Good morning, and welcome to the Analog Devices Special Investor Call for Capital Allocation, which is being audio webcast via telephone and over the web. I'd like to now introduce your host for today's call, Mr. Michael Lucarelli, Senior Director of Investor Relations. Sir, the floor is yours. Thank you, Stephanie, and good morning, everybody. Thanks for joining our Capital Allocation Conference call. With me on the call today are ADI CEO Vincent Roche and ADI CFO Prashanth Mahendra-Rajah. You can obtain copies of last night's press release as well as the supplemental presentation, which we'll use as a reference during our call today on the Events page at investor.analog.com. Now on to the disclosures. The information we're about to discuss includes forward-looking statements, which are subject to certain risks and uncertainties as further described in our and Maxim's periodic reports and other materials filed with the SEC. Actual results could differ materially from the forward-looking information, as these statements reflect our expectations only as of the date of this call. We undertake no obligation to update these statements except as required by law. Our comments today will also include non-GAAP financial measures, which exclude special items. When comparing results to our historical performance, special items are also excluded from prior periods. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures and additional information about our non-GAAP measures are included in today's presentation. Okay. With that, please turn to slide two, titled A High Performance Analog Semiconductor Leader in the presentation, and I'll pass it over to ADI CEO, Vince. Thank you, Mike, and a very good morning to you all. I'll start with some quick thoughts on this combination of our two premier analog franchises. I'll pass it over to Prashanth to cover our capital allocation priorities. As you know, the power of digitalization has accelerated, drastically raising the stakes for continued innovation and increasing global semiconductor demand. At ADI, the demand for our suite of products across all markets is insatiable. With Maxim, we expect this demand to rise further as we fortify ADI as the high-performance analog leader. The combination of ADI and Maxim expands the scale and scope of our portfolio and grows our engineering talent, better enabling us to push the bounds of innovation to solve our customers' most complex challenges. ADI already operates from a position of strength due to our significant organic investments and acquisitions of LTC and Hittite previously. Maxim builds on this, bolstering our portfolio that spans from microwave to bits, from nanowatts to kilowatts, and from sensors to cloud, and further diversifying our business with approximately 75,000 combined SKUs. Furthermore, at ADI, we recognize the importance of our engineering talent as a competitive differentiator. Over the last several years, our customers have allocated more of their engineering resources towards software and away from hardware. As a result, they are increasingly relying on us to fill this void and be a close partner in helping architect complete analog solutions. The Maxim acquisition adds to our cadre of brilliant engineering talent at ADI, and we now stand at 10,000 engineers strong. This increased scale will unlock additional avenues of growth for our people as we build ADI to be the destination for the world's best analog talent. With ADI's field technical resources that are 3 x the size of Maxim's, we'll be better positioned to uncover cross-selling opportunities and serve existing and new customers who have an increased need for applications and design support. Importantly, at our core, we're a global team of problem solvers who don't wait for the future, but we imagine it and build it. That's why we're committed to empowering our engineers with freedom and unlimited opportunities to push the boundaries of what's possible. In support of this, we invest $1.6 billion in R&D annually, focused on strengthening our core franchises and capturing the market opportunities presented by secular growth drivers. I've no doubt that Maxim will be an excellent partner as we drive forward the next waves of disruptive innovation and growth, and in turn, deliver significant benefits to our shareholders. Turning to slide three, this combination solidifies our industry-leading financial profile. Over the trailing 12 months, the combined company has generated more than $9 billion of annual revenue with best-in-class gross margins, impressive operating margins, and strong cash flow generation. The combined company will have unique positioning with 87% exposure to highly profitable, long-life B2B markets. About half of our revenue is derived from the industrial market, our most diverse segment across customers, products, and applications, and features sticky, long product life cycles. Automotive is now our second-largest segment, representing approximately 20% of revenue, and our in-cabin multimedia and electrification offerings represent approximately 85% of this particular segment's revenue. Communications will remain at high teens and is now more balanced across wireless and wireline infrastructure. Rounding out our portfolio is consumer, which becomes even more diverse with the addition of Maxim and represents 13% of revenue. Looking at the right hand of the slide, our business model is underpinned by a diversity of products that support long and profitable life cycles. Not only do we have 75,000 SKUs, but about 80% of these products account for less than 0.1% of our revenue. Equally impressive is