Great. I'd like to get started. Good afternoon, everyone. Thank you so much for coming. I'm Toshiya Hari, I cover the semiconductor space at Goldman Sachs. Very excited to have the team from Qorvo with us this afternoon. We have Grant Brown, Chief Financial Officer, and Frank Stewart, Senior Vice President and President of the Advanced Cellular Business. I will go through a bunch of questions, but before that, I will hand the mic over to Grant for opening remarks. Great. Thanks, Toshiya. As always, we appreciate the invite. It's a great conference, and enjoy being here. Maybe before I begin, I just wanted to remind the audience of our safe harbor language that applies to our earnings calls and press releases, and that also applies to today. I'd also advise that you review our public filings and the risk factors there. Frank, as you pointed out, leads our Advanced Cellular Group, and I know he's excited today to talk about the business, and I'm sure you're excited to ask him some questions. But before we go there, I just wanted to, you know, go through some prepared remarks on the other segments, Connectivity and Sensors, led by Eric Creviston, and then High Performance Analog, led by Philip Chesley. So I'll go through a few of those remarks and then turn it back for Q&A. You know, it's been about a year since we announced the new structure, and with it, we've more closely aligned our products and technology offerings with our customers and the end markets. And our customers have continued to recognize Qorvo with design wins and content gains that we're very excited about. As you've seen it in our September guide and you know, become more evident as we move forward as channel inventories clear, but we're also excited about growth that we're seeing here in the September quarter, up over 50%, and then as well as in fiscal 2024, where we expect it to be above fiscal 2023. The new technology is driving that growth, and the technology upgrade cycles continue. Qorvo is critical in enabling those advances, whether they're measured in data in or out, battery life, talk time, driving range, or any other critical performance metric. Most specifically, we're seeing this across markets in aerospace, defense, automotive, base stations, broadband, connected home, data center, defense radar, comms, power management, smartphones, Wi-Fi 6 and 7, and a number of end markets. You know, maybe with that, just quickly, you know, touching on the segments themselves. In Frank's group, within ACG, we expect mid to high single-digit growth. Within HPA, we expect double-digit growth, and then within CSG, we're expecting strong double-digit growth. Again, as this materializes over time, we continue to expect gross margins to trend back to 50 and above, and operating margins in the 30s. While we navigate some of the macroeconomic headlines and channel inventories, which we expect on the Android ecosystem to draw down by the end of the calendar year, we see these as temporary, not structural issues, and look to improving financial performance as we go forward. Hopefully, with that overview, providing some context, we can move on, turn it over for Q&A. Awesome. Yeah, thank you. Thank you so much for that. Maybe starting off with, you know, perhaps a near-term update, if you will. As you mentioned, you've guided September quarter revenue to grow, you know, more than 50%, very consistent with what you had said, I think- Mm-hmm ... three, four, or five months ago. What were the key drivers behind the guide? How has the quarter tracked so far? Anything to sort of highlight by product type or business or geography? Sure. No change, just to lead off the response, you know, highlighting what we had said on our last call about a billion-dollar top line, ±$15 million. That's over 50% sequential growth, driven primarily by content wins at our largest customer. Again, not to say that there isn't growth in other areas of the business, but, but it's the predominant factor there. You know, as we look forward into the year, we expect channel inventories, as I pointed out, to be drawn down over the course of the year. So, you know, we provided some color beyond just the current quarter, without explicitly guiding. But that's key in the sense that, you know, we've already called the bottom for Android in China as it relates to Qorvo, and that's because of the channel inventories having receded and then our ability to sell into end market demand. So, you know, from a unit perspective, not expecting anything heroic in terms of growth or overly ambitious. It's pretty much played out as we've been describing it all year, and we expect that to be how we end the year. So, as we return to just shipping to end market demand, it'll be a benefit to Qorvo. You know, but generally, playing out largely in line with how we've been calling it. Got it. Grant, I guess you sort of touched on this, but I think you mentioned Android channel inventory in the current quarter declining by about 20% or more than 20%, inventory normalizing by the end of the year. That view hasn't changed at all. It's tracking kind of in line with original