Good afternoon, ladies, and gentlemen, and welcome to the Celestica Investor Briefing Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. Instructions will be provided at that time for you to queue up for a question. If anyone has any difficulties hearing the conference, please press star zero for operator assistance at any time. I would now like to turn the conference over to Craig Oberg, Vice President of Investor Relations. Please go ahead. Good afternoon, and thank you for joining us on today's call. On the call today are Rob Mionis, President and Chief Executive Officer, Mandeep Chawla, Chief Financial Officer, and Jason Phillips, President of Celestica's Connectivity and Cloud Solutions segment. As a reminder, during this call, we will make forward-looking statements within the meanings of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Such forward-looking statements are based on management's current expectations, forecasts, and assumptions, which are subject to risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from conclusions, forecasts, or projections expressed in such statements. For identification and discussion of such factors and assumptions, as well as further information concerning forward-looking statements, please refer to today's press release and the presentation accompanying this call, including the cautionary note regarding forward-looking statements therein, our most recent annual report on Form 20-F, and our other public filings, which can be accessed at sec.gov and sedarplus.ca. We assume no obligation to update any forward-looking statement except as required by law. In addition, during this call, we will refer to various non-IFRS financial measures, including ratios based on non-IFRS financial measures, consisting of non-IFRS operating margin, adjusted free cash flow, gross debt to non-IFRS trailing 12-month Adjusted EBITDA ratio, adjusted net earnings, and adjusted earnings per share or Adjusted EPS. Listeners should be cautioned that references to any of the foregoing measures during this call denote non-IFRS financial measures, whether or not specifically designated as such. These non-IFRS financial measures do not have any standardized meanings prescribed by IFRS and may not be comparable to similar measures presented by other public companies that report under IFRS or who report under U.S. GAAP and use non-GAAP financial measures to describe similar operating metrics. We refer you to today's press release and the presentation that accompanies this call, which are available at Celestica.com under the Investor Relations tab, for more information about these and certain other non-IFRS financial measures. Unless otherwise specified, all references to dollars on this call are to U.S. dollars, and per share information is based on diluted shares outstanding. On this call, we will also refer to growth expectations for various markets in which we operate. Such expectations were derived from third-party sources. We refer you to slide four of the presentation accompanying this call under Selected Market Information for a discussion regarding information from third-party sources. Let me now turn the call over to Rob. Thank you, Craig. Good afternoon, everyone, and thank you for joining us on today's conference call. We are very pleased to be with you today and to share with you some of the exciting opportunities that we see ahead of us. Before we get started, I'd like to briefly walk through the agenda for our call today. First, I will provide a brief overview of our current business portfolio, our operational footprint, and discuss the key pillars of our overall strategy. Next, filling in for Todd Cooper, President of ATS, who is in Asia attending the grand opening for the expansion of our PCI facility in Indonesia, I'll discuss our Advanced Technology Solutions, or ATS segment, where I will review our performance and some of the business trends that we are seeing in each of our ATS businesses. Following that, Jason Phillips, President of our Connectivity and Cloud Solutions, or CCS business, will discuss some of the recent transformational changes in the segment, including the growth opportunities driven by artificial intelligence within our Hyperscaler customers. And finally, our CFO, Mandeep Chawla, will review our 2024 outlook and long-term financial targets, our capital allocation priorities, and discuss our plans to continue to drive shareholder returns. Following the presentation, we will open up the line for our question-and-answer period, where Gavin Cato, CTO for our CCS segment and Head of our HPS business, and Steve Dorwart, who leads our Hyperscaler business, will join us. Now, let's begin with our business overview. Celestica is a global EMS business supporting the world's leading technology companies across a broad range of industries. We are a critical partner in helping our customers develop and manufacture the products that are driving and reshaping the global economy. Our diversified business portfolio operates in two segments across six major markets. We've made decisions to operate in these selected markets due to attractive secular tailwinds and the potential long-term runway for revenue growth and margin expansion. Celestica's global manufacturing network consists of more than 7 million sq ft of capacity across 40 sites spanning 16 countries. Our global footprint was purpose-built in geographies where customers want to operate. As a result, we believe that our network offers us a true competitive advantage, and has been one of the primary drivers of our market share gains over the last few years. Celestica has the capabilities to provide design and new product introduction services near our customers' engineers, the ability to offer low-cost manufacturing at scale across the globe, and the ability to deploy aftermarket services where needed. Given the breadth of our footprint, we can support our customers on their business continuity planning and regionalization efforts, diversifying their geographic exposure within Celestica. We continue to make targeted investments in our capacity and specialized capabilities to better serve the evolving needs of our customers. For example, in Thailand, we are co-investing with our key Hyperscaler customers to bring on approximately 100,000 sq ft of additional capacity through two expansions, with the first one coming online this quarter and the second expected in the first half of 2025. In Malaysia, we are currently building an additional 80,000 sq ft, which is expected to be online in the first half of 2024, to support the strong demand in our CCS segment. Finally, we are also pleased that our facility in Richardson, Texas, which opened in 2021, is growing nicely and supporting AI server rack integration and NPI work for our Hyperscaler customers. Our investors, who have followed our progression over the past several years, will be familiar with our multi-year portfolio transformation, which was completed in 2021. Today, the new Celestica is Built to Rise in 2023 and beyond. Our Built to Rise theme is based on our belief that preparation, innovation, focus, and execution are what wins the day. When we work together, aligned by the same vision, mission, and priorities, we can continue to raise the bar with our customers and establish ourselves as leaders in our industry. Today, Celestica has a purposely crafted portfolio of businesses with exposure to high value, high growth markets, where we believe we can carve out a competitive presence. Earlier this year, our ownership structure transitioned to a single class of subordinate voting shares, with uniform voting rights resulting from the exit of our longtime controlling shareholder. We believe, in addition to increasing our float and helping add to the liquidity in our shares, that this has opened up an opportunity to attract new long-term shareholders to the company. We remain on track to achieve record financial results in 2023 for the second year running, as the achievement of our fourth quarter guidance midpoint for non-IFRS operating margin and our non-IFRS Adjusted EPS guidance would result in the highest annual results for those measures in the company's history. Furthermore, we anticipate surpassing both of these results in 2024, in addition to achieving solid revenue growth. Now, moving on to our strategic priorities. Our priorities consist of three pillars. These priorities shape how we assess our key business decisions, with each pillar working in concert with the others. First, we are investing in expanding and enhancing our capabilities, which are critical to our Hardware Platform Solutions, or HPS business, we continue to invest in our intellectual property portfolio, which we are leveraging to support the next generation of artificial intelligence products in the data center. We are continuously expanding our offering of value-added services and leading-edge engineering capabilities, allowing us to further embed our presence throughout our customers' product life cycles and help us differentiate ourselves from our competitors. Second, we prioritize operational excellence. We employ the Celestica Operating System, a system that is built on the deployment of consistent processes and best practices across our global network, designed to enable best-in-class performance