捷普科技 (JBL) 2024 Q3 法說會逐字稿

Greetings and welcome to the third quarter of fiscal year 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Adam Berry, Vice President of Investor Relations. Thank you. You may begin.

歡迎參加 2024 財年第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人，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 third quarter fiscal 2024 earnings call. Joining me on today's call are Chief Financial Officer, Greg Hebard; and Chief Executive Officer, Mike Dastoor. Over the next few minutes, we will review the following, review our Q3 results, provide an update on current demand, and preview our Seventh Annual Virtual Investor briefing.

早安，感謝您參加捷普 2024 財年第三季財報電話會議。參加今天電話會議的有財務長 Greg Hebard；和執行長邁克·達斯托爾。在接下來的幾分鐘內，我們將回顧以下內容，回顧我們的第三季度業績，提供當前需求的最新信息，並預覽我們的第七屆年度虛擬投資者簡報。

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 today's call, the entirety of today's presentation will be posted for audio playback.

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。在今天的電話會議結束時，今天的整個簡報將被發布以供音訊播放。

I'd now ask that you view the slides on the website and follow along with our presentation beginning with the forward looking statements. During this conference call, we will be making forward-looking statements, including among other things, those regarding the anticipated outlook for our business.

我現在請您查看網站上的幻燈片，並跟隨我們從前瞻性陳述開始的演示。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。

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 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.

這些陳述是基於目前的預期、預測和假設，涉及可能導致實際結果和結果存在重大差異的風險和不確定性。我們在截至 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。

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

現在，我將把電話轉給格雷格。

Thanks, Adam. Good morning, everyone. It's a great privilege to be a part of the call today. I'd like to begin this morning by walking through our third quarter results, the team delivered approximately $6.8 billion in revenue, $265 million above the midpoint of the guidance range, better than expected growth in our connected devices and networking and storage end markets.

謝謝，亞當。大家，早安。很榮幸參加今天的電話會議。我想從今天早上開始回顧我們的第三季度業績，該團隊實現了約68 億美元的收入，比指導範圍的中點高出2.65 億美元，好於我們的連接設備以及網路和儲存終端市場的預期增長。

Core operating income for the quarter came in at $350 million or 5.2% of revenue, an improvement of 40 basis points year over year. Net interest expense for Q3 came in better than expected at $64 million. This was due to lower levels of inventory during the quarter, reflecting improved working capital management by the team. From a GAAP perspective, operating income was $261 million, and our GAAP diluted earnings per share was $1.06. Core diluted earnings per share was $1.89, $0.04 above the midpoint of our guidance range.

該季度核心營業收入為 3.5 億美元，佔營收的 5.2%，年增 40 個基點。第三季淨利息支出為 6,400 萬美元，優於預期。這是由於本季庫存水準較低，反映出團隊營運資金管理的改善。從 GAAP 角度來看，營業收入為 2.61 億美元，GAAP 攤薄後每股收益為 1.06 美元。核心攤薄後每股收益為 1.89 美元，比我們指導範圍的中點高出 0.04 美元。

Now turning to our performance by segment in the quarter. Revenue for the DMS segment came in at $3.4 billion, $65 million above our expectations, driven by better than expected growth within our connected devices business, offset slightly by the lower than anticipated revenue in our automotive and healthcare 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，比我們的預期高出 6500 萬美元，這得益於我們的互聯設備業務增長好於預期，但被我們的汽車和醫療保健業務收入低於預期的略微抵消。

On a year-over-year basis, our DMS segment revenue was down approximately 23%, driven primarily by the mobility divestiture. Core operating margins for the segment came in at 4.6%, 50 basis points higher than the same quarter from a year ago, reflective of the ongoing mix shift within our DMS business.

與去年同期相比，我們的 DMS 部門收入下降了約 23%，這主要是由於行動業務剝離所致。該部門的核心營業利潤率為 4.6%，比去年同期高 50 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 $3.4 billion, approximately $200 million above our expectations, driven by higher than anticipated revenue in our networking and storage end markets in the quarter. Compared to the prior year quarter EMS revenue was down roughly 18%, driven mainly by lower revenue in end markets like 5G, renewable energy, and digital print, offset slightly by good growth in cloud.

我們的 EMS 部門的營收為 34 億美元，比我們的預期高出約 2 億美元，這得益於本季網路和儲存終端市場的收入高於預期。與去年同期相比，EMS 收入下降了約 18%，這主要是由於 5G、再生能源和數位印刷等終端市場收入下降，但被雲端運算的良好成長所略微抵消。

For the quarter, core margins for the EMS segment came in at 5.7%, up 20 basis points year over year. Next, I'd like to begin with an update on our cash flow and balance sheet metrics. Inventory at the end of Q3 came in six days lower sequentially at 81 days. Net of inventory deposits from our customers' inventory days were 58, which was a quarter-on-quarter improvement of four days.

本季度，EMS 業務核心利潤率為 5.7%，年增 20 個基點。接下來，我想先介紹一下我們的現金流量和資產負債表指標的最新情況。第三季末的庫存比上一季減少六天，為 81 天。扣除顧客存貨押金後的庫存天數為 58 天，較上季改善 4 天。

As a result of the teams, good working capital management in the quarter, our third quarter cash flows from operations came in quite strong at $515 million, while net capital expenditures totaled $100 million, resulting in [$415 million] in adjusted free cash flow during the quarter. In Q3, we repurchased 3.7 million shares for approximately $500 million, leaving us with approximately $700 million remaining on our current $2.5 billion share repurchase authorization as of May 31.

由於團隊以及本季良好的營運資本管理，我們第三季的營運現金流相當強勁，達到 5.15 億美元，而淨資本支出總計 1 億美元，導致調整後的自由現金流達到 [4.15 億美元]。該季度。第三季度，我們以約 5 億美元的價格回購了 370 萬股股票，截至 5 月 31 日，我們目前的 25 億美元股票回購授權還剩約 7 億美元。

We remain fully committed to completing the share repurchase authorization by the end of FY24. We exited Q3 with a healthy and solid balance sheet with debt to core EBITDA levels of approximately 1.2 times and cash balances of approximately $2.5 billion.

我們仍全力致力於在 2024 財年末完成股票回購授權。我們在第三季結束時擁有健康穩健的資產負債表，債務與核心 EBITDA 水準約為 1.2 倍，現金餘額約為 25 億美元。

And as a management team, we are fully committed to maintaining our investment grade credit profile. With that, let's turn to the next slide for our fourth quarter guidance. For Q4, we expect total company revenue to be in the range of $6.3 billion to $6.9 billion. Core operating income for Q4 is estimated to be in the range of $365 million to $425 million.

作為管理團隊，我們完全致力於維持我們的投資等級信用狀況。接下來，讓我們轉向下一張投影片，了解我們的第四季指導。對於第四季度，我們預計公司總營收將在 63 億美元至 69 億美元之間。第四季的核心營業收入預計在 3.65 億美元至 4.25 億美元之間。

GAAP operating income is expected to be in the range of $285 million to $355 million. Core diluted earnings per share is estimated to be in the range of $2.03 to $2.43. GAAP diluted earnings per share is expected to be in the range of $1.40 to $1.88. Net interest expense in the fourth quarter is estimated to be approximately $67 million. And our core tax rate for Q4 is expected to be 20%.

GAAP 營業收入預計在 2.85 億美元至 3.55 億美元之間。核心攤薄後每股收益預計在 2.03 美元至 2.43 美元之間。 GAAP 稀釋後每股收益預計在 1.40 美元至 1.88 美元之間。第四季的淨利息支出預計約為 6,700 萬美元。我們第四季的核心稅率預計為20%。

Before moving to our full year guidance on the next slide, I'd like to provide a brief update on our net interest expense and core tax rate beyond FY24. We now anticipate interest rates to remain elevated and expect our net interest expense to remain at FY24 levels in FY25 and be at approximately $275 million. And for core tax rate in FY25, we anticipate our core tax rate will be impacted by Pillar Two global minimum tax legislation. We will be required to adopt this only in FY25.

