Good morning. Just a few more participants joining. Let's kick off now. So it's already a minute past. Good morning, everyone, and thanks for joining our full year 2023 results call today. Before I hand over to John, I must remind everyone that today's briefing and some of the answers to your questions may contain forward-looking statements. These statements reflect management's current views and there are risks associated with them. You can find a full explanation of these risks in slide 2 of today's presentation. A recording of this call and the slides will also be available on the website soon after we end the call. And with that, I will hand over to John. John, over to you. Thanks, Jose. And good morning, everyone. Welcome to our FY 2023 results call. I'm John Lofton Holt, Co-founder and Executive Chairman of the company, and it's my pleasure to be with you today. I'm going to kick off today's call with a review of our long-term performance since founding the company and since our IPO. Then I'll discuss the progress we made in 2022 and 2023 to deliver on the vision for the company since we IPO'd the business in 2021. After that, I'll be pleased to turn the call over to my co-founder and our President and CEO, Tony Pialis, to discuss the strong profile of our vertically integrated semiconductor business and the end markets that we serve. And then finally, we'll have Rahul Mathur, our new CFO, walk through a detailed review of FY 2023 financial results and our midterm and long-term outlook. We will take Q&A at the end of the call as usual, and I will moderate the Q&A. You may either ask questions live or submit questions using the chat functionality of this Zoom webinar. With that, let's get started. I'd like to start by talking about what we've accomplished up to 2023 as a team. Our bookings have gone from a very small $5 million number in 2017 to almost $900 million on a cumulative basis by the end of 2023, and nearly $1 billion by the end of Q1 2024. This growth has been sustained through a significant macroeconomic downturn and an overall difficult time for the semiconductor industry. I think if you saw the Q1 trading update this morning, we achieved another strong quarter, achieving $118 million in bookings. We're very proud of the entire team for achieving this level of bookings for a second consecutive quarter. And look, as bookings have scaled, revenue has also scaled, as expected. In 2021, the year before our IPO, we delivered $33 million in revenue. In 2023, we delivered almost 10 times that. It's a great trajectory, and Rahul will provide some additional color on both 2023 actuals and the 2024 guidance. In 2023, we also significantly increased the number of revenue-generating customers from about 80 to over 100, 103 to be precise. During the year, we continued to expand the team also, now at 829 employees at the end of 2023. Adjusted EBITDA was $63 million, $17 million above the FY 2022 number, albeit below our guidance for the year. Adjusted EBITDA was 19%, below 2022 as we continue to reshape our business mix towards more silicon, but while we maintain a healthy level of investment in the business. Finally, cash generated from operations in 2023 was approximately $26 million, and Rahul will provide some additional detail on this later in today's call. 2023 was a significant year for us in our core business, but it was also a significant year in the areas of financial operations, governance, and ESG. During the year, we made two appointments to reinforce the financial expertise of the company. David Reeder joined our board and the audit committee in September 2023, and in October 2023, Rahul Mathur was appointed as our new CFO. In early 2024, we welcomed Charlie Roach also as our new Chief Revenue Officer. Charlie brings a wealth of experience in the semiconductor industry, and we're really pleased to have him join the executive team. We continue to make progress in other parts of the business as well. The ESG steering committee continued to make improvements throughout the year, and you'll see increased disclosures in our 2023 annual report, and we'll make further improvements in 2024. Finally, in 2023, we've consolidated the acquisitions we completed in 2022, and we are already seeing that success reflected in the level of bookings of the custom silicon and advanced nodes and the quality of the bookings. To wrap up, and before I hand over to Tony, I'd like to go back to one slide that I've shared in previous occasions, which I think really tells a compelling story about our motivation and our ambition as a company. In 2022, we deployed capital. We invested in the business, and we scaled quickly and efficiently. We acquired three businesses: Precise-ITC, OpenFive, and Banias Labs. And together, these three businesses allowed us to enable our vision and our ambition to become a vertically integrated semiconductor company, Alphawave Semi. In 2023, we digested and consolidated these acquisitions, setting the foundations from which we will enter the scaling phase and continue to deliver on growth in all three areas of our business: IP licensing, custom silicon, and our new exciting range of connectivity products, which will start generating revenue in 2024. With that, I'm pleased to hand over to our CEO and co-founder, Tony Pialis. Over to you, Tony. Thank you, John. Good morning, all, and thank you for joining us today. First off, let me start with a quick recap of our bookings in Q1 2024. We had a strong start to the year with another great quarter of bookings of over $118 million, which is our second $100 million quarter in a row. This reflects the height of demand for advanced custom silicon and leading-edge connectivity technology for data