Good evening. Thank you for attending today's Alpha and Omega Semiconductor Fiscal Q2 2022 earnings call. My name is Bethany, and I will be your moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you would like to ask a question, please press star one on your telephone keypad. I would now like to pass the conference over to our host, Gary Dvorchak, with Alpha and Omega. Please go ahead. Good afternoon, everyone, and welcome to Alpha and Omega Semiconductor's conference call to discuss fiscal 2022 second quarter financial results. I'm Gary Dvorchak, investor relations representative for AOS. With me today are Dr. Mike Chang, our CEO, Stephen Chang, our President, and Yifan Liang, our CFO. This call is being recorded and broadcast live over the web. The replay will be available for seven days following the call via the link in the investor relations section of our website. Our call will proceed as follows. Mike will begin with strategic highlights, then Stephen will provide business updates and a detailed segment report. After that, Yifan will review the financial results and provide guidance for the March quarter. Finally, we'll have the question and answer session. The earnings release was distributed over the wire services today, February 7, 2022, after the close of the market. The release is also posted on the company's website. Our earnings release and this presentation include certain non-GAAP financial measures. We use non-GAAP measures because we believe they provide useful information about our operating performance that should be considered by investors in conjunction with the GAAP measures that we provide. A reconciliation of these non-GAAP measures to comparable GAAP measures is included in the earnings release. We remind you that during this conference call, we will make certain forward-looking statements, including discussions of the business outlook and financial projections. These forward-looking statements are based on management's current expectations and involve risks and uncertainties that could cause our actual results to differ materially from such expectations. For a more detailed description of these risks and uncertainties, please refer to our recent and subsequent filings with the SEC. We assume no obligation to update the information provided in today's call. Now, I'll turn the call over to our CEO, Dr. Mike Chang, to provide strategic highlights. Mike? Thank you, Gary. I would like to welcome everyone to today's call. It is a pleasure to be speaking with all of you again today. To begin, I would like to briefly summarize some of the major achievements from last year and outline why we believe we have achieved a critical milestone in our operations and are in a very strong position to deliver growth and value to our shareholders in the years to come. Looking back, calendar year 2021 was an exceptional year for AOS, both in terms of our business execution as well as our financial results. Due to the global semiconductor supply shortage, we focused on executing our three-pronged production capacity strategy. First, we made a significant investment to expand our capacity and further enhance our R&D capabilities at our Oregon facility. Second, the joint venture in Chongqing completed phase one of its capacity ramp in September. In December, we sold 3.2% of our equity interest in the JV for approximately $26 million. The strategic intent of this transaction was to reduce our shareholding below 50% to allow the JV more flexibility to, one, raise capital as a more independent company. Two, accelerate further expansion plans. Three, pave way for eventual IPO on Shanghai STAR Market or STAR Market. Additionally, I am delighted to see that less than two months after our initial sales transaction, the JV successfully raised $18 million from outside investors as part of phase two of its expansion plan, which the JV expects to complete sometime in 2023. To see the first part of our original plan for the JV company come to fruition has been a joy. One of the core tenets of our three-pronged capacity strategy is ensuring our supply security. Not only do we need to expand our capacity to meet our aggressive growth business plan, but we also need to manage unforeseen risks associated with today's uncertain world, such as natural disasters and geopolitical risks through diversification. In this regard, the JV company will be one of our important foundry partners. On the flip side, AOS will continue to be a key customer of the JV company. Lastly, but not the least, we are also actively expanding our relationships with multiple third-party foundry partners for additional capacity to meet the increasing demand for our products. Another dimension of our business that has undergone significant change over the past year that may not be as obvious is the quality of the customers that we are serving. As an example, in our computing business, we sell to the world's leading PC brands. In our communication segment, we sell to the number one smartphone brand in the United States, the number one smartphone brand in Korea, and all the leading smartphone OEMs in China. In our other business segments, we sell to the number one graphics card maker, the number one gaming console manufacturer, the number one global home appliance manufacturer, and the number one power tools provider. In summary, tier one OEMs now make up the majority of our revenue mix. The effect of this dynamic makes our business much more resilient to downturns because during difficult economic conditions, consumer demand typically declines faster to lower tier