Good morning and welcome to the Analog Devices second quarter fiscal year 2025 earnings conference call, which is being audio webcast via telephone and over the web. I'd like to introduce Rich Puccio, Chief Financial Officer of Analog Devices. Thank you, Josh, and good morning, everyone. Before we start the formal part of our earnings call, I'd like to say a few words about Mike Lucarelli. As many of you may know, this will be Mike's last earnings call, as he will be leaving ADI at the end of May to pursue a new career opportunity. I want to thank Mike for his many contributions over his 10 years at Analog Devices. Mike has been instrumental in my transition into the company, and I will be forever grateful for his advice and guidance as I learn the ropes here. I will miss Mike's insights, optimism, and relentless work on behalf of our stakeholders. Mike, I wish you the best in your new adventure. I'll now turn the call over to Mike Lucarelli, Vice President of Investor Relations. Thank you, Rich. Good morning, everyone. I will say I've thoroughly enjoyed my time working in investor relations, and that's because of all you on this call. From investors to the sell side, to my colleagues at ADI, Vince, it's been a great 10 years. Rich, it was short and sweet, but it was good. To my ADI crew, the Thunder, Ali crew, thank you for everything for the past 10 years. It's been awesome. Jeff, who I hired over six years ago from the sell side, has been a great asset to the IR team and ADI overall. He'll be replacing me as head of investor relations. Now, Jeff, when I started, the stock was $50. It's now $225, 4X. That means you need to drive this stock to $1,000, and I trust you can do that. Let me pass it to you, Jeff, to host today's call. Thank you, Mike. It's been a privilege working for you. You've taught me many things about semis, ADI, and life in general. While I'm sad to see you go, I am excited for the opportunity, and I'm looking forward to it. For anyone who missed our earnings press release, you can find it and related financial schedules at investor.analog.com. The information we're about to discuss includes forward-looking statements, which are subject to certain risks and uncertainties, as further described in our earnings release, and our 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. References to gross margin, operating margin, operating expenses, and non-operating expenses, tax rate, EPS, and free cash flow in our comments today will be on a non-GAAP basis, which excludes special items. When comparing our 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 earnings release. References to EPS are on a fully diluted basis. Okay, and with that, I'll turn the call over to ADI CEO and Chair, Vincent Roche. Vince. Thanks very much, Jeff, and very good morning to you all. Our second quarter results exceeded our expectations, both on the top and bottom lines. Revenue growth was broad-based, with double-digit year-over-year growth across all end markets. Against a volatile operating backdrop, our favorable performance and positive outlook underscores the growing demand for our exceptional product portfolio and the resilience and agility of our business model. While we believe the evolving tariff situation is impacting customers' decision-making, the cyclical and ADI-specific tailwinds I highlighted last quarter continue, and we're ever more confident that our revenues bottomed in 2024 and that we're returning to growth in fiscal 2025. The secret to our success over these many decades has been sensing business transitions early and adapting quickly to continue focusing our capital where we can best increase our value to customers and improve our ability to capture that value. We invested substantial CapEx over recent years to enhance and scale our hybrid manufacturing model, which helps our customers navigate increasingly dynamic geopolitical and macroeconomic environments. We expanded capacity at our existing fabs in the US and Europe and added commensurate capacity in our back-end facilities. Further, we deepened partnerships with trusted foundries around the world, including securing additional 300-millimeter fine-pitch technology capacity at TSMC's Japan subsidiary. We've cross-qualified a significant portion of our broad product portfolio to be able to quickly swing production across geographies. In short, our customers now enjoy greater supply optionality and resilience than ever before. On the OpEx side, we're investing at record levels to further strengthen and extend our world-class technology stack and continue enhancing our customers' experience and engagement with ADI. These investments allow us to take maximum advantage of the incredible opportunities for profitable growth that we see across our end markets. ADI plays a game that prizes leaps in innovation that transcend near-term