the longevity of our products. On average, our products have long lifespans of 10 years or more, and in some cases, a product will ship for many, many decades. As we introduce new products to the market, it reinforces these recurring revenue streams that deliver cash flow for decades. The diversity and longevity of our portfolio also reflects our commitment to continuous innovation over our combined 90-year history. It is these characteristics that create a high barrier to entry and a business model that is both resilient and rich with growth opportunities. Moving to slide four, Maxim not only increases the breadth and scale of our portfolio, but it also expands our capabilities to unlock new addressable SAM across secular growth trends, including Industry 4.0, digital healthcare, data centers, 5G communications, and electrification, and so on. Let me give you a few examples. First, the area of power management is particularly important, as power is the largest and fastest-growing analog sub-sector. With increasing design complexity and the need for better efficiency, our customer's system power challenges are rising across all markets. Maxim's primarily application-focused offerings are highly complementary with ADI's general purpose or catalog power portfolio, adding new opportunities across all of our markets. Together, we have a more comprehensive power portfolio with over $2 billion of annual revenue. We're also expanding our addressable markets in automotive, data center, and healthcare, to name just a few. In automotive, for example, ADI was already the leader in BMS and driving meaningful growth. Maxim expands our capabilities into 48 volts while adding key OEMs globally. All told, our BMS franchise almost doubles in size, and we now sell to seven of the top 10 OEMs. The combination also creates a leader in in-cabin connectivity with Maxim's GMSL technology and ADI's A2B audio franchise. This expanded portfolio will allow us to design solutions optimized for bandwidth, latency, and power used in an array of applications, including radar, camera, display, and audio systems. In communications, most of you know ADI for our wireless capabilities and our strong position in RF signal chains. Maxim adds balance to this segment, increasing the breadth of our optical connectivity offerings. Together, our portfolio now covers shorter reach optical data path within server racks, as well as medium and longer reach optical control across carrier networks and data centers. Maxim also adds a new vector of growth with its power management solutions for cloud processors and accelerators. Momentum is just beginning with a strong pipeline across traditional customers as well as disruptors. In digital healthcare, where we are leaders in precision electronics and signal processing, Maxim will extend this further with a wide suite of wellness-focused vital signs monitoring technology, including optical, biopotential, and bioimpedance. Together, we'll be able to provide customers with more complete and higher value system-level product offerings. Stepping back, this combination increases our capabilities, expands our SAM across our applications, and gives us new avenues to grow this business profitably. Our future as one is bright, indeed, and full of endless opportunities. With that, I'll pass it over to Prashanth. Thank you, Vince. Let me add my welcome to our investor call this morning. Before delving into our new capital allocation model on slide five, I want to first review the execution against our previous capital allocation objectives since we closed LTC in March of 2017. As you may recall, we used debt to help finance the LTC deal, taking ADI from a net cash position to a net debt position. Subsequently, we committed to a capital allocation policy that called for 100% free cash flow return after debt reduction. Our goals were first, to continue growing the dividend, next, reduce debt quickly to achieve a 2x leverage ratio, and then repurchase shares. From the third quarter of fiscal 2017, which was our first full quarter with LTC, to the third quarter of fiscal 2021, we generated $7.8 billion in cumulative free cash flow. Over the same period, we reduced our net debt by $3.5 billion, significantly lowering our leverage ratio from 3x to 1.2. We also paid $3.4 billion in dividends, which grew at an 11% CAGR. Additionally, we repurchased $1.6 billion worth of shares. This $5 billion of capital returned to shareholders equates to 120% of free cash flow after debt reduction, exceeding our initial objective. Let me discuss our new capital allocation outlook following our acquisition of Maxim. We expect to return 100% of free cash flow going forward, balanced between steadily growing dividends, with a target payout of 40%-60% of free cash flow, as well as quarterly share repurchases. Unlike the previous few years, we do not intend to reduce our debt. Instead, we will refinance existing obligations as they come due. In addition to returning all free cash flow, we will also return excess cash on our balance sheet, which largely comes from Maxim, given their strong net cash position. We will be delivering this excess cash via a $2.5 billion accelerated share repurchase or ASR program that we announced last night. Moving on to slide six. Recently, we announced that we are significantly expanding the total share repurchase authorization to approximately $10 billion. To help investors understand the level of repurchases over the medium term, we are committing to repurchase at least $5 billion or more than 5% of our current market cap by the end of calendar year 2022. Half of the $5 