SANM earnings call transcript, November 9, 2026

Good afternoon, ladies and gentlemen, and welcome to San Mena's fourth quarter fiscal 2026 earnings conference call. At this time, all lines are in listen-only mode.

During the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for an operator. This call is being recorded on Monday. November 9th, 2026. I would now like to turn the conference over to Paige Melching. Please go ahead.

Thank you, Marissa.

Good afternoon, ladies and gentlemen.

And welcome to Sanmina's fourth quarter in fiscal 2026 earnings call. A copy of our press release and slides for today's discussion are available on our website at sanmina.com in the investor relations section. Joining me on today's call is Yuri Sola, Chairman and Chief Executive Officer, and John Faust, Executive Vice President and Chief Financial Officer.

Good afternoon.

Before I turn the call over to Yuri, let me remind everyone that today's call is being webcasted and recorded and will be available on our website. You can follow along with our preparation.

Remarks in the slides provided on the website. Please turn to slide three of our presentation and take note of our safe harbor statement. During this conference call, we may make projections or other forward-looking statements. Regarding future events or the future financial performance of the company. We caution you that such statements are just projections. The company's actual results could differ materially from those projected. In these statements as a result of factors set forth in the safe harbor statement. The company is under no obligation to and expressly disclaims any such obligation to update or alter any of the four looking. Statements made in this earnings release, their earnings presentation, the conference call, or in the investor relations section of our website, whether as a result of new information, future events, or otherwise, unless other. Required by law. Included in our press release and slides issue today, we have provided you with statements of operations for the fourth quarter and fiscal year end, October 3rd, 2026, on a GAAP basis, as well as a certain non-GAAP financial information. A reconciliation between the GAAP and non-GAAP financial information is also provided in the press release and slides posted on our website. In general, our non-GAAP information excludes restructuring costs, acquisition and integration costs, non-GAAP stock-based compensation expense, amortization expense, and other unusual or infrequent items. Any comments we make on this call as it

Good afternoon, ladies and gentlemen.

Welcome, and thank you all for being here with us today. First, I would like to take this opportunity to recognize our employees and Seminas. Leadership team for doing a great job. So to you Seminas team, thank you for your dedication, hard work, and delivering strong execution. For our customers. Please turn to slide four. Ladies and gentlemen, I can tell you that I'm very pleased with our performance. We delivered a great result. For a fiscal year 26. Revenue grew 79% year over year to $14.53 billion. Non-GAAP operating margin expanded from $5. 7.7% operating margin to 7.4% operating margin year over year. Non-GAAP diluted EPS more than doubled to $13. and $0.28. Cash flow from operation was also very, very strong. Came in at $944 million. I can tell you. that we are executing according to our plan, with strong execution in both core Sanmina and Sanmina AI Group ZT systems. Now let's go to our agenda for today's call. We have John, our CFO, to review details of the results for you. I will follow up. with additional comments about results and future goals. And John and I will open for questions and answers. And now, I'd like to turn this call over to John. John?

Thank you, Uri.

Good afternoon, ladies and gentlemen, and thank you for joining today's earnings call. Before I review our financial results for the quarter and the fiscal year, I want to acknowledge the entire Sambina team for their focused execution and thank them for delivering a great fourth quarter and a strong finish to the fiscal year. This was a transformative year for Sambina as we delivered strong broad-based growth across all of our end markets while largely completing the integration of the ZT systems business expanding. Our position in the cloud and AI infrastructure and market. I'm very proud of the team's performance and I'm excited about the opportunities ahead across our entire business. Now please turn to slide six where I'll speak to the financial highlights. As you already mentioned, we are very pleased with our financial results. Which, as you can see, exceeded our previously communicated outlook for both the quarter and the fiscal year across all metrics. Revenue exceeded the high end of our outlook range. This was driven by both the core Sanmina business, which exceeded its outlook ranges with growth coming from all end markets, and the ZT system. This came in line with our outlook. Additionally, our non-GAAP operating margin and our non-GAAP diluted earnings per share both exceeded our outlook. Driven by strong execution, mix, and disciplined cost management. We also had about $30 million of tariff recoveries.

