Thank you. Good morning. My name is Keith, and I will be your conference operator today. At this time, I would like to welcome everyone to Silicon Labs' third quarter fiscal 2020 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your touch-tone phone. To try your question, please press star, then two. Please note, today's event is being recorded. I'm now turning the call over to George Lane, Director of Investor Relations and International Finance. George, please go ahead. Thank you, Keith, and good morning, everyone. Tyson Tuttle, Chief Executive Officer, and John Hollister, Chief Financial Officer, are on today's call. We will discuss our financial performance for the fourth quarter and review our business activities. After our prepared comments, we will take questions. Our earnings press release and the accompanying financial tables are available in the Investor Relations section of our website at www.silabs.com. This call is also being webcast, and a replay will be available for four weeks. Our comments today will include forward-looking statements subject to risks and uncertainties, and we base these forward-looking statements on information available to us as of the date of this conference call and assume no obligation to update these statements in the future. We encourage you to review our SEC filings, which identify important risk factors that could cause actual results to differ materially from those contained in any forward-looking statements. Additionally, during our call today, we will refer to certain non-GAAP financial information. A reconciliation of our GAAP to non-GAAP results is included in the company's earnings press release and in the Investor Relations section of the Silicon Labs website. I would now like to turn the call over to Silicon Labs Chief Executive Officer, Tyson Tuttle. Thank you, George. In the fourth quarter, Silicon Labs had record revenue, bookings, design wins, and the largest opportunity funnel we have ever had. Our IoT business had a second consecutive record revenue quarter with strong wireless growth. Our infrastructure and automotive business is also flourishing, propelled by strong activity in the data center, solar energy, and electric vehicle markets. Looking back on the year, the pandemic softened demand in certain markets starting in the second quarter. By the fourth quarter, we saw demand return across all markets in conjunction with the tightening of the supply chain. Currently, demand is greater than supply, and we have made significant investments to expand capacity and meet demand. Looking forward, we believe our increasing demand trends are durable and the result of the acceleration of the digital transformation of our economy by several years, meaning there will be a greater need for semiconductors going forward. We see clear evidence of this accelerating demand in our 2021 booking, especially in markets such as smart home, portable medical, retail, industrial, automation, solar energy, and electric vehicles. Silicon Labs thrived in 2020 as we increased our ability to support customers, develop products, and collaborate internally. Our execution has put us in an even stronger position as we enter a period of accelerating growth in 2021. I will share more specific business results later, but now I would like to turn the call over to our Chief Financial Officer, John Hollister, to review the financial results. John? Thanks, Tyson. Revenue ended strong in the fourth quarter at $243 million, up 10% sequentially, which includes a catch-up adjustment of $12 million due to a change in accounting estimate for the returns allowance relating to distribution inventory. Despite the challenges of the coronavirus pandemic and its industry-wide impact on both demand and supply, our full-year revenue was $887 million in fiscal 2020, an increase of 6%. IoT revenue for the quarter was higher than expected at $147 million, up 11% sequentially, led by growth in wireless products, which were up 14% in the quarter and 34% year-on-year. In the fourth quarter, we saw the strongest growth in our industrial and commercial IoT products, with a broad-based recovery among industrial customers, ramps in commercial lighting and electronic shelf labels, and a rebound in building starts. Smart home and consumer products were also up in Q4. For the full year, IoT revenue was $514 million, up 5%. Infrastructure and automotive revenue in Q4 ended at $96 million, up 8% sequentially. Isolation and CrossLink products were both up in Q4. Timing was about flat. Overall broadcast was also flat, with consumer down seasonally, offset by a recovery in automotive. For the full year, infrastructure and automotive revenue was $373 million, up about 7%. Turning to end markets, revenue from industrial, communications, and automotive were up in the fourth quarter, while consumer revenue was roughly flat. Geographically, revenue in the Americas was strong in the fourth quarter on IoT growth. Sales into Europe and APAC also increased from the third quarter. Distribution sales were 80% of total revenue in the fourth quarter, and we ended Q4 with DSI at around 