Okay, let me just start out with this disclosure. For important disclosures, please see the Morgan Stanley Research Disclosure website at morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales rep. Thank you. I get yelled at for not reading that, so I apologize. Anyway, I'm Joe Moore, Morgan Stanley semiconductor analyst, and very happy to have with us today Phil Brace, who's the newly minted CEO of Skyworks. I would say this is actually the fifth new CEO that we've had at our conference. I'm cheating a little bit with two, but you're actually one of the legitimate. Yeah, I guess half of the semiconductor CEOs are dropping. I don't know. I think it's great. I think, you know, it's a really good opportunity for people to kind of get your perspective and meet you for the first time. So we'll keep the questions fairly high level, at least for start, and then, you know, open it up. Maybe you could start out, if you could just give us your background on yourself, what drew you to Skyworks, and kind of, you know, how you're thinking about joining, having this new role. Yeah, well, thanks. Thanks for the opportunity. It's always a pleasure to come here and meet with the investors. This is actually my first, I guess, foray out. It's week three, day three for me to do that. So it's great to be here. You know, I've got a long career in tech. I've been 30-plus years. I started at Intel back when Intel was a very different company than it is now. Andy Grove, Craig Barrett, that whole regime. Lots of time in semiconductors, LSI, when we sold it to Avago-Broadcom, which kind of started the whole Avago-Broadcom kind of role, if you will. Different tours of duty, both at, you know, Seagate, then went into private equity software. My final, I did CEO of a company called Sierra Wireless that was actually a Skyworks customer. We ended up selling that to Semtech, and I did some boards. And frankly, I got a recruiting call for this one, and I immediately jumped at it. For me, this was one of the most exciting opportunities, you know, on the planet. And I can talk a little bit about that why, but that's kind of where I'm at. Yeah, I mean, well, I guess I like the company a lot as well, but, you know, as I'm not, but why do you think that? Why are you so enthused for that? You know, first off, I love the technology and I love the space. I mean, when you think back, like I'm old enough to remember the 14.4 bis modems you know beep, beep, beep, all this other stuff. And you think about one of the things that's enabled the world that is around us, it's networking technology, and it's specifically its wireless technology. I mean, there are billions of devices out there. I think there's something like two billion 5G devices out there now. By the end of the decade, there'll be 30 billion. It's really complex technology. One of the things I've been impressed with so far is just the people I've met at the company are some of the smartest people I've ever been around. I love that. I love the complicated problems. I like solving complex problems. This is a tough one. I think that there's a great setup here. I think we've got opportunities to earn more business. I think there's more RF content. I do think there's an AI wave coming. I do think we can expand our business in the Broad Market space. I just think the canvas is just completely wide open. Frankly, we've got a great balance sheet and a great position. I mean, for me, this is like an instant no-brainer. How do we turn this into a $20, $30, $40, $50 million-dollar company, right? I'm, you know, it's great. Great. Good to hear. What is the vision here? How do you plan to steer the company? You know, there's been obviously very good growth in RF, albeit customer concentration and some hiccups that we'll talk about. But also there's been an emphasis on building other businesses, inorganically, diversification. Just where do you come down on those things? Yeah, well, so first off, obviously we have to defend the capital. There's a lot of noise around what we're doing with the largest customer. And, you know, the thing is that's the neighborhood we live in. You may not like it, but that's the business we're in. We develop RF components, some of the best, most complex RF components in the world, and we have the best customer in the world for that. And is it a challenging customer? Absolutely. The thing is, the rules are clear. You deliver the best products and you win. It's a jump ball. You slip and you deliver shitty products and you lose, period. And you have the chance to do that every single day. And, you know, we've got an edge. When I've met all the employees, I've gone around, I'm continuing to meet them. I like the edge. We've got a little bit of an edge there. So it's like, give me the ball back again. I want to go compete and win. So I like that. That's got to be job one. You know, job two is, look, we've got to diversify this company. We've got a tremendous Broad Market space. We've got a great, you know, IoT edge base. We've got a great industrial position. We've got autos. We've got a lot of capability there. And I do think we have the balance sheet and the financial performance to continue to look at M&A to expand that business if we have to. So, you know, priority one, defend the castle, put a few products back in our