Afternoon, everyone. It's Blair Abernethy, a software analyst here with Rosenblatt. Welcome to another session this afternoon. Here, this time, we're switching gears over to the design software space with Silvaco. With us here on the line is CEO Babak Taheri, who has been with the company for several years, took it public last year. Joining him is Keith Tainsky. Keith is CFO of Silvaco. We're going to just actually start off with sort of a 10-minute presentation by Babak and Keith to sort of give people a high-level view, a slide view of the company, and then we'll go to our Q&A after that. With that, Babak, if you would like to start us off. Blair, thank you very much. Everyone, thank you for spending time with us and attending this event. It is a great event for us to participate in. Silvaco historically has been around since 1984. We actually were a scientific lifestyle company that got changed around when two professionals were hired to change the company after one of the founders passed away. In 2019, I became the CEO. I spent about a year as CTO and EVP of products there. The company has been, like Cadence and Synopsys, a history of 40 years, practically. We have 800-plus customers. We are number two in the world in terms of providing technology, computer-aided design software. In terms of revenue, we are number two. We are based in Silicon Valley. Most people really get interested in when I say Silvaco basically came about by saying it is a Silicon Valley company. That's where it came about. We are Silvaco. We have three basically product lines: technology CAD, which deals with physics and fundamental physics aspects of semiconductors and photonics in this matter also. We call EDA, Electronic Design Automation, which has to do with circuit design, verification, validations of chips, and IP. Then also, we provide IP by itself, silicon-based IP, semiconductor IP that goes into building blocks of building chips. Those are three business units. Last year, we became ISO 9001 certified. In 2024, we said we grew our bookings by 13% and our revenue by 10%. We were addressing $3.3 billion of market, including our organic grown fab technology optimization, known as FTCO. That takes the EDA space into manufacturing besides design. We'll talk about that for a minute. In 2025, we are adding in organic growth. We actually acquired two companies. One is called PPC or OPC technology from Cadence, one of our larger brothers, as well as we acquired Tech-X, which is a multiphysics company. These two companies have added additional $600 million of SAM for our market. Our market is growing. That strategically and historically has been part of fundamental of how we grow our markets and we differentiate in those markets. The short wind, I would say short-haired wind that we see is basically macro uncertainty, which is getting solidified as time goes by. We are confident in our updates that we provided in our full year and Q2 forecasts. One of the other things that we are doing since Q1 is historically, since we've done AES 606 type rev rec with nonlinear rev recognition, we have shown, and investors have asked us to show what's called annual contract value. Keith will get into it in more detail. This shows basically two graphs imposed on one another, same company, but graphically how you recognize revenue and how you display it will look like two different companies. For that, we have decided to also report ACV to show that the company has done really well growing historically, as well as the last 12 months for this matter, the data that we will show you. Next slide, please. We have acquired a company called Tech-X Corporation. We announced it on April 29. We have gained traction from our three big markets that we play, which is power, advanced CMOS technology, including customers that utilize our FTCO platform. Now we have customers in the R&D phase for advanced CMOS platform for our TCAD, as well as power. In addition, we actually have a relationship now, which we announced with Professor Jin Jang in Korea, which works on the next generation of FTCO for application in display technology. This is a big deal for us. Last quarter, we landed nine new customers for AI photonics in Q1, and they counted towards 23% of our booking. We expanded our existing customers in a sense that the products we sold, we sold more of it to these customers. 38% of Q1 bookings came from that. One of the nice announcements we made, Faraday Technology is very good at buying and distributing IPs for automotive through their ASICs. We have actually been able to have them select us and adopt our automotive IP, which is a big deal for us. Next slide, please. Quickly going over this slide, we play over these seven markets, plus one market we call it Foundry, which we have not explicitly included here. Our top growth markets are power, photonics, and memory. Power being data centers, if you will, that power AI in terms of what you can do to use silicon carbide and GaN to reduce power consumption in a smaller footprint. Whether it is data centers, whether it is industrial applications or even automotive applications, we play in those. Photonics, we are one of the largest image sensor simulation software companies, wearables, as well as displays, if you will. We