Good day, and thank you for standing by. Welcome to the Intel Business Update Call. At this time, all phone participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you'll need to press star, then one on your telephone keypad. Please be advised today's conference may be recorded. If you require operator assistance during the call, please press star, then zero. I'd now like to hand the conference over to Tony Balow, Head of Investor Relations. Please go ahead. Good morning. Today's discussion includes forward-looking statements which are subject to risks and uncertainties. Please refer to Intel's SEC filings available at intc.com for more information on the risk factors that could cause actual results to differ materially. Now I'd like to welcome our Chief Executive Officers of both Intel and Mobileye, Pat Gelsinger and Professor Amnon Shashua. Pat? Hey. Hey, thanks, Tony. Let me kick it off. Hello, everyone. Thanks for joining us today. I'm sure you've seen by now the exciting news that we issued this morning that Amnon and I, along with the full support of the board of directors, have announced our intent to take Mobileye public. We expect that to be an offering in the U.S. in 2022. While it's still early in the process, we felt it was appropriate to give shareholders, customers, market, you know, early visibility into this next chapter of Mobileye's future. You know, you may be wondering why we're doing this at this time, and I'll say first, you know, this is part of a strategic plan that we've been working on as a company across the range of activities and our manufacturing build-out, our becoming a foundry, our new business growth. With Mobileye, you know, this very exciting point in their progression. Really, Mobileye has been the company that's created ADAS. You know, that category and their share there is very strong and growing, but now moving into the broader autonomous vehicle capabilities. By taking it public, you know, we believe this will bring greater visibility to the capabilities that they've been pioneering and really be able to unlock this value that they've been driving and doing so in a tax-efficient way. Creating a separate company, as we're suggesting, will enable the growth and the track record, but also to give them the capabilities to further expand and grow. Intel will continue to be energetically supporting Mobileye. We've seen that there are numerous aspects of how we're able to complement and accelerate their growth, and we see those expanding as we go forward, where Mobileye is building vertical capabilities for AV and Intel increasingly an open platform as we've expanded our foundry for automotive sector, as well as a broader portfolio of our products. It really is the best of both. With Mobileye's founder, Amnon Shashua, you know, he will remain the CEO. I'll become the chair of the board for it, and the executive team continues as part of it. It'll be a very smooth transition. We expect Intel will continue to hold a large majority of the ownership of Mobileye and build on the great partnership that we've had so far. You know, when you think about the automotive sector, we think that we're at this inflection point in the AV category. You know, the amount of silicon that goes into a car is expanding significantly over this decade, and estimates would say on the order of 5x, going from 4% to 20%. It really is a point in time where cars are becoming computers on wheels. You know, I'd just say that Intel's acquisition of Mobileye has been extremely successful. You know, the most successful acquisition that Intel's ever made. With that, I'll turn it over to Amnon for a few introductory comments from him as well. Amnon? Hey, thanks, Pat, and thanks everyone for joining in into this call. Our journey over the past four years has been truly incredible. You know, besides the fact that we tripled our manpower from 750 to 2,500 employees, tripled our revenue, tripled the number of chips delivered every year, we really have expanded our horizons and market opportunities and technologies. For example, very recently, we shipped our 100 millionth EyeQ chip. It's a remarkable milestone. Intel opened the door for us to new assets and achievements that would be seemed impossible four years ago. Mobileye now has the assets to go from sand, which is silicon, to a full-fledged self-driving system at scale, a complete vertical integration. Let me go over a bit of those components. On top of our advanced silicon, which we call EyeQ, we have our computer vision algorithms that have grown from supporting a front-facing camera to a full surround end-to-end perception. We have driving policy and control with agility of human drivers. We have high-definition mapping at scale using crowdsourced data from our driving assist systems. We have a comprehensive safety framework, which we published back in 2017 called RSS. We have under development a game-changing imaging radar technology. We have under development the most advanced frequency-modulated continuous wave LiDAR using Silicon Photonics manufactured by Intel fabs. We have deals on all fronts, from ADAS to premium ADAS to robotaxi to consumer AV to back it all up. I think much has been revealed about Mobileye in the past four years as Intel has been reporting Mobileye's quarterly financials, and I have been giving status presentations every year at CES. The coming months ahead, where we prepare for