Okay, let's get started. Hello, everybody. Thanks for attending our 53rd Annual TMT Conference. My name is Peter Peng, the Small and Mid-Cap Semiconductor Analyst for the firm. I'm pleased to have Silicon Labs with us here today. We have Matt Johnson, President and CEO, and Dean Butler, CFO. You guys just reported a good set of numbers yesterday. Gentlemen, if you can just start off with the recap of your earnings and an overview of your company. Sure. Maybe let's cover the company first, and then we'll talk about the earnings a little bit as well. For anyone not familiar with Silicon Labs, we're the largest company in the world that's dedicated to the IoT wireless or embedded wireless space. What that means, and what we do there, is provide complete solutions in silicon, in software, in support and development tools for our customers who have products or devices on the edge of the network. That market has become increasingly large and increasing in its growth potential moving forward. We're talking billions and billions of devices across a wide range of applications, whether it's in consumer or home, healthcare, industrial, commercial, retail environments. They're all adopting wireless or embedded solutions at an increasing rate. As a company, what we do is we focus on three areas to differentiate ourselves. We focus on the breadth, the depth, and having the most focus on the space of any other company out there. When we say breadth, we're a broad market supplier. We do broad market wireless, which is pretty unique. What I mean by that is tens of thousands of customers across thousands of applications in our markets. Also, breadth in terms of the wireless technologies we support. We support technologies that you know, like Bluetooth and Wi-Fi, but also a lot of different technologies and ecosystems that people aren't familiar with or as familiar with: Zigbee, Z-Wave, Wi-SUN, a bunch of proprietary technologies, Thread. Where we shine is our ability to make these wireless technologies work together and work together well, as well as make all the different wireless ecosystems work together and work together well. From a depth perspective, we've always shined as a company that we can bring the leading differentiation or performance to that space. What I mean by that, in the wireless domain, we'll have the industry's leading wireless performance, as well as industry-leading power consumption, industry-leading security, you name it. In each of these markets, we've been able to differentiate, even if it's a standardized wireless technology, to bring things to the table that our customers want and need for that class of applications. Because we focus on this and only this, we have really unique domain knowledge and expertise, not only for embedded wireless, but for these applications that we serve. The last real thing that sticks out is our focus. As I said in the beginning, this is all that we do as a company, is focus on IoT wireless or embedded wireless. Because of that, all of our R&D, all of our development goes towards custom or purpose-built products and platforms for this space. There is hardly any other company in the world that can make that claim. Most companies we compete against are trying to repurpose IP technology from their core markets and core focus areas into other markets. That does not work well in the IoT. In the IoT, you need things that run seven, eight, nine, ten years on a coin cell battery. You need things that can operate at price points or power consumption levels or unique security requirements for this space. That has served us well and is what has allowed us to outgrow the market for many years. We will talk about the forward-looking expectation in a few minutes. The last thing is that focus also helps in terms of our customers' confidence in betting on us. Because the supply chain crisis really brought to the surface that when things get rough, companies retrench to their core. And our customers know this is our core. This is the one thing that we do, versus we're trying to experiment on this, but we'll retrench when things get rough. Through the supply chain crisis, not only were we able to do well on supply, but we were able to secure more customers and increase our market share because of that focus and because of customers willing to bet on us for this space. We recently held our Analyst Day in New York. I was going to say a few weeks ago, maybe a couple of months ago now. March now. Thank you. Maybe just a couple of things that really popped out is, one, our current generation that we call Series 2, that's our platform with multiple SoCs, could not be doing better in the marketplace. We have shipped right now around a billion units so far, and we have shared that we have secured another six billion units to ship in the coming years. We have won over $10 billion of designs that will ship in production over the next few years. We are seeing really good progress on this current platform, and it has become the de facto standard in the market. At the same time, we have already started sampling and ramping to production our next-gen platform called Series 3, which will bring even more new-to-industry capabilities to this IoT space, including memory architectures that are really well-suited for new standards like Matter, for what AI and ML will need at the edge, as well as new-to-world performance in the wireless domain. The key point is our end market, the embedded edge, is growing and only accelerating in terms of the number of devices. There is no company in the world that is larger or better positioned to go capture that growth. That is what we have dedicated our company to. That is all that we do. We are really excited about the