Good afternoon, everyone. This is John Lofton Holt, Co-Founder and Executive Chairman of Alphawave IP Group. It's a real pleasure to be here with you today to tell you about our 2021 audited full year financial results. I will start with a couple of process points. We will have a replay available in the next 24 hours. It will be posted on our website at www.awaveip.com. We're also gonna have a Q&A session today, and the way we're gonna run that is we'd like you to use the Raise Hand feature in Zoom, and then we will gladly take your questions. We will not be accepting questions through the text functionality of the Zoom meeting today. You'll notice we're calling today's briefing Accelerating Connectivity Leadership, and I think that really captures the theme of 2021 for us. We've accelerated our business plan, and that's just the beginning of the acceleration. That's gonna continue now into the future. Joining me today, I have fellow members of the management team. I have my co-founder, our President and CEO, Tony Pialis, and I also have the Chief Financial Officer of the company, Daniel Aharoni. What we'll cover today is six sections of the briefing, and then we'll have a Q&A. There should be about 15-20 minutes left for Q&A, so we're hoping to get to everyone's questions today. I'll cover a brief overview of Alphawave for those of you that are new to Alphawave, and then I'll be pleased to tell you about our 2021 full year audited financial results. I'll talk a bit about the two major M&As we've announced, as part of our IPO proceeds deployment, our first IPO proceeds deployment, OpenFive and Precise-ITC. I'll turn it over to Tony Pialis, my co-founder, our president and CEO, to give you a business review and to talk about our execution in 2021, and also to provide a Q1 trading update and talk about our execution so far in 2022. After that, Daniel Aharoni will give a financial review, which is a summary of the RNS that was put out today and a preview for the annual report, which will be released in about a week and a half. I'll wrap up with an outlook, some upgraded guidance, and also a long-term view of where we see the business. I wanna do a quick intro for those of you that are new to Alphawave. We do have some new faces I see in the attendees list today. Alphawave was founded in 2017. I'm one of the founders. There are four of us, and we were funded exclusively by the founders of the company. We took it from being founded to IPO-ing the company in less than four years. We did IPO on the London Stock Exchange. We were one of the largest semiconductor IPOs in history and the largest North American company ever to list on the LSE. We're a global company. We are headquartered jointly in Toronto and London, and that really is the center of gravity for the company. We do have design centers all over the world. We have design centers wherever we can find great people, and that's a key theme you'll hear today about this business. It's about the people, and we hire people wherever we can hire them successfully. We have people in the U.S., we have people in Mexico, we have people in India, Canada, and the U.K. When we founded the company, our mission was to be the world's leading provider of connectivity solutions for high-speed data transmission. We started off with an IP licensing model, and this is a model very familiar to many of you, I'm sure. It's a model great companies like Arm and Imagination Technologies pioneered in the U.K. over the last 20 years. We've really expanded that model since we founded the company, and that was really the vision for the IPO, was to be the connectivity leader delivering silicon IP, product IP, chiplet IP, physical chiplets, and ultimately custom silicon. Our business model is technology licensing and royalties, but also chiplet silicon and custom silicon delivery. We'll talk quite a bit about that in the briefing today. If you think about the markets that need this kind of technology, it's really everything but mobile. It's data center, it's networking, it's 5G, solid-state storage, artificial intelligence, and autonomous vehicles. The kinds of customers that need our technology, they're global customers. These are customers that are some of the most sophisticated customers on the planet. We're proud to have, as of today, five of the top eight global semiconductor companies as customers, four global hyperscalers as customers, and many of these are repeat customers. In a relatively short space of time, we've delivered some financial metrics that we're quite proud of. We delivered in 2021 almost a quarter billion dollars of bookings, and Dan will get into what a booking is and what that means for our business. That's about 225% growth over the year before. We've had triple digit growth in bookings ever since we founded the company. Because most of our revenue so far is licensing model, we have very high gross margins and high EBITDA margins. We had 94% gross margin in 2021 and 57.6% EBITDA margin, adjusted EBITDA margin, in 2021 also. That's a high level overview to Alphawave for those of you that might be new to the story, and welcome if you are new to the story. Let's talk about the numbers. 2021 was strong performance across the board for us. Bookings, as I mentioned, almost $250 million, 225% year-over-year growth. Revenue, almost $90 million, 170% year-over-year growth. Adjusted EBITDA of almost $52 million. That's 165% year-over-year growth. We ended the year with a little over half a billion dollars of cash and no debt. We like to say we've delivered and executed against all of our expectations. We've delivered more than we said we would do with the IPO, more than we said we would do when we raised our guidance, and more than the median analyst consensus in the key metrics of revenue and EBITDA margin. We've done that while investing in future growth. We're a growth company, and as you'll hear from Tony and Dan, we're growing very aggressively. That's where we ended up the year. Let's talk a bit about that growth and that expansion. One of the key things we talked about during the IPO, we talked about five key priorities, scaling the team, landing and expanding growth globally, expanding subscription and royalty revenue streams, and addressing the chiplet market and the custom silicon market. We have, in the last 11 months since the IPO, executed against all five of those priorities. We've done that through a combination of organic and inorganic growth. Organically, we've grown headcount very aggressively, and Tony will talk about that and how we've done that operationally. We've also completed our first M&A, Precise-ITC. Precise-ITC, fairly small company in Canada, but very impactful to our product portfolio. We announced that in December 2021, completed that in January 2022, and we recently announced a much larger M&A of the OpenFive team. OpenFive really is a pivotal moment in the history of this company. If you think about what Alphawave has delivered since we founded the company, we've been the world leader in IP