捷普科技 (JBL) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Jabil first quarter fiscal year 2025 earnings conference call and webcast. (Operator Instructions)

您好，歡迎參加捷普 2025 財年第一季財報電話會議及網路廣播。 （操作員說明）

It's now my pleasure to introduce your host, Adam Berry, Senior Vice President, IR and Communications. Adam, please go ahead.

現在我很高興向您介紹主持人，IR 和傳播高級副總裁 Adam Berry。亞當，請繼續。

Good morning, and welcome to Jabil's first quarter fiscal year 2025 earnings call. My name is Adam Berry, and I'm Senior Vice President of Investor Relations and Communications. Joining me on today's call are Chief Financial Officer, Greg Hebard and Chief Executive Officer, Mike Dastoor. We're happy to be joining you today from St. Petersburg, Florida.

早安，歡迎參加捷普 2025 財年第一季財報電話會議。我叫亞當‧貝裡 (Adam Berry)，是投資人關係與通訊部的高級副總裁。參加今天電話會議的有財務長 Greg Hebard 和執行長 Mike Dastoor。我們很高興今天從佛羅裡達州聖彼得堡與您會面。

As a reminder, we conducted our September earnings call hours before Hurricane Helene made landfall in the Tampa Bay area, followed by Milton thereafter. Although these storms caused significant damage to the Southeast, our two sites in St. Petersburg, Florida and our two sites in North Carolina were all operational within 10 days. The tireless efforts of our employees to get these sites back up running considering many of them experienced damage to our own homes and communities was incredible. Thank you to all those that helped.

提醒一下，我們在颶風海倫登陸坦帕灣地區之前幾個小時召開了 9 月的財報電話會議，隨後米爾頓也登陸了。儘管這些風暴對東南部造成了嚴重破壞，但我們位於佛羅裡達州聖彼得堡的兩個站點和位於北卡羅來納州的兩個站點在 10 天內全部投入運作。考慮到我們自己的家園和社區都遭受了破壞，我們的員工為使這些站點恢復運作而做出的不懈努力令人難以置信。感謝所有提供幫助的人。

With that, please note that today's presentation is being live streamed. And during our prepared remarks, we will be referencing slides. 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. 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.

請注意，今天的演示正在進行現場直播。在我們準備好的發言中，我們將引用幻燈片。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可供播放。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. 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, 2024, and other filings with the SEC. Jabil disclaims that the intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

這些陳述是基於目前的預期、預測和假設，涉及可能導致實際結果和結果存在重大差異的風險和不確定性。我們在截至 2024 年 8 月 31 日的財年的 10-K 表格年度報告以及向 SEC 提交的其他文件中詳細列出了這些風險和不確定性。捷普不承擔更新或修改任何前瞻性聲明的意圖或義務，無論是由於新資訊、未來事件或其他原因。

With that, I'd now like to turn the call over to Greg.

有了這個，我現在想把電話轉給格雷格。

Thank you, Adam. Good morning, everyone. Thanks for taking the time to join our call today. I'm pleased to report that we're off to a solid start for FY25 with Q1 revenue coming in at $7 billion, up 1% year-on-year excluding the approximately $1.45 billion associated with the Mobility divestiture in the prior year quarter. Core operating income for the quarter came in at $347 million.

謝謝你，亞當。大家早安。感謝您今天抽空參加我們的電話會議。我很高興地向大家報告，我們在 2025 財年有了一個良好的開端，第一季營收達到 70 億美元，年增 1%，不包括上一季與行動業務剝離相關的約 14.5 億美元。該季度核心營業收入為 3.47 億美元。

Core operating margins came in at 5% in spite of a roughly 10 to 20 basis points of hurricane-related impact. Net interest expense in Q1 came in better than anticipated at $60 million, reflecting continued good working capital management by the team. On a GAAP basis, operating income was $197 million, and our GAAP diluted earnings per share was $0.88. Core diluted earnings per share was $2. Turning now to our performance by segment in the quarter.

儘管受到颶風相關影響約 10 到 20 個基點，但核心營業利潤率仍達 5%。第一季的淨利息支出為 6,000 萬美元，優於預期，反映出團隊持續良好的營運資金管理。以 GAAP 計算，營業收入為 1.97 億美元，GAAP 攤薄後每股收益為 0.88 美元。每股核心攤薄收益為 2 美元。現在轉向我們本季按部門劃分的業績。

Our Regulated Industries segment reported revenue of roughly $3 billion, down 7% year-on-year due to continued weakness in our renewable energy and EV markets. Despite this, core operating margins for the segment increased by 10 basis points to 4.7%. In the Intelligent Infrastructure segment, we saw revenue of $2.5 billion, up 5% year-on-year. This growth was primarily driven by strong demand in our AI-related cloud, data center infrastructure and capital equipment markets. The core operating margin for the segment was 4.8%, a 10 basis point improvement compared to the prior year quarter.

由於再生能源和電動車市場持續疲軟，我們的受監管行業部門的收入約為 30 億美元，年減 7%。儘管如此，該部門的核心營業利潤率仍成長了 10 個基點，達到 4.7%。在智慧基礎設施領域，我們的收入為25億美元，年增5%。這一成長主要是由人工智慧相關雲端、資料中心基礎設施和資本設備市場的強勁需求所推動的。該部門的核心營業利潤率為 4.8%，比去年同期提高了 10 個基點。

In our Connected Living and Digital Commerce segment, revenues were $1.5 billion, down 46% year-on-year due to our mobility divestiture. Excluding the Mobility divestiture from the prior year, revenue growth for this segment was approximately 12%, reflecting strong year-on-year growth across our digital commerce and warehouse automation markets. Core operating margins for the segment came in at 5.8% in Q1.

在我們的互聯生活和數位商務部門，由於我們的行動資產剝離，收入為 15 億美元，年減 46%。不包括前一年的行動業務剝離，該部門的收入成長約為 12%，反映出我們的數位商務和倉庫自動化市場較去年同期強勁成長。第一季該部門的核心營業利潤率為 5.8%。

Shifting gears to our cash flow and balance sheet metrics where we continue to see robust results. Inventory at the end of Q1 was flat sequentially at [56] days. After adjusting for inventory deposits, net inventory days were 56, a 2-day increase quarter-over-quarter, but as expected and within our long-term target range of 55 to 60 days. Thanks to disciplined working capital management by the team, our first quarter cash flow from operations were very strong, coming in at $312 million.

轉向現金流和資產負債表指標，我們繼續看到強勁的業績。第一季末的庫存環比持平，為 [56] 天。調整庫存押金後，淨庫存天數為 56 天，季增 2 天，但符合預期，在我們 55 至 60 天的長期目標範圍內。由於團隊嚴格的營運資本管理，我們第一季的營運現金流非常強勁，達到 3.12 億美元。

Net capital expenditures for the first quarter were $86 million. And for the full year, we continue to expect net CapEx to be between 1.5% to 2% of revenue. As a result of the solid first quarter performance in cash flow generation, adjusted free cash flow for the quarter came in at $226 million. We continue to expect strong free cash flow for the year to come at $1.2 billion. We exited the first quarter with a healthy balance sheet with debt to core EBITDA levels of approximately 1.4 times and cash balances of approximately $2.1 billion. In Q1, we repurchased 1.8 million shares for $232 million. We have $768 million remaining on our current $1 billion share repurchase authorization as of the end of Q1. We remain fully committed to completing the current share repurchase authorization by the end of FY25.

第一季淨資本支出為 8,600 萬美元。對於全年，我們繼續預期淨資本支出將佔收入的 1.5% 至 2%。由於第一季現金流產生表現強勁，該季度調整後的自由現金流為 2.26 億美元。我們仍然預計今年的自由現金流將強勁，達到 12 億美元。第一季結束時，我們的資產負債表狀況良好，債務與核心 EBITDA 水準約為 1.4 倍，現金餘額約 21 億美元。第一季度，我們以 2.32 億美元回購了 180 萬股股票。截至第一季末，我們目前 10 億美元的股票回購授權還剩 7.68 億美元。我們仍然完全致力於在 2025 財年末完成目前的股票回購授權。

Before I discuss the next quarter guidance, I would like to conclude my remarks on Q1 by acknowledging the Jabil team's strong execution this quarter which delivered solid results to start FY25 amid a highly dynamic environment. The company continues to demonstrate high resilience and is well positioned for future revenue growth, margin enhancement and robust free cash flow generation. With that, let's turn to the slide for our Q2 FY25 guidance.

