Good afternoon. Welcome to Diodes Incorporated third quarter 2022 financial results conference call. At this time, all participants are in a listen-only mode. At the conclusion of today's conference call, instructions will be given for the question and answer session. If anyone needs assistance at any time during the conference call, please press the star key followed by the zero on your touch-tone phone. As a reminder, this conference call is being recorded today, Monday, November seventh, 2022. I would now like to turn the conference over to Leanne Sievers of Shelton Group Investor Relations. Leanne, please go ahead. Good afternoon. Welcome to Diodes third quarter 2022 financial results conference call. I'm Leanne Sievers, President of Shelton Group, Diodes investor relations firm. Joining us today from Taiwan are Diodes Chairman and President and CEO, Dr. Keh-Shew Lu, Chief Financial Officer, Brett Whitmire, Senior Vice President of Worldwide Sales and Marketing, Emily Yang, Senior Vice President of Business Groups, Gary Yu, and Director of Investor Relations, Gurmeet Dhaliwal. Before I turn the call over to Dr. Lu, I'd like to remind our listeners that the results announced today are preliminary as they are subject to the company finalizing its closing procedures and customary quarterly review by the company's independent registered public accounting firm. As such, these results are unaudited and subject to revision until the company files its Form 10-Q for its 2022 fiscal quarter ending September thirtieth, 2022. Management's prepared remarks contain forward-looking statements which are subject to risks and uncertainties, and management may make additional forward-looking statements in response to your questions. The company claims the protection of the safe harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ from those discussed today, and therefore, we refer you to a more detailed discussion of the risks and uncertainties in the company's filings with the Securities and Exchange Commission, including Forms 10-K and 10-Q. Any projections as to the company's future performance represent management's estimates as of today, November seventh, 2022. Diodes assumes no obligation to update these projections in the future as market conditions may or may not change, except to the extent required by applicable law. The company's press release and management statements during this conference call will include discussions of certain measures and financial information in GAAP and non-GAAP terms. Included in the company's press release are definitions and reconciliations of GAAP to non-GAAP items, which provide additional details. Throughout the company's press release and management statements during this conference call, we refer to net income attributable to common stockholders as GAAP net income. For those of you unable to listen to the entire call at this time, a recording will be available via webcast for 90 days in the investor relations section of Diodes website at www.diodes.com. Now, I'll turn the call over to Diodes Chairman, President, and CEO, Dr. Keh-Shew Lu. Dr. Lu, please go ahead. Thank you, Leanne. Welcome everyone, and thank you for joining us today. I'm very pleased to be reporting today our fifth consecutive quarter of record gross margin and the seventh consecutive quarter of record adjusted earnings per share and the revenue. Our record result were driven by outstanding execution by the team, especially considering the COVID related lockdown and the power outage in certain regions of China for part of the quarter. Also, contributing to our strong performance was the achievement of record revenue in our automotive and industrial end markets that together totaled 44% of product revenue, which is 4 percentage points above our 2025 target model and above 40% of the third consecutive quarters. Diodes automotive business represented 16% of product revenue for the first time, reflecting the ongoing success of our customer and contact expansion initiatives, as well as share gain in this end market. Over the past several quarters, Diodes has consistently proved its ability to execute during one of the most challenging supply chain environments that the industry has experienced and was still able to deliver multiple consecutive quarter of record results, expanding margin and increase profitability. When looking back over the past two years, our revenue have grown 68%, gross margin expanded 590 basis points, and adjusted earnings per share increased over 220%. Those achievements truly set Diodes apart as consistent operator through diversified business and economic environments. We are well on our way toward our 2025 financial target of $2.5 billion in revenue and $1 billion in gross profit. With that, let me now turn the call over to Brett to discuss our third quarter financial results and our fourth quarter 