connectivity solutions since we were born. We were the leader in seven, six, five, four nanometer. Now we're looking at three nanometer and beyond 100 Gb to 200, 400, 800, 1.6 Tb/s solutions. We've also established ourselves, as I mentioned before, as really the best solution for the most sophisticated customers. We have five of the top eight semiconductor companies in the world. We have hyperscalers using us, and we're in the most advanced technology. One of the key themes for us, we've been first in all these process technologies, and we have the most advanced solutions. That's what's made our business successful so far. If you look at what OpenFive brings to this team, they bring several things. First of all, they bring a great technology portfolio, so SoC IP or system-on-chip IP that is not duplicative or overlapping with IP at all. It is complementary to IP. This enhances our solution set. It expands our TAM and allows us to sell a more complete solution to customers. The second thing they bring is a 300+ person proven design team that has been selling to sophisticated global customers for decades. It's a complete design team we're hiring all in one shot. It'd be very difficult to build that team from scratch. The third thing they bring is a lot of experience in developing the most advanced chips in seven, six, five, four nanometer with some of the most advanced foundries in the world. They have foundry partners much like ours. By taking Alphawave's leadership in connectivity, taking OpenFive's SoC and design leadership and combining those together, we end up, once this deal closes, with the leading semiconductor company focused exclusively on connectivity solutions. This also provides tremendous presence and scale and a platform for us to really service a massively expanding TAM. This TAM opportunity, it takes our TAM up by multiples, not by percentages. The reason it does that is it allows us to deliver IP solutions, custom silicon solutions, chiplet solutions, really any way that a customer needs connectivity IP, the most demanding customers in the world in any process technology that's most advanced. Now, in terms of the timeline, Alphawave expects, as we mentioned before, regulatory approval of the deal in Q4 of 2022. We do expect those regulatory approvals will go well. We've been engaged with both CFIUS and HSR for some period of time, and based on those interactions and their questions and the interactions, we are very confident that that deal will be approved. Now, I know six hours before we announced our earnings today, there was a press release put out by a group of politicians in the U.S. asking CFIUS to look at this deal. We were surprised to see that six hours before our earnings, but we always expected CFIUS to look at this deal. That has no impact on our confidence in working with CFIUS. We have a very good relationship there with them and the other U.S. regulators and also how the deal will move forward. I'll talk a bit now about what these deals mean from a financial perspective, because as you can probably imagine, at the IPO, we're really talking more about the base business, the core IP business. If you look at the core IP business, what we said in 2023, we guided to revenue of $210 million-$240 million. We didn't have 2024 or 2022 guidance. We guided to adjusted EBITDA margin of north of 50%. If you look at where we believe this combined entity will end up for 2023, it's a substantial upgrade to that guidance. It's $325 million-$360 million of revenue and a half billion dollar revenue run rate in 2024. I did not think I'd be talking at the end about a 2021 year-end result about a half billion dollar run rate anytime soon. That's a major upgrade to our guidance. The other piece to understand is 2023 will be a major digestion year of this M&A. If you think about what OpenFive brings to this combined team, it's more headcounts than we have today in Alphawave by about two x. That digestion is gonna require some investment. This is not a cost synergy story with Alphawave. This is very much bringing the companies together to drive higher top-line growth. We'll invest. EBITDA margins, we are guiding to be lower in 2023, but still very healthy. We anticipate those EBITDA margins to go back into the low- to mid-40s% in 2025 as the merger integration is complete. We are experienced at merger integration, and so we're realistic about what that means for our results. I think if you think about the products, the design wins, the customer base we're gonna have once this deal closes in Q4, we're gonna take our products from 80 to almost double that by the time this deal closes in less than one year. We thought we'd have chiplet design wins in 2022. We'll have chiplets shipping in 2022. We'll be at four, three nanometer. I think the biggest impact for us is the customer base. When we IPOed the company, we had 14 customers globally. As we mentioned in the RNS today, we have about 20 customers globally as of the end of 2021. We'll have 75 customers once this deal closes instantly, including a major new U.S. hyperscaler. This provides us a tremendous platform from which we can land and expand. What this means when you add it all up is it's all about scale and top line growth for us while still having excellent profitability. We're gonna deliver more top line growth. We're gonna deliver more EBITDA over time, and we're gonna deliver a scale that we never could have done when we were originally envisioning the IPO. With that, I'll pause and turn it over to Tony Pialis, my co-founder and our President and CEO. Thank you, John. Welcome, everyone. I'm proud to be here today to tell you about our breakout year in 2021. By completing the IPO, we raised almost half a billion dollars to fuel our next phase of expansion. We also doubled down on our investment into our most valuable resource, our people. We more than doubled our headcount in 2021, growing to 152 employees worldwide. The amazing feat is we were still able to beat our raised earnings target while growing the team. Sales has consistently been one of our strengths. It's the lifeblood of any organization. Our sales team had an outstanding 2021, growing our bookings 225% year-over-year. This is the fourth consecutive year of triple-digit year-over-year bookings growth for the company. A remarkable testament to the strength of our technology and our leadership in the industry. Our 2021 bookings included significant growth in our North American business, as well as accelerated growth in Asia Pacific via the VeriSilicon reseller relationship, having delivered value already in its first year. We continued to lead the industry throughout the year. In 2021, our first customers entered production, and we now have waves of customers ready to follow them throughout 2022 and beyond. In 2021, we were also first to demonstrate to the industry 4 nm high-speed connectivity in silicon. We have also aggressively expanded our product roadmap to 800G and 1.6T solutions, ushering in the next generation of data networking. In