捷普科技 (JBL) 2025 Q3 法說會逐字稿

Greetings and welcome to Jabil's third-quarter fiscal year 2025 conference call and webcast. (Operator Instructions)

歡迎參加 Jabil 2025 財年第三季電話會議和網路廣播。（操作員指示）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Adam Berry, Investor Relations. Thank you. Please go ahead.

提醒一下，本次會議正在錄製中。現在我很高興介紹你們的主持人，投資者關係部亞當貝瑞 (Adam Berry)。謝謝。請繼續。

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

早安，歡迎參加捷普 2025 財年第三季電話會議。參加今天電話會議的還有財務長 Greg Hebard 和執行長 Mike Dastoor。

Please note that today's presentation is being livestreamed, 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 our website for playback.

請注意，今天的演講正在進行現場直播，在我們準備好的演講中，我們將參考幻燈片。如需查看這些投影片，請造訪 jabil.com 的「投資者關係」頁面。今天的演示結束後，完整錄音將在我們的網站上提供播放。

In addition, we will be making forward-looking statements during this presentation, including, among other things, those regarding the anticipated outlook for our business, such as our currently expected fiscal year net revenue and earnings. 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，涉及可能導致實際結果和結果大不相同的風險和不確定性。

An extensive list of these risks and uncertainties are identified in our annual report on Form 10-K for the fiscal year ended August 31, 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詳細列出了這些風險和不確定性。Jabil 不承擔更新或修改任何前瞻性聲明的任何意圖或義務，無論其是否由於新資訊、未來事件或其他原因。

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

說完這些，我現在想把電話交給格雷格。

Thanks, Adam. Good morning, everyone. Thanks for joining our call today. I'm very pleased with our third-quarter performance, which at the enterprise level came in well above our expectations across revenue, core operating income, and core earnings per share.

謝謝，亞當。大家早安。感謝您今天參加我們的電話會議。我對我們第三季的業績非常滿意，從企業層面來看，我們的營收、核心營業收入和每股核心收益都遠遠超出了我們的預期。

In the quarter, we saw significant upside in our intelligent infrastructure business, led by the segment's AI-related revenue. At the same time, our regulated and CLDC segments came in largely as planned. The environment remains dynamic, but our performance this quarter demonstrates the strength of our operating model and our ability to deliver consistent results even as conditions shift.

本季度，我們的智慧基礎設施業務出現了顯著的成長，其中以人工智慧相關的收入為主導。同時，我們的受監管部門和 CLDC 部門基本上按計劃推進。環境仍然是動態的，但我們本季的業績證明了我們營運模式的實力以及即使在條件變化的情況下也能提供一致成果的能力。

Let's walk through the details for the quarter. For Q3, the team delivered $7.8 billion in net revenue, up an impressive 16% year over year, and $800 million above the midpoint of the guidance range we gave in March. Upside strength in revenue was primarily driven by cloud and data center infrastructure.

讓我們了解一下本季的詳細資訊。第三季度，該團隊實現了 78 億美元的淨收入，年增 16%，比我們 3 月給出的指導範圍中點高出 8 億美元。收入的成長主要得益於雲端運算和資料中心基礎設施。

Additionally, it's worth noting both our capital equipment and connected living and markets also saw higher than expected demand in the quarter. Given all this strength, core operating income for the quarter came in solidly above our range at $420 million. Our operating margins were at 5.4%, a 20 basis point improvement year over year.

此外，值得注意的是，本季我們的資本設備、互聯生活和市場的需求也高於預期。鑑於所有這些優勢，本季核心營業收入穩居我們預期的 4.2 億美元之上。我們的營業利益率為 5.4%，年比提高了 20 個基點。

Net interest expense in Q3 was $66 million. On a GAAP basis, operating income was $403 million, and our GAAP diluted earnings per share was $2.03. Core diluted earnings per share for Q3 was $2.55, up 35% compared to Q3 of last year.

第三季淨利息支出為 6,600 萬美元。以美國通用會計準則 (GAAP) 計算，本季營業利潤為 4.03 億美元，每股攤薄收益為 2.03 美元。第三季核心每股攤薄收益為 2.55 美元，較去年同期成長 35%。

Turning now to our performance by segment in the quarter. Our regulated industries reported revenue of $3.1 billion, roughly in line with our expectations and flat year over year. This reflects ongoing softness in the EV and renewable end markets, partially offset by growth in our healthcare business.

現在來談談我們本季各部門的業績。我們監管的行業報告的收入為 31 億美元，大致符合我們的預期，與去年同期持平。這反映了電動車和再生能源終端市場的持續疲軟，但被我們醫療保健業務的成長部分抵消。

Core operating margin for this segment was 5.5%, up 70 basis points sequentially. However, this is down 50 basis points year over year as EVs and renewables remain below normalized levels of profitability.

該部門核心營業利益率為 5.5%，較上季成長 70 個基點。然而，由於電動車和再生能源的獲利能力仍低於正常水平，因此這一數字比去年同期下降了 50 個基點。

In the intelligent infrastructure segment, we saw a revenue of $3.4 billion, up approximately 51% year on year and well ahead of our expectations for the third quarter. This growth continues to be driven by sustained strong demand in our AI-related cloud and data center infrastructure business, including power, cooling, and server rack solutions.

在智慧基礎設施領域，我們的營收為 34 億美元，年成長約 51%，遠超我們對第三季的預期。這一成長持續受到我們與人工智慧相關的雲端和資料中心基礎設施業務（包括電源、冷卻和伺服器機架解決方案）持續強勁的需求的推動。

Capital equipment was also strong in the quarter, as the need for testing gear remains robust. This growth was offset slightly by lower demand in our networking and communications end market due to softer 5G demand. Core operating margin for this segment was 5.3%.

由於測試設備的需求依然強勁，本季資本設備表現也十分強勁。由於 5G 需求疲軟，我們的網路和通訊終端市場需求下降，略微抵消了這一成長。該部門核心營業利益率為5.3%。

In our connected living and digital commerce segment, revenue was $1.3 billion, slightly higher than what we thought 90 days ago. On a year-over-year basis, this segment was down approximately 7%. This is mainly reflecting softness in consumer-driven products, offset by growth in areas such as warehouse and retail automation. Core operating margins for this segment came in at 5.3% in Q3, up 210 basis points year over year, reflecting both the benefits from the restructuring actions taken earlier this year to reduce costs, as well as a changing mix of business within this segment.

在我們的互聯生活和數位商務領域，收入為 13 億美元，略高於我們 90 天前的預期。與去年同期相比，該部分下降了約 7%。這主要反映了消費驅動產品的疲軟，但被倉庫和零售自動化等領域的成長所抵消。該部門第三季的核心營業利潤率為 5.3%，年增 210 個基點，這不僅反映了今年稍早為降低成本而採取的重組行動帶來的好處，也反映了該部門業務組合的變化。

Next, I'll provide an update on our cash flow and balance sheet metrics for the end of Q3. Inventory days decreased sequentially by 6 days to 74 days. Net of inventory deposits from our customers, inventory days were 59, an improvement of 2 days sequentially and within our targeted range.

接下來，我將提供第三季末的現金流量和資產負債表指標的最新情況。庫存天數較上月減少6天至74天。扣除客戶的庫存存款後，庫存天數為 59 天，比上一季改善 2 天，且在我們的目標範圍內。

In Q3, cash flow from operations was strong at $406 million. Net capital expenditures for the third quarter were $80 million. As a result of this solid performance, adjusted free cash flow for the quarter came in at $326 million, bringing our year-to-date adjusted free cash flow to $813 million. With our results through three quarters, we are well on track to generate over $1.2 billion in free cash flow for the year.

第三季度，營運現金流強勁，達到 4.06 億美元。第三季淨資本支出為8000萬美元。由於這一穩健的表現，本季調整後的自由現金流達到 3.26 億美元，使我們年初至今的調整後自由現金流達到 8.13 億美元。根據前三個季度的業績，我們預計今年將產生超過 12 億美元的自由現金流。

We exited the third quarter with a healthy balance sheet with debt-to-core EBITDA levels of approximately 1.4 times and cash balances of approximately $1.5 billion. In Q3, we repurchased $339 million of our shares. We're on track to complete our current $1 billion share repurchase authorization in Q4.