在進入下一張投影片的全年指引之前，我想先簡單介紹一下 2024 財年之後的淨利息支出和核心稅率。我們現在預計利率將保持在高位，並預計我們的淨利息支出將在 2025 財年保持在 24 財年的水平，約為 2.75 億美元。對於 25 財年的核心稅率，我們預計我們的核心稅率將受到第二個支柱全球最低稅立法的影響。我們只需要在 2025 財年採用這一點。

We are evaluating the impact this will have as we sit today, we anticipate our core tax rate in FY25 to be in the range of 22% to 24%. Now moving on to full year guidance on the next slide. For the year, we continue to expect $28.5 billion in revenue in the face of what continues to be a very dynamic demand environment.

我們今天正在評估這將產生的影響，我們預計 25 財年的核心稅率將在 22% 至 24% 之間。現在轉向下一張投影片的全年指引。面對仍然非常活躍的需求環境，我們仍然預期今年的營收將達到 285 億美元。

Compared with our thoughts in March, our expectations for growth in our automotive and transportation business has softened further. In particular, the market in China has been impacted due to overcapacity, resulting in a surplus of cars affecting local demand there. And new global EV platforms that we originally expected to begin launching in the next 100 days or so have now shifted out several quarters.

與我們3月份的想法相比，我們對汽車和運輸業務成長的預期進一步減弱。特別是中國市場因產能過剩而受到影響，導致汽車過剩，影響當地需求。我們原本預計在未來 100 天內開始推出的新的全球電動車平台現在已經推遲了幾個季度。

On the healthcare side, we see softness in medical devices, which we expect will create a headwind to revenue in the near term. These declines were offset by strength in connected devices and our AI data center end markets, which today are reported across industrial, cloud, and networking end markets. All other end markets are largely in line with previous expectations.

在醫療保健方面，我們看到醫療設備的疲軟，我們預計這將在短期內對收入造成不利影響。這些下降被互聯設備和人工智慧資料中心終端市場的強勁勢頭所抵消，這些市場今天在工業、雲端和網路終端市場都有報導。所有其他終端市場基本上符合先前的預期。

Given this updated end market outlook, let's move to the next slide to review our FY24 guidance. We continue to expect core margins for the year to come in at 5.6% of 60 basis point improvement over the prior year. We also expect to deliver EPS of $8.40 for the year. And importantly, we remain committed to generating over $1 billion and adjusted free cash flow this year. With that, I'd like to thank you for your time this morning and your interest in Jabil.

鑑於更新後的終端市場前景，讓我們轉到下一張投影片來回顧我們的 2024 財年指引。我們繼續預計今年核心利潤率將比前一年提高 60 個基點，達到 5.6%。我們也預計今年每股收益為 8.40 美元。重要的是，我們仍然致力於今年創造超過 10 億美元和調整後的自由現金流。在此，我要感謝您今天早上抽出時間以及對捷普的興趣。

I will now turn the call over to Mike.

我現在將把電話轉給麥克。

Thanks, Greg. Good morning, and thank you for joining our call today. Before I jump to my prepared remarks, a couple of comments. I am truly humbled by the trust placed in me by Mark and the Jabil board. For the past 24 years, Jabil has been my professional home and with the same, the company's journey from $3 billion in 2000 to $28 billion is a true testament to the care we offer our customers. As CEO, I'm excited and carry a tremendous amount of gratitude to steward an amazing team.

謝謝，格雷格。早安，感謝您今天加入我們的電話會議。在我開始準備發言之前，我先發表幾點評論。馬克和捷普董事會對我的信任讓我深感榮幸。在過去的 24 年裡，捷普一直是我的職業家園，同樣，該公司從 2000 年的 30 億美元增長到 280 億美元的歷程真正證明了我們為客戶提供的關懷。作為首席執行官，我對管理一支出色的團隊感到興奮和感激。

As Greg highlighted, the team has executed well in FY24 amid a dynamic environment. Consider this, we divested our mobility business, a key strategic decision with capturing growth in the AI data center space, and we're working towards that commitment to repurchase $2.5 billion of our shares, all while dealing with end-market softness in renewables, EVs, and semi-cap equipment, which we expect to be short-term in nature.

正如 Greg 所強調的，該團隊在 2024 財年在充滿活力的環境中表現出色。考慮到這一點，我們剝離了行動業務，這是抓住人工智慧資料中心領域成長的關鍵策略決策，我們正在努力實現回購 25 億美元股票的承諾，同時應對再生能源終端市場的疲軟，電動汽車和半電容設備，我們預期這些設備本質上是短期的。

Yet when you take a step back and put it all together, the company remains resilient and on track, and we expect to deliver on key metrics, including 5.6% core margins and strong free cash flow in excess of $1 billion on $28.5 billion of revenue.

然而，當你退後一步將所有因素放在一起時，公司仍然保持彈性併步入正軌，我們預計將實現關鍵指標，包括5.6% 的核心利潤率和超過10 億美元的強勁自由現金流以及285億美元的收入。

More importantly, we remain well-positioned to benefit from many of the world's powerful trends in areas like AI, data center infrastructure, healthcare, pharma solutions, and automated warehousing to name a few. At the end of the data world needs complex manufacturing to enable innovation in nearly everything we do in our everyday lives.

更重要的是，我們仍然處於有利地位，可以從人工智慧、資料中心基礎設施、醫療保健、製藥解決方案和自動化倉儲等領域的許多全球強大趨勢中受益。在數據世界的盡頭，需要複雜的製造來實現我們日常生活中幾乎所有事情的創新。

Jabil is at the forefront of providing solutions around a rapidly evolving technology landscape with complex supply chains in an ever-changing geo-political environment. As a management team, it's incumbent upon us to ensure we're focused on the right end markets with the most innovative customers, thereby delivering incredible solutions. And I think it's safe to say we're right in the middle of that ecosystem today.

捷普處於圍繞快速發展的技術領域提供解決方案的前沿，在不斷變化的地緣政治環境中提供複雜的供應鏈。作為管理團隊，我們有責任確保我們專注於擁有最具創新性客戶的正確終端市場，從而提供令人難以置信的解決方案。我認為可以肯定地說，我們今天正處於該生態系統的中間。

Moving ahead, we'll continue to reshape our diversified portfolio and remain focused on growing new and existing value added businesses, driving margins and generating free cash flow. So let me share that I've been spending my time over the last six to eight weeks, I've been focused on our customers, our investors, our suppliers, and our people. Some of the key takeaways are as follows.

展望未來，我們將繼續重塑多元化投資組合，並繼續專注於發展新的和現有的增值業務、提高利潤率並產生自由現金流。因此，讓我分享一下，在過去的六到八周里，我一直把時間花在我們的客戶、投資者、供應商和員工身上。一些關鍵要點如下。

From a structure standpoint, I have chosen an organizational approach that has served us well over the last decade with an intense focus on speed, precision, and solutions. This focused approach, I believe targets our ability to serve each distinct market effectively by creating domain expertise in our core areas and better positions Jabil for growth.

從結構的角度來看，我選擇了一種在過去十年中為我們提供良好服務的組織方法，該方法高度關注速度、精確度和解決方案。我相信，這種專注的方法旨在透過在我們的核心領域創造領域專業知識來有效服務每個不同市場，並為捷普的成長提供更好的定位。

From a capital allocation standpoint, we'll remain committed to returning value to our shareholders by prioritizing organic investments in our business and aggressively pursuing share buybacks at attractive valuation levels. This balanced approach ensures that we can reward our shareholders while simultaneously investing in next-generation capabilities. All the while we will take care of our customers and suppliers, while treating our people here at Jabil with respect.

從資本配置的角度來看，我們將繼續致力於透過優先考慮對我們業務的有機投資並以有吸引力的估值水平積極追求股票回購，為股東回報價值。這種平衡的方法確保我們能夠在回報股東的同時投資下一代能力。我們將始終照顧我們的客戶和供應商，同時尊重捷普的員工。

Turning to the business side of things. As you recall, on May 20, we chose to rescind FY25 guidance, and it's worth noting there was no singular issue that led to that tough decision, but rather three key factors (technical difficulty) the end markets we serve remain soft and the timing of recovery in these end markets remains unclear, particularly in EVs and semi-cap equipment.