progress we are making. At the Analyst Day, we shared this is the highest confidence we have ever had in future growth in our history as a company. That's really exciting for us. I'll stop there and give Dean an opportunity to talk about what we just shared at our earnings that was yesterday, I guess. Yeah, just yesterday, super recent. Let me just connect back our Analyst Day that Matt touched on, which is my favorite data point, actually, in the Analyst Day is this $10 billion number. It's $10 billion in design wins over the last three years. That's a lifetime value. In general, lifetime is sort of four to five years. That means $10 billion divided by four to five gives you a potential run rate of a $2 billion to $2.5 billion. I think that's the potential that the company has out in front of it. Now, how does that connect back to earnings? Those design wins are coming to revenue now. We started shipping late last year in some of these designs. Many of them clicked on here in the March quarter, more clicking out into the June quarter. The guide that we had for the June quarter, which we just talked about yesterday on our earnings call, is for continued sequential growth. We come out of a March quarter with 7% up sequentially, up more than 60% year- on- year. June quarter, we expect to be up at midpoint, another 8% sequentially. The growth rate has been really tremendous. This is not a shocking growth rate. This is the growth rate that we've been talking about for months and months and quarters and quarters. This is sort of executing that pipeline of design wins and bringing them to bear into near-term revenue. That's starting to happen now. When I look forward ahead for the rest of the year, that's really what the year is going to be driven on. It's going to be driven on these design win pipelines that are coming. You saw them in March. You see them here in June, and we expect that to continue for the year. There is a bunch of design wins that maybe we can talk about, and Peter, maybe I'll hand it back to you, and we can get into details. Maybe just on some of the near-term dynamics. Kind of following up on this strength, right, you talked about bookings kind of improving linearly throughout the quarter, and indicating more of a cyclical recovery and design win ramps rather than any pull forward in demand. I guess there's a lot of anxiousness around this. Maybe if you can just provide us some insight on how your customers are perceiving this inventory situation and how have those discussions changed or evolved since Liberation Day in early April. Sure. I mean, customers, I think, broadly speaking, obviously, this is discussed a lot with customers, but it's difficult for them to act in the sense that there's still uncertainty, moving targets. Most of our customers have taken the approach of, well, let's stay the course until there's something you can put your finger on that would drive a meaningful change in strategy or direction. As we said, we're not seeing a change in bookings patterns, billings. I mean, they're going the right direction. They're increasing, but it's very linear, not lumpy. Forecasts have stayed the same. That's encouraging. At the same time, inventory levels at our customers, their end inventory has stayed stable as well. We're not seeing that build that people are worried about, at least at this point in time. Our own internal inventory, we've worked down, and our disty inventory is actually low. We feel we need to watch this. Everyone's watching it closely, but so far, everyone's behaved pretty well. That's good. As you mentioned, fundamentals are quite strong, positive booking trends, lean customer in general inventories, and you have significant design win ramps ahead. When we think about the second half of the year, how should we kind of think about your revenue opportunity? I think previously you talked about sequential growth through the calendar year. How are you kind of positioning the second half of the year? Yeah, directionally, Peter, we think that's still the case, which is we expect to see positive sequential growth throughout 2025. Look, will things, some wrench come in sideways from GDP? I don't know. Nobody knows. Really, what we are focused on and anchored around is our design win traction. And the forecasts that we get from the customers on those design wins and sort of their pipeline back into us, I truly believe that based on those forecasts, those customers, we should have no problem in executing a positive quarter- on- quarter throughout 2025. Just in a broader sense, I think it's also helpful to know that POS out of the distribution channel has also been positive. Hey, not only is some of these very specific design wins happening and continuing to flow through, for the last three quarters in a row, POS out of distribution channels have continued to increase. We gave actually a data point in the earnings call yesterday publicly that quarter to date for the June quarter, that trend has also remained true. It looks like sort of things at the broader level are doing okay. As we layer in these design wins, that gives us incremental confidence that the rest of the year should hold through in a positive direction for us. Your channel and customer distribution inventories are now at 48 days, right? It is a new low. It is below your target level of 70 days to 75 days. What signs or metrics are you monitoring before you decide to kind of replenish the channel? If we were to get back to some normalized distribution target days, what would that mean for revenue tailwind? Yeah, 48 days is actually lower than we wanted, by the way. We did not intend to drive it to 48. We are quite honestly shooting a little bit behind the duck. That