Hi, good morning. I'm Samik Chatterjee, and I cover the hardware and networking companies at J.P. Morgan. For the next fireside chat, I have the pleasure of hosting the Infinera management team. With me is Nancy Erba, who's the Chief Financial Officer, and Amitabh from Investor Relations. Nancy, I'll start you off with a more macro question that we've been asking all of our companies to share their insights or thoughts on, which is: we know where the markets or the end markets are today. Where do we go 12 months from now? I mean, you can take it by the different customer cohorts you speak about, carriers, and then ICPs, et cetera. But just want to hear your thoughts about how you're thinking demand looks like from each of these verticals 12 months from today. Yeah, sure, and thanks for having us. If I think about 2024 and the, I'll say, the trough that many of us have talked about starting from, we do see strength occurring in the second half, right? A pickup first half versus second half, which is consistent with what we've seen over the last two to three years. If we look out even beyond that into 2024, we see the design wins that are occurring in 2023 and in early 2024 really positioning us well for that second half. Cap spending for the large Tier 1s, whether it's an AT&T or a Verizon, you know, seem to be hitting the plan that they laid out at the start of the year. ICPs are actually positioned to be stronger year-over-year, and we certainly have been benefiting from that growth trajectory. So if we think about 2025 versus 2024, right? 2024, we see a year where our revenue will likely decline in that 1%-5% range that we talked about during our earnings call, but we do see us picking back up into our more normalized growth rate of 8%-12%, 8%-12% in 2025. Yeah. I mean, on the telecom service provider, carrier side particularly, what do you think changes as we go through the year into next year? Is it purely an assumption that inventory digestion helps, or is there a catalyst in, as such, for those companies to spend a bit more that you are thinking of? I think it's a combination of both, right? There certainly is inventory digestion happening, right? We came off for Infinera, we came off a very strong Q4. It's taking some time for folks to work through that, that inventory. But in addition to that, you know, bandwidth growth still at the 30% CAGR. We see that continuing, that traffic pattern, the need to continue to lay down fiber and, the design wins that we've already started to experience and see that will play out over the next, call it two to three years. That's what's giving us confidence that these buying patterns are going to shift, right? We will see the turnaround coming, and whether it occurs, you know, modestly in the second half and into 2025, out through 2026, but certainly we do see that turnaround coming. Okay. Yeah. Samik, Samik- Please go ahead. Is this on? It's on. If I can just add to what Nancy said. I know we lump service providers in one bucket, but if you go beyond the Tier 1s, which has been probably where we've seen the most acute pressure in North America and Europe, like, if you go below the Tier 2s, the wholesale, I mean, that cohort has actually been relatively good for us. So, you know, we don't see any structural change there. I think the biggest pain points have been with the Tier 1s, and as you guys know, some of the Tier 1s, particularly in North America, are not a particularly large proportion of our business. So I just wanted to offer that color. Like, I know we lump them all in one bucket, but, you know, there are subtleties and differences. Talking about ICPs, can you talk about what is driving the strength there? I think the average perception is it's really DCI, but wanted to sort of more run that by you in terms of, is that what you're seeing? What do you think is the driver of the demand that you're seeing from the ICPs right now? There's a lot of discussion about them prioritizing spend inside the data centers. Are you seeing an impact of that as well? We will. Today, the impact is largely DCI, as you mentioned, and we've benefited. If we look at their growth, over the last three years, it's about 10% we see on average. Infinera has actually seen that grow more in the range of 40%. So we have been gaining share in this space, and it is largely, when we talk about the data center growth, our exposure today is in DCI. As we look into the future, though, and inside the data center, we announced at OFC a new technology called ICE-D, D for data center, and we are providing test chips today to various clients that are looking at our optics and how they can be used inside the data center. That opens up an entirely new market for us. It is down the road, right? You should think revenue for that could potentially be in 2026, but it is positioning us yet to expand into another market. So if you think about our core businesses, we have the embedded and subsea long haul has been kind of a core strength for the company. The metro part of our business, which represents about 45% of our revenue, and then we're embarking into pluggables, to be selling those both externally, as well as for use in our own platforms. And then kind of the next stage of that is ICE-D. I did have sort of the ICE-D question later, but let's, since you brought that up, let's segue into that. One, how do you think about the addressable market opportunity there? And there are already existing competitors inside the data center, like