捷普科技 (JBL) 2023 Q3 法說會逐字稿

Hello, and welcome to the Jabil Third Quarter and Fiscal Year 2023 Earnings Conference Call and Webcast. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Adam Berry. Please go ahead, Adam.

您好，歡迎來到捷普 2023 年第三季度和財年收益電話會議和網絡廣播。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興將電話轉給亞當·貝里。請繼續，亞當。

Good morning, and welcome to Jabil's Third Quarter of Fiscal 2023 Earnings Call. Joining me on today's call are Chief Executive Officer, Kenny Wilson; and Chief Financial Officer, Mike Dastoor.

早上好，歡迎參加捷普 2023 財年第三季度收益電話會議。與我一起參加今天電話會議的是首席執行官肯尼·威爾遜 (Kenny Wilson)；和首席財務官邁克·達斯托爾。

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

請注意，今天的電話會議正在進行網絡直播，在我們準備好的發言中，我們將引用幻燈片。要觀看幻燈片，請訪問我們網站投資者關係部分的 jabil.com。今天的電話會議結束時，全部內容將發佈在那裡供音頻播放。

I'd now like to ask that you follow our earnings presentation with the slides on the website beginning with the 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 fourth quarter and fiscal year net revenue and earnings.

現在我想請您關注我們的收益演示以及網站上以前瞻性聲明開頭的幻燈片。在本次電話會議期間，我們將做出前瞻性聲明，其中包括有關我們業務預期前景的聲明，例如我們當前預期的第四季度和財年淨收入和收益。

These statements are based on current expectations, forecasts and assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially. An extensive list of these risks and uncertainties are identified on our annual report on Form 10-K for the fiscal year ended August 31, 2022, and other filings.

這些陳述基於當前的預期、預測和假設，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 2022 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詳細列出了這些風險和不確定性。

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.

捷普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、未來事件還是其他原因。

With that, I'd now like to shift our focus to our third quarter results, where the team delivered approximately $8.5 billion in revenue at the top end of our guidance range. Core operating income for the quarter came in at $404 million or 4.8% of revenue. This is up 60 basis points on a year-over-year basis. Net interest expense in the quarter came in better than expected at $75 million, reflecting lower levels of inventory during the quarter, resulting in better working capital management by the team.

至此，我現在想將我們的注意力轉移到第三季度的業績上，該團隊實現了約 85 億美元的收入，處於我們指導範圍的上限。該季度核心營業收入為 4.04 億美元，佔收入的 4.8%。這比去年同期上升了 60 個基點。本季度的淨利息支出為 7500 萬美元，好於預期，反映出本季度庫存水平較低，從而使團隊的營運資金管理得到改善。

From a GAAP perspective, operating income was $375 million, and our GAAP diluted earnings per share was $1.72. Core diluted earnings per share was $1.99, a 16% improvement over the prior year quarter and towards the upper end of our guidance range.

從 GAAP 角度來看，營業收入為 3.75 億美元，GAAP 攤薄後每股收益為 1.72 美元。核心攤薄後每股收益為 1.99 美元，比去年同期增長 16%，接近我們指導範圍的上限。

Now turning to the segments. Revenue for the DMS segment was $4.35 billion, an increase of 13% on a year-over-year basis driven by strength in our automotive and health care end markets. In particular, it's worth highlighting our automotive business, which grew approximately 60% year-over-year as the team performed extremely well as volume, content and brands continue to expand.

現在轉向細分市場。在汽車和醫療保健終端市場實力的推動下，DMS 部門的收入為 43.5 億美元，同比增長 13%。特別值得強調的是我們的汽車業務，由於團隊表現極其出色，銷量、內容和品牌不斷擴大，該業務同比增長約 60%。

Core operating margin for the segment came in at 4.1%, 30 basis points higher than the same quarter from a year ago but down 50 basis points sequentially as typical, given the normal seasonal pattern within our mobility business. Revenue for our EMS segment came in at $4.1 billion, down 8% year-over-year and in line with our expectations. Also, as expected, we saw a revenue shift in our 5G wireless and cloud business driven by our previously announced move to a consignment model for certain components within that end market.

該部門的核心營業利潤率為 4.1%，比去年同期高 30 個基點，但考慮到我們移動業務的正常季節性模式，環比下降 50 個基點。我們的 EMS 部門收入為 41 億美元，同比下降 8%，符合我們的預期。此外，正如預期的那樣，我們看到 5G 無線和雲業務的收入發生了變化，這是由於我們之前宣布的終端市場中某些組件轉向寄售模式的推動。

It's also worth noting that our industrial business, driven by global demand for renewable energy, increased by approximately 30% year-over-year. For the quarter, core margins for the EMS segment were an impressive 5.5%, up 90 basis points year-over-year and 40 basis points sequentially, reflecting strong growth in industrial and the aforementioned shift to a consignment model.

還值得注意的是，在全球可再生能源需求的推動下，我們的工業業務同比增長約30%。本季度，EMS 業務的核心利潤率為令人印象深刻的 5.5%，同比增長 90 個基點，環比增長 40 個基點，反映出工業的強勁增長以及上述向寄售模式的轉變。

Next, I'd like to begin with an update on our cash flow and balance sheet metrics as of the end of Q3, beginning with inventory, which saw a great improvement sequentially to 84 days. More importantly for us, net of inventory deposits from our customers, inventory days were 62 in Q3, an improvement of 7 days sequentially.

接下來，我想首先更新截至第三季度末的現金流和資產負債表指標，從庫存開始，庫存連續大幅改善至 84 天。對我們來說更重要的是，扣除客戶的庫存押金後，第三季度的庫存天數為 62 天，比上一季度增加了 7 天。

Our third quarter cash flows from operations came in at $468 million, while net capital expenditures totaled $212 million, resulting in $256 million in free cash flows during the quarter. In the quarter, we repurchased 1.9 million shares for $154 million, leaving us with $821 million remaining on our current repurchase authorization as of May 31. With this, we ended the quarter with cash balances of approximately $1.5 billion and total debt to core EBITDA levels of approximately 1.2x.

我們第三季度的運營現金流為 4.68 億美元，淨資本支出總計 2.12 億美元，導致該季度的自由現金流為 2.56 億美元。本季度，我們以 1.54 億美元回購了 190 萬股股票，截至 5 月 31 日，我們當前的回購授權還剩 8.21 億美元。至此，本季度結束時，我們的現金餘額約為 15 億美元，總債務達到核心 EBITDA 水平約為 1.2 倍。

In summary, the team delivered another impressive performance in Q3. In a moment, I'll turn the call over to Mike and Kenny to provide some additional thoughts on our performance in the quarter and update our outlook for fiscal '23.

總而言之，該團隊在第三季度再次取得了令人印象深刻的表現。稍後，我將把電話轉給 Mike 和 Kenny，他們會就我們本季度的業績提供一些額外的想法，並更新我們對 23 財年的展望。

But before I hand it over, I'd like to announce our fourth quarter earnings call and sixth annual investor briefing scheduled for September 28, where we'll lay out our strategy and our financial plan for fiscal '24. Please mark your calendars.

但在我交出之前，我想宣布我們定於 9 月 28 日舉行的第四季度財報電話會議和第六次年度投資者簡報會，我們將在會上製定 24 財年的戰略和財務計劃。請標記您的日曆。

Additionally, from an Investor Relations perspective, we're going to be active in fiscal '24 with meetings, factory tours and end market deep dives, where we plan to discuss and showcase some of the growth drivers that we feel support our longer-term expectations. Please stay tuned, and thanks for your time today.

此外，從投資者關係的角度來看，我們將在 24 財年積極開展會議、工廠參觀和終端市場深入研究，我們計劃討論和展示一些我們認為支持我們長期發展的增長動力期望。請繼續關注，感謝您今天抽出時間。

It's now my pleasure to turn the call over to Mike.

