Good afternoon. Thank you for attending today's SMART Global Holdings Q2 fiscal 2023 earnings call. My name is Bethany. I will be the moderator for today's call. All lines will be muted during the presentation portion of the call, with an opportunity for questions and answers at the end. If you would like to ask a question, please press star one on your telephone keypad. I would now like to pass the conference over to our host, Suzanne Schmidt with SMART Global. Please go ahead. Thank you, operator. Good afternoon. Thank you for joining us on today's earnings conference call and webcast to discuss SGH's Q2 fiscal 2023 results. On the call today are Mark Adams, Chief Executive Officer, Jack Pacheco, Chief Operating Officer, and Ken Rizvi, Chief Financial Officer. You can find the accompanying slide presentation and press release for this call on the investor relations section of our website. We encourage you to go to the site throughout the quarter for the most current information on the company. I would also like to remind everyone to read the use of forward-looking statements note that is included in the press release and the earnings call presentation. Please note that certain of the statements made today may constitute forward-looking statements, and that these statements are the company's present expectations, and that actual events or results may differ materially. We will also discuss both GAAP and non-GAAP financial measures. Non-GAAP measures should not be considered in isolation from, as a substitute for, or superior to our GAAP results. We encourage you to consider all measures when analyzing our performance. A reconciliation of the GAAP to non-GAAP measures is included in today's press release. With that, let me turn the call over to Mark Adams, CEO. Mark? Thanks, Suzanne. Thank you all for joining us today. Our team at SGH delivered solid results in our Q2 of fiscal 2023 in what has been a challenging macroeconomic environment. While Ken will review the financials in more detail, I'd like to call out a few highlights that demonstrate the resilience of our business in times like these before turning to a review of each of our segments. SGH achieved record non-GAAP gross margins of 28.9% and non-GAAP earnings per share of $0.76, which exceeded the high end of our guidance range on sales of $429 million. We generated strong cash flow from operations in excess of $100 million in the quarter and exited Q2 with a strong balance sheet, including $376 million in cash and cash equivalents. While not immune to market headwinds, SGH continues to execute well throughout the cycle. With our deep manufacturing expertise, extensive customer relationships, disciplined operating model, and strong balance sheet, I believe SGH will successfully navigate these near-term challenges. Longer term, we believe we are well positioned for growth and attractive returns as our business is tied to multiple secular tailwinds, including AI, machine learning, data analytics, 5G, enterprise storage, and specialty lighting. Let me review each of our business lines. Starting with IPS, which is comprised of our Penguin Solutions and Stratus Technologies brands. We design, manufacture, and deploy hardware, software, and services for high-performance computing, AI, and high availability applications on-premise, in the cloud, and at the edge. In Q2, IPS had another record quarter of sales at $222 million, which represented 52% of total SGH sales, reinforcing the transformation we are going through at SGH. Q2 IPS sales more than doubled versus the year ago quarter, excluding Stratus Technologies, and were up by 170%, including Stratus. As part of SGH, Stratus Technologies has performed very well with revenues and gross margins ahead of the guidance given at the time we announced the transaction. With the addition of Stratus, the services portion of IPS sales more than doubled from the year ago period. This highlights our ability to offer more value to our customer base, resulting in a higher margin, more stable revenue stream. During Q2, we were pleased to see Penguin Computing's Jade system, a 1,300 node Intel Xeon-based system that is amongst the world's largest Open Compute Project-based installations, receive recognition as one of the two supercomputers to power the recent nuclear fusion ignition breakthrough at Lawrence Livermore National Laboratory. This is the first time that more energy was produced by an artificial fusion reaction than was consumed. This is a historic win that provides important insights into the future of clean fusion energy, and we are proud to be part of this effort. During fiscal Q2, Stratus was recognized with Processing Magazine's 2022 Breakthrough Products Award in the Edge Computing category. Our second-generation Stratus ztC Edge Computing platform offers a zero-touch, secure, and highly automated system, which enables digital transformation across multiple industrial segments. It's one of the industry's only solutions offering built-in application virtualization and fault tolerance in an easy-to-install, ruggedized design for the edge. As we have noted on prior calls, IPS sales can be lumpy due to the deployment cycle of larger customer installations. Nonetheless, over the mid to longer term, we see significant growth drivers for this segment and remain bullish about our ability to expand our customer