centers. We secured several exciting new wins during the quarter, including a new IP license win with a top North American automotive company, as well as four new 5 nanometer and 4 nanometer AI design wins with North American APAC and Asian customers, one of them specifically being a hyperscaler. Two of these wins are in custom silicon and will bring additional silicon revenue starting 2026 and beyond. Three of these wins are also chiplet-based and show the acceleration of chiplets in the AI space. These design wins demonstrate the strength of our technology and the potential for us to increase our market share in AI. License and NRE bookings in Q1 2024 increased by an amazing 75% year-on-year to $109 million. These bookings were mainly driven by EMEA and APAC customers, with Chinese customers representing just 7% of our overall bookings for the quarter. Our wins in 2024 are the higher value AI-centric customers we are targeting for our data center business. Royalties and silicon orders were $9 million, significantly lower than Q1 2023. This highlights our move away from the low-margin legacy China customers that we inherited from OpenFive and also reflects the continued weakness in the China market. However, we do expect silicon orders to ramp as more and more of our North American customers move into production. Overall, we had a very strong quarter in terms of design win activity, securing 13 new design wins, with all of the wins focused on high-quality data center and AI-centric customers. On the next slide, we will go over the key performance highlights in 2023. Rahul will provide further details on his 2023 financial performance slides later. Our closing backlog in 2023 was $355 million. It was down 7% from last year, but with a much higher quality set of bookings. More than half of the adjustments and cancellations in our 2023 backlog were driven by us to eliminate the low-margin China backlog acquired through OpenFive. However, our backlog now has more business in advanced nodes, which focuses us on the types of customers we want to win and will bring higher margins and revenues in the long term. Despite the current economic climate, our pipeline is growing, and we are receiving more opportunities from top North American, European, and APAC customers for their leading-edge data center products. Approximately 80% of our pipeline today comes from AI or AI-related opportunities compared to approximately 60% a year ago. Our revenue has increased by 74% year-on-year, and our adjusted EBITDA has increased by 34% year-on-year to $63 million, with an adjusted EBITDA margin of almost 20%. We have achieved 34 design wins, and the number of revenue-generating end customers has increased to 103. The number of employees has also increased from 695- 829 at the end of 2023, mostly in R&D, sales, and marketing functions. We continue to invest in growth to meet the guidance we have set for 2024 and beyond, and to support a growing pipeline of opportunities across all three business groups. Lastly, I will share some context on the IP and NRE contracts we signed in 2023. I presented this slide in September of last year, and the overall picture has remained consistent. We are gaining new business in advanced nodes due to the wins with high-quality North American-centric AI customers. The bar chart on this slide shows the breakdown by technology for the $274 million of IP and NRE bookings that we reported in 2023. Two data points are worth highlighting. 83% of the IP and NRE bookings were in advanced nodes, and over 90% of these investments were in AI infrastructure. More specifically, in 2023, we achieved six design wins in 3-nanometer. Four of them were licensed IP deals, including a North American hyperscaler, a European telecom operator, as well as two custom silicon designs for a U.S. and a European semi-company. This snapshot of the IP and NRE bookings in 2023 is a testament to our win rate and the success of our leading technology in the market. These bookings will convert to revenue over the next 16-24 months, while the custom silicon NRE bookings will further generate additional revenue for the silicon orders over the following 7-10 years, contributing to the scaling of our business. 2023 was a busy year, and we accomplished a number of key achievements, which I will share with you on this slide. In IP, we now have a full portfolio of connectivity solutions for AI, one of only three companies in the world with such breadth of technology and expertise covering next-generation interfaces such as 224G SerDes, PCIe Gen 7, HBM4, and 32G UCIe. In custom silicon, we have successfully transformed the pipeline from a low-margin consumer business to a high-margin unit focused on AI and digital infrastructure. We have expanded the range of expertise by becoming a founding partner of Arm's Total Design ecosystem, allowing us to foster innovation through a robust chiplet ecosystem and deliver high-performance connectivity and compute solutions for our customers. In 2023, we grew our projected future silicon revenue by approximately $500 million, starting from 2025, once the first designs go into production. Finally, we are on track to deliver first-time revenue for our connectivity products in 2024. The tapeouts are now under a final evaluation at our leading hyperscaler, and we are working on a second generation of products, which will go into production starting 2025. As you read in the trading update today, we already have customer orders for these products from a tier one North American hyperscaler and a leading North American networking OEM. At the center of our strategy and our competitive positioning is our broad portfolio of leading connectivity technologies and