捷普科技 (JBL) 2024 Q4 法說會逐字稿

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In thinking about 2024, it was a challenging year or so, a very important year as we took some strategic strides as an organization while continuing to look after our customers, employees, orders, we divestitures and the proceeds to shareholders through this improved our diversification footprint. But we also that require higher levels of capital.

展望2024 年，這是充滿挑戰的一年，也是非常重要的一年，因為我們作為一個組織邁出了一些策略性的步伐，同時繼續照顧我們的客戶、員工、訂單、資產剝離以及透過改善我們的多元化為股東帶來的收益腳印。 但我們也需要更高水準的資本。

At the same time, the organization persevered in the face of some pretty stiff headwinds. This is evidenced by strong margins, roughly in line core earnings per share and strong free cash flows. And we did all this despite $6 billion less than revenue year over year. This suggests to me that Jabil is far more risk today than when compared to previous downturns.

與此同時，該組織在面對一些相當嚴峻的阻力時仍然堅持了下來。 強勁的利潤率、大致符合每股核心收益和強勁的自由現金流就證明了這一點。 儘管收入比去年同期減少了 60 億美元，但我們還是做到了這一切。 在我看來，這表明捷普今天的風險比之前的低迷時期要大得多。

And finally, we reorganized our internal structure to focus on speed, precision and solutions. This approach targets our ability to serve each distinct end market effectively by creating domain expertise in core areas and better positions Jabil for growth. As a result of the organizational realignment, we will transition our financial structure from two segments to three.

最後，我們重組了內部結構，重點是速度、精確度和解決方案。 這種方法旨在透過在核心領域建立領域專業知識來有效服務每個不同的終端市場，並為捷普的成長提供更好的定位。 作為組織重組的結果，我們將把我們的財務結構從兩個部門轉變為三個部門。

This change better reflects not only how we operate as a business today. Physicians the organization for growth for the first segment is called regulated industries, led by Steve Borges is comprised of end markets that supply demand best in class care and manufacturing. As of the products built in this segment, keep us healthy, safe and moving ahead in a bit, you will hear about our health care, automotive and transportation and renewable energy infrastructure markets.

這項變更不僅更能反映了我們當今企業的運作方式。 第一個細分市場的成長組織被稱為受監管行業，由史蒂夫博爾赫斯領導，由提供一流護理和製造需求的終端市場組成。 至於該細分市場中建立的產品，讓我們保持健康、安全並繼續前進，您將聽到有關我們的醫療保健、汽車和交通以及可再生能源基礎設施市場的資訊。

Next, our intelligent infrastructure segment, led by Matt Crowley, has been designed to support and growth from the cloud to the data center and the communications gear within as the world further embraces artificial intelligence. And then finally, our Connected Living and digital commerce segment, led by Andy precisely encompasses both consumer facing products in Connected Living and retail and warehouse automation and digital commerce.

接下來，我們的智慧基礎設施部門由 Matt Crowley 領導，旨在隨著世界進一步擁抱人工智慧，支援和發展從雲端到資料中心和內部通訊設備。 最後，由安迪領導的我們的互聯生活和數位商務部門精確地涵蓋了互聯生活中面向消費者的產品以及零售和倉庫自動化和數位商務。

Again, this enhances operational framework will enable greater focus, customer care collaboration. And in a bit, you will hear from all three of these business leaders. And finally, we'll conclude with a business update from our newly appointed Chief Executive Officer, Mike Dastoor from Mike. You will hear about team targets, strategy and why we think cable is uniquely positioned to benefit from a recovery through our global compact city and network of factories. But before we jump into the details, please note that today's presentation is being live streamed.

同樣，這增強了營運框架將實現更大的關注度和客戶服務協作。 稍後，您將聽到這三位商界領袖的演講。 最後，我們將以新任命的執行長 Mike Dastoor 的業務最新動態作為結束語。 您將了解團隊目標、策略，以及為什麼我們認為電纜具有獨特的優勢，可以透過我們的全球緊湊型城市和工廠網路從復甦中受益。 但在我們詳細介紹之前，請注意今天的演示正在進行現場直播。

Our prepared remarks, we will be referencing slides to view the slides. Please visit the Investor Relations section of Jabil.com. After today's presentation concludes a complete recording will be available on the website playback. In addition, we will be making forward-looking statements during this presentation, including among other things such as our currently expected fiscal year net revenue and earnings.

我們準備好的評論，我們將參考幻燈片來查看幻燈片。 請造訪 Jabil.com 的投資者關係部分。今天的演示結束後，將在網站上播放完整的錄音。 此外，我們將在本次演示中做出前瞻性陳述，其中包括我們目前預期的財年淨收入和收益等。

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 report on Form 10-K for the fiscal year ended August 31st, 20 $0.23 with the SEC. Jabil disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. With that, we're excited to share our progress and future plans with you. Now let's dive into the details.

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。 這些風險和不確定性的詳細清單已在 SEC 提交的截至 20 年 8 月 31 日財政年度的 10-K 表格報告中列出，金額為 0.23 美元。 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。 因此，我們很高興與您分享我們的進展和未來計劃。 現在讓我們深入了解細節。

Thanks, Adam. Good morning, everyone. Thanks for taking the time to join our call today. I'd like to begin to walking through our fourth quarter results for the team delivered approximately $7 billion in revenue, $364 million above the midpoint of the guidance range. Connected devices, networking and storage markets. Core operating income for the quarter came in at $401 million or 5.8% of revenue, a solid improvement of 20 basis points compared to last year.

謝謝，亞當。 大家早安。 感謝您今天抽空參加我們的電話會議。 我想開始回顧我們第四季的業績，該團隊實現了約 70 億美元的收入，比指導範圍的中點高出 3.64 億美元。 連接設備、網路和儲存市場。 該季度核心營業收入為 4.01 億美元，佔營收的 5.8%，比去年大幅提高 20 個基點。

Net interest expense was better than expected, coming in at $65 million, which was due to lower inventory levels and strong working capital management. On a GAAP basis, operating income was $318 and our GAAP diluted earnings per share $1.18. Core diluted earnings per share was $2.30, which is $0.07 above the midpoint of our guidance range.

淨利息支出優於預期，為 6,500 萬美元，這得益於較低的庫存水準和強有力的營運資金管理。 以 GAAP 計算，營業收入為 318 美元，GAAP 攤薄後每股收益為 1.18 美元。 核心攤薄後每股收益為 2.30 美元，比我們指導範圍的中點高出 0.07 美元。

Now let's look at the numbers by segment. For the quarter, our DMS segment posted $3.5 billion, which exceeded expectations by $79 million. This was primarily due to stronger growth in connected devices business, although it was slightly offset by lower than expected revenue in the automotive business . Year over year, DMS revenue was down approximately 22%, mostly due to the mobility divestiture for operating margin for the segment came in at 5.4%, slightly lower than expected reflective of the mix.

現在讓我們按段查看數字。 本季度，我們的 DMS 部門實現了 35 億美元的收入，超出預期 7,900 萬美元。 這主要是由於連網設備業務的強勁成長，儘管汽車業務收入低於預期略有抵銷。與去年同期相比，DMS 收入下降了約 22%，主要是由於該部門的行動業務剝離導致營業利潤率為 5.4%，略低於反映混合情況的預期。

In the event, we saw revenue of $3.5 billion, which were was 285 million higher than anticipated. This was driven by stronger demand in our advanced networking markets as we closed out the year, while EMS revenue was down roughly 13% year over year, mainly ongoing softness in the end markets like 5G, renewable energy and it, we did see solid year-on-year growth across our cloud semi-cap warehouse automation markets.

最終，我們實現了 35 億美元的收入，比預期高出 2.85 億美元。 這是由於我們年底時先進網路市場的需求更加強勁，而 EMS 收入同比下降了約 13%，主要是 5G、可再生能源等終端市場持續疲軟，我們確實看到了強勁的一年我們的雲半盤倉庫自動化市場年增。

This dynamic, both core margins for EMS to 6.1% in Q4, up an impressive 90 basis points year over year. Moving now to end market performance for the year. Compared to our thoughts in June, connected devices, networking and storage came in better than anticipated. Well audit work came in slightly lower. All of their end markets largely came in as expected. Shifting gears to cash flow and balance sheet metrics. Inventory at the end of Q4 was down five days sequentially, bringing it to 76 days after adjusting for inventory deposits.

如此動態，第四季 EMS 的核心利潤率達到 6.1%，年成長 90 個基點，令人印象深刻。 現在轉向今年的終端市場表現。 與我們六月的想法相比，連接設備、網路和儲存的表現優於預期。 嗯，審計工作略有下降。 他們所有的終端市場基本上都符合預期。 轉向現金流和資產負債表指標。 第四季末的庫存季減了 5 天，在調整庫存押金後達到 76 天。

Net inventory days were 54, which is a four day improvement quarter over quarter. Thanks to disciplined working capital management team. Our fourth quarter cash flows from operations were very strong, coming in at $535 million. Net capital expenditure. The fourth quarter were $116 million and for the full fiscal year, 661 million or 2.3% of revenue, built up a strong fourth quarter performance and cash flow generation adjusted free cash flow for the full team in north of $1 billion. We exited the fiscal year with a healthy balance sheet with debt to core EBITDA levels of approximately 1.3 times and cash balances of approximately $2.21 billion.

淨庫存天數為 54 天，比上一季改善了四天。 感謝紀律嚴明的營運資金管理團隊。 我們第四季的營運現金流非常強勁，達到 5.35 億美元。 淨資本支出。 第四季營收為1.16 億美元，整個財年營收為6.61 億美元，佔營收的2.3%，為整個團隊打造了強勁的第四季業績，現金流產生調整後的自由現金流超過10 億美元。 本財政年度結束時，我們的資產負債表狀況良好，債務約為核心 EBITDA 水準的 1.3 倍，現金餘額約為 22.1 億美元。

With that, I'll now turn to our capital structure on the next slide. We had 24 with capacity under our global credit facilities of $4 billion. With this availability in our year end cash balances, we had access to more than 6.2 billion of available liquidity. Our debt and liquidity profile or both solid, and we believe current maturities are appropriately staggered and at attractive interest rates. We also remain fully committed to maintaining our investment grade credit profile. Moving now to our capital returns to shareholders.

現在，我將在下一張投影片上討論我們的資本結構。 我們有 24 個擁有 40 億美元全球信貸額度的產能。 憑藉年末現金餘額中的可用資金，我們可以獲得超過 62 億美元的可用流動資金。 我們的債務和流動性狀況都很穩定，而且我們認為當前的到期日適當錯開，利率具有吸引力。 我們也完全致力於維持我們的投資等級信用狀況。 現在轉向我們對股東的資本回報。

On the next slide, we have repurchased 5.3 million shares, bringing total shares repurchased to 19.4 million shares or $2.5 billion, which completed our Slide 24 a share repurchase authorization. This brings our cumulative shares repurchased since FY 13 to approximately 128 million shares at an average price of approximately $47, bringing our total return to shareholders, including repurchases and dividends to approximately 6.7 billion.

在下一張幻燈片中，我們回購了 530 萬股，使回購股份總數達到 1,940 萬股，即 25 億美元，完成了幻燈片 24 的每股回購授權。 這使得我們自 2013 財年以來累積回購的股票數量達到約 1.28 億股，平均價格約為 47 美元，使我們為股東帶來的總回報（包括回購和股息）達到約 67 億股。

Importantly, included in our earnings release this morning, we announced that our Board of Directors authorized a new share repurchase authorization of $1 billion, which we expect to fully execute in FY25. We remain committed to return to shareholders through a disciplined and balanced capital allocation approach.

重要的是，在今天早上發布的財報中，我們宣布董事會批准了 10 億美元的新股回購授權，我們預計將在 2025 財年全面執行。 我們仍然致力於透過嚴格且平衡的資本配置方式回報股東。

Moving to the next slide. The team performed well in FY24 operating within a highly dynamic environment. In summary, over the past year, we sold off our mobility business and use the net gains to buy back $2.5 billion of our shares, all while managing temporary challenges and major end markets like renewables, electric vehicles, 5G infrastructure and semi-cap. The Company continues to be highly resilient and is well positioned for future revenue growth, margin enhancement and delivering robust free cash flow.

轉到下一張投影片。 該團隊在 2024 財年在高度動態的環境中表現出色。 總之，在過去的一年裡，我們出售了行動業務，並利用淨收益回購了25 億美元的股票，同時應對暫時的挑戰和再生能源、電動車、5G 基礎設施和半市值等主要終端市場。 該公司繼續保持高度彈性，並為未來收入成長、利潤率提高和提供強勁的自由現金流做好了準備。

With that, let's turn to our next slide for us. First quarter guidance, beginning with revenue by segment new business unit organizational reporting segment structure. Today we will transition our shipments and FY. 25 from DMS. and EMS. to three new reporting segments. Regulated industries, intelligent infrastructure and Connected Living and digital commerce. This change is aligned with our new management structure and with how we drive our long-term planning and forecasting.

接下來，讓我們轉向下一張投影片。 第一季指導，從按部門劃分的收入開始，新業務部門的組織報告部門結構。 今天我們將過渡我們的發貨和財年。 25 來自 DMS。和特快專遞。三個新的報告分部。 受監管的行業、智慧基礎設施以及互聯生活和數位商務。 這項變更與我們新的管理結構以及我們推動長期規劃和預測的方式一致。

For Q1, we anticipate revenue for our regulated industry segment will be $2.9 billion, down 9% year on year, reflective of softness in the renewable energy and EV market. For our intelligent infrastructure segment. We expect revenue for the quarter $2.3 billion, down 4% year on year. This is mainly due to us exiting certain legacy networking businesses at the end of Q4 FY24. In our core commerce segment, revenues are expected to be $1.4 billion year over year decline is primarily driven by our mobility divestiture.

對於第一季度，我們預計受監管行業部門的收入將為 29 億美元，年減 9%，反映出再生能源和電動車市場的疲軟。 對於我們的智慧基礎設施部門。 我們預計本季營收為 23 億美元，年減 4%。 這主要是由於我們在 2024 財年第四季末退出了某些傳統網路業務。 在我們的核心商務部門，營收預計為 14 億美元，年減主要是由於我們的行動資產剝離所致。

Speaking of mobility, I'd like to highlight the seasonality of our business in FY25 impact of the divestiture. As a reminder, our mobility business typically generated a significant portion of its income during Q1. This means going forward, our quarterly income and earnings progression will more closely resemble. Our historical EMS business were typically 40% of earnings come in the first half of the year and 60% in the second half. So you can expect half weighted year as we go forward.

