Welcome to Silvaco's first quarter fiscal year 2025 conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To participate, you will need to press star one one on your telephone. You will then hear a message advising your hand is raised. To withdraw your question, simply press star one one again. Please note, this event is being recorded. I would now like to turn the conference over to Craig McNiff, Investor Relations for Silvaco. Please go ahead. Thank you. Joining me on the call today are Babak Taheri, Silvaco's CEO, and Keith Tainsky, Silvaco's Interim CFO. As a reminder, a press release highlighting the company's results, along with supplemental financial results and an earnings presentation, are available on the company's IR site at investors.silvaco.com. An archived replay of the conference call will be available on this website for a limited time after the call. Please note that during this call, management will be making remarks regarding future events and the future financial performance of the company. These remarks constitute forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. It is important to also note that the company undertakes no obligation to update such statements except as required by law. The company cautions you to consider risk factors that could cause actual results to differ materially from those in the forward-looking statements contained in today's press release, earnings presentation, and on this conference call. The risk factor section in Silvaco's annual report on Form 10-K for the year ended December 31st 2024, and the most recent Form 10-Q filing with the Securities and Exchange Commission provide descriptions of these risks. With that, I'd like to turn the call over to Silvaco's CEO, Babak Taheri. Babak? Hello and welcome to Silvaco's first quarter 2025 earnings call. I am Babak Taheri, CEO of Silvaco. Thank you for joining us today. I'm excited to update you on the strong momentum we've built since going public in May of last year. For fiscal year 2024, we delivered a 13% increase in bookings and achieved 10% organic revenue growth over fiscal year 2023. We also added over 46 new customer logos, underscoring the growing demand for our software platforms. A core objective of our IPO was to position Silvaco for strategic acquisitions that would meaningfully expand our serviceable addressable market, or SAM. We launched our acquisition strategy in Q1 of 2025 and have maintained that momentum into this quarter, targeting high-growth sectors such as AI, Photonics, and IoT. Our two most recent acquisitions have added more than an estimated $600 million in incremental SAM, reinforcing our position in fast-expanding markets and further diversifying our growth engine. The market response to this strategy has been very encouraging. In Q1 2025, our sector encountered some short-term macroeconomic headwinds, resulting in the deferral of certain customer orders, representing less than 10% of our annual revenue into future quarters. Revenue for the quarter came in at $14.1 million, below our guidance, primarily due to delays in closing two key bookings totaling $4.4 million. These delays reduced recognized revenue by approximately $2.2 million. Had these deals closed as expected, we would have reported bookings and revenue above the midpoint of our guidance. Despite these timing shifts, we remain highly confident in our updated Q2 and full year 2025 guidance, which has been intentionally set with a conservative approach given the current macroeconomic environment. We are equally confident in our long-term growth trajectory, underpinned by strong market demand, strategic expansion, and the increasing value of our technology stack. To further enhance transparency around our revenue visibility, we will begin reporting annual contract value, or ACV, starting this quarter. This new metric will give investors greater insight into our recurring revenue base while also reinforcing the fact that quarterly order timing has limited impact on the underlying growth trend. Next, I will provide financial updates for Q1 actuals, as well as Q2 and full year 2025 guidance. Next slide, please. I will now highlight our non-GAAP results for Q1 2025, guidance for Q2 and full year 2025, and our Interim CFO, Keith Tainsky, will discuss our detailed financial results and guidance later. For Q1 2025, we reported gross bookings of $13.7 million, revenue of $14.1 million, and non-GAAP gross margin of 82%. Non-GAAP operating loss was $2.5 million, and non-GAAP net loss was $0.07 per share. For Q2 2025 and full year 2025 guidance, we have intentionally set a conservative stance given the current macroeconomic uncertainty. For Q2 2025, we are guiding gross bookings in the range of $14 million-$18 million, revenue in the range of $12 million-$16 million, and non-GAAP gross margin in the range of 80%-83%. As we stated