我們在第三季結束時擁有健康的資產負債表，債務與核心 EBITDA 比率約為 1.4 倍，現金餘額約為 15 億美元。第三季度，我們回購了價值 3.39 億美元的股票。我們預計在第四季完成目前 10 億美元的股票回購授權。

With that, let's turn to the next slide for our Q4 FY25 guidance. Beginning with revenue by segment, we anticipate revenue for regulated industries will be $2.9 billion, down 5% year on year as we maintain a prudent near-term outlook on the EV and renewable markets. We are also closely monitoring potential impacts, positive or negative, arising from the impending legislation in the US.

接下來，讓我們翻到下一張投影片，了解 2025 財年第四季的指引。從各部門的收入開始，我們預計受監管行業的收入將為 29 億美元，年減 5%，因為我們對電動車和再生能源市場的短期前景保持審慎的態度。我們也密切關注美國即將出台的立法可能帶來的正面或負面影響。

For our intelligent infrastructure segment, we expect strong growth to continue with the revenue for the quarter to be $3.3 billion, up approximately 42% year over year. We expect this increase to be driven by sustained, broad based, AI-related growth in cloud, data center infrastructure, and capital equipment markets.

對於我們的智慧基礎設施部門，我們預計強勁成長將持續，本季營收將達到 33 億美元，年增約 42%。我們預計這一成長將受到雲端運算、資料中心基礎設施和資本設備市場持續、廣泛的人工智慧相關成長的推動。

In our connected living and digital commerce segment, revenues are expected to be $1.3 billion, down 21% year on year, reflecting continued softness in consumer-centric products, offset slightly by growth in warehouse and retail automation markets.

在我們的互聯生活和數位商務部門，預計收入為 13 億美元，年減 21%，反映出以消費者為中心的產品持續疲軟，但倉庫和零售自動化市場的成長略微抵消了這一影響。

Putting it all together at the enterprise level, total company revenue for Q4 is expected to be in the range of $7.1 billion to $7.8 billion. Core operating income for Q4 is estimated to be in the range of $428 million to $488 million.

綜合企業層面來看，預計第四季公司總營收將在 71 億美元至 78 億美元之間。第四季核心營業收入預計在 4.28 億美元至 4.88 億美元之間。

GAAP operating income is expected to be in the range of $331 million to $411 million. Core diluted earnings per share is estimated to be in the range of $2.64 to $3.04. GAAP diluted earnings per share is expected to be in the range of $1.79 to $2.37. Net interest expense in the fourth quarter is estimated to be approximately $65 million. Our core tax rate for Q4 and for the full year is expected to remain at 21%.

預計 GAAP 營業收入將在 3.31 億美元至 4.11 億美元之間。核心稀釋每股盈餘預計在2.64美元至3.04美元之間。 GAAP稀釋每股盈餘預計在1.79美元至2.37美元之間。第四季淨利息支出預計約6500萬美元。我們第四季和全年的核心稅率預計將保持在 21%。

In closing, the JBL team's execution thus far in FY25 amid heightened geopolitical uncertainty has been tremendous. Our ability to execute effectively is a testament to the strength of our diversified portfolio and our strategic alignment with high growth, secular trends such as AI and industrial automation. This resilience not only reinforces our competitive position but also sets the stage in the coming years for continued revenue expansion, margin enhancement, and robust free cash flow generation.

最後，在地緣政治不確定性加劇的情況下，JBL 團隊在 25 財年迄今的表現非常出色。我們有效執行的能力證明了我們多元化投資組合的實力以及我們與人工智慧和工業自動化等高成長、長期趨勢的戰略一致性。這種韌性不僅增強了我們的競爭地位，也為未來幾年持續擴大收入、提高利潤率和產生強勁的自由現金流奠定了基礎。

With that, I'd like to thank you for your time this morning and 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對捷普的關注。我現在將電話轉給麥克。

Thanks, Greg, and good morning, everyone. I want to start by acknowledging the tremendous work of our global team. Their consistent execution in a complex environment is a driving force behind our performance and our ability to deliver for our customers. The dedication I see across the organization is remarkable, and I am grateful for their efforts, a dedication which is fundamental to our strategy, especially as we navigate the evolving geopolitical landscape.

謝謝，格雷格，大家早安。首先我要對我們全球團隊的出色工作表示感謝。他們在複雜環境中的持續表現是我們業績和為客戶提供服務能力的驅動力。我看到整個組織所展現的奉獻精神令人驚嘆，我感謝他們的努力，這種奉獻精神對於我們的策略至關重要，特別是在我們應對不斷變化的地緣政治格局時。

Today, most of our manufacturing has migrated local for local and region for region. This focus in manufacturing, mainly in region, has continued to play out well for us, particularly in today's geopolitical environment. And furthermore, I continue to see our global and growing US footprint as a significant competitive advantage. Our ability to offer customers diverse, resilient, and localized manufacturing solutions has become more valuable than ever.

如今，我們的大部分製造業已經從本地轉移到本地，從地區轉移到地區。這種以製造業為主（主要在地區）的關注對我們來說一直發揮著良好的作用，特別是在當今的地緣政治環境下。此外，我仍然認為我們在全球和不斷成長的美國業務是一個巨大的競爭優勢。我們為客戶提供多樣化、有彈性和本地化的製造解決方案的能力變得比以往任何時候都更有價值。

Being a US domicile company with deep experience across 30 countries allows us to partner with customers to navigate issues like potential tariffs and supply chain complexities, a capability I believe is unmatched in the industry.

作為一家在 30 個國家/地區擁有豐富經驗的美國公司，我們可以與客戶合作解決潛在關稅和供應鏈複雜性等問題，我相信這種能力在業界是無與倫比的。

Now turning to our performance in the quarter. As Greg detailed, our third-quarter results were very strong, reflecting higher than expected growth in cloud and data center infrastructure, capital equipment, and connected living end markets.

現在來談談我們本季的表現。正如格雷格所詳述，我們第三季的業績非常強勁，反映出雲端和資料中心基礎設施、資本設備和互聯生活終端市場的成長高於預期。

At the same time, healthcare, automotive, digital commerce, and networking and communications were largely in line with our expectations from March. As a result, the team delivered $7.8 billion in revenue, 5.4% core operating margins, and $2.55 in core delivered earnings per share, up 35% from Q3 last year.

同時，醫療保健、汽車、數位商務以及網路和通訊領域基本上符合我們 3 月的預期。結果，該團隊實現了 78 億美元的收入、5.4% 的核心營業利潤率和 2.55 美元的每股核心收益，比去年第三季度增長了 35%。

As I contextualize these strong results with our year-to-date performance and projected FY25 revenue by end market, several key points become evident. First, our intelligent infrastructure segment continues to stand out as it remains squarely at the epicenter of the AI revolution. Demand for AI hardware is not slowing down. If anything, it's accelerating. The need for complex server and rack integration, advanced networking, and innovative power and cooling solutions is surging.

當我將這些強勁的業績與我們今年迄今的業績以及終端市場預計的 2025 財年收入進行比較時，有幾個關鍵點變得顯而易見。首先，我們的智慧基礎設施領域繼續脫穎而出，因為它仍然處於人工智慧革命的中心。對人工智慧硬體的需求並沒有放緩。如果有的話，它正在加速。對複雜的伺服器和機架整合、先進的網路以及創新的電源和冷卻解決方案的需求正在激增。

Our holistic approach to the data center, our deep engineering and design architecture collaboration, and our ability to execute complex high-volume production at scale makes us a good partner for the world's leading hyperscalers and silicon providers. Our teams are executing with urgency, ramping capacity, optimizing supply chains, and staying ahead of customer needs. Whether it's racks, photonics, advanced networking, or storage, we're delivering.