Coherent and Lumentum of the world. What is the differentiation that ICE-D will offer to the customer? I mean, their number one priority is around power, right? Power and cost, but really power is first. I mean, I wanna caveat, this is very early, right? Early days test chips we're talking about, but the uniqueness of indium phosphide can offer in terms of that power is providing us a unique opportunity and opening up conversations that we weren't having a year ago. So it is emerging, but we can provide this technology in a quick turn because we do own our own fab in the U.S., which allows us that ability to do quick turns and to work with these clients to get feedback on these test chips and turn them very quickly. So, you know, it's an emerging market for us, right, in terms of the next two to three years, but the size and scale of that, I mean, would allow us very quickly to fill up our fab. Yep. When you then take that—like, when I think about the standalone financial impact of it, will it still be accretive to your gross margins? Because at least for the companies that are currently involved in the inside the data center that I cover, the margins are more, I would say, just north of 40, whereas you're already on track to do a mid-40 margin. How should I think about gross margin accretion? Yeah, we believe it would be accretive to our corporate margin. And that's based on what we see today, based on the volume projection, right, that could allow us to really absorb fixed costs across our entire platform. But also, you know, the stage in which those chips would be going to these clients. And again, very early, a lot still to be determined, but we do believe it would be accretive to our overall margin. Going back to the DCI market and the ICPs, what is your assumption for how much the DCI market grows this year for the industry? We've heard very wide-ranging estimates, so want to see what you're assuming, and what is the expectation for Infinera's share gain within that with the ICPs this year? Which are those primary sort of wins that you have this year? Yeah, I mean, we see growth year over year. As I mentioned, from I think it's 2019 to 2023, their growth has been about 10%- For the industry. -on average. Yeah. Yeah. Ours, you know, is close to 40- Forty ... with them. We believe we've gained, you know, market share probably in the 1,000 basis point range, just given that growth rate over the last three years. If I think about 2024, we are expecting growth year-over-year. But again, we're starting from, you know, a first half that is definitely challenged. We came off a very strong Q4 with our ICPs. They are digesting some of that in the first half, but we're, you know, we'll start to see signs of some projects that we had thought were going to occur in the first half that now seem to be shifting into the second half. And that, along with, you know, other order patterns that we've seen in terms of their demand profile, their POs in hand, obviously, and then the funnel that we see with them, does give us confidence that we'll see that step back up in the second half. Okay. You highlighted some recent wins on the last call with the ICPs as well. In aggregate, I think it added up to about more than $1 billion over three years with them. How should we think about the magnitude of the incremental opportunity within those wins? How much of that is incremental versus replacing an award that you already had with them? And just talk to us about when to expect that ramp in revenue. Yeah, so the design wins that we described during our earnings call were really to provide, you know, a sense of color in terms of how we're progressing, both in the pluggable space as well as in, you know, with ICPs, but also, you know, with cable as well. So we're seeing these wins really across the customer base. They are, in certain cases, completely incremental. In other cases, they would be additive to existing business, and it's a mix. And we're not going to break out explicitly of that number, you know, how much is new versus a transition. You know, if we think about the magnitude and $100 million-$300 million a year for the next three years, you know, even $100 million at our rate gives us, you know, 6% growth. That is designed to be able to show the opportunity that we have to give more confidence, and give me more confidence, quite frankly, as we look at the growth rates that we're projecting out for 2025, 2026, and beyond. The design wins are, in some cases, like we talked about one large hyperscaler in the 800G space, right? First large pluggable win for us. I mean, meaningfully large pluggable win. Others are design wins that we still have to go out and execute, right, and get those PO, POs in hand. But we tried to size in that range the opportunity that we think, Infinera would hold, right? That's not the total opportunity, but what would be our wallet share or our portion of that opportunity. So, you know, we're really excited about it. We obviously have to execute. We have to deliver on time. We have to make sure that, you know, we continue to work with those clients to win that business. But, having the design win in hand really, you know, helps our entire team in terms of building confidence in those outer years. Okay. And just to follow up, what does it do in terms of these new wins to broaden out your customer base? Are these new customers in the sense you've not worked with them before, or are these more incremental use cases with the