47 days, down from 48 days at the end of Q3. Bookings were very strong in Q4 due to healthy secular growth drivers in the business, particularly our IoT wireless products, combined with unusual customer ordering patterns based on the strength of the demand recovery, low customer inventory levels, and a tight supply chain situation. We are experiencing increased manufacturing costs from our suppliers, which is negatively impacting our gross margin, and to mitigate the effect, we have begun to implement price increases to our customers. We ended the quarter with bookings more than 50% greater than any previous quarter and saw our lead times extend from around nine weeks to 17 weeks. We have bookings coverage well into fiscal 2021 at this point. Non-GAAP gross margin for the fourth quarter ended slightly below expectations at 58.6%. Gross margin for the full year was 59.9%. Non-GAAP operating expenses in the quarter were $97 million, about $2 million higher than expected, primarily due to increased variable compensation on upside revenue. R&D expenses were $58 million, or 23.8% of revenue in the quarter, and SG&A expenses were $39 million, or 16.1% of revenue. Non-GAAP operating profit in Q4 was $45 million, or 18.7% of revenue. Our non-GAAP effective tax rate for the quarter was 15.2%. Non-GAAP earnings ended at $0.84 per share on a fully diluted share count of 44.7 million shares. Earnings per share for the full year ended at $3.01, down about 7% from 2019 due to continuing investment in IoT, lower gross margins, and an increase in other income and expense related primarily to a decline in interest rates. On a GAAP basis, gross margin was 58.4%. GAAP R&D expenses were $74 million, and GAAP SG&A expenses were $50 million. GAAP operating profit was $18 million, or 7% of revenue, and GAAP earnings ended at $0.20 per share. For the full year, GAAP earnings were $0.28 per share. Turning now to the balance sheet, we ended the year with cash and investments totaling $730 million. Our operating cash flow in fiscal 2020 was healthy at $136 million. Accounts receivable was up on strong shipments in Q4, ending at $95 million. Our DSO remains stable at 35 days. Inventory was relatively flat in Q4, driving our turns statistic up sharply to 6.1 times. This level of inventory turns is well ahead of our target. During fiscal 2020, we retired approximately $260 million of our 2022 convertible notes, and earlier this month, we issued a redemption notice to fully redeem the remaining balance of $141 million from the balance sheet. We expect to complete the redemption process by the end of March. I will now cover guidance for the first quarter. We expect revenue in the first quarter to be in the range of $237 million -$247 million, with both IoT and infrastructure and automotive approximately flat to fourth quarter. We expect non-GAAP gross margin to be approximately 58.2%. As we look ahead and see continued growth in our IoT mix, especially ramps of wireless products, combined with cost increases due to the industry-wide supply chain situation, we are adjusting our model on gross margin to a range of 58%-60%. With the step-up in seasonal fringe costs, we expect non-GAAP operating expenses to be approximately $100 million, and we estimate non-GAAP operating expenses for the full year will increase approximately 7% with a full year of Red pine, and as we return to more normal spending patterns in 2021, especially in the second half as the OpEx benefit from the pandemic relaxes. We estimate our non-GAAP effective tax rate will be 13% for the first quarter and non-GAAP earnings per share to be in the range of $0.70-$0.80. On a GAAP basis, we expect gross margin to be 58.1%, operating expenses to be $126 million, and GAAP earnings per share to be in the range of $0.05-$0.15. I will now turn the call back to Tyson. Thank you, John. Despite a tumultuous year, our efforts produced record fourth quarter 2020 revenue, with 10% sequential growth on the quarter and 6% annual growth. Our business played a pivotal role in connecting the world, from helping expand internet capacity to improving smart homes, enabling contactless retail, and powering medical devices that help fight the coronavirus. In the fourth quarter, we set records for design win lifetime revenue, bookings, and our opportunity funnel. Design win lifetime revenue for the fourth quarter was $670 million, up 10% from Q3, and annually, it was $2.5 billion, up 10% from 2019. Our bookings were more than 50% greater than our previous record quarter, and our total opportunity funnel is also at a record high, growing to $15 billion in lifetime revenue in the fourth quarter, with IoT making up 65% of the total funnel at $9.7 billion. Silicon Labs is a leading provider of Bluetooth low-energy solutions and was first to market with Bluetooth Mesh and the first to support Bluetooth Direction Finding. Our Bluetooth revenue grew 23%, and design win lifetime revenue grew 58% for the year. We expect accelerating growth rates for Bluetooth in 2021. In the fourth quarter, we introduced a new line of Bluetooth modules featuring cutting-edge