捷普科技 (JBL) 2024 Q4 法說會逐字稿

Good morning, and welcome to Jabil's Fourth Quarter and Fiscal Year 2024 Earnings Call.

早安，歡迎參加捷普第四季和 2024 財年財報電話會議。

It's also our Seventh Annual Virtual Investor Briefing.

這也是我們第七屆虛擬投資者簡報會。

I'm Adam Berry, Senior Vice President of Investor Relations and Communications.

我是亞當貝裡 (Adam Berry)，投資人關係與通訊部資深副總裁。

As a team here at Jabil, we're excited to share with you a couple of updates as it relates to our business.

作為捷普的團隊，我們很高興與您分享一些與我們業務相關的最新消息。

This includes some organizational updates as well as an outlook for fiscal 2025.

其中包括一些組織更新以及 2025 財年展望。

We'll begin today's call with a quick introduction, setting the stage for what promises to be an informative session.

我們將以簡短的介紹開始今天的電話會議，為豐富的會議奠定基礎。

Then, we'll move on to our 2024 results, led by Greg Hebard, our Chief Financial Officer.

然後，我們將在財務長 Greg Hebard 的帶領下公佈 2024 年業績。

In thinking about 2024, it was a challenging year, no doubt, but it was also a very important year as we took some strategic strides as an organization while continuing to look after our customers, employees and shareholders.

展望 2024 年，毫無疑問，這是充滿挑戰的一年，但也是非常重要的一年，因為我們作為一個組織在繼續照顧客戶、員工和股東的同時，取得了一些策略性進展。

For starters, we divested our Mobility business for $2.2 billion and returned the majority of those net proceeds to shareholders through a robust buyback program.

首先，我們以 22 億美元的價格剝離了行動業務，並透過穩健的回購計畫將大部分淨收益返還給股東。

Through this divestiture, we not only improved our diversification in terms of geographic footprint, but we also reduced our exposure to a business that required higher levels of capital.

透過這次剝離，我們不僅提高了地理足跡的多元化，而且還減少了對需要更高資本水平的業務的敞口。

At the same time, the organization persevered in the face of some pretty stiff headwinds.

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。

This is evidenced by strong margins, roughly in-line core earnings per share, and strong free cash flows.

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。

And we did all this despite $6 billion less in revenue year over year.

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。

This suggests to me that Jabil is far more resilient today than when compared to previous downturns.

在我看來，這顯示捷普如今比之前的低迷時期更具彈性。

And finally, we reorganized our internal structure to focus on speed, precision and solutions.

最後，我們重組了內部結構，重點是速度、精確度和解決方案。

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.

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。

As a result of the organizational realignment, we will transition our financial reporting structure from two segments to three.

由於組織重組，我們將把我們的財務報告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, but it also positions the organization for growth.

這項變革不僅更能反映了我們當今企業的運作方式，而且還為組織的發展奠定了基礎。

The first segment is called regulated industries, led by Steve Borges, it is comprised of end markets that simply demand best-in-class care and manufacturing as the products built in this segment keep us healthy, safe and moving ahead.

第一個部分被稱為受監管行業，由史蒂夫博爾赫斯領導，它由終端市場組成，這些市場只需要一流的護理和製造，因為該部分製造的產品使我們保持健康、安全和前進。

In a bit, you will hear about our health care, automotive and transportation and renewable energy infrastructure markets.

稍後，您將了解我們的醫療保健、汽車和交通以及再生能源基礎設施市場。

Next, our Intelligent Infrastructure segment, led by Matt Crowley, has been designed to support end-to-end growth from the cloud to the data center and the networking and communications gear within as the world further embraces artificial intelligence.

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，支援從雲端到資料中心以及內部網路和通訊設備的端到端成長。

And then finally, our Connected Living and Digital Commerce segment led by Andy Priestley, encompasses both consumer-facing products in Connected Living and retail and warehouse automation in digital commerce.

最後，我們的互聯生活和數位商務部門由 Andy Priestley 領導，涵蓋互聯生活中面向消費者的產品以及數位商務中的零售和倉庫自動化。

Again, this enhanced organizational framework will enable greater focus, customer care, collaboration and growth.

同樣，這種增強的組織框架將實現更大的關注、客戶服務、協作和成長。

In a bit, you will hear from all three of these business leaders.

稍後，您將聽到這三位商業領袖的演講。

And finally, we'll conclude with a business update from our newly appointed Chief Executive Officer, Mike Dastoor.

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。

For Mike, you will hear about team targets, strategy and why we think Jabil, is uniquely positioned to benefit from a recovery through our global capacity and network of factories.

對於麥克，您將聽到有關團隊目標、策略以及為什麼我們認為捷普具有獨特的優勢，可以透過我們的全球產能和工廠網路從復甦中受益。

But before we jump into the details, please note that today's presentation is being live streamed and during our prepared remarks, we will be referencing slides.

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，在我們準備好的演講中，我們將引用幻燈片。

To view these slides, please visit the Investor Relations section of jabil.com. After today's presentation concludes a complete recording will be available on the website for playback.

要查看這些投影片，請造訪 jabil.com 的投資者關係部分。今天的演示結束後，完整的錄音將在網站上播放。

In addition, we will be making forward-looking statements during this presentation, including, among other things, those regarding the anticipated outlook for our business, such as our currently expected fiscal year net revenue and earnings.

此外，我們將在本次演示中做出前瞻性陳述，其中包括有關我們業務預期前景的陳述，例如我們當前預期的財年淨收入和收益。

These statements are based on current expectations, forecasts and assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially.

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。

An extensive list of these risks and uncertainties are identified in our annual report on Form 10-K for the fiscal year ended August 31, 2023, and other filings with the SEC.

我們在截至 2023 年 8 月 31 日的財年的 10-K 表格年度報告以及向 SEC 提交的其他文件中詳細列出了這些風險和不確定性。

Jabil disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

捷普不承擔任何更新或修改任何前瞻性聲明的意圖或義務，無論是由於新資訊、未來事件或其他原因。

With that, we're excited to share our progress and future plans with you.

因此，我們很高興與您分享我們的進展和未來計劃。

Now let's dive into the details.

現在讓我們深入了解細節。

Thanks, Adam.

謝謝，亞當。

Good morning, everyone.

大家早安。

Thanks for taking the time to join our call today.

感謝您今天抽空參加我們的電話會議。

I'd like to begin this morning by walking through our fourth quarter results, where the team delivered approximately $7 billion in revenue, $364 million above the midpoint of the guidance range, connected devices, networking and storage markets.

今天早上我想先回顧一下我們第四季的業績，該團隊實現了約 70 億美元的收入，比指導範圍、連接設備、網路和儲存市場的中點高出 3.64 億美元。

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.

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.

淨利息支出優於預期，達到 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。

On a GAAP basis, operating income was $318 million and our GAAP diluted earnings per share was $1.18.

以 GAAP 計算，營業收入為 3.18 億美元，GAAP 攤薄後每股收益為 1.18 美元。

Core diluted earnings per share was $2.30, which is $0.07 above the midpoint of our guidance range.

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.

現在讓我們看看本季按部門劃分的數字。

Our DMS segment posted revenue of $3.5 billion, which exceeded expectations by $79 million.

我們的 DMS 部門公佈營收為 35 億美元，超出預期 7,900 萬美元。

This is primarily due to stronger growth in our Connected Devices business, although it was slightly offset by lower-than-expected revenue in the automotive business.

這主要是由於我們的連接設備業務成長強勁，儘管汽車業務收入低於預期略有抵消。

Year-over-year, DMS revenue was down approximately 22%.

DMS 營收年減約 22%。

This decrease was mostly due to the mobility divestiture.

這一下降主要是由於流動性剝離所致。

Core operating margin for the segment came in at 5.4%, slightly lower than expected, reflective of the mix.

該部門的核心營業利潤率為 5.4%，略低於預期，反映了整體情況。

In the EMS segment, we saw revenue of $3.5 billion, which was $285 million higher than anticipated.

在 EMS 領域，我們的營收為 35 億美元，比預期高出 2.85 億美元。

This was driven by stronger demand in our advanced networking markets as we closed out the year.

這是由於我們的先進網路市場在年底時需求強勁而推動的。

While EMS revenue was down roughly 13% year-over-year, mainly due to the ongoing softness in the end markets like 5G, renewable energy and digital print.

EMS 營收年減約 13%，主要是由於 5G、再生能源和數位印刷等終端市場持續疲軟。

We did see solid year-on-year growth across our cloud, semi-cap and warehouse automation markets.

我們確實看到了雲端、半資本和倉庫自動化市場的年比穩健成長。

This dynamic drove core margins for EMS to 6.1% in Q4 up an impressive 90 basis points year-over-year.

這一動態推動 EMS 第四季的核心利潤率達到 6.1%，年成長 90 個基點，令人印象深刻。

Moving now to our end market performance for the year.

現在談談我們今年的終端市場表現。

Compared to our thoughts in June, connected devices, networking and storage came in better than anticipated.

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。

While auto and transport came in slightly lower.

而汽車和交通運輸則略有下降。

All other end markets largely came in as expected.

所有其他終端市場基本上符合預期。

Shifting gears to cash flow and balance sheet metrics, we continue to see robust results.

轉向現金流和資產負債表指標，我們繼續看到強勁的業績。

Inventory at the end of Q4 was down five days sequentially, bringing it to 76 days.

第四季末庫存季減 5 天，達到 76 天。

After adjusting for inventory deposits, net inventory days were 54 which is a four-day improvement quarter-over-quarter.

調整庫存押金後，淨庫存天數為 54 天，較上季改善四天。

Thanks to disciplined working capital management by the team, our fourth quarter cash flows from operations were very strong, coming in at $535 million.

由於團隊嚴格的營運資本管理，我們第四季的營運現金流非常強勁，達到 5.35 億美元。

Net capital expenditures for the fourth quarter were $116 million and for the full fiscal year, came in at $661 million or 2.3% of revenue.

第四季的淨資本支出為 1.16 億美元，整個財年的淨資本支出為 6.61 億美元，佔營收的 2.3%。

As a result of the strong fourth quarter performance in cash flow generation, adjusted free cash flow for the fiscal year came in north of $1 billion.

由於第四季現金流生成表現強勁，本財年調整後的自由現金流超過 10 億美元。

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 $2.2 billion.

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 22 億美元。

With that, let's now turn to our capital structure on the next slide.

現在，讓我們轉向下一張投影片上的資本結構。

We ended FY24 with capacity under our global credit facilities of $4 billion with this available capacity in our year-end cash balances we had access to more than $6.2 billion of available liquidity.

截至 2024 財年末，我們的全球信貸額度容量為 40 億美元，而在年末現金餘額中，我們可以獲得超過 62 億美元的可用流動性。

Our debt and liquidity profile are both solid and we believe current maturities are appropriately staggered and at attractive interest rates.

我們的債務和流動性狀況都很穩健，我們相信當前的到期期限適當地錯開，利率具有吸引力。

We also remain fully committed to maintaining our investment-grade credit profile.

我們也完全致力於維持我們的投資等級信用狀況。

Moving now to our capital returns to shareholders.

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 FY24 share repurchase authorization.

在下一張投影片中，我們回購了 530 萬股股票，使回購股份總數達到 1,940 萬股，即 25 億美元，完成了我們的 2,024 財年股票回購授權。

This brings our cumulative shares repurchased since FY13 to approximately 128 million shares at an average price of approximately $47.

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。

Bringing our total return to shareholders, including repurchases and dividends, to approximately $6.7 billion.

使我們為股東帶來的總回報（包括回購和股息）達到約 67 億美元。

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.

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。

We remain committed to returning capital to shareholders through a disciplined and balanced capital allocation approach.

我們仍然致力於透過嚴格且平衡的資本分配方式向股東返還資本。

Moving to the next slide, the team performed well in FY24, operating within a highly dynamic environment.

轉到下一張投影片，該團隊在 2024 財年表現良好，在高度動態的環境中運作。

In summary, over the past year, we sold off our mobility business and used the net gains to buy back $2.5 billion of our shares, all while managing temporary challenges in major end markets like renewables, electric vehicles, 5G infrastructure and semi cap.

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，同時應對再生能源、電動車、5G 基礎設施和半導體等主要終端市場的暫時挑戰。

The company continues to be highly resilient and is well positioned for future revenue growth, margin enhancement and delivering robust free cash flow.

該公司繼續保持高度彈性，並為未來的收入成長、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 our first quarter guidance, beginning with revenue by segment.

接下來，讓我們轉向下一張投影片，了解第一季的指導，從按細分市場劃分的收入開始。

This new business unit organizational reporting segment structure today.

今天這個新業務部門的組織報告部門架構。

We will transition our reporting segments in FY25 from DMS and EMS to three new reporting segments regulated industries, intelligent infrastructure and connected living and digital commerce.

我們將在 2025 財年將我們的報告分部從 DMS 和 EMS 過渡到三個新的報告分部：受監管行業、智慧基礎設施以及互聯生活和數位商務。

This change is aligned with our new management structure and with how we drive our long-term planning and forecasting.

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 markets.

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。

For our intelligent infrastructure segment, we expect revenue for the quarter to be $2.3 billion, down 4% year-on-year.

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%。

This is mainly due to us exiting certain legacy networking businesses at the end of Q4 FY24.

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。

In our connected living and digital commerce segment, revenues are expected to be $1.4 billion.

在我們的互聯生活和數位商務領域，收入預計為 14 億美元。

The year-over-year decline is primarily driven by our mobility divestiture.

年比下降主要是由我們的流動性剝離造成的。

Speaking of mobility, I'd like to highlight the seasonality of our business in FY25 will reflect the impact of the divestiture.

說到流動性，我想強調我們 25 財年業務的季節性將反映剝離的影響。

As a reminder, our mobility business typically generated a significant portion of its income during Q1.

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。

This means going forward, our quarterly income and earnings progression will more closely resemble our historical EMS business, where typically 40% of earnings come in the first half of the year and 60% in the second half.

