SANM - Earnings call transcript Q2 2020

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Operator

Ladies and gentlemen, thank you for standing by. And welcome to the Sanmina Corporation's Second Quarter Fiscal Year 2020 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's call is being recorded. Instructions] [Operator

Ma'am, like today, conference of the Investor Paige now first to Marketing hand Communications, for ahead. speaker Senior Melching. to would over the your and I go please Vice President

Paige Melching

in you, are second fiscal our available website Sanmina's press on Good welcome copy slides and sanmina.com call. quarter ladies gentlemen, our XXXX and Thank and the Ian. for section. to release A earnings Investor Relations of afternoon, today's at discussion

webcasted and that on everyone today's being be call remind and me available recorded is our Let will website.

on remarks You website. can our with follow along in prepared the slides provided our

During just or this a we the projections. of results could The projections that from company. make events performance forward-looking number factors. financial you or the company's projected as of actual other conference statements call, materially in the future We result differ future are statements those a statements regarding of caution may such

impact risk to notably, from of restrict continue customers, customers' create the to the ongoing which products, interrupt type employees. are needed expected pandemic, COVID-XX the for our flow reduce products health for can our Most our our build components the and of we have to demand of customers, our and

and reports the net our of with substantial and sales, Exchange Securities and other could income annual results that our our uncertainties to significant a cause a arising for set operations, portion key variable, our Other factors factors markets target, sales company's small of Commission. filed in adverse to number be customers quarterly the any outlook international on risks forth from differ our changes from include we the cause to that future reliance can

earnings events otherwise, any to as of no Investor by on information, website, any future and release of Relations our a expressly or unless such the section this or statements forward-looking company is required alter obligation made call conference law. result on to in new The and obligation under of its our update otherwise disclaims whether

financial you note as statement XX, You'll operations issued A the slides provided also our and non-GAAP In non-GAAP press information general, unusual for well with compensation expense, release a release and basis posted GAAP we have a the restructuring and March non-cash other certain between as press items. is our information. of in slides financial or GAAP provided information and integration stock-based ended the in reconciliation and XXXX on website. today that excludes non-GAAP costs, quarter expense, acquisition amortization on infrequent costs, our

this our income, income call relate are be we call, statement results. directed refer our this the conference operating gross net profit, share, we and otherwise taxes, Accordingly, margin, margin, earnings will operating stated comments per we income they as make to non-GAAP in to when on gross measures information. at Any referring non-GAAP to financial unless

now like turn call to to Chief over Officer. I the Executive Hartmut Liebel,

Hartmut Liebel

Paige. from me welcome you, also second And quarter to earnings Thank our call. a warm

with In me also addition our Paige here CFO. today, to Kurt, is

pleased perhaps in some with all am plate, stepped complex us managed up our our critical of with The I the for have been of XX of particular serving to average on adjustments, taking the have of mission weeks our management been have customers careers. wave high my, in challenging last They exceptional team. care markets. who wave years, after operational end most in

few the and all thank who extremely to collaborated take our leadership team you of me key course, in to opportunity last of our well with suppliers, customers and let weeks. So us this thank

let With Kurt, me to on through that, who will take quarter. pass us the

Kurt Adzema

outlook. to track started strong We quarter Hartmut. meet off the original Thanks on and our

New be We delayed in Chinese employees Year. China in to saw progressed, as the impacted first quarter returning our we as from by COVID-XX. However, were this started

which have customers. chain, Secondly, supply Chinese there the were of our as as worldwide been delays well well operations and to our as we shutdown supply operations our in

the cost saw the to timing we and the freight. the associated with impact logistics especially Thirdly, of chain, supply

Finally, similar on of as the operations our our saw and the customers. restrictions, March, impact as well shelter-in-place of both we in operations the