在討論下一季的指導之前，我想透過承認捷普團隊本季的強勁執行力來結束我對第一季度的評論，他們在高度動態的環境中為25 財年伊始帶來了堅實的業績。該公司繼續展現出高彈性，並為未來的收入成長、利潤率提高和強勁的自由現金流產生做好了準備。接下來，讓我們轉向幻燈片來了解 2025 財年第二季的指導。

Beginning with revenue by segment. We anticipate revenue for our regulated industry will be $2.7 billion, down 8% year-on-year, reflecting continued softness in the renewable energy and EV markets. For our Intelligent Infrastructure segment, we expect revenue for the quarter to be $2.4 billion, up 8% year-over-year, reflecting broad-based growth across capital equipment, advanced networking, cloud and data center infrastructure markets.

從按部門劃分的收入開始。我們預計受監管產業的收入將為 27 億美元，年減 8%，反映出再生能源和電動車市場的持續疲軟。對於我們的智慧基礎設施部門，我們預計本季營收為 24 億美元，年增 8%，反映出資本設備、先進網路、雲端和資料中心基礎設施市場的廣泛成長。

In our Connected Living and Digital Commerce segment, revenues are expected to be $1.2 billion. This is down 20% year-over-year, mainly due to our mobility divestiture. Total company revenue for Q2 is expected to be in the range of $6.1 billion to $6.7 billion. Core operating income for Q2 is estimated to be in the range of $286 million to $346 million. GAAP operating income is expected to be in the range of $183 million to $263 million. Core diluted earnings per share is estimated to be in the range of $1.60 to $2. GAAP diluted earnings per share is expected to be in the range of $0.69 to $1.27. Net interest expense in the second quarter is estimated to be approximately $60 million. And for FY25, we now expect it will be $235 million, down from what we thought in September. Our core tax rate for Q2 and for the year is expected to be 21%.

我們的互聯生活和數位商務部門的收入預計為 12 億美元。這同比下降 20%，主要是由於我們的流動性剝離。第二季公司總營收預計在 61 億美元至 67 億美元之間。第二季核心營業收入預計在 2.86 億美元至 3.46 億美元之間。 GAAP 營業收入預計在 1.83 億美元至 2.63 億美元之間。每股核心攤薄收益預計在 1.60 美元至 2 美元之間。 GAAP 攤薄每股收益預計在 0.69 美元至 1.27 美元之間。第二季淨利息支出預計約 6,000 萬美元。對於 25 財年，我們現在預計為 2.35 億美元，低於我們 9 月的預期。我們第二季和全年的核心稅率預計為 21%。

With that, I'd like to thank you for your time this morning and for your interest in Jabil. I'll now turn the call over to Mike to dive deeper into our strategic growth areas and the exciting opportunities ahead.

在此，我要感謝您今天早上抽出時間以及對捷普的興趣。現在，我將把電話轉給麥克，讓他更深入地探討我們的策略成長領域和未來令人興奮的機會。

Thanks, Greg. Good morning, and thank you for joining our call today. As Greg just highlighted, our first fiscal quarter results came in stronger than we had anticipated, driven mainly by incremental strength in our Intelligent Infrastructure segment. As a result, the team was able to deliver strong core EPS, margins and cash flows during the quarter. Furthermore, we distributed the majority of the generated free cash flow to shareholders by dividend and buyback programs.

謝謝，格雷格。早安，感謝您今天加入我們的電話會議。正如格雷格剛剛強調的那樣，我們的第一財季業績強於我們的預期，這主要是由我們的智慧基礎設施部門的增量力量推動的。因此，該團隊能夠在本季度實現強勁的核心每股收益、利潤率和現金流。此外，我們透過股利和回購計畫將大部分產生的自由現金流分配給股東。

To summarize, I'm extremely pleased with these financial results and the positive trajectory of our year. As a management team, we are collectively working together to deliver strong core operating margin expansion and consistent free cash flow growth, which will allow us to continue to invest in the business and return capital to shareholders. In a few moments, I'll provide some details regarding our updated outlook for the balance of the year.

總而言之，我對這些財務表現和今年的正面發展軌跡感到非常滿意。作為管理團隊，我們共同努力實現強勁的核心營業利潤率擴張和持續的自由現金流成長，這將使我們能夠繼續投資於業務並向股東返還資本。稍後，我將提供一些有關我們今年剩餘時間的最新展望的詳細資訊。

But before I jump into those details, I want to take a moment to thank the global team here at Jabil for their commitment, dedication and hard work in a highly dynamic operating environment. As the world continues to evolve, this team is working hard to ensure Jabil remains nimble, agile and resilient for many years to come. For instance, during the quarter, our team opened a large-scale manufacturing site in Croatia, which currently supports a European-based automotive OEM.

但在詳細介紹這些細節之前，我想花點時間感謝捷普的全球團隊在高度動態的營運環境中的承諾、奉獻和辛勤工作。隨著世界不斷發展，團隊正在努力確保捷普在未來的許多年裡保持靈活、敏捷和彈性。例如，本季度，我們的團隊在克羅埃西亞開設了一個大型製造基地，目前為一家歐洲汽車原始設備製造商提供支援。

And beginning in FY27, the site will also support our healthcare customers, specifically in the GLP-1 drug delivery space as demand continues to exceed supply. The team also relocated and ramp multiple existing programs (inaudible) as many of our customers continue to seek a broader geographic manufacturing solution. We added to our capabilities during the quarter to through the acquisition of Mikros Technologies, a leader in engineering liquid cool solutions. These capabilities will support our future growth in verticals in both the data center ecosystem and other end markets that require thermal management like automated test equipment for semiconductors, batteries, energy storage systems and electric vehicles.

從 2027 財年開始，該網站還將為我們的醫療保健客戶提供支持，特別是在 GLP-1 藥物傳輸領域，因為需求持續超過供應。由於我們的許多客戶繼續尋求更廣泛的地理製造解決方案，該團隊還重新安置並擴大了多個現有計劃（聽不清楚）。我們在本季透過收購工程液冷解決方案的領導者 Mikros Technologies 增強了我們的能力。這些功能將支援我們在資料中心生態系統和其他需要熱管理的終端市場（例如半導體、電池、儲能係統和電動車的自動化測試設備）的垂直市場的未來成長。

And all the while, our team was benching through major hurricanes in St. Pete, Aspell and Hendersonville, I would like to take this opportunity for a quick shout out to our teams for not only taking care of each other, but also taking care of our communities during this trying time. The Jabil culture was truly on display. I'd now like to shift our focus to fiscal year 2025 and our outlook by both end market and segment.

一直以來，我們的團隊都在聖皮特、阿斯佩爾和亨德森維爾的重大颶風中待命，我想藉此機會快速向我們的團隊大聲喊叫，因為他們不僅互相照顧，而且還照顧彼此在這個艱難的時期，我們的社區。捷普文化得到了真正的展現。我現在想將我們的重點轉移到 2025 財年以及我們對終端市場和細分市場的展望。

I'll begin with regulated market segment where we anticipate continued year-over-year weakness in automotive and transportation, driven by lower global sales of electric vehicles. Over the longer term, we feel comfortable that our automotive and transportation business will improve as our technology agnostic capabilities position us to capture growth in both EV and hybrid vehicle solutions. In healthcare and packaging, as we previously anticipated, we continue to execute on our pipeline of new wins, including the launch of GLP-1 auto-injectors and continuous glucose monitors.

我將從受監管的細分市場開始，我們預計，由於全球電動車銷量下降，汽車和運輸業將持續年比疲軟。從長遠來看，我們相信我們的汽車和運輸業務將會改善，因為我們的技術不可知能力使我們能夠抓住電動車和混合動力車解決方案的成長。在醫療保健和包裝領域，正如我們之前預期的那樣，我們繼續取得新成果，包括推出 GLP-1 自動注射器和連續血糖監測儀。

As a reminder, due to the long qualification cycles in healthcare, it often takes 18 to 24 months to ramp these programs. However, once these programs are ramped, they generally enjoy very long product life cycles and multiyear stable returns. Renewables and energy infrastructure, the energy infrastructure space continues to do well with solid growth in battery power management. This growth is largely offset by previously indicated weakness in renewable applications primarily focused on solar. Throughout the solar downturn, we've worked hard to better position ourselves as we wait for a recovery in the end market. This includes share gains with key customers and operating cost reductions. In the near term, renewals continue to weigh on segment core operating margins.

