Good morning and welcome to the Plexus Corp. Conference Call regarding its Fiscal Fourth Quarter 2018 Earnings Announcement. My name is Sylvia and I'll be your operator for today's call. At this time, all participants are in a listen-only mode. After a brief discussion by management, we will open the conference call for questions. The conference call is scheduled to last approximately one hour. Please note that this conference is being recorded. I will now turn the call over to Ms. Heather Beresford, Plexus' Senior Director-Communications and Investor Relations. Heather?

Good morning, and thank you for joining us today. Some of the statements made and information provided during our call today will be forward-looking statements, as they will not be limited to historical facts. The words believe, expect, intend, plan, anticipate, and similar terms often identify forward-looking statements. Forward-looking statements are not guarantees since there are inherent difficulties in predicting future results, and actual results could differ materially from those expressed or implied in the forward-looking statements. For a list of factors that could cause actual results to differ materially from those discussed, please refer to the company's periodic SEC filings, particularly the Risk Factors in our Form 10-K filing for the fiscal year ended September 30, 2017, and the Safe Harbor and Fair Disclosure Statement in yesterday's press release. Plexus provides non-GAAP supplemental information, such as ROIC, economic returns, and free cash flow, because those measures are used for internal management goals and decision making, and because they provide additional insight into financial performance. In addition, management uses these and other non-GAAP measures, such as adjusted net income, adjusted earnings per share, and adjusted operating margin to provide a better understanding of core performance for purposes of period-to-period comparison. For a full reconciliation of non-GAAP supplemental information, please refer to yesterday's press release and our periodic SEC filings. We encourage participants on the call this morning to access the live webcast and supporting materials at Plexus' website at www.plexus.com clicking on Investor Relations at the top of that page. Joining me today are Todd Kelsey, President and Chief Executive Officer; Steve Frisch, Executive Vice President and Chief Operating Officer; and Pat Jermain, Senior Vice President and Chief Financial Officer. Consistent with prior earnings calls, Todd will provide summary comments before turning the call over to Steve and Pat for further details. Let me now turn the call over to Todd Kelsey. Todd?

Thank you, Heather, and good morning, everyone. Please begin with our fiscal fourth quarter results on slide 3. After the close of the market yesterday, we reported results for our fiscal fourth quarter of 2018. We continued to produce meaningful growth finishing with record revenue of $771 million near the high end of our guidance range. The result was a 15% increase from the comparable quarter last year and a 6% increase from the third fiscal quarter of 2018. We achieved strong sequential growth from our Healthcare/Life Sciences, Industrial/Commercial and Aerospace and Defense market sectors with Healthcare/Life Sciences strengthening within the quarter. We realized these results while overcoming the impact of the highly constrained supply chain market and minimizing the impact of global tariffs. In addition, as a result of strong execution and operating leverage, we delivered fiscal fourth quarter operating margin of 4.8%, comfortably within our target range of 4.7% to 5%. Our solid growth in operating performance led to record non-GAAP diluted EPS of $0.96, a result that was above our guidance range. The EPS result included $0.14 of stock-based compensation expense. From a GAAP perspective, we produced fiscal fourth quarter earnings per share of $2.20. This result included $1.24 per share benefit due to a non-recurring tax event. Please advance to slide 4. Next, I will highlight fiscal 2018 accomplishments starting with our performance to our enduring financial goals of revenue growth and economic return. As we previously communicated, we have an aggressive revenue growth goal of 12% annually. We delivered fiscal 2018 revenue of $2.9 billion, representing a 14% increase over fiscal 2017, exceeding our revenue growth goal. The following are additional highlights related to our revenue growth. Our Engineering Solutions organization grew over 20% year-over-year. Our customers continue to see the value in this differentiated…

