Hello, and good afternoon. Welcome, everybody, to the final day of Needham & Company's 27th Annual Growth Conference. My name is Quinn Bolton. I'm a semiconductor analyst with Needham & Company. It's my pleasure to host this fireside chat with SiTime Corporation. SiTime is a precision timing company. The company's programmable MEMS-based timing solutions offer a rich feature set that enables customers to differentiate their products with higher performance, smaller size, lower power consumption, and higher reliability. With more than three billion devices shipped to date, SiTime is the largest supplier of oscillators in the world. Joining me from the company are Chairman of the Board and CEO Rajesh Vashist and Executive Vice President and CFO Beth Howe. Rajesh, Beth, thank you for joining us. Thank you, Quinn, for that introduction. Good to be here. Perfect. Yeah, no, thank you again for joining us. Before we get started, the company has asked me to remind you that today's discussion includes forward-looking statements that involve risks, uncertainties, and assumptions, which are further described in SiTime's SEC filings, including SiTime's most recent Form 10-Q, and that actual results could differ materially and adversely from those anticipated or implied. SiTime assumes no obligation and does not intend to update any such forward-looking statements. For more information, please visit SiTime's Investor Relations webpage at investor.sitime.com. All right, with that, Rajesh, I wanted to sort of start the conversation talking a little bit about the company and sort of at a high level, the company is the leader in precision timing. Maybe to start off, tell us what precision timing is and give us a little bit of a history of the company. Great. Thank you so much for that opportunity. Timing is the heartbeat of all electronics. In other words, when you look at a system, whether there's processors and communications devices, power chips, whatever, they all need to know when to fire, when not to fire, when to turn on, when to turn off. That's the basic function of time. It's the metronome. It's the guidance: who's on first, who's on time. Precision timing takes that concept several notches up. It's a term invented by SiTime to say that, yes, timing needs to be very precise, but it needs to be very precise and very high performance with low power. But it's a highly innovative. And we address the TAM of $10 billion. We address, make it a served market of $3 billion. Our revenues are significantly less than that. Most analysts have us this year at 180, 190, something like that. So we are really a very small percentage of it, which gives us a great opportunity to grow into our SAM. Excellent. Can you talk about the advantages of your silicon-based timing devices and sort of the advantages over traditional quartz-based timing solutions? Right. So before I jump into the technical advantages, probably the biggest advantage is that SiTime is the only company on the planet, on the face of this world, that's focused exclusively on timing. There is no other. And we're focused on every aspect of timing. There is no one place in timing that we say we don't want to do as long as it's innovative, differentiated. Having said that, where we got started was in the component part of the business, in the oscillators. The oscillators are comprised of resonators that are made out of MEMS-based, silicon-based resonators, combined with circuits that are mixed signal, analog and digital circuits. We make both of them. So we make the analog mixed signal circuits. We make the MEMS devices. And we have significant abilities in both of them. There are no people, there is no company that is doing both of these or even either of these at the level that we are. So we have significant ability to do that. And we try to deliver solutions that customers can't get from other people. That necessarily makes us very innovative. It also takes our margins high. It also gives us growth in the areas of AI, communications, networking, automotive, industrial, consumer, but only in those parts that are highly differentiated where we play at a premium. Rajesh, again, looking relative to quartz, what are some of the advantages? I think your smaller form factor, but higher reliability, maybe just for folks who are still newer to the company, sort of where do you exceed the performance of quartz, either from a performance, cost, form factor perspective? Right. Our resonator, the MEMS technology, is pure semiconductors. And of course, the circuits are pure semiconductors. That's very distinctly different from quartz-based oscillators, which are non-semiconductors. As you know, in the 70-year history of semiconductors, semiconductors have been replacing non-semiconductors because of their performance, their quality, their reliability, that programmability. All of those benefits come to the SiTime solution automatically just by being semiconductors. And then SiTime, as you point out, is very small. Our resonator is 1/25th the size of a quartz resonator. And of course, that's goodness by itself, but that also leads to better thermal performance, better shock performance, better vibration. And then because of our analog and mixed signal circuitry, we are able to make the whole system programmable. So we are a programmable device. Think of it like an FPGA replacing a single performance microcontroller as well. These are helpful analogies because most people are not familiar with timing. Timing is one of those markets where it's hard to do, and nobody has done it for a long time, particularly in the United States and, of