捷普科技 (JBL) 2023 Q4 法說會逐字稿

Hello, and welcome to the Jabil Fourth Quarter and Fiscal Year 2023 Earnings Call Webcast and Investor Briefing. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎來到捷普第四季和 2023 財年收益電話網路廣播和投資者簡報。 （操作員指示）謹此提醒，本次會議正在錄製中。

It's now my pleasure to turn the call over to Adam Berry, Vice President, Investor Relations. Adam, please go ahead.

現在我很高興將電話轉給投資者關係副總裁 Adam Berry。亞當，請繼續。

Good morning, and welcome to our call today. My name is Adam Berry. I'm Head of Investor Relations, and this is our Q4 earnings call and the sixth Annual Investor Briefing.

早安，歡迎今天致電我們。我叫亞當貝裡。我是投資者關係主管，這是我們第四季的財報電話會議和第六次年度投資者簡報會。

Joining me on today's call are Chief Executive Officer, Kenny Wilson; EVP of Global Business Units, Fred McCoy; and Chief Financial Officer, Mike Dastoor.

與我一起參加今天電話會議的是執行長肯尼威爾森 (Kenny Wilson)；全球業務部門執行副總裁 Fred McCoy；和財務長麥克·達斯托爾。

For the sixth straight year, we're going to use this session today to accomplish the following: review our fourth quarter and fiscal 2023 results; discuss the trends underway within the end markets we serve; provide an update for our pending transaction to sell the mobility business to BYD Electronics; refresh our capital allocation policy given the pending deal; offer a thoughtful fiscal '24 outlook that demonstrates enterprise level growth in some key areas, while also remaining sensible and grounded given the realities of the dynamic global macro environment surrounding us today; and finally, we'll do our very best to walk through the many moving pieces we foresee in the upcoming year as we work to make our business more profitable and more sustainable.

我們將連續第六年利用今天的會議來完成以下任務：審查我們的第四季度和 2023 財年業績；討論我們所服務的終端市場中正在發生的趨勢；提供我們即將進行的將行動業務出售給比亞迪電子的交易的最新資訊；鑑於懸而未決的交易，更新我們的資本配置政策；提供深思熟慮的 24 財年展望，展示一些關鍵領域的企業級增長，同時考慮到當今我們周圍動態的全球宏觀環境的現實，保持明智和腳踏實地；最後，我們將盡最大努力，在我們努力使我們的業務更有利可圖、更永續的過程中，討論我們在來年預見的許多變化。

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

但在我們詳細介紹之前，請注意今天的電話會議正在進行網路直播。在我們準備好的發言中，我們將參考投影片。要觀看這些幻燈片，請訪問 jabil.com 網站的投資者關係部分。在今天的電話會議結束時，今天的整個簡報將發佈在那裡進行音訊播放。

I'd now like to ask that you follow our presentation with slides on the website, beginning with the forward-looking statement. During this 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 fiscal year net revenue and earnings. These statements are based on current expectations, forecasts and assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially. An extensive list of these risks and uncertainties are identified in our annual report on Form 10-K for the fiscal year ended August 31, 2022, and other filings with the SEC.

我現在想請您關注我們網站上的幻燈片演示，從前瞻性聲明開始。在這次電話會議中，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，例如我們目前預期的財年淨收入和收益。這些陳述是基於目前的預期、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 日的財年的 10-K 表格年度報告以及向 SEC 提交的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聲明的意圖或義務，無論是由於新資訊、未來事件或其他原因。

With that, I'd now like to shift our focus to our fourth quarter results, where the team delivered approximately $8.5 billion in revenue, equal to the midpoint of our guidance range.

至此，我現在想將我們的注意力轉移到第四季度的業績上，該團隊實現了約 85 億美元的收入，相當於我們指導範圍的中點。

Core operating income for the quarter came in stronger than expected at $477 million, or 5.6% of revenue. This is up 60 basis points on a year-over-year basis and 80 basis points sequentially, driven by strong execution across both segments. Net interest expense in the quarter came in better than expected at $71 million, reflecting good progress by the team on inventory and solid working capital management.

該季度核心營業收入強於預期，為 4.77 億美元，佔營收的 5.6%。在兩個細分市場強勁執行力的推動下，這一數字年增 60 個基點，較上季成長 80 個基點。本季淨利息支出為 7,100 萬美元，優於預期，反映出團隊在庫存和穩健的營運資金管理方面取得了良好進展。

From a GAAP perspective, operating income was $441 million, and our GAAP diluted earnings per share was $1.15. Core diluted earnings per share was $2.45, a 5% improvement over the prior year and towards the upper end of our guidance range.

從 GAAP 角度來看，營業收入為 4.41 億美元，GAAP 攤薄後每股收益為 1.15 美元。核心攤薄後每股收益為 2.45 美元，比上年增長 5%，接近我們指導範圍的上限。

Revenue for the DMS segment came in better than expected at $4.4 billion, up marginally compared to the same time frame from a year ago, driven by strength in our auto and healthcare businesses. This strength was completely offset by continued weakness in connected devices. Core operating margin for the segment came in at 6.1%, 100 basis points higher than the same quarter from a year ago, given the solid mix and the normal seasonal pattern within our mobility business. Revenue for our EMS segment came in at $4 billion, down roughly 13% year-over-year and approximately $200 million below expectations.

在汽車和醫療保健業務的實力推動下，DMS 部門的收入優於預期，達到 44 億美元，較去年同期略有成長。這種優勢完全被連接設備的持續疲軟所抵消。鑑於我們行動業務的穩健組合和正常的季節性模式，該部門的核心營業利潤率為 6.1%，比去年同期高出 100 個基點。我們的 EMS 部門營收為 40 億美元，年減約 13%，比預期低約 2 億美元。

As expected, during the quarter, we saw a major revenue shift in our cloud business, driven by our previously announced transition of certain components we procure and integrate to a customer-controlled consignment service model. In Q4, the overall mix of consigned components came in higher than expected.

正如預期的那樣，在本季度，我們的雲端業務收入發生了重大變化，這是由於我們先前宣布的將採購的某些組件轉變為客戶控制的寄售服務模式的推動。第四季度，寄售零件的整體結構高於預期。

For the quarter, core margins for EMS were 5.2%, up 40 basis points year-over-year, reflecting strength in renewables, which is in our industrial portion of our business, and the aforementioned consignment shift. In fiscal '23, our DMS segment revenue was $18 billion, an increase of 8% year-over-year. In particular, it's worth highlighting our automotive and healthcare businesses, which were up 42% and 12%, respectively. Core operating margin for the segment came in at 5%, up 10 basis points year-over-year.

本季度，EMS 的核心利潤率為 5.2%，年成長 40 個基點，反映出再生能源（屬於我們業務的工業部分）的實力以及上述寄售轉移。 23 財年，我們的 DMS 部門營收為 180 億美元，年增 8%。尤其值得強調的是我們的汽車和醫療保健業務，分別成長了 42% 和 12%。該部門的核心營業利潤率為 5%，較去年同期成長 10 個基點。

In EMS, core margins for the year were strong, also coming in at 5%, 70 basis points higher than the prior year on revenue of $16.7 billion. The strength in fiscal '23 income was driven by growth in renewables within our industrial and semi cap market as well as the benefit from consignment.

在 EMS 領域，今年的核心利潤率也很強勁，也達到 5%，比前一年高出 70 個基點，營收為 167 億美元。 23 財年收入的強勁成長是由我們的工業和半資本市場中再生能源的成長以及寄售收益所推動的。

Next, I'd like to begin with an update on our cash flow and balance sheet metrics. Beginning with inventory, which saw good improvement sequentially by 4 days to 80 days. More importantly, net of inventory deposits from our customers, inventory days were also down 4 days to 58 in Q4. Our fourth quarter cash flows from operations were strong coming in at $686 million. Net capital expenditures for the fourth quarter were $28 million and for the full fiscal year, came in lower than expected at $708 million, mainly due to the timing of CapEx payments that are shifting to Q1 from Q4.

接下來，我想先介紹一下我們的現金流量和資產負債表指標的最新情況。從庫存開始，庫存連續改善了 4 天至 80 天。更重要的是，扣除客戶的庫存押金後，第四季的庫存天數也減少了 4 天至 58 天。我們第四季的營運現金流強勁，達到 6.86 億美元。第四季的淨資本支出為 2,800 萬美元，整個財年的淨資本支出為 7.08 億美元，低於預期，主要是由於資本支出支付時間從第四季度轉移到第一季。

As a result of the strong fourth quarter performance in cash flow generation, adjusted free cash flow for the year came in higher than expected at approximately $1 billion. With this, we ended the quarter with cash balances of $1.8 billion and total debt to core EBITDA levels of approximately 1.1x.

由於第四季現金流生成表現強勁，全年調整後自由現金流高於預期，約 10 億美元。至此，本季結束時，我們的現金餘額為 18 億美元，總債務與核心 EBITDA 水準約為 1.1 倍。

For the year, we repurchased 6.7 million shares for $487 million, leaving us with $776 million remaining on our current repurchase authorization as of August 31. Please note that in Q4 we were out of the repurchase market mostly as a result of the pending mobility deal. As Mike will share in a few minutes, when our opportunity to buy back reopens, we plan to accelerate repurchases in Q1 fiscal '24.

今年，我們以4.87 億美元回購了670 萬股股票，截至8 月31 日，我們目前的回購授權還剩7.76 億美元。請注意，在第四季度，我們退出回購市場主要是因為懸而未決的流動性交易。正如麥克將在幾分鐘內分享的那樣，當我們重新開啟回購機會時，我們計劃在 24 年第一財季加速回購。

As I flip to the next slide, looking at the 5-year financials, it's hard to believe that another year in the books for Jabil. And as I look ahead, I can't help but think that there's so much more opportunity ahead for us. In a moment, I'll hand the call over to Kenny, Fred and Mike. But before I do, I want to spend a few minutes setting the stage for what you're going to hear today.

當我翻到下一張投影片，查看 5 年的財務數據時，很難相信捷普又迎來了新的一年。展望未來，我不禁想到我們還有更多的機會。稍後我會將電話轉交給肯尼、弗雷德和麥克。但在此之前，我想花幾分鐘為你們今天將要聽到的內容做好準備。

Over the next couple of minutes, I think you're going to hear a lot of the same from us. From a financial target perspective, you're going to hear us talk about winning our unfair share of business and leveraging those wins to drive margin expansion, free cash flow generation and further shareholder return. From an end market perspective, you're going to hear more about the areas of our business, which continue to see solid double-digit growth, and why we believe we're one of the best positioned companies to benefit from global trends, such as electric and autonomous driving, digital healthcare, AI infrastructure and the long-term shift to renewable energy.

在接下來的幾分鐘裡，我想您會從我們這裡聽到很多相同的話。從財務目標的角度來看，您將聽到我們談論贏得不公平的業務份額，並利用這些勝利來推動利潤率擴張、自由現金流的產生和進一步的股東回報。從終端市場的角度來看，您將更多地了解我們的業務領域，這些領域繼續實現兩位數的穩健增長，以及為什麼我們相信我們是最有能力從全球趨勢中受益的公司之一，例如例如電動和自動駕駛、數位醫療、人工智慧基礎設施以及向再生能源的長期轉變。

But there are some new dynamics to share today as well. And as a team, we're excited to share a few key updates. For starters, you may have noticed that our previously announced transaction to sell our mobility business to BYD Electronics has moved from the preliminary stages of agreement to a definitive agreement as announced earlier this week. As we move through our session today, you'll hear from both Kenny and Mike as they weave the strategic rationale and financial impact into our economic model.

但今天也有一些新的動態可以分享。作為一個團隊，我們很高興分享一些關鍵更新。首先，您可能已經注意到，我們先前宣布的將行動業務出售給比亞迪電子的交易已從協議的初步階段轉變為本週稍早宣布的最終協議。當我們今天的會議進行時，您將聽到肯尼和麥克的講話，他們將戰略原理和財務影響融入我們的經濟模型中。

At the same time, we have some updates to provide today on capital allocation framework, given that the mobility definitive agreement is now in place. And then given that fiscal '24 will be transitional for Jabil, in terms of closing the mobility transaction and the subsequent planned accelerated buybacks, Mike will offer a viewpoint of fiscal '25, including the full impact of both initiatives.

同時，鑑於流動性最終協議現已到位，我們今天將提供有關資本配置框架的一些更新。然後，考慮到 24 財年對捷普來說將是過渡性的，在完成行動交易和隨後計劃的加速回購方面，麥克將提出 25 財年的觀點，包括這兩項舉措的全面影響。

So with that, I'll now hand it over to Kenny.

因此，我現在將其交給肯尼。

Thanks, Adam. Good morning. Thanks for joining us today. As Adam highlighted, fiscal year '23 was another strong year, and I'm pleased with the progress we have made relative to our financial objectives.

