捷普科技 (JBL) 2025 Q2 法說會逐字稿

Greetings, and welcome to Jabil's second-quarter fiscal-year 2025 conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Jabil 2025 財年第二季電話會議和網路廣播。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Adam Berry, Investor Relations. Thank you. You may begin.

現在我很高興介紹您的主持人，投資者關係部亞當貝瑞 (Adam Berry)。謝謝。你可以開始了。

Good morning, and welcome to Jabil's second-quarter fiscal-year 2025 conference call. Joining me on today's call are Chief Financial Officer, Greg Hebard; and Chief Executive Officer, Mike Dastoor. 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 website for playback.

早安，歡迎參加捷普 2025 財年第二季電話會議。參加今天電話會議的還有財務長 Greg Hebard；和執行長 Mike Dastoor。請注意，今天的演講正在直播。在發表準備好的發言時，我們將會參考投影片。要查看這些投影片，請造訪 jabil.com 的投資者關係部分。今天的演講結束後，完整的錄音將在網站上提供回放。

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

此外，我們將在本次演示中做出前瞻性陳述，包括但不限於有關我們業務預期前景的陳述，例如我們目前預期的財政年度淨收入和收益。這些聲明是基於當前的預期、預測和假設，涉及風險和不確定性，可能導致實際結果大不相同。

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

我們在截至 2024 年 8 月 31 日的財政年度的 10-K 表年度報告以及向美國證券交易委員會提交的其他文件中列出了這些風險和不確定性的詳盡清單。Jabil 不承擔更新或修改任何前瞻性聲明的任何意圖或義務，無論其是由於新資訊、未來事件或其他原因。

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

說完這些，我現在將電話轉給格雷格。

Thanks, Adam. Good morning, everyone. Thanks for taking the time to join our call today. I'm extremely pleased with our strong Q2 results, where the team delivered solid margins and cash flows on $6.7 billion in revenue. When excluding approximately $250 million associated with the divested mobility business in the prior-year quarter, revenue increased 3% year on year.

謝謝，亞當。大家早安。感謝您今天抽空參加我們的電話會議。我對我們強勁的第二季業績感到非常高興，團隊在 67 億美元的收入上實現了穩健的利潤和現金流。若不計去年同期剝離的行動業務相關的約 2.5 億美元，營收年增 3%。

Core operating income for the quarter came in at $334 million. Core operating margins came in at 5%. Net interest expense in Q2 came in at $61 million. On a GAAP basis, operating income was $245 million, and our GAAP diluted earnings per share was $1.06. Core diluted earnings per share was $1.94.

本季核心營業收入為 3.34 億美元。核心營業利益率為5%。第二季淨利息支出為 6,100 萬美元。根據 GAAP 標準，營業收入為 2.45 億美元，每股 GAAP 攤薄收益為 1.06 美元。核心每股攤薄收益為 1.94 美元。

Turning now to our performance by segment in the quarter. Our Regulated Industries segment reported revenue of roughly $2.7 billion as guided. On a year-over-year basis, this represents a decrease of 8% due to expected weakness in our renewable energy and EV markets. Despite this, core operating margin for the segment increased year over year by 20 basis points to 4.8% based on favorable mix in the segment.

現在來談談本季各部門的業績。我們的受監管行業部門報告的收入約為 27 億美元。與去年同期相比，由於再生能源和電動車市場預計疲軟，這一數字下降了 8%。儘管如此，由於該部門的良好組合，該部門的核心營業利潤率同比增長了 20 個基點，達到 4.8%。

In the Intelligent Infrastructure segment, we saw revenue of $2.6 billion, up 18% year on year, above what we expected in December. 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 5.3%, a 110-basis-point improvement compared to our prior-year quarter.

在智慧基礎設施部門，我們實現營收 26 億美元，年增 18%，高於我們 12 月的預期。這項成長主要得益於我們對人工智慧相關的雲端、資料中心基礎設施和資本設備市場的強勁需求。該部門的核心營業利潤率為 5.3%，比去年同期提高了 110 個基點。

In our Connected Living and Digital Commerce segment, revenue was $1.3 billion, down 13% year on year due to our Mobility divestiture. Excluding revenue associated with the divested Mobility business from the prior year, revenue growth for the segment was approximately 4%. This reflects strong year-on-year growth across our digital commerce and warehouse automation markets, which was partly offset by weaker demand in consumer-driven Connected Living products.

在我們的互聯生活和數位商務部門，收入為 13 億美元，由於我們行動業務的剝離，年減 13%。不包括上一年剝離的行動業務相關收入，該部門的收入成長約為 4%。這反映了我們的數位商務和倉庫自動化市場年增率強勁成長，但被消費者驅動的互聯生活產品需求減弱所部分抵銷。

On a sequential basis, segment revenue was down 13%, which is consistent with the historical seasonality typically observed in the Connected Living sector following the holiday period. Core operating margins for the segment came in at 4.5% in Q2.

與上一季相比，該部門收入下降了 13%，這與互聯生活領域在假期後通常出現的歷史季節性一致。該部門第二季核心營業利潤率為 4.5%。

Next, I'll provide an update on our cash flow and balance sheet metrics for the end of Q2, starting with inventory. As anticipated, during the quarter, inventory days increased four days sequentially to 80 days, which reflects typical seasonality in our business. However, on a year-on-year basis, inventory days decreased by seven days.

接下來，我將從庫存開始，提供第二季末現金流和資產負債表指標的最新情況。如預期，本季庫存天數較上季增加四天，達到 80 天，這反映了我們業務的典型季節性。但與去年同期相比，庫存天數減少了7天。

Net of inventory deposits from our customers, inventory days were 61, a quarter-on-quarter increase of five days, which is slightly above our targeted range of 55 to 60 days. This was mainly due to timing within our Intelligent Infrastructure segment as we support strong growth. As we progress through the fiscal year, we anticipate that inventory days will normalize into our targeted range. In Q2, cash flow from operations for the quarter were solid, amounting to $334 million.

扣除客戶的庫存存款後，庫存天數為 61 天，較上季增加 5 天，略高於我們 55 至 60 天的目標範圍。這主要是因為我們支持強勁成長，所以智慧基礎設施部門的時機合適。隨著財政年度的進展，我們預計庫存天數將恢復到我們的目標範圍內。第二季度，當季經營現金流穩健，達 3.34 億美元。

Net capital expenditures for the second quarter were $73 million. 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 second-quarter performance and cash flow generation, adjusted free cash flow for the quarter came in at $261 million, bringing our year-to-date adjusted free cash flow to $487 million. With our strong first-half results, we now anticipate free cash flow for the year to exceed $1.2 billion.

第二季淨資本支出為7,300萬美元。就全年而言，我們繼續預期淨資本支出將佔收入的 1.5% 至 2% 之間。由於第二季業績表現穩健且產生現金流，本季調整後自由現金流達 2.61 億美元，使年初至今調整後的自由現金流達到 4.87 億美元。憑藉我們強勁的上半年業績，我們預計全年自由現金流將超過 12 億美元。

We exited the second quarter with a healthy balance sheet, with debt to core EBITDA levels of approximately 1.4x times and cash balances of approximately $1.6 billion. In Q2, we repurchased 2.5 million shares. The quarter ended with $364 million remaining on our current $1 billion share repurchase authorization, which we expect to complete by the end of FY25.

我們在第二季結束時擁有健康的資產負債表，債務與核心 EBITDA 的比率約為 1.4 倍，現金餘額約為 16 億美元。第二季度，我們回購了 250 萬股。本季結束時，我們目前的 10 億美元股票回購授權剩餘 3.64 億美元，我們預計將在 25 財年末完成。

Before I move on to guidance for the next quarter, I'd like to wrap up my remarks on Q2 by recognizing the Jabil team's strong execution this quarter. The team's effort have yielded strong results through the first half of FY25 despite a highly dynamic environment. The company continues to show remarkable resilience and is poised for future revenue growth, improved margins, and robust free cash flow generation.