expectations? Yeah, no change to our comments on channel inventories as it relates to Android ecosystem. Still expect to be relatively clear. It's not precise in and across all customers- Mm-hmm. It is different, different parts, different customers, so it is a bit of a gradual process as we work through that, but largely clear as we look into the March quarter. It's a little different across the rest of the businesses. You know, some areas are tighter than others, and the long pole in the tent there, as we've called out, was base station, where we are seeing a bit more channel inventory and a bit slower uptake on the demand side, which is slowing the consumption. Got it. I guess that was sort of my next question. On the earnings call, you had talked about some areas outside of Android, where inventory was elevated and perhaps, you know, consumption of that or, or digestion of that could take a little bit longer. Was that primarily base station that you were referring to, or other parts of the business, perhaps, where inventory is still relatively high? Yeah, that was the primary factor. You know, there's other areas, you know, if you look at Wi-Fi, there's some consumer-related exposure there, and so, you know, it is of a similar mold as the cellular business. But generally speaking, the base station was the standout item. Got it. Okay. I definitely do wanna ask a couple of questions on how you're thinking about content growth. But before we go there, maybe a question on, you know, the smartphone market outlook. Overall, in terms of units, I think the consensus view is the market's mature and it's flattish, plus or minus. Curious, you know, through conversations with your customers, any potential technologies, inflections that could drive a big replacement cycle in smartphones? Or is the consensus view kind of the right view, in your mind? Yeah. I'll let Frank answer that. Yeah, I can take that one, too. At a high level, we tend to agree that the overall volume, at least in our planning models, we're planning for a relatively flat market over multiple years. This year is actually gonna be slightly down versus calendar year 2022. But maybe an area for optimism, when you look at the Android market and look at the 5G penetration rate, that's actually an area where we do see nice growth going forward. We expect that we entered this year at about 40% penetration of 5G into that Android space, and we're gonna exit the year at about 45%. And then, going forward, we expect double-digit increases in the number of 5G phones that the Android 5G phones that ship each year for the foreseeable future. That's a big growth opportunity for Qorvo as we go from very little content in a 4G phone to significant dollar content in an Android 5G phone. Got it. Okay, that's helpful. And then, maybe a question on content growth at your largest customer, and I understand, you know, we can't get into to specifics here, but obviously, as you noted, it's a big growth driver in the near term. Do you see this as sort of a permanent uplift in content per phone? I guess there's some concerns among the investor base that this could be sort of a one-time thing, and there could be a reversal into 2024. How should we think about, you know, is this a new base that you can build off of, or could this be sort of a one-time benefit? Yeah. with this generation? I'll take that as well. Yep. So, as you said, we always have to be a bit cautious there. But we have clarified that the areas where we're enjoying some nice growth are in areas where we've had multiple generations of wins. Items like antenna tuning is an example that we've given, and UHB, and we do have some of our BAW capability in the mix of what we've been able to capture there. But it is areas that are known to Qorvo, areas where we've generated and demonstrated multiple generations of success. Got it. Okay. And then a little bit more broadly, I suppose, how to think about content growth within the context of 5G. Again, I think the general consensus view is we're in the late innings of 5G, and therefore, you know, the rate of content growth would decelerate going forward, and therefore, your growth would decelerate. Is that sort of the right view, or do you see good line of sight into additional technologies that could drive a potential re-acceleration- Yeah ... in content growth within the context of 5G? Right. Right. So two things: One, I would reiterate on the entry tiers of the market, we do see that 4G to 5G transition being a growth opportunity for us, so don't wanna lose track of that. In the premium tier, the highest tiers of 5G, we do see incremental opportunities that are better than a kind of a flat view. So, some people put the label of 5G Advanced, but as you go from where we are today, in a typical high-end 5G phone, until we get to 6G at the end of the decade, we do see multiple dollar content opportunity additions in a 5G Advanced phone versus where we are today, in transmit, and receive, and satellite bands. There is content coming to a high-end 5G phone versus where we are today. Things like carrier agg and more bands and- That's