macro concerns. We focus on five key mega trends that are persistently driving the future of business, the global economy, and society, namely autonomy, proactive healthcare, the energy transition and sustainability, immersive experience, and AI-driven computing and connectivity. As the essential interface between the physical and digital domains, ADI is a critical enabler of these trends. We continue to define and pioneer the state of the art in high-performance analog, mixed-signal, and power management from sensor to cloud, microwave to bits, and nanowatts to kilowatts. Today, customers are turning to us for more complete solutions. The combination of our extensive franchise with the exquisite creativity and broad-based expertise of our technologists gives us the ability to deliver elegant solutions to customer challenges that others struggle even to address. For example, as healthcare becomes more preventative and preemptive, our ability to accurately and reliably sense, measure, interpret, and connect clinical-grade vital signs in ultra-low-power settings is driving robust content and revenue growth at key customers in the smart wellness wearable space. Within clinical care settings, our cutting-edge imaging and patient monitoring solutions are enabling earlier identification and diagnosis of disease, which can enable more effective treatment and better patient outcomes. Turning to the autonomy trend, advances in automation within the industrial market, for example, are generating tremendous opportunity for ADI. The progression of robotics from fixed arm to autonomous and mobile to humanoid form factors requires ever greater quantities and integrations of sensing, edge computing, connectivity, and energy management, driving our content from hundreds of dollars in fixed robots today to potentially thousands in autonomous and humanoid robots. In automotive, higher levels of autonomy are increasing demand for our sensing, connectivity, and functionally safe power solutions across all vehicle types: combustion engines, hybrids, and full EVs. Each new generation of automated system, be it industrial robots or car, dramatically expands our content and revenue opportunity. One final example from the AI-driven computing and connectivity trend, where the world's rapid adoption of AI continues to accelerate the growth of our ATE and data center businesses. Our leadership and success in ATE underscores the quality of our portfolio, as the winners in this market are determined first and foremost by performance. Our content per tester stretches into the hundreds of thousands of dollars, and looking ahead, we believe our leverage of additional mixed-signal and digital capabilities to further reduce test time and power requirements will result in even more content per tester. With AI investments showing no signs of slowing, testing demand for GPUs, XPUs, and high-bandwidth memory continues to increase, giving us confidence in a long runway for growth. Beyond test, our data center customers are turning to us to solve the vast and complex power and connectivity challenges that come with high performance, always-on AI computing. As a result, demand continues to grow for our innovative systems protection, optical control, and power delivery solutions. These are just a few examples of how our solutions leverage persistent trends that transcend business cycles, drive an average selling price four times the industry average, and deliver differentiated results for both our customers and our shareholders. In closing, we have successfully anticipated the transitions of the ICT industry and invested ahead of the curve for decades. Today, we are well positioned to deliver the AI-driven, intelligent edge solutions that will shape our future success. You may have seen that we just celebrated our 60th anniversary, a milestone that fewer than 1% of public companies reach. As thrilling as that accomplishment is, I'm even more excited about our future and the immense opportunity before us. Now, before I hand it over to Rich, I'd like to thank Mike Lucarelli, Young Mike, for his distinguished and stellar contributions over the past several years to ADI's success, and I wish him well in his next adventure. With that, over to you, Rich. Thank you, Vince. Second quarter revenue of $2.64 billion came in above the high end of our outlook, up 9% sequentially and 22% year-over-year. Industrial represented 44% of our second quarter revenue, finishing up 8% sequentially and 17% year-over-year. Our industrial recovery broadened with all subsectors and regions increasing sequentially. On a year-over-year basis, we continue to see strong growth in aerospace and defense and ATE. Automotive represented 32% of quarterly revenue, finishing up 16% sequentially and 24% year-over-year. This record result was fueled by continued strong demand of our leading