謝謝，亞當。早安.感謝您今天加入我們。正如 Adam 所強調的那樣，23 財年又是強勁的一年，我對我們在財務目標方面取得的進展感到高興。

Every day at Jabil, we strive to do the right thing. It is how we are wired. So it's heartening when looking at our end-of-year report card to see that we are making progress on all fronts. Most satisfying for me is the resilience of our model, where despite end market choppiness, we posted very impressive year-on-year growth in core margins, up 40 basis points to 5%, earnings up 12% and EPS up 13%, while also driving in excess of $1 billion in free cash flows.

在捷普，我們每天都努力做正確的事。這就是我們的聯絡方式。因此，當看到我們的年終成績單時，看到我們在各方面都取得了進展，真是令人振奮。最讓我滿意的是我們模型的彈性，儘管終端市場波動，我們的核心利潤率同比增長非常令人印象深刻，增長了40 個基點至5%，盈利增長了12%，每股收益增長了13 %，而還帶動超過 10 億美元的自由現金流。

This time of year also sees us complete our annual strategic planning process, and it is reassuring to note that similar to last year, we reconfirmed our focus on investing in key areas of our business, including electric vehicles and autonomous driving, AI cloud solutions, renewable energy and healthcare. All of this sets a firm foundation for fiscal year '24 and beyond and is a testament to our customer-centric model, which is both robust and adaptable to changes in end market.

每年的這個時候，我們也完成了年度策略規劃流程，令人欣慰的是，與去年類似，我們再次確認了對業務關鍵領域的投資重點，包括電動車和自動駕駛、人工智慧雲端解決方案、可再生能源和醫療保健。所有這些都為 24 財年及以後奠定了堅實的基礎，並證明了我們以客戶為中心的模式，既穩健又能夠適應終端市場的變化。

The next slide shows how these characteristics have shaped the last 10 years and seen in this context, fiscal '23 was just another step in the journey. If I was looking for one word to summarize activities highlighted, it would be intentionality. We have and will continue to be very intentional as we look to grow and modify the mix of business to include longer life cycle industries like healthcare with the acquisition of Nypro and our strategic collaboration with JJMD.

下一張投影片顯示了這些特徵如何塑造了過去 10 年，並在此背景下看到，23 財年只是這趟旅程中的另一步。如果我要找一個字來概括突出的活動，那就是意向性。透過收購 Nypro 以及與 JJMD 的策略合作，我們已經並將繼續非常有意地發展和調整業務組合，將醫療保健等生命週期較長的行業納入進來。

In addition, we have also increased investment both organically and inorganically in emerging technologies. We review our capabilities as a match for important end markets, like renewable energy infrastructure, electric vehicles and cloud data centers.

此外，我們也加大了對新興科技有機和無機的投入。我們審查我們的能力，以匹配重要的終端市場，如再生能源基礎設施、電動車和雲端資料中心。

From an enterprise perspective, we began materially redirecting more and more of our free cash flows to buybacks and reinvest in ourselves at very attractive valuations. And finally, just a few weeks back, we unveiled yet another step in our journey as we announced the pending divestiture of our mobility business to BYD Electronics for $2.2 billion.

從企業的角度來看，我們開始實質地將越來越多的自由現金流用於回購，並以非常有吸引力的估值進行再投資。最後，就在幾週前，我們宣布了即將以 22 億美元的價格將我們的行動業務剝離給比亞迪電子，從而開啟了我們旅程的又一步。

As we move into fiscal year '24 and beyond, you can continue to rely on this leadership team to allocate capital with a view to expanding shareholder value.

隨著我們進入 24 財年及以後，您可以繼續依靠這個領導團隊來分配資本，以擴大股東價值。

I'd now like to spend a little time talking about our decision to sell the mobility business. As you know, over the past 5 years, I've had the privilege both to lead and work alongside some of the most skilled and talented manufacturing engineers, operations leaders and material scientists in the world. And during that time, we were fortunate to build an incredible business, while also delivering best-in-class products for one of the world's greatest brands.

我現在想花一點時間談談我們出售行動業務的決定。如你所知，在過去的 5 年裡，我有幸領導了世界上一些最熟練、最有才華的製造工程師、營運領導者和材料科學家，並與他們一起工作。在那段時間，我們很幸運地建立了令人難以置信的業務，同時也為世界上最偉大的品牌之一提供一流的產品。

I had a front row seat, unlike any other, to truly appreciate and develop a deep understanding of the level of complexity involved and introducing and manufacturing precision mechanics at huge scale for our largest customer. This perspective provides me some credibility to make the claim that our mobility team is second to none when it comes to innovative automation, tooling design and manufacturing of these components at scale. And I also truly believe this talented organization can reach new heights, with our capabilities matched by a supportive business model focused on significant growth.

與其他人不同，我坐在前排，能夠真正欣賞並深入了解所涉及的複雜程度，以及為我們最大的客戶大規模引入和製造精密機械。這種觀點為我提供了一些可信度，讓我可以聲稱我們的行動團隊在創新自動化、工具設計和大規模製造這些組件方面是首屈一指的。我也堅信，這個才華橫溢的組織能夠達到新的高度，我們的能力與專注於顯著增長的支援業務模式相匹配。

To all my friends in the mobility business, I will miss you deeply. Thanks for showing our company at its best. For never flinching from the sometimes seemly unsurmountable asks. I'm doing so all with humility, professionalism and great skill. It has been my honor to be a part of your team.

對於所有從事旅遊行業的朋友們，我會深深地想念你們。感謝您向我們展示了我們公司最好的一面。對於有時看似無法克服的要求，從不退縮。我以謙虛、專業和高超的技巧來做這一切。我很榮幸能成為你們團隊的一員。

Looking forward, I think your particular skill sets can be leveraged in endless ways. And while it's bittersweet to say goodbye to some great friends and colleagues, I know this is the best route for our customers, employees and shareholders alike.

展望未來，我認為您的特殊技能可以以無窮無盡的方式利用。雖然與一些好朋友和同事告別是苦樂參半的，但我知道這對我們的客戶、員工和股東來說都是最好的途徑。

In a moment, I will turn the call over to Fred to go deeper into our end markets. But before that, I wanted to reaffirm what you can expect from me as CEO. I will work tirelessly on your behalf to ensure that we are in the correct end markets and geographies with the correct capabilities to serve our customers. I will continue to ensure that our capital allocation is shareholder-friendly, while appropriately funding our growth.

稍後，我會將電話轉給 Fred，讓他更深入地了解我們的終端市場。但在此之前，我想重申您對我作為執行長的期望。我將代表您不懈努力，確保我們處於正確的終端市場和地區，並具有為客戶提供服務的正確能力。我將繼續確保我們的資本配置對股東有利，同時為我們的成長提供適當的資金。

And all of this will be underpinned by an unwavering passion and commitment to preserve, protect and grow our unique culture, which is the foundation of everything that is great about our company.

所有這一切都將以堅定不移的熱情和承諾為基礎，以保存、保護和發展我們獨特的文化，這是我們公司一切偉大之處的基礎。

Thank you for joining us today and for your interest in Jabil. I will now turn the call over to Fred.

感謝您今天加入我們以及您對捷普的興趣。我現在將把電話轉給弗雷德。

Thanks, Kenny. Good morning, everyone. As you've heard from Adam and Kenny, there's a lot going on at Jabil at the moment and quite a lot to be excited about. It's my privilege to join the call today, and over the next few minutes, to walk you through the demand dynamics inside our diversified markets and how we see each shaping up for the coming year.

謝謝，肯尼。大家，早安。正如您從 Adam 和 Kenny 那裡聽到的那樣，捷普目前正在發生很多事情，並且有很多值得興奮的事情。我很榮幸參加今天的電話會議，並在接下來的幾分鐘內向您介紹我們多元化市場的需求動態，以及我們如何看待每個市場在未來一年的發展。

As we move into FY '24, we continue to expect growth in our business to be headlined by end markets that are benefiting from strong multiyear tailwinds, specifically renewable energy infrastructure, electric vehicles, AI cloud data centers and healthcare.

隨著我們進入 24 財年，我們繼續預計我們的業務成長將受到受益於多年強勁順風的終端市場的帶動，特別是可再生能源基礎設施、電動汽車、人工智慧雲端資料中心和醫療保健。

Let's begin with what's going on in our industrial and semi cap end market on the next slide. In Industrial, we're experiencing robust growth in clean and smart energy infrastructure as governments globally implement legislation, such as the Inflation Reduction Act in the United States to increase investment in new projects.

讓我們從下一張投影片的工業和半成品市場的情況開始。在工業領域，隨著全球各國政府實施立法（例如美國的《通貨膨脹削減法案》）以增加對新項目的投資，我們正在經歷清潔和智慧能源基礎設施的強勁增長。

As a reminder, we play across the entire energy value chain, from energy generation, power conversion, transmission, storage and metering and to the management of power inside homes and buildings. These projects have multiyear investment timelines, independent of underlying short-term economic growth forecasts. So we feel comfortable with the visibility we have in this space, given these elongated infrastructure build-outs.

需要提醒的是，我們涉足整個能源價值鏈，從能源發電、電力轉換、傳輸、儲存和計量，到家庭和建築物內的電力管理。這些項目有多年的投資時間表，獨立於基本的短期經濟成長預測。因此，考慮到這些基礎設施的擴建，我們對這個領域的可見性感到滿意。

As an example, a relatively new market that we're particularly excited about is the energy storage systems market, from grid level to inside the home and in support of rapid EV charging. On the back of several recent wins in the U.S. and Europe, we expect this space to drive solid growth in the coming years, leveraging our investments in battery module integration.

例如，我們特別感興趣的一個相對較新的市場是儲能係統市場，從電網級到家庭內部，並支持電動車快速充電。鑑於最近在美國和歐洲取得的幾項勝利，我們預計該領域將利用我們在電池模組整合方面的投資，在未來幾年推動穩健成長。

We are well positioned to support growth in the renewable energy infrastructure space due to a unique combination of power engineering expertise, in-region manufacturing and supply chain capabilities. As a result, we expect revenue for our industrial business to be up more than 20% in FY '24.

憑藉電力工程專業知識、區域內製造和供應鏈能力的獨特組合，我們處於支持再生能源基礎設施領域成長的有利位置。因此，我們預計 24 財年工業業務的營收將成長 20% 以上。

Offsetting this growth slightly is our semi-cap business as we anticipate market demand to remain muted for most of our fiscal year. As a reminder, our semi-cap business spans both front end, with peer that turns wafer into chips to the back end with peer that inspects and tests the wafer or resulting chips.

我們的半盤業務略微抵消了這一成長，因為我們預計市場需求在我們財年的大部分時間將保持低迷。提醒一下，我們的半帽業務橫跨前端，同行將晶圓變成晶片，後端同行檢查和測試晶圓或最終的晶片。

Our strategy in this end market has been very thoughtful due to the high cyclicality of the market, and we've been very focused around how we've invested in this business, expecting demand to remain muted in FY '24, while preparing the capabilities and regional footprint for us to be well positioned to grow when the market moves higher as end market demand rebounds.

由於市場的高週期性，我們在這個終端市場的策略非常周到，我們一直非常關注如何投資這項業務，預計 24 財年的需求將保持低迷，同時準備能力和區域足跡使我們能夠在市場隨著終端市場需求反彈而走高時實現成長。

Within our Automotive and Transport business, we continue to expect growth to be driven by a global transition to electric vehicles. For FY '24, we expect another year of 20-plus percent revenue growth, despite what is a choppy overall global demand environment. The global shift to EVs continues to accelerate, and we expect EVs to represent a larger share of the global auto market in FY '24, regardless of near-term global growth dynamics.

在我們的汽車和運輸業務中，我們繼續預期全球向電動車的轉型將推動成長。儘管全球整體需求環境不穩定，但我們預計 24 財年的營收將持續成長 20% 以上。全球向電動車的轉變持續加速，我們預計電動車將在 24 財年在全球汽車市場中佔據更大的份額，無論近期全球成長動態如何。

In this space, we support an increasingly diverse set of the world's leading automotive OEMs as they launch new electric vehicle platforms across multiple geographies. Our focus areas in the EV market, we refer to as ACES, or ADAS and autonomous, connectivity, electrification and software-defined vehicle architecture.

在這個領域，我們為越來越多樣化的世界領先汽車原始設備製造商提供支持，幫助他們在多個地區推出新的電動車平台。我們的重點領域是電動車市場，我們稱之為 ACES 或 ADAS 以及自動駕駛、連網、電氣化和軟體定義的車輛架構。

In the EV market, we support products such as compute and control modules, power conversion, battery management, optical camera modules, LiDAR and other sensors as well as charging solutions. The path to mass adoption of electric vehicles globally is exceedingly complex, and there are very few companies that are as well positioned as Jabil to support customers' multiple complex program ramps on multiple continents with industry-leading supply chain, design and manufacturing capabilities.