這意味著展望未來，我們的季度收入和盈利進展將更加類似於我們歷史上的 EMS 業務，通常 40% 的盈利來自上半年，60% 則來自下半年。

So you can expect a more back half-weighted year as we go forward.

因此，隨著我們的前進，您可以預期今年會出現更多的半加權。

Total company revenue for Q1 is expected to be in the range of $6.3 billion to $6.9 billion.

第一季公司總收入預計在 63 億美元至 69 億美元之間。

Core operating income for Q1 is estimated to be in the range of $304 million to $364 million.

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。

GAAP operating income is expected to be in the range of $143 million to $223 million.

GAAP 營業收入預計在 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 $1.65 to $2.05. GAAP diluted earnings per share is expected to be in the range of $0.26 to $0.83. Net interest expense in the first quarter is estimated to be approximately $65 million.

每股核心攤薄收益預計在 1.65 美元至 2.05 美元之間。 GAAP 攤薄每股收益預計介於 0.26 美元至 0.83 美元之間。第一季的淨利息支出預計約為 6,500 萬美元。

And for FY25, we expect it will be $245 million.

對於 25 財年，我們預計該數字將為 2.45 億美元。

And our core tax rate for Q1 and for the year is expected to be 21% reflecting impacts of Pillar Two, global minimum tax legislation and jurisdictional earnings mix.

我們第一季和全年的核心稅率預計為 21%，反映了第二支柱、全球最低稅收立法和司法管轄區獲利組合的影響。

We continue to believe it's prudent to anticipate higher tax rates beyond FY25 in the range of 23% to 24% due to additional expected impacts from global minimum tax legislation.

我們仍然認為，由於全球最低稅立法的額外預期影響，預計 2025 財年之後稅率將上升到 23% 至 24% 的範圍是謹慎的做法。

Moving to the next slide for FY25 guidance.

轉到下一張投影片，了解 2025 財年指引。

For the coming year, we expect approximately $27 billion in revenue with core margins in the range of 5.4%.

我們預計來年營收約 270 億美元，核心利潤率在 5.4% 左右。

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.

而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 FY24, we believe our organic growth in FY25 will be 2.3% on a base of $26.4 billion.

在對這些變化進行調整後，我們認為我們在 2024 財年的收入為 24 億美元，在 264 億美元的基礎上，我們相信 2025 財年的有機增長將為 2.3%。

We are forecasting another robust year for free cash flow generation in FY25, around $1.2 billion.

我們預計 2025 財年自由現金流將持續強勁成長，約 12 億美元。

Additionally, due to the mobility divestiture we anticipate lower capital expenditures in the coming year.

此外，由於流動性剝離，我們預期來年的資本支出將會減少。

For FY25, we expect CapEx to be between 1.5% to 2% of revenue.

對於 25 財年，我們預計資本支出將佔收入的 1.5% 至 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.

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。

With that, I'd like to thank you for your time this morning and for your interest in Jabil.

在此，我要感謝您今天早上抽出時間以及對捷普的興趣。

Hi, everyone.

大家好。

I am excited to share some details on our regulated industries segment.

我很高興分享我們受監管行業領域的一些細節。

Each of the end markets in this segment plays a critical role in addressing some of the most pressing challenges and opportunities in the world.

該細分市場的每個終端市場在應對世界上一些最緊迫的挑戰和機會方面都發揮著關鍵作用。

Let's first start with healthcare.

我們首先從醫療保健開始。

Many of the macro trends we've been discussing for the last several calls remain unchanged.

我們在過去幾次電話會議中討論的許多宏觀趨勢保持不變。

Connected care is creating new markets by enabling remote monitoring and telehealth solutions.

互聯護理正在透過遠端監控和遠距醫療解決方案創造新市場。

Personalized medicine continues to drive improved patient outcomes, particularly in the management of chronic diseases.

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。

By tailoring treatments to individual patients, healthcare providers can achieve better results and enhance the quality of life for millions of people.

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結果並提高數百萬人的生活品質。

In addition, the introduction of weight loss drugs or GLP-1s drugs are all becoming increasingly important in today's healthcare landscape.

此外，減肥藥物或 GLP-1 藥物的引入在當今的醫療保健領域變得越來越重要。

New care settings are also emerging, creating opportunities for innovation.

新的護理環境也不斷出現，為創新創造了機會。

As healthcare delivery evolves, we see a shift towards more decentralized and patient-centric models.

隨著醫療保健服務的發展，我們看到了向更加分散和以患者為中心的模式的轉變。

This opens new avenues for developing advanced medical devices and technologies that can be used in a variety of settings from hospitals to the home.

這為開發先進醫療設備和技術開闢了新途徑，這些設備和技術可用於從醫院到家庭的各種環境。

As a result, we continue with a strong pipeline of design engagements to enable connected devices and home healthcare products for our customers.

因此，我們繼續進行強大的設計活動，為客戶提供連網設備和家庭醫療保健產品。

Meanwhile, the tailwinds of growth in autoinjectors, medical devices and diagnostics continues, most especially with the advent of many new biologics and individualized testing platforms.

同時，自動注射器、醫療設備和診斷技術的成長勢頭仍在繼續，尤其是隨著許多新的生物製劑和個人化測試平台的出現。

Another significant trend is the need to simplify the supply chain.

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.

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。

There is a growing demand for streamlined and efficient solutions.

對精簡且高效的解決方案的需求不斷增長。

This need for simplification is leading to expanded outsourcing as healthcare device companies seek partners who can provide comprehensive supply chain management, engineering, design and manufacturing expertise, coupled with the quality requirements our customers demand.

這種對簡化的需求正在導致外包的擴大，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以及客戶要求的品質要求的合作夥伴。

We are the largest manufacturing solutions provider for the healthcare industry with great diversification, covering diagnostics, medical devices, orthopedics and pharmaceutical delivery systems.

我們是醫療保健產業最大的多元化製造解決方案供應商，涵蓋診斷、醫療器材、骨科和藥物輸送系統。

Staying the largest will require us to expand our capabilities and accelerate growth by entering areas of the market with macro tailwind.

保持最大地位需要我們透過進入宏觀順風的市場領域來擴大我們的能力並加速成長。

Which will provide an enormous amount of Jabil TAM expansion while focusing on specific geographies, like Croatia and the Dominican Republic, to fuel that growth.

這將為 Jabil TAM 帶來巨大的擴張，同時專注於克羅埃西亞和多明尼加共和國等特定地區，以推動這一成長。

The expanded capabilities and geographies will enable us to further simplify the supply chains for our customers.

擴大的能力和地理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 a product manufactured by Jabil.

在內部，我們生產的產品最強大的方面是，全世界每天都有數百萬患者正在使用捷普生產的產品。

Now, turning to our automotive and transportation end market.

現在，轉向我們的汽車和運輸終端市場。

Our expertise in product industrialization and manufacturing continues to enable innovation in powertrain electrification, autonomous driving and connected vehicle technologies.

我們在產品工業化和製造方面的專業知識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。

As the automotive and transportation industries undergo a transformative shift towards the mass adoption of electric vehicles and advanced driver assistance systems to meet global regulations and safety requirements, as well as the associated shift to centralized architectures, Jabil is playing a pivotal role in shaping the future of transportation.

隨著汽車和運輸業經歷向大規模採用電動車和先進駕駛輔助系統以滿足全球法規和安全要求的轉型，以及向集中式架構的相關轉變，捷普在塑造未來方面發揮著關鍵作用的交通。

We have seen some short-term volatility in demand due to regional changes in EV tariffs and incentives, which has been experienced across the entire automotive industry.

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.

捷普團隊在這方面做得很好，為我們的客戶在前所未有的市場演變中管理其業務提供支援。

Jabil remains partnered with global market-leading automotive OEMs across the most important technology platforms of the foreseeable future, advanced driver assistance and autonomous driving systems, connectivity, electrification and software-defined vehicles.

捷普仍然與全球市場領先的汽車原始設備製造商在可預見的未來最重要的技術平台、先進駕駛輔助和自動駕駛系統、互聯、電氣化和軟體定義車輛方面保持合作。

Three of these platforms are agnostic to vehicle type, providing us with an opportunity to support our customers, however they choose.

其中三個平台與車輛類型無關，為我們提供了支援客戶的機會，無論他們如何選擇。

Each year, we continue to add new automotive OEM customers and technology leaders, providing further diversification across our customer portfolio.

每年，我們都會不斷增加新的汽車 OEM 客戶和技術領導者，使我們的客戶組合進一步多元化。

This positions Jabil extremely well as the automotive industry works towards meeting future governmental vehicle emission targets.

這使得捷普在汽車產業努力實現未來政府車輛排放目標方面處於非常有利的地位。

Outside of our automotive customers, we remain engaged with strategic OEMs and suppliers focused on advancing precision agriculture.

除了汽車客戶之外，我們仍然與專注於推進精準農業的戰略原始設備製造商和供應商保持合作。

We leverage experience gained from serving automotive customers, as well as capability expertise from across Jabil, such as optics and fluidics, to help our customers bring the most innovative new farming technologies to the market.

我們利用從服務汽車客戶中獲得的經驗以及整個捷普的專業技術知識（例如光學和流體技術）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.

隨著汽車和運輸市場的復甦，捷普已做好充分準備，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。

We are focused on technology collaborations and investments and capabilities that best serve our long-term OEM customers and expand Jabil's role within the value chain.

我們專注於技術合作、投資和能力，為我們的長期 OEM 客戶提供最佳服務，並擴大捷普在價值鏈中的作用。

We are committed to delivering cutting-edge solutions that enhance vehicle performance, sustainability, safety and connectivity.

我們致力於提供尖端的解決方案，以提高車輛性能、永續性、安全性和互聯性。

Jabil is recognized in the market for our ability to industrialize complex technology designs, develop robust supply chains.

捷普因其將複雜技術設計工業化、開發強大供應鏈的能力而獲得市場認可。

And create automotive-grade automation strategies for the next-generation technologies entering the market today.

並為當今進入市場的下一代技術制定汽車級自動化策略。

We deliver these highly complex products with speed and quality while meeting functional safety requirements.

我們以速度和品質交付這些高度複雜的產品，同時滿足功能安全要求。

Now, transitioning to our renewables and energy infrastructure end market.

現在，轉向我們的再生能源和能源基礎設施終端市場。

Global electricity demand is expected to grow at approximately 60% through 2040, and renewable energy is at the center of achieving global climate goals.

到 2040 年，全球電力需求預計將成長約 60%，而再生能源是實現全球氣候目標的核心。

At Jabil, we are leveraging our expertise in manufacturing and supply chain management to support the adoption of renewable energy technologies.

在捷普，我們利用我們在製造和供應鏈管理方面的專業知識來支持再生能源技術的採用。

In addition, with our US footprint and the Inflation Reduction Act, we are well-positioned to help our customers transition products globally into the US which may allow our customers to take advantage of tax incentives.

此外，憑藉我們在美國的足跡和《通貨膨脹減少法案》，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。

Our work spans a wide range of applications, from inverters and optimizers to wind turbines, energy storage systems and smart grid technologies.

我們的工作涵蓋廣泛的應用，從逆變器和優化器到風力渦輪機、儲能係統和智慧電網技術。

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.

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 capability is expected to be leveraged by customers engaged in residential storage as the attach rate of these systems rise due to policy changes.

由於政策變化導致這些系統的附加率上升，預計從事住宅儲存的客戶將利用這項功能。

Complementing the growth in renewable energy, we continue to add new customers that focus on energy management and building controls.

為了補充再生能源的成長，我們不斷增加專注於能源管理和建築控制的新客戶。

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 Jabil.

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，這增加了他們與捷普等公司合作的需求。

Customers appreciate the fact that we are committed to delivering high quality, reliable solutions that meet the growing demand for clean energy.

客戶讚賞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。

Our modular and scalable designs allow for flexible deployment, optimizing resource use and reducing costs.

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。

I will now pass it along to Matt.

我現在將其傳遞給馬特。

Thanks, Steve, and good morning, everyone.

謝謝史蒂夫，大家早安。

Today, I'm excited to share some insights into our work in the Intelligent Infrastructure segment and discuss the evolution of cloud technology cycles, including the transformative impact of artificial intelligence.

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，並討論雲端技術週期的演變，包括人工智慧的變革性影響。

Our segment is dedicated to developing and delivering cutting-edge solutions that support the backbone of the modern digital ecosystem.

我們的部門致力於開發和提供支援現代數位生態系統支柱的尖端解決方案。

This includes everything from cloud and data center infrastructure to telecommunications, networking and capital equipment.

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.

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。

The evolution of digital technology has laid a robust foundation for today's advancements.

數位科技的發展為當今的進步奠定了堅實的基礎。

Starting with e-commerce in the '90s, moving through Web 2.0 in the early 2000s, and advancing with cloud computing, mobile apps and big data in the early 2010s, each phase has been pivotal.

從 90 年代的電子商務開始，到 2000 年代初的 Web 2.0，再到 2010 年代初的雲端運算、行動應用和大數據，每個階段都至關重要。

Now, we're on the cusp of a new era.

現在，我們正處於新時代的風口浪尖。

Thanks to artificial intelligence and machine learning.

感謝人工智慧和機器學習。

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.

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，強調了雲端基礎設施作為這些創新推動者的關鍵作用。

AI is the next cloud technology cycle, revolutionizing the way we process and analyze data, enabling more intelligent and automated decision making.

人工智慧是下一個雲端技術週期，它將徹底改變我們處理和分析數據的方式，從而實現更智慧和自動化的決策。

At Jabil, we're at the center of this evolution, providing our customers with advanced manufacturing solutions, they need to stay competitive in a rapidly changing landscape.

在捷普，我們處於這項發展的中心，為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 development and deployment of next-generation technologies to the market.

我們在這一領域的專業知識使我們能夠支援下一代技術的開發和市場部署。

The journey to fully harness AI comes with its own set of challenges that spur innovation and investment.

充分利用人工智慧的過程也面臨一系列刺激創新和投資的挑戰。

Old compute architectures are inefficient for new models, necessitating the development of massive parallel architectures that drive huge data transfer needs.

