捷普科技 (JBL) 2026 Q4 法說會逐字稿

Good morning, and welcome to Jabil's fourth quarter earnings call and ninth annual investor briefing. My name is Adam Berry. I am Senior Vice President of Investor Relations and Corporate Affairs.

早安，歡迎參加捷普（Jabil）第四季財報電話會議暨第九屆年度投資人簡報。我叫 Adam Berry。我擔任投資人關係與企業事務資深副總裁。

Thank you for joining us today. Each September, this call is an opportunity for us to both report the quarter as well as give you a deeper look at our business and the opportunities that lie ahead. As you will hear throughout today's presentation, we have a lot to feel good about as the momentum we have seen in fiscal 2026 continues into fiscal 2027.

感謝各位今天與會。每年九月，這通電話會議讓我們得以回顧本季表現，同時也更深入地向各位說明我們的業務，以及未來的機會。正如各位在今天的簡報中將會聽到的，我們有許多值得振奮之處，因為我們在 2026 會計年度所見到的動能，正延續到 2027 會計年度。

Before we begin, it is worth noting that today's presentation is being live-streamed. The slides are available in the investor relations section of jabil.com, and a recording will be available after this event.

在開始之前，值得一提的是，今天的簡報將進行線上直播。投影片可於 jabil.com 的投資人關係專區取得，活動結束後也將提供錄影回放。

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 first quarter and full fiscal year 2027 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 in other filings with the SEC.

此外，我們在本次簡報中將提出前瞻性陳述，其中包括但不限於對本公司業務預期展望的相關內容，例如我們目前預期的 2027 會計年度第一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。關於這些風險與不確定性的完整清單，已載於我們截至 2025 年 8 月 31 日止會計年度的 Form 10-K 年報，以及向美國證券交易委員會（SEC）提交的其他文件中。

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. Now, let me set the stage for what we will cover today. We will begin with Greg Hebard, our Chief Financial Officer, who will review our fourth quarter and fiscal year results, cash flow and balance sheet, capital returns, as well as our first quarter outlook. We will then move to Steve Borges, who will cover our Regulated Industries segment, including Automotive & Transportation, Healthcare, and Renewable and Energy Infrastructure. Next, Matt Crowley will follow with Intelligent Infrastructure and how we are expanding our role across AI infrastructure as customer demand continues to accelerate.

捷普不承擔更新或修訂任何前瞻性陳述的任何意圖或義務，不論係因新資訊、未來事件或其他原因所致。接下來，讓我先說明今天的議程。我們將先由財務長 Greg Hebard 開場，回顧第四季與全年業績、現金流與資產負債表、資本回饋，以及第一季展望。接著由 Steve Borges 介紹我們的受監管產業（Regulated Industries）事業群，包括汽車與運輸、醫療保健，以及再生能源與能源基礎設施。然後由 Matt Crowley 接續說明智慧型基礎設施（Intelligent Infrastructure），以及在客戶需求持續加速之際，我們如何擴大在 AI 基礎設施領域的角色。

Following Matt will be Rafael Renno, who will discuss our newly renamed segment, Intelligent Devices & Robotics, or IDR, which will take the place of Connected Living and Digital Commerce. We feel this name change better reflects where the segment is heading in terms of automation and robotics capabilities as the mix of business continues to shift towards more highly complex engineered solutions.

在 Matt 之後，Rafael Renno 將介紹我們新更名的事業群：智慧裝置與機器人（Intelligent Devices & Robotics，簡稱 IDR），此事業群將取代原先的互聯生活與數位商務（Connected Living and Digital Commerce）。我們認為此更名更能反映該事業群在自動化與機器人能力方面的發展方向，因為業務組合正持續轉向更高複雜度的工程化解決方案。

Upon hearing from these three leaders, it will become further evident that the business remains strong and in good shape, with growth coming in many key areas. In fact, when you put all of this diversified growth together, we are anticipating adding in excess of $8.5 billion of revenue in fiscal '27, after having added over $6 billion in fiscal '26. That is an unprecedented amount of growth for Jabil.

在聽完這三位領導人的分享後，各位將更清楚看到，我們的業務依然強勁、狀態良好，且在多個關鍵領域帶來成長。事實上，將這些多元化的成長加總後，我們預期在 2027 會計年度新增超過 85 億美元的營收，而在 2026 會計年度我們已新增超過 60 億美元。這對捷普而言是前所未有的成長幅度。

Hence, we felt it was critically important for Frank McKay, our Chief Supply Chain Officer, and Andrew Priestley, our Chief Operations Officer, to discuss how we are preparing to deliver this growth, as well as our unique model for working with both customers and suppliers to secure the necessary components to ensure customer success.

因此，我們認為由供應鏈長 Frank McKay 與營運長 Andrew Priestley 來說明我們如何為交付這項成長做好準備至關重要，同時也會介紹我們與客戶及供應商合作的獨特模式，以確保取得必要零組件，協助客戶成功。

Our CEO, Mike Dastoor, will bring it all together, starting with how Jabil has evolved as an engineering-led, supply-chain-enabled manufacturing solutions company, followed by our fiscal 2027 outlook by end market, our capital allocation priorities, and how we're thinking about the business beyond fiscal 2027. We'll then open the call for your questions. As you will hear from the team, there are three key messages today.

我們的執行長 Mike Dastoor 將把上述內容串聯起來，首先說明捷普如何演進為一家以工程為核心、以供應鏈為支撐的製造解決方案公司，接著分享我們按終端市場劃分的 2027 會計年度展望、資本配置優先順序，以及我們如何看待 2027 會計年度之後的業務發展。之後我們將開放提問。正如各位將從團隊的分享中聽到的，今天有三個關鍵訊息。

First, we're positioned for growth in fiscal 2027. Our strong customer relationships and capabilities are expanding what we can deliver, while committed customer demand is filling the additional capacity we have added. Second, our commitment to product, end market, and customer diversification continues to create meaningful value.

第一，我們已為 2027 會計年度的成長做好布局。我們與客戶之間穩固的關係與能力，正在擴大我們可交付的範疇，而已承諾的客戶需求也正在填補我們新增的產能。第二，我們對產品、終端市場與客戶多元化的承諾，持續創造具意義的價值。

AI remains strong with a broadening customer base, complemented by growth in automotive, defense and aerospace, healthcare, energy infrastructure, and warehouse and retail automation.

AI 依然強勁，且客戶基礎持續擴大；同時，汽車、國防與航太、醫療保健、能源基礎設施，以及倉儲與零售自動化等領域也帶來成長。

These businesses broaden our customer base and allow us to apply capabilities across markets. Finally, we're focused on converting this growth into earnings, cash flow, and shareholder returns through disciplined execution, investment, and capital allocation. With that, let's get started.

這些業務擴大了我們的客戶基礎，並使我們能將能力跨市場應用。最後，我們專注於透過嚴謹的執行、投資與資本配置，把這些成長轉化為獲利、現金流與股東報酬。那麼，我們開始吧。

It's my pleasure to introduce Chief Financial Officer Greg Hebard.

我很榮幸介紹財務長 Greg Hebard。

Thank you, Adam. Good morning, everyone, and thank you for joining us. I am very excited with our strong finish to fiscal 2026.

謝謝你，Adam。各位早安，感謝各位參與。我們在 2026 會計年度強勁收官，令我非常振奮。

Fourth quarter revenue and core earnings per share both exceeded the high end of our guidance, reflecting solid execution across the business. Revenue was approximately $10.6 billion, up 29% year-over-year, and more than $1 billion above the midpoint of our June outlook. The upside was driven from Intelligent Infrastructure and Regulated Industries.

第四季營收與核心每股盈餘皆超越我們指引區間的上緣，反映全公司穩健的執行力。營收約為 106 億美元，年增 29%，並較我們 6 月展望的中位數高出逾 10 億美元。超出預期主要由智慧型基礎設施與受監管產業所帶動。

I'll provide additional detail on both segments later in my remarks. Turning to profitability, GAAP operating income was $602 million, or 5.7% of revenue. Core operating income was $675 million, representing a core operating margin of 6.4%.

我稍後會在談話中提供這兩個事業群的更多細節。接著看獲利能力，GAAP 營業利益為 6.02 億美元，占營收 5.7%。核心營業利益為 6.75 億美元，核心營業利益率為 6.4%。

GAAP diluted earnings per share were $3.76, while core diluted earnings per share were $4.40, up 34% year-over-year. Net interest expense for the quarter was $87 million. Turning now to our performance by segment. Regulated Industries revenue was $3.4 billion, up 9% year-over-year, and above our outlook for the quarter. Auto & Transportation was the largest contributor to that upside, with demand stronger than we expected. Renewable and Energy Infrastructure also finished ahead of our outlook.

GAAP 稀釋每股盈餘為 3.76 美元，而核心稀釋每股盈餘為 4.40 美元，年增 34%。本季淨利息費用為 8,700 萬美元。接下來看各事業群表現。受監管產業營收為 34 億美元，年增 9%，並高於我們對本季的展望。汽車與運輸是超出預期的最大貢獻者，需求強於我們原先預期。再生能源與能源基礎設施的表現也優於我們的展望。

Together, those businesses more than offset lower than expected revenue in Healthcare and Packaging, where results were impacted by delays in automation equipment and the timing shift of a customer program. Core operating margin for the segment was 5.8%. In Intelligent Infrastructure, revenue was approximately $5.8 billion, up 56% year-over-year, and roughly $900 million above our June outlook.

上述業務合計，已足以抵銷醫療保健與包裝業務低於預期的營收；後者的結果受到自動化設備延遲以及某客戶專案時程遞延的影響。該事業群核心營業利益率為 5.8%。在智慧型基礎設施方面，營收約為 58 億美元，年增 56%，並較我們 6 月展望高出約 9 億美元。

The upside was driven by two factors. First, AI-related demand remained very strong and continued to accelerate, exceeding the significant growth we had already incorporated in our June outlook.

超出預期主要由兩項因素所驅動。第一，AI 相關需求仍非常強勁且持續加速，超越我們在 6 月展望中已納入的顯著成長幅度。

Second, capacity came online sooner than planned, and customer ramps progressed better than anticipated, allowing us to support that higher level of demand. That growth was supported by the ramp of our second hyperscaler in Mexico and continued strength in our networking programs in India. Our power business also performed better than expected, contributing to the upside for the quarter.

第二，產能較原計畫更早到位，且客戶爬坡進度優於預期，使我們得以支援更高水準的需求。這項成長受惠於我們在墨西哥第二家超大規模雲端客戶（hyperscaler）的量產爬坡，以及我們在印度網路通訊專案的持續強勁表現。我們的電力業務表現也優於預期，為本季超出預期提供助力。

After being capacity-constrained for much of the year, we are beginning to see our capacity investments drive growth. Core operating margin for the segment was 6.5%, up 60 basis points year-over-year, reflecting an improving mix, including the contribution of our margin-accretive Hanley Energy acquisition. In Connected Living and Digital Commerce, revenue was approximately $1.4 billion, roughly flat year-over-year. Core operating margin was 7.1%.

在全年多數時間受限於產能之後，我們開始看到產能投資正帶動成長。該事業群核心營業利益率為 6.5%，年增 60 個基點，反映產品組合改善，其中包括具增厚毛利效果的 Hanley Energy 併購案所帶來的貢獻。在互聯生活與數位商務方面，營收約為 14 億美元，年比約持平。核心營業利益率為 7.1%。

As Adam mentioned, we will refer to this business as Intelligent Devices & Robotics in our outlook. Turning to cash flow and our balance sheet, let me begin with inventory. We made solid progress in the fourth quarter, reducing net inventory days by approximately four days sequentially to 64, including inventory deposits. Gross inventory days ended the year at approximately 82.

如 Adam 所提到的，我們在展望中將把這項業務稱為「智慧裝置與機器人」。接著談現金流與資產負債表，我先從存貨開始。我們在第四季取得了扎實進展，包含存貨預付款在內，淨存貨天數較前一季約減少四天至 64 天。年末的總存貨天數約為 82 天。

While net inventory days remain above our target range of 55 to 60 days, we expect continued improvement and a return to that range as we move through fiscal 2027. Cash from operations was $733 million in the quarter and approximately $2 billion for the full year. Net capital expenditures were $192 million in Q4 and $470 million for the year, or 1.3% of revenue. As a result, strong adjusted free cash flow was $541 million in the quarter and more than $1.5 billion for the year, exceeding our initial FY 2026 outlook of $1.3 billion-plus.

雖然淨存貨天數仍高於我們 55 至 60 天的目標區間，但我們預期將持續改善，並在 2027 會計年度推進過程中回到該區間。本季營運活動現金流為 7.33 億美元，全年約為 20 億美元。第四季淨資本支出為 1.92 億美元，全年為 4.70 億美元，約占營收 1.3%。因此，本季強勁的調整後自由現金流為 5.41 億美元，全年超過 15 億美元，高於我們最初對 2026 會計年度「13 億美元以上」的展望。

Looking ahead, we continue to expect net capital expenditures of 1.5% to 2% of revenue. The asset-light nature of Intelligent Infrastructure enables us to support strong growth while continuing to invest across our diversified portfolio. We exited fiscal 2026 with a strong balance sheet, with debt to core EBITDA of 1.3 times and cash balances of approximately $1.7 billion.

展望未來，我們仍預期淨資本支出將占營收的 1.5% 至 2%。智慧基礎設施的輕資產特性，使我們能在支持強勁成長的同時，持續在多元化投資組合中進行投資。我們以強健的資產負債表結束 2026 會計年度，債務對核心 EBITDA 倍數為 1.3 倍，現金餘額約 17 億美元。

Turning to our capital structure, we ended fiscal 2026 with approximately $6.1 billion of total available liquidity, including $4.4 billion of unused borrowing capacity. Balance sheet debt was approximately $3.4 billion. Our strong financial position provides the flexibility to support customer growth, continue returning capital to shareholders while maintaining our commitment to an investment-grade credit profile.

談到資本結構，我們在 2026 會計年度末擁有約 61 億美元的可用總流動性，其中包含 44 億美元的未動用借款額度。資產負債表上的債務約為 34 億美元。我們強勁的財務狀況提供了彈性，可支持客戶成長、持續回饋股東，同時維持我們對投資等級信用評等的承諾。

Turning to shareholder returns, we repurchased approximately $169 million of shares in the fourth quarter and approximately $1.1 billion for the full year. That builds on our consistent track record of returning capital to shareholders.

談到股東報酬，我們在第四季回購約 1.69 億美元的股票，全年約回購 11 億美元。這延續了我們一貫回饋股東資本的良好紀錄。

Since fiscal 2013, we have reduced shares outstanding from approximately 203 million to approximately 104 million, a reduction of 49%. Over that period, we have repurchased shares at an average price of $58 and returned $8.8 billion to shareholders through repurchases and dividends. During the fourth quarter, we completed our prior repurchase authorization and began repurchasing shares under the new $1.5 billion program authorized by our board in July.

自 2013 會計年度以來，我們已將流通在外股數從約 2.03 億股降至約 1.04 億股，減少 49%。在此期間，我們以平均 58 美元的價格回購股票，並透過回購與股利合計回饋股東 88 億美元。在第四季，我們完成了先前的回購授權，並開始在董事會於 7 月核准的新 15 億美元計畫下回購股票。

Approximately $1.4 billion remained available at year-end. Our long-term framework remains unchanged. Return 80% or more of adjusted free cash flow to shareholders over time while continuing to invest for growth.

截至年末，仍有約 14 億美元可用額度。我們的長期框架維持不變。隨時間推進，將 80% 或以上的調整後自由現金流回饋給股東，同時持續投資以促進成長。

With that, let us turn to our first-quarter guidance, beginning with revenue by segment. For Q1, we anticipate Regulated Industries revenue of approximately $3.5 billion, up about 12% year-over-year. The growth is expected to be led by Automotive & Transportation, driven by programs in defense and Aerospace, and Automotive, along with continued momentum in Renewable and Energy Infrastructure. For Intelligent Infrastructure, we expect strong growth to continue, with revenue of approximately $6.3 billion, up about 63% year-over-year. AI hardware-related demand remains very strong and continues to accelerate.

接下來我們轉到第一季指引，先從各事業部門營收談起。第一季，我們預期受監管產業（Regulated Industries）營收約 35 億美元，年增約 12%。預期成長將由汽車與運輸帶動，主要受國防與航太以及汽車相關專案推動，同時再生能源與能源基礎設施也將延續動能。在智慧基礎設施方面，我們預期強勁成長將持續，營收約 63 億美元，年增約 63%。AI 硬體相關需求仍非常強勁，且持續加速。

We expect customer ramps and additional capacity coming online to support that growth. In Intelligent Devices & Robotics, we expect revenue of approximately $1.2 billion, down about 10% year-over-year. Putting it all together at the enterprise level, total company revenue for Q1 is expected to be in the range of $10.6 billion to $11.4 billion.