在電動車市場，我們支援計算和控制模組、電源轉換、電池管理、光學攝影機模組、雷射雷達和其他感測器以及充電解決方案等產品。全球範圍內大規模採用電動車的道路極其複雜，很少有公司能夠像捷普一樣，憑藉行業領先的供應鏈、設計和製造能力，支持客戶在多個大洲的多個複雜項目的升級。

Moving to cloud. Our cloud solutions continue to resonate with customers of all sizes, from large hyperscalers to Tier 2 cloud providers, such as technology companies and leading financial firms. Today, cloud represents a relatively small portion of overall global IT spend, but we expect secular growth in this area to accelerate, including the related data center infrastructure, especially with the proliferation of AI and ML.

遷移到雲端。我們的雲端解決方案繼續引起各種規模的客戶的共鳴，從大型超大規模企業到二級雲端供應商，例如科技公司和領先的金融公司。如今，雲端運算在全球整體 IT 支出中所佔的比例相對較小，但我們預計該領域的長期成長將加速，包括相關的資料中心基礎設施，尤其是隨著人工智慧和機器學習的普及。

Next-generation clouds, and especially AI cloud data centers, present unique challenges to customers. AI workloads, which are powered by extremely powerful GPUs that consume significantly more energy and drive increased data generation.

下一代雲，尤其是人工智慧雲端資料中心，為客戶帶來了獨特的挑戰。 AI 工作負載由極其強大的 GPU 提供支援，這些 GPU 會消耗更多的能源並推動更多的資料產生。

This creates three challenges: insufficient power supply on the grid to support expanded data center needs, heat generation that surpasses the capabilities of air cool data centers and enhanced data interconnections between racks to support increased data inside the data center.

這帶來了三個挑戰：電網供電不足，無法支援不斷擴大的資料中心需求；產生的熱量超出了風冷資料中心的能力；增強了機架之間的資料互連，以支援資料中心內增加的數據。

Our design to dust capabilities continue to resonate with customers and we are investing in the areas of data center infrastructure services, liquid cooling and silicon photonics to help our customers solve the above challenges. Jabil is extremely well positioned to support customers as they incorporate innovative technologies into their data centers.

我們的防塵能力設計不斷引起客戶的共鳴，我們正在資料中心基礎設施服務、液體冷卻和矽光子學領域進行投資，以幫助我們的客戶解決上述挑戰。捷普處於非常有利的位置，可以為客戶將創新技術融入其資料中心提供支援。

And with the asset-light nature of the business, we have maximum flexibility to adapt and support customer needs around the world.

由於業務的輕資產性質，我們擁有最大的靈活性來適應和支持世界各地的客戶需求。

We are already seeing success in this area. Jabil was recently awarded and began production of our largest cloud customer's artificial intelligence rack configurations that are GPU dense, which are consigned. Because these components are among those consigned, we will see year-over-year headwinds to revenue, especially in the first half of the year. In spite of the revenue decline, the underlying business and associated unit volumes, however, are expected to grow by more than 20% in FY '24.

我們已經在這一領域看到了成功。捷普最近獲得了合同，並開始生產我們最大的雲端客戶的 GPU 密集型人工智慧機架配置，並已交付。由於這些組件屬於寄售組件，因此我們將看到收入同比出現阻力，尤其是在今年上半年。儘管收入下降，但基礎業務和相關單位銷售量預計在 2024 財年將成長 20% 以上。

In healthcare, we expect another robust growth year, with revenue up 9% year-on-year. In the healthcare space, the range of products we design and manufacture lean into digital healthcare trends and include highly complex diagnostic equipment and related consumables, orthopedics, including 3D printed implantables, precision health and medical devices, like minimally invasive devices and pharma solutions, including smart injection delivery devices for diabetes and obesity drugs.

在醫療保健領域，我們預計又一個強勁成長的一年，營收將年增 9%。在醫療保健領域，我們設計和製造的產品系列順應數位醫療保健趨勢，包括高度複雜的診斷設備和相關耗材、骨科（包括3D 列印植入物）、精密健康和醫療設備（例如微創設備和製藥解決方案），包括用於糖尿病和肥胖藥物的智慧注射輸送設備。

Jabil's credibility in the healthcare space as the largest EMS provider in this space positions us well to take advantage of the outsourcing of manufacturing trend. In the coming years, we expect OEMs to continue to accelerate this outsourcing trend, regardless of global macro growth.

作為該領域最大的 EMS 提供者，捷普在醫療保健領域的信譽使我們能夠很好地利用製造外包趨勢。未來幾年，無論全球宏觀經濟成長如何，我們預期原始設備製造商將繼續加速這種外包趨勢。

A recession-resistant end market with long product life cycles and accretive margins and stable cash flows is why healthcare continues to be such a critical component of our diversified portfolio.

抗衰退的終端市場具有較長的產品生命週期、可增值的利潤和穩定的現金流，這就是醫療保健仍然是我們多元化投資組合的重要組成部分的原因。

Within digital print and retail, we are seeing slower demand in legacy print and point-of-sale markets. This is being offset by growth in warehouse and retail automation markets as we have a number of key wins that will be ramping in the back half of the fiscal year. These wins leverage unique capabilities in 3D printing of production components, robotics, engineering, software and integration and complex manufacturing automation.

在數位印刷和零售領域，我們看到傳統印刷和銷售點市場的需求放緩。這被倉庫和零售自動化市場的成長所抵消，因為我們取得了許多關鍵的勝利，這些勝利將在本財年後半段取得進展。這些勝利利用了生產組件 3D 列印、機器人、工程、軟體和整合以及複雜製造自動化的獨特能力。

Our recent success shows we are well positioned in these end markets to help our customers bring next-generation automation technologies to market. Within our networking and storage end markets, we continue our ongoing efforts to optimize our portfolio as we prioritize margins and cash flows. We also expect overall market demand to be muted this year. Longer term, however, we anticipate growth coming from new programs in development for advanced optical networking for high-performance data center interconnect that will support growth in cloud and AI data center applications. And finally, within our Connected Devices business, demand remains soft, reflective of weakness in consumer goods spending.

我們最近的成功表明我們在這些終端市場中處於有利地位，可以幫助我們的客戶將下一代自動化技術推向市場。在我們的網路和儲存終端市場中，我們將繼續努力優化我們的產品組合，同時優先考慮利潤和現金流。我們也預計今年整體市場需求將疲軟。然而，從長遠來看，我們預計成長來自於正在開發的用於高效能資料中心互連的先進光網路的新計劃，這將支援雲端和人工智慧資料中心應用的成長。最後，在我們的互聯設備業務中，需求仍然疲軟，反映出消費品支出的疲軟。

We expect another year of market contraction for the coming year. We remain committed to this business, however, as shorter life cycle products helped drive product and capability innovation that we leverage across our other end markets. In closing, I feel strongly that we have the right team, capabilities and play in the right end markets to support fantastic momentum into FY '24 and beyond. It's now my pleasure to turn the call over to Mike to walk you through our financial forecast, including the impacts of the divestiture of our mobility business.

我們預計來年市場將再次萎縮。然而，我們仍然致力於這項業務，因為生命週期較短的產品有助於推動我們在其他終端市場中利用的產品和能力創新。最後，我強烈感覺到，我們擁有合適的團隊、能力並在合適的終端市場開展業務，以支持 24 財年及以後的強勁勢頭。現在我很高興將電話轉給麥克，向您介紹我們的財務預測，包括剝離我們的行動業務的影響。

Thanks, Fred. Good morning, everyone, and thanks for joining us today. Over the next few minutes, I plan to provide more information on the following: the expected net proceeds of the mobility transaction and the refunds. Next, I'll walk you through our financial outlook for FY '24, along with how we plan to report and forecast the business considering the pending sale followed by an update on our buyback execution plans through FY '24 and FY '25. And finally, I'll also share with you how our financial outlook looks for FY '25, excluding our mobility business.

謝謝，弗雷德。大家早安，感謝您今天加入我們。在接下來的幾分鐘內，我計劃提供以下更多資訊：行動交易的預期淨收益和退款。接下來，我將向您介紹我們 24 財年的財務展望，以及我們計劃如何在考慮待出售的情況下報告和預測業務，然後更新我們 24 財年和 25 財年的回購執行計劃。最後，我也會與您分享我們 25 財年的財務前景（不包括我們的行動業務）。

With that, let's turn to the next slide. As Kenny mentioned, the sales proceeds from the transaction are expected to be $2.2 billion. We expect tax and transaction costs to be approximately $300 million, which will result in net proceeds of $1.9 billion. Upon closing of the transaction, we expect to utilize roughly $300 million, of which $200 million is in cash towards restructuring of stranded costs and footprint optimization, resulting in total cash available of $1.7 billion after these activities. We expect to record a gain of approximately $300 million to $500 million associated with this transaction, net of the above noted expenses. The $1.7 billion in cash, we expect upon closing of the transaction will afford us the flexibility to execute accelerated share repurchases, while at the same time drive further growth in key secular end markets. Over the past several years, Jabil has been on a journey, a journey of diversification, a journey of portfolio optimization, a journey of strong financial performance, all while being extremely shareholder-friendly and returning funds to shareholders.

接下來，讓我們轉向下一張投影片。正如肯尼所提到的，這筆交易的銷售收入預計為 22 億美元。我們預計稅收和交易成本約為 3 億美元，這將帶來 19 億美元的淨收益。交易完成後，我們預計將利用約 3 億美元，其中 2 億美元為現金，用於重組擱淺成本和優化足跡，這些活動後可用現金總額為 17 億美元。扣除上述費用後，我們預計將獲得與本次交易相關的約 3 億至 5 億美元的收益。我們預計交易完成後的 17 億美元現金將為我們提供加速股票回購的靈活性，同時推動關鍵長期終端市場的進一步成長。在過去的幾年裡，捷普一直在走一段旅程，一段多元化的旅程，一段投資組合優化的旅程，一段強勁的財務業績之旅，同時對股東極其友好，並將資金返還給股東。

This has been reflected in a resilient model delivering core operating margin expansion, sustainable earnings growth and strong predictable cash flows. All this throughout a range of economic cycles, including a pandemic, a war, increased supply chain complexities, elevated inflation and reshoring. During this time, we also optimized our capital structure to maximize flexibility. All of this has been evidenced by our consistent core return on invested capital of around 30%. Moving forward, we continue to be conservative in our approach, given the current macroeconomic dynamics while remaining confident that we've aligned our resources with the right end markets, and we have the best team and set of capabilities to deliver for our customers.

這反映在一個有彈性的模型中，該模型提供了核心營業利潤率的擴張、可持續的獲利成長和強勁的可預測現金流。所有這一切都貫穿一系列經濟週期中，包括流行病、戰爭、供應鏈複雜性增加、通貨膨脹加劇和回流。在此期間，我們還優化了資本結構，以最大限度地提高靈活性。我們始終保持 30% 左右的核心投資回報率證明了這一切。展望未來，考慮到當前的宏觀經濟動態，我們將繼續採取保守的態度，同時仍然相信我們已將我們的資源與正確的終端市場相結合，並且我們擁有最好的團隊和能力來為客戶提供服務。

With that, let's turn to the next slide. We heard Fred take us through each of our end markets and how we plan to optimize this portfolio even further. We continue to benefit from multiple long-term secular growth end markets such as electric vehicles, healthcare, renewables and AI-driven cloud data centers. In fact, for FY '24, we expect these 4 end markets to make up nearly 70% of our FY '24 revenue mix, excluding the revenue associated with the mobility sale.

接下來，讓我們轉向下一張投影片。我們聽說 Fred 帶我們了解了每個終端市場，以及我們計劃如何進一步優化該產品組合。我們繼續受益於多個長期長期成長的終端市場，例如電動車、醫療保健、再生能源和人工智慧驅動的雲端資料中心。事實上，對於 24 財年，我們預計這 4 個終端市場將占我們 24 財年收入組合的近 70%（不包括與行動銷售相關的收入）。

Upon closing the Mobility transaction, we no longer anticipate having any customer that represents 10% or more of revenue. The long-term viability of these end markets continues to give me a high level of confidence as we navigate a range of economic scenarios while expanding margins and free cash flows. Next slide. FY '24 is a pivotal year in our journey. After considering a range of scenarios with differing outcomes associated with the timing of the mobility transaction clause, we thought it might be helpful to provide a time-based range for FY '24 results, including our mobility business until the transaction close date and highlight the FY '25 outlook, excluding mobility and after considering the full impact of accelerated share repurchases. But before I do that, I'd like to walk you through some assumptions we have used, most of which we have already discussed on this call.

