捷普科技 (JBL) 2026 Q1 法說會逐字稿

Greetings. Welcome to Jabil's first quarter fiscal year 2026 financial results conference call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加捷普公司2026財年第一季財務業績電話會議。（操作員說明）請注意，本次會議正在錄音。

I will now turn the conference over to Adam Berry, SVP, IR and Communications. Thank you. You may begin.

現在我將把會議交給投資者關係和傳播高級副總裁亞當·貝瑞。謝謝。你可以開始了。

Good morning, and welcome to Jabil's first quarter fiscal 2026 conference call. Joining me on today's call are Chief Executive Officer, Mike Dastoor; and Chief Financial Officer, Greg Hebard. 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 our website for playback.

早安，歡迎參加捷普公司2026財年第一季電話會議。今天與我一起參加電話會議的有執行長麥克·達斯圖爾和財務長格雷格·赫巴德。請注意，今天的演講將進行直播。在發言過程中，我們會參考投影片。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，完整的錄影將在我們的網站上提供回放。

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 second quarter and full fiscal year 2026 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. An extensive list of these risks and uncertainties is identified in our annual report on Form 10-K for the fiscal year ended August 31, 2025, 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.

此外，我們將在本次演講中發表前瞻性聲明，其中包括有關我們業務預期前景的聲明，例如我們目前預期的 2026 財年第二季和全年淨收入和收益。這些聲明是基於目前的預期、預測和假設，其中涉及風險和不確定性，可能導致實際結果與預期結果有重大差異。這些風險和不確定性的詳細清單已在截至 2025 年 8 月 31 日的財政年度的 10-K 表格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。捷普公司聲明，無論因新資訊、未來事件或其他原因，均無意願或義務更新或修改任何前瞻性聲明。

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

接下來，我想把電話交給格雷格。

Thanks, Adam, and good morning, everyone. Thanks for joining our call today. This quarter, we exceeded expectations across the board: revenue, core operating income, core margins and core earnings per share all came in strong. Our performance underscores the value of our diversified portfolio and our consistent execution. Intelligent Infrastructure led the way with impressive growth while Regulated Industries and Connected Living and Digital Commerce delivered steady results in line with or above our outlook.

謝謝亞當，大家早安。感謝您今天參加我們的電話會議。本季度，我們各項業績均超乎預期：營收、核心營業收入、核心利潤率及核心每股盈餘均表現強勁。我們的績效凸顯了我們多元化投資組合的價值以及我們始終如一的執行力。智慧基礎設施業務以令人矚目的成長引領產業發展，而受監管產業、互聯生活和數位商務業務也取得了與預期相符或超出預期的穩定業績。

Let's now walk through our numbers. Net revenue for Q1 was $8.3 billion, at the high end of our guidance range. The mix in revenue and ongoing cost discipline helped us achieve core operating income of $454 million and a core operating margin of 5.5%. On a GAAP basis, operating income was $283 million, and GAAP diluted earnings per share was $1.35. Core diluted earnings per share for Q1 was $2.85, coming in at the upper end of our guidance range.

現在讓我們來逐一分析這些數字。第一季淨收入為 83 億美元，處於我們預期範圍的高端。收入組合和持續的成本控制幫助我們實現了 4.54 億美元的核心營業收入和 5.5% 的核心營業利潤率。以美國通用會計準則計算，營業收入為 2.83 億美元，美國通用會計準則稀釋後每股收益為 1.35 美元。第一季核心稀釋後每股收益為 2.85 美元，處於我們預期範圍的上限。

Turning now to performance by segment in the quarter. Regulated Industries generated $3.1 billion in revenue, in line with expectations and up 4% year-over-year. Automotive and renewables came in largely as expected, and healthcare continued to deliver steady, reliable revenue performance. Core operating margin was 5.8%, up 110 basis points year-over-year reflecting solid and disciplined execution across the segment and ongoing strength in healthcare.

接下來我們來看本季各業務部門的業績表現。受監管產業創造了 31 億美元的收入，符合預期，年增 4%。汽車和再生能源產業基本上符合預期，醫療保健產業持續保持穩定可靠的收入表現。核心營業利潤率為 5.8%，年成長 110 個基點，反映出該業務板塊穩健而嚴謹的執行以及醫療保健業務的持續強勁表現。

Intelligent Infrastructure revenue was $3.9 billion, ahead of expectations. The upside was primarily driven by strength in our cloud and data center infrastructure as well as our networking end markets. In cloud and DCI, we saw higher revenue due to strong execution as we ramp our second hyperscale customer in Mexico, along with robust results from our data center power operations in Memphis.

智慧基礎設施業務收入達39億美元，超出預期。上漲主要得益於我們在雲端和資料中心基礎設施以及網路終端市場的強勁表現。在雲端和資料中心基礎設施方面，由於我們在墨西哥迎來了第二個超大規模客戶，並且執行力強勁，我們的收入有所增長，同時我們在孟菲斯的數據中心電力運營也取得了強勁的業績。

The upside in networking was primarily driven by stronger demand for next-generation liquid-cooled platforms, which we currently support in India. Core operating margin for the segment was 5.2%, up 40 basis points year-over-year, supported by mix and strong execution. Connected Living and digital commerce revenue was $1.4 billion, ahead of expectations with broad-based strength in automation, robotics and retail warehouse programs. Core operating margin for the segment was 5.5%.

網路業務的成長主要得益於對下一代液冷平台的強勁需求，而我們目前在印度也支持這些平台。該業務板塊的核心營業利潤率為 5.2%，年增 40 個基點，這得益於產品組合和強勁的執行力。互聯生活和數位商務收入達 14 億美元，超出預期，這主要得益於自動化、機器人和零售倉儲專案的廣泛強勁表現。此業務部門的核心營業利潤率為 5.5%。

Next, I'll provide an update on our cash flow and balance sheet metrics. Inventory days for the quarter came in at 70 days. Net of inventory deposits from customers inventory days were 57 days, consistent with our targeted range of 55 to 60 days. Cash flow from operations in Q1 was $323 million, and net capital expenditures were $51 million, resulting in adjusted free cash flow of $272 million for the quarter. We remain on track to deliver $1.3 billion in adjusted free cash flow for the full year.

接下來，我將介紹我們的現金流量和資產負債表指標。本季庫存週轉天數為70天。扣除客戶存貨押金後，庫存週轉天數為 57 天，與我們設定的 55 至 60 天的目標範圍一致。第一季經營活動產生的現金流量為 3.23 億美元，淨資本支出為 5,100 萬美元，因此該季度調整後的自由現金流為 2.72 億美元。我們仍有望實現全年調整後自由現金流13億美元的目標。

We ended the quarter with a healthy balance sheet, including net debt to core EBITDA of 1.2x and cash balances of $1.6 billion. During Q1, we repurchased $300 million of shares under our existing share repurchase authorization.

本季末，我們的資產負債表狀況良好，淨債務與核心 EBITDA 比率為 1.2 倍，現金餘額為 16 億美元。第一季度，我們根據現有的股票回購授權回購了價值 3 億美元的股票。

With that, let's turn to our guidance for Q2 FY '26. Beginning with revenue by segment, we anticipate Regulated Industries revenue of $2.78 billion, up 2% year-on-year, reflecting an appropriately disciplined outlook for automotive and renewables with continued growth in healthcare. Intelligent Infrastructure revenue of $3.76 billion, up 42% year-on-year, supported by sustained strong demand across cloud, data center infrastructure, data center power, networking, liquid cooling and capital equipment. This also includes a modest contribution from the previously announced Hanley Energy acquisition, which our guidance assumes will close sometime in January.

接下來，讓我們來看看我們對 2026 財年第二季的業績預期。首先來看各業務部門的收入，我們預期受監管產業的收入為 27.8 億美元，年增 2%，反映出我們對汽車和再生能源的展望較為謹慎，而醫療保健產業則持續成長。智慧基礎設施收入達 37.6 億美元，年增 42%，這得益於雲端運算、資料中心基礎設施、資料中心電力、網路、液冷和資本設備等領域的持續強勁需求。這其中也包括先前宣布的對 Hanley Energy 的收購所帶來的少量貢獻，我們預計該收購將於 1 月完成。

Connected Living and Digital Commerce revenue of $1.21 billion, down 10% reflecting planned program attrition and customer pruning, partially offset by continued growth in warehouse and retail automation. Putting it all together to enterprise level, total company revenue for Q2 is expected to be in the range of $7.5 billion to $8 billion. Core operating income is expected to be in the range of $375 million to $435 million. GAAP operating income is expected to be in the range of $312 million to $382 million. Core diluted earnings per share is expected to be in the range of $2.27 to $2.67.