security and best-in-class performance with 10-year battery life on a coin cell, mesh networking capability, and sub-1-meter direction finding accuracy. In October, Silicon Labs won a prestigious 2020 LEAP Awards gold medal for secure connectivity. We are leading the way to deliver secure IoT wireless solutions, adding security from chip to cloud and protecting against threats throughout the entire product lifecycle. As security threats are identified, our teams work in real time to develop patches and updates so that we can deploy over-the-air units already in the field. Silicon Labs products with SecureVault were the first wireless SoCs and modules to earn PSA Level 2 security certification. From turnkey to fully customizable, we offer secure solutions ideal for IoT applications. In the fourth quarter, we announced Z-Wave long range, called Z-Wave LR, which is backward compatible with our Z-Wave 700 series, including the installed base. This is a significant expansion of the Z-Wave protocol to extend wireless connectivity beyond the home into IoT markets requiring substantially greater range and penetration, such as commercial multi-dwelling unit and hospitality applications. The new Z-Wave LR specification extends range up to several miles, with scalability to support thousands of nodes from a single smart home network, eliminating the need for mesh repeaters and saving time and money for developers and end customers. Z-Wave LR complements the other long-range wireless solutions we are actively developing and supporting, including Wi-SUN and Amazon Sidewalk. In 2020, we saw increased activity and interest in the smart home market, where Silicon Labs plays a key role across the world's most popular ecosystems. In December, we announced a collaboration with Orvibo, a leading provider of artificial intelligence-driven smart home solutions, to develop a new line of products leveraging Silicon Labs' Wireless Gecko Series 2 SoC. Our SoCs reliably connect smart home control panels and switches to many applications, including automated lighting, curtains, HVAC systems, and wireless home security devices. We are also excited by the IoT industry's growing collaboration around efforts that make IoT devices easier to use and more interoperable, both key elements to ensure the long-term growth and success of the market. In November, the Zigbee Alliance announced a new working group focused on adding support for commercial buildings for the Project Connected Home over IP, or CHIP. Silicon Labs is committed, along with more than 50 other companies, to participate in the important effort to build a standard that enables connected devices from different vendors to work seamlessly between our work and home environments. Turning now to infrastructure and automotive, this quarter, we announced Clock Builder Pro, a complete solution designed to simplify and accelerate implementation of IEEE 1588 in communications, smart grid, financial trading systems, and industry applications. IEEE 1588 is the industry standard for ensuring a reliable, consistent time reference between devices operating over Ethernet networks, and it is critical to all of today's network communications and an increasingly broad range of emerging applications where system designers have limited experience with timing and synchronization. This quarter, we also announced a new high-reliability isolation partnership with Teledyne Technologies, a leading provider of high-performance, high-reliability semiconductors for the aerospace and defense markets. Under the new agreement, Teledyne will market custom high-reliability solutions based on Silicon Labs' isolated gate driver family. Now, I would like to discuss steps we are taking to ensure Silicon Labs is a diverse, equitable, and inclusive marketplace and workplace. In 2020, we redesigned our DEI program to focus on building a strong foundation that will accelerate change in our organization. We formalized a toolkit to empower our employees to self-form in groups that serve as a resource and community for team members. We are creating more pathways for underrepresented talent and building a diverse candidate pipeline to help ensure the technology leaders of tomorrow more accurately reflect our communities. We also began holding regular diversity, equity, and inclusion workshops that are available to all our global employees, and we are partnering with external experts on understanding bias and promoting inclusion. Silicon Labs has formalized a set of corporate DEI goals as part of our executive bonus program, and the leadership team is fully committed and accountable for driving long-term change. 