝擊，這是由——再次，我們有一次隔離基礎設施成本、閒置勞動力、增量勞動力成本，主要是在中國周圍。

The factory inefficiencies in China for -- just kind of big picture, factory inefficiencies in China were largely due to labor shortages.

中國工廠效率低下——從整體上看，中國工廠效率低下主要是由於勞動力短缺。

That's mostly behind us now.

現在大部分時間都在我們身後。

Factory inefficiencies globally, not so much labor shortages, but supply chain constraints and again, we've got some pockets of inefficiencies, but largely, our footprint is up and running.

全球工廠效率低下，與其說是勞動力短缺，不如說是供應鏈限制，再說一次，我們有一些效率低下的地方，但在很大程度上，我們的足跡已經開始運轉。

So what else is really interesting in this, Jim, is in relatively short order, our team garnered significant experience in dealing with COVID-19 at the very front end of this pandemic because of our presence in China.

那麼，Jim，還有什麼其他真正有趣的事情是在相對較短的時間內完成的，由於我們在中國的存在，我們的團隊在這場大流行的最前端處理 COVID-19 方面獲得了豐富的經驗。

And in terms of our actions and approach, we've shared our experiences openly with customers and competitors.

在我們的行動和方法方面，我們與客戶和競爭對手公開分享了我們的經驗。

And our playbook is ready and actionable if things get notably worse in North America and Europe.

如果北美和歐洲的情況變得明顯更糟，我們的劇本已經準備就緒並且可以採取行動。

And I concur that the actions you're taking to care for your people are first and foremost, most important.

我同意你為照顧你的人民而採取的行動是最重要的。

Yes, thanks, Jim.

是的，謝謝，吉姆。

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

我們的下一個問題來自 Raymond James 的 Adam Tindle。

Okay.

好的。

Mark, it sounds like, obviously, the supply and capacity side is incrementally better.

馬克，聽起來，顯然，供應和產能方面越來越好。

So I just wanted to touch on demand.

所以我只是想按需接觸。

I think in the February release, you had mentioned that there was no change in product orders so I just was hoping for an update on that, with the heart of the question being investor fear would be how to mitigate potential negative leverage, given you've done a good job getting utilization back up.

我認為在 2 月發布的版本中，您曾提到產品訂單沒有變化，所以我只是希望對此進行更新，問題的核心是投資者擔心如何減輕潛在的負槓桿，因為您在恢復利用率方面做得很好。

But if we have order cuts coming, how do you think about that for potential deleverage?

但是，如果我們即將削減訂單，您如何看待潛在的去槓桿化？

Yes.

是的。

Thanks, Adam.

謝謝，亞當。

If I might take the liberty, let me expand my answer and talk about, kind of, both sides of the equation, if I could, Adam.

如果我可以冒昧的話，讓我擴展我的答案並談談等式的兩邊，如果可以的話，亞當。

One is on the cost side.

一是在成本方面。

So again, Mike and during my response to Jim talked about, kind of, what made up the $50 million.

再一次，邁克和我在回复吉姆時談到了 5000 萬美元的構成。

The $50 million in February was not for a full month.

2 月份的 5000 萬美元還不到一個月。

So if I were to, kind of, extrapolate the $50 million for February on a monthly run rate if that continues to be about $60 million, $65 million against our core line per month.

因此，如果我將 2 月份的 5000 萬美元按月度運行率推斷出來，如果這仍然是 6000 萬美元左右，那麼我們的核心產品線每月需要 6500 萬美元。

With all the work our team has done on the cost side, Adam, again, we see China getting better, and we think business interruption costs in China, they have declined and will remain a much lesser extent, relative to what we experienced in February.

鑑於我們團隊在成本方面所做的所有工作，Adam，再次，我們看到中國正在變得更好，我們認為中國的業務中斷成本已經下降，並且與我們在 2 月份經歷的情況相比，將保持較小的幅度.

As we see North America and Europe, we think the potential for North America and Europe is to get a bit worse.

當我們看到北美和歐洲時，我們認為北美和歐洲的潛力會變得更糟。

You see kind of all the social dislocation taking place and whatnot.

您會看到所有正在發生的社會錯位等等。

So what we've done on the cost side is it's a really foggy, kind of, opaque landscape, if you will, but, kind of, on a weighted average, blended average basis.

因此，我們在成本方面所做的是，這是一個非常模糊的、有點不透明的景觀，如果你願意的話，但是，在加權平均、混合平均的基礎上。

For the month of March, we're planning on about $10 million to $20 million of business disruption and interruption costs across our footprint.

在 3 月份，我們計劃在整個業務範圍內承擔約 1000 萬至 2000 萬美元的業務中斷和中斷成本。

And for April, we think it'll be much the same.