right ... satellite are noted. Additional RF paths, so additional MIMO, going from sometimes only two MIMO paths to four. There's situations where dual uplink is coming to more geographies in the ultra-high band. Satellite transmission is in the early stages. We see that growing and maturing in capability, which has RF content additions for us. Got it. And Frank, I think you just touched briefly on, on sort of the 4G- 5G opportunity, and I know that's mostly or primarily on the, on the Android side, but maybe expand on that. H ow should we think about that opportunity set, as the install base continues to transition to 5G? Yeah. So if you think about geographically, where we are on the Android space, the United States and China have moved pretty far up the adoption curve, but the rest of the world is pretty far behind. So when we say Android is still in the 40%-45% range, as you step through India and the rest of Asia and other parts of the world, there is a lot of opportunity to go from 45%, where we're gonna exit this year, and step through multiple years of growth. So we think that's gonna take us all the way into 6G, of getting double-digit percentage growth each year until we get to kind of start talking about 6G together. Got it. Okay. On that point, where does the industry stand on 6G? I know it's way early- It is ... but, I know, I know the industry, you know, the conversation picks up pretty early as well. So, so any early insight into what the key capabilities can be- Right ... with the 6G? So high-level planning model, we're planning for somewhere around the end of the decade, somewhere in the 2030 timeframe, and it's still, there's still a lot of dialogue going on what it could be. Our view is that we're talking about frequency bands that are higher than sub-6 gigahertz today, but maybe more in the 6-13 gigahertz range is maybe a real sweet spot of something that could add some real customer value, but also be some really good frequency, new frequency that can bring to the table that has a lot of capability for bandwidth expansion. So that's our focus, is kind of in the 6-13 gigahertz range. Got it. Okay. Maybe a question on, on your China business- Mm-hmm. Maybe for you, Grant. So your China business troughed in the March quarter, but it's still down about 70% from your most recent peak back in the June quarter of 2021. Is the weakness in China purely a function of your local OEM customers losing a little bit of market share and maybe some inventory correction? Or are you starting to run into local competitors that perhaps have a little bit more integrated, you know, capability? Sure. I'll start, and then Frank, please jump in. You know, the local Chinese competitors have always been there, so it isn't something that is relatively new for us. You know, the highly integrated modules that we serve today is a differentiated advantage for us in terms of needing to have all of the different components that go into those highly integrated modules, and not just the process technologies to make BAW filters, for example, or SAW filters, or any of the power amplifiers or other components, but also the modular design capabilities are super important. The field application engineers to help the customers get those products into their phones and working, because RF is a bit unique in that regard. You know, so I'd say that the competitor set have always been there. The dynamics haven't changed. We're still racing to maintain a competitive performance advantage there in order to win business. It's competitive, but you know, through thick and thin, we've stuck with all of our customers, in fact. You know, and you know, some of the recent news, even today, right? I mean, I think our presence in China, it's an opportunity for us because that customer set has always seen us. We've always been a trusted supplier, and it's always an opportunity, regardless of how mix might shift around. We're, you know, relatively balanced across our customer base, so, you know, it makes those share shifts much less impactful for us. And I think the technology leadership, the presence, and the relationships there have gone a long way for us in maintaining our advantage with them. Got it. I don't know, Frank, if there's anything to add. Yeah, and I would just add to Grant's point, to the contrary on, we've actually gained share throughout this year from a design win perspective, and we're excited to finally get through the channel inventory correction to where that's more visible. Mm-hmm. Yeah. Got it. I guess on that point, you know, I don't expect you guys to give, you know, specific guidance to the 2024, but how should we think about sort of the rate of, you know, recovery in China? Obviously, we don't expect your China business to approach past peak levels because, in hindsight, you and the industry was probably over-shipping relative to true consumption. But how should we think about that, given that, you know, your competitive position has improved, if anything? Sure. You know, through this year, as I commented, you know, we don't have high aspirations for a large rebound, and