Greetings, and welcome to the Axcelis and Veeco Merger Announcement Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note that this conference is being recorded. A copy of the investor presentation accompanying this call is available on the investor relations pages of both companies' websites, as well as the companies' joint transaction website, www.axcelisveeco.com. I would now like to hand the conference over to David Ryzhik, Axcelis Senior Vice President of Investor Relations and Corporate Strategy. Please go ahead. Thank you, operator, and welcome, everyone. Statements made during this call may include forward-looking statements within the meaning of the federal securities laws, which are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, those associated with the proposed transaction between Axcelis and Veeco, including the risk that the transaction may not be completed on the anticipated terms or at all, the failure to obtain necessary regulatory or shareholder approvals, integration risk, risks associated with post-closing capital allocation by the combined company, and other factors that are detailed in the companies' respective filings with the SEC. We will also discuss certain forward-looking non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles. Please refer to the safe harbor disclaimer and non-GAAP financial measures discussion in the accompanying investor presentation. The investor presentation, the press release, and the recording of this call will be available on both companies' websites, as well as the companies' joint transaction website, www.axcelisveeco.com. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Now turning to slide four, participating on today's call are Axcelis' President and Chief Executive Officer, Dr. Russell Low, and EVP and Chief Financial Officer, Jamie Coogan, and Veeco's President and Chief Executive Officer, Dr. Bill Miller, and SVP and Chief Financial Officer, John Kiernan. With that, I'll turn the call over to Russell. Thank you, David. Good morning, and thank you for joining us today on short notice. Jamie and I are thrilled to be joined by Bill and John to speak to you about the transformational combination of Axcelis and Veeco. As industry peers, we know each other well, and those of us on the Axcelis team have long admired Veeco's track record of innovation and ability to deliver breakthrough products for customers. By bringing our two companies together, we are building a leading semiconductor equipment company with the capabilities, resources, and financial foundation to drive sustainable value creation for shareholders and deliver meaningful benefits to all our stakeholders. This is a uniquely compelling combination in a few important ways. First, Axcelis and Veeco together will offer a broader and more diverse product portfolio, serving the global supply chain with solutions that span a wider range of semiconductor manufacturing needs. For example, our ion implantation solutions and Veeco's annealing solutions are adjacent steps in the semiconductor manufacturing process. Optimizing synergies between these two steps provides significant opportunities to enhance semiconductor device performance and yield. Second, we'll expand our total addressable market opportunity with greater exposure to secular tailwinds. Third, we'll be able to leverage technical capabilities and expertise to increase R&D scale and accelerate innovation for customers. Lastly, the transaction is expected to be accretive to non-GAAP EPS within the first year post-closing, and the combined company will have an even stronger financial profile and cash position, giving us the financial flexibility to capitalize on value-enhancing organic growth opportunities, as well as return capital to shareholders. I want to take a bit of time to talk about the compelling fit between the two companies from a strategic perspective and what we look like together. We believe this combination will establish a new leader with even brighter prospects for growth and value creation than either company on a standalone basis could achieve. Many of you are familiar with the Axcelis story and our industry-leading position through the design, manufacture, and complete lifecycle support of ion implantation systems. I also know firsthand the powerful capabilities and talented team that Veeco brings, having spent almost five years there prior to joining Axcelis. Their laser annealing, ion beam, wet processing, lithography, and MOCVD technologies are highly complementary to ours. As I mentioned, our products are used in adjacent process steps in semiconductor production, with Veeco's annealing products, which almost always follow ion implantation to repair crystal damage and activate the implant dopants. These two steps, ion implantation and anneal, are fundamental and essential within the semiconductor manufacturing process. In advanced packaging, Veeco also specializes in wet processing and lithography, critical technologies which continue to grow to meet evolving customer needs for AI applications. We believe this is truly a great fit, but the combination of our two companies doesn't just work on paper. We're also confident about the upside value potential of this combination because of the people. Both companies have talented, specialized