same customer? Great question. It's both, right? Yeah. And that's what—it's customers that, you know, we haven't sold to in the past, that or if we have, it's been, you know, in much lower quantities. And then there are some that are going into new areas with us, right? Line system wins, where we've never sold a line system to that client before. Or, you know, the advent of the pluggable, moving into that space. So it's a combination of both existing customers and new. Okay, got it. Moving to just focusing on pluggables, just share what your latest sort of estimates are for how big this market is. It's been sort of below expectation for a while, and now it's finally seems to be ramping up. How are you thinking about the pluggables revenue opportunity ramping as an industry from here on, and how much of that would you say goes into service provider versus ICPs? Any thoughts around that? Yeah, I mean, the pluggable market for us, right, as we enter in with our-- We have our 400G that is available both in ZR as well as with our ICE-X, right, capability. We use that both internally to vertically integrate our metro platform. That will allow us to expand margins in our metro space as in our metro platform, as well as selling those externally. But really, the 800G and the wins that we've seen there, that, you know, allows us to see this TAM that could be upward of $2 billion, and- Over time. And it's, you know, something that we don't play in at all today. You know, there's a question and a discussion about, well, how much of that pluggable, right, cannibalizes or could work into the embedded space? And really, you know, as we look at it, clients are gonna need both the embedded and the pluggable, and it's gonna depend on the workloads and their particular needs. But for us, having access to that entire market really does open up and expand our revenue opportunity. If I think about our own business over time, right, our—we're still, you know, very much an embedded space. Over the next, you know, starting in 2024, you'll start to see some of that revenue start to come in from external sale of plugs, and really expanding in 2025, 2026, and 2027. Okay. Summing at the highest level- Mm. Today, 400G ZR+ is kind of what we're positioning with service providers, and then the 800G is the intersection with ICPs in general. So that's how the portfolio is. And then within 400G ZR+, and you heard us talk about this in the earnings call, we obviously support point-to-point use cases, but we're also enabling some very interesting use cases like you've heard us reference, BiDi, basically bi-directional fiber, as well as sort of PON overlay. So there's some interesting use cases that we're able to leverage our subcarrier technology that enables these new use cases. But that's kind of at a high level, the distinction between service providers and ICPs. Got it. In the two billion number that you referenced, is there a split that you think of in terms of where the demand comes from ICPs or service providers? I think- Today, if I look at it, we mainly pay attention to the 400 gig plus market. I think today it's around $1 billion plus, and most of that would be 400 gig, and I would say the majority of that is probably driven by ICPs. Over time, and this is just my swag, I would guess ICPs are probably still the larger consumer, but yes, we would expect service providers also to shift towards particularly the adoption of 400 gig. Okay, got it. And that's largely representative of your revenue, how it ramps over the next few years as well, more from ICPs- That's right. Minority comes from service providers. That's right. That's right. Okay, great. Maybe just to put a finer point around the vertical integration and the gross- Mm-hmm ... margin benefit there, just, maybe walk us through sort of how it helps you in the higher vertical integration, and what kind of step up in margins on a product basis should we think of, or how much of a differential to the corporate margin should we think of as that vertical integration plays out? Yeah. We today, if I think about our markets that I outlined earlier, from the long-haul subsea space, that is a vertically integrated market for us, right? The products that we sell into that. And that is what has enabled us as we've brought forward ICE6 and now ICE7 and beyond, that step-up in margin that we saw from the high 30s, you know, up bumping against the 40% level. The next phase in expanding that gross margin is really with vertically integrating our metro platforms. So metro represents about 45% of our revenue today. Today, it is primarily using external components. We are in the process of bringing forward our 400G into that platform. That will give us another 100 basis points-200 basis points in terms of margin expansion as I look out over the next, you know, year to 18 months, year to two years, probably. 