Hello, and welcome to the Jabil fourth quarter and fiscal year 2023 earnings call webcast and investor briefing. If anyone should require operator assistance, please press star zero on your telephone keypad. A question-and-answer session will follow the formal presentation. You may ask a question at any time by pressing star one on your telephone keypad. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Adam Berry, Vice President, Investor Relations. Adam, please go ahead. Good morning, and welcome to our call today. My name is Adam Berry, I'm Head of Investor Relations, and this is our Q4 earnings call and the sixth annual investor briefing. Joining me on today's call are Chief Executive Officer Kenny Wilson; EVP of Global Business Units, Fred McCoy; and Chief Financial Officer, Mike Dastoor. For the sixth straight year, we're gonna use this session today to accomplish the following: review our fourth quarter and fiscal 2023 results, discuss the trends underway within the end markets we serve, provide an update for our pending transaction to sell the mobility business to BYD Electronics, refresh our capital allocation policy given the pending deal, offer a thoughtful fiscal 2024 outlook that demonstrates enterprise-level growth in some key areas, while also remaining sensible and grounded, given the realities of the dynamic global macro environment surrounding us today. And finally, we'll do our very best to walk through the many moving pieces we foresee in the upcoming year as we work to make our business more profitable and more sustainable. But before we jump into the details, please note that today's call is being webcast live, and during our prepared remarks, we will be referencing slides. To follow along with these slides, please visit Jabil.com within the Investor Relations portion of the website. At the conclusion of today's call, the entirety of today's presentation will be posted there for audio playback. I'd now like to ask that you follow our presentation with slides on the website, beginning with the forward-looking statement. During this call, we will be making forward-looking statements, including, among other things, those regarding the anticipated outlook for our business, such as our currently expected fiscal year net revenue and earnings. These statements are based on current expectations, forecasts, and assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially. An extensive list of these risks and uncertainties are identified in our annual report on Form 10-K for the fiscal year ended August 31, 2022, and other filings with the SEC. Jabil disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. With that, I'd now like to shift our focus to our fourth quarter results, where the team delivered approximately $8.5 billion in revenue, equal to the midpoint of our guidance range. Core operating income for the quarter came in stronger than expected, at $477 million, or 5.6% of revenue. This is up 60 basis points on a year-over-year basis and 80 basis points sequentially, driven by strong execution across both segments. Net interest expense in the quarter came in better than expected at $71 million, reflecting good progress by the team on inventory and solid working capital management. From a GAAP perspective, operating income was $441 million, and our GAAP diluted earnings per share was $1.15. Core diluted earnings per share was $2.45, a 5% improvement over the prior year and towards the upper end of our guidance range. Revenue for the DMS segment came in better than expected at $4.4 billion, up marginally compared to the same time frame from a year ago, driven by strength in our auto and healthcare businesses. This strength was completely offset by continued weakness in connected devices. Core operating margin for the segment came in at 6.1%, 100 basis points higher than the same quarter from a year ago, given the solid mix and the normal seasonal pattern within our mobility business. Revenue for our EMS segment came in at $4 billion, down roughly 13% year-over-year, and approximately $200 million below expectations. As expected, during the quarter, we saw a major revenue shift in our cloud business, driven by our previously announced transition of certain components we procure and integrate to a customer-controlled consignment service model. In Q4, the overall mix of consigned components came in higher than expected. For the quarter, core margins for EMS were 5.2%, up 40 basis points year-over-year, reflecting strength in renewables, which is in our industrial portion of our business, and the aforementioned consignment shift. In fiscal 2023, our DMS segment revenue was $18 billion, an increase of 8% year-over-year. In particular, it's worth highlighting our automotive and healthcare businesses, which were up 42% and 12%, respectively. Core operating margin for the segment came in at 5%, up 10 basis points year-over-year. In EMS, core margins for the year were strong, also coming in at 5%, 70 basis points higher than the prior year, on revenue of $16.7 billion. The strength in fiscal 2023 income was driven by growth in renewables within our industrial and semi-cap market, as well as the benefit from consignment. Next, I'd like to begin with an update on our cash flow and balance sheet metrics. Beginning with inventory, which saw good improvement sequentially by 4 days to 80 days. More importantly, net of inventory deposits from our customers, inventory days were also down 4 days to 58 in Q4. Our fourth quarter cash flows from operations were strong, coming in at $686 million. Net capital expenditures for the fourth quarter were $28 million, and for the full fiscal year, came in lower than expected at $708 million, mainly due to the timing of CapEx payments that are shifting to Q1 from Q4. As a result of the strong fourth quarter performance in cash flow generation, adjusted free cash flow for the year came in higher than expected at approximately $1 billion. With this, we ended the quarter with cash balances of $1.8 billion and total debt to core EBITDA levels of approximately 1.1 times. For the year, we repurchased 6.7 million shares for $487 million, leaving us with $776 million remaining on our current repurchase authorization as of August 31st. Please note that in Q4, we were out of the repurchase market, mostly as a result of the pending mobility deal. As Mike will share in a few minutes, when our opportunity to buy back reopens, we plan to accelerate repurchases in Q1 fiscal 2024. As I flip to the next slide, looking at the five-year financials, it's hard to believe that another year is in the books for Jabil. As I look ahead, I can't help but think that there's so much more opportunity ahead for us. In a moment, I'll hand the call over to Kenny, Fred, and Mike, but before I do, I want to spend a few minutes setting the stage for what you're going to hear today. Over the next couple of minutes, I think you're going to hear a lot of the same from us. From a financial target perspective, you're going to hear us talk about winning our unfair share of business and leveraging those wins to drive margin expansion, free cash flow generation, and further shareholder return. From an end market perspective, you're going to hear more about the areas of our business, which continue to see solid double-digit growth, and why we believe we're one of the best-positioned companies to benefit from global trends such as electric and autonomous driving, digital healthcare, AI infrastructure, and the long-term shift to renewable energy. There's some new dynamics to share today as well, and as a team, we're excited to share a few key updates. For starters, you may have noticed that our previously announced transaction to sell our mobility business to BYD Electronics has moved from the preliminary stages of agreement to a definitive agreement, as announced earlier this week. As we move through our session today, you'll hear from both Kenny and Mike as they weave the strategic rationale and financial impact into our economic model. At the same time, we have some updates to provide today on capital allocation framework, given that the mobility definitive agreement is now in place. Then, given that fiscal 2024 will be transitional