are very in a lead position in simulation software for displays of any kind, from white sizes all the way to hundreds of inch of displays, if you will. In terms of memory, that is our third largest market we play in. Bit DRAM, bit flash, bit applications for AI for what they call in-memory compute. We play in those, and we have customers in them. The other four markets we really are trying to grow is automotive, IoT devices, high-performance compute, and wireless 5G/6G. As a matter of fact, some of the nine additional, I would say, logos that we did for Q1 come from HPC and IoT, as well as automotive markets as well for us. I have one more slide that basically wraps it up for me, and then I'll pass on to Keith. Let's go to the next slide. If you think of a final chip that goes into your phone, your desktop, your laptop, anything electronics, in order to get that final chip, the first step to do that is to design it. Step one is designing it. For the past 40 years, Cadence, Synopsys, Mentor Graphics, now Siemens, us have helped the designers design chips. We are only one of the two companies that helped semiconductor process designers design processes with our TCAD. Recently, as of last year, we announced a product called FTCO, which we've taken this whole green space of what we call wafer fab, which is the second stage of making a chip. We have enabled Micron, actually, to use our artificial intelligence-based fab technology co-optimization tool that enables them to manufacture faster, better, and cheaper. With that, we've added another $500,000,000 of market SAM to our total market, which we announced last year. Most recently, we announced acquisition of OPC mask optimization software from Cadence. This is the step in which you make masks. You optimize them to get rid of any aberration having to do with exposure from light that the wafer see. These algorithms are very complicated, and it's the glue that binds the design to the wafer fab, if you will. We were missing that piece, and we have it now. In addition to that, we've said that OPC software in Q1, we had $2 million revenue already from it. We've guided that for the year, we'll have $2-$5 million of revenue for the year from that acquisition that was completed a few months back. Last month, we acquired Tech-X Corporation, which takes us to not only enhance our FTCO flow to wafer fab, but also to what I would call chambers that can simulate and provide these sort of models of chambers, such as a plasma edge chamber at a wafer level. This capability is very unique. We've added that to our arsenal of products that makes us unique in that space even more so. In addition, Tech-X has enabled us to get into photonics further. One of the most difficult simulations and digital twin modeling of photonics is interconnects. As you know already, data centers are starting to use optical interconnects for intra-chip packages from server to server. Being able to simulate that, analyze how that interconnect and the medium by which optics or light goes through is a pretty key factor in success. Now we have that capability, and that's an additional SAM, which we've done. Now we've increased our SAM from last year of $3.3 billion to $4.4 billion. Of course, what I'm showing you, the step three, step four, and step five, which we are not participating in, but you can think of so many white space areas in each of those that you can think of this as a roadmap for having a digital twin model such that this surpasses my lifetime. Similar to what you prompt ChatGPT, prompt engineering with a file would be a request for making a chip. It would enter that into the system, and it provides three months later a chip that you can use customizable to your application so that it will come out the way you want it intended for the power cost. It's not a general ASIC, if you will, but it's custom ASIC done in three to six months period. That's a dream I have, long time to realize it, but those are the steps we're going through. With that, I'd like to pass the baton to Keith to give you a feel for our new rev rec data that we provide in addition to our old rev rec data. Keith, with that, I'll pass this on to you. Thank you. Thanks, Babak. Appreciate it. As Babak highlighted, I'm going to go through just a couple of slides and a financial overview here. Give me just one minute to pull up the appropriate slide. As I'm pulling it up, I'll start talking through it. Basically, the traditional ASC 606 revenue recognition accounting, the way it's implemented here at Silvaco, we recognize the majority of our software license sales in the quarter in which they are booked. Depending on the length of the term of the contract, it'll be anywhere from 50% to 60% to 70% is typically recognized in the quarter in which it's booked. Now, as we look at what we call annual contract value, basically, what this is, is another way of measuring the core business strength in terms of what we're effectively doing is saying if it's a five-year contract, we'll recognize it linearly over five years. A $5 million contract would be a $1 million worth of annual contract value for those that aren't familiar with an ACV calculation. I'll note we do exclude IP sales from this because those tend to be more one-time in nature. A