'Cause it, it just takes time, right, for that transition to occur. Then the pluggables, if you think about our, our DSP and our optics together in the pluggable, that is another vertically integrated platform for us that will allow us, as we talked about, to see accretive margins on top of that 40%-45% range that we have laid out as our target business model. And then lastly, you know, ICE-D and the 2026 and beyond, that's really an optics play for us. That also allows additional expansion. So, you know, we've had with 2024, you know, we talked about this year, our margin being relatively flat year-over-year with 2023, just given the first half start. And, you know, the number of line systems that we deployed in the first half in Q1 and certainly carrying over is impacting our gross margin in that period by about 150 basis points-200 basis points. As we start to fill that, you'll see the margins improve in the back half of the year. But overall, for the year, expect about flat 40%, and then we do expect to get back on our trajectory of increasing margin in the 200 basis point, 200 basis points-300 basis points, as we go out into 2026, 2027, to get us to that target model, which will be margins in the mid-40% range, and double-digit operating margins. Yeah. Going back to the 100 basis points-200 basis points you mentioned on the metro applications, how much of that is contingent on volume, because you did mention the fab utilization. Mm-hmm. Is that more of a range in terms of the 100 basis points you get if you get a certain level of volume, the 200 basis points is on a higher volume? Just trying to think, is there more as you go beyond that with more volume scaling? I think in this particular instance, it's really more about how many of the metro platforms that are being sold incorporate our own plug. So it's less about the volume and more about the percent that's vertically integrated. So if a customer today is taking metro, utilizing someone else's component in there, right, it may take them time to make that transition to use the 400G. Whereas a new client that comes, you know, we'll be working with them to have our own plug within that metro platform. It's that mix of product that goes out, more so than the volume at this stage. Now, the volume helps, but I think of that 100 basis points-200 basis points, it's really more the cost savings and the performance benefit that we're able to offer to our clients by using our own 400G. The short answer to the second part, yes, there's more. Because as Nancy said, almost—I mean, I mean, depending on the quarter, 45%, 48%, 40% of our product revenue is metro. So if you go to a 100% VI, yes, it would be more than the 100 basis points-200 basis points. Okay. And by the way, when we talk about margin accretion, it's usually in the context of mix. To us, any fixed cost absorption benefit would be incremental. We haven't really quantified that. Yeah. I think particularly when we shift to pluggables and ICE, I think that's when you really see volumes go up. That's when I think it gets more interesting. Okay, got it. Nancy, going back to the other aspect that you were mentioning, which is the concern about pluggables being a deflationary impact on the system business or chassis business. As much as I hear you in terms of your positioning being strong in both, there's still a deflationary impact if pluggables replace chassis. How do you think about the overall sort of impact there? Anything that mitigates that, because get that you have a, a ability to get high share on both, but then- Mm-hmm ... obviously, there's a pricing impact there. Yeah, I mean, I think, you know, sitting here in our share position today, right? If... I am absolutely advocating for growth in both, right? And if I look at our opportunity to grow both on the system side as well as on, you know, we call it the subsystems or the pluggable side, right? Sitting here, you know, in our share position, we absolutely have the ability to benefit from the growth in both, in both areas. The 800G technology and the adoption and the interest that we're seeing in that does give us the confidence that as that market expands, right, we are gonna be well-positioned to be able to take advantage of some of that. But we are still trying to grow our share, certainly in both areas of those markets. We're not sitting, as, you know, the 40%-50% shareholder or a market shareholder right now that has that, that to give. I mean, we have the ability to grow in both and, and be very successful doing that over the next years. Okay. Going back to service provider for a bit, and just want to discuss two opportunities that have been discussed over the years. One is the Huawei replacement opportunity. Where do we stand today? Is there more to go in terms of those replacements? I can assume that some of the awards have come through, but probably, what are you going to see in terms of revenue on that front? Just help us through, because Huawei seems to, at least in the numbers that we look at from third-party analysts, the share seems to be still pretty high. Yeah, we keep, we keep waiting to see that drop, don't we? It really is market specific. So in certain markets, you know, we are still seeing them, right, and competing with them in terms of different RFPs. But there are more and more, you know, across our international space where they're not being invited to participate, and that is just taking longer, right? It's taking, you know, several years. When we started this journey, and, you know, the discussion on Huawei last year when we were sitting here, right, we thought it was two to three years. It's probably still in that space. It's going to take time to see that share move to other parts of the market, right? Whether it goes to us or someone else. But, the two billion dollars outside of China, in terms of what we think is still kind of up for grabs, it's come down a little bit, I think $1.7 billion-ish, is that- Very little, yeah. Yeah. Yeah. But not meaningful at this point. But we do see that happening over time, as they are invited to less and less of these