捷普科技 (JBL) 2024 Q1 法說會逐字稿

Hello, and welcome to the Jabil First Quarter Fiscal Year 2024 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, Vice President, Investor Relations. Please go ahead, Adam.

您好，歡迎來到捷普 2024 財年第一季財報電話會議和網路廣播。 （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投資者關係副總裁 Adam Berry。請繼續，亞當。

Good morning, and welcome to Jabil's First Quarter of Fiscal 2024 Earnings Call. Joining me today are Chief Executive Officer, Kenny Wilson; and Chief Financial Officer, Mike Dastoor. In terms of our agenda today, we plan to focus on the following: review our Q1 results discuss the trends underway within the end markets we serve and provide Q2 guidance. We'll also reiterate our capital allocation plans, reinforce our core margin and EPS outlook for the year. And in doing so, provide you with the detail as to why we feel confident in achieving these goals for this year and next, despite our updated outlook as discussed on November 28. But before we begin, please note that today's call is being webcast live, and during our prepared remarks, we will be referencing slides.

早安，歡迎參加捷普 2024 財年第一季財報電話會議。今天加入我的是執行長肯尼威爾森 (Kenny Wilson)；和財務長麥克·達斯托爾。就我們今天的議程而言，我們計劃重點關注以下內容：回顧第一季的業績，討論我們服務的終端市場中正在發生的趨勢，並提供第二季度的指導。我們也將重申我們的資本配置計劃，以強化我們今年的核心利潤率和每股盈餘前景。在此過程中，請向您詳細說明為什麼我們對今年和明年實現這些目標充滿信心，儘管我們已在11 月28 日討論了最新的前景。但在我們開始之前，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，我們將引用幻燈片。

To follow along with the 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 for audio playback I'd now like to ask you to follow along with our presentation with 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. These statements are based on current expectations, forecasts and assumptions involving risks and uncertainties and that could cause actual outcomes and results to differ materially.

若要觀看投影片，請造訪 jabil.com 網站的投資者關係部分。在今天的電話會議結束時，今天的演示文稿的全部內容都將發布以供音頻播放，現在我想請您通過網站上的幻燈片觀看我們的演示文稿，從前瞻性聲明開始。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。這些陳述是基於目前的預期、預測和假設，涉及風險和不確定性，可能導致實際結果和結果有重大差異。

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, 2023, and other filings with the SEC. 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. With that, I'd now like to shift our focus to our first quarter results, where the team delivered approximately $8.4 billion in revenue, near the low end of our guidance range provided in September and in line with our updated expectations announced on November 28. It's worth noting the majority of the year-over-year decline was driven by the previously announced move to a consignment model, where we transition certain components we procure and integrate into the cloud space to a customer-controlled consignment services model.

我們在截至 2023 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。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。至此，我現在想將我們的重點轉移到我們的第一季業績上，該團隊實現了約84 億美元的收入，接近我們9 月份提供的指導範圍的下限，並且符合我們11 月28 日宣布的最新預期值得注意的是，同比下降的主要原因是先前宣布的轉向寄售模式，我們將採購並整合到雲端空間中的某些組件轉變為客戶控制的寄售服務模式。

Core operating income for the quarter came in at $499 million or 6% of revenue. This is up 120 basis points year-over-year due to an improved mix of business, normal seasonal patterns within our mobility business and the previously announced accounting impacts of assets held for sale. Excluding the impact of assets held for sale, Core operating margin was roughly 5.3%, up 50 basis points year-on-year. Net interest expense for the quarter came in $3 million better than expected at $70 million, reflecting lower levels of inventory during the quarter as a result of lower revenue and better working capital management by the team.

該季度核心營業收入為 4.99 億美元，佔營收的 6%。由於業務組合的改善、行動業務的正常季節性模式以及先前公佈的待售資產的會計影響，這一數字同比增長了 120 個基點。剔除持有待售資產的影響，核心營業利益率約5.3%，較去年同期上升50個基點。本季的淨利息支出比預期的 7,000 萬美元好 300 萬美元，反映出由於收入下降和團隊更好的營運資本管理而導致本季庫存水準較低。

From a GAAP perspective, operating income was $303 million, our GAAP diluted earnings per share was $1.47. Core diluted earnings per share for the quarter was $2.60, a 13% improvement over the prior year quarter and at the midpoint of the range we provided in September. Now turning to the performance by segment in the quarter. Revenue for the DMS segment came in at $4.8 billion, down approximately 6% from the prior year, driven by continued weakness from our connected devices end market. These declines were partially offset by year-over-year growth in our automotive and transportation and health care businesses.

從 GAAP 角度來看，營業收入為 3.03 億美元，我們的 GAAP 攤薄每股收益為 1.47 美元。本季核心攤薄後每股收益為 2.60 美元，比去年同期成長 13%，處於我們 9 月提供的範圍的中點。現在轉向本季按部門劃分的業績。由於互聯設備終端市場持續疲軟，DMS 部門的營收為 48 億美元，比上年下降約 6%。這些下降被我們的汽車、運輸和醫療保健業務的同比增長部分抵消。

Core operating margin for the segment came in at 7% and 180 basis points higher than the same quarter from a year ago, given solid mix, normal seasonal pattern within our mobility business and the aforementioned previously announced accounting impact of assets held for sale. Excluding the impact of assets held for sale associated with the mobility sale, core operating margins for DMS were 6%. Revenue for our EMS segment came in at $3.6 billion, down roughly 21% year-over-year. This decline was driven by our move to a consignment model and a softening in demand in end markets like 5G, networking and digital print.

鑑於我們行動業務的穩健組合、正常的季節性模式以及上述先前公佈的持有待售資產的會計影響，該部門的核心營業利潤率比去年同期高出 7% 和 180 個基點。排除與行動銷售相關的待售資產的影響，DMS 的核心營運利潤率為 6%。我們的 EMS 部門的營收為 36 億美元，年減約 21%。這一下降是由於我們轉向寄售模式以及 5G、網路和數位印刷等終端市場的需求疲軟所致。

Given this combination of consignment and mix, core margins for the EMS segment were an impressive 4.6% up 30 basis points year-over-year. Next, I'd like to begin with an update on our cash flow and balance sheet metrics as of the end of Q1, beginning with inventory which improved 2 days sequentially to 78 days. Net of inventory deposits from our customers, inventory days were 58 in Q1, consistent with our strong Q4 performance. Our first quarter cash flows from operations came in at $448 million, while net capital expenditures totaled $275 million resulting in $173 million in adjusted free cash flow during the quarter.

考慮到這種寄售和混合的組合，EMS 業務的核心利潤率高達 4.6%，比去年同期成長 30 個基點，令人印象深刻。接下來，我想先更新截至第一季末的現金流量和資產負債表指標，首先是庫存連續改善 2 天，達到 78 天。扣除客戶存貨押金後，第一季的庫存天數為 58 天，與我們第四季的強勁表現一致。我們第一季的營運現金流為 4.48 億美元，而淨資本支出總計 2.75 億美元，導致該季度調整後的自由現金流為 1.73 億美元。

In the quarter, we repurchased 3.9 million shares for $500 million leaving us with $2 billion remaining on our current repurchase authorization as of November 30. With this, we ended the quarter with cash balances of $1.6 billion, and total debt to core EBITDA levels of approximately 1.1x. So in summary, Q1 was largely a very good quarter. While our top line growth came in a bit lower than expected, the team still delivered good year-over-year growth in core margins, core EPS and adjusted free cash flow.

本季度，我們以5 億美元回購了390 萬股股票，截至11 月30 日，我們目前的回購授權還剩20 億美元。這樣，本季結束時，我們的現金餘額為16 億美元，核心EBITDA 債務總額為約 1.1 倍。總而言之，第一季基本上是一個非常好的季度。儘管我們的營收成長略低於預期，但該團隊在核心利潤率、核心每股盈餘和調整後自由現金流方面仍實現了良好的同比增長。

At the same time, we were incredibly active in terms of repurchasing our own shares, and we made solid progress on the sale of our mobility business. With that, thank you. I'll now hand it over to Kenny.

同時，我們在回購自己的股票方面非常積極，並且在出售行動業務方面取得了紮實的進展。就這樣，謝謝你。我現在把它交給肯尼。

Thanks, Adam, and good morning, everyone. As Adam mentioned, on November 28, we announced a reduction in our outlook for fiscal year '24 based on a broad slowdown of demand across multiple end markets. In short, customers adjusted demand schedules as we reacted to a slowdown in end markets heading into the end of the calendar year. Although we feel this slowdown will be temporary in nature, it is incumbent on us to react and adjust our model appropriately to align with our customer requirements. Agility in our industry is key. Being able to absorb changes in demand signals effectively across our network, is a critical part of our value proposition.

謝謝亞當，大家早安。正如 Adam 所提到的，11 月 28 日，由於多個終端市場的需求普遍放緩，我們宣布下調 24 財年的前景。簡而言之，隨著我們對年底市場放緩的反應，客戶調整了需求計劃。儘管我們認為這種放緩本質上是暫時的，但我們有責任做出適當反應並調整我們的模型，以符合客戶的要求。我們產業的敏捷性是關鍵。能夠有效吸收整個網路中需求訊號的變化是我們價值主張的關鍵部分。

This agility is part of our DNA and is reflected in our ability to effectively absorb downside in revenue. Tangible assets, flexible automation, single instance of SAP, common manufacturing execution systems, focus on margin-rich value-added services and multi-customer sites set up specifically to manage disparate end markets. [In one] campus are just some examples of disciplines embedded in our model. These core areas of focus are a large part of why we believe we can manage margins consistent with our Q1 guide and EPS at $9 plus while absorbing a broad-based slowdown.