competitors' backyard, compete aggressively, go win, and then continue to expand our business beyond that, right? Yeah. No, that makes a lot of sense. I mean, I guess if the market doesn't give you guys a multiple on the customer-concentrated RF part of the business, you know, using that then as a currency for inorganic growth can be tricky. And, you know, having a low multiple, I'm sure is annoying as a CEO or CFO, but like you can actually buy back stock. I mean, there's a lot of good things that can happen if you trade it. So how do you kind of balance those things? So like you have a currency that I think we all think is sort of undervalued on what you're capable of doing long term, using that currency to diversify in other businesses. Just how do you think of the trade-offs there? Yeah, it's a good, I mean, obviously we trade at a discounted multiple. You know, customer concentration is a proxy for volatility, right? People don't like the volatility. In fact, some of the volatility is displayed at hand now. So we trade at a discounted multiple, probably not unjustified, honestly, given where we are. Now, having said that, we've got to turn that, we've got to start turning the ship around and actually start growing and growing that business, right? And then I think getting back to growth will help us kind of relieve some of that, some of that pressure. And you're right, to the extent that there are lots of different properties out there that trade at tremendous multiples, right, compared to where we are. So we're going to be very disciplined about how we look at that. You know, we're just going to be focused on how to do that. We have actually been returning a lot of capital to shareholders, dividends, share buybacks. We will, you know, frankly, if we don't, my goal is to continue to find things, diversify, but we'll continue to be disciplined about allocators of capital. We've got the financial position to do so. So. Great. So given you talked about a pretty diverse background. You come from storage, semiconductor software, IoT, all the things. What are the big mega trends that you're looking for here? And how do you think Skyworks can benefit from those? Yeah, I actually love, like when you look at it, so some of the huge mega trends are first, you just go back to base connectivity, right? I think that goes back to the networking space. Ask yourself the question, in five years from now, do you think there are going to be more or less wireless devices connected on the planet? The only answer is more. And the only way you do that is wireless technology. And we are one of the top, you know, handful of people in the world that can do the stuff we have. I mean, we talk about, I'm talking to the engineers and they're designing sub-micro nanometer things that vibrate at 1.1710 gigahertz and don't vibrate at 1.1702 gigahertz. I mean, this shit is like black magic. It's really complicated. It's hard. And we're at the forefront of that. So I love that. I mean, that is just the place you want to be. Complex card stuff. The second thing is this AI, when you think about it, there's a lot of focus on the AI that's happening now, and sometimes the way I think about it, this is, we're focused at the root, the base of the tree. We're building data centers that go off and do all this crazy stuff. At the end, you've got to get the data and stuff out to people like you and me, and that's going to be done wirelessly. So there's a great opportunity there. Autos is another one. You look and go, gosh, I mean, I personally, I have an electric car, and actually I think they kind of undermarket it. For me, the experience is better. The technology is better. The driving experience is better, and I think this is just inevitable. Are they going to be more connected V2X communication, near field communications, Bluetooth, Wi-Fi, cellular? You think about all the axes of innovation there. So I personally think there's a ton of tailwinds. There's a tailwind in RF innovation. There's a tailwind coming with AI because you look and you go today, mobile devices have one of the longest refresh cycles in the industry, four and a half years. You can imagine even taking six months off that gives us a big tailwind. We've got RF content with new spectrum coming. You got AI, you got infrastructure, you got IoT edge. I mean, the number of tailwinds we have, we just have to execute and deliver and expand. I mean, it's, you know, I couldn't be more excited about where we are. Yeah. So you just talked about a lot of things. I'd like to maybe follow up on a couple of the AI phone. I guess what does that mean to you? Just to start it. And I think when LLMs first became a thing, people were thinking, we're going to do what we're doing in cloud, we're going to do that on the phone. And then that's kind of moved away from that. We're going to have different services on the phone. Now with DeepSeek, maybe we're coming back to that a little bit. But just, you know, how much of the innovation of an AI phone will happen in cloud? How much of it happens on the device? And then what is the ramification for the RF ecosystem if it's on the cloud or in the device? Yeah, I think that's, I mean, first off, we don't exactly know how this is going to play, right? I think we are just in, you know, I was talking to Mark earlier in the day. I