提醒一下，由於醫療保健領域的資格週期較長，這些計劃通常需要 18 至 24 個月的時間才能完成。然而，一旦這些計劃啟動，它們通常會享受很長的產品生命週期和多年穩定的回報。再生能源和能源基礎設施，隨著電池電源管理的穩定成長，能源基礎設施領域繼續表現良好。這一增長在很大程度上被先前表明的主要集中在太陽能的可再生能源應用的疲軟所抵消。在整個太陽能市場低迷時期，我們一直在努力更好地定位自己，等待終端市場的復甦。這包括與主要客戶的份額收益和營運成本的降低。短期內，續約將繼續影響該部門的核心營運利潤率。

Turning to Intelligent Infrastructure segment, which is driving the majority of our growth in FY25. In capital equipment, the rise of AI is driving demand for semiconductor fabrication and test equipment, which we expect to continue throughout FY25 and beyond. In addition, in the data center space, we continue to deepen our existing relationship with our largest hyperscaler with continued strength in their custom AI-driven GPU rack integration business. As we had previously indicated, we've also won programs with a new hyperscaler in the silicon photonics side of our business. Over the longer term, we anticipate that our capability investment in liquid cool systems will allow us to participate in solutions that address the immense power and thermal demands of AI service.

轉向智慧基礎設施領域，該領域推動了我們 2025 財年的大部分成長。在資本設備方面，人工智慧的興起正在推動對半導體製造和測試設備的需求，我們預計這種需求將持續到 2025 財年及以後。此外，在資料中心領域，我們繼續深化與我們最大的超大規模供應商的現有關係，並在客製化人工智慧驅動的 GPU 機架整合業務方面持續保持優勢。正如我們之前所指出的，我們也贏得了矽光子業務方面的新型超大規模項目。從長遠來看，我們預計我們對液冷系統的能力投資將使我們能夠參與解決人工智慧服務巨大的功率和熱需求的解決方案。

Year-on-year, we now expect the Intelligent Infrastructure segment to be up by approximately $1.5 billion after adjusting for the exit of legacy networking businesses last fiscal year. Our Connected Living and Digital Commerce segment has two distinct aspects: Connected Living, which largely focuses on consumer-oriented devices remains under pressure while at the same time, we remain bullish on our digital commerce business, which is being driven higher by the automation of the retail and warehouse experience.

在對上一財年傳統網路業務的退出進行調整後，我們現在預計智慧基礎設施部門將年增約 15 億美元。我們的互聯生活和數位商務部門有兩個不同的面向：主要專注於面向消費者的設備的互聯生活仍然面臨壓力，同時，我們仍然看好我們的數位商務業務，該業務受到自動化的推動而走高。零售和倉庫經驗。

Now let's discuss our global network of factories, which we believe is a significant competitive advantage. Consistent with my comments in September, we placed considerable value on maintaining a large-scale global manufacturing footprint. And as the geopolitical situation continues to evolve, our ability to adapt combined with our designation as a US-domiciled manufacturing service provider and our significant US footprint is becoming increasingly important for our customers. And in my opinion, Jabil is among the best positioned companies in the world to help customers navigate these complexities.

現在讓我們討論一下我們的全球工廠網絡，我們認為這是一個顯著的競爭優勢。與我 9 月的評論一致，我們非常重視維持大規模的全球製造足跡。隨著地緣政治局勢的不斷發展，我們的適應能力，加上我們作為美國註冊製造服務提供者的頭銜以及我們在美國的重要足跡，對我們的客戶來說變得越來越重要。在我看來，捷普是世界上最有能力幫助客戶應對這些複雜問題的公司之一。

Next, even though it's very early days, I would like to spend a couple of minutes on the topic that has received considerable attention over the past few weeks, potential tariff implications. Here is what we can share as of today. As a reminder, while tariffs impact end customer demand, any changes in tariff costs have historically been largely a pass-through cost for Jabil. For starters, most of our business in China is predominantly local to local [or] local or regional with a very small portion of our revenues generated from that region being US bound.

接下來，儘管現在還為時過早，我還是想花幾分鐘討論過去幾週受到廣泛關注的主題，即潛在的關稅影響。這是我們今天可以分享的內容。提醒一下，雖然關稅會影響最終客戶的需求，但關稅成本的任何變化歷來在很大程度上都是捷普的轉嫁成本。首先，我們在中國的大部分業務主要是本地到本地[或]本地或區域性的業務，我們從該地區產生的收入中只有很小一部分銷往美國。

Secondly, Mexico, our footprint has evolved over the past eight years as bringing of our customers' manufacturing solutions that were closer to the final customer. We remain well prepared due to proximity and corporate resources for any reverse lift and shift of operations from Mexico to the US. Third, our manufacturing footprint has never been bigger than it is today. And while I do feel there will be some challenges to overcome such as labor our investments and experience in tried and tested automation lines and robotics will certainly help expedite any transfers.

其次，在墨西哥，我們的足跡在過去八年中不斷發展，為客戶提供了更接近最終客戶的製造解決方案。由於地理位置和公司資源，我們仍做好了充分準備，以應對任何業務從墨西哥反向提升和轉移到美國的情況。第三，我們的製造足跡從未像今天這樣大。雖然我確實認為需要克服一些挑戰，例如勞動力，但我們在經過試驗和測試的自動化生產線和機器人技術方面的投資和經驗肯定有助於加快任何轉移。

I personally feel there is no company better positioned than us to grow manufacturing in the US. Of course, we'll have to see how all this plays out over the next several years. But right now, I see our large-scale manufacturing footprint as a major competitive advantage. Shifting now to full year guidance. I'd now like to take a moment and explain why we expect higher earnings and margins in the back half of the fiscal year as reflected in our Q2 and full year guidance.

我個人認為，沒有一家公司比我們更有能力發展美國的製造業。當然，我們必須看看這一切在未來幾年會如何發展。但現在，我認為我們的大規模製造足跡是一個主要的競爭優勢。現在轉向全年指導。我現在想花點時間解釋為什麼我們預計本財年後半段的收益和利潤率會更高，這反映在我們的第二季和全年指引中。

This is mainly due to the following drivers: First, as a reminder, our mobility divestiture last year makes the historical seasonality more pronounced. And then the ongoing programs in the first half of the year in cloud data center infrastructure and warehouse automation have weighed on core operating margins. Additionally, the anticipated continued recovery of our relatively higher-margin semi capital equipment business will contribute to higher earnings in the second half. And lastly, our cost optimization initiatives, which we discussed during our last call, will also deliver improvements in margins and operational efficiency as the year progresses.

這主要是由於以下驅動因素：首先，提醒一下，我們去年的流動性剝離使得歷史季節性更加明顯。今年上半年正在進行的雲端資料中心基礎設施和倉庫自動化專案也給核心營運利潤帶來了壓力。此外，預計我們利潤率相對較高的半資本設備業務將持續復甦，這將有助於下半年的獲利成長。最後，我們在上次電話會議中討論的成本優化措施也將隨著時間的推移提高利潤率和營運效率。

For all these reasons, we anticipate stronger earnings and margins in the second half of the year. Putting it all together for the coming year, we now anticipate approximately $27.3 billion in revenue with core operating margins of 5.4%. Core earnings per share now are expected to be $8.70 Importantly, we continue to foresee another robust year of free cash flow generation in FY25 of $1.2 billion. In closing, I want to say thank you to the entire Jabil team for your dedication and to our investors for your continued trust and support. I would like to wish everyone a safe, happy and prosperous new year.

基於所有這些原因，我們預計今年下半年的獲利和利潤率將更高。綜上所述，我們現在預計來年的​​收入約為 273 億美元，核心營業利潤率為 5.4%。目前每股核心收益預計為 8.70 美元。最後，我要感謝整個捷普團隊的奉獻精神，感謝我們的投資人一直以來的信任與支持。我謹祝福大家新年平安、幸福、繁榮。

I will now turn the call back over to Adam.

我現在將把電話轉回給亞當。

Thanks, Mike. That concludes our prepared comments. Operator, we're now ready for Q&A.

謝謝，麥克。我們準備好的評論到此結束。接線員，我們現在準備好進行問答了。

(Operator Instructions) Ruplu Bhattacharya, Bank of America.

（操作員指令）Ruplu Bhattacharya，美國銀行。

Congrats on the quarter. Can you talk about the relative margins of each segment and what we should expect for fiscal '25, so for regulated industries and Intelligent Infrastructure and Connected Living. How do you -- how should we think about margin recovery in each of these segments, which segment has the most upside to margins?