teams focused on innovation and customer service. Together, this team will be fueled by more than $230 million in combined pro forma R&D investment to develop next-generation products and capabilities to meet evolving customer high-value needs. By joining together, we will establish the fourth largest U.S. wafer fabrication equipment supplier by revenue, delivering meaningful scale and resources to better compete throughout the global semiconductor equipment value chain. Our highly complementary and diversified technologies, solutions, and geographic footprint will allow us to capitalize on an expanded addressable market. The combined company will also have a resilient operating profile and balance sheet, which are deliberate results of the all-stock transaction structure. Jamie will touch more on the combined company financial profile later in the call. We also expect to deliver significant benefits for employees, customers, and partners as a stronger organization with additional opportunities and capabilities. We'll now dive into each of these areas in more detail. I'll turn it over to Bill to begin with the combined market opportunities we see. Thank you, Russell, and thank you to our investors and analysts for joining us today. I've known Russell and the Axcelis team for many years. As we've discussed bringing the companies together, the opportunity to drive innovation and excellence for our customers has only become more compelling. Before I go further, I want to acknowledge the Veeco team for their hard work, which has allowed us to take this next transformative step. Solving complex challenges for our customers is what we do, as Russell outlined, and this merger better enables us all to deliver for our combined customer base with next-gen innovative solutions. One of the most attractive components of this transaction is how we'll unlock new product, technology, and market opportunities for the combined company. By bringing our companies together, we expect to benefit from an expansion of our addressable markets to more than $5 billion. Leveraging Axcelis' and Veeco's core competencies and respective technology portfolios, we're positioned to capitalize on sizable and growing end markets with significant secular tailwinds, including growth in artificial intelligence and the corresponding demand for power solutions. Turning now to slide nine, similarly, the combined company will have an expanded product portfolio supported by robust aftermarket services to serve global customers. We will combine Axcelis' strength across the full spectrum of ion implantation applications with our leadership position spanning laser annealing, ion beam deposition, wet processing, and MOCVD solutions. Together, we'll be able to leverage both companies' technical competencies to accelerate next-generation innovation for our customers and unlock new market opportunities. From a geographical perspective, this transaction will diversify our respective regional exposure across key geographies. For example, Axcelis can leverage the strong combined sales channels in semi and compound semi to pull each product into respective markets and drive increased penetration with Tier 1 foundry logic, memory, and IDM customers. The diversified geographic presence and expanded operational footprint allow us to leverage Axcelis' strength in China and Korea, Veeco's strength in Taiwan, and Axcelis' and Veeco's complementary presence in Japan. On the next two slides, you'll see how our complementary portfolio of solutions fit together in the semiconductor and compound semiconductor equipment markets. In the front-end semi manufacturing process, the adjacency of Axcelis' ion implantation products with our deposition and annealing products in our customer's semiconductor manufacturing process invites innovation and unlocks new opportunities, particularly as we work on future roadmaps with customers. Starting with deposition, Veeco brings differentiated technologies that broaden our portfolio and strengthen the way we support customers through increasingly complex manufacturing steps. Veeco's ion beam deposition technology has enabled the adoption of low-defect density EUV mask blanks and has helped enable advanced node semiconductor manufacturing. More recently, Veeco has developed an application of our IBD EUV system for high-transparency pellicles. The IBD EUV system delivers an EUV transmission rate better than previous pellicle deposition technology and improves yield through low-defect density, making it a critical enabler for high-volume manufacturing of EUV pellicles at the 2 nm node and beyond. Additionally, Veeco has an ion beam deposition product, which is in evaluation phase for low-resistivity materials. Innovation in material properties is increasingly a requirement in advanced nodes, where there is a premium for a higher performance compute and lower power loss, which these films enable. At the next step, Axcelis' ion implanters deliver ions of high purity at the right dose, energy, and angle to modify the electrical or physical characteristics of material, enabling the precise formation of transistors. Axcelis' products cover the industry's widest energy range from 200 eV to 15 MeV for all device applications. Next, in annealing, Veeco adds capabilities that deliver the