course, in semiconductors. Got it. Thank you for that. And then maybe as you look to 2024, you saw very strong sequential growth off the bottom in March. How much of that recovery do you think was driven by just the end of the inventory digestion that the industry had suffered through? How much of it is just growth in the overall precision timing market? And how much of it might have been just new designs or new products coming to market? It's probably a combination of all three, but maybe just talk about the strong growth and what's been driving the growth over the last several quarters. Yeah. So as you know, we declined. We went up very strongly from 2019 to 2022. We declined in 2023. And we expect to continue our growth. And we've seen that growth in 2024. We called the end of the inventory correction cycle quite early in late 2023. And we called it for Q2 2024. And we had that visibility because we were looking at our channels, our customers, our contract manufacturers. And we could see that even as demand continued, we could see the coming down of inventory in the channel. So we called it at that time. We would never have had that growth. So that was the inventory correction part. We would never have had the kind of growth we had in Q3 and the kind of growth we forecast for Q4 if we didn't have a solid demand in all these markets that we've talked about, whether it's AI, whether it's communications, whether it's personal electronics, automotive. We've continued to see growth in all segments, so clearly, inventory correction was necessary, needed. There was a lot in the channel, and then following that is the growth. We see a surge in growth as some of the more innovative parts of the business are growing, and we see that growth continuing over the next couple of years, which we have already indicated in the past. We see 2025 in the 25%-30% growth. We see 2026 in the 25%-30% growth. These are not hard growth numbers. These are indicative of the fact that this is not a 5% growth. This is not a flattish growth. We see other companies that are still struggling with both growth and inventory. SiTime is one of the few companies that continues to do well in this environment. Great. And then we'll get into some of the end markets here in just a minute. But maybe my last question is just talk about the design win activity you saw through 2024. I don't know if you can compare it to sort of levels in 2023, but how are you feeling about just the company's overall design win momentum and traction with customers for both existing and new products? As you know, when the downturn came upon us, the second half of 2022 and 2023, we wanted to help our investors understand our business. And so at that time, we shared the design win activity that we had, which continued to be very strong. We wanted to reassure investors that this was a temporary blip and that the pole position that we have had in innovative products continues and would continue and did continue. While we stopped sharing that in the past couple of quarters because the business has recovered and I think we need to pay attention to the business directly rather than talk about design wins, our design wins continue to do very well. We have continued to get design wins in all the key products of SiTime that we have talked about. We've talked about the Epoch product. We've talked about the Elite RF product. We've talked about our own clocking. We have talked about the Aura acquisition and their design wins. By segment, we're getting significant design wins in areas with long development cycles, such as military, aerospace, defense, such as automotive, such as long-term industrial. But we also continue to get significant design wins in the key parts of AI, in the key parts of communications, and the key parts of the mobile consumer personal electronics business, such as different kinds of earphones and watches and so on. So design activity is good. Excellent. Well, that's a good sort of transition into sort of my first set of questions on end markets that I want to focus on the communications enterprise and data center or CED segment. This is your fastest growing end market currently. Maybe just talk about some of the biggest opportunities you see today that are driving the CED segment. So before I extol the virtues of any one part of SiTime's offspring, such as CED, I'd like to say that we love all our children, and the beauty of SiTime is the diversity of our business. The reason SiTime is, in my opinion, an exceptional company and the reason I've been with this company for 70 years. Industrial, military, aerospace. With many sections that grow at different times. So we always have something that has been growing for us. In the cycles previously, it was more led by consumer and mobile and IoT. Right now, CED, as you said, communications enterprise data center, is the leader in our part. In particular, in AI, leading GPU makers in AI are using us in their GPUs, but they're also looking at designing SiTime and our shipping SiTime and things like the top-of-rack switches and the NIC cards. We're also seeing the connectivity, the people who do smart cables, the people who do retimers, the people who do modules. Right now, 800G modules are the rage. But we see that growing to 1.6 TB and to 3.2 TB per second as well. So all of these are kind of on fire. We do have a cautionary note because, like everybody else, we're also watching to see where the double ordering potential is there or not. There are certainly big swings in forecasting. There are big swings in demand. But in general, the trajectory is growing at a significant