Good morning, everybody. We'll go ahead and get started. Welcome, everyone, to Needham's 28th Annual Growth Conference. My name is Quinn Bolton. I'm the semiconductor analyst at Needham. It's my pleasure to host this fireside chat with Lattice Semiconductor. The company is the leading provider of low-power programmable devices in the world and has driven innovation in the programmable market for over 40 years. Lattice's solutions span the communications, computing, industrial, automotive, and consumer markets. Joining me on stage from the company are Ford Tamer, President and CEO, and Lorenzo Flores, CFO. We also have Rick Muscha, VP of Investor Relations, and David Pasquale in the audience. I'm going to hand the podium over to Ford. He's going to go through some slides, and then we'll come back for the Q&A. Thank you. Good morning. We're just getting started in low-power programmable devices. The future is bright. We had a strong end of the year. We had a strong start of the new year. Those of you who are at CES, it sounds like physical AI is the new name of the show. So exciting trends that we're seeing across the boards for us. So what I'll do today is I'll give you the safe harbor that you've seen, and we'll quick intro on Lattice and a bit more about what we do and how we differentiate in the market. So quick view on Lattice. We're very focused on a piece of the market, which is the small and mid-range FPGA piece of the market, the most interesting, the fastest growing piece of the market. I'll come back to why that is. Going around from the top left, focused on communication computing being about over 50% of our revenue, growing fast. The server business for us last year, at the last nine months' report, grew 80% year -on -year. The communication associated with that grew 63% year- on- year. Industrial automotive is bottomed out. The inventory in the channel is clear and goes back to growth in 2026, and even consumer, we've got some interesting trends going on. We are a high-volume supplier, so we shipped over 150 million units last year, expected to go to 180 this year, and recognized by awards across the industry. On the bottom right, global support to our global customers and partner and supplier, and tier one customer base. What do we do? The way I'm going to describe the business across three pillars. Low-power programmable leader is our mission. Pillar number one, I'm going to tell you why we're the everywhere companionship. Pillar number two is we have the best small FPGA roadmap in the industry. And number three, all this should drive sustainable growth for the foreseeable future, hence good investment. So let's go on number one. The ASICs that we work with are the MVPs. So Michael Jordans of the world that are very powerful. These guys need a lot of OpEx to get to market, a long time to get to market. They're great, but they need a team around them. And so we are that team. We provide all the support functions around the MVP that are better done in these companion FPGAs. So when you want to boot the server, we're the first thing that boots. We boot very fast. We have a very low latency. We have to boot securely. You've got to provide power sequencing. Then you have to provide control. And there's a whole range of functions. These servers are being disaggregated. So you've got a board for the processor, another board for the security and I/O, another board for the switch, another board for storage, another board for power and cooling. We're on every one of those boards. So providing a tremendous amount of function. We went from tens of FPGAs per rack to hundreds of FPGAs per rack in a data center. You look at a humanoid opportunity, it could be very big. You've got anywhere from a few to 12 vision type of devices in a humanoid or robot. You've got anywhere from 40 to 70 motors. So again, large opportunity on a physical AI as well. Providing all the support function for folks like the GPU, the NVIDIAs, the AMD of the world. But it doesn't stop there. So we obviously are on the GPU. We also are on very similar type of teams with the folks at Google and Microsoft, Amazon, Meta doing their own ASIC for acceleration. And so you've got the Curry of the world where we also different type of MVP, but very similar type of team, again, a basketball team. But we also do different types of teams. So here's Messi with a soccer team, the CPU, whether it's x86, AMD, or Intel, whether it's ARM. We again provide the same support functions to those MVPs on a different type of team. How about networking? Sure, networking as well. Switching. Again, the Bradys of the world. MVP, we are the support team providing all the support functions. So we do it across both data center and physical AI. So if you look first on the data center, we've talked about being companion to all of the GPU, TPU, CPU, switch, and NICs on the networking, but also board management controller like the ASPEED and Nuvoton and NXP now with OpenBMC. We have recently announced some strong partnership with folks like NXP on the microprocessor. We do it across microcontrollers across these companies. And we are growing very fast in the physical AI, which would be a very strong growth vector for us in the industrial automotive. And every sensor, you're going to find a Lattice FPGA next to them, whether it's an image sensor, whether it's a radar, whether it's a LiDAR, whether it's an infrared camera, whether it's some of these pressure and temperature sensor and industrial type of settings. We are the companionship that makes those ASICs work across the board. And even on the analog side, we've got strong relationship on the ADC and DAC with folks like ADI that we go