Ladies and gentlemen, thank you for standing by. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. At that time, if you have a question, you will need to press the star one on your push button phone. I would now like to turn the conference over to Erik Bylin. Please go ahead, sir. Thank you, operator. Good afternoon, and welcome to NETGEAR's second quarter of 2026 financial results conference call. Joining us from the company are Mr. CJ Prober, CEO, and Mr. Bryan Murray, CFO. The format of the call will start with commentary on the business provided by CJ, followed by a review of the financials for the second quarter and guidance for the third quarter provided by Bryan. We'll then have time for any questions. If you've not received a copy of today's release, please visit NETGEAR's investor relations website at www.netgear.com. Before we begin the formal remarks, we advise you that today's conference call contains forward-looking statements. Forward-looking statements include statements regarding expected revenue, gross and operating margins, expenses, tax expense, and future business outlook. Actual results or trends could differ materially from those contemplated by these forward-looking statements. For more information, please refer to the risk factors discussed in NETGEAR's periodic filings with the SEC, including the most recent Form 10-Q. Any forward-looking statements that we make on this call are based on assumptions as of today, NETGEAR undertakes no obligation to update these statements as a result of new information or future events, except as required by law. In addition, several non-GAAP financial measures will be mentioned on this call. A reconciliation of the non-GAAP to GAAP measures can be found in today's press release on our investor relations website. At this time, I would now like to turn the call over to CJ. Thanks, Erik, and thank you all for joining our call. We're pleased to share that we delivered another solid quarter that demonstrates the continued momentum behind our transformation to being a software-differentiated, enterprise-led business that's delivering profitable growth and expanding long-term shareholder value. Today, I'll cover two topics, a recap of our Q2 performance and an update on our transformation. Let's jump in. Q2 showed disciplined execution, strong profitability, and clear progress on the strategic priorities we outlined at the start of the year as we delivered top and bottom-line performance above the high end of our guidance range. Enterprise delivered another strong quarter, with revenue increasing 7.7% year-over-year, which was led by strong growth across the Americas and EMEA. Enterprise now represents more than half of NETGEAR's total revenue and approximately 69% of our gross profit, demonstrating the increasingly important role this business plays in our growth and financial performance. Just as important, Enterprise continues to deliver significant profitability expansion. Non-GAAP gross margin reached an all-time high of 54.1%, while non-GAAP contribution margin increased 660 basis points year-over-year to 25.9%, its highest level in more than seven years. Although our ongoing go-to-market transformation in APAC moderated our growth during the quarter, we're addressing those headwinds and believe the changes underway can position APAC to become our fastest-growing region. With Enterprise now representing the majority of NETGEAR's revenue and an even greater share of our gross profit, and with that contribution expected to continue growing, we've elected to change NETGEAR's Standard Industrial Classification code, or SIC code, to align with our competition in this enterprise segment. This change takes effect today, and going forward, we should screen better to potential investors by identifying NETGEAR as the company we are today, an enterprise solutions company. In Consumer, we continue to harvest our service provider business and optimize the core consumer business for growth profit, given the challenging supply environment. Despite these top-of-funnel constraints in Consumer, we grew our overall annual recurring revenue to $42 million, representing a 15% year-over-year increase. The stronger mix of business and margin expansion from Enterprise, combined with the disciplined execution in our Consumer business, allowed us to move from a non-GAAP operating loss last year to operating profit in Q2 of this year, while significantly expanding our EPS as well. Bryan will cover the Q2 results in more detail, so I'll conclude my commentary on Q2 by thanking the NETGEAR Enterprise and Consumer teams for their relentless focus on delivering against our commitments. In addition to the quarterly results, we're thrilled with the tangible progress of our longer-term transformation. When I joined NETGEAR two and a half years ago, it was very apparent that we had an opportunity to unlock significant shareholder value by bringing a stronger focus to our Enterprise business. That led to a substantial reorganization and a significant influx of Enterprise talent, starting with a new business unit leader, followed by new leaders for most functional disciplines. In transforming our team, a core part of our talent strategy has been to insource