Thank you. Hello, everyone. Welcome to Compal's Q4 2024 results call. I'm UBS analyst Grace Chen. It is our pleasure to invite the top management of Compal to join today's call, including Compal CEO Mr. Anthony Bonadero and CFO Mr. Jack Wang, IR Director Ms. Tina Chang. Today's event agenda is we will first invite Tina to provide Q4 2024 financial review and earnings distribution, and then we'll invite the CEO, Tony, to give us the update of business outlook of Compal. Lastly, we'll have a Q&A session. Now let's welcome Tina. Tina, welcome. Please share with us about Compal's Q4 financial performance. Thank you, Grace. Thank you everyone joining today's call. This is Compal IR, Tina. Before I move to the financial presentation, please help us to look at the presentation page two, the Safe Harbor notice for today's call. Please read notice. Okay, then let's move to the presentation, page five. Okay, firstly, for the product mix, Compal Q4 revenue was TWD 229.2 billion. We stayed at a similar product mix as the Q3. We have a 77% of revenue contribution by Notebook PC and a 23% from the non-PC. Next page. The 2024 yearly revenue was TWD 910.3 billion, a slight contraction about 4% year-over-year due to the company's strategic business adjustment focusing on profitability. We see the revenue mix for PC, non-PC was 75% and 25% for 2024. On page seven is for the Q4 income statement. Given the company's continued efforts on the product portfolio and the efficiency enhancement, Q4 gross margin stayed at a high level at 5%. Due to the seasonal effect on the increased operating expenses in Q4, operating margin decreased sequentially to 1.4%. Q4 net profit of TWD 1.9 billion, EPS TWD 0.44, down 42% sequentially, but still up 8% year-over-year. Next page. On the full year, despite the top line have a contraction, but the company's implementation of the profit enhancement leave the yearly gross margin at 5%, OP margin at 1.6%, and the net margin at 1.1%. It's all improved year- over- year. The 2024 net profit of NT$ 10 billion and EPS of NT$ 2.3 is also increased by 31% compared to a year ago. For this page is on the non-operating breakdown. Overall on the Q4 non-ops side, we are largely breakeven. We have the investment gains and also the other income, but largely offset by the interest expenses and some small Forex losses. However, for the full year, we still managed to recognize NT$ 506 million non-op gains compared to the losses a year ago. Okay. Next page, this is on the balance sheet. At the end of 2024, the total cash were TWD 78.9 billion, stayed at a healthy level and accounts for 17% of the company total assets. For the working capital, the company managed a stable CCC cash conversion cycle at 49 days. Furthermore, with the improvement of the cash flow, the company's liability ratio further reduced to 66% compared to 70% a year ago, and the book value per share increased to $32.3 at the end of 2024. Okay. Next page is a summary of the yearly financial highlights. As you can see on the gross profit, operating profit, and the net profit is all on the upward trend for the past two years. On the balance sheet side, we managed to deliver the stable current ratio, reduce the liability ratio, and improve the cash conversion cycle days as well as the book value per share. Okay, now let's move on to page 14, so on the cash dividend. Today, Compal board meeting also approved the earnings distribution for 2024. 2024 cash dividend will be NT$ 1.4 per share, representing 61% payout ratio. Overall, the actual payment date will be in April. Okay. That's the presentation for the financial result. Let me hand over to CEO Tony for the business update. Tony, please. Hi. Thank you for joining, everybody. We continue to invest in our server business, showcasing new server solutions at OCP and SC24. Working with NVIDIA currently right now only on MGX platforms at this time, AMD and in several areas of what we call rest of rack solutions. Liquid cooling and other areas that we're looking at to invest in. We're working with Viasat and others on satellite solutions and satellite IoT applications. Investing in our automotive business as that industry is rapidly evolving into, you know, software-defined platforms and the development time of those automobiles are shrinking. You know, really developing our medical and biotech strategy. Ruifang Medical and Long-Term Care Facility really serves an underserved area, and we continue to build out what the longer-term med tech strategy looks like. We've had tremendous ESG achievements in 2024. Last year, we joined the RE100, targeting 100% renewable energy by 2050, and we achieved a very high rate last year, 49.1%. We also officially verified by the SBTi committing to achieve net zero emissions. That was achieved last