Afternoon. Welcome to Fabrinet's financial results conference call for the fourth quarter of fiscal year 2026. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions on how to participate will be provided at that time. As a reminder, today's call is being recorded. I would now like to turn the call over to your host, Garo Toomajanian, Vice President of Investor Relations. Thank you, operator, and good afternoon, everyone. Thank you for joining us on today's conference call to discuss Fabrinet's financial and operating results for the fourth quarter of fiscal year 2026, which ended June 26, 2026. With me on the call today are Seamus Grady, Chairman and Chief Executive Officer, and Csaba Sverha, Chief Financial Officer. This call is being webcast, and a replay will be available on the investors section of our website, located at investor.fabrinet.com. During this call, we will present both GAAP and non-GAAP financial measures. Please refer to the investor section of our website for important information, including our earnings press release and investor presentation, which include our GAAP to non-GAAP reconciliation, as well as additional details of our revenue breakdown. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from management's current expectations. These statements reflect our opinions only as of the date of this presentation, and we undertake no obligation to revise them in light of new information or future events, except as required by law. For a description of the risk factors that may affect our results, please refer to our recent SEC filings, in particular the section captioned Risk Factors in our Form 10-Q filed on May 5, 2026. We will begin the call with remarks from Seamus and Csaba, followed by time for questions. I would now like to turn the call over to Fabrinet's Chairman and CEO, Seamus Grady. Seamus? Thank you, Garo. Good afternoon, everyone, and thank you for joining our call today. We are delighted to report an outstanding fourth quarter that ended a remarkable year of accelerating year-over-year revenue growth, and we are enthusiastic that our momentum will extend in the first quarter and through fiscal year 2027. Fourth quarter revenue of $1.316 billion increased 45% year-over-year and exceeded the top end of our guidance range. This revenue upside flowed through to the bottom line with non-GAAP EPS of $4.10, which was also above our guidance range. We were pleased to see success from multiple sustainable growth drivers simultaneously supporting our business as we closed out fiscal 2026, and we are excited to anticipate an even stronger fiscal 2027. For all of fiscal 2026, revenue was an impressive $4.6 billion, increasing 36% from fiscal 2025. And with strong execution, net income grew even faster than revenue, producing non-GAAP EPS of $14.09 for the year. What is most noticeable to us is that this performance did not come from any one product category or customer, but from increasing demand trends across numerous customers in multiple markets, particularly evident at customers addressing the data center market, as well as those serving the communications infrastructure market. Demand from these markets continues to increase, which makes us optimistic about the long-term durability of these trends. Before we get into the details of our results, I would like to highlight a change in the way we will be reporting our revenue breakdown going forward. As complex optical and electronic products become more and more prevalent inside, across, and between data centers, it is evident that hyperscalers and other data center service providers are the ultimate customers of many of the products we manufacture, including some of those that have been characterized as telecom products in the past. At the same time, communications infrastructure continues to be an important part of our business, driven by general purpose, longer reach products with broader applications that are not specific to data centers. Therefore, in order for our revenue breakdown to better reflect the end markets we ultimately serve, going forward, we will focus on three revenue categories. Number one, data centers. Number two, communications infrastructure. And number three, automotive, industrial, and other revenue. In addition to being better aligned with the markets we ultimately serve, this also simplifies our reporting. We will continue to provide color on trends within all of these categories to extend our transparent revenue reporting practices and to help investors better understand the underlying drivers of our business. I would now like to talk about capacity. As you know, we have been rapidly increasing our manufacturing footprint in order to stay ahead of rising demand, and we are excited to report a number of milestones. At Building 10 in our Chonburi campus, we remain on track to complete Building 10 by early 2027, which will add a total of 2 million square feet to our footprint. We have already qualified 250,000 sq ft on the first floor of this facility, and we expect a similar amount on the third floor to be qualified this quarter. At our Pinehurst campus, we have completed the conversion of 120,000 sq ft of office space into manufacturing space. We have also completed the acquisition of our new site in Navanakorn earlier in the fourth quarter, and we are happy to report that this building has just been commissioned, adding another 200,000 sq ft of space. In addition to these capacity increases in Thailand, we have also been focused on expanding our footprint at Fabrinet West. Our Santa Clara operations are primarily focused on helping customers, many of which are in the same neighborhood, bring new products to market. Since Fabrinet West is an on-ramp to Bangkok, success here is measured by how efficiently we transfer production of products to Thailand for higher volume, low cost manufacturing at scale. To support increasing demand for these new product introduction and related services, we recently