for Jabil in terms of closing the mobility transaction and the subsequent planned accelerated buybacks, Mike will offer a viewpoint of fiscal 2025, including the full impact of both initiatives. So with that, I'll now hand it over to Kenny. Thanks, Adam. Good morning. Thanks for joining us today. As Adam highlighted, fiscal year 2023 was another strong year, and I'm pleased with the progress we've made relative to our financial objectives. Every day at Jabil, we strive to do the right thing. It is how we are wired. So it is heartening when looking at our end-of-year report card to see that we are making progress on all fronts. Most satisfying for me is the resilience of our model, where despite end market choppiness, we posted very impressive year-on-year growth in core margins, up 40 basis points to 5%, earnings up 12%, and EPS up 13%, while also driving in excess of $1 billion in free cash flows. This time of year also sees us complete our annual strategic planning process, and it is reassuring to note that similar to last year, we reconfirmed our focus on investing in key areas of our business, including electric vehicles and autonomous driving, AI cloud solutions, renewable energy, and healthcare. All of this sets a firm foundation for fiscal year 2024 and beyond, and is a testament to our customer-centric model, which is both robust and adaptable to changes in end market. The next slide shows how these characteristics have shaped the last 10 years, and seen in this context, fiscal 2023 was just another step in the journey. If I was looking for one word to summarize activities highlighted, it would be intentionality.... We have and will continue to be very intentional as we look to grow and modify the mix of business to include longer life cycle industries, like healthcare, with the acquisition of Nipro and our strategic collaboration with JJMD. In addition, we have also increased investment, both organically and inorganically, in emerging technologies, where we view our capabilities as a match for important end markets, like renewable energy infrastructure, electric vehicles, and cloud data centers. From an enterprise perspective, we began materially redirecting more and more of our free cash flows to buybacks and reinvest in ourselves at very attractive valuations. And finally, just a few weeks back, we unveiled yet another step on our journey as we announced the pending divestiture of our mobility business to BYD Electronics for $2.2 billion. As you move into fiscal year 2024 and beyond, you can continue to rely on this leadership team to allocate capital with a view to expanding shareholder value. I'd now like to spend a little time talking about our decision to sell the mobility business. As you know, over the past 5 years, I've had the privilege both to lead and work alongside some of the most skilled and talented manufacturing engineers, operations leaders, and material scientists in the world. And during that time, we were fortunate to build an incredible business while also delivering best-in-class products for one of the world's greatest brands. I had a front-row seat, unlike any other, to truly appreciate and develop a deep understanding of the level of complexity involved in introducing and manufacturing precision mechanics at huge scale for our largest customer. This perspective provides me some credibility to make the claim that our mobility team is second to none when it comes to innovative automation, tooling, design, and manufacturing of these components at scale. I also truly believe this talented organization can reach new heights when their capability is matched by a supportive business model focused on significant growth. To all my friends in the mobility business, I will miss you deeply. Thanks for showing our company at its best, for never flinching from the sometimes seemingly unsurmountable asks, and doing so always with humility, professionalism, and great skill. It has been my honor to be a part of your team. Looking forward, I think your particular skill sets can be leveraged in endless ways. While it's bittersweet to say goodbye to some great friends and colleagues, I know this is the best route for our customers, employees, and shareholders alike. At the moment, I will turn the call over to Fred to go deeper into our end markets. But before that, I wanted to reaffirm what you can expect from me as CEO. I will work tirelessly on your behalf to ensure that we are in the correct end markets and geographies with the correct capabilities to serve our customers. I will continue to ensure that our capital allocation is shareholder-friendly, while appropriately funding our growth. And all of this will be underpinned by an unwavering passion and commitment to preserve, protect, and grow our unique culture, which is the foundation of everything that is great about our company. Thank you for joining us today and for your interest in Jabil. I will now turn the call over to Fred. Thanks, Kenny. Good morning, everyone. As you've heard from Adam and Kenny, there's a lot going on at Jabil at the moment and quite a lot to be excited about. It's my privilege to join the call today, and over the next few minutes, to walk you through the demand dynamics inside our diversified markets and how we see each shaping up for the coming year. As we move into FY 24, we continue to expect growth in our business to be headlined by end markets that are benefiting from strong multi-year tailwinds, specifically renewable energy infrastructure, electric vehicles, AI cloud data centers, and healthcare. Let's begin with what's going on in our industrial and semi-cap end market on the next slide. In industrial, we're experiencing robust growth in clean and smart energy infrastructure as governments globally implement legislation, such as the Inflation Reduction Act in the United States, to increase investment in new projects. As a reminder, we play across the entire energy value chain, from energy generation, power conversion, transmission, storage, and metering, and to the management of power inside homes and buildings. These projects have multi-year investment timelines independent of underlying short-term economic growth forecasts, so we feel comfortable with the visibility we have in this space, given these elongated infrastructure build-outs. As an example, a relatively new market that we're particularly excited about is the energy storage systems market, from grid level to inside the home and in support of rapid EV charging. On the back of several recent wins in the U.S. and Europe, we expect this space to drive solid growth in the coming years, leveraging our investments in battery module integration. We are well positioned to support growth in the renewable energy infrastructure space due to a unique combination of power engineering expertise, in-region manufacturing, and supply chain capabilities. As a result, we expect revenue for our industrial business to be up more than 20% in FY 2024. Offsetting this growth slightly is our semi-cap business, as we anticipate market demand to remain muted for most of our fiscal year. As a reminder, our semi-cap business spans both front end, with gear that turns the wafer into chips, to the back end, with gear that inspects and tests the wafer or resulting chips. Our strategy in this end market has been very thoughtful due to the high cyclicality of the market, and we've been very focused around how we've invested in this business, expecting demand to remain muted in FY 2024, while preparing the capabilities and regional footprint for us to be well-positioned to grow when the market moves higher as end market demand rebounds. Within our automotive and transport business, we continue to expect growth to be driven by a global transition to electric vehicles. For FY 2024, we expect another year of 20+% revenue growth, despite what is a choppy overall global demand environment. The global shift to EVs continues to accelerate, and we expect EVs to represent a larger share of the global auto market in FY 2024, regardless of near-term global growth dynamics. In this space, we support an increasingly diverse set of the world's leading automotive OEMs as they launch new electric vehicle platforms across