customer will buy the IP and will then have rights to it and use it from that point moving forward. This accounts for mostly our software-based sales of our TCAD and our EDA products and how we license the software and recognize the revenue from it. You can see here that as we measure it on a trailing 12-month basis, the ACV has grown by 21% from Q1 of 2024 into Q1 of 2025. Going one level deeper, this alludes to the different views of the company's underlying top-line growth. The orange bar is what we continue to say is our leading indicator of future growth, is our bookings. The purple is the way we do our current revenue recognition based on those bookings. You can see the quarterly numbers there in the orange and purple. There is the volatility of the bookings and the revenue. You can kind of see go up and down as the quarters go. If you look at it from an ACV in the bars, that's the $43.3 million in Q1 of 2024 last year up to $52.3 million in Q1 of 2025 this year on a TTM basis. That's the 21% growth. We fully have a strong belief in our underlying business is strong at 20% growth. I wanted to share kind of the finance view of our story there. I will just make a couple of points here on our current guidance for Q2 in the year. I'll hand it to Blair to do some Q&A focused on the full-year guidance. Last year, we expect a 2-13% increase in gross bookings compared to 2024. On the revenue side, 7-17% on revenue. You can see our current business model has pretty healthy gross margins. We're forecasting in the 83-86% range. Last year, we finished at 86%. Very strong underlying profitability. I think that's what I'll highlight for now. Unless, Babak, you want to highlight anything else, we'll hand it back over to Blair. Yes, Blair, please take it up. Okay, great. Thanks, guys, for the overview and introduction to your story. It's an area of software that maybe a lot of people aren't that familiar with, so it's important to sort of frame it up. Let's start off with just talking about your total addressable market, your serviceable addressable market. Babak, you mentioned on your slides there sort of in the $4.4 billion range, and your revenue base was $60 million-ish last year kind of frame. Lots of opportunity to go after there. Maybe just talk about sort of where you think the biggest opportunities are for you and your TAM. Oh, absolutely. That's a great question. Strategically, we focus on fast-growing markets. The top seven markets I've shown you already, that's where we focus, plus what we call, in addition to the top seven, we call foundry market. We historically did not address that, but as of last year, when we made announcement for our organic products, we can add a said market as well. Mainly, our IP business units that will be growing will be a lot of foundry business that we are. We see quite a bit of potential in IP in the foundry business that we are in. As usual, we've always said that we focus on power, photonics, as well as memory. Power, we actually have the lead position now in terms of having simulation software for design and fab for silicon carbide and GaN. Memory, also, we are getting to the position in which we can. We've actually, matter of fact, last quarter, we added one of the nine customers we've added was a memory customer, a large memory customer in Asia. You'll find out that as we add one or two more memory customers, we are practically present in all large memory customers. Of course, we have another 10 or 20 customers that are not large memory customers because their focus is on specialty memories, but we have them, and we work with them. Those are the top three. What I've said in the past is we tend to make sure that we have the top 10 logos. If we do not have them, we go after trying to either land in them or try to acquire technology that gets us in there. Matter of fact, the reason we acquired Tech-X Corporation is because it gives us the ability to be able to actually expand our market in photonics. One of the customers we added last quarter was the number 10 display company, which we did not have historically, but now we are in all the top 10 display companies, display panel companies. That was one reason. The reason we acquired OPC is because three of the largest customers they had are memory customers. Matter of fact, one of the customers we said we added was because they switched to our OPC system. The other customer, another customer was already our customer. The third one is as soon as we switch their PO system to ours, we will announce that as well that we have now presence in the top memory customers. Our plan in succeeding and trying to get a lead position in those is progressing well. Of course, we will not stop until we lead in every aspect of those products in those markets. Right now, the reason that we have not hit much larger revenues is because we have been leading with our TCAD business. TCAD TAM, prior to our FTCO introduction, was about $200 million. It is not a big TAM. Matter of fact, by adding FTCO, we have added another $500 million TAM to it. First, we lead and land by TCAD, and then we expand through EDA and IP. That is the next phases of our expansion in our customers, and that is what we are working on. The TCAD market itself, you're the number two player