on the key metrics of cost, quality, delivery, and ESG, driving exceptional customer satisfaction. We leverage our operational efficiency to maximize our working capital efficiency, with a focus on generating strong and consistent non-IFRS adjusted free cash flow. And finally, we aim to maximize total shareholder returns through a combination of consistent non-IFRS adjusted net earnings growth and thoughtful and responsible capital allocation. Moving on, I will now discuss the business outlook across the various markets in our ATS segment. Over the past three years, our ATS segment has experienced exceptional growth. The business is on track to achieve $3.4 billion in revenue this year, reflecting a CAGR of 17% over the last three years. We continue to view the long-term opportunity in our ATS business as a key component of our growth strategy. In addition to anticipated secular growth in our various ATS markets, we also believe there is further opportunity for growth as more companies outsource their manufacturing and supply chain services to companies like Celestica. Only a relatively small percentage of the overall manufacturing total addressable market for ATS businesses has been outsourced to date. For 2024... After two years of very strong growth, we expect ATS revenues to be up in the mid-single digits, with growth expected across each of our markets. Longer term, we continue to target an average annual revenue growth rate of 10% or more in line with the markets we serve. Now, moving on to our businesses. Celestica is a leading EMS provider in the A&D market, with an approximately $800 million portfolio serving a broad range of customers. We have the ability to deliver end-to-end solutions in the commercial Aerospace, Defense, Space, and Unmanned Aerial Vehicles markets. Our portfolio is comprised of approximately 60% commercial Aerospace and 40% Defense. We believe that our extensive A&D pedigree and capabilities across our North American and Malaysian footprint position us as the go-to provider in the market. In our Aerospace business, we have seen higher revenues in 2023 across all of our commercial submarkets. We continue to diversify our portfolio with Tier 1 OEMs in the commercial Aerospace market, which we believe will further support our long-term growth. Additionally, we are seeing early signs of traction in the nascent UAV and Electric Vertical Takeoff and Landing markets. We expect further adoption of these technologies over time as governments are in the process of developing regulations surrounding beyond visual line of sight operations. Demand in our Defense business continues to exhibit steady and reliable growth. We are ramping newly won programs at our ITAR-approved site in Maple Grove, Minnesota, as well as our site in Richardson, Texas. Our A&D business exhibited very strong growth in 2023, driven by the recovery in commercial air travel following the pandemic. We expect to finish 2023 with revenues more than 30% higher year-over-year. Heading into 2024, we see the opportunity for further growth as our revenues approach pre-pandemic levels. Margins in our A&D business are currently below our internal target range, as the long-term nature of many contracts make it more difficult to quickly pass along materials and labor cost inflation. Looking ahead, though, we believe we have an opportunity to improve profitability as pricing is adjusted over time. Now, moving on to our industrial business. We possess expertise in high-mix, automated manufacturing and complex product enablement across various energy, industrial automation, and telematics markets. Our range of capabilities across the energy ecosystem, our engineering capabilities, and design-led commercial processes have helped us secure new logos and grow with both early-stage and mature customers alike. Our industrial business has minimal exposure to consumer end markets, and we currently work with a number of leading OEMs in the EV charging and energy storage markets. In addition, we see our in-region presence, particularly in Mexico and the U.S., as a competitive advantage, which aligns with our customers' demand for manufacturing capacity closer to their home markets. The performance of our PCI business, which we acquired in 2021 and is part of our industrial portfolio, has outperformed our business case to date. We continue to leverage PCI's unique expertise with our own engineering capabilities to strengthen our offering in the areas of factory automation, autonomous driving, telematics, and certain health tech programs. Our industrial business has experienced very strong growth in 2023, with full-year revenues expected to be up by more than 30% compared to 2022, driven by new program ramps in green energy and on-vehicle. Heading into 2024, we are seeing a moderation of demand in the on-vehicle and EV charging markets, largely driven by macroeconomic conditions. As such, we expect growth to be tempered from the very strong levels experienced in 2022 and 2023, though we continue to view the long-term prospect of this market as positive. The margin profile for our industrial business is currently meeting our expectations as the business has achieved sufficient scale. We anticipate this performance will continue into 2024 and beyond. In our health tech business, we partner with leading companies to bring critical medical equipment to market, including surgical instruments and devices in patient monitoring, imaging, diagnostics, dialysis, neurostimulation, and dental radiology. We believe that our automation expertise in this space drives market-leading efficiency and quality in our programs. We have gained solid traction with our proven system-level design capabilities, allowing us to deepen our relationships with many Tier 1 OEMs, while continuing to invest in design and engineering capabilities. Our health tech business has experienced strong revenue growth in recent years, having roughly doubled in size over the past four years. Growth in 2024 is expected to continue, however, at a moderated rate due to the long ramp cycle for certain new wins with a few large customers, including significant new program wins in the areas of patient monitoring and surgical instrumentation. In combination with the solid growth prospects underpinning the various health tech submarkets, this has provided us confidence in our plan to nearly double our health tech revenues by 2026. Margins for our health tech business are on target, and we expect this strong margin performance to continue. In our capital equipment business, we are a leading Tier 1 EMS provider, delivering highly specialized solutions to the wafer fab equipment and display markets. A critical factor in achieving our leading position in the wafer fab equipment market has been our ability to win increased share with the industry's largest semi cap equipment companies. Our capital equipment business has a tailor-made manufacturing footprint in high demand geographies and is a key differentiator for Celestica. We also boast deep market-leading capabilities in clean room assembly, machining, and AC boxes, and we continue to thoughtfully invest to enhance our offerings. Although our capital equipment business revenues more than doubled from 2019 to 2022, the business has been forced to navigate a difficult year in 2023, as the broader wafer fab equipment market has seen an approximately 35% decline in spending, primarily due to the softness in the memory market and increasing restrictions on the Chinese market. In 2024, we anticipate the overall base market to be flat when compared to 2023. We are, however, anticipating growth in our overall capital equipment business, given new program wins, including with ASML Holding, a leading lithography OEM, which are expected to ramp throughout the year. Longer term, we believe prospects in this market remain favorable, as silicon demand is expected to grow over time, supported by investment in generative AI, high-performance computing, and the increasing digitization of the automotive market. Unlike in past down cycles in the Wafer Fab Equipment market, our capital equipment business has remained profitable in 2023, as we have taken steps to materially increase the flexibility of the cost structure in this business. We believe that as we regain scale in this business, that our profitability should also improve toward our own internal target levels. I would now like to hand the call off to Jason Phillips to walk you through our CCS segment and discuss the key opportunities for growth with our Hyperscaler customers related to their investment in AI. Jason, over to you. Thanks, Rob. Good afternoon. It's an exciting time for our CCS business. Over the next 15 minutes, I will provide a brief overview of CCS, walk you through the opportunities we see in the data center market, including the current artificial intelligence-driven investment cycle, and discuss why we believe that our portfolio is well-positioned to capitalize on this anticipated growth. Over the last five years, we've seen a seismic shift in the source of data center spend as Hyperscalers invested aggressively to scale their offerings and OEMs adjusted to cloud applications in a transformative AI landscape. Anticipating this market evolution, Celestica's CCS team engaged in a concerted effort to