舊的運算架構對於新模型來說效率低下，因此需要開發大規模平行架構來滿足龐大的資料傳輸需求。

Additionally, AI requires immense amounts of energy.

此外，人工智慧需要大量的能量。

As processing power demands continue to exceed the capabilities of conventional cooling methods, there's an increase in need for advanced liquid cooling solutions.

隨著處理能力的需求不斷超出傳統冷卻方法的能力，對先進液體冷卻解決方案的需求不斷增加。

While liquid cooling has been around for many years, it has traditionally been a way to deliver efficiency.

雖然液體冷卻已經存在多年，但它一直是提高效率的傳統方式。

With the explosion of AI and the high-power GPUs required to fuel it, liquid cooling is now a requirement to deliver capacity and will soon be the standard for how data centers address cooling.

隨著人工智慧和為其提供動力所需的高功率 GPU 的爆炸性增長，液體冷卻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解決冷卻問題的標準。

The pace of innovation associated with today's GPU silicon is twice as fast as legacy silicon architectures.

當今 GPU 晶片的創新步伐是傳統晶片架構的兩倍。

This creates new challenges when launching products from development into production.

這給產品從開發到生產的過程帶來了新的挑戰。

In our Intelligent Infrastructure segment.

在我們的智慧基礎設施領域。

Jabil has built engineering and architecture capabilities that allow us to enable this transition of hardware 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.

捷普建立的工程和架構能力使我們能夠實現硬體從開發到大規模生產的轉變，同時也使我們能夠跟上當今市場推動的加速開發週期的步伐。

Additionally, as GPU speeds increase, so does the need for high bandwidth interconnect, driving the need for cost and power-efficient photonic interconnect.

此外，隨著 GPU 速度的提高，對高頻寬互連的需求也隨之增加，從而推動了對成本高效且節能的光子互連的需求。

Across all of these technologies, we are actively investing in capabilities that offer our customers differentiated value for solutions that meet these emerging requirements.

在所有這些技術中，我們正在積極投資能力，為客戶提供滿足這些新興需求的解決方案的差異化價值。

One specific example of differentiated capability is our recently announced investment in Jabil's advanced packaging OSAT and process development facility for photonics.

差異化能力的一個具體例子是我們最近宣布投資捷普的先進封裝 OSAT 和光子學製程開發設施。

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.

隨著時間的推移，這項技術將變得更加重要，因為電力持續變得更加稀缺，系統內部對更高速度和更低延遲的需求變得更加重要。

Our investments in this space positions 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.

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捷普成為下一個創新週期的中心。

In addition to our focus on creating these key capabilities, we're also expanding our footprint in strategic geographies as we scale our support of AI data center buildouts.

除了專注於創建這些關鍵功能之外，我們還擴大了對人工智慧資料中心擴建的支持，從而擴大了我們在策略地區的足跡。

Our facility in Pune, India, is a key manufacturing site for our AI customers and has executed exceptionally well.

我們位於印度浦那的工廠是我們人工智慧客戶的關鍵製造基地，並且執行情況非常好。

And while our demand for manufacturing in India has been driven by AI-related hardware requirements, Jabil has customers across all three of our segments asking us to leverage the region.

雖然我們對印度製造業的需求是由人工智慧相關的硬體需求驅動的，但捷普所有三個細分市場的客戶都要求我們利用該地區。

Because of this, we have recently announced our intention to further expand our footprint in the country.

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。

The 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 AI, while being ready for whatever comes next in the market.

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，使捷普能夠從人工智慧等長期順風車中支援大規模規模，同時為市場的未來發展做好準備。

Ultimately, Jabil is a key player within the technology ecosystem, ready to help customers overcome today's challenges and prepare for tomorrow.

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。

We're leveraging our expertise to support the increasing demand for advanced processors, high-speed photonics and sophisticated hardware solutions.

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。

Our solutions are designed to be scalable, secure and adaptable, helping our customers to stay ahead.

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 to Andy to speak about the connected living & digital commerce segment.

我現在將其傳遞給安迪，談論互聯生活和數位商務領域。

Thanks, Matt.

謝謝，馬特。

Hello, everyone.

大家好。

I lead Jabil's connected living & digital commerce segment.

我領導捷普的互聯生活和數位商務部門。

Today, I'd like to take a few minutes and talk to you about our work in digital commerce and more specifically warehouse automation.

今天，我想花幾分鐘時間與您談談我們在數位商務方面的工作，更具體地說是倉庫自動化方面的工作。

When we think about the definition of commerce, it's the exchange of goods and services, especially on a large scale.

當我們思考商業的定義時，它是商品和服務的交換，尤其是大規模的交換。

Commerce is made possible by production and fulfillment.

生產和履行使商業成為可能。

And at Jabil, we are a critical enabler within that ecosystem.

在捷普，我們是這個生態系統中的關鍵推動者。

Jabil is the largest manufacturing solutions provider for digital commerce and warehouse automation customers.

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。

Our expertise and scale allow us to support the largest players in this industry as they navigate the complexities of digitization and automation.

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持，幫助他們應對數位化和自動化的複雜性。

Leaders in this market are focused on digitization.

該市場的領導者專注於數位化。

In the aisles, electronic shelf labels and other connected technologies are becoming part of a unified commerce strategy.

在走道上，電子貨架標籤和其他連網技術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 and efficient for the consumer and allowing a higher standard of compliance for the retailer.

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和高效，並為零售商提供更高的合規標準。

At the checkout, most shoppers are now using contactless payments.

在結帳時，大多數購物者現在都使用非接觸式付款。

Jabil is a leading provider of point of sale and self-checkout solutions, having over 15 years of experience building and now designing these products.

Jabil 是銷售點和自助結帳解決方案的領先供應商，擁有超過 15 年的建置和設計這些產品的經驗。

This shift in technology not only enhances convenience, but also aligns with the growing demand for safer, touch-free interactions.

這種技術轉變不僅提高了便利性，也滿足了對更安全、無接觸互動日益增長的需求。

Additionally, research shows that most consumers today are likely to choose a business that offers grab-and-go services over a more traditional business model, highlighting the importance of speed and convenience in the modern retail landscape.

此外，研究表明，當今大多數消費者可能會選擇提供即拿即走服務的企業，而不是更傳統的商業模式，這凸顯了速度和便利性在現代零售環境中的重要性。

Another element of the digital commerce system that may not be as immediately visible or apparent is what happens behind the scenes in warehouses and distribution centers around the world.

數位商務系統的另一個可能不那麼立即可見或明顯的元素是世界各地倉庫和配送中心幕後發生的事情。

Billions of dollars of goods are moved through these warehouses and fulfillment centers every day, and warehouse automation has seen significant growth.

每天有數十億美元的貨物透過這些倉庫和履行中心運輸，倉庫自動化也有了顯著的成長。

The integration of digitization, automation and robotics in these environments is revolutionizing the way we manage inventory and fulfill orders.

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。

E-commerce has more than doubled since 2019 to over $1.2 trillion to date.

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。

This would not have been possible without higher and higher levels of automation being deployed in these fulfillment centers globally.

如果沒有在全球這些履行中心部署越來越高水準的自動化，這是不可能實現的。

Jabil is working both directly and indirectly with many of the world's largest brands on autonomous mobile robots, automated sorting systems and automated guided vehicles.

捷普正在與許多世界上最大的品牌在自主移動機器人、自動分類系統和自動導引車方面直接或間接合作。

At Jabil, we're constantly looking for ways to help solve some of the macroeconomic issues facing industry today.

在捷普，我們不斷尋找方法來幫助解決當今工業面臨的一些宏觀經濟問題。

For example, the availability and cost of labor, to name but one.

例如，勞動力的可用性和成本等。

Jabil builds over 1,000 warehouse robots a month and powers another 4,000 a month with sub-assemblies that we also make.

捷普每月製造 1,000 多個倉庫機器人，並透過我們也製造的子組件為另外 4,000 個機器人提供動力。

As we look to the future, we have several exciting projects that look to solve these labor issues with even more creative humanoid robotic solutions.

展望未來，我們有幾個令人興奮的項目，旨在透過更具創意的人形機器人解決方案來解決這些勞動力問題。

As I have already discussed, digitization, automation and robotics can play a role in a wide range of settings, all of which are designed to increase safety, improve day-to-day operational efficiency, and deliver a superior customer experience.

正如我已經討論過的，數位化、自動化和機器人技術可以在廣泛的環境中發揮作用，所有這些都旨在提高安全性、提高日常營運效率並提供卓越的客戶體驗。

From automated picking and packing to real-time inventory management, these technologies are driving significant improvements in productivity, cost, accuracy and compliance.

從自動揀選和包裝到即時庫存管理，這些技術正在推動生產力、成本、準確性和合規性的顯著提高。

At Jabil, we're committed to helping our customers stay ahead of this curve by providing innovative solutions that address their unique challenges.

在捷普，我們致力於透過提供創新的解決方案來應對客戶獨特的挑戰，幫助他們保持領先地位。

For example, we have used our expertise in 3D printing to create solutions that allow our customers to solve technical issues and provide superior products to the markets they serve.

例如，我們利用 3D 列印方面的專業知識來創建解決方案，使我們的客戶能夠解決技術問題並為其服務的市場提供優質的產品。

We're constantly looking for ways to continue to help our customers become more efficient and meet the needs of their own customers.

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自己客戶的需求。

Our goal is to enable a more connected, efficient and customer-centric approach to commerce and logistics.

我們的目標是實現更加互聯、高效和以客戶為中心的商業和物流方法。

We look forward to continuing to drive innovation and deliver value to our customers in these exciting and rapidly evolving fields.

我們期待在這些令人興奮且快速發展的領域繼續推動創新並為客戶提供價值。

Now, I'd like to pass it off to Mike Dastoor for closing.

現在，我想將其轉交給邁克·達斯托爾（Mike Dastoor）結束。

Thanks, Andy, and thank you everyone for joining us today.

謝謝安迪，也謝謝大家今天加入我們。

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 shop floor with our teams.

在過去的三個月裡，我有機會參觀了我們的許多工廠，並在車間與我們的團隊一起度過了很多時間。

Let me address a question that understandingly came up a number of times in my travels, and which I believe many of you on the call have as well.

讓我回答一個在我的旅行中多次出現的問題，我相信在座的許多人也有這個問題。

I'm often asked, Mike, are you going to change the strategy?

我常被問到，麥克，你會改變策略嗎？

What are you going to do differently?

你打算採取什麼不同的做法？

Well, our enterprise-level strategy is sound and, while I have made some changes to focus the organization more on profitable growth while also reducing risk, I will largely maintain the same direction that has allowed us to be so successful for the past few years.

嗯，我們的企業級策略是健全的，雖然我做了一些改變，讓組織更專注於獲利成長，同時降低風險，但我將在很大程度上保持過去幾年讓我們如此成功的相同方向。

Our diversified approach across multiple end markets with secular trends continues to provide a solid foundation.

我們在多個終端市場的多元化方法和長期趨勢繼續提供堅實的基礎。

This approach was pressure tested in FY24, as we faced multiple headwinds across several end markets and still delivered strong margins and free cash flow.

這種方法在 2024 財年接受了壓力測試，因為我們在多個終端市場面臨多重阻力，但仍然實現了強勁的利潤率和自由現金流。

Today, the company is much more resilient than in years past.

如今，該公司比過去幾年更具彈性。

During my first few months as CEO, I've spent considerable time ensuring we have the right people leading our three distinct businesses.

在擔任執行長的頭幾個月裡，我花了相當多的時間來確保我們有合適的人來領導我們的三個不同的業務。

Each of these businesses has a different growth expectation, lead time, margin and balance sheet profile, outsourcing maturity levels and product lifecycle times.

每項業務都有不同的成長預期、交付週期、利潤率和資產負債表狀況、外包成熟度水準和產品生命週期時間。

It was imperative to ensure our teams remain focused in their respective areas of domain expertise.

必須確保我們的團隊繼續專注於各自的專業領域。

Based on what I've seen in the last three months, I feel like we've gotten that part right.

根據我過去三個月的所見，我覺得我們已經做對了這部分。

We have three business leaders in Steve, Matt and Andy that have the tenure and experience in Jabil, solid pedigree, deep domain expertise and know-how to run a global manufacturing business at scale.

我們擁有史蒂夫、馬特和安迪三位業務領導者，他們都曾在捷普任職並擁有豐富的經驗、深厚的背景、深厚的領域專業知識以及大規模運營全球製造業務的專業知識。

I also believe we have the right team running our factories, led by Fred McCoy, another nearly 25-year Jabil employee.

我還相信，我們有合適的團隊來管理我們的工廠，由另一位在 Jabil 工作了近 25 年的員工 Fred McCoy 領導。

Fred's unique combination of commercial experience and manufacturing operations will allow us to be more agile and more efficient as the complexities of manufacturing continue to grow.

Fred 將商業經驗和製造營運獨特地結合起來，隨著​​製造複雜性的不斷增長，我們將變得更加敏捷和高效。

And finally, our supply chain organization is in exceptional hands with Frank McKay.

最後，我們的供應鏈組織由 Frank McKay 負責。

Frank has developed a highly experienced, long-tenured team with extremely strong relationships in the supply chain over the last 25 years, which, along with investments and advanced supply chain systems, gives me full confidence that Jabil continues to be best-in-class in the industry.

在過去25 年裡，弗蘭克培養了一支經驗豐富、任期較長的團隊，在供應鏈中擁有極其牢固的關係，再加上投資和先進的供應鏈系統，讓我完全相信捷普將繼續保持一流水平在行業中。

This well-rounded enterprise leadership team is already delivering results, securing new business across each of our distinct segments.

這個全面的企業領導團隊已經取得了成果，確保了我們每個不同細分市場的新業務。

In Regulated Industries, Jabil continues to partner with global market-leading automotive OEMs, offsetting EV demand softness with new wins, particularly as tariffs dictate the localized manufacturing of vehicles.