billion will be achieved through the ASR, with the other half funded through free cash flow generation. After delivering on this commitment, we will have approximately $5 billion left under the authorization, an amount we anticipate executing by the end of 2024. These actions reflect the strength of our balance sheet and our ability to generate robust and sustainable cash flow. Moving on to our updated view on accretion on slide seven. When we announced the deal, we expected to realize $275 million in cost savings within the first two years and an adjusted earnings accretion within 18 months. Based on our current expectations, we now anticipate the deal will be low double-digit accretive to adjusted earnings by the fourth quarter of 2022, six months ahead of our initial outlook. We expect the impact of the acquisition to be neutral to adjusted EPS in fiscal 2022, as we realize over 40% of our phase I cost synergies. We expect the remaining synergies to be completed during fiscal 2023. This is a testament to our exceptional integration work that was completed over the last year and the strong business fundamentals. Capturing these savings and executing on our capital allocation objectives is phase I of our value creation program for shareholders. Phase II will begin in fiscal 2024, and will be focused on additional efficiencies from infrastructure optimization. Lastly, phase III, beginning in fiscal 2025, will include revenue synergies, which take a few years, given the duration of design and production cycles. As Vince mentioned, we see attractive cross-selling and co-design opportunities for the combined portfolios that should accelerate top-line growth over the long term. As you can see on slide eight, we lay out a pro forma view of the combined entity. While these metrics are backward-looking, an important takeaway is that with the targeted synergies, our industry-leading financials get even stronger. On a pro forma basis, including synergies, ADI is significantly larger, more profitable, less levered, and generates more than $3 billion of cash flow. Looking to the future, we see a path to building an even stronger financial profile, with revenue potential well north of $10 billion and upwards of 40% free cash flow margins. Now, let me pass it back to Vince for his closing remarks. Thanks, Prashant. In closing, I'm delighted to welcome the Maxim team, who share our passion for solving our customers' most complex engineering problems. There's already a lot of work being done on integration, as Prashanth said, and we've made great progress, giving us the confidence to pull forward accretion timing. Importantly, as the market leader in innovating at the Edge, we have a unique role bridging the physical and digital worlds. With more than 10,000 engineers and the increased breadth and depth of our best-in-class technologies, we're even better positioned to own this space at the Edge and develop more complete cutting-edge solutions for our customers. Together, we will drive the next waves of analog semiconductor innovation and growth while engineering a healthier, safer, and more sustainable future for us all. Thanks, Vince. Now let's get to our Q&A session. We ask that you limit yourself to one question to allow time for additional participants on the call this morning. With that, give me our first question, please. For those participating by telephone dial-in, if you have a question, please press star 1 on your telephone keypad. If your question has been answered and you wish to remove yourself from the queue, please press the pound key. If you are listening on the speakerphone, please pick up your handset when asking your question. Your first question comes from the line of John Pitzer with Credit Suisse. Yeah. Good morning, guys. Congratulations. Vince, the high-class problem that everyone's suffering from is just very tight supply right now. ADI core has been offsetting that by increasing CapEx. When I look at Maxim, their capital spending over the last 12 months seemed to be sort of below everybody else in the industry. Help us understand how we should think about sequential growth from Maxim from here in light of the tight supply. I'm curious as to whether a constrained growth environment for Maxim due to supply is the reason why accretion doesn't seem to be that aggressive of a target to set. I guess as a quick follow-on there, does the accretion targets you're talking about include or exclude the buyback? Thank you. Yeah. Thanks, John. Yes, there's no doubt that Maxim right now is a bit more constrained than ADI. Over the last few quarters, they've been working diligently to add more capacity in both the front ends and back ends. We're prepared to inject the additional capital required to enable us to kind of expand the footprint of the front and back end capacity. What I expect, John, is that, over the coming quarters, we're going to see output increase from the Maxim part of the franchise. All this said, we still believe, as Prashanth said, that the combined company is going to be accretive by the fourth quarter of 2022, six months ahead of our timeline. We expect, during the course of 2023, the accretion to accelerate. I think we've comprehended all the factors in terms of understanding the accretion factor for the company. Perhaps there's a bit of upside as we increase the output of the Maxim franchise. John, it does include the buyback to your last part in the accretion Prashanth outlined on his script. Go to our next question, please. Your next question comes from Vivek Arya with Bank of America. Thank you for taking my question. I think one of the more