Thank you very much for joining Advantest Corporation's Financial Briefing for the Q3 of Fiscal 2024. Despite your busy schedule, I'd like to introduce the attendees on our site today: Mr. Douglas Lefever, Representative Director, Senior Executive Officer, and Group CEO, Mr. Tsukui, Representative Director, Senior Executive Officer, President, and Group COO, Mr. Mihashi, Senior Executive Officer, CFO, CSO, Executive Vice President of Corporate Strategy Group, and Mr. Nakahara, Senior Executive Officer, CCRO, and Executive Vice President of Sales Group. Serving as a moderator for today's session, I am Oike of IR Department of Corporate Strategy Group. In this financial briefing, Mr. Lefever will first report the summary of today's presentations. After that, Mr. Mihashi will report financial results for the Q3 of fiscal 2024, and then Mr. Lefever will present fiscal 2024 outlook before entertaining questions from the audience. We will close the session at 5:30 P.M. Japan time. In today's financial briefing, we will use English-Japanese simultaneous interpretation. If you prefer to hear the original audio of both Japanese and English, you do not need to change the setting. Please join us with the default setting. If you prefer the Japanese language channel, you are kindly requested to click the globe icon on the lower left of the web screen and select Japanese in the menu of interpretation language. If you slide the bar of balance to the far right end, Interpreter, you will hear interpretation into Japanese when the original language is in English. Today's presentation materials are posted on TDNET and our website. The audience joining us through a telephone line is kindly requested to download the materials. During today's briefing, we will project the Japanese version of the materials on the screen. The audience who prefers to see the English version is kindly requested to download English materials. Before we begin, I'd like to remind you that today's briefing contains forward-looking statements, all of which are subject to risks and uncertainties that may cause our actual result to be different from those in such forward-looking statements. So first, Mr. Lefever will present a brief summary, including the outline of the Q3 of fiscal 2024. Tatsun, please. Okay, thank you, Junko-san. Hello to everyone. I'm happy to welcome you all to our call. Let me start by providing an overview of today's presentation. Our FY 2024 Q 3 sales, operating income, and net income all posted record highs on a quarterly basis. As of late, we have seen further growth in tester demand for AI-related high-performance semiconductors, especially for SoC. Given that we are able to meet this strong tester demand, we have revised our full-year earnings forecast for FY 24 upwards. I will give the details of this later in the presentation. As we look into calendar 2025, while the second half is unclear as usual, we expect tester demand to remain strong. Tester demand for markets other than AI-related semiconductors is still taking time to recover, but strong demand for the AI-related semiconductors is expected to continue against the backdrop of increasing semiconductor complexity and production volume. I will also give some further details of this later in the presentation. Now, Mihashi-san will explain our Q3 results. Yas, please. Thank you, Tatsun. So this is Mihashi. I'd like to talk about the results of the Q3 of fiscal 2024. So please refer to page five, please. This is the Q3 summary of results. I will now explain the result of the Q3 fiscal 2024. The Q3, we achieved record-breaking sales and profit. As stated earlier, operating margin exceeded 30% for two consecutive quarters, as shown on the slide. Details of results will be explained in the following pages. On page six, this shows the summary of results. Semiconductor component test systems, first of all, SoC tester sales were JPY 113.0 billion, sustaining high levels of sales as in the Q2. Robust tester demand from HPC AI-related applications mainly drove the sales, with some contribution coming from edge AI-related demand. Sales for mature process products, such as those for automotive and industrial equipment, remained soft. Memory tester sales were JPY 54.6 billion, an increase of JPY 18.7 billion quarter- over- quarter. Sales for DRAM wafer tests, particularly for HBM, have increased, as well as for DRAM final test. Next, Mechatronic systems. Sales of device interface increased quarter- over- quarter, in tandem with increased sales of tester. As for services, sales of service support and system-level test business remain nearly flat quarter- over- quarter. Could you go to page seven, please? Sales by region. For Taiwan, due to strengthened quality assurance requirement for high-end SoC semiconductors from several US fabless companies, sales to related foundries and OSAT increased further in the Q3. For South Korea and China, memory tester sales increased sequentially for DRAM. Could you turn to page eight, please? The Q3 sales gross profit and operating income. Due to high levels of sales booking, the operating margin exceeded 30% as in the previous quarter, as I said earlier. On the other hand, gross profit margin decreased quarter- over- quarter. This is mainly due to changes in the product mix and the recording of inventory variation losses on testers for non-AI applications where demand is soft. SG&A, including all other income and expenses, was JPY 49.7 billion, mainly due to an increase in expenses associated with increased sales. Next page. Here you can see cash flow and the R&D. R&D expenses, CapEx, and D&A are illustrated on the slide. CapEx increased compared