捷普科技 (JBL) 2026 Q3 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to the Jabil third quarter fiscal year 2026 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位女士、先生，大家好，歡迎參加捷普（Jabil）2026 會計年度第三季財務業績電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce your host, Adam Berry, Investor Relations. Thank you. Please go ahead.

現在我很榮幸介紹本次會議主持人：投資人關係部 Adam Berry。謝謝。請開始。

Good morning, and welcome to Jabil's third 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.

各位早安，歡迎參加捷普 2026 會計年度第三季電話會議。今天與我一同出席的有執行長 Mike Dastoor，以及財務長 Greg Hebard。請注意，今天的簡報將進行線上直播。在我們的事先準備發言中，將會引用投影片。如欲查看投影片，請造訪 jabil.com 的投資人關係專區。今天簡報結束後，完整錄音將上傳至我們網站供回放。

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 fourth 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 are identified in our annual report on Form 10-K for the fiscal year ended August 31, 2025, and on other filings with the SEC. Table 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，我們在本次簡報中將作出前瞻性陳述，其中包括但不限於對本公司業務預期展望的陳述，例如目前預期的 2026 會計年度第四季及全年淨營收與獲利。這些陳述係基於目前的預期、預測與假設，並涉及可能導致實際結果與表現出現重大差異的風險與不確定性。我們於截至 2025 年 8 月 31 日止會計年度的 Form 10-K 年度報告，以及向美國證券交易委員會（SEC）提交的其他文件中，已列示上述風險與不確定性的完整清單。Table 不承擔亦不表示有任何意圖或義務更新或修訂任何前瞻性陳述，不論係因新資訊、未來事件或其他原因所致。

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

接下來，我想把電話交給 Greg。

Thank you, Adam. Good morning, everyone, and thank you for joining our call today. Before getting into the details, I want to take a moment on how the quarter came together. We feel very good about Q3. Demand remains strong. Our teams executed well, and we delivered ahead of expectations across revenue, margin, EPS, and free cash flow.

謝謝你，Adam。各位早安，感謝今天加入我們的電話會議。在進入細節之前，我想先花一點時間談談本季的整體表現。我們對第三季（Q3）的表現感到非常滿意。需求仍然強勁。我們的團隊執行到位，在營收、毛利率、每股盈餘（EPS）以及自由現金流方面均優於預期。

Revenue upside in the quarter was broad-based across the portfolio, and I'll walk through the segment detail shortly. Just as important, margins were strong, and free cash flow was robust, giving us good momentum as we move into Q4.

本季營收的超預期表現來自整體產品組合的廣泛貢獻，我稍後會說明各事業部門的細節。同樣重要的是，利潤率表現強勁，自由現金流也相當充沛，讓我們在邁入第四季（Q4）時具備良好動能。

For the third quarter, revenue was approximately $8.8 billion, up 12% year over year and $250 million above the midpoint of our outlook. On a GAAP basis, operating income was $445 million or 5.1% of revenue. Core operating income was $504 million, and core operating margin was 5.8%. GAAP diluted earnings per share for the quarter was $2.59, and core diluted earnings per share was $3.16, up 24% year over year.

第三季營收約為 88 億美元，年增 12%，並較我們展望區間中點高出 2.5 億美元。以 GAAP 基準計算，營業利益為 4.45 億美元，占營收 5.1%。核心營業利益為 5.04 億美元，核心營業利益率為 5.8%。本季 GAAP 稀釋每股盈餘為 2.59 美元，核心稀釋每股盈餘為 3.16 美元，年增 24%。

Turning now to segment performance in the third quarter. Regulated industries revenue was $3.2 billion, up 4% year over year and above our outlook for the quarter. The upside was primarily driven by Automotive and Transportation, where demand was stronger than we expected. Core operating margin was 5.6%, up 10 basis points over the prior year.

接著看第三季各事業部門表現。受監管產業（Regulated Industries）營收為 32 億美元，年增 4%，且高於我們對本季的展望。超預期主要由汽車與運輸（Automotive and Transportation）帶動，該領域需求強於我們原先預估。核心營業利益率為 5.6%，較去年同期提升 10 個基點。

Intelligent Infrastructure revenue was $4.2 billion, up 21% year over year, reflecting continued strong demand and performance in line with our outlook for the quarter. Growth was broad-based across the segment. Capital equipment and cloud and data center infrastructure were both double digits, while networking communications was up more than 50%, supported by a strong networking ramp in India.

智慧基礎設施（Intelligent Infrastructure）營收為 42 億美元，年增 21%，反映需求持續強勁，且表現符合我們對本季的展望。該部門成長動能廣泛。資本設備以及雲端與資料中心基礎設施皆呈雙位數成長；網路通訊（Networking Communications）則成長超過 50%，主要受印度強勁的網通產能爬坡（ramp）所支撐。

Overall, this continues to be a very strong growth business for Jabil. And as we look from Q3 into Q4, we expect another meaningful step-up in revenue across all three end markets. supported by continued strength in AI-related programs and the timing of customer ramps.

整體而言，這仍是捷普非常強勁的成長型業務。展望從第三季到第四季，我們預期三個終端市場的營收都將再明顯上升，主要受 AI 相關專案持續強勁以及客戶產能爬坡時點所帶動。

Core operating margin for the segment was 6.1%, up 80 basis points over prior year Q3. Connected Living & Digital Commerce revenue was $1.4 billion, up 5% year over year and above our outlook for the quarter. Relative to our Q3 outlook, the upside came largely from Connected Living, where consumer-related demand was better than the cautious assumptions we had embedded in the guide. Our operating margin for the segment was 4.9%.

該部門核心營業利益率為 6.1%，較去年第三季提升 80 個基點。互聯生活與數位商務（Connected Living & Digital Commerce）營收為 14 億美元，年增 5%，且高於我們對本季的展望。相較於我們對第三季的展望，超預期主要來自互聯生活（Connected Living），其消費相關需求優於我們在指引中所採用的審慎假設。該部門營業利益率為 4.9%。

Turning now to cash flow and balance sheet metrics. Free cash flow was better than we expected in Q3, supported by strong profitability and continued discipline across the business. Cash flow from operations was $535 million, and net capital expenditures were $176 million, resulting in adjusted free cash flow of $359 million for the quarter

接著看現金流與資產負債表指標。第三季自由現金流優於我們預期，主要受強勁獲利能力與全公司持續的營運紀律所支撐。營運活動現金流為 5.35 億美元，淨資本支出為 1.76 億美元，使本季調整後自由現金流達 3.59 億美元。

On working capital, inventory days were 84. Net of inventory deposits from customers, inventory days were approximately 68, which was above our normal targeted range of 55 to 60 days.

在營運資金方面，存貨天數為 84 天。扣除客戶支付的存貨訂金後，存貨天數約為 68 天，高於我們正常目標區間的 55 至 60 天。

The higher inventory was largely tied to the timing of customer shipments in Intelligent Infrastructure, and we expect this to normalize back toward our targeted range in Q4. Given how our performance through Q3 and the outlook for Q4, we now expect adjusted free cash flow of more than $1.4 billion for the full fiscal year, up from our prior outlook of more than $1.3 billion.

存貨偏高主要與智慧基礎設施業務客戶出貨時點有關，我們預期第四季將回歸並朝目標區間正常化。考量我們截至第三季的表現以及對第四季的展望，我們目前預期 2026 會計年度全年調整後自由現金流將超過 14 億美元，高於先前預期的超過 13 億美元。

Our balance sheet remains in excellent shape. We ended Q3 with $1.4 billion in cash and debt-to-core EBITDA of 1.3 times, and we remain fully committed to maintaining our investment-grade credit profile. During the quarter, we repurchased approximately $291 million of shares under our existing $1 billion share repurchase authorization, which we intend to fully complete in Q4.

我們的資產負債表仍維持極佳狀態。第三季末我們持有 14 億美元現金，債務對核心 EBITDA 比率為 1.3 倍；我們仍全力致力於維持投資等級的信用評等結構。本季我們依據既有的 10 億美元庫藏股回購授權，回購約 2.91 億美元股份，並計畫於第四季完成該授權額度。

With that, I'll walk through our guidance for Q4 FY26, starting with the segments. We expect regulated industries revenue of approximately $3.3 billion, up 6% year over year. This reflects continued stability in healthcare and packaging, ongoing improvement in renewables, and Automotive and Transportation performing better than we expected earlier in the year.

接下來我將說明 2026 會計年度第四季（FY26 Q4）的財測指引，先從各部門開始。我們預期受監管產業營收約為 33 億美元，年增 6%。此反映醫療照護與包裝業務持續穩定、再生能源持續改善，以及汽車與運輸業務表現優於我們年初的預期。

For Intelligent Infrastructure, we expect revenue of approximately $4.9 billion, up about 32% year over year. This represents a meaningful sequential step-up from Q3, reflecting continued strength in AI-related programs, customer ramp timing, and the timing of shipments as discussed earlier.