互聯生活和數位商務收入為 12.1 億美元，下降 10%，反映了計劃中的項目縮減和客戶精簡，但部分被倉儲和零售自動化業務的持續增長所抵消。綜合所有因素，從企業層級來看，公司第二季的總營收預計在 75 億至 80 億美元之間。核心營業收入預計在 3.75 億美元至 4.35 億美元之間。GAAP營業收入預計在3.12億美元至3.82億美元之間。預計核心稀釋後每股收益在 2.27 美元至 2.67 美元之間。

GAAP diluted earnings per share is expected to be in the range of $1.70 to $2.19.

GAAP稀釋後每股盈餘預計在1.70美元至2.19美元之間。

We expect second quarter net interest expense to be approximately $69 million and full year interest expense to be approximately $270 million. The increase in interest expense next quarter reflects two key factors: first, additional debt associated with the anticipated acquisition of Hanley Energy Group, which we intend to fund through a combination of cash and new borrowings. And second, the anticipated refinancing of our existing senior notes maturing in April. Our core tax rate for Q2 and the full year is 21%.

我們預計第二季淨利息支出約為 6,900 萬美元，全年利息支出約為 2.7 億美元。下一季利息支出的增加反映了兩個關鍵因素：首先是與預期收購漢利能源集團相關的額外債務，我們打算透過現金和新借款相結合的方式來為其提供資金。其次，我們預計將對 4 月到期的現有高級票據進行再融資。第二季和全年的核心稅率為 21%。

In closing, Q1 was a strong start to the year, and we carried good momentum into Q2. Our results reflect the strength of our diversified portfolio and the consistency of our execution. As we move through the balance of the year, we remain focused on margin expansion, capital efficiency and sustained cash generation.

綜上所述，第一季為今年開了個好頭，我們把良好的勢頭延續到了第二季。我們的業績反映了我們多元化投資組合的實力和我們執行的穩定性。在今年餘下的時間裡，我們將繼續專注於利潤率擴張、資本效率和持續現金流。

With that, I'll turn the call back to Mike, who will offer additional color on fiscal 2026 and our updated guidance.

接下來，我將把電話轉回給麥克，他將就 2026 財年和我們更新後的指導提供更多細節。

Thanks, Greg, and good morning, everyone. I'd like to begin by personally recognizing and thanking our global team for their extraordinary efforts they continue to deliver. I'm extremely pleased with the strong start to fiscal 2026, which could not be accomplished without your focus, discipline and commitment to our customers. I see that dedication every day across our operations, and I am sincerely grateful for everything the Jabil team continues to deliver.

謝謝你，格雷格，大家早安。首先，我要親自表揚並感謝我們全球團隊所做的卓越努力和持續貢獻。我對 2026 財年的強勁開局感到非常滿意，這離不開你們的專注、自律和對客戶的承諾。我每天都能在我們的營運中看到這種奉獻精神，我衷心感謝捷普團隊一直以來所做的一切。

As Greg outlined, the first quarter was better than expected in both revenue and core margin, which ultimately drove core EPS high end of our guidance range. And while AI continues to be the primary driver of growth, it was great to see all of our three segments contribute to our better-than-expected performance.

正如 Greg 所概述的那樣，第一季的營收和核心利潤率均優於預期，最終推動核心每股收益達到我們預期範圍的高端。雖然人工智慧仍然是成長的主要驅動力，但令人欣慰的是，我們的三個業務板塊都為我們超出預期的業績做出了貢獻。

In summary, our Q1 results, I believe, reinforced the strength of the strategy we laid out in September and the value of our diversified model. And more importantly, we now expect this momentum to continue throughout fiscal 2026 and beyond into fiscal 2027.

總而言之，我認為，我們第一季的業績鞏固了我們在9月份制定的策略的優勢以及我們多元化模式的價值。更重要的是，我們現在預計這種勢頭將持續到 2026 財年及以後的 2027 財年。

With that momentum as a backdrop, I'd now like to take a few minutes to walk through each of our segments for FY '26. Beginning with Intelligent Infrastructure. We're raising our fiscal 2027 outlook by approximately $900 million, driven by higher revenue in both cloud and DCI as well as networking. Cloud and DCI is now expected to be up an incremental $600 million for the year to $9.8 billion. The stronger-than-expected outlook is primarily driven by the recent program wins with our second hyperscale customer in Mexico and upside in our data center power business in Memphis.

在此勢頭的背景下，我現在想花幾分鐘時間回顧我們 2026 財年的各個部分。從智慧基礎設施開始。由於雲端運算、資料中心基礎設施 (DCI) 以及網路業務的收入成長，我們將 2027 財年的預期收入上調了約 9 億美元。預計今年雲端運算和資料中心基礎設施 (DCI) 市場規模將增加 6 億美元，達到 98 億美元。強於預期的前景主要得益於我們最近在墨西哥贏得的第二個超大規模客戶項目，以及我們在孟菲斯資料中心電力業務的成長潛力。

This also includes approximately $200 million associated with the Hanley Energy acquisition, which we expect to close in January. Hanley strengthens our capabilities in modular power distribution and energy systems for next-generation data centers. This will diversify our racks and server business. We now expect our networking and comms end market to be up approximately $300 million for fiscal 2026 to $2.7 billion. This is supported by stronger demand for next-gen liquid cool platforms with meaningful demand increases in India as customers expand high-speed interconnects, including both Ethernet and InfiniBand capacity to support the rapid growth in AI workloads.

這其中還包括與收購 Hanley Energy 相關的約 2 億美元，我們預計將於 1 月完成收購。Hanley 增強了我們在下一代資料中心模組化配電和能源系統方面的能力。這將使我們的機架和伺服器業務多元化。我們現在預計，到 2026 財年，我們的網路和通訊終端市場規模將成長約 3 億美元，達到 27 億美元。這得益於對新一代液冷平台的強勁需求，尤其是在印度，隨著客戶擴展高速互連（包括乙太網路和 InfiniBand 容量）以支援 AI 工作負載的快速成長，需求出現了顯著增長。

Altogether, we now expect AI-related revenue of approximately $12.1 billion in fiscal 2026, which represents approximately 35% year-over-year growth, up from 25% originally expected in September. The strength we're seeing here clearly validates our strategy. By designing and delivering fully integrated systems that combine compute, networking, power distribution and advanced cooling, we materially shorten deployment time lines and reduce total cost for customers, precisely what is required as AI capacity scales.

總的來說，我們現在預計 2026 財年人工智慧相關營收約為 121 億美元，年成長約 35%，高於 9 月最初預期的 25%。我們目前看到的這種強勁勢頭清楚地驗證了我們的策略。透過設計和交付將運算、網路、配電和先進冷卻技術結合的完全整合系統，我們大幅縮短了部署時間，降低了客戶的總成本，這正是人工智慧能力擴展所需要的。

On a separate note, and as we discussed in September, we're in the process of retrofitting our East Coast rack and silver factories to accommodate for liquid cooling. And these efforts remain slightly ahead of schedule, positioning Jabil very well for the second half of fiscal 2026 and into fiscal 2027.

另外，正如我們在 9 月討論的那樣，我們正在對東海岸的機架和銀級工廠進行改造，以適應液冷技術。這些努力目前仍略微超前於計劃，使捷普在 2026 財年下半年和 2027 財年處於非常有利的地位。

In Regulated Industries, fiscal 2026 is tracking above our September expectations by roughly $100 million, driven by better-than-expected results in renewables, although we remain cautious with our outlook for the year. Automotive continues to perform as expected, and we continue to focus on powertrain agnostic solutions in next-gen vehicles. Importantly, over the longer term, we remain well positioned in both renewables and automotive markets as the team has consolidated share with existing customers.