together in some of these humanoid applications. So that's the companionship landscape that we focus on. Now, we do it across all these functions. We also do it across a number of markets. So we're everywhere on the functions. We're everywhere on the markets. So communications, computing, 53%. Industrial automotive, 40%. We do roll up aerospace, defense, medical under industrial automotive, but I'm highlighting them because there are some new areas of growth in those markets. And then finally, consumer is also interesting. So enable innovation across all these large markets as well. So across functions, across markets, across applications, some of the world's most interesting applications. Security is our bread and butter. So this is where we differentiate. We do extremely well. We're way ahead of the market on security. And this is what we're across all the data centers. So the top four bubbles are data center. They're rack management. The server is going from server management to the new server is the rack. So the rack is a new unit of compute. We actually help companies with now doing RMC, rack management controller across the whole rack. Power and cooling is very important. I'm not sure how many of you realize how much power there is now. I'm sure you all know better than me. There is for every compute rack, there's now one power rack, and that's going to two power racks. And these racks all need control. And you don't need an expensive processor, an expensive board management controller on every one of these nodes. A small FPGA that's tailor-made for that function is perfect. For cooling, we realized recently that we can be the fastest, lowest latency device to stop a leak and thus spread like wildfire this application. Leak detection and shut down the water if there is a leak. FPGA is best for this. Quantum computing, we're the first introducing the post-quantum cryptography. The bad actors today are copying today to decrypt tomorrow, and what we do is we are in these devices, all the major switch OEMs, all the major security appliances are putting us in to do PQC, post-quantum cryptography, where we go in there and prevent future decryption by the quantum computer. Moving on to physical AI, humanoids, we've done extremely well on vision. We're starting to make progress on motor. Robotaxi, we're in quite a few of those. Industrial HMI, we've had our first win using our own model in an industrial robot in Japan. Very exciting. Edge AI, autonomous drone, and finally AR, VR. So you could see innovation across, again, some of the world's fastest applications. And most of the time, our FPGAs near these ASICs provide a companion function. But quite a few times when the application is small enough, like industrial automation, we provide the whole primary function. So motion control, signal processing, image processing, et cetera. Now, companionship doesn't mean we're not powerful. Companionship means we're actually a very strong add-on to some of these ASICs providing these functions. But we're very powerful. We do this everywhere across many functions, across multiple suppliers, which is very important because somebody says, well, I can replace you. Well, OK, good luck trying to do this whole interop between all these different suppliers. We offload some of these very basic functions into mature nodes. These ASICs typically are two nanometer, three nanometer, very expensive nodes. And we could do this in like 65 nanometer, 28 nanometer, older processes that are much more cost-effective. Accelerating the system design cycle. The system design cycle has gone from two years to a year and a half, trying to go to one year. And so a lot of these functions don't need to be in these ASICs. Get the ASIC to market and let us provide these cost-effective solutions for these support functions. You can basically program in high-level languages, but the performance we give you is hardware-level performance. And what's really important, FPGA is programmable in the field. This could be programmable in the field in the future in case the application changes. A great example is this PQC, post-quantum cryptography. The algorithms are still changing. And so you're going to want to have the flexibility to be able to adapt and change in the future. Bottom line, we feel we enable a faster pace of innovation. So that's pillar number one. We're the everywhere companionship. Pillar number two, we're very focused on the small and mid-range FPGA, providing the best roadmap in the industry for these applications. We provide a platform. We call this our cube. So at the bottom, you could see silicon. On the vertical axes, we provide software tools, provide IP, provide solutions to make it easier for our developers to program using Lattice. And that's a gap that we still have compared to like microcontroller or microprocessor. We're closing that gap by making it easier to use to program in our FPGA. The benefit is you get hardware-like performance versus if you are on a micro, you'd end up more like software-like performance. We focus on three attributes: power, performance, and size in order to win in a small and mid-range FPGA market. We've got two product lines: Nexus, which is our small FPGA, Avant, which is our mid-range FPGA. And this is how we differentiate. So the foundation of all FPGA is this bottom attribute: low latency. So if you're a humanoid and it needs to stop, it could stop pretty fast. Deterministic means you provide the same answer every time. It's not easy to do in a micro or in software. Higher precision if you're trying to do screwdriving or welding or bin picking in a humanoid. Very precise. Parallel processing. So this is by