completed the acquisition of a campus at Great America Place in Santa Clara, less than 1 mi away from our existing facility on Patrick Henry Drive. This campus consists of two office buildings and a large manufacturing space of approximately 130,000 sq ft. That will more than double our Silicon Valley footprint and help support our long-term growth. Looking back at fiscal 2026, it was a remarkable year with accelerating revenue growth and record profits. More importantly, we have set the stage for another incredible year in fiscal 2027 as our strategy plays out. In addition to increasing demand across our existing business, we will see our growth bolstered by recent program wins as we continue to pursue further opportunities across our key markets. In summary, this is an incredible time at Fabrinet as we benefit from our focus on complex, high-growth markets, and we are proud to be winning more than our fair share of the opportunities. With accelerating year-over-year revenue growth, we are enthusiastic about the strong demand trends we are seeing and confident in our ability to extend our strong track record into the new year. Now, I'd like to turn the call over to Csaba for more details on our fourth quarter results and our outlook for the first quarter of fiscal 2027. Csaba. Thank you, Seamus, and good afternoon, everyone. We delivered an excellent fourth quarter with year-over-year revenue growth accelerating to 45% and continued strong earnings growth. Revenue reached a record $1.316 billion, above the high end of our guidance range. We also continued to generate operating leverage, resulting in record non-GAAP EPS of $4.10, which also exceeded our expectations. As Seamus described, we have updated our revenue mix reporting to better reflect the end markets we serve and where our customers' products are ultimately deployed. The investor deck posted on our website provides a 12-quarter history under the new reporting structure, along with the reconciliation of our Q4 results to the prior categories. This change is purely presentational and has no impact on total revenue in any period. Now turning to the details, beginning with data center revenue. This category includes optical and interconnect products deployed within data centers, including data center networking with an expanded view of DCI, high-performance computing, and other AI infrastructure applications. Data center revenue was $669 million in the fourth quarter, representing growth of 68% from a year ago and 13% from Q3. This is now our largest category, representing 51% of total revenue. DCI products were the largest contributor to data center growth in the fourth quarter, with an annualized revenue run rate exceeding $1 billion. High-performance computing, or HPC, also made a substantial contribution to data center revenue with solid growth in the quarter. Looking ahead, we expect the momentum we saw in the fourth quarter to continue into fiscal 2027, supported further by the new transceiver wins we discussed last quarter. Moving to communications infrastructure. This category includes optical and networking products used in telecommunications and enterprise networks, excluding products specific to data center applications. Revenue was $413 million, an increase of 40% from a year ago and 1% from Q3, representing 31% of total revenue. Growth was broad-based across customers and end markets, including telecom systems, satellite communications, and telecom components. We remain optimistic about the long-term growth outlook for this market and expect continued strength in fiscal 2027. Turning now to automotive, industrial, and other category. Revenue was $234 million, up 8% from a year ago and 9% from Q3, representing 18% of total revenue. The improving sequential growth was primarily driven by EV charging infrastructure products with a smaller contribution from growth at certain LiDAR customers. Overall, we are extremely excited about the growth trajectory and the broad-based trend in demand across the customers and end markets we serve. As I discuss the details of our P&L, all expense and profitability metrics will be presented on a non-GAAP basis unless otherwise noted. Gross margin in the fourth quarter was 12.2%, a 10-basis point improvement from Q3 and a 30-basis point decline from a year ago. We continue to demonstrate strong operating leverage with operating expenses representing just 1.3% of revenue. This produced an operating margin of 10.9%, our highest level in three years. I will remind you that our growth model does not require significant incremental operating expense, and we therefore expect continued operating leverage as revenue grows. Interest income was $7 million, and we saw a foreign exchange evaluation gain of $1 million in Q4. Income tax was $3 million in the quarter. GAAP net income was $139 million, or $3.83 per diluted share. Non-GAAP net income was $149 million, or $4.10 per diluted share. In calculating our Q4 non-GAAP earnings, we excluded two items that we believe provide useful information to investors in assessing our results and comparability across periods. First, we recorded an approximately $56.7 million non-cash gain from remeasuring our investment in Raytek. This was an accounting gain on an existing investment and did not generate cash for the business. We intend to apply the same treatment consistently to the future gains or losses from remeasurement of this investment. Second, we recorded $57.4 million provision related to Thailand's top-up tax regime under the OECD, the global minimum tax framework. The provision reflects the first-year application of the new framework and is based on the rules in effect that our fiscal year ends. No cash was paid in fiscal 2026 in connection with this provision. Thailand's regulatory environment for this tax remains in transition as implementing regulations, guidance, and related investment support measures continue to develop. As a result, future tax expense and