在受監管產業方面，2026 財年業績比我們 9 月的預期高出約 1 億美元，這主要得益於再生能源業績好於預期，儘管我們對該年度的展望仍持謹慎態度。汽車產業持續保持預期表現，我們將繼續專注於下一代汽車中與動力系統無關的解決方案。重要的是，從長遠來看，我們在再生能源和汽車市場都保持著良好的地位，因為團隊已經鞏固了與現有客戶的市場份額。

In healthcare, our business remains solid and aligned with our expectations for growth, supported by continued strength in drug delivery platforms, including GLP-1, and continuous glucose monitors as well as ongoing demand across diagnostics and minimally invasive technologies. Our pipeline remains healthy with good visibility into program ramps across drug delivery, chronic disease management and other regulated devices categories.

在醫療保健領域，我們的業務依然穩健，符合我們對成長的預期，這得益於藥物傳輸平台（包括 GLP-1 和連續血糖監測儀）的持續強勁增長，以及診斷和微創技術的持續需求。我們的研發管線依然健康，在藥物輸送、慢性病管理和其他受監管醫療器材類別中，專案進度清晰可見。

Overall, we expect healthcare will be a durable multiyear growth engine for Jabil. Putting it all together, we now expect our regulated segment to return to growth this year, representing nearly 40% of our revenue in fiscal 2026.

總體而言，我們預計醫療保健將成為捷普未來多年持續成長的引擎。綜合來看，我們現在預計受監管業務部門今年將恢復成長，到 2026 財年將占我們營收的近 40%。

And finally, in Connected Living and Digital Commerce, our outlook is also ahead of our expectations at the beginning of the year as we now anticipate approximately $100 million in incremental revenue for the year driven primarily by broad-based strength in automation, robotics and advanced retail warehouse program. Altogether, we now expect CLDC to be down by roughly 11% year-over-year due to previously announced customer pruning in Connected Living, offset slightly by growth in digital commerce.

最後，在互聯生活和數位商務領域，我們的前景也超出了年初的預期，我們現在預計今年將新增約 1 億美元的收入，這主要得益於自動化、機器人和先進零售倉庫計劃的廣泛優勢。總的來說，由於先前宣布的互聯生活客戶精簡計劃，我們現在預計 CLDC 將同比下降約 11%，但數位商務的成長將略微抵消這一影響。

Given the strength of Q1 and the visibility we have across the business, we're raising our full year guidance for revenue, core margins and core EPS. For fiscal 2026, we now expect revenue of approximately $32.4 billion, an increase of $1.1 billion from our prior outlook. Importantly, we are also raising our margin expectations for the year. We now anticipate core operating margins of roughly 5.7%, a meaningful improvement of 10 basis points versus our earlier view. This improvement reflects strong mix, continued execution and the underlying leverage in our model.

鑑於第一季的強勁表現以及我們對整個業務的清晰了解，我們提高了全年營收、核心利潤率和核心每股收益的預期。我們現在預計 2026 財年的營收約為 324 億美元，比我們之前的預期增加 11 億美元。重要的是，我們也提高了今年的利潤率預期。我們現在預計核心營運利潤率約為 5.7%，比我們先前的預期提高了 10 個基點。這項改善反映了我們強大的產品組合、持續的執行力和我們模式中的潛在槓桿作用。

As a result of both higher revenue and higher margins, we now expect core diluted earnings per share of $11.55 for the year, an increase of $0.55 from our previous estimate. And we continue to expect adjusted free cash flow of more than $1.3 billion, consistent with the framework we outlined in September, which will allow us to continue to invest in future growth while continuing to return capital to shareholders.

由於收入和利潤率雙雙提高，我們現在預計全年核心稀釋後每股收益為 11.55 美元，比我們之前的預期增加了 0.55 美元。我們仍然預計調整後的自由現金流將超過 13 億美元，這與我們 9 月概述的框架一致，這將使我們能夠繼續投資於未來的成長，同時繼續向股東返還資本。

Across the company, our priorities remain the same: profitable growth, diversified mix, margin expansion, consistent cash generation and strong commitment to buybacks, which was evident in Q1. This focus is driving momentum across the business, allowing us to navigate changing market conditions, deliver consistent results and steadily build long-term earnings power.

公司上下，我們的優先事項依然不變：獲利成長、多元化產品組合、利潤率擴張、持續現金流以及對股票回購的堅定承諾，這在第一季度已經得到證實。這種專注正在推動整個業務的發展勢頭，使我們能夠應對不斷變化的市場環境，取得持續的業績，並穩步建立長期的獲利能力。

To summarize, our first quarter results were better than expected and fiscal 2026 is now tracking well above our initial expectations. What's notable to me about a higher FY '26 outlook is that it's broad-based. All three segments are contributing with intelligent infrastructure leading the way. As we move forward, we remain focused on driving long-term value for our shareholders.

總而言之，我們第一季的業績優於預期，2026 財年的業績也遠超我們最初的預期。令我注意到的是，2026 財年前景上調是普遍現象。三大領域都在智慧基礎設施的引領下做出貢獻。展望未來，我們將繼續專注於為股東創造長期價值。

Before closing, I want to again thank our teams, customers and suppliers for their commitment and partnership. The consistency in our results is a direct reflection of their efforts, and I am grateful for the trust they continue to place in Jabil. I also want to wish everyone a safe and healthy holiday season and a happy New Year.

在結束之前，我要再次感謝我們的團隊、客戶和供應商的付出和合作。我們取得的穩定成績直接反映了他們的努力，我感謝他們對捷普的持續信任。我也想祝福大家假期平安健康，新年快樂。

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

接下來，我會把電話交給亞當。

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

謝謝你，麥克。操作員，我們現在可以進入問答環節了。

(Operator Instructions)

（操作說明）

Ruplu Bhattacharya, Bank of America.

Ruplu Bhattacharya，美國銀行。

Mike, you raised the full year revenue guide by over $1 billion. There's lots of things that are happening in the intelligent infrastructure space. The slides mentioned some new wins, can you give us some more color on those? There are a lot of new projects coming up as well, like the OpenAI, AMD, Anthropic, AWS. I mean do you think Jabil has the intent or the opportunity to benefit or some of those projects?

麥克，你把全年營收預期提高了10多億美元。智慧基礎設施領域正在發生很多事情。投影片中提到了一些新的勝利，您能詳細介紹一下嗎？此外，還有許多新專案即將推出，例如 OpenAI、AMD、Anthropic 和 AWS。我的意思是，你認為捷普是否有意或機會從其中一些項目中獲益？

And then there are other things you mentioned like retrofitting factories for liquid cooling and acquiring Hanley Energy Group. So maybe just lay out for us the impact of all of these factors. And overall, would you say the guidances for the fiscal year is still conservative?

還有你提到的其他事情，例如對工廠進行液冷改造以及收購漢利能源集團。所以，或許您可以給我們詳細列出所有這些因素的影響。整體而言，您認為本財政年度的業績指引仍然保守嗎？

Thanks, Ruplu. So I really think our intelligent infrastructure is outperforming. One of the reasons I think our AI strategy is working so well is because of the holistic view that we're taking of data centers. So we're not just focused on sale products. So product lines, we're actually invested in design and engineering across the board which allows us to cross pollinate, which allows us to cross-sell, which allows us to use our liquid cooling capability with some of the Silver X and other parts of our Intelligent Infrastructure business.

謝謝你，魯普魯。所以我真的認為我們的智慧基礎設施表現非常出色。我認為我們的人工智慧策略之所以如此有效，其中一個原因是我們對資料中心採取了整體性的看法。所以我們不只關注促銷產品。因此，我們實際上在產品線方面進行了全面的設計和工程投入，這使我們能夠進行交叉融合，從而進行交叉銷售，並使我們能夠將我們的液冷能力應用於 Silver X 的一些產品以及我們智慧基礎設施業務的其他部分。

So Intelligent Infrastructure performing really well. I think in '25, our revenue was $9 billion, in September, we've taken it to $11.2 billion, which was up 25%. We've now taken it up to $12.1 billion, which is 35%, about a $900 million increase in that revenue level. I think out of the $900 million think of it in two buckets. One is the cloud and DCI bucket, which is up about $600 million, $200 million of that is Hanley, and I'll touch on that in a minute.