that's been consistent as we went through the year. There was some early uptick in, you know, post COVID zero that we saw in the, in the sell-through numbers and, you know, we tempered expectations, and I think that was the right thing to do. It's settled in, it's stable. But, you know, beyond that, I think, as Frank pointed out earlier, the real driver is gonna be that penetration of 5G, and that's the most impactful for Qorvo, less so than the absolute units. Really, those 5G units is where the opportunity enters our SAM, and that's where we have the dollar content. I don't know, Frank, if you have a view, maybe, you know, beyond 2024. Yeah. We haven't commented specifically. Yeah, exactly. No, it's, it's well said. Maybe the only other thing to add is our engagement is deep with all of these customers, and we have the luxury of talking about architecture and designs two, three, sometimes as four years out. So it's, it just shows the depth of our relationship with all of them. Got it. Okay, that's helpful. Maybe shifting gears a little bit, and Grant, you sort of kicked us off with this, but we're still kind of getting accustomed to the new structure of the company. I was hoping you could, you know, walk us through some of the key drivers for the two other businesses. Mm-hmm. I know Frank's here, but, you know, CSG and HPA, as you think about the business over the next couple of years, maybe talk about, you know, some of the key drivers there, whether it be application or technology. Yeah, sure. Let me take them each. So within CSG, the primary revenue today is Wi-Fi. You know, as I mentioned, there's a customer or consumer flavor to that, which we expect to recover as some of that inventory subsides and demand returns. And so that'd be the very near-term driver. Beyond that, there's the UWB opportunity that we have, and that's really exciting. We've commented in gaining traction with auto customers, and beyond that, there's quite a number of different applications, whether it's location awareness, or within the auto, it's within access points. And at CES, we even had a demo where we were showing people, it was helping navigate them around the booths and, you know, with high degree of accuracy. So that's a really exciting area for us. You know, there's smart home applications there. Beyond that, there's also the sensors that we have that are currently, you know, multi-use, that could be in a number of different form factors. So those are growth areas, nascent, but real opportunities. Within HPA, it's a collection of quite a number of different businesses. Each one is, you know, a bit fragmented in the end markets, which presents us with some opportunities. So, right now, the defense and aerospace area is a particular note as a growth driver. You know, on the other side of the coin is the base station market, which is a little bit slower, given some of the rollouts there. And then there's a number of businesses, like broadband, very stable. The DOCSIS 4.0 upgrade is a key driver for that business. You know, as you look at the power businesses, we're seeing a lot of activity on the power management side. You know, quite a number of different drivers, they all fit that theme of technology upgrades, and Qorvo's portfolio aligning with those upgrades provides a lot of growth opportunity as we look forward. We've talked quite a bit about the mobile side already- Right ... and the content there. Right. And I guess maybe I should have asked this question before my prior one, but just for context, at the company level, what percentage of revenue do you derive from, you know, comms infra and consumer IoT and A&D, and so on and so forth, to level set? Sure. You know, we've not commented specifically on any one of the individual businesses, other than to say, when we think about a lot of those that you mentioned, most of them fit within our HPA group, and within HPA, there's primarily four buckets that we've talked about. Defense and aerospace is one, base station and other infrastructure is one, power is third, and then there's another, you know. So you might think of them as roughly kind of equivalent in size, although some of them are stronger in other periods. Got it. You touched on ultra-wideband, and you talked about auto and mobile, obviously, as potential drivers. Maybe, let's take a step back and talk about the acquisition of Decawave. I think it was February of 2020. Mm-hmm. How would you sort of rate the performance and particularly relative to your competition since then? Yeah, you know, we're really encouraged with what we're seeing in Ultra-Wideband right now. The customer traction and engagement, you know, is extremely high. They're very interested in the solution, and the applications are really exciting, right? So it's something new. It's certainly differentiating in a small set of vendors that are able to play in that space. You know, where we're seeing a lot of engagements on the software side, you know, it's a rather sticky customer for us when we have to help them with the software, when we have to develop the hardware that works with it, and then the