2022 guidance in more detail. Thanks, Dr. Lu, and good afternoon, everyone. As part of my financial review today, I will focus my comments on the sequential change for each of the line items and would refer you to our press release for a more detailed review of our results as well as the year-over-year comparisons. Revenue for the third quarter 2022 was a record $521.3 million, an increase of 4.1% from $501 million in the second quarter of 2022. Gross profit for the third quarter was also a record at $217.8 million, representing a record 41.8% of revenue, increasing 5.5% or 60 basis points from $206.5 million, or 41.2% of revenue in the second quarter 2022. GAAP operating expenses for the third quarter 2022 were $105.4 million, or 20.2% of revenue, and on a non-GAAP basis were $101.3 million or 19.4% of revenue, which excludes $3.9 million of amortization of acquisition-related intangible asset expenses and $0.1 million of acquisition-related costs. This compares to non-GAAP operating expenses in the prior quarter of $99.7 million, or 19.9% of revenue. Total other expense amounted to approximately $3.3 million for the quarter, consisting of $2.6 million of unrealized loss on investments, $2.7 million in interest expense, and a $1 million foreign currency loss, $2.2 million of other income, and $862,000 of interest income. Income before taxes and non-controlling interest in the third quarter 2022 was $109.1 million, compared to $101.2 million in the previous quarter. Turning to income taxes, our effective income tax rate for the third quarter was approximately 18.5%. GAAP net income for the third quarter 2022 was a record $86.4 million, or $1.88 per diluted share, compared to GAAP net income of $80.2 million or $1.75 per diluted share in second quarter 2022. GAAP earnings per share in the quarter increased 25.3% year-over-year from $1.50 per diluted share in the third quarter 2021. Share count used to compute GAAP diluted EPS for the third quarter 2022 was 46 million shares. Non-GAAP adjusted net income in the third quarter was a record $92.2 million, or $2 per diluted share, which excluded net of tax $3.2 million of acquisition-related intangible asset costs, $2.1 million in non-cash mark-to-market investment adjustments, $0.1 million of acquisition-related costs, and a $0.4 million gain on sale of investments. This represents a 5.3% improvement from last quarter of $1.90 per diluted share, or $86.9 million, and a 36.1% improvement from $1.47 per diluted share, or $67.3 million in third quarter 2021. Excluding non-cash share-based compensation expense of $8.1 million net of tax for third quarter, both GAAP earnings per share and non-GAAP adjusted EPS would have increased by $0.18 per diluted share for the third quarter. EBITDA for the third quarter was a record $141.9 million, or 27.2% of revenue, compared to $130.6 million, or 26% of revenue in the prior quarter. On a year-over-year basis, EBITDA increased 23.9% from $114.5 million in the third quarter 2021, highlighting our continued improvements over the past year. We have included in our earnings release a reconciliation of GAAP net income to non-GAAP adjusted net income and GAAP net income to EBITDA, which provides additional details. Cash flow generated from operations was $132.2 million for the third quarter 2022. Free cash flow was $62.4 million, which included $69.8 million for capital expenditures. Net cash flow was a positive $78.3 million. Turning to the balance sheet, at the end of third quarter, cash equivalents, restricted cash, plus short-term investments totaled approximately $393 million. Working capital was $765 million, and total debt, including long-term and short-term, was $296 million. In terms of inventory, at the end of third quarter, total inventory days were approximately 113 as compared to 115 last quarter. Finished goods inventory days were 32, which was flat to 32 last quarter. Total inventory dollars increased $3.5 million from the prior quarter to approximately $374.8 million. Total inventory in the quarter consisted of a $8.3 million increase in finished goods, a $6.7 million increase in raw materials, and an $11.5 million decrease in work in process. Capital expenditures on a cash basis were $69.8 million for the third quarter, and for the first nine months, approximately $148 million, or 9.8% of revenue. The year-to-date CapEx is higher than our target model due to our assembly test and wafer fab capacity expansions. We still expect to be within our target model of 5%-9% for the full year. Now, turning to our outlook. For the fourth quarter of 2022, we expect revenue to be approximately $494 million, ±3%, in line with typical seasonality. GAAP gross margin is expected to be 41.0%, ±1%. Non-GAAP operating expenses, which are GAAP operating expenses adjusted for amortization of acquisition-related intangible assets, are expected to be