definition, we're a parallel processor engine providing you higher performance for some of these edge AI applications. Connectivity is very key. So we provide all kinds of connectivity. In a humanoid, for example, we provide EtherCAT and PROFINET that allow you to synchronize all these motors together. So the last thing you need is the arm moving at a different pace than the leg and not seeing what's happening in the torso in the vision. So we synchronize all this using connectivity. And finally, future-proofing, able to change the application in the field. Compared to other FPGA, as I said, we are very focused on the small and mid-range, hence low power, small size, better value boot time. The last one is very important: longevity. So our Fab partners commit to us to a 20- to 30-year lifetime. And our customers are asking us to sign on paper when we work together to these lifetimes. These applications, automotive, industrial, aerospace, defense, medical, they live in there for 30 years. The last thing they want is to be able to have a part that's not supported for that period of time, so that's very critical. On what's called SoC, our competitors integrate the processor inside the FPGA. And we believe that's not the right thing to do. At the time you integrate the processor and the FPGA together, it's a marriage made in heaven. Everybody's in love. It looks fantastic. With time, you're going to see differences. And we have partnerships with folks like NXP where you can marry big processor, small FPGA, big and bigs, medium, medium, small, big. It doesn't matter. We provide the best solution for the application at that moment in time. We work with NXP that has a vast catalog of parts that can provide a vast support on the software side where it allows you to code in C, PyTorch, TensorFlow. And then the other functions are done in the FPGA where we provide some of the hardware type of functions in our FPGA with connectivity, et cetera. So this is how we compete. And we're very differentiated and very uniquely positioned in this market. So everywhere companionship, best small to mid-range roadmap. All of this should drive growth. So we've been expanding the portfolio. We've been investing big. As you could see, 2024, we exited with 91 devices. I've been in the company a year and a quarter. We brought in a ton of stuff for execution. I can guarantee execution now is better than it used to be a year and a quarter ago. We've released 54 new devices in 2025, 60% more that should translate into revenue. We're doing the same in 2026, improving not just the silicon, but also the software, the IP, the solutions that go along with it. We innovate across all these markets, so on the solution side, we're providing solutions to our customer in Physical AI. On the left, you could see vision and motion control for humanoid, robotics, industrial robots, robotaxis, and anywhere that's vision. Vision is really our landmark, and we're expanding into motion control is the way to think about our Physical AI type of portfolio. On the comms and compute data center, security has been our very strong differentiation. We started with Root of Trust. We now went to PQC, this post-quantum cryptography. On the data center and communication, continue to innovate with new type of interfaces like this LTPI is the latest protocol and multi-protocol across all these applications. We do this for the top customers in the world. We are in the top tier. We have 11,000 customers worldwide. About 200 is where we get most of the revenue from. We do both a direct sale to these top 200, but we also do a channel sale to the 11,000. All this should allow us to grow very fast. We've been growing the design wins. We've been growing our share. We're leading in the small and mid-range. We do believe that we'll deliver faster industry revenue growth for the foreseeable future. We're committed to deliver EPS growing faster in revenue. With that, thank you very much. We'll take questions. Great. Thank you for this great set of slides. Thank you for walking through all the drivers of the business. I guess the first question I want to start with is one I've gotten from investors over the past year, and you look at the growth drivers, the applications you're targeting. As you step back, what do you think is a reasonable longer-term growth rate for the company? And how would that split between just TAM growth and then idiosyncratic factors, share gains, the launch of the Avant family that are specific to Lattice? That's a great question, so this year, consensus is about 21%. We're very comfortable with that. We'll give you an update in a couple of weeks. The long-term growth of 15%-20% should be very doable for us, and we should grow, hopefully, towards the higher end of that range. Right now, we're 69%-70% gross margin, very strong EBITDA and free cash flow, very diversified business across all the various applications I've shown you. That should be a very nice setup for the next few years. We do believe in 2026 is going to be the year of the data center. We finished the year strong. We started the year very strong. The comms and compute is on fire. Continue to see those trends up and to the right. 2026 will continue to be the year of comms and compute. It will be the year of the small FPGA for us. Nexus is our family that we said will inflect into 2026. We're seeing exactly that, which is going to inflect in 2026. On the industrial automotive, we'll see that come back to growth in 2026, but really inflect in 2027. 