我們對資料中心的整體方法、深度工程和設計架構協作以及大規模執行複雜大批量生產的能力使我們成為世界領先的超大規模製造商和矽片供應商的良好合作夥伴。我們的團隊正在緊急執行任務、提高產能、優化供應鏈並始終滿足客戶需求。無論是機架、光子學、先進網路或存儲，我們都可提供。

Given this momentum we now project, our AI-related revenue will reach approximately $8.5 billion this fiscal year, a 50%-plus increase year on year. And to support this growth, I'm excited to share that this morning we announced we will be opening a new site in the southeastern US to help fulfill the ongoing increase in AI data center infrastructure demand.

按照我們現在預測的這種勢頭，本財年我們的人工智慧相關收入將達到約 85 億美元，年增 50% 以上。為了支持這一成長，我很高興地告訴大家，今天早上我們宣布將在美國東南部開設一個新站點，以幫助滿足持續成長的人工智慧資料中心基礎設施需求。

As part of this plan, we expect to invest approximately $500 million over the next several years to expand our US footprint as we remain focused on supporting cloud and AI data center infrastructure customers. With the addition of this new factory, we will now operate more than 30 sites across the United States. This investment is a significant commitment, and there are a few things to keep in mind.

作為該計劃的一部分，我們預計在未來幾年內投資約 5 億美元來擴大我們在美國的業務，同時我們仍然專注於支援雲端和人工智慧資料中心基礎設施客戶。隨著這家新工廠的加入，我們現在將在美國擁有 30 多個工廠。這項投資是一項重大承諾，需要牢記一些事項。

We're in the final stages of site selection now, and we expect the facility to be operational by mid-calendar year 2026. This site will further enable our design, architecture, and large-scale manufacturing capabilities in high-complexity AI racks with increased power requirements and infrastructure fit out to liquid cooling.

我們目前正處於選址的最後階段，預計該設施將於 2026 年中期投入營運。該網站將進一步增強我們在高複雜性 AI 機架方面的設計、架構和大規模製造能力，以滿足更高的功率需求和適合液體冷卻的基礎設施。

We fully anticipate that this new site will help diversify our revenue growth in the AI hyperscale space. We do not expect this investment to change our outlook for annual CapEx spend, which currently stands at 1.5% to 2% of revenue. And finally, it is important to highlight that as the new site is projected to come online towards the end of FY26, we do not expect it to have a material impact on our financial results until FY27.

我們完全相信這個新站點將有助於我們在人工智慧超大規模領域實現收入成長多元化。我們預計這項投資不會改變我們對年度資本支出的展望，目前資本支出佔收入的 1.5% 至 2%。最後，需要強調的是，由於新站點預計將於 26 財年末上線，我們預計它直到 27 財年才會對我們的財務業績產生重大影響。

Another area of exciting growth in FY25 and beyond is digital commerce. The team continues to drive innovation in retail and logistics, helping a diverse set of customers automate everything from the warehouse to the aisle and checkout.

25 財年及以後另一個令人興奮的成長領域是數位商務。該團隊繼續推動零售和物流領域的創新，幫助不同客戶實現從倉庫到過道和結帳的所有流程的自動化。

As we've discussed before, labor dynamics and fulfillment speed are driving structural investment here, and our solutions are resonating with customers. As we look further down the road, we see a long runway ahead as robotics, automation, and even humanoids become central to the future of day-to-day life.

正如我們之前討論過的，勞動力動態和履行速度正在推動這裡的結構性投資，我們的解決方案引起了客戶的共鳴。放眼未來，我們看到了一條漫長的道路，因為機器人、自動化甚至人形機器人將成為未來日常生活的中心。

Turning to regulated industries where trends have been more mixed. As expected, EV and renewable energy markets in the US remain soft. Moving forward, we continue to monitor the potential impact of the impending US legislation on these end markets. We're managing these potential headwinds with discipline, staying close to our customers, and continue to focus on markets with accretive long-term margin potential.

轉向受監管的行業，趨勢更加複雜。正如預期的那樣，美國電動車和再生能源市場仍然疲軟。展望未來，我們將繼續關注即將出台的美國立法對這些終端市場的潛在影響。我們正在嚴格管理這些潛在的不利因素，密切關注我們的客戶，並繼續專注於具有長期利潤成長潛力的市場。

Healthcare, on the other hand, remains a bright spot. We are focusing on higher-value segments such as drug delivery devices, diagnostic equipment, and pharma solutions, where our Pii acquisition is already opening new doors. We continue to believe this business will be a margin and cash flow contributor over the long term, as we continue to add vertical capabilities in various areas of this end market.

另一方面，醫療保健仍然是一個亮點。我們專注於藥物傳輸設備、診斷設備和製藥解決方案等高價值領域，我們對 Pii 的收購已經為這些領域打開了新的大門。我們仍然相信，隨著我們繼續在這個終端市場的各個領域增加垂直能力，這項業務將長期成為利潤和現金流的貢獻者。

With that, let's move to our updated outlook for the full year. We are raising our revenue guidance for fiscal 2025 to approximately $29 billion, while we believe core operating margins will be in the range of 5.4%. As a result, we now expect to deliver core diluted earnings per share of $9.33 for the year. And importantly, we expect to generate an excess of $1.2 billion in adjusted free cash flow.

有了這些，讓我們來看看全年的最新展望。我們將 2025 財年的營收預期上調至約 290 億美元，同時我們認為核心營業利潤率將在 5.4% 左右。因此，我們現在預計今年每股核心攤薄收益為 9.33 美元。重要的是，我們預計調整後的自由現金流將超過 12 億美元。

As we close out fiscal 2025, it's worth noting that our diversification strategy continues to aid our results as the demand profile of the end markets we serve are considerably dynamic. For instance, despite persistent weakness in EDs, renewables, and 5G, we're approaching record levels of core EPS.

隨著我們結束 2025 財年，值得注意的是，我們的多元化策略將繼續幫助我們取得業績，因為我們所服務的終端市場的需求狀況相當活躍。例如，儘管 ED、再生能源和 5G 持續疲軟，但我們的核心 EPS 正在接近創紀錄的水平。

Looking ahead, we remain focused on enhancing core margins, optimizing cash flow, and returning value to shareholders, primarily through share repurchases and targeted investments in higher margin opportunities. This focus, together with our disciplined financial approach, creates a favorable setup for sustained value creation in the coming years.

展望未來，我們將持續致力於提高核心利潤率、優化現金流並為股東帶來價值回報，主要透過股票回購和針對更高利潤率機會的定向投資。這種專注，加上我們嚴謹的財務方法，為未來幾年持續創造價值創造了有利條件。

To close, I want to thank the Jabil team for their outstanding contributions and our investors for their continued confidence in our strategy. I am incredibly optimistic about the future we're building together.

最後，我要感謝捷普團隊的傑出貢獻以及投資者對我們策略的持續信任。我對我們共同建設的未來充滿樂觀。

I will now turn the call back over to Adam.

我現在將電話轉回給亞當。

Thanks, Mike. Before moving into Q&A, I'd like to quickly summarize our key messages from today's call. First, Jabil delivered strong Q3 results with core EPS above the high end of our guidance, driven primarily by an outstanding performance in intelligent infrastructure. And we provided Q4 guidance that reflects continued robust momentum in AI and data center markets, balanced with a prudent assumption for other areas.

謝謝，麥克。在進入問答環節之前，我想快速總結一下今天電話會議的關鍵訊息。首先，捷普第三季業績表現強勁，核心每股收益高於我們預期的高端，這主要得益於智慧基礎設施的出色表現。我們提供的第四季指引反映了人工智慧和資料中心市場持續強勁的發展勢頭，同時也對其他領域做出了審慎的假設。

Second, we announced further US investments in our AI and data center footprint, which will position us well for future growth. And finally, Jabil remains exceptionally well positioned due to our diversified portfolio, advanced manufacturing and engineering capabilities, and a clear strategy focused on profitable growth and shareholder returns.

其次，我們宣佈在美國進一步投資我們的人工智慧和資料中心，這將為我們未來的成長奠定良好的基礎。最後，捷普憑藉著多元化的產品組合、先進的製造和工程能力以及專注於獲利成長和股東回報的明確策略，保持著極佳的市場地位。

To that end, I'm pleased to share that we'll be hosting our eighth annual virtual investor briefing in late September. During that briefing, we intend to provide a comprehensive full-year outlook. This will include our customary commentary on the markets we serve, our growth priorities, and our disciplined approach to capital allocation.

