捷普科技 (JBL) 2024 Q2 法說會逐字稿

Greetings. Welcome to the Jabil Second Quarter of Fiscal Year 2024 Earnings Call. (Operator Instructions) Please note that this conference is being recorded.

問候。歡迎參加捷普 2024 財年第二季財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to Adam Berry, Vice President, Investor Relations. Thank you. You may begin.

我現在將會議交給投資者關係副總裁 Adam Berry。謝謝。你可以開始了。

Good morning, and thank you for joining Jabil's Second Quarter Fiscal 2024 Earnings Call. Joining me on today's call are Chief Financial Officer, Mike Dastoor; and Chief Executive Officer, Kenny Wilson. Over the next few minutes, Mike and I will review our Q2 results, update current demand trends and provide new guidance for fiscal '24. We will then turn the call over to Kenny, who will provide several of the building blocks that give us confidence in our strong outlook for fiscal '25.

早安，感謝您參加捷普 2024 年第二季財報電話會議。參加今天電話會議的有財務長 Mike Dastoor；和首席執行官肯尼·威爾遜。在接下來的幾分鐘內，麥克和我將回顧我們第二季的業績，更新當前的需求趨勢，並為 24 財年提供新的指導。然後，我們將把電話轉給肯尼，他將提供一些基礎材料，讓我們對 25 財年的強勁前景充滿信心。

Before we begin, please note that today's call is being webcast live, and during our prepared remarks, we will be referencing slides. To follow along with the slides, please visit jabil.com within the Investor Relations portion of the website. At the conclusion of the call, the entirety of today's presentation will be posted for audio playback. I'd now ask that you view the slides on the website and follow along with our presentation, beginning with the forward-looking statement.

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，在我們準備好的演講中，我們將引用幻燈片。若要觀看投影片，請造訪 jabil.com 網站的投資者關係部分。電話會議結束時，今天的整個簡報將被發布以進行音訊播放。我現在請您查看網站上的幻燈片並跟隨我們的演示，從前瞻性聲明開始。

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 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, 2023, and our 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.

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。我們截至 2023 年 8 月 31 日的財政年度 10-K 表格年度報告以及我們向 SEC 提交的其他文件中列出了這些風險和不確定性的詳細清單。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 second quarter results, where the team delivered approximately $6.8 billion in revenue roughly in line with the guidance range we provided as a majority of the businesses performed extremely well against the updated guidance we provided back in December.

有了這個，我現在想將我們的注意力轉移到我們的第二季度業績上，該團隊實現了約68 億美元的收入，大致符合我們提供的指導範圍，因為大多數業務的表現都非常好，與我們更新的指導相比12 月提供回來。

Core operating income for the quarter came in at $338 million or 5% of revenue. This was up 20 basis points as a percentage of revenue year-over-year due to a strong mix of business led by automotive and health care, while also supported by an ongoing mix shift within our networking and storage end markets. Net interest expense for the quarter came in higher than expected at $72 million, reflecting higher levels of inventory during the quarter.

該季度核心營業收入為 3.38 億美元，佔營收的 5%。由於以汽車和醫療保健為主導的強勁業務組合，同時我們的網路和儲存終端市場中持續的組合轉變也為這一數字提供了支持，佔收入的百分比同比增長了 20 個基點。該季度的淨利息支出為 7,200 萬美元，高於預期，反映出該季度庫存水準較高。

It's also worth noting that we successfully closed on the sale of our mobility business to BYD Electronics during the quarter for approximately $2.2 billion. As a result, GAAP operating income was approximately $1.1 billion, and our GAAP diluted earnings per share was $7.31, reflecting the substantial gain associated with the sale at the end of December.

另外值得注意的是，我們在本季以約 22 億美元的價格成功完成了將行動業務出售給比亞迪電子的交易。因此，GAAP 營業收入約為 11 億美元，我們的 GAAP 攤薄每股收益為 7.31 美元，反映出與 12 月底出售相關的可觀收益。

Core diluted earnings per share for the quarter was $1.68, $0.05 above the midpoint of our guidance range provided in December.

本季核心攤薄後每股收益為 1.68 美元，比我們 12 月提供的指導範圍中點高出 0.05 美元。

Now turning to our performance by segment in the quarter. Revenue for the DMS segment came in at $3.4 billion, down approximately 16% from the prior year, driven almost entirely by year-over-year comparisons for the mobility divestiture. On a like-for-like basis, our DMS segment performed very well, led by approximately 11% growth in our automotive and transportation businesses.

現在轉向我們本季按部門劃分的業績。 DMS 部門的收入為 34 億美元，比上年下降約 16%，幾乎完全是由行動資產剝離的年比比較推動的。在同類基礎上，我們的 DMS 部門表現非常出色，其中汽車和運輸業務成長了約 11%。

Core operating margin for the segment came in at 5.6%, 100 basis points higher than the same quarter from a year ago, reflective of the ongoing mix shift within our DMS business.

該部門的核心營業利潤率為 5.6%，比去年同期高出 100 個基點，反映了我們 DMS 業務中持續的組合轉變。

Revenue for our EMS segment came in at $3.3 billion, down roughly 18% year-over-year and roughly $100 million to $200 million below our expectations for the quarter. The majority of our year-on-year revenue decline within EMS was driven by our move to a consignment model within our cloud business and lower revenue in markets like 5G, renewable energy and digital print as expected. However, unexpectedly, and towards the end of the quarter, our 5G and renewables businesses were both negatively impacted by yet another decline in demand associated with those end markets. For the quarter, core margins for the EMS segment were 4.4%, down 70 basis points year-over-year.

我們的 EMS 部門營收為 33 億美元，年減約 18%，比我們對本季的預期低約 1 億至 2 億美元。 EMS 營收年減的主要原因是我們轉向雲端業務內的寄售模式，以及 5G、再生能源和數位印刷等市場的收入預期下降。然而，出乎意料的是，在本季末，我們的 5G 和再生能源業務均受到與這些終端市場相關的需求再次下降的負面影響。本季度，EMS 業務核心利潤率為 4.4%，年減 70 個基點。

Next, I'd like to begin with an update on our cash flow and balance sheet metrics as of the end of Q2, beginning with inventory, which came in 9 days higher sequentially to 87 days. Net of inventory deposits for our customers, inventory days were 62%, which was quarter-on-quarter increase of 4 days.

接下來，我想先更新截至第二季末的現金流量和資產負債表指標，從庫存開始，庫存比上一季增加 9 天，達到 87 天。扣除客戶存貨訂金後，庫存天數為62%，較上季增加4天。

Our second quarter cash flows from operations came in at $218 million, while net capital expenditures totaled $170 million, resulting in $48 million in adjusted free cash flow during the quarter.

我們第二季的營運現金流為 2.18 億美元，淨資本支出總計 1.7 億美元，導致本季調整後自由現金流為 4,800 萬美元。

During the quarter, we repurchased 6.5 million shares for $825 million, leaving us with approximately $1.2 billion remaining on our current repurchase authorization as of February 29.

本季度，我們以 8.25 億美元的價格回購了 650 萬股股票，截至 2 月 29 日，我們目前的回購授權還剩約 12 億美元。

With this, we ended the quarter with cash balances of $2.6 billion and total debt to core EBITDA levels of approximately 1.2x.

截至本季末，我們的現金餘額為 26 億美元，總債務與核心 EBITDA 水準約為 1.2 倍。

In closing, Q2 was largely a solid quarter. For starters, the divestiture of our mobility business and the allocation of those funds towards the share buybacks reflect the strategic intent of this management team to both reshape the business where appropriate while also maintaining healthy returns to shareholders.

最後，第二季基本上是一個穩定的季度。首先，剝離我們的行動業務並將這些資金分配給股票回購反映了該管理團隊的策略意圖，即在適當的情況下重塑業務，同時保持股東的健康回報。

At the same time, the business is performing pretty admirably despite considerable declines in 2 of the end markets we serve as evidenced by our ability to deliver higher margins despite these headwinds.

同時，儘管我們服務的兩個終端市場大幅下滑，但該業務的表現仍相當令人欽佩，這一點可以從我們儘管面臨這些不利因素仍能提供更高利潤的能力中得到證明。

And finally, I'll leave you with a bit of optimism as we look ahead to fiscal '25 and beyond. As we think about the adjacencies across the end markets we serve, it's becoming clear that there's a common theme forming among a number of the end markets, specific to the surge of artificial intelligence, and the impact it will have on our customers' business well into the future. And with this surge, there's a proliferation of data being created by EV and autonomous vehicles that needs to be harnessed.

最後，當我們展望 25 財年及以後時，我將讓您保持一點樂觀的態度。當我們思考我們所服務的終端市場的鄰近地區時，越來越明顯的是，許多終端市場之間形成了一個共同的主題，特別是人工智慧的激增，以及它將對我們客戶的業務產生的影響進入未來。隨著這種激增，電動車和自動駕駛汽車產生的數據也大量增加，需要加以利用。

In the health care industry, we're in the early innings of getting our arms around the benefits of AI in the operating room. And in our cloud business, we're seeing significantly increased demand for our services related to AI specific to hardware, manufacturing and design.

在醫療保健產業，我們正處於在手術室中利用人工智慧優勢的早期階段。在我們的雲端業務中，我們發現對特定於硬體、製造和設計的人工智慧相關服務的需求顯著增加。

And perhaps most exciting, this enthusiasm is beginning to turn into tangible results. For instance, our AI GPU volume in the first half of 2024 is 200x that of the level of 2023. So there's a lot to be excited about as we look a little bit further down the road.