完成 Mobility 交易後，我們預計不再有任何佔收入 10% 或以上的客戶。當我們在擴大利潤和自由現金流的同時應對一系列經濟情景時，這些終端市場的長期生存能力繼續給我帶來高度信心。下一張投影片。 24 財年是我們發展歷程中關鍵的一年。在考慮了一系列與流動性交易條款的時間相關的不同結果的情景後，我們認為為24 財年的結果提供一個基於時間的範圍可能會有所幫助，包括我們的流動性業務直到交易結束日期並強調25 財年展望，不包括流動性並考慮加速股票回購的全面影響。但在此之前，我想向您介紹我們使用過的一些假設，其中大部分我們已經在本次電話會議中討論過。

For FY '24, we assume economic conditions remain challenged for the consumer, which we have reflected in our consumer-related end market guidance. In the coming year, we continue to optimize our end market portfolio in networking and storage. As Fred mentioned earlier, we began production of our largest cloud customers artificial intelligence rack configurations. These racks are GPU dense and are among the components that have transitioned to a customer control consignment service model, which has effectively doubled the consignment percentage from a year ago.

對於 24 財年，我們假設消費者的經濟狀況仍面臨挑戰，這一點我們已在與消費者相關的終端市場指引中反映出來。來年，我們將繼續優化網路和儲存方面的終端市場產品組合。正如 Fred 之前提到的，我們開始生產我們最大的雲端客戶人工智慧機架配置。這些機架 GPU 密集，是已過渡到客戶控制寄售服務模式的組件之一，這實際上使寄售百分比比一年前翻了一番。

While volumes are expected to grow by more than 20%, we expect the shift to result in lower revenue as compared to last year of approximately $500 million in Q1 and approximately $200 million in Q2. Within our Mobility business in Q1, we expect the change in more content associated with new products to impact year-over-year revenue growth by approximately $300 million to $400 million. And finally, we anticipate the mobility transaction to close some time during Q2 of FY '24. The exact date of the close will drive where we land on the time-based range. With that, let's turn to the next slide for our first quarter guidance.

雖然銷售量預計將成長 20% 以上，但我們預計這一轉變將導致營收較去年下降，第一季約為 5 億美元，第二季約為 2 億美元。在第一季的行動業務中，我們預計與新產品相關的更多內容的變化將影響營收年增約 3 億至 4 億美元。最後，我們預計行動交易將在 24 財年第二季的某個時間完成。確切的收盤日期將決定我們在基於時間的範圍內的位置。接下來，讓我們轉向下一張投影片，了解我們的第一季指引。

For Q1, we expect total company revenue to be in the range of $8.4 billion to $9 billion. At the midpoint, this anticipates DMS and EMS revenue to be $5.1 billion and $3.6 billion, respectively. Core operating income is estimated to be in the range of $474 million to $534 million. GAAP operating income is expected to be in the range of $423 million to $483 million. Core diluted earnings per share is estimated to be in the range of $2.40 to $2.80. This includes the benefit of approximately $0.25 associated with accounting impacts of assets held for sale.

我們預計第一季公司總營收將在 84 億美元至 90 億美元之間。中點時，預計 DMS 和 EMS 收入分別為 51 億美元和 36 億美元。核心營業收入預計在 4.74 億美元至 5.34 億美元之間。 GAAP 營業收入預計在 4.23 億美元至 4.83 億美元之間。每股核心攤薄收益預計在 2.40 美元至 2.80 美元之間。這包括與持有待售資產的會計影響相關的約 0.25 美元的收益。

GAAP diluted earnings per share is expected to be in the range of $2.02 to $2.42. Net interest expense in the first quarter is estimated to be $73 million. Moving on to full year guidance, beginning on the next slide. For FY '24, we expect revenue at an enterprise level to be in the range of $33 billion to $34 billion. As I mentioned a moment ago, we anticipate closing the transaction during Q2 of our fiscal year. Therefore, our FY '24 guidance range reflects a range of potential outcomes. I would caution against reverting to the midpoint of these ranges as they are time-based ranges and will be highly dependent on actual transaction close date.

GAAP 攤薄每股收益預計在 2.02 美元至 2.42 美元之間。第一季淨利息支出預計為 7,300 萬美元。從下一張投影片開始，轉向全年指導。對於 24 財年，我們預期企業層面的營收將在 330 億至 340 億美元之間。正如我剛才提到的，我們預計在本財年第二季完成交易。因此，我們的 24 財年指導範圍反映了一系列潛在結果。我警告不要恢復到這些範圍的中點，因為它們是基於時間的範圍，並且高度依賴實際交易結束日期。

For FY '24, we expect core operating margins to improve by 30 to 50 basis points year-on-year, mainly driven by our improved mix of business. Our investments in IT and factory automation will also drive improved optimization across our footprint and are anticipated to lead to higher margins in the future. Moving to our thoughts around CapEx for FY '24. In the coming year, we expect net capital expenditures to be in the range of 2.2% to 2.5% of net revenue. This is higher than the 2% in FY '23 due mainly to timing of CapEx investments rolling into the first quarter of FY '24.

對於 24 財年，我們預計核心營業利潤率將年增 30 至 50 個基點，這主要得益於我們業務組合的改善。我們在 IT 和工廠自動化方面的投資也將推動我們整個業務範圍的最佳化，預計未來將帶來更高的利潤。接下來談談我們對 24 財年資本支出的看法。來年，我們預期淨資本支出將佔淨收入的2.2%至2.5%。這高於 23 財年的 2%，主要是由於資本支出投資的時間安排進入了 24 財年第一季。

Upon closing of the Mobility transaction, longer term, we now anticipate our CapEx to be lower as a percentage of revenue in the range of 2% to 2.3%. Our CapEx investments this year are expected to include a combination of maintenance and strategic investments for future growth and efficiency gains. We plan to continue to invest in targeted areas of our business with the bulk of growth CapEx aimed at the automotive EV space along with healthcare and renewable energy end markets.

行動交易完成後，從長遠來看，我們現在預計我們的資本支出佔收入的百分比將降低到 2% 至 2.3% 範圍內。我們今年的資本支出投資預計將包括維護和策略投資的組合，以實現未來的成長和效率提升。我們計劃繼續投資於我們業務的目標領域，其中大部分成長資本支出針對汽車電動車領域以及醫療保健和再生能源終端市場。

Moving on to cash flow generation. We closed out FY '23 with strong free cash flow is north of $1 billion. We expect to continue generating strong cash flows in FY '24 with adjusted free cash flow of more than $1 billion. With that, let's now turn to our capital structure on the next slide. We have a solid and flexible debt and liquidity profile with current maturities appropriately staggered at an attractive interest rates. We ended FY '23 with committed capacity under our global credit facilities of $3.8 billion. With this available capacity and our year-end cash balance, we had access to more than $5.6 billion of available liquidity, which we believe affords us ample flexibility. We also remain fully committed to maintaining our investment-grade credit profile.

轉向現金流生成。 23 財年結束時，我們的自由現金流強勁，超過 10 億美元。我們預計 24 財年將繼續產生強勁的現金流，調整後的自由現金流將超過 10 億美元。現在，讓我們轉向下一張投影片上的資本結構。我們擁有堅實而靈活的債務和流動性狀況，當前期限以有吸引力的利率適當地錯開。截至 23 財年，我們的全球信貸額度承諾產能為 38 億美元。憑藉這項可用能力和年末現金餘額，我們可以獲得超過 56 億美元的可用流動性，我們相信這為我們提供了充足的靈活性。我們也完全致力於維持我們的投資等級信用狀況。

In fiscal '24 and beyond, we expect to generate significant free cash flow. Given this dynamic, along with expected net proceeds from the mobility business sale, I believe it's an appropriate time to reiterate our capital allocation priorities and at a high level, how we plan to deploy our capital over the next 2 years.

在 24 財年及以後，我們預計將產生大量的自由現金流。鑑於這種動態，以及行動業務出售的預期淨收益，我認為現在是重申我們的資本配置優先事項以及我們計劃如何在未來兩年內部署資本的適當時機。

Please turn to the next slide. This morning, included in our earnings filing, we announced that our Board of Directors expanded our current share repurchase authorization to $2.5 billion. We expect to begin executing on this upsized authorization immediately. You heard Adam say that we were unable to complete our Q4 share repurchases due to restrictions around the mobility transaction. We plan to launch a $500 million accelerated share repurchase transaction in October prior to the close of our mobility transaction.

請翻到下一張投影片。今天早上，在我們的收益報告中，我們宣布董事會將目前的股票回購授權擴大到 25 億美元。我們希望立即開始執行這項擴大的授權。您聽到 Adam 說，由於流動性交易的限制，我們無法完成第四季的股票回購。我們計劃在 10 月流動性交易結束前啟動 5 億美元的加速股票回購交易。

Post closing of the mobility transaction, we intend to execute a series of additional accelerated buybacks throughout FY '24 and FY '25, with the intent of optimizing share repurchases and interest expense, thereby maximizing the EPS impact.

流動性交易結束後，我們打算在 24 財年和 25 財年執行一系列額外的加速回購，旨在優化股票回購和利息支出，從而最大限度地提高每股收益影響。

Moving forward, we are comfortable with our ability to generate strong cash flows and will remain balanced and thoughtful in how we allocate our capital. We believe this capital allocation framework will allow us to continue to grow our business and create value for shareholders. As a reminder, we have already reduced our outstanding shares from 203 million in 2013 to 131 million at the end of FY '23, a 35% reduction over this time period. Over the past 10 years, we bought back our shares at an average price of $32.71 a share.

展望未來，我們對產生強勁現金流的能力感到滿意，並將在如何分配資本方面保持平衡和深思熟慮。我們相信這個資本配置框架將使我們能夠繼續發展業務並為股東創造價值。提醒一下，我們已經將流通股從 2013 年的 2.03 億股減少到 23 財年末的 1.31 億股，在此期間減少了 35%。過去10年，我們以每股32.71美元的平均價格回購了我們的股票。

Next, let's look at our FY '24 guidance. For FY '24, we expect the momentum underway across our business to continue even in a subdued economic environment. Today, our business serves a diverse blend of end markets in areas that provide confidence in future earnings and cash flows. We have deep domain expertise, complemented by investments we made in capabilities, all of which gives us confidence in our ability to deliver 30 to 50 basis points of core margin expansion in FY '24, along with core EPS in the range of $9.30 to $9.70 and more than $1 billion in free cash flow. And importantly, our balanced capital allocation framework approach is aligned and focused on driving long-term value creation to shareholders.

接下來，讓我們來看看我們的 24 財年指引。對於 24 財年，我們預計即使在經濟環境低迷的情況下，我們業務的發展動能也將持續下去。如今，我們的業務服務於各種終端市場，這些領域為人們提供了對未來收益和現金流的信心。我們擁有深厚的領域專業知識，輔以我們在能力方面的投資，所有這些都讓我們相信我們有能力在24 財年實現30 至50 個基點的核心利潤擴張，以及9.30 至9.70 美元的核心每股收益以及超過 10 億美元的自由現金流。重要的是，我們的平衡資本配置框架方法是一致的，並專注於推動為股東創造長期價值。

As we transition to our final slide, I thought it made sense to provide you with a view of FY '25, excluding our mobility business, but including the impact of our accelerated share repurchases post closing. We believe we're on the path to deliver our core operating margins at or above 5.6% in FY '25 and deliver more than $10.65 in core EPS.

當我們過渡到最後一張投影片時，我認為向您提供 25 財年的看法是有意義的，不包括我們的行動業務，但包括我們在交屋後加速股票回購的影響。我們相信，25 財年我們的核心營業利潤率將達到或超過 5.6%，核心每股盈餘將超過 10.65 美元。

To deliver this, we need to only grow our revenues by a conservative 3%, while continuing to execute a series of accelerated share repurchases. In my view, Jabil is well positioned to navigate the current economic environment evidenced by our performance over the past several years. We are not only well diversified, but also markedly more resilient than we were several years ago due to our intentional efforts to invest and align our resources with areas in key end markets that are undergoing multiyear secular growth, all of which gives me confidence as we march towards 6% core operating margins in the future.

為了實現這一目標，我們只需將營收保守地成長 3%，同時繼續執行一系列加速股票回購。在我看來，捷普在應對當前的經濟環境方面處於有利位置，這從我們過去幾年的表現就可以看出。我們不僅多元化程度很高，而且比幾年前更有彈性，因為我們有意識地努力投資並將我們的資源與正在經歷多年長期增長的關鍵終端市場領域進行整合，所有這些都給了我信心，因為我們未來核心營業利益率將邁向6%。

Thank you for your time today and for joining us this morning. I'll now turn the call over to Adam.

感謝您今天抽出寶貴時間參加我們今天早上的活動。我現在將把電話轉給 Adam。

Thanks, Mike. As we talked about at the outset of the call, there's a lot to be excited about here at Jabil. And we've given you a forecast for fiscal '24, which we believe will be a bit transitional and fiscal '25, which we believe will be a bit more normalized and will include the full impact of the share repurchases from both our previous program as well as the portion from the mobility deal. There's a lot to be excited about here at Jabil and we're ready to get into your Q&A. Operator?

