SANM - Earnings call transcript Q4 2021

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Operator

Good day and thank you for standing by and welcome to Sanmina Corporation's fourth quarter and fiscal year end 2021 earnings conference call. At this time, all participant lines 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 conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, speaker Paige Melching, Senior Vice President of Investor Communications. you. Thank madam. ahead, go Please

Paige Melching

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

me today's call Chief Officer. on is and Joining Executive Jure Sola, Chairman

Jure Sola

afternoon. Good

Paige Melching

Adzema, And President Officer. Vice Financial Executive Kurt Chief and

Kurt Adzema

afternoon. Good

Paige Melching

and prepared our call remarks, let and everyone on remind available today's webcasted began me is that our being we recorded be will Before website.

provided prepared the You slide Please our along Harbor three with can to release press follow remarks our in turn or the slides statement. on of Safe presentation our website.

press non-GAAP operating unusual events fiscal we of Any Relations excludes you certain section our gross of the events a as reports slides call, our information no and Exchange we otherwise, results. under website. the obligation well During result amortization update and on the otherwise forward-looking unless our or conference share, be statements of future a between for information basis, of compensation non-GAAP general, are financial profit, and differ we the factors financial integration set caution call, or that could costs, as GAAP operating non-cash or required company. and the XXXX non-GAAP alter our is expressly a as obligation Accordingly, disclaims statements will this performance to Commission. items. results the a on may the in the otherwise this any law. with annual from non-GAAP like provided information, net information. these to as as stated refer statements the GAAP make any stock-based comments you In have slides this such website, of earnings We it in over materially and financial the the in measures, our reconciliation call conference number gross Sola. release to call, forward-looking Jure or made also release, is restructuring actual whether statement presentation, I statements now The and per at year Securities ending and issued company A new press earnings by call and conference Included of costs, posted company's in margin, would Investor taxes, result provided X, and infrequent income, release today, future projections. quarter non-GAAP future with the are expense, or in October other income projections our just acquisition in expense referring company's such or income to and financial to projections unless earnings directed turn other make of information. statements we we The when those on the forth filed quarterly to this to margin, relates operations regarding

Jure Sola

gentlemen, and all here today. for us with Thank and ladies Good Thanks, welcome. afternoon, Paige. you being

call future I'd have we question about review for this and our like to open I I up with to follow you. will For our And Kurt, agenda, Kurt? to turn results over results additional financial our the for details Kurt. Sanmina of will and answers. and Then now, CFO, comments Kurt goals.

Kurt Adzema

of of through billion. supply the slightly $X.XX the Jure. impact job impact strong cash of continued. chain below billion to our as revenue $X.XX slide Thanks, supply In an QX margins Please our and five. of to $X.XX constraints quarter, delivering however, did of was well as was generation. Demand outlook billion the solid constraints chain managing team and turn excellent profitability, fourth

impact expected million about QX We XXX with in consistent an QX. of

lower believe was decline and was in line million offset prior lower relative X.X%. in constraints. with Non-GAAP lower gross $X.XX. QX. we operating gross Non-GAAP X.X% quarter, gross lower Non-GAAP $X.XX revenue to to due outlook to ultimately margin impacted margin expenses. range margin per to operating outlook, incremental our The the of revenue share earnings costs lower chain but was due margins slightly than $XXX due of However, in revenues to slightly supply the and partially than more of our QX primarily by by fully-diluted was $X.XX in was primarily

QX Finally, was EPS and GAAP $X.XX.

Now, please results. trends our quarterly turn to of financial X. the shows slide This slide

has team managing our have of have margins five the margins quarters. see operating for been X% of Non-GAAP X% dynamic can period. for greater excellent an consecutive this last last the quarters. through job done four or You exceeded Non-GAAP gross six

demonstrated XX constraints to the the grows work and is over return our chain believe at months will expect margin operating revenue the non-GAAP focus our increase revenue We as supply in higher improve ease. or in last result. we supply hard and team material Furthermore, the future to chain the X% to We've will of learned and margins lot and as a the results. constraints continue

from chain primarily turn incremental please costs to to impact of slightly X.X% IMS for constraints. in due primarily chain X.X%. Non-GAAP to revenues from decline was Now $X.XX margin revenue constraints. due This supply X. The QX slide billion. revenue supply the IMS QX was to due to lower slight declined gross was increased and

