Hello, everyone, and welcome to Lattice's 2021 Investor Day. I'm Rick Muscha, Head of Investor Relations, and we appreciate you joining us here today. I'd like to remind everyone that during our presentation and Q&A today, we may be making some forward-looking statements. These are detailed on our safe harbor disclaimer statement and our SEC filings, including our 10-Ks, 10-Qs, and 8-Ks. We'll also be presenting some non-GAAP financial measures with a full GAAP reconciliation provided on our Investor Relations website following today's event. In terms of today's agenda, Jim Anderson, our CEO, will provide an overview of Lattice and our plans moving forward. Steve Douglass, our Head of R&D, will discuss our products. Esam Elashmawi, our Head of Strategy and Marketing, will discuss our markets and customers. Finally, Sherri Luther, our CFO, will review our financial progress and targets. Following today's presentations, I will moderate a question-and-answer session with our four executives. You will see a text box on the webcast portal where you can submit your question during the presentations or during the Q&A session itself. With that, I'd like to turn it over to Jim to start things off. Thank you. Thank you, Rick, and welcome everybody. Thanks for being with us here today. We really appreciate you spending time with us. We're really happy today to share some of the progress over the last couple of years that we made at Lattice, really rebuilding the foundation of Lattice, but even more excited to share our plans moving forward and the new growth areas that we see for Lattice. Let me go ahead and get started. There's been a lot of changes at Lattice over the last couple of years, that's for sure. But our mission and our strategy have remained completely consistent, and that's to be the absolute leader in low power programmable logic. And what that means is being the industry's best at making small, power efficient, easy-to-use FPGAs and software that goes along with it. Now, that mission has continued to become increasingly important across a growing number of applications across all the different markets that we serve. Whether it's control and management of 5G wireless infrastructure, security and servers used in data centers, client computing systems, network systems, embedded vision applications in industrial automation, in automotive electronics, or many different consumer applications, that mission of power efficiency, small size, ease of use continues to grow in importance to our customers. Now, when we talked back in May of 2019 at our last Investor Day, we talked about driving some significant improvements in the company. There were two areas in particular that we talked about. One was on the product portfolio, on the product roadmap, and the second was on the financials, to drive significant improvement on the financials. When I look back over the last couple of years, really pleased with the progress of the company in both of these areas. I want to take a few minutes here at the beginning to talk about the progress here, because it really does set us up with a great foundation moving forward, a foundation for accelerated growth in the future. Let me start with the product roadmap, because this really is the foundation of the company. This is what our customers are excited about. This is the lifeblood of the company. We made significant progress in basically rebuilding the entire product portfolio of the company over the last couple of years. In particular, if you look at the number of new products that we brought to market over the last two years, and you compare that to the number of new products we were bringing to market, say, three to four years ago, dramatic improvement in the introduction cadence of new products that we're bringing to market. We're also establishing a new high bar with those products. With the introduction of Lattice Nexus to the market, we established a new competitive bar in the market. It's not just building out the hardware devices, but we're building out the software solutions as well. A complete rebuild of the product portfolio over the last couple of years. Now, when we look at competition and we look at where is Lattice focused and compare that to our competition, it's very different. Our traditional FPGA competitors are really focused on making very large, complex, high-powered devices used in things like data center acceleration. Lattice is really focused on the other end of the spectrum. We're innovating around power efficiency, small size, ease of use, and that's growing in importance to a growing number of applications. Things like artificial intelligence at the edge of the network, embedded vision processing, hardware platform security in all sorts of different systems, control and management of 5G wireless infrastructure, industrial automation, and robotics. We see this mission of power efficiency, small size, continuing to grow in importance to these applications. We'll talk more about a number of these different applications later today. In those applications, we're really setting a new high bar with respect to our competitive position in those markets, especially with the introduction of the Lattice Nexus platform, which we brought to market at the end of 2019 and which already started shipping revenue shipments at the end of 2020, within 12 months of the platform launch. We brought three new devices to market so far, each one of those has set a new high bar in terms of competitive performance. If you look at things like power efficiency, for example, and you look at the Nexus devices compared to our competition, we're measuring up to 4x better power efficiency than our competition. When we talk to customers, one of the primary design constraints that they talk to us about is total system power budget. When we're able to bring a solution that's 4x better in power efficiency, that's a tremendous advantage to our customers, and we're doing that while still bringing higher performance as well, up to 2x better video connectivity, for example. We're doing that with really high levels of quality and reliability. Lattice is the world's highest volume FPGA maker, and we bring that high volume with high levels of quality and reliability. Now, beyond building out the product portfolio and really rebuilding that entire portfolio, we're very excited to have rebuilt the revenue profile as well. This is something we talked about a couple of years ago. We talked about how we were going to rebuild the profile around higher quality revenue streams, and that's exactly what we've done over the last few years. If you look at our two largest strategic market segments of Communications and Computing and Industrial and Automotive, those two segments combined have grown by about 12% CAGR over the last three years, and they now account for well over 80% of our revenue. Even the consumer segment, which has been a bit of a headwind for us over the last couple of years and has had more volatile revenue streams, we've rebuilt the underlying revenue stream of that segment as well around much more multi-year applications, higher margin applications, and really stabilized that market segment in the late part of last year. We've rebuilt that revenue foundation, and this gives us a great platform to drive accelerated growth moving forward, which I'll talk more about in a few minutes. Now, beyond revenue, we also talked about a number of other key financial metrics a couple of years ago. We talked about gross margin expansion. This has been a very key focus area for the company. We set a high bar for ourselves to get to over 62% gross margin, and we're already very close to that goal. We've had good OpEx discipline, staying very close over the last couple of years to our target of 35%, and we've seen a significant expansion in operating profit with our most recent quarter and our most recent full year setting new records in terms of operating profit. We've rebuilt the company foundation from both a product perspective and a financial perspective. That puts us on a great footing and gives us a great platform now to drive accelerated growth moving forward. This is what we're really excited about, is really the future of Lattice in this new phase that we're entering, this new growth phase. There's really four areas in particular that I want to touch on that we're excited about. Number one is we're going to continue to extend the Nexus leadership. We've set a new high bar with Nexus. We're going to continue to build out that platform. We're also going to continue to build out our software solutions. This has been a key way for us to reach new customers and expand share of wallet with existing customers. Third, we're really excited about this, we're going to dramatically expand our addressable market, and I'll talk more about that in a few minutes. Then we're going to continue to raise the bar on our financial targets. Let's start with the product roadmap, because this really is the lifeblood of the company. This is what our customers are excited about. We launched Nexus at the end of 2019. We've brought three new device families to market so far. Each one of those device families has set a new high bar in terms of competitiveness. We're going to keep our foot on the gas with respect to Nexus. We're going to continue to extend that leadership. We're bringing out three new Nexus devices over the coming quarters to continue to build out the portfolio. The next new device is coming out in June of this year. That's CertusPro-NX. That's an advanced general-purpose FPGA. We've got two more devices teed up behind that. Key message here is we've not just reestablished leadership in our markets, we're going to continue to extend that leadership. On software, this has been a key part of our strategy. We talked about this a couple of years ago, about how we would build out our software solution portfolio, specifically how we would build application-specific solution stacks that make it very easy for our customers to adopt our solutions and to get to market quickly. The benefit for us is that speeds up our time to revenue and it makes our solutions much more sticky on a multigenerational basis. We brought out three new software solution stacks to date, Lattice sensAI, which is focused on artificial intelligence at the edge of the network, Lattice mVision, which is embedded vision processing, Lattice Sentry, which is our security software stack, and we're going to continue to keep our foot on the gas with respect to software investment, continuing to build out that portfolio with three new software stacks teed up over the coming quarters. In fact, today we're launching Lattice Automate. That's focused on accelerating factory automation and robotics. When we talk to our industrial customers, and we have a lot of industrial customers, we're seeing a tremendous amount of momentum around factory automation and robotics. Lattice devices are a naturally good fit for these applications, and this software makes it super easy for our customers to design our products in quickly and get to market quickly. We're also building out a new 5G O-RAN solution stack for 5G wireless infrastructure and more software stacks to come. Now, as we build out the Nexus roadmap, as we also build out the software solution stack, it's generating a tremendous amount of engagement and activity with our customers. If you ask anybody in the Lattice sales team, especially anybody that's been at the company for a number of years, what they will tell you is this is the highest level of engagement activity that we've had across our customer base in really the company's history. That level of engagement is across both large customers and small customers. Actually, we have over 9,000 customers, a very highly diversified customer base. The approach that we're taking with our customers is a multigenerational approach, not just engaging in point solutions, but engaging in a roadmap of multigenerational innovation that we're driving with our customers. This is helping drive expansion and share of wallet with our existing customers, but it's also helping drive the fastest new acquisition of new customers that we've seen in the company's history. Now, one of the common questions I get from customers, I get this question all the time. Can you expand your portfolio further? Actually, they've been asking me this question since I joined in 2018 is, "Hey, we like the Nexus products, we like the roadmap, we like the build-out of the software solutions, but can you bring us an even broader set of products?" Really at customer request, what we're really excited to announce today, for the first time ever, is the Lattice Avant platform. The Avant platform is a new FPGA platform that we've been developing for actually quite a while now. It's based on our expertise around power efficiency, low power architecture. It significantly expands the capability and capacity beyond Lattice Nexus. Actually, if you use Lattice Nexus as a comparison, Lattice Avant will increase our capability and capacity by 5x. That will allow us to enter an entirely new portion of the FPGA market, specifically the mid-range