轉向事情的商業面。正如您所記得的那樣，5 月20 日，我們選擇撤銷2025 財年指引，值得注意的是，導致這一艱難決定的並不是單一問題，而是我們服務的終端市場仍然疲軟以及時機的三個關鍵因素（技術難度）這些終端市場的復甦仍不清楚，特別是在電動車和半電容設備領域。

We also expect to accelerate reshaping our portfolio away from end markets and geographies with less attractive risk and financial outcomes. As a result, our revenue in FY25 may be negatively impacted by approximately $800 million. However, this will set us up to be a much stronger company in the years to come.

我們也預計將加速重塑我們的投資組合，遠離風險和財務結果吸引力較低的終端市場和地區。因此，我們 25 財年的營收可能會受到約 8 億美元的負面影響。然而，這將使我們在未來幾年成為一家更強大的公司。

And lastly, in FY25, we now expect interest expense and the tax rate to be higher due to a pushout of interest rate kind of expectations and the global minimum tax, as Greg noted earlier. Over the next couple of months, the management team will be spending a lot of time reviewing our plans for FY25 and beyond.

最後，正如格雷格之前指出的那樣，由於利率預期和全球最低稅率的推出，我們現在預計 25 財年的利息支出和稅率將會更高。在接下來的幾個月中，管理團隊將花費大量時間審查我們 2025 財年及以後的計畫。

And in September, I fully anticipate providing a full year outlook per usual with our normal color and commentary surrounding our strategy, the end markets we serve, and our anticipated capital allocation methodology for the year.

在 9 月份，我完全預期會像往常一樣提供全年展望，其中包括我們圍繞我們的策略、我們服務的終端市場以及我們今年預期的資本分配方法的正常色彩和評論。

From an end-market standpoint, you will hear how we have aligned technology-driven capabilities in our intelligent infrastructure business to help not only hyperscalers, but also silicon providers accelerate their own technology.

從終端市場的角度來看，您將聽到我們如何在智慧基礎設施業務中調整技術驅動的能力，不僅幫助超大規模企業，而且還幫助晶片供應商加速他們自己的技術。

Our manufacturing model leverages our automation capabilities to navigate the rapid growth in AI demand, how we're prioritizing growth in certain end markets like healthcare and energy infrastructure, how we're helping retailers automate solutions in both the retail environment as well as warehousing to robotics.

我們的製造模式利用我們的自動化能力來應對人工智慧需求的快速成長，我們如何優先考慮醫療保健和能源基礎設施等某些終端市場的成長，我們如何幫助零售商在零售環境和倉儲中實現解決方案自動化機器人技術。

We'll also offer color on the businesses we anticipate deemphasizing in the future. And of course, we'll do our best to provide our expectations and our road map for the timing of recovery in key areas like renewables, semi-cap, electric vehicles, connected devices, and 5G.

我們還將為我們預計未來不再強調的業務提供顏色。當然，我們將盡最大努力為再生能源、半電容、電動車、連網設備和 5G 等關鍵領域的復甦時機提供我們的期望和路線圖。

And when you put this all together, we'll describe how the seasonality has changed and how the capital intensity of our business has improved and the subsequent free cash flows we will generate given our new mix of business. I am confident that the roadmap we develop will propel Jabil towards an even brighter future.

當你把這些放在一起時，我們將描述季節性如何變化，我們業務的資本密集度如何改善，以及我們在新的業務組合中將產生的後續自由現金流。我相信，我們制定的路線圖將推動捷普走向更光明的未來。

I can assure you that all of these actions will remain squarely focused on driving margins higher in the long run and generating robust, sustainable cash flow, all while taking care of our customers, suppliers, and people. Jabil's success is not the result of individual efforts, but rather a collective achievement of our entire team.

我可以向您保證，所有這些行動將繼續專注於從長遠來看提高利潤並產生強勁、可持續的現金流，同時照顧我們的客戶、供應商和人員。捷普的成功不是個人努力的結果，而是我們整個團隊的集體成就。

Looking ahead, I'm excited about the long-term trajectory of the company. We have a strong track record of talented and dedicated leadership team and a clear vision for the future. Together, we will continue to drive innovation, deliver value to our shareholders, and execute for our customers.

展望未來，我對公司的長期發展軌跡感到興奮。我們擁有才華橫溢、敬業的領導團隊以及對未來的清晰願景。我們將共同繼續推動創新，為股東創造價值，並為客戶執行任務。

Before handing the call over to Adam, I would like to take a moment to say thank you to the entire Jabil team for your commitment and dedication to our customers, communities, and to each other. Thank you for your time and for your interest in Jabil.

在將電話轉交給 Adam 之前，我想花點時間向整個捷普團隊表示感謝，感謝你們對我們的客戶、社區以及彼此的承諾和奉獻。感謝您抽出寶貴的時間以及對捷普的興趣。

I now hand the call over to Adam.

我現在將電話轉交給亞當。

Thanks, Mike, Greg, and congratulations to each of you on well-deserved new roles. I look forward to working alongside both of you. Before we move into our Q&A session, I'd like to take a few minutes to broadly summarize some of our key messages you heard today. First off, our fiscal '24 outlook is on track with the update we provided in March and subsequently reiterated in May.

謝謝麥克、格雷格，並祝賀你們每個人當之無愧的新角色。我期待著與你們一起工作。在我們進入問答環節之前，我想花幾分鐘時間大致總結一下您今天聽到的一些關鍵訊息。首先，我們的 24 財年展望與我們在 3 月提供並隨後在 5 月重申的更新相符。

Notably, this includes $8.40 in core EPS, 5.6% core margins, and $1 billion-plus in free cash flow. And as we move through Q4, we fully anticipate completing the balance of our $2.5 billion share repurchase authorization. As we turn our attention to the end markets, we remain fully committed to our year-over-year growth plans in our AI data center end markets in both fiscal '24 and '25, which today are reported across our cloud, networking, and industrial end markets.

值得注意的是，這包括 8.40 美元的核心每股收益、5.6% 的核心利潤率以及超過 10 億美元的自由現金流。隨著第四季的到來，我們完全預計將完成 25 億美元股票回購授權的餘額。當我們將注意力轉向終端市場時，我們仍然完全致力於 24 財年和 25 財年人工智慧資料中心終端市場的同比增長計劃，今天在我們的雲端、網路和工業終端市場。

At the same time, we're actively evaluating our portfolio to see if there's any opportunity to further optimize as Mike just described. And for early modeling purposes, please keep in mind that our seasonality in fiscal '25 will be reflective of the mobility divestiture.

同時，我們正在積極評估我們的產品組合，看看是否有機會進一步優化，正如麥克剛才所描述的那樣。出於早期建模目的，請記住，我們 25 財年的季節性將反映流動性剝離。

As such, our quarterly earnings progression will be more like that of our EMS business, where we typically earn 40% in the first half of the year and 60% in the second half of the year. Interest expense in fiscal '25, although rate dependent is shaping up to be approximately $275 million. And our core tax rate is expected to increase from fiscal '24 to fiscal '25 as a result of Pillar 2 global minimum tax legislation.

因此，我們的季度獲利成長將更像我們的 EMS 業務，我們通常上半年獲利 40%，下半年獲利 60%。 25 財年的利息支出（儘管取決於利率）預計約為 2.75 億美元。由於第二支柱全球最低稅收立法，我們的核心稅率預計將從 24 財年提高到 25 財年。

And finally, in just generally speaking, Jabil remains extremely well-positioned to benefit from a recovery in many of the end markets that are proving to be headwinds in fiscal '24. And while the timing remains uncertain, the ultimate recovery will lead to solid revenue growth, further margin expansion, and even more cash flow generation on an already installed capacity. We look forward to updating you on these matters and more on our Seventh Annual Investor briefing, which is tentatively scheduled for September 26.

最後，總的來說，捷普仍然處於有利地位，可以從許多終端市場的復甦中受益，而這些終端市場在 24 財年被證明是不利因素。儘管時機仍不確定，但最終的復甦將帶來穩健的收入成長、進一步的利潤率擴張，以及在已裝置容量上產生更多的現金流。我們期待在暫定於 9 月 26 日舉行的第七屆年度投資者簡報會上向您通報這些事項以及更多資訊。

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

接線員，我們現在準備好進行問答了。

(Operator Instructions) Ruplu Bhattacharya.