approximately 21.0% of revenue, ±1%. We expect net interest expense to be approximately $4 million. Our income tax rate is expected to be 19%, ±3%, and shares used to calculate EPS for the fourth quarter are anticipated to be approximately 46.5 million. Not included in these non-GAAP estimates is amortization of $3.2 million after tax for previous acquisitions. With that said, I will now turn the call over to Emily Yang. Thank you, Brett, and good afternoon. In the third quarter, revenue increased 4.1% sequentially, reflecting our achievement of record revenue in the automotive and industrial end markets. That also contributed to record revenue in North America and Europe. Additionally, our POS revenue was a record. Distributor inventory in terms of weeks increased slightly quarter-over-quarter and is within our defined normal range of 11-14 weeks. Overall demand and backlog remain strong across all regions. Looking at global sales in the third quarter, Asia represented 73% of revenue, Europe 15%, and North America 12%. In terms of our end markets, industrial represented 28% of Diodes product revenue, computing 23%, consumer 18%, communication 15%, and our automotive end market reached a record 16% of product revenue. Our automotive and industrial end markets combined total 44% of product revenue, which is 4% point above our 2025 target and above 40% for the third consecutive quarter. Now let me review the end market in greater detail. Beginning with automotive, revenue increased 48% year-over-year and 17% sequentially to set another quarterly record, which is the ninth consecutive quarter. Our consistent growth has been driven by our ongoing demand creation efforts as well as market share gains. In connected driving, which consists of ADAS, telematics, and infotainment systems, we continue to see increased interest for USB Type-C ReDrivers in rear seat entertainment and smart cockpit applications. Also, our video switches for MIPI, DisplayPort, and USB 3.0, and our USB signal and analog switches are also winning designs in ADAS, infotainment, and smart cockpit applications. Our DC-DC buck converters, CMOS LDOs, switching diodes, power switches, and diode controllers experienced strong demand as well. For comfort, style, and safety, we secured increasing designs for our DC-DC buck converters, bipolar transistors, and LED drivers for exterior LED lighting, along with our buck-boost controllers, linear LED drivers, and Zener diodes for interior and exterior lighting, electrifications, and mobility systems. During the quarter, our gate driver ICs were designed into wireless chargers, while our low-voltage MOSFET were designed for automotive USB car chargers and power source load switch applications. In addition, our operational amplifiers were designed into onboard chargers, DC-DC converters, battery management system, pumps, airbags, position sensors, and occupancy detection systems. In powertrain, which covers conventional hybrid electric vehicles, we secured increasing designs for automotive I/O expanders for EV central control unit, as well as design wins for our bipolar power transistors and Zener diodes in the power modules and electrification systems. Additionally, our TVS devices experienced strong demand for EV battery protection, DC fan motor controllers, generators, and starter applications. We also saw solid demand in automated transmission and powertrain applications as we added seven new automotive-grade products to our protection portfolio. In the industrial end market, revenue reached another record and grew approximately 30% year-over-year and 6% sequentially, representing a sixth consecutive quarter of growth. Our PCI Express 2.0, 3.0 packet switches and SBR product was designed into multiple Power over Ethernet adapters for security and surveillance applications, which is an area that HDMI 6 gigabit per second and 12 gigabit per second ReDrivers are also being used as well. We also saw healthy demand from our gate driver ICs, TVS diodes, Zener diodes, DC-DC buck converters, LED drivers, linear regulators, and MOSFET products in various applications like energy storage, power distribution systems, DC fans, power supplies, air condition, and oil pump applications. Also, our wide-VIN LDO product families continue to enjoy solid demand from the power tools and e-meter applications. We also continue to see strong demand for our application-specific multi-chip circuits in industrial lighting and blood glucose monitoring systems. In the computing market, although the PC and notebook and Chromebook market was soft, we continue to focus on cloud server storage and SSD applications. As I mentioned last quarter, our ability to quickly adjust our support from slowing markets to high-demand market segments is a strong testament to our team's execution, and also has been a contributor to our consistent growth. In terms