in the past, our gross margin will increase as our revenue continues to pick up in the second half. For the full year 2025, we expect gross bookings in the range of $67 million-$74 million, reflecting an increase of up to 13% year-over-year. Revenue in the range of $64 million-$70 million, reflecting an increase of up to 17% year-over-year. Non-GAAP gross margin in the range of 83%-86% compared to 86% in 2024. Non-GAAP operating income in the range of minus $2 million loss to $1 million income compared to $5.5 million in 2024. Non-GAAP net income per share of up to $0.03 compared to $0.25 in 2024. Please note that this guidance includes the acquisition of Cadence's PPC platform for the full year and TechX for Q2 through Q4, considering only initial revenue synergies. In the first quarter, we continue to build on the momentum we highlighted on our last earnings call. Despite the near-term macro uncertainty, we believe our focus on driving innovation through advanced R&D positions us well for long-term growth. We are strategically expanding our capabilities to meet the evolving needs of our customers, particularly in high-growth sectors such as AI, Photonics, and advanced semiconductor manufacturing. At the same time, we are taking a disciplined approach to managing operating expenses, cash flow, and liquidity, reflecting a prudent posture in today's uncertain macroeconomic environment. This balance between targeted investment and financial discipline positions Silvaco to lead in some of the fast-growing segments of the technology market while protecting shareholder value and ensuring long-term sustainability. Next, I'd like to discuss how Silvaco solves semiconductor and photonics challenges facing our customers. Next slide, please. Today, we face a rapidly changing market. New technologies are emerging. Product complexities are increasing. Customers are challenged. Their expectations are evolving, and we must lead in addressing and solving these challenges by doing what we do best: anticipating the next wave of technological breakthroughs, leading it through artificial intelligence, through advanced algorithms in multiphysics, through digital twin models, and guide customers through complex design and manufacturing. To stay ahead, we don't work alone. We partner with universities, with leading research labs, with our strategic customers, and through targeted strategic acquisitions, focused on AI, focused on Photonics, focused on IoT connectivity, strengthening our reach in power, memory, high-performance compute, IoT, and beyond. Let's look closer at the challenges shaping our markets. First, design and manufacturing complexity. Transistors are getting smaller with more functionality packed inside. Complex multicore architectures are being designed, all of it impacting memory, high-performance computing, automotive, and more. Second, new materials like gallium nitride, silicon carbide, and photonics-integrated devices are pushing the boundaries of fabrication and design. Third, go-to-market challenges, including rising cost and rising risk, cost of design, cost of tools, cost of wafers, and the pressure of time to market. This is the landscape we are navigating. This is the opportunity we are capturing with technology, with strategy, and with vision. Next slide, please. We just announced the acquisition of TechX Corporation, which we believe expands our SAM by another $260 million with multiphysics modeling capabilities. That is not all. We added approximately $348 million more to our SAM with the acquisition of the PPC product line. We already recognize $1.9 million of PPC revenue in Q1 alone, and we believe we are on track to deliver $3 million-$5 million for the full year from this acquisition. Faraday Technology also selected Silvaco FlexCan IP for Advanced Automotive ASIC Design. You may ask, how about our AI-based FTCO platform. It is gaining serious traction with major wins across power and advanced CMOS customers and R&D partnership on advanced photonics technologies. We recently announced that Excelliance MOS adopts Silvaco DTCO flow for next-generation silicon carbide devices, as well as a partnership with Korea's Kyung Hee University's Professor Jin Jang for next generation of display technology. There is more coming. We expect to announce new customer wins in the second half of the year. In Q1 2025, we did not just grow our customer base. We landed nine new customers for AI infrastructure in Q1 2025, which was 23% of the quarterly bookings, and expanded in existing customers, resulting in 38% of the quarterly bookings: two in power, two in memory, three in photonics, one in foundry, and one in IoT. On the next slide, I will walk you through how our recent acquisitions are accelerating our expansion into new high-growth markets. Next slide, please. On our last earnings call, I discussed the strategic