RFPs. But it does also, you know, give us, you know, the conversations that we're having about, you know, made in America, having our fab and our advanced test and packaging here in the United States. We are having very different conversations with clients as they think about, you know, longer term, how do they look at security in terms of their network deployments? And it's opening up new conversations, certainly. Okay, all right. How much is, when you talk about the Huawei opportunity, the $1.7 billion, how much is India part of it? Because my team just mentioned to me there's an article this morning talking about Infinera's India opportunity. So how do we think about how much of overlap there is, and how—what do you see as the total sort of, drive, total India opportunity or the drivers of that? Yeah, the drivers for sure. It's interesting that we talk about the ICPs and the percent of revenue that it represents. I think it was 38% last year. But there's a whole portion of the market, a large portion of that in India, which is influenced by those ICPs. So if we look at the managed optical networks or MOFNs, we call them, they are influenced heavily by the ICPs, and we are starting to see those wins come through India, and those represent, you know, you know, incremental upside to us. We have not been a big player in India to date, but we are seeing those wins start to happen, which gives us, you know, a lot of confidence in terms of our growth there. So-... and if you add in that level of ICP, we call it influence, it's really, you know, closer to 50% of the revenue that we saw in 2023, and we expect that to continue in 2024. Anything more on the market size in India? No, I was gonna say something. I don't know the exact data, but look, India is an important market. Our initial attack vector is via these MOFN deals, which then extend into terrestrial. I think it'll be a fast-growing market for us, but I don't think it'll be particularly huge at this stage, but it is probably one of the faster-growing markets for us over time. Okay. And sorry, Amitabh, I might have missed that point. Just to clarify, the ICPs you think of getting wins with in the India market are the same in the Western world that you have already won, or are these new customers you're thinking of that are specific to that region? Well, there's about four or five major ones. It's typically the same. Okay. Yeah. Got it. Moving to talking about the financials here for a bit. You've guided to 8%-12% revenue CAGR in the medium term, which compares to what you've delivered between 2020 and 2024, which is 3% CAGR. So just walk us through what's different in the current landscape, what changes in terms of the growth going from that 3% to 8%-12% CAGR? I think our math is a little different. I mean, if we look back 2020-2023, I think it's closer to 6% growth. Right. Yeah. Right. So, you know, we can walk through that after. But, if we really break it into the embedded systems business, right? And to your point on that growth, we think we're likely in the 5%-6% range going, you know, after 2024. And then on top of that, you add growth from the pluggables. That's what gives us that 8%-12%. So it's really a combination of the both, as we talked about, impacting our ability to hit that 8%-12%. Okay. Okay, got it. Yeah, I think just the simple math that we do, Samik, is if you look at the long-term projections for the systems market, it's somewhere between a 2%-4% CAGR. Given the design wins, given the fact that we weren't even around in the 400G cycle, 800G sort of reestablished us. Our base case assumption is we should be able to do better than the market. So systems, we think 5%-6% growth. Mm. And then, like Nancy said, most of that incremental between the 6% to the 8% to 12% is pluggables. So we need that engine to fire, and as we get into the back half of 2025 and beyond, that's where I think it starts to get interesting. And like Nancy said earlier, just a $100 million—I'm saying just, but a $100 million of incremental revenue is 5 percentage points-6 percentage points of growth on our $1.6, $1.7, so it really starts to move the needle. So that's the way we think of the layers of the cake, and then ICE-D and everything else is just incremental on top of that. Got it. Got it. And then maybe just working from the revenue down, you talked about the gross margin quite a bit. The operating margin leverage, how should we think about that playing out? You're obviously getting some extra cost at this point, but, how should we think about the investments that need to support that revenue growth? Yeah, well, I mean, we're really focused on the specific R&D that needs to happen in order for us to hit our 800G roadmap milestones. Interestingly enough, the investment in ICE-D is very modest relative to if you were to lay out, right, an ICE7 or an ICE 8, or the 800G on the pluggable side, right? Very different dynamics in terms of that. You can think of that in, you know, tens of millions of dollars versus, you know, over time, you know, hundreds of millions that we spend in R&D. We should start to see that leverage really probably in the 2026 timeframe, some in 2025 with the revenue growth. But we've, you know, we've, we're gonna continue to focus those investment dollars in those key programs. As I look at our first half, right, and I think about Q1 in particular and the outlook for Q2, you know, we've had some very candid conversations about, you know, what does 2024 and 2025 really look