謝謝，麥克。正如我們在電話會議一開始談到的那樣，捷普有很多值得興奮的事情。我們已經向您提供了 24 財年的預測，我們認為該財年將有點過渡性，而 25 財年的預測將更加正常化，並將包括我們之前計劃中的股票回購的全部影響以及流動性交易中的部分。捷普有很多令人興奮的事情，我們已準備好接受您的問答。操作員？

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

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

Congrats on the strong results and the very strong guidance. In fact, your margin guidance is significantly higher than we had expected. You're guiding for 60 basis points of improvement over 2 years, and you've also talked about 6% operating margin.

恭喜出色的成果和非常有力的指導。事實上，你們的保證金指引明顯高於我們的預期。您指導在 2 年內實現 60 個基點的改進，並且您還談到了 6% 的營業利潤率。

So can you help us dive a little bit into that? I mean how much of this margin improvement is coming from mix shift within the portfolio? How much would you say is like-for-like pricing improvement? I mean I would think that by fiscal '25, you'd had some recovery in semi cap, maybe there's less inflation passed through and maybe you're taking some cost actions.

那您能幫助我們深入探討嗎？我的意思是，這種利潤率改善有多少來自投資組合內的混合轉變？您認為同類定價改善了多少？我的意思是，我認為到 25 財年，半上限股已復甦，也許通膨會減少，也許您正在採取一些成本行動。

So any color you can give in terms of what are the different drivers for such a strong margin improvement?

那麼，您能給什麼顏色來說明如此強勁的利潤率改善的不同驅動因素是什麼？

Thank you for the question. I mentioned in my prepared remarks that we're really intentional. We just came out of our annual review of our strategic planning. And I think you'll see in Mike's comments also that we're viewing, post the mobility divestiture that, 70% directly of our business is going to be in the EVs, AI, cloud, renewables and healthcare.

感謝你的提問。我在準備好的發言中提到，我們確實是有意為之。我們剛結束對策略規劃的年度審查。我想你也會在麥克的評論中看到，我們正在考慮，在行動業務剝離後，我們 70% 的業務將直接涉及電動車、人工智慧、雲端、可再生能源和醫療保健。

So if you look at that, that's all areas of our business that we believe are accretive from a margin perspective. And if you just roll forward what we expect our growth to be in those areas that it really is a big chunk of that. Also obviously, as you'd expect, as the mobility business moves out of the company, we're looking at rightsizing our footprint and just aligning with the new normal for our business.

因此，如果你看一下，我們認為從利潤角度來看，這就是我們業務的所有領域。如果你只是向前推進我們對這些領域的預期成長，那麼這確實是其中的很大一部分。顯然，正如您所期望的那樣，隨著行動業務從公司轉移出來，我們正在考慮調整我們的足跡，並與我們業務的新常態保持一致。

So it really is part of what we've been planning to do. We've been very intentional on it. And it really is just a function of -- as business with higher margin growth and becomes a bigger part of our portfolio, that's where we see we get to from a margin perspective.

所以這確實是我們一直計劃要做的事情的一部分。我們對此非常有意。這實際上只是一個函數——隨著利潤率成長較高的業務並成為我們投資組合的更大組成部分，這就是我們從利潤率角度看到的情況。

It's not a function of a comeback and trying to renegotiate higher prices with our customers. It really is a function of us adding more value and key end markets, and that's where we end up. So we -- and my other comment here would be, as you know, we are generally quite conservative, so we wouldn't be talking to you about that if we didn't think there was a high degree of likelihood that we would achieve that.

這不是捲土重來並試圖與客戶重新談判更高價格的結果。這確實是我們增加更多價值和關鍵終端市場的功能，這就是我們最終的目標。所以我們——以及我在這裡的其他評論是，如你所知，我們通常相當保守，所以如果我們認為我們實現目標的可能性不大，我們就不會和你​​談論這個問題。那。

If I can ask you on automotive, I mean, you've had very strong growth over the last couple of years. I mean this past year, you grew 40% plus, and now you're guiding another year of 20% plus. I mean the business now is sizable, right? It's like $4.5 billion.

如果我可以問您有關汽車的問題，我的意思是，您在過去幾年中取得了非常強勁的成長。我的意思是，去年，您的成長超過 40%，現在您預計又一年將成長 20% 以上。我的意思是現在的業務規模很大，對嗎？大約是 45 億美元。

So I mean do you think that this level of growth can sustain? And what drives that? Is it -- are you increasing the content per vehicle? Or is it that you're going to more OEMs than before? Just -- if you can just expand on how you're thinking about what drives that growth? And are you concerned about the competition in this space as more companies look to try and gain share in different aspects of automotive?

所以我的意思是，您認為這種成長水準能夠持續嗎？是什麼推動了這一點？您是否正在增加每輛車的內容？或者說您將比以前使用更多的 OEM 廠商？只是——如果你能擴展一下你對推動成長的因素的思考？隨著越來越多的公司試圖在汽車的不同方面獲得份額，您是否擔心這個領域的競爭？

Yes. Yes, let me talk to that also. So I think I said previously that the automotive business is hard and being hard is good for us. And also, you need to have a global footprint with consistent and standard processes and capabilities and be able to launch products simultaneously in different geographies at the same time.

是的。是的，讓我也談談這一點。所以我想我之前說過，汽車產業很難，努力對我們有好處。此外，您需要擁有一致且標準的流程和功能的全球足跡，並能夠同時在不同地區推出產品。

There's not that many companies that can do that. And so that certainly helps us. We've been on a journey in the automotive space for quite some time. Chad Morley and his team have been driving that. We identified pretty early that your electrification was going to be a huge trend, and so we doubled down on that.

能做到這一點的公司並不多。這當然對我們有幫助。我們在汽車領域的旅程已經有一段時間了。查德·莫利和他的團隊一直在推動這一目標。我們很早就發現電氣化將成為一個巨大的趨勢，因此我們加倍努力。

And obviously, as you listen to Fred talking about ACES, we were looking at software-defined also. Now -- so we've been thoughtfully focused on adding more of the key logos to our portfolio. And what we see is as we add more logos or more companies, that we're involved in more and more programs.

顯然，當您聽 Fred 談論 ACES 時，我們也在關注軟體定義。現在，我們一直在深思熟慮地致力於在我們的產品組合中添加更多關鍵徽標。我們看到的是，隨著我們添加更多徽標或更多公司，我們參與了越來越多的計劃。

And I think Mike's talked previously about how the business -- it's like 7-year life cycles. You've introduced them at different rates. So what we see is, going forward, the products that we're incubating now are going to be revenue and margin accretive in the next 2, 3, 4, 5 years. So we're feeling quite confident about our growth. Certainly, 20%, we think is probably reasonable.

我想麥克之前曾談到過業務——就像 7 年的生命週期。你們以不同的價格介紹了它們。所以我們看到的是，展望未來，我們現在正在孵化的產品將在未來 2、3、4、5 年內增加收入和利潤。所以我們對我們的成長充滿信心。當然，20%，我們認為可能是合理的。

From a competition perspective, we compete globally with really, really good companies. Competition mix is better. So we are well aware and we're pretty paranoid about our capability and our competitors. So I would say that we don't have any real surprises with our competitors in terms of capability relative to ours. And we're pretty confident that what we can offer, being a U.S. domicile, but with wonderful capabilities in Asia, Europe and North America, we think that, that model is a winner for our customers and for Jabil. So we're feeling quite confident about our automotive growth in the short, medium and long term.

從競爭的角度來看，我們在全球範圍內與非常非常優秀的公司競爭。競爭組合更好。因此，我們很清楚，並且對我們的能力和競爭對手非常偏執。所以我想說，就相對於我們的能力而言，我們的競爭對手並沒有任何真正的驚喜。我們對我們所能提供的服務非常有信心，作為一家美國公司，但在亞洲、歐洲和北美擁有出色的能力，我們認為，這種模式對我們的客戶和捷普來說都是贏家。因此，我們對汽車產業的短期、中期和長期成長充滿信心。

Okay. I'm going to try and sneak one more quick one in. I mean you're guiding for strong growth in new areas that I haven't heard of before, like the energy storage side is now much stronger for you and the data center side. So do you think you have enough footprint to support this growth over the next few years?

好的。我將嘗試再快速加入一項。我的意思是，您正在指導我以前從未聽說過的新領域實現強勁增長，例如能源存儲方面現在對您和數據中心來說更加強大邊。那麼您認為您有足夠的足跡來支持未來幾年的成長嗎？

And when I look at your CapEx guidance, it's still in that normal range of 2.2% to 2.5%. So -- I mean do you think that is enough CapEx to support this new growth? So just your thoughts on the footprint and CapEx and areas of investment. Congrats on the quarter end and the guidance.

當我查看你們的資本支出指引時，它仍然處於 2.2% 至 2.5% 的正常範圍內。那麼，我的意思是，您認為資本支出是否足以支持這項新的成長？那麼，請談談您對足跡、資本支出和投資領域的看法。恭喜季度末和指引。

Ruplu, this is Fred McCoy. I'll take that for you. Yes, we've announced some expansions in previous calls. We've expanded our footprint both in North America and Europe. So we feel really confident and comfortable in supporting the regional needs for those markets that you cite.

魯普魯，這是弗雷德·麥考伊。我會替你拿的。是的，我們在之前的電話會議中宣布了一些擴展。我們擴大了在北美和歐洲的足跡。因此，我們對支持您提到的這些市場的區域需求感到非常有信心和放心。

We've seen some movement, as I mentioned, with some of the legislation in Europe and the U.S., driving specific regional requirements. And we think we're well positioned to support those energy storage and energy conversion programs in those regions. And all that's within the CapEx that we guided in the call. That's just part of our normal course of business in adjusting our capacity to meet customer needs.

正如我所提到的，我們已經看到歐洲和美國的一些立法發生了一些變化，推動了特定的區域要求。我們認為我們有能力支持這些地區的能源儲存和能源轉換項目。所有這些都在我們在電話會議中指導的資本支出範圍內。這只是我們調整產能以滿足客戶需求的正常業務流程的一部分。

And Ruplu, if I can just add. If you look at our CapEx, historically, a few years ago, it was in the range of 3.5%. Over the years, we've taken it down to -- we've always suggested a 2.5%, 2.6% range. We will have the mobility transaction going through. We are working on taking this CapEx number down quite a bit.

還有魯普魯，請讓我補充一下。如果你看看我們的資本支出，從歷史上看，幾年前，它在 3.5% 的範圍內。多年來，我們一直建議將其降低到 2.5% 至 2.6% 的範圍。我們將進行流動性交易。我們正在努力大幅降低資本支出。

I think the normalized range, if you look at what happened in FY '23, is our CapEx went down to 2%, but that was little bit of a timing difference. So FY '24, we expect CapEx to still be in the 2.3% to 2.5% range. But going forward, the 2% to 2.2%, 2.3% sounds highly doable.

我認為，如果你看看 23 財年發生的情況，標準化範圍是我們的資本支出下降至 2%，但這只是時間上的差異。因此，24 財年，我們預計資本支出仍將在 2.3% 至 2.5% 的範圍內。但展望未來，2%到2.2%、2.3%聽起來非常可行。

If you look at what we've done over the last few years, we've grown from $17 billion to $35 billion. So we've doubled our revenues. And we've always managed our CapEx through that doubling phase. It will be the same with automotive. It will be the same with all the other high-margin secular growth end markets. We will continue to manage CapEx with a lot of discipline. And I think the numbers already reflect it. All expansion is reflected when we give out CapEx percentages.

如果你看看我們過去幾年所做的事情，你會發現我們已經從 170 億美元成長到 350 億美元。所以我們的收入增加了一倍。我們始終在翻倍階段管理我們的資本支出。汽車領域也是如此。所有其他高利潤長期成長終端市場也是如此。我們將繼續嚴格管理資本支出。我認為數字已經反映了這一點。當我們給出資本支出百分比時，所有擴張都會反映出來。

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。

A couple of questions for me. First of all, I was wondering if you could dig in a little more into the cloud slide that you presented from the aspect of the growth. Mike, you mentioned 20% sort of like-for-like growth on the rack configurations. but it seems like the drivers are a couple of different areas.

有幾個問題問我。首先，我想知道您是否可以從成長的角度進一步深入了解您提出的雲端幻燈片。 Mike，您提到機架配置有 20% 的年成長。但似乎驅動程式是兩個不同的領域。

Like can you explain what you meant by customer diversity? And then also how investing in new technologies, like liquid cooling, is driving some of the growth? And along those lines, I noticed you mentioned OSAT packaging, which I think is new. Can you just sort of give us an explanation on that bullet point? And then I had a quick follow-up.

您能解釋一下客戶多樣性的意義嗎？另外，對液體冷卻等新技術的投資是如何推動成長的？沿著這些思路，我注意到您提到了 OSAT 封裝，我認為這是新的。您能為我們解釋一下這個要點嗎？然後我進行了快速跟進。

Yes. So we were talking about that just this morning actually. And I think it's worth as just reaffirming in the cloud space that we really think the model we have is outstanding. So it's asset-light. It's co-located with our customer. We also think that as our customer looks to -- our customers look to disaggregate a lot of the other parts of the data center, that it plays to our strength. And I'll get to the kind of optics and OSAT in a second.