software development while leveraging AI. This effort was accelerated for our enterprise business by three strategic acquisitions, VAAG, Exium, and the source code that had previously been outsourced for our line of managed switches. I'm thrilled to report that this business unit now has over 200 badge software engineers, and we've almost completely reduced our reliance on outside contractors. This brings with it increased alignment, speed, and quality to our software delivery. AI has been a significant enabler for us, and our team is ahead of the curve on adoption because we're building this full stack software development capability from scratch, and we're not constrained by legacy development processes. AI landed as an accelerant at the perfect time to help fuel our transformation, and today, the team, organization, intellectual property, capabilities, roadmap, and delivery are strong and have little resemblance to where we were a few short years ago. I'm more confident than ever that this will enable us to better serve an even broader set of customers in the future. The impact of this transformation is evident in the products and services we're now delivering to our customers. In Q2, we announced the launch of Align, a cloud-managed platform designed to consolidate AV infrastructure services, host applications such as our network management platform, Engage, and serve as the open layer for third-party AV apps. Align was announced at InfoComm, the world's largest AV industry trade show, where it won Best of Show among its seven industry awards, while also receiving an incredibly positive reception from partners and end customers. We're already working with several third parties to integrate their applications into our Align platform. Given that the cloud management capabilities will require an Insight license, Align will catalyze our recurring revenue business within the enterprise segment. Speaking of Insight, we also announced several significant improvements to this platform in the quarter. Our newly designed experience dramatically simplifies the user interface, workflows, and onboarding, revamps our licensing model to drive higher recurring revenue, implements an initial integration of our Exium security services, and establishes the framework for AI-powered network operations and AI-defined networking. This is a significant milestone in expanding the value we deliver to customers and a key driver of future recurring revenue growth opportunities. Align and Insight are excellent examples of the transformation underway at NETGEAR. They demonstrate how we are expanding beyond networking hardware to deliver a broader software and services platform that increases customer value, differentiates our solutions, and supports our objective of building a faster-growing, higher-margin enterprise business. The transformation of our partner and customer ecosystems is gaining momentum as well. In Q2, we surpassed 600 Pro AV manufacturing partners, including several new critical leading brands from the broadcast vertical. Our partner program is in full swing, and we now have added over 125 certified APEX partners, our highest tier of partnership that requires a significant investment in NETGEAR. Our support and services team landed big new customers like National Geographic, Shopify, and Salesforce. We also made great progress in the education vertical with wins in 86 school districts for the 2026 E-Rate season, more than half of which are new to NETGEAR this year. As noted in my Q2 recap, all of these accomplishments are favorably impacting the financial results of our enterprise business. We're making high ROI investments in the business while at the same time significantly increasing gross and contribution margin. As we mentioned previously, we implemented a small price increase in Q2, and we're now evaluating more pricing actions in the second half of the year given the pricing leverage we have and to ensure the margins for this business remain robust and reflect the value we're delivering to customers. In addition, we now have the foundation in place to grow our higher-margin non-device revenue, and we look forward to scaling contributions from Insight, security, support, and professional services over the quarters to come. We're just at the beginning of unlocking growth opportunities of this business, and as we shared it in our Investor Day, the multibillion-dollar addressable markets are huge, and many of the incumbents are focused on the AI data center build-out, opening the door to additional share means for NETGEAR. We don't see this changing, and for enterprise, the incremental cost of supply caused by the AI build-out is far outweighed by the benefits of this competitive dynamic. While we're very proud of our progress, I'm even more excited about our go-forward plans. We will continue to enhance our team and the corporate governance overseeing the company. In that regard, today we welcome Douglas Murray to our Board of Directors. Douglas has spent over 30 years in enterprise networking and security at companies like Juniper Networks and Extreme Networks. More recently, he was CEO of Big Switch Networks that sold to Arista in 2020 and Valtix that sold to Cisco in 2023. He's currently