Core Insights - U.S. stock markets have experienced extreme volatility due to the imposition of "Liberation Day" tariffs, with AI infrastructure stocks showing significant valuation potential [1][3][4] Group 1: Market Volatility - The Dow fell over 4,500 points and the Nasdaq Composite dropped 13% from April 3-8, entering bear market territory [3] - The S&P 500 declined more than 12% and approached a bear market, closing below 5,000 for the first time since April 2024 [4] - Following a tariff rate restriction to 10% for most trading partners, the S&P 500 surged 9.5%, marking its third-largest single-day rally since World War II [5] Group 2: AI Infrastructure Stocks - Five AI infrastructure stocks with favorable Zacks Rank include NVIDIA Corp. (NVDA), Broadcom Inc. (AVGO), Marvell Technology Inc. (MRVL), Jabil Inc. (JBL), and Super Micro Computer Inc. (SMCI) [2][7] - These stocks have strong short-term and long-term revenue and earnings growth potential, with positive earnings estimate revisions in the last 30 days [7] Group 3: NVIDIA Corp. (NVDA) - NVIDIA is the leader in generative AI-powered GPUs, with over 1.3 million Hopper GPUs and 3.6 million Blackwell GPUs sold [8] - Upcoming products include Blackwell Ultra in 2025 and Vera Rubin in 2026, with a shift towards reasoning AI models expected to enhance revenue generation [9][10] - Expected revenue and earnings growth rates for the current year are 52.1% and 47.5%, respectively, with a Zacks Consensus Estimate improvement of 0.5% [11] Group 4: Broadcom Inc. (AVGO) - Broadcom's AI revenues surged 220% to $12.2 billion in fiscal 2024, representing 41% of semiconductor revenues [13] - The company is set to ship next-generation XPUs in 3 nanometers to hyperscale customers by the second half of fiscal 2025 [14] - Expected revenue and earnings growth rates for the current year are 21% and 35.5%, respectively, with a Zacks Consensus Estimate improvement of 0.6% [16] Group 5: Marvell Technology Inc. (MRVL) - Marvell's data center revenues increased 98% year-over-year, driven by AI demand for PAM products and ZR electro-optics [20] - Expected revenue and earnings growth rates for the current year are 43.8% and 75.8%, respectively, with a Zacks Consensus Estimate improvement of 0.4% [22] Group 6: Jabil Inc. (JBL) - Jabil benefits from momentum in AI-powered data center infrastructure and has a focus on product diversification [25] - Expected revenue and earnings growth rates for the current year are -3.4% and 5.5%, respectively, with a Zacks Consensus Estimate improvement of 2.1% [27] Group 7: Super Micro Computer Inc. (SMCI) - Super Micro provides IT solutions for AI/ML and cloud technologies, with a focus on NVDA's high-performance GPUs [31] - Expected revenue and earnings growth rates for the current year are 59.2% and 15.4%, respectively, with a Zacks Consensus Estimate remaining unchanged [34]

Revenue Performance - Net revenue for the three months ended February 28, 2025, was $6,728 million, a decrease of 0.6% compared to $6,767 million for the same period in 2024[110]. - Net revenue for the six months ended February 28, 2025, was $13,722 million, a decrease of 9.4% compared to $15,154 million for the same period in 2024[120]. - The Connected Living and Digital Commerce segment net revenue decreased 13% in the three months ended February 28, 2025, primarily due to an 18% decrease driven by the divestiture of the Mobility Business[119]. - The Intelligent Infrastructure segment net revenue increased 18% in the three months ended February 28, 2025, primarily due to a 19% increase in revenues from existing customers within the cloud and data center infrastructure business[119]. Profitability Metrics - Gross profit for the three months ended February 28, 2025, was $576 million, representing 8.6% of net revenue, down from 9.3% in the same period in 2024[123]. - Core operating income (Non-GAAP) for the three months ended February 28, 2025, was $334 million, compared to $338 million for the same period in 2024[142]. - Diluted core earnings per share (Non-GAAP) increased to $1.94 for the three months ended February 28, 2025, from $1.68 in the same period in 2024[142]. Expenses and Charges - Selling, general and administrative expenses decreased to $256 million for the three months ended February 28, 2025, from $308 million in the same period in 2024[124]. - Research and development expenses remained consistent at $7 million for the three months ended February 28, 2025, compared to $10 million in the same period in 2024[125]. - Amortization of intangibles increased to $15 million for the three months ended February 28, 2025, compared to $9 million for the same period in 2024, reflecting a change of $6 million[126]. - Restructuring, severance, and related charges decreased to $45 million for the three months ended February 28, 2025, down from $70 million in the same period in 2024, a change of $(25) million[127]. - Acquisition and divestiture related charges decreased to $8 million for the three months ended February 28, 2025, compared to $46 million in the same period in 2024, a change of $(38) million[134]. - Interest expense, net