這種敏捷性是我們 DNA 的一部分，反映在我們有效吸收收入下降的能力。有形資產、靈活的自動化、SAP 單一實例、通用製造執行系統、專注於利潤豐厚的增值服務以及專門為管理不同終端市場而建立的多客戶站點。 [在一個]校園中只是我們模型中嵌入學科的一些例子。這些核心關注領域是我們相信我們能夠管理與第一季指引一致的利潤率和每股收益 9 美元以上的主要原因，同時吸收廣泛的經濟放緩。

Turning to end markets. When we take a deeper look, we still expect growth in key areas like electric vehicles and renewables, albeit at a modestly slower pace than previously anticipated. In health care, our business remains robust and foundational intent of what we are trying to accomplish at Jabil. Our ability to provide key solutions and capabilities to customers in complex areas we're outsourcing is underpenetrated and quality is paramount underpins our confidence that we will continue to go in this end market.

轉向終端市場。當我們深入研究時，我們仍然預期電動車和再生能源等關鍵領域將出現成長，儘管成長略慢於先前的預期。在醫療保健領域，我們的業務仍然強勁，也是我們在捷普努力實現的目標的基礎。我們在外包的複雜領域為客戶提供關鍵解決方案和能力的能力尚未充分滲透，而品質至關重要，這增強了我們對繼續進入這一終端市場的信心。

In cloud, our team continued to drive forward within the data center space. Remember, this business moved into a consignment model last year, which makes revenue look unusually low relative to previous years, while in reality, the business is growing volumes by roughly 20%. In connected devices, we've seen softening for some time, and this doesn't seem likely to change in the near term. While in enterprise communications and 5G, we continue to expect softness based on global rollouts.

在雲端方面，我們的團隊繼續在資料中心領域中不斷前進。請記住，該業務去年轉變為寄售模式，這使得收入與前幾年相比顯得異常低，而實際上，該業務的銷量增長了大約 20%。在連接設備中，我們已經看到軟化已經有一段時間了，而且這種情況在短期內似乎不太可能改變。在企業通訊和 5G 領域，我們仍然預期全球部署會出現疲軟。

Turning to renewables. We've seen softness in solar and wind driven by a combination of reduced channel inventory sell-through, impact of interest rates and incentive uncertainty. Outlook-wise, we remain optimistic based on multiple new business wins and some supply chain consolidation within our current customer base. On the sale our Mobility business, I'm really pleased with the progress we are making. The [selfish] collaboration between our teams, we are working on closing the deal, ensuring the needs of our customers remain top of mind, has been really pleasing to see. Focusing on your day job, keeping product flowing while managing a complex transition is hard.

轉向再生能源。我們看到太陽能和風能的疲軟是由通路庫存銷售減少、利率影響和激勵不確定性共同推動的。就前景而言，基於多項新業務的勝利以及我們當前客戶群中的一些供應鏈整合，我們仍然保持樂觀。關於出售我們的行動業務，我對我們所取得的進展感到非常滿意。我們團隊之間的[自私]合作，我們正在努力完成交易，確保我們的客戶的需求始終放在首位，這真的很令人高興。專注於日常工作、維持產品流動、同時管理複雜的過渡是很困難的。

The fact that we are managing this so successfully is another proof point of our belief that BYD Electronics is a correct partner for this transaction. Taken altogether, we never expect revenue not associated with the mobility divestiture to be down 5% year-over-year on a like-for-like basis. Reflecting on all of the above, it's pretty satisfying to see the resilience of our model despite end-market choppiness, we expect to post year-on-year growth in core margins and EPS, while also driving in excess of $1 billion in free cash flows.

我們如此成功地管理這一事實再次證明了我們相信比亞迪電子是這筆交易的正確合作夥伴。總而言之，我們絕不會預期與行動業務剝離無關的營收將年減 5%。考慮到上述所有因素，儘管終端市場動盪，但看到我們的模型的彈性還是非常令人滿意的，我們預計核心利潤率和每股收益將實現同比增長，同時還將帶來超過10 億美元的自由現金流動。

Further, we remain committed to our previous fiscal year '25 guidance, inclusive of margins at 5.6% plus and EPS in excess of $10.65. In closing, I want to share the final thought. In Jabil we are always planning our future and a Saturday have to say goodbye to my colleagues as they transition to BYD Electronics. I would like to welcome the procurement services team from Procurability and the silicon photonics technical team from Intel as I joined our company. Welcome and we look forward to your contribution as we focus on the next chapter of our company's growth and diversification. Thank you for joining us today and for your interest in Jabil. I will now hand the call to Mike.

此外，我們仍致力於上一財年 '25 的指導，包括 5.6% 以上的利潤率和超過 10.65 美元的每股盈餘。最後，我想分享最後的想法。在捷普，我們總是在規​​劃我們的未來，週六我必須與我的同事告別，因為他們過渡到比亞迪電子。我非常歡迎 Procurability 的採購服務團隊和英特爾的矽光子技術團隊加入我們公司。歡迎您的光臨，我們期待您的貢獻，我們將專注於公司發展和多元化的新篇章。感謝您今天加入我們以及您對捷普的興趣。我現在將電話轉給麥克。

Thanks, Kenny, and good morning, everyone. Over the next few minutes, I plan to provide more information on the following: first, I'll walk you through our financial outlook for Q2 and FY '24, which remains largely consistent with our announcement on November 28. And then I'll provide an update on our accelerated buyback execution plans. With that, let's turn to the next slide for our second quarter guidance.

謝謝肯尼，大家早安。在接下來的幾分鐘內，我計劃提供以下方面的更多資訊：首先，我將向您介紹我們對2024 年第二季和24 財年的財務展望，該展望與我們11 月28 日的公告基本一致。提供有關我們加速回購執行計劃的最新資訊。接下來，讓我們轉向下一張投影片，了解我們的第二季指導。

We anticipate the Mobility transaction to close during Q2 of FY '24. The exact date of the close will drive where we land. For Q2, we expect total company revenue to be in the range of $7 billion to $7.6 billion. The midpoint of this range assumes the Mobility transaction closes January 31, which is consistent with our modeling assumptions in September. Core operating income for Q2 is estimated to be in the range of $339 million to $399 million. GAAP operating income is expected to be in the range of $216 million to $301 million. Core diluted earnings per share is estimated to be in the range of $1.73 to $2.13. The GAAP diluted earnings per share is expected to be in the range of $0.77 to $1.37. Net interest expense in the second quarter is estimated to be $62 million. Before turning to our full year guidance, it's worth noting that our Q2 guidance is materially influenced by the Mobility transaction close date.

我們預計 Mobility 交易將於 24 財年第二季完成。確切的收盤日期將決定我們著陸的地點。對於第二季度，我們預計公司總營收將在 70 億美元至 76 億美元之間。該範圍的中點假設 Mobility 交易於 1 月 31 日結束，這與我們 9 月的建模假設一致。第二季核心營業收入預計在 3.39 億美元至 3.99 億美元之間。 GAAP 營業收入預計在 2.16 億美元至 3.01 億美元之間。核心攤薄後每股收益預計在 1.73 美元至 2.13 美元之間。 GAAP 稀釋後每股收益預計在 0.77 美元至 1.37 美元之間。第二季淨利息支出預計為 6,200 萬美元。在轉向我們的全年指引之前，值得注意的是，我們的第二季指引受到行動交易截止日期的重大影響。

I thought it would be helpful if I provide you with the financial impact of an earlier close. For modeling purposes, a December close would reduce the midpoint of our Q2 revenue and core EPS outlook ranges by approximately $400 million and $0.30, respectively. For the year, it would also reduce our revenue outlook by $400 million while the loss in core EPS would be expected to be offset through accelerated repurchases and lower interest expense given the earlier receipt of net funds. Now moving on to full year guidance on the next slide. As we announced a few weeks ago, towards the end of our quarter, we noticed a widespread slowdown in customer demand.

我認為如果我向您提供提前交割的財務影響將會有所幫助。出於建模目的，12 月收盤價將使我們第二季營收和核心每股收益預期範圍的中點分別減少約 4 億美元和 0.30 美元。今年，我們的收入預期將減少 4 億美元，而由於較早收到淨資金，核心每股收益的損失預計將透過加速回購和降低利息支出來抵消。現在轉向下一張投影片的全年指引。正如我們幾週前宣布的那樣，在本季度末，我們注意到客戶需求普遍放緩。

The majority of the slowdown we're seeing is being driven by excess inventory in our customers' channel, which we view as short term in nature. In our view, once the excess channel inventory plays up, we're optimistic that the secular trends across our business remain intact and gives us confidence in future growth. It is important to note that Jabil's net inventory days is in good shape and remains consistent with our target range of 55 to 60 days. For FY '24, we expect revenue to be approximately $31 billion for our modeling assumption of a January 31 close for the Mobility transaction.

我們看到的經濟放緩主要是由客戶通路中的庫存過剩造成的，我們認為這本質上是短期的。我們認為，一旦過剩的通路庫存出現，我們對整個業務的長期趨勢保持不變持樂觀態度，這讓我們對未來的成長充滿信心。值得注意的是，捷普的淨庫存天數狀況良好，與我們 55 至 60 天的目標範圍保持一致。對於 24 財年，根據我們對 Mobility 交易於 1 月 31 日結束的建模假設，我們預計收入約為 310 億美元。

Importantly, for the year, we continue to expect year-on-year growth across the end markets that are experiencing strong multiyear tailwinds and notably in renewable energy infrastructure, electric vehicles, AI cloud data centers and health care. Moving to the next slide. Despite the revenue headwinds in the near term, we are confident that Jabil will able to be more resilient as we've diversified across geographies, products, customers and end markets. Because of this, we don't expect the same level of margin erosion traditionally seen in past slowdowns.