addition to higher speeds and rates, we continue to prioritize technology leadership in the most advanced processes. We are actively deploying our roadmap of silicon IP in advanced technologies like 4 nanometer and 3 nanometer. Most exciting for me in 2021 was having successfully secured our first chiplet design win. This was ahead of our planned schedule. We have since secured additional design wins in this space, and it will continue to accelerate after we close the OpenFive deal and bring their silicon design and silicon operation capabilities online to fuel and expand our chiplet business. All of this reinforces us as an industry leader into the next generation of Moore's Law. We closed out the year with 20 total customers. We won new hyperscalers in 2021 and are pleased to state we have every major hyperscaler in our pipeline today. Our growth strategy remains consistent. Win new customers and exploit the tremendous momentum we've built within the industry. As we move to the Q1 of this year, our growth and expansion continues. That's a common theme for us, for any of you that have been following us, throughout the IPO. We closed the quarter with a strong 20% increase year- on- year for the quarter. We added five more design wins, with two of them being new North American companies. In terms of Q1 bookings, we had a very strong quarter with $25 million in new bookings and $30.7 million of total business, including our VeriSilicon reseller relationship. Breaking down the numbers, we won $19.4 million in new license fees. We won an additional $5.6 million in royalties, with a significant portion of the royalties being guaranteed. In addition, let me provide some insight as to the success we're having with VeriSilicon, our exclusive reseller in China. In Q1, they delivered $5.7 million in bookings via design wins in the region. These design wins illustrate the trajectory of that relationship for Asia Pacific. Overall, it was a great start to the year with the momentum of our strong results continuing on into Q2. Now, I'll hand it over to Dan, our CFO, to review the financials for the full year. Dan? Thank you. Thank you very much, and hello, everyone. Firstly, regarding this morning's announcement, just to confirm which John mentioned at the beginning, that these financials are fully audited. The signed audit report will be included in our annual report, which will be published shortly. Going from the top, full year bookings we previously discussed in the Q4 trading update. I'll touch briefly on that on the next page. On revenues, we saw 172% growth to nearly $90 million. We doubled our customer base. We won significant repeat business and also, as we guided earlier in the year, we did recognize first revenues from WiseWave and VeriSilicon. VeriSilicon being our retailer in China, WiseWave, the networking chip company in China that we have a significant minority investment in. If you have had an opportunity to review the RNS, you will see a lot of very detailed disclosure in the notes for the financial statements around our revenue recognition policy. Sandeep from JP Morgan has made some interesting observations around that, in his update note this morning. As it relates to VeriSilicon and WiseWave, there's also a lot of disclosure on those two deals in terms of what we recognize, what we invoice, and what cash we receive. Adjusted EBITDA of $51.8 million is a 58% margin, which is roughly in line with where we were in 2020, in spite of a very, very significant ramp in our OpEx, which I will touch on later. I'll also cover the bridge from EBITDA to adjusted EBITDA, which is in line with the assessments we made at the interim. Pre-tax operating cash flow was $26.5 million. It's worth noting that this is after $10 million of IPO costs expensed through the P&L, but it also includes a $4 million FX gain. If we were to adjust for that, it's around $32 million. Net cash is just over half a billion dollars, and that reflects the IPO proceeds, which is also stated after the $22 million investment we made into WiseWave in Q4. On the next page, we'll talk about bookings and backlog. To start with, let's recap on what a booking actually is. It is a legally binding contract with a customer. It is a signed agreement to deliver our technology. Almost all of our contracts are non-cancelable. If we have a $10 million license booking, assuming the customer can pay the bill, it's just a matter of timing on how we recognize and invoice that. In a very limited number of cases, we will also include an estimate of what we believe royalties could be, albeit they could be a number of years out before we actually receive and recognize them. We will always split this royalty figure out in our bookings number. Now, almost all of our licenses are royalty bearing, but in most cases we will not provide a royalty estimate. We need a high degree of certainty, either a legal commitment for a royalty prepayment or sensitized volume estimates for established customers with track record. If we were going to include royalty estimates for all of our contracts, then our bookings would be much higher. Looking now at the chart of the $245 million in bookings for 2021, we did cover this back in the Q4 trading update. Around $148 million are the multi-year deals with WiseWave and VeriSilicon. Of the remaining $73 million in the bottom part of that bar in licensed non-recurring engineering and support, the majority of that is North America, and we grew that North American piece around 92% since 2020. What I would add is that while we do strive for consistent quarterly bookings growth, they are inherently lumpy. These deals are typically complex, $5, $10, $15 million transactions, and there can be a lot of technical and commercial details to work through. One deal slipping to the next quarter or being brought forward can have a significant impact on that quarterly bookings figure. Finally, I'd like to connect bookings and revenue to backlog, and you will see some disclosure on this, in note four of the financial statement. In summary, backlog is the amount of contracted bookings that have not yet been recognized as revenue. That backlog then gets recognized over future periods. To thread the needle on this, at the end of 2020, we had a backlog of around $37 million, excluding royalties. We add bookings of $221 million, also excluding royalties. Deduct the revenue we've recognized during the year, and that gives a figure of a backlog, excluding any royalties, just shy of $170 million. That's $170 million we expect to be recognized in 2022 and beyond, together with recognition from new bookings that we secure. On the next page, I'd like to talk about the revenue breakdown. It's important to note here that WiseWave is approximately 30% of our revenues, and this does have a material impact on our revenue breakdown and customer concentration. We have provided some data on this page to get a better sense of the overall core business as well. If you look at the middle column on vertical, the real message