也許最令人興奮的是，這種熱情開始轉化為實際的成果。例如，我們 2024 年上半年的 AI GPU 數量是 2023 年水準的 200 倍。因此，當我們進一步展望未來時，有很多值得興奮的事情。

In a few minutes, Kenny will share his thoughts on fiscal '25 and why he believes our original outlook of $10.65 remains attainable despite a transitional fiscal '24. But first, I'll hand the call over to Mike, who will provide more details on fiscal '24, including an update on our growth outlook by end market.

幾分鐘後，肯尼將分享他對 25 財年的看法，以及為什麼他相信儘管 24 財年是過渡性的，但我們最初的 10.65 美元展望仍然可以實現。但首先，我將把電話轉給麥克，他將提供有關 24 財年的更多詳細信息，包括我們按終端市場劃分的增長前景的最新信息。

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

就這樣，謝謝你。我現在將把電話轉給麥克。

Thanks, Adam, 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 Q3 and updated outlook for FY '24. Next, I'll provide an update on why we are confident in our growth opportunities for FY '25. And then I'll provide an update on our accelerated share buyback execution plans, which are progressing ahead of schedule.

謝謝亞當，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，我將向您介紹我們第三季的財務前景和 24 財年的更新前景。接下來，我將介紹為何我們對 25 財年的成長機會充滿信心的最新情況。然後我將提供有關我們加速股票回購執行計劃的最新信息，該計劃正在提前進行。

With that, let's turn to the next slide for our third quarter guidance. Towards the end of our second quarter, we experienced a sudden slowdown within our 5G and renewable energy end markets, which we expect will continue through the second half of FY '24 and result in lower-than-expected revenue for the last 2 quarters.

接下來，讓我們轉向下一張投影片，了解我們的第三季指導。在第二季末，我們的 5G 和再生能源終端市場突然放緩，我們預計這種情況將持續到 24 財年下半年，並導致過去兩個季度的收入低於預期。

Within our renewable energy business, the inventory correction that began in our Q1 is now expected to persist through the balance of our fiscal year as customers in this end market lower demand forecast towards the back half of February. The renewable energy team has done an excellent job consolidating the supply chain within our current customer base and we will have a higher overall share of our customers' business as we move towards the end of Q4.

在我們的再生能源業務中，從第一季開始的庫存調整預計將持續到整個財年的剩餘時間，因為終端市場的客戶在 2 月下旬降低了需求預測。再生能源團隊在鞏固我們目前客戶群內的供應鏈方面做得非常出色，隨著第四季末的臨近，我們將在客戶業務中獲得更高的整體份額。

In 5G, towards the end of the quarter, infrastructure rollout slowed quicker than expected as faster-growing markets like India substantially pull back on all 5G infrastructure investments. As a result of these 2 market dynamics for Q3, we expect total company revenue to be in the range of $6.2 billion to $6.8 billion. Core operating income for Q3 is estimated to be in the range of $325 million to $385 million.

在 5G 領域，到本季末，基礎設施部署放緩速度快於預期，因為印度等成長較快的市場大幅縮減了所有 5G 基礎設施投資。由於第三季的這兩個市場動態，我們預計公司總收入將在 62 億美元至 68 億美元之間。第三季的核心營業收入預計在 3.25 億美元至 3.85 億美元之間。

GAAP operating income is expected to be in the range of $221 million to $301 million. Core diluted earnings per share is estimated to be in the range of $1.65 to $2.05. GAAP diluted earnings per share is expected to be in the range of $0.82 to $1.38. Net interest expense in the third quarter is estimated to be $75 million.

GAAP 營業收入預計在 2.21 億美元至 3.01 億美元之間。每股核心攤薄收益預計在 1.65 美元至 2.05 美元之間。 GAAP 稀釋後每股收益預計在 0.82 美元至 1.38 美元之間。第三季淨利息支出預計為 7,500 萬美元。

Now moving on to full year guidance on the next slide. At a high level, with the exception of the near-term dynamics within our renewable energy and 5G markets, the majority of our expectations for revenue by end market this year remains largely in line with our thoughts in December. Importantly, for the year, we continue to expect year-on-year growth across some of our core end markets, which are still experiencing year-on-year growth, notably in electric vehicles, health care and AI cloud data centers.

現在轉向下一張投影片的全年指引。從高水準來看，除了再生能源和 5G 市場的近期動態外，我們對今年終端市場收入的大部分預期仍然與我們 12 月的想法基本一致。重要的是，今年我們繼續預計一些核心終端市場將實現同比增長，這些市場仍在經歷同比增長，特別是在電動車、醫療保健和人工智慧雲端資料中心領域。

Moving to the next slide. Despite the revenue headwinds in the near term, we are confident that we will, Jabil to be more resilient as we've diversified across geographies, products, customers and end markets. Because of this, we're not anticipating the same level of margin erosion traditionally seen in past slowdowns. Our diversified approach, global footprint and strong relationships with customers give us confidence in weathering these near-term challenges. We're adapting, staying focused on margins and cash flow and committed to delivering value.

轉到下一張投影片。儘管短期內出現收入逆風，但我們相信捷普將更具彈性，因為我們在地理、產品、客戶和終端市場上實現了多元化。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。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。

Notably, by FY '24, we expect core operating margins to come in higher than we expected in December at 5.6%. Three reasons largely account for our ability to drive margins higher despite lower revenue. First, as our agile model allows, we pushed our planned investments and costs that will plan to support new ramps in renewables in the back half of the fiscal year. Because of this, deleveraging is limited. Second, we expect to offset lower revenue with fixed cost recoveries from 5G and renewable energy customers. And third, we made progress with our efforts to align our cost structure and footprint with our go-forward business.

值得注意的是，到 24 財年，我們預期核心營業利潤率將高於我們 12 月的預期（5.6%）。儘管收入較低，但我們仍能夠提高利潤率，主要有以下三個原因。首先，正如我們的敏捷模型所允許的那樣，我們推動了計劃投資和成本，這些投資和成本將計劃在本財年後半段支持再生能源的新增長。因此，去槓桿是有限的。其次，我們預計透過 5G 和再生能源客戶的固定成本回收來抵消收入的下降。第三，我們努力使成本結構和足跡與未來業務保持一致，並取得了進展。

All of this gives me confidence in our ability to deliver core operating margins of 5.6% in FY '24 and positions us well for future margin expansion as we drive revenue growth higher on an optimized cost structure.

所有這些讓我對我們在 24 財年實現 5.6% 核心營業利潤率的能力充滿信心，並為我們未來的利潤率擴張做好了準備，因為我們透過優化的成本結構推動收入成長更高。

Putting it all together for FY '24 on the next slide. We expect our improved mix of business and optimization efforts will drive incremental operating leverage, thereby giving us the confidence to raise our core operating margin guidance to 5.6% for FY '24 on revenue of $28.5 billion. We expect this dynamic to result in core EPS of $8.40, which is reflected by improved core operating income margin and accelerated share repurchases. Importantly, for the year, we also remain committed to generating more than $1 billion in free cash flow.

在下一張投影片上將 24 財年的所有內容放在一起。我們預計，我們改進的業務組合和優化工作將推動營運槓桿的增加，使我們有信心將 24 財年的核心營運利潤率指引提高至 5.6%，營收為 285 億美元。我們預計這種動態將使核心每股收益達到 8.40 美元，這反映在核心營業利潤率的提高和股票回購的加速。重要的是，今年我們仍致力於創造超過 10 億美元的自由現金流。

Moving to the next slide. Overall, we feel good about the trajectory of our end market portfolio and are well positioned to drive growth in FY '25 headlined by continued growth in automotive, health care and AI data centers along with anticipated recoveries in areas of our business that are contracted this year. Globally, both EV and hybrid platforms continue to outpace ICE unit growth rates, albeit at a lower rate than we had originally anticipated at the beginning of the fiscal year.

轉到下一張投影片。總體而言，我們對終端市場投資組合的發展軌跡感到滿意，並處於有利位置，可以推動25 財年的增長，主要是汽車、醫療保健和人工智能數據中心的持續增長，以及我們與此簽訂合同的業務領域的預期復甦。年。在全球範圍內，電動車和混合動力平台的銷售成長持續超過內燃機汽車，儘管成長速度低於我們在本財年年初的最初預期。

Our EV business is supporting a number of new vehicle platforms with multiple customers in areas such as next-gen compute and control modules, power conversion battery management, LIDAR and other sensors as well as charging solutions.

我們的電動車業務正在為下一代運算和控制模組、電源轉換電池管理、雷射雷達和其他感測器以及充電解決方案等領域的多個客戶的多個新汽車平台提供支援。

Additionally, we were recently awarded new business in optical camera modules where OEMs are predeploying optics hardware capabilities, enabling the rollout of different levels of autonomous driving through software updates.

此外，我們最近獲得了光學相機模組的新業務，原始設備製造商正在預先部署光學硬體功能，從而透過軟體更新推出不同級別的自動駕駛。

It is important to note the majority of the year-on-year growth we expect in EVs in FY '25 will be driven by new programs and will be less reliant on volume growth with existing customers. These new platforms gives us confidence in our expectations of another year of growth for EVs in FY '25.

值得注意的是，我們預計 25 財年電動車的同比增長大部分將由新計劃推動，並將減少對現有客戶銷售成長的依賴。這些新平台讓我們對 25 財年電動車又一個成長年的預期充滿信心。

Longer term, Jabil is well positioned to support both EV and hybrid technologies as they continue to take a larger overall share of auto unit growth globally. Within our health care business, we see significant opportunity to offer critical solutions and capabilities to customers outsourcing complex tasks.