說到流動性，我想強調剝離對我們 25 財年業務的季節性影響。 提醒一下，我們的行動業務通常在第一季產生了很大一部分收入。 這意味著展望未來，我們的季度營收和獲利進展將更加相似。 我們歷史上的 EMS 業務通常佔盈利的 40% 來自上半年，60% 來自下半年。 因此，隨著我們的進展，您可以預期今年的權重將減半。

Total company revenue for Q1 is expected to be in the range of $6.3 billion to $6.9 billion. Core operating income for Q1 is estimated to be in the range of $304 million to $364 million. Gaap operating income is expected to be in the range of $143 million to $223 million.

第一季公司總收入預計在 63 億美元至 69 億美元之間。 第一季的核心營業收入預計在 3.04 億美元至 3.64 億美元之間。 預計公認會計準則營業收入將在 1.43 億美元至 2.23 億美元之間。

Core diluted earnings per share is estimated to be in the range of one to $2.5, diluted earnings per share of $0.83 expense in the first quarter of oh five. We expect a million dollars Our core tax rate for Q1 and for the year expected to be 21%, reflecting impacts of Pillar two global minimum tax legislation and jurisdictional earnings mix. We continue to believe it's prudent to anticipate higher tax rates beyond FY 25 due to additional expected impacts from global minimum tax legislation.

核心攤薄每股收益預計在1至2.5美元之間，第五季第一季攤薄每股收益為0.83美元。 我們預計第一季和全年的核心稅率為 100 萬美元，預計為 21%，反映了第二支柱全球最低稅收立法和司法管轄區收益組合的影響。 我們仍然認為，由於全球最低稅立法的額外預期影響，預計 25 財年之後稅率會上升是謹慎的做法。

Moving to for FY. 25 guidance. For the coming year, we expect approximately $27 billion in revenue with core margins in the range of 5.4%, while core earnings per share is expected to be $8.65. Please keep in mind, in FY24, we divested our mobility business partway through the fiscal year, while we also made the strategic decision to reshape our portfolio away from products in the legacy networking space.

搬到財政年度。 25 指導。 來年，我們預計營收約為 270 億美元，核心利潤率為 5.4%，每股核心收益預計為 8.65 美元。 請記住，在 2024 財年，我們在本財年中剝離了行動業務，同時我們也做出了策略決策，重塑我們的產品組合，遠離傳統網路領域的產品。

When adjusting for these changes, which accounted for $2.4 billion in revenue in FY 24, we believe our organic growth in FY25 will be 2.3% on a base of $26.4 billion. We are forecasting another robust year for free cash flow in FY25 around $1.2 billion. Additionally, due to the mobility divestiture, we anticipate lower capital expenditures in the coming year. For FY25, we expect CapEx to be between 1.2% of revenue.

在對這些變化進行調整後（24 財年的營收為 24 億美元），我們相信 25 財年的有機成長將在 264 億美元的基礎上實現 2.3%。 我們預測 25 財年的自由現金流將再次強勁，約 12 億美元。 此外，由於流動性剝離，我們預期來年的資本支出將會減少。 對於 25 財年，我們預計資本支出將佔收入的 1.2%。

Most notably, as in past years, we plan to return 80% of free cash flow to shareholders through dividends and our newly announced $1 billion buyback authorization. With that, thank you for your time this morning. And for your interest in Jabil.

最值得注意的是，與過去幾年一樣，我們計劃透過股息和新宣布的 10 億美元回購授權，將 80% 的自由現金流返還給股東。 至此，感謝您今天早上抽出時間。以及您對捷普的興趣。

(video playing) Hi, everyone. I'm excited to share some details on our regulated industry segment. Each of the end markets in this segment plays a critical missing some of the most pressing challenges and opportunities in the world. Let's first start with Healthcare or many of our trends we've been discussing for the last several calls remain unchanged. Connected Care is creating new markets by enabling remote monitoring and telehealth solutions.

（影片播放）大家好。 我很高興分享有關我們受監管行業領域的一些詳細資訊。 該細分市場的每個終端市場都在錯過世界上一些最緊迫的挑戰和機會方面發揮著至關重要的作用。 讓我們先從醫療保健開始，或者我們在過去幾次電話會議中討論的許多趨勢保持不變。 Connected Care 正在透過實現遠端監控和遠距醫療解決方案來創造新市場。

Personalized Medicine continues to drive improved patient outcomes, particularly in the management of chronic diseases. By tailoring treatments to individual patients. Healthcare providers can achieve better results and enhanced the quality of life for millions of people. In addition, the introduction of weight loss drugs or GLP-1 drugs are all becoming increasingly important. Today's health care landscape from care settings are also emerging, creating opportunities for innovation.

個人化醫療持續推動改善患者的治療效果，特別是在慢性病的治療方面。 透過針對個別患者制定治療方案。 醫療保健提供者可以取得更好的成果並提高數百萬人的生活品質。 此外，減肥藥或GLP-1藥物的引進都變得越來越重要。 當今護理機構的醫療保健格局也不斷湧現，為創新創造了機會。

As health care delivery evolves, we see a shift towards more decentralized centric models. This opens new app revenues for developing advanced medical devices and technologies that can be used in a variety of settings from hospitals to the whole. As a result with a strong pipeline of design engagements to enable connected devices and home healthcare products for our customers. Meanwhile, the tailwinds growth at auto-injectors, Medical Devices and Diagnostics continues most, especially with the advent of many new biologics and individualized testing platforms for another significant trend is the need to simplify the supply chain.

隨著醫療保健服務的發展，我們看到了向更加分散的中心模式的轉變。 這為開發先進的醫療設備和技術開闢了新的應用程式收入，這些設備和技術可用於從醫院到整體的各種環境。 因此，我們擁有強大的設計合作管道，為我們的客戶提供連網設備和家庭醫療保健產品。 同時，自動注射器、醫療器材和診斷領域的順風成長仍在繼續，特別是隨著許多新生物製劑和個人化測試平台的出現，另一個重要趨勢是簡化供應鏈的需要。

The complexities of the healthcare supply chain have been highlighted in recent years, most especially during the rise of COVID, there is a growing demand for our streamlined and efficient solutions. This need for simplification is leading to expanded outsourcing as health care device companies seek partners who can provide comprehensive supply chain management, engineering, design and manufacturing expertise, coupled with the quality requirements, are customers that we are the largest manufacturing solutions provider for the healthcare industry with great diversification covering diagnostics, medical devices, orthopedics, pharmaceutical delivery systems staying the largest, will require us to expand our capabilities and accelerate growth by entering areas of the market with macro tailwinds, which will provide an enormous amount of Jabil TAM expansion while focusing on specific geographies like ratio for the Dominican Republic to fuel that growth, the expanded capabilities and geographies will enable us to further simplify the supply chain for our customers.

近年來，醫療保健供應鏈的複雜性日益凸顯，尤其是在新冠疫情興起期間，對我們精簡且高效的解決方案的需求不斷增長。 這種對簡化的需求導致了外包的擴大，因為醫療保健設備公司尋求能夠提供全面的供應鏈管理、工程、設計和製造專業知識的合作夥伴，再加上品質要求，我們是最大的醫療保健設備製造解決方案提供者。巨大的擴張，同時專注於特定地區（例如多明尼加共和國）來推動成長，擴大的能力和地區將使我們能夠進一步簡化客戶的供應鏈。

Internally. The most powerful aspect of what we produce is that every single day millions of patients around the world are using our product manufactured by G., our expertise and product industrialization and manufacturing continues to enable innovation in powertrain electrification, autonomous driving and connected vehicle technologies.

內部。 我們生產的產品最強大的方面是，全世界每天都有數以百萬計的患者在使用我們G. 製造的產品，我們的專業知識和產品工業化和製造不斷推動動力總成電氣化、自動駕駛和互聯車輛技術的創新。

Automotive and transportation industries undergo a transformative shift towards the mass adoption of electric vehicles and advanced driver assistance systems to meet regulations and safety requirements as the associated shift to centralize architectures, cable is playing a pivotal role in shaping the future of transportation. We have seen some short-term volatility in demand due to regional changes in EV tariffs and incentives, which had been experienced across the entire automotive industry.

汽車和運輸業正在經歷一場變革，大規模採用電動車和先進的駕駛輔助系統，以滿足法規和安全要求，同時伴隨著向集中式架構的轉變，電纜在塑造未來交通運輸方面發揮關鍵作用。 由於電動車關稅和激勵措施的區域變化，我們看到需求出現了一些短期波動，整個汽車產業都經歷過這種情況。

The Jabil team has managed this well supporting our customers as they manage their business through this unprecedented market evolution. Jabil remains partnered with leading automotive OEMs across most important technology platforms of the foreseeable future. Advanced driver assistance and autonomous driving systems connectivity. Electrification is software defined vehicles of these platforms are agnostic to vehicle type, providing those was an opportunity to support our customers, however, they choose each year. We continue to add new automotive OEM customers and technology leader.

捷普團隊在這前所未有的市場演變中很好地支持了我們的客戶，幫助他們管理自己的業務。 在可預見的未來，捷普將在最重要的技術平台上與領先的汽車原始設備製造商保持合作關係。 先進的駕駛員輔助和自動駕駛系統連接。 電氣化是這些平台的軟體定義車輛與車輛類型無關，這為我們的客戶提供了支援的機會，但是他們每年都會選擇。 我們不斷增加新的汽車 OEM 客戶和技術領導者。

There's providing further diversification across our customer portfolio, dispositions, Jabil externally, as well as the automotive industry works towards meeting future governmental vehicle emission targets outside of our customers, we remain engaged with strategic suppliers focused on advancing precision agriculture. We leverage experienced gains from serving automotive customers as well as capabilities expertise from across cable such as optics to help our customers bring the most innovative new farming technologies to market.

我們的客戶組合、配置進一步多樣化，捷普外部以及汽車產業致力於滿足客戶以外的未來政府車輛排放目標，我們仍與專注於推動精準農業的策略供應商保持合作。 我們利用從服務汽車客戶中獲得的豐富經驗以及光學等跨電纜的專業能力來幫助我們的客戶將最具創新性的新型農業技術推向市場。

As the automotive and transportation market recovers. Jabil is well positioned to capitalize on growth with expanded strategic capabilities, including our new facility in Croatia, which will support the growth of our European automotive business. We are focused on technology collaborations and investments and capabilities of our long-term OEM customers and expanded role within the value chain. We are committed to delivering cutting-edge solutions that enhance vertical performance. Sustainability.

隨著汽車和運輸市場的復甦。 捷普處於有利地位，可以透過擴大戰略能力來利用成長，包括我們在克羅埃西亞的新工廠，這將支持我們歐洲汽車業務的成長。 我們專注於長期 OEM 客戶的技術合作、投資和能力，以及在價值鏈中擴大的角色。 我們致力於提供可增強垂直績效的尖端解決方案。 可持續性。

Safety pretty stable is recognized in the market for our ability to industrialize complex technology designs, develop robust supply chain and repay automotive grade automation for the next generation technologies entering them. Today, we deliver these highly complex product with speed and quality while meeting functional safety requirements. Now transitioning to our renewables and energy infrastructure end market global like man is expected to grow at approximately 16% through 2040 and renewable energy center of achieving global climate goals.

由於我們能夠將複雜的技術設計工業化、開發強大的供應鏈並為進入汽車行業的下一代技術提供汽車級自動化的回報，因此安全性相當穩定得到了市場的認可。 如今，我們能夠快速、優質地交付這些高度複雜的產品，同時滿足功能安全要求。 現在正向全球再生能源和能源基礎設施終端市場轉型，預計到 2040 年將成長約 16%，成為實現全球氣候目標的再生能源中心。

At Jabil, we are leveraging our expertise in manufacturing supply chain management to support the adoption of renewable energy technologies. In addition, with our US footprint in the inflation reduction, we are well-positioned to help our customers transition products globally into the US, which may allow our customers take advantage of tax incentives, our which spans away wide range of applications from inverters and optimizers to wind turbines, energy storage systems, smart grid technologies, and our success in energy storage manufacturing has positioned us to now extend into the automated assembly of critical elements of grid level storage systems such as battery modules.

在捷普，我們利用我們在製造供應鏈管理方面的專業知識來支援再生能源技術的採用。 此外，憑藉我們在降低通貨膨脹方面的足跡，我們有能力幫助我們的客戶將全球產品轉移到美國，這可能使我們的客戶能夠利用稅收優惠，我們的稅收優惠涵蓋從逆變器和風力渦輪機、儲能係統、智慧電網技術的優化器以及我們在儲能製造方面的成功使我們現在能夠擴展到電網級儲存系統關鍵元件（例如電池模組）的自動化組裝。

This capabilities elected to be led by customers engaging residential storage as the attach rate of the systems rise due to policy changes. Complementing the growth in renewable energy continued to add new customers that focus on energy management in building controls.

隨著政策變化導致系統附加率上升，此功能選擇由參與住宅儲存的客戶主導。 隨著再生能源的成長，專注於建築控制能源管理的新客戶不斷增加。

Overall, the design, manufacturing and supply chain needs of renewable energy companies are becoming more complex, which increases their need to work with companies like to keep customers. Appreciate the fact that we are committed to delivering high quality, reliable solutions that meet the growing demand for clean energy. Our modular and scalable designs allow for flexible deployment, optimizing resource use and reducing costs. I will now pass it along to Matt.

總體而言，再生能源公司的設計、製造和供應鏈需求變得越來越複雜，這增加了他們與喜歡留住客戶的公司合作的需求。 感謝我們致力於提供高品質、可靠的解決方案，以滿足日益增長的清潔能源需求。 我們的模組化和可擴展設計可實現靈活部署、優化資源使用並降低成本。 我現在將其傳遞給馬特。

Thanks, Steve, and good morning, everyone. Today, I'm excited to share some insights into our work in the intelligent infrastructure segment and discuss the evolution of cloud technology sectors, including the transformative impact of artificial intelligence. Our segment is dedicated to the cutting edge solutions that support the backbone of the modern digitally. This includes everything from cloud and data center infrastructure to telecom and networking and capital equipment.

謝謝史蒂夫，大家早安。 今天，我很高興與大家分享我們在智慧基礎設施領域工作的一些見解，並討論雲端技術領域的演變，包括人工智慧的變革性影響。 我們的部門致力於支持現代數位化支柱的尖端解決方案。 這包括從雲端和資料中心基礎設施到電信、網路和資本設備的一切。

Each of these end markets plays a crucial role in shaping the future of how we connect, compute and communicate. The evolution of digital technology has laid a robust foundation for today's advance, starting with e-commerce moving through web to Dato in the early two thousands, it advancing with cloud computing, mobile apps and big data in the early 2010, each base has been pivotal now on the cusp of a new era, thanks to artificial intelligence and machine learning.