CEO of Auvik, which is an AI-driven IT management software company that serves many of the same customers and partners that we target. We're excited to see Douglas's impacts in the years to come. As I noted earlier, APAC has been a headwind to growth in the first half of this year, while this region has the potential to be our fastest-growing market for our enterprise business. I'm thrilled to report we've hired Surajit Sen to lead the transformation of this region for NETGEAR. Surajit is a seasoned APAC go-to-market leader who has spent over three decades in the region, most recently in long-tenured executive roles for Zscaler, Dell, and NetApp. The opportunities in this region are significant, and we are now well-positioned to take advantage of them. Big welcome to both Douglas and Surajit. Shifting to our consumer business, I am very proud of the delivery and execution of this team. Similar to our enterprise business, we have a world-class leadership team, we have in-source software development up and down the stack, and shifted away from reliance on outside partners, enabling us to drive a step change in innovation for this product portfolio. The consumer market is obviously dynamic given the regulatory changes and supply chain challenges. We believe these regulatory changes have the potential to create a significant tailwind for us in the medium term, given of our primary competitors in this category, eero continues to be the only other one to have received conditional approval from the Department of War to launch future consumer networking products. Additionally, we've done a great job managing the supply chain nuances in a difficult environment, and we will continue to pull levers to protect the margin profile of this business going forward. Given the mid to long-term potential of this market and our leadership position, we're making prudent decisions to preserve the value creation optionality associated with our core consumer business, we expect to remain well-positioned to capture the expanded market potential should the opportunity arise. In closing, transforming the culture and products of a company is not easy, the team and I are now seeing the fruit of our efforts, and it's most notably showing itself in the pipeline of future opportunities. We're doubling down on the profitable growth driving the enterprise business while preserving optionality for value creation associated with the consumer business. The first half of 2026 reinforced that the transformation is delivering on our goal to execute on near-term imperatives while building a lean, scalable organization. We remain fully committed to the mid and long-term targets we shared at our Investor Day, we'll continue to make decisions that prioritize long-term shareholder value creation while recognizing that achieving our short-term goals is an important part of creating value. We could not be more confident in the team or in the trajectory we're on, we look forward to sharing further progress with you in the quarters ahead. With that, I'll turn it over to Bryan. Thank you, CJ, and thank you everyone for joining today's call. Led once again by strength in our Pro AV Managed Switch products within our enterprise segment and enabled by continued progress in the second phase of our transformation, we delivered both revenue and non-GAAP operating margin above the high end of our guidance range. This reflects our team's strong execution in the face of supply headwinds, some incremental benefit from service provider, and the outcomes of the memory cost mitigation efforts that are ongoing. For the quarter ended June 28th, 2026, revenue was $168.6 million, down 1.2% year-over-year and up 6.1% on a sequential basis. The second quarter's performance was driven by continued strength in enterprise, where we saw year-over-year growth in end-user demand in the Americas and EMEA regions and double-digit year-over-year growth in end-user demand for our Pro AV Managed Switch products. We delivered $89 million of revenue in the enterprise segment for the second quarter, up 6.1% sequentially and up 7.7% year-over-year. Encouragingly, the revenue mix of our products from the higher margin enterprise segment improved over 400 basis points year-over-year to approximately 53% of total revenue and remained steady sequentially. End-user demand for our Managed Switch products grew double digits both sequentially and year-over-year, despite lower-than-expected production stemming from operational executional challenges from our manufacturing partner for these products. The strength of our leading higher margin Pro AV line of Managed Switch products in the second quarter, along with improvements from the license acquisition for the OS that powers these switches, was the driving force that led to record enterprise gross margin and a strong consolidated gross margin in the quarter. As a reminder, since Q4, we've been reporting two business segments, with the reporting of our mobile products being included in our consumer business. We will continue to supplement reporting of service provider revenue, which includes sales of our cable modem and gateway products sold in retail, in addition to the mobile products sold to operators. This revenue