our compute capabilities for AI and data center products. Let me run through these on the next slide. Our IP business group is committed to developing cutting-edge connectivity technology and implementing it in hyperscalers and the silicon that powers their data centers. We have a portfolio of more than 235 silicon IPs that we use to meet our customers' needs by selecting the best building blocks for their designs. Our custom silicon organization works closely with our customers to transform their specifications into silicon to power next-generation data infrastructure. Alphawave offers a full range of leading connectivity solutions that cover all interfaces for AI, compute, memory, networking, and chiplets, making us an invaluable partner to the AI and networking industry. We focus on helping our customers meet their most complex requirements. In recent months, we have made excellent progress and introduced industry-first solutions that enable faster time-to-market, more scalable, and energy-efficient solutions for AI and ML. We introduced an industry-first 3-nm silicon-proven 224G UCIe subsystem for high-performance AI chiplet-based solutions. Additionally, we developed optical PCIe Gen 6, another industry-first that enables data center providers to expand the reach and flexibility of the interconnect for memory, CPUs, GPUs, and custom silicon accelerators. We also accomplished several successful tapeouts on TSMC's most advanced 3-nm process with our high bandwidth memory 3 PHY and our universal chiplet interconnect express PHY IPs. This allows AI algorithms to have rapid access to vast data sets for real-time decision making. Our partnership with Arm through the Total Design ecosystem is another critical aspect of our strategy in custom silicon. Alphawave is a founding member of this ecosystem that is dedicated to accelerating the path to custom workload-optimized silicon based on Arm's Neoverse. We can bring customers the compute capabilities of Neoverse CSS combined with our leading connectivity IP. These two technologies are highly complementary, and we had early success in Q4 2023 with an AI custom silicon design win with a leading European high-performance compute company. We also have connectivity products. That is business that is developing the next generation of PAM4 and coherent technology to drive the cabling that will feed the exponential data growth over the next several generations of product refresh. We are working closely with the leading North American hyperscaler, and we expect first revenue in 2024. All of this brings us to the next point, which is how silicon business, both custom and standard, provides increased scale and predictability to Alphawave. In 2023, we began offering custom silicon solutions and achieved several significant design wins, particularly in advanced nodes. Together, these wins will generate approximately $500 million in lifetime silicon production revenue. Production of these design wins will commence in 2025, marking the start of this revenue stream. We continue to secure new projects, which provide visibility to future silicon production revenue. By 2027, we will have three different generations of custom silicon wins in production based on our 2023, 2024, and 2025 wins. Additionally, we expect to receive first production orders for our first two connectivity products for our hyperscaler customer in late 2024, ramping up and continuing to scale through 2027. Our legacy silicon business will gradually decrease as our leftover products end their life cycle. Over time, our business mix will change with advanced silicon, both custom and standard, bringing increased scale and predictability. We will continue to replace low-margin business with advanced solutions for AI and data centers, which have significantly larger long-term revenue and earnings potential. Before I hand over to Rahul, let me summarize the key points on this slide. In 2023, we successfully executed our strategy by gradually shifting the business mix towards advanced connectivity solutions. This led to strong bookings and revenue growth, with over 80% of the IP and NRE bookings in advanced nodes. This has enriched our backlog and laid the foundations for future revenue scaling. To support this business growth, we scaled our operations, especially sales, marketing, and G&A, while investing in R&D to maintain our technology leadership in AI and support our pipeline and future revenue growth. We made significant progress on our connectivity products and are on track to generate our first revenue in late 2024. With a broad portfolio of advanced connectivity solutions that cater to the full range of needs of our customers, we are well positioned to take advantage of the growth of our end markets and the investment in AI infrastructure. As John mentioned earlier, we continue to invest in growth. We are already winning contracts in advanced nodes like 3 nanometer, which will generate higher margins and make excellent progress in the development of our connectivity products business. This gives us confidence in the outlook for our vertically integrated business, which allows us to win with a combination of IP, custom silicon, and silicon products. With that, I'll hand it over to Rahul to review our financial performance. Good morning. I'd like to start by thanking John, Tony, and the rest of the Alphawave Semi team for welcoming me into the company. I'm very excited about the opportunities ahead, and I'm delighted to be part of such a vibrant and talented management team. I'd like to begin with an overview of key P&L numbers. We ended 2023 with a backlog of $355 million. This was down from ending backlog at the end of 2022. As we worked through the legacy