Thank you, Todd. Good morning. Please advance to slide 9 for a review of our market sectors performance during the fourth quarter of fiscal 2018 as well as our expectations for the sectors in the fiscal first quarter of 2019. Our Healthcare/Life Sciences sector had a strong finish to fiscal 2018 with revenue growth of 9% in the fiscal fourth quarter. This result exceeded our expectations of a mid-single digit increase and contributed to the sector's outstanding growth of 21% in fiscal 2018. Expansion with new programs in the fiscal fourth quarter and throughout fiscal 2018 fueled the growth. Continued growth of these programs combined with new wins support the strong start to fiscal 2019. We anticipate a mid-single digit revenue increase in our Healthcare/Life Sciences sector in the fiscal first quarter. Our Industrial/Commercial sector was up 8% sequentially in the fiscal fourth quarter, which was in line with our expectations of a high-single digit increase. Broad-based increases from 12 of the top 15 customers drove the strong revenue. For fiscal 2018, this sector had exceptional revenue growth of 16%. As we look towards the fiscal first quarter, we are realizing the anticipated softness with some of the semiconductor capital equipment market customers. As a result, we anticipate a mid-single digit decrease in our Industrial/Commercial sector in the fiscal first quarter. Our Communications sector revenue was down slightly in the fiscal fourth quarter and for the fiscal 2018. These results were in line with our expectations of relatively flat revenue. This sector was impacted the most in fiscal 2018 by the constrained component market. Looking ahead to fiscal first quarter of 2019, we see improved component supply and robust demand from two communications infrastructure customers. However, they're being offset by a program cancellation by the federal agency that another customer…

Thank you, Steve, and good morning, everyone. Our fiscal fourth quarter results are summarized on slide 15. Record fourth quarter revenue of $771 million and gross margin at 9.5% were both at the high end of our guidance. Gross margin was approximately 20 basis points above the fiscal third quarter. Our continuing efforts to manage costs and improve productivity while increasing revenue contributed to the margin improvement. Selling and administrative expense of approximately $36.3 million was slightly above our quarterly guidance. As a percentage of revenue, SG&A was 4.7%, an improvement of 20 basis points from the fiscal third quarter. Operating margin of 4.8% improved sequentially by 30 basis points. The combination of improved gross margin and better leverage of operating expenses drove this improvement. Including in this quarter's operating margin is approximately 60 basis points of stock-based compensation expense, in line with our quarterly expectations. Other expense for the fiscal fourth quarter was $2.7 million, which was favorable to our guidance, primarily due to lower interest expense and foreign exchange gains recognized during the quarter. GAAP diluted EPS of $2.20 included a benefit of $1.24 per share related to U.S. tax reform. During the fiscal fourth quarter, the U.S. Department of Treasury released additional guidance regarding the repatriation tax we recorded in the fiscal first quarter. The benefit resulted from adjustments made in applying the additional guidance as well as our utilization of accumulated U.S. net operating loss carry forwards. Both reduce the repatriation tax due in future years. We also recognize the benefit from the reversal of our valuation allowance previously maintained on our U.S. net deferred tax assets. With future projected taxable income in the U.S., primarily as a result of tax reform, the valuation allowance is no longer required. Excluding these tax benefits, we recorded a…

Thank you. We will now begin the question-and-answer session. And our first question comes from Shawn Harrison from Longbow Research.

Hi. Good morning, everybody, and congrats on the results.

Good morning, Shawn.

Good morning, Shawn.

I wanted to delve into two different market topics. First, just on the semi cap weakness, what degree of weakness are you seeing in that market? We all know it's obviously weak. And I guess maybe how long do you expect the weaker revenue profile to persist in fiscal 2019?

Hey, Shawn, this is Steve. In semi cap, two things have happened to us through fiscal 2018. One is there is the growth of the market itself, but we're also gaining market share with customers as we move through the year. What we see now is – some of the end markets as we talked about from a softness standpoint, we do see it coming down a bit, but it's kind of being made up by the ramp of new programs. And so, our expectation right now for fiscal 2019 is like in the flat range. Obviously, we'll have to see how it pans out throughout the year, but semi cap for us is looking about flat.