multiple geographies. Our focus areas in the EV market we refer to as ACES, or ADAS and autonomous, connectivity, electrification, and software-defined vehicle architecture. In the EV market, we support products such as compute and control modules, power conversion, battery management, optical camera modules, LIDAR, and other sensors, as well as charging solutions. The path to mass adoption of electric vehicles globally is exceedingly complex, and there are very few companies that are as well-positioned as Jabil to support customers' multiple complex program ramps on multiple continents with industry-leading supply chain, design, and manufacturing capabilities. Moving to cloud. Our cloud solutions continue to resonate with customers of all sizes, from large hyperscalers to tier two cloud providers, such as technology companies and leading financial firms. Today, cloud represents a relatively small portion of overall global IT spend, but we expect secular growth in this area to accelerate, including the related data center infrastructure, especially with the proliferation of AI and ML. Next generation clouds, and especially AI cloud data centers, present unique challenges to customers. AI workloads, which are powered by extremely powerful GPUs that consume significantly more energy and drive increased data generation. This creates three challenges: insufficient power supply on the grid to support expanded data center needs, heat generation that surpasses the capabilities of air-cooled data centers, and enhanced data interconnections between racks to support increased data inside the data center. Our design-to-dust capabilities continue to resonate with customers, and we are investing in the areas of data center infrastructure services, liquid cooling, and silicon photonics to help our customers solve the above challenges. Jabil is extremely well-positioned to support customers as they incorporate innovative technologies into their data centers. With the asset-light nature of the business, we have maximum flexibility to adapt and support customer needs around the world. We're already seeing success in this area. Jabil was recently awarded and began production of our largest cloud customer's artificial intelligence rack configurations that are GPU dense, which are consigned. Because these components are among those consigned, we will see year-over-year headwinds to revenue, especially in the first half of the year. In spite of the revenue decline, the underlying business and associated unit volumes, however, are expected to grow by more than 20% in FY 2024. In healthcare, we expect another robust growth year, with revenue up 9% year-over-year. In the healthcare space, the range of products we design and manufacture lean into digital healthcare trends and include highly complex diagnostic equipment and related consumables, orthopedics, including 3D printed implantables, precision health and medical devices, like minimally invasive devices, and pharma solutions, including smart injection delivery devices for diabetes and obesity drugs. Jabil's credibility in the healthcare space as the largest EMS provider in the space, positions us well to take advantage of the outsourcing of manufacturing trend. In the coming years, we expect OEMs to continue to accelerate this outsourcing trend regardless of global macro growth. A recession-resistant end market with long product life cycles and accretive margins and stable cash flows is why healthcare continues to be such a critical component of our diversified portfolio. Within digital print and retail, we're seeing slower demand in legacy print and point-of-sale markets. This is being offset by growth in warehouse and retail automation markets, as we have a number of key wins that will be ramping in the back half of the fiscal year. These wins leverage unique capabilities in 3D printing of production components, robotics, engineering, software and integration, and complex manufacturing automation. Our recent success shows we are well-positioned in these end markets to help our customers bring next-generation automation technologies to market. Within our networking and storage end markets, we continue our ongoing efforts to optimize our portfolio as we prioritize margins and cash flows. We also expect overall market demand to be muted this year. Longer term, however, we anticipate growth coming from new programs in development for advanced optical networking, for high-performance data center interconnect that will support growth in cloud and AI data center applications. And finally, within our connected devices business, demand remains soft, reflective of weakness in consumer goods spending. We expect another year of market contraction. Team, and set of capabilities to deliver for our customers. With that, let's turn to the next slide. We heard Fred take us through each of our end markets and how we plan to optimize this portfolio even further. We continue to benefit from multiple long-term secular growth end markets, such as electric vehicles, healthcare, renewables, and AI-driven cloud data centers. In fact, for FY 2024, we expect these four end markets to make up nearly 70% of our FY 2024 revenue mix, excluding the revenue associated with the mobility sale. Upon closing the mobility transaction, we no longer anticipate having any customer that represents 10% or more of revenue. The long-term viability of these end markets continues to give me a high level of confidence as we navigate a range of economic scenarios while expanding margins and free cash flows. Next slide. FY 2024 is a pivotal year in our journey. After considering a range of scenarios with differing outcomes associated with the timing of the mobility transaction close, we thought it might be helpful to provide a time-based range for FY 2024 results, including our mobility business, until the transaction close date, and highlight the FY 2025 outlook, excluding mobility, and after considering the full impact of accelerated share repurchases. But before I do that, I'd like to walk you through some assumptions we have used, most of which we have already discussed on this call. For FY 2024, we assume economic conditions remain challenged for the consumer, which we have reflected in our consumer-related end markets guidance. In the coming year, we continue to optimize our end market portfolio in networking and storage. As Fred mentioned earlier, we began production of our largest cloud customer's artificial intelligence rack configurations. These racks are GPU dense and are among the components that have transitioned to a customer-controlled consignment service model, which has effectively doubled the consignment percentage from a year ago. While volumes are expected to grow by more than 20%, we expect the shift to result in lower revenue as compared to last year of approximately $500 million in Q1 and approximately $200 million in Q2. Within our mobility business in Q1, we expect the change in work content associated with new products to impact year-over-year revenue growth by approximately $300 million-$400 million. And finally, we anticipate the mobility transaction to close sometime during Q2 of FY 2024. The exact date of the close will drive where we land on the time-based range. With that, let's turn to the next slide for our first quarter guidance. For Q1, we expect total company revenue to be in the range of $8.4 billion-$9 billion. At the midpoint, this anticipates DMS and EMS revenue to be $5.1 billion and $3.6 billion, respectively. Core operating income is estimated to be in the range of $474 million-$534 million. GAAP operating income is expected to be in the range of $423 million-$483 million. Core diluted earnings per share is estimated to be in the range of $2.40-$2.80. This includes a benefit of approximately 25 cents associated with accounting impacts of assets held for sale. GAAP diluted earnings per share is expected to be in the range of $2.02-$2.42. Net interest expense in the first quarter is estimated to be $73 million. Moving on to full year guidance, beginning on the next slide. For FY 2024, we expect revenue at an enterprise level to be in the range of $33 billion-$34 billion. As I mentioned a moment ago, we anticipate