engagements. With Penguin Solutions and Stratus coming together, IPS has the portfolio breadth that can support our customers' compute needs on-premise, in the cloud, and at the edge. We are still in the early innings of AI, machine learning, and data analytics. Given our over 20 years of system design and deployment expertise working with large enterprise customers, we believe we are well-positioned to capture long-term growth. Turning to our LED Solutions group, which operates under the Cree LED brand and produces application-optimized LEDs for specialty lighting, video screens, gaming display, horticulture, outdoor, and architectural lighting. For the Q2 of fiscal 2023, LED Solutions sales totaled $56 million, or 13% of overall SGH sales. Cree LED faced ongoing challenges due to soft demand stemming from the current economic environment, which was further suppressed as customers continued working down inventory levels. Given such market conditions, the team has focused diligently on cost controls to tightly manage the business and navigate near-term challenges. While being mindful of spending, Cree LED continues to invest and strengthen its position as a leader in customer-focused innovation. During the Q2, Cree LED introduced 3 new high-brightness LEDs targeted for large format video displays such as stadium signs, airport displays, and full-color roadway signs. Additionally, the team announced the release of its new XLamp Pro9 high-efficiency, high CRI, or color rendering index, LEDs with the industry's highest operating temperature rating, which makes it ideal for commercial indoor lighting applications that require high-quality light. We believe that our outsourced manufacturing model and continued innovation leadership has us well-positioned for a recovery in the LED sector. Based on our most recent customer touchpoints, we are starting to see signs of improvement in customer demand and expect revenue to be up modestly in fiscal Q3. Shifting to memory, our Memory Solutions group is made up of two businesses: specialty memory, which is focused on the enterprise, industrial, and federal end markets, and our Brazil-based module business. Overall, Q2 memory sales came in at $151 million or 35% of total SGH sales. Sales were lower sequentially, primarily due to a continued decline in both worldwide memory pricing and the global demand for PCs and mobile phones, the latter significantly impacting our Brazil business. Focusing first on our specialty memory business, sales were slightly down from the Q1 levels. Higher sales of our flash-related solutions were offset by weakness in our DRAM-related business. Our DRAM business was challenged due to continued downward pressure in pricing and a higher level of inventory at a few key accounts. As part of our longer-term growth strategy to grow our specialty memory business revenues, we remain focused on enterprise applications in the data center, primarily around DDR5 and Compute Express Link, or CXL. CXL plays into our strength of combining DRAM memory with an intelligent controller to meet the desired requirements of our customers. CXL is a new interface technology which allows for the expansion of memory capacity as well as the ability to share memory among servers. We believe the result will be an increase in our memory TAM, along with the proliferation of form factors and feature sets that should increase the opportunity for our specialty memory solutions. In our Brazil memory business, we continue to see downward pressure in what is already a challenging environment for PCs and mobile phones. Based on our latest customer interactions, we believe our sales in Brazil are starting to stabilize and feel that growth from solid-state drives, or SSDs, 5G, and DDR5 applications will drive our recovery over the coming quarters. Despite the headwinds within memory, we have continued to operate the business well. Unlike traditional memory semiconductor manufacturers, our business model is different as we incorporate memory chips as part of the bill of materials and then add value above the core chip technology for our customers. Therefore, our results have been relatively stable as demonstrated by our segment operating margin for our memory business, which was approximately 10% for Q2. In addition, we are optimistic that the steps being taken by larger memory suppliers, such as reducing capital expenditure and selectively lowering wafer output, will achieve a better supply-demand balance and ultimately have a positive effect on the recovery of SGH's memory business. I'll stop here and hand it over to Ken for a more detailed review of our Q2 financial performance and our guidance for next quarter. Ken? Thanks, Mark. I will focus my remarks on our non-GAAP results, which are reconciled to GAAP in our earnings release tables. Let me turn to our fiscal Q2 2023 results. Despite the continued macroeconomic headwinds, we reported a solid quarter in Q2, helped by our operational discipline and the strength of our IPS segment, which had both record revenues of $222 million as well as record segment operating income of approximately $38 million. Total SGH revenues were $429 million, and non-GAAP gross margin came in at a record 28.9%, above the high end of our guidance range. Non-GAAP diluted earnings per share was $0.76 for the Q2, also above the high end of our guidance range. Last quarter, we