FPGA market. We started development of the Lattice Avant platform in late 2019. We're expecting launch of this new platform in the second half of next year, and I can tell you the whole company is very excited about this. The engineering team, of course, is really excited. They're working very busily to bring this to market. Also our sales and marketing team, as they engage with customers, very excited about this platform. Actually, one of the neat things is our large strategic customers have been engaged really since the beginning of the development. Those same customers that have been asking us to expand the portfolio, they've been engaged from the beginning, helping us define that Avant platform and the feature set that it'll include. With Avant, we will significantly expand our addressable market. If you look at today with Lattice Nexus and the products that preceded Nexus, today we service a market that's about $3 billion in size. When we bring Avant to market next year, we will double that market size. We'll double it to $6 billion. With the expansion of Nexus, with the expansion of the software portfolio, and with the addition of Lattice Avant, what do we expect in terms of growth moving forward? We really think that we're entering a new growth phase for the company. We're focused on driving double-digit growth on a consistent basis over the coming years. Let me first talk about where is that growth expected to come from a market segment perspective. We expect that growth to come from the same market segments that have already been driving growth for us over the last couple of years. First of all, communications and computing. This has been a great growth market for us. Over the last two years, this segment has grown double digits for the last two consecutive years, where we expect to continue to expand our dollars of content per server for data center servers. We see a large greenfield growth opportunity in client computing. We've already seen new customer programs ramping in client computing last year that'll continue to ramp this year, and we see new platforms coming in the following years. 5G infrastructure build-outs will continue to be a growth area for us. We have 30% more content on a 5G base station than on a 4G base station. We're still early in 5G build-outs. We expect this to continue to be a growth area for us. Industrial and automotive, this has also been a strong segment for us. This segment grew 11% year-over-year for us last year. We expect this to continue to drive growth, new programs in industrial robotics, industrial automation, and safety, and a very healthy design win pipeline on automotive electronics. Even the consumer segment, which has been a bit of a headwind for us over the last couple of years, we've stabilized this segment at the end of last year, and we see modest growth potential for the consumer segment moving forward as well. Esam will talk more about this in a few minutes. He'll walk you through each one of the segments and some of the key application drivers in each one of these segments. From a product perspective, in the near term, Nexus will drive top-line growth. Nexus just started ramping at the end of last year, ramping into full production this year and in the years to come. As we bring more devices, more Nexus-based devices to market, this will really be the primary growth driver for the company in terms of top-line growth in the near term. As we bring Avant to market and ramp that into production, that'll provide additional revenue acceleration out in time. Beyond revenue growth, we're also raising the bar in some of our other financial targets. For instance, in gross margin, our old target has been 62%. We're raising our target to 65%. On OpEx, we're going to maintain our target at 35%. We believe that's the right level of investment for the business. We're going to continue to expand operating profit. We're raising our operating profit target to 30% + moving forward. Later in Sherri's section, she'll talk more about the progress we made on the financials, but the new targets that we're setting for ourselves as well. Now, I've talked a lot about what we're planning to do moving forward and what we've done over the last couple of years, but just as important as what we do is how we do it. We're holding ourselves to the highest ESG standards. At Lattice, we're driving a culture of innovation, and that innovation is focused around things like power efficiency. As we drive power efficiency for our devices, that drives power efficiency for our customers' systems. That drives energy savings, which directly benefits the environment. We also take our social responsibilities very seriously, whether that means how we treat our employees, how we treat our customers, how we work with our supply chain partners to make sure they're upholding good ESG standards, and how we engage and promote our local communities as well. Of course, transparency and integrity are always important in all of our business practices. We believe strong ESG standards help us drive long-term shareholder value. In summary, we believe we're positioned in great growth end markets. We're not just positioned in those markets, we're really leading in those markets with a completely rebuilt product portfolio, both from a hardware perspective with Nexus and from a software solution perspective as well. We're leading in the markets that we serve today, but we're really excited about doubling our addressable market as we bring the Lattice Avant platform to market next year. We're continuing to raise our financial targets. As you hear from the rest of the team through the rest of the presentation, you'll see that we're all very excited about entering this new growth phase for the company. I want to thank you one more time for being with us here today. Happy to answer any questions during the Q&A period later today. With that, I'll hand it off to Steve Douglass. Steve's our Head of R&D, and he'll talk about the product portfolio and the product roadmap moving forward. Steve? Thank you, Jim, and hello, everyone. Welcome, and thank you for joining us today. I'm Steve Douglass, and I lead the R&D team here at Lattice. I've been in the programmable logic industry for 35 years. I got to tell you, I can't think of a better time to be in the FPGA business. When I look at all the technology we're delivering our customers with our products, and I see all the innovative new products they're bringing to market, leveraging our FPGA technology, and the rapid proliferation of FPGA applications in all markets, I truly believe this is an unprecedented opportunity for us at Lattice, and I think that we have the product portfolio that can capitalize on this and drive significant growth for the company. Let me tell you about our product portfolio and the recent additions that we've made, as well as some of the new and exciting innovative products that we have coming down the pipe. First, let me talk about our journey and the progress that we've been making towards our goal of establishing product leadership. As Jim mentioned, this is one of the key goals that we outlined in 2019, and I think we've made some very good progress in this area. To achieve this strategy, we focus in three key areas. First of all, we wanted to improve our product development process so that we could bring our products to market more quickly. The faster that we can introduce new products, the quicker we can drive revenue for the company. We're also focused on rebuilding our portfolio and making it more competitive and stronger by introducing new innovations that help customers address the challenges of modern FPGA design. We've also been focused on expanding our software solutions that make it easier for our customers to build their designs in our hardware and get to market more quickly. Let me touch on some of the progress we made in each of these areas. In the area of improving product cadence, we have made one fundamental change in our product development strategy, and that was to shift from individual product design to platform-based design. Instead of building each product individually, we now build a scalable architecture and several common system building blocks that allow us to build multiple FPGA products in very rapid succession. We can build general purpose FPGAs, and we can build FPGAs that are targeting specific areas of application that we think will drive growth for the company. Not only can we build these products and get them to market more quickly, we can do it with an overall lower development cost. As you can see from the chart here that Jim showed earlier, we are getting a lot of success with this new strategy. We have introduced significantly more silicon devices in just the last two years compared to several years prior to that. That's because we're using a platform approach and building multiple families more quickly. We've also found a way to make our software solution develop more scalable as well, and we're using that approach to accelerate our introduction of our software solutions as well. Very happy with the progress that we've been making in improving our product cadence. Now, the next area of rebuilding our product portfolio, we have been leveraging our new platform-based design approach to add more competitive capabilities to our product families. The first FPGA platform we built was Lattice Nexus, and we introduced that in 2019. For this platform, we built a very power efficient, scalable architecture and many key system building blocks that allow customers to have the features and capabilities that they need to implement their solutions for their customers. We have used this new platform to build multiple FPGA families already, and we have several more to come. I'd like to talk to you about the first three product families that we've already introduced. The first product family that we built from Nexus is CrossLink-NX. It's been optimized for embedded vision applications. We've all seen the explosion of camera sensors everywhere. They're all over our cars, all over our houses, and they're all over the manufacturing factory floors. This is generating an enormous amount of video data that needs to be aggregated and processed, and oftentimes in a very power efficient way at the edge of the network. With CrossLink-NX, our customers can address these challenges of embedded vision designs on the edge because we're developing significantly faster video connectivity and processing than our competitors. We have up to 2x faster display connectivity, and we're delivering it in a very small form factor. In fact, our packages are as small as 1/10 the size of those of similar class FPGAs from our competitors. This makes CrossLink-NX perfect for implementing embedded vision at the edge. CrossLink-NX was launched in Q4 of 2019 along with the Nexus platform, and we've already started production on this family in Q4 of last year. The second product family that we built with Nexus is Certus-NX. This is a general-purpose FPGA family that can address the application needs of a wide range of market applications, from communications to industrial to automotive. We are delivering significantly more processing and integrating more intelligence in edge applications, and we're delivering it with a much lower power profile. In fact, the power consumption of our higher-level performance is being delivered at up to 4x lower power than that of competing devices. This is the perfect device for building edge applications in many of these application areas. We launched Certus-NX in Q2 of last year, and we've already ramped production starting in Q1 of this year. The third product family that we built with Nexus is Mach-NX. This is our second-generation hardware security device. We're all reminded every day with the stories in the news of the latest cyber attack and how millions of people's personal data has been compromised from such attacks. These are happening in data centers, and the most vulnerable place for a hardware attack in a data center is the firmware that controls all the servers that stores all of this critical information. With Mach-NX, our customers can actually protect all the firmware in their system, and they can rapidly detect hardware intrusions and recover from them very rapidly. Mach-NX is the first device on in the system and the last device off, so it provides continuous end-to-end hardware protection for the entire operation of the system. This family was launched in Q4 of last year, and we expect it to be in production by the end of 2021. Those are the hardware products that we built with our Nexus platform. Now I'd like to talk about some of the highlights of what we have developed on our software solutions. As Jim mentioned, we have been very focused on increasing our investment in software because the software tools allow customers to build the designs more rapidly. It improves their productivity and gets to the market sooner, and it perpetuates innovative cycles for them. We've also been investing in application-specific solution stacks. These stacks include pre-engineered IP solutions that help customers build their systems a lot more rapidly, and