in that market behind Synopsys. How do you sort of position yourself in that market? Let's start with that, and then I want to talk to you afterwards after your positioning is sort of just kind of bring us up to speed on what's happening in the China market because that's been an issue for both Cadence and Synopsys in recent weeks. Yeah, absolutely. TCAD or Technology CAD is where our company was founded based on. The company was founded on TCAD software licensed from Stanford University. TCAD fundamentally at that time was very hot 40 years ago because semiconductor industry was growing at Moore's Law, and there were a lot of material, a lot of physics that was not known on how to build 4-inch, 6-inch, 8-inch, and 12-inch wafers. Fundamental physics, unless you understand it, you cannot build it. You cannot make it. You can, but by trial and error to a point that small startups will go out of business before they really get the answers. The answer they get is what I call this crystal ball that is a simulation, a digital twin model of process and device-level simulation by which you must do in order to give you a feel for where you are at. You collect data from wafers, and you calibrate, and you find out that what's on the wafer is what you're simulating 100% so you can rely on it going forward. That's how the industry was built for TCAD. You find out as technology for CMOS started getting into 90 nanometers and beyond, people knew how to deal with it. The TCAD market pretty much flattened out. Later on, you find out that technology is going to FinFET. It's going to CFET now, right? FinFET goes to nanowires, nanosheets, and then goes to CFET, which is Angstrom Technology. You find out that we are back into where we were 40 years ago. Lots of unknown, lots of new technologies. TCAD is flourishing. That's why our TCAD business is growing rapidly. On top of that, you find out now we are dealing in photonics market. Photonics market is north of a trillion dollars. It's much bigger than semi. Guess what? Photonics market is now facing what semiconductor markets were going in the past because they have to shrink things at the wafer level. They have to make things smaller. You get into quantum mechanics. You get into quantum computing. That is optics and photonics related. You get into CMOS image sensors that are tiny. You find out all these technologies, like if you're making a QLED display, is that quantum dot? You have to understand this physics of it. It's how the optics of it work in order to really fundamentally go design it first and then manufacture it. That is why we are proud in the fact that we are actually the lead position in those photonics elements. We are able to provide the solution for digital twin simulation rather than experimentation and prototyping. Saves quite a bit of time and effort. We focus on those markets because historically, those are where we are good at. We know the markets are expanding, and we were not in direct competition with our big largest competitor. However, as technologies are going forward, we announced now we can do advanced CMOS also with TCAD. In other words, we are in the same market as our bigger competitors, and we can compete with what we have. Matter of fact, we have an advanced CMOS technology customer that has been in R&D phase with us for the last three to four years, paying us, of course, for advanced R&D that got us to a point that we could announce last year that we are now in advanced CMOS technology. Not only do we have that total sum of that market accessible to us, but also we added now the technology that enables fab also in manufacturing, which no one else has right now. That is where we are at. We are trying to expand in that market. We announced that not only do we have Micron as a customer for our memory products, for the memory product, for the fab technology optimization, but we have advanced R&D for FTCO done in a CMOS process. We have one now in power. We announced a display research facility in Korea that has the ears of the two largest display companies in the world to try to see how FTCO can be utilized for manufacturing of display, not just designing it. Yeah, I want to come back to FTCO in a minute, but the China in terms of news out in the last two weeks about how the U.S. Department of Commerce is trying to. BIS and CIS. Y eah, sure. Yeah. I mean, you guys have been dealing with the entity list there for some time, but maybe just walk us through sort of what the China market looks like to you. Yeah. If you recall, Q3 of last year, I think you guys should use this as a bellwether because we told everyone on the street we had some orders pushed out. As it so happened, it was from China because of certain uncertainties that they could sense is coming. Guess what? It came, right? As I mentioned last time, a lot of uncertainties about the election, what's going to bring out and so forth. Guess what? We are here now. We know exactly that's what happened. We have been planning for this. By the way, the nice thing about having done business in China for a while is you understand the culture better. You understand their uncertainties. As long as you understand the rules of the engagement from DOC perspective, you're in good hands. You'll find out that larger