現在我很高興將電話轉給邁克。

Thanks, Adam. Good morning, everyone. For the first 9 months of fiscal year, the team has posted solid top line growth, improved core operating income by more than twice the pace of revenue growth and grew core EPS by 16% while also expanding core operating margins by 30 basis points, a solid performance by the team.

謝謝，亞當。大家，早安。在本財年的前 9 個月，該團隊實現了穩健的營收增長，核心營業收入的增長速度是收入增長速度的兩倍以上，核心每股收益增長了 16%，同時核心營業利潤率也擴大了 30 個基點，團隊的出色表現。

As you heard from Adam, our growth and improved profitability this year continues to be driven by areas of our business benefiting from secular growth like electric vehicles, health care, renewable energy infrastructure and cloud. All in all, our solid performance year-to-date gives us excellent momentum as we enter the final quarter of FY '23.

正如您從 Adam 那裡聽到的那樣，我們今年的增長和盈利能力的提高繼續受到電動汽車、醫療保健、可再生能源基礎設施和雲等受益於長期增長的業務領域的推動。總而言之，我們今年迄今為止的穩健表現為我們進入 23 財年最後一個季度提供了良好的動力。

With that, on the next slide, you'll see our fourth quarter guidance. For Q4, we expect total company revenues to be in the range of $8.2 billion to $8.8 billion. At the midpoint, this anticipates DMS and EMS revenue to be $4.3 billion and $4.2 billion, respectively.

這樣，在下一張幻燈片上，您將看到我們的第四季度指導。對於第四季度，我們預計公司總收入將在 82 億美元至 88 億美元之間。中點時，預計 DMS 和 EMS 收入分別為 43 億美元和 42 億美元。

Core operating income is estimated to be in the range of $424 million to $484 million. GAAP operating income is expected to be in the range of $400 million to $460 million. Core diluted earnings per share is estimated to be in the range of $2.14 to $2.50. GAAP diluted earnings per share is expected to be in the range of $1.96 to $2.32. Interest expense in the fourth quarter is estimated to be $73 million, which is lower than we forecasted in March, reflecting better working capital management by the team.

核心營業收入預計在 4.24 億美元至 4.84 億美元之間。 GAAP 營業收入預計在 4 億至 4.6 億美元之間。核心攤薄後每股收益預計在 2.14 美元至 2.50 美元之間。 GAAP 稀釋後每股收益預計在 1.96 美元至 2.32 美元之間。第四季度的利息支出預計為 7300 萬美元，低於我們 3 月份的預測，反映出團隊更好的營運資金管理。

Moving to the next slide, where I'll offer an update on our end market demand assumptions and how these translate to our FY '23 revenue expectations. At a high level, our assumptions remain largely consistent with our March update. We continue to be conservative in our approach, given the current macroeconomic dynamics and expect strong growth from our secular markets to be slightly offset by lower demand in some of our consumer-facing markets and in semi-cap.

轉到下一張幻燈片，我將提供有關我們的終端市場需求假設的最新信息，以及這些假設如何轉化為我們 23 財年的收入預期。從總體上看，我們的假設與 3 月份的更新基本一致。鑑於當前的宏觀經濟動態，我們繼續採取保守的態度，並預計長期市場的強勁增長將被一些面向消費者的市場和半盤股的需求下降所略微抵消。

In our automotive end market, EV growth continues to be robust, limited only by the pace at which we can scale up production across multiple geographies with several OEMs. In health care, the outsourcing of manufacturing trend continues to play out as we're seeing increased activity with interest from multiple OEMs exploring our capabilities.

在我們的汽車終端市場，電動汽車增長持續強勁，僅受限於我們與多家原始設備製造商在多個地區擴大生產規模的速度。在醫療保健領域，製造外包趨勢繼續顯現，因為我們看到多個原始設備製造商對探索我們能力的興趣有所增加。

Growth expectations for our industrials business have also improved since March driven higher by renewable energy infrastructure. Specifically, we're seeing good growth in solar inverters, smart meters, energy storage and power and building management solutions. We now expect our industrials business to be up more than 25% in FY '23. This growth has been slightly offset by incremental end market weakness in our semi-cap business.

自三月份以來，在可再生能源基礎設施的推動下，我們工業業務的增長預期也有所改善。具體來說，我們看到太陽能逆變器、智能電錶、儲能和電力以及建築管理解決方案的良好增長。我們現在預計 23 財年我們的工業業務將增長 25% 以上。這一增長已被我們的半盤業務的終端市場疲軟所略微抵消。

In summary, we feel the outlook for our business is solid and expect demand across many of our end markets to remain strong. We now expect revenue for FY '23 to be $34.7 billion, up 4% year-over-year, which is $200 million above what we thought in March.

總之，我們認為我們的業務前景穩固，並預計許多終端市場的需求將保持強勁。我們現在預計 23 財年的收入將達到 347 億美元，同比增長 4%，比我們 3 月份的預期高出 2 億美元。

Considering this updated growth outlook, let's now turn to the next slide to get a view of our updated guidance for FY '23. Notably, we see income coming through with the increased revenue. We now expect to deliver core operating income of $1.71 billion, a year-over-year increase of approximately 11% while holding core margins at 4.9%. This 4.9% represents a growth of approximately 30 basis points year-on-year. With the additional income, we're now anticipating core EPS will be $8.50. We remain committed to generating more than $900 million in free cash flow this year.

考慮到這一更新的增長前景，現在讓我們轉向下一張幻燈片，了解我們更新的 23 財年指引。值得注意的是，我們看到收入隨著收入的增加而增加。我們現在預計核心營業收入將達到 17.1 億美元，同比增長約 11%，同時核心利潤率保持在 4.9%。這4.9%意味著同比增長約30個基點。有了額外收入，我們現在預計核心每股收益將為 8.50 美元。我們仍然致力於今年創造超過 9 億美元的自由現金流。

Beyond FY '23, we expect our secular markets to continue to drive growth. I also believe our margins will continue to expand with the combination of our positive mix shift towards higher-margin end markets and operational efficiencies driven by automation and internal use of AI and ML technologies.

23 財年之後，我們預計長期市場將繼續推動增長。我還相信，隨著我們向利潤率更高的終端市場的積極組合轉變以及自動化和人工智能和機器學習技術的內部使用驅動的運營效率的結合，我們的利潤率將繼續擴大。

In summary, the team is executing extremely well. I expect our strong momentum to continue into FY '24, although we remain cautious and vigilant on the near-term macroeconomic conditions.

總而言之，團隊執行得非常好。儘管我們對近期宏觀經濟狀況保持謹慎和警惕，但我預計我們的強勁勢頭將持續到 24 財年。

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

這樣，我現在將把電話轉給肯尼。

Good morning. Thanks for joining us today. As you heard from Adam and Mike, our business is in good shape, and the team has executed well this year in what continues to be a dynamic operating environment. The success we're seeing across our business is a key proof point of our team's ability to leverage multiple capabilities across disparate end markets as we continue to diversify our service offerings underpinning or improving financial performance.

早上好。感謝您今天加入我們。正如您從 Adam 和 Mike 那裡聽到的，我們的業務狀況良好，團隊今年在持續充滿活力的運營環境中表現出色。我們在整個業務中看到的成功是我們團隊有能力在不同終端市場利用多種能力的關鍵證明，因為我們繼續使我們的服務產品多樣化，以支撐或改善財務業績。

Let's turn to the next slide, where you'll see our updated outlook for fiscal year '23. We continue to expect good year-over-year growth and operating leverage this year, which gives us the confidence to raise our expectations for core EPS by $0.10 to $8.50.

讓我們轉到下一張幻燈片，您將在其中看到我們對 23 財年的最新展望。我們繼續預計今年將實現良好的同比增長和運營槓桿，這使我們有信心將核心每股收益的預期提高 0.10 美元至 8.50 美元。

At the same time, we remain highly focused on delivering more than $900 million in free cash flow. It also sets a firm foundation for further margin and free cash flow expansion as we look to fiscal year '24.

