Welcome to the Sierra Wireless fourth quarter and year-end 2021 conference call. I will now turn the call over to David Climie, Vice President of Investor Relations. Thanks, and good afternoon, everybody. Thank you for joining today's conference call and webcast. On the call today are Phil Brace, President and CEO, and Samuel Cochrane, our CFO. As a reminder, today's presentations are being webcast and will be available on our website following the call. Before we get started, I will reference the company's cautionary note regarding forward-looking statements. Today's presentation contains certain statements and information that are not based on historical facts and constitute forward-looking statements within the meaning of securities laws. These statements include our strategy, goals, objectives, expectations and commentary regarding the outlook for our business. Our forward-looking statements are based on a number of material assumptions, which could prove to be significantly incorrect. Additionally, forward-looking statements are based on our management's current expectations, and we caution investors that forward-looking statements, particularly those that relate to longer periods of time, are subject to substantial known and unknown material risks and uncertainties that could cause actual events or results to differ significantly from those expressed or implied by our forward-looking statements. I draw your attention to a longer discussion of our risk factors in our annual information form and management discussion and analysis, which can be found on SEDAR and EDGAR, as well as other regulatory filings. This presentation should also be viewed in conjunction with our quarterly earnings release. With that, I will now turn the call over to Phil for his quarterly update. Thanks, David, and thank you everyone for joining us on the call today. Total revenue in the fourth quarter was $149.9 million, and we generated $7.3 million in adjusted EBITDA, ahead of our guidance. Adjusted net earnings was $1.1 million in the quarter, positive for the first time in two and a half years. We shipped more devices in the fourth quarter than any quarter in the preceding 3 years, excluding the automotive business that was sold in late 2020. In Q4, the Sierra team worked diligently with customers, partners and suppliers as we delivered 24% year-over-year revenue growth and 82% sequential growth, enabling us to finish a challenging year on a positive note. Before I turn the call over to Sam to provide more details on the fourth quarter and year-end financials, I'd like to update you on our current manufacturing and supply chain situation and our view of the current end customer demand environment. From a manufacturing and supply chain standpoint, we said during our last conference call that we plan to add additional manufacturing capacity to achieve production diversity and manufacturing resiliency. We accomplished that by adding capacity to an existing facility and ramping up new production of the site in Mexico. The manufacturing lines of the Mexican facility are running at capacity, and we're building our 4G and 5G enterprise routers there so they can be quickly shipped into the U.S. market. Combined with our existing Vietnamese facility, we now have three manufacturing locations, giving us improved flexibility with multi-factory production. This was a key factor in allowing us to build and ship product in Q4 for our customers globally. Regarding the industry's tight supply chain environment, we decided last year to use our strong balance sheet and play offense, investing in parts and components to secure raw material supply. Our procurement team did an exceptional job with our partners and suppliers in the fourth quarter, which enabled us to respond to our customers' strong demand. Going forward, our strategy remains the same as we continue to make the necessary investments in parts and components so we can convert them into finished goods. That said, we continue to see long lead times for chips and components, and we believe the tight supply environment will be with us through 2022. COVID-19 outbreaks continue to be a watch item, but we believe we're in a much better position with improved geographic diversity to mitigate the potential impact of the pandemic. Now regarding the current demand environment. We entered 2022 with the strongest backlog in company history, and we continue to have solid demand for our devices and our services. We are seeing more customers wanting to add intelligence at the edge and doing more IoT monitoring in industrial, enterprise, energy, and public safety markets. In modules, we're seeing great demand for our LPWA products, particularly in the infrastructure space with applications in smart meters, public lighting, and asset management. We're also seeing traction with our 5G modules in enterprise applications and industrial networking. In enterprise solutions, we are seeing strong demand across the board for our products in public safety, energy, and industrial IoT