of design wins during the quarter, we continue to secure designs for our USB signal switches in the enterprise SSD applications, as well as new wins for our SMBus I2C level shifters family in cloud server products. Our customized Zener diodes product also being used in cloud computing platforms. We also remain well-positioned to support cloud computing and data center customers with a complete timing offering, including crystals, oscillators, PCI Express clock generators, and PCI Express clock buffers. During the quarter, we continued to see adoption of our Embedded DisplayPort ReDrivers and Embedded DisplayPort muxes in gaming notebook applications. Our newly released PCI Express 5.0 clock buffers family are now able to support four, six, eight, and 12 outputs. Lastly, our current limit power switches continue to see solid uptake from USB-A and USB-C power source applications in notebooks, desktops, and docking stations. In the communication market, our SBR CSP products continue to gain traction in the low Earth orbit satellites and 5G applications. Our Schottky products are being designed into 5G Wi-Fi applications. Several switching diodes and Zener diodes also continue to gain momentum in the mobile phone segments for various applications, including peripherals such as quick chargers. Finally, in consumer market, we continue to drive increased adoption of our HDMI 6 gigabit per second and 12 gigabits per second ReDrivers and DisplayPort HDMI switches in projectors and digital still camera applications. While our DC-DC buck converters and audio amplifier also have solid demand from home appliance markets for monitor and interactive storytelling devices. We also continue to gain traction for our current limit power switches and USB-C power delivery controllers from USB power applications in gaming consoles and smart speakers. Our LV MOSFET CSP and LED drivers won several designs in wearables and portable devices like health, sport watches, wireless earphones, and keyboards. In summary, with the achievement of our seventh consecutive quarter of record results, Diodes continues to prove our ability to consistently execute and quickly adjust our support from slowing end markets to high-demand market segments. Additionally, the ongoing success of our customer and content expansion initiatives as well as share gain in both the automotive industrial market has greatly increased our revenue contribution and mix, which has also contributed to our consistent margin improvement. We believe we are well-positioned to continue driving future growth and expansion towards our 2025 targets of $2.5 billion in revenue and $1 billion in gross profit. With that, we now open the floor to questions. Operator? We will now begin the question-and-answer session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the key. To withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. Our first question will come from Matthew Ramsay of Cowen. Please go ahead. Hey, guys. Thanks for taking my question, and congrats on the awesome results. I wanted to ask a little bit about your end markets. We've seen all through this earnings season, consumer and computing from your peers has come in weaker, and there are some signs of industrial softening, but your results don't seem to indicate that on the industrial side. Could you just help us understand what you're seeing in industrial, and in particular, how good you feel about visibility into that market the next couple of quarters and what you're seeing in the channel? Thank you. Yeah. Hi, Matt. Good afternoon. For industrial, overall, the backlog and everything still seems a lot of strength overall. We do see some specific applications or specific end devices that are adjusting a little bit forecast here and there, but if you take an overall picture, it's still strong. From the visibility point of view, we still have pretty good backlog in place that we not definitely seeing a significant change overall. Understood. Thank you. I just wanted to ask about geopolitics a little bit. I know you guys have a pretty material footprint over in China and your products and your manufacturing shouldn't fall under any of the restrictions as they're written now. I guess, are you anticipating any future potential disruptions or, I guess, how are you thinking about potential risk? Because we've seen some ancillary disruptions across the supply chain as there's been more of a crackdown in China and whatnot. Thank you. Okay. Matt, actually, we have been doing well even during this year. Yeah. Especially when China have different area of the lockdown. Right. We know how to handle it. So far, you can see our operation. Second quarter in Shanghai area, they have a lockdown for 2 months, and we still okay. Even the third quarter, we have Chengdu area, have a power problem, and we have, again, the COVID-19 shutdown problem, but