not gross margin in customer revenue $XXX increase a reminder, which million. million impacted to occur QX did reserve, the for Non-GAAP release one and time a $X.X margin Components, QX gross to XX.X%. a QX again services which gross QX. and margins relative CPS increased As of favorably specific products inventory reflected not did

margins was in had constraints QX less as gross our and defence reminder, was we ramping margin margin the improve revenue result. will summary, supply X.X%. gross associated which IMS new with CPS chain in non-GAAP will several As an impacted Again, both by a unfavorably our segments related overall and impact QX. believe of increase In programs costs of

to Now, X we please fiscal about so XXXX can performance. talk financial slide turn

lower XX Fiscal have to a associated was for We revenue fiscal chain after fiscal X.X%, that $X.X X.X% the I'm better operating XX to mix. fact XXXX challenging supply from XXXX to from compared XX primarily XXXX environment relatively basis XXXX. what constraints. of primarily to improve $X.XX the margins margins. operating compared share GAAP margin improved despite weeks Non-GAAP Non-GAAP a weeks, due a margins flat billion and strong due delivered to the the of points improved chain team up exceptional expenses. adjusting gross revenue to XX% being fiscal the to despite XXXX and proud performance operational this in and were challenges primarily and X.X% fiscal to product relatively flat supply per that due earnings during Non COVID gross had year and $X.XX, favorable due was to with constraints. year-over-year efficiencies

Now please X. slide turn to

to talk other manage on quarter. conversations The balance borrowings we an a during driven cash billion the and resulting facilities, than increase liquidity. We impact bigger Let's under cash equivalents debt revolver supply market increase we our revolver. end these availability based million. Inventory through the no our of expected and have outstanding the strong position sheet. current inventory about was $X.X believe from parts $XXX there and QX, to Cash the under due with unconstrained level have increased to were Between of increase of a of chain customers. cash in the dynamics. constraints At

Despite such are normalize working expect resolved. able cycle pre-tax inventory supply capital days consumed this approximately and inventory to days. to cash We as chain the ROIC this be inventory, in remained the the manage at constraints XX XX.X%. we steady were of balance increase Non-GAAP was to

to Slide Now, please turn XX.

$XX of million fiscal million consistently of million from and cash from flow We cash strong. free of cash generation flow Our free in XXXX. $XX operations QX cash million operations of $XXX and generated cash remains flow during $XXX and

We continue generate focused on to cash going continue forward. cash and expect generation can to very to remain

very could Slide turn cash XX. approach We utilization. to still to take a disciplined please Now,

continue of use net Please improve existing investments to operations. depreciation as the our efficiency of QX was million. growth Net depreciation the Our and relates primary and organic Fiscal cash turn $XX.X capital drive $XX for million leverage $XX to approximately internal were were we capacity. approximately was to million. now. XXXX XX, expenditures XXXX $XXX capital our FY Slide million, manufacturing expenditures to revenue

repurchased QX, a During XXX,XXX we total approximately XX shares cost of for million.

remaining For $XX shares. of repurchase announced allow Directors $XXX the management shares of authorization authorization the million. continue full today had approximately to approved repurchase million for the the approximately This the opportunistically to flexibility current by the that an will additional additional Board fiscal X.X a XXXX, XX an repurchased of we we end quarter, We million. of of total At million. increase authorization

previously growth of to Slide efficiency drive investment revenue improve and XX. I to internal relates to turn primary our As our use of mentioned, the organic operations. Please cash

Let's outlook challenges. demand talk supply to QX. be there chain customer continue the about very is strong, Overall for but

expected revenue non-GAAP, you tax slightly to to be $XX in X% for gross to count be in and outlook be to expenses the to fully approximately consider all Non-GAAP to range X.X%. of of margin range this to expect in to our the million the expected the range expected million $X. non-GAAP are Non-GAAP million. billion. And We X.X%. non-GAAP is When operating $X million. XX%. $X.X operating share rate to $X.X $XX is Non-GAAP be of $X.X and million to be expenses share is margin off QX in range earnings $XX.X approximately the be X.X% of approximately per billion in of diluted Non-GAAP $X.XX diluted guidance, other range

growth summary, We strong to expenditures be remains million depreciation customer expect $XX by and be about base. $XX our million. around new of In the to program across capital demand driven

operating chain cash confident generation as and time are positions that lean resolved. are and as our the over model well business strong constraints the deliver supply we leverage company manufacturing We to expect flow