對於四月，我們認為情況會大體相同。

Coming back to your specific question, if I think about demand in and of itself, this gets more difficult.

回到您的具體問題，如果我考慮需求本身，這會變得更加困難。

But what I can tell you in terms of how we're budgeting and talking about the business internally in terms of costs and actions, we've haircut demand for March.

但我可以告訴你的是，我們如何預算以及在內部討論成本和行動方面的業務，我們已經削減了 3 月份的需求。

We're going to haircut demand further for April.

我們將進一步削減 4 月份的需求。

And then beyond April, it's really dependent on the -- what I would say is the control and containment of the virus and then also the fear is directly related to the virus.

然後在 4 月之後，它真的取決於 - 我要說的是對病毒的控制和遏制，然後恐懼也與病毒直接相關。

So as everyone has seen this week, the macro backdrop, the landscape are changing day by day, and then the associated actions are compounding hourly.

因此，正如大家本週所看到的，宏觀背景、景觀每天都在變化，然後相關的行動每小時都在復合。

So that's, kind of, what's inside our head on how we're thinking about the business for the next 60 to 90 days.

這就是我們腦海中關於我們如何看待未來 60 到 90 天的業務的想法。

Okay.

好的。

And just to clarify, was that $50 million or so of virus-related expenses excluded in the $0.50 of non-GAAP EPS?

為了澄清一下，這 5000 萬美元左右的病毒相關費用是否不包括在 0.50 美元的非公認會計準則每股收益中？

No, it's included in the $0.50, Adam.

不，它包含在 0.50 美元中，亞當。

If we hadn't included it, our EPS would have been $0.75.

如果我們沒有包括它，我們的每股收益將是 0.75 美元。

Yes.

是的。

It would have been a pretty nice quarter.

這將是一個相當不錯的季度。

Okay.

好的。

And then just as a follow-up, Mike, can you maybe update us on cash flow given the new forecast?

然後，作為後續行動，邁克，您能否根據新的預測向我們更新現金流？

Do you have any feel around that?

你對此有什麼感覺嗎？

Do you think still $500-plus million for the year and also capital allocation, given, obviously, we're in a very new share price range?

鑑於我們顯然處於一個非常新的股價範圍內，您認為今年還有 500 多萬美元以及資本分配嗎？

I think you previously were going to do $250 million of buybacks in fiscal '20 and $350 million in fiscal '21.

我認為您之前將在 20 財年進行 2.5 億美元的回購，在 21 財年進行 3.5 億美元的回購。

Does it make sense to maybe change that weighting?

改變這個權重是否有意義？

So I'll answer the second question first.

所以我先回答第二個問題。

We're continuing to monitor and be thoughtful about our capital allocation policy.

我們將繼續監控並考慮我們的資本分配政策。

While cash is extremely important, the share price is absurdly cheap right now.

雖然現金非常重要，但現在股價低得離譜。

So we're trying to balance that, and we'll keep cash in mind, of course.

因此，我們正在努力平衡這一點，當然，我們會牢記現金。

For your first question, I think from a cash standpoint, we're pretty good.

對於您的第一個問題，我認為從現金的角度來看，我們非常好。

I think we had a great bank facility transaction in January.

我認為我們在一月份進行了一次很棒的銀行融資交易。

We -- I think we had a $500 million senior note, $3 billion of bank credit facilities, and we've converted a lot of our short-term debt into long-term debt.

我們——我認為我們有 5 億美元的優先票據，30 億美元的銀行信貸額度，我們已經將很多短期債務轉換為長期債務。

So the timing is very opportunistic.

所以時機是非常機會主義的。

It was lucky as well that it happened well before the COVID-19 outbreak started.

幸運的是，它發生在 COVID-19 爆發之前。

We feel really good about our cash flow.

我們對自己的現金流感覺非常好。

And free cash flow, is it going to be in the $500 million range?

和自由現金流，它會在 5 億美元的範圍內嗎？

Right now, as it stands, yes, probably in the $400 million to $500 million range.

現在，就目前而言，是的，可能在 4 億到 5 億美元之間。

It's all about demand, Adam.

一切都與需求有關，亞當。

Right now, while we're not seeing huge cuts from our customers, that could change at any point in time.

目前，雖然我們沒有看到客戶大幅削減開支，但這種情況隨時可能發生變化。

But this -- I think Mark talked about the social distancing.

但是這個——我認為馬克談到了社交距離。

That will have an impact going forward.

這將對未來產生影響。

We just don't know the magnitude and extent of it at this time.

我們現在只是不知道它的規模和程度。

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。

It's Paul Chung on for Coster.

科斯特是保羅·鐘。

So just a follow-up on customer demand and kind of the haircuts you're baking in?

所以只是跟進客戶需求和你正在烤的髮型嗎？

Are those more on kind of faster product cycle products?