any related benefits could vary over time, and we intend to apply a consistent approach while the transition continues. For the full fiscal year, revenue was a record $4.6 billion, up 36% from fiscal 2025. Non-GAAP EPS was $14.09, an increase of 39% from a year ago. In 2026, we continued to diversify our customer base, with four customers representing 10% or more of total revenue. These were Cisco at 20%, NVIDIA at 16%, Nokia at 11%, and Amazon at 11% of total revenue. Turning to our balance sheet, we ended the fourth quarter with cash and short-term investments of $876 million, down $70 million from the end of Q3. Operating cash flow for the quarter was $55 million. CapEx increased to $92 million, with ongoing construction of Building 10 in Chonburi and the purchase of our new campus in Navanakorn for $11 million. Free cash flow was an outflow of $37 million in the quarter. For the full year, operating cash flow was $257 million, and free cash flow was $4 million. This reflects our disciplined capital allocation strategy and our continued investment in capacity to support long-term growth. We believe reinvesting in the business remains one of the most attractive uses of our cash, supporting continued growth by generating strong ROIC. In the fourth quarter, we did not repurchase a meaningful number of shares. However, our share repurchase program remains active with approximately $169 million available at the end of the quarter under our current authorization. Turning to our fiscal Q1 2027 guidance. As we look to the first quarter, we enter the new fiscal year with strong momentum across the business. In the data center market, we anticipate strong broad-based growth across transceivers, DCI, and high-performance computing products. We expect growth from both established programs and newer wins, providing multiple growth engines for the company. In communications infrastructure, we also expect healthy growth, supported by continued strong demand across a broad range of systems, components, and other programs. We are also optimistic that we will see growth in automotive, industrial, and other revenue. In total, we expect first quarter revenue to be between $1.375 billion and $1.425 billion, representing year-over-year growth of 43% at the midpoint. While our usual first quarter expense seasonality will create a temporary margin headwind, we expect to continue generating operating leverage as revenue grows. As such, we anticipate EPS to be between $4.10 and $4.25. While we only guide one quarter at a time, we think it's important to convey that we are more confident than ever in our longer-term outlook as customers provide us with visibility that goes into fiscal 2027 and beyond. While these longer-term customer forecasts are not order commitments, they reinforce our confidence in the durability of the very strong demand trends we are seeing. In summary, our outstanding fourth quarter result capped a remarkable year for the company, with revenue increasing 36% and EPS growing 39%. We enter fiscal 2027 with strong momentum driven by growing demand across existing programs, meaningful contributions from new program ramps, and additional capacity coming online to support continued growth. Operator, we are now ready to open the call for questions. Thank you so much. As a reminder, to ask a question, simply press star one one on your telephone and wait for your name to be announced. To remove yourself, press star one one again. One moment for our first question. It comes from Christopher Rolland with Susquehanna. Please proceed. Hi, this is Yasha on for Christopher Rolland. Thank you for taking my question. I wanted to ask on Datacom, it was down slightly sequentially in the quarter. Can you help us understand the dynamics there? How much of that was component supply versus any program transition or demand timing? As we look into September and beyond, how should we think about the shape of Datacom recovery? Do the constraints ease in any way to frame like sequential or year-over-year growth? Hi. This is Csaba. Let me take that question first. We are transitioning to our new revenue categories as we mentioned in our prepared remarks. If you were to look at and to reconcile our Q4, our Datacom was somewhat flat. Obviously, this is a combination of everything that you have mentioned. When we are looking at this category in our data center business in the future quarter, we do anticipate this to be up sequentially in our Q1 guidance. The demand environment remains pretty robust and accelerating. We are very optimistic about this subcategory that we are now going to report inside our data center revenue category. Thank you. My second question is on HPC. I think previously you had talked about a $150 million quarterly run rate for September. Is that still the expectation for next quarter or, maybe has the timing there kind of shifted? I think in your prepared remarks, you highlighted new transceiver wins with this customer. Any additional color there, is this for 800 G, 1.6 T or any other color on applications? Yeah, this is Seamus. Our HPC business continues to perform, I would say ahead of expectations. We demonstrated good sequential growth in the quarter as a number of programs with a major hyperscaler continues to ramp. We are in the process of ramping the customer's next generation silicon platform, and we are installing additional capacity to support both the technology transition as well as additional products and capacity that we are adding additional products that we will be manufacturing. We remain on track with the customer, and we expect that business to continue to grow. You mentioned the, let's say the transceiver business as well with that particular customer. We are excited to be expanding our data center transceiver business with a number of new customers and programs. We expect these programs to start ramping as soon as this quarter, with the hyperscaler direct program among the first [silage], the