2027 then will be the year of growth in industrial automotive, followed by Avant, which is our mid-range FPGA business. So the nice setup here is 2026 and 2027 both have very strong growth vector in place with design wins going to production, products already existing. We really have to mess it up to not deliver this. So we're in very good shape for 2026, 2027, working on 2028. And we do believe we'd like to get to that at least 15%-20% year on year at high margin across the board. Yeah. And I'm sorry. As you know well, Quinn, and a lot of our investors know, this year we've had a big headwind from the inventory that's primarily focused on the industrial and auto part of our business. And we think that's going to be normalized in 2026 and set the stage for, as Ford said, the share gain and design wins that we have in place to ramp out of 2026. To your question, there is TAM growth. Obviously, it's a large part of what we see in the data center-oriented business. But that's compounded by the share gain, the expanding applications that we just showed you guys, ASP expansion from those applications and the progression from our pre-Nexus to Nexus and Avant product lines. And then as we align with the industrial growth rate and add that to the data center-oriented growth rate, we should be in really good shape, as Ford said. We're highly confident. And I think what you meant to say is that we normalize end of 2025 is what we're saying. That's right. Did I say that? I didn't say that. That's what I meant to say. Yes. All right. Yeah. I was going to get there just to confirm that inventory in the channel is normalizing. Yeah. We are on track to what we said before. Yes. Okay. Perfect. I wanted to start with the data center. Obviously, that's the big growth driver here in 2026. I think you had previously said on last earnings call forecast a growth summary between 20% to 40% in calendar 2026. What are the big drivers there? You went through some of the application security, boot, control. But can you talk also about what you're seeing in terms of attach rates, FPGA per server, what the trend in ASP is, maybe what some of the new applications, FPGAs are doing? You want me to start? Yeah. Go ahead. Let me start. And then Lorenzo will add. The biggest trend that is helping us is disaggregation. So on these AI servers, AI servers right now are estimated 12% of the total number of servers. These AI servers are being very disaggregated, which is a very helpful trend for us. So going from a single board to now, you've got a processor board, you've got many satellite boards, you've got a board for networking, another one for storage, another one for power, another one for cooling. So this disaggregation is helping us multiply the number of FPGA that we have per rack. So that's trend number one. Trend number two, we continue to find these new applications. And so as I just showed you. Trend number three is the CapEx continues to grow. So we were all pleasantly surprised last year at the growth that ended up happening in CapEx for the cloud service provider. Again, expecting another 50% CapEx growth this year, which is, again, on track and very powerful. So that's number three. Number four, this percent of AI server continues to grow as a total number of as a percent of total server. And we have more content in an AI server than in a regular server. So our ASP are continuing to grow. So we go from older devices to newer devices that have more functionality, more capabilities, more connectivity. And those typically have seen an ASP increase. And so you multiply all this, the CapEx growing, percent AI server growing, applications growing, attach rates growing, ASP growing, quite a few. Pretty good tailwinds. Yeah. No, I think that's good. I think you captured it. Yeah. One of the questions we get, and I'm sure you get as well, is just if you boil it down to rack is the new unit of compute, what's your average kind of FPGA content today in a rack? How many FPGAs are in those racks? And where might that go over the next generation or two, or say over the next two, three years? Right. So we went from tens of FPGAs per rack to hundreds of FPGAs per rack. We obviously have more in an AI rack than a traditional rack. And then we have more depending on whether it's an NVIDIA or a TPU from Google or Amazon or Meta, depending on the application, depending on the configuration of how people have the networking and storage defined. Storage is a big driver of attach as well. So depending on how people configure around their AI, around their networking, around the storage, it varies. But it's all now in the hundreds. And we went from we have a few dollars per ASP per part. So you can see we went from low hundreds to now high hundreds of dollars per rack. Yeah. And just, CFO, temper this a little bit. We get the question a lot because people want to take the number of racks and multiply and get to a number for us. And it's just we would say because of the complicated way these are deployed, just as Ford described, it's actually difficult for us to say, as these things ship, it looks like X units per rack, and therefore this much revenue per rack. So we keep looking at it. We know it's growing. But how it actually manifests itself when different companies, different ODMs ship servers, it's actually quite difficult for us to pin down. So we're a little hesitant, other than the general guidance that Ford provided, to frame the dollars per rack. Yeah. It's a range from the traditional server all the way to the AI server. Right. How many blades are populated in a rack? We don't necessarily know that kind of stuff. Would it be fair just sort of to generalize? Obviously, that business would grow with the number of rack shipments over time. Absolutely. The The number of GPUs or XPUs in a rack is going up. And I would think, given your attach