為此，我很高興地告訴大家，我們將在九月下旬舉辦第八屆年度虛擬投資者簡報會。在那次簡報會上，我們打算提供全面的全年展望。這將包括我們對所服務市場的慣常評論、我們的成長重點以及我們對資本配置的嚴謹方法。

Specifically, we will outline our expectations for fiscal year 2026 across core operating margins, core EPS, and adjusted free cash flow. I remain incredibly optimistic about the future we're building, and we look forward to sharing our plan with you at that time.

具體來說，我們將概述對 2026 財年核心營業利潤率、核心每股盈餘和調整後自由現金流的預期。我對我們正在建立的未來仍然非常樂觀，我們期待屆時與你們分享我們的計劃。

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

謝謝。接線員，我們現在可以進行問答了。

Thank you. The floor is now open for questions. (Operator Instructions)

謝謝。現在開始接受提問。（操作員指示）

Ruplu Bhattacharya, Bank of America.

美國銀行的 Ruplu Bhattacharya。

Hi. Thank you for taking my questions. Mike, you're seeing strong growth in data center and cloud revenues, and today you guided AI-related revenues to $8.5 billion for fiscal '25. What's a reasonable level of growth to expect in this segment for fiscal '26 and beyond, and can you help us rank order the revenue growth and margins for the different segments within intelligent infrastructure? For capital equipment, cloud data center, and networking comms, how should we think about revenue growth and margins for these?

你好。感謝您回答我的問題。麥克，您看到資料中心和雲端運算收入強勁成長，今天您預計 25 財年的人工智慧相關收入將達到 85 億美元。在 26 財年及以後，該細分市場的合理成長預期為何？您能否幫助我們對智慧基礎設施不同細分市場的收入成長和利潤率進行排序？對於資本設備、雲端資料中心和網路通信，我們應該如何考慮這些產品的收入成長和利潤率？

Hey, Ruplu. So I think before I even start, I think the $8.5 billion of revenue in the AI world is a big achievement for the team. I think the team has performed and executed solidly. I think they worked 24/7 over the last few weeks, so a really good result in our Q3 quarter. I think the $8.5 billion is just testament to the growth rate from '24 to '25 being almost 50%, so really well done there.

嘿，魯普魯。所以我認為在我開始之前，我認為人工智慧領域的 85 億美元收入對團隊來說是一個巨大的成就。我認為該團隊表現得非常出色且執行力很強。我認為他們在過去幾週全天候工作，因此我們第三季的業績非常好。我認為 85 億美元正好證明了 24 年至 25 年的成長率接近 50%，所以做得非常好。

From a growth rate and margin, Ruplu, we'll provide more guidance in September for '26. I don't want to touch on '26 right now. But I think overall, if you look at margin in the three different end markets in that segment, I do think capital equipment would be accretive.

從成長率和利潤率來看，Ruplu，我們將在 9 月為 26 年提供更多指導。我現在不想談 26 年。但我認為總體而言，如果你看一下該領域三個不同終端市場的利潤率，我確實認為資本設備會增加。

I think if you look at wafer fab equipment side on the capital equipment, that's a slightly higher margin. The automated testing where the bulk of our growth has been, is slightly lower margin than WIP. So a mixed sort of margin profile in capital equipment. I think cloud data center, we've mentioned this a few times before, it's at enterprise level and I think the explosive growth that we continue to see in that area will be good for '26.

我認為，如果你從資本設備的角度看晶圓廠設備方面，利潤率會略高一些。我們成長的主要來源是自動化測試，其利潤率略低於 WIP。因此，資本設備的利潤率狀況是混合的。我認為雲端資料中心，我們之前已經提到過幾次，它是企業級的，我認為我們在該領域繼續看到的爆炸式增長將對 26 年有利。

And then from a networking and comms perspective, networking, I expect that to be slightly accretive, while communications and mainly 5G is a lot more dilutive to our margin. So mixed profile, I think it's different for different end markets, even within the same segment.

然後從網路和通訊的角度來看，我預計網路會略有增值，而通訊（主要是 5G）會大大稀釋我們的利潤率。因此，我認為混合概況對於不同的終端市場來說是不同的，即使在同一細分市場中也是如此。

Okay. Thanks for the details there, Mike. Can I ask fiscal year '25 operating margin, you're holding steady at 5.4%. What needs to happen for operating margins to get to 6%-plus? I mean, what do you need to see in terms of revenues and other things to get the operating margin to that level?

好的。謝謝你提供的詳細信息，邁克。可以問一下 25 財年的營業利益率嗎，你們的營業利益率穩定在 5.4%。要讓營業利潤率達到 6% 以上需要做些什麼呢？我的意思是，您需要在收入和其他方面看到什麼才能使營業利潤率達到該水平？

Sure. So if you look at -- we've talked about this in the past. Today we find ourselves with a little bit of underutilized capacity. Our normal capacity utilization is in the 85%, 86% range. Today we're still at the 75% range. Even with the explosive growth that you see in the AI world, the underutilized capacity still exists because there's a mismatch in geographies. The AI growth is all in the US, while the underutilized capacity is in countries outside of the US.

當然。所以如果你看一下——我們過去曾討論過這個問題。如今，我們發現我們的產能有些未被充分利用。我們的正常產能利用率介於85%至86%之間。如今我們仍處於 75% 的範圍內。即使人工智慧領域呈現爆炸性成長，但由於地理位置不匹配，產能利用不足的情況仍然存在。人工智慧的成長全部都在美國，而未充分利用的產能則在美國以外的國家。

So I do expect 20 bps to come back from a better utilization, and I'm not suggesting that would happen next year. It would all depend on recovery of end markets and our ability to execute to those end markets.

因此我確實預計透過更好的利用率可以回升 20 個基點，但我並不是說這種情況會在明年發生。這一切都取決於終端市場的復甦以及我們對這些終端市場的執行能力。

20 bps on utilization, I would expect another 20 bps on SG&A leverage. I think as we continue to grow our SG&A, especially at the corporate level, will continue to hold steady, and that will have a big impact on margins going forward. Again, not suggesting 20 bps in '26. It's a very high-level number over the next two, three years.

利用率上升 20 個基點，我預期銷售、一般及行政費用槓桿率也將上升 20 個基點。我認為，隨著我們繼續成長，我們的銷售、一般及行政費用（SG&A），特別是在公司層面，將繼續保持穩定，這將對未來的利潤率產生重大影響。再次強調，我們並不建議在 26 年就將利率提高 20 個基點。對於未來兩三年來說，這是一個非常高的數字。

And then last but not least, 20 bps from a mixed standpoint. It's growth in higher margin business. As we get into some of the other better-performing markets, I think that 20 bps does come through. And then if you go beyond 6% as well, we're not just going to stop at 6%. There's a whole bunch of political integration. We've talked about things like pharma filling. We've talked about other parts that we can collaborate on with customers in a deeper end-to-end solution. That will get us to that next step beyond 6%.

最後但同樣重要的是，從混合角度來看為 20 個基點。這是高利潤業務的成長。當我們進入其他一些表現較好的市場時，我認為 20 個基點確實能夠實現。如果超過 6%，我們不會只停留在 6%。存在大量政治融合。我們討論過諸如藥品填充之類的事情。我們已經討論了在更深入的端到端解決方案中可以與客戶合作的其他部分。這將使我們邁向 6% 以上的下一步。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Congratulations on the strong results, and thanks very much for taking my questions. First, I'm hoping to better understand how you're assessing the potential risk that some of the strong sales that you saw in the third quarter was due to pull-in buying perhaps because of tariff uncertainty. And is that a factor in the guidance for sequential moderation in revenue in the fourth quarter?