這些終端市場中的每一個都在塑造我們連接、計算和通訊方式的未來方面發揮著至關重要的作用。 數位技術的發展為今天的進步奠定了堅實的基礎，從兩千世紀初電子商務透過網路發展到Dato，到2010年初雲端運算、行動應用程式和大數據，每個基地都已得益於人工智慧和機器學習，現在正處於新時代的關鍵時刻。

These emerging technologies promise to reshape everything in our lives from solving major health conditions to seamless autonomous transportation, emphasizing the critical role of cloud infrastructure as an enabler to these innovations, AI, the next cloud technology, so revolutionizing the way we process and analyze data, enabling more intelligent and automated decision making at Jabil for at the center solution, providing our customers with advanced manufacturing solutions, they need to stay competitive in a rapidly changing landscape.

這些新興技術有望重塑我們生活中的一切，從解決主要健康問題到無縫自主交通，強調雲端基礎設施作為這些創新、人工智慧、下一代雲端技術的推動者的關鍵作用，從而徹底改變我們處理和分析數據的方式，在捷普的中心解決方案中實現更智慧和自動化的決策，為我們的客戶提供先進的製造解決方案，他們需要在快速變化的環境中保持競爭力。

Our expertise in this segment allows us to support the deal, development and deployment of next-generation technologies to the market. The journey to fully harness a outcomes with its own set of challenges that spur innovation and an old compute architectures are inefficient for new models, necessitating the development of massive parallel architectures that drive huge data transfer.

我們在這一領域的專業知識使我們能夠支援下一代技術在市場上的交易、開發和部署。 充分利用結果的過程面臨一系列挑戰，這些挑戰刺激了創新，而舊的運算架構對於新模型來說效率低下，因此需要開發驅動大量資料傳輸的大規模並行架構。

Additionally, AI requires immense amounts of energy as processing power demands continue to exceed the capabilities of conventional cooling methods. It has traditionally been a way to deliver efficiency. With the exception of a I and the high-power GPUs required to fuel cooling is now a requirement to deliver capacity and will soon be the standard for how data centers address crew the pace of innovation associated with today's twice as fast as legacy silicon architectures.

此外，人工智慧需要大量的能源，因為處理能力的需求不斷超出傳統冷卻方法的能力。 傳統上，它一直是提高效率的一種方式。 除了 I 之外，用於冷卻所需的高功率 GPU 現在已成為提供容量的必要條件，並且很快就會成為資料中心如何滿足人員需求的標準，而當今的創新速度是傳統矽架構的兩倍。

This creates new challenges when launching products from development into production in our intelligent Jabil has built engineering and architecture capabilities that allow us to enable this transition from development to production at scale, while also enabling us to keep pace with the accelerated development cycles we see being driven in the market today.

當在我們的智慧中推出從開發到生產的產品時，這帶來了新的挑戰，捷普已經建立了工程和架構能力，使我們能夠實現從開發到大規模生產的過渡，同時也使我們能夠跟上我們所看到的加速開發週期的步伐。

Additionally, SGPU. speeds increase, so does the need for high bandwidth interconnect driving the need for cost and power efficient photonic interconnect. Across all of these technologies, we are actively investing in capabilities that offer our customers differentiated value for solutions that meet emerging requirements. One specific example of differentiated capability is our recently announced investment enables advanced packaging, oh set and process developed for Photonics. This technology will become more important over time as Power continues to become more scarce and the need for higher speed and lower latency inside systems becomes more important.

此外，SGPU。速度的提高，高頻寬互連的需求也推動了對成本和功率高效的光子互連的需求。 在所有這些技術中，我們正在積極投資能力，為客戶提供滿足新興需求的解決方案的差異化價值。 差異化能力的一個具體例子是我們最近宣布的投資支持為光子學開發先進的封裝、套件和製程。 隨著時間的推移，隨著電力繼續變得更加稀缺，並且系統內部對更高速度和更低延遲的需求變得更加重要，這項技術將變得更加重要。

Our investments in this space, physicians Jabil to be at the center of one of the next innovation cycles as the industry moves to co-packaged optics and on-chip solutions. We're also expanding our footprint and strategic geographies as we scale our support of a data center buildouts, our facility in Pune, India is a key manufacturing site for our customers and has executed exceptionally well.

隨著產業轉向共同封裝光學元件和片上解決方案，我們在這一領域的投資使醫生捷普成為下一個創新週期的中心。 隨著我們擴大對資料中心擴建的支持，我們也正在擴大我們的足跡和策略地域，我們位於印度浦那的工廠是我們客戶的關鍵製造基地，並且執行得非常好。

And while our demand for manufacturing India has been driven by a I related hardware required permits, Jabil has customers across all three of our segments to leverage the reach. Because of this, we have recently announced our intention to further expand our footprint in the country. Unique capabilities we have built throughout this technology value chain are core to a strategy that is both agile and resilient, giving Jabil the ability to support massive scale from secular tailwinds like a guy while being ready for whatever comes next in the market.

雖然我們對印度製造業的需求是由與 I 相關的硬體所需的許可證推動的，但捷普在我們所有三個部門都有客戶來利用這一影響力。 正因為如此，我們最近宣布打算進一步擴大我們在該國的足跡。 我們在整個技術價值鏈中建立的獨特能力是敏捷和彈性策略的核心，使捷普能夠像一個人一樣從長期順風中支持大規模規模，同時為市場上的任何變化做好準備。

Ultimately, Jabil is a key player within the technology ecosystem ready to help customers overcome today challenges and prepare for tomorrow. We're leveraging our expertise to support the increasing demand for advanced processors, high-speed Photonics, sophisticated hardware solutions. Our solutions are designed to be scalable, secure and adaptable, helping our customers to stay ahead.

最終，捷普是科技生態系統中的關鍵參與者，隨時準備好幫助客戶克服當今的挑戰並為明天做好準備。 我們正在利用我們的專業知識來支援對先進處理器、高速光子學和複雜硬體解決方案不斷增長的需求。 我們的解決方案旨在可擴展、安全且適應性強，幫助我們的客戶保持領先地位。

I'll now pass it along and speak about the connected living and death, digital commerce.

現在我將把它傳遞給大家，談論相連的生與死、數位商務。

Thanks, Matt, and hello, everyone. And I lead tables Connected Living and digital commerce segment. Today, I'd like to take a few minutes until you have a work in digital commerce and more specifically warehouse automation. Let me think about the definition. Commerce is a change of goods and services, especially on a large scale. E-commerce has made possible by production and fulfillment and a table. We had a critical enabler within that ecosystem.

謝謝馬特，大家好。 我領導互聯生活和數位商務領域。 今天，我想花幾分鐘讓您了解數位商務，更具體地說是倉庫自動化方面的工作。 讓我想想這個定義。 商業是商品和服務的變化，尤其是大規模的變化。 電子商務透過生產、履行和一張桌子而成為可能。 我們在該生態系統中有一個關鍵的推動者。

Jabil is the largest manufacturing solutions provider for digital commerce and warehouse automation customers. Our expertise and scale allows us to support the largest players in this industry as they navigate. The complexities of digitization and automation are leaders in this market. Our focus on digitization in the aisles, electronic shelf label and other connected technologies are becoming part of the unified commerce strategy.

捷普是數位商務和倉庫自動化客戶的最大製造解決方案供應商。 我們的專業知識和規模使我們能夠為該行業最大的參與者提供支援。 數位化和自動化的複雜性是該市場的領導者。 我們對通道數位化、電子貨架標籤和其他互聯技術的關注正在成為統一商務策略的一部分。

These innovations are transforming the shopping experience, making it more seamless, efficient for the consumer and allowing a higher stock, and that was compliance. But the visibility at the checkout more shoppers are now using contactless payments to be a leading provider of point of sale and self checkout solution. Having over 15 years of experience building and designing these products. The shift in technology not only enhances convenience, but also with the growing demand for safer touch for the interactions.

這些創新正在改變購物體驗，使消費者的購物體驗更加無縫、高效，並允許更高的庫存，這就是合規性。 但結帳時的可見性現在越來越多的購物者使用非接觸式支付，成為銷售點和自助結帳解決方案的領先提供者。 擁有超過 15 年的建造和設計這些產品的經驗。 技術的轉變不僅提高了便利性，而且對更安全的互動觸摸的需求也不斷增長。

Additionally, research shows that most consumers today, unlike the Catoosa business that offers Grab and Go services over a more traditional business model, highlighting the importance of speed and convenience and the retail landscape. Another element of the digital commerce system that may not be immediately visible are apparent to what happens behind the scenes and warehouses and distribution centers around the world are billions of dollars of goods and move to these warehouses and fulfillment centers every day and warehouse automation has seen significant growth.

此外，研究表明，與 Catoosa 企業不同，如今的大多數消費者透過更傳統的商業模式提供 Grab and Go 服務，這凸顯了速度、便利性以及零售格局的重要性。 數位商務系統的另一個可能無法立即看到的元素對於幕後發生的事情是顯而易見的，世界各地的倉庫和配送中心有數十億美元的貨物，每天都會轉移到這些倉庫和履行中心，倉庫自動化已經看到顯著增長。

The integration of digitization, automation and robotics in these environments is revolutionizing the way we manage inventory and fulfill orders. E-commerce has more than doubled since 2019 to over $1.2 trillion to date. This has not been possible without higher and higher levels of automation being deployed in the fulfillment center table is working both directly and indirectly with many of the world's largest brands on autonomous mobile robots, automated sorting SIs items and also vehicles at Jabil are constantly looking for ways to help solve some of the macroeconomic issues facing industry state.

這些環境中數位化、自動化和機器人技術的整合正在徹底改變我們管理庫存和履行訂單的方式。 自 2019 年以來，電子商務成長了一倍多，迄今已超過 1.2 兆美元。 如果沒有在履行中心部署越來越高水準的自動化，這是不可能的幫助解決產業國家面臨的一些宏觀經濟問題的方法。

For example, the availability and cost of labor to name, but one cable bills over 1,000 warehouse robo someone and towers 4,000 a month with subassemblies that we also make. As we look to the future, I have several exciting projects that look to solve these labor issues with even more accretive. Humanized robotic solutions have already discussed.

例如，勞動力的可用性和成本，但一條電纜就需要向某人收取 1,000 多個倉庫機器人的費用，並且每個月要收取 4,000 台塔樓的費用，其中還包括我們製造的組件。 展望未來，我有幾個令人興奮的項目，旨在以更大的效益解決這些勞工問題。 人性化的機器人解決方案已經討論過。

Digitization, automation and robotics can play a role in a wide range, assessing all of which are designed to increase safety or improves day-to-day operational efficiency and deliver a superior customer experience from alternate, picking and packing to real-time inventory management. These technologies are driving significant improvements in productivity, cost, accuracy and compliance at table.

數位化、自動化和機器人技術可以在廣泛的領域中發揮作用，評估所有這些旨在提高安全性或提高日常營運效率，並提供從替代、揀選和包裝到即時庫存管理的卓越客戶體驗。 這些技術正在推動餐桌生產力、成本、準確性和合規性的顯著提高。

We're committed to helping a customer stay ahead of this curve by providing innovative solutions that address the unique challenges sample. We have used their expertise and 3D printing to create solutions that allow our customers to solve technical and provide superior products to the markets they serve are constantly looking for ways to continue to help our customers become more efficient and meet the needs of their own customers. And our goal is to enable a more efficient and customer-centric approach, the commerce and logistics. We look forward to continuing to drive innovation and deliver value to our customers and these exciting and rapidly evolving field.

我們致力於透過提供解決獨特挑戰樣本的創新解決方案來幫助客戶保持領先地位。 我們利用他們的專業知識和3D 列印來創建解決方案，使我們的客戶能夠解決技術問題並為他們所服務的市場提供卓越的產品，我們不斷尋找方法來繼續幫助我們的客戶提高效率並滿足他們自己客戶的需求。 我們的目標是實現更有效率、以客戶為中心的商業和物流方式。 我們期待繼續推動創新，為我們的客戶以及這些令人興奮且快速發展的領域提供價值。

Now I would like to pass it off to make the still for closing.

現在我想把它傳遞出去，以製作結束時的蒸餾器。

Thanks, Andy, and thank you for joining us today. Over the last three months, I've had the opportunity to travel to a number of our sites and spend a lot of time on the shelf and all of that teams. Let me address a question that I understand it and came up a number of times in my travels and which I believe many of the on the call have as well. I'm often asked Mike to either change the strategy. What are you going to do differently? Strategy is sound and lots of focus the organization more and profitable growth while also reducing risk and largely maintained the same direction that has allowed us to use such across multiple end markets to provide a solid foundation in FY20, multiple had wins across several to deliver strong margins and the company as much cost.

謝謝安迪，也謝謝您今天加入我們。 在過去的三個月裡，我有機會造訪了我們的許多網站，並在貨架和所有團隊中度過了很多時間。 讓我回答一個我理解的問題，並且在我的旅行中多次出現，我相信許多參加電話會議的人也有這個問題。 我經常被要求麥克改變策略。 你打算採取什麼不同的做法？ 策略是健全的，更加關注組織和獲利成長，同時也降低了風險，並在很大程度上保持了相同的方向，這使我們能夠在多個終端市場上使用這種策略，為2020 財年提供堅實的基礎，多個公司在多個市場上取得了勝利，以提供強勁的業績利潤率與公司成本一樣多。

Now I've spent considerable time interesting businesses. These businesses has a different lead time maturity level of life cycle times. It will imperative and ensure our teams remain focused in that respect to News of domain expertise based on what I've seen in the last three months at clean, likely gotten that, Andre, we have three business leaders in Steve Madden, Andy and add the tenure and experience. And Jay will solid pedigree, deep domain expertise and know-how around the globe. Manufacturing business at scale. I also believe that the right team running our factories, led by Fred McCoy, another nearly 20 billion employee, Fred's unique combination of commercial experience and manufacturing operations as the complexities of manufacturing continue to grow.

現在我花了相當多的時間在有趣的生意上。 這些企業的生命週期時間有不同的提前期成熟度。 這將是必要的，並確保我們的團隊在這方面繼續專注於領域專業知識的新聞，基於我在過去三個月中所看到的干淨的情況，可能得到了，安德烈，我們有三位業務領導者史蒂夫·馬登、安迪和補充任期和經驗。 Jay 將擁有堅實的血統、深厚的領域專業知識和遍布全球的專業知識。 規模化製造業務。 我還相信，隨著製造複雜性的不斷增長，由另一位近 200 億員工的 Fred McCoy 領導的正確的團隊來管理我們的工廠，Fred 將商業經驗與製造運營獨特地結合在一起。

And finally, our supply chain organization has an exceptional hands. With Frank Mackay. Frank has developed a highly experienced long-tenured team with extremely strong relationships in the supply chain last 25 years, which along with the investments in advanced supply chain systems. Because we have full confidence that Jabil continues to be best in class in the industry.

