Good afternoon and welcome to Skyworks Solutions' second quarter fiscal year 2025 earnings call. This call is being recorded. At this time, I will turn the call over to Raji Gill, Vice President of Investor Relations and Corporate Development for Skyworks. Mr. Gill, please go ahead. Thank you, Operator. Good afternoon, everyone, and welcome to Skyworks' second fiscal quarter 2025 conference call. With me today for our prepared remarks is Phil Brace, our Chief Executive Officer and President, and Kris Sennesael, Chief Financial Officer for Skyworks. This call is being broadcast over the web and can be accessed from the Investor Relations section of the company's website at skyworksinc.com. In addition, the company's prepared remarks will be made available on our website promptly after the conclusion during the call. Before we begin, I would like to remind everyone that our discussion will include statements relating to future results and expectations that are or may be considered forward-looking statements. Please refer to our earnings press release and recent SEC filings, including our annual report on Form 10-K, for information on certain risks that could cause actual outcomes to differ materially and adversely from any forward-looking statements made today. Additionally, today's discussion will include non-GAAP financial measures consistent with our past practice. Please refer to our press release within the Investor Relations section of our company website for complete reconciliation to GAAP. With that, I'll turn the call over to Phil. Thanks, Raji, and welcome, everyone. I'm excited to join you today for my first earnings call as CEO of Skyworks. Over the past few months, I've engaged with our customers, partners, employees, and shareholders, and I'm energized by the opportunities ahead. Since stepping into the role, I've spent time getting to know our teams across the company, and I've been incredibly impressed by the depth of talent and expertise throughout the organization. We have some of the smartest engineers I've ever worked with, and there's a real energy and passion for innovation that you can feel everywhere. There's also a competitive edge and a hunger to win. It's been exciting to jump in and be part of such a strong and capable team. Skyworks sits at the center of the wireless revolution, backed by a rich history in RF innovation. Our proprietary technologies power some of the most demanding connectivity platforms in the world, from 5G and Wi-Fi to automotive and Edge IoT, and we're continuing to push the bounds of what's possible. Now, let's review our fiscal Q2 results. Skyworks delivered solid performance driven by our diversified portfolio and disciplined execution. We posted revenue of $953 million, delivered earnings per share of $1.24, and generated free cash flow of $371 million. Revenue, gross margin, and EPS exceeded the midpoint of our guidance. We returned a record $600 million to shareholders through share repurchases and dividend payments, the highest amount ever. This underscores our confidence in the long-term outlook as well as our commitment to delivering value to shareholders. Let's provide some additional color on the business. In mobile, we experienced typical seasonal patterns during the March quarter while executing on multiple new product launches with our leading mobile customers. Smartphones are evolving with AI, driving more uplink-intensive workloads like real-time voice processing and enhanced imaging. Over time, this trend should drive higher transmit power, better efficiency, and expanded uplink MIMO, areas where Skyworks is strongly positioned. In our diversified businesses, we have seen a steady recovery underway for more than a year, with five consecutive quarters of sequential revenue growth and two quarters of positive year-over-year comparisons. This improvement is being driven by strength in automotive, Edge IoT, and Wi-Fi 7 adoption across consumer and enterprise devices. Demand signals are firming, bookings are improving, and in most segments, we are seeing inventory normalization across the distribution channel. In Edge IoT, Wi-Fi 7 adoption is accelerating to meet real-time demands like high-resolution video and smart sensors. Its advanced capabilities are driving greater RF content per system, creating strong momentum for our connectivity portfolio. In addition, we've already begun early development on Wi-Fi 8 to solidify our technology leadership in the next-generation wireless connectivity. In automotive, the move to software-defined vehicles is driving the need for robust wireless connectivity. As these vehicles rely on over-the-air updates, real-time sensor data processing, and interconnectivity between vehicle systems, the RF content should also scale up. Lastly, as AI drives more complex data center workloads, the need for tighter integration between timing devices and processors is growing. While still early, we see a long-term opportunity to capitalize on this trend with our precision timing portfolio. Overall, we're encouraged by the momentum in our diversified businesses. Our position in next-generation product cycles, from automotive connectivity to Edge IoT to timing, reinforces our long-term trajectory. Turning to our quarterly business highlights, we secured design wins across 5G premium Android smartphones and for in-vehicle infotainment systems with major OEMs. We also expanded Wi-Fi 7 across enterprise access points, routers, and home mesh networks. Before I turn the call over to Kris for a discussion of last quarter's performance and outlook for Q3 of fiscal 2025, I