decreased to $37 million for the three months ended February 28, 2025, down from $47 million in the same period in 2024, a change of $(10) million[137]. Cash Flow and Capital Expenditures - Adjusted free cash flow for the six months ended February 28, 2025, was $487 million, a significant increase of 120% compared to $221 million for the same period in 2024[143]. - Net cash provided by operating activities for the six months ended February 28, 2025, was $646 million, a decrease from $666 million for the same period in 2024[167]. - Net cash used in investing activities was $(503) million for the six months ended February 28, 2025, compared to $1,558 million for the same period in 2024[167]. - The company anticipates net capital expenditures to be in the range of 1.5% to 2.0% of net revenue for Fiscal Year 2025[171]. Acquisitions and Divestitures - The acquisition of Pharmaceutics International, Inc. was completed for a cash consideration of $307 million, enhancing the company's service offerings in regulated industries[144]. - The acquisition of Mikros Technologies was completed for $63 million, focusing on liquid cooling solutions for thermal management[146]. - The divestiture of the Mobility Business resulted in a pre-tax gain of $944 million, with transaction costs of approximately $46 million incurred during the sale process[148]. - The company recorded assets acquired of $349 million from the acquisition of Pharmaceutics International, including $149 million in intangible assets[145]. - The company incurred transaction and disposal costs of approximately $67 million related to the sale of the Mobility Business during the fiscal year ended August 31, 2024[154]. Financial Position and Liquidity - As of February 28, 2025, the company had approximately $1.6 billion in cash and cash equivalents, with a significant portion held by foreign subsidiaries[157]. - The company had $4.0 billion in available unused borrowing capacity under its revolving credit facilities as of February 28, 2025[158]. - The global asset-backed securitization program allowed the company to sell $2.0 billion of trade accounts receivable during the six months ended February 28, 2025[164]. - The global asset-backed securitization program's maximum cash proceeds available at any one time is $700 million, with terms amended to extend the termination date to January 2028[163]. - The company sold $2.0 billion and $3.7 billion of trade accounts receivable during the three and six months ended February 28, 2025, respectively[166]. - The outstanding balance of receivables sold but not yet collected was approximately $571 million as of February 28, 2025[166]. Share Repurchase and Stock Information - The company repurchased shares of common stock totaling $972 million under the 2025 Share Repurchase Program as of April 3, 2025[173]. - The company repurchased a total of 2,515,525 shares of common stock during the three months ended February 28, 2025, at an average price of $142.55 per share[185]. - As of February 28, 2025, the approximate dollar value of shares that may yet be purchased under the announced program is $364 million[185]. - The Board of Directors authorized a share repurchase program of up to $1.0 billion in September 2024[185]. - The average price paid per share for the repurchased shares in January 2025 was $169.14, with only 991 shares purchased[185]. Tax and Regulatory Information - The effective income tax rate for the three months ended February 28, 2025, was 36.2%, compared to 12.7% for the same period in 2024, a change of 23.5%[138]. - The company did not identify any modifications to its internal control over financial reporting that materially affected its effectiveness for the fiscal quarter ended February 28, 2025[182]. - There were no material changes in primary risk exposures or management of market risks from those disclosed in the Annual Report for the fiscal year ended August 31, 2024[180]. - No defaults upon senior securities were reported during the period[186]. Other Information - The sales cycle increased to 33 days for the three months ended February 28, 2025, compared to 27 days in the previous quarter[112]. - Days in accounts receivable increased to 50 days for the three months ended February 28, 2025, compared to 35 days in the same period in 2024[112]. - Four executive officers adopted trading arrangements under Rule 10b5-1 during the three months ended February 28, 2025, with total shares to be sold amounting to 664,246[189]. - The trading arrangements include up to 630,000 shares by the Executive Chairman of the Board of Directors, set to expire on March 31, 2027[189]. - The company issued a warrant to Amazon.com NV Investment Holdings LLC to acquire up to 1,158,539 ordinary shares at an initial exercise price of $137.77 per share[175]. - The fair value of the warrant was determined using the Black-Scholes option pricing model, with an expected volatility of 34.4%[178]. - The company has not disclosed any new product or technology developments in the provided content[188]. - There are no new strategies or market expansions mentioned in the content provided[188].