we still able to move some of the operation to Shanghai to support the Chengdu almost 1 month of the shutdown. We know how to handle these different locations, the operational shutdown. We call closed-loop operation, and we are able to move around our operation from Chengdu to Shanghai or diversity or even moves to some other manufacturing area. I really not put too much concern in this area. Understood. Thank you for all the color. The next question comes from Gary Mobley of Wells Fargo Securities. Please go ahead. Hello, everybody. Thanks for taking my question. I wanted to double-click on your response, Dr. Lu, related to how you're operating your business over in China amidst a backdrop of a bunch of COVID lockdowns. I understand that you're able to operate those facilities in Chengdu and Shanghai using that closed loop working environment that seems to be, from what we're hearing over here in the U.S., that there seems to be a bit of an employee backlash at least in some parts of the country. I'm curious to know how you're managing that and, well, let's just start with there. Well, maybe, Gary, let me make a comment first. When and what's going to happen next is something hard to predict. The market overall, the situation in China, still pretty dynamic. I think Dr. Lu's point is with our experience in the expertise in the manufacturing side and how to operate during the crisis, I think, definitely give us confidence that no matter what's going to happen next, we'll be able to adjust our strategy and our solution to best support the customer. I think that's pretty much. We don't know what's going to happen next, I think we're ready, whatever is going to happen. Okay. Thanks, Emily. Just a couple of follow-up questions. Any notable change in customer order lead times, whether that be overall or by market, where they're still long? As well, I wanted to ask how truly fungible is your manufacturing capacity, whereby you can reallocate manufacturing for end markets that still remain strong. Is that truly possible in end markets like automotive, where you need automotive-grade qualification or whatnot? That's it for me. Thank you. Yeah. I think, let me answer the first question about lead time. Overall, there's really no significant changes of lead time. All along, even during the last two years, we've been focusing on understanding the true customer's demand and making adjustments. I think the second part of your question is really about our ability to quickly adjust Our capacity and support from one market segment to the others, right? I think, the Q3 result is a good testament of our ability. We did actually quickly adjust it from the slow demand markets, like the low MPC consumers or the smartphone, and to the automotive and industrial customer base, right? All our factory is automotive qualified, that give us the capability to quickly adjust. Not only the Q3, also the second quarter, I think we talk about the same thing as well. I hope that will give you guys the confidence that we do have the capability and the flexibility to quickly adjust our support. Thanks, Emily. The next question comes from David Williams of Benchmark. Please go ahead. Hey, good afternoon, and congratulations on the really solid results here, especially in this macro. Thank you. Thank you. Emily, just first maybe you. Just thinking about the automotive growth, you're clearly seeing a lot of traction, and you've had this initiative to really drive the content and the share gains there. I'm just kind of wondering, it seems like you've had really solid growth over the last several quarters, and this quarter particularly. Just, are you seeing anything maybe being pulled in, or is this really just because of the demand that you're seeing and the new design wins? Is there anything there that we should be thinking about in terms of maybe slowing later on the automotive side? Yeah. David, if we look at the result, right? You're absolutely right. For Q3, we actually achieved 16%, which is definitely a record for automotive. If we compare year-over-year, that's 48% growth, and even quarter-over-quarter, that's 17% growth. I want to also point attention, not just for the third quarter. We've been openly talking about from 2013 to 2021. We actually have a compounded annual growth rate of 30%. This is not just a one quarter or a few quarter, but consistently over many years. We established automotive focus years back. What we've seen is actually a significant change from the topology and design structure point of view. I've been talking about it. The excitement is we start seeing a lot of new protocols expanded into different areas. One good example is Pericom product family, right? We start seeing PCI Express, Gigabit Ethernet being adapted, and this adaption is the beginning of the adaption. That gives us a lot of confidence about the growth in the