（操作員指令）Ruplu Bhattacharya。

Hi. Thanks for taking my questions. Mike and Greg, congrats on your new assignments. Mike, what do you see as the biggest opportunity for Jabil over the next year? And what do you see as the biggest risk? And Greg, a similar question to you as CFO, what are your main focus areas for the next year?

你好。感謝您回答我的問題。麥克和格雷格，恭喜你們完成新任務。麥克，您認為捷普明年最大的機會是什麼？您認為最大的風險是什麼？格雷格（Greg），與您作為財務長的問題類似，您明年的主要關注領域是什麼？

Thanks, Ruplu. I think you're aware I've been CFO for six years. And during this time, my focus areas have always been and always will continue to be margins and free cash flow and utilization of that free cash flow for buyback purposes. We still do think we're undervalued.

謝謝，魯普魯。我想你知道我已經擔任財務長六年了。在此期間，我的重點領域始終是並將繼續是利潤和自由現金流以及將自由現金流用於回購目的。我們仍然認為我們的價值被低估了。

So that's a key area of capital allocation that will continue. The focus on margins continues, focus on free cash flow. We are not in the right sort of end markets as well. So from an opportunity standpoint, these other end markets that were not in, we'll be looking into that. That's one of the reasons we are structured the way we are in the new organization.

因此，這是將持續下去的資本配置的關鍵領域。繼續關注利潤率，關注自由現金流。我們也沒有進入正確的終端市場。因此，從機會的角度來看，我們將研究那些尚未進入的其他終端市場。這就是我們在新組織中採用這種方式建構的原因之一。

But right now, yes, there's some softness in some of our end markets. But over the long term, these end markets are right for recovery. And I'm not suggesting that happens in the next one or two quarters. I think we have seen some of that shifting -- the recovery shifting to the right.

但現在，是的，我們的一些終端市場出現了一些疲軟。但從長遠來看，這些終端市場適合復甦。我並不是說這種情況會在接下來的一兩個季度發生。我認為我們已經看到了一些轉變——復甦向右轉。

Overall, from an opportunity perspective, I think the key is when does this whole AI proliferation in almost everything we do? So we are a hardware company, AI is going to require hardware refreshes across the board and we'll take it to almost all the right end markets.

總的來說，從機會的角度來看，我認為關鍵是整個人工智慧何時會擴散到我們所做的幾乎所有事情中？所以我們是一家硬體公司，人工智慧將需要全面的硬體更新，我們將把它帶到幾乎所有合適的終端市場。

So I do expect the entire AI proliferation to be a tailwind for us. Does that happen in the next one or two quarters? Perhaps not, right now it's more data center focused. But over the long run, I do expect that to proliferate across the entire range of end markets we serve.

因此，我確實預計整個人工智慧的擴散將成為我們的順風車。這種情況會在接下來的一、兩個季度發生嗎？也許不是，現在它更關注資料中心。但從長遠來看，我確實預計這種情況會在我們服務的整個終端市場中激增。

From a risk standpoint, Ruplu, I think it's the timing of the recovery. Yeah, I think there's various anecdotes outside externally, internally. Some would suggest things are recovering a little bit slower than we anticipated. Some would suggest that it might be okay. So we'll take the stand in the next three or four months to figure out our plan. That was one of the reasons we rescinded in our FY25 guidance and we'll provide much more color on our analyst briefing at the end of September.

從風險的角度來看，Ruplu，我認為現在是復甦的時機。是的，我認為外部和內部都有各種各樣的軼事。有些人認為事情的恢復速度比我們預期的要慢。有些人會建議這可能沒問題。因此，我們將在接下來的三、四個月內採取立場來制定我們的計劃。這是我們取消 25 財年指引的原因之一，我們將在 9 月底的分析師簡報中提供更多內容。

Yeah, hi, Ruplu. This is Greg. Just to reiterate some of the things Mike just said, definitely expanding operating margins, that will be a key focus, continuing to generate strong free cash flows, as you saw, quite a strong Q3 we had and then we'll return capital to shareholders. And we continue to be super thoughtful on this and believe share repurchase is still a great use of our cash for Jabil.

是的，嗨，魯普魯。這是格雷格。只是重申麥克剛才所說的一些事情，肯定會擴大營業利潤率，這將是一個關鍵焦點，繼續產生強勁的自由現金流，正如您所看到的，我們的第三季度相當強勁，然後我們將向股東返還資本。我們對此繼續深思熟慮，並相信股票回購仍然是捷普現金的一個很好的用途。

Okay, got it. Mike, you talked about AI. I mean when I look at things, AI is getting to be a very competitive space. And so how do you see Jabil's investments in AI trending over the next few years? And do you think margins on the AI side trend lower or higher than the rest of the business, given the increased competition?

好，知道了。麥克，你談到了人工智慧。我的意思是，當我看待事物時，人工智慧正在成為一個競爭非常激烈的領域。那麼您如何看待捷普未來幾年在人工智慧領域的投資趨勢？鑑於競爭加劇，您認為人工智慧領域的利潤率會比其他業務更低還是更高？

So I think you're absolutely right. There is a large amount of competition, Ruplu. Today if you think about where we play in AI, it's mainly around the server rack equipment. As we look at data center, building infrastructure, we're looking at power, we're looking at cooling, we're looking at value add services around some of the data center pieces as well.

所以我認為你是完全正確的。魯普魯，競爭非常激烈。今天，如果你思考我們在人工智慧領域的發展，主要是圍繞著伺服器機架設備。當我們關注資料中心、建造基礎設施時，我們會關注電力、冷卻，也會關註一些資料中心零件的加值服務。

So that will be at a margin sort of will slow down, but will start picking up again over time as we start expanding around an AI data center driven strategy. So we're looking at other pieces in the periphery along the lines of silicon photonics, we're looking at packaging, there's a whole bunch of things that we look at from an AI perspective. And I think margin does some notable jump up quite a bit right now, but it will go down and come back up pretty fast.

因此，這將在一定程度上放緩，但隨著我們開始圍繞人工智慧資料中心驅動的策略進行擴展，隨著時間的推移，這一速度將再次開始回升。因此，我們正在沿著矽光子學的方向研究外圍的其他部分，我們正在研究封裝，我們從人工智慧的角度來看很多事情。我認為利潤率現在確實有一些顯著的跳躍，但它會下降並很快恢復。

Okay. Maybe I'll try and sneak one more. You talked about some weakening of the auto and the healthcare space. And also on semi-cap, I think you've said that it's two weaker than expected. When do you expect a recovery in these? And if revenues continue to be week, what are some of the levers you have to continue to drive margins and free cash flow? I think you've said margins are a focus. So what are some of the levers you have on the margin and free cash flow side even if revenues are weak? Thanks for taking my questions.

好的。也許我會再嘗試偷一次。您談到了汽車和醫療保健領域的一些疲軟。還有半盤股，我想你已經說過它比預期弱了兩倍。您預計這些方面什麼時候會恢復？如果收入持續疲軟，您需要採取哪些手段來繼續提高利潤率和自由現金流？我想你已經說過利潤是一個焦點。那麼，即使收入疲軟，您在利潤和自由現金流方面擁有哪些槓桿呢？感謝您回答我的問題。

So Ruplu, we're probably going to answer your auto question first. I think in auto, we are seeing some weakness, particularly as it relates to China. I think there's an oversupply situation there that does impact manufacturing for us, local for export purposes as well.

Ruplu，我們可能會先回答您的自動問題。我認為在汽車領域，我們看到了一些弱點，特別是與中國相關的弱點。我認為供應過剩的情況確實影響了我們的製造業，也影響了當地的出口。

So we're seeing some push out in the whole EV recovery space because of this situation in China. From a semi-cap standpoint, our initial expectation was a full-scale recovery in December or January, in December '24 or January '25. That's pushing out a little bit to the right.

因此，由於中國的這種情況，我們看到整個電動車復甦領域出現了一些退出。從半市值的角度來看，我們最初的預期是在 12 月或 1 月、2024 年 12 月或 25 年 1 月全面復甦。這就是向右推出一點。

And I think you'll see little bit of a -- we had situation a there where China is a dominant player right now. There is sell through into China, but a lot of that sell through is coming from existing inventory. So we expect a Jabil impact to start around the middle of calendar year in calendar year '25.