我們預期客戶產能爬坡以及新增產能上線將支撐該成長。在智慧裝置與機器人方面，我們預期營收約 12 億美元，年減約 10%。綜合而言，以公司整體層級來看，第一季總營收預期落在 106 億至 114 億美元區間。

GAAP operating income is expected to be in the range of $481 million to $541 million. Core operating income is estimated to be in the range of $592 million to $652 million.

GAAP 營業利益預期落在 4.81 億至 5.41 億美元區間。核心營業利益估計落在 5.92 億至 6.52 億美元區間。

GAAP diluted earnings per share is expected to be in the range of $2.78 to $3.18. Core diluted earnings per share is estimated to be in the range of $3.80 to $4.20. Net interest expense is estimated to be approximately $95 million for Q1, and in the range of $390 million to $400 million for the full year.

GAAP 稀釋後每股盈餘預期落在 2.78 至 3.18 美元區間。核心稀釋後每股盈餘估計落在 3.80 至 4.20 美元區間。第一季淨利息費用估計約 9,500 萬美元，全年則估計落在 3.90 億至 4.00 億美元區間。

Our core tax rate for Q1 and for the fiscal year is expected to be 20%. Let me close with our full-year results and the longer-term progress shown on the next two slides. Since fiscal 2020, core operating margin has increased from 3.2% to 5.8%, and together with our share repurchase program, has driven core earnings per share at a compound annual rate of approximately 29%.

我們第一季及全年核心稅率預期為 20%。最後，我以全年結果以及接下來兩張投影片所呈現的較長期進展作結。自 2020 會計年度以來，核心營業利益率已由 3.2% 提升至 5.8%，並且結合我們的股票回購計畫，使核心每股盈餘以約 29% 的年複合成長率成長。

Our asset-light model has also enabled stronger cash generation with less capital, reducing net capital expenditures from 2.9% of revenue to 1.3%, while more than tripling annual free cash flow. That is a strong track record and one we are proud of. Our business has evolved considerably over that period, but our focus has remained consistent, strengthening the portfolio, expanding margins, and converting earnings into cash.

我們的輕資產模式也使我們能以較少資本創造更強的現金，將淨資本支出占營收比重從 2.9% 降至 1.3%，同時年度自由現金流增加至三倍以上。這是一項亮眼的紀錄，也是我們引以為傲的成果。在此期間，我們的業務已大幅演進，但我們的重點始終一致：強化投資組合、擴大利潤率，並將獲利轉化為現金。

We saw the value of that approach again this year. Intelligent Infrastructure led our growth, and Automotive, Energy Infrastructure, and Digital Commerce also contributed. The strength of our diversified portfolio gives us multiple opportunities to grow, and we will continue to allocate capital toward the market and capabilities where we see the most attractive long-term returns.

今年我們再次看見這種做法的價值。智慧基礎設施引領我們的成長，汽車、能源基礎設施與數位商務也有所貢獻。多元化投資組合的優勢為我們帶來多重成長機會；我們將持續把資本配置到我們認為具備最具吸引力長期報酬的市場與能力上。

We enter fiscal 2027 with strong momentum and broader participation across our end markets. Our focus remains on delivering that growth with the same financial discipline that has driven our progress to date. Our business leaders will now discuss those opportunities in more detail before Mike takes you through our strategy and full-year outlook. Steve, let me turn it over to you to begin with Regulated Industries.

我們以強勁動能進入 2027 會計年度，且在各終端市場的參與度更為廣泛。我們的重點仍是以同樣的財務紀律來實現成長，而這份紀律正是推動我們迄今進展的關鍵。在 Mike 帶各位深入我們的策略與全年展望之前，我們的事業領導團隊將先更詳細說明這些機會。Steve，接下來交給你，先從受監管產業開始。

Thanks, Greg. Good morning, everyone. I lead Jabil's Regulated Industries segment, which brings together Automotive & Transportation, Defense & Aerospace, Healthcare and Packaging, and Renewable and Energy Infrastructure.

謝謝你，Greg。各位早安。我負責 Jabil 的受監管產業事業群，涵蓋汽車與運輸、國防與航太、醫療保健與包裝，以及再生能源與能源基礎設施。

These businesses share an important characteristic. They compete in markets where trust is earned over years, not quarters. Qualification cycles are lengthy, certification requirements are rigorous, and customers depend on consistent execution throughout programs that often remain in production for a decade or longer.

這些業務共享一項重要特性。它們競爭的市場中，信任是以「年」為單位建立，而非以「季」為單位。認證／導入（qualification）週期很長，認證要求嚴格，客戶仰賴我們在往往可持續生產十年或更久的專案期間，始終如一地穩定執行。

That creates durable customer relationships and gives us the opportunity to expand our role over time. We often begin by supporting a specific product, and as confidence and performance increase, we broaden our engagement into adjacent technologies, additional manufacturing processes, and increasingly complex system-level solutions. Deepening these relationships remains one of the strongest drivers of value creation across the segment.

這會形成持久的客戶關係，並讓我們有機會隨時間擴大自身角色。我們通常從支援某一特定產品開始，隨著信心與績效提升，便將合作擴展至相鄰技術、更多製造製程，以及日益複雜的系統層級解決方案。深化這些關係，仍是推動該事業群價值創造的最強驅動因素之一。

Looking ahead to fiscal 2027, we remain optimistic about the outlook across Regulated Industries. Automotive is benefiting from a more balanced technology mix. Defense & Aerospace is gaining momentum as new programs move into production. Healthcare is expected to return to growth, while Renewable and Energy Infrastructure is benefiting from improving market conditions and overall demand.

展望 2027 會計年度，我們對受監管產業整體前景仍保持樂觀。汽車業正受惠於更均衡的技術組合。隨著新專案進入量產，國防與航太動能正在增強。醫療保健預期將重回成長，而再生能源與能源基礎設施則受惠於市場狀況改善與整體需求。

Although we remain mindful of the broader demand environment, the long-term trends supporting these businesses remain compelling. Let me start with Automotive & Transportation. This business returned to growth faster than we anticipated, driven by strong operational execution, improved win rates with strategic customers, and disciplined portfolio management.

儘管我們仍留意更廣泛的需求環境，但支撐這些業務的長期趨勢依然相當具吸引力。我先從汽車與運輸開始。在強勁的營運執行、與策略客戶的得標率提升，以及嚴謹的投資組合管理帶動下，這項業務恢復成長的速度快於我們原先預期。

Over the past several years, we have intentionally repositioned the Automotive business towards higher-value opportunities, including software-defined vehicles, advanced driver assistance systems, vehicle compute, and powertrain-agnostic technologies that support internal combustion, hybrid, and battery electric platforms. That strategy is working.

在過去幾年中，我們有意將汽車業務重新定位至更高價值的機會，包括軟體定義車輛（SDV）、先進駕駛輔助系統（ADAS）、車載運算，以及可支援內燃機、油電混合與純電平台的動力系統無關（powertrain-agnostic）技術。這項策略正在奏效。

We have reduced the share of electrification and powertrain programs in our portfolio from approximately 80% in fiscal 2023 to about 40% in fiscal 2026. Software-defined vehicle, compute, and advanced driver assistance programs represent much of the balance. This more balanced mix positions us to perform across multiple technology pathways as the market evolves.

我們已將產品組合中電動化與動力系統相關專案的占比，從2023會計年度約80%降至2026會計年度約40%。軟體定義車輛、運算與先進駕駛輔助相關專案占了其餘的大部分。這種更均衡的組合，使我們能在市場演進時，於多種技術路徑下都能有良好表現。

While regional dynamics vary, we continue to see strong momentum across the board. In the US, our growth is increasingly tied to powertrain-agnostic technology. In Europe and in China, we are seeing increased adoption of advanced technologies across battery electric platforms.

儘管各地區動態有所不同，我們仍持續看到整體強勁的動能。在美國，我們的成長愈來愈與動力系統無關技術連結。在歐洲與中國，我們看到先進技術在純電平台上的採用率提升。

Our European pipeline continues to expand as existing customers extend these architectures across global vehicle platforms and respond to ongoing localization requirements. Approximately 90% of fiscal 2026 automotive revenue came directly from original equipment manufacturers. As OEMs rethink their strategies, outsourcing is becoming more prevalent.

我們在歐洲的專案管線持續擴大，因為既有客戶將這些架構延伸至全球車輛平台，並回應持續的在地化要求。2026會計年度汽車營收約90%直接來自原始設備製造商（OEM）。隨著OEM重新思考其策略，外包正變得更為普遍。

Jabil is well-positioned to benefit from these trends. Our customer relationships, engineering expertise, advanced manufacturing know-how, and resilient global supply chain enable us to participate in the highest value, most complex areas of the autonomous, connected, electrified, and software-defined vehicle market. Beyond Automotive, we see attractive potential across the broader portfolio. Defense & Aerospace is expected to become an increasingly meaningful contributor in fiscal 2027 as new programs move into production.

Jabil具備良好條件可受惠於這些趨勢。我們的客戶關係、工程專業、先進製造能力，以及具韌性的全球供應鏈，使我們能參與自動化、連網化、電動化與軟體定義車輛市場中最高價值、最複雜的領域。除汽車之外，我們也在更廣泛的產品組合中看到具吸引力的潛力。隨著新專案進入量產，國防與航太預期將在2027會計年度成為愈來愈重要的貢獻來源。

Across both established industry leaders and emerging technology companies, customers need partners that can move complex products from design to high-volume production while meeting demanding quality, security, and scale requirements. This is where Jabil's breadth of capabilities becomes a competitive advantage. By bringing together engineering, systems integration, and supply chain expertise from across Jabil, we can support increasingly complex products and expand our role from electronic assemblies to complete integrated systems.

無論是成熟的產業領導者或新興科技公司，客戶都需要能將複雜產品從設計推進到大規模量產的合作夥伴，同時滿足嚴格的品質、安全與規模要求。這正是Jabil廣泛能力成為競爭優勢之處。透過整合Jabil各部門的工程、系統整合與供應鏈專長，我們能支援日益複雜的產品，並將角色從電子組裝擴展到完整的整合式系統。

Our immediate focus is executing today's program ramps while preparing the business for its next phase of expansion. Turning to healthcare, this remains a stable business with an attractive long-term growth profile. As I mentioned earlier, these customer relationships are built over many years, creating durable partnerships and strong visibility.

我們當前的重點是執行現有專案的產能爬坡，同時為業務下一階段的擴張做準備。談到醫療保健，這仍是一項穩健的業務，具備吸引人的長期成長輪廓。如我先前提到，這些客戶關係是多年建立而成，形成持久的合作夥伴關係與高度可見度。

We expect the business to return to growth in fiscal 2027 as customers launch new products and increasingly rely on Jabil for complex manufacturing solutions. Medical technology companies increasingly need partners that can integrate engineering, global supply chain expertise, and regulated manufacturing at scale. That combination differentiates Jabil and enables us to capture additional share as outsourcing expands.

我們預期該業務將在2027會計年度恢復成長，因為客戶推出新產品，並愈來愈依賴Jabil提供複雜製造解決方案。醫療科技公司日益需要能在規模化條件下整合工程、全球供應鏈專業與受監管製造能力的合作夥伴。這種組合使Jabil脫穎而出，並在外包擴大之際，讓我們得以取得更多市占。

We are investing in high-value areas, including minimally invasive technologies, sterilization, medical device reprocessing, and pharmaceutical solutions. These investments broaden our addressable market, deepen existing relationships, and support long-term value creation with attractive margin opportunities.

我們正投資於高價值領域，包括微創技術、滅菌、醫療器材再處理，以及製藥解決方案。這些投資擴大我們可服務的市場範圍、深化既有關係，並以具吸引力的毛利機會支持長期價值創造。

Drug delivery is a good example of that strategy in action. Across insulin delivery, biologics, and weight loss therapies, customers need partners that can manufacture highly reliable devices at scale. We combine precision manufacturing with deep process expertise to help our customers bring these next-generation therapies to market efficiently.

藥物遞送就是該策略落地的良好例子。無論是胰島素遞送、生物製劑或減重療法，客戶都需要能以規模化方式製造高度可靠裝置的合作夥伴。我們結合精密製造與深厚的製程專業，協助客戶有效率地將下一代療法推向市場。

To illustrate the scale of that opportunity, we expect to manufacture more than 700 million injectors and delivery pens in fiscal 2027. This reflects both the breadth of our participation in drug delivery market and our growing role in several of the fastest-expanding therapeutic categories. Our pharmaceutical solutions business, which we expanded through the acquisition of PII, is a natural extension of that strategy.

為了說明這項機會的規模，我們預期在2027會計年度製造超過7億支注射器與給藥筆。這反映我們在藥物遞送市場參與的廣度，以及我們在數個成長最快的治療類別中日益提升的角色。我們的製藥解決方案業務（透過收購PII而擴大）是該策略的自然延伸。

As we move through fiscal 2027, our focus is on executing customer product launches, expanding capacity where demand supports it, and investing selectively in the technologies that will sustain growth in the years ahead.

隨著我們進入2027會計年度，我們的重點在於執行客戶產品上市、在需求支持之處擴充產能，並選擇性投資於能在未來數年維持成長的技術。

Finally, let's turn to renewable and energy infrastructure, where market conditions improved throughout fiscal year 2026. We're seeing encouraging signs across our energy-related business, with solar remaining an important part of the portfolio. More importantly, customer investment is broadening into energy storage, electrical infrastructure, and thermal management solutions.

最後，讓我們談到再生能源與能源基礎設施；在2026會計年度期間，市場狀況持續改善。我們在能源相關業務上看到令人鼓舞的跡象，太陽能仍是產品組合的重要一環。更重要的是，客戶投資正擴大至儲能、電力基礎設施與熱管理解決方案。

Electricity demand continues to accelerate, driven by electrification, industrial expansion, and the rapid growth of data centers. That demand is increasing investment across the energy value chain, from power generation and storage to grid modernization, distribution equipment, and power management. While the pace of customer investment will vary by end market, our strategies focus on the areas with the strongest long-term potential: energy storage, grid power solutions, HVAC and data center cooling, commercial power, and the broader energy infrastructure.

在電動化、產業擴張與資料中心快速成長的帶動下，用電需求持續加速。該需求正推升能源價值鏈各環節的投資，從發電與儲能到電網現代化、配電設備與電力管理。雖然客戶投資步調會因終端市場而異，我們的策略聚焦於長期潛力最強的領域：儲能、電網電力解決方案、HVAC與資料中心散熱、商用電力，以及更廣泛的能源基礎設施。

To strengthen our position, we are investing in engineering capabilities, vertical integration, strategic partnerships, and targeted inorganic growth in power electronics and low-voltage switchgear. In closing, trust remains the common thread across regulated industries. Long-standing customer relationships, differentiated technical expertise, and disciplined investment provide a strong foundation for sustainable growth and attractive long-term returns.

為了強化我們的地位，我們正投資於工程能力、垂直整合、策略夥伴關係，以及在電力電子與低壓開關設備（low-voltage switchgear）方面的精準併購式成長。總結而言，在受監管產業中，「信任」仍是共同主軸。長期的客戶關係、差異化的技術專長與嚴謹的投資紀律，為可持續成長與具吸引力的長期報酬奠定堅實基礎。

I'll now turn it over to Matt to discuss intelligent infrastructure

接下來我把時間交給Matt，請他談談智慧型基礎設施

Thanks, Steve. Good morning, everyone. I lead Jabil's Intelligent Infrastructure segment.

謝謝你，Steve。各位早安。我負責Jabil的智慧型基礎設施事業部門。

We continue to feel very good about Intelligent Infrastructure. Demand for AI infrastructure remains strong and continues to accelerate. As customers expand their infrastructure, the systems they need are becoming more complex.

我們對智慧型基礎設施仍然非常有信心。AI基礎設施需求依舊強勁，且持續加速。隨著客戶擴充其基礎設施，他們所需的系統正變得更為複雜。

That creates more opportunities for Jabil. Fiscal 2026 reflected that. Segment revenue grew more than 40%, and AI-related revenue was up 60% year-over-year.