year. On social, continue to promote gender equality and diversity with female employees and managers increasing to 38.4% and 30.5% respectively in 2024. Continue to focus on talent development, retention, training. In 2024, we had a surprisingly high rate of retention for key positions, reached 94%. In 2024, over NT$45 million was donated for social participation, focusing on vulnerable assistance in healthcare, education, and tech innovation. In terms of governance, we continue to expand the structure of our board with diversity, increasing independence and diversity of the board of directors in 2024. Commissioned professional third party to conduct external performance evaluations of the board of directors since 2023, and that is ongoing. Enhancing global ESG recognition. These are incredibly important areas for our customers and also for us. Just some more ESG initiatives and some of the recognition. Joined RE100 member, as I mentioned. One area that we pay particular attention to is the S&P Global. We joined the Sustainability Yearbook 2025, and since 2022, we went from a score of 38 to last year a score of 84, and we'll continue to focus on that area. Very, very comprehensive benchmark for ESG and CSR in the industry. I'll continue with a few comments on just the business outlook. In Q1, we expect PC units to decline high single-digit quarter-over-quarter. Basically seasonality, we see that every year pretty much in Q1. While our smart device performance a bit better in Q1, mainly driven by smartphone and 5G ramps, and we will see a quarter-over-quarter growth in our server and automotive business. Full year-wise, you know, we see several tailwinds, but also headwinds and uncertainties from geopolitical risk, tariff impact, uncertain consumer demand, and competition. Closely monitoring these risks. On notebooks, you know, we remain relatively positive on PC growth, mid to high single-digit growth. We see a bunch of drivers of that this year. Hopefully, they come to fruition. You know, we have no major announcement on server, but we expect to make significant progress in 2025 with high double-digit revenue growth. I think there always remains a lot of uncertainty with trade and geopolitical challenges and uncertainty, and we are proactively following all of these, consulting with our customers, our partners, also working with third-party advisors in that regard. Got it. Thank you. Okay. Thank you. Thank you very much, Tony and Tina. Now let's start the Q&A session. Max, who is our operator today, would you please let us know the instructions for the Q&A session? Thank you. Yeah. Thank you. Okay. We'll now begin the Q&A. If you wish to ask a question, please press the Raise Hand button, wait for your name to be announced, and unmute yourself to proceed with the question. Back to you, Grace. Thank you. While we're waiting for the questions from the audience, please allow me to kick off with a few questions. First, Tony, Compal is one of the leading notebook OEMs globally. Would you please share with us your view for the notebook demand outlook for the year? You touched a little bit just now, but could you elaborate a little bit more? Thank you. Sure. Yeah. Again, we see we're remaining pretty positive on the growth this year. You know, last year, total PC was relatively flattish, 1% year-over-year growth. Notebook up about 3.2%. We believe this year it's mid to high single-digit growth. That, you know, there may be some upside to those numbers if there are such tariffs applied in Mexico at 25%, which will impact a lot of desktop demand that could actually be positive for notebooks. We see the drivers right now that are in sight as finally the realization of some of the commercial refresh that we've all been waiting for. It's been a very condensed cycle. The refresh from Windows 7 to Windows 10, very complicated, took about 18 months to 24 months, as there were very different operating systems and image builds for commercial customers. Windows 10 to 11, not so much. Customers waiting to decide, do I need an AI PC? Do I not? Waiting for some of the latest AI PCs to come out and CPUs to come out. They are here now. We expect to see that happening. We also believe, you know, AI PCs in general this year will gain more traction. Gaming will be a driver. There's corporate Chromebook refresh from all of those Chromebooks that were deployed during the COVID years, are now coming up for refresh. Got it. Regarding AI PC, it was such a big topic last year, especially in Computex. Could you talk about the potential area of changes in terms of AI PC this year versus last year, for example, in terms of features, applications, or pricing? Thank you. Yeah. I think this year we'll see, you know, if AI PC is, it's an elusive definition, right? People