performance and precision customers need to advance their most demanding technology roadmap to keep pace with next-generation device requirements. Veeco's low-thermal budget laser annealing technology enables our customers to precisely anneal the dopants while not impacting other thermally sensitive regions of the device. Our LSA is well established, and our complementary NSA 500 is in evaluation to further extend our leadership in this segment. Finally, in advanced packaging, Veeco has developed solutions for both wet processing and lithography, playing an important role in flux cleaning for both high-bandwidth memory and chip on wafer on substrate type architectures. Our solutions are optimized for performance at the required cost of ownership, and we're further extending this technology to panel-level packaging. Our lithography solutions have been optimized for steps like bumping and copper pillar, with features like warped wafer handling. For compound semiconductor customers, the combination provides power solutions across epitaxial and implant products. Together, Axcelis and Veeco bring complementary strengths in compound semiconductors. Axcelis' leadership in power device applications, combined with Veeco's expertise and depth in epitaxy and deposition, creates a stronger platform to serve high-growth markets like silicon carbide and gallium nitride. Veeco is focused on 300 mm GaN- on -Si, which we expect to be an important inflection point in the near future. Our Propel 300 has a leadership position in this developing opportunity. Our silicon carbide epi complements Axcelis' industry-leading implant products, potentially enabling high-quality epi to end customers. As you can see, this combination creates a new leader, supported by highly complementary businesses and an expanded portfolio of products and solutions to better address our customers' needs. At closing, the combined company will have strengthened its global footprint, allowing us to better meet our customers' needs in the places where they operate, providing a competitive advantage. We'll have a more robust supply chain, supporting differentiated next-generation technologies for customers with accelerated lead times. We expect to leverage the proximity of our East Coast Ion Beam Centers of Excellence to develop new products and technology, accelerating customer roadmaps. I'll now turn it back over to Russell. Thanks, Bill. Turning now to a breakdown of the value creation opportunities we see, given our respective core competencies, we believe each company can open new doors to the other and unlock cross-selling synergies. Our combined technical depth will enable us to optimize technology advancements. The cross-selling opportunity is something I'm really excited to pursue because we'll be able to serve our customers even better and grow our business at the same time. For example, from a technology perspective, we have deep ion source and component expertise, which can be harnessed to enhance Veeco's ion beam deposition capabilities and vice versa. From a market perspective, we are strong in silicon carbide, while Veeco has an exciting opportunity in MOCVD for GaN-on-Si. This combined presence allows us to be a comprehensive solution provider for key wide band gap materials, which are becoming more and more relevant given today's increased demand for power efficiency. In addition, Veeco's MOCVD business also has an opportunity in micro LED, as well as indium phosphide for optical communication products, which is emerging in the data center. Moreover, our strengths in memory and mature foundry logic are complemented very well by Veeco's strength in advanced logic and advanced packaging, which stretches across annealing, ion beam deposition, and wet processing solutions. Finally, the combined company will be supported by stronger aftermarket services to better serve our customers through access to an expanded install base. This transaction is truly about growth, which we believe will enable us to deliver benefits to all stakeholders. Our customers will expand our product offerings, increase R&D scale, and capitalize on the core competencies of both companies to drive customer roadmaps while providing end-to-end support across the full manufacturing process. Veeco and Axcelis have shared cultures of rooting respect, collaboration, and a common desire to make a difference, which we will continue to uphold as a combined company. Our next chapter will build on the strong foundation our employees have created, and we are deeply grateful to each of them for helping to make this transaction possible. As we work to bring our two organizations together, we look forward to creating exciting new opportunities for our employees. With that, I'll now turn the call to Jamie to walk us through the transaction's terms and financials. Thanks, Russell. Before I discuss some of the financial benefits, let's review some of the key transaction terms on slide 16. Our agreement is structured as an all-stock transaction, with Veeco shareholders receiving 0.3575 shares of Axcelis Common Stock for each share of Veeco Common Stock they own. At close, Axcelis shareholders will own approximately 58%, and Veeco shareholders will own approximately 42% of the combined company on a fully diluted basis. We will also