to the Q2. This was mainly due to investment related to the execution of operational excellence initiative, as outlined in our third midterm management plan. On the right, you can see cash flow. Operating cash flow and free cash flow increased, reflecting high levels of sales and profits. Next page, please. This shows the balance sheet as of the end of December 31st. Inventories decreased quarter- over- quarter due to progress in our product shipment. We will continue to work on inventory management, considering the uncertain business environment in light of geopolitical risks and other factors. As announced today, the share repurchase program has been completed. The total number of shares acquired was about 5.71 million shares for a total cost of about JPY 50.0 billion. We have achieved the target announced in October. We will continue to work on balance sheet management while optimally balancing growth, investment, and capital efficiency. This concludes my presentation. Now I'd like to hand over to Doug, who will go over fiscal 2024 outlook. Douglas, please. Okay, thank you, Yas. Okay, let me start by first explaining our business environment. The semiconductor market in 2025 is expected to continue to be driven mainly by AI-related demand, as it was in 2024. Unit volumes continue to increase as more wafer and advanced packaging capacity is coming online. At the same time, device complexity is driving increased test content. On the other hand, uncertainties about the future are continuing due to rising geopolitical risk, and we continue to monitor these carefully. Based on this business environment, I will now explain the outlook for the semiconductor tester market. We have revised up our market size estimates for calendar year 2024, primarily reflecting the expansion of our tester supply capabilities. For 2025, we estimate the SoC tester market size now to be between $4.2-$4.8 billion, and memory testers to be in the range of $1.7-$2.2 billion. While the recovery in tester demand for applications other than AI, such as for automotive and industrial equipment, is expected to take more time, robust demand is expected to continue for AI-related applications. Now let me share the details of our FY 2024 forecast. We are revising our full-year forecast upward, as shown on this slide. We now estimate sales of JPY 740 billion, operating income of JPY 226 billion, income before tax of JPY 225 billion, and net income of JPY 167.5 billion. The upward revision of sales mainly reflects our timely procurement and enhanced supply capabilities, which were achieved through long-term agreements and diversification of the supply chain of our core parts. Our enhanced supply capabilities enable us to meet additional unforecasted demand alongside the ongoing strong demand for testers and AI-related applications, particularly for SoC in the fourth quarter. In addition, the yen depreciation has been a tailwind. The gross profit margin for the full year is expected to be around 56%, slightly up from the previous forecast. In order to solve the challenges that our customers are facing in the increasingly complex semiconductor industry, we will continue our R&D and investment efforts to enhance the added value of testing, particularly targeting high-growth areas. These efforts include the development and evaluation of new test solutions. The exchange rate assumptions for Q4 are ¥140 to the U.S. dollar and ¥155 to the euro. The latest forecast for the impact of exchange rate fluctuations on operating profit for FY 24 is an increase of ¥1.3 billion for every one Japanese yen of depreciation against the U.S. dollar and a decrease of ¥300 million against the euro. Our year-end dividend forecast is ¥20 per share. Combined with the interim dividend of ¥19, our annual dividend forecast is now ¥39 per share, which represents a dividend hike of ¥4.75 year over year. Next, I will explain the details of the sales forecast. First, let me discuss the semiconductor and component test system segment. For full-year FY 2024, SoC tester sales forecast is ¥408 billion. That's an upward revision of JPY 84 billion from the October forecast. Our efforts to improve supply chain management in order to keep up with the delivery requirements of HPC and AI customers have enabled us to increase the pace of supply. As a result, we have revised up our sales forecast. Our memory tester sales forecast is now JPY 155 billion. That's an upward revision of JPY 9 billion from the October forecast. The improvement of our product supply capabilities has shown steady progress every quarter. By responding to customers' robust investment appetite for DRAM in a timely manner, we expect to achieve sales growth. Now let me talk about our other business segments. First, for our Mechatronics business in FY 2024, we have adjusted our sales forecast to JPY 68 billion. With tester sales growth, our device interface sales are expected to increase year- over- year. We also anticipate solid sales of our nanotechnology products. In FY 2024, our service support and other sales forecast is now 109 billion JPY. For support services, firm demand is anticipated due to the steady growth of our install base. In our SoC business, sales are expected to be roughly flat year- over- year as smartphone demand remains soft. Meanwhile, we continue our efforts to expand our customer base in order to achieve mid to long sales growth in this area. In the segment of HPC AI, the increasing complexity of semiconductors and high reliability requirements are driving new demand for SoC burn-in and high-quality device interfaces. In SoC, we have won several new customers and expect to see this begin