rationale and opportunity behind the acquisition of Cadence's process proximity compensation product line, which expands Silvaco's SAM by approximately $357 million. As I mentioned earlier today, we expect the PPC acquisition to contribute between $3 million-$5 million in revenue in 2025, with even greater contributions anticipated in 2026. Today, I'm excited to share an overview of our recently announced acquisition of TechX Corporation, including our technology integration plans and strategic rationale driving this move. We believe TechX expands our SAM by an additional $260 million. We expect this acquisition to contribute approximately $1 million in revenue for the remainder of 2025 and more next year by delivering product synergies to our new and expanding existing customers. It's important to note that historically Silvaco's digestion period for an acquisition of this size has been about six months. We have already integrated the initial revenue synergies for both acquisitions and are on track to complete the operational and tax synergies over the coming quarters. This year, Silvaco's total SAM has expanded by over $600 million, increasing it from $3.8 billion in 2024 to $4.4 billion in 2025, positioning us for stronger long-term growth. Next slide, please. TechX strategic rationale. TechX provides advanced multiphysics simulation software that significantly enhances Silvaco's capabilities across design and manufacturing workflows. The acquisition advances our ongoing efforts to enable GPU and AI accelerated simulation, driving faster, more accurate results for complex use cases. A key highlight is the addition of wafer-level digital twin modeling for advanced CMOS and photonics, further strengthening our technology leadership. TechX brings fundamental technical and competitive advantage compared to alternatives in the market. The acquisition also introduces a new base of high-value customers, enabling additional land and expand opportunities while leveraging Silvaco's existing global channels to deepen engagement with current accounts and unlock cross-selling potentials. Overall, the acquisition strengthens our leadership in next-generation simulation technologies and expands our ability to serve the fast-growing design and manufacturing of photonics and semiconductors. Please turn to the next slide for specific examples of how this technology is changing the industry. TechX multiphysics simulation capabilities enabled a wide range of high-value applications across multiple industries. These include the simulation of antennas and optical wave guides, allowing for optimized communication, signal performance, and the light propagation simulation in an array wave guide, packaging, and interconnect, supporting advancement in photonics-integrated circuits. In the manufacturing domain, the technology supports modeling of plasma wafer etching, a critical process for advanced semiconductor fabrication at chamber and wafer level. Next slide, please. As I mentioned earlier, Silvaco leverages AI industry trends through our digital twin modeling capabilities, which allows customers to automate design manufacturing through creation of models, which reduce costs and improve time to market. There are four uses of artificial intelligence in EDA. The EDA industry has historically utilized AI to assist chip designers at three levels. First, optimizing the historical tool performance for chip designers. Second, aiding in design steps. Third, generating chip designs from specification. Silvaco has introduced a four-level of AI, which is not in the design space, but rather in the manufacturing space. This is where Silvaco is expanding TAM by enabling operators in fabs to save time and reduce wafer production costs. Next slide, please. Growth strategies. As highlighted here, we believe our growth strategies position us well for long-term market expansion while addressing customer needs through agile R&D. We focus our land and expand strategies through both organic and inorganic growth, leveraging our sales channels and highly technical field application engineers to solve the next generation of customer challenges. We're committed to defining shareholder value through performance, transparency, and responsible capital management. We believe the fundamentals of Silvaco are strong, and we are taking clear, measurable steps to align our market presence with the long-term strengths of our business. With that, I'll turn it over to Keith to review the quarter and discuss our guidance. Thank you, Keith. Thanks, Babak, and thank you all for joining us today. My name is Keith Tainsky, Silvaco's Interim Chief Financial Officer. Today, I will be reviewing our financial results for the first quarter of 2025 and providing guidance for the second quarter and full year. Please note that I will be discussing non-GAAP results going forward. As a