智慧基礎設施方面，我們預期營收約為 49 億美元，年增約 32%。這代表相較第三季有顯著的季增提升，反映 AI 相關專案持續強勁、客戶產能爬坡時點，以及如先前所述的出貨時點因素。

And in Connected Living & Digital Commerce, we expect revenue of approximately $1.4 billion, roughly flat year over year. Digital Commerce growth remains healthy, while Connected Living continues to reflect a mixed consumer environment, although one that has performed better than our more cautious assumptions.

互聯生活與數位商務方面，我們預期營收約為 14 億美元，年比大致持平。數位商務成長仍然健康，而互聯生活仍反映消費環境好壞參半，儘管其表現優於我們較為審慎的假設。

At the enterprise level, we expect Q4 revenue to be in the range of $9.2 billion to $10 billion or about 16% year-over-year growth at the midpoint. We expect core operating income to be in the range of $589 million to $649 million, which implies a core operating margin of approximately 6.4% at the midpoint. We expect core diluted earnings per share to be in the range of $3.80 to $4.20. We expect fourth quarter net interest expense to be approximately $80 million, and our core tax rate remains approximately 21%.

在公司整體層級，我們預期第四季營收區間為 92 億至 100 億美元，以中點計算年增約 16%。我們預期核心營業利益區間為 5.89 億至 6.49 億美元，意味著以中點計算核心營業利益率約為 6.4%。我們預期核心稀釋每股盈餘區間為 3.80 至 4.20 美元。我們預期第四季淨利息費用約為 8,000 萬美元，核心有效稅率仍約為 21%。

Taken together, this would represent a strong finish to the year with continued revenue growth, margin expansion, and free cash flow generation. For fiscal 2026, we now expect revenue of approximately $35 billion, core operating margin of approximately 5.8%, core diluted earnings per share of approximately $12.70, and adjusted free cash flow of more than $1.4 billion.

綜合來看，這將代表今年強勁收官，營收持續成長、利潤率擴張，以及自由現金流的產生。對於2026會計年度，我們目前預期營收約為350億美元，核心營業利潤率約為5.8%，核心稀釋每股盈餘約為12.70美元，調整後自由現金流超過14億美元。

Let me close by saying Q3 delivered strong results and gives us greater confidence as we enter the final quarter of fiscal 2026. Our performance this quarter highlights the strength of our diversified portfolio, the momentum in Intelligent Infrastructure, and the disciplined execution of our teams around the world. As we move through Q4 and look ahead to fiscal 2027, our priorities remain clear and consistent: profitable growth, margin expansion, capital efficiency, and sustained cash generation.

最後我想說，第三季交出強勁成果，讓我們在進入2026會計年度最後一季時更具信心。本季表現凸顯我們多元化投資組合的實力、智慧基礎設施的動能，以及全球團隊嚴謹的執行力。隨著我們推進第四季並展望2027會計年度，我們的優先事項依然清晰且一致：獲利成長、利潤率擴張、資本效率，以及持續的現金創造。

With that, I will turn the call over to Mike, who will share more on fiscal 2026 outlook and how we're thinking about the setup into fiscal 2027.

接下來，我把電話會議交給Mike，他將分享更多關於2026會計年度展望，以及我們如何看待邁入2027會計年度的布局。

Thanks, Greg, and good morning, everyone. I'd like to begin today's call by thanking our teams around the world for delivering another strong quarter. Achieving 12% year-over-year growth on business of our scale requires tremendous focus, coordination, and execution across our global operations, customer partnerships, and supply chain network. I want to thank all of our employees for their contributions and commitment to delivering these outcomes.

謝謝你，Greg，各位早安。我想以感謝我們全球團隊再度交出強勁一季作為今天電話會議的開場。以我們這樣的業務規模要達成12%的年增成長，需要在全球營運、客戶夥伴關係與供應鏈網路上展現極高的專注、協調與執行力。我要感謝所有員工的貢獻與承諾，促成這些成果。

At the enterprise level, we delivered ahead of our expectations across all of our key metrics, including revenue, margin, EPS, and free cash flow. AI infrastructure demand remained extremely strong, and our full year AI-related revenue outlook is now meaningfully higher than what we laid out just 90 days ago. At the same time, we continue to see better-than-expected performances in areas of the portfolio that have previously been under pressure, including Automotive and Transportation and Connected Living & Digital Commerce.

在企業整體層面，我們在所有關鍵指標上都優於預期，包括營收、利潤率、每股盈餘（EPS）與自由現金流。AI基礎設施需求仍然極為強勁，我們對全年AI相關營收的展望，現在已明顯高於僅在90天前所提出的預期。同時，我們也持續看到投資組合中先前承壓的領域表現優於預期，包括汽車與運輸，以及互聯生活與數位商務。

Over the past several years, we have worked hard to build a diversified model, one which relies on many large end markets, and we still believe that's the right model for our business today. The diversified model not only provides important synergies such as supply chain purchasing power and engineering, which is leveraged across end markets, but more importantly, we believe it also allows for more sustainable financial performance over longer periods of time, providing a natural hedge in different economic cycles.

過去幾年，我們努力打造一個多元化的模式，依賴多個大型終端市場，而我們仍相信這是當前業務的正確模式。多元化模式不僅帶來重要的協同效益，例如供應鏈採購力與工程能力可跨終端市場運用；更重要的是，我們相信它也能在更長期間內帶來更可持續的財務表現，並在不同經濟循環中提供天然的對沖。

With that as a backdrop, let me now walk through fiscal 2026 by end market, starting with Intelligent Infrastructure. We continue to feel very good about the business. We now expect AI-related revenue to be approximately $13.6 billion in fiscal 2026. That is $500 million higher than our March outlook of $13.1 billion and up from $9 billion in fiscal 2025.

在此背景下，接下來我將按終端市場說明2026會計年度的情況，先從智慧基礎設施開始。我們對這項業務仍然非常有信心。我們目前預期2026會計年度AI相關營收約為136億美元。這比我們3月提出的131億美元展望高出5億美元，也高於2025會計年度的90億美元。

This represents $4.6 billion of AI-related growth this year or about 50% year over year. This level of growth reflects strong customer demand, quality execution from our team, and the capabilities we have built across compute, storage, networking, optics, power, cooling, and right level integration.

這代表今年AI相關成長達46億美元，約為年增50%。這樣的成長水準反映了強勁的客戶需求、團隊高品質的執行，以及我們在運算、儲存、網路、光學、電力、散熱與適度整合（right level integration）等方面所建立的能力。

We also took an important step forward in Q3 by winning our third hyperscale customer. Based on what we see today, we would expect the revenue ramp with this customer to look a lot like what we saw in our second hyperscaler, where we started with a specific capability, executed well, and then expanded the conversation across the data center. That is an important part of the model. We can enter where we have a capability the customer needs, deliver with quality, and then expand as the relationship deepens.

我們在第三季也邁出重要一步，贏得了第三家超大規模（hyperscale）客戶。依據我們目前所見，我們預期與該客戶的營收爬坡將很像我們第二家超大規模客戶的情況：先從某項特定能力切入、良好執行，接著把合作對話擴展到整個資料中心。這是我們模式的重要一環。我們可以從客戶需要的能力切入，以高品質交付，並在關係加深後擴大合作範圍。

Importantly, this remains an attractive asset-light model for Jabil as evidenced by our CapEx expectations of 1.5% to 2%. We are expanding capacity in a disciplined way tied to visible customer demand while avoiding the product ownership and IP risk that can come with more OEM-like models. Not only do I like the large revenue growth opportunities before us, I continue to like the return profile of the business, including strong free cashflows.

重要的是，這對Jabil而言仍是具吸引力的輕資產（asset-light）模式，從我們1.5%至2%的資本支出（CapEx）預期即可看出。我們以可見的客戶需求為依據，有紀律地擴充產能，同時避免更類OEM模式可能伴隨的產品持有與智慧財產（IP）風險。我不僅看好眼前龐大的營收成長機會，也持續看好這項業務的報酬特性，包括強勁的自由現金流。

Moving to regulated industries, where the tone continues to get better. Auto was stronger than expected in the quarter, and we now expect other revenue of approximately $4.4 billion in fiscal 2026 compared to our March outlook of $4.2 billion. Despite coming in stronger than anticipated, we remain cautious on the automotive market, given continued demand volatility. That said, stronger export demand from China, industry consolidation, and growth in powertrain agnostic platforms enabled us to exceed our prior outlook.