最後，我們的供應鏈組織擁有優秀的人才。 與弗蘭克·麥凱。 Frank 組建了一支經驗豐富、長期任職的團隊，在過去 25 年中與供應鏈建立了極其牢固的關係，同時也投資了先進的供應鏈系統。 因為我們完全相信捷普將繼續成為業界的佼佼者。

This well-known and Endo team is already delivering results securing new business across each of our distinct segments in regulated industries. G. will continues to global market leading automotive OEMs, particularly as tariffs to date to localize manufacturing of vehicles and how can we will be expanding our GLP-1 drug delivery business in Europe through new wins with existing customers. We've taken manufacturing and automation and digitalization capabilities designed in the US market, replicated those efforts in Europe, which we believe will result in solid multiyear growth. We've also recently won new programs in the diabetes rentable area.

這個著名的 Endo 團隊已經取得了成果，確保了我們在受監管行業的每個不同細分市場的新業務。 G. 將繼續與全球市場領先的汽車原始設備製造商合作，特別是迄今為止，汽車製造本地化的關稅以及我們如何透過與現有客戶的新勝利來擴大我們在歐洲的GLP-1 藥物輸送業務。 我們採用了在美國市場設計的製造、自動化和數位化能力，並在歐洲複製了這些努力，我們相信這將帶來多年的穩健成長。 我們最近也贏得了糖尿病租賃領域的新項目。

As mentioned earlier, lead times on new wins in the healthcare space. Utilization requirements means these wins only show up in FY. 26 and FY. 27 in intelligent infrastructure, our team is squarely situated at the center of the data center infrastructure backbone. We lead with design and build the hardware and infrastructure that will enable artificial intelligence well positioned to participate in the covenant that the capital equipment end market.

如前所述，醫療保健領域新勝利的交付時間。 利用率要求意味著這些勝利只會在財年出現。 26 和財年。 27 在智慧基礎設施領域，我們的團隊正好位於資料中心基礎設施骨幹的中心。 我們主導設計和建構硬體和基礎設施，使人工智慧能夠很好地參與資本設備終端市場。

Joining our Fiscal 25 year on year only the intelligent infrastructure segment to be up by $1 billion after adjusting for the exit of legacy networking businesses. Greg mentioned earlier in connected lifestyle and digital commerce. Our team is driving innovative solutions to address our customers' desire to automated warehouse and retail environments. As anyone who comes in increasingly difficult to define the five digital commerce business will grow as we have won new programs with both new and existing owners in that space.

在對傳統網路業務的退出進行調整後，加入我們的 25 財年，光是智慧基礎設施領域就成長了 10 億美元。 格雷格之前在互聯生活方式和數位商務中提到過。 我們的團隊正在推動創新解決方案，以滿足客戶對自動化倉庫和零售環境的需求。 隨著我們贏得了該領域新業主和現有業主的新項目，任何越來越難以定義五個數位商務業務的人都會成長。

Also while early, the robot and humanized end market seems to be evolving rapidly, and Jabil is currently participating in that it will be boost us leveraging advanced engineering capabilities, global footprint and long-term partnerships. Technologies constantly evolve for GMO will continue to skate to the buck by investing in engineering that tuck-in capabilities, which will be able to be technology agnostic.

此外，儘管處於早期階段，機器人和人性化終端市場似乎正在迅速發展，捷普目前正在參與其中，這將推動我們利用先進的工程能力、全球足跡和長期合作夥伴關係。 技術不斷發展，基因改造生物將繼續透過投資於具有技術能力的工程來承擔責任，這將能夠與技術無關。

For instance, in the automotive sector, Jabil has built engineering capabilities that are equipped to support both hybrid and EV platforms, depending on which ones trends the data center infrastructure space. Jabil has moved engineering and architecture capabilities that allow us to keep pace the accelerated development cycles and transitioned all the compute architecture to GP leads, system level design and hardware production at scale.

例如，在汽車領域，捷普已經建立了工程能力，能夠支援混合動力和電動車平台，具體取決於資料中心基礎設施領域的趨勢。 捷普已經轉移了工程和架構能力，使我們能夠跟上加速開發週期的步伐，並將所有運算架構轉變為 GP 領導、系統級設計和大規模硬體生產。

This, along with our investments in all set and power management, engineering capabilities, management and a good position to offer our customers differentiated value for solutions that meet the ever-evolving sequence in this space. Similarly, digital commerce space, Jabil's advanced automation engineering uniquely position us to provide automation solutions, customers fields, including retail warehouses and robots. Transitioning to our financial priorities and unique approach to the market, it's important to highlight that book-to-bill remained consistent.

再加上我們在所有設備和電源管理、工程能力、管理方面的投資，以及為客戶提供滿足該領域不斷發展的序列的解決方案的差異化價值的良好地位。 同樣，在數位商務領域，捷普先進的自動化工程使我們能夠提供自動化解決方案，客戶領域包括零售倉庫和機器人。 轉向我們的財務優先事項和獨特的市場方法，重要的是要強調訂單到帳單保持一致。

Six years ago, we deliberately to refocus our organization with the intention of achieving core operating margin expansion, consistent earnings growth and robust, predictable cash flows. To this end, we align the management compensation metrics to better match investor expectations. None of these changes. And importantly, our capital allocation framework continues to be aimed at creating long-term value for shareholders.

六年前，我們有意重新調整我們的組織重點，旨在實現核心營業利潤率擴張、持續獲利成長和強勁、可預測的現金流。 為此，我們調整管理階層薪酬指標，以便更能滿足投資者的期望。 這些都沒有改變。 重要的是，我們的資本配置框架仍然旨在為股東創造長期價值。

And when it comes to approach with customers, we utilize customer-centric sales that are focused on supporting a single customer. This approach is highly effective and sets us apart from competitors regardless of the customers' manufacturing location worldwide. Each works out provides tailored solutions in three key areas of expertise, advanced engineering and engagements. AIMO supported many solutions and robust supply chain systems.

在與客戶接觸時，我們採用以客戶為中心的銷售方式，專注於支援單一客戶。 這種方法非常有效，使我們在競爭對手中脫穎而出，無論客戶的製造地點位於世界各地。 每個專案都在專業知識、高級工程和參與三個關鍵領域提供量身定制的解決方案。 AIMO 支援許多解決方案和強大的供應鏈系統。

Currently at 70% of our engagements are led by engineering initiatives. It's the complexities of modern supply chains and geopolitical challenges, along with the need for advanced software solutions and manufacturing closer to the end market have significantly enhanced Jabil's value proposition. Increase engagement means enhanced stickiness and Mine five or six years ago, local level deeper within each of our segments, you'll find an exception and diverse array of customers, including some of the world's biggest, most successful brands.

目前，我們 70% 的工作都是由工程計劃主導的。 現代供應鏈的複雜性和地緣政治挑戰，以及對先進軟體解決方案和更接近終端市場的製造的需求，顯著增強了捷普的價值主張。 增加參與度意味著增強黏性，五、六年前，在我們每個細分市場更深入的本地層面，您會發現例外和多樣化的客戶群，包括一些世界上最大、最成功的品牌。

This is by no means a complete list of the customers we serve to them, hey, what is certainly impressive by any standard, especially when considering many of our customers rely on, Gilles has a sole source for their products. Now let's discuss our global footprint, which we believe is a significant competitive advantage. To be abundantly clear, we placed considerable value on maintaining a large-scale global manufacturing footprint.

這絕不是我們為他們服務的客戶的完整列表，嘿，無論以任何標準衡量，這都肯定令人印象深刻，特別是考慮到我們的許多客戶所依賴的時候，吉爾斯擁有他們產品的唯一來源。 現在讓我們討論一下我們的全球足跡，我們認為這是一個顯著的競爭優勢。 需要明確的是，我們非常重視維持大規模的全球製造足跡。

However, as the geopolitical situation evolve, our ability to adapt combined that designation as a US-domiciled manufacturing service provider is becoming increasingly important as we help our customers navigate this complexity. Following the divestiture of our mobility business, our footprint has become largely balanced with nearly one-third of our factories, no competed in each of the Americas, Europe and Asia overtime.

然而，隨著地緣政治局勢的發展，我們的適應能力以及作為美國註冊製造服務提供者的頭銜變得越來越重要，因為我們幫助我們的客戶應對這種複雜性。 剝離我們的行動業務後，我們的足跡基本上已與近三分之一的工廠保持平衡，在美洲、歐洲和亞洲都不再存在競爭。

We believe that will be further demand for manufacturing that resides closer to the end customer. And for that reason, we've looked at that customers that seek to near a ReaShure, their manufacturing, whether it be a bifurcated approach, us simply lift-and-shift. As this dynamic plays out, I believe our factories in both Europe and the Americas will see considerable growth. Today, we have approximately 40 Saramacca, approximately 30 of the journey less ready to take advantage of any near or reshoring to North America.

我們相信，對更靠近最終客戶的製造的需求將會進一步增加。 出於這個原因，我們研究了那些尋求接近 ReaShure 的客戶，他們的製造，無論是分叉方法，我們只是簡單地提升和轉移。 隨著這種動力的發揮，我相信我們在歐洲和美洲的工廠將出現可觀的成長。 今天，我們有大約 40 個薩拉馬卡，大約 30 個旅程準備好利用任何靠近或回流到北美的機會。

But that said, alone, do supply chain is still very much embedded in Asia and some of our most efficient factories and located there as we currently have capacity in place to support an excess of 30 billion of revenue over the near term and FY25, we expect to carry hires have excess capacity. We are doing this because we firmly believe many of the end markets we serve will recover. This underutilized capacity will weigh on core operating margins in FY 25 by 2030 basis points, even up to the mainly headcount-related restart.

但即便如此，供應鏈仍然在很大程度上植根於亞洲，我們的一些最高效的工廠也位於那裡，因為我們目前有能力在短期內和 2025 財年支持超過 300 億美元的收入，我們預計承載僱傭能力過剩。 我們這樣做是因為我們堅信我們服務的許多終端市場將會復甦。 這種未充分利用的產能將在 2030 財年的 25 財年對核心營運利潤率造成壓力，甚至在主要與員工人數相關的重啟之前也是如此。

These charges we disclosed this morning over the longer term, my team and I strongly believe we're well positioned to capitalize on significant global trends in sectors that as a data center infrastructure, healthcare, pharmaceutical solutions and whereas automation, as Steve mentioned, Andy highlighted regulated industries and grow 5% to 8% with long lead times.

從長遠來看，我們今天早上披露的這些費用，我和我的團隊堅信，我們有能力利用資料中心基礎設施、醫療保健、製藥解決方案以及自動化等領域的重大全球趨勢，正如史蒂夫提到的那樣，安迪專注於受監管行業，成長 5% 至 8%，交付週期長。

While intelligent infrastructure will grow more quickly at 7% to 10% over the next several years. We believe Connected Living and digital commerce will grow low to mid-single digits, driven mainly by double-digit growth in digital commerce and warehouse automation. And this all together, we believe our long-term enterprise in the range of 5% to 7%.

而智慧基礎設施在未來幾年將以7%至10%的速度成長。 我們認為，互聯生活和數位商務將實現低至中個位數的成長，這主要受到數位商務和倉庫自動化兩位數成長的推動。 綜上所述，我們相信我們的長期目標在 5% 到 7% 的範圍內。

Given this anticipated mix of this, we expect gross margins to be in the range of 9% to 10% and when combined with operational efficiencies are 6%. Margin target remains intact over the longer term. And when you consider generation and consistent returns to shareholders, core EPS should grow between 12% to 15% over the longer term, all of which should continue to drive consistent ROIC in the north of 30%.

考慮到這種預期的組合，我們預計毛利率將在 9% 至 10% 之間，加上營運效率為 6%。 從長遠來看，保證金目標保持不變。 當您考慮股東的發電量和持續回報時，長期來看，核心每股收益應成長 12% 至 15%，所有這些都應繼續推動 ROIC 保持在 30% 以上。

In closing, one thing's for sure. It is our people who make a strong people are resilient. So I don't want to say thank you to all our employees for their unwavering commitment and dedication, not just to our customers, but also to our communities. And each other together, we will write the next chapter of the Jubilee story. Thank you for your interest in general.

最後，有一件事是肯定的。 正是我們的人民使人民變得堅強而有韌性。 因此，我不想對我們所有員工表示感謝，感謝他們堅定不移的承諾和奉獻精神，不僅是對我們的客戶，也是對我們的社區。 我們將共同譜寫禧年故事的下一章。 感謝您對整體的興趣。

I will now turn the call back over to Adam.

我現在將把電話轉回給亞當。

Thanks, Mike. As we wrap up our prepared comments today and we moved to the portion of our call. I want to leave you with one final thought for me at table. We built a really, really well. And as we sit today, I believe we're focused on the right end markets with the right capabilities. And we have a global yet agile manufacturing footprint. And from an enterprise level, you can expect our focus to remain on margins, cash flows, core EPS growth and shareholder return.

謝謝，麥克。 當我們結束今天準備好的評論時，我們進入了電話會議的部分。 我想在餐桌上留給您最後一個想法。 我們建造了一個非常非常好的井。 當我們今天坐下來時，我相信我們專注於具有正確能力的正確終端市場。 我們擁有全球靈活的製造足跡。 從企業層面來看，我們的重點仍是利潤率、現金流量、核心每股盈餘成長和股東回報。

Thank you for your time today. And operator, we're now ready for Q&A.

感謝您今天抽出時間。 接線員，我們現在準備好進行問答了。

Thank you. We'll now be conducting a question and answer session. If you'd like to be placed at the question queue, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue for participants using see necessary to pick up your handset before pressing star one one moment, please.

謝謝。 我們現在將進行問答環節。 如果您想進入問題佇列，請按下電話鍵盤上的一號星星。 確認音將表示您的線路已在問題佇列中。 如果您想從參與者群組中刪除您的問題，請按星號二，請在按星號一之前先拿起聽筒。

While we poll for questions. Our first question is coming from Ruplu Bhattacharya from Bank of America. Your line is live.