在我開始介紹下一季的指引之前，我想透過認可捷普團隊本季的強勁執行力來總結一下我對第二季的評論。儘管環境高度動態，但團隊的努力在 25 財年上半年取得了強勁成果。該公司繼續表現出驚人的韌性，並有望實現未來收入成長、利潤率提高和強勁的自由現金流產生。

With that, let's turn to the next slide for our Q3 FY25 guidance. Beginning with revenue by segment, we anticipate revenue for our regulated industries will be $3 billion, down approximately 1% year on year, reflecting appropriate caution in the EV market.

接下來，讓我們翻到下一張投影片，了解 2025 財年第三季的指引。從分部門收入開始，我們預計受監管行業的收入將為 30 億美元，年減約 1%，這反映了電動車市場的適當謹慎。

For our Intelligent Infrastructure segment, we expect revenue for the quarter to be $2.8 billion, up approximately 22% year over year on broad-based growth across our capital equipment, advanced networking, cloud, and data center infrastructure markets. This strength is expected to be slightly offset by lower demand in our 5G end market.

對於我們的智慧基礎設施部門，我們預計本季營收為 28 億美元，年成長約 22%，這得益於我們資本設備、先進網路、雲端和資料中心基礎設施市場的廣泛成長。預計這一優勢將因我們 5G 終端市場需求下降而略微抵消。

In our Connected Living and Digital Commerce segment, revenues are expected to be $1.2 billion. This is down 16% year over year, mainly due to weaker year-on-year demand in our Connected Living markets, offset slightly by continued growth across the digital commerce space.

在我們的互聯生活和數位商務領域，預計收入達到 12 億美元。與去年同期相比下降了 16%，主要原因是我們的互聯生活市場需求年減，但數位商務領域的持續成長略微抵消了這一影響。

Total company revenue for Q3 is expected to be in the range of $6.7 billion to $7.3 billion. Core operating income for Q3 is estimated to be in the range of $348 million to $408 million. GAAP operating income is expected to be in the range of $282 million to $352 million. Core diluted earnings per share is estimated to be in the range of $2.08 to $2.48. GAAP diluted earnings per share is expected to be in the range of $1.50 to $1.99.

預計第三季公司總營收在 67 億美元至 73 億美元之間。第三季核心營業收入預計在 3.48 億美元至 4.08 億美元之間。根據 GAAP 計算，預計營業收入將在 2.82 億美元至 3.52 億美元之間。核心每股攤薄收益預計在 2.08 美元至 2.48 美元之間。預計每股 GAAP 攤薄收益在 1.50 美元至 1.99 美元之間。

Net interest expense in the third quarter is estimated to be approximately $61 million. For FY25, we now expect it will be in the range of $240 million to $245 million. Our core tax rate for Q3 and for the year is expected to be 21%.

第三季淨利息支出預計約6,100萬美元。對於 2025 財年，我們目前預計該數字將在 2.4 億美元至 2.45 億美元之間。我們第三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.

最後，我要感謝您今天早上抽出的時間以及您對捷普的關注。我現在將電話轉給麥克。

Thanks, Greg, and good morning to all those joining our call today. To begin, I'd like to take a moment to thank our incredible team here at Jabil for their commitment, dedication, and hard work in a particularly dynamic operating environment. As the world continues to evolve, so does this team, always striving to ensure Jabil solutions and our customer supply chains remain nimble, agile, and resilient. Thank you.

謝謝您，格雷格，向今天參加我們電話會議的所有人問好。首先，我想花點時間感謝捷普出色的團隊，感謝他們在這個特別動態的營運環境中所展現的承諾、奉獻和辛勤工作。隨著世界不斷發展，這個團隊也在不斷發展，始終致力於確保捷普解決方案和我們的客戶供應鏈保持靈活、敏捷和有彈性。謝謝。

Speaking of nimble, agile, and resilient, next, I'd like to touch on a topic that remains top of mind for customers, shareholders, and employees alike: potential tariffs. Consistent with my comments in December, we place considerable value on maintaining a large-scale global manufacturing footprint.

說到靈活、敏捷和有彈性，接下來我想談談客戶、股東和員工同樣關注的主題：潛在的關稅。與我 12 月的評論一致，我們非常重視維持大規模的全球製造足跡。

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.

隨著地緣政治局勢的不斷發展，我們的適應能力，加上我們作為美國製造服務提供者的指定以及我們在美國的重要業務，對我們的客戶來說變得越來越重要。我認為，捷普是世界上最有能力幫助客戶解決這些複雜問題的公司之一。

As a reminder, while tariffs may impact end customer demand, any changes in tariff costs are a pass-through cost for Jabil. Since our last call in December, tariff expectations have broadened to now include China, Canada, and Mexico, along with reciprocal tariffs.

提醒一下，雖然關稅可能會影響最終客戶的需求，但關稅成本的任何變化對捷普來說都是轉嫁成本。自從我們去年 12 月上次通話以來，關稅預期已擴大到包括中國、加拿大和墨西哥，以及互惠關稅。

Addressing each of these, for starters, most of our business in China is predominantly local for local or local for regional, with a very small portion of our revenues generated from that region being US bound. We have extremely limited exposure to Canada. And in Mexico, 80% to 90% of our business today is USMCA compliant.

針對上述每一個問題，首先，我們在中國的大部分業務主要是本地為本地或本地為區域的業務，而我們從該地區產生的收入中只有很小一部分流向美國。我們對加拿大的了解極為有限。在墨西哥，我們目前 80% 至 90% 的業務均符合 USMCA 規定。

While implementation mechanics of reciprocal tariffs are unknown, I believe it does level the playing field for manufacturing, as hardware still needs to be built somewhere. Once again, I feel Jabil is well positioned to help customers navigate these complexities.

雖然互惠關稅的實施機制尚不清楚，但我相信它確實為製造業提供了公平的競爭環境，因為硬體仍然需要在某個地方建造。我再次感到捷普有能力幫助客戶解決這些複雜問題。

And finally, with 30 sites in the US, our manufacturing footprint here has never been bigger than it is today. And while I do feel there could 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 lift and shift transfers. I personally feel there is no company better positioned than us to grow manufacturing in the US.

最後，我們在美國擁有 30 個工廠，我們的製造足跡從未像今天這樣廣闊。雖然我確實覺得可能會存在一些需要克服的挑戰，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方面的投資和經驗肯定將有助於加快任何提升和轉移。我個人認為，沒有任何一家公司比我們更適合在美國發展製造業。

Moving on to our results. As highlighted by Greg, our second-quarter results were quite strong, driven by better-than-expected growth in capital equipment, cloud and data center infrastructure, and digital commerce.

繼續討論我們的結果。正如格雷格所強調的，我們的第二季業績非常強勁，這得益於資本設備、雲端和資料中心基礎設施以及數位商務的成長好於預期。

At the same time, healthcare, automotive, renewables, and Connected Living were all in line with our expectations from 90 days ago. As a result, the team delivered approximately $6.7 billion in revenue, 5% core margins, and $1.94 in core earnings per share, up $0.26 from Q2 of last year. As I review these results in context with our updated outlook for the balance of the year, a few things stand out to me.

同時，醫療保健、汽車、再生能源和互聯生活都符合我們 90 天前的預期。結果，該團隊實現了約 67 億美元的收入、5% 的核心利潤率和每股 1.94 美元的核心收益，比去年第二季度增長 0.26 美元。當我根據我們對今年餘額的最新展望回顧這些結果時，有幾件事讓我印象深刻。

First, our strong year-to-date results underscore the resilience and strength of our diversified portfolio where certain end markets like capital equipment and data center infrastructure continue to outperform, while some areas of our business like EVs and renewables continue to warrant caution.

首先，我們今年迄今強勁的業績凸顯了我們多元化投資組合的韌性和實力，其中資本設備和數據中心基礎設施等某些終端市場繼續表現出色，而電動汽車和可再生能源等某些業務領域仍需保持謹慎。

We now believe our Intelligent Infrastructure business is well positioned to deliver 17% growth in FY25 on a reported basis and approximately 27%, excluding the legacy networking business we exited at the end of FY24. With this updated outlook, AI-associated business is now expected to represent approximately $7.5 billion in revenue this fiscal year, as demand for servers, racks, photonics, advanced networking gear, storage, and testing equipment all continue to climb higher during the quarter. This represents an approximate 40% year-on-year increase for AI-related revenue.