would like to highlight some changes to the executive leadership team. First, Mark Dentinger will be succeeding Kris as the CFO of Skyworks, effective June 2nd 2025. Mark brings significant CFO-level and strategic experience across the technology sector. His deep expertise and proven track record make him a strong addition to the Skyworks leadership team. Kris will be stepping down to pursue another professional opportunity. On behalf of the entire board and everyone at Skyworks, I would like to thank him for his valuable contributions and wish him success in his new endeavors. Second, Todd Lepinski will be succeeding Carlos Bori as Skyworks Senior Vice President, Sales and Marketing, effective June 2nd 2025. Todd brings experience driving global revenue growth and building high-performance teams in the semiconductor and technology sectors. Carlos will be shifting to an advisory role to help ensure a smooth transition. I'm looking forward to partnering with Mark and Todd and leveraging their strong leadership capabilities as we execute on our long-term strategic initiatives. Thanks, Phil. First of all, I would like to thank all Skyworks stakeholders, including the board, the executive team, and employees around the world, for many years of strong collaboration. It's been an honor and privilege to serve as Skyworks CFO for the last eight years. I only worked for a short period of time with Phil, but I know that under his leadership, with the help of Mark and Todd and the rest of the executive team, Skyworks will prosper in the years ahead. Now, let's turn to the quarterly results. Skyworks' revenue for the second fiscal quarter of 2025 was $953 million, above the midpoint of our outlook. Mobile revenue was 62% of total revenue, down 17% sequentially, consistent with historical seasonal patterns as demand normalizes following peak holiday shipments. Revenue from our broad markets portfolio, which includes Edge IoT, automotive and industrial, and infrastructure networking and cloud, increased 2% sequentially and grew 3% year-over-year, marking our fifth consecutive quarter of growth since reaching a cyclical low in the December quarter of 2023. This sustained momentum reflects the expanding diversification of our business, even amid a volatile microenvironment and ongoing inventory digestion in certain end markets. Gross profit was $445 million, with gross margin at 46.7%, exceeding our expectations, driven by a favorable mix, continued execution on our cost reduction initiatives, and operational efficiencies. We also made further progress in improving our working capital position, marking our ninth consecutive quarter of inventory reduction. Operating expenses were $223 million, aligned with our strategic priorities. These investments support our long-term technology and product roadmaps. Looking ahead, we remain focused on striking an appropriate balance, investing in innovation and strategic market expansion, while maintaining cost controls to protect and grow profitability. We delivered operating income of $222 million, translating into an operating margin of 23.3%, demonstrating financial discipline as we invest for growth. We generated $5 million of other income, and our effective tax rate was 13.4%, driving net income of $197 million and diluted earnings per share of $1.24, 4 cents above our guidance. We demonstrated robust cash generation with operating cash flow of $410 million, capital expenditures of $39 million, and a free cash flow of $371 million, or a 39% free cash flow margin. Our ability to consistently convert earnings into cash is a cornerstone of our financial strategy. Throughout the second fiscal quarter, we remained committed to disciplined capital allocation, returning value to shareholders through both dividends and share repurchases. During fiscal Q2, we distributed $111 million in dividends and repurchased 7.4 million shares of our common stock for a total of $500 million, translating to over $600 million capital return to shareholders, the largest quarterly return ever. After the end of the quarter and through May 2nd, we repurchased an additional 3.6 million shares of our common stock for a total of $212 million under an established 10b5-1 program. At quarter end, we maintained a solid cash position and a well-structured balance sheet with over $1.5 billion in cash and investments and $1 billion in debt, providing us with financial strength and flexibility to support both near and long-term priorities. We view our strong balance sheet and consistent free cash flow as key strategic assets. Before we go into the details of our outlook for Q3 of fiscal 2025, I'd like to briefly address the recent macroeconomic and tariff developments. While the evolving tariff landscape presents new complexities, we believe our diversified global supply chain positions us to navigate potential disruptions. As this is a dynamic environment, we will continue to actively monitor the situation. With that context, for the third quarter of fiscal 2025, we anticipate revenue of $920 million-$960 million. We expect our mobile business to decline low single digits sequentially, in line with typical seasonal patterns. Broad markets remain on track for another quarter of sequential growth, with year-over-year trends accelerating. We are encouraged by improving bookings, backlog, and channel sell-through. Gross margin is projected to be between 46%-47%. We anticipate operating expenses in the range of $220 million-$230 million as we continue to invest in our technology and product development roadmaps, fueled by our strong cash flow generation. Below