began providing the breakdown of our overall SGH revenues by products and services. As a reminder, our services revenue includes longer-term services as well as point-in-time services such as logistics and implementation services. In Q2, our overall services revenue totaled $55 million, up from $36 million in the year ago quarter, helped by the inclusion of Stratus Technologies, which we acquired in the beginning of this fiscal year, and product revenues for $374 million. Second quarter revenues by business unit was as follows: IPS had a record $222 million, LED at $56 million, and memory at $151 million. This translates into a sales mix of approximately 52% for IPS, 13% for LED, and 35% for memory. For the first time, IPS represents more than 50% of our total sales. Non-GAAP gross margin for SGH in Q2 was a record 28.9%, up from 26% in the year ago quarter, helped by the inclusion of Stratus within IPS and higher sales from Penguin Computing. Non-GAAP operating expenses for the Q2 were $72.5 million, down from $74.4 million in the Q1 of 2023. Operating expenses were down from the prior quarter, primarily due to cost containment initiatives. Operating expenses, however, were up from $59.5 million in the year ago quarter due to the inclusion of Stratus. In addition, operating expenses benefited in the Q2 of 2023 from $1.4 million in financial credits in Brazil, which was down from $2 million in the Q1 of 2023 and down from $6 million in the year ago quarter. This credit is expected to provide approximately $1 million of benefit in our Q3 of 2023. Non-GAAP diluted earnings per share for the Q2 of 2023 was $0.76, compared with $0.87 per share in the year-ago quarter. Adjusted EBITDA for the Q2 of 2023 was $63 million, or 15% of sales, compared to $66 million or 15% of sales in the year-ago quarter. Now turning to balance sheet highlights. For working capital, our net accounts receivable totaled $229 million, compared with $306 million last quarter. Day sales outstanding came in at 36 days, up three days from last quarter, primarily due to the timing of invoicing and collections for IPS. Inventory totaled $294 million at the end of the Q2, down from $416 million at the end of the prior quarter. The decrease in inventory, as outlined during our last earnings call, was driven primarily by higher levels of IPS shipments in our Q2. Inventory turns were 6.3 times in the Q2 versus 7 times in the prior quarter. Consistent with past practice, net accounts receivable, days outstanding, and inventory turnover are calculated on a gross sales and cost of goods sold basis, which were $573 million and $463 million, respectively, for the Q2. As a reminder, the difference between gross and net revenue is related to our logistics services, which is accounted for on an agent basis, meaning that we only recognize the net profit on logistics services as revenue. Cash and cash equivalents totaled $376 million at the end of the Q2, up $51 million compared with $325 million at the end of the prior quarter. Second quarter cash flows from operating activities totaled $101 million, compared with cash used for operating activities of $74 million in the prior quarter. As a reminder, we used cash in operating activities in the Q1, primarily due to the $101.8 million earnout note from the Cree LED acquisition. We accounted for a majority of this prepayment in our operating cash flow, given it was a contingent consideration. In the Q2, we repurchased 677,000 shares in aggregate, spending $11 million during the quarter, inclusive of approximately $5 million in connection with the convertible exchange executed in January of 2023. To date, we've spent approximately $58 million under our $75 million share repurchase authorization since April of 2022, repurchasing approximately 3.2 million shares in aggregate. For those of you tracking capital expenditures and depreciation, capital expenditures were $12.6 million in the Q2, and depreciation was $9 million. In the Q2 of 2023, we strengthened our balance sheet further through privately negotiated exchange agreements with some of our convertible noteholders. We exchanged $150 million in principal amount of our 2026 convertible notes for new 2029 convertible notes. The new 2029 convertible notes have a slightly lower coupon of 2% as compared to 2.25% for the 2026 notes, and a slightly higher conversion price of $21.23 as compared to $20.30 for the 2026 notes. In addition, they also have a higher capped call, which protects us economically up to $29.14 per share, whereas the 2026 notes are protected economically up to $27.07 per share. Now let me turn to our fiscal 3rd quarter 2023 guidance. We expect that revenues for the Q3 of 2023 will be approximately $375 million at the midpoint, ±$20 million. Our guidance for the Q3 incorporates the following assumptions: For IPS, as we've discussed on prior calls, we expect lower sequential revenues. For memory, we see our business stabilizing from Q2 levels. For LED, we expect a modest improvement in revenues from the Q2. Our GAAP gross margin for the Q3 is expected to be approximately 26% at the midpoint, ±1%. Non-GAAP gross margin for the Q3 is expected to be approximately 28% at the midpoint, ±1%. Our non-GAAP operating expenses for the Q3 are expected to be approximately $72 million, ±$3 million, consistent with the prior quarter. GAAP diluted earnings per share for