Good afternoon, everyone, and welcome to the Arteris Second Quarter 2023 Earnings Call. Please note this call is being recorded and simultaneously webcast. All material contained in the webcast is sole property and copyright of Arteris, Inc., with all rights reserved. For opening remarks and introductions, I will now turn the call over to Erica Mannion of Sapphire Investor Relations. Please go ahead. Thank you, and good afternoon. With me today from Arteris are Charlie Janac, Chief Executive Officer, and Nick Hawkins, Chief Financial Officer. Charlie will begin with a brief review of the business results for the second quarter ended June 30, 2023. Nick will review the financial results for the second quarter, followed by the company's outlook for the third quarter and full year of 2023. We will then open the call for questions. Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking statements within the meaning of federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated, and you should not place undue reliance on forward-looking statements. Additional information regarding these risks, uncertainties, and factors that could cause results to differ appear in the press release Arteris issued today, and in the documents and reports filed by Arteris from time to time with the Securities and Exchange Commission. Please note, during this call, we will cite certain non-GAAP measures, including non-GAAP net loss, non-GAAP net loss per share, and free cash flow, which are not measures prepared in accordance with U.S. GAAP. The non-GAAP measures are presented as we believe they provide investors with a means of evaluating and understanding how the company's management evaluates the company's operating performance. These non-GAAP measures should not be considered in isolation from, as substitutes for, or superior to financial measures prepared in accordance with U.S. GAAP. A reconciliation of these non-GAAP measures to the nearest GAAP measure can be found in the press release for the quarter ended June 30, 2023. For a definition of certain key performance indicators used in this presentation, such as Annual Contract Value, confirmed design starts, active customers, and remaining performance obligations, please see the press release for the quarter ended June 30, 2023. Listeners who do not have a copy of the press release for the quarter ended June 30, 2023, may obtain a copy by visiting the investor relations section of the company's website. I will turn the call over to Charlie. Thank you, Erica, and thanks to everyone for joining us on the call this afternoon. We're excited to report a strong second quarter with annual contract value plus trailing twelve-month royalties of $58.2 million, up 21% year-over-year when adjusted to exclude DGI, as discussed in previous calls. Driving our growth in the second quarter was the addition of 12 new customers and 22 confirmed design starts, with strong adoption of Arteris products by companies ranging from innovative startups to established market-leading system houses. In the second quarter, 5 of the top 10 largest technology companies engaged with Arteris. As we have stated previously, we believe as the volume of logic and IP cores continues to increase, so does the overall SoC complexity and the ability to effectively connect all of the underlying parts. Established companies who today develop and license the bulk of IP are increasingly looking to outsource system IP connectivity needs to commercial vendors such as Arteris. We are seeing an emerging confirmation of this trend in our customer base. In the second quarter, we closed deals with three of the top ten global semiconductor companies who have historically used internal system IP solutions. These wins demonstrate the willingness of major semiconductor companies to increasingly deploy commercial system IP products from commercial vendors such as Arteris. Deals in the second quarter were driven by strong demand across all our core market segments, and particularly with design wins in enterprise computing, automotive, and consumer electronics, often driven by addition of artificial intelligence and machine learning, or AI/ML, logic onto the chip. We also closed a Magillem SoC integration automation deal with a top ten semiconductor company. AI/ML technology infusion into chips continues to significantly increase their size and complexity across all vertical markets, and particularly in enterprise computing. This, in turn, is driving the increased adoption of Arteris products. As previously discussed, one of the major enterprise computing AI/ML design wins in the second quarter was Tenstorrent, who has licensed both Ncore cache-coherent interconnect and FlexNoC non-coherent interconnect based on superior performance, power consumption, and flexibility. Led by Jim Keller, Tenstorrent develops high-performance computing and data center RISC-V SoCs and chiplets. This is an example of Arteris' ability to support AI/ML high-end computing, as well as the emerging RISC-V ecosystem. Another enterprise computing win driven by AI/ML use worth highlighting was in a major hyperscale system company in the top 10 of largest global technology companies.... AI/ML also increasing the complexity of autonomous driving electronics together with the functional