an IPO, will be a great opportunity to put it all together as an exciting pure play in an incredible transformative market. I'll be happy to open the floor for questions. If you'd like to ask a question at this time, please press the star, then the number one key on your touchtone telephone. To withdraw your question, press the pound key. As is our normal practice, we ask that you limit yourself to one question. Our first question comes from Ross Seymore with Deutsche Bank. Hi, guys. Thanks for letting me ask a question, and congratulations on this deal. Pat, I guess I wanted to ask you maybe a two-part question if I can. Are you really doing this because you want to or you have to? Is it a funding mechanism for IDM 2.0? Is it a monetization effort for shareholders and for the Mobileye side? Just give a little bit more color on the strategic thought behind this. The simple answer is I want to. You know, this is a hot category. We have a very unique asset with Mobileye, and we want to do everything we can to accelerate its momentum in the marketplace. The visibility that this will have to customers, to shareholders, you know, employees and future talent, as well as, you know, I'll say the experience that I certainly went through with VMware on how to have such a relationship in an operational and scalable way to really get the best of both. We do see it as a way to expose that value to the market and shareholders with, you know, what we would expect is a different multiple range. We also believe that these areas of collaboration that Amnon briefly articulated in his opening remarks are very substantial. We see for the next 5, 10, 15 years that there's a value creation cycle in front of us that this structure will allow us to take advantage of. You know, we do expect that Mobileye will have a very healthy balance sheet when we do this spin. We really wanna give them the firepower to be successful. At the same time, there will be some cash benefits. You know, overall, Intel sees that we have the balance sheet, the debt ratings, et cetera, the cash flows from our business, that we can execute our IDM strategy with or without this transition. We do, you know, are anxious to see it fully realized in the marketplace. This is the right time. This is a unique asset, and we're gonna make the right moves to fully realize that potential. Thank you. Our next question comes from Ben Klayman with Reuters. Yeah. Hi. Thanks for taking my question. Pat, I just wanted to—I don't know if you guys are, you know, giving any details yet. I know you talked about you would retain the majority ownership in Mobileye. Are you guys saying how much will be spun off and at what valuation that will be? Yeah. We haven't, you know, and it's premature at this point to give those kind of details. You know, what we have said is a clear majority. We also expect that there are very tax-efficient mechanisms for creating such a structure, which probably you know, is code word for you can probably figure out most of the details behind that, given some of the other transactions that have occurred. Valuation will be set as we get closer to the actual filings and IPO itself. We do see this as a great undervalued, underappreciated asset that this will give a lot more visibility to in the marketplace as a result of this move. Thank you. Our next question comes from John Pitzer with Credit Suisse. Yeah. Good morning, guys. Thanks for letting me ask the questions. Congratulations both Pat and Amnon. You know, Amnon, talking about kind of the financial reason for doing this seems to make a lot of sense. I'm wondering if you can help us better understand kind of from a fundamental perspective how you might run the Mobileye asset differently as a standalone company. You've been a highly profitable business inside of Intel. What would the spin do to kind of help you kind of further the goals at Mobileye more quickly? Pat, to the extent that Mobileye has a lot of IP and talent around AI and ML, which is what AV really is, how do you ensure that that continues to kind of permeate throughout the Intel organization post the spin? Yeah. Amnon, why don't you start and I'll add. Very good. From Mobileye's perspective, I think the key message is visibility. Being a publicly traded company, being followed by analysts, having the public have a chance to enjoy the success of Mobileye, creates a visibility that, you know, will boost our business and customer relationships. It's not necessarily financial play, but Mobileye has been, as you said, this is a profitable company. We'll have a strong enough balance sheet to pursue acquisitions if we need. But we can also rely on Intel as being the majority shareholder to help us with major acquisitions if we need to post IPO. Really the main message is that visibility will have a new currency to boost talent retention and hiring. Visibility is something that is kind of all-inclusive. It will boost everything. Every aspect of our business, visibility would boost. You know, as Amnon has indicated. I'm sorry. You know, Amnon's in Israel meeting with his team today as we announce this, so, apologize for any of the audio quality issues there, but hopefully they continue to correct themselves. You know, I'd just add to that you know, we do see this opportunity to partner between the assets of Intel and Mobileye in an ongoing way, going forward. As we structure the agreement, you