Primarily associated with legacy ZT systems products, which wasn't factored into our outlook and contributed about 75 basis points of favorability to our non-GAAP operating margin. And about $0.42 to our non-GAAP diluted earnings per share. All in all, this was an outstanding quarter for Sanmina, which closed out a strong fiscal year. And with our proven track record of solid operational execution, we're now well positioned to take advantage of robust market demand in the new fiscal year ahead. Please turn to slide seven, where I'll speak to our non-GAAP P&L performance. As shown on the prior slide, we delivered revenue of 3.0. $8.6 billion, which was up 84% versus the same period a year ago. Our core Sanmina business revenue of $2.97 billion grew 42. percent versus the same period a year ago, exceeding our outlook with broad-based strength across all of our end markets, several of which through double digits a year. Our ZTE Systems business revenue of $884 million was in line with our outlook. Our non-gap gross profit was $444 million, or 11 million dollars. 1.5% of revenue. This was up 210 basis points versus the same period a year ago and above the high end of our expectations. Our non-gap... Operating expenses were $96.3 million or 2.5% of revenue in line with our expectations.

Our strong revenue and non-GAAP gross profit results, along with ongoing cost discipline and operating leverage, enabled us to achieve non-GAAP operating profit of $348 million or 9.0% of revenue. Up 300 basis points, those are the same period a year ago. Our non-GAAP other income and expense was a net expense of $20.9 million, lower than our expectations, largely due to strong cash flow generation. Our non-GAAP deleted earnings per share was $4.43 based on approximately $55. million shares outstanding. This strong non-GAAP deleted earnings per share performance represents a 166% increase versus the same period a year ago and showcases the high potential of our combined core SAN MENA and ZT Systems businesses. Now please turn to slide eight where I'll speak to the

IMS revenue came in at three point zero eight billion dollars of eighty three point three percent versus the same period a year ago. This was driven by growth in all of our end markets including the contribution from the ZT systems business. Core Sammina IMS revenue was two point billion dollars for the quarter of 30.8% which is the same period a year ago. ZT revenue was eight hundred and eighty four million dollars for the quarter. IMS non-GAAP gross margin was eleven point two percent of three hundred and forty basis points versus the same period a year ago. This was driven primarily by favorable mix including the impact from the addition of the ZT systems business plus the tariff recoveries that I mentioned previous. DPS revenue came in at eight hundred and twenty two million dollars of eighty-three percent versus the same. period a year ago. This was driven by strong growth in our Viking Enterprise solution storage business, our metal fabrication business for AI system racks, and our high technology printed circuit board business for aerospace and defense related products. All of which we've been investing in since the end of last fiscal year. DPS non-gap gross margin. was 12.0% down 250 basis points versus the same period a year ago. This sequential and year-over-year decrease was primarily driven by mix as well as the impact of the depreciation and other expenses related to investments to support future growth that I've spoken about on prior earnings calls. Now please turn to slide nine where I'll speak to

our P&L performance for fiscal year 2026 as compared to fiscal year 2025. At the beginning of the year, when we provided our high-level expectations for fiscal 2026, we said we expected core SAN MENA revenue to grow in the high single digits and GT systems revenue to be at a run rate of 5.0%. $6 billion as it was being integrated into SAN MENA and going through a product transition, and we delivered on both of those commitments. Of course, SAN MENA revenue came in stronger. than expected with growth of 18.3% compared to the prior year, driven by a solid performance across all end markets. And GT systems revenue came in at $5.4 billion on an annualized basis, falling well within the $5 to $6 billion annualized run rate. As you may recall, we provided a formal full-year outlook in April during our second quarter earnings call, and then we increased that outlook in July in our third quarter earnings call. pleased to report that we exceeded the July outlook with revenue of 14.5 billion dollars, which is up 79 percent year over year, and 224 million dollars above the high end of that outlook. Non-gap gross profit was 1.47 billion dollars, or 10.1 percent of revenue. up 90 basis points compared to the prior year. Non-gap operating income was 1.07 billion dollars, or 7.4 percent of revenue. Representing a 170 basis point improvement compared to the prior year and exceeded the high end of our outlook. Non-gap diluted earnings per share was $13.28.

Which represents an increase of 120% versus the prior year and exceeded the high end of our outlook provided in July by $1.08.