rate. We expect that to continue for multiple quarters to come. Excellent. You'd mentioned sort of some of the GPU applications. I believe as we look at the move in the market from sort of server-level products to rack-level products, you guys have sort of talked about having pretty significant content in some of these rack-level solutions from leading GPU vendors. Can you give folks a sense at the rack level, what would SiTime's content in sort of an advanced compute rack be? Beth has a pretty good idea on some of these. So I'll let her answer that. Yeah. So if we look at the racks, I think you can bifurcate it into both compute and to networking. And so we have content in both. There's content in the compute trays, whether those are CPUs or GPUs, TPUs, whatever that processing unit is. But I think the bigger opportunity for us is actually in the networking. And Rajesh was talking a little bit about that. So the cables, the accelerator cards, the NICs, the super NICs, the top-of-rack switches are all areas where we have increasing amounts of content. And the content can range from kind of $1 to $2 oscillators to $8 to $10 oscillators to, on the high end, it could be $20+ products in those. So really, as we look across it, we've got a number of different applications across a rack that continue to increase in content. Across sort of a rack-level solution, is it safe to assume you guys have hundreds of dollars of content sort of in a rack-level solution? Did you get that, Quinn? No. It feels like the video is coming in and out. I don't know if it's on my end or not. I apologize. I didn't hear that response. So as we look at, you asked about the racks. It depends on the vendor. It depends on the configuration. But certainly, for some of the more innovative AI racks, a fully configured rack can be in the hundreds of dollars when you think about CPU trays, GPU trays, the NIC cards, switches, etc. Okay. Perfect. And you'd mentioned the 800 GB optical modules is another pretty meaningful opportunity. Just tell us about dollar content in a module and if you're willing to share where you think your position is today on some of those 800 GB modules from a timing perspective? Yeah. So in the parts that Beth talked about, the ASPs are much higher. They are anywhere from $4 to $10, depending upon the different products that we sell. In the module business, we are approximately at $1. Some of them are more. Some of them are little. So the good news is there's a lot more volume, but the ASPs tend to be on the lower side, and I think there is a great opportunity in increasing that value as we go towards the higher levels because the performance requirements get significantly higher at every level. There are a lot more players that played at the 200 GB, for example, versus 800 GB. But as we transition to the next levels, I think the performance requirements get significantly tougher for a small form factor while maintaining power and other constraints. Got it. So it sounds like many of your markets, as we move to higher bandwidth or faster speeds, the requirement for precision timing likely only grows. And that probably plays to your strong suits. Right. And that's a meta driver across every market, which is SiTime grows in three ways. One is whatever use case and system, in this case, let's say optical module, the units grow. That's an easy way to understand. The second is that in end product, the density, the number of timing chips grows. That's not quite the case in the module, but in some other areas, the number of automotive is a great example. The number of timing chips grows as functionality grows, ADAS, and so on. And then the third is the performance in the same use case grows as the needs for higher speeds, greater throughput, lower latency, lower phase noise grows. So therefore, ASP grows. So starting from the back, ASP grows. The number of units used in a particular system grows. And then the end systems grow. Really, we're just on the right side of all of this. Got it. And then lastly, I know the CED, the data center sort of enterprise has been a big part of the growth within CED. How are you feeling about sort of the 5G or the wireless infrastructure side of the business? Do you think that 5G advanced and deployments of that starting this year, could that be a catalyst for the wireless infrastructure side of your business? That's correct. We do see that. In fact, amusing to recall that about four quarters ago when I talked about the 5G infrastructure growth potential in 2025, one of the people commented that they hadn't heard that comment in a long time, so I'm just pointing to the fact that we do see that design win. We do have a long runway of watching our customers deploy, and we think that the typical suspects, whether it's Ericsson or Nokia or it's Reliance Jio, all of those people are starting to roll out, coming out of a kind of a winter of communications, telco markets, and whether it happens in a big way this year or not, it certainly starts, the green shoots are starting to come this year. And I think the momentum continues through the second half of the year and into 2026 and, in my opinion, in 2027 as well. So that's back to the beauty of diversity. There's always a few horses that are running while others are taking a pause. Got it. Wanted to move now to some questions on the automotive industrial A&D business. This is another one of your big end markets, a little bit longer-tailed business, I think. But maybe just talk about some of the opportunities within auto industrial A&D that you're most excited about. And then I've got some questions about more