那些更多的是更快的產品週期產品嗎？

And are these, kind of, being pushed out maybe a couple of months out?

這些，有點，可能會被推出幾個月嗎？

Or if you could confirm if any of these products are being canceled?

或者您能否確認這些產品是否被取消？

It's too early to tell.

現在說還為時過早。

I just think -- I think it's really prudent for us to kind of haircut the business a little bit starting in March, April.

我只是認為 - 我認為從 3 月、4 月開始對我們的業務進行一些削減是非常謹慎的。

So there's no -- there's not been an exact science to it.

所以沒有 - 沒有精確的科學。

And even if we tried to take some type of fine scalpel and figure out what sectors, what business, it's impossible.

即使我們試圖用某種精細的手術刀弄清楚哪些部門，哪些業務，這也是不可能的。

So again, my commentary was really around -- we can say absolutely nothing or we can try to kind of bring in to the heads of the leadership team, and my commentary around demand is things are very murky.

再說一次，我的評論真的很圍繞 - 我們可以絕對不說，或者我們可以嘗試讓領導團隊的負責人參與進來，我對需求的評論是事情非常模糊。

We are planning for demand to soften a bit.

我們正計劃讓需求有所緩和。

And again, we're running internal cost and actions accordingly.

同樣，我們正在相應地運行內部成本和行動。

Got you.

得到你。

And then on kind of new customer discussions, are you seeing more preference for America's production or Europe or with intentions of kind of avoiding potential areas more sensitive to tariffs?

然後在關於新客戶的討論中，您是否看到更偏愛美國或歐洲的生產，還是有意避開對關稅更敏感的潛在領域？

Are you seeing any trends there now more customers motivated to do so?

您是否看到現在有更多客戶願意這樣做的趨勢？

And then how does that, kind of, impact your operating margins longer term?

那麼，從長遠來看，這對您的營業利潤率有何影響？

We -- I think we talked either the December call or the September call, the first half of this year, we are experiencing, I don't know, $10 million to $15 million in terms of bringing up additional capacity in places like Vietnam, Penang and Mexico.

我們 - 我認為我們在今年上半年討論了 12 月的電話會議或 9 月的電話會議，我不知道，我們正在經歷 1000 萬到 1500 萬美元的資金，用於在越南等地增加額外的產能，檳城和墨西哥。

That still holds.

這仍然成立。

What I would tell you is those kind of costs are minimal and very finite in terms of how all this impacts our margins, in terms of moving business around.

我要告訴你的是，就所有這些如何影響我們的利潤，就轉移業務而言，這些成本是最小且非常有限的。

I don't think it has much of an impact long-term at all because of our global footprint.

由於我們的全球足跡，我認為它根本不會產生太大的長期影響。

So whether customers want to be served in China, Southeast Asia, Mexico, North America being U.S. and then Europe, we're in really, really good position based on our footprint.

因此，無論客戶是否希望在中國、東南亞、墨西哥、北美、美國和歐洲得到服務，根據我們的足跡，我們處於非常非常好的位置。

I think today, our footprint is well optimized.

我認為今天，我們的足跡得到了很好的優化。

Great.

偉大的。

And then my last question.

然後我的最後一個問題。

So if you could just talk about the pricing environment.

所以，如果你能談談定價環境。

We know that Flex is kind of focusing more on the higher-margin business, kind of turning away some of the lower margin one.

我們知道 Flex 更專注於利潤率較高的業務，而忽略了一些利潤率較低的業務。

Is that kind of creating a floor on margins for new business?

這是否為新業務創造了利潤底線？

What would, kind of, be the alternative to Flex besides Jabil for like scale, volume?

除了 Jabil 之外，還有什麼可以替代 Flex 的規模和數量？

If you could talk about the dynamics there and how that, kind of, benefits you guys?

如果你能談談那裡的動態以及這對你們有什麼好處？

Yes, I don't know.

是的，我不知道。

If -- margin is good for the industry.

如果——利潤率對行業有利。

So I think if Flex is doing their thing.

所以我認為如果 Flex 正在做他們的事情。

And I heard some of their comments earlier this week.

本週早些時候，我聽到了他們的一些評論。

If they're focused on raising margins.

如果他們專注於提高利潤率。

I think overall, that's good for the industry.

我認為總體而言，這對行業有利。

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。

The first question was on the component availability topic.

第一個問題是關於組件可用性的話題。

I wasn't sure if you could provide any context relative to some of the past periods of supply chain disruptions, be it tariffs or floods or tsunami?

我不確定您能否提供與過去供應鏈中斷時期相關的任何背景信息，無論是關稅、洪水還是海嘯？

And just what you're seeing today and some similarities with what you're seeing today versus some of those past examples?

以及您今天所看到的以及與您今天所看到的與過去的一些示例的一些相似之處？

And on that topic, are there any particular end markets or component types that you're most concerned about?