與此同時，我們仍然高度專注於提供超過 9 億美元的自由現金流。這也為我們展望 24 財年的進一步利潤率和自由現金流擴張奠定了堅實的基礎。

In fact, when I look at the growth in our business this year, it's worth highlighting that nearly 60% of our portfolio is there aimed at markets with strong secular growth. Specifically, electric vehicles, renewable energy, health care and 5G and cloud.

事實上，當我審視今年我們業務的增長時，值得強調的是，我們近 60% 的投資組合都是針對長期增長強勁的市場。具體來說，是電動汽車、可再生能源、醫療保健以及 5G 和雲。

Our automotive business continues its healthy growth rate as the team navigates multiple complex program introductions, increasing both our scale and addressable content per vehicle. Jabil continues to be extremely well positioned to support our customers as they accelerate their transition to EVs in the coming years.

隨著團隊推出多個複雜的項目，我們的汽車業務繼續保持健康的增長速度，增加了我們的規模和每輛車的可尋址內容。捷普將繼續處於非常有利的地位，為我們的客戶在未來幾年加速向電動汽車的過渡提供支持。

And in our industrial business, we are supporting customers as we navigate the rapid transition towards clean energy. Over the last several years, we've invested heavily in capabilities to support energy storage, energy conversion and grid-level power management solutions, which will now be deployed across multiple markets at scale.

在我們的工業業務中，我們在向清潔能源快速轉型的過程中為客戶提供支持。在過去的幾年裡，我們在支持能源存儲、能源轉換和電網級電源管理解決方案的能力方面投入了大量資金，這些解決方案現在將在多個市場進行大規模部署。

Although we are in the early days of growth in this space, as government policies like the Inflation Reduction Act in the U.S. mature and scale, Jabil is extremely well positioned to support our customers in the coming years. In health care, we continue to capitalize on the trend to outsource manufacturing. And our credibility with some of the leading OEMs in this space has positioned us well for future growth.

儘管我們正處於該領域發展的早期階段，但隨著美國《通貨膨脹削減法案》等政府政策的成熟和規模擴大，捷普已處於非常有利的地位，可以在未來幾年為我們的客戶提供支持。在醫療保健領域，我們繼續利用外包製造的趨勢。我們與該領域一些領先原始設備製造商的信譽為我們未來的發展奠定了良好的基礎。

Another area that is increasingly coming into focus for us is in the AI and ML space. This has implications both on the growth side of our business across multiple end markets but also has a potential to drive efficiencies across our internal processes and factory network.

我們越來越關注的另一個領域是人工智能和機器學習領域。這不僅對我們在多個終端市場的業務增長產生影響，而且還有可能提高我們內部流程和工廠網絡的效率。

As it relates to our internal processes, we are capturing data and using the latest toolkits to help improve our operations. Please, however, don't view this as a new initiative, mainly the next step and the continuous improvement path we've been on for many years.

由於它與我們的內部流程相關，我們正在捕獲數據並使用最新的工具包來幫助改進我們的運營。但是，請不要將此視為一項新舉措，主要是下一步以及我們多年來一直在持續改進的道路。

Our operating system naturally drives us to simplify, standardize, optimize and automate processes and resist in conjunction with our enhanced ability to mine big data, which ultimately drives sustainable improvements. In September, the Jabil team will go deeper in all of these areas at our investor briefing. At that event, we plan to offer our fiscal year '24 financial outlook as we continue to prioritize growth in core margins and cash flows.

我們的操作系統自然地推動我們簡化、標準化、優化和自動化流程，並與我們增強的大數據挖掘能力相結合，最終推動可持續改進。九月份，捷普團隊將在我們的投資者簡報會上深入探討所有這些領域。屆時，我們計劃提供 24 財年的財務展望，因為我們將繼續優先考慮核心利潤和現金流的增長。

Specifically, we will lay out how we plan to increase revenue while also expanding core operating margins beyond 5%. How we plan to increase free cash flow by continuing to invest in growth to provide another year of solid core EPS growth and finally, provide an update on our capital return framework.

具體來說，我們將闡述計劃如何增加收入，同時將核心營業利潤率擴大到 5% 以上。我們計劃如何通過繼續投資增長來增加自由現金流，以提供又一年的核心每股收益穩定增長，最後提供我們資本回報框架的最新信息。

In closing, I feel strongly that we have the right team, capabilities and diversified portfolio to support strong momentum into the final quarter of fiscal year '23 and beyond. Another -- this would be possible without a thriving and unified Jabil culture, which is as strong today as it has ever been. Thank you for joining us today and your interest in Jabil.

最後，我強烈認為我們擁有合適的團隊、能力和多元化的產品組合來支持 23 財年最後一個季度及以後的強勁勢頭。另一個——如果沒有繁榮和統一的捷普文化（今天的捷普文化一如既往地強大），這也是可能的。感謝您今天加入我們以及您對捷普的興趣。

I will now turn the call over to Adam.

我現在將把電話轉給亞當。

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

謝謝，肯尼。接線員，我們現在準備好進行問答了。

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

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

Jabil has reported strong ROIC or return on invested capital over the past few years. Looks like over the past few quarters, it's been really strong. I mean, we calculate above 30% ROIC. This quarter was strong as well. Can you remind us what ROIC you would target? And what are the factors that will influence this going forward?

捷普在過去幾年中報告了強勁的投資回報率（ROIC）或投資資本回報率。看起來過去幾個季度，它真的很強勁。我的意思是，我們計算出 30% 以上的投資回報率。本季度也表現強勁。您能提醒我們您的目標投資回報率是多少嗎？哪些因素會影響這一趨勢？

Ruplu, yes, the ROIC that we reported is in the 30% range. We normally target in that 25%, 30%. If you look at our working capital management, the way we use our invested capital, our CapEx and all the factors that make up invested capital, we're extremely disciplined on that.

Ruplu，是的，我們報告的 ROIC 在 30% 範圍內。我們通常的目標是 25%、30%。如果你看看我們的營運資本管理、我們使用投資資本的方式、我們的資本支出以及構成投資資本的所有因素，我們在這方面非常嚴格。

The returns are coming in. So the numerator and denominator on the ROIC calculator or the ROIC calculation is actually quite robust and strong. And you can expect those levels of ROIC going forward as well, Ruplu.

回報即將到來。因此，ROIC 計算器或 ROIC 計算上的分子和分母實際上非常穩健和強大。 Ruplu，您也可以期待未來的投資回報率水平。

All right. As a follow-up, maybe I can ask -- let me ask about the semiconductor capital equipment end market. I mean, that end market right now is weak, and your revenues are down year-on-year. However, when I think about it, that segment offers higher than corporate average margins.

好的。作為後續行動，也許我可以問一下——讓我問一下半導體資本設備終端市場。我的意思是，現在終端市場很疲軟，你們的收入同比下降。然而，當我想到這一點時，該細分市場的利潤率高於企業平均水平。

So do you think you have enough capacity in that segment to take advantage of the market move upwards when that happens? And what things do you keep in mind when deciding to invest more CapEx into that end market?

那麼，您認為在這種情況發生時，您在該領域有足夠的能力來利用市場上漲的機會嗎？當您決定向該終端市場投資更多資本支出時，您會牢記哪些事項？

Ruplu, it's Kenny. It's a great question. In fact, just this morning, I was reading an article about -- the covered AI. And it talked about the semiconductor space and just the wafer fabrication equipment and the demand and how that increases through '24, '25 and '26.

魯普魯，我是肯尼。這是一個很好的問題。事實上，就在今天早上，我正在讀一篇關於人工智能的文章。它討論了半導體領域以及晶圓製造設備和需求以及需求如何在“24”、“25”和“26”期間增長。

So I would say that we are -- our view is quite consistent with yours that we think that although it's a lull right now that it's going to pick up in the -- probably the second half of calendar '24 and beyond. So remember that we are -- we try and be diversified in all our end markets. And we're very well diversified in this market also from a front-end and back-end perspective.