Core Viewpoint - Jabil has shown a strong stock price performance with a 27% gain over the past nine months, despite a recent pullback, making it an attractive investment option due to improving growth prospects [1] Company Overview - Jabil provides design, production, and manufacturing services across various sectors, including cloud, data centers, semiconductor equipment, networking, communications, automotive, and transportation [2] - The company has benefited from significant investments in artificial intelligence (AI) infrastructure, prompting an increase in its growth forecast for fiscal year 2025 [2] Financial Performance - Jabil's fiscal 2025 second-quarter results exceeded Wall Street expectations, leading to an increase in full-year guidance [3] - The company now anticipates $27.9 billion in revenue for fiscal 2025, up from a previous forecast of $27.3 billion, and raised its earnings per share forecast to $8.95, an increase of $0.20 [4] AI Impact - AI is a major driver for Jabil's growth, with an expected $7.5 billion in revenue from AI-related businesses, representing a 40% increase from the previous year [5] - The demand for AI-related products, such as servers and networking equipment, is fueling this growth, with the AI server market projected to grow almost sixfold from 2024 to 2030 [6] Margin Improvement - Jabil's adjusted operating margin in the intelligent infrastructure segment increased by 110 basis points year-over-year, contributing to the raised bottom-line forecast [7] - The favorable growth rates in AI-related markets are expected to further enhance Jabil's margin profile and bottom-line growth [8] Valuation and Investment Potential - Jabil's stock is currently trading at 15 times forward earnings, significantly lower than the Nasdaq-100 index's forward earnings multiple of 25, indicating a solid buying opportunity [9] - If Jabil achieves a premium valuation in the future, its stock price could potentially reach $294, representing a 116% increase from its current price [10]

Core Insights - Jabil Inc. has launched new 1.6 Terabit transceivers designed to meet the increasing demands of AI, high-performance computing, cloud infrastructure, and data center interconnects [1][6] - The transceivers utilize Intel's Silicon Photonics technology, enabling high-bandwidth and power-efficient connectivity [2][3] - Jabil's advancements in photonics technology are expected to drive incremental demand and improve financial performance, potentially boosting stock prices [6] Product Development - The 1.6T transceivers can transfer data at speeds of up to 1.6 Terabits per second, with configurations available in DR8, DR8+, and 2xFR4 [1][3] - Each transceiver can achieve speeds of 200 Gigabits per lane on both electrical and optical interfaces, enhancing intra-data center connectivity [3] - The solution doubles the bandwidth of data center racks without requiring infrastructure changes, making it a cost-effective upgrade [4] Market Position and Prospects - Jabil has a strong global presence and a connected factory network, allowing it to scale production in response to market dynamics [5] - The company is well-positioned to benefit from the long-term adoption of 5G and cloud computing technologies [5] - Jabil's commitment to photonics innovation reinforces its leadership in the industry and addresses evolving market needs [6] Financial Performance - Jabil's stock has decreased by 1.3% over the past year, contrasting with the industry's growth of 16.5% [7] - The introduction of the new transceivers is anticipated to lead to higher revenues and improved financial performance [6] Competitive Landscape - Jabil currently holds a Zacks Rank of 2 (Buy), indicating positive market sentiment [8] - Competitors like InterDigital and CommScope also hold strong rankings, with InterDigital showing an earnings surprise of 158.41% in the last four quarters [8][9]

Core Insights - Jabil, Inc. reported strong second-quarter fiscal 2025 results, with both revenue and earnings exceeding Zacks Consensus Estimates, driven by growth in data center infrastructure, cloud, and digital commerce markets, despite a year-over-year revenue decline due to weakness in some verticals [1] Financial Performance - Jabil's shares have increased by 18.4% over the past six months, attributed to robust revenues supported by a flexible business model and quick time-to-market capabilities [2] - For fiscal 2025, Jabil has raised its revenue guidance to $27.9 billion from $27.3 billion, with non-GAAP earnings expected at $8.95 per share, up from $8.75 [9] Growth Drivers - The company's focus on end-market and product diversification is a key growth catalyst, aiming for no single product or product family to exceed 5% of