2020 was filled with many challenges and also significant opportunities and achievements. As we focus on all the great things in front of us in 2021, I want to take the opportunity to extend thanks and appreciation to our global workforce for their incredible dedication and focus displayed throughout the year, as we rallied around the company's vision and values to uplift and support one another, our partners, our customers, and the communities we live in. Thank you for your time and attention. Before we take your questions, I'd like to turn the call back to George. George? Thank you, Tyson. Before we open the call for the question and answer session, I would like to announce our participation in Morgan Stanley's Technology, Media, and Telecom Virtual Conference on March 3 and William Blair's fifth annual Technology Conference on March 11, both using a virtual platform. Additionally, I'd like to take a moment to talk about ESG. During the fourth quarter, we disclosed additional information around Silicon Labs' ESG efforts, including energy and water use, air emissions, water waste, and work-related safety statistics. For further details, I encourage you to visit the corporate responsibility section of our web page and the ESG section of our investor relations web page. The tenets of ESG have long been embedded in Silicon Labs' culture, and we look forward to expanding our disclosure efforts in 2021. We would now like to open the call up for your questions. To accommodate as many people as possible before the market opens, we ask that you limit your questions to one with one follow-up. Thank you. As mentioned, we will now begin the question and answer session. To ask a question, you may press star then one on your touch-tone phone. If you're using a speakerphone, please grab your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we will pause momentarily to assemble the roster. The first question comes from Gary Mobley with Wells Fargo Securities. Hey, good morning, everybody. Thanks for taking my question. Congrats on a strong finish to the year. I wanted to start off by asking about some of the revenue-related variables for fiscal year 2021. Can you help me understand whether or not there's going to be maybe a 200 to 250 basis point growth headwind coming from the extra week in 2020, plus the $12 million in one-time-related revenue in the fourth quarter? Just given how the fiscal year 2021's starting out, is there any reason to think that seasonality will be atypical this year? Hey, Gary. This is John. I'll take this one. On the fiscal 2020, had the extra week. It just really depends on how customers are managing their own supply chains. Maybe a 1-2% effect from that is rational to think about. There is some catch-up related to the change in returns allowance that we provided on the call. More broadly speaking, given the strength of bookings that we are seeing, we very well may see some atypical behavior in the shape of our quarterly progression here with what is clearly a strong first quarter. There are customers seeking to build some more inventory in their supply chains. Typically, first quarter is down in the industry, including for us. That will have some effect. will see how the year plays out, but certainly have very strong, durable secular growth trends in the business as well. We will see how that shakes out as we work through the year. Okay. The follow-up I wanted to ask about the automotive end market. Is that end market now approaching 10%, perhaps, of your fiscal year 2021 revenue? Can you characterize the strength you're seeing from that end market? As well, how are your timing products for automotive progressing? Thank you. Yeah, I can take that, and John can talk about the exact mix or give a flavor on that. We see a strong return in demand from the automotive market across electric vehicles in particular. We see strong adoption of our isolation technology in things like onboard chargers and battery monitoring systems and motor controls, as well as things like related things like Powerwall and solar energy type of applications. You have also got, on the infotainment side, the radios. We are seeing certainly, as the factories ramp up, a ramp on that side. It is early on the timing side. We have a number of wins, and are shipping, that is the smallest portion of that revenue. Overall, we see very strong demand on the automotive side. Really excited about the electric vehicle opportunity as we see the penetration of electric vehicles go from low single digits over the next 5-10 years up to 25%-30% of the market, if not more. It seems like the pandemic and a lot of the activity that's going out there is continuing to accelerate that transition, and we're really well positioned on the electric vehicle side. Yeah, Gary, I'll just add auto mix for Q4 and for the year was roughly 8%. That's about flat from where we ended the prior year, 2019. That's notable given that there was a pretty significant impact mid-year from the pandemic. We saw, of course, a good recovery there on the broadcast auto side. The stabilization of that mix really speaks to the strength in the EV ramp that Tyson was referring to. Thank you, guys. Sure. Thank you. The next question comes from Blayne Curtis with Barclays. Hey, good morning. Thanks for taking my question. Just kind of curious on the valuation allowance. Would that revenue impact one segment versus the other? I guess as they look at the flat guide in March, I guess you're now selling some growth. Just any kind of color on the moving pieces there? Yeah, Blayne, you got that right about