connectivity and functionally safe power solutions, particularly in China. Additionally, we saw sequential growth in Europe and North America. Communications represented 12% of quarterly revenue, finishing up 5% sequentially and 32% year-over-year. Wireline and data center, which makes up roughly two-thirds of our total communications business, drove our strong growth as AI buildouts continued to increase demand for our power and optical control products. While wireless revenue declined on a year-over-year basis, it did grow sequentially. Lastly, consumer represented 12% of quarterly revenue, finishing flat sequentially and up 30% year-over-year, our third consecutive quarter of robust growth. This reflects our greater share and stronger content position across a diversified list of applications. Now on to the P&L. Second quarter gross margin was 69.4%, up 60 basis points sequentially, driven by higher utilization. OpEx in the quarter was $744 million, up $57 million sequentially, driven entirely by variable compensation, resulting in an operating margin of 41.2%. Non-operating expenses finished at $54 million, and the tax rate for the quarter was 11%. All told, EPS was $1.85, up 32% year-over-year and above the high end of our guided range. Now I'd like to highlight a few items from our balance sheet and our cash flow statements. Cash and short-term investments finished the quarter at $2.4 billion, and our net leverage ratio decreased to 1. Inventory increased $50 million sequentially as we continue to invest in DIVANK to support our recovery. Days of inventory decreased to 169, and channel weeks ticked lower. In the near term, we are maintaining our strategy of balancing leaner channel inventories with higher levels of inventory on our balance sheet. Over the trailing 12 months, operating cash flow and CapEx were $3.9 billion and $0.6 billion, respectively. We continue to expect fiscal 2025 CapEx to decrease materially from 2024 and be within our long-term model of 4%-6% of revenue. cash flow over the trailing 12 months was $3.3 billion, or 34% of revenue. During that same period, we have returned nearly $2.5 billion to shareholders through dividends and share repurchases. As a reminder, we target 100% free cash flow return over the long term, using 40%-60% for our dividend and the remainder for share count reduction. Before moving on to guidance for our fiscal third quarter, let me provide additional color on recent demand trends given the current backdrop. Unsurprisingly, buying behavior was a bit choppier than normal as we saw some increased activity around the tariff announcements. This was short-lived and orders have returned to more normalized levels. Overall, Q2 bookings grew sequentially across all end markets and all geographies, and our backlog entering Q3 is higher than a quarter ago. These signals support our view that our revenue bottomed in 2024, customer inventories are lean, and we are in a cyclical upturn. Now moving on to guidance. Third quarter revenue is expected to be $2.75 billion, plus or minus $100 million. On a sequential basis, at the midpoint, we expect industrial and consumer to lead our growth, communications to be up, and automotive to decline after a very strong quarter. Operating margins are expected to be 41.5%, plus or minus 100 basis points. This includes the impact of our annual salary increases. Our tax rate is expected to be 11%-13%, and based on these inputs, adjusted EPS is expected to be $1.92, plus or minus $0.10. Now I'll pass it back to Jeff to begin our Q&A session. Thank you, Rich. Now let's get to our Q&A session. We ask that you limit yourself to one question in order to allow for additional participants on the call this morning. If you have a follow-up question, please re-queue, and we will take your question if time allows. With that, can we have our first question, please? Thank you. For those participating by telephone dial-in, if you have a question, please press star 11 on your phone to enter the queue. If your question has been answered and you wish to be removed from the queue, please press star 11 again. If you are listening on a speakerphone, please pick up the handset when asking your question. We'll pause for just a moment to compile the Q&A roster. Our first question comes from Joseph Moore with Morgan Stanley. You may proceed. Great. Thank you. And congratulations to Young Mike. Can you discuss automotive? The 16% sequential growth really stands out relative to what peers are seeing. Just what's driving that and kind of any sense for if there's any tariff pull forward in that or just any mitigation that's happening there? Just how are you growing so much in autos? Thanks. Thanks, Joel. I'll take that one. Q2 was notably stronger than expected. Bookings were strong, turns were a lot higher than normal, and given some volatility saw within the