know, there'll be technology sharing agreements, there'll be distribution agreements that give us really the best of both worlds. You know, as I briefly described in my opening comments, John, you know, this idea of vertical and horizontal capabilities to engage the automotive industry. As I've announced, we'll be a foundry for the automotive segment with unique services and offerings there. We'll be creating, you know, open automotive capabilities for the industry, and we'll have complete vertical solutions with Mobileye. We expect this to be a very vibrant interchange between Mobileye. In many respects, we've been operating Mobileye reasonably autonomously to date, where they get to leverage the capabilities of Intel but still be able to operate quite uniquely. This will clarify that a little bit further for the operating model. You know, as we also look at this in a period where, you know, the automotive semiconductor shortage has been a key challenge for the industry. Wow. You know, we just have so many more assets to help Mobileye in that environment to grow bigger and faster, you know, that they're highly motivated. Our majority ownership will keep Intel highly motivated, and the joint innovation cycle will have our customers, you know, benefiting from the work that we'll be doing together. We see this as a very exciting, you know, sustainable collaboration model into the future. As you say, you know, the AI learnings and other capabilities, yeah, they'll be pouring back into the broader range of Intel in this category and in others. Thank you. As a reminder, if you'd like to ask a question at this time, that is star then one. Our next question comes from Christiaan Hetzner with Fortune. Yes, many thanks for taking my question. Pat, I was wondering if you could just clarify a little bit about what you said in terms of this being the most successful acquisition Intel has done to date. On what basis would you say that was on? Since ultimately it feels that, as you said, this business has been run relatively independently, and there's been very little, if any, technological integration. I don't even think the chips from Mobileye are manufactured at an Intel fab. Perhaps you could comment on that, and just in terms of where the proceeds from the IPO will go to if your business plan is not predicated on the need to sell this stake, then would all the proceeds from the IPO go to Mobileye's business? Thank you. Let me clarify the last aspect of the question first. You know, the cash proceeds, Mobileye will have a healthy balance sheet, and the majority of the proceeds will come to Intel. Don't know why they have an echo here. They'll come to Intel and benefit our overall general capital requirements. As I said, we don't see that we're doing this because we need to do this for cash generation. It certainly will be helpful in our overall aggressive build-out plans. Helpful, not required, and we do expect that we'll well capitalize the growth of the Mobileye business. In terms of my statement of one of the most successful acquisitions, you know, clearly, we expect the value creation aspect of this to be the aspect that drives that very successful, you know, characterization that I've suggested for this acquisition. The benefits of Mobileye, you know, as Amnon described, they have gotten substantial value from being part of Intel. They've been able to grow more rapidly, able to infuse talent more rapidly. We do expect that areas like supply chain integration will be helpful to assure their continuity of operations, as the overall semiconductor shortage persists. We also expect that areas like LIDAR, you know, technology that we're adding into this asset, the ability to do acquisitions like Moovit. You know, there's been a lot of value creation already. As Amnon and I have indicated, we're just getting started. Maybe it's a bit prophetic of me to characterize it so boldly as I have, but we're excited about this category. You know, Intel as an acquirer has had a mixed history, you know, and this is unquestionably a very successful one for all parties involved. Many thanks. Our next question comes from Timothy Arcuri with UBS. Thanks a lot. Pat, as you know, you know, well-known, VMware used to get a big discount during the Dell, you know, EMC days due to the overhang. I guess my question is, how much does that factor into your decision tree here? Thanks. Yeah. You know, we see that we're in a cycle of value creation in this category. You know, the ability for us to accelerate Mobileye's growth, you know, to benefit from the technology, from the supply chain, the other areas that we've already touched on in the call, we think is substantial. While there may be some sum-of-parts discounts, we already know that Intel's trading at a very low multiple compared to the high growth, high profit characteristics that Mobileye is already experiencing. You know, many IPOs at this stage of company, you know, they can talk about their growth rate. They can't talk about their profitability. In Mobileye's case, we can talk about both, right? We're at an inflection point, you know, as we move from ADAS to AV, you know, where this asset is really only comparable to Tesla, right? In that regard and a very different business model. We do think that, you know, it has just this unique characteristics at this point in time that we're gonna be, you know, enabling and broadly making available, and