在受監管行業中，捷普繼續與全球市場領先的汽車原始設備製造商合作，透過新的勝利來抵消電動車需求疲軟的影響，特別是在關稅決定車輛本地化製造的情況下。

In healthcare, we will soon be expanding our GLP-1 drug delivery business in Europe, through new wins with existing customers.

在醫療保健領域，我們很快將透過與現有客戶的新勝利擴大我們在歐洲的 GLP-1 藥物輸送業務。

We've taken our manufacturing and automation, and industrialization capabilities designed in the US market and replicated those efforts in Europe, which we believe will result in solid multiyear growth.

我們採用了在美國市場設計的製造、自動化和工業化能力，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。

We've also recently won new programs in the diabetes wearables area.

我們最近也贏得了糖尿病穿戴裝置領域的新項目。

As mentioned earlier, lead times on new wins in the healthcare space due to medical validation requirements means these wins only show up in FY26 and FY27.

如前所述，由於醫療驗證要求，醫療保健領域新成果的交付時間意味著這些成果僅在 2026 財年和 27 財年才會顯現。

In Intelligent Infrastructure, our team is squarely situated at the center of the data center infrastructure backbone.

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。

We lead with design and engineering to build the hardware and infrastructure that will enable artificial intelligence.

我們以設計和工程為主導，建構支援人工智慧的硬體和基礎設施。

Jabil is also well-positioned to participate in the recovery of the capital equipment end market during our fiscal '25.

捷普也處於有利地位，可以在 25 財年參與資本設備終端市場的復甦。

Year-on-year, we expect the Intelligent Infrastructure segment to be up by $1 billion after adjusting for the exit of legacy networking businesses Greg, mentioned earlier.

如同前面所提到的，在對傳統網路業務的退出進行調整後，我們預計智慧基礎設施領域將年增 10 億美元。

In Connected Lifestyle & Digital Commerce, our team is driving innovative solutions to address our customers' desire to automate their warehouse and retail environments as labor becomes increasingly difficult to find.

在互聯生活方式和數位商務領域，我們的團隊正在推動創新解決方案，以滿足客戶在勞動力變得越來越難找到的情況下實現倉庫和零售環境自動化的願望。

As we move through FY25, our digital commerce business will grow, as we have won new programs with both new and existing customers in that space.

隨著我們進入 25 財年，我們的數位商務業務將會成長，因為我們已經贏得了該領域新客戶和現有客戶的新專案。

Also, while early days, the robot and humanoid end market seems to be evolving rapidly, and Jabil is currently participating in that.

此外，儘管處於早期階段，機器人和人形終端市場似乎正在迅速發展，捷普目前正在參與其中。

At Jabil, we build staff, leveraging our vast engineering capabilities, global footprint and long-term partnerships.

在捷普，我們利用強大的工程能力、全球足跡和長期合作夥伴關係來培養員工。

Technologies constantly evolve, but Jabil will continue to skate to the park by investing in engineering-led tuck-in capabilities which will allow Jabil to be technology agnostic.

技術不斷發展，但捷普將繼續投資以工程為主導的整合能力，這將使捷普成為技術不可知論者。

For instance, in the automotive sector, Jabil has built engineering capabilities that are equipped to support both hybrid and EV platforms, depending on which one prevails.

例如，在汽車領域，捷普已經建立了工程能力，可以支援混合動力和電動車平台，具體取決於哪種平台占主導地位。

In the data center infrastructure space, Jabil has built engineering and architecture capabilities that allow us to keep pace with the accelerated development cycles and transition from older computer architecture to GPU-led system level design and hardware production at scale.

在資料中心基礎設施領域，捷普建立了工程和架構能力，使我們能夠跟上加速的開發週期，並從舊的電腦架構過渡到 GPU 主導的系統級設計和大規模硬體生產。

This, along with our investments in OSAT and power management engineering capabilities, means we're in a good position to offer our customers differentiated value for the solutions that meet the ever evolving requirements in this space.

再加上我們在 OSAT 和電源管理工程能力方面的投資，意味著我們能夠為客戶提供差異化的解決方案價值，以滿足該領域不斷變化的需求。

Similarly, in the digital commerce space, Jabil's advanced automation engineering investments uniquely position us to provide automation solutions across various fields, including retail warehouses and robots.

同樣，在數位商務領域，捷普先進的自動化工程投資使我們能夠在各個領域提供自動化解決方案，包括零售倉庫和機器人。

Transitioning to our financial priorities and unique approach to the market, it's important to highlight that both will remain consistent.

在轉向我們的財務優先事項和獨特的市場方法時，重要的是要強調兩者將保持一致。

Six years ago, we deliberately refocused our organization with the intention of achieving core operating margin expansion, consistent earnings growth at robust predictable cash flows.

六年前，我們特意重新調整了組織的重點，旨在實現核心營業利潤率的擴張、在強勁的可預測現金流的情況下實現持續的盈利增長。

To this end, we align the management compensation metrics to better match investor expectations.

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。

None of this changes.

這一切都沒有改變。

And importantly, our capital allocation framework continues to be aimed at creating long-term value for shareholders.

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 our approach with customers, we utilize customer-centric work sales that are focused on supporting a single customer.

當談到我們與客戶的合作方式時，我們利用以客戶為中心的工作銷售，專注於支援單一客戶。

This approach is highly effective and sets us apart from competitors.

這種方法非常有效，使我們從競爭對手中脫穎而出。

Regardless of the customers manufacturing location worldwide, a dedicated team supports them across the three regions in Asia, the Americas and Europe.

無論客戶的製造地點位於全球何處，亞洲、美洲和歐洲三個地區的專業團隊都會為他們提供支援。

Each work cell provides tailored solutions in three key areas of expertise, advanced engineering-led engagements, AI, ML supported manufacturing solutions, and robust supply chain systems.

每個工作單元都在三個關鍵專業領域提供客製化解決方案：先進的工程主導的參與、人工智慧、機器學習支援的製造解決方案以及強大的供應鏈系統。

Currently, around 70% of our engagements are led by engineering initiatives.

目前，我們大約 70% 的工作都是由工程計劃主導的。

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.

現代供應鏈和地緣政治挑戰的複雜性，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。

This increased engagement means enhanced stickiness and margin improvement compared to even five or six years ago.

與五、六年前相比，參與度的提高意味著黏性的增強和利潤率的提高。

And when you look a level deeper within each of our segments, you'll find an exceptionally diverse array of customers, including some of the world's biggest, most innovative and successful brands.

當您更深入了解我們的每個細分市場時，您會發現異常多樣化的客戶群，其中包括一些世界上最大、最具創新性和成功的品牌。

This is by no means a complete list of the customers we serve today, but it's certainly impressive by any standard, especially when considering many of our customers rely on Jabil as the sole source for their products.

這絕不是我們今天服務的客戶的完整列表，但無論以任何標準衡量，它都令人印象深刻，特別是考慮到我們的許多客戶依賴捷普作為其產品的唯一來源。

Now, let's discuss our global footprint, which we believe is a significant competitive advantage.

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。

To be abundantly clear, we place considerable value on maintaining a large-scale global manufacturing footprint.

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 continues to evolve, our ability to adapt, combined with our designation as a US.

然而，隨著地緣政治局勢的不斷發展，我們的適應能力以及我們作為美國的指定。

Domiciled manufacturing service provider is becoming increasingly important as we help our customers navigate this complexity.

隨著我們幫助客戶應對這種複雜性，註冊製造服務提供者變得越來越重要。

Following the divestiture of our Mobility business, our footprint has become largely balanced with nearly one-third of our factories located in each of the Americas, Europe and Asia.

剝離我們的行動業務後，我們的足跡已基本平衡，近三分之一的工廠位於美洲、歐洲和亞洲。

Over time, we believe there will be further demand for manufacturing that resides closer to the end customer.

隨著時間的推移，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。

And for that reason, we will work with our customers that seek to near or re-shore their manufacturing, whether it be a bifurcated approach or simply lift and shift.

出於這個原因，我們將與尋求接近或重新轉移其製造的客戶合作，無論是分叉方法還是簡單的提升和轉移。

As this dynamic plays out, I believe our factories in both Europe and the Americas will see considerable growth.

隨著這種動力的發揮，我相信我們在歐洲和美洲的工廠將會出現可觀的成長。

Today, we have approximately 40 sites in North America, approximately 30 of which are in the US ready to take advantage of any near or reshoring to North America.

如今，我們在北美擁有約 40 個站點，其中約 30 個位於美國，隨時準備好利用任何靠近北美或回流到北美的機會。

With that said, a lot of the world's supply chain is still very much embedded in Asia, and some of our most efficient factories are located there.

話雖如此，世界上許多供應鏈仍然很大程度上植根於亞洲，我們一些最高效的工廠也位於那裡。

As we sit today, we currently have capacity in place to support an excess of $30 billion of revenue.

就我們今天而言，我們目前有能力支持超過 300 億美元的收入。

Over the near term in FY25, we expect to carry higher than normal levels of excess capacity.

在 2025 財年的短期內，我們預期過剩產能將高於正常水準。

We are doing this because we firmly believe many of the end markets we serve will recover.

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。

This underutilized capacity will weigh on core operating margins in FY25 by 20 basis points to 30 basis points, even after the mainly headcount-related restructuring charges we disclosed this morning.

即使在我們今天早上披露了主要與員工人數相關的重組費用之後，這種未充分利用的產能仍將使 2025 財年的核心營運利潤率下降 20 個基點至 30 個基點。

Over the longer term, my team and I strongly believe we're well-positioned to capitalize on significant global trends in sectors such as AI, data center infrastructure, healthcare, pharmaceutical solutions, and warehouse automation, as Steve, Matt and Andy highlighted.

從長遠來看，我和我的團隊堅信，我們有能力利用人工智慧、資料中心基礎設施、醫療保健、製藥解決方案和倉庫自動化等領域的重大全球趨勢，正如史蒂夫、馬特和安迪所強調的。

As a result, regulated industries will grow 5% to 8% with longer lead times, while Intelligent Infrastructure will grow more quickly at 7% to 10%.

因此，受監管產業將成長 5% 至 8%，且交付週期更長，而智慧基礎設施將以 7% 至 10% 的速度成長更快。

Over the next several years, we believe connected Lliving & digital commerce will grow low-to-mid single digits, driven mainly by double-digit growth in digital commerce and warehouse automation.

在未來幾年中，我們相信互聯生活和數位商務將實現低至中個位數的成長，這主要是由數位商務和倉庫自動化的兩位數成長所推動的。

Putting this all together, we believe our long-term enterprise growth rate should be in the range of 5% to 7%.

綜上所述，我們認為我們的長期企業成長率應該在5%到7%的範圍內。

Given this anticipated mix of business, we expect gross margins to be in the range of 9% to 10%.

鑑於這種預期的業務組合，我們預計毛利率將在 9% 至 10% 之間。

And when combined with operational efficiencies, our 6% margin target remains intact over the longer-term.

與營運效率結合，我們 6% 的利潤率目標在長期內保持不變。

And when you consider our strong free cash flow generation and consistent returns to shareholders, core EPS should grow between 12% to 15% over the longer term, all of which would continue to drive consistent ROIC north of 30%.

當你考慮到我們強大的自由現金流產生和對股東的持續回報時，長期來看，核心每股收益應增長 12% 至 15%，所有這些都將繼續推動持續的 ROIC 超過 30%。

In closing, one thing is for sure, it is our people who make us strong.

最後，有一件事是肯定的，是我們的員工讓我們變得強大。

Our people are resilient.

我們的人民富有韌性。

So I just want to take a moment 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 to each other.

因此，我想花一點時間向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，也是對我們的社區和彼此。

Together, we will write the next chapter of the Jabil story.

我們將共同譜寫捷普故事的新篇章。

Thank you for your interest in Jabil.

感謝您對捷普的興趣。

I will now turn the call back over to Adam.

我現在將把電話轉回給亞當。

Thanks, Mike.

謝謝，麥克。

As we wrap up our prepared comments today and we move to the Q&A portion of our call, I want to leave you with one final thought from me.

當我們結束今天準備好的評論並進入電話問答部分時，我想向您留下我的最後一個想法。

At Jabil, we build stuff and we do it really, really well.

在捷普，我們製造產品，而且做得非常非常好。

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.

當我們今天坐下來時，我相信我們專注於具有適當能力的正確終端市場，並且我們擁有全球而敏捷的製造足跡。

And from an enterprise level, you can expect our focus to remain on margins, cash flows, core EPS growth and shareholder return.

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.

感謝您今天抽出時間。

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

接線員，我們現在準備好進行問答了。

(Operator Instructions)

（操作員說明）

Ruplu Bhattacharya, Bank of America.

魯普盧‧巴塔查亞 (Ruplu Bhattacharya)，美國銀行。

Hi, thank you for taking my questions.

你好，謝謝你回答我的問題。

And congrats to Steve, Matt and Andy on your respective assignments.

祝賀史蒂夫、馬特和安迪完成各自的任務。

For my first question, I'd like to ask related to the cloud and data center infrastructure segment.

對於第一個問題，我想問與雲端和資料中心基礎設施領域相關的問題。

Your guidance for fiscal '25 suggests 11% year-on-year growth.

你們對 25 財年的指導建議年增 11%。

Are you seeing any slowdown?

您看到任何放緩嗎？

I mean, what is the impact from consignment in fiscal '25?

我的意思是，25 財年寄售的影響是什麼？

And is low-double-digit the right way of thinking about revenue growth in this segment?

低兩位數是思考該細分市場收入成長的正確方式嗎？

And if you can talk about what your plan is to expand revenues in this segment beyond your existing customers?

您能否談談您計劃如何將這一領域的收入擴大到現有客戶之外？

Hey, Ruplu, it's Mike.

嘿，魯普魯，我是麥克。

So I'll start off, and then I'll hand it over to Matt to provide some more details.

因此，我將開始，然後將其交給 Matt 提供更多詳細資訊。

But before I start, I just want to thank the whole team here.

但在開始之前，我只想感謝整個團隊。

There's a hurricane blowing outside.

外面正在刮颶風。

We were all hunkered down in the office to do this call, so thanks to the team.