這為Jabil創造更多機會。2026會計年度就反映了這一點。該事業部門營收成長超過40%，而AI相關營收年增60%。

We ended the year with four customers, with AI-related revenue above $1 billion annually, up from one billion-dollar customer two years ago. Additionally, we added a third hyperscale customer in the third quarter of this year. All proof points that our strategic focus on capability is resonating with customers and the market.

我們在年度結束時有四家客戶，其AI相關營收每年超過10億美元；相較兩年前僅有一家「10億美元級」客戶。此外，我們在今年第三季新增了第三家超大規模（hyperscale）客戶。這些都是證明：我們以能力為核心的策略重點，正獲得客戶與市場的共鳴。

Behind those results is how we think about the data center. It is one complete system, and we have built the capabilities required across the entire system.

支撐這些成果的，是我們如何看待資料中心。它是一個完整的系統，而我們已建立覆蓋整個系統所需的能力。

Compute, storage, and networking need to work with the power and cooling around them. A change in one area affects the others. A simple example of this is putting more compute and GPUs into a rack requires more power and generates more heat.

運算、儲存與網路必須與周邊的供電與散熱協同運作。其中一個領域的變動會影響其他領域。一個簡單例子是：在機櫃（rack）中放入更多運算資源與GPU，就需要更多電力並產生更多熱。

This changes both the cooling design and the way power is delivered, while the network and optical connections have to keep pace. Working through those choices with the customer is where our engineering is making a difference. We are investing in those capabilities and getting involved earlier, often before a program reaches the quotation stage.

這會同時改變散熱設計與供電方式，而網路與光學連接也必須跟上。與客戶一起權衡並做出這些選擇，正是我們工程能力發揮影響力之處。我們正投資這些能力並更早介入，往往在專案進入報價階段之前就參與。

Four of our six largest data center wins this year began that way, as design engagements. That early involvement is what we mean by engineering-led and silicon-to-solutions. We can engage around the silicon, help design and integrate the rack, and support the infrastructure around it.

我們今年六個最大資料中心案子中的四個，就是以這種方式開始——從設計合作（design engagements）起步。這種早期參與，就是我們所說的「工程驅動」以及「從矽到解決方案（silicon-to-solutions）」。我們可以圍繞晶片（silicon）展開合作，協助設計並整合機櫃，並支援其周邊的基礎設施。

With that strategic concept in mind, let me walk you through our three end markets in the order we report them. Capital equipment comes first because it is where we participate earliest in the investment cycle. AI complexity and custom silicon are raising the demands on semiconductor test, and wafer fab investment is creating opportunities in the tools that make chips.

基於這個策略概念，接下來我將依照我們對外揭露的順序，帶各位看我們的三個終端市場。資本設備排在第一，因為我們在投資循環中最早參與的就是這一塊。AI的複雜度與客製化晶片正提高對半導體測試的要求，而晶圓廠投資也在製造晶片的設備工具上創造機會。

In both areas, we are taking on more of the tool, moving from components into modules and subsystems. This year, we brought a new site in Vietnam into production, and we are building complete subsystems for a new generation of memory testers using thermal control that came out of our data center work. Capital equipment revenue grew about 20% in fiscal 2026, and we expect fiscal 2027 to be an even stronger year, with growth of 40% as the wafer fab equipment cycle recovers and ATE demand remains strong.

在這兩個領域，我們正承擔更多整機層級的工作，從零組件延伸到模組與子系統。今年，我們讓越南一個新廠區投入量產，並運用源自我們資料中心業務的熱控技術，為新一代記憶體測試機建置完整子系統。2026 會計年度資本設備營收成長約 20%，我們預期 2027 會計年度將更為強勁；隨著晶圓廠設備週期復甦且 ATE 需求維持強勁，成長可達 40%。

Cloud and data center infrastructure is our largest end market. Liquid cooling is a good example of how we grow there. A customer may come to us with a thermal problem.

雲端與資料中心基礎設施是我們最大的終端市場。液冷是我們在該領域成長的一個很好的例子。客戶可能會帶著一個散熱問題來找我們。

As we work through it, the discussion expands to the design and integration of the rack. We solve the initial problem, demonstrate what we can do, and earn the opportunity to take on more. That is how our largest account developed, from a server and rack program into servers, racks, power, cooling, and services.

在我們協助處理的過程中，討論會擴展到機櫃的設計與整合。我們解決最初的問題，展示我們的能力，並因此贏得承接更多工作的機會。我們最大的客戶就是這樣發展起來的：從伺服器與機櫃專案，擴展到伺服器、機櫃、電力、散熱與服務。

Our second hyperscale customer started with a single capability and has grown into a storage program above $1 billion in annual revenue. That expansion does not stop at the rack. The power and cooling infrastructure around it also has to be ready, and customers increasingly want that equipment built and tested before it reaches the site.

我們第二家超大規模（hyperscale）客戶起初從單一能力合作，現已成長為年營收超過 10 億美元的儲存專案。這種擴張不會止步於機櫃。其周邊的電力與散熱基礎設施也必須就緒，而客戶也愈來愈希望相關設備在送達現場前就完成製造與測試。

In Guadalajara and Salt Lake City, we are building modular data centers, power and cooling modules built and tested in the factory, so customers reach power months sooner. Prefabricated modules are not tied to critical path at the construction site, and customers can line up revenue much more closely with their costs. Hanley takes that one step further.

在瓜達拉哈拉與鹽湖城，我們正在建置模組化資料中心：在工廠內完成製造與測試的電力與散熱模組，讓客戶能提早數月取得供電能力。預製模組不受施工現場關鍵路徑限制，客戶能更緊密地讓營收與成本對齊。Hanley 更進一步強化了這一點。

It adds power engineering, deployment, and services to our manufacturing capabilities, so we can help customers commission equipment and maintain it after installation. That services capability is the highest margin business in the segment. We are seeing the same pattern in networking, which is one of the opportunities we are most excited about.

它在我們的製造能力之上，加入電力工程、部署與服務，使我們能協助客戶進行設備啟用（commissioning），並在安裝後提供維護。這項服務能力是該事業部中毛利率最高的業務。我們在網路領域也看到相同的模式，而這正是我們最感到興奮的機會之一。

As AI workloads grow, more of the network is moving into dedicated racks with higher capacity systems to address more complex topologies for neural networks.

隨著 AI 工作負載成長，更多網路設備正移入專用機櫃，並採用更高容量的系統，以因應神經網路更複雜的拓樸。

When a switch customer needed capacity for a new generation of AI switches, we brought production in India online at record pace. Those lines now build liquid-cooled network racks. Our photonics team supplies the silicon photonics transceivers that connect them, and co-packaged optics move the optics onto the switch silicon.

當一家交換器客戶需要新一代 AI 交換器的產能時，我們以破紀錄的速度在印度完成產線上線量產。這些產線目前生產液冷網路機櫃。我們的光子團隊提供連接這些機櫃的矽光子收發器，而共封裝光學（co-packaged optics）則把光學元件移到交換器的矽晶片上。

It also grows with how much AI is used, not with the size of any single model. I will come back to that. Across all three markets, we have built the business around capabilities that work across different customer platforms.

它也會隨著 AI 的使用量而成長，而不是取決於任何單一模型的規模。我稍後會再回到這點。在三個市場中，我們都圍繞可跨不同客戶平台運作的能力來打造業務。

Customers can choose different silicon and networking architectures, and we can help them bring the system together. That is a deliberate choice. Others in the industry are building product companies around their own power and cooling platforms and asking customers to standardize on them.

客戶可以選擇不同的矽晶與網路架構，而我們能協助他們把整個系統整合起來。這是我們刻意的選擇。產業中其他公司正以自家的電力與散熱平台打造產品型公司，並要求客戶在其上進行標準化。

That is a legitimate model. Ours is different.

那是一種合理的模式。但我們的模式不同。

We help customers build the system they have designed with their silicon, their architecture, and whichever suppliers they choose. We bring our own technology where it fills a gap, in cold plates, chillers, and power distribution. That matters in two ways.

我們協助客戶依其自有的矽晶、架構，以及他們選擇的供應商，打造其設計的系統。在需要補足缺口之處，我們會導入自有技術，例如冷板、冷卻機與配電。這在兩個方面很重要。

It widens the programs we can win because we are not competing with the customer's other choices, and our position does not depend on any single product surviving the next architecture change. The engineering, integration, and test carry forward. Turning to fiscal 2027, we expect Intelligent Infrastructure revenue to grow 43% year-over-year, with all three end markets growing double digits.

第一，它擴大了我們可贏得的專案範圍，因為我們不會與客戶的其他選擇形成競爭；第二，我們的定位不依賴任何單一產品能否在下一次架構變更中存活。工程、整合與測試能力可以延續。展望 2027 會計年度，我們預期智慧基礎設施營收年增 43%，三個終端市場皆將呈現雙位數成長。

We expect AI-related revenue to grow 50-plus percent year-on-year, and five customers with revenue above $1 billion. The business should also continue to be asset light, because the capacity we are adding is tied to programs already booked.

我們預期 AI 相關營收年增 50% 以上，且營收超過 10 億美元的客戶將達五家。該業務也應持續維持輕資產，因為我們新增的產能是對應已簽訂的專案。

That is central to our strategy, and it shows up in return on invested capital, which we believe is a clear advantage of our model over our competitors. An outlook like that raises a fair question about volatility in the AI trade. Let me be direct about how we think about it.

這是我們策略的核心，並反映在投入資本報酬率（ROIC）上；我們相信，這是我們模式相較競爭對手的明顯優勢。這樣的展望也引出一個合理的問題：AI 交易的波動性。我直接說明我們如何看待。

To me, it all starts with where our demand comes from. The AI spending that makes headlines is at the frontier. A small number of labs training the most capable models on the largest clusters ever built.

對我而言，一切都從我們需求的來源開始。登上新聞頭條的 AI 支出多發生在最前沿。少數實驗室在史上最大規模的叢集上訓練能力最強的模型。

Most of our business is not there. It is in deployed AI models that already exist, running at scale for the world's largest cloud platforms and the enterprises they serve. That is inference.

我們的大部分業務不在那裡。我們主要在已部署、已存在的 AI 模型上：它們在全球最大的雲端平台及其服務的企業中，以規模化方式運行。那就是推論（inference）。

It grows with usage. It needs storage, networking, power, and cooling as much as accelerators.

它會隨著使用量而成長。它對儲存、網路、電力與散熱的需求，與對加速器的需求同樣重要。

Much of what we build is needed, whether a customer is adding capacity or upgrading what's already installed. I also said I'd come back to networking because it's the clearest example. Our direct exposure to frontier model developers is a small fraction of our AI-related revenue.

我們建置的許多項目，不論客戶是在擴增產能或升級既有裝機，都同樣需要。我也說過會回到網路，因為那是最清楚的例子。我們直接曝險於前沿模型開發者的部分，只占我們 AI 相關營收的一小部分。

And then something else worth highlighting is the diversification across the segment. Capital equipment follows the semiconductor cycle, while cloud infrastructure and networking follow data center deployment. Within the data center, racks, power, and cooling, service and test have different buyers and different timing.

另外值得強調的是，本事業部內部的多元化。資本設備跟隨半導體景氣循環，而雲端基礎設施與網路則跟隨資料中心部署節奏。在資料中心內，機櫃、電力與散熱、服務與測試，分別有不同的採購方與不同的時程。

A large share of Jabil's revenue and operating profit sits outside this segment, where the same thermal power and test capabilities are increasingly relevant as AI reaches energy, healthcare, automotive, and automation. That helps to lower the volatility of our earnings and lets us keep investing through a downturn.

Jabil 相當大一部分的營收與營業利益位於本事業部之外；隨著 AI 進入能源、醫療保健、汽車與自動化領域，同樣的散熱、電力與測試能力正變得愈來愈相關。這有助於降低我們獲利的波動性，並讓我們能在景氣下行時仍持續投資。

Our immediate focus is to turn that capacity into reliable production. We're working with operations and supply chain to have people, processes, and materials ready as programs ramp. The combination of a broader role with customers and disciplined investment gives us confidence in the business we're building. Rafael, I'll turn it over to you.

我們眼前的重點，是把這些產能轉化為可靠的量產。我們正與營運與供應鏈合作，確保在人員、流程與物料方面，能在專案爬坡時做好準備。客戶端更廣的角色與嚴謹的投資紀律相結合，讓我們對正在打造的業務充滿信心。Rafael，接下來交給你。

Thank you, Matt. Good morning, everyone. My name is Rafael Renno, and I'm pleased to be here with you today. Over the past 21 years at Jabil, I've held a variety of leadership roles, building and managing strategic customer relationships across the company. Today, I lead Jabil's Intelligent Devices & Robotics segment. As Adam mentioned briefly, we renamed the segment to better reflect our strategy and the ongoing evolution of the business.

謝謝你，Matt。各位早安。我叫 Rafael Renno，很高興今天能與各位在此相聚。在 Jabil 的過去 21 年裡，我擔任過多項領導職務，建立並管理公司內部的策略性客戶關係。目前我負責領導 Jabil 的智慧裝置與機器人（Intelligent Devices & Robotics）事業部。如 Adam 先前簡要提到，我們重新命名該事業部，以更貼切反映我們的策略與業務持續演進。

Today, our portfolio spans intelligent devices, automation platforms, and robotics that bring AI into the physical world, from warehouses to industrial environments, to public spaces and our homes. Over the past several years, we've been reshaping the segment around opportunities that deliver stronger margins, better returns, and deeper customer relationships. That strategy continues to guide both end markets, connected living and commerce and robotics.

今天，我們的產品組合涵蓋智慧裝置、自動化平台與機器人，將 AI 帶入實體世界，從倉儲到工業環境，再到公共空間與我們的家中。過去幾年，我們持續重塑該事業部，聚焦於能帶來更高毛利、更佳報酬與更深客戶關係的機會。這項策略持續引導我們在兩個終端市場：互聯生活與商務，以及機器人領域的布局。

To accomplish the ongoing transition from consumer-based products to robotics and automation, we leverage our strong capabilities in optics, robotics, and advanced precision mechanics to enable the design, industrialization, and delivery of our customers' complex engineered products. This expertise also forms the foundation of our physical AI stack and will remain an important investment area. Within connected living, we continue to prioritize profitability over volume, exiting or de-emphasizing programs that did not meet our return requirements.

為了完成從消費型產品向機器人與自動化的持續轉型，我們運用在光學、機器人與先進精密機構方面的強大能力，支援客戶複雜工程產品的設計、工業化與交付。這些專業也構成我們實體 AI 技術堆疊的基礎，並將持續是重要的投資領域。在互聯生活領域，我們仍以獲利能力優先於出貨量，退出或降低投入未達我們報酬要求的專案。

As a result, the business is more focused, more disciplined, and better positioned for long-term success. Today, connected living serves customers across public safety and vision systems, home automation, and lifestyle devices, as well as other complex consumer and commercial systems. We are increasingly concentrating the portfolio on higher-value products, where engineering complexity, supply chain execution, and regional manufacturing create meaningful differentiation.

因此，業務更加聚焦、更有紀律，並且更能為長期成功做好準備。如今，互聯生活（Connected Living）為公共安全與視覺系統、家庭自動化與生活型態裝置，以及其他複雜的消費與商用系統提供服務。我們正日益將產品組合集中於更高價值的產品，在這些產品上，工程複雜度、供應鏈執行與區域製造能形成具意義的差異化。

Regional manufacturing has become especially important as customers respond to evolving geopolitical dynamics and new regulatory requirements, particularly for products such as foreign-produced drones and communication devices. Within Commerce and Robotics, we continue to evolve the portfolio with an even greater emphasis on robotics and automation and the physical AI stack. Across warehouses, retail environments, fulfillment networks, and other industrial settings, customers are investing in automation to improve efficiency, address labor constraints, and increase productivity.

隨著客戶因應不斷演變的地緣政治態勢與新的法規要求，區域製造變得格外重要，尤其是對於外國生產的無人機與通訊裝置等產品。在商務與機器人（Commerce and Robotics）領域，我們持續演進產品組合，更加著重於機器人與自動化以及實體 AI 堆疊（physical AI stack）。在倉儲、零售環境、履約網路與其他工業場域，客戶正投資自動化以提升效率、因應人力限制並提高生產力。

These are long-term secular trends that continue to gain momentum. Jabil supports a broad range of automation platforms, including ASRS warehouse systems, mobile robots, retail technologies, and autonomous last-mile delivery solutions. Our ability to help customers industrialize and scale complex products globally position us well to benefit from continued adoption. One of our customers described the value of this partnership well.