These improvements were the result of strong revenue growth, favorable product mix, and solid operational execution. Now please turn to slide 10 where I'll speak to the balance sheet highlights. We continue to have a very strong balance sheet. with prudent leverage and ample liquidity given us the capacity to invest in support of our growth objectives. Cash and cash equivalents were 1.68 billion dollars. We ended the quarter with inventory of 2.6 billion dollars net of customer advances which is up 131 percent versus the same period a year ago. Driven by ZTE systems acquisition and material staging required to support current and forecasted revenue growth. Inventory terms net of customer advances were 5.2 times for the quarter down from 6.7 times in the same period a year ago. It's important to remember that inventory is bound to firm customer purchase orders and binding forecasts. And that we do not make purchases on a speculative basis. In addition, we continue to utilize customer advances and prepayment agreements to de-risk against shifts and end market demand. Our strong earnings growth and disciplined working capital management resulted in non-GAAP pre-tax ROIC of 48.8% for the quarter, which is well above our weighted average cost of capital and an improvement from the 28.3% from the same period a year ago. Our net leverage ratio was 0.33 times for the quarter, below our long-term target range of 1.0 to 2.0 times, but we still expect to increase.

into that target range this coming year as we invest in working capital to support the growth of the business. That being said, we remain committed to maintaining a healthy balance sheet. Which means carefully managing the liquidity needed to invest in the business and capitalize on the strategic opportunities that further strengthen our position in the market. Now please turn to slide 11, where I'll speak to our cash flow highlights. As a result of the team's disciplined working capital management, cash flow from operations came in. at $242 million for the fourth quarter and $944 million for the fiscal year. Capital expenditures were $159 million for the quarter and $404 million. Free cash flow was $83 million for the quarter and $541 million for the year. For the last several quarters, we've been making strategic investments and new capabilities and incremental capacity across both the Corsi and MENA and GT Systems businesses, and we will continue to do so. to support future growth. In the Corsi and MENA business, these investments include metal fabrication capacity for AI system racks, new capabilities for high technology printed circuit boards for both AI and aerospace and defense related products, and capacity equipment for the new medium voltage transformer business for the rapidly growing energy end market. In the ZT systems business, the focus has been on incremental power, liquid cooling, test cell capacity, and automation for the next generation of accessories.

We believe these strategic investments will help drive profitable growth and future cash flows and generate an attractive ROI. For the company and shareholders. In Decoder, we repurchased about 825,000 shares for $154 million and for the full year. We repurchased about 2.4 million shares for $393 million. At the end of our fourth quarter, we had approximately $446 million available. Now please turn to slide 12, where I'll speak to our liquidity position.

We ended the quarter with total available liquidity of over $3.83 billion, which consists of $1.68 billion in cash and cash equivalents, an undrawn revolver, and other. Similar facilities of $1.55 billion, and a term loan A delayed draw of $600 million. After the end of the quarter, we refinanced. We financed our debt, further enhancing our financial flexibility and increasing our liquidity while reducing our interest costs. Refinancing, which was very well received by our existing and new lenders. Increased our Funded Term Loan A amount back to $1.4 billion, which was the original amount of that facility before we repaid approximately $70 million over the past year. So only a nominal increase. In addition, the maturity of both our revolver and the Term Loan A facility was extended by by one year to October, 2031, and our option to borrow the delayed draw component of the Term Loan A facility, which is currently undrawn, has been extended by six months to April, 2027. which better aligns with our actual needs. Annual mandatory repayment amounts have also been reduced giving us further financial flexibility. And finally, the credit spreads have been reduced by approximately 25 basis points and are now linked to our credit rating, rather than our leverage ratio, providing us with an additional opportunity to further reduce our interest cost in the future. As I mentioned previously, we remain committed to maintaining a healthy balance sheet, which means carefully managing

the liquidity needed to invest in the business and capitalize on the strategic opportunities that further strengthen our position in the market. Now please turn to slide 13, where I'll speak to our capital allocations.

When it comes to capital allocation, it's incredibly important to have a clear strategy and a well-defined set of priorities when making decisions. As we shared with you before, our first priority... ...is to invest in our business to drive long-term organic growth and margin expansion. We evaluate all investments with discipline and take a structured, ROI-based approach. Second, we continuously evaluate strategic acquisition and partnership opportunities, which need to meet our ROI expectations to help accelerate our growth. Third, we carefully manage our balance sheet and liquidity position with a focus on our long-term net leverage target, as well as our long-term goal.