rate trends and your ASP trends, you probably should be growing at least as fast. If the number of GPUs in a rack double, would you double with the number of GPUs? The best way to think about it is look at last year's growth. The first nine months we haven't reported Q4s. The first nine months of the year, we reported our server business growing 80% and our comms associated with that growing 63%. So we grew at least at the same rate in those segments as the rest of the industry. Okay. Wanted to spend a few minutes on the comms side of the business. I think it's mostly wired comms, which is probably also being driven by the AI trend. But spend a minute on wired comms. And then are you seeing anything interesting sort of happening on wireless infrastructure? Could that be an opportunity over the next year or two? Yes, absolutely. So on the wired comm, there has been a lot of changes. What's nice now is an explosion. And you're going to have Credo and Astera Labs after us. So they're going to even talk to you about all the scale-up and scale-out and all of these. There is a proliferation of scale-out and scale-up and all kinds of new architecture being proposed, which is fantastic because the more diverse this is, the more you need somebody companionship across all this to make sense of all the disparity. The variety of different comms architecture are quite interesting. I was pleased to see end of last year Groq having this investment from NVIDIA. I was on the board and early investor. They also have a totally different way to approach how they hook up all these LPUs together. You're going to see even more of this variety of how stuff gets hooked up. That's good for us. On the wireless side, we definitely see new ASICs come to market from the major wireless providers. That's going to be another attach rate that will help our wireless business for sure. Great. The last question I had is, if you look at the growth rate of the overall comms compute bucket in 2025, it looks like it'll be mid- to upper-20s%. You talked about the server business growing 80% for the nine months and comms up, I think, 63%. So there was some legacy business that I think you were fighting. That headwind, as it sort of rolled off, is that legacy PC client business now effectively zero? Is comms and compute effectively all server and comms? Yeah. Just your point, all the growth will be really coming out of the server-oriented business. That headwind is gone for the future. Okay. Perfect. Now, we'd like to pick some of it back up, and we're still working on that, but right now, it's going to be the server-dominated business. Got it. Okay. Just moving to the industrial and automotive segment, you confirmed you're sort of on track for the inventory normalization by the end of 2025. That business has been pretty slow for 15 months. I think you've been undershipping the channel. What have you seen in terms of POS trends or consumption that give you comfort of at least, I think you're 5%-15% growth rate in 2026 and probably better in 2027? Right. Obviously, as we came out of the peak of the industrial business that we had a couple of years ago and slid down to the baseline level where we are, we were taking inventory out of the channel. So POS was down. In the second half of 2025, we'll get that year right, 2025. What we started to see is a significant uptick in the POS, which is consistent with what we expected in terms of depleting the channel inventory and setting the table for 2026. So it's been very good performance out of the industrial-oriented part of the channel. Excellent. And I was going to ask, can any comments on what you're seeing in sort of the robotics side, factory automation? Are you starting to see demand coming back? It sounds like POS is picking up. Is it being led by those applications, or are there other parts of the business? I think it's the broader industrial. We're still very early on in the robotics side of the business. But it's a broader industrial play right now. Yeah. I mean, the positive for me, when we look across geographies, all geographies are contributing. There were some geographies like Japan that were laggards in 2025. And even that has now got back to growth. So that's very positive. Excellent. In your slides, Ford, you mentioned robots or humanoid robots. There are a couple of systems there, Lattice can play, the vision systems, the motor control. Can you sort of elaborate on how you're feeling about your design win position on vision and what the opportunity on motor control may be going forward? On vision, we've done very well. Vision has been one of our strengths, has been something we've done for a long time. So vision, we've really nailed vision. Motion control is we're making progress. We've got a few headwinds, beachheads as well, not headwinds, tailwinds, and beachheads. So we are going to take those and try to see how much can we expand it on the motion control. So I think that's the summary. Okay. And when would you expect those designs to start to contribute to revenue? Is that sort of a 2027, 2028 time frame, just knowing that the design cycles are probably a couple of years? Most of these humanoid applications are going to market in 2027, so across all geographies, U.S. and China. Okay. I know investors track your new products, Nexus and Avant, as a percent of sales. How are you tracking to that relative to your prior expectations of high teens in 2025 and mid-20s in 2026? Do you feel comfortable with that progression? Yeah. I think that's pretty much where we are. The products that we're bringing out, as Ford showed on this slide, we're expanding the product line significantly. Those do take a little bit of