Sanmina's fact The certain we still such are products considered from the to that or impact, essential impacted. many restrictions exemptions of helped mitigate subject are as and shelter-in-place similar were but

items, focused new optimization namely could As structure, capital a the in expenditures most on control, generation. management team, to limitation our cost essential we we and of cash only what

like With you the walk through quarter. that, the details to I'd of

please could you Slide to turn X. If

midpoint our to Second was X.X% the discussed. lower quarter in of previously of as was provided January. outlook and revenue of Again COVID-XX $X.X down impact XX.X% original than this due sequentially billion, the we primarily

original back outlook you our March. we withdrew in As know

our relative caused QX the quarter. the non-GAAP There inefficiencies, lower primarily margin prior X.X%, revenue mandates were was the This down COVID-XX. additional would Sanmina the costs by cost to gross optimizing course. under certain absorption base we of certain in levels, levels, which based limitations for result due to on and prevented was normal geographies, revenue lower manufacturing do from in which government

related This to $X.X This result prior to focused million as around due COVID-XX expenses up the $X.X uncertainty spending the $XX.X second as apparent. million in of QX decline assets, the were prior non-GAAP started the other deferred stock approximately a primarily QX to to declined $X.X to relative compares reducing of primarily quarter. in operating quarter quarter. on approximately relative $XX.X compensation first the This the the to expenses to other was and market approximately of was become assets we gain million million financial million. in a as quarter. loss the

earnings increases assets expenses. gains are related reminder losses compensation share. Deferred gains no compensation corresponding operating losses manufacturing or decreases net non-GAAP have per to offset or deferred impact equally with a in on and As or

non-GAAP to QX impact revenue diluted to declined earnings Finally COVID-XX fully margins. on and due share of the $X.XX per gross

the to uncertainty most related decentralized expenditures items. evident the became we only capital As limited to COVID new

million. the were amortization approximately Net $XX.X capital million $XX expenditures in approximately was quarter. Depreciation,

X, statement turn additional the If you slide income and you here to related see now details the to can quarter comparisons. associated please

our discuss two relative margins the segments for outlook X our our both If by turn and to original COVID-XX I impacted now and you of segments were quarter. please to revenues will gross slide

see approximately billion, you IMS As on to non-GAAP margins the can $X.X to gross X.X%. down declined revenue left segment

the to right On components, margins million. hand side down to declined see $XXX and Non-GAAP were services revenues you'll products gross XX.X%.

revenues see please Now you this slide our X, turn end to market. page on can by

markets essential considered While the such Sanmina’s place exemptions by are shelter certain other supply these are chain of still impacted in COVID-XX. and many products to by of caused to subject were disruptions Many restrictions. and and

slide $XXX quarter. despite the sheet remains the end balance and turn to Cash approximately strong of quarter of cash flow. COVID-XX from related were of at $X.X please generated very now would million X, operations, you cash to equivalents free approximately million $XXX our and the billion cash challenging If we approximately

the of the we of to not quarter quarter, given uncertainty to third the the cash the $XXX and to million of quarter. revolver. related $XXX We in we decided use Towards draw did down this any use end do our expect last cash any COVID-XX million of not

the before, expect to third flow we As and in free in second quarter I flow generate quarter. cash cash generated the free mentioned

X.X. We continue to cash a to ratio low maintain debt

$XXX balance million loan matures has November in term and XXXX. a Our of

$XX we million. the quarter During for approximately shares repurchased approximately X.X million

$XX repurchased year-to-date we've a total million million. of shares and the X.X For

We will to repurchasing continue shares. and opportunistic be

XX.X. million due approximately was Non-GAAP terms disruptions on inefficiencies caused to capital up to Cash return invested COVID-XX. and manufacturing inventory was in XX.X. cycle $XX chain the X.X. days Inventory pre-tax and declined This supply was by were

I ask would now you turn slide to X. to

the and Here balance the comparisons. you sheet can see related quarter additional associated to details

Now is still if turn to our continued the improving Slide and daily we Chinese you up foresee in third outlook impact third are Chinese to world. chain X, we’ll quarter our discuss rest operations the of operations the supply while the quarter and running and please the

by extent manufacture Although products again of considered that many the are mitigated we the fact to essential. some

addition there of the uncertainty The place supply our outside other progresses. macroeconomic restrictions In the on the impact as of well it environment as as of our and to chain as customers. continue similar China and relates COVID-XX and shelter quarter will impact to remains evolve on

as on cost namely of on most generation. Again only the cash to will we optimization what we management limitation and expenditures our focused capital a remain items team structure, new essential can control

is billion reflective Our $X.X revenue billion will the COVID-XX. of impact relatively that outlook be third quarter flat to the of of $X.X for continued range in the

with Customer for Automotive. stable demand the quarter expected be the to relatively in exception weakness is of

we will We and range expect continue to of to non-GAAP in absorption to This by manufacturing, inefficiencies as under X.X% impacted relates be additional COVID-XX. gross margins costs. continued X.X% be the

should $XX operating $XX Non-GAAP be expenses to million million. approximately

be to reducing on expenses We uncertainty. focused given continue macroeconomic operating

the in X%. operating expect to range of non-GAAP be X.X% We margin to

million. We other expect approximately $XX expenses be to non-GAAP

XX%. around of be should rate tax non-GAAP Our

We to million expect non-GAAP fully-diluted share around XX be count shares.