是的。所以我們今天早上實際上正在討論這個問題。我認為值得在雲端領域重申我們確實認為我們擁有的模型非常出色。所以是輕資產。它與我們的客戶位於同一地點。我們還認為，正如我們的客戶所希望的那樣，我們的客戶希望分解資料中心的許多其他部分，這可以發揮我們的優勢。我稍後會介紹光學器件和 OSAT。

So what we find is that, that relationship drives effectively sitting at the same side of the table, trying to solution how can we do things efficiently and how can we help them grow? Because we view there's going to be significant growth, especially underpinned by AI.

所以我們發現，這段關係有效地促使我們坐在桌子的同一邊，試圖解決我們如何有效地做事以及如何幫助他們成長？因為我們認為將會出現顯著的成長，尤其是在人工智慧的支持下。

So what we see is we've got -- if you take our existing cloud business and what we see that's been augmented by a real pivot to AI, from a consignment perspective, we -- if you look at the GPUs, as Mike mentioned, that's going to be a pass-through for us because we don't add any value there.

所以我們看到的是，如果你考慮我們現有的雲端業務，以及我們看到的透過真正轉向人工智慧而得到增強的業務，從寄售的角度來看，我們——如果你看看GPU，正如麥克提到的那樣，這對我們來說將是一個傳遞，因為我們不會在那裡增加任何價值。

But what you find in cloud is that really just the model we have has allowed us to really go deep with our customers and grow our business there.

但你在雲端中發現的是，我們擁有的模型確實使我們能夠真正深入了解客戶並在那裡發展我們的業務。

In terms of -- you mentioned about OSAT, let me talk about that. As we discussed with our customers, and Fred mentioned in liquid cooling, the power requirements for what we're doing in data centers have become significant. Air cooling no longer works. So they're looking for a liquid cooled capability. You need to use photonics extensively, again, because of the power requirements.

就您提到的 OSAT 而言，讓我談談。正如我們與客戶討論的那樣，以及弗雷德在液體冷卻方面提到的那樣，我們在資料中心所做的工作的電力要求變得非常重要。空氣冷卻不再起作用。因此他們正在尋找液體冷卻能力。由於功率需求，您再次需要廣泛使用光子學。

So sitting with our customers means that they ask us, "Can you help us in liquid cooling? Can you help us in photonics? Can you help us in pluggable transceivers, et cetera, et cetera?" So that helps us as we go into a strategic planning to look at where should we be investing our dollars and capabilities to help our customers.

因此，與客戶坐在一起意味著他們會問我們：“您能在液體冷卻方面幫助我們嗎？您能在光子學方面幫助我們嗎？您能在可插拔收發器等方面幫助我們嗎？”因此，當我們進行策略規劃時，這有助於我們考慮應該在哪裡投資我們的資金和能力來幫助我們的客戶。

The good thing for us, Steve, is that as we go more vertical in end markets, it simplifies our customers' lives. And it makes our solutions more robust and it effectively allows us to grow our business there. So that's kind of how we see things in the cloud, and hopefully, that answers your question.

史蒂夫，對我們來說的好處是，隨著我們在終端市場更加垂直化，它簡化了客戶的生活。它使我們的解決方案更加強大，並有效地使我們能夠在那裡發展我們的業務。這就是我們在雲端中看待事物的方式，希望這能回答您的問題。

Yes. No, that's very helpful. And then just as a follow-up, Mike, it sounds like what you're saying with the fiscal '25 guidance is to assume that you sort of execute on $2.5 billion of buybacks by then. And if that's the case, is there any way to sort of give us an idea of how much we should assume in buybacks or how the share count conservatively comes down this year? I know there's a lot of timing issues there, but it seems like that's an important part of the EPS model to understand now for a little while.

是的。不，這非常有幫助。麥克，作為後續行動，聽起來您在 25 財年指導中所說的內容是假設您到那時執行了 25 億美元的回購。如果是這樣的話，有沒有什麼方法可以讓我們了解我們應該在回購中假設多少，或者今年的股票數量如何保守地下降？我知道那裡存在很多時間問題，但這似乎是 EPS 模型的一個重要部分，現在需要了解一段時間。

Absolutely, Steve. I think you're absolutely right. the buyback scenario is dependent on the timing of the close. But regardless, let me just -- I think this morning, you saw the Board expanded our authorization -- current authorization to $2.5 billion.

當然，史蒂夫。我認為你是完全正確的。回購方案取決於交割時間。但無論如何，讓我——我想今天早上，你們看到董事會擴大了我們的授權——目前的授權至 25 億美元。

I think if you remember, Adam mentioned in his prepared remarks that in Q4, we were unable to complete our Q4 share buybacks due to the restrictions that are associated with the mobility transaction. So in October, like starting next week, we will therefore -- we will be executing an accelerated share repurchase program of $500 million, regardless of the timing of the close.

我想如果你還記得的話，亞當在他準備好的演講中提到，在第四季度，由於與流動性交易相關的限制，我們無法完成第四季的股票回購。因此，從下週開始，我們將在 10 月執行 5 億美元的加速股票回購計劃，無論何時結束。

So think of that as almost like a catch-up and taking advantage of current market situation as well. Post-close, we will execute a series. Obviously, it will depend when in Q2 it closes, but we will execute a series of accelerated share repurchases. We'll start as soon as the mobility transaction closes and we've received all the cash.

因此，這幾乎就像是一種追趕和利用當前市場狀況的優勢。交易結束後，我們將執行一系列操作。顯然，這將取決於第二季何時結束，但我們將執行一系列加速股票回購。一旦流動性交易結束並且我們收到了所有現金，我們就會開始。

We probably wouldn't do a full accelerated share buyback on day 1 itself for the entire amount. We're going to do a series of buybacks. And the reason for that is we're trying to balance the impact of interest costs, along with the benefit of the (inaudible) like you suggested. All the calculations we've run is a balanced approach actually maximizes EPS. So that's what we're going to do, which means by the end of FY '24, we still won't be completed fully with our buybacks.

我們可能不會在第一天就全額加速股票回購。我們將進行一系列回購。原因是我們正在努力平衡利息成本的影響以及您建議的（聽不清楚）的好處。我們運行的所有計算都是一種平衡方法，實際上可以最大化每股收益。這就是我們要做的，這意味著到 24 財年末，我們仍然無法完全完成回購。

I think out of the $2.5 billion, I expect about $1.5 billion, $1.7 billion to be completed by FY '24. And in FY '25, we'll complete the balance of that transaction. I think from a (inaudible) perspective, I'm looking at end of '24 and the range of that 126 million, 128 million shares. While in '24, again, depending on how we manage it through FY '25, it will be in the 115 million, 118 million range.

我認為，在 25 億美元中，我預計大約 15 億美元、17 億美元將在 24 財年完成。在 25 財年，我們將完成該交易的餘額。我認為從（聽不清楚）的角度來看，我正在關注 24 年底以及 1.26 億股、1.28 億股的範圍。而在 24 年，同樣取決於我們如何在 25 財年進行管理，它將在 1.15 億至 1.18 億範圍內。

Great. That's helpful. And one just quick question on all that. Should an acquisition come up, would that possibly change the goals you just laid out? Or could you do M&A and still do this amount of buyback?

偉大的。這很有幫助。關於這一切，還有一個簡單的問題。如果進行收購，是否可能改變您剛剛設定的目標？或者你可以在進行併購的同時仍然進行這筆金額的回購嗎？

No, I think the company, the management team, everyone feels we're highly undervalued still. And the best return that we can get is in buybacks.

不，我認為公司、管理團隊、每個人都覺得我們的價值仍然被嚴重低估。我們可以獲得的最佳回報是回購。

Having said that, if an M&A comes up, I'll just remind you, our debt leverage is at a very low point. It's like 1.1 and that gives us sufficient room to do an acquisition, if needed, from that -- if the financials work out, and it's capability-driven. It's all in the right end markets, et cetera. So it will be based off of our debt structure.

話雖如此，如果出現併購，我只是提醒您，我們的債務槓桿處於非常低的水平。這就像 1.1，如果需要的話，我們有足夠的空間進行收購——如果財務狀況良好，而且是能力驅動的。這一切都在正確的終端市場等等。因此它將基於我們的債務結構。

So I would think of the buybacks as we're definitely going to go and do that, and any M&A will be on top of that, and we have plenty of liquidity and plenty of leverage to do that.

因此，我認為回購是因為我們肯定會這麼做，任何併購都將在此之上，我們有充足的流動性和足夠的槓桿來做到這一點。

Next question is coming from Matt Sheerin from Stifel.

下一個問題來自 Stifel 的 Matt Sheerin。

A couple of questions for me, if I can. One on -- in terms of your guidance for EMS, it looks like your guiding, networking and storage down 6%. And you also talked about, Kenny, the fact that you're disciplined. You sort of optimized your customer portfolio there.

如果可以的話，請教我幾個問題。一方面，就您對 EMS 的指導而言，您的指導、網路和儲存似乎下降了 6%。肯尼，你也談到了你遵守紀律的事實。您在那裡優化了您的客戶組合。

So does that guidance reflect just weakness in end markets in terms of visibility with customers? Or are you disengaging with some programs that don't meet your return or profitability goals?

那麼，該指引是否反映了終端市場在顧客可見度上的弱點？還是您正在退出某些無法滿足您的回報或獲利目標的計劃？

Yes, it's a little bit of both in this instance.

是的，在這個例子中兩者都有一點。

Okay. Maybe drill down a little bit in terms of what you're seeing in those markets?

好的。也許可以深入了解您在這些市場中看到的情況？

Yes. I mean just that -- there are kind of some legacy EMS type kind of build-to-print type of models in some instances. And our view there is that -- where we can serve -- we're always looking to find where we can serve and add value.

是的。我的意思是——在某些情況下，存在一些傳統 EMS 類型的按列印建立類型的模型。我們的觀點是——我們可以服務的地方——我們一直在尋找我們可以服務並增加價值的地方。

If our serve and add value becomes 100% built-to-print, then probably there's people that can do that cheaper than us and can do it and allow us to add value for other customers where we can be vertical, or where we can do -- just do more engineering services or whatever.

如果我們的服務和增值成為 100% 內建列印，那麼可能有人可以比我們更便宜地做到這一點，並且可以做到這一點，並允許我們為其他客戶增加價值，我們可以垂直，或者我們可以做——只是做更多的工程服務或其他什麼。

So -- I mean we're not walking away from customers. It's a discussion around, look -- I'm not sure it's -- this is the right fit for ourselves and for our customers. So there's a little bit of that. And then some of it is just the end market softness right now. We see some softness in that market as well as in the consumer space. So we do expect that to recover.

所以——我的意思是我們不會遠離客戶。這是一場討論，看——我不確定——這是否適合我們自己和我們的客戶。所以有一點這樣的。其中一些只是目前終端市場的疲軟。我們看到該市場以及消費領域出現了一些疲軟。所以我們確實希望這種情況能夠恢復。

I mean we are not walking away from the network and the storage business, just to be clear. We also see that in that area of our business that the amount of enhanced or advanced network that's required to support the AI data center is significant also. So we think, longer term, this business will be okay for us, but we're just seeing a little bit of softness in the short term, plus you got some discussions with a couple of customers.

我的意思是，我們不會放棄網路和儲存業務，只是需要澄清一下。我們還發現，在我們的業務領域，支援人工智慧資料中心所需的增強或高級網路數量也很重要。因此，我們認為，從長遠來看，這項業務對我們來說還不錯，但短期內我們只是看到了一點疲軟，而且您與一些客戶進行了一些討論。

Okay. And then my next question, just regarding the inventory picture, supply chain challenges that you've had and how we should think about how that flows through the model in the next year?

好的。然後我的下一個問題是關於庫存情況、您遇到的供應鏈挑戰以及我們應該如何考慮明年這些問題如何通過模型流動？

You had nice inventory reduction quarter-on-quarter. That net number is down. So are you expecting that to reduce further? And are you seeing any of the supply chain issues that you've called out in previous quarters, particularly in auto and medical in terms of legacy parts?

庫存環比減少得很好。該淨值下降了。那麼您預計這一數字會進一步減少嗎？您是否看到了前幾季所指出的供應鏈問題，特別是在汽車和醫療領域的遺留零件方面？

Let me try and take that. The inventory days did come down by 4 days. I think the team did an excellent job. If you look at our supply chain team, our ops team, our BD teams, finance teams, all of them have done a fantastic job in getting that particular metric down. I think the focus that we put on that from a free cash flow perspective, from a working capital perspective, is all paying off.