brands than it does for premium brands. In addition, due to the uncertainty created by COVID pandemic, we have worked tirelessly with our customers over the past two years to avoid interruptions to their production lines. As a result of our efforts, our customers' trust and respect for us as a strategic partner has deepened, and our relationship with them has never been stronger. Also in 2021, through multiple well-planned initiatives and the diligent, precise execution, our Power IC business finally has emerged to become a significant portion of our business, representing nearly $200 million annual revenue runway. This greatly helps AOS pursue our ultimate goal of providing system-level total power solutions to our customers, going beyond our traditional pattern of just offering component sales. This not only offers more convenience and value to our customers, but also improves our margin while enabling secure design wins. 2021 was also a record year in each of our business segments financially. A few years ago, we set out to achieve a target annual revenue of $600 million in calendar year 2021. Today, our business has the product portfolio, customer relationships, and the production capacity to deliver well over our original revenue target. In addition, because end market demand was strong across the board, we strategically optimized our product mix, which result in gross margin expansion in each consecutive quarter, with the December quarter come in at 36.7% on a non-GAAP basis, which is a record. All these factors significantly contributed to us crossing $1 quarterly non-GAAP EPS milestone in the last quarter. This quarter, we're happy to report a non-GAAP earnings per share of $1.20, which further reinforces our company's strong earnings power of $4-$5 annual EPS. In summary, we achieved record results in 2021 thanks to our long-term planning and execution, our extensive product portfolio driven by our R&D capabilities, and by serving as a dedicated and trusted partner to our customers. Our confidence in our business model and strategic positioning has never been greater than it is today. Now, with most of our revenue coming from tier one OEMs, I am proud to say that we believe we have crossed the chasm as an established company and are now a leading global power semiconductor supplier. I want to thanks to our customers, business partners, and shareholders for their support and confidence in the company. I also want to acknowledge our employees for outstanding job and for staying focused and engaged with our customers while we navigate this challenging macro environment, especially in the midst of the continuing adversity of the pandemic. I'm proud of the way we have come together while placing our employees' health and safety at the center of our objectives in achieving our success. As we look to the future, we now have our sights set on actively planning and marching toward $1 billion annual revenue with much stronger and more sophisticated R&D capability and supply chain operations. With most of our customer base consisting of the world's leading OEMs in the markets that we serve. We are excited about our growth trajectory. Now I will turn the call over to Stephen for an update on our business and a detailed segment report. Stephen? Thank you, Mike, and good afternoon, everyone. I will start with an update on our business and then provide color on our segment results. In the December quarter, demand for our products remained extremely strong, and we continued to set new records in our revenue and profitability. We continue to work closely with our customers to strategically allocate our production capacity to help them avoid disruptions in the midst of a difficult environment, and at the same time, optimize for revenue and gross margins. While we do see some signs that historical seasonal patterns are beginning to return, which is healthy, at least for the remainder of this year, we expect global demand for semiconductors to remain stronger than the industry's ability to meet it. Regarding our capacity plans, we continue to focus on strategically strengthening and diversifying our production capacity. Our Oregon Fab is currently undergoing a $100 million R&D facilities upgrade and capacity expansion project, which is expected to be completed in the December quarter of 2022. Equipment has already been ordered and the clean room expansion is already in progress. When completed, we estimate the incremental revenue based on this new capacity to be approximately $70 million annually. As Mike already mentioned, we reduced our equity ownership in our joint venture fab in Chongqing below the controlling threshold of 50%, effectively allowing the joint venture to legally separate its operations as its own independent entity. Yifan will provide more details on this in his section of this call. This transaction marks an important step for both us and our joint venture. For the JV, this means greater flexibility in future capital raises to expand its manufacturing capabilities. For AOS, it allows us to focus our attention towards executing our Oregon Fab expansion plans and further diversifying our supply chain across other foundry partnerships. In the years to come, we are looking forward to continuing to work closely with the JV as one of its key customers. Finally, we are focusing on expanding partnerships and increasing wafer supply from existing foundries, as well as bringing on new foundries. In summary, these efforts are all part of our long-term strategy for sustainable growth. With current challenges in the semiconductor