lower-margin custom silicon business we had acquired from OpenFive and canceled a significant portion of acquired backlog not aligned with our strategic goals, our ending backlog reflects a much richer portion of high-margin IP and silicon revenue that sets the base for our profitable growth into the future. Revenue for 2023 was $322 million, well above 2022 but below our guided range. At the end of 2022, we accelerated our transition away from a legacy custom silicon business in China. This active decision would have placed us towards the bottom end of our guided range, and in January, we had expected profitability margins in line with our guidance. As we went through our closed procedures over the past several months, we reviewed each of our contracts for the year and identified changes in the timing of revenue recognition, particularly for our advanced node contracts. There were no changes to our revenue recognition policy or cash flows, and the total amount of revenue we will recognize over the terms of the projects remains the same. Rather, there's a difference in timing, as recognizing revenue on a percentage of completion basis for IP and ASIC agreements significantly pushes recognition towards the timing of the tapeouts. Our gross profit margins and operating expenses came in as expected, and we continue to invest in our business to support our long-term growth strategy. This led to adjusted EBITDA of $63 million, up substantially from last year, though lower than expected for the reasons I described previously. We saw an increase in other expenses related to share-based payment expenses for our employees annualized for the full year and didn't see the same exchange gains that we'd experienced in 2022. Next, I'd like to discuss our revenue trends. We have seen spectacular revenue growth over the past several years. As John and Tony mentioned previously, our rich backlog and bookings momentum beginning the year set the stage for continued profitable growth. Combined with orders closed in the quarter, approximately 60% of our expected 2024 revenue is in our backlog as at the end of the first quarter. Our revenue trends over the first and second half of the year reflect execution on the backlog we acquired from OpenFive and our accelerated transition away from China. While almost half of 2023 revenue came from silicon, I expect that to drop closer to 30% in 2024 as we continue to grow our IP business. In the first half of 2023, we also saw a substantial amount of legacy silicon orders with a reduction in the second half. I expect this trend to continue into the first half of 2024. Next, let me provide some additional information about our operating expenses. In 2023, we saw the full year of expenses associated with the acquisitions we closed in 2022. We have grown our company substantially over the past two years and ended 2023 with 829 employees. Importantly, almost 90% of our employees are engineers. Our average headcount has more than doubled year-over-year, and we've also increased our infrastructure to support our growth. We are in the process of implementing a new ERP system this year, which should improve our efficiency going forward. We also capitalized $54.5 million in development costs associated with future products, of which $53.3 million was paid in cash. It's critical for our company to continue to invest in products at the leading edge, to remain part of ongoing upgrades, and to meet customer design cycles, particularly for our connectivity products groups. I expect to see gross operating expenses to increase 10%-15% in 2024 with similar amounts of R&D capitalized for future products. I'd now like to add a few comments on our adjusted EBITDA. Our adjusted EBITDA grew substantially from 2022 but was lower than our initial expectations, primarily to the change in revenue. Due to our expected revenue profile in 2024, I expect adjusted EBITDA for the first half to be approximately break-even, with substantial improvement in the second half of the year. Our next slide provides some details and changes in the cash flow over the course of 2023. We ended 2023 with $101 million of cash. Adjusted EBITDA of $63 million was offset by $53 million of cash paid for capitalized R&D, $23 million of payments for interest and leases, $20 million of capital expenses, and $15 million of incremental investment in WiseWave, combined with $42 million of changes in working capital. I expect we will continue to utilize cash in 2024, particularly in the first half due to revenue linearity. I also expect substantial increases in capital investments in the first half of 2024, particularly for mask sets as we approach production for our new products and for the buildout of our office facilities to accommodate our growth. We have dramatically improved our ability to forecast cash and are actively managing inflows and outflows. We expect the guidance we provided today for 2024 exceeds our debt covenants. Our capital allocation remains focused on investment in our product development and prototyping, critical hires, and expertise to support growth opportunities, as well as management of our debt position. We continue to review our capital allocation framework and available sources of capital to support our long-term growth strategy. Before we go to Q&A, let me spend a little time on the guidance we issued for 2024. We expect 2024 revenue between $345 million-$365 million and adjusted EBITDA of $70 million, or approximately 20% at the midpoint. Our 2024 guidance reflects our strategic decision to materially reduce our emphasis on China, as well as the revenue and expense trends I discussed earlier. In the first half of 2024, I expect significantly less silicon revenue