這些是長期的結構性趨勢，且持續加速。Jabil 支援多元的自動化平台，包括 ASRS 倉儲系統、移動式機器人、零售科技與自主最後一哩配送解決方案。我們協助客戶在全球將複雜產品工業化並規模化的能力，使我們能夠從持續採用中受益。我們的一位客戶很好地描述了這項合作夥伴關係的價值。

Hello, my name is Michael Trueblood, Vice President of Procurement at Symbotic. Since 2023, Jabil has been a trusted partner in scaling Symbotic's bot production. Their engineering rigor, manufacturing expertise, global sourcing capabilities, and commitment to world-class quality enable us to move quickly while maintaining disciplined execution.

大家好，我是 Symbotic 採購副總裁 Michael Trueblood。自 2023 年以來，Jabil 一直是我們在擴大 Symbotic 機器人（bot）產量方面值得信賴的合作夥伴。他們嚴謹的工程方法、製造專業、全球採購能力，以及對世界級品質的承諾，使我們能在維持有紀律的執行下快速推進。

Since entering mass production in early 2024, we reached 10,000 bots in June of 2025 and are now approaching 20,000 in total. Jabil's collaborative approach helps us address challenges early, supporting our continued growth and next generation of innovation.

自 2024 年初進入量產以來，我們在 2025 年 6 月達到 10,000 台機器人，目前總量正接近 20,000 台。Jabil 的協作方式協助我們及早處理挑戰，支持我們持續成長與下一代創新。

That reflects exactly how we're building across this business. Long-term customer relationships grounded in engineering depth, manufacturing excellence, and disciplined operational execution. Those capabilities also give us the foundation to participate in emerging markets.

這正反映了我們在此業務上的建構方式。以深厚工程能力、卓越製造與有紀律的營運執行為基礎的長期客戶關係。這些能力也為我們參與新興市場奠定基礎。

For example, our experience in complex automation and high-volume manufacturing allow us to engage early with customers developing humanoid robots and the precision mechanical systems that enable them, including actuators and robotic hands. We help move these products from design into repeatable, reliable, high-volume manufacturing. Over time, we expect these capabilities to extend further into physical AI as more intelligence moves into machines, warehouses, retail environments, public spaces, and industrial settings.

例如，我們在複雜自動化與高量製造方面的經驗，使我們能及早與正在開發人形機器人及其所需精密機械系統（包括致動器與機器手） 的客戶合作。我們協助將這些產品從設計推進到可重複、可靠的高量製造。隨著更多智慧進入機器、倉庫、零售環境、公共空間與工業場域，長期而言，我們預期這些能力將進一步延伸至實體 AI。

As we enter fiscal 2027, we have a stronger business. Connected Living is more focused. Digital Commerce and Robotics is a credible growth engine today. The capabilities we've built create additional avenues for expansion, while physical AI represents a significant long-term opportunity as the market develops. That is how we intend to build the business behind the new name. Andy will now explain how our global operations team prepares new programs for production and supports them as they scale. Andy, over to you.

當我們邁入 2027 會計年度時，我們擁有更強健的業務。互聯生活（Connected Living）更加聚焦。數位商務與機器人（Digital Commerce and Robotics）如今是可信賴的成長引擎。我們所建立的能力創造了更多擴張途徑，而實體 AI 則在市場發展過程中代表重大的長期機會。這就是我們打算在新名稱之下打造業務的方式。接下來 Andy 將說明我們的全球營運團隊如何為新專案的量產做準備，並在擴產過程中提供支援。Andy，交給你。

Thanks, Rafael. Good morning, everyone. I lead Jabil's global operations across more than 120 facilities. We spent much of the past year preparing those factories for our customers' growth. We are now beginning to fill the additional capacity with the committed business. For our operations team, that means flawlessly bringing programs into production and increasing output, all while maintaining the highest standards for safety, quality, and delivery.

謝謝你，Rafael。各位早安。我負責 Jabil 在超過 120 個據點的全球營運。過去一年，我們花了大量時間為客戶的成長做好這些工廠的準備。我們現在開始以已承諾的業務來填補新增產能。對我們營運團隊而言，這代表在維持最高安全、品質與交付標準的同時，無瑕疵地將專案導入量產並提升產出。

As production moves closer to the end customers, we are expanding our footprint across the United States in places like Mississippi and Virginia, as well as internationally in India, Mexico, Brazil, and Vietnam. Our expansion gives us more room to grow in the regions where our customers need us most. The equipment, people, processes, and supply chain all have to come together before a facility can deliver at scale. That work becomes even more demanding as products become more complex.

隨著生產更接近終端客戶，我們正擴大在美國的布局，例如密西西比州與維吉尼亞州，同時也在印度、墨西哥、巴西與越南等國際地區擴張。我們的擴張讓我們在客戶最需要我們的地區有更大的成長空間。在一個據點能夠規模化交付之前，設備、人員、流程與供應鏈都必須整合到位。隨著產品變得更複雜，這項工作也更具挑戰。

Liquid cooled systems, for example, require specialized assembly and test capabilities alongside the space to build them. We are preparing our people and manufacturing processes around those requirements so customer programs can move seamlessly into mass production. To handle that combination of greater volume and greater complexity, we are continuing to invest in physical AI and automation.

例如，液冷系統除了需要建置空間外，還需要專門的組裝與測試能力。我們正依據這些要求來準備人員與製造流程，使客戶專案能無縫進入量產。為了同時因應更大的產量與更高的複雜度，我們持續投資於實體 AI 與自動化。

On the factory floor, we are expanding automation in areas such as material movement and inspection. These investments improve consistency and productivity while allowing our people to focus on the higher value work that requires their expertise. This is particularly important as we support customers closer to their end markets, including in the high-cost regions.

在工廠現場，我們正擴大在物料搬運與檢測等領域的自動化。這些投資提升一致性與生產力，同時讓我們的人員能專注於需要其專業的更高價值工作。當我們在更接近客戶終端市場的地區（包括高成本地區）提供支援時，這點尤其重要。

We are also focused on making those investments more fungible. Flexible automation allows us to adapt and reuse equipment as products change, helping us respond faster to new customer requirements while improving returns on deployed capital.

我們也著重讓這些投資更具可替換性與可移轉性。彈性自動化使我們能在產品變更時調整並重複使用設備，協助我們更快回應新的客戶需求，同時提升已投入資本的報酬。

Alongside that automation, we are investing in computer vision to support automated optical inspection with the goal of using what we learn to prevent defects before they occur. The opportunity also extends outside of the production line. AI tools that simplify workflows and automate transactions give our teams more time to resolve issues and support launches.

在自動化之外，我們也投資電腦視覺，以支援自動光學檢測（AOI），目標是運用我們所學在缺陷發生前就加以預防。這項機會也延伸到產線之外。能簡化工作流程並自動化交易的 AI 工具，讓團隊有更多時間解決問題並支援產品導入。

All these capabilities help us ramp programs faster, identify issues earlier, and use equipment more effectively and efficiently. Once a solution is proven effective, we want other sites and businesses to benefit from it. Our regulated customers in healthcare and automotive, for example, require validated processes, consistent quality, and traceability.

所有這些能力都能幫助我們更快爬坡量產、更早識別問題，並更有效率、更有效能地使用設備。一旦某項解決方案被證明有效，我們希望其他據點與事業也能受益。例如，我們在醫療保健與汽車領域的受監管客戶，要求經驗證的流程、一致的品質與可追溯性。

Commerce and robotics customers need help bringing complex, large form factor automation products into production. The requirements often differ, but experiences developed in one part of Jabil can improve how we serve customers elsewhere.

商務與機器人客戶需要協助將複雜、大型自動化產品導入量產。需求往往不同，但在 Jabil 某一部分累積的經驗，能改善我們在其他領域服務客戶的方式。

This is one practical benefit of our diversified portfolio and our focus for the coming years to put it to work as new programs ramp. We want customers to know that they can grow with Jabil. We want that growth to come with better productivity and disciplined investment.

這是我們多元化產品組合的一項實際好處，也是我們未來幾年在新專案爬坡時要把這項優勢發揮出來的重點。我們希望客戶知道，他們可以與 Jabil 一起成長。我們也希望這樣的成長能伴隨更好的生產力與有紀律的投資。

Material availability has to keep pace with that production, however. Frank and his team are working alongside us to make that happen. Frank, over to you.

然而，物料供應必須跟上這樣的生產節奏。Frank 和他的團隊正與我們並肩合作，確保這件事能發生。Frank，交給你。

Thanks, Andy, and good morning, everyone. As Andy said, being ready to manufacture is only part of being ready to deliver. Customers also need confidence that components will be available when production needs them.

謝謝你，Andy，各位早安。正如 Andy 所說，具備製造準備只是具備交付準備的一部分。客戶也需要有信心：當生產需要時，零組件將會到位。

That confidence starts with supply chain resilience, which for Jabil is an operating discipline that directly affects continuity, cost, and growth for our customers. We are seeing real constraints today. Memory, in particular, is being reallocated towards AI and hyperscale demand, tightening supply across many of the diversified end markets that we serve.

這份信心始於供應鏈韌性；對 Jabil 而言，這是一項營運紀律，會直接影響客戶的營運連續性、成本與成長。我們目前確實看到供應限制。尤其是記憶體，正被重新分配至 AI 與超大規模（hyperscale）需求，導致我們所服務的多個多元終端市場供應趨緊。

We view this as a structural shift in global capacity, compounded by ongoing geopolitical disruption, and we work with customers and suppliers to understand where those pressures could affect a launch or production schedule so that we can act early. Our supplier relationships are central to that work. We have identified about 120 strategic partners that we engage like customers.

我們將此視為全球產能的結構性轉變，再加上持續的地緣政治干擾；我們與客戶及供應商合作，了解這些壓力可能在何處影響產品導入或生產排程，以便我們能及早採取行動。我們與供應商的關係是這項工作的核心。我們已識別約 120 家策略夥伴，並以對待客戶的方式與其合作。

We share roadmaps and executive-level relationships. In constrained markets, allocation follows trust as much as order size does. That is where those relationships pay off directly for our customers, helping us work through allocation, qualify alternate sources, and coordinate commitments needed to support a ramp.

我們共享產品路線圖與高層關係。在供應受限的市場中，配額分配取決於信任的程度，並不亞於訂單規模。這正是這些關係能直接為客戶帶來回報之處，協助我們處理配額、認證替代來源，並協調支援爬坡所需的承諾。

We bring Jabil's purchasing scale to those discussions alongside our customers' own procurement capabilities. In cloud and data center infrastructure, for example, large customers play a key role in securing supply, and coordinating their requirements with our supplier relationships and production plans helps us get material to the factories where needed. Structurally, what we do works in part because procurement reports into supply chain.

我們在這些討論中，將捷普（Jabil）的採購規模與客戶自身的採購能力一併帶入。例如在雲端與資料中心基礎設施領域，大型客戶在確保供應方面扮演關鍵角色；將其需求與我們的供應商關係與生產計畫加以協調，有助於我們把物料送到需要的工廠。從組織結構上看，我們之所以能奏效，部分原因在於採購部門隸屬於供應鏈體系。

Sourcing, execution, and tailor-made customer supply chain architecture decisions are not made in silos. We are building on that foundation by improving visibility across suppliers and our logistic networks, evaluating regional production and nearshoring strategies, and developing AI tools to identify constraints much earlier than we could have in the past. The goal is simple: know which customer programs are affected when demand shifts or a supplier falls behind, and have options ready before issues reach the production line. For the year ahead, our focus is on delivering reliably as customers scale, managing cost, and keeping material commitments aligned with demand, helping customers maintain continuity while protecting the capital needed to fund their growth.

採購尋源、執行，以及為客戶量身打造的供應鏈架構決策，並非各自為政。我們正以此為基礎，透過提升對供應商與物流網路的可視性、評估區域化生產與近岸外包（nearshoring）策略，並開發 AI 工具，以比過去更早識別限制因素。目標很簡單：當需求變動或供應商落後時，能知道哪些客戶專案會受到影響，並在問題到達產線之前就準備好替代方案。展望未來一年，我們的重點是：在客戶擴張時可靠交付、管理成本，並使物料承諾與需求保持一致，協助客戶維持營運連續性，同時保護其用於支撐成長所需的資本。

As we do this, Jabil becomes a more strategic partner in an increasingly uncertain environment. I will now pass it off to Mike Dastoor. Thank you.

在此過程中，面對日益不確定的環境，捷普將成為更具策略性的合作夥伴。接下來我把時間交給 Mike Dastoor。謝謝。

Thanks, Frank. Good morning, everyone. Before I get into the outlook, I want to thank our teams around the world. We asked a great deal of them this year, bringing capacity online, supporting demanding customer ramps, and delivering a much stronger finish than we expected in June. I am extremely pleased with what they accomplished and grateful for their commitment to our customers and each other. As you heard from Greg today, fiscal 2026 was yet another exceptional year for Jabil.

謝謝你，Frank。各位早安。在我談展望之前，我想先感謝我們遍布全球的團隊。今年我們對他們提出了很高的要求：讓產能上線、支援要求嚴苛的客戶爬坡（ramp），並在六月時點原本預期之外，交出強勁得多的收尾表現。我對他們完成的成果感到非常滿意，也感謝他們對客戶以及彼此的投入與承諾。如同今天 Greg 所提到的，2026 財年對捷普而言又是非凡的一年。

Year-on-year, we grew revenue by 21%, expanded core operating margin by 40 basis points, delivered 34% growth in core earnings per share, and expanded free cash flow by more than $200 million. Our AI-related business drove much of that growth, but automotive, energy infrastructure, and digital commerce performed very well, too.

以年增率來看，我們營收成長 21%，核心營業利益率擴大 40 個基點，核心每股盈餘成長 34%，自由現金流增加超過 2 億美元。我們與 AI 相關的業務帶動了大部分成長，但汽車、能源基礎設施與數位商務也表現非常出色。

And we accomplished all of this while progressing extremely well on a number of customer ramps and bringing critical capacity online in Southeast Asia, the U.S., Mexico, and India, which sets us up to deliver even more growth in fiscal 2027 and beyond. Before we get to fiscal 2027, I want to spend a few minutes on how this company has evolved over the last several years, because it explains why we're so confident in what comes next. Let's start with gross margin.

我們在達成上述成果的同時，也在多個客戶爬坡專案上取得極佳進展，並在東南亞、美國、墨西哥與印度讓關鍵產能上線，這使我們有條件在 2027 財年及其後實現更高成長。在談 2027 財年之前，我想花幾分鐘說明公司過去幾年的演進，因為這能解釋為何我們對接下來的發展如此有信心。先從毛利率談起。

The mix shift toward higher value markets has lifted it more than 200 basis points since fiscal 2020 to 9.2%. We exited lower-margin business with the mobility divestiture, and more of our revenue now comes from Regulated Industries, Intelligent Infrastructure, and Digital Commerce, where the work is more complex and the relationships run deeper.

產品組合朝向更高價值市場的轉移，使毛利率自 2020 財年以來提升超過 200 個基點，至 9.2%。我們透過出售行動（mobility）業務退出低毛利業務，而目前更多營收來自受監管產業（Regulated Industries）、智慧基礎設施（Intelligent Infrastructure）與數位商務（Digital Commerce），這些領域的工作更複雜、合作關係也更深入。

Put simply, we're moving up the value chain, taking on more of the engineering, supply chain integration, and complexity that increases our value proposition to customers. We did that in a year when revenue grew 21% and we were building out significant new capacity for the growth ahead. At the same time, we've become structurally less capital-intensive.

簡而言之，我們正往價值鏈上游移動，承擔更多工程、供應鏈整合與複雜度，從而提升我們對客戶的價值主張。我們在營收成長 21%且為未來成長擴建大量新產能的一年中做到了這一點。同時，我們在結構上也變得更不依賴資本投入。

Net CapEx is down to 1.3% of revenue from 2.9% in fiscal 2020. Our AI business is growing rapidly with lower capital intensity. We structure programs with customers so the investment matches the commitment, and we prioritize organic investment toward the higher-returning parts of the portfolio.

淨資本支出（Net CapEx）已從 2020 財年的營收占比 2.9% 降至 1.3%。我們的 AI 業務以較低的資本密集度快速成長。我們與客戶設計專案結構，使投資與承諾相匹配，並將內生成長投資優先配置到投資報酬較高的組合部分。

Last year, we supported $36 billion of revenue on about $470 million of net CapEx. Not everyone in our space can say that. Looking ahead, we expect that asset-light model to continue, with net CapEx in the range of 1.5%-2% of revenue.