time to ramp in. But given the baseline we have, we're very comfortable with that new product ramp. Just to give you a feel, our new product growth in 2025 was about 65%. So we grew very nicely from 2024 to 2025. The new products grew very nicely in 2025. We expect that to accelerate in 2026. Okay. Again, 2026, really the year of Nexus. Yes. 2027, the year of Avant. Nexus, more data center. Avant, more industrial. That's right. Automotive. Yeah. Okay. Sort of a similar question, investors also track your AI revenue, which splits across both of your major end markets. What are you seeing on sort of the trends for the AI revenue in the business? Our AI revenue has been 60% data center, 40% industrial automotive. We're still tracking to that. We said we'll get to the high teens end of 2025. We're on track to this. We said we'll get to the mid-20s in 2026. We're on track for that. So AI is a percent of revenue that continues to increase. And this has been more like a companionship, sorry. We, as I said, for the first time now have a primary chip win that we've won in HMI. And we're excited about this because in these small type of models, they're called tiny models. They go into these robotics and industrial. We've got a solution that's differentiated as a primary function. Excellent. Shifting to the competitive landscape, Intel has now respun out Altera under new management. What are you seeing on the competitive front from Altera? Do you think they get more agg ressive? Do they try to get more active in the embedded markets and small, mid FPGAs? Yeah. Look, I mean, competition is going to be around. I mean, it's good there is competition. It means it's a good market. If there's no competition, there's not a good market. So yeah, we do believe Altera will get more aggressive. And we do believe they'll come after us in the roadmap. But really, the major competitor we're worried about today is Xilinx. Xilinx is the one that has an UltraScale+ in our space. And Xilinx is a much bigger company in FPGA. And we've done very well against Xilinx. So we have fundamentally a very sustainable architectural differentiation in how we approach this low-power, small FPGA architecture. And that we believe is sustainable for many years to come. And so recently, we've actually started making progress in China against some of the Chinese local FPGAs. And these guys are very tough from a pricing and competition. We're winning there. So our view is, look, focus on the customer. Don't focus on the competitor. The competitor is going to be there. We're going to stay paranoid. But fundamentally, what is it that we need to do to leapfrog and make sure we provide benefits to our customers? I've always been customer-centric. I've always been customer-driven. And that's how we do the roadmap and the strategy. We lead. We don't follow. So the last thing I'm going to do is worry about Altera and follow them. They're actually trying to follow us right now. We know the roadmap. And they're 24 months behind us. The guy that we worry most about, as I said, is Xilinx. Perfect. Last question for me. Just sort of can you describe sort of your key priorities for capital allocation going forward and sort of thoughts on M&A? Ford, I know at Inphi and Broadcom, you were pretty active on the M&A front. Is that a big part of the strategy moving forward? I'll give you the overview. And then Ford will elaborate on the M&A viewpoint. So look, we have been aligned from before the beginning of my time there that this is a business that is organically investable. We have really good opportunities in front of us. And that's where we focus primarily. And you saw that in our expansion of our product line. You'll see that again this year as we continue to drive our business into the expanding opportunities that we have. So that's the first thing we do. We will look inorganically at things to accelerate the business and look across the board. The cube that Ford showed gives you somewhat of an insight into the vectors that we look along. But we're definitely looking at that. And then we always have had a view on prudent return of capital to shareholders when we think we can keep the balance sheet flexibility and have generated cash. We generate a lot of cash for our size, right? So we are fortunate in that we have the investment opportunities in front of us. Ford, do you want to elaborate on the M&A? Yeah. I was in awe when I joined Lattice. The reason I joined is I think Lattice is a great foundation to build upon. So we're trying to build a big house. And the key is to have a foundation that's very solid. And so when I looked at the business, it's a very diversified business across many segments, across many applications, tier one customers, a great team, a very strong strategy, and high gross margin, high EBITDA and free cash flow, sustainable, high revenue growth for the foreseeable future. So that's what I was looking for. And that's what we have. And so you can invest in this. And then we're going to build a house on top. But the key was to make sure that the foundation was very solid and had the growth vector and the margin profile that would allow us to actually add interesting stuff on top. And the goal here on M&A is to become more strategic to our customers. And we're looking at a few things that would help us do that. Yeah. In line with investing in the business, we've done some small tuck-ins already and acquisition of IP and things like that. But that's just part of investing in this core business. Excellent. All right. Well, we are at the end of the session. So, Ford, Lorenzo, thank you very much for joining the Needham Conference. We really appreciate it. Thank you.