所以我想說，我們的觀點與你們的觀點非常一致，我們認為儘管現在處於平靜期，但可能會在 24 日曆年下半年及以後有所回升。因此請記住，我們努力在所有終端市場實現多元化。從前端和後端的角度來看，我們在這個市場上也非常多元化。

We've been expanding our footprint across the world and -- in anticipation of the pickup in demand through the back end of next year. So we got a pretty competent team there that are ready, and we're ready to build the demand and -- for our customers when the demand picks up through the back end of next year. So we feel really, really good about where we are from a semi-cap perspective.

我們一直在全球範圍內擴大我們的足跡，並預計到明年年底需求將會回升。因此，我們擁有一支非常有能力的團隊，他們已做好準備，並且我們已準備好在明年年底需求回升時為我們的客戶創造需求。因此，從半市值的角度來看，我們對自己的處境感到非常非常好。

Okay. Congrats on the strong execution in the quarter.

好的。祝賀本季度的強勁執行力。

Next question is coming from Matt Sheerin from Stifel.

下一個問題來自 Stifel 的 Matt Sheerin。

I wanted to dig a little deeper on some of the end market commentary, particularly on the consumer side. It looks like you actually took up your connected devices guidance a little bit for the year but still down double digits. Are you seeing any signs of consumer bottoming here? Or any outlook that gives you some confidence that you're going to get back to growth at some point?

我想更深入地挖掘一些終端市場的評論，特別是消費者方面的評論。看來您實際上在今年對連接設備的指導進行了一些調整，但仍然下降了兩位數。您是否看到消費者觸底的跡象？或者任何讓您有信心在某個時候恢復增長的前景？

Yes. I think Mike mentioned it quite well in his prepared remarks about we're cautious of the near-term macro. We're very, very well diversified in the connected devices space. And -- but sometimes you get pleasant surprises in the upside like we had in Q3. But we still think it's choppy and spotty, and we think we're bumping along the bottom.

是的。我認為邁克在他準備好的講話中很好地提到了這一點，即我們對近期宏觀經濟持謹慎態度。我們在互聯設備領域非常非常多元化。而且 - 但有時你會在上行中得到驚喜，就像我們在第三季度那樣。但我們仍然認為它是波濤洶湧、參差不齊的，我們認為我們正在觸底。

I would also mention, Matt, that as we look at our business here, we did get a COVID pick up effectively, and we're probably running at the run rates that we were in '19, '20, '21, that kind of level.

馬特，我還要提到的是，當我們審視我們這裡的業務時，我們確實得到了新冠疫情的有效提振，而且我們可能正在以 19 年、20 年、21 年的運行速度運行。的水平。

That said, we have won more than our fair share of opportunities in the space. So we do expect as the macro corrects that we should see a pickup in connected devices. But right now, I'd say visibility is quite short, and we're just being really, really cautious.

也就是說，我們在該領域贏得了超出應有份額的機會。因此，我們確實預計，隨著宏的修正，我們應該會看到連接設備的數量有所增加。但現在，我想說的是，可見性相當短，我們只是非常非常謹慎。

Okay. Great. And I also wanted to just talk about the inventory reduction that you've seen in the general supply environment. I know you've had some headwind certainly in auto, EV and some other markets. Are you starting to see some signs of supply easing? Or is that still a gating factor in auto or some of your other businesses?

好的。偉大的。我還想談談您在總體供應環境中看到的庫存減少情況。我知道汽車、電動汽車和其他一些市場肯定遇到了一些阻力。您是否開始看到供應放緩的跡象？或者這仍然是汽車或其他一些業務的限制因素嗎？

So Matt, yes, the inventory did go down by 7 days sequentially. The team has done a fantastic job. I think last quarter, I mentioned I expect inventory to sort of bounce between 60 and 65 days in the short to medium term. We're seeing that coming through. In the longer term, we can take it down into the mid- to high 50s. We're confident of that.

所以馬特，是的，庫存確實連續下降了 7 天。該團隊做得非常出色。我想上個季度，我提到我預計庫存將在中短期內在 60 至 65 天內反彈。我們看到這一點正在發生。從長遠來看，我們可以將其降至 50 多歲左右。我們對此充滿信心。

But the supply chain remains patchy. It is sort of easing in a lot of areas, offset by constraints in others. So if you look at automotive, you look at semiconductors, you look at any power-related components, MCUs, all of them seem to be still in a constrained situation.

但供應鏈仍然不完整。許多領域的寬鬆政策被其他領域的限制所抵消。因此，如果你看看汽車、半導體、任何與電源相關的組件、MCU，所有這些似乎仍然處於受限的境地。

So we're seeing a mixed bag here on the supply chain side. The golden screw issue is still there. That's not gone away, although it's easing a little bit. So the best way to categorize or characterize this is it is easing but nowhere near normal yet. So just something to keep watching. We'll -- we're focused on it, and we'll continue to evolve how -- with the supply chain changes.

因此，我們在供應鏈方面看到了一個魚龍混雜的情況。金螺絲問題依然存在。這種情況並沒有消失，儘管有所緩解。因此，對此進行分類或描述的最佳方式是，它正在緩解，但尚未接近正常。所以只是需要繼續觀察。我們將專注於它，並且隨著供應鏈的變化，我們將繼續發展。

Yes. I'll -- just a comment on that just to support that mix and put there, Matt, just to give you some context. So we are tracking in the semiconductor space, the automotive semiconductors. And whereas 12 months ago, we were tracking 1,200 components that we would class with golden screws for different assemblies.

是的。我只是對此發表評論，只是為了支持這種混合，並放在那裡，馬特，只是為了給你一些背景信息。因此，我們正在跟踪半導體領域，即汽車半導體。而 12 個月前，我們正在跟踪 1,200 個組件，我們將這些組件用金色螺釘分類為不同的組件。

That number is probably half now as the number that we're managing. So it's down a lot, but it's still an issue for us that we continue to navigate. So it's getting better for sure, but it's not gone yet.

這個數字可能是我們現在管理的數字的一半。所以它下降了很多，但這對我們來說仍然是一個需要繼續解決的問題。所以它肯定會變得更好，但還沒有消失。

Next question is coming from Steven Fox from Fox Advisors.

下一個問題來自福克斯顧問公司的史蒂文·福克斯。

Two questions from me as well. First off, thanks for the extra disclosure on industrial and auto. On the industrial piece, I was wondering if you could give us a little more color as to how Jabil is differentiating in those markets? I know some of the programs you mentioned you've been in for quite a while. What sort of changed beyond the secular that's driving that 40% growth? And then I had a follow-up.

我也有兩個問題。首先，感謝您對工業和汽車領域的額外披露。在工業方面，我想知道您是否能給我們更多關於捷普如何在這些市場中脫穎而出的信息？我知道你提到的一些項目你已經參加了很長一段時間了。除了長期因素之外，還有哪些變化推動了 40% 的增長？然後我進行了跟進。

Yes. So thanks, Steve. So firstly, we go through a process every year, Steve, where we look at our long-range plan, and we plan out 3 4, 5 years. So this hasn't just suddenly appeared as an opportunity for us. We've been looking at this for a long time.

是的。所以謝謝，史蒂夫。首先，史蒂夫，我們每年都會經歷一個過程，我們會審視我們的長期計劃，併計劃 3、4、5 年。所以這對我們來說並不是突然出現的一個機會。我們已經研究這個問題很長時間了。

Brent Tompkins, who runs that group, has been really, really focused on. We need to develop capabilities to support things like grid-level energy storage, which would be new for us just from a scaling and -- perspective, but also leaning into the things we've done historically in the EMS side of our business.