the Q3 is expected to be approximately negative $0.03, ±$0.10. On a non-GAAP basis, excluding share-based compensation expense, intangible asset amortization expense, debt discount, and other adjustments, we expect diluted earnings per share will be approximately $0.40, ±$0.10. Our GAAP and non-GAAP diluted share count for the Q3 is expected to be approximately 50 million shares based on the current stock price. Cash capital expenditures for the Q3 are expected to be in the range of $12 million-$15 million. Our forecast for the Q3 of 2023 is based on the current environment, which contemplates the global macroeconomic headwinds and ongoing supply chain constraints. We continue to manage our operations in a prudent manner as we navigate a challenging environment, while also continuing to invest in our long-term growth. Please refer to our non-GAAP financial information section and reconciliation of GAAP to non-GAAP measure tables in our earnings release for further details. With that, let me turn it back over to Mark for a few comments prior to Q&A. Thanks, Ken. Despite the near-term economic uncertainty, we remain optimistic about our competitive positioning in the end markets we serve, which include AI, machine learning, data analytics, 5G, enterprise storage, and specialty lighting. I want to thank our global team at SGH for their execution in Q2. To achieve record non-GAAP gross margins, exceed our EPS guidance, and strengthen our balance sheet during these turbulent times is a testament to the efforts of our global team. Operator, we are now ready for Q&A. Thank you. If you would like to ask a question, please press star followed by 1 on your telephone keypad. If for any reason you would like to remove that question, please press star followed by 2. Again, to ask a question, please press star 1. As a reminder, if you're using a speakerphone, please remember to pick up your handset before asking your question. We will pause here briefly as questions are registered. Our first question comes from the line of Kevin Cassidy with Rosenblatt. Please go ahead. Hi, thank you for taking my question. With Memory Solutions stabilizing, that's very good news. Can you give us a little more details on how that would be split between the specialty memory and the Brazil memory? Are they both stabilizing equally or, you know, is one doing better than the other? One moment while the speakers reconnect. We now have the speakers back on the line. Hello. Sorry about that. Hey, Kevin. Hopefully, you can hear Mark. We had some technical difficulties here. You have Mark and Ken, can you answer your question again or ask your question again? Yeah, sure. Sure. I was just asking for the details on the Memory Solutions. It's great news to hear that it's stabilizing. I just wanted to know, you know, how that split is in the stabilization. Is it mostly the specialty memory doing better, or is it both specialty and Brazil both stabilizing? Thanks for the question, Kevin, and thanks for your patience. Where we've seen just more of what it feels like is kind of a bottoming out of on the pricing side of the business, kind of feels like we're bouncing around the bottom on the price side, and demand appears to be stabilizing. As we think about Q3, Q4, hopefully seeing that play out as such, as you've kind of heard from some of the more recent announcements of the larger semi guys in memory, it's been an unprecedented period, probably dating back to, you know, 15 years or so. As such, I think the steps being taken to get a better supply-demand balance are in place. Again, we're pretty optimistic that there's a recovery out forthcoming. It's a little bit hard to call timing-wise, but we're seeing some stability in the business. Okay. You know, as a follow-up on the IPS business, you've been telegraphing that your visibility beyond the second half of the fiscal year was getting weak. I just wanna note that since you're clearly you're guiding for a lower Q3, but what are you seeing as far as out beyond the Q3? Do you have backlog building, or is it still low visibility? I think that's a good way of putting it. We are in the process of building up our backlog towards, you know, the end of our fiscal year heading into fiscal 2024. As I commented earlier that, you know, the tailwinds on the market environment long term are. They were in good growth markets, being AI, machine learning, data analytics, and the likes for IPS. You know, of course, we're coming off of three years of 30% growth plus or minus in that range. You know, one of the things we're. You know, we're in the middle of April right now in a business that two years ago wasn't making money, and I think we're gonna report something like 17% operating income for this quarter. It's been an incredible turnaround. As I would just say that in the middle of April 2023, you know, budgets are kind of in process. The one caution I would say there is just we don't know how enterprises will manage their budget process. We think it's going to be a good year for us, but we don't have line of sight yet on fiscal 2024, so it might be a little too early for us to call the number, so to speak. In general, the customer engagement's good. The backlog building process is on a good path, and we feel optimistic. Just again, you know, normally budgets get set in kind of mid to mid-summer to early fall in this business. We