quarter, we do think our auto results were aided by pull-in activity. While it's difficult to delineate what was pull-in versus normal, our estimate for pull-in upside is in the high single-digit range. However, buying behavior, as I mentioned, has normalized pull-ins to recur, and this is why we expect to decline in Q3, actually. Additionally, if you think about it, if you adjust for what we think the pull-in impact was, we're really guiding a seasonally flat Q3 for auto. On the pull-ins, right around the 25% auto tariff news, we saw an acceleration in auto sell-through and orders, most notably in the Americas and in Europe, which were collectively up about 20% sequentially, much better than we had planned. At the industry level, we saw stronger SAR numbers than expected in the quarter, potentially also explained by consumers getting ahead of the higher prices. Our hunch is that the upside in auto right around tariffs was not a coincidence. As for China, the other major market for auto, noted last quarter, we expect to continue growth, and we had another record, and that is what occurred in Q2. There could have been some pull-in activity, but not nearly as noticeable as what we're seeing in North America and Europe. Thank you. Go to our next question, please. Thank you. Our next question comes from Vivek Arya with Bank of America Securities. You may proceed. Thanks for taking my question, and thanks and best wishes to Mike as well. First, you mentioned that you are at a cyclical upturn, and I'm curious, how much do you think you are undershipping demand right now? Is it 10%? Is it 20%? How many quarters until this kind of just undershipment impact normalizes? When do you think your sales will start to correspond more to end demand rather than just inventory replenishment? I know you just spoke about autos, but I was hoping once you could give us some more color on the industrial side as well and the level of undershipment and then the normalization timing for that. Thank you. Thanks, Vivek. I'll take the first part of the question. Yeah, so I think, look, we've seen we're in a period now where we've got cyclical tailwinds. We've kept the channel very, very lean. We've been undershipping industrial significantly, actually, I think more so than any other market over the past two years. My sense is we're getting back to a more kind of a normalized convergence between demand and supply in that area. We're still keeping overall inventory, particularly in the channel, we're keeping it very, very lean, putting more and more, as Rich said earlier, putting more inventory on our balance sheet to be ready for the upside. On the industrial side, so I think what we're seeing is the franchise, the core franchise of the business, automation, broad base of customers recovering nicely. We've also seen some excellent examples of green shoots in the aerospace and defense and the AI test area, which I alluded to in my script. We've got a lot of new wins in healthcare and automation. There's a good blend, I think, of kind of the legacy franchise and the new technologies pushing the company. We've got cyclical tailwinds, and we've got idiosyncratic tailwinds as well, given the new products in the new applications. Yeah, and Vivek, what I'd add is I would say from a consumption perspective, we're probably still shipping 10+% below end consumption. But if you think about the outlook, if you take our guide, embedded in that guide is about 10% in growth in industrial. And at that midpoint, we will be shipping to end demand. And as we talked about, we'll continue to balance the channel inventory, but we will, at the midpoint, be expecting to ship into end demand in three Q. Thank you. Next question, please. Thank you. Our next question comes from Harsh Kumar with JP Morgan. You may proceed. Good morning. Thank you for taking my question. And Mike, thanks for all the great support over the years, and best of luck in your future endeavors. Industrial automation, I think you guys touched on it a little bit, which is one of your larger subsegments within industrial. I believe it's about 25% of industrial segment. This was one of the last large subsegments to show recovery, given the tie-in to global manufacturing activity. Automation inflected, I think, in October of last year. It grew in January. Did you guys see further sequential growth in industrial automation in April? And then, coincidentally, trade and tariff historically has driven weakness in automation as manufacturers pull back in the face of uncertainty. Are you seeing any changes in industrial automation order trends recently, especially out of China? We have continued to see growth. In fact, when we look at where we ended the quarter from an automation perspective, we actually have got a book-to-bill in excess of one. We continue to expect that growth to continue into