markets, including our RV gateways, our newest 4G/5G XR Series, which is tracking to be the fastest ramping product line in our history. Demand for our flexible Smart SIM connectivity offering is strong with customers deploying IoT solutions in applications such as industrial monitoring, asset tracking, transportation, and security. I believe strongly that we are at the front end of a wave of demand as these markets will continue to grow for years to come, especially as more 5G applications emerge. At Sierra Wireless, we have a unique and strong position in the IoT market with modules, routers, and connectivity services. Given the current trends in IoT, combined with current record backlog and our strong balance sheet, we are confident that we can grow profitably going forward. With that, I will turn the call over to Sam for his review of the fourth quarter and year-end results. Thank you, Phil. Good afternoon, everyone. Note that we report our financial results in US dollars and on a US GAAP basis. We also present non-GAAP results to provide a better understanding of our operating performance. A full reconciliation between our GAAP and non-GAAP results is available on our website. Total revenue in the fourth quarter was $149.9 million, up 24.4% compared to $120.5 million the same period last year. Looking at our two reporting segments, IoT Solutions revenue was $104.5 million in Q4, up 28% year-over-year. Enterprise Solutions revenue was $45.4 million, an increase of 17% year-over-year. In the fourth quarter, product revenue grew by 29% year-over-year to $113.6 million, and connectivity software and services revenue was $36.3 million, higher by 11% compared to Q4 the prior year. The improved performance in the fourth quarter was primarily due to continued strong demand, coupled with the increased manufacturing capacity as we brought on additional production at two manufacturing facilities, as well as improved sourcing of raw materials, parts and components. Gross profit in the fourth quarter was $48.7 million, up 12% year-over-year. Gross profit margin in Q4 was 32.5%, up 320 basis points compared to Q3 2021. Non-GAAP operating expenses in the fourth quarter were $45.5 million, down $4.6 million or 9.2% compared to Q4 the prior year. This reflects our ongoing cost efficiency initiatives that we've been undertaking throughout the company. Sequentially, OpEx was up slightly, primarily due to the additional product certifications that were moved from Q3 into Q4. As mentioned in our last call, we continue to manage our OpEx and CapEx tightly across all areas of the business. In Q4, our adjusted EBITDA was $7.3 million compared to adjusted EBITDA of -$2.9 million a year ago. For the full year 2021, total revenue was $473.2 million, an increase of 5.5% over the previous year. For the full year, adjusted EBITDA in 2021 was -$7.8 million compared to -$34.9 million the prior year. Moving to the balance sheet, we ended the fourth quarter of 2021 with $76.9 million of cash. Cash flow from operations in Q4 was positive $7 million, and CapEx was $4.1 million in the quarter. During the fourth quarter, we continued our strategy of investing in inventory to secure a stable supply of parts and components to support our growth. In mid-January, we announced the company had secured a new debt facility with CIBC and BDC for approximately $50 million. This debt facility currently has an attractive interest rate and strengthens our balance sheet, giving us greater flexibility as we grow and operate the business going forward. Regarding guidance for the first quarter, the impact of the COVID-19 pandemic on our global business continues to remain uncertain. While we continue to experience and evaluate the effects on our business, the overall severity and duration of adverse impacts related to COVID-19 on our business, financial condition, cash flows and operating results for the remainder of 2022 and beyond cannot be reasonably estimated at this time. As Phil mentioned, global demand for our products remains very strong. Given this environment, we are guiding a revenue range in the first quarter of the year of $135 million-$150 million, with a midpoint of $142.5 million. With that, I will now turn the call over to questions. Operator, please open the lines. Ladies and gentlemen, if you would like to ask questions, please press star and the number one on your telephone. We'll pause for just a moment to compile a Q&A roster. For our first question, we have Scott Searle from ROTH Capital Partners. Scott, your line is open. Hey, good afternoon. Thanks for taking my question. Nice call, guys. Excellent job on the quarter. Hey, Sam, maybe just quickly for clarification, I was wondering if you could quantify the gross margin impact of various component costs and any expedite or freight or otherwise. Given where we are in the first quarter and your guidance, I was wondering if you could give us some idea of what the gross margin profile looks like and maybe sequentially the different business units, how you're thinking