call-out will allow investors to isolate these defining businesses in their assessment of NETGEAR and our transformation. In Q2, the consumer business delivered net revenue of $79.6 million, down 9.4% on a year-over-year basis and up 6.1% sequentially. As we shared last quarter, given the memory shortage and related cost increase to various components, we are optimizing this business for gross profit. Domestically, the U.S. retail market continued to experience aggressive promotional activity from some competitors. We were aided by strong performance of our U.S. direct-to-consumer channel, which grew over 20% year-over-year. We also saw positive benefits of our good better best Wi-Fi 7 lineup and continued growth in our recurring revenue services, which grew both sequentially and year-over-year. Sales to service providers and associated products were buoyed by a reduced focus in the retail channel by our primary competitor in the U.S. cable category, and one of our service provider partners wanting to buffer their inventory due to concerns of rising component costs, but still down approximately 13% year-over-year as we harvest this portion of the business. Now moving on to an update on a recurring subscriber base. We continue to believe that focusing on increasing our recurring subscriber base is the right strategy to add higher margin revenue to both business segments while differentiating our offerings in the market. To that end, a plethora of value-added improvements are currently in development and slated for launch in the coming year. We are also making great strides with our non-device revenue initiatives in the enterprise segment, with the successful launch of our new NETGEAR Insight solution receiving positive initial feedback. Across the business, we grew our ARR by 15% year-over-year, reaching $41.6 million in the quarter. We remain confident we can grow our highly profitable ARR over time and am pleased to share that we exited Q2 with 558,000 recurring subscribers. From this point on, my discussion points will focus on non-GAAP numbers. The reconciliation from GAAP to non-GAAP is detailed in our earnings release distributed earlier today. Our non-GAAP gross margin came in at 41.4% in the second quarter of 2026, buoyed by a strong mix of our enterprise products, along with the expanded profitability within the segment. This quarter's gross margin was roughly flat sequentially and a 360 basis point increase compared to 37.8% in the prior year comparable period. Relative to the year ago period, our gross margin in the current period benefited from an improved mix of our higher margin enterprise business, including benefits from a license acquisition in the fourth quarter. As a reminder, we entered into a strategic agreement to acquire a perpetual license for the operating system that powers our Pro AV line of managed switches. Acquiring this technology improved our overall gross margins by roughly 150 basis points in the second quarter as compared to the year-ago period. More importantly, it continues to uplevel our ability to bring greater value to the AV ecosystem faster than we could have otherwise. Drilling down to the profitability of our two business segments. Our enterprise segment improved in profitability on both a gross margin and contribution margin basis. Enterprise gross margin achieved an all-time high in both percentage and dollar terms, coming in at 54.1%, up 740 basis points year-over-year. This result was driven again by solid demand for our Pro AV managed switches and improved regional mix and aided by the aforementioned license acquisition. Contribution margin expanded by 200 basis points sequentially and 660 basis points as compared to the year-ago period, the highest since Q1 of 2019. On the consumer side, while we experienced rising memory costs and some demand softness in an extremely aggressive pricing environment, growth of our domestic direct-to-consumer channel helped to partially offset these factors. In addition, ongoing operational discipline and focus on prioritizing margin over top line helped mute these pressures, enabling the consumer segment to end the quarter with gross margin of 27.3%, or a year-over-year decline of 210 basis points. The memory headwind flowed through the profitability of the segment in Q2, although we are continuing to work with consumer business channel partners to mute this expected increasing effect in the back half of the year. Total Q2 non-GAAP operating expenses came in at $65.8 million, flat year-over-year and up 1.9% sequentially. Our headcount was 822 as seen at the quarter, up from 786 in Q1. We remain dedicated to the development and expansion of NETGEAR talent with the aim of supporting our enterprise business through the insourcing of software development and enhancing our go-to-market capabilities. Our non-GAAP R&D expense for the second quarter was 12.2% of net revenue, as compared to 11.6% of net revenue in the prior year comparable period, and 12.8% of net revenue in the first quarter. To continue our technology and product leadership, we are committed to significant yet cost-effective investment in R&D, while also balancing hiring with capitalizing on the efficiency gains from AI within software