Thanos Moschopoulos: Great. Last one for me. It sounds like you have had a lot of new program ramps across your business this year. Normally my understanding is new program ramps are at a lower margin until they get up running and are optimized. Does that inherently provide a good margin opportunity for next year or is that going to be offset by other new programs that will be ramping next year?
Rob Mionis: Well, we are always ramping programs, which is a good thing and so we are always going to have a little bit of that mix change, if you will, on our margin profile. I would say that right now the — some of — many of the programs that we are ramping are not margin dilutive. In some cases, we have already reached scale. So if you use industrial as an example, we are very pleased with the margin profile that’s happening in industrial despite the fact that we are still ramping so many programs, because we have achieved a certain level of scale. And then on the hyperscaler side, it’s really about a portfolio and suite of portfolio of products, and we are pleased with the margin performance across all of our hyperscaler customers right now.
Now as we go into next year, as you would see, we are targeting 10% EPS growth over 2023. 2023 will be at record levels. Last year was at record levels. We are implying 2024 will be at record levels and there’s different ways that we may get there. Some of it will be on topline growth, but there is an opportunity on margin expansion as well.
Thanos Moschopoulos: Great. I will pass the line. Thank you.
Rob Mionis: Thanks Dan.
Operator: Your next question comes from the line of Matt Sheerin from Stifel. Please go ahead.
Matt Sheerin: Yes. Thanks very much. Just another question regarding your cloud business, particularly on revenue recognition, on the enterprise side. Is any of your business on a consignment basis and are you planning to shift any of that and does that have any impact on margins?
Mandeep Chawla: There is some consigned materials in revenue that we do recognize, Matt, and so what that means ultimately is that we are not putting it through into our revenue and we are also not marking it up. It makes sense in the EMS world to have consigned inventory, otherwise customers would be paying a margin stack on some very expensive components. That being said, there is not a major shift in the concentration of consignment that we have. Look, if you compare next year to what we are seeing this year, it’s going to be relatively consistent. We are not looking to consign a lot more new material.
Matt Sheerin: Okay. And relative to your CCS business, I know that hyperscale is the fastest growing and is the largest portion of that business, but you do still have a strong OEM business. Could you talk about the dynamic going on there in market demand and as you continue to grow the hyperscale business at a faster rate, do you expect margins in that overall segment to expand?
Rob Mionis: Yeah. We do have OEM business as well and those OEMs also sell into the hyperscaler business. So we don’t count that in our hyperscaler class but those businesses are growing quite nicely as well. Right now, they are working through some excess inventory challenges, but as we get into next year we do see those guys returning to growth.
Mandeep Chawla: There has been some pockets of softness amongst the enterprise customers when it relates to small, medium businesses. But as Rob mentioned, we also have a large set of customers that are selling directly into the hyperscaler. So we have seen in most cases that that’s balancing itself out.
Matt Sheerin: Okay. Thank you. And just lastly on the model, could you give us your estimate for the interest expense and other line? I know that was down and I imagine with working capital coming down, that line will also continue to come down.