share Adjusting for for the is consider or $X.XX estimated $X.XX. per all cents. guidance this diluted share, range share expected earnings in you for is the $X.XX outlook When GAAP earnings be $X.XX to of to quarter of per and $X.XX non-GAAP between cents compensation per stock-based an

expenditures planned most capital limit to Again items. new we the only to essential

capital around around we while be to depreciation expect expect expenditures be million We million, $XX and $XX to amortization

free we cash COVID-XX, the generate the continue expect Finally impact to flow continued despite in to of quarter.

ourselves Sanmina the to-date, are believe the every sit changing Not I has during recovery. benefit these with through our lot only positioning of COVID-XX we as through markets a I there we crisis. variables our well well and here to believe are ultimate manage I As today, key are day, which do customers navigated

it And back to comments. with additional for I'll that, turn Hartmut

Hartmut Liebel

Thanks, Kurt.

add challenges please comments set three the firm outlined us let much run at these I our to stage., To Kurt slide why? So we Guess ex-Sanmina to that my crisis. through for of XX. center the number to very need is to me things for get To business. COVID-XX think what work the refer the

employees logistics screw we parts, a golden work need a customers. in We part three we to remote you recognizing factory bring base. done and be end be channels some And may XX fulfill important, Number to most have our without and number that number the to two, which the supply from we XXX offices. be need one, might cannot functioning ship but Number probably centers into can to need order.

a and manage can work through Seeing we these ship under team company and me our about our customers. how tells uncertainty the to have we Sanmina all So our three, end produce to company. so pressure lot issues and

COVID-XX Just multinationals also in China. started Sanmina other for like

presence we of lot local rapidly two adjustments operational had Americas waves There small were relatively we time rolled key the the in learnt a by network relatively the our other well prepared. has and retail our arrived have through teams teams The Europe cities. and in out a and challenge

safe keep to is responsibility now. right need products while primary customers our employees our building The that

on suppliers week of moved equipment one distancing, employees from home. X,XXX hand, social we to protocols cases future. know work isolate associates inside how and new facilities, we ample in the example, infection of have and up how ahead For we enter to set possible Today time protective

they our procedures. protocols I customers their our hear our willingness very to share transparency customers and to our from own with improve appreciate our

So and far Obviously additional adding we've had disruption major has experience through. we're been very that it working we cases manageable. then few still costs inefficiencies

greatly monitoring and to certain suppliers With enjoy tests strength regard base space particular supplier experienced high medical and constraints We our including We with the by the demand for we great are in personnel. monitoring, unique PPE, financial customers. measurements. customers enhance collaboration some some to in delays in day-to-day EMS our

with that. But We making know drop is in to traffic us better company of is monitoring and experienced very the layer I greatly additional this we unbalanced and challenges appreciate our transparency and overall a reduced cargo passenger similar as worldwide. capacity cargo all due of customers freight think

clients are especially up. path critical have expediting the of Working with gone equipment really for prices production in we ventilators. we optimal test are routings, Freight and COVID-XX finding

into Some clients accomplish entered that. or local carriers national partnerships have exactly to with

-- impact the the revenues with at of timing but for Sanmina and and delays financial components manage logistics for but We limited the can impact efficiency the of direct delivery them plants. limited manufacturing

me be critical that page what or alive refer number really mean the mission products and for last please to demonstrated few slide weeks So XX. to

quickly we could we the orders, restart of home Within at days to essential of our local customers. stay authorities for our work. with many documented cities in example manufacturing For nature

about And nature speed -- showed you number of response markets. mission-critical a XX. a marketing and really slogan. much work, observations appreciated Well, refer experience was very by I more slide as want our than to customers. to end This our is share our much this next please my with This is our

limited have We visibility.