means POS has actually continued to grow in channel. As the outbound shipments to the end customers continue to increase over, like I said, the last three quarters and then also quarter to date here in June, we are sort of playing catch-up on, hey, as POS increases, that means we are shipping back into the channel to replenish. We have to ship in addition to sort of grow some inventory into that channel to keep it from going down too far. In fact, 48, we would believe, is too low. We said on the public call yesterday that, look, I would expect June quarter to be in low 50s. I would really not like to see the channel go down any further. Our intention is to try to work back toward that target, 70 days to 75 days. That is not going to happen all at once. Like, that is going to take several quarters to sort of build in that direction. Like I said, as POS grows, it actually becomes difficult to sort of pipeline that inventory in. I would not think of it necessarily as a revenue tailwind, like, hey, what is the incremental sort of revenue that the company might generate from that inventory replenishment? Because essentially, it is POS that is likely to occur in the following quarter. Yeah, while you are sort of shipping in now, you have inventory that actually our expectation is goes out in the following quarter. As inventory grows, our expectation is POS grows on the back of that. Maybe switching now to some of the longer-term dynamics. You recently just talked about the $10 billion in design win pipeline, pretty impressive, right, and set to unfold over the next four to five years. Maybe if you can provide some insights into the diversity of end applications and product technologies within this design win pipeline. Sure. It's worth mentioning that what constitutes that $10 billion is pretty broad across our GOs, technologies, applications. You can definitely pull out some clear trends in that. The vast majority of that has been driven by Series 2 platform products. That platform has just crushed it in terms of market response. It's still going. Just this past quarter, we released multiple devices off of the platform. There's a lot of momentum there. I'd say the majority of the growth from the platform is yet to be seen, is a quick way to say it. Within it, in terms of applications, very broad. We service well over 1,000 different types of applications. However, there's three areas that we call out that I think are helpful for people to understand and know that we index to. You have smart metering. Think of gas, water, and electric globally. We participate in every major smart metering deployment in the world, with the exception of China indigenous. We are very well covered in that space. We are the market leader, and we continue to see new deployments, new tenders. We just shared yesterday in earnings that the India smart metering rollout is going a little faster than expected, which is encouraging. When these start, they run for years. We are just starting to see the start of that. Super encouraging and increasing content there as well as they add more wireless technologies. Another one, electronic shelf labels or digital shelf labels, strong position in that market. We work with the majority of the market leaders in that space. We have continued to see a rollout in that market as well. Again, these markets are things that we've been focused on and covered for many, many years. I think in shelf labels, we've already shipped over 300 million units. We expect that just to continue for years to come as you start to see in real life, in retail environments, more of these labels being deployed across the globe. The third space that we talk about and is more new to us in terms of public exposure is basically the CGM space or the portable medical space. That's a market where last year we essentially didn't have any revenue. We see that ramping quickly over the course of this year and the coming years. We've been focused on that market for a long time, over six years. Those designs take at least two or three years with each customer. We're engaged with over 60 suppliers globally, ramping 12 as we speak now. We're seeing good progress in that market, and we expect that to continue. Think of that as an area where pretty substantial end market growth potential over the coming decade. We're not only extremely well positioned in that market and increasing that position, but it's really just starting to ramp. That's all incremental revenue for us starting in 2025 this year, but really growing in the coming years. We like that as a tailwind as well. Those three areas make up a good piece, not a majority, but a good piece of that $10 billion of wins. Great. You just talked about the significant traction you're getting with your Series 3. And then now you're ramping your Series 2. Other one. Yeah, the Series 2. And now you're ramping your Series 3, right, with the transition to 22 nanometer process. And it has enhanced compute and AI functionality. And you guys always talked about this as being additive to your SiP. That's correct. Maybe just help us understand what is these incremental applications that you're targeting and how does that not cannibalize your Series 2? Yep, absolutely. The easiest way to think of Series 2 to Series 3, there's always a set of customers and applications that need one level of capability and performance. There's always another set of customers and applications that need a different level of capability and performance. They're highly complementary from that perspective. Just being very specific, when we move to Series 3, we're adding new industry capabilities, features, and wireless performance, but also substantially more compute than was available on