one you mentioned. We do expect one of the merchant programs to begin in the December quarter and the others to get off the ground in early calendar 2027. This is all pretty consistent with our prior expectations for a meaningful ramp over the course of the fiscal year supporting our very strong growth trends. One moment for our next question, please. It comes from George Notter with Wolfe Research. Please proceed. Hi, guys. Thanks very much. I wanted to ask about some of the capacity additions in the business. Obviously, we're getting ready to wrap up Building 10 in the next few months. I'm just curious on your thoughts around Building 11. I think, Seamus, if you go back in time, I think you admitted at one point that maybe you started Building 10 a little bit too late. I guess I'm just wondering how you think about the triggers now for Building 11 and then longer term capacity additions. Thanks. No, I think we started Building 10 as it turns out, at exactly the right time, either by excellent planning or good luck or a combination of both. We continue to expand our capacity ahead of the demand and investing in capacity for us is a very important use of the cash. We're really rapidly expanding our manufacturing footprint to support the strong customer growth that we're seeing and to make sure we have sufficient capacity for the new programs. Just to kind of frame it a little bit, we ended fiscal 2025, if you take Q4 revenue of $1.32 billion, multiply that by four, you get about $5.3 billion. So we're at a run rate of $5.3 billion. So a little bit ahead of what we had originally thought was the capacity. So $5.3 billion run rate as we exit Q4. We have, if you like, land capacity and plans in place to bring that capacity up to between $12.5 billion and $14 billion over the coming years. Let me just explain how we get from $5.3 billion to potentially $14 billion. Again, we finished FY 2026 at a run rate of $5.3 billion, with the space we converted in Pinehurst recently, that would take us up to between $5.5 billion and $5.8 billion. We converted some office space into manufacturing. That takes us up to $5.5 billion to $5.8 billion. Building 10 will add $3 billion to $3.5 billion of capacity. That would take us to between $8.5 billion and $9.3 billion. I know that is a pretty broad range, but it really does depend on the mix and the products that we are making for our customers. Like I said, Building 10 will add about $3 billion to $3.5 billion, taking us up to between $8.5 billion and $9.3 billion. We have already started to produce in some of, just started to produce in some of Building 10. The vast bulk of that capacity add is in front of us. The Navanakorn factory that we recently purchased, that will start contributing from Q1 onwards and at full capacity, that building has capacity for about another $200 million to $250 million. Santa Clara, the new campus, again, it is very much mixed dependent, but if you just take the average revenue per square foot and apply it, that Santa Clara campus would add about $200 million to $250 million of additional capacity. Then we have room to build two more factories in Chonburi, each of about 1.2 million square feet, with revenue capacity of about $1.8 billion to $2.1 billion. If you add up all of that and you take the run rate exiting Q4, then you add the low and the high of each of those additions, you get between $12.5 billion and $14 billion. We continue to look for more land to expand. We have been very fortunate. We have been able to keep expanding ahead of the demand, and we plan to continue to do that. We are going to be continuing to expand aggressively over the next few years. Got it. Super. I think last quarter when you discussed this, I think you kind of circulated or centered on an $11.5 billion revenue run rate, if I have that correct. These numbers are obviously higher. Is it just the difference is obviously a piece of this, I think, is Navanakorn, but Santa Clara would be another piece. Are there other components in this also or no? Yeah, I think it's a combination of we're adding more space, more square footage, of course, between Navanakorn and the other capacity additions we talked and Santa Clara, of course. But also, our revenue per square foot is increasing. We are actually increasing our revenue per square foot. We're doing more with less. We seem to always find ways to make sure we never turn away revenue, and we don't disappoint the customers, so we always find ways to get the product out. So our revenue per square foot has been increasing as well as our square footage has been increasing. So both have been increasing. Thank you. Thank you, George. Thank you. One moment for our next question. It comes from Joseph Cardoso with JP Morgan. Please proceed. Hey, good afternoon, and thanks for the question. Maybe just one on the discussion in recent weeks around CPO and NPO, and maybe more specifically about the NPO opportunity. It seems like it is materializing a bit sooner than what maybe the industry or at least maybe investors had been thinking about. I am just curious, just given the combination of the recent relationship that you have with Raytek, how are you thinking about Fabrinet's ability to address these type of opportunities? I guess CPO and NPO, but I am just curious if NPO is looking like it is something that maybe is happening earlier for you guys and maybe to a greater magnitude than what was thought a quarter or two ago. Then I have a quick follow-up. Sure. Thanks, Joe. Yeah, so NPO technology sits somewhere between pluggable modules and CPO. As you know, we have built tens of millions of pluggable modules over the years, so we have clearly demonstrated that expertise. We are working on CPO today with a handful of customers, and we are already building devices, albeit not yet at full-scale volumes. Since NPO, as you said, NPO combines elements of both, we feel we are very well positioned to be the leader in manufacturing and packaging