here is that there's very good breadth of exposure. These are all markets which need high-speed connectivity, and we're also working on addressing some new markets with some interesting new customers, which we will hopefully have some news on in the coming quarters. On revenues by geography, if we look at the core business and take out WiseWave, revenue from China is roughly 20%, 63% from North America. In the medium and long term, as we've previously communicated, our expectation is not more than 30% of our total revenues will be from China. On revenues by customer, our top three customers in both 2020 and 2021 were roughly 50% of sales. Within that top three, there was one customer, a North American company, that made the top three in both years. If you were to exclude that WiseWave revenue from 2021, that 53% drops to 41%. We have added 10 new customers during the year. For those who spotted the difference between 2020 and 2021 is not 10, one of our customers during the year was acquired by another customer. I should also add that when I look at the total revenues for the year, roughly 40% was from existing customers and 60% was from new customers. On the next page, we're covering EBITDA bridge. This is relatively straightforward. Again, there is a breakdown of this in the a note in the financial statements. Our EBITDA margin on a reported basis was $39 million. We add back $10 million of IPO costs expense. Gets us to $49.1 million. Additionally, we have a few other items, $6 million of share-based payments, roughly half million of M&A and professional costs associated with the Precise deal, the Osprey deal, and fees in setting up WiseWave. We also made an exchange gain of $4 million, reflecting our cash balance in US dollars held by TLC. What I would say about share-based payments, there was a very dramatic impact from 2020 to 2021. This will be increasing going forward, but nothing like the rate that we saw between 2021 and 2020. We'll talk about that in a moment when we talk about how we've scaled our headcount. On the next page, this is where we talk about the headcount. The message on this slide is that we're scaling, and we are scaling quickly. If we exclude the one-time costs and the share-based payments, our OpEx ramped nearly three times from $13 million in 2020 to $36 million in 2021. We took headcount from 72 as at the end of December 2020 to 164 as at the end of 2021. Most of that headcount is R&D. Today, we're north of 180 heads. Look, getting talented engineers is really the growth engine of our business, and we managed to hire double the number of new heads that we had budgeted in order to support the future growth of the business. A large majority of that hiring was in the first half, and we estimate that this above budget hiring added at least $4 million of incremental OpEx in 2021. Between the first half and the second half of the year, our R&D spend doubled. The largest component of that is staff, followed by software tools, which scale with headcount. Including depreciation, that's roughly 33% of sales. Going forward, we would expect our R&D percentage of sales to be roughly around that amount. We've also added significantly to G&A. This is the building out of our finance and HR functions, which is commensurate with our listed status. That's roughly 6% of sales, and we're continuing to invest there in 2022 with some senior hires coming on board. Finally, sales and marketing. We continue to operate with a very lean sales team. The cost of a next generation chip design means that the total number of our addressable customers is very approximately around 100. So we can manage this with a very lean sales team combined with a reseller arrangement in China. John, back over to you. Yeah. Tony, thanks for that. I really appreciate that. What I'd like to cover now is a summary of guidance and also talking about the long-term vision for the company and how that relates to guidance. When we completed the IPO, we completed midterm guidance. That included guidance for 2023 and year-over-year growth. We're repeating that guidance here today. We've never given 2020 guidance, and we're not going to be giving 2020 guidance here today. The guidance we're giving, we're breaking it down into two different buckets, given the fact we're in the middle of this very important M&A transaction with OpenFive for us. First, I'll talk about the standalone company. I'm very happy to tell you, we stand behind our IPO guidance of 100% year-over-year revenue growth, which lands us at $210 million-$240 million of revenue in 2023. Again, in line with our IPO guidance, 100% year-over-year revenue growth. This assumes the $105 million WiseWave optional extension of their technology licensing agreement. Well, what that equates to from an EBITDA margin perspective for 2023 is 50%-60% EBITDA margin, depending on how we continue to accelerate the hiring. As you heard from Tony and Dan, we are accelerating our hiring. That's why there's a range there of 50%-60%. Again, this does assume the WiseWave $105 million optional extension for our technology is executed. That's our standalone plan. We stand behind that. But as we look at 2023, we believe this deal will close with OpenFive by Q4 of this year. We're upgrading our guidance. Revenue $325 million-$360 million. Most importantly, this does not include the WiseWave optional extension. Now you may wonder why that is. It does not include that optional WiseWave extension for two reasons. One, we're going through a regulatory process in the U.S., as we mentioned before, and there may be some consequences of that in terms of executing the WiseWave extension option. The second piece is WiseWave may not want to exercise the extension option based on this deal closing, and so we've taken that out. It doesn't mean they won't. If they do, that's upside to our revenues. Significant upside to our revenues. This all assumes that the OpenFive deal closes in 2022. As I mentioned earlier, we're also guiding to 32%-36% EBITDA margin, which again, 2023 is the digestion year for this business. It's a very important year for us. Take the OpenFive team, take that capability, take that technology portfolio, and take it to market successfully. We believe EBITDA margin in 2023 will be lower as a result, and then it will stabilize in the low-to-mid 40s% for the foreseeable future. Look, for the foreseeable future, this is what we're gonna deliver. We're gonna deliver accelerated revenue scale. We expect to achieve revenue run rates of half a billion dollars in 2024. We expect to achieve $1 billion of revenue by 2027. Now, why do we have confidence in those longer term guidance points? I'll tell you why we have that confidence. First of all, we have great visibility into our own pipeline, our design wins, our customer base. We also have great visibility into the OpenFive design wins, their customer base. When you combine those together, it gives us the confidence to talk about that top line growth and to talk about that profitability in a longer term