我想你會看到一點——我們現在的情況是中國是一個主導者。中國有銷路，但大部分銷路來自現有庫存。因此，我們預計捷普的影響將在 25 年中左右開始。

From a margin standpoint, Ruplu, we do expect all of these end markets to start coming back at some point or the other. We are not in a full-blown recession or we go in completely close down facilities and take down costs because we lose out when the recovery does come through. So you might see some level of temporary margin impact there.

從利潤率的角度來看，Ruplu，我們確實預計所有這些終端市場都會在某個時候開始回歸。我們並沒有陷入全面衰退，或者我們完全關閉設施並降低成本，因為當復甦真正到來時我們就會遭受損失。因此，您可能會看到一定程度的臨時利潤影響。

But overall trajectory and our position when the recovery starts will be extremely strong. And I'll give you an example, I think today, we're probably capacitized for about [$32 billion, $33 billion] of revenue. And if you look at well then FY25, obviously it will be considerably lower than that.

但整體軌跡和我們在復甦開始時的地位將非常強勁。我舉個例子，我認為今天我們可能有能力獲得大約[320 億美元、330 億美元]的收入。如果仔細觀察 25 財年，顯然會比這個低很多。

So we'll have a little bit of surplus capacity. We do want to take that out. I don't think the answer is take capacity out. I think we're going to wait for that recovery to come back and there might be some level of temporary margin impact, but long term really well-positioned.

所以我們會有一點剩餘產能。我們確實想把它去掉。我不認為答案是削減產能。我認為我們將等待復甦的到來，可能會對利潤率產生一定程度的暫時影響，但從長遠來看，情況確實不錯。

Okay. Thanks for all the details. Congrats again on the new assignments.

好的。感謝您提供所有詳細資訊。再次恭喜新任務。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi, good morning and congrats, Mike and Greg, on your appointments. I guess I have two questions. First of all, just following up on your last comments, Mike, I mean the guidance for Q4 implies you hit that magical 6% operating margin number. So I'm just curious if you could put that number in that context. You just described a lot of seasonality and some mixed market. So like how sustainable is 6% as more of a Q4 number versus like something that's ongoing as you think out to next year? And then I have a follow-up.

嗨，早安，恭喜麥克和格雷格，你們的約會成功了。我想我有兩個問題。首先，麥克，跟進您最後的評論，我的意思是第四季度的指導意味著您達到了神奇的 6% 營業利潤率數字。所以我很好奇你是否可以把這個數字放在這樣的背景下。您剛剛描述了很多季節性因素和一些混合市場。那麼，第四季度的 6% 數字與您預計明年將持續成長的數字相比，永續性如何？然後我有一個後續行動。

Yeah, so thanks, Steve, first of all, I do think there is an amount of seasonality that we see in almost every single Q4s. You'll see margins go up because of that for sure. And I think Adam highlighted even FY25, we think about that we expect the second half going forward second halves to be much lower than the first half of the year was because of a mobility divestiture.

是的，所以謝謝史蒂夫，首先，我確實認為我們幾乎在每個第四季度都看到了一定的季節性。您肯定會看到利潤因此而上升。我認為 Adam 甚至強調了 25 財年，我們認為，由於流動性剝離，我們預計下半年的業績將遠低於上半年。

There is some level still a fixed cost recoveries and when you have fixed cost recoveries, but no revenue flowing through, there is definitely a bit of a margin impact. I don't think 6% is what we're going to be seeing. It's not sustainable in Q1.

在某種程度上仍然有固定的成本回收，當你有固定的成本回收，但沒有收入流入時，肯定會產生一些利潤影響。我認為我們不會看到 6% 的情況。第一季是不可持續的。

If you look at historical seasonality, Q1 things go down, Q2 is consistent with Q1, and then we see another sort of Q3 and Q4 uptake in margins. So 6%, I would say a little bit of one-offs in it, and is not sustainable for the first half of the year. But Q3, Q4 of next year, you'll see a similar sort of seasonality from a volume perspective.

如果你看一下歷史季節性，第一季的情況會下降，第二季與第一季一致，然後我們會看到第三季和第四季的利潤率出現另一種情況。所以6%，我想說其中有一點一次性的，並且在今年上半年是不可持續的。但明年第三季、第四季，從數量角度來看，您會看到類似的季節性。

Great. That's helpful. And then in terms of your prepared remarks, I guess there's one area I was hoping you could dig into a little bit. You mentioned with your second point some reshaping geographically end market is on the table now for next year. Can you just sort of expand on what you saw in your last six to eight weeks? That makes you want to sort of, I guess, change strategy just incrementally a little bit. Thanks.

偉大的。這很有幫助。然後，就您準備好的發言而言，我想我希望您能深入探討一個領域。您在第二點提到，明年的一些地理終端市場重塑現已擺在桌面上。您能否擴展一下您在過去六到八週內所看到的情況？我想，這會讓你想稍微改變策略。謝謝。

So Steve, I've always been focused on margins and free cash flow. I think you've seen that over the last six years, We continue to prioritize margins and cash flow. If we see some level of accounts where the one or two of these metrics are going to shape up, do well, we're looking at it from a reshaping our portfolio sort of away from some of those end markets and geographies as well with less sort of attractive risk and financial outcomes. So it's spread out a little bit.

所以史蒂夫，我一直關注利潤率和自由現金流。我想您已經看到，在過去六年中，我們繼續優先考慮利潤和現金流。如果我們看到某個級別的帳戶中的一個或兩個指標將要形成，那就做得很好，我們會從重塑我們的投資組合來看待它，遠離其中一些終端市場和地區，並以更少的成本某種有吸引力的風險和財務結果。所以它有點分散。

I would look at legacy networking is one of the areas where you see this the legacy networking going down, you will see the AI piece is replacing some of that. You'll see an increase in AI, but you'll see little bit of a decrease of the legacy networking piece as well. Again, this positions us really well.

我會看看傳統網路是你看到傳統網路下降的領域之一，你會看到人工智慧正在取代其中的一些。你會看到人工智慧的增加，但你也會看到傳統網路部分的減少。再說一遍，這對我們來說非常有利。

So I'm not saying margins will jump up in '25 because of this. But over the long-term in FY26 and beyond the margin structure will improve along with better cash flows. And I think Greg talked about free cash flows coming in really strong in Q3. We continue to be focused on free cash flow going forward because that's where we think the valuation lies is in the free cash flow.

所以我並不是說 25 年利潤率會因此而上升。但從長遠來看，2026 財年及以後的利潤率結構將隨著現金流的改善而改善。我認為格雷格談到了第三季的自由現金流非常強勁。我們繼續關注未來的自由現金流，因為我們認為估值在於自由現金流。

Great. That's helpful. Thank you.

偉大的。這很有幫助。謝謝。

George Wang, Barclays.

喬治王，巴克萊銀行。

Guys, congrats on the new role. So I've got two parts. Firstly, you mentioned the 3Q driven by connected devices and networking storage, and you also raised the full-year forecast subsequently for the two segments, just kind of talk about kind of what's driving a better kind of results and outlook for the connected devices and networking. Just is this an industry growth or share gains?

夥計們，恭喜你們獲得新角色。所以我有兩個部分。首先，您提到了互聯設備和網路儲存驅動的第三季度，隨後您還提高了這兩個細分市場的全年預測，只是談論了推動互聯設備和前景更好的因素以及聯網。這到底是產業成長還是份額成長？

I think it's probably neither of those. It was a little bit of conservative forecasting from our perspective. If you see connected devices over the last maybe a couple of years, post-COVID, it's been a little bit down. And we've always sort of tried to make sure that our forecasts are accurate.

我想這可能都不是。從我們的角度來看，這是有點保守的預測。如果你看到過去幾年（也許是新冠疫情之後）連網設備的數量有所下降。我們一直在努力確保我們的預測是準確的。

In this particular instance, the numbers came in. I don't think we're seeing a big jump up in the end market. But I think the whole impact in Q3 was mainly because of the conservative forecasting that we had sort of anticipated.