than what we saw in the first half of 2023 as we continue to transition away from the legacy China business. With this, I would expect the first half of 2024 revenue to be substantially below what we saw in the first half of 2023. I also expect substantially higher revenues in the second half of the year due to the revenue recognition timing of our advanced node IP contracts, as I mentioned earlier. We have dramatically improved our forecasting capability, and this revenue forecast that we provided starts with our beginning backlog and Q1 bookings, adds specific deals in our pipeline for the remaining quarters, references our operational plans, and finally considers our revenue recognition policies. This methodology produces a bottoms-up forecast in which we have strong confidence. Looking forward, I expect gross margins to be approximately flat in 2024 as we continue to work through the remaining custom silicon backlog offset by growth from our IP business. With that, I'll thank you again for welcoming me to Alphawave and ask John to begin our Q&A session. Thanks very much, Rahul. Thanks very much, Tony. Thanks to Jose. We'll turn it over to Q&A now. Typically, we do start with analyst questions. I see we do have Simon from Barclays has his hand up, and we have several other analysts on. Simon, why don't you go ahead and get us started? Great. Thanks. Thanks, John. Morning, everyone. So the backlog is down a little bit due to some of those cancellations, but it's also at a similar level to revenue. But we know that some of these projects will take a long time to be converted. I was just wondering if you could give us some color on how much of 2024 revenue is already secured or covered by the backlog today. Then the second question is, you talk about large pipeline in the trading update, and we can clearly see that there are lots of opportunities out there. And you've also talked about various opportunities that you see being revenue in the future but aren't in the backlog right now. So I was just wondering if you can sort of quantify that pipeline. Maybe it's as simple as just the TAMS as you gave at the CMD last January, or if you could give us some more color around that, that would be helpful because it would also just link to sort of how we should think about bookings this year as well. Just one sort of finance question. Share-based compensation was up a lot this year. Presumably, that's the annualization of the acquisitions. But is this the new run rate, or can we expect that to come down in the coming years? Those are the questions. Thank you. So let me start with the first couple of financial questions. In terms of the 2024 revenue forecast, as I mentioned, combined with the backlog that we had entering the year of $355 million and the bookings that we closed in Q1, we have approximately 60% of our expected 2024 revenue already in our backlog. In terms of your last question about stock-based compensation, yes, the increase year-over-year was the annualization of the employees who joined us at the very end of 2022. So it was simply extrapolating that out. I would expect roughly comparable amounts for stock-based compensation in 2024. Of course, we closely monitor our dilution limits and look at that in parallel with making sure that we reward our employees appropriately. I'll ask Tony to take the other questions. Sure. Hey, Simon. Always a pleasure chatting with you. Let me try to frame the size of the markets that we're serving. We are a vertically integrated semiconductor company. We offer three different types of products. For IP, the market size for that is about a little more than $1 billion today, growing to about $2 billion by 2027. Recently, we were announced we are the fourth largest IP company in the world. Every year, we keep moving up the ladder. In terms of custom silicon, at our capital markets day last year, I believe we announced that it was a $7 billion TAM, growing to an $11 billion TAM by 2027. However, an updated market report that now factors in AI and all of this custom silicon that is being used to build hardware that is specific for different language models, that market is now projected to explode to over $30 billion by 2027 or 2028. So it is a huge, fast-growing market, which is particularly why we're so focused on it with our chiplet strategy and with our custom silicon unit. Finally, optoelectronics was a $4 billion market, growing to a $7 billion market by 2027. I also expect that to significantly increase as optics makes their way more and more deeply into AI infrastructure and AI connectivity. So I think there's a significant amount of upside there as AI continues to expand and the amount of compute and the amount of connectivity needed to deliver that compute also rapidly expands. That's great. Thanks very much. Thanks, Simon. Actually, related to what Simon said and what Tony said, there is a question in the chat, which I thought we would address now since it's a related question. How do you calculate the $500 million potential lifetime silicon revenue based on 2023 design wins? What is your method to estimate the $500 million? It's a very good question. There's two key points I want to make here. One is to answer the question, which is that is a bottoms-up view of the design wins that we have today. Every customer that comes to us and wants a custom silicon project, this is one of the ways we qualify the customer. If a customer brings us a design win that does not have attractive volumes, we don't take that customer on. We take on very high-quality customers in high-quality, high-growth, high-margin segments. That $500 million is built as a bottoms-up view of what that pipeline looks like as a snapshot today. Next