reminder, our GAAP financial results, along with a reconciliation between our GAAP and non-GAAP results, can be found in our earnings press release, in the appendix of the presentation, and within the supplemental financials on our website. Moving to the next slide, I'd first like to start the financial overview by saying that despite the market headwinds, our long-term target model remains intact, and we remain confident in our ability to achieve our strategic and financial objectives. As far as Q1 results, while we are disappointed, these specific order delays totaling $2.2 million in revenue caused us to miss our quarterly guidance range. We are fully expecting that we will be able to get those POs later this year. We exited the March quarter with $74.5 million in cash, cash equivalents, and marketable securities. This is down from $87.5 million from the end of last year, primarily due to the acquisition of PPC during the first quarter. In Q1, I will also note that based on recent updates and conversations with our legal counsel, we have recognized an incremental $13.1 million charge relating to the ongoing NanGate litigation. Further details are available in our 10-Q. Other expenses this quarter have also increased as a result of both organic R&D investments as well as recent acquisitions, impacting both our gross margin and operating expense forecasts in the short term. We are actively working to minimize these effects. Similar to last quarter with PPC acquisition, the ink is still wet here on our acquisition of TechX, and we are now focused on integrating and realizing the synergies. Next, I am excited to introduce annual contract value, or ACV, as a meaningful metric for measuring Silvaco's underlying performance as it normalizes for multi-year deals as well as minimizes the impact of ASC 606 revenue accounting rules. Lastly, I will get into the details on guidance shortly, but I want to highlight that due to the macro issues, market volatility, and tariff-related uncertainties for some of our customers, we have provided a broader than usual guidance range for the second quarter. Let's turn to the next slide to begin our review of Q1 results in more detail. Gross booking for our software and semiconductor IP products in the first quarter were $13.7 million, down 15% year-over-year. Revenue was $14.1 million, down 11% year-over-year, and included a $2 million contribution from our recent PPC acquisition due to a successful early renewal with a key customer. The Q1 decline was primarily driven by the timing of renewal cycles in Q1 2024, as well as temporary order delays stemming from the short-term macroeconomic uncertainty. Our non-GAAP operating expenses were $14 million, up from $10.6 million last year. Breaking down our cost structure, R&D was 32% of revenue, sales and marketing was 31%, and general and administrative was 37%. The increase in operating expenses was primarily driven by higher headcount-related costs in research and development, as well as sales and marketing, which also included commissions. Non-GAAP operating loss was $2.5 million, down from non-GAAP operating income of $3.3 million in Q1 2024. Our non-GAAP net loss for the quarter was $1.9 million, compared to a non-GAAP net income of $2.4 million in the same period last year. Non-GAAP net loss per share came in at $0.07, compared to non-GAAP net income per share of $0.12 in Q1 2024. Our weighted average diluted share count for the first quarter was 28.7 million shares. Turning to the next slide on our booking performance trend, as Babak mentioned and I've already highlighted, we did have some delays in the customer POs in Q1. However, we are proud to still added nine new customer wins for the quarter. In terms of product breakouts, TCAD bookings were down 42% year-over-year due to the timing of renewals that happened last year, and EDA bookings were up 48% year-over-year, primarily due to the addition of PPC. We are also pleased that bookings for our SIP product increased by approximately $900,000 year-over-year, and we expect continued growth from this product line. Remaining performance obligations, or RPO, at quarter-end stood at $33.7 million, with 45% expected to be recognized as revenue within the next 12 months. Next slide, moving to revenue. Despite being down 11% year-over-year, on a trailing 12-month basis, Q1 revenue was up four percent year-over-year. For the quarter, our software licenses accounted for 71% of our total revenue, while maintenance and services accounted for 29%, consistent with historical levels. Looking by product, TCAD was down 26% year-over-year, once again due to the timing of renewals. EDA revenue was up 8% year-over-year, again driven by a key renewal for our recently acquired PPC product line. Revenue for our SIP product increased by 89% year-over-year due to a low bar from Q1 last year, which was due