specific opportunities. Right. So addressing them bit by bit and starting with auto, one of the questions we get asked enough is, wait, there's a little bit of a slowdown in automotive. How is that impacting you guys? And I remind people, again, of another feature of SiTime is that because we are a highly differentiated, therefore highly innovative company, the customers who tend to use us tend to use us in their most innovative, highest-end parts. And therefore, they see the least downturn in those markets. So if you're in the cars, we're in the highest-end cars. If you're in a radar system or a LiDAR system or in an ADAS system in a car, we tend to be in the highest performance version of it. Long way of saying that we don't see a downturn in auto. We see growth in auto. It may not be great growth. It may not be huge growth. But we definitely see growth. And we certainly don't see a downturn in automotive. In the area of military aerospace defense, I think, unfortunately, the war in Ukraine and the war in the Middle East has shown lots of people the need to invest more in armaments and defense. And so that is definitely that's like the ultimate long tail, the 10-year cycles for products. But in missiles, in fuses, in communications, in defense, we play a pretty big role. And we expect that to grow tremendously. It's a very small business for SiTime. But we expect it to grow at quite strong rates, well above our corporate rate, and get us quickly to $100 million in coming years. Again, the area of LEO or low Earth orbit satellites is a growing area, whether it's for internet or for getting access for a whole bunch of reasons. And we see good in that. In industrialization, in particular, in GPS, GNSS, we see a big growth in independence from GPS or GPS-deprived areas in industrial, in utilities, growing as a consequence of that. So really, as you said, this is our biggest market in some ways, the largest number of customers in this space. The customers tend to be relatively small, not too many $4 to $5 million customers. The highest ones are a million or so. Did that come through, Quinn? I was just starting to cut out there. I think I got most of everything you said. It sounds like you were saying very diverse end markets. Yeah. Slow growth, slower level of growth, but very, very reliable growth in our business. Okay. You had mentioned in your answer sort of the GNSS opportunity, and I think GNSS may play across multiple applications within that industrial, military A&D business. Can you talk a little bit more about kind of what's your dollar content in a GNSS node? Is this kind of typically a crystal oscillator, compensated crystal oscillator with higher ASPs? Because it seems like that GNSS opportunity could be a pretty nice one across multiple applications or end markets, I should say. Right. And these markets grow typically the same way as our other markets have grown. Typically, we go in with a point product that solves a problem, which is typically around phase noise, performance, power, size. And we're doing that with our oscillator products. But we very quickly bring in our clocking business, our Cascade business, our Aura business along with it to start to sell as a system play. In the beginning, I suspect it'll be in the $1 to $5 range. And over the next two, three years, I expect to see it doubling from $5 to $10 as we go forward. In general, when I look at GPS, GNSS, one of the values that it brings, apart from telling you where you're supposed to be, is GPS, of course, is the source of atomic time. Atomic time is generated from various agencies like NIST and others and then sent to GPS. GPS has been a cheap way of disseminating atomic time over the last multiple decades. Now, in the area of spoofing GPS, jamming GPS, hacking GPS, people are beginning to realize that localized time that is accurate, whether atomic or not, is a very important thing. SiTime gets to play a role in that. Now, it would be interesting to watch. I know you've talked about that atomic time opportunity. I'm sure it plays out over a number of years. It'll be interesting to watch that application as it develops. Wanted to turn to automotive. You talked about that a little bit. But maybe in the automotive market, talk about some of the bigger uses for your oscillators. Is it to power MCUs? Do you go into sensors? Sort of where do you play in the auto? And maybe talk a little bit about your exposure between some of the Western OEMs and relative to your position with some of the much faster-moving Chinese EV companies. Right. So our fundamental opportunity begins with the ADAS system. So it begins with ADAS processing. It begins with it, and it goes into the cameras. It goes into the sensing elements, whether it's LiDAR or radar, less radar than LiDAR, of course. But that piece. We also get to play in some of the infotainment or broader view of infotainment and displays. Where we are not yet is in any of the braking, the safety pieces. Having said that, SiTime is pioneering timing with safety elements into it. This is back to our innovative heritage. So we are bringing in this piece into the market and kind of changing the game. As you know, safety is very important, whether you're talking about ICE cars or self-driven cars or EVs. And so we think that that's an area of great growth. And again, we're the only company that is focused on this in timing. And we're the only company that's bringing that to the market right now, this year. Perfect. Wanted to move to some financial or just other sort of business-related questions. First, you'd mentioned the Aura acquisition. Maybe for