near-packaged optics devices. As NPO scales to 6.4 T, 12.8 T and beyond, the manufacturing complexity and yield becomes increasingly important. It becomes critical. For decades, our core strength has been transforming advanced photonics components into reliable high volume systems. So that is really what we do. That is our sweet spot. It is probably too early to talk about, let us say, revenues and margins from those opportunities and customers as they depend on program specifics, but rest assured, we are very much involved in all of the technologies you mentioned. NPO, I think, probably represents a more near-term opportunity than CPO from what we have seen with our customers. Our partnership with Raytek, we think will be very important for us and will really be instrumental in allowing us to unlock the potential of the demand we are seeing. Raytek will be adding a capacity in Thailand in our campus. So we really feel it is important for us to have all of the packaging capabilities that are required to produce these products of the future under our roof, either in our own production lines or in partnership with Raytek. So we are pretty excited about those opportunities, Joe. No, thank you. Very interesting. Then maybe just as my follow-up, you listed Nokia as a 10% customer, which maybe for me was a bit of a surprise. I thought maybe Ciena would be on that list. But maybe just speaking to Nokia, how much of this is a function of the Infinera business that you have had as a large customer, at least historical, versus maybe additional business that you have subsequently won as a function of the combination of those two companies together? I am just curious if you are actually seeing the business, you now winning bigger or more opportunities from the combined entity, or if it is more just a function of what you had done historically with Infinera in kind of a rising tide situation. Thanks. It's a little bit of both. I don't want to go into too much details on any one specific customer, but I think I can safely say our first objective, and it's something we don't necessarily control, was to make sure that we do everything possible that when Nokia acquired Infinera, that the Infinera business stays robust. Sometimes in these situations when the big company acquires a smaller company, there can be product rationalizations and things like that, and through no fault of your own, you can end up losing business. That didn't happen in this case. The Infinera products, I think, are instrumental and seem to have very strong demand. The Infinera business has been rising. Then of course, the Nokia business is going very strong as well, and our relationship with Nokia is very good. We historically have done a little bit of business with Nokia, but they were not a big customer for us historically. So really that reputation that we had and that we continue to have with the Infinera folks has really stood us in good stride and we feel we're well-positioned and starting to, as you say, to make some breakthroughs in winning business with Nokia. So we're pretty excited about that relationship. They rose to be more than a 10% customer, and we feel getting started with Nokia, and we feel there's a huge amount of potential there to continue to grow that relationship. Got it. Appreciate all the color. Thank you, Joe. You're welcome. Thank you. Our next question comes from Tim Long with Barclays. Please proceed. Thank you. Yeah, two if I could, I am going to hit some of this again. Seamus, I know you do not want to talk too much about customers, but obviously NVIDIA is a reported one with 10% and pretty good decline in the year. Understanding there is a lot of component issues that have plagued that business. Just curious of, kind of current update on competitive landscape there, particularly as the newer programs that you guys tend to lead are a little bit more mature now. Just curious how I appreciate it is going to, that business should overall go up next quarter, but curious about how you view the competitive landscape, particularly as some of the nodes have matured, and then I have a follow-up after that. Yeah, we are obviously not going to get into too much specifics on any one customer, but I will say that we are very pleased with our data center performance in Q4, and we are optimistic that we will see sequential growth in the first quarter, both with longstanding customers, like the one you mentioned, and newer customers contributing to that growth. With respect to any specific parts or components, we do not want to speak on behalf of our customer or our suppliers in these kind of three-way relationships, especially for some of these high-profile components. But our supply chain team has been doing an excellent job managing these relationships, and we have continued to get our share of the components we need. Demand, yeah, demand for certain components is higher than the available supply and we are working very hard to mitigate that and make sure we get what we need. As always, we have taken any potential gaps in supply into account in our guidance and expectations for growth in all three major revenue categories, including the data center business. Okay. Great. Then, maybe back to the HPC, you mentioned some kind of newer opportunities there as well. I was wondering if you could just give us a little bit more color on types of products or any color you can give us or scale of what that could do to the business. It seems like got off to a pretty good start and the ramp has been pretty good through four quarters. Just curious what other programs could be added to that, to keep that business growing. Yeah, the products we're talking about are really follow-on products from previous generation products, and we've also won some additional products. That relationship is going very well. It's well ahead of our expectations and on track to continue to grow for some time to come. That HPC is now included in our data center