they're targeting our FPGA architecture, so they become very sticky design wins. It's much easier for customers to build another design on our platform than it is to build from scratch with a competing device. We've been very focused on developing these software solution stacks, and we've already introduced three award-winning solution stacks to the market, and we're seeing very good traction in the customer base with these three stacks. The first one is Lattice sensAI. This solution stack is targeting the implementation of artificial intelligence algorithms. They can use inferencing algorithms to add intelligence to all of their applications, and it's very power efficient and perfect for edge-type applications. We've also introduced Lattice mVision, which has a whole host of solutions around video signal processing and signal aggregation that is the exact types of solutions that our customers need for building designs in our CrossLink-NX class of FPGAs. We've also introduced Lattice Sentry, a hardware security solution stack that allows customers to build a very customized implementation of hardware security that will allow them to have true hardware Root-of-Trust no matter what their system configuration is. We have seen a lot of good traction with these solution stacks, and they're driving new business opportunities for us. In fact, Esam will be telling you shortly about how Lattice sensAI is enabling our client compute customers to integrate artificial intelligence into their compute platforms. This is traditionally an application area that's never used FPGA technology before. This is a brand-new greenfield opportunity for our customers and will drive significant growth for the company going forward. Those are some of the highlights of the progress that we've made in building new products and rebuilding our portfolio to have more competitive silicon products and more solution stacks. I'd now like to switch and talk to you about all the exciting and new innovations that we have coming down the pipeline that we're working on today. These are innovations and new products that will drive significant growth for the company going forward. We will continue to focus on application solution stacks. We will build solution stacks that are targeting new application areas that we've identified that will drive significant growth for the company. We will continue to build more product families off of our very successful market-proven Lattice Nexus platform and continue to expand our business with that platform in the low end of the FPGA market. We're building a brand-new FPGA platform called Lattice Avant. This is a much more powerful system-level capable platform that will allow us to build true mid-range FPGA solutions. I will tell you a little bit more about each of these innovation areas. In the area of solution stacks, we've already built a fourth solution stack called Lattice Automate. This solution stack is targeting the industrial applications that are driving the digital transformation and automation of the factory floor. With this solution stack, customers can implement AI-based predictive maintenance, which is the ability to monitor equipment and detect when it's starting to drift out of calibration or if it's starting to malfunction, and repair it before it fails and brings down the entire factory floor. We also support multi-axis motor control, which is a very foundational technology for building robotics. We all know that robots are a critical part of the automation of the manufacturing floor. As more and more equipment comes online, and as more of it is automating the manufacturing process, it's more important than ever for these pieces of equipment to connect with each other and share information real-time. It is critical to provide not only an efficient manufacturing operation, but also to provide a safe working environment. With the Lattice Automate, customers can do real-time networking of all the equipment on their factory floor. We're very pleased to be announcing today that Lattice Automate is now available to customers to start building these innovative solutions for the industrial space. We're also working on another solution stack that's targeting the 5G wireless infrastructure. Specifically, we're targeting Open Radio Access Networks, or O-RAN for short. O-RAN is a new standard that the carriers are promoting for a lower cost infrastructure and more rapid build-out of the 5G wireless network. In this architecture of O-RAN, the signal processing and distribution of all the signals from the wireless radio towers has been disaggregated. There are so many wireless connection points that there now needs to be a local processing and distribution unit, as well as a centralized distribution for connecting to the rest of the network. These new processing units are server-based in their architecture, very similar to the data centers that operate the cloud. As such, these server-based systems have all the critical security and control requirements that the servers have in the data center as well. We are bringing our leadership solutions for hardware security and system control to the O-RAN architecture. We've already been designed into several O-RAN systems, and we see this as a significant growth opportunity for Lattice moving forward. We're going to be launching this new solution stack in the first half of 2022. I also mentioned that we will continue to add more product families in our collection of devices that are built with the Nexus platform. The next product family that we will be introducing is CertusPro-NX. This is a general-purpose FPGA that leverages the architecture of Certus-NX and it adds to it extremely high system-level bandwidth. We've added serial protocols and very advanced memory interfaces that allow these devices to perform up to 5x more system performance than their Certus-NX counterparts. This allows us to not only expand into more control plane applications with higher performance, but we now have enough horsepower where we can start to address some of the data path applications as well. This product family is launching next month, stay tuned. You will get more information on this product family over the coming weeks. Now, in addition to building out and proliferating more product families off of our Lattice Nexus platform to service the low end of the market, we are building a brand-new FPGA platform called Lattice Avant that is targeting the mid-range of the FPGA market. With mid-range FPGAs, they have significantly higher levels of system capability and performance, and they're often used at the center of the customer's system architecture. For us to properly define this platform, it was paramount for us to understand what were the systems that our customers are trying to build in their next-generation systems so that we knew what the right feature set was to include in Avant. Well, fortunately, we have very strong relationships with all of our key customers. We talked to over 100 customers about what their product roadmaps look like and what were the requirements that they had for a mid-range FPGA. We used those to shape the architecture of the Lattice Avant platform. As Jim mentioned, we've been working on the development of this platform since late 2019, and we are using the power efficiency of our existing architectures like Nexus, and we're scaling it so that we can build up to 5x the logic capacity of even our largest Nexus device. We're adding all those system features that our customers told us that they needed to make this platform very capable of delivering much higher system bandwidth and throughput, so that now we can tackle significantly higher levels of system processing and system connectivity with this platform. Lattice Avant will be leveraging all the existing software that we have today. All the FPGA and embedded design tools will all work with the Avant platform and all the solution stacks that we've already introduced and continue to roll out to the market. We will continue to scale the capability of these software solutions to take advantage of all the new system-level capabilities that we're introducing with the Avant platform. I got to tell you, my team has just been thrilled to be working on this new FPGA platform because there's so much innovation that they are bringing forth to our customers. They're very excited to see what our customers will do with this new platform. We can't wait to introduce this product family, and we're targeting a launch of it in the second half of next year. When you put it all together, you can see that we have a very compelling roadmap of new innovations that we are bringing forth to the market over the next coming years. We will continue to proliferate leadership products for the low end off of our industry-proven Lattice Nexus platform. We're building a brand-new FPGA platform for the mid-range called Lattice Avant that will be the basis for a whole host of FPGA families that will expand and double the market that we can address. We will continue to build software solutions that help customers capitalize on all the features and capabilities in our devices and help them get to market more quickly. In summary, I think that we've made a lot of great progress on building a leadership product portfolio. We have overhauled and revamped our product development strategy, and we're using platform-based design to get our products to market more faster than ever before, and we're doing it on predictable, reliable schedules that our customers can count on. We have also rebuilt the product portfolio and added significant new capabilities and features that make it the most competitive portfolio and the strongest portfolio of products and software solutions that we've ever had at the company. When you look at all the innovation that we have queued up that we're working on today, that we will be introducing to customers over the coming years, I think you'll agree that we have a true leadership product roadmap that will drive accelerated growth for Lattice for many years to come. With that, I'd like to turn it over to Esam Elashmawi, our Chief Strategy and Marketing Officer, who will tell you more about the market opportunities that our product portfolio is enabling and some of the exciting applications that our customers have been building with our products. Esam, over to you. Thank you, Steve. Being in the FPGA industry for more than 33 years, I can tell you these are good times. The innovation that Steve and his team bring to our industry is driving more applications for FPGAs. Imagine having all the attributes of an FPGA, the programmability, the personal customization, the time to market, with AI, security, embedded vision, and all of that with low power. Not only are Lattice FPGAs driving more content in the traditional FPGA applications, but our customers are finding more ways to benefit for those applications in areas where FPGAs were previously not considered. Today, I'm going to share with you examples of how our customers are leveraging this innovation in FPGAs and the growth drivers in each of our segments. First, I'd like to begin by describing the FPGA market in reference to the size and capacity. By doing so, the FPGA market can be broken into three simple categories. First, the large FPGA. These are the largest capacity, highest performance, high-power FPGAs targeted for specific applications in Data center Acceleration and Communications processing. Not all customers nor all end markets have a need for such a large, high-power device. On the other extreme, you have the small FPGA category with a TAM of $2.2 billion. These are the smallest power-efficient FPGAs, typically up to 100,000 lookup tables. You can think of lookup tables similar to logic cells as a way to measure the capacity of logic that can fit into an FPGA. These small FPGAs are used across all segments and are critical in many applications. They drive the most volume of any other category. While competitors focus their R&D and growth on the large FPGA, Lattice is innovating and driving share in the small FPGA portion of the market. An example of that is with our Lattice Nexus platform and with the solution stacks that we've introduced. In between the large and small FPGA categories is the mid-range FPGA with a TAM size of $2.5 billion. That's a tad bit larger than the small FPGA portion of the market. Today, there's a lack of innovation in architecture development of optimizing solutions specifically for the mid-range. There's a growing need to bring new innovation to the mid-range market. There is a growing need to bring the Lattice low-power architecture innovation to the mid-range. With our Lattice Avant platform, we'll be extending our leadership position and our low-power optimized architecture to address the mid-range market. This opens up a very large greenfield of FPGA applications with our existing customer base. As a reminder, we have over 9,000 customers, including the top leaders and market makers in each of the segments we service. We're already a qualified vendor in those accounts. They have access to Lattice software and solutions and are awaiting our Lattice Avant platform. We're