the line, we anticipate $5 million in other income, an effective tax rate of approximately 13%, and a diluted share count of approximately 152 million shares. Accordingly, at the midpoint of the revenue range of $940 million, we intend to deliver diluted earnings per share of $1.24. Now, let me hand it back to Phil for some final remarks. Thank you, Kris. As we wrap up, I want to take a moment to reflect on some key business initiatives. First, we must reinforce our leadership position in mobile, focusing on what we do best: developing the most innovative solutions in the industry and delivering the highest-performance RF products to our customers. Second, accelerate the growth in our diversified businesses. Third, optimize operational efficiency with cost discipline and gross margin improvements. Before I close, I want to thank our employees for their incredible dedication and our customers and partners for their continued trust and collaboration. Operator, let's open the line for questions. Thank you. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. Given time constraints, please limit yourself to one question and one follow-up. We'll go first to Chris Caso at Wolfe Research. Chris, your line is open. You may have yourself on mute. Hi. Good morning. I hope you can hear me now. Welcome, Phil and Kris. We'll certainly miss you. Perhaps, Phil, the first question would be for you. You haven't been at Skyworks long, but I'm sure you've been working hard to kind of dig in here. Perhaps some initial thoughts about strategy, about sort of where you're looking to take the company, just kind of an assessment of what particular strategic changes you might be contemplating at the moment? Yeah. Thanks, Chris. I appreciate the acknowledgment. Some of the things I've been most excited about so far, I mean, first, when you look at the core technology and the core engineers that we have, some of the smartest people I've worked with in my career and really are at the foundation of kind of the core wireless capability you have. One of the things I'm most excited about when you think about where Skyworks is positioned long-term, you look at how many devices are out there connected to the internet, and the vast majority of them are and will be connected wirelessly. Some of our core technology is right in the center of that. I think you can imagine that some of the things I'm looking for going forward is how do we take and build upon that core wireless capability and look for adjacencies that continue to fuel that growth? That is really where I'll be focused some of my energy. Great. As a follow-up question, it's with regard to broad markets. It sounds like you've seen a little bit of bookings improvement and certainly some sequential growth there. In the short term, what sort of growth do you think? To start, do we think that customer inventories have now normalized and therefore we're getting on a more normal growth path here? What do you think that growth path is likely to be? Where do you see the longer-term growth in this broad markets business? Where's the trajectory for the rest of the year? Yeah. I think that's a good question. I think in general, if we step back and look overall at those businesses in general, I think if we look in general, a lot of those businesses still had pretty significant inventory corrections post-COVID. In many cases, some of the businesses had the infamous golden screw, right? And as a result, customers just bought tons and tons of inventory. I think in general, across the landscape, we've seen a normalization of that. We started to see inventories getting back to normal positions, booking trends continue. I think in general, what we're seeing is kind of that hangover that we experienced. I think we think that's behind us. If we dig down, right, and look at the kind of three segments underneath it, with Edge IoT, that's really about Wi-Fi 7 adoption, right? That is really at the early ages or early innings, I would say, of deployment. That has more RF content per device, more performance, strong customer value proposition. I think that'll be a tailwind for us going forward. On the automotive side, we're seeing good year-over-year growth there. It is really important to note that what we're seeing there really is not just tied to EVs or particular how the combustion engines, whether it's EV combustion engines or hybrids. It is really around the software-defined vehicles and all the connectivity that's around that. We are seeing good growth there. On the infrastructure networking cloud, that's an area where it's still a little bit choppy from that side. I think long-term, some of the secular trends with respect to what's happening in the data centers and the connectivity space, I think that's going to continue to normalize there as well. On balance, I think we've seen, right, overall inventory correction. We're starting to see some return to normal growth. Underneath that, it's Wi-Fi 7, connected cars, and infrastructure networking cloud. That's kind of how we see that. We'll move to our next question from Karl Ackerman at BNP Paribas. Hey, this is Jan-Koos Arnold for Karl Ackerman. Thank you for taking my question. I just want to touch on tariffs. I know it's a fluid topic, but I just want to understand how do you view tariffs and what portion of your costs could get qualified for USMCA import-exempt status, given that you have the Mexico Fab? As you just said, could you also discuss how much of your ability to pass down tariff costs to end customers like Argentina? Thank you very much. Yeah. This is Phil. Maybe I'll just take