operating income or cash flows in any fiscal year [3] - Jabil anticipates growth from healthcare, cloud, retail, and industrial sectors, benefiting from the rapid adoption of 5G and cloud computing [4] - The company has reorganized its internal structure to align operations with specific end markets, enhancing agility and domain-specific expertise [8] Operational Strengths - Jabil operates in 100 locations across 30 countries, leveraging strong margin and cash flow dynamics, along with unmatched end-market experience and technical capabilities [5] - The centralized procurement process and a unified Enterprise Resource Planning system provide customers with end-to-end supply chain visibility [5] Earnings Performance - The stock has delivered an average earnings surprise of 4.9% over the trailing four quarters, with a long-term earnings growth expectation of 12.5% [10]

Core Insights - Jabil, Inc. reported strong second-quarter fiscal 2025 results, with both net income and revenues exceeding Zacks Consensus Estimates, despite a year-over-year decline in top-line performance due to weakness in certain verticals [1][2][3] Financial Performance - Net income on a GAAP basis was $117 million or $1.06 per share, down from $927 million or $7.31 in the prior-year quarter, influenced by a gain from the mobility business divestiture in the previous year [2] - Non-GAAP net income for the quarter was $215 million or $1.94 per share, slightly up from $213 million or $1.68 in the prior-year quarter, surpassing the Zacks Consensus Estimate of $1.81 [2] Revenue Breakdown - Total net sales decreased to $6.72 billion from $6.76 billion year-over-year, but exceeded the consensus estimate of $6.4 billion, impacted by demand softness in several end markets [3] - The Regulated Industries segment generated $2.7 billion in revenues, down 8% year-over-year, contributing 41% to total revenues, primarily due to weakness in renewable energy and electric vehicle verticals [3] - The Intelligent Infrastructure segment reported $2.6 billion in revenues, up 18% year-over-year, contributing 39% to total revenues, driven by strong demand in capital equipment, AI-related cloud, and data center infrastructure [4] - The Connected Living & Digital Commerce segment accounted for about 20% of total revenues, with net sales declining to $1.3 billion, down 13% year-over-year, due to mobility divestiture and soft demand for consumer-driven products, although growth in digital commerce and warehouse automation partially offset this decline [5] Profitability Metrics - Gross profit was $576 million compared to $630 million in the year-ago quarter, while non-GAAP operating income was $334 million, down from $338 million in the previous year, maintaining a non-GAAP operating margin of 5% [6] Cash Flow and Liquidity - Jabil generated $334 million of net cash from operating activities, an increase from $218 million in the previous year's quarter, with $1.59 billion in cash and cash equivalents as of February 28, 2025, alongside $2.88 billion in notes payable and long-term debt [7] Future Guidance - For the third quarter of fiscal 2025, revenues are expected to range between $6.7 billion and $7.3 billion, with non-GAAP operating income projected between $348 million and $408 million, and non-GAAP earnings per share estimated between $2.08 and $2.48 [8] - For the full fiscal year 2025, revenues are now projected at $27.9 billion, up from a previous estimate of $27.3 billion, with non-GAAP earnings per share expected at $8.95, an increase from $8.75 [9]

Financial Performance - Q2 FY2025 - Net revenue was $6.728 billion, a slight decrease compared to $6.767 billion in the same period last year[4] - U.S GAAP operating income was $245 million, a significant decrease from $1.131 billion in the prior year[4] - Core operating income (non-GAAP) was $334 million, slightly down from $338 million year-over-year[4] - Core diluted earnings per share (non-GAAP) increased to $1.94, compared to $1.68 in the previous year[4] Segment Results - Q2 FY2025 - Regulated Industries net revenue decreased by 8% year-over-year, with a core margin of 4.8%[8] - Intelligent Infrastructure net revenue increased by 18% year-over-year, with a core margin of 5.3%[8] - Connected Living & Digital Commerce net revenue decreased by 13% year-over-year, with a core margin of 4.5%[8] Cash Flow - Q2 FY2025 - Net cash provided by operating activities was $334 million[10] - Adjusted free cash flow (non-GAAP) was $261 million[10] - Share repurchases amounted to $404 million[10] FY25 Outlook - The company anticipates full year net revenue of $27.9 billion[24] - The company anticipates full year core operating margin of 5.4%[24] - The company anticipates full year core EPS of $8.95[24]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $6.7 billion, a 3% year-on-year increase when excluding $250 million from the divested mobility business in the prior year quarter [8] - Core operating income was $334 million with core operating margins at 5% [8] - GAAP diluted earnings per share was $1.06, while core diluted earnings per share was $1.94, up $0.26 from Q2 of last year [9][30] - Adjusted free cash flow for Q2 was $261 million, bringing year-to-date adjusted free cash flow to $487 million, with expectations to exceed $1.2 billion for the year [16][37] Performance by Business Segment - Regulated Industry segment reported revenue of approximately $2.7 billion, down 8% year-on-year due to weakness in renewable energy and EV markets, but core operating margin increased to 4.8% [10] - Intelligent Infrastructure segment saw revenue of $2.6 billion, up 18% year-on-year, driven by strong demand in AI-related cloud and data center infrastructure [11] - Connected Living & Digital Commerce segment revenue was $1.3 billion, down 13% year-on-year, but grew approximately 4% when excluding the divested mobility business [12] Market Data and Key Metrics Changes - Anticipated revenue for the Intelligent Infrastructure segment in Q3 is expected to be $2.8 billion, up approximately 22% year-over-year [19] - Revenue for the Connected Living & Digital Commerce segment in Q3 is expected to be $1.2 billion, down 16% year-over-year [20] - Overall company revenue for Q3 is expected to be in the range of $6.7 billion to $7.3 billion [21] Company Strategy and Industry Competition - The company is focusing on maintaining a large-scale global manufacturing footprint to navigate geopolitical complexities and potential tariffs [25] - Jabil is well-positioned to support customers in shifting manufacturing to the U.S., with 30 sites across the country [45] - The company anticipates strong growth in AI-related business, expecting approximately $7.5 billion in revenue for FY 2025, representing a 40% year-on-year increase [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the diversified portfolio, with certain markets like capital equipment and data center infrastructure outperforming [30] - Caution was advised regarding electric vehicles, renewables, and 5G markets due to current uncertainties [39] - The company is actively monitoring tariff situations and believes it is well-positioned to adapt to changes [38] Other Important Information - The company completed the acquisition of Pharmaceuticals International Inc., enhancing its capabilities in the pharmaceutical sector and opening a $20 billion addressable market [35] - Inventory days increased to 80 days sequentially but decreased by 7 days year-on-year, reflecting typical seasonality [13] Q&A Session Summary Question: Can you talk about your existing footprint in the US and the ability to support customers who want to move manufacturing? - Management highlighted the extensive U.S. footprint with 30 sites and the capability to quickly establish operations to support customer needs [45][46] Question: Can you elaborate on the opportunity with silicon photonics and how you see that market growing? - Management indicated strong growth in AI revenue and highlighted the acquisition from Intel that enhanced capabilities in silicon photonics [51][52] Question: What should we read into the slight reductions in networking and healthcare forecasts for fiscal 2025? - Management clarified that the reductions were primarily due to uncertainties in the 5G infrastructure market [56] Question: Can you expand on the comment about GPU racks and liquid cooling continuing to accelerate? - Management explained that improved yields at launch are driven by design architecture and engineering capabilities, with significant potential in liquid cooling solutions [101][102] Question: How confident are you about EV production for the second half of the year? - Management expressed prudence in forecasts but noted that there are positive developments in the Chinese EV market that could offset some concerns [105][106]