have different definitions of what an AI PC is. Some people consider it a Copilot+ PC. We do not. We consider it a PC that has enough horsepower to run AI applications. We think that AI applications are and will be more rapidly available and developed both by commercial customers internal to their businesses as well as off-the-shelf products and in more abundance. You know, what we saw really from the DeepSeek announcement was more private deployment, more competition, more applications being run. Again, I think part of the corporate refresh, and even with consumers waiting for the right silicon, which I think we have really good silicon solutions now from all of the current participants there, Intel, AMD, Qualcomm. You know, we expect to see a lot of traction with that and a lot of application driving that adoption this year. Yeah. How about pricing? Last year was the premium segment. Are you going to see a broadening in terms of product portfolio this year? We think that it will reach more affordable price points for AI PC, but again, to have the right compute power to do, you know, AI at the edge on the PC and truly be an AI PC, it has to have certain features that will of course drive the ASP. We won't see some $500 AI PCs, probably not possible, but we'll see probably more affordable offerings this year of PCs that are capable of running AI applications. Got it. All right. In terms of, again, following the AI PC questions, first on brand names level, how do you see the PC brands can differentiate themselves among the AI PCs? On the ODM side, how does Compal plan or what's Compal strategy in terms of differentiation, in terms of AI PC? Yeah. We think that the differentiation for us remains like old-fashioned differentiation, right? Build the best quality PCs, really good research and development, and work with our silicon partners very closely and Microsoft or Copilot+ very closely to make sure they're all fine-tuned. I think what we see with some of the OEM offerings is each OEM doing their own applications, their own AI applications that are included with the shipment of the products, and each one kind of investing in different areas. Thank you. Let me take a pause here to see if there are any questions from the audience. Operator, could you help us check if there are questions from the audience? Yeah. Thank you. We have one question. The first question is from Doris. Doris, please. Hi. Thank you. Thank you. This is BofA, Doris Kao. Thank you for taking my questions. My first question is more housekeeping part. Tina, would you mind to remind me again, what's the key reason for the higher OpEx in first quarter, please? Sure. Thank you, Doris. Doris, if you look at the OpEx in Q4, the total number is TWD 8.3 billion. If you look at the breakdown on the TWD 8.3 billion, it is that we have about like a TWD 5.3 billion from the R&D expenses, and about TWD 3 billion, which is on the marketing and on the admin. Then if you compare quarter-over-quarter and the year-over-year, the major increase actually come from the R&D side. Back to your question is that why is the higher OpEx in Q4? Definitely one thing is the seasonality. If you look at it historically, usually Q4, you know, we have a higher OpEx, right? It's the seasonal. Mm-hmm. I see. Of course, the second reason is that because of our data business on AI, right? It reflects our investment on the new business. Yeah. I see. Thank you. Thank you. My second question is about the server side. As we will see more significant progress this year, would management team mind to share with us your progress, especially on the AI server side? Also we all know that AMD just bought the ZT Systems and then may sell the hardware facility out externally. Is there any? Do we consider to buy the hardware facility from AMD to further enhance our capability in the server area? Thank you. Yeah. As I mentioned, you know, earlier, we continue to work with NVIDIA, right, currently right now on MGX platforms only, and continuing to work with them on enabling us in other areas with AMD and other kind of rest of rack areas. No announcements today, but we do expect to see double-digit revenue growth, high double-digit revenue growth this year. You know, some of the server initiatives take some time, and nothing to announce today to detail out any of that stuff. In terms of ZT, we read the same articles that you did, and we have no comment on any of that at this time. Thank you. My last question would be more on the CapEx side. As we all know that tariff remains the uncertain part for all the supply chain. Would that impact your CapEx budget this year? And then, would you mind to share the global capacity allocation at the moment and your plan onwards? Thank you. Tony, probably firstly I give the number