智慧基礎設施運作狀況良好。我認為，2025 年我們的營收是 90 億美元，9 月我們將其提高到 112 億美元，成長了 25%。我們現在已將其提高到 121 億美元，成長了 35%，營收水準增加了約 9 億美元。我認為應該把這9億美元分成兩部分來看。一是雲端和 DCI 業務，成長了約 6 億美元，其中 2 億美元來自 Hanley，我稍後會談到這一點。

The balance is made up of upside on some recent wins that we had maybe during Q4 of last year with our second hyperscaler, and that's in Mexico. It's all AI storage racks that we're manufacturing for that second hyperscaler.

平衡由我們去年第四季在墨西哥的第二個超大規模資料中心專案取得的一些近期勝利帶來的收益所構成。我們正在為第二個超大規模資料中心生產的所有都是人工智慧儲存機架。

And then on the DCI business in Memphis, I think there's a whole bunch of upsides there. The switch gear business is going really well, the inroad heat exchanges, again, going really well. So cloud and DCI up by $600 million in total. Networking and comms is up by about $300 million, and that's mainly in India operations around air and liquid-cooled switches, adapters, network adapters across Infiniband and the Ethernet portfolio. So $900 million is a big number for us to be taking it up in a relatively short period of time.

至於孟菲斯的 DCI 業務，我認為有很多優勢。開關設備業務發展得非常好，熱交換器業務也發展得非常好。因此，雲端運算和資料中心基礎設施總共增加了 6 億美元。網路和通訊業務成長了約 3 億美元，這主要得益於印度圍繞空氣冷卻和液冷交換機、適配器、Infiniband 和乙太網路產品組合的網路適配器的業務。所以，在相對較短的時間內籌集9億美元對我們來說是一筆巨款。

On Hanley, if I could just touch on that, I think the revenues that we indicated in my prepared remarks is about $200 million for FY '26. We expect it to complete in January. I would think of Hanley as being modestly accretive in '26. '27 will be when it's more accretive. I think everybody knows it's a power and energy management solutions company that we acquired.

關於 Hanley，如果我可以簡單提一下，我認為我在準備好的演講稿中提到的 2026 財年收入約為 2 億美元。我們預計該項目將於一月完工。我認為漢利在 2026 年的增值幅度不大，2027 年的增值幅度會更大。我想大家都知道，我們收購的是一家電力和能源管理解決方案公司。

It's more services-enabled business as opposed to manufacturing. And it gives us a really good sort of platform, not just for deployments, but for maintenance as well, which will be an ongoing revenue stream. So overall, really happy with Hanley. Do I think guidance is conservative? I think it's appropriately conservative.

它更偏向服務型企業，而非製造業企業。它為我們提供了一個非常好的平台，不僅適用於部署，也適用於維護，這將帶來持續的收入來源。總的來說，我對Hanley非常滿意。我認為該指導意見是保守的嗎？我認為這種保守的做法是恰當的。

We're seeing solid upside everywhere. And as is now being appropriately conservative by there, Ruplu.

我們看到各方面都呈現強勁的上漲勢頭。而現在，Ruplu 也採取了適當的保守做法。

Okay. For my follow-up, if I can ask operating margins, Jabil is going to be at 5.7% operating margin this fiscal year. So is it reasonable for investors to assume that operating margin can get above 6% in fiscal '27, what are the puts and takes there? And longer term, how high can operating margin go? Like with the current mix of business, do you see Jabil getting to 7% operating margin at some point?

好的。我的後續問題是，如果可以問營業利潤率的話，捷普本財年的營業利潤率將達到 5.7%。那麼，投資人是否有理由認為 2027 財年的營業利益率可以超過 6%？對此有哪些利弊權衡？長遠來看，營業利潤率能達到多高？以目前的業務組合來看，您認為捷普的營業利潤率有朝一日能達到 7% 嗎？

So just your thoughts on next or what should we keep in mind in terms of operating margin progression and how high that can go over time?

那麼，您對下一步有什麼想法呢？或者說，在營業利益率成長方面，我們應該注意哪些方面，以及隨著時間的推移，營業利益率能達到多高？

So Ruplu, we put out three quarters left in FY '26. So we're just going to be focused on that. We'll provide guidance nearer the time for FY '27. As you know, we increased our margin from 5.6% to 5.7%, which is about 30 bps up from the '25 number and that's for FY '26 due to two or three reasons, which is mainly better mix. I think the mix is coming in stronger or better utilization of capacity.

所以 Ruplu，我們在 2026 財年還剩下四分之三的時間。所以我們將專注於此。我們將在接近 2027 財年時提供指導。如您所知，我們的利潤率從 5.6% 提高到 5.7%，比 2025 年的數字提高了約 30 個基點，這是 2026 財年的情況，主要原因是兩三個原因，其中最主要的是產品組合的改善。我認為，產能利用率的提高或增強將會帶來更好的結果。

Our capacity utilization has gone up from that 75% range, closer to the 80% range. And then SG&A leverage as well. So I think overall, the incremental revenue, what we're seeing, the $1.1 billion that you referenced earlier, that's giving us some nice leverage.

我們的產能利用率已從 75% 左右上升到接近 80% 左右。還有銷售、管理及行政費用槓桿。所以我認為整體而言，我們看到的增量收入，也就是你之前提到的 11 億美元，給了我們一些不錯的優勢。

In FY '27, we will be seeing a full year impact of Hanley. So there will be some level of accretion on the margin there. And then we'll see continued leverage from the incremental revenues. The pipeline that I'm seeing, Ruplu, is extremely strong. It's been a long time since I've seen such a healthy pipeline.

2027 財年，我們將看到 Hanley 帶來的全年影響。因此，邊緣地帶會出現一定程度的沉積作用。然後，我們將看到新增收入帶來的持續成長。我看到的這條輸油管，Ruplu，非常強勁。我已經很久沒見過這麼健康的生產線了。

So I feel better about 6% than I ever have.

所以我感覺比以前任何時候都好6%。

I think if you're asking beyond 6% and getting to 7%, of course, we're not going to stop getting leverage, you're not going to stop getting efficiencies as soon as we hit 6%. So 6% is just a point in time on a march to a much higher number. Is it '27, '28, '29, I don't know. 6%, though, I feel really good about at this stage for future.

我認為，如果你要求超過 6% 並達到 7%，當然，我們不會停止獲得槓桿作用，也不會在達到 6% 後就停止提高效率。所以 6% 只是邁向更高數字過程中的一個時間點。是2027年、2028年還是2029年，我不知道。不過，就目前而言，我對6%的成長率感到非常滿意，這對未來很有好處。

Got it. If I can sneak one more in. Looking at healthcare and packaging, for the last three, four years, it's been mostly flat. This year, it's growing low single digits to $5.6 billion. Any thoughts like you had talked about some further J&J type of deals and you've got this impact from Croatia. Can you give us some more color on how you think that business can evolve? Is it still a low single-digit business going forward? Or do you think it can accelerate?

知道了。如果我能再偷偷加一個的話。從醫療保健和包裝產業來看，過去三、四年裡，這兩個行業基本上保持穩定。今年，該產業將以個位數低成長，達到 56 億美元。你之前談過一些與強生公司類似的進一步交易，以及克羅埃西亞方面的影響。您能否更詳細地談談您認為這種商業模式會如何發展？未來這個產業的成長率還會維持在個位數嗎？還是你認為它會加速？

So Croatia was going really well. I think we've always referenced sometime in '27, maybe second half '27 is going to actually start delivering some good returns. Again, just remind you, the margin is higher in that GLP-1 space. So Croatia going really well. As opposed to -- on the whole deal piece, I do think the team is actively working all of that. They are currently engaged in B2B conversations. They're engaged in M&A sort of capability-driven type of sort of deals as well.

所以克羅埃西亞那邊發展得非常順利。我認為我們一直提到的是 2027 年的某個時候，也許 2027 年下半年才會真正開始帶來一些不錯的回報。再次提醒一下，GLP-1 領域的利潤率更高。克羅埃西亞方面進展非常順利。相反地​​——就整個交易而言，我認為團隊正在積極推動所有這些工作。他們目前正在進行B2B洽談。他們也參與了以能力為導向的併購交易。

So it's an active sort of process that we're going through right now, and we'll provide updates again throughout FY '26 in terms of what we're seeing out there from a deal. And again, just to remind you, the deals that we're looking at mainly would be to sort of add capabilities so that we can go vertical in the healthcare space. A bit like our -- the GLP-1 OSD transaction that we did last year, where we added a capability on pharma sort of filling up the GLP-1 itself, oral doses, et cetera. So there'll be more of those more capability driven across the board where we operate.