Series 2. Increasingly, our customers need more compute capability. There's compute standing outside of our devices. Even though every device we sell today has integrated compute and microcontroller capability and accelerators, they need more. We're integrating a lot more there, which will allow us to increase ASPs, increase our SAM coverage even further. Another one, as a good example, in addition to general purpose compute, is around AI and ML performance and compute. A lot of our customers on our current generation have access to accelerators for machine learning, but they want even more performance. We're basically doing two orders of magnitude more capability in this next generation to keep up with our customers' requirements and what they're trying to do there. At the same time, what's unique is this platform supports integrated memory as well as external memory, which really gives our customers a lot of flexibility and scaling as they put more software and more capability on top of these products. Series 3, really think of it as highly complementary to Series 2, but new levels of compute performance that complement it. The last thing I'd say is we have this awesome footprint with Series 2 today, and we've made Series 3 code compatible. So, when our customers are using one design in Series 2, they have a very easy migration path to higher performance that really complements that position that we've established in the marketplace, which I think is a significant competitive advantage. Sitting here today, we have one platform that is just delivering in spades. At the same time, the next generation with even more performance is not only sampling now, it's already ramping to production. You'll see at least 20 or 30 products coming off of that platform in the coming years. Got it. Kind of sticking with the product and technology front, you guys have been particularly successful in the Bluetooth segment of the market, right, over the last several years. I think last several years, it was just kind of 10% to 15% of your total revenue mix. And I think most recently at your Analyst Day, you displayed a chart. It looks like it's gotten to almost 20% to 25% of your revenue mix. And this strong adoption has been driven by some of these successful design wins, like your continuous glucose monitoring, your electronic shelf labels. So, maybe just talk about the sustainability of this growth. And then how do you anticipate this segment? How big can this segment be over the next couple of years? Yeah, sure. Bluetooth is a space that we historically didn't focus on as much. We were more focused on technologies like 15.4, which would be Zigbee or Thread, and a lot of sub-GHz where we're the market leader in both of those. I lose track of time now, but a few years ago, we said we're doubling or tripling down in the BLE space, not just because we saw an opportunity for standalone Bluetooth devices like we're talking about now, but because we saw BLE integrated on every product that we're doing. We increased our focus there, and we found that our skill set was very applicable, and we were extremely well positioned in that market to take share. Our Series 2 really leaned in with industry-leading BLE capabilities. As a result, we've been winning market share on the other side of that. I think at Analyst Day, we shared we're growing in Bluetooth this year 80% year on year. That's just flat-out share gains. There's no one else growing that fast in the space. We're making good progress there. What we don't talk about that is worth mentioning, that is just for standalone Bluetooth devices. We put BLE in everything else that we make too. The standalone piece has just been it's relatively easy to get designs in the space, and we're very well positioned. At the same time, we're adding other focus areas. Wi-Fi is a new one for us, growing 40% year- on- year there. I think you're going to see that growth really accelerating in addition to BLE as we start introducing additional products on the Series 3 platform in the coming quarters. Maybe just on that Wi-Fi point, it's still a pretty small percentage of revenue, but you talked about it being inflecting higher, 40% year- on- year growth. When concerning the Wi-Fi, what are some of the major application drivers, and how should we compare the Wi-Fi trajectory ramp compared to the Bluetooth? Sure. Bluetooth is a bigger total revenue number today and faster growth. I think over time, Wi-Fi has just as much, if not more, potential for us in terms of growth. It's a big market, and we're seeing a lot of applicability for Wi-Fi where you need higher performance, higher bandwidth, and a lot of our customers' applications. We're able to do a few things that are unique. One is we can bring the world's, whatever you want to call it, lowest power or longest battery life to this space, which we've already done, which can be, without exaggeration, 50% or 60% longer battery life than any competing alternative, which is really interesting for battery-powered applications where consumers don't want to change the batteries every three months or four months. You can really make a difference there. Also, because we have such a broad footprint in the market across our other wireless technologies, we see awesome opportunities for pull-through in Wi-Fi. Where they're already using us for two or three other technologies, it makes sense to, okay, well, we want to use your platform. We want to use your reusable code base. We have that stickiness, which I think is really important, and we should talk about that in a few minutes because once someone's using us, they almost always stay with us and keep increasing what they use, not decreasing what they use. I think