從長遠來看，捷普在支持電動車和混合動力技術方面處於有利地位，因為它們繼續在全球汽車銷售成長中佔據更大的整體份額。在我們的醫療保健業務中，我們看到了為外包複雜任務的客戶提供關鍵解決方案和功能的巨大機會。

Jabil's credibility in health care as the largest EMS provider in the space positions us well to take advantage of the growing outsourcing of manufacturing trend.

作為該領域最大的 EMS 供應商，捷普在醫療保健領域的信譽使我們能夠很好地利用日益增長的製造外包趨勢。

In FY '25, we anticipate another year of growth in our base business as we continue to explore opportunities in new capabilities and B2B transactions similar to our strategic collaboration from a few years ago. And in the data center space, there is a common theme forming among a number of our end markets related to the surge of investments in AI and ML. The pace of AI investments continues to accelerate, and Jabil is winning our fair share of this growing pie as we have positioned ourselves well to assist our customers build out next-generation AI data centers.

在 25 財年，我們預計我們的基礎業務將再成長一年，因為我們將繼續探索新功能和 B2B 交易的機會，類似於我們幾年前的策略合作。在資料中心領域，我們的許多終端市場形成了一個與人工智慧和機器學習投資激增相關的共同主題。人工智慧投資的步伐不斷加快，捷普在這塊不斷增長的蛋糕中贏得了應得的份額，因為我們已做好充分準備，協助客戶建立下一代人工智慧資料中心。

Our teams are quickly diversifying and winning share across multiple end markets in the AI data center infrastructure space, where we're seeing growth in AI GPU right configurations accelerated optical switches for AI back-end networking applications, silicon photonics, liquid cooling capabilities and power and energy storage. Given our success to date in this space, we now expect AI-related net revenue across multiple end markets to be approximately $6 billion in FY '25 or an increase of 20% year-on-year.

我們的團隊正在快速實現多元化，並在AI 資料中心基礎設施領域的多個終端市場贏得份額，我們看到AI GPU 正確配置、用於AI 後端網路應用的加速光開關、矽光子學、液體冷卻功能和電源的成長和能量儲存。鑑於我們迄今為止在這一領域取得的成功，我們現在預計 25 財年多個終端市場與人工智慧相關的淨收入約為 60 億美元，年增 20%。

Within the semi-cap market, we continue to anticipate demand to remain muted for FY '24. However, overall market dynamics are expected to improve as commentary across the industry suggests recovery may be on the horizon with a growing expectation that things improve towards the end of this calendar year, as fab utilization ticks higher and memory inventory normalizes. And in renewables, as we look to FY '25, while we expect this end market to recover very slowly, we are winning new business and market share along with the aforementioned consolidation within our current customer base.

在半盤股市場中，我們繼續預期 24 財年的需求將保持低迷。然而，隨著整個行業的評論表明，隨著晶圓廠利用率的上升和內存庫存的正常化，人們越來越期望情況會在今年年底有所改善，因此預計整體市場動態將有所改善。在再生能源方面，正如我們展望 25 財年，雖然我們預計該終端市場將恢復非常緩慢，但我們正在贏得新業務和市場份額，以及上述在我們當前客戶群中的整合。

Longer term, we remain well positioned to support secular growth in the renewable energy infrastructure space due to Jabil's unique combination of power engineering expertise, in-region manufacturing and supply chain capabilities.

從長遠來看，由於捷普將電力工程專業知識、區域內製造和供應鏈能力獨特地結合在一起，我們仍然能夠很好地支持再生能源基礎設施領域的長期成長。

Looking forward, we're excited about the underlying momentum across our diversified portfolio and are well positioned to drive growth in FY '25.

展望未來，我們對多元化投資組合的潛在動力感到興奮，並做好了推動 25 財年成長的準備。

Next, I'd like to provide an update on our share repurchases. In December, I outlined our intentions of executing a series of accelerated buybacks for the balance of the $2.5 billion repurchase authorization in FY '24.

接下來，我想提供有關我們股票回購的最新情況。 12 月，我概述了我們對 24 財年 25 億美元回購授權餘額執行一系列加速回購的意圖。

I am happy to say that we're ahead of schedule with $825 million repurchased in Q2. This brings our year-to-date repurchase amount to 10.4 million shares for $1.3 billion for an average purchase price just under $127 per share. We fully anticipate completing the remaining $1.2 billion on our current repurchase authorization in FY '24 and we'll continue to opportunistically optimize our repurchases.

我很高興地說，我們在第二季回購了 8.25 億美元，提前完成了計劃。這使得我們今年迄今的回購金額達到 1,040 萬股，耗資 13 億美元，平均購買價格略低於每股 127 美元。我們完全預計在 24 財年完成目前回購授權中剩餘的 12 億美元，並且我們將繼續伺機優化我們的回購。

With the plan in place and progress to date, I expect [LASSO] to be in the range of $123 million to $126 million for FY '24 and approximately $110 million to $113 million in FY '25.

根據該計劃的到位和迄今為止的進展，我預計 [LASSO] 24 財年的收入將在 1.23 億至 1.26 億美元之間，25 財年的收入將在 1.1 億至 1.13 億美元之間。

On the next slide, in summary, for FY '25, I'm excited about the underlying momentum across our diversified portfolio, and I'm confident that we're well positioned to drive multiple paths of growth in FY '25 as a result of the following: consolidation of share in the renewable energy space, expected recovery of the semi cap end market, confirmed market share gains with multiple existing customers, new programs booked with new customers, and I am particularly excited about our silicon to solution strategy, which will help accelerate the infrastructure that will be required to fuel the AI/ML macro trend in the market. This is borne out in the continuing mix shift of our networking and storage end market where we continue to replace legacy lower-margin networking equipment with higher-margin AI-driven equipment.

總而言之，在下一張投影片中，對於 25 財年，我對我們多元化投資組合的潛在勢頭感到興奮，並且我相信我們已做好充分準備，能夠推動 25 財年的多種增長路徑以下內容：再生能源領域份額的鞏固、半導體終端市場的預期復甦、與多個現有客戶確認的市場份額增長、與新客戶預訂的新計劃，我對我們的矽到解決方案策略感到特別興奮，這將有助於加速推動市場人工智慧/機器學習宏觀趨勢所需的基礎設施建設。這在我們的網路和儲存終端市場的持續混合轉變中得到了證實，我們繼續用利潤率較高的人工智慧驅動設備取代傳統的低利潤網路設備。

On top of all this, when you consider our optimized cost structure, we are well positioned to expand core margins to more than 5.7%. In addition, our accelerated share repurchases and expected lower net interest expenses gives me confidence in our ability to deliver core EPS of $10.65 in FY '25. In my view, Jabil is not just more diversified, but also significantly 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 offer higher returns and multiyear secular growth opportunities.

最重要的是，當你考慮到我們優化的成本結構時，我們完全有能力將核心利潤率擴大到 5.7% 以上。此外，我們加速股票回購和預期較低的淨利息支出使我對我們在 25 財年實現 10.65 美元核心每股收益的能力充滿信心。在我看來，捷普不僅更加多元化，而且比幾年前更具彈性，因為我們有意將我們的資源投資於關鍵終端市場領域，並將其與這些領域進行調整，這些領域提供了更高的回報和多年的長期成長機會。

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

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肯尼。

Thank you, Mike, and thanks to everyone for joining us today. Fiscal '24 was always going to be a transitional year for Jabil, one of which we've successfully completed the largest transaction in the company's history with the mobility sale and its subsequent efforts by our teams to optimize our footprint and cost structure for the go-forward company. For this transaction and the optimization of our footprint were anticipated, the end market slowdown was not.

謝謝你，麥克，也謝謝大家今天加入我們。 24 財年對捷普來說始終是過渡性的一年，其中我們成功完成了公司歷史上最大的交易，包括移動銷售以及我們團隊隨後為優化我們的足跡和成本結構而做出的努力- 遠期公司。對於本次交易和我們的足跡優化而言，終端市場放緩並非預料之中。

As I have stated previously, the key attribute of our model is agility and our ability to quickly react and effectively absorb changes in revenue. At Jabil, we obsess about operations, working tirelessly to ensure that what is within our control, we control well. Managing our factories to absorb such a marked slowdown does not happen by chance. So it's pleasing to see our margins hold up. Additionally, dislocations like this provide opportunity for some consolidation and is reassuring to make progress with customers who trust us to allocate more of their spend to Jabil.

正如我之前所說，我們模型的關鍵屬性是敏捷性以及我們快速反應和有效吸收收入變化的能力。在捷普，我們專注於運營，孜孜不倦地工作，以確保我們能夠很好地控制我們控制範圍內的事情。管理我們的工廠以應對如此明顯的經濟放緩並非偶然。因此，很高興看到我們的利潤率保持不變。此外，像這樣的混亂為一些整合提供了機會，並讓那些相信我們將更多支出分配給捷普的客戶取得進展。

In tandem with our focus on operational execution, we have been intentional in how we've shaped our commercial portfolio. The closing of the Mobility deal was not a one-off event, but part of a process we believe telling our capabilities current and future with markets exhibiting the desirable characteristics of long-term secular growth and appropriate margins and cash flows.

在關注營運執行的同時，我們也有意塑造我們的商業投資組合。行動交易的完成不是一次性事件，而是一個過程的一部分，我們相信，隨著市場表現出長期長期增長以及適當的利潤和現金流的理想特徵，我們的能力能夠告訴我們當前和未來的能力。

Result of this allows us to help simplify the lives of our current and future customers while making appropriate returns. For example, in our recent history, this has seen us transition from low tech electronics and automotive to EV and autonomous driving systems, including optical cameras. From PCBA manufacturing and health care to precision machining of customized implantables, from build-to-print servers to highly configurable AI data center racks, from simple network switches to liquid cooled accelerated switching supporting AI applications and from build-to-print in the telco space, starting a seat at the table, as we look to optimize our advanced packaging value chain for silicon photonics across multiple end markets. In short, we are continuously retailing the company to ensure we are ready to support the future needs of our customers.