industry, especially the global capacity shortages, we're thankful to own and control much of our supply chain while also being strategic about our risk management and capital allocation decisions by diversifying our supply chain with contract foundries. We believe this strategy provides the right balance of flexible capacity that allows us to be nimble during periods of industry overcapacity and economic slowdowns. Now let me drill down into each of our business segments. Unless otherwise noted, the following figures refer to the December quarter of 2021. Let's start with computing. Revenue was up 35.9% year-over-year and up 11.9% sequentially. This segment represented 45.5% of our total revenue. As expected, end demand for our products was strong. To best allocate capacity, we shifted resources and production to support the computing segments, especially notebook and desktop applications, as well as graphics cards. Looking ahead into the March quarter, which is typically our seasonally slowest quarter following strong holiday shipments, we expect computing revenue to be slightly lower to about flat. We expect strong demand to continue at our ODM customers for notebooks and desktop applications. This will be partially offset by a slight decline in graphics cards following a strong shipment in calendar Q4 as we reallocate our resources to support demand in other areas such as client computing. Turning to the consumer segment, revenue grew 9.9% year-over-year and declined 4.6% sequentially and represented 20.1% of our total revenue. The year-over-year growth was primarily driven by strong demand in home appliances and share gains in gaming, both at tier one OEMs. The sequential results were lower than our original targets, primarily due to timing of shipments in gaming as one of our major customers pushed out orders for our MOSFET and Power IC products to the March quarter due to component delays from another supplier. Our total company revenue was not affected as we were able to quickly shift wafer capacity to other parts of the business. Accordingly, we expect our consumer segment will achieve strong double-digit sequential growth in the March quarter as we re-accelerate shipments to this particular gaming customer after they resolve their other supply shortages. Next, let's discuss the communication segment, which was 13.2% of total revenue, down 5.1% year over year and down 0.8% sequentially. This segment played out better than we anticipated last quarter as we saw stronger demand from the world's two leading smartphone makers in the U.S. and Korea, which helped offset some weakness that we expected from our China OEM. We continue to believe we are in an excellent position for growth in battery protection over the next couple of quarters as we have secured designs at all the major global smartphone makers. Finally, let's talk about the power supply and industrial segments, which accounted for 19.5% of total revenue. This segment was up 30.7% year-over-year and down 0.5% sequentially, which was largely in line with our expectations. In the December quarter, we slightly reduced allocation to our AC/DC power supply business following two consecutive quarters of strong shipments. However, demand for our power supplies, particularly laptops, remained strong relative to the prior year. Further, we resumed shipments to a top U.S. solar microinverter maker and increased allocation to support the growing demand for our industrial solutions with a tier-one U.S. power tool manufacturer. Power tools is an emerging application for us with great synergy given our product strengths in low and medium voltage products, targeting battery management and brushless DC motors. Looking ahead, we expect our power supply and industrial segment to decrease slightly in the March quarter due to a temporary slowdown in our AC/DC power supply business due to allocation, while our recently ramped solar and power tool business remain elevated. To wrap up, it was another outstanding quarter for AOS, and our business continues to fire on all cylinders. We continue to work diligently to deliver products to our customers on time and stay laser focused on executing our capacity expansion and diversification plans. With that, I will now turn the call over to Yifan for a discussion of our fiscal second quarter financial results and our outlook for the next quarter. Thank you, Stephen. Good afternoon, everyone, and thank you. Before I start to discuss the financial results for the quarter, I would like to say a few words about the changes of our equity interest in the JV company and related accounting and financial reporting. On our Form 8-K, we completed a sale of 2.1% of our equity interest in the JV company for $16.9 million on December 2, 2021, which resulted in the deconsolidation of the financial statements of the JV company as we were no longer the controlling shareholder. Subsequently, in December, we completed another sale of equity interest for $9.4 million, and the JV company 4% equity employee stock ownership plan. With the above transaction interest in the JV company, 45.8% investment recorded on the balance sheet was $376.1 million. In addition, an after-tax net gain of $358.7 million was recognized on the income statement, and we excluded such gain from our non-GAAP financials as it was not related to our ongoing business and operations. Nevertheless, the gain indicated the equity value that we created during the last few years while we built up the suppliers. Subsequent to the December quarter, the JV company completed an equity financing transaction