Yuri. the I'll to turn Now back over call

Jure Sola

for XXXX and turn you Kurt. and comments highlights fiscal Thanks, a Ladies also quarter and outlook year few fiscal with quarter. our I'll let review more XXXX. about Please Slide fourth for first market XX. to the financial me year gentlemen, the add

First, for COVID. shortages around you the take and the and say around this to I would like thank navigating material employees opportunity daily managing to our challenges

deliver year environment. growth this we what a team margins, control. strong we in outstanding management key driving this with very like delivered And financial per chain us for an the all constraints, delivered on results XXXX flow. for focusing done in difficult earnings cash The fiscal and was Our share has supply job strong

is margin, So as of flow cash went delivered our X.X% point. you X.X% especially a up XX% margins, Sanmina well Unfortunately, so But increase for $X.XX XX Please Earnings per growth. million, XX from strong good Slide at material basis I and overall, the they revenue a future. can positioned our to share, operating of XX. that $XXX -- look to EPS affected you tell turn year. shortages today

end at a fourth look the four strong Let's for revenue for by markets demand a with quarter quarter. the

As I was that cloud slightly impacted quarter-over-quarter, fourth mentioned, material was revenue of automotive XX% defense million shortages approximately by plus. revenue $XXX medical, slightly infrastructure Communication, and quarter-over-quarter. industrial, was networks our and up and quarter down the

the fourth turn strong. were customers top to Our for XX.X% to be X. quarter Book-to-bill quarter to quarter fourth the XX. was our Please XX X.XX of for the fourth for revenue. continue slide Bookings

you of fiscal me market first year Let outlook. quarter review and XXXX, for the

see to market We all across are continuing segments. strong demand

be strong quarter, communication for products. by slightly will the cloud from revenue the first the and networks and for infrastructure, revenue driven up we optical for networking XG demand are forecasting So

For and automotive. industrial, medical, defense

see demand products, strong security and driven energy and products, safety and semiconductor products. a by industrial, renewable For we alternative

all overall, across For demand medical, lines. stable product see we

products business Well, For defense have line. see all electrical by vehicles strong we also us. demand business, we demand automotive, driven cross strong for

our overall, first shortages. revenue be growth by will impacted So for material quarter

turn As you slide to please XX.

to first $X.X you heard billion. $X.X outlook Kurt, for from As the quarter is

the growth, potential have But today, it's year growth we We about it's expect component here. – fiscal limited at constraints. if chain. supply all But but to by nice XXXX, look the nice we upside see

communication that, sectors, business automotive markets, are margin seeing demand optimistic opportunities all from of that forecasting personally growth. translate will strong across and time, XX% into will have opportunities. and from and medical, of networks all At these we XX% markets. our and EPS this approximately of and pipeline expansion industrial, we of customers cloud new I'm infrastructure be revenue We strong defense are

will we healthy cash to cash, to cash, slide turn flow from Please operations. For XX. continue generate

industry partnerships about you expand fiscal customers. one is solutions and XXXX to management heavy year customer me high beyond. leaders provide to complexity in Let continue industry-leading for markets. on continue this Number to us talk Build for end-to-end strong priorities to for with and our critical, technology our regulated mission

chain and our shortages We resolve and are challenges. supply customers suppliers logistic with to closely working

XXXX. continue constraints fiscal chain year to supply through expect We

will and these consistent around We deliver growth. a continue constraints work to profitable to

maximize Our value. end shareholder is to goal

on XXXX of was We as operations. our delivered advantage customers. in are XX% to non-GAAP competitive from margin Please We results, XX. In to we investing slide focused fiscal year plus to talent cash turn technology, continue flow growth a financial and nice strong good EPS year. non-GAAP and summary, deliver expansion,

Our exciting. positioned future to year in is well is XXXX. growth deliver Sanmina profitable physical

We have leading profitable these us And diverse balance successfully sheet and that for with operating and navigating industry solutions. flexibility technology agility in leading growth strong provides market portfolio to year lot fiscal beyond. and of future of drive we XXXX We're financial dynamics. a have

for time like now thank open Thank lines the you support. to I for and you question to you, your again. ready now to gentlemen, and and So, ladies answers. say we're Operator, would