這樣做的結果使我們能夠幫助簡化當前和未來客戶的生活，同時獲得適當的回報。例如，在我們最近的歷史中，我們從低技術電子和汽車轉向電動車和自動駕駛系統，包括光學攝影機。從PCBA 製造和醫療保健到客製化植入物的精密加工，從按圖製作伺服器到高度可配置的人工智慧資料中心機架，從簡單的網路交換器到支援人工智慧應用的液冷加速交換，以及從電信公司的按圖製作空間，開始在桌上佔有一席之地，因為我們希望優化跨多個終端市場的矽光子學先進封裝價值鏈。簡而言之，我們不斷對公司進行零售，以確保我們準備好支援客戶的未來需求。

In addition to the mobility deal, another couple of proof points were evident in the quarter. We are proud to have been awarded a new video security and optics business with Motorola Solutions including 2 highly competent manufacturing sites in North America.

除了流動性交易之外，本季還出現了另外兩個明顯的證據。我們很榮幸能夠獲得摩托羅拉解決方案的新視訊安全和光學業務，其中包括位於北美的 2 個高素質製造基地。

This supports a focus on supply chain regionalization where we see significant benefits from the ability to leverage our global footprint coupled with the advantage of being domiciled in the U.S. And in the AI data center infrastructure space, we are building low and medium voltage switchgear to support proliferation of AI data centers. We were awarded a liquid cooled accelerated network switching program, which will ramp in fiscal year '25.

這支持了對供應鏈區域化的關注，我們看到利用我們的全球足跡的能力以及在美國註冊的優勢帶來的巨大好處。在人工智慧資料中心基礎設施領域，我們正在建造低壓和中壓開關設備來支援人工智慧資料中心的激增。我們獲得了液冷加速網路切換計劃，該計劃將在 25 財年開始實施。

While already, we are seeing the benefits of the addition of the Intel silicon photonics team with multiple wins in the pluggable transceiver space.

我們已經看到了英特爾矽光子團隊的加入所帶來的好處，他們在可插拔收發器領域取得了許多勝利。

As I think about exiting this year as a more optimized company, coupled with the numerous opportunities across our commercial portfolio, I'm confident in our ability to expand margins year-on-year while also delivering core EPS of $10.65 and free cash flow in excess of $1 billion.

當我考慮今年作為一家更優化的公司退出時，加上我們商業投資組合中的眾多機會，我對我們逐年擴大利潤率的能力充滿信心，同時實現10.65 美元的核心每股收益和2019 年的自由現金流。超過10億美元。

Note that in modeling fiscal year '25, we anticipate total revenues similar to fiscal year '23 levels, excluding the mobility divestiture. Importantly, we expect mix to be much improved as our business continues to trend toward markets, benefiting from long-term secular trends.

請注意，在對 25 財年進行建模時，我們預計總收入與 23 財年的水平相似，不包括流動資產剝離。重要的是，隨著我們的業務繼續走向市場，受益於長期趨勢，我們預計組合將會大大改善。

In closing, in the last 90 days, I have had the privilege of spending time with multiple customers and internal organizations, including executive team of Motorola Solutions as we celebrated the new award. The new additions to the Jabil team from Retronix, ProcureAbility and Intel and with our teams in Asia as we celebrate Chinese New Year with a long-held Jabil (inaudible) tradition.

最後，在過去 90 天裡，我有幸與多個客戶和內部組織（包括摩托羅拉解決方案的執行團隊）一起慶祝新獎項。來自 Retronix、ProcureAbility 和英特爾的 Jabil 團隊以及我們亞洲團隊的新成員加入，我們以 Jabil 長期以來（聽不清楚）的傳統慶祝農曆新年。

While in Asia, it was also my honor to accept a Shingo Prize awarded to our health care site in Shanghai, the largest med device site to receive this award in the last 15 years.

在亞洲期間，我也很榮幸接受我們位於上海的醫療保健工廠頒發的新鄉獎，這是過去 15 年來獲得該獎項的最大醫療器材工廠。

As I reflect on all of this, I believe it further demonstrates that in addition to having the right capabilities and being in the right end markets, we also have the right team to buy their actions every day, strengthen our unique global culture. All of this puts us on firm footing for fiscal '25 and beyond.

當我反思這一切時，我相信這進一步表明，除了擁有正確的能力並處於正確的終端市場之外，我們還擁有正確的團隊每天購買他們的行動，加強我們獨特的全球文化。所有這些都為我們在 25 財年及以後奠定了堅實的基礎。

Thank you for your interest in Jabil. I will now hand the call back to Adam.

感謝您對捷普的興趣。我現在將把電話交還給亞當。

Thanks, Kenny. So there was a lot here today. And in closing, I'd like to quickly summarize some of the key messages. Our second quarter results and our fiscal '24 outlook are largely in line with the guidance we provided back in December, with the exception of the impact from 2 specific end markets, including renewable energy and 5G wireless. And despite our lower outlook for '24, positive demand signals in the market, along with new wins, higher core margins due to mix shift and the accelerated buybacks from the proceeds of the mobility transaction give us confidence in fiscal '25 which is why we chose to maintain our $10.65 core EPS target.

謝謝，肯尼。所以今天這裡有很多東西。最後，我想快速總結一些關鍵資訊。除了再生能源和 5G 無線等兩個特定終端市場的影響外，我們的第二季業績和 24 財年展望基本上符合我們 12 月提供的指引。儘管我們對24 年的前景較低，但市場上的積極需求信號，以及新的勝利、由於混合轉型帶來的更高的核心利潤率以及流動性交易收益的加速回購，讓我們對25 財年充滿信心，這就是為什麼我們選擇維持 10.65 美元的核心每股盈餘目標不變。

Thank you for your interest in Jabil. Operator, we're now ready for Q&A.

感謝您對捷普的興趣。接線員，我們現在準備好進行問答了。

(Operator Instructions) Our first questions come from the line of Steven Fox with Fox Advisors.

（操作員說明）我們的第一個問題來自 Fox Advisors 的 Steven Fox。

Two questions from me, if I could. I guess, first of all, on the cuts within 5G and renewables programs. Can you give us a sense for why you think this is the last time you're going to have to come back and cut those numbers? Like what are the indications, not just through the fiscal year, but through maybe the calendar year from customers on that front?

如果可以的話，我有兩個問題。我想，首先是 5G 和再生能源項目的削減。您能否告訴我們為什麼您認為這是您最後一次回來削減這些數字？例如，客戶在這方面的跡像是什麼，不僅是整個財政年度，而且可能是整個日曆年？

And then secondly, on the better margins that you're targeting now, I understand the mix shift, but maybe a little bit more color on like the biggest mix shift drivers if we exclude the mobility math from that?

其次，在您現在瞄準的更好的利潤率上，我理解混合轉變，但如果我們從中排除流動性數學，那麼可能會像最大的混合轉變驅動因素一樣有更多的色彩？

Yes, let me take the question on demand. I mentioned in Q1 when we've seen the broad-based demand reduction that we've got a process where we do we're pretty intimate with our customers in terms of their forecast, looking at inventory and inventory in channels. We called that right across all of our end markets with the exception of the 5G telco space and renewables. And there's a couple of specifics there.

是的，讓我按需回答這個問題。我在第一季提到，當我們看到廣泛的需求減少時，我們有一個流程，我們在預測、查看庫存和通路庫存方面與客戶非常密切。除 5G 電信領域和再生能源外，我們在所有終端市場都如此稱呼。這裡有一些具體細節。

So Mike mentioned the India issue here and I think what we see here is that although we said, there was a substantial pullback. In effect, what happened was the rollout stopped with -- basically with no input from the reliance, in this sense. So when we look at that, there's no indication of that. And basically, we've baked into our number now going forward. So we're comfortable that everything else in the telco space, we've seen and we understood. This was just a gotcha in India. We're not forecasting or expecting that to recover in this year. So we think we're pretty safe there.

所以麥克在這裡提到了印度問題，我認為我們在這裡看到的是，儘管我們說了，但出現了實質的回調。實際上，從這個意義上說，推出停止了——基本上沒有來自依賴的輸入。所以當我們看到這一點時，沒有任何跡象表明這一點。基本上，我們現在已經確定了我們的數字。因此，我們對電信領域的其他一切都感到滿意，我們已經看到並理解了。這只是印度的一個陷阱。我們預計今年不會恢復。所以我們認為我們在那裡很安全。

In the renewable space, again, we've been working with the customer through calendar Q4 into Q1. And what we decided to do there is that basically, the inventories in the channel, and it's not going to be sold through. So we've reduced the build plan, we have registered what we're going to ship. And what we're seeing is that the inventory in channel now is now reducing. We haven't forecasted recovering that this year also. So we've been very, very conservative. Also, just as we look to '25, we've been very conservative, and we've modeled those run rates going forward into '25. So when you look at what we're talking about for '25, we don't expect these 2 end markets to recover. So we think we've been appropriately conservative.

在再生能源領域，我們從第四季到第一季一直與客戶合作。我們決定在那裡做的基本上是渠道中的庫存，並且不會被銷售出去。所以我們減少了建造計劃，我們已經註冊了我們要發貨的東西。我們看到的是渠道庫存現在正在減少。我們預計今年也不會恢復。所以我們一直都非常非常保守。此外，正如我們展望 25 年一樣，我們一直非常保守，我們已經對 25 年的運行率進行了建模。因此，當你看看我們所談論的 25 年時，我們預計這兩個終端市場不會復甦。所以我們認為我們一直保持適當的保守。

Great. And then on the margin question?