first. Sure. For the CapEx number, last year Compal CapEx number is NT$7 billion, and the plan for the 2025, the CapEx plan is close to NT$10 billion. This is our CapEx budget. Tony probably you can elaborate more, like what's our allocation. Yeah. You know, we continue to follow this very closely. The new administration, the new president of the United States keeps us very on our toes. We have to constantly monitor new announcements. Of course, the initial announcement of 10% tariffs on everything, country of origin out of China has created you know, a little bit of making sure that we have facilities and other capacity in other locations. Our split right now is about 65% China, 35% rest of the world. You know, we have facilities in eight different countries, but the major facilities really being in China and Vietnam. China is still a critical partner and manufacturing base for us. We continue to monitor, you know, the new talk from the Trump administration about reciprocal tariffs and what potential impacts, what countries may be potentially impacted by that. We continue to monitor where we need to adjust capacity to accommodate our customers. Thank you very much. I will go back to the queue. Thanks, Doris. Okay. Thank you. Thank you. Operator, do we have the next queue? I said there are no more live questions on the queue. Thank you. Oh, I see, Claire is raising her hand. Okay. Sure. Just a reminder. Oh, sorry. Claire just raised her hand. Yeah. Claire, please. Claire, please. Can you hear me? Hello? Yes. Yes. Okay. Hi, Claire. I have a question regarding your cash dividend. Since you mentioned that you increased your CapEx this year, is that why your cash dividend payout ratio is lower than the average of the past three years? That's my first question. Yeah. Okay. Claire, back to your question on the cash dividend. I think Compal's policy on the cash dividends is that actually we promise, like over 60% payout ratio to the shareholder, right? If you look at our presentation, like if you look back the past, like 8 years to 10 years, you can see that Compal quite consistently payout ratio to keep over 60%. Of course, you're going to see some fluctuation like from 60% to 70%. That would be depends on like every year our plan on overall the working capital needs and the CapEx needs, and the board members will be make the judgment on the final decision. That's give us an extra color on the dividend. Okay. My second question is, can you elaborate more on your CapEx allocation? We would like to know the NT$10 billion allocation of CapEx in like you're gonna invest in what country or in which area, like server or AI-related projects? Want to. I mean the CapEx will be spent for, you know, clearly to look at capacity in other areas outside of China based on tariffs that are happening today. As we mentioned many times in the past, we are investing in the server business. There will be a substantial amount of CapEx put towards our server business and expanding our capabilities there. In terms of where that money is being spent, we're still evaluating. On the server side, we're still evaluating that. You know, increasingly it looks like the need for U.S. facilities is absolutely a must given the geopolitical uncertainty and a lot of the tariffs. We continue to evaluate that, working with several third parties to evaluate where potentially in the U.S. we would go. In terms of on the PC and core business side, you know, we do continue to invest in China. We have automation, digitalization, AI rollouts in factories in China, but also in creating additional capacity in Vietnam and some other areas that we have factories. Claire, this is Tina. I give you some numbers as a reference. Actually, if you look at last year, TWD 7 billion, the CapEx. We have about maintenance CapEx is about TWD 4 billion. Then we have another TWD 1 billion is for the global operation, capacity expansion. Then we have another TWD 2 billion is on the Taiwan investment, so including the headquarters. That's the overall, the breakdown for how is the TWD 7 billion for last year. This year, TWD 10 billion, so is a TWD 3 billion additional. Those are the TWD 3 billion additionals are mainly for the overseas and as well as the Taiwan investment over the expansion. Okay, thank you. Thank you. Thank you, Claire. Thank you. I see that there is no more live questions in the queue. Back to you, Grace. Yeah, sure. We just talked about the CapEx and also evaluation of investments in the server business. I'm interested in Tony's view about the potential impact, like people are all talking about DeepSeek, and whether that's an opportunity for Compal. Thank you. The DeepSeek announcement in general, I'd say really increased opportunity for competition, right? It was a kind of a shocking