as Amnon says, bringing much more visibility to the market, to the customers, and to the financial community around it. Overall, this feels like the right asset, the right point in time, and the best structure to maximize what we think is 5, 10, 15 years of value creation in front of us. I got it, Pat, thank you so much. Our next question comes from Ian King with Bloomberg. Hey, good morning. Thank you. I wonder if I could give you an opportunity to toot your own a little bit. Obviously, there are a lot of us out here who've been listening to various other companies talk about what they're gonna do in this space, talk about, you know, numbers of tie-ups. To be honest with you, it's a little bit difficult to track who's doing what with who. Clearly, you guys are out there talking about revenue, talking about profitability. I wonder if I could just give you an opportunity to talk about where you are relative to the competition, and I'm talking about Mobileye, please. Yeah. Amnon, why don't you do that bit? Yeah. We have ADAS. We are moving to a premium ADAS. In ADAS, we were clear leaders in all fronts. We're moving to premium ADAS. For example, we just launched in China a brand of Geely called the ZEEKR, with it's a system with 11 cameras and two EyeQ5 chips that's going to provide, you know, unparalleled performance of, you know, premium driving assist. We're launching a Level 3 with BMW early next year. We have multiple deals going forward in all aspects of ADAS, premium ADAS, robotaxi, consumer AV. We are the only actor that has the ability to build high-definition maps using crowdsourced data. We're receiving about 10 million kilometers of data every day for building high-definition maps. We are the only actor with a really comprehensive safety model called the RSS, which is the basis for many of the legislations going forward. We feel that, you know, as Pat said, it's an inflection point. We'll be launching our robotaxi that we unveiled back at the IAA in Munich in September, middle of 2022. Consumer AV is also around the corner. All our work is building the technology for scale. Cost performance trade-off is such that we can go for scale in a 2024-2025 time frame. This is really the right timing to get the right visibility for all that we have achieved in the past four years. Our next question comes from Joseph Moore with Morgan Stanley. Great. Thank you. Congratulations on the transaction. I think it's great. I wonder if you could just talk about how important semiconductors are to the Mobileye roadmap. I was struck by the meeting in Jerusalem a couple of years ago, how much of the value seemed to be around services and systems-level innovation. You know, but you also talked about EyeQ5. Just in general, you know, is the vertical integration aspect a really important component of Mobileye going forward? Yeah, why don't you start on that one, Amnon, and then I'll add some comments at the end of it. Yeah, okay. All of Mobileye is doing is the first and foremost centered around our silicon. We have very, very efficient architecture of a system on chip that we call EyeQ. We launched the fifth generation called EyeQ five. We already spoke about EyeQ6 coming out around the corner. It's a very special architecture, but it's not just brute force, deep learning cycles. There's lots of deep learning capability going on there, but additional cores to cater for a variety of workloads. This gives us efficiency in terms of power consumption, in terms of cost, being able to put something very, very powerful on the windshield for example. To create scalability from low ADAS to very, very high ADAS. This is really the first fundamental step of the Mobileye value chain, our system on chip, our silicon designs. We will be over time, you know, explaining more about our silicon roadmap, but this is really a very, very fundamental asset to the company. You know, the other way to think about this is the role that silicon is playing in the automotive industry broadly. You know, the data that I noted, you know, at the IAA conference that we shared and industry analysts show, you know, this going from 4% of the car bill of materials to 20% of the car bill of materials over this decade. These, you know, the driving force of EV and AV, you know, is driving this fundamental transformation of the auto to becoming a computer on wheels. You know, in that, the role of silicon, the role of the semiconductor supply chain is dramatically increasing not only today, but you know, we expect for the next decade and beyond. Of course, part of what's so exciting about what Mobileye has done is it's not just silicon, it's this complete system aspect, the software stack, the optimization of that, you know, the complete cloud data mapping and RSS framework. It really has become a platform for the entire category of autonomous vehicle. We, Intel, also see that we're gonna be able to apply those technologies to other market segments as well. We do think that this is a, you know, a platform of capabilities that's fueled by semiconductors, and Intel's capacity as a semiconductor supplier, manufacturing at scale is clearly something that will augment the powerful vision that the Mobileye team and Amnon have created. Okay. Thank you. Our next question comes from Robert Wall with Wall Street Journal. Yeah. Hi, can you guys hear me? Yes. Sorry. Thanks. Listen, I had two quick questions for you guys. One