恭喜您取得如此優異的成績，非常感謝您回答我的問題。首先，我希望更了解您如何評估潛在風險，即第三季看到的部分強勁銷售可能是由於關稅不確定性導致的拉動購買。這是第四季營收季減的因素嗎？

So no. I think if you look, the bulk of our revenue [beat] was in capital equipment and in the cloud data center infrastructure. Both of those are US centric. Tariff impact is minimal there, so I don't expect to see any pull-ins.

所以不。我想如果你看一下，你會發現我們的大部分收入來自資本設備和雲端資料中心基礎設施。這兩者都是以美國為中心的。那裡的關稅影響很小，所以我預計不會有任何拉力。

We're not overall even beyond that, Mark. I don't think we're seeing pull-ins of any magnitude. Right now, the whole tariff situation is still fluid, still dynamic. Things are moving around, and nobody wants to make decisions based on paying too much of a tariff or too little of a tariff. So I think at this stage, we're just customers and stable. We're collaborating. We're obviously having a lot of discussions, but no pull-in of significance. At least we're not seeing that.

總體而言，我們還沒有超越這個水平，馬克。我認為我們沒有看到任何規模的拉動。目前，整個關稅情勢仍然不穩定、動態。事情不斷變化，沒有人願意根據支付過多或過少的關稅來做出決定。所以我認為在現階段，我們只是客戶，而且比較穩定。我們正在合作。我們顯然進行了很多討論，但沒有重大進展。至少我們沒有看到這種情況。

Very helpful. Thanks, Mike. My second question was around the announced planned expansion in the US. Is this primarily to support current customers and programs? Or do you see incremental opportunities that's giving you the confidence to commit more capital domestically? Thank you.

非常有幫助。謝謝，麥克。我的第二個問題是關於宣布的美國擴張計劃。這主要是為了支援現有客戶和計畫嗎？或者您看到了增量機會，讓您有信心在國內投入更多資本？謝謝。

No, so I think the best part about this new investment, it's not due to just existing customers. It's a portfolio that we're looking at. It's diversified, expanding a hyperscaler base, expanding a polo base. So I think overall it is expanding a customer base in a really positive manner. I really have good thoughts about this site. Once it's up and running, it's not just going to be in the cloud data center. We're going to look at liquid cooling, power management. Everything associated with that entire AI ecosystem will be sort of showcased in that facility.

不，所以我認為這項新投資最好的部分不僅僅是來自現有客戶。這是我們正在關注的投資組合。它是多樣化的，擴大了超大規模基礎，擴大了馬球基礎。所以我認為總體而言，它正在以一種非常積極的方式擴大客戶群。我確實對這個網站有很好的看法。一旦啟動並運行，它就不僅僅存在於雲端資料中心。我們將研究液體冷卻、電源管理。與整個人工智慧生態系統相關的一切都將在該設施中展示。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Please go ahead. Hi. Good morning. A couple questions, if I could. First, just looking at the quarter just recorded, can you just sort of discuss the [II] margins quarter over quarter? So it looks like you were flat at 5.3% on almost an $800 million increase in revenue. So what specifically were the puts and takes there that we should consider and how those apply maybe going forward? And then I had a follow-up.

請繼續。你好。早安.如果可以的話，我有幾個問題。首先，僅看一下剛剛記錄的季度，您能否討論一下 [II] 利潤率的季度環比變化？因此看起來你們的收入增加了近 8 億美元，但成長率卻維持在 5.3% 左右。那麼，我們應該考慮的具體利弊是什麼，以及這些利弊在未來如何應用？然後我進行了後續跟進。

Yeah, so, hey, Steve, good morning. It's Greg. So on margins for AI, was it 5.3% similar to what we saw in Q2? What we did see with the very strong growth during the quarter, we did incremental investments during the quarter that did put some pressure on margins for the segment. And as we get that to scale, we do see that improving to get at and above our enterprise level margins.

是的，嘿，史蒂夫，早安。我是格雷格。那麼，人工智慧的利潤率是否與我們在第二季度看到的 5.3% 相似？我們確實看到本季度的強勁成長，我們在本季度進行了增量投資，這確實給該部門的利潤率帶來了一些壓力。隨著我們擴大規模，我們確實看到利潤率不斷提高，達到甚至超過了我們的企業級利潤率。

There's always some level of cost associated with an explosive growth level at this scale, Steve. So I think overall, we will continue to get leverage going forward. We did get some leverage, by the way, on the cloud and DCI side. I think you don't see it all in the intelligent infrastructure because our communications 5G side is a little bit diluted there. So there's a little bit of a mixed effect going on in intelligent infrastructure as well.

史蒂夫，這種規模的爆炸性成長總是伴隨著一定程度的成本。因此我認為總體而言，我們將繼續獲得槓桿作用。順便說一句，我們確實在雲端和 DCI 方面獲得了一些優勢。我認為你在智慧基礎設施中看不到這一切，因為我們的通訊 5G 方面在那裡有點被稀釋了。因此，智慧基礎設施也存在一些混合效應。

Great. That's very helpful. And then just sort of looking ahead, not just necessarily for this quarter but beyond, Mike, how do we think about just managing all of this growth? You mentioned -- you highlighted a new plant coming online, new customers. There seems to be vendor consolidation going on, new opportunities for other technologies for you guys to focus on. How do you sort of ensure that you're adding capacity at the right rate, focus on the right technologies, et cetera? Just any thoughts there given how great the growth is going forward?

偉大的。這非常有幫助。然後展望未來，不一定只是本季度，而且還有更長遠的未來，麥克，我們如何考慮管理所有這些成長？您提到—您強調了新工廠的投產和新客戶。似乎正在進行供應商整合，其他技術的新機會值得你們關注。您如何確保以正確的速度增加容量、專注於正確的技術等等？考慮到未來的成長前景有多好，您有什麼想法嗎？

Yeah, so the team is really focused on this expansion, Steve. They're talking to customers constantly. One of the things we were seeing in the chicken-and-egg situation with capacity versus new customers and new orders, customers -- potential customers want to see a site as well.

是的，所以團隊確實專注於這次擴張，史蒂夫。他們不斷地與顧客交談。我們看到的其中一個問題是先有雞還是先有蛋，產能與新客戶和新訂單之間的關係，客戶——潛在客戶也希望看到一個網站。

So I think the team is fully engaged. They've been talking to multiple players. They've been talking to multiple customers and potential customers. And obviously we feel like there's certainly a path to filling out that site over the next few years.

所以我認為團隊已經全心投入了。他們一直在與多名玩家交談。他們一直在與多位客戶和潛在客戶交談。顯然，我們覺得未來幾年肯定有辦法填補這個網站。

So overall, I do think that expansion continues in good shape. Don't forget, beyond cloud data center, we have the photonics side. We're winning some liquid cooling sort of customers as well. So it's across the board, thermal management, power management, all of that will come into play here. And it just allows us to showcase our entire end-to-end solution, again, in that site across the entire ecosystem.

所以總體而言，我確實認為擴張將繼續保持良好的態勢。別忘了，除了雲端資料中心，我們還有光子學方面。我們也贏得了一些液體冷卻類型的客戶。因此，它是全面的，熱管理、電源管理，所有這些都將在這裡發揮作用。它讓我們能夠在該站點上向整個生態系統展示我們的整個端到端解決方案。

Melissa Fairbanks, Raymond James.

梅麗莎·費爾班克斯、雷蒙德·詹姆斯。

Great news on the US manufacturing investment. You mentioned that this is largely AI-driven or AI-related data center business that's driving this investment. Are there any other segments or end markets that are exploring moving to the US or maybe consolidating in other geographies longer term? Are you seeing more customer conversations about this, given the tariff uncertainty?

美國製造業投資的好消息。您提到，推動這項投資的主要是人工智慧驅動或與人工智慧相關的資料中心業務。是否有其他細分市場或終端市場正在探索遷移到美國或可能在其他地區進行長期整合？鑑於關稅的不確定性，您是否看到更多客戶談論此事？

So Melissa, I think overall, if you look at what we've done over the last few years, we've regionalized our manufacturing base. A lot of our manufacturing is done in the region. So there's not that much of a tariff impact. Sure, there will be odds and bids here and there in terms of tariff impact. But I think from a customer perspective, we seem to be in a decent shape in terms of where they're located. And most of the locations are close to their end consumer markets.