關於這個話題，是否有您最關心的特定終端市場或組件類型？

Yes, Mark, I think it's across the board.

是的，馬克，我認為這是全面的。

What I will tell you is supply chain was quite normal, December, January, we started getting some fairly strong signals, especially around China and Asian suppliers that they were having a hard time with labor as people were coming back from Chinese New Year.

我要告訴你的是，供應鏈很正常，12 月、1 月，我們開始收到一些相當強烈的信號，特別是在中國和亞洲供應商周圍，隨著人們從農曆新年回來，他們在勞動力方面遇到了困難。

We started hitting some real soft spots specific to supply chain late February.

2 月下旬，我們開始觸及一些特定於供應鏈的真正軟肋。

But what's been amazing to me is between our scale, our relationships and our overall actions and activities with the supply base in, call it, 2 weeks, our team has been deployed on the phones, and this could have been a very elongated, deep divot, if you will.

但令我驚訝的是我們的規模、我們的關係以及我們與供應基地的整體行動和活動之間，稱之為，2 週內，我們的團隊已經部署在電話上，這可能是一個非常細長的、深入的草皮，如果你願意的話。

We see it again, finite in terms of when it'll get completely back to normal, that's TBD.

我們再次看到它，就何時完全恢復正常而言是有限的，那是待定。

And again, the good news is China is getting back to normal pretty quick in terms of suppliers in Europe and North America, I think we still have to go through that cycle a bit.

再一次，好消息是中國在歐洲和北美的供應商方面正在迅速恢復正常，我認為我們仍然需要經歷這個週期。

But as I said in the opening of Q&A, all of our global factories are running near what I'd characterize normal utilization, a few pockets being off 5% to 10%.

但正如我在問答開始時所說，我們所有的全球工廠都在接近我所描述的正常利用率，一些口袋的利用率下降了 5% 到 10%。

But our supply chain team is doing a wonderful job.

但是我們的供應鏈團隊做得很好。

I also wanted to follow-up on your comment about some of the haircutting of the forecast.

我還想跟進您對預測的一些理髮的評論。

Do you think you're getting double orders and so that's why you're haircutting or potential and demand weakness?

你認為你得到了雙份訂單，所以這就是你理髮或潛在需求疲軟的原因嗎？

And so you're more just trying to proactively think about potential demand destruction?

所以你更多地只是試圖主動考慮潛在的需求破壞？

So just trying to think through how you guys are managing that?

所以只是想通過你們是如何管理的？

And is there any sort of rough quantification about what percent you're haircutting these forecasts?

是否有任何粗略的量化關於你削減這些預測的百分比？

Yes.

是的。

I'll stay away from percentages just because -- I don't even know that they make any sense.

我會遠離百分比只是因為 - 我什至不知道它們有什麼意義。

We're -- I think about the current conditions, Mark, I think about the virus, the associated fears, the actions and then maybe in terms of demand, I think about it maybe appropriately about the possible in actions] both by corporations and consumers, say, over the next 3, 4, 5, 6 months.

我們是——我考慮當前的情況，馬克，我考慮病毒、相關的恐懼、行動，然後可能在需求方面，我認為可能適當的行動] 公司和消費者，比如說，在接下來的 3、4、5、6 個月內。

We just don't know what that's going to be.

我們只是不知道那會是什麼。

So again, to take our demand signals, which today are holding reasonably well and just extrapolate that directly with no haircut, I just don't think that makes any sense.

再說一次，為了獲取我們的需求信號，這些信號今天保持得相當好，只是直接推斷，沒有理髮，我只是認為這沒有任何意義。

And I'll go back to -- just this week alone, if you look at what's happened in the U.S. in terms of professional sports, concerts, group events and whatnot, some way, shape or form, that's going to have to have an impact on small business, et cetera.

我會回到——就在本週，如果你看看美國在職業體育、音樂會、團體活動等方面發生的事情，以某種方式、形式或形式，那將不得不有一個對小企業的影響等等。

So again, I think it's the prudent thing to do.

再說一次，我認為這是謹慎的做法。

And let's just hope that this is finite, and I think it will be temporary.

讓我們希望這是有限的，我認為這將是暫時的。

It's just a matter of the definition of finite and temporary, does this last 3 months or does it last 12 to 18 months.

這只是有限和臨時的定義問題，是持續 3 個月還是持續 12 到 18 個月。

But what I do know is the team we have in place is probably the most experienced in the business.

但我所知道的是，我們現有的團隊可能是業內最有經驗的。

The team's resilient, proven.

團隊的韌性，久經考驗。

We've been through this before '07, '08.

我們在 07 年、08 年之前就經歷過這種情況。

Those of us that have been around a long time, around here for the tech rec, and one thing our company knows how to do is manage variable costs and customer care in tough times.