Operator

[Operator America. with from the Instructions] Bhattacharya Bank line Ruplu comes first of question Your of

Your open. is line

Ruplu Bhattacharya

questions. for about want ask Hi. the Thank you taking I Jure, to XXXX my you outlook. fiscal

right would you think people you I XXXX, is that thought that you fiscal mean that's on or you year-on-year mean, modelling like a XXXX well X% think in XXXX? X% growth revenue. about estimate, will that do mean, growth. growth consensus I now you I by most think can the growth, reported were strong component how last shortages based what reasonable said given qualify, if revenue just revenue phrase, when revenue I into to talking you

Jure Sola

Ruplu. question, excellent Yeah,

all on of us. did I I of prepare front to today what our let expect on goes and see that it's on statement, that qualify say nice we it's strong all said to go -- growth first just dependent we materials. back my me what in based I have all opportunities Let in in around said backlog

but to we've for when been based last is in exactly year to calendar third XXXX. going crystal of and our this end, they anyway going it's think you suppliers rest said year XXXX, definitely, on a the in I to this all us tell the now what row. say, shortages for don't As ball stocking forecast we a know, We customers, material maybe even quarter have the you fiscal to

so understanding learning I months shape we're quarters today than working we're think I'm we work a three to three what in were ago, it. ago, with, better sorry, we're with

year, a to plenty see expecting are We the get backlog. we the some have improvements, improvements we of during if

will customers can lot than Our today more take we what ship.

and expect that's to driving, to very see of next It's kind that a us, to So still short what XX we much. operating short with. we quarter for me about But next get we to me how how say the month I some Ruplu. and internally, all are $X term hard year. in billion for it's materials growth term do

Ruplu Bhattacharya

the XX% I guide went quarter for first Okay, And okay. up the facing can material sequentially. flat it sequentially. shortages. looks That's guess, If helpful. like, I you are inventory But ask, is

you I that gets So, And working XX over worked should how how related inventory question is, do cash about to the that free and flow mean, guess we months? quickly think the think that, next capital off? I

Kurt Adzema

Ruplu. This Sure, Kurt. is

constrained to first I parts, remarks, were going we quarter in I part we than get all, ended unconstrained of level So assuming last went being lot of the as certain a mentioned in parts, up inventory delivery it more prepared of of brought expected. reason we up is of mean, the because my challenging a and

going that's quarter to XXXX. said, the and more during level. next the generate inventory over near-term, chain the back think become And confident supply to being obviously, high ease feel said, of normalized just inventory expect of to to think part question I as the time couple higher turns and cash I a your being efficient will over of cash about that amount coming be fiscal able remain are And in terms that, But and we'll constraints be than very I levels quarters. generation, get That this think more normal. still I the I that inventory in the business.

make lot customers. a doing working of things working our efficiently we're we operate with capital efficiency, the So to sure

of cash, to we'll have So like couple we years. continue generate just the last

the that generation, it's COVID or whether one think us consistent other constraints I chain of cash as that's separates things our factors. or supply

Ruplu Bhattacharya

bps bps. XX that revenue I of also That's it like okay. had can helpful. of margin in didn't it ask And But Kurt, have the mean, much IMS, if up sequentially. much but dynamics I revenue Okay, that CPS, for on and improvement. you seem declined XXX about decline, quarter the margin you CPS, third look in the hand, IMS other was didn't to that also

a So go segment, bit if impacted into you margins and on each little can there? what just more the detail

Kurt Adzema

Sure.

let's first. with So IMS start

I have remember by in you reversal comments, a of first As a gross IMS prepared QX my that was all, to mentioned of impacted for margin reserve. $X.X million favorably

And that's QX why the quarters. was prior than higher so

a it. think that's I big of part So

it materials I second are seen think throughout we've not as of is, part linearly come quarter. the in the coming materials in,

you're there. we've have to of what parts, variability the efficiently just we we would is not to, incur a which got so time, time. fully like as we're aren't arrival, to lot bunch -- incur people points means in have at parts operating a over of seeing get occupied we not in And we various then when And as

So inefficiency the with bit there's associated of on that side. a IMS

are those So factors the biggest I'd two IMS. say on

we that about margin bunch reason defense was in CPS that a quarter, some costs is CPS again, we new ramping. of the last QX, look we were our lower programs we of incurred the at talked the As fact that

QX, change costs, plus, CPS And as mentioned, I those QX revenue had margin less to my of that in down up And XX bit. percent is quarter. went and prepared comments, a little in went we so last why

of in with the QX in range, we last year. so combination performing is QX back line that And of to two those of more in us got what been factors XX% in kind last which in year, of XX% had

that's helpful. hopefully, So

Ruplu Bhattacharya

sorry, just details for Thanks If can the -- go Yeah. I on that. ahead.