to a key agreement that had expired in Q4 of 2023 but renewed in Q2 2024. Turning to our split between geographic regions, revenue from the Americas was down 34% year-over-year due to lower revenue from our TCAD product. Asia-Pacific was down 5% year-over-year for the same reason. EMEA was up 8% year-over-year, supported by increased TCAD sales in this region. I will again reiterate that despite the current macro headwinds, as we continue to work towards closing some of the delayed customer orders and introducing our new products acquired to existing and new customer base, the company is well-positioned for higher growth rates moving forward. Moving to the next slide, our non-GAAP gross margin for the quarter came in at 82%, down from 88% in Q1 2024. The year-over-year decline was driven mostly by lower revenue due to the temporary order push-outs. You can see in this chart that historically, our cost of goods sold is relatively fixed, and therefore, gross margin closely correlates with revenue. This quarter, we also experienced an increase in our cost of goods sold due to higher headcount-related costs, in part from a cost structure that also now includes the PPC acquisition. With both of these acquisitions now in our rearview mirror, we are focused on optimizing costs as part of integrating the operations. As we continue to scale, we still expect non-GAAP gross margins to expand towards our long-term target of 90% plus. Moving to the next slide. Beginning with this quarter, I am excited to introduce a new performance metric, annual contract value, or ACV. We believe that ACV will be a more meaningful metric for measuring the underlying performance and health of the business, particularly in light of the quarterly volatility in revenue that results from ASC 606 revenue accounting rules, as well as large multi-year deals and the impact from the timing of renewals. Our ACV calculation includes all of our software licenses from EDA and TCAD, as well as maintenance and services. Please note that the definition excludes semiconductor IP product sales, as they are generally not recurring in nature. We believe this new metric reflects a more stable, normalized growth by accounting for all contract types over a 12-month period. Further details around the definition of ACV can be found and are provided in the earnings release as well as the investor presentation. Moving to the next slide, you can see the quarterly fluctuations in bookings and revenue, which is specifically why we will be providing ACV as an additional metric now, starting with 2025. On a trailing 12-month TTM basis, ACV was $52.3 million for the first quarter, up 21% year-over-year. The increase was driven by organic growth in term-based licenses and renewals, as well as the acquisition of PPC. While quarterly revenue may fluctuate, core recurring revenue from new bookings has shown consistent annual growth. Moving on to the next slide, I will now cover our Q2 and full year 2025 guidance. For Q2, our updated forecast is gross bookings between $14 million-$18 million, revenue in the range of $12 million-$16 million, non-GAAP gross margin between 80%-83%, non-GAAP operating loss between $4 million and $2 million, non-GAAP net loss per share between $0.10 and $0.03. For our full year 2025 guidance, our updated forecast is gross bookings between $67 million and $74 million, revenue in the range of $64 million- $70 million, non-GAAP gross margin between 83% and 86%, non-GAAP operating loss between $2 million and income of $1 million, and non-GAAP net loss per share of $0.07 to net income per share of $0.03. Given the recency of the acquisitions, this forecast does include assumptions of initial revenue synergies but does not include cost or tax synergies. More specifically, as Babak already mentioned, for the full year 2025 outlook, the forecast includes a $3 million-$5 million contribution for the recent PPC acquisition and a $1 million contribution from TechX for the remainder of the year. Moving on to my final slide, while our near-term outlook remains uncertain due to macro headwinds, we are confident in our ability to regain momentum and execute on our long-term strategy. With the acquisition of TechX, we continue to execute on our goals to drive revenue growth through expansion of our SAM through M&A, which was a key goal from going public. We expect to return to 15% top-line growth once macroeconomic conditions stabilize and continue to target 15%-25% top-line growth, 90% plus non-GAAP gross margin, and 25% plus non-GAAP operating margin. We expect to achieve these targets by expanding our presence in key end markets and continuing to pursue the right strategic and organic opportunities. With that, Babak and I would be happy to take your questions. Operator? Thank you so much. As a reminder, to ask a question, simply press star one one on your telephone