Core Insights - Jabil (JBL) reported quarterly earnings of $1.94 per share, exceeding the Zacks Consensus Estimate of $1.81 per share, and showing an increase from $1.68 per share a year ago, representing an earnings surprise of 7.18% [1] - The company achieved revenues of $6.73 billion for the quarter ended February 2025, surpassing the Zacks Consensus Estimate by 4.93%, although this is a slight decrease from $6.77 billion in the same quarter last year [2] - Jabil has consistently outperformed consensus EPS and revenue estimates over the last four quarters [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $2.23 on revenues of $6.73 billion, and for the current fiscal year, it is $8.76 on revenues of $27.32 billion [7] - The estimate revisions trend for Jabil is favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Electronics - Manufacturing Services industry, to which Jabil belongs, is currently ranked in the top 4% of over 250 Zacks industries, suggesting a strong outlook for the sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $6.7 billion, a 3% year-on-year increase when excluding $250 million from the divested mobility business [6][7] - Core operating income was $334 million with core operating margins at 5% [7] - GAAP diluted earnings per share was $1.06, while core diluted earnings per share was $1.94, an increase of $0.26 from Q2 of the previous year [7][19] - Adjusted free cash flow for the quarter was $261 million, bringing year-to-date adjusted free cash flow to $487 million, with expectations to exceed $1.2 billion for the full year [10][25] Performance by Business Segment - Regulated Industry segment reported revenue of approximately $2.7 billion, down 8% year-on-year due to weakness in renewable energy and EV markets, but core operating margin increased by 20 basis points to 4.8% [7][8] - Intelligent Infrastructure segment saw revenue of $2.6 billion, up 18% year-on-year, driven by strong demand in AI-related cloud and data center infrastructure [8][19] - Connected Living and Digital Commerce segment revenue was $1.3 billion, down 13% year-on-year, but grew approximately 4% when excluding the divested mobility business [8][9] Market Data and Key Metrics Changes - Inventory days increased by four days sequentially to 80 days, but decreased by seven days year-on-year [9] - The company anticipates revenue for Q3 2025 to be between $6.7 billion and $7.3 billion, with core operating income estimated between $348 million and $408 million [12] Company Strategy and Industry Competition - The company is well-positioned to navigate potential tariffs and geopolitical complexities, emphasizing its U.S. domicile manufacturing footprint [15][18] - Jabil expects to play a significant role in the Indian market, particularly in photonics capabilities [21][22] - The company is focusing on growth in AI-related business, projecting approximately $7.5 billion in revenue for FY 2025, representing a 40% year-on-year increase [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the diversified portfolio, with certain markets like capital equipment and data center infrastructure outperforming [19][27] - Caution was advised regarding the EV and renewable energy markets, with expectations for continued growth in Intelligent Infrastructure [24][25] - The company is actively monitoring supply chain dynamics and customer procurement strategies in light of potential tariffs [99][100] Other Important Information - The company completed the acquisition of U.S.-based Pharmaceuticals International Inc., enhancing its capabilities in the pharmaceutical sector [23][106] - Jabil repurchased 2.5 million shares during the quarter, with $364 million remaining on its share repurchase authorization [10] Q&A Session Summary Question: Can you talk about your existing footprint in the U.S.? - Management highlighted the extensive U.S. footprint with 30 sites and the capability to support customers wanting to move manufacturing [30][34] Question: Can you elaborate on the opportunity with silicon photonics? - The company is well-positioned in silicon photonics, with significant growth expected in this area due to recent acquisitions and capabilities [36][38] Question: What should we read into the slight reduction in networking and healthcare forecasts? - The reduction is primarily due to uncertainty in the 5G infrastructure side, not affecting AI-related revenue [40] Question: What is driving the positive change in Intelligent Infrastructure? - Growth in semi-cap and cloud data center infrastructure is driving confidence, with strong demand for automated testing and custom chips [46][48] Question: Can you expand on GPU racks and liquid cooling? - The company is improving yields at launch due to better design architecture and engineering capabilities, with liquid cooling opening new opportunities [81][82] Question: How confident are you about EV production in the second half of the year? - Management is being prudent with forecasts, but sees potential growth in the Chinese EV market offsetting some concerns [84] Question: How are customers responding to potential tariffs? - Customers are considering localized supply chains, but no major changes have been completed yet [100][101] Question: Are there any other capabilities you are looking to acquire? - The company is actively exploring further acquisitions to fill capability gaps, particularly in pharmaceuticals [106][107]