該小組的負責人布倫特·湯普金斯 (Brent Tompkins) 一直非常非常專注於這一點。我們需要開發支持電網級儲能等功能的能力，這對我們來說是全新的，不僅從擴展的角度來看，而且還傾向於我們在 EMS 業務方面歷史上所做的事情。

So it's been a little bit of like, for example, we opened a new facility in Salt Lake City. So that's been a few years in the making. It's pretty much full now, and we're looking to expand that with multiple customers, which is good.

舉例來說，這有點像我們在鹽湖城開設了一家新工廠。所以這已經醞釀了幾年了。現在已經基本滿了，我們希望將其擴展到多個客戶，這很好。

So it's really just leaning into our customers' road maps, looking at the capabilities that we have, augmenting that with other capabilities and being able to support things like as we mentioned, grid-level energy storage, which we see as a key area for us, smart power conversion and energy management. So we're feeling pretty good that we're in -- we got the right capabilities developed to be able to support our customers for the foreseeable future.

因此，這實際上只是依靠我們客戶的路線圖，看看我們擁有的能力，用其他能力來增強它，並能夠支持像我們提到的電網級能源存儲這樣的事情，我們認為這是一個關鍵領域我們，智能功率轉換和能源管理。因此，我們感覺非常好——我們開發了正確的能力，能夠在可預見的未來為我們的客戶提供支持。

Great. That's super helpful. And then just on the auto sort of an opposite end of spectrum financial question, which is the growth is tremendous. And it doesn't seem to be hurting the overall margins at all. But can you give us a sense for how that's possible?

偉大的。這非常有幫助。然後就汽車領域而言，這是金融問題的另一端，即增長是巨大的。而且它似乎根本沒有損害整體利潤率。但您能否告訴我們這是如何可能的？

And yes, I would imagine that these aren't mature margins, whatever you're producing within the auto sector when you're growing 60%. So just sort of maybe give us a little perspective on that.

是的，我想這些都不是成熟的利潤率，無論你在汽車行業生產什麼，當你的增長率達到 60% 時。所以也許可以讓我們對此有一些看法。

Yes. And what I want to tell you, Steve, the good thing about the auto industry for us is that it's hard. And the fact that it's hard means it's difficult for people to engage.

是的。史蒂夫，我想告訴你的是，汽車行業對我們來說的好處是它很難。事實上，這很困難，這意味著人們很難參與其中。

So I mean, you've seen our facilities. So the ability to introduce products globally, consistently, the same quality standards using complex automation, that's difficult. And your ability to get up to speed quickly as dictates -- where you can lean into the margins in the short term.

我的意思是，您已經看到了我們的設施。因此，使用複雜的自動化技術在全球範圍內一致地推出相同的質量標準的產品是很困難的。以及您按照要求快速跟上進度的能力——您可以在短期內獲得利潤。

Mike talked about this kind of the wave or where your margin profile is under expectations as you get through the ramp and then normalizes above corporate averages. So we're starting to get through that a little bit, although, obviously, we introduced new products and new programs. And we're expanding our footprint, as you know.

邁克談到了這種浪潮，或者當你度過了上升期，然後正常化到高於公司平均水平時，你的利潤狀況低於預期。因此，我們開始解決這個問題，儘管顯然我們推出了新產品和新計劃。如您所知，我們正在擴大我們的足跡。

So I think this will be -- our ability to take in new products, deploy them and ramp them globally is going to be what's going to dictate how effective our margins are. But we're doing a reasonable job, I'd say. So we're pretty bullish about where we will land in the future.

所以我認為，我們吸收新產品、部署新產品並在全球範圍內推廣的能力將決定我們的利潤率。但我想說，我們正在做一份合理的工作。因此，我們對未來的發展非常樂觀。

I'd remind you also that we're active across multiple OEMs here. So we've got opportunities coming at us across the world with different customers, which makes us feel quite bullish about our future.

我還想提醒您，我們在這里活躍於多個 OEM 廠商。因此，我們在世界各地都有與不同客戶合作的機會，這讓我們對我們的未來感到非常樂觀。

And Steve, if I can just add. The product life cycle in automotive extends out to 6 to 7 years. As you get deeper into the bell curve that Kenny mentioned with some of the automation that we've introduced, it really suits long product life cycle products such as automotive, where operational efficiencies continue to drive margin even beyond end market sort of impact.

史蒂夫，請我補充一下。汽車領域的產品生命週期長達 6 至 7 年。當您深入了解肯尼提到的我們引入的一些自動化的鐘形曲線時，它確實適合汽車等產品生命週期較長的產品，其中運營效率繼續推動利潤率甚至超出終端市場的影響。

So just something to keep in mind that the longer the product life cycle, the higher the operational efficiency as a result of automation, which again drives margins upwards as well.

因此，需要記住的是，產品生命週期越長，自動化帶來的運營效率就越高，這也再次推動利潤率上升。

Next question is coming from Shannon Cross from Credit Suisse.

下一個問題來自瑞士信貸銀行的香農·克羅斯。

I wanted to talk a bit about the health care business. Clearly, you've done well with the J&J relationship, and that business continues to grow. I'm wondering where you're seeing the best opportunity looking forward? Because I would assume this will be a pretty solid grower, given demographics. And everybody needs, unfortunately, surgeries as we all get older. So if you could just provide a bit more there, and then I had a question on margin.

我想談談醫療保健業務。顯然，您與強生的關係做得很好，而且該業務還在持續增長。我想知道您在哪裡看到了未來最好的機會？因為考慮到人口統計數據，我認為這將是一個相當穩定的種植者。不幸的是，隨著年齡的增長，每個人都需要進行手術。所以如果你能提供更多一點的話，然後我有一個關於保證金的問題。

Yes. So we approach health care with -- in 3 kind of areas of our focus. Firstly, we've got really good relationships with our current customer base, and we look to expand that with -- whether it's in the med device, diagnostics or pharma.

是的。因此，我們在三個重點領域開展醫療保健工作。首先，我們與當前的客戶群建立了非常良好的關係，並且我們希望擴大這種關係——無論是在醫療設備、診斷還是製藥領域。

And we see a lot in each of those areas is the need for connected health care so that there's opportunities, whether it's continuous glucose monitoring or sensors and so we see that we've got a really broad base of customers, capabilities and markets.

我們在每個領域都看到了對互聯醫療保健的需求，這樣就有了機會，無論是連續血糖監測還是傳感器，因此我們看到我們擁有非常廣泛的客戶基礎、能力和市場。

And just as we continue to serve them well, we think that there's a real growth opportunity. I mean, an example would be if you look at the auto injectors we're making for diabetes, and we make hundreds of millions of every year.

正如我們繼續為他們提供良好服務一樣，我們認為這是一個真正的增長機會。我的意思是，舉個例子，如果你看看我們為糖尿病生產的自動注射器，我們每年生產數億個。

And then you look at the opportunity that comes out with them -- from the -- weight reduction that you see with the drug there. So we are really, really -- it's broad-based, and we're well positioned. And we feel quite bullish about our ability to grow that.

然後你會看到他們帶來的機會——從你看到的藥物減輕體重的機會。所以我們真的、真的——基礎廣泛，而且我們處於有利地位。我們對我們發展這一點的能力感到非常樂觀。

I'll tell you also that -- and health care moves at a slower pace than some of our other businesses. But we've got credibility. And we're having more discussions about kind of vis-a-vis where there's opportunities for us to do something not in the same scale as our JJMD deal that we did.

我還要告訴你——醫療保健的發展速度比我們其他一些業務要慢。但我們有信譽。我們正在就是否有機會做一些與我們所做的 JJMD 交易規模不同的事情進行更多的討論。

But we see opportunities coming in for us in the longer term. So yes, we think -- Andy Presley runs that business for us. He and his team are doing a wonderful job, and we're feeling quite bullish about where we end up in the longer term in health care.