question, I think, is from Sandeep. Sandeep, you have your hand up. Nice to see you. Yeah. Hi. Good morning. I have a few small questions. Firstly, I mean, could you talk about how many hyperscalers you do have on your books in terms of customers that are going to ramp up over the next 2 or 3 years? That is my first question. Secondly, when you look at all these different custom silicon projects that you have ramping up over the next 2 or 3 years, without naming customers, would you classify 2 or 3 as the ones that you think are most promising in terms of dollar revenues, in terms of the shipped product that you will get once it starts shipping? So are there such 2 or 3 projects that you would identify by whatever, without naming the customer, however you would identify those projects? A third question with regard to the projects would be, given how these ASIC, having seen other ASIC companies, when companies work on ASICs, sometimes these products are working on completely new areas. And now, for instance, you're working on coherent optical with some of your customers. And these are new technologies, and they sometimes take longer to be adopted than one expects. And are you planning for that, or do you think that these technologies that you're working on will get adopted exactly on the schedule that second half of 2025 is when some of these chips start ramping up, and you think that that is actually on schedule? And on a financial basis, I have a question for Rahul, which is a couple of things. One, on the cash flow. I mean, when you look at this year in FY23, you had about $50 million of negative free cash flow. Is that going to be the sort of negative free cash flow you're targeting for FY24? And then do you have the lines of credit or the cash on the balance sheet enough to be able to sustain that position till the revenues start ramping up associated with some of these projects that we just talked about? Hi, Sandeep. Always a pleasure. Let me start fielding some of your first questions, and then I'll hand it off to Rahul to talk about cash. Your first question was, if I remember correctly, how many hyperscalers are we working with today, and how are we working with them? Look, we're working with all the North American hyperscalers today. Okay? They're either IP customers, they're either custom silicon customers, or in the last 12 months, they are also our optoelectronics products customers. And so our job over the next 12 and 24 months is to expand all of them across the entire product portfolio. All right? That's part of our core land and expand strategy. We're also working with APAC and Asian hyperscalers, specifically some of the mega Chinese hyperscalers as well in areas that we can continue to work with them on. So hyperscalers is our focus. Frankly, that's one of the reasons why we went after, and I specifically went after Charlie Roach. Charlie pioneered PAM4 across all the hyperscalers about 10 years ago when he led sales for Inphi. And now Charlie is leading the charge for us to do the same thing for our 100 gig, 200 gig generation of PAM4 technologies, as well as our next-generation coherent technologies. Your next question, Sandeep, was to try to provide some color around some of our more recent promising design wins. Certainly, I think over the last few quarters, we have expanded beyond our core strength, which is connectivity. So over the first 7 years of the company, we were laser-focused on delivering connectivity solutions via IP or networking. But some of the recent wins have now transitioned into compute as well. So this is custom silicon that we are building for AI specifically, where our connectivity is part of the solution, but we're also working closely with Arm and Arm's Neoverse cores to deliver a full compute AI product, whether it's an AI accelerator or whether it's a specific AI compute chip targeting very specific language models. Another very, very interesting opportunity that we're working on as well is in the networking space, where we've moved on to deliver a next-generation networking switch targeting 50 Tbps. The one core value across these products, Sandeep, obviously, they're all high volume. Obviously, they're all leading edge, but they're also chiplet-based. And so our experience and expertise building not only silicon but using advanced packaging technologies to deliver chiplets is fueling the growth in both our custom silicon business as well as our standard product business. Next, I think you had a question in terms of challenges or possible delays in adoption of new technologies. So first off, Sandeep, look, we do a lot of R&D, but that R&D is for technologies that are being deployed today or proven next-generation technologies. Okay? Right now, I do not focus the company on speculative R&D development. So all of the programs that we're working on today involve connectivity that is proven, whether it's based on Ethernet, moving from 100 gig- 200 gig, whether it's based on PCI Express, moving from Gen 6, Gen 7 memory interfaces, moving from High Bandwidth Memory 3- High Bandwidth Memory 4, whether it's on AI, which is being deployed today. So I do not see any risk in the future of our current developments being delayed. I think, Sandeep, I will pass it over to Rahul now to answer some of your cash flow questions. Hi, Sandeep. This is Rahul. In terms of cash flow, as I mentioned earlier, I do expect us to continue to invest in our business. Looking at some of the questions also in the chat, we did have costs up approximately. Expect costs 10%-15% up, 2024 versus 2023, very much in line with our prior plan. As I mentioned, we continue to improve our ability to forecast and provide information back to our business. So