所以，我們目前正在積極推進這項工作，我們將在 2026 財年期間再次提供最新進展，說明我們在交易方面看到的情況。再次提醒各位，我們正在考慮的交易主要是為了增加自身能力，以便我們能夠在醫療保健領域實現垂直整合。有點像我們去年完成的 GLP-1 OSD 交易，我們增加了製藥方面的能力，例如填充 GLP-1 本身、口服劑量等等。因此，在我們營運的各個領域，將會有更多此類能力提升的項目。

Samik Chatterjee, J.P. Morgan.

薩米克‧查特吉，摩根大通。

This is [MP] on for Samik Chatterjee. Firstly, congratulations on great results. My question is on second hyperscaler. I think you highlighted high second hyperscale driving up to your intelligent infrastructure outlook for the year. Like how much of it is your better execution relative to your customer demand versus customer actually preponing their deployment plans?

這是薩米克·查特吉的[MP]發言。首先，恭喜你取得了優異的成績。我的問題是關於第二個超大規模資料中心。我認為您強調了高密度二階超大規模資料中心對今年智慧基礎設施前景的推動作用。例如，有多少是因為你更好地滿足了客戶需求，又有多少是因為客戶提前部署了他們的計畫？

And then in the past, you have highlighted $750 million of revenue scale for this business for FY '26. Like how should we think about that scale now? And then any color on the broader potential hyperscaler customers? Like how exactly those discussions are going? And then I have a follow-up.

過去，您曾重點提到該業務在 2026 財年的營收規模為 7.5 億美元。我們現在該如何看待這個規模？那麼，對於更廣泛的潛在超大規模資料中心客戶，您有什麼看法？這些討論具體進展如何？然後我還有一個後續問題。

Yes, the upside on the second hyperscaler, as I mentioned earlier on, is on the AI storage piece, we continue to get some upside on that business. I'm not sure if that's predeployment or it's just the demand has always been there. It's a matter of fulfilling it. We feel really good about upside even from there on some of these hyperscalers that we're in discussion with.

是的，正如我之前提到的，第二個超大規模資料中心的優勢在於人工智慧儲存部分，我們繼續從該業務中獲得一些成長空間。我不確定這是部署前的準備工作，還是說這種需求一直都存在。關鍵在於能否實現它。我們對目前正在洽談的一些超大規模資料中心營運商的上漲空間感到非常樂觀。

So I think if you're looking at the revenue piece for the second hyperscaler roughly in that $1 billion range. I think earlier we said $750 million, so taking that up by some amount as well. So really good interest levels coming through. And we're not just stopping in the second hyperscaler, we're in discussions with even more hyperscalers. So pipeline, again, looking very strong.

所以我覺得，如果你看第二家超大規模資料中心營運商的收入，大概在 10 億美元左右。我想我們之前說過是 7.5 億美元，所以還要在此基礎上增加一些金額。目前市場反應非常好。我們不僅止步於第二家超大規模資料中心，我們也正在與更多超大規模資料中心進行洽談。所以，管道運輸方面再次展現出強勁的勢頭。

Yes. And then my next question is around gross margins for this quarter. I think like despite the revenues being higher quarter-over-quarter from F 4Q, like gross margins were lower, like can please help us understand the drivers for that?

是的。接下來，我的問題是關於本季的毛利率。我認為，儘管第四季營收季增，但毛利率卻下降了，請問這是什麼原因造成的？

Yes. So Q1, our gross margins were at 8.9%. Year-over-year, it is up 10 basis points. So typically, we do have a little bit of a lower gross margins on the year. So really nothing there other than just mix in Q1 for the gross margin piece.

是的。所以第一季度，我們的毛利率為 8.9%。與去年同期相比，上升了10個基點。所以通常情況下，我們今年的毛利率會略低一些。所以實際上除了把第一季的毛利率部分算進去之外，沒有其他需要修改的地方了。

And Samik, we've always sort of mentioned 9% to 9.5% is the range for our gross margin. That's still the FY '26 estimate.

薩米克，我們一直以來都提到過，我們的毛利率範圍在 9% 到 9.5% 之間。那仍然是2026財年的預估數據。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

I had two questions, if I could. I guess, first of all, just switching gears. On the healthcare business, like you mentioned, Mike, it's been very steady. My understanding is providing pretty good margins for you guys as well. I guess off of all the growth you're seeing in cloud, what's the prospects for maybe us more aggressively to accelerate that growth since it's such a good contributor to profitability? And then I had a follow-up.

如果可以的話，我想問兩個問題。我想，首先，我得換個話題。正如你所提到的，麥克，醫療保健產業一直非常穩定。據我了解，這也能為你們帶來相當不錯的利潤空間。我想，鑑於雲端運算領域如此強勁的成長勢頭，我們是否有可能更積極地加速這一成長，因為它對獲利能力貢獻巨大？然後我還有後續跟進。

Yes. So Steve, we're constantly evaluating M&A activity in that space. We're constantly in discussions on B2Bs. So I think it's highly likely that we'll do something. We're obviously a conservative company from an M&A perspective.

是的。所以史蒂夫，我們一直在評估該領域的併購活動。我們一直在進行B2B方面的討論。所以我認為我們很可能會採取一些行動。從併購的角度來看，我們顯然是一家比較保守的公司。

So we'll do all the right groundwork for that. But I feel like healthcare is such a steady business with higher margins, long, long product life cycles and steady cash flows that it's a great sort of upset from a diversification standpoint for us, and that is an area that I'm most excited about from a deal perspective.

所以我們會為此做好一切必要的準備。但我認為醫療保健產業是一個非常穩定的產業，利潤率高，產品生命週期長，現金流穩定，從多元化的角度來看，這對我們來說是一個很好的投資機會，也是我從交易角度最感興趣的領域。

Great. That's helpful. And then just on the cloud business. So a quarter ago, you were warning us about that you still face some bottlenecks later in the year. Now you're ahead of schedule a little bit, which is great, and you're talking about what sounds like a bigger pipeline.

偉大的。那很有幫助。然後就是雲端運算業務。所以，三個月前，您曾警告我們，今年晚些時候您仍然會面臨一些瓶頸。現在你們的進度稍微超前了一點，這很好，而且你們談論的似乎是一個更大的項目。

So I'm just wondering how we sort of equate your ability to meet demand or meet the growth expectations of adding a new customer or existing customers with all the capacity you have or may need? Like how are you planning out beyond this year for capacity in order to continue to grow that cloud business?

所以我想知道，我們如何將您滿足需求或滿足新增客戶或現有客戶成長預期的能力與您擁有或可能需要的所有產能連結起來？你們如何規劃今年以後的容量，以繼續發展雲端業務？

When we talked about the retrofitting piece on the September call, it was mainly associated with our hyperscaler factory on the East Coast of the US. A lot of the upside when we talked about upside that $900 million, some of it is in Mexico where we had some surplus capacity, some of it is in India where it's a combination of existing capacity and new capacity.

我們在 9 月的電話會議上談到改造部分時，主要指的是我們位於美國東海岸的超大規模資料中心。我們談到9億美元的成長潛力時，其中一部分來自墨西哥，因為我們在那裡有一些剩餘產能；一部分來自印度，那裡有現有產能和新增產能的組合。

As you know, North Carolina is going coming up relatively soon in the next six, seven, eight months, and that were prefitting, if you want to use that phrase for liquid cooling. So we've got some decent upsides. We're planning our capacity in that way, Memphis is another area I talked about, that's seeing some really good growth as well. So we might expand there as well. So this current expansion plans that we're looking at, and those might be even sooner than the North Carolina facility.

如你所知，北卡羅來納州將在未來六、七、八個月內相對較快到來，而我們正在進行液冷預裝，如果你想用這個短語的話。所以我們有一些不錯的優勢。我們正在以此方式規劃產能，孟菲斯是我之前提到的另一個地區，那裡也出現了非常好的成長。所以我們也可能在那裡擴張。所以，我們正在考慮目前的擴建計劃，這些計劃甚至可能比北卡羅來納州的工廠更早實施。

Again, it doesn't change CapEx outlook. The CapEx outlook has been 1.5% to 2% of revenue, and that's going to remain consistent for FY '26.