like, and how do we have that confidence to continue those investments? Right now, they're critical, and they're you know, they are opening up so many other opportunities. And those design wins, you know, really are what are allowing us to say, "Okay, this growth rate that we see in 2025, 2026, and beyond has bottoms-up detail behind it," right? By client, where we expect to be, by program, that then say, "Okay, we need to continue these investments, you know, at the level we are right now." We're keeping, we're you know, we're keeping things tight. You see us managing OpEx very, very carefully, and we call it, you know, the investment side versus the spend side. And we are, we're gonna continue to manage that. You should start to see that leverage play out with the revenue growth in 2025, and then certainly by 2026, 2027. We've said—you know, we shared this at our Investor Day, last year, that, you know, the overall, OpEx as a percent of revenue should be down in that 30% to, 29% to 31%, right, as we're in the 2027, 2028 period. Okay. All right. I know we've already talked about gross margins a bit, but just remind us, in terms of thinking about 2026 or in that timeframe, where do you want to be in terms of vertical integration or vertically integrated product, vertically integrated products as portion of your portfolio? What are the targets on that front, that we should be sort of looking, that you- Mm-hmm. ... monitoring you against? Yeah, right now we're sitting kind of in the mid-50s. So, if we think about gaining, you know, or increasing that probably between 5% and 10% this year, and then probably another 10% between then and 2026. So in the 70%-75% range is where we believe we'll be able to get. And, you know, if it, it's all gonna depend, as Amitabh said, in terms of the product mix, the customer mix. And at that time, you know, the mix of, you know, how much of our revenue is coming from the pluggables versus the embedded. Okay, got it. So now translate all of that to me, to cash flow. Mm-hmm. Because that's always been a key focus with Infinera. What does that translate to in terms of a sustainable cash flow level that investors should expect? Yeah, I mean, in the 2026, 2027 timeframe, I mean, we should be generating, call it $200 million in free cash flow at that time. That's gonna require us, obviously, to execute on these roadmaps to see the growth in the revenue trajectory that we're putting out there. I mean, all of the factors have to line up there, but that is the, you know, the range that we should be in at that time. Okay, got it. Before we wrap up, just wanted an update on sort of how to think about where you are with the requirements from the exchange in terms of- Mm-hmm ... compliance. I think you had an 8-K on that front as of yesterday as well. Just also the incremental cost that you're incurring right now on that front. Yeah. So I mean, just to provide a little bit of backdrop, last year, as is a normal process, the PCAOB, which is the oversight body that looks at all external auditors, our 2022 work papers from our external auditors were chosen to be inspected, they call it. We went through that process with our auditors. It caused a delay in the filing of our Q3 2023 results. We did file those on February 29th. There were no misstatements, no adjustments made to the financials, but it took a, you know, quite a long period of time. Having that behind us in February, then we walked straight into our year-end audit and our Q1 review. So really happy that we filed our 10-K last Friday. We are... We also announced our Q1 financial results last week, and the Q will follow, I will say, as soon as practicable, which means, you know, we are at the closing end of that right now. We did put out the 8-K yesterday, which is a requirement, given the fact that we are delayed, but you should expect to see that soon. From here on, we should just expect A normal cadence. Yeah. Mm-hmm. It's really just time to get through, in connection with our audit firm, giving them the time to get through their audit, to get through their review for Q1. You know, we've been working very hard to get that done. When you get back to normal cadence, is there a, you know, amount of OpEx that comes out? Yes. So right now, you can think about, we're spending somewhere $2 million-$3 million a quarter more than we would on a normal basis. Okay. Last one for you: CHIPS Act. Yes. What's happening on that front? Any update on timing that we should expect something? We are continuing to believe that we're well-positioned in terms of what the CHIPS office is looking for, right? We have our indium phosphide fab in California, very obviously unique and important technology for telecommunications and for networks across the U.S., and then our advanced test and packaging in Pennsylvania. The attributes that they're looking for, we believe we're very closely aligned to. I cannot say much more than that at this time, but certainly we'll be keeping you updated as we learn more from them. We have said that, you know, you've seen some of the larger companies receive their awards. We do expect that the CHIPS office is now moving on to some of the companies that are perhaps more in our size and scale, and I would just say stay tuned. None of that is incorporated into our financial outlook, by the way. Okay, great. I'll wrap it up there. Thank you for coming to the conference. Thanks very much. Thank you to the audience as well. Thank you. Thank you. Thank you.