偉大的。然後關於邊際問題？

Steve, yes. So obviously, the mix shift does have a huge impact. We've replaced a lot of our legacy networking and storage business with higher-margin AI-related business there, obviously, AI by itself in the cloud space, although you don't see it in the revenue line item because of the consignment effect, the volumes are up considerably in that particular line item.

史蒂夫，是的。顯然，混合轉變確實產生了巨大的影響。我們已經用利潤率更高的人工智慧相關業務取代了許多傳統的網路和儲存業務，顯然，雲端空間中的人工智慧本身，儘管由於寄售效應，你在收入項目中看不到它，該特定行項目的數量大幅增加。

So there's a big margin play coming through on the mix shift that you suggested. And on top of that, we've done a lot of cost optimization. If you go look back at our -- I think on the call maybe earlier in the fiscal year, we talked about a stranded cost and footprint optimization restructuring that we've taken then. The fruits of that are showing up in the second half of the year. Obviously, we had -- Q2 was a little bit of a transition quarter for the cost optimization effort. But that's coming through.

因此，您建議的混合轉變會帶來很大的利潤空間。最重要的是，我們做了很多成本優化。如果你回顧一下我們的——我想在本財年早些時候的電話會議上，我們討論了我們當時採取的擱淺成本和足跡優化重組。其成果將在今年下半年顯現出來。顯然，第二季是成本優化工作的過渡季度。但這正在發生。

And then if you look at some of the cost recoveries that we're getting from our customers, even though revenues are down, we are -- we have been successful in getting cost recoveries because of the sudden nature of the cut. So all of that plus Q3, Q4 had some ramps in there. Obviously, as the revenue is pushed out, we don't have to have those ramps. And then I'll just remind you, ramps are at a much lower margin in those initial quarters when we're moving up on that revenue line item.

然後，如果你看看我們從客戶那裡獲得的一些成本回收，即使收入下降，我們也成功地回收了成本，因為削減的突然性。所以所有這些加上第三季、第四季都有一些斜坡。顯然，隨著收入被擠出，我們就不必再增加收入了。然後我會提醒您，當我們提高該收入項目時，最初幾季的利潤率要低得多。

So that gets pushed out a little as well. So a combination of all that, Steve, gives us really good comfort. I think we said 5.3% to 5.5% margin. Previously, we've actually taken it up, not just to the high end. We've taken it beyond that, and we think it's going to be more in the 5.6% range, and we feel really good about that.

所以這也被推遲了一點。史蒂夫，所有這些的結合給我們帶來了非常好的安慰。我想我們說的是 5.3% 到 5.5% 的利潤率。以前，我們實際上已經採取了這一做法，而不僅僅是高端。我們已經超出了這個範圍，我們認為它會更多地在 5.6% 的範圍內，我們對此感覺非常好。

Yes. I have a follow-up to that also, Steve. We've been talking about this and obviously, with yourself. But I think Slide 17 is a pretty good pictorial view of why we're confident that our margins in the longer term will be robust. Historically, we would be in the server space here when I think back 3, 4, 5 years ago. And then what we're trying to show here is just how as well as being vertical in terms of going to asset like rack assembly that's been hugely successful for us.

是的。我對此也有後續行動，史蒂夫。我們一直在和你自己談論這個問題。但我認為投影片 17 很好地說明了為什麼我們對長期利潤率將保持強勁充滿信心。從歷史上看，當我回想 3、4、5 年前時，我們會處於伺服器領域。然後，我們在這裡試圖展示的是在機架組裝等資產方面如何以及垂直化，這對我們來說是非常成功的。

But if you look at everything else and -- we've gone from being a legacy enterprise switching to accelerated switching that supports AI with the awards that we won recently. Optical transceivers or pluggable transceivers in this instance that we got a lot of horsepower from the Intel deal that we just closed. And incidentally, I met with the Intel team in Singapore in January and this had the ground running and are really making a huge difference, which is great for us.

但如果你看看其他一切，我們已經從傳統企業轉型為支援人工智慧的加速轉型，並獲得了我們最近贏得的獎項。在這種情況下，光收發器或可插拔收發器使我們從剛剛完成的英特爾交易中獲得了巨大的動力。順便說一句，我一月份在新加坡會見了英特爾團隊，這次會議已經開始運行，並且確實產生了巨大的變化，這對我們來說非常好。

But there's things like the CDUs, liquid cooled racks, and also, we're now doing, as I mentioned, the low voltage switchgear and the rack power distribution. So historically, that's markets that we wouldn't be playing in at all. But what we find is from being a server player to now we're getting multiple income streams in that space -- with things where a little bit of the data center being disaggregated.

但是，還有諸如 CDU、液冷機架之類的東西，而且，正如我所提到的，我們現在正在做低壓開關設備和機架配電。從歷史上看，這是我們根本不會涉足的市場。但我們發現，從成為伺服器玩家到現在，我們在該領域獲得了多種收入流——其中一些資料中心被分解。

It just gives us confidence -- when I said that we're retailing the company, what I was talking about is we're leveraging things that we've done historically, we've listened to our customers, and we're finding other value-added activities so we can help them. We can reduce their costs and we can increase our margins. So I think that can underpin what we try to do from a margin perspective to satisfy our customers' needs, grow our margins and make that sustainable in the longer term.

它只是給了我們信心——當我說我們正在零售公司時，我所說的是我們正在利用我們歷史上做過的事情，我們聽取了客戶的意見，並且我們正在尋找其他方法增值活動，以便我們可以幫助他們。我們可以降低他們的成本，也可以增加我們的利潤。因此，我認為這可以支持我們從利潤角度所做的努力，以滿足客戶的需求，增加我們的利潤，並使其在長期內可持續發展。

Our next questions come from the line of Ruplu Bhattacharya with Bank of America.

我們的下一個問題來自美國銀行的魯普盧·巴塔查亞 (Ruplu Bhattacharya)。

I was trying to count how many times you mentioned AI in your prepared remarks, and then I just lost count. So needless to say, AI is a meaningful driver for demand in different end markets. Mike, is there a way to quantify how much revenue will come from AI over the next year or what the margin impact would be? And can you delve a little bit more into what you're doing in the cloud business? What is Jabil's competitive advantage? A lot of people are going into AI in the data center. So how do you think your competitive advantage stands against others? And how do you see your cloud business revenues growing over the next couple of years?

我試著數一下你在準備好的演講中提到了多少次人工智慧，然後我就記不清了。因此，不用說，人工智慧是不同終端市場需求的重要驅動力。麥克，有沒有辦法量化明年人工智慧將帶來多少收入或利潤率影響是什麼？您能更深入地了解一下您在雲端業務方面所做的事情嗎？捷普的競爭優勢是什麼？很多人正在資料中心研究人工智慧。那麼您認為您相對於其他人的競爭優勢如何？您如何看待未來幾年您的雲端業務收入的成長？

Ruplu, just to be clear, I said AI 21 times in my reports, so I did count. On the AI piece, so if you look at my prepared remarks, Ruplu, I did talk about the AI revenue. I think we're going to grow by about 20%, 25%. We're about in the $4.5 billion, $5 billion range, we're going to be north of $6 billion in FY '25 and that's across multiple end markets.

Ruplu，澄清一下，我在報告中提到了 21 次 AI，所以我確實數過。關於人工智慧部分，如果你看看我準備好的演講，Ruplu，我確實談到了人工智慧收入。我認為我們將會成長約 20%、25%。我們的銷售額大約在 45 億美元到 50 億美元之間，到 25 財年我們將超過 60 億美元，而且涉及多個終端市場。

Obviously, as Kenny mentioned, we'll be playing in the cloud data infrastructure space. We'll be playing in areas such as network switching. There's a whole bunch of business that was switching from or replacing from our legacy network business to AI-related business. Sort of it's spread out, particularly in those 2 line items when we call them out on our revenue chart. But overall, about $6 billion plus, we actually feel that will continue to grow in that 20%, 30% range over time as this proliferation of AI across different end markets just continues to expand. So it's starting off where you expect it to start in the cloud space. And then as you work around the cloud space, that will gain more momentum. And then as you go forward, and I'm talking here 2 years out, even that will spread into all our other end markets as well because all that we do is mainly hardware and all hardware will benefit from the AI proliferation.

顯然，正如肯尼所提到的，我們將涉足雲端資料基礎設施領域。我們將涉足網路交換等領域。有一大堆業務正在從我們的傳統網路業務轉向或替換為人工智慧相關業務。它有點分散，特別是當我們在收入圖表上標註這兩個項目時。但總的來說，隨著人工智慧在不同終端市場的擴散不斷擴大，我們實際上認為，隨著時間的推移，大約 60 億美元以上的資金將繼續在 20% 至 30% 的範圍內增長。因此，它從您期望的雲端空間開始。然後，當您圍繞雲端空間開展工作時，這將獲得更大的動力。然後，隨著你的前進，我在這裡談論的是兩年後，即使這也將擴展到我們所有其他終端市場，因為我們所做的主要是硬件，而所有硬件都將受益於人工智能的擴散。

And let me take your second question, Ruplu, on Jabil's competitive advantage. Firstly, what I would say is I think that the growth in this area means that there's going to be a lot of work for a lot of people. So I think that's good. When we look at our competitors, I think there's enough work to go around. That said, what we try to do is we try to look at the world through the eyes of our customers and make their life simpler.