However markets the stable our will relatively automotive. be I focus guidance believe support exception to that with of our

recovery about very As we in when it's sector know will and worldwide unclear the and speed automotive has occur. production the the stopped timing much

We have XX some exciting approval. FDA COVID side, -- a emergency medical rapid that test example for minute manufacturer exclusively on the new received engagements of with currently manufacturer

a is to So part be this development very of. exciting

stations, managers For police build communication during if confidence, emergencies. you and and many to the down that we even department are with local networks respond EMS public systems personnel fire speed overloaded allow frontline or

know network as book demand Our quarters And is the now can through weeks Again quite customers personnel -- supply our the those gradually communication that optical continue will to core to is and ourselves relative are about recognizing bandwidth intact. challenges, almost in something hopefully all us daily. the defense industry's and with this is to the but relate order coming constraint optimistic customers work and be chain down stability logistics ahead. have their you of finally,

in and kind future go So from the the happening look where do of near corner. around see what do I I as we here

XX. For to that refer please slide number

As from strategic on of focus our we have people, institutional you the network. our our protecting that partner actions is strength see we taken and the customers, can Sanmina,

So it far, we're that stronger management our I turn customers staying team in confidence our to even -- with believe in go gives very, performance the customers. our have confidence recover. to very partner and Based great our they so on close approach things with do Sanmina our

trend played to think intact. they few secular end more which trends firmly strength. overall And industry I overall those are more closer regionalization, partner consolidation, And the I our network markets, partners also of think to kind is and

organized lines. along to related regionalization those been as we've always example For

market for leading edge as value where second, it technology past, and and meet serve best we the first total success has in I been and end holds flexibility; formula speed provide true customers demands; believe customers, to third, We our tomorrow. also that our

In influenced recap XX slide significantly to an million flow, industry with by cash we on Revenue margins balance what $XXX I obviously strength and really slide today's in a QX if and nearly where free last that number were our COVID-XX. billion. call people. $X.X deck. for with cash on of taking can is please finished control, So the may which balance focus we generated of focused we leading refer We our care and sheet

cash QX for expect EPS revenue positive. of outlook the to non-GAAP of $X.XX billion, and we terms to we billion $X.XX be a anticipate In $X.X of $X.X free range flow to

focus for prepared and demand. recovery market so being the streamlining in so any ready that to that we're While operations are we kicks when go prepare also we challenges we on increased go to meet

demonstrated team to and seasonal has also the management opportunities. is the is enormous XXXX This different same today a Our that things our on is much that team shock balance a can we have difference resilience. we create of management stronger sheet with through but top and system worked reset

very some us. of have years we think I exciting ahead

your world You investors Here for term long I to a around and you the to to employees want our to our Thank express of big partners all and thank supplier shareholders our support.

can up it for Ian we With Q&A. that, open

Operator

Bhattacharya of Bank from of And Instructions] first line is our from Ruplu question America. [Operator

open. is line Your

Ruplu Bhattacharya

Hi, thank questions. taking for you my

are like some things things guidance so of You the there maybe because on give are at June the fairly about on confidence you giving of guide -- so confidence great. and the know think quarter? the I of that you can can competitors is giving you the touch guidance a revenues so that million it uncertainty level are $XXX range are the it, and if enough some what just also for a higher lot and to them looks little I’m that’s guidance giving given what of of of just -- quarter next you’re surprised that tight lot a at a your -- have not you guidance the

Hartmut Liebel

thank thanks, Sure, good Ruplu good, question.

of You of know the have. I reflective think customer the nature it's somewhat relations we

in are always our levels organization contact our more even we toward with these -- customers are more customers. different and days We close of with even probably

we feedback bottoms with that -- pretty the much -- very that's so robust up forecast. hearing And from them the a are combined

of know us? would to QX based point like -- estimate appropriate the on to available it information what for at give we look You feel, be our thought that based that we would on this

Ruplu Bhattacharya

a -- it question drill I us. can ask for end automotive and framework the Yeah, guidance deeper appreciate I least Maybe you're think just the from quarter so a if into I bit that communications demand good know an wondering little certainly next second you for market we it’s guiding my can at I network. standpoint for except flat for if was

say or you you did in the same of same markets so in trending are the saw or as What trends the and more all optical quarter? see are in XQ in when less these flat market that end fiscal last you networking, continuing wireless

Hartmut Liebel

Yeah.