wanna just kinda make sure that we can tap into the visibility that we get as we approach our Q4. Okay. Thank you. Thank you. Our next question comes from the line of Brian Chin with Stifel. Please go ahead. Hi there. Good afternoon. Can you guys hear me okay? I know that's kind of been a little bit faint. Yeah, Brian, we can hear you. Can you hear us? Yeah. I've got you loud and clear. Thanks. I'm curious, first on the memory business, a pretty big sequential decline in the February end quarter, although also a pretty big decline in the memory market, pricing also over that period. I'm curious, in terms of the pass-through of lower memory prices, is that kind of a real time event, particularly on the specialty memory part of your business? If the ASP declines do start to lose momentum, I guess, if that's the right way to put it. Yeah. that's part of that reduced headwind you're seeing? Brian, let me answer the exposure we have. Typically on our balance sheet, we carry in the neighborhood of 4 to 5, 4 to 6 weeks of inventory for memory. That there is some exposure. They're both good and bad, depending on where ASPs move, but it's fairly limited to that. When you look at our business, especially around the specialty segment, our customers know for the most part what the pricing is for various memory components, and therefore that piece is more of a pass-through. It's really the value add that we provide on top of the memory for those specific applications, and that's why customers work with us. It's also part of the reason that you saw the strong operating margin performance in Q2 from our overall memory segment. Even though we've seen some headwinds in the overall revenues, if you looked versus a year ago quarter or year-over-year, on the quarterly results, the op income% has still remained fairly healthy, which is a testament to the strength of that business and how we operate, the specialty memory segment. Yeah. Of course, Matt, I think that's, it's always helpful to point that out, how you guys, how the memory downturn kind of affects you guys differently than maybe some of the suppliers. In terms of the IPS business, it looks like most of the sequential revenue decline is gonna be from IPS and kind of consistent with what you said about sort of the momentum being a little bit more fiscal first half versus second half loaded. I'm curious, what kind of went better within that IPS mix in fiscal 2Q to drive gross margins to nearly 29%? How do you see that sustaining or not in fiscal second half relative to your gross margin guide and revenue outlook? I'll take the first part of that, Brian. you know, as we've talked about in the past, we're not kind of a revenue-only play. We're not looking to boost up revenues at lower margins. Part of that initiative is driven by our commitment to provide value add managed services to our customers who we engage with. As we commented on, services continues to be a really strong part of this business. When you complement our systems and solutions, software solutions, bundled with services, we think that the gross margin profile of the business continues to be relatively stable and strong. That's kind of what's driving it for us, is it was just really been a discipline not to, you know, not to focus on revenue, but really focus on value add solutions that we bring to our customer base. Yeah. Brian, as you look at the guidance that we provided, and even the strength that we had in Q2, where we had record gross margins at 28.9% and are guiding, even though we have revenues coming down in Q3, the margins just still remain very healthy at that 28% on a non-GAAP basis. A lot of that is driven by what Mark just mentioned, the combination of solution sales within IPS, in a large portion of services, our big services component. Now, there's always gonna be some lumpiness that we talked about in terms of having hardware sales or more hardware-centric quarters, and that can move the margins around a bit. I think what you've seen over the last couple of quarters is that, we've been able to maintain these margins in part, due to the overall services mix, which is primarily focused around IPS. Got it. Maybe just quick thing on LEDs, since you mentioned recovery there. At this stage, have you pretty much drawn down that channel inventory that you spoke about in terms of channel in versus channel out? Is that sort of allowing you to think you can kind of grow with whatever recovery and demand occurs in that market? Yeah, I think, Brian, I think that's spot on. If you look at it over the last 2 quarters, and we talked about it a couple of quarters ago, that typically if you look at where we are, in the cycle, it takes in that neighborhood of 2 to 3 quarters to burn down, the inventory in the channel. We've seen that over the last 2 quarters. We've probably burned down close to $12 million of inventory in the channel. That means, that the sell in is less than the sell through. As we head into Q3, we are seeing more stabilization. There could be a little bit of channel burn, but back to normalized levels. We should start to get back to a demand environment and a revenue environment where our revenues equal end demand. We're starting to see an uptick at least as we look at Q3, we're expecting revenues to be modestly up from Q2 levels, which is a good sign. Great. Thank you. Thank you. Our next