Jure Sola

Let me operational of better line. good. that. we add In shortages, know a efficiencies definitely once more deliver as have we not are one we when said, thing Kurt If -- lot that, can environment, very material improve the our to you can we bottom this

will and basis growth steady drive margins on daily of combination So output substantially. our

we to I call, very this and year. to growing So, showing long-term, a processes get what bit. internal of the that's important do understand work up think shortages, I a And we and we start to material say, handle as better, how on, I little lot that's start did improve cost on going a

Ruplu Bhattacharya

I I Great. Thanks for in details. if all can the one Yuri. just -- squeeze more for Can just

You the next XG communication that see you the on on and can just you give strong us, guys on details networking you some in into do are progressing quarter? side, how and side wireless what saw optical and more let the

Jure Sola

Yeah. as in That statement. I prepare business, mentioned, my Ruplu

very have strong demand there. We

that ship. in will today customers I everything Our segment take can

the demand very is demand product, strong. very do routing, the to XG well also doing then for networking is well. -- cetera, there. IP continued is Again, So us, really And networks strong. et optical are very, that's expanding and

just is getting material I shortages think it this resolved.

Ruplu Bhattacharya

for details. Appreciate Thanks all you. the it. thank Okay,

Operator

Your line next from of with comes question Suva Citigroup. Jim the

Your line is open.

Jure Sola

Jim. Hello,

Jim Suva

longer just wondering to talking about I'm clients, like well manufacturing like, A, finished already those water there's or if such, happening. to whether it and what inventory, customers trade everybody's with mitigation or goods afternoon. My in with much because it power I'm components it's things some be question one known, or or process thing after the it sense wondering, longer going structural is, pretty the your COVID, it adjust term be supply whether and it. maybe term? you're the of it discussions now work are your wars, dealing just you or whether and relationship it’d place for seems and were structurally? And shipping unfortunate, other. constraints make containers shortages, hold are outages, where or does seems it's forward if like risk good be Hey, that in with how

Jure Sola

that's about Jim, we whole really question, And an asked our global talking something are because you question. working that with customers the not is that really excellent supply chain. that's been

you've XX As been you as around ease. been. years long I've when ago, long, know, everything

logistic cetera. definitely costs, the are concerned et customers to Now, about safety fly by

solution anything we excused, that customers our wish like one key with in very it material improve Unfortunately, dealing this Jim, and geopolitical find was I the at lot a unique time. this of material it. which we product. shortages of the But lot minimize real a it world. least will for put a So for lot we as today program issues this the raw I finished of you shortages, But really be from a to impact. world seen easier to and of is this, to around never are the is know, have also

So industry a all our which going concerned, customer. able our have those and with things benefit and today, our solution longer-term customer base play to it's -- a key relationship role is bigger really closer to better to is very be

excited So supply front a we out. It's And basis, financial lot lot frustrating because some in the think we a about results. are on think are better taking I short-term, chain us. had I if costs daily better we delivered we of just a in

job. So exciting of but that's they part and of a lot work, our

Kurt Adzema

add footprint. any Yes, quite appealing footprint, think I our our one our to I diversified think challenges. look Jim, focused a And that's we in particular undergo manufacturing something and -- We're we if you these customers I'd that's not think have partners, at manufacturing I area. you that, as to very

components That's happen that expecting of to think But are people through until case. the won't long-term, kind I something everybody to will of least that terms certainly given people That going going in think the components? we're get seems going key of not critical take in to at XXXX. predicts another year that are certainly hold fact But it's to hold the plus this. more to future. to I more, be inventory