is, Pat, why, I guess. Sorry, you might have addressed this earlier. I was a bit late dialing in. Why now? I mean, I guess you haven't worked around last year to do it, but, I mean, I guess, what have you seen here in your months at the company that made you think this kind of a setup is better, given all that's going on in this space? Then I'm just wondering, really in terms of the outlook, for Mobileye that you guys see, how do you see the revenue growth profile, I guess, through the decade? How contingent is it on getting regulatory approval for autonomous driving, which we really don't have, and there's still some uncertainty over, obviously? Yeah. Let me start on that one, and then, I'll ask Amnon to take the last piece of the regulatory aspect. You know, overall, as I came back to the company, you know, getting an assessment for the assets of the company, getting the execution back on track, laying out a bold strategy around manufacturing, getting new businesses launched and becoming a foundry for the industry. You know, all of those assets, you know, and activities are well underway. Getting to know Amnon and the Mobileye team has been just one of these gems inside of the company. Unfortunately, it's maybe a little bit too hidden inside of Intel, which is exactly what we're trying to address by making this move, making it much more visible internally, externally to the market and to the customers. You know, secondly, it's the right time in the market category. When you think about this move from ADAS to AV, you know, it's an inflection point in the industry and one where we have a very unique asset aligned with a very unique inflection point in the industry. So the industry says it's the right time. Finally, as I've gotten to know Amnon and the team, it clearly, you know, benefiting from, you know, my eight years as CEO of VMware. You know, we have, you know, a lot of proof points on how to make this model work. I feel extremely confident in Amnon's leadership and his team. You know, they are on mission to go drive this category. You know, this isn't, you know, this isn't about building a business, this is about transforming the entire transportation experience. You know, that's what this team is about, and Amnon is the leader to do that. This is the asset to make that happen. Amnon, maybe a little bit on the market acceptance and the regulatory topic. Yeah, I think from a regulatory standpoint, in the past six months, the past year, there has been lots of progress worldwide. Germany has enacted laws to enable, you know, driverless cars. Israel is enacting a law. In the U.S., an IEEE program called 2846 is close to finalizing and publishing its finding about how to standardize all aspects of autonomous driving. SAE is also now in the process of doing so. We have been developing formal models, which are the basis of all those discussions. I think there is lots of movement on the regulatory front in order to create, I would say, a regulatory certainty for launching autonomous driving. Thank you. Our next question comes from Vivek Arya with Bank of America. Thank you for taking my question. What is Intel's vision of the main AI processor in the car? Is it a Mobileye, you know, class ASIC, which is very camera-centric, or is it something that is a lot more, you know, kinda high-end of your core or Xeon class? I ask that because the perception is that Mobileye is a very capable ADAS system, but as the world moves to more autonomous, that you will need a lot more processing power, you know, like the kind that NVIDIA and others talk about. What is the future from an Intel perspective, and how does that shape the roadmap that Mobileye has and that what Intel will also want to have from the x86 side to go after the main processor in the car? Thank you. Yeah. You know, maybe I'll take that answer and just sort of lay out the broader vision, and you'll certainly hear more about this, as Intel and Mobileye go forward. You know, we think that what Mobileye has done for the vision LIDAR AV problem, right? Challenge is hard to beat. You know, highly optimized, ruggedized software silicon stack that is optimized for this function. To accomplish what you heard Amnon describe for a consumer capability, hitting the price points with the reliability and regulatory requirements, this is a hard problem. We believe that it's gonna be hard to take general purpose devices and be able to get anywhere close to the capabilities that Amnon and team have been able to accomplish. That's why we believe for this portion of the problem, this is a pretty powerful asset. You know, that said, we do see the total revolution of the auto architecture. We'll just call this, you know, the open, you know, auto platform where Intel is bringing our foundry capabilities, our general purpose CPUs with the capabilities that we have in Xeon class processors. We'll also bring some of our GPUs, some of our IO capabilities, because we do see the car becoming, you know, far more, right, connected, far more, right, infotainment, and far more autonomous. These will be major drivers of compute capabilities. We're gonna present that as a menu of options to the automakers. You know, some might choose to take more, I'll say, open compute capabilities. Some might want to complement those with the complete vertical market capabilities that Mobileye provides. You know, some may choose to just be a foundry customer