context. That's why we IPO'd. We IPO'd to ultimately grow the top line, grow total EBITDA, and turn this into a billion-dollar revenue company. Let's talk about the longer term strategy. It's all about acceleration. I said at the beginning of this briefing today, accelerating connectivity leadership. That's what we've done in 2021. That's what we'll do moving forward. There are three pillars to that. The first thing, I've said it before, top line growth. We are focusing on top line growth, $ half a billion in 2024, $1 billion by 2027. Number one priority is that top line growth, but while still sustaining very high EBITDA margin and growth in the company. The second pillar, extending our technology leadership. We've been a technology leader since 2017. We founded the company. We've only extended that leadership since we started seven nanometer, six nanometer, five nanometer, four nanometer. We're going to three now. We're now with all three major foundries, TSMC, Samsung and Intel. Now we're looking beyond even just electrical connectivity to optical connectivity, photonics and delivering silicon. The third area is moving beyond just IP. Not saying we're leaving IP. IP is a great business for us to be in, very high margin, very high growth, but it doesn't have the scale that a silicon business can deliver. We're gonna do both. What that's gonna enable us to do is deliver silicon at high margin, high revenue scale, deliver IP at extremely high margin, slightly lower revenue scale, and combine those businesses together with hybrid electro-optic connectivity solutions to be what we always envisioned when we IPO'd, the world connectivity leader. With that, I will wrap up and ask if there are any questions. We will start with Ambrish Srivastava. You had your hand up, I think since the beginning of the briefing, so we'll start with you, and I will unmute you. Thank you. Excuse me. Thanks, John, Tony, and Dan. I had a question on the slide you had on the 2023, where you would not include Wise Road extension. Is that to do with the concerns that have been raised by the timely letter that came out a few hours before earnings? That was my first question. Which is basically what I'm asking is that, is there a change to your relationship with Wise Road in order to get the OpenFive deal done? Then I had a couple of other follow-ups, please. Sure. There's no change currently, but the geopolitical situation is not one we can assume is gonna get better. In fact, you know, we're kind of, I think, conservative people, so we assume it's not gonna get better. That's why we haven't specifically included that in our guidance. Now, if that extension option was included in that guidance, that guidance goes up significantly. We've been just, I think, conservative, thinking through what may transpire as we are sort of looking at how OpenFive will be closed. No, we have no reason to believe they won't do that, but we're not including it as default in our guidance. Got it. My second question is just on the backlog, excluding China. If you look at one, two for the backlog, if you compare to 2022, if you exclude China, how much of that is going to the other year? What I can say, Ambrish, and we've included some of this data in the RNS annual report, is that if you were to take the current backlog including royalties, which is around $220 million, roughly 50% of that as we exit the year is the China business. That gives you a sense of how much non-China we're carrying through as at the end of this year. Got it. Daniel Aharoni, while I have you, bookings, what is the Q1-Q2 growth on a year-over-year basis? After that, I'll cede the floor. Okay. Bear with me. I just wanna make sure I give you accurate data. Dan, while you're doing that, I'll remind everyone on the call, we are not accepting questions through the Q&A chat. Please raise your hand if you'd like to ask questions. Yeah. Ambrish, on that one, because the Q1 booking in 2021 included the VeriSilicon deal, it was actually around $82 million, so you have to net out about $54 million of that. That was about $28 million in Q1 2021, and there was roughly an $8 million royalty component in that. Got it. That's the comp, that's VeriSilicon you were saying. Okay, got it. Thank you, Dan. All right. Next question is from Janardan. Yeah. Janardan, you are muted. I'll ask you to unmute. Sorry. Yeah. Congratulations on a strong set of results. I just wanted to dig in a bit deeper into the numbers you've given on the longer term, on $500 million and $1 billion. Can you just give a little bit more granularity on how you would see those revenues coming through? I mean, roughly, could you give an idea of how much of that would be the custom silicon business? How much of that would be chiplets, and how much would be IP? I know these are moving numbers, but just to give. Of course. a sense of proportion and also what gives you the confidence because though you're saying that you have, you know, visibility into your customer roadmap, et cetera, you know, these are quite some years away, and these are very big numbers. What gives you the confidence that you can achieve these numbers, on all three of those businesses? Sure. No, great question, Janardhan. Appreciate that. Look, a couple things here. This deal with OpenFive, and Precise-ITC to a lesser degree, it really expands our TAM in quite a significant way. If you think about the total market opportunity available to us now, we're attacking markets that are, you know, $50+ billion-dollar TAM markets with a capability which is not just IP. It's IP, it's chiplets, it's chiplet silicon, and it's custom silicon. These are some of the biggest companies in the world doing this and the most sophisticated, most expensive technology. As you think through, you know, why are we confident in the $ half billion and $ billion dollar numbers, that actually results in a relatively small amount of TAM extraction for us. That's the top level, top-down view. The bottom-up view of that is the following. We have our own pipeline. We know what our customer design wins look like. We know when they go into production. We know when they're gonna start paying royalty. Design wins that we won in 2017, 2018, 2019, those start producing royalty for us, it can be quite significant in that longer term timeframe. You then layer that into what we know of the existing OpenFive business plus the pipeline of business they have. I know these may seem bombastic. At the IPO, everyone said it was 100% year-over-year revenue growth is bombastic numbers. We've beaten all those numbers. I think as you look at what we're guiding to, getting to $325 or $350 next year, doing a bridge $500 the following year, it's actually a lower growth that we've demonstrated so far. It's really gonna be dominated again by that top line growth. The last part of your question was what's gonna be the mix, right? Where's the revenue gonna come from? The majority of the revenue, because the silicon side of it will always be a higher scale business with lower