have a governance and leadership structure that leverages the experience of both companies. Russell will serve as CEO, and I will serve as CFO of the combined company. The board will comprise 11 directors, with six from Axcelis and four from Veeco, and be chaired by Tom St. Dennis, who currently sits on the board of both companies. Jorge Titinger, current Chairperson of Axcelis, will remain on the board of the combined company. Bill will join the board of the combined company and serve as Chair of its Technology Committee. At close, the combined company will be headquartered in Beverly, Massachusetts, and to reflect the transformational nature of this transaction, we will assume a new name, ticker symbol, and brand. As for timing, we expect to close the transaction in the second half of 2026, subject to approval by Axcelis and Veeco shareholders, receipt of required regulatory approvals, and the satisfaction of other customary closing conditions. Turning to slide 17, let's dive into how this merger will create a combined company with a robust financial profile that will enable us to drive enhanced shareholder value. As Russell touched on earlier, the combined company will have greater scale and financial flexibility to enable further investment in the business, generating more opportunities for growth. Looking at our companies on a 2024 pro forma basis, we generated $1.7 billion in revenue, a strong gross margin profile of 44%, and on the bottom line, adjusted EBITDA of $387 million, with a 22% adjusted EBITDA margin. These pro forma figures do not reflect the anticipated synergies. As in any combination like this, we will realize cost savings. We are estimating $35 million of run-rate cost synergies within 24 months post-closing, primarily from standard public company costs, as well as cost of goods sold and operating expense efficiencies. Moreover, this estimate does not include additional savings from our share-based compensation expense. As we noted in the press release, we expect the combination will be accretive to non-GAAP EPS within the first year post-close. With over $900 million in combined cash and the expected synergies, we will benefit from a strong operating profile and the financial foundation to drive returns. As we touched on earlier, the all-stock transaction structure will result in a strong combined cash position that enables value-creative capital allocation centered around three priorities. First, and most importantly, we will focus on reinvesting in the business to drive organic growth. Second, we will evaluate opportunities to return capital to shareholders. To that end, we expect to execute a share repurchase program following the closing of the transaction. Finally, we will prudently consider inorganic growth and M&A in the longer term. Together, these priorities give us the flexibility to invest through cycles, deliver returns to our shareholders, and pursue growth opportunities in a disciplined way. With that, we'll open the line for questions. Thank you. We'll now be conducting a question and answer session. We ask that you please limit yourself to one question. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question comes from the line of Craig Ellis with B. Riley Securities. Please proceed with your question. Yes, thank you for taking the question on the deal, which seems quite transformative. Russell, I wanted to direct my first question to you, and it's related to the points that you made on slide 14, which really focused, I think, on the crux of the issues that you all presented, which is really the growth synergies and the revenue synergies. What I was hoping you could do is across the parameters you identified, technology, markets, and services, give us some sense of which the bigger top line beneficiaries would be and the extent that you could provide any magnitude similar to the way Jamie scoped the cost benefits two years out. It would be helpful. Hey, Craig. Thanks for the question. What really excites us is how complementary Veeco is with Axcelis from a product, technology, and market perspective. You're right, slide 14 had a pretty good rundown of those combination benefits. I think they're going to start them in sort of maybe order. It's hard to know what the magnitude is going to be. We haven't been able to determine that yet, but ion implantation and annealing are adjacent to each other in the fab, and both are sold into the same diffusion module in the fab. Together we have the cross-selling opportunity and the deep technical expertise in both steps, which we believe provides an opportunity to drive technology optimization to deliver better solutions for customers. These two technologies are really aligned. We also have deep ion source and component expertise. We're talking about plasma physics here, and this can enhance Veeco's ion beam deposition capabilities and vice versa. We have a lot of overlap in ion beam physics. We also have overlap in particle control, which is absolutely critical for advanced logic and electrostatic chucks as well. There's a lot of overlap here in the technology, but I'd say we're actually really excited about having lots of really smart people working together. From a market perspective, as you know, Craig, we're strong in silicon carbide, while Veeco has an exciting