actually, we are in just a nascent. I feel like I'm back in the 90s again with where we are in terms of innovation and what's happening. I mean, there's just stuff going on every single day. So that's what I get excited about that. So when I look at the effect on our business, I think there's two vectors. One, I think you could see an element where there's more intelligence and more things happening at the edge. And I think that that will lead to an upgrade cycle and things like that that'll happen. I also think that even if more stuff happens in the data center, which ultimately will, right? You've got all these guys spending tens of billions of dollars a month on capacity and capability. I do think that it's going to drive upgrade. People are going to look like your three or four year old phone now is going to look really old for where now it's like, oh, iPhone 12 still looks fine. I think the pace of innovation is going to be there. And I think that some of that drives new RF content because they're going to want to think about just what actually determines a lot of the RF now is transmit, right? And so when you go to new capabilities, if you're actually uploading more stuff, boy, you actually need to actually have better transmit capability. So maybe there's some new technologies, MIMO on the transmit side, watching the power down because some of the new frequencies, they're higher frequency. The challenge with higher frequency is lower propagation. The way to solve lower propagation is actually have higher power things in the devices itself. Well, higher power isn't great. So how do you do that with MIMO? I just think there's a lot of innovation that could happen there. So I think it's more intelligence in the device. I think it's driving an upgrade cycle and improving RF content. Yeah, that makes a lot of sense. And then the other elements that you mentioned, you know, you talked about some of the Broad Markets benefits from kind of the wireless ecosystem. I mean, how much of the diversification is around that? It's not, you know, buying revenue, buying margin, but it's buying 5G enabled capabilities where suddenly everything's connected to everything else. Is that kind of the vision for how you put these things together? Yeah, I mean, I think. Look, I mean, I think what I, there's some things I really like at our core base. I like the fact we're in the RF space. We have unique differentiated technology. You look at our broad bases, right? There's some businesses underneath that I really like. I like the timing business, right? There's a lot of unique stuff that's happening there. And I think there's a broad runway. And that has exposure to nice things. It has exposure to the data centers. I like the auto space. We've got some good power capability there, right? You think about, you know, GaN capability. You look at, think about the other things that do high voltage. So I like those spaces as well. So, I mean, that's why I kind of like the niche as well, right? We've kind of got specialty experience and specialty semiconductors, which I think, frankly, is just going to continue to expand, right? Yeah. So it's still leveraging off of the core capability of the company into new spaces. Yeah, I think so. That makes a lot of sense. So you mentioned the disruption at a key customer. And you know, you're a few days in, so I don't want to put you on the spot too much. But how do you think about, you know, mending those fences and getting back to where you want to be? You know, for better or worse, I mean, they are the best customer in the world to have. If you didn't have a customer like that, everybody, the conversation I'd be having with you is, why don't you have them? I mean, they demand excellence in everything. They demand excellence in performance. They demand excellence in cost. They demand excellence in operational execution. And you may not like it, but that's the game we play. And the rules are clear. You deliver the best product, you win. You have a jump ball, you split, and you deliver a crappy product and you lose. And so in the particular case, we delivered a jump ball. We didn't lose. We delivered a jump ball. And as a jump ball, they're going to split. So guess what? We need to do a better job. I don't like the rhetoric of, you know, us being quote unquote, you know, screwed by them or anything else like that. We need to take it into our own pocket to deliver the best products, period, and that's what we got to do, and, you know, that's, and we've got some of the smartest people in the industry. I love it. When I went to visit them, I've obviously visited them. They proactively said, keep in mind, we do more products for them, more RF products than anybody else in the industry. We've been working with them since, you know, iPhone 1 or beyond. And we are pretty much every single RF product they have out there. So there is no confusion from them about how important a supplier for us. However, the rules are also clear. We got to deliver great products. So it's our job to go back and do that. And that's what we got to do. Yeah. Yeah. It seems like you're bringing the right mindset to resolve it. And I guess, again, I don't want to put too much pressure on it, but the timeline of fixing it, you know, you seem to have to, you have to wait for new