all excited and can't wait to begin to take share in the mid-range FPGA market. With both the Nexus and Avant platform, Lattice has never been in such a strong position to become the leader in FPGA innovation. Let's take a look at how this translates into our SAM, our serviceable market. As a reminder, back in 2019 with the Nexus, we explained that our total SAM is a combination of traditional FPGA applications, remember the $2.2 billion that we previously showed from the small FPGA market, plus new addressable SAM that comes from MCUs and ASSPs as a result of expanding the capabilities of our FPGAs. Examples we gave were around embedded vision, security, and AI, where the Lattice FPGA was replacing the non-FPGA competition in different customer applications. The combined SAM of the traditional FPGA, plus the new applications we can address, resulted in a $3 billion serviceable opportunity. With the Lattice Avant platform, we are now doubling our addressable market to $6 billion. We're bringing the Lattice low-power architecture to the mid-range customers. As with the Nexus platform, we're innovating to address both the traditional FPGA applications and bringing in new capabilities to address those applications typically serviced by our non-FPGA competitors. We're doubling our SAM while addressing the needs of our existing customers and opening up new classes of sockets for us to further accelerate our growth. This is exciting to our employees, our customers, and our industry. What excites me the most about our Avant platform has been the customer feedback and interaction. Similar to Nexus, we engaged with more than 100 customers starting in late 2019, and that engagement is continuing. We engaged customers across all our segments. The feedback was energizing. Why? Our customers told us there's a strong need for a compelling, modernized new mid-range FPGA. They told us our roadmap for the small FPGA is aligned with their needs. Can you, Lattice, help us with a mid-range roadmap that aligns with our needs?" I remember one visit where a customer told me, "Your competitors have abandoned us. Their priorities are elsewhere. We need you, Lattice, to expand your portfolio to the mid-range." That general comment wasn't unique to that one customer. As a reminder, myself, Jim, Steve, Mark Nelson, who leads our global head of sales, and many of our leaders have been in this industry for many years, even several decades or a few decades. Don't want to make us look too old. Many of those customers were individuals and friends that we knew and interacted with in our past companies. They are leaders of their organizations, working closely with us to define the Avant platform. We have an existing Lattice footprint at these accounts. Those mid-range customers are familiar with Lattice expertise and our solutions and stacks. What we are doing in the mid-range market is aligned with our expertise, driving more customer intimacy, and we're expanding our portfolio to the mid-range with higher ASP devices. I can't wait as we bring the Avant platform to our friends and customers. Let's transition to talk about our current and future growth drivers. Our SAM is not only doubling to $6 billion, but is comprised of end markets where we are well-positioned for growth. In the communications and compute, we are positioned in key growth drivers with 5G servers and client computing. Over time, we expect that end market to grow faster, and it has a larger SAM opportunity. I'll spend more time digging into the growth drivers and why Lattice. As the world factories automate for maximizing production while ensuring employee safety, and as vehicles continue to add more features to differentiate, requiring more electrification and semi components, I'll show you a few of the existing and new applications that are driving growth in this end market. With our headwinds behind us in the consumer market, we expect moderate growth. We have shifted our revenues towards multi-generational, value-driven sockets, leveraging our FPGA portfolio with less dependency on legacy HDMI silicon. Let me walk you through examples in each of these areas and show you the Lattice value proposition. To begin with, let's take a look at our client compute segment. Many of the solutions we at Lattice solve for our customers today applies to client computing challenges they face today. Top OEMs we engage with share their desire to provide a better user experience through AI, where the client compute devices can determine when the user is present and what actions to take depending on the user and the surrounding environment. They continue to strive for better image quality through sensor and fusion bridging, and they continue to drive smaller form factor and lighter equipment. The ability to aggregate wires and signals allows them to expand the capabilities without sacrificing form factor or weight. As with our server customers, security is becoming important to client compute devices, and we have solutions that solve the challenges related to security. Some of these challenges we're addressing today and others are opportunities for us as we continue to engage with the leading OEMs on how best to enhance the next -generation client computing device. It's important to note the number of client computing devices shipped is about 300 million units per year. There's plenty of greenfield opportunity for Lattice solutions. Now let's go deeper into existing solutions and opportunities for Lattice that are driving growth in client compute today and in the future. If you recall, in 2020, we talked about two new client compute platforms that began to ramp. Today, in those platforms, we're solving two of the challenges we discussed. We're leveraging our FPGA to enhance the image quality from the camera, from the image sensors, and to provide a better user experience without compromising the form factor of the client device. In addition, we're enabling privacy features to the users, and we all want our privacy protected, myself included. An example of opportunities we're working on today with our client compute customers for their next -generation platform is the ability to add additional intelligence through AI. That intelligence will enable the client compute device to intelligently awake when the user is detected. Not only does it provide an enhanced user experience, but has shown to meaningfully increase battery life. Example of other user experiences in development is around shoulder surfing. How many times are we on a flight or in a public area and not sure if someone is looking at our screen? With intelligence from Lattice, we can detect shoulder surfing and take action by informing the user. We can do this without sacrificing additional CPU performance, and Lattice FPGAs will be driving the intelligence. We have many use cases we're working on, and it's exciting to see how the next -generation client platform will evolve, leveraging Lattice solutions and innovation. Now let's transition to the server market, which is another growth driver in our compute segment. As a quick reminder, our solution in the server market are processor-agnostic. What we do applies to Intel, to AMD, to Arm, or any processor used in a server application. Our attach rate and dollar content per server has been increasing from one generation to another. Now let me share our value and growth potential in the server market. We'll use the table on the left as our reference point. That is what's in production today. Think of Purley as an example. We shared back in 2019 how our attach rate went from 25% in that prior generation to over 80% in the current platform in production today. We said in the next platform, the next -generation platform, which is a generation ramping in the middle column, we would target to achieve the same attach rate of over 80%. I'm happy to tell you today that we not only met our goal of greater than 80% attach rate, but we have achieved over 1x attach rate. What does an attach rate of 1x mean? The number of devices shipped from Lattice for the generation of servers currently ramping up exceeds the number of servers being shipped. Another way to put this, there's at least one Lattice device, if not more on average, per server shipped, hence driving an attach rate over 1x. Let's focus on the functionality that we're solving. In the current production platform, again, the column on the left, we're solving system and control functions on the motherboard. Our customers migrated to the next -generation platform, which is now ramping up in the middle column, we begin to provide additional functionality related to security and other functionality. We begin to win new sockets outside of the motherboard on riser cards and other peripheral boards. Again, it depends on the customer's architecture, where we solve their board-to-board interface and control needs, hence our new attach rate of greater than 1x. The next -generation servers in design, which is again the column now on the far right, with that next -generation that's in design today, it's our intent to achieve a similar attach rate while we continue to solve more functionality compared to prior generations. With respect to our dollar content per server, as we continue to drive more value to our customers with new features, we continue to see an increase in dollar content per server. With respect to the platform currently in production, we expect 50% increase in dollar content per server with our additional value and attach rate. As we continue to work with our customers on the next -generation server, we expect to maintain that dollar content as well. As the world continues to build out more data centers and drive more innovation in client computing, Lattice is well positioned to continue our growth in the compute segment. Let's now move to the communication segment. Back in 2019, we show that as the industry transitioned from 4G to 5G deployments, we were well assorted across the top OEMs, and our dollar content per base station is expected to increase by 30%. As a reminder, there is a data path. The data path is where the signal and the data is being processed at the fastest speeds, such as in compute processing. There's also the control path. The control path functions are where all the other functions and logic exist, control, power management, bridging, and other logic functionality. Now, Lattice devices are in the control path. As a further reminder, when the top OEMs talk about designing out FPGAs and replacing them with ASICs, they're referring to the high power, high cost, large FPGAs in the data path, not the control path. Lattice devices are in the control path and are sticky. The low power and economics of building an ASIC aren't justified to replacing control path FPGAs. In fact, as 5G waves continue, because the OEMs are still innovating or releasing new 5G boards and systems, as they continue to innovate, there are more opportunities for Lattice to drive more content in the control path. We have additional opportunities when the data path FPGAs are replaced and Lattice FPGAs can be used to augment the additional functionality that is required and not necessarily designed into the ASIC. We have sockets today related to O-RAN that Steve talked about earlier. We are engaged with OEMs in expanding our security solutions beyond the server market, but also into the communication segment to protect the network and IP of our OEM customers. Bottom line, we continue to be well-positioned as 5G deploys worldwide. As more 5G waves continue, our dollar content per base station compared to 4G has further increased to 50% with the new opportunities that we're currently engaged on. As mentioned earlier, our comms and compute segment has grown double-digit for two consecutive years. We remain in a good position with our new client ramps and opportunities, our continued server attach rate and dollar content increase, and with our position in 5G wireless infrastructure. Let's move to the next growth segment, which is the Industrial and Automotive, and let's review our current and future applications that are driving growth and why Lattice. In today's factory, there is more need for automation and intelligence. As factories upgrade, they need to maintain connectivity with older equipment and interface standards. Lattice provides industrial networking capabilities that help factories be monitored online and allow new equipment to interface with older ones. Factories today need to operate at lower costs and drive more efficiency. With Lattice Automate solution stack and low-power motor control solutions, we can help factories reduce their total cost of operating. As we make factories safer with touchless controls, Lattice embedded solution stacks makes it safer as we help integrate sensor data and display critical information on screens, limiting the interface needs of the operators. As we engage with our customers to leverage our Lattice sensAI solution stack, we can make the factory safer with collision avoidance, key phrase commands for touchless control, and we can further protect the factory with our Sentry solution stack against bad actors. These are among the many