build out our data center capabilities and service offerings to better serve Hyperscaler and data center-focused customers' needs. Through our investments in next-generation platform designs, engineering capabilities, and our manufacturing footprint, Celestica has become a trusted provider to the top five global Hyperscalers across core data center technologies. The data center hardware market continues to evolve as artificial intelligence is driving a new long-term investment cycle. Hyperscalers, once again, are central players in this latest market transformation. We've experienced, and continue to expect, a proliferation of generative AI use cases. As new AI commercialization models are developed, we expect that demand for AI/ML Compute, at times referred to as proprietary compute, will continue to accelerate as Hyperscalers are driven to bolster their investments in AI and further integrate these capabilities into their existing platforms and services amongst an increasingly competitive landscape. Over the next few years, the AI addressable market is expected to reach over $500 billion, which in turn is expected to drive accelerated growth in AI-related hardware spend. Third-party forecasts suggest that AI/ML compute is expected to drive a large portion of this spending growth in the near term, and Hyperscalers are expected to account for roughly 2/3 of the spending. AI server spend is expected to reach $49 billion annually at a projected CAGR of 27% by 2027. As AI-related workloads boost data center traffic, investments in networking capabilities will be required. Networking spend is expected to account for approximately 8% of total data center hardware CapEx, reaching $32 billion in annual spend by 2027. We believe we are well positioned to win with these growing sections of the hardware market through our specialization in highly customized AI/ML Compute, our market-leading offering of high-end switching platforms under our HPS portfolio, with entrenched incumbent positions in both. The typical data center investment cycle begins with upgrades to compute capacity and capabilities and is followed by an increase in networking, investment and deployments, and finally, storage. Celestica's business in AI/ML Compute more than tripled in 2023 compared to 2022, as Hyperscalers have rushed to satisfy the rapid growth in demand for servers to support artificial intelligence and machine learning applications. Looking towards 2024, we expect strong demand for servers in support of AI and their associated large language models to continue. These investments in compute are also expected to accelerate the networking refresh cycle beginning in 2024 and accelerating in 2025, where we expect to see leading Hyperscalers begin to migrate from 400 Gb to 800 Gb switching solutions. Celestica, already a leader in the 400 Gb switching market, has recently secured next generation 800 Gb switching wins across a number of Hyperscaler customers, suggesting that our innovation and quality have established a strong incumbency advantage. We currently anticipate 800 Gb switching programs to become a top revenue growth driver in our HPS portfolio. Finally, over the longer term, we should expect to see software-defined storage demand increase, as rapidly growing data center traffic will necessitate upgrades and data storage capacity. A question on many investors' minds is whether the AI investment cycle is short-term in nature or underpinned by a more enduring trend that will result in sustainably higher demand for investment in AI-related hardware. Based on our discussions with Hyperscaler customers, key suppliers, ecosystem partners, and market research firms, we believe that a multi-year investment cycle may be just beginning. AI has become a central component of the competitive strategies of the world's leading Hyperscalers and chipmakers. These companies are making large investments on the future of this technology. Commentary from the world's leading AI companies make it clear that they are actively reshaping their businesses and making industry-defining commitments to invest billions of dollars annually in maintaining and upgrading their AI platforms and capabilities. While we expect there will be fluctuations in demand, as there are in any major technology deployment cycle, we believe the AI investment cycle is durable and will provide Celestica with a runway for future growth, as technology advancement in the industry is expected to drive future hardware refresh cycles to support expanded application workloads. Now, I would like to dive a little deeper into our Connectivity and Cloud Solutions business, showcase some of our leading-edge products, and outline why I believe we are well-positioned to win. Our CCS segment is expected to generate $4.5 billion of revenue in 2023 and accounts for approximately 60% of total Celestica revenues. Segment margin is at a record level in 2023, exceeding 6% during the third quarter. The marked improvement in segment margin over the past several years has been driven by a combination of operational and supply chain excellence and an improving, growing mix of business as we continue to expand our HPS offering and our portfolio of business with our Hyperscaler customers. There are three ways we think about our CCS segment. First, the end market view, which splits the segment between our communications business, comprised of networking gear, and our enterprise business, comprised of storage and servers, the latter of which is predominantly AI/ML compute. In 2023, our communications end market is expected to achieve approximately $2.6 billion in revenue, while our enterprise end market is expected to generate about $1.9 billion in revenue, split between approximately $1.3 billion of server business and $600 million of storage. Second is a solutions view, which splits the Hardware Platform Solutions business, which comprises our joint design and white box offerings and our high-value EMS business. Finally, we have our customer view, where in 2023, we anticipate $2.8 billion in revenue with our Hyperscaler customers and approximately $1.7 billion with our OEM customers. It is worth noting that our Hyperscaler customers account for a meaningful portion of our HPS business, utilizing our server, networking, and storage offerings. Our Hyperscaler portfolio, which is expected to generate approximately $2.8 billion in revenue in 2023, remains a key market, driven by increasing investments in AI capabilities and capacity and is forecasted to grow meaningfully in the years ahead. This group of customers is expected to lead spending on AI capabilities and to account for an outsized share of data center CapEx over the next several years. So why do Hyperscalers choose to work with Celestica? Celestica has decades of proven leadership in engineering and manufacturing of Hardware Platforms, including switching, routing, wireless, storage, and high-performance compute. Our demonstrated innovation and ability to consistently deliver quality products are the proof points that give Hyperscalers comfort, having executed over the years on numerous programs with eight of the top 10 global Hyperscalers.... Celestica has been investing in engineering and manufacturing capabilities that underpin our data center product roadmaps for approximately 15 years now. Investments that we believe led Hyperscalers to view Celestica as a hardware innovator, integral to their continued technological advancements. Our work with Hyperscalers allows Celestica to operate at the leading edge of technology cycles and perpetuates our reputation as a data center innovator. Celestica engineers leverage our investments in core engineering capabilities and product portfolio, alongside our strong relationships with Hyperscaler R&D counterparts, to develop next-generation compute, networking, and storage technologies optimized for their specific applications. Hyperscalers have pivoted from leveraging off-the-shelf hardware to customized solutions that drive competitive advantage and proficiency. Additionally, Celestica's network of sites and operating model are advantageous to Hyperscalers, allowing them to operate globally with the resilience that today's supply chains require, while supporting their business continuity plans within the Celestica network. Celestica has the ability to deliver value across the product life cycle for our Hyperscaler and data center customers. This includes product design to NPI services, manufacturing, fulfillment, and aftermarket services. From our perspective, our business with Hyperscaler customers is attractive for a number of reasons. Hyperscalers offer highly accretive revenue growth opportunities, as demonstrated by our portfolio's nearly 50% CAGR over the past five years. Based on our customers' forecasts, we see this strong growth continuing into the near and medium term. Our Hyperscaler programs generate attractive margins, given their highly complex and specialized design, engineering and manufacturing requirements, and their demand for supporting services, such as rack integration and our IT asset disposition offering. We anticipate our Hyperscaler business to continue to help drive strong CCS segment margin for the Hardware Platform Solutions business has been an increasingly important pillar of our CCS portfolio