Q3. In fact, if you look at our industrial business across all of the subsectors of industrial, we have positive book-to-bills in all of those areas above one. We feel like that has improved. Obviously, there is uncertainty across the board around the tariffs, so it is impossible to speculate what that will do, but we have seen growth in bookings and in the revenue. I think it's true as well. Right across the whole spectrum of applications, automation, we've seen very, very strong book-to-bill geographically as well. I think we're in a solid patch right now. Tariffs are definitely weighing heavily. The uncertainty is, I think, causing certain speculation. Many of our customers are holding back on buildouts. I don't think there's any question about the importance of automation from many, many dimensions. We've got kind of the normal buildouts of automation, more and more precision, more connected, flexible factories. My sense is we'll see a CapEx cycle as localization takes root as well over the coming several years. Yeah, the localization point is, yeah, that's a good example. Thank you. Go to our next question, please. Thank you. Our next question comes from Tore Svanberg with Stifel. You may proceed. Yes, thank you. Congrats on the results. And Mike, thank you so much. Wishing you best of luck. Vince, you mentioned this a little bit in your script, but robotics, I know this is a market that you have a lot of exposure to. I think there was a slowdown in that market, especially around the pandemic years. Now with AI, it seems that we're sort of at an inflection point. I was just hoping you could talk a little bit more about that opportunity and some of the design activity that you're seeing on the robotics side. Thank you. Yeah, thanks, Tore, for the question. Yeah, I think one of the pervasive trends we're seeing is demographic shift. I think automation of productivity is going to be endemic across the globe. That predates the concern about looking at the need to localize and so on and so forth. I think the trend is very, very solid. What we're going to see is a new epoch, I think, in robotics that will move into more tactile, more precise robotic systems that will use a lot of intelligence at the edge. You may have seen some of the press and some of the areas where we're collaborating with robotic suppliers, complementary semiconductor partners as well, to enable this new era of highly tactile precision robotics to take place. Everybody's focused on the humanoid, but I think there are many steps to take place between the kind of the big heavy-arm robotics and the more mobile tactile robotic systems. Our content, typically in a large-arm system, would be hundreds of dollars. As we see more available opportunity to bring intelligence to the edge, we see more modalities of sensing take roots in these more sophisticated robotic systems. I think the content that we could see there will be an order of magnitude more, maybe more over the coming 5, 10 years. My sense is this is a long-term persistent trend, and I think we're very, very well positioned at that edge. Of course, AI will enable more and more intelligence at the edge, and that's something that we're preparing our solutions to be able to incorporate. Thank you. Thanks. Next question, please. Thank you. Our next question comes from Chris Danely with Citi. You may proceed. Hey, thanks, guys. First of all, Mike, thanks a lot for all your help and honesty over the years. First Dave Paul, now Mike Lucarelli leaving. This is super depressing. Anyway, but congratulations in all honesty. Just a question on leverage, guys. If we look at the April quarter results and the July quarter guide, your OpEx is basically growing about as much as sales. The guide for the July quarter, even though you do not guide gross margin, implies minimal gross margin growth. Can you just talk about why that is happening? Should we expect some sort of acceleration in leverage going forward, or should OpEx continue to grow about the same amount as sales and same with gross margin growth? Thanks. All right, Chris, I'll take that one. I'll do the near-term first, and then I'll talk a little bit about '25 and what I think you might be able to expect in '26. Q2's operating margin was up sequentially despite the big acceleration in variable comp. In fact, our base OpEx was actually flat sequentially. That's what you saw in Q2. In Q3, we do expect to see some continued operating leverage, which will get offset by the impact of our annual salary increases as well as our continued growth in the variable. Although we will expect the increase in variable certainly sequentially to be a lesser degree than we've seen in Q2. If you think about it, just as a reminder for everybody, the mechanics of our variable comp plan, which is tied to year-over-year growth and operating margin, given the absence