Okay. And then as a follow-up just the big win number in the Communications sector. I had to go back a couple of years to find a similar level of wins and particularly wireless I don't think has been you highlighted in a while. So, hoping you'd elaborate just on – is there a bigger total available market that you're now going after in Communications, is wireless now becoming a growth area that it hasn't really been in a number of quarters, and is there a potential for larger wins throughout fiscal 2019 as well?

Yeah. So Steve again. As – if you recall, when we go back to the end of fiscal 2017 and in the early 2018, we talked about realigning kind of our teams in terms of making sure that we're going after markets and subsectors that aligned with our strategy, and the teams have done that. And so, the wins that you see are a result of that. Subsector of wireless is one of the areas that the team has been focusing. These wins I think are a result of what's happened over the hard work by the team through fiscal 2018. I do expect to continue to see decent wins from this team as we move forward. So, it's really a realignment of our strategy and a focus on the subsectors and the team's doing a good job. So, I expect it to continue through 2019 and beyond.

One of the things I'd add on that, Shawn, too is that if we were going to see growth within the Communications sector, we needed to add new logos and that's where the team was really successful this year, call it three new logos. One we've been doing business for a while but it's been more of an NPI type customer, and then two, our brand new logos that have some people with histories with Plexus in the past, so it was good to see them come back to Plexus.

And if you think about, I guess, fiscal 2019 in that business, considering the new wins versus the legacy historical business, do you expect Communications now to be able to grow for fiscal 2019?

Right now, we're showing it as basically flat and that we were seeing nice growth from the new wins, but we're seeing a few legacy programs trail off and Steve had mentioned too we had a cancellation of a fairly significant program that our customers – end-customer was a federal government agency, decided not to order the product. So, that's having a negative impact for us and is offsetting some of the projected growth from the new wins right now. But there's certainly more potential now that we're adding some new logos there.

All right. Thanks so much.

You're welcome.

Our following question comes from Matthew Sheerin from Stifel. Matthew John Sheerin - Stifel, Nicolaus & Co., Inc.: Yes. Thanks. Good morning. Just a question regarding the supply constraints that you and other folks have been seeing for a while. It looks like in some areas lead times are beginning to come in, but there is obviously still shortages of things like MLCC. So, in that environment, are you seeing sort of an imbalance of inventory, if you will, so that you can actually start working on bringing down some working capital as you balance that, or do you just expect that to be tight, or would your customers rather you carry some buffer stock here given the environment?

So, what we're seeing in general in the supply chain right now is I'd call it stable to maybe modestly improved from what it was a quarter ago. So, if we look at Q4, for instance, fiscal Q4, we were able to pull in and service a little bit of upside that we saw in there and that's where we generated the nice revenue within the quarter. We're also seeing, I would say, less programs in Q1 that have supply chain constraints, but they're still there. And I would say that when we look at it from a customer standpoint, that's one of the reasons our inventory is a little bit higher as we continue to function in this, call it, load and chase mode, where we're bringing in inventory knowing a few components are at risk, but we'd expect that to start to clear out as we work our way through fiscal 2019 and plus as we drive some processes that are focused on improving inventory and with our customers. But, in general, our customers if I looked at them on aggregate, they're feeling bullish, so they want to see us try to have the parts. So, we're working with them on solutions to be able to do that. Matthew John Sheerin - Stifel, Nicolaus & Co., Inc.: Okay, that's helpful. And you haven't – I don't think you really talked about tariffs and impact there, and I know you have some customers in the Communications sector that are susceptible to some of the tariffs and you have manufacturing obviously in China. So, are there any discussions with customers about actually moving capacity, and obviously, you've been adding in Malaysia and places like that, so what's happening there?