closing the transaction during Q2 of our fiscal year. Therefore, our FY 2024 guidance range reflects a range of potential outcomes. I would caution against reverting to the midpoint of these ranges as they are time-based ranges and will be highly dependent on actual transaction close date. Importantly, for FY 2024, we expect core operating margins to improve by 30-50 basis points year-on-year, mainly driven by our improved mix of business. Our investments in IT and factory automation will also drive improved optimization across our footprint and are anticipated to lead to higher margins in the future.... Moving to our thoughts around CapEx for FY 2024. In the coming year, we expect net capital expenditures to be in the range of 2.2%-2.5% of net revenue. This is higher than the 2% in FY 2023, due mainly to timing of CapEx investments rolling into the first quarter of FY 2024. Upon closing of the mobility transaction, longer term, we now anticipate our CapEx to be lower as a percentage of revenue in the range of 2%-2.3%. Our CapEx investments this year are expected to include a combination of maintenance and strategic investments for future growth and efficiency gains. We plan to continue to invest in targeted areas of our business, with the bulk of our strategic growth CapEx aimed at the automotive EV space, along with healthcare and renewable energy end markets. Moving on to cash flow generation. We closed out FY 2023 with strong free cash flows, north of $1 billion. We expect to continue generating strong cash flows in FY 2024, with adjusted free cash flow of more than $1 billion. With that, let's now turn to our capital structure on the next slide. We have a solid and flexible debt and liquidity profile, with current maturities appropriately staggered at an attractive interest rates. We ended FY 2023 with committed capacity under our global credit facilities of $3.8 billion. With this available capacity and our year-end cash balance, we had access to more than $5.6 billion of available liquidity, which we believe affords us ample flexibility. We also remain fully committed to maintaining our investment-grade credit profile. In fiscal 2024 and beyond, we expect to generate significant free cash flow. Given this dynamic, along with expected net proceeds from the mobility business sale, I believe it's an appropriate time to reiterate our capital allocation priorities and, at a high level, how we plan to deploy our capital over the next two years. Please turn to the next slide. This morning, included in our earnings filing, we announced that our board of directors expanded our current share repurchase authorization to $2.5 billion. We expect to begin executing on this upsized authorization immediately. You heard Adam say that we were unable to complete our Q4 share repurchases due to restrictions around the mobility transaction. We plan to launch a $500 million accelerated share repurchase transaction in October, prior to the close of our mobility transaction. Post-closing of the mobility transaction, we intend to execute a series of additional accelerated buybacks throughout FY 2024 and FY 2025, with the intent of optimizing share repurchases and interest expense, thereby maximizing the EPS impact. Moving forward, we are comfortable with our ability to generate strong cash flows and will remain balanced and thoughtful in how we allocate our capital. We believe this capital allocation framework will allow us to continue to grow our business and create value for shareholders. As a reminder, we have already reduced our outstanding shares from 203 million in 2013 to 131 million at the end of FY 2023, a 35% reduction over this time period. Over the past 10 years, we bought back our shares at an average price of $32.71 a share. Next, let's look at our FY 2024 guidance. For FY 2024, we expect the momentum underway across our business to continue, even in a subdued economic environment. Today, our business serves a diverse blend of end markets in areas that provide confidence in future earnings and cash flows. We have deep domain expertise, complemented by investments we made in capabilities, all of which gives us confidence in our ability to deliver 30-50 basis points of core margin expansion in FY 2024, along with core EPS in the range of $9.30-$9.70, and more than $1 billion in free cash flow. Importantly, our balanced capital allocation framework approaches aligned and focused on driving long-term value creation to shareholders. As we transition to our final slide, I thought it made sense to provide you with a view of FY 2025, excluding our mobility business, but including the impact of our accelerated share repurchases post-closing. We believe we're on the path to deliver core operating margins at or above 5.6% in FY 2025 and deliver more than $10.65 in core EPS. To deliver this, we need to only grow our revenues by a conservative 3% while continuing to execute a series of accelerated share repurchases. In my view, Jabil is well positioned to navigate the current economic environment, evidenced by our performance over the past several years. We are not only well diversified, but also markedly more resilient than we were several years ago, due to our intentional efforts to invest and align our resources with areas in key end markets that are undergoing multi-year secular growth. All of which gives me confidence as we march towards 6% core operating margins in the future. Thank you for your time today and for joining us this morning. I'll now turn the call over to Adam. Thanks, Mike. As we talked about at the outset of the call, there's a lot to be excited about here at Jabil, and we've given you a forecast for fiscal 2024, which we believe will be a bit transitional, and fiscal 2025, which we believe will be a bit more normalized and will include the full impact of the share repurchases from both our previous program as well as the portion from the mobility deal. There's a lot to be excited about here at Jabil, and we're ready to get into your Q&A. Operator? Thank you. We'll now be conducting a question-and-answer session. If you'd like to be placed into question queue, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing star one. One moment, please, while we pull for questions. Our first question is coming from Ruplu Bhattacharya from Bank of America. Your line is now live. Hi, thanks for taking my questions, and congrats on the strong results and the very strong guidance. In fact, your margin guidance is significantly higher than we had expected. You're guiding for 60 basis points of improvement over two years, and you've also talked about 6% operating margin. So can you help us dive a little bit into that? I mean, how much of this margin improvement is coming from mix shift within the portfolio? How much would you say is like for like pricing improvement? I mean, I would think that by fiscal 2025, you'd had some recovery in semi-cap, maybe there's less inflation pass-through, and maybe you're taking some cost actions. So if any color you can give in terms of what are the different drivers for such a strong margin improvement? Hey, Ruplu. Good morning, and thank you for the question. Yeah, I mentioned in my prepared remarks that we're really intentional. We just came out of our annual review of our strategic planning, and I think you'll see in Mike's comments also that we're viewing post the mobility divestiture that, you know, 70% directly of our business is going to be in, you know, whether it's EVs, AI, cloud, renewables and healthcare. So if you look at that, that's all areas of our business that we believe are accretive from a margin perspective. And, you know, if you just roll forward what we expect our growth to be in those areas, that it really is a big chunk of that. Also, obviously, as you'd expect, as the mobility business moves out of the company, you were looking at rightsizing our footprint, and just aligning with the new normal for our business. So it really is, you know, it's part of what we've been planning to do. You know, we've been very intentional on it, and it really is just a function of, as business with higher margin grows and becomes a bigger part of our portfolio, that's where we see we get to from a