of revenue growth in 2024, it was a pretty low year for us. And considering our return to growth here in 2025, variable comp is going to grow and will continue to grow meaningfully. While we are optimistic, we will continue to achieve operating margin% growth, the increase in the variable in 2025 is muting that. However, when we look to 2026, we will be going off of a smaller base. We do expect we will get more leverage if we continue the cyclical upturn. On the gross margin side, at the 275 guide, we expect to be around 70%, which we have talked about. That baked into that assumption is that we will see the growth in industrial we're anticipating, which, as you guys know, is our most profitable. That has been one of our challenges we've talked about in getting additional leverage. If you look at just the most recent, the outperforming auto puts pressure on gross margin. As we see the industrial leading the charge coming out with a 10% expected growth in industrial in Q3, we do expect we will get back to around that 70% margin. Yeah, I think it's worth noting as well, Chris, that where we are adding OpEx to the company, aside from the kind of the inflationary things that we have to deal with, it's in the engineering side. We see tremendous opportunity across more and more spaces for analog technology, power technology, but also digital and software. So we're judiciously adding talent where we need it. And that's a contributor to the OpEx, of course. Obviously, long term, we expect to get the returns and get the growth from these investments. Got it. Thank you. Thank you. Go Thank you. Go to our next question, please. Thank you. Our next question comes from Stacy Rasgon with Bernstein Research. You may proceed. Hi, guys. I have two quick questions just on the demand environment. Just first, given the auto dynamics, you talked about SAR and everything. What are your expectations for SAR and auto builds like into the second half of the year amid all the tariff uncertainty? Because I think autos are getting hit more by that. Secondly, just, I guess, philosophically, you are seeing pull forward in auto. You do not seem to be seeing it in industrial. How would you know if the strength you are seeing in industrial is actually true cyclical recovery versus pull forward in the wake of tariffs or uncertainty? Thanks, Stacy. I will do the last one. One of the things we looked at as we were trying to assess what we thought might be pull-ins, as we track our ordering patterns and what our expectations around the ordering patterns were. What we saw was at the start of Q2, bookings sort of were progressing higher as we expected them to. Then toward the end of March, around the time we heard about the auto tariffs, we saw an acceleration in automotive. That lasted for a couple of weeks, as I mentioned, and since has normalized. When we look across the other end markets, we did not notice anything unusual from a booking trend. They were as expected. We ended the quarter with, like I said, we ended the quarter with book-to-bills above parity. From a geographic perspective, actually, bookings were up in all regions. Like I said, we did not see anything anomalous in the booking patterns outside of what we saw in automotive. Yeah, I'd say, generally speaking, from the conversations we have with our industrial customers, it's kind of steady as she goes to some extent. There's no particular ire or anxiety around supply. I think it's a pretty normal pattern. As I said earlier, we're seeing a convergence between shipping and sales through. Yeah. Stacy, sorry, I skipped your first part of your question on SAR. Our expectation is that we'll see SAR down in the back half. As we've talked about before, we still get benefit from the continued increase in content to offset some of that SAR pressure. We are expecting the second half SAR to be lower. That's helpful. Thank you, guys. Thanks, Stacy. Thank you. Next question, please. Thank you. Our next question comes from Chris Cassa with Wolfe Research. You may proceed. Yes, thank you. Mike, all the best. Just a question regarding how all of this might affect the second half. Obviously, too early to provide guidance here. With respect to auto, with some of what you've seen now, as we go into the July quarter, do you think this has normalized such that whatever happens going into the second half is really a reflection of true demand? I guess the same question for the industrial side as well. How should we be thinking about the puts and takes as we go into the second half? Sure. I'll talk a little bit about Q3. As I said, we do think we benefited from some pull-ins in Q2. Given what we've seen in the order rate since and continuing into Q3, we're not really expecting any incremental impact from pull-ins in Q3. Our outlook reflects the acceleration in our recovery, most notably, again, in the