恭喜本季。您能否談談每個細分市場的相對利潤率以及我們對 25 財年的預期，包括受監管行業、智慧基礎設施和互聯生活。我們該如何考慮每個細分市場的利潤恢復，哪個細分市場的利潤上升空間最大？

Thanks, Ruplu. So I think from -- for the three different segments, I would expect margins to be north of 5% for three of them. Right now, we're seeing some level of underutilization of capacity on our EV side and on the renewable side, which is a little bit of a drag, but that means the opportunity for increased margins going forward once these end markets recover a little bit is much higher there. I do see our intelligent infrastructure is above 5% as well. I think that's where -- we see the biggest level of growth over the next few years as well. So doing relatively well on that whole piece with capital equipment. Obviously, we're expecting a bit of a recovery in the second half of the year, which is still very much in play today, and our margins, as you're aware, there is slightly higher than our other end markets.

謝謝，魯普魯。因此，我認為對於這三個不同的細分市場，我預計其中三個的利潤率將超過 5%。目前，我們看到電動車方面和再生能源方面的產能在某種程度上未被充分利用，這有點拖累，但這意味著一旦這些終端市場稍微復甦，未來就有機會增加利潤那裡要高得多。我確實看到我們的智慧基礎設施也超過了 5%。我認為這就是我們在未來幾年內看到的最大成長水平。因此，在資本設備方面，整體表現相對較好。顯然，我們預計今年下半年會出現一些復甦，這在今天仍然發揮著重要作用，正如您所知，我們的利潤率略高於我們的其他終端市場。

From a Connected Living perspective, look, that's mainly all consumer-driven. There's a high level of seasonality, especially with (inaudible), doing really well on the consumer side. As always, I think the digital commerce piece is a bit that's driving the future. That will be high margin. It's new product lines, new technologies, new design engineering capabilities in their high-tech high-tech sort of stuff going on in the market. And I feel really good about that having double-digit growth rates, albeit from a lower base. But the opportunities are there in all three segments today.

從互聯生活的角度來看，這主要是由消費者驅動的。季節性很強，尤其是（聽不清楚），在消費者方面表現得非常好。一如既往，我認為數位商務部分正在推動未來。那將是高利潤。這是市場上不斷出現的新產品線、新技術、新設計工程能力等高科技高科技的東西。我對這兩位數的成長率感到非常滿意，儘管基數較低。但今天這三個領域都存在著機會。

Okay. Mike, has your expectation for AI-related revenues changed? I think you had guided $6 billion last time for AI revenues in fiscal '25. But since cloud is doing well, do you think your revenues can -- related to AI can be higher -- and can you talk about some of the new opportunities you have in this segment going forward?

好的。麥克，您對人工智慧相關收入的預期有變化嗎？我認為您上次指導的 25 財年人工智慧收入為 60 億美元。但由於雲端運算表現良好，您認為與人工智慧相關的收入會更高嗎？

Sure. So I do think -- I think last time we said it was $5 billion to $6 billion -- we did increase that to $6.5 billion. So we -- all $500 million of that increase is in the AI space about -- about $100 million of that is being driven by semi cap. We already had a recovery baked in semi cap so $100 million there. And I reckon about $400 million is on data cloud infrastructure piece where we seem to be doing really well with our largest hyperscaler. We've actually deepened our relationship there. So again, the AI piece is the one that's going to drive a lot of our future growth, $1.5 billion year-on-year, is a big number on that $5 billion base from last year. So that's a 30% growth rate right there.

當然。所以我確實認為——我想上次我們說的是 50 億到 60 億美元——我們確實把這個數字增加到了 65 億美元。因此，我們——所有 5 億美元的成長都來自人工智慧領域——其中約 1 億美元是由半市值驅動的。我們已經在半上限中實現了復甦，因此有 1 億美元。我估計大約 4 億美元用於資料雲端基礎設施部分，我們最大的超大規模供應商似乎在這方面做得非常好。事實上，我們在那裡加深了我們的關係。再說一遍，人工智慧將在很大程度上推動我們未來的成長，比去年同期 15 億美元，在去年 50 億美元的基礎上是一個很大的數字。所以成長率就是 30%。

Okay. Got it. And maybe the last one for me. Can you talk about your capital allocation plans. How should we think about the cadence of buybacks you did -- can you talk a little bit more about the acquisition you talked about what is the revenue contribution from that? And what is your focus on further M&A in this year?

好的。知道了。也許對我來說是最後一次。能談談您的資本配置計畫嗎？我們應該如何考慮您進行的回購節奏——您能否多談談您談到的收購，其中的收入貢獻是多少？今年進一步併購的重點是什麼？

Ruplu, this is Greg. I'll take the first part of that question. So from a capital allocation perspective, we're still going with the approach of 80% of our free cash flow going to share buybacks. We are committed to completing our $1 billion share authorization in FY25 I would say from a buyback perspective, we'll be weighted a little bit more heavily in the first half versus the second half with the execution of that. But again, we feel Share buybacks is a really good use of cash for Jabil as we continue to feel our shares are undervalued and still have a guidance of [1.10 to 1.12] on the (inaudible) for the year.

魯普魯，這是格雷格。我將回答這個問題的第一部分。因此，從資本配置的角度來看，我們仍然採用 80% 的自由現金流用於股票回購的方法。我們致力於在 25 財年完成 10 億美元的股票授權，從回購的角度來看，我們在上半年的權重將比下半年的執行要重一些。但我們再次認為，股票回購對捷普來說是一種非常好的現金利用方式，因為我們仍然認為我們的股票被低估，並且今年（聽不清楚）的指導仍然為[1.10至1.12]。

And then on the acquisition piece, Ruplu, I think you're referring to the Mikros liquid cooling acquisition that we did. It was all around core thermal engineering, collate manufacturing capabilities. There's a whole bunch of engineers. We've been designing coal plates for a very, very long time. We're really excited to have that team join Jabil, the revenues that we've acquired are relatively small. It's not -- we did not acquire it for revenue -- direct revenue, I should say. It was the engineering capability -- this opens up a complete vertical solution for us for hyperscalers or other cloud solutions and the whole data center infrastructure piece as well. The opportunity here is huge. Right now, I would temper the revenues a little bit as a -- from a direct acquisition perspective. But over the next few years, as we expand vertically in that segment, I think we'll see the benefits of the acquisition for sure.

然後關於收購，Ruplu，我認為你指的是我們收購的 Mikros 液體冷卻。這一切都是圍繞著核心熱工程、整理製造能力。有一大群工程師。我們設計煤板已經很久了。我們非常高興團隊加入捷普，我們獲得的收入相對較小。我應該說，這不是——我們收購它不是為了收入——直接收入。這就是工程能力——這為我們為超大規模或其他雲端解決方案以及整個資料中心基礎設施開闢了完整的垂直解決方案。這裡的機會是巨大的。現在，我會從直接收購的角度稍微調整一下收入。但在接下來的幾年裡，隨著我們在該領域的垂直擴張，我認為我們肯定會看到收購的好處。

Matt Sheerin, Stifel.

馬特謝林，史蒂菲爾。

Mike, I wanted to just follow up on your comments regarding the hyperscale customers. Could you mention that you're deepening your relationship with your largest customer. Could you elaborate, does that mean your just winning more business? Or are you doing other things for that customer? And then in terms of that second hyperscale customer that you announced on the photonics side, could you give us the potential size of that opportunity?

麥克，我想跟進您有關超大規模客戶的評論。您能否提到您正在加深與最大客戶的關係？您能否詳細說明一下，這是否意味著您剛剛贏得了更多業務？或者您正在為該客戶做其他事情嗎？然後，就您在光子學方面宣布的第二個超大規模客戶而言，您能否告訴我們該機會的潛在規模？

Sure. So I think our current customer that I referred to, yes, we're winning new business. We've been working with them for a very long time. There's a very good relationship. It's a very good sort of performance that we've sort of performed for that customer. So definitely good growth potential there.

當然。所以我認為我提到的我們目前的客戶，是的，我們正在贏得新業務。我們已經與他們合作了很長時間。關係非常好。我們為該客戶提供了非常好的表現。所以那裡絕對有良好的成長潛力。

As it relates to the second hyperscaler, that was more in the silicon photonic piece, not on the data cloud infrastructure side. It's mainly [100,200, 400] G right now that we're working on. We're actually looking at sort of quoting [800] in the first half of '25. And then [1.60 G] as we get into '25 or towards end about '25. And if you recall, we made this acquisition from Intel. I think it was last year, we're seeing the benefits of that acquisition. It's always been our play. We go out and acquire capability. That's what we did with this one as well. And I'm glad to see that it's actually being really good dividends based on what we paid for it.