在這個特殊的例子中，數字出現了。但我認為第三季的整體影響主要是因為我們所預期的保守預測。

Got you. Just a quick follow-up if I can. I just want to confirm, is it still $6 billion AI revenue for FY25? You guys talked about in the prepared remarks, you didn't really change the forecast. So I just want to confirm if it's still $6 billion, but also I just want holding on the power and the cooling, you guys talked about some of the value add, it all just -- power cooling has been massive shortage with higher margins. So can you talk about your differentiation and some of the initiatives on table from Jabil's standpoint to capture the coming hearings, shortage with the demand associated with power and cooling in the data center?

明白你了。如果可以的話，請快速跟進。我只是想確認一下，FY25 的人工智慧收入還是 60 億美元嗎？你們在準備好的發言中談到了，你們並沒有真正改變預測。所以我只是想確認它是否仍然是 60 億美元，但我也只是想保留電力和冷卻，你們談到了一些增值，這一切都只是 - 電力冷卻一直嚴重短缺，但利潤率較高。那麼，您能否從捷普的角度談談您的差異化以及一些計劃，以捕捉即將舉行的聽證會、資料中心電力和冷卻相關需求的短缺情況？

Let me address the power and cooling question, first. One of the things we are seeing in the data center space, the legacy data centers are going to do a retrofit. And that retrofit, we were looking at capabilities there where we can offer services to data centers from a cooling distribution unit perspective. If you look at new deployments, the legacy ones are more liquid to air, the newer deployments, liquid cooling, we have internal capabilities around that.

首先讓我解決電源和冷卻問題。我們在資料中心領域看到的一件事是，遺留資料中心將進行改造。在這次改造中，我們正在研究可以從冷卻分配單元的角度為資料中心提供服務的功能。如果你看看新的部署，傳統的部署更多的是液體空氣，較新的部署是液體冷卻，我們有圍繞這一點的內部能力。

And we'll be continuing to look at small capability driven transactions in that space. One of the key here is to expand our service around server rack integration and into the whole data center building infrastructure as well. And I think that will be a big differentiator.

我們將繼續關注該領域的小型功能驅動交易。這裡的關鍵之一是將我們的服務擴展到伺服器機架整合以及整個資料中心建築基礎設施。我認為這將是一個很大的差異化因素。

Okay. Thank you.

好的。謝謝。

Matt Sheerin, Stifel.

馬特謝林，史蒂菲爾。

Yes, thanks. Good morning, everyone. I wanted to drill down a little bit more on your commentary on networking, the strength, but also the customer base. You indicated that you may -- to walk away from some of the legacy business, I'm guessing you're talking about the traditional OEM market.

對了謝謝。大家，早安。我想更深入地了解您對人脈、實力以及客戶群的評論。您表示您可能會放棄一些遺留業務，我猜您正在談論傳統的 OEM 市場。

But I know that you've got a growing a data center hyperscale customer base, particularly on the server side. But are you also working with those customers on network products like switches? And could you tell us exactly what you're doing for those partners on networking side?

但我知道您的資料中心超大規模客戶群正在不斷成長，特別是在伺服器端。但您是否也正在與這些客戶合作開發交換器等網路產品？您能具體告訴我們您在人脈方面為這些合作夥伴做了什麼嗎？

Yeah, so I think that's a great question. I think you're absolutely right. It's the legacy piece from the networking side that we're sort of walking away. A lot of that is being replaced anyways by a future forward-looking AI liquid-cooled sort of switches out. We're definitely getting involved in that.

是的，所以我認為這是一個很好的問題。我認為你是完全正確的。這是我們正在放棄的網路方面的遺留部分。無論如何，其中許多都將被未來的前瞻性人工智慧液冷式開關所取代。我們肯定會參與其中。

If you look at silicon photonics space, if you're looking at the whole transceiver business, which gets attached to that space quite a bit as well. So overall networking and storage, think of it as a transition where we're transitioning from a legacy network to a new era of networking and switching. And we're going to be playing heavily on the new networking and switching. At the same time, the legacy business will go down a bit.

如果你關注矽光子領域，如果你關注整個收發器業務，它也與該領域有相當大的連結。因此，整體網路和存儲，可以將其視為我們從傳統網路過渡到網路和交換新時代的過渡。我們將大力發展新的網路和交換。同時，遺留業務將會略有下降。

Okay. In the networking side, we're seeing some of your peers are having ODM model where they're actually doing custom work for customers and others are building to customers' design. Are you going through both routes or mostly on the more traditional EMS side?

好的。在網路方面，我們看到一些同行採用 ODM 模式，他們實際上為客戶進行客製化工作，而其他同行則根據客戶的設計進行構建。您是否同時採用這兩種路線，還是主要採用更傳統的 EMS 方式？

Well, I think it will be a hybrid. We're not going full ODM at this stage. We are definitely going to continue it in the EMS space. Historically, we've stayed away from competing directly with our customers and will continue to do that.

嗯，我認為這將是一個混合動力。現階段我們不會完全採用 ODM。我們肯定會在 EMS 領域繼續這​​樣做。從歷史上看，我們一直避免與客戶直接競爭，並將繼續這樣做。

Okay, great. Thank you. And just turning to the balance sheet in your forecast for that higher interest -- net interest expense next year or basically flattish. Could you just talk through the capital allocation? I know you've done aggressive buyback significant, but why not take down some of the short-term borrowings or some of your debt to reduce that?

好的，太好了。謝謝。只需轉向資產負債表即可預測明年的更高利息——淨利息支出或基本上持平。能簡單談談資本配置嗎？我知道您已經進行了大規模的積極回購，但為什麼不減少一些短期借款或一些債務來減少這種情況？

And also, if you look at your inventory, inventory days, they've come down a lot, but there's still a well above where they were post-pandemic. So is there work to be done in terms of inventory or the working capital to bring that net interest expense down?

而且，如果你看看你的庫存、庫存天數，它們已經下降了很多，但仍然遠高於疫情後的水平。那麼，在庫存或營運資本方面是否需要做一些工作來降低淨利息支出？

Yeah, hi, this is Greg. So yeah, I think there's a few parts to that question. I'd say first on the interest expense and share buyback, we definitely look at the two combined and making sure we have the most effective EPS results from that.

是的，嗨，這是格雷格。是的，我認為這個問題有幾個部分。我首先要說的是利息支出和股票回購，我們肯定會將兩者結合起來，並確保我們從中獲得最有效的每股盈餘結果。

Interest expense, we do see rates continuing to stay elevated for most of the calendar '24 into '25, so being conservative on that number. From working capital perspective, I think we've been doing a really good job. We do see our net inventory in the 55 to 60 day range.

利息支出方面，我們確實看到利率在 24 至 25 年間的大部分時間裡繼續保持在高位，因此對這個數字持保守態度。從營運資金的角度來看，我認為我們做得非常好。我們確實看到我們的淨庫存在 55 至 60 天範圍內。

And we do see some cyclicality of that during the year and inter-quarter. So obviously, this quarter we had a good number that hit. But one thing to remind you as well, we do have inventory deposits that does offset some of that pickup when we do just look at our gross DII coming down. So we're continuing to be very focused on net inventory and getting it down closer to 55. But there is some cyclicality on that.

我們確實看到了年內和季度間的一些週期性。顯然，本季我們取得了不錯的成績。但也要提醒您的一件事是，當我們只看到總 DII 下降時，我們確實有庫存存款，這確實抵消了部分成長。因此，我們將繼續非常關注淨庫存，並將其降至接近 55。 但這存在一定的周期性。

On the share repurchase, we are committed to completing our $2.5 billion share authorization in Q4. We do need a new Board authorization as we go into '25, so stay tuned for that, but looking to get our [WASO in the 110 to 113] range by the end of FY25.

在股票回購方面，我們致力於在第四季完成 25 億美元的股票授權。當我們進入 25 年時，我們確實需要新的董事會授權，因此請繼續關注，但希望在 25 財年末獲得我們的 [WASO 在 110 至 113] 範圍內。

And, Matt, if I can just add, provide some more color on the interest. If you go back to FY23, so not this year, but previous years, our interest was in the range of $150 million. I think if you look over time, it was in that range. I'm not suggesting we go back to $150 million.