about things, given that we've got another 5 weeks left in the quarter. I had a quick follow-up. Thanks for your questions. We're not gonna give gross margin guidance, but I'll give a little bit more color on it. What we're seeing is we're obviously in a very inflationary period right now, so we're seeing pressure from increased component parts, component costs. On the other side of it, we're seeing very strong demand in modules, which is exciting in one part, but on the other part, that does put a little bit of pressure on gross margin as well. I do expect that gross margin flattened out in Q3, as discussed previously, and we'll see it continue to rise over 2022. No sort of sharp uplift in the near term, given those two pieces I just discussed. Gotcha. Very helpful. Phil, if I could, I know it's still early, but I guess we're almost 200 days in at this point in time. Tremendous turnaround in the module side and enterprise side of the business, right? You know, I think enterprise is back to near peak levels. Modules, as you said, I think is up the highest level it's seen in 3 years. I'm wondering, you know, looking at the businesses today, if there are some guidelines that you could give us in terms of the module business, what that gross margin profile could look like in a normalized environment, what those targets are gonna be. The big snapback that we've seen this quarter, which was tremendous, is that just a snapback? Is it sustainable at these levels? I know it's subject to component availability, but just to kind of better understand. The supply demand profile, is this a snapback or is this a sustained level that we think about building as we enter a more normalized environment for the supply chain? Thanks. Yeah, thanks. Well, let me try my best to answer that. I mean, we kinda mentioned that we have basically record backlog. We do have record backlog, not basically, record backlog across our product lines. So demand for the products is very good. We have seen, as I think I mentioned in Q3 was uniquely kind of impacted our module business. This is where we were underwater the most in terms of some of the volume. Having said that, right, so we did see a bit of a snapback there in Q4 and certainly into Q1, reflected in the guidance Q1. Having said that, demand for those products is very strong. The competitive dynamic in that market tends to lend itself to slightly lower gross margins than we have on average at the company. Frankly, I'm working to keep the costs down, continue to work on our supply chain and continue to drive improvements there as well, such that we should see, you know, continued leverage in the model and frankly, continued good growth in profit. That's really what I'm trying to do. In terms of the three businesses, obviously it's, you know, modules are on the lower side, enterprise and connectivity are on the higher side. That's how that shapes out going forward. In terms of is this sustainable, I mean, look, right now I anticipate being in a supply-constrained environment, through all of 2022 at this point. We are continuing to fight for components. Demand is very strong. We have the manufacturing capacity in place to meet that. It's all gonna be just, can we get the parts and turn them into finished goods? Great. Thanks so much. Great quarter. Thank you. For our next question, we have Mike Walkley from Canaccord Genuity. Mike, your line's open. Great. Thanks for my questions and, congratulations to the team for the return to non-GAAP profits. You know, great to see. I guess just following up on Scott's questions on the supply demand. You know, historically, Q1 is a low point for revenue, but, you know, obviously we're in a different environment, there's, you know, record backlog. You know, given the tightness of components, any thoughts on seasonality for the year? I know it's tough to get components. I'm just trying to get a feel for, you know, catch-up demand versus, your ability to get supply to keep these type of, you know, run rates for the next couple quarters. Yeah. I think as you point out, I think any kind of focus on seasonality, any sort of data or historical perspective on seasonality is certainly distorted in the current environment. Frankly, we've got more demand that would blow through any seasonality than we would have anyway. You know, I think that we really don't have any good guidance on seasonality. I would just say that the backlog has continued to grow, and we've been continuing to try and recover as much as we can, given bringing online more, you know, more of our facilities globally and securing components. You know, I think that what you see now reflected in our guidance really doesn't have to do with seasonality, historic seasonality. It's really around what we think we can, you know, the range of stuff we can get out in the quarter. Great. That's helpful. Phil, just a follow-up for you. You know, your predecessor committed Sierra Wireless to these longer term targets, I believe all the way back in June 2019. That was about $200 