of $80 million, representing approximately 7.82% of post-transaction outstanding equity of the JV company, which further diluted our equity interest to 42.2% as of January 26, 2022. In our financial reports, beginning with the month of December, we now account for our equity interest in the JV company under the equity method of accounting. We also elected to record our pro rata share of the JV's net earnings on a one-quarter lagging basis. We will exclude it from our non-GAAP results, so it's easier for our shareholders to see the financial performance of our ongoing business and operations. Finally, going forward, because we are now a minority shareholder in the JV company, we will no longer discuss the operations of the JV company. With that, let's discuss the financial results for the quarter. Unless otherwise noted, the following figures refer to the December quarter of 2021. Revenue was $193.3 million, up 3.4% from the prior quarter and up 21.7% from the same quarter last year. In terms of product mix, DMOS revenue was $135 million, up 3.3% sequentially and up 13.9% year-over-year. Power IC revenue was $55.1 million, up 5.3% from the prior quarter and up 47.4% from a year ago. Assembly service revenue was $3.2 million as compared to $4 million last quarter and $2.9 million for the same quarter last year. non-GAAP gross margin was 36.7%, up from 35.3% in the prior quarter, and up from 31.4% in the same quarter last year. The quarter-over-quarter increase in non-GAAP gross margin was mainly driven by better product mix. Non-GAAP gross margin excluded $0.8 million of amortization of purchased IP for the December quarter, the prior quarter, and the same quarter last year, respectively. In addition, non-GAAP gross margin excluded $1.7 million of share-based compensation charges as compared to $0.6 million for the prior quarter and $0.4 million for the same quarter last year. Non-GAAP operating expenses were $33.5 million compared to $35.1 million for the prior quarter and $31.5 million for the same quarter last year. The quarter-over-quarter decrease was primarily due to lower this quarter. Non-GAAP income tax expense was $1.3 million, which excluded $32.8 million of tax expense on the gain of our equity interest in the JV, $1.3 million for the prior quarter, and $0.7 million for the same quarter last year. In sum, non-GAAP EPS attributable to AOS was $1.20 per share as compared to $1.06 for the prior quarter and $0.65 for the same quarter last year. Now let's look at the cash flow. Consolidated operating cash flow was $50.8 million, including $11.2 million net customer deposits. Operating cash flow in the prior quarter was $80.6 million, which included $40.2 million customer deposits. Operating cash flow a year ago was $36.1 million, which included $10 million customer deposits. Consolidated EBITDA was $46.7 million compared to $45.3 million for the prior quarter and $31.6 million for the same quarter last year. Let's move on to the balance sheet. Please note that the balance sheet accounts at December 31, 2021 no longer consolidated the JV company anymore. We completed the December quarter with a cash balance of $269.3 million compared to $252.5 million at the end of last quarter, which included $20.9 million cash balance at the JV company. The cash balance a year ago was $181 million, which included $38.7 million at the JV company. You will note that our bank borrowing $159.2 million a quarter ago, which included $137 million from the JV company. During the quarter, we repaid $2.1 million of existing term loans and borrowed $2.5 million of working capital loan. In terms of trade receivables and inventory, day sales outstanding for the quarter was 20 as compared to the prior quarter. Average days in inventory were 105 days for the quarter, days in the prior quarter. Inventory days was mainly due to the deconsolidation of the JV company. Finally, our fixed asset balance was significantly reduced, again, primarily due to the deconsolidation. Net property, plant and equipment, $7 million, down from $441.3 million last quarter and down from $400 million last year. AOS capital expenditures for the quarter were $20 million. The deconsolidation of our JV financials really shines a light on the strength of our balance sheet, which has a relatively low fixed assets compared to our earnings power. Now I would like to discuss. We expect revenue to be approximately $194 million ±$3 million. GAAP gross margin to be 35.1% ±1%. We anticipate non-GAAP gross margin to be 36% ±1%. Non-GAAP gross margin excludes $0.8 million amortization of acquired IP and $1 million of estimated share-based compensation charges. GAAP operating expenses to be in the range of $41.9 million ±$1 million. non-GAAP operating expenses are expected to be in the range of $34.5 million ± $1 million. non-GAAP operating expenses exclude $7 million of estimated share-based compensation charges and $0.4 million of estimated legal expenses relating to the government investigation. Interest expense to be approximately $0.5 million and income tax expense to be in the range of $1.2 million-$1.4 million. With that, we will open the call for questions. Operator, please start the Q&A session. Certainly. If you would like to ask a question, please press star followed by one on your telephone keypad. If for any reason you would like to remove that question, please press star followed by two. Again, to ask a question, please press star one. As a reminder, if you're using a speakerphone, please remember to pick up your handset before asking your question. We will pause here briefly