industrial market, where we're expecting a very strong quarter. We've got strong bookings momentum across all applications and geographies. As we think about the back half of the year, if you remember last quarter, we talked about hitting 7-10% for the full-year growth. With what we saw in Q2 and what we've seen in bookings trends in our Q3 outlook, I'm actually more confident than I was a quarter ago that we'll end at the higher end of that range. We will continue to be cautious and mindful given all the tariff uncertainty. Thank you. Go to our next question. Thank you. Our next question comes from Joshua Buchalter with TD Cowen. You may proceed. Hey, guys. Thanks for taking my questions. Mike, congrats on the new gig. Jeff, congrats to you as well. Good luck with the $1,000 stock price. Sorry to keep pulling this thread, but I did want to ask about industrial again. I mean, you were very clear in your commentary about your onbooks and channel inventory. Do you get the sense that there's any element of your end customer restocking that's going on? Do you think this is really just an industrial recovery? Because again, it does just the sequentials are better than most of your peers reported, even though they did go a month ago. Thank you. Yeah. Go ahead, Rich. Thanks. I actually do not think we have seen signs of, I would not call it restocking. I do think that because they are coming off of inventory lows across most of our customer base. We know that because when we look at net new orders, we are seeing net new orders come in from the industrial customers. I do think that they have had lean inventory, and we have seen their purchasing accelerate. As we have talked about, we have been undershipping industrial pretty significantly for the last two years. If we head into Q3, we do not expect to undership industrial in Q3. Yeah. We use POS signals as well to gauge to get as close to true demand as we possibly can. As we said earlier, industrial is the area where we've been undershipping most. I think what we're getting back to now is a more normalized pattern of shipping and sales through. Thank you both. Get the color. Thanks, Josh. Thanks, Jeff. We'll go to our next question, please. Thank you. Our next question comes from Blaine Curtis with Jefferies. You may proceed. Hey, good morning, guys. I'll further congrats to young Mike as well. I actually kind of wanted to ask about the plans outsource versus insource. Obviously, pre-pandemic, you were leaning more towards external. Then when you ran out of supply, it was, "Let's do more internal." I heard you talking about qualifying external fabs. I'm just kind of, how are you thinking about this now? Obviously, tariffs are a moving target, but it does seem like more diversity in foundry geographic location is preferable. How are you thinking about it now? Yeah. Look, I think first and foremost, we're in a good place in terms of the overall capacity footprint that we have. It's more than 2x what it was before the pandemic. We've been investing primarily in CapEx, building out front-end and back-end, really to support our growth and give us more resiliency, more flexibility. I think what we've got now is, particularly on the internal piece, I want to make this point as well. When it came to nodes at 180 nanometers and above, which would be the majority, most of Analog Devices' revenue would ship on semiconductor process nodes that are 180 nanometers and above. Essentially, there was no external investment in those nodes for many, many years. We decided that was an area that we're still developing a lot of new products on. It's a very, very important part of many of our businesses, particularly industrial and automotive. We decided to place the investments internally to make sure that we have sufficient growth upside and ability to capture the value that we're creating. My sense is now, as I said, we've got more than 2x the internal capacity. We've got this flexible swing between external and internal. From nodes from 5 nanometers, by the way, we're designing new products in 5 nanometers. This business is characterized by massive diversity of semiconductor recipes. The ones that we can do internally to support the broad base of our business, where now we've secured our position there and that we'll continue to partner with our key collaborators on the finer geometry nodes at kind of 90 nanometers and below. All right. That was our final question. Thanks, everyone, for joining us this morning. A copy of the transcript will be available on our website. All available reconciliations and additional information can also be found at the quarterly results section of our investor relations site at investor.analog.com. Thanks again for joining us and your continued interest in Analog Devices. This concludes today's Analog Devices Conference Call. You may now disconnect.