category. We won't be breaking out HPC as a separate category in future, but it is part of our data center category along with the Datacom products and also DCI and HPC, because those products are really what drives the data center revenue for us. But back to your question on HPC with Amazon Web Services, the business is going very well. We're very happy with the relationship. We believe the customer are too, and we just continue to focus on doing a great job for them. That's the best way for us to win new business, is to do an excellent job with the business that we have. So that's our focus. Okay. Thank you very much. Thank you, Tim. Thank you. Our next question is from Steven Fox with Fox Advisory. Hi. Thanks and good afternoon. Good afternoon. Seamus, I was wondering. Hi. I was wondering if you could talk a little bit about the system integration business, doing full systems with some of the telecom networking OEMs and how that is going. I believe you had talked about one major program and maybe there were others in the works, but any update there would be appreciated. Then I had a follow-up. Yeah, we have a number of products that we make for our customers where we do the complete network system. The sweet spot for us, Steven, is where we do a lot of the component content maybe first and then work our way up through, start off with components, then do the, let us say, PCBAs, and then subsystems and subassemblies all the way up to complete network systems. So for us and for our customers, it is very important that we have sufficient component content that we are making in order for it to be attractive for the customer, and also sticky from our point of view that we are doing a lot for the customer, more than just assembling systems. So that is really been our focus. That is how we have had some success with that with a number of our customers. Probably the first foray into that business for us was with the Infinera, now Nokia business when Infinera acquired Coriant several years ago. We have also brought on significant Cisco complete network system business, and we are working on one or two others. They take time, they take a long time to come to fruition. We usually start with the components and work our way up from there. So we are working very diligently on that and we hope to have one or two to add in the coming quarters. That is helpful. Then just on your comments about being able to improve revenue per square foot. It sounds like there is some interesting details, but I do not know, maybe you want to share or do not. But beyond mix, can you give us an idea of how you are sort of getting more out the door than maybe we would have expected 90 days ago? Well, if you look at the nature of the products and the business that is growing for us, DCI, of course, has been really good for us. DCI products are generally physically small in form factor and revenue dense. As we have been shipping more complex products to our customers, that revenue per square foot metric, and that is not the be all and end all, it is a function of better mix, but also improved efficiencies and better utilization of space. There are a number of factors that go into it. It is not only one factor, but in a broad sense, it is a combination of more complex products and therefore more revenue dense products and also better space utilization and efficiency improvements. We are pretty relentless about finding savings and finding better ways to utilize space and save on space because space is at a premium. It is a combination of both, Steven. Great. That is very helpful. Thank you. Thank you. Our next question comes from the line of Ryan Koontz with Needham & Company. Please proceed. Great. Thanks. I wanted to ask about the telecom and DCI business, which continues to repair really strong numbers. Do you think you're seeing yet impact from scale a cross projects, number one? And number two, when do you think that you'll see some impact from the new multi-rail amplifier densification? Is that a new market opportunity for you? Thanks. Thanks, Ryan. We believe we are seeing both scale out and scale across in our business. Again, bear in mind our customers don't necessarily share with us their plans for where all of the products we make for them are going to end up. But we believe, yes, we are participating in both scale up, scale out and scale across, but specific to DCI, scale out and scale across. You asked about the multi-rail product. Multi-rail architectures, they package and manage fiber pairs as a highly integrated optical system, creating really more photonics integration and manufacturing complexity per deployment. So they're quite complex and difficult. These platforms, they're highly manufacturing intensive. There's a lot of value add and complexity that goes into producing these products. You have dense fiber routing and management, high volume fusion splicing and connectorization, and a whole array of precision optical manufacturing technologies and assembly processes that we're really very good at. We're actively engaged with customers on programs that leverage our strengths in these areas, especially in photonics integration and packaging. We see multi-rail programs as a really good fit for us. They're right in our sweet spot. They're complex, they're difficult to make. They require many process steps and these process steps are really our secret sauce, if you like. We're heavily engaged on a number of multi-rail programs with our customers. Again, not really our place to announce them, but rest assured we are heavily engaged with a number of customers on these programs, and we're very excited about them. Thanks, Seamus. Then maybe just a question on your recasting of the segment here. When you say telecom is going to stay in communication infrastructure, that's everything that's really rack based. Should we think of it that way? So it's line systems and rack-based transponders as opposed to DCI, which I assume is all