我們這些已經存在很長時間的人，在這裡進行技術交流，我們公司知道如何做的一件事是在困難時期管理可變成本和客戶服務。

Our next question is coming from [Steven Fox from Fox Advisors].

我們的下一個問題來自 [Fox Advisors 的 Steven Fox]。

Mark, I was wondering if you could share with us your travel policy going forward?

馬克，我想知道您能否與我們分享您今後的旅行政策？

And whether it could affect ramping new programs?

它是否會影響新項目的增加？

And then secondly, could you talk about the precautions you're taking to prevent infection inside your plants on a global basis?

其次，您能否談談您在全球範圍內為防止植物內部感染而採取的預防措施？

And then I had a quick follow-up.

然後我進行了快速跟進。

Sure.

當然。

Those are great questions.

這些都是很好的問題。

I -- our call today is a bit unique, as Adam said, in terms of structure, form and content, and I'd love to talk about the business, but I think in times like this, in many ways, saying less is saying more.

我 - 正如亞當所說，在結構、形式和內容方面，我們今天的電話有點獨特，我很想談談業務，但我認為在這樣的時代，在很多方面，少說是多說。

Especially, I don't believe in saying a lot of stuff when we just don't have good clarity.

特別是，當我們沒有很好的清晰度時，我不相信說很多東西。

But one is -- your question is a really good lead in.

但一個是 - 你的問題是一個非常好的引導。

I always talk on our calls about thanking our people.

我總是在我們的電話中談論感謝我們的人民。

And our #1 priority, and Adam and Mike both hit this, is the safety, health and well-being of our folks.

我們的第一要務，亞當和邁克都做到了這一點，是我們人民的安全、健康和福祉。

And a special thanks to everybody on our team.

特別感謝我們團隊的每一個人。

We had -- -- even though we clipped $50 million out of our core results, I got to acknowledge -- we had near-perfect execution this past quarter and that was split between taking just incredible care of our people, great care of our customers, all while reacting with -- I don't know, how we'd say it, speed and purpose to these disruptions, is amazing.

我們有 -- -- 儘管我們從核心業績中削減了 5000 萬美元，但我不得不承認 -- 我們在過去一個季度的執行情況近乎完美，這兩者之間的區別在於對我們的員工給予了難以置信的照顧，對我們的員工給予了極大的照顧客戶在做出反應的同時——我不知道，我們會怎麼說，這些中斷的速度和目的是驚人的。

And if I think about certain line items, when we talk about speed and purpose, one is, out of nowhere, when folks were coming back from Chinese New Year, our team in China set up quarantine centers and quarantine space that was really, really first rate.

如果我考慮某些項目，當我們談論速度和目的時，其中之一是，當人們從農曆新年回來時，我們在中國的團隊設立了隔離中心和隔離空間，真的，真的一流的。

We immediately streamlined testing and protocols, partnering with local hospitals.

我們立即與當地醫院合作簡化了測試和協議。

We went through it, what I would characterize as, extreme sanitization and disinfection in our Asian sites, and we're now doing that in our U.S. and European sites.

我們經歷了它，我將其描述為，在我們的亞洲站點進行了極端的消毒和消毒，我們現在正在我們的美國和歐洲站點這樣做。

Our HR team, combined with our business partners and our technical folks have set up a comprehensive education and awareness for all of our employees.

我們的人力資源團隊與我們的業務合作夥伴和我們的技術人員一起為我們所有的員工建立了全面的教育和意識。

Our travel restrictions have been, I think, a very fine balance between keeping our people safe and conducting business in a very, very thoughtful way.

我認為，我們的旅行限制在確保我們的員工安全和以非常、非常周到的方式開展業務之間取得了很好的平衡。

We've had policies put in place in terms of reducing visits to our factories.

我們已經制定了減少參觀工廠的政策。

And then again, what I would characterize as Jabil ingenuity, we've been producing our own surgical masks for our folks in Asia and throughout the world, if needed.

再說一次，我將其描述為 Jabil 的獨創性，如果需要，我們一直在為亞洲和世界各地的人們生產我們自己的外科口罩。

And in an earlier Q&A question, Steve, I made the mention, I think that really positions us well if things don't get worse in North America and Europe, that's a fantastic outcome.

在較早的問答問題中，史蒂夫，我提到，如果北美和歐洲的情況沒有變得更糟，我認為這確實使我們處於有利地位，這是一個了不起的結果。

If things do get worse in North America and Europe, we've already written the playbook.

如果北美和歐洲的情況確實變得更糟，我們已經編寫了劇本。

And again, it's ready to go.

再一次，它準備好了。

And I'll say it again, in some odd way, as we sit here today, China is the least of our concerns.