to allow questions to generate in queue. The first question is from the line of David Williams with Benchmark. You may proceed. Hey, good afternoon. Thanks for taking the question and, congrats on another really solid quarter. Thank you. Thank you. Thanks, David. I appreciate it. Yeah, thank you. One quick thing just on the gross margin. There's a lot, obviously, better than guidance and what we were expecting. Just wondering, I know you pointed to mix as being the big driver there, but can you be any more specific maybe in terms of is it more mix related, be it product or segment, or is it more of the IC that grew a little bit? What do you think in terms of overall mix? Or do you feel that this is all structural and can be maintained throughout the cycle? Sure, David. Yeah, in the December quarter, the gross margin increase was primarily selling more and more higher value and higher margin products. For example, Power IC product line carries a higher margin for us. Our Power IC product line has been growing nicely. In the December quarter, Power IC product line grew 47% year-over-year, and the quarter before, I think, it grew over 50% year-over-year. We are doing well, you know, with those Power IC products. You know, right now, the Power IC product line already crossed $200 million annual revenue run rate. That's very significant to our business. Even within our DMOS product line, we are replacing older products with more advanced products, which provide higher margin for us as well. More and more of our MOSFET products are industry-leading products in the markets that we serve. Overall, I think I see on our gross margin trend, we're happy to see our non-GAAP gross margin improve to 36.7% this quarter, which is well within our current target of mid-30% range. As we continue to grow our business and then our gross margin should play well. Congrats on getting the margin to that. It's impressive to see. On the other side, you talked a little bit about the gaming console being softer than expected. I guess I'm just surprised that you'd have that maybe a little softer there, but it didn't impact the revenue. Is this maybe just from the inventory build or is there some cost of shipping around the ability to fulfill, I guess, other markets when you have a shortfall in one? Stephen, yeah, good question. The gaming console business is, you know, it's good business for us. We have been prioritizing that. Unfortunately, you know, our customers have been having production issues, and this has been a pretty common story, situation that we've seen even at, you know, leading tier one difficulty procuring all the materials they need to produce these consoles. This is not new to us. We know this issue has been there throughout most of last year. We've always been kind of on watch so that, you know, we can internally make sure that we position our production of... The best thing to be agile in shifting production is to have a closer understanding of the demand and what's happening at the. Okay. One more quickly if you don't mind, but with the new structure of the JV, what is the phase in terms of capacity and maybe even the economic? Will it be as attractive as the prior phase and does it change anything in relation to the pricing from the first phase agreement? Do you have one in place just to? You know, we are happy to see the JV also raise the $80 billion capital, you know, in January, for the step one of the phase two expansion. I mean, managing suppliers is a relationship business and I mean, we have a good relationship with the JV company. We don't see any changes in that relationship just because of the deconsolidation. As a matter of fact, you know, the deconsolidation provided more flexibility for the JV company to raise money from outside investors for their further expansion, and clear the path to their intended potential listing on the Shanghai STAR Market. Overall, you know, we are executing our three-pronged capacity expansion strategy to ensure our supply security by diversifying our foundry mix and the subcontractor mix. We are confident that we can continue to grow. Great. Best of luck on the quarter, and I look forward to seeing the next. This is Mike Chang. Can I just add a few words, maybe? Sure. Yes. Yes, this is Mike Chang. Yeah, the relationship with the JV, of course, is long term, okay? We've been working them for so long. The relationship is good there. Even though relationship is good there, we do have the agreement or contract to secure our future supply. Just want to make sure that we don't just count on the relationship, which we do work very hard to maintain it, but we also have an official commitment, yeah. Thank you. Thank you. Thank you, Mr. Williams. The next question comes from the line of Michael Mani with B. Riley Securities. You may proceed. Hi, this is Michael on for Craig. Thanks for letting me ask a couple of questions. To start, I was wondering if you could maybe give us an update on the contour of the Oregon ramp, and how you anticipate capacity coming online when it does fall into necessary installations. Could we ramp to most of that $70 million annual potential revenue in the fourth quarter of this year? Or do you anticipate more spread out across two or three quarters into 2023? A follow-up. I mean, we are undergoing the Oregon fab expansion right now. You know, as the equipment and clean room expansion is underway. We expect that we can get the new additional capacity online in the December quarter of this year. You know, the ramp up for that additional capacity, we expect it to ramp it up