And finally, when appropriate, we return capital to shareholders through share repurchases, subject to maintaining a strong balance sheet and liquidity position. We have and will continue to execute on this strategy by utilizing these options, which enables us to take advantage of opportunities to grow.

Now, please turn to slide 14, where I'll speak to our cloud and AI infrastructure strategy. Earlier this year, I provided an overview of our three. The first phase plan for the ZT systems business, and I explained how we had clear objectives for how to realize the full value of combining the two companies. In that plan, the first phase was focused on executing the immediate post-transaction integration actions, including making the necessary capital investments in incremental power, liquid cooling, and test cell capacity to be production ready for the next generation of accelerated compute. All of which is largely complete at this point. The second phase was focused on the successful execution of a product transition process, which required that we win new accelerated compute business. Which we've now done with Hyperscale, Frontier AI Lab, and OEM customers. And the third and final phase is about driving growth and expansion. And that's what I'd like to speak. about today. The first step is focused on our AMD partnership. Over the past year, we've made tremendous progress in establishing our partnership with AMD by winning new business with Hyperscale, Frontier AI Lab, and OEM customers for the Helios Accelerated Compute program. The customer validation process This is going well, and we're working in very close collaboration with AMD and our joint customers to support pre-production activities, providing the quality, delivery, and services.

We've finalized the operating models for several customers and are working to do the same for the others and will continue to do so as new customers get added. We've also received preliminary production schedules from our customers, which will continue to get refined and updated throughout the program launch process. I'm also pleased to announce that we've now begun to ship the Helios product. in small quantities and we're very excited about the opportunity ahead as we grow and scale the program. The second step is focused on adding new platforms. In our last earnings call, we announced that we won new programs on a second platform, which we're very excited about as it took place earlier than expected. These new programs which will start to ramp this fiscal year are included in our fiscal year 2027 outlook, which I will provide shortly. This past quarter, we also started discussions. to win programs on a third platform. These programs are not included in our fiscal 20 year fiscal year 2027 outlook but could lead to upside later in the year. We're very pleased with the project. The progress we made with these new platforms which demonstrate our value proposition through a full suite of product and service offerings and our ability to build upon what we acquired with VT systems. to significantly scale our business in the cloud and AI infrastructure at March. The third and final step is focused on vertical integration.

While we didn't expect to participate in vertical integration with the Helios program, due to high demand and our ability to demonstrate our key technology offerings, we've won some initial programs. Our close collaboration with customers during the pre-production validation process has given us the opportunity to showcase our unique value proposition. In combining ZT Systems' large-scale systems integration capabilities with Sanmina's extensive sub-assembly expertise, we can deliver a full suite of offerings that includes our components. products and services. We plan to continue investing in our engineering capabilities to support all platforms, and in doing so, we expect... our vertical integration opportunities and wins to grow and scale throughout the year and into the future. Now, please turn to slide 15, where I will provide our outlook for the first quarter. Our outlook is based on current customer forecasts, the return to a 13-week quarter, and takes into account ongoing market uncertainties and the geopolitical environment. With that said, we expect revenue between $3.8 and $4.1 billion. With the ZT Systems integration largely completed, going into the next year, we will be looking at the ZT Systems integration. Going forward, we will report revenue for cloud and AI systems, which includes ZT Systems, as well as the additional platforms and other related products and services.

That I just spoke about. To be clear, cloud and AI systems is a subset of our cloud and AI infrastructure and market. We expect cloud and AI systems revenue to be between 1.3 to 1.5 billion dollars. As we mentioned last quarter, we expect this part of our business to accelerate throughout the year, primarily driven by the timing of the Helios program ramp, as well as the additional platform opportunities and other related products and services. At the midpoint, total standing in revenue would be $3.95 billion, which represents 23.8% growth versus the same period a year ago. Non-GAAP operating margin of 7.0% to 7.5%, depending on mix. Above the high end of the expectations, Yuri and I set for the combined business. When we first announced the ZG Systems acquisition, we expect other income and expense to be at net expense of approximately $24 million. We expect... ...our non-GAAP effective tax rate to be between 21% to 23%. We estimate an approximate $5 million non-cash reduction... ...to our net income to reflect our India Joint Venture partners' equity interests. Non-GAAP diluted earnings per share in the range of $3.50... ...to $3.85, based on approximately 55 million diluted shares outstanding. At the midpoint of $3.67.5, that represents a 50 million... ...a 54.4% increase compared to the same period a year ago. We expect capital expenditures to be $150 million as we continue to invest strategically.