safety needs and electrification, driving Arteris adoption for automotive electronics. Our continuing focus on the automotive supply chain and our strong relationship with many OEM manufacturers continued to pay off again in the quarter. We added 17 automotive deals across semiconductor companies, Tier 1s and OEMs. Specific to automotive OEMs in the second quarter, we signed 5 contracts directly with OEMs, 3 of which were expansion of Arteris technology use and 2 were new customers. We also added a new Tier 1 customer. This level of automotive activity demonstrates the continued rapid adoption of Arteris system IP by leading players in the automotive electronics industry. As an example, one of the new automotive semiconductor companies is BOS Semiconductors, which selected Arteris FlexNoC network-on-chip IP, along with its automotive safety technology, to be the autonomous driving chips communication backbone, while also deploying our Magillem software to speed up and automate SoC integration. Advanced SoCs require best-in-class network-on-chip technology for low power and safe connectivity, so we remain excited that Arteris products continue to be a leading choice for innovative solutions in the automotive market. Another emerging opportunity in the AI/ML semiconductor space is generative AI. GPT-4, in particular, is quite expensive in terms of computation. One of the generative AI imperatives is to reduce the cost of queries, which can partially be accomplished through specific ASIC and accelerator hardware. As an example of a generative AI cost optimization approach, one major generative AI ASIC utilizes Arteris system IP and is ready for mass production this year. Generative AI, and GPT-4 in particular, require movements of very large amounts of data inside SoC semiconductors and represent another leap in complexity and value of system IP. Arteris is continuing to pursue additional generative AI ASIC and accelerator opportunities in close collaboration with numerous companies, which are trying to develop innovative SoCs that lower the cost per query. Turning to our product portfolio, Arteris delivered the production version of new FlexNoC 5 physically aware network-on-chip, or NoC IP, toward the end of the quarter. This new FlexNoC 5 NoC IP product addresses the problem that engineers designing SoCs below 60 nanometer processes can design perfectly good logic, data handling architectures that can be difficult to implement during physical design, potentially leading to numerous revision cycles and schedule delays. FlexNoC 5, with its physical awareness, allows customers to analyze physical constraints during the development of logic architectures and essentially turn over a physical verified design to place and route group s or physical layout contractor companies in order to accelerate physical design schedules and minimize change orders. In the first month of shipment of our new FlexNoC 5 IP, we signed several production evaluation license deals. Additionally, we are pursuing numerous FlexNoC 5 licensing opportunities and expect broader adoption to start in the second half of 2023. Additionally, during the quarter, we released a new version of Ncore Cache Coherent Interconnect IP, CodaCache Last Level Cache IP, and both Magillem and CSRCompiler SoC integration automation software, delivering on multiple customer-requested enhancements, which will be applicable both to our existing customer base and potential new customers going forward. Certain macroeconomic headwinds, including geopolitical uncertainties and global recessionary concerns, remain in place, as discussed on a previous call. We also continue to be impacted by the U.S. BIS restrictions with respect to China-U.S. trade, as well as tightening credit conditions globally. We believe that Arteris is serving customers operating in areas of exciting and rapid innovation and growth, including automotive and enterprise computing, communication, consumer electronics, and industrial applications, leveraging innovations such as AI, ML, including generative AI, autonomous vehicles and machines, electrification, and the emerging RISC-V ecosystem, which are driving the need for increased use of commercial system IP. With that, I'll turn it over to Nick to discuss our financial results in more detail. Thank you, Charlie, and good afternoon, everyone. As I review our second quarter results today, please note I will be referring to non-GAAP metrics. A reconciliation of GAAP to non-GAAP financials is included in today's earnings release, which is available on our website. In the second quarter, we implemented a change to our SoC integration automation software deals, formerly referred to as IP deployments, that now enables Arteris to recognize revenue ratably over the contract term, aligning this treatment with that for our network and chip IP deals. With this change, we now expect a significant majority of our revenue contracts to be recognized ratably going forward, providing better visibility and reduced period-to-period fluctuations. This model defers the recognition of revenue to future periods, resulting in significantly higher remaining performance obligations, or RPO. As Charlie mentioned earlier, we signed a substantial multi-year SoC integration automation software deal late