since we began investing in joint design and platform solutions in 2009. In 2023, the business is expected to generate approximately $1.7 billion in revenue across more than 50 active programs. This business serves as an innovation engine for our customers and a demand generator with our suppliers and ecosystem partners. Our flexible engagement models enable joint design, facilitate customized hardware, or provide fully realized, ready-now solutions. Our HPS business operates similar to an ODM model, in that we can provide white box solutions, as well as full-stack solutions with a Celestica hardened operating system, an integrated third-party operating system, or an open-source operating system. Our experience across multiple silicon and component vendors and software ecosystems provides a capability that enables first-generation innovations, which Celestica leverages in platform, customized, and integrated rack solutions. We believe our competitive advantage stems from our joint design and manufacturing roots, with differentiated capabilities to customize these platforms into solutions that are optimized for our customers' applications and workloads, such as AI, along with a comprehensive portfolio of platforms spanning networking, storage, and compute. We believe this platform and offering is unique among our EMS peers, as we rarely compete with Tier 1 EMS players in this space and primarily find ourselves competing with ODMs. Due to our end-to-end involvement from design to build to post-deployment support, as well as our proprietary intellectual property, we realize higher margins and enjoy deeper integration with our customers, making our position harder to displace for competitors. Additionally, as design cycles accelerate, we feel that our incumbency position, coupled with our competency in the latest technologies, such as 400 Gb and 800 Gb switching and AI/ML compute, provides an advantaged position to competitors working towards proficiency in these complex designs and supply chains. As a result, we believe our HPS offering will continue to be a key driver of growth for CCS. I would like to double-click on a couple of our products across our AI server, storage, and networking offerings. Celestica's server business is comprised predominantly of AI/ML compute. Celestica has a heritage in this space, supporting OEM customers with their high-performance, proprietary computing needs for more than two decades. Over that time, Celestica has developed a multifaceted expertise in power, thermal, signal integrity, and mechanical functions, which are foundational to high-performance compute and applicable to today's AI/ML solutions.... First, Celestica has the capabilities to build servers with industry-leading merchant silicon, like NVIDIA's GPU, as well as custom silicon, which is becoming a growing part of Hyperscalers' technology roadmaps. The more complex engineering requirements involved with designing servers with custom silicon, we believe, plays to Celestica's competencies and competitive strengths. Second, Celestica has developed proprietary thermal and power management designs to help customers manage the extreme heat and power requirements of AI/ML compute platforms. Power, packaging, and cooling capabilities and designs have been a differentiating competitive advantage since the inception of our HPS business in 2009, as energy requirements from expanding compute capacity has been growing and is expected to continue to rapidly grow in the coming years. Furthermore, with the increased density of AI computing, liquid and cold plate cooling solutions are becoming more appealing alternatives to air cooling. As such, we believe that Hyperscalers are keen on leveraging Celestica's expertise in reducing power consumption and the application of liquid cooling to AI/ML compute solutions. Finally, in our storage business, AI, big data, and cloud migration are driving significant changes in that market. Unstructured data growth and application proliferation continue to accelerate. Celestica designs, develops, and delivers next-generation, cloud-optimized, enterprise-class data storage solutions from system to rack-level solutions. Over the last five years, Celestica has taken significant market share from our ODM competitors to become a leader in the 400 Gb switching market, and we have demonstrated initial success in defending that market share with our recent wins in 800 Gb switching programs across a number of our Hyperscaler customers. We believe that the higher complexity and technical requirements for 800 Gb switching play in our favor, as we are known in the market for successfully designing and manufacturing complex hardware and systems. Additionally, we believe we possess an incumbency advantage within our customers' data center ecosystems due to their familiarity with and high regard for our HPS design capability and highly customizable product platforms. We acknowledge the current debate regarding the InfiniBand versus Ethernet communication standards, alongside the Ultra Ethernet Consortium and the NVIDIA product ecosystem. We believe that Celestica is well-positioned for growth with Ethernet, while maintaining a capability to engage our engineering and manufacturing teams in solutions beyond Ethernet. Celestica's deliberate investments in Ethernet designs align to what we believe will be the dominant standard by 2027 in data center and edge technologies, as we expect Hyperscalers to deploy their custom silicon more broadly. We believe that Celestica is well-positioned to win in the data center market and leverage this experience more broadly in enterprise solutions. Celestica is already a preferred provider to many of the world's leading Hyperscaler customers, and in some instances, we are the exclusive supplier for specific product lines. This incumbent position with Hyperscalers allows us to collaborate with our customers on developing next-generation data center hardware and continue to capitalize on our industry-leading position. Celestica is continuously developing new offerings to support our customers across the product life cycle, from more advanced thermal and power management in AI/ML servers, to leading-edge optical switching technologies, to a growing IT asset disposition services offering. Finally, sustained innovation, quality, and delivery are central to our value proposition and woven into the fabric of all that we do, which allows us to remain on the leading edge of the latest technology cycles and remain the preferred provider of our data center and Hyperscaler customers. Thank you for your time, and now let me turn it over to Mandeep to provide a financial overview for Celestica. Thank you, Jason. Over the next few minutes, I'd like to walk you through our near-term financial outlook and long-term targets, discuss our capital allocation priorities, and provide our view on our stock price, performance, and overall valuation. Over the past several years, Celestica has achieved significant progress in our financial performance. We have made consistent improvements in our key financial metrics since we embarked on our transformation in 2018, and have solid momentum as we head into 2024. Between 2019 and our projected 2023 performance, we will have realized a revenue CAGR of 8% and will have added $2 billion in revenue, driven by the intentional revamp of our commercial portfolio to a more diversified customer set that possesses attractive secular tailwinds. This has also resulted in us achieving new records in profitability, with 2023 guidance calling for non-IFRS operating margin of 5.5% and non-IFRS Adjusted EPS of $2.36, both new highs in the company's history. These improvements reflect a fundamental shift in our business and our value proposition. Finally, through a challenging supply chain environment over the past couple of years, we have managed to generate strong, positive, non-IFRS adjusted free cash flow, with 2023 guidance expected to see a more than 50% improvement compared to 2022. For 2023, our outlook remains unchanged from the guidance provided during our third quarter earnings call. However, I would like to discuss some updates to our 2024 outlook. For next year, we are providing our revenue outlook of $8.5 billion or more, which, if achieved, would represent growth of at least 8% compared to our 2023 guidance. This is supported by our assumptions of mid-single digit% growth in our ATS segment and low double-digit% growth in our CCS segment. We anticipate full year non-IFRS operating margin in the range of 5.5%-6.0%. Based on our anticipated revenue growth and continuing strength in non-IFRS operating margin, we are raising our 2024 expectation for non-IFRS Adjusted EPS to $2.70 or more. If achieved, this would mark another record result for Celestica and would represent non-IFRS Adjusted EPS growth of a minimum of 14% compared to our 2023 guidance. We are also anticipating non-IFRS adjusted free cash flow of at least $175 million, which, if achieved, would represent at least 17% growth compared to our 2023 expectation of $150 million, driven by non-IFRS adjusted net earnings growth and a strong conversion ratio. Finally, we anticipate capital expenditures to be approximately 2% of revenues as we continue to invest in new program growth. Moving on to our long-term targets. With