由於它與第二個超大規模器相關，因此更多涉及矽光子部分，而不是資料雲端基礎設施方面。現在我們正在研究的主要是 [100,200, 400] G。我們實際上正在研究 25 年上半年的 [800] 引用。然後當我們進入 '25 或接近 '25 年底時，[1.60 G]。如果您還記得的話，我們是從英特爾收購的。我想是在去年，我們看到了這項收購的好處。這一直是我們的戲。我們走出去並獲得能力。這也是我們對此所做的。我很高興看到，根據我們所支付的費用，它實際上是非常好的股息。

And as part of the strategy, with that new customer, for instance, to cross-sell the systems integration skill sets that you have and as you look at other hyperscale customers as well?

作為策略的一部分，例如，與新客戶交叉銷售您擁有的系統整合技能，以及當您關注其他超大規模客戶時？

Yes. I think the -- if you think of it as an ecosystem, one of the things we've always done with our intelligent infrastructure strategy, we're not product-based. We don't go in and try and double down on product or just focus on single products. We're providing an engineering design architecture sort of platform, then we codesigned with our customers. We integrate all sorts of vertical solutions. So it's not just [reconcile] sort of business, there's a very high level of complexity in engineering linked to that.

是的。我認為，如果你將其視為一個生態系統，這是我們一直透過智慧基礎設施策略所做的事情之一，那麼我們並不是基於產品的。我們不會嘗試在產品上加倍投入，也不會只專注於單一產品。我們提供工程設計架構之類的平台，然後與客戶共同設計。我們整合各種垂直解決方案。因此，這不僅是[協調]某種業務，與之相關的工程也具有非常高的複雜性。

Okay. And then for my second question, regarding the inventory, you've done a very good job of bringing down inventory improving cash flows. It looks like you're guiding sort of flattish inventory. How should we expect the back half given that you're going to have higher revenue growth in the back half of fiscal '25?

好的。對於我的第二個問題，關於庫存，你們在降低庫存、改善現金流方面做得非常好。看起來你正在引導某種扁平的庫存。鑑於您將在 25 財年後半段實現更高的營收成長，我們該如何預期後半段？

Yes. This is Greg. On inventory, again, there's some cyclicality during the year of , but we still feel the range on our net inventory number will be between in 55 and 60 days. And in the back half, we would say that would be in the lower part of that range. So we still feel confident we're able to manage inventory to those levels.

是的。這是格雷格。在庫存方面，2017 年存在一定的周期性，但我們仍然認為淨庫存數量的範圍將在 55 至 60 天之間。在後半部分，我們會說這將位於該範圍的較低部分。因此，我們仍然有信心將庫存管理到這些水準。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

A couple of questions for me. First of all, Mike, can you talk a little bit more about the US footprint from two perspectives. One, you mentioned that you moved some more programs into the US in the quarter. Can you give us a little bit color on what was moved in. And then looking ahead, how do we think about just your ability to meet, say, urgent needs to move production into the US, say, over the next six to nine months versus your willingness to sort of add capacity as we see some changes in tariffs? And then I had a follow-up.

有幾個問題問我。首先，麥克，您能從兩個角度多談談美國的足跡嗎？第一，您提到您在本季度將更多項目轉移到了美國。您能給我們介紹一下搬入的內容嗎？ 然後展望未來，我們如何考慮您在未來六到九個月內滿足將生產轉移到美國的緊急需求的能力當我們看到關稅發生一些變化時，您是否願意增加產能？然後我進行了跟進。

Sure. So the movements in the US, the ramps that we've had here are mainly in the battery, our management piece. We've actually had some businesses ramp even on the data cloud infrastructure side. Look, we've always -- if you look at the sites that we've grown over the last few years. I think I mentioned in my last call, the number of sites that we have in the US now is 30, 3-0. That's a big number. So we're constantly moving our business across -- that's our model. We move -- we moved manufacturing to wherever the customer wants to go. And there does seem to be more interest in the US today, which we're happy to deliver.

當然。因此，在美國的動作，我們在這裡的坡道主要是在電池，我們的管理部分。事實上，我們甚至在數據雲端基礎設施方面也有一些業務的成長。看，如果你看看我們過去幾年發展的網站，我們一直都是如此。我想我在上次電話中提到過，我們現在在美國擁有的站點數量是 30, 3-0。這是一個很大的數字。所以我們不斷地轉移我們的業務——這就是我們的模式。我們搬家—我們將製造工廠搬到客戶想去的地方。如今，人們似乎對美國產生了更多的興趣，我們很高興能夠做到這一點。

I think we're really, really well positioned. If you think of our geography, you think of the locations that we have, you think of the knowledge that we have, you think of all the people local expertise, et cetera. I think we're well positioned for any sort of move. And I think that's the point I was trying to bring to the table in my prepared remarks. I think this is -- this is a really good opportunity for a company like Jabil as customers and even noncustomers so potential customers will need help -- and that's our model right now. So I think we'll be in a good position to help.

我認為我們的定位非常非常好。如果你想到我們的地理位置，你會想到我們擁有的位置，你會想到我們擁有的知識，你會想到所有具有當地專業知識的人，等等。我認為我們已經為任何行動做好了準備。我認為這就是我在準備好的發言中試圖表達的觀點。我認為這對像捷普這樣的公司作為客戶甚至非客戶來說是一個非常好的機會，因此潛在客戶將需要幫助，這就是我們現在的模式。所以我認為我們能夠很好地提供幫助。

Can you repeat your second question, Steve?

你能重複一下你的第二個問題嗎，史蒂夫？

I'm just wondering sort of like how capacity is currently to meet some of these needs in the near term versus maybe you have to start considering expansions at some of your sites and when that would happen?

我只是想知道目前的容量如何滿足短期內的某些需求，也許您必須開始考慮在某些站點進行擴展以及何時會發生？

Yes. So I think expansion -- so one of the things we try and do is most of our factories have land where we have first right of refusal on the adjacent pieces of land. So we can do that. I'll tell you one thing. We opened up a factory in St. Petersburg. I think it was in a record time. It was in less than six months. We went down hired a whole bunch of people set up the factory clause. So we have the expertise. We have the knowledge. We have the capabilities. we have that experience. Manufacturing is our core. So happy to set anything up for one. Today, the capacity -- we have some level of surplus capacity, but it's not huge. So there will be there will be some pockets of expansion if it comes down to.

是的。所以我認為擴張——我們嘗試做的事情之一是我們的大多數工廠都擁有土地，我們對鄰近的土地擁有優先購買權。所以我們可以這樣做。我告訴你一件事。我們在聖彼得堡開設了一家工廠。我認為這是創紀錄的時間。那是在不到六個月的時間裡。我們雇了一大堆人來訂定工廠條款。所以我們有專業知識。我們有知識。我們有能力。我們有這樣的經驗。製造是我們的核心。很高興為一個人做任何事。今天，產能——我們有一定程度的過剩產能，但並不巨大。因此，如果歸根結底的話，將會有一些擴張。

Great. That's helpful. And then on the cloud piece, you covered a lot of the details already, but I was just curious specifically as your largest cloud customer moves to a new silicon, like what does that mean for Jabil in general as we see these advanced silicon to roll out? Is that helping your business neutral? What are the general impacts?

偉大的。這很有幫助。然後在雲端部分，您已經介紹了很多細節，但我只是特別好奇，因為您最大的雲端客戶轉向了新的晶片，就像這對捷普來說意味著什麼，因為我們看到這些先進的晶片正在滾動出去？這對您的業務有幫助嗎？一般影響有哪些？

Yes, Steve. So it's early days. But I do think it will be a driver of growth, a driver of new business. I think it's -- I think that the custom ship will drive new revenues for Jabil, I can't sort of put my finger on what exactly that means for revenue. We'll provide more color as we move forward through FY25. For now, we've given our best estimate for FY25. I don't think FY25 is going to change that much. We might have a little bit low growth rate in FY26. And then beyond I do think there's a helpful opportunity to expand that relationship further.

是的，史蒂夫。所以現在還為時過早。但我確實認為這將成為成長的驅動力，新業務的驅動力。我認為定制船將為捷普帶來新的收入，我無法確切地說這對收入意味著什麼。隨著 2025 財年的進展，我們將提供更多色彩。目前，我們已經給出了 2025 財年的最佳估計。我認為 25 財年不會有太大變化。 2026 財年我們的成長率可能會有點低。除此之外，我確實認為這是進一步擴大這種關係的有益機會。

(Operator Instructions) Mark Delaney, Goldman Sachs.

（操作員指示）Mark Delaney，高盛。

I guess first to follow up on the tariff discussion. Can you give us a better sense of how costs compare in the US relative to Mexico, maybe, for example, fully loaded labor costs in the US versus Mexico. And as you're engaged with customers and their thinking through potentially having to move some of their capacity. Do you think the cost is something that they can get -- that they would be able to overcome? Or would they more generally just look to absorb tariffs and maybe keep their business in Mexico when they think about some of the cost differential.