Yeah. I'll just give you an overall view of how the tariffs are impacting us, and overall, I would say the net impact is a positive for us as we're seeing it right now. If you look at it from a product standpoint, I mean our customers tend to be the importer of record, so they would pay the tariffs on the products that are imported. From a component standpoint, because of the way our business is structured that's passed along to customers any component tariffs. Now, if we look at what's happening on a customer basis, I mean, first of all, I'd say we're not seeing anything that's really noticeable on a demand front right now of reductions in demand yet as a result of tariffs. We're starting to have some discussions with certain customers that ship out of China, which again remember that's maybe only about half or a little above half of our business in China, but we're starting to have some discussions with them about alternate facilities for their business and I would say that those are active dialogues. There is not active transitions going on at this point, but if the situation persists, I could see that occurring at some point in fiscal 2019. Now on the positive front, we're seeing new opportunities as a result of the tariffs and some of it's from customer facilities, some of it's are competitors. We've already transitioned or won a small amount of business that is impacted by the tariffs and have opportunities on the order of about $100 million already that we don't believe would be there if it wasn't for the tariff situation. So, we're well positioned with our global footprint, just adding with the capacity we're bringing up in Malaysia and China, as well as our U.S. capacity, so we feel good that we were able to maneuver the tariff situation. I would rather have it go away, but we feel good that we can maneuver it if it continues to persist. Matthew John Sheerin - Stifel, Nicolaus & Co., Inc.: Okay. Thanks a lot.

Our next question comes from Sean Hannan from Needham. Sean K. F. Hannan - Needham & Co. LLC: Yeah, good morning. Thanks for taking the question here. And if I could actually just follow up on that topic, Todd, I think everything you just explained is pretty consistent with what I think a number of us are hearing in these early stages as a result of the tariffs. OEMs are investigating, don't know exactly what's going to happen, but conceptually, if we move a few steps down the road and we do see a lot of these OEMs, ultimately, in the medium – near to medium term, looking to move this business out of China to whether it'd be Guad or whatever else, how do we think about the industry's ability or you guys specifically to manage that? I mean, is this – you're going to have cost inefficiencies that you'll have to digest? I mean is this something that ultimately the OEMs are going to have to bear in kind of a unique circumstance for transition costs? What do you do with the under absorption, conceptually just wanted to see if we can get some thoughts around how do we work with some of those risks that that could potentially materialize even though we, of course, acknowledge and we've got some opportunities as well, but there are some things that are going to have to be managed here. So, I just want to see if we can get some early views around that.

Yeah. So, first of all, from a transition or a transition costs standpoint, our approach is that that would be cost neutral to us. So – and if – or if anything be a benefit to us to move the business, so we think there's an opportunity to do that. From a pure move standpoint and the amount of business to move, I think we're in a – if this occurs and as we start to shift business and the industry starts to shift business that exits China or that is imported out of China – or exported out of China, excuse me, I think we're in a better spot than most, given our small amount of revenue that's in China and the small amount that's exported now, there's a (00:40:53) small amount of revenue as a percentage. So, I think we're well positioned to be able to move whatever business our customers feel that they need to, to be competitive in their market as well as potentially take some share from our competitors, who perhaps have a much greater absolute and relative portion of their business that's in China. From a footprint standpoint, I mean – I guess that just remains to be seen as to how much business has moved out. Right now, nothing has – we feel pretty good about our footprint right now. But we'll just continue to play it out as this whole situation plays out, but – and as of now, there's no evidence that would suggest we're going to be in an overcapacity situation. Sean K. F. Hannan - Needham & Co. LLC: That's helpful and I don't mean to communicate and ask the question with a negative spin. It's more of – this is obviously a point of ambiguity right now and I think that those comments are very helpful. So, next question here, so the wins, the growth for you folks, I mean this just continues to be really remarkable. And you're offsetting the semi-cap weakness, seems like you're even more comfortable with the double digit top line growth here in 2019. So, everything really looks to be lining up great. Just want to see if I could pick on a – what might be a perceivable spot here that could use a little bit more, I suppose, comfort. So, when I look at the funnel and I realize reading the funnel is not as valuable as wins themselves, but you've been harvesting a good bit now. And that total has been a little bit suppressed the last few quarters versus 2017, so can we get a perspective how do we rebuild that or are we even over interpreting the comparison to where it's historically been and maybe it shouldn't be drawing conclusions like that? Can you help us think about building the funnel, views on where it stands and where you'd like it to be? Thanks.