the current composition of our portfolio, we are targeting mid- to high-single-digit percentage revenue growth through 2026, supported by the favorable secular trends discussed earlier in our presentation. As mentioned, for 2024, we are projecting revenue of $8.5 billion or more, as our ATS business is expected to grow in the mid-single-digit percentage range, while our CCS business is expected to grow in the low double-digit percentage range. Non-IFRS operating margin is expected to be strong, leading to anticipated non-IFRS Adjusted EPS of at least $2.70. For 2025, we are targeting revenue to be in the range of $8.9 billion-$9.3 billion, while for 2026, we are targeting revenue to be in the range of $9.5-$10.0 billion. If the midpoint of these ranges is achieved, revenue would grow at a 7% CAGR through 2026 compared to 2023. Our revenue assumptions have ATS revenue growing at 10% in both 2025 and 2026, in line with projected market growth rates. For CCS, we are using a growth range for our target. The lower end of our target range assumes that CCS revenues will grow in line with historical IT hardware growth rates, which are in the low single-digit percentage range. The higher end of our target range assumes that our CCS revenues will see high single-digit percentage growth to the extent that our business with Hyperscaler customers continues to outgrow the broader hardware market. Should the current momentum with our Hyperscaler customers continue, we would expect to be at the higher end of the growth range. For 2025 and 2026, we are targeting a non-IFRS Adjusted EPS range that is in line with our target revenue range. Using the midpoint of these ranges, non-IFRS Adjusted EPS would grow at a 13% CAGR through 2026 compared to 2023. We are pleased to have generated positive non-IFRS adjusted free cash flow for the last 19 quarters during a challenging supply chain environment. We are focused on optimizing our working capital efficiency to maximize our conversion ratio and aim to grow our non-IFRS adjusted free cash flow in the coming years. As mentioned earlier, for 2024, our outlook is to generate at least $175 million of non-IFRS adjusted free cash flow, and in 2025, we are targeting at least $200 million. Our capital allocation priorities continue to be to return 50% of non-IFRS adjusted free cash flow to shareholders and to reinvest 50% into the business over the long term. Over the past decade, we have reduced our share count by approximately 4% per year by deploying 79% of our non-IFRS adjusted free cash flow over that time period. Following the third quarter, we announced our intention to renew our NCIB in December. We intend to continue to be active with share repurchases on an opportunistic basis, as returning capital to shareholders remains central to our capital allocation priorities. Today, we view our stock as inexpensive and consider buying back our stock as a good use of capital. In addition to returning capital to shareholders, we continue to look for opportunities to reinvest into the business through M&A. We are always evaluating potential M&A transactions, targeting capability-based acquisitions intended to accelerate our existing strategic roadmaps. We believe our balance sheet provides us with significant flexibility. with a gross debt to non-IFRS trailing 12-month Adjusted EBITDA ratio of just 1.1 x as of September 30th, 2023. In the current high interest rate environment, our strong balance sheet and consistent non-IFRS adjusted free cash flow generation have served us well, allowing us to effectively manage interest costs and grow our non-IFRS adjusted net earnings. Finally, I'd like to discuss our recent share price performance and the opportunity that we believe may be in front of us. Celestica's share price performance has meaningfully exceeded that of the major indices year- to- date, as well as over the past three years, reflecting, in part, the significant growth in our earnings following the completion of our transformation. In fact, in 2023, our stock has been the top-performing constituent of the S&P/TSX Composite Index, up by more than 150% year- to- date. Our 12-month forward price earnings multiple has improved meaningfully over the past year, from a low of 4.6x as of September 2022 to approximately 10x currently. However, despite our strong financial performance and anticipated earnings growth over the next three years, Celestica's 12-month forward price earnings multiple remains below the average of its North American Tier 1 EMS peers. Given our recent performance in growing our non-IFRS Adjusted EPS at double-digit rates, consistently generating non-IFRS adjusted free cash flow through challenging environments, and our strong financial outlook and targets which call for continued growth, we believe there is an opportunity for our multiple to trade in line with or higher than our peer group average. Accordingly, we see a near-term opportunity for further multiple expansion. We believe that this, in combination with our anticipated non-IFRS Adjusted EPS growth over the coming years, should continue to drive solid share price appreciation for our shareholders. While we cannot predict future returns, our management team is focused on the factors that are within our control, which include driving sustainable non-IFRS adjusted earnings growth and intelligent capital allocation. If we can achieve our earnings targets, and under the assumption that our multiple is at least at today's peer average, which we believe is warranted, this would lead to continued solid share price appreciation over the next two years. I'd now like to pass the call over to Rob for his closing remarks. Thank you, Mandeep. In closing, we are very pleased with our evolution and progression over the past several years, and we remain optimistic about the near-term and long-term prospects for our business. Our team is on track to achieve our near-term targets and driving to meet our long-term strategic priorities. We believe that our portfolio across both segments is strategically leveraged to markets with attractive growth profiles, solid margins, and that provide opportunities for us to build a resilient, competitive presence. From our financial perspective, we look to continue building on the strong foundation we have laid over the past two years and aim to continue to deliver consistent non-IFRS Adjusted EPS growth, strong non-IFRS adjusted free cash flow generation, and maximize returns for our shareholders. The path we have laid out for ourselves over the next few years will undoubtedly have many challenges that we must address. However, I have confidence in our team's ability to rise to the occasion and drive us towards the achievement of our objectives. That brings us to the end of our presentation today, and we are now ready to move into our Q&A. As a reminder, joining Mandeep, Jason, and I for Q&A are members of Jason's leadership team, Gavin Cato and Steven Dorwart. Operator, I will now turn the call over to you. Thank you. Ladies, and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press the star followed by the one on your touchtone phone. You will hear a three-tone prompt acknowledging your request. Questions will be taken in the order received. Should you wish to cancel your request, please press the star followed by the two. If you're using a speakerphone, please lift the handset before pressing any keys. Once again, that is star one should you wish to ask a question. Your first question is from Robert Young from Canaccord Genuity. Please ask your question. Hi, good afternoon. The first striking thing that we're learning today is the longer-term guidance that you're providing, which is a lot different than we've been, you know, have grown to know associated with Celestica. And so, like, what gives you the confidence on stretching the guidance farther out? Is it based on orders? Is it based on roadmap? Is there anything hard, or is it all based on your assumption of market and penetration and your competitiveness in those markets? Just maybe some more color around why the longer-term outlook. Yeah. Hi, Rob. Thanks for the question. It's Mandeep here. So I'd say it's a combination of a few of the things that you mentioned. We have decent visibility in the ATS markets, largely because we often do grow in line with the broader market itself, but also the nature of the types of programs that we win and the time period it takes to ramp them. So we do have a number of programs that we are ramping and gives us visibility through 2024 into 2025. ... On the CCS side, it's changing a little bit because as we continue to grow on the HPS side, and we are involved in these design roadmaps, we have further visibility in terms of when those programs are going to really hit a certain run rate. If you use the 800 Gb product as an example, we've won a number of programs, but we really don't see them turning into a material level of revenue until 2025. But that's because we're working with our customers as we go, as of today and through 2024 on the design development for those products. So we do feel that we have a good level of visibility, certainly into 2024 and leaving 2024 as well. Okay. And then maybe this is a technical question, but I'm curious about this transition from 400 Gb to 800 Gb. These transitions