relatively quickly. Probably by the first quarter of ramp up to about $70 million annual revenue run rate. Great. That's helpful. Thank you. I appreciate that. I guess my next question is on customer deposit last quarter. The question is this, you know, given that customers are still largely supply anxious, how much further customer deposit activity do you expect this year? Could it return sort of waning off as we go through the year and things in the supply chain start to normalize? Oh, sure, Michael. Yes, in the December quarter, we received about deposits. Yeah, overall, you know, we are kind of right now hesitate to receive customer deposits now because all those deposits are earmarked and within. You know, largely right now, our Oregon expansion already out and a large customer deposits, you know, from now on. Great. Thank you very much. Thank you, Mr. Mani. The next question comes from the line of Jeremy Kwan with Stifel. You may proceed. Yes. Thank you. Let me add my congratulations on the strong execution and the record gross margins. I wanted to dig a little deeper into basically your overall capacity that's available to you in calendar 2022. I guess, you know, there's some questions already been asked about, you know, the Oregon ramp and when you can get equipment in place. It sounds like you won't be able to get initial revenue till March 2023 in Oregon. With the JV, you know, just starting to place orders now, is that a similar timeframe for them to see their next step up in capacity? Sure. I mean, remember we are executing on a three-pronged approach. I mean, yes, we expect that our Oregon fab to have some capacity online in the December quarter of this year with them. We have been working with them. We should see some capacities and additional ones during the year. I mean, along the way. On the other hand, you know, we're not standing still, though we are managing our product mix and also continue to do the business process and operation process improvement at our factories and so on. All those can contribute to additional revenue growth. Very good. Maybe a question in terms of the pricing. First on the pricing that you're providing to your customers, how much, you know, is your pricing being a potential tailwind? Right now, Stephen mentioned that, you know, we are on allocations. It's more based on our. As you know, in the March quarter, there was actually Lunar New Year holidays, and so that would sometimes then have some pressure on our production. Overall, you know, our March quarter, you know, is looking strong and then, you know, we're comfortable with our this right now the industry is still in shortage and dynamic. We have, in some instances, seen some input cost increases and then adjusted some of our ASP to pass on the increased cost. At the same time, we don't want to gouge our customers. Fair enough. I guess, is that in your discussions with the JV, has contract pricing come up? You know, the industry has been, you know, we've seen, you know, leading foundries raise prices +20% You know, is this something that you've encountered yet, and is this something that, you know, that is being discussed going forward? Our pricing with the JV company pay the market pricing to the JV company. I would assume that your pricing seems to have gone up. Well, that's yes. I mean, from quarter to quarter or from time to time, yeah. I mean, that's just the same as what we do with other foundries and subcontractors. Okay. In terms of the capacity allocations that the JVs has going forward, you know, I would assume that they would wanna diversify their customer base. Is that something that, you know, in terms of the growth capacity available to you, can you give us some more insight into kind of the discussions around future capacity? Oh, sure. I mean, definitely the JV company wants to diversify their customer base as well going forward. You know, so does AOS. We also want to diversify our foundry mix and subcontractor mix as well. I mean, overall, you know, we have foundries and with our own Oregon Fab as well. Well, let me add on. Okay. Okay. Jeremy, this is my team, by the way. Yes, please. You know what? As I mentioned a while ago, friendship is friendship, which is definitely needed. However, business is business, right? We always have the firm agreement, okay? They know what their obligation, we know what our obligation, okay? This business cannot just by goodwill, okay? Yes, okay, you want goodwill, but then also need agreement. The suggestion, okay, we do have a clear commitment. Yeah. Get that. Just one last question if I could before I hand it back. Looking at the Oregon expansion, is that mostly being spent on the front-end equipment, or is there some back-end also to get a split for what the spending is gonna be? Oh, sure. The Oregon Fab is entirely for the front end. I mean, that's a fab only. We are also expanding some capacity in our Shanghai assembly and test facilities as well. Great. Is there gonna be any in- Ramp things up? Right now our estimate is we can maintain within our targeted range of mid-30% range. Great. Thank you very much. Thank you. Yeah. Thank you, Mr. Kwon. There are no additional questions waiting at this time. I would now like to pass it back to the management team for any closing remarks. This concludes our earnings call today. Thank you for your interest in AOS, and we look forward to talking with you again next quarter. Thank you. That concludes the Alpha and Omega Semiconductor fiscal Q2 2022 earnings call. I hope you all enjoy the rest of your day. You may now disconnect your lines.