we'll continue to be measured and make sure that we invest along with our customers and design win cycles. Our R&D and SG&A investments are actually quite much in line with our previous expectations, and we're continuing to make sure that we lead our industry. From a cash perspective, I would expect us to use cash, particularly in the first half of 2024, as we're making investments in our business. This is specifically capital investments related to mask sets for our connectivity products group. I expect that as the business grows and the linearity that we have, that we'd start to generate cash again in the second half of 2024. But I expect on an overall basis, we'll likely use cash over the course of this year. We've taken a lot of pains in our forecasting to make sure that we have enough cash on hand to fund the business that we need and also to be in line with our debt covenants. But as I mentioned earlier, we will always be looking at our capital allocation strategy and making sure that we're doing the right things to fund our business. Thank you. Rahul, thanks for that. Rob Sanders from Deutsche Bank also had a couple of questions. Rahul, do you want to go through those quickly? They're all financial-related questions. Yeah, absolutely. So if I look at Rob's questions, the third one, I think, on cash that we talked about, in terms of the first one, what I would expect is that you'll see China essentially as a percentage of revenue have about a 50% reduction from 2023 as we kind of work through some of the agreements that we have there and the transition points that I talked about earlier in terms of the backlog that we had and what we worked through in 2023. In terms of the second question, in terms of expected mix from 2024 revenue, I would expect to see more license and NRE revenue come in in 2024 just based on our design win trajectory. And also, as I mentioned earlier, what we look at from an operational perspective and what we see from a revenue recognition perspective as well. Thanks, Rahul. That's helpful. I'll keep going through the ones in the chat. If anyone has a question live, feel free to put your hand up, and we'll be happy to cover live questions and prioritize that over chat questions. I'll take one of these questions. What was the sudden rush to get out of China? Is this geopolitical instead of something else? We've been talking about reducing our exposure to China now for, I think, two years. So this is certainly not a rush. In fact, I think it's taken longer than we had hoped. And as Rahul just said, we had about 59% of our revenue in China in 2023. We expect that to come down on a percentage basis by at least 50% this year. And we expect to continue that trajectory. And that's driven by several things. The number one thing that's driven by is strength in North America. We're just seeing tremendous growth and pull from the biggest and most complex customers on the planet that need the most advanced technology. That's the number one thing. The second piece certainly is geopolitics. It is more difficult to do business in China. And the third thing is the Chinese market does not have access to a lot of the high-end manufacturing capability where we really excel and are strongly differentiated in the market. So the China opportunity sitting here in 2024 is just not what it was five years ago. And so this has been a deliberate strategy with the company over the last couple of years. We've executed against that, and you will see further execution of our exit from the China market over the next couple of years. Tony, there's another question in the chat, probably for you. It talks about our engagement with hyperscalers. Who are your contact points within the major U.S. and Asian hyperscalers? Is there a different contact point for each product? And I think this probably talks to how we have our land and expand strategy across IP, custom silicon, and silicon products. But Tony, why don't you take that one? Sure. So yes, we do have different contacts within individual hyperscalers. When you're dealing with IP, you're working very closely with design teams. When you're selling custom silicon, you're working with their systems organizations who architect their next-generation data centers and understand their compute needs and work with you to help specify products in order to solve their compute needs. And finally, when you're selling standard products into hyperscalers, specifically optoelectronics, you're working with their systems teams, and you're also working with third-party module vendors or cable assembly vendors for active cables. And so yes, there's numerous different touchpoints within these hyperscalers. However, look, they all work together. They all collaborate. You need to deliver for each and every one of these organizations. Otherwise, you're never going to be able to grow or thrive within these hyperscalers. Whether it's a Google or a Microsoft or a Meta, they're all structured in similar forms. Our point of attack is always the same. We'll land in any one of these three business types, whether it's IP, custom silicon, or products. Then our teams, our engineering teams, our solutions engineering teams, and our architects will continue to work with the other organizations to expand and prove the value of our technology in any of these form factors. Thanks, Tony. Appreciate that. Marvin, you had a couple of questions. Nice to hear questions from you again. So there were three questions Marvin had. I'll take the first one, and I'll read these out, make it easier for everyone on the Zoom here. Given the results as they are, can you clarify why you decided to do a pre-announcement one week ago? And I'm happy to take that