to contribute in the second half of our fiscal year 2025. For our test board consumable business, we have now brought our Taiwan factory online and are ramping production for high-performance products. Finally, I want to touch on a couple of strategic partnership agreements. We announced on January 9th that we have formed strategic partnerships with both Technoprobe and FormFactor. These partnerships involve both technology and manufacturing collaborations. Investments in and partnerships with two of the major probe card manufacturers ensure that customers have access to the best wafer test solutions. Increasing test complexity is becoming an industry challenge, especially for HPC-related semiconductors. As we have explained in our midterm management plan briefing in June last year, in order to solve this challenge, we intend to form an ecosystem to provide higher-performance test solutions to our customers. Therefore, we expect to continue expanding our partnerships and adding key partners into this ecosystem. And one last thing. As for any potential impact on our business from the recent news related to DeepSeek or other AI models, it really is impossible for us to comment at this time. As of now, we have seen no indications from our customers of changes to their forecast. Having said that, the AI-related market is exhibiting remarkable progress, and we continue to keep a close eye on this development. As a general rule, we feel progress of AI development, including that of different AI models, has long-term positive implications on semiconductor demand and our test solutions. This concludes my presentation. Thank you for your attention. The first question comes from Yu Yoshida, CLSA Securities. Please go ahead. My question. I'd like to ask about the market share. What market share do you expect for 2024 in both SoC tester and memory tester? And then, do you anticipate these market shares changing into 2025? I've heard that your competitor has recently commented about the adoption of their testers by custom ASIC clients. So do you think the market is becoming more competitive? Yeah, we will be announcing in April about the final market share numbers for calendar year 2024. What I can say is that we are tracking at or above our midterm plan target, which was 58% or greater. So we are very confident that we're tracking to the plan for calendar year 2024. As for 2025, we do see some upside growth in our market share as well, and that will come from the addition of additional AI HPC customers, many of which are in that Mag7 and associated custom ASIC partners. So I can't comment on what our competitor is saying, but that's the view from our company. Thank you. Just one follow-up question. Do you include the die-level test market for the 2025 market outlook? I think the 2025 is a little premature to have any significance for the die-level probe die-level handler market. We're seeing just initial evaluations going on in this year, and so for large quantity production level business, we would probably see that in the following year. Thank you. Thank you, Yoshida-san. We'll take the next question. Goldman Sachs, Nakamura-san, please go ahead. Thank you. I'll ask a question in Japanese on page 12. This is CY 2025. And there are bullet points saying that there is increasing uncertainty about the future. So what's the backdrop for this? Are there specifics you have in mind? And it seems that your FY 2025 estimate range is rather broad. What kind of scenarios do you have in mind for the minimum and the maximum numbers? And in terms of visibility for the second half of 2025, do you have improved visibility now? Thank you, Nakamura-san. This is Nakahara speaking from sales. So with regards to our first questions, it was about CY 2025 in relation to increasing uncertainty in relation to geopolitical risks. So we have sales all over the world. And given the current situation, let's say the Sino-U.S. risks, these are all fast-changing matters. And so things are still uncertain. So we have to keep a close eye on this. And then for 2025 time estimate, your question was about the range, right? So well, I would say recently the market is fairly dynamic. And from maybe the late 2025 for high-end logic, there'll be launches of next-generation devices. And there will be a change in process node at the time. And on top of that, the memory that goes with it will be also next-generation, and there'll be a higher stack count. And so it's similar to what we experienced in 2024. It's hard to say to what extent complexity is going to increase. It's really hard to predict. So in that sense, the broad range we came up with for this time. Did I answer all your questions? Sorry, I was on mute. So finally, for SoC tester business for CY 2025, compared to three months ago, how has the second half 2025 outlook changed, particularly for high-end SoCs? I think compared to our last earnings call, I would say for SoC for CY 2025, three months ago, midpoint was ¥3.95 billion. But this time, our midpoint is ¥4.5 billion. As Doug talked about earlier, there'll be an increasing device volume and also complex data complexity, increasing complexity factor. I would say overall, the market is likely to increase. In terms of half-on-half volume, I would say for the first half, we have better visibility for the first half versus the second half. So for the second half, as I said earlier, given the upcoming launches of new devices, it's hard to say or hard for us to predict the extent of the complexity implications for us. Thank you. Nakamura-san, thank you very much. Next question comes from Morgan Stanley MUFG's Wadaki-san. Thank you. It is good to