first quarter. The way to think about that, obviously, is the businesses that are more heavily distribution-focused would see more of that. You have got IoT as well as isolation, some timing being the primary product lines related to that. Gotcha. Yeah, I'd just also add, Blayne, that that is revenue we would have realized through the year. Otherwise, it was an accounting change in the way we account for distribution inventory that we were being a little conservative before. So it's real revenue, for sure. Thanks. Tyson, you made the comment that demand was exceeding supply. I was just kind of curious, any color in terms of, is that impacting any revenue in the March quarter and kind of any kind of perspective as to when you think you'll catch up? Yeah. I mean, our revenue in the March quarter is limited by our ability to supply. Certainly, our bookings right now are exceeding our ability to ship. We have secured capacity throughout the supply chain to continue to support customers, but it's very tight right now. I think that that's common throughout the industry. The back-end capacity, we've been able to secure sufficient back-end capacity. Really more now just limited on wafers and working through getting additional allocation to support the ramps of new products and the run rate of activity. We're being very well supported by our foundry partners. For instance, TSMC is 40-50% overbooked for the year. That just makes it very tight. We're all working through it to support customers and prevent line down situations and things like that. We are working at a very low inventory level right now. We could certainly do more revenue this quarter if we could ship it. John, any comments on that? Nope. Nothing further to add. Thanks, guys. Thank you. The next question comes from Matt Ramsay with Cowen. Thank you very much. Good morning, guys. First question I wanted to ask, and this has been a theme of many of your peer company earnings calls as well, is higher input costs due to the tightness that you guys just talked about in the supply chain. Different management teams, I guess, have taken different views of how quickly and how, I guess, fully to pass on those input costs to the customer base. John, maybe you could give a little perspective on that relative to the change in your gross margin targets. Is this something that you guys can pass on pretty quickly and fully? Is this something you may pass on only partially in an attempt to gain some share? Any thoughts there would be helpful? Thanks. Yeah, Matt. I mean, we definitely are seeing an effect of the supply chain situation and some higher input costs out in the field. We are taking steps fairly broad-based in a manner to pass that on to the customer base. Some of that is well underway at this point. There is some more forthcoming through the course of next year. That is an effort that is ongoing. Matt, I would just add that the cost increases that we're seeing are modest in nature while they are real. There's expedite charges. There's some to secure additional capacity, buy additional equipment, a bit on the wafer side. It is not that high, but it is impacting the gross margin. We do have pricing leverage. Certainly, we have a lot of customers that have asked for additional components. Working through all that with the customers, it's our goal to fully offset the cost increase that we're seeing in the supply chain with the customers. On top of that, just in terms of the gross margin, we've got product mix that's also in that is pulling the IoT gross margins are in the high 50s. As that product line ramps, that tends to drag a bit on the gross margins. We have also had the Huawei situation where our timing business, we are not shipping to Huawei. The timing mix is a little bit lower than it was in the past. That is driving our change in the model. Got it. No, that's helpful, guys. Tyson, a bit of a longer-term technology question. I was interested in your comments about Z-Wave LR. Maybe you could expand on the technology a little bit. How would you compare and contrast it to things like LoRa or LTE Cat1, CatM for wide area access? What kind of end market or industry partner sponsorship do you have for this new technology as it rolls out? Thanks. Z-Wave LR is really an extension of the Z-Wave protocol, which is really focused on the smart home and security applications. Let's say you've got a security system in your house and you want to connect another building or you want to connect something in your yard. It is really to extend the range of those to avoid having to install repeaters and to open up a whole new class of devices just in terms of battery life and ease of install and that sort of stuff. It is not meant to be competing with an LTE technology where you would be roaming around and creating an entire network. The long-range nature of it does increase the desirability of Z-Wave as a technology. It runs at a lower frequency, so it has a longer range just inherently, being able to penetrate through walls and that sort of thing. The new Z-Wave LR technology runs at a higher output level and generates a