但從長遠來看，我們看到了機遇。所以，是的，我們認為——安迪·普雷斯利（Andy Presley）為我們經營這項業務。他和他的團隊做得非常出色，我們對醫療保健領域的長期前景非常樂觀。

Great. And then from a margin perspective, I understand that mix of revenue drives a significant amount of the margin movement on a quarterly basis. But kind of maybe as a follow-up to what Steve was asking about in auto.

偉大的。然後從利潤率的角度來看，我知道收入的組合推動了季度利潤率的大幅變動。但這可能是史蒂夫在汽車方面詢問的問題的後續。

Can you talk about some of the other margin changes you've seen within some of your subcategories whether, I don't know, networking or industrial as it becomes more renewables-focused? Just to give an idea of sort of what's happening below the covers in terms of the margins.

您能否談談您在某些子類別中看到的其他一些利潤變化，無論是網絡還是工業，因為它變得更加註重可再生能源？只是為了讓大家了解一下利潤方面幕後發生的事情。

Yes. Yes, sure. Let me take a swing around and then Mike can help also. We are -- if I look year-over-year, we're up 60 basis points. And obviously, we think we've got 30 basis points for the year. So we're feeling pretty good about our margin profile and trajectory.

是的。是的，當然。讓我四處轉轉，然後邁克也能幫忙。如果我同比看，我們上漲了 60 個基點。顯然，我們認為今年有 30 個基點。因此，我們對我們的利潤狀況和軌跡感覺非常好。

We are -- I think 60% of our business, as I said in my prepared remarks, we think is in business which is going to grow and continue to grow in the longer term. Things like -- we think that our automotive will be -- automotive and health care should be above corporate averages.

正如我在準備好的發言中所說，我認為我們業務的 60% 是在長期增長並持續增長的業務中。我們認為我們的汽車和醫療保健等領域應該高於企業平均水平。

We think renewables will be. We mentioned about semi-cap being lower. We think that, that recovers that helps us. And we've done a lot of tidy up in the rest of our business to make sure that we're running -- I mean, what we got to do also is, we've got to make sure we run good operations.

我們認為可再生能源將會如此。我們提到半市值較低。我們認為，恢復對我們有幫助。我們已經對其餘業務進行了大量的整理，以確保我們的運行——我的意思是，我們還必須做的是，我們必須確保我們的運營良好。

If we run good operations, then efficient operations, then we think we can give our customers good value. So I don't know. Hopefully, that's helpful. Mike, do you have any comment?

如果我們運營良好，然後高效運營，那麼我們認為我們可以為客戶提供良好的價值。所以我不知道。希望這有幫助。邁克，你有什麼意見嗎？

I just had one sort of macro comment. I think more than -- end market secular trends are obviously driving a huge growth prospect for us. But above that sits the whole outsourcing of manufacturing as a trend as well, which drives margins.

我只是有一種宏觀評論。我認為，終端市場的長期趨勢顯然正在為我們帶來巨大的增長前景。但除此之外，製造業的整體外包也是一種趨勢，這推動了利潤率的增長。

If you look at the complex design requirements we have today, the dynamic supply chain markets, we're manufacturing at scale in multiple geographies with strong local knowledge or localization of manufacturing, regionalization of manufacturing. And then you have automation driving a lot of this forward as well.

如果你看看我們今天復雜的設計要求，動態的供應鏈市場，我們正在多個地區進行大規模製造，具有豐富的本地知識或製造本地化、製造區域化。然後自動化也推動了這一切的發展。

So that by itself is driving this entire outsourcing of manufacturing as a trend, which then leads into stickiness, which then leads into margin expansion as well. And I would suggest that almost all of our end markets that we present here are seeing some sort of change in behavior from an industry standpoint and specifically for Jabil from a capability standpoint as well. So all good drivers of margin going forward, Shannon.

因此，這本身就推動了整個製造外包成為一種趨勢，從而導致粘性，進而導致利潤率擴張。我建議，從行業的角度來看，我們在這裡展示的幾乎所有終端市場都在經歷某種行為變化，特別是從能力的角度來看，對於捷普來說也是如此。香農，所有這些都是未來利潤率的良好推動因素。

Next question is coming from Paul Chung from JPMorgan.

下一個問題來自摩根大通的 Paul Chung。

Nice progress on inventory, and your free cash flow conversion kind of continues to grow from '21 levels kind of rebounding there. And guide for growth suggests kind of improved pace there, maybe potentially hitting free cash flow north of $1 billion for the first time. So how do you think about the pace into '24 and some of the dynamics across working cap?

庫存方面取得了不錯的進展，您的自由現金流轉換從 21 世紀的水平繼續增長，並在那裡反彈。增長指南表明那裡的步伐有所加快，自由現金流可能首次突破 10 億美元。那麼，您如何看待 24 世紀的步伐以及整個工作上限的一些動態？

We'll continue to provide -- we'll provide some guidance on free cash flow '24 in September, Paul, but you can expect the team to be completely focused on driving margins, driving free cash flow. And then using the free cash flow to continue to do buybacks because we think -- we feel we're undervalued still.

保羅，我們將繼續提供 - 我們將在 9 月 24 日提供一些關於自由現金流的指導，但你可以期望團隊完全專注於提高利潤率，推動自由現金流。然後利用自由現金流繼續進行回購，因為我們認為我們仍然被低估。

So I think that free cash flow conversion, expect that to continue to go up as well as the working capital dynamics change. I don't think you get a 1 for 1 return if inventory goes down. It doesn't mean all of that will flow through in free cash flow because we have other means of offsetting some of the inventory sort of days through AR, through AP, which we've been doing pretty effectively.

因此，我認為自由現金流轉換預計將繼續上升，營運資本動態也會發生變化。如果庫存下降，我認為您不會獲得一對一的退貨。這並不意味著所有這些都會以自由現金流的形式流動，因為我們還有其他方法可以通過 AR、AP 來抵消某些庫存天數，我們一直在做相當有效的事情。

So expect free cash flows to continue to go up on an annual basis going forward, Paul, is the best way to describe. And we'll provide more guidance in September.

因此，預計自由現金流將繼續逐年上升，保羅，這是最好的描述方式。我們將在 9 月份提供更多指導。

Okay. Great. And then separately, are you starting to see evidence of some deflationary impact on components? And which end markets are you seeing some bigger impact there? And how do we think about the impact on revenue and margins into '24 as kind of prices ease?

好的。偉大的。另外，您是否開始看到通貨緊縮對零部件產生影響的證據？您認為哪些終端市場受到更大的影響？我們如何看待 24 世紀價格下降對收入和利潤率的影響？

Yes, we're not really seeing that. I mean, it's puts and takes, some ups, some down, Paul. And it's not something that we're overly concerned about, and it's not something that we think is going to impact our outlook for '24.

是的，我們並沒有真正看到這一點。我的意思是，這就是投入和承受，有的上升，有的下降，保羅。這不是我們過度擔心的事情，我們認為這不會影響我們對 24 世紀的前景。

We think that we're driving to north of 5% margins for '24. Obviously, we'll update that in September. But yes, it's not something that's occupying a lot of our thoughts right now.

我們認為 24 年我們的利潤率將達到 5% 以上。顯然，我們將在九月更新。但是，是的，現在這並不是我們關注的焦點。

Next question is coming from Melissa Fairbanks from Raymond James.

下一個問題來自雷蒙德·詹姆斯的梅麗莎·費爾班克斯。

Congrats on another great quarter. Really great working capital management. I just had a quick question on the interest expense because it does have such a big impact on the core earnings. We're going to see it tick a little higher in the August quarter. I'm assuming that's driven by the inventory requirements tied to seasonality is, first of all, is that correct? And then second, what should we expect for interest expense beyond August, maybe on a more normalized basis?