所以梅麗莎，我認為總的來說，如果你看看我們過去幾年所做的事情，我們已經將我們的製造基地區域化了。我們的許多製造業務都是在該地區完成的。因此關稅的影響並不大。當然，就關稅影響而言，各處都會有賠率和出價。但我認為從客戶的角度來看，就他們所在的位置而言，我們的狀況似乎還不錯。而且大多數地點都靠近最終消費市場。

So we're in good shape there. We'll constantly look at moving things around. I think the end markets that suit better to the US, obviously healthcare is a big one. The entire intelligent infrastructure segment is one. And then if you look at digital commerce as well, that's an area that we're focused on. And bits and pieces could move to the US on that as well as automation, as robotics, as some of the capabilities that we have in that space get more meaningful and more necessary as we expand in the US.

所以我們的情況很好。我們會不斷觀察事物的進展。我認為更適合美國的終端市場顯然是醫療保健市場。整個智慧基礎設施領域就是其中之一。如果你也看一下數位商務，那就是我們關注的領域。這些技術以及自動化、機器人技術等都可以轉移到美國，因為隨著我們在美國的業務擴張，我們在該領域的一些能力變得更有意義、更有必要。

Okay, great. Thanks. And then just to give you a little break from the cloud and AI questions, I was wondering, the stock has obviously moved up pretty considerably recently. Free cash flow is outstanding. Just wondering how you're thinking about capital allocation. You mentioned that this US investment was not going to change your CapEx levels, but thinking about how you're looking at deploying cash in the future.

好的，太好了。謝謝。然後，為了讓你稍微休息一下，不要再問雲端運算和人工智慧的問題，我想知道，該股票最近顯然已經大幅上漲。自由現金流非常出色。只是想知道您如何考慮資本配置。您提到這項美國投資不會改變您的資本支出水平，而是考慮您未來如何部署現金。

Yeah, good morning, Melissa. What I would say is that we continue to remain committed to returning value to our shareholders. To your point, free cash flow is looking very strong this year at $1.2 billion. Returning 80% of our free cash flow to buybacks we're committed to that. We do see our current $1 billion share authorization program being completed in Q4. And our typical cadence of new authorizations and continuing that type of policy, we typically announce between July and September. So more to come on that in the coming months.

是的，早上好，梅麗莎。我想說的是，我們將繼續致力於為股東帶來價值回報。正如您所說，今年的自由現金流看起來非常強勁，達到 12 億美元。我們將把 80% 的自由現金流用於回購，這是我們的承諾。我們確實看到我們目前的 10 億美元股票授權計劃將在第四季度完成。我們通常會在 7 月至 9 月之間宣布新的授權和延續此類政策。未來幾個月內還會有更多相關內容。

And Melissa, if I may just add, I think if you remember the mobility divestiture, once we completed that divestiture, our CapEx requirements have gone down considerably. Our free cash flow is in really, really good shape. We're almost a completely different company from a capital allocation perspective. We continue to see share buybacks as a major sort of part of our strategy. So everything is moving in the right direction as it relates to cash flows.

梅麗莎，如果我可以補充一點的話，我想如果你還記得移動業務的剝離，那麼一旦我們完成剝離，我們的資本支出要求就會大幅下降。我們的自由現金流狀況確實非常好。從資本配置的角度來看，我們幾乎是一家完全不同的公司。我們繼續將股票回購視為我們策略的重要組成部分。因此，就現金流而言，一切都朝著正確的方向發展。

Great. Thanks very much. Fantastic job managing it. Thanks very much.

偉大的。非常感謝。管理得非常好。非常感謝。

Tim Long, Barclays.

巴克萊銀行的提姆朗。

Yeah, two as well, if I could. First, back to the cloud data center, obviously upside in the quarter and in the guide pretty meaningfully. Just give us a little update on, I think you talked about some of the product breadth that you're seeing in that upside. Could you just maybe double click on that and also talk about kind of customer diversity within that bucket, how broad that's getting?

是的，如果可以的話，也有兩個。首先，回到雲端資料中心，本季和指南中的上升趨勢顯然相當顯著。請向我們提供一些最新情況，我認為您談到了您所看到的一些產品廣度的優勢。您能否雙擊該圖標並討論該類別中的客戶多樣性以及其範圍有多廣？

And then to follow up on that, I was hoping you could update us on the transceiver business, anything new on customer activity there, and now that we're a few months away from the release of the 1.6T. Any customer feedback or outlook on timing there would be helpful. Thank you.

接下來，我希望您能更新收發器業務的最新進展，以及客戶活動的最新情況。現在距離1.6T的發布還有幾個月的時間。任何客戶回饋或對時間安排的展望都將非常有幫助。謝謝。

So a couple of drivers in the intelligent infrastructure segment, we talked about capital equipment. I think the automated testing cycle is in full play, I think, with the custom chip requirements, with new technologies, with all the complexity with AI-based infrastructure. I think that whole testing is expanding considerably, and I think it's got pretty long legs overall.

因此，我們討論了智慧基礎設施領域的幾個驅動因素，即資本設備。我認為自動化測試週期正在充分發揮作用，隨著客製化晶片要求、新技術以及基於人工智慧的基礎設施的所有複雜性。我認為整個測試正在大大擴展，我認為它總體上會持續很長時間。

So WFE on that side is a little bit sluggish, but AI on WFE is actually doing quite well. The sluggishness is more on the automotive consumer side.

因此，這方面的 WFE 有點遲緩，但 WFE 上的 AI 實際上表現相當不錯。汽車消費方面表現得更為疲軟。

And then the cloud data center itself, if you, the bulk of the increase in revenue was driven by our server rack integration. Don't forget that server rack integration is heavily, heavily driven by our design architecture and engineering teams, where we create a situation where the handshake between the hyperscaler and us brings the use to launch to a much more acceptable percentage.

然後是雲端資料中心本身，如果你這麼認為，收入的成長大部分是由我們的伺服器機架整合所推動的。不要忘記，伺服器機架整合很大程度上是由我們的設計架構和工程團隊推動的，我們創造了一種情況，即超大規模企業和我們之間的握手將啟動使用率提高到更可接受的百分比。

So it's not just by chance that we're winning that business. Obviously, end market is growing. It continues to grow. It's actually accelerating, in my view. And we're winning market share there as well. Obviously, for the future, we'll be looking at liquid cooling and some of the other power management, thermal management pieces, but those are in early stages yet. And again, big drivers for growth in the future.

因此，我們贏得這項業務並非偶然。顯然，終端市場正在成長。它還在繼續增長。在我看來，它實際上正在加速。我們在那裡也贏得了市場份額。顯然，展望未來，我們將研究液體冷卻和一些其他電源管理、熱管理零件，但這些還處於早期階段。這再次成為未來成長的巨大動力。

And on the transceiver side?

那麼在收發器方面呢？

Yeah. So on the transceiver side, we're seeing really good growth. I think if you go back a couple of years, we made the photonics acquisition from Intel. We acquired a design and engineering capability, so there was a whole bunch of engineers that we acquired with clean rooms and capacity to build out the transceivers.

是的。因此，在收發器方面，我們看到了非常好的成長。我想如果回顧幾年前，我們從英特爾收購了光子學業務。我們獲得了設計和工程能力，因此我們擁有一大批工程師，他們擁有無塵室和製造收發器的能力。

Demand for transceivers is obviously on the rise today. Today, we're moving to 800G. We showcased our 1.6T capability at OFC two or three months ago, and that's been well received by our customer base. Obviously, 1.6T is more advanced, and probably towards the end of the year, early part of next calendar year is when we'll see an uptick there. So we're definitely seeing 200, 400s moving to the 800s, and at some point in time, that will continue into the 1.6Ts as well.