我們現在相信，我們的智慧基礎設施業務預計在 25 財年實現 17% 的成長（報告基礎上），如果不包括我們在 24 財年末退出的傳統網路業務，則成長率約為 27%。根據這項更新的展望，由於本季對伺服器、機架、光子學、先進網路設備、儲存和測試設備的需求持續攀升，預計本財年人工智慧相關業務的收入將達到約 75 億美元。這意味著人工智慧相關收入年增約40%。

Contrary to market fears, the deployment of GPU integrated racks and liquid-cooled data centers continues to accelerate. Our strategy to lead with design architecture and engineering allows us to keep pace with the accelerated development cycles with higher yields at launch.

與市場擔憂相反，GPU整合機架和液冷資料中心的部署仍在持續加速。我們以設計架構和工程為主導的策略使我們能夠跟上加速的開發週期並在發佈時獲得更高的收益。

We can now transition from older compute architecture to GPU-led system-level design and hardware production at scale, which has been critical in establishing Jabil as a trusted partner for data center infrastructure build-outs. As we look to future growth in this space, I'm particularly excited about our expansion opportunity in India.

我們現在可以從較舊的運算架構過渡到 GPU 主導的系統級設計和大規模硬體生產，這對於將 Jabil 確立為資料中心基礎設施建設值得信賴的合作夥伴至關重要。當我們展望該領域的未來發展時，我對我們在印度的擴張機會感到特別興奮。

During the quarter, we announced our plans to expand in Gujarat to support our photonics capabilities. Over the longer term, we expect Jabil to play a significant role domestically in India, as the combination of domestic demand and infrastructure, young workforce, and a business-friendly environment continue to support the manufacturing of advanced technologies and products, including sovereign data center build-outs that are in very initial stages.

在本季度，我們宣布了在古吉拉特邦擴張的計劃，以支持我們的光子學能力。從長遠來看，我們預計捷普將在印度國內發揮重要作用，因為國內需求和基礎設施、年輕的勞動力和友善的商業環境將繼續支持先進技術和產品的製造，包括處於初始階段的主權資料中心建設。

And secondly, digital commerce with our Connected Living and Digital Commerce segment is expected to increase by 14% in FY25, as the team continues to help several customers drive automation in retail and digital commerce, be it in the warehouse, in the aisle, or at checkout. And in healthcare, I would like to welcome the team from our exciting acquisition of US-based Pharmaceutics International, Inc.

其次，隨著團隊繼續幫助多家客戶推動零售和數位商務的自動化，無論是在倉庫、貨架還是結帳處，我們互聯生活和數位商務部門的數位商務預計在 25 財年將成長 14%。在醫療保健領域，我謹歡迎我們令人興奮的收購美國Pharmaceutics International, Inc.的團隊。

This acquisition, completed in early February, allows us to better serve our pharmaceutical and healthcare customers in aseptic filling and dry oral dosage, which opens up a $20 billion addressable market by enhancing Jabil's existing pharmaceutical solutions offering, which includes the development and commercial production of auto-injectors, pen injectors, inhalers, and on-body pumps. With Pii's advanced capabilities and state-of-the-art manufacturing facilities, we're now in a stronger position to meet the growing demand for high-quality drug development and manufacturing in the US.

此次收購於 2 月初完成，使我們能夠更好地服務於無菌灌裝和乾口服劑量領域的製藥和醫療保健客戶，透過增強 Jabil 現有的製藥解決方案產品（包括自動注射器、筆式註射器、吸入器和隨身泵的開發和商業化生產），開闢了一個價值 200 億美元的潛在市場。憑藉 Pii 的先進能力和最先進的製造設施，我們現在能夠更好地滿足美國對高品質藥物開發和製造日益增長的需求。

In other parts of our business, we continue to be prudent with our expectations for the year. In automotive, we continue to be cautious with the EV outlook for the year, while at the moment, we're not seeing much recovery in the renewable energy space outside of energy storage.

在我們業務的其他部分，我們繼續對今年的預期保持謹慎。在汽車領域，我們繼續對今年的電動車前景持謹慎態度，而目前，我們並沒有看到儲能以外的再生能源領域出現太大的復甦。

Putting it all together for the year on the next slide. We now anticipate approximately $27.9 billion in revenue, with core operating margins of 5.4%. Core earnings per share now are expected to be $8.95. And importantly, as Greg indicated earlier, we now expect free cash flow generation in FY25 of more than $1.2 billion.

下一張投影片將全年的所有內容匯總在一起。我們現在預計收入約為 279 億美元，核心營運利潤率為 5.4%。目前預計每股核心收益為 8.95 美元。重要的是，正如格雷格之前所說，我們現在預計 25 財年的自由現金流將超過 12 億美元。

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 will now turn the call back over to Adam.

最後，我要感謝整個捷普團隊的奉獻精神，並感謝我們投資者的持續信任和支持。我現在將電話轉回給亞當。

Thanks, Mike. Before moving into Q&A, I'd like to take a quick moment and summarize our call today. We're closely monitoring all things associated with the potential tariff situation. As Mike highlighted, we are extremely well positioned as a US-domiciled manufacturing service provider supported by our global footprint and with a significant US manufacturing footprint.

謝謝，麥克。在進入問答環節之前，我想花一點時間總結我們今天的通話。我們正在密切關注與潛在關稅情況相關的所有事項。正如麥克所強調的，作為一家總部位於美國的製造服務提供商，我們擁有極其有利的地位，我們的業務遍布全球，並且在美國擁有大量製造基地。

And as Greg highlighted, the resilience of our diversified portfolio is evident. Certain end markets, such as capital equipment, data center infrastructure, and digital commerce continue to perform exceptionally well; while other end markets, including electric vehicles, renewables, and 5G warrant near-term caution. All of this has been considered in our raised outlook for fiscal '25.

正如格雷格所強調的，我們多元化投資組合的彈性是顯而易見的。某些終端市場，例如資本設備、資料中心基礎設施和數位商務持續表現優異；而其他終端市場，包括電動車、再生能源和 5G，則需要近期保持謹慎。我們上調了 25 財年的預期，並將所有這些都考慮在內。

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

感謝您今天抽出時間。接線員，我們現在可以進行問答了。

(Operator Instructions) Ruplu Bhattacharya, Bank of America.

(操作員指示) 美國銀行，Ruplu Bhattacharya。

Hi, thank you for taking my questions. Mike, can you talk about your existing footprint in the US? You mentioned that several times. And your ability to support customers who want to move manufacturing, do you think such moves are possible? And would that make sense from a landed cost standpoint?

你好，謝謝你回答我的問題。麥克，你能談談你在美國現有的業務嗎？您多次提到這一點。您是否有能力支持那些想要轉移製造業務的客戶，您認為這樣的措施是否可行？從到岸成本的角度來看這是否合理？

Sure, Ruplu. I think in my prepared remarks, I tried to address what we know today. We're obviously a US- domiciled manufacturing service provider. We're US headquartered. We've been in the US for 60 years. So we have a lot of experience, a lot of knowledge about the US.

當然，魯普魯。我想，在我準備好的發言中，我試著解答我們今天所知道的問題。顯然，我們是一家位於美國的製造服務提供者。我們的總部位於美國。我們已經在美國生活了 60 年。因此，我們對美國有豐富的經驗和知識。

Today, if you look at the number of sites we have, we have 30 sites in the US all over the place. And I think if you look at the expertise that we have, the knowledge, the experience, and all the capabilities that are required to move to the US, we have all of that.

今天，如果你看看我們擁有的站點數量，你會發現我們在美國各地有 30 個站點。我認為，如果你看看我們所擁有的專業知識、知識、經驗以及移居美國所需的所有能力，你會發現我們擁有這一切。

Today, if you look at some of our end markets like healthcare, almost the entire segment in Intelligent Infrastructure is mainly US-based today as well. So we already have footprint which is generating a large part of our revenue stream. And I think the ability to move manufacturing is obviously based on end markets.