Jim Suva

to cloud seeing say, as little of and a give bit versus communications networking question. like a optical, you're bit Can go trend about my And shifting there those your kind details the in is of XX-gig segment? how for everyone's little well, network we going a follow-up us that XXX-gig, on what's to versus there seems going sub-parts and is XXX-gig about supplies you eventually think it and from and the infrastructure, or then pause should routing of

Jure Sola

Jim of from we position right with industry I the now product point will lot XXX-gig market. mean, this on to last customers -- of to of our going new customers that more been and view, so so, especially suppliers, to -- every key our involved a sorry, one with when key the our year all bringing in out or in

think, we for So but -- too. that shortage what months. You're materials deliver going end see systems us, of next next the higher and them there think Definitely to demand I for to better see more going is in today, the you're I in XX

there. ever it chasing are We

We’re dealing it.

little together like the we're bit expect tunnel, a couple lot And to our source a of unique dealing the quarters -- think a now. on components and from we're But little mean, end in more. us and I of cases, are, a of products, because it bit single our and easier see a it’s lot is I affecting with I products working with costume of some hopefully, lot customers.

Jim Suva

much so you the details for and Thank clarifications.

Jure Sola

ready? you Thanks, the we last. the Jim. Christian, for got Are best

Operator

comes with of from line Craig-Hallum. the Christian Schwab question next Your

open. Your line is

Christian Schwab

Thank you. Thank you.

what us going components what XXX kind tighter? questions surprised or answered, Can surprised became you you clarity quick typical this materials what of my available, that to all clarity than quarter, million greater constrained this was that? just on be that been a you of thinking just quarter? million a When kind and or became were XXX up give less you end being any So

Jure Sola

a definitely, to Well, be semiconductors continued problem. is

think the get three you're later. know, you two biggest the commit. today, and weeks later, then issue think going you When weeks products they come the is I to

semiconductor to on also, So and it a And customer. problem. continues depends be

sure different also. have priority there we And for a program. components of time of to requirements, a this tough even put assortment lot top on lot on different with a a have put where we military make We pressure defense, customers suppliers getting can they

to semiconductors optics in the just both raw me So right sectors fiber material, to cross to etcetera. but it's down now. aluminum way number materials, a all one, the to all

Kurt Adzema

Jim Yeah, Christian. also would also would I I'm sorry, I add. -- Christian

some Channel, and think there Disney to in was that some that we're and the there inventory help out I in were some access of mitigate quarters, able prior problems. the

once through, think we and delivered to gets quarter. stuff lot of of that saw I had of back part then the kind eaten the in we the got channel normalized stuff to a wait

was two to in a So it impacting combination of us. those leader, semiconductors, of clearly terms the things, but Jure's point

Christian Schwab

in largest, a next QX, January pushing customers bigger earlier lot kind things chips. gave And the then but last year, of February of little year, started you as XX in chip producers in of guys for look weeks. to the guidance It fiscal bottleneck, of guys a of the bit to constraints one my

that? their any not guess, QX, business of lot a ago. going I supply a increased those year Are of you reflection So if should predicted customers into seeing see they right,

Jure Sola

our I than are say months nine will us more lot last visibility, in before. customers definitely, a Well giving ever

in planning and years. some cases two longer a one stuff customer we've have So than out is been year. there out I looking for

a definitely, planning, especially customers So the that take some time these are long on manufacture costume have to relief. that a products know, getting you better

Christian Schwab

is last last demand. than any question you don't there's So know, believe my currently we

incremental dollars revenue. quarters, hundreds-and-hundreds mean, I millions few over we last of of the of So lost have

at there the end be become suggest line in top is some get we that that shortages should a available, help supply the more of in some semiconductors is loosening XXXX if fair? material that growth would into components chain, any of up or So at point. particular, increase If in going these XXXX or

Jure Sola

away. as that, orders Christian resolve we any fair. our will we revenue Yeah, shortages the definitely up. believe going that's Right see Yeah, in don't now, we short-term, go

Christian Schwab

Great, Yeah. spectacular. Thanks, guys. No other questions.

Jure Sola

thank Thanks, you gentlemen, If your of answer give Hopefully all most us and a not, for we very all you today. Christian. have that, questions. call. Ladies that's we Bye-bye. much. With

Operator

today's concludes Thank you participating. conference for call. This

disconnect. now may You

Sanmina (SANM) 9 Nov 212021 Q4 Earnings call transcript