Ruplu，讓我回答你的第二個問題，關於捷普的競爭優勢。首先，我想說的是，我認為這個領域的成長意味著很多人將會有很多工作。所以我認為這很好。當我們審視我們的競爭對手時，我認為還有足夠的工作要做。也就是說，我們想做的是透過客戶的眼睛看世界，讓他們的生活更簡單。

And then if you look at -- there's a need in the data centers to be able to do silicon photonics transceivers. There's a need to be able to do power and switching. There's a need to be able to do servers. There's a need to be able to do rack assembly. What we find our customers love to do is their life becomes -- the more suppliers they add, the more and more complicated the life becomes.

然後如果你看一下——資料中心需要能夠生產矽光子收發器。需要能夠進行電源和開關。需要能夠做伺服器。需要能夠進行機架組裝。我們發現客戶喜歡做的就是他們的生活變得越來越複雜——他們添加的供應商越多，生活就變得越來越複雜。

So if they have a credible supplier that can do multiple different activities, then that's helpful for them. You take, for example, if you can do pluggable transceivers, but you don't do line card and then you want to put the optical device on a line card. That becomes an issue whereas we can do both of that.

因此，如果他們有一個可靠的供應商可以進行多種不同的活動，那麼這對他們很有幫助。例如，如果您可以做可插拔收發器，但不做線卡，那麼您想將光學設備放在線路卡上。這就變成一個問題，而我們可以同時做到這兩點。

So we think the view for us is to be able to be vertical and to be able to integrate more services that becomes a play for us, as something that we've seen across automotive, Mike mentioned the cameras that we're producing in automotive, for example. So we think that, that serves us well. The other thing that I think remains to be seen, but I think it's basically not a negative, but a positive for sure is we have a global footprint, so we can leverage best practices and capabilities across the world, but being domiciled in North America, we see has been helpful in the longer term from a secure supply perspective. So we think putting all of that together, we feel that we're well positioned, and all we got to do is perform. So we're pretty bullish on the long-term opportunities and growth in this area.

因此，我們認為我們的觀點是能夠垂直發展並能夠整合更多服務，這對我們來說是一種樂趣，就像我們在汽車領域看到的那樣，麥克提到了我們在汽車領域生產的攝像頭，例如。所以我們認為這對我們很有好處。我認為還有待觀察的另一件事，但我認為這基本上不是負面的，但肯定是積極的，那就是我們擁有全球足跡，因此我們可以利用世界各地的最佳實踐和能力，但我們的住所是在北美，我們認為從安全供應的角度來看，從長遠來看是有幫助的。所以我們認為把所有這些放在一起，我們覺得我們處於有利位置，我們所要做的就是表現。因此，我們非常看好該領域的長期機會和成長。

Okay. And just as a follow-up, I want to push you a little bit. I mean this is the second time in a row that you're cutting full year guidance. I mean last time revenues you cut by $2.5 billion. And this time, it looks like ex the $400 million for the mobility business, the takedown is about $2.1 billion. So my question is really the same as I had last time, which is what gives you confidence in your guidance? And how can investors get confidence that you won't come in even lower for fiscal '24, for example, if renewables is weak, why can't it get even weaker?

好的。作為後續行動，我想推動你一點。我的意思是，這是您連續第二次削減全年指導。我的意思是上次你們削減了 25 億美元的收入。這次，除去行動業務的 4 億美元，損失約為 21 億美元。所以我的問題和我上次的問題是一樣的，這是什麼讓你對你的指導充滿信心？投資者如何確信 24 財年的業績不會更低，例如，如果再生能源疲軟，為什麼它不能變得更弱？

And then Mike, just on the -- for next year, you talked about all these drivers for margin improvement. My question would be what can derail that? I mean what are some of the risks to Jabil attaining that margin? And what should we look out for?

然後邁克，就明年而言，您談到了利潤率改善的所有這些驅動因素。我的問題是什麼會破壞這一點？我的意思是捷普實現這項利潤率面臨哪些風險？我們該注意什麼？

Yes. So let me take a step back, Ruplu, because we've reflected on that a lot. The relationships we've got with our customers is -- and generally has been long term in some instances, has been multi-decades. So we have a partnership there. We're kind of joined and connected. We've got processes where we share forecasts. We look at inventory. So we're pretty tight. We've got people in our sites, whether it's business development people, planners, et cetera, et cetera, that are involved in this.

是的。所以讓我退後一步，魯普魯，因為我們已經對此進行了很多反思。我們與客戶的關係在某些情況下通常是長期的，已經持續了數十年。所以我們在那裡有合作關係。我們有點加入和聯繫。我們有分享預測的流程。我們看庫存。所以我們關係非常緊張。我們的網站上有人員參與其中，無論是業務開發人員、規劃人員等等。

So this isn't the top down. It's -- we bubbled this up from the bottom. So -- and I can understand the question. In Q1, we've seen a broad-based reduction. And if I look forward from what we -- when we looked at Q2, across the majority of our end markets, what we predicted is going to happen for the balance of the year is happening. So we're comfortable with that.

所以這不是自上而下的。這是——我們把它從底部冒出來。所以——我可以理解這個問題。在第一季度，我們看到了廣泛的減少。如果我展望第二季度，在我們的大多數終端市場中，我們預測今年剩餘時間將會發生的事情正在發生。所以我們對此感到滿意。

And sometimes you got an outlier, like India, for example, I mean, no one expected with the rate -- the deployment of radios in India that, that would just all of a sudden stop. So I think that, that in this instance, that becomes -- sometimes you got accepted, sometimes things will happen.

有時你會遇到一個異常值，例如印度，我的意思是，沒有人預料到印度無線電的部署會突然停止。所以我認為，在這種情況下，有時你會被接受，有時事情會發生。

In the renewable space, we spend a lot of time with -- we've got more customers now than we had 6 months ago. And we spend a lot of time with them. It's clear that the slowdown and the rollout of the inventory we got in channel has been much slower than expected. We've taken our numbers way, way down. But in that also, we look -- it's mainly a residential play that's been soft. We are pivoting so that we are much more in the commercial side, and that's been supported by our customers.

在再生能源領域，我們花了很多時間——我們現在的客戶比 6 個月前還要多。我們花了很多時間和他們在一起。很明顯，我們在通路中獲得的庫存的放緩和推出比預期慢得多。我們的數字已經大幅下降。但在這一點上，我們也看到——這主要是一個住宅遊戲，一直很疲軟。我們正在轉型，以便更多地涉足商業領域，這得到了我們客戶的支持。

We're also -- we're winning market share, and there's been a lot of consolidation to Jabil in that space lightly. And if you read the -- it seems like the commercial space in the U.S. is becoming more robust and we'll be building that in North America also. So we're getting share. We're taking our numbers down significantly. The balance of our business, we think, is holding up. So we think we're really at the bottom here.

我們也—我們正在贏得市場份額，捷普在該領域進行了許多整合。如果你讀過——美國的商業空間似乎正在變得更強大，我們也將在北美建立它。所以我們正在獲得份額。我們正在大幅減少我們的人數。我們認為，我們的業務保持平衡。所以我們認為我們確實處於底部。

But what I would like to add though a little bit to your question is -- and I mentioned in my prepared remarks, we've got to be really, really good at control in what we can control. Whether this has been a pullback, slowdown, recession, inventory correction, whatever you want to call it, if we look back in our company's history. The last couple of times this has happened, our EPS has gone down by 40% and margins by 100 basis points and more. Here, we're working really hard, as we mentioned in our prepared remarks, to make the company much more resilient and robust.

但我想對你的問題補充一點的是──我在準備好的發言中提到，我們必須非常非常擅長控制我們可以控制的事情。如果我們回顧公司的歷史，無論這是否是回調、放緩、衰退、庫存調整，無論你想怎麼稱呼它。過去幾次發生這種情況時，我們的每股盈餘下降了 40%，利潤率下降了 100 個基點甚至更多。正如我們在準備好的發言中提到的那樣，我們正在非常努力地工作，以使公司更具彈性和穩健性。

So I think that we demonstrate that in spite of shops in a couple of our end markets that -- our businesses has taken a couple of punches, but staying remarkably resilient. So my message to investors would be that sometimes like outliers happen. But I think it was improving our margins and I think $8.40 EPS, I think it demonstrates that our company is much more robust than it was historically.

因此，我認為我們證明，儘管我們的幾個終端市場上有商店，但我們的業務受到了一些打擊，但仍然保持著顯著的彈性。因此，我向投資者傳達的訊息是，有時會發生異常情況。但我認為這正在提高我們的利潤率，我認為每股收益為 8.40 美元，我認為這表明我們的公司比歷史上更強大。

And Ruplu, I'm going to answer your question in a slightly different way than you worded it. Obviously, you asked about the risk and what can go wrong and why the margin story holds good for us. So let me just try and answer it by talking about the $10.65 a little bit. Because all of that is factored into our $10.65 guide. Why do I feel so strongly about that particular $10.65 number.

Ruplu，我將以與您措辭略有不同的方式回答您的問題。顯然，您詢問了風險、可能出現的問題以及為什麼保證金故事對我們有利。因此，讓我嘗試透過稍微討論一下 10.65 美元來回答這個問題。因為所有這些都已包含在我們的 10.65 美元指南中。為什麼我對那個 10.65 美元的數字有如此強烈的感覺？

Before that, let me just give you some building blocks. So if you look at what our interest cost is this year, it will be in the high 200s. We expect next year to be in the mid-$200 million. So if you take an interest number of about $250 million for the building block there, if you take [LASSO], we will have done substantially the $2.5 billion will be completed by FY '24. In FY '25, we'll continue a more normalized run rate of buyback. So I expect LASSO to be about $110 million to $113 million in FY '25.