重要的是，今年，我們繼續預計經歷多年強勁推動力的終端市場將實現同比增長，特別是在再生能源基礎設施、電動車、人工智慧雲端資料中心和醫療保健領域。轉到下一張投影片。儘管短期內收入面臨阻力，但我們相信，隨著我們在地理、產品、客戶和終端市場上實現多元化，捷普將能夠更具彈性。因此，我們預計不會出現過去經濟放緩時出現的同樣程度的利潤侵蝕。

Our diversified approach, global footprint and strong relationships with customers gives us confidence in weathering these near-term challenges. We're adapting, staying focused on margins and cash flow and committed to delivering value. Notably, for FY '24, we still expect core operating margins to be in the range of 5.3% to 5.5%. And I would now like to walk you through the dynamics of how we are able to maintain margins despite lower revenue.

我們的多元化方法、全球足跡以及與客戶的牢固關係使我們有信心應對這些近期挑戰。我們正在適應，繼續關注利潤和現金流，並致力於創造價值。值得注意的是，對於 24 財年，我們仍預期核心營業利潤率將介於 5.3% 至 5.5% 之間。現在我想向您介紹我們如何在收入較低的情況下保持利潤的動態。

As a reminder, we have completely changed the construct of our business. We're in the process of divesting one of our highest fixed cost businesses. Additionally, 4 of our end markets, EVs, health care, renewables and cloud are growing volumes year-on-year, albeit at lower levels than previously anticipated, which means deleveraging is limited as we are able to push our planned investments and costs which have not been incurred yet.

提醒一下，我們已經完全改變了我們的業務結構。我們正在剝離固定成本最高的業務之一。此外，我們的4 個終端市場（電動車、醫療保健、再生能源和雲端）的銷售量較去年同期成長，儘管水準低於先前的預期，這意味著去槓桿化是有限的，因為我們能夠推動計劃投資和成本尚未發生。

In addition to pushing our ramp in investment costs, we're also moving ahead with reducing our SG&A in the back half of the year and optimizing our global footprint. All of this gives me confidence in our ability to deliver core operating margins in the 5.3% to 5.5% range in FY '24. Next, I'd like to provide an update on our share repurchases for the year. In Q1, we executed the previously mentioned $500 million accelerated share repurchase. In September, we originally expected to do a series of accelerated buybacks totaling $1.7 billion in FY '24 and $800 million in FY '25. We now intend to execute a series of accelerated buybacks of the entire $2.5 billion repurchase authorization in FY '24.

除了推動投資成本上升之外，我們還在下半年減少銷售、管理費用和優化我們的全球足跡。所有這些讓我對我們在 24 財年實現 5.3% 至 5.5% 範圍內的核心營業利潤率的能力充滿信心。接下來，我想介紹一下我們今年股票回購的最新情況。第一季度，我們執行了前面提到的 5 億美元加速股票回購。 9 月份，我們最初預計將在 24 財年進行一系列加速回購，總額為 17 億美元，在 25 財年進行總額為 8 億美元的加速回購。我們現在打算在 24 財年對全部 25 億美元的回購授權執行一系列加速回購。

As a result, I now expect (inaudible) to be in the range of $124 million to $127 million for FY '24. We also now expect interest expense to be lower this year in the range of $250 million to $260 million compared to our expectations in September as we expect working capital levels to decline with lower revenue. All of these actions gives me confidence that we will offset lower income and deliver core earnings for FY '24 to be in excess of $9 per share. And our cash flow outlook for the year remains robust, and we are committed to delivering adjusted free cash flow in excess of $1 billion in FY '24.

因此，我現在預計（聽不清楚）24 財年的營收將在 1.24 億至 1.27 億美元之間。我們現在也預期今年的利息支出將比 9 月的預期降低 2.5 億至 2.6 億美元，因為我們預計營運資本水準將隨著收入的下降而下降。所有這些行動讓我相信我們將抵消收入下降的影響，並在 24 財年實現每股超過 9 美元的核心收益。我們今年的現金流前景仍然強勁，我們致力於在 24 財年提供超過 10 億美元的調整後自由現金流。

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, which are undergoing multiyear secular growth. Thank you for your time today and for joining us this morning. I'll now turn the call over to Adam.

在我看來，捷普在應對當前的經濟環境方面處於有利地位，我們過去幾年的業績證明了這一點。我們不僅多元化程度很高，而且由於我們有意向正在經歷多年長期成長的關鍵終端市場領域進行投資和調整我們的資源，因此我們的彈性比幾年前明顯增強。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. So as you can see, we remain well positioned and extremely bullish on the future of Jabil. Thank you for your time. Operator, we're now ready for Q&A.

謝謝，麥克。正如您所看到的，我們仍然處於有利地位，並且非常看好捷普的未來。感謝您的時間。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。

Can you address how you're managing risk in this environment? For example, what gives you confidence in the $31 billion and $9 plus in EPS guidance for fiscal '24. Can you likely have limited visibility in the second half? The question would be how we can revenues be for you to still hit that $9-plus EPS target for this year? And can you also comment on any risk with Jabil's own inventory? And I have a follow-up.

您能談談您在這種環境下如何管理風險嗎？例如，是什麼讓您對 24 財年 310 億美元和 9 美元以上的 EPS 指導充滿信心。下半場你的能見度可能有限嗎？問題是，我們如何讓您今年的營收仍達到 9 美元以上的每股盈餘目標？您能否評論一下捷普自有庫存的任何風險？我有一個後續行動。

Ruplu. So first, let me take the last part of your question there, which is I think our model is relatively consistent that we don't take inventory risk. So everything that we buy is underwritten by a forecast or a purchase order. So we're pretty comfortable in that. And if you look at where we are in Q1, with the slowdown at 58 days, it's still industry-leading, and so we're pretty confident there. If you look at the way where our company is set up, we run divisions look at division leads, you will then get a leadership team to support that. So we're pretty intimate with our customers.

魯普盧。首先，讓我回答你問題的最後一部分，我認為我們的模型相對一致，我們不承擔庫存風險。因此，我們購買的所有東西都是由預測或採購訂單承保的。所以我們對此感到非常滿意。如果你看看我們第一季的情況，放緩時間為 58 天，它仍然處於行業領先地位，因此我們對此非常有信心。如果你看看我們公司的設立方式，我們運作部門，看看部門領導，然後你就會得到一個領導團隊的支持。所以我們與客戶的關係非常密切。

All of our teams have been very, very active with our customer base. You're looking at what happened in Q1, what's going to -- what's happening for the balance of the year. And the feedback, although none with different impacts in different end markets. What we see is relatively consistent. And incidentally, myself -- I mean in Europe and in Asia over the last month, meeting a lot of our customers also. So the feedback is -- and remember, we get forecast 12 months forecast pretty much for all of our customers. We see their feeds, we look at what they're pooling and what they're selling. So the feedback generally is, look, we expect the next couple of quarters to be inventory correction, and we think beyond that, we're in decent shape.

我們所有的團隊都非常非常積極地與我們的客戶群打交道。你正在關注第一季發生的事情，以及今年剩餘時間將會發生的事情。以及反饋，儘管在不同的終端市場中沒有不同的影響。我們看到的情況是比較一致的。順便說一句，我自己 - 我的意思是上個月在歐洲和亞洲，也見到了我們的許多客戶。所以回饋是——請記住，我們幾乎為所有客戶提供了 12 個月的預測。我們查看他們的動態，查看他們匯集的內容以及銷售的內容。因此，反饋通常是，看，我們預計接下來的幾個季度將進行庫存調整，我們認為除此之外，我們的狀況還不錯。

And we've baked that into what we see for the back half of the year. The other thing I'd like to emphasize is that in the discussions we're having, times like this ultimately can be good for us from a consolidation perspective. So we're pretty active in a number of discussions with our customers about how can we make the business easier by helping them consolidate supply chain so that their business is simple to manage. So I mean I would say that we're really close with our customers. The data we get is pretty consistent. We're monitoring it really closely. I mean we'd like for the inventory to be sold through, but it's not -- we think it will be over the next couple of quarters. But we'll bake that into our guide for Q2 for the balance of the year.

我們已將其納入我們對今年下半年的預期中。我想強調的另一件事是，在我們正在進行的討論中，從整合的角度來看，這樣的時刻最終對我們有利。因此，我們非常積極地與客戶進行了多次討論，討論如何透過幫助他們整合供應鏈來簡化業務，以便他們的業務易於管理。所以我想說的是，我們與客戶的關係非常密切。我們得到的數據非常一致。我們正在密切監視它。我的意思是，我們希望庫存能夠售完，但事實並非如此——我們認為這將在接下來的幾個季度內完成。但我們會將其納入今年剩餘時間的第二季指南中。

And Ruplu, if I could just add, if you look at our revenue, we've taken revenue down by $2.5 billion, about $1 billion of that is the first half. So we're not taking the second half as it's absolutely going to recover. We're still being conservative about the second half of the year, rather than $1.5 billion coming out visibility is a little limited right now, not from our perspective, but from our customers' perspective as well. So we think $1.5 billion for the second half is appropriate at this stage.

Ruplu，如果我可以補充一下，如果你看看我們的收入，我們的收入減少了 25 億美元，其中大約 10 億美元是上半年的收入。所以我們不會考慮下半場，因為它絕對會恢復。我們對下半年的業績仍持保守態度，而不是 15 億美元，目前的可見度有點有限，不是從我們的角度來看，而是從我們客戶的角度來看。所以我們認為現階段下半年15億美元是合適的。

And then if I can, let me just walk you through how we expect EPS to change because this is a very critical and important piece -- if you look at what we provided in September, we've said the range of $930 million to $970 million. So if I take a midpoint of $950 and start from that, the revenue loss about bit $2.5 billion impacts us by roughly $1.20.