當我們投票詢問問題時。 我們的第一個問題來自美國銀行的 Ruplu Bhattacharya。 您的線路已上線。

Hi, and thank you for taking my questions and congrats to Steve Madden. Andy, on your respective assignments. For my first question, I'd like to ask a related to the cloud and data center infrastructure segment. Fiscal 25 suggests 11% year on year growth. Are you seeing any slowdown?

您好，感謝您回答我的問題，並向史蒂夫·馬登表示祝賀。 安迪，關於你們各自的任務。 對於我的第一個問題，我想問一個與雲端和資料中心基礎設施領域相關的問題。 25 財年預計將年增 11%。 您看到任何放緩嗎？

I mean, what is the impact from consignment in fiscal 25 and is low the right way of thinking about revenue growth in this segment? And if you can talk about what your plan is to expand revenues in this segment beyond your existing customers.

我的意思是，25 財年寄售的影響是什麼？ 您是否可以談談您計劃將這一領域的收入擴大到現有客戶之外。

Aero blitz bikes. I'll start off and then I'll hand it over to Matt to provide some more details. But before I had, I just wanted to thank God or team here is a hurricane blowing outside that whether all hunkered down in the office to do this calls for LED. Thanks to the team. As regards to intelligence infrastructure, you're absolutely right. Year on year was seeing. I think I think the growth rate of that 12%, if you back out the legacy network, a customer that we disengaged what we talked about on the last call, I talked I talked about it again on this call outside.

航空閃電戰自行車。 我將開始，然後將其交給 Matt 提供更多詳細資訊。 但在此之前，我只是想感謝上帝或這裡的團隊，外面刮起了一場颶風，無論所有人都蹲在辦公室裡做這件事都需要 LED。 感謝團隊。 關於情報基礎設施，你是完全正確的。 年復一年地看到。 我認為，如果你退出遺留網絡，我們就不再參與上次通話中談到的客戶，我認為這 12％ 的增長率，我在這次通話中再次談到了這一點。

It's a 12% growth rate year on year. Now I'd like to remind you that intelligent infrastructure also has five G and it ended and it has a cyclical semi-cap business well and obviously in the up here is the semi-cap business will do well in the down is it will it will not. So overall, if you look at the year on year, increase extremely valid Dow over the long term, 7% to 10%, that still extremely, extremely strong given the other parts of the business that are in this in this segment as well.

年比成長率為12%。 現在我想提醒大家，智慧基礎設施也有5G，它結束了，它有一個很好的周期性半盤業務，顯然在上面是半盤業務在向下會表現良好，是嗎？ 因此，總體而言，如果你逐年觀察，從長期來看，道瓊斯指數的成長非常有效，即 7％ 至 10％，考慮到該領域的其他業務部門，這仍然非常非常強勁。

So I'll hand the call over, I think going from a consignment by the way, the impact is they are small. And then I think the business excited about and that match most excited about is the whole data center infrastructure business that will continue to grow. And I expect that to grow in double digits as well. If you want to just state the rest of the question.

所以我會把電話轉過來，順便說一下，我認為從寄賣來看，影響很小。 然後我認為最令人興奮的業務和最令人興奮的是整個資料中心基礎設施業務將繼續成長。 我預計這一數字也將以兩位數成長。 如果您只想陳述問題的其餘部分。

Yes. Thanks, Mike. Appreciate the question, Ruplu. I'll let me kind of focus on the back half of your question around our plans to expand the segment beyond our existing customers. So we are hyper focused on executing the strategy that we've put in place over the past 18 months at a good proof point of that is our silicon photonics business.

是的。 謝謝，麥克。 感謝這個問題，魯普魯。 我將重點放在您問題的後半部分，圍繞我們將這一細分市場擴展到現有客戶之外的計劃。 因此，我們非常專注於執行我們在過去 18 個月中製定的策略，我們的矽光子業務就是一個很好的證明。

If you think back back to last November, we announced a transaction that brought in capability and capacity. And inside of the first 12 months, we've already seen that payoff and that we have now landed business with a new hyperscale accounts which were currently product into. So we're hyper focused on executing there. We believe that our road map moving forward, third on the qualification of 800 gig part as well as 1.6 t. coming in now, how and drive will allow us to continue to expand our customer base.

如果你回想去年 11 月，我們宣布了一項帶來能力和產能的交易。 在前 12 個月內，我們已經看到了回報，我們現在已經獲得了新的超大規模客戶的業務，這些客戶目前正在產品中。 所以我們非常專注於在那裡執行。 我們相信我們的路線圖正在向前推進，第三個是 800 gig 零件以及 1.6 噸的資格認證。現在進來，如何和驅動力將使我們能夠繼續擴大我們的客戶群。

There were also super focused on executing our power and cooling business in the data center. And we're currently beginning to ramp our ability to help customers extra fit data centers, which today are our air pooled need to be retrofitted to go from air to liquid and soon will be liquid collect with. So we really feel like the capabilities we've built over the mines in these spaces is going to allow us to continue to expand the customer base. And we've already seen some really nice proof points of that to date.

我們也非常專注於在資料中心執行我們的電力和冷卻業務。 我們目前正在開始提高我們的能力，以幫助客戶額外適應資料中心，今天我們的空氣池需要進行改造，以從空氣到液體，很快就會被液體收集。 因此，我們確實覺得我們在這些領域的礦山上建立的能力將使我們能夠繼續擴大客戶群。 到目前為止，我們已經看到了一些非常好的證據。

Okay. Okay. Thanks for that, then might come for my follow-up. I'll ask a question on health care again, looking at the growth rate for next year or 2% year on year, seems a little low if the market itself growing low single digits right now. And can you talk about what you're seeing in terms of the various end markets then healthcare, Mike, I think you talked about GLP-1. Can you talk a little bit about that? What does that add in terms of revenue margins? And is there a likelihood of another G&A type of deal going forward? So just any details on the growth rate than what you're seeing in the market.

好的。 好的。 謝謝你，然後可能會來關注我的後續行動。 我會再問一個關於醫療保健的問題，看看明年的成長率，或者說年比2%，如果市場本身現在成長的個位數較低的話，似乎有點低。 您能否談談您在各種終端市場以及醫療保健方面所看到的情況，Mike，我想您談到了 GLP-1。 你能談談這個嗎？ 這會增加什麼收入利潤？ 未來是否有可能進行另一種一般管理費用類型的交易？ 因此，只是關於成長率的任何細節，而不是您在市場上看到的成長率。

On the overall health care market is growing about 3% to 4%, and we've been challenged this year. I think Mike mentioned this on prior earnings call with a GLP-1 drivers. They move out of our Medical Device segment, really due to the reduction of the gastric bypass surgeries, um, but you know, look at the business going forward and I'll to your question on geography ones as well.

整體醫療保健市場成長約3%至4%，我們今年受到了挑戰。 我想 Mike 在之前的 GLP-1 驅動程式財報電話會議上提到過這一點。 他們退出了我們的醫療器材部門，實際上是由於胃繞道手術的減少，嗯，但你知道，看看未來的業務，我也會回答你關於地理的問題。

But now our healthcare business continues to be incredibly well positioned on the growth on drugs and some of the new wins that we've been able to obtain. No, really associated with the objectives that we manufacture. And then you take a look at just the challenge across the world as or as it relates to diabetes care, we had some nice new wins with GM's minimally invasive device growth and the need for auto-injectors, generally speaking, because biologics are becoming dominant and with the complexities of the diseases. And so we've won some exciting new programs. I think in my opening remarks, you mentioned fiscal year towards '26, '27.

但現在我們的醫療保健業務在藥品成長和我們已經取得的一些新成果方面繼續處於令人難以置信的有利地位。 不，確實與我們製造的目標有關。 然後你看看世界各地與糖尿病護理相關的挑戰，我們在通用汽車的微創設備增長和自動注射器的需求方面取得了一些不錯的新勝利，一般來說，因為生物製劑正在成為主導地位以及疾病的複雜性。 因此，我們贏得了一些令人興奮的新項目。 我想您在開場白中提到了 26、27 財年。

So this is due local business Internet device segment. And we like, hey, these programs are incredibly sticky. They last for many, many years of steady production. And we have great visibility with our customers and what's also exciting. And these are launching and some of our new factories, both in the Dominican Republic and Croatia.

因此，這是由於本地商業互聯網設備細分市場所致。 我們喜歡，嘿，這些程式非常有黏性。 它們可以持續很多很多年的穩定生產。 我們在客戶中擁有很高的知名度，這也是令人興奮的。 我們正在多明尼加共和國和克羅埃西亞開設一些新工廠。

As a reminder and again, Mike mentioned this, but the complexity of health care is really tied to the validation requirements and then you have to clear lead time for automation. So no news typically launch in cycles that are two to three years before you kind of reached that steady state production, but love where we're positioned in our healthcare business.

作為提醒，麥克再次提到了這一點，但醫療保健的複雜性實際上與驗證要求相關，然後您必須明確自動化的交付時間。 因此，在達到穩定生產狀態之前，通常不會有兩到三年的周期發布新聞，但我們喜歡我們在醫療保健業務中的定位。

The second part of your question, we take that, which is JJ question. You know, there's certainly we remain positive. We've seen a strong pipeline that we're positioned on currently. It's at all different levels of discussions, and that's a really solid signs that our health care OEM view divestitures as a potential strategy for moving outsourcing faster. So we'll see how those transpire over the year. But the bottom line is I is really strong.

你問題的第二部分，我們認為是JJ問題。 你知道，我們當然保持積極態度。 我們已經看到了目前我們定位的強大管道。 這是各個不同層面的討論，這是一個非常明確的跡象，表明我們的醫療保健 OEM 將資產剝離視為加快外包速度的潛在策略。 因此，我們將看看這一年中這些情況如何發生。 但最重要的是我真的很堅強。

Okay. Thanks for that, Steve. Mike, if I can sneak one in this, looking at your global footprint, I mean, what is the current utilization? And you talked about an impact of 20 to 30 basis points. Is there a do you think that there's a need for any restructuring of the footprint and which end markets do you see investing in over the next year? Thank you. Thanks for all the detail.

好的。 謝謝你，史蒂夫。 麥克，如果我可以偷偷地看一下您的全球足跡，我的意思是，目前的使用率是多少？ 您談到了 20 到 30 個基點的影響。 您認為是否有必要對業務進行重組？ 謝謝。 感謝您提供所有詳細資訊。

Hey, Ruplu, also in my prepared remarks, I talked about how often the mobility divestiture of footprint is really well-balanced. That's one thing that in the Americas, third in Europe, one-third in Asia. Currently our capacity is set up for a EUR30 billion plus dollar revenue run rate. We've got to add new facilities in Croatia come in with new facilities in Dominican Republic coming up.

嘿，Ruplu，在我準備好的發言中，我談到了足跡的流動性剝離實際上是非常平衡的。 這在美洲是一回事，在歐洲是第三，在亞洲是三分之一。 目前，我們的產能設定為 300 億歐元以上的營收運行率。 我們必須在克羅埃西亞增加新設施，在多明尼加共和國也將增加新設施。

So there's a whole bunch of a whole bunch of the sort of capacity that was put into place of oil. We put in place to come up in 25 utilization that we have a nominee right around 80 to $0.85 to our utilization today. Is closer to the 70% level. And that creates obviously a So plus SEC issue, one of the things we're not doing.

因此，有一大堆大量的產能來取代石油。 我們提出了 25 個利用率，我們有一個提名者，其利用率約為我們今天的利用率的 80 至 0.85 美元。 接近70%的水平。 這顯然會產生一個 So plus SEC 問題，這是我們沒有做的事情之一。

And then again, I mentioned that in my prepared remarks, one thing we're definitely not doing as Glenn restructure or reduce the number of sites because we believe that this is a very strong belief at the end markets that we're in will come back. We feel Lenis will come back. We know how candidly steady-eddy growth that we're seeing in setting up the growth that we're seeing that in the cloud data center infrastructure, but of the business outlook are well positioned for that.

然後，我再次提到，在我準備好的發言中，我們絕對不會做格倫重組或減少站點數量的一件事，因為我們相信，這是我們所在的終端市場的一個非常堅定的信念。後退。 我們覺得萊尼斯會回來。 我們知道，在建立雲端資料中心基礎設施的成長過程中，我們看到了多麼坦率的穩定渦流成長，但業務前景對此做好了準備。

And when that business has backed by the way, that will be at a decent level of leverage there, 2030 basis points that I talked about that is that is a headwind right now. Last but not restructuring capacity. I think as we did disclose this bonding, that tower, this was sort of restructuring some of the SG. and AB., the headcount base. If you think of the three or $4 billion gap that we that in a rat revenue, 3% of that is around $100 million in SG&A. So we're trying to address some of that. At the end of the day, we're marching to 6%.

當該業務得到支持時，槓桿率將達到一個不錯的水平，我談到的 2030 個基點現在是一個逆風。 最後但不是重組產能。 我認為，正如我們確實披露了這個結合、那個塔一樣，這在某種程度上是對 SG 的一些重組。 AB.，人員基礎。 如果您考慮我們在老鼠收入中存在的 3 或 40 億美元的缺口，那麼其中 3% 的 SG&A 大約為 1 億美元。 所以我們正在努力解決其中的一些問題。 最終，我們將邁向 6%。

If we can get our if we can get Rob Gross margins in that 9.4, 9.5 range and get our SG&A down that same 3.4, 3.5% margin is just pure math at. So that's that's what we're trying to do here, Rob, we strongly believe that the businesses that we ran, they will come back. So no, no, no restocking capturing of capacity at this stage.

如果我們能夠獲得 Rob 毛利率在 9.4、9.5 範圍內，並讓我們的 SG&A 下降到同樣的 3.4、3.5% 利潤率，這只是純粹的數學計算。 這就是我們正在努力做的事情，羅布，我們堅信我們經營的企業將會回來。 所以，不，不，現階段沒有補充庫存。

Your next question today comes from George Wang from Barclays. Your line is live. Hey, guys.

今天你們的下一個問題來自巴克萊銀行的喬治王。 您的線路已上線。 嘿，夥計們。

Thanks for taking my question. I just first of all, it's sort of off the ball capital equipment and obviously, it's a cyclical, as you guys mentioned, but almost 20% growth stood out to me to just curious if you can hone in on the day, just talk about, you know, the driver behind the is this a new way, easy compare it? Just kind of curious about this a strong double-digit growth for the semi CapEx for this year.

感謝您提出我的問題。 我首先，這是一種非球面資本設備，顯然，正如你們所提到的，這是一個週期性的，但近20% 的增長對我來說很突出，只是好奇你是否能在這一天磨練，只是談談，你知道嗎，後面的驅動程式是這樣的新方式，方便比較嗎？ 只是對今年半資本支出強勁的兩位數成長有點好奇。

Matt, you want to take that yet?