...to support our future growth expectations. And finally, depreciation of approximately $48 million. Now please turn to slide 16, where I will... ...to provide our outlook for the full fiscal year in 2027. Much like our outlook for the first quarter, our fiscal year of 2027 outlook... ...based on current customer forecast and takes into account ongoing market uncertainties and the geopolitical environment. With that said, we expect revenue between 17.0... ...5 and 19.5 billion dollars. We expect cloud and AI system revenue to be in the range of 7.5 to 9.0 billion dollars. As I mentioned earlier, cloud and AI... ...Systems is a subset of our cloud and AI infrastructure at market and includes ZT systems as well as additional platforms and other related products and services. When we first announced the ZT systems acquisition in May 2025, we said we expected Sanmina revenue to double from about $8 billion to about $16 billion. Within three years. At the start of fiscal 2026, we accelerated that timeline to two years. Based on this fiscal 2027 guidance, we're now setting that bar even higher with a revenue midpoint of $18.5 billion, which represents 27.4% growth versus... the same period a year ago and sets us on a great trajectory for the future. We expect non-GAAP operating margin 7.0 to 7.5%, depending on mix, which is above the... the high end of the expectations Yuri and I set for the combined business when we first announced the ZG Systems Act.

We expect other income and expense to be at net expense. approximately 140 million dollars. We expect our non-GAAP affected tax rate to be between 21 percent to 23 percent. We estimate an approximate 20 million dollar non-cash reduction to our net income to reflect our India Joint Venture Partners equity interest. Non-Cash. We get diluted earnings per share in the range of $15.50 to $17.50 based on approximately 55 million only diluted shares outstanding. At the midpoint of $16. That represents a 24.2% increase compared to the same period a year ago. We expect capital expenditures to be $450 million as we continue to invest strategically. We support our future growth expectations while carefully managing our liquidity position in order to maintain a strong balance sheet. And finally, depreciation of approximately... $200 million. In summary, I'm very pleased with our results for both the fourth quarter and fiscal year 2026, as the team did an excellent job staying... Focused on the core Sanbena business while we worked to integrate the ZG Systems business and worked through a transition process and did so in a very dynamic market. And on top... We exceeded expectations on all fronts, not only for the fourth quarter, but also on a full-year basis from a revenue growth, non-GAAP operating margin expansion, and non-GAAP diluted earnings per share growth. There is still a lot of work to do, but we're on a great trajectory, and that is clearly evident in our outlook for the full fiscal year 2027.

And with that, I would like now to turn the call back over to you.

Thank you, John.

Ladies and gentlemen, please turn to slide 18. As you heard from John, we deliver strong financial results. But also, you heard from him, there's a lot of things that we're doing, making this company a stronger company for the future. We are executing to our business plan. As you heard from John, we exceeded all our- with both the fourth quarter and fiscal year 26. Also, we've been adding new customers and expanding our partnerships with existing customers. This allowed us to deliver the growth across all land markets in fiscal year 26. Most important, again, is that Sanmina is well-positioned for growth in fiscal year 27 and beyond. Please turn to slide 19. Let me share with you some of the performance by market. As you heard, cloud and AI infrastructure did really well. In our last quarter, 2.3 7 billion. That's a growth of 179% year over year. And for a year we delivered in this segment 9.25 billion up 198%. Energy, medical, defense, aerospace, and automotive did well in the fourth quarter and delivered 1.49 billion in revenue. 19% year over year, and for a year delivered 5.27 billion up 5%. Also, exciting news for us is when we look at our business is the bookings. Bookings in the fourth quarter were very strong. Book to build came in 1.2 to 1. Please turn to slide 20. Now let me talk to you about, you know, market view for fiscal year 27 and beyond. I can tell you that we see.

Strong demand cross our customer base. For cloud, AI infrastructure, communication networks, bookings continue to be strong. We are winning new AI platform business. We added new customers. And for this segment, we see strong demand, not just for 27, but also for 28 today and beyond.