我們都蹲在辦公室打這通電話，所以要感謝我們的團隊。

As regards to Intelligent Infrastructure, you're absolutely right, year-on-year, we're seeing, I think, the growth rate is about 12% if you back out the legacy network customer that we disengage with.

至於智慧基礎設施，你說得絕對正確，我認為，如果你退出我們脫離的傳統網路客戶，我們看到，我認為，年成長率約為 12%。

We talked about it on the last call.

我們在上次通話中談到了這一點。

I talked about it again on this call.

我在這次電話會議上再次談到了這一點。

So I think it's a 12% growth rate year-on-year.

所以我認為年比成長率是12%。

Now, I'd like to remind you the Intelligent Infrastructure also has 5G in it and it has a cyclical semi-cap business as well.

現在，我想提醒大家，智慧基礎設施也有5G，它也有週期性的半市值業務。

And obviously, in the up years, the semi-cap business will do well.

顯然，在接下來的幾年裡，半市值業務將會表現良好。

In the down years, it will not.

在經濟低迷的年份，就不會了。

So overall, if you look at the year-on-year increase, extremely valid over the long-term 7% to 10%, still extremely strong given the other parts of the business that are in this segment as well.

因此，總的來說，如果你看看同比成長，從長期來看，7% 到 10% 的成長是非常有效的，考慮到該細分市場的其他業務部分，這一成長仍然非常強勁。

So I'll hand the call over I think, from a consignment, by the way, the impact is very small and I think the business that I'm most excited about and that -- Matt is 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.

所以我會轉交電話，我認為，從寄售中，順便說一句，影響非常小，我認為我最興奮的業務，而馬特最興奮的是整個數據中心基礎設施業務將繼續增長，我預計也將以兩位數的速度成長。

Matt, if you want to just take the rest of the question?

馬特，你想回答剩下的問題嗎？

Yeah.

是的。

Hey, thanks, Mike, and appreciate the question, Ruplu.

嘿，謝謝，麥克，謝謝你的提問，魯普魯。

Let me focus on the back half of your question around our plans to expand the segment beyond our existing customers.

讓我重點討論你問題的後半部分，圍繞我們將這個細分市場擴展到現有客戶之外的計劃。

So we are hyper-focused on executing the strategy that we've put in place over the past 18 months.

因此，我們非常專注於執行我們在過去 18 個月中所製定的策略。

And a good proof point of that is our silicon photonics business.

我們的矽光子業務就是一個很好的證明。

If you think back to last November, we announced a transaction that brought in capability and capacity.

如果您回想去年 11 月，我們宣布了一項帶來能力和產能的交易。

And inside of the first 12 months, we've already seen that pay off, in that we have now landed business with two new hyperscale accounts, which we're currently shipping product into.

在前 12 個月內，我們已經看到了回報，因為我們現在已經與兩個新的超大規模客戶達成了業務，目前我們正在將產品運送到其中。

So we're hyper-focused on executing there.

所以我們非常專注於在那裡執行。

We believe that our roadmap moving forward on the qualification of 800-gig parts as well as 1.6T, coming in calendar year '25, will allow us to continue to expand our customer base there.

我們相信，我們在 25 日曆年推出的 800 台零件以及 1.6T 認證路線圖將使我們能夠繼續擴大我們的客戶群。

We're also super-focused on executing our power and cooling business in the data center.

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。

We're currently beginning to ramp our ability to help customers retrofit data centers, which today are air cooled, need to be retrofitted to go from air to liquid, and soon will be liquid to liquid.

我們目前正在開始增強幫助客戶改造資料中心的能力，這些資料中心現在是風冷的，需要改造以從空氣冷卻到液體，很快就會從液體冷卻到液體。

So we really feel like the capabilities we've built over the past 18 months in these spaces is going to allow us to continue to expand the customer base.

因此，我們確實認為過去 18 個月在這些領域建立的能力將使我們能夠繼續擴大客戶群。

And we've already seen some really nice proof points of that to-date.

到目前為止，我們已經看到了一些非常好的證據。

Okay.

好的。

Thanks for that, Matt and Mike.

謝謝你，馬特和麥克。

For my follow-up, I'll ask a question on healthcare.

在後續行動中，我將問一個有關醫療保健的問題。

Again, looking at the growth rate for next year, 2% year-on-year seems a little low.

還是那句話，從明年的成長率來看，年比2%似乎有點低。

Is the market itself growing low-single-digits right now?

市場本身目前是否以低個位數成長？

And can you talk about what you're seeing in terms of the various end markets within healthcare?

您能談談您對醫療保健領域各個終端市場的看法嗎？

Mike, I think you talked about GLP-1.

麥克，我想你談到了 GLP-1。

Can you talk a little bit about that?

你能談談這個嗎？

What does that add in terms of revenue margins?

這會增加什麼收入利潤？

And is there a likelihood of another J&J type of deal going forward?

未來是否有可能進行另一種強生類型的交易？

So just any details on the growth rate and what you're seeing in the markets?

那麼，能否詳細介紹一下成長率以及您在市場上看到的情況？

Hi, Ruplu, this is Steve.

嗨，魯普魯，我是史蒂夫。

Let me take that question.

讓我來回答這個問題。

The overall healthcare market is growing about 3% to 4%.

整體醫療保健市場成長約 3% 至 4%。

And we've been challenged this year.

今年我們面臨挑戰。

I think Mike mentioned this on prior earnings call, with the GLP-1 drugs, they've impacted our medical device segment really due to the reduction of the gastric bypass surgeries.

我想麥克在之前的財報電話會議上提到過這一點，GLP-1 藥物確實由於胃繞道手術的減少而影響了我們的醫療器械領域。

But when I look at the business going forward, and I'll link to your question on GLP-1s as well, but now our healthcare business continues to be incredibly well-positioned.

但當我展望未來的業務時，我也會連結到您關於 GLP-1 的問題，但現在我們的醫療保健業務仍然處於令人難以置信的有利地位。

The growth of GLP-1 drugs and some of the new wins that we've been able to obtain, really associated with the injectors that we manufacture.

GLP-1 藥物的成長以及我們所取得的一些新成果確實與我們製造的注射器有關。

And then, you take a look at just the challenge across the world as it relates to diabetes care, we had some nice new wins with CGMs, minimally invasive device growth, and the need for autoinjectors, generally speaking, because biologics are becoming dominant and with the complexities of the diseases.

然後，你看看世界各地與糖尿病護理相關的挑戰，我們在連續血糖監測、微創設備的增長以及自動注射器的需求方面取得了一些不錯的新成果，一般來說，因為生物製劑正在成為主導，並且隨著疾病的複雜性。

And so we've won some exciting new programs.

因此，我們贏得了一些令人興奮的新項目。

I think in Mike's opening remarks he mentioned fiscal year '26-'27.

我認為麥克在開場白中提到了“26-27 財年”。

So this is in our pharmaceutical business and our med device segment.

這就是我們的製藥業務和醫療設備領域。

And we like to say these programs are incredibly sticky.

我們想說這些程序具有難以置信的黏性。

They last for many, many years of steady production, and we have great visibility with our customers.

它們可以持續穩定生產很多很多年，我們在客戶中擁有很高的知名度。

And what's also exciting is these are launching in some of our new factories, both in the Dominican Republic and Croatia.

同樣令人興奮的是，這些產品正在我們位於多明尼加共和國和克羅埃西亞的一些新工廠推出。

As a reminder, and again, Mike mentioned this, but the complexity of healthcare is really tied to the validation requirements, and then, you have the complexity of lead time for automation.

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，自動化的交付時間也很複雜。

So new wins typically launch in cycles that are two to three years before you reach that steady state production but love where we're positioned in our healthcare business.

因此，新的勝利通常會以兩到三年的周期推出，然後才能達到穩定的生產狀態，但我們喜歡我們在醫療保健業務中的定位。

The second part of your question, let me take that, which is the J&J question.

我來回答你問題的第二部分，就是強生公司的問題。

There's certainly we remain positive.

當然，我們仍然保持積極態度。

We've seen a strong pipeline that we're positioned on currently and it's at all different levels of discussions.

我們已經看到了目前我們定位的強大管道，並且處於各個不同層面的討論中。

And that's a really solid sign that our healthcare OEMs, they still view divestitures as a potential strategy for moving outsourcing faster.

這是一個非常明確的跡象，表明我們的醫療保健原始設備製造商仍然將資產剝離視為加快外包速度的潛在策略。

So we'll see how those transpire over the year, but pipeline is really strong.

所以我們將看看這些在這一年中如何發生，但管道確實很強大。

Okay.

好的。

Thanks for that, Steve.

謝謝你，史蒂夫。

Mike, if I can squeeze another quick one in?

麥克，我能不能再快速塞進去一份？

Just looking at your global footprint, I mean, what is the current utilization?

只要看看您的全球足跡，我的意思是，目前使用率是多少？

And you talked about an impact of 20 basis points to 30 basis points.

你談到了20個基點到30個基點的影響。

Is there do you think that there's a need for any restructuring of the footprint?

您認為有必要對足跡進行重組嗎？

And which end markets do you see investing in over the next year?

您認為明年會投資哪些終端市場？

Thank you.

謝謝。

Thanks for all the details.

感謝您提供所有詳細資訊。

Hey, Ruplu.

嘿，魯普魯。

So in my prepared remarks, I talked about how after the Mobility divestiture, our footprint is really well balanced, it's one-third in the Americas, one-third in Europe, one-third in Asia.

因此，在我準備好的發言中，我談到了在行動業務剝離之後，我們的足跡非常平衡，三分之一在美洲，三分之一在歐洲，三分之一在亞洲。

Currently, our capacity is set up for a $30 billion-plus revenue run rate.

目前，我們的產能預計收入將超過 300 億美元。

We've got new facilities in Croatia coming up.

我們即將在克羅埃西亞建立新工廠。

We've got new facilities in Dominican Republic coming up.

我們即將在多明尼加共和國設立新工廠。

So there's a whole bunch of capacity that was put into play.

因此，大量的能力都發揮了。

So it was put in place to come up in '25.

所以它被安排在 25 年出現。

So the utilization that we have today, normally, we run around 80% to 85%.

因此，我們今天的利用率通常在 80% 到 85% 左右。

Our utilization today is closer to the 70% level.

我們今天的利用率接近 70% 的水平。

And that creates obviously, a surplus capacity issue.

這顯然會造成產能過剩問題。

One of the things we're not doing.

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 is going in and restructure or reduce the number of sites, because we believe, and this is a very strong belief, that the end markets that we're in will come back.

我再次提到，在我準備好的發言中，我們絕對不會做的一件事就是重組或減少站點數量，因為我們相信，而且這是一個非常堅定的信念，我們的終端市場我們會回來的。

We feel EVs will come back.

我們認為電動車將會回歸。

We know healthcare will be steady eddy.

我們知道醫療保健將是穩定的漩渦。

The growth that we're seeing in semi cap, the growth that we're seeing in the cloud data center infrastructure parts of the business, we're well-positioned for that.

我們在半市值中看到的成長，在業務的雲端資料中心基礎設施部分中看到的成長，我們已經做好了充分的準備。

When that business comes back, by the way, there will be a decent level of leverage.

順便說一句，當該業務恢復時，將會有相當程度的槓桿作用。

So 20 basis points, 30 basis points that I talked about, that is a headwind right now.

所以我談到的 20 個基點、30 個基點，現在是一個阻力。

So we're not restructuring capacity.

所以我們不會重組產能。

I think, we did disclose this morning that we're restructuring some of the SG&A piece, the headcount piece.

我認為，我們今天早上確實揭露了我們正在重組一些銷售、管理和行政費用（SG&A）部分，即員工人數部分。

If you think of the $3 billion or $4 billion gap that we've had in our revenue, 3% of that is, around $100 million, in SG&A.

如果你考慮我們收入中 30 億美元或 40 億美元的缺口，那麼其中 3% 的 SG&A 大約為 1 億美元。

So we're trying to address some of that.

所以我們正在努力解決其中的一些問題。

At the end of the day, we're marching to 6%.

最終，我們將邁向 6%。

If we can get our gross margins in that 9.4%, 9.5% range and get our SG&A down to that same 3.4%, 3.5%, you have a 6% margin.

如果我們能夠將毛利率控制在 9.4%、9.5% 的範圍內，並將 SG&A 降至相同的 3.4%、3.5%，那麼您的利潤率為 6%。

It's just pure math.

這只是純粹的數學。

So that's what we're trying to do here, but we strongly believe that the businesses that we're in, they will come back.

這就是我們正在努力做的事情，但我們堅信我們所在的企業將會回來。

So no restructuring of capacity at this stage.

所以現階段沒有進行產能重組。

Great, thank you so much.

太好了，非常感謝。

George Wang, Barclays.

喬治王，巴克萊銀行。

Hey, guys, thanks for taking my question.

嘿，夥計們，謝謝你提出我的問題。

I just first of all, I just want to ask about capital equipment.

我首先想問一下資本設備的狀況。

Obviously, it's cyclical, as you guys mentioned, but almost 20% growth stood out to me.

顯然，正如你們所提到的，這是週期性的，但近 20% 的成長對我來說很突出。

Just curious if you can hone in a little bit, just talk about the driver behind it.

只是好奇你是否可以磨練一下，只談談背後的驅動程式。

Is this a new win or just say easy compare?

這是一個新的勝利還是只是簡單的比較？

Just curious about this strong double-digit growth for the semi-cap for this year.

只是對今年半市值的強勁兩位數成長感到好奇。

Matt, do you want to take that?

馬特，你想接受這個嗎？

Yeah, I'll take that one.

是的，我會接受那個。

Hey, George, thanks for the question.

嘿，喬治，謝謝你的提問。

Yeah, we're definitely seeing some mix shift occurring in the business in our automated test equipment space, because I think there is a pretty clear attach rate there to some of the GPU silicon required to drive AI.

是的，我們確實看到自動化測試設備領域的業務發生了一些混合轉變，因為我認為驅動人工智慧所需的一些 GPU 晶片有相當明顯的附加率。

So where customers are trying to get more capacity and more yield out the door for customers, we've seen an increase around demand for the ATE business.