applications that we are engaged in today and working on as opportunities for tomorrow. I want to go deeper in one area that has contributed to the double-digit growth we had in our Industrial and Automotive segment, and that has to do with robotics. In today and next-generation robotics, there are numerous sockets and opportunities for Lattice. Our portfolio of low-power efficient FPGA solves many of the challenges faced for a robotic application. In a typical robot, there are numerous motors that drive multiple axes requiring precision control. An FPGA can drive at least twice the number of motors in a typical MCU. That allows for more precision and control in a single device, not only saving board space, but power. As we add more motors into robotics, they are consuming more power and driving the higher operating costs. FPGAs can provide up to 14 x lower power when operating compared to a typical computing MCU. As robots become more autonomous, that power reduction is even more critical for battery life. The longer these battery-operated robotics and machines are charging, the higher their operating costs of the factory. Just imagine robots in a factory or a warehouse that are moving supplies around. You don't want them parked to charge the battery. You want them operating on the floor as much as possible. We've also seen a trend where the complexity and intelligence of robots is increasing. That intelligence is driving more sensors and the need to process that data. As the number of sensors outpace the number of interfaces into the processing unit, our low-power FPGAs can aggregate multiple sensors and co-process the data prior to sending that preprocessed data into the application processor. This offloading allows the overall system performance to increase, and in some cases, our customers were able to reduce the cost by selecting a lower performance application processor because the Lattice FPGA was able to take over a portion of the processing needs. As we work with our customers on next-generation robots, we're engaged in opportunities to drive more intelligence through AI. As we drive those solutions around predictive maintenance where we can warn the factory prior to systems requiring maintenance, we can use sensors and we can detect abnormal vibrations, visual abnormalities, and other signs of wear and tear where systems can be properly maintained versus going down unexpectedly. There's a lot of innovation in today's factory, and Lattice is well-positioned. Now, let's move to the automotive portion of the Industrial and Automotive end market. We all know that there is more electrification and semi devices being added into each vehicle model. OEMs in the automotive world are differentiating through the electronics and user experience within the vehicle. Among the challenges is to ensure the safety and reliability of each system deployed in a vehicle. The quality standards are higher than other segments. As such, they look for vendors with qualified devices that are demonstrated to meet their quality requirements. In today's world, not all semiconductor vendors take their portfolio of products through these rigorous tests and qualify them to automotive grade. That means the automotive OEMs and the tier one suppliers are limited in what they can use. This opens up more opportunities for programmable logic devices. As with the industrial market, our low-power FPGAs are well suited for automotive market as we can pre-process data, aggregate sensors, enhance display quality, and more. Lattice devices are in production models performing key functions in infotainment and ADAS applications. We're engaged with both the OEMs and the tier one suppliers in existing applications and new applications for in-cabin experiences, not too different than what we do in other segments. We do this around Human Presence Detection and Driver Monitoring. As we've shown in other segments, we're working on opportunities where we can secure key functions of the vehicle with the Lattice security solutions. Similar to prior segments, I want to take you a bit deeper into one application that is driving revenue for us today and in the future. In today and next-generation vehicle, there are more displays being deployed. If you're as old or older than I am, your first car most likely didn't have a single display. We started to see displays on radios and CD players, then it moved to navigation screens, then infotainment consoles and screens, now driver dashboards. We're going to e-mirrors and more to come in both the front and rear cabins. Even the mechanics and the maintenance crews that work on our cars today plug in connectors, that goes to a display for them to do the diagnostics. A lot more displays being added. Lattice FPGAs are well-suited for automotive displays. Compared to comparable FPGAs, we provide twice the display connectivity speeds. What does that mean? Well, what it means for the customer is this allows for higher resolution and a better quality experience, eliminating flickering for the user as the screen boot-up time is increased. FPGA programmability allows for easy interface to different screen sizes and resolutions, and you can use a single device rather than building systems with different types of ASSPs depending on the screen features, which also require multiple qualifications of different systems. As vehicles incorporate more sensors, our FPGAs can interface with 5x as many sensors than a typical computing MCU. The amount of sensors and data is increasing in each generation. Lattice FPGAs not only aggregate the sensor data, but our ISP, our Image Signal Processing solutions, improve the image quality. We can defog, enhance night vision, and more. As we continue to engage in the automotive segment, we're excited with our current deployed applications and those new applications in development with our customers, all of which will bring a better user experience and safer vehicle for us all. Our final segment I plan to cover is our consumer segment. Back in 2019, we talked about our intent to change the profile of this segment towards multi-generational sockets that value our attributes. Over the past two years, we have shifted the revenue towards FPGA with less dependency on legacy Silicon Image devices. We continue to work with our customers to drive our FPGA revenue in applications that require programmability and are more sticky. Examples of where you'd find the Lattice FPGAs are in multi-generational drones, smart speakers, surveillance equipment, and wearables. We're currently working with customers driving next-generation sockets and products in the consumer segment that can leverage our Lattice sensAI solutions in smart toys, appliances, and even doorbells. We don't expect this segment to be our strongest growth driver. We do expect moderate growth over time. Look, we're in an exciting time for both Lattice and the FPGA market. As we bring new innovations of low-power architectures and solutions to the market, we're doubling our SAM from $3 billion-$6 billion. We're increasing our customer intimacy as we develop roadmaps for small and mid-range FPGAs. With our multiple and existing growth drivers, we're entering a new phase of growth. We're well-positioned across our end markets, and with the strength of our customer intimacy, we're driving new opportunities for future sustained growth long term. I want to thank you for your time today, and I look forward to answering any questions you have during our Q&A session. Now, I'd like to introduce our CFO. She's the person that keeps us disciplined in how we invest and reminds us of how important key metrics are in our success. Our CFO, Sherri Luther. Thank you, Esam, and thank you everyone for joining us here today. It's great to be here today to talk to you about this new growth phase that we're entering and to share with you our long-term financial model. There are several key areas that I'm going to touch on today. Top-line growth from our Nexus leadership position and the expansion of our software portfolio, further improvements in our gross margin as we continue to drive additional value for our products, continuing investment in our product portfolios for the long-term growth of the company, and the resulting profitability and strong balance sheet. First, let's take a look at our financials. At our 2019 Investor Day, I talked to you about the importance of key metrics and putting those key metrics in place to manage the business. I also told you I'm a big believer in what gets measured gets done. Here you can see the results of putting those key metrics in place. In particular, in the past three years, you can see strong financial execution as we have significantly increased the financial performance of the company across all key metrics with record operating income and a significantly strengthened balance sheet. I'll talk through all of these areas in more detail. Let's get started. First, revenue. Jim talked about the new growth phase that we're entering and our target for double-digit revenue growth. Esam talked about the many growth vectors in our key market segments of comms and compute and Industrial and Automotive, with growth in the near term fueled by our Nexus portfolio and growth in the outer years accelerated by Avant. Our target for double-digit revenue growth. Along with that, we are also targeting increases in our gross margin. Gross margin has been a key area of focus. At our 2019 Investor Day, we talked about the importance of getting the value for our products. Historically, there wasn't any correlation between products, customers, markets, or volumes. We laid out a target at our Investor Day for gross margin of over 62%, and we told you about our plans and strategies to execute on pricing optimization and product cost reductions. Some of those plans were near term and some were long term. We've executed on those plans to drive 450 basis points of improvement in gross margin from 2018 to our most recent quarter, where we exited at 61.7%. That's just below our target. As a result of the significant progress that we've made, we are raising our gross margin target to 65%. How are we going to get there? We're going to continue to execute on pricing optimization and product cost reductions. We're going to use our strategic analytics for pricing optimization to continue to drive value with both near-term and long-term projects. This is not a one-and-done approach, that we continue to identify initiatives to get value for our products. New products will also add value. Product cost reductions will come from operational improvements and our multi-generational roadmap and key relationships with key suppliers. We are also targeting improvements in the profile of our OpEx. I've talked about the importance of key metrics. Key metrics and a disciplined approach go hand in hand. At our 2019 Investor Day, we laid out a target for OpEx of 35%. We are operating near that target. From an R&D perspective, we've talked about the very disciplined approach that we've used to eliminate low-performing, low ROI projects and projects that are not core to our business. We laid out a target for R&D of 20%. Today, Steve talked to you about the faster pace of acceleration of product introductions and the expansion of our software solutions, as well as our Avant platform. We have continued to increase our R&D spend in absolute dollars as we invest in our portfolio and the expansion of our software solutions for long-term growth of the company. Our most recent quarter, our R&D spend was below our target of 20%. That's a result of the revenue accelerating at a faster pace than our R&D spend. We remain committed to our R&D target of 20% because that's what we believe is the right amount to invest in our business for long-term growth. SG&A expenses for the company have historically been very high. In fact, the SG&A spend was almost as high as the R&D spend. We laid out a target at our 2019 Investor Day of 15% for SG&A. We talked to you about our strategies to implement efficiencies and leverage our low-cost geos. As a result of those efforts, we have significantly reduced our SG&A spend from 20.7% in 2018 to 15.4% in our most recent quarter. Our SG&A spend has not only reduced as a percentage of revenue, but also in absolute total dollars. We remain committed to our SG&A target of 15% as we continue to execute on our plans for operational efficiencies while investing in our demand creation. These significant improvements that we've made in gross margin and in the profile of our OpEx spending have driven record operating income. We exited our most recent quarter at 28%, as compared to the target that we laid out at our Investor Day in 2019 of 25%-30%. We are at the high end of our target. This record operating income has allowed us to expand our EPS by 109% from 2018 to 2020. As a result of the significant progress, we are raising our goal, our target for operating income to 30% +. Let's transition over to the balance sheet. This is an area I'm extremely excited about. We have been laser-focused on cash and cash generation. The best way to increase cash generation is to increase operating income. We