去年，我們以約 4.7 億美元的淨資本支出支撐了 360 億美元的營收。並非同業中每家公司都能這麼說。展望未來，我們預期這種輕資產模式將持續，淨資本支出將維持在營收的 1.5%–2% 區間。

Higher margins and lower CapEx shows up in cash flow. Adjusted free cash flow has more than tripled since fiscal 2020 to $1.5 billion, and we converted approximately 110% of core net earnings into cash last year, even as revenue grew 21%. That cash gives us the flexibility to invest in the business and return capital to shareholders at the same time.

更高的利潤率與更低的資本支出會反映在現金流上。自 2020 財年以來，調整後自由現金流已成長逾三倍至 15 億美元；即使營收成長 21%，我們去年仍將約 110% 的核心淨利轉化為現金。這些現金讓我們能同時具備投資業務與回饋股東資本的彈性。

With the growth ahead, I expect it to keep building. The higher margins and asset-light model and strong free cash flow has resulted in strong return on invested capital, even as we continue to grow. Our core ROIC has nearly tripled since fiscal 2020 to 59%.

隨著未來成長，我預期這一數字還會持續累積。更高的利潤率、輕資產模式與強勁的自由現金流，使我們在持續成長的同時，仍能取得優異的投入資本報酬。自 2020 財年以來，我們的核心投入資本報酬率（ROIC）幾乎成長三倍至 59%。

I like that a lot. It tells me the quality of the business is improving, not just the size. Over the years, we've evolved from a contract manufacturer to an end-to-end complex manufacturing solution service provider.

我非常喜歡這個表現。這告訴我，業務品質正在提升，而不只是規模變大。多年來，我們已從合約製造商演進為端到端的複雜製造解決方案服務提供者。

We've been deliberate about building an engineering-led, supply chain-enabled manufacturing solutions company. That's more than a tagline. It says something important about what we are and what we are not. We are not a contract manufacturer competing with low-cost EMS companies, nor are we a product company competing with our customers. We build a diverse set of capabilities and deploy them in whatever combination the customer needs to deliver complex solutions for their products and services. That's why they trust us with their most important programs, and it's why our vision is to be the world's most technologically advanced and trusted manufacturing solution service provider.

我們一直有意識地打造一家以工程為主導、以供應鏈為支撐的製造解決方案公司。這不只是口號。它清楚說明了我們是什麼、以及我們不是什麼。我們不是與低成本 EMS 公司競爭的合約製造商，也不是與客戶競爭的產品公司。我們建立多元能力，並依客戶需求以各種組合方式加以部署，為其產品與服務交付複雜解決方案。這也是客戶把最重要的專案交給我們的原因；同時，我們的願景是成為全球技術最先進且最值得信賴的製造解決方案服務提供者。

That vision rests on three core strands. Let me take each in turn. First, engineering. We have more than 9,000 engineers helping customers solve technical problems and develop products that can be built efficiently and at scale. Being engineering led means we get involved earlier in the customer's decision cycle, often before the product design is locked. That's where design for manufacturing matters most. Our engineers shape the design so it can be built reliably at the right cost and at volume, followed by industrialization, the work of taking a product from prototype to a stable scale production line, and we use value engineering to take cost out along the way.

這個願景建立在三個核心支柱之上。我將逐一說明。第一，工程。我們擁有超過 9,000 名工程師，協助客戶解決技術問題並開發可高效率、可規模化製造的產品。以工程為主導，意味著我們能更早介入客戶的決策週期，往往在產品設計定案之前就參與其中。這正是可製造性設計（design for manufacturing）最關鍵的階段。我們的工程師會塑造設計，使其能以合適成本、在量產條件下可靠製造；接著進入工業化（industrialization）階段，也就是把產品從原型推進到穩定的規模化產線；並在過程中運用價值工程（value engineering）逐步降低成本。

We do that faster than most, and it's one of the reasons customers bring us their most demanding ramps. Once we're embedded that early, we're very hard to displace. Design wins become long-term relationships, and we take on more of the customer's challenge from development through production.

我們的速度比多數同業更快，這也是客戶把最具挑戰性的爬坡專案交給我們的原因之一。一旦我們在如此早期就深度嵌入，便很難被取代。設計導入（design wins）會轉化為長期合作關係，而我們也會從開發到量產承擔更多客戶的挑戰。

Second, supply chain. This is a capability people tend to underestimate. We manage approximately $35 billion of global spend, 40,000 suppliers, and 1 million parts with roughly 3,500 procurement and supply chain professionals. Our supply chain expertise is even more valuable in today's increasingly complex global environment, where geopolitical uncertainty, regional conflicts, and structural component constraints continue to challenge our customers. Our continued investment in supply chain capabilities, systems, and long-term supplier relationships enables us to help customers mitigate risk, enhance resilience, and maintain continuity.

第二，供應鏈。這項能力往往被低估。我們透過約 3,500 名採購與供應鏈專業人員，管理約 350 億美元的全球採購支出、40,000 家供應商，以及 100 萬個零件。在當今愈加複雜的全球環境中——地緣政治不確定性、區域衝突，以及結構性零組件限制持續挑戰客戶——我們的供應鏈專業更顯價值。我們持續投資供應鏈能力、系統與長期供應商關係，使我們能協助客戶降低風險、提升韌性並維持營運連續性。

Third, manufacturing, and this is where the diversity of our capabilities really shows up. While each customer has its own unique requirements, our advantage lies in combining the full breadth of Jabil's capabilities under one roof, enabling every customer to benefit from expertise developed across the enterprise. Thermal management developed for data centers helps in semiconductor test, automotive, and energy storage.

第三，製造，這也是我們能力多樣性最能展現之處。雖然每位客戶都有其獨特需求，但我們的優勢在於能在同一平台下整合捷普的全方位能力，讓每位客戶都能受益於企業內部累積的專業。為資料中心開發的散熱管理技術，也能應用於半導體測試、汽車與儲能等領域。

Precision manufacturing built for healthcare helps in other regulated markets. Very few manufacturing companies can bring that breadth to a customer, and I like that combination, deep domain expertise with the resources of the broader company behind it. Behind those strengths is a leadership team with more than 200 years of Jabil tenure. They know our customers, they know our factories, and they've worked together through several up and down economic cycles.

為醫療保健打造的精密製造能力，也能協助其他受監管市場。能為客戶帶來如此廣泛能力的製造公司非常少，我喜歡這種組合：深厚的產業領域專業，加上背後更大型公司的資源支持。支撐這些優勢的是一支領導團隊，在捷普（Jabil）的任職年資合計超過200年。他們了解我們的客戶、了解我們的工廠，並且在多次景氣循環的起伏中一起合作走過。

That continuity matters when you're ramping the kind of capacity we are. This team runs a footprint of more than 120 sites in 30 countries around the world, which lets us build where our customers need us. The capacity we added this year in Southeast Asia, the U.S., Mexico, and India is the latest example.

當你正在擴充我們這種規模的產能時，這種延續性至關重要。這個團隊在全球30個國家營運超過120個據點的布局，讓我們能在客戶需要的地方進行製造。我們今年在東南亞、美國、墨西哥與印度新增的產能，就是最新例證。

It's worth highlighting that we now have more than 40 sites in the U.S. as we continue to support our customers' reshoring activities.

值得強調的是，隨著我們持續支持客戶的回流生產（reshoring）活動，我們目前在美國已擁有超過40個據點。

Jabil manages a balanced portfolio of long-term strategic partnerships across three focus segments with many of the world's most respected companies. These aren't transactional relationships. Many of them go back a decade or more, and they've grown as our capabilities have grown.

捷普在三個重點領域中，與許多全球最受尊敬的公司建立了均衡的長期策略合作夥伴組合。這些不是一次性的交易關係。其中許多合作可追溯至十年以上，並且隨著我們能力的提升而持續成長。

Let me now walk through our fiscal 2027 outlook for each segment, beginning with Regulated Industries. The outlook for Regulated Industries has improved considerably from where we started fiscal 2026. We now have several end markets contributing to growth.

接下來我將逐一說明各事業部門在2027會計年度的展望，先從受監管產業（Regulated Industries）開始。受監管產業的展望，相較於我們在2026會計年度初期的預期已大幅改善。目前有多個終端市場共同帶動成長。

In Automotive & Transportation, we expect approximately $5 billion in revenue, up about 9%. We finished fiscal 2026 at approximately $4.6 billion in revenue and now expect another year of growth.

在汽車與運輸（Automotive & Transportation）方面，我們預期營收約50億美元，年增約9%。我們在2026會計年度結束時的營收約為46億美元，現在預期將再迎來一年成長。

Within Automotive, we continue to feel very good about our position with some of the world's best makers of electric and ICE vehicles, and we broaden those relationships through vehicle compute, advanced driver assistance, and the high-performance electronics behind increasing adoption of FSD and autonomous vehicles. We believe defense and aerospace, which sits within this end market, will be an important growth driver in fiscal 2027 and beyond. Governments are modernizing platforms and replenishing inventories of critical systems, increasing the role played by Jabil, a U.S.-based ITAR compliant manufacturing solutions provider.

在汽車領域，我們對於與全球頂尖電動車與燃油車（ICE）製造商的布局仍然非常有信心，並透過車用運算、先進駕駛輔助系統，以及支撐FSD與自動駕駛車加速採用的高效能電子技術，進一步擴大這些合作關係。我們相信，隸屬於此終端市場的國防與航太，將在2027會計年度及之後成為重要的成長動能。各國政府正推動平台現代化並補充關鍵系統的庫存，進一步提升捷普作為一家美國本土、符合ITAR規範的製造解決方案供應商所扮演的角色。

That's a market with real barriers to entry. Registered facilities, security cleared personnel, and a qualified quality system. We have all three in place. Our faster production lead times are critical here as efforts to replenish inventories gains momentum. Healthcare is another end market I feel very good about.

這是一個具有實質進入門檻的市場。需要登記在案的設施、具安全許可的員工，以及合格的品質系統。我們三者皆已具備。隨著補庫存的行動加速，我們更快的生產交期在此至關重要。醫療保健是另一個我非常看好的終端市場。

For Healthcare and Packaging, we expect approximately $5.6 billion in revenue, up about 6%. Outsourcing in healthcare continues to be relatively immature, and customers are increasingly looking for a partner that brings engineering, supply chain scale, and regulated manufacturing together. That plays directly to what we do.

在醫療保健與包裝（Healthcare and Packaging）方面，我們預期營收約56億美元，年增約6%。醫療保健的外包仍相對不成熟，客戶愈來愈希望找到能同時提供工程能力、供應鏈規模，以及受監管製造能力的合作夥伴。這正好與我們的核心能力完全契合。

Our healthcare pipeline for FY 2028 particularly looks robust, with book business coming online towards the end of FY27. In Renewable and Energy Infrastructure, we expect approximately $3 billion in revenue, up about 7%. Here, the business we're building has broadened beyond residential solar.

我們在2028會計年度的醫療保健案源（pipeline）看起來特別強勁，已簽訂的業務將在2027會計年度末期陸續上線。在再生能源與能源基礎設施（Renewable and Energy Infrastructure）方面，我們預期營收約30億美元，年增約7%。在此領域，我們正在打造的業務已不再僅限於住宅太陽能。

Commercial projects and energy storage are increasingly important as data center power demand continues to create opportunity in this end market. Putting those markets together, we expect Regulated Industries revenue of approximately $13.6 billion in revenue, up about 7%. Defense and aerospace, automotive, healthcare, and energy infrastructure each bring different customer programs and different growth drivers.

隨著資料中心用電需求持續帶來機會，商用專案與儲能的重要性日益提升。綜合上述市場，我們預期受監管產業營收約為136億美元，年增約7%。國防與航太、汽車、醫療保健與能源基礎設施，各自帶來不同的客戶專案與不同的成長驅動因素。

That breadth is invaluable. Turning to Intelligent Infrastructure, AI demand remains strong, and our outlook continues to accelerate. In fiscal 2026, the team delivered approximately $14.4 billion of AI-related revenue, up $5.4 billion year-over-year. In fiscal 2027, we expect that to grow to approximately $22.1 billion, up 54%.

這種廣度極具價值。接著談智慧基礎設施（Intelligent Infrastructure），AI需求依然強勁，我們的展望持續加速。在2026會計年度，團隊交付約144億美元的AI相關營收，年增54億美元。在2027會計年度，我們預期將成長至約221億美元，年增54%。

What is really impressive about this is that's another $7.7 billion at a higher growth rate on top of a much larger base, even from our expectations in June. As Matt said earlier, most of our AI business supports everyday AI usage rather than frontier model training, which makes our demand less exposed to swings in the AI spending boom. Our holistic approach of focusing on various engineering capabilities across semi cap equipment and data center build-outs is clearly resonating with customers.

真正令人印象深刻的是，即使在更大的基期之上，且相較我們6月的預期，仍能再增加77億美元，且成長率更高。如同Matt先前所說，我們多數AI業務支援的是日常AI使用，而非前沿模型訓練，因此需求較不易受到AI投資熱潮波動的影響。我們以整體性方式，聚焦於半導體資本設備與資料中心建置等多元工程能力，顯然正獲得客戶共鳴。

Starting with capital equipment. For fiscal 2027, we expect approximately $4.2 billion in revenue, up approximately 40%. Demand for automated test equipment remains strong as customers introduce more complex silicon and memory. At the same time, the wafer fabrication equipment market is inflecting higher, providing another driver of growth. I like both the improving demand outlook and the durable customer relationships we're building in this business.

先從資本設備（capital equipment）開始。在2027會計年度，我們預期營收約42億美元，年增約40%。隨著客戶導入更複雜的矽晶片與記憶體，自動化測試設備的需求仍然強勁。同時，晶圓製造設備市場正向上轉折，提供另一項成長動能。我看好需求展望的改善，也看好我們在此業務中建立的長期且穩固的客戶關係。

In cloud and data center infrastructure, we expect approximately $17.5 billion in revenue, up approximately 52% as the capacity we've invested in throughout the year ramps. We're filling that capacity with committed business. We've expanded the relationships with our second hyperscaler by executing well and bringing them additional capabilities, and that ramp in Mexico is contributing to growth. I expect the second hyperscaler to be a 10%-plus customer in FY27.

在雲端與資料中心基礎設施方面，隨著我們全年投入的產能逐步爬坡，我們預期營收約175億美元，年增約52%。我們正以已承諾的業務來填補這些產能。我們透過良好執行並為第二家超大規模雲端客戶（hyperscaler）帶來更多能力，擴大了合作關係，而在墨西哥的爬坡也正貢獻成長。我預期第二家hyperscaler在2027會計年度將成為營收占比超過10%的客戶。

We also discussed our third hyperscaler win in June. We continue to expect modest contribution in fiscal 2027 with the greater opportunity beyond that. Our role is also broadening beyond the rack. Higher density systems need more sophisticated power distribution and liquid cooling. Our Hanley Energy acquisition adds modular power and energy management, together with deployment and service expertise.

我們也在6月討論過第三家hyperscaler的得標。我們仍預期其在2027會計年度的貢獻較為溫和，更大的機會在那之後。我們的角色也正從機櫃（rack）延伸到更多領域。更高密度的系統需要更精密的配電與液冷。我們收購Hanley Energy，新增模組化電力與能源管理能力，以及部署與服務專業。

In networking and communications, in spite of a subdued 5G market, we expect to be up approximately 15% at approximately $3.9 billion in revenue, with our advanced AI networking programs in India being a major contributor. The investments we made back in 2023 with the Intel acquisition, along with our investments in high-speed interconnects and optics, position us well to support co-packaged optics and co-packaged copper technologies as they start to scale. For the Intelligent Infrastructure segment overall, we expect approximately $25.6 billion in revenue, up about 43%.

在網路與通訊方面，儘管5G市場較為低迷，我們預期營收約39億美元、年增約15%，其中印度的先進AI網路專案將是主要貢獻來源。我們在2023年透過收購Intel相關資產所做的投資，加上我們在高速互連與光學領域的投入，使我們具備良好定位，以支援共同封裝光學（co-packaged optics）與共同封裝銅（co-packaged copper）技術在開始放量時的需求。就智慧基礎設施事業部整體而言，我們預期營收約256億美元，年增約43%。

Not only do we have a diverse set of capabilities, we have a diversified customer portfolio. In fiscal 2027, we expect six customers in a segment to each generate more than $1 billion of revenue. That breadth and the capabilities behind it is why I feel so good about this outlook.