platforms, obviously. You know, there's big baseband transitions coming. There's all kinds of things coming. How long does it take to fix it? How long does it take? Well, look, I mean, here's the good news and the bad news. The challenge with this business, which is also the opportunity, the challenge is you got to win it every year. The opportunity is you get the opportunity to win it every year. So guess what? We lost the last game. We lost the game. We don't like it. We're picking up our ball. We're going to compete against this time. And we're going to compete the cycle after that. And we're going to compete the cycle after that Period. That's what we got to do. Now, that doesn't mean we can't walk and chew gum at the same time. I don't want anyone to walk out of here going, oh, we're slowly going here. We know where our bread is buttered. We got to deliver great products. And then we got to continue to diversify the business. I mean, we just got to do it. We got to have conviction to go get it done. Okay. Great. So, leadership transition, can you talk about that, you know, the immediate priorities that you've identified, the culture of the company? How are you thinking about the transitional elements here? Yeah. I mean, look, obviously, I think with any sort of leadership transition, I think, you know, there's an opportunity to reassess certain things. There's an opportunity to bring some new culture into place. And, you know, one thing I'm trying to do, I'm trying to spend my time, first off, going to meet as many people as I can. I've been super impressed spending my time meeting the engineers and, you know, spending my time focused there, going out meeting the customers and then meeting some time with investors. I'm doing a little bit of a listening tour. I would say some things I've been really impressed with so far. I think I mentioned it, high IQ, the people, super smart. I love the edginess. Because I've met investors, right? Yeah, exactly. Investors too. I like that. And you know how the rule is played with the customer. I've already met them and going to meet more. And so I've been spending some time with that. I think I'm also trying to stay away from this, like we need to control what we can control. Build great products. Like that's what it comes down to. Building great products. Forget about this fact that, you know, there's all this coming, oh, did we get leveraged out, do this and that, the other. That is just freaking noise. Of course, there may be some of that, but the way we solve this problem is building great products. And I think I'm focused there. And I think, you know, with the new leadership, there comes the opportunity to look at everything we've done. And I'm going through to do some portfolio reviews. And I'm doing what you'd expect. But, you know, I tell you, I've been working a ton of hours. This is day, week three, day three. And I have more energy at the end of the week than I do at the beginning of the week because I'm just so, there's so many opportunities. There's so much stuff to do. It's just the field is open. You know, the CEO that said that to me when she first took the job was Lisa Su. We just got to build great products, and you know, I love that mindset because I feel like that's really the thing. Everything else flows through from that. Everything flows through from that. Can you talk about the culture of values of the company, you know, and how you intend to make an imprint there? You know, I think one of the things, and I guess I would, I've got, you know, K ris and Raji here, they're probably a little bit better. They're over there if you ask me to really, they're probably the better ones to ask culture change. You know, look, what I try and infuse is, you know, and I mean, this is what I talk to everybody about. When everybody talks about their career, right, they don't necessarily talk about the time they got the biggest bonus, the time they got the biggest promotion. They don't talk about that. They talk about the time when they achieved something excellent, when they did something that no one expected them to do, when they did something freaking great. We have that opportunity right here, right now. Pick up your shorts, deliver the best product, and turn this company into a way bigger company than it is now. And I'm just trying to instill that sense of urgency, fire, passion. It's in our control. Go get it done, right? And that's kind of, that's kind of where I'm trying to, I'm trying to fire everybody up. I think there's, honestly, the company has been, I don't say hibernating, but I think we haven't been as aggressive as we could be. And I don't think we've been as focused as we could be. And I think we've been a little bit too complacent. So I'm just trying to get up there and get everybody fired up on achieving something great. And that's what I'm trying to bring. Yeah, that sounds great. How do you think about, you know, maintaining that competitive edge? And I guess it's pretty clear how you think about the RF products based on what you just said. But when you think about the Broad Markets, when you think about expanding the scope of the company's activities, you know, how hands-on do you plan to be? Will you be involved in every kind of go, no-go decision at the product level? Just how are you anticipating reacting