今天，如果你看看我們的一些終端市場，例如醫療保健，幾乎整個智慧基礎設施領域也主要集中在美國。因此，我們已經擁有了創造很大一部分收入來源的足跡。我認為，製造業轉移的能力顯然取決於終端市場。

Some of the end markets are more price elastic, where prices can be passed on to customers. There are some which are not as price elastic. And that -- there will have to be a landed cost sort of determination in terms of what moves and what doesn't move.

有些終端市場的價格彈性較大，價格可以轉嫁給客戶。有些產品的價格彈性不大。而且－必須對哪些貨物可以移動、哪些貨物不能移動做出到岸成本的決定。

I think the key takeaway here is we're here. We have 30 sites. If you go back and look at what we did last year, within six months -- we started from zero. We didn't even have a site. We started from zero, and we set it up, hired all the people, put all the equipment in, did all the infrastructure around the factory, and had it up and running in six months.

我想這裡的關鍵點是我們在這裡。我們有 30 個站點。如果回顧我們去年所做的事情，六個月內我們從零開始。我們甚至沒有網站。我們從零開始，建立工廠、僱用所有人員、安裝所有設備、完成工廠周圍的所有基礎設施建設，並在六個月內建成並投入運作。

And that's the speed at which we can operate. Now it depends, obviously, on the end market, but it's highly doable. So we're actually looking forward to helping our customers if they want to shift to the US.

這就是我們可以運作的速度。現在，這顯然取決於終端市場，但這是高度可行的。因此，如果我們的客戶想要轉移到美國，我們實際上很樂意為他們提供協助。

Okay. Thanks for the details there. Can I ask you about the cloud revenues? And you raised the guidance for that as well as for AI-related revenues.

好的。感謝您提供的詳細資訊。可以問一下雲端收入嗎？您還提高了這方面的指導以及與人工智慧相關的收入。

Can you talk more about the opportunity with silicon photonics? And how do you see that market growing and your revenues growing? You mentioned Gujarat. Just elaborate on what you plan to build there and how do you see that market trending.

能否詳細談談矽光子學的機會？您如何看待該市場的成長和您的收入的成長？您提到了古吉拉特邦。請詳細說明您計劃在那裡建造什麼以及您如何看待該市場的趨勢。

Sure. So I think if you look at the AI piece -- I think you referenced that. Obviously, our Intelligent Infrastructure business is going up from previous outlook and considerably from last year. AI revenue, if you look at last year, where it was in the region of $5 billion, I think we took it up to $6 billion at one stage. Then we took it up to $6.5 billion. Now we're taking it up to $7.5 billion, which is quite a big deal.

當然。所以我認為如果你看一下人工智慧部分——我想你提到了這一點。顯然，我們的智慧基礎設施業務比之前的預期有成長，並且比去年有大幅成長。看看去年，人工智慧的收入約為 50 億美元，我認為我們一度將其提升到了 60 億美元。然後我們將其提高到 65 億美元。現在我們將其提高到 75 億美元，這是一個相當大的數字。

If you go -- if you look at the year-on-year growth, that shows a 40% growth rate. So really happy with how we're progressing from AI revenue perspective. A lot of that today, to be fair, is coming from the data cloud infrastructure piece.

如果你看一下年成長率，你會發現成長率為 40%。我對我們在人工智慧收入方面取得的進展感到非常高興。公平地說，今天很多都來自數據雲端基礎設施部分。

Silicon photonics, you talked about that. I think you're aware we made this acquisition from Intel that was about 18, 24 months ago. That gave us a capability. That gave us engineering. That gave us clean rooms. That gave us a whole bunch of capability to go out and build these photonics and transceivers -- transceiver modules. So it started off, today, we have 300 million to 400 million with hyperscaler. We're aggressively working with the new hyperscaler on increasing that.

矽光子學，您談到了這一點。我想你知道我們大約在 18 到 24 個月前從英特爾進行了這次收購。這賦予了我們能力。這給了我們工程。這給了我們乾淨的房間。這給了我們大量的能力去製造這些光子學和收發器——收發器模組。所以從今天開始，我們擁有 3 億到 4 億的超大規模用戶。我們正在積極與新的超大規模製造商合作來提高這一水平。

And I had really good thoughts about silicon photonics. In fact, at OFC in a couple of weeks' time, we'll be showcasing 1.6T capability. Today, from the front end, the 100 to 400 seems to be more applicable. The 800 on the back end today, moving to 1.6T towards the end of this calendar year. So we're really well positioned from a silicon photonics perspective. And like I said, today, it's a smaller base, but the future outlook is really good on that one.

我對矽光子學有著非常好的想法。事實上，幾週後在 OFC 上，我們將展示 1.6T 的性能。今天從前端來說，100到400好像比較適用。如今後端是 800，今年底將升級到 1.6T。因此，從矽光子學的角度來看，我們處於非常有利的地位。正如我所說，今天，它的基數較小，但未來前景非常好。

Okay. Thanks for all the details there. Maybe I'll sneak one more in. Just looking at the forecast, it looks like you tweaked down networking and healthcare forecast for fiscal '25. Just what should we read into that, if anything? Thank you so much.

好的。感謝您提供的所有詳細資訊。也許我會再偷偷溜進去一次。僅從預測來看，您似乎下調了 25 財年的網路和醫療保健預測。如果有的話，我們到底該解讀什麼呢？太感謝了。

Sure. So I think that probably is just a slide. It's not on the switch. It's not on the gear. It's not on AI-related revenue. It's mainly on the 5G infrastructure side. There's a little bit of uncertainty today with the network providers as well. So that's what's causing some of the reduction from our outlook.

當然。所以我認為這可能只是一張投影片。它不在開關上。它不在裝備上。這與人工智慧相關的收入無關。主要在5G基礎設施方面。如今，網路供應商也存在一些不確定性。從我們的角度來看，這就是造成部分減少的原因。

Thanks for all the details. Appreciate it.

感謝您提供的所有詳細資訊。非常感謝。

Thanks, Ruplu.

謝謝，Ruplu。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Hi, folks. Thanks for taking my question. Mike, it does seem like when I look at Intelligent Infrastructure, something changed materially for the positive this quarter. Because all through last year, you're doing about $2.2 billion, $2.3 billion revenue run rate per quarter. You extended that sequentially into $2.6 billion this quarter, and you're guiding to $2.8 billion. Also, you're raising the AI guidance by about $1 billion after raising it by $0.5 billion last quarter.

大家好。感謝您回答我的問題。麥克，當我看智慧基礎設施時，似乎本季發生了一些實質的正面變化。因為去年全年，你們每季的營收運行率約為 22 億美元、23 億美元。本季度，你們將該數字連續擴大至 26 億美元，並且預計達到 28 億美元。此外，繼上個季度將 AI 指導金額上調 5 億美元之後，此次將其上調約 10 億美元。

So it just seems like there's an increase in the confidence. And I'm just wondering if there was something noticeable that happened during the quarter in terms of either sort of more design wins or more visibility into ramps that is driving that confidence? And I have a quick follow-up after that. Thank you.

因此看上去信心似乎有增加。我只是想知道，本季是否發生了一些值得注意的事情，例如更多的設計勝利或更多的坡道可見性，從而推動了這種信心？之後我會快速跟進。謝謝。

Sure. So I think it's in two main areas. If you look at semi-cap that, not on the wafer fab, it works inside, more on the automated testing piece. That part of the business is doing really well with the sort of advent of custom chips that need to be tested, newer technologies coming through.

當然。我認為主要有兩個面向。如果你看半電容，它不是在晶圓廠，而是在內部工作，更多的是在自動化測試部件上。隨著需要測試的客製化晶片和新技術的出現，這部分業務表現非常好。

The testing requirements are just going through the roof there. So semi-cap, sort of outlook there. And then on the cloud data center infrastructure piece, I think that's -- I hear stories of it slowing down. It's not slowing down at all. It's actually gaining momentum at least as far as Jabil is concerned.