如今對收發器的需求顯然正在上升。今天，我們正在邁向800G。兩三個月前，我們在 OFC 上展示了我們的 1.6T 能力，並受到了客戶的一致好評。顯然，1.6T 更為先進，大概到今年底或明年年初我們就會看到它的上升趨勢。因此，我們肯定會看到 200、400 轉向 800，並且在某個時間點，這種趨勢也會延續到 1.6T。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

I guess maybe if I start with the Q4 guide, and, Mike, the run rate that you have for Q4 in regulated industries and connected living and digital commerce, both of them are down modestly in Q4, while intelligent infrastructure is growing rapidly.

我想也許如果我從第四季度指南開始，麥克，您在第四季度監管行業、互聯生活和數位商務的運行率都在小幅下降，而智慧基礎設施正在快速增長。

I'm just trying to think in terms of when we look below that headline number for regulated industries and connected living, are there drivers that as you go over the next 12 months drive those segments back to growth? Or should the sort of starting assumption for the next 12 months be that those two segments remain a bit sluggish while most of the growth comes from intelligent infrastructure? Thank you. And I have a follow-up.

我只是在思考，當我們查看受監管行業和互聯生活的總體數字時，是否存在推動這些領域在未來 12 個月內恢復成長的驅動因素？或者，未來 12 個月的初始假設應該是，這兩個領域仍然有點低迷，而大部分成長來自智慧基礎設施？謝謝。我還有一個後續問題。

Yeah, good morning, Samik. This is Greg. I'll start with your question on Q4. For regulated, we're still being very prudent on our guidance, especially when you look at EVs and renewables. So that's definitely impacting our guidance for Q4. And then on consumer living and digital commerce, we definitely have been very prudent as well on the revenue guide there. We have been pruning various customers and programs in the consumer-related area.

是的，早上好，薩米克。這是格雷格。我將從您關於第四個問題的問題開始。對於受監管的領域，我們仍然非常謹慎地制定指導方針，尤其是在電動車和再生能源方面。所以這肯定會影響我們對第四季的指導。然後，在消費者生活和數位商務方面，我們對那裡的收入指南也非常謹慎。我們一直在修剪與消費者相關的領域的各種客戶和項目。

Still feel good about the margins that we're seeing there, but again, just being prudent and conservative on the guidance for those two segments.

我們仍然對我們在那裡看到的利潤率感到滿意，但同樣，對這兩個部分的指導只是謹慎和保守。

And anything in terms of drivers to call out that changes as we go into fiscal '26?

當我們進入 26 財年時，在驅動因素方面有什麼變化嗎？

No. No. No specific drivers. I mean, other than just we're not seeing any, any turnaround yet in automotive and also in the renewable energy markets. So still to be determined there. And then also just on consumer, we're just being conservative.

不。不。沒有特定的驅動程式。我的意思是，除此之外，我們還沒有看到汽車和再生能源市場有任何改善。因此仍有待確定。而且就消費者而言，我們也只是持保守態度。

I do see some level of growth in healthcare and the digital commerce. Those are accretive margins. So really good progress there in terms of what we're seeing coming again in the healthcare space from booking to actually getting in the factory. There's an 18, 24 month time lag. We are winning business. Some of it will head towards the end of '26. Some of it will hit in '27, '28.

我確實看到醫療保健和數位商務出現了一定程度的成長。這些都是增值利潤。因此，就我們看到的醫療保健領域從預訂到實際進入工廠的情況而言，取得了非常好的進展。存在 18 至 24 個月的時間差。我們正在贏得業務。其中一些將在 26 年底前完成。其中一些將在 2027 年和 2028 年實現。

So just something to be aware of, but healthcare is definitely an area that we're quite excited about. If you look at digital commerce, that's another area that we're pretty excited about. You're looking at warehouse automation. You're looking at a whole bunch of handheld devices. We're looking at humanoids robots. That's further out. Obviously, that's not going to be anytime soon. And then there's the retail shelf piece as well. So that entire digital commerce is an exciting area for us as well.

所以要注意的是，醫療保健絕對是我們非常感興趣的領域。如果你看一下數位商務，那是另一個讓我們非常興奮的領域。您正在查看倉庫自動化。您正在看一大堆手持裝置。我們正在研究人形機器人。那太遠了。顯然，這不會很快實現。然後還有零售貨架部分。因此，整個數位商務對我們來說也是一個令人興奮的領域。

And for my follow up, if I can just go back to the announcement of the manufacturing capacity, any broad way for us to think about the $500 million, how to split that between capital versus operating expenses over the time period.?

接下來，如果我可以回顧一下製造能力的公告，我們能否大致思考這 5 億美元，如何在一段時間內將其分配給資本支出和營運支出？

And maybe Mike, in terms of your reference to this being largely capacity for incremental sort of customer wins in terms of tightening up utilization in the international locations, do you see sort of over time tilting your manufacturing more to the US and maybe sort of restructuring some of the manufacturing in international locations to achieve that better utilization? Or do you see enough demand to fill the international locations where you have a bit more underutilization at this point? Thank you.

也許麥克，就您提到的這在很大程度上是透過加強國際地點的利用率來逐步贏得客戶的能力而言，您是否認為隨著時間的推移，您的製造業務會更多地轉向美國，或許會重組國際地點的一些製造業務，以實現更好的利用率？或者您認為有足夠的需求來填補目前利用率略低的國際地點？謝謝。

I do think today, our manufacturing base is really well regionalized. We are manufacturing in regions. So we're in the right locations for manufacturing. Some of it will make sense to bring back to the US. Some of it won't because it's region for region and local for locals. It'll have to be within the region or within the country itself.

我確實認為，今天我們的製造業基地已經很好地區域化了。我們是在各個地區進行生產。因此，我們處於適合製造的地點。其中一些帶回美國是有意義的。有些則不會，因為這是地區之間的事，是地方的事。它必須在該地區或該國境內。

I don't think the US -- the site here is specifically going down to the infrastructure. It's not a multi end market site. I do think the whole CapEx piece will be a long term. The $500 million is not a year one, year two, year three. I think it's over multiple years. And it's a little bit of a chicken and egg as well.

我不認為美國——這裡的站點專門涉及基礎設施。這不是一個多端市場網站。我確實認為整個資本支出部分將是一個長期過程。5億美元不是第一年、第二年、第三年就能拿到的。我認為這已經持續了好幾年了。這也有點像先有雞還是先有蛋的問題。

As we win business, the capital expenditure will occur as, as it gets pushed out. It will slow down. So there's a whole, there's a whole bunch of dynamics in that site. I wouldn't focus too much on the $500 million. I think we did say from a CapEx standpoint, we're still extremely comfortable with our 1.5% to 2% range. And that's not, that's not going to change going forward. So it'll all be within the 1.5% to 2% range in terms of capital expenditure.

隨著我們贏得業務，資本支出將會隨之發生。它會慢下來。因此，該網站中存在著大量的動態。我不會過度關注這 5 億美元。我認為我們確實從資本支出的角度說過，我們對 1.5% 到 2% 的範圍仍然非常滿意。而這種情況在未來也不會改變。因此，就資本支出而言，一切都將在 1.5% 到 2% 的範圍內。

David Vogt, UBS.

瑞銀的戴維·沃格特。

Mike, I know you said not to focus on the $500 million, but I'm going to focus on it anyway. You help frame sort of the revenue opportunity that underpins that incremental $500 million of investment over the next couple of years. And without that $500 million, do you have enough capacity to kind of hit your growth plan over the next two to three years, particularly in cloud and data center?

麥克，我知道你說過不要關注那 5 億美元，但我還是會關注它。您幫助建立了未來幾年內增加 5 億美元投資所需的收入機會。如果沒有這 5 億美元，你們是否有足夠的產能來實現未來兩到三年的成長計劃，特別是在雲端運算和資料中心領域？

And then my follow-up is on the networking side. Obviously, you called out weakness in 5G. Can you maybe speak to the trends underneath 5G? What I mean by that is [ex-5G], how is networking trends trending over the last couple of quarters and how should we think about that going forward if we strip out the 5G business? Thanks.