to all that? Yeah, I think you've got to. I mean, I think part of what you do is hire. I've always been a big believer. You're trying to hire smarter people than you. And you want to unleash them to make the best decision you can. You be clear on the metrics and you hold them accountable for the results. Now, having said that, I at my core am a detail-oriented technology guy. So I've already been digging in, asking questions around, hey, how does this work? How does that work? How do we unleash the capabilities? Frankly, I'm asking questions, how do we use AI ourselves to make our own products better? If we're not doing that, some of our competitors will. So I've got some things like that. They're already getting under way now. I'm going to install an AI czar that's going to report directly to me. Tell me how we're going to use AI tools in every element of the company to improve what we do. Other cost, function, capability, productivity, whatever. Period. So I think I'll have an appropriate level of engagement, but I also need to hire smart people and empower them to be successful. Very helpful. From an R&D perspective, where do you plan to put resources? And I guess, again, it's early, but like any particular growth factors that are already underway that you're excited about and wanting to invest more in? Yeah, I mean, so, so look. I think if you look, we have many, many areas of potential innovation. If you look just at our core RF business, given the fact we also have manufacturing, there are things we do on the process side, on the device side, on the packaging side and integration side, which is, I think, a secret weapon that we haven't really talked about. I mean, we have some of the most advanced packaging capability in the world where we integrate these tiny RF components in what are effectively. I don't want to say multi-chip modules, but in these modules that, I mean, we are leaps ahead, leaps and bounds ahead of everyone else. So I see us continuing to invest in technology, process, devices, packaging, and then frankly, how you integrate these things in total products that make the customers better. So I think there's lots of innovation. I think some of the trade-offs we need to decide is, you know, some of these advanced technologies come in the, you know, 2029, right? You got to invest ahead versus do you have more investment in products now to go expand your capacity now? And I think that's some of the trade-offs we'll need to go off and look at making. Are there any things you don't want to do? Like anything, any directions you don't want to pursue, any big investments that you think, okay, that's too far afield from what we're good at? Yeah, early for me to say on that. You know, I will say that obviously I'm going to go look at capital allocation and what makes sense for us, what's close to our nitty-gritty. The path to success, the path to glory here is via growth, right? That's it. The path to glory is via growth. So of course we're going to look to see, hey, are we looking, do we have investments in areas that, like I'm not afraid to divest things. In fact, if you look back in my history, I've divested things, particularly things that, okay, if it requires a nexus of innovation and investment that is so far afield from where we're doing now and we're never going to be a meaningful competitor, then we may not be the best. It may be a great business, but we may not be the best owner of that asset, and so we'll look to try and if we can divest it to someone who can make better use of it and we can do it in a creative way, then I'm not opposed to looking at that. You know, right now, right, it's early days. I'm not opposed, but nothing really jumps out at me yet. There's something that may be, you know, we'll see. Any sense of the historic inorganic activity, it strikes me that the company's been pretty good at it. I think when you look at like the acquisition of the Silicon Labs connectivity business, for example, that's been home run. Just, you know, any thoughts around that as a precursor to what you may do going forward? Yeah, I think we integrated that technology-wise decent. I think from a business perspective, we probably didn't do as good a job of that. I mean, some of that just comes down to, you know, we, some of it comes down to leadership and I'll say walking and chewing gum at the same time, right? We got to be able to focus on our number one customer and continue to grow that. But I think we have a very good operational platform to look at M&A. And I think that, you know, as time goes on, we'll be focused on that. Great. So I'll pause there and see if we have any questions from the audience. He's got a mic. Yeah, you can probably, yeah. Oh yeah, we got to do the, I guess, webcast, right? Yeah, the webcast, yeah. Made some comments recently just in terms of obviously Kris guided OpEx for the year. But as we think about your large customer now launching their internal modem, is there anything you have from an OpEx rationalization standpoint or more targeted towards that platform versus legacy platforms? Yep. So I think, so yes, in the past, if we look back, we had to basically have dual investment streams to accommodate their internal platform versus external platform, and so we did have dual investment streams on the same sockets, if you