我們不僅擁有多元的能力，也擁有分散的客戶組合。在2027會計年度，我們預期在同一事業部中將有六位客戶各自創造超過10億美元的營收。正是這樣的廣度與背後的能力，讓我對這份展望感到非常有信心。

Turning to Intelligent Devices & Robotics. The new name reflects where we're taking the business, led by Digital Commerce and Robotics, which we expect to generate approximately $3 billion in revenue, up approximately 11%. Retailers, warehouses, and distribution centers continue to invest in automation, whether that's behind the scene, in the aisle, or at checkout. We have the engineering, robotics, and system integration capabilities to support those investments, and I continue to like the opportunity here.

接著談智慧裝置與機器人（Intelligent Devices & Robotics）。新的名稱反映了我們推動業務前進的方向，由數位商務與機器人（Digital Commerce and Robotics）領軍，我們預期其營收約30億美元，年增約11%。零售商、倉庫與配送中心持續投資自動化，不論是在後台、走道，或是在結帳環節。我們具備工程、機器人與系統整合能力來支援這些投資，我也持續看好這裡的機會。

As early participants, we continue to make good headway in building out our engineering capabilities around physical AI. Our forecast for physical AI continues to be modest and conservative.

作為早期參與者，我們持續在圍繞實體 AI 的工程能力建置上取得良好進展。我們對實體 AI 的預測仍然保持溫和且保守。

I expect that to grow substantially in the mid to longer term beyond FY27. In Connected Living, we expect revenue to decline about 15% to approximately $2.3 billion. Here, we remain committed to competing on capability, complexity, and value creation, not on being the lowest cost provider.

我預期在 FY27 之後的中長期將大幅成長。在 Connected Living（連結生活）方面，我們預期營收將下滑約 15% 至約 23 億美元。在此，我們仍致力於在能力、複雜度與價值創造上競爭，而不是成為最低成本供應商。

We also remain conservative around memory constraints in this market. The decline in Connected Living more than offsets the growth in Digital Commerce and Robotics, bringing our IDR outlook to approximately $5.3 billion in revenue, down about 2%. When I add up all three segments, we expect fiscal 2027 revenue of approximately $44.5 billion, up about 24%.

我們對該市場的記憶體限制也仍維持保守看法。Connected Living 的下滑幅度超過 Digital Commerce（數位商務）與 Robotics（機器人）的成長，使我們的 IDR 展望營收約為 53 億美元，約下滑 2%。將三個事業部加總後，我們預期 2027 會計年度營收約為 445 億美元，約成長 24%。

AI is clearly our largest growth driver. At the same time, we expect robust growth in warehouse and retail automation, defense and aerospace, automotive, healthcare, and energy infrastructure. Those areas serve different customers on different timelines.

AI 顯然是我們最大的成長驅動力。同時，我們也預期倉儲與零售自動化、國防與航太、汽車、醫療保健以及能源基礎設施將有強勁成長。這些領域在不同時間軸上服務不同客戶。

There's no single point of dependence, and I like that breadth. So what does that growth mean for the bottom line? On that revenue base, we expect core operating margin of 6.1%, an improvement of 30 basis points, and core diluted earnings per share of $17.55, up about 34%.

沒有任何單一依賴點，我喜歡這樣的廣度。那麼，這樣的成長對損益表意味著什麼？在該營收基礎上，我們預期核心營業利益率為 6.1%，提升 30 個基點；核心稀釋後每股盈餘為 17.55 美元，約成長 34%。

The margin expansion comes from three areas, strong revenue growth, better utilization of the capacity we've invested in, and improving mix of business. As volumes scale, we leverage our fixed costs more effectively, and that's a more durable foundation for earnings and cash flow. We expect that earnings growth to support another year of strong adjusted free cash flow generation of approximately $1.6 billion.

利潤率擴張來自三個面向：強勁的營收成長、更佳地運用我們已投資的產能，以及業務組合的改善。隨著出貨量擴大，我們能更有效地攤提固定成本，這也為獲利與現金流奠定更持久的基礎。我們預期這樣的獲利成長將支撐另一年強勁的調整後自由現金流產生，約 16 億美元。

On capital allocation, our priorities haven't changed. Our strong balance sheet and low leverage provides us with optionality. We'll invest organically where we see attractive returns, including AI infrastructure, healthcare, and warehouse and retail automation.

在資本配置方面，我們的優先順序沒有改變。我們強健的資產負債表與低槓桿為我們提供了彈性選擇。我們將在看到具吸引力報酬的領域進行有機投資，包括 AI 基礎設施、醫療保健，以及倉儲與零售自動化。

We have substantial opportunities within this business, and we intend to continue building out our capabilities with one eye on the rapid pace of technology evolution and another eye on line-of-sight capacity requirements while staying disciplined about returns. We will also consider acquisitions that add capabilities that will enable us to offer end-to-end solutions to our customers. Mikros Technologies and Hanley Energy are good examples.

在這項業務中我們有大量機會，我們打算持續強化能力：一方面關注技術演進的快速步伐，另一方面關注可見度範圍內的產能需求，同時在報酬上保持紀律。我們也會考慮能增添能力、使我們能為客戶提供端到端解決方案的併購。Mikros Technologies 與 Hanley Energy 就是很好的例子。

Specialized expertise in liquid cooling that we can apply in semi-cap equipment, networking, servers, and racks, and data center power that we can combine with our data center infrastructure business. We remain committed to returning 80% or more of adjusted free cash flow to shareholders over time. Share repurchases remain a top priority, as is evidenced by our continued aggressive buybacks.

例如在液冷方面的專業能力，可應用於半導體設備、網路、伺服器與機櫃（racks），以及資料中心電力能力，可與我們的資料中心基礎設施業務結合。我們仍致力於長期將調整後自由現金流的 80% 或以上回饋給股東。股票回購仍是最優先事項之一，這也反映在我們持續積極的回購行動上。

We fully utilized the prior authorization in Q4 and have begun buying shares under the new $1.5 billion program our board authorized in July. We will do all of that while maintaining our investment-grade credit profile and the flexibility to support our customers. I feel good about our ability to invest for growth while returning substantial cash to shareholders.

我們在第四季已完全用完先前的授權，並已開始在董事會於 7 月核准的新 15 億美元計畫下回購股票。我們將在維持投資等級信用評等、並保有支援客戶的彈性之下完成這些工作。我對我們在回饋股東大量現金的同時仍能投資成長的能力感到樂觀。

For fiscal 2028 and beyond, here is how I am thinking about the business. I do not see AI growth slowing down anytime soon. Inference workloads keep expanding, and that drives demand for the infrastructure we build.

對於 2028 會計年度及之後，我是這樣看待這項業務的。我不認為 AI 成長會在短期內放緩。推論（inference）工作負載持續擴張，並帶動我們所建置之基礎設施需求。

The capacity we are ramping for fiscal 2027 means we exit the year at a meaningfully higher capacity, which sets us up well for FY28. At the same time, the rest of the portfolio is growing, too. Rising defense spending, data center power demand pulling through energy storage, a healthcare pipeline that includes Croatia.

我們為 2027 會計年度所提升的產能，意味著我們在年底將以顯著更高的產能水準收官，這讓我們為 FY28 做好良好準備。同時，投資組合的其他部分也在成長。國防支出上升、資料中心電力需求帶動能源儲存需求，以及包含克羅埃西亞在內的醫療保健案源。

I also remain extremely bullish on the India data center build-out through our strategic alliance with the Adani Group. I am excited about the opportunity that co-packaged optics proliferation presents for us in networking, along with physical AI moving to the next stage of commercial deployment. So while AI is leading the way, we expect all three segments to contribute. And as we continue to move up the value chain, we expect that mix to keep pushing core operating margin higher over time.

我也仍然非常看好我們透過與 Adani Group 的策略聯盟，在印度資料中心建置上的成長。我對共同封裝光學（co-packaged optics）普及為我們在網路領域帶來的機會感到振奮，同時實體 AI 也正邁向下一階段的商業部署。因此，雖然 AI 領先帶動，我們預期三個事業部都將有所貢獻。而隨著我們持續往價值鏈上游移動，我們預期這樣的組合將隨時間推升核心營業利益率。

When you put that kind of revenue growth and margin expansion together and add the buybacks on top of it, that is what gets core earnings per share growing well above revenue. Because we run an asset-light model with net CapEx in that 1.5%, 2% range, it also drives strong free cash flow. We continue to expect free cash flow conversion above 100% over time.

當你把這種營收成長與利潤率擴張結合起來，再加上回購的效果，就會使核心每股盈餘的成長幅度明顯高於營收。由於我們採用輕資產模式，淨資本支出（net CapEx）約在 1.5% 到 2% 的區間，也會帶動強勁的自由現金流。我們仍預期長期自由現金流轉換率將高於 100%。

That is what allows us to keep returning 80% or more of it to shareholders, primarily through buybacks, while maintaining our investment-grade credit profile and sustaining strong returns on invested capital. So when I step back, I am confident in where Jabil sits today. Strong customer demand across multiple end markets, committed business filling the capacity we have invested in, a model that turns that growth into strong returns and cash flows with further growth opportunities beyond FY27.

這使我們得以在維持投資等級信用評等、並保持強勁投入資本報酬率的同時，持續將其中 80% 或以上回饋給股東，主要透過回購。因此，當我退一步看，我對 Jabil 目前的定位充滿信心。多個終端市場的強勁客戶需求、已承諾的業務填補我們所投資的產能，以及能將成長轉化為強勁報酬與現金流的模式，並在 FY27 之後仍有進一步成長機會。

We have the people to bring it all together. To our teams around the world, thank you for the integrity, ingenuity, and inspiration you bring to our customers, our communities, and each other every day. You are the foundation of this business and the reason we can look ahead with confidence.

我們有人才把一切整合起來。致全球各地的團隊：感謝你們每天以誠信、巧思與啟發，服務我們的客戶、社區以及彼此。你們是這項業務的基石，也是我們能自信展望未來的原因。

With that, I will turn it back to Adam.

接下來，我把時間交還給 Adam。

Thanks, Mike. Before we open the call for questions, let me come back to the three messages we started with. First, we are entering fiscal 2027 with strong demand, committed customer business, and added capacity.

謝謝你，Mike。在我們開放提問之前，讓我回到我們一開始的三個重點訊息。第一，我們以強勁需求、客戶已承諾的業務，以及新增產能進入 2027 會計年度。

Second, diversification is creating value across AI infrastructure, defense and aerospace, automotive, healthcare, energy infrastructure, and automation. In AI infrastructure alone, five customers are expected to exceed $1 billion in fiscal 2027. Finally, disciplined execution, capital allocation, and Intelligent Infrastructure's asset-light model are helping convert this growth into earnings, cash flow, and shareholder returns.

第二，多元化正在 AI 基礎設施、國防與航太、汽車、醫療保健、能源基礎設施與自動化等領域創造價值。僅在 AI 基礎設施方面，就預期有五位客戶在 2027 會計年度的規模將超過 10 億美元。最後，嚴謹的執行、資本配置，以及 Intelligent Infrastructure 的輕資產模式，正協助把這些成長轉化為獲利、現金流與股東報酬。

Thank you for joining us today. Operator, we are now ready for questions.

感謝各位今天加入我們。接線生，我們現在準備開始提問。

(Operator Instructions) Steven Fox, Fox Advisors.

(接線生指示) Steven Fox，Fox Advisors。

Please go ahead.

請開始。

Hi, good morning, and thanks for all the great detail this morning. I guess for my first question, kind of big picture, Mike, but maybe you just gave a ton of detail on how you guys are executing. But as we think out to this what have you done for us lately question, now that you are looking at like $8.5 billion of growth, I guess, how do we think about the challenges to execute to that number in this year and how they are different from last year?

嗨，早安，也謝謝你們今天早上提供這麼多精彩的細節。我想我的第一個問題比較偏大方向，Mike，你剛才已經講了很多你們如何執行的細節。但當我們往前看、以「你們最近為我們做了什麼」這種角度來思考時，既然你們現在看起來有大約 85 億美元的成長，我想問的是：我們該如何看待今年要執行到這個數字所面臨的挑戰？以及這些挑戰與去年有何不同？

Along those lines, how that gets you to the 6.1% operating margin. In other words, how much is just sheer operating leverage from volume versus things that you control? Then I had a follow-up.

延續這個脈絡，這又如何讓你們達到 6.1% 的營業利益率？換句話說，其中有多少只是來自量的純粹營運槓桿，多少是你們可控的因素？然後我還有一個追問。

Thanks, Steven. I actually feel really good about the 6.1% for the year. I think that is 30 bps up year-on-year. The $8.4 billion of revenue, I think we are growing capacity by about 4 million square feet, and that is quite a big task. Obviously, it involves a lot of execution. We have been on that journey for a while, so it is not something we are doing now.

謝謝你，Steven。我其實對全年 6.1% 這個數字感覺非常好。我認為這比去年同期高了 30 個基點。84 億美元的營收，我想我們的產能大約增加了 400 萬平方英尺，這是一項相當大的任務。顯然，這需要大量的執行力。我們走在這條路上已經有一段時間了，所以這不是我們現在才開始做的事。

I feel really good about the team executing to that $8.4 billion. There might be some upside on that as well if the execution comes in better than expected. I think the capacity is something we always watch. We have a line of sight to all the capacity that we are adding. We have booked orders. We have customers ready to go. So it comes on through the year, and that is one of the reasons you will find the revenue through the year is relatively well-balanced.

我對團隊把這 84 億美元執行到位感覺非常好。如果執行結果優於預期，這個數字也可能還有一些上行空間。我認為產能是我們一直在關注的事情。我們對正在增加的所有產能都有清晰的可視性。我們已經接到訂單。客戶也已準備就緒。因此它會在全年逐步體現出來，這也是你會看到全年營收相對較為均衡的原因之一。

I think it's 45% to 55%, first half to second half. The margins, though, are a little bit back-end loaded because of the initial ramp that you get when you put out that much capacity. When I say ramp, it's not just revenue, it's yield, it's additional expenses, it's training.

我想大概是上半年 45%、下半年 55%。不過，利潤率會比較偏向下半年，因為當你投放這麼多產能時，初期爬坡會使利潤率在後段更明顯。我說的爬坡不只是營收，還包括良率、額外費用，以及訓練。

There's a whole bunch of things that go into bringing on capacity online. So feel really good about that, and it's 6.1% number there. We're going to try and outperform that as well.

把產能導入上線牽涉到很多事情。所以我對此非常有信心，也對 6.1% 這個數字很有把握。我們也會努力爭取超越這個目標。

Great. That's helpful. Just as a follow-up, I'm sure there'll be a lot of other AI questions. I was wondering if you could focus on what could be an emerging market for you in terms of physical AI. You mentioned how you're using it internally and then obviously driving new customer wins, and it sounds like a longer-term benefit, but it's also driving some growth this year. How confident are you that these markets develop, and where is Jabil going to play, say, beyond this year and into next year and the year after? Thanks.

很好。這很有幫助。再追問一下，我相信接下來會有很多其他 AI 相關問題。我想請你聚焦在「實體 AI」對你們而言可能正在形成的新興市場。你提到你們如何在內部使用它，並且顯然也在推動新客戶的贏單；聽起來它是較長期的效益，但今年也在帶動一些成長。你對這些市場的發展有多大信心？以及例如在今年之後、到明年與後年，Jabil 會在哪些領域扮演角色？謝謝。

Steven, I think if you look at physical AI, it's still very, very early commercialization stage. Real-world deployment is negligible, especially in the West. I think China might be ahead of us, but it's a cost issue and a complexity issue still.

Steven，我認為如果你看實體 AI，它仍然處於非常、非常早期的商業化階段。實際在真實世界的部署幾乎可以忽略不計，尤其是在西方。我認為中國可能走在我們前面，但仍然存在成本與複雜度的問題。

The price points still haven't made it to that full adoption phase. If you sit back and look at Jabil and what we do. What are some of the devices and machines that are impacted with physical AI?

目前的價格點仍未進入全面採用的階段。如果你退一步看 Jabil 以及我們所做的事。有哪些裝置與機器會受到實體 AI 的影響？

You have your retail warehouse robots. You have drones. You have autonomous vehicles. You have robotics humanoids, industrial automation systems, intelligent edge devices. All of that Jabil plays in. So we're well-positioned in all the devices and the peripherals that will come through those devices on physical AI.

有零售倉儲機器人。有無人機。有自動駕駛車輛。有人形機器人、工業自動化系統、智慧邊緣裝置。這些領域 Jabil 都有參與。因此，在實體 AI 相關的各類裝置，以及隨著這些裝置而來的周邊產品上，我們都具備很好的布局。

Then if you think about the capabilities that we have, you think of sensors, think of onboard compute, connectivity, power, thermal solutions, and liquid cooling. Every humanoid is going to need liquid cooling there. Your motion and actuated related systems.