longer range solution. It really improves the robustness and increases the applicability of Z-Wave as a standard. It is not meant to be like a metro area type network, but it is a step in that direction. If your dog gets out of the yard, you will be able to find the dog. If he runs too far, you might not be able to get him. It is a nice addition. It is something that the customers have asked for for a long time. We are able to support that increased range on the existing products. It is kind of an over-the-air update that we are able to deploy and certainly offering that going forward. Thanks. Appreciate the thoughts. Thank you. The next question comes from Craig Hettenbach with Morgan Stanley. Yes, thanks. Can you talk about just how the Redpine acquisition is going, and particularly versus your initial expectations, whether it's design funnel and some of the momentum that you're seeing in that business? Yeah. The Redpine acquisition, we completed that in April and have fully integrated their products into our supply chain and their teams into our overall IoT engineering group. We continue to support a number of they came in with a fair number of design wins that we have continued to support and are starting to see the ramps of those products here as we enter into 2021. We're very pleased with the technology and are pushing forward on the roadmap, driving towards 802.11 AX and fully integrated SoCs and all the software and tools and everything that goes around that and expanding our engagement with the market. I don't have the exact numbers on the growth and the funnel. We had about three quarters of revenue. We came in about in line to what we had guided last year in the $10-$15 million range. Certainly, we'll see significant growth on that. I don't have a specific number for you on growth. As those new products ramp with the 9116 and then moving into the roadmap, we will certainly see the path and continue to be confident within that three-year timeframe, getting up into the $100 million range plus of revenue on Wi-Fi and continue to see Wi-Fi as a very important and key technology to be able to fully serve the IoT market in an expanding number of applications and see that as one of the most important IoT wireless connectivity technologies out there. We are very pleased with the acquisition, extremely pleased with the team. The site in India in Hyderabad is going to be an important part of our ability to efficiently scale the company's R&D and support and software efforts going forward so that we can drive more leverage to the bottom line. We will continue to update you as we march through the year. Got it. Thanks. Just as a follow-up within the communication market, can you talk about any trends you're seeing specific to kind of data center versus wireless? Certainly, with the fault and shipments to Huawei, the 5G component of the timing revenue is somewhat diminished. It is more focused on the core network and getting the ramps of 5G with other customers going. Again, we're engaged with four out of the five vendors. I guess you could say three out of the five if Huawei is out of the picture on 5G. We ship broadly into the overall communications market and also into the data center. We see strong activity in comms and data center, a lot of that pandemic or digital acceleration related. That continues to drive predominantly the main driver of the timing increases that we're looking at for the year. Got it. Thank you. Thank you. The next question comes from Srini Pajjuri with SMBC Nikko Securities. Thank you. Good morning, guys. Tyson, I think last quarter you told us that your expectation for this year is to grow the business at a double-digit pace with the IoT, especially the wireless part of the IoT potentially growing 30%. Given the strong start that you're seeing, any update on that? Are you feeling better about that target? I mean, I don't want to say it's a target, but are you feeling better, worse, or the same compared to last quarter? Certainly, as we enter the year strong and Q1 is guiding seasonally flat on top of the revenue adjustment, we're actually seeing pretty significant growth coming here into Q1 and see that continuing into Q2. We think these demand trends are durable and our ability to continue to grow. You've got durable demand trends, and then you've also got increasing adoption, in particular in IoT and in the wireless area. I think that that 30% target on wireless growth this year is certainly within range, if not being able to overshoot that. We'll see how the year turns out in the second half. You've got demand trends in electric vehicles and then some of the automotive applications and some of the timing applications as well. We're feeling good about 2021 as we enter the year. That double-digit growth and getting up in the model is certainly within range. It really depends on how the second half plays out. Right now, our view is that the demand for semiconductors, the curve, we've caught back up to the curve. We may be a little bit over the curve, but that curve has moved up. That portends a solid year in 2021 and even going into 2022 