speak with you. So I would say what's worrying is the momentum for this fiscal year. Given how strong this year is, maybe next year is going to face a high hurdle. And there'll be a lot of news flows in the media about yield of advanced packages. And you've benefited from very strong demand this year, given very low-level yield. And so testers have benefited enormously. But it means that the hurdle for next year is going to be higher. You might have to suffer from a drop. What do you think, Mac or Yasu or Nakahara-san? This is Nakahara speaking. Well, so in terms of the high base we'll be facing next year in relation to strong benefit that you received from this year, the feedback that we've been speaking with customers and in terms of quality improvement And in terms of improvements on package side, that's what we've heard from customers. And so, but if we take these into account, current volume, and also given the complexity of next-generation devices, CY 25 is likely to face an increase, see an increase. And so additionally, I would say my follow-up question is that the recent surge in tester demand due to yield is still sustainable because of quality assurance, customers still have strong appetite, will continue to invest in testers. Is that correct? So in terms of existing generation devices, whether it's SoC or memory, there is yield improvement, quality improvement that may result in test reduction. But at the same time, in 2025, as next-generation devices ramp up, there'll be new challenges that will emerge that would have quality implications that may impact tester demand. So these are the scenarios that we have factored into. Yeah. I think I understand the question now, Wadaki-san. Thank you. I think if you're asking about what's going to trigger the slowing of the growth that we're experiencing right now, we don't see it so much because there's many factors involved in these advanced package SoCs. For one thing, there's going to be continuation of Moore's Law. So there's going to be more transistors, which will lead to increased test times. As far as chiplet goes, it's just beginning now. Sure, the advanced packaging has memory stacks and central processing and GPUs on it. But as those go into more of a chiplet environment, we expect to see more insertions happen at the wafer and the die level, which will have complexities. And then beyond that, there's even more things being added to the 3D package. And Silicon Photonics is going to be something that comes new, which will add another layer of complexity. So we don't really see complexity slowing down at all. And the appetite for additional test is still quite high because of the expense of these packages and the ASPs of these devices. So sure, there's going to be certain times where there's not as much of an increase as a prior generation, but there's going to be an increase. And what I'll say is that increase is coming on a larger fleet, a larger install base. So as we proliferate more test systems into the field, even small increases in test content are going to lead to large levels of capacity increases, assuming that the volumes stay the same or even increase. So hopefully that helps to add a little additional color. Okay. Thank you. Again, Nakahara will give you on test market. Thank you. Thank you. Next question, Hirakawa-san from BofA. Please go ahead. This is Hirakawa. So you said about launches of new generation devices. From supply chain, there are views or comments that are different from what's been said before. So based on these changes, based on these changes, was your earnings impacted for the fiscal year ending March 2025? Should we forecast these changes? I want to make sure I understand, Hirakawa-san, the question. I think in fiscal 2024, we were able to address some of the additional demand because we opened up our capacity through supply chain and production, and I believe you're asking if we will see that continue for 2025, if that will have an impact. And the answer is yes. We're always looking at our supply chain for component procurement and our ability to meet the customer demand. Right now, we're stress testing our production to see the levels at which we can achieve even further growth, and we feel very comfortable right now with what we are doing in our supply chain. So we don't see any constraints to meeting our fiscal 2025 demand, so I'm hoping that sorry for the Japanese version. No, no, no, no. Sorry for my apologies for my indirect question. The direct question is we hear that there's a kind of a change in the existing timeline in the supply chain. And my question was, did that give an impact to your revenues or not? And also, is it going to give some impact? Has it given the impact to your CY 2025 SoC test demand? That is actually my question. Oh, oh, oh. It's not about our procurement supply chain. It's about, yeah. Sorry about that. I understand that. Yeah. The answer is no. I think I understand what you're referring to. And we don't see any of that right now. So we continue to see test content increase. And so we're preparing ourselves for additional increases for next-generation devices. Sure. Thank you very much. Thank you, Hirakawa-san. Next, Tokai Tokyo Intelligence Laboratory, Kamitaki-san, please go ahead. With regards to the actual results for SoC testers and memory testers, so starting with SoC testers, it was flat Q on Q for memory testers. Q on Q growth rating to have accelerated in Q3. What kind of differences did you see between SoC versus memory testers? With regards to generative AI that's giving us good strong demand for both SoC and memory. And so here you can see green colors that shows