opportunity in MOCVD for GaN. This would be power GaN, and that's where we've had limited exposure to date. We have sold some implant tools for gallium nitride, but it's more of a periphery application rather than the core growing the entire epi stack. The combined presence allows us to have a comprehensive solution provided for wide band gap materials. These are becoming more and more relevant today as the demand for power efficiency increases and the general electrification. I think this is a really good secular tailwind. In addition, we mentioned that Veeco's MOCVD business also has an opportunity in micro LED, so displays, display technology, as well as indium phosphide. Indium phosphide is used for optical communication products, and as you know, that's finding an opportunity in data centers for very rapid data transfer rates. You know, going a little bit further into markets, we have strengths, as you know, in memory and mature foundry logic, and these are really well complemented with Veeco's strengths in advanced logic and advanced packaging, which actually stretches across the annealing, the ion beam deposition, the wet processing solutions, and lithography. As you know, advanced logic, as well as advanced packaging, has been an area where Axcelis has been underrepresented. We believe each company can open new doors for the other and unlock potential cross-selling synergies in the combined company. In the end, Craig, you know, you need great technology and great relationships, and by combining the company, we really have strengthened our portfolio that we can offer to customers and our intimate knowledge of those customers. That's great. Thanks, Russell. The follow-up is for Jamie. Jamie, when I look at the $35 million in run-rate forward to your cost savings, it looks like it equates to about 5% of what would be Veeco COGS and OpEx. The question, given that the company will benefit from reduced D&O and public company costs, is what are you baking into that cost saving expense estimate? What are some of the key dependencies that we need to think about, whether it be nuances like ERP system coordination or other things on the way to capturing that $35 million? Thank you. Yeah, great question, Craig. John and I have actually had a couple of conversations already as we've gone through this process to sort of start to think about how we attack the cost synergy piece here. I think it's important to remember that this transaction is not necessarily about the cost cutting. It is about the potential synergistic opportunity between our markets, our technologies, our customers. The complementary nature of this transaction is what really excites us. To that end, we do see opportunities here in both COGS. I think that's really material spend, which is the kind of best way to think about that as maybe the largest component potential opportunity on the operating efficiencies. We're going to continue to invest in R&D. We talked about the combined R&D power of the business, like $230 million of combined R&D spend on a pro forma basis. We want to make sure that the technologies are well positioned and that the business has the resources it needs to go after the revenue opportunities that Russell and Bill highlighted on the call. As it relates to some of the longer polls, IT is always going to be one as we think about the systems integration that just takes time to look at processes, do some process re-engineering, system selection, and others. I think importantly, the collaborative nature in which we're going to work together with the Veeco team as we go through this is going to help to inform the necessary steps to achieve those synergy numbers. I would say we're going to put our heads together. We put out an achievable number. We believe we can get the majority of that within the 12-month period with the full run right after 24 months. As John and I work together, I don't know if John, there's anything you want to add relative to the process we're going to undertake. Thank you, Jamie. I agree with everything that Jamie just laid out here. I think there is opportunity clearly for this type of transaction, for the type of synergies that Jamie described. What we're more excited about is really the opportunity for revenue synergies and to improve our capabilities for our customers. That's really much more exciting about this transaction. Russell really laid out nicely the opportunities for collaboration between the two companies and the complementary strengths and technology amongst the company. That's what we're really excited about today. Thanks, guys. Good luck. Thank you. Thank you. As a reminder, we ask you to keep to one question each. Our next question comes from the line of Gus Richard with Northland Capital Markets. Please proceed with your question. Yes, thanks for taking my question. Congratulations on the transaction. I just had one question. You know, the combination of two companies has always made sense to me. You know, why now and how did you calculate the percentage of ownership, you know, in [NewCo]? Thank you. Yeah, Gus, great question. I would say we've been talking, the two companies have been talking to each other for a long time. Actually, Russell worked at Veeco, so we've known each other for over a decade. I think the why now