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Again, that's star 1 to register a question at this time. Today's first question is coming from Stephen Fox of Fox Advisors. Please go ahead. 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 sort of this what have you done for us lately question, now that you're 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're different from last year? And then 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? And then I had a follow-up. Thanks, Steve. I actually feel really good about the 6% for the year. I think that's 30 pips up year on year. The $8.4 billion of revenue, I think we're growing capacity by about 4 million square feet, and that's quite a big task. Obviously, it involves a lot of execution. We've been on that journey for a while, so it's not something we're doing now. I feel really good about the team executing to that $84 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're adding. We have booked orders. We have customers ready to go. So it comes on through the year, and that's one of the reasons you'll find the revenue through the year is relatively well-balanced. 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 up that much capacity. And when I say ramp, it's not just revenue, it is yield, it are additional expenses, it's training, there's a whole bunch of things that go into bringing on capacity online. So, we feel really good about that, and it's 6.1% number there. We're going to try and outperform that as well. Great. That's helpful. And 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 your customer wins. and it sounds like a longer-term benefit, but it's also driving some growth this year. So, like, 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. So, Steve, 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. The price points still haven't made it to that full adoption phase. But if you sit back and look at Jabil and what we do, so what are some of the devices and machines that are impacted physically? 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. And then if you think of all 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. We've been doing that for a while now. So from a capability standpoint, we're really, really well positioned as well. So 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 28 event? Is it a 29? 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 position in this NMAR market as of today. Great. Thanks so much, and thanks for all the information. Thank you. The next question is coming from Mark Delaney of Goldman Sachs. Please go ahead. Yes. Good morning. Thank you very much for taking my questions, and I appreciate all the details in the presentation today. For either Mike or Matt, I hope you can share more on what you're hearing from your conversations with customers and government officials and how potential regulations could impact both data center infrastructure and AI development, and to what extent you've seen any changes in where or when customers are looking to build out that data center capacity. 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 don't 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's nothing that is going to create a significant impact to 27 fiscal. And certainly at this point, we also don't see anything hitting fiscal 28. But it's something we watch closely and will continue to. And so as the midterms evolve, we'll have to see what comes out of that. Understood. Thanks for that, Matt. And 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, I mean, you're already at about $44 billion. So it does suggest a pretty more flattish year this year than some of the past years. And you did talk about some capacity coming online as the year progresses. So maybe talk about what some ofthe offsets are that are maybe leading to a more flatted trajectory in the fiscal 27 outlook. Thank you. I think you'll 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's a seasonal event for us as you come off some of the holiday season spend, as you come off, some of some of seasonality that's built into our various end markets. I think from an income standpoint, you'll find even the revenues, 45, 55, I think income is a little bit more back and loaded, like I said, on the ramp. bringing on capacity, the revenues are there. So it's not about revenues as much as it is about getting the yields up. It's 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's actually year year, we're up by 20 bps. So we're doing much better than in previous years. It's just the shape of the year is slightly different this time around because of the heavy ramp and capacity that we're bringing online. And I guess just lastly from me, and then I'll pass it on, but the ability to get supply from materials and semiconductor perspective to support that 2H ramp, your visibility into having enough to meet that ramp that you expect. Thank you. Hey, Mark. It's Frank McKay. Yeah, so I wouldn't suggest that we remain from everything that's going on from a constrained market out there, but I definitely feel that Jabil is really, really well positioned just because of, and this has been decades in the building, around developing spy relationships that are strong enough and there will be confidence in them. They're mature and there's a level of trust built in there. So, yeah, we will navigate some bumps in the night, through fiscal 27, I'm really confident that we'll put a structure in place. We've developed and invested in the right tools. 