application, there's often specific pieces of that that need to get considered when you're developing a full solution. So, you know, for us, I think, you know, the technology has been excellent. The team has been phenomenal in developing it and working with the customers, and the traction on the design wins has been great. As we see the volumes come and it pulls through the revenue, I think that'll be the sort of next leg there. Okay. And any sort of context on sort of how big the business is today and how we should be thinking about growth going forward? I know it's still relatively nascent, but yeah. Yeah, we haven't commented on the overall size, but again, you know, very, very encouraged by what we're seeing. Okay. Got it. I guess similar question on silicon carbide. Again- Mm-hmm ... it's a relatively small, you know, percentage of your overall business, but you acquired United Silicon Carbide in November 2021. I guess it's been a couple of years now. How would you, again, rate the performance, and any growth expectations that you can share with us? Yeah, another really good example of a technology leadership position with our JFET technology there. It has the industry-leading RDS(on) performance, which is the figure of merit for silicon carbide. You know, we are a smaller player, but where performance matters, we absolutely deliver. So in that sense, you know, very encouraged by the technology. Commercially, also, you know, very good in the sense that, you know, we've talked a bit about the performance-based earn-out that we paid to the pre-existing shareholders, and you know, that speaks to the performance that we've seen on the revenue side with customers. Got it. And I guess you mentioned this, but from a scale perspective, you know, you're faced with significantly larger peers. Mm-hmm. How do you compete in the marketplace? What is your source of differentiation, if you will? Sure. I think performance, where it matters, is really the key for us, you know, with those customers. So, you know, there are areas where we have strength. You know, if you think of the data center and AI, perhaps, and some of the largest bills in a data center are the power bills, and so helping on that front is a big opportunity for Qorvo, just as an example. But performance-centric is really our go-to-market strategy. Okay. All right, great. We have about 12 minutes left. I'm gonna pause here and see if we have any questions from the audience. I'll keep going. Maybe shifting gears a little bit, going on to financials. Mm-hmm. The gross margin outlook of the company, so you're guiding September to 45.5% at the midpoint. You've also shared that gross margins are likely to decline in December and the March quarter. Off of that base, going forward, how should we think about the progression of gross margins, and maybe talk about how to think about utilization rates in your factories? Yeah, sure. So, you know, we haven't commented formally beyond fiscal 2024, but, you know, if you think about the dynamics in gross margin, there's really three primary ones. There's mix, so, you know, within the customer base, within our own operating segments, there's mix, and then, you know, there's seasonality with the mix over time based on ramp cycles, so mix is an important driver. The pre-existing inventory we have, we have high cost inventory that ran through relatively underloaded fab, is carrying high cost, and that needs to work its way through cost of goods sold. So as we work through inventory in the channel and then in our own inventory, we'll see that headwind subside. And then the third piece is utilization. As we start to see the volumes return and the factories are running at higher levels of utilization, that's more of a forward-looking rather than a backward-looking on the existing inventory. That forward-looking piece, as utilizations improve, will be a benefit and a driver for gross margin. In the Pareto of what's preventing us from recording 50% margins, it's almost exclusively the utilization headwind. As we've commented on the number of basis points there is significant, and as we regain those, we should be working our way back towards our 50% + goal. Okay. And sort of timeline-wise, sort of mid- to late calendar 2024, is that sort of how we should be thinking about that return to 50% ±, or any sort of- We haven't provided any- Yeah ... any specific guidance, you know, in terms of gross margin trajectory, other than it won't be a step function up. You know, it'll be a gradual process as we work through those inventories and as we bring utilization back up in the factories. Got it. Okay. I guess sort of related to that, you know, you exited the June quarter with elevated inventory, and you've talked about, you know, your plan to reduce inventory, I believe. How should we think about the pace of inventory digestion, if you will, and what's sort of normal going forward as you, you know, plan your business and operate your business? Sure. We usually think of it in terms of turns, so sort of mid- to high threes or four turns would be pretty normal for us. So it's, it scales versus revenue. It's