接著談到受監管產業，整體氛圍持續改善。本季汽車業務強於預期，我們目前預期2026會計年度其他營收約為44億美元，高於我們3月展望的42億美元。儘管表現優於預期，但鑑於需求波動仍在，我們對汽車市場仍保持審慎。即便如此，來自中國更強的出口需求、產業整併，以及動力系統不可知（powertrain agnostic）平台的成長，使我們得以超越先前展望。

Renewables also continued to improve. We are seeing support from Safe Harbor projects, demand for power type to AI, and data center infrastructure and the shift from residential towards commercial projects. The tone is better than it was earlier in the year.

再生能源也持續改善。我們看到Safe Harbor專案的支持、電力類型轉向AI與資料中心基礎設施的需求，以及專案從住宅轉向商用的趨勢。整體氛圍比年初時更好。

In Healthcare, our long-term view of the opportunity has not changed. The product cycles are long. The margin profile is attractive and the outsourcing of opportunity is still relatively immature. We continue to see good opportunities around drug delivery, med devices and broader pharma capabilities.

在醫療保健方面，我們對長期機會的看法沒有改變。產品週期很長。利潤率結構具吸引力，而外包機會仍相對不成熟。我們持續在藥物輸送、醫療器材，以及更廣泛的製藥能力方面看到良好機會。

In Connected Living & Digital Commerce, we also saw better performance in the quarter. In Connected Living, the environment remains mixed, but performance was better than the cautious assumptions we had embedded in our outlook driven primarily by Connected devices. We now expect connected living revenue of approximately $2.7 billion in fiscal 2026, up $300 million from our March outlook. We expect digital commerce revenue of approximately $2.7 billion, up $100 million from our March outlook.

在互聯生活與數位商務方面，我們本季也看到更好的表現。在互聯生活領域，環境仍然好壞參半，但表現優於我們在展望中所納入的審慎假設，主要由互聯裝置帶動。我們目前預期2026會計年度互聯生活營收約為27億美元，較3月展望增加3億美元。我們預期數位商務營收約為27億美元，較3月展望增加1億美元。

Digital Commerce remains one of our higher-margin end markets with good opportunities in automation, robotics, retail and warehouse technology. Putting all of that together, we're raising our fiscal 2026 outlook. We now expect revenue of approximately $35 billion, up from our March outlook of $34 billion. That represents growth of roughly 17% year over year. We also now expect an improvement in core operating margin of 10 bps to approximately 5.8%, core EPS of approximately $12.70, and adjusted free cash flow of more than $1.4 billion, up from our prior outlook of more than $1.3 billion.

數位商務仍是我們利潤率較高的終端市場之一，在自動化、機器人、零售與倉儲科技方面有良好機會。綜合以上，我們上調2026會計年度展望。我們目前預期營收約為350億美元，高於3月展望的340億美元。這代表約17%的年增成長。我們也預期核心營業利潤率提升10個基點至約5.8%，核心EPS約為12.70美元，調整後自由現金流超過14億美元，高於先前展望的超過13億美元。

For me, it's important to recognize that the model is working. And as a result, the business is rapidly growing. Margins are moving higher, and free cash flow expectations also are improving. And when I look beyond fiscal 2026, I am extremely confident in Jabil's strategic position, the strength of our customer relationships, and our ability to capture the significant opportunities ahead. While we will provide full year guidance for FY27 in our annual virtual investor briefing in September, I thought it might be helpful to provide an early view of our AI-related revenue growth.

對我而言，重要的是要認知到這個模式正在奏效。因此，業務正在快速成長。利潤率持續上升，自由現金流預期也在改善。當我把視野放到2026會計年度之後，我對Jabil的策略定位、客戶關係的強度，以及我們掌握未來重大機會的能力，極具信心。雖然我們將在9月的年度線上投資人說明會中提供FY27的全年指引，但我認為先提供AI相關營收成長的初步觀點可能會有所幫助。

As I mentioned earlier, in FY26, we anticipate our AI-related revenue will be approximately $13.6 billion. We are exiting the year with a stronger platform for growth, strong customer engagements, and new capacity coming online in North Carolina, Memphis, India, and other parts of the footprint. For all these reasons, I expect AI-related revenue growth in FY27 in percentage terms to be similar to FY26. What makes that especially impressive is that we expect to sustain this growth rate of a much larger revenue base.

如我先前提到，在FY26，我們預期AI相關營收約為136億美元。我們將以更強的成長平台、強勁的客戶互動，以及北卡羅來納州、孟菲斯、印度與其他據點的新產能上線，來結束本年度。基於上述原因，我預期FY27的AI相關營收成長率（以百分比計）將與FY26相近。尤其令人印象深刻的是，我們預期能在更大的營收基礎上維持這樣的成長速度。

At the enterprise level, there are still a few things that will shape how the full year comes together between now and September. That includes component availability, mix across the portfolio, and the choices we make as we continue to prioritize margins, customer ramp timing, free cash flow, and returns. As these items firm up, they will help determine where the full year ultimately lands. The combination of strong AI growth, improving mix, and continued discipline around free cash flows and returns gives me confidence that Jabil can move core operating margin above 6% in fiscal 2027.

在企業層面，從現在到9月之間，仍有幾個因素將影響全年最終的落點。這包括零組件供應情況、產品組合在整體產品組合中的配置，以及我們在持續優先考量毛利率、客戶放量時點、自由現金流與資本回報時所做出的取捨。隨著這些因素逐步明朗，將有助於決定全年最終落在何處。強勁的AI成長、持續改善的產品組合，以及在自由現金流與回報方面的持續紀律，讓我有信心Jabil能在2027財年將核心營業利益率提升至6%以上。

Before we wrap up, what incremental opportunity I want to highlight is the AI infrastructure initiative we announced earlier this week with Adani Enterprises. While it is still early days, Adani Enterprises and Jabil are targeting a strategic alliance to build an AI data center infrastructure platform in India. This alliance will focus on multi-gigawatt manufacturing capacity for high-density AI racks and associated computing infrastructure.

在結束之前，我想特別強調一項增量機會，也就是我們本週稍早與Adani Enterprises宣布的AI基礎設施倡議。雖然目前仍在早期階段，Adani Enterprises與Jabil的目標是在印度建立一個用於打造AI資料中心基礎設施平台的策略聯盟。此聯盟將聚焦於具備多GW（gigawatt）等級製造產能的高密度AI機櫃（rack）及其相關運算基礎設施。

he platform is expected to manufacture next-gen liquid cool AI racks, servers, storage systems ,and networking equipment and supporting infrastructure equipment required inside modern AI data centers, including power distribution units, transformers, switchgear, and thermal management systems used by hyperscalers, colocation providers, and enterprise data center customers. Importantly, the opportunity represents the potential to help establish a scaled AI infrastructure manufacturing platform in India, a market we believe will become increasingly important for both domestic and global AI infrastructure demand.

該平台預期將製造下一代液冷AI機櫃、伺服器、儲存系統與網路設備，以及現代AI資料中心內所需的支援性基礎設施設備，包括配電單元（PDU）、變壓器、開關設備（switchgear）與散熱管理系統，供超大規模業者（hyperscalers）、機房代管（colocation）服務商與企業資料中心客戶使用。更重要的是，這項機會代表著有潛力在印度建立具規模化的AI基礎設施製造平台；我們相信，印度將在國內與全球AI基礎設施需求上變得愈來愈重要。

There is still work to be done before a definitive framework is established. So we view this as a longer-term opportunity. If the partnership develops as we anticipate, fiscal 2028 is the more realistic starting point for meaningful contributions.

在建立明確的合作框架之前，仍有工作需要完成。因此我們將其視為一項較長期的機會。若合作關係如我們預期般發展，2028財年將是較為現實、可開始帶來顯著貢獻的起點。

In closing, we remain focused on executing our diversified strategy, investing in the right growth areas, and creating long-term value for our customers and shareholders. Thank you for your continued support, and we look forward to updating you on our progress in the quarters ahead.

最後，我們將持續專注於執行多元化策略、投資於正確的成長領域，並為客戶與股東創造長期價值。感謝各位持續的支持，我們也期待在接下來的季度向各位更新我們的進展。

With that, operator, we're ready for questions.

接下來，接線員，我們準備開始問答。

(Operator Instructions) Ruplu Bhattacharya, Bank of America.

(接線員指示) 美國銀行（Bank of America）的Ruplu Bhattacharya。

Mike, with today's guidance raise, you would have had two years of strong AI revenue growth. And like you said, the base is higher now for AI revenues. A lot of companies are building GPU racks. What gives Jabil the right to win in this space? And you talked about a third hyperscaler and you talked about the announcement with Adani Enterprises in India. How big a revenue driver could these be for Jabil? And I have a follow-up.