in the second quarter. As a result of this change in timing of revenue recognition, the substantial majority of revenue derived from this deal will be recognized in future quarters, in part driving the $7.8 million increase in our RPO in the second quarter. Consequently, total revenue for the second quarter was flat year-over-year at $14.7 million, but up 12% sequentially. This exceeded the top end of our guidance. At the end of the second quarter, Annual Contract Value, or ACV, plus trailing 12 months royalties and other revenue was $52.8 million, up 21% year-over-year, when adjusted to exclude DGI, as Charlie mentioned earlier, and 6% higher sequentially. GAAP gross profit in the quarter was $13.5 million, representing a gross margin of 92%. Non-GAAP gross profit for the quarter was $13.7 million, representing a gross margin of 93%. Total GAAP operating expense for the second quarter was $22.2 million, compared to $19.0 million in the prior year-ago period. Non-GAAP operating expense in the quarter was $17.9 million, compared to $15.7 million in the prior year-ago period, and $17.7 million in the first quarter, representing a sequential increase of $0.2 million. The year-over-year increase was primarily driven by continued R&D investment in next generation NoC IP and SoC integration automation software products, together with ongoing investment in sales and marketing to support strong customer engagement, customer developments, and strategic partnerships. Finally, we continued to achieve significant operating leverage in G&A expenses. GAAP operating loss for the second quarter was $8.7 million, compared to a loss of $5.4 million in the year ago period. Non-GAAP operating loss was $4.2 million, or 29%, compared to a loss of $1.9 million in the year ago period. Net loss in the quarter was $9.2 million, or diluted net loss per share of $0.26. Non-GAAP net loss in the quarter was $4.7 million, or diluted net loss per share of $0.13, based on approximately 35.3 million weighted average diluted shares outstanding. Turning now to the balance sheet and cash flow. We ended the quarter with $60.8 million in cash, cash equivalents, and investments. Cash flow used in operations was approximately $1.6 million in the quarter, which benefited from strong working capital in the form of early payments from certain customers. Free cash flow, which includes capital expenditure, was approximately negative $2.2 million, better than our guidance. I would now like to turn to our outlook for the third quarter and full year of 2023. For the third quarter, we expect ACV plus trailing twelve-month royalties of $57 million-$61 million and revenue of $12.5 million-$13.5 million, with non-GAAP operating loss margin of 42%-62% and non-GAAP free cash flow margin of negative 10.6% - negative 35.6%. For the full year, our guidance is as follows: We expect revenue of $54 million-$56 million, lower than our prior guidance as a result of a change in the timing of revenue recognition for our SoC integration automation software deals. ACV plus trailing twelve-month royalties remains unchanged to exit 2023 at $60.4 million-$65.4 million. Non-GAAP operating loss margins of 34.5%-49.5%, and non-GAAP free cash flow margin of -10.5%--20.5%, reflecting the anticipated overall improvement in the second half of 2023. With that, I will turn the call over to the operator to open it up for questions. Thank you. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press the star followed by the one on your touch tone phone. You will hear a three-tone prompt acknowledging your request. If you are using a speakerphone, please lift the handset before pressing any keys. First question comes from Matt Ramsay from TD Cowen. Please go ahead. Yes, thank you very much. Good afternoon, guys. For my first question, Charlie, you, in your script, you read off some stats around 5 of the top 10 largest tech companies engaged with Arteris for sort of internal chip development, and 3 of the top 10 global semis companies. I mean some of those you've had relationships in the past, and it seems like some of them might be new. Maybe you could expand upon that a little bit. Is this primarily in the AI/ML space where folks are looking to do more complex ASIC designs? There's a lot of work being done on inference for GenAI and the like. I'm just trying to understand the, the scope of those engagements and, and the application areas, that, that you're working with some of those larger companies on. Thanks. Yeah, in, in terms of, the, the, the 10 largest semiconductor companies, we're, we're starting to see, I think we discussed on prior calls that, you know, some of the, the system IP is becoming much more complex, and that it's, you know, eventually going to be outsourced, to the commercial vendors, right? At least, to a certain extent. We're starting to see some of that, right? Two of those companies have, been, in prior years, almost 100% internal, and they are essentially, they're going with Arteris for, some of their most complex projects, right? We're starting to see a, a beginning of, of, of that trend. In terms of applications, you know, it's kind of, fairly broad. Some of those are automotive advanced automotive ADAS projects. Some are one of those deals or two of those deals were Magillem. One