讓我嘗試一下。庫存天數確實減少了 4 天。我認為團隊做得非常出色。如果你看看我們的供應鏈團隊、營運團隊、業務發展團隊、財務團隊，他們都在降低特定指標方面做得非常好。我認為，我們從自由現金流的角度和營運資本的角度對此的關注都得到了回報。

Having said that now, I don't expect it to go down into the low 50s. I think that 55 to 60, I think on previous calls, I mentioned that's the range I was expecting mid to long term. It came sooner than expected, which is always a pleasant surprise, but I would expect that 55- to 60-day sort of range to be maintained. It might differ by nuances in particular quarters. It might go up a little bit, it might go down a little bit. But over the long term, I expect 55 to 60 days to be maintained.

話雖如此，我預計它不會下降到 50 多歲。我認為 55 到 60，我想在之前的電話會議中，我提到這是我預期的中長期範圍。它來得比預期要早，這總是令人驚喜，但我預計 55 至 60 天的區間將會維持下去。在特定季度，它可能會因細微差別而有所不同。可能會漲一點，也可能會下跌一點。但從長遠來看，我預計可以維持55到60天。

From a supply chain perspective, yes, supply chain constraints are coming down, having -- however, I think the -- like you mentioned, the automotive and healthcare pieces, there still are some shortages going on there. Maybe not at the same level that they were at 3 to 6 months ago, but we're still seeing some issues in those end markets all because of the legacy chips like you said as well. So something we're watching. And when that starts coming down and normalizing, we'll get to the 55-ish range over a long period as well.

從供應鏈的角度來看，是的，供應鏈的限制正在減少，但是，我認為，就像您提到的，汽車和醫療保健領域仍然存在一些短缺。也許與 3 到 6 個月前的水平有所不同，但我們仍然看到這些終端市場存在一些問題，這都是因為像您所說的遺留晶片。所以我們正在關註一些事情。當這個數字開始下降並正常化時，我們也將在很長一段時間內達到 55 左右的範圍。

Okay. And just lastly, on the interest expense line, which was -- which you're guiding $73 million. What should we think about the full year, particularly with your excess cash in terms of bringing down your short-term borrowings? Is there a number that we should model for the year?

好的。最後，在利息支出方面，您指導的是 7,300 萬美元。我們該如何看待全年，特別是在減少短期借款方面擁有多餘的現金？我們應該為這一年建模一個數字嗎？

Yes, the excess cash has been built into our forecast. I think the number I'd say for FY '24 would be in the range of $290 million to $300 million. Again, we're being conservative there.

是的，多餘的現金已納入我們的預測。我認為 24 財年的數字將在 2.9 億至 3 億美元之間。再說一次，我們在這方面是保守的。

If interest rates continue to go up, we don't have a crystal ball around that. But it's mainly a variable rate, which is higher right now because of everything that's going on in the market. So conservatively, I'd model $290 million to $300 million, Matt.

如果利率繼續上升，我們就沒有水晶球了。但它主要是可變利率，由於市場上發生的一切，目前利率較高。所以保守地說，我的模型是 2.9 億到 3 億美元，馬特。

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

你們的下一個問題來自高盛的馬克·德萊尼。

First on mobility. By exiting that business, you think you can allow Jabil to better pursue some of these other end markets? And if so, maybe give us a little bit more details as you think about things like management time, perhaps feeling less constrained by customer diversification considerations, or having more capital to invest?

首先是移動性。您認為透過退出該業務，您可以讓捷普更好地開拓其他一些終端市場嗎？如果是這樣，當您考慮諸如管理時間之類的事情時，也許可以給我們更多的細節，也許感覺更少受到客戶多元化考慮的限制，或者有更多的資本可以投資？

Thanks for the question. So Mark, yes, so firstly, I mentioned in my prepared remarks about the mobility and the mobility team. And I'd just like to call out again our gratitude is as an organization for the work that they've done, which has been outstanding.

謝謝你的提問。馬克，是的，首先，我在準備好的演講中提到了流動性和流動性團隊。我想再次表示，作為一個組織，我們對他們所做的工作表示感謝，這些工作非常出色。

Also, I think it would be remiss of me not to -- we are right in the middle of the transition right now, and the collaboration between our team and the BYD team is absolutely outstanding. So we're really pleased about how that's going.

另外，我認為如果我不這樣做，那就是我的失職——我們現在正處於過渡階段，我們的團隊和比亞迪團隊之間的合作絕對是出色的。所以我們對事情的進展感到非常高興。

In terms of the business, for sure what we've been looking at here is -- and the way we try and focus our growth is, where can we add most value for our customer and look at the world through the eyes of our customer? And that's why you see, when we look at the end markets that we're focused on, we think it's in markets where the range of capabilities that we have in our company and the global presence that we have can really help our customers grow and develop.

就業務而言，我們一直在關注的是——我們嘗試和關注成長的方式是，我們可以在哪裡為客戶增加最大價值，並透過客戶的眼睛看世界？這就是為什麼你會看到，當我們專注於我們關注的終端市場時，我們認為在這些市場中，我們公司擁有的能力範圍和我們擁有的全球影響力可以真正幫助我們的客戶成長和發展。

So yes, we'll be focusing much more on automotive, healthcare, just the renewables that we've mentioned previously. So for sure -- and I inquired, for sure, that's going to give us the opportunity to do that. From a use of capital perspective, it helps us here also. So yes certainly, from a management bandwidth, it's going to free up some of our time to go down in these secular -- strong secular growth areas.

所以，是的，我們將更專注於汽車、醫療保健，以及我們之前提到的可再生能源。所以可以肯定的是——我問，當然，這會給我們機會做到這一點。從資本利用的角度來看，這對我們也有幫助。所以，是的，當然，從管理頻寬來看，這將釋放我們的一些時間來深入這些長期的、強勁的長期成長領域。

Okay. And speaking of AI, you spoke about some of the nice growth you're seeing and opportunities. Could you clarify how much of your cloud and 5G business is tied to AI at this stage? And how do you see that progressing in your '24 and '25 outlook?

好的。談到人工智慧，您談到了您所看到的一些良好的成長和機會。您能否澄清一下，現階段您的雲端和 5G 業務有多少與人工智慧相關？您對 24 世紀和 25 世紀的前景有何看法？

Yes. So '24, it's roughly 20% to 25%. And we think that, that's going to grow in the longer term and going to become a much bigger part of our cloud business.

是的。所以 24 年，大約是 20% 到 25%。我們認為，從長遠來看，這將會成長，並將成為我們雲端業務的重要組成部分。

Very helpful. And just a clarification on the data center business. I mean I think this is the third year you're seeing this transition to the consignment model, which has the revenue impact that helps the profit margins.

很有幫助。只是對資料中心業務進行澄清。我的意思是，我認為這是向寄售模式轉變的第三年，這種模式對收入的影響有助於提高利潤率。

With the shift you're expecting this year away from some of the consignment, do you think you're fully done now? And is it the last year of that transition? Or could this continue beyond fiscal '24?

隨著您預計今年將不再有部分寄售，您認為現在已經完全完成了嗎？今年是這轉變的最後一年嗎？或者這種情況會持續到 24 財年之後嗎？

I think it's going to be really dependent on the mix of the businesses. So we are expanding the space there to allow us to do more cloud. Mike mentioned that we're up 20% year-over-year.

我認為這將真正取決於業務的組合。因此，我們正在擴大那裡的空間，以便我們能夠做更多的雲端工作。 Mike 提到我們比去年同期成長了 20%。

And we don't see any slowdown in terms of cloud rollout. So I think it depends. But certainly, for sure, we think that -- I think -- we think our volumes are going to grow, but it will grow in the AI space. So probably that -- our revenues would probably be relatively consistent at that level, I would think, in the next year or 2.

我們沒有看到雲端部署有任何放緩。所以我認為這要看情況。但可以肯定的是，我們認為——我認為——我們的銷量將會成長，但它將在人工智慧領域成長。因此，我認為，在未來一兩年內，我們的收入可能會相對穩定在這個水平。

And Mark, I feel the consignment levels that we are at today will be consistent going forward. I think we've done -- we've doubled our consignment. So even though volumes are up by 20%. We've actually doubled our consignment levels over this period, and that's impacting our total revenue number.

馬克，我覺得我們今天的寄售水準未來將會保持一致。我認為我們已經做到了——我們的發貨量增加了一倍。因此，儘管銷量增長了 20%。在此期間，我們的寄售水準實際上增加了一倍，這影響了我們的總收入。

But it -- this is all goodness, right? So I don't think this is something that is negative. It's actually a big positive for us because it helps with our balance sheet. It helps with our margins. It helps flow through. It helps the customer. It helps Jabil. So it's win-win for everyone.

但這——這都是好事，對吧？所以我不認為這是負面的事情。這實際上對我們來說是一個很大的積極因素，因為它有助於改善我們的資產負債表。它有助於提高我們的利潤。它有助於流動。它對客戶有幫助。它對捷普有幫助。所以這對每個人來說都是雙贏的。

But now that we've doubled our consignment levels, there might be another 5%, 10% that might come through. But I think we're at a good -- decent stage currently with the indicators we provided.

但現在我們已經將寄售水準增加了一倍，可能還會有另外 5%、10% 的情況發生。但我認為，根據我們提供的指標，目前我們正處於良好的階段。

Your next question is coming from David Vogt from UBS.

你們的下一個問題來自瑞銀集團的大衛‧沃格特。

I have a couple of questions and maybe one for Kenny and a couple for Mike. So Kenny, just on the mobility transaction, I know you're probably limited in terms of what you can say.

我有幾個問題，也許一個要問肯尼，還有幾個要問麥克。肯尼，就流動性交易而言，我知道您能說的話可能很有限。

But what gives you confidence -- I'm just trying to think through. Like what gives you confidence if this deal could close, let's say, within 2 quarters? Because I'm sure you're aware there's other deals that have been pending earlier in the year that are taking upwards of 12 months, if not longer.

但什麼給了你信心——我只是在努力思考。如果這筆交易能夠在兩個季度內完成，那麼是什麼讓您有信心？因為我確信您知道今年早些時候懸而未決的其他交易需要至少 12 個月甚至更長的時間。

So kind of what's going on there? And kind of what are the steps that we should be looking at following sort of the purchase agreement data that you published last night? And then I'll just hold off and ask Mike my follow-ups, if that's okay.

那麼那裡發生了什麼事？根據您昨晚發布的購買協議數據，我們應該採取哪些步驟？然後我會暫停並詢問麥克我的後續行動是否可以。

Yes, thanks for the question, David. So yes, we are really, really deep in this right now. I mentioned previously about the -- how effectively we're working together with BYDE. And that is really, really pleasing, especially for our people that are going to go work in that organization. And the leadership team is outstanding.

是的，謝謝你的提問，大衛。所以，是的，我們現在真的非常非常深入地陷入這個問題。我之前提到過我們與比亞迪的合作有多有效。這真的非常非常令人高興，尤其是對於我們將要在該組織工作的員工來說。而且領導團隊非常優秀。

Yes, we're -- it's really detailed. We've spoken to all the stakeholders. We think we're -- we've got a really good plan, a detailed plan. And we're very, very confident that we'll close this in the timeline that we covered in our prepared remarks, we are actually focused on trying to close it as soon as possible, obviously.

是的，我們確實非常詳細。我們已經與所有利益相關者進行了交談。我們認為我們有一個非常好的計劃，一個詳細的計劃。我們非常非常有信心，我們將在我們準備好的演講中涵蓋的時間表中結束這個問題，顯然，我們實際上專注於盡快結束它。

If we could do that in this calendar year, it would be wonderful. But yes, with BYD support in Asia and our support in North America, we think that -- we're very confident that it's going to be closed in the timeline that we mentioned.

如果我們能在今年做到這一點，那就太好了。但是，是的，憑藉比亞迪在亞洲的支持和我們在北美的支持，我們認為——我們非常有信心它將在我們提到的時間表內完成。

Great. And then maybe for Mike, I appreciate the color on the margins and the mix shift embedded in sort of the outlook for fiscal '24. But can you kind of touch on 1Q to start? It looks like at the high end, operating margins are closing in on 6%. And I would imagine that includes mobility for at least a full quarter to Kenny's point.

偉大的。然後，也許對麥克來說，我欣賞邊緣的顏色和嵌入在 24 財年前景中的混合轉變。但您能從 1Q 開始嗎？看起來高端市場的營業利益率接近 6%。我想這包括至少整個季度肯尼的流動性。

And -- but when we look at the full year of '24, I would imagine the base case and the projections are mobility exiting the business by the end of, let's say, fiscal 2Q, and margins kind of trend lower in, I would imagine 2Q and the back half of the year.

而且 - 但當我們審視 24 年全年時，我可以想像基本情況和預測是，到第二財季結束時，流動性將退出業務，並且利潤率呈下降趨勢，我會想像一下第二季度和下半年。

So kind of what's going on in the first quarter? I know mix you mentioned earlier, it's a faster growing business that helped margins in the full year, but specifically in 1Q, why are margins so strong? And what does that imply for mobility margins?