plugables, is that the split that we're going to see here? Yeah. Hi, Ryan, this is Csaba. Let me clarify what is going into the communication infrastructure. I think the best way to think about it is where our products or our customers products are being deployed. So that's the number one distinction. Wherever we see a product that goes and ends up in, it is a data center or a hyperscale infrastructure, we would categorize them under data center, and then the rest of the business that traditionally has been telecom, most of them would be network systems, but also some of them longer term, long reach products will be also falling into this category. It's not a one fit all, but the number one thumb rule is that whatever the product's getting deployed, if it's a data center or hyperscale, then it goes in the data center, everything else goes into the communication infrastructure that is supporting that. Understood. Thanks, Csaba. You're welcome. Thanks, Ryan. Our next question comes from Karl Ackerman with BNP Paribas. Thank you. Hi, Seamus. On Datacom, have you seen higher interest from hyperscale customers seeking to diversify away from Chinese transceiver suppliers? As you address that question, do you have the laser supply commitments needed to support the upcoming 1.6 T transceiver ramp in the next few months? I have a follow-up, please. Yeah. The component supply, as I said in the earlier comments, it's factored into our guidance. We're not going to go into specifics beyond that. The proposed ban on new transceivers from China, I guess it's not yet a done deal. It remains to be seen what will happen. We don't manufacture for any Chinese providers and we're of course more focused on Western providers. So, in theory, that could be a positive, as long as materials and components are available. It could be a positive, should be a positive for us, but I think it's early days. Like I said, it's not a done deal and there's a lot to be unpacked before that actually comes to fruition. A lot of the transceivers that go into these data centers are coming from China. If you just put a ban on transceivers coming from China, the whole industry grinds to a halt, besides whether it's good or bad for Fabrinet. So I think it's by no means a done deal, and we'll see what happens. Yep. No, thank you for that. Within comms infrastructure, how are you thinking about the opportunity to address LEO satellites today? Could you discuss your visibility there relative to your earlier view this year? Thank you. Yeah. We include that in our telecom infrastructure category. We have a number of customers we're engaged with there, primarily the two, I would say, major players in that space, and there is one or two others who are looking to get into that space that we also do business with. But for us, it is a really good fit because the technology is right in our sweet spot. We have the customers today, so as that business ramps, we feel we are very well positioned. We are making these products, we have been making them for a number of years for one customer in particular, and now a couple of other customers. And they are right in our sweet spot. They are very straightforward, if you like, for us to make these products. They really fit well with our capabilities. So we feel good about our position there. We have the two big players and, as I say, there is one or two smaller ones who we are also working with. So we think it has a lot of potential for us. Thank you. Thank you, Karl. Thank you. Our next question comes from the line of Mike Genovese with Rosenblatt Securities. Hi, this is Amol stepping in for Mike. I was wondering if you can touch on the progress and mainly the timing for 1.6 T driving revenue from your largest Datacom customer. Yeah, that's not something we're going to update the markets on this call. This is a Fabrinet call. You'd have to talk to NVIDIA about the NVIDIA product launches. So that's not something we would be disclosing to that level of detail. Got it. Understood. Then just a follow-up, just with the inventory jump, I'm assuming it's relative to supply constraints and the upcoming ramp. Is there anything else there or is it mainly regarding that? Well, I think the inventory jump has to do obviously with the revenue growth. If you look at from other perspective, we are positioning material to continue to support our customers. The material constraints are something that we have been used to in the past several years, so those would not be a meaningful increase in our inventory. The inventory increase has to do with our growth and then the positioning for future ramps with the customers. Got it. Thank you. You're welcome. Thank you. One moment for our last question. It comes from the line of Tim Savageaux with Northland Capital Markets. Hey, good afternoon. Hi, Tim. Congrats on the results and also congrats on growing mid-30s with NVIDIA down 20%+ for the year. I think that's the rest of the business up nearly 60% on that basis. So that's quite impressive. Just a couple of quick questions. First on, as you look for Q1 2027 guidance, I imagine data center is the primary driver, but within the three drivers that you mentioned, DCI, transceivers, high performance compute, and noting that you had a really huge quarter with Cisco and DCI and that was evident in their results, can you kind of give us a sense of among those categories, I imagine it's transceivers that is going to drive the majority of the growth, but I'd love to get any color on that. Well, really, first of all, thanks, Tim. I think you hit the nail on the head. We finished, if you like, a 10-year spell from up to 2024, 17% compound annual growth, and then we had 19% compound annual growth in FY 2025, and then 36% in FY 2026 with 45% year-on-year growth in Q4. So we're pretty happy with the growth trajectory that we're on also. If you look at our performance over the last while, we've had 12 consecutive quarters of record revenues and six consecutive