Mike，隨著今天上調指引，你們已經連續兩年實現強勁的AI營收成長。而且如你所說，AI營收的基期現在更高了。很多公司都在建置GPU機櫃。是什麼讓Jabil有能力在這個領域勝出？另外你提到第三家超大規模業者，也提到在印度與Adani Enterprises的合作公告。這些對Jabil而言可能會是多大的營收驅動因素？我還有一個追問。

Thanks, Ruplu. So I feel our AI demand continues to be extremely strong. I think the holistic strategy that the team is focused on where we sort of enable customers to scale AI much faster by delivering fully integrated systems across compute, storage, networking, power, advanced cooling. We often sort of go in through one channel or one capability and expand the relationship by offering other end-to-end sort of solutions to customers.

謝謝你，Ruplu。我認為我們的AI需求仍然非常強勁。我想團隊所專注的整體策略，是透過在運算、儲存、網路、電力與先進散熱等面向交付完整整合的系統，協助客戶更快擴大AI規模。我們通常會先從某一個切入點或某一項能力進入，接著透過提供其他端到端解決方案來擴大與客戶的合作關係。

We actually won our second hyperscaler in exactly that way. And we're actually just won our third hyperscaler and the strategy will be exactly the same. So going really well from a strategy standpoint.

我們就是以這種方式拿下第二家超大規模業者。而我們也剛剛贏得第三家超大規模業者，策略也會完全相同。因此從策略角度來看，進展非常順利。

In my prepared remarks, I talked about having a similar growth rate. You highlighted that, Ruplu, and it's on a much, much higher revenue base. All three end markets are contributing to this. If you think of capital equipment, test, obviously, is a high performer there with all the rapid evolution of chip technology. The test equipment demand is through the roof.

在我事先準備的發言中，我提到我們維持類似的成長率。你也特別點出這一點，Ruplu，而且是在更高、非常非常高的營收基礎之上。這是由三個終端市場共同貢獻的。如果你看資本設備領域，測試（test）顯然表現非常突出，因為晶片技術快速演進。測試設備需求非常火熱。

I think WFE is making a little bit of a comeback, although we'll always be a little bit prudent because WFE historically has always moved to the right a little bit. But there is definitely signs of a recovery in WFE right now.

我認為晶圓製造設備（WFE）正在有些回溫，儘管我們一向會保持相對審慎，因為WFE在歷史上通常會稍微延後反映。但目前WFE確實出現復甦的明顯跡象。

And then if you look at DCI, our cloud infrastructure business, we're opening up new capacity in North Carolina. We're talking about Memphis, India, other parts of the footprint. We recently made the Hanley acquisition. That's bearing fruit as well.

再來看DCI，也就是我們的雲端基礎設施業務，我們正在北卡羅來納州開出新的產能。我們也在談孟菲斯、印度以及其他據點的布局。我們近期完成Hanley的收購。這也正在開始帶來成果。

And don't forget that's at a higher margin. And then last but not least, networking. We've got the whole InfiniBand Ethernet. Demand is going up, especially in India. We've sort of almost doubled our revenue over the last year in India there, partly because of this networking demand.

而且別忘了，那部分的毛利率更高。最後但同樣重要的是網路。我們涵蓋InfiniBand與乙太網路（Ethernet）整體產品。需求正在上升，尤其是在印度。過去一年我們在印度的相關營收幾乎翻倍，部分原因就是這股網路需求。

And then the silicon photonics, we continue to play in that as well.

另外，矽光子（silicon photonics）方面我們也持續參與。

So overall, very strong demand, very good strategy from Jabil, and you're seeing that in the numbers. You're seeing that in the results. A similar growth rate on such a large revenue base is quite impressive. As it relates to the India opportunity, before I say anything, I just want to say that we do not have a definitive framework in place yet. So we're still working on it.

總體而言，需求非常強勁，Jabil的策略也非常到位，你可以從數字上看到。你也可以從成果中看到。在如此龐大的營收基礎上仍能維持類似的成長率，確實相當令人印象深刻。至於印度的機會，在我說任何內容之前，我想先強調，我們目前還沒有確定的合作框架。所以我們仍在推進相關工作。

So I can't comment on financials or structure or anything like that. Having said that, I am really excited about this opportunity. If you think of a few things that stand out for me, we're talking about multi-gigawatt AI infrastructure manufacturing in India. We're talking about the world's highest population and particularly with the government that's helping push bake in India as a global manufacturing hub and taking it a step further to make for the world as well.

因此我無法評論財務、架構或任何類似細節。不過，我對這個機會感到非常興奮。若談幾個對我而言特別突出的點，我們談的是在印度進行多GW等級的AI基礎設施製造。我們談的是全球人口最多的國家，尤其是在政府推動「印度製造」成為全球製造樞紐，並更進一步做到「為世界而製造」的背景之下。

So really well aligned there. If you think of the offering that we're providing, it's a one-stop shop, which would sort of appeal to hyperscalers and data center providers with Adani being one of the largest conglomerates in India. very strong in infrastructure, providing power and Jabil providing all the manufacturing expertise, which has been proved out in the US. So we're talking of racks. We're talking next-gen liquid cooled racks.

因此在方向上非常契合。如果你看我們提供的方案，這是一站式服務，對超大規模業者與資料中心供應商會很有吸引力；Adani作為印度最大的企業集團之一，在基礎設施方面實力雄厚、可提供電力，而Jabil則提供已在美國驗證過的製造專業能力。所以我們談的是機櫃（racks）。我們談的是下一代液冷機櫃。

We're talking of servers. We're talking of storage systems and networking equipment. And then you layer on the supporting infrastructure that we're building today in the U.S. as well in terms of switchgear, transformers, power distribution units, thermal management systems, all of that comes into play. So the opportunity is quite significant going forward.

我們談的是伺服器。我們談的是儲存系統與網路設備。此外還會加上支援性基礎設施；就像我們今天在美國也正在建置的，包括開關設備、變壓器、配電單元（PDU）、散熱管理系統等，這些都會納入。因此，往前看這個機會相當可觀。

Again, I do want to highlight that this is an FY28 event. Obviously, the main gating factor here would be building out this capacity because this will require a decent chunk of capacity, but the opportunity and the potential could be huge.

再次強調，我確實想指出，這會是2028財年的事件。顯然，這裡最主要的限制因素會是產能建置，因為這需要相當可觀的一段產能；但其機會與潛力可能非常巨大。

Okay. Mike. In talking about capacity, maybe I have a follow-up for Greg. You've been adding capacity. Does Jabil now have enough capacity to support the strong AI and data center revenue growth that you're projecting for fiscal '27?

好的。Mike。談到產能，我可能有個追問想請教Greg。你們一直在增加產能。Jabil現在是否已具備足夠產能，以支撐你們對2027財年所預期的強勁AI與資料中心營收成長？

And can you help investors understand how much revenue can the existing footprint support and which areas would the company plan to invest in? And how does this impact free cash flow going forward?

您能否協助投資人了解，現有的據點版圖可支撐多少營收，以及公司計畫投資於哪些領域？另外，這對未來的自由現金流有何影響？

Yes, so as Mike mentioned just now and also in his prepared remarks, when we look at AI revenue in FY27, we're going to see similar growth levels in percentage terms to '26 and also off a larger base. From a capacity perspective, we're real confident we could have that revenue in place from a footprint perspective.

好的，如同 Mike 剛才提到的以及他在事先準備的發言中所說，當我們看 FY27 的 AI 營收時，我們將看到與 '26 類似的百分比成長水準，而且是建立在更大的基期之上。從產能角度來看，我們非常有信心，從據點版圖的角度，我們可以具備支撐該營收的能力。

Globally, we're adding an incremental 10% on our footprint, new buildings, new locations and also expansion. So we feel really good of the footprint being there to support that capacity. From a CapEx perspective and free cash flow, we're not giving any kind of guide for next year yet, but we feel really good on continuing to stay within that 1.5% to 2% on total CapEx even with the footprint expansion that we're seeing in the coming year.

在全球範圍內，我們的據點版圖將額外增加 10%，包含新建廠房、新地點以及擴建。因此，我們對於據點版圖能夠支撐該產能感到非常樂觀。就資本支出（CapEx）與自由現金流而言，我們尚未提供明年的任何指引，但即使在未來一年看到據點擴張，我們仍對於能持續將總資本支出維持在 1.5% 到 2% 的區間內感到很有信心。

Steven Fox, Fox Advisors.

Steven Fox，Fox Advisors。

Just following up on a couple of those things. I was wondering if you can dial in a little bit more into the networking growth. Obviously, substantial here. How does that look into next year off of the guidance for AI revenues? And where is it coming from?

我想就其中幾點再追問一下。我想請您更具體談談網路（networking）業務的成長。顯然這裡的成長相當可觀。在 AI 營收指引的背景下，明年會是什麼樣的走勢？成長主要來自哪裡？

And then I have a follow-up.

另外我還有一個追問。

The networking growth, we've already grown quite a bit in '26. I think that growth continues in '27, Steve. I think the InfiniBand, the Ethernet demand, all the switch gear that we're building in India. -- the silicon photonics piece coming together nicely -- so there's a whole chip positives in that networking space. And I think the demand for that networking will be similar or better next year to '26.