margin perspective. It's not a function of, you know, us going back and trying to renegotiate higher prices with our customers. It really is a function of us adding more value in key end markets, and that's where we end up. So we... And the other, my other comment here would be, you know, as you know, we are generally quite conservative. So, you know, we wouldn't be talking to you about that if we didn't think there was a high degree of likelihood that we would achieve that. Okay, thanks for all the details there, Kenny. If I can ask you on automotive, I mean, you've had very strong growth over the last couple of years. I mean, this past year, you grew 40%+, and now you're guiding another year of 20%+. I mean, the business now is sizable, right? It's like $4.5 billion. So, I mean, do you think that this level of growth can sustain? And what drives that? Is it, are you increasing the content per vehicle, or is it that you're going to more OEMs than before? Just if you can expand on how you're thinking about what drives that growth, and are you concerned about the competition in this space as more companies look to try and gain share in different aspects of automotive? Yeah. Yeah, let me talk to that also. So, I think I said previously that the automotive business is hard and it being hard is good for us. And also, you need to have a global footprint with, you know, consistent and standard processes and capabilities and be able to launch products simultaneously in different geographies at the same time. There's not that many companies that can do that, and so that certainly helps us. You know, we've been on a journey in the automotive space for quite some time. Chad Morley and his team have been driving that. You know, we identified pretty early that, you know, electrification was going to be a huge trend, and so we doubled down on that. Obviously, as you listened to Fred talking about ACES, we were looking at software defined also. Now, so we've been thoughtfully focused on adding more of the key logos to our portfolio. And what we see is as we add more logos or more companies that we're involved in more and more programs. And I think Mike's, you know, talked previously about, you know, how the business, you know, it's like seven-year life cycles. You introduce them at different rates. So what we see is going forward, that the products that we're incubating now, you know, are going to be revenue and margin accretive, you know, in the next two, three, four, five years. So what we're feeling quite confident about our growth, you know, certainly, you know, 20% we think is probably reasonable. From a competition perspective, you know, we compete globally with really, really good companies. You know, competition makes us better. So we are well aware, and we're pretty paranoid about our capability and our competitors. So I would say that we don't have any real surprises and with our competitors in terms of their capability relative to ours, and we're pretty confident that what we can offer, you know, being a U.S. domicile, but with wonderful capabilities in Asia, Europe, and North America, we think that that model is a winner for our customers and for Jabil. So, we're feeling quite confident about our automotive growth in the short, medium, and long term. Okay, thanks for all the details. I'm gonna try and sneak one more quick one in. I mean, you're guiding for strong growth in new areas that I haven't heard of before, like the energy storage side is now much stronger for you and the data center side. So do you think you have enough footprint to support this growth over the next few years? And when I look at your CapEx guidance, it's still in that normal range of 2.2-2.5. So, I mean, do you think that is enough CapEx to support this new growth? So just your thoughts on the footprint and CapEx and areas of investment. Thank you so much again. Congrats on the quarter and the guide. Hey, Rupal, this is Fred McCoy. I'll take that for you. Yeah, we've announced some expansions in previous calls. We've expanded our footprint both in North America and Europe, so we feel really confident and comfortable in supporting the regional needs for the those markets that you cite. You know, we've seen some movement, as I mentioned, with some of the legislation in Europe and the U.S. driving you know specific regional requirements, and we think we're well positioned to support those energy storage and energy conversion programs in those regions. And all that's within you know within the CapEx that we guided in the call. You know, with-- that's just part of our normal course of business in adjusting our capacity to meet customer needs. Rupal, if I can just add, if you look at our CapEx historically, a few years ago, it was in the range of 3.5%. 3.5%. Over the years, we've taken it down to. We've always suggested a 2.5-2.6% range. We will have the mobility transaction going through. We are working on taking this CapEx number down quite a bit. I think the normalized range, if you look at what happened in FY 2023, is our CapEx went down to 2%, but that was a little bit of a timing difference. FY 2024, we expect CapEx to still be in the 2.3%-2.5% range, but going forward, the 2%-2.2%, 2.3% sounds highly doable. If you look at what we've done over the last few years, we've grown from $17 billion to $35 billion, so we've doubled our revenues, and we've always managed our CapEx through that doubling phase. It'll be the same with automotive, it'll be the same with all the other high-margin secular growth end markets. We will continue to manage CapEx with a lot of discipline, and I think the number is already reflected, all expansion is reflected when we give out CapEx percentages. Great. Thank you so much. Thank you. Next question is coming from Steven Fox, from Fox Advisors. Your line's wide open now live. Hi, good morning. A couple questions from me. First of all, I was wondering if you could dig in a little more into the cloud slide that you presented from the aspect of the growth. Mike, you mentioned 20% sort of like-for-like growth on the rack configurations, but it seems like the drivers are a couple different areas. Like, can you explain what you meant by customer diversity, and then also how investing in new technologies like liquid cooling is driving some of the growth? And along those lines, I noticed you'd mentioned OSAT packaging, which I think is new. Can you just sort of give us an explanation on that bullet point? And then I had a quick follow-up. Hi, Steve. Good morning. Yeah. So, you know, we were talking about that just this morning, actually, and I think it's worth us just reaffirming, you know, in the cloud space, that we really think the model we have is outstanding. So, you know, it's asset light, it's co-located with our customer. We also think that as our customer looks to, our customers look to disaggregate a lot of the other parts of the data center, that it plays to our strength, and I'll get to the kind of optics and OSAT in a second. So what we find is that that relationship drives effectively us sitting at the same side of the table, you know, trying to solution, how can we do things, efficiently and how can we help them grow? Because, you know, we they view there's going to be significant growth, especially with, you know, underpinned by, by AI. So what we see is we, we've got a, you know, we've got a- if you take our existing, cloud business and what we see that's been augmented by a, a real, pivot to, to AI, from a consignment perspective, we, if you look at the, the GPUs, as Mike mentioned, that, you know, that's gonna be a pass-through for us because we don't add any value there. But what you find in cloud is that really just the model we have is allowing us to really go deep with our customers and grow our business there. In terms of what you mentioned about OSAT, let me talk about that. As we discuss with our customers, and Fred mentioned in liquid cooling, you know, the power requirements for what we're doing in data centers are become significant. You know, air cooling no longer works, so they're looking for a liquid-cooled capability. You need to use photonics extensively, again, because of the power requirements. So, you know, sitting