is, you know, we've always had the same complementary technology and the strategic rationale always made sense. Clearly, with the dawn of artificial intelligence and the drive for high-performance computing and high-bandwidth memory, as well as now the electrification and the adoption of silicon carbide and GaN, the why now, the real driver for it is really kind of AI and electrification and the opportunity to grow scale for both companies. We're really excited about the opportunity as it's made strategic sense for a long time. Totally agree, Bill. The secular tailwinds are really exciting. In electrification, we're putting together GaN and silicon carbide and wide band gap. That's very exciting, having a full portfolio of products we can offer our customers. When you think about AI, it's really high-performance compute, it's high-bandwidth memory, and it's also advanced packaging. We check a lot of boxes on the combined company. We actually feel like we can offer our customers full solutions to some of their really demanding problems as a combined company. Thank you. Our next question comes from the line of Mark Miller with The Benchmark Company. Please proceed with your question. Congratulations on the deal. I'm just wondering, you indicated there are several areas that could really be of interest to investors in terms of more exposure, data center, advanced packaging solutions, power electronics. Which one do you think will be most important? Yeah, that's a tough one to handicap. I would say we have significant opportunities to cross-sell. For example, Axcelis has very strong relationships in silicon carbide and compound semi. Veeco has a strong position just developing in 300 mm GaN- on-Si. Clearly, we can leverage their relationships and their strong customer support to roll out that in a larger scale with GaN as that happens. Likewise, I think Veeco's strong position in laser annealing in the leading edge will provide hopefully a positive conduit for Axcelis' ion implant in advanced semi. The relative magnitude of those, and I think Russell mentioned it a few minutes ago, the opportunity to take some of the core technologies from Axcelis, whether that's particle knowledge, electrostatic chuck, ion beam physics, to Veeco's ion beam deposition, could be a significant game changer in the next three to five years and really help us accelerate the joint company's roadmap and really meet the customer's needs for their future requirements. You just mentioned the two technologies that are similar, your ion beam deposition, ion beam etch, and Axcelis' ion implantation. Do you see any ability to leverage the technology of either of these products into the other? I would say when you look at the cadre of technical people here in Beverly, Massachusetts, and on Long Island, there's a lot of technical overlap and decades and probably centuries of experience between the two teams. I think there's a lot of, I think Russell mentioned a little earlier, you know, you put a lot of bright people in the room on a big problem, they're going to figure something out. Yeah, no, I think that's absolutely right. In ion beam physics, we'd like to think it was actually a science. A lot of it is an art. Having smart people with lots of different experience bring all of that experience to bear on difficult problems, I think that's going to be a really great opportunity to collaborate. Thank you for the questions. Again, congratulations on the deal. Thank s, [corsstalk]. Thank you. Our next question comes from the line of Jed Dorsheimer with William Blair. Please proceed with your question. Hi, thanks for taking my question. Congrats on both of you for the combined transaction. I guess, first question is, if I look at the technology overlap, as you've outlined, it makes a lot of sense. There is a, and maybe I've got this wrong, but if I look at, I'm just wondering how you might address the cultural difference between tools that are lower volume, maybe higher precision versus more of a batch approach, and kind of marrying those two and whether or not this signals a shift in a technological strategic shift that would be more Veeco or more Axcelis or down the middle of the fairway there. I have a follow-up. Hey, Jed. Hey, Jed, Bill Miller here. I haven't talked to you since. Been a while. I don't know. Been a while. As you remember, at that time, Veeco's MOCVD was largely batch tools, kind of high-volume batch systems. Over the last decade or so, our MOCVD equipment has really morphed from batch size to single wafer at 200 mm and now single wafer at 300 mm GaN-on-Si. We're actually similarly in our MOCVD business specifically moving substantially towards single wafer. Our laser annealing tools are single wafer, and our ion beam deposition tools are single wafer. I would say it marries very nicely with the automation and common technical bits that clearly, I would say both companies are on a single wafer path. Right. I think your wafer processing is also single wafer. This is very much a single wafer culture, if you like, Jed, to use your word, coming together. That makes a ton of sense. Last question, in terms of focus area, particularly around compound semis, I'm just wondering how you're thinking about, there's so much activity around reshoring. Most of the reshoring is going