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. Thank you. Thank you, the next question is coming from Joseph Cardoso of J.P. Morgan. Please go ahead. Hey, good morning, and thanks for the question. and maybe just a follow-up on the seasonality questions 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. Yeah, hi, Joe. This is Greg. Yeah, so, again, as Mike mentioned, you know, the shape of the year will be very similar to last year. You know, again 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 utilization of that in the back half. So we'll continue to see, you Know, leverage on our SG&A, you know, better mix as we go in the black half. And the key point is just the capacity we're bringing online. You know, that will be, you know, better utilized as we go into the back half. Got it. And then maybe just wanted to double-click on the networking and communications growth expectations of 15% for fiscal 27. Below the other intelligent infrastructure and 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 men kind of entering at least calendar 27. So just trying to bridge your expectations maybe versus the interpretation around the underlying markets there. And should we just think about it as largely being correlated to 5G, or are there other moving pieces there? Yeah, thanks for the question, Joe. So, yeah, that's exactly it. On the networking side, we're actually growing roughly 45% to 50%. And so 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. So 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. But at the end of the day, 45% to 50% growth in the networking space we feel like is very much well in line with, if not ahead of the market. Got it. Thanks. I appreciate the color. Thank you. The next question is coming from Rupu Bhattacharya of Bank of America. Please go ahead. Hi, thanks for taking my questions. Mike, you mentioned asset light models several times. You've guided for strong growth this year, fiscal 27, and also some comments on fiscal 28. 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, and would you need to come to the markets to raise funds for that? So I absolutely and categorically think we still have an asset-like model. CapEx requirements are going to be in that 1.5% to 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 get any more funds like some of our competitors. But I feel asset line model is probably one of the biggest differentiators that JABO is now providing. I do believe the level of growth we're seeing, the levelof returns that we're able to provide, the free cash flow generation that we were able to get is differentiated from some of the others. just to add to Mike's comments good morning it's Greg you know again we're as we mentioned we're adding four million of square footage across the organization so we feel really good of supporting you know incremental revenue above our guide capex absolutely you know one and a half to two percent and 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. And what I would say is working capital as we go into next year, you know, with $8 billion plus of growth, we do see a dollar increase in just managing net working capital for the year, but we still feel really good about generating free cash flow of, you Know, $1.6 billion. So again, feel really good of how we're positioned for the Year on That. Okay. Can I, 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? Seems like that's been delayed a bit. Of the 6% year-on-year growth for the healthcare segment fiscal 27, is there anything from that? And how is that impacting revenues margins today? And what is the opportunity set there? Yeah, thanks, Rublu. This is Steve. On Croatia, that remains as planned with the ramp continuing in fiscal year 27. And then, as I've stated before, really moving into full production in fiscal years 28. And what I would say there is the bottom line is that that continues to be on track. Relating to growth, and I guess related to GLP-1 question, there is a small element of growth, you know, kind of linked to GLT-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 health care. You know, we have new wins in auto-injectors, but that's across biologics, diabetes, insulin, GLP-1s, and that's requiring expansion in our North Carolina site. We have new winds in med devices and patient monitoring and continuous glucose monitoring devices. I tell you, we also have new ones in orthopedics as well as diagnostics that relate to advanced testing platforms. So, you know, we have a great foundation now with the new wins of this past year and launching those as we move into 27 and beyond for a really good foundational business for that 5% to 7% growth of health care as we go forward. Got it. I'm going to try and sneak one quick one in, and this is another take on a prior question that's already been asked. But, Mike, if I look at the guide for fiscal 27, revenue and EPS, you're guiding $1.6 billion, $0.70 above street, right? But some investors might say, well, $1 billion and $0,40 of that is already in one queue. I mean, 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 question. Look, we're always appropriately conservative. There's a whole bunch of geopolitics, inflation, supply chain constraints that we're always cognizant of. So we have estimated where our 6.1% margin for the year falls out. I think if you look at year over year, I do expect each of the quarters to outperform from 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. Like I said, we're bringing on 4 million square feet of capacity. All of that, if that comes together and there's no major issues in supply chain, we could well have a higher margin profile there as well. Okay. Thanks for all the details. Thank you. The next question is coming from David Voigt of UPS. Please go ahead. Great. Thanks, guys, for taking my question, and I appreciate all the detail. Very helpful. Maybe, Mike, I just want to pull together a lot of the comments on the call that were made and just maybe kind of get a bit of sense how you're thinking about the longer-term outlook philosophically, because I think Steve 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 a square feet, which helps obviously the ramp in not just in 27, but clearly in 28 and beyond. So 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 ofthe strength that you're seeing across some of the key markets, particularly across, you know, obviously within regulated getting better, and obviously data center remaining strong? Because I think you made a reference in the deck to exiting fiscal 27 at a higher