development. Overall, the strong performance of our enterprise gross margins, combined with slightly stronger revenue than originally anticipated within the consumer business, enabled us to again deliver non-GAAP operating margin above the high end of our guidance range. Our Q2 non-GAAP operating income was $4 million, resulting in a non-GAAP operating margin of 2.4%, for an improvement of 310 basis points compared to the year-ago period, and an improvement of 140 basis points sequentially. Our non-GAAP tax expense was approximately $1.4 million in the second quarter of 2026. Looking at the bottom line for Q2, we reported non-GAAP net income of approximately $4.4 million, resulting in non-GAAP income of $0.16 per share. During the quarter, $10.2 million of cash was used by operations, which brings our total cash provided by operations over the trailing 12 months to $235,000. We used $1.5 million in purchase of property and equipment during the quarter, which brings our total cash used for capital expenditures over the trailing 12 months to $20.9 million. Turning to the balance sheet, we ended the second quarter of 2026 with $267.9 million in cash and short-term investments, down $28.6 million from the prior quarter, partly due to our $12.9 million in discretionary stock repurchases and due to changes in working capital. In Q2, we repurchased approximately 560,000 shares of NETGEAR common stock at an average price of $23.04. Since the beginning of 2024, we have repurchased over $116 million of our stock, and we have approximately $75 million remaining in our authorization. Our fully diluted share count is approximately 27.9 million shares as of the end of the second quarter. We're committed to returning capital to our shareholders and plan to continue to opportunistically repurchase shares in future periods. Overall, we are pleased with the performance in closing out the first half of 2026. We exceeded expectations on both the top and bottom line, improved our revenue mix towards higher margin portions of the business, and maintained strong operational discipline while executing on our mitigation strategies to counter rising memory costs. We remain focused on executing on our strategy to provide profitable growth in Enterprise, while in the Consumer business, we are focused on optimizing for gross profit and contribution margin. I'll now cover our outlook for the third quarter of 2026. Within Enterprise, we expect continued growth led by the strong demand for our Pro AV line of managed switches. On the Consumer side, while we have our broader product portfolio to address the market, we will continue to prioritize gross profit over revenue with the rising cost for memory. For service provider and related products, we expect revenue to be around $22 million, which will be a decline of approximately 19% as compared to the third quarter of 2025. Accordingly, we expect third quarter net revenue to be in the range of $165 million-$175 million. We continue to have visibility to cost impacts for the balance of the year due to the great progress in accessing component supply directly from memory manufacturers. In the third quarter, we expect the memory impact to continue to be nominal for our Enterprise business, given the relatively higher ASPs and margins and offset from our recent price increases. On the Consumer side, we expect increased impact from these headwinds despite mitigation from actions being taken with our channel partners. The memory cost challenge is expanding to other parts of the BOM, and we are also experiencing modest production delays given the tightening environment. Altogether, we are continuing to expect approximately 200 basis point headwind to our combined gross margin in the second half compared to the first half, with the impact skewed to Q3 due to near-term supply constraints. Accordingly, we expect our third quarter GAAP operating margin to be in the range of -12% to -9% and non-GAAP operating margin to be in the range of -3%- 0%. Our GAAP tax expense is expected to be in the range of $500,000-$1.5 million. Our non-GAAP tax expense is expected to be in the range of $1 million-$2 million for the third quarter of 2026. With that, we can now open up for questions. At this time, I would like to remind everyone, in order to ask a question, please press star, then the number one on your telephone keypad. We'll pause for just a moment to compile the Q&A roster. Your first question comes from the line of Logan Katzman with Raymond James. Please go ahead, your line is now open. Hi, this is Logan on for Adam. Thanks for taking our question and nice results. First, could you maybe double-click on the strength you guys saw in Enterprise? Looks like it was above seasonal. Maybe could you touch on some of the drivers there, maybe double-click on Pro AV, and do you see any one-time benefits or anything from maybe the FIFA World Cup or anything this quarter? Anything around that. Thank you. Hey, Logan. Great question. I'll start, then maybe if I miss anything, Bryan can jump in. Enterprise continues to be our stable, profitable growth engine, as you saw. I think the one maybe thing we can double-click on is just the regional growth. If you go to our Q, you'll see that in the Americas, we