在此之前，讓我先給您一些構建塊。所以如果你看看我們今年的利息成本是多少，你會發現它會在 200 多美元左右。我們預計明年的銷售額將達到 2 億美元左右。因此，如果您為那裡的建造模組獲取約 2.5 億美元的利息，如果您採用 [LASSO]，我們基本上將完成 25 億美元的工作，並將在 24 財年完成。在 25 財年，我們將繼續實施更正常化的回購利率。因此，我預計 25 財年 LASSO 的規模約為 1.1 億至 1.13 億美元。

Now based on these 2 numbers, if you take the incremental income that's needed to make $10.65, the numbers are around $130 million to $140 million of incremental income. I talked about some of the end markets, how we're sort of benefiting from some other macro trends that are coming into play right now. I talked about AI. I talked about the different end markets within storage, in cloud, et cetera, where we're seeing this whole AI proliferation.

現在，根據這兩個數字，如果考慮賺取 10.65 美元所需的增量收入，則增量收入約為 1.3 億至 1.4 億美元。我談到了一些終端市場，以及我們如何從目前正在發揮作用的其他一些宏觀趨勢中受益。我談到了人工智慧。我談到了儲存、雲端等領域的不同終端市場，我們在這些市場中看到了整個人工智慧的擴散。

And that alone, as I mentioned, is about $1 billion to $1.5 billion incremental revenue, net revenue, I should add as well, sort of net of any consignment effect that FY '25 presents. We've talked about -- I mentioned in my prepared remarks, automotive, what we're seeing for FY '25 and our assumption is not based on end market growth. Our assumption is based on new program wins. We're talking about wins that we already have under the belt. We've already booked those and it's just a matter of delivering those next year, obviously, but not expecting some big miracle there for the end market to change substantially. If it does, it will actually be an opportunity for us. But right now, if you just assume a 10%, even in this bad environment in FY '24, we're close to 10%.

正如我所提到的，光是這一項就帶來了約 10 億至 15 億美元的增量收入，我還應該補充一點，扣除 25 財年呈現的任何寄售效應後的淨收入。我們已經討論過——我在準備好的發言中提到了汽車，我們對 25 財年的看法，我們的假設不是基於終端市場的成長。我們的假設是基於新計劃的勝利。我們正在談論我們已經取得的勝利。我們已經預訂了這些，顯然，這只是明年交付的問題，但不要指望最終市場會發生重大變化。如果真的如此，這對我們來說實際上是一個機會。但現在，如果你只假設 10%，即使在 24 財年這種糟糕的環境下，我們也接近 10%。

So there's no reason to expect automotive to be substantially lower than 10%. And then if you take health care and maybe a 5% growth, again, it's a very modest growth. If you add up this AI automotive and health care alone, that's about $2 billion of revenue. You're talking about 5% to 6% margin, even more if you get leverage out of it. So at 6%, you're talking $120 million of that $130 million, $140 million incremental income that I mentioned is needed for the $10.65. It's already there in just these 3 end markets and the balance of all the end markets. And I'm talking about semi cap, which, by the way, is showing very strong signs of a recovery that's coming. It's not here, but a lot of customers have changed the way they talk about their own businesses, and that's changing quite a bit in the positive direction. So we do expect not this year, we're not talking about calendar year '24. But in calendar year '25, we do expect very high probability of sharpish sort of recovery there.

因此，沒有理由預期汽車產業的佔比會大幅低於 10%。如果考慮到醫療保健，可能會出現 5% 的成長，那麼，這也是一個非常溫和的成長。如果僅將人工智慧汽車和醫療保健業務加起來，收入約為 20 億美元。你說的是 5% 到 6% 的保證金，如果你從中獲得槓桿的話，甚至更多。因此，在 6% 的情況下，您所說的是我提到的 10.65 美元所需的 1.3 億美元、1.4 億美元增量收入中的 1.2 億美元。它已經存在於這三個終端市場以及所有終端市場的其餘部分。我說的是半上限，順便說一下，它正顯示出非常強烈的復甦跡象。雖然不在這裡，但許多客戶已經改變了他們談論自己業務的方式，而且這種情況正在朝著積極的方向發生很大的變化。所以我們預計不會是今年，我們不是在談論日曆年 '24。但在 25 年，我們確實預期出現急劇復甦的可能性非常高。

Renewables totally agree, it's slowing. Digital print and retail, steady Eddie and then connected devices as the basing FY '24 is so low that even a small little increase there you certainly see the $130 million, $140 million of income that we're talking about is not difficult to get to. And then if you look at the margin play, obviously, there's mix going on, this mix shift that we continue to talk about. And the cost optimization, you'll also have a full year impact of our cost optimization efforts that we've undertaken in FY '24. So I hope I answered your question from a risk perspective. Look, the risk is very low. If you look at -- if you break down the individual components of what we're talking about for FY '25, the $10.65 sounds highly achievable.

再生能源完全同意這一點，它正在放緩。數位印刷和零售、穩定的艾迪和連接設備，因為24 財年的基礎收入如此之低，即使有一點點增長，你也肯定會看到我們正在談論的1.3 億美元、1.4 億美元的收入並不難實現。然後，如果你看一下利潤率，顯然，正在發生混合，我們將繼續討論這種混合轉變。在成本優化方面，您也將對我們在 24 財年進行的成本優化工作產生全年影響。所以我希望我從風險角度回答了你的問題。你看，風險很低。如果你仔細分析我們所討論的 25 財年的各個組成部分，你會發現 10.65 美元聽起來非常容易實現。

Our next questions come from the line of Mark Delaney with Goldman Sachs.

我們的下一個問題來自高盛的馬克‧德萊尼 (Mark Delaney)。

The company mentioned an expectation to have about $6 billion of AI-related revenue in fiscal '25. Help us better understand how you're defining AI-related revenue? And then maybe also help us understand out of that $6 billion, how much is coming from data center and then how much are some of these other end market opportunities where you see some AI opportunities like health care?

該公司提到，預計 25 財年人工智慧相關收入將達到約 60 億美元。幫助我們更了解您如何定義人工智慧相關收入？然後也許還可以幫助我們了解在這 60 億美元中，有多少來自資料中心，然後還有多少其他終端市場機會（您看到醫療保健等人工智慧機會）？

Yes. Mark, so the blend of it is as -- I would say that probably just north of half of it is data center related maybe slightly -- maybe 2/3 of it and the balance would be optics and advanced switching really. It's that kind of order of magnitude.

是的。馬克，所以它的混合是 - 我想說，可能一半以上與資料中心相關，可能略有 - 可能是 2/3，其餘的將是光學和高級交換。就是這樣一個數量級。

And Mark, if I could just add. If you look at our data center revenue and again, remind you that's net revenue, it's net of consignment effect, our gross volumes are growing at a really good pace. It's in that 25%, 30% growth range, obviously it doesn't show up in the revenue. But it will show up in the margin because that is what we're adding value on. So I think the number by itself, just the revenue number, net revenue can be a little misleading. You've got to look through -- look at volumes. Volumes are going up 25%, 30% in that particular space.

馬克，請讓我補充一下。如果您查看我們的資料中心收入，請再次提醒您，這是淨收入，扣除寄售效應後，我們的總銷售量正在以非常好的速度成長。就在25%、30%的成長範圍內，顯然它沒有反映在收入上。但它會出現在邊際中，因為這是我們增加價值的基礎。所以我認為這個數字本身，只是收入數字，淨收入可能有點誤導。你必須通讀——查看數量。該特定領域的成交量成長了 25%、30%。

Okay. That's helpful. But just to clarify, so would any rack for hyperscaler be counted as AI? Or does it need to have GPUs in it? Just trying to understand sort of the categorization of AI versus some of these other broader categories.

好的。這很有幫助。但澄清一下，任何超大規模的機架都可以算是人工智慧嗎？或者它需要有 GPU 嗎？只是想了解人工智慧的分類與其他一些更廣泛的類別。

No, it has to have some GPU attached. Most of our business now has shifted from the legacy server business to AI-related GPU, predominantly in our cloud business.

不，它必須連接一些 GPU。現在我們的大部分業務已經從傳統的伺服器業務轉向與人工智慧相關的GPU，主要是我們的雲端業務。

Yes, we -- just a just -- we opened a new facility like 6 months ago that's pretty much all doing a GPU like racks in that space.

是的，我們——只是——我們在 6 個月前開設了一家新工廠，幾乎都是在那個空間裡做 GPU 之類的機架。

My other question was on margins. Mike, you mentioned fixed cost recoveries is one reason for the margin resiliency in fiscal '24. Maybe you can help us speak to how secure the recoveries are? Is that something that you still need to go out and negotiate? And then maybe talk a little bit around your ability to still achieve a 6% EBIT margin over the longer term.

我的另一個問題是關於邊緣的。麥克，您提到固定成本回收是 24 財年獲利彈性的原因之一。也許你可以幫助我們談談恢復的安全性如何？這還需要出去談判嗎？然後也許可以談談您在長期內仍能實現 6% 息稅前利潤率的能力。

Yes. The recoveries are already done, Mark. It's not based on our future event. It's already agreed upon. So it's very secure. Can you repeat your second question?

是的。恢復已經完成了，馬克。它不是基於我們未來的事件。已經商定好了。所以這是非常安全的。你能重複一下你的第二個問題嗎？

Your ability to get to the 6% EBIT margin in the longer term, which is something I think you said could be achievable. I don't think you put a specific time frame on it, but to what extent do you think you're still tracking to eventually get a 6% or higher non-GAAP EBIT margin?