Q4 exit run rate. So just kind of 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? Thanks. So I won't provide FY28 growth sort of numbers, but I do think you hit all the right spots. If you look at regulated, which was sort of in a recovery mode over the last two or three years, actually, I'm really pleased with how regulated is turning out. And the expectation is for each of those end markets in regulated to start growing. I think Matt talked about intelligent infrastructure and how demand continues to be through the roof. If demand is way outweighing supply right now, so I think that's a long leg on data center infrastructure. And, 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. So I thinkthat is going really well. And then in Rafael's business, if you think of warehousing, 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. It's Got to be a high level of capability required. but we're not competing on low cost. So that might be a – and we've packed that into our guide. I think if you look at the Connect Living piece, that's down 15%. But overall, 27, I think year on year. If you look AT26 over 25, I thing it was 21%. If you looked AT27 over 26, it's 24%. Am I saying 28 will be similar? Maybe I don't know at this stage, but all the – everything's 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're adding is coming through the intelligent infrastructure space. The regulated and the warehouse automation piece is actually utilizing some of our surplus capacity. So overall, the company is well set for a decent period of growth going forward. Great. Can I just have some follow-up, Mike? So when you think about the demand signals across intelligent infrastructure, you know, what do you need to see to get more aggressive in terms of adding capacity for that particular segment? I would imagine you still have plenty of capacity for healthcare and regulated given what's going on in Croatia, but, you Know, 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 27, but you know, lining it up for, I guess, fiscal 28 and beyond. Hey, David, thanks for the question. Yeah, I would say, you know, one, we did spend a big part of 26, adding capacity and preparation for 27. So we feel really good about that. From an outlook on demand, you know, 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. So we really have been preparing for more of an 18-month horizon. If we start to see some unanticipated demand coming from new customer wins that we don't currently have in the funnel, then it's something we'd look at. But again, if you think about our strategy, which is capability based, it kind of depends on where the upside would potentially come from. In our data center infrastructure space, we can add capacity with lower power requirements at two to four megawatts at a million square feet 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's a different profile. But at this point, we've brought on the capacity that we think we're going to need, and we feel good about the next 12 to 18-month outlook. Great. Thanks, Matt. Thank you. The next question is coming from Melissa Fairbanks of Raymond James. Please go ahead. Thank you for squeezing me in toward the end. I actually had a question for Greg and Frank, and I apologize, I've been bouncing around a bunch, traveling, so I apologize that this has been addressed. I know, Frank, you gave us some pretty good views into the way that you're 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. I'm 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. Hey Melissa, it's Greg, so let me start that and then head it off to Frank. So, yeah, our net inventory days is 64. We're down four days from Q3, so progressing well there. But we are above our target range of 55 to 60 days. We have seen, you know, 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. But there is some higher commodity pricing. We also have higher weighting of our inventories in the cloud DCI space. and maybe I'll let Frank kind of add from there. Any color? Yeah, thanks for the question, Melissa. You know, this isn't kind of rocket science here. I mean, 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, I mean that kind of 55, 60 day range as long as we continue to get support from customers on the inventory process as well, which I believe we will. And then just locking hands with operations and making sure that, you know, we have got the right tools and people in place to execute. And it's just blocking, tackling, rolling the sleeves up and working closely with each other. I mean, it's really that simple. And I think the team is doing a really good job. And I thing we're going to be able to continue to execute in a very, very challenging environment. For sure. You know, Frank, I always have to call you and Graham out on every call. Thank you. Appreciate it. 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? You know, we're really well-versed, Melissa, in terms of the logistics flow and the way we have that set up. And we're real 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. So I feel really good that wherever those moves are needed, we've got a process and a methodology to go execute really, really well. So, yeah, not anything that's keeping me up at night. The thing that keeps me up night is still getting access to spline, As I mentioned in the prepared remarks and from the question earlier, I think we've got the right combination of relationships with suppliers. I think our customers are doing a really nice job getting in front of this for us. And in combination, making sure that we are positioned and able for success when we think about access to our unfair share in, again, what is a very, very constrained marketplace. Great. That's excellent to hear. I had to give Matt a little bit of a break. So thanks very much, guys. Appreciate the comments. Thank you. At this time, I'd like to turn the floor back over to Mr. Berry for closing comments. Thank you very much. This concludes our call. 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.