因此，當客戶試圖為客戶提供更多容量和更高產量時，我們發現 ATE 業務的需求增加。

I think that's the primary driver.

我認為這是主要驅動力。

We're also seeing a bit of the recovery coming a little bit sooner than we expected on the WFE side.

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 the ATE business and the attach rate to AI is a big part of that increase.

總的來說，我認為 ATE 業務和人工智慧的附加率是這一成長的重要組成部分。

Okay, great.

好的，太好了。

Just a quick follow-up.

只是快速跟進。

Can you expand and talk about margin for the AI business?

您能否擴展並談談人工智慧業務的利潤率？

Margin seems to be the focal point for investors, as you guy said high-grade portfolio, fast growing AI cloud business with higher margin.

利潤率似乎是投資者關注的焦點，正如您所說的高檔投資組合、快速成長的人工智慧雲端業務、利潤率較高。

Just how you think about also liquid cooling, OSAT and silicon photonics, potentially higher margin?

您如何看待液體冷卻、OSAT 和矽光子學以及潛在更高的利潤率？

And quickly, just curious, since you guys re-segmented, not sure if we can still reconcile to this $6 billion AI revenue you guys talked about a couple quarters ago.

很快，我只是好奇，既然你們重新細分了，不確定我們是否還能適應你們幾個季度前談論的 60 億美元人工智慧收入。

Besides this cloud and DCI, maybe there's some in the AI networking.

除了雲端和 DCI 之外，也許還有人工智慧網路。

So just curious whether does it still a valid number we should look at from grow by $1 billion to $6 billion this year, or should we just stick to a new disclose of segmentation of $5.1 billion for the current DCI for this year?

所以只是好奇，我們今年應該考慮從 10 億美元增長到 60 億美元是否仍然是一個有效的數字，或者我們應該堅持今年當前 DCI 的 51 億美元細分的新披露？

Thanks.

謝謝。

Yeah, no, thanks.

是的，不，謝謝。

Look, I think, in general, an easy way to think about margins is that we expect AI margins to be in-line to slightly accretive to the enterprise targets that we've laid out.

我認為，總的來說，考慮利潤率的一個簡單方法是，我們預計人工智慧利潤率將與我們制定的企業目標保持一致或略有增加。

We're currently, obviously, undergoing a number of ramps.

顯然，我們目前正在經歷一些坡道。

And the way to think about the $6 billion is that it's spread across cloud and DCI, capital equipment and networking.

考慮這 60 億美元的方式是，它分佈在雲端和 DCI、資本設備和網路領域。

So as I just illustrated, the ATE business as an attach rate there to AI, our networking business where we're helping customers transition from air-cooled to liquid-cooled switches has a clear attach rate, as well as, obviously, what we're doing in the data center for power and cooling.

正如我剛才所說明的，ATE 業務作為人工智慧的附加率，我們的網路業務正在幫助客戶從風冷交換機過渡到液冷交換機，它具有明確的附加率，顯然，我們的網路業務也具有明確的附加率。

And so I think the easy way to think about the $1 billion of incremental growth year-on-year is roughly half of it is being driven by our cloud and data center business, and then the other half is split relatively evenly between photonics and capital equipment.

因此，我認為，考慮 10 億美元同比增量增長的簡單方法是，其中大約一半是由我們的雲端和資料中心業務推動的，另一半則相對均勻地分配在光子學和資本之間設備。

Okay, great.

好的，太好了。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi, good morning, and thanks for doing this call in the middle of a hurricane.

大家好，早安，感謝您在颶風期間打來此電話。

I guess, just on the automotive and transport segment, the numbers in the quarter, at least the revenues were a little less than expected.

我想，就汽車和運輸領域而言，本季的數字，至少收入略低於預期。

Again, the guidance for the full year, this fiscal year, is down.

同樣，本財年全年的指導方針也有所下降。

So in the near term, I'm wondering how much negative leverage that auto business is creating for you since I assume it's still high margin?

因此，在短期內，我想知道汽車業務為您創造了多少負槓桿，因為我認為它的利潤率仍然很高？

And then, maybe more important, like if I think about this business longer term, 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 is positioned in auto.

然後，也許更重要的是，如果我從長遠來看這個業務，我知道考慮未來電動車的進一步成長是有意義的，但是有很多動態讓你想知道公司是否會如何位於汽車中。

If you could address whether these are good or bad for the for Jabil longer term?

您能否談談這些對捷普的長期發展是好是壞？

Mainly, we're seeing lower-cost vehicles out of China, we're seeing OEMs global OEMs having trouble competing in Asia, and you're seeing tariffs rise up all over the world, among other items.

主要是，我們看到來自中國的成本較低的汽車，我們看到全球原始設備製造商在亞洲競爭中遇到困難，並且您看到世界各地的關稅等等都在上漲。

It just seems like the auto industry is going to go through some major changes, and I guess I'm wondering if Jabil is positioned well for that.

汽車行業似乎將經歷一些重大變化，我想我想知道捷普是否為此做好了準備。

And then, I had a follow-up.

然後，我進行了跟進。

Thanks, Steve.

謝謝，史蒂夫。

This is Steve.

這是史蒂夫。

We hit this at a broad level and then we can if you need to dial in further, let me know.

我們在廣泛的層面上解決了這個問題，如果您需要進一步了解，請告訴我。

But I think, as I said in the opening remarks, it is going through a transition phase or transformation phase in the auto market.

但我認為，正如我在開場白中所說，汽車市場正在經歷一個過渡階段或轉型階段。

And it has been hampered by higher interest rates, the government incentives, in many cases, have been reduced, and then you have, like, as you mentioned, the overall tariff situation.

它受到了利率上升的阻礙，在許多情況下，政府的激勵措施已經減少，然後就像你提到的那樣，整體關稅情況。

So it's been pretty dynamic.

所以它非常有活力。

And we've seen some pushouts of programs that we had thought about for this fiscal year.

我們已經看到了一些我們本財年考慮的計劃的推出。

But when you take a look at the general consumer challenges as well with the charging infrastructure concerns and battery range, you sit back and you say, geez, there's some challenges ahead.

但是，當您審視一般消費者面臨的挑戰以及充電基礎設施問題和電池續航里程時，您會說，天哪，前面還有一些挑戰。

And what I'll say though is despite the challenges, I actually remain pretty excited about the EV market because the growth 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.

我要說的是，儘管面臨挑戰，我實際上仍然對電動車市場感到非常興奮，因為你會看到不同形式的預測，但預計到2030 年仍將在25% 到30% 的範圍內，儘管這是雖然較 48% 有所下降，但這仍然是非常強勁的成長。

And I'd say between the growth rates and our ability to grow new relationships, we during this softness, we've added some new OEM relationships.

我想說的是，在成長率和我們發展新關係的能力之間，在這種疲軟時期，我們增加了一些新的 OEM 關係。

We have a strong pipeline of opportunities.

我們擁有大量的機會。

And I'd also say the team has done a really nice job during the softness where they've added other products that are agnostic to vehicle type.

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 try to use some of that capacity that we had in place to support their programs.

這確實顯示了我們與 OEM 關係的實力，試圖利用我們現有的一些能力來支持他們的專案。

And then, I'll just close with, in addition, we actually launched on time an OEM relationship in Croatia.

然後，我要結束的是，此外，我們實際上在克羅埃西亞按時啟動了 OEM 關係。

And so we're excited about that business as well.

因此我們也對這項業務感到興奮。

Yeah, that's Steve, that covered pretty much everything except for the short term.

是的，那是史蒂夫，他幾乎涵蓋了除了短期之外的所有事情。

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.

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下降一點。

Let me answer that question, Steve.

讓我回答這個問題，史蒂夫。

I think there's definitely some level of negative leverage there.

我認為那裡肯定存在一定程度的負槓桿。

As you're aware, our Croatia factory that was put up, that's coming online actually this month or in October, was mainly an automotive factory.

如您所知，我們已建成的克羅埃西亞工廠（實際上將於本月或十月上線）主要是一家汽車工廠。

Some of that has got pushed out.

其中一些已被淘汰。

We're actually converting that Croatia factory mainly to a GLP-1, healthcare factory just shows how nimble and agile someone like a Jabil can be.

實際上，我們正​​在將克羅埃西亞工廠主要轉變為 GLP-1，醫療保健工廠只是展示了像 Jabil 這樣的人可以多麼靈活和敏捷。

That's the beauty of the model here, but there is definitely going to be some level of negative leverage.

這就是該模型的優點，但肯定會存在一定程度的負槓桿。

The good thing is our revenue is not getting going down by 10%, 20%.

好消息是我們的收入沒有下降 10%、20%。

It's just not going up.

它就是不漲。

So there's a little bit of deleveraging, but not so much.

所以去槓桿化有一點，但沒有那麼多。

But there are definitely newer pieces of capacity that are coming online which are getting pushed out a little bit.

但肯定有一些新的容量正在上線，但它們被稍微淘汰了。

Great.

偉大的。

That's helpful.

這很有幫助。

And just as a quick follow-up, the cash flow targets for this fiscal year are pretty impressive.

作為快速跟進，本財年的現金流目標非常令人印象深刻。

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?

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 億美元的賣權和選擇權？

Thanks.

謝謝。

Yeah.

是的。

Hi, Steve, this is Greg.

嗨，史蒂夫，我是格雷格。

Yeah, we're very confident on the $1.2 billion guidance on free cash flow.

是的，我們對 12 億美元的自由現金流指引非常有信心。

As Mike spoke on in his remarks regarding free cash flow conversion of being 80% to 100% of core net income, we feel '25 is going to be stronger.

正如麥克在關於自由現金流轉換為核心淨利潤的 80% 至 100% 的言論中所說，我們認為 25 年將會更加強勁。

A couple of things related to that.

有幾件事與此相關。

We are targeting to take another couple days of working capital out of the cash cycle.

我們的目標是從現金週期再拿出幾天的營運資金。

And CapEx -- we're seeing CapEx being approximately $200 million down year-over-year as we're looking at 1.5% to 2% of CapEx of revenue this coming year.

資本支出－我們預計資本支出將年減約 2 億美元，因為我們預計明年的資本支出將佔收入的 1.5% 至 2%。

So really do feel confident on that $1.2 billion.

所以對這 12 億美元確實充滿信心。

Great.

偉大的。

That's helpful.

這很有幫助。

Thanks a lot and stay safe.

非常感謝並注意安全。

Thanks, Steve.

謝謝，史蒂夫。

Thanks, Steve.

謝謝，史蒂夫。

Melissa Fairbanks, Raymond James.

梅麗莎·費爾班克斯，雷蒙德·詹姆斯。

Hey, guys, thanks so much.

嘿，夥計們，非常感謝。

I hate to say it, but it seems like we're always running from a hurricane down here during your year-end calls.

我不想這麼說，但在你的年終電話會議期間，我們似乎總是在躲避颶風。

It'd be great if we could change that pattern.

如果我們能改變這種模式那就太好了。

That would be fantastic.

那太棒了。

So just to start, I love the new segmentation and all the detail that you're giving us.

首先，我喜歡新的細分以及您為我們提供的所有細節。

I think it gives us all much better visibility into the real drivers.

我認為這讓我們能夠更好地了解真正的司機。

So thanks for that.

所以謝謝你。

Matt, you are the popular one on the call today, so I've got a question for you.

馬特，你是今天電話會議中最受歡迎的人，所以我有一個問題想問你。

Up and down the supply chain in the cloud and data center infrastructure supply chain, we've heard of increasing pricing pressure, both from Nvidia on their suppliers or attempts to protect the margins by the hyperscalers as the cost of these compute systems continue to skyrocket.

在雲端和資料中心基礎設施供應鏈的上下供應鏈中，我們聽說價格壓力越來越大，無論是來自英偉達對其供應商的壓力，還是隨著這些運算系統的成本持續飆升而試圖保護超大規模企業的利潤的壓力。

I'm wondering if you're also seeing some pressure from your customers as they're more cost conscious when they're planning out their 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一些壓力，因為他們在規劃產品組合時更加重視成本，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。

Yeah.

是的。

Hey, thanks, Melissa, for the question.

嘿，謝謝梅麗莎的提問。

What I would tell you is that we're constantly under price pressure, right?

我要告訴你的是，我們一直面臨價格壓力，對嗎？

It's part of the business.

這是業務的一部分。

So is it a little bit more so than typical?

那麼它比典型的情況要多一點嗎？

Maybe, but it's something that we have to deal with on an ongoing basis.

也許吧，但這是我們必須持續處理的事情。

So does it afford us an opportunity?

那麼它給我們提供了機會嗎？

Absolutely.

絕對地。

And we're constantly looking at ways to consolidate.

我們一直在尋找整合的方法。

Are there opportunities in the market that we see that would create more value for our customers.

我們認為市場上是否存在可以為客戶創造更多價值的機會。

We're constantly looking at that.

我們一直在關注這一點。

I don't think it creates an opportunity beyond the typical one, though.

不過，我認為這不會創造超出典型機會的機會。

So it's an ongoing effort to manage costs.

因此，管理成本需要持續不斷的努力。

We'll continue to do it, we'll continue to look for efficiencies that deliver value for our customers, but it's nothing we're not used to.

我們將繼續這樣做，我們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。

Okay, great.

好的，太好了。

Thanks.

謝謝。

Maybe a quick one for Steve.

對史蒂夫來說也許是一個快速的過程。

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.

因此，在醫療保健行業，我想知道我們是否可以快速更新設備方面的內容，例如手術機器人、影像。

You had mentioned, there's an uptick in GLPs, maybe offsetting some gastric bypass surgeries.

您曾提到，GLP 有所增加，可能抵消了一些胃繞道手術的影響。

Wondering how that's playing through your customers planning longer term.

想知道這對您的客戶的長期規劃有何影響。

Yeah.

是的。

Thanks for the question, Melissa.

謝謝你的提問，梅麗莎。

So certainly genomic testing is continues to increase where we can 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 really exciting.