同樣，這不會改變資本支出前景。資本支出預期為收入的 1.5% 至 2%，2026 財年將維持不變。

Great. And thanks for all the visibility into your numbers. This is really helpful.

偉大的。感謝您公開分享這些數據。這真的很有幫助。

Ruben Roy, Stifel.

魯本·羅伊，斯蒂費爾。

Mike, I wonder if you could spend a minute on just kind of longer-term thinking around Hanley. And I'm wondering, there's been a lot of discussion, obviously, around power and power distribution as the industry is trying to figure out how to get to 800 volts current. And if you think about this acquisition longer term, one of your competitors have been talking a lot about modularized power. Does this help you, do you think, in terms of content per rack and gaining more server rack business by having this? Or is the strategy maybe a little bit different as you think about adding that into the mix?

麥克，我想請你花一分鐘時間，從長遠角度思考漢利的問題。我很好奇，顯然，圍繞電力和電力分配已經有很多討論，因為該行業正在努力弄清楚如何達到 800 伏特電流。從長遠來看，如果你考慮這次收購，你會發現你的一個競爭對手一直在談論模組化電源。您認為這樣做對提高每個機架的內容量和增加伺服器機架業務有幫助嗎？或者，當你考慮將這一點加入其中時，策略可能會略有不同？

And also one follow-up on that is, would they own the design of the power distribution? I imagine that's the answer would be yes, given the EBIT margins that you get, but any color on that would be helpful.

此外，還有一個後續問題是，他們會擁有配電系統的設計權嗎？考慮到你獲得的息稅前利潤率，我想答案應該是肯定的，但如果能提供一些細節資訊就更好了。

So I'd like to call out a couple of transactions as it relates to that whole thermal management piece. Obviously, Hanley is a service provider. I'll talk about that in a minute. But the liquid cooling acquisition we made with Mikros in '24 has also been a big game changer. I think thermal management, thermal participation is not new to hyperscalers, whether it's cooling at the chip level or a switch level or a component level or even at an infrastructure level to liquid heat exchanges.

因此，我想重點提一下與整個散熱管理相關的幾筆交易。顯然，Hanley是一家服務提供者。我稍後會談到這一點。但是，我們在 2024 年從 Mikros 收購的液冷技術也帶來了巨大的改變。我認為熱管理、熱參與對於超大規模資料中心來說並不新鮮，無論是晶片級、交換器級、組件級的冷卻，甚至是基礎設施級的液體熱交換。

That's one of the reasons we invested in Mikros as we acquired a technology, we didn't acquire a product. We acquired a design and engineering team which is constantly pushing the boundaries for forward-looking liquid cooling activities.

這就是我們投資 Mikros 的原因之一，因為我們收購的是一項技術，而不是產品。我們組建了一支設計和工程團隊，他們不斷突破界限，並引領前瞻性的液冷技術發展。

So to me, that old Mikros acquisition is a game changer. I think particularly as the thermal management piece becomes more critical, the ability to design, the ability to engineer liquid cooling at chip level, at the network switch level at different sort of parts and integrate it into a pool system. That's the big differentiator where Jabil will last steps in.

所以對我來說，收購 Mikros 是一項具有改變意義的舉措。我認為，隨著散熱管理變得越來越重要，在晶片級、網路交換器級等不同部件上設計和製造液冷系統並將其整合到池式系統中的能力尤為重要。這就是捷普最後一步的關鍵。

As it relates to Hanley, it's more of a services organization. It's the provider of power and energy management solutions. I think the engineering expertise that we have in there is across power distribution, switchgear, energy monitoring, digital power management platforms. It allows us to go vertical as well. And I'll give you an example.

就漢利而言，它更像是一個服務型組織。它是電力和能源管理解決方案的提供者。我認為我們擁有的工程技術專長涵蓋配電、開關設備、能源監控、數位電源管理平台等領域。它也允許我們向上發展。我給你舉個例子。

Today, we build low-voltage, medium voltage switchgear in Memphis. Hanley will allow us to deploy, install and then maintain those in data centers, which previously was done by other parties.

今天，我們在孟菲斯生產低壓、中壓開關設備。Hanley 將使我們能夠在資料中心部署、安裝和維護這些設備，而這些工作以前都是由其他方完成的。

So if you sort of combine the whole silver ad business with the ability to delay install and maintain, that is highly accretive type of business for us. So Hanley, I think is a really good transaction. We sort of welcome the team hasn't closed yet. We expect it to close in that first week of Jan. So as soon as that takes place, just like the Mikros transaction has created so much opportunity for us, so does Hanley.

因此，如果將整個銀幕廣告業務與延遲安裝和維護的能力結合起來，這對我們來說就是一種高收益的業務類型。所以我覺得漢利這筆交易真的很划算。我們倒是挺歡迎這個團隊還沒關門的。我們預計交易將在 1 月的第一周完成。一旦交易完成，就像 Mikros 的交易為我們創造了許多機會一樣，Hanley 的交易也將為我們帶來許多機會。

And again, it's exactly the area that you talked about and it's all around thermal management, and it's not a surprise to any hyperscale. It's not a surprise to anyone who has a data center that that's something that they need to address, and they are addressing that. So I do think the two transactions will be well received.

再次強調，這正是你剛才提到的領域，一切都與熱管理有關，這對任何超大規模企業來說都不足為奇。對於擁有資料中心的人來說，這不足為奇，因為他們需要解決這個問題，而他們也正在解決這個問題。所以我認為這兩項交易都會受到歡迎。

It's a lot of detail. I hope this is a quicker follow-up. But just on the capital equipment. I think you said that was in line with your expectations, maybe a little bit better. Is there any change to I guess, on your sort of thinking around overall spend in the capital equipment market relative to 90 days ago as you think about this year?

細節很多。我希望這次能更快得到後續消息。但僅限於資本設備。我想你說過這符合你的預期，甚至可能比預期還要好。我想，與 90 天前相比，您在考慮今年資本設備市場的整體支出方面，您的想法是否有所改變？

So the automated testing equipment side of the business, the back end, I think has been outperforming, it outperformed last year. It's outperforming this year, and it will outperform the WFE site for sure. I think there's multiple dram stacking for high-bandwidth membrane that's creating more demand.

所以，我認為業務的自動化測試設備方面，也就是後端部分，表現一直很出色，比去年好得多。它今年的表現優於其他網站，而且肯定會比 WFE 網站表現更好。我認為高頻寬薄膜的多層堆疊技術正在創造更大的需求。

One good thing we are seeing, and it's forward looking, so we haven't built that into our forecast, but there's some level of WFE improvements coming along as well with the whole AI compute expansion and the NAND factory sort of upgrades. So WFE, think of that more as an opportunity. In the past, we like WFE is going to be steady and static. We are seeing some signs of improvements there. And until that happens, those sort of expectations normally move to the right or to the left, so we haven't included that in our guide, but the WFE side could actually be a sublevel of upside for us.

我們看到一個好消息，而且這是前瞻性的，所以我們還沒有將其納入我們的預測中，但隨著人工智慧運算的擴展和 NAND 工廠的升級，WFE 也將得到一定程度的改進。所以WFE，把這當成一個機會吧。過去，我們認為 WFE 將會保持穩定和不變。我們看到那裡出現了一些改善的跡象。在此之前，這類預期通常會向右或向左移動，因此我們沒有將其納入我們的指南中，但 WFE 方面實際上可能是我們的一個次級上漲空間。

Melissa Fairbanks, Raymond James.

梅麗莎·費爾班克斯，雷蒙德·詹姆斯。

I wanted to start off by asking about automotive and transport. You see that you maintained the outlook for the full year, down a little bit from last year. Just wondering if the mix of that business or any of kind of the geographical trends have changed. We have heard from some suppliers, Europe suppliers are being a little bit more cautious going into next year? Just wondering what the complexion of that business looks like in the near term?

我想先問一些關於汽車和交通運輸的問題。您可以看到，您維持了全年的預期，但比去年略有下降。想知道這方面的業務組合或任何地域趨勢是否發生了變化。我們從一些供應商那裡了解到，歐洲供應商對明年會更加謹慎？想了解這家公司近期的發展前景如何？

So let me start by saying automotive is an area that we continue to be appropriately conservative on. I think we're seeing relatively good performance. I think -- has it hit a bottom, I do feel like it has and there will be upside going forward on automotive. Is it a '26 event or a '27, '28 event? We just don't know the exact timing.

