Overview Key strengths Key risks Global operating scale in the connector industry and broad market exposure support a solid free operating cash flow (FOCF) profile. High automotive business concentration at about 40%-45% may lead to some business volatility during periods of weak end-market demand. Well positioned for growth in the automotive market given growing electric vehicle exposure and higher electronic content per vehicle. Profitability margins can be sensitive to demand cycles given the company?s manufacturing-related fixed cost base. Strong liquidity position and low S&P Global Ratings-adjusted leverage expected at about 1x in fiscal 2024 (ending Sept. 27). While macroeconomic uncertainties remain, we expect total revenue will gradually recover, growing in the low-single-digit percent area in fiscal 2024, helped by a