再來，如果你看我們具備的能力，包括感測器、機載運算、連線能力、電源、散熱解決方案，以及液冷。每一個人形機器人都會需要液冷。還有你的運動控制與致動相關系統。

We've been doing that for a while now. So from a capability standpoint, we're really well-positioned as well. I can't wait for the adoption. I just at this stage, for FY27, we haven't built in that much from a physical AI perspective. But hey, is this a 2028 event? Is it a 2029?

我們做這些已經有一段時間了。所以從能力面來看，我們也處於非常有利的位置。我非常期待市場採用的到來。只是以目前這個階段來看，針對 FY27，我們在實體 AI 方面並沒有納入太多。但嘿，這會是 2028 年的事件嗎？還是 2029 年？

Only time will tell. One thing you can definitely take away is that Jabil, as an early participant and early adopter, actually is probably the best positioned in this end market as of today.

只有時間能告訴我們。但你可以明確得到的一點是：Jabil 作為早期參與者與早期採用者，實際上在今天這個終端市場中，可能是布局最好的公司。

Great. Thank you so much, and thanks for all the information.

很好。非常感謝，也謝謝你提供的所有資訊。

Mark Delaney, Goldman Sachs.

Mark Delaney，高盛。

Yes. Good morning. Thank you very much for taking my questions, and I appreciate all the details and the presentation today. For either Mike or Matt, I am hoping you can share more on what you are hearing from your conversations with customers and government officials on how potential regulations could impact both data center infrastructure and AI development, and to what extent you have seen any changes in where or when customers are looking to build out that data center capacity.

是的。早安。非常感謝你回答我的問題，也感謝今天提供的所有細節與簡報內容。想請 Mike 或 Matt 其中一位分享更多：你們在與客戶及政府官員的對話中，聽到關於潛在監管可能如何影響資料中心基礎設施與 AI 發展的看法；以及你們在客戶建置資料中心產能的地點或時點上，是否看到任何變化。

Yeah. Thanks, Mark. Obviously, we spend a lot of time working with the government, understanding where regulation is headed. What I would tell you is at this point, we do not see any significant impact and/or disruption. I think obviously with the midterms ahead, there is potential inflection points depending on how that turns out. But even with that, it feels like there is nothing that is going to create a significant impact to '27 fiscal. And certainly at this point, we also do not see anything hitting fiscal '28. But it is something we watch closely, and we will continue to, and as the midterms evolve, we will have to see what comes out of that.

是的。謝謝你，Mark。顯然，我們花了很多時間與政府合作，了解監管將往哪個方向走。我想告訴你的是，就目前而言，我們沒有看到任何重大的影響和／或干擾。我認為，隨著期中選舉在即，依結果而定可能會出現一些轉折點。但即便如此，感覺也沒有任何事情會對 2027 財年造成重大影響。而且就目前來看，我們也確實沒有看到任何會影響 2028 財年的因素。不過這是我們密切關注的議題，我們也會持續關注；隨著期中選舉的進展，我們必須看看最終會出現什麼結果。

Understood. Thanks for that, Matt. My other question was a follow-up on the linearity of the year. Mike, I heard the [45/55] weighting comment. I think if you take the 1Q revenue and annualize it, you are already at about $44 billion. So it does suggest a more flattish year this year than some of the past years. You did talk about some capacity coming online as the year progresses. Maybe talk about what some of the offsets are that are maybe leading to a more flattish trajectory in the fiscal 2027 outlook. Thank you.

了解。謝謝你，Matt。我的另一個問題是關於全年線性（營收分布）的追問。Mike，我聽到你提到 [45/55] 的權重。我想如果把第一季營收年化，你們已經大約是 440 億美元。所以這確實暗示今年的走勢會比過去某些年度更偏平。你也談到一些產能會在全年逐步上線。能否談談有哪些抵消因素，可能導致 2027 財年展望呈現較為平坦的軌跡？謝謝。

I think you will see a little bit of a drop in Q2, just from a seasonality. If you go back to all our Q2s in the last two or three years, that is a seasonal event for us as you come off some of the holiday season spend, as you come off some of the seasonality that is built into our various end markets. I think from an income standpoint, you will find even the revenues [45/55], I think income is a little bit more back-end loaded, like I said, on the ramp and bringing on capacity.

我認為你會看到第二季會有些下滑，主要是季節性因素。如果你回頭看我們過去兩到三年的所有第二季，當我們結束部分假期季的支出後，以及各終端市場內建的季節性因素退去時，這對我們而言是一個季節性事件。我認為從獲利的角度來看，即使營收是 [45/55]，如我所說，獲利會更偏向下半年，因為有爬坡與產能上線的因素。

The revenues are there, so it is not about revenues as much as it is about getting the yields up. It is about getting the cost through initially the first one or two quarters in any ramp, the costs are going to be much higher, as a result of which margins can be a little bit lower in the first half. Having said that, if you look at Q1 of '27, it is actually year-on-year, we are up by 20 basis points. So we are doing much better than in previous years. It is just the shape of the year is slightly different this time around because of the heavy ramp in capacity that we are bringing online.

營收是存在的，所以重點與其說是營收，不如說是把良率拉上來。也就是要把成本在初期消化掉；在任何爬坡的前一到兩季，成本都會高很多，因此上半年利潤率可能會略低。話雖如此，如果你看 2027 財年第一季，其實年對年我們提高了 20 個基點。所以我們的表現比前幾年好很多。只是今年的年度形狀略有不同，因為我們正在導入上線的產能爬坡幅度很大。

I guess just lastly from me, then I will pass it on, but the ability to get supply from a materials and semiconductor perspective to support that 2H ramp, your visibility into having enough to meet that ramp that you expect. Thank you.

我想最後再問一個問題，然後我就交給下一位。從材料與半導體供應的角度來看，為了支援下半年（2H）的爬坡，你們對於能取得足夠供應以滿足你們預期的爬坡幅度，有多大的能見度？謝謝。

Mark, it's Mike. I wouldn't suggest that we are immune from everything that's going on from a constrained market out there, but I definitely feel that Jabil is really well positioned just because of, and this has been decades in the building, around developing supply relationships that are strong enough, and that we've got confidence in them.

Mark，我是 Mike。我不會說我們能完全不受目前供應吃緊市場狀況的影響，但我確實覺得 Jabil 的定位非常好，原因在於——而且這是數十年累積建立起來的——我們一直在發展足夠強韌的供應關係，而且我們對這些關係很有信心。

They're mature, and there's a level of trust built in there. So while we'll navigate some bumps in the night through fiscal 2027, I'm really confident that we've put a structure in place. We've developed and invested in the right tools.

這些關係很成熟，彼此之間也建立了信任基礎。因此，雖然在 2027 財年之前我們仍會在過程中遇到一些顛簸，但我非常有信心我們已經建立好相應的架構。我們也已經開發並投資了正確的工具。

We've got the right team, and I think we've got the right relationships to see us through kind of whatever the world throws at us, but certainly through this constrained market.

我們有合適的團隊，我也認為我們有正確的合作關係，足以讓我們挺過世界丟給我們的各種挑戰，至少在這個供應受限的市場環境下是如此。

Thank you.

謝謝。

Joseph Cardoso, JPMorgan.

Joseph Cardoso，摩根大通。

Hey, good morning, and thanks for the question. Maybe just a follow-up on the seasonality question that you guys have talked to, but maybe in the context of the margin progression as we think of the year, just given the commentary that you made around some of the underutilization costs and the ramps around programs and manufacturing footprint. How should we think about margins stepping up as we kind of progress through the year and the exit run rate, particularly if we compare it to kind of the historical trends that you typically see first half versus second half? And then I do have a follow-up. Thank you.

嗨，早安，謝謝讓我提問。我想針對你們剛才談到的季節性再追問一下，但希望放在全年毛利率走勢的脈絡下來看，尤其考量你們提到的一些產能利用不足成本，以及各項專案與製造據點的爬坡。我們應該如何看待毛利率在一年當中隨著進程逐步上升，以及年末退出（exit）運行率？特別是若與你們過去通常看到的上半年相對下半年的歷史趨勢相比。另外我還有一個追問。謝謝。

Yeah. Hi, Joe. This is Greg. As Mike mentioned, the shape of the year will be very similar to last year. We're going to be a little bit lighter on the first half from a margin perspective, and then ramping up as we fill capacity and the utilization of that in the back half. We'll continue to see leverage on our SGA, better mix as we go in the back half, and the key point is just the capacity we're bringing online. That'll be better utilized as we go into the back half.

好的。嗨，Joe，我是 Greg。如同 Mike 提到的，今年的走勢形狀會和去年非常相似。從毛利率角度來看，上半年會稍微偏弱一些，然後隨著我們填滿產能、並在下半年提高產能利用率而逐步爬升。我們也會持續看到 SG&A 的槓桿效益、以及下半年組合（mix）改善；關鍵點就是我們正在導入的產能。隨著進入下半年，這些產能會被更好地利用。

Got it. Then maybe just wanted to double-click on the networking and communications growth expectations of 15% for fiscal '27. Below the other Intelligent Infrastructure end markets, and just trying to understand the variance relative to the other markets, and maybe broader commentary from OEMs in the space that anecdotally are highlighting very strong demand kind of entering at least calendar '27. Just trying to bridge what your expectations may be versus the interpretation around the underlying markets there. Should we just think about it as largely being correlated to 5G, or is there other moving pieces there?

了解。接著我想更深入確認一下你們對 2027 財年網路與通訊（networking and communications）成長 15% 的預期。這個數字低於其他智慧基礎設施（Intelligent Infrastructure）的終端市場；我想了解相較其他市場的差異原因，以及也想聽聽你們對該領域 OEM 的更廣泛看法——因為從一些傳聞來看，OEM 似乎在強調至少進入 2027 年曆年時需求非常強勁。我想把你們的預期與對底層市場的解讀做個對照。我們是否可以把它主要視為與 5G 高度相關，還是還有其他變動因素？

Yeah. Thanks for the question, Joe. That's exactly it. On the networking side, we're actually growing roughly 45% to 50%. What you're seeing pull through in the 15% in that reporting line is really effectively some of the downside that we're seeing in the communication space. We're actually very happy with where the networking business is, and we'll continue to manage through the bouncing around the bottom that comms continues to see. At the end of the day, 45%-50% growth in the networking space we feel like is very much well in line with, if not ahead of the market.

是的。謝謝你的問題，Joe。確實就是這樣。在網路（networking）這一塊，我們實際上大約成長 45% 到 50%。你在那條報表科目看到的 15% 成長，主要是因為通訊（communications）領域我們看到一些下行所造成的抵銷。我們其實對網路業務目前的狀況非常滿意，而我們也會持續管理通訊業務仍在底部震盪的情況。總體而言，我們認為網路領域 45%–50% 的成長非常符合市場，甚至可能領先市場。

Ruplu Bhattacharya, Bank of America.

Ruplu Bhattacharya，美國銀行。

Hi, thanks for taking my questions. Mike, you mentioned asset-light model several times. You've guided for strong growth this year, fiscal 2027, and also some comments on fiscal 2028. Can you talk about how much total revenue your manufacturing footprint can support today, and where do you see incremental investments? If capital equipment is really going to grow 40% year-on-year and cloud data center, 52%, can the model still remain asset light, or should investors expect higher CapEx or higher working capital? Would you need to come to the markets to raise funds for that?

嗨，謝謝回答我的問題。Mike，你多次提到輕資產（asset-light）模式。你們指引今年、2027 財年會有強勁成長，也對 2028 財年做了一些評論。你能談談以目前的製造據點配置，今天大約能支撐多少總營收規模？以及你們認為增量投資會落在哪些地方？如果資本設備（capital equipment）真的要年增 40%，雲端資料中心年增 52%，這個模式還能維持輕資產嗎？還是投資人應該預期更高的資本支出（CapEx）或更高的營運資金？你們是否需要到市場上籌資來支應？

I absolutely and categorically think we still have an asset-light model. Our CapEx requirements are going to be in that 1.5%-2% range, almost closer to the 1.5% in my view. I'll let Greg answer on the capacity piece, but I think overall, the capitalization, the strong balance sheet that we have, there's no need to create any more funds like some of our competitors.

我絕對、而且明確地認為我們仍然是輕資產模式。我們的 CapEx 需求會落在營收的 1.5%–2% 區間，在我看來甚至更接近 1.5%。產能的部分我讓 Greg 來回答，但我認為整體而言，以我們的資本結構與強健的資產負債表，沒有必要像某些競爭對手那樣再去額外籌措資金。

But I feel asset-light model is probably one of the biggest differentiators that Jabil is now providing. I do believe the level of growth we're seeing, the level of returns that we're able to provide, the free cash flow generation that we're able to get is differentiated from some of the others.

但我覺得輕資產模式可能是 Jabil 現在提供的最大差異化之一。我確實相信，我們目前看到的成長幅度、我們能提供的報酬水準，以及我們能創造的自由現金流，都與其他一些同業有所區隔。

Okay. Can I--?

好的。我可以——？

Ruplu. Well, just to add to Mike's comments. Good morning, it's Greg. Again, as we mentioned, we are adding 4 million of square footage across the organization, so we feel really good of supporting incremental revenue above our guide. CapEx, absolutely, 1.5% to 2%. When we look at the Intelligent Infrastructure segment, that itself is really closer to 1% of revenue. So we really feel, again, asset light on that. What I would say is working capital, as we go into next year, with $8 billion-plus of growth, we do see $1 dollar increase in just managing net working capital for the year, but we still feel really good about generating free cash flow of $1.6 billion. So again, feel really good of how we are positioned for the year on that.

Ruplu。我再補充一下 Mike 的評論。早安，我是 Greg。同樣如我們提到的，我們正在全公司範圍新增 400 萬平方英尺的面積，因此我們對於支撐高於指引的增量營收感到很有把握。CapEx 絕對是 1.5% 到 2%。當我們看智慧基礎設施（Intelligent Infrastructure）部門時，該部門本身其實更接近營收的 1%。所以我們確實認為在這方面仍是輕資產。至於營運資金，隨著明年成長超過 80 億美元，我們確實看到在管理淨營運資金方面，全年會增加 10 億美元，但我們仍然對能產生 16 億美元自由現金流感到很有信心。所以再次強調，我們對今年的整體布局與定位感到非常良好。

Okay. Thanks for the details there. Can I ask, can you give us a little bit more update on the Croatia facility and your opportunity with GLP-1? It seems like that has been delayed a bit. Of the 6% year-on-year growth for the Healthcare segment fiscal 2027, is there anything from that? How is that impacting revenues margins today, and what is the opportunity set there?

好的。謝謝這些細節。我想再問一下，你們能否就克羅埃西亞（Croatia）廠房以及你們在 GLP-1 的機會提供更多更新？看起來那部分似乎有些延後。在醫療保健（Healthcare）部門 2027 財年年增 6% 的成長中，有包含那部分的貢獻嗎？這對目前的營收與毛利率有什麼影響？那裡的機會集合（opportunity set）又是什麼？

Yeah, thanks, Ruplu. This is Steven. On Croatia, that remains as planned with the ramp continuing in fiscal year 2027. Then, as I have stated before, really moving into full production in fiscal year 2028. What I would say there as a bottom line is that continues to be on track. Relating to growth and I guess related to GLP-1 question, there is a small element of growth kind of linked to GLP-1, but I tell you what has me excited in the healthcare part of the business is the growth is actually across all the sub-segments of healthcare.

好的，謝謝你，Ruplu。我是 Steven。關於克羅埃西亞，仍按計畫進行，並會在 2027 財年持續爬坡。接著如我先前所說，會在 2028 財年真正進入全面量產。我想在這裡給的結論是：進度仍然如期。至於成長、以及你提到的 GLP-1 問題，確實有一小部分成長與 GLP-1 相關，但讓我對醫療保健業務感到興奮的是，成長其實是來自醫療保健所有子領域的全面擴張。

We have new wins in auto-injectors, but that is across biologics, diabetes, insulin, GLP-1s, and that is requiring expansion in our North Carolina site. We have new wins in med devices and patient monitoring and continuous glucose monitoring devices.

我們在自動注射器方面拿下了新的案子，但這涵蓋生物製劑、糖尿病、胰島素、GLP-1 等領域，因此需要擴充我們北卡羅來納州廠區的產能。我們在醫療器材、病患監測以及連續血糖監測（CGM）裝置方面也有新的得標。

I tell you, we also have new wins in orthopedics as well as diagnostics that relate to advanced testing platforms. So, we have a great foundation now with the new wins of this past year and launching those as we move into 2027 and beyond for a really good foundational business for that 5% to 7% growth of healthcare as we go forward.