Yeah. So, this is Steve. I'll try to attempt that to start here. If you look at the funnel and in the historical numbers, the wins and the harvesting is up. It's been a good year. The funnel – the fluctuation in the funnel a bit as we gone through fiscal 2018 is not a concern to us. We don't really necessarily target anything from our quarter-to-quarter basis, that's why we try to stay focused on what kind of the trailing four quarters looks like. And so the fact that the funnel comes up and then down by $100 million or $200 million a quarter is fundamentally not a concern to us. There is other data that we watch, which is the kind of the leads that are coming into the funnel, that number stays robust. And so, if we saw the funnel come down and that number come down, we'd get more concerned, but we haven't seen that and we don't anticipate to see that. We have the teams focused on doing the right things to win the business. So, I think the indications of what happened in Comm is a good thing in terms of what the teams can deliver. Obviously, the Healthcare/Life Sciences team is doing a phenomenal job. So, in the Aerospace and Defense, we see no ends in terms of what's happening there with the funnel. So, from our perspective, we don't really get too concerned in terms of where it's going up and down because it's – from our perspective, it's heading in the right direction.

The other thing I'd add on to that, Sean, one of the things we're seeing is a little bit faster velocity through the funnel from our teams. So, I think that would imply they're either driving more aggressively to close business or put in higher quality opportunities into the funnel itself. So, as long as we can continue to keep producing the wins we're producing, we feel pretty comfortable with the funnel, but we continue to monitor the whole package. Sean K. F. Hannan - Needham & Co. LLC: That velocity piece of feedback is actually pretty interesting and very helpful, and Steve, your comments are very helpful as well. Thanks so much folks. Nice job.

Thank you.

Our following question comes from Jim Suva from Citi.

Hi. This is Tim Yang calling on behalf of Jim Suva. Thanks for taking the question. Your CapEx for fiscal year 2019 is higher than 2018. Are you seeing the need of CapEx increase for the next few years given the tariffs and customers might move the outsourcing outside of China? And then on component shortage, can you quantify the revenue and margin impact from the shortage? Thanks.

Yeah, Tim, this is Pat. I'll start with the CapEx and then maybe hand it off to Steve for the component piece. We're not increasing CapEx necessarily related to any tariff concerns. We had planned over a year ago to add the capacity in Penang, Malaysia, and then make the decision to add the second facility in Guadalajara. So that was in place a year ago and that's really what's impacting the fiscal 2019 CapEx, why that's up as much as it is. The new facility in Guadalajara is going to be about $20 million to $25 million of CapEx in fiscal 2019, and the existing facility as we continue to grow in that existing facility in Guadalajara will need about another $5 million to $10 million. So, those are the largest components of our fiscal 2019 CapEx spending.

Yeah. This is Steve. I'll take the component question. We talked about in the Q3 call, a bit about $10 million opportunity for us that we could have shipped if we would have had the component. That number grew for us a bit in Q4. As Todd highlighted, we were able to pull some of it in, but there was probably about $20 million more that we could have shipped if we would have had components. We see that number coming down in Q1 here, as we've been able to basically resolve a fair amount of issues. And so my expectation is, there's a bit of upside for us if we can clear components, but we're starting to run into the inefficiencies in the factory of when we get them, even if we get the components, if it's at the tail end of the quarter, it's really hard to push them through the factory to get the revenue out. So, I would expect over the next few quarters the things that bounce around in that area in terms of what potential and opportunity is for us, with a strong expectation now as we get through the first half of 2019 here, though, that we can work with our customers to basically get that aligned and get the supply chain straight.