EBITDA margins, the revenue will always, in the long term, be dominated by that silicon business. When you look at the profit, a lot of it will still come from the IP business unit, but the revenue scale is gonna come more from the silicon business unit, but at lower EBITDA margin. The combined EBITDA margin of the businesses is gonna be higher than a chip company, lower than an IP company, but a very good business model. On the silicon side of it, custom silicon versus selling a sort of merchant connectivity chiplet, would you be able to give us a sense of where you think you'd be going on that? Sure. Two things there. We're stopping short of becoming a chip company. One thing I will tell you're not gonna see Alphawave in the midterm or maybe even the long term selling merchant silicon ASICs off the shelf. That's not a very exciting model for us because it's very hard to get good margins with that. What we are gonna do is we're gonna supply chiplets to people that are doing that. That's a much higher margin business for us that allows us to essentially have much less cost associated with R&D, but still get much more of the actual percentage of the bill of materials of that end product, and it's very important. On the IP side, we're going to keep doing what we're doing, just expanding our technology leadership, process technology, electro-optics, silicon photonics, all the areas we're currently expanding. Understood. One question when you gave a 40-60 split of existing customers versus new customers, how do you see that proceeding through 2022 and 2023? Would you expect the existing customer proportion to rise or do you still think there's good traction, especially, if you get into 2023 and you get the OpenFive acquisition closed, that there is still quite a bit of some new customers as well? Well, look, it's a good question. I wouldn't say we have a mathematical set of numbers there. I will say, look, we are gonna close this deal in 2022. It won't be 2023. I'll invite Tony to jump in on this one too, but at the end of the day, like, we're quadrupling our customer base overnight the day this deal closes, which we think will be in Q3, Q4 this year. Once we do that, it's gonna be more about explaining and expanding within those customers rather than trying to win a whole lot of new customers. At that point, once you have 75, 80, 100 customers, that's a large proportion of the total customer universe for the people that can afford to spend on the technology. Tony, I think you're probably a good person to jump in. Yeah. Look, I think in a steady state, probably a one-third, two-thirds mix, in terms of one-third new customers, two-thirds expanding within existing customers is the right mix. But we're not there yet. Even with the acquisition, it will take some time. But you know, that's what I would expect when we get to a steady state full integration of both of these businesses. My last question, just on your order outlook from here and the pipeline, would you say that Q1 is a low point for your order bookings and things will get stronger from here? Or is there not enough visibility on how we can expect that to go through? No, look, the pipeline's strong. It continues to build. In terms of providing short-term guidance, that's probably, you know, the most I can say other than the pipeline's very strong. You know, we look forward to updating you on our progress throughout the year. Understood. Thank you very much. Thanks, Arun. Sandeep, I believe you have a question, and you are on mute. Can you hear me? Very fine. Go ahead. Yeah. Hi. I have a question firstly. I mean, it's a few questions, couple of questions, but firstly, my question is on the order intake that you had last year and as has been described in your statement today, you know, in your press release today. I mean, you say that there were $147.8 million of bookings from recurring revenues from subscription license, from joint venture WiseWave and our reseller. I mean, if we just total $95 million from to WiseWave, which would be what was previously CPP, and then about $54 million, this adds up to more. As I understood, you've also had some small subsequent licensing in, maybe to WiseWave. Maybe can you help us understand this, or is it that the original numbers that you had given at the time of the IPO were slightly modified in terms of the size of the deal? Why don't I take it, Sandeep. Yes, your answer is correct. The numbers that we disclosed around the time of the IPO were as these deals were being negotiated. The figure for both of those deals is around $148 million. That does not include the additional chiplet deal that we signed with WiseWave in Q4. Also this $147.8 does not include the chiplet deal? That is correct. It doesn't include the chiplet deal. That's not part of the five-year recurring revenue subscription license that we have with them. That is a separate part of it. That is a separate deal for specific technology. Just to understand the boundaries of WiseWave. WiseWave is what was the former CPP and what you have licensed to VeriSilicon is separate or is that also consolidated within WiseWave? Sandeep, on that one, VeriSilicon actually has not received a license for anything. They are a licensed reseller for us. WiseWave is a semiconductor company that is building semiconductor devices for the Chinese market. They're a named customer. They're just like any of our major customers in North America. VeriSilicon is a channel partner of ours, so they actually are not licensing any technology from us. They are going and selling on our behalf. They're a sales channel. Understood. A question to Tony. I mean, understanding, I mean, clearly, I mean, now you're expanding your overall IP portfolio once you close this deal. At this point, I mean, how is the licensing different between what you described previously as core IP and product IP? Whether you have expanded your footprint into more optical IP, et cetera, and where you're currently licensing more just your core IP or are customers buying more than just core IP? Sure. Thanks, Sandeep. Look, right now, the majority of the number of design wins are still core IP. In terms of product and chiplet IP, what I'm trying to do is accelerate that from just a pure play IP licensing to actual chiplet products, because that gives us the scale that we're looking for. Okay. I see over time less product IP and chiplet IP and more just outright chiplet and outright opto-electrical products. Because again, to hit these aggressive targets of half a billion dollars by 2024 and greater than $1 billion, 2027 and beyond, we need scale, we need the larger TAM. Those are the markets. Those specific markets are the path to get us there. All these markets leverage the same fundamental connectivity technology that we license today via core IPs. Understood. Finally, a question for Dan regarding, you know, the cost structure. I mean, clearly you're not giving specific guidance for 2022, but when we look at 2021 and your OpEx to sales in 2021, would you say that sort of