In Energy, we have very strong customer base. We expect growth to accelerate in fiscal year 27, driven by expanding our energy business for AI data center. Others, and a lot of other new programs that we have in a pipeline to drive the growth in fiscal year 27 and beyond. For medical, in this medical business, we are well diversified. We have a great customer base. We are leveraging our regulatory knowledge and experience to expand our customer base. and programs. And for fiscal year 27, we expect to see improvements in demand, mainly driven by new programs that are coming up. For defense and aerospace, we expect the growth in traditional USA defense and aerospace business to continue to grow. We are expanding our customer. Based in a satellite market, which is very exciting for us, and we continue to see strong demand also in this segment, not just for 27, but also for 28 and beyond. For our motive and transportation, overall we see stable demand. We continue to bring new programs from new and existing customers. And we also have a great customer base in this segment. Please turn to slide 21. Let me talk to you about a few things. was talking about you know we've been investing into diverse set of industry leading capabilities. We also as we got more and more involved in AI. business we're looking into increasing our addressable market through vertical integration and engineering. We've been beeping up our full system architecture and design. We've been investing in our traditional high tech

technology business around military and AI. We're expanding our assembly capabilities, mechanical precision machining around rocks and enclosure. We're investing in liquid cooling, including cooling manifolds and bus bars. We've been expanding our joint development and ODM products such as compute and storage. Our custom memory has been doing well and we're expanding that. We're also expanding our custom optical modules and investing. that segment. John talked to you a lot about the AI investments around the ZT and of course all the way to global order fulfillment. and services. So really excited what's in front of us from that point of view. So please turn to slide 22. Let me talk to you now what are my personal priorities. I call internally back to basics. Number one is continue to diversify our customer base. On the positive side we are expanding our long-term customer partnerships. We are adding new customers to building strong partnership by providing industry-leading technology solutions to them. Number two, we're executing cloud and AI strategy. Just to add a few things that you heard from John, ZT System has been a great acquisition. For us, not just from our technology and capabilities, but from the people that we acquire. But also in the last 12 months, we made a lot of investments to drive operational excellence. Companies well-positioned in AI segment and expanding partnership with

AI market leaders. Very exciting time for us. Number three, we are focused on long-term growth, margin expansion, and cash generation. For fiscal year 27, we see strong demand, and we expect strong demand to continue into fiscal year 28. In this market, we expect to maximize our operating level. To expand profitability. And number four is always to maximize shareholders' budget by focusing on long-term shareholders' returns. We do have lots of opportunities to drive the growth the next two years. And the goal is to build some in a bigger and stronger company. And longer-term, we expect to see continue to improve margin. We still believe there's room for improvements there. Now, please turn We'll see you soon. Turn to slide 23. In summary, we delivered a strong fourth quarter and a fiscal year 26. Exciting. Time for us. We are executing strategic priorities to try to drive sustainable growth. We'll continue to expand our industry. Leading capabilities and manufacturing footprint. Investments that we're making today, it's not just for a growth for 27, but also for a growth for 28. We're seeing new products. We are seeing new products and platforms being introduced in fiscal year 27. Very positive trends for us. We expect the growth from all of our key end markets in fiscal year 27. Based on what we see today. Our outlook for 27 reflects a strong demand and rentless focus on operational execution.

So, as you heard from John, for fiscal year 27, we've got a position for profitable growth. As we share our outlook. For a year, revenue of $17.5 billion to $19.5 billion. An operating margin of 7% to 7.5%. And non-GAAP. $15.5, $15.50 to $17.50. The key for our success, as always, is being delivered in comparison. It's a positive advantage to our customers, and I believe we are doing that.

Ladies and gentlemen, now I would like to thank you all for your time and support. Operator.

We are now ready to open the lines for questions and answers.

Thank you again.

Thank you, Mr.

Sola. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press... followed by one on your touchtone phone. You will hear a prompt that your hand has been raised. Should you wish to remove your hand from the queue, please press... followed by two. And if you are using a speakerphone, please... lift the handset before pressing any keys.

Your next question comes from Manmohanpreet Singh with JPMorgan. Please go ahead.

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The next question comes from Mehdi Hosseini with SIG. Please go ahead.

ladies and gentlemen this concludes today's conference call thank you for your participation you may now disconnect