Jabil delivered a resilient Q4 FY2024 despite a challenging year, highlighted by the divestiture of Mobility and a stronger-than-expected finish to the year. Revenue for the quarter was $6.964B, with GAAP operating income of $318M and core operating income of $401M (5.8% of revenue). Management underscored strong cash generation and a disciplined capital allocation framework, including a new $1B share repurchase authorization for FY25. The company reaffirmed its longer-term growth framework, transitioning reporting to three segments: Regulated Industries, Intelligent Infrastructure, and Connected Living & Digital Commerce, designed to better reflect end-market dynamics and investment priorities in AI/cloud infrastructure, healthcare, automotive, renewables, and digital commerce automation. In FY25 JBL guided to roughly $27B revenue, 5.4% core margins, and about $1.2B of free cash flow, supported by an 1.5-2% capex target and an 80% free-cash-flow return to shareholders. The call also highlighted multi-year tailwinds from AI-driven data centers, photonics and OSAT capability investments, and nearshoring trends (Croatia and Dominican Republic facilities). However, near-term headwinds include higher capacity utilization below historical norms, potential auto/EV demand volatility, and ongoing end-market cyclicality, which could weigh on margins in FY25 by roughly 20-30 bps due to excess capacity. Overall, JBL’s strategic reshaping, robust balance sheet, and proven cash generation underpin an upbeat but disciplined stance on 2025 execution and value delivery for shareholders.