folks, if they're not familiar with Aura, just a quick review of the Aura transaction, what that brought you. And then for me, the question is, how many of those Aura timing devices have you received to date? And how many more do you expect to receive through calendar 2025? So maybe I'll start there. We announced the Aura acquisition about a year ago, December 2023. I'm really excited about what it brought to our portfolio, extending from primarily an oscillator-based portfolio to really a big play into clocks and clocking. It's really going well. As we talked about at the time, we would receive the assets over time. We've gotten over half the assets so far over the last year. We'll get the remainder here by the second half of 2025. Everything's on track, as we laid out a year ago, and we're continuing to deliver against that. The acquisition is going well. The people have been integrated. We're continuing to develop also devices. Eventually, we've built some devices that are integrated with the Aura technology and the SiTime technology and continue to build on that. The primary market is that comms enterprise data center market that we've been talking a lot about. We've got a lot of penetration of oscillator slots and bringing the clocking to that, whether that's top-of-rack switches in the data center or, as Rajesh was talking about, as we see more green shoots in the telco space, there are great applications there for these clocking products, and so we're really excited about the expansion of that portfolio, as Rajesh was talking about. We're in the business of timing, and whether that's oscillators, clocks, software, we see lots of opportunities, and Aura is really an important part of that growth trajectory for us. Are you seeing some pretty good design win traction as you now have more than half of those clocking products in-house? Are you starting to see pretty good design win traction for the clocking products, especially where you may have already been in a socket with timing devices? You can pull in the Aura device and a next generation of that system. We are seeing good design penetration. As you know, we acquired assets but no revenue. And so in the first year, not a lot of revenue. We're starting to see more opportunities for revenue here in 2025 and certainly beyond in 2026 where we can bring this technology to bear. We also see, kind of surprised us, some of the standard buffers that we acquired as part of the deal that are not necessarily particularly differentiated, but good products. And customers that like to buy their timing from SiTime have also been buying some of those products as well. So we're seeing good design wins as well as some of those kind of early opportunities with things like the buffers. Excellent. And remind folks, for those clocking products, do they tend to be at corporate average gross margins? Do they tend to be better than corporate average gross margins? In general, the clocking products are accretive to our gross margins. Excellent, and then just wanted to ask a question. Three, four, or five years ago, when the business was a little bit more consumer IoT-centric, you had some pretty strong first half, second half seasonality with a much bigger second half than the first half. As the business has diversified, how should investors think about what would a normal, typical seasonal pattern be? Because I think it's changing, and my sense is past seasonality is probably not indicative of the future, so I'm not sure if there's a better way to be thinking about seasonality now through the year. It's a great question. I think a lot of people look at seasonality. And clearly, when we were majority consumer, those consumer trends were outsized impact on our business. That being said, I think tech in general tends to have seasonal trends with Q2 and Q4 being stronger seasonally versus Q1 and Q3. And so I do expect that while the changes in the business may dampen some of those a bit, we do still expect to see the kind of seasonal trends, Q1 and Q3 versus Q2 and Q4. Got it. Okay. And then you sort of touched on this long-term outlook very early in the discussion, Rajesh, of 25%- 30%. I think the answer here is going to be nothing. But I assume that that's still your long-term target to grow over the next couple of years at a 25%- 30% rate. And nothing has changed with that outlook. Again, it's not guidance, but more your target. Exactly. It's our target. It's a way of saying that timing is becoming more and more valuable. Precision timing is becoming more and more valuable. And as SiTime adds more products, gets greater traction at customers, what we see of AI, of communications, of data centers, of mobility, of industrialization, of IoT, I mean, this trend is not going away. If anything, it's accelerating at every level. And as a sole purveyor of highly differentiated products in timing, as a company that has got its finger on the pulse of these events, we think we can see that coming. We can see that change coming. Good. Beth wanted to ask about gross margins. Gross margins recently sort of hovered around the 58% level for much of 2024. I think your target is in the 60s. What are the biggest drivers to get margins back closer to your target levels? Yeah. And getting margins back into the 60% range is our target. As I look at gross margins, I think really three main drivers. So clearly, continuing to drive revenue growth and the manufacturing absorption that goes with that. So that's a driver for us. The second one is product mix. We've been talking a lot today about our growth in comms enterprise data center. Tends to be an accretive