with our customers means that they ask us: Can you help us in liquid cooling? Can you help us in photonics? Can you help us in pluggable transceivers, et cetera, et cetera. So that helps us as we go into our strategic planning to look at where should we be investing our dollars and capabilities to help our customers. The good thing for us, Steve, is that as we go more vertical and end markets, it simplifies our customers' lives, and it makes our solutions more robust, and it effectively allows us to grow our business there. So that's kind of how we see things in the cloud, and hopefully, that answers your question. Yeah, no, that's very helpful. And then just as a follow-up, Mike, it sounds like what you're saying with the fiscal 2025 guidance is to assume that you sort of execute on $2.5 billion of buybacks by then. And if that's the case, is there any way to sort of give us an idea of how much we should assume in buybacks or how the share count, you know, conservatively comes down this year? I know there's a lot of timing issues there, but it seems like that's an important part of the EPS model to understand now for a little while. No, absolutely, Steve. I think you’re absolutely right. The buyback scenario is dependent on the timing of the close, but regardless, let me just... I think this morning, you saw the board expanded our authorization, current authorization, $2.5 billion. I think if you remember, Adam mentioned in his prepared remarks that in Q4, we were unable to complete our Q4 share buybacks due to the restrictions that are associated with the mobility transaction. So in October, like starting next week, we will therefore be executing accelerated share repurchase program of $500 million, regardless of the timing of the close. So, for, think of that as almost like a catch up, and taking advantage of current market situation as well. Post-close, we will execute a series. Obviously, it'll depend on when in Q2 it closes, but we will execute a series of accelerated share repurchases. We'll start as soon as the mobility transaction closes and we've received all the cash. We probably won't do a full accelerated share buyback on day one itself for the entire amount. We're going to do a series of buybacks, and the reason for that is we're trying to balance the impact of interest costs, along with the benefit of the [VASO], like you suggested, and all the calculations we've run as a balanced approach actually maximizes EPS. So that's what we're gonna do, which means by the end of FY 2024, we still won't be completed fully with our buybacks. I think out of the $2.5 billion, I expect about $1.5-$1.7 billion to be completed by FY 2024 end, and in FY 2025, we'll complete the balance of that transaction. I think from a [VASO] perspective, I'm looking at end of 2024 in the range of that 126-128 million shares, while in 2024, again, depending on how we manage it through FY 2025, it'll be in the 115-118 range. Great. That's helpful. And one quick question on all that: Should an acquisition come up, would that possibly change the goals you just laid out? Sure. Or could you do M&A and still do this amount of buyback? Thanks. No, so I think, yeah, the company, the management team, everyone feels we're highly undervalued still, and the best return that we can get is in buybacks. Having said that, if an M&A comes up, I'll just remind you, our debt leverage is at a very low point. It's at, like, 1.1. And that gives us sufficient room to do an acquisition, if needed, from debt, if the financials work out and it's capability driven, it's all in the end markets, et cetera. So it'll be based off of our debt structure. I would think of the buybacks as we're definitely going, gonna go and do that, and any M&A will be on top of that, and we have plenty of liquidity and plenty of leverage to do that. Great. Thank you so much. Thank you. Next question is coming from Matt Sheerin from Stifel. Your line is now live. Yes, thanks, and good morning, everyone. A couple of questions for me, if I can. One, on in terms of your guidance for EMS. It looks like you're guiding networking and storage down 6%, and you also talked about, Kenny, the fact that you're disciplined, you sort of optimize your customer portfolio there. So does that guidance reflect just weakness in end markets in terms of visibility with customers, or are you disengaging with some programs that don't meet your return or profitability goals? ... Yeah, hey, Steve, it's a little bit of both, in this instance. Oh, okay. Maybe drill down a little bit in terms of what you're seeing in those markets? Yeah, I mean, just that, you know, there are kind of some legacy EMS type, you know, kind of built to print type of models in some instances. And, you know, our view there is that where we can serve—we're always looking to find where we can serve and add value. You know, if our serve and add value becomes 100% built to print, then, you know, probably there's people that can do that cheaper than us and can do and allowing us to add value for other customers where we can be vertical or where we can do, you know, just do more engineering services or whatever. So I mean, we're not walking away from customers. It's a discussion around, you know, look, I'm not sure it's the right fit for ourselves and for our customers. So there's a little bit of that, and then some of it is just the market softness right now. You know, we see some softness in that market as well as in the consumer space, so we do expect that to recover. I mean, we are not walking away from the network and the storage business, just to be clear. We also see that in that area of our business, you know, the amount of enhanced or advanced networking that's required to support the AI data centers is significant also. You know, we think longer term, this business will be okay for us, but we're just seeing a little bit of softness in the short term, plus, you know, some discussions with a couple customers. Okay. Thanks for that. And then, my next question, just regarding the inventory picture, supply chain challenges that you've had and how we should think about how that flows through the model, in the next year. You had nice inventory reduction quarter on quarter. That net number is down. So, are you expecting, you know, that to reduce further? And are you seeing any other supply chain issues that you've called out in previous quarters, particularly in auto and medical, in terms of legacy parts? Let me try and take that, Matt. The inventory days did come down by 4 days. I think the team did an excellent job. If you look at our supply chain team, our ops team, our biz-- BD teams, finance teams, all of them, have done a fantastic job in getting that particular metric down. I think the focus that we put on that from a free cash flow perspective, from a working capital perspective, is all paying off. Having said that, now, I don't expect it to go down into the low 50s. I think that 55-60, I think on previous calls I'd mentioned, that's the range I was expecting mid to long term. It came sooner than expected, which is always a pleasant surprise, but I would expect that 55-60-day sort of range to be maintained. It might differ by nuances in particular quarters. It might go up a little bit, it might go down a little bit, but over the long term, I expect 55-60 days to be maintained. From a supply chain perspective, yes, supply chain constraints are coming down, however, I think the, like you mentioned, the automotive and healthcare pieces, there still are some shortages going on there. Maybe not the same level that they were at 3-6 months ago, but we're still seeing some issues in those end markets, all because of the legacy chips, like you said as well. Something we're watching, and when that starts coming down and normalizing, yeah, we'll get to the 55-ish range over a long period as well. Oh, okay. Thank you. And just lastly, on the interest expense line, you know, which you're guiding $73 million. What should we think about the full year, particularly, with your excess cash in terms of bringing down your short-term borrowings? Is there a number that we should model for the year? Yeah, the excess cash has been built into our forecast. I think the