網路業務在 '26 已經成長了不少。我認為 '27 這個成長會持續，Steve。我認為 InfiniBand、乙太網（Ethernet）的需求，以及我們在印度製造的所有交換器設備——矽光子（silicon photonics）這一塊也整合得很順利——因此在網路領域有很多正向因素。我認為明年對網路的需求將與 '26 相近或更好。

That's helpful. And then just as a follow-up, can you talk a little bit more, Mike, about margins for next year? I know you don't want to get too specific, but I would imagine the margins you're posting now and still includes some inefficiencies from plants you're ramping up. Like when do we start to see you guys fully harvest the new capacity at efficient rates as you're adding sales. When can we sort of see better incrementals?

這很有幫助。接著追問一下，Mike，您能否再多談一些明年的毛利率/利潤率（margins）？我知道您不想講得太具體，但我想您目前公布的利潤率應該仍包含一些來自正在爬坡的工廠所造成的效率不彰。例如，當你們在增加銷售時，何時開始能以有效率的方式充分收割（fully harvest）新增產能？我們何時能看到更好的增量利潤率（incrementals）？

So you're absolutely spot on with the capacity coming through in stages. We don't turn on all our capacity on first of September. It will phase in through the balance of this calendar year, and I expect a lot of the capacity to be on board by early calendar year next year. So you're right, there's definitely some level of ramp impact. Having said that, I feel really confident about 6% plus margins.

你說得完全正確，產能會分階段到位。我們不會在 9 月 1 日就把所有產能一次開出。它會在今年剩餘的日曆年度逐步導入，而我預期到明年日曆年初，大部分產能都會到位。所以你說得對，確實會有一定程度的爬坡影響。話雖如此，我對於 6% 以上的利潤率非常有信心。

And I do add the plus up to the 6%. I think if you look at what's driving some of that, the mix is getting better. Some of the end markets that we've had a little sort of lack of recovery in the past, those are coming together nicely like automotive, renewables. Healthcare is steady Eddie even within Intelligent Infrastructure, the higher-value capabilities like power, liquid cooling, silicon photonics, they're all getting accretion in margin in that Intelligent Infrastructure segment itself.

而且我說的是在 6% 的基礎上再加上「以上」。我認為如果你看驅動因素，產品組合正在改善。過去一些終端市場復甦稍顯不足的部分，現在也在順利回溫，例如汽車、再生能源。醫療保健表現穩健；即便在智慧基礎設施（Intelligent Infrastructure）之內，像電力、液冷、矽光子等更高價值的能力，都在該智慧基礎設施事業本身帶來利潤率的增厚（accretion）。

And then you add on the operating leverage, you talked about utilization, capacity utilization getting better as we progress through '27. And then Hanley, where we made the acquisition a few months ago, it's at double-digit margins. So all of that coming together very nicely from a margin standpoint. I would -- I think the point you made about ramps is important to keep in mind though. But like I said, my expectations are on a 6% plus margin for FY27.

再加上營運槓桿，你提到的稼動率、產能利用率會在我們推進到 '27 的過程中持續改善。另外 Hanley，我們幾個月前完成收購，它的利潤率是雙位數。因此從利潤率角度來看，這些因素都在非常良好地匯聚。我想——你提到爬坡的重要性，確實需要記在心上。但如我所說，我對 FY27 的利潤率預期是 6% 以上。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，JPMorgan。

This is MP on for Samik Chatterjee. So my first question is regarding your Intelligent Infrastructure guide. You have implied an acceleration in year-over-year growth relative to fiscal 3Q. And then it's also higher than your implied guidance, which you had given previously. So just wanted you to double-click on whether this upside relative to prior expectations is driven entirely by the new hyperscaler customer?

我是 MP，代 Samik Chatterjee 提問。我的第一個問題是關於你們智慧基礎設施的指引。你們暗示相較於會計年度第 3 季（fiscal 3Q），年對年成長將加速。而且也高於你們先前給出的隱含指引。因此想請你們更深入說明，這個相對於先前預期的上修，是否完全由新增的超大規模雲端客戶（hyperscaler）所驅動？

And then also any color on what capabilities you are currently ramping on with the new hyperscaler customer? And I have a follow-up.

另外，能否分享一些你們目前正在為這家新的 hyperscaler 客戶爬坡的能力/項目？我還有一個追問。

Just for clarification, your question is about FY26 or the growth rate for FY27?

我確認一下，你的問題是關於 FY26，還是 FY27 的成長率？

So fiscal 4Q, your intelligent infrastructure implied.

是會計年度第 4 季（fiscal 4Q），你們智慧基礎設施的隱含數字。

I think Greg mentioned something in his prepared remarks around timing where we had some finished goods in the warehouse still at the end of Q3. Those will start flowing in, in Q4. I think there's about a couple of hundred million from Q3 extending into Q4 and then an incremental $300 million across the board. It's not just related to the third hyperscaler. It's demand across the board in racks.

我想 Greg 在事先準備的發言中提到一些關於時點的內容：在第 3 季末，我們倉庫裡仍有一些成品庫存。這些會在第 4 季開始出貨/流入。我認為大約有數億美元是從第 3 季延後到第 4 季，另外還有全盤增加的 3 億美元。這不只是與第三家 hyperscaler 有關。這是機櫃（racks）整體需求的提升。

I think Memphis is doing really well. So there's $500 million upside in our Intelligent Infrastructure guide for FY26, and it's spread out a little bit. So really happy to see that.

我認為 Memphis 的表現非常好。因此我們 FY26 的智慧基礎設施指引上修了 5 億美元，而且分布得比較分散一些。所以看到這樣的結果我們非常高興。

Got it. And then for your fiscal '27 guide, you have said that AI growth continues at a similar percentage level and also we are seeing acceleration in growth relative to your other end markets. So does that -- like is it -- will it be a fair assumption to say that overall fiscal '27 revenue growth should be at least in line with fiscal '26 or higher than that?

了解。接著關於你們會計年度 '27 的指引，你們提到 AI 成長將以類似的百分比水準持續，而且相較於其他終端市場，我們看到成長加速。那麼——是否可以合理假設，整體會計年度 '27 的營收成長至少會與會計年度 '26 持平，或高於 '26？

So look, I think we'll provide full year guidance in September. My AI revenue sort of highlight was more to give Street a little bit of what's an idea of what's going on in our AI piece. There's puts and takes on the other side of the business, some end markets, obviously, are performing better. We'll continue to look at margins, obviously, we'll continue to look at any pruning that we have to do. So I wouldn't start expanding revenue on an incremental basis to what I've already said on the AI revenue that was more an indication of comfortability in terms of the AI revenue growth, right?

你看，我們會在 9 月提供全年指引。我先前特別提到 AI 營收，主要是想讓市場對我們 AI 業務的狀況有個概念。至於業務的其他部分，會有一些此消彼長；某些終端市場顯然表現更好。我們也會持續檢視利潤率，當然也會持續檢視是否需要做任何修剪/汰弱（pruning）。所以我不會在我已經談到的 AI 營收之外，再開始把整體營收往上加碼推估；那更多是表示我們對 AI 營收成長的把握程度，對吧？

We will provide guidance, like I said in September, and I expect it to be a nice number, but let's have some caution in -- I would make sure that we don't get carried away with the numbers there.

如我所說，我們會在 9 月提供指引，我預期會是一個不錯的數字，但也請保持一些謹慎——我會確保我們不要在數字上過度興奮。

Mark Delaney, Goldman Sachs.

Mark Delaney，Goldman Sachs。

I'm hoping you can share more color on what led to the win at the third hyperscaler and any product capability in particular where Jabil has had initial success?

我希望你們能分享更多細節：你們是如何贏得第三家 hyperscaler 的案子？以及 Jabil 在哪些特定產品能力上取得了初步成功？

It's across the data center infrastructure space, Merck. It's very similar to how we did the second hyperscale second hyperscaler was in a different capability. And then we expanded way beyond that capability into all the other capabilities. So I would see this as a starting point. The third hyperscaler, I expect it to be in that couple of hundred million dollar range for '27, rapidly expanding to $1 billion and then beyond in '28.

這涵蓋整個資料中心基礎設施領域，Mark。這與我們拿下第二家 hyperscaler 的方式非常類似；當時是從不同的一項能力切入。接著我們從那項能力擴展到遠超出該能力的其他所有能力。所以我會把這視為一個起點。對於第三家 hyperscaler，我預期 '27 會在數億美元的規模，並在 '28 快速擴大到 10 億美元，之後還會更高。

So definitely a good sign. We've been working on this for a while, and it's finally come through in our Q3 --

所以這絕對是個好跡象。我們在這件事上已經努力了一段時間，終於在我們的第三季（Q3）反映出成果——

Okay. And then in terms of the supply chain considerations for the 50% growth in AI-related revenue for next year, you already spoke a bit around your manufacturing and CapEx plans to support that. But could you speak a little bit more on the supply chain, including labor and parts supply? And given that some companies in the industry have run into parts and component shortages, maybe help investors to better understand to what extent there's any conservatism from a supply chain standpoint, factored into that outlook for 15% growth next year?