that'll serve us well on Wi-Fi. I would just maybe add one thing on Wi-Fi. It's new TAM expansion. That's super for the company. Also, the uptick that we're getting sort of early on is much faster than we've witnessed before. You correctly said, hey, Bluetooth is something like 20% to 25% of the company's revenue base today. Of the $10 billion in design wins, it's actually opposite. Bluetooth is the vast majority of actually that $10 billion in design wins. Getting into a space and then quickly building a pipeline around it is something the company's been good at. Wi-Fi early on now has identified a larger funnel faster than actually Bluetooth when we first sort of engaged into that business. We're pretty optimistic that it's off to a good start. It's the first couple of devices there on Wi-Fi. I think we're pretty optimistic that actually this TAM is coming soon. Another pretty notable data point from your analysis is that you mentioned that 95% of your top 100 customers over the last five years, you maintain 95% of your top 100 customers over the past five years, and then 60% of your top 500 customers have been with the company for 10 years. Maybe just kind of elaborate on why your platform has so much customer stickiness. Sure. Yeah, I'll just comment real quick. It's worth mentioning of those, the ones that have stayed over the last five years, the 95%, two or three of those went out of business. It wasn't because of us. We've maintained almost everyone. I think truly one big difference is this is all that we do. We're focused on this. That provides an insanely different experience for our customers than suppliers that this is a sideshow. It just does. That makes a big difference. At the same time, there's an incredible amount of software stickiness. We do over 1,000 software features every year on top of our platform for our customers. That's just an engine that keeps giving them a better experience because we can differentiate, we can update, we can change, we can modify off of the platform. We do not have to be developing that silicon, but we can be adjusting for whatever they want or need. Case in point, trying to think, channel sounding. It is a BLE feature that provides ranging. Used to be called HADM, now it is called channel sounding. It is standardized in the Bluetooth SIG. When that was the day that that was standardized, we released its support via software. Full production. It is because we can do that in software, we do not need to wait and modify hardware, which is not cost-efficient, cost-effective. That stickiness really tends to grow because once you are using us in one thing, it is easier to use us in the next. It is easier to use us in the next because you have code reuse, and we have all those different software features that are really made for those customers. They feel like they're getting a customer bespoke experience, but we're not doing it in a way that would be overwhelming if we were trying to do it with custom silicon. That makes a big difference. Dean, anything you want to add? No, I mean, I think the only thing I would add is people underappreciate the longevity of these products. People think about, hey, Bluetooth, maybe that's a couple of years cycle. Many of our devices actually ship for 10 years or greater. I think that's something people don't quite realize is many of the customers may ship products for years and years and then sort of move into upgrades or have multiple SKUs that actually run. I would just sort of add that piece. Okay. Let me just take a pause here to see if there's any questions. Hey, guys. Thanks, Matt. What's your view of the 4G to 5G transition that's going on in wireless? You've got AT&T shutting down NB-IoT. Also, you're starting to see a pretty interesting kind of mesh wireless footprint being deployed by Amazon, which, as you knew, Sidewalk uses LoRa. Any opportunity there for you guys in either of those areas? What do you view the changes? Thanks. Yeah, sure. First of all, in terms of broad IoT cellular, for lack of a term, in our space, we've heard it discussed for a long time, and it still hasn't yielded massive adoption or proliferation. That being said, our position has always been the same. If we see a space that our customers want and need us to provide, we'll make or buy it because our value proposition to our customers is having complete solutions for their needs, not just, oh, these are the wireless technologies we have, and this is the answer for everything. Haven't gotten there yet, but we watch that closely. On the Sidewalk side, we've publicly shared that we've partnered with Amazon on Sidewalk for years. We have a lot of product. We're the world leader in Sub-GHz technology. A lot of what Sidewalk is based on is Sub-GHz technology. We have helped drive that and won awards in the industry on the ease of use and compatibility with that network. I cannot speak for them at all as a company, but I would expect that that concept is a winning one, and it will continue to proliferate moving forward. We are highly indexed to that because of our Sub-GHz position. Sorry. Yeah, thank you for the presentation. You keep talking about complete solution, talk about code and stuff. When I think about IoT and I think about complete solution, I think about integrated wireless capability plus compute, so embedded MCU. I think just as importantly, you've talked about the range of different segments and applications, and that sort of tells me that you've got a pretty powerful software development platform, right? The question is, attach of your embedded compute MCUs to your wireless products as well as the acceptance and adoption of your software and differentiation of your software platform. Yeah. I'd say