moment for everybody to say, "Oh, wow, wait a minute." You know, we think that the DeepSeek announcement increases private deployment competition, really enabled by the DeepSeek R1 model. We don't think it has much of a change on data center build-out or investment in compute. You know, despite efficiency improvements, the paradigm shift to reasoning, modeling, and inferencing will boost usage and compute need. We've started seeing with the recent announcements and earnings announcements and CapEx forecasts from, you know, Google and Microsoft and Amazon, very bullish. Nothing really changed in that regard. That really leads us to say, you know, that we continue to see significant growth in both accelerated servers of calendar annualized growth rate 24% to 28%, 19%, 6% on general purpose servers. We don't see that that's slowing down anything. We continue to see servers as a big opportunity for us long term. Short term. Yeah. How do you differentiate the opportunities from general servers and generative AI servers? Do you see both of them will grow at the same time? Because one argument is that the application of AI servers actually will stimulate more demand for general servers. The other counterargument is because of budget squeeze, because they allocate more budget to AI servers, that will squeeze the budget for general servers, so we see the depreciation cycle for general servers getting longer. Yeah. How do you see the dynamic changes between the two? Thank you. Yeah, we see both growing. Accelerated server volume is expected to grow about three times faster than general purpose server, driven by continuous growth in training and proliferation of inference supported by continuous investments from hyperscalers and others, right? You saw the Stargate announcement in the U.S., SoftBank, Oracle, OpenAI. Just there seems to be, you know, just an insatiable demand. Although accelerated servers will constitute about 20% of shipments, they're expected to represent about 60% of the total server revenue. We continue to see from a unit basis 19% to 20% growth from calendar annualized growth rate from 2024 to 2028, and general purpose servers around 6%. From a unit basis, slower growth on general purpose. From a server spend perspective, again, 20% of the servers will be accelerated during that time period, of AI servers, but representing about 60% of the total server spend. General purpose servers over that same time frame, the spend on those will increase about 11%. We continue to see positive growth for both. Thank you for sharing the numbers with us. I'm just curious. Are there any higher entry barriers into AI servers or it's about the same? Like, it definitely is more complicated for AI servers, so we are seeing supply chain have some. Sure. Issues right now. You already have challenges in various kind of components. In terms of Compal, would you, like, focus on general server opportunities first, and then we'll get into AI servers? How do you see this going forward? Yeah. I think there's a, you know, I think from a general server perspective. Mm-hmm. ... it's a capability that I'd say many or most ODMs have today. It's a much easier, still not easy, but much easier than accelerated AI servers. Those accelerated AI servers are getting increasingly complicated and increasingly complex in the rack development, the solutions. As the industry transitions away from the kind of last generation of air-cooled AI servers and into liquid cooling, it gets more complicated. Not just for us, the ODMs, it gets complicated for customers, their data centers, you know, reconfiguring everything with chillers and things like that. Very complicated. Our efforts are on both but b ecause we know how to do general purpose servers, we're making, you know, much more focus and investment on the right resources and capabilities for the AI servers. Yeah, sure. Let me move on to the non-PC side, 'cause we also do a lot of consumer electronics products like handsets and wearables. Would you give us some updates on these non-PC products as well? Thank you. Yeah, sure. You know, our core business, you know, is generally viewed as notebooks. We view our core business as kind of PCs, notebooks, tablets, phones, wearables, right? That's kind of our core business today as we look to grow the adjacencies, automotive, 5G, and others. You know, we continue to have a strong development team and business in handsets, you know, phone and 5G modules and also in tablet as well. Okay. Got it. Let me take a pause. Hi, Max. Do we have any questions from the audience? Yes, we have next question from Angela. Angela, please. Hi. This is Angela. Thanks for taking my question. One follow-up question is for the non-PC side. We know that Tina Chen just said that we have 25% of total revenue