interesting aspects that you're showing in the presentation is the ability to get to 40% free cash flow margins. If I'm looking at my model, I think with ADI, the average was closer to 30%. I think the slides mentioned that you can get there at the $10 billion+ annual revenue. You will probably already be there in the next fiscal year. Does it mean that we get to that 40% number if you are at that revenue next fiscal year? Kind of part B of that is there a ceiling to that? What if revenues get to $10.5 billion or $11 billion? Is there more room for improvement on a free cash flow margin perspective? Thank you. Yeah. Good morning, Vivek. Thank you for the question. Let's clarify. What I said in the prepared remarks is we have a path that we see that is going to take us well beyond 10 with the growth of the underlying business and continued leverage that will allow us to increase our operating cash flow to get to that 40%. I expect that we'll even be able to push beyond that. Those two are not directly related. Where that cash flow roadmap comes from is really as we drive these cost synergies, we're going to be able to maintain our investor model of 70%+, be able to move the top line at that mid to high single digits. As Vince has said consistently over the last several years, we spend a very sizable amount on R&D. We don't need to increase that R&D spend, and that leverage will carry through to more cash flow. That's how you should think about the roadmap to 40%. One point, Vivek, also, given we talked about the supply constraints from the first question, you can expect CapEx for the combined company to be above our long-term model next year as well, which will be a quote-unquote drag on free cash flow, but unlock more revenue opportunities for us in the future. Go to our next question, please. Your next question is from Ambrish Srivastava with BMO. Hi. Thank you. Actually, Mike, you started addressing my question. Great presentation, a lot of details. What about capital intensity? Kind of related to that, Vince and Prashanth, 300 millimeter. Now that you have such a much bigger scale than you had before, would you be looking at what TI has done and the positive impact that has had to their business model, i.e., going towards a 300-millimeter manufacturing capability internally? Right. Let me take the first part of that, which is how should you think about modeling the capital expenditure. You can expect that, as John asked and Vince replied, Maxim is a bit more constrained than maybe some other players in the industry, given they did not added capital at the same extent that we have and some others. That will be a catch-up on our part that we're going to need to address in the coming quarters to improve their capacity and remove that constraint, given where the industry's demand is. As Mike said, you should be modeling in capital expenditures probably for the next fiscal year above our 4% target. We do feel longer term, once adequate investment has been made in the back end there, that we will be able to get leverage as this company continues to grow, and not have CapEx continue to scale at that 4% number. The question on 300 millimeter is a bit more strategic, so let me pass that one to Vince. Thanks, Prashanth. Ambrish, your question about 300 millimeter and does it make sense inside ADI, we've a hybrid manufacturing model on both the front ends and back ends. If you look at our business, it's highly diversified, with more than 100,000 customers. As I said on the call, we've now got 75,000 product SKUs, and we use many, many hundreds of different process recipes. It's true to say that the majority of our products don't need 12-inch wafers. We play largely on what would be called legacy nodes or trailing edge nodes. Given our high mix, low volume, what we need is diversity of recipes rather than concentrate recipes and scale, rather than focus on one particular or a couple of nodes with one particular geometry. With our hybrid model, we've been able to generate gross margins above 70%, and we get that through innovation. We play at the leading edge, as you know, and also the sheer diversity of the portfolio. Specifically on 300 millimeters, where it makes sense and it brings an advantage in some way, it is something we already use, and we source that from external partners. This tends to be on higher volume parts with a lot of integrated digital. Right now, I think the model that we have of external use of 300 millimeter on the more advanced nodes is sufficient for ADI. Great. Thank you. Thanks, Ambrish. Our next question, please. Your next question is from CJ Muse with Evercore ISI. Yeah, good morning. Thank you for taking the question and excellent presentation. Wanted to clarify on the higher capital intensity, is that just something we should be thinking about for the next 12 months, or is that something that we should think about as being sustainably higher for more than 12 months? As my primary question, you talk about reaching net leverage of 1x post the ASR, but I believe your target still remains 1.5x. Clearly with the return of 100% free cash flow, the net debt line item will remain. At the same time, EBITDA should move higher. Curious how we should think about the interplay there, and whether we should be thinking at a certain point in time where you would be thinking about adding more leverage to the balance sheet. Thank you. Great. Thank you, CJ I'm going to clarify what I said earlier, if it wasn't clear, that the CapEx spend for the coming fiscal is likely to be above our long-term model of 4%. We absolutely expect that as this enterprise grows, we will