好的。那麼，關於明年AI相關營收成長50%在供應鏈方面的考量，你剛才已經稍微談到你們為支撐該成長所做的製造與資本支出（CapEx）規劃。但你能否再多談一些供應鏈面向，包括勞動力與零組件供應？另外，鑑於產業內有些公司遇到零件與元件短缺的情況，或許也請協助投資人更好理解：在你們對明年15%成長的展望中，從供應鏈角度納入了多大程度的保守假設？

Right. No, it's really a good point, Mark. I think we always appropriately ensure that we've factored in all these supply chain issues. There is a high demand for high bandwidth memory as everyone's aware, high-end, high-density interconnect PCBs, R&I demand, lead times have been extending. One good thing is obviously the hyperscalers and our large customers get more than their fair share of some of these components.

對。不，這確實是個很好的觀點，Mark。我想我們一向都會適當地確保把所有這些供應鏈議題納入考量。大家都知道，高頻寬記憶體需求非常旺盛；高階、高密度互連PCB，以及R&I的需求也很強，交期一直在拉長。有利的一點是，顯然超大規模客戶（hyperscalers）以及我們的大型客戶，在某些元件上能取得超過其「應得份額」的供應。

I think the DDR5s, I think the capacity is decent on that front. But the DDR4s and below, I think there will be some level of shortages, and we try our best to obviously factor in those delays.

我認為DDR5方面的產能還算充足。但DDR4及更低階的產品，我認為會有一定程度的短缺，而我們也會盡最大努力把這些延遲因素納入考量。

I think the -- the key here on supply chain is our team is extremely focused and I'll put our team up against anyone externally. I think if you look at the conversations are changing. It's not transactional. It's not about pricing, it's about strategy. It's about access.

我認為——供應鏈的關鍵在於，我們的團隊極度專注；如果要比，我敢把我們的團隊拿去跟外部任何人相比。我想如果你觀察一下，對話正在改變。不再是交易式的。不再是談價格，而是談策略。是談取得（供應）管道。

It's about allocation long-term commitments. So overall, I feel really good that our team is approaching this and absolutely the right way. And by the way, they've proved it out over the last 3, 4, 5 years, if you include COVID and all of this, it's -- I think the team performed much better than many of the other teams.

是談配額與長期承諾。所以整體而言，我對我們團隊的做法非常有信心，確實是以完全正確的方式在推進。順帶一提，如果把COVID以及這些因素都算進去，過去3、4、5年他們已經證明了這一點——我認為團隊的表現比許多其他團隊都好得多。

Ruben Roy, Stifel.

Ruben Roy，Stifel。

This is (inaudible) for Ruben Roy.

我是代替Ruben Roy提問的（聽不清）。

Yes, go ahead. You're breaking up.

好的，請說。你的聲音斷斷續續。

Hearing me okay now?

現在聽得到我嗎？

We can hear you now, but you broke up before that?

現在聽得到，但你剛才那段有斷訊？

I say 4Q exits at around 6.4% core margin. FY27 is being framed above 6%. And so can you help us reconcile that? Is that just early conservatism? Or is there genuine near-term margin drag from the onboarding of the third customer, new capacity start-up costs and sort of just the ramp before it all scales?

我說第四季（4Q）退出時大約是6.4%的核心利潤率。而FY27被描述為高於6%。所以你能幫我們把這兩者對起來嗎？這只是早期的保守假設嗎？還是說，因為導入第三位客戶、新產能啟動成本，以及在規模化之前的爬坡，短期確實會對利潤率造成拖累？

And what's the path back toward that 7% and higher?

那回到7%甚至更高的路徑是什麼？

Yes. So typically, Q4 is our highest margin quarter. Last year, we were at 6.3%. We're going to beat it by 10 basis points for this Q4 at 6.4%. So overall, I feel really good about 5.8%.

是的。通常第四季是我們利潤率最高的季度。去年我們是6.3%。今年第四季我們會以6.4%高出10個基點。所以整體而言，我對5.8%感到非常滿意。

As Mike mentioned, we're going to be 6% plus for next year. Still a little bit early to talk about the shape of next year, but again, feel good about continuing to improve on gross margins and getting leverage in SG&A to get 6% plus and higher from there.

如Mike提到的，明年我們會是6%以上。現在談明年的走勢形狀還稍早，但同樣地，我們對持續改善毛利率、並在SG&A上取得槓桿，以達到6%以上並在此基礎上再往上提升，感到很有信心。

And the Q4 seasonality is quite common. If you go back over the last 2 or 3 years, you'll see the same level of seasonal with Q4 being the highest performing margin quarter.

而第四季的季節性也相當常見。如果你回看過去2到3年，你會看到同樣程度的季節性：第四季是利潤率表現最高的季度。

Okay. Understood. And maybe then just on the Adani piece of what you mentioned. I guess without getting into financials, can you just help us understand the capital model? A multi-gigawatt build sounds pretty capital intensive and yet you're committed to sort of the 1.5% to 2% CapEx.

好的。了解。那也許再問一下你提到的Adani那一塊。我想在不談財務細節的前提下，你能否幫我們理解資本模式？多GW的建置聽起來資本投入很大，但你們仍承諾資本支出約為1.5%到2%。

And so is that structured? Are you thinking of structuring that as a JV? Or is that partner funded? How are you going to participate in those economics while keeping Jabil asset light and avoiding the IP ownership risk that you've been careful to avoid up until now?

那這會如何架構？你們會考慮用合資（JV）的方式來架構嗎？或是由合作夥伴出資？在維持Jabil輕資產、並避免你們迄今一直很謹慎迴避的IP所有權風險的同時，你們要如何參與這些經濟利益？

So I just want to start again by saying, look, we do not have a definitive framework. So we haven't figured out structure and capital and all that. Having said that, I feel really good. If you look at our growth in everything that we're going to do with the Adani Group as well, it's manufacturing. It's manufacturing racks, it's manufacturing servers, it's manufacturing storage, next-gen liquid cooled racks, power distribution, transport.

我想我先再重申一次：我們目前還沒有一個明確、定案的框架。所以我們還沒把架構、資本等細節都想清楚。話雖如此，我感覺非常好。如果你看我們與Adani集團將要做的所有成長項目，本質上都是製造。是製造機櫃、製造伺服器、製造儲存設備、下一代液冷機櫃、配電、運輸。

We've been doing that for the last 3, 4 years now.

我們過去3、4年一直在做這些。

So our CapEx has been proved out already. This is no different. It's just the scale will be enormous. So I think just -- I feel -- I still feel comfortable with the 1.5% to 2%. Don't forget our manufacturing business is relatively asset-light in nature.

所以我們的資本支出（CapEx）其實早已被驗證。這沒有什麼不同。只是規模會非常龐大。因此我仍然對1.5%到2%的水準感到安心。別忘了，我們的製造業務本質上相對是輕資產。

And that's the beauty of the model that we have today. You can eat your cake and have it to there as well. So I think I feel really good about our CapEx ability once we get going on this venture.

這就是我們目前這個模式的美妙之處。你可以魚與熊掌兼得。所以我對我們在啟動這項合作後的資本支出能力非常有信心。

Melissa Fairbanks, Raymond James.

Melissa Fairbanks，Raymond James。

Just wanted to start off by saying for Graham and Frank, congratulations on the first round win. I hope to see the Tartan Army down in Miami. I'm not sure if they're listening to the call. I was wondering, we've got a really strong guide for Intelligent Infrastructure, not surprising. Can you give us an update on the North Carolina facility?

我想先對Graham和Frank說，恭喜你們首輪獲勝。希望能在邁阿密看到Tartan Army。我不確定他們是否在聽這通電話。我想問的是，我們看到你們對智慧基礎設施（Intelligent Infrastructure）的指引非常強勁，這並不令人意外。你能否更新一下北卡羅來納州的廠房進度？

When can we expect revenue to start flowing through from that facility? And then I believe you also have first right of refusal of the parcel of land next door. Just wondering how we can think about that in terms of capacity expansion going forward?

我們何時可以預期該廠開始貢獻營收？另外，我相信你們也擁有隔壁那塊土地的優先拒絕權。想請問我們該如何從未來產能擴張的角度來看待這件事？

Sure. Thanks, Melissa. I'm sure Frank and Graham will appreciate your comments. They're probably still hung over from Saturday, but Look, our North Carolina facility is -- it remains on track. I think we've given a time line of Q1, Q4 -- the end of this year, fiscal year.