competitors of ours have received letters from BIS, and it's publicly announced, but we have not. For a very good reason, we are in lock-in step with BIS. As a matter of fact, we do what's called voluntary self-disclosures, VSDs. We've done three of them with them, and we do it on purpose so that we could get their read on before we engage. We tell them, "This is what our plan." We actually give them 40-50 pages of information on what we are planning to do. If they come back and say, "Don't do it," of course, we are not crazy. We won't do it. Every time we've done this, they've told us they've given us green flag. That is why I think we did not receive a letter like that from BIS for us. They know exactly what we're doing. We're very transparent. We want to make sure that we follow the rule that's established. Even if it changes biweekly, the nice thing is if you are and you have been in connection with them and contacts with them and you give them regular updates, I don't think you need to worry about it. For impact, we've always said China because of this uncertainty of boundaries within the quarter that they would delay orders. We said that also in Q1. Matter of fact, we're going to close those POs this quarter and next quarter. I had to fly to give them certain confidence that we are here to support and we are allowed to support in the space in which we are supporting them. We've always said for this year, we are going to have 10-15% of our revenue from China. I wouldn't be surprised if we surpass it. Right now, we are still forecasting that that number is the same. It's not changing, unlike our bigger brothers, which didn't expect this big change. One of the learned lessons from a newly going public company for us is understanding macro and honestly trying to no longer give it a high rating for the customers in which could be impacted and counting that towards our revenue, de-risking it. So we've learned now our lessons after three quarters, and we are de-risking it. Actually, that's why we came up with a new guidance and how we came up with the numbers we came up last time. Okay. Great. Thanks for that color on China. That's very helpful. Very helpful. Just shift over, if you would, to your FTCO product offering. Can you just give us a high level of what exactly is this? This is a big ticket item for Silvaco. Maybe just give us a sense of what that is, what you're doing there, and where this could take you in the future. No, absolutely. We've trademarked and actually patented this technology. Fab technology optimization is a trademark and patented technology for Silvaco. As a designer, when I was a designer 20, 30 years ago, right, I worked at companies like Cypress and Freescale. They're fab-light. They had their own fab, and they had to go out. As a designer, I was not allowed to talk to the fab because fab is running all these massive number of units, and they could not go to the line because it would not make sense. They would not yield and so forth. There was always this huge wall between design and fab. The only thing that tied them together was what they called these models that foundries or the fab provide in the PDK, like SPICE models for simulations. That was the only thing that was tying them together. You find out as technology is advancing, those models, even 40 years ago, SPICE was invented at Berkeley longer than that. You find that the accuracy of those models cannot be, frankly, better than 3σ. Otherwise, you can't yield anything, right? The most advanced technology companies that give you PDKs will have 3σ models. You find out that nowadays, you go to the most advanced microprocessor companies in the world, you say, "We need 6.7σ." They know it by a fraction because they know how the yield will be affected. Fundamentally, how can I close that gap with a much more accurate model in order to be able to manufacture these things to within 6 or 7 or 8σ? The answer to that was a much more accurate model. How would you do the much more accurate model is now you have to go and look at the fab. You look at when you put a wafer in and a wafer out. Fabs, by the way, they have terabytes, petabytes of data on every transistor, on every silicon wafer. Now, we have these gobs of data. How do you go through it to cipher it? How do you go through it to learn something from it? That is what we did. We actually used our TCAD as a main engine. Then we added an analytics portion, which uses AI to cipher through all this data to get the data we want. We came up with fabs love to do what is called design of experiment statistics. We added a statistical engine upfront, analytics in the back. This flow we call going from forward and backwards in the feedback FTCO. What this does is based on the fab data, based on the technology that exists, based on analytics that runs fast through the fab data and statistics, basically comes up with a much more accurate model. This is what we call digital twin model. Now, imagine this. Now, this digital twin model is representing what the fab capability is. These are the boundaries in which the fab can make. Anything above or below and beyond this capability can't be yielded, can't be manufactured. The fab now can use this model if they want to go to the next generation of product. Why don't we simulate rather than go make wafers, trial and error, and spend lots of money to do this? It helps them to yield. That's the first benefit of this FTCO. The second benefit of this is now going back to where I started is how about if we provide this model to the designers and we say, "As long as you stay within the boundary of this model, you don't have to worry about yielding. It's done. We know already we can make it." That's how the idea came about, and that's where we are at now. Remind us how many customers have adopted this or have tried it because it's only been in the market for a year. Yeah, that's a very good question. By the way, the business model for FTCO is very different. No one has done it in the past. For the design seats of software, we sell per design seat, a license per design seat. For FTCO, we say license per lane or per fab. You'll see that the orders and POs are orders of magnitude larger than anything else that exists in EDA, if you will, in the market, right? Much, much larger orders. The process of getting them to trust a fab to this artificial intelligence, this methodology is a lengthy project. It takes two to three years of R&D for the R&D teams to try it, test it. It takes one or two years for the fab to adopt it. We have announced Micron as a fab adopter, meaning that we've spent about five years with them to get there. We just talked about it last year. We've been working with them for the past five years. As I mentioned, also we have a customer in advanced CMOS technology, which we have been working on in the R&D phase for the past year and a half, almost two years now, a power company. Potentially we have started a university R&D with our display. You'll find out for each of the vertical markets that we are in, power, photonics, which is display, and advanced CMOS, where we are at for high-performance compute as well as AI, you find out that if we have our first customers adopted, getting the next customers adopting it is far less time-consuming. Our goal is on our top four markets, have the single customers that have adopted it. They can be our, basically, I would say, the customer that would actually other potentials can go talk to and makes adoption of these things much simpler. That's excellent. The first customer that was the beta customer, Micron, is there an opportunity to continue to expand your footprint with Micron? Absolutely. We've always said that. We've always said Micron is one of the most, I would say, most advanced memory companies. I mean, look at their performance, look at their high bandwidth memory. It's actually one of the most forward-looking companies in terms of adopting of the next generation of technology because they have to, because they have to stay ahead. As a matter of fact, since they do that, they have new products, new requests, new R&D, new requirements of the FTCO coming. As a matter of fact, we announced the second PO we received last year was more R&D for them. Do not be surprised if this year we get more from them for expanding FTCO in the newer products, new lines, and so forth. We're working on it. The rate of adoption is slow, but we're working on it. Okay. You had mentioned that on the display side, you tie into with Jin Jang. Maybe you could walk us through that a little bit in Korea. What's the opportunity for you there? Professor Jin Jang was part of our technical advisory board until we dissolved that board. Now we have the team doing it with the universities now. He is probably the foremost knowledgeable human being in terms of display technologies. You name the display technologies, he's worked on it, he's invented it. As a matter of fact, one of the facts that we have the lead position in display is because he was part of our tab. Now that he's not part of our tab, he's seen the value in our FTCO platform. As a matter of fact, you find out what's the most expensive thing about the display. It's the fab, right? If it's not an LED-based or micro-LED-based, the most expensive part of a fab to put together is the expense by which all these equipments operate. You find out now that you're talking about an 8K display and some of the pixels won't work out, yielding becomes a key factor. The losses based on yield, performance, and all of that becomes more critical as you get into higher resolution displays, right? We talk about quantum LEDs. When you talk about LEDs that are used for watches, micro-LEDs that are used for watches, they're like 1-5 micron. The human hair is 100 micron. It gives you a feel for how tiny. You cannot pick and place these things, right? Because it's impossible. People have tried and failed. You find out that getting these things yield, modeling them, how best to manufacture them, whether it's additive or subtractive process in order to manufacture these things. Perhaps some companies are thinking of putting a display the size of a wafer and then stitching these to make bigger displays. It's much more cost-effective than trying to make this full panel, right? Those are the sort of thing that we do, I would say, ROI and technical analysis for. That's what we are doing for the display technology. Okay. Okay. Excellent. Excellent. Maybe to ask you just from a top-down perspective, how AI, artificial intelligence, is potentially impacting Silvaco sort of from a product perspective? What are you kind of doing or thinking about that could help your customers by leveraging AI? Absolutely. Absolutely. That's a great question. It is such a hot topic that a lot of investors and actually bankers that I deal with these days, they miss their appointments because they have to attend an AI conference, right? It is pretty hot. It reminds me of the, as you said it earlier, I believe, it reminds me of the dot-com era that anything that was dot-com was hot and everyone wanted to know more about it. Of course, after similar to this, I think there are only a few companies that are going to succeed. We will be one of those because we do two things with AI. One thing is we help the designers to assist them in terms of minimizing the space in which they need to look at for design, design space. We give them better user interface. The user interface can actually learn from their habits and guide them more so. Of course, the holy relic of design is being able to actually throw in a paper and have the design completed by that spec, right? That paper spec. We are a long way away from that, but everyone, including us that's dealing in design space, is considering to do something with that and do something about it. However, in the manufacturing or fab, we're already ahead of everybody else. As I mentioned, we use our analytics and AI to sift through petabytes of data to really understand the data and find, do what's called intelligent sampling in order to cover the 6σ, 7σ modeling requirements. We are already utilizing it. That's a huge, I would say, efficiency and productivity for our customers because they don't have to sift through these things manually. We have the full flow for them. The next generation of doing this, as I said, I showed you my vision and my dream for the next 30 years is to be able to have all the flow steps within the chip manufacturing, chip design, and final chip, having it to be a digital twin model such that you do not have to spend so much time and effort coming up with general-purpose things. You can get exactly what you want, when you want it, very predictable. That is where I think it is going. You have seen it happen with, you have seen it happen with robotics now. We are seeing it happen with autonomous cars. As a matter of fact, my last job at Freescale Semiconductor, I was talking 10, 15 years ago about autonomous cars and how these sensors we were designing were going to enable that. A lot of people had a hard time absorbing what we were talking about. Now, holy cow, you have Waymo in San Francisco, Phoenix, flying all over the place, and it is coming. It is going to happen. It is going to happen. Listen, we are almost at our time. We have a couple of minutes left here. I want to ask you a question that has come in from the audience. It is back on the topic of your serviceable, addressable market. The question is around what is your confidence in being able to convert that SAM to deals. Maybe talk a little bit about, I guess, your go-to-market with regards to your SAM. Absolutely. There are two numbers in that SAM. One number is where everyone, including Mentor Graphics, playing and us. That is the total market for the section we all play in. For example, we don't talk about PC boot software that they do. That's not included in the SAM. We don't talk about ARM-type processors. We don't talk about having emulators, hardware, and stuff. Those, we are not participating. The $4.4 million SAM that we participate in, matter of fact, $500 million of that is we are the only player. That's his FTCO market. It's a matter of us just turning those R&D projects we have with advanced CMOS guys as well as display and then power into POs. That's what we're working on. That whole market is for us to win, and no one is in that space. It's a white space we created ourselves. You find out also that the other $360 million SAM that we've added based on our acquisitions is this white space in the sense that no one else also does some of these features. I mentioned Tech-X enables us to do what I call chamber-level simulation for manufacturing. It does not exist right now. If any, some of the manufacturers may have that internal, but not at the level we have in terms of having knowledge of what happens to every micron of the wafer. Very fine. The rest of the market, there are competitors are playing in, and it is a matter of us having strong presence and strong products in order to win some of those. We have proven that we have done that in the past. We mentioned in one of our calls that now we have exclusivity to one of the largest CMOS image sensors that they were not our customers, but now they are. They used to be someone else's customers. We are gaining market traction with that. Because of our strategy, we do agile R&D. We help create modules for our customers. We do things differently. Okay. Okay. That is great. Listen, Babak, Keith, we are at our time here. Great to see the progress that you guys continue to make here. Despite all the noise out there in the environment, it seems like you guys are still on track this year. Thanks for participating, and we will catch up with you again soon. Thank you very much, George.