question is from the line of Sidney Ho with Deutsche Bank. Please go ahead. Thank you. Maybe a couple questions. First on the IPS side, I think last quarter you guys talk about first half versus second half being 60/40 or 55/45. What is your view now? Maybe you can double-click on it and highlight what has changed. Maybe as part of that, I guess software and services mix is kind of lower this quarter. If my math is right, it's about 20% of IPS versus a quarter goes like 32%. How are you thinking about the software services mix going forward for the back half of the year? Yeah. Sidney, thanks for the question. It's Ken. In terms of that range, I think that still is true as we look at the back half of the year relative to the first half of the year for IPS specifically. We had a number of great projects in Q1 and Q2, and we tried to highlight the fact that it was gonna be more of a front half-loaded year, although still continued strength in the second half for IPS, especially if you looked relative to where that business was a year or 2 years ago. On the services piece, as I mentioned last quarter, is that there's 2 components. There's some ongoing services where we have visibility, call it up to a year, sometimes even beyond that. There are services that are more what I would classify as point-in-time services. Those can be design, implementation services, and the like. That's what adjusted from Q1 levels is we had more point-in-time services as a portion of our overall services mix. Now, as we look at Q3, if you ask me, where will that services portion be in terms of dollar figures, I would expect that to be in a similar range as Q2 levels, potentially a little bit higher, in Q3 versus Q2. That's super helpful. Maybe switching gears a little bit to, you guys talk about DDR5 opportunity. What is your expectations in terms of timing of the ramp now versus maybe a standard DDR5? I think some of the memory suppliers are talking about crossover being mid-calendar 2024. Maybe remind us where you see the strength in DDR5 versus some of the memory manufacturers they may be. Could it be the similar timeline, or could you have a different timeline than those guys? Thanks. Yeah. Thanks for the question. I think, by and large, it's similar. We think, we've got kind of the two businesses, right? Brazil, more consumer-focused. We'll actually see some of that, we think, in the mid to late 2024 timeframe, similar timeframe that you just talked about. In our specialty business, it's a little bit less dependent, so to speak, on leading edge. We have a fair amount of current technology platform solutions. Obviously, we have some legacy on some of the more traditional mil-aero or, you know, networking telecommunications solutions that people want continuity of supply of an existing or legacy product. I'd say specialty is a little bit less dependent on DDR5, although we will have offerings around the timeframes you talked about. The Brazil being more consumer-focused, it's gonna be, probably more prevalent on leading edge, out in the middle of calendar year 2024. Okay, great. Thanks. Thank you. Again, to ask a question, please press star followed by one on your telephone keypad. Our next question comes from the line of Nick Doyle with Needham. Please go ahead. Hey, this is Nick Doyle on for Raji Gill. Wanted to ask a question about the LED business. Great to see that you think you're kind of bottoming there and maybe some sequential increase. Brian kind of spoke about how it's maybe related to the inventory situation, I was wondering if you could kind of expand on any demand signals, maybe specific to China, that you're seeing now and if that's contributing to your outlook. I'd say there's a combination of those two things that you highlighted. There certainly, and again, I think Ken also commented on this, the channel is behaving in a way that's showing that they're starting to have more confidence in the build and the business. Yet we have seen some more direct customer demand signals come in that giving us encouragement for Q3 visibility in the business for a modest increase. Okay. Could you expand a bit on the channel inventory for the memory business? Yeah, any kind of timeline there would be great. Yeah. If you look at the memory business, we don't have a real channel exposure. many times we're selling directly either to the OEMs or the contract manufacturers, very limited to no disti inventory per se. The area that we do have distribution exposure is really primarily related to the LED business. It comprises of the LED business. It's probably about 60% or so, plus or minus, of the LED specific business that we have disti exposure to. Thank you. There are currently no more questions waiting at this time. I would like to pass the conference back to Mark Adams for any closing remarks. Thank you, and thank you all for joining today. As we mentioned at the outset, we continue to operate the business very well, and the resilient nature of our business generating the cash that Ken alluded to, over $100 million in the quarter with record non-GAAP gross margins. We continue to be bullish on the secular tailwinds of the markets we serve, and we look forward to further growth and expanding our business in the future. Thank you. That concludes today's conference call. I hope you all enjoy the rest of your day. You may now disconnect your lines.