million and $400 million on these LTAR targets. Is that still relevant to see how you run the business? If not, you know, what metrics do you think investors should focus on, as I did notice you changed the way you report some of the line items. Thank you. Yeah. Thanks for asking that question. Obviously, at the current run rate, it's not realistic to assume we'll reach those targets. Frankly, as you point out, I think that focus on those things resulted in confusing metrics like LTAR that very few people, including myself, really understand. My goal is to grow this company profitably both in the short term and the long term. We're seeing very strong demand for our products. I'm gonna be focused on profitable growth. Having said that, I do believe that building a recurring revenue business will be an important part of the strategy. I do not believe those long-term targets that were set three years ago are currently valid, and I'm gonna be focused on growing the company holistically and growing it profitably going forward. Great. Thanks. One last question from me, I'll pass the line. I appreciate that answer to that question. Sam, just for you. It's great to see Sierra Wireless using their strong balance sheet to procure components. You know, a lot of your competitors are really struggling in that area. Yeah, how should we think just about unwinding that over time in terms of you know, working capital and cash levels? Or another way to ask it, should we assume kind of these high levels of inventory for the next, you know, couple quarters? Yeah, good question. There's two competing things happening, right? There was the Q3 shutdown, which led us to build up inventory, right? That is starting to normalize, but that's going right into very, very strong demand on both our modules and our gateways and routers. While we've done stuff like raise prices to protect our margins, and we continue to look at that, the demand remains very strong. We're having to continue to invest in components to meet our customer demand. I would think that inventory will stay sort of in line with where it is right now, over the next few quarters. I don't see any big, you know, movements in it. As you kind of see that play out over the year, depending on how demand metrics play out in the second half, you'll kind of see us go up and down on inventory, and that will obviously impact free cash flow. As Phil said, our goal is to grow this company, grow it profitably, and ultimately deliver that free cash flow. Great. That makes sense. You know, congrats to your procurement team as, like I said, you guys seem to be doing better than others out there getting the components. Thanks. Take my questions. For our next question, we have Josh Nichols from B. Riley. Josh, your line is open. Yeah, thanks for taking my question and good to see a lot of the company's cost improvement initiatives taking hold here, pivoting back to free cash flow generation. On that note, how should we think about OpEx for 2022 relative to four Qs or some additional opportunities to make some cuts there? And does the firm expect to remain free cash flow positive throughout the coming quarters? Yeah. Good question. I'll grab that, and Phil, if you have anything to add, please add it. The way we're looking at OpEx, and I think I've said this before, is sort of flat is the new up. OpEx will be flat at most up in the 2%-3% range, call it sort of, you know, some small wage inflation and these sort of things. We expect to get a lot of leverage out of this model, which means, you know, growing revenue at a much higher pace and keeping OpEx flat. That, that's the comment on OpEx. Now free cash flow, again, it's gonna go into our continued very strong demand and good visibility into demand. It's having us to invest in our working capital to meet that demand. Depending on those sort of working capital items, we will be in a position to deliver continued, you know, profit growth and free cash flow with an eye on those working capital numbers. Does that make sense? Yeah. Thanks for the clarity. I know you mentioned, I mean, record backlog, right? Anything you could do to kind of quantify that a little bit as far as like the dollar value or book to bill? I'm just curious how much visibility you have at least from a demand backdrop on the revenue opportunity for this year. Do you have orders that are going out through 3Q, 4Q? What does that look like now? We have started. Good question. Oh, go ahead, Phil. Yeah. We've started to take orders, not to say, you know, we have started to have customers start placing orders into 2023 at this point. Well, okay. Last question for me. I guess historically, why you mentioned that seasonality is a little bit different this quarter, but I know the first quarter is usually a little bit softer than the fourth quarter, and I think that's kind of how guidance shakes out. With the inventory build and the backlog that you have, is it fair to assume that, like, there's a good chance that the company is gonna be able to kind of