Got you. This is super helpful. Just to clarify, Todd, so there is no need for more CapEx to capture the revenue upside from the tariffs that you mentioned the share gaining from the tariffs, is that right?

That's correct.

Got you. Thank you so much.

Our following question comes from Mitch Steves from RBC.

Hey, guys. Thanks for taking my question. A lot of them have been answered, but I just wanted to clarify one point, just maybe help us out a bit on the end market dynamics you guys expect for FY 2019. So, if I assume you guys grow double digits, how would I think about the four end markets where you guys think would be the faster growing and the slower growing of the four groups?

Yeah. We're expecting strong growth from three of our four end markets. Those would be Healthcare/Life Sciences, Industrial/Commercial, and Aerospace and Defense. And we're thinking of Comms as relatively low growth or relatively flat based off of the dynamics that I mentioned earlier to Shawn Harrison.

Okay, yeah. So, I just want to clarify two items there. So, the first one is on the Industrial side, so given that semi cap is probably going to be a little bit weaker given the checks we've seen, what is offsetting that weakness within Industrial? And then secondly, on the Healthcare side, you guys are growing at 20% plus. So, I'm just curious if there's ever going to be an issue of kind of a law of large numbers there as we go forward to the back half of 2019.

Yeah. This is Steve. I'll hit this one. As we talked a little bit about in my portion, the Industrial/Commercial wins were $330 million in fiscal 2018, the strongest sector for wins, and they were pretty diversified. And so, we see – oil and gas is coming back with some customers, we're winning new work in the automated retail space as well as heavy transportation and things. And so for us, it's pretty broad-based new wins and growth that's basically offsetting some of the semi cap and overcoming the semi-cap market, and so, that for us is what's giving us optimism in Industrial/Commercial. (00:49:28)

Yeah, on the Healthcare front, we haven't seen the law of large numbers come into play yet. I mean, right now with the wins and the funnel strength that we're showing in that sector, we think we had a lot of runway for growth within Healthcare/Life Sciences yet. Our brand is really strong in the marketplace and the team there is just doing an excellent job.

Okay. Great. Thank you.

Our following question comes from Paul Coster from JPMorgan.

Hi. This is Paul Chung on for Coster. Thanks for taking my questions. So just on free cash flow, looks like guidance is lowered a bit, your CapEx levels, expected to increase inventory levels, probably elevated maybe in the first half. I assume your accounts payable might come down from elevated levels. But what could go right for you in the cash cycle days to come down in the second half, is there possible upside to your guidance there?

Yeah, I think there could be upside. We'll see about the CapEx spending if we're going to need all of that. Sometimes we see some of that shift into the following year, so some of that could push out. But then touching on, I believe, what Todd had talked about around inventory, I think putting in new processes, working with our customers on managing the inventory coming in to support them, I think that's an opportunity for us too. So inventory days would be an area that I think we could improve upon compared to where the forecast is currently.

Okay. And then looking further out, how should we think about CapEx levels beyond this year? I know it's too early to tell on your cash cycle days further out, but I'm just trying to get a sense for when we can hit kind of normalized levels for free cash flow. Thanks.

Yeah. So, we are having elevated capital spending in fiscal 2019, but that's because of, again, our second facility in Guadalajara. Once we get past that year, I think we'll come back down to a lower CapEx that we've historically seen, maybe around $40 million to $60 million, which includes maintenance capital and any capital to support the new revenue growth that we're expecting. And that would probably carry us through probably a two- to three-year period before we start looking at an additional footprint somewhere.

Okay. And then my last question. So on the win front, can you just talk about the competitive environment? It doesn't look like you're sacrificing much on margins to win these new deals. So, if you could just talk about how you are winning these deals, that would be helpful. Thank you.