future. We also look at our design pipeline. It continued to grow significantly. That's a reason to support our ongoing growth quarter-over-quarter and year-over-year. Yeah, David, we implement a policy like this. All the new product, if possible, need to be automotive grade qualified, we call Q part. Most our new product, when we release it, we focus on Q part, if possible. Therefore, we have a lot of design win. You know the automotive big parts, they ramp up much slower than consumer or other market segment. It take almost 2 years for the parts, for the new product to be ramped up. Okay? If you look at, we have been consistently, year-over-year, quarter-over-quarter, to increase our percent of the revenue. That's another key measurement we implement, is automotive segment as a percent of the total revenue. You can see now we are getting to 16% of our revenue is coming from automotive segment. This is not a very short term. This is a long-term driving. I don't see that growth will be, it might be tepid a little bit, but it won't go to the other direction. We, as a percent of the revenue, will continue. Okay? Okay, fantastic. Thanks, Dr. Lu, for the color there. Maybe last one from me, just a broader question, but was there anything maybe in the quarter that surprised you, either from demand shifting or maybe things that are stronger than you would've anticipated? Anything that you should be, or maybe we should think about in terms of the next few quarters where we could see some shifting around or any caution? Yeah. I would say, definitely, the demand from automotive side feel very strong. That's really a positive news, and it give us a opportunity to balance with some of the other slow demand markets. I think the second surprises is really the power constraint in Chengdu. Again, we demonstrated our strong capability to manage through the crisis as well, right? If you say you are asking for any surprise, you can see we still meet our guidance. Therefore, you know If we can see much clearer, well, may not be two, three quarter later, but at least in the third quarter, when we make the third quarter guidance, we can see much clearer. Now we are in the fourth quarter, and again, we can see much clearer in the fourth quarter business and market. Thanks so much. Appreciate the help. The next question comes from Tristan Gerra of Baird. Please go ahead. Hi. Good afternoon or good morning. Given the commentary about automotive offsetting pockets of weakness in some other end markets, which has been well advertised through this earning season, how sustainable is the pricing environment? Also, there's been a lot of non-cancellable orders to this TS for the rest of this year, for the second half of this year across your peers. Would you expect those non-cancellable orders to be in place in the first half of next year, or are we going to see kind of a normalization of how contracts are made with customers? Yeah. Hi, Tristan. Overall pricing trend is still unstable. We don't expect any significant change in the coming short term. From the NCNR, non-cancellable, not returning policy, we're also not making significant change. We implement that a few quarters back. Again, we don't expect that to be significantly changed overall for first half or the second half of the year. Great. As my follow-up question, we know China is weak, but there were also some Q3 specific items in terms of the lockdown and the power constraints. How would we quantify the non-recurring portion of that weakness that happened in Q3, even as China continues to be weak in Q4 and in outer quarters, how much of a potential recovery we get from assuming there is no additional lockdowns from versus what happened in Q3? Well, I think, Tristan, overall, the market is still extremely dynamic. I think it's difficult for us to predict what exactly is going to happen or the recovery. One thing we did is actually we look at all different factors, and we put the backlog information, the record POS resell by the end of the Q3, everything together, and we come out with the Q4 guidance, right? I would say, we did our best based on best knowledge. We put everything into our estimated guidance already. It's a little bit difficult for us to really predict when the recovery is going to happen in China. If you look at even in China situation like you mentioned, okay, we still moderate- Right our revenue like a seasonality, right? Right. You typically in the fourth quarter, we typically down significantly. Little bit. Seasonality-wise, 5%. Right. A good time, we may be a little bit better than 5% down, and then even this year, we say the market has a difficulty. We still guide our fourth quarter- Based on- somewhere around- Seasonality 5%. I think we, yes, the market is very dynamic, very unstable, but we still able to guide and running our business. very close to the seasonality type