那裡的測試要求正在飛速提高。半上限，就是這樣的前景。然後關於雲端資料中心基礎設施部分，我認為 - 我聽說它的發展正在放緩。它根本沒有減速。事實上，至少就捷普而言，這一趨勢正在加速發展。

So those are two main areas. Obviously, some network and communication, the switch gear offset by some of the 5G infrastructure piece that I mentioned on the earlier call. So I think that whole Intelligent Infrastructure outlook, again, growth expectations in my books are very robust.

這是兩個主要領域。顯然，一些網路和通訊、交換設備被我在之前的電話中提到的一些 5G 基礎設施部分所抵消。因此，我認為，就整個智慧基礎設施前景而言，成長預期非常強勁。

Okay. Got it. And then for my follow-up. On the margin, particularly on a segment basis, when I look at Connected Living and Digital Commerce, obviously, there's some headwind related to Mobility on the revenue side.

好的。知道了。然後進行我的後續行動。從利潤率來看，特別是在細分領域，當我審視互聯生活和數位商務時，顯然，在收入方面存在一些與行動相關的阻力。

But when we look at margins, what's driving some of the weakness here? Obviously, there are probably some revenue leverage. But otherwise, how you're thinking about the road map in terms of improving the margin for that particular segment.

但當我們看一下利潤率時，是什麼導致了這裡的一些弱點？顯然，可能存在一些收入槓桿。但除此之外，您如何考慮提高該特定細分市場利潤率的路線圖。

Yeah. So I think you hit the nail on the head there when you talked about Mobility. I -- that's why the year-on-year comp looks a little weird. We did have one month of Mobility in Q2 of last year, which sort of -- which skews the number a little bit. But overall, our margin structure is going reasonably well. We have seasonality.

是的。因此，我認為當您談到移動性時，您說到了點子上。我——這就是為什麼同比數據看起來有點奇怪的原因。去年第二季我們確實有一個月的行動數據，這在一定程度上扭曲了數字。但整體而言，我們的利潤結構相當良好。我們有季節性。

If you remember in Q1, we outperformed on the Connected Living piece by quite a big number. And Q2 is only a slower quarter for us, having gone through the holiday season and a Q1 sort of quarter. So I think that's doing well. I think going forward, the CLDC piece -- the Digital Commerce piece is one I'm more excited about.

如果您還記得，在第一季度，我們 在互聯生活方面的業績表現非常出色。對我們來說，第二季度只是一個較為緩慢的季度，因為我們經歷了假期季節和類似第一季的情況。所以我認為這樣做很好。我認為展望未來，CLDC 部分——數位商務部分是我更感興趣的。

That's literally humanoids, automation, warehouse automation. We're looking at Digital Commerce, whether it's in the warehouse, whether it's in the aisle, on checkout. There's plenty of options there. And then this whole humanoid thing, very early sort of situation there, but has very high potential. And I'm not suggesting that comes in the next 6, 12 months. But eventually, over the medium to long term, that's another growth engine for us.

這其實就是人形機器人、自動化、倉庫自動化。我們正在研究數位商務，無論是在倉庫、在走道或結帳處。那裡有很多選擇。而整個人類生物的事情，還處於非常早期的階段，但潛力非常大。我並不是說這會在未來 6 到 12 個月內實現。但最終，從中長期來看，這是我們的另一個成長引擎。

Great. Thank you. Thanks for taking my questions.

偉大的。謝謝。感謝您回答我的問題。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Yes, good morning. Thanks very much for taking my questions. Thanks for the comments you've provided so far on tariffs. I'm hoping you can expand a bit on that topic and help us better understand what you're seeing from customers currently in terms of how they may want to respond to tariffs and potential tariffs.

是的，早安。非常感謝您回答我的問題。感謝您迄今為止對關稅提出的評論。我希望您能就該主題稍微展開一下，並幫助我們更好地了解您目前從客戶那裡看到的情況，即他們可能如何應對關稅和潛在關稅。

Are there a meaningful number of customers that have already started to work on plans to shift sourcing into the US or told you that's something they want to do? Or is it more that customers are working through scenario analysis and planning in the event that higher tariffs do go into effect?

是否有大量客戶已經開始製定將採購轉移到美國計劃或告訴您他們想這麼做？還是說客戶正在進行情境分析和規劃，以應對更高的關稅生效的情況？

So let me just hit on what we've already covered in our prepared remarks. If you look at the current situation, as we know today, which is Canada, Mexico, and China, I think I addressed all three. The exposure there is minimal. The reciprocal tariffs, no one knows what the mechanics of that will be. It's supposed to be April 2. I don't know what the actual implementation dates would be and what it would involve.

因此，我只想談談我們在準備好的發言中已經討論過的內容。如果你看看目前的情況，正如我們今天所知道的，即加拿大、墨西哥和中國，我想我已經談到了這三個方面。那裡的曝光率很低。沒人知道互惠關稅的具體機制是怎麼樣的。應該是 4 月 2 日。我不知道實際實施的日期是什麼，以及涉及哪些內容。

But I think the opportunity -- I think you have to look at this holistically as well, Mark. You've got to -- we've been -- we're in all these countries. Reciprocal tariff, in my view, actually levels the manufacturing playing field quite a bit, which means that we can manufacture anywhere. And if you look at the capabilities and the expertise that we have, we're in 30 countries. We can use our local knowledge quite a bit to help our customers there.

但我認為這個機會——我認為你也必須全面地看待這個問題，馬克。你必須 — — 我們去過 — — 所有這些國家。在我看來，互惠關稅實際上相當公平地提高了製造業的競爭環境，這意味著我們可以在任何地方進行生產。如果你看看我們的能力和專業知識，你會發現我們的業務已遍佈 30 個國家。我們可以充分利用我們的本地知識來幫助那裡的客戶。

So overall, the tariff situation, I see that as a net positive. Obviously, the uncertainty could lead to some level of demand reduction by the end customer. We're not seeing any of that today, but that could happen. But that's more a macro level issue than a Jabil issue. I do think the potential for moving to the US -- obviously, I mentioned earlier. It's very end market-focused.

因此，總體而言，我認為關稅情況是正面的。顯然，這種不確定性可能會導致最終客戶的需求在一定程度上減少。我們今天沒有看到任何這樣的情況，但這種情況有可能發生。但這更多的是宏觀問題，而不是捷普的問題。我確實認為有移居美國的可能性——顯然，我之前提到過。它非常注重終端市場。

I think if you look at healthcare, very difficult to move things around. We're already mainly in the US anyway. So healthcare is a lot more sort of price elastic impactful. The pricing is a little bit more tolerant of these movements or the tariff situation itself as well.

我認為如果你看一下醫療保健，你會發現事情很難改變。無論如何，我們主要已經在美國了。因此，醫療保健的價格彈性更大。定價對這些變動或關稅情況本身也更寬容一些。

So we've got our Intelligent Infrastructure business here doing really, really well already in -- most of that is already in the US. And I think if you look at Digital Commerce, Connected Living, those are a little bit more price elastic, especially on the consumer side, consumer-related products. Those will be a little bit more difficult to move across from a pricing standpoint. So we'll have to wait and see how things progress.

我們的智慧基礎設施業務在這裡已經做得非常好了——其中大部分已經在美國了。我認為，如果你看看數位商務、連網生活，它們的價格彈性會更大一些，特別是在消費者方面，與消費者相關的產品。從定價的角度來看，這些會更困難一些。因此我們必須拭目以待，看看事情如何進展。

But it's very early days, Mark. The reciprocal tariffs, don't know anything about that. And we've already addressed the three countries that we know of today. So I hope that answered your question.

但是現在還為時過早，馬克。互惠關稅，我對此一無所知。我們已經討論了今天所知的三個國家。我希望這回答了你的問題。

No, that's helpful. And I understand there's a lot of moving parts here. I did want to make sure investors and we understand what is embedded into your fiscal '25 guidance with tariffs. Are you assuming tariffs on imports from Mexico and the reciprocal tariffs go into effect on April 2?