我想首先要跟進關稅討論。您能否讓我們更了解美國與墨西哥的成本比較，例如，美國與墨西哥的滿載勞動成本。當您與客戶及其想法互動時，可能需要轉移他們的部分產能。你認為成本是他們能夠負擔的──他們能夠克服的嗎？或者，當他們考慮到一些成本差異時，他們是否更普遍地只是尋求吸收關稅，並可能將其業務保留在墨西哥。

Thanks, Mark. The end markets that we're in. I think we need to sort of look at each end market specifically. There are certain end markets which are more price elastic than others, easier to pass on easier to pass on sort of cost increases there. Obviously, if you move from Mexico to the US, the costs will be higher. The question is how much of that -- is it going to be more than tariffs? Can it be passed on? Can be absorbed by our customers? I'll reiterate, Jabil, this is a pass-through cost for us. It's not something that we that we observe. If you actually look back from a historical perspective, we've almost doubled our revenues ex the mobility divestiture.

謝謝，馬克。我們所處的終端市場。某些終端市場比其他市場更具價格彈性，也更容易轉嫁成本增加。顯然，如果你從墨西哥搬到美國，成本會更高。問題是其中有多少——會比關稅更多嗎？可以傳承嗎？能被我們的客戶吸收嗎？我要重申，捷普，這對我們來說是轉嫁成本。這不是我們觀察到的。如果你實際上從歷史的角度回顧，我們的收入幾乎翻了一番（除去流動性剝離）。

So it's the last time this administration took office. So I see this as a big positive. I'm not suggesting we grew because of it. But we've grown quite a bit, so it's a huge positive. I think the whole US domicile corporation piece, the capabilities that we have across the different end markets. But above all, when you're moving when you're moving manufacturing, automation, robotics, typically a big part, AI, ML that we use across our sites play a huge part in all those decisions. So I think from an automation and robotic standpoint, we're really well positioned to move business across.

這是本屆政府最後一次上任。所以我認為這是一個很大的正面因素。我並不是說我們因此而成長。但我們已經成長了很多，所以這是一個巨大的正面因素。我認為整個美國註冊公司的部分，我們在不同終端市場的能力。但最重要的是，當你移動製造、自動化、機器人技術（通常是一個重要組成部分）時，我們在整個網站上使用的人工智慧、機器學習在所有這些決策中發揮著重要作用。因此，我認為從自動化和機器人的角度來看，我們確實處於轉移業務的有利位置。

My other question is just trying to better conceptualize how you're seeing the business for the full year relative to your prior outlook. Company [B] earnings relative to its guidance in 1Q by $0.15, you took up the full year EPS guidance by $0.10. So it does imply, at least just from the basic math that there's slightly lower expectation for earnings for the next three quarters relative to what you've previously been expecting. Are you actually seeing any meaningful change over the next three quarters in the business environment? Or is that just putting too fine a point on the old versus new EPS guidance?

我的另一個問題只是想更好地概念化您對全年業務的看法（相對於先前的展望）。公司 [B] 的收益相對於其第一季的指導值增加了 0.15 美元，您將全年每股收益指導值提高了 0.10 美元。因此，至少從基本數學來看，這確實意味著未來三個季度的獲利預期相對於您先前的預期略低。您是否真的看到未來三個季度商業環境發生任何有意義的變化？或者這只是對舊的每股盈餘指引與新的每股盈餘指引的看法太過分了？

So yes, I think it's puts and takes. the piece that we're most excited about is the data cloud infrastructure, we took that up. I think if you look at some of the other end markets, we adjusted our automotive down a little bit post election, there's uncertainty, especially on the EV side as we transition from EVs to hybrids, that comes back. So we have definitely -- we have the capabilities to help companies navigate this transition from EV to hybrid, maybe hybrids come back to EVs. -- we'll be right in the middle of it.

所以是的，我認為這就是投入和拿取。我們最興奮的部分是數據雲端基礎設施，我們接受了它。我認為，如果你看看其他一些終端市場，我們在選舉後稍微調整了我們的汽車，就會存在不確定性，特別是在電動車方面，因為我們從電動車過渡到混合動力車，這種情況又回來了。因此，我們肯定有能力幫助公司實現從電動車到混合動力車的過渡，也許混合動力車會回歸電動車。 ——我們就在中間。

But for FY25, which is being a little bit more prudent. Renewables is another one. I think if you look at some of the solar players, I think we're just being a little bit more cautious, particularly post election. So I think it's a series of puts and takes, Marine overall, we're trying to be as prudent as we can on our forward-looking guidance.

但對於 25 財年來說，情況要謹慎一點。再生能源是另一回事。我認為，如果你看看一些太陽能企業，我認為我們只是更謹慎一點，特別是在選舉後。因此，我認為這是一系列的選擇和採取，整個海軍陸戰隊，我們在前瞻性指導上盡可能保持謹慎。

George Wang, Barclays.

喬治王，巴克萊銀行。

Congrats on the quarter strong results. I have two quick ones. Firstly, I just want to double-click on the semi cap equipment Obviously, you guys did up the guidance for share implying 25% growth year-over-year. And can you kind of pass out ATE versus WFE? It seems that AE should still have a relatively better performance this year. And how about any update on the WFE? Are you guys still expecting modest recovery this year?

恭喜本季的強勁業績。我有兩個快的。首先，我只想雙擊半上限設備，顯然，你們提高了份額指導，意味著同比增長 25%。您能區分 ATE 與 WFE 嗎？看來今年AE應該還是會有比較好的表現。 WFE 有什麼更新嗎？你們還期待今年的溫和復甦嗎？

Yes. So on the WFE, I think the related business continues to be strong. Other parts of the WFE and EVs, Autos, [Zuber] all that is weak as everyone knows there's a little bit of a geographic spread as well with Chinese players. So dominating that piece. For us, the biggest driver of growth is on the automated test equipment side, that is much, much stronger. I think you're seeing a whole bunch of newly fabricated silicon chips out there, more and more customization and people need the testing, hyperscalers need testing.

是的。所以在WFE上，我認為相關業務持續強勁。 WFE 和電動車、汽車、[Zuber] 的其他部分都很薄弱，因為眾所周知，中國玩家也存在一定的地理分佈。所以主宰了那一塊。對我們來說，最大的成長動力來自於自動化測試設備方面，它要強大得多。我認為你會看到一大堆新製造的矽晶片，越來越多的客製化，人們需要測試，超大規模企業需要測試。

There's a whole bunch of nuances to the automated testing piece, which is good for us. If you look at some of the scale we're looking at first, it was the shift to [3NM]. Now it's [3NM] going to [2NM]. All that requires additional testing. So I can actually see our shift in this sole capital equipment market shifting from, let's say, roughly 55% ATE to a much larger percentage as well going forward.

自動化測試有很多細微差別，這對我們有好處。如果你看我們首先看到的一些尺度，就會發現它是向 [3NM] 的轉變。現在是 [3NM] 到 [2NM]。所有這些都需要額外的測試。因此，我實際上可以看到我們在這個唯一的資本設備市場的轉變，從大約 55% ATE 到未來更大的比例。

Okay. Great. Just a quick follow-up on the Sif transceiver business. Obviously, you guys are gaining share heading to [800G, 1.60] potentially. And just concerning kind of the next-generation design, potentially beyond the transceiver, you guys alluded to some sharing in the medium term, just because of silicon photonics on the -- eventually go to CPO, maybe in the intermediate term, you have [LPOLL]. Can you talk about some of the upside for Jabil let silicon photonics design kind of lead to further share gains just as we sort had not beyond the [plugables].

好的。偉大的。只是 Sif 收發器業務的快速跟進。顯然，你們正在潛在地獲得 [800G，1.60] 的份額。就下一代設計而言，可能超出收發器範圍，你們提到了中期的一些共享，只是因為矽光子學——最終轉向 CPO，也許在中期，你們[ LPOLL]。您能否談談捷普的一些優勢，讓矽光子設計能夠進一步提高份額，就像我們沒有超越[可插拔產品]一樣。

So I think the silicon photonics piece started with our acquisition from Intel last year. So it was a very small base. We've actually done a great job in taking it out today. It's in that $300 million, $400 million range. We do expect with the engineering capabilities that we acquired with that acquisition, the design engineers, the capacity, the experience. We expect to sort of try and get that out to a lot more customers. Obviously, this whole front end, back end on the switch gear piece might have slightly different requirements, but the 100, 200, 400 is what we're what we're doing today, for sure, need [100] is catching up next year. And we'll -- we're already looking at the [1.60]. So that could be an exciting piece where we see some level of growth over the next few years. But I do want to caution, it's not a big base to start with. So I think it will be baby steps on that one.