馬特，你想接受嗎？

Yes, we're definitely seeing some mix shift to kind of business and our automated test equipment space because I think there is a pretty clear attack there to some of the GPU silicon required to drive a I so where customers are trying to get more capacity and more yield out the door for customers out, we've seen and increased around demand for DAT. business. I think that's the primary driver. We're also seeing a bit of the recovery coming a little bit sooner than we expected on the WFE side.

是的，我們確實看到了一些業務類型和自動化測試設備空間的混合轉變，因為我認為驅動 I 所需的一些 GPU 晶片受到了相當明顯的攻擊，因此客戶試圖獲得更多容量我們已經看到DAT 的需求不斷增加，為客戶提供了更多的收益。商業。 我認為這是主要驅動力。 我們也看到 WFE 方面的復甦比我們預期的要早一些。

So overall, I think that that the IATE. business and the attach rate to AI. is a big part of that. that increase.

總的來說，我認為 IATE。業務和人工智慧的附加率。是其中很大一部分。 那個增加。

Okay. Just a quick follow-up on that. You can kind of full kind of way as you guys to high-grade our portfolio, possibly a I call business with a higher margin, just how you think bottle silicon liquid cooling kind of oh seven and the silicon photonics potentially higher margin and quickly, just curious in the things you guys said we segmented the loss rate, but we have still a reconciled to the 6 billion AI revenue that called for a couple of quarters ago, I decided to call them ECI. and maybe that's some in the networking. So just curious if that is still a valid number? We should I look at kind of, you know, from grow by 1,000,000,006 billion this year, Alicia, that we just stick to a new city disclosed this documentation, awful.

好的。 只是對此進行快速跟進。 你們可以用一種完整的方式來提高我們的產品組合，可能是我所說的利潤率更高的業務，就像你們認為的那樣，瓶裝矽液體冷卻類哦七，矽光子學可能會更快地獲得更高的利潤率，只是對你們說的事情感到好奇，我們對損失率進行了細分，但我們仍然適應了幾個季度前要求的60 億人工智慧收入，我決定將其稱為ECI 。也許這就是網路中的一些。 所以只是好奇這是否仍然是一個有效的數字？ 我們應該看看，你知道，今年增長了 1,000,000,006 億，艾莉西亞，我們只是堅持一個新的城市，披露了這份文件，太糟糕了。

Yes, no, thanks at look, I think in general, the easy way to think about margins is that I expect AMRAI. margins to be in line accretive to the enterprise targets that we've laid out. We're currently obviously undergo on a nonGAAP. And the way to think about the 6 billion is that it's spread across cloud and DCIR. Capital Equipment and networking. So as I just kind of illustrated, the AT. business has an attach rate there to AIR., our networking business, where our customers transition from air cooled liquid-cooled switches has a clear attach rate as well as obviously what we're doing in the data center for power and cooling. And so I think the easy way to think about the the what incremental growth year on year is roughly half of it is being driven by our cloud data center business. And then the other half is split relatively evenly between photonics and capital equipment.

是的，不，謝謝你看，我認為總的來說，考慮利潤率的簡單方法是我期望 AMRAI。利潤率與我們制定的企業目標一致。 我們目前顯然正在採用非公認會計準則。 思考這 60 億的方式是，它分佈在雲和 DCIR 中。資本設備和網路。 正如我剛才所說明的，AT。我們的網路業務（我們的客戶從風冷液冷交換機過渡到 AIR）具有明確的附加率，顯然我們在資料中心的電源和冷卻方面所做的工作也是如此。 因此，我認為，考慮同比增量成長的簡單方法大約有一半是由我們的雲端資料中心業務推動的。 然後另一半在光子學和資本設備之間相對平均地分配。

Thank you. As a reminder, that's star one to be placed. The question queue. Our next question is coming from Steven Fox of your line is now live.

謝謝。 提醒一下，這是要放置的一顆星。 問題隊列。 我們的下一個問題來自史蒂文福克斯，您的路線現已上線。

Hi, good morning and thanks for doing this call in the middle of the hurricane. Um, I guess just on the automotive transport segment and the numbers in the quarter were a little less than expected. Again, the guidance for the full year this fiscal year is down on. So in the near term on one much negative leverage at that the auto business is creating for you since I assume it's still high margin.

大家好，早安，感謝您在颶風期間打來這個電話。 嗯，我想只是在汽車運輸領域，本季的數字略低於預期。 本財年全年指引再次下調。 因此，在短期內，汽車業務正在為您創造一個很大的負槓桿，因為我認為它的利潤率仍然很高。

And maybe more important, like if I think about this business long, I know it makes sense to think of further EV growth in the future. But there are a lot of dynamics out there that make you wonder about whether how the company's positioned in auto, if you could address whether these occurred too bad for the for enabled, we're seeing lower class vehicles out of China. We're seeing OEM.s kind of competing in Asia and the tariffs dries up all over the world. On among other items, it just seems like the auto industry is going to go through some major changes. And I guess I'm wondering if.

也許更重要的是，如果我長期思考這個業務，我知道考慮未來電動車的進一步成長是有意義的。 但有許多動態讓你想知道該公司在汽車領域的定位是否良好，如果你能解決這些問題是否對啟用而言太糟糕了，我們會看到來自中國的低級車輛。 我們看到原始設備製造商在亞洲競爭，而世界各地的關稅都在枯竭。 除其他事項外，汽車行業似乎將經歷一些重大變化。 我想我想知道是否。

Thanks, Steve. This is a this is Steve. Um, we kind of hit. This is a kind of a broad level and then we can if you need to dial in further, let me know. But I think as I said in the opening remarks, it is going through kind of a transition phase of transformation phase in the auto market and what had been hampered by higher interest rates. You know, the government incentives in many cases have been reduced. And then you have like, as you mentioned, the overall tariff situation. So it's been pretty dynamic.

謝謝，史蒂夫。 這是史蒂夫。 嗯，我們有點撞了。 這是一個廣泛的層面，如果您需要進一步了解，請告訴我。 但我認為，正如我在開場白中所說，汽車市場正在經歷轉型階段的過渡階段，並且受到較高利率的阻礙。 要知道，政府的激勵措施在許多情況下已經減少了。 然後，正如您所提到的，總體關稅情況。 所以它非常有活力。

And we've seen some pushouts of program OEMs that we had we had thought about for this fiscal when you take a look at the general consumer challenges as well, with the charging infrastructure concerns and better range, you kind of sit back and introduce, you know, there's some challenges ahead. And what I'll say though, is despite the challenges of should remain pretty excited about EV market because the growth you look at, if you look at different forms of predictions, but still expected to be in the 25% to 30% range through 2030, albeit that's down from 48%, but that's still really strong growth.

我們已經看到了我們在本財年考慮過的一些原始設備製造商計劃的推出，當你看看一般消費者的挑戰時，以及充電基礎設施問題和更好的範圍，你可以坐下來介紹一下，你知道，前面還有一些挑戰。 不過，我要說的是，儘管電動車市場面臨挑戰，但仍應保持相當興奮，因為如果您查看不同形式的預測，您所看到的增長，但仍預計將在25％ 至30％ 的範圍內到 2030 年，儘管比 48% 有所下降，但這仍然是非常強勁的成長。

And Doug, I think that between the growth rates in our ability to grow new relationships, we during the softness, we've added some some new OEM relationships. We have a strong pipeline of opportunities. And I'd also say the team's done a really nice job during the softness where they've added other products that are agnostic to vehicle type.

道格，我認為，在我們發展新關係的能力的成長率之間，我們在疲軟時期增加了一些新的 OEM 關係。 我們擁有大量的機會。 我還想說，該團隊在經濟疲軟時期做得非常好，他們添加了與車輛類型無關的其他產品。

And that really shows the strength of our OEM relationships to tried to use some of that capacity that we had in flight support their programs. And then I'll just close with the O. In addition, we actually was on time an OEM relationship in Croatia. And so we're excited about that business as well.

這確實顯示了我們與 OEM 關係的實力，試圖利用我們在飛行中擁有的一些能力來支持他們的項目。 然後我將與 O 結束。 因此我們也對這項業務感到興奮。

You can see that cover finish everything to for the short term. I'm just maybe just now dial it back and talk about like the negative leverage this year as auto and transportation maybe are down a little bit.

你可以看到該封面在短期內完成了一切。 我現在可能只是回撥一下，談論今年的負槓桿，因為汽車和交通可能會略有下降。

Let me answer that question, Steve. I think there's definitely some level of negative leverage that as you do, where operation of factory that was put up that's coming online. That key this fund either in October was mainly in automotive factory, yes, some of that it has got pushed out there actually converting that Malaysia factory mainly to a GLP-1 sort of healthcare five pages shows how nimble and agile someone like a JV can be. That's the model here.

讓我回答這個問題，史蒂夫。 我認為肯定存在一定程度的負槓桿，就像你所做的那樣，工廠的運作即將上線。 10 月該基金的關鍵主要是在汽車工廠，是的，其中一些已經推出，實際上將馬來西亞工廠主要轉變為GLP-1 類型的醫療保健，五頁顯示了像合資企業這樣的公司可以多麼靈活和敏捷是。 這就是這裡的模型。

But there is definitely going to be some level of finance leverage. The good thing is our revenue is not getting going down by 10%, 20% is just not going up. So there's a little bit of deleveraging, but not so much share. But there are definitely new pieces of our capacity that's coming online, which are getting pushed out of it.

但肯定會有一定程度的財務槓桿。 好消息是我們的收入沒有下降 10%，只是沒有上升 20%。 因此，有一點去槓桿化，但沒有那麼多份額。 但肯定有一些新的產能正在上線，但它們正在被擠出。

Great. That's helpful. And just as a quick follow-up on the cash flow targets for this fiscal year, pretty impressive, can you just walk through the puts and takes in terms of how we see free cash flow go up again towards that $1.2 billion number for the year? Thanks.

偉大的。 這很有幫助。 正如本財年現金流目標的快速跟進一樣，令人印象深刻，您能否簡單介紹一下我們如何看待今年自由現金流再次上升至 12 億美元的看跌期權和期權？ 謝謝。

Yes, Steve, it's Greg. Yes, we're very confident on the $1.2 billion guidance on free gas, Mike Hogan and his remarks regarding free cash flow conversion being 80% to 100% of our net income. And we feel '25 kind of the stronger from a couple of things related to that we are targeting to take I know a couple of days of working capital out of the cash cycle and CapEx that we're seeing.

是的，史蒂夫，我是格雷格。 是的，我們對 12 億美元的免費天然氣指導非常有信心，邁克霍根 (Mike Hogan) 以及他關於自由現金流轉換占我們淨利潤的 80% 到 100% 的言論。 從我們的目標是從我們所看到的現金週期和資本支出中取出幾天的營運資金，我們感覺「25」的實力更強。

Capex being approximately 200 million down year over year. As we're looking at, I wanted to kind of CapEx of revenue that's coming here. So I'm really do feel confident about $1.2 billion.

資本支出較去年同期下降約 2 億。 正如我們所看到的，我想要了解這裡的收入資本支出。 所以我對 12 億美元確實充滿信心。

Great. Thanks a lot and stay safe. Thanks, Dave, and thank you.

偉大的。 非常感謝並注意安全。 謝謝，戴夫，謝謝你。

Next question is coming from Melissa Fairbanks from Raymond James. Your line is now guys.

下一個問題來自雷蒙德詹姆斯的梅麗莎費爾班克斯。 你們的隊伍現在是夥計們。

Thanks so much. I hate to say it, but it seems like we're always running from a hurricane down here during your hand calls that it would be great if we could change that pattern that what that would be fantastic. So just to start, I love the news and all the detail that you're giving us. I think it gives us a much better visibility into the real drivers. So thanks for that.

非常感謝。 我不想這麼說，但似乎我們總是在躲避颶風，而你的牌叫道，如果我們能改變這種模式那就太好了，那將是多麼美妙的事情。 首先，我喜歡您向我們提供的新聞和所有細節。 我認為這讓我們能夠更好地了解真正的司機。 所以謝謝你。

Matt, you are the popular one on the call today. So I've got a question for you up and down the supply chain in the cloud and data center infrastructure supply chain. We've heard of increasing pricing pressure both from in video on their suppliers or attempt to protect the margins by the hyperscalers as the cost of these compute systems continue to skyrocket.

馬特，你是今天電話會議上最受歡迎的人。 我有一個關於雲端和資料中心基礎設施供應鏈上下游供應鏈的問題要問您。 我們聽說，隨著這些計算系統的成本持續飆升，供應商的影片價格壓力越來越大，或超大規模廠商試圖保護利潤。

I'm wondering if you're also seeing some pressure from your customers have their more cost-conscious when they're planning out the portfolios or if this is actually an opportunity for Jabil as to maybe help consolidate the supply chain?

我想知道您是否也看到了來自客戶的壓力，他們在規劃產品組合時更加註重成本，或者這對捷普來說實際上是一個機會，可以幫助整合供應鏈？

Yes. Thanks, Melissa. For the question of what I would tell you is that we're constantly under price pressure, right? It is part of the business itself. Is it a little bit more so than typical maybe, but it's something that we have to deal with it found and an ongoing basis. So does it affords us an opportunity? Absolutely. And we're constantly looking at ways that are there opportunities in the market that we see that would create more value for our customers. We're constantly looking at that. I don't think it's an opportunity beyond the typical on, though. So it's an ongoing effort to manage cost will continue to do. It will continue to look for efficiencies that deliver value for our customers. But it's nothing we're not used to.

是的。 謝謝，梅麗莎。 我要告訴你的問題是，我們一直面臨價格壓力，對吧？ 它是業務本身的一部分。 也許它比典型的情況更嚴重一些，但這是我們必須處理的問題，也是一個持續的基礎。 那麼它給我們提供了機會嗎？ 絕對地。 我們不斷尋找市場上的機會，為我們的客戶創造更多價值。 我們一直在關注這一點。 不過，我認為這並不是一個超越典型的機會。 因此，管理成本需要持續不斷的努力。 它將繼續尋求為客戶創造價值的效率。 但這並不是我們不習慣的。

Great. Thanks. And maybe a quick one. So in the healthcare business, I was wondering if we could get a quick update on the equipment side of things like the surgical robotics, the imaging, you had mentioned there's an uptick in GLPs maybe offsetting some gastric bypass surgeries. Wondering playing through your customers planning longer term?