for last year of the total non-PC segment. I remember that before we say that 1/3 for each, like the EMS and the consumer products like the smart devices and also some value-added products, including server. Could you help us to break it down for last year? How about the outlook for each segment, I mean this year? Can you share with us about your growth, like, expectation, and how can we expect for the total revenue contribution from the non-PC side this year? Thanks. That's my first question. Yeah, sure. Right. If you look at last year, 25% on the non-PC, I would say, you know, because the company strategically we're saying that we're doing the transition, right? We let go some of the low-margin EMS business, right? Right now, if you look at the EMS business contribution, actually already very low, right? It's only at a single-digit level. Then, if you deduct that, the EMS business, and then what we have is non-PC side roughly can split into half and half. Half of that is our consumer electronics business, just like Tony mentioned about, like smartphone, the 5G, and also the wearable that we have. Okay. The rest of the other half of that actually is the emerging new business, okay, like we are talking about like a server, also electronics parts, and also, of course, including our subsidiary, like networking contribution. That's the rest of the half of the business on the non-PC side. Okay. Okay. Thank you. What's the split for the last year? I'm sorry. Okay. The split for the, you mean the last year is 2023, right? 2024. 2024 compared to 2023. Yeah. The, I mean, the new split. Right. What Tina just shared was the mix for 2024. Yes. That was last year. Angela, are you asking for the mix for 2023 or 2025? Both. 2024 and versus 2025. Thank you. Okay. 2025, we don't have exact number for you, but Tony probably can give you some, you know, some elaboration like how's our non-PC or the growth rate, so on the different perspective, right, on the consumer electronics, also on the new emerging business like we talked on server AP, and as well as some of course subsidiaries, right? It's networking. Yeah. We hope that the 2025 numbers, you know, again, we're at about 77% in Q4, PC versus non-PC. We hope to see that number drop to 70-30. About 2% of our revenue in 2024 came from servers. We expect to see that number grow. You know, we continue to make efforts to grow in other areas. Automotive, as I mentioned earlier, we have a strong push with some tier one customers to be a tier one automotive supplier. Our industrial units, our 5G module business. We expect to have that number be 70-30, hopefully less than 70, by the end of this year. Okay, thank you. Next question is about the OPEX ratio. Yes, we know that the R&D investment for last year, fourth quarter, was very, quite significant expanding. How can we expect for the OPEX ratio or the number, I mean, the value number for this year? Angela, we don't have exactly the guidance, like, for 2025 OPEX number, but I can give you some color that on overall on the OPEX details. If you look at the Q4, OPEX actually ratio a bit high, right? If you look at on a full year basis, 2024 full year, our OPEX number is TWD 13.5 billion. Actually it's increased to 1% compared to 2023. I would say, overall for Compal, we still managing quite strictly on the overall the cost cost enhancement, right? On the R&D side and on the sales marketing admin side, even though we continue investing on the R&D new business investment. And then back to overall expectation for the 2025, right? Definitely, I think the company continue to invest in R&D continue is a trend, right? It's a focus for the company. I think back to the question, I think, overall, the things for the past two years that because we are transitioned on the top line. The top line have some contraction, but even though we keep the similar OPEX number, you are seeing the higher OPEX ratio. That is the overall the things what happened for the past two years. As you can see right now what we invest in is definitely targeting for, you know, we want to have the, you know, the higher contribution on the new business, afterwards. Tony, probably you want to explain. Yeah. I think for OPEX guidance, we can say we expect, you know, low single-digit% year-over-year growth to be reasonable to support, you know, both the tariff issues and the capacity in other areas as well as the investments in some of the new businesses that we're doing. Okay. Single-digit growth for this OPEX value probably, or we can see like a TWD 8 billion something level per quarter, probably quite a reasonable number for the company this year. Can we say that? Angela, it's still hard to break down to like each quarter preview, right? Okay. Like each quarter, every quarter has a fluctuation. I