was a new Magillem customer, one was a reorder. And we're also seeing fairly good adoption in the large companies also for machine learning projects, particularly for generative AI, where the amount of data that has to be moved inside those types of chips is very, very large. Got it. No, that, that's helpful color. I guess as my follow-up question, Nick, the, the, the accounting change, and you mentioned it a, a few times in your script, maybe you could expand on it a little bit, the reasons for the change, what sort of% of deals or revenue or whatever metric makes the most sense that, that this change affects? Then you mentioned that the, the full year revenue guidance had come down due to that change. If, if you hadn't made the change, would, would the revenue outlook be the same as it was before, up a little bit, down a little bit? If you could give us that color, that'd be really helpful. Thanks, guys. Well, hi, Matt. Nice to meet you again. Yeah, I, I knew that you were gonna be the first person to ask that question, so I hope I can answer it properly. So in terms of why, I, I think you know, because we've talked about it many times in the past, that we didn't really like the idea of having a mixed revenue recognition model, where about a third, 30% of our business was point in time, and the other 70% was ratable. Because it's very hard for investors to understand, and it's very hard for, even for us to plan for, because the point in time tends to be a little bit lumpy and very, very focused on to Q2, for example. So we've been working this for, for a while. There are a lot of moving pieces to get to the endpoint, so we had to align legal, the customers, our auditors, our financial people, and so on, to get to a point where we could get a change in the deal structure that was sufficient to have all of the SIA, which is our new acronym for Magillem and Semifore combined, treated ratably going forward or largely ratable going forward. So that was the, the goal, was to give predictability and more visibility on the. So we're, we're much more like a Cadence or a Synopsys now in terms of our revenue model. So that's, that's the why. The, the, the how much question. To give you a rough feel, the Q2 number was, would have had about another $2.5 million-$3 million of revenue in it under the old model, which is now in RPO. Just to give it, give you a sense for how Q2 was, actually, the 14.7 would have been another $2.5-$3 higher if we had stayed on a point-in-time basis, put it into perspective. 2023 overall is somewhere in the region. By the way, this is kind of a one-time event. We're not gonna go through the weeds on this every time we have an earnings call, but it's so important to change that we need to give you some sort of guidance on it now. Somewhere between $4.5 million and $5 million of 2023 is the downdraft from going from point-in-time to ratable. You can see that our guidance came down by, midpoint, came down by about $3 million. $4.5 million-$5 million of that was just because of the accounting treatment change, and so the underlying business was $1.5 million-$2 million higher, if you had apples-to-apples guidance. Just to complete the picture, which I'm sure is, would have been your next question, is, what does that do to 2024? It's somewhere in the region of $4 million-$5 million lower as a result of moving to point in time. You can see the impact on RPO, which is one of the other big beneficiaries of moving to this. It's not just the visibility. The RPO went racing up by $7.8 million in Q2, and will continue to do so in, over the next, so up to the end of 2024, we'll be up between $9 million and $10 million, which we like. Got it. So- That's, No, that's, that's really helpful, Nick. I, I just have one brief follow-up, and then I'll jump back in the queue. The time duration on the ratability of these deals in, in this part of, like you said, about a third of the business, could you kind of walk through that and then, like, shortest to longest, and just what the typical length-? Yeah of deal is now in the new ratable format? Thanks. Sure. Yeah. Shortest would be somewhere around 1 year, but those are... It's a bit of a bell curve, as you can imagine, so there aren't many at that duration. Longest would be 4-5 years, but again, not many at that duration. The sweet spot is around 2-3, with a midpoint of around or a median of about 2.5 years. What I would say is also, Matt, just a little bit of extra color, it's not going to be an instant conversion. We think it's gonna be a rapid conversion, but not, you know, there will be some customers, there are some customers who are grandfathered in on old terms or contract structures. We think that's the, that, that's the, not the majority, that's minority of deals. All right. Well, thank you very much, Nick, for all the detail, and thanks, guys. I'll jump back in the queue. Thank you. Ladies and gentlemen, as a reminder, should you have any questions, please press star one. Next question comes from Gus Richard at Northland. Please go ahead. Yes, thanks for taking the question. Just the ratable revenue rec, when this happened with other companies I've followed, there's been a, you know, a sharper falloff in revenue. Is there, you know, a bunch of renewals that you are expecting, or