number, like, I'd say for FY 2024 would be in the range of $290 million-$300 million. Again, we're being conservative there. If interest rates continue to go up, we don't have a crystal ball around that, but it's mainly our variable rate, which is higher right now because of everything that's going on in the market. So conservatively, I'd model $290 million-$300 million, Matt. Okay. All right. Thank you very much. Thank you. Next question is coming from Mark Delaney from Goldman Sachs. Your line is now live. Yes, good morning, and thank you very much for taking my questions. First, on mobility, by exiting that business, do you think it can allow Jabil to better pursue some of these other end markets? And if so, maybe give us a little bit more details as you think about things like management time, you perhaps feeling less constrained by customer diversification considerations or having more capital to invest. Yeah. Hey, thanks for the question. So Mark, yeah, so firstly, you know, I mentioned in my prepared remarks about the mobility and the mobility team, and I'd just like to call out again the, you know, our gratitude as a, as an organization for the work that they've done, which has been outstanding. I also think it would be remiss of me not to call—we are right in the middle of the transition right now, and the collaboration between our team and the BYD team is absolutely outstanding. So we're really pleased about how that's going. Yeah, in terms of the business, for sure—... What we've been looking at here is, and the way we try and focus our growth is, you know, where can we add most value for our customer? And looking at the world through the eyes of our customer. And that's why you see, you know, when we look at the end markets that we're focused on, we think it's end markets where, you know, the range of capabilities that we have in our company and the global presence that we have can really help our customers grow and develop. So yeah, we'll be focusing much more on, you know, automotive, healthcare, you know, just the renewables that we've mentioned, previously. So for sure, AI and cloud, for sure that's going to give us the opportunity to do that. From a, you know, user capital perspective, you know, it helps us there also. So yeah, certainly from a management bandwidth, it's gonna free up some of our time to go double down in these secular, you know, strong secular growth areas. Okay. Thanks for that, Kenny. And, you know, speaking of AI, you spoke about some of the nice growth you're seeing and opportunities. Could you clarify how much of your cloud and 5G business is tied to AI at this stage, and how do you see that progressing in your 2024 and 2025 outlook? Yeah. So at 24, it's roughly 20%-25%, and we think that that's going to grow in the longer term and gonna become a much bigger part of our cloud business. It's very helpful. And just, just a clarification, you know, on, on the, the data center business. I mean, I, I think this is the third year you're seeing this transition to the consignment model, which has the revenue impact, but helps the profit margins. And with, with, with the shift you're expecting this year, away, away from some of the consignment, you know, do, do you think you're fully done now and, and, and this is the last year of that transition, or could this, continue beyond, fiscal 2024? Thanks. I, I think, I think it's going to be really dependent on the, you know, the, the mix of, of, the business. So we are, we are expanding the space there to, to allow us to do more, you know, cloud. Mike mentioned that, you know, we're, we're up 20% year-over-year, and, and, you know, we don't see any, any slowdown in, in terms of the, you know, cloud rollout. So, I think it, it depends, but, but certainly for sure, we think that, that our-- I think we think our volumes are going to grow, but it will grow in the, in the AI space. So, so probably, the, our revenues will probably be relatively consistent at that level, I would think, in the next year or two. I feel the consignment levels that we are at today will be consistent going forward. I think we've doubled our consignment. So even though volumes are up by 20%, we've actually doubled our consignment levels over this period, and that's impacting our total revenue number. But this is all goodness, right? So, I don't think this is something that is negative. It's actually a big positive for us because it helps with our balance sheet, it helps with our margins, it helps flow through, it helps the customer, it helps Jabil. So it's a win-win for everyone, but now that we've doubled our consignment levels, there might be another 5%-10% that might come through, but I think we're at a good, decent stage currently with the indicators we've provided. Thank you. Thank you. Next question is coming from David Vogt, from UBS. Your line is now live. Great. Thanks, guys, for taking my questions. And I appreciate all the detail. It's incredibly helpful. I have a couple of questions, and maybe one for Kenny and a couple for Mike. So, Kenny, just on the mobility transaction, I know you're probably limited in terms of what you can say, but what gives you confidence? We're just trying to think through, like, what gives you confidence that this deal could close, let's say, within 2 quarters? Because I'm sure you're aware there's other deals that have been pending, you know, earlier in the year, that are taking upwards of, you know, 12 months, if not longer. So kind of what's going on there and kind of what are the steps that we should be looking at, following sort of the purchase agreement data that you published last night, and then I'll just hold off and ask Mike my follow-ups, if that's okay. Yeah, yeah. Thanks for the question, David. So yeah, we are really deep in this right now. I mentioned previously about, you know, our, how effectively we're working together with BYD, and that is really pleasing, especially for our people that are going to go work in that organization, and the leadership team is outstanding. Yeah, we are. It's really detailed. We've spoken to all the stakeholders. We think we've got a really good plan, detailed plan, and we're very confident that we'll close this in the timeline with that we covered in our prepared remarks. We're actually focused on trying to close it as soon as possible, obviously. You know, if we could do that in this calendar year, it would be wonderful. But yeah, with BYD's support in Asia and our support in North America, we think that we're very confident that it's gonna be closed in the timeline that we mentioned. Great. Then maybe, maybe for Mike, you know, I appreciate the color on the margins and the mix shift, inter-embedded in sort of the outlook for fiscal 2024. But can you kind of touch on Q1 to start? You know, it looks like at the high end, operating margins are, you know, closing in on 6%. And I would imagine that includes mobility for at least a full quarter, to, to Kenny's point. And but when we look at the full year of 2024-... I would imagine the base case in the, in the projections are mobility exiting the business, you know, by the end of, let's say, fiscal 2Q, and margins kind of, you know, trend lower in, I would imagine, 2Q in the back half of the year. So kind of what's going on in the first quarter? I know mix, you mentioned earlier, you know, it's a faster growing business, this helps margins in the full year, but specifically in Q1, you know, why are margins so strong, and what does that imply for mobility margins? And then maybe just as a quick follow-up, I'll give them to you both at the same time. I think you made a comment that, you know, your fiscal 2025 outlook only contemplates growth of about 3%. I would assume that's based off of a 2024 number that is pro forma excluding mobility. Is that maybe the right way to think about it? And I'll just stop there. Yeah, and, Dave, let me answer your second question first. The answer is yes. It excludes mobility. So when we're looking forward to FY 2025, the 3% growth is on the non-mobility piece. As it relates to Q1 margin, there's a couple of dynamics going on. We talked about consignment on the cloud. That has a little bit of an impact for margins in Q1 and for