think Tony has been clear, you know, guiding that, right? Some single- digit growth on a full year basis is what we expected. Okay. Thank you. That's all my question here. Thanks. Thank you, Angela. Okay. We have no more raised hand in the queue. Back to you, Grace. Yeah, sure. Thank you. A follow-up in terms of CapEx, Tony. You mentioned about like investments in overseas is one of the key area of CapEx. Would you please elaborate a little bit about which areas that you're going to invest overseas and for what products as well? Yeah. As I mentioned, server is a big focus area of ours. Mm-hmm. We don't have any specific announcement as to where. We are definitely looking at U.S. locations, as well as, you know, capabilities, in some of our manufacturing facilities overseas as well. For servers, definitely U.S. is one focus area. You know, in terms of what Tina mentioned earlier, we have headquarters construction going on here in Taipei, so there'll be some CapEx dedicated towards that and with some subsidiaries for our subsidiary companies as well. Okay. In terms of products, servers are main focus then for CapEx? Yeah, servers and core business as well as we look at- Okay. You know, possibly having to expand capacity in Vietnam and other areas as we are also investing in automotive facilities, expanding capacity in the U.S. as well as Poland, and making further investments in our Poland factory for production. What's the projection of the auto business growth should be? Yeah, auto business growth, you know, we expect to grow in the teens. In the teens, okay. Year-over-year. You know, the development cycle, even though it's been kind of turned on its head by some of the developments in the automotive business, still very long cycle, right? To get that. We had a couple significant wins last year, but those products take a while to develop and come to fruition. We do expect growth in automotive in the teens, high teens. Yeah. Okay. Got it. Maybe let me summarize a little bit in terms of guidance. We're expecting Q1 notebook will be down, like, high single-digit% sequentially. Then full year for PC, we're expecting industry will go mid to high single-digit right? Not Compal. It's the industry. Industry. Industry will go- Yeah. mid to high single- digits. Yeah. I'd say from a Compal perspective. Mm-hmm. maybe even from an industry perspective, the second half is still a little fuzzy, right? I mean Yeah. We wanna see the commercial refresh. We think that would drive a lot of the growth. It's been really elusive and very. True. untraditional, right? Typically, corporate refresh in PC and notebook has taken, you know, 18 months to 24 months prior- Right ... to the end of support of a major operating system. We're just not seeing that this cycle. We've seen some commercial growth last year, for sure, but not like you would normally see. We hope we see that, but we understand that there's CapEx decisions that customers are making for AI, for other computing needs. We'll have to see how the second half shakes out. There's also a lot of just uncertainty, as I mentioned earlier, around the geopolitical situation and tariffs and how affordable are things and things like that. Yeah. For the server business, Compal, the company, will target high double-digit server revenue growth this year. That's right. Okay. Revenue growth. Yes. Got it. Let me do a last round of check. Max, do you have any questions online? Since there's no more questions on the queue. Thank you. Okay. Yeah, we are also running out of time, so last but not least, Tony, would you like to deliver your closing remarks for us? Thank you. Yeah. Again, thanks everybody for joining. You know, we continue on our journey to do transformation within the company and focus on new areas. You know, in terms of our growth strategy, we will continue to invest in our core businesses for sure. You know, be more successful there. We wanna invest more automation, more AI, modernize our factories, make tremendous progress there, as are witnessed by our customers. But we wanna make the percentage of revenue as a total from our core business go down. That means we have to grow in adjacencies. We have a portfolio of businesses with prudent funding deployment, again, automotive, 5G, IPC, healthcare and other areas. You know, big investments in the server area, both in terms of capabilities and in terms of CapEx spending to enable that. Mm-hmm. We hope to make significant progress in those areas this year. Okay, great. Thank you. Thank you very much. Thank you Tony, Jack, Tina, for joining today's call, and thank you all for your participation. Thank you all for your long-term support of Compal and also long-term support of me. This conclude today's talk. Thank you. Thank you. Thank you, everyone. Bye.