and wait for your name to be announced. To remove yourself, press star one one again. Please stand by for our first question. It comes from the line of Craig Ellis with B. Riley Securities. Please proceed. Yeah, thank you for taking the questions, guys. I'll roll two clarifications into one. With the acquisitions, we now included in our $67 million calendar 2025 revenue guidance have $5 million of acquisition-related revenue. The question on that clarification is, how much of that did you include in 2Q's guidance? Related to that, as we think about the order delay that you talked about that was, I think, 10% of annual revenues, how much of recapturing that is included in 2Q guidance and annual revenue guidance? Thanks, Craig. This is Babak um. Keith, I'll take this first, and then please add anything you feel I missed. Just to be clear on a couple of points, we did say the order missed this for less than 10% of annual revenue. We specifically said their revenue portion, not their bookings, but we gave two numbers. The bookings was roughly $4.4 million, which would have been recognized at about $2.2 million revenue that got delayed. That was the amount. In terms of acquisitions, we said PPC or OPC adds between $3 million-$5 million for the year. We said TechX adds another $1 million to the full year. If you add those numbers, the range is now between $4 million-$6 million, just to get the record straight. $4 million-$6 million due to acquisitions. Have we included a portion of these things in Q2 revenue? Yes. I do not think we have specifically mentioned how much, but you could assume that in general, a linear incremental to TechX revenue that will be contributed throughout the year, as well as OPC or PPC. Did I answer your question? Yeah, that got it, Babak. Thank you. The follow-up question, the company was quite explicit about introducing an additional degree of conservatism in its guidance, just given the very unusual macro that exists out there. Is it possible to quantify the degree to which that is impacting bookings or revenues or other line items for your calendar 2025 guidance? Yes, Craig, of course. What we have said already, the impact to Q1, the main impact, if you think about it, for us has been historically and was also delay of orders due to uncertainty of tariffs and macro. Customers tend to want to take more time in justifying what they order and what they get. In cases of some other companies, they tend to worry about supply chain, so they order more products. In cases of some other companies, which we fall under in this case, for the Q1, they push orders out. We know for a fact that we do not have cancellations. The orders are pushed out. We know we can close those within the upcoming quarters. That is one fact. Secondly, to get the answer to you very quickly, the impact for us, we estimate these delays would be, again, in the order of 10% of the revenue total, and those are already accounted for in our new guidance. Keith, do you want to add anything to that? No, I would just basically reiterate the same. Got it, guys. Lastly, Babak, it's nice to see you get such significant SAM expansion off of the two announced deals with two now going through integration generating revenue. How should we think about the timing with which you would think additional deals would be appropriate for the business? Thanks, guys. You bet, Craig. As usual, great question. SAM expansion is, as you know, one of our main strategies. We tend to not compete directly but expand our presence in the market. The timing, frankly, for PPC, we had iterated last call that the timing would be actually in 2026. That's what we expected. However, when we approached the customers that we acquired at PPC, there was a very welcoming response from them to a point that, as we mentioned, some of them already renewed the order with us, and that's how we did recognize $1.92 million of PPC revenue in Q1. As we get to meet with the customers more for both acquisitions and as we also we always have had this expansion strategy with accounts for roughly for Q1 was, I believe it was about 35%. Keith can correct me of the revenue for land and expense, $35, $23 in that range for both of them. We tend to actually show the customers that the offerings that they have seen, there is an opportunity for them to do more advanced R&D with us, more capabilities. The timing for that, I believe, as we said, for the year will be such that it will be we are actually estimating it to be linear, but we could actually do it in an earlier fashion. We are pushing to get more of these renewals and upgrades done, the expansion done faster than a linear approach to estimation of revenue coming from these two opportunities. We did that already with our PPC acquisition, and we would tend to do that also again with more of the customers in PPC and what we acquired in