happen fairly often, and so I'm curious, what's different about this transition that puts Celestica in a position to maintain its leadership there? Hi, Rob, this is Jason, and I'll start, and then I'm going to turn it over to Gavin. First off, being one of the first to market with a high-performing system and platform in 800 Gb is a differentiating accomplishment in itself. Secondly, our ability to customize these platforms for our customers' specific architectures and applications is another area of significant differentiation. And this customization capability really stems from our roots, which started back in our JDM days in 2009. Just to build on that in terms of the differentiation, I think is demonstrated in the fact that we have 800 Gb wins now with all of our customers, where we have large 400 Gb engagements. Hey, Rob, this is Gavin. I think it really goes back to the investments we made, both in the relationship and the individual functions. So if you look at just the power and the power density concerns, as you start to look at these data centers and the growth, it really is about how you handle signal integrity, how you handle the thermals. And I think the investments that we made, that we're building on the patent portfolio and those early wins, have given us the visibility to create these products, and really build. And so I think that confidence in that and the ecosystem of our partners has really given us the visibility, not just in 800 Gb, but even if you look beyond that and start to look at 1.6 Tb. Okay, last question for me would be around this customization capability. Is this hardware customization? Is it like fast design customization, or is it all in the software domain? I think we're used to software being customized on top of, you know, standardized hardware, and so is this a change? And then maybe just to stretch that out a little bit, I mean, we're seeing a lot of proprietary silicon. I mean, Amazon just announced Graviton4 and Trainium2, and it seems like large companies are increasingly putting out their own silicon. And so is there a change in the market that advantages Celestica in these sort of situations where you can fast customize? And I'll pass the line. Yeah. Yeah. Hey, Rob, it's Gavin again. I think a couple of things. One is, from an investment standpoint, we're investing more in terms of a portfolio solution. So if you actually look at the capabilities we had on 800 gig, we actually had our own individual solution up and running prior to any Hyperscaler solution on 800 gig. And so what that really does is it gives us an advantage in terms of we can prove out technologies, prove out the ability and manufacturability of that product, and then drive to those customized solutions and make the tweaks. So it gives us the insights early on. So it actually is both hardware as well as coupled with some of the firmware pieces on top. Mm-hmm, Steve. Rob, this is Steve. I think one of the things that our customers put a high value on is first, the collaboration and the track record that we've established with our customers in working closely together to develop these new technologies, but also the continuity that exists in our products from one design to the next, which allows them to integrate these solutions much more quickly, as well as the stability from concept to completion of these designs, allows them to work alongside our teams in developing a complete solution for their data centers. Okay, thank you. Thanks, Rob. Thank you. Your next question is from Matthew Meteshansky from RBC Capital Markets. Please ask your question. Yeah, I just wanted to touch on the Hyperscaler business. Are you seeing anything that concerns or might concern you in the medium to long term in terms of either, and you touched on a bit, but the greater usage of InfiniBand compared to Ethernet, or maybe a shift of networking architecture away from white box switches, or maybe even just a digestion period for Hyperscalers because of overbuilding? I guess, is there any trend or anything that you're worried about that might cause the Hyperscaler business to be impacted in the medium to long term? Hi, this is Steve. I'll, I'll start off on this one, and then maybe Gavin can talk to some of the technology specifics. But in terms of trends and indications that we see from our customers, we continue to see them projecting very strong demand, and we can validate that somewhat from looking at investments they're making in other areas of the data center and the infrastructure that they're investing in. The challenges that we may have in the shorter term to midterm is really, do we have the supply that's necessary to fulfill that demand? And we continue to work with our customers on solutions there to ensure that supply exists. And Gavin? I would say, just from a technical point of view, I think InfiniBand had some very specific purposes early on with silicon, particularly related to latency. I think what you're seeing is Ethernet has come overcome that over a period of time. So what you're seeing in terms of the Ultra Ethernet Consortium and other things is those are coming together now and really forming a broader group that's highly invested in Ethernet over the long haul. So that, coupled with the proprietary silicon coming out right now, is providing a real opportunity for Celestica to leverage that in terms of the ramp. There'll be a place for both in the short term, and then I really think over the long term, you'll see Ethernet really play out. Maybe just, you talked a lot about the competitive advantage that Celestica has in, you know, across servers and storage and networking. Obviously, the competitors aren't standing still either. I'm just curious how you think about their ability to catch up. Is it that, you know, you see your capabilities far enough ahead, where you don't worry about that, or where your incumbency and your customers is overcoming that? Curious how you think about the competitive standing. Hey, Matt, and this is Jason, and I'll start, and then I'll turn it over to Steve. First, we're seeing ourselves compete more and more against the ODMs, the ODM competitive landscape. And, you know, over time, we've been competing with the ODMs in very specific areas where we're strategically focused with success. And that stems from one, the higher-end technologies and capabilities, such as AI/ ML, as well as networking. That's an area of differentiation for us, and there are two industry-leading positions that we've been working in for many years now. Secondly, we talked about the ability to customize, and it's easy to say, but the depth and the capability that goes into customizing these platforms for the specific architectures is very complex, and that's an area where we're well suited to make changes quickly and get to market quickly. Then the third area, I think, of competitive advantage is really around the area of our network, both from a manufacturing and an engineering perspective. Over the last few years, we've been making significant investments, expanding our network. We now have six engineering nodes across the globe. We've been making significant investments in expanding our locations in Thailand, Southeast Asia. You've heard of Richardson, Texas. And we've been really building resilient supply chains that we believe provides competitive advantage for our customers. Yes, just, with maybe a little bit more color around the, the customer side of this and, and their perception of us. So certainly, they value the strong execution, the demonstrated capabilities that we have, both in terms of design and production, as well as the strong, relationships that we've built across the ecosystem with the key technology providers, giving us early access to, components and engineering support, as they recognize we are a leader in this space, and they know that we're innovating on behalf of our key customers. Great. Maybe just final one for me, just focusing more on the near term. Just very recently, several competitors have seen a broad-based softening of demand. Now, you're in different end markets than some of your peers, and also, you obviously just reaffirmed your 2023 guidance, increased 2024 guidance. So maybe that answers my question, but I'm wondering if you can comment on whether you're hearing of any recent weakness or softness in your end markets. Hi, Matt, it's Rob. Yeah, in terms of Celestica performance, it really comes down to our end market exposure. You know, as you might know, we have very little minimal exposure to consumer end markets. Where we are seeing some slowdown is in our core industrial markets, but that's being more than offset in ramping programs in green energy. And as Jason and the team mentioned, our position with a Hyperscaler is, is unique among our EMS peers. We have some very strong growth with this customer class, and especially with AI-related products. So I think that's a true differentiator, you know, across the board in terms of our performance versus EMS peers. Great. Thanks. I'll pass the line. Thank you. Your next question is from Daniel Chan, from TD Cowen. Please ask your question. Hi, good afternoon. Thank you for doing this, guys. It's very helpful. I believe some of your Hyperscaler customers have mentioned that they're thinking about changing their allocation