而且，馬特，如果我可以補充一下，請提供更多有關興趣的資訊。如果你回到 2023 財年，那麼不是今年，而是前幾年，我們的興趣在 1.5 億美元左右。我想如果你看時間，它就在這個範圍內。我並不是建議我們回到 1.5 億美元。

Today, it's at $275 million. But as interest rates start coming down and we have a full year impact of that more towards the end of our calendar year '25, you'll see interest start going down quite a bit as well, because $275 million is not going to be the norm. It's going to continue to go downwards. It won't go back to $150 million, but low-200s is highly possible and all of that just drops directly to the EPS line.

如今，該數字已達 2.75 億美元。但隨著利率開始下降，並且我們在 25 日曆年年底時會產生更多的全年影響，您會看到利息也開始大幅下降，因為 2.75 億美元不會是規範。還會繼續往下走。它不會回到 1.5 億美元，但很有可能低於 200 美元，所有這些都會直接下降到每股收益線。

Got it. Okay. Thank you for that. And just if I can just sneak in a last question regarding the $800 million headwind you talked about for next year, most of that coming from end demand weakness. But is there a part of that also coming from deselecting customers, as you said, as you put in the portfolio, could you break that down for us?

知道了。好的。謝謝你。我能否順便問一下最後一個問題，關於您談到的明年 8 億美元的逆風，其中大部分來自終端需求疲軟。但其中是否也有一部分來自於取消選擇客戶，正如您所說，當您放入投資組合時，您能為我們分解一下嗎？

All of that comes from deselecting, not deselecting, but renegotiating with customers. It's coming down. I think the number I provided was $800 million. That is a part of our strategy. Like I've mentioned before, margins and free cash flow continue to be front and center of everything we do. And it's reshaping our portfolio sort of away from end markets and geographies with less attractive risk and financial outcomes. So it's all that.

這一切都來自於取消選擇，不是取消選擇，而是與客戶重新談判。它要下來了。我想我提供的數字是8億美元。這是我們戰略的一部分。正如我之前提到的，利潤率和自由現金流仍然是我們所做的一切的首要和核心。它正在重塑我們的投資組合，遠離風險和財務結果吸引力較低的終端市場和地區。就這樣了。

And then I think I mentioned legacy networking being one of the big ones there. So it's all driven by literally reshaping the numbers. I think if you look at all the other end markets, they are more than soft, I'd say the recovery -- the timing of that recovery has been pushed out, it's continuing to be pushed out a little bit. So the other end markets will be down, but there's no reshaping going on around that and that $800 million that I referenced was purely a reshaping number. There will be some level of revenue impact as the timing of recovery gets shifted to the right as well.

然後我想我提到了傳統網路是那裡最大的網路之一。所以這一切都是透過重塑數字來驅動的。我認為，如果你看看所有其他終端市場，它們不僅僅是疲軟，我想說的是復甦——復甦的時機已經被推遲，而且還在繼續被推遲一點。因此，其他終端市場將會下降，但圍繞這一點並沒有進行重塑，我提到的 8 億美元純粹是一個重塑數字。隨著復甦時間也向右移動，收入也會受到一定程度的影響。

That's very helpful and clarifying. And I would imagine that $800 million revenue is at that margin and return profile is below your company average. So that would be accretive in other words to the business.

這是非常有幫助和澄清的。我可以想像 8 億美元的收入是在這個利潤率下的，而回報率卻低於你們公司的平均水平。換句話說，這會對業務產生增值作用。

Absolutely. Again, I'm not suggesting FY25 will see a big accretion because of that. I talked about us being capacitized for [$32 billion, $33 billion] of revenue. Our revenues are going to be considerably short of that. So we will have a little bit of overcapacity, but we need that capacity when things start to recover.

絕對地。再次強調，我並不是說 25 財年會因此大幅成長。我談到我們有能力實現 [320 億美元、330 億美元] 的收入。我們的收入將遠低於這個數字。因此，我們會有一點產能過剩，但當情況開始復甦時，我們需要這種產能。

And I think it will be very short-sighted of us to go and address that incremental capacity that we have today. So yes, there will be margin accretion in these businesses overall from a company standpoint, just keep in mind that there is a little bit of an overcapacity situation right now as well. But think of that as an opportunity. When things start coming back, it will have a big margin impact.

我認為，如果我們去解決我們今天所擁有的增量能力，那將是非常短視的。所以，是的，從公司的角度來看，這些業務的利潤率總體上會增加，但請記住，目前也存在一些產能過剩的情況。但請將此視為一個機會。當情況開始好轉時，將對利潤率產生巨大影響。

And does that happen towards the end of '25? Does that happen in FY26? We just don't know right now. And that's why we've asked for a little bit more time and that's why we withdrew our FY25 guidance. We will provide more color at the end of September to the best of our abilities.

這會在 25 年底發生嗎？ 26 財年會發生這種情況嗎？我們只是現在不知道。這就是我們要求多一點時間的原因，也是我們撤回 25 財年指引的原因。我們將在九月底盡最大努力提供更多的色彩。

Got it. Okay. Thanks so much.

知道了。好的。非常感謝。

Mark Delaney, Goldman Sachs.

馬克·德萊尼，高盛。

Yes. Good morning, and thanks for taking my questions. First, a follow-up on the $800 million of revenue that the company is looking to deselect. Can you help us better understand what the margin profile is of that? I know you said it's below the corporate average, but is it just above breakeven, low single-digits, slightly below corporate average? Any more color on the EBIT margin associated with that $800 million would be helpful.

是的。早上好，感謝您回答我的問題。首先，該公司打算取消選擇的 8 億美元收入的後續行動。您能幫助我們更了解其利潤狀況嗎？我知道你說它低於公司平均水平，但它是否略高於盈虧平衡，低個位數，略低於公司平均水平？與這 8 億美元相關的息稅前利潤率如果有更多的色彩將會有所幫助。

It's south of enterprise margin. It's not just the margin. We look at the free cash flow profile as well that both of those metrics are critical for our success. I think one of the things we're looking at is risk as well. So obviously, the financial metrics have to tie out, the risk has to tie out as well, risk in different parts of the world, risk in the end markets that are seeing a downward trend all being replaced by a new perspective.

它位於企業利潤的南部。這不僅僅是邊際。我們也關注自由現金流狀況，這兩個指標對於我們的成功至關重要。我認為我們正在考慮的事情之一也是風險。顯然，財務指標必須保持一致，風險也必須保持一致，世界不同地區的風險，出現下降趨勢的終端市場的風險都將被新的視角所取代。

So it's all of that and the margin will be south as I was mentioning on the previous question from Matt. Don't expect margins to jump-up in '25 because of this. There is a little bit of an overcapacity situation. So the margin does get impacted. And it's over time, I do expect maybe towards the end of FY25 or even in FY26 to see a pickup in margin because of this. So it's a mid to long term payback or a return.

所以這就是所有這些，正如我在馬特的上一個問題中提到的那樣，邊緣將是南邊的。不要指望 25 年的利潤率會因此而大幅上升。存在一點產能過剩的情況。所以利潤確實受到了影響。隨著時間的推移，我確實預計可能在 2025 財年末甚至 26 財年，利潤率會因此而有所回升。所以這是一個中長期的回報或回報。

Helpful color. Thanks for that, Mike. And then my second question was around hybrids. You mentioned in the presentation that you have some ability to grow with hybrids, not just with BEVs. Can you double-click a little bit more, talk to us around where Jabil is participating in hybrids and to what extent you have the design wins that would support growth in hybrids as some of the traditional OEMs are planning to grow faster in hybrids over the next few years? Thanks.

有用的顏色。謝謝你，麥克。然後我的第二個問題是關於混合動力的。您在演講中提到，您有能力與混合動力汽車一起成長，而不僅僅是純電動車。您能否再雙擊一下，與我們談談捷普在哪些領域參與混合動力汽車，以及您在多大程度上獲得了支持混合動力汽車增長的設計勝利，因為一些傳統OEM 正計劃在混合動力汽車領域實現更快的成長未來幾年？謝謝。

So I think when I talked about EVs, I think the point I was trying to make was that we're almost agnostic to whether it's EVs that succeed or hybrids that succeed. And I think if you look at some of the three or four areas that we participate in, I think it's software-defined vehicles, that applies across combustion, hybrids, and EVs.