on I what -- of the through. are think on side, and the market in some end takes the of thinking there customers are think puts what I think communications I of very our and in kind And I they're heard dealing one readiness the to similar you’ve supply side described chain and call, directly. and that that them challenges from our with us employee obviously

time their same storage demand, bandwidth opportunities see and space, you so know communication so terms to the actually market demand grow on. At increased know of increased you increased demand, in they

that's and right and would that's supporting and that's imbalance, -- takes are we end about out, optimistic the why they space this think are And for stable that think in communications reasonably of right why so I that's outlook now. the kind they of call our puts space other guidance why would customers this our space, those kind balance I why -- now each

Ruplu Bhattacharya

Thank last Okay. focus question margins. for my that. on for I'll And you

X.X%. margin you think I reported gross the of

how much margin gross guidance from COVID-XX quarter, you're in if And heard about How that the we COVID-XX. with XQ? think and additional looks our X.X%. guiding X.X% because in fiscal costs guidance down You with to the somewhat mentioned it it's the like additional correctly, I was costs should associated associated the

the takes margin gross impacting puts So what in are fiscal that some XQ? are of and you. Thank

Hartmut Liebel

call. Kurt, you take maybe to That… that want

Kurt Adzema

Sure.

again obviously last interrelated the it to expectations. starts down of to So, are mean I relates with to relative and lot as a think were quarter it and prior relative you variables that mean I are the quarter down margins. I volumes volume, there know

quarter to obviously think relative know and to and know, I You starts volumes down I were relates relative the volume, you it down quarter last mean with prior margin. as it expectations. to

I think a COVID but adjusting the think lot and given or that how to pretty I think the Sanmina has speed of coronavirus history uncertainty problematic. a quickly things, I those of the rolled of was out,

factory associated the I additional restrictions parts also some and costs, some not everybody thing And in and with in -- things. or think you've work reduce the up, what think, show having we're terms remarks, costs, parts absorption to under know is earlier having all and -- if I freight when but but the inefficiencies it you in as in key in the little things again know inefficiencies, Hartmut up, you then a -- having my to inefficiencies again mentioned pick about factory, certain do necessarily add geographies, with everybody got certainly are there associated talked need, not overtime to I you about then bit to of the able think you other

So they're all intertwined.

think you I to mid-Xs the on we think for outlook, I without margins know we based start that and have quarter. strong COVID-XX, it, kind think the about in in gross think would is our been the guided range range I have of would I way, the

to a all result bps factors COVID-XX goes, QX we're as EPS at lot of of So to we're XX going looking those. see impact and far probably a those as as XX a

in say got into but shelter-in-place we me different them the we in the fuller stuff the right we've because for the be of Year QX. -- towards of excuse QX with that longer let's same let's that -- in at know that to are business China, won't at -- the or Some thing effect impact time may end had the effect come say have after Chinese New -- some end shutdown going QX in you the of of automotive be a

you're slightly think going on why same flat the a relatively to I roughly see So are lot to of down margins think and that's flat factors revenue. I

Ruplu Bhattacharya

for Appreciate Okay. -- Thank all thank details. it. for the you you

Hartmut Liebel

No problem.

Paige Melching

Ian, question next please.

Operator

Apologies. I on was mute.

from your Capital. is Christian, question line next Schwab line is Craig-Hallum Our the Christian open. of from

Christian Schwab

question. Thanks my for taking Great.

just or you or dynamic kind out the them? On logistics between travel get issues supply side is disruption the any that call caused really quantify can have parts difference to of it

Hartmut Liebel

Yeah.

across know really supply described down filters to -- much of question. question Sanmina to I that how of that get It's very we through -- board profile it's raised You levels and know the much so all the so you ready success of again. our we Christian that at walk filters very to here had good widespread think it's base everybody

closely supply by that depends to base to that had made suppliers have local that up when Again region government from our we've customers with and we and the be we regulations by the to under very sure authority -- too. depends location, we worked our running we receive when those -- could sure that make

a there So I great of don't commodity very a about very to collaboration widespread. particular very, -- limited was very, was but lot

Christian Schwab

of know customer you that. except what we are stability of this what talked monitoring second like? for the quarter, kind you look And year the you think monitoring in the half and as June. takes about the the year or closest automotive that about could be Thank and we puts anticipate the the for are calendar What takes of base second to Okay. then should the you’re the half closest, calendar puts

Hartmut Liebel

Yeah.

know on that and you even adjustments making you that -- day we it's that come really comes know -- recovery you the back -- you today our as when it's that to we’re parts partners to still and then the know logistic it's close we accelerate basis facility, know trying back different being base sure at still here that come those at we're that you and know have you when for a into to there know right place balance our day those readiness and ensuring intervals, supply to partners. very optimizing is are in employee three know -- employees You optimize, protocols factors some

that it's when kind already that we of -- in. the when That said, So recovery not and sets optimization.