today, never say exactly, but almost everything we do is a wireless SoC that has the wireless capability as well as the compute capability, the integrated MCU, as well as a bunch of other things, security cores, accelerators for AI/ML, power management. For a lot of our customers, not all, but for a lot of our customers, we're the primary or only silicon in that application. We keep integrating what comes next for that. There are other applications where we're not the primary silicon. We're providing the wireless for that application. Broadly speaking, that's a key part of that. When we say complete, it's not only complete in silicon, but we provide all the software stacks, all the support that they need to get their application up and running. We can do what I was mentioning earlier with all the software differentiation and support that they say, hey, I need to work with this. I mean, hey, I need a proprietary wireless standard. We can do that. We have a big proprietary business. I need it to support this uniquely. I need this feature. Literally, we do thousands of software features on each platform that are really differentiation for our customers and make us more valuable to them. It is one of the reasons we are able to drive a premium gross margin versus our competition because of that stickiness and differentiation. From where customers sit, it is a win because they get features, differentiation, performance they could not get otherwise, or as quickly in the space. Thanks. I just want to make sure I could be completely wrong on this, but I believe the $10 billion that you've been talking about is a projection. If I'm incorrect, then say, hey, you're misunderstanding. If it is a projection, can you tell us what the currently committed revenues are and then also sort of the modeling that gets you from the committed revenues to the projected revenues? Yeah, I can take a shot at that. Here, maybe I'll take that real quick, Matt. One, $10 billion, just to sort of put the quick definition around it, these are the committed, awarded design activities accumulated for the last three years. It is three years of design awards that we've been committed to by customers in lifetime value. This is a lifetime value. Lifetime is generally like four or five years. You'd have to take that 10, sort of divide it by four or five to get it to sort of an annualized potential. It is all committed as future business, meaning things that are ramping now, they will continue to ramp into those lifetime values. It does not include things like, hey, does a customer cancel a program? Do their volumes change versus their original projection? It is the as in time on when we were awarded it. First of all, thank you. Yeah, absolutely. The second question is this: I believe that you can tell me, are a lot of your projects sort of like there's a company like Emerson who is selling into projects that have been designed out over years and then take years to build. By the time their products are being actually deployed into those products, there's no question about the investment in that initiative at a manufacturing facility or something like that. Are those similar environments that you're building into where you're trying to win design awards into large infrastructure projects? I think that helps me understand that, in essence, there's not a question that you're going to get these revenues in the future as opposed to things like things that are closer to related to consumer demand, which tend to be far more cyclical. If I'm not clear to say. I think let me take a shot if I'm understanding. I mean, simply said, 55% to 60% of our sales come from industrial as a segment. It's worth mentioning of that $10 billion, and it's actually more than $10 billion. It's worth mentioning that represents a significant acceleration in design wins over the prior years. It's pretty consistent in terms of the split. It's pretty indicative of the business we have today. Point is, I would expect strong industrial growth coming out of that. Yes, it is a very different environment than the consumer side. You win sometimes hundreds of designs in one customer across so many different spaces, and they take a long time to ramp. That's definitely what we're seeing in industrial. Some are faster. There's some industrial that's a little more consumer-oriented. Think of power tools in those spaces that move a little faster. The factory automation, that kind of stuff, it's pretty long lead time. Is it okay if I ask one more question? Yeah. Okay. So. I won't know until you ask it, to be honest, but I just want to make sure I'm not doing anyone a hog here. The only other question is, does it suggest that you're doing something different in your commercialization of the business, that you've made some choices about how to do things a little bit differently, where to focus, or how you're deploying your people, or what you're even, how you're training them up to be better at being more productive in the marketplace? I think we've been obsessed as a company in scaling. We're small, and we see an opportunity to be much bigger in our space. Everything is around scaling, ease of use, and scalable adoption. RF and wireless technology is inherently difficult, and there's not a lot of broad market wireless out there. There's not a lot of low to no-touch wireless. We've obsessed with that. We have an increasing portion of our business that's low to no-touch now, and we see that accelerating. That has helped us, and that software investment is an integral part of that. I know we're out of time. I'm seeing you. Yeah. Do we have time? We're out of time. Super. Thank you, Peter. Dean, thank you for participating. Absolutely. Thank you. Thank you.