ratio continues in 2021 or does that change? I mean, does your hiring slow or accelerate into 2022, changing that ratio. Looking forward again into 2023, your margin goes down. Clearly, the business you're acquiring is a much, much lower margin business, which is one of the big reasons for the guidance on EBITDA that you're preferring. Would you also be more, you know, higher investment in your own business, despite now, for instance, not having that potential, you know, maybe you may not sign a second WiseWave deal? Yeah. Look, good question. In terms of the R&D going forward, I mean, we had a plan as part of the budget at the end of 2020. We've always maintained that actually one of our biggest barriers to grow the business is getting really talented people. Post the IPO, we had an opportunity to get a lot of very talented people, and we really leaned into that. I think our initial budget had, you know, growth of around 40 heads. We took that to 80 heads. As I said, the incremental cost of doing that, not really increasing the incremental cost of software tool costs, was about $4 million. That gets us to the 33%. Now we have a hiring plan for 2022. You know, it's aggressive. We hope that we'll meet it. It's a great thing if we meet it. That has the ratio remaining roughly in that region, but a lot depends on whether we hit the hiring plan. Can you repeat the question as it relates to the acquisition? My question is that you mentioned that, you know, you're not sure whether you will have the second tranche of a license deal with WiseWave. In terms of the same, you know, extending into 2023, clearly you've got an acquisition which is, you know, profitable but very, very low margin, very profitable existing business. Will you then actually spend more out of the existing business as well, despite not having that additional deal which you had previously expected, in 2023? I mean, you may not have the existing business. Yeah, Sandeep. One thing on OpenFive. OpenFive has an existing business for sure. That existing business, as you point out, is a, you know, quite a low margin business. We're not purchasing OpenFive for the existing business they have only. We are purchasing OpenFive for the business they have, but mostly for the IP technology portfolio they have, the team they have, the business they have, and then repurpose that team into delivering leading edge high connectivity solutions that can go to much higher margin silicon over time. That's gonna take some time. That's why, again, we're guiding to lower even our margin in 2023, but then normalizing in 2024 and 2025 as we complete that transformation. Integrate that business into our business. Look, let me just add, that existing custom silicon business is very synergistic with the connectivity chiplets that we offer, because at the end of the day, customers need complete solutions. Those complete solutions require both custom silicon as well as connectivity in the form of chiplets, and it all needs to be packaged together into a final device that the customer can sell. With this acquisition and with our core technology, we're very well situated to provide this complete solution to customers. This is the TAM expansion that John spoke to. This is how we can get the scale that we're striving for. Understood. Thank you. Thanks, Anil. I think we have a follow-up from Ambrish. Ambrish, if you got to unmute. Hi, John. Sorry about that. Dan, I'm getting inbounds. I don't think we caught the number you gave for Q1. Could you please repeat the Q1 2021 booking number that you gave us? Then I have another follow-up which might require a little bit of a deep dive after. Yeah, sure. The total number that we had for Q1, the position between the $54 million VeriSilicon deal was about $82 million. You take off $54 million of that to get sort of the normalized or sort of core number. Of that, roughly $8 million of that was royalties. If you were to take out the subscription element and you were to take out the royalties, it's about $20 million in licensing related. $20 million, right. Roughly, yeah. Got it. Okay, thank you for that. I wanted to come back to OpenFive. The first question is, apparently it accelerates the chiplet strategy, but what's your plan B in case the deal does not go through? Does that extend the scale strategy that you have? Because during the IPO, our thinking was, yes, it will take time, but that's eventually where you wanna go. That's consistent. Are there other ways to get after that scale, Tony and John? The second part of OpenFive, a little more blocking and tackling. Most of us are not familiar with the details of the company. Can you just give us an overview of what has been the trajectory of the revenues for the company, and then who are their customers? Any more details on customer mix by end markets geo would be very helpful. Thank you. Sure. Yeah, a couple things on that. First of all, Ambrish, we are based on our conversations with the U.S. regulators, okay? Letters that come from politicians aside, we're not politicians, so we're not gonna comment on those. We're talking with the regulator every day, and we've been doing that pretty much since we founded the company. Very good relationship with regulators in every jurisdiction where we operate. This deal is gonna close, okay? We're very confident in that. There's very low likelihood it won't close. Now, do we have backup plans? Look, we always have backup plans. I think Tony, Dan, myself, Tony and myself in particular, we've had our whole careers together. In semiconductors, you gotta have plans A through Z because you might need those. Yes, we do have backup plans. We also have a quite capable team right now that is licensing chiplet IP. We're able to actually build the complete chiplet. But in terms of manufacturing the chiplet, you need an operational team to do that, and OpenFive is gonna bring that to you. That's on the risk point. We do think it's quite a low-risk transaction. Anglo Canadian company. John, let me jump in here. Ambrish, you know, the options we constantly face as we move into new markets is organic versus inorganic. Inorganic can consist of acqui-hiring or outright M&A. As John said, look, we already have full-blown ASIC design teams that have been delivering chiplet IPs and complete silicon databases for manufacturers. That capability is going to help. This OpenFive deal is an acceleration to expand that team. Okay? Do we have alternatives? Of course, right? There are, you know, there's always alternatives. This deal, as John said, is one we're extremely confident on. The synergies are blatantly obvious. You know, we received great feedback from the industry, from press, from investors once that announcement was made. You know, we are extremely confident that this deal will go through, and we'll be able to start to deliver the synergies and the value that we've described. the details of the business, John? Yeah. Look on OpenFive, the challenge with OpenFive is it's not an actual business. There's no audited