grew 15% year-over-year. I'm talking about revenue now. In EMEA, we're just shy of 10%, but 9%, APAC was down 16%. Obviously we call out APAC specifically because we're intentionally transforming our go-to-market there. We mentioned the hiring of Surajit, which we're super excited about. We expect APAC to start growing sequentially in Q4. You can see the strength of the growth that we're seeing across the other regions for that business. Just to specifically answer your question about FIFA World Cup, I'm not aware of any kind of one-time blips associated with that or any other big event. Anything to add, Bryan? No, I think you covered it. Awesome. Thank you. Then could you actually maybe double-click on the changes going on in APAC? Can you maybe talk about some of the changes you are implementing besides bringing in a new leader to that business? Then maybe also kind of what happened in that market to have you guys implement these changes. Yeah, good question. Well, I think it's a core part of our transformation is just how we go to market in enterprise. NETGEAR is at, we just hit our 30-year anniversary, a lot of legacy channel models, a lot of layered distribution partnerships. In order to address that, we needed to take a step back and make decisions for the long-term health of the region. As part of that effort, as you restructure the channel, in addition to bringing in the new leadership, we talked about some new partners, fewer distribution layers, implementing some of the transformational efforts that we've implemented in the other regions. The good news is we have a playbook that's working in the Americas and EMEA, we're just bringing it over to APAC. The near-term headwinds are unfortunate, over the long term, this is going to pay dividends. As we said on the call, APAC has the potential to be our fastest growing region. We're excited about it and excited to see Surajit's impact. Awesome. That's super helpful. Thank you. It sounds like the acquisitions you guys have made, they're going pretty well. I was just curious, do they have any material impact in the quarter? Then maybe more broadly, can you guys just touch on you guys', any updates to the capital allocation or just touch on your strategy there? Yeah. Let me take those one at a time, then Bryan can fill in any gaps. The non-device revenue tied to the Exium acquisition, all of the changes that the new software team is driving in Insight, we're seeing really good progress there. The non-device revenue for the quarter grew significantly. We're not going to throw out big growth numbers at this stage because it's still off a small base. With the progress we've made, on security, on Insight, on support, on professional services, and how that's being supported by our partner program, we're feeling really good about we're setting up the right infrastructure, products, services for delivering long-term growth there. No specific numbers to share other than to say we set some pretty ambitious midterm and long-term targets in our investor day around percent of revenue from non-device revenue sources, and we stand behind those. We feel really good about our trajectory against those. As it relates to capital allocation, no change to the strategy. We've been really consistent there. We're funding the internal investments that are focused on the enterprise side of the business. That's our organic growth lever. M&A continues to be a priority. The three categories of opportunities we're looking at are product adjacencies, new capabilities, product was Exium and security capabilities was VAAG and the source code that we brought in for our Pro AV managed switches. Then we've looked at a number of opportunities to bring scale to the business, but we're being really disciplined. So we're going to wait for the right opportunity if one comes along. If not, we're going to continue to drive organic growth. Then, of course, we're focused on returning capital to shareholders. That's a key part of our ongoing strategy. Since I've joined, I believe we've repurchased a total of $160 million worth of shares, $13 million last quarter. We still have a $75 million authorization. Capital allocation strategy remains consistent. Yeah, I think that answers both your questions. Awesome. Yeah, no, that's super helpful. Thank you. Last question from me, on profitability here. First of all, the profitability on enterprise is extremely strong. I was just kind of curious, how do you think about total gross margins maybe for the back half of the year? I understand the consumer dynamic, I wanted to get your guys' thoughts there. Moving down the income statement, it looks like 3Q guide is a little subseasonal on the operating income, and actually 2Q was a little above seasonal. Was there anything maybe pushed from an expense standpoint from 2Q to 3Q, or just any thoughts on profitability in 3Q? I think as we've been saying consistently throughout the year, the big profitability mover is the memory situation and our response and mitigating efforts to combat that. I will say, looking at the back half of the year, we feel good about the estimates that are out there for revenue for the whole second half. If I were to look out to Q4, we did mention on the call that we