seasonal. As we build inventory for ramps at our largest customer per, as we are now, you've seen inventory come up, and we would expect over the course of the fiscal year for it to come back down as we sell through some of that inventory. So it's seasonal. But generally speaking, as a rule, it's in the high threes to four turns. Yeah. Got it. On the recent earnings call, you talked about, you know, investing in productivity, and how this should improve profitability over the medium to long term. Mm-hmm. Can you expand on that a little bit, and how we should be thinking about the timeline? Sure. You know, I would expect to see more of this activity as we go forward. You know, we are looking at, you know, different ways that we can upgrade tool sets, some of which just go end of life, and you need to upgrade, some of which are opportunistic and looking forward, they have productivity enhancements. So, you know, we are looking at, you know, the design for those and exactly how we could go forward with that process. You know, an example being, you know, some software that we've used for quite some time in the distribution management area and, you know, kind of with our customer contracts and pricing and those sorts of things, you know, tools that are going end of life that we can upgrade. You know, we're seeing productivity there already. And so it's as an example, very encouraging, and we're looking at doing more of that. In some cases, you know, slightly bigger opportunities for us. So, you know, really, really encouraging, incorporating all the latest technologies that are out there, including, you know, in some cases, software vendors incorporating AI into the tools that we use. You know, even within finance, you know, you're starting to see some of that. So, you know, within ERP systems, so very, very exciting. Is it possible to quantify the benefits from those investments? It is internally, yes, we do track to make sure that we're receiving the benefits from an ROI perspective. That drives the decision making. But, you know, I would expect, you know, some of it is volume related. As we see the volume pull through, you should see the productivity. Got it. Okay, makes sense. You know, maybe talk about the Qorvo Biotechnologies business. You've been looking at that business, reviewing that business. Any, you know, update or thoughts on how to think about that? Yeah, we've said that we're looking to divest it. You know, we haven't had any comments since the earnings calls. You know, at the moment, you know, nothing new to report, but hope to have something very soon. Remind us, the drag on profitability at the moment, and to the extent you manage to close something, what the benefit would be to your PNL? Yeah, it's largely an OpEx consideration. So, you know, as we're carrying the biotech business, we'll be carrying the OpEx, and, you know, that's on the order of, you know, $ single digit millions per quarter, low single digits. Got it. Yeah. I guess in terms of capital allocation priorities going forward, you know, assuming free cash flow recovers from here, you've got volumes hopefully recovering as well. You know, how do you plan to allocate your capital? You know, you've got investments in your own business. Obviously, you've got M&A, buybacks. How should we think about the prioritization of those three items? Sure. You know, for us, it's a classic waterfall approach. We look at, you know, working capital first and then CapEx, organic growth, inorganic growth, and then you start to look at some of the capital, structure decisions, like around our debt and equity. So for us, you know, no concerns on working capital and CapEx, as, you know, over the years, we've been drawing that down and becoming more efficient, so feeling very good there. Organic growth, you know, as we think about our CSG business, we're investing in some of those more nascent businesses. We're investing in, you know, large programs within the ACG business, within Frank's customers. And then, of course, in HPA, we have a lot of opportunity there, where we're investing in opportunities, organically and inorganically. You know, the probably near-term piece on the debt side would be our 2024 notes that are coming up next year. So, you know, we'll be looking at those as they mature, and then the balance would be returned to shareholders in the form of share repurchase. Got it. And then on your point about CapEx, you know, again, to your point, you brought that down on a pretty sustained basis. I mean, to the extent, volumes pick up and you're on a recovery path, should we assume capital intensity to stay relatively, you know, at these levels, or could there be an inflection to the positive side? There could certainly be some, you know, incremental investment there. We continue to do that. There's the maintenance piece, and then there's the capacity piece, you know, so you could see capacity. On the other side of the ledger, however, is just the improvements that we've made. So moving from 6- to 8-inch, say, in our BAW, has had a big impact. The die shrink that we're able to do generation over