a high-level remark and then I'll pass it over to Kris for any particular details on it. Look, in general, the tariff environment is incredibly dynamic, right, as you can probably imagine. I'm not telling you any news there. I think our current assessment, though, given our supply chain and where we are, the current guidance really reflects any impact that we see from that. We're continuing to monitor that daily. I think our guidance reflects what we believe to be the current environment right now. I think our diversified supply chain, where we ship things, how we ship them, where we get them manufactured, free trade zones, all sorts of other things that are happening, I think all of that is reflected in our current guidance. Having said that, obviously, we monitor it every single day and will continue to do so. Right now, the current guidance reflects what we believe is the current environment for tariffs. Kris, any other comments you want to say? No. Just, I mean, based on our current understanding of the tariff landscape, we do not see any major direct impact on our business. Obviously, we will continue to work with our customers and supply chain partners. For now, as it stands, no major direct impact on our business. Thank you. As a follow-up, can you discuss will you be able to maintain your CapEx outlook, or do you have any intention to move around your manufacturing locations to avoid tariffs? Thank you. I know our CapEx spending is really focused, honestly, on new product, new technology development versus any sort of production capacity. Most of the CapEx you see, the vast majority of it is on new technology development. I wouldn't necessarily expect to see any change with respect to our CapEx plans based on that. Right. CapEx is running on or about mid-single digits as a percent to revenue. Thank you very much. We'll go next to Edward Snyder at Charter Equity Research. Thank you very much. A couple of questions, if we could. First off, it looks like based on the content in your largest customer's phone from the teardowns we've done and other folks have done and stuff we saw from last year, is it fair to assume that you think your content will bottom end of this year and then maybe make a slow recovery? I know it depends a lot on mix, and I know that's hard to predict. I think Qualcomm guided for 30/70 mix favoring their solution. I just want to get an update on your view of where you think your content will bottom as your largest customers. I have follow-up things. Yeah. Hey, it is Phil. Nice to talk with you again. As you might imagine, we can't really comment on specific customers' plans and what's going on. Generally speaking, let me try and give you a little bit of color. I mean, when I look holistically, I think we have some tailwinds behind us in that regard. The first is we've got to deliver better products and compete for the sockets that we believe we have the chance to win. I think we're putting our best foot forward there on that. Second, I think there's going to be a trend that's going to have more RF content, as I talked about, with complexity workloads, MIMO capabilities, and those kinds of things. Thirdly, I do think there's some potential content differences that may happen with respect to certain solutions that may happen on the basement side. I think some of those trends should play in our favor. Look, I think overall, I think there are three things. Then you overlay that where hopefully you get some tailwind on the unit side with respect to AI adoption. I think we have some things that work in our favor. Look, we have to continue to execute. As I have always said, we have to deliver great products. You have a great product, you win. You have a jump ball, you split. You have a bad product, you lose. That is the game we are playing. That is what we are focused on. Can I follow up? I know that your filters are built out of Japan, BAW is anyway. Then the part that you kind of gave up to Avago used a lot of those. You got utilization issues there. First of all, between the lower utilization and some of the advances you made in filters and reducing the die size, is it fair to assume that even if you were to win a larger module that takes a lot more filters, you would not have to put a lot more CapEx into that facility? Or it depends on the module, like the mid-high band, etc. It has 22 filters in it. No matter what, if that were to come about, you are still going to need CapEx expansion even with where you are today. Yeah. Thanks, Add. I think one clarity is the particular area you talk about, I would characterize that as a jump ball where we split versus clear win where we got 100%. It was not a—I would just say that. To your point on CapEx expansion, I mean, look, right now, I think we are sufficiently capitalized from a production capability. I do not expect to have any capacity concerns with respect to that. Our capacity investments right now are really focused on new technology development that we need to power the innovation forward. Right now, I am certainly not expecting any incremental capacity need for production based on what I can see as far as the eye can see. Okay. Just to be clear, you have to have the capacity in place before you are awarded a big module at any big OEM, correct? This cannot be done after the fact, correct? Right. We do have plenty of capacity in place to absorb a potential large upside to the business. Great. Thank you. Next, we'll move to Gary Mobley at Loop Capital. Hi, guys. Thanks so much for taking my question. I really just have a multi-part question, and that's it. Phil, you