我跟你說，我們在骨科以及與先進檢測平台相關的診斷領域也有新的得標。因此，憑藉過去一年這些新得標並在我們邁向 2027 年及之後逐步導入量產，我們現在已經有很好的基礎，可支撐醫療保健業務未來持續 5% 到 7% 的成長。

Got it. I am going to try and sneak one quick one in, and this is another take on a prior question that has already been asked. But Mike, if I look at the guide for fiscal 2027 revenue and EPS, you are guiding $1.6 billion, $0.70 above street, right?

了解。我想再偷偷塞一個很快的問題，這也是對先前已經有人問過的問題的另一種問法。但 Mike，如果我看你們對 2027 會計年度營收與 EPS 的指引，你們給的是 16 億美元、EPS 比市場預期高 0.70 美元，對吧？

Some investors might say, well, $1 billion and $0.40 of that is already in one Q. Should we really assume that this is a front-end loaded year, or is there some conservatism in the guide? Thanks. Thanks for taking my questions.

有些投資人可能會說，嗯，16 億美元裡面有 10 億美元、以及其中 0.40 美元的 EPS 已經在單一季度裡實現了。我們是否真的應該假設這會是一個前高後低（前段貢獻較多）的一年，還是說指引裡有一些保守？謝謝。也謝謝你們回答我的問題。

Look, we are always appropriately conservative. There is a whole bunch of geopolitics, inflation, supply chain constraints that we are always cognizant of. So we have estimated where our 6.1% margin for the year falls out.

你看，我們一向都會做適度保守的規劃。地緣政治、通膨、供應鏈限制等因素很多，我們一直都會留意。所以我們已經估算了全年 6.1% 的利潤率大概會落在什麼水準。

I think if you look at year-over-year, I do expect each of the quarters to outperform the year-on-year quarter comps. Overall, I think is there some upside? Sure, there might be some upside if we have a flawless execution.

我認為如果你看年對年，我確實預期每一季都會優於去年同期的季度比較基期。整體來說，有沒有一些上行空間？當然，如果我們執行得天衣無縫，可能會有一些上行。

Like I said, we are bringing on 4 million square feet of capacity. All of that, if that comes together and there is no major issues in supply chain, we could well have a higher margin profile there as well.

就像我說的，我們正在新增 400 萬平方英尺的產能。如果這些都能順利到位，而且供應鏈沒有重大問題，我們的利潤率結構也很可能會更高。

David Vogt, UBS.

UBS 的 David Vogt。

Great. Thanks, guys, for taking my question, and I appreciate all the detail. Very helpful. Mike, I just want to pull together a lot of the comments on the call that were made and just maybe get a better sense how you're thinking about the longer-term outlook philosophically. I think Steven mentioned that healthcare is starting to improve this year. Matt talked about not seeing any sort of impact from the geopolitical on the data center side, and you talked about obviously adding 4 million square feet, which helps obviously the ramp in not just in 2027, but clearly in 2028 and beyond.

很好。謝謝各位回答我的問題，也感謝你們提供這麼多細節。非常有幫助。Mike，我想把電話會議上提到的許多評論整合起來，並且更清楚了解你在理念上如何看待較長期的展望。我想 Steven 提到醫療保健今年開始改善。Matt 談到在資料中心端沒有看到地緣政治帶來任何影響，而你也提到你們顯然會新增 400 萬平方英尺，這不僅有助於 2027 年的爬坡，也明顯會延伸到 2028 年及之後。

How do we think about the sort of the growth algorithm for the company, given sort of where the CapEx profile is, where the square footage is, and sort of the strength that you're seeing across some of the key markets, particularly across obviously within Regulated Industries getting better and obviously data center remaining strong? I think you made a reference in the deck to exiting fiscal 2027 at a higher Q4 exit run rate. Just trying to get a sense for how do we think about the growth algorithm for Jabil and what that ultimately means for margins given the volume leverage and the economies of scale that you're getting.

考量資本支出（CapEx）輪廓、廠房面積（square footage）以及你們在一些關鍵市場看到的強勁動能，特別是在受監管產業（Regulated Industries）明顯好轉、以及資料中心依然強勁的情況下，我們該如何思考公司整體的成長算法（growth algorithm）？我想你在簡報中提到，2027 會計年度第 4 季的期末退出（exit）年化運行率會更高。我想了解的是，我們該如何看待 Jabil 的成長算法，以及在你們取得的量增槓桿與規模經濟之下，這對利潤率最終意味著什麼？

Thanks.

謝謝。

I won't provide FY28 growth sort of numbers, but I do think you hit all the right spots. If you look at Regulated Industries, which was sort of in a recovery mode over the last two or three years, actually, I'm really pleased with how Regulated Industries is turning out. The expectation is for each of those end markets in Regulated Industries to start growing.

我不會提供 2028 會計年度的成長數字，但我認為你點到的都是重點。如果你看受監管產業，過去兩三年其實處於復甦模式，我對受監管產業目前的進展非常滿意。我們預期受監管產業中的各個終端市場都會開始成長。

I think Matt talked about Intelligent Infrastructure and how demand continues to be through the roof. Demand is way outweighing supply right now. I think that's a long leg on data center infrastructure. By the way, the capabilities that we're providing, the holistic approach that the team has taken in providing all these various capabilities is actually resonating with customers. I think that is going really well.

我想 Matt 談到智慧型基礎設施（Intelligent Infrastructure），以及需求如何持續爆棚。目前需求遠遠超過供給。我認為這會是資料中心基礎設施的一段長期成長動能。順帶一提，我們所提供的能力，以及團隊以整體性方法提供各種不同能力的作法，確實正在引起客戶共鳴。我認為進展非常順利。

Then in Rafael's business, if you think of warehouse and retail automation, robots, intelligent devices, all of that is doing well. The only one that I highlighted earlier in my prepared remarks was on the Connected Living side, where one of the things we're trying to do is compete on capability there. It's got to be complex.

再看 Rafael 的業務，如果你想到倉儲與零售自動化、機器人、智慧裝置等，這些都表現良好。我在事先準備的發言中唯一特別點出的，是 Connected Living 這一塊；我們在那裡想做的一件事，是以能力來競爭。它必須是複雜的。

It's got to be a high level of capability required. We're not competing on low cost. We factored that into our guide. I think if you look at the Connected Living piece, that's down 15%. But overall, 2027, I think year-on-year, if you look at 2026 over 2025, I think it was 21%. If you look at 2027 over 2026, it's 24%.

它必須需要很高層級的能力。我們不是在低成本上競爭。我們已把這點納入指引。如果你看 Connected Living 這一塊，下滑了 15%。但整體來看，2027 年年對年，如果你看 2026 相較 2025，我想是 21%。如果你看 2027 相較 2026，是 24%。

Am I saying 2028 will be similar? Maybe. I do not know at this stage, but everything is in place for us to be able to deliver a good FY28 as well. I think, like I said, on a CapEx basis, the bulk of the growth is coming, and the new capacity that we are adding is coming through the Intelligent Infrastructure space. The Regulated Industries and the warehouse automation piece is actually utilizing some of our surplus capacity.

我是在說 2028 年也會類似嗎？也許。我現階段還不知道，但一切條件都已具備，讓我們也能交出一個不錯的 2028 會計年度表現。我想，如同我說的，就資本支出而言，成長的大部分動能，以及我們新增的產能，主要都來自智慧型基礎設施領域。受監管產業以及倉儲自動化這一塊，實際上是在利用我們部分的閒置產能。

Overall, the company is well set for a decent period of growth going forward.

整體而言，公司已為未來一段不錯的成長期間做好準備。

Great. Can I just a follow-up, Mike? When you think about the demand signals across Intelligent Infrastructure, what do you need to see to get more aggressive in terms of adding capacity for that particular segment?

很好。Mike，我可以再追問一下嗎？當你思考智慧型基礎設施的需求訊號時，你需要看到什麼，才會在該業務部門的擴產上採取更積極的作法？

I would imagine you still have plenty of capacity for Healthcare and Packaging and Regulated Industries given what is going on in Croatia. How long of a lead time and what are the demand signals that you need to see to potentially add more capacity, maybe not in 2027, but lining it up for, I guess, fiscal 2028 and beyond?

我猜想，考量克羅埃西亞那邊的狀況，你們在醫療保健、包裝以及受監管產業方面應該仍有相當多的產能。需要多長的前置時間？以及你需要看到哪些需求訊號，才可能再增加更多產能——也許不是在 2027 年，而是為 2028 會計年度及之後先行布局？

Hey, David. Thanks for the question. I would say, one, we did spend a big part of 2026 adding capacity in preparation for 2027.

嗨，David。謝謝你的問題。我會說，第一，我們在 2026 年花了很大一部分時間擴充產能，為 2027 年做準備。

We feel really good about that. From an outlook on demand, currently we feel good about what we see 12 to 24 months out, and certainly we have felt that way for at least the last two quarters. We really have been preparing for more of an 18-month horizon.

我們對此感覺非常好。就需求展望而言，目前我們對未來 12 到 24 個月所看到的情況很有信心，而且我們至少在過去兩個季度一直都是這樣的感受。我們確實一直是以大約 18 個月的視野在做準備。

If we start to see some unanticipated demand coming from new customer wins that we do not currently have in the funnel, then it is something we would look at. Again, if you think about our strategy, which is capability-based, it kind of depends on where the upside would potentially come from.

如果我們開始看到一些未預期的需求，來自於我們目前漏斗（funnel）中尚未納入的新客戶得標，那麼這就是我們會評估的事情。再者，如果你想到我們的策略是以能力為基礎（capability-based），那也會取決於潛在的上行可能會從哪裡來。

In our data center infrastructure space, we can add capacity with lower power requirements at 2 to 4 megawatts at 1 million sq ft relatively quickly, inside three to four months. If the demand is coming from an increase in need for highly complex AI racks that are going to require 20 to 30 megawatts of power towards test infrastructure, then that is a different profile. At this point, we have brought on the capacity that we think we are going to need, and we feel good about the next 12 to 18-month outlook.

在我們的資料中心基礎設施領域，如果是較低電力需求、約 2 到 4 兆瓦、約 100 萬平方英尺的產能，我們可以相對快速地增加，在三到四個月內就能完成。如果需求是來自於對高度複雜 AI 機櫃的需求增加，而這將需要 20 到 30 兆瓦的電力並投入到測試基礎設施，那就是不同的型態。就目前而言，我們已導入我們認為所需的產能，並且對未來 12 到 18 個月的展望感到樂觀。

Great. Thanks, Matt.

很好。謝謝你，Matt。

Melissa Fairbanks, Raymond James.

Melissa Fairbanks，Raymond James。

Hi. Thanks for squeezing me in toward the end. I actually had a question for Greg and Frank, and I apologize, I have been bouncing around a bunch traveling, so I apologize if this has been addressed.

嗨。謝謝你在接近尾聲時把我安排進來。我其實有個問題想問 Greg 和 Frank，很抱歉，我最近一直在各地出差奔波，所以如果這個問題之前已經被提到過，也先跟各位致歉。

I know, Frank, you gave us some pretty good views into the way that you are managing the supply chain. Mike kind of echoed that as well. We have seen days of inventory come up, and I have been asked about that quite a bit.

我知道，Frank，你讓我們對你們如何管理供應鏈有相當不錯的了解。Mike 也多少呼應了這點。我們看到庫存天數上升，而我也被問到這件事很多次。

I am wondering how much of that is just rising input costs, meaning the inventory is more expensive, or that your customers are asking you to pre-place that inventory ahead of where their actual demand is.

我想了解其中有多少只是投入成本上升所致，也就是庫存變得更貴；或者是你們的客戶要求你們在其實際需求發生之前，就先把庫存預先放置到位。

Hey, Melissa, it's Greg. Let me start that and hand it off to Frank. Our net inventory days is 64. We are down four days from Q3, so progressing well there. But we are above our target range of 55 to 60 days. As our gross inventory has gone up, we have seen an incremental increase in our inventory deposits, which has helped support the market at this time.

嗨，Melissa，我是 Greg。我先回答這題，然後再交給 Frank 補充。我們的淨庫存天數是 64 天。相較第三季下降了 4 天，所以在這方面進展不錯。但仍高於我們 55 到 60 天的目標區間。隨著我們的總庫存上升，我們也看到庫存訂金有所增加，這在目前有助於支撐市場。

But there is some higher commodity pricing. We also have higher weighting of our inventories in the cloud DCI space, and maybe I will let Frank kind of add from there any color.

不過也確實有一些大宗商品價格較高的因素。另外，我們在雲端 DCI 領域的庫存占比也更高；我想接下來就讓 Frank 再補充一些說明。

Yeah. Thanks for the question, Melissa. This isn't rocket science here. This is just a lot of rolling up the sleeves and really hard work to try and keep the inventory as low as we possibly can. I do think we are going to normalize a little bit back to the range that Mike has been chatting about over the last couple of years and that kind of 55-60 day range, as long as we continue to get support from customers on the inventory deposits as well, which I believe we will. Then just locking hands with operations and making sure that we have got the right tools and people in place to execute.

是的。謝謝你的問題，Melissa。這其實不是什麼高深學問。就是捲起袖子、非常努力地工作，盡可能把庫存維持在最低水準。我確實認為，只要客戶在庫存訂金方面持續支持我們（我相信會的），我們就會逐步回到 Mike 這幾年一直在談的那個 55–60 天區間。然後就是和營運團隊緊密合作，確保我們有合適的工具與人員到位來執行。

It's just blocking, tackling, rolling the sleeves up, and working closely with each other. It's really that simple, and I think the team is doing a really good job, and I think we're going to be able to continue to execute in a very challenging environment.

就是把基本功做好、捲起袖子，並彼此密切合作。真的就這麼簡單；我認為團隊做得非常好，也相信我們能在非常具挑戰的環境中持續把執行做到位。

For sure. You know, Frank, I always have to call you and Graham out on every call, so.

確實。你知道的，Frank，我每次電話會議都一定要點名你和 Graham，所以。

Thank you. Appreciate it.

謝謝。感謝。

Maybe just to follow up on that, have there been any issues in terms of moving that inventory into different regions? As the demand is kind of shifting to different businesses and maybe within different facilities, have there been any issues with getting that inventory to the right place?

再追問一下，在把那些庫存移到不同地區方面，有沒有遇到任何問題？當需求轉向不同業務、也可能在不同廠區之間移動時，把庫存送到正確地點是否有任何困難？

We're really well there, Melissa, in terms of the logistics flow and the way we have that set up, and we're really good at moving programs and inventory from region to region where customers decide maybe their new strategy is going to be a little bit more of a nearshoring position, as we continue to navigate through the ever-changing dynamics of legislation change. I feel really good that wherever those moves are needed, we've got a process and a methodology to go execute really well. Yeah, not anything that's keeping me up at night.

Melissa，在物流流向以及我們的配置方式上，我們做得非常好；而且當客戶決定其新策略可能更偏向近岸外包（nearshoring）的布局時，隨著我們持續因應法規變動這種不斷變化的動態，我們也很擅長把專案與庫存在各區域之間調度。我很有信心，無論需要在哪裡做這些移動，我們都有流程與方法論可以把執行做得很好。是的，沒有什麼事情會讓我夜不成眠。

The thing that keeps me up at night is still getting access to supply, and as I mentioned in the prepared remarks and from the question earlier, I think we've got the right combination of relationships with suppliers.

真正讓我夜不成眠的，仍然是取得供應的可得性；正如我在事先準備的發言以及先前的提問中提到的，我認為我們與供應商之間建立了正確的關係組合。

I think our customers are doing a really nice job getting in front of this for us. In combination, making sure that we are positioned in Jabil for success when we think about access to our unfair share in, again, what is a very constrained marketplace.

我認為我們的客戶在替我們提前因應這件事方面做得非常好。綜合起來，能確保我們在 Jabil 具備成功的有利位置，特別是在思考取得我們「不成比例份額」的供應時——再次強調，這是一個供應非常吃緊的市場。

Great. That's excellent to hear. I had to give Matt a little bit of a break. Thanks very much, guys. Appreciate the comments.

很好。聽到這個消息非常好。我得讓 Matt 稍微喘口氣。非常感謝，各位。感謝你們的評論。

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

謝謝。此刻，我想把會議交回給 Berry 先生作結語。

Thank you very much. This concludes our call.

非常感謝。本次電話會議到此結束。

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

各位女士、先生，感謝各位的參與。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，祝您今天剩下的時間愉快。