that memory tester shipment is growing a lot Q on Q. So this is basically a reflection of delivery timeline requirements from customers. Many of our customers are international customers, and so they do business on a calendar year basis. So in Q3, we saw a lot of requests concentrated. Our shipment-wise, we did our best to try to meet their delivery deadlines. Thank you. Demand-wise, you're saying that you didn't see changing demand in Q3, right? SoC does enjoy facing strong demand. But I wouldn't say there were outstanding very strong changes in Q3. Thank you, Kamitaki-san. Next, Okasan Securities, Shimamoto-san, please go ahead. My question is about the breakdown of SoC TAM estimate. If possible, I would like you to extract the AI part of TAM for CY 2024 and 2025. If it's difficult, then I think you have a breakdown usually between computing communications versus automotive industrial consumer DDIC. I think in FY 2024, the split is 90% versus 10%. For 2025, what kind of split do you expect for computing communications versus auto industrial consumer DDIC? Regarding TAM, it's difficult for us to extract just AI. In terms of a categorization, which is computing communications versus automotive industrial consumer DDIC, I would say that maybe the split is approximately 70-30. So 70 is computing communication just as ballpark figures. But in terms of our sales split, it's different, but communication computing communication is by far the largest. Thank you. As a follow-up question, you said 70-30 split. Was that 2024? Is it likely to be similar for 2025? Well, for 2024 and 2025, I would say the split is more or less the same. So growth rate, then it would be similar for both, right? Yes. Thank you. Well, so the split 70-30 split will not change, but then the denominator is different. So there should be some difference between computing communications versus automotive industrial, but that 70-30 split should remain valid. When you say it might be different, are you saying that computing communications will show a higher growth rate? Yes, that's correct because the denominator is larger. Shimamoto-san, thank you. Next, Macquarie Capital Damian, please. Hello, can you hear me? I'm going to ask this in English. Thank you so much. Thanks very much, Doug, for the great set of results, actually. Congratulations. I just want to follow up on the partnership with Technoprobe and FormFactor. Could you contextualize maybe a bit early for next year, but between 2026 and 2027, would you see the push into SoC tests at die or wafer as being additive to the tester market? Would you see efficiency gains that is actually being in some senses leading to efficiency gains that will reduce the size of the market? Could you perhaps talk a little bit about the implications for the deal and how you feel about the long-term growth trajectory? Yeah, sure. Thank you, Damian. Thank you for the nice comments for our results. So yeah, certainly for the next couple of years, we see definitely a shift left as much testing that can be done at the wafer or die level is going to help with the end product yields. As to more efficiency in those wafer sort operations, actually, we see more insertions across the wafer sort area. And the reason for that is because there's just more sophistication, more complexity. At the die level, for example, in order to have a real KGD, you need to have very, very good thermal solutions in order to do accurate die level testing. And so that involves a lot more complexity in the handling and the testing operation, as well as the associated probe cards that go into those insertions. So the reason that we developed these partnerships and by the way, we had very, very deep relationships with both these companies as well as other probe card companies in the industry. But the reason that we made these partnerships at this point was because of the complexity situation of needing to have close technical collaborations because it's no longer a tester and a probe card and a prober or a handler. They have to be looked at as a total solution as one test cell. And so the deep collaborations have to become even deeper. And so we felt it was necessary now to develop these relationships with these companies to address those complexities. 2026, 2027 is hard to tell if there will be efficiency gains, but we do know that there's going to be more opportunities in the wafer sort area. That being said, the final test and the system-level tests are also increasing in their importance because that's the place where all of the dies or chiplets come together and the test times get extended, and that's where the final test and screening happens. So those are also extremely important insertions. So hopefully that gives some color to your question. Thank you. So my impression would be that you will consider essentially this would be to be accretive to the overall TAM opportunity. Would that be correct? It's not accretive or dilutive. It's really a partnership with these companies to make sure that we're offering our customers the full solution set for, in this case, for wafer sort or die sort. And yeah, our partnerships involve equity investments in some cases. And so we have skin in the game, so to speak, with these companies to make sure that we're partnering at all levels, at the executive level and at the technical levels. Got it. If I may, just one additional follow-up, a short one. So obviously, this is, I would say, kind of a unique situation. I mean, I'm just wondering, how in this place is Advantest in relation to your primary competitor? Given that if you deliver this solution on time and to meet the customer needs, you would