highlighted your three priorities, one of which is stabilizing and maybe regrowing your business with your leading smartphone customers. Do you feel any differently today versus what you communicated last quarter with respect to your blended content in the upcoming smartphone launch at your largest customer? With respect to optimizing operational efficiency, could you give us a sense of where your utilization rates are now and what the goal may be in terms of optimizing that manufacturing footprint? Yeah. Let me try, and I'll have Kris jump in here. I think the one thing that I guess I would characterize, if you look at, in general, the mobile business in general, it's characterized by very short product cycles. You got to earn the business every year or every other year. You got to deliver highly competitive parts. It's a very competitive landscape. I believe we've got some of the best, if not the best, RF engineers on the planet. Sometimes having the best team on the floor doesn't necessarily mean you win every game. I'm feeling very good about where we are, the investments we're making, the people we've got. We're working really hard to do it. We're laser-focused on doing it. Frankly, I'm taking a no excuses kind of thing, right? We just got to deliver better parts, period. The answer is we got to deliver better parts. There is a lot of rhetoric around stuff being done to us. I just do not like that rhetoric at all. I think the reality is we got to deliver the best parts, and we will take care of it ourselves. That is what we need to be focused on. I think your other question was around? Utilization rates and where it's coming towards maximizing that. Yeah. Gary, as it relates to utilization rates, obviously, we have multiple factories in the U.S. and Japan and Singapore and in Mexico. The utilization rate varies by manufacturing location. I would go back to my previous answer. We have plenty of capacity in those factories. As future revenue growth is going to fuel better factory utilization, that will lead to gross margin improvements without us having to put much capacity in place to fulfill future revenue growth. Gary, maybe as it relates to, of course, the blended content at the next upcoming phone, that obviously has not changed. Thank you, guys. Our next question comes from Christopher Rolland at Susquehanna. Hey, guys. Thanks for the question. Welcome, Phil. Kris, sorry to see you leave. Phil, you mentioned some wireless excellence at the company and looking at adjacent markets. Also, you came from the IoT world previously. Could that be an adjacency for you, whether it's cellular or unlicensed? Yeah. Look, I'm not going to comment on particular areas of focus there. Obviously, I came from the IT side. I would say my purview is a very wide landscape. I mean, some of our core technologies are acoustic resonators, filter designs, some of the core processes that are involved in that, packaging, multi-chip packaging modules, very tight integration. I mean, the technology required to deliver some of our solutions is just incredible. I look to a wide range of things where we could go there. I'm not going to comment on specific areas, as you might guess. Fair enough. Then secondly, we saw in typically lower frequencies, you have made a push into BAW, but we haven't had any major updates there, I think, in a little bit. Is this a focus for you? Is there kind of, do you see any evidence of greater traction in BAW moving forward and doubling your efforts there? Thanks. I think BAW is a critical component of our technology. We remain significantly invested in that. We have a very robust roadmap going forward. I think we have seen good traction in that. That continues to be a cornerstone of our investment. Thanks a lot. Our next question comes from Tom O'Malley at Barclays. Hey, guys. Thanks for taking my question. Phil, Mark, congrats on the roles. Look forward to working with you. A tactical one first and then a longer-term one. In the March and the June quarter, can you guys give what Android did in both of those quarters in the mobile business? Yeah. Android was, in the March quarter, flat on a sequential basis. In that, call it on or about $70 million range. We do expect a sizable sequential bump up in the June quarter for Android. Okay. I guess the second one is the broader one and that kind of encompasses the answer there. When you're looking at what you think is pulled forward, obviously, there's a new phone that's launching or that just launched here that's going to help you with some content. Obviously, buying patterns are a bit different. Android traditionally isn't seasonally up in June. Can you guys try to parse out, to the extent that you can, what you're seeing? What is a pull forward? What is better demand? How you guys are going about that internally to protect against potentially stronger first half, weaker second half? Thank you. Yeah. It's a good question. Look, we continue to monitor that closely. I don't think order patterns now represent what we've seen historically and represent seasonality. If you look at kind of our results, it was kind of in the range or a little bit above the range where we started in January, which was before a lot of this turbulence. I would say that what we've seen is pretty typical order patterns at this point. Obviously, we're trying to manage it closely, and we're keeping a close eye on it. That's the best we can say now. No evidence of anything other than what we'd expect to see seasonally at this point. Our next question comes from Harsh Kumar at Piper Sandler. Yeah. Hey, congratulations, Phil. Looking