我會以某種奇怪的方式再說一遍，當我們今天坐在這裡時，中國是我們最不關心的問題。

So that's kind of what we've been up to.

這就是我們一直在做的事情。

That's really helpful.

這真的很有幫助。

And then just as a quick follow-up.

然後作為快速跟進。

Mike, you mentioned the credit line that's available have you tapped it in the current quarter?

邁克，您提到了可用的信用額度，您在本季度使用了嗎？

And could you just sort of talk about your plans to and whether there'd be any restrictions on accessing that cash if you needed to?

你能談談你的計劃嗎？如果你需要的話，是否會限制使用這些現金？

So we're not aware of any restrictions.

所以我們不知道有任何限制。

We tap in tap out as required.

我們根據需要敲入敲出。

Obviously, we move funds around internationally, globally.

顯然，我們在全球範圍內轉移資金。

We're in 30 countries.

我們在 30 個國家。

So we do move funds around pretty efficiently.

所以我們確實非常有效地轉移資金。

So no issues there at all, Steve.

所以根本沒有問題，史蒂夫。

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

我們的下一個問題來自美國銀行的 Ruplu Bhattacharya。

As valuations have come in, can you give us your thoughts on maybe growth inorganically?

隨著估值的出現，您能否談談您對無機增長的看法？

Your thoughts on M&A?

您對併購的看法？

And what are some of the things you look for in targets?

您在目標中尋找的一些東西是什麼？

Ruplu, I think we start with -- we're always in the market shopping.

Ruplu，我認為我們從——我們總是在市場購物開始。

That's headed up by our strategic team led by Courtney.

這是由考特尼領導的戰略團隊領導的。

So we're -- we've got our toes in the water constantly looking at M&A.

所以我們 - 我們一直在關注併購。

Our strong, strong preferences is small -- smaller deals that help us in terms of capability and align with our strategy.

我們強烈、強烈的偏好很小——在能力方面幫助我們並與我們的戰略保持一致的較小交易。

We felt for the last 18 months that price tags on almost everything we looked at were ridiculous.

在過去的 18 個月裡，我們覺得我們所看到的幾乎所有東西的價格標籤都是荒謬的。

And therefore, we've paired back some of our M&A activity.

因此，我們已經配對了一些併購活動。

I would never want prices to come down based on something like COVID-19 because of the impact it has on individuals and families and whatnot, and it really does look like it's a pandemic.

我永遠不會希望價格因為 COVID-19 之類的東西而下降，因為它對個人和家庭等產生了影響，而且它確實看起來像是一場大流行病。

But if -- I think COVID-19 aside, I think what's happened the last couple of weeks, it just felt to us like the market was overbought to begin with independent of the virus.

但是，如果——我認為除了 COVID-19 之外，我認為過去幾週發生的事情，對我們來說只是感覺就像市場在獨立於病毒的情況下開始被超買。

So if we can see prices get back to normal, I think our activity in the M&A world will pick up.

因此，如果我們能看到價格恢復正常，我認為我們在併購領域的活動將會增加。

I -- we're not out shopping for a big $1 billion deals, but there is some things we'd like to do in terms of increasing capabilities.

我——我們不會為 10 億美元的大筆交易而購物，但在提高能力方面我們想做一些事情。

I will tell you that assuming we get to the other side of this virus, stuff still needs to get built.

我會告訴你，假設我們到達了病毒的另一端，仍然需要構建一些東西。

I mentioned earlier, our factory optimization is exceptional.

我之前提到過，我們的工廠優化非常出色。

Let's remember that all our factories are wrapped in a wonderful IT network that's very unique.

讓我們記住，我們所有的工廠都包裹在一個非常獨特的出色 IT 網絡中。

And then when I think about both organic and M&A, Ruplu, secular trends in markets like 5G, health care, advanced handsets, electric transport, disruption in retail, machine learning, 3D additive, blah, blah, blah.

然後，當我考慮有機和併購時，Ruplu 以及 5G、醫療保健、先進手機、電動運輸、零售中斷、機器學習、3D 添加劑等市場的長期趨勢，等等。

Although demand might be softer a bit of time, those secular trends haven't changed.

儘管一段時間內需求可能會有所放緩，但這些長期趨勢並未改變。

I think they remain intact, and that will be really good for us.

我認為它們仍然完好無損，這對我們來說真的很好。

Okay.

好的。

And Mark that makes sense.

馬克這是有道理的。

Maybe on the cost side, can you remind us what are some of the costs that are under your control?

也許在成本方面，您能提醒我們您可以控制哪些成本嗎？

And how should we think about SG&A as a percent of sales going forward as you try and control some of these costs?

當您嘗試控制其中一些成本時，我們應該如何將 SG&A 視為未來銷售額的百分比？

And I guess related to that, you've talked about rationalizing your mobility footprint.