essentially be ahead of the competitor. I just can't see why a customer would have two solutions of this nature. It would essentially be an industry standard of sorts. Would you think that's overstating the case? Thank you. That's it. Yeah. I mean, I think we're doing this for the customer benefit, which is to develop the right solutions at the right time for our customers. And so right now, we're in a very good position with our testers. It's hard to express it as industry standard, but in some cases, we're driving towards that. And so the mission for us is to make sure that we drive integration on behalf of our customers, and that would extend to the probe cards, but also extends to other parts of the ecosystem that go into our test solutions. So we expect to do more of these kinds of things in order to accurately partner for our customers' benefit. Thanks very much, Doug. I appreciate that. Thank you, Damian. We'll take the next call from Yoshioka-san, Nomura Securities. Hello, this is Yoshioka speaking from Nomura. My question will be about edge AI devices. In the initial presentation, you said edge AI devices contributed to Q3 SoC tester business. So my question is that for 2024, to what extent did you see benefits from edge AI? Previously, AI accelerator was the main driver for longer test time, but with edge AI, it's also pushing test time longer as well. And how is that taking place? Finally, for 2025, you presented the SoC TAM outlook. How much have you factored in contributions from edge AI? Okay. Thank you, Yoshioka-san. I would say right now, primarily, our business is still being driven largely by data center AI, and that's the customers you can imagine. As far as edge, we have seen some goodness in edge compute when it comes to some of the consumer electronics in the handsets. A lot of the handsets now are equipped with a lot of AI compute capabilities, and so that is leading to some business upside, but it's clear that most of our business is going into more infrastructure-level AI. Moving forward, we do expect there to be some additional business in FY 2025 that is related to the edge, but I do believe, by and large, in 2025, the lion's share of our business will be driven still by AI data center business. I think also it's important to mention that the definition of edge AI, originally, everyone was thinking, "A, it's going to be in PC, tablet, phones, and more of the consumer applications." And I think what we're seeing now is that AI at the edge will really extend into kind of industrial applications. And so there's a lot of work being done. For example, in the area of robotics, people are talking about millions if not billions of robots having edge compute. So our definition of edge compute really needs to evolve not just into the consumer space like handsets, but into other things. And ultimately, there will be the potential for the full humanoid and autonomous vehicle level of edge compute. But the edge compute definition is definitely now evolving, which will be good for the volume of AI-based semiconductors. Thank you. How about testing time? Test time for Edge AI semiconductor get longer than general cycle of? It will be longer than what historically has been at the edge. So if you looked at an AP in a handset, certainly the test times are going to be extended because those devices are becoming more complicated and have to run different kinds of workloads, and so there will be extension. Now, I don't believe that the test times are going to be anywhere equivalent to what we're seeing on the data center side, and that is a function of how complex the devices are as well as the economics behind the edge versus infrastructure business. Thank you for your answer. Sure. Thank you, Yoshioka-san. We are close to the end of ours. So we'll just take last question, UBS Securities. Yasui-san, please go ahead. Hello, this is Yasui speaking from UBS. I have one question. For 2025, for SoC tester demand driver, would it be HPC GPU or custom ASIC, which would be a bigger driver for FY 2025 from Advantest perspective? And also from TAM perspective, would it be ASIC versus other devices? This one is sensitive. So it's really, Yasui -san, it's very difficult for us to disclose. What I mentioned before is that we work with all of what we call the Mag7 companies who are developing their own silicon and also the partners that they have in the custom ASIC. So it's difficult to say depending upon the application that they're working on co-working. So I apologize, but we could not elaborate further on that business segment. Can you elaborate a little bit more on the custom ASIC side only? I think you don't need to explain each specific customer, but backlog number 2,526. I mean, I think last year, Advantest mentioned that you have involved in the many major projects. And do you have better outlook compared to last year? Yeah. Yeah, we're very bullish and positive in this custom ASIC business. And as far as trying to quantify the TAM size, probably the easiest way is to point you to some of the public statements about the TAM of those customers and what they see for their business, and then apply some test intensity to that. Those test intensities will be probably higher than the average test intensity. And so you can do some math based upon some of the recent reports on the TAM size for those custom ASIC companies. And one last follow-up question. Regarding the market share, within custom ASIC, do you assume you gained market share or flourished with this year? We assume we will gain. Thank you very much. Sure. Thank you, Yasui-san. We will conclude the Q3 briefing. Thank you for your participation.