question. So first of all, whenever we're going through a reporting season, we take advice very routinely from all of our advisors and our accounting firm and our internal team on if and when we need to make a pre-announcement. And the pre-announcement we did last Monday was based on as soon as we finally had clarity and agreement on a number of key items in the audit that were discussed with the auditors. After our audit committee meeting was done on Monday the 15th, we, with our advisors, with the audit committee, and the board of directors, decided it was the right time to make a pre-announcement about our numbers. So we did that on Monday. As you'll see, the numbers are in line with what we reported today. The second question Marvin had is about the recent announcement Marvell made about closing with Microsoft on Maia. Do you want to talk through that, Tony? Our general engagement with Microsoft, but also Microsoft. Thank you. Of course. Look, I see 0 impact for Alphawave. As I mentioned earlier, the custom silicon space, specifically targeting data center, is expected to grow to be about a $30 billion market by 2027. I have never seen so many RFQs from hyperscalers, including Meta, from traditional semiconductor companies, as well as networking OEMs. So we are extremely busy. We are at full capacity for this year. We're hiring as much as we can while still operating towards our fiscal plans for the year. So I am extremely optimistic about our ability to continue to grow and expand within hyperscalers. And Tony, let me just take a couple of the financial questions that I see in the chat. So the first question is, the business is now with net debt, and you said we'll continue to invest. What's the cost of debt you expect in this environment? And at what point is it better to use equity? What I look at is that we'll look at our capital allocation strategy constantly. At a very high level, the debt that we have right now for 2023, we had an average rate of about 7.5%. So the rate that we have is based on SOFR market rates plus a spread of 2.75% in what's there. And so that's embedded in the forecast that we have. The next question I saw was, you mentioned on a few occasions that forecasting is done on a bottoms-up basis and is improved. Can you be more specific on how things were done previously and what's changed? So from a process perspective, what we've done is really do a bottoms-up. As I mentioned earlier, look at the actual specific deals in our backlog. And as I mentioned earlier, we did a thorough reconciliation of that in fiscal 2023 and also canceled some of the backlog that wasn't strategic to us. Then what we do is then add the bookings that we've closed in the current period and then specific deals in our pipelines. We're looking at a deal-by-deal basis. Then we look at our operational plans, not just from an IP perspective, but from a silicon perspective as well, and then layer on revenue recognition. And that gives us much better clarity in terms of where we expect revenue to come out in the course of 2024. I think previously, if you look at the phenomenal growth that the company had, it was just harder to do that, right? You saw just an amazing trajectory in terms of bookings and revenue. So I think a lot of that modeling was done more of on a tops-down. And now what we've done is we've matched our tops-down model with our bottoms-up detail. And that's also why you saw a slight movement in the guidance that we'd issued for 2025 last week. I think that when I look at the trajectory, as you saw, we reported $118 million of bookings just in the first quarter. So when you annualize that, certainly it supports the revenue forecast that we have for 2024 and 2025. What I'd suggest is that half-by-half will continue to be a bit lumpy because of the revenue recognition things that I mentioned earlier. Thanks, Rahul. Appreciate that. I wanted to give everyone on the live call one final opportunity if anyone wants to ask a live question. And then there's only one question left in the chat Q&A. But does anyone want to ask any questions live? I don't see any hands. So I will go ahead and take the final question. Tony, you want to take this one? Can you give an example of where land and expand has worked well? Sure. Let me reference a handful of hyperscalers, so more than one, where we've landed historically using IP, which frankly is unique to us because Broadcom, Marvell, are not in the IP licensing industry, okay? You can look at market forecasts. They don't license IP. We've expanded into custom silicon because once we've been integrated into their own AI processors, whose optical electronics do you think they're going to want to use, right? The safest, most robust solution would be to use the same technology in the module or in the active cable. And then finally, as their next-generation AI parts move to a chiplet-based approach, they need connectivity chiplets. And they'll need help on compute chiplets. And this is what we're now transitioning to, which is delivering our connectivity through our custom silicon business, but in a chiplet-based format. And so look, the industry continues to evolve how semiconductors and advanced packaging is being used, specifically in the AI space. We have all the core building blocks, all the technology needed to deliver next-generation capabilities to hyperscalers, to leading semiconductor compute companies, to networking companies. Tony, thanks for that. So if there are no further questions, we'll go ahead and wrap up the call today. Again, thank you for your support. Thanks for dialing in today. And we look forward to updating you on our exciting progress throughout the rest of the year. Thanks for joining today.