不，這很有幫助。我知道這裡有很多活動部件。我確實想確保投資者和我們都了解你們 25 年財政指導中有關關稅的內容。您是否假設對墨西哥進口產品徵收的關稅和相應的關稅將於 4 月 2 日生效？

And then similarly, have you tried to bake in any revenue headwinds from potentially higher prices or even just some conservatism because of the uncertainty and perhaps, timing to move products around the world? Thank you.

同樣地，您是否嘗試過將可能的價格上漲帶來的收入阻力，或者僅僅因為不確定性以及可能因為將產品銷往世界各地的時機而產生的一些保守主義考慮進去？謝謝。

So let me again just address China, Mexico, and Canada. The China situation, we have very little exposure of products that eventually come to the US. So we're good on China. We have almost zero exposure in Canada.

因此，請讓我再次談談中國、墨西哥和加拿大。就中國的情況而言，我們接觸到最終銷往美國的產品非常少。所以我們對中國的情況很滿意。我們在加拿大的曝光率幾乎是零。

And in Mexico, I think I referred to that in my prepared remarks, 80% to 90% of our business is USMCA compliant. A lot of it is done under the USMCA Free Trade Agreement. We don't know the details of reciprocal tariffs versus Mexico.

在墨西哥，我想我在準備好的演講中提到過，我們 80% 到 90% 的業務符合 USMCA 規定。其中很多都是在USMCA自由貿易協定下完成的。我們不知道針對墨西哥的互惠關稅的具體細節。

I know Mexico doesn't charge that big of a tariff on US products. So I'm not that worried about Mexico. I think overall, will volumes get impacted eventually? Yes. I don't think that happens in the next six months, Mark. I think this is a much longer-term sort of impact. There could be some level of pullback towards the holiday season, especially from the consumers' perspective.

我知道墨西哥對美國產品徵收的關稅沒有那麼高。所以我不太擔心墨西哥。我認為總體而言，銷量最終會受到影響嗎？是的。馬克，我認為這不會在未來六個月內發生。我認為這會產生更長期的影響。假期期間可能會出現一定程度的回落，尤其是從消費者的角度來看。

We're not seeing any of that today. Until things get cleared, I think we're -- our assumptions right now are still very consistent. I think you asked whether we're being prudent, and I called that out a couple of times in my prepared remarks. We're being absolutely prudent for end markets that we're aware of, such as EVs, such as renewables, even some of the consumer piece.

我們今天沒有看到任何這樣的情況。在事情明朗之前，我認為我們——我們現在的假設仍然非常一致。我想您問過我們是否謹慎，我在準備好的發言中多次提到了這一點。對於我們所知的終端市場，例如電動車、再生能源，甚至部分消費市場，我們絕對持謹慎態度。

Just long term, I'll keep repeating this, we're really well positioned, whether it's shifting to the US, whether it's shifting around globally. And I don't think there are that many companies that are actually better suited for this sort of uncertainty or to at least help our customers navigate these complexities.

從長期來看，我會不斷重複這一點，我們的位置確實很有利，無論是轉移到美國，還是轉移到全球。我認為，實際上沒有多少公司比他們更適合應對這種不確定性，或至少能夠幫助我們的客戶解決這些複雜問題。

That all makes sense. Mike, appreciate all your commentary on this topic, and congrats on the solid results and outlook. I'll pass it on.

這一切都是有道理的。麥克，感謝您對這個主題的所有評論，並祝賀您取得了堅實的成果和前景。我會傳達的。

Thank you, Mark.

謝謝你，馬克。

David Vogt, UBS.

瑞銀的戴維沃格特（David Vogt）。

Great. Thanks, guys. I want to follow up on that, but not necessarily on the actual gross margin impact of tariffs, but on revenue. And maybe this is for Greg to start.

偉大的。謝謝大家。我想跟進這個問題，但不一定是關稅對實際毛利率的影響，而是對收入的影響。也許這是格雷格要開始做的事。

So Greg, I just want to make sure I understand sort of the year-over-year compares. I know you have the divestiture of Mobility last year, but you also exited some legacy networking businesses last year. Is that in sort of the commentary in terms of how you're thinking about the growth rates going forward?

所以格雷格，我只是想確保我理解同比的情況。我知道你們去年剝離了 Mobility 業務，但你們去年也退出了一些傳統的網路業務。這是否是您對未來成長率的看法？

Because I thought it was my understanding that in February of last year, you had a couple of hundred million from that business and a little bit similar number in May. So I'm trying to understand kind of the pro forma growth rate for Fed revs. I think you said 3%, but it suggests to me that it should be stronger than that. And then I have a follow-up.

因為我認為，據我了解，去年二月份，你從該業務中獲得了數億美元的收入，五月份的數字也差不多。所以我想了解聯準會收入的預期成長率。我覺得你說的是 3%，但在我看來，它應該比這更高。然後我有一個後續問題。

Yeah, David, thanks for the question. If we take out that networking legacy business out, our quarter -- year-over-year growth would have been 8.5%. So we had about $300 million of revenue in Q2 of '24 on that. So again, when you look at that, the growth for Intelligent Infrastructure, which we reported 18% year over year would have been 37% year over year.

是的，大衛，謝謝你的提問。如果我們剔除網路遺留業務，本季的年成長率將達到 8.5%。因此，我們在 2024 年第二季的營收約為 3 億美元。所以，再看一下，智慧基礎設施的成長率，我們報告的年成長率是 18%，而實際上年成長是 37%。

Got it. Okay. So then my follow-up to that is, so if I just take your guidance at face value for the year, I would imagine in Q4 of this fiscal year, you don't have a tough compare. And so what's implied by the guide, and maybe it goes back to Mike's point about being conservative, is that you have a fairly meaningful deceleration as we move through the summer months into the fall.

知道了。好的。那麼我的後續問題是，如果我只是從表面上看待你對今年的指導，那麼我可以想像，在本財年第四季度，你不會遇到困難。因此，該指南暗示，也許可以追溯到麥克關於保守的觀點，那就是，當我們從夏季進入秋季時，你會看到一個相當有意義的減速。

Is that a reflection of anything you're seeing from a demand perspective to date or tariff potential impact or just prudence given sort of the uncertain macro? Maybe just kind of help flesh that out, that would be great. Thank you.

這是您迄今為止從需求角度看到的任何情況的反映，還是關稅的潛在影響，或者僅僅是考慮到某種不確定的宏觀因素的審慎態度？也許只是有點幫助充實這一點，那就太好了。謝謝。

Yeah, absolutely. It's all about being prudent given where we are today. So we're just being cautious on the guidance.

是的，絕對是如此。考慮到我們目前的狀況，一切都必須謹慎。因此，我們只是對指導保持謹慎。

Got it. And then I would imagine that is -- is that prudence in cloud and data center, auto EVs, or across the board? I'm just trying to get a sense for where you feel the most caution is warranted, given the strong demand that you're seeing in semi-cap and cloud and data center.

知道了。然後我會想像這是在雲端運算和資料中心、汽車電動車還是各個領域都採取的謹慎態度？我只是想知道，鑑於半導體、雲端運算和資料中心領域的強勁需求，您認為哪些方面需要最謹慎。

Yeah. It's a broad stroke across all end markets, David.

是的。這是對所有終端市場的廣泛觸及，大衛。

Great. Thanks, guys.

偉大的。謝謝大家。

Sure.

當然。

Steven Fox, Fox Advisors.

史蒂文·福克斯（Steven Fox），福克斯顧問公司。

Hi, good morning. I had two questions, if I could. First of all, I was wondering if you could expand on the comment, Mike, that you made about GPU racks and liquid cooling continuing to accelerate. And it seems like you were tying it into your ability to deliver higher yields at launch of new racks.

嗨，早安。如果可以的話我有兩個問題。首先，Mike，我想知道您是否可以詳細闡述您關於 GPU 機架和液體冷卻持續加速的評論。看起來您將其與推出新機架時提供更高收益的能力聯繫在一起了。

But I was wondering, what does that exactly mean that you're doing and why you're benchmarking, I guess, supposedly better against competition? And then I had a follow-up.