based on the design wind traction that we've been able to put forward last year and continue into this year. Got it. John, on the days sales of inventory, I think you said it is 47 days. Given the strong bookings up 50% compared to the previous, I guess, peak, are you implementing any changes to your bookings or cancellation policies? Also, if you kind of take a little bit longer-term view, do you think the current severity of the shortages, do you think that is going to change the behavior at distribution? Or are you planning on increasing your inventory levels on a long-term basis going forward in the channel? Yeah. Srini, not really. I think we continue to operate on standard terms. This will moderate both in terms of the strength of these bookings as well as the tight supply chain situation. We have definitely got a bubble out on the market, not just us, but peer companies that will sort itself out over time here. Definitely, we are not carrying the level of inventory that we want. It will take some time. Over time, I expect our inventory levels to get back to a more normal level. Just got to work through this bubble situation that we are in. Got it. Thank you. Good luck. Thank you. The next question comes from Tore Svanberg with Stifel. Yes, thank you. First question for Tyson. Tyson, you've been talking about security for a while. Sounds like SecureVault is ready for prime time. How should we think about the financial impact of your security technology, whether enhancing gross margin in the IoT business or whether it impacts the revenue profile for IoT? Security is an essential technology for the deployment of IoT. We have been able to integrate class-leading security onto our devices. Think of it as having payment-grade security, integrated secure elements onto the devices so you do not have to have one externally. That leads to a higher selling price. We have been able to do that at an energy consumption that is industry-leading. It gives us a higher level of differentiation. I think it has both a gross margin and a revenue impact going forward. This is a standard feature that we are enabling across our IoT portfolio. We continue to enhance the capabilities of that, integrate that into our supply chain. You have keys. We will have the ability to enable software and features in the field that we can charge incrementally more money for. We will have the ability to sell software. Those are things that are not significantly impactful in 2021, but we see that as a significant long-term value creation and value that we can deliver to the customers as these devices are connected to the cloud in a secure manner and are individually addressable. You can control the features and control the software that runs and manage the updates, basically device management. There is significant opportunity in that. If you think you're not just selling hardware, you're also selling services. That is something that we are dipping our toes into right now. I mean, mostly we're selling chips that are highly differentiated, and they have a great set of features. The ability to have this bulletproof security integrated onto a large number of devices creates additional business opportunities for us going forward. That's very helpful. As my follow-up, you mentioned TSMC 40, 50% overbooked. I mean, it doesn't sound like there's going to be some alleviation there anytime soon. Do you have contingency plans or at least starting to think about perhaps working with a few other foundries? It sounds like the overbooking is going to stay around for a while. Yeah. I would not say that that situation is confined to TSMC. I am not sure that folks at other foundries are doing any better. Look, we do work with multiple foundries depending on the product mix. TSMC has been a great partner for us for the history of the company, and as we are entering this situation, are a great partner for us in helping us to secure additional capacity where possible. We think that we will be able to manage through this in a manner that we can continue to serve the demand of the customers. It is very, very tight right now. To be able to navigate through this, you cannot just move a design into a new foundry very quickly. We certainly have the ability to do that long-term. TSMC is a fantastic partner. We are looking at how do we make sure and ensure, really looking at this on a longer-term basis, how do we make sure that we ensure the capacity that we need to grow the company from close to a billion dollar rate today to a billion and a half, two billion dollars, and making sure that we've got the partnerships in place to be able to drive the ramps and new products that we see in front of us. I have confidence that the fabless model and the partners that we have, in particular on the foundry side and certainly on the test and packaging side, that we'll be able to execute on that. Sounds good. Thank you. Thank you. The next question comes from Raji Gill with Needham & Company. Yes. Thank you and congrats on the momentum. John, you talked about long lead times and bookings coverage well into 2021. I just wanted to raise