of networking suppliers. Just wondering if you could provide any color on whether your discussions with them have indicated that you'd see a benefit to that, especially as you go through the 800 Gb upgrade cycle. Hey, Dan, this is Steve. Just some thoughts on that. So what we have established with many of our customers is the ability or the priority on new products. So a lot of the new products are being developed with us, regardless of the silicon or some of the other underlying technologies. So we're working closely with them from the design through the NPI and launch into production. In some cases, we're seeing additional sources for silicon and other technologies added at a later date. But we've established that position of being first or being on the front end of these new technologies and helping them with the decisions and trade-offs, looking at alternate sources. Thanks, and also, do you get any sense that you're gaining wallet share with these customers? ... Yeah, for sure. As Jason mentioned earlier, we think that we have been able to take some significant share from the ODMs, largely based on the flexibility of our engagement models and the leadership position that we've discussed. And we think that you know, among our peers, we still are performing very well, and we have that that benefit of that incumbency that makes it easier to launch the next platform with us. Okay, that's helpful. You guys highlighted all the verticals that you guys participate in. What's your willingness to expand into other verticals? And if so, what would be interesting to you? Yeah, in terms of end market verticals, one of the areas that we're very keenly on focusing into is our services business. We've been investing in people, processes, and capabilities in order to expand our services business. The other thing that we're looking at doing is to expand our product portfolios and take our products to new sales channels and new customers. And that's something that we're just started to do and will be expanding into 2024 and beyond. And Jason, do you have anything else to add as well? Sure. Hey, Dan. Yeah, so in the CCS Space, one of the areas that we believe offers some significant growth opportunity would be the broader enterprise market. It's one of the bigger, the biggest markets, frankly, that we participate in. And if you take the Hyperscaler value proposition that's been very successful, combined with our OEM value proposition that's been successful, and you tailor that to the market, in particular, specific verticals like oil and gas, retail, to name a few, we believe there's significant opportunity, and we've been building a go-to-market engine to do that, and we've been making investments specifically in our Hardware Platforms portfolio that are specifically aimed at that market. That's helpful. Thank you. Your mid to longer term growth, just want to clarify, is that all organic, or are you building any acquisition assumptions into that? No, it's all organic on the top line, Dan. And, it's also—and when you look at EPS, it's not making any assumptions on any material level of buybacks, and we think we can do it with profitability growth. Great. Thank you. I'll pass it on. Thanks, Dan. Thank you. Your next question is from Thanos Moschopoulos from BMO Capital Markets. Please ask your question. Hi, good afternoon. Jason, could you speak to how much more opportunity there is for market share gains among your key existing Hyperscaler customers? So for any specific categories, are you getting to a point within the customer where they might start to cap you in terms of how much share they're willing to allocate, or is that not really the dynamic? Or maybe to put it a different way, is, you know, within those customers, where would be the opportunity for incremental share gains from here? Hey, Thanos. Yeah, I'll, I'll start, and then I'll pass it over to, to Steve. Yeah, I feel, I feel good about the opportunity to continue to grow on the share side. So we've been very much focused on diversification, and I'm pleased with the diversification in our Hyperscaler portfolio at a technology level. So where we may have engagements in networking, and we've been able to get in on the AI/ ML compute side or vice versa. I'm also pleased with the diversification that's been happening at a solution level, and, and what I mean by that is from system solutions to rack solutions to aftermarket services, IT asset disposition types of engagements. So within, I believe we still have yeah, I'm pleased with the diversification. I think we have more opportunity there. Maybe with that, I'll pass it to Steve. Yeah. This is Steve. I think that, there's a couple different ways that we can continue to grow, and our strategy has always been to leverage the scale and the investments that we've made down market and, broaden out, the addressable market that we see. But it's also, you know, to grow by providing more value to our existing customers and, broadening the offering, that we have with them and leveraging the, access and the insights we have, to understand their needs. As well as, moving into adjacent space, essentially replicating the success that we've had with Hyperscalers, down market and, and finding those, places where, there's a high value on the products and the solutions that we deliver. Great. And then regarding HPS, my understanding is that a lot of the growth in compute this year has been non-HPS. Maybe it's a moot point because I believe your AI/ ML compute business has HPS-like margins. But as we look out over the next year or two, do you see HPS becoming a bigger part of compute going forward, or is there a different dynamic in AI/ ML such that that won't be the case? Hey, Thanos, Jason again, and then I'll turn it over to Steve. Has any other color? Yeah, so on the AI/ ML compute side, a larger portion today is what we would describe as high-value EMS. And as we look forward, we see the concentration of that business on the HPS side increasing. That being said, the high-value EMS side has a lot of specific engineering capabilities, requirement, and some design content that makes it significantly, I'd say, differentiating. Mm-hmm. Yeah, this is Steve, and I would just add to that, that it's a migration that we've seen in the past, moving from EMS, albeit a high-value EMS-type engagement, to an increasing or increasing the level of contribution we have from an engineering and design perspective. And we see some of that occurring with our AI/ML compute products already, where we're doing some of the routine design work and some of the subsystem assemblies that are being designed by us for integration into these solutions. ... Great. Last one for me. Can you remind us what the typical design life cycle is for a Hyperscaler program? And is that getting any shorter, just given all the, you know, technical evolution that's going on currently, or is that holding steady? Yeah. So this is Gavin. So you typically have seen it anywhere between 18 months to 24 months, depending on the program. But what we are seeing is some early investments. If you look at investments we're making up front in the functional areas, where you're potentially leveraging AI in schematics design, thermal management, some of the early coding, we do see that potential to accelerate that development life cycle, but I would expect to see it remain kind of in the 15- to 24-month time frame. Great. I'll pass the line. Thanks. Thanks, Thanos. Thank you. Your next question is from Todd Coupland from CIBC. Please ask your question. Great. Good afternoon, everyone, and thanks for all the color this afternoon. I had a few questions. I first wanted to start with 2024 visibility. In the past, you've talked about not having great visibility to the second half of 2024, and I'm just wondering if you can provide an update to that. Hi, Todd. Nice to talk to you. Mandeep here. So we're seeing a dynamic that really started about two years ago, largely continuing right now. Our visibility in ATS has always been a little bit longer, as you know, with the supply chain constraints. It has also extended that window where we've had to get in line with the supply base. Although lead times have started to come down on the material supply side, we're seeing similar dynamics with our customer base on being able to look out up to a year or so. And so we do believe that we have a better level of visibility today than we did, you know, a few years ago. On the CCS side, as Gavin just talked about it, and with the design cycle that's involved in a lot of the HPS products that we're building, it does naturally give us a better window into forward demand than outside of our HPS programs. And so where we're seeing a lot of the wins in the 800 Gb market being HPS type programs, it gives us, again, good visibility for 2024, but even moving into 2025 as well. So, we do feel like we have a good level of visibility, and of course, as we go through the year, it does improve as well, and so we'll be looking to give updates each quarter. Great. And you talk a lot about leverage to proprietary compute. Are there any key milestones with Hyperscalers, which potentially could gate you in terms of hitting your outlook for next year on the proprietary compute side? Hi, this is Steve, Todd. As I mentioned earlier, we see the