因此，我認為當我談論電動車時，我想表達的觀點是，我們幾乎不知道是電動車成功還是混合動力車成功。我認為，如果你看看我們參與的三四個領域中的一些領域，我認為它是軟體定義的車輛，適用於燃燒、混合動力和電動車。

If you look at the battery management systems and everything to do with the battery, it equally applies to EVs and hybrids. If you look at some of the connectivity piece, again, it applies to all three categories of automotive.

如果你看看電池管理系統以及與電池有關的一切，它同樣適用於電動車和混合動力車。如果您再看一下連接部分，您會發現它適用於所有三類汽車。

And then if you look at automated driving with optics, with cameras, with a whole bunch of ADAS technologies, again, agnostic to which technology wins out. We still think EVs is ripe for a comeback. I think it's seeing some temporary sort of impact due to price, due to battery range.

然後，如果你看看使用光學元件、攝影機和一大堆 ADAS 技術的自動駕駛，同樣，不知道哪種技術會勝出。我們仍然認為電動車捲土重來的時機已經成熟。我認為由於價格和電池續航里程，它會受到一些暫時的影響。

Just couple of those issues being resolved and EVs will be back again. But the point I was trying to make is, look, we're going to have an EV or a hybrid. When EVs go down and hybrids go up, there'll always be a little bit of a timing difference as we win programs in the hybrid space for them to come online. But the long-term trajectory for our EV business is actually quite agnostic in terms of which technology wins out.

只要這些問題得到解決，電動車就會再次回歸。但我想說的是，看，我們將擁有電動車或混合動力車。當電動車下降而混合動力車上升時，總會有一點時間上的差異，因為我們贏得了混合動力領域的項目，讓它們上線。但我們電動車業務的長期發展軌跡其實並不確定哪種技術會勝出。

Thank you.

謝謝。

Samik Chatterjee, JPMorgan.

薩米克‧查特吉，摩根大通。

Hi. Thanks for taking my question. This is MP on for Samik Chatterjee. So I just wanted to ask, like, you had included outlook around connected devices, networking storage, 5G, cloud, et cetera. So a lot of AI revenue is recognized in these end markets heavily. So I just wanted to check how much of the increase in the outlook is because of AI versus traditional recovery in the end markets? And I have a follow-up.

你好。感謝您提出我的問題。這是 Samik Chatterjee 的國會議員。所以我只是想問一下，您是否包含了有關互聯設備、網路儲存、5G、雲端等的展望。因此，大量人工智慧收入在這些終端市場中得到了高度認可。所以我只是想檢查前景的成長有多少是由於人工智慧與終端市場的傳統復甦所致？我有一個後續行動。

So in the other end markets, I think Greg talked about the three that are impacting us today from an AI perspective. All the other end markets, something it's a little too early for us to start sort of assuming AI pieces in there. I think AI is definitely coming, AI is definitely going to impact all of those end markets.

因此，在其他終端市場，我認為格雷格談到了從人工智慧角度影響當今我們的三個市場。對於所有其他終端市場來說，我們開始假設人工智慧的存在還為時過早。我認為人工智慧肯定會到來，人工智慧肯定會影響所有這些終端市場。

Hardware refresh cycles will take place in a number of our end markets, but our assumptions wouldn't bake that in right now. As we see it coming forward, we will start putting some of that in. But the direct answer to your question is, there's very little, there's almost no AI in any of the other end markets at this stage.

我們的許多終端市場將發生硬體更新周期，但我們的假設目前還不會發生。當我們看到它即將到來時，我們將開始加入其中的一些內容。

Okay. And another one will be on operating expenses. So I believe since the revenues were quite higher than the midpoint of the guidance this quarter, but operating expenses, which is something which I believe drove the operating margins to be below the midpoint of guidance. So what exactly was driving the higher operating expenses? And what's your confidence on bringing this to track for strong 6% margin next quarter? Thank you.

好的。另一項將用於營運費用。因此，我相信，由於本季度的收入遠高於指導的中點，但營運費用，我認為這導致營業利潤率低於指導的中點。那麼到底是什麼導致了營運費用的增加呢？您對下個季度實現 6% 的強勁利潤率有何信心？謝謝。

Yeah, Samik, it's really a mix that we're seeing recently. So again, some seasonality to that, but all that is related to mix.

是的，Samik，這確實是我們最近看到的混合體。再說一次，這有一些季節性，但所有這些都與混合有關。

David Vogt, UBS.

大衛‧沃格特，瑞銀集團。

Hi. This is Andrew on for David. I wanted to ask a question about your wireless business. As we've moved past the elections in India, have you seen any signs that, that business might pick back up?

你好。這是安德魯替大衛發言。我想問一個有關你們無線業務的問題。隨著印度選舉的結束，您是否看到任何跡象表明該業務可能會復甦？

At this stage, not really. I think there's been a mass scale deployment of 5G already in India. I think there's definitely -- I think there's a hope they monetize that and move forward after they've seen some returns. So they're almost -- I think there's 75%, 80% sort of rolled out. I don't think we have some big assumptions of a post-election recovery in India at this stage.

在這個階段，還不是真的。我認為印度已經大規模部署 5G。我認為他們肯定有希望將其貨幣化，並在看到一些回報後繼續前進。所以我認為它們幾乎已經推出了 75%、80%。我認為現階段我們對印度大選後的復甦沒有任何重大假設。

Got it. And I just also wanted to follow-up on the comments about the softness you saw in the healthcare segment. I think you said it was in the medical devices part of that business. I'm just wondering if you could expand on what was driving that softness? Is it macro? What are you seeing there?

知道了。我還想跟進您在醫療保健領域看到的疲軟的評論。我想你說的是該業務的醫療設備部分。我只是想知道您是否可以詳細說明是什麼導致了這種疲軟？是宏嗎？你在那裡看到什麼？

So, when we say softness, just note that it's just one of the four or five things that we do in the entire healthcare space. I think if you look at the GLP-1 drugs, they're off the charts. They just keep going higher and higher and higher. And we're really well-positioned to play in that space. There is a counter sort of impact, obviously, that impacts surgeries, medical devices.

因此，當我們說柔軟度時，請注意，這只是我們在整個醫療保健領域所做的四、五件事之一。我想如果你看看 GLP-1 藥物，你會發現它們非常出色。他們只是不斷地走得更高、更高、更高。我們確實處於有利位置，可以在這個領域發揮作用。顯然，存在一種相反的影響，會影響手術和醫療設備。

But there's a whole bunch of other things that we do as well from a diagnostic standpoint, from an orthopedic standpoint, from a pharma solutions standpoint, from other medical devices. So it's a smaller impact. I wouldn't -- Greg called it out, I think it was an issue specifically for our FY24.

但從診斷的角度、從骨科的角度、從製藥解決方案的角度、從其他醫療設備的角度來看，我們還做了很多其他的事情。所以影響比較小。我不會——格雷格指出，我認為這是專門針對我們 2024 財年的問題。

We're seeing some short-term headwinds there because of that. But don't forget the GLP-1 piece will continue to grow. I think the only sort of constraint is capacity, putting that capacity in place, which takes a little bit of time due to the heavy automation that's involved on the GLP-1 piece.

因此，我們看到了一些短期阻力。但不要忘記 GLP-1 部分還會繼續成長。我認為唯一的限制是容量，將容量落實到位，這需要一點時間，因為 GLP-1 部分涉及大量自動化。

Thank you.

謝謝。

Thank you. At this time, I would like to turn the floor back over to management for any additional or closing comments.

謝謝。此時，我想將發言權交還給管理層，以徵求任何補充或結束意見。

That's it for this call. Thank you very much. If you have any further questions, please reach out. We will be happy to talk. Thank you.

這就是本次通話的內容。非常感謝。如果您還有任何疑問，請與我們聯絡。我們會很樂意交談。謝謝。

Ladies and gentlemen, this concludes today's event. You may disconnect your lines or log off the webcast at this time and enjoy the rest of your day.

女士們、先生們，今天的活動到此結束。此時，您可以斷開線路或登出網路廣播，享受剩下的一天。