首先我想說的是，汽車產業是我們一直以來都保持適當保守態度的領域。我認為我們目前的表現相對不錯。我認為——汽車產業是否已經觸底？我感覺已經觸底了，未來汽車產業還有上漲空間。是 2026 年的活動，還是 2027 年、2028 年的活動？我們只是不知道確切的時間。

So we're being appropriately conservative from an automotive standpoint. One of the things the team has done really well is invest in powertrain agnostic technologies and what do we mean by that is software-defined vehicles. ADAS, those sort of programs go into any platform, whether it's hybrid or EVs or combustion engines. We're talking to all sorts of companies.

所以從汽車產業的角度來看，我們採取的是適當的保守做法。團隊做得非常出色的一件事是投資與動力系統無關的技術，我們所說的技術是指軟體定義汽車。ADAS這類程序可應用於任何平台，無論是混合動力、電動車或內燃機汽車。我們正在與各種類型的公司洽談。

And then if you factor in the whole Tier 1 sort of the OEMs still want to the design and the IP as they want to do with the EV platforms, that's a good opportunity for us EMS companies as well. And I think those program wins, we do expect where we're in discussion again for '27-'28. And we're doing really well because there's a shift in the way the whole automotive space is working out, not just for EVs. It's now being extended to hybrids and ICE as well or at least the concept is.

而且，如果你考慮到一級供應商（OEM）仍然希望像對待電動車平台一樣，擁有設計和智慧財產權，這對我們EMS公司來說也是一個很好的機會。我認為這些項目獲勝，我們預計在 2027-2028 年我們將再次進行討論。我們之所以發展得這麼好，是因為整個汽車產業的運作方式正在轉變，而不僅僅是電動車領域。現在，這種理念也擴展到了混合動力汽車和內燃機汽車，至少其概念是如此。

So we'll continue to add some capabilities, and I do think '26, and best way to define '26 is a conservative year. In '27, we could see some upside. I don't forget a program in automotive takes 12 to 18 months to win. So programs we're winning today will only show up in '27-'28.

所以我們會繼續增加一些功能，而且我認為 '26'，或者說 '26'，是一個保守的年份。2027年，我們可能會看到一些上漲空間。我不會忘記，汽車專業的課程需要 12 到 18 個月才能完成。所以，我們今天所取得的成就要到 2027-2028 年才會顯現出來。

Okay, great. Keep up the good work. Maybe just a quick follow-up. Everyone has to ask about at least one question on data center. As you're ramping your second hyperscale customer.

好的，太好了。繼續保持！或許只需要簡單跟進。關於資料中心，每個人都至少要問一個問題。當你正在為第二個超大規模客戶拓展業務時。

I know your lead hyperscale customer. A lot of that business goes through consignment. Just wondering how much, if any, of some of these new programs that you're ramping are on consignment, and the gross revenue is actually coming in a little bit better than even what we're seeing on the net revenue side?

我知道你們最大的超大規模客戶。很多這類業務都是透過寄售方式進行的。我想知道你們正在推廣的這些新項目中，有多少（如果有的話）是寄售的，而且毛收入實際上比我們看到的淨收入還要好一些？

I think it's a little bit of a mix. I think the consignment model is more our largest customer perspective. Some of the other customers were still going through gross versus consignment discussions. But at this stage, we're just factoring in gross levels, I do think that's more likely than consignment models popping up everywhere. I think that was specifically for that first hyperscaler, will it apply across every single hyperscaler.

我覺得有點混合了這兩種因素。我認為寄售模式更符合我們最大客戶群的視角。其他一些客戶仍在討論毛銷價格與寄售價格的比較。但現階段，我們只是在考慮毛利水平，我認為這比寄售模式遍地開花的可能性更大。我認為那隻是針對第一個超大規模資料中心營運商而言的，它是否適用於所有超大規模資料中心營運商？

I'm not sure. I think it's a wait-and-see approach.

我不知道。我認為應該採取觀望態度。

Great. Congratulations.

偉大的。恭喜。

Mark Delaney, Goldman Sachs.

馬克‧德萊尼，高盛集團。

Do you able to took up its view for AI growth this year to 35%. I realize you already spoke on your own capacity planning. Can you speak to any constraints your data center customers may face from the supply side, including having enough power supply to their data center sites? And to what extent you factored any constraints they may be seeing into your guidance?

您是否認同其對今年人工智慧成長35%的預測？我知道您之前已經談過您自己的產能規劃。您能否談談您的資料中心客戶在供應方面可能面臨的任何限制，包括資料中心站點的電力供應是否足夠？您在提供指導時，在多大程度上考慮了他們可能遇到的任何限制？

Look, our power sort of constrained the data center is not a new thing. I think it's always been around, and we've grown, I think, I can't remember the exact numbers from '24 to '25, we grew exponentially '25 to '26, again, we're growing at 35%. And this is all while data center power issues continue to perforate.

你看，我們的電力供應對資料中心造成了一定限制，這並不是什麼新鮮事。我認為它一直存在，而且我們一直在發展，我想，我記不清從 2024 年到 2025 年的確切數字了，我們在 2025 年到 2026 年呈指數級增長，再次，我們的增長率達到了 35%。同時，資料中心電力問題仍持續不斷。

I think overall, like I said, the offering that we have, the solutions that we have, the design, engineering and including some level of liquid cooling across our offerings, be it on the chip, be it on the rack service, be it on networking switches, be it run in the data center infrastructure itself, we're actually engaged with customers to address a lot of those heat questions.

我認為總的來說，就像我剛才說的，我們提供的產品、解決方案、設計、工程，以及在我們的產品中融入一定程度的液冷技術，無論是在晶片上、機架上、網路交換機上，還是在數據中心基礎設施本身中運行，我們都與客戶積極合作，解決許多散熱問題。

So I'm not seeing any major impact of slowdown. Like I said earlier, I've never seen such a healthy pipeline now before it is strong, and it continues to be strong. I don't know, people talk about AI bubbles. We're not seeing any of that at all.

所以，我並沒有看到經濟放緩帶來任何重大影響。正如我之前所說，我從未見過如此健康的管道系統，它現在很強勁，而且還將繼續保持強勁勢頭。我不知道，人們都在談論人工智慧泡沫。我們完全沒有看到這種情況。

Very helpful. Mike, last quarter, you mentioned the possibility of winning that third hyperscaler customer and you spoke to that possibility again on the call today. Can you give more color on that, including what types of product or products you're hoping to sell to that CSP and when you think you may know if you've converted on that opportunity?

很有幫助。麥克，上個季度你提到了贏得第三個超大規模客戶的可能性，今天在電話會議上你又談到了這種可能性。您能否詳細說明一下，包括您希望向該 CSP 銷售哪些類型的產品，以及您認為何時才能確定已經成功轉換了該商機？

We continue to have discussions, Mark. It's a little premature to talk about the products and the revenue. I think that was more -- the last call was more of, hey, this is our overall strategy. We're not just targeting one hyperscaler or two hyperscalers. There's definitely a third hyperscaler, fourth hyperscaler so needed our offering.

馬克，我們仍在繼續討論。現在談論產品和收入還為時過早。我認為那更像是——最後一次通話更像是，嘿，這是我們的整體策略。我們的目標客戶並非只有一兩家超大規模資料中心。肯定還有第三家、第四家超大規模資料中心營運商，所以他們需要我們的產品。

It's that design and engineering architecture capability that's driving a whole bunch of hyperscalers to us. And in a weird way, the discussion could start about a server in a rack and server before you know it, it's moved into liquid cooling, and certainly move into silicon photonics. It's moved into other parts of our data center infrastructure piece with heat exchanges and some of the liquid cooling solutions that we're providing. So it's the offering that we have today that is driving hyperscalers to have these discussions with us. And like I said, it's not built into any of the numbers.

正是這種設計和工程架構能力，吸引一大批超大規模資料中心營運商與我們合作。奇怪的是，討論可能一開始是關於機架中的伺服器，但很快，伺服器就採用了液冷技術，而且肯定會發展到矽光子學領域。它已經應用到我們資料中心基礎設施的其他部分，包括熱交換器和我們提供的一些液冷解決方案。所以正是我們今天提供的服務促使超大規模資料中心營運商與我們展開這些討論。正如我所說，它並沒有包含在任何數字中。

We're not talking about our third hyperscaler yet in any of the numbers, but I think going forward, we're still in current discussions currently.