forward to working with you, Kris. I've worked with you multiple years. We'll certainly miss you. Best of luck to you. Phil, I wanted to ask you about follow-up maybe on the new modem at this large customer and what that means to you. Typically, with that, there comes a lot of shifting around of content and provides a lot of opportunity for people. I'd be curious how you view this content. Maybe you could talk about what this means to you and what you might have won and what you think you can do with this. I've got a follow-up. Yeah. Look, I think that we can't really get into those specifics per individual customer and segments and what happens. Really, it's not something we can do. Let me just comment just in general why I think there's some tailwinds there. I would focus on probably what I would say is more secular long-term trends with respect to increased RF content as a result of things like more transmit, higher power requirements, lower battery requirements, new frequency bands. Certainly, any particular choice they have with baseband may result in some potential incremental content opportunities for us. I think in general, I would just focus on I think that over time, we're going to see increased RF content as the workloads demand it, as the RF complexity gets harder, and the requirement to kind of manage power continues to be a key component. I think in general, I think we do now clearly, we have to execute. We have to deliver the best parts. I think we've got the canvas upon which we can draw a pretty good picture. That's it. Thank you. That's it for me. Thanks. Next, we'll move to Timothy Arcuri at UBS. Great. Thank you. Just to jump on for Tim. Phil or Kris, I wanted to double-click on the guidance, specifically what changed versus 90 days ago, what segments you've seen improve, what got worse. Can you speak to that bump up in Android in the June quarter? What's driving that? As Phil, I mean, I'll let Kris jump in here because he was in the program. I don't think we necessarily guided two quarters ahead. I think what we're doing now reflects our current view of the next quarter ahead. I would say that in general, certainly on the mobile side, we're seeing pretty typical order patterns. The Android segment up as a result of new product launches that we talked about. In broad markets, we're just seeing continued sequential year-over-year sequential growth and continued year-over-year growth, as I talked about. I wouldn't say there's anything abnormal. Mobile, I would say, is seasonal added on a product launch. In broad markets, it's kind of a continuation of the trend we've seen for the past few quarters. Got it. One quick one on pricing at your largest customer. Do you expect to see any sort of pricing pressures in the coming quarters given the most recent tariffs? No. I'm obviously not going to comment on that. I'll just say it's a highly competitive market. We are expected to deliver the best performance parts at a very aggressive cost point. That continues to be the game across the board in this industry. I don't think there's anything changed. We have to deliver great parts at the right price. Thanks, guys. Next, we'll go to Joe Moore at Morgan Stanley. Great. Thank you. In terms of your priorities for the business, you talked about growing the diversified part of the business. Can you talk about organic versus inorganic priorities there and just how you think about that? Do you think M&A is even sort of doable in the current environment? Yeah. Hi, Joe. Nice to talk to you again. Yeah. Look, when we look at overall strategies and certainly capital structure and capital allocation priorities, I think we have enough firepower to enable us to pursue a number of different options, both organic investments. I talked about some of those. I mean, we clearly continue to invest in a level that allows us to sustain a robust innovation roadmap that we have. I feel good and comfortable about that. Clearly, on the M&A front, I mean, there's a number of different things we can look at. I'm going to be really focused on making sure it fits in our strategic priority. We can get the right value and focus on making sure that we can deliver values to shareholders as we look at that. I think with respect to the overall M&A environment, it's obviously a little complex right now. I think that there's no shortage of things we can look at. It certainly is something that I'll be spending some time on as CEO. Appreciate it. Thank you. Our next question comes from Peter Pang at JPMorgan. Hey, guys. Thanks for taking my question. You guys talked about seeing seasonal trends on the wireless side for the March and June quarter. When you listen to the earnings call from your largest customer, they're clearly talking about some inventory build for some tariff mitigation. I'm just wondering why there's this kind of discrepancy between what your end customer is saying and between some of the suppliers they're seeing. Peter, maybe I'll take a shot at that. As you know, it's a very complex supply chain. There are multiple partners between us and the end customer. There are distributors. There are contract manufacturers. Each of them act a little bit as a buffer and have their own inventory dynamics. Again, if you look at the March quarter, we got it to $950 million, and we delivered $953 million. We did not really see poolings or anything like that. As we guide for the June quarter, we assume there's no poolings. We have no clear evidence of that. Got it. Okay. That's helpful. Just for the broad markets, you guys are back in the year-on-year growth for a number