但我想知道，你這樣做到底意味著什麼，以及為什麼你要進行基準測試，我想，這應該比競爭對手更好？然後我進行了後續行動。

Hey, Steve. So my comments on improving yields at launch were more related to our design architecture, the engineering piece, the capability that we have today, where the handshake between the hyperscaler and us, as far as it relates to data center build-outs, that's what drives improved yields at launch.

嘿，史蒂夫。因此，我對提高發佈時收益的評論更多地與我們的設計架構、工程部分、我們今天擁有的能力有關，就數據中心建設而言，超大規模器和我們之間的握手是推動發佈時收益提高的因素。

The reference to -- obviously, servers and racks are doing really well. The GPU-related piece is obviously a big catalyst for that. The liquid cooling, the acquisition that we made last year is actually going really well. It's opening up so many doors for us in terms of vertical solutions, in terms of individual customized solutions that we can do.

顯然，伺服器和機架的表現非常好。與 GPU 相關的部分顯然是這現象的巨大催化劑。我們去年收購的液體冷卻項目實際上進展非常順利。它為我們在垂直解決方案以及我們可以實施的個人化客製化解決方案方面打開了許多大門。

And by the way, none of that is even in our forecast. We're still in conversations. It's actually going really well. I'm extremely pleased with that liquid cooling acquisition that we've done. And the potential for future growth, again, that was the reason we bought it.

順便說一句，這些都不在我們的預測之內。我們仍在交談中。一切確實進展順利。我對於我們完成的液體冷卻收購感到非常高興。而未來的成長潛力，又是我們購買它的原因。

We didn't buy it with revenue. We didn't buy it with a whole bunch of incremental revenue that came with it. It was more a capability that we were selling as a vertical and customized solution. So I think I hope that again answers your question.

我們沒有用收入來購買它。我們購買它時並沒有考慮隨之而來的大量增量收入。我們銷售的更多的是垂直和客製化解決方案的功能。所以我希望這能再次回答你的問題。

Yeah, that's really interesting. I appreciate that color. And then on the flip side, the Auto and Transport segment, it's still a bit of a melting ice cube for you guys in terms of your forecast.

是的，這真的很有趣。我很欣賞那個顏色。另一方面，就汽車和運輸領域而言，對你們來說，預測仍然有點像融化的冰塊。

And I was wondering how confident are you that you have a good handle on what EV production could be like for the second half of the year, and whether you have any offsets within that segment around like new programs or new content, et cetera? Thanks.

我想知道您對今年下半年電動車生產的狀況有多大信心，以及您是否在該領域有任何補償措施，例如新計劃或新內容等？謝謝。

Yeah. So I think there are definitely puts and takes in that line item we have. And again, we're being a lot more prudent here. We're not seeing that much of a reduction, but we're taking it upon ourselves to be prudent. We're derating some of the forecast. Some of the forecast reductions are being offset by our Chinese OEM, where the China EV market is really doing really well.

是的。因此我認為我們的該項目中肯定存在著利弊。再次強調，我們在這方面更加謹慎。我們沒有看到那麼大的減少，但我們還是要謹慎行事。我們正在降低部分預測。部分預測下調被我們的中國 OEM 所抵消，中國電動車市場表現確實很好。

So I think there's puts and takes. We have some of the power stuff with our largest customer in that end market as well, doing really well. So there's a whole bunch of puts and takes. If you -- if we didn't have these puts and takes, you'd be seeing a bigger reduction. I wouldn't characterize it as a melting ice cube. I think it's us being prudent, which is more applicable here.

所以我認為這裡有得有失。我們的最大客戶在該終端市場也擁有一些電力產品，並且表現得非常好。因此，存在著大量的得失。如果我們沒有這些投入和產出，你會看到更大的減少。我不會將其描述為融化的冰塊。我認為我們應該謹慎，這裡更適用。

Great. Appreciate that color. Thank you.

偉大的。欣賞那種顏色。謝謝。

Thank you.

謝謝。

George Wang, Barclays.

巴克萊銀行的喬治王 (George Wang)。

(inaudible) congrats on the quarter and the guidance. And thanks for taking my questions; I have a couple. I'd be remiss not to ask about CPO, especially following the GTC -- NVIDIA unveiled CPO.

（聽不清楚）對本季和未來前景表示祝賀。感謝您回答我的問題；我有一對。如果我不問有關 CPO 的問題，那我就太疏忽大意了，特別是在 GTC 之後——NVIDIA 公佈了 CPO。

Just curious, I thought Jabil could be beneficiary on the CPO assembly, just based on leverage your optics assets. Can you kind of give more color in terms of how Jabil could be positioned to take advantage of the CIPO-based CPU assembly?

只是好奇，我認為 Jabil 可以從 CPO 大會上受益，只是基於對光學資產的槓桿作用。您能否詳細介紹 Jabil 如何利用基於 CIPO 的 CPU 組件？

Yes, of course. I think we are well positioned. If you look at -- I think at GTC, the comments were more around switching gear, not so much on the GPU side. And again, that's where our capability is on the switching gear side and where we have development lines going on CPO.

是的當然。我認為我們處於有利地位。如果你看一下——我認為在 GTC 上，評論更多是圍繞切換設備，而不是 GPU 方面。再次強調，這就是我們在開關設備方面的能力所在，也是我們在 CPO 上進行開發生產線的地方。

Obviously, we have silicon photonics [clued on]. We do -- we are using Intel fix where the laser is embedded on the chip, which actually is a benefit today, particularly in light of the laser shortages that we're seeing.

顯然，我們有矽光子學[線索]。我們確實在採用英特爾的解決方案，將雷射嵌入到晶片中，這在今天實際上是一個好處，特別是考慮到我們所看到的雷射器短缺的情況。

So really well positioned for CPO. It's not as big a number today as you'd imagine. It's still in development phase, not just for Jabil, but for other companies as well. I think in the next one or two years, it starts going up and it probably starts exploding a little bit more towards '28. But the growth potential is definitely there. The capability is also there in Jabil.

因此，對於 CPO 來說，這確實是一個好的開始。今天這個數字並不像你想像的那麼大。它還處於開發階段，不僅對於 Jabil 而言，對於其他公司也是如此。我認為在未來一兩年內，這個數字會開始上升，到 28 年可能會爆發式成長。但成長潛力是肯定存在的。Jabil 也具備這種能力。

Great. Just a quick follow-up in terms of the transceiver. Three months ago, you guys talked about in discussion, in call with the three hyperscalers for 800G now and the 1.6T towards the year-end. Just curious if there's any progress or development in that front? Or are you guys making incremental progress you can report here?

偉大的。只是對收發器方面的一個快速跟進。三個月前，你們在與三家超大規模企業的討論中談到了現在的 800G 和年底的 1.6T。只是好奇這方面是否有進展或發展？或者你們是否取得了可以在此報告的漸進式進展？

Yes, there has been progress. I think we're doing really well with one of the hyperscalers. We're quoting for the others. I think, again, I'll mention again, I mentioned before, that at OFC, we'll be showcasing our 1.6T capability. That will be another sort of data point for us.

是的，有進展了。我認為我們與其中一家超大規模企業合作得非常好。我們正在為其他人報價。我想，我會再次提到，我之前提到過，在 OFC，我們將展示我們的 1.6T 能力。對我們來說這將是另一個數據點。

I do think that entire silicon photonics market is about to take off considerably for us. And there's not many companies that are as well positioned as we are, particularly in light of the Intel acquisition that we made and the capabilities that we have today. But yes, so the photonics is going, in my view, quite well.

我確實認為整個矽光子市場對我們來說即將迎來大幅起飛。而且，沒有多少公司能像我們一樣擁有如此良好的地位，特別是考慮到我們收購了英特爾，並且具備了我們目前的能力。但是的，在我看來，光子學進展得相當順利。

Great. I just want to squeeze in one more quickly, if I can. Just kind of glad to see you guys raised the guidance by $800 million around the server rack. Was it likely driven by your biggest hyperscale customer? Just curious about timing for the ramp.