然後，如果可以的話，讓我向您介紹一下我們預計每股收益將如何變化，因為這是一個非常關鍵和重要的部分——如果您看看我們在9 月份提供的內容，我們已經說過範圍在9.3 億美元到970 美元之間百萬。因此，如果我取 950 美元的中點並以此為起點，大約 25 億美元的收入損失對我們的影響約為 1.20 美元。

And that is sort of the deleveraging when you're growing year-on-year, especially in the 4 end markets that we've been focused on in automotive, health care, renewables, cloud, we're growing year-on-year, which is not going down. So when you grow year-on-year deleverage is very limited. You can actually push out a whole bunch of investments and costs and ramps to quarters out from here.

當你逐年成長時，這就是去槓桿化，特別是在我們一直關注的汽車、醫療保健、再生能源、雲端運算這四個終端市場，我們正在逐年成長，它不會下降。因此，當同比增長時，去槓桿化是非常有限的。實際上，您可以將大量投資和成本從這裡推向幾個季度。

So there's a little bit of new ads here that most people are ignoring and that we're in the right end markets. All of them are still showing growth year-on-year, albeit at lower levels, but still year-on-year growth. some of the lower-margin businesses, even if you double the deleveraging there from a 3% or 4% to 8%, you still we're losing some level of income, but it's not that much. The margin is not that impacted on the lower margin businesses. And then I talked a little bit about buybacks in my prepared remarks. We completed the $500 million buyback in September.

因此，這裡有一些大多數人都忽略的新廣告，而我們正處於正確的終端市場。所有這些都仍然呈現同比增長，儘管水平較低，但仍然同比增長。對於一些利潤率較低的企業，即使你將去槓桿化程度從 3% 或 4% 提高到 8%，我們仍然會損失一定程度的收入，但不會那麼多。利潤率較低的業務並未受到太大影響。然後我在準備好的發言中談到了一些關於回購的問題。我們在 9 月完成了 5 億美元的回購。

That was huge. That was the biggest buyback we've ever done in a single quarter. And what I mentioned in my prepared remarks is that we are going to double down on that. So in September, we anticipated doing an additional $1.2 billion in '24 and $800 million in '25. Now all of that $2 billion left over is going to be done in FY '24. We think this is a good time. It's a good appropriate time to do it when there's a slowdown going in, we still feel we're highly undervalued. And buybacks is the best return we can get from our free cash flows from the proceeds of the funds that we will get once the mobility divestiture is done.

那是巨大的。這是我們在一個季度內進行的最大規模的回購。我在準備好的發言中提到的是，我們將加倍努力。因此，在 9 月份，我們預計 24 年將額外投入 12 億美元，25 年將額外投入 8 億美元。現在剩下的 20 億美元將在 24 財年完成。我們認為這是一個好時機。當經濟放緩時，這是一個很好的合適時機，我們仍然覺得自己的價值被嚴重低估。回購是我們可以從流動性剝離完成後獲得的資金收益的自由現金流中獲得的最佳回報。

So it's a bit of a long-winded answer, but you could pick up $0.40, $0.50 quite easily between buyback and lower interest costs as well, interest will be lower because working capital will be lower because of lower revenue, plus after yesterday's news, if interest rates do what the Fed is saying, I think there's a little bit of pickup there as well. So there's a whole bunch of puts and takes, but we feel pretty strong about the $9-plus.

所以這是一個有點冗長的答案，但你可以很容易地在回購和較低的利息成本之間獲得0.40 美元、0.50 美元，利息會較低，因為收入較低，營運資金會較低，再加上昨天的新聞，如果利率按照聯準會所說的那樣，我認為也會有一點回升。因此，有許多看跌期權和看跌期權，但我們對 9 美元以上的價格感覺相當強勁。

Okay. Mike and Kenny I appreciate that. Let me ask you a follow-up question, which is really the same question for fiscal '25. I mean you're guiding for $10.65-plus EPS and you're maintaining the operating margin target of 5.6% plus. What -- again, the question is, what revenue level do you need to see in fiscal '25 to be able to hit that $10.65 target and you mentioned that you can push out some investments, but is there any risk to doing that in terms of hurting future revenue growth. So just your thoughts on maintaining the guidance that you have for fiscal '25 and how confident you are in that? I appreciate the details.

好的。麥克和肯尼對此表示讚賞。讓我問您一個後續問題，這實際上與 25 財年的問題相同。我的意思是，您的每股盈餘指引目標為 10.65 美元以上，且營業利潤率目標維持在 5.6% 以上。再一次，問題是，你需要在 25 財年達到什麼收入水準才能達到 10.65 美元的目標，你提到你可以推出一些投資，但這樣做是否有任何風險？損害未來的收入成長。那麼您對維持 25 財年指導的想法以及您對此有何信心？我很欣賞細節。

Yes. So Ruplu, if you look at our Q3 and Q4 run rates, obviously, we provided $31 billion as the annual revenue number that we've done in Q1 and Q2, so you can extrapolate the second half of the year. If you take those run rates into FY '25 some small level of recovery. We're not even thinking of a big recovery coming through. Some level of new business, which is already in the pipeline, by the way. So we're working on multiple new business wins. And overall, if you even from a smaller base, if you grow by 4%, 5%, 6%, the margin, we're going to be doing 5.4% at least at the midpoint from 5.3% to 5.5% that we said in '24, it's 5.6% in '25 is not a stretch. So margins, we expect that to be higher. If you look at -- if you look at the lower (inaudible) we'll have not only in FY '24 as a result of us doing the entire $2.5 billion share repurchase authorization in '24.

是的。所以，Ruplu，如果你看看我們第三季和第四季的運行率，顯然，我們提供了310 億美元作為我們在第一季和第二季所做的年收入數字，所以你可以推斷今年下半年。如果將這些運行率納入 25 財年，則會出現小幅復甦。我們甚至沒有想到會出現大的復甦。順便說一句，某種程度的新業務已經在醞釀中。因此，我們正在努力贏得多項新業務。總的來說，如果你的基數較小，如果你的利潤率成長 4%、5%、6%，我們將至少達到我們所謂的 5.3% 到 5.5% 的中點，達到 5.4% 24 年， 25 年為5.6%，這並不是一個誇張的數字。因此，我們預期利潤率會更高。如果你看一下 - 如果你看一下較低的（聽不清楚），我們不僅會在 24 財年擁有，因為我們在 24 年完成了全部 25 億美元的股票回購授權。

There's an impact in '25 as well because you're getting the entire (inaudible) impact in '25. So overall, I think FY '25 is in really good shape.

25 年也會產生影響，因為您將在 25 年獲得全部（聽不清楚）影響。總的來說，我認為 25 財年的狀況非常好。

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。

I just wanted to follow up on some of the comments you just made on the revenues and how it's playing out by the different served markets. So you mentioned that new program costs are down.

我只是想跟進您剛剛對收入以及不同服務市場的表現發表的一些評論。所以你提到新專案的成本下降了。

So I guess you're seeing pushouts in certain markets. But then you also mentioned that customer forecasts are coming down, which I assume is for existing programs mainly. So I was wondering if you could sort of dissect not every single line item, but just sort of big picture where you're seeing more new program pushouts and why and where it's more related to current end demand? And then I had a follow-up.

所以我猜你會在某些市場看到退出。但你也提到客戶預測正在下降，我認為這主要是針對現有項目的。因此，我想知道您是否可以剖析並非每個項目，而只是分析一下您看到更多新計劃推出的大局，以及為什麼以及在哪裡它與當前的最終需求更相關？然後我進行了跟進。

Yes. Thanks, Steve. So I would say, I mean, if you want to just -- if I run through our end markets, just to give you some color, so 5G is obviously soft, and you see that from the customers that we serve, a slowdown in end markets there. Our network and switching business we see the kind of compass and enterprise space softer with an inventory globe, we're really going great guns and accelerated switching around the AI space. So that's been pretty positive for us in health care.

是的。謝謝，史蒂夫。所以我想說，我的意思是，如果你想——如果我瀏覽一下我們的終端市場，只是為了給你一些顏色，所以 5G 顯然是軟的，你從我們服務的客戶中看到，那裡的終端市場。在我們的網路和交換業務中，我們看到了指南針和企業空間在庫存全球範圍內變得更加柔和，我們真的在人工智慧領域加強並加速交換。所以這對我們的醫療保健來說非常積極。

orthopedics, pharma med devices are up. And then in auto, which I think is a -- in terms of your question about new products, we see the new products getting pushed out there to some degree. What I would always say is that what we've always said is that look, we think our auto business is going to be up and to the right, but it's not going to be linear. It's going to be lumpy. And we see that. And if you look at the auto market, we are people are saying that the expectation is it's going to grow 20%, 30%, but you look at inventory in the lots right now. So we see some pushout in automotive, although to Mike's earlier point, we're still growing pretty nicely there. And then on renewables, so we look at look at the residential slowing down with interest rates effectively, commercial is still going reasonably okay.

骨科、製藥醫療設備上漲。然後在汽車領域，我認為，就你關於新產品的問題而言，我們看到新產品在某種程度上被推出。我一直想說的是，我們一直說的是，看起來，我們認為我們的汽車業務將會朝著好的方向發展，但它不會是線性的。它會變得凹凸不平。我們看到了這一點。如果你看看汽車市場，我們會說預計它會成長 20%、30%，但你看看現在的庫存。因此，我們看到汽車領域出現了一些退出，儘管根據麥克先前的觀點，我們在該領域的成長仍然相當不錯。然後在再生能源方面，我們看看住宅隨著利率的有效放緩，商業仍然相當不錯。

We see a kind of slowdown in energy storage as people wait for the IRA to really get bedded in. But we think the backlog here, we're going to recover relatively quickly the year after. So I think -- I mean, that's some of the key end markets. I mentioned in cloud, where AI is really driving our cloud business. We're operating in a new facility to support that. So we're up there. So generally, renewables is a little bit softer with some new products being delayed. We do see consolidation in the renewable space, which we think is going to help us for sure, as the industry recovers there and automotive is just a pushout of some orders. But -- so hopefully, that answers your question.