is it a smaller impact, you know, over the next, you know, 2.5 years? Yeah, I mean, it's a good question, Gus, and when you look, look at other comps who have, who have done this, when they've made the change, the, the falloff, you're right, is much sharper. I think the difference is, for those people, they've been looking at a wholesale change to to ratable from point in time. Had we done that, the, the impact would have been much more dramatic. Because we're only making the two-thirds to 70% of our business is already ratable, maybe as much as sort of 71%, 72% when you count support and maintenance, which already was on a ratable basis. It, it's less of a direct impact to us, but it's still material. You know, it's still sort of five-ish million in each of 2024, 2023 and 2024. Got it. Yeah. That's super helpful. Then, Charlie, you mentioned you're working with 5 of the, 5 of the 10 largest tech companies. Is it, you know, can you put a little bit of arms and legs on sort of where those, you know, companies are, what, you know, what they do? Yeah, I mean, you know, some of them are very large semiconductor companies that, you know, previously were 100% in internal. Those would be new, new customers. There was a, you know, very large, a fairly large reorder for for Magillem SoC Integration Automation Software. Yeah. It's kind of all over the place, but it just shows the, you know, the, the strong demand for for for our products. You know, the, the kind of the thing that makes me most glad is that, you know, we're starting to see several companies that have previously been, you know, internal, are starting to be a little bit more open to licensing outside system IP solutions. Okay, got it. Then just your royalty variable revenue was, you know, up nicely the last couple quarters. You know, is that a trend we can expect? Sort of do you see, you know, after losing the cell phone guys, Huawei and Qualcomm, you know, or in the past, you know, do you expect to see that line kind of grow with revenue going forward? Or how, how are you thinking about, about that part of the business? Can I take that one, Charlie? Sure. I've got my mouth. Sure. Go ahead. Go ahead. Yeah, I mean, I've been chatting at length with the royalties team about that, as you can imagine. Really, if you look at, if you take out audit upticks, so, the sort of the compliance-based, which you can't guarantee, they happen from time to time, and they're nice when they come, but there's nothing. We had a large audit, actually, in benefit in Q2, and we had a relatively decent one in Q1. If you exclude those, which is a sort of reasonable amount of the total, you still, if you go back to the, and you strip out HiSilicon, the trend's been great. HiSilicon really died from a royalty perspective in Q1 of 2022. If you take those out, royalties has been steadily growing throughout. You know, in general, we would expect the rate of royalties growth to be some 5 percentage points higher than license growth, and that's roughly what it's tending to be at the moment. sorry, say that again, about 5% higher than, than royalty growth? Yeah. 5 percentage points. Yeah, if you look at our guide, for example, for 2023 full year, overall, it on sort of licenses is around 20% year-over-year. That's probably a good long-term metric. We look at royalties CAGR as more like 25%-30%. Got it. Perfect. I'll jump out of the queue. Thanks. Thank you. The next question comes from Brian Chen at Jefferies. Please go ahead. Hi, thanks for taking the question. Just wanted to revisit some of what we've been discussing over the past earnings call. I've mentioned China headwinds was from the macro headwinds, as related to royalties, around $5 million this year. If you could provide an update on where we are with that, that'd be great. Yeah, I mean, we're continued to see orders out of China. You're essentially have the continued headwinds with BIS. We're seeing that there is increased difficulty in Chinese startups raising capital. You, you would expect a bit of a slowdown in new venture formation. It continues to be, you know, a very attractive market, but it's not as gangbusters as it was, you know, 1 year or a couple of years ago. Gotcha. nothing... I mean, that. No, no, no, no, no inflection change, I would say. Exactly. I was looking at the data this morning, Charlie, and the data for China specifically and APAC generally remains very robust. We still in the first and the second quarter, we're still seeing a good number of license wins and a good number of design starts. Very healthy. No, no reduction at all. I, I think really it's, it's indicative of the fact that the target markets for us in China in particular and APAC generally are not the type that are suffering from, from BIS or even from lack of availability for capital. Think automotive, think ML, and then you've got an idea. Got it. Just 2 other things. Our RPO is up $8 million quarter-over-quarter. Could you help walk us through, I guess, the different drivers of that? Again, like I heard, $2 million-$3 million was from the rev rec change and then perhaps any, any commentary on, you know, what drove the remaining of that? Then on free cash flow, could you confirm the break even just through the last 3 quarters this year again, and some of the puts