從長遠來看，您有能力實現 6% 的息稅前利潤率，我認為您所說的話是可以實現的。我不認為你們設定了具體的時間框架，但你們認為你們在多大程度上仍在追蹤最終獲得 6% 或更高的非 GAAP 息稅前利潤率？

Right. So we will exit FY '24 at 5.6%. We're being very sort of conservative by saying 5.7% plus for FY '25. I think getting to 6% is not -- is not 5 years from there. It's maybe a year or so away from FY '25. So we're getting closer and closer to that 6%. And I think the margin story is definitely in our favor right now. It's all the business that we're seeing. That is all higher-margin mix shift.

正確的。因此，我們將以 5.6% 的利率退出 24 財年。我們非常保守地說 25 財年的成長率為 5.7% 以上。我認為達到 6% 並不需要 5 年。距離 25 財年可能還有一年左右的時間。所以我們離 6% 越來越近了。我認為保證金的故事現在肯定對我們有利。這就是我們所看到的所有業務。這就是利潤率更高的混合轉變。

Our next question come from the line of Melissa Fairbanks with Raymond James.

我們的下一個問題來自梅麗莎·費爾班克斯和雷蒙德·詹姆斯。

I was wondering if we could dig into the expectation for health care. I know it's not quite as exciting as AI. But we've heard from some of your peers that capital equipment investment has been challenged recently. I assume that's what's behind your lower full year outlook. But you actually found increasingly constructive about the overall business. Could you give us a little more color on what you're seeing there?

我想知道我們是否可以深入研究對醫療保健的期望。我知道它不像人工智慧那麼令人興奮。但我們從一些同行那裡聽說，資本設備投資最近受到了挑戰。我認為這就是您下調全年前景的原因。但你實際上發現對整體業務越來越有建設性。您能給我們更多關於您在那裡看到的情況的資訊嗎？

Yes. Melissa Yes. I mean we kind of break that up. And if I think about how we break it up entirely, those med devices, pharma and ortho. What we see in the first half of the year was our expectation is like a little bit softer kind of inventory digestion. But we think that recovers and kind of med devices and pharma with GLP-1. We see that going really, really strongly. So we think that's -- we're pretty much running our factories, obviously, around-the-clock there.

是的。梅麗莎 是的。我的意思是我們有點打破這個局面。如果我考慮我們如何完全分解它，那些醫療設備、製藥和矯正器。我們在今年上半年看到的是，我們的預期是庫存消化會更加溫和。但我們認為，使用 GLP-1 的醫療設備和製藥可以恢復。我們看到這種趨勢非常非常強烈。所以我們認為，顯然，我們幾乎全天候運作我們的工廠。

We think -- and med devices, we see some recovery there, and ortho is still a little bit soft, but getting better. So I think we're looking at like an 8%. I think back half of our year gets 8% stronger than the front half as inventory is digested, and we're comfortable with that number. So we think we are pretty comfortable that our health care business is going to continue, I think Mike mentioned 5% growth next year. We have got enough kind of (inaudible) opportunities for us to be comfortable with that as we go forward.

我們認為，醫療設備方面，我們看到了一些復甦，矯正器仍然有點軟，但正在變得更好。所以我認為我們的目標是 8%。我認為隨著庫存的消化，下半年的業績將比上半年成長 8%，我們對這個數字感到滿意。因此，我們認為我們的醫療保健業務將繼續下去，我認為麥克提到明年將成長 5％。我們有足夠的（聽不清楚）機會讓我們在前進的過程中對此感到滿意。

Our next questions come from the line of George Wang with Barclays.

我們的下一個問題來自巴克萊銀行的喬治王。

You talked about revenue growing 20%, 25% kind of pre to north of $6 billion in FY '25. I just want to see if you can elaborate on the margin profile kind of within specific subsegments within AI. You talked about the GPU rack kind of the optics, switching transceivers power, are you able to rank order, at least in a high level, kind of how you think about margin structure in terms of taking order, which specific to the element within the overall AI envelope to garner the highest margin kind of price...

您談到 25 財年的營收成長了 20%、25%，超過 60 億美元。我只是想看看您是否可以詳細說明人工智慧特定子領域內的利潤概況。您談到了 GPU 機架類型的光學元件、開關收發器功率，您是否能夠至少在高水平上進行排序，以及您如何考慮訂單中的利潤結構，這特定於內部元素整體人工智慧信封以獲得最高利潤的價格......

So yes, the AI piece, obviously, the different line items that we look at I said earlier, it's in cloud, it's a networking in storage. The margin is north of enterprise level margin. It's different. The rank order would be roughly sort of photonics would be the highest margin, AI switching gear would be next switch and racks' configuration, integration, et cetera. So overall, if you look at all these dynamics, the total margin plays north of enterprise margins. So again, that's what's giving us comfort for our margin in FY '24. That's what's giving us comfort for margins in FY '25 as well.

所以，是的，人工智慧部分，顯然，我們之前說過的不同的項目，它在雲端中，它是儲存中的網路。此利潤率高於企業級利潤率。這不一樣。排名順序大致如下：光子學將是利潤率最高的，人工智慧交換設備將是下一個交換器和機架的配置、整合等。因此，總的來說，如果你觀察所有這些動態，你會發現總利潤率高於企業利潤率。同樣，這也是我們對 24 財年利潤率感到滿意的原因。這也讓我們對 25 財年的利潤率感到放心。

Got it. In terms of the customer base, obviously, Amazon being one of the bigger players within the AI segment. Can you kind of talk briefly other kind of whether other hyperscalers in there or maybe Tier 2, Tier 3 cloud. Any color there?

知道了。就客戶群而言，顯然，亞馬遜是人工智慧領域較大的參與者之一。您能否簡單地談談其他類型的情況，無論是其他超大規模雲還是第 2 層、第 3 層雲。那裡有什麼顏色嗎？

Yes. Yes. We got -- if you look at predominant rack (inaudible) you look at the proliferation of other capabilities. So we are supplying other hyperscalers across the whole blend of the capabilities that we talk about there, George. And I think the other thing just to emphasize that what Mike mentioned, look, we've been doing enterprise switches for multiple years.

是的。是的。我們得到了——如果你看看主要的機架（聽不清楚），你會看到其他功能的擴散。因此，喬治，我們正在向其他超大規模提供者提供我們所討論的全部功能。我認為另一件事只是為了強調麥克提到的，看，我們多年來一直在做企業交換機。

And that becomes to something we commoditized. We've pivoted in that the capability that we have there to the advanced switching area that really drives the AI GPU type model. So I think that, coupled with what we're doing in optics means that we're comfortable that our margin profile is robust here. And I go back to the point I made with Steve, about all the kind of DCI, the infrastructure stuff we're doing as well, which historically we hadn't done. So we think that we have rich profitability here for us in the longer term.

這變成了我們商品化的東西。我們已經將現有的能力轉向了真正驅動 AI GPU 類型模型的高階交換領域。因此，我認為，再加上我們在光學領域所做的事情，意味著我們對我們的利潤狀況很穩健感到滿意。我回到我與 Steve 提出的觀點，關於所有類型的 DCI，以及我們正在做的基礎設施工作，而我們歷史上從未做過這些工作。因此，我們認為從長遠來看，我們在這裡擁有豐富的獲利能力。

Our next questions come from the line of Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

This is M.P. on for Samik Chatterjee. I just wanted to ask you to expand on the incremental weakness that you are seeing on the 5G side. Like is it relative to some particular set of customers or some particular region? Any more color on that?

這是 M.P.薩米查特吉 (Samik Chatterjee) 上場。我只是想請您詳細闡述一下您在 5G 方面看到的日益增長的弱點。就像它與某些特定的客戶群或某些特定的地區有關嗎？還有更多顏色嗎？

Yes. So what we see is we are seeing -- and if you look at telco customers generally, pretty much all come out with a really, really soft outlook for calendar. We baked most of that in, but there is some continued weakness there. And that's North America and also across the world. The biggest impact in 5G was the rollout in India where, I mean, basically, the rollout stopped. So it's paused. We don't know when it's going to restart. There's still a significant amount of radios that have got to be installed in the Indian market. So that demand doesn't go away. It's just paused.

是的。因此，我們所看到的是，如果您大致觀察電信客戶，就會發現幾乎所有人都對日曆的前景非常非常疲軟。我們已經解決了大部分問題，但仍然存在一些弱點。那是北美，也是全世界。 5G 的最大影響是在印度的推出，我的意思是，基本上，它的推出已經停止。所以暫停了。我們不知道什麼時候會重新啟動。印度市場仍有大量收音機需要安裝。所以這種需求不會消失。它只是暫停了。

We are pretty much single sourced in India. We build those radios in our facility in Pune, which I think we found that facility and our company for 20-some years. So that performed really well. We're doing a really nice job, and we're just waiting for the gates to reopen and as we start to build and allow that -- and get that to be installed in the network. So that will come back. We just didn't expect it to stop, I mean, completely stop with no future demand. We've taken the demand there for the balance of the year.

我們幾乎是在印度進行單一採購。我們在浦那的工廠生產這些收音機，我認為我們建立該工廠和我們公司已經有 20 多年了。所以表現非常好。我們做得非常好，我們只是等待大門重新打開，當我們開始建造並允許它時 - 並將其安裝在網路中。所以這會回來。我們只是沒想到它會停止，我的意思是，完全停止，沒有未來的需求。我們已經滿足了今年剩餘時間的需求。

We have reached the end of our question-and-answer session. I would now like to turn the floor back over to Adam Berry for closing report.

我們的問答環節已經結束。我現在想把發言權交還給亞當·貝裡（Adam Berry）做總結報告。

Thanks for your interest in Jabil. Please reach out to us if you have any further questions. Thank you.

感謝您對捷普的興趣。如果您還有任何疑問，請與我們聯絡。謝謝。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路。享受你一天剩下的時間。