當然。謝謝你，Melissa。我相信Frank和Graham會很感謝你的話。他們可能還在為週六宿醉，不過你看，我們北卡羅來納州的廠——仍然按計畫進行。我想我們給過一個時間線：第一季、第四季——也就是本財年年底。

Nothing's changed on that front. We booked one customer. We're talking to others. I think if you think about it, January would be probably the date by which we'd be fully ramped. Obviously, we'll have some level of sort of steady ramps through the first quarter of -- but January onwards, I would expect run rates to be in that $1 billion, $2 billion, $3 billion range over the next 1, 2 and 3 years.

這方面沒有任何改變。我們已經拿下一位客戶。也正在和其他客戶洽談。我想如果你這樣看，1月大概會是我們完全爬坡到位的時間點。當然，在第一季期間我們會有一定程度的穩定爬坡——但從1月之後，我預期未來1、2、3年，運行水準（run rate）會落在10億、20億、30億美元的區間。

So I think, overall, -- the potential is still the same, no major changes to our North Carolina piece.

所以我認為，整體而言——潛力仍然相同，我們在北卡羅來納州這一塊沒有重大變化。

One of the things with the additional land next door, we're looking at facilities which are easier to get to as in readily available. So we might have capacity coming online, which is already built out as opposed to going through another 12, 18 months of build-out. So it's just a slight sort of variation of our initial thought pattern in North Carolina, but everything else remains exactly the same.

至於隔壁新增的土地，其中一點是我們正在看一些更容易取得的設施，也就是更即時可用的。因此我們可能會有產能上線，而且是已經建好的，而不是再走一輪額外 12 到 18 個月的建置期。所以這只是我們對北卡羅來納州最初思路的一點小幅調整，但其他一切都完全相同。

Okay. Great. Then maybe shifting gears looking at regulated industries, we'll give some else a chance to shine. Glad to see the auto business is moving a tick higher for the year. I think the downtick in healthcare is maybe a little surprising.

好的。很好。那也許換個話題來看受監管產業，我們讓其他人也有機會發揮。很高興看到汽車業務今年略有上升。我覺得醫療保健的下滑可能有點令人意外。

Wondering if you could give us more color there.

想請你能否再多補充一些細節。

So I wouldn't put too much into that. Don't forget, we took it down by $100 million. Our daily shipments add up to $125 million, $130 million. So it's -- the number of -- the amount is not as material. It's just -- it was just $100 million.

所以我不會對那個數字解讀太多。別忘了，我們把它下調了 1 億美元。我們每日出貨加總是 1.25 億到 1.30 億美元。所以——這個數字——這個金額其實沒那麼具實質性。只是——它就只是 1 億美元。

And with rounding, it was even lower than that. So I wouldn't worry about it too much.

而且四捨五入後，甚至比那還低。所以我不會太擔心。

Our long-term view of healthcare has not changed at all. The product cycle is extremely long, extremely sticky margin profile, highly attractive. Outsourcing in this industry is still relatively immature. And we continue to see good opportunities around. If you think of GLP-1s, you think of drug delivery, you think of continuous glucose monitors, med devices, chronic disease management.

我們對醫療保健的長期看法完全沒有改變。產品週期非常長、黏著度非常高，毛利結構也很穩固，吸引力很高。這個產業的外包仍相對不成熟。而我們持續看到周邊有不錯的機會。如果你想到 GLP-1、想到藥物遞送、想到連續血糖監測、醫療器材、慢性病管理。

All of that is still well within our control.

這些都仍然在我們可掌控的範圍內。

And I think FY27 should show some level of growth again. And then don't forget, we'll have Croatia come online right at the end of FY27. So it's not going to be an FY27 event, but it will be coming online at the end of FY27, which means it will be an FY28 event. And then we continue to look at B2Bs and capability-driven M&As and more vertical integration. So I think healthcare continues to be right at the center of our strategy going forward as well.

而我認為 FY27 應該會再次呈現某種程度的成長。另外別忘了，我們的克羅埃西亞據點會在 FY27 接近年底時上線。所以它不會是 FY27 的事件，但會在 FY27 末上線，這代表它會是 FY28 的事件。然後我們也持續評估 B2B（企業對企業）機會、能力驅動的併購（M&A），以及更高程度的垂直整合。所以我認為醫療保健未來也會持續是我們策略的核心。

Luke Junk, Baird.

Luke Junk，Baird。

Mike, hoping just to start with the preliminary 2027 AI view and hoping just to get a little color from a customer standpoint in terms of incremental contributions from your largest customer versus the second and third hyperscalers or maybe even seeing maybe some more materiality from NeoClouds in this guidance as well.

Mike，我想先從 2027 年 AI 的初步展望開始，並希望從客戶角度請你多補充一些細節：在這份指引中，你們最大客戶相較於第二、第三家超大規模客戶（hyperscaler）的增量貢獻如何？另外，這份指引中是否也開始看到 NeoClouds 的貢獻變得更具實質性？

It's spread out across the board, look, I think the numbers are well diversified. Obviously, our largest customer plays a role in that. The second hyperscaler will play a role in that. I talked about the third hyperscaler initially in FY27. The numbers won't be that material, but FY28 will get to a material number.

它是分散在各個面向的。你看，我認為這些數字相當多元分散。當然，我們最大客戶在其中扮演一定角色。第二家 hyperscaler 也會扮演一定角色。我先前提到第三家 hyperscaler 會在 FY27 初期開始。那些數字不會那麼具實質性，但 FY28 會達到具實質性的規模。

But it's really well spread out. Capital equipment is doing well. If you look at DCI, that's doing well with all the new capacity coming online. And then networking, it's almost a really well-diversified portfolio within intelligent infrastructure that's outperforming.

但整體來說分布得很平均。資本設備表現不錯。如果你看 DCI，隨著所有新產能上線，那邊也表現良好。然後是網路業務——在智慧基礎設施這個領域裡，幾乎是一個非常多元分散、且表現優於預期的投資組合。

Understood. And then can we maybe flip that to the capacity view? So certainly, Carolina part of this into fiscal '27 but can we talk about where you're able to push on capacity in some of the other key facilities, be India, be it in Memphis, kind of some of the big chunks to support with obviously several billion dollars in growth in total.

了解。那我們能否把話題轉到產能的觀點？所以當然，Carolina 這部分會納入 2027 財年，但我們能否談談你們在其他關鍵廠區能如何推進產能，例如印度、孟菲斯等，這些支撐總體數十億美元成長的主要區塊？

Yes. No. So North Carolina, obviously, will play a part there. Like I said, we booked one customer. We're looking at multiple others.

可以。不。所以北卡羅來納州顯然會在其中扮演一部分角色。如我所說，我們已經拿下一個客戶。我們也在看多個其他客戶。

We'll provide more guidance on that in September. Memphis is coming along nicely. I think if you look at the LVMV switchgear that we have there, the I heat exchangers building out in Memphis, they're going well. We're doing the second hyperscaler in Mexico.

我們會在 9 月提供更多相關指引。孟菲斯進展得很順利。我想如果你看我們在那裡的 LVMV switchgear（低壓/中壓開關設備），以及在孟菲斯建置中的 I heat exchangers（熱交換器），進度都很好。我們正在墨西哥服務第二家 hyperscaler。

We've got networking going on right now, expansion going on in India. So it's all spread out and the capacity utilization will quickly come online very fast. Again, I think Mark had asked that question about ramps. There will be some level of ramps that take place.

我們目前也在進行網路業務，並在印度進行擴產。所以這些都分散在各地，產能利用率會很快、非常迅速地上線。再一次，我想 Mark 之前問到爬坡（ramp）問題。確實會有一定程度的爬坡發生。

You don't trigger 5, 6 facilities up on all on the same day, and they don't start performing from day 1. So it will take some level of time. So Q1 of '27, we will be in a little bit of a ramp situation. But from 1st January onwards of calendar year '27, I do expect that capacity to come online in a substantial way. It all sorts of different products, different customers in a really well-diversified manner.

你不可能在同一天把 5、6 個廠區全部啟動，然後它們從第 1 天就開始達到理想表現。所以需要一些時間。因此在 2027 年的 Q1，我們會處於一定程度的爬坡狀態。但從 2027 年曆年 1 月 1 日之後開始，我確實預期產能會以相當顯著的方式上線。涵蓋各式不同產品、不同客戶，而且分散得非常多元。

David Vogt, UBS.

David Vogt，UBS。

I've got two questions for Mike and Greg. So maybe, Mike, starting with you, when we think about the soft commentary around fiscal '27, particularly around AI and your margin how much of that commentary is guided by your view of supply chain component availability and what your customers are seeing? And how is that taken into consideration from a margin perspective?