and takes around that? Yep. Yep, sure. I'll take those in order. In terms of the RPO, the $7.8 million, as you say, nearly, say, just call it for argument's sake, $3 million of that came from the change away from point of time to ratability. The rest, it was just a very strong quarter. We, you know, RPO grows as you get bookings. It reduces as you, as you recognize the revenue. We just had a very solid quarter, and there was no one particular area that stood out in terms of either vertical or region. It was pretty much across the patch, a strong quarter. The other, say, $4 million-$5 million of the RPO increase was out of those other, the non, sort of ratable, ratable change impact. Okay, then on free cash flow. On free cash flow, thank you for reminding me. Yeah, we, we, there's, there's 2 kind of aspects to free cash flow, this quarter. One is. It was a very healthy quarter, as I'm sure you, you saw. The, in essence, the, we had a, a $3 million pickup, from, a bit like we did in December, if you remember back to the December quarter. We had a couple of customers, major customers, who decided to pay us before the end of the quarter instead of when they were due. We had a, a sort of a $3 million, tailwind on free cash flow in the quarter, and that will reverse. We had actually forecast $5 million and change for free cash flow negative in Q2, ended up being $2 million and change. Guide, working capital is, as you know, is always a. It always, you can, it doesn't change the direction, it just changes the cadence between two quarters. That $3 million will reverse, and that's why you're seeing a guide of for the 3Q of negative $3 million, which is that $3 million that was advanced paid. Absent that, therefore, 3Q would have been neutral. Full year should be positive. It's always our strongest free cash flow quarter because that's when we have the majority of bookings. You know, OpEx for us is relatively flat in terms of cash OpEx is relatively flat over the year. Free cash flow is therefore driven more by bookings cadence, and bookings are strongest in Q4. So we've, we've had a sort of a negative Q1, as you know. We have had a negative in Q2, but a much smaller one. Then by the time we get to the end of the year, we'll have a sort of an offset to Q2, 3 and 4 to 0, we expect, so that the overall for the year will still end up somewhere around the $8.5 million negative. That's why we're sticking to that, that guidance. Okay, perfect. Thank you for all the details, Nick and Charlie. Sure. Welcome. Thank you. Once again, ladies and gentlemen, should you have any questions, please press star one now. Next question comes from Kevin Garrigan at WestPark Capital. Please go ahead. Yeah. Hey, Charlie and Nick, nice speaking with you guys again. Just a quick question. With, with FlexNoC 5 hitting full production in Q2, would you say that, you know, the FlexNoC 5 helped at all with winning design starts with the, some of the top technology and semiconductor companies? Yes. You know, we, we sold 2 licenses right away, as soon as it became available, and there is a very robust pipeline for that product, because it solves a very valuable problem, which is that you now, with, you know, some of these complex deep- submicron SoCs, you have to concern yourself with physical effects relatively early in the design cycle. So, this product has a lot of interest, and it also raises the ASP, and we are expecting that this is going to be the main FlexNoC version and generate, you know, significant uptick in the second half. Okay. We, we predicted it was going to help. We predicted it was going to help, and, and there's nothing that we see that would not make that prediction come true. Yep. Okay. Got it. That makes sense. Just a, a quick follow-up. I know you guys are, you know, really strong in, in automotive with, you know, radar, vision cameras, et cetera. I think there still are a couple of kind of ADAS semiconductor companies that you don't have as customers right now. You know, you just want other large semiconductor and tech companies. What do you guys kind of think it would take to get, get them over the hump and, and capture these ADAS semi companies as customers? Yeah. we're not sure we're gonna, we're gonna get all the people that we don't have, because there, there's, you know, you can count them on a finger of one hand. you know, we're, Yeah, I, I don't even wanna name the ones we do not have. in the quarter, we did get two companies for automotive that were not previously Arteris users, and both of those were essentially in the ADAS area. I would say that our automotive penetration continues, I would say unabated. we're, we're not saying we're going to get everyone. Yep. Okay, got it. That makes sense. Okay, thanks, guys. Thank you. There are no further questions. I will now turn the call back over to Charlie Janac for closing comments. Yes. We would like to thank you for your time and interest in Arteris, and we look forward to meeting with you at the upcoming investor conferences, and that we are participating in during the next couple of months. We look forward to updating you on all of our business progress in the quarters to come. Thank you. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and we ask that you please disconnect your lines.