just talked about the record operating income that we have achieved, as well as the fact we're raising our target for operating income. We've also made significant improvements in the working capital. The combination of record operating income and a strong working capital have allowed us to exit 2020 in a net cash positive position, the first time in six years. We have also made significant improvements in the debt leverage profile of our balance sheet. In 2019, at our Investor Day, we announced that we were refinancing the company's very expensive debt. Our leverage ratio in 2018 was 3x. We exited our most recent quarter with a leverage ratio of 1.3x at the lowest interest rate tier. The combination of a strong cash position and a significantly de-leveraged balance sheet has allowed our debt rating to be upgraded twice in the last 18 months. That's significant. What does all of this mean from a capital allocation perspective? Our capital allocation strategy has four key elements. First and foremost is investing in the organic growth of our business. We've talked about the faster pace of product introductions, our Nexus leadership position, and our new Avant platform. We will continue to invest in R&D with a bias for investing. We will continue to manage our leverage ratio at the lowest interest rate tier possible. We will also return capital to our shareholders. In our most recent quarter, we executed on $15 million in stock buybacks as part of a $60 million authorization that expires in February of 2022. The fourth element of our capital allocation strategy is strategic M&A. We continue to look at opportunities, prioritizing those that are both adjacent and complementary to our business as we work towards maximizing shareholder value. Now let's put all of the elements of our long-term financial model together here. We talked about double-digit revenue growth, with growth in the near term fueled by our Nexus portfolio and growth in the outer years fueled by Avant. Our gross margin target has been raised to 65% as we continue to execute on our pricing and product cost optimization programs, with new products providing additional value. Our OpEx target is at 35% as we continue to invest 20% in R&D for the long-term growth of the company with a bias to investing. Our SG&A spend target is at 15%. We have raised our operating income target to 30%+ as we continue to expand the profitability of the company for long-term shareholder value. In summary, Jim talked about our Nexus leadership position and the expansion of our software solutions. Steve talked about the faster pace of product introductions and our new Avant platform. Esam talked about how Avant will double our addressable market from $3 billion to $6 billion. As a result of our strong leadership position, our significant investments in our product portfolios for the long-term growth of the company, and a significant improvement in financial performance, yes, we are raising our financial targets as we enter this new growth phase. Thank you everyone for joining us today. Okay, we're going to go ahead and get started with the Q&A session. Jim, we had a number of questions coming in about customers. This will be a good one for you, and maybe Esam can add a couple of comments as well. Can you talk a little bit about how the customer profile has grown since 2019 with all your progress? Yeah. Look, the amount of customer activity right now is really robust. I think if you talk to anybody in the Lattice sales team right now, they would tell you the level of customer activity and momentum is at an all-time high for the company. I think that really speaks to the strength of the product portfolio, right? That speaks to the fact that we've completely rebuilt the product portfolio with Nexus. We've got multiple new Nexus versions coming out. We've added software stacks on top of that. Of course, the new Avant platform coming down the pipe as well. I think the customers see that. They're excited about the product roadmap. With existing customers, we're expanding our share of wallet. Many of these customers, we have multi-decade relationships with, and so it's the opportunity to grow into new applications with those customers. Also with new customers, we're seeing some of the highest rates of new customer acquisition that we've seen really in the company's history over the last 6 - 12 months. Really exciting to see new customers coming on the Lattice platform, too. Again, I think it's some of those software stacks that are helping us open the door to new customers, helping those customers adopt Lattice devices quickly and get to market quickly. Esam, maybe you want to say a couple more words on that. Yeah. Absolutely. It's really fun times right now, especially with the customer visits, really enjoyable visits. Give you some color on what we're seeing within the customer base. The type of meetings we're having today are very different than where they were a few years ago. We're engaged with the executives, the leadership, the system architects. It's really strengthening our intimacy with the customer base. Not only is it with particular design teams that we worked with historically, but within the customer, and remember, a lot of our customers are global. They have design centers all around the world in different regions, with even within North America as well. We've opened up more opportunities at more design teams. Not just the FPGA design teams, but other design teams, MCU design teams as well. It's really encouraging and fun from that perspective. Another data point to point out as well is we have 9,000 customers, and we're an approved vendor at all of our customer base. One thing that I've changed also that's changed and I've noticed is our ratings within these customers has changed quite a bit. Some of our customers have something called preferred vendor. What's happened over the last few years as well, we went from just an approved vendor to a preferred vendor. What does that mean? That's telling their designers that if you're going to pick an FPGA and you have choices, choose Lattice. That's one of the changes that we're seeing in the profile of our customer base. It's really good times, really good meetings now with regards to our customers. Great. Esam, this is the perfect one for you. There's actually a couple of questions coming in around the client opportunity. Are your opportunities in client more near term or longer term? Yeah, good question. It's actually both. It's near-term, short-term, midterm, and even long-term. If you remember what we went through in the presentation, we have lots of opportunities within the client platforms. Those opportunities range from things that we're doing on image signal processing enhancements to enabling privacy features, which are in production today. We talked about those ramping up in 2020. We've got more opportunities around what we can do around intelligence with our low power FPGA signal aggregation, more security-type capabilities. When you think about short-term, midterm, and long-term, we talked about two platforms that started to ramp in 2020, but we did not see the full benefit of those ramps in 2020. We're going to see the full benefit of those ramps in 2021, so that's a benefit right there. When you look at the opportunities and the new platforms that we're engaged with across the top OEMs and with the client OEMs, some of those opportunities that we're engaged with already have identified platforms that will be ramping up. That's really encouraging. We've got more opportunities that we're engaging on for future platforms as well. Stay tuned as that starts to come to fruition. You'll be hearing more about that from us. Great. Steve, this question is for you. Tristan Gerra of Baird is asking, "Can you comment on the highest densities Avant architectures will feature? Also, because of its mid-range positioning, will it accelerate Lattice's migration to smaller nodes? For the Avant platform, we've really got a lot of great customer feedback, and based on the feedback that they gave us, the logic capacities that we're targeting are really up to about 5x the logic capacity that we have today with our Nexus platform. As far as technology nodes that we're choosing, we pick the best process technology to deliver all the system performance and the power efficiency and all the system capabilities that our customers need. You'll hear more about that when we launch the family next year. Esam and Sherri, I'm going to divide this next question into a couple of different pieces, but Mark Lipacis from Jefferies is asking, "Regarding Avant, how do you define the low end versus mid-range on a functional basis, either number of gates, number of transistors, number of logic units, and does this require higher transistor density on your chips, higher R&D intensity, different competition, or a different operating model?" Esam, maybe on the competition side, and Sherri, you can take the higher R&D intensity and operating model. Yeah, I'll take the competition and the density, Sherri always keeps us disciplined on expense. I'll let her cover that portion of it. Start off with we're really excited about the customer engagement around the Avant platform. These are our customers today asking us, "Hey, can you, Lattice, bring this low-power architecture that you have with the Nexus to the mid-range?" What that's about is driving higher capabilities, and yes, it is higher densities that we're going to go after. Steve just talked about 5x increase in density capabilities. It's a really exciting product. It will drive clearly more transistors per millimeter squared. Really what we're after is solving the customer's needs in the mid-range with differentiated product. Now, I know you want to hear more about this, and for the obvious competitive reasons, we're not going to share all the details of it yet. I say stay tuned as we launch this in second half of 2022. You're going to hear a lot more detail about the capabilities, the differentiation, what specific applications have we been working with our customers over the past year plus in really defining a product that satisfies their needs, and extending the capabilities of what Lattice is able to provide our customer base today. Sure. I'll take the operating model portion of the question. Investing in our product portfolio is a top priority for us in terms of R&D spend. The target that we laid out today, which we've reiterated, is 20% for our R&D spend. We believe that's the right amount to invest in our business for the long-term growth of the company. When you look at our new introductions, our Avant portfolio, we can continue to invest at that level and drive additional long-term growth of the company. From an R&D perspective, just as a reminder, we have continued to increase the dollar amount of our R&D spend sequentially. In our most recent quarter, although we're just a little bit below our target of 20%, we still have room to increase the investment that we're making. Top line double-digit growth with a target for that will also give us additional opportunity to continue to increase the investment in our R&D portfolio. Sherri, another question on the business model. Sam Peterman from Craig-Hallum is asking, "So on your new 65% gross margin target, what mix does this assume between segments, and does this assume material software contribution? Yes. Our target of 65%, as a reminder, we just exited our most recent quarter at 61.7%. That's a 450 basis point improvement from 2018 as we continue to execute on our pricing optimization and our product cost reduction strategies. Some strategies which we laid out in 2019 that we continue to execute on, because some of those strategies are near term and some are long term. And as we continue to drive additional improvement in our gross margin to our 65% target, we're going to continue to leverage our pricing optimization programs, as well as new products adding value, and continue to work on product cost reductions to get to our 65% target. From a market segment perspective, the great thing about our products, Avant included, is that our products service all of our market segments. Jim talked earlier today, as well as Esam, about our key market segments and growth in those key market segments. Obviously our new products will fuel growth there, but we service all of our key market segments with our new products. Yeah, maybe Rick, I can add, I think on the software part of that question. In terms of software monetization today, we monetize the software as part of the overall solution, so silicon software is sold together. In the future, yeah, there may be the opportunity to monetize the software specifically in a greater way moving forward. Today, that's baked into our gross margin and baked into the solution stack. Great, thanks. Esam, Matt Ramsay from Cowen is asking about, "Can you discuss in more detail the expected performance, power, feature enhancements that will allow Avant to double the SAM for the company from $3 billion to $6 billion? What end markets will support this type of SAM expansion? I'd love to talk more about it. Let's go back to what are we doing. Customers