product mix. We look at aero defense, the different areas. And so product mix is the second driver of gross margins. And then the third one is we've talked a little bit about these new products that we're bringing to market. And whereas in the past, we might have been developing one product at a time, we've got a lot of new products that are really driving the growth we've been talking about here today. As we're launching and ramping those products, it takes a bit of time to kind of get the cost curves matured when you think about yields, process improvements as you ramp those products. And so those, as you're maturing them, are a bit of a headwind. And frankly, we've made some choices that we want to drive revenue growth and get in those sockets, be in those design wins with customers. And so really focused on that revenue growth a little bit more maybe than the speed with which we're addressing those cost curves. It's the same people that have got to kind of both get the products out as well as work on those cost curves. And so over time, I think we've got opportunities as we mature our processes and we improve our test times that that can also be a positive impact to gross margins. So thinking about the mix, you've obviously had very strong growth in the CED business this year. Revenues have rebounded nicely. It really sounds like it's those new products and getting those new products to market quickly, getting them into customers' hands may have been the biggest sort of drag on margins recently. And as you say, as you come down the cost curve on those new products, that's the biggest driver of gross margin growth over the next several quarters. I think you're right. Okay. Again, understanding your late inquiry period, but do you still think you can get to that sort of 60% level in calendar 2025? Is that a reasonable expectation for investors? Again, our target is to get back above 60%. I think we'll talk more about some of our expectations on our earnings call coming up on February 5th. Understood. Okay. Just thinking about input costs had gone up for a couple of years through the supply chain crisis. How are you thinking generally about wafer pricing or assembly test pricing as we come into 2025? Is that sort of stabilized, or do you see any significant trends to call out on the input cost side? I don't think there's any significant trends there. I think we have our sole source for our CMOS from TSMC, and then we get our MEMS wafers from Bosch. I think pricing has been relatively stable. Our MEMS wafers aren't cheap, but on the other hand, we get great technology, and as we were talking about earlier, there's actually 100,000 die per wafer, and so we get a lot of volume out of a relatively small number of wafers there. As we talked about in some of the other input costs, we are focused on more improving our process yield, improving our test times, and that'll be hopefully a driver of gross profit here as we move through the year. If I can add a little bit to that, I think our focus this year as a way to reducing input costs is around the back end of the company more than the front end. I think that we see that our very new complex products may actually need better test equipment than is already out there. We may need to invest in some development. We're already doing that on getting our test equipment, on getting our yield improvement techniques that get us to better solutions. These, we think, will be unique to SiTime, and they will give us a level of IP, if you will, that others may not be able to possess if they ever try to get into these markets. So I think it'll be a gift once we solve these problems and become better at it. It'll be a gift that'll keep on giving as we give future products out into this. I think one final thing, we're just talking about costs more generally, is really the operating leverage in the model. I mean, clearly, focus on gross margins and improving our gross margins is a key opportunity for us. But really, the operating leverage in the model is what we're going to be investing in OpEx, in salespeople, in R&D, and some of the innovations that Rajesh was just talking about. We do expect that revenue can grow much faster than operating expenses. So to see some nice operating leverage in the model as well, I think that's an important piece when you're talking about cost. Great. We've got about maybe 30 seconds to a minute left. So I'll ask my last question, which is just you had a successful M&A transaction with the acquisition of the Aura clocking products. What's your appetite for additional M&A? I think we have a tremendous appetite for the right kind of M&A. When I look at M&A, I look for it to change the game. There's clearly things that SiTime already knows how to do very well. The question is always, how do we extend the game in such a fundamental way that we continue to become and add to the uniqueness of the company? That's what I'm thinking of. And that's what's driving my, as I look at the potential for M&A, on where we can bring greater transformation to the world of timing. Because we see that as our sole mission to change the world of timing for the world. That's kind of a mouthful. No. And it makes sense that you're looking for M&A opportunities to expand that franchise. So Rajesh, Beth, this is sort of the end of our time for our session. So we'll go ahead and conclude here. I just wanted to say thank you very much for joining us again at the Needham Growth Conference. We really appreciate it. And just want to say thank you, everybody, for listening to the webcast. Thanks. Thanks, everybody. Thank you very much.