of ours, but we'll bring a full menu, you know, to the automakers. We think this is what we described today as the top of that stack, a complete system that will over time be opening up more and more capabilities for applications to develop on top of what Mobileye has already done in their core stack as well. Amnon, anything else that you would add? No, I think you covered it greatly. Thank you. Our next question comes from C.J. Muse with Evercore ISI. Yeah, good morning. Good afternoon. Thanks for taking the question. You know, I think the benefits to Mobileye are pretty obvious, currency to attract talent, direct access to the capital markets. But for Intel, it's less clear to me whether this is kinda good or bad strategically. Obviously on a financial perspective, excellent, like you highlighted in terms of, you know, what you paid for the asset and the planned IPO price. But strategically, you know, you spent years pre-Mobileye trying to build an auto business. You had to buy Mobileye to kinda get into it. Now with the spin, what does this do strategically for core Intel's auto business? Would love to hear, you know, perhaps more precise details around how you will continue the partnership, whether you'll be in the pole position or whether it'll be jump ball. Really get a good idea of kind of the core Intel contributions to the automotive segment, you know, over the coming 5-10 years. Yeah, if I build a little bit on the last answer that I was providing, you know, it really does, I'll say, paint this picture of a vertical complete offering with a horizontal capability, right? The former, from Mobileye, and the latter from Intel. You know, we do see Mobileye being the point of the arrow, if I could describe it that way, that in many cases it is just redefining the category. You know, at the same time, there's gonna be a range of requirements for foundry offerings. We're gonna have a automotive, you know, foundry portfolio. We'll have this open auto platform as I described it, that we'll detail more in the future of the capabilities of, you know, the full range of Intel's chips and technologies being made available. You know, as the large majority owner of Mobileye, you know, we'll have a great operational model that frankly isn't all that different than what we're doing today. We operate Mobileye, you know, quite distinctly from the rest of Intel to give it the speed and pace of operation. That'll get more formalized in this structure as we look to the future. I'll be the chairman of the Mobileye board, so driving a great deal of the direction of how that partnership, you know, helps Mobileye. We keep energetically, you know, expanding its momentum in the marketplace, as well as making sure we're harvesting that technology into the broader Intel platform opportunities. You know, we see this as a win-win-win. It's a win for Mobileye, it's a win for Intel, and it's a win for the market. Thanks, Pat. Our next question comes from Harlan Sur with J.P. Morgan. Morning, and congratulations on the announcement. You know, it's been about 18 months since you guys bought Moovit for $900 million. You know, they have a massive global user base, proprietary transportation and transit data, strong mobility ecosystem partnerships. I think they provide Mobileye with sort of the global database that's gonna be crucial, right? For not only driving mobility as a service, but also adding fleets of Mobileye-powered robotaxis to Moovit's platform and really enabling kind of tremendous data collections, enable things like better traffic forecasts for AVs, and so on. I guess the question is Moovit going to be staying with the Mobileye team? Then can you just give us an update on how it's being integrated into the Mobileye team's vision for both robotaxi and consumer AV applications? Pat, should I take it? Yeah, go right ahead, Amnon. Thank you. Yeah. Moovit is going to be part of the Mobileye IPO. It's going to be one of the assets that is going together with Mobileye for an IPO. You know, it's a very critical asset for our mobility as a service deployment. At the IAA in September, when we unveiled our robotaxi, we also gave more details about how the Moovit layers go on top of our self-driving system. We will be in 2022 in Munich and in Israel will be our first pilot where everything is integrated. The Moovit stack is integrated into the Mobileye self-driving system on a specialized consumer vehicle. We'll take it from there. You know, the acquisition of Moovit was a critical piece of a bigger puzzle where we have ADAS, premium ADAS, robotaxi, and consumer AV. The robotaxi part, the mobility as a service has many different types of business models and layers. Moovit is a very critical component. Thank you. That concludes today's question and answer session. I'd like to turn the call back to Pat Gelsinger for closing remarks. Hey, thank you all for joining us today. Today's an exciting announcement. Obviously, we have a fair amount of time until we complete the IPO, but we think we've laid out a clear, powerful picture of how we're going to maximize this asset and a unique asset in a unique time in history for the automotive sector. With that, you know, I again thank you all for your interest in Intel Mobileye and look forward to the next time we have to chat together. Thank you very much. This concludes today's conference call. Thank you for participating. You may now disconnect.