所以我認為矽光子元件是從我們去年從英特爾收購開始的。所以這是一個非常小的基地。事實上，今天我們在消除它方面做得非常出色。就在 3 億美元、4 億美元的範圍內。我們確實期望透過這次收購獲得的工程能力、設計工程師、能力和經驗。我們希望嘗試將其推廣給更多的客戶。顯然，開關齒輪上的整個前端、後端可能有稍微不同的要求，但 100、200、400 就是我們今天所做的，當然，接下來需要 [100] 趕上年。我們已經在研究[1.60]。因此，這可能是一個令人興奮的作品，我們將在未來幾年看到一定程度的成長。但我確實想警告一下，這不是一個很大的基礎。所以我認為這將是一個小小的進步。

Melissa Fairbanks, Raymond James.

梅麗莎·費爾班克斯，雷蒙德·詹姆斯。

I'm not sure if Steve Borges is in the room. If not, I'll just put this out to the team. I wanted to see if we could go into a little more color on what you're seeing in auto and transport over the past earnings cycle, most recent earnings cycle. We've heard of some improvement in the China EV market from across the supply chain. It's also my understanding, you have some new programs coming in transport, like with buses I'm just wondering about some of the moving parts there and what's incrementally weaker?

我不確定史蒂夫·博爾赫斯是否在房間裡。如果沒有，我會將其告知團隊。我想看看我們是否可以對您在過去的盈利週期和最近的盈利週期中看到的汽車和運輸業的情況進行更多的了解。我們聽說中國電動車市場的整個供應鏈都出現了一些改善。據我了解，交通運輸領域有一些新計劃，例如公共汽車，我只是想知道那裡的一些移動部件以及哪些部件逐漸變弱？

Right. So Melissa, on the EV side, obviously, there's a little bit of weakness right now, especially again, post election. There's a little bit of uncertainty there. We're well positioned from a capability standpoint. So one is we've obviously done is pivoted, not pivotable. We've always played in those capabilities that go across different platforms. They go across the ICE platform, across hybrid, they go across EVs as well. So I do think as we transition from EVs to maybe hybrids, back to EVs, we're well positioned regardless we're almost.

正確的。因此，梅麗莎，在電動車方面，顯然現在有一點疲軟，尤其是在選舉後。那裡有一點不確定性。從能力的角度來看，我們處於有利地位。所以一是我們所做的顯然是旋轉的，而不是可旋轉的。我們一直在發揮跨不同平台的功能。他們跨越 ICE 平台，跨越混合動力，他們也跨越電動車。因此，我確實認為，當我們從電動車過渡到混合動力車，再回到電動車時，無論我們差多少，我們都處於有利位置。

And I think I used to work technology diagnostic on my prepared remarks. I think the China play is very much the play that is -- it's up right now. Europe and the US on the EV side, not doing as well as the China play. So we're definitely participating in that. Transport, we have an agricultural agriculture development in there. That's a little bit slow to recover. We do have transportation in other sort of segments as well. I think overall, Overall, the EV business, I don't expect it to show some big growth rates suddenly in FY25, maybe not even FY26. But I do think we have the potential to play in multiple platforms. And I do think the China play at some point in time will softened a little bit. We're just being prudent again on that whole piece, Melissa.

我想我曾經對我準備好的言論進行過技術診斷。我認為中國的戲劇就是這樣——現在就開始了。歐洲和美國在電動車的表現不如中國。所以我們肯定會參與其中。交通，我們在那裡有農業農業發展。恢復起來有點慢。我們也有其他類型的運輸。我認為總體而言，總體而言，電動車業務，我預計它不會在 25 財年突然大幅成長，甚至可能不會在 26 財年大幅成長。但我確實認為我們有潛力在多個平台上發揮作用。我確實認為中國的比賽在某個時候會有所緩和。我們只是在整件事上再次保持謹慎，梅麗莎。

Okay. Great. That's great color. As a follow-up, this is something that I get asked constantly, and you may or may not be able to answer it quite yet. When Mobility was a piece of the business, the seasonality of the model was a little bit easier to predict I know with the resegmentation, a lot of people are trying to parse through. Is there any pattern of seasonality within either of the -- any of the three segments -- or do we just kind of -- there are too many moving parts at this point, none of them are as big as mobility was as a monolift to move things?

好的。偉大的。那顏色真棒。作為後續行動，這是我經常被問到的問題，您可能無法回答。當行動性成為業務的一部分時，模型的季節性更容易預測，我知道透過重新細分，很多人都在嘗試解析。在這三個細分市場中的任何一個細分市場中是否存在任何季節性模式，或者我們只是在這一點上有太多移動部件，它們中沒有一個像單電梯那樣具有很大的移動性移動東西？

Absolute's a little bit of that where it is all across -- for the mobility piece, I think we need to clarify a little bit as well and historically have always been ramp orders in that mobility space, and that was always dilutive to our margins. I reckon first half versus second half on that, that's why we feel good about the margins is maybe it's a 25, 30 bps sort of impact -- positive impact to margins because of the mobility divestiture. I just want to since you brought up the margin question, Scott, we do have some ramps in the first half, especially in the DCI and warehouse automation side. We did the higher-margin semi cap business, the recovery is mainly second half. So I think there's multiple reasons.

絕對是其中的一點點——對於移動性部分，我認為我們也需要澄清一點，歷史上一直是移動性領域的斜坡訂單，這總是稀釋我們的利潤。我認為上半年與下半年相比，這就是為什麼我們對利潤率感覺良好，這可能是 25、30 個基點的影響——由於流動性剝離，對利潤率產生了積極影響。我只是想，自從你提出了保證金問題以來，斯科特，我們在上半年確實有一些進步，特別是在 DCI 和倉庫自動化方面。我們做了利潤率較高的半盤業務，復甦主要是下半年。所以我認為有多種原因。

And then if you take that up with our cost optimization initiatives where Q4 will be the biggest beneficiary of that. That could be a 10, 20 bps pickup there as well. So there's notable reasons for the first half, second half story. It's balanced across three or four reasons that I just talked about, not just the mobility piece.

然後，如果您將其與我們的成本優化計劃結合起來，那麼第四季度將是最大的受益者。那裡也可能有 10、20 個基點的提升。所以前半部、後半部的故事都有值得注意的原因。它平衡了我剛才談到的三、四個原因，而不僅僅是移動性。

Melissa, this is Greg. Just one other thing to add on the seasonality and more just on the capital intensity of the Mobility business that was divested CapEx going forward, we see this now below 2%, where the mobility business was very capital intensive. So definitely going to see free cash flow improving with the divestiture. and that CapEx line going down.

梅麗莎，這是格雷格。再加上季節性因素，以及未來剝離資本支出的行動業務的資本密集度，我們認為現在該比率低於 2%，而行動業務的資本密集度非常高。因此，隨著剝離，自由現金流肯定會有所改善。資本支出線正在下降。

Samik Chatterjee, JPMorgan.

薩米克‧查特吉，摩根大通。

This is MP on for Samik Chatterjee. So my first question is around like I was saying despite some upward revisions to volume for FY25. Your expectations for operating margins are similar to prior. So should we think that you are embedding some level of conservatism there?

這是 Samik Chatterjee 的國會議員。因此，我的第一個問題就像我所說的那樣，儘管對 25 財年的交易量進行了一些向上修正。您對營業利潤率的預期與之前類似。那麼我們是否應該認為你在那裡嵌入了某種程度的保守主義？

I would get an appropriate conserves -- it's not -- we're not being overly conservative or not -- I think these are the numbers that we provided, the guidance that we provided, I think, are actually extremely valid. I don't I wouldn't say conservative or aggressive, they're appropriate.

我會得到適當的保守——事實並非如此——我們並沒有過於保守或過度保守——我認為這些是我們提供的數字，我們提供的指導，我認為實際上是非常有效的。我不會說保守或激進，它們是合適的。

Okay. So another question I had is, can you please help us dissect the impact of potential repeal of EV tax credit in US and like how big an impact can that be for your automotive or EV business?

好的。所以我的另一個問題是，您能否幫助我們剖析美國可能廢除電動車稅收抵免的影響，以及這會對您的汽車或電動車業務產生多大的影響？

Sorry, can you repeat that? I missed the main part of the question.

抱歉，您能再說一次嗎？我錯過了問題的主要部分。

Can you please help us dissect the potential -- or the impact of the potential repeal of EV tax credit in US.