quarters of accelerating year-over-year growth. So we've been on a very nice trajectory for the last while. Within the data center business, and we think it makes sense to categorize these particular products into data center because DCI, the transceivers of course are inside the data centers. High performance compute is also essentially a data center product and DCI are between the data centers. The growth in all three we think is robust. HPC continues to grow. We won't be breaking them out individually going forward. HPC continues to be very strong for us. We're doing very well, and we have a number of other customers that we're focused on that are not in the revenue yet, but we're working on. The transceiver business, a combination of our main customer, but also success we're getting with Hyperscale Direct and also merchant business. That is just beginning to get going as well, and we feel very good about that. Of course, DCI has been a real success story for us. I think, Csaba, did we say in our prepared remarks our run rate on DCI is about $1 billion? To you, Csaba. Yeah. So actually, our DCI business reached close to a billion-dollar run rate. If you look at our Q4 numbers, our DCI business was equivalent to our historical Datacom business. So that's a meaningful growth and continues to grow. If you look at each of those categories, I suppose especially DCI and the transceiver, the demand is just insatiable. It's extremely robust, and the demand is coming to us and coming at us from several directions. Our DCI, of course, we have really all the main players in DCI. The transceiver business historically we've had our main customer, but now we have these other growth vectors to layer on top of that, both merchant and Hyperscale Direct. High-performance computers continues to go from strength to strength. So, we feel very good, Tim, about our overall position in the data center business. What's interesting is the customers are giving us visibility well out into the end of 2027 and beyond. That doesn't mean they're giving us firm orders, but they're giving us visibility, and there looks to be no end in sight to the demand from the customers. We feel very good about that. Well, that is a perfect segue to my next question, which is, you've mentioned accelerating growth several times, including in response to that quick question, although I would note at the middle of the range, might break your streak, but I imagine you're not heading for the middle of the range. Still in the 40s in terms of year-over-year growth. But given that lengthy list of demand drivers and the capacity additions, is it within the bounds of reasonableness to think about annual growth in fiscal 2027 accelerating from what you saw in 2026? Especially maybe given the lack of that headwind from your largest customer. Yeah, I think that's a good point and a good question. I think, of course, the standard answer, Tim, we guide one quarter at a time. However, based on the picture we have right now, it is not beyond the bounds of possibility. That's not something we would ever say, I suppose. We guide one quarter at a time, and we're going to continue to do that. But based on the demand we're seeing, certainly the demand is there, that we could see another year of accelerating growth. It's just a staggering demand picture we're seeing from our customers. The thing that's particularly satisfying for us is the trust that the customers are placing, and it's obviously the revenue is great, don't get me wrong, but it's really the trust the customers are placing in us. They're trusting us with their most important products, their leading-edge products, and we're on a ramp with several of these customers that is just amazing. So, yeah, I think it's not beyond the bounds of possibility, Tim, to answer your question. Great. Let me close by adding maybe one other growth driver that I don't know that's been discussed yet, and that's optical cross-connect, OCS. We heard last week, big ramp there from the industry leader, but also, I think plans to move from strictly internal to working with contract manufacturers. I wonder if you might be able to give us an update on what you think the timing might be there for you or the opportunity, and does that lie in fiscal 2027 as well? Yeah, obviously OCS, it remains a great opportunity for us. It is right in our wheelhouse. The manufacturing technology is very similar to products that we are already making for our customers, so we already feel like we have a bit of a head start. No real change in our optimism on OCS. There are incremental opportunities for us in that for us, OCS is quite small today. We are shipping some product, but it is quite small. I think the big ramp that maybe has been talked about, we are pretty confident we will participate in that. We feel very good about OCS, and I think it could be a much bigger and more meaningful category for us in the future. The specifics of our customer's ramp, we leave that to them to talk about. I think we are well-positioned. Got it. Thanks. Thank you. This will conclude our Q&A session for today. I will pass it back to Seamus Grady for closing. Thank you for joining our call today, and we delivered an outstanding performance in Q4 with continued top-line acceleration that ended a tremendous year for the company. We are entering fiscal 2027 better positioned than at any other point in our history to continue delivering strong growth in response to the increase in demand that we are experiencing across our business. With our deep domain expertise and increasing capacity, we expect to extend our manufacturing leadership as a trusted partner for our customers' most complex products. We look forward to sharing more excellent results with you in the future and to seeing those of you who will be attending the Rosenblatt conference tomorrow and the Wolfe conference in September. Thanks again and goodbye. And thank you all for participating, and you may now disconnect.