偉大的。 謝謝。 也許是一個快速的。 因此，在醫療保健行業，我想知道我們是否可以快速更新手術機器人、成像等設備方面的信息，您提到 GLP 的增加可能會抵消一些胃繞道手術。 想了解客戶的長期規劃嗎？

Yes, John, thanks for the question. Louis is so certainly genomic testing is it continues to increase where we can kind of get granular on the disease and how to treat it. And so we are seeing growth in our diagnostic space linked to that, which is which is really exciting for on the on the general GLP-1 side, as I mentioned before, we continue to see very strong growth in that area of the business.

是的，約翰，謝謝你的提問。 路易斯確信基因組測試不斷增加，我們可以更詳細地了解這種疾病以及如何治療它。 因此，我們看到與此相關的診斷領域的成長，這對於一般 GLP-1 方面來說非常令人興奮，正如我之前提到的，我們繼續看到該業務領域的非常強勁的成長。

As it relates to the the other equipment are areas like mad devices, I would say that we continue to see a growth rate of that of that 3% to 4% range currently as we grow in the diabetes area of the business. Robotic surgeries obviously is an area that we strategically invested in over the past several years. We've added new customers, and we continue to do more and more of the surgical equipment itself, which is exciting and gives us great diversification and capability expansion as well that can be used elsewhere. So yes, we really like where we're positioned there as well.

由於它與其他設備（例如瘋狂設備）相關，我想說，隨著我們在糖尿病領域的業務成長，我們目前將繼續看到 3% 至 4% 的成長率。 機器人手術顯然是我們過去幾年戰略投資的一個領域。 我們增加了新客戶，我們繼續生產越來越多的手術設備本身，這令人興奮，並為我們帶來了巨大的多元化和能力擴展，也可以在其他地方使用。 所以，是的，我們也非常喜歡我們所處的位置。

Perfect. Thanks. And this may be a question for all of you or Mike, maybe you can address this unmet spending has been getting asked about, I think I know the answer, but just income. Wondering how your customers are approaching the upcoming election if there's been any change in their ordering or planning or delays with some of their longer-term program plan.

完美的。 謝謝。 這可能是你們所有人或麥克的問題，也許你們可以解決這個一直被問到的未滿足的支出問題，我想我知道答案，但只是收入。 想知道您的客戶如何看待即將到來的選舉，如果他們的訂購或計劃有任何變化，或者他們的一些長期計劃計劃有延遲。

But yes, there is a little bit of a wait-and-see approach, particularly as it relates to some of the from the end markets. I think most end markets are okay. I think floods that stand out. Obviously, our ED and renewables, that there is a little bit of a wait and see new thing which everybody comes in. I feel good that we'll have a long term and long term sort of a growth driver in the 80s and renewables.

但是，是的，有一點觀望的態度，特別是因為它涉及一些來自終端市場的問題。 我認為大多數終端市場都還不錯。 我認為洪水尤為突出。 顯然，我們的 ED 和可再生能源，每個人都在等待和觀察新事物。

So I'm not that worried about the election for say, obviously, that will be short-term impact. But I think at Jabil has mitigated most of that.

因此，我並不擔心選舉，因為顯然這將是短期影響。 但我認為捷普已經緩解了大部分問題。

Great. Thanks. I think that's all for me, guys. Stay safe, ticker. Thank you.

偉大的。 謝謝。 我想這就是我的全部了，夥計們。 保持安全，股票。 謝謝。

Next question is from David Vos from UBS.

下一個問題來自瑞銀集團 (UBS) 的戴維沃斯 (David Vos)。

Great. Thanks again, guys, recruit from everything. Given the Please stay safe. Maybe kind of just are mainly going to Matt. I know, Matt, you're answering a lot of questions, but I just wanted to make it a better sense for not just on the cloud and data center side. But as it ties to networking and comms, obviously, the networking comms business, ex the divestiture, still a little bit weak.

偉大的。再次感謝，夥計們，從一切中招募。 鑑於請保持安全。 也許主要是去找馬特。 我知道，馬特，你回答了很多問題，但我只是想讓它更有意義，而不僅僅是在雲端和資料中心方面。 但由於它與網路和通訊相關，顯然，網路通訊業務（剝離後）仍然有點薄弱。

How do we think about how those two different businesses kind of work together going forward in terms of demand drivers and longer term, obviously, when we have from a lot of investors, there's some concern or maybe some fear that there's a degree of digestion that could potentially happen over the longer term. I know you just gave '25 numbers, but how do you think about your visibility across different programs and how that may be plays into your long-term thinking about the segment? And then I've got a couple more.

我們如何看待這兩個不同的業務如何在需求驅動因素和長期方面共同努力，顯然，當我們從許多投資者那裡得到一些關注或可能有些擔心有一定程度的消化從長遠來看可能會發生。 我知道您剛剛給出了 25 個數字，但是您如何看待您在不同計劃中的知名度以及這如何影響您對該細分市場的長期思考？ 然後我還有更多。

I'll let me let me kind of take on from the back forward. So if you think about pretty unique position because we have customers across the entire spectrum of the ecosystem, we have a pretty good view of what's happening at the folks who make silicon for a I at the folks who then transform it and consume it. And so we feel pretty good about where things are going. Now. If you think about digestion and you think about near term, we're currently in the midst of helping customers move from air cooled switching gear to liquid cooled switching gear.

我會讓我從後向前承擔。 因此，如果你考慮相當獨特的地位，因為我們在整個生態系統中都有客戶，我們對那些為我製造矽的人們以及隨後改造它並消費它的人們所發生的事情有一個很好的了解。 所以我們對事情的進展感覺很好。 現在。 如果您考慮消化並考慮近期，我們目前正在幫助客戶從風冷開關設備轉向液冷開關設備。

And so we can also see the consumption of that on the back end. I think it's going to control. Can you to take off as we move out of fiscal '25? If I address the question on how Tom's and networking work together, I would tell you artificial intelligence is driving this massive wave in the market. That's probably having more of an impact on our networking business and our comms and with the 5G installations where they are, which is pretty well publicized.

所以我們也可以看到後端的消耗。 我覺得會控制的 當我們結束 25 財年時，您能起飛嗎？ 如果我回答有關 Tom's 和網路如何協同工作的問題，我會告訴您人工智慧正在推動市場的這一巨大浪潮。 這可能會對我們的網路業務和通訊以及它們所在的 5G 安裝產生更大的影響，這已經得到了廣泛的宣傳。

I don't, I think as adjacent as they used to be, but certainly as workloads evolve and new opportunities to drive synergy between those will be able to take advantage of that.

我認為它們不像以前那樣相鄰，但隨著工作負載的發展，推動這些之間協同作用的新機會將能夠利用這一點。

Great. A Tesla and many Maybe one for either Greg or Mike, whoever wants to take this. So this is more on the model. When you kind of think about, obviously making the adjustments for the divestitures, the mobility piece, the $700 million that you referenced earlier. Obviously, I think we're getting some questions about the back half ramp that sort of implied from an EPS perspective given sort of the year-over-year comp in Q1 and ultimately what it probably looks like in Q2.

偉大的。 一輛特斯拉，也許還有一輛給格雷格或麥克，無論誰想要這個。 所以這更多的是關於模型。 當你想一想時，顯然是對資產剝離、流動性部分、你之前提到的 7 億美元進行了調整。 顯然，我認為我們對後半段的成長提出了一些問題，這從每股盈餘的角度來看是隱含的，考慮到第一季的同比情況以及最終第二季的情況。

I know you touched on it briefly, but can you kind of help us understand how we should think about utilization going into the second half? And is that the drought of margin expansion and on the gross line card, is it really driven by this buyback? I'm just trying to get a sense for how the second half ramps and is definitely going to be upwards of like $900 million in the fiscal year based on sort of piecing together the commentary about 80% of cash flow returned to shareholders and your CapEx and not being sort of your free cash flow numbers.

我知道您簡短地談到了這一點，但是您能否幫助我們了解我們應該如何考慮下半年的利用率？ 利潤率擴張和總線路卡上的乾旱真的是由這次回購所推動的嗎？ 我只是想了解下半年的成長情況，根據有關 80% 的現金流返還給股東的評論和你的資本支出，本財年的收入肯定會超過 9 億美元而不是你的自由現金流數字。

Thanks, Dave. I do think at the 40 60 is critical. I think if you go back to our mobility days, that Q1 was always the big quarter and Q2, sometimes they have bought sometimes was in the Chinese New Year impact of our mobility coming out to our the bulk of our the bulk of our seasonality is sort of like MS. seasonality. We do have some Connected Living business, what used to be the largest customer and that seasonality that's come down in the second quarter. So there's a little bit of a mixed bag between now between now between the Connected Living in the EMS. season. Okay. So I'll ask Andy to provide a little bit more color on the on the Connected Living out. And then I'll I'll jump back on after that.

謝謝，戴夫。 我確實認為 40 60 是關鍵。 我認為，如果你回到我們的行動時代，第一季始終是重要的季度，而第二季度，有時他們購買有時是在農曆新年的影響下，我們的移動性對我們的大部分季節性影響是有點像MS。季節性。 我們確實有一些互聯生活業務，曾經是最大的客戶，但季節性在第二季度有所下降。 因此，EMS 中的互聯生活之間存在著一些混雜的情況。季節。 好的。 因此，我會請安迪為互聯生活提供更多的資訊。 然後我再跳回來。

Yes. Thanks, David. I look at not connected, we're seeing some muted demand through the end of the consumer. We're taking a pretty conservative view of their demand picture and which I think is feeding into our overall numbers there. As we contrast that with digital commerce, which is much more of a level profile, we're in a really good shape for the second half.

是的。 謝謝，大衛。 我看看沒有連結的情況，我們看到消費者的需求有些疲軟。 我們對他們的需求狀況持相當保守的看法，我認為這正在影響我們的整體數據。 當我們將其與更具有水平特徵的數位商務進行比較時，我們下半年的狀況非常好。

And then the second half of the margins, I think if you look at seasonality, margins and EMS always been higher in the second and the second half of the slide, No. no major change there at the buyback. At this stage, we're going to be very opportunistic, do buybacks as and when needed. We fully intend to use their authorization that the Board just this morning.

然後是下半年的利潤率，我認為如果你看看季節性，利潤率和 EMS 在下滑的後半段和後半段總是較高，回購時沒有重大變化。 在這個階段，我們將非常機會主義，在需要時進行回購。 我們完全打算使用董事會今天早上的授權。

So I know obviously that will help on the on the SaaS side, but nothing nothing unusual will be spreading it across the year and opportunistic as and when we have and we feel like it.

所以我知道顯然這會對 SaaS 方面有所幫助，但沒有什麼不尋常的事情會在一年中傳播它，並且當我們有並且我們感覺有這樣的機會時。

Great. Thanks, guys. Prepare the help and stay safe. Thank you.

偉大的。 謝謝，夥計們。 準備好幫助並保持安全。 謝謝。

Thank you. Next question is coming from Mark Delaney from Goldman Sachs. Your line is now live.

謝謝。 下一個問題來自高盛的馬克·德萊尼。 您的線路現已上線。

Yes, good morning and thanks for taking my questions. I have a follow-up first on the data center market. Matt, you mentioned Depot has won business with two new hyperscaler customers. Can you elaborate on how broad-based those wins include assembly and services for hardware and racks? Or was it more specifically tied into optical? And anything you can share around?

是的，早上好，感謝您回答我的問題。 我首先對資料中心市場進行跟進。 Matt，您提到 Depot 贏得了兩個新的超大規模客戶的業務。 您能否詳細說明這些勝利的基礎有多廣泛，包括硬體和機架的組裝和服務？ 或者它更具體地與光學相關？ 還有什麼可以分享的嗎？

Yes, hey, thanks for your question. Mark is specific to optical, but it's an example of how our strategy is working as intended, right? The whole. What we've attempted to do is create capabilities outside of our core manufacturing that allow us to access customers and different ways. And so while these wins with the two new hyperscalers are specific to our optical business, it gives us access to the hyperscalers and to go and demonstrate that we can create value for them and all the other areas of our business.

是的，嘿，謝謝你的提問。 馬克專門針對光學，但這是我們的策略如何按預期發揮作用的一個例子，對吧？ 整體。 我們試圖做的是在核心製造之外創造能力，使我們能夠以不同的方式接觸客戶。 因此，雖然這兩個新的超大規模提供者的這些勝利是針對我們的光學業務的，但它使我們能夠接觸超大規模提供商，並證明我們可以為他們以及我們業務的所有其他領域創造價值。

And obviously, with the mass adoption of folks who are trying to retrofit our data centers to go from air and liquid, it puts us in a great position to have different conversations.

顯然，隨著試圖將我們的資料中心改造為空氣和液體的人們的大規模採用，這使我們處於進行不同對話的有利位置。

Thought about guiding fiscal 25 and more with respect to revenue in the back half of the year. I'm hoping to better understand to what extent you tried to factor in any conservatism in terms of your forecasting by end market, given what happened last year with some of the volatility. And I'm curious if you've changed your approach on how you're trying to factor in any potential of our market and macroeconomic volatility?

考慮指導 25 財年及下半年的收入。 考慮到去年發生的一些波動，我希望更好地了解您在終端市場預測方面嘗試考慮保守主義的程度。我很好奇您是否改變了考慮市場潛力和宏觀經濟波動的方法？

Eva, I believe we have learned from our lessons from last year and the second half that we have put in here relatively book business as though there's no assumptions that the huge recovery in the end markets, it's based off of seasonality is based off of our five ready list of wins that we have. Some of the wind state a little bit longer than others. There's multiple run on. So I feel I feel good about the second half of the year. There's nothing in there that would suggest that does does that some level of optimism that it's a pretty conservative number as well.

伊娃，我相信我們已經從去年和下半年的教訓中吸取了教訓，我們在這裡投入了相對預訂的業務，就好像沒有假設終端市場的巨大復蘇，它是基於季節性的，也是基於我們的我們已經準備好了五份得獎名單。 有些風態比其他風態長一些。 有多個運行。 所以我覺得下半年的感覺很好。 沒有任何跡象表明這確實能帶來某種程度的樂觀，因為這也是一個相當保守的數字。

That's helpful. And just lastly for me, and I'll turn it over in terms of margin outlook for fiscal 25 at 5.4% might make you already spoke about the underutilization and how that's a factor year on year, but which you go to a bit more depth around any effect on pricing and how that may be factoring into your margin guidance for the shared. Curious to better understand if there's been change and the broader pricing landscape given some cyclical weakness that we're seeing until the end markets. That's another factor.