continue to grow the revenue base as you progress throughout the year? And if so, like, I mean, that would imply that you could probably be doing somewhere around like $600 million potentially of sales this year. Is that kind of in the ballpark with how you're thinking about the business? Sam, you wanna take that one or you want me to take a crack at it? Yeah. Yeah, sure. I can jump in on that one. Yeah, good question. Like, we do see sequential growth throughout the year. If you look at Q1 guidance, that midpoint of $142.5 million, you know, that the seasonality is a little bit odd this year 'cause we still are seeing impacts from the Q3 shutdown. You know, it wasn't all into Q4. Some of that's gonna go into Q1 as well. You mentioned $600 million. I mean, that's a little bit hot, but if you sort of do a little bit of basic math of $142.5 million and you add a little bit of sequential growth through there, you start to get pretty close. I think you're thinking about it close to accurately, maybe a tiny bit hot, but about right. Thanks, guys. I'll let someone else hop in the queue. For our next question, we have Derek Soderberg from Colliers. Derek, your line's open. Hey, guys. Thanks for taking my questions. Phil, in your prepared remarks, you talked about, you know, a growing need for software and connectivity. Just wanna touch on monthly recurring revenue exiting the year. I guess with- Yeah. the strong quarter in hardware, you know, on sales, I guess, from prior quarters, I guess I would've expected that number to grow a bit more. I guess could you just explain some of the puts and takes going on in there? You know, is it a lower attach rate, lower data consumption, you know, but more devices? Anything would be great. Thanks. Yeah, that's a great question. You know, look, overall, that grew 10.5% year-over-year. It is going to continue to be an important part of our business there. You know, having said that, there are lots of pieces in there, as you know, that a lot of that segment is combined with lots of acquisitions that were made historically. There's some stuff that's going up, there's some stuff that's going down, you know, and frankly, as I've kind of implied before, I'm in the process of doing a little bit of a deeper dive in that particular area to go there. There may be some businesses in there that aren't strategically aligned with where we wanna go. Just 'cause something has MRR doesn't mean it's necessarily right for us. Building a recurring revenue is gonna be an important part. I'm gonna continue to look at it. You know, there's kind of various different puts and takes in there, and I'll be continuing to evaluate that going forward. Got it. Just off that, with those product lines that are sort of declining, I guess, is there a timeline for when those sort of base out? No, look, I'm trying to actually figure out, you know, overall how to focus, grow the business holistically. You know, it's a little premature to comment on kind of what's in and out of there. I think what you need to walk away with is, you know, I and the management team got both hands on the wheel. We're gonna drive to grow this business profitably, and make sure that we're allocating capital to the right areas that have the best ROI for the business. Got it. If I could just squeeze in another one, you, Phil, again, you know, you've sort of went through this hiccup in Q3 when you joined. You sort of laid out these, near-term strategic initiatives. Curious if, you know, on 2022, you know, what sort of are your updated initiatives? Like, what do you wanna see for the year? You know, divestitures, acquisitions, you know, growing profitably, I think you'd mentioned. Any initiatives you can point to for this year? Yeah, I think it's fair to say that I—you know, we've had a pretty turbulent first 200 days. I mean, it feels like a lot longer than that. I mean, what I'm trying to do is actually put the company on stable footing right now. I think that we've actually done—the team's done a great job of kind of navigating some, frankly, unprecedented areas. What I expect to see going forward is a continued focus on minimum double-digit revenue growth with expanding profit margins and expanding EBITDA margins as we go throughout the year, kind of holding OpEx flat. I will likely, you know, when we think about the future going forward, I'm gonna be pursuing some evaluation of the portfolio and taking a look to see kind of what makes sense, what not. I think that, you know, consolidation, you know, in the industry, there's a lot of talk about that. I do think that's inevitable out there. I do think there are some interesting opportunities in the industry. Right now, for me and for the company, I'm focused on taking the portfolio of products we have and making sure they operate as best as we can. Got it. Thanks, guys. For our next question, we have Todd Coupland from CIBC. Todd, your line is open. Yeah, good evening, everyone. Hi, Todd. Just a point of clarification, and then I had a question. Is the $36 million, the Connectivity Solutions business that grew 11%, also being defined as recurring revenue or MRR? Are those interchangeable? 