financials for this business to carve out from SiFive. Even looking at kind of P&L, it's quite difficult to talk about the historical performance of their business. I think the bigger thing is, as I mentioned before, we're not buying the business for only what they're doing today. We're gonna take that technology and that team and leverage that for connectivity. It happens to come with some profit. When the deal was announced, we didn't talk a whole lot about the historical financials because we didn't think they had a bearing on it for the forward financials. Look, those numbers we gave about hitting $325 million-$360 million next year, hitting $500 million in 2024, those are near-term targets. I mean, the custom silicon capability we have, that's very important, and they have a great track record doing that. We're gonna continue that business. We're gonna take that business, we're gonna add that to chiplet, we're gonna add that to the contributions we're doing, and that's how we're ultimately deliver that. We wouldn't be telling you these numbers if we weren't very confident in them. I think that's more, where we're focused than the historical performance of the OpenFive business. Ambrish, let me give you some color. Their core markets are perfectly aligned with ours. Their core markets are data center, networking, 5G infrastructure, storage. Okay? You know, without being in a position to give you specific names, hopefully that gives you color in terms of alignment of markets and end applications. Right. You know why I'm asking. Those are big numbers, the question then comes from what's behind the confidence being able to get to those numbers? Is it design win traction that you're seeing? Because they're not part of your organization yet. How you meld your capabilities with them to have confidence around those numbers. That's why I'm asking this. Got it. Look, in terms of building confidence, the products that go into these end markets, data center, networking, infrastructure, what do they need? They need high performance connectivity, they need high performance compute, and they need a silicon operations entity that can not only integrate, but coordinate the manufacturer, coordinate the test and the delivery of the silicon. Rather than licensing connectivity technology, which typically, you know, could consume up $10s of millions of NRE that goes out to a third source and reduced margins, that's now in-house. Those costs to develop that technology is already incorporated into the Silicon IP business, which is very profitable. In terms of synergies, having in-house this complete portfolio of connectivity technology, the only other companies I can think of that you can draw comparables to are Broadcom and Marvell. Okay? Mm-hmm. When you talk about scale and you talk about being conservative in terms of, you know, the amount of revenue that we think we can capture, it is the types of businesses that you see coming from a Broadcom and a Marvell that we'll be well-positioned to target. Got it. Thank you, guys. Is there anybody behind me? Otherwise, I have one more question because I don't wanna- Oh, go ahead, Ambrish. We Ambrish. We need to brief you, so, yeah, one more question is fine, then we'll take one more follow-up from Janardan. Okay, great. I actually have a question from one of the shareholders who's asking to ask VeriSilicon bookings last year was $54 million. Why are you booking more from VeriSilicon in 1Q? Is that additional to the original deal? No, very clear on that. This is a point that was brought up today, a couple times. Let me just address that and I'll actually pull the slides up to that point. Whoever asked that question, thank you for asking that question. Are you seeing my screen? Yes, please. Yes. Great. Look on the right-hand side of this chart. We booked $25 million of new bookings in Q1 of 2022. If you add in what VeriSilicon delivered under their existing resale agreements, not new bookings, it's already been booked, it's $54 million, it's $30.7 million of total business. The reason we provide these numbers is we've had tremendous feedback from investors that saying we don't provide enough detail on what VeriSilicon is delivering. That's why we called this out. We're happy not calling it out and just saying we did $25 million in Q1 and saying, "Don't worry about VeriSilicon." We've had a lot of feedback from investors on that. That's why we provide these numbers broken out this way. The total new bookings, $25 million. The total business is $30.7 million. The five point seven million that VeriSilicon delivered, we already took credit for last year. It's not a new booking for us. If I'm being unclear at all, I wanna hear that because, we've heard this, time and time again today, from people that are not familiar with the company and the narrative has been spun on this. I want to be very clear on that. If I'm not clear, keep asking me the question. We'll stay on a little bit late if I have to. I think this one's clear. Thank you. The one thing I will add, the value of providing this data is showing the market traction and the growth and the trajectory we have in China, which is why we call it out. Okay? Otherwise, it would be very difficult for investors and analysts like yourself to be able to see that. Got it. Thank you. Thank you. Ambrish, thanks for asking that. Really appreciate that. I think, I'm trying to be fair to people's time here. We only have about a minute left. Janardan, I will. You have one more, do you have a follow-up question? Yeah, just a very quick question on just to follow up on the previous point. Do you have a number for VeriSilicon for the whole of last year? How much did they book? Sure. It's in the accounts. If you look at the RNS. We recognized revenue of, I think it was $8.9 million, and we invoiced $8.8 million. The revenue was very close to invoicing, but those are the numbers. No, not as part of the subscription deal, what they actually booked with their end customers. Oh, yes. Well, the revenue you ask is what comes in. In terms of what they booked, if you look in the Q3 trading announcement, that describes what they booked. There were no resales in Q4 that got pushed to Q1, which is hence why those are a great booking from them in Q1. It's the Q3 trading announcement, we disclose what they have resold. Look, we expected it would take time to ramp up that relationship, but it's bearing fruit as Q1 demonstrates. Understood. Thank you. I have no further questions. Great. Thank you. We'll take one last question from Sandeep. I think you have one more question. We're a little over time, but no problem. It's been good questions today. No, Sandeep? No, actually, I was gonna bundle up. I haven't been having any further questions. Thank you. Okay, great. Look, we really appreciate the questions from the analysts, and thank you everyone. We had 88 participants. Thank you for joining. Hope everyone has a great bank holiday weekend. Thanks again for joining our 2021 full year results call with Alphawave. Thank you.