當人們等待愛爾蘭共和軍真正投入使用時，我們看到能源儲存有所放緩。但我們認為這裡的積壓，我們將在後年相對快速地恢復。所以我認為——我的意思是，這是一些關鍵的終端市場。我提到在雲端領域，人工智慧真正推動了我們的雲端業務。我們正在一個新設施中運作以支持這一點。所以我們就在那裡。因此，整體而言，再生能源的表現稍微疲軟，一些新產品被推遲。我們確實看到再生能源領域的整合，我們認為這肯定會對我們有所幫助，因為該行業正在復蘇，而汽車只是一些訂單的推出。但是——希望這能回答你的問題。

And if I could just add a -- if you look at EVs, I think everyone's seen the choppiness, everyone has seen the increased inventories at dealers, et cetera. I think the early adopters have already played out and they've got their EVs. It now becomes a question of cost. All the OEMs, all the EV companies are going to try and get their cost out. Who do you go to when you want to get your cost down to an EMS company. So this value proposition that EMS provides from a from an EV manufacturing perspective, we're well positioned for EVs.

如果我可以補充一點——如果你看看電動車，我想每個人都看到了波動，每個人都看到了經銷商庫存的增加，等等。我認為早期採用者已經玩完了，他們已經擁有了電動車。現在變成了成本問題。所有原始設備製造商、所有電動車公司都將努力降低成本。當您想要降低 EMS 公司的成本時，該找誰？因此，從電動車製造的角度來看，EMS 提供的價值主張使我們在電動車領域處於有利地位。

We're well positioned for hybrids. If you look at the battery management systems, the compute cardial, the optics, all of that, we're in a good pace to actually provide some value to OEMs who have to now take their costs down a bit because that's the second wave of EV will be cost based, not the early adoption wave that we just wrote a few quarters ago.

我們在混合動力方面處於有利地位。如果你看看電池管理系統、計算卡、光學器件，所有這些，我們正在以良好的速度為原始設備製造商提供一些價值，他們現在必須稍微降低成本，因為這是第二波浪潮電動車將基於成本，而不是我們幾個季度前剛剛寫的早期採用浪潮。

Great. That's very helpful. And then just as a follow-up, Mike, I know you're still saying $1 billion plus for free cash flow, but off of the November announcement, if I just changed the revenue assumptions and kept my working capital turn numbers that the lower sales was like worth $200 million more of free cash flow by my calculation. Is that the type of sort of change in free cash flow we can see off of the revised guidance? Or am I missing something?

偉大的。這非常有幫助。然後，作為後續行動，麥克，我知道您仍然在說10 億美元以上的自由現金流，但在11 月份的公告中，如果我只是改變收入假設並保持我的營運資本，那麼我的營運資金就會變成較低的數字根據我的計算，銷售額相當於自由現金流多了 2 億美元。這是我們可以從修訂後的指導中看到的自由現金流變化類型嗎？還是我錯過了什麼？

So obviously, part of free cash flow is income, Steve, and when you lose $2.5 billion, you do lose income even though your margin is maintained the dollars to come out. So there's an offset. You're absolutely right on the working capital, working capital does go down and that is sort of baked in, but you also lose the income.

很明顯，自由現金流的一部分是收入，史蒂夫，當你損失 25 億美元時，你確實會損失收入，即使你的利潤保持在可流出的美元水平。所以有一個偏移。你對營運資金的看法絕對是正確的，營運資金確實下降了，而且這有點被影響了，但你也失去了收入。

The other area that we're looking at is CapEx very carefully. We've always been disciplined. In these times, we're even more disciplined and we're pushing out investments. We're pushing out some level of CapEx that would help free cash flow as well. In its early days, Steve. That's why we stopped with the $1 billion plus, but do I expect it to be higher than that?

我們正在非常仔細地關注的另一個領域是資本支出。我們一向遵守紀律。在這些時候，我們更加自律，並且正在推動投資。我們正在推出一定程度的資本支出，這也將有助於自由現金流。在早期，史蒂夫.這就是為什麼我們止步於 10 億美元以上，但我預計它會比這個更高嗎？

Next question is coming from Matt Sheerin from Stifel.

下一個問題來自 Stifel 的 Matt Sheerin。

I had just another question related to inventories and free cash flow. You talked about that gross number of days, I think 78 days, which is down. And the net number, I guess, roughly 25% of your inventory is backed by customer deposits. But given that lead times are pretty short for components, wouldn't we assume that customers will want that cash back. In other words, as you reduce inventory, you have to pay them back and they don't need to give you more cash deposits because there isn't that need for buffer over the shortage situation that we years ago? And how does that impact the future free cash flow?

我還有一個與庫存和自由現金流相關的問題。你談到了總天數，我想是 78 天，這個數字有所下降。我猜想，您的庫存中大約有 25% 是由客戶存款支持的。但考慮到組件的交貨時間非常短，我們是否會假設客戶會想要現金回饋。換句話說，當你減少庫存時，你必須償還他們，他們不需要給你更多的現金押金，因為不需要緩衝我們幾年前的短缺情況？這對未來的自由現金流有何影響？

So let me just answer that in a slightly different way than you've asked it. I expect always expect inventory days to be in the 55- to 60-day range. When inventory goes up, the inventory deposits go up in sync, but inventory days start coming down or normalizing, yes, there is a level of return inventory deposits. So a quick answer to your question is, are we going to see a pop in free cash flow because inventory is going to go down? The answer is no. It's start a pop in free cash flow -- it will still be in the 55 to 60 days.

因此，讓我以與您所問的稍微不同的方式回答這個問題。我預計庫存天數始終在 55 至 60 天範圍內。當庫存增加時，庫存押金同步增加，但庫存天數開始下降或正常化，是的，存在一定程度的庫存押金返還。因此，對您的問題的快速回答是，我們是否會因為庫存下降而看到自由現金流的激增？答案是不行。自由現金流開始大幅成長——仍將在 55 到 60 天內出現。

It's just a matter of the gross number going down and the inventory deposits going down in sync. So that's something we're good at managing. That's something we have really good relationships with customers, and we're always working on that particular front. So no, free cash flow won't get a pop. It's already baked into our numbers at that 55%, 60%, and that's where it will stay.

這只是總量下降和庫存存款同步下降的問題。這就是我們擅長管理的事情。這就是我們與客戶保持良好關係的原因，我們一直在這方面努力。所以不，自由現金流不會流行。它已經被納入我們的數字中，即 55%、60%，並且它將保持在這個位置。

Okay. And then, Kenny, just back to the pre-announcement from a couple of weeks ago, that came a couple of months after you had guided for the November quarter, and then you saw obviously a big cut across your customer base. And you seem to be lagging some of your competitors in terms of what they saw, right? We saw someone of your big competitors month earlier, take down numbers in a similar way. So what do you think the difference is in terms of -- and I know that the supply -- we are seeing a rolling correction, right, different end markets. But why do you think you're seeing it later than some competitors because of end markets or because of other reasons?

好的。然後，肯尼，回到幾週前的預告，那是在你為 11 月份季度提供指導幾個月後發布的，然後你明顯看到你的客戶群大幅削減。就某些競爭對手所看到的內容而言，您似乎落後於他們，對吧？一個月前，我們看到你們的大競爭對手中的某個人以類似的方式減少了數字。那麼你認為差異在什麼方面——我知道供應——我們正在看到滾動調整，對吧，不同的終端市場。但您認為為什麼您會因為終端市場或其他原因而比某些競爭對手更晚看到它呢？

Yes. I mean I think there's a little bit of when people report the results. And -- but from our perspective, we've seen that later in our quarter. We're in some of the markets are new to some degree as of the customers. But generally, we've seen it broad-based across our customers. And we also see that a lot of our customers report calendar quarters. And it was really the back end of the announcements we have they took actions to reduce our outlook. So I mean, I would push back quite strongly that our visibility into our customer base is disconnected and we don't do a good job of that as our competitors, to be honest.

是的。我的意思是，我認為人們報告結果的時候會有一點。但從我們的角度來看，我們在本季晚些時候就看到了這一點。我們在一些市場上對客戶來說在某種程度上是新的。但總的來說，我們發現它在我們的客戶中具有廣泛的基礎。我們也看到許多客戶報告日曆季度。這實際上是我們公告的後端，他們採取了行動來降低我們的前景。所以我的意思是，我會非常強烈地反駁說，我們對客戶群的可見性是斷開的，而且說實話，作為我們的競爭對手，我們在這方面做得不好。

I think it's just time and based on it was that we got that feedback in towards the back end of our quarter. So that would be my answer.

我認為現在正是時候，基於此，我們在本季末收到了回饋。這就是我的答案。

Okay. I appreciate that. Yes, I wasn't suggesting that at all. I was just trying to figure out the perspective.

好的。我很感激。是的，我根本沒有建議這樣做。我只是想弄清楚這個觀點。

Next question is coming from Samik Chatterjee from JPMorgan.