'Cause I think there's some services in that. Yeah. as well. Yeah, basically right. There's a small amount that doesn't get included, a very small amount. Essentially that divided by 3 is close to the number you see there for MRR. Okay. That's the piece that grew at 11% and how the prior question, the commentary around some puts and takes, acquired businesses, not sure all of it fits, et cetera, that's all around the MRR. MRR you'll keep as a metric, and then the long-term LTAR stack, et cetera, is not relevant. That was the point there, right? That's correct. Yeah. Phil sort of was trying to make it clear that, you know, his focus is to grow the whole business holistically, grow it profitably without sort of, you know, myopic view on just services. I think that's the point he's trying to get across there. Yeah. Okay. Yeah. Todd, I didn't get the LTAR thing. We're no longer gonna be talking about that, period. Yeah. There's a bunch of stuff that didn't- That was a hard metric for us to reconcile, regardless, so I'm not surprised to hear that. Yeah. Just thinking about the growth in the business. I know there's been lots of questions about, you know, pull forward versus sort of secular demand. Like, if you were to think about the business, 5G plus other trends, like, how much of a tailwind is that right now? Like, I thought 5G was sort of slowly coming on, then you referenced it a number of times in your prepared comments. Is that actually kicking up in a material way? Maybe what are the other two or three factors as we think about qualitatively, you know, beyond the pandemic, what's pressing the business? Thank you. Yeah. Let me try that. You know, one of the things I guess I'm excited about, I think, you know, 5G, as you pointed out now, I mean, it's a nascent small part of the business, but it's starting to grow. When I think about having, you know, a decade or some long number like that of deployments behind us, or excuse me, in front of us, I just feel great. Low-power LPWA is great. Private networks, all of our enterprise business. I mean, when I get excited about the long-term growth opportunities is just the number of things that we have that are tailwinds from when you just think about smart infrastructure, smart meters, just of this whole idea of work from home in the IT space, this is just being now translated into the infrastructure energy space, right? I think that, you know, I think there's some tremendous growth opportunities there, not just in 5G, but 4G, LPWA, routers, gateways, managed connectivity. You know, I think. To go back to the pandemic, when I look at the pandemic impact, you know, for us, it was around, you know, impacting our manufacturing, recovering from that. When you think more globally, this whole idea of being able to remotely manage and monitor things, I think that's only gonna accelerate that trend. Okay. Yeah, that's helpful. Then when you think about, again, people have often thought about this business a little bit commoditized. Can you sort of characterize what you think are Sierra's strongest competitive advantages that can drive that double-digit growth you're talking about? Yeah. Look, I think that obviously every market that we participate in is got some competitors and we wanna compete vigorously. I think there's a very valuable role that we can play as a trusted Western provider in this space. I think that when we look at modules, for example, some of our RF capabilities, performance, low power are very key there. Our router space, our new 5G products are getting very good reviews in the marketplace for their performance, their ruggedized space. They're really targeted at a more industrial use case, which I think is great. On the managed connectivity side, the ability to build and deploy solutions that can go anywhere in the world and connect up to the best network and have that managed appropriately is also a value proposition that's resonating with customers. I feel good about our competitive position. That is not to say, however, that we don't have a lot of work left to do. I mean, frankly, 6 months in, 200 days, there's a lot more things we can do to be a lot more competitive here. Certainly, my team and I are gonna be focused on that. Okay. Last question for me. You know, you signaled sector consolidation. You know, some have speculated on sort of Sierra's place in that as a consolidator or now with, you know, your focus on cost and cash flow, whether Sierra Wireless perhaps is consolidated. Can you just sort of clarify your stance in the market and, you know, commitment to the strategy and all that just to help us understand, you know, where you're hoping to take the company? Thanks a lot. Yeah. I mean, obviously, it's my number one focus is to grow the company, grow profitably and frankly, build some equity value. You know, that's really what we're looking to do. I am more likely to clean up the portfolio and