我想與此相關的是，您談到了合理化您的移動足跡。

Can you just update us on the status of that?

你能告訴我們最新的狀態嗎？

Okay.

好的。

That was a little bit -- let me just think my way through that.

那是一點點——讓我想想我的方式。

So let me start with your SG&A question.

因此，讓我從您的 SG&A 問題開始。

I think 100% of the time when most -- all companies, but I'll speak specifically for us.

我認為 100% 的時間是大多數公司——所有公司，但我會專門為我們說話。

When you go through a decade of tremendous growth, I think you tend to get a little bit fluffy in terms of cost and overhead.

當你經歷了十年的巨大增長時，我認為你在成本和管理費用方面往往會變得有點鬆散。

On a relative basis, we still run this company at around 4% SG&A, which is, I think, fabulous.

相對而言，我們仍然以 4% 左右的 SG&A 運營這家公司，我認為這非常棒。

I'd like to see that come down a little bit.

我希望看到它下降一點。

So we are always watching costs.

所以我們一直在關注成本。

When you have a catalyst like this, I think it has us sharpen our pencil.

當你有這樣的催化劑時，我認為它會讓我們削鉛筆。

The nice thing is, is well before COVID-19 occurred.

好消息是，早在 COVID-19 發生之前。

Mike and I talked about, I think it was on the September call about some restructuring for this year that was kind of to continue to shape and optimize our factory network.

邁克和我談到，我認為是在 9 月的電話會議上，關於今年的一些重組，這有點像繼續塑造和優化我們的工廠網絡。

So in some odd way, we're out in front of that already.

所以以某種奇怪的方式，我們已經在前面了。

We'll use this opportunity to take a look at Opex, infrastructure costs a little bit further in terms of head count.

我們將利用這個機會來看看 Opex，就人數而言，基礎設施的成本會更高一些。

But I feel good about how we're positioned, and I certainly feel really, really good about our company's ability to react and act in a very kind of agile, swift way.

但我對我們的定位感覺很好，而且我對我們公司以一種非常敏捷、迅速的方式做出反應和行動的能力當然感覺非常非常好。

So overall, I feel good about how we sit today.

所以總的來說，我對我們今天的坐姿感覺很好。

Okay.

好的。

And then maybe just on the mobility rationalization of your footprint, is that more or less done?

然後也許只是在你的足蹟的流動性合理化上，這或多或少地完成了？

And any areas of CapEx spend this year and next year that you want to highlight?

您想強調今年和明年資本支出的任何領域嗎？

I don't really want to get into CapEx at the moment, we're evaluating that, and Mike addressed some of that in his prepared remarks.

我現在真的不想進入資本支出，我們正在評估這一點，邁克在他準備好的講話中談到了其中的一些。

In terms of -- instead of mobility footprint, I think the way I would address your question, if I still may, is Mike laid out a pretty good detail on the September call about the restructuring that we have in place that's going to plan.

就 - 而不是流動性足跡而言，我認為我將解決您的問題的方式，如果我仍然可以的話，是邁克在 9 月的電話會議上列出了一個非常好的細節，關於我們將計劃進行的重組。

In fact, we're a bit ahead of plan, and we'll continue to see that through.

事實上，我們有點超前了，我們將繼續堅持下去。

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。

Can you talk a bit about the strength you saw in the beginning of the quarter?

你能談談你在本季度開始時看到的實力嗎？

I realized a lot has changed since then, but I'm curious about your cloud business.

我意識到從那以後發生了很多變化，但我對你們的雲業務很好奇。

And if you saw some of the continuity of strength from first quarter come through in second?

如果您看到第一季度的一些實力連續性在第二季度得到體現？

And then I have a follow-up.

然後我有一個跟進。

Yes.

是的。

Thanks, Shannon.

謝謝，香農。

I think as you know, the crazy thing is December and January, I think we put this in the press release.

我想如你所知，瘋狂的事情是 12 月和 1 月，我想我們把它放在了新聞稿中。

I don't remember, I know Mike just alluded to it.

我不記得了，我知道邁克只是提到過。

We got off to a really nice start.

我們有了一個非常好的開始。

And the interesting part of that is, it was really kind of across the board.

有趣的是，它確實是全面的。

So our cloud business is operating slightly above plan, our -- the mobility side of our business, the demand is quite strong.

因此，我們的雲業務運營略高於計劃，我們業務的移動性方面的需求非常強勁。

And when I say demand is quite strong.

當我說需求非常強勁時。

I would take the liberty to characterize that as Jabil's demand.

我冒昧地將其描述為 Jabil 的要求。

And I think there's 2 components of that.

我認為有兩個組成部分。

I think overall in demand is holding pretty well in that market.

我認為該市場的總體需求保持良好。

But the amazing work our team has done in that area, we continue to pick up some market share, which is also driving our demand.