下一個問題來自摩根大通的 Samik Chatterjee。

If I can just start with one on the end markets and -- just wanted to confirm for -- I know you're mentioning broad-based weakness that you saw across your end markets, but just trying to rank out of the weakness that you're seeing and what you're embedding in that sort of $2.5 billion reduction in the guide. Looks like it's more autos and industrial and semi cap and why one confirm that I'm sort of interpreting that right. Secondly, how do you just overall, you're describing a lot of the weakness is temporary, but how do you address concerns on the EV market, in particular, when I think the average investor out there is thinking that EV penetration looking 5 years out is now going to be probably a lot lower than what it was expected to be, just given sort of the deep demand profile that we are seeing now.

如果我可以從終端市場的一個開始，並且 - 只是想確認 - 我知道你提到了你在終端市場上看到的廣泛的弱點，但只是試圖排除你所發現的弱點您所看到的以及您在指南中嵌入的25 億美元削減內容。看起來更多的是汽車、工業和半帽，為什麼有人證實我的解釋是正確的。其次，總體而言，您描述的許多弱點是暫時的，但您如何解決對電動車市場的擔憂，特別是當我認為普通投資者認為電動車滲透率預計將持續 5 年時考慮到我們現在看到的深度需求狀況，現在的出口量可能會比預期低很多。

So any thoughts around how this changes the more sort of long-term growth profile on EVs for you? And I have a quick follow-up after that.

那麼，您對這如何改變電動車的長期成長狀況有什麼想法嗎？之後我會進行快速跟進。

Yes. So let me take the EV one first. I mean we've always -- I mean, we've been growing 40%, and we've said that, that would slow down this year. I mean we are still bullish on the EV space in the longer term. And remember that although that the demand moves up and down, and we look at this in the longer term, 5, 6, 7, 10 years. So from our perspective, and then what we do is we look at where there's the demand patterns, and we've got a global footprint. We do things consistently across the globe. So the fact that there's growth in Asia, and it slows down in other markets means that we've got a footprint in each of those regions.

是的。所以讓我先來看看電動車。我的意思是，我們一直在成長 40%，我們說過，今年成長速度將會放緩。我的意思是，從長遠來看，我們仍然看好電動車領域。請記住，儘管需求會上下波動，但我們會從更長遠的角度（5 年、6 年、7 年、10 年）來看待這個問題。因此，從我們的角度來看，我們所做的就是看看哪裡有需求模式，我們已經擁有了全球足跡。我們在全球範圍內始終如一地做事。因此，亞洲成長而其他市場放緩的事實意味著我們在每個地區都有足跡。

The customer base that we have is really positively -- we've got a really good customer base focused in North America, Europe and in Asia. So we're able to adapt to changes and demand cycles. And if you look right now in China, where the demand is picking up, we build EVs in China. We've got multiple customers here. So we think the long-term trend is good there. We think we're in the right areas. We think we're in the right markets, and we think we'll get the right capability. So -- we think it's going to be up and to the right. It's going to be 20%, 30%, 40%. We think we can adapt to any of those numbers. So we're pretty confident in the long term of our EV strategy.

我們擁有非常積極的客戶群—我們擁有非常好的客戶群，主要集中在北美、歐洲和亞洲。因此我們能夠適應變化和需求週期。如果你看看現在的中國，那裡的需求正在上升，我們在中國生產電動車。我們這裡有很多客戶。所以我們認為長期趨勢是好的。我們認為我們處於正確的領域。我們認為我們處於正確的市場，我們認為我們將獲得正確的能力。所以——我們認為它會向上並且向右。將會是20%、30%、40%。我們認為我們可以適應這些數字中的任何一個。因此，我們對電動車的長期策略充滿信心。

So in terms of other markets, we're still growing. I think we said in the prepared remarks that our auto business is going to grow 11%. Health care and packaging, 6%.

所以就其他市場而言，我們仍在成長。我想我們在準備好的發言中說過我們的汽車業務將成長 11%。醫療保健和包裝，6%。

So as Mike mentioned, the areas of our business that we're really focused on growing with secular tailwinds, we think are still continue to grow renewables at 7%. So yes, we think that we're in a good spot across all of those end markets.

正如麥克所提到的，我們真正關注的業務領域是在長期順風的情況下成長的，我們認為再生能源的成長速度仍然是 7%。所以，是的，我們認為我們在所有這些終端市場上都處於有利位置。

And for my follow-up, the question that we're getting most from investors on margins today, as you mentioned the push out in terms of investment. When you think about margin guidance for next year, is the assumption that some of those investments don't need to sort of be put back into the model next year as we're pushing them out of fiscal '24? Or is the margin guidance maintained despite assuming those investments come back next year?

對於我的後續行動，我們今天從投資者那裡得到最多的問題是利潤率，正如您提到的投資方面的推出。當您考慮明年的利潤指導時，是否假設其中一些投資明年不需要重新納入模型，因為我們將把它們從 24 財年中推出？或者，儘管假設這些投資明年會回來，但利潤指引是否仍會維持？

No, I think the way to think of this is if the revenue comes out, the cost comes out. When the revenue comes back as we expect it to be sometime in FY '25, those costs will come back, but there will be an offset. So net-net, the impact on margin will be neutral. I think we've said 5.3% to 5.5%.

不，我認為思考這個問題的方法是，如果收入出來了，成本就出來了。當收入如我們預期在 25 財年的某個時候恢復時，這些成本將會恢復，但會有抵銷。因此，淨額對利潤率的影響將是中性的。我想我們已經說了 5.3% 到 5.5%。

But I think we've got to remember, we've changed the construct of our business completely. Yes, the 4 end markets do not underestimate that those continue to grow it's not by chance that we happen to be in those 4 end markets over the last few years. We've intentionally focused on those end markets because we always thought those are the long-term secular end markets. So I think, overall, the way to think about cost pushouts, it's completely dependent on whether that revenue is there. If the revenue suddenly comes back, those costs will come back.

但我認為我們必須記住，我們已經完全改變了我們的業務結構。是的，這 4 個終端市場並沒有低估它們的持續成長，過去幾年我們碰巧進入這 4 個終端市場並非偶然。我們有意關注這些終端市場，因為我們一直認為這些是長期的終端市場。所以我認為，總的來說，考慮成本推出的方式完全取決於收入是否存在。如果收入突然回來，這些成本也會回來。

So I'm not saying a 5.3% to 5.5% will suddenly jump up if those revenues come back. We have other plans on making margin continue to go up as we continue to change the mix as we continue to add new operational efficiencies, the automation side, AI, ML, robotics, all of that will continue to provide on an annualized basis, in my view, at least 10 to 20 basis points by itself and the mix of the business, the revenue piece will provide the balance. So yes, I think the pushout is completely revenue-driven.

因此，我並不是說如果這些收入回來，5.3% 至 5.5% 的成長率會突然上升。我們還有其他計劃，隨著我們不斷改變組合，不斷增加新的營運效率、自動化方面、人工智慧、機器學習、機器人技術，所有這些都將繼續按年提供，從而使利潤率繼續上升。我認為，至少10 到20 個基點本身以及業務組合、收入部分將提供平衡。所以是的，我認為推出完全是由收入驅動的。

Your next question is coming from George Wang from Barclays.

你們的下一個問題來自巴克萊銀行的喬治王。

Yes, just kind of want to double-click on the connected devices. You guys didn't elaborate too much in the prepared remarks. Just you guys took down now expecting down 25% versus 15% last time and kind of on the heels of down 15% last year, FY '23. Just curious kind of any mostly broad-based slowdown within the connected devices or kind of -- a of the few customers kind of driving the weakness? Maybe you can kind of double-click there.

是的，只是想雙擊已連接的裝置。你們在準備好的發言中沒有詳細說明。只是你們現在預計會下降 25%，而上次是 15%，緊接著去年（23 財年）下降 15% 後。只是好奇的是，連接設備中的任何主要廣泛的放緩或某種——少數客戶之一導致了這種弱點？也許你可以雙擊那裡。

George, thanks for the question. So we always talk about connected devices is effectively what we do for consumer. We view that as being an area where we can incubate capabilities that can support us across the rest of our business. What we do find is that we'll be going to be quite selective there because, a, is consumer short life cycles, you're dependent sometimes and if products are successful or not. Sometimes there's an expectation in margins that the margins will be pretty tight for us. So it's not a case of us defocusing on that side of our business but it's a case of us being selective in terms of the margin profile for some specific programs. So I think you'll see -- and you should see across our network. And I think to the previous question on margins.

喬治，謝謝你的提問。因此，我們總是談論連接設備，這實際上是我們為消費者所做的事情。我們認為這是一個我們可以孵化能力的領域，可以為我們的其他業務提供支援。我們確實發現，我們會非常有選擇性，因為，a，消費者的生命週期很短，有時你會依賴產品是否成功。有時人們會預期我們的利潤率會非常緊張。因此，這並不是我們對業務的這一方面分散注意力的情況，而是我們在某些​​特定項目的利潤狀況方面有選擇性的情況。所以我想你會看到——而且你應該在我們的網路上看到。我想到了之前關於利潤率的問題。

Look, we're going to continue to focus our footprint and our people and our capabilities and areas of the business that we think will be long-term accretive to support our capabilities and that support our cash flows and margins. So I think in this instance, it's a case of -- it's really maybe 1 or 2 other areas of our business where we're just choosing not to engage because we think that then we can add more value for our customers with the capabilities in different end markets.

看，我們將繼續專注於我們的足跡、我們的員工、我們的能力和業務領域，我們認為這些將長期增值以支持我們的能力，並支持我們的現金流和利潤。所以我認為在這種情況下，這實際上可能是我們業務的一兩個其他領域，我們只是選擇不參與，因為我們認為這樣我們就可以透過以下方面的能力為我們的客戶增加更多價值：不同的終端市場。

Okay. That makes sense. I just have 1 quick follow-up. Just kind of in terms of the AI, data center kind of in terms of the consignment model shift, how much additional margin you guys can extract from this consignment shift, obviously, is additive to the bottom line and the kind of margin profile. And also maybe you can talk about kind of slightly more just on the projects ramping within the AI, that's being a pretty popular topic with investors nowadays.