Yeah. This is Steve. I'll hit that one. I don't think the overall macro environment in terms of competitiveness has really changed. It's always been a competitive industry. I think the difference for us, and I think the Healthcare/Life Sciences team is benefiting from this, is really our ability to differentiate ourselves in the market with that focus on low-to-mid volume products. People are starting to realize the value of that. I also think our supply chain team has done a phenomenal job this year in terms of being able to deliver for our customers, and I think we're taking market share because of that. So, it's still a competitive market. But I think we've done a really nice job of differentiating ourselves and been able to basically not focus at all on price and focus it a little bit more on value and I think our value proposition is resounding with customers.

Thank you.

Our next question comes from Sean Hannan from Needham. Sean K. F. Hannan - Needham & Co. LLC: Yeah. Thanks for allowing some follow-ups here. Just wanted to dig back into wireless. As you guys are ramping some activity, you're winning some activity. I want to get an understanding, what's the nature of the work that we're looking to be involved with here? As we're specifically adding these new logos, I'm assuming that there's probably more of a domestic focus, a higher end type of quality point product, and just trying to understand how much this plays into 5G as part of the thrust there. Thanks.

Sure. This is Steve. I'll hit that one. The two that I mentioned in terms of wireless, one is focused on more of the business in the large campus environment, so they do more of point-to-point communications as well as large complex infrastructure deployments. So, it's really more – to your point, more of a back office and higher value stuff. That's one of them. The other one is more focused on delivering a triple play to more remote areas. But again it's more of a back office stuff. So, it's the higher value equipment and those are the two areas. And in terms of 5G, both of these customers have a view on how they're going to address that market, but these products specifically aren't addressing that yet. Sean K. F. Hannan - Needham & Co. LLC: Okay, that's helpful. And then for, Pat, just some accounting questions here. Where do or where can we think about taxes going beyond fiscal 2019 conceptually as your mix geographic production continues to morph here, any thoughts around that? And also can we get any color around accounts receivables factoring in the quarter? Thanks.

Sure. So, on the tax rate, I think, we're in this range of 13% to 15% for probably the next several years. We do have a tax holiday that comes due in 2024 in Malaysia that we're working through an extension on that. So that's something we're just going to have to work through and see if there's any impact to our tax rate when that comes due. But, apart from that, I think being in this kind of low-to-mid double-digit range is reasonable for us. On the accounts receivable factoring, we continue that program in the fiscal fourth quarter slightly higher than the fiscal third quarter, still at a discount rate that's actually lower than our borrowing rate on our line of credit. So, it's still positive to be factoring, and again similar level, and I think going into fiscal 2019, we'll see it continuing at that similar level that we've been at. Sean K. F. Hannan - Needham & Co. LLC: Great. Thanks so much for the follow-up, folks.

Sure.

Our following question is from Matthew Sheerin from Stifel. Matthew John Sheerin - Stifel, Nicolaus & Co., Inc.: Yes, thanks, guys. My questions were just answered. Thanks so much.

All right. Thanks, Matt.

We have no further questions at this time. I'd like to turn the call over to CEO, Todd Kelsey, for final remarks.

All right. Thank you, Sylvia. In closing, given it's the end of the fiscal year, I want to take a moment to acknowledge and thank the more than 18,000 Plexus team members globally. You delivered just an outstanding fiscal 2018. You continue to provide exceptional customer service, achieved outstanding revenue growth, produced strong profitability and position Plexus for future success. I'm really proud of your accomplishments. The results of fiscal 2018 made me optimistic that Plexus will have an outstanding fiscal 2019. Keep up the tremendous work. And then, finally, thank you to everyone who joined us on our call today. We appreciate your support and interest in Plexus.

Thank you. Ladies and gentlemen, this concludes today's conference. Thank you for participating. You may now disconnect.