will, right? We had to do that. That seems to be behind us now with respect to the launching of their internal products, and so I do expect to have some capacity become available, and I think that comes back to the question I said before. Do you choose to reallocate that capacity in incremental opportunities that we have? Because we don't believe that, we believe we've got more sockets that we can target at that particular customer, and so I think we've got, and we have the technology and capability to do it. You know, how do we balance that on maybe investing more in advanced technology that could help us differentiate ourselves in the future? So I do think we do have some capacity, R&D capacity that's going to become available, that is starting to become available, that we should allow to reallocate to drive some future growth. So I think the answer to that question is yes. Answer? Yeah. Okay. That was my main question, but I have another one, a follow-up. You mentioned on Broad Markets, some opportunities like gallium nitride, I think you mentioned something like that in power. Can you elaborate what else are you thinking there? Because that's a pretty competitive space. There's many people trying to get into gallium nitride power. What can you elaborate on Broad Markets? Look, I think we've got, you know, three major, right, areas. We've got the IoT edge, right, which includes a lot of the Wi-Fi products, the device products, a lot of things like that. I think we've got a number of successive innovation there, whether it's Wi-Fi 7, Wi-Fi 8, near field communications. I think we've got a lot of innovations that'll happen in that space that'll basically scale with the number of devices that are connected. I think we've got the auto space. When I look at autos, there's probably multiple areas of innovation that we've got there. One is on the power side, power isolation, all that stuff, high voltage. The other side is on the vehicle-to-vehicle connectivity, right? Talk about all the wireless things that are happening inside the car, outside the car. I just think in general, there's tremendous upside from that side. And then you've got kind of the infrastructure space, which includes, you know, timing products and industrial products, things like that. So I actually think there's a lot of different spaces and areas we can grow. And frankly, there's a lot of opportunities that we have both organically and inorganically to kind of add to our portfolio there that will increase our competitiveness and increase our TAM, right? So to answer your question, okay, great. That's lots of questions, yeah. Right. So I appreciate the focus on best technology, but you started by saying you're in a bad neighborhood, whether you like it or not. And I'm just wondering how you actually, other than, you know, the leadership culture changes you're trying to make, how do you fight your way out of this neighborhood? I mean, this is a really, I've followed this company for a long time, and some of the problems you're facing today are, you know, more acute than they were a year ago, and they were more acute a year ago than they were the year before. You have the same number of competitors that, you know, will have traditionally been in your world. You have new competitors that will service the China market where and some of the emerging markets where a lot of the growth will come from. So, you know, my perspective has been in the last couple of years, this has turned into a circular firing squad where you guys just have to actually, you know, fight it out. And even success means staying still. So it's not a criticism, it's just a question like, how do you actually solve that problem without some significantly different strategy than just building more better products? And maybe that view's wrong, but if it is, I want to hear it. No, look, I guess the comment on building different products is, and part of it is a culture thing I'm trying to instill, right? In the end, we got to build great products, period, no matter what, right? That is the path. And that's how we would stop. I'm not trying to hand-wring and say, oh, they screwed us in this kind of thing. We got to build great products. I think what you're talking about is more around the industry structure, how many players in the industry fighting for fewer sockets and things like that. And I do think you can argue that, you know, consolidation in this space, whether you're a buyer or seller, is an inevitable outcome. I mean, semiconductors in general, you know, needs to go down that path. What I'm trying to do is solidify our, you know, our base, you know, our castle's under attack, so defend the castle and then use the financial resources that the castle provides us in order to have to change a different narrative. I mean, you look, we've still got, I mean, we've got more than $1 billion Broad Markets business. No one pays any attention to it. Matter of fact, every single conversation I have is around what's happening on the iPhone 18 down selection. Okay, well, to some extent, it's a self-inflicted wound because we still answer those questions and it's such a dominant part of it. So we've got to continue to build and talk about and show progress in the other areas. And if you actually look, I think that last quarter was the first quarter in