這很有幫助。 最後對我來說，我將就 25 財年 5.4% 的利潤率前景進行介紹，這可能會讓您已經談到利用率不足以及這是同比因素，但您可以更深入地了解這一點圍繞對定價的任何影響以及它如何影響您的共享利潤指引。 鑑於我們在終端市場之前看到的一些週期性疲軟，我很想更好地了解是否發生了變化以及更廣泛的定價格局。 這是另一個因素。

And Eric, I don't think you know, I'm not seeing any major pricing up issues. I think the whole industry is doing really well from that perspective. I think it's just a matter of fact, the supplements any of that was occurring today and I told you that it's 2030 basis points lower than that. So it sort of it's not all of them probably saying that to be to be fair.

艾瑞克，我想你不知道，我沒有看到任何重大的定價問題。 我認為從這個角度來看整個行業做得非常好。 我認為這只是一個事實，今天發生的任何補充都比 2030 個基點低。 所以公平地說，不是所有人都這麼說。

Okay. Thanks so much and best with Eric and Thank you.

好的。 非常感謝埃里克，謝謝你。

Thank you. Next question is coming from Matt Sheerin from Stifel. Your line is live.

謝謝。 下一個問題來自 Stifel 的 Matt Sheerin。 您的線路已上線。

Yes, thanks. Good morning and thanks for all the information so far. My question is regarding the exit of your major networking customer. On the first question is, is it revenue all out of the model and in terms of balance sheet receivables and cash flow from that out, was that mostly of Q4? Are we going to see some of that? And in Q one, I'm sort of bigger picture.

是的，謝謝。 早上好，感謝迄今為止提供的所有資訊。 我的問題是關於你們主要網路客戶的退出。 第一個問題是，收入是否全部來自該模型，就資產負債表應收帳款和由此產生的現金流而言，這大部分是第四季的嗎？ 我們會看到其中的一些嗎？ 在第一個問題中，我有更大的視野。

Obviously, it's a big step for you to exit from a customer that you've had for 20 plus years in history. A lot of your peers have also been disciplined walking away from for major revenue opportunities. Looking from a returns and margins. So question is, are have you looked at other relationships in terms of your portfolio? We bought back to customers and this is this some sort of given you a little bit more leverage with customers in terms of pricing and returns as you look at forward contracts? Thanks.

顯然，退出一個已有 20 多年歷史的客戶對您來說是邁出的一大步。 你的許多同行也受到紀律處分，放棄了主要的收入機會。 從回報和利潤來看。 所以問題是，你是否在你的投資組合方面考慮過其他關係？ 我們回購給客戶，這是在某種程度上讓您在考慮遠期合約時在定價和回報方面對客戶有更多的影響力？ 謝謝。

Walking away from a customer Radler? I think I've said it a number of times for the last six years. We've been focused fully on margins. We've been focused on free cash flows, Adler, I'm looking at earnings and returns to shareholders because we have a sort of walk away from the airplane. We tried to negotiate a price at the price doesn't work out. That's one of the disengaged. So there's no walking away from customers, but there's definitely a disengagement going on there.

遠離客戶拉德勒？ 我想在過去的六年裡我已經說過很多次了。 我們一直完全關注利潤。 我們一直專注於自由現金流，阿德勒，我正在關注股東的收益和回報，因為我們已經擺脫了飛機的束縛。 我們試著協商價格，但價格沒有成功。 那是脫離的人之一。 因此，客戶不會離開，但肯定會出現脫離客戶的情況。

As regards to your question on, as it always done, it is all done. I think we called it out on that slide. It was about $700 million of revenue in the legacy network customer in '24. That will not repeat in 25 at all and all the balance sheet items and closed as we have a nice day, nice amount of sort of separation after up to 31st of August.

至於你的問題，一如既往，一切都完成了。 我想我們在那張投影片上指出了這一點。 2024 年，傳統網路客戶的收入約為 7 億美元。 這種情況在 25 年內不會重演，所有資產負債表項目都將結束，因為我們度過了美好的一天，在 8 月 31 日之前有大量的分離。

Okay. Thank you for that. And then just a follow up on the end markets, your renewable energy and infrastructure, I would like you're actually guiding for growth. And I know we've heard and you've had headwinds certainly in the demand front and so have your peers on. So what's behind that, our forecast for seeing at least modest growth next year?

好的。 謝謝你。 然後只是對終端市場、再生能源和基礎設施的跟進，我希望你們能夠真正指導成長。 我知道我們已經聽說，你們在需求方面肯定遇到了阻力，所以你們的同行也一樣。 那麼，我們預測明年至少會出現溫和成長，背後的原因是什麼？

Sure. Steve, I'll take the question. Yes, it is in renewables is slightly up as we've been able to get some new wins in the HVAC space and battery storage. And then with the EDIRA. and its impact, we've been able to in our U.S. footprint, obviously being well positioned to some opportunities there as well to ramp some some new programs. So that's where it's coming from. We are not, as Mike said said, you know, I'm not looking for solar residential and commercial rebound to the fiscal year, keeping that flat, but the growth really coming from some new wins. And then there's some consolidation going on in that in that end market as well. And we've been the beneficiary of that and it's directly related to the IPs that Steve referenced.

當然。 史蒂夫，我來回答這個問題。 是的，再生能源略有上升，因為我們在暖通空調領域和電池儲存領域取得了一些新的勝利。 然後是 EDIRA。及其影響，我們已經能夠在美國開展業務，顯然也能很好地抓住那裡的一些機會，並開展一些新項目。 這就是它的來源。 正如麥克所說，我們並不希望太陽能住宅和商業在本財年反彈，保持平穩，但成長確實來自一些新的勝利。 然後，終端市場也正在進行一些整合。 我們是其中的受益者，它與史蒂夫提到的智慧財產權直接相關。

Okay. Thanks very much.

好的。 非常感謝。

Thank you. Next question is coming from Samik Chatterjee from JPMorgan. Chase & Co. Your line is now live.

謝謝。 下一個問題來自摩根大通的 Samik Chatterjee。 Chase & Co. 您的線路現已上線。

Thanks for taking my questions, and thank you for hosting the call. Under the circumstances. I wanted to start with Tom McCallum, the margin question more in relation to Mike, your prepared remarks on the reiteration of the fixed bought-in margin target that you have. I'm just trying to think in terms of if you have any updated thoughts around what the revenues that you need to get to that margin number. I know you're calling out about 2020 basis points, but the 5.4% for fiscal '25, which implies that you would still be at sort of 5.7 underlying sort of if you get to a 30 billion of capacity or utilization of the 30 million capacity. So just trying to think like what do you need in excess of that 30 billion? How do you think about what scale you need to get to that margin bucket? Thank you. And have a follow.

感謝您回答我的問題，也感謝您主持這次電話會議。 在這種情況下。 我想從湯姆·麥卡勒姆（Tom McCallum）開始，保證金問題更多地與邁克有關，您準備好的關於重申您擁有的固定買入保證金目標的評論。 我只是想考慮一下您是否對達到該利潤率所需的收入有任何最新的想法。 我知道你說的是 2020 年的基點，但 25 財年的基點為 5.4%，這意味著如果你達到 300 億的產能或 3000 萬的利用率，你仍然會處於 5.7 的基礎水平容量。 那麼想一想，超過這 300 億美元你還需要什麼？ 您如何看待需要多大規模才能達到該利潤桶？ 謝謝。 並有一個關注。

I think between 30 and 35 would get us there. I think what I've said before is gross margins of nine to tens and you can just mathematically get to that 9.5% on a gross margin. And you can do that with mix and you can do that with our operational efficiencies. If you get to the 9.5 and believe at 9.5 in the past, in fact, I think Q4 was 9.3 b.?

我認為 30 到 35 之間就可以了。 我認為我之前所說的是九到十的毛利率，你可以從數學上得到毛利率的 9.5%。 您可以透過混合來做到這一點，也可以透過我們的營運效率來做到這一點。 如果你達到 9.5 並相信過去是 9.5，事實上，我認為 Q4 是 9.3 b。

Yes, yes, yes, this 9.5 is not a target that's out five, six years is we've done that in the past and then getting SG&A down to that 3.5 number, I think would get us to the six pretty fast. I'm not suggesting we get to six in the next one or two years, but I'm also not suggesting we get that in five or 10 years. It's going to bear in the 2020 exit timeframe. And we would have a definite thought to that 6% at the Lilly. I feel really good about that.

是的，是的，是的，這個 9.5 並不是一個需要五到六年的目標，我們過去已經做到了這一點，然後將 SG&A 降至 3.5 這個數字，我認為我們很快就能達到 6。 我並不是建議我們在未來一兩年內達到六家，但我也不建議我們在五年或十年內達到六家。 它將在 2020 年退出時間表中發揮作用。 我們對禮來公司的 6% 會有明確的想法。 我對此感覺很好。

And for my follow-up, I guess up probably a question for you again, Mike, in terms of the strategy update that you provided, no maturity is focusing more on profitable growth. As you think about sort of your portfolio and the opportunity sort of keep expanding margins, do should we be expecting some some level of portfolio rationalization sort of happening every you are sort of a continuous can affect the portfolio to sort of read out some of the lower margin business than continue to drive the mix higher? Or is this the biggest chunk of in terms of what's coming out in fiscal '25 and everything beyond that should be really material in that sense? Thank you.

對於我的後續行動，我想可能會再次向您提出一個問題，邁克，就您提供的戰略更新而言，沒有哪個成熟度會更關注盈利增長。 當你考慮你的投資組合和不斷擴大利潤的機會時，我們是否應該期望某種程度的投資組合合理化發生，每次你都可以影響投資組合以讀出一些利潤率較低的業務是否會繼續推動組合走高？ 或者說，這是否是 25 財年即將發布的內容中最大的一部分，從這個意義上說，除此之外的所有內容都應該是真正重要的？ 謝謝。

Overcame suddenly we normally have those sort of portfolio rationalization in any way that they're reasonably call this one out of this because it was a it was a material. We have smaller rationalization going on all the time where we get a get a negative customer back into positive territory. And then beyond if it works out well, for both of us, we continue if not we help them transition somewhere else.

突然克服了我們通常以任何方式進行的投資組合合理化，他們合理地稱此為一種材料，因為它是一種材料。 我們一直在進行較小的合理化，讓消極的客戶回到正面的領域。 然後，如果效果很好，對我們兩個來說，我們會繼續，如果效果不好，我們會幫助他們過渡到其他地方。

But overall, I'm not expecting some big rationalization exercise is to take place some I'm relatively happy with what I'm seeing today from a portfolio perspective. Don't forget some of the some of the customers that have a slightly lower margin free cash flow. So it's not just about margin. And it's a it's a mixed story between free cash flow and and margin. And we're constantly looking that.

但總的來說，我並不期望會發生一些大型的合理化活動，從投資組合的角度來看，我對今天所看到的情況相對滿意。 不要忘記一些利潤率自由現金流略低的客戶。 所以這不僅僅是保證金的問題。 自由現金流和利潤率之間存在著複雜的關係。 我們一直在尋找這一點。

one thing I will say out over the last few years and especially since COVID, the value proposition that JV provides has gone up considerably. I think if you look at our engineering capabilities, if you look at our manufacturing facilities, particularly with all the geopolitical issues going on, and then you look at our supply chain, which came through very strongly during COVID, I think pricing is not that much of an issue. Obviously, every customer will negotiate pricing. But I do think the value proposition that Jay will provide is extremely strong today. And I think that continues in the in the future as well as the portfolio rationalization will be there.

在過去的幾年裡，特別是自新冠疫情以來，我要說的一件事是，合資企業提供的價值主張已大大提高。 我認為，如果你看看我們的工程能力，如果你看看我們的製造設施，特別是在所有地緣政治問題正在發生的情況下，然後你看看我們的供應鏈，在新冠疫情期間，供應鏈表現非常強勁，我認為定價並不那麼重要。 顯然，每個客戶都會協商定價。 但我確實認為傑伊今天將提供的價值主張非常強大。 我認為這種情況在未來會持續下去，投資組合也會合理化。

There were limited and just make one and this is a follow-up for the question. David asked you on the sort of ramp through the year. You do have revenue that's relatively kind of the implied implicit sort of annualized run rate here. But you do you're starting off this quarter with 5.1% margin and implicit somewhere in the high fives in there fourth quarter, but we'll get to the full year of 5.4. What and driver that I think you said some of your stance on it, but I didn't really catch what you were implying. Is that mix? Is it something else that's really driving that margin to sort of end up being in the high fives by the time and exit the year.

數量有限，只需製作一個，這是問題的後續行動。 大衛問你一年中的情況如何。 您確實擁有相對隱含的年化運作率的收入。 但本季開始時，利潤率為 5.1%，第四季的利潤率將達到 5.4%，但全年利潤率將達到 5.4%。 我想你說了一些你的立場，但我並沒有真正明白你的意思。 那是混合嗎？ 是不是有其他因素真正推動了這一利潤率在今年達到了擊掌的高度並退出了呢？

There are two or three things versus normal DLSS seasonality? If you go back and look over the past few years, the second half from a margin standpoint and an earnings have been strong lift. Part of it is mix. I think the mix that we're working on today, particularly in some of the regulated pieces you have businesses coming through to the six months' time months, 12 months out second half is looking good.

與正常的 DLSS 季節性相比，有兩到三件事嗎？ 如果你回顧過去幾年，從利潤率和獲利的角度來看，下半年一直強勁成長。 其中一部分是混合。 我認為我們今天正在研究的組合，特別是在下半年的 6 個月、12 個月內，企業要經歷的一些監管部分看起來不錯。

And I don't have anything in the second half is which is extra care. It's sort of this is book of business has confirmed that go up and down a little bit short, but it's not based off of an optimistic return of end markets have perspective. It's a conservative forecast. It's just the way the 40 60 is looking out to be only a seasonality purely. Yes, the way the bookings and billings mix, that's how we're getting. We're getting some leverage on that as well. And that's why you'll see second half is a little bit better than the first half.

下半場我沒有任何需要額外小心的事情。 這在某種程度上是商業帳簿所證實的，漲跌有點短，但這並不是基於對終端市場樂觀回報的看法。 這是一個保守的預測。 這就是 40 60 看起來純粹是季節性的方式。 是的，預訂和帳單混合的方式，就是我們的方式。 我們也在這方面獲得了一些影響力。 這就是為什麼你會看到下半場比上半場好。

Okay. Thank you. Thanks for taking my question. Thank you.

好的。 謝謝。 感謝您提出我的問題。 謝謝。

Thank you. We reach of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

謝謝。 我們的問答環節到了。 我想重新發言以徵求進一步的意見或結束意見。

Thank you. We appreciate your interest in Jabil.

謝謝。 我們感謝您對捷普的興趣。