of quarters now. Can you maybe just talk about within that bucket, which markets are showing year-on-year growth, which still have some work to do to get to a year-on-year growth trajectory? Yeah. This is Phil. I'll take a crack at that. I mean, look, the strongest tailwind you have of growth is Wi-Fi 7, right? I think that's in early days. We're seeing that that should be a tailwind for us for a while. I think only a small percentage, single-digit percentage of the units out there are Wi-Fi 7. I think we're at the early innings of that. That's a strong one. Automotive is another good year-over-year growth comparison, as I talked about, as more and more cars are being connected independent of their combustion mechanism. I think the other area where we got some more work to do, as I would say, is on the infrastructure side. That side, it's kind of inching along a little bit, but there's more ups and downs. We'll be seeing some growth there. That's probably the area where we've got some more growth that we need to see in the future. Perfect. Thank you. Next, we'll go to Nick Doyle at Needham. Hey, guys. Thanks for taking my questions. Welcome, Phil and Mark. How big was the large customer in the quarter? Directionally, how is their broad markets piece performing? Thanks. Yeah. The largest customer in the March quarter was approximately 66% of total revenue. We have seen a split between mobile and broad markets in line with historical trends there. Roughly 85% ends up in mobile and roughly 15%, maybe a tad more, in broad markets. We expect that to continue in the next couple of quarters. Thank you. For the gross margins, they're kind of holding steady above this 45% level now, even with revenue dropping down a little bit next quarter. I guess, how are you able to hold these above 45% even as we kind of the utilization levels remain a little bit lower? Thank you. Yeah. If you look at the June quarter, you have mobile being down sequentially and broad markets being up sequentially. You have a continuous benefit there from a mixed point of view. As I said before, even within broad markets, we see some mixed shift that is favorable for gross margins. That is why we're comfortable to guide to this 46%-47% range for the June quarter. We will go to our next question from Vivek Arya at Bank of America. Hi. This is Liam Pharr on the floor with Vivek. Thank you so much for taking our questions. Just looking at the Android market, you have been pretty selective in pulling back in some parts of the Android ecosystem. As AI and RF complexity rises, how do you think about re-engaging more deeply with Android OEMs to capture more incremental content? Or are you just kind of remaining to keep focused on that high-end tier of the Android ecosystem? Thank you. Yeah. Look, I guess what I would say is, I mean, we're certainly always open to working with customers where we can deliver value and do value the performance and the solutions that we provide in an economic that's economically viable for us. To the extent that there's trends that lend itself to that favor, then we're going to be trying to take advantage of that. I think we're taking an economic ROI-based view of where we do. We've got the opportunity cost for engineers is really high. A lot of these solutions are highly complex, highly engineered, and tightly integrated. Frankly, we look for environments where we can deliver the value to the customer and frankly get paid in return ourselves. We'll continue to look for those solutions. Thank you. And then just a quick follow-up on your largest customer. Looking ahead at 2026 models and even 2027, how are you in terms of the timeline of engagement with that customer? When should investors be looking to hear from it? And how are you kind of best setting up to hedge against any more jump balls that are split? I mean, obviously, I can't comment on specific things like that. Let's just say this: we have been engaging deeply with that particular customer, but all our customers in general, but that one for a long, long time. There is a typical investment design cycle that happens year in and year out. Frankly, in many cases, you're continuing to invest ahead of the curve to develop technologies that can go there. You work, and you're self-critical along the way. To use a sports analogy, you're looking at game film. You're trying to understand what you did, what you didn't do better. You're doing competitive analysis. You're trying to look at the limit of what's possible with the physics. You're developing new technology. You're putting all those things together, and you're delivering a part that gets benchmarked to get other parts competitively. If you do a good job, you win. That is what we're trying to do. I really do not think there is any change in dynamic. I think with respect to insulating what we can do, I think that frankly, the best insulation is continuing to execute and execute cleanly. That customer is a very demanding customer and requires a lot of focus on it. It is such a big customer that you cannot necessarily take your foot off the gas. You have to keep pedal to the metal all year long. That is what we need to do. Thank you. Ladies and gentlemen, that concludes today's question and answer session. I'll now turn the call back over to Mr. Brace for any closing comments. Great. Thank you. Thank you for participating in today's call. I look forward to speaking with you at upcoming investments during the quarter. We will talk soon. Ladies and gentlemen, this concludes today's conference call. We thank you for your participation. You may now disconnect.