我有兩個問題想問 Mike 和 Greg。所以也許先從你開始，Mike：當我們思考你們對 2027 財年的偏保守評論，特別是關於 AI 以及你們的毛利率時，這些評論在多大程度上是基於你對供應鏈零組件可得性、以及你們客戶所看到情況的判斷？而這又是如何從毛利率角度被納入考量的？

Obviously, I would assume that you're building in a buffer there. I'll give you my second question at the same time, maybe for you as well, and maybe Greg can chime in. When I think about the third hyperscaler, I think you mentioned a couple of hundred million dollars of revenue in fiscal '27. How do we -- how should we square that with sort of the North Carolina facility coming online next year? Are you insinuating that we're going to have multiple customers in that facility?

顯然，我會假設你們在那裡會納入一些緩衝。我也同時把第二個問題一起問，可能也給你回答，Greg 也可以補充。當我想到第三家 hyperscaler，我記得你提到 2027 財年大概是數億美元的營收。我們該如何把這點與北卡羅來納州廠區明年上線這件事對照起來？你是否在暗示那個廠區會有多個客戶？

Or is it just going to be that one customer? How do we think about sort of how that capacity is going to be allocated among your hyperscaler customers going forward?

還是就只會是那一個客戶？我們該如何思考未來這些產能會如何在你們的 hyperscaler 客戶之間分配？

So I think when you run soft guidance, are you talking about '27 similar --?

所以我想你說的偏保守指引，是指 2027 年類似——？

I'm sorry -- yes, just commentary around '27 AI growth a supply..

抱歉——是的，就是關於 2027 年 AI 成長的評論，供應……

Accelerated by supply. Yes. No, it's similar growth rate percentage on a much, much higher revenue base. So it's a substantially bigger number in revenue dollar terms. So I wouldn't call it soft, but overall --

由供應所加速。是的。不，它是以相近的成長率百分比，建立在更高、非常非常高的營收基礎之上。所以以營收美元計算，會是大幅更大的數字。所以我不會稱之為偏保守，但整體而言——

What I meant by -- I didn't mean soft and soft performance, like you're not giving the official quantitative guidance for '27 preliminary guide.

我的意思是——我不是指疲弱、表現疲弱；例如你們沒有就「27 年初步指引」提供正式的量化指引。

That's fair. I think the reason I actually talked about it was to give an early indication. It wasn't meant to provide guidance. I didn't want to Hijack September call. We will have a virtual investor briefing in September.

這樣說很公平。我認為我之所以實際談到它，是為了提供一個早期的訊號。那並不是要提供指引。我不想劫持九月的電話會議。我們將在九月舉辦一場線上投資人簡報會。

So we will provide more guidance, more definitive guidance then. Supply chain absolutely is part of our thinking. We're aware of where the shortages are.

所以我們會在那時提供更多指引、更明確的指引。供應鏈絕對是我們思考的一部分。我們知道短缺發生在哪些環節。

And obviously, any commentary that we provide for '27 will be -- will have some level of impact, but that will already be built in. So the numbers we talked about definitely have that built in. Like I said, a lot of the AI intelligent infrastructure customers do manage to get their fair share and then some op components. So it is -- look, it's an issue, but I don't lose that much sleep over it from the intelligent infrastructure standpoint. And I think as we go along over the next 3 or 4 months, and we actually have our long-term strategy sessions in this Q4 as well, which go out a couple of years.

而且顯然，我們對「27 年提供的任何評論都會——會有某種程度的影響，但那會已經被納入考量。所以我們談到的數字確實已經把那點納入了。如我所說，許多 AI 智慧基礎設施客戶確實能取得他們應得的份額，甚至還能多拿一些關鍵元件。所以——你看，這是個問題，但就智慧基礎設施的角度而言，我不會因此太過擔心、睡不著覺。而且我認為，隨著未來 3 到 4 個月的推進，我們在本 Q4 也會進行長期策略會議，規劃會延伸到未來幾年。

So we'll provide more guidance in September.

所以我們會在九月提供更多指引。

Great. And then on the third hyperscaler rev versus the North Carolina capacity coming online? How do we think about that's going to be allocated to your hyperscaler portfolio?

很好。接著第三個問題：第三家超大規模雲端客戶（hyperscaler）的營收相較於北卡羅來納州產能上線？我們該如何看待這些產能將如何分配到你們的 hyperscaler 產品組合？

So the third hyperscaler, like I said, is in the data cloud infrastructure space. We're still -- we booked one customer in North Carolina. We're still trying to figure out where exactly the third hyperscaler would go. It might be North Carolina, it might be somewhere else. But that's a good problem to have.

所以第三家 hyperscaler，如我所說，是在資料雲端基礎設施領域。我們仍然——我們已在北卡羅來納州簽下一位客戶。我們仍在釐清第三家 hyperscaler 會落在哪裡。可能在北卡羅來納州，也可能在其他地方。但這是個好問題、也是好煩惱。

Like we said, this capacity coming online in multiple jurisdictions, multiple factories, multiple buildings coming online. So I do think third hyperscaler is ready to go. It's just a matter of us trying to figure out exactly where to put it.

如我們所說，這些產能會在多個司法管轄區、多座工廠、多棟建築陸續上線。所以我確實認為第三家 hyperscaler 已經準備就緒。只是我們要弄清楚到底要把它放在哪裡。

Tim Long, Barclays.

Tim Long，巴克萊。

Two, if I could here. Maybe I think you guys mentioned Hanley is going well. If you could just give us an update there, kind of on both the power side and the more services side how that's ramping and developing internally into a better business for you guys? And then second, if you could just touch on the storage business. I think -- I'm not sure if you mentioned it that much, but curious how that's going.

如果可以的話我有兩個問題。也許你們提到 Hanley 進展得很順利。能否請你們更新一下那邊的情況，包含電力端以及較偏服務端的部分，這些業務如何爬坡、並在內部發展成對你們更好的業務？第二，能否談一下儲存（storage）業務。我想——不確定你們是否提得很多，但我很好奇目前進展如何。

I think that's been a pretty good ramp. If you could just kind of update on us on how that's going this year and the outlook into next year.

我認為那一直是相當不錯的爬坡。如果可以的話，請更新一下今年的進展，以及對明年的展望。

Sure. So I think just as a reminder, Hanley expands our capabilities in both power -- modular power distribution, energy systems and then there's a service angle to that as well. It's a higher-margin business. I think from a revenue standpoint, it's actually going better than we had anticipated during our acquisition.

當然。我想先提醒一下，Hanley 擴充了我們在電力方面的能力——模組化配電、能源系統——同時也有服務面的切入。這是一個毛利率較高的業務。我認為就營收而言，實際表現甚至比我們在收購時預期的還要好。

The level of interest that the acquisition has generated is extremely positive. I think, again, we were expanding capability offerings and going in through one channel and expanding our capability offering in other channels, and Hanley is part of that solution as well. So all going really well.

這次收購所帶來的關注度非常正面。我想，再次強調，我們是在擴大能力供給：透過一個通路切入，同時在其他通路擴大我們的能力供給，而 Hanley 也是該解決方案的一部分。所以整體都進展得非常順利。

If you think of some of the areas that we can expand into with modular power solutions, I think data center power architecture, I talked about services, that services is a critical part of the offering. Not only do we help deploy the gear in the data center, we help maintain it, and we help service it. And that's a recurring revenue stream as well. So Hanley overall going really well.

如果你想想我們可以透過模組化電力解決方案擴展到的一些領域，我認為包含資料中心電力架構；我也談到服務，而服務是產品供給中非常關鍵的一環。我們不僅協助在資料中心部署設備，也協助維護並提供服務。而那也是一條經常性收入來源。所以 Hanley 整體表現非常好。

And then the second, hyperscaler, I think you mentioned storage. That's going really well. I think some of that is reflected in our guide for -- I won't call it guide, but our indication for FY27. I think when we started on that second hyperscaler journey a couple of years ago, none of us imagined it to be as critical and as big as it's turned out to be.

第二個，關於 hyperscaler，我想你提到儲存。那進展得非常好。我認為其中一部分也反映在我們對——我不會稱之為指引，但我們對 27 財年的初步訊號之中。我想當我們在幾年前開始第二家 hyperscaler 的旅程時，沒有人能想像它最後會變得如此關鍵、規模如此之大。

Thank you. This brings us to the end of today's question-and-answer session. I would like to turn the floor back over to Mr. Berry for closing comments.

謝謝。以上是今天問答環節的結束。我想把時間交回給 Berry 先生做結語。

Thank you very much for joining. This concludes our call. If you need further clarification, please reach out to us. Thank you.

非常感謝各位參與。本次電話會議到此結束。如需進一步釐清，請與我們聯繫。謝謝。

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

各位女士、先生，今天的活動到此結束。您現在可以掛斷電話或登出網路直播，祝您今天剩餘時間愉快。