祝賀又一個偉大的季度。確實很棒的營運資金管理。我只是對利息支出有一個簡短的問題，因為它確實對核心收益產生了很大的影響。我們將看到它在八月份季度略高。我假設這是由與季節性相關的庫存需求驅動的，首先，這是正確的嗎？其次，也許在更正常化的基礎上，我們應該對 8 月份之後的利息支出有何預期？

So Melissa, just to clarify, our interest cost in Q3 was $75 million. The guidance we provided for Q4 is in the $73 million range. So it's not going up. It's actually going down a little bit. I think we continue to benefit from working capital management.

梅麗莎，澄清一下，我們第三季度的利息成本為 7500 萬美元。我們為第四季度提供的指導在 7300 萬美元範圍內。所以它不會上漲。實際上是在下降一點點。我認為我們繼續受益於營運資金管理。

The team is highly focused. Some of the golden screw issues are easing, not as much as we'd like, but still on the right path. So all in all, we feel that, that sort of a run rate especially in the first 2 or 3 quarters of FY '24 continue. After yesterday's Fed comments, it might be that sort of run rate for the entire year in FY '24 as well.

團隊高度專注。一些金螺絲問題正在緩解，雖然沒有我們希望的那麼嚴重，但仍然走在正確的道路上。總而言之，我們認為，這種運行率，特別是在 24 財年的前 2 或 3 個季度，將會持續下去。在昨天美聯儲發表評論之後，24 財年全年的運行利率也可能如此。

Okay. Sorry about that, a little modeling snafu there. Maybe just as a follow-up, it seems AI is a hot topic these days. So I wanted to be sure you have the chance to talk about it.

好的。抱歉，建模有點混亂。也許作為後續，人工智能似乎是最近的熱門話題。所以我想確保你有機會談論它。

In the slides, you highlight cloud and AI/ML automation as being some of the growth drivers for '24. You talked a little bit about the automation side of things, but maybe address what you're seeing in cloud and AI.

在幻燈片中，您強調雲和 AI/ML 自動化是 24 世紀的一些增長驅動力。您談到了一些自動化方面的內容，但也許可以解決您在雲和人工智能中看到的問題。

Yes. Thanks, Melissa. And actually, it's -- I'm kind of snickering here because when we were preparing for the call, I was just back from an Asian tour with -- in our facilities. And I was really blown away by -- I hadn't been there for a few years pre-pandemic. And I was kind of blown away by just the improvements we made internally and using robotics, automation, getting rid of nonvalue-add activities and leaning into AI to help us with algorithms that help us introduce new products quickly from an inspection perspective, et cetera, et cetera, et cetera.

是的。謝謝，梅麗莎。事實上，我在這裡有點竊笑，因為當我們準備電話會議時，我剛剛從亞洲之旅回來，在我們的設施中。我真的很震驚——在大流行前我已經好幾年沒有去過那裡了。我對我們內部所做的改進以及使用機器人、自動化、擺脫非增值活動以及依靠人工智能來幫助我們使用算法來幫助我們從檢查的角度快速推出新產品等感到有點震驚，等等，等等。

So it was unbelievable just how many people we've taken out of our processes by leaning into automation and using an AI engine to support. But -- and we talk about that. And I know that some people say that AI is going to be overhyped in the short term, but obviously, more beneficial in the longer term.

因此，令人難以置信的是，我們通過傾向於自動化並使用人工智能引擎來支持，從我們的流程中減少了多少人。但是——我們談論這個。我知道有些人說人工智能在短期內會被過度炒作，但顯然從長遠來看更有利。

But what we do see is -- and we are seeing -- you need a lot of -- you need to teach these large language models, you need advanced network. And obviously, you've got a lot of requirements for process in the cloud. So what we see is -- and by the way, we think it's going to pick up over the longer term.

但我們確實看到的是——我們正在看到——你需要很多——你需要教授這些大型語言模型，你需要先進的網絡。顯然，您對雲中的流程有很多要求。所以我們看到的是 - 順便說一下，我們認為從長遠來看它會有所回升。

But the ability to produce advanced network and products and ability to make cloud devices where they require liquid cooling, they require high-speed optical interconnects, that plays to capabilities that we've been developing over a long period of time.

但是，生產先進網絡和產品的能力，以及在需要液體冷卻和高速光學互連的地方製造雲設備的能力，這些都發揮了我們長期以來一直在開發的能力。

And that's why we're quite bullish in the longer term from a cloud perspective because we're able to bring in multiple capabilities that we've developed in other parts of our business to support customers in that space, which is going to help them as [we got] request to support and companies that are running large language models in the AI space. So we think that, for sure, overhyped in the short term, but we think in the longer term, it's going to be another real secular growth opportunity for us.

這就是為什麼從雲的角度來看，從長遠來看，我們非常看好，因為我們能夠引入我們在業務其他部分開發的多種功能來支持該領域的客戶，這將幫助他們因為[我們收到]支持請求以及在人工智能領域運行大型語言模型的公司。因此，我們認為，短期內肯定被誇大了，但我們認為從長遠來看，這對我們來說將是另一個真正的長期增長機會。

Next question is coming from Mark Delaney from Goldman Sachs.

下一個問題來自高盛的馬克·德萊尼。

Yes. You mentioned you're planning for a challenging macroeconomic environment in 2024. As you see things today, are you thinking the macroeconomic environment is incrementally more difficult next year? Or is it more of a continuation of the kind of challenges you've been seeing?

是的。您提到您計劃在 2024 年應對充滿挑戰的宏觀經濟環境。從您今天的情況來看，您是否認為明年的宏觀經濟環境會變得更加困難？或者這更像是您所看到的挑戰的延續？

Mark. just to clarify, I think the words I used, we're just being cautious and vigilant. There's a lot of chatter around consumer end markets. We've seen some of that. It's a little bit patchy. It goes up. It comes down.

標記。只是為了澄清一下，我認為我用的話，我們只是保持謹慎和警惕。圍繞消費者終端市場有很多討論。我們已經看到了其中一些。它有點不完整。它上升。它下來了。

For instance, Q2 was down. Q3 was actually up for us from a consumer standpoint. We're not seeing anything major in any of our end markets that would give us any concerns. I was just being cautious and vigilant, that's the only meaning behind my comments there.

例如，第二季度下降。從消費者的角度來看，第三季度實際上對我們來說是有利的。我們在任何終端市場上都沒有看到任何令我們擔憂的重大事件。我只是保持謹慎和警惕，這是我評論背後的唯一意義。

And if you look at the secular markets that we're in today, all growth-oriented, the EV, health care, renewables, 5G, cloud, they're all moving in the right direction. So I don't think that gets slowed down by macroeconomic conditions that much.

如果你看看我們今天所處的長期市場，所有以增長為導向的電動汽車、醫療保健、可再生能源、5G、雲，它們都在朝著正確的方向發展。因此，我認為宏觀經濟狀況並不會減慢這一速度。

There might be instead of growing by double digits, maybe it grows by single digits. But overall, we're not seeing any of that right now, and we just want to be cautious and vigilant as well.

可能不是兩位數增長，而是個位數增長。但總的來說，我們現在還沒有看到任何這種情況，我們只是想保持謹慎和警惕。

That's helpful. My other question is you're seeing such good growth in certain markets like EVs and renewables, are there stuffs you have to take operationally in order to continue that growth, either more a factory capacity, finding more labor and other constraints you may be running into, given the growth rate you've been undergoing in a couple of those key markets?

這很有幫助。我的另一個問題是，您在某些市場（例如電動汽車和可再生能源）看到如此良好的增長，為了繼續這種增長，您是否必須在運營上採取一些措施，要么增加工廠產能，尋找更多勞動力以及您可能遇到的其他限制考慮到您在幾個關鍵市場的增長率？

Yes. On the EV side, for example, yes, we have to expand our operations where we're expanding in the Americas. We're expanding in Europe. We're expanding in Asia. So there's definitely -- we need to grow in our footprint in some of the geographies.