好的。這就說得通了。我只有 1 個快速跟進。就人工智慧而言，就寄售模型轉變而言，資料中心而言，你們可以從寄售轉變中提取多少額外利潤，顯然，是對底線和利潤概況的補充。也許你可以多談談人工智慧領域蓬勃發展的項目，這是當今投資者非常流行的話題。

I think there's multiple ways of looking at the AI piece, AI and the new GPUs that drive our requirements that drive space requirements it's going to exponentially continue to sort of grow on an annual basis. The margin stack on what we do today, it will be relatively stable. It's the new services that we provide, the new value add that we'll be looking at in terms of liquid cooling, photonics. Those are the pieces that we think will be highly margin accretive.

我認為有多種方式來看待人工智慧部分，人工智慧和新的 GPU 推動了我們的需求，推動了空間需求，它每年都會繼續呈指數級增長。就我們今天所做的保證金堆疊而言，它將相對穩定。這是我們提供的新服務，我們將在液體冷卻、光子學方面關注新的附加價值。我們認為這些產品將帶來很高的利潤成長。

I'm not suggesting that will happen immediately. But over time, I do expect the AI cloud data centers, the margin to go up that entire stack to be more value-add based.

我並不是說這會立即發生。但隨著時間的推移，我確實預計人工智慧雲端資料中心的整個堆疊的利潤將更加基於增值。

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。

So maybe, Kenny, one for you first. Obviously, since the pre-release, you've had a couple of weeks kind of go back and you sort of, I would imagine, a deeper dive in terms of the categories and what your customers are saying. How do you frame sort of the inventory digestion? I know at the time you said maybe 1 to 2 quarters, and I think I heard you say 2 quarters. Is that kind of the latest feedback that you're hearing from your partners today and then one for Mike on capital allocation, I think I heard you say you're going to do the entire $2.5 billion buyback in fiscal '24. So I know you normally don't talk about the following year, but what do you think that means for fiscal '25 in the context of your $10.65 EPS guidance reiteration?

所以也許，肯尼，第一個給你的。顯然，自預發布以來，您已經有幾週的時間回過頭來，我想您可以更深入地了解類別和客戶的意見。您如何建立庫存消化排序？我知道當時你說可能是 1 到 2 個季度，我想我聽到你說 2 個季度。這是您今天從合作夥伴那裡聽到的最新反饋，然後是邁克關於資本配置的反饋嗎？我想我聽到您說您將在 24 財年進行 25 億美元的全部回購。所以我知道您通常不會談論下一年，但在您重申 10.65 美元每股收益指引的背景下，您認為這對 25 財年意味著什麼？

David, thank you. So on inventory correction, David, as I mentioned, subsequent to meeting you in Phoenix, our folks have been meeting our customers as I have I would say that the sentiment certainly hasn't got worse, if anything marginally better, but it's still -- in some areas a quarter and a lot of areas, a couple of quarters so it's relatively consistent with what we discussed in Phoenix.

大衛，謝謝你。因此，關於庫存修正，大衛，正如我提到的，在鳳凰城與您見面之後，我們的人員一直在與我們的客戶會面，就像我一樣，我想說的是，情緒肯定沒有變得更糟，如果有稍微好一點的話，但它仍然 - - 在某些地區是一個季度，在很多地區是幾個季度，所以這與我們在鳳凰城討論的內容相對一致。

So no change to the negative, maybe just slightly more positive. But just to reemphasize that the discussions we're having, what we see is we are seeing opportunities to -- we -- our customers are looking to consolidate their supply chains with fewer suppliers. And that's positive for us, long-term positive for us.

所以消極的一面沒有改變，也許只是稍微正面一點。但再次強調一下，我們正在進行的討論，我們看到的是我們看到了機會——我們——我們的客戶正在尋求用更少的供應商來整合他們的供應鏈。這對我們來說是積極的，對我們來說是長期積極的。

And David, from a buyback perspective, you're absolutely right, we're going to try and get the whole $2.5 billion down this year that not only has a positive impact on less so by FY '24. I think we've said $124 million to $127 million less so by the end of '24. And then for FY '25, we'll have a normalized buyback program. And if you look back at our history over the last 6, 7, 8, 10 years, we've done about $500 million a year. So it will be safe.

大衛，從回購的角度來看，你是完全正確的，我們將努力在今年減少 25 億美元的投資，這不僅會對 24 財年產生正面影響。我認為我們已經說過到 24 年底將減少 1.24 億至 1.27 億美元。然後在 25 財年，我們將制定標準化的回購計畫。如果你回顧我們過去 6 年、7 年、8 年、10 年的歷史，我們每年的銷售額約為 5 億美元。所以它會很安全。

Again, we don't have the authorization of the board yet for that FY '25. It's early days but I'd expect that to be in that $500 million range. And when you add all the early buybacks in '24, plus that, our (inaudible) goes down to 110 to 115 depending on share price sort of -- it is the best use of our funds. And I keep saying that with our history -- what we've done over the last years proves that out that we've been -- we put our money where our mouth is, and we will continue to do so as we feel we're still highly undervalued.

同樣，我們尚未獲得董事會針對 25 財年的授權。現在還為時過早，但我預計該金額將在 5 億美元範圍內。當你加上 24 年所有早期回購時，我們的（聽不清楚）會下降到 110 到 115，取決於股價，這是我們資金的最佳用途。我一直說，根據我們的歷史——過去幾年我們所做的事情證明了我們一直以來的做法——我們說到做到，並且我們將繼續按照我們的感覺這樣做。」仍然被嚴重低估。

Great. And can I just make a quick follow-up. I think Mike mentioned lower interest rates could have a stimulative effect on the business. Maybe, Kenny, if you can kind of help us think about where do you think the most impact could be felt by end market, which is the most sensitive to rates given your mix, I would imagine more of the...

偉大的。我可以快速跟進嗎？我認為麥克提到較低的利率可能會對業務產生刺激作用。也許，肯尼，如果你能幫助我們思考你認為終端市場在哪裡可以感受到最大的影響，考慮到你的組合，終端市場對費率最敏感，我會想像更多......

Renewables for sure. Yes, renewables for sure. I mean, if we look at -- we've got -- we've developing really great capabilities in the renewables space. And we're kind of just waiting for things to be doubt and guidance from -- through with the IRA, but also interest rates for sure are impacting and solar rollouts in the residential space. So I would say out of all of our business, but auto will help us also, obviously. But I think renewables would be the #1 we would expect to see a tailwind there.

肯定是再生能源。是的，當然是再生能源。我的意思是，如果我們看看——我們已經——我們在再生能源領域開發了真正強大的能力。我們只是在等待愛爾蘭共和軍的質疑和指導，但利率肯定會影響住宅領域的太陽能推廣。所以我想說，這與我們所有的業務無關，但顯然汽車也會幫助我們。但我認為再生能源將是我們預計在那裡看到的第一順風車。

To expect some level of enterprise level spend to improve. I think a lot of CFOs have been pulling back on purchases, enterprise-level purchases. With interest rates going down, just the whole macro environment changes on that perspective. So we do expect the other end markets to have an impact? Will it happen immediately, probably not. But over time, it will have a positive impact for us and for almost every other company as well.

預計企業層面的支出將會改善。我認為很多財務長已經減少了採購、企業級採購。隨著利率下降，從這個角度來看，整個宏觀環境都改變了。那麼我們確實預期其他終端市場會產生影響嗎？它會立即發生嗎，可能不會。但隨著時間的推移，它將對我們以及幾乎所有其他公司產生積極影響。

Our next question is coming from Melissa Fairbanks from Raymond James.

我們的下一個問題來自雷蒙德詹姆斯的梅麗莎費爾班克斯。

Talk about getting in under the wire. I'm curious about the comment that you've made or the comments that you've made on supply chain consolidation and renewables. I know supply chain services, this is 1 area that's driving more like direct customer engagement in your business overall. So in renewables, are you working directly with these customers managing their supply chain? Or is this consolidation happening further downstream.

談論進入電線下。我很好奇您發表的評論或您對供應鏈整合和再生能源發表的評論。我了解供應鏈服務，這是一個推動客戶直接參與整個業務的領域。那麼在再生能源領域，您是否直接與這些客戶合作管理他們的供應鏈？或者這種整合是否發生在下游？

Hey, Melissa. So I would disconnect the 2 a little bit. So what there been some announcements from us in Supply Chain Services, we just had our supplier summit actually yesterday and today, which is been fabulous to meet with our suppliers. We've been talking supply chain services for a long time, and we're just putting the building blocks in place to make that material for us in the longer term, but obviously, to support our customers.

嘿，梅麗莎。所以我會稍微斷開兩者的連接。因此，我們在供應鏈服務方面發布了一些公告，我們昨天和今天剛剛舉行了供應商高峰會，與我們的供應商見面真是太棒了。我們長期以來一直在談論供應鏈服務，我們只是將構建塊放在適當的位置，以便從長遠來看為我們製造這種材料，但顯然是為了支持我們的客戶。

In terms of supply chain consolidation, what we're finding is that -- and it goes back to, I think, pre-COVID where the world thought that supply chain diversification was good to have multiple suppliers, be dual sourced. And then people found out that, that was hugely difficult to manage. So when you get dislocations like this customers think how can I simplify my life?