Christian Schwab

And give got my issues and optimism optical the or globally. equipment silos to in customer have any some you're I any Great. that bandwidth strength Is last of know surprised a -- small expressed other guys you by? that -- is you you is think there there of there of pockets have strength some cap question, other exposure pleasantly there, but pockets

Hartmut Liebel

-- the It’s others it No. of as the of -- weeks issues I that is all kind in around -- have it's why it's short-term relates than to I Kurt call why some of know outlook -- that's we’ve that’s that and puts the impacting intact that. a early maybe of rollout bunch kind Yeah. in think that end some you note? QX that's seen of still end and it optimism anything else but we on call it's seen like all several the markets would for next accelerate us to and those around time timing XG If think stable, our right. the And right the now markets kind takes to of be

Kurt Adzema

think I good. No that’s

Operator

the Instructions] next [Operator open. Citigroup. Jim of Suva is Jim, from question your Our line line is

Jim Suva

Thank you much. very

with fundings? for trouble you the or time enough reserving end I what buffer collection across are recall a in so have and to had crisis look to some it but sufficient allowance if just should various has company be been issues long for Sanmina your need when or I back small last Sanmina time ago gas two but where lot compared markets uncollectable there very bit in accounts end have the You a it your may a -- pretty years collections oil have those have was I diversifying in some oil and was more not big receivable various the covered you a done decade challenges private you few with businesses, businesses markets customers little a know past

Hartmut Liebel

-- expect I accounts would -- we what very are or question. were companies seen quarter so focusing a in are normally that we receivable outstanding in robust Certainly financials Good and every so haven't Sure. process that. our two the particular at any bit with collections have a in our the we challenged. that say on for looking past far would were that quarter impact we you line -- -- would of in amounts

at process normally Certainly monitoring we're robust something would it's you than a probably know and we have although looking very well. you closer normally again it as

yet evidence we're eye no So that of something but certainly keeping an on.

Jim Suva

reason overall just you months Great. why need the talking people economy And for is what beyond three or strength that is maybe optical, strength to I is you ago in strength up are macro my is slowing. so The about ask question you relative one's thought follow it a the know better mentioned like that home actually accelerated just - than or some simply and a it if the coronavirus which it's optical I’m in it would optical has for type an that performed live we enterprise in relative and economy wondering it's today. fault world no the those given acceleration to is from of solutions, just work so just -- stronger simply it's or

Hartmut Liebel

challenges working our reason the why said that's and guidance. even the characterized employee, and supply logistic same There's the communications Good chain through our takes long exactly the but comment term question XG stable clarify me for obviously Jim. even marketers puts I other communications the -- why out. supporting here even market of as cancel I let in kind No, each communications optimism -- my but and earlier

like any that a in I don't have. good stable you current I that's the I to see but thing like a extreme is to So environment know and characterize almost think optimism

Jim Suva

so appreciated. for greatly and Thank concur. the I It's you follow-up. agree much and details

Hartmut Liebel

Tim. you Thank

So -- to there operator be time there, take Ian, and out is that. happy one have more for question, we’d we more if question, if one

Operator

other we at showing And I'm the Instructions] time, in this have that no questions [Operator queue.

Hartmut Liebel

Thank you, Ian.

here today’s and and moment hope the a management family thank you healthy. team. attending for on you your questions, me all of you just stay behalf let team want all that and of I your for members thank -- take and I call to our entire So insightful will

very to support be look next time, you speaking goodbye. We long-term with QX your Sanmina, earnings and and our of much appreciate will call. Thanks which again forward

Operator

gentlemen, you Ladies conference this concludes participation. your thank and for We today's call. greatly

You disconnect. may now

Sanmina (SANM) 27 Apr 202020 Q2 Earnings call transcript