但我們團隊在該領域所做的出色工作，我們繼續獲得一些市場份額，這也推動了我們的需求。

And then when I look at our EMS side of the business, the strength to the start of the quarter was kind of peanut buttered across 6 or 8 different sectors.

然後，當我查看我們的 EMS 業務方面時，本季度初的實力在 6 或 8 個不同的部門中有點像花生醬。

Great.

偉大的。

And then Mike, I had a question.

然後邁克，我有一個問題。

Your, I think, 1.7x leverage, just curious, I guess, a little bit back to the acquisition, but then any thoughts of maybe levering up a little bit, given where the stock price is at?

你的，我認為，1.7 倍槓桿，我猜只是好奇，有點回到收購，但是考慮到股價在哪裡，有沒有想過可能會稍微槓桿化一點？

I know you guys tend to be pretty conservative.

我知道你們比較保守。

But I'm curious if the recent dislocation provides somewhat of an opportunity?

但我很好奇最近的錯位是否提供了一些機會？

Yes, we'll continue to monitor and be thoughtful of that capital allocation policy that I talked about earlier, we do have an allocation methodology laid out, and we will stick to that.

是的，我們將繼續監控並考慮我之前談到的資本分配政策，我們確實制定了分配方法，我們將堅持下去。

And as opportunities come up, we'll definitely go in and have a look.

隨著機會的出現，我們一定會進去看看。

Our next question is coming from Matt Sheerin from Stifel.

我們的下一個問題來自 Stifel 的 Matt Sheerin。

Yes, a question regarding your commentary about the inventory and working capital.

是的，關於您對庫存和營運資金的評論的問題。

It sounds like that's fairly under control in terms of the component issues that you've been seeing.

就您所看到的組件問題而言，這聽起來完全在可控範圍內。

But should we expect inventory levels to remain fairly high here relative to the progress you saw in recent quarters just because you and your customers may tend to be more conservative and want to keep some inventory on hand?

但是，相對於您最近幾個季度看到的進展，我們是否應該期望這裡的庫存水平保持相當高的水平，僅僅是因為您和您的客戶可能傾向於更加保守並希望保留一些庫存？

Yes.

是的。

I think as the COVID-19 spreads in other parts of the world and supply chain constraints continue, we will see a little bit of a spike in inventory.

我認為隨著 COVID-19 在世界其他地區的傳播和供應鏈限制的持續，我們將看到庫存會出現一點點飆升。

February was a bit of a perfect storm as well.

二月也是一場完美的風暴。

We were running at 30%, 40% capacity, that is highly unlikely in the rest of the world at this stage.

我們以 30%、40% 的產能運行，這在現階段世界其他地區是極不可能的。

Now that could change.

現在這可能會改變。

So there will be a little bit of a spike, but not as much as February.

所以會有一點高峰，但不會像二月份那樣多。

Okay.

好的。

And in terms of impact on your free cash flow?

以及對您的自由現金流的影響？

And I know you've had some pretty -- fairly robust free cash flow targets for the year.

而且我知道您今年已經制定了一些相當強勁的自由現金流目標。

I guess along with the rest of your guidance, that's sort of off the table at this point?

我想和你的其他指導一起，這在這一點上有點離題？

I wouldn't say it's off the table.

我不會說它不在桌面上。

We're still targeting that number.

我們仍然以這個數字為目標。

Remember, when demands falls and revenue goes down, our working capital from a dollar standpoint actually improves.

請記住，當需求下降和收入下降時，從美元的角度來看，我們的營運資金實際上會提高。

So there's nice little EMS paradox that goes on with our type of business, which gives a little bit of a natural protection.

因此，在我們的業務類型中存在一個很好的 EMS 小悖論，它提供了一點自然保護。

Okay.

好的。

Great.

偉大的。

And then as you look -- and Mark, you talked about relative strength on the mobility front and everybody has been looking forward to the next-generation cycles and product cycles later this year, any change in terms of things you're doing with customers in terms of pilot programs and R&D and that sort of thing as you prepare for the end of the year?

然後你看——馬克，你談到了移動領域的相對優勢，每個人都期待著今年晚些時候的下一代周期和產品週期，你與客戶做的事情的任何變化在試點項目和研發方面，以及你為年底做準備的那些事情？

No, I'd say that's business as usual.

不，我會說這是照常營業。

Thank you.

謝謝你。

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

我們的問答環節結束了。

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

我想將發言權轉回管理層，以獲取任何進一步的結束意見。

Thank you for joining us.

感謝您加入我們。

This now concludes our call.

現在結束我們的通話。

Thank you.

謝謝你。

That does conclude today's teleconference and webcast.

今天的電話會議和網絡直播到此結束。

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

你可以在這個時候斷開你的線路，並有一個美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。