are asking us again to develop and extend our low power architecture into the mid-range. When you look at the SAM, we have a $3 billion SAM that we can address today with our Nexus and pre-Nexus devices. The introduction of Avant opens up an additional $3 billion of SAM for us to go after. That consists of two components. $2.5 billion of which comes from our traditional competitors within the FPGA market. As we've done with our Nexus product line, the differentiated capabilities that you're going to hear about on the Avant platform opens up other opportunity for us, other sockets that we can go after, that our typical competitors in that space could be MCUs and ASSPs and ASICs, as an example. We're pretty excited about the Avant platform, and what it can do for us as far as increasing and doubling our SAM, both traditional and emerging markets. Again, as we get into the launch in the second half of 2022, we're going to detail a lot of those specifics as well. Jim, a question around process technology for you. Hans Mosesmann from Rosenblatt and Tristan Gerra from Baird are asking the following questions. Avant uses what process technology? Also, are you willing to comment about your FD-SOI roadmap to 20 nm and potential timing? Yeah, I love all the questions on Avant. We're excited about Avant, too. I think on this question, though, I think Steve kind of already addressed this. For Avant, we have picked a technology node. We picked a technology node that we think is just a great match for the platform and for what our customers need. We'll share more about that when we get closer to launch. Great. Alex Vecchi from William Blair is asking, well surprise, around Avant. When discussing new Avant platform, you mentioned that customers complained of stale existing offerings in the mid-range. Can you give more color on who you view your primary competitors to be in the mid-range? Yeah. I direct that to Jim. Sure, I can take that question. On the last part of the question on primary competitors, I think Esam touched on this already, but same competitors that we've traditionally faced with respect to FPGA competitors, so we know those competitors very well. In terms of customers, Avant really comes from the customer request, right? The customers love our power efficient architecture that we've proven out with Nexus. It's driving leadership within the small FPGA space. They love that architecture, and they've been asking us to extend that to a wider range of products, and specifically to extend that into the mid-range, right? That's really what it's all about, and again, it'll go across all of the markets that we serve. We're really excited about it and definitely share more about Avant as we get closer to the product launch. Great. Steve, this question is going to be directed to you. Chris Rolland from Susquehanna is asking, "Today's Xilinx and Altera have a very robust set of mid-range FPGA offerings and ecosystem. What is the Lattice Avant value proposition that will compel customers to switch from the systems and programming tools they know today? What percentage of this new SAM do you believe you can reasonably take in five years? Well, I'll say there are plenty of differentiated capabilities and features on the Avant platform. We think that they are going to modernize what people can do with mid-range FPGAs. We are going to be sharing a lot more about the details of the Avant architecture as we get closer to the launch. As far as the tools go, all the customers that we talk to, that help shape the definition of the Avant platform, these are customers that are already using Lattice products, so they're using our Lattice tools. They're already familiar with our Radiant FPGA design tools and now our new Propel embedded design environment. There really is not a transition necessary in terms of development tools. They're already familiar with the Lattice offering. These same tools will be supporting the Avant product going forward. We also have solution stacks that we've built that have pre-engineered solutions to help customers build their designs more quickly. These same solution stacks that we built for existing product families, including Lattice Nexus, those same solution stacks will be supported by the Lattice Avant architecture as well. We will be scaling the capability of those solution stacks so they can really capitalize on the features and capabilities of Lattice Avant. That's a perfect segue because Mark Lipacis has had a follow-up for you, Steve, around software stacks, which you've actually just covered a lot of. We're on a roll. Regarding software stacks, will the software stacks you built for existing hardware platforms scale to Avant, or do you need to rearchitect the software for Avant? Similarly, to get leverage on Avant, do you need to expect to build another set of separate software stacks for Avant? He says, "Said another way, does the Avant target different applications or vertical markets that require different or more complex software stacks? Our solution stacks were initially built, especially the earlier ones, for our existing product families, but we made them in a very scalable fashion so they can easily be adapted to new hardware architectures and platforms. As we introduce new product families, we're scaling the support of these solution stacks onto those additional families. Some of the solution stacks were built with products that existed even before Nexus, and we've since added the support for our Nexus-based products in those solution stacks. As we bring out the Avant platform and product families from that, those product families will also be fully supported by these solution stacks. We will continue to scale the capability of these stacks to take advantage of all the features in all of our hardware platforms, especially all the new system features and performance and capabilities that we have in Avant. Great. Jim, I'm going to point this one back to you. Sure. John Vinh from KeyBanc is asking, "Regarding Avant, what do you see as initial application areas for adoption? Can you also clarify if Avant is FD-SOI based? From a software perspective, will there be support for migration from other non-Lattice FPGA platforms to Avant? Yeah, I think the last two parts of that question, I think Steve just answered, but on the first part was around applications we would see initial adoption in for Lattice Avant. Yeah, we would expect things like definitely communication applications. We may see some computing applications. I think there's a lot of applications in industrial, a lot of the applications Esam talked about today, industrial robotics, automation, industrial safety. Those are probably some of the main application areas or market segments that we would see initial adoption. Yeah. Great. Just another follow-up from Tristan Gerra around Avant's gross margin. Will the profile be in line with the corporate average, or does it have the potential to be perhaps accretive to gross margin? Yeah, I think not just for Lattice Avant, but all products, we're designing the products and building in the feature set and the pricing to basically be accretive or to help drive the ASP and the gross margin of the company over time. When Sherri talks about that target of 65%, part of that's continuing to drive pricing optimization in existing products. Part of that is product cost reduction, but then a third part of that is the new product cycles, and the new products are designed to help us drive to those higher gross margin targets. Matt Ramsay from Cowen also had a follow-up. If Avant pushes Lattice offerings into the mid-tier FPGA segments, does that bring new competition, not just from the low end of Xilinx/Altera, but is there less fragmentation and therefore more ASIC competition in those market tiers? Esam, that's a good question for you. Yeah. Good question. The way we're defining the product with our customers is really to go after what's missing in the mid-range FPGAs today. We feel really good about taking this low-power architecture up to the mid-range and really solving the challenges that our customers are telling us that they're facing today. Those challenges, as they've been familiar with the Nexus platform and what we can do outside of the traditional FPGA sockets, they're also sharing us what do they need in the other areas that are not supported by the traditional FPGA as well. We actually see this as an opportunity for us, not just to take market share from FPGAs, but also non-FPGA sockets as we did with our Nexus platform. Perfect. Another question that just came through around Let's see if I can find it here. Bear with me here. Hans is asking basically, more information around Avant and how you break it out between some of the end markets within mid-range. Yeah. I think Jim also touched on this a bit. The Lattice Avant platform is an extension of what we do on the Lattice Nexus platform with existing customers. The market segments that we will service are the market segments that we service today that are our growth drivers. It'll help accelerate that. We'll see applications that we've already identified with our customer in the communication segment, in the compute segment, industrial, and automotive as well. It's an extension of that. We've spoken and met with over 100+ customers, and we went through in detail, what is it that they're lacking? What is it that they need? What are the top applications that we're going to be targeting with them? We're really excited about that. I know you want to hear more about it as well. We want to talk about it. Stay tuned again, second half of 2022, we're going to detail all of that in a lot of detail. Yeah. Quinn Bolton from Needham is asking, do you expect Avant to carry meaningfully better gross margin than Nexus? Mid-range FPGAs likely carry higher ASPs, but also higher cost due to larger die size. Can you discuss the puts and takes there? Yeah, I think it kind of goes back to the answer I gave earlier, which is not just Avant, but each one of the new product cycles, we view that as a chance to add additional value and to gain additional value with our customers. The Nexus products, Avant as well, are all geared towards helping us drive to that gross margin target that Sherri talked about, that 65% target. Each one of the products is meant to help drive to that target. It's important to note that differentiated products that solve the complicated problems that our customers are facing drive more value to the customers and drive more value for us and our shareholders as well. This isn't a me-too product that we're not a commodity, we're sole source, and we're solving the difficult problems for our customers, and that drives value in every socket. Ruben Roy from WestPark Capital is asking about Avant. Seems like a bit of a shift in strategy to move up into the high-performance market. How are you defining mid-range in terms of LUT sizes? Are competitors Xilinx and Intel or more MCU ASSPs encroaching on that? Are we going to update the Radiant design tool? Seems like you would need more robust tool for more complex designs, which is what Steve was talking about earlier. Why don't I start with the strategy piece, and then maybe you talk a little bit about the market piece of that question, and then the third part, so we'll hit. Sure. On the strategy piece, we don't think about it as a departure from our existing strategy. We think about it as an extension or an evolution of the existing strategy. If you look at what is our fundamental differentiation, it's around power efficiency, ease of use. We're going to take that fundamental differentiation and move that into a new part of the FPGA business for us, move that into mid-range. Again, it's really a customer request. The customers love the architecture that we've got for the small-sized FPGAs, but they want to see that now in mid-range. To us, it's really the next evolution or the next step in the Lattice story. If you look at it from the performance perspective, I know it said, "Hey, how are you going to high performance?" If you remember what we presented today, we took the FPGA market, and we separate it into three buckets. We said there's a small FPGA. We have a leadership position there with Nexus. There's the mid-range FPGA, that there's a void of true investment in building architecture specifically for that, and our customers want us to extend our low-power architecture into the mid-range. There's a third bucket at the very top that we labeled as large FPGA. That's the high-performance one. That's the one that's going after the data path that we had given examples with in 5G, the radio processing. That's not what we're targeting. We're targeting the mid-range portion of the FPGA market with an extension of our capabilities to solve the customer needs that they're telling us they need a better solution for. Okay. As far as the tools go, as you'll recall, when we first built Lattice Radiant a few years ago, it was a ground-up redesign of our FPGA design flow. We built a totally new infrastructure in the tool. We have a common timing model throughout the entire design flow, and it was really aimed towards adding more scalability