偉大的。如果可以的話，我只是想盡快再擠進一個。很高興看到你們將伺服器機架的指導價格提高了 8 億美元。這可能是由您最大的超大規模客戶推動的嗎？只是好奇坡道的時間。

Earlier, you guys talked about it will be more FY26 in terms of the ramp, with the sort of custom rack with your biggest customer in the DCI side. Just curious if there's any pull in into the back half of FY25, kind of evidenced by the strong growth in the segment and the kind of guidance you raised. Just curious if you have any refreshed thoughts in terms of nuance just on the cadence for the ramp.

之前，你們談到在坡道方面將更專注於 FY26，以及與 DCI 方面最大的客戶合作客製化機架。只是好奇 25 財年下半年是否有任何拉動，這從該領域的強勁增長和您提出的指導中可以看出。只是好奇您是否對坡道節奏的細微差別有什麼新的想法。

Sure. So I think the increase is driven mainly in two parts. I think if you look at our market share, we are growing our market share. So there's definitely some level of consolidation going on there, and we're winning more than our fair share of the market.

當然。所以我認為成長主要由兩部分推動。我想如果你看看我們的市場份額，你會發現我們的市場份額正在成長。因此，該領域肯定存在一定程度的整合，而且我們贏得的市場份額超過了應有的份額。

And then the end market growth, again, that -- we're not seeing any slowdown there in the end market. That continues to move upward. I think if you look at -- it's not just in the US. There's areas, other parts of the world where sovereign data centers are just in very early stages. So plenty of legroom for that entire piece, George.

然後是終端市場的成長，我們再次沒有看到終端市場出現任何放緩。並且還在持續上升。我認為如果你看一下——這不僅發生在美國。在世界其他地區，主權資料中心才剛處於早期階段。所以，喬治，整個座位都有足夠的腿部空間。

Great. Thank you. Congrats again.

偉大的。謝謝。再次恭喜。

Thank you.

謝謝。

Melissa Fairbanks, Raymond James.

梅麗莎費爾班克斯，雷蒙德詹姆斯。

Hey, guys. Thanks so much. So I had a question about some of the supply chain dynamics. I appreciate all of the detail that you gave us about your expectations for tariffs. I'm not sure if Frank is in the room. If he is, he might be able to address this.

嘿，大家好。非常感謝。我對一些供應鏈動態有疑問。我感謝您向我們提供的有關關稅預期的所有詳細資訊。我不確定弗蘭克是否在房間裡。如果是的話，他也許能夠解決這個問題。

But I was wondering if there's been any change in the way your customers are thinking about procuring components. Your manufacturing footprint is what it is, and we know that it's very strong. But either customers pulling in from future demand or managing how or where they expect you to source materials from, has there been any change in behavior there?

但我想知道您的客戶在採購零件方面的想法是否發生了任何變化。您的製造足跡就是這樣，我們知道它非常強大。但是，無論是客戶從未來需求中獲取材料，還是管理他們期望您從何處或如何採購材料，那裡的行為是否發生了任何變化？

There's definitely been conversations, Melissa. So there's no point moving manufacturing around if the supply chain still (technical difficulty) in one country, yeah. So you're absolutely right. I think the conversations around supply chains being more localized, being more regionalized, I think, is ongoing.

確實有過對話，梅莉莎。所以，如果供應鏈仍然（有技術難題）在一個國家，那麼轉移製造業就沒有意義了。所以你完全正確。我認為有關供應鏈更加本地化、更加區域化的討論正在進行中。

We haven't seen any major changes. That -- if you're going to lift and move an entire supply chain from one part of the world to another part of, that's going to take multiple quarters. That's not going to be an overnight task. So I think it's definitely something we are talking about. We're definitely looking into areas and pockets of movement on the supply chain.

我們沒有看到任何重大變化。如果你要將整個供應鏈從世界的一個地方轉移到另一個地方，那將需要多個季度的時間。這不是一朝一夕就能完成的任務。所以我認為這肯定是我們正在談論的事情。我們確實在調查供應鏈上的活動區域和環節。

But you're right. The whole supply chain, manufacturing tariffs, all that doesn't make sense unless supply chain moves with it. So we're in active discussions on all of those. But I haven't seen any major moves which have been completed yet.

但你是對的。整個供應鏈、製造關稅，如果供應鏈不隨之移動，那麼這一切都沒有意義。所以我們正在積極討論所有這些問題。但目前我還沒看到任何已經完成的重大舉措。

Okay. Great. Thanks. And then maybe just one quick follow-up. You've talked about some of the M&A that you've done recently. Some of it has been very successful, obviously, with the silicon photonics and the liquid cooling.

好的。偉大的。謝謝。然後可能只需要一次快速的跟進。您談到了最近進行的一些併購交易。顯然，其中一些技術已經取得了非常成功的進展，例如矽光子學和液體冷卻技術。

Are there any other capabilities that you're looking at that maybe customers are coming to you and saying, hey, we don't want to do this anymore or hey, we see this is where our road map is going, and we need you to be able to do this? Are there any pockets there where you see opportunities?

您是否正在考慮其他功能？您認為那裡有哪些機會？

So today -- I think I'm glad you mentioned Mikros. You mentioned other acquisitions. But the one -- the pharmaceutical one that we just did, that's paying good dividends as well. We're getting a lot of interest from pharmaceutical companies on potential dry dosage drugs, aseptic filling.

所以今天——我很高興你提到了 Mikros。您提到了其他收購。但是我們剛剛開展的製藥業務也獲得了豐厚的回報。許多製藥公司對潛在的乾劑量藥物和無菌填充表現出濃厚的興趣。

We have 175,000 square feet that came with this acquisition in the US. And that -- the level of interest actually far exceeds what we expected. I think the whole GLP-1s, the alternatives, all of that, the team that we have there of 300 people, there's a lot of interest in that.

此次收購後，我們在美國獲得了 175,000 平方英尺的空間。而且 — — 人們的興趣程度其實遠遠超出了我們的預期。我認為整個 GLP-1、替代品以及所有這些，我們在那裡的 300 人團隊都對此很感興趣。

From a further acquisition, Melissa, yeah, we're on -- look, we're on road maps of all the large companies, trillions of dollars of market cap there. We know what technologies are coming. We continue to make appropriate sort of acquisitions. There's nothing I can tell you where we're going to do this tomorrow or do that tomorrow.

從進一步的收購來看，梅麗莎，是的，我們在——你看，我們在所有大公司的路線圖上，那裡有數萬億美元的市值。我們知道哪些技術即將到來。我們繼續進行適當的收購。我無法告訴你明天我們要去哪裡做這件事或做那件事。

We're constantly looking, and we're actually actively working a few of those as we speak. And that's been part of our [MO]. If you go back over the last 10, 15 years, we haven't made big acquisitions. We've made tuck-in acquisitions, capability-driven acquisitions, where we go and identify a gap in our capability and go and fill that.

我們一直在尋找，事實上，我們正​​在積極地進行其中的一些工作。這是我們[莫]。如果回顧過去 10 到 15 年，我們並沒有進行過大型收購。我們進行過附加收購、能力驅動型收購，目的是發現我們能力上的差距並加以彌補。

And this whole pharmaceutical acquisition is a great example of that. We identified that gap. We identified the total available market that could potentially open up for us, and that's what we went in it. And that will be the [MO]. No change there. And I'm -- again, good thoughts in terms of future acquisitions there.

整個製藥業的收購就是一個很好的例子。我們發現了這一差距。我們確定了可能為我們打開的整體可用市場，然後我們就進入了這個市場。那將是[莫]。那裡沒有變化。而且我 — — 再次，對未來的收購抱持良好的想法。

Excellent. Great. That's it for me, guys. Thanks.

出色的。偉大的。對我來說這就是全部了，朋友們。謝謝。

Thanks, Melissa.

謝謝，梅麗莎。

Thank you. At this time, I would like to turn the floor back over to Mr. Adam Berry for closing comments.

謝謝。現在，我想把發言權交還給亞當·貝裡先生，請他發表最後評論。

Thank you very much for your time. This now concludes our call. Have a great day.

非常感謝您抽出時間。我們的通話到此結束。祝你有美好的一天。

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

女士們、先生們，感謝你們的參與。今天的活動到此結束。現在您可以斷開線路或退出網路直播，並享受剩餘的一天。