是的。例如，在電動汽車方面，是的，我們必須擴大我們正在美洲擴張的業務。我們正在歐洲擴張。我們正在亞洲擴張。因此，我們確實需要擴大在某些地區的足跡。

Health care is a little bit more steady Eddie. But overall, still the trend is upwards. Renewables, we've just opened a new factory in the U.S. And we'll continue to expand as and when we feel -- the requirements there. But yes, it is something we're watching. We're being very thoughtful. We're very disciplined.

艾迪的健康狀況稍微穩定一些。但總體而言，趨勢仍然是向上的。可再生能源方面，我們剛剛在美國開設了一家新工廠，我們將根據當地的需求繼續擴張。但是，是的，這是我們正在關注的事情。我們想得很周到。我們非常有紀律。

We don't want to overinvest in CapEX, and we're watching trends very carefully to make sure there are long-term sustainable trends and not just hype, which is temporary. So yes, the answer to your question is yes.

我們不想過度投資資本支出，我們正在非常仔細地觀察趨勢，以確保存在長期可持續的趨勢，而不僅僅是暫時的炒作。所以是的，你的問題的答案是肯定的。

I have a follow-up on that, Mark, also is that we always talk about having a single instance of SAP in our company. And that, for example, becomes critically important. As we look to get requests from customers to introduce new products, introduce them across multiple geographies that -- having that single instance of SAP is critically important.

馬克，我對此有一個後續行動，我們總是談論在我們公司擁有一個 SAP 實例。例如，這一點變得至關重要。當我們希望收到客戶推出新產品的請求時，跨多個地區進行介紹——擁有單一 SAP 實例至關重要。

But more than that would be JJ Kraton and his team are looking at making sure that our factory network operates consistently with the same processes. We've got a kind of unified Jabil culture, as I mentioned.

但更重要的是，JJ Kraton 和他的團隊正在考慮確保我們的工廠網絡按照相同的流程一致運行。正如我提到的，我們有一種統一的捷普文化。

So our ability to incubate new business or new capabilities in one part of the world and then be able to deploy that at scale across the rest of our network is -- really lends itself to our model. And so we're feeling quite bullish that we're really well positioned to support the needs of our customers in the world where geographical manufacturing seems to be more in vogue.

因此，我們在世界某一地區孵化新業務或新能力，然後能夠在我們網絡的其他地區大規模部署的能力，確實適合我們的模式。因此，我們非常樂觀地認為，我們確實有能力滿足全球客戶的需求，因為地理製造似乎更流行。

Next question coming from David Vogt from UBS.

下一個問題來自瑞銀集團的大衛·沃格特。

I just want to go back to the AI automation conversation. I know you're probably going to provide a lot of color on this in September, and I know it's early days. But when you think about sort of the end markets and your customer base, obviously, there's going to be some technological shifts in what's happening, whether it's in sort of the data center or the networking stack.

我只想回到人工智能自動化對話。我知道您可能會在 9 月份對此提供很多信息，而且我知道現在還為時過早。但是，當您考慮終端市場和客戶群時，顯然，無論是數據中心還是網絡堆棧，都會發生一些技術轉變。

How does that work with you and your customers in terms of you potentially winning new types of businesses for new technological sort of changes effectively? And generally, what are the lead times in terms of from concept discussion to deployment?

這如何與您和您的客戶合作，幫助您有效地贏得新技術變革的新型業務？一般來說，從概念討論到部署的準備時間是多少？

And then I have a follow up on margins, which I can maybe just roll in here as well. So it sounds like near term, the opportunity is for your own efficiency gains from automation going forward in fiscal '24 from AI potentially. Is that fair? Is that a fair way to think about the business next year?

然後我對利潤率進行了跟進，也許我也可以在這裡滾動。因此，聽起來短期內，您可能會在 24 財年通過人工智能從自動化中獲得效率收益。這公平嗎？這是考慮明年業務的公平方式嗎？

Yes. So for sure, and if I don't answer this (inaudible) quite, David, there was a lot there. So for sure, internally, I mentioned previously that our internal process is we simplify, optimize, standardize and automate. We've been doing that forever. This helps us accelerate some of that, as I had mentioned.

是的。所以，可以肯定的是，如果我沒有完全回答這個問題（聽不清），大衛，那裡有很多東西。所以可以肯定的是，在內部，我之前提到過，我們的內部流程是簡化、優化、標準化和自動化。我們一直這樣做。正如我所提到的，這有助於我們加快進程。

So we see that this is definitely going to be -- help us from an ability to introduce new products, ability to be more efficient and therefore, drive margins. So for sure, we see that.

因此，我們認為這肯定會幫助我們推出新產品，提高效率，從而提高利潤率。所以可以肯定的是，我們看到了這一點。

In terms of engagement with customers, I mean, we don't see any one of our end markets that this isn't going to be favorable for whether it's in autonomous driving or in health care or whatever. And the relationships that we have are quite deep rooted with our customers.

在與客戶的互動方面，我的意思是，我們認為我們的任何一個終端市場都不會受到青睞，無論是在自動駕駛、醫療保健還是其他領域。我們與客戶的關係根深蒂固。

We access their technology road maps in conjunction with them to help them introduce new products. So I think that the model -- that isn't going to change the model that we have, the engagement model we have with our customers.

我們與他們一起訪問他們的技術路線圖，以幫助他們推出新產品。所以我認為這個模型不會改變我們現有的模型，即我們與客戶的互動模型。

Like we've got our technical experts, of which we get -- thousands across the company are actively engaged with customers looking at their road maps and how we can support them. So I think for sure, there'll be some acceleration there. But for us, it's almost business as usual as it comes to engaging with our customers.

就像我們有我們的技術專家一樣，我們公司的數千名技術專家正在積極與客戶互動，查看他們的路線圖以及我們如何為他們提供支持。所以我認為肯定會出現一些加速。但對我們來說，與客戶互動時幾乎一切如常。

That's helpful. Maybe can I just ask a quick follow-up along those lines. Do you -- I know it's early days. Do you get the sense that maybe some customers would reprioritize spending and road maps from maybe some existing sort of products and the road maps to really take advantage or jump on this sort of new, sort of large long-term secular driver in AI? What I mean by that assuming some of the legacy -- get deemphasized.

這很有幫助。也許我可以按照這些思路快速跟進。我知道現在還為時過早。您是否感覺到，也許一些客戶會從某些現有的產品和路線圖中重新調整支出和路線圖的優先順序，以真正利用或跳上人工智能領域這種新的、大型長期長期驅動因素？我的意思是假設一些遺產——不再被強調。

Yes. I don't think so. I mean, I think that when people talk about it's been hyped in the short term, I think it's been hyped in the press in the short term. I think everyone who's been involved in our industry or in the industry, AMD talked about it yesterday [in a video]. I mean, they haven't just woke up yesterday and decided it's a good idea.

是的。我不這麼認為。我的意思是，我認為當人們談論它在短期內被炒作時，我認為它在短期內被媒體炒作了。我想每個參與我們行業或 AMD 行業的人昨天[在視頻中]都談到了這一點。我的意思是，他們昨天才醒來並認為這是個好主意。

They've been working on this road map for multiple years. So I think there's a little bit of hype in the press. But to those who are involved in the industry, I think it's just a continuation of the road maps we've been working on.

他們多年來一直致力於製定這一路線圖。所以我認為媒體有一些炒作。但對於那些參與該行業的人來說，我認為這只是我們一直在製定的路線圖的延續。

Got it. So it sounds like it's additive. That's helpful.

知道了。所以聽起來像是附加的。這很有幫助。

Yes.

是的。

We 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.

我們的問答環節結束了。我想將發言權交還給管理層，以徵求進一步的意見或結束意見。

This is the end of our call. Thank you for joining. Please reach out if you have any further questions. Thank you.

我們的通話到此結束。感謝您的加入。如果您還有任何疑問，請聯繫我們。謝謝。

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

謝謝。今天的電話會議和網絡廣播到此結束。此時您可以斷開線路，度過美好的一天。我們感謝您今天的參與。