and better performance for the customers as they were compiling and executing their designs. We continue to improve the features of our tools. We will continue that progression of higher tool performance as we bring on support for Lattice Avant. We're going to be supporting capacities that are 5x larger. Customers don't have 5x the time to get their design done. We have to make sure that our tools are keeping pace with the complexity and the scale of our customer designs. We have the right performance targets for our tools to keep pace for that, and they'll be able to compile their designs for Avant in the same kind of time frames that they do today with their existing Nexus designs. Yeah, I think, Steve, it's fair to say, since we started Avant really in late 2019. As you were doing the software development on Radiant or on some of the software stacks, you had Avant in mind as you were doing it, right? We already did, yeah. We knew it was coming down the pipe. We built that scalability into the tool. Yeah. A question around competition. Derek Soderberg from Colliers is asking, "Given that the addressable market in low-power FPGAs is growing with the added opportunity to replace sockets that traditionally use ASSPs and microcontrollers, are you seeing any new competitors in the mid to high-end FPGA market refocusing efforts towards the lower end of the market? Yeah. We can't comment on what the competitors are going to do in the mid-range to low-end, but we can say what we're focused on, and clearly, they've been public about where they're focused on. Our focus is really around bringing and solving the low-power needs of our customers, and we do that in the small FPGA with a differentiated product around Lattice Nexus, and you're going to hear more about what we're doing in the mid-range with the Lattice Avant. That enables us to go after the traditional FPGA sockets that our customers are leveraging our capabilities with, as well as open up opportunities for us in what we call emerging sockets from MCU, ASSP, and ASIC. We have our area of focus and the competitive landscape for us is actually very good. You know, as we know, that we're really investing in that area. We're the company that's really focused on both the small and now the mid-range, so that opens up a really good opportunity for us and a very good competitive landscape for us as well. Hans Mosesmann was asking a little deeper dive into the midsize FPGA market, and is there a split that we can provide between control plane and data plane in terms of the SAM? Probably not today, but I think as we get closer to the Avant product launch, we'll definitely provide some more specifics on the markets, the specific segments that we're targeting. Esam. Yeah would you add anything? Yeah, just to make sure that it's clear that there is data path, data plane, very high performance, very large FPGAs. You need the large FPGAs because you do a lot of things in parallel to maximize the performance. That's the large portion of the FPGA market. That's not what we're talking about when we talk about the Avant after the mid-range portion of the FPGA market. There's a question around Avant again. Will the new Avant platform continue to operate in the 1 mW to 1 W power envelope? Someone's trying to understand how compelling the power efficiency value proposition will be compared to competing products from Xilinx or Altera again. Yeah, I think we'll, again, at the product launch next year, end of next year, we'll certainly provide more detail around that. That's probably a little too much detail for today. Yeah, just another follow-up from Ruben Roy. Some of your mid-tier competitors are coupling programmable technology, FPGA, MCU, with processing technology, Arm, RISC-V. Is that something you think is a longer-term opportunity for your roadmap? Yeah, something we might talk about in the future, right? For now, we're focused on that great Avant platform, bringing that to market second half of next year. Again, as we get closer, we'll talk more about what the future holds. Esam, there's another question around client and just more about maybe some attach rates or some specific examples. Could you please cite one or two case studies on how you've enabled clients to overcome hurdles and attain desired outcomes with your innovative array of solutions? We gave two examples of what we're ramping up, but I'm going to talk about one of the newer opportunities as example, and that's around the AI. What we're enabling and the challenges that they face in AI really goes around user experience and battery life. What the clients, OEMs are trying to do is give users the same experience that they would expect from call it a mobile device on a laptop as well. What we're doing with the Lattice low-power solution enabling AI capabilities is number one, because we're very low power, because we can do AI very well on edge-type applications, we're actually doing a few things from a user experience perspective. Number one is we're offloading the CPU, and we talk a lot about how FPGAs can offload CPUs. CPUs consume battery power. If you want a good experience and you want to be able to have your client device to recognize when you come or if you're in a particular area or you're shoulder surfing, you don't want the CPU consuming its bandwidth doing that. You want to maximize the CPU performance for what the user wants it to do. What we do is we offload a lot of that onto the FPGA, and we run at a very low power. What we've shown with our OEMs is leveraging the Lattice FPGA to do these AI capabilities improves the battery life as well because the system isn't just sitting there waiting for somebody to hit a key. It actually is on demand. It closes on demand. We actually control that. What it's shown on average is a much better battery life. The user experience is much better. There's multiple examples of that, including what we've already launched into production around privacy features, as well as image signal processing enhancement as we offload and improve image quality with our FPGA. One question on the supply chain. Okay. One. Do you have concerns, Jim, about any disruptions in the supply chain either now or going out in time? Yeah, I was surprised it took this long to talk about semiconductor supply chain. No secret, semiconductor supply chain is tight right now. I think for Lattice specifically, we've taken a number of actions to make sure that we support our customers. I think if you look at, for instance, most recent quarter, I think our supply chain and operations team did just a great job supporting our customer, and I think they're going to continue to do that. Some of the actions we took are about a year ago this time, actually, we started building inventory. This is Lattice internal inventory. We did that because we anticipated there might be some supply chain tightness. We built inventory in Q2, Q3, and Q4 of last year. Actually, we exited Q1 at a higher level of inventory this year than we had, say, a year ago. We're sitting on a higher level of inventory, and that allows us to support our customers better. Also, we're working really closely with our customers, especially our big strategic customers that drive a lot of our revenue, to make sure we understand their demand picture out, not just six months or 12 months, but even further out 18-24 months, to make sure that we've got a really good picture of what they need in terms of total demand, but also mix. Then we take that and we work with our key suppliers to make sure they've got the right capacity in place as well. I think we've done a pretty good job on navigating, and I think we're going to continue to do a good job supporting our customers. Sherri, question around capital allocation. Has your thought process changed now that we're consistently cash positive? Yeah. I definitely want to get that shout-out again that we are in a net cash positive position, a growing net cash positive position. For Q1, it was $15 million. We're really pleased with that because we've worked very hard to deleverage our balance sheet. From a capital allocation perspective, there are four key elements there. The first is really in the organic growth of our business. You heard a lot today about, Steve talked about the faster pace of product introductions, our new Avant platform. We've talked about reiterating our target for R&D spend at 20% of revenue. Continuing to focus on the organic growth of our business is very important for the long-term growth of the company. Of course, continuing to manage our leverage ratio down to the lowest interest rate tier, that remains a top priority. Returning capital to our shareholders. At Q1, we bought back $15 million in stock as part of a $60 million buyback authorization program by our board. That expires in February of 2022. That remains a top priority. Of course, M&A, strategic M&A remains a priority as well looking at prioritizing those opportunities that are both adjacent and complementary to our business. All of those aspects are very important to us from a capital allocation perspective. As they say, cash is king. Cash is definitely the most important for us in cash generation. That's how I would look at capital allocation. Great. Now Sherri's very happy because she got a balance sheet question. She's very proud of the balance sheets. We're working on it. Cool. We'll shift from balance sheet to Nexus traction. Oh, cool. Good. Okay. All right. Can you give more color around existing traction with Nexus products, and what percentage of current sales is Nexus versus maybe pre-Nexus? Yeah. I'll say a few words about Nexus and then maybe, Esam, you'll say a few words, too. Yeah, as excited as we are about Avant, we are excited about Nexus, too, and the sales team is driving growth on Nexus. Remember, Nexus just started ramping at the end of last year, right? In our most recent quarter, it grew sequentially, and it's really Nexus that drives that double-digit growth for us over the near term. We're seeing great traction across our entire customer base. We saw some initial traction very quickly in the industrial segment, consumer segment as well. We expect to see traction across all of our market segments and very good, healthy design win pipeline. I would say, a lot of activity around Nexus. Maybe, Esam, you want to comment about that? Yeah. Roadmaps are really key for customers in the FPGA world. Having a solid roadmap really tells them that you're invested in their future, and they will now invest in you as well. As Jim said, it's really good traction with the Nexus products. What's unique about what Lattice does as well, we don't just build general-purpose FPGAs like our Certus-NX family. We got application-specific devices that have come out, our CrossLink-NX around sensor aggregation, display, embedded vision, our Mach-NX that we introduced around security. Today, you heard also Steve talk about another Nexus device, the Certus Pro-NX, that we're going to be launching next year. It's really been very positive, and one of the things we've done in the company, and Sherri tells us what you measure gets done, we also went out and said, for all the product launches we've had historically in the company, what product lines had the best success? We put a goal in place to say, "Hey, we want to make sure we get just as strong a funnel, customer interaction." There's a lot of things that we measure as lead indicators. We put a goal in place, and kudos to the entire team, the sales force, marketing, folks in the factory, applications. We actually beat those goals by quite a bit. Yeah. This was the most successful product that we've had in Lattice history, and we're all excited about it, and the customer base is excited about it, which is why we're getting pulled again for the mid-range. Yeah, I think one of the things we were particularly pleased by is time to revenue on Nexus- Yes ... right? Because it was much faster than what we've seen on prior generations- Historically, correct. ... platforms. If you remember, we launched Nexus end of 2019, and within 12 months, we were generating revenue from Nexus, and we're looking to do a similar on Avant platform- Correct ... similar time to revenue. Well, that's our last question. That's actually a great place to stop. Jim, we'll go ahead and turn it over to you for any final comments. Oh, sure. Yeah. First of all, thank you, everybody, for being with us here today. We really appreciate it, appreciate you spending time. Thanks for all the great questions. We're excited about Avant too, just like you are. First of all, we're really happy with last couple years, really rebuilding the company from both a product perspective and a financial perspective as well. We're even more excited about this new phase that we're entering. We really see this as a brand-new growth phase for Lattice in the near term, driven by Nexus. Nexus will drive that double-digit growth in the near term, obviously, Avant, as it comes to market and starts to generate revenue, that layers in on top and provides additional growth acceleration out in time. Once again, thank you for being with us. Have a great day, thanks again.