to be leading edge, not trailing edge power. It seems to me that the combination of the two businesses might have a larger impact or be able to capture greater opportunity in some of that reshoring for artificial intelligence. I'm curious your thoughts there, or if a lot of the foundry and compound will be focused on the Asia markets. Thanks. I think, as you know, Jed, we are equipment suppliers. We will be supplying to our customers in all the various geographies. One of the things I think you're going to see is as we become more, you know, each company is becoming more aware of security and wanting to reshore, you're going to kind of build in some kind of inefficiency into the system. In some respects, this is actually an additional tailwind where you're going to have multiple companies in each country that are deemed to be secure. As a consequence, we will absolutely want to work with all of those people. Yeah, being a U.S. provider right into the U.S. market really does position us well for the potential expansion, both in the trailing as well as the leading edge nodes. I would imagine, you know, there will be some expansion on the trailing edge as well as, you know, to ensure that we've got the full complementary, you know, suite of semiconductors necessary for, you know, call it national security reasons. That trend is likely going to continue, you know, not just in the U.S., but also probably in other regions of the geography. Yeah, you're talking about bifurcation, right? Where, you know, the kind of Western world is heading towards more advanced devices like trench or, you know, super junction. They're going from, you know, smaller wafers, six inch to eight inch. We're now even talking about 12 inch. I think you're going to see a bifurcation where the more advanced customers will be working to do the smallest possible device and the largest possible wafer. You're going to get a large amount of trailing edge technology, which is probably going to be planar type devices. I'm talking about silicon carbide specifically on the smaller wafers, and they'll be kind of like in volume. Great. Thanks, guys, and congratulations. Thanks, Jed. Thanks, Jed. Talk soon. Thank you. As a reminder, if you'd like to ask a question, please press star one on your telephone keypad. Our next question comes from the line of David Duley with Steelhead Securities. Please proceed with your question. It seems we have a technical error there. I'll pause a moment to allow for any other questions. It's star one to ask a question at this time. Thank you. Our next question comes from the line of [Duckson Chang] with Bank of America. Please proceed with your question. Hi, thank you for taking the question. I just had a quick question on what you see on the regulatory approval front, just given both companies have a sizable China exposure. From Axcelis's point of view, you're also entering more of the leading edge space as opposed to your prior more mature node exposure. Any color on that would be helpful. Thank you. Hey, [Duckson]. I'll leave that one off and then let other people chime in. This transaction is expected to close in the second half of 2026. It is obviously subject to approval by shareholders of both companies, the receipt of the required regulatory approvals, which you're talking about, and the satisfaction of other customary closing conditions. We are well advised, and we would not have agreed to a transaction that we did not think we could complete. There really is no overlap between the two companies, and we're both U.S. based. As a result, we see no reason this deal will get held up in the regulatory process. This merger allows the combined company to be more efficient compared to our larger players in our market while also providing our customers, which is really important, the enhanced technologies and capabilities, which can accelerate their roadmaps. Yeah, we think that's a really important point, that, you know, this actually allows us to compete significantly more effectively, you know, as a combined business against the larger players in the space, provides our customers, you know, alternatives, a stronger alternative, and enhances the technology development stack through the combined research development and technical know-how of our teams. We think that, you know, on a regulatory basis, that those are all really positive indicators for us as we move forward. Thank you. Thank you. Ladies and gentlemen, that concludes our question and answer session. We'll turn the floor back to Dr. Low for any final comments. Thank you all. We hope you appreciate this transformational moment for Axcelis and Veeco as we set out to create an industry-leading semiconductor equipment company. We look forward to bringing together our highly complementary technologies, portfolios, end markets, and teams to deliver diversified solutions to support customers through the semiconductor production process while delivering returns to our shareholders. I want to thank the teams of both Axcelis and Veeco for their hard work and dedication to serving customers with excellence. I can't wait to see what we can accomplish together. Operator, you can now conclude the call. Thank you. Thank you. Ladies and gentlemen, this concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.