因此，基因組測試肯定會繼續增加，我們可以更詳細地了解疾病以及如何治療它，因此我們看到與此相關的診斷空間的增長，這確實令人興奮。

On the general GLP-1 side, as I mentioned before, we continue to see very strong growth in that area of the business.

在一般 GLP-1 方面，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 other equipment areas like med devices, I would say that we continue to see a growth rate of that 3% to 4% range currently as we grow in the diabetes area of the business.

由於它與醫療設備等其他設備領域相關，我想說，隨著我們在糖尿病領域的業務成長，我們目前繼續看到 3% 至 4% 的成長率。

Robotic surgeries, obviously, is an area that we strategically invested in over the past several years.

顯然，機器人手術是我們過去幾年戰略投資的一個領域。

We've added new customers, and we continue to do more and more of the surgical equipment itself, which is exciting, gives us great diversification and capability expansion as well that can be used elsewhere.

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，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。

So yeah, we really like where we're positioned there as well.

所以，是的，我們也非常喜歡我們所處的位置。

Perfect.

完美的。

Thanks.

謝謝。

This may be a question for all of you, or Mike, maybe you can address this.

這可能是你們所有人的問題，或者麥克，也許你可以解決這個問題。

It's something I've been getting asked about.

這是我一直被問到的問題。

I think I know the answer, but just in case.

我想我知道答案，但以防萬一。

Wondering how your customers are approaching the upcoming election.

想知道您的客戶如何看待即將到來的選舉。

If there's been any change in their ordering or planning, or even delays with some of their longer-term program planning?

他們的訂購或計劃是否有任何變化，甚至某些長期計劃計劃是否有延遲？

Yeah, Melissa, there is a little bit of a wait-and-see approach, particularly as it relates to some of the end markets.

是的，梅麗莎，有一點觀望的態度，特別是當它涉及一些終端市場時。

I think most end markets are okay.

我認為大多數終端市場都還不錯。

I think once that stand out, obviously, are EVs and renewables, there is a little bit of a wait and see.

我認為，一旦電動車和再生能源脫穎而出，就會有一些等待和觀望。

I do think whichever party comes in, I feel good that we'll have a long-term growth driver in both EVs and renewables.

我確實認為，無論哪一方加入，我都感覺很好，我們將在電動車和再生能源領域擁有長期成長動力。

I'm not that worried about the election per se.

我並不擔心選舉本身。

Obviously, there'll be short-term impact, but I think Jabil has mitigated most of that.

顯然，這會產生短期影響，但我認為捷普已經減輕了大部分影響。

Great.

偉大的。

Thanks.

謝謝。

I think that's all for me, guys.

我想這就是我的全部了，夥計們。

Stay safe.

保持安全。

Take care.

小心。

David Vogt, UBS.

大衛‧沃格特，瑞銀集團。

Great.

偉大的。

Thanks, again, guys, for taking everything, given the circumstances, and please stay safe.

再次感謝各位，考慮到目前的情況，你們付出了一切，請保持安全。

Maybe can I just start, maybe go to Matt, I know, Matt, you're answering a lot of questions, but I just want to get a better sense for not just on the cloud and data center side, but as it ties to networking and comms.

也許我可以開始，也許去找馬特，我知道，馬特，你回答了很多問題，但我只是想更好地了解雲端和資料中心方面，以及它與網路和通訊。

Obviously, the networking and comms business ex the divestiture is still a little bit weak.

顯然，剝離後的網路和通訊業務仍然有點疲軟。

How do we think about how those two different businesses work together going forward in terms of demand drivers?

我們如何看待這兩個不同的企業如何在需求驅動因素方面共同合作？

And over the longer term, obviously, when we hear 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.

從長遠來看，顯然，當我們聽到許多投資者的聲音時，他們會有些擔憂，或者可能有些擔心，從長遠來看，可能會發生一定程度的消化。

I know you just gave '25 numbers, but just how do you think about your visibility across different programs and how that maybe plays into your long-term thinking about the segment?

我知道您剛剛給出了 25 個數字，但您如何看待您在不同計劃中的知名度以及這可能如何影響您對該細分市場的長期思考？

And then, I've got a couple more.

然後，我還有更多。

Yeah, let me take them from the back forward.

是的，讓我從後向前看。

So if you think about visibility, we have a pretty unique position because we have customers across the entire spectrum of the ecosystem.

因此，如果您考慮可見性，我們擁有非常獨特的地位，因為我們在整個生態系統中擁有客戶。

And so we have a pretty good view of what's happening at the folks who make silicon for AI, at the folks who then transform it and consume it.

因此，我們對那些為人工智慧製造矽的人們以及隨後改造和消費它的人們所發生的事情有一個很好的了解。

And so we feel pretty good about where things are going.

所以我們對事情的進展感覺很好。

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.

現在，如果您考慮消化並考慮近期情況，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.

所以我們也可以看到後端的消耗。

I think it's going to continue to take off as we move out of fiscal '25.

我認為，當我們結束 25 財年時，它將會繼續起飛。

If I address the question on how comms and networking works together, I would tell you, look, 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.

如果我回答有關通訊和網路如何協同工作的問題，我會告訴您，看，人工智慧正在推動市場上的這一巨大浪潮，這可能會對我們的網路業務和通訊產生更大的影響。

And with the 5G installations where they are, which is pretty well publicized, I don't think they're as adjacent as they used to be, but certainly as workloads evolve and new opportunities to drive synergy between those, we'll be able to take advantage of that.

隨著 5G 設施的普及，我認為它們不再像以前那樣相鄰，但隨著工作負載的發展和推動這些設施之間協同作用的新機會，我們將能夠利用這一點。

Great.

偉大的。

Thank you.

謝謝。

That's helpful.

這很有幫助。

Maybe one for either Greg or Mike, whoever wants to take this.

也許給格雷格或麥克一個，無論誰想接受這個。

So this is more on the model.

所以這更多的是關於模型。

When you think about, obviously, making the adjustments for the divestitures, the Mobility piece, the $700 million that you referenced earlier.

顯然，當你考慮對資產剝離、流動性部分、你之前提到的 7 億美元進行調整時。

Obviously, I think we're getting some questions about the back-half ramp that implied from an EPS perspective given the year-over-year comp in Q1 and, ultimately, what it probably looks like in Q2.

顯然，我認為我們對後半段的成長提出了一些疑問，這從每股收益的角度來看，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 help us understand how we should think about utilization going into the second half?

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？

And is that the driver of margin expansion on the gross line, or is it really driven by this buyback?

這是總利潤率擴張的驅動力，還是真的是由這次回購所驅動的？

I'm just trying to get a sense for how the second half ramps.

我只是想了解下半場的進展。

And is the buyback really going to be upwards of like $900 million in the fiscal year based on piecing together the commentary about 80% of cash flow return to shareholders and your CapEx and upping your free cash flow numbers?

根據有關 80% 的現金流回報股東的評論和你的資本支出以及提高你的自由現金流數字，本財年的回購真的會超過 9 億美元嗎？

Thanks, David.

謝謝，大衛。

I do think the 40-60 is critical.

我確實認為 40-60 是關鍵。

I think if you go back to our Mobility days, Q1 was always the big quarter and, Q2, sometimes was a bigger quarter, sometimes wasn't, depending on the Chinese New Year impact.

我想，如果你回到我們的行動時代，第一季總是最大的季度，第二季度有時是一個更大的季度，有時不是，這取決於農曆新年的影響。

So Mobility coming out the bulk of our seasonality is like an EMS seasonality.

因此，流動性占我們季節性的大部分，就像 EMS 季節性一樣。

We do have some connected living business with our customer who used to be the largest customer, and that seasonality does come down in the second quarter.

我們確實與曾經是最大客戶的客戶有一些互聯生活業務，而且季節性確實在第二季度有所下降。

So there's a little bit of a mixed bag between the connected living, the EMS seasonality.

因此，互聯生活和 EMS 季節性之間存在一些混雜的情況。

So I'll ask Andy to provide a little bit more color on the connected living piece first and then I'll jump back on after that.

因此，我會要求安迪先為連接的生活部件提供更多顏色，然後我會再繼續。

Yeah.

是的。

Thanks, David.

謝謝，大衛。

If you look at that connected living piece, we're seeing some muted demand through the consumer.

如果你觀察一下連網生活產品，我們會發現消費者的需求有些疲軟。

We're taking a pretty conservative view of their demand picture, which I think is feeding into our overall numbers there.

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。

And then, 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.

然後，當我們將其與數位商務（更多的是水平概況）進行比較時，我們下半年的狀況非常好。

And then, the second half, the margins, I think if you look at the EMS seasonality, our margins in EMS have always been higher in the second half of the year, so no major change there.

然後，下半年，利潤率，我認為如果你看看 EMS 的季節性，我們的 EMS 利潤率在下半年一直較高，所以沒有重大變化。

The buyback at this stage, we're going to be very opportunistic, do buybacks as and when needed.

現階段的回購，我們將非常機會主義，在需要時進行回購。

We fully intend to use the $1 billion authorization that the Board just approved for us this morning.

我們完全打算使用董事會今天早上剛剛為我們批准的 10 億美元授權。

So there's no obviously, that will help on the EPS side, but nothing unusual.

因此，這顯然不會對每股盈餘方面有所幫助，但也沒什麼不尋常的。

We'll be just spreading it across the year and opportunistic as and when we feel like.

我們將把它傳播到全年，並在我們願意的時候機會主義。

Great.

偉大的。

Thanks, guys, for all the help and stay safe.

謝謝大家的幫忙並注意安全。

Thank you.

謝謝。

Mark Delaney, Goldman Sachs.

馬克·德萊尼，高盛。

Yes.

是的。

Good morning, and thanks for taking my questions.

早上好，感謝您回答我的問題。

I have a follow-up first on the data center market.

我首先對資料中心市場進行跟進。

Matt, you mentioned Jabil has won business with two new hyperscaler customers.

馬特，您提到捷普已經贏得了兩個新的超大規模客戶的業務。

Can you elaborate on how broad-based those wins are?

您能否詳細說明這些勝利的基礎有多廣泛？

Does it include assembly and services for hardware and racks, or was it more specifically tied into optical?

它是否包括硬體和機架的組裝和服務，或更具體地與光學相關？

And anything you can share around the timing for when some of these new program wins ramp up?

關於這些新計劃獲勝的時間安排，您有什麼可以分享的嗎？

Yeah.

是的。

Hey, thanks for the question, Mark.

嘿，謝謝你的提問，馬克。

It is specific to optical, but it's an example of how our strategy is working as intended, right?

它是特定於光學的，但它是我們的策略如何按預期發揮作用的一個例子，對吧？

The whole what we've attempted to do is create capabilities outside of our core, scaled out manufacturing that allow us to access customers in different ways.

我們試圖做的全部事情就是在我們的核心之外創造能力，擴大生產規模，使我們能夠以不同的方式接觸客戶。

And so while these wins with the two new hyperscalers are specific to our optical business, it gives us access to the hyperscalers to go and demonstrate that we can create value for them in all the other areas of our business.

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，並證明我們可以在我們業務的所有其他領域為他們創造價值。

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

顯然，隨著試圖將資料中心從空氣改造為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。

Okay, helpful.

好的，有幫助。

Thank you for that.

謝謝你。

My next question was a follow-up on how you thought about guiding fiscal '25 and more with respect to revenue in the back half of the year.

我的下一個問題是關於您如何考慮指導 25 財年及下半年收入的後續問題。

I'm hoping to better understand to what extent you tried to factor in any conservatism in terms of your forecasting by end market.

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。

Given what happened last year with some of the volatility, I'm curious if you've changed your approach on how you're trying to factor in any potential market macroeconomic volatility.

考慮到去年發生的一些波動，我很好奇您是否改變了考慮任何潛在市場宏觀經濟波動的方法。

Hey, Mark, we have learnt our lessons from last year, and the second half that we have put in here is relatively booked business.

嘿，馬克，我們已經吸取了去年的教訓，我們放在這裡的下半年是相對預訂的業務。

There's no assumptions of a huge recovery in the end market.

沒有終端市場大幅復甦的假設。

It's based off of seasonality.

這是基於季節性的。

It's based off of our regularwins that we have.

它是基於我們所擁有的常規勝利。

Some of the wins take a little bit longer than others.

有些勝利比其他勝利需要更長的時間。

There's multiple ramps going on.

有多個坡道正在進行。

So I feel good about the second half of the year.

所以我對下半年的感覺很好。

There's nothing in there that would suggest that there's some level of optimism there.

沒有任何跡象表明存在一定程度的樂觀情緒。

It's a pretty conservative number as well.

這也是一個相當保守的數字。

That's helpful.

這很有幫助。

And just lastly for me, and I'll turn it over.

最後對我來說，我會把它翻過來。

In terms of the EBIT margin outlook for fiscal '25 at 5.4%, Mike, you already spoke about the underutilization and how that's a factor year-on-year, but could you go into a bit more depth around any effect on from pricing and how this may be factoring into margin guidance for this year?

就 25 財年 5.4% 的息稅前利潤率前景而言，麥克，您已經談到了利用率不足以及這是同比因素，但是您能否更深入地討論定價和這如何影響今年的利潤指引？

Curious to better understand if there's been any change in the broader pricing landscape given some cyclical weakness that we're seeing in some of the end markets and if that's at all a factor in your guidance.

鑑於我們在一些終端市場看到的一些週期性疲軟，我很想更好地了解更廣泛的定價格局是否發生任何變化，以及這是否是您指導中的一個因素。

Thank you.

謝謝。

Yeah.

是的。

I'm not seeing any major pricing issues.

我沒有看到任何重大的定價問題。

I think the whole industry is doing really well from that perspective.

我認為從這個角度來看整個行業做得非常好。

I think it's just a matter of the surplus capacity that we're carrying today.

我認為這只是我們今天擁有的過剩產能的問題。

And I talked about that.

我談到了這一點。

It's about 20 basis points, 30 basis points, nothing more than that.

大約是20個基點、30個基點，僅此而已。

So it's not more than what we're saying, to be fair.