您能否幫助我們剖析美國取消電動車稅收抵免的潛力或影響。

Yes. The EV tax credit, look, it's going to have an impact on certain OEMs for sure, don't forget, our largest customer in that space has the lower levels of credits, if any, their ability to pass on or their ability to pass on some level of rebates, et cetera, is much higher than some of the other OEMs.

是的。電動車稅收抵免，看，它肯定會對某些原始設備製造商產生影響，不要忘記，我們在該領域最大的客戶的信用水平較低（如果有的話），他們的傳遞能力或傳遞能力在某種程度的回扣等方面，比其他一些原始設備製造商要高得多。

I do think OEMs will respond. It's not going to be all consumer impacted. There will be some level of absorption. There will be some level of sort of end market demand. But a lot of that is already baked in. If we were forecasting a huge EV growth I'd say we'll have to adjust the numbers. We're not expecting that in the first place. So as far as FY25 is concerned, we're in good shape. We'll provide more color on FY and beyond if the EV credit piece does have a huge impact. My guidance is just my own personal opinion, that will be a small impact. I don't think it's going to be a huge impact, to be honest.

我確實認為原始設備製造商會做出回應。並非所有消費者都會受到影響。會有一定程度的吸收。終端市場會有一定程度的需求。但其中許多已經被考慮在內。我們一開始就沒有預料到這一點。就 25 財年而言，我們的狀況良好。如果電動車積分確實產生了巨大影響，我們將在財年及以後提供更多色彩。我的指導只是我個人的意見，影響會很小。老實說，我認為這不會產生巨大的影響。

Okay. And my final question is regarding the cloud and AIP like you saw robust growth there and is also driving upward -- like a large part of the revision to the outlook. So any particular -- any more color around there like which particular product segment, obviously, which sort of infrastructure is driving more impact to the outlook there?

好的。我的最後一個問題是關於雲端運算和 AIP，正如您所看到的那樣，它們的強勁增長並且也在推動上升——就像前景修正的很大一部分一樣。那麼，任何特定的——任何更多的顏色，例如哪個特定的產品領域，顯然，哪種基礎設施正在對那裡的前景產生更大的影響？

Yes. So I think I mentioned earlier that we've taken up our AI-driven business up by -- from $1 billion to $1.5 billion. The $1.5 billion is mainly driven by, let's call it, about $900 million of cloud, i.e., capital equipment is another driver of that piece. That's about $400 million -- and then the networking here, the liquid pool switching, et cetera, along with the silicon photonics space, et cetera. So that's about another $200 million year-on-year increase. So the $1.5 billion is spread out mainly among these with cloud being the main cloud and data center infrastructure being the main driver of that growth.

是的。所以我想我之前提到過，我們的人工智慧驅動業務已經從 10 億美元增加到 15 億美元。這 15 億美元主要是由大約 9 億美元的雲端驅動的，也就是說，資本設備是這塊的另一個驅動力。這大約是 4 億美元——然後是這裡的網路、液池交換等等，以及矽光子空間等等。因此，這相當於又比去年同期增加了 2 億美元。因此，這 15 億美元主要分佈在這些領域，其中雲是主要的雲，而資料中心基礎設施是這一成長的主要驅動力。

David Vogt, UBS.

大衛‧沃格特，瑞銀集團。

Mike, one for you and maybe one for Greg. Can you -- I appreciate all the color on the cloud and data center. Can you maybe talk to the sort of the margin delta from that revenue uplift. I know there's typically in an industry that has some pretty competitive players hasn't been sort of the best gross margin and/or segment margin for you guys. Can you kind of talk through sort of that revenue uplift? And is that impacting sort of your overall margin outlook for the year?

麥克，一份給你，也許一份給格雷格。你能——我很欣賞雲端和資料中心的所有色彩。能談談收入增加帶來的利潤增量嗎？我知道，在一個擁有一些相當有競爭力的參與者的行業中，通常對你們來說並不是最好的毛利率和/或部門利潤率。能談談收入的成長嗎？這是否會影響您今年的整體利潤率前景？

And then one for Greg. You talked about capital return, buybacks and dividend but we didn't hear much in the way of M&A. And I know M&A has been a part of the strategy. Maybe can you kind of talk to where the focus is today. Healthcare has kind of been a flattish business for you, if I factor in sort of the packaging subsegment as well. Is that kind of what we should be focused on in 2025 and beyond is sort of opportunistic tactical deals in other segments outside of the more traditional datacom and networking space at this point?

然後是格雷格的一張。您談到了資本回報、回購和股息，但我們沒有聽到太多有關併購的內容。我知道併購一直是該策略的一部分。也許你能談談今天的焦點在哪裡。如果我也將包裝細分市場考慮在內，那麼醫療保健對您來說是一項平淡的業務。這是否是我們在 2025 年及以後應該關注的重點，是否是目前在更傳統的數據通訊和網路領域之外的其他領域的機會主義戰術交易？

So let me start with the margin question, David. I think -- I think Greg mentioned in his prepared remarks, I mentioned as well. The hurricane did have a 10, 20 bps sort of impact on our margins in Q1. Obviously, that flows through into FY25. But overall, the data the cloud and data center infrastructure business is that enterprise margin, it's not dilutive. I don't know where that perceptions come from, but it is -- it is an enterprise level margin. Our semicap business is actually above enterprise margins.

大衛，讓我從保證金問題開始。我想——我想格雷格在他準備好的演講中提到過，我也提到過。颶風確實對我們第一季的利潤率產生了 10、20 個基點的影響。顯然，這會持續到 2025 財年。但總體而言，資料雲和資料中心基礎設施業務是企業利潤，它不會稀釋。我不知道這種看法從何而來，但它是企業級利潤。我們的半資本業務實際上高於企業利潤率。

So I think there were now answers to FY25. We talked about that on the last call. If you remember, we have about 20, 30 bps impact due to our surplus capacity. We do have capacity -- we did open up Croatia that comes online in Q1, and we only get to fill it up in FY25. We've obviously done a really great job pivoting from the EV end market, which is supposed to be the main driver of that site to GLP-1, the qualifications, et cetera, we take a bit of time, and that's where I suggested GLP-1s will be live in Croatia by FY27.

所以我認為 25 財年現在已經有了答案。我們在上次通話中談到了這一點。如果你還記得的話，由於產能過剩，我們受到了大約 20、30 個基點的影響。我們確實有產能——我們確實在第一季開放了克羅埃西亞，但我們只能在 2025 財年將其填滿。顯然，我們在從電動車終端市場轉向 GLP-1、資格等方面做得非常出色，這應該是該網站的主要驅動力，我們需要一些時間，這就是我建議的地方GLP-1 將於2027 財年在克羅埃西亞投入使用。

But overall, look, the margin piece is good. We've set [5.4%]. If you factor in some of the nuances I just mentioned, it's an extremely healthy margin. So I don't I don't see us going backwards on the margin perspective as well at all.

但整體來看，邊際部分還是不錯的。我們設定了[5.4%]。如果你考慮到我剛才提到的一些細微差別，那麼這是一個非常健康的利潤。所以我不認為我們在利潤率上也有倒退。

Great. And Greg on capital allocation.

偉大的。格雷格談資本配置。

Yes. David, it's Greg. So on capital allocation, to continue to focus on M&A. We're continuing to look at capabilities that we want to expand on. I think the Micros acquisition we did in Q1 is a great example of that. In addition to that, and we're really focusing on markets for growth and continue to be really thoughtful in that space. And if you look at the certain markets, end markets that we're focusing on, would be healthcare in the markets intelligent infrastructure, where we do see some focus from an M&A capability and focus. In general, though, we're still doing 80% of our capital allocation to share buybacks at this time at 20% to M&A, but continuing to be super thoughtful in that area to see where we can grow.

是的。大衛，我是格雷格。所以在資本配置上，繼續以併購為主。我們正在繼續研究我們想要擴展的功能。我認為我們在第一季收購 Micros 就是一個很好的例子。除此之外，我們非常關注成長市場，並繼續在該領域深思熟慮。如果你看看我們關注的某些市場，終端市場將是智慧基礎設施市場中的醫療保健，我們確實看到了併購能力和重點的一些焦點。不過，總的來說，我們目前仍將 80% 的資本配置用於股票回購，20% 用於併購，但我們將繼續在該領域進行深思熟慮，看看我們可以在哪裡發展。

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

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

That's all for our call today. Thank you very much, and happy holidays.

這就是我們今天電話會議的全部內容。非常感謝，祝節日快樂。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路廣播到此結束。此時您可以斷開線路，度過美好的一天。我們感謝您今天的參與。