然後我的後續工作是關於網路方面。顯然，您指出了 5G 的弱點。能談談 5G 的趨勢嗎？我的意思是（不包括 5G），過去幾季的網路趨勢如何？如果我們剔除 5G 業務，我們該如何看待未來的發展？謝謝。

So I'll answer your second question first. I think 5G is a little bit dilutive to our business. I think excluding that, the margins are accretive in that networking space. I think we'll provide more guidance in September. I think photonics is ramping in that networking line item. I think we've done maybe $300 million to $400 million in '25. We're looking at maybe [750, 126] and then could be $1 billion beyond that as well. So good growth rates expected for that line item.

所以我先回答你的第二個問題。我認為 5G 對我們的業務有一點稀釋作用。我認為，除此之外，網路領域的利潤率還在不斷增加。我認為我們將在九月提供更多指導。我認為光子學在網路專案中的應用正在不斷擴大。我認為我們在 25 年的收益可能達到 3 億到 4 億美元。我們正在考慮[750, 126]，然後也可能超過 10 億美元。因此預計該項目的成長率會很好。

Can you repeat your first question, please?

您能重複一下您的第一個問題嗎？

Yeah, on the $500 million investment, obviously, you're mostly local for local, as we've talked about pretty extensively. But without the $500 million, could you hit your growth targets today within intelligent infrastructure? Or is this critical capacity addition needed to kind of hit your multi-year plan? And if so, what kind of revenue can be supported by this incremental $500 million of capacity? If we just think about what your gross [PPD] looks on the balance sheet, I'm just trying to make sort of an extrapolation of how to think about what the incremental revenue could look like, particularly within that segment.

是的，關於 5 億美元的投資，顯然，你們主要是在當地進行本地化，正如我們已經廣泛討論過的。但是，如果沒有這 5 億美元，您今天能在智慧基礎設施領域實現成長目標嗎？或者說，增加這項關鍵產能是否有助於實現您的多年計畫？如果是這樣，那麼新增的 5 億美元產能可以支持什麼樣的收入？如果我們只考慮你的總金額 [PPD] 在資產負債表上的表現，我只是試圖推斷增量收入會是什麼樣子，特別是在該細分市場中。

I think over time, the revenue will be considerable. It will be material. I won't suggest any numbers yet, but the $500 million, again, is a very long-term sort of number. It's not first two, three or four years. It's over multiple years.

我認為隨著時間的推移，收入將會很可觀。這將是物質的。我暫時不會提出任何數字，但 5 億美元是一個非常長期的數字。這不是最初的兩年、三年或四年。已經過去好幾年了。

I do think the site with all the capabilities that we have, the execution of the team, they should be able to ramp up relatively soon. I did highlight that it only comes online in the middle of calendar year '26. I don't expect much of an impact in '26 itself. In '27, there will be a step up, and '28 will be an even bigger step up. I do think very high potential for the site.

我確實認為，憑藉我們所擁有的所有功能和團隊的執行力，他們應該能夠相對快速地發展。我確實強調過，它只會在 26 年年中上線。我並不認為 26 年本身會產生太大的影響。27年會有進步，28年會是更大的進步。我確實認為該網站具有很高的潛力。

In terms of growth rate for our existing outside of that site, I think we have capacity. We're ramping different parts of that intelligent infrastructure in different locations as well. So overall, we do have a decent path to growth even beyond that site.

就該站點以外現有站點的成長率而言，我認為我們有能力。我們也在不同地點擴大智慧基礎設施的不同部分。所以總的來說，我們確實擁有一條不錯的成長道路，甚至超越了該網站。

Ruplu Bhattacharya, Bank of America.

美國銀行的 Ruplu Bhattacharya。

Hi. Thanks for taking my follow-up. Mike, a lot of things are going strong for Jabil. What's the biggest risk you see to this story today? Also, you've done some acquisitions in the past. Over the last couple of years, you've bought the Intel transceiver business, liquid cooling. How would you prioritize M&A versus buybacks over the next year? Thank you.

你好。感謝您關注我的後續問題。麥克，捷普的很多事情進展順利。您認為今天這個故事面臨的最大風險是什麼？此外，您過去也進行過一些收購。在過去的幾年裡，你們收購了英特爾收發器業務和液體冷卻業務。明年，您會如何優先考慮併購和回購？謝謝。

So a couple of end markets are performing as well, and we've highlighted those over the last several quarters. Obviously, EV has taken a little bit of a downward move, and then renewables.

因此，一些終端市場表現良好，我們在過去幾個季度中重點強調了這些市場。顯然，電動車的銷量略有下降，再生能源的銷量也隨之下降。

Now, I do want to highlight that in that line item of renewables, energy, and infrastructure, renewables is only $600 million. So when I say downside, I'm thinking of maybe $200,000, $300,000 or more. There could be an upside of $200,000, $300,000 in that line item as well.

現在，我確實想強調的是，在再生能源、能源和基礎設施項目中，再生能源僅佔 6 億美元。因此，當我說下行風險時，我想到的可能是 20 萬美元、30 萬美元或更多。該項目還可能帶來 20 萬至 30 萬美元的收益。

I think even from an automotive and EV perspective, one of the things we've got three or four dynamics going on there, where obviously our China business is doing well. We're actually gaining new customers there.

我認為，即使從汽車和電動車的角度來看，我們在中國的業務也呈現出三到四種動態，顯然我們的中國業務表現良好。我們實際上正在那裡獲得新客戶。

We manufacture in region in that EV space for most of our customers, so very minimal tariff impact. And then the power business for our largest customer is doing reasonably well, and that's a little bit of an offset lower car volume sales. And most of all, we've been very conservative and prudent already in that line item.

我們在該地區的電動車領域為大多數客戶生產產品，因此關稅影響非常小。我們最大客戶的電力業務表現相當不錯，這在一定程度上抵消了汽車銷售的下降。最重要的是，我們在該專案上已經非常保守和謹慎。

So answer to your question in terms of what risk, those are more small sort of hiccups. I don't see that as major items to get worried about.

所以回答你的問題，關於風險是什麼，這些都是小問題。我並不認為這是需要擔心的大事。

What was the second question again?

第二個問題又是什麼？

Just on M&A versus buybacks.

僅就併購與回購而言。

It's your follow-up to your follow-up?

這是你的後續行動嗎？

Yeah.

是的。

So look, we've always made tuck-in acquisitions. Most of them are capability-driven. If you go and look back at our history over the last maybe 24 months, the silicon photonics from Intel, the liquid cooling Mikros acquisition, the Pii drug-filling acquisition, they're all capability-driven. They all open up huge tabs for us, and that will continue to be the approach.

所以你看，我們一直在進行收購。其中大多數都是能力驅動的。如果你回顧過去 24 個月的歷史，你會發現英特爾的矽光子學、液體冷卻 Mikros 的收購、Pii 藥物填充的收購，它們都是由能力驅動的。它們都為我們打開了巨大的標籤，並將繼續採用這種方法。

I think right now, the focus is still no change in the whole buyback capital allocation methodology. We're looking at 80% being allocated to buybacks, so no major change there. We'll probably renew our buyback authorization in July with the board.

我認為現在的重點仍然是整個回購資本配置方法沒有改變。我們正在考慮將 80% 分配給回購，因此不會發生重大變化。我們可能會在七月與董事會更新回購授權。

So I think overall, no major change in the M&A piece. Having said that, if a larger M&A does come through, which we think would be highly accretive for Jabil, we'll execute on that as well. One thing to remember is our debt to EBITDA is very low. It's only 1.4, and there's plenty of room to move around in that leverage as well if needed.

所以我認為總體而言，併購部分不會有重大變化。話雖如此，如果確實有更大規模的併購交易發生，我們認為這將為捷普帶來巨大的增值，我們也會執行這項操作。需要記住的一件事是我們的債務與 EBITDA 之比非常低。它只有 1.4，如果需要的話，還有足夠的空間來調整槓桿。

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

謝謝。現在，我想把發言權交還給貝裡先生，請他發表最後評論。

Thank you. That's our call today. If you have any questions, please reach out.

謝謝。這就是我們今天的呼籲。如果您有任何疑問，請與我們聯絡。

Ladies and gentlemen, thank you for your participation and interest in Jabil. 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，感謝您的參與和對捷普的關注。現在您可以斷開線路或退出網路直播，享受剩餘的一天。