not need to continue to maintain a 4% of revenue target, and that you should see the efficiencies that you get with scale against that number, which will be accretive to cash flow. On the question of leverage, we have set the kind of our maintain our target ratio of around 1.5 turns. Clearly, we are going to be well below that until we finish the ASR. Frankly, I expect that we will probably be below that for some period of time. That's the model that we want both our fixed income folks as well as our equity investors to be understanding that we're comfortable with, and there will be times we're going to be above and below that level. At a steady state balance sheet, that's sort of how we think about it. On a go-forward basis, we're thinking of keeping about a billion and a half of cash on the balance sheet, but that can also fluctuate as we see opportunities for share repurchase. Thank you. Thanks, CJ. Next question. Your next question is from Harlan Sur with J.P. Morgan. Morning, and thank you for hosting this call. As a follow-up to John's question and Ambrish's question, Maxim's manufacturing mix was very complementary to ADI's in that Maxim's outsourced about 75%-80% of their wafers versus Analog that has about a 50/50 mix of insource versus outsource. Maxim has its Beaverton, Oregon, 8-inch fab, and over time, I think to get to the upper end of their gross margin range, they were going to build out Beaverton and move the mix more towards insource manufacturing, because I think it did give them a 15%-20% lower cost in Oregon versus their outsourced wafer cost. Given that there I think is more room to expand in Oregon, could the Analog team further expand Oregon to take advantage of the lower cost profile? I mean, this would still give you the benefit of lower manufacturing costs over time without moving to 300 millimeter. Yeah, it's a good question, thank you. The Beaverton, Oregon, fab is about 0.18 micron technology. It's a very important node for ADI across multiple parts of our business. In fact, all the market sectors we address use 0.18 micron technology. Beaverton right now does have excess clean room space, and it is a node, as I said, of great interest to us, and we do intend to inject capital into that fab to greatly increase the capability of ADI to generate products from that 0.18 micron technology. Yes, I think what you're pointing out is important, and it also gives us the opportunity to bring the mix more internally and balance with the external mix. That's all I've got to say on that, but I think it's an important question and something that we've thought about and are already acting on. Thank you. Yeah. Maybe for some of the Maxim shareholders who may be new to the ADI model, ADI legacy was about 50/50 internal versus external, and Maxim was about 80% external. On a combined basis, we'll be 60/40, or we are today, I guess now that we're combined 60/40. Just following up on what Vince said, if we choose to continue to invest in the existing facilities, we have the potential to kind of move back to a 50/50 internal, external. As we've said all along, and Vince mentioned in the earlier response, we like the flexibility of an internal and external model. It helps us address the high variety of SKUs that we have while still giving us access to the high runner at 300 millimeter where it makes sense. Yeah. Thank you. Thanks, Harlan. Your next question comes from the line of Tore Svanberg with Stifel. Yes, good morning, and congratulations on closing the deal. I had a question on the distribution strategy going forward. The two companies use two different global distributors and just wondering what the strategy is going to be there going forward. Yeah, thanks, Tore. Well, as you know, given the business mix that ADI's got with such diversity of customers and products and applications, we've always viewed our channel activity as a very important part of our go-to-market strategy. In particular, in dealing with our kind of mid-size and long-tail customers, and that isn't going to change. As we've always done when we've made acquisitions, we will assess the best path forward for us, and our goal really is to reach and support as many customers as possible while capturing as much value as we possibly can. There certainly will be some-- We have a global footprint, but we do plan to harmonize, obviously, our distribution partner setup, and the savings that Prashanth referred to in our $275 million of synergy has already been factored in. Thanks, Tore. Great. Thank you. Your next question. Next up, Stephanie. Your next question comes from the line of Christopher Danely with Citi. Hey, guys. Congratulations on the merger, and thanks for getting the arbs off of our back. Hey, can you just talk about the overlap between ADI and Maxim, particularly the linear portion of ADI and Maxim, and then as part of that, maybe talk about what the expectations would be for the relative growth rates of Maxim versus ADI? Yeah. Thanks, Chris. First and foremost, if you just contrast compare Maxim and LTC. LTC was largely what I would call a long tail focused franchise, so primarily catalog and lots of fragmentation in the product portfolio. While Maxim, over the last kind of six, seven, eight years, tilted the company more towards application specific solutions for the new product development side of things. Really what we have is we got the best of both worlds. We've got a power franchise, for example, from LTC that covers the broad tail. We've been successfully moving more of the LTC franchise to connect with some of our key applications thrust in areas like automotive and