generation in BAW, for example, has led to much more die per wafer, which helps, and so the effective capacity increases. In fact, so much so that we were able to sell our Farmers Branch facility, which was always and forever an insurance policy, in case some of those didn't come to fruition. So, you know, seeing a lot of positive trends there as far as manufacturing efficiency and a credit to the team. I mean, these are really tough technical problems to solve on both the production and manufacturing, as well as the design and devices. And so, you know, we've seen a lot of success there. And again, as volumes return, that becomes much more evident. Got it. Okay... And then maybe a question on M&A. You know, you guys have been pretty acquisitive over the past several years, relatively small scale, tuck-in, bolt-ons. We talked a little bit about, you know, UWB and SiC, but as you think about the collection of companies that you've acquired, how would you, in hindsight, how would you grade them? And kinda remind us what your philosophy is around M&A. What do you look for in a business as you kind of filter through potential acquisitions? Sure. I mean, in terms of what we look for, we have to be the best owner. We have to bring something to the table that adds value, and differentiates us. You know, the businesses that we've acquired, as you pointed out, have a strong technology leadership, and that's something that's attractive to us over time, you know, from a margin perspective and from a competitive moat. You know, the types of things that we see in each of the business segments are slightly different. In ACG, you know, there's more of the MEMS or technologies that we've acquired over time, maybe more consolidation type of... But again, few and far between more mature business. Nascent businesses, like CSG, in our view, was born from acquisition, so there's not probably a whole lot to do there incrementally other than organically grow what we've got. And then HPA being a rather fragmented end markets and diverse, that could be a real opportunity for us, in that front. And we continue, this isn't necessarily new. I mean, this has been, something that we continue to look at over time and, and we'll continue to do so. Great. I guess in the last two minutes or so, for both you guys, I know you've spent quite a bit of time with investors today, and you speak with analysts all the time. What do you feel like we collectively underestimate or underappreciate about, you know, the Qorvo story specifically or the markets you guys play in? Yeah, maybe I'll start, and then Frank, please weigh in. I mean, I'd say, you know, especially with some of the news even today, right, I think it's probably underappreciated just how broad our customer exposure is on the handset side, especially, right? As I mentioned earlier, the mix shifts really aren't that impactful because we have such a good relationship with all the handset OEMs. You know, our content in China is very, very good. Our design win activity is very good. So, you know, I think in general, that's typically something that gets missed. I'd say that, you know, our customer relationships, just expanding on that, is that, you know, we have been there through COVID. We haven't left the market. We've continued to invest in those customers, and they invest in us, too. I mean, it works two ways, right? They have to be reviewing our parts and spending money to incorporate our designs into their product. So, you know, that's been very collaborative, and we feel very good about that relationship going forward, so I don't know. Yeah, maybe I would just add to Grant's point about our strong position and consistency of a strong position across all the major smartphone customers. That's driven by the innovation we continue to do in the cellular space. And maybe two product examples real quick as we wrap up. One, to help with this transition from 4G- 5G, we've got a new product that we talked about in our last earnings call, where we take all of the content in what we call a mid-high band PAD, and all the content that we call a low-band PAD, and we integrate all of that into a form factor that reduces board area by over 40%, and that's targeted to kind of those mid-entry tiers of the market. As I said, we think that's gonna help that transition for that mid-tier of the market from 4G- 5G. And the other one is in the high end of the market, so the kind of the global 5G space. We're actually taking a mid-high band pad that we have today, adding the extra RX or DRX content into that same form factor. We end up with an MHB, because of all the innovation we're doing in circuit design and die sizes, that's actually smaller than the previous iMHB we did before, even with that added content inside. And so it's, we continue to innovate at a very heavy level in our cellular market, and we think we think we're gonna see the fruits of that more and more as we go through years. But there's still a lot of innovation in cellular. That's really fascinating stuff. Thank you so much. Really appreciate the time. Yeah, thank you very much. Yeah. Thanks, guys.