of models. Right. I think one more thing I want to add is the China local business from the consumer portion, is actually a very small portion of the Diodes overall business. Yes. Okay. That's very useful. Thank you. Once again, if you would like to ask a question, please press star then one. Our next question will come from William Stein of Truist Securities. Please go ahead. Great. Thanks for taking my question. I want to add my congratulations on the very good results and outlook. I want to sort of distill this to what I think is the big sort of point of contention between investors and many companies right now. We've already seen some of these consumer end markets weaken pretty significantly. We've seen that in your model for the last couple of quarters even. I think the consensus among investors is, look, this is a downturn and it's just rolling across end markets from one to the next. When we think about industrial and automotive, it's just a matter of time. What we're hearing from some companies is that it's not really right, that the downturn is really just in a couple of bad end markets, then you have automotive and industrial, which are holding up pretty well, we don't think they're going to move. I wonder which of those scenarios Diodes sees as likely to play out in the next few quarters. Are you expecting automotive and industrial to take their punishment just like the other end markets have? Or do you anticipate these are going to remain strong? Thank you. Well, first of all, we don't really forecast more than a quarter and provide guidance. I think, maybe I'll just share my personal view over this. I think consumer computing and communication is definitely seeing a bigger adjustment. What I'm seeing is really more, I call it inventory rebalancing, right? Over the quarters, the build-up of certain inventory, they need to adjust it and then reset it. With the industrial and automotive, we've been seeing some adjustments already. It's not like we haven't seen, but it's just the scale is a little bit different, right? I would let Dr. Lu to make few more comments. That's what I see. Okay. Actually, when you're running the business, long-term strategy is much important than the short-term market reactions. Sure. For example, automotive, actually, the electronics content of the automotive is increasing, it's not going down. Therefore, from the long-term point of view, that trend or spend is continuing going up. It won't be changed overnight, quarter after quarter, make a big change. Our strategy is how we're going to participate in this market, we spend, like I mentioned, we try to put all our new product to be automotive qualified. We spend a lot of time to sell as a total solution. This is the way, how do we handle the market softness. We will able to continue growth or strong strength in the market. The industrial and even consumer communication, we use a similar way. For example, from the computing, we focus more in the high-end PC, server, data center. If you start focus more in that area, yes, PC area could be slowed down, the high-end PC or server and data center, it could be picked up. Okay? That gives you a balance of the market. That's why we are able to continue growing, and we are able to meet our guidance because we are very confident on how do we grow. Consumer, IoT, and communication, 5G, high-end, those is the one, how do we balance or how do we improve our market softness. How do we handle it. I appreciate that. If I can ask one follow-up. I'm hoping you might give us an update on how the South Portland fab is progressing under your ownership. I forget if you're already manufacturing and selling product out of this facility or if that's more of a future plan, and any other update you can offer us that would be helpful. Thank you. Well, SP Fab, we just acquired in June this year. We are supporting, or we have the contract to support their demand for a while. Right. Okay? We take that opportunity to develop our own process and qualify our own product. It takes time. Right. Okay? For example, to implement the BCD process in that fab, it takes more than one year. It probably take one year to implement and qualify the product. Yes. It probably take a while to ramp it up, because that's real. Yes, we might have a tough time, but virtually, we have supported to our, well I should now say our customer, to support them for the existing- Loading product or for their need for a while. Okay. Yeah, I would say everything is on track based on our plan. It's progressing well. Yeah. Thank you. This concludes our question and answer session. I would like to turn the conference back over to Dr. Keh-Shew Lu for any closing remarks. Thank you for your participation on today's call. Operator, you may now disconnect. The conference is now concluded. Thank you for attending today's presentation, you may now disconnect.