所以公平地說，這並不比我們所說的更多。

Okay.

好的。

Thanks so much and wishing you all the best with the hurricane.

非常感謝，祝您在颶風中一切順利。

Thank you.

謝謝。

Matt Sheerin, Stifel.

馬特謝林，史蒂菲爾。

Yeah, thanks.

是的，謝謝。

Good morning, and thanks for all the information so far.

早上好，感謝迄今為止提供的所有資訊。

My question regarding that exit of your major networking customer.

我的問題是關於你們主要網路客戶的退出。

The first question is, is that revenue all out of the model?

第一個問題是，這些收入是否全部來自模型？

And in terms of balance sheet receivables and cash flow from that, was that mostly a Q4 or are we going to see some of that in Q1?

就資產負債表應收帳款和現金流量而言，這主要是第四季度的情況還是我們會在第一季看到其中的一些情況？

And then, on bigger picture, obviously, it's a big step for you to exit from a customer that you've had for 20-plus years.

然後，從更大的角度來看，顯然，退出一個已經擁有 20 多年的客戶對你來說是一大進步。

And I know the industry, a lot of your peers have also been disciplined walking away from major revenue opportunities, looking at returns and margins.

我了解這個行業，很多同行也受到了約束，放棄了主要的收入機會，轉而專注於回報和利潤。

So question is, have you looked at other relationships in terms of your portfolio back to customers?

所以問題是，您是否考慮過與客戶的投資組合方面的其他關係？

And is this giving you a little bit more leverage with customers in terms of pricing and returns as you look at forward contracts?

當您考慮遠期合約時，這是否會讓您在定價和回報方面對客戶有更多的影響力？

Thanks.

謝謝。

Yeah, Matt, the walking away from a customer, where 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, and we're looking at earnings and return to shareholders.

是的，馬特，離開客戶，我想我已經說過很多次了，在過去的六年裡，我們一直完全專注於利潤，我們一直專注於自由現金流，並且我們正在關注盈利和股東回報。

If customers -- we never walk away from them directly.

如果是客戶—我們永遠不會直接離開他們。

We try to negotiate a price, and if the price doesn't work out, that's when we disengage.

我們嘗試協商價格，如果價格無法達成，我們就會退出。

So there's no walking away from customers, but there's definitely a disengagement going on there.

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, is it all done?

至於你問的問題，都完成了嗎？

It is all done.

一切都完成了。

I think we call it out on our slide.

我想我們會在幻燈片上指出這一點。

There was about $700 million of revenue with the legacy network customer in '24.

2024 年，傳統網路客戶的收入約為 7 億美元。

That will not repeat in '25 at all.

這種情況在 25 年根本不會重演。

And all the balance sheet items have also been closed.

所有資產負債表項目也已關閉。

So we have a nice amount of separation after August 31.

所以 8 月 31 日之後我們會有一段時間的分離。

Okay, thank you for that.

好的，謝謝你。

And then, just a follow-up on the end markets.

然後，只是終端市場的後續行動。

Your renewable energy and infrastructure, it looks like you're actually guiding for growth.

你們的再生能源和基礎設施，看起來你們實際上正在引導成長。

And I know we've heard I mean, you've had headwinds, certainly in the demand front and so have your peers.

我知道我們聽說過，你們遇到了阻力，當然在需求方面，你們的同行也是如此。

So what's behind that forecast for seeing at least modest growth next year?

那麼，明年至少會出現溫和成長的預測背後的原因是什麼？

Sure.

當然。

This is Steve.

這是史蒂夫。

I'll take the question.

我來回答這個問題。

Yeah, renewables is slightly up as we've been able to get some new wins in the HVAC space and battery storage.

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。

And then, with the IRA and its impact, we've been able to in our US footprint, obviously, being well-positioned, has given us some opportunities there as well to ramp some new programs.

然後，憑藉愛爾蘭共和軍及其影響，我們已經能夠在美國立足，顯然，我們處於有利地位，也為我們提供了一些機會來開展一些新計劃。

So that's where it's coming from.

這就是它的來源。

We are not as Mike said, not looking for a solar residential or commercial rebound in the fiscal year, keeping that flat, but the growth is really coming from some new wins.

我們並不像麥克所說的那樣，不尋求太陽能住宅或商業在本財年反彈，保持平穩，但成長確實來自一些新的勝利。

And there's some consolidation going on in that end market as well and we've been the beneficiary of that.

終端市場也正在進行一些整合，我們是其中的受益者。

And it's directly related to the IRA piece that Steve referenced.

它與史蒂夫提到的 IRA 文章直接相關。

Okay.

好的。

All right, thanks very much.

好的，非常感謝。

Samik Chatterjee, JPMorgan Chase & Company.

Samik Chatterjee，摩根大通公司。

Hi, thanks for taking my questions, and thank you for hosting the call under the circumstances, I wanted to start with a margin question more in relation to Mike, your prepared remarks, and the reiteration of the 6% margin target that you have.

您好，感謝您回答我的問題，也感謝您在這種情況下主持這次電話會議，我想從更多與邁克有關的保證金問題開始，您準備好的評論，以及您重申的6% 保證金目標。

I'm just trying to think in terms of if you have any updated thoughts around what's the revenue scale that you need to get to that margin number.

我只是想思考一下，您是否對達到該利潤率所需的收入規模有任何更新的想法。

I know you're calling out about 20 basis points, 30 basis points to the 5.4% for fiscal '25, which implies that you'll still be at 5.6%, 5.7% underlying if you get to a $30 billion capacity or utilization of the $30 billion capacity.

我知道您認為 25 財年的利率將比 5.4% 提高約 20 個基點、30 個基點，這意味著如果您的產能或利用率達到 300 億美元，您仍將處於 5.6%、5.7% 的水平。 300億美元的產能。

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 target?

因此，試想一下，超過 300 億美元之後，您還需要什麼，您如何考慮需要多大規模才能達到該利潤目標？

Thank you.

謝謝。

And I have a follow-up.

我有一個後續行動。

I think between $30 billion and $35 billion would get us there.

我認為 300 億到 350 億美元就能讓我們實現這一目標。

I think what I've said before is gross margins are 9% to 10%.

我想我之前說過的是毛利率是9%到10%。

So if 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 operational efficiencies.

因此，如果你能在數學上達到 9.5% 的毛利率，並且你可以透過混合來做到這一點，並且可以透過營運效率來做到這一點。

If you get to the 9.5% and by the way, we've hit 9.5% in the past.

如果你達到 9.5%，順便說一句，我們過去也達到 9.5%。

In fact, I think Q4 was 9.3% for the year.

事實上，我認為今年第四季的成長率為 9.3%。

9.3% for the year.

全年成長9.3%。

Yeah.

是的。

So 9.5% is not a target, that's out five, six years.

所以 9.5% 不是一個目標，那是五、六年後的事。

We've done that in the past.

我們過去就這麼做過。

And then, getting SG&A down to that 3.5% number, I think would get us to the 6% pretty fast.

然後，將 SG&A 降低到 3.5%，我認為我們很快就能達到 6%。

I'm not suggesting we'll get to 6% in the next one or two years, but I'm also not suggesting we'll get there in five or 10 years.

我並不是說我們會在未來一兩年內達到 6%，但我也不建議我們在五年或十年內達到這個目標。

It's going to be somewhere in the 2020 x timeframe, and we'll have a definite path to that 6%.

它將在 2020 年 x 時間範圍內的某個時間，我們將有一個達到 6% 的明確路徑。

I feel really good about that.

我對此感覺很好。

Okay.

好的。

Got it.

知道了。

And for my follow-up, I guess, it's probably a question for you, again, Mike, in terms of the strategy update that you provided, no major changes, focusing more on profitable growth.

對於我的後續行動，我想這可能是你的問題，麥克，就你提供的策略更新而言，沒有重大變化，更專注於獲利成長。

As you think about your portfolio and the opportunity to keep expanding margins.

當您考慮您的投資組合以及不斷擴大利潤的機會時。

Should we be expecting some level of portfolio rationalization happening every year, or a continuous look at the portfolio to weed out some of the lower-margin businesses and continue to drive the mix higher, or is this the biggest chunk in terms of what's coming out in fiscal '25, and everything beyond that should be really immaterial in that sense?

我們是否應該期望每年都會出現某種程度的投資組合合理化，或者持續關注投資組合以淘汰一些利潤率較低的業務並繼續推動組合走高，或者這是否是即將出現的最大部分在25 財年，從這個意義上說，除此之外的一切都應該是無關緊要的？

Thank you.

謝謝。

Over time, Samik, we normally have those portfolio rationalizations anyways.

Samik，隨著時間的推移，我們通常都會對投資組合進行合理化調整。

The reason we call this one out was because it was a material one.

我們之所以稱之為物質性的，是因為它是一種物質性的。

We have smaller rationalizations going on all the time where we try and get a negative customer back into positive territory and then beyond.

我們一直在進行較小的合理化，試圖讓負面客戶回到正面的領域，然後再超越。

If it works well for both of us, we continue.

如果這對我們雙方都有效，我們就會繼續。

If not, we help them transition somewhere else.

如果沒有，我們會幫助他們過渡到其他地方。

But overall, I'm not expecting some big rationalization exercises to take place.

但總體而言，我預計不會發生一些大型的合理化活動。

I'm relatively happy with what I'm seeing today from a portfolio perspective.

從投資組合的角度來看，我對今天所看到的情況相對滿意。

Don't forget, some of the customers that have a slightly lower margin have really good free cash flow.

不要忘記，一些利潤率稍低的客戶擁有非常好的自由現金流。

So it's not just about margin, it's a mixed story between free cash flow and margin.

因此，這不僅僅是關於利潤率的問題，而是自由現金流和利潤率之間的複雜問題。

And we're constantly working that.

我們一直在努力做到這一點。

One thing I will say, over the last few years and especially since COVID, the value proposition that Jabil provides has gone up considerably.

我要說的一件事是，在過去幾年中，特別是自新冠疫情以來，捷普提供的價值主張已大幅提高。

I think if you look at our engineering capabilities, if you look at our manufacturing facilities, particularly with all these geopolitical issues going on, and then you look at our supply chain, which came through very strongly during COVID.

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，特別是在所有這些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，它表現得非常強勁。

I think pricing is not that much of an issue, obviously, every customer will negotiate pricing, but I do think the value proposition that Jabil provides is extremely strong today, and I think that continues in the future as well.

我認為定價並不是什麼大問題，顯然，每個客戶都會協商定價，但我確實認為捷普提供的價值主張今天非常強大，而且我認為這種情況在未來也會持續下去。

So the portfolio rationalization will be there but limited.

因此，投資組合合理化將會存在，但有限。

Okay.

好的。

Got it.

知道了。

And I'll just sneak one in.

我會偷偷溜進去一個。

This is a follow-up to the question David asked you on the ramp through the year.

這是大衛全年在坡道上向您提出的問題的後續內容。

You do have revenue that's relatively flattish through the rest of the year in terms of the implied implicit annualized run rate here, but you're starting off the first quarter with 5.1% margin and implicitly you have to end somewhere in the high 5% in the fourth quarter to get to the full year of 5.4%.

就隱含的年化運行率而言，您在今年剩餘時間裡的收入確實相對持平，但您以 5.1% 的利潤率開始第一季度，並且隱含地您必須在 5% 的高位結束。第四季達到全年的5.4%。

What is the driver there?

那裡的司機是什麼？

I think you said some you answered it, but I didn't really catch what you were implying.

我認為你說了一些你回答過的內容，但我並沒有真正明白你的意思。

Is it mix, is it something else that's really driving that margin to end up being in the high 5%s by the time you end exit the year?

是混合因素還是其他因素真正推動利潤率在年底退出時達到 5% 的高水準？

So there's two or three things.

所以有兩三件事。

First is the normal EMS seasonality.

首先是EMS的正常季節性。

If you go back and look over the past few years, the second half, from a margin standpoint and an earnings standpoint, has always been stronger.

如果你回顧過去幾年，從利潤率和獲利角度來看，下半年一直表現強勁。

Part of it is mix.

其中一部分是混合。

I think the mix that we're working on today, particularly in some of the regulated pieces, you have businesses coming through six months, nine months, 12 months out.

我認為我們今天正在研究的組合，特別是在一些受監管的部分，您的企業將在六個月、九個月、12 個月後完成。

Second half is looking good.

下半場看起來不錯。

I don't have anything in the second half which is exploratory.

下半場我沒有任何探索性的東西。

This is booked business, this is confirmed.

這是已預訂的業務，已確認。

Will it go up and down a little bit?

會不會有一點點的上下波動？

Sure, but it's not based off of an optimistic return of end markets perspective.

當然，但這並不是基於終端市場前景的樂觀回報。

It's a conservative forecast.

這是一個保守的預測。

It's just the way the 40-60s working out.

這就是 40-60 年代的鍛煉方式。

It's purely a seasonality, purely the way the bookings are, purely mix.

這純粹是季節性、純粹的預訂方式、純粹的混合。

That's how we're getting some leverage on that as well.

這也是我們如何利用這一點的。

And that's why you'll see second half is a little bit better than the first half.

這就是為什麼你會看到下半場比上半場好。

Okay.

好的。

All right.

好的。

Thank you.

謝謝。

Thanks for taking my questions.

感謝您回答我的問題。

Thank you.

謝謝。

Thank you.

謝謝。

We've reached the end of our question-and-answer session.

我們的問答環節已經結束。

I'd like to turn the floor back over for any further or closing comments.

我想重新發言以徵求進一步的意見或結束意見。

Thank you.

謝謝。

We appreciate your interest in Jabil.

我們感謝您對捷普的興趣。

We look forward to getting back with you all over the next couple days, and we'll see you soon.

我們期待在接下來的幾天裡與您再次見面，我們很快就會見到您。

Thank you.

謝謝。

Bye.

再見。

Thank you.

謝謝。

That does conclude today's teleconference webcast.

今天的電話會議網路廣播到此結束。

You may disconnect your lines at this time and have a wonderful day.

此時您可以斷開線路並度過美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。