the issue about double ordering. What are your thoughts there? As a follow-up to Srini's question about extending the kind of cancellation window at your customers, how are you kind of managing through that potential risk of double ordering? I know the demand is extremely strong and it's probably going straight into production. Just wondering how you're thinking about that given the tight supply. Yeah, Raji, I mean, it's really just ensuring that our customers are being served to the best possible extent here given the strength and the broad recovery. I mean, really looking back, we saw the pandemic suppress demand in the second quarter, and customer inventory levels get drawn down significantly. In reality, some of the demand drivers did not really settle back as much as people had concerns about back mid-year. Now that the demand has even increased from there, it's put a real strain on the overall supply chain. It's difficult to ascertain double ordering. Certainly could be happening. Our goal right now is to maximize customer service and ensure that everybody's getting what they can and getting what they need to the best possible extent. Tyson, on the IoT growth, a lot of the trends that are happening there, particularly on the wireless side, just a question on kind of the microcontroller component of it. A lot of that's 8-bit sold into China. Wondering what your thoughts on there, if there's been kind of a rebound in that area post the trade war, post the kind of COVID, and how does that fit into your overall IoT strategy? Yeah. First of all, you have to remember that all of our IoT products have an integrated microcontroller. So all the wireless stuff is just a wireless microcontroller, and we're providing the microcontroller functionality for that class of devices. The MCUs that we have are where you turn off the wireless component of that. We also have a strong 8-bit market. I mean, some of that's in China. It's sold globally. Our 8-bit product line is a 20-plus-year product line with a lot of very high-quality designs. We actually did quite well and grew both our 8-bit and 32-bit microcontroller products in 2020. We think that in 2021, that will moderate. We'll probably be flat to single-digit type numbers on the MCU side. Certainly, the focus in IoT in terms of the new product development, we are developing a few new 8-bit MCUs to continue to drive differentiation and opportunity in there. The predominant growth and the focus for the company is on the wireless side. Again, those all contain microcontrollers and security and sensor interfaces and all of that stuff. That is where we are specializing in products. Our microcontroller revenue is going to hold in there solid. We do continue to invest opportunistically in there where it makes sense, in particular on the 8-bit side. 8-bit still has long life and a very large market opportunity in front of us. Very good. Thank you. Thank you. Once again, please press star, then one if you would like to ask a question. The next question comes from Bill Peterson with JPMorgan. Yeah. Hi. Thanks for taking the question and nice job on the quarterly execution. I was hoping that you can help us understand within the industrial and automotive or the infrastructure and automotive segment, where do you see strength versus weakness, I guess, directionally in the first quarter? Should we assume access, broadcast, consumer down again, broadcast, auto, and the isolation products up? And then timing, of course, as well is another impact, especially to margins. Where does that go directionally in the first quarter? Yeah, Bill, this is John. We expect some of the legacy access products to decline, moderating a bit from the fourth quarter. That would include the Flex, which had a strong fourth quarter here. We expect timing to grow in the quarter and also see some continued strength in isolation. It is consistent with the trends that you would expect for first quarter there. Okay. Great. I guess related to the questions on gross margin, you changed the target model. I guess a lot of these things we can think about at least becoming, I guess, better over time, the supply constraints and so forth, especially as we look into next year. I guess what's the strategy for changing that now? Should we assume you could get back into the 59%-61% next year, assuming the supply constraints ebb from here? Yeah, Bill, really, it's a function of mix as well, as Tyson indicated earlier in the call with IoT and wireless IoT coming up. I mean, that mix could change if we saw something additional happen with Huawei or saw timing really take off. At this point, given the strength of IoT and how that's affecting the overall mix, in addition to the cost situation we talked about earlier, we felt it prudent to go ahead and adjust the model. Okay. Thanks for that. Thank you. Now we'll now let the call back over to George Lane. Thank you, Keith. George, you're muted. Yes, this morning. This concludes today's call. Thank you. This does conclude today's call and conference. Thank you for attending today's presentation. You may now disconnect your lines.