目前我們還沒有在任何數字中提及我們的第三個超大規模資料中心，但我認為展望未來，我們目前仍在進行相關討論。

Tim Long, Barclays.

提姆朗，巴克萊銀行。

Two, if I could, as well. First, I was hoping you could touch a little bit on that the larger hyperscale customer wasn't really excited as a part of the strength here. So curious what kind of trends are going on there. I do think there's some product transitions in some of their compute platform. So curious if that impacting or if there's anything else going on there?

如果可以的話，我也想選兩個。首先，我希望您能稍微談談，大型超大規模客戶並沒有真正將這種優勢視為原因之一。很好奇那邊正在流行什麼趨勢。我認為他們的某些運算平台確實存在一些產品轉型。很好奇這是否會造成影響，或者那裡是否還有其他情況？

And then secondly, just more broadly, a lot of movement around custom ASICs and XPUs. Curious how you see Jabil participating, obviously, PPU gaining a lot of traction and announcements at least over the last few months, how you see Jabil playing in the toll XPU directly and related type of equipment?

其次，更廣泛地說，圍繞著客製化ASIC和XPU有許多動態。很好奇您認為捷普將如何參與其中。顯然，PPU 在過去幾個月中獲得了大量關注和公告，您認為捷普將如何直接參與 XPU 及相關設備領域？

So when we talked about the whole retrofitting piece on the September call, we were specific on one site only. Like I said, the rest of the new business is coming in all different sites. The retrofitting is ahead of schedule. I do feel our second half will be stronger in terms of getting it ready. I think originally, we'd anticipated retrofit out to be combination of Q2 and Q3 that might come in earlier in Q3, which would give us some level of upside there.

所以，當我們在九月的電話會議上討論整個改造項目時，我們只具體談到了一個地點。正如我所說，其餘的新業務來自各個不同的地點。改造工程進度提前。我感覺我們在下半季的準備工作上會做得更好。我認為最初我們預計改造工程將在第二季和第三季合併完成，但可能會在第三季提前完成，這將為我們帶來一些額外的收益。

The demand is there. It's crazy what we're seeing in terms of demand. So I have no concerns about the demand side. What was the second question?

市場需求是存在的。現在的需求量簡直令人難以置信。所以我並不擔心需求上的問題。第二個問題是什麼？

Just on XPUs and custom ASICs and the play directly into that product and peripheral what it means for the rest of the rack in Jabil's participation.

僅就 XPU 和客製化 ASIC 而言，直接影響該產品和周邊設備，這對 Jabil 參與的機架其餘部分意味著什麼。

Yes. So I think we're relatively agnostic in terms of chips, in terms of what we're doing and who we're doing it with, the custom chips or even multiple individual companies on those chips. I don't think one replaces another. It's all complementary in my view. So I see it more as an upside than a replacement.

是的。所以我覺得我們在晶片方面相對持開放態度，無論是在晶片領域，還是在與誰合作，無論是客製化晶片還是與多家獨立公司合作。我不認為兩者可以互相取代。在我看來，它們都是相輔相成的。所以我認為它更多的是一種優勢，而不是一種替代方案。

David Vogt, UBS.

David Vogt，瑞銀集團。

So Mike, maybe one for you and one for Greg. So you talked about strength in data center infrastructure powered networking. We're folding Hanley into the numbers. We're seeing strength in the second hyperscaler above expectations. I guess what I'm trying to think through is how do you think about the second half of your fiscal year, particularly given what the growth implies is a fairly meaningful deceleration where the underlying demand probably doesn't support that view.

麥克，也許一杯給你，一杯給格雷格。所以你談到了資料中心基礎設施驅動的網路的強大功能。我們將漢利的數據也納入統計。我們看到第二家超大規模資料中心營運商的表現超出了預期。我想思考的是，你如何看待本財年的下半年，特別是考慮到成長意味著相當明顯的放緩，而潛在需求可能並不支持這種觀點。

Is that just a rev rec issue? Is it a capacity issue? How should investors think about sort of the second half of the year, which kind of implies like 10% growth dynamic is there enough capacity? And then maybe I'll give you my question as well. Obviously, you took up the full year numbers for revenue margin in EPS and less kind of the free cash flow outlook unchanged.

那隻是版本確認的問題嗎？是產能問題嗎？投資人該如何看待下半年的情況？下半年的成長動能預計約為 10%，市場是否有足夠的產能？然後或許我也會問你我的問題。顯然，您採用了全年營收利潤率和每股盈餘數據，但自由現金流前景基本上保持不變。

I recognize that CapEx is probably going to go up, I don't know, $50 million to $100 million year-over-year. Anything else from a working capital perspective or a timing perspective that impacts free cash flow this year versus your original expectations?

我知道資本支出可能會增加，我不知道，可能會比前一年增加 5,000 萬美元到 1 億美元。從營運資金或時間安排的角度來看，還有其他因素會影響今年的自由現金流，使其與您最初的預期有所不同嗎？

So on the second half piece, I think with the $900 million that we've sort of added a large part of that comes through in Q3 and Q4. Q2, I think we've taken that up by $300 million to $400 million from our previous sort of indications. The retrofitting obviously had a little bit of impact on the Q2. We're continuing to win -- we'll continue to win share. I think if you look at last year, the comps from last year, a little difficult to sort of match up with.

所以，關於下半年的計劃，我認為我們新增的 9 億美元資金中，很大一部分將在第三季和第四季實現。第二季度，我認為我們比之前的預估增加了 3 億至 4 億美元。改造顯然對第二季產生了一些影響。我們一直在贏球——我們將繼續贏得市場份額。我認為，如果你看看去年的情況，去年的比賽很難與今年的比賽相提並論。

We went from 0 to 60 literally in a matter of a few seconds there, where Q3, Q4 saw solid performance from the previous Q1, Q2, where we didn't have some of the additional facilities that we took over from a competitor. So I would caution against doing comps for Q3 and Q4 because that was a huge growth number in Q3 and Q4, which was going from nothing to multiple buildings in that facility. Look, I think there's no rev rec. There's no other issues going on here. We're being conservative.

我們真的在短短幾秒鐘內就從 0 加速到了 60，第三季和第四季的業績比之前的第一季和第二季有了顯著提升，因為當時我們還沒有從競爭對手那裡接管的一些額外設施。因此，我建議不要對第三季和第四季進行比較，因為第三季和第四季的成長數字非常大，該設施從零發展到擁有多棟建築物。你看，我覺得沒有收入紀錄。這裡沒有其他問題。我們採取的是保守策略。

And I do think second half now reflects a much better picture than it did 90 days ago. And I think it will continue to evolve through the year. We have a tendency of being conservative, appropriately conservative. So second half, I think there is some good upside for us as well.

而且我認為，下半年的情況比90天前好得多。我認為它將在今年繼續發展演變。我們傾向保守，但這種保守是恰當的。所以下半場，我認為我們也有一些不錯的上升空間。

David, it's Greg. So on your free cash flow question, yes, still sticking to our guidance of $1.3 billion plus for the year. Again, a real strong Q1 with $272 million. You're absolutely correct. We do see CapEx slightly ticking up, but still staying in our range.

大衛，我是格雷格。關於您提出的自由現金流問題，是的，我們仍然堅持全年13億美元以上的預期。第一季業績依然強勁，達到 2.72 億美元。你說得完全正確。我們看到資本支出略有上升，但仍在我們的預期範圍內。

And we also do see working capital with the growth we're seeing in the back half of the year, slightly going up as well. So what I'd say is our guide is -- we feel is prudent at this time, and we'll continue to update as we go through the year.

而且，隨著下半年業務的成長，我們看到營運資金也略為上升。所以我想說的是，我們目前的指南是——我們認為這是謹慎的，我們將在今年繼續更新。

This now concludes the question-and-answer session. I would now like to turn the floor back over to Adam Berry for closing comments.

問答環節到此結束。現在我想把發言權交還給亞當·貝瑞，讓他做總結發言。

Thank you. Thank you for your interest in Jabil. This now concludes our call.

謝謝。感謝您對捷普的關注。通話到此結束。

Thank you. This now concludes today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。感謝您的參與。您可以在此時斷開線路。祝您今天餘下的時間愉快。