strong demand, but one of the challenges that we will have is ensuring that we have supply to match that demand. So we're working closely with our customers and developing strategies across the supply chain to ensure that we have sufficient supply of components and silicon to meet their demand. But that's probably the area that we see as the challenge. The one thing I would just add to that, Todd, is that we've taken that into account in our outlook. It is an area that we are actively working with our customer base on to manage gates around silicon. The demand outlook from our customers is actually quite strong, but we've taken into account the inevitable challenges around supply chain. At this point, is there any more critical period that you can see into 2024, first half, second half, or is this an ongoing issue throughout the year? Potential issue throughout the year. Yeah. Yeah, this is Steve again. I would say it's gonna persist throughout the year. You know, we'll monitor it as we go. Yeah. Okay. And then I just wanted to step back. Your TAM outlooks were interesting from the Gen AI perspective. However, you know, NVIDIA is now calling for a TAM expansion beyond Hyperscalers to governments and enterprise globally, you know, building these Gen AI factories, if you will. What are your thoughts on that? And, you know, your business right now is being driven by a handful of Hyperscalers, but do you see these data center build outs happening with governments and enterprise over the next year or two? Just talk a little bit about TAM expansion. Thanks a lot. Yeah. Hey, this is Gavin. Certainly expect to see the proliferation of software programs and applications taking advantage of the AI compute capabilities. So I certainly would expect to see compute shift to enable those workloads. So you'll see some that shifts out to enterprises or governments, shifting out to the edge. And then you'll see others really remain and drive toward the centralized data centers, which is beneficial to the Hyperscalers. But I think in terms of overall TAM growth, you will absolutely see that growth in the market. And there's an opportunity, I think, both on the protect proprietary compute as well as what you're seeing with NVIDIA, as well as other providers of silicon solutions and MCPs. Yeah. And is that something that's deep in the Celestica pipeline, or is that still has to be built up, and so it's a little ways down the road? Yeah. This is Gavin. Certainly from the capabilities of the team and the ability to access and drive the solutions, we have that capability now. It's a matter of making sure that we're partnering into the markets and partnering into the, our customers, both the Hyperscalers as well as the broader market, and really prioritizing those solutions. Jason? ... Hey, Todd. And I referenced earlier this broader enterprise market that we've been looking at. To Gavin's point, that's exactly one of the areas and opportunities that we see in terms of developing our own AI-based platform. And the key there is gonna be exactly, you know, what that platform looks like, features, functions, et cetera. And we've been looking at that now, and it's an opportunity that we're gonna continue to pursue. Great. Last question for me is on Celestica manufacturing capacity with this gen AI uptick. Just talk about what you have in place and what's required to hit the plans you put out today. Thanks a lot. Hey, Todd. Yes, as I mentioned earlier, we do have expansions, many expansions underway. In Thailand, we have multiple expansions underway. One that's coming online shortly, one that'll be coming online next year, and that's largely to support AI-related demand. We also have an expansion that we started several quarters ago in Malaysia, and that's coming out in the first quarter of next year. And that is also to support very, very strong growth. Last year, we also announced the opening of our Richardson, Texas facility, and that facility is largely focused on CCS customers, even though it does also focus on some ATS. And there, we're very close to our customers' design centers. We're very good there at AI rack integration and full solutions for our customers for the last mile. So we think right now we've made the right choices and the right investments to support our customers' demand now for the next several years. That's all for me. Thanks a lot. Thank you. Thank you. Your next question is from Matt Sheerin from Stifel. Please ask your question. Yes, hi, and good afternoon, everyone. Another question on CCS, but I wanted to talk about the OEM business. It's still close to a $2 billion business, and Jason, you touched upon this a little bit in some of your answers to other questions. But it doesn't look like that business has grown much, and you... I know you're guiding a double-digit growth in CCS next year. What does that contemplate for the OEM segment? And I know you've also been through a big pruning process in that business, disengaging some large OEM customers. So what's left of that business, and what's the growth strategy there within the OEM business? Hey, Matt, this is Jason. Yeah, we have a very healthy OEM portfolio, and the pruning's done; they're strategic engagements. And, you know, the OEMs of the past were focused on high levels of customization in the hardware, and that pendulum has swung over to the Hyperscalers. And now the OEMs, as of late, are more open to embracing readily available Hardware Platforms, and that is a big area of opportunity for us that we're very much focused on to drive growth in that segment. And also leveraging, you know, a value proposition that has been successful with what I'd call Tier 1 OEMs into the Tier 2 and the Tier 3 Space. So it's very much an area that is on our radar. We're focused on it, and we're organizing around it. The thing I'd add to that, Matt, it's Mandeep here, is, you know, we do see growth with the enterprise customers, the OEMs over the three-year period. And it's important to understand that some of these OEM customers are selling directly into the data centers and into our Hyperscaler customers as well. And so a lot of the products that we are providing, even if it is either an EMS solution or an HPS solution, ultimately are being pulled through by the same growth drivers that are driving our Hyperscalers directly. Yeah, that's interesting. Are there any potential conflicts in terms of you selling to Hyperscalers and in a sense competing or maybe working with your OEM partners? Hey, Matt. Yeah, I would say at the end of the day, we're gonna remain focused on where our customers need us and the solutions that they need. So as long as as that remains our guiding light, I think, I think we'll be okay. Okay, great. And then, Mandeep, a question on the balance sheet and cash flows, going forward. As you think about that hyperscale business representing a larger portion of both revenue, but also a profitability, and how does that impact your cash cycle days, your inventory, free cash flow, particularly given that I would imagine that the very high-priced components are gonna be recognized on a consigned level, so you're not gonna actually have to flow that through your balance sheet. So could you talk about any changes expected there? Yeah. So overall, the performance on the Hyperscaler accounts go beyond the P&L. It's a very strong return on invested capital set of customers, and we manage the working capital very closely. The cash cycle days are actually slightly better than the corporate average, and it's really because of a collaborative relationship we have with the customers. They recognize that we do sometimes need to bring in some expensive inventory with long lead times, but they're very comfortable also working with us to help fund that sometimes. And as you know, Matt, I think we have almost $850 million of deposits on our balance sheet. A lot of those have been funded directly by the Hyperscalers. And so on a net basis, we think that the investment is manageable, and again, the ROIC is strong. From a free cash flow perspective, you know, we continue to believe that there's a strong opportunity in front of us. We're pleased that we've been generating positive free cash flow every quarter for almost five years now. We're targeting, as you know, $150 million this year, or potentially even more. We've raised that number to $175 million next year and even $200 million the year after that. We think that as we're growing, despite the investments that we're making in working capital, that we still have an opportunity on the conversion ratio, and we can still generate more cash than we're even doing today. Got it. Okay. Thank you very much. Thanks a lot, Matt. Ask for the form to update your beneficiary. Thank you. There are no further questions at this time. I will now hand the call back to Rob Mionis. Please go ahead. Thank you all for joining today. We're really excited about the opportunity in front of us. We have a diverse portfolio, and that is ideally suited for the environment that we see ahead. We look forward to updating you early next year on our year-end results. If we don't talk until then, happy holidays to you and your families, and best to all. Thank you, ladies, and gentlemen. The conference has now ended. Thank you all for joining. You may all disconnect.