在供應鏈整合方面，我們發現——我認為，這可以追溯到新冠疫情之前，當時世界認為供應鏈多元化有利於擁有多個供應商、雙重來源。然後人們發現，這非常難以管理。因此，當遇到這樣的混亂時，客戶會想我怎麼能簡化我的生活？

How can I simplify my world? I mean, people look at our inventory relative to our peers and they're saying, well, maybe that's an indicator of that I should be safe with Jabil. And what we see is just discussions around, look, can you can you manage my supply chain? Can you build it in your sites? It gives me less people to engage with as long as you can trust it and you can deliver. So it really is that dislocation that's driving those discussions. And that's happened -- if I look at other times like this that what we found has been good for our business. If you look at the pre-to-post COVID so we do expect that this will be good for us also in the longer term.

我怎樣才能簡化我的世界？我的意思是，人們相對於我們的同行查看我們的庫存，他們會說，好吧，也許這表明我在捷普公司應該是安全的。我們看到的只是圍繞著「看，你能管理我的供應鏈嗎？」的討論。您可以在您的網站中建立它嗎？只要你可以信任它並且你可以交付，它就可以讓我接觸的人更少。所以，正是這種混亂推動了這些討論。這種情況已經發生了——如果我看看其他類似的情況，我們發現這對我們的業務有好處。如果你看看新冠肺炎疫情前後的情況，我們確實預計，從長遠來看，這對我們也有好處。

Great. Great. Maybe as a follow-up, I'm glad you mentioned silicon photonics a couple of questions ago. I think this acquisition is really interesting in terms of adding value, but we haven't really talked about it a lot. Does the acquisition of the Intel Silicon Photonics business, does this bring any revenue along with it? Or is it simply about bringing in more of the supply stack internally and it's already kind of reflected in your business? And then longer term, does this provide more of a competitive moat in.

偉大的。偉大的。也許作為後續行動，我很高興您在幾個問題前提到了矽光子學。我認為這次收購在增加價值方面確實很有趣，但我們還沒有真正討論過很多。收購英特爾矽光子業務是否會帶來任何收入？或者只是為了在內部引入更多的供應堆疊，並且它已經在您的業務中得到了體現？從長遠來看，這是否會提供更多的競爭護城河。

Yes. So for sure, let me talk about the -- let me just give you a little bit of background on that and then talk about what we're doing. We did that acquisition in 2014 of optical business, a small optical business with -- it's a tuck-in capability like we do. And we've been gradually building that. And the key for us was it was in the telco space. but it was always going to be focused on the datacom space in the longer term. That's why we've seen the value. So we've been growing that capability. It's not usually material for us, but the capability is something that we think we can develop.

是的。所以可以肯定的是，讓我來談談——讓我給你們一些背景知識，然後談談我們正在做的事情。我們在 2014 年收購了光學業務，這是一家小型光學業務，它具有像我們一樣的隱藏能力。我們一直在逐步建立這一點。對我們來說，關鍵在於電信領域。但從長遠來看，它始終會專注於數據通訊領域。這就是為什麼我們看到了它的價值。所以我們一直在增強這種能力。這對我們來說通常並不重要，但我們認為我們可以發展這種能力。

So this Intel opportunity is -- it really came out of a discussion with our cloud providers. We are looking for us there looking to disaggregate supply chains and want it to be more vertical. So we pick up a capability that's got 400 gig, we're developing 800 gig and [1.60]. So the technical team that come along with that will help us is really, really engage in that technical road map. What that does is, I think it's a competitive mode because people do look for kind of minimize the number of suppliers and who can add more value. For sure, in the AI data centers, photonics is going to be -- is becoming more and more critical with power related. So we see all of that as a positive.

因此，英特爾的這個機會實際上是與我們的雲端供應商討論的結果。我們正在那裡尋找我們，希望分解供應鏈並希望它更加垂直。因此，我們選擇了 400 gig 的功能，我們正在開發 800 gig 和 [1.60]。因此，為我們提供幫助的技術團隊將真正致力於該技術路線圖。我認為這是一種競爭模式，因為人們確實在尋找盡量減少供應商數量以及能夠增加更多價值的供應商。可以肯定的是，在人工智慧資料中心，光子學與電源相關的因素將變得越來越重要。所以我們認為所有這些都是積極的。

I think that we have made some of the revenues into our guide through '24, '25 but I do think that as we develop the 1.60 capability there, I think that you'll see that become much, much more (inaudible). I think we look for other areas of our business that's a big play, for example, in automotive, which we haven't talked about because this is focused on telco and data center automotive, there's going to be a player there. And I mean, I'd like to call out macro is driving that, but Kee Wee Manages that for us out of Asia is just an industry expert. So we're feeling and the Intel team that are getting better in are selling in real well. So we're feeling pretty bullish about that in the longer term, Melissa. So thanks for asking.

我認為我們已經將一些收入納入到 24、25 年的指南中，但我確實認為，當我們在那裡開發 1.60 功能時，我認為您會看到它變得越來越多（聽不清楚）。我認為我們正在尋找其他具有重要作用的業務領域，例如汽車領域，我們還沒有討論過，因為它專注於電信和資料中心汽車領域，那裡將會有一個參與者。我的意思是，我想指出宏觀經濟正在推動這一趨勢，但 Kee Wee 對我們亞洲的管理來說只是一位行業專家。因此，我們感覺英特爾團隊的表現越來越好，銷售量也非常好。因此，從長遠來看，我們對此非常樂觀，梅麗莎。謝謝你的提問。

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。

Question about regionalization. And are you still seeing customers looking to have more of their manufacturing done in North America in order to improve supply chain resiliency? Or have changes in demand and component lead times meaningfully altered any of those or plans?

關於區域化的問題。您是否仍看到客戶希望在北美完成更多製造，以提高供應鏈彈性？或者需求和零件交付週期的變化是否對這些或計劃產生了有意義的改變？

Mark, it's an interesting question. So I think it's nuanced by end market. So for sure and renewables, we're seeing a real push for -- to get the benefit of the incentives into being and North America. That's 100%. In fact, we're active. And a relatively large scale in that discussion where you expect more from us in the next 3 to 6 months. So definitely in renewables. Outside of that, I think the pace is relatively consistent. We're still seeing -- I mean I think your point about regionalization.

馬克，這是一個有趣的問題。所以我認為終端市場有細微差別。因此，可以肯定的是，在再生能源方面，我們看到了真正的推動力——從激勵措施中獲益，進入北美地區。那是100%。事實上，我們很活躍。討論規模相對較大，您對我們在未來 3 到 6 個月內的期望更高。所以絕對是再生能源。除此之外，我認為步伐相對一致。我們仍在觀察——我的意思是我認為你關於區域化的觀點。

We are still being asked to can we build more EVs for North America and Mexico, can we build them in Europe for the European market and obviously, tariffs, et cetera, and Asia for Asia. So I don't think that's necessarily sped up any or slowed down other than in the renewables space, we're definitely seeing a pickup and ask for us to be localized.

我們仍然被問到我們是否可以為北美和墨西哥生產更多的電動車，我們是否可以在歐洲為歐洲市場生產它們，顯然，關稅等等，以及在亞洲為亞洲市場生產它們。因此，我認為除了再生能源領域之外，這不一定會加速或放緩，我們肯定會看到回升並要求我們在地化。

So let me also qualify that by saying -- in the cloud space, the secure supply there becomes quite important, and we think that, that's going to be a tailwind for us in the longer term. We talked earlier with Melissa on Photonics, which I think will be a player also -- so I think cloud renewables and the rest of the business is relatively consistent.

因此，讓我也透過這樣一句話來限定這一點：在雲端空間中，安全供應變得非常重要，我們認為，從長遠來看，這將成為我們的順風車。我們早些時候與梅麗莎討論了光子學，我認為光子學也將是一個參與者——所以我認為雲再生能源和其他業務是相對一致的。

My other question is on margins and recognizing the outlook the company has for improved margins and also the progress you've made over the last several years. I'm so hoping to better understand as you're seeing lead times for components normalize as you're seeing weaker demand, have you seen any change in your ability to pass through higher cost and negotiate with customers around pricing in light of those changing market conditions?

我的另一個問題是關於利潤率，並認識到公司提高利潤率的前景以及您在過去幾年中取得的進步。我非常希望能更好地理解，因為您看到組件的交貨時間正常化，因為您看到需求疲軟，您是否看到您通過更高的成本並根據這些變化與客戶就價格進行談判的能力發生了任何變化市場狀況？

I mean I would -- we talk about kind of -- people talk about leverage with customers, and we don't view it that way at all. As I mentioned, we've got a supplier summit right now for surely things are coming down. I mean we pass through -- renegotiate a lot of -- and our customers' behalf, and then we pass that through to our customers and we engage with our suppliers. So -- as we've not seen any pickup in our reduction in margins based on lead times (inaudible), and our business is -- we write that up and down. And so no, we don't see any real changes there.

我的意思是，我會——我們談論某種——人們談論對客戶的影響力，但我們根本不這麼認為。正如我所提到的，我們現在正在召開供應商高峰會，因為事情肯定會有所改善。我的意思是，我們代表客戶進行了許多重新談判，然後我們將其傳遞給我們的客戶，並與我們的供應商接觸。因此，由於我們沒有看到基於交貨時間（聽不清楚）的利潤減少有任何回升，而我們的業務是，我們將其上下記錄。所以不，我們沒有看到任何真正的改變。

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

我們的問答環節已經結束。我想將發言權交還給管理階層，以徵求進一步的意見或結束意見。

Thank you very much for joining our call today. We appreciate your interest in Jabil. Everyone here would like to wish all of those, a very happy holiday, a peaceful holiday. And we are looking forward to joining the S&P 500 tomorrow. So have a great holiday.

非常感謝您今天加入我們的電話會議。我們感謝您對捷普的興趣。這裡的每個人都祝福所有這些，一個非常快樂的假期，一個和平的假期。我們期待明天加入標準普爾 500 指數。所以祝你假期愉快。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your lines 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。