industrial. I think what Maxim brings is, particularly in areas like automotive, data center, and parts of our industrial franchise, a more integrated form of product offering for power and mixed signal technologies that complements ADI. The other interesting thing about the combination of Maxim and ADI is that we've almost no overlapping products in the franchise. In that 75,000 product SKUs, there's almost no pin for pin replacements in that franchise. The diversity has increased, and we're going to be able to bring Maxim, I think, to more areas, for example, of the industrial space where I think the franchise was underweight. Look, we said when we acquired LT as well, we expected to be able to double the growth rate of that franchise, which we have done. I expect Maxim to be able to get into, as we're also getting the consumer headwinds behind us now at this point in time with the Maxim consumer part of the franchise. My expectation is we'll get the growth rate into a sustainable kind of mid to high single digits for the franchise. Chris, it's Prashanth. Maybe a way to size that is on a trailing 12, the combined business is just a hair over $9 billion, with about $2.4 billion of that in power. As Vince has said several times, power is the fastest-growing segment of the analog business. We're really well set up here as the future unfolds. Great. Thanks, guys. Thanks so much, Chris. We'll go to our last two questions, please. Your next question is from Stacy Rasgon with Bernstein Research. Hi, guys. Thanks for taking my question. I wanted to ask about the accretion. Low single-digit by the end of 2022 Q4, but neutral for the full year implies that it's not very dilutive in the rest of it at all. I guess given that and given the pull forward in the accretion targets, what drives that pull forward? Is that a function more of faster than expected share count reduction, or is it a function more of a faster capture of synergies versus your initial expectations, or what? What's actually driving the synergy pull forward? Actually, Stacy, it's both. Versus the initial model, because we had a bit more time to prepare for the synergies than we were expecting because the regulatory process took so long, we're able to hit the ground running harder. We've got John Hassett leading a team to help us execute against those synergies very quickly. We're pulling in the timing of how quickly we're able to hit those savings numbers. Part of our negotiation with Maxim was a suspension of their dividend, which allowed for cash to really build on their balance sheet. Now we're putting all that to work, as we announced last night, in taking the share count down. Both the numerator is improving and the denominator is getting smaller on the share count. Together, we're getting to accretion faster. Got it. Thank you, guys. Thanks, Stacy. Last question, please. Your final question comes from the line of Toshiya Hari with Goldman Sachs. Thanks so much for squeezing me in. I had two quick ones related to slide seven, the timeline chart. Prashanth, you talked about additional efficiencies from infrastructure optimization in fiscal year 2024 and 2025, and you talked about leveraging Maxim's Oregon facility. I'm curious, is that primarily in terms of the driver there, or are you guys thinking about potential fab closures, as was the case with Linear? If so, what are the potential cost synergies there? Then on revenue synergies, Vince, I realize it takes years to materialize revenue synergies, but based on what you know and the early feedback from customers, which applications, which end markets are you most excited about as it relates to the opportunities out there? Thank you. Yeah, thanks, Toshiya. Let me take the phase II, and Vince can talk to phase III. Just like we did with Linear, we're expecting to increase our synergy targets over time as we get more into the business. There's a lot of planning that's involved in those decisions, and particularly given the demand environment we're in, it's a little more challenging to talk about optimal prints until we have a better sense of the sustainability of the demand and what we can actually build out. I'm not going to say more about phase II. We are planning an investor day in the early part of calendar year 2022, at that point, we'll be able to share more. You're thinking about it conceptually right, but at this point, we're not sharing any details. I'll let Vince talk to the revenue synergies, which we're finding very encouraging. Hi, Toshiya. I think the way to think about, based on our experience and based on our knowledge of the Maxim portfolio and where the momentum is from a product availability and pipeline standpoint, I think within two to three years, we're going to see measurable gains in communications, automotive, and consumer. Then I think we have to look at industrial as kind of a three-year plus proposition to really see meaningful revenue synergies. That's the breakdown. I think the power of the two sales teams that we have. We've got well over 1,000 field people out there with the best application force in the industry to point at our customers. I'm expecting that we'll make the kind of headway that I've just outlined here. Thank you. Congrats. Thank you. Thanks, Toshiya, and thanks to everyone for joining our call this morning. A copy of the transcript will be available on our website, and all available reconciliations and additional information can also be found there. Thanks for joining us and your continued interest in ADI. Have a good day. Thank you. This concludes today's Analog Devices conference call. You may now disconnect.