all of FY 2024 as well. Our mix continues to shift into the higher mix end markets, the higher margin end markets. So there is a shift taking place there, which is working for us. I think I highlighted, and Kenny talked about it as well, 70% of our non-mobility business now is in, is gonna be in those four end markets. There's no major change in the mobility piece other than some, I think I called out a couple of pieces. I called out the consignment piece, and I called out some shift of work content, which is more bill of material driven rather than anything else. There's no manufacturing change at all, and the value add that we provide is still the same, but it was just a bill of material moving upstream rather than through us. So that, that has a little bit of a positive impact on margin. And then last but not least, we signed a preliminary agreement on the twenty-seventh of August. On the twenty-seventh of August, it triggered an asset held for sale sort of accounting treatment under U.S. GAAP. In Q4, there wasn't much of an impact at all. There was zero impact on the P&L. There was some tax that we had to provide for under GAAP for Q4. But in Q1, there is about a $40 million-$50 million dollar pickup because we're pulling out depreciation as part of this accounting treatment for assets held for sale. I called it out in my prepared remarks. I mentioned there's about a $0.25 improvement because of this. But don't forget, through the year, there'll be these. This sort of improvement gets offset by stranded costs that will take time to pull out towards the end of the year. But in Q1, these are the—there's quite a few dynamics moving around whereby our revenue looks lower, but it's not because it's mainly bill of material driven, and there's some other dynamics as well. Mike, just to clarify, so is the stranded costs and this sort of triggered gain embedded in the core non-GAAP projections, or is that just strictly in the GAAP numbers for 2024? No, the asset held for sale, the depreciation is embedded in our core. I think I mentioned that specifically when I was talking about the core EPS, that it was a $0.25 impact. The stranded costs are also included in core. We've got stranded costs towards the end of the year. We'll only be able to get to restructure those in maybe Q3 or Q4, well after the transaction closes. Great. Thank you. That's helpful. I appreciate it. Thanks, guys. Thank you. Next question is coming from George Wang from Barclays. Your line is now live. Hey, guys. Thanks again for taking my question, and congrats on the quarter and the strong guide. Yeah, just time for a couple of quick questions. Firstly, you know, can you kind of talk about share gains? You know, just maybe pass out kind of, you know, what are you seeing in terms of the continued share gains, whether that's mostly from, like, say, new markets or kind of existing growth markets you guys are already in right now? Yeah. Hey, George, nice to talk to you. Yeah, so what we're seeing is, I think that we've seen some offset in end markets right now. So if you look at the, you know, consumer, for example, or we called it network and storage, that's down. You know, so we're not losing market share there. But the markets that we're focused on, like in automotive and healthcare and renewables, for sure, we're gaining share in those areas. So that is allowing us to offset some softness in consumer, for example, and still being able to grow, normally grow our business. So you see, yeah, we are seeing share gains in those targeted areas. Okay, great. And also, I kind of want to double-click on the opportunities out of China, especially, you know, given the reshoring trends and the, you know, maybe kind of specifically in Eastern Europe, kind of on the EV production side and also Mexico. You know, would you like to call out, you know, a few other regions kind of outside of China, you know, also in particular vertical, like, you know, that, that could drive incremental growth as this reshoring trend continues? ... Yeah. Okay, so let me, yeah, just, if this doesn't satisfy your question, just let me know, George. But so, we have a phenomenal capability and a really robust footprint in China. You know, we leverage a lot of capabilities across the company from our footprint there. What we do see is that we see opportunities in China for China. So we think that, you know, whether it's in EVs or multiple different end markets, we think our facilities are full, and we're adding more demand in our China facilities. So when we talk about regionalization, you know, we're not. It's not cannibalizing our footprint in China. And we think that the demand is going to increase for us there in the longer term, which is great because the teams and the people we have in China are absolutely outstanding. But to answer your other question, yeah, we look at reshoring in Europe and North America. It's a big part of what we're doing, and what you see growth in our target end markets. The good thing about our company and our capability is that we have standard processes. We have a consistent culture, of course, nuanced in different parts of the world. We have a standard unified ERP system. So what it means is, it means our ability to take capabilities and products and move them around the world and build them in the same at different geographies at the same time. You know, I would argue that we're among the best in the world at that. So we see our focus is on China to support China market and also for export, but also we see leveraging those capabilities in different parts of the world as something that's going to help us grow in the longer term. So I guess in summary, the regionalization, as we call it, or reshoring, is that's a net positive for us. So we're feeling pretty confident about that in the future. Okay, great. Thank you. Congrats again. I will go back to the queue. You're welcome. Thank you. Next question is coming from Samik Chatterjee from JP Morgan. Your line is now live. Hey, thanks for the question, guys. This is Joe Cardoso in for Samik Chatterjee. Just one question for me, but maybe a two-parter. You know, your outlook for industrial and semi-cap encompasses a more muted forecast for your semi-cap business for 2024. Within that, can you just bifurcate between what you're seeing in the front end and back end of the business, and how you see those tracking through the year? And then, you know, you talked about prepping or investing into that business for 2025. Can you just dive into that a bit and touch on if there's any specific areas you're investing in, or is that more of just a broader comment relative to being prepared for that end market as it recovers? Thank you. Hi, this is Fred. I'll try to take that question for you. So, you know, right now we're seeing a lot of uncertainty in our fiscal 2024, and I think the industry's, you know, looking at kind of the back half of calendar 2024 for a rebound. So that's how we've modeled the semi-cap business for our FY 2024. You know, I think that's both front end and back end. We're seeing those challenges. In terms of the investment, I mean, we, you know, we're well aware of the CHIPS Act and the other investment acts in Europe. You know, we are also, you know, well positioned in some of the regional trends that are going on, both on the manufacturing and the components that go into the semi-cap equipment. So we're really using this period to kind of optimize our footprint, optimize our capability and our capacity in the right regions to support what we see as where the bounce back will happen when it does late in 2024 or early 2025. So we feel really comfortable that you know, we... Again, you know, as Kenny alluded to on the prior question, our you know, our global footprint and our standard practices will allow us to be the key supplier to this market, you know, in all three regions of the world. Thank you. Appreciate the color. Thank you. We've reached the end of our question and answer session. I'd like to turn the floor back over to management for any further or closing comments. Thank you. Our call has now ended. If you have any further questions, please reach out. Thanks. Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.