do a divestiture prior to me doing an acquisition, 'cause I think one of the things, the challenges we have with Sierra, frankly, is that it was a confusing story, and it has been a confusing story. We're doing a lot of things. I'm more likely to you know, clean up some of the smaller businesses and perhaps divest them prior to an acquisition. However, long term, right, I think it's pretty clear there's a number of players in the space, including Sierra, whose businesses you could argue would benefit from the scale for which consolidation provides. You know, I think that is likely at some point in time. Right now, I'm kind of focused on building the businesses that we have, returning them to profitability and profitable growth. I'm likely to do divestiture prior to acquisition, and then we'll see where we go from there. Right. Appreciate all the color. Thanks a lot. Thank you. For our next question, we have Paul Treiber from RBC Capital Markets. Paul, your line is open. Thanks very much, and good afternoon. Phil Brace, in regards to Q4, you know, $150 million in revenue, and then also the outlook for Q1, it doesn't sound like, you know, demand is a constraint for either of those. Was manufacturing capacity a constraint for Q4, and then now the constraint for Q1 is component availability? Am I getting that, the characterization of that right? You know, I mean, gosh, Q4 was kind of a turbulent time because we were just coming out. With our partners, we were bringing back up Vietnam. We were starting to ramp Mexico. I guess I would say that Q4 was likely manufacturing constrained, and then Q1 is probably component constrained. I think that's probably a fair statement to make. You know, it. Yeah. I think that's probably okay at this point. It's not perfect, but close enough. More dominated. And, and that- Put it this way, Q4 is more dominated by our own manufacturing, and Q1 is more dominated by component supply. Okay, that's helpful. As you look out through 2022 or 2023, I mean, obviously the short-term focus is probably on securing component supplies. At what point would you look to expand the manufacturing footprint further? Yeah, that's a great question. We've talked about it. You know, we have made some targeted investments in some particular product lines that are at the beginning part of their ramp, and we believe strongly that the demand is there in the out years. I think that what I don't wanna do is bring on extra capacity and then be stuck, you know, when we can't get the supply. I think it's gonna be a combination of, we're gonna be cautious on that. You know, look, if we get more visibility into a stronger supply line in terms of components and our demand remains solid, then clearly we'll be looking at that. I think that's one of the things a strong balance sheet enables us to do, should that opportunity be there. You know, I've like many of you, I've been around the block a few times, right? I'm pretty cautious on adding extra fixed capacity that will be sitting idle if I can't use it. you know, with record backlog, you know, obviously it looks like demand is outpacing supply. Mm-hmm. You know, can you help us understand, like, the demand, is it perishable? If it is or it is not, like, what are customers doing if they're not able to secure supply from you? Are they just, you know, delaying shipments, not including connectivity in it? Can you help us understand what's going on there? Yeah. That is a good question, and a question I ask, you know, my, the customers when I talk to them a bunch. The good news is that oftentimes we are not the only supply dealing with. I think in Q3, when we were dealing with our own major situations, I mean, we were a much more significant bottleneck, which is why we were really scrambling to recover from that. I never wanna be in a situation where we're blocking our customers. I think right now we're trying to do our best to meet our customers' minimum quantities to make sure that we are not the blocker in their situation. I think what they're seeing is just like what we are seeing in our own supply. I think just in general, what our customers are doing is lead times for products are going up. Right? Lead times are going out and that's what they tend to do, is just reschedule it out later in time, is what I'm seeing. Okay. Thank you for taking my questions. Okay. Presenters, we don't have any further questions at this time. Please continue. Okay. I think at this point we're done with the call. I would like to take a moment and express my appreciation for all of our employees, suppliers, partners, customers. It's been a challenging, certainly, 2021. I appreciate all the partnership and collaboration we've got across the board. Close the call. The future is very bright. The demand is very strong. We are going to execute well and grow this company profitably going forward. Thanks for everybody's support in joining the call today. Ladies and gentlemen, this concludes today's conference call. Thank you all for participating. You may now disconnect.