are facing about a 200 basis point headwind to the second half for gross margins coming from the memory elevated costs. If I were to look specifically at Q4, we gave the guidance for Q3, but for Q4, we would expect about a 400 basis point improvement sequentially from Q3 if you take the midpoint of the guidance range that we put out there to our non-GAAP operating margin. That's really driven by two things. One would be the sequential projected increase in revenues in Q4, some of that coming from seasonal lift. The other thing we did note on the call that while we're seeing 200 basis point headwind to gross margin in the second half, it's a little more acute in Q3 because some of the near-term supply challenges we're supplementing with air freight. If you factor all of those things in and factor in the Q2 performance that we just delivered, it should take the estimates out there for the full fiscal year up on both measures, revenue and non-GAAP operating margin. Great. Thank you, both. Your next question is from Tore Svanberg with Stifel. Please go ahead. Your line is open. Yes. This is Cam Tierney on for Tore Svanberg with Stifel. Congrats on the progress here, and thanks for taking my questions. I wanted to ask just sort of broadly, can you elaborate a little bit on the supply chain environment that you're facing? Specifically, can you help us characterize your Pro AV supply situation? I know in the past it's been a little bit supply-side challenged, and maybe if there's any backlog there, could you help us put some guardrails around how to think about that? Thank you. Yeah. Hey, Cam. Thanks for joining. Yeah. As I'm sure you're aware, it's a pretty dynamic supply environment, whether it's memory, broader components, cost, the supply availability. You also have ODM capacity issues, lead times, and then distractions from tariffs and other regulatory shifts. It's a pretty wild time from the supply perspective. The way that impacts next year is this is where 30 years of building a resilient supply chain really pays off. We've got great partnerships. We've built a lot of goodwill. We're just really proud of the execution of our team. We've secured memory through the first half now of 2027. We're shipping our new products. We're holding the line on the gross margin impact for the second half of the year. As we've said, in a longer-term enterprise, we've got pricing leverage, and we've already made a small move on prices. There's more room there. Just really proud of our efforts there. The Pro AV supply, there's some history to that. We were short in supply late last year, then we caught up. Frankly, there was a blip this past quarter, just an execution factory move issue with our partner. That continues to cause us to lean into more air freight, which is costly and impacts gross margin, and that's all reflected in our guidance. The good news is there, we're back on track, and we're expecting to get to the targeted volumes this quarter. I would describe it as nothing like the prior shortage we had, which is largely tied to more demand than we had planned. There was an execution issue that's been addressed, and we're driving volume back up to where we need it to be. Awesome. Thank you. For my follow-up, I'm just kind of curious, can you provide any color on fiscal 2027 and how that might be shaping up? Cam, thanks for joining. I'll touch on that, CJ can chime in if he'd like to as well here. We're not going to provide any guidance for 2027, what we can say is that for the enterprise business, we do expect next year that revenue growth will outpace OpEx investment and growth, which is what we shared at the Investor Day last November. We feel very good about that. What we're already seeing here in 2026, CJ just touched on it, that we do feel strongly that our pricing leverage in the enterprise business will combat and offset the cost pressures that we're seeing from the supply chain. Combination of both those factors, we would expect expanded profitability within the enterprise business. On the consumer side, as we've been saying, it's a much more dynamic environment. We've got supply chain challenges with the memory situation. We got regulatory momentum potentially there. The competitive environment's very challenged. The goal remains the same. We're going to look to keep contribution profit neutral on that business as we continue to innovate, we're looking to expand on the partnerships that we're developing there and preparing for the next Wi-Fi standard to launch out probably sometime next year. I think that kind of frames 2027 a little bit. Obviously, it's not specific guidance per se, but I think those are the things that we can share with you at this point. Very helpful. Thank you, guys. Appreciate it. There are no further questions at this time. CJ, I turn the call back over to you. Please go ahead. Yeah. Two quick points to wrap up. Just another big welcome to Douglas Murray joining our board. Super excited to have him. Lastly, as I said in my script, transformations are really hard. The good news is this one's working, and that wouldn't be possible without the resilient and incredible effort from the whole NETGEAR team across both businesses. A big shout-out and thank you to them.