years we've shown year-over-year growth in the Broad Markets business. So I think some of the digestion periods behind us, the gross margins are higher. I think we've got some very attractive businesses there. And so I think we need to continue to do that. You know, you can't necessarily. It goes back to, you know, we do develop RF components and we do have a very large customer. You can solve that problem by getting smaller with the larger customer, which is ironically what we've been doing, but that's probably not my path to glory, right? So we got to figure out how we defend that, grow a little bit, and then spend a lot more time defending ourselves outside. I think some of the management change, honestly, has to do with probably, and I'll ask the team there, a little bit of, you got to have conviction, right? You got to have some conviction. You got to have some fire in your belly. You got to be willing to, you know, make some bold decisions and go forward. And I think that that's part of some of that was there, right? You can't keep doing the same thing you've been doing for the last, you know, four years and expect anything to be any different. So to answer your question, I know there's some, you know, week three, day three, right? So I would say early days, but let me put it this way. I wasn't brought here to keep playing the same movie and have the same results. Question in the front. Hello, I have one question. Actually, Skyworks used to be known for the like RF and wireless companies. And through acquisition a couple of years ago, you got like a analog and power and entered the automotive and the industrial space. But for the automotive and the industrial, like a lot of big players here is like playing like a total solution card. So basically, I'm seeing like it's kind of become more and more popular for customers to get the total solutions because the design cycle gets shorter and shorter. But compared to Skyworks' portfolio, you kind of really, I would say, fragmented. So only have a few products there. So I want to know how do you want to build a synergy in the automotive industry space with your existing product portfolio? You want to like get more probably products from other companies through M&A or what, or you want to like think a different way to pivot to other applications? Thanks. So, I think your question is like we compete in the auto space in particular. We compete with a lot of bigger companies that have broader portfolios. And there's some argument. Do they bundle the products or do they do all these things? You know, I think we have more, from what I can see, three weeks, three days in. I don't think we've yet seen that a problem. And that's probably because we're not big enough yet for that to be a problem, right? We can probably grow our auto business. I'm just looking at 200-400. I mean, we can easily double it and not run into that problem yet, right? Eventually, we probably will because there's a scale there. But we're not yet at a scale where we're running into that, right? It goes back to if we build great products, then I think we've got an opportunity. So I'm not at the point where I'm worried about that. Is there opportunity to acquire capability in this space? Yes. Are we going to be careful about it? Yes. But I mean, for me, this is a huge TAM that we haven't even approached. And I'm pretty, I mean, I like our chances, right? It's early game. I mean, I'm not saying we're done yet, but I like our chances. To answer your question. Okay. Revisit the bad neighborhood thing. Because I feel like for a decade, Skyworks did really well and grew and content per phone grew every year. Yeah, the concentration weighed on the multiple. Then you had the last three years has been really painful for sure. It seems like the zero sum part to me feels a little bit negative because it does seem like content's still growing. Yeah, I mean, I guess the bad neighborhood. I'm glad you brought that up. I mean, look, it's the neighborhood we're in. It's competitive. It's challenging. I mean, okay. I mean, it's been challenging because we haven't been performing that well. I mean, honestly, if we had been rising our content, if we'd been growing our content and we're at $13 or $14 or $15 per mobile device and growing our product, I mean, the stock would be totally different, right? It's a bad neighborhood because we haven't been performing that well in it. And I think yes, I mean, it goes back to we're trading at a discounted multiple compared to some of our analog RF peers because we do have a customer concentration challenge. But that customer concentration challenge, that's a proxy for volatility, right? They don't, if we had, you know, continued to grow, well, yeah, then we wouldn't be in that, we'd be having a different discussion, right? It is hard to focus on the Broad Market business because you said nobody cares about it. I mean, we do care, but the variance from quarter to quarter is driven by something else. Our questions are all going to be about that. Oh, I understand. Yeah. Right. And that's, I understand. I don't want you to think that we don't care. No, I know. I know. I just kind of made a second, you know, joke about that. Yeah, yeah. Great. Any other questions? Okay. We'll wrap it up there. Phil, thank you very much. All right. Thank you.