那麼第一季發生了什麼事？我知道您之前提到的混合業務，這是一項成長較快的業務，有助於全年的利潤率，但特別是在第一季度，為什麼利潤率如此強勁？這對流動性利潤意味著什麼？

And then maybe just as a quick follow-up. I'll give it to you both at the same time. I think you made a comment that your fiscal '25 outlook only contemplates growth of about 3%. I would assume that's based off of a '24 number that is pro forma, excluding mobility. Is that maybe the right way to think about it? And I'll just stop there.

然後也許只是作為一個快速的後續行動。我會同時給你們兩個。我認為您曾評論過，您的 25 財年展望僅考慮了 3% 左右的成長。我認為這是基於 24 年的預計數字，不包括流動性。這也許是正確的思考方式嗎？我就到此為止。

And David, let me answer your second question first. The answer is yes. It excludes mobility. So when we're looking forward to FY '25, the 3% growth is on the non-mobility piece.

大衛，首先讓我回答你的第二個問題。答案是肯定的。它排除了流動性。因此，當我們展望 25 財年時，非流動性部分將達到 3% 的成長。

As it relates to Q1 margin, there's a couple of dynamics going on. We talked about consignment in the cloud. That has a little bit of an impact for margins in Q1 and for all of FY '24 as well. Our mix continues to shift into the higher mix end markets, the higher-margin end markets.

由於與第一季利潤率相關，因此存在一些動態。我們討論了雲中的寄售。這對第一季以及整個 24 財年的利潤率產生了一些影響。我們的產品組合繼續轉向更高混合的終端市場，即更高利潤的終端市場。

So there is a shift taking place there, which is working for us. I think I highlighted and Kenny talked about as well, 70% of our non-mobility business now is in -- is going to be in those four end markets.

所以那裡正在發生轉變，這對我們來說是有效的。我想我強調了，肯尼也談到了，我們現在 70% 的非行動業務將在這四個終端市場。

There's no major change in the mobility piece, other than some, I think, I called out a couple of pieces that I called out the consignment piece and I called out a shift-to-work content, which is more bill of material-driven rather than anything else. There's no manufacturing change at all, and the value add that we provide is still the same. But it was just a bill of material moving upstream rather than through us. So that has a little bit of a positive impact on margin.

流動性方面沒有重大變化，除了一些變化之外，我認為，我提出了一些內容，我提出了寄售部分，我提出了輪班工作內容，這更多的是材料驅動的清單而不是其他任何東西。製造過程根本沒有變化，我們提供的附加價值仍然相同。但這只是一張向上游移動的材料清單，而不是透過我們。所以這對利潤率有一點正面的影響。

And then last but not least, we did -- we signed a preliminary agreement on 27th of August. On the 27th of August, we -- it triggered an asset held for sale sort of accounting treatment under U.S. GAAP. In Q4, there wasn't much of an impact at all. There's 0 impact on the P&L. There was some tax that we had to provide for under GAAP for Q4.

最後但並非最不重要的一點是，我們做到了——我們在 8 月 27 日簽署了初步協議。 8 月 27 日，我們觸發了美國公認會計準則下的待售資產會計處理。在第四季度，根本沒有太大影響。對損益表的影響為 0。根據公認會計原則，我們必須在第四季繳納一些稅費。

But in Q1, there is about a $40 million, $50 million pickup because we're pulling out depreciation as part of this accounting treatment for assets held for sale. I called it out, in my prepared remarks, I mentioned there's about a $0.25 improvement because of this. But don't forget, through the year, there'll be -- this sort of improvement gets offset by stranded costs that will take time to pull out towards the end of the year.

但在第一季度，大約有 4,000 萬至 5,000 萬美元的回升，因為我們將折舊作為待售資產會計處理的一部分。我在準備好的演講中提到了這一點，因此我提到了大約 0.25 美元的改進。但不要忘記，在這一年中，這種改進會被滯留成本所抵消，而滯留成本需要時間才能在年底前收回。

But in Q1, these are -- there's quite a few dynamics moving around whereby our revenue is -- looks lower, but it's not because it's mainly bill of material-driven and there's some other dynamics as well.

但在第一季度，我們的收入似乎較低，但這並不是因為它主要是物料清單驅動的，還有其他一些動態。

And Mike, just to clarify, so is the stranded cost and the sort of triggered gain embedded in the core non-GAAP projections? Or is that just strictly in the GAAP numbers for '24?

麥克，我想澄清一下，擱淺成本和觸發收益是否嵌入核心非公認會計原則預測？或者這只是嚴格按照 24 年的 GAAP 數據計算？

No. The asset held for sale, the depreciation is embedded in our core. I think I mentioned that specifically, when I was talking about the core EPS, there was a $0.25 impact. The stranded costs are also included in core. We've got stranded costs towards the end of the year. We'll only be able to get to restructure those in maybe Q3 or Q4 well after the transaction closes.

不會。對於持有待售的資產，折舊已嵌入我們的核心。我想我特別提到過，當我談論核心每股收益時，有 0.25 美元的影響。擱淺成本也包含在核心成本中。到年底我們的成本已被擱置。我們只有在交易結束後才能在第三季或第四季重組這些項目。

Our next question is coming from George Wang from Barclays.

我們的下一個問題來自巴克萊銀行的喬治王。

Congrats on the quarter and the strong guide. Just a couple of quick questions. Firstly, can you kind of talk about share gains? Just maybe toss out kind of what are you seeing in terms of the continued share gains, whether that's mostly from like certain new markets or kind of existing growth markets you guys are already in right now?

恭喜本季和強有力的指導。只是幾個簡單的問題。首先，您能談談股票收益嗎？也許只是拋出你所看到的持續份額成長的情況，無論這主要來自某些新市場還是你們現在已經進入的現有成長市場？

George, nice to talk to you. Yes, so what we're seeing is -- I think we've seen some offset in end markets right now. So if you look at the consumer, for example, we called it network and storage that's down. So we're not losing market share there.

喬治，很高興和你說話。是的，所以我們看到的是——我認為我們現在已經在終端市場看到了一些抵消。例如，如果你看看消費者，我們稱之為網路和儲存故障。所以我們不會失去那裡的市佔率。

But in the markets that we're focused on, like in automotive and healthcare renewables, for sure, we're gaining share in those areas. So that is allowing us to offset some softness in consumer, for example, and still being able to grow -- normally grow our business. So we are seeing share gains in those targeted areas.

但在我們關注的市場，例如汽車和醫療保健再生能源領域，我們肯定正在這些領域中獲得份額。例如，這使我們能夠抵消消費者的一些疲軟，並且仍然能夠成長——正常地成長我們的業務。因此，我們看到這些目標領域的份額有所增長。

Okay. Great. And also I kind of want to double-click on the opportunities out of China, especially given the reshoring trends and maybe kind of specifically in Eastern Europe kind of on the EV production side and also Mexico.

好的。偉大的。我還想雙擊中國以外的機會，特別是考慮到回流趨勢，也許特別是在東歐電動車生產方面以及墨西哥。

Would you like to call out a few other regions kind of outside of China, also in particular vertical, like that could drive incremental growth as this reshoring trend continues?

您是否想指出中國以外的其他一些地區，尤其是垂直領域，隨著這種回流趨勢的持續，這些地區可能會推動增量成長？

Yes. Okay. So let me -- yes. If this doesn't satisfy your question, just let me know, George. But so we have a phenomenal capability and a really robust footprint in China. We leverage a lot of capabilities across the company from our footprint there.

是的。好的。那麼讓我——是的。如果這不能滿足您的問題，請告訴我，喬治。但我們在中國擁有非凡的能力和強大的足跡。我們利用了整個公司的許多能力。

What we do see is that we see opportunities in China for China. So we think that whether it's in EVs or multiple different end markets, we think our facilities are full, and we're adding more demand in our China facility. So when we talk about regionalization, we're not -- it's not cannibalizing our footprint in China, and we think that the demand is going to increase for us there in the longer term, which is great because the teams and the people we have in China are absolutely outstanding.

我們確實看到的是，我們在中國看到了中國的機會。因此，我們認為，無論是在電動車還是多個不同的終端市場，我們認為我們的設施已滿，我們正在為中國設施增加更多需求。因此，當我們談論區域化時，我們並不是——它不會蠶食我們在中國的足跡，我們認為從長遠來看，我們在那裡的需求將會增加，這很好，因為我們擁有團隊和人員在中國絕對是佼佼者。

But to answer your other question, yes, we see -- we look at reshoring in Europe and North America. It's a big part of what we're doing and what you see growth in our targeted end markets. The good thing about our company and our capability is that we have standard processes. We have a consistent culture, of course, in different parts of the world. We have a standard unified ERP system.

但要回答你的另一個問題，是的，我們看到了——我們正在考慮歐洲和北美的回流。這是我們正在做的事情以及您在我們的目標終端市場中看到的成長的重要組成部分。我們公司和我們能力的好處是我們有標準流程。當然，我們在世界不同地區都有一致的文化。我們有標準統一的ERP系統。

So what it means is it means our ability to take capabilities and products and move them around the world and build them in the same -- different geographies at the same time. I would argue that we're among the best in the world at that.

因此，這意味著我們有能力將能力和產品轉移到世界各地，並同時在同一地區、不同地區進行建造。我認為我們在這方面是世界上最好的之一。

So we see -- our focus is on China to support China market and also for export, but also we see leveraging those capabilities in different parts of the world is something that's going to help us grow in the longer term.

所以我們看到——我們的重點是中國，以支持中國市場和出口，但我們也看到，利用世界不同地區的這些能力將有助於我們的長期成長。

So I guess in summary, the regionalization, as we call it, our reshoring, that's a net positive for us. So we're feeling pretty confident with that in the future.

所以我想總而言之，我們所說的區域化，我們的回流，這對我們來說是一個淨積極的結果。所以我們對未來充滿信心。

Next question is coming from Samik Chatterjee from JPMorgan.

下一個問題來自摩根大通的 Samik Chatterjee。

This is Joe Cardoso on for Samik Chatterjee. Just one question for me, but maybe a 2-parter. Your outlook for industrial and semi cap encompasses more muted forecast for your semi-cap business for '24.

我是喬·卡多佐 (Joe Cardoso) 替薩米克·查特吉 (Samik Chatterjee) 發言。這只是我的一個問題，但也許是兩人的問題。您對工業和半市值的展望包括對 24 年半市值業務的更溫和的預測。

Within that, can you just bifurcate between what you're seeing in the front end and back end of the business? And how you see those tracking through the year? And then you talked about prepping or investing into that business for '25. Can you just dive into that a bit and touch on if there's any specific areas you're investing in? Or is that more of just a broader comment relative of being prepared for that end market as it recovers?

在其中，您能否將您在業務前端和後端看到的內容分開？您如何看待全年的追蹤情況？然後您談到了為 25 年準備或投資該業務。您能否深入探討並談談您是否正在投資任何特定領域？或者這更只是一個更廣泛的評論，相對於為終端市場的復甦做好準備？

This is Fred. I'll try to take that question for you. So right now, we're seeing a lot of uncertainty in our fiscal '24. I think the industry is looking at kind of the back half of calendar '24 for a rebound. So that's how we've modeled the semi-cap business for FY '24. I think that's both front end and back end. We're seeing those challenges.

這是弗雷德。我會盡力回答你這個問題。所以現在，我們在 24 財年看到了很多不確定性。我認為該行業正在尋找 24 年下半年的反彈。這就是我們為 24 財年模擬半市值業務的方式。我認為前端和後端都是如此。我們正在看到這些挑戰。

In terms of the investment, I mean, we -- we're well aware of the CHIPS Act and then the other investment acts in Europe. And we are also well positioned in some of the regional trends that are going on, both on the manufacturing and the components that go into the semi capital equipment.

就投資而言，我的意思是，我們非常了解《CHIPS 法案》以及歐洲的其他投資法案。我們也很好地掌握了正在發生的一些區域趨勢，無論是在製造還是半資本設備的零件方面。

So we're really using this period to kind of optimize our footprint, optimize our capability and our capacity in the right regions to support what we see as where the bounce back will happen when it does late in 2024 or early 2025.

因此，我們實際上正在利用這段時間來優化我們的足跡、優化我們的能力以及我們在正確地區的能力，以支持我們認為 2024 年末或 2025 年初將出現反彈的情況。

So we feel really comfortable that -- again, as Kenny alluded to on the prior question, our global footprint and our standard practices will allow us to be the key supplier to this market in all three regions of the world.

因此，我們感到非常放心——正如肯尼在上一個問題上再次提到的那樣，我們的全球足跡和我們的標準實踐將使我們成為世界所有三個地區該市場的主要供應商。

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階層，以徵求進一步的意見或結束意見。

Thank you. Our call has now ended. If you have any further questions, please reach out. Thanks.

謝謝。我們的通話現已結束。如果您還有任何疑問，請與我們聯絡。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路廣播到此結束。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。