TechX. There is a lot of expansion in terms of when you do product synergies and how you combine certain capabilities to make the platform larger and be able to address and handle a lot more computing capabilities. Plus, as I mentioned also in our TechX acquisition, these guys are world-class in terms of mapping software algorithms of our kind into what we call AI GPUs and being able to do these things faster and cheaper and quicker. We tend to show those capabilities to the customers, and that is how we plan to get the timing sooner than linear. For now, we are committing to linear revenue for them. Thanks, guys. One moment for our next question, please. It comes from the line of Blair Abernethy with Rossenb latt Securities. Please proceed. Hi, thanks, guys, for taking the call. Questions here. I just wanted to touch on a couple of things, Babak, if we could. Could you provide some color around the FTCO pipeline, maybe how that is progressing with new potential customers and with some of your existing, with the existing customer? Yeah, absolutely. That's always a great question since it's one of our focus areas. As you can see, we have said this in the past that we already have a big customer in memory that's going to expand more. We expect that to happen in the second half. We already have a customer in advanced CMOS for R&D purposes. As soon as the R&D phase evaluation is done, they will go into production. I expect, again, that to happen in second half. We also already have a customer for power in terms of power semiconductors that are in their R&D phase of FTCO evaluation. That also, we are pushing to get that across to production in also second half. The other two things that we announced, of course, we never talked about this before, but one of the interesting and nice things that we said in the past that we will do after power and advanced CMOS penetration into key customers, we're going to do the same thing for next generation of displays. Our announcement with Kyung Hee University, which is one of the top-rated universities for R&D in the world, Dr. Jin Jang is probably one of the leading researchers in advanced display technologies in Korea. That by itself, the fact that he's getting us and working with us to take that and prepare the FTCO platform for next generation of displays, if you will, it can take on any forms of small geometry displays all the way to large panel displays is the progress we've made. We are very happy with the progress. Of course, to get commitment for large orders, timing of these things is relevant, and that's why we are committing to second half of this year for advanced CMOS technology, power technology, and some display customers to come on board on FTCO, so. Okay, great. Thank you for that color. And then just on the slipped deals in Q1 or the push-out, was there anything that you would call out to say whether it was more geographically based customers, or was it TCAD versus EDA versus IP? Any other sort of color on where the closing, where things got pushed out? Yeah, I would say mostly Asia. As a matter of fact, all of them Asia. And then geographically, if you will. And then it was a combination of TCAD and IP. It wasn't just EDA was not impacted. Some of these, it was a matter of getting more signature and more confidence in the customer about their forecast of where they're taking their products and the fact that how tariffs could impact them. Those we've already resolved. As a matter of fact, I was traveling most of last month to those customers in order to understand their concerns. We are pretty confident that those orders will close. We had one instance of this thing again last year in Q3. We closed those POs. Unfortunately, for the size of our company, pushing these POs on the quarter boundaries impacts our quarterly results. That is why most companies have other metrics that they provide. We have decided to do ACV that shows the business is growing. These quarterly boundaries will not be impacted since we are dealing with ACVs with a TTM metric that captures the essence of how the health of business is, so. Okay, great. Thanks very much. Thank you. One moment for our next question. It comes from the line of Robert Mertens with TD Cowen. Please proceed. Hi, this is Bob Mertens on the line on behalf of Christian Hart. Thanks for taking my question. You've given a lot of color on the order push-outs and recent acquisitions. I just had maybe a quick housekeeping item. I might have missed this on the call. What was the expected OpEx into the June quarter? How should that trend throughout the year with the integration of those recent acquisitions? Any color there would be helpful. Yeah, Keith, I'll let you take the first time, but then I'll. Yeah, I was going to say I'll answer that in a moment. Babak can add any color if he wants to. When we closed PPC, we basically said the expense forecast was roughly $3 million for the rest of the year for that acquisition. The color I'll give on TechX is it's roughly $2 million for the rest of the year. We obviously announced TechX at the end of April, so there'll be two months. It'll be a full quarter of PPC. Again, from a cost synergy standpoint, we have not included any cost synergies in this guidance outlook at this point. We are working on ultimately figuring out what the right approach is to getting there and getting there effectively while not losing any upsides from the revenue synergies that we hope to get. We'll have an update for where we're at with that on each coming call. Suffice to say, we've got roughly $5 million-plus in there for the two acquisitions combined. Okay. Got it. Thank you. That's helpful. Thank you. As a reminder, if you do have a question, simply press star one one to get in the queue. One moment for our next question. It's coming from Christian Schwab with Craig-Hallum Capital. Please proceed. Good evening, guys. I was just wondering, I understand the macroeconomic environment and the tariffs and numerous companies in particular being impacted in Asia. Last quarter, you expressed confidence in growing 15%-25% annually. Obviously, if we exclude the $5 million of acquisitions this year versus last year, this is a challenging year versus growth expectations. Is there anything that's changed in your business besides things we can't control, such as tariffs, that change your long-term growth plans? Hey, Christian. Nice seeing you again. No, absolutely. That's a good question. So besides the acquisitions, the fundamental aspects of our business is strong. We are number two in the world in terms of TCAD presence. We are showing that we are growing the IP business and also EDA organically. In this case, we showed that Q1 for EDA was in organic growth through PPC. Unless there are delays in the orders due to macro and tariffs, we don't see any barrier in hitting bigger numbers. As Keith mentioned and you've mentioned for the full year, we're expecting up to 17% growth in revenue, right? Between $64 million and $70 million. If we hit $70 million revenue, that's 17% growth and would fall within the numbers of 15%-20% or above that that you're discussing or you mentioned. I think for us, coming up with the estimates that are conservative in terms of taking macro impact into our estimate, that's all we are doing, Christian. However, our fundamental business process is improving, understanding these macro impacts in terms of rubric and understanding how these things could potentially impact us. Coming up with a more, I would say, disciplined way of guiding the street and providing guidance is part of our learning process of going through IPO. As a matter of fact, this month will be within a few days, will be our anniversary for having gone public. That's all we are doing. I think the business is sound. We feel very good about the business. I feel we have quite a bit of more markets to be able to address, quite a few more customers that we've acquired through acquisitions and through organic growth. That's how I would see it. Keith, do you want to add anything to that? I think that covers it fairly well. I mean, again, I think at a high level, we're small cap. We're between $64 million and $70 million. There's customer-specific deals that are sizable and the FTCO ones we've alluded to before that it comes down to deal by deal, working through the pipeline. I think the sales team is excited because with the two recent acquisitions, we've got a customer base of 800 plus customers with very small overlap with these two companies that we can now go sell these products to. It is just a matter of going through the traditional parade of which ones are the other ones that we want to go after first and prioritizing. That is effectively the process Babak has highlighted that we have started. That is great. Thank you. No other questions. Thank you. This concludes our Q&A session for today. I will turn it back to Dr. Babak Taheri for closing remarks. Thank you, everyone, for attending our call and asking great questions, very direct. We wanted to make sure that we